US SKATT, FLATT I ASIA, IFO, FREM OG TILBAKE I OLJEPRISEN YAR & HMB

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1 EQUITY RESEARCH Research report prepared by DNB Markets, a division of DNB Bank ASA Aksjemarkedet i dag US SKATT, FLATT I ASIA, IFO, FREM OG TILBAKE I OLJEPRISEN YAR & HMB Sannsynligheten for å få gjennom de foreslåtte endringene i det amerikanske skattesystemet styrket seg videre i går, og med mulige avstemminger allerede i dag ga dette sammen med rapporter om høy stemning blant boligbyggerne og ytterligere oppkjøpsnyheter en ny runde med oppdrift for aksjemarkedet i går. Dow sluttet opp 0.6%, S&P500 stengte opp 0.5% og Nasdaq var ved avslutningen opp 0.8%. Volumet på de tre hovedindeksene kom inn på % av gjennomsnittet for de siste tre måneder. I Asia ser vi en mer blandet utvikling i morgentimene og i Japan er Nikkei-indeksen kort før stengetid ned 0.1%. De viktigste kinesiske indeksene er samtidig opp inntil 0.9%. Selv om det heller ikke i dag ser ut til at investorene vil kunne legge altfor mye vekst på nyhetsstrømmen når det gjelder nøkkeltall så vil oppdateringen av den tyske IFO-undersøkelsen, og da i første rekke forventningsindikatoren, kunne påvirke utviklingen i de europeiske markedene. Etter hvert får vi også oppdaterte tall for aktivitetsnivået i det amerikanske boligmarkedet. Oppmerksomhet vil det også kunne bli rundt de gjenstående selskapsrapportene fra blant annet FedEx, Micron og Carnival Cruise. I USA ser det ut til skatteforslaget i dag vil kunne bli avgjort i representantenes hus, mens senatet ser ut til å kunne stemme over forslaget enten i dag eller i morgen. Oljeprisene holder nivået ved inngangen av uken og på tross av at WTI-prisen i USA i går var ned USD 0.20 pr fat til USD pr fat har prisen i morgentimene i dag klatret tilbake på USD pr fat. Brent-prisen er ned USD 0.11 pr fat i forhold til ved stengetid i det norske markedet i går og ligger før åpning på USD pr fat. Annonseringen av et ureaanbud fra indiske innkjøpere løftet i går Yara-kursen med 4% til NOK pr aksje. Anbudet var forventet i markedet etter at de samme myndighetene kansellerte en tilsvarende forespørsel i oktober. Urea-prisene snudde ned etter at det anbudet ble kansellert, men har siden hentet seg opp igjen gjennom de siste ukene og nærmer seg nå samme nivå som ved kanselleringstidspunktet. Vi har en kjøpsanbefaling på Yara med et kursmål på NOK 430 pr aksje. H&Ms salgstall for selskapets Q4-kvartal sendte før helgen aksjen ned 13% og i et ellers stigende marked fortsatte nedgangen i går med 3% til SEK 170 pr aksje. At en skuffende topplinje og annonsering av butikkstengninger kommer samtidig med endringer i rapporteringsrutinene for salget påvirker på kort sikt markedets tillit til ledelsen. At konkurrentene i spanske Inditex (Zara) samtidig benytter anledningen til å fortelle markedet om et høyt antall besøkende til sine onlinebutikker bidrar heller ikke til å løfte stemningen. Neste viktige oppdatering fra H&M blir resultatrapporten for perioden frem til 30. november. Denne legges frem 31. januar. Deretter arrangerer selskapet kapitalmarkedsdag den 14. februar. Manglende signaler om positive effekter av vekstinitiativene og dermed indikasjoner om at ekspansjonsstrategien har behov for en ny vurdering gjør at vi tar anbefalingen ned fra Kjøp til Hold og kutter kursmålet i H&M fra SEK 232 til SEK 175 pr aksje. Portefølje anbefalte aksjer: I dag - B2 Holding - BW Offshore - Veidekke - Golden Ocean - Sparebank1 SR-Bank - Statoil - BW LPG - Grieg Seafood Rapporter Norden YTD DNB: 23% YTD OSE: 16% - AP Møller-Mærsk, oppdatering - Dignitana, KMD Nøkkeltall Norden - - Rapporter / nøkkeltall Europa / USA - DE: IFO Forventninger - US: Påbegynte boliger - US: Byggetillatelser - Darden Restaurants - Worthington - Navistar - Carnival Corp - Micron Tech - FedEx - Red Hat Konferanser / presentasjoner - - 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 Internasjonale børser Renter Valuta/råvarer Siste Endr. % Siste I går Endr. Siste I går Endr. % Dow Jones 24, USA 10år EUR/USD S&P 500 2, Tyskl. 10år USD/JPY NASDAQ 6, Norge 10år USD/NOK Nikkei , USA 3m EUR/NOK Euro Euro 3m Siste Endr. Endr. % Danmark-KFX 1, Norge 3m CRB indeks Finland-HEX 9, Brent sp. ($/bbl) Norge-OSEBX Brent 1m ($/bbl Sverige-SAX Alum. 3m ($/ton 2, US Nat.gass Kilde: Bloomberg /DNB Markets ANALYSTS Ole-Andreas Krohn Ole-Andreas.krohn@dnb.no TLF: Please see the last two pages for importantt information. This research report was nott produced in the US. Analysts employed by non- US Affiliates are not registered / Qualified research analysts with FINRA in the United States

