VENDING NED I USA, BLANDET I ASIA, OLJELAGERTALL STB & SCHA

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1 EQUITY RESEARCH Research report prepared by DNB Markets, a division of DNB Bank ASA Aksjemarkedet i dag VENDING NED I USA, BLANDET I ASIA, OLJELAGERTALL STB & SCHA Med et blikk på nivået verdsettelsesmultiplene har kommet opp på de siste månedene, et blikk på mulighetene for å sikre gevinstene for inneværende år og et blikk frem mot det kommende presidentskiftet ble det noe salgspress i et relativt stille amerikansk aksjemarkedet i går. Dow stengte ned 0.6%, mens S&P500 var ned 0.8% og Nasdaq ned 0.9%. Volumet på de tre hovedindeksene kom inn på 62-67% av gjennomsnittet for de siste tre månedene. I Asia ser det til tross for store bevegelser i enkeltaksjer ut som den relativt flate utviklingen vi har sett for det generelle markedet gjennom innledningen av uken fortsetter i dag. Unntaket er Nikkei-indeksen i Japan som tynget av en styrket Yen og fortsatt fall i Toshiba stenger ned 1.3%. De viktigste kinesiske indeksene er på samme tidspunkt er -/-0.1%. Fra Norden får vi i dag norske detaljhandelstall samt handelsbalansetall for Sverige, begge deler for november. Fra USA kommer det etter hvert ukentlige arbeidsmarkedstall. I oljemarkedet steg WTI-prisen i går med USD 0.18 pr fat til USD pr fat. Prisen har i morgentimene i dag falt tilbake på USD pr fat. Foreløpige oljelagertall lagt frem i USA indikerte en økning i de amerikanske råoljebeholdningene på 4.2 mill fat for forrige uke, mens det i forbindelse med den offisielle statistikken som legges frem kl norsk tid i dag i utgangspunktet er ventet et trekk i de samme beholdningene på 1.3 mill fat. Før det norske markedet åpner i dag ligger Brent-prisen på USD pr fat, hvilket er opp USD 0.48 pr fat i forhold til nivået på USD pr fat ved stengetid i det norske markedet i går. Etter et solid løft tidligere i år har kursoppgangen stanset noe opp for Storebrand den siste måneden. Det siste halvåret er aksjen opp rundt 56%, mens kursen siste måned er opp rundt 2%. Investeringsviljen har gjennom året steget i takt med forventningene om økende renter og i takt med at kapitaldekningsgraden (Solvency II) har bedret utsiktene for at selskapet for første gang på fem år igjen vil kunne betale utbytte. Vi venter at selskapet i forbindelse med Q4-rapporten, som legges frem 8. februar, vil kunne melde om en kapitaldekningsgrad på 141% og at dette igjen vil legge til rette for annonsering av et utbytte på NOK 1.25 pr aksje. Både forventningene om et utbytte og en eventuell bekreftelse vil kunne løfte aksjen gjennom de neste ukene og vi har en kjøpsanbefaling med et kursmål på NOK 52 pr aksje. Kursen stengte i går på NOK pr aksje. På tross av at A-aksjen i Schibsted er ned over 30% så langt i år har vi fortsatt utfordringer med å regne hjem dagens kursnivå. Basert på konsensusforventningene verdsettes selskapet på dagens kursnivå med en premie i forhold til EV/EBITDA multiplene for sammenlignbare internasjonale aktører. Våre egne EBITDA-estimater for 2017 og 2018 ligger i tillegg henholdsvis rundt 10% og rundt 19% under konsensus for de samme to årene. Selskapets høye investeringsvilje og tidlige start i lokale markeder har gjort tjenestene for online rubrikkannonser til en suksess. Vi venter imidlertid at konkurransen i denne sektoren vil intensiveres fremover og at dette vil kunne presse verdsettelsen ytterligere ned. Vi har salgsanbefaling på Schibsted med et kursmål på NOK 165 pr A-aksje. Kursen stengte i går på NOK pr aksje. Portefølje anbefalte aksjer: I dag - Statoil - BW Offshore - Bakkafrost - Höegh LNG - DNO - Borregaard - SR Bank Rapporter Norden - - Nøkkeltall Norden YTD DNB: +23% YTD OSE: +14% - NO; Detaljhandel - SE; Handelsbalanse Rapporter / nøkkeltall Europa / USA - DE; Detaljhandel - UK; Boligpriser - US; Engroslagre - US; Førstegangssøkende - US; Registrerte ledige - US; Oljelagertall Konferanser / presentasjoner - DNB Markets Olje-, Offshore-, - & Shippingkonferanse - Oslo, 1 mars 2017 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 19, USA 10år EUR/USD S&P 500 2, Tyskl. 