FLATT MARKED, VEKST I OLJELAGER, NORSK KPI - SRBANK, MING & NONG

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1 EQUITY RESEARCH Research report prepared by DNB Markets, a division of DNB Bank ASA Aksjemarkedet i dag FLATT MARKED, VEKST I OLJELAGER, NORSK KPI - SRBANK, MING & NONG Det amerikanske aksjemarkedet var forsiktig opp i går etter en vending av utviklingen fra mandag. Denne gang kompenserte stigende aksjer i forbruker- og helsesektorene for svakere nøkkeltall og en mer dempet oljepris. Dow og S&P500 sluttet begge like over utgangspunktet, mens Nasdaq stengte opp 0.2%. Volumet på de tre hovedindeksene kom inn på kun 63-80% av gjennomsnittet for de siste tre måneder. Etter to dager med oppgang er markedet i Japan fortsatt forsiktig opp i morgentimene i dag og Nikkei er i øyeblikket opp 0.2%. De kinesiske indeksene ligger samtidig innenfor +/-1%. Fokus i Kina vil etter hvert rette seg inn mot fredagens fremleggelse av industriproduksjons- og detaljhandelstallene, samt investeringsnivået, gjennom juli. I dag blir det oppdaterte industriproduksjonstall fra Finland og Sverige, og vi får samtidig også nye KPI- og PPI-tall for Norge. Når det gjelder selskapsrapporter får vi i dag blant annet kvartalstall fra det nederlandske oljeserviceselskapet SBM Offshore. I oljemarkedet falt WTI-prisen i går med USD 0.14 pr fat til USD pr fat. Brent åpner i morgentimene i dag på USD pr fat, ned fra USD pr fat ved stengetid i det norske markedet i går. De foreløpige tallene for de amerikanske oljelagrene lagt frem sent i går kveld indikerte en vekst i råoljebeholdningen på 2.1 mill fat forrige uke, mens det i forbindelse med de mer fullstendige tallene som legges frem i ettermiddag er ventet et trekk i de samme beholdningene på 1.4 mill fat. SpareBank1 SR-Bank har presentert Q2-rapporten før åpning i dag. Netto renteinntekter for kvartalet kom inn på NOK 711 mill mot vårt estimat på NOK 710 mill, mens rapportert inntjening er på NOK 1.59 pr aksje mot estimerte NOK 1.75 pr aksje. Et negativt sentiment innen oljesektoren vil kunne fortsette å tynge verdsettelsen også fremover, men etter vårt syn i forkant av rapporten bør potensielle utlånstap og et redusert nivå på topplinjen vært mer enn reflektert ved dagens verdsettelse. Før eventuelle justeringer har vi en kjøpsanbefaling på SpareBank1 SR-bank med et kursmål på NOK 50 pr aksje. Kursen endte i går på NOK pr aksje. Selskapets presentasjon starter kl Flere sparebanker presenterer kvartalstall før åpning i morgen tidlig. Blant disse også Sparebank1 SMN. Banken har, sammen med Sparebank1 Nord-Norge, vært en av våre to fortrukne kandidater innen sektoren de siste månedene og vi venter at økende marginer og høyere Andre inntekter (hovedsakelig fra regnskapstjenester og eiendomsmegling) vil medføre at banken kan presentere en egenkapitalavkastning på 11%. Netto renteinntekter inkludert bidrag fra boliglånsvirksomheten er estimert å komme inn på NOK 564 mill og rapportert inntjening er ventet å ligge på NOK 1.92 pr egenkapitalbevis. Vi har en kjøpsanbefaling på Sparebank1 SMN med et kursmål på NOK 75 pr egenkapitalbevis. Ved stengetid i går endte kursen på NOK pr egenkapitalbevis. Sparebank1 Nord-Norge legger frem kvartalstall samtidig og her venter vi tilsvarende netto renteinntekter på NOK 441 mill og en rapportert inntjening på NOK 1.45 pr egenkapitalbevis. Kursen endte på NOK pr egenkapitalbevis i går og vi har en kjøpsanbefaling med et kursmål på NOK 50 pr egenkapitalbevis. Selskap Tidspunkt Konsensus Ralph Lauren Før markedet 0.89 Elisabeth Arden Etter markedet Land Nøkkeltall Finland Industriproduksjon Frankrike Industriproduksjon % Danmark KPI % Sverige Industriproduksjon % Norge KPI % Norge PPI USA Boliglånssøknader USA Oljelagertall Våre anbefalte aksjer: - ORK - BRG - MHG - QFR - GSF - DNO - TEL - SNI YTD DNB: +8% YTD OSE: +3% Internasjonale børser Siste Endr. % Dow Jones 18, S&P 500 2, NASDAQ 5, Nikkei , Euro Danmark-KFX Finland-HEX 8, Norge-OSEBX Sverige-SAX Valuta/råvarer Siste I går Endr. % EUR/USD USD/JPY USD/NOK EUR/NOK Siste Endr. Endr. % CRB indeks Brent sp. ($/bbl) Brent 1m ($/bbl) Alum. 3m ($/ton) 1, US Nat.gass Renter Siste I går Endr. USA 10år Tyskl. 