KINESISK RENTEKUTT, POSITIV START I ASIA, OLJELØFT NHY & WWASA

ANALYSE Aksjemarkedet i dag KINESISK RENTEKUTT, POSITIV START I ASIA, OLJELØFT NHY & WWASA Fredagens sysselsettings- og ledighetstall reflekterte en sterk nok vekst til å dempe investorenes bekymringer for en svekkelse i BNP-takten fremover, men de var samtidig ikke solide nok til å legge grunnlaget for forventninger om renteøkninger allerede ved sentralbankens rentemøte i juni. Konklusjonen ble dermed positiv for det amerikanske aksjemarkedet og Dow steg med 1.5%. S&P500 endte opp 1.4%, mens Nasdaq steg med 1.2%. Volumet på de tre hovedindeksene kom inn på 78-105% av gjennomsnittet for de siste tre måneder. Etter en oppgang over flere dager basert på forventninger om flere stimuleringstiltak har den kinesiske sentralbanken i løpet av helgen besluttet å sette ned utlånsrentene med 25 basispunkter til 5.1% og parallelt også økt bankenes tillatte fleksibilitet når det gjelder hvilke innskuddsrenter som kan tilbys kundene. Samtidig har også Yen-kursen svekket seg igjen og i Japan stenger Nikkei i dag opp 1.2%. De kinesiske indeksene stiger med 2-4%, mens Hang Seng er opp 0.6%. Det kommer begrenset med makrotall ut i markedene denne uken, men vi begynner i dag med de norske KPI-tallene og får noe senere i formiddag en rentebeslutning fra den engelske sentralbanken. Også når det gjelder kvartalsrapporter begynner vi nå å kunne avrunde sesongen. Internasjonalt gjenstår det imidlertid fortsatt enkelte rapporter fra telekom- og detaljistsektorene kunne prege retningen. I tillegg kommer Cisco med sin kvartalsoppdatering på onsdag. Uken innledes i tillegg med nye møter i eurosonen vedrørende den videre håndteringen av de greske gjeldsforpliktelsene. I oljemarkedet fikk WTI-prisen fredag drahjelp av fortsatt fall i den amerikanske riggaktiviteten og samtidig forventninger til drivstoffetterspørselen inn mot sommersesongen. WTI-prisen steg USD 0.44 pr fat til USD 59.34 pr fat. I morgentimene ligger prisen på USD 59.30 per fat. Brent åpner i dag på USD 65.43 pr fat, opp USD 0.84 pr fat i forhold til ved stengetid i det norske markedet før helgen. Vi tar denne uken Wilh. Wilhelmsen ASA og Norsk Hydro inn i porteføljen med anbefalte aksjer. Ingen aksjer går ut av porteføljen. Dersom vi verdsetter Wilh. Wilhelmsens eierandel i Glovis fullt ut i impliserer dette på våre oppjusterte estimater etter Q1-rapporten at den resterende virksomheten er verdsatt på en 12-måneders forward P/E 2.6x. Etter vårt syn er dette attraktivt og vi har løftet kursmålet fra NOK 57 til NOK 64 pr aksje. Glovis er børsnotert i Seoul. Når det gjelder Norsk Hydro er aksjen ned rundt 11% så langt i år, mens LME-prisen er opp rundt 2% i samme tidsrom, og rundt 6% de siste ukene. Vi har en kjøpsanbefaling på Norsk Hydro med et kursmål på NOK 42 pr aksje. Våre anbefalte aksjer: - TIL - OCY - LSG - NAS - NHY - HLNG - SNI - WWASA YTD DNB: +18% YTD OSE: +10% Internasjonale børser Siste Endr. % Dow Jones 18,191 267 1.49 S&P 500 2,116 28 1.35 NASDAQ 5,004 58 1.17 Nikkei 225 19,600 221 1.14 Euro 500 270 6 2.43 Danmark-KFX 964 10 1.04 Finland-HEX 8,621 194 2.31 Norge-OSEBX 648 7 1.10 Sverige-SAX 532 9 1.69 Valuta/råvarer Siste I går Endr. % EUR/USD 1.115 1.120-0.42 USD/JPY 119.9 119.7-0.16 USD/NOK 7.515 7.480-0.46 EUR/NOK 8.380 8.378-0.03 Siste Endr. Endr. % CRB indeks 229-1.10-0.48 Brent sp. ($/bbl) 64.0-0.11-0.17 Brent 1m ($/bbl) 65.3-0.24-0.37 Alum. 3m ($/ton) 1,889.0-32.00-1.67 US Nat.gass 2.8 0.02 0.77 Renter Siste I går Endr. Selskap Tidspunkt Konsensus Nordic Am. Tankers Før markedet 0.27 Dryships Etter markedet 0.03 Ocean Rig UDW Etter markedet 0.00 McDermott Etter markedet 0.08 FMC Corp - - Sotheby s Land Nøkkeltall Norge KPI 10.00 - UK BoE Rentemøte 13.00 0.5% (-) USA 10år 2.139 2.180-0.04 Tyskl. 