DEMPET START, FOKUS TILBAKE PÅ OLJETILBUD WWASA, NPRO & KOG

ANALYSE Aksjemarkedet i dag DEMPET START, FOKUS TILBAKE PÅ OLJETILBUD WWASA, NPRO & KOG Det amerikanske aksjemarkedet endte blandet på fredag etter at stigende råvarepriser trakk opp energisektoren, mens en skuffende resultatrapportering sendte teknologisektoren ned. Dow stengte opp 0.1%, mens S&P500 endte uendret og Nasdaq stengte ned 0.8%. Volumet på de tre hovedindeksene kom inn på 100-117% av gjennomsnittet for de siste tre måneder. I Asia innledes uken med lavere kurser Japan i forkant av en stor mengde kvartalstall og i påvente av en oppdatering fra sentralbanken mot slutten av uken. Nikkei er i øyeblikket ned 0.7%. De kinesiske indeksene starter også uken ned etter skjerpede marginkrav innen råvarehandel og på fortsatt dalende forventninger til ytterligere stimuleringstiltak. Indeksene her er ned rundt 1%. Fra Europa får vi i dag blant annet en oppdatering av svensk ledighet, samt av de tyske IFO forventningsindikatorene. Fra USA får vi en oppdatering av boligsalget, men fokus vil etter hvert begynne å rette seg inn mot onsdagens rentemøte, samt torsdagens offentliggjøring av tall for BNP-veksten i Q1. Ukens internasjonale kvartalsrapporteringer starter i dag med Philips i Europa og Halliburton i USA. I det svenske markedet legger blant annet Sandvik og Alfa Laval frem Q1-rapporter i dag. I oljemarkedet steg WTI-prisen fredag med USD 0.32 pr fat til USD 43.71 pr fat. Prisen ligger i morgentimene på USD 43.15 pr fat. Brent åpner på USD 44.63 pr fat, ned fra USD 45.73 pr fat ved stengetid i det norske markedet før helgen. Etter oppdateringer av det iranske produksjonsvolumet, samt meldinger om utvidet produksjon i Saudi-Arabia og en kapasitet raskt tilbake etter streiken i Kuwait er fokus i markedet tilbake på en høy tilbudsside. Vi tar denne uken ingen aksjer ut av den ukentlige porteføljen med anbefalte aksjer. Inn i porteføljen kommer Wilh Wilhelmsen ASA. Norwegian Property presenterer Q1-rapporten på fredag denne uken. I den forbindelse er det ventet at selskapet vil annonsere oppstart av kvartalsvise utbytter. Med utgangspunkt i hovedaksjonærenes historikk når det gjelder opprettholdte utbyttenivåer vil dette dermed kunne bli avgjørende for verdsettelsen fremover. Vi venter et utbytte på NOK 0.09 pr aksje, mens konsensus ser ut til å ligge inne med forventninger om NOK 0.06 pr aksje. Vi har en kjøpsanbefaling på Norwegian Property og har hevet kursmålet fra NOK 9.70 til NOK 10 pr aksje. Kursen stengte fredag på NOK 8.52 pr aksje. Kongsberg Gruppen presenterer også kvartalstall førstkommende fredag. Her ligger vårt EBITDA rundt 5% lavere enn konsensus, men vi venter at interessen i første rekke vil rette seg mot det annonserte oppkjøpet av Patria og en oppdatering hvilken eventuell risiko som ligger i ordrereserven for Kongsberg Maritime. Vi har en kjøpsanbefaling på Kongsberg Gruppen med et kursmål på NOK 167 pr aksje. Kursen stengte fredag på NOK 136.50 pr aksje. Selskap Tidspunkt Konsensus Halliburton Før markedet 0.04 Nabors Etter markedet -0.04 Pioneer Etter markedet -0.75 Land Nøkkeltall Sverige Ledighet 09.30 - Tyskland IFO Forventninger 10.00 100.6 Belgia Bedriftstillit 15.00 - USA Boligsalg 16.00 520k USA Dallas Fed 16.30-9 Våre anbefalte aksjer: - BRG - HFISK - ORK - HLNG - LSG - NAS - TEL - WWASA YTD DNB: +4% YTD OSE: -2% Internasjonale børser Siste Endr. % Dow Jones 18,004 21 0.12 S&P 500 2,092 0 0.00 NASDAQ 4,906-40 -0.80 Nikkei 225 17,468-105 -0.60 Euro 500 235-1 -0.36 Danmark-KFX 973 8 0.84 Finland-HEX 7,984-89 -1.11 Norge-OSEBX 595-4 -0.64 Sverige-SAX 490-5 -0.99 Valuta/råvarer Siste I går Endr. % EUR/USD 1.124 1.122 0.21 USD/JPY 111.3 111.8 0.44 USD/NOK 8.245 8.241-0.05 EUR/NOK 9.269 9.253-0.18 Siste Endr. Endr. % CRB indeks 180-1.78-0.98 Brent sp. ($/bbl) 43.5 0.01 0.02 Brent 1m ($/bbl) 44.6 0.07 0.16 Alum. 3m ($/ton) 1,652.5 30.50 1.88 US Nat.gass 1.9-0.12-5.77 Renter Siste I går Endr. USA 10år 1.879 1.861 0.02 Tyskl. 10år 0.231 0.153 0.08 Norge 10år 1.364 1.292 0.07 USA 3m 0.636 0.635 0.00 Euro 3m -0.249-0.249 0.00 Norge 3m 0.950 0.950 0.00 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: +47 24 16 92 11 Please see the last page for important information

DNB Markets Sentrale US-INDekser SENTRALE US-INDEKSER Endring Endring Endring Endring Gj.snittlig Siste i poeng 1 dag (%) 1 mnd.(%) hittil i år(%) est. P/E Dow Jones Industrial 18,004 21.23 0.12 2.79 3.32 16.96 S&P 500 2,092 0.10 0.00 2.73 2.33 19.18 Nasdaq Composite 4,906-39.66-0.80 2.78-2.02 31.55 Russel 2000 1,147 10.92 0.96 6.22 0.95 36.77 Amex naturgass-indeks (XNG) 539 15.70 3.00 17.34 23.79 80.36 Amex Oil Service Indeks 177 4.35 2.52 12.03 12.09 23.85 Philadelphia-børsens oljeproduksjon-indeks (XOI) 1,165 20.09 1.75 8.55 8.64 55.44 Amex farmasi-indeks (DRG) 524 0.75 0.14 6.45-3.19 21.79 Nasdaq biotech-indeks 3,016 8.65 0.29 12.89-14.82 #N/A N/A Philadelphia-børsens halvleder-indeks (SOX) 669 1.35 0.20 0.43 0.84 20.91 S&P 500 Paper & Forest Index ( PAFO) 167 1.96 1.19 9.48-4.05 0.00 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 8.59 0.19 677,035 70.82 71.10-0.28 Royal Caribbean Cruises 73.80-5.39 5,017,038 608.45 #N/A N/A #VALUE! Questerre (CAD) 0.19 0.00 64,200 1.23 1.27-0.04 Statoil 16.86 0.06 2,660,896 139.00 138.50 0.50 Yara 39.66-1.54 19,741 326.98 