RENTE- OG OLJELETTE, TILLITSTALL NAS, BETS, EVO, KIND & NET

EQUITY RESEARCH Research report prepared by DNB Markets, a division of DNB Bank ASA Aksjemarkedet i dag RENTE- OG OLJELETTE, TILLITSTALL NAS, BETS, EVO, KIND & NET Overraskende sterk forbrukertillit, stigende boligpriser, samt en vending opp for både renter og for oljepris gjorde at det amerikanske aksjemarkedet fikk en mer klar retning opp i går etter en svak innledning av uken. Dow og S&P500 kunne begge stenge etter en oppgang på 0.7%, mens Nasdaq ved stengetid var opp 0.6%. Volumet på de tre hovedindeksene kom inn på 90-97% av gjennomsnittet for de siste tre måneder. Utviklingen i USA og i tillegg en styrket USD-kurs trekker de asiatiske markedene opp i morgentimene i dag. De viktigste indeksene var imidlertid opp allerede i går og i tillegg legger påminnelsen om usikkerhet knyttet til Brexit-prosessen en demper på stemningen. En rekke av selskapene i Japan handles i dag også ekskludert utbytte. Samlet sett innebærer dette at Nikkei-indeksen ved stengetid er tilnærmet uendret. De viktigste kinesiske indeksene er samtidig opp inntil 0.3%. Etter en klart bedre forbrukertillitsmåling enn ventet fra det amerikanske markedet i går er turen i dag kommet til oppdateringer av tilsvarende målinger i Europa. Både fra Sverige, Frankrike og Italia kommer det tillitsmålinger utover formiddagen. I forkant av ukens første oljelagertall steg WTI-prisen i USA i går med USD 0.60 pr fat til USD 48.35 pr fat. Nye utfordringer med å få libysk olje ut til eksportterminalene skal ha vært en medvirkende årsak til oppgangen. De foreløpige lagertallene indikerte en økning i råoljebeholdningene på 1.9 mill fat, men et indikert trekk i produktlagrene gjør at prisen siden i går kveld likevel har steget noe videre til USD 48.52 pr fat. Brent åpner på USD 51.45 pr fat, opp USD 0.18 pr fat i forhold til nivået på USD 51.27 pr fat ved stengetid i det norske markedet i går. Markedets forventninger til hva ettermiddagens fullstendige lageroppdatering vil vise har det siste døgnet endret seg fra en økning i råoljebeholdningene på 0.9 mill fat til en økning på like over 1 mill fat. Norwegian presenterer trafikktall for mars torsdag neste uke og vi venter at en underliggende negativ utvikling i yield, blant annet som følge av økt andel av aktivitet innen langdistanse, sammen med negative påskeeffekter vil tynge tallene. Påsken var i fjor i mars og løfter dermed trafikktallene for både måneden og Q1. Bidraget fra årets påske vil først komme i april og dermed i Q2. På våre estimater for 2018, og justert for eierandelen i Bank Norwegian, verdsettes aksjen i markedet for tiden med en P/E på 16x. Etter vårt syn er dette for høyt i forhold til hva investorene historisk sett har vært villige til å verdsette aksjen på, gjennomsnittlig P/E 9x, og vi har en salgsanbefaling med et kursmål på NOK 210 pr aksje. Kursen stengte i går på NOK 245.80 pr aksje. I det svenske markedet bygger det seg opp betydelig spenning i forbindelse med forslaget om ny regler for online gambling. Forsalget skal etter mer enn 10 år med diskusjoner presenteres fredag denne uken, før det deretter går til politisk behandling. De viktigste punktene som vil kunne bli avklart gjelder skattesatser, eventuelle tak på andel av inntektene som kan utbetales i gevinster og begrensinger på produktsiden. Før rapporten har vi kjøpsanbefalinger på Betsson, Evolution Gaming, Kindred og NetEnt. Kursmålene er henholdsvis SEK 120 pr aksje, SEK 370 pr aksje, SEK 110 pr aksje og SEK 98 pr aksje. Internasjonale børser Renter Valuta/råvarer Portefølje anbefalte aksjer: I dag - Wilh. Wilhelmsen ASA - Salmar - Stolt-Nielsen - Storebrand - Borregaard - Telenor - Europris - Skandiabanken YTD DNB: 5% YTD OSE: 1% Rapporter Norden - - Nøkkeltall Norden - SE: Forbrukertillit - SE: Økonomiske utsikter Rapporter / nøkkeltall Europa / USA - FR: Forbrukertillit - IT: Bedriftstillit - IT: Forbrukertillit - US: Boliglånssøkander - US: Boliger i overdragelse - US: Oljelagertall - Paycheck - Worthington - HB Fuller Konferanser / presentasjoner - DNB Markets SMB Konferanse Oslo, 5. April 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 Siste Endr. % Siste I går Endr. Siste I går Endr. % Dow Jones 20,702 151 0.73 USA 10år 2.421 2.38 0.04 EUR/USD 1.081 1.081 0.00 S&P 500 2,359 17 0.73 Tyskl. 