10år USD/JPY NASDAQ 5, Norge 10år USD/NOK Nikkei , USA 3m EUR/NOK Euro Euro 3m Siste Endr. Endr. % Danmark-KFX Norge 3m CRB indeks Finland-HEX 8, Brent sp. ($/bbl) Norge-OSEBX Brent 1m ($/bbl Sverige-SAX Alum. 3m ($/ton 1, US Nat.gass Kilde: Bloomberg /DNB Markets 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 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 19, x S&P 500 2, x Nasdaq Composite 5, 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 2, x Philadelphia-børsens halvleder-indeks (SOX) 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 ,425, GN Store Nord , AP Møller Maersk ,746 11, , Finland Nokia ,878, Metso , TeliaSonera , UPM Kymmene , Norge Frontline , Norsk Hydro , Yara , Golden Ocean , PGS , Statoil , Subsea , DNB , Telenor , Tomra Questerre , Orkla , Sverige AstraZeneca ,793, Electrolux , Ericsson (B) ,203, 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 2,423 2, ,509 1,837 Olje Brent Spot Brent olje 1m Brent olje 3m WTI olje 1m Flybensin na Naturgass US Henry Hub Fyringsolje Metaller Aluminium 3m 1,705 1, ,795 1,449 Nikkel 10,100 10, , ,280 1,460 12,145 7,550 Kopper 5,545 5, ,046 4,318 Gull 1,148 1, ,375 1,058 Shipping WS AG - Japan, 250 dwt WS AG - USG, 250 dwt Baltic dry index 961 #N/A N/A , 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 Eiendom 0.0% 0.0% 0.0% 0.0% 0.0% 0.0 Materialer 1.4% 4.7% 10.4% 24.8% 26.1% 18.9 Diversifiserte telekomtjenester -0.3% 5.9% 3.3% 15.8% 17.9% 14.7 Energi 1.0% 14.3% 16.4% 23.0% 25.5% 25.5 Drikkevarer -0.5% 0.6% -3.2% -1.6% -0.1% 22.5 Detaljhandel 0.8% -0.2% 0.8% -16.0% -15.6% 19.5 Helseartikler -0.6% -0.2% -8.1% 3.4% 4.8% 18.8 Forbruksvarer og klær 0.6% 5.4% 12.4% 6.8% 8.2% 20.2 Programvare -0.6% 0.3% 4.0% 8.3% 10.2% 21.4 Legemiddelindustri og bioteknologi 0.4% 4.4% -0.6% -13.6% -12.6% 15.3 Datamaskiner og tilbehør -0.6% 4.1% 4.0% 11.5% 14.6% 12.6 Kapitalvarer 0.4% 5.2% 6.5% 11.7% 13.0% 18.2 Farmasi -0.6% 1.7% -3.2% -5.6% -4.3% 15.7 Kommersielle tjenester og leveranser 0.4% 3.5% -0.5% -8.6% -7.3% 17.3 Media -0.6% 2.1% 10.5% 13.1% 14.8% 18.8 Husholdningsvarer og personlige produ 0.3% 4.8% -3.7% -0.5% 0.3% 22.2 Matvarer -0.7% 2.7% -0.5% 6.3% 8.2% 21.1 Helsevern - utstyr og tjenester 0.3% 7.4% -1.5% -4.6% -4.0% 22.9 Hotell og restaurant -0.7% -0.3% 7.0% 1.5% 3.2% 22.1 Media 0.2% 8.8% 2.7% -6.1% -5.7% 19.1 Industrielle konglomerater -0.7% 2.3% 4.5% 5.3% 6.1% 20.8 Finansieringsselskaper 0.2% 5.9% 16.5% -13.5% -12.8% 16.7 Husholdningsartikler -0.7% 0.5% -6.2% 0.5% 1.9% 21.7 Hotell-, underholdnings- og restaurantvi 0.2% 4.7% 3.3% -8.1% -7.1% 18.7 Internett programvare og -tjeneste -0.8% -0.2% -3.0% 4.4% 6.8% 24.8 Drikkevarer, mat og tobakk 0.2% 3.6% -6.4% -5.9% -4.9% 20.1 Bioteknologi -0.8% -2.0% -3.1% -14.6% -13.5% 12.6 Programvare og tjenester 0.2% 2.8% -0.9% 3.7% 4.5% 20.5 Kommunikasjonsutstyr -0.8% 1.9% 0.4% 13.6% 15.8% 13.5 Banker 0.0% 9.5% 22.2% -4.1% -2.8% 13.6 Fritidsutstyr -0.8% -11.5% -6.6% 5.9% 7.7% 20.2 Forsikring 0.0% 5.8% 15.5% -6.6% -5.5% 11.4 Metall -0.8% -4.2% 5.8% 49.4% 51.7% 27.7 Mat- og apotekhandel -0.1% 2.2% 2.8% 0.9% 2.7% 17.8 Forsikring -0.9% 2.5% 11.3% 13.2% 15.1% 14.4 Biler og komponenter -0.1% 10.4% 14.3% -4.2% -3.2% 9.1 Olje og gass -0.9% 7.0% 7.4% 22.0% 23.4% Forsyningsselskaper -0.2% 4.9% -5.2% -10.2% -9.3% 14.2 Kraft -0.9% 0.8% -3.1% 9.0% 10.2% 16.2 Transport -0.4% 6.8% 6.5% 1.4% 1.9% 16.0 Kjemikalier -1.0% 2.4% 5.2% 6.1% 8.2% 18.8 Telekommunikasjon og tjenester -0.4% 6.0% -1.7% -17.4% -16.9% 17.3 Bank -1.1% 8.4% 32.8% 19.7% 22.1% 14.8 IT utstyr -0.5% 13.0% -10.0% -30.1% -30.0% 23.2 Energi og relatert utstyr -1.2% 8.8% 15.0% 27.7% 29.2% Eiendomsselskaper -1.2% 2.9% -5.7% -8.5% -7.4% 18.1 Elektronisk utstyr og instrumente -1.3% 1.6% 6.9% 20.8% 22.8% 18.4 Maskiner -1.4% 0.5% 7.3% 28.8% 31.1% 21.2 Elektrisk utstyr -1.4% 2.2% 5.0% 