2 Sentrale USA-indekser Endring Endring Endring Endring Gj.snittlig Siste i poeng 1 dag (%) 1 mnd.(%) hittil i år(%) est. P/E Dow Jones Industrial 24, x S&P 500 2, x Nasdaq Composite 6, x Russel , x Amex naturgass-indeks (XNG) x Amex Oil Service Indeks Philadelphia-børsens oljeproduksjon-indeks (XOI) 1, x Amex farmasi-indeks (DRG) x Nasdaq biotech-indeks 3, x Philadelphia-børsens halvleder-indeks (SOX) 1, x S&P 500 Paper & Forest Index ( PAFO) x Kilde: Bloomberg, DNB Markets Nordiske aksjer i USA Sluttkurs Endring Volum Slutt USA, Sluttkurs, USA 1 dag (USD) USA lokal valuta lokal i går Differanse Danmark Novo Nordisk B ,070, GN Store Nord AP Møller Maersk ,067 10, , Finland Nokia ,893, Metso , TeliaSonera , UPM Kymmene , Norge Frontline ,076, Norsk Hydro , Yara , Golden Ocean , PGS Statoil ,634, Subsea , DNB , Telenor , Tomra Questerre , Orkla , Sverige AstraZeneca ,973, Electrolux , Ericsson (B) ,453, Hennes & Mauritz , Atlas Copco , SKF B , Swedish Match Assa Abloy , Sandvik , Kilde: Bloomberg, DNB Markets 2

3 Råvarer og shipping Siste I går Endr. %1D 1W 1M 3M YTD 12M 52W H 52W L CRB indeks GS råvare indeks 2,402 2, ,505 2,045 Olje Brent Spot Brent olje 1m Brent olje 3m WTI olje 1m Flybensin Naturgass US Henry Hub Fyringsolje Metaller Aluminium 3m 2,009 2, ,215 1,677 Nikkel 11,095 11, , , ,030 8,680 Kopper 6,729 6, ,194 1,039 7,177 5,420 Gull 1,258 1, ,358 1,121 Shipping WS AG - Japan, 250 dwt WS AG - USG, 250 dwt Baltic dry index 1,730 1, , Kilde: Bloomberg, DNB Markets Renter og valuta Siste I går Endr. 1W 1M 3M YTD 12M 52W H 52W L 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 EUR/USD USD/JPY GBP/USD USD/NOK EUR/NOK GBP/NOK Kilde: Bloomberg, DNB Markets Indeksutvikling på sektornivå Sektor USA 1 dag 1 mnd. 3 mnd. 1 år hittil i år est. P/E Sektor MSCI Europe 1 dag 1 mnd. 3 mnd. 1 år hittil i år est. P/E Internett programvare og -tjeneste 4.7% -6.2% -0.3% -18.5% -11.6% 30.3 IT utstyr 1.8% 2.1% -6.3% 0.6% -1.8% 23.3 Maskiner 2.4% 9.6% 8.2% 7.1% 10.4% 17.8 Detaljhandel 1.1% 4.9% -3.7% -11.8% -11.2% 19.3 Industrielle konglomerater 1.1% 2.2% -1.6% 8.5% 8.8% 22.3 Hotell-, underholdnings- og restaurantvi 0.7% 1.9% 3.8% 6.3% 2.4% 19.5 Eiendom 0.8% 5.3% 12.9% 33.4% 35.0% 21.1 Kommersielle tjenester og leveranser 0.6% 1.2% 3.9% 12.4% 9.9% 18.6 Fritidsutstyr 0.8% 4.4% -6.4% 18.1% 19.6% 15.2 Finansieringsselskaper 0.5% 4.5% 6.9% 11.1% 12.0% 17.1 Bygg og anlegg 0.6% -0.1% 2.4% 14.4% 14.2% 24.1 Materialer 0.3% 1.2% 5.5% 13.4% 13.1% 15.1 Olje og gass 0.5% 10.5% 16.8% 22.2% 23.2% 15.9 Programvare og tjenester 0.1% 1.1% 4.7% 24.9% 21.3% 23.0 Media 0.4% 2.6% -5.1% -9.3% -9.5% 20.9 Transport 0.1% 3.5% 6.0% 30.4% 29.0% 18.7 Luftfart 0.4% 3.4% 7.4% 13.8% 14.4% 15.9 Forsikring 0.1% 0.7% 3.5% 8.1% 6.7% 13.0 Bioteknologi 0.3% 1.0% 8.5% 35.9% 40.8% 25.0 Biler og komponenter 0.1% 2.2% 7.5% 14.1% 12.3% 8.6 Husholdningsartikler 0.3% -3.8% -0.9% 14.8% 12.4% 18.0 Legemiddelindustri og bioteknologi -0.1% 2.3% -2.4% 3.9% 1.1% 16.0 Papir- og skogprodukter 0.3% 0.8% 8.9% 45.0% 44.9% 14.2 Drikkevarer, mat og tobakk -0.2% 2.0% 3.1% 8.6% 7.3% 21.4 Hotell og restaurant 0.2% 3.3% 8.3% 26.6% 29.9% 24.7 Banker -0.2% 3.4% 0.4% 10.1% 10.4% 12.4 Datamaskiner og tilbehør 0.1% 3.1% -0.2% 12.2% 11.7% 16.6 Eiendomsselskaper -0.2% 2.5% 4.2% 8.0% 4.9% 20.2 Drikkevarer 0.0% 1.5% 6.3% -5.5% -5.0% 32.9 Forbruksvarer og klær -0.4% 0.3% 2.6% 26.8% 23.6% 20.5 Kraft 0.0% 0.0% 0.0% 0.0% 0.0% 0.0 Helsevern - utstyr og tjenester -0.4% 0.6% -1.8% 6.2% 1.9% 22.9 Helseartikler 0.0% 2.3% 5.9% 21.5% 22.9% 