10år 0.388 0.40-0.02 USD/JPY 111.2 111.1-0.06 NASDAQ 5,875 35 0.60 Norge 10år 1.722 1.74-0.02 USD/NOK 8.521 8.524 0.03 Nikkei 225 19,193-10 -0.05 USA 3m 1.152 1.15 0.00 EUR/NOK 9.214 9.217 0.03 Euro 500 253 1 0.58 Euro 3m -0.330-0.330 0.00 Siste Endr. Endr. % Danmark-KFX 908 5 0.55 Norge 3m 0.930 0.96-0.03 CRB indeks 184 0.61 0.33 Finland-HEX 9,106 23 0.26 Brent sp. ($/bbl) 50.8 0.52 1.03 Norge-OSEBX 686 6 0.87 Brent 1m ($/bbl 51.5 0.77 1.52 Sverige-SAX 558 2 0.39 Alum. 3m ($/ton 1,944.0 5.00 0.26 US Nat.gass 2.9 0.01 0.38 Kilde: Bloomberg /DNB Markets ANALYSTS Ole-Andreas Krohn Ole-Andreas.krohn@dnb.no TLF: +47 24 16 92 11 Please see the last two pages for important information. This research report was not produced in the US. Analysts employed by non-us Affiliates are not registered / Qualified research analysts with FINRA in the United States

Sentrale USA-indekser Endring Endring Endring Endring Gj.snittlig Siste i poeng 1 dag (%) 1 mnd.(%) hittil i år(%) est. P/E Dow Jones Industrial 20,701.5 150.52 0.73-0.53 4.75 19.1x S&P 500 2,358.6 16.98 0.73-0.21 5.35 21.7x Nasdaq Composite 5,875.1 34.77 0.60 0.85 9.14 43.1x Russel 2000 1,367.3 9.94 0.73-1.40 0.75 51.5x Amex naturgass-indeks (XNG) 572.6 10.44 1.86 0.04-8.89 0.0x Amex Oil Service Indeks 165.6 3.45 2.12-5.84-9.89 Philadelphia-børsens oljeproduksjon-indeks (XOI) 1,168.4 14.90 1.29-2.45-7.86 26.7x Amex farmasi-indeks (DRG) 512.8-0.55-0.11 0.27 6.50 23.8x Nasdaq biotech-indeks 3,055.7-13.18-0.43-1.67 10.20 85.4x Philadelphia-børsens halvleder-indeks (SOX) 1,009.0 3.02 0.30 4.08 11.31 28.3x S&P 500 Paper & Forest Index ( PAFO) 197.9 1.27 0.65 0.04 1.63 18.0x Kilde: Bloomberg, DNB Markets Nordiske aksjer i USA Sluttkurs Endring Volum Slutt USA, Sluttkurs, USA 1 dag (USD) USA lokal valuta lokal i går Differanse Danmark Novo Nordisk B 34.1 0.57 1,512,216 234.70 235.10-0.40 GN Store Nord 23.8 0.00 615 163.42 160.90 2.52 AP Møller Maersk 8.2-0.07 37,660 11,298.27 11,420.00-121.73 Finland Nokia 5.4 0.03 14,205,669 4.99 4.97 0.02 Metso 8.0 0.31 2,641 29.41 28.12 1.29 TeliaSonera 8.4-0.04 30,163 3.88 3.90-0.02 UPM Kymmene 24.9 0.02 5,415 23.00 #N/A N/A #VALUE! Norge Frontline 6.8 0.00 1,027,438 58.12 57.45 0.67 Norsk Hydro 5.7 0.01 13,147 48.87 48.90-0.03 Yara 38.7 1.23 1,732 329.60 327.80 1.80 Golden Ocean 8.1 0.69 1,047,973 69.11 66.75 2.36 PGS 2.6-0.06 4,123 21.94 22.07-0.13 Statoil 17.0 0.11 2,097,484 144.44 143.00 1.44 Subsea 7 15.3 0.04 8,456 130.38 130.50-0.12 DNB 160.5 1.08 2,984 136.74 136.20 0.54 Telenor 16.8-0.07 50,267 142.80 142.80 0.00 Tomra 11.1 0.00 300 94.67 91.50 3.17 Questerre 0.7 0.00 24,726 4.45 4.60-0.15 Orkla 8.9-0.01 35,912 76.01 76.35-0.34 Sverige AstraZeneca 31.3-0.47 4,575,772 533.94 552.00-18.06 Electrolux 53.9-0.03 2,174 229.52 237.00-7.48 Ericsson (B) 6.5-0.24 7,214,054 54.96 57.60-2.64 Hennes & Mauritz 5.3 0.00 20,087 226.24 235.40-9.16 Atlas Copco 35.0-0.05 24,129 298.08 308.80-10.72 SKF B 20.2-0.03 7,066 171.77 178.00-6.23 Swedish Match 16.2 0.00 60 276.91 289.40-12.49 Assa Abloy 10.3 0.02 35,216 175.44 181.90-6.46 Sandvik 14.8 0.21 4,584 125.77 130.10-4.33 Kilde: Bloomberg, DNB Markets 2

