LAVERE I USA OG ASIA, REVERSERING I OLJE, TRANSOCEAN ORK & ENTRA

ANALYSE Aksjemarkedet i dag LAVERE I USA OG ASIA, REVERSERING I OLJE, TRANSOCEAN ORK & ENTRA Gårsdagens nedgang i USA kom etter at lønnsveksten ble rapportert å være høyere enn ventet i Q1. Samtidig kom det også dempende kommentarer fra sentralbanken vedrørende verdsettelsen i aksjemarkedet og i tillegg var sysselsettingsutvikling i privat sektor svakere enn ventet. Oppkjøpsnyheter innen helsektoren og en energisektor inspirert av oljeprisen bidro til at fallet ble noe dempet. Dow og S&P500 var begge ned 0.5%, mens Nasdaq endte ned 0.4%. Volumet på de tre hovedindeksene kom inn på 93-107% av gjennomsnittet for de siste tre måneder. I Japan har markedet igjen åpnet etter tre fridager, og Nikkei er i øyeblikket ned 1.3%. I Europa får vi i dag en oppdatert ordreinngang for tysk industri, samt industriproduksjonstall for Frankrike. I det norske markedet vil interessen i større grad enn vanlig rette seg mot rentemøtet i Norges Bank. I utgangspunktet er det en svak overvekt av makroanalytikere som ikke venter at renten i denne omgang settes ned fra dagens 1.25%. Usikkerheten er imidlertid større enn vanlig. Fra USA får vi etter hvert ukentlige arbeidsmarkedstall, og kommer disse inn uten betydelig avvik fra forventningene vil fokus i neste omgang rettes inn mot morgendagens månedlige sysselsettingstall. Etter børs i går la både Tesla og Transocean frem sine tall for Q1 og aksjene var i handel etter stengetid opp rundt 2%. Før de europeiske markedene åpner igjen i morgen tidlig vil også handelsbalansetallene fra Kina kunne bidra til å definere den videre retningen for blant annet råvaremarkedene. I oljemarkedet fortsatte WTI-prisen i går opp USD 0.23 pr fat til USD 60.70 pr fat. Prisen ligger i morgentimene på USD 60.59 pr fat. Brent åpner på USD 67.37 pr fat, ned fra USD 69.16 pr fat ved stengetid i det norske markedet i går. Etter tirsdagens indikasjoner på trekk i de amerikanske råoljebeholdningene bekreftet gårsdagens offisielle statistikk en reduksjon i beholdningene på 3.9 mill fat forrige uke. I dagens tall for Q1 rapporterer Orkla en omsetning på NOK 7.541 mill mot vårt estimat på NOK 7.389 mill og konsensus på NOK 7.189 mill. EBITA for kvartalet kom inn på NOK 725 mill mot vårt estimat på NOK 717 mill og konsensus på NOK 704 mill. Etter en oppgang på like under 18% så langt i år tok vi nylig anbefalingen ned fra Kjøp til Hold. Vi har før eventuelle justeringer på grunnlag av rapporten, og basert på et estimat for summen-av-delene, et kursmål på NOK 63 pr aksje. Kursen stengte i går på NOK 57.75 pr aksje. Vi venter en positiv reaksjon i aksjen ved åpning I dagens presentasjon fra Entra vil vi i første rekke fokusere på kostnadsutviklingen, andelen ledige lokaler og kommentarer knyttet til utleiemarkedet. Leienivået