21.6 Mat- og apotekhandel -0.5% 6.9% 7.2% -7.4% -8.0% 16.2 Matvarer 0.0% 4.2% 6.6% 19.2% 21.0% 21.5 Husholdningsvarer og personlige produ -0.6% 1.8% -0.8% 14.9% 12.6% 22.2 Diversifiserte telekomtjenester -0.1% 0.3% 8.3% 36.8% 40.1% 25.8 Kapitalvarer -0.6% 0.7% 1.4% 12.5% 11.2% 18.8 Elektronisk utstyr og instrumente -0.1% 0.1% 3.9% 29.6% 30.4% 22.6 Telekommunikasjon og tjenester -0.8% 2.4% 0.8% 0.2% -1.5% 16.2 Kommunikasjonsutstyr -0.1% 16.0% 7.4% -4.1% -7.0% 13.3 Media -0.9% 6.2% -1.5% -10.7% -11.8% 16.6 Kjemikalier -0.2% 2.9% 3.8% -0.9% -2.4% 18.8 Energi -0.9% 0.6% 9.6% 2.8% -0.6% 17.6 Metall -0.4% 12.1% 8.9% 5.8% 6.3% 11.9 Forsyningsselskaper -2.2% -0.9% -2.0% 10.2% 7.6% 14.6 Energi og relatert utstyr -0.4% 1.3% 12.9% 33.2% 34.5% 20.8 Programvare -1.0% 11.9% 17.4% 3.3% 7.7% 22.4 Forsikring -1.1% 0.4% 6.3% 13.8% 14.3% 17.3 Bildeler -1.2% 4.8% 1.8% 4.1% 4.5% 18.2 Farmasi -1.3% 2.0% -3.0% -23.6% -22.9% 47.7 Elektrisk utstyr -1.4% 8.2% 14.6% 19.1% 18.7% 15.5 Bank -1.7% 2.2% 3.8% 32.5% 35.5% 13.6 Kilde: Bloomberg, DNB Markets Kilde: Bloomberg, DNB Markets 3

4 jan. 10 apr. 10 jul. 10 okt. 10 jan. 11 apr. 11 jul. 11 okt. 11 jan. 12 apr. 12 jul. 12 okt. 12 jan. 13 apr. 13 jul. 13 okt. 13 jan. 14 apr. 14 jul. 14 okt. 14 jan. 15 apr. 15 jul. 15 okt. 15 jan. 16 apr. 16 jul. 16 okt. 16 jan. 17 apr. 17 jul. 17 okt. 17 DNB Markets US Selskaper - vinnere/tapere 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 Caterpillar Inc % 8.0 % 58.5 % MercadoLibre Inc % 21.5 % % CenturyLink Inc % 16.3 % % NIKE Inc % 14.9 % 24.2 % JD.com Inc % 4.9 % 51.4 % Mattel Inc % % % Coca-Cola Co/The % -3.2 % 11.4 % NetEase Inc % 19.8 % 64.5 % CenturyLink Inc % 16.3 % % Procter & Gamble Co/The % 2.3 % 7.7 % Hasbro Inc % -0.6 % 12.2 % Freeport-McMoRan % 18.3 % 11.4 % Wal-Mart Stores Inc % 7.3 % 37.0 % Incyte Corp % -6.7 % -4.2 % Hasbro Inc % -0.6 % 12.2 % 3M Co % 4.3 % 35.4 % Vertex Pharmaceuticals % -2.0 % 84.9 % Caterpillar Inc % 8.0 % 58.5 % UnitedHealth Group Inc % 6.0 % 40.3 % Adobe Systems Inc % -2.5 % 67.1 % NIKE Inc % 14.9 % 24.2 % McDonald's Corp % 3.2 % 41.3 % Western Digital Corp % -8.7 % 24.5 % Newmont Mining Co % -1.5 % 12.8 % Home Depot Inc/The % 8.9 % 34.6 % Altaba Inc % 2.5 % 74.1 % Incyte Corp % -6.7 % -4.2 % United Technologies Corp % 4.6 % 13.8 % DENTSPLY SIRONA Inc % 1.0 % 10.7 % Vertex Pharmaceutic % -2.0 % 84.9 % Boeing Co/The % 11.5 % 88.9 % Wynn Resorts Ltd % 7.3 % 78.9 % Target Corp % 4.3 % % Cisco Systems Inc % 12.1 % 25.2 % BioMarin Pharmaceutic % 8.9 % 3.6 % Adobe Systems Inc % -2.5 % 67.1 % Exxon Mobil Corp % 1.1 % -8.2 % Henry Schein Inc % 2.8 % % CSRA Inc % 6.6 % -4.9 % Apple Inc % 0.5 % 49.6 % Regeneron Pharmaceu % 0.5 % 1.4 % Estee Lauder Cos In % 1.5 % 64.1 % Chevron Corp % 2.6 % 3.4 % Johnson & Johnson % 2.4 % 24.3 % Bunn siste 1 dag 1 mnd 1 år Bunn siste 1 dag 1 mnd 1 år Walt Disney Co/The % 4.3 % 3.4 % Twenty-First Century Fo % 16.8 % 16.9 % Archer-Daniels-Midl % 0.7 % % Pfizer Inc % 3.6 % 11.6 % Twenty-First Century Fo % 18.4 % 17.2 % Twenty-First Century % 16.8 % 16.9 % Intel Corp % -5.5 % 18.6 % PACCAR Inc % 3.8 % 8.5 % Ralph Lauren Corp % 10.3 % -5.4 % Visa Inc % 1.2 % 43.2 % NVIDIA Corp % % 93.0 % Acuity Brands Inc % 1.9 % % Microsoft Corp % 1.5 % 36.2 % Comcast Corp % 4.7 % 10.2 % Newfield Exploration % -2.5 % % Merck & Co Inc % 3.5 % -7.9 % Electronic Arts Inc % -6.0 % 30.8 % Twenty-First Century % 18.4 % 17.2 % DowDuPont Inc % 2.9 % 22.4 % Liberty Media Corp-Libe % -2.5 % 9.2 % F5 Networks Inc % 8.1 % -9.1 % Verizon Communications Inc % 19.6 % 2.4 % Liberty Media Corp-Libe % -2.5 % 15.3 % Hess Corp % -1.8 % % Travelers Cos Inc/The % -0.2 % 11.0 % Shire PLC % 5.8 % % Unum Group % 4.0 % 26.0 % Goldman Sachs Group Inc/The % 7.7 % 6.5 % DISH Network Corp % -3.0 % % Nielsen Holdings P % 2.7 % % General Electric Co % -0.8 % % Symantec Corp % 1.9 % 15.3 % PACCAR Inc % 3.8 % 8.5 % JPMorgan Chase & Co % 8.5 % 24.5 % Cerner Corp % 7.1 % 45.1 % XL Group Ltd % -7.4 % -0.9 % American Express Co % 4.3 % 32.0 % Liberty Global PLC % 8.0 % 5.5 % NVIDIA Corp % % 93.0 % International Business Machine % 3.4 % -8.7 % Norwegian Cruise Line % -3.5 % 20.7 % Charles Schwab Co % 12.9 % 29.1 % Kilde: Bloomberg / DNB Markets 12-måneders forward P/E 22x 20x 18x 16x 14x 12x 10x 8x 6x S&P 500 Euro Stoxx 50 OBX K i l de: B l oomber g / DNB M ar k ets 4