Råvarer og shipping Siste I går Endr. %1D 1W 1M 3M YTD 12M 52W H 52W L CRB indeks 184.1 184.1 0.98 0.54-0 -6.5-8.8-8.4 12.6 196.4 164.7 GS råvare indeks 2,247 2,247 19.72 0.89 11-142 -172-171 125 2,509 2,023 Olje Brent Spot 50.82 50.65 0.17 0.34 0.68-4.74-4.75-4.59 12.20 57.62 36.42 Brent olje 1m 51.52 51.33 0.19 0.37 0.88-4.07-4.62-5.30 12.38 58.37 37.27 Brent olje 3m 51.85 51.66 0.19 0.37 0.73-4.99-5.65-6.19 11.57 59.53 37.88 WTI olje 1m 48.59 48.37 0.22 0.45 0.55-5.42-5.18-5.13 10.31 55.24 35.24 Flybensin 468.00 468.00 7.75 1.68 6.75-22.25-37.00-34.25 77.00 Naturgass US Henry Hub 2.93 2.93-0.02-0.66-0.13 0.42-0.73-0.75 1.20 Fyringsolje 152.5 151.7 0.83 0.55 2.82-10 - 17.9-17.9 36.9 176.5 106.7 Metaller Aluminium 3m 1,944 1,944 14 0.73 17.00 20 239 251 469 1,957 1,479 Nikkel 9,995 9,995 225 2.30-165.00-985 -105-25 1,345 12,145 8,245 Kopper 5,873 5,873 113 1.96 97.00-100 328 338 928 6,204 4,484 Gull 1,248 1,252-3 -0.27-0.10 0 90 96 6 1,375 1,121 Shipping WS AG - Japan, 250 dwt 45 45 0 0.00-7.50-15 -38-30 -18 98 30 WS AG - USG, 250 dwt 25 25 0 0.00-2.50-5 -23-20 -10 60 23 Baltic dry index 1,333 1,333 51.0 3.98 133.00 474 372 372 924 1,333 409 Kilde: Bloomberg, DNB Markets Renter og valuta Siste I går Endr. 1W 1M 3M YTD 12M 52W H 52W L Norge - Nibor 3m 0.930 0.930-0.010-0.02-0.11-0.28-0.24-0.08 1.21 0.91 USA - Libor 3m 1.152 1.151 0.001-0.00 0.10 0.15 0.15 0.52 1.16 0.62 Euro - Euribor 3m -0.330-0.330 0.000-0.001 0.000-0.011-0.011-0.088-0.242 0.000 Norge 10 år stat 1.722 1.722 0.004-0.08 0.01 0.04 0.07 0.46 1.88 0.86 USA 10 år stat 2.421 2.418 0.004 0.02 0.03-0.05-0.02 0.62 2.64 1.32 Euro 10 år stat 0.388 0.388-0.014-0.07 0.18 0.19 0.18 0.21 0.51-0.21 Tyskland 10 år stat 0.388 0.388-0.014-0.07 0.18 0.19 0.18 0.21 0.51-0.21 Japan 10 år stat 0.062 0.058 0.004 0.00 0.01 0.02 0.02 0.15 0.15-0.30 UK 10 år stat 1.192 1.192 0.025-0.06 0.04-0.11-0.05-0.26 1.67 0.50 Valuta EUR/USD 1.081 1.081 0.000 0.002 0.024 0.032 0.029-0.048 1.162 1.034 USD/JPY 111.2 111.1 0.070 0.0-1.6-5.3-5.8-1.5 118.7 98.9 GBP/USD 1.241 1.245-0.004-0.008 0.003 0.015 0.005-0.198 1.505 1.175 USD/NOK 8.521 8.524-0.003 0.058 0.128-0.124-0.125 0.127 8.759 7.932 EUR/NOK 9.214 9.217-0.003 0.077 0.337 0.146 0.121-0.263 9.589 8.789 GBP/NOK 10.575 10.612-0.037 0.009 0.185-0.023-0.087-1.495 12.364 9.510 Kilde: Bloomberg, DNB Markets Indeksutvikling på sektornivå Sektor USA 1 dag 1 mnd. 3 mnd. 1 år hittil i år est. P/E Sektor MSCI Europe 1 dag 1 mnd. 3 mnd. 1 år hittil i år est. P/E Metall 2.0% -6.0% -1.4% 9.0% -0.9% 10.7 Biler og komponenter 1.6% 2.6% 4.4% 14.4% 4.2% 8.4 Papir- og skogprodukter 2.0% 4.3% 21.2% 35.5% 22.1% 15.2 Banker 1.3% 5.8% 6.2% 26.4% 5.5% 12.4 Elektrisk utstyr 1.6% -3.7% 2.4% 43.2% 1.9% 13.5 Energi 1.2% -0.3% -6.8% 18.7% -6.9% 15.1 Farmasi 1.5% -4.3% -8.1% 17.7% -7.9% 59.3 Materialer 1.2% 0.2% 4.5% 33.9% 4.3% 15.1 Matvarer 1.3% 0.2% 6.8% 12.8% 7.4% 20.8 Kapitalvarer 1.1% 2.5% 7.4% 21.4% 7.2% 18.1 Eiendom 1.3% 0.4% 5.9% 26.5% 6.3% 21.5 Finansieringsselskaper 1.1% 0.1% 4.1% 11.8% 3.6% 14.4 Bank 1.3% 3.8% 15.7% 20.5% 16.0% 11.4 Programvare og tjenester 1.0% 3.0% 7.6% 18.3% 7.6% 19.9 Drikkevarer 1.3% -2.0% -8.9% 8.5% -8.6% 27.8 Media 0.7% -0.6% -1.2% -4.9% -1.5% 16.8 Helseartikler 1.1% 1.6% 7.8% 15.7% 8.3% 18.8 Forsikring 0.7% 3.0% 3.0% 11.4% 2.4% 11.4 Programvare 1.1% -4.4% -0.8% 19.2% -0.9% 17.9 Transport 0.4% 1.8% 5.5% 12.6% 5.7% 15.7 Forsikring 1.0% -0.8% 2.7% 21.0% 2.8% 13.0 Hotell-, underholdnings- og restaurantvi 0.4% 0.4% 2.5% 5.2% 1.4% 18.4 Hotell og restaurant 0.8% 2.9% 7.4% 8.6% 8.4% 22.0 Helsevern - utstyr og tjenester 0.4% 1.6% 2.8% 6.0% 2.7% 21.9 Internett programvare og -tjeneste 0.7% 0.9% 9.1% -0.6% 9.4% 19.3 Detaljhandel 0.3% 2.7% -3.5% -8.1% -3.8% 18.4 Luftfart 0.6% 0.0% 0.8% 24.5% 1.6% 15.3 Forbruksvarer og klær 0.3% 5.1% 11.6% 24.7% 10.9% 20.2 Energi og relatert utstyr 0.6% 0.9% 7.9% 25.5% 8.8% 18.5 Forsyningsselskaper 0.2% 3.3% 4.3% -0.6% 4.0% 13.8 Media 0.6% 0.3% -0.3% 3.2% -0.1% 19.1 Legemiddelindustri og bioteknologi 0.2% -0.1% 5.5% 6.8% 5.4% 15.8 Bioteknologi 0.5% 1.5% 11.3% 15.7% 12.6% 22.5 Telekommunikasjon og tjenester 0.2% 3.2% 3.5% -7.7% 3.4% 17.4 Bildeler 0.5% 1.1% 7.2% 19.0% 8.2% 19.4 Mat- og apotekhandel -0.1% -0.8% -1.0% -0.9% -2.0% 15.8 Maskiner 