i Oslo var i henhold til markedsstatistikk ned 5.6% fra Q4 2014 til Q1 2015 og samlet volum leiet ut i kvartalet var også betydelig ned fra Q4. Blant de børsnoterte eiendomsaktørene har selskapet den høyeste andelen administrasjonskostnader og ledelsen har en målsetting om å få denne ned til NOK 200 mill pr år. Svekkelsen i utleiemarkedet har kommet raskere enn ventet, men vi mener langsiktige kontrakter vil kunne dempe noe av effekten av dette i forhold til andre aktører i sektoren. Før eventuelle justeringer på grunnlag av dagens rapport har vi en Holdanbefaling på Entra og et kursmål på NOK 77 pr aksje. Aksjen stengte i går på NOK 74.75 pr aksje. Selskap Tidspunkt Konsensus Molson Coors Før markedet 0.45 Norwegian Cruise Før markedet 0.23 Coty Før markedet 0.12 Apache Etter markedet 0.60 CBS Etter markedet 0.75 Nvidia Etter markedet 0.34 Land Nøkkeltall Tyskland Ordreinngang industri 08.00 1.9% Frankrike Handelsbalanse 08.45 - Frankrike Industriproduksjon 08.45 1.1% Norge NB Rentemøte 10.00 1.25% (-) USA Førstegangssøkende 14.30 279k USA Registrerte ledige 14.30 2270k USA Forbrukerkredit 21.00 15 mrd Våre anbefalte aksjer: - TIL - OCY - LSG - NAS - HLNG - SNI YTD DNB: +18% YTD OSE: +10% Internasjonale børser Siste Endr. % Dow Jones 17,842-86 -0.48 S&P 500 2,080-9 -0.45 NASDAQ 4,920-20 -0.40 Nikkei 225 19,299-233 -1.19 Euro 500 264-1 -0.53 Danmark-KFX 948-10 -1.07 Finland-HEX 8,348-32 -0.38 Norge-OSEBX 646-3 -0.47 Sverige-SAX 523-5 -0.97 Valuta/råvarer Siste I går Endr. % EUR/USD 1.135 1.135-0.01 USD/JPY 119.5 119.5-0.01 USD/NOK 7.424 7.435 0.14 EUR/NOK 8.424 8.435 0.14 Siste Endr. Endr. % CRB indeks 230 2.43 1.07 Brent sp. ($/bbl) 65.9-0.46-0.69 Brent 1m ($/bbl) 67.3-0.21-0.31 Alum. 3m ($/ton) 1,921.0 11.00 0.58 US Nat.gass 2.7 0.02 0.86 Renter Siste I går Endr. USA 10år 2.232 2.185 0.05 Tyskl. 10år 0.586 0.453 0.13 Norge 10år 1.697 1.590 0.11 USA 3m 0.276 0.280 0.00 Euro 3m -0.008-0.007 0.00 Norge 3m 1.420 1.460-0.04 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: 08940 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 17,842-86.22-0.48-0.19 0.11 15.48 S&P 500 2,080-9.31-0.45 0.18 1.03 18.35 Nasdaq Composite 4,920-19.68-0.40 0.19 3.88 28.60 Russel 2000 1,219 3.94 0.32-2.71 1.22 43.85 Amex naturgass-indeks (XNG) 771-5.63-0.72 2.87 5.99 20.78 Amex Oil Service Indeks 224-0.30-0.14 10.69 6.24 15.55 Philadelphia-børsens oljeproduksjon-indeks (XOI) 1,406-4.45-0.32 3.17 4.32 19.29 Amex farmasi-indeks (DRG) 575-3.45-0.60 0.20 7.87 22.30 Nasdaq biotech-indeks 3,570 30.38 0.86-0.24 12.35 112.81 Philadelphia-børsens halvleder-indeks (SOX) 687-0.95-0.14-0.79 0.08 20.79 S&P 500 Paper & Forest Index ( PAFO) 223 3.70 1.69-4.00-3.30 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 2.41-0.08 3,065,388 17.89 18.80-0.91 Royal Caribbean Cruises 66.90-1.33 2,777,030 496.65 491.00 