328.30-1.32 Sverige AstraZeneca 30.10-0.03 2,280,498 490.94 486.00 4.94 Finland (EUR) Nokia 6.08-0.07 13,116,700 Danmark Novo Nordisk B 56.80-0.04 645,214 375.93 376.70-0.77 RÅVARER & SHIPPING Siste I går Endr. %1D 1W 1M 3M YTD 12M 52W H 52W L CRB indeks 179.7 179.7-0.2-0.12 6 7.5 19.2 3.5-44.4 233.5 154.8 GS råvare indeks 2,251 2,251-2.2-0.1% 79 105 312 80-969 3,392 1,837 Oil Brent Spot 43.49 44.00-0.51-1.16 1 3.94 14.81 7.74-20.14 Brent olje 1m 44.60 45.11-0.51-1.13 2 4.16 14.10 7.32-20.68 69.63 27.10 Brent olje 3m 45.01 45.46-0.45-0.99 2 3.57 12.92 6.48-21.58 70.92 28.58 WTI olje 1m 43.13 43.73-0.60-1.37 3 3.67 12.79 6.09-14.02 62.58 26.05 Flybensin 430.25 430.25 7.75 1.83 34 24.00 116.25 74.25-162.50 Naturgass US Henry Hub 1.90 1.90-0.04-2.05 0 0.14-0.32-0.41-0.70 Fyringsolje 130.0 130.9-0.9-0.7 6 10 36.5 19.9-62.8 205.7 84.9 Metals Aluminium 3m 1,653 1,653 18 1.1 97 152 171 146-154 1,978 1,433 Nikkel 9,090 9,090-10 - 0.1 175 300 390 270-3,585 14,585 7,550 Kopper 5,031 5,031 34 0.7 224-34 588 326-880 6,481 4,318 Gull 1,234 1,233 1 0.1 1 17 126 172 54 1,285 1,046 Shipping WS AG - Japan, 250 dwt 58 0-3 -4-10 -10-15 -30-10 WS AG - USG, 250 dwt 38 38 0 0-3 0-8 -15 3 Containerships index 0 0 0.0 0.0% - 0 0 0 0 0 Baltic dry index 688 688 18.0 2.69 53 282 334 210 88 1,222 0 290 RENTER & VALUTA Renter Siste I går Endr. 1W 1M 3M YTD 12M Norge - Nibor 3m 0.950 0.950-0.010-0.05-0.07-0.24-0.18-0.51 USA - Libor 3m 0.636 0.638-0.002 0.00 0.01 0.02 0.02 0.36 Euro - Euribor 3m -0.249-0.249 0.000 0.000-0.010-0.097-0.118-0.247 Norge 10 år stat 1.364 1.364 0.011 0.09 0.10-0.09-0.11-0.05 USA 10 år stat 1.879 1.888-0.009 0.11-0.02-0.12-0.39-0.03 Euro 10 år stat 0.231 0.231-0.008 0.10 0.02-0.25-0.40 0.07 Tyskland 10 år stat 0.231 0.231-0.008 0.10 0.02-0.25-0.40 0.07 Japan 10 år stat -0.084-0.110 0.026 0.03 0.01-0.31-0.35-0.37 UK 10 år stat 1.600 1.600 0.009 0.19 0.14-0.11-0.36-0.11 Valuta Siste I går Endr. 1W 1M 3M YTD 12M 52W H 52W L EUR/USD 1.124 1.122 0.002-0.007 0.008 0.039 0.039 0.035 1.172 1.052 USD/JPY 111.3 111.8-0.490 2.5-1.8-7.0-8.8-7.7 125.9 107.6 GBP/USD 1.444 1.440 0.004 0.016 0.031 0.019-0.030-0.080 1.594 1.384 USD/NOK 8.245 8.241 0.004 0.029-0.229-0.513-0.601 0.519 9.017 7.290 EUR/NOK 9.269 9.253 0.017-0.026-0.197-0.237-0.338 0.855 9.749 8.313 GBP/NOK 11.906 11.868 0.038 0.176-0.085-0.569-1.126 0.132 13.385 11.116 2

DNB Markets indekseutvikling på sektornivå INDEKSEUTVIKLING PÅ SEKTORNIVÅ USA MSCI EUROPA Sektor 1 dag 1 mnd. 3 mnd. 1 år hittil i år est. P/E Sektor 1 dag 1 mnd. 3 mnd. 1 år hittil i år est. P/E Fritidsutstyr 1.8% 5.2% 21.4% 13.1% 23.2% 22.3 Mat- og apotekhandel 0.5% 2.4% 8.2% -10.5% 5.5% 17.9 Olje og gass 1.5% 8.0% 25.5% -16.1% 11.7% 96.6 Finansieringsselskaper 0.3% 4.9% 0.7% -23.9% -15.6% 15.1 Bygg og anlegg 1.2% 1.6% 25.8% -11.7% 11.5% 14.6 Energi 0.2% 8.3% 17.2% -18.8% 7.6% 25.2 Papir- og skogprodukter 1.2% 9.5% 18.3% -26.1% -4.1% 16.4 Banker 0.2% 7.4% 2.8% -28.3% -12.9% 10.4 Bank 1.1% 7.6% 13.7% -3.9% -5.9% 11.6 Forsyningsselskaper 0.1% 2.6% 1.3% -13.0% -3.2% 14.7 Drikkevarer 1.1% -0.6% 4.6% 9.1% 1.6% 22.9 Transport 0.1% 3.0% 6.2% -10.3% -1.6% 14.8 Kraft 1.0% -3.6% 9.0% 5.4% 9.5% 16.4 Kapitalvarer 0.0% 4.2% 10.8% -9.6% 2.9% 16.8 Forsikring 1.0% 4.0% 12.1% 2.6% 0.7% 11.5 Programvare og tjenester -0.1% 0.7% -1.6% 0.1% -4.8% 18.3 Matvarer 1.0% 1.1% 9.5% 8.7% 3.4% 21.6 Detaljhandel -0.1% 4.5% -1.4% -12.8% -8.9% 19.3 Diversifiserte telekomtjenester 0.8% -3.2% 9.4% 4.4% 10.2% 13.5 Forsikring -0.2% 5.2% 1.9% -11.2% -9.3% 10.7 Media 0.8% 4.9% 11.6% -2.9% 7.0% 17.2 Teknologisk utstyr -0.3% -2.4% -13.2% -24.1% -16.1% 16.1 Elektrisk utstyr 0.7% 2.2% 28.1% -4.0% 13.6% 17.3 Materialer -0.5% 9.1% 21.4% -20.1% 7.2% 20.7 Kjemikalier 0.6% 4.4% 20.1% -5.8% 4.4% 17.7 Kommersielle tjenester og leveranser -0.5% 4.8% 4.4% -11.2% -3.0% 16.7 Elektronisk utstyr og instrumen 0.5% 1.3% 16.5% -5.7% 6.1% 16.7 Helsevern - utstyr og tjenester -0.6% 5.1% 1.0% -0.9% -3.7% 22.9 Helseartikler 0.4% 8.3% 11.5% 4.7% 6.6% 19.9 Media -0.6% -1.8% 0.4% -15.7% -5.3% 17.9 Maskiner 0.4% 4.8% 27.0% -3.4% 13.8% 18.1 Telekommunikasjon og tjenester -0.7% 0.8% -2.2% -14.1% -6.6% 19.6 Bildeler 0.2% 6.0% 21.8% -16.2% -3.5% 11.0 Drikkevarer, mat og tobakk -0.8% 1.9% 1.8% -3.1% -2.1% 21.3 Energi og relatert utstyr 0.2% 9.5% 26.0% -18.1% 10.4% 101.2 Hotell-, underholdnings- og restaurantv -1.1% 0.3% -1.1% -15.2% -10.5% 18.7 Farmasi 0.1% 4.9% 5.6% -3.2% -0.2% 16.7 Forbruksvarer og klær -1.2% 0.1% 0.6% -12.8% -4.6% 16.6 Kommunikasjonsutstyr 0.0% 0.7% 16.1% -8.8% 4.2% 12.6 Eiendomsselskaper -1.2% -0.4% 1.3% -10.7% -3.6% 20.6 Bioteknologi 0.0% 10.3% 4.9% -8.8% -5.2% 13.8 Husholdningsvarer og personlige produ -1.3% 2.3% 4.5% -0.5% 1.2% 22.1 Legemiddelindustri og biotekno -0.1% 6.9% -2.7% -17.3% -7.9% 16.9 Biler og komponenter -2.1% 2.0% 4.8% -25.0% -11.3% 8.6 Datamaskiner og tilbehør -0.1% -0.4% 8.3% -18.6% 0.2% 11.6 Husholdningsartikler -0.3% -2.4% 5.5% 2.3% 1.9% 22.7 Industrielle konglomerater -0.4% 0.0% 12.8% 12.6% 1.8% 20.5 Metall -0.5% 13.3% 76.2% -13.5% 38.6% 30.9 Hotell og restaurant -1.9% -0.1% 5.9% 5.6% 0.6% 22.8 Luftfart -2.2% -4.0% 5.9% -11.5% -6.1% 7.3 Internett programvare og -tjenes -4.0% -1.8% 5.8% 24.7% -1.3% 25.0 Programvare -4.4% -1.7% 5.4% 5.5% -2.2% 20.5 Kilde: Bloomberg Kilde: Bloomberg US SELSKAPER DOW 30 Kurs Endring NASDAQ Kurs Endring S&P500 