10år Norge 10år USA 3m Euro 3m Norge 3m DNB Markets følger markedet konstant og nå kan du følge oss på Twitter. Slik gjør vi det enda lettere for deg å forstå hva som skjer. Sjekk oss ut på twitter.com/dnbmarkets ANALYSTS Ole-Andreas Krohn Ole-Andreas.krohn@dnb.no TLF: Please see the last two pages for important information. This research report was not produced in the US. Analysts employed by non-us Affiliates are not registered / Qualified research analysts with FINRA in the United States

2 DNB Markets Sentrale US-INDekser SENTRALE US-INDEKSER Endring Endring Endring Endring Gj.snittlig Siste i poeng 1 dag (%) 1 mnd.(%) hittil i år(%) est. P/E Dow Jones Industrial 18, S&P 500 2, Nasdaq Composite 5, Russel , Amex naturgass-indeks (XNG) Amex Oil Service Indeks Philadelphia-børsens oljeproduksjon-indeks (XOI) 1, Amex farmasi-indeks (DRG) Nasdaq biotech-indeks 3, Philadelphia-børsens halvleder-indeks (SOX) S&P 500 Paper & Forest Index ( PAFO) NORDISKE AKSJER I USA Sluttkurs USA Endr.1 dag Volum USA Sluttkurs USA, Sluttkurs Forskjell sluttkurs (USD) (USD) hjemlig valuta hjemme USA/hjemlig Norge Frontline , Golden Ocean , Questerre (CAD) , Statoil ,384, Yara , Sverige AstraZeneca ,840, Finland (EUR) Nokia ,539,793 Danmark Novo Nordisk B ,620, RÅVARER & SHIPPING Siste I går Endr. %1D 1W 1M 3M YTD 12M 52W H 52W L CRB indeks GS råvare indeks 2,183 2, % ,784 1,837 Oil Brent Spot Brent olje 1m Brent olje 3m WTI olje 1m Flybensin Naturgass US Henry Hub Fyringsolje Metals Aluminium 3m 1,642 1, ,703 1,433 Nikkel 10,780 10, ,175 1, ,275 7,550 Kopper 4,779 4, ,441 4,318 Gull 1,351 1, ,375 1,046 Shipping WS AG - Japan, 250 dwt WS AG - USG, 250 dwt Containerships index % Baltic dry index , RENTER & VALUTA Renter Siste I går Endr. 1W 1M 3M YTD 12M Norge - Nibor 3m USA - Libor 3m Euro - Euribor 3m Norge 10 år stat USA 10 år stat Euro 10 år stat Tyskland 10 år stat Japan 10 år stat UK 10 år stat Valuta Siste I går Endr. 1W 1M 3M YTD 12M 52W H 52W L EUR/USD USD/JPY GBP/USD USD/NOK EUR/NOK GBP/NOK

3 DNB Markets indekseutvikling på sektornivå INDEKSEUTVIKLING PÅ SEKTORNIVÅ USA MSCI EUROPA Sektor 1 dag 1 mnd. 3 mnd. 1 år hittil i år est. P/E Sektor 1 dag 1 mnd. 3 mnd. 1 år hittil i år est. P/E Bygg og anlegg 2.0% 3.8% 4.9% 10.9% 20.5% 16.4 Teknologisk utstyr 2.2% 0.7% 4.1% -20.2% -21.1% 21.0 Legemiddelindustri og biotekno 0.7% 0.5% 6.0% -15.2% -7.1% 16.8 Biler og komponenter 2.1% 14.2% 1.1% -19.5% -13.0% 8.4 Helseartikler 0.5% 1.5% 8.4% 12.9% 17.0% 21.3 Helsevern - utstyr og tjenester 2.0% 2.1% 5.8% 2.0% 0.7% 24.2 Elektronisk utstyr og instrumen 0.5% 5.6% 8.9% 6.6% 9.5% 17.3 Detaljhandel 1.7% 7.6% -2.8% -23.3% -15.5% 19.8 Farmasi 0.4% -0.6% 6.0% 0.3% 4.5% 17.1 Kapitalvarer 1.5% 9.3% 6.0% -4.4% 5.1% 17.2 Datamaskiner og tilbehør 0.4% 11.6% 17.2% -7.0% 5.4% 13.0 Programvare og tjenester 1.5% 12.8% 9.6% 9.4% 3.1% 20.2 Husholdningsartikler 0.3% -0.5% 3.4% 12.1% 8.3% 23.0 Transport 1.5% 7.5% -0.5% -7.9% -3.0% 15.2 Matvarer 0.3% -1.6% 4.8% 12.7% 14.3% 22.6 Mat- og apotekhandel 1.3% 0.8% -1.1% -13.5% -1.1% 17.4 Diversifiserte telekomtjenester 0.2% -1.3% 6.4% 17.6% 19.7% 14.8 Media 1.3% 5.5% -0.1% -15.6% -7.6% 19.0 Drikkevarer 0.2% -2.1% -1.3% 8.7% 5.2% 23.8 Husholdningsvarer og personlige produ 