5.65 Questerre (CAD) 0.30-0.02 101,306 1.82 1.95-0.13 Statoil 21.23 0.41 3,021,400 157.61 159.40-1.79 Yara 52.18 0.23 5,734 387.37 390.50-3.13 Sverige AstraZeneca 67.36 0.02 712,715 553.91 555.00-1.09 Finland (EUR) Nokia 6.48-0.06 52,050,764 5.71 5.72 0.00 Danmark Novo Nordisk B 55.76-1.17 1,459,538 366.90 366.60 0.30 SAMMENLIGNBARE SELSKAPER (PEERS) BEST -1d% Peer SVAKEST -1d% Peer Furniture Brands Intern #N/A N/A EKO CVRD -4.5 NHY Dell Inc #N/A N/A KOM Metro -4.0 SCH Overseas Shipholding G#N/A N/A FRO Concordia -2.4 FRO Ubs #N/A N/A DNB Holmen Ab -2.2 NSG Exact Holding #N/A N/A Hewlett Packard Co -2.0 ATEA Furniture Brands Intern #N/A N/A EKO Stora Enso -2.0 NSG Alcatel 3.6 NOKIA Pfizer -1.9 ASD Agrium 3.4 YAR Industrie Natuzzi -1.8 EKO Rowan 2.6 SDRL Teekay Shipping Corp -1.8 FRO SBM Offshore 1.7 BWO IBM -1.8 EDB RÅVARER & SHIPPING Siste I går Endr. %1D 1W 1M 3M YTD 12M 52W H 52W L CRB indeks 230.3 230.3-0.6-0.25 3 8.4 5.4 0.3-76.7 313.3 206.8 GS råvare indeks 3,335 3,335 2.7 0.1% 40 209 195 102-1,668 5,214 2,856 Oil Brent Spot 65.91 66.22-0.31-0.47 1 8.08 8.39 10.15-41.97 Brent olje 1m 67.31 67.77-0.46-0.68 1 8.21 9.51 9.98-40.82 115.71 45.19 Brent olje 3m 68.58 69.02-0.44-0.64 1 7.66 8.91 9.39-38.52 114.44 47.68 WTI olje 1m 60.51 60.93-0.42-0.71 1 6.53 8.82 7.24-40.26 107.73 42.03 Flybensin 630.00 630.00 3.75 0.60 14 80.00 27.75 57.00-328.75 Naturgass US Henry Hub 2.75 2.75-0.01-0.51 0 0.13 0.19-0.25-2.04 Fyringsolje 200.6 201.6-1.0-0.5 3 22 16.7 15.9-92.1 307.1 158.9 Metals Aluminium 3m 1,921 1,921-57 - 2.9 47 139 50 69 137 2,120 1,745 Nikkel 13,970 13,970-330 - 2.3 525 945-1,265-1,180-4,580 21,625 12,205 Kopper 6,390 6,390-90 - 1.4 272 410 740 90-330 7,212 5,340 Gull 1,188 1,192-4 - 0.4 4-21 -46 3-102 1,345 1,131 Shipping WS AG - Japan, 250 dwt 58 0 0 0-3 10 3 0 23 WS AG - USG, 250 dwt 33 33 0 0-3 5-3 0 8 Containerships index 0 0 0.0 0.0% - 0 0 0 0 0 Baltic dry index 575 575-5.0-0.86-26 -8 16-207 -447 1,484 0 509 2

DNB Markets US-INTRADAG REBASERT US-INTRADAG REBASERT 104 103 102 101 100 99 98 97 96 95 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 - 0.10 % -1.66 % -0.71 % Oljeservice -0.14 % 0.43 % -1.01 % Oljeproduksjon -0.32 % 0.54 % -1.04 %. Kilde: Bloomberg/DNB Markets 3

DNB Markets S&P 500-indekser på bransjenivå S&P 500-INDEKSER PÅ BRANSJENIVÅ 1 dag 1 mnd. 3 mnd. 1 år hittil i år est. P/E Papir- og skogprodukter 1.7% -4.0% -4.9% 12.8% -3.3% 13.3 Husholdningsartikler 0.5% -1.9% -4.4% -0.1% -8.8% 20.7 Luftfart 0.4% 1.4% -7.5% 30.1% -9.9% 7.3 Bygg og anlegg 0.2% -2.0% 3.2% -21.7% -2.7% 13.5 Elektronisk utstyr og instrumenter 0.1% -4.4% -5.7% 9.4% -0.2% 17.0 Maskiner 0.1% 2.3% 1.7% -3.8% -1.4% 17.0 Kjemikalier -0.1% 1.2% 0.1% 6.2% 3.3% 17.8 Drikkevarer -0.1% -1.1% -0.4% 9.5% 1.0% 21.4 Elektrisk utstyr -0.1% 3.6% 3.3% -6.1% 0.5% 16.5 Kommunikasjonsutstyr -0.2% 