10år 0.547 0.586-0.04 Norge 10år 1.697 1.697 0.00 USA 3m 0.280 0.276 0.00 Euro 3m -0.009-0.008 0.00 Norge 3m 1.500 1.420 0.08 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 18,191 267.05 1.49 0.74 2.06 15.78 S&P 500 2,116 28.10 1.35 0.67 2.78 18.69 Nasdaq Composite 5,004 58.01 1.17 0.15 5.65 29.02 Russel 2000 1,235 9.39 0.77-2.36 2.51 44.55 Amex naturgass-indeks (XNG) 781 19.86 2.61 4.18 7.41 25.95 Amex Oil Service Indeks 223 4.83 2.22 7.21 5.65 15.51 Philadelphia-børsens oljeproduksjon-indeks (XOI) 1,410 17.73 1.27 1.11 4.58 19.42 Amex farmasi-indeks (DRG) 585 9.46 1.64-0.59 9.71 22.70 Nasdaq biotech-indeks 3,684 82.56 2.29-1.47 15.95 112.05 Philadelphia-børsens halvleder-indeks (SOX) 702 6.93 1.00-0.98 2.22 21.10 S&P 500 Paper & Forest Index ( PAFO) 226 2.11 0.94-6.73-2.03 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 2.42 0.01 1,817,473 18.19 18.30-0.11 Royal Caribbean Cruises 72.45 5.55 5,169,666 544.48 532.00 12.48 Questerre (CAD) 0.31 0.01 11,465 1.89 1.93-0.04 Statoil 21.03-0.20 1,381,633 158.04 155.80 2.24 Yara 53.72 1.54 6,022 403.72 401.80 1.92 Sverige AstraZeneca 69.92 2.64 1,762,789 578.74 576.00 2.74 Finland (EUR) Nokia 6.93 0.45 45,295,881 6.21 6.20 0.01 Danmark Novo Nordisk B 56.28 0.52 1,118,882 376.56 373.10 3.46 SAMMENLIGNBARE SELSKAPER (PEERS) BEST -1d% Peer SVAKEST -1d% Peer Furniture Brands Intern #N/A N/A EKO Industrie Natuzzi -7.8 EKO Dell Inc #N/A N/A KOM CVRD -3.6 NHY Overseas Shipholding G#N/A N/A FRO Comptel -0.9 EDB Ubs #N/A N/A DNB Efore -0.6 ELT Exact Holding #N/A N/A SBM Offshore -0.6 BWO Furniture Brands Intern #N/A N/A EKO Johnston Press -0.6 SCH Transocean Inc 5.2 FOE TDC -0.5 TEL Ericsson 4.5 ELT Holmen Ab -0.4 NSG Alcatel 4.4 NOKIA S E Banken -0.3 DNB Nokia 4.1 ELT 0 0.0 0 RÅVARER & SHIPPING Siste I går Endr. %1D 1W 1M 3M YTD 12M 52W H 52W L CRB indeks 229.2 229.2 2.3 1.03 1 12.0 7.2-0.8-75.4 313.3 206.8 GS råvare indeks 3,279 3,279 14.7 0.5% - 5 215 215 46-1,699 5,214 2,856 Oil Brent Spot 64.04 64.31-0.27-0.42-1 6.70 9.81 8.28-43.63 Brent olje 1m 65.30 65.39-0.09-0.14-1 7.43 10.64 7.97-42.59 115.71 45.19 Brent olje 3m 66.61 66.72-0.11-0.16-1 6.85 9.51 7.42-40.07 114.44 47.68 WTI olje 1m 59.16 59.39-0.23-0.30 0 7.52 10.32 5.89-40.83 107.73 42.03 Flybensin 610.75 610.75-4.25-0.69 8 58.00 8.50 37.75-353.50 Naturgass US Henry Hub 2.77 2.77-0.01-0.31 0 0.10 0.21-0.23-1.97 Fyringsolje 195.4 195.4-0.0-0.0-3 19 14.0 10.7-95.3 307.1 158.9 Metals Aluminium 3m 1,889 1,889 6 0.3-36 118 18 37 123 2,120 1,745 Nikkel 14,300 14,300 160 1.1 350 1,725-935 -850-5,105 21,625 12,205 Kopper 6,388 6,388-13 - 0.2 53 378 738 88-342 7,212 5,340 Gull 1,188 1,188-0 - 0.0-0 -19-31 3-101 1,345 1,131 Shipping WS AG - Japan, 250 dwt 60 0 3 4-8 5 3 25 WS AG - USG, 250 dwt 35 35 3 8-8 0 3 10 Containerships index 0 0 0.0 0.0% - 0 0 0 0 0 Baltic dry index 574 574 1.0 0.17-17 -6 21-208 -423 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 - -1.74 % 1.34 % -0.30 % Oljeservice 2.22 % 0.22 % 1.64 % Oljeproduksjon 1.27 % 0.25 % 0.92 %. 