Kurs Endring Alle siste 1 dag 1 mnd 1 år Topp siste 1 dag 1 mnd 1 år Topp siste 1 dag 1 mnd 1 år COCA-COLA CO/THE 44.54 2.0 % -2.3 % 8.9 % ENDO INTERNATIONA 33.98 6.8 % 14.7 % -63.6 % SOUTHWESTERN 12.27 15.0 % 66.3 % -52.4 % TRAVELERS COS INC/THE 110.84 1.9 % -3.9 % 6.6 % DISH NETWORK COR 49.76 3.5 % 3.9 % -28.8 % NORFOLK SOUTH 91.33 10.5 % 8.9 % -13.3 % DU PONT (E.I.) DE NEMOUR 65.97 1.4 % 3.2 % -2.9 % VIACOM INC-CLASS 43.78 2.9 % 10.3 % -38.1 % RANGE RESOURC 39.75 6.9 % 29.4 % -35.2 % VERIZON COMMUNICATION 50.55 1.0 % -5.6 % 1.0 % MATTEL INC 32.02 2.9 % -1.0 % 6.0 % ENDO INTERNATIO 33.98 6.8 % 14.7 % -63.6 % UNITEDHEALTH GROUP INC 134.13 0.9 % 4.3 % 13.0 % CSX CORP 27.53 2.7 % 5.2 % #VALUE! ENSCO PLC-CL A 11.9 6.6 % 12.3 % -50.5 % GOLDMAN SACHS GROUP 166.75 0.9 % 9.0 % -15.8 % TESLA MOTORS INC 253.75 2.2 % 11.4 % 16.2 % MURPHY OIL COR 33.66 6.4 % 39.5 % -30.0 % EXXON MOBIL CORP 87.53 0.9 % 4.2 % 0.6 % TWENTY-FIRST CENT 30.75 2.2 % 9.7 % -9.4 % CHESAPEAKE EN 6.55 5.8 % 54.1 % -55.0 % WALT DISNEY CO/THE 103.77 0.8 % 6.7 % -5.3 % MAXIM INTEGRATED 37.31 2.2 % 4.7 % 13.8 % HESS CORP 63.38 5.3 % 21.7 % -15.7 % HOME DEPOT INC 135.66 0.8 % 4.0 % 19.3 % LIBERTY MEDIA GRO 18.26 2.1 % #VALUE! #VALUE! SUNTRUST BANK 41.96 5.2 % 14.6 % 3.7 % CHEVRON CORP 102.01 0.6 % 7.5 % -7.2 % TWENTY-FIRST CENT 30.93 2.0 % 11.5 % -10.7 % ANADARKO PETR 52.55 5.0 % 13.6 % -43.3 % JPMORGAN CHASE & CO 63.97 0.6 % 7.5 % 2.2 % BIOMARIN PHARMAC 93.8 2.0 % 16.0 % -22.0 % DEVON ENERGY 35.2 3.7 % 33.0 % -47.1 % AMERICAN EXPRESS CO 65.93 0.5 % 9.0 % -15.5 % QUALCOMM INC 52.64 1.9 % 3.5 % -22.9 % COMERICA INC 44.02 3.6 % 13.5 % -3.6 % WAL-MART STORES INC 68.72 0.4 % 1.1 % -13.9 % KRAFT HEINZ CO/THE 78.1 1.8 % 2.1 % #VALUE! MARATHON OIL C 14.34 3.5 % 39.4 % -52.7 % UNITED TECHNOLOGIES CO 105.7 0.3 % 6.7 % -9.0 % DISCOVERY COMMU 28.8 1.5 % 2.9 % -12.0 % WESTROCK CO 40.74 3.4 % 5.7 % #VALUE! MERCK & CO. INC. 56.74 0.2 % 6.9 % -1.5 % BOEING CO/THE 131.05 0.2 % -0.8 % -11.7 % Bunn siste 1 dag 1 mnd 1 år Bunn siste 1 dag 1 mnd 1 år PROCTER & GAMBLE CO/T 80.95 0.2 % -2.3 % -0.1 % MICROSOFT CORP 51.78-7.2 % -4.5 % 8.2 % MICROSOFT COR 51.78-7.2 % -4.5 % 8.2 % PFIZER INC 33.27 0.1 % 10.6 % -5.7 % ALPHABET INC-CL A 737.77-5.4 % -2.3 % 28.6 % PERRIGO CO PLC 121.35-5.7 % -6.9 % -37.1 % 3M CO 168.66 0.0 % 2.6 % 6.1 % ALPHABET INC-CL C 718.77-5.3 % -2.2 % 27.6 % ALPHABET INC-CL 737.77-5.4 % -2.3 % 28.6 % JOHNSON & JOHNSON 113.32-0.2 % 4.6 % 12.1 % STARBUCKS CORP 57.68-4.9 % -1.2 % 11.3 % ALPHABET INC-CL 718.77-5.3 % -2.2 % 27.6 % MCDONALD'S CORP 125.5-0.2 % 1.8 % 27.1 % AMERICAN AIRLINES 38.21-4.5 % -5.7 % -27.5 % STARBUCKS COR 57.68-4.9 % -1.2 % 11.3 % APPLE INC 105.68-0.3 % 0.0 % -18.9 % NORWEGIAN CRUISE 48.66-2.6 % -4.7 % -5.3 % AMERICAN AIRLIN 38.21-4.5 % -5.7 % -27.5 % CISCO SYSTEMS INC 28.15-0.3 % 0.7 % -2.3 % FACEBOOK INC-A 110.56-2.5 % -2.2 % 35.6 % ROYAL CARIBBEA 73.8-3.9 % -0.9 % 1.8 % CATERPILLAR INC 78.32-0.4 % 4.0 % -7.4 % MARRIOTT INTERNAT 66.54-2.5 % -3.1 % -18.7 % UNITED CONTINEN 50.74-3.8 % -12.3 % -20.1 % INTL BUSINESS MACHINES 148.5-0.5 % 0.4 % -12.5 % NETEASE INC-ADR 133.07-2.3 % -7.9 % 8.9 % KIMBERLY-CLARK 126.88-3.7 % -5.0 % 13.7 % GENERAL ELECTRIC CO 30.76-0.7 % -1.1 % 14.8 % JD.COM INC-ADR 28.3-1.7 % 7.4 % -18.5 % NORDSTROM INC 51.59-3.2 % -7.8 % -29.3 % INTEL CORP 31.64-1.0 % -0.8 % -1.4 % AMAZON.COM INC 620.5-1.7 % 6.4 % 39.4 % NEWMONT MININ 31.23-3.0 % 23.0 % 25.0 % NIKE INC -CL B 59.43-1.1 % -3.6 % 17.7 % ADOBE SYSTEMS IN 94.79-1.6 % 2.5 % 23.8 % CF INDUSTRIES H 33.24-2.9 % 4.1 % -43.6 % VISA INC-CLASS A SHARES 79.11-2.1 % 6.7 % 17.2 % ACTIVISION BLIZZARD 34.65-1.5 % 7.6 % 44.7 % FACEBOOK INC-A 110.56-2.5 % -2.2 % 35.6 % MICROSOFT CORP 51.78-7.2 % -4.5 % 8.2 % CHECK POINT SOFTW 82.93-1.5 % 0.1 % -5.3 % MARRIOTT INTERN 66.54-2.5 % -3.1 % -18.7 % Kilde: Bloomberg 3

DNB Markets ETF / ETP Endring i % ETF Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Volum A ksjer / Indekser Oil Service OIH 29.34 1.8 % 8.1 % 11.6 % -21.1 % USD 7764346 Energi XLE 67.04 1.5 % 5.5 % 8.4 % -18.2 % USD 15764509 Russell 2000 IWM 114.11 1.0 % 1.5 % 6.4 % -9.3 % USD 29094547 Finansielle tjenester XLF 23.55 0.9 % 2.8 % 5.6 % -3.0 % USD 37959483 Russell 2000 Growth IWO 137.47 0.9 % 1.5 % 7.6 % -10.9 % USD 858904 Forsyningstjenester XLU 47.3492 0.9 % -3.2 % -3.2 % 4.9 % USD 12309022 S&P M idcap 400 M DY 268.7 0.9 % 0.8 % 4.6 % -3.7 % USD 1696306 Japan EWJ 12.21 0.7 % 3.7 % 7.6 % -8.3 % USD 35212027 Forbruksvarer XLP 51.96 0.4 % -2.0 % -0.7 % 5.6 % USD 22004991 Bioteknologi IBB 288.34 0.3 % 2.8 % 12.9 % -20.7 % USD 2130844 Industri XLI 56.41 0.2 % 0.6 % 2.3 % 0.2 % USD 14750155 DJIA DIA 179.9 0.1 % 0.7 % 2.8 % -0.4 % USD 2410490 S&P 500 SPY 208.97 0.0 % 0.6 % 2.9 % -1.3 % USD 99251724 Dow Jones Total market THRK 155.1029 0.0 % 0.9 % 3.4 % -2.4 % USD 3968 Hong Kong EWH 20.16 0.0 % 0.5 % 5.0 % -15.7 % USD 4568817 DAX DAXEX 91.74-0.1% 3.4 % 5.0 % -12.7 % EUR 28020 S&P Euro 350 IEV 40.38-0.2 % 1.7 % 5.2 % -12.7 % USD 289459 Pacific ex-japan EPP 40.58-0.2 % 1.5 % 4.8 % -15.5 % USD 364064 Brasil EWZ 28.04-0.2 % -1.9 % 9.2 % -24.6 % USD 19768582 CAC-40 CAC 45.225-0.3 % 1.7 % 5.5 % -12.6 % EUR 157363 Latin-America 40 ILF 26.1-0.3 % 0.0 % 7.3 % -20.8 % USD 625719 AEX-Nederland AEXT 45.12-0.4 % 0.5 % 3.4 % -11.1 % EUR 1327 TecDax TDXPEX 15.33-0.5 % -0.1% 3.0 % -1.0 % EUR 4993 