3.5% 4.3% 4.4% -1.6% 14.1 Matvarer -0.3% -1.5% 4.6% 11.0% 4.4% 20.2 Hotell og restaurant -0.3% -0.1% 4.8% 10.0% 4.9% 23.6 Industrielle konglomerater -0.3% 2.5% 4.0% 5.3% 2.4% 19.0 Olje og gass -0.3% 1.7% 0.0% -13.2% 0.4% 33.7 Energi og relatert utstyr -0.3% 7.5% 7.5% -20.0% 7.0% 24.3 Bildeler -0.3% 0.3% 5.3% 13.6% 7.4% 14.6 Forsikring -0.4% 0.4% 2.6% 7.3% -1.5% 11.4 Internett programvare og -tjenester -0.5% -2.3% 2.3% 13.8% -0.1% 23.6 Bioteknologi -0.6% -1.1% 0.8% 37.9% 3.6% 17.0 Kraft -0.6% -2.6% -7.2% 0.4% -8.9% 15.7 Metall -0.6% 11.4% 3.5% -14.1% 1.0% 22.3 Helseartikler -0.7% -1.7% 0.2% 21.6% 1.9% 19.0 Farmasi -0.7% 1.0% 3.4% 16.3% 4.3% 18.0 Fritidsutstyr -0.7% 12.3% 8.3% -12.3% 2.8% 20.9 Bank -0.8% 2.8% 3.5% 11.3% -1.7% 11.9 Datamaskiner og tilbehør -0.8% -0.4% 1.9% 35.7% 5.6% 13.4 Media -0.9% 0.3% 3.5% 14.4% 1.9% 18.5 Legemiddelindustri og bioteknologi -1.0% -5.4% 5.6% 26.9% 16.4% 18.9 Diversifiserte telekomtjenester -1.2% 0.3% -2.3% -0.9% 2.1% 13.6 Programvare -1.7% 6.6% 7.5% 18.2% 1.3% 19.6 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 Banker 0.2% -2.6% 8.4% 9.4% 11.6% 12.19 Telekommunikasjon og tjenester 0.1% -1.0% 2.5% 19.9% 13.8% 20.63 Forsikring 0.0% -8.6% 0.0% 20.8% 10.8% 11.48 Forsyningsselskaper -0.1% -4.3% -1.8% 5.6% 1.2% 15.02 Teknologisk utstyr -0.2% -16.9% -9.6% 13.4% -2.4% 18.13 Detaljhandel -0.2% -5.6% 3.2% 20.1% 9.1% 20.79 Husholdningsvarer og personlige produkter -0.2% -4.8% 3.5% 28.4% 17.3% 23.05 Kapitalvarer -0.3% -4.5% 4.5% 11.5% 14.1% 17.40 Programvare og tjenester -0.4% -0.5% 12.1% 24.3% 16.9% 19.18 Helsevern - utstyr og tjenester -0.4% -4.0% 5.7% 31.3% 11.7% 23.00 Mat- og apotekhandel -0.5% -7.7% 3.5% 3.8% 19.0% 17.92 Transport -0.6% -4.3% 5.3% 16.7% 15.1% 15.91 Kommersielle tjenester og leveranser -0.7% -2.8% 2.5% 14.8% 14.5% 17.92 Energi -0.8% 2.8% 4.1% -6.6% 14.0% 18.81 Drikkevarer, mat og tobakk -0.8% -4.8% 0.6% 21.3% 11.4% 20.19 Media -0.9% -6.2% 2.7% 33.9% 15.6% 19.98 Materialer -1.1% -2.3% 4.7% 8.7% 14.4% 18.44 Hotell-, underholdnings- og restaurantvirksomhet -1.1% -5.2% 2.7% 30.2% 11.4% 20.77 Forbruksvarer og klær -1.2% -2.4% 4.1% 15.8% 13.0% 19.01 Finansieringsselskaper -1.4% -4.9% 11.6% 18.8% 18.7% 13.50 Biler og komponenter -1.4% -4.6% 4.5% 25.0% 24.3% 11.10 Eiendomsselskaper -2.3% -7.9% -6.2% 22.0% 10.4% 21.91 4

DNB Markets Indekser INDEKSER DOW 30 Kurs Endring Endring Endring siste 1 dag 1 mnd 1 år PROCTER & GAMBLE CO/THE 80.40 0.4% -2.4% -2.1% CISCO SYSTEMS INC 28.97 0.3% 5.8% 26.7% MCDONALD'S CORP 96.39 0.3% 0.0% -5.5% HOME DEPOT INC 108.31 0.2% -5.2% 40.5% UNITEDHEALTH GROUP INC 113.49 0.1% -3.3% 45.7% AMERICAN EXPRESS CO 77.85 0.0% -0.6% -11.5% UNITED TECHNOLOGIES CORP 115.08 0.0% -2.1% -1.6% CATERPILLAR INC 86.99 0.0% 8.0% -16.9% CHEVRON CORP 107.95 0.0% -0.5% -14.5% DU PONT (E.I.) DE NEMOURS 72.72-0.1% 1.5% 6.9% 3M CO 