SKATTEPAUSE, OLJELAGER, SVENSKE RENTER CRAYON

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1 EQUITY RESEARCH Research report prepared by DNB Markets, a division of DNB Bank ASA Aksjemarkedet i dag SKATTEPAUSE, OLJELAGER, SVENSKE RENTER CRAYON Etter oppgangen både i slutten av forrige uke og ved starten av denne uken tok det amerikanske aksjemarkedet i går en pause i påvente av en endelig avklaring vedrørende de foreslåtte endringene av skattereglene. Dow sluttet ned 0.2%, Nasdaq endte ned 0.3% og S&P500 stengte ned 0.4%. Volumet på de tre hovedindeksene lå ved stengetid på % av snittet for de siste tre måneder. I Asia ser utvikling mer blandet ut i morgentimene i dag og Nikkei ligger kort før stengetid opp 0.1%. De viktigste kinesiske indeksene peker samtidig ned inntil 0.5%. Markedet i Japan får støtte av en styrket USD etter et løft i de amerikanske rentene i går, mens markedene i Kina delvis trekkes ned av en handelskonflikt med Sør-Korea og delvis i påvente av myndighetenes oppdaterte vekstmål for I Norden vil interessen på makrosiden i dag være rettet mot oppdateringene av nøkkeltall og rentemøtet i Sverige. Riksbanken annonserer sine nye konklusjoner om blant annet renteutsiktene allerede kl og følger opp med en etterfølgende pressekonferanse kl Styringsrenten ligger i øyeblikket på -0.5% og det er i utgangspunktet ikke ventet noen endringer ved dette møtet. Før vi kommer så langt får vi imidlertid også kl en måling av svensk forbrukertillit. Innen markedene åpner igjen i morgen tidlig vil vi også ha fått konklusjonene fra årets siste rentemøte i Japan. Etter børs i USA i går ble FedEx og Micron Technology handlet opp med 2% og 5% etter sine respektive kvartalsrapporter. Det amerikanske senatet skal i går ha stemt for den foreslåtte skattereformen, men det som skal være et marginalt justert forslag må nå likevel tilbake til representantenes hus for en ny endelig bekreftelse. Det er ventet at dette vil skje i dag. Etter at WTI-prisen i USA i går steg med USD 0.27 pr fat til USD pr fat kom det foreløpige amerikanske lagertall som indikerte et trekk i de innenlandske råoljebeholdningene på 5.2 mill fat. Prisen har dermed fortsatt videre opp og WTI ligger i morgentimene i dag på USD pr fat. Brent-prisen ligger før åpning i Europa på USD pr fat, opp fra USD pr fat ved stengetid i det norske markedet i går. I forbindelse med de mer fullstendige amerikanske lagertallene som legges frem i ettermiddag er det i utgangspunktet ventet en reduksjon i råoljebeholdningene på 3.5 mill fat. Vi tar i dag opp dekning på Crayon. Selskapet leverer tjenester med sikte på å optimalisere softwareløsninger og -kostnadene for sine kunder. Kundene har i snitt programvareieverandører og ifølge selskapet er årlig innsparingspotensial ved en mer effektiv håndtering av disse løsningene typisk på 15-20%. I overkant av 60% av Crayons omsetning er i de nordiske markedene og selskapet er i tillegg etablert med sikte på vekst i blant annet Tyskland, Frankrike og UK. Videre har selskapet startet opp tilsvarende virksomhet i øvrige europeiske og asiatiske markeder. Topplinjen lå i 2016 på NOK 6 mrd og selskapet oppnådde en EBITDA på NOK 91.7 mill. Kursen stengte i går på NOK pr aksje og etter vårt syn reflekterer dagens kursnivå kun delvis aktivitetene i de nordiske markedene. Vi innleder med en kjøpsanbefaling og et kursmål på NOK 22 pr aksje. 