16.0% 18.0% 20.3 Luftfart -1.5% 3.9% 32.7% 7.5% 10.7% 10.1 Bildeler -1.5% 6.3% 2.2% -6.4% -4.2% 10.3 Bygg og anlegg -1.6% -0.9% 11.4% 29.7% 32.9% 21.0 Papir- og skogprodukter -2.2% 2.6% 8.1% 9.6% 12.6% 17.6 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 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 Travelers Cos Inc/The % 7.4 % 6.1 % Baidu Inc % -2.2 % % Coach Inc % -6.0 % 6.5 % Visa Inc % -1.1 % -1.1 % Liberty Media Corp-Libe % 0.4 % na Allergan plc % 5.9 % % Home Depot Inc/The % 4.2 % 1.0 % Tesla Motors Inc % 15.9 % -7.4 % Constellation Brand % -2.2 % 5.6 % Chevron Corp % 7.8 % 29.2 % Amazon.com Inc % 1.3 % 11.3 % Newmont Mining Co % -2.3 % 81.8 % McDonald's Corp % 1.7 % 2.2 % NetEase Inc % -2.7 % 21.2 % Michael Kors Holdin % -9.6 % 5.2 % Verizon Communications Inc % 4.9 % 13.2 % Liberty Media Corp-Libe % 0.8 % na Urban Outfitters Inc % % 22.7 % Goldman Sachs Group Inc/The % 13.6 % 31.1 % Expedia Inc % -9.3 % % VeriSign Inc % -2.7 % % Apple Inc % 4.8 % 7.4 % Express Scripts Holding % -9.6 % % Under Armour Inc % -2.4 % na Microsoft Corp % 3.1 % 11.4 % Charter Communication % 3.8 % 42.2 % Apollo Global Manag % -0.6 % 24.6 % 3M Co % 3.1 % 16.5 % Linear Technology Corp % -0.1 % 42.4 % Harman Internationa % 1.6 % 16.8 % Exxon Mobil Corp % 5.1 % 14.1 % Automatic Data Process % 6.2 % 18.7 % Amazon.com Inc % 1.3 % 11.3 % NIKE Inc % 0.8 % % Activision Blizzard Inc % -4.0 % -8.0 % Travelers Cos Inc/Th % 7.4 % 6.1 % Coca-Cola Co/The % 0.6 % -5.3 % Kraft Heinz Co/The % 3.9 % 16.9 % Campbell Soup Co % 5.0 % 12.8 % Pfizer Inc % 1.3 % -1.5 % Twenty-First Century Fo % -0.1 % 3.2 % VF Corp % -3.3 % % Wal-Mart Stores Inc % -2.9 % 12.5 % International Business Machine % 1.6 % 18.9 % Bunn siste 1 dag 1 mnd 1 år Bunn siste 1 dag 1 mnd 1 år Procter & Gamble Co/The % 1.4 % 4.6 % NVIDIA Corp % 17.2 % % NVIDIA Corp % 17.2 % % General Electric Co % 2.1 % 1.3 % Micron Technology Inc % 17.3 % 58.9 % Chesapeake Energ % 13.5 % 57.9 % Johnson & Johnson % 2.3 % 10.6 % QUALCOMM Inc % -1.5 % 29.2 % Mallinckrodt PLC % -5.2 % % United Technologies Corp % 1.2 % 13.3 % NetApp Inc % -1.9 % 33.3 % Diamond Offshore D % 13.6 % % JPMorgan Chase & Co % 9.6 % 29.0 % Fastenal Co % 0.8 % 13.8 % First Solar Inc % 9.5 % % UnitedHealth Group Inc % 2.4 % 34.7 % American Airlines Group % 1.7 % 9.6 % Mosaic Co/The % 7.4 % 0.7 % EI du Pont de Nemours & Co % 4.5 % 10.1 % Liberty Interactive Corp % -7.7 % % Garmin Ltd % -5.3 % 32.1 % American Express Co % 4.0 % 5.4 % Netflix Inc % 7.1 % 5.7 % Perrigo Co PLC % -3.4 % % Walt Disney Co/The % 4.6 % -2.6 % Regeneron Pharmaceu % -2.2 % % Albemarle Corp % 0.7 % 52.6 % Cisco Systems Inc % 2.0 % 9.5 % Alexion Pharmaceutical % -1.5 % % Apache Corp % 6.3 % 42.1 % Merck & Co Inc % -4.7 % 11.1 % Norwegian Cruise Line % 5.5 % % Invesco Ltd % -1.9 % -9.6 % Boeing Co/The % 2.9 % 5.9 % Cerner Corp % -4.6 % % National Oilwell Var % 9.7 % 10.9 % Intel Corp % 3.7 % 3.4 % Skyworks Solutions Inc % -0.2 % -4.2 % Murphy Oil Corp % 8.9 % 41.2 % Caterpillar Inc % -0.9 % 34.6 % Whole Foods Market Inc % 2.0 % -8.8 % Williams Cos Inc/Th % 7.3 % 24.8 % Kilde: Bloomberg / DNB Markets 12-måneders forward P/E 22x 20x 18x 16x 14x 12x 10x 8x 6x SPX Index SX5E Index OBX Index 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) Brasil EWZ % 4.8 % -0.5 % 53.0 % USD 407,224,608 Latin-America 40 ILF % 2.5 % -0.6 % 26.5 % USD 25,831,062 Emerging Markets EEM % -1.0 % -2.1 % 5.8 % USD 1,324,305,024 Pacific ex-japan EPP % -2.8 % -4.4 % 1.7 % USD 20,796,218 CAC-40 CAC % 0.3 % 6.3 % 2.7 % EUR 6,688,590 AEX-Nederland AEXT % 0.0 % 6.9 % 8.9 % EUR 78,320 TecDax TDXPEX % 1.3 % 5.6 % -2.5 % EUR 286,755 FTSE 100 ISF % 1.2 % 4.1 % 12.1 % GBp 3,669,592,000 Japan EWJ % -2.4 % -1.2 % 0.3 % USD 223,946,992 DAX DAXEX % -0.1 % 7.7 % 4.4 % EUR 3,300,551 DJIA DIA % -0.7 % 3.6 % 11.9 % USD 489,784,544 Forbruksvarer XLP % -0.6 % 0.6 % 1.0 % USD 432,681,504 Hong Kong EWH % -2.4 % -8.1 % -3.3 % USD 58,755,416 S&P Euro 350 IEV % -1.0 % 