5 ETF / ETP Endring i % Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Verdi (gjennomsnitt) Aksjer / Indekser (siste 5 dager) Pacific ex-japan EPP % 2.6 % 1.8 % 17.1 % USD 14,733,169 Hong Kong EWH % 2.0 % -0.1 % 26.9 % USD 162,269,952 Emerging Markets EEM % 2.5 % 1.2 % 31.7 % USD 2,602,874,112 Bioteknologi IBB % 4.0 % 5.0 % 18.8 % USD 256,592,832 Russell 2000 Growth IWO % 1.6 % 3.8 % 19.4 % USD 233,385,120 Russell 2000 IWM % 1.0 % 3.8 % 12.3 % USD 4,030,332,928 Forbruksvarer XLP % -0.1 % 3.9 % 9.6 % USD 462,025,312 TecDax TDXPEX % 2.2 % 1.4 % 44.5 % EUR 2,094,318 Japan EWJ % 2.1 % 2.8 % 19.0 % USD 387,472,736 Industri XLI % 1.7 % 6.1 % 18.9 % USD 619,602,560 DJIA DIA % 1.9 % 5.1 % 24.3 % USD 699,701,376 Forsyningstjenester XLU % -0.3 % -2.6 % 15.5 % USD 843,510,208 S&P Euro 350 IEV % 1.2 % 1.8 % 22.1 % USD 32,592,326 Nasdaq 100 QQQ % 1.6 % 1.7 % 29.8 % USD 3,918,409,728 Teknologi USA XLK % 2.0 % 1.3 % 31.1 % USD 663,006,272 S&P Midcap 400 MDY % 0.7 % 3.3 % 13.2 % USD 433,739,424 S&P 500 SPY % 1.3 % 3.5 % 18.1 % USD 22,591,404,032 FTSE 100 ISF % 2.1 % 1.5 % 7.7 % GBp 5,551,769,000 Dow Jones Total market SPTM % 1.1 % 3.4 % 17.1 % USD 12,501,389 Energi XLE % 1.5 % 2.0 % -8.9 % USD 716,433,024 AEX-Nederland IAEX % 1.5 % 0.0 % 22.2 % GBp 14,433,570 DAX DAXEX % 0.6 % 0.4 % 15.8 % EUR 8,834,708 CAC-40 CAC % 0.3 % 1.4 % 13.1 % EUR 11,819,150 Latin-America 40 ILF % -0.4 % 1.0 % 19.8 % USD 39,416,440 Finansielle tjenester XLF % 0.4 % 6.7 % 18.7 % USD 1,818,933,376 Oil Service OIH % 2.1 % 2.3 % % USD 148,684,320 Brasil EWZ % -3.2 % 2.6 % 23.0 % USD 926,095,872 Olje / Energi Naturgass UNG % -7.3 % % % USD 99,344,048 WTI-Oil USO % 1.2 % 1.8 % 0.1 % USD 174,000,592 Råolje CRUD % 0.7 % 2.1 % -1.4 % USD 2,298,886 WTI-olje OILW % 0.7 % 1.9 % -2.6 % USD 16,373 Fyringsolje HEAT % 2.7 % 1.4 % 8.7 % USD #N/A N/A Brent-olje OILB % 1.2 % 1.4 % 7.3 % USD 355,172 Bensin UGAS % 0.0 % -3.7 % 1.5 % USD 23,928 Metaller Sølv SLV % 0.3 % -5.8 % -4.9 % USD 137,927,728 Kobber COPA % 2.5 % -1.3 % 13.6 % USD 1,024,047 Gull BULL % -1.4 % -2.8 % 5.0 % USD 71,822 Nikkel NICK % 3.2 % -6.1 % -5.2 % USD 428,455 Sink ZINC % 2.1 % -0.1 % 13.3 % USD 33,218 Aluminium ALUM % -0.7 % -4.3 % 11.6 % USD 482,053 Andre råvarer Svinekjøtt HOGS % -3.9 % -1.8 % 2.3 % USD 6,172 Kaffe COFF % -4.6 % -6.7 % % USD 121,085 Sukker SUGA % -5.1 % -8.2 % % USD 51,582 Hvete WEAT % -2.5 % -6.5 % % USD 25,307 Kveg CATL % -0.7 % -5.6 % 6.9 % USD 28,612 Mais CORN % -0.7 % -0.6 % % USD 13,131 Soyabønner SOYB % -2.0 % 0.6 % -9.7 % USD 76 Råvarer DBC % -0.3 % -2.1 % 1.3 % USD 27,038,500 Råvarekurver Buskap AIGL % -1.7 % -4.3 % 5.5 % USD 792 Softs (Sukker, Kakao, BomuAIGS % -3.5 % -4.1 % % USD na Industrimetaller AIGI % 1.7 % -2.6 % 10.1 % USD 80,651 Landbruk AIGA % -2.1 % -1.8 % % USD 140,593 Korn AIGG % -1.6 % -1.7 % % USD na Råvarer AIGC % -0.8 % -2.8 % -4.7 % USD 302,409 Råvarer (ETN) GSG % 0.5 % -1.0 % 0.4 % USD 2,831,318 Energi AIGE % -0.6 % -2.5 % -7.9 % USD 352,679 Kilde: Bloomberg / DNB Markets 5

6 ETN / ETF Endring i % Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Verdi (gjennomsnitt) Telenor DNB-ETN TELENOR X3 BEAR % 17.4 % % % NOK 88,324 Opera BULL OPERA DNM % 14.9 % 14.9 % % NOK 735 Seadrill DNB-ETN SEADRILL BULL % 1.9 % % % NOK 112 Aker Solutions DNB-ETN AKER SOLUTIONS B % 5.7 % 5.7 % % NOK 11,160 Storebrand DNB-ETN STOREBRAND BULL % 3.9 % -7.1 % 96.2 % NOK 60,175 Strømpris BEAR EL HA % 10.0 % 11.4 % % NOK na REC DNB-ETN REC BULL % 6.4 % -4.1 % % NOK 51,876 PGS DNB-ETN PGS BEAR % % % 40.2 % NOK 105,538 REC BULL REC HA % 8.1 % 25.7 % % NOK na Aker Solutions DNB-ETN AKER SOLUTIONS B % 10.8 % % % NOK 70,332 Kobberpris BULL KOBBER HA % 5.8 % -0.8 % 22.3 % NOK na DNB BEAR DNB NOR HA % -6.7 % 20.1 % % NOK na Statoil DNB-ETN STATOIL X3 BEAR % -9.8 % % % NOK 69,909 Gullpris BULL GULL HA % -2.0 % -3.8 % 6.9 % NOK 57,620 Aluminium