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 Energi og relatert utstyr 2.7% 4.2% 8.9% -18.5% 6.9% 24.0 Legemiddelindustri og bioteknologi 2.7% -6.3% 8.0% 28.8% 19.0% 19.2 Bioteknologi 2.3% -1.7% 3.5% 41.5% 6.5% 17.3 Datamaskiner og tilbehør 1.9% 0.8% -0.1% 39.7% 7.9% 13.7 Bygg og anlegg 1.8% -1.2% 4.6% -19.3% -0.9% 13.8 Kjemikalier 1.8% 2.8% 2.4% 9.3% 5.7% 18.2 Programvare 1.7% 8.2% 9.6% 20.5% 3.7% 20.0 Helseartikler 1.6% -1.6% 2.6% 22.8% 3.8% 19.3 Bank 1.6% 3.5% 5.6% 13.5% 0.1% 12.1 Farmasi 1.5% 0.3% 5.1% 19.3% 6.4% 18.4 Bildeler 1.5% 0.9% 7.2% 16.3% 9.0% 14.9 Hotell og restaurant 1.4% 0.3% 5.4% 11.9% 7.3% 24.2 Luftfart 1.4% 3.7% -1.7% 37.5% -5.5% 7.7 Kommunikasjonsutstyr 1.4% 2.7% 3.9% 5.6% 0.0% 14.3 Olje og gass 1.4% 1.7% 1.1% -11.5% 1.0% 33.8 Industrielle konglomerater 1.2% -3.5% 5.6% 7.5% 4.5% 19.6 Matvarer 1.2% -0.4% 6.1% 11.4% 5.9% 20.5 Metall 1.1% 13.4% 6.8% -13.1% 1.6% 22.4 Elektrisk utstyr 1.1% 4.0% 3.0% -4.8% 1.2% 16.7 Internett programvare og -tjenester 1.0% -0.7% 3.1% 15.2% 2.1% 24.1 Elektronisk utstyr og instrumenter 1.0% -4.1% -5.5% 11.2% 1.1% 17.2 Papir- og skogprodukter 0.9% -6.7% -5.4% 13.9% -2.0% 13.5 Diversifiserte telekomtjenester 0.9% 1.8% -1.7% -1.5% 3.1% 13.7 Husholdningsartikler 0.8% -2.0% -3.8% 0.2% -8.2% 20.9 Forsikring 0.8% 1.2% 3.1% 8.2% 0.0% 11.5 Maskiner 0.8% 2.6% 2.4% -3.0% -0.7% 17.1 Fritidsutstyr 0.7% 11.5% 7.5% -12.0% 3.3% 21.0 Media 0.5% -1.0% 2.8% 13.5% 2.1% 18.5 Kraft 0.5% -2.0% -5.3% 3.6% -8.1% 15.8 Drikkevarer 0.4% -0.6% -2.2% 9.7% 1.6% 21.5 MSCI EUROPA PÅ BRANSJENIVÅ Endring Endring Endring Endring Endring Gj.snittlig 1 dag 1 mnd. 3 mnd. 1 år hittil i år est. P/E Teknologisk utstyr 4.8% -14.6% -5.8% 19.7% 3.7% 19.39 Detaljhandel 4.6% -2.7% 7.6% 23.5% 14.0% 21.64 Eiendomsselskaper 4.5% -6.1% -1.1% 25.0% 15.3% 22.81 Forsyningsselskaper 4.1% -1.0% 3.8% 8.9% 5.8% 15.65 Hotell-, underholdnings- og restaurantvirksomhet 4.0% -2.5% 7.6% 36.5% 17.5% 21.80 Materialer 3.5% -1.0% 7.3% 11.1% 17.6% 18.96 Biler og komponenter 3.2% -3.0% 10.6% 30.0% 29.7% 11.57 Husholdningsvarer og personlige produkter 3.2% -3.7% 6.1% 31.7% 21.8% 23.93 Kommersielle tjenester og leveranser 3.2% -2.5% 4.1% 16.9% 17.0% 18.30 Media 3.0% -6.1% 5.9% 37.0% 19.6% 20.69 Banker 2.9% 0.4% 14.4% 12.2% 15.6% 12.65 Telekommunikasjon og tjenester 2.7% 1.1% 5.5% 22.5% 16.9% 21.12 Energi 2.7% 0.4% 5.7% -6.9% 14.4% 18.79 Drikkevarer, mat og tobakk 2.6% -3.8% 3.5% 23.7% 14.8% 20.69 Mat- og apotekhandel 2.6% -8.5% 3.7% 3.6% 20.9% 18.26 Kapitalvarer 2.5% -3.6% 7.0% 13.2% 16.7% 17.76 Helsevern - utstyr og tjenester 2.5% -4.2% 9.9% 34.2% 15.2% 23.74 Forbruksvarer og klær 2.4% -4.2% 5.1% 16.8% 15.5% 19.46 Forsikring 2.3% -7.5% 3.0% 24.5% 13.7% 11.70 Finansieringsselskaper 1.8% -4.5% 16.5% 20.7% 21.7% 13.74 Programvare og tjenester 1.6% 0.1% 15.1% 28.9% 19.8% 19.63 Transport 1.2% -4.9% 9.2% 17.6% 16.8% 16.21 4

DNB Markets Indekser INDEKSER DOW 30 Kurs Endring Endring Endring siste 1 dag 1 mnd 1 år VISA INC-CLASS A SHARES 69.47 4.3% 4.7% 31.8% BOEING CO/THE 145.46 2.8% -5.8% 11.0% DU PONT (E.I.) DE NEMOURS 75.28 2.7% 4.2% 11.1% MICROSOFT CORP 47.75 2.2% 14.5% 20.8% HOME DEPOT INC 112.47 2.2% -2.4% 44.7% UNITED TECHNOLOGIES CORP 118.43 2.1% 0.0% 1.2% APPLE INC 127.62 1.9% 0.4% 52.6% JOHNSON & JOHNSON 101.47 1.8% -0.6% 0.6% INTEL CORP 32.80 1.7% 2.7% 24.7% EXXON MOBIL CORP 88.99 1.6% 4.0% -12.7% GOLDMAN SACHS GROUP INC 200.50 1.6% 2.5% 27.5% JPMORGAN CHASE & CO 65.49 1.5% 6.1% 21.3% MCDONALD'S CORP 98.23 1.5% 0.4% -4.6% CISCO SYSTEMS INC 29.23 1.5% 4.2% 27.0% PFIZER INC 34.02 1.3% -4.0% 17.2% 3M CO 160.60 1.3% -3.9% 13.6% GENERAL ELECTRIC CO 27.36 1.2% -4.0% 3.6% TRAVELERS