3.0 % -6.7 % USD 21,552,900 Nasdaq 100 QQQ % -0.6 % 0.8 % 4.9 % USD 1,609,226,624 S&P 500 SPY % -0.9 % 1.6 % 8.2 % USD 12,074,307,584 Teknologi USA XLK % -0.8 % 1.4 % 11.2 % USD 359,573,568 Forsyningstjenester XLU % -0.9 % -0.2 % 10.0 % USD 443,440,352 S&P Midcap 400 MDY % -1.4 % 1.6 % 16.6 % USD 263,197,568 Finansielle tjenester XLF % -1.2 % 5.2 % 18.7 % USD 767,415,936 Russell 2000 IWM % -2.0 % 2.3 % 17.4 % USD 3,032,715,520 Industri XLI % -1.3 % 0.2 % 16.0 % USD 338,200,480 Dow Jones Total market THRK % -0.9 % 1.6 % 9.4 % USD 1,624,416 Energi XLE % -0.4 % 6.9 % 24.3 % USD 665,078,272 Bioteknologi IBB % -1.0 % -4.4 % % USD 257,411,760 Russell 2000 Growth IWO % -2.1 % 0.3 % 8.3 % USD 113,276,152 Oil Service OIH % -0.8 % 13.1 % 24.9 % USD 84,340,272 Olje / Energi Bensin UGAS % 5.9 % 19.7 % 5.6 % USD 170,578 Naturgass UNG % 15.7 % 14.9 % 11.5 % USD 168,490,800 Brent-olje OILB % 2.7 % 18.5 % 27.0 % USD 1,059,951 Råolje CRUD % 2.4 % 17.0 % 5.4 % USD 3,819,904 WTI-olje OILW % 2.5 % 16.8 % 11.0 % USD 6,983 Fyringsolje HEAT % 2.1 % 14.9 % 28.4 % USD 11,923 WTI-Oil USO % 1.1 % 16.8 % 4.4 % USD 194,696,592 Metaller Gull BULL % -0.3 % -4.0 % 4.8 % USD 82,690 Sølv SLV % -0.3 % -3.7 % 14.5 % USD 98,291,312 Kobber COPA % 0.4 % -3.9 % 14.1 % USD 628,988 Sink ZINC % -0.6 % -5.8 % 57.2 % USD 1,326,282 Bomull COTN % -0.1 % -2.3 % 6.9 % USD 12,628 Aluminium ALUM % -0.7 % -0.8 % 6.6 % USD 242,858 Andre råvarer Sukker SUGA % 3.1 % -5.4 % 21.5 % USD 199,929 Hvete WEAT % -0.8 % -2.3 % % USD 200,074 Soyabønner SOYB % -1.8 % -3.8 % 14.9 % USD 110,949 Mais CORN % -0.8 % -0.7 % % USD 86,005 Kveg CATL % 1.5 % 6.2 % -6.7 % USD 2,981 Råvarer DBC % 1.1 % 7.0 % 17.7 % USD 37,777,104 Svinekjøtt HOGS % 0.6 % 17.0 % -4.7 % USD 43,589 Soyaolje SOYO % -4.9 % -5.2 % 7.3 % USD 133,874 Råvarekurver Råvarer AIGC % 0.9 % 2.7 % 9.8 % USD 566,186 Korn AIGG % -1.2 % -2.3 % -6.5 % USD 95,940 Edle metaller AIGP % -0.3 % -3.8 % 6.9 % USD 24,273 Landbruk AIGA % -1.4 % -4.1 % 1.1 % USD na Råvarer (ETN) GSG % 1.6 % 9.8 % 9.3 % USD 2,424,723 Softs (Sukker, Kakao, BomuAIGS % -0.8 % -7.1 % 11.5 % USD #N/A N/A Buskap AIGL % 1.1 % 9.8 % -6.2 % USD 2,139 Industrimetaller AIGI % -1.0 % -4.2 % 18.1 % USD 1,695,592 Kilde: Bloomberg / DNB Markets 5

6 ETN / ETF Endring i % Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Verdi (gjennomsnitt) Fred. Olsen Energy BEAR FOE DNM % % % % NOK 777,137 PGS DNB-ETN PGS BULL % 9.7 % 67.3 % % NOK 166,318 Strømpris DNB-ETN ELKRAFT BULL % 26.4 % -2.2 % % NOK 61,555 Naturgasspris BULL NATGAS ETN DNM % 11.8 % 0.3 % 10.0 % NOK na Norsk Hydro BULL NHY X3 DNM % 2.2 % 6.9 % 52.3 % NOK 408,068 DNO BULL DNO DNM % 5.6 % 38.5 % 43.0 % NOK 162,163 Norsk Hydro DNB-ETN NORSK HYDRO BUL % 1.5 % 5.1 % 48.3 % NOK 7,005 Strømpris DNB-ETN ELKRAFT % 13.3 % -0.3 % 77.3 % NOK 1,833 Naturgasspris NATGAS ETN DNM % 5.5 % 0.3 % 0.1 % NOK na Oljepris DNB - ETN BRENT BULL % 2.7 % 41.0 % 33.6 % NOK 2,663,502 Oljepris BULL OLJE HA % 3.4 % 39.5 % 34.3 % NOK 128,431 Aker Solutions DNB-ETN AKER SOLUTIONS B % 6.1 % 42.3 % 47.9 % NOK na BW LPG BULL BWLPG DNM % 23.9 % 90.1 % % NOK 27,493 Strømpris BULL EL HA % 44.4 % 21.6 % % NOK 100 Statoil DNB-ETN STATOIL X3 BULL % 3.9 % 46.1 % 72.5 % NOK 176,822 Kobberpris BULL KOBBER ETN DNM % 1.4 % -5.5 % 28.3 % NOK 233,334 Storebrand DNB-ETN STOREBRAND BEAR % -0.3 % -9.2 % % NOK na Oljeservice DNB - ETN OIL SERVICE BULL % 2.4 % 46.0 % 39.9 % NOK 61,796 TGS Nopec DNB-ETN TGS BULL % 7.8 % 44.0 % 62.0 % NOK na Seadrill DNB-ETN SEADRILL BULL % % 98.2 % % NOK 162,373 Yara DNB-ETN YARA X3 BULL % 10.7 % 21.8 % % NOK 11,288 Sølvpris BULL SOLV ETN DNM % 3.4 % -5.9 % 16.1 % NOK 169,148 Statoil DNB-ETN STATOIL BULL % 2.6 % 29.5 % 62.2 % NOK na Orkla DNB-ETN ORKLA X3 BEAR % -3.3 % -3.8 % % NOK na Oljepris DNB - ETN BRENT % 1.5 % 20.7 % 27.3 % NOK 493,038 Aluminium BEAR ALU ETN DNM % 1.5 % 1.6 % % NOK na Sinkpris BULL SINK ETN DNM % -2.9 % % % NOK na Kobberpris BULL KOBBER ETN DNM % 0.8 % -1.6 % 15.1 % NOK na Gjensidige