BEAR ALU HA % 3.3 % 10.2 % % NOK na OBX XACT OBX BEAR (UCITS ETF) % -3.1 % 0.5 % na NOK 29,303,210 Aker BP DNB - ETN AKER BP BEAR % 0.0 % 0.0 % 0.0 % NOK 1,506 Statoil DNB-ETN STATOIL X3 BULL % 6.6 % 10.3 % 41.2 % NOK 8,362 Oljepris BULL OLJE HA % 7.3 % 7.7 % 15.4 % NOK 8,400 Marine Harvest Group DNB-ETN MARINE HARVEST B % 9.4 % 16.9 % -5.8 % NOK 17,861 Oljepris DNB - ETN BRENT BULL % 5.5 % 7.4 % 23.5 % NOK 198,912 Yara DNB-ETN YARA X3 BEAR % -2.4 % 7.9 % % NOK 100,922 Oljepris DNB - ETN BRENT % 3.9 % 6.1 % 12.9 % NOK 1,090,626 Oljeservice DNB - ETN OIL SERVICE BULL % 3.6 % 3.6 % % NOK 4,560 Oljeservice DNB - ETN OIL SERVICE % 2.1 % 0.6 % -5.7 % NOK 31,272 Storebrand DNB-ETN STOREBRAND BEAR % 8.1 % 12.7 % % NOK 954 OBX BULL OBX X3 HA % 0.6 % -4.1 % 56.4 % NOK 193 BW LPG BULL BWLPG DNM % 29.8 % 35.2 % % NOK 71,787 PGS DNB-ETN PGS BULL % 32.6 % 34.1 % % NOK 21,164 Norwegian DNB-ETN NORWEGIAN BEAR % -4.8 % 9.6 % 31.0 % NOK 12,982 Norsk Hydro BULL NHY X3 DNM % 6.5 % % 99.8 % NOK 6,888 Fred. Olsen Energy BEAR FOE DNM % % % % NOK 128 Orkla DNB-ETN ORKLA X3 BULL % 0.0 % 12.8 % 53.4 % NOK na OBX DNB-ETN OBX X3 BEAR % -1.4 % 12.3 % % NOK 13,700 OBX BEAR OBX X4 DNM % 0.0 % 9.4 % % NOK na Gullpris DNB-ETN GULL % -2.7 % -0.7 % 2.7 % NOK 2,303 OBX BULL OBX X4 DNM % -0.2 % % 64.4 % NOK 40,492 Schibsted BEAR SCH DNM % 0.0 % 10.3 % % NOK na Statoil DNB-ETN STATOIL BULL % 0.0 % 10.2 % 19.8 % NOK na CO2 CO2 ETN DNM % -2.4 % 0.8 % 53.0 % NOK 3,798 Subsea 7 DNB-ETN SUBSEA 7 BEAR % 0.0 % 11.6 % % NOK na TGS Nopec DNB-ETN TGS BEAR % 0.0 % 0.0 % % NOK na Kobberpris BULL KOBBER ETN DNM % 0.0 % 0.0 % 13.5 % NOK na Sølvpris SOLV ETN DNM % 0.0 % -2.3 % % NOK na Gjensidige DNB-ETN GJENSIDIGE X3 BUL % 0.0 % 1.9 % 46.9 % NOK na Sølvpris BULL SOLV ETN DNM % -7.9 % % % NOK 4,049 Marine Harvest Group DNB-ETN MARINE HARVEST B % 0.0 % % -4.4 % NOK na Gjensidige DNB-ETN GJENSIDIGE X3 BEA % 0.0 % 0.0 % % NOK na REC BEAR REC DNM % 0.0 % 0.0 % % NOK na Strømpris DNB - ETN ELKRAFT BEAR % 0.0 % -2.2 % % NOK na OBX SHORT OBX DNM % 0.0 % 0.2 % % NOK na Gullpris DNB-ETN GULL BULL % 0.0 % 2.9 % 13.1 % NOK na Oljeservice DNB - ETN OIL SERVICE BEAR % 0.0 % 6.4 % % NOK na Sjømat DNB - ETN SEAFOOD % 0.9 % -3.5 % -1.8 % NOK 34,122 Norsk Hydro BEAR NHY X3 DNM % 0.0 % 22.9 % % NOK na Norsk Hydro DNB-ETN NORSK HYDRO BUL % 2.4 % % 66.4 % NOK 4,742 Yara DNB-ETN YARA X3 BULL % 0.0 % -4.3 % 32.9 % NOK na OBX DNB-ETN OBX X3 BULL % -6.4 % -6.4 % 49.3 % NOK 43,846 Norwegian DNB-ETN NORWEGIAN BULL % -4.8 % % % NOK 24,392 Kilde: Bloomberg / DNB Markets FORTS. 6

7 ETN / ETF Endring i % Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Verdi (gjennomsnitt) Yara DNB-ETN YARA X3 BULL % 0.0 % -4.3 % 32.9 % NOK na OBX DNB-ETN OBX X3 BULL % -6.4 % -6.4 % 49.3 % NOK 43,846 Norwegian DNB-ETN NORWEGIAN BULL % -4.8 % % % NOK 24,392 Statoil DNB-ETN STATOIL BEAR % -4.7 % -6.9 % % NOK 19,820 Oljepris DNB - ETN BRENT BEAR % -6.4 % -7.5 % % NOK 2,352 Bank Norwegian DNB - ETN NOFI BULL % 0.0 % 0.0 % 0.0 % NOK 15,659 OBX DNB OBX % 1.6 % -0.5 % 18.3 % NOK 7,228,983 OBX XACT OBX (UCITS ETF) % 1.7 % -0.3 % na NOK 2,310,382 OBX XACT OBX BULL (UCITS ETF) % 3.0 % -1.0 % na NOK 23,979,600 Bank Norwegian DNB - ETN NOFI BEAR % 0.0 % 0.0 % 0.0 % NOK na Aluminium BULL ALU HA % -0.9 % -6.4 % 20.0 % NOK na Shipping DNB - ETN SHIPPING % 0.0 % 0.0 % 0.0 % NOK na Aker BP DNB - ETN AKER BP BULL % 0.0 % 0.0 % 0.0 % NOK na Gullpris BEAR GULL HA % 4.6 % 7.7 % % NOK na OBX BEAR OBX X3 HA % 3.3 % % % NOK na Kobberpris BEAR KOBBER HA % -3.3 % 3.2 % % NOK na REC BEAR REC HA % -8.0 % -6.5 % % NOK na DNO BULL DNO DNM % -0.8 % % 3.6 % NOK 75,713 Strømpris DNB-ETN ELKRAFT BULL % -6.1 % -6.1 % 1.3 % NOK 34,504 Strømpris BULL EL HA % -7.9 % -7.9 % 14.1 % NOK 27,380 Golden Ocean BULL GOGL DNM % 7.4 % 30.1 % % NOK 397,333 Subsea 7 DNB-ETN SUBSEA 7 BULL % -8.5 % -6.3 % 11.5 % NOK 30,709 Fred. Olsen Energy BULL FOE DNM % -2.8 % % % NOK 71,590 Kilde: Bloomberg / DNB Markets 7