0.4% -4.5% -4.9% 17.7% -2.3% 17.3 Drikkevarer, mat og tobakk -0.1% 1.4% 6.5% 4.3% 6.0% 20.1 Diversifiserte telekomtjenester 0.3% 3.0% 9.6% 20.6% 10.8% 23.1 Kommersielle tjenester og leveranser -0.2% 0.8% 6.1% 4.0% 5.6% 17.2 Industrielle konglomerater 0.3% 0.0% 9.6% 7.1% 10.2% 23.7 Husholdningsvarer og personlige produ -0.4% 2.2% 11.7% 11.7% 11.3% 22.4 Bygg og anlegg 0.3% 1.8% 4.3% 1.2% 4.8% 22.1 Eiendomsselskaper -0.7% -2.1% -0.7% -6.2% -1.9% 19.2 Kommunikasjonsutstyr 0.2% -1.0% -5.3% -2.8% -4.8% 13.7 IT utstyr -0.9% 0.9% 9.1% -12.3% 9.2% 21.9 Kjemikalier 0.2% -1.3% 0.8% 5.1% 1.4% 20.0 Olje og gass 0.1% 0.2% 9.5% 21.9% 10.3% 14.7 Datamaskiner og tilbehør 0.1% 0.0% 6.9% 7.3% 6.9% 16.2 Husholdningsartikler 0.1% 0.3% 6.5% 3.9% 7.1% 17.5 Kraft 0.0% 0.0% 0.0% 0.0% 0.0% 0.0 Elektronisk utstyr og instrumente -0.1% 1.1% 13.1% 18.1% 13.4% 20.3 Fritidsutstyr -0.3% -1.8% 4.5% 4.4% 5.4% 13.8 Kilde: Bloomberg, DNB Markets Kilde: Bloomberg, DNB Markets 3

jan. 10 apr. 10 jul. 10 okt. 10 jan. 11 apr. 11 jul. 11 okt. 11 jan. 12 apr. 12 jul. 12 okt. 12 jan. 13 apr. 13 jul. 13 okt. 13 jan. 14 apr. 14 jul. 14 okt. 14 jan. 15 apr. 15 jul. 15 okt. 15 jan. 16 apr. 16 jul. 16 okt. 16 jan. 17 DNB Markets US Selskaper - vinnere/tapere DOW 30 Kurs Endring NASDAQ Kurs Endring S&P500 Kurs Endring Alle siste 1 dag 1 mnd 1 år Topp siste 1 dag 1 mnd 1 år Topp siste 1 dag 1 mnd 1 år Apple Inc 143.8 2.1 % 5.0 % 33.5 % Tesla Inc 277.45 2.7 % 11.0 % 20.6 % Darden Restaurants 82.62 9.3 % 10.6 % 24.0 % Goldman Sachs Group Inc/The 229.33 1.7 % -7.6 % 47.9 % Western Digital Corp 80.56 2.5 % 4.8 % 66.7 % Red Hat Inc 86.48 5.2 % 4.4 % 17.7 % Caterpillar Inc 92.95 1.6 % -3.8 % 22.3 % CSX Corp 47.34 2.4 % -2.5 % 82.9 % Chesapeake Energ 5.39 4.5 % -1.1 % 33.4 % EI du Pont de Nemours & Co 81.84 1.6 % 4.2 % 28.6 % Endo International PLC 10.74 2.3 % -21.3 % -62.9 % Noble Energy Inc 34.15 4.0 % -6.2 % 13.6 % JPMorgan Chase & Co 88.6 1.6 % -2.2 % 50.1 % Apple Inc 143.8 2.1 % 5.0 % 33.5 % Murphy Oil Corp 27.26 3.8 % -3.6 % 11.1 % American Express Co 78.64 1.3 % -1.8 % 29.8 % American Airlines Group 42.6 2.1 % -8.1 % 3.0 % Newfield Exploration 35.74 3.7 % -2.0 % 11.3 % NIKE Inc 56.62 1.2 % -0.9 % -7.9 % Bed Bath & Beyond Inc 39.1 2.0 % -3.2 % -21.1 % Hess Corp 47.45 3.6 % -7.8 % -5.9 % Wal-Mart Stores Inc 70.32 0.9 % -0.9 % 3.4 % Twenty-First Century Fo 31.82 1.8 % 8.4 % 13.0 % Navient Corp 14.5 3.6 % -5.9 % 21.7 % Chevron Corp 107.17 0.8 % -4.7 % 12.4 % Twenty-First Century Fo 32.44 1.7 % 8.4 % 16.6 % United Continental H 70.74 3.5 % -4.5 % 20.6 % United Technologies Corp 112.74 0.8 % 0.2 % 12.6 % Fastenal Co 50.88 1.7 % 1.7 % 3.8 % CF Industries Holdin 30.24 3.4 % -3.8 % -5.2 % Exxon Mobil Corp 81.84 0.7 % 0.6 % -3.2 % Marriott International Inc 94.49 1.4 % 8.6 % 33.6 % Diamond Offshore D 16.06 3.3 % -4.6 % -25.2 % Boeing Co/The 177.36 0.7 % -1.6 % 35.5 % Viacom Inc 44.91 1.4 % 3.4 % 11.9 % Ensco PLC 8.65 3.3 % -11.2 % -16.0 % Travelers Cos Inc/The 121.8 0.7 % -0.4 % 4.6 % QUALCOMM Inc 57.38 1.3 % 1.6 % 13.2 % Marathon Oil Corp 15.23 3.3 % -4.8 % 46.4 % General Electric Co 29.62 0.6 % -0.6 % -5.9 % DISH Network Corp 62.92 1.2 % 1.5 % 32.7 % United Rentals Inc 123.24 3.1 % -3.7 % 97.0 % Walt Disney Co/The 113.05 0.6 % 2.7 % 15.2 % Intel Corp 35.6 0.6 % -1.7 % 9.9 % Bunn siste 1 dag 1 mnd 1 år Bunn siste 1 dag 1 mnd 1 år UnitedHealth Group Inc 165.35 0.5 % 0.0 % 27.4 % Vertex Pharmaceuticals 89.67-1.2 % -1.0 % 13.2 % McCormick & Co Inc 98.43-2.9 % 0.0 % -1.2 % International Business Machine 174.51 0.4 % -3.0 % 16.9 % Liberty Global PLC 35.13-1.0 % -1.6 % 4.5 % Newmont Mining Co 33-2.7 % -3.6 % 22.4 % Verizon Communications Inc 49.3 0.3 % -0.7 % -8.8 % Vodafone Group PLC 26.64-1.0 % 4.8 % -16.2 % Frontier Communica 1.98-2.0 % -32.4 % -63.8 % Procter & Gamble Co/The 90.76 0.3 % -0.3 % 9.6 % Illumina Inc 170.81-0.9 % 2.0 % 8.7 % Edwards Lifescienc 94.39-1.5 % 0.4 % 6.2 % 3M Co 190.99 