DNB-ETN GJENSIDIGE X3 BEA % -4.0 % 3.6 % % NOK na Yara DNB-ETN YARA BULL % 7.1 % 14.3 % % NOK 12,726 Yara DNB-ETN YARA BULL % 7.1 % 14.3 % % NOK 12,726 Aker BP DNB - ETN AKER BP BULL % 0.0 % 0.0 % 0.0 % NOK 2,169 Telenor DNB-ETN TELENOR X3 BEAR % -1.0 % -4.3 % -8.8 % NOK 2,060 CO2 BEAR CO2 ETN DNM % % % % NOK 9,216 OBX BULL OBX X4 DNM % 4.3 % 28.1 % 26.5 % NOK na Oljeservice DNB - ETN OIL SERVICE % 1.3 % 21.4 % 34.1 % NOK 192,870 Sølvpris SOLV ETN DNM % 1.8 % -1.6 % 11.2 % NOK na Kobberpris BULL KOBBER HA % 1.4 % -6.0 % 21.2 % NOK na OBX DNB-ETN OBX X3 BULL % 3.2 % 20.8 % 28.3 % NOK 27,276 Schibsted BEAR SCH DNM % 0.6 % % 55.2 % NOK na Telenor DNB - ETN TELENOR BEAR % -0.6 % -2.6 % 0.4 % NOK na Norwegian DNB-ETN NORWEGIAN BEAR % -1.0 % % % NOK na Sinkpris SINK ETN DNM % -1.3 % -4.8 % 57.4 % NOK na Marine Harvest Group DNB-ETN MARINE HARVEST B % -3.4 % -2.9 % % NOK 814 Subsea 7 DNB-ETN SUBSEA 7 BULL % -0.4 % 33.7 % % NOK 6,494 OBX XACT DERIVAT BULL % 2.1 % 13.1 % 22.9 % NOK 18,620,160 OBX DNB OBX % 1.1 % 6.7 % 14.7 % NOK 3,010,305 Bank Norwegian DNB - ETN NOFI BEAR % 0.0 % 0.0 % 0.0 % NOK na Gullpris DNB-ETN GULL BEAR % -1.5 % 10.8 % % NOK na Gullpris BEAR GULL HA % -1.5 % 10.8 % % NOK na Gullpris BULL GULL HA % 2.0 % -6.8 % 6.8 % NOK na Aluminium BULL ALU HA % 1.1 % -0.7 % 11.9 % NOK na Aluminium BEAR ALU HA % -0.6 % 4.1 % % NOK na Gullpris DNB-ETN GULL % 1.1 % -2.4 % 4.4 % NOK 30,523 Gullpris DNB-ETN GULL BULL % 1.9 % -6.8 % 7.0 % NOK 36 OBX XACT OBX % 0.7 % 6.3 % 11.6 % NOK 2,937,122 Shipping DNB - ETN SHIPPING % 0.0 % 0.0 % 0.0 % NOK 1,789 REC BEAR REC HA % 0.0 % % % NOK 517 DNB BEAR DNB NOR HA % 0.0 % % % NOK na Kilde: Bloomberg / DNB Markets FORTS. 6

7 ETN / ETF Endring i % Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Volum OBX BULL OBX X3 HA % 0.0 % 15.1 % 26.3 % NOK 863 REC BEAR REC DNM % 8.2 % % % NOK 75,970 OBX BEAR OBX X3 HA % 3.9 % -8.8 % % NOK na DNB BULL DNBNOR HA % % 7.2 % 32.7 % NOK na OBX SHORT OBX DNM % -1.1 % -6.4 % % NOK na REC DNB-ETN REC BULL % -9.8 % 52.8 % % NOK na Bank Norwegian DNB - ETN NOFI BULL % 0.0 % 0.0 % 0.0 % NOK 18,864,800 Aluminium ALU ETN DNM % -0.4 % 2.0 % 7.5 % NOK na Subsea 7 DNB-ETN SUBSEA 7 BEAR % 0.0 % % % NOK na Aker BP DNB - ETN AKER BP BEAR % 0.0 % 0.0 % 0.0 % NOK 23,837 OBX XACT DERIVAT BEAR % -2.1 % % % NOK 68,605 Kobberpris BEAR KOBBER HA % -1.0 % 8.8 % % NOK 8,727 Telenor DNB-ETN TELENOR BULL % 0.6 % 1.3 % % NOK 3,944 Marine Harvest Group DNB-ETN MARINE HARVEST B % 3.5 % 2.2 % 87.1 % NOK 23,912 Sjømat DNB - ETN SEAFOOD % 0.9 % 0.6 % #VALUE! NOK na OBX DNB-ETN OBX X3 BEAR % -3.3 % % % NOK 434,760 Norwegian DNB-ETN NORWEGIAN BULL % 0.7 % 12.1 % % NOK na Schibsted BULL SCH DNM % -0.6 % 13.2 % % NOK 743 Sink BEAR SINK ETN DNM % 3.2 % 13.1 % % NOK 10,440 Telenor DNB-ETN TELENOR X3 BULL % 0.9 % 1.6 % % NOK 16,768 Aluminium BULL ALU ETN DNM % -1.0 % 1.9 % 13.4 % NOK 27,418 CO2 CO2 ETN DNM % 19.6 % 38.6 % % NOK na Yara DNB-ETN YARA BEAR % -6.8 % % -6.9 % NOK na OBX BEAR OBX X4 DNM % -4.3 % % % NOK na Gjensidige DNB-ETN GJENSIDIGE X3 BUL % 4.0 % -4.4 % -1.3 % NOK 71,205 Sølvpris BEAR SOLV ETN DNM % -2.9 % 6.9 % % NOK 655,119 Statoil DNB-ETN STATOIL BEAR % -2.5 % % % NOK na CO2 BULL CO2 ETN DNM % 40.8 % 85.5 % % NOK na Orkla DNB-ETN ORKLA X3 BULL % 3.5 % 2.6 % 31.0 % NOK 31,612 Yara DNB-ETN YARA X3 BEAR % % % % NOK na Kobberpris BEAR KOBBER ETN DNM % -0.9 % 8.4 % % NOK 19,248 TGS Nopec DNB-ETN TGS BEAR % -7.7 % % % NOK 5,394 Oljeservice DNB - ETN OIL SERVICE BEAR % -2.9 % % % NOK 27,104 Storebrand DNB-ETN STOREBRAND BULL % 0.2 % 8.8 % 54.0 % NOK 6,732 Statoil DNB-ETN STATOIL X3 BEAR % -3.6 % % % NOK na Oljepris BEAR OLJE HA % -3.0 % % % NOK na Opera BULL OPERA DNM % -7.4 % % % NOK na Oljepris DNB - ETN BRENT BEAR % -2.4 % % % NOK 522,801 Aker Solutions DNB-ETN AKER SOLUTIONS B % -6.2 % % % NOK na Strømpris BEAR EL HA % % % % NOK 2,004 Norsk Hydro DNB-ETN NORSK HYDRO BEA % -1.7 % -6.7 % % NOK na Golden Ocean BULL GOGL DNM % 28.4 % 28.3 % % NOK na Norsk Hydro BEAR NHY X3 DNM % -2.7 % % % NOK 45,379 DNO BEAR DNO DNM % -6.2 % % % NOK 8,248 Naturgasspris BEAR NATGAS ETN DNM % % -3.9 % % NOK 206,093 Kilde: Bloomberg / DNB Markets 7