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 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% - Kappahl - Outotec, oppdatering Nøkkeltall Norden - - Rapporter / nøkkeltall Europa / USA - DE: PPI - SE: Forbrukertillit - SE: Økonomiske utsikter - SE: RB Rentemøte - BE: Bedriftstillit - US: Boliglånssøknader - US: Salg bruktboliger - US: Oljelagertall - General Mills - Bed Bath & Beyond 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 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 ,038, GN Store Nord AP Møller Maersk ,342 10, , Finland Nokia ,292, Metso , TeliaSonera , UPM Kymmene , Norge Frontline , Norsk Hydro , Yara , Golden Ocean , PGS , Statoil ,055, Subsea , DNB , Telenor , Tomra Questerre , Orkla , Sverige AstraZeneca ,858, Electrolux , Ericsson (B) ,088, 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 2,442 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 2,099 2, ,215 1,677 Nikkel 11,755 11, , ,030 8,680 Kopper 6,942 6, ,407 1,446 7,177 5,420 Gull 1,264 1, ,358 1,126 Shipping WS AG - Japan, 250 dwt WS AG - USG, 250 dwt Baltic dry index 1,547 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 Farmasi 1.2% 6.2% -2.4% -21.8% -21.2% 48.9 Hotell-, underholdnings- og restaurantvi 0.9% 2.9% 5.6% 5.1% 4.1% 19.8 Bank 1.0% 1.8% 2.8% 35.6% 37.6% 14.0 Detaljhandel 0.2% -1.5% -11.2% -16.3% -16.6% 18.6 Internett programvare og -tjeneste 0.7% -9.4% -2.5% -18.6% -14.9% 29.2 Transport 0.1% 3.2% 6.5% 28.7% 29.4% 18.7 Eiendom 0.5% 6.8% 11.7% 34.3% 37.1% 21.4 Eiendomsselskaper 0.1% 4.3% 8.2% 9.3% 7.4% 20.6 Bygg og anlegg 0.4% 3.0% 4.2% 15.1% 15.1% 24.3 Banker 0.0% 2.9% 0.2% 7.9% 9.6% 12.3 Matvarer 0.3% 5.4% 5.4% 19.8% 22.1% 21.7 Telekommunikasjon og tjenester -0.1% 1.7% -0.4% -1.4% -1.1% 16.3 Industrielle konglomerater 0.1% 4.4% -0.9% 9.5% 10.2% 22.6 Biler og komponenter -0.2% 2.3% 6.8% 12.1% 13.3% 8.7 Forsikring 0.1% 1.1% 4.4% 13.2% 14.4% 17.3 Mat- og apotekhandel -0.2% 5.7% 5.4% -8.8% -9.1% 16.1 Hotell og restaurant 0.1% 3.9% 8.8% 27.7% 30.8% 24.8 Kapitalvarer -0.2% 1.1% 2.1% 12.8% 12.5% 19.1 Kraft 0.0% 0.0% 0.0% 0.0% 0.0% 0.0 Forbruksvarer og klær -0.4% 1.1% 4.5% 27.0% 25.8% 20.8 Helseartikler 0.0% 1.7% 5.2% 22.0% 23.8% 21.8 Drikkevarer, mat og tobakk -0.4% 0.2% 4.0% 6.7% 6.5% 21.3 Drikkevarer -0.1% 3.3% 4.7% -5.6% -4.8% 32.9 Media -0.4% 3.4% -2.3% -12.7% -12.5% 16.6 Maskiner -0.1% 12.1% 9.8% 12.2% 13.8% 18.4 Materialer -0.5% 1.3% 5.7% 15.1% 14.4% 15.4 Elektronisk utstyr og instrumente -0.1% 0.7% 5.7% 31.4% 31.6% 22.8 Legemiddelindustri og bioteknologi -0.5% -0.1% -2.1% 1.3% 0.9% 16.0 Luftfart -0.1% 2.7% 6.1% 11.9% 15.8% 16.1 Kommersielle tjenester og leveranser -0.5% -0.8% 3.2% 9.8% 8.9% 18.5 Metall -0.2% 13.2% 15.0% 6.5% 10.3% 12.5 Helsevern - utstyr og tjenester -0.6% 1.5% -1.6% 2.8% 1.5% 22.8 Fritidsutstyr -0.2% 3.8% -6.6% 17.6% 18.8% 15.1 Finansieringsselskaper -0.7% 3.1% 7.2% 9.4% 12.5% 17.1 Datamaskiner og tilbehør -0.2% 3.2% 0.0% 10.9% 11.1% 16.5 Forsikring -0.8% 1.3% 5.1% 7.6% 7.7% 13.2 Kjemikalier -0.3% 2.7% 6.1% -1.7% -2.0% 18.9 IT utstyr -0.9% -1.7% -6.3% -2.5% -1.7% 23.2 Bildeler -0.3% 6.7% 3.4% 5.1% 6.6% 18.5 Programvare og tjenester -1.0% 0.1% 4.8% 22.0% 21.7% 23.0 Energi og relatert utstyr -0.3% 0.2% 11.0% 32.3% 34.5% 20.8 Energi -1.0% 2.1% 7.5% -0.7% -1.2% 17.5 Media -0.5% 1.3% -6.1% -11.5% -10.1% 20.8 Husholdningsvarer og personlige produ -1.0% 0.8% -1.0% 11.9% 11.6% 22.0 Olje og gass -0.5% 4.6% 15.4% 22.1% 23.5% 15.6 Forsyningsselskaper -1.0% -0.7% -3.3% 