157.64-0.2% -5.2% 11.7% NIKE INC -CL B 100.22-0.2% 0.6% 38.8% COCA-COLA CO/THE 40.66-0.2% -0.9% -0.6% TRAVELERS COS INC/THE 101.77-0.3% -5.2% 11.7% JOHNSON & JOHNSON 99.17-0.3% -0.9% -1.7% MERCK & CO. INC. 60.26-0.4% 4.9% 7.9% GENERAL ELECTRIC CO 26.81-0.4% 7.2% 1.1% VISA INC-CLASS A SHARES 65.67-0.4% -0.2% 25.9% EXXON MOBIL CORP 88.19-0.5% 2.8% -14.5% GOLDMAN SACHS GROUP INC 196.25-0.5% 2.0% 26.2% WAL-MART STORES INC 77.65-0.6% -3.5% -0.4% APPLE INC 125.01-0.6% -0.8% 47.7% JPMORGAN CHASE & CO 63.92-0.7% 5.0% 18.3% VERIZON COMMUNICATIONS IN 49.64-0.9% 0.8% 3.2% WALT DISNEY CO/THE 109.72-1.0% 4.1% 36.7% INTEL CORP 32.22-1.3% 3.1% 22.2% BOEING CO/THE 141.04-1.3% -7.4% 8.2% INTL BUSINESS MACHINES CO 170.05-1.8% 4.9% -10.2% PFIZER INC 33.46-1.9% -3.1% 15.3% MICROSOFT CORP 46.28-2.8% 11.4% 17.5% S&P 500-30 fra toppen S&P 500-30 fra toppen Kurs Endring Endring Endring siste 1 dag 1 uke 1 år WESTERN UNION CO 21.85 4.3 % 8.8 % 34.3 % ANTHEM INC 159.85 3.7 % 3.0 % 52.6 % EXPEDITORS INTL WASH INC 48.11 3.0 % 3.3 % 15.8 % ELECTRONIC ARTS INC 60.93 3.0 % 5.4 % 79.5 % ASSURANT INC 64.54 2.6 % 5.5 % -2.7 % REYNOLDS AMERICAN INC 74.96 2.5 % 3.2 % 33.0 % SUPERVALU INC 8.85 2.4 % -23.5 % 25.4 % KROGER CO 69.80 2.3 % -8.6 % 50.6 % CABLEVISION SYSTEMS-NY G 20.80 2.2 % 15.4 % 25.6 % VULCAN MATERIALS CO 87.35 2.2 % 5.0 % 40.4 % CONSOL ENERGY INC 33.05 2.0 % 12.3 % -24.7 % KOHLS CORP 72.96 2.0 % -6.9 % 36.1 % FISERV INC 78.89 1.8 % -0.5 % 27.9 % PEABODY ENERGY CORP 4.69 1.7 % -12.2 % -74.5 % INTERNATIONAL PAPER CO 51.81 1.7 % -4.0 % 12.8 % CF INDUSTRIES HOLDINGS INC 294.60 1.5 % 4.7 % 20.3 % MARTIN MARIETTA MATERIAL 149.09 1.5 % 9.8 % 21.8 % INGERSOLL-RAND PLC 66.82 1.5 % -0.8 % 13.8 % AVERY DENNISON CORP 57.72 1.5 % 8.3 % 18.1 % SALESFORCE.COM INC 73.79 1.4 % 8.2 % 46.3 % BROADCOM CORP-CL A 45.50 1.3 % 5.4 % 53.9 % INTL FLAVORS & FRAGRANCE 118.10 1.3 % -0.1 % 18.1 % FLOWSERVE CORP 56.70 1.3 % -0.9 % -24.9 % PHILIP MORRIS INTERNATIONA 83.87 1.3 % 7.9 % -2.2 % CORNING INC 21.06 1.3 % -4.3 % 0.9 % DEVON ENERGY CORP 67.48 1.2 % 6.6 % -7.6 % STANLEY BLACK & DECKER IN 101.96 1.2 % 6.0 % 18.4 % HCA HOLDINGS INC 74.50 1.2 % -1.6 % 44.5 % COCA-COLA ENTERPRISES 45.09 1.1% -1.5% -3.0% S&P 500-30 fra bunnen S&P 500-30 fra bunnen Kurs Endring Endring Endring siste 1 dag 1 uke 1 år FRONTIER COMMUNICATIONS 5.94-11.9 % -18.1 % 1.4 % ALEXION PHARMACEUTICALS 155.01-8.0 % -11.9 % 0.9 % CHESAPEAKE ENERGY CORP 14.72-7.2 % -4.1 % -47.4 % FOSSIL GROUP INC 80.63-6.7 % -5.3 % -25.2 % FOSSIL GROUP INC 80.63-6.7 % -5.3 % -25.2 % ONEOK INC 44.84-6.5 % -7.5 % -30.6 % NEWS CORP - CLASS A 14.99-6.4 % -7.0 % -12.2 % ALLSTATE CORP 67.31-3.8 % -5.8 % 16.4 % GENWORTH FINANCIAL INC-CL 8.33-3.6 % 7.5 % -54.3 % MICROSOFT CORP 46.28-2.8 % 11.4 % 17.5 % CENTURYLINK INC 34.53-2.8 % -2.5 % -0.3 % NEWFIELD EXPLORATION CO 36.05-2.5 % -2.6 % 4.3 % MYLAN