Emerging M arkets EEM 34.54-0.6 % -0.1% 3.5 % -21.2 % USD 43727083 FTSE 100 ISF 626.9-1.1 % -0.6 % 3.6 % -11.4 % GBp 9377109 Nasdaq 100 QQQ 108.98-1.5 % -1.5 % 1.6 % -1.4 % USD 39073996 Teknologi USA XLK 43.44-1.7 % -2.0 % -0.4 % 0.7 % USD 14924441 Olje / Energi Bensin UGAS 24.135 2.2 % 5.4 % 3.9 % -27.6 % USD 0 Naturgass NGAS 0.04265 2.2 % 12.4 % 14.8 % -39.7 % USD 8548612 Råolje CRUD 7.6825 1.5 % 6.4 % 8.7 % -45.4 % USD 515291 WTI-olje OILW 17.698 0.9 % 5.8 % 8.3 % -40.5 % USD 2009 Brent-olje OILB 21.96 0.8 % 6.3 % 10.5 % -42.5 % USD 571544 Fyringsolje HEAT 9.054 0.7 % 7.2 % 8.0 % -41.2 % USD 0 WTI-Oil USO 10.76 0.4 % 5.0 % 7.0 % -45.3 % USD 29964193 M etaller Aluminium ALUM 2.7215 1.1 % 6.6 % 11.8 % -14.7 % USD 5882 Kobber COPA 22.625 1.0 % 5.6 % 2.0 % -18.9 % USD 20311 Sink ZINC 5.6825 0.2 % 2.3 % 6.8 % -17.6 % USD 500 Nikkel NICK 9.388 0.0 % 3.0 % 5.6 % -31.7 % USD 39055 Sølv SLV 16.13-0.5 % 4.3 % 11.8 % 7.1 % USD 14527789 Bomull COTN 2.062-0.9 % 5.6 % 11.3 % -6.4 % USD 0 A ndre råvarer Råoljer AIGO 10.433 1.1 % 6.0 % 8.1 % -40.1% USD 0 Svinekjøtt HOGS 0.7105 0.9 % 3.6 % -2.9 % -3.1% USD 0 Sukker SUGA 10.715 0.4 % 6.4 % -4.4 % 5.3 % USD 10721 Soyaolje SOYO 4.367-1.5 % 1.5 % 2.6 % 1.4 % USD 42014 Kaffe COFF 1.3325-2.5 % -1.8 % -6.0 % -22.8 % USD 133961 Soyabønner SOYB 22.16-2.9 % 2.9 % 7.8 % 1.9 % USD 105 Kveg CATL 6.1263-3.0 % -6.7 % -8.9 % -22.6 % USD 0 M ais CORN 1.1305-3.5 % 0.2 % 2.3 % -7.1% USD 2412 R åvarekurver Industrimetaller AIGI 9.613 0.7 % 5.0 % 5.7 % -18.9 % USD 2099 Råvarer AIGC 8.4925-0.3 % 4.2 % 5.3 % -17.7 % USD 33783 Edle metaller AIGP 17.0263-0.5 % 2.2 % 4.5 % 5.1 % USD 3369 Softs (Sukker, Kakao, Bomull) AIGS 4.2485-0.7 % 3.8 % -2.2 % -4.8 % USD 0 Ex-Energi AIGX 8.66625-1.1 % 2.8 % 3.4 % -6.4 % USD 0 Buskap AIGL 2.9665-1.5 % -2.8 % -6.6 % -16.0 % USD 0 Landbruk AIGA 5.4775-2.5 % 2.6 % 3.3 % -3.6 % USD 183738 Korn AIGG 4.2095-3.4 % 2.8 % 4.3 % -5.0 % USD 0 Kilde: Bloomberg 4

DNB Markets ETN / ETF OSLO Endring i % ETN / ETF Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Volum #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! Yara DNB-ETN YARA X3 BEAR 12.84 15.6 % -12.4 % -3.3 % 4.8 % NOK 32262 Seadrill DNB-ETN SEADRILL BULL 2.29 11.7 % 25.1 % 33.5 % -95.4 % NOK 45013 CO2 BULL CO2 ETN DNM 28.33 11.4 % 15.4 % 50.3 % -37.3 % NOK 100 Yara DNB-ETN YARA BEAR 5.69 10.3 % -8.0 % -1.1 % 11.9 % NOK 0 Strømpris DNB-ETN ELKRAFT BULL 4.90 10.2 % 8.7 % 25.8 % -55.5 % NOK 2000 Strømpris BULL EL HA 0.60 10.1 % 9.1 % 26.3 % -70.6 % NOK 1000 Naturgasspris BULL NATGAS ETN DNM 6.46 9.9 % 33.3 % 18.0 % -58.0 % NOK 0 Golden Ocean BULL GOGL DNM 6.32 9.3 % -6.7 % 45.8 % -98.6 % NOK 33378 Yara BEAR YARA HA 1.69 9.0 % -12.9 % -2.3 % 15.0 % NOK 3000 Telenor DNB-ETN TELENOR X3 BEAR 2.54 6.7 % 1.4 % 1.6 % 29.3 % NOK 0 PGS DNB-ETN PGS BEAR 4.24 6.1 % -13.7 % -29.6 % -38.8 % NOK 0 CO2 CO2 ETN DNM 30.73 5.7 % 7.1 % 21.7 % -13.7 % NOK 119 Naturgasspris NATGAS ETN DNM 14.34 5.5 % 16.5 % 8.4 % -33.9 % NOK 0 Storebrand DNB-ETN STOREBRAND BEAR 4.99 5.4 % 3.2 % 1.6 % -43.8 % NOK 0 BW LPG BULL BWLPG DNM 18.07 5.4 % 0.4 % -5.6 % -12.8 % NOK 2240 Aluminium BULL ALU ETN DNM 21.90 5.3 % 14.5 % 20.5 % -23.6 % NOK 0 Aluminium BULL ALU HA 17.66 5.2 % 14.2 % 19.8 % -23.5 % NOK 0 Kobberpris BULL KOBBER HA 22.53 5.2 % 13.7 % -3.3 % -33.3 % NOK 0 Strømpris DNB-ETN ELKRAFT 4.97 5.1 % 3.9 % 11.2 % -23.2 % NOK 0 Kobberpris BULL KOBBER ETN DNM 17.03 4.7 % 12.5 % -2.4 % -29.3 % NOK 0 Telenor DNB - ETN TELENOR BEAR 4.03 4.5 % 1.0 % 1.6 % 26.7 % NOK 0 Sinkpris BULL SINK ETN DNM 23.80 4.0 % 8.6 % 4.0 % -31.8 % NOK 0 DNO BULL DNO DNM 1.32 3.5 % 22.8 % 28.8 % -80.3 % NOK 531913 Oljepris BULL OLJE HA 12.47 3.4 % 13.4 % 8.6 % -70.0 % NOK 20926 OBX BEAR OBX X4 DNM 9.97 3.3 % -8.3 % -9.2 % -10.9 % NOK 6300 Aluminium ALU ETN DNM 27.77 2.9 % 6.8 % 8.2 % -9.6 % NOK 0 Sølvpris BULL SOLV ETN DNM 23.52 2.8 % 13.1 % 17.5 % 15.3 % NOK 0 Oljepris DNB - ETN BRENT BULL 5.53 2.6 % 15.3 % 11.4 % -70.2 % NOK 358150 Kobberpris BULL KOBBER ETN DNM 24.72 2.5 % 5.8 % -2.6 % -12.4 % NOK 0 OBX DNB-ETN OBX X3 BEAR 4.19 2.4 % -6.3 % -6.5 % -0.7 % NOK 0 REC BEAR REC HA 28.50 2.4 % -9.1% -16.9 % -67.0 % NOK 2100 OBX BEAR OBX X3 HA 2.84 2.3 % -6.3 % -6.4 % -2.2 % NOK 0 M arine Harvest Group DNB-ETN M ARINE HARVEST BEAR 7.69 2.3 % 9.2 % 15.0 % -53.3 % NOK 13000 REC DNB-ETN REC BULL 5.45 2.3 % 13.3 % 11.0 % -73.7 % NOK 7841 Sinkpris SINK ETN DNM 29.69 2.2 % 4.0 % 0.8 % -12.6 % NOK 0 Gullpris DNB-ETN GULL BEAR 28.60 2.0 % -2.6 % -5.3 % -13.3 % NOK 0 Gullpris BEAR GULL HA 22.83 1.9 % -2.6 % -5.4 % -13.6 % NOK 0 Norsk Hydro BULL NHY X3 DNM 22.27 1.8 % 5.8 % 4.1 % -57.0 % NOK 41000 Sølvpris SOLV ETN DNM 29.86 1.6 % 6.2 % 7.1 % 12.9 % NOK 0 Oljepris DNB - ETN BRENT 17.09 1.5 % 7.3 % 4.8 % -38.2 % NOK 62450 OBX XACT DERIVAT BEAR 78.75 1.5 % -4.1% -3.5 % 6.0 % NOK 921218 REC BULL REC HA 16.01 1.4 % 7.2 % 9.4 % -74.1% NOK 9990 Statoil DNB-ETN STATOIL X3 BULL 20.81 1.4 % 20.9 % 12.1 % -45.9 % NOK 0 Norwegian DNB-ETN NORWEGIAN BULL 17.88 1.3 % -1.1 % 22.5 % 18.9 % NOK 0 Norsk Hydro DNB-ETN NORSK HYDRO BULL 9.88 1.2 % 3.9 % 3.4 % -34.3 % NOK 2000 Statoil DNB-ETN STATOIL BULL 25.41 0.9 % 13.7 % 9.0 % -23.8 % NOK 490 Orkla DNB-ETN ORKLA X3 BEAR 1.69 0.9 % 6.0 % 19.5 % -50.3 % NOK 0 OBX BEAR OBX X1 DNM 25.11 0.8 % -2.1% -1.8 % #VALUE! NOK 390 Gjensidige DNB-ETN GJENSIDIGE X3 BULL 33.25 0.8 % 8.0 % 5.5 % 5.0 % NOK 0 Aker Solutions DNB-ETN AKER SOLUTIONS BULL 2.86 0.7 % 13.7 % 37.3 % -66.4 % NOK 0 Opera BULL OPERA DNM 4.13 0.6 % 3.1 % -1.3 % -37.4 % NOK 0 Fred. Olsen Energy BULL FOE DNM 27.85 0.6 % 26.9 % 18.0 % -87.5 % NOK 150 Schibsted BULL SCH DNM 30.45 0.6 % 5.9 % 6.5 % -20.7 % NOK 0 Subsea 7 DNB-ETN SUBSEA 7 BULL 5.25 0.6 % 13.6 % 37.6 % -40.0 % NOK 0 TGS Nopec DNB-ETN TGS BULL 8.08 0.4 % 3.9 % -2.5 % -54.1% NOK 0 Kilde: Bloomberg FORTS. 5