0.3 % 2.5 % 16.2 % Liberty Global PLC 34.63-0.7 % -1.3 % 6.3 % Ameren Corp 55.31-1.3 % 1.1 % 10.9 % Microsoft Corp 65.29 0.3 % 2.0 % 19.3 % Tractor Supply Co 67.97-0.7 % -4.1 % -24.4 % Vertex Pharmaceutic 89.67-1.2 % -1.0 % 13.2 % Coca-Cola Co/The 42.43 0.3 % 1.1 % -8.7 % Gilead Sciences Inc 67.1-0.6 % -4.8 % -27.2 % Tenet Healthcare Co 18.35-1.0 % -4.9 % -37.3 % Merck & Co Inc 63.34 0.2 % -3.8 % 18.8 % Stericycle Inc 81.13-0.6 % -2.1 % -35.3 % HCA Holdings Inc 89.63-1.0 % 2.7 % 15.6 % Home Depot Inc/The 147.2 0.2 % 1.6 % 11.1 % NVIDIA Corp 107.69-0.5 % 6.1 % 204.3 % Illumina Inc 170.81-0.9 % 2.0 % 8.7 % Visa Inc 89.12 0.2 % 1.3 % 18.2 % Paychex Inc 60.58-0.5 % -1.4 % 11.2 % Constellation Brand 162.43-0.8 % 2.3 % 8.5 % Cisco Systems Inc 34.02 0.1 % -0.5 % 21.1 % Shire PLC 177.4-0.4 % -1.8 % 5.1 % International Flavors 131.55-0.8 % 4.7 % 14.6 % McDonald's Corp 129.45 0.0 % 1.4 % 4.4 % Biogen Inc 274.11-0.4 % -5.0 % 16.8 % Tractor Supply Co 67.97-0.7 % -4.1 % -24.4 % Pfizer Inc 34.16-0.1 % 0.1 % 13.7 % Xilinx Inc 57.97-0.4 % -1.4 % 22.7 % Dollar General Corp 68.55-0.6 % -6.1 % -20.5 % Johnson & Johnson 125.66-0.1 % 2.8 % 15.1 % Intuit Inc 118-0.4 % -5.9 % 15.0 % Gilead Sciences Inc 67.1-0.6 % -4.8 % -27.2 % Kilde: Bloomberg / DNB Markets 12-måneders forward P/E 20x 18x 16x 14x 12x 10x 8x 6x S&P 500 Euro Stoxx 50 OBX K i l de: B l oomber g / DNB M ar k ets 4

ETF / ETP Endring i % Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Verdi (gjennomsnitt) Aksjer / Indekser (siste 5 dager) Oil Service OIH 30.19 2.5 % 0.2 % -6.0 % 15.1 % USD 160,398,688 Energi XLE 69.21 1.4 % 0.0 % -3.0 % 12.0 % USD 1,019,567,104 Finansielle tjenester XLF 23.77 1.4 % 0.8 % -3.1 % 30.6 % USD 2,364,156,416 TecDax TDXPEX 18.72 1.3 % 3.4 % 6.2 % 25.6 % EUR 724,818 DAX DAXEX 106.51 1.2 % 2.3 % 2.9 % 21.6 % EUR 3,016,692 Pacific ex-japan EPP 44.60 1.1 % 1.3 % 2.7 % 14.7 % USD 43,427,828 Industri XLI 64.98 1.1 % 0.7 % -1.3 % 17.1 % USD 687,846,080 Japan EWJ 52.34 0.8 % 1.7 % 2.2 % 12.4 % USD 329,924,352 Russell 2000 IWM 135.79 0.8 % 1.4 % -1.5 % 23.1 % USD 4,840,290,304 S&P Midcap 400 MDY 309.63 0.8 % 1.0 % -1.6 % 17.9 % USD 394,592,000 DJIA DIA 206.75 0.7 % 0.2 % -0.6 % 17.4 % USD 818,923,008 S&P 500 SPY 235.32 0.7 % 0.7 % -0.5 % 14.7 % USD 23,002,052,608 Teknologi USA XLK 53.22 0.7 % 1.2 % 1.7 % 20.4 % USD 541,398,208 Nasdaq 100 QQQ 131.64 0.6 % 1.4 % 1.2 % 21.0 % USD 2,996,828,416 FTSE 100 ISF 726.70 0.6 % -0.6 % 0.6 % 19.9 % GBp 4,721,177,000 CAC-40 CAC 49.76 0.6 % 0.9 % 4.2 % 15.2 % EUR 12,658,000 AEX-Nederland AEXT 51.33 0.6 % -0.2 % 3.5 % 17.0 % EUR 24,883 Dow Jones Total market THRK 175.23 0.6 % 0.4 % -0.8 % 15.9 % USD 7,517,369 Latin-America 40 ILF 31.66 0.5 % 2.1 % 1.6 % 25.3 % USD 74,759,768 Russell 2000 Growth IWO 159.96 0.4 % 1.4 % -0.2 % 21.2 % USD 75,220,352 Brasil EWZ 37.16 0.4 % 1.2 % -1.5 % 39.0 % USD 437,243,488 Hong Kong EWH 22.39 0.4 % 1.0 % 3.6 % 14.7 % USD 53,987,824 Emerging Markets EEM 39.81 0.3 % 0.8 % 4.8 % 17.3 % USD 2,362,744,320 Forbruksvarer XLP 54.75 0.2 % -0.5 % -0.6 % 3.3 % USD 410,422,176 S&P Euro 350 IEV 41.95 0.0 % 1.0 % 4.6 % 7.5 % USD 55,874,236 Forsyningstjenester XLU 51.65-0.1 % 0.1 % -0.2 % 4.4 % USD 834,388,160 Bioteknologi IBB 292.01-0.4 % 1.3 % -1.8 % 13.8 % USD 316,009,216 Olje / Energi Fyringsolje HEAT 9.36 1.6 % 1.3 % -5.3 % 17.7 % USD 159,786 Råolje CRUD 7.23 1.6 % 0.5 % -9.6 % 5.6 % USD 5,446,187 Brent-olje OILB 22.18 1.5 % 0.9 % -7.7 % 15.2 % USD 324,388 Bensin UGAS 22.81 1.4 % 1.7 % -3.8 % 0.6 % USD 49,052 WTI-olje OILW 16.73 1.4 % 0.3 % -9.3 % 5.5 % USD 86,625 WTI-Oil USO 10.15 1.1 % 0.4 % -11.4 % 3.6 % USD 195,722,160 Naturgass UNG 7.49 0.8 % 0.4 % 12.0 % 11.5 % USD 56,750,228 Metaller Kobber COPA 25.76 3.0 % 1.5 % -2.3 % 17.3 % USD 712,141 Sink ZINC 8.15 2.4 % -0.5 % -0.8 % 54.8 % USD 83,991 Nikkel NICK 9.93 2.1 % -1.9 % -9.0 % 14.1 % USD 820,243 Aluminium ALUM 3.11 1.0 % 1.1 % 1.4 % 27.3 % USD 1,332,198 