7.1% 6.5% 14.5 Elektrisk utstyr -0.5% 8.3% 11.6% 18.2% 20.1% 15.6 Diversifiserte telekomtjenester -0.6% 1.1% 9.7% 36.7% 39.9% 25.7 Bioteknologi -0.6% 3.2% 9.9% 39.5% 43.7% 25.6 Programvare -0.8% 8.3% 13.8% 3.6% 6.7% 22.1 Papir- og skogprodukter -0.9% 2.4% 11.6% 45.2% 46.9% 14.4 Kommunikasjonsutstyr -1.0% 12.2% 2.3% -6.7% -6.9% 13.3 Husholdningsartikler -1.8% -4.0% -1.6% 9.1% 9.3% 17.5 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 Intel Corp % 5.4 % 26.4 % Shire PLC % 11.5 % -6.7 % Darden Restaurants % 17.5 % 27.7 % Wal-Mart Stores Inc % 1.4 % 37.6 % Liberty Interactive Corp % 4.3 % 29.3 % Newfield Exploration % -0.6 % % Caterpillar Inc % 10.2 % 60.0 % JD.com Inc % 9.6 % 68.4 % Darden Restaurants % 17.5 % 27.7 % Walt Disney Co/The % 8.8 % 6.0 % CSX Corp % 10.3 % 49.8 % Noble Energy Inc % 5.7 % % Home Depot Inc/The % 9.1 % 35.6 % Ulta Beauty Inc % 8.8 % % Centene Corp % 7.6 % 78.0 % Coca-Cola Co/The % 1.5 % 10.7 % Discovery Communicat % 28.0 % % Helmerich & Payne % 7.3 % % Boeing Co/The % 12.3 % 90.1 % Henry Schein Inc % 5.9 % -6.0 % Baker Hughes a GE % 4.6 % % Travelers Cos Inc/The % 4.4 % 10.7 % Tractor Supply Co % 7.3 % -9.7 % CSX Corp % 10.3 % 49.8 % Chevron Corp % 4.5 % 1.6 % Akamai Technologies In % 20.7 % -2.7 % Carnival Corp % 3.0 % 29.8 % United Technologies Corp % 8.9 % 14.6 % Discovery Communicat % 26.8 % % Ulta Beauty Inc % 8.8 % % DowDuPont Inc % 0.8 % 21.5 % Intel Corp % 5.4 % 26.4 % Discovery Commun % 28.0 % % Merck & Co Inc % 3.9 % -7.1 % Incyte Corp % -4.0 % -7.0 % Patterson Cos Inc % 7.5 % -7.1 % 3M Co % 3.0 % 33.4 % Ross Stores Inc % 8.0 % 14.8 % Hartford Financial S % 1.6 % 18.2 % Johnson & Johnson % 2.8 % 22.6 % MercadoLibre Inc % 23.9 % % Henry Schein Inc % 5.9 % -6.0 % International Business Machine % 1.8 % -8.6 % Procter & Gamble Co/The % 3.9 % 8.4 % Bunn siste 1 dag 1 mnd 1 år Bunn siste 1 dag 1 mnd 1 år UnitedHealth Group Inc % 5.6 % 37.4 % DISH Network Corp % -3.1 % % PPL Corp % -9.7 % -6.0 % JPMorgan Chase & Co % 7.6 % 23.1 % Tesla Inc % 7.2 % 58.6 % Welltower Inc % -5.1 % -3.0 % McDonald's Corp % 3.9 % 40.6 % Baidu Inc % -1.2 % 42.6 % Ventas Inc % -3.8 % -0.2 % Cisco Systems Inc % 4.9 % 25.3 % Liberty Ventures % -2.9 % 49.1 % Prologis Inc % -4.6 % 20.8 % Pfizer Inc % 4.5 % 12.5 % Costco Wholesale Corp % 9.3 % 19.6 % Mid-America Apartm % -3.2 % 2.1 % American Express Co % 5.5 % 32.1 % Sirius XM Holdings Inc % -2.0 % 17.4 % HCP Inc % -2.6 % % Exxon Mobil Corp % 2.3 % -8.8 % Autodesk Inc % % 38.7 % UDR Inc % -3.2 % 6.4 % Microsoft Corp % 4.0 % 35.1 % Charter Communication % -6.3 % 9.2 % Signet Jewelers Ltd % % % Verizon Communications Inc % 14.4 % -0.5 % BioMarin Pharmaceutic % 9.5 % 6.9 % Allegion PLC % -3.8 % 22.6 % NIKE Inc % 8.4 % 24.0 % Seagate Technology PL % 5.8 % 8.8 % Advance Auto Parts % 9.1 % % General Electric Co % -2.2 % % Netflix Inc % -3.6 % 49.5 % Kimco Realty Corp % -3.6 % % Apple Inc % 2.7 % 49.2 % Activision Blizzard Inc % 1.5 % 76.2 % Essex Property Trus % -3.0 % 5.8 % Visa Inc % 2.0 % 43.1 % Lam Research Corp % % 74.2 % DISH Network Corp % -3.1 % % Goldman Sachs Group Inc/The % 7.7 % 5.5 % Paychex Inc % 6.3 % 11.8 % AES Corp/VA % 0.5 % % 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) Oil Service OIH % -3.3 % 1.6 % % USD 138,098,752 AEX-Nederland IAEX % 0.3 % 1.7 % 20.1 % GBp 34,559,830 TecDax TDXPEX % 1.9 % 0.8 % 43.1 % EUR 2,564,865 Energi XLE % -0.3 % 3.1 % -8.7 % USD 659,581,120 Forbruksvarer