8 Rapportkalender Dato Selskap Marked EBITDAe EPSe EBITDAe EPSe Utbytte 15-Dec Oceanteam ASA na na na na None Petrolia SE Oslo na na na na None 20-Dec Sevan Drilling Ltd Oslo na na na na None Kotipizza Group Oyj Helsinki na na None KappAhl AB Stockholm na na Annual SkiStar AB Stockholm na na Annual 21-Dec Nobina AB Stockholm na na Annual Rnb Retail and Brands AB Stockholm na na na na Annual 11-Jan Dustin Group AB Stockholm na 1.11 na na Annual 12-Jan Chr Hansen Holding A/S Copenhagen Annual 18-Jan Avanza Bank Holding AB Stockholm na 2.81 na na Annual 19-Jan Investment AB Oresund Stockholm na na na na Annual 23-Jan Voss Veksel OG Landmands B Oslo na 4.03 na na Annual Investor AB Stockholm na na na Annual Com Hem Holding AB Stockholm Annual Investor AB Stockholm na na na Annual 25-Jan Probi AB Stockholm na na Annual Pareto Bank ASA Oslo na 1.29 na na Irreg Lagercrantz Group AB Stockholm na na Annual Essity AB Stockholm 4, na na None Orexo AB Stockholm na na None Nordea Bank AB Stockholm na 0.20 na 0.22 Annual NCC AB Stockholm , Semi-Anl Byggmax Group AB Stockholm na na Annual Essity AB Stockholm 4, na na None NCC AB Stockholm , Semi-Anl Elanders AB Stockholm na na Annual 26-Jan Bergs Timber AB Stockholm na na Irreg Gjensidige Forsikring ASA Oslo na 1.95 na 2.73 Annual Beijer Electronics Group AB Stockholm na na na na Annual Ahlsell AB Stockholm Irreg Scatec Solar ASA Oslo na na Annual Telia Co AB Helsinki 6, , Semi-Anl Atlas Copco AB Stockholm 7, , Semi-Anl Cloetta AB Stockholm na na Annual 29-Jan BillerudKorsnas AB Stockholm 1, Annual Getinge AB Stockholm 1, , Annual 30-Jan Autoliv Inc Stockholm Quarter Alfa Laval AB Stockholm 1, , Annual Svenska Cellulosa AB SCA Stockholm 1, , Annual Loomis AB Stockholm Annual Svenska Cellulosa AB SCA Stockholm 1, , Annual HIQ International AB Stockholm na na Annual Holmen AB Stockholm na na Annual Concordia Maritime AB Stockholm na na Annual 31-Jan Qliro Group AB Stockholm na na None Telefonaktiebolaget LM Ericsso Stockholm 4, na na Annual Telenor ASA Oslo 11, ,972 na Semi-Anl Kilde: Bloomberg / DNB Markets Konsensus DNB Wartsila OYJ Abp Helsinki Semi-Anl UPM-Kymmene OYJ Helsinki na na Annual Beijer Ref AB Stockholm na na Annual Skandinaviska Enskilda Banken Stockholm na 2.03 na 1.86 Annual Data Respons ASA Oslo na na Annual Skandinaviska Enskilda Banken Stockholm na 2.03 na 1.86 Annual 8

9 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 10,640 14, x 21.7x 13.3x 8.8x AcadeMedia AB ACAD Kjøp SEK x 10.7x 8.6x 7.8x Actic Group AB ATIC Kjøp SEK x 7.1x 6.7x 5.1x AF Gruppen AFG Selg NOK x 17.0x 10.0x 8.1x Ahlsell AB Kjøp SEK x 12.2x 11.3x 9.9x Akastor AKA Kjøp NOK x -24.4x 22.0x 7.2x Aker AKER Hold NOK Aker BP ASA AKERBP Kjøp NOK x 19.2x 6.1x 4.2x Aker Solutions AKSO Hold NOK x 92.0x 9.5x 11.7x Alfa Laval ALFA Hold SEK x 24.2x 14.5x 13.0x Alimak ALIG Kjøp SEK x 16.3x 13.7x 10.8x ALK-Abello ALKb Kjøp DKK x -41.4x 31.8x x Alligator Bioscience ATORX Kjøp SEK x 19.1x Archer ARCHER Hold NOK x -15.3x 10.9x 7.4x Assa Abloy ASSAB Selg SEK x 20.5x 15.2x 14.1x Atea ATEA Hold NOK x 18.7x 10.9x 9.4x Atlas Copco ATCOA Hold SEK x 21.8x 14.5x 13.5x Atwood Oceanics ATW USD x -2.9x 5.7x -62.0x Austevoll Seafood AUSS Kjøp NOK x 11.0x 7.1x 7.4x Autoliv ALIV Kjøp SEK x 17.0x 9.4x 7.7x Avance Gas AVANCE Kjøp NOK x -15.8x 99.9x 11.5x Avanza Bank AZA Kjøp SEK x 24.6x Awilco Drilling AWDR Hold NOK x 8.9x 0.7x 1.5x Axactor AXA Kjøp NOK B2Holding B2H Kjøp NOK Bakkafrost BAKKA Hold NOK x 13.4x 8.4x 8.3x Balder BALDB Hold SEK x 25.2x 25.1x 24.0x BerGenBio BGBIO Kjøp NOK x -3.4x -3.5x -3.2x Bergman & Beving BERGB Kjøp SEK x 13.9x 20.2x 11.9x Betsson BETSB Kjøp SEK x 8.8x 8.1x 7.0x BioArctic BIOAB Kjøp SEK x 470.4x 129.8x 168.5x Borr Drilling BDRILL Kjøp NOK x -3.6x 3.0x -18.9x Borregaard BRG Hold NOK x 12.8x 7.3x 6.7x BW LPG BWLPG Kjøp NOK x 34.1x 13.7x 9.1x BW Offshore BWO Hold NOK x 11.6x 7.7x 4.7x Cargotec CGC Hold EUR x 9.2x Carlsberg CARLB Selg DKK x 21.8x 9.7x 9.3x Castellum CAST Selg SEK x 17.7x 22.4x 21.0x CGG CGG Selg EUR x -0.6x 6.1x 6.0x Chr. Hansen CHR Selg DKK x 41.9x 27.6x 26.7x Citycon CTY1S Kjøp EUR x 15.0x 18.9x 18.2x Coloplast COLOB Kjøp DKK x 25.6x 19.3x 17.7x Coor Service Managemen COOR Kjøp SEK x 13.9x 12.4x 