DNB Markets ETN / ETF OSLO Endring i % ETN / ETF Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Volum Schibsted BULL SCH DNM 30.45 0.6 % 5.9 % 6.5 % -20.7 % NOK 0 Subsea 7 DNB-ETN SUBSEA 7 BULL 5.25 0.6 % 13.6 % 37.6 % -40.0 % NOK 0 TGS Nopec DNB-ETN TGS BULL 8.08 0.4 % 3.9 % -2.5 % -54.1% NOK 0 Oljeservice DNB - ETN OIL SERVICE BULL 3.49 0.1 % 12.1 % 21.0 % -66.4 % NOK 0 Oljeservice DNB - ETN OIL SERVICE 13.53 0.1 % 6.0 % 11.2 % -33.8 % NOK 0 DNB BEAR DNB NOR HA 4.22 0.0 % 17.9 % 10.6 % 54.0 % NOK 0 Statoil BULL STL HA 54.05 0.0 % 4.2 % 3.0 % -28.1% NOK 300 Orkla BULL ORKLA HA 148.43 0.0 % 0.0 % -9.2 % 33.9 % NOK 0 Norsk Hydro BULL NHY HA 19.17 0.0 % 0.0 % -7.4 % -40.5 % NOK 0 Yara BULL YARA HA 90.63 0.0 % 0.0 % -12.3 % -42.5 % NOK 0 Orkla BEAR ORKLA HA 4.51 0.0 % 0.0 % 9.3 % -37.3 % NOK 0 Norsk Hydro BEAR NHY HA 18.50 0.0 % -1.5 % -1.2 % -11.3 % NOK 10000 Statoil BEAR STL HA 8.11 0.0 % -9.9 % -6.2 % -20.8 % NOK 2500 Gjensidige DNB-ETN GJENSIDIGE X3 BEAR 0.40 0.0 % -7.1% -8.1% -45.5 % NOK 0 Oljeservice DNB - ETN OIL SERVICE BEAR 15.68-0.2 % -11.9 % -25.1% 2.2 % NOK 500 Gullpris DNB-ETN GULL 28.87-0.4 % 0.5 % -2.2 % 8.6 % NOK 0 TGS Nopec DNB-ETN TGS BEAR 13.06-0.5 % -4.5 % -3.1% 2.6 % NOK 0 Opera BEAR OPERA DNM 2.71-0.6 % -3.4 % 0.2 % -70.8 % NOK 0 Subsea 7 DNB-ETN SUBSEA 7 BEAR 6.95-0.6 % -13.6 % -33.8 % -41.8 % NOK 0 Schibsted BEAR SCH DNM 5.33-0.7 % -5.9 % -9.7 % -15.2 % NOK 48500 Fred. Olsen Energy BEAR FOE DNM 39.97-0.7 % -22.9 % -31.8 % -33.7 % NOK 350 Aker Solutions DNB-ETN AKER SOLUTIONS BEAR 7.38-0.7 % -13.0 % -36.7 % -12.0 % NOK 0 OBX XACT OBX 51.73-0.8 % 2.0 % 1.2 % -9.7 % NOK 47443 OBX DNB OBX 51.35-0.8 % 2.0 % 1.4 % -9.6 % NOK 21375 Statoil DNB-ETN STATOIL BEAR 5.82-0.9 % -12.8 % -11.9 % -26.1% NOK 0 Orkla DNB-ETN ORKLA X3 BULL 88.10-1.0 % -6.1% -18.2 % 39.0 % NOK 330 Norsk Hydro DNB-ETN NORSK HYDRO BEAR 8.82-1.1 % -3.9 % -6.4 % -15.8 % NOK 0 Gullpris BULL GULL HA 72.25-1.2 % 1.5 % -1.5 % 11.0 % NOK 0 Gullpris DNB-ETN GULL BULL 20.90-1.2 % 1.5 % -1.5 % 11.3 % NOK 2000 Norwegian DNB-ETN NORWEGIAN BEAR 4.26-1.5 % -0.8 % -23.7 % -57.6 % NOK 2000 Statoil DNB-ETN STATOIL X3 BEAR 1.62-1.5 % -18.8 % -18.4 % -49.1% NOK 870000 OBX XACT DERIVAT BULL 93.15-1.6 % 3.9 % 2.0 % -23.5 % NOK 369911 Norsk Hydro BEAR NHY X3 DNM 4.21-1.8 % -5.9 % -10.5 % -38.7 % NOK 255500 Sølvpris BEAR SOLV ETN DNM 27.44-2.0 % -13.4 % -22.3 % -29.6 % NOK 0 M arine Harvest Group DNB-ETN M ARINE HARVEST BULL 68.78-2.2 % -9.3 % -15.1% 60.7 % NOK 145 REC BEAR REC DNM 4.90-2.4 % -12.3 % -21.9 % #VALUE! NOK 27400 OBX BULL OBX X3 HA 105.65-2.4 % 6.2 % 2.9 % -36.5 % NOK 0 OBX DNB-ETN OBX X3 BULL 24.64-2.4 % 6.2 % 2.7 % -38.7 % NOK 12405 Oljepris DNB - ETN BRENT BEAR 26.93-2.5 % -15.2 % -21.5 % 48.5 % NOK 18500 Oljepris BEAR OLJE HA 40.30-2.6 % -14.5 % -20.3 % 76.5 % NOK 150 DNB BULL DNBNOR HA 104.05-2.6 % 1.0 % 9.2 % -46.3 % NOK 10000 Sink BEAR SINK ETN DNM 29.55-3.2 % -9.2 % -12.5 % 12.4 % NOK 0 OBX BULL OBX X4 DNM 16.24-3.2 % 8.3 % 2.7 % -53.3 % NOK 615 DNO BEAR DNO DNM 19.70-3.9 % -22.0 % -30.5 % 3.4 % NOK 0 Kobberpris BEAR KOBBER ETN DNM 47.18-3.9 % -12.4 % -5.1% 23.5 % NOK 0 Kobberpris BEAR KOBBER HA 37.20-4.4 % -13.3 % -4.2 % 28.4 % NOK 0 Aluminium BEAR ALU ETN DNM 39.52-4.4 % -14.0 % -22.9 % 21.5 % NOK 0 Aluminium BEAR ALU HA 68.53-4.5 % -13.9 % -22.7 % 21.2 % NOK 0 Telenor DNB-ETN TELENOR BULL 55.23-4.5 % -1.6 % -4.0 % -40.8 % NOK 0 Storebrand DNB-ETN STOREBRAND BULL 13.28-5.4 % -3.6 % -7.6 % -12.0 % NOK 33000 PGS DNB-ETN PGS BULL 1.58-6.3 % 12.1 % 14.5 % -77.2 % NOK 0 Telenor DNB-ETN TELENOR X3 BULL 42.91-6.8 % -2.6 % -6.9 % -59.1% NOK 11060 Naturgasspris BEAR NATGAS ETN DNM 85.45-8.0 % -25.3 % -20.2 % 90.1 % NOK 0 Strømpris DNB - ETN ELKRAFT BEAR 108.58-10.1% -11.0 % -27.3 % 6.4 % NOK 1300 Strømpris BEAR EL HA 634.25-10.1% -11.0 % -27.6 % 78.2 % NOK 0 Yara DNB-ETN YARA BULL 19.10-10.1% 6.6 % -3.1% -36.6 % NOK 1950 CO2 BEAR CO2 ETN DNM 11.84-11.1 % -16.2 % -39.5 % 21.1 % NOK 75 Yara DNB-ETN YARA X3 BULL 17.57-15.2 % 9.2 % -6.2 % -55.7 % NOK 31383 Kilde: Bloomberg DNB ANBEFALINGER OG ESTIMATER 45 90 Selg Hold Kjøp 61 6