XLP % 0.6 % 4.1 % 9.4 % USD 529,156,096 FTSE 100 ISF % -0.1 % 1.5 % 6.8 % GBp 4,568,002,000 Industri XLI % 0.6 % 6.0 % 18.6 % USD 583,731,968 S&P Euro 350 IEV % 0.7 % 2.2 % 22.4 % USD 16,365,759 DJIA DIA % 0.8 % 5.7 % 24.1 % USD 1,005,774,784 Bioteknologi IBB % 0.3 % 3.2 % 17.5 % USD 255,421,744 Dow Jones Total market SPTM % 0.2 % 3.5 % 17.5 % USD 15,681,266 S&P 500 SPY % 0.1 % 3.4 % 18.0 % USD 27,435,620,352 S&P Midcap 400 MDY % 0.4 % 2.5 % 12.4 % USD 356,458,688 Finansielle tjenester XLF % -1.0 % 6.3 % 18.1 % USD 2,263,989,248 DAX DAXEX % 0.5 % 1.4 % 14.8 % EUR 4,747,822 Russell 2000 Growth IWO % 2.0 % 2.5 % 18.6 % USD 136,666,800 CAC-40 CAC % -0.8 % 0.8 % 11.0 % EUR 7,894,352 Nasdaq 100 QQQ % 1.3 % 2.5 % 30.8 % USD 4,939,055,616 Teknologi USA XLK % 0.9 % 1.8 % 31.8 % USD 843,343,488 Latin-America 40 ILF % 0.6 % -0.6 % 24.0 % USD 36,056,472 Russell 2000 IWM % 1.5 % 2.4 % 11.0 % USD 4,654,272,512 Brasil EWZ % -3.3 % -3.5 % 23.0 % USD 953,078,080 Japan EWJ % -0.5 % 1.1 % 17.8 % USD 560,946,112 Forsyningstjenester XLU % -3.3 % -4.0 % 9.8 % USD 860,394,688 Emerging Markets EEM % -0.2 % -2.8 % 30.6 % USD 2,841,958,144 Pacific ex-japan EPP % -1.6 % -1.0 % 15.1 % USD 18,161,494 Hong Kong EWH % -2.1 % -3.1 % 25.3 % USD 109,295,224 Olje / Energi WTI-Oil USO % 0.6 % 2.0 % -0.9 % USD 129,819,824 Bensin UGAS % -2.1 % -2.8 % -0.5 % USD 23,207 Fyringsolje HEAT % -0.8 % 0.5 % 8.8 % USD #N/A N/A Brent-olje OILB % -0.5 % 2.5 % 7.7 % USD 445,369 WTI-olje OILW % -0.3 % 2.1 % -2.4 % USD 1,783 Råolje CRUD % -0.2 % 2.2 % -1.1 % USD 2,141,203 Naturgass UNG % 0.0 % % % USD 79,405,176 Metaller Aluminium ALUM % 3.7 % 0.3 % 17.4 % USD 194,984 Kobber COPA % 4.6 % 1.5 % 22.1 % USD 357,059 Sink ZINC % 1.6 % 1.1 % 20.4 % USD 13,407 Sølv SLV % 2.4 % -4.8 % -0.1 % USD 119,826,808 Bomull COTN % 1.9 % 7.0 % 8.5 % USD 58,571 Nikkel NICK % 6.4 % 1.1 % 4.7 % USD 199,655 Andre råvarer Sukker SUGA % 3.8 % -4.8 % % USD 66,462 Råvarer DBC % 1.1 % -1.0 % 2.6 % USD 31,216,388 Mais CORN % -0.9 % -2.4 % % USD 16,347 Kveg CATL % 1.3 % -2.2 % 7.0 % USD 20,170 Hvete WEAT % 1.1 % -4.5 % % USD 80,338 Soyaolje SOYO % -0.4 % -2.8 % % USD na Soyabønner SOYB % -2.2 % -3.0 % -9.6 % USD 24,528 Kaffe COFF % 2.2 % -2.7 % % USD 71,957 Råvarekurver Industrimetaller AIGI % 4.1 % 1.0 % 18.0 % USD 143,294 Råvarer (ETN) GSG % 0.9 % 0.0 % 1.4 % USD 3,612,035 Landbruk AIGA % -0.3 % -2.4 % % USD 117,150 Råvarer AIGC % 1.0 % -1.6 % -1.5 % USD 2,692,027 Korn AIGG % -0.8 % -3.0 % % USD 6,293 Edle metaller AIGP % 2.2 % -2.9 % 7.1 % USD 154,702 Energi AIGE % -0.8 % -2.2 % -6.9 % USD 210,702 Buskap AIGL % 1.1 % -1.7 % 3.4 % USD na Kilde: Bloomberg / DNB Markets 5

6 ETN / ETF Endring i % Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Verdi (gjennomsnitt) Kobberpris BULL KOBBER ETN DNM #N/A N/A #VALUE! #VALUE! #VALUE! na NOK na TGS Nopec DNB-ETN TGS BEAR #N/A N/A #VALUE! #VALUE! #VALUE! na NOK na REC BULL REC HA % 42.9 % 75.9 % 26.7 % NOK 10,233 Norsk Hydro DNB-ETN NORSK HYDRO BUL % 16.1 % % 92.4 % NOK 4,444 PGS DNB-ETN PGS BULL % 9.5 % 40.3 % % NOK 9,175 REC DNB-ETN REC BULL % 32.7 % 33.9 % % NOK 143,978 DNO BULL DNO DNM % -4.5 % % 0.0 % NOK 77,081 BW LPG BULL BWLPG DNM % 9.0 % 33.9 % -3.6 % NOK 26,406 Oljeservice DNB - ETN OIL SERVICE BULL % 4.2 % 8.0 % % NOK 11,320 Subsea 7 DNB-ETN SUBSEA 7 BULL % -3.0 % 5.5 % 17.2 % NOK 93,456 Strømpris BULL EL HA % % % 12.3 % NOK 214 Oljeservice DNB - ETN OIL SERVICE % 2.4 % 3.2 % -4.0 % NOK 