8 Rapportkalender Dato Selskap Marked EBITDAe EPSe EBITDAe EPSe Utbytte 10-Jan EMAS Offshore Ltd Oslo na na na na Irreg 11-Jan Chr Hansen Holding A/S Copenhagen Annual Dustin Group AB Stockholm na na Annual 18-Jan Pandora A/S Copenhagen 2, na na Annual Hexatronic Group AB Stockholm na na Irreg 19-Jan Avanza Bank Holding AB Stockholm na 3.25 na na Annual Castellum AB Stockholm Annual 24-Jan Byggmax Group AB Stockholm na na Annual Probi AB Stockholm na na Annual 25-Jan Bonava AB Stockholm na na None Bonava AB Stockholm na na na na None Qliro Group AB Stockholm na na None Elanders AB Stockholm na na Annual 26-Jan Novo Nordisk A/S Copenhagen 12, , Semi-Anl Data Respons ASA Oslo na na Annual Data Respons ASA Oslo na na Annual Stolt-Nielsen Ltd Oslo Semi-Anl Svenska Cellulosa AB SCA Stockholm 5, , Annual Getinge AB Stockholm 2, , Annual Telefonaktiebolaget LM Ericsso Stockholm 5, na na Annual Nordea Bank AB Helsinki na 0.20 na 0.22 Annual Nordea Bank AB Stockholm na 0.20 na 0.22 Annual Tele2 AB Stockholm 1, , Annual Orexo AB Stockholm na na na na None Tele2 AB Stockholm 1, , Annual Lagercrantz Group AB Stockholm na na Annual Intrum Justitia AB Stockholm na na Annual Svenska Cellulosa AB SCA Stockholm 5, , Annual Telefonaktiebolaget LM Ericsso Stockholm 5, na na Annual Bergs Timber AB Stockholm na na na na Irreg Eolus Vind AB Stockholm na na Annual 27-Jan NCC AB Stockholm , Semi-Anl Wartsila OYJ Abp Helsinki Annual Scatec Solar ASA Oslo na na Annual Atlas Copco AB Stockholm 6, , Semi-Anl Avance Gas Holding Ltd Oslo Quarter Voss Veksel OG Landmands B Oslo na 3.59 na na Annual Ahlsell AB Stockholm na na na na None Elisa OYJ Helsinki na na Annual Telia Co AB Stockholm 6, , Semi-Anl NCC AB Stockholm , Irreg Beijer Electronics AB Stockholm na na Annual Atlas Copco AB Stockholm 6, , Semi-Anl Telia Co AB Helsinki 6, , Semi-Anl 31-Jan Concordia Maritime AB Stockholm na na Annual Nordnet AB Stockholm na 0.51 na na Annual UPM-Kymmene OYJ Helsinki na na Annual Investor AB Stockholm na na na na Annual Micro Systemation AB Stockholm na na Annual Hennes & Mauritz AB Stockholm 9, , Annual Investor AB Stockholm na na na na Annual HIQ International AB Stockholm na na Annual Com Hem Holding AB Stockholm Annual Alfa Laval AB Stockholm 1, , Annual 1-Feb Sandvik AB Stockholm 3, , Annual Kilde: Bloomberg / DNB Markets Konsensus DNB 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 11,340 12, x 20.5x 6.4x 5.4x AcadeMedia AB ACAD Kjøp SEK x 10.4x 10.5x 7.6x AF Gruppen AFG Selg NOK x 24.3x 11.6x 12.2x Ahlsell AB Kjøp SEK x 13.7x 13.3x 11.3x Akastor AKA Kjøp NOK x -6.2x 13.0x 16.3x Aker AKER Hold NOK x 19.6x Aker BP ASA AKERBP Kjøp NOK x 17.1x 9.3x 4.0x Aker Solutions AKSO Selg NOK x x 8.4x 11.4x Alfa Laval ALFA Selg SEK x 24.7x 12.2x 13.0x Arcam ARCM Hold SEK x 92.8x 150.8x 44.7x Archer ARCHER Selg NOK x -3.7x 20.1x 14.1x Assa Abloy ASSAB Hold SEK x 21.5x 16.0x 14.4x Atea ATEA Hold NOK x 16.5x 8.9x 8.0x Atlas Copco ATCOA Hold SEK x 22.6x 15.0x 13.1x Atwood Oceanics ATW Selg USD x -16.1x 2.9x 10.1x Aurora LPG AURLPG Hold NOK x 7.1x 15.5x 9.5x Austevoll Seafood AUSS Kjøp NOK x 9.6x 6.0x 4.1x Autoliv ALIV Kjøp SEK x 16.5x 8.4x 7.8x Avance Gas AVANCE Kjøp NOK x 309.1x 10.9x 9.7x Avanza Bank AZA Kjøp SEK x 26.7x Awilco Drilling AWDR Hold NOK x 1.9x 3.3x 0.8x Bakkafrost BAKKA Hold NOK x 12.4x 10.6x 8.0x Balder BALD Hold SEK x 24.6x 23.9x 21.0x Betsson BETSB Kjøp SEK x 11.5x 10.8x 9.4x BillerudKorsnäs BILL Kjøp SEK x 14.6x 9.3x 8.2x Borregaard BRG Kjøp NOK x 14.4x 8.8x 7.4x BW LPG BWLPG Kjøp NOK x 9.4x 7.5x 7.2x BW Offshore BWO Kjøp NOK Cargotec CGC Selg EUR x 17.2x 10.4x 9.9x Carlsberg CARLB Selg DKK x 18.0x 9.1x 8.4x Castellum CAST Hold SEK x 16.3x 25.3x 19.7x Chr. Hansen CHR Hold DKK x 32.3x 24.9x 21.1x Citycon CTY1S Kjøp EUR x 