11.5x D/S Norden DNORD Kjøp DKK x x 14.6x 17.2x Danske Bank DANSKE Kjøp DKK x 10.7x DHT Holdings DHT Hold USD x x 7.4x 8.9x Diamond Offshore DO Selg USD x 33.9x 6.7x 6.9x DNB DNB NOK x 11.3x DNO DNO Kjøp NOK x 3.6x 1.6x 1.4x DOF DOF NOK x -2.3x 12.7x 15.6x Dorian LPG (Restricted) LPG Hold USD x -9.3x 15.0x 20.8x Eidesvik Offshore EIOF NOK x -1.2x 7.9x 53.5x Electrolux ELUX Kjøp SEK x 12.7x 6.7x 5.9x Elekta EKTAB Kjøp SEK x 16.5x 10.9x 8.6x Ensco ESV Hold USD x -4.6x 10.8x 16.3x Entra ENTRA Hold NOK x 23.1x 21.9x 21.4x Epic Gas EPIC Kjøp NOK x 4.8x 11.2x 4.8x Essity ESSITYB Hold SEK x 19.8x 11.8x 11.1x Euronav EURN Hold USD x -17.3x 9.4x 11.6x Europris EPR Kjøp NOK x 11.7x 9.6x 7.8x Evolution Gaming EVO Kjøp SEK x 27.7x 25.2x 19.8x EVRY EVRY Kjøp NOK x 9.7x Fabege FABG Hold SEK x 27.4x 34.2x 29.5x Faroe Petroleum FPM Kjøp GBP x 12.0x Kilde: DNB Markets, FactSet, Bloomberg 9

10 DNB anbefalinger og estimater DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA Farstad Shipping FAR NOK x 0.0x 17.6x 26.5x Flex LNG FLNG Kjøp NOK x 58.2x -45.2x 18.8x Fortum FORTUM Kjøp EUR x 17.5x Fred Olsen Energy FOE Selg NOK x -0.9x 5.5x 12.8x Frontline FRO Hold NOK x 34.4x 12.4x 11.1x GasLog GLOG Hold USD x 24.0x 11.0x 10.1x Genco Shipping & TradingGNK Kjøp USD x 16.4x 12.6x 5.3x Gener8 Maritime GNRT Hold USD x -14.2x 8.5x 9.7x Getinge GETIB Hold SEK x 11.8x 10.1x 7.6x Gjensidige Forsikring GJF Hold NOK x 16.9x GN Group GN Selg DKK x 20.6x 16.1x 14.2x Golar LNG GLNG Kjøp USD x -12.8x x 25.1x Golar LNG Partners GMLP Hold USD x 22.2x 7.7x 10.9x Golden Ocean GOGL Kjøp NOK x 16.1x 15.3x 9.8x Grieg Seafood GSF Kjøp NOK x 9.4x 7.8x 5.8x Handicare HANDI Kjøp SEK x 11.7x 12.2x 10.2x Helgeland Sparebank HELG Kjøp NOK x 9.4x Hemfosa HEMF Kjøp SEK x 12.9x 17.7x 16.4x Hennes & Mauritz HMB Kjøp SEK x 16.5x 10.1x 8.4x Hexagon AB HEXAB Hold SEK x 20.0x 15.2x 13.0x Hexagon Composites HEX Kjøp NOK x 22.3x 24.2x 21.0x Hexpol HPOLB Hold SEK x 19.3x 12.8x 12.2x Hufvudstaden HUFV Selg SEK x 29.7x 26.6x 25.5x Humana HUM Kjøp SEK x 10.5x 11.4x 8.9x Husqvarna HUSQb Kjøp SEK x 15.8x 10.5x 9.4x Höegh LNG Holdings HLNG Kjøp NOK x 14.2x 10.5x 10.8x Höegh LNG Partners HMLP Kjøp USD x 9.6x 9.2x 8.2x Industrivärden INDUc Hold SEK Investor INVEb Kjøp SEK Jm Ab JM Selg SEK x 8.6x 5.0x 4.8x Kindred Group KINDSDB Kjøp SEK x 17.4x 15.3x 14.0x Kinnevik KINVb Kjøp SEK Klövern KLOVb Kjøp SEK x 13.1x 20.4x 20.5x KNOT Offshore Partners KNOP Hold USD x 10.9x 8.3x 8.1x Kone KNEBV Hold EUR x 22.4x 16.2x 15.5x Konecranes KCR Kjøp EUR x 16.2x Kongsberg Gruppen KOG Kjøp NOK x 16.7x Kungsleden KLED Kjøp SEK x 14.7x 19.7x 19.3x Kværner KVAER Hold NOK x 38.0x 4.0x 8.0x Latour LATOb Hold SEK Lerøy LSG Kjøp NOK x 10.2x 6.9x 6.4x Loomis LOOMb Kjøp SEK x 17.2x 8.7x 8.4x Lundbeck LUN Hold DKK x 19.1x 10.0x 8.8x Lundbergs LUNDb Selg SEK Lundin Petroleum LUPE Kjøp SEK x 37.9x 8.4x 8.5x Marine Harvest MHG Hold NOK x 10.9x 7.5x 6.5x Medistim MEDI Kjøp NOK x 20.4x 15.6x 12.2x Millicom MICsdb Kjøp SEK x 37.1x 6.0x 5.6x Momentum Group MMGRB Kjøp SEK x 10.9x MSAB MELK Hold SEK MTG MTGb Kjøp SEK x 21.7x 15.9x 12.9x Ncc NCC Hold SEK x 11.8x 6.8x 6.0x NetEnt NETb Kjøp SEK x 21.2x 18.5x 14.8x Nets NETS Kjøp DKK x 17.8x 14.0x 12.3x Nibe Industrier NIBEB Hold SEK x 20.4x 17.3x 15.5x Nobia NOBI Kjøp SEK x 10.5x 7.3x 6.4x Noble NE Selg USD x -2.9x 9.4x 9.5x Nokian Tyres NRE1V Kjøp EUR x 15.0x 10.2x 9.2x Nordea NDA Kjøp SEK x 11.5x Nordic Nanovector NANO Kjøp NOK x -14.3x -12.2x -12.9x Nordic Semiconductor NOD Kjøp NOK x 29.4x 28.6x 16.3x Norsk Hydro NHY Selg NOK x 13.4x 7.0x 5.9x North Energy NORTH Hold NOK x Northern Drilling NODL Kjøp NOK x x 82.2x 40.2x Norway Royal Salmon NRS Hold NOK x 10.5x 7.6x 7.1x Norwegian Air Shuttle NAS Selg NOK x 64.7x 56.2x 15.4x Norwegian Finans HoldingNOFI Kjøp NOK x 8.8x Norwegian Property NPRO Kjøp NOK x 21.6x 20.3x 19.3x Novo Nordisk NVO Kjøp DKK x 20.8x 15.6x 14.8x Kilde: DNB Markets, FactSet, Bloomberg 10