36,349 Storebrand DNB-ETN STOREBRAND BULL % 7.1 % -5.3 % 98.8 % NOK 59,742 Aluminium BULL ALU HA % 6.9 % 0.5 % 30.1 % NOK na Kobberpris BULL KOBBER HA % 8.9 % 4.4 % 38.8 % NOK 49,454 Gullpris BULL GULL HA % 3.8 % -3.1 % 14.6 % NOK 57,620 DNB BEAR DNB NOR HA % 1.9 % 20.7 % % NOK na OBX XACT OBX BULL (UCITS ETF) % -0.1 % -0.3 % na NOK 19,487,640 Gullpris BEAR GULL HA % -3.8 % 5.1 % % NOK na Bank Norwegian DNB - ETN NOFI BEAR % 0.0 % 0.0 % 0.0 % NOK 154,013 OBX XACT OBX (UCITS ETF) % 0.0 % 0.2 % na NOK 4,526,718 OBX DNB OBX % 0.0 % -0.1 % 19.0 % NOK 9,000,376 Aker BP DNB - ETN AKER BP BULL % 0.0 % 0.0 % 0.0 % NOK 5,008 Strømpris DNB - ETN ELKRAFT BEAR % 9.9 % 9.9 % % NOK 300 Aker Solutions DNB-ETN AKER SOLUTIONS B % 18.9 % 27.7 % 9.5 % NOK 147,377 Oljepris DNB - ETN BRENT BULL % -4.5 % 9.0 % 12.2 % NOK 212,724 Yara DNB-ETN YARA X3 BULL % 4.8 % -0.5 % 34.3 % NOK 14,151 Statoil DNB-ETN STATOIL X3 BULL % -4.8 % 10.9 % 29.4 % NOK 2,649 Golden Ocean BULL GOGL DNM % % 17.2 % % NOK 737,051 Sølvpris SOLV ETN DNM % 1.0 % -1.4 % -3.9 % NOK 405 Oljepris DNB - ETN BRENT % -2.8 % 2.8 % 5.6 % NOK 103,078 Subsea 7 DNB-ETN SUBSEA 7 BEAR % 7.4 % 19.8 % % NOK 4,350 OBX BEAR OBX X3 HA % 0.0 % 4.9 % % NOK 1,800 Orkla DNB-ETN ORKLA X3 BULL % 3.3 % 16.6 % 66.0 % NOK 1,850 Gullpris DNB-ETN GULL % 0.7 % 0.0 % 4.0 % NOK 2,208 Norsk Hydro BULL NHY X3 DNM % 12.5 % % % NOK 4,406 Statoil DNB-ETN STATOIL BEAR % 3.3 % -8.4 % % NOK 10,120 Sølvpris BULL SOLV ETN DNM % 2.8 % -8.5 % -8.3 % NOK 763 Telenor DNB-ETN TELENOR X3 BEAR % 10.2 % % % NOK 648 Opera BULL OPERA DNM % 10.0 % 14.9 % % NOK 385 Seadrill DNB-ETN SEADRILL BULL % 10.0 % % % NOK 25 Oljepris BULL OLJE HA % 0.0 % 7.7 % 10.0 % NOK na OBX BULL OBX X3 HA % 0.0 % 2.5 % 62.5 % NOK na Norwegian DNB-ETN NORWEGIAN BEAR % 0.0 % 16.1 % 38.2 % NOK na Fred. Olsen Energy BEAR FOE DNM % 0.0 % % % NOK na OBX BEAR OBX X4 DNM % 0.0 % 9.4 % % NOK na OBX BULL OBX X4 DNM % 0.0 % -8.9 % 67.5 % NOK na Schibsted BEAR SCH DNM % 0.0 % 10.3 % % NOK na Statoil DNB-ETN STATOIL BULL % 0.0 % 2.3 % 16.7 % NOK na CO2 CO2 ETN DNM % 0.0 % -5.1 % 43.9 % NOK na Gjensidige DNB-ETN GJENSIDIGE X3 BUL % 0.0 % 1.9 % 51.8 % NOK na Gjensidige DNB-ETN GJENSIDIGE X3 BEA % 0.0 % 0.0 % % NOK na OBX SHORT OBX DNM % 0.0 % -0.3 % % NOK na Gullpris DNB-ETN GULL BULL % 0.0 % -1.5 % 17.6 % NOK na Oljeservice DNB - ETN OIL SERVICE BEAR % 0.0 % -5.3 % % NOK na Norsk Hydro BEAR NHY X3 DNM % 0.0 % 12.0 % % NOK na OBX DNB-ETN OBX X3 BULL % 0.0 % -6.4 % 51.3 % NOK na Oljepris DNB - ETN BRENT BEAR % 0.0 % % % NOK na Strømpris DNB-ETN ELKRAFT BULL % -7.6 % -1.9 % 11.8 % NOK 11,381 Kilde: Bloomberg / DNB Markets FORTS. 6

7 ETN / ETF Endring i % Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Verdi (gjennomsnitt) OBX DNB-ETN OBX X3 BULL % 0.0 % -6.4 % 51.3 % NOK na Oljepris DNB - ETN BRENT BEAR % 0.0 % % % NOK na Strømpris DNB-ETN ELKRAFT BULL % -7.6 % -1.9 % 11.8 % NOK 11,381 Storebrand DNB-ETN STOREBRAND BEAR % -5.0 % 8.6 % % NOK 15,200 Aker Solutions DNB-ETN AKER SOLUTIONS B % -1.1 % -1.1 % % NOK 18,120 REC BEAR REC HA % % % % NOK na Marine Harvest Group DNB-ETN MARINE HARVEST B % -0.8 % 17.8 % -7.3 % NOK 7,450 OBX DNB-ETN OBX X3 BEAR % -1.5 % 3.1 % % NOK 4,050 Sjømat DNB - ETN SEAFOOD % -3.5 % -6.6 % -5.9 % NOK 395,234 Norwegian DNB-ETN NORWEGIAN BULL % 2.2 % % % NOK 76,284 Statoil DNB-ETN STATOIL X3 BEAR % 5.8 % % % NOK 111,507 Yara DNB-ETN YARA X3 BEAR % % -4.7 % % NOK 60,800 Aker BP