Gull BULL 15.13 0.3 % 1.1 % -0.1 % 0.4 % USD 28,650 Sølv SLV 17.18 0.2 % 3.4 % -1.1 % 17.7 % USD 100,963,264 Andre råvarer Soyaolje SOYO 3.95 1.3 % -1.8 % -5.4 % -9.8 % USD 39,278 Hvete WEAT 0.70 1.2 % -1.1 % -4.7 % -24.3 % USD 313,558 Kaffe COFF 1.38 0.9 % -4.2 % -2.8 % -1.2 % USD 64,328 Mais CORN 0.97 0.6 % -1.8 % -5.3 % -13.0 % USD 24,247 Råvarer DBC 14.98 0.6 % 0.5 % -4.7 % 12.1 % USD 25,735,406 Soyabønner SOYB 21.39 0.2 % -3.3 % -7.2 % 3.6 % USD 573 Sukker SUGA 11.48 0.1 % 1.9 % -9.2 % 5.5 % USD 171,980 Kveg CATL 6.66-0.2 % 1.2 % 5.3 % -1.0 % USD 9,538 Råvarekurver Energi AIGE 3.48 1.0 % 0.8 % -3.2 % 10.7 % USD 1,012,056 Råvarer AIGC 8.58 0.8 % -0.1 % -3.0 % 6.9 % USD 2,102,233 Råvarer (ETN) GSG 14.49 0.7 % 0.3 % -6.2 % 4.4 % USD 3,008,553 Korn AIGG 3.66 0.6 % -2.3 % -6.0 % -10.4 % USD 15,654 Landbruk AIGA 5.14 0.5 % -2.0 % -6.0 % -3.4 % USD 917,387 Edle metaller AIGP 17.09 0.4 % 1.9 % -0.5 % 4.7 % USD 1,485,736 Softs (Sukker, Kakao, BomuAIGS 4.62 0.3 % -0.7 % -5.1 % 8.4 % USD #N/A N/A Buskap AIGL 2.94-0.5 % -0.5 % 2.2 % -7.9 % USD na Kilde: Bloomberg / DNB Markets 5

ETN / ETF Endring i % Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Verdi (gjennomsnitt) Strømpris DNB-ETN ELKRAFT BULL 9.51 43.4 % 17.8 % 20.0 % 121.9 % NOK 66,606 Golden Ocean BULL GOGL DNM 17.31 15.2 % 6.6 % 45.2 % 335.5 % NOK 322,579 Seadrill DNB-ETN SEADRILL BULL 0.12 9.1 % 14.3 % -31.4 % -91.4 % NOK 32,981 Yara DNB-ETN YARA X3 BULL 16.87 8.8 % -0.3 % 6.8 % 1.0 % NOK 277,781 BW LPG BULL BWLPG DNM 11.79 6.4 % 1.4 % 6.1 % -25.5 % NOK 44,081 Oljepris DNB - ETN BRENT BULL 5.13 5.6 % 0.7 % -14.7 % 17.0 % NOK 1,284,381 Strømpris BULL EL HA 0.94 5.1 % -13.4 % -16.1 % 76.4 % NOK na Kobberpris BULL KOBBER HA 27.24 4.2 % 1.0 % -5.2 % 24.4 % NOK na Sølvpris SOLV ETN DNM 31.56 2.7 % 4.3 % 0.1 % 16.5 % NOK 3,156 OBX DNB-ETN OBX X3 BULL 33.63 2.5 % -9.2 % -3.9 % 53.5 % NOK 40,136 DNO BULL DNO DNM 0.86 2.4 % -6.0 % -25.5 % -6.0 % NOK 88,934 OBX XACT DERIVAT BULL 118.00 2.1 % -4.9 % -1.4 % 37.0 % NOK 48,525,400 Aker BP DNB - ETN AKER BP BEAR 17.02-1.0 % 0.0 % 0.0 % 0.0 % NOK na Bank Norwegian DNB - ETN NOFI BEAR 26.31 2.3 % 0.0 % 0.0 % 0.0 % NOK 7,432 OBX DNB OBX 58.85 0.9 % -2.8 % -0.9 % 19.6 % NOK 2,699,158 Statoil DNB-ETN STATOIL X3 BULL 21.37 0.8 % -10.6 % -12.0 % 32.2 % NOK 128,663 REC DNB-ETN REC BULL 1.37 0.7 % -13.3 % -25.3 % -66.0 % NOK 39,538 OBX XACT OBX 59.50 0.7 % -3.3 % -0.7 % 20.1 % NOK 1,816,275 Aluminium BULL ALU HA 22.47 0.6 % 0.3 % 1.9 % 52.6 % NOK na Gullpris DNB-ETN GULL 29.46 0.3 % 1.4 % 1.1 % 0.3 % NOK 535,849 Sjømat DNB - ETN SEAFOOD 26.20 0.3 % -6.2 % -9.8 % #VALUE! NOK 43,003 Gullpris BULL GULL HA 72.20 0.2 % 2.8 % 1.0 % -0.7 % NOK 141,439 Marine Harvest Group DNB-ETN MARINE HARVEST B 5.02 0.2 % 13.6 % 21.4 % -25.3 % NOK 18,459 Gullpris BEAR GULL HA 22.30 0.1 % -1.7 % 1.6 % -8.6 % NOK na Norsk Hydro BEAR NHY X3 DNM 0.87 0.0 % 12.3 % -12.1 % -83.1 % NOK 110,175 OBX BEAR OBX X4 DNM 4.50 0.0 % 13.8 % 4.2 % -63.3 % NOK 40,004 REC BEAR REC HA 11.92 0.0 % 7.4 % 4.6 % -70.7 % NOK 2,861 Norsk Hydro DNB-ETN NORSK HYDRO BEA 3.26 0.0 % 5.8 % -9.4 % -67.4 % NOK 3,260 Norwegian DNB-ETN NORWEGIAN BEAR 5.23 0.0 % 10.1 % 8.8 % -11.4 % NOK 105 Aker Solutions DNB-ETN AKER SOLUTIONS B 1.65 0.0 % 5.1 % -17.7 % -88.1 % NOK 31,088 TGS Nopec DNB-ETN TGS BEAR 4.01 0.0 % 4.4 % -3.0 % -73.4 % NOK 1,043 Gullpris DNB-ETN GULL BULL 21.00 0.0 % 3.2 % 1.4 % 0.1 % NOK 6,344 CO2 BEAR CO2 ETN DNM 6.31 0.0 % 7.0 % 10.6 % -67.8 % NOK na Yara DNB-ETN YARA BEAR 4.59 0.0 % 2.8 % -2.4 % -25.8 % NOK na Naturgasspris BEAR NATGAS ETN DNM 45.97 0.0 % 3.7 % 15.9 % -57.2 % NOK na Orkla DNB-ETN ORKLA X3 BULL 108.75 0.0 % -5.7 % 9.1 % 3.7 % NOK na Statoil DNB-ETN STATOIL X3 BEAR 0.84 0.0 % 8.4 % 8.4 % -62.4 % NOK 2,050 Subsea 7 DNB-ETN SUBSEA 7 BULL 15.55 0.0 % 2.4 % 25.9 % 347.5 % NOK 2,398 Sølvpris BULL SOLV ETN DNM 23.01 0.0 % 2.7 % -6.6 % 22.1 % NOK na REC BEAR REC DNM 1.86 