1.3% -1.1% 4.5% -0.6% 5.3% 23.3 Elektrisk utstyr 0.2% 3.3% 3.7% 4.1% 14.9% 18.7 Banker 1.2% 10.9% -3.1% -35.7% -22.4% 10.8 Programvare 0.2% 6.5% 10.5% 16.3% 6.9% 21.2 Materialer 1.2% 10.0% 11.2% -10.4% 11.1% 19.5 Media 0.1% -2.2% -2.2% -1.2% 6.3% 16.0 Forsikring 1.1% 9.7% -3.7% -20.9% -18.7% 10.2 Internett programvare og -tjenes 0.1% 9.7% 7.3% 23.2% 9.2% 26.0 Kommersielle tjenester og leveranser 1.0% 4.1% -0.1% -12.9% -5.7% 17.3 Industrielle konglomerater 0.0% -1.8% 3.4% 17.7% 5.2% 21.2 Telekommunikasjon og tjenester 0.9% 2.9% -4.5% -22.0% -13.0% 18.3 Bioteknologi 0.0% 5.8% 5.2% -13.0% -5.5% 13.7 Finansieringsselskaper 0.8% 9.1% -5.4% -34.3% -24.9% 16.0 Maskiner 0.0% 5.7% 6.8% 4.0% 20.4% 19.1 Eiendomsselskaper 0.4% 9.3% 2.7% -5.0% 2.1% 21.4 Kraft -0.1% -3.0% 3.6% 15.8% 17.5% 17.5 Drikkevarer, mat og tobakk 0.3% -0.1% 3.9% 2.5% 1.5% 22.1 Bank -0.1% 7.5% 3.3% -12.7% -6.2% 11.9 Hotell-, underholdnings- og restaurantv 0.3% 5.6% 0.6% -9.2% -9.1% 19.9 Forsikring -0.1% 2.9% 2.0% -1.8% 3.3% 12.7 Forbruksvarer og klær 0.2% 9.7% -0.4% -14.8% -3.7% 17.8 Kommunikasjonsutstyr -0.1% 6.1% 13.5% 1.9% 13.7% 13.2 Energi 0.0% -4.7% 4.6% -9.5% 7.5% 23.5 Kjemikalier -0.3% 3.0% 2.6% 1.6% 4.3% 18.1 Forsyningsselskaper 0.0% 0.9% 1.5% -9.0% -2.2% 15.1 Bildeler -0.4% 3.3% 1.0% -14.0% -8.0% 10.4 Luftfart -0.4% 3.5% -7.4% -14.4% -19.7% 7.0 Olje og gass -0.5% -1.2% 2.1% 0.7% 12.4% Metall -0.6% 5.7% 17.5% 35.8% 58.7% 24.0 Hotell og restaurant -0.7% -0.6% -5.2% -0.8% -2.2% 21.9 Papir- og skogprodukter -0.7% 7.8% 7.0% -11.1% 3.8% 15.9 Energi og relatert utstyr -0.7% 2.5% 9.3% -3.7% 14.3% Fritidsutstyr -1.1% -0.3% 1.0% 21.3% 22.3% 22.7 Kilde: Bloomberg Kilde: Bloomberg US SELSKAPER DOW 30 Kurs Endring NASDAQ Kurs Endring S&P500 Kurs Endring Alle siste 1 dag 1 mnd 1 år Topp siste 1 dag 1 mnd 1 år Topp siste 1 dag 1 mnd 1 år WALT DISNEY CO/THE % -3.0 % % ENDO INTERNATIONA % 27.2 % % ENDO INTERNATIO % 27.2 % % UNITED TECHNOLOGIES CO % 4.5 % 8.8 % CHARTER COMMUNI % 7.8 % 25.1 % MICROCHIP TECH % 16.9 % 36.5 % PFIZER INC % -2.9 % -0.8 % LIBERTY VENTURES % 9.1 % 1.1 % JACOBS ENGINEE % 8.4 % 24.6 % APPLE INC % 12.5 % -9.1 % CTRIP.COM INTERNA % 11.2 % 16.4 % NEWS CORP - CL % 14.4 % -1.8 % GOLDMAN SACHS GROUP % 8.7 % % MYLAN NV % 12.1 % % NEWS CORP - CL % 14.1 % -7.2 % BOEING CO/THE % 1.9 % -9.1 % DISH NETWORK COR % 0.8 % % TRANSDIGM GRO % 6.4 % 21.1 % WAL-MART STORES INC % -0.4 % 2.9 % BROADCOM LTD % 10.3 % 34.5 % MYLAN NV % 12.1 % % PROCTER & GAMBLE CO/T % 0.3 % 12.6 % AUTODESK INC % 9.4 % 11.0 % INTL FLAVORS & % 5.3 % 14.8 % MICROSOFT CORP % 11.3 % 23.0 % SKYWORKS SOLUTIO % 6.5 % % BRISTOL-MYERS % % -3.6 % VISA INC-CLASS A SHARES % 4.8 % 7.6 % ACTIVISION BLIZZARD % -0.1 % 43.2 % PERRIGO CO PLC % 1.5 % % VERIZON COMMUNICATION % -4.0 % 13.6 % TESLA MOTORS INC % 5.7 % -5.0 % BROADCOM LTD % 10.3 % 34.5 % EXXON MOBIL CORP % -5.2 % 12.6 % SBA COMMUNICATIO % 1.7 % -5.7 % NOBLE ENERGY % -5.4 % -0.6 % CHEVRON CORP % -3.3 % 18.0 % KRAFT HEINZ CO/THE % -0.1 % 13.9 % AUTODESK INC % 9.4 % 11.0 % GENERAL ELECTRIC CO % -2.8 % 19.3 % LIBERTY GLOBAL PL % 7.7 % % COCA-COLA EUR % 4.7 % -0.5 % COCA-COLA CO/THE % -4.2 % 4.3 % TRAVELERS COS INC/THE % 0.1 % 11.7 % Bunn siste 1 dag 1 mnd 1 år Bunn siste 1 dag 1 mnd 1 år MCDONALD'S CORP % -2.5 % 19.0 % NORWEGIAN CRUISE % -9.9 % % SCRIPPS NETWO % -4.6 % #VALUE! HOME DEPOT INC % 1.3 % 15.7 % BIOMARIN PHARMAC % 4.0 % % ROYAL CARIBBEA % 0.9 % % 3M CO % 0.7 % 18.0 % DISCOVERY COMMU % 0.1 % % GAP INC/THE % 5.8 % % INTL BUSINESS MACHINES % 4.7 % 3.2 % STERICYCLE INC % % % NRG ENERGY INC % % % JOHNSON & JOHNSON % 0.5 % 23.7 % INCYTE CORP % 0.9 % % FIRST SOLAR INC % -8.6 % % UNITEDHEALTH GROUP INC % 0.4 % 15.8 % MATTEL INC % 2.7 % 42.3 % CF INDUSTRIES H % % % CISCO