DNB - ETN AKER BP BEAR % 0.0 % 0.0 % 0.0 % NOK 8,034 Bank Norwegian DNB - ETN NOFI BULL % 0.0 % 0.0 % 0.0 % NOK 117,166 Shipping DNB - ETN SHIPPING % 0.0 % 0.0 % 0.0 % NOK na OBX XACT OBX BEAR (UCITS ETF) % 0.0 % -0.2 % na NOK 28,688,130 Kobberpris BEAR KOBBER HA % -8.4 % -3.7 % % NOK na Fred. Olsen Energy BULL FOE DNM % -4.0 % 0.4 % % NOK 59,958 Aluminium BEAR ALU HA % -6.7 % 0.8 % % NOK na Strømpris BEAR EL HA % 18.8 % 17.2 % % NOK na PGS DNB-ETN PGS BEAR % 3.2 % % 46.1 % NOK 47,632 Marine Harvest Group DNB-ETN MARINE HARVEST B % % % % NOK 1,984 REC BEAR REC DNM % % % % NOK 35,340 Kilde: Bloomberg / DNB Markets 7

8 Rapportkalender Dato Selskap Marked EBITDAe EPSe EBITDAe EPSe Utbytte 20-Dec Sevan Drilling Ltd 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 22-Dec Oceanteam ASA Oslo na na na na None Petrolia SE Oslo na na na na None 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 8, , 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 21.8x 13.3x 8.8x AcadeMedia AB ACAD Kjøp SEK x 11.3x 8.6x 8.1x Actic Group AB ATIC Kjøp SEK x 6.9x 6.6x 5.0x AF Gruppen AFG Selg NOK x 17.0x 10.0x 8.1x Ahlsell AB Kjøp SEK x 11.9x 11.3x 9.8x Akastor AKA Kjøp NOK x -25.0x 22.4x 7.3x Aker AKER Hold NOK Aker BP ASA AKERBP Kjøp NOK x 18.9x 6.1x 4.2x Aker Solutions AKSO Hold NOK x 98.1x 10.0x 12.2x Alfa Laval ALFA Hold SEK x 24.7x 14.8x 13.2x Alimak ALIG Kjøp SEK x 17.1x 14.3x 11.3x ALK-Abello ALKb Kjøp DKK x -42.2x 32.4x x Alligator Bioscience ATORX Kjøp SEK x 18.4x Archer ARCHER Hold NOK x -15.5x 10.9x 7.4x Assa Abloy ASSAB Selg SEK x 20.6x 15.3x 14.1x Atea ATEA Hold NOK x 19.1x 11.2x 9.6x Atlas Copco ATCOA Hold SEK x 22.4x 14.9x 13.8x Atwood Oceanics ATW USD x -2.9x 5.7x -62.0x Austevoll Seafood AUSS Kjøp NOK x 10.5x 6.9x 7.3x Autoliv ALIV Kjøp SEK x 17.1x 9.5x 7.8x Avance Gas AVANCE Kjøp NOK x -16.7x 101.7x 11.8x Avanza Bank AZA Kjøp SEK x 25.7x Awilco Drilling AWDR Hold NOK x 8.7x 0.7x 1.4x Axactor AXA Kjøp NOK B2Holding B2H Kjøp NOK Bakkafrost BAKKA Hold NOK x 13.3x 8.4x 8.3x Balder BALDB Hold SEK x 25.1x 25.1x 24.0x BerGenBio BGBIO Kjøp NOK x -3.6x -3.9x -3.5x Bergman & Beving BERGB Kjøp SEK x 13.8x 20.2x 11.8x Betsson BETSB Kjøp SEK x 9.2x 8.4x 7.3x BioArctic BIOAB Kjøp SEK x 479.8x 135.0x 174.2x Borr Drilling BDRILL Kjøp NOK x -3.5x 3.0x -18.9x Borregaard BRG Hold NOK x 13.8x 7.9x 7.1x BW LPG BWLPG Kjøp NOK x 35.7x 13.9x 9.3x BW Offshore BWO Hold NOK x 12.1x 7.8x 4.8x Cargotec CGC Hold EUR x 9.2x Carlsberg CARLB Selg DKK x 22.3x 9.9x 9.5x Castellum CAST Selg SEK x 17.8x 22.5x 21.0x CGG CGG Selg EUR x -0.6x 6.1x 6.0x Chr. Hansen CHR Selg DKK x 42.8x 27.6x 27.2x Citycon CTY1S Kjøp EUR x 15.2x 19.0x 18.3x Coloplast COLOB Kjøp DKK x 25.9x 19.3x 17.8x Coor Service Managemen COOR Kjøp SEK x 14.2x 12.7x 11.7x D/S Norden DNORD Kjøp DKK x x 14.7x 17.3x Danske Bank DANSKE Kjøp DKK x 10.7x DHT Holdings DHT Hold USD x x 7.3x 8.8x Diamond Offshore DO Selg USD x 34.7x 6.7x 7.0x DNB DNB NOK x 11.2x 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 -9.4x 15.0x 20.9x Eidesvik Offshore EIOF NOK x -1.3x 8.0x 53.8x Electrolux ELUX Kjøp SEK x 12.8x 6.8x 5.9x Elekta EKTAB Kjøp SEK x 16.0x 10.6x 8.4x Ensco ESV Hold USD x -4.3x 10.6x 16.0x Entra ENTRA Hold NOK x 23.1x 21.9x 21.4x Epic Gas EPIC Kjøp NOK x 5.6x 11.5x 4.9x Essity ESSITYB Hold SEK x 18.7x 11.5x 10.6x Euronav EURN Hold USD x -17.3x 9.4x 11.6x Europris EPR Kjøp NOK x 11.6x 9.5x 7.8x Evolution Gaming EVO Kjøp SEK x 28.0x 