DNB Markets Dnb anbefalinger og estimater DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA 2016 2017 2016 2017 2016 2017 A. P. Møller Mærsk maerskb Kjøp DKK 9600 11200 89.97 112.84 17.6x 13.8x 4.3x 3.5x AF Gruppen AFG Selg NOK 133 90 6.50 6.40 20.5x 20.8x 11.1x 10.5x Akastor AKA Selg NOK 11.15 8.8-2.99-1.97-3.7x -5.7x 13.1x 7.7x Aker AKER Hold NOK 169 154 4.53 3.32 37.3x 50.9x Aker Solutions AKSO Selg NOK 31.5 20 1.20 0.39 26.3x 81.3x 6.6x 8.9x Alfa Laval ALFA Selg SEK 135.9 121 7.72 7.11 17.6x 19.1x 10.3x 10.2x Archer ARCHER Selg NOK 7.17 3-0.51-0.50-1.7x -1.7x 13.2x 12.9x Assa Abloy ASSAB Hold SEK 164.6 165 7.01 7.55 23.5x 21.8x 15.8x 14.5x Atea ATEA Hold NOK 82.5 75 4.30 5.35 19.2x 15.4x 9.1x 7.8x Atlas Copco ATCOA Hold SEK 222.4 200 10.38 10.90 21.3x 20.4x 12.5x 11.5x Atwood Oceanics ATW Selg USD 8.71 6 3.40-0.48 2.6x -18.1x 3.3x 8.7x Aurora LPG AURLPG Kjøp NOK 42.1 52 1.18 1.15 4.4x 4.5x 7.6x 6.2x Austevoll Seafood AUSS Kjøp NOK 64 73 6.00 7.83 10.7x 8.2x 4.6x 3.4x Autoliv ALIV Hold SEK 914 950 6.46 7.34 16.8x 14.8x 8.0x 7.1x Avance Gas AVANCE Kjøp NOK 57.55 72 1.73 1.19 4.1x 5.9x 5.7x 6.3x Awilco Drilling AWDR Hold NOK 31 40 0.48 1.60 7.9x 2.4x 3.2x 1.0x Axactor AXA Kjøp NOK 1.8 3 Bakkafrost BAKKA Hold NOK 283 345 14.83 18.72 15.4x 12.2x 9.9x 7.6x Betsson BETSB Kjøp SEK 113.5 180 8.07 9.20 14.1x 12.3x 11.6x 10.1x BillerudKorsnäs BILL Kjøp SEK 124.4 150 8.70 9.38 14.4x 13.3x 7.8x 7.7x Borregaard BRG Kjøp NOK 55.75 60 4.81 5.60 11.6x 10.0x 6.3x 5.2x BW LPG BWLPG Kjøp NOK 53.1 64 1.19 1.04 5.5x 6.2x 5.8x 5.4x BW Offshore BWO Selg NOK 1.89 1-0.08-0.15-2.9x -1.6x 6.8x 7.4x Cargotec CGC Selg EUR 30.86 27 2.15 2.57 13.1x 12.0x 8.3x 7.3x Carlsberg CARLB Selg DKK 637.5 530 22.86 33.24 27.9x 19.2x 9.9x 9.2x Castellum CAST Kjøp SEK 125.8 150 8.55 9.22 17.4x 13.6x 23.4x 18.6x Chr. Hansen CHR Hold DKK 411.1 459.979 1.41 1.67 39.0x 32.8x 25.0x 21.3x Citycon CTY1S Kjøp EUR 2.196 2.9 0.15 0.16 15.1x 13.9x 18.9x 17.8x Coloplast COLOB Kjøp DKK 492.5 580 17.97 20.89 27.4x 23.6x 18.4x 16.2x Com Hem COMH Selg SEK 75.15 63 1.77 1.70 40.3x 41.4x 9.6x 9.1x Coor Service Managemen COOR Kjøp SEK 41.8 47 1.25 1.70 12.8x 11.4x 11.1x 9.7x D/S Norden DNORD Kjøp DKK 113.9 155 0.51 0.30 33.5x 57.8x 4.7x 5.4x Danske Bank DANSKE Hold DKK 178.6 194 18.47 19.21 10.0x 9.3x Deep Sea Supply DESSC Selg NOK 1.04 0.7-0.22-0.15-0.8x -0.9x 21.3x 23.6x Det norske oljeselskap DETNOR Kjøp NOK 68.75 60 0.41 1.03 20.2x 8.1x 4.7x 3.0x DHT Holdings DHT Hold USD 5.94 7 1.24 0.45 4.8x 13.2x 4.5x 5.7x Diamond Offshore DO Selg USD 23.9 15 1.11 1.07 21.6x 22.2x 7.4x 6.8x Diana Shipping DSX Hold USD 3 2.1-1.28-1.16-2.3x -2.6x -180.4x 102.6x DNB DNB NOK 106.2 12.49 12.84 8.8x 8.3x DNO DNO Kjøp NOK 7.73 15 0.22 0.34 4.2x 2.7x 2.6x 1.1x DOF DOF Selg NOK 4.25 3.0 3.42 1.19 1.5x 3.6x 9.1x 9.7x Dorian LPG LPG Kjøp USD 10.46 11.1 2.49 0.84 4.2x 12.5x 7.0x 9.3x Eidesvik Offshore EIOF Selg NOK 9 7-1.58-3.87-5.7x -2.3x 10.6x 15.1x Electrolux ELUX Hold SEK 215.9 210 14.52 16.58 14.9x 13.0x 6.8x 6.0x Elekta EKTAB Kjøp SEK 61.25 80 2.29 3.71 26.7x 16.5x 11.7x 9.5x Ensco ESV Hold USD 11.9 10 2.20 1.26 5.4x 9.5x 4.5x 5.1x Entra ENTRA Kjøp NOK 78.5 90 4.44 4.53 20.3x 18.5x 18.4x 16.3x Epic Gas EPIC Kjøp NOK 15 25.4-0.13-0.04-14.0x -44.4x 9.6x 7.7x Euronav EURN Kjøp USD 11.19 12.7 1.80 0.18 6.5x 62.6x 4.9x 8.4x Europris EPR Selg NOK 38.1 37 2.51 2.69 15.2x 14.2x 10.5x 9.4x Fabege FABG Hold SEK 125.4 135 4.88 4.85 30.9x 25.9x 28.7x 27.0x Farstad Shipping FAR Selg NOK 13.4 10-10.69-19.55-1.3x -0.7x 10.2x 15.2x Flex LNG FLNG Hold NOK 11 10.9 0.00 0.00-58250.3x -47848.4x -74.0x -75.4x FLSmidth FLS Hold DKK 277 265 15.00 18.25 18.0x 15.2x 8.8x 7.9x FMC Technologies FTI Selg USD 29.53 21 1.11 0.87 26.9x 34.0x 10.0x 11.8x Fortum FUM1V Kjøp EUR 12.9 16 0.62 0.61 20.7x 21.1x Fred Olsen Energy FOE Selg NOK 32.2 20 2.43-1.20 1.6x -3.3x 1.8x 2.8x Frontline FRO Hold NOK 71.1 80 1.22 0.84 7.1x 10.4x 7.6x 10.0x Frontline 2012 FRNT Kjøp NOK 62.5 55 0.92 0.67 8.3x 11.3x 8.9x 10.4x GasLog GLOG Kjøp USD 12.98 15.5 0.44 1.24 29.4x 10.4x 11.3x 8.5x Gener8 Maritime GNRT Kjøp USD 8.13 8.9 2.67 1.36 3.0x 6.0x 5.5x 6.4x Getinge GETIB Selg SEK 176.4 170 7.24 10.71 18.1x 14.4x 11.7x 9.3x Gjensidige Forsikring GJF Hold NOK 136.30 145.00 8.41 9.02 16.2x 15.1x Kilde: DNB Markets, FactSet, Bloomberg 7

DNB Markets DNB anbefalinger og estimater DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA 2016 2017 2016 2017 2016 2017 GN Store Nord GN Hold DKK 133.3 130 7.68 8.63 17.4x 15.5x 8.9x 7.6x Golar LNG GLNG Kjøp USD 23.64 49-1.57 0.44-12.9x -15.1x 171.5x 18.8x Golar LNG Partners GMLP Hold USD 17.46 16.2 2.70 3.11 6.5x 5.6x 7.2x 6.4x Golden Ocean GOGL Hold NOK 6.99 7.8-0.32-0.16-2.7x -5.5x -422.7x 23.3x Grieg Seafood GSF Kjøp NOK 42.9 48 3.80 6.38 11.3x 6.7x 7.5x 4.9x Havfisk HFISK Kjøp NOK 33.5 36 2.97 3.34 11.3x 10.0x 6.6x 5.5x Havila Shipping HAVI Selg NOK 1.69 0.5 0.40-7.67 4.2x -0.2x 8.2x 13.9x Helgeland Sparebank HELG Kjøp NOK 60.5 75 11.69 8.39 5.2x 7.2x Hennes & Mauritz HMB Hold SEK 299.7 300 12.33 13.99 24.3x 21.4x 13.9x 11.6x Hexagon AB HEXAB Kjøp SEK 327.8 340 1.61 1.72 22.3x 20.9x 15.0x 13.6x Hexagon Composites HEX Kjøp NOK 23.5 21 1.17 1.55 20.1x 15.1x 9.8x 7.9x Hexpol HPOLB Kjøp SEK 88.35 97 4.16 4.42 21.3x 20.0x 13.3x 11.9x Hufvudstaden HUFV Hold SEK 122.3 120 4.07 4.18 30.1x 29.2x 25.6x 24.7x Husqvarna HUSQb Kjøp SEK 63.4 70 3.72 4.65 17.0x 13.6x 9.5x 7.8x Höegh LNG Holdings HLNG Kjøp NOK 94.25 131 0.42 0.82 26.0x 14.0x 13.3x 10.4x Industrivärden INDUc Hold SEK 147.2 147 Investor INVEb Kjøp SEK 307.1 346 Jm Ab JM Kjøp SEK 226.2 270 18.80 21.50 12.0x 10.5x 9.2x 7.7x Klövern KLOVb Kjøp SEK 9.57 11 1.16 0.74 15.0x 12.9x 19.2x 18.2x KNOT Offshore Partners KNOP Hold USD 19.1 17.3 1.81 1.91 10.6x 10.0x 8.5x 8.1x Kone KNEBV Hold EUR 40.16 41 1.92 1.98 20.9x 20.2x 13.9x 12.7x Konecranes KCR1V Hold EUR 21.83 21 1.07 1.55 14.9x 13.7x 7.7x 7.0x Kongsberg Gruppen KOG Kjøp NOK 136.5 167 9.13 11.51 15.0x 11.9x 8.6x 6.4x Kungsleden KLED Kjøp SEK 55.75 74 4.84 5.33 11.5x 10.5x 17.3x 16.0x Kværner KVAER Hold NOK 7.85 7 1.31 0.32 13.8x 24.8x 1.2x 1.2x Lerøy LSG Kjøp NOK 