COS INC/THE 103.73 1.1% -3.6% 13.6% CATERPILLAR INC 87.31 1.0% 5.7% -16.9% CHEVRON CORP 108.65 1.0% 1.6% -13.1% INTL BUSINESS MACHINES CO 172.68 1.0% 6.0% -9.2% NIKE INC -CL B 102.44 1.0% 2.5% 39.5% PROCTER & GAMBLE CO/THE 80.96 0.9% -2.9% -1.7% VERIZON COMMUNICATIONS IN 50.14 0.8% 1.9% 3.4% UNITEDHEALTH GROUP INC 115.68 0.8% -2.8% 50.3% WALT DISNEY CO/THE 110.11 0.8% 3.0% 34.4% MERCK & CO. INC. 60.74 0.7% 6.1% 10.0% AMERICAN EXPRESS CO 78.98 0.7% -0.8% -11.1% COCA-COLA CO/THE 40.98 0.7% 0.2% 0.3% WAL-MART STORES INC 78.53 0.6% -2.6% -0.8% S&P 500-30 fra toppen S&P 500-30 fra toppen Kurs Endring Endring Endring siste 1 dag 1 uke 1 år SOUTHWESTERN ENERGY CO 28.94 5.9 % 19.3 % -35.5 % RANGE RESOURCES CORP 64.29 5.7 % 16.4 % -27.3 % NRG ENERGY INC 26.40 5.7 % 7.4 % -22.6 % ROYAL CARIBBEAN CRUISES 72.45 5.5 % -10.8 % 41.0 % CHESAPEAKE ENERGY CORP 15.28 5.4 % 2.3 % -45.8 % TRANSOCEAN LTD 19.26 5.2 % 16.2 % -53.9 % HARMAN INTERNATIONAL 129.28 4.6 % -6.6 % 24.0 % TRIPADVISOR INC 81.93 4.4 % -1.2 % -3.2 % VISA INC-CLASS A SHARES 69.47 4.3 % 4.7 % 31.8 % NOBLE CORP PLC 17.10 4.2 % 5.4 % -35.8 % BIOGEN INC 398.43 4.0 % -6.4 % 39.0 % ENSCO PLC-CL A 26.51 3.9 % 12.0 % -47.7 % PEABODY ENERGY CORP 4.61 3.8 % -9.4 % -75.3 % HALLIBURTON CO 48.11 3.8 % 4.0 % -24.2 % CARNIVAL CORP 46.16 3.8 % -4.5 % 18.0 % CF INDUSTRIES HOLDINGS INC 310.86 3.6 % 9.3 % 31.9 % WYNN RESORTS LTD 117.84 3.4 % -13.4 % -40.8 % NEWFIELD EXPLORATION CO 36.44 3.4 % -2.0 % 8.0 % KEURIG GREEN MOUNTAIN INC 101.49 3.4 % -12.9 % -6.4 % MICROCHIP TECHNOLOGY INC 48.97 3.3 % -2.1 % 4.5 % CONSOL ENERGY INC 33.34 3.2 % 16.1 % -23.0 % EQT CORP 90.85 3.1 % 7.3 % -13.5 % MALLINCKRODT PLC 122.67 3.0 % -5.0 % 67.8 % COGNIZANT TECH SOLUTIONS 63.09 2.9 % 0.5 % 32.2 % BRISTOL-MYERS SQUIBB CO 66.93 2.9 % 3.5 % 30.8 % EMC CORP/MA 26.93 2.9 % 4.3 % 5.9 % MARTIN MARIETTA MATERIAL 154.89 2.9 % 11.8 % 30.3 % MOHAWK INDUSTRIES INC 184.25 2.8 % 0.2 % 35.7 % AMGEN INC 162.34 2.8% -0.6% 45.5% S&P 500-30 fra bunnen S&P 500-30 fra bunnen Kurs Endring Endring Endring siste 1 dag 1 uke 1 år MONSTER BEVERAGE CORP 128.47-10.5 % -7.1 % 91.8 % NVIDIA CORP 20.83-7.4 % -8.5 % 15.4 % CERNER CORP 68.02-4.5 % -9.3 % 35.5 % SALESFORCE.COM INC 72.40-2.8 % 7.0 % 44.0 % PEPCO HOLDINGS INC 25.49-2.4 % -4.7 % -7.5 % TERADATA CORP 40.86-2.2 % -8.9 % 3.1 % WHOLE FOODS MARKET INC 42.59-1.1 % -17.4 % 8.3 % GAP INC/THE 39.61-1.1 % -3.7 % -2.2 % MACERICH CO/THE 82.07-0.8 % 0.9 % 24.6 % SCANA CORP 52.25-0.7 % -5.3 % 0.8 % PRICELINE GROUP INC/THE 1204.76-0.7 % 1.3 % 6.1 % FEDERATED INVESTORS INC-C 34.03-0.7 % -1.1 % 20.6 % ALLSTATE CORP 67.27-0.7 % -6.6 % 15.7 % CBS CORP-CLASS B NON VOT 60.82-0.7 % -1.3 % 7.2 % DISCOVERY COMMUNICATION 28.91-0.6 % -9.2 % -13.7 % BECTON DICKINSON AND CO 142.01-0.6 % -0.8 % 21.0 % VIACOM INC-CLASS B 66.44-0.4 % -4.1 % -20.3 % NORFOLK SOUTHERN CORP 100.63-0.3 % -5.4 % 5.6 % MICRON TECHNOLOGY INC 27.18-0.3 % -3.0 % 1.3 % PIONEER NATURAL RESOURC 159.06-0.3 % -7.8 % -20.9 % ALTERA CORP 44.46-0.3 % -0.1 % 37.3 % TIME WARNER CABLE 154.68-0.3 % -3.8 % 11.4 % YUM! BRANDS INC 89.88-0.3 % 12.3 % 17.8 % RR DONNELLEY & SONS CO 18.01-0.3 % -8.5 % 10.5 % CONSOLIDATED EDISON INC 61.08-0.3 % 0.4 % 8.7 % BROADCOM CORP-CL A 46.30-0.3 % 4.7 % 57.2 % ANADARKO PETROLEUM COR 88.56-0.2 % -1.7 % -12.0 % MEAD JOHNSON NUTRITION C 96.00-0.2 % -6.5 % 11.5 % SOUTHERN CO/THE 44.15-0.2 % -1.1 % 1.1 % GRAHAM HOLDINGS CO-CLAS 964.99-0.2 % -8.8 % 44.7 % MURPHY OIL CORP 46.64-0.1 % -5.5 % -22.3 % AIRGAS