SYSTEMS INC % 5.7 % 8.2 % DISCOVERY COMMU % 1.1 % % RANGE RESOURC % % 3.3 % INTEL CORP % 2.7 % 17.8 % TRIPADVISOR INC % -9.0 % % KOHLS CORP % -4.0 % % JPMORGAN CHASE & CO % 6.5 % -4.4 % NETFLIX INC % -3.2 % % DAVITA HEALTHC % -7.4 % % NIKE INC -CL B % -1.7 % -3.3 % ROSS STORES INC % 4.5 % 13.2 % CHESAPEAKE EN % 13.4 % % MERCK & CO. INC % 5.3 % 7.0 % COGNIZANT TECH SO % -0.4 % % SOUTHWESTERN % 5.7 % % AMERICAN EXPRESS CO % 6.3 % % MARRIOTT INTERNAT % 2.9 % -1.0 % CABOT OIL & GAS % -4.9 % -6.4 % DU PONT (E.I.) DE NEMOUR % 8.0 % 26.5 % BED BATH & BEYON % 0.2 % % TARGET CORP % 1.8 % -8.1 % CATERPILLAR INC % 7.1 % 3.3 % HENRY SCHEIN INC % -8.9 % 12.9 % VALERO ENERGY % 10.0 % % Kilde: Bloomberg 3

4 DNB Markets ETF / ETP Endring i % ETF Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Volum A ksjer / Indekser DAX DAXEX % 5.2 % 10.8 % -8.9 % EUR TecDax TDXPEX % 1.8 % 7.2 % -4.0 % EUR CAC-40 CAC % 3.3 % 6.4 % % EUR AEX-Nederland AEXT % 3.8 % 5.0 % -8.9 % EUR 886 Latin-America 40 ILF % 6.2 % 9.5 % 7.6 % USD Brasil EWZ % 6.9 % 13.4 % 24.2 % USD S&P Euro 350 IEV % 1.4 % 5.5 % % USD Japan EWJ % 2.6 % 6.0 % -6.6 % USD Emerging M arkets EEM % 3.5 % 7.6 % 0.6 % USD FTSE 100 ISF % 3.2 % 3.9 % 0.5 % GBp Forbruksvarer XLP % 0.0 % -1.8 % 8.6 % USD Pacific ex-japan EPP % 1.7 % 6.1 % -0.9 % USD Russell 2000 Growth IWO % 2.0 % 4.6 % -3.5 % USD Nasdaq 100 QQQ % 1.7 % 6.0 % 4.8 % USD Teknologi USA XLK % 2.1 % 6.8 % 10.2 % USD Hong Kong EWH % 1.8 % 7.9 % -4.8 % USD Bioteknologi IBB % 0.0 % 8.6 % % USD Russell 2000 IWM % 2.4 % 4.8 % 0.9 % USD Finansielle tjenester XLF % 2.9 % 5.0 % -5.4 % USD S&P 500 SPY % 1.2 % 2.6 % 3.6 % USD DJIA DIA % 1.3 % 2.2 % 5.2 % USD Forsyningstjenester XLU % -2.1% -3.5 % 14.7 % USD Industri XLI % 1.6 % 2.0 % 6.6 % USD S&P M idcap 400 M DY % 1.6 % 2.8 % 3.4 % USD Dow Jones Total market THRK % 1.3 % 2.8 % 3.0 % USD 1339 Energi XLE % 3.5 % 0.5 % -1.6 % USD Oil Service OIH % 5.9 % -1.2 % % USD Olje / Energi Råolje CRUD % 8.4 % -6.5 % % USD WTI-olje OILW % 7.4 % -6.3 % % USD 6652 Fyringsolje HEAT % 6.4 % -6.9 % % USD 0 Brent-olje OILB % 7.6 % -4.3 % % USD WTI-Oil USO % 7.9 % -7.0 % % USD Bensin UGAS % 3.7 % -2.1% % USD 0 Naturgass NGAS % -2.7 % -3.6 % -38.1% USD M etaller Sølv SLV % -3.7 % -1.8 % 29.8 % USD Gull BULL % -1.8 % -1.0 % 19.5 % USD Aluminium ALUM % -0.2 % -2.0 % -3.4 % USD Sink ZINC % -0.7 % 5.9 % 16.4 % USD 500 Nikkel NICK % 0.7 % 8.4 % -6.2 % USD Kobber COPA % -2.8 % 1.2 % % USD A ndre råvarer Soyabønner SOYB % 4.5 % -5.1% -0.1% USD 2477 Sukker SUGA % 10.3 % 5.2 % 81.2 % USD 9975 Soyaolje SOYO % 4.2 % 3.5 % -3.1% USD Kaffe COFF % 0.1 % -1.5 % -3.9 % USD 9627 Kveg CATL % 0.6 % 2.7 % % USD 0 Råoljer AIGO % 6.7 % -5.4 % % USD 0 Hvete WEAT % 2.5 % -5.7 % % USD M ais CORN % 0.4 % -7.3 % % USD R åvarekurver Edle metaller AIGP % -2.5 % -0.9 % 21.8 % USD 0 Korn AIGG % 2.3 % -6.0 % -17.1% USD 0 Ex-Energi AIGX % 0.3 % -1.2 % 1.6 % USD 0 Softs (Sukker, Kakao, Bomull) AIGS % 5.2 % 4.0 % 39.1 % USD 0 Råvarer AIGC % 1.5 % -2.2 % -8.6 % USD Buskap AIGL % -0.7 % -3.8 % -16.1% USD 0 Industrimetaller AIGI % -1.1 % 2.2 % -4.3 % USD 850 Energi AIGE % 4.6 % -4.9 % % USD 6400 Kilde: Bloomberg 4

5 DNB Markets ETN / ETF OSLO Endring i % ETN / ETF Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Volum REC BULL REC HA % 14.1 % -5.4 % % NOK 2680 PGS DNB-ETN PGS BULL % 43.0 % -8.9 % % NOK Norwegian DNB-ETN NORWEGIAN BULL % 19.5 % 13.3 % % NOK 3700 REC DNB-ETN REC BULL % 14.2 % -3.4 % -34.1% NOK Telenor DNB-ETN TELENOR X3 BULL % 7.6 % 1.6 % % NOK 5057 Yara DNB-ETN YARA X3 BULL % 8.5 % 19.5 % % NOK TGS Nopec DNB-ETN TGS BULL % 14.3 % 5.5 % % NOK 0 Oljeservice DNB - ETN OIL SERVICE BULL % 18.4 % 14.4 % % NOK 0 Subsea 7 DNB-ETN SUBSEA 7 BULL % 16.4 % 30.1 % 39.9 % NOK 0 OBX BULL OBX X4 DNM % -0.5 % 2.9 % % NOK 0 Aker Solutions DNB-ETN AKER SOLUTIONS BULL % 11.2 % 6.3 % -4.5 % NOK 0 Telenor DNB-ETN TELENOR BULL % 5.1 % 1.5 % % NOK 0 Yara DNB-ETN YARA BULL % 5.8 % 13.5 % % NOK 0 Yara DNB-ETN YARA BULL % 5.8 % 13.5 % % NOK 0 DNO BULL DNO DNM % 8.4 % -8.2 % % NOK OBX DNB-ETN OBX X3 BULL % 9.2 % 2.4 % % NOK 0 Fred. Olsen Energy BULL FOE DNM % % % % NOK Norsk Hydro BULL NHY X3 DNM % 16.6 % 71.9 % 13.3 % NOK 0 Orkla DNB-ETN ORKLA X3 BULL % -1.8 % 12.3 % 54.8 % NOK 585 Oljeservice DNB - ETN OIL SERVICE % 9.0 % 7.6 % % NOK 0 OBX XACT DERIVAT BULL % 5.8 % 1.6 % % NOK Gjensidige DNB-ETN GJENSIDIGE X3 BULL % 3.2 % 1.2 % 31.4 % NOK 0 Norsk Hydro DNB-ETN NORSK HYDRO BULL % 10.9 % 44.6 % 25.7 % NOK 0 Seadrill DNB-ETN SEADRILL BULL % 17.8 % -4.1% % NOK CO2 BEAR CO2 ETN DNM % % % 64.7 % NOK 0 Schibsted BULL SCH DNM % -2.6 % 3.0 % % NOK 0 Statoil DNB-ETN STATOIL X3 BULL % 13.9 % % % NOK OBX XACT OBX % 3.1 % 1.1 % -3.6 % NOK 5567 OBX DNB OBX % 3.0 % 1.0 % -3.4 % NOK 626 M arine Harvest Group DNB-ETN M ARINE HARVEST BULL % -3.5 % -3.8 % 78.2 % NOK 0 Golden Ocean BULL GOGL DNM % -0.8 % -2.4 % % NOK 6360 Statoil DNB-ETN STATOIL BULL % 9.1 % % -5.2 % NOK 0 Oljepris DNB - ETN BRENT BULL % 14.1 % -7.0 % % NOK DNB BULL DNBNOR HA % 11.3 % -6.1% % NOK 650 Oljepris BULL OLJE HA % 13.9 % -7.6 % % NOK 1859 Strømpris DNB - ETN ELKRAFT BEAR % -2.3 % -5.2 % % NOK 263 Strømpris BEAR EL HA % -2.4 % -5.2 % % NOK 0 Storebrand DNB-ETN STOREBRAND BULL % 9.0 % 22.5 % % NOK 3700 BW LPG BULL BWLPG DNM % 8.4 % 12.3 % % NOK 1400 Kobberpris BEAR KOBBER ETN DNM % 6.1 % -5.5 % 1.9 % NOK 0 Sink BEAR SINK ETN DNM % 1.7 % % % NOK 0 Opera BULL OPERA DNM % -2.8 % % % NOK Oljepris DNB - ETN BRENT % 6.9 % -3.7 % % NOK 1000 OBX BULL OBX X3 HA % 4.0 % -1.3 % % NOK 50 Gullpris DNB-ETN GULL BULL % -3.7 % -4.2 % 44.8 % NOK 300 Aluminium BEAR ALU ETN DNM % 0.8 % 1.3 % % NOK 0 Gullpris BULL GULL HA % -3.8 % -4.2 % 44.4 % NOK 0 Aluminium BEAR ALU HA % 0.7 % 1.3 % % NOK 0 Storebrand DNB-ETN STOREBRAND BEAR % -8.8 % % % NOK 0 Gullpris DNB-ETN GULL % -1.9 % -2.7 % 22.4 % NOK 3600 Kobberpris BEAR KOBBER HA % 7.3 % -4.8 % 5.4 % NOK 0 Sølvpris BULL SOLV ETN DNM % -8.4 % -2.2 % 62.2 % NOK 0 Sølvpris SOLV ETN DNM % -4.2 % -1.6 % 32.2 % NOK 550 Kilde: Bloomberg FORTS. 5

6 DNB Markets ETN / ETF OSLO Endring i % ETN / ETF Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Volum Gullpris DNB-ETN GULL BULL % -3.7 % -4.2 % 44.8 % NOK 300 Aluminium BEAR ALU ETN DNM % 0.8 % 1.3 % % NOK 0 Gullpris BULL GULL HA % -3.8 % -4.2 % 44.4 % NOK 0 Aluminium BEAR ALU HA % 0.7 % 1.3 % % NOK 0 Storebrand DNB-ETN STOREBRAND BEAR % -8.8 % % % NOK 0 Gullpris DNB-ETN GULL % -1.9 % -2.7 % 22.4 % NOK 3600 Kobberpris BEAR KOBBER HA % 7.3 % -4.8 % 5.4 % NOK 0 Sølvpris BULL SOLV ETN DNM % -8.4 % -2.2 % 62.2 % NOK 0 Sølvpris SOLV ETN DNM % -4.2 % -1.6 % 32.2 % NOK 550 Naturgasspris BULL NATGAS ETN DNM % -5.9 % % % NOK 0 Statoil DNB-ETN STATOIL BEAR % -8.6 % 12.3 % % NOK 0 Sølvpris BEAR SOLV ETN DNM % 8.6 % -1.5 % % NOK 0 M arine Harvest Group DNB-ETN M ARINE HARVEST BEAR % 3.2 % 2.7 % % NOK 0 Naturgasspris NATGAS ETN DNM % -4.1% -6.6 % % NOK 0 Aluminium ALU ETN DNM % -0.5 % -2.9 % 1.3 % NOK 0 Strømpris DNB-ETN ELKRAFT % -0.3 % 1.0 % 35.7 % NOK 0 OBX SHORT OBX DNM % -3.0 % -1.3 % #VALUE! NOK 0 Aluminium BULL ALU HA % -0.9 % -4.7 % -3.9 % NOK 0 Statoil DNB-ETN STATOIL X3 BEAR % % 18.3 % % NOK Sinkpris SINK ETN DNM % -0.9 % 5.2 % 19.5 % NOK 0 Naturgasspris BEAR NATGAS ETN DNM % 1.1 % 7.2 % % NOK 0 Aluminium BULL ALU ETN DNM % -1.0 % -4.7 % -1.5 % NOK 0 Gullpris BEAR GULL HA % 3.7 % 1.1 % % NOK 0 Kobberpris BULL KOBBER ETN DNM % -2.9 % 0.6 % -6.8 % NOK 0 Gullpris DNB-ETN GULL BEAR % 3.7 % 1.1 % % NOK 0 Schibsted BEAR SCH DNM % 1.9 % -6.2 % % NOK 0 Strømpris BULL EL HA % 0.6 % 2.4 % 24.3 % NOK 0 Strømpris DNB-ETN ELKRAFT BULL % 0.3 % 2.7 % 54.9 % NOK 0 Sinkpris BULL SINK ETN DNM % -1.7 % 11.9 % 30.6 % NOK 0 Norsk Hydro DNB-ETN NORSK HYDRO BEAR % % % % NOK 0 CO2 CO2 ETN DNM % 8.2 % 5.6 % % NOK 0 Gjensidige DNB-ETN GJENSIDIGE X3 BEAR % -3.6 % -4.7 % % NOK 0 Kobberpris BULL KOBBER ETN DNM % -5.8 % 2.3 % % NOK 0 Kobberpris BULL KOBBER HA % -6.9 % 1.4 % % NOK 0 OBX XACT DERIVAT BEAR % -5.7 % -2.3 % -9.0 % NOK Oljepris BEAR OLJE HA % -13.1% 2.4 % -3.3 % NOK 0 Oljepris DNB - ETN BRENT BEAR % % 0.2 % % NOK 0 Norsk Hydro BEAR NHY X3 DNM % % % % NOK Orkla DNB-ETN ORKLA X3 BEAR % 0.9 % -14.1% % NOK 0 Fred. Olsen Energy BEAR FOE DNM % 20.5 % % % NOK 660 CO2 BULL CO2 ETN DNM % 17.5 % 10.9 % -69.1% NOK 0 OBX DNB-ETN OBX X3 BEAR % -8.7 % -4.1% % NOK 0 OBX BEAR OBX X3 HA % -8.9 % -4.3 % % NOK 0 DNO BEAR DNO DNM % -8.7 % 2.4 % % NOK 0 Yara DNB-ETN YARA BEAR % -6.0 % % 43.4 % NOK 0 Telenor DNB - ETN TELENOR BEAR % -5.2 % -3.4 % 7.8 % NOK 0 Aker Solutions DNB-ETN AKER SOLUTIONS BEAR % % % % NOK 0 OBX BEAR OBX X4 DNM % % -5.9 % % NOK Subsea 7 DNB-ETN SUBSEA 7 BEAR % % % % NOK 5000 Oljeservice DNB - ETN OIL SERVICE BEAR % % % -46.1% NOK 0 TGS Nopec DNB-ETN TGS BEAR % % -9.6 % % NOK 2000 Yara DNB-ETN YARA X3 BEAR % -9.1% % 51.6 % NOK 200 Telenor DNB-ETN TELENOR X3 BEAR % -7.8 % -5.7 % -0.6 % NOK 0 REC BEAR REC DNM % % % #VALUE! NOK 3472 REC BEAR REC HA % -19.1% % % NOK 5300 Norwegian DNB-ETN NORWEGIAN BEAR % % % % NOK 1500 PGS DNB-ETN PGS BEAR % % % % NOK DNB BEAR DNB NOR HA % % % 21.5 % NOK 0 Kilde: Bloomberg DNB ANBEFALINGER OG ESTIMATER Selg Hold Kjøp 57 6

7 DNB Markets Dnb anbefalinger og estimater DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA A. P. Møller Mærsk maerskb Kjøp DKK x 12.9x 5.0x 3.9x AcadeMedia AB ACAD Kjøp SEK x 13.9x 10.4x 9.0x AF Gruppen AFG Selg NOK x 25.2x 13.6x 12.8x Akastor AKA Selg NOK x -3.7x 21.9x 8.0x Aker AKER Hold NOK x 78.7x Aker Solutions AKSO Selg NOK x 111.2x 6.3x 9.5x Alfa Laval ALFA Selg SEK x 20.1x 10.9x 10.8x Arcam ARCM Kjøp SEK x 36.4x 48.1x 18.9x Archer ARCHER Selg NOK x -1.2x 12.9x 12.7x Assa Abloy ASSAB Hold SEK x 24.0x 17.4x 15.9x Atea ATEA Hold NOK x 16.5x 9.0x 7.9x Atlas Copco ATCOA Hold SEK x 21.1x 13.4x 12.2x Atwood Oceanics ATW Selg USD x -32.8x 3.2x 8.8x Aurora LPG AURLPG Kjøp NOK x 2.9x 6.4x 5.4x Austevoll Seafood AUSS Kjøp NOK x 8.9x 4.4x 3.4x Autoliv ALIV Hold SEK x 14.7x 8.1x 7.1x Avance Gas AVANCE Kjøp NOK x 2.8x 4.8x 5.0x Awilco Drilling AWDR Kjøp NOK x 1.8x 4.1x 0.4x Axactor AXA Kjøp NOK Bakkafrost BAKKA Hold NOK x 13.7x 9.9x 8.8x Balder BALD Hold SEK x 22.6x 23.7x 22.8x Betsson BETSB Kjøp SEK x 10.5x 10.4x 8.7x BillerudKorsnäs BILL Kjøp SEK x 15.0x 9.1x 8.6x Borregaard BRG Kjøp NOK x 12.3x 7.3x 6.2x BW LPG BWLPG Kjøp NOK x 4.0x 5.5x 4.5x BW Offshore (Restricted) BWO Selg NOK x -0.2x 6.4x 7.0x Cargotec CGC Selg EUR x 15.0x 10.0x 9.0x Carlsberg CARLB Selg DKK x 19.1x 11.0x 9.5x Castellum CAST Kjøp SEK x 16.5x 25.9x 20.6x Chr. Hansen CHR Hold DKK x 34.6x 26.3x 22.5x Citycon CTY1S Kjøp EUR x 15.5x 19.3x 19.0x Coloplast COLOB Kjøp DKK x 26.1x 20.5x 18.3x Com Hem COMH Selg SEK x 39.6x 9.3x 8.9x Coor Service Managemen COOR Kjøp SEK x 11.6x 11.2x 9.8x D/S Norden DNORD Kjøp DKK x 107.8x 4.2x 5.6x Danske Bank DANSKE Kjøp DKK x 9.3x Deep Sea Supply DESSC Selg NOK x -1.5x 22.6x 25.0x Det norske oljeselskap DETNOR Kjøp NOK x 13.5x 7.4x 3.5x DHT Holdings DHT Hold USD x 11.4x 4.5x 5.5x Diamond Offshore DO Selg USD x 14.1x 6.7x 6.2x DNB DNB NOK x 8.5x DNO DNO Kjøp NOK x 3.1x 4.5x 1.4x DOF (Restricted) DOF Selg NOK x 0.9x 9.0x 9.5x Dorian LPG LPG Kjøp USD x 7.2x 5.7x 7.5x Eidesvik Offshore EIOF Selg