17.0x 20.4x 19.9x Coloplast COLOB Kjøp DKK x 25.0x 20.0x 17.9x Com Hem COMH Selg SEK x 29.8x 10.5x 8.9x Coor Service Managemen COOR Kjøp SEK x 11.9x 11.6x 10.1x D/S Norden DNORD Kjøp DKK x 243.5x 21.8x 11.3x Danske Bank DANSKE Kjøp DKK x 11.0x Deep Sea Supply DESSC NOK x -2.6x 20.2x 12.2x DHT Holdings DHT Hold USD x 9.7x 4.7x 5.3x Diamond Offshore DO Selg USD x 15.2x 6.8x 6.2x DNB DNB NOK x 11.5x DNO DNO Kjøp NOK x 2.9x 7.6x 1.6x DOF DOF NOK x 5.5x 8.3x 8.5x Dorian LPG LPG Kjøp USD x -13.4x 6.2x 19.3x Eidesvik Offshore EIOF NOK x -2.6x 8.6x 12.6x Electrolux ELUX Hold SEK x 13.9x 6.9x 6.6x Elekta EKTAB Kjøp SEK x 21.0x 15.8x 11.9x Ensco ESV Selg USD x 58.0x 3.9x 7.1x Entra ENTRA Kjøp NOK x 19.2x 20.8x 18.7x Epic Gas EPIC Kjøp NOK x 6.2x 8.7x 5.1x Ericsson ERICb Hold SEK x 18.4x 7.8x 6.2x Euronav EURN Hold USD x 25.3x 5.7x 5.9x Europris EPR Selg NOK x 14.8x 11.2x 9.9x Evolution Gaming EVO Kjøp SEK x 21.5x 20.9x 15.3x Fabege FABG Hold SEK x 33.4x 31.9x 30.2x Farstad Shipping FAR NOK x -0.2x 13.1x 17.9x Flex LNG FLNG Hold NOK x -68.6x FLSmidth FLS Hold DKK x 18.6x 11.0x 9.3x FMC Technologies FTI Selg USD x 51.8x 19.6x 16.3x Fortum FUM1V Selg EUR x 21.7x Fred Olsen Energy FOE Selg NOK x -1.6x 1.5x 5.8x Frontline FRO Hold NOK x 9.1x 6.6x 7.8x 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 GasLog GLOG Kjøp USD x 15.9x 13.1x 9.8x Gener8 Maritime GNRT Hold USD x 3.7x 7.1x 6.0x Getinge GETIB Selg SEK x 12.5x 11.5x 8.5x Gjensidige Forsikring GJF Hold NOK x 16.1x GN Group GN Hold DKK x 16.9x 14.3x 11.9x Golar LNG GLNG Kjøp USD x -11.9x -68.0x 79.9x Golar LNG Partners GMLP Hold USD x 7.3x 7.8x 7.1x Golden Ocean GOGL Kjøp NOK x -8.4x x 26.2x Grieg Seafood GSF Hold NOK x 8.9x 7.9x 5.9x Havila Shipping HAVI Selg NOK x -0.2x 8.1x 13.9x Helgeland Sparebank HELG Kjøp NOK x 9.1x Hennes & Mauritz HMB Hold SEK x 20.9x 13.4x 11.0x Hexagon AB HEXAB Kjøp SEK x 20.0x 14.9x 13.5x Hexagon Composites HEX Hold NOK x 21.4x 41.8x 15.6x Hexpol HPOLB Kjøp SEK x 20.0x 13.4x 11.8x Holmen HOLMB S Selg SEK x 16.8x 10.2x 9.9x Hufvudstaden HUFV Hold SEK x 32.8x 28.4x 26.8x Humana HUM Kjøp SEK x 12.4x 11.8x 9.8x Husqvarna HUSQb Kjøp SEK x 15.1x 10.6x 8.7x Höegh LNG Holdings HLNG Kjøp NOK x 16.5x 12.5x 11.2x Industrivärden INDUc Kjøp SEK Investor INVEb Kjøp SEK Jm Ab JM Kjøp SEK x 11.8x 10.0x 8.1x Kindred Group KINDSDB Kjøp SEK x 14.9x 13.6x 11.8x Kinnevik KINVb Kjøp SEK Klövern KLOVb Kjøp SEK x 13.2x 20.8x 20.0x KNOT Offshore Partners KNOP Hold USD x 12.1x 9.4x 8.9x Kone KNEBV Hold EUR x 21.1x 14.4x 13.3x Konecranes KCR1V Hold EUR x 21.3x 11.3x 9.8x Kongsberg Gruppen KOG Kjøp NOK x 13.9x 14.1x 8.3x Kungsleden KLED Kjøp SEK x 11.8x 18.2x 17.4x Kværner KVAER Selg NOK x 29.8x 2.3x 4.6x Latour LATOb Hold SEK Lerøy LSG Kjøp NOK x 9.7x 9.1x 6.1x Loomis LOOMb Kjøp SEK x 14.1x 7.7x 7.1x Lundbeck LUN Kjøp DKK x 28.3x 13.7x 11.5x Lundbergs LUNDb Selg SEK Lundin Petroleum LUPE Kjøp SEK x 24.5x 13.4x 6.6x Marine Harvest MHG Kjøp NOK x 10.8x 9.8x 6.6x Medistim MEDI Hold NOK x 22.7x 19.3x 15.0x Metsa Board METSB Kjøp EUR x 14.2x 11.4x 6.8x Metso MEO1V Hold EUR x 21.5x 11.3x 10.5x Millicom MICsdb Kjøp SEK x 21.0x 5.3x 4.8x MSAB MELK Selg SEK MTG MTGb Kjøp SEK x 16.4x 12.9x 10.9x Ncc NCC Hold SEK x 15.4x 12.1x 8.9x NetEnt NETb Kjøp SEK x 27.5x 23.7x 18.4x Nibe Industrier NIBEB Hold SEK x 21.2x 16.2x 13.8x Nobia NOBI Kjøp SEK x 13.6x 10.0x 7.7x Noble NE Selg USD x -6.9x 4.1x 8.7x Nokian Tyres NRE1V Kjøp EUR x 17.4x 11.0x 9.6x Nordea NDA Kjøp SEK x 12.4x Nordic Nanovector NANO Kjøp NOK x -18.0x -15.3x -14.8x Nordic Semiconductor NOD Kjøp NOK x 36.1x 28.8x 17.5x Nordnet NNb Hold SEK x 20.4x Norsk Hydro NHY Selg NOK x 20.9x 7.6x 7.3x North Energy NORTH Hold NOK x -1.5x Norway Royal Salmon NRS Hold NOK x 13.8x 12.5x 9.2x Norwegian Air Shuttle NAS Hold NOK x 9.7x 11.9x 11.6x Norwegian Property NPRO Hold NOK x 21.6x 16.5x 18.2x Novo Nordisk NVO Hold DKK x 16.5x 12.2x 11.5x Novozymes NZYMB Selg DKK x 22.8x 15.1x 13.9x NRC Group NRC Selg NOK x 