NV 71.05-2.5 % 19.3 % 47.6 % DISCOVERY COMMUNICATION 29.59-2.5 % -6.6 % -11.6 % SEAGATE TECHNOLOGY 56.29-2.4 % 4.7 % 12.6 % MASCO CORP 26.11-2.4 % -0.7 % 32.5 % MALLINCKRODT PLC 117.39-2.4 % -5.4 % 57.7 % DENTSPLY INTERNATIONAL IN 50.89-2.4 % 0.5 % 11.3 % WYNN RESORTS LTD 113.69-2.4 % -11.1 % -44.2 % GAMESTOP CORP-CLASS A 39.13-2.2 % 3.0 % 9.2 % INTERCONTINENTAL EXCHANG 227.26-2.1 % -1.1 % 12.6 % GRAHAM HOLDINGS CO-CLAS 962.61-2.1 % -9.6 % 42.3 % NRG ENERGY INC 24.59-2.1 % -1.2 % -29.9 % TIFFANY & CO 86.98-2.1 % -1.2 % 0.3 % FIRST SOLAR INC 55.66-2.0 % -9.2 % -12.4 % HEWLETT-PACKARD CO 32.50-2.0 % 3.4 % 0.6 % WESTERN DIGITAL CORP 94.87-2.0 % 0.8 % 13.8 % PITNEY BOWES INC 22.24-1.9 % -4.3 % -14.6 % PFIZER INC 33.46-1.9 % -3.1 % 15.3 % PIONEER NATURAL RESOURC 159.90-1.9 % -7.0 % -23.2 % HOST HOTELS & RESORTS INC 19.45-1.9 % -2.8 % -8.8 % E*TRADE FINANCIAL CORP 28.46-1.9 % 2.5 % 31.2 % Nasdaq 100-30 fra toppen Nasdaq 100-30 fra toppen Kurs Endring Endring Endring siste 1 dag 1 uke 1 år ACTIVISION BLIZZARD INC 23.20 2.2 % 1.9 % 10.4 % FISERV INC 78.89 1.8 % -0.5 % 27.9 % BROADCOM CORP-CL A 45.50 1.3% 5.4% 53.9% NXP SEMICONDUCTORS NV 98.49 1.1 % -1.9 % 63.6 % DOLLAR TREE INC 77.15 1.1 % -4.3 % 48.6 % CELGENE CORP 108.65 1.0 % -3.6 % 49.6 % REGENERON PHARMACEUTICA 470.01 1.0 % 6.4 % 64.0 % C.H. ROBINSON WORLDWIDE I 64.55 0.9 % -9.6 % 10.9 % ILLUMINA INC 188.55 0.8 % 3.2 % 33.1 % MARRIOTT INTERNATIONAL -C 78.82 0.8 % -0.4 % 35.6 % FACEBOOK INC-A 78.10 0.7 % -5.1 % 36.1 % ROSS STORES INC 101.20 0.7 % -1.6 % 49.3 % CHECK POINT SOFTWARE TEC 84.54 0.5 % 0.7 % 33.2 % APPLIED MATERIALS INC 19.45 0.4 % -11.6 % 2.4 % MONDELEZ INTERNATIONAL IN 38.45 0.3 % 3.9 % 0.9 % NVIDIA CORP 22.10 0.3 % 1.1 % 20.9 % CISCO SYSTEMS INC 28.97 0.3 % 5.8 % 26.7 % SBA COMMUNICATIONS CORP 114.54 0.3 % -4.2 % 18.9 % LINEAR TECHNOLOGY CORP 45.83 0.3 % -0.5 % 3.0 % LIBERTY GLOBAL PLC-A 52.32 0.2 % 0.5 % 22.5 % COSTCO WHOLESALE CORP 144.77 0.2 % -4.6 % 33.6 % SYMANTEC CORP 24.94 0.2 % 4.8 % 23.3 % LIBERTY INTERACTIVE CORP-A 28.61 0.2 % -0.5 % 18.4 % CA INC 31.45 0.1 % -2.5 % 6.8 % SIGMA-ALDRICH 138.89 0.1 % 0.3 % 43.3 % FASTENAL CO 41.69 0.1 % 3.3 % -14.1 % AMERICAN AIRLINES GROUP IN 47.05 0.1 % -0.9 % 26.4 % PRICELINE GROUP INC/THE 1264.15 0.1 % 6.7 % 11.7 % LIBERTY VENTURES - SER A 42.37 0.0 % 0.5 % 44.3 % GARMIN LTD 45.30 0.0 % -1.3 % -19.8 % Nasdaq 100-30 fra bunnen Nasdaq 100-30 fra bunnen Kurs Endring Endring Endring siste 1 dag 1 uke 1 år ALEXION PHARMACEUTICALS 155.01-8.0% -11.9% 0.9% MICROSOFT CORP 46.28-2.8% 11.4% 17.5% VERISK ANALYTICS INC-CLAS 72.49-2.7% 1.1% 21.4% MYLAN NV 71.05-2.5% 19.3% 47.6% DISCOVERY COMMUNICATION 29.59-2.5% -6.6% -11.6% SEAGATE TECHNOLOGY 56.29-2.4% 4.7% 12.6% BAIDU INC - SPON ADR 190.05-2.4% -6.8% 25.6% DISCOVERY COMMUNICATION 32.00-1.8% -2.8% -13.9% KEURIG GREEN MOUNTAIN INC 