11 DNB anbefalinger og estimater DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA Novozymes NZYMB Selg DKK x 30.4x 20.1x 18.8x NRC Group NRC Kjøp NOK x 12.6x 10.6x 8.2x Ocean Rig ORIG Kjøp USD x -56.7x 2.9x 11.9x Ocean Yield OCY Hold NOK x 9.4x 7.8x 7.1x Odfjell ODF Kjøp NOK x 7.1x 7.2x 6.3x Odfjell Drilling ODL Kjøp NOK x 32.3x 8.5x 9.0x Olav Thon OLT Kjøp NOK x 13.7x 15.6x 15.3x Oncopeptides ONCO Kjøp SEK x -12.2x -12.5x -11.6x Opera OPERA Kjøp NOK x 8.6x 6.2x 4.2x Oriflame ORI Hold SEK x 19.1x 12.0x 9.6x Orkla ORK Hold NOK x 22.1x 15.1x 14.3x Outokumpu OUT1V Hold EUR x 11.2x 6.6x 5.9x Pacific Drilling PACD Selg USD x 0.0x 66.6x 42.5x Pandox PNDXB Hold SEK x 17.9x 19.9x 17.9x Pareto Bank PARB Kjøp NOK x 8.0x Peab PEAB Selg SEK x 11.7x 7.1x 6.5x Petroleum Geo-Services PGS Selg NOK x -4.0x 5.1x 4.4x Polarcus PLCS NOK x -0.2x 16.2x 4.0x Prosafe PRS Selg NOK x -1.5x 10.1x 11.1x Q-Free QFR Hold NOK x 12.2x 6.8x 6.4x Recipharm RECIB Hold SEK x 27.0x 12.3x 8.4x Rezidor REZT Hold SEK x 5.7x 4.5x 3.2x Rowan RDC Hold USD x -4.8x 6.2x 21.0x Safe Bulkers SB Kjøp USD x 30.4x 13.2x 9.2x Saipem SPM Selg EUR x 51.1x 5.0x 6.4x SalMar SALM Hold NOK x 12.7x 8.0x 8.2x Sampo Oyj SAMPO Hold EUR x 15.9x Sandvik SAND Hold SEK x 17.4x 10.9x 10.3x Sbanken SBANK Kjøp NOK x 11.2x Scandi Standard SCST Kjøp SEK x 12.7x 11.9x 8.1x Scandic Hotels SHOT Kjøp SEK x 13.2x 9.2x 7.5x Schibsted SCHA Hold NOK x 36.7x 21.2x 16.9x Scorpio Tankers STNG Hold USD x -88.3x 14.0x 8.9x Seadrill SDRL NOK x -0.2x 8.6x 17.4x SEB SEB Selg SEK x 12.9x Securitas SECUB Kjøp SEK x 16.5x 11.0x 9.9x Selvaag Bolig SBO Hold NOK x 7.3x 7.0x 6.6x Sevan Marine SEVAN Hold NOK x -38.7x -15.5x -28.0x Shelf Drilling SHLF Kjøp NOK x 15.2x 6.9x 5.4x Siem Offshore SIOFF NOK x -7.1x 11.1x 11.8x Skanska SKA Hold SEK x 16.1x 13.6x 10.4x SKF SKFB Kjøp SEK x 14.0x 9.3x 8.4x Solon Eiendom SOLON Hold NOK x 7.3x 11.8x 7.5x Solstad Farstad SOFF NOK x -1.0x 14.4x 17.3x Songa Offshore SONG Hold NOK x 6.5x 6.9x 6.0x Sparebank 1 Østlandet SPOL Kjøp NOK x 10.7x Sparebank1 Nord-Norge NONG Kjøp NOK x 10.0x Sparebank1 SMN MING Kjøp NOK x 9.6x Sparebank1 SR-Bank SRBANK Kjøp NOK x 10.3x Sparebanken Møre MORG Hold NOK x 10.1x Sparebanken Sør SOR Hold NOK x 9.9x Sparebanken Øst SPOG Hold NOK x 11.0x Spectrum SPU Selg NOK x 12.7x 2.1x 1.7x Sponda SDA1V EUR x 16.9x 22.7x 21.1x SSAB SSABA Kjøp SEK x 14.6x Statoil STL Kjøp NOK x 13.6x Stolt-Nielsen SNI Kjøp NOK x 5.5x 6.7x 5.5x Storebrand STB Kjøp NOK x 11.6x Subsea 7 SUBC Selg NOK x 24.9x 3.1x 4.5x Svenska Handelsbanken SHB Selg SEK x 13.9x Swedbank SWEDA Selg SEK x 12.2x Swedish Match SWMA Hold SEK x 19.1x 14.1x 13.3x Tanker Investments TIL Hold NOK x 12.7x 11.5x 6.4x Targovax TRVX Kjøp NOK x 5.1x Kilde: DNB Markets, FactSet, Bloomberg 11

12 DNB anbefalinger og estimater DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA TechnipFMC FTI Hold USD x 32.9x 5.6x 8.3x Teekay Tankers TNK Hold USD x -9.6x -15.4x 12.2x 7.0x Tele2 TEL2b Hold SEK x 24.8x 20.4x 8.8x 7.8x Telenor TEL Kjøp NOK x 16.1x 16.3x 7.5x 7.1x Telia Company TELIA Hold SEK x 11.8x 13.2x 8.8x 8.0x TGS Nopec TGS Selg NOK x 43.2x 5.3x 5.1x The Scottish Salmon ComSSC Kjøp NOK x 835.3x 4.9x 5.4x Tomra TOM Selg NOK x 26.2x 16.1x 13.2x Topdanmark TOP Hold DKK x 19.2x Transocean RIG Selg USD x -46.5x 8.1x 7.9x Trelleborg TRELB Hold SEK x 16.8x 16.0x 11.9x 10.6x Tryg TRYG Hold DKK x 16.5x 20.6x Valmet VALMT Hold EUR x 19.7x 16.4x 9.0x 7.5x Veidekke VEI Hold NOK x 11.4x 9.4x 7.1x 6.0x Vestas Wind Systems VWS Hold DKK x 12.3x 12.0x 5.1x 4.6x Vitrolife VITR Hold SEK x 42.7x 32.1x 27.2x Volvo VOLVB Selg SEK x 14.5x 7.4x 6.4x Wallenius Wilhelmsen Lo WWL Kjøp NOK x 9.4x 10.5x 7.2x Wallenstam WALLb Selg SEK x 32.5x 39.9x 33.9x Weifa WEIFA NOK x 21.2x 16.3x 14.1x Wihlborgs WIHL Hold SEK x 16.6x 14.9x 21.9x 20.3x Wilh. Wilhelmsen Holding WWI Kjøp NOK x 8.4x 15.8x 16.1x William Demant Holding WDH Selg DKK x 23.7x 21.4x 13.9x 12.7x Wilson Therapeutics WTX Kjøp SEK x -14.3x Wärtsilä WRT1V Hold EUR x 26.6x 20.1x 16.4x 12.9x XXL XXL Kjøp NOK x 15.4x 15.5x 11.1x Yara YAR Kjøp NOK x 23.4x 13.8x 10.4x 7.2x YIT YIT Selg EUR x 13.2x 18.7x 9.8x Kilde: DNB Markets, FactSet, Bloomberg 12

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