LØFT I USA, ASIA OG OLJE I PÅVENTE AV RENTESIGNALER OPERA & TEL

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1 ANALYSE Aksjemarkedet i dag LØFT I USA, ASIA OG OLJE I PÅVENTE AV RENTESIGNALER OPERA & TEL Det amerikanske markedet fikk i går, på tross av lavere ordreinngang for industrien enn ventet, oppdrift av bedre kvartalsrapporter enn estimert, stigende forbrukertillit og positive nyheter knyttet til enkeltselskaper som Tesla og Apple. Dow endte opp 1.1%, S&P500 sluttet opp 1.2% og Nasdaq stengte opp 1.8%. Volumet på de tre hovedindeksene kom inn på % av gjennomsnittet for de siste tre måneder. De asiatiske markedene peker også opp i morgentimene i dag og Nikkei stenger etter et løft på 1.4%. Fra Europa får vi i dag forbrukertilliten fra Frankrike, mens interessen vil i første rekke være rettet mot rentemøtet i USA. I utgangspunktet er det ventet at Fed holder rentene uendret og at de samtidig annonserer avslutningen av de månedlige obligasjonskjøpene. Eventuelle avvik fra disse forventningene vil kunne påvirke retningen i de globale aksjemarkedene det neste døgnet. Det samme gjelder imidlertid også mulige signaler om når vi kan vente oss de første oppjusteringene av de amerikanske rentene. I øyeblikket ser det ut til at et flertall i markedet venter at en første renteøkning i forbindelse med rentemøtet i juni I oljemarkedet steg WTI-prisen i går med USD 0.51 pr fat til USD pr fat. Brent åpner i dag USD pr fat, opp fra USD pr fat ved stengetid i det norske markedet i går. I oljemarkedet ligger fokus i dag på oppdateringen av de amerikanske lagertallene. Overgangen til vintertid innebærer at vi denne uken får tallene i børsens åpningstid, dvs kl Det er ventet økning i råoljebeholdningene på 3.2 mill fat, mens drivstoff- og produktlagrene ventes ned med henholdsvis 630k og 900k fat. Opera presenterer Q3-rapporten i morgen og vi venter oppjusteringer av konsensusestimatene i etterkant av rapporten. For Q3 venter vi en omsetning på USD 141 mill og en justert EBITDA 33 mill mot konsensus på henholdsvis USD 138 mill og USD 32 mill. For Q4 venter vi en topplinje på USD 177 m ill og en EBITDA på 40 mill og ligger dermed henholdsvis rundt 6% og 10% over konsensus. Vi har en kjøpsanbefaling på Opera med et kursmål på NOK 125 pr aksje. Telenor har i dag lagt frem bedre tall for Q3 enn ventet. Topplinjen rundt 2% over konsensus og rundt 1% over vårt estimat, mens EBITDA lå henholdsvis 3% høyere enn konsensus og 2% over vårt estimat. Fri kontantstrøm for kvartalet er rundt 11% over konsensus og gir støtte til vårt syn om at markedets forventninger ligger