INC 100.87-0.1 % -5.3 % -4.2 % Nasdaq 100-30 fra toppen Nasdaq 100-30 fra toppen Kurs Endring Endring Endring siste 1 dag 1 uke 1 år KEURIG GREEN MOUNTAIN INC 101.49 3.4 % -12.9 % -6.4 % VIMPELCOM LTD-SPON ADR 5.41 3.2 % -5.1 % -34.2 % NXP SEMICONDUCTORS NV 103.98 3.2% 2.6% 74.0% COGNIZANT TECH SOLUTIONS 63.09 2.9 % 0.5 % 32.2 % AMGEN INC 162.34 2.8 % -0.6 % 45.5 % REGENERON PHARMACEUTICA 481.29 2.7 % 4.3 % 72.3 % INTUIT INC 102.75 2.7 % 3.9 % 37.1 % ELECTRONIC ARTS INC 61.88 2.7 % 6.0 % 76.2 % ILLUMINA INC 195.81 2.6 % 4.1 % 36.6 % ACTIVISION BLIZZARD INC 25.05 2.6 % 9.2 % 20.5 % MARRIOTT INTERNATIONAL -C 80.30 2.3 % 0.0 % 38.0 % MICROSOFT CORP 47.75 2.2 % 14.5 % 20.8 % EXPRESS SCRIPTS HOLDING C 85.71 2.2 % -3.5 % 26.4 % SYMANTEC CORP 25.53 2.2 % -0.2 % 22.8 % VERISK ANALYTICS INC-CLAS 73.66 2.2 % 1.1 % 21.7 % ADOBE SYSTEMS INC 76.31 2.1 % -0.3 % 28.1 % LAM RESEARCH CORP 77.02 2.1 % 5.4 % 34.7 % GILEAD SCIENCES INC 103.85 2.0 % 2.0 % 30.2 % APPLE INC 127.62 1.9 % 0.4 % 52.6 % SBA COMMUNICATIONS CORP 115.95 1.8 % -1.5 % 19.3 % KRAFT FOODS GROUP INC 86.04 1.8 % -3.6 % 50.3 % INTEL CORP 32.80 1.7 % 2.7 % 24.7 % ROSS STORES INC 102.55 1.7 % -0.9 % 48.3 % SANDISK CORP 67.73 1.7 % -4.2 % -23.8 % FASTENAL CO 42.72 1.7 % 6.8 % -11.5 % NETFLIX INC 574.60 1.7 % 26.4 % 74.9 % AUTODESK INC 57.27 1.6 % -8.7 % 22.2 % KLA-TENCOR CORP 59.80 1.6 % 1.2 % 17.9 % AMAZON.COM INC 433.69 1.6 % 13.3 % 48.4 % AKAMAI TECHNOLOGIES INC 76.43 1.6 % 7.0 % 44.7 % Nasdaq 100-30 fra bunnen Nasdaq 100-30 fra bunnen Kurs Endring Endring Endring siste 1 dag 1 uke 1 år MONSTER BEVERAGE CORP 128.47-10.5% -7.1% 91.8% NVIDIA CORP 20.83-7.4% -8.5% 15.4% LIBERTY INTERACTIVE CORP-A 27.70-4.7% -5.8% 16.6% CERNER CORP 68.02-4.5% -9.3% 35.5% LIBERTY GLOBAL PLC-A 50.41-3.2% -4.1% 16.2% LIBERTY GLOBAL PLC-SERIES 48.82-2.9% -3.3% 17.7% CHARTER COMMUNICATION-A 180.67-1.3% -5.8% 31.0% PRICELINE GROUP INC/THE 1204.76-0.7% 1.3% 6.1% DISCOVERY COMMUNICATION 28.91-0.6% -9.2% -13.7% LIBERTY MEDIA CORP - C 37.38-0.6% -4.3% #VALUE! DISCOVERY COMMUNICATION 31.33-0.6% -5.2% -16.1% VIACOM INC-CLASS B 66.44-0.4% -4.1% -20.3% MICRON TECHNOLOGY INC 27.18-0.3% -3.0% 1.3% LIBERTY MEDIA CORP - A 37.93-0.3% -3.7% 11.0% ALTERA CORP 44.46-0.3% -0.1% 37.3% BROADCOM CORP-CL A 46.30-0.3% 4.7% 57.2% CATAMARAN CORP 59.65-0.2% 0.1% 44.6% DISH NETWORK CORP-A 66.86-0.2% -6.9% 10.3% TESLA MOTORS INC 236.61-0.1% 12.2% 29.8% EXPEDITORS INTL WASH INC 48.07-0.1% 2.5% 11.0% BAIDU INC - SPON ADR 193.54 0.0% -9.9% 26.6% AMERICAN AIRLINES GROUP IN 49.04 0.0% 2.7% 28.2% SIGMA-ALDRICH 138.90 0.0% 0.3% 43.4% TWENTY-FIRST CENTURY FOX 32.79 0.0% -4.5% -4.0% ALEXION PHARMACEUTICALS 163.02 0.0% -10.8% 6.6% FACEBOOK INC-A 78.51 0.1% -4.3% 37.1% LIBERTY VENTURES - SER A 43.15 0.2% 1.2% 47.7% STAPLES INC 16.51 0.3% -1.3% 26.5% TWENTY-FIRST CENTURY FOX 32.44 0.3% -2.8% -3.0% RENTER & VALUTA Renter Siste I går Endr. 1W 1M 3M YTD 12M Norge - Nibor 3m 1.500 1.500-0.010 0.00 0.05 0.12 0.02-0.30 USA - Libor 3m 0.280 0.280 0.001 0.00 0.01 0.02 0.02 0.06 Euro - Euribor 3m -0.009-0.009 0.000-0.004-0.023-0.062-0.087-0.347 Norge 10 år stat 1.697 1.697-0.087 0.13 0.26 0.41 0.16-1.09 USA 10 år stat 2.139 2.148-0.009-0.01 0.19 0.12-0.03-0.48 Euro 10 år stat 0.547 0.547-0.043 0.17 0.38 0.17 0.01-0.90 Tyskland 10 år stat 0.547 0.547-0.043 0.17 0.38 0.17 0.01-0.90 Japan 10 år stat 0.401 0.421-0.020 0.04 0.06 0.01 0.07-0.21 UK 10 år stat 1.876 1.876-0.045 0.03 0.30 0.23 0.12-0.77 Valuta Siste I går Endr. 1W 1M 3M YTD 12M 