25.4x 20.0x EVRY EVRY Kjøp NOK x 9.6x Fabege FABG Hold SEK x 27.4x 34.1x 29.4x 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 62.6x -47.6x 19.6x Fortum FORTUM Kjøp EUR x 17.6x Fred Olsen Energy FOE Selg NOK x -1.0x 5.6x 13.1x Frontline FRO Hold NOK x 32.9x 12.2x 10.9x GasLog GLOG Hold USD x 25.1x 11.2x 10.2x Genco Shipping & TradingGNK Kjøp USD x 16.5x 12.7x 5.3x Gener8 Maritime GNRT Hold USD x -14.1x 8.5x 9.6x Getinge GETIB Hold SEK x 11.5x 10.0x 7.5x Gjensidige Forsikring GJF Hold NOK x 17.3x GN Group GN Selg DKK x 20.2x 15.9x 14.0x Golar LNG GLNG Kjøp USD x -13.9x x 26.3x Golar LNG Partners GMLP Hold USD x 23.9x 8.0x 11.3x Golden Ocean GOGL Kjøp NOK x 15.9x 15.2x 9.7x Grieg Seafood GSF Kjøp NOK x 8.5x 7.1x 5.3x Handicare HANDI Kjøp SEK x 11.1x 11.7x 9.8x Helgeland Sparebank HELG Kjøp NOK x 9.4x Hemfosa HEMF Kjøp SEK x 12.8x 17.7x 16.4x Hennes & Mauritz HMB Hold SEK x 15.9x 10.8x 7.7x Hexagon AB HEXAB Kjøp SEK x 20.8x 14.3x 13.2x Hexagon Composites HEX Kjøp NOK x 21.9x 23.8x 20.6x 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 10.2x 11.2x 8.7x Husqvarna HUSQb Kjøp SEK x 16.0x 10.6x 9.5x Höegh LNG Holdings HLNG Kjøp NOK x 14.6x 10.6x 10.9x Höegh LNG Partners HMLP Kjøp USD x 9.8x 9.3x 8.3x Industrivärden INDUc Hold SEK Investor INVEb Kjøp SEK Jm Ab JM Selg SEK x 8.7x 5.1x 4.9x Kindred Group KINDSDB Kjøp SEK x 17.9x 15.7x 14.4x Kinnevik KINVb Kjøp SEK Klövern KLOVb Kjøp SEK x 13.0x 20.3x 20.5x KNOT Offshore Partners KNOP Hold USD x 11.1x 8.4x 8.2x Kone KNEBV Hold EUR x 22.6x 16.3x 15.6x Konecranes KCR Kjøp EUR x 16.4x Kongsberg Gruppen KOG Kjøp NOK x 17.2x Kungsleden KLED Kjøp SEK x 14.7x 19.7x 19.3x Kværner KVAER Hold NOK x 40.1x 4.4x 9.0x Latour LATOb Hold SEK Lerøy LSG Kjøp NOK x 9.5x 6.4x 5.9x Loomis LOOMb Kjøp SEK x 17.1x 8.7x 8.3x Lundbeck LUN Hold DKK x 19.3x 10.1x 8.9x Lundbergs LUNDb Selg SEK Lundin Petroleum LUPE Kjøp SEK x 37.1x 8.3x 8.4x Marine Harvest MHG Kjøp NOK x 10.6x 8.0x 6.3x Medistim MEDI Kjøp NOK x 20.3x 15.5x 12.1x Millicom MICsdb Kjøp SEK x 36.8x 6.0x 5.6x Momentum Group MMGRB Kjøp SEK x 11.4x MSAB MELK Hold SEK MTG MTGb Kjøp SEK x 21.5x 15.7x 12.7x Ncc NCC Hold SEK x 11.8x 6.8x 5.9x NetEnt NETb Kjøp SEK x 20.9x 18.2x 14.5x Nets NETS Kjøp DKK x 17.8x 14.0x 12.4x Nibe Industrier NIBEB Hold SEK x 19.9x 16.9x 15.2x Nobia NOBI Kjøp SEK x 10.7x 7.4x 6.5x Noble NE Selg USD x -2.7x 9.3x 9.3x Nokian Tyres NRE1V Kjøp EUR x 15.1x 10.3x 9.3x Nordea NDA Kjøp SEK x 11.5x Nordic Nanovector NANO Kjøp NOK x -14.3x -12.1x -12.8x Nordic Semiconductor NOD Kjøp NOK x 29.4x 28.6x 16.2x Norsk Hydro NHY Selg NOK x 13.8x 7.2x 6.1x North Energy NORTH Hold NOK x Northern Drilling NODL Kjøp NOK x x 82.2x 40.2x Norway Royal Salmon NRS Hold NOK x 9.8x 7.1x 6.6x Norwegian Air Shuttle NAS Selg NOK x 64.7x 56.2x 15.4x Norwegian Finans HoldingNOFI Kjøp NOK x 8.9x Norwegian Property NPRO Kjøp NOK x 21.8x 20.4x 19.4x Novo Nordisk NVO Kjøp DKK x 20.5x 15.3x 14.6x 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 30.9x 20.3x 19.0x NRC Group NRC Kjøp NOK x 13.3x 11.1x 8.7x Ocean Rig ORIG Kjøp USD x -56.9x 2.9x 12.0x Ocean Yield OCY Hold NOK x 9.4x 7.8x 7.1x Odfjell ODF Kjøp NOK x 7.2x 7.2x 6.3x Odfjell Drilling ODL Kjøp NOK x 32.5x 8.5x 9.0x Olav Thon OLT Kjøp NOK x 13.6x 15.6x 15.2x Oncopeptides ONCO Kjøp SEK x -12.0x -12.3x -11.4x Opera OPERA Kjøp NOK x 8.8x 6.3x 4.3x Oriflame ORI Hold SEK x 19.2x 12.1x 9.7x Orkla ORK Hold NOK x 22.6x 15.4x 14.6x Outokumpu