108.08-1.7% -5.8% 17.2% CERNER CORP 70.85-1.7% -2.2% 43.2% VIACOM INC-CLASS B 67.76-1.6% 0.7% -18.6% MATTEL INC 27.20-1.5% 13.8% -31.0% GOOGLE INC-CL A 535.08-1.5% -1.8% 3.3% NETAPP INC 35.39-1.4% -1.2% 5.0% TRACTOR SUPPLY COMPANY 84.65-1.4% -0.8% 31.5% STAPLES INC 16.34-1.4% 1.5% 28.3% HENRY SCHEIN INC 136.43-1.4% -2.5% 20.6% INTEL CORP 32.22-1.3% 3.1% 22.2% GOOGLE INC-CL C 524.22-1.2% -2.1% 3.1% TRIPADVISOR INC 76.80-1.2% -7.3% -8.6% VIMPELCOM LTD-SPON ADR 5.28-1.1% -10.1% -36.7% TESLA MOTORS INC 230.43-1.1% 13.4% 14.4% O'REILLY AUTOMOTIVE INC 217.38-1.0% 0.6% 48.8% AUTODESK INC 56.19-1.0% -7.4% 20.2% CHARTER COMMUNICATION-A 183.91-1.0% -3.1% 31.8% ALTERA CORP 44.18-1.0% 6.8% 36.7% STARBUCKS CORP 48.93-1.0% 4.0% 40.3% NETFLIX INC 560.54-0.9% 32.4% 74.9% INTUITIVE SURGICAL INC 488.71-0.9% -4.6% 38.5% RENTER & VALUTA Renter Siste I går Endr. 1W 1M 3M YTD 12M Norge - Nibor 3m 1.420 1.420-0.040-0.09-0.06 0.04-0.06-0.38 USA - Libor 3m 0.276 #N/A N/A -0.004-0.00 0.00 0.02 0.02 0.05 Euro - Euribor 3m -0.008-0.008 0.000-0.003-0.026-0.061-0.086-0.345 Norge 10 år stat 1.697 1.697 0.105 0.15 0.22 0.41 0.16-1.09 USA 10 år stat 2.232 2.243-0.011 0.20 0.35 0.28 0.06-0.36 Euro 10 år stat 0.586 0.586 0.070 0.30 0.39 0.21 0.05-0.87 Tyskland 10 år stat 0.586 0.586 0.070 0.30 0.39 0.21 0.05-0.87 Japan 10 år stat 0.430 0.363 0.067 0.09 0.07 0.09 0.10-0.17 UK 10 år stat 1.984 1.984 0.014 0.15 0.39 0.34 0.23-0.67 Valuta Siste I går Endr. 1W 1M 3M YTD 12M 52W H 52W L EUR/USD 1.135 1.135 0.000 0.012 0.053 0.002-0.075-0.256 1.399 1.046 USD/JPY 119.5 119.5 0.010 0.1-0.8 0.8-0.2 17.6 122.0 100.8 GBP/USD 1.524 1.525-0.001-0.011 0.043 0.003-0.034-0.171 1.719 1.457 USD/NOK 7.424 7.435-0.011-0.109-0.662-0.192-0.024 1.515 8.419 5.849 EUR/NOK 8.424 8.435-0.012-0.031-0.321-0.201-0.592 0.204 9.897 8.077 GBP/NOK 11.316 11.335-0.019-0.247-0.658-0.273-0.293 1.295 12.441 9.918 5

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 Bioteknologi IBB 340.72 0.8 % -1.2 % -0.4 % 49.8 % USD 2061978 S&P Euro 350 IEV 45.99 0.7 % -0.5 % 1.4 % -7.3 % USD 579020 Russell 2000 Growth IWO 147.73 0.5 % -2.0 % -2.4 % 16.8 % USD 1342925 Russell 2000 IWM 121.27 0.3 % -2.0 % -2.5 % 10.1 % USD 34348279 Forbruksvarer XLP 48.64 0.3 % 0.2 % -1.3 % 9.9 % USD 6233272 FTSE 100 ISF 694.5 0.2 % -1.4 % 0.0 % 2.0 % GBp 6321354 CAC-40 CAC 49.86 0.1 % -3.4 % -2.5 % 11.6 % EUR 217570 S&P M idcap 400 M DY 272.95 0.0 % -1.2 % -1.5 % 10.5 % USD 1617076 Industri XLI 55.63-0.1% -0.9 % -0.2 % 5.0 % USD 8247719 Japan EWJ 12.82-0.1% -2.9 % -0.6 % 15.6 % USD 43855373 DAX DAXEX 100.01-0.2 % -4.9 % -7.2 % 17.8 % EUR 58243 Oil Service OIH 38.75-0.3 % 1.0 % 9.2 % -26.5 % USD 7845381 DJIA DIA 178.39-0.3 % -0.9 % 0.0 % 8.1 % USD 7534180 Energi XLE 81.32-0.4 % -2.0 % 2.7 % -14.5 % USD 16388582 S&P 500 SPY 208.04-0.4 % -1.2 % 0.4 % 10.7 % USD 135060151 Finansielle