52W H 52W L EUR/USD 1.115 1.120-0.005 0.001 0.059-0.018-0.095-0.261 1.378 1.046 USD/JPY 119.9 119.7 0.190-0.2-0.2-0.5 0.3 17.8 122.0 100.8 GBP/USD 1.542 1.545-0.003 0.030 0.075 0.018-0.016-0.145 1.719 1.457 USD/NOK 7.515 7.480 0.034-0.083-0.586-0.130 0.067 1.593 8.419 5.903 EUR/NOK 8.380 8.378 0.002-0.086-0.179-0.291-0.636 0.236 9.897 8.077 GBP/NOK 11.589 11.547 0.042 0.105-0.315-0.069-0.020 1.602 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 TecDax TDXPEX 15.52 3.3 % 4.4 % -1.2 % 33.6 % EUR 4713 Dow Jones Total market THRK 158.366 1.1 % 0.7 % 0.2 % 12.4 % USD 3915 DAX DAXEX 103.64 3.0 % 2.4 % -5.9 % 21.2 % EUR 35417 Oil Service OIH 38.57 2.8 % -1.2 % 6.1 % -25.4 % USD 10277464 AEX-Nederland AEXT 49.52 2.5 % 0.7 % -2.7 % 22.0 % EUR 370 S&P Euro 350 IEV 46.94 2.5 % 1.1 % 3.0 % -5.0 % USD 585665 CAC-40 CAC 50.96 2.4 % 0.9 % -2.1% 13.3 % EUR 115488 FTSE 100 ISF 707 2.3 % 1.4 % -0.3 % 3.5 % GBp 12259105 Japan EWJ 13.14 2.3 % 0.9 % 1.5 % 18.0 % USD 30461771 Bioteknologi IBB 352.14 2.3 % 2.4 % -1.5 % 55.5 % USD 2100774 Brasil EWZ 37.19 2.0 % 2.7 % 8.0 % -23.4 % USD 12731741 Energi XLE 81.76 1.6 % -1.3 % 2.0 % -12.7 % USD 14515224 Latin-America 40 ILF 32.91 1.6 % 1.9 % 5.2 % -15.2 % USD 539097 Teknologi USA XLK 43.03 1.4 % -0.2 % 2.3 % 18.4 % USD 9819247 Finansielle tjenester XLF 24.76 1.4 % 1.7 % 2.1 % 12.9 % USD 33074116 DJIA DIA 181.85 1.4 % 1.1 % 0.8 % 9.7 % USD 5529586 S&P 500 SPY 211.62 1.3 % 0.4 % 0.8 % 12.6 % USD 155877260 Emerging M arkets EEM 42.87 1.3 % -0.6 % 0.0 % 3.0 % USD 56822757 Hong Kong EWH 23.86 1.3 % -0.7 % -0.8 % 18.9 % USD 3405461 Nasdaq 100 QQQ 108.69 1.2 % -0.3 % 0.9 % 25.2 % USD 33023337 Industri XLI 56.58 1.2 % 0.4 % -0.7 % 6.7 % USD 7025140 Pacific ex-japan EPP 46.84 1.1 % -1.6 % -1.4 % -5.1% USD 1729683 S&P M idcap 400 M DY 276.32 0.9 % 0.4 % -1.0 % 12.1 % USD 1297980 Forbruksvarer XLP 49.17 0.8 % 0.7 % -0.9 % 10.5 % USD 6946516 Russell 2000 IWM 122.64 0.7 % 0.5 % -2.4 % 11.5 % USD 26357112 Russell 2000 Growth IWO 149.73 0.7 % 0.9 % -2.6 % 18.8 % USD 340976 Forsyningstjenester XLU 44.03 0.7 % -1.0 % -1.4 % 4.2 % USD 14383171 Olje / Energi Naturgass NGAS 0.0779 4.7 % 5.6 % 10.0 % -43.8 % USD 3177137 Fyringsolje HEAT 15.6-1.5 % -0.5 % 10.2 % -32.1% USD 300 WTI-olje OILW 30.43-0.8 % -0.1% 10.5 % -43.2 % USD 700 Råolje CRUD 14.435-0.6 % 0.1 % 10.9 % -43.7 % USD 235223 Brent-olje OILB 38.25-1.6 % -1.6 % 11.2 % -45.1% USD 107723 Bensin UGAS 33.43-0.1% -1.6 % 11.0 % -36.5 % USD 35224 WTI-Oil USO 20.42 1.1 % 0.1 % 10.9 % -43.9 % USD 17487056 M etaller Sølv SLV 15.76 1.0 % 1.9 % -0.1% -14.4 % USD 4352197 Nikkel NICK 14.92 0.4 % 3.2 % 12.2 % -30.4 % USD 5496 Kobber COPA 29.575-0.5 % 1.5 % 6.0 % -6.4 % USD 16638 Sink ZINC 7.22875-0.8 % 1.3 % 7.2 % 12.5 % USD 31315 Gull BULL 14.715 0.1 % 0.4 % -2.0 % -9.2 % USD 3700 Aluminium ALUM 3.2935-0.2 % -2.0 % 6.2 % 1.9 % USD 720 A ndre råvarer Svinekjøtt HOGS 0.773-0.5 % 2.1 % 7.6 % -36.0 % USD 0 Sukker SUGA 10.26 3.5 % 2.4 % 4.5 % -36.1% USD 4092 Kveg CATL 7.9338 1.1 % 0.8 % 1.4 % 10.9 % USD 0 Hvete WEAT 0.968 1.1 % 0.3 % -8.7 % -38.7 % USD 312858 Soyabønner SOYB 21.815 0.0 % -1.2 % 1.7 % -23.8 % USD 1917 M ais CORN 1.188 0.2 % -0.9 % -5.6 % -37.4 % USD 38875 Kaffe COFF 1.631 3.3 % -4.7 % -2.3 % -35.3 % USD 186463 Soyaolje SOYO 4.41 0.9 % 3.3 % 6.2 % -23.7 % USD 0 R åvarekurver Energi AIGE 6.0425 0.6 % 0.7 % 10.8 % -40.6 % USD 179781 Industrimetaller AIGI 12.51 0.0 % 0.7 % 7.1 % -5.4 % USD 34199 Buskap AIGL 3.5995 0.6 % 1.2 % 3.4 % -8.7 % USD 0 Ex-Energi AIGX 9.395 0.4 % 0.3 % 1.0 % -19.1% USD 0 Edle metaller AIGP 16.47 0.4 % 1.1 % -1.6 % -10.7 % USD 26946 Softs (Sukker, Kakao, Bomull) AIGS 4.4115 2.8 % -0.7 % 1.8 % -30.8 % USD 0 Landbruk AIGA 5.63 1.0 % -0.7 % -1.4 % -30.7 % USD 39471 Korn AIGG 4.3625 0.4 % -0.9 % -4.1% -33.8 % USD 2000 Råvarer AIGC 10.5325 0.6 % 0.4 % 4.1 % -24.9 % USD 40709 6