for lavt på dette nøkkeltallet fremover. Vi venter en positiv mottagelse av rapporten ved børsens åpning og samtidig en oppjustering av konsensusestimatene for EBITDA de neste dagene. Vi har en kjøpsanbefaling på Telenor med et kursmål på NOK 164 pr aksje. Selskap Tidspunkt Konsensus Hess Før markedet 1.07 Kraft Foods Etter markedet 0.74 Noble Etter markedet 0.55 Visa Etter markedet 2.10 Sodastream Før markedet 0.35 Land Nøkkeltall Frankrike Forbrukertillit Norge Ledighet % USA Boliglånssøknader USA Fed rentemøte USA Oljelagertall Våre anbefalte aksjer: - NHY - HLNG - OPERA - AURLPG - MHG - LSG - RCL YTD DNB: + 28% YTD OSE: + 5% Internasjonale børser Siste Endr. % Dow Jones 17, S&P 500 1, NASDAQ 4, Nikkei , Euro Danmark-KFX 724 (12) Finland-HEX 7, 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 page for important information

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 17, S&P 500 1, Nasdaq Composite 4, 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 1.47 (0.14) 2,135, Royal Caribbean Cruises ,999, Questerre (CAD) 0.75 (0.03) 7, Statoil (0.06) 1,509, Yara , Sverige AstraZeneca ,176, Finland (EUR) Nokia ,892, Danmark Novo Nordisk B (2.27) 5,433, SAMMENLIGNBARE SELSKAPER (PEERS) BEST -1d% Peer SVAKEST -1d% Peer Furniture Brands Intern #N/A N/A EKO Saipem -5.8 BWO Dell Inc #N/A N/A KOM D/S Torm -3.7 ODF Overseas Shipholding G#N/A N/A FRO Bg -1.6 STL Upm Kymmene 13.2 NSG Glaxosmithkline Plc -0.9 ASD Ubs 5.8 DNB Exmar -0.5 GOL Furniture Brands Intern #N/A N/A EKO Ipsen -0.4 PHO Sony Corporation 5.2 NOKIA CVRD -0.2 NHY Polycom 5.1 TAA Johnston Press 0.0 SCH Transocean Inc 4.8 FOE FMC Technologies 4.7 AKSO RÅVARER & SHIPPING Siste I går Endr. %1D 1W 1M 3M YTD 12M 52W H 52W L CRB indeks GS råvare indeks 4,209 4, % 44 (359) (692) (620) (605) 5,214 4,104 Oil Brent Spot (10.00) (20.74) (25.40) (23.65) Brent olje 1m (10.72) (21.24) (24.32) (22.53) Brent olje 3m (10.85) (20.71) (22.79) (20.45) WTI olje 1m (12.83) (19.23) (16.68) (16.46) Flybensin (67.75) (145.25) (205.25) (171.25) Naturgass US Henry Hub (0.03) (0.79) - 0 (0.39) (0.31) (0.83) (0.10) Fyringsolje Metals Aluminium 3m 1,996 1, (19) ,120 1,671 Nikkel 15,545 15, (1,435) (3,255) 1, ,625 13,274 Kopper 6,795 6, (325) (565) (395) 7,460 6,321 Gull 1,230 1, (69) 24 (115) 1,392 1,183 Shipping WS AG - Japan, 250 dwt (5) 13 WS AG - USG, 250 dwt (5) 3 Containerships index % Baltic dry index 1,395 1, (882) (156) 2,

3 DNB Markets US-INTRADAG REBASERT US-INTRADAG REBASERT OSX (Oljeservice) XOI (Oljeproduksjon) Oljepris (WTI) S&P500 Olje / Indekser Endring USA Endring Endring Endring close/close US-open/Oslo-close Oslo-close/US-close US-close/this morning WTI % 0.17% 0.41% Oljeservice 3.35% 1.76% 1.52% Oljeproduksjon 2.42% 0.52% 1.05%. Kilde: Bloomberg/DNB Markets 3