0.0 % 3.3 % 11.7 % -74.9 % NOK na Aluminium BULL ALU ETN DNM 28.54 0.0 % 0.4 % 2.1 % 57.7 % NOK na Kobberpris BEAR KOBBER ETN DNM 34.06 0.0 % 0.3 % 8.2 % -35.4 % NOK na Opera BULL OPERA DNM 2.30 0.0 % 1.8 % 15.9 % -44.8 % NOK 15,698 Schibsted BULL SCH DNM 24.42 0.0 % -2.4 % -2.7 % -12.4 % NOK na Sink BEAR SINK ETN DNM 12.50 0.0 % 4.5 % 2.4 % -66.1 % NOK na Aluminium ALU ETN DNM 32.49 0.0 % 0.5 % 1.9 % 26.7 % NOK 200 Telenor DNB-ETN TELENOR BULL 67.40 0.0 % 0.5 % 11.9 % 18.0 % NOK na Storebrand DNB-ETN STOREBRAND BULL 40.32 0.0 % -5.5 % 3.2 % 200.2 % NOK na Oljepris DNB - ETN BRENT 17.32 0.0 % -0.9 % -8.1 % 12.8 % NOK 121,342 Oljepris BULL OLJE HA 11.50 0.0 % -2.5 % -17.3 % 13.3 % NOK 22,568 Gullpris DNB-ETN GULL BEAR 28.46 0.0 % -0.4 % 3.2 % -7.0 % NOK na Oljepris BEAR OLJE HA 31.96 0.0 % 3.5 % 23.4 % -43.9 % NOK 7,575 DNB BEAR DNB NOR HA 1.75 0.0 % 9.4 % 15.1 % -57.9 % NOK na DNB BULL DNBNOR HA 186.50 0.0 % 0.0 % 0.0 % 115.7 % NOK na Shipping DNB - ETN SHIPPING 0.00 0.0 % 0.0 % 0.0 % 0.0 % NOK 28,211 Sinkpris SINK ETN DNM 43.39 0.0 % -1.5 % 0.6 % 53.9 % NOK na Kobberpris BULL KOBBER ETN DNM 28.63 0.0 % 0.5 % -1.9 % 16.1 % NOK na Oljepris DNB - ETN BRENT BEAR 20.50 0.0 % 3.2 % 22.5 % -47.0 % NOK 409 TGS Nopec DNB-ETN TGS BULL 15.35 0.0 % -1.1 % 4.6 % 110.3 % NOK na Kilde: Bloomberg / DNB Markets FORTS. 6

ETN / ETF Endring i % Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Volum Sinkpris BULL SINK ETN DNM 46.59 0.0 % -3.5 % -0.6 % 122.7 % NOK na Telenor DNB - ETN TELENOR BEAR 2.74 0.0 % -0.4 % -11.2 % -31.4 % NOK 49,689 Storebrand DNB-ETN STOREBRAND BEAR 1.12 0.0 % 5.7 % -3.9 % -78.7 % NOK na Kobberpris BULL KOBBER ETN DNM 21.44 0.0 % 0.6 % -5.3 % 30.4 % NOK na Aluminium BEAR ALU ETN DNM 29.33 0.0 % 0.6 % 0.5 % -43.1 % NOK na Norwegian DNB-ETN NORWEGIAN BULL 7.81 0.0 % -4.5 % -5.3 % -43.1 % NOK na Telenor DNB-ETN TELENOR X3 BEAR 1.33 0.0 % -0.7 % -16.9 % -47.3 % NOK na Schibsted BEAR SCH DNM 4.92 0.0 % 2.3 % 1.9 % -18.6 % NOK na Aker Solutions DNB-ETN AKER SOLUTIONS B 6.94 0.0 % -1.1 % 20.4 % 307.9 % NOK na Statoil DNB-ETN STATOIL BULL 28.13 0.0 % -5.1 % -5.9 % 32.0 % NOK na Sølvpris BEAR SOLV ETN DNM 24.07 0.0 % -1.9 % 9.0 % -35.6 % NOK na Subsea 7 DNB-ETN SUBSEA 7 BEAR 1.50 0.0 % -2.3 % -22.7 % -86.9 % NOK na Naturgasspris NATGAS ETN DNM 14.21 0.0 % -0.9 % -4.2 % 6.2 % NOK na Orkla DNB-ETN ORKLA X3 BEAR 1.01 0.0 % 5.2 % -9.8 % -29.9 % NOK 2,859 Strømpris DNB-ETN ELKRAFT 6.30 0.0 % -7.9 % -7.6 % 34.0 % NOK 2,859 Naturgasspris BULL NATGAS ETN DNM 6.52 0.0 % -2.5 % -9.3 % 17.6 % NOK na Gjensidige DNB-ETN GJENSIDIGE X3 BEA 32.25 0.0 % -1.5 % -4.4 % -29.1 % NOK 5,324 Yara DNB-ETN YARA BULL 19.02 0.0 % -2.9 % 1.7 % 4.0 % NOK na Yara DNB-ETN YARA BULL 19.02 0.0 % -2.9 % 1.7 % 4.0 % NOK 3,765 Marine Harvest Group DNB-ETN MARINE HARVEST B 88.70 0.0 % -9.1 % -15.7 % 10.2 % NOK 18,940 DNO BEAR DNO DNM 12.96 0.0 % 5.0 % 24.6 % -59.1 % NOK 1,061,141 CO2 BULL CO2 ETN DNM 12.32 0.0 % -6.2 % -13.9 % -34.9 % NOK 20,340 Fred. Olsen Energy BULL FOE DNM 7.44 0.0 % -4.1 % 22.3 % -61.3 % NOK 27,056 CO2 CO2 ETN DNM 23.33 0.0 % -5.4 % -7.0 % -8.0 % NOK 47,084 OBX BULL OBX X3 HA 146.15 0.0 % -11.0 % -9.2 % 55.8 % NOK na Telenor DNB-ETN TELENOR X3 BULL 50.85 0.0 % -5.5 % 10.8 % 11.6 % NOK 7,647 Oljeservice DNB - ETN OIL SERVICE BULL 5.51 0.0 % -5.8 % 6.3 % 120.0 % NOK 101,362 OBX BULL OBX X4 DNM 23.28 0.0 % -12.5 % -5.8 % 66.6 % NOK 3,450 Aluminium BEAR ALU HA 50.63-0.2 % 0.8 % 0.7 % -43.1 % NOK 48,166 Gjensidige DNB-ETN GJENSIDIGE X3 BUL 29.41-0.4 % 0.7 % 2.3 % -0.6 % NOK 138,556 OBX DNB-ETN OBX X3 BEAR 2.37-0.4 % 9.2 % 2.2 % -51.3 % NOK 774,911 Oljeservice DNB - ETN OIL SERVICE BEAR 5.73-0.5 % 5.2 % -8.4 % -75.8 % NOK 11,230 Statoil DNB-ETN STATOIL BEAR 4.10-0.7 % 7.6 % 7.6 % -42.8 % NOK 4,623 OBX SHORT OBX DNM 21.21-0.8 % 2.8 % 0.7 % -19.4 % NOK 85,672,770 Norsk Hydro BULL NHY X3 DNM 55.30-1.0 % -10.8 % 8.3 % 185.1 % NOK 6,335 Bank Norwegian