389 450 35.44 46.75 11.0x 8.3x 6.9x 4.9x Loomis LOOMb Kjøp SEK 218.7 310 15.83 17.00 13.8x 12.9x 6.6x 6.4x Lundbeck LUN Kjøp DKK 219.5 260 3.52 11.71 62.3x 18.7x 20.1x 9.0x Lundin Petroleum LUPE Hold SEK 145.2 130 0.42 0.67 42.5x 26.6x 9.6x 7.3x Marine Harvest MHG Kjøp NOK 123.3 150 9.29 12.06 13.3x 10.2x 8.7x 6.6x Meda MEDA Hold SEK 152.5 160 4.58 5.82 33.3x 26.2x 12.2x 11.0x Metso MEO1V Kjøp EUR 21.95 24 1.33 1.58 16.0x 13.9x 7.9x 6.8x Millicom MICsdb Kjøp SEK 480 530 0.68 2.25 48.1x 26.2x 5.8x 5.3x MTG MTGb Kjøp SEK 250 305 14.17 16.92 16.4x 14.8x 11.2x 10.0x Ncc NCC Hold SEK 291.7 290 18.06 20.87 16.2x 14.0x 9.4x 8.0x NetEnt NETb Kjøp SEK 518 585 12.14 14.88 42.7x 34.8x 29.5x 23.6x Nibe Industrier NIBEB Selg SEK 276.5 215 11.60 12.38 23.8x 22.3x 15.9x 14.6x Nobia NOBI Kjøp SEK 85.5 100 5.90 6.68 14.5x 12.8x 8.5x 7.2x Noble NE Selg USD 11.6 6 1.18 0.35 9.9x 33.2x 5.3x 6.2x Nokian Tyres NRE1V Hold EUR 31.95 31 1.73 1.95 18.5x 16.4x 10.6x 9.3x Nordea NDA Kjøp SEK 80.45 97 0.84 0.88 10.8x 9.9x Nordic Nanovector NANO Kjøp NOK 23 36-4.70-5.29-4.9x -4.4x -2.3x -3.1x Nordic Semiconductor NOD Kjøp NOK 43 59 0.15 0.25 33.8x 20.8x 18.0x 11.9x Norsk Hydro NHY Selg NOK 34.26 30 2.19 2.24 18.0x 15.3x 6.1x 5.4x North Energy NORTH Hold NOK 1.2 1-0.28-0.56-1.3x -1.2x Norway Royal Salmon NRS Kjøp NOK 102.5 120 7.45 12.89 13.8x 7.9x 9.6x 5.4x Norwegian Air Shuttle NAS Kjøp NOK 354.5 390 22.86 40.22 10.4x 8.8x 11.9x 10.8x Norwegian Cruise Line NCLH Selg USD 48.66 55 3.33 4.38 14.6x 11.1x 11.4x 9.5x Norwegian Property NPRO Kjøp NOK 8.52 10 0.50 0.47 16.9x 18.2x 18.5x 18.8x Novo Nordisk NVO Kjøp DKK 376.7 435 15.22 17.58 24.8x 21.5x 17.6x 15.1x Novozymes NZYMB Selg DKK 318.4 260 10.26 11.29 31.7x 28.5x 19.5x 17.5x NRC Group NRC Hold NOK 53 50 2.31 2.77 22.9x 19.1x 13.1x 11.0x Ocean Rig ORIG Selg USD 1.47 1 3.88 0.38 0.4x 3.8x 3.6x 5.5x Ocean Yield OCY Hold NOK 54.75 53 0.95 1.15 7.0x 5.8x 8.0x 6.5x Odfjell ODF Kjøp NOK 33.4 47 1.12 1.18 3.6x 3.5x 5.2x 4.9x Odfjell Drilling ODL Hold NOK 5.5 6 0.09 0.01 7.5x 61.2x 7.0x 7.5x Olav Thon OLT Kjøp NOK 141 195 11.81 12.13 13.2x 12.8x 15.0x 14.5x Opera OPERA Hold NOK 65.6 71 0.08 0.35 21.5x 17.2x 14.0x 11.0x Oriflame ORI Hold SEK 156.3 159 1.05 1.17 16.3x 14.6x 8.1x 7.3x Orkla ORK Kjøp NOK 68.55 82 3.43 3.75 20.0x 18.3x 14.5x 13.6x Outotec OTE1V Kjøp EUR 3.796 3.5 0.02 0.16 41.5x 24.0x 8.3x 7.6x Pacific Drilling PACD Selg USD 0.4646 0.2-0.40-1.44-1.2x -0.3x 7.0x 16.7x Pandox PNDXB Hold SEK 143.30 150.00 7.85 7.89 19.8x 18.3x 19.2x 18.0x Peab PEAB Hold SEK 67.50 72.00 5.48 6.14 12.3x 11.0x 7.2x 6.0x PGS PGS Selg NOK 27.3 20-0.72-0.93-4.6x -3.6x 6.2x 7.7x Polarcus PLCS Selg NOK 1.13 0.5-0.18-0.15-0.8x -0.9x 18.7x 14.6x Prosafe PRS Selg NOK 6.5 4 0.05-0.02 14.6x -46.9x 9.5x 9.6x Q-Free QFR Kjøp NOK 11.2 15 0.26 0.98 42.5x 11.5x 9.5x 5.1x Recipharm RECIB Kjøp SEK 148.5 155 7.09 9.60 20.9x 15.5x 11.4x 9.2x Kilde: DNB Markets, FactSet, Bloomberg 8

DNB Markets DNB anbefalinger og estimater DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA 2016 2017 2016 2017 2016 2017 RenoNorden RENO Kjøp NOK 37 45 2.90 3.42 12.8x 10.8x 7.2x 6.6x Rezidor REZT Hold SEK 33.2 35 0.19 0.39 19.5x 9.4x 6.7x 4.3x Rowan RDC Hold USD 17.96 15 2.71 1.16 6.6x 15.5x 4.2x 5.3x Royal Caribbean Cruises RCL Selg NOK 614 570 5.83 6.10 12.9x 12.3x 10.2x 9.0x Safe Bulkers SB Selg USD 1.19 0.4-0.64-0.57-1.9x -2.1x 24.4x 19.3x Saipem SPM Hold EUR 0.3685 0 0.03 0.01 14.0x 32.6x 4.3x 5.2x SalMar SALM Kjøp NOK 190.5 220 15.66 18.72 12.2x 10.2x 8.1x 6.6x Sampo Oyj SAMAS Hold EUR 40.41 42 2.87 2.93 14.1x 13.8x Sandvik SAND Kjøp SEK 86.8 90 4.63 5.35 18.8x 16.2x 9.8x 8.7x SCA SCAB Hold SEK 245.6 250 12.26 14.04 18.7x 17.5x 10.5x 9.5x Scandi Standard SCST Hold SEK 57.25 58 3.89 5.36 14.7x 10.7x 8.0x 6.1x Schibsted SCHA Selg NOK 236 177 2.87 5.35 82.3x 44.1x 21.4x 16.8x Scorpio Tankers STNG Hold USD 6.57 6.9 0.59 0.50 10.9x 13.1x 9.9x 10.7x Seadrill SDRL Selg NOK 34.38 10 1.54 0.11 2.7x 37.9x 6.5x 10.1x SEB SEB Kjøp SEK 80.55 98 4.88 8.14 10.7x 9.9x Securitas SECUB Kjøp SEK 132.6 145 7.23 8.31 18.0x 16.0x 11.0x 9.7x Selvaag Bolig SBO Kjøp NOK 25.8 36 2.65 3.13 9.3x 8.3x 9.4x 7.2x Sevan Marine SEVAN Selg NOK 19.5 15-0.14-0.15-17.4x -15.7x -15.5x -12.4x Siem Offshore SIOFF NOK 1.72-0.04-0.08-5.8x -2.7x 10.4x 12.3x Skandiabanken SKBN Kjøp NOK 47 57 5.67 5.24 10.2x 8.9x Skanska SKA Hold SEK 175.9 185 12.57 13.10 14.0x 13.4x 7.3x 6.8x SKF SKFB Hold SEK 147.4 140 11.23 11.66 13.1x 12.6x 8.8x 8.3x Solstad Offshore SOFF Selg NOK 15.5 15-0.30-9.47-50.9x -1.6x 14.1x 18.7x Songa Offshore SONG Selg NOK 0.34 0.15 0.08 0.08 0.5x 0.5x 5.8x 5.0x Sparebank1 Nord-Norge NONG Kjøp NOK 37.3 50 5.60 5.41 7.0x 6.9x Sparebank1 SMN MING Kjøp NOK 49.5 75 7.79 8.02 6.4x 6.2x Sparebank1 SR-Bank SRBANK Kjøp NOK 39.1 50 6.76 6.44 5.8x 6.1x Sparebanken Møre MORG Kjøp NOK 184 250 27.97 25.53 6.6x 7.2x Sparebanken Øst SPOG Kjøp NOK 47 65 5.23 5.17 9.0x 9.1x Spectrum SPU Hold NOK 25 22 0.27 0.18 11.4x 17.2x 1.8x 1.8x Sponda SDA1V Kjøp EUR 3.66 4 0.26 0.29 14.3x 12.7x 20.1x 18.6x Statoil STL Hold NOK 138.5 150 0.42 1.42 38.1x 11.4x Stolt-Nielsen SNI Kjøp NOK 113 156 2.10 1.93 6.6x 7.1x 5.4x 5.4x Storebrand STB Kjøp NOK 31.25 42 3.47 4.25 7.1x 6.0x Subsea 7 SUBC Selg NOK 73.1 47 0.43-0.19 20.8x -47.0x 4.7x 8.6x Svenska Handelsbanken SHB Selg SEK 107.5 96 8.32 8.11 13.0x 13.3x