NOK x -2.5x 10.7x 15.2x Electrolux ELUX Selg SEK x 14.5x 7.0x 6.8x Elekta EKTAB Kjøp SEK x 19.5x 14.1x 11.2x Ensco ESV Selg USD x 15.4x 3.8x 5.8x Entra ENTRA Kjøp NOK x 18.7x 20.8x 18.4x Epic Gas EPIC Kjøp NOK x 674.6x 9.9x 7.9x Ericsson ERICb Kjøp SEK x 11.6x 6.7x 4.9x Euronav EURN Hold USD x 33.1x 4.8x 7.0x Europris EPR Selg NOK x 14.7x 11.0x 9.9x Evolution Gaming EVO Kjøp SEK x 22.9x 21.5x 16.5x Fabege FABG Hold SEK x 34.9x 33.1x 30.9x Farstad Shipping FAR Selg NOK x -0.6x 10.2x 15.1x Flex LNG FLNG Hold NOK x -73.8x FLSmidth FLS Hold DKK x 15.3x 9.3x 8.1x FMC Technologies FTI Selg USD x 34.3x 14.4x 11.1x Fortum FUM1V Hold EUR x 17.2x Fred Olsen Energy FOE Selg NOK x -0.9x 1.7x 3.5x Frontline FRO Hold NOK x 10.7x 6.5x 9.2x Frontline 2012 FRNT Kjøp NOK x 11.0x 8.8x 10.2x Kilde: DNB Markets, FactSet, Bloomberg 7

8 DNB Markets DNB anbefalinger og estimater DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA GasLog GLOG Kjøp USD x 14.3x 12.6x 9.5x Gener8 Maritime GNRT Hold USD x 4.3x 5.7x 5.8x Getinge GETIB Selg SEK x 15.0x 12.2x 9.6x Gjensidige Forsikring GJF Hold NOK x 16.8x GN Store Nord GN Kjøp DKK x 13.9x 11.6x 9.9x Golar LNG GLNG Kjøp USD x -8.6x -68.5x 30.8x Golar LNG Partners GMLP Hold USD x 5.9x 7.4x 6.6x Golden Ocean GOGL Hold NOK x -29.1x x 44.7x Grieg Seafood GSF Kjøp NOK x 6.7x 5.9x 4.6x Havfisk HFISK Kjøp NOK x 10.6x 7.3x 5.9x Havila Shipping HAVI Selg NOK x -0.3x 8.2x 13.9x Helgeland Sparebank HELG Kjøp NOK x 7.2x Hennes & Mauritz HMB Hold SEK x 20.0x 12.6x 10.7x Hexagon AB HEXAB Kjøp SEK x 21.5x 15.1x 13.7x Hexagon Composites HEX Kjøp NOK x 21.7x 20.0x 19.3x Hexpol HPOLB Kjøp SEK x 18.8x 12.5x 11.1x Hufvudstaden HUFV Hold SEK x 35.0x 29.6x 28.6x Humana HUM Kjøp SEK x 13.3x 13.0x 10.4x Husqvarna HUSQb Kjøp SEK x 15.8x 11.1x 9.0x Höegh LNG Holdings HLNG Kjøp NOK x 14.3x 13.1x 10.3x Industrivärden INDUc Hold SEK Investor INVEb Kjøp SEK Jm Ab JM Kjøp SEK x 10.4x 8.7x 7.5x Klövern KLOVb Kjøp SEK x 15.6x 21.3x 20.2x KNOT Offshore Partners KNOP Hold USD x 9.9x 8.5x 8.0x Kone KNEBV Hold EUR x 23.0x 16.2x 14.8x Konecranes KCR1V Kjøp EUR x 16.5x 9.3x 8.3x Kongsberg Gruppen KOG Kjøp NOK x 12.2x 9.7x 6.9x Kungsleden KLED Kjøp SEK x 12.8x 18.9x 17.5x Kværner KVAER Hold NOK x 23.5x 1.0x 1.2x Lerøy LSG Kjøp NOK x 8.6x 6.7x 4.8x Loomis LOOMb Kjøp SEK x 14.3x 7.2x 7.0x Lundbeck LUN Hold DKK x 28.8x 18.1x 11.0x Lundin Petroleum LUPE Kjøp SEK x 20.7x 11.9x 6.2x Marine Harvest MHG Kjøp NOK x 10.0x 9.1x 6.3x Medistim MEDI Kjøp NOK x 19.7x 18.8x 13.2x Metso MEO1V Kjøp EUR x 18.1x 10.5x 9.1x Millicom MICsdb Kjøp SEK x 25.9x 5.9x 5.4x MTG MTGb Kjøp SEK x 13.5x 10.7x 9.3x Ncc NCC Hold SEK x 15.1x 10.0x 8.1x NetEnt NETb Kjøp SEK x 31.0x 26.3x 20.8x Nibe Industrier NIBEB Selg SEK x 22.6x 18.0x 16.1x Nobia NOBI Kjøp SEK x 12.5x 8.0x 6.9x Noble NE Selg USD x -12.7x 4.1x 7.5x Nokian Tyres NRE1V Kjøp EUR x 17.2x 11.1x 9.8x Nordea NDA Kjøp SEK x 9.7x Nordic Nanovector NANO Kjøp NOK x -4.9x -3.0x -3.7x Nordic Semiconductor NOD Kjøp NOK x 21.9x 21.3x 12.2x Norsk Hydro NHY Selg NOK x 17.8x 7.0x 6.2x North Energy NORTH Hold NOK x -1.3x Norway Royal Salmon NRS Kjøp NOK x 10.2x 9.5x 6.8x Norwegian Air Shuttle NAS Kjøp NOK x 9.2x 12.8x 11.4x Norwegian Property NPRO Kjøp NOK x 24.7x 17.5x 19.2x Novo Nordisk NVO Kjøp DKK x 20.0x 15.6x 14.1x Novozymes NZYMB Selg DKK x 28.8x 19.7x 17.7x NRC Group NRC Hold NOK x 18.9x 12.8x 10.9x Ocean Rig ORIG Selg USD x 5.6x 3.6x 5.6x Ocean Yield OCY Kjøp NOK x 6.6x 9.1x 7.3x Odfjell ODF Kjøp NOK x 3.2x 4.6x 4.4x Odfjell Drilling ODL Hold NOK x 54.6x 7.0x 7.4x Olav Thon OLT Kjøp NOK x 14.6x 16.1x 15.6x Opera OPERA Kjøp NOK x 13.5x 12.1x 9.4x Oriflame ORI Selg SEK x 20.2x 11.6x 9.9x Orkla ORK Kjøp NOK x 20.2x 16.1x 14.6x Outotec OTE1V Hold EUR x 25.1x 7.8x 6.5x Pacific Drilling PACD Selg USD x -4.2x 10.0x 24.3x Pandox PNDXB Hold SEK x 19.8x 20.9x 18.8x Pareto Bank PARB Kjøp NOK x 6.6x Peab PEAB Hold SEK x 11.6x 7.6x 6.3x Kilde: DNB Markets, FactSet, Bloomberg 8