DNB Markets ETF/ETP DISCLAIMER Denne rapport er utarbeidet av DNB Markets, et forretningsområde i DNB Bank ASA. Rapporten baserer seg på kilder som vurderes som pålitelige, men DNB Markets garanterer ikke at informasjonen er presis eller fullstendig. Uttalelser i rapporten reflekterer DNB Markets oppfatning på det tidspunkt rapporten ble utarbeidet, og DNB Markets forbeholder seg retten til å endre oppfatning uten varsel. Rapporten skal ikke oppfattes som et tilbud om å kjøpe eller selge finansielle instrumenter eller som en anbefaling om investeringsstrategi. DNB Markets påtar seg ikke noe ansvar, verken for direkte eller indirekte tap, som følge av at rapporten legges til grunn for investeringsbeslutninger. Regler om konfidensialitet og informasjonshåndtering i DNB Bank og DNB Markets begrenser utveksling av informasjon mellom ulike enheter i DNB Markets og mellom DNB Markets og enheter i DNB-konsernet. Enheter i DNBkonsernet kan ha informasjon som er relevant for de forhold rapporten gjelder, men som ikke har vært tilgjengelig for forfatteren av rapporten. Distribusjon av analyser er i enkelte land regulert ved lov. Personer som mottar denne rapporten plikter å gjøre seg kjent med slike forhold og ikke formidle rapporten videre til personer som er hjemmehørende i land som er gjenstand for slike begrensninger. Om du har behov for ytterligere informasjon vedrørende rapporten, herunder informasjon om eierskap, offentlig kjente corporateoppdrag eller annen relevant informasjon jf lov om verdipapirhandel 2007/06/29 nr 75 og forskrift til verdipapirhandelloven 2007/06/29 nr 876 kan du ta kontakt med DNB Markets på telefon. Informasjon om DNB Markets Alminnelige forretningsvilkår er tilgjengelig på vår hjemmeside www.dnb.no/markets. Denne rapport er kun til bruk for våre kunder og er ikke ment for offentlig distribusjon. DNB Markets, DNB Bank ASA (organisasjonsnummer 984 851 006), er medlem av Norges Fondsmeglerforbund og er underlagt tilsyn av Finanstilsynet i Norge. DNB Markets er også underlagt lokale tilsyn i Singapore, og i noen grad i Storbritannia og Sverige. Detaljer vedrørende omfanget av lokale tilsynsreguleringer utenfor Norge er tilgjengelig på forespørsel. Ytterligere informasjon om DNB Markets og DNB Bank ASA finnes på www.dnb.no. Det ovenstående er et norsk sammendrag av DNB s standard disclaimer som du finner nedenfor, og kun ment som et supplement til denne. Vi ber lesere av rapporten særlig om å legge merke til avsnittet Conflict of Interest. Vennligst ta kontakt med oss på telefon 08940 (+47 915 08940) dersom du har noen spørsmål. IMPORTANT/DISCLAIMER This note must be read in conjunction with published research notes of DNB Markets.This note (the Note ) must be seen as marketing material and not as an investment recommendation within the meaning of the Norwegian Securities Trading Act of 2007 paragraph 3-10 and the Norwegian Securities Trading Regulation 2007/06/29 no. 876. The Note has been prepared by DNB Markets, a division of DNB Bank ASA, a Norwegian bank organized under the laws of the Kingdom of Norway (the Bank ), for information purposes