24.2x 14.5x 13.7x Ocean Rig ORIG Selg USD x 3.5x 3.2x 4.8x Ocean Yield OCY Kjøp NOK x 6.8x 9.1x 7.2x Odfjell ODF Kjøp NOK x 4.7x 4.4x 4.5x Odfjell Drilling ODL Kjøp NOK x 13.0x 8.3x 7.5x Olav Thon OLT Kjøp NOK x 13.5x 16.5x 15.0x Opera OPERA Kjøp NOK x 9.4x 9.3x 7.2x 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 Oriflame ORI Selg SEK x 24.1x 13.2x 11.5x Orkla ORK Hold NOK x 20.9x 16.1x 15.1x Outotec OTE1V Hold EUR x 30.2x 13.2x 9.4x Pacific Drilling PACD Selg USD x -0.2x 8.4x 18.6x Pandox PNDXB Hold SEK x 16.3x 22.8x 18.2x Pareto Bank PARB Kjøp NOK x 7.7x Peab PEAB Kjøp SEK x 12.6x 8.2x 6.9x Petroleum Geo-Services PGS NOK x -5.2x 4.9x 6.6x Polarcus PLCS Selg NOK x -0.4x 5.6x 5.3x Prosafe PRS Hold NOK x x 10.3x 21.5x Q-Free QFR Hold NOK x 10.7x 12.9x 6.4x Recipharm RECIB Hold SEK x 23.5x 12.6x 9.6x RenoNorden RENO Hold NOK x 4.7x 5.5x 4.6x Rezidor REZT Hold SEK x 7.7x 7.8x 4.3x Rowan RDC Selg USD x 41.2x 4.0x 6.2x Safe Bulkers SB Hold USD x -3.9x 21.3x 14.6x Saipem SPM Selg EUR x 22.9x 5.2x 6.7x SalMar SALM Hold NOK x 11.2x 9.7x 7.4x Sampo Oyj SAMPO Hold EUR x 15.0x Sandvik SAND Kjøp SEK x 18.2x 11.6x 10.2x SCA SCAB Hold SEK x 17.5x 10.7x 9.7x Scandi Standard SCST Kjøp SEK x 14.0x 10.2x 7.8x Schibsted SCHA Selg NOK x 53.4x 21.5x 19.0x Scorpio Tankers STNG Hold USD x 8.4x 13.2x 9.3x Seadrill SDRL Selg NOK x -11.2x 5.6x 10.8x SEB SEB Kjøp SEK x 13.0x Securitas SECUB Kjøp SEK x 16.0x 11.4x 9.5x Selvaag Bolig SBO Hold NOK x 12.0x 10.9x 9.0x Sevan Marine SEVAN Selg NOK x -11.4x -7.4x -9.0x Siem Offshore SIOFF NOK x -1.8x 17.3x 18.2x Skandiabanken SKBN Kjøp NOK x 12.5x Skanska SKA Hold SEK x 15.8x 13.9x 11.8x SKF SKFB Hold SEK x 15.7x 10.3x 9.5x Solstad Offshore SOFF NOK x -3.9x 12.5x 14.8x Songa Offshore SONG Selg NOK x 311.9x 12.0x 114.2x Sparebank1 Nord-Norge NONG Kjøp NOK x 9.7x Sparebank1 SMN MING Kjøp NOK x 9.0x Sparebank1 SR-Bank SRBANK Kjøp NOK x 9.9x Sparebanken Møre MORG Kjøp NOK x 10.2x Sparebanken Sør SOR Hold NOK x 10.1x Sparebanken Øst SPOG Kjøp NOK x 11.2x Spectrum SPU Selg NOK x x 2.6x 1.9x Sponda SDA1V Kjøp EUR x 15.6x 20.1x 20.7x Statoil STL Kjøp NOK x 11.2x Stolt-Nielsen SNI Kjøp NOK x 7.1x 5.5x 5.5x Stora Enso STERV F Kjøp EUR x 6.3x Storebrand STB Kjøp NOK x 9.4x Subsea 7 SUBC Selg NOK x 62.0x 3.2x 7.5x Svenska Handelsbanken SHB Selg SEK x 16.4x Swedbank SWEDA Hold SEK x 13.9x Swedish Match SWMA Hold SEK x 18.7x 12.2x 11.8x Tanker Investments TIL Hold NOK x 2.6x 5.5x 3.8x Targovax TRVX Kjøp NOK x -3.8x Technip TECF Selg EUR x 20.0x 5.2x 7.2x Teekay Tankers TNK Hold USD x 4.0x 6.0x 4.7x Tele2 TEL2b Hold SEK x 20.8x 9.5x 7.4x Telenor TEL Kjøp NOK x 11.4x 5.9x 5.6x Telia Company TELIA Hold SEK x 11.6x 7.4x 6.7x TGS Nopec TGS Selg NOK x 56.6x 6.2x 6.1x The Scottish Salmon ComSSC Kjøp NOK x 9.3x 13.6x 6.2x Thule Group THULE Hold SEK x 18.9x 15.6x 13.8x Tomra TOM Selg NOK x 21.5x 10.1x 10.7x Topdanmark TOP Kjøp DKK x 13.6x Transocean RIG Selg USD x -39.2x 5.6x 9.1x 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 Trelleborg TRELB Hold SEK x 20.2x 17.1x 12.8x 10.4x Tryg TRYG Hold DKK x 14.4x 15.3x Tsakos Energy NavigationTNP Kjøp USD x 4.1x 4.9x 5.7x 5.5x UPM UPM1V Hold EUR x 14.5x 13.8x 8.3x 7.3x Valmet VALMT Kjøp EUR x 19.0x 15.9x 8.4x 7.5x Veidekke VEI Kjøp NOK x 12.3x 10.0x 8.1x Vitrolife VITR Kjøp SEK x 33.7x 27.7x 20.7x Volvo VOLVB Hold SEK x 15.6x 7.4x 6.6x Wallenstam WALLb Hold SEK x 31.7x 39.1x 31.5x Weifa WEIFA Kjøp NOK x 17.9x 14.2x 12.6x Wihlborgs WIHL Kjøp SEK x 16.6x 15.7x 21.2x 20.4x Wilh. Wilhelmsen ASA WWASA Kjøp NOK x 8.4x 7.0x 7.8x 6.9x Wilh. Wilhelmsen Holding WWI Kjøp NOK x 9.2x 6.1x 5.3x 4.1x William Demant Holding WDH Selg DKK x 20.1x 17.7x 11.6x 10.2x Wilson Therapeutics WTX Kjøp SEK x -9.7x -10.2x Wärtsilä WRT1V Hold EUR x 19.8x 14.1x 12.2x XXL XXL Kjøp NOK x 17.3x 16.9x 12.2x Yara YAR Selg NOK x 31.0x 7.0x 9.8x YIT YIT Selg EUR x 15.8x 49.3x 13.1x Kilde: DNB Markets, FactSet, Bloomberg 12

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