Swedbank SWEDA Kjøp SEK 170.8 194 16.98 16.14 11.0x 10.6x Swedish Match SWMA Hold SEK 272.5 290 17.63 15.57 17.6x 17.5x 12.3x 11.4x Tanker Investments TIL Hold NOK 66.75 87.6 2.20 1.20 3.7x 6.8x 4.2x 5.2x Technip TECF Selg EUR 53.09 36 4.50 2.48 11.1x 21.4x 3.7x 6.4x Teekay Tankers TNK Kjøp USD 3.83 5.3 1.23 0.76 3.1x 5.0x 4.4x 5.0x Tele2 TEL2b Kjøp SEK 76.45 87 2.28 3.31 30.8x 19.9x 9.4x 7.5x Telenor TEL Kjøp NOK 134.7 172 10.42 11.96 12.7x 11.3x 6.2x 5.7x Telia Company TELIA Hold SEK 39.5 43 3.42 3.20 11.3x 12.1x 7.6x 6.9x TGS Nopec TGS Selg NOK 131.5 100-0.22-0.26-73.8x -60.5x 5.2x 4.8x Thule Group THULE Kjøp SEK 109 115 6.42 6.82 17.0x 16.0x 13.0x 11.7x Tomra TOM Hold NOK 87.5 85 4.75 5.00 18.4x 17.1x 10.2x 9.4x Topdanmark TOP Kjøp DKK 174 200 12.65 13.95 13.8x 12.5x Transocean RIG Selg USD 10.79 7 1.38-0.18 7.8x -60.8x 5.5x 7.4x Trelleborg TRELB Hold SEK 149.6 160 23.02 10.45 16.8x 14.3x 11.2x 9.1x Tryg TRYG Hold DKK 128.5 130 7.55 8.35 17.0x 15.4x Tsakos Energy NavigationTNP Kjøp USD 6.46 14.3 2.00 1.46 3.2x 4.4x 5.2x 5.5x Unibet UNIB Hold SEK 88.7 105 34.30 37.72 20.8x 19.0x 16.5x 15.0x Valmet VALMT Kjøp EUR 10.3 12.5 0.76 0.88 13.6x 11.7x 6.0x 5.3x Veidekke VEI Hold NOK 113.5 110 9.07 10.25 12.5x 11.1x 8.1x 7.3x Vitrolife VITR Kjøp SEK 380 310 9.33 11.01 40.7x 34.5x 24.9x 20.8x Volvo VOLVB Kjøp SEK 99.15 106 6.73 7.72 15.4x 12.8x 5.8x 4.9x Weifa WEIFA Kjøp NOK 1.07 1.5 0.05 0.06 20.9x 18.3x 11.5x 9.5x Wihlborgs WIHL Kjøp SEK 162.7 190 10.39 10.76 15.7x 15.1x 20.5x 19.7x Wilh. Wilhelmsen ASA WWASA Kjøp NOK 42.3 58 0.92 0.94 5.6x 5.5x 5.8x 5.1x Wilh. Wilhelmsen Holding WWI Kjøp NOK 155 259 4.12 4.63 4.6x 4.1x 3.8x 2.9x William Demant Holding WDH Selg DKK 681 580 31.44 36.25 21.7x 18.8x 12.8x 11.2x Wärtsilä WRT1V Hold EUR 38.99 40.00 2.10 2.42 17.1x 16.1x 11.5x 10.1x XXL XXL Hold NOK 95.00 105.00 4.42 5.49 21.5x 17.3x 15.6x 12.3x Kilde: DNB Markets, FactSet, Bloomberg 9

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It is intended for general circulation and does not take into account the specific investment objectives, financial situation or particular needs of any particular person. You should seek advice from a financial adviser regarding the suitability of any product referred to in the Note, taking into account your specific financial objectives, financial situation or particular needs before making a commitment to purchase any such product. You have received a copy of the Note because you have been classified either as an accredited investor, an expert investor or as an institutional investor, as these terms have been defined under Singapore s Financial Advisers Act (Cap. 110) ( FAA ) and/or the Financial Advisers Regulations ( FAR ). The Singapore Branch of DNB Bank ASA is a financial adviser exempt from licensing under the FAA but is otherwise subject to the legal requirements of the FAA and of the FAR. By virtue of your status as an accredited investor or as an expert investor, the Singapore Branch of DNB Bank ASA is, in respect of certain of its dealings with you or services rendered to you, exempt from having to comply with certain regulatory requirements of the FAA and FAR, including without limitation, sections 25, 27 and 36 of the FAA. Section 25 of the FAA requires a financial adviser to disclose material information concerning designated investment products which are recommended by the financial adviser to you as the client. Section 27 of the FAA requires a financial adviser to have a reasonable basis for making investment recommendations to you as the client. Section 36 of the FAA requires a financial adviser to include, within any circular or written communications in which he makes recommendations concerning securities, a statement of the nature of any interest which the financial adviser (and any person connected or associated with the financial adviser) might have in the securities. 10

DNB Markets DNB anbefalinger og estimater Please contact the Singapore Branch of DNB Bank ASA at +65 6212 0753 in respect of any matters arising from, or in connection with, the Note. The Note is intended for and is to be circulated only to persons who are classified as an accredited investor, an expert investor or an institutional investor. If you are not an accredited investor, an expert investor or an institutional investor, please contact the Singapore Branch of DNB Bank ASA at +65 6212 0753. We, the DNB group, our associates, officers and/or employees may have interests in any products referred to in the Note by acting in various roles including as distributor, holder of principal positions, adviser or lender. We, the DNB group, our associates, officers and/or employees may receive fees, brokerage or commissions for acting in those capacities. In addition, we, the DNB group, our associates, officers and/or employees may buy or sell products as principal or agent and may effect transactions which are not consistent with the information set out in the Note. Additional Information, including for Recipients in the United States: The Note does not constitute an offer to sell or buy a security and does not include information, opinions, or recommendations with respect to securities of an issuer or an analysis of a security or an issuer. In Brazil 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. 11