4 DNB Markets S&P 500-indekser på bransjenivå S&P 500-INDEKSER PÅ BRANSJENIVÅ Endring Endring Endring Endring Endring Gj.snittlig 1 dag 1 mnd. 3 mnd. 1 år hittil i år est. P/E Elektronisk utstyr og instrumenter 3.0% -0.5% -3.4% 11.9% 8.8% 15.1 Energi og relatert utstyr 2.9% -10.4% -18.9% -4.8% -2.2% 13.5 Maskiner 2.8% 3.9% -0.3% 10.8% 2.5% 15.9 Bildeler 2.7% 3.2% -7.6% 6.8% -3.5% 12.6 Elektrisk utstyr 2.3% 0.6% -5.2% -4.1% -9.7% 15.8 Olje og gass 2.1% -4.9% -11.7% 0.1% -3.7% 14.1 Bioteknologi 1.9% 6.9% 17.8% 42.8% 36.8% 21.0 Papir- og skogprodukter 1.7% 3.9% 1.9% 13.4% 3.0% 14.7 Bygg og anlegg 1.5% -4.3% -8.5% -10.1% -14.0% 15.0 Industrielle konglomerater 1.5% 3.3% 3.2% 4.9% -2.8% 17.3 Forsikring 1.4% 0.3% 1.4% 5.6% 1.1% 11.3 Datamaskiner og tilbehør 1.4% 4.7% 5.8% 40.4% 29.0% 13.4 Bank 1.4% -0.7% 2.3% 13.8% 7.3% 11.8 Programvare 1.4% 0.6% 2.6% 24.4% 15.1% 17.6 Kommunikasjonsutstyr 1.3% -0.9% -2.4% 8.5% 4.5% 12.9 Internett programvare og -tjenester 1.2% -1.6% 0.1% 16.9% 8.3% 25.2 Media 1.2% 0.6% -1.5% 12.5% 5.2% 17.9 Matvarer 1.2% 1.8% 0.3% 6.8% 5.9% 18.9 Kjemikalier 1.1% -5.8% -3.4% 10.4% 5.0% 17.4 Helseartikler 1.0% 5.0% 3.5% 18.2% 15.6% 18.4 Diversifiserte telekomtjenester 1.0% -0.9% -4.7% -1.8% 1.7% 14.2 Fritidsutstyr 0.9% 2.8% -3.6% -19.8% -23.7% 16.5 Hotell og restaurant 0.8% -1.9% -2.2% 3.6% -0.4% 22.0 Luftfart 0.7% 7.2% 11.3% 68.6% 58.7% 14.2 Kraft 0.6% 7.6% 6.5% 15.1% 19.5% 16.6 Husholdningsartikler 0.4% 2.4% 7.6% 4.1% 5.6% 20.1 Drikkevarer 0.3% -0.4% 4.0% 11.3% 9.9% 20.4 Farmasi 0.2% -0.8% 2.9% 16.3% 13.3% 17.7 Metall -0.5% -5.2% -12.3% -5.0% -5.4% 18.2 Legemiddelindustri og bioteknologi -1.0% -5.4% 2.6% 17.0% 13.0% 17.5 MSCI EUROPA PÅ BRANSJENIVÅ Endring Endring Endring Endring Endring Gj.snittlig 1 dag 1 mnd. 3 mnd. 1 år hittil i år est. P/E Telekommunikasjon og tjenester 2.6% -1.6% -2.2% 0.4% -1.2% Finansieringsselskaper 2.6% -3.7% -2.3% -4.2% -5.9% Mat- og apotekhandel 2.3% -5.5% -19.2% -28.9% -26.3% Forsyningsselskaper 1.8% -2.7% -3.8% 11.9% 12.9% Materialer 1.8% -3.5% -11.7% -3.0% -4.3% Programvare og tjenester 1.7% -7.8% -9.7% -4.3% -12.1% Helsevern - utstyr og tjenester 1.6% 0.2% 6.7% 15.9% 9.1% Biler og komponenter 1.6% -2.9% -9.6% -1.2% -8.1% 9.41 Detaljhandel 1.4% -3.3% -2.3% -5.8% -8.0% Eiendomsselskaper 1.4% 0.4% -1.1% 9.8% 12.1% Transport 1.3% -2.3% -2.1% 6.6% -0.2% Husholdningsvarer og personlige produkter 1.3% -3.8% -4.4% 1.1% -2.0% Kapitalvarer 