9 DNB Markets DNB anbefalinger og estimater DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA PGS PGS Selg NOK x -2.0x 6.1x 7.9x Polarcus PLCS Selg NOK x -0.6x 4.0x 14.5x Prosafe (Restricted) PRS NOK x 3.5x 9.7x 9.1x Q-Free QFR Kjøp NOK x 10.0x 9.2x 4.8x Recipharm RECIB Hold SEK x 22.3x 13.6x 10.5x RenoNorden RENO Kjøp NOK x 11.2x 6.2x 6.0x Rezidor REZT Hold SEK x 8.7x 7.3x 4.6x Rowan RDC Hold USD x 17.4x 3.8x 4.9x Safe Bulkers SB Selg USD x -2.4x 24.7x 19.6x Saipem SPM Selg EUR x 26.1x 4.6x 5.3x SalMar SALM Hold NOK x 11.3x 9.1x 7.5x Sampo Oyj SAMAS Hold EUR x 13.9x Sandvik SAND Kjøp SEK x 16.1x 10.0x 8.8x SCA SCAB Hold SEK x 18.1x 10.8x 9.8x Scandi Standard SCST Hold SEK x 11.9x 9.1x 6.7x Schibsted SCHA Selg NOK x 52.0x 54.0x 45.0x Scorpio Tankers STNG Hold USD x 9.3x 10.6x 9.8x Seadrill SDRL Selg NOK x 192.3x 5.7x 10.4x SEB SEB Kjøp SEK x 10.0x Securitas SECUB Kjøp SEK x 16.6x 11.7x 10.1x Selvaag Bolig SBO Kjøp NOK x 15.0x 14.4x 12.4x Sevan Marine SEVAN Selg NOK x -17.0x -10.6x -14.7x Siem Offshore SIOFF NOK x -3.6x 10.8x 12.9x Skandiabanken SKBN Kjøp NOK x 10.4x Skanska SKA Hold SEK x 13.9x 8.0x 8.3x SKF SKFB Hold SEK x 12.9x 8.8x 8.5x Solstad Offshore SOFF Selg NOK x -2.0x 14.2x 18.9x Songa Offshore SONG Selg NOK x 0.5x 5.8x 5.0x Sparebank1 Nord-Norge NONG Kjøp NOK x 7.3x Sparebank1 SMN MING Kjøp NOK x 6.4x Sparebank1 SR-Bank SRBANK Kjøp NOK x 6.5x Sparebanken Møre MORG Kjøp NOK x 7.3x Sparebanken Øst SPOG Kjøp NOK x 8.8x Spectrum SPU Selg NOK x x 2.1x 1.8x Sponda SDA1V Kjøp EUR x 14.4x 20.9x 19.4x Statoil STL Kjøp NOK x 10.6x Stolt-Nielsen SNI Kjøp NOK x 7.6x 5.6x 5.6x Stora Enso STERV F Kjøp EUR x 10.0x 6.6x 5.9x Storebrand STB Kjøp NOK x 6.4x Subsea 7 SUBC Selg NOK x 178.6x 3.5x 7.7x Svenska Handelsbanken SHB Selg SEK x 13.8x Swedbank SWEDA Kjøp SEK x 11.8x Swedish Match SWMA Hold SEK x 19.0x 13.4x 12.7x Tanker Investments TIL Hold NOK x 3.5x 4.2x 3.9x Technip TECF Selg EUR x 17.8x 3.2x 5.4x Teekay Tankers TNK Hold USD x 4.1x 4.7x 4.7x Tele2 TEL2b Hold SEK x 22.7x 9.6x 7.7x Telenor TEL Kjøp NOK x 11.8x 6.4x 5.9x Telia Company TELIA Hold SEK x 12.7x 7.3x 6.6x TGS Nopec TGS Selg NOK x 185.6x 5.4x 5.3x The Scottish Salmon ComSSC Kjøp NOK x 8.6x 7.8x 5.7x Thule Group THULE Hold SEK x 19.6x 15.9x 14.2x Tomra TOM Selg NOK x 20.6x 10.7x 10.9x Topdanmark TOP Kjøp DKK x 12.9x Transocean RIG Selg USD x -46.2x 6.1x 7.9x Trelleborg TRELB Hold SEK x 14.7x 11.4x 9.2x Tryg TRYG Hold DKK x 15.8x Tsakos Energy NavigationTNP Kjøp USD x 3.3x 4.8x 5.2x Unibet UNIB Kjøp SEK x 18.0x 16.1x 14.1x UPM UPM1V Hold EUR x 13.9x 7.4x 6.7x Valmet VALMT Kjøp EUR x 13.2x 7.3x 6.3x Veidekke VEI Hold NOK x 10.7x 8.7x 7.2x Vitrolife VITR Kjøp SEK x 39.0x 32.8x 24.7x Volvo VOLVB Hold SEK x 13.1x 5.8x 5.1x Kilde: DNB Markets, FactSet, Bloomberg 9

10 DNB Markets DNB anbefalinger og estimater DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA Wallenstam WALLb Hold SEK x 44.9x 35.6x 39.7x 33.5x Weifa WEIFA Kjøp NOK x 829.2x 387.7x 269.8x 205.5x Wihlborgs WIHL Kjøp SEK Wilh. Wilhelmsen ASA WWASA Kjøp NOK x 4.9x 4.6x 6.3x 6.1x Wilh. Wilhelmsen Holding WWI Kjøp NOK x 7.4x 5.2x 5.2x 4.2x William Demant Holding WDH Selg DKK x 19.5x 13.2x 11.7x Wilson Therapeutics WTX Kjøp SEK x -7.9x Wärtsilä WRT1V Hold EUR x 16.3x 11.5x 10.3x XXL XXL Hold NOK x 18.4x 17.5x 13.0x Yara YAR Selg NOK x 22.3x 6.6x 7.6x YIT YIT Selg EUR x 19.1x 11.3x 18.2x 16.0x Kilde: DNB Markets, FactSet, Bloomberg 10

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