tjenester XLF 24.24-0.5 % -0.3 % 0.5 % 10.8 % USD 29753265 Forsyningstjenester XLU 43.56-0.5 % -2.6 % -2.4 % 0.5 % USD 16976140 TecDax TDXPEX 14.76-0.7 % -4.2 % -3.7 % 27.8 % EUR 13329 Nasdaq 100 QQQ 106.71-0.7 % -2.4 % 0.9 % 23.3 % USD 42687150 Brasil EWZ 36.31-0.8 % -0.2 % 8.4 % -26.2 % USD 21658837 Dow Jones Total market THRK 155.7348-0.8 % -1.5 % -0.4 % 10.4 % USD 1314 Teknologi USA XLK 42.11-0.8 % -2.5 % 1.0 % 16.4 % USD 9873883 AEX-Nederland AEXT 48.21-0.9 % -4.6 % -4.4 % 19.9 % EUR 3672 Latin-America 40 ILF 32.23-1.0 % -1.0 % 3.6 % -17.8 % USD 820955 Hong Kong EWH 23.57-1.2 % -1.4 % 5.1 % 17.0 % USD 3003799 Emerging M arkets EEM 42.39-1.2 % -2.6 % 2.0 % 1.4 % USD 52439672 Pacific ex-japan EPP 46.74-1.4 % -2.6 % 1.1 % -5.1% USD 447849 Olje / Energi Naturgass NGAS 0.0766 0.7 % 10.9 % 2.0 % -47.4 % USD 959984 Råolje CRUD 14.92 0.7 % 6.2 % 11.0 % -41.6 % USD 697462 WTI-olje OILW 31.46 0.5 % 6.0 % 12.3 % -41.1 % USD 3741 Brent-olje OILB 39.975 0.4 % 5.0 % 14.6 % -42.5 % USD 107139 WTI-Oil USO 20.82 0.3 % 3.5 % 9.2 % -43.1% USD 35374913 Fyringsolje HEAT 16.175-0.1% 5.0 % 13.9 % -29.4 % USD 31 Bensin UGAS 34.54-0.1% 3.1 % 11.9 % -34.2 % USD 8141 M etaller Sølv SLV 15.77-0.3 % -0.3 % -2.4 % -15.1% USD 5217870 Gull BULL 14.78-0.4 % -1.9 % -1.9 % -9.5 % USD 11358 Bomull COTN 2.1975-1.2 % -0.8 % 0.1 % -21.3 % USD 0 Sink ZINC 7.255-1.4 % 3.3 % 9.9 % 12.6 % USD 8495 Kobber COPA 29.545-1.4 % 4.8 % 5.1 % -5.2 % USD 8902 Nikkel NICK 14.705-2.0 % 4.8 % 9.7 % -26.6 % USD 12542 A ndre råvarer Svinekjøtt HOGS 0.774 1.6 % 5.0 % 9.9 % -36.7 % USD 0 Hvete WEAT 0.969 3.3 % 2.2 % -9.1% -39.2 % USD 196208 M ais CORN 1.2035 2.7 % 0.5 % -6.1% -35.8 % USD 24018 Sukker SUGA 9.905 2.1 % -3.2 % 1.4 % -38.6 % USD 15502 Soyabønner SOYB 22.11 0.9 % 0.3 % 1.0 % -22.1% USD 1572 Råoljer AIGO 18.313 0.3 % 5.0 % 12.9 % -38.4 % USD 0 Soyaolje SOYO 4.453 0.2 % 4.3 % 6.2 % -22.4 % USD 8702 Kveg CATL 7.905-0.4 % -0.3 % -0.7 % 10.6 % USD 0 R åvarekurver Energi AIGE 6.18 0.1 % 6.1 % 10.2 % -40.1% USD 684400 Korn AIGG 4.406 2.2 % 0.8 % -4.8 % -32.8 % USD 42650 Landbruk AIGA 5.6425 1.4 % 0.1 % -2.8 % -30.8 % USD 63751 Softs (Sukker, Kakao, Bomull) AIGS 4.3225 0.7 % -2.7 % -2.0 % -34.2 % USD 11000 Buskap AIGL 3.5915 0.3 % 1.4 % 2.7 % -9.3 % USD 0 Råvarer AIGC 10.65 0.3 % 2.7 % 3.4 % -24.4 % USD 114738 Ex-Energi AIGX 9.4225 0.1 % 0.8 % 0.2 % -19.0 % USD 0 Edle metaller AIGP 16.525-0.5 % -1.6 % -2.1% -11.4 % USD 104240 Industrimetaller AIGI 12.505-2.0 % 3.6 % 6.5 % -4.0 % USD 423768 6

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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. 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 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; rather, it is a market letter, as the term is defined in NASD Rule 2211. 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. 8