1.2% -4.6% -6.8% -5.4% -8.9% Forsikring 1.1% -3.2% -1.2% 6.2% 1.2% Energi 0.9% -9.0% -12.5% -3.7% -4.2% Kommersielle tjenester og leveranser 0.9% -1.6% -5.9% -5.5% -6.8% Drikkevarer, mat og tobakk 0.9% -1.8% -1.3% 6.4% 6.6% Media 0.6% -2.6% -0.7% 3.2% -1.3% Teknologisk utstyr 0.5% -6.1% -1.8% 5.2% 0.9% Forbruksvarer og klær 0.5% -0.4% -4.4% -8.3% -7.6% Banker 0.4% -2.9% -2.0% 2.8% 1.1% Hotell-, underholdnings- og restaurantvirksomhet 0.3% -2.8% -1.6% 15.6% 5.8%

5 DNB Markets Renter & Valuta DOW 30 Kurs Endring Endring Endring siste 1 dag 1 mnd 1 år CATERPILLAR INC % 1.3% 20.3% UNITED TECHNOLOGIES CORP % 1.1% -0.1% CHEVRON CORP % -2.8% -3.6% JPMORGAN CHASE & CO % -1.2% 13.1% WALT DISNEY CO/THE % 1.2% 30.5% INTEL CORP % -3.3% 37.5% AMERICAN EXPRESS CO % 0.1% 5.2% VISA INC-CLASS A SHARES % 2.7% 6.1% EXXON MOBIL CORP % 0.7% 6.9% GENERAL ELECTRIC CO % 1.8% -1.3% GOLDMAN SACHS GROUP INC % 1.4% 14.9% CISCO SYSTEMS INC % -4.2% 5.4% MICROSOFT CORP % 0.1% 30.9% BOEING CO/THE % -4.0% -4.7% HOME DEPOT INC % 4.0% 24.6% VERIZON COMMUNICATIONS IN % 0.4% -2.2% INTL BUSINESS MACHINES CO % -13.7% -10.2% 3M CO % 6.2% 20.6% NIKE INC -CL B % 3.7% 21.8% TRAVELERS COS INC/THE % 6.4% 14.3% JOHNSON & JOHNSON % -1.6% 12.5% AT&T INC % -2.6% -5.3% MCDONALD'S CORP % -3.8% -3.6% PROCTER & GAMBLE CO/THE % 2.4% 4.9% UNITEDHEALTH GROUP INC % 7.1% 36.1% PFIZER INC % -2.3% -6.9% DU PONT (E.I.) DE NEMOURS % -5.7% 10.5% WAL-MART STORES INC % 0.4% -0.9% COCA-COLA CO/THE % -4.0% 1.9% MERCK & CO. INC % -6.0% 22.5% S&P fra toppen Kurs Endring Endring Endring siste 1 dag 1 uke 1 år AUTONATION INC % 9.5 % 12.9 % CUMMINS INC % 8.8 % 13.0 % WHIRLPOOL CORP % 12.9 % 12.8 % GOODYEAR TIRE & RUBBER C % -4.5 % 5.5 % AMGEN INC % 12.2 % 32.9 % FIRST SOLAR INC % % 9.6 % ALLEGHENY TECHNOLOGIES % % -0.9 % JUNIPER NETWORKS INC % -6.6 % 9.0 % PARKER HANNIFIN CORP % 7.8 % 5.2 % ROBERT HALF INTL INC % 8.7 % 36.1 % SUPERVALU INC % -7.6 % 14.4 % TRANSOCEAN LTD % -8.3 % % HARMAN INTERNATIONAL % -1.2 % 36.0 % FMC TECHNOLOGIES INC % 3.0 % 8.3 % EQT CORP % -2.3 % 3.7 % OWENS-ILLINOIS INC % -2.9 % % JABIL CIRCUIT INC % -1.5 % -8.5 % PEABODY ENERGY CORP % % % NEWFIELD EXPLORATION CO % % -6.5 % HELMERICH & PAYNE % % 9.0 % LABORATORY CRP OF AMER % 4.2 % 5.9 % DENBURY RESOURCES INC % % % FLOWSERVE CORP % -4.7 % -4.6 % XYLEM INC % 0.6 % 12.1 % CIMAREX ENERGY CO % % 1.8 % PIONEER NATURAL RESOURC % -9.0 % % TEXTRON INC % 11.4 % 39.0 % SALESFORCE.COM INC % 7.5 % 14.6 % QEP RESOURCES INC % -23.1% -27.7% S&P fra bunnen Kurs Endring Endring Endring siste 1 dag 1 uke 1 år KOHLS CORP % % -4.2 % COACH INC % -6.0 % % STARWOOD HOTELS & RESOR % -8.3 % 5.3 % FREEPORT-MCMORAN INC % % % MASCO CORP % -5.1 % 3.1 % MARTIN MARIETTA MATERIAL % -9.9 % 17.6 % PLUM CREEK TIMBER CO % 2.3 % % AETNA INC % -5.1 % 27.1 % MACY'S INC % -2.8 % 24.1 % ELI LILLY & CO % -0.8 % 29.1 % GAMESTOP CORP-CLASS A % -2.4 % % TARGET CORP % -3.8 % -5.7 % TENET HEALTHCARE CORP % -6.3 % 24.0 % MERCK & CO. INC % -6.0 % 22.5 % BEST BUY CO INC % -2.9 % % ONEOK INC % -9.4 % 19.2 % STAPLES INC % 1.7 % % CME GROUP INC % 2.3 % 11.9 % BANK OF NEW YORK MELLON % -3.9 % 15.5 % SHERWIN-WILLIAMS CO/THE % 1.2 % 15.2 % UNDER ARMOUR INC-CLASS A % -8.3 % 58.6 % BIOGEN IDEC INC % -3.7 % 25.0 % AVALONBAY COMMUNITIES IN % 7.5 % 19.3 % NORDSTROM INC % 3.8 % 17.9 % CLOROX COMPANY % 1.6 % 8.1 % EQUITY RESIDENTIAL % 9.6 % 25.3 % GAP INC/THE % % -1.0 % COCA-COLA CO/THE % -4.0 % 1.9 % COLGATE-PALMOLIVE CO % 0.2 % -0.2 % MONSTER BEVERAGE CORP % 6.7 % 66.5 % AVON PRODUCTS INC % % % APARTMENT INVT & MGMT CO % 7.4 % 19.9 % Nasdaq fra toppen Kurs Endring Endring Endring siste 1 dag 1 uke 1 år AMGEN INC % 12.2 % 32.9 % BAIDU INC - SPON ADR % 3.9 % 43.6 % F5 NETWORKS INC % 0.9% 42.9% AKAMAI TECHNOLOGIES INC % -4.3 % 22.7 % VODAFONE GROUP PLC-SP A % -1.9 % % AVAGO TECHNOLOGIES LTD % -3.3 % 83.8 % COGNIZANT TECH SOLUTIONS % 5.8 % 5.0 % INTUITIVE SURGICAL INC % 5.8 % 30.2 % PACCAR INC % 10.1 % 12.9 % YAHOO! INC % 13.2 % 38.3 % CELGENE CORP % 10.5 % 36.1 % AUTODESK INC % 1.9 % 39.2 % MARRIOTT INTERNATIONAL -C % 2.1 % 61.3 % NVIDIA CORP % 2.2 % 24.3 % KEURIG GREEN MOUNTAIN INC % 12.5 % % LIBERTY GLOBAL PLC-A % 5.9 % 12.4 % NETAPP INC % -2.2 % 4.4 % VERTEX PHARMACEUTICALS % 0.1 % 49.9 % FASTENAL CO % -4.0 % % EXPEDITORS INTL WASH INC % 3.0 % -9.7 % ADOBE SYSTEMS INC % -1.2 % 24.6 % DISCOVERY COMMUNICATION % -1.2 % % PRICELINE GROUP INC/THE % -0.4 % 8.1 % AMAZON.COM INC % -8.2 % % CA INC % 3.6 % -9.9 % NUANCE COMMUNICATIONS IN % -1.9 % -7.5 % DENTSPLY INTERNATIONAL IN % 3.7 % 4.1 % SANDISK CORP % -8.8 % 28.3 % NETFLIX INC % % 18.0 % MICROCHIP TECHNOLOGY INC % % 3.9 % Nasdaq fra bunnen Kurs Endring Endring Endring siste 1 dag 1 uke 1 år SEARS HOLDINGS CORP % 45.7% -24.7% REGENERON PHARMACEUTICA % 12.1% 33.3% STAPLES INC % 1.7% -23.3% BIOGEN IDEC INC % -3.7% 25.0% SIRIUS XM HOLDINGS INC % -4.9% -10.7% MONSTER BEVERAGE CORP % 6.7% 66.5% ROSS STORES INC % 6.4% 4.6% LIBERTY INTERACTIVE CORP-A % #VALUE! #VALUE! EBAY INC % -2.8% -4.0% DIRECTV % -3.1% 33.9% COSTCO WHOLESALE CORP % 4.6% 10.4% WESTERN DIGITAL CORP % -3.3% 28.0% EXPEDIA INC % -6.9% 59.0% DOLLAR TREE INC % 5.2% -0.3% SIGMA-ALDRICH % -0.7% 55.0% XILINX INC % 0.7% -4.6% PAYCHEX INC % 4.0% 6.3% EQUINIX INC % -5.4% 