OUT1V Hold EUR x 11.1x 6.6x 5.9x Pacific Drilling PACD Selg USD x 0.0x 66.5x 42.5x Pandox PNDXB Kjøp SEK x 16.1x 23.1x 17.2x Pareto Bank PARB Kjøp NOK x 8.0x Peab PEAB Selg SEK x 11.6x 7.0x 6.4x Petroleum Geo-Services PGS Selg NOK x -4.1x 5.2x 4.4x Polarcus PLCS NOK x -0.2x 16.4x 4.1x Prosafe PRS Selg NOK x -1.5x 10.2x 11.1x Q-Free QFR Hold NOK x 12.2x 6.8x 6.4x Recipharm RECIB Hold SEK x 28.0x 12.6x 8.7x Rezidor REZT Hold SEK x 5.4x 4.2x 3.0x Rowan RDC Hold USD x -4.8x 6.2x 20.8x Safe Bulkers SB Kjøp USD x 31.9x 13.4x 9.4x Saipem SPM Selg EUR x 54.1x 5.2x 6.7x SalMar SALM Hold NOK x 11.7x 7.4x 7.6x Sampo Oyj SAMPO Hold EUR x 16.0x Sandvik SAND Hold SEK x 18.0x 11.2x 10.6x Sbanken SBANK Kjøp NOK x 11.8x Scandi Standard SCST Kjøp SEK x 12.7x 11.9x 8.0x Scandic Hotels SHOT Kjøp SEK x 12.9x 9.0x 7.3x Schibsted SCHA Hold NOK x 35.9x 20.8x 16.5x Scorpio Tankers STNG Hold USD x -92.1x 14.1x 9.0x Seadrill SDRL NOK x -0.2x 8.6x 17.4x SEB SEB Selg SEK x 12.8x Securitas SECUB Kjøp SEK x 16.6x 11.0x 9.9x Selvaag Bolig SBO Hold NOK x 7.3x 7.0x 6.6x Sevan Marine SEVAN Hold NOK x -37.7x -15.0x -27.2x Shelf Drilling SHLF Kjøp NOK x 15.2x 6.9x 5.4x Siem Offshore SIOFF NOK x -6.7x 11.0x 11.8x Skanska SKA Hold SEK x 15.1x 12.7x 9.7x SKF SKFB Kjøp SEK x 14.1x 9.4x 8.5x Solon Eiendom SOLON Hold NOK x 7.6x 12.1x 7.7x Solstad Farstad SOFF NOK x -1.3x 14.4x 17.4x Songa Offshore SONG Hold NOK x 6.2x 6.8x 5.9x Sparebank 1 Østlandet SPOL Kjøp NOK x 10.5x Sparebank1 Nord-Norge NONG Kjøp NOK x 10.1x Sparebank1 SMN MING Kjøp NOK x 9.6x Sparebank1 SR-Bank SRBANK Kjøp NOK x 10.3x Sparebanken Møre MORG Hold NOK x 10.0x Sparebanken Sør SOR Hold NOK x 10.0x Sparebanken Øst SPOG Hold NOK x 10.6x Spectrum SPU Selg NOK x 12.3x 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 13.4x Stolt-Nielsen SNI Kjøp NOK x 5.8x 6.8x 5.6x Storebrand STB Kjøp NOK x 11.7x Subsea 7 SUBC Selg NOK x 25.5x 3.1x 4.7x Svenska Handelsbanken SHB Selg SEK x 14.0x Swedbank SWEDA Selg SEK x 12.3x Swedish Match SWMA Hold SEK x 19.1x 14.1x 13.3x Tanker Investments TIL NOK x 13.8x 10.7x 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 33.0x 5.6x 8.3x Teekay Tankers TNK Hold USD x -8.3x -13.3x 11.9x 6.8x Tele2 TEL2b Hold SEK x 25.4x 20.9x 9.0x 7.9x Telenor TEL Kjøp NOK x 16.3x 16.4x 7.5x 7.2x Telia Company TELIA Hold SEK x 11.9x 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 779.2x 4.6x 5.1x Tomra TOM Selg NOK x 26.1x 16.0x 13.2x Topdanmark TOP Hold DKK x 19.4x Transocean RIG Selg USD x -44.7x 7.9x 7.7x Trelleborg TRELB Hold SEK x 16.9x 16.2x 12.0x 10.7x Tryg TRYG Hold DKK x 16.7x 20.9x Valmet VALMT Hold EUR x 20.1x 16.7x 9.2x 7.7x Veidekke VEI Hold NOK x 11.4x 9.4x 7.1x 6.0x Vestas Wind Systems VWS Hold DKK x 13.3x 13.0x 5.6x 5.1x Vitrolife VITR Hold SEK x 42.1x 31.7x 26.8x Volvo VOLVB Selg SEK x 14.9x 7.6x 6.5x Wallenius Wilhelmsen Lo WWL Kjøp NOK x 9.6x 10.6x 7.3x Wallenstam WALLb Selg SEK x 32.4x 39.8x 33.9x Weifa WEIFA NOK x 21.2x 16.3x 14.1x Wihlborgs WIHL Hold SEK x 16.8x 15.0x 22.0x 20.4x Wilh. Wilhelmsen Holding WWI Kjøp NOK x 8.3x 15.7x 16.0x William Demant Holding WDH Selg DKK x 23.8x 21.5x 14.0x 12.8x Wilson Therapeutics WTX Kjøp SEK x -14.7x Wärtsilä WRT1V Hold EUR x 26.0x 19.7x 16.0x 12.6x XXL XXL Kjøp NOK x 14.8x 15.0x 10.7x Yara YAR Kjøp NOK x 24.4x 14.4x 10.7x 7.5x YIT YIT Selg EUR x 13.3x 18.8x 9.9x Kilde: DNB Markets, FactSet, Bloomberg 12

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