only. The Note shall not be used for any unlawful or unauthorized purposes. The Bank, its affiliates, and any third-party providers, as well as their directors, officers, shareholders, employees or agents (individually, each a DNB Party ; collectively, DNB Parties ) do not guarantee the accuracy, completeness, timeliness or availability of the Note. DNB Parties are not responsible for any errors or omissions, regardless of the cause, nor for the results obtained from the use of the Note, nor for the security or maintenance of any data input by the user. The Note is provided on an as is basis. DNB PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE NOTE S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE NOTE WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall DNB Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the Note, even if advised of the possibility of such damages. Any opinions expressed herein reflect the Bank s judgment at the time the Note was prepared and DNB Parties assume no obligation to update the Note in any form or format. The Note should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. No DNB Party is acting as fiduciary or investment advisor in connection with the dissemination of the Note. While the Note is based on information obtained from public sources that the Bank believes to be reliable, no DNB Party has performed an audit of, nor accepts any duty of due diligence or independent verification of, any information it receives. Confidentiality rules and internal rules restrict the exchange of information between different parts of the Bank and this may prevent employees of DNB Markets who are preparing the Note from utilizing or being aware of information available in DNB Markets/the Bank which may be relevant to the recipients of the Note. Please contact DNB Markets at + 08940 (+47 915 08940) for further information and inquiries regarding this Note, such as ownership positions and publicly available/commonly known corporate advisory performed by DNB Markets etc, in relation to the Norwegian Securities Trading Act 2007/06/29 no. 75 and the Norwegian Securities Trading Regulation 2007/06/29 no. 876. 7

DNB Markets ETF/ETP The Note is not an offer to buy or sell any security or other financial instrument or to participate in any investment strategy. Distribution of material like the Note is in certain jurisdictions restricted by law. Persons in possession of the Note should seek further guidance regarding such restrictions before distributing the Note. The Note is for clients only, and not for publication, and has been prepared for information purposes only by DNB Markets - a division of DNB Bank ASA registered in Norway with registration number NO 984 851 006 (the Register of Business Enterprises) under supervision of the Financial Supervisory Authority of Norway (Finanstilsynet), The Monetary Authority of Singapore, and on a limited basis by the Financial Conduct Authority and the Prudential Regulation Authority of the UK, and the Financial Supervisory Authority of Sweden. Details about the extent of our regulation by local authorities outside Norway are available from us on request. Information about DNB Markets can be found at dnb.no. Additional information for clients in Singapore The Note has been distributed by the Singapore Branch of DNB Bank ASA. 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. 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