19.1% LINEAR TECHNOLOGY CORP % -8.2% 0.4% KRAFT FOODS GROUP INC % 1.7% 2.6% FACEBOOK INC-A % 2.2% 63.5% CATAMARAN CORP % 0.1% -14.3% FOSSIL GROUP INC % 5.4% -20.9% CHARTER COMMUNICATION-A % 1.2% 14.7% LIBERTY MEDIA CORP - A % -0.5% -10.8% SBA COMMUNICATIONS CORP % 2.1% 27.6% HENRY SCHEIN INC % 1.3% 5.1% STERICYCLE INC % 6.8% 6.8% BED BATH & BEYOND INC % 0.2% -14.4% ANALOG DEVICES INC % -5.7% -4.4% RENTER & VALUTA Renter Siste I går Endr. 1W 1M 3M YTD 12M Norge - Nibor 3m (0.04) (0.07) (0.09) (0.10) (0.09) USA - Libor 3m #N/A N/A (0.00) (0.00) (0.01) (0.00) Euro - Euribor 3m Norge 10 år stat (0.02) (0.17) (0.22) (0.87) (0.75) USA 10 år stat (0.19) (0.17) (0.74) (0.22) Euro 10 år stat (0.10) (0.27) (1.05) (0.87) Tyskland 10 år stat (0.10) (0.27) (1.05) (0.87) Japan 10 år stat (0.02) (0.06) (0.06) (0.28) (0.15) UK 10 år stat (0.23) (0.34) (0.79) (0.37) 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

6 DNB Markets ETF/ETP ETF/ETP Endring Endring Endring Endring ET F N avn Kurs 1 dg. i % 5 dg. i % 1 mnd i % 1 år i % Valuta Vo lum A ksjer / Indekser Fortune 500 TM W #N/A N/A #VALUE! #VALUE! #VALUE! #VALUE! USD 0 Brasil EWZ % -1.0 % -5.6 % % USD Latin-America 40 ILF % -0.1% -3.9 % % USD Russell 2000 Growth IWO % 3.5 % 2.2 % 3.1 % USD Oil Service OIH % -2.0 % % % USD Russell 2000 IWM % 3.3 % 2.8 % 2.5 % USD Energi XLE % -0.3 % -6.6 % -1.8 % USD DAX DAXEX % 2.1 % -3.2 % 0.1 % EUR Emerging M arkets EEM % 1.2 % -0.1% -3.7 % USD Industri XLI % 3.5 % 2.6 % 11.9 % USD S&P M idcap 400 M DY % 2.4 % 1.3 % 7.7 % USD Hong Kong EWH % 1.2 % 5.2 % 5.7 % USD Pacific ex-japan EPP % 2.1 % 5.2 % -2.9 % USD AEX-Nederland AEXT % 1.7 % -4.0 % 2.7 % EUR 970 S&P Euro 350 IEV % 1.7 % -3.0 % -5.5 % USD Nasdaq 100 QQQ % 3.4 % 1.6 % 21.1 % USD Teknologi USA XLK % 3.0 % 0.1 % 17.8 % USD Bioteknologi IBB % 5.6 % 6.5 % 38.9 % USD S&P 500 SPY % 2.2 % 0.4 % 12.0 % USD Finansielle tjenester XLF % 2.2 % 0.7 % 12.0 % USD DJIA DIA % 2.3 % -0.4 % 8.4 % USD Forsyningstjenester XLU % 2.3 % 6.4 % 14.2 % USD FTSE 100 ISF % 0.5 % -3.5 % -5.5 % GBp Japan EWJ % 1.8 % -4.2 % -5.3 % USD TexDax TECDAX % 1.6 % -3.2 % 7.4 % EUR #N/A N/A Forbruksvarer XLP % 1.6 % 2.5 % 7.6 % USD CAC-40 CAC % 0.8 % -5.6 % -4.1% EUR Olje / Energi Naturgass NGAS % -1.8 % % 1.3 % USD 5500 Råolje CRUD % -0.6 % % % USD WTI-olje OILW % -0.6 % -12.1% % USD 0 Bensin UGAS % 1.1 % -13.1% % USD 88 WTI-Oil USO % -1.5 % % % USD Fyringsolje HEAT % 0.3 % -8.5 % % USD 197 Brent-olje OILB % 0.5 % % % USD M etaller Sølv SLV % -1.9 % -1.7 % % USD Nikkel NICK % -0.1% -8.0 % 2.7 % USD Aluminium ALUM % 0.7 % 2.0 % -2.4 % USD 0 Kobber COPA % 2.2 % 1.2 % -7.0 % USD Sink ZINC % 2.5 % -1.4 % 10.7 % USD 0 Bomull COTN % 2.6 % 3.7 % % USD 0 A ndre råvarer Svinekjøtt HOGS % 1.4 % -3.4 % -6.5 % USD 3000 Soyabønner SOYB % 5.1 % 10.0 % -3.7 % USD M ais CORN % 2.9 % 12.3 % -22.1% USD Soyaolje SOYO % 3.3 % 1.0 % % USD 5320 Hvete WEAT % 1.6 % 11.1 % % USD Sukker SUGA % -1.4 % -2.4 % % USD 2670 Kaffe COFF % -1.2 % 0.7 % 61.1 % USD 8357 Råoljer AIGO % 0.2 % % % USD 0 R åvarekurver Energi AIGE % -0.3 % % % USD Korn AIGG % 3.1 % 10.8 % % USD Landbruk AIGA % 2.6 % 7.3 % % USD Industrimetaller AIGI % 1.5 % -0.4 % -1.7 % USD Ex-Energi AIGX % 1.0 % 3.2 % -7.7 % USD 0 Råvarer AIGC % 0.6 % -1.7 % -8.3 % USD Softs (Sukker, Kakao, Bomull) AIGS % -0.7 % -0.1% -3.9 % USD 0 Buskap AIGL % 0.1 % 1.0 % 11.9 % USD 0 Edle metaller AIGP % -1.8 % 0.1 % % USD

7 DNB Markets ETF/ETP DISCLAIMER Denne rapport er utarbeidet av DNB Markets, et forretningsområde i DNB Bank ASA. Rapporten baserer seg på kilder som vurderes som pålitelige, men DNB Markets garanterer ikke at informasjonen er presis eller fullstendig. Uttalelser i rapporten reflekterer DNB Markets oppfatning på det tidspunkt rapporten ble utarbeidet, og DNB Markets forbeholder seg retten til å endre oppfatning uten varsel. Rapporten skal ikke oppfattes som et tilbud om å kjøpe eller selge finansielle instrumenter eller som en anbefaling om investeringsstrategi. DNB Markets påtar seg ikke noe ansvar, verken for direkte eller indirekte tap, som følge av at rapporten legges til grunn for investeringsbeslutninger. Regler om konfidensialitet og informasjonshåndtering i DNB Bank og DNB Markets begrenser utveksling av informasjon mellom ulike enheter i DNB Markets og mellom DNB Markets og enheter i DNB-konsernet. 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9 DNB Markets ETF/ETP If the analyst or any close associates serves as an officer, director or board member, or have a personal relationship with any individual that works for a company which DNB Markets publish a research note, this will be mentioned under the disclaimer in the relevant research note. The analyst or any close associates do neither hold nor do they have any direct/indirect involvement in the acquisition, sale, or intermediation of the securities discussed in each research note. Any financial interests, not mentioned in the relevant research notes, that the analyst or any close associates holds in the issuer discussed in the report is limited to investment funds that do not mainly invest in the issuer or industry discussed in the report and the management of which these persons cannot influence. 9