DNB - ETN NOFI BULL 20.08-2.1 % 0.0 % 0.0 % 0.0 % NOK 116,824 REC BULL REC HA 4.10-1.4 % -17.6 % -56.8 % -65.8 % NOK 30,169 OBX XACT DERIVAT BEAR 56.05-1.9 % 4.9 % 0.8 % -35.0 % NOK 11,216 Oljeservice DNB - ETN OIL SERVICE 18.18-2.6 % -2.3 % 3.9 % 59.9 % NOK na OBX BEAR OBX X3 HA 1.59-3.1 % 10.8 % 0.3 % -51.8 % NOK 6,657 Strømpris DNB - ETN ELKRAFT BEAR 38.04-3.2 % 16.6 % 23.4 % -71.8 % NOK 12,380 Aker BP DNB - ETN AKER BP BULL 28.64 1.5 % 0.0 % 0.0 % 0.0 % NOK na Kobberpris BEAR KOBBER HA 26.94-3.8 % -0.3 % 7.8 % -34.9 % NOK 205,001 Norsk Hydro DNB-ETN NORSK HYDRO BUL 19.20-4.6 % -8.3 % 4.8 % 114.4 % NOK 9,858 PGS DNB-ETN PGS BULL 0.61-4.7 % -8.3 % -16.4 % -42.5 % NOK 250,709 Kilde: Bloomberg / DNB Markets 7

Rapportkalender Dato Selskap Marked EBITDAe EPSe EBITDAe EPSe Utbytte 30-Mar Hennes & Mauritz AB Stockholm 5,198 1.41 8,580 3.30 Semi-Anl 5-Apr Gyldendal ASA Oslo na na na na Annual Industrivarden AB Stockholm -2,567 8.66 na na Annual Industrivarden AB Stockholm -2,567 8.66 na na Annual Dustin Group AB Stockholm 125 1.08 na na Annual 6-Apr Stolt-Nielsen Ltd Oslo 119 0.32 120 0.65 Semi-Anl Stolt-Nielsen Ltd Oslo 119 0.32 120 0.65 Semi-Anl Chr Hansen Holding A/S Copenhagen 85 0.40 83 0.39 Annual Nobina AB Stockholm 253 0.38 na na Irreg KappAhl AB Stockholm 68 0.41 na na Annual 7-Apr Bergs Timber AB Stockholm na na na na Irreg EMAS Offshore Ltd Oslo na na na na Irreg EMAS Offshore Ltd Oslo na na na na Irreg 19-Apr Qliro Group AB Stockholm na -0.06 na na None Nederman Holding AB Stockholm 48 2.02 na na Annual OEM International AB Stockholm na na na na Annual 20-Apr Atrium Ljungberg AB Stockholm 362 1.90 na na Annual Note AB Stockholm na na na na Annual NetEnt AB Stockholm 184 0.56 149 0.42 Annual Mycronic AB Stockholm 102 0.72 na na Annual Citycon OYJ Helsinki 51 0.04 53 0.03 Quarter ABB Ltd Stockholm 1,122 0.31 na na Annual Axfood AB Stockholm 572 1.49 na na Annual BillerudKorsnas AB Stockholm 1,106 2.70 675 1.09 Annual Elisa OYJ Helsinki 146 0.43 na na Annual Orexo AB Stockholm na -1.00 na na None Avanza Bank Holding AB Stockholm na 3.30 na na Annual Eolus Vind AB Stockholm na na na na Annual Malmbergs Elektriska AB Stockholm 107 9.53 na na Annual Sportamore AB Stockholm 27 2.31 na na #N/A N/A StrongPoint ASA Oslo 12 0.05 na na Annual StrongPoint ASA Oslo 12 0.05 na na Annual 21-Apr Proact IT Group AB Stockholm na na na na Annual SSAB AB Stockholm 1,176 0.05 na na Irreg SSAB AB Stockholm 1,176 0.05 na na Irreg Husqvarna AB Stockholm 1,539 1.63-242 -0.40 Semi-Anl Husqvarna AB Stockholm 1,539 1.63-242 -0.40 Semi-Anl Arcam AB Stockholm na na na na None Modern Times Group MTG AB Stockholm 258 0.73 498 4.78 Annual Modern Times Group MTG AB Stockholm 258 0.73 498 4.78 Annual Cloetta AB Stockholm 198 0.29 na na Annual Duroc AB Stockholm na na na na Irreg 24-Apr ework Group AB Stockholm na na na na Annual FormPipe Software AB Stockholm 18 0.04 na na Annual Beijer Ref AB Stockholm 130 1.73 na na Annual Nordic Semiconductor ASA Oslo 2 0.00 7 0.02 Irreg Nordic Semiconductor ASA Oslo 2 0.00 7 0.02 Irreg Dometic Group AB Stockholm 503 1.00 na na Irreg Inwido AB Stockholm 77 0.26 na na Annual Sandvik AB Stockholm 3,885 1.53 2,086 1.15 Annual Tele2 AB Stockholm 1,383 0.66 1,293 0.80 Annual Tele2 AB Stockholm 1,383 0.66 1,293 0.80 Annual Byggmax Group AB Stockholm na -0.73 na na Annual Dedicare AB Stockholm na na na na Annual 25-Apr Castellum AB Stockholm 836 1.99 510 1.48 Semi-Anl Kilde: Bloomberg / DNB Markets Konsensus DNB 8

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 11,420 12,800 92.63 114.74 20.5x 16.1x 5.5x 5.2x AcadeMedia AB ACAD Kjøp SEK 53.5 85 5.08 5.74 10.5x 9.3x 7.9x 6.8x AF Gruppen AFG Selg NOK 154.5 108 7.12 7.21 21.7x 21.4x 12.0x 11.4x Ahlsell AB Kjøp SEK 58.1 64 3.12 3.48 15.5x 14.1x 12.6x 11.0x Akastor AKA Kjøp NOK 13.1 17-0.85-0.90-5.8x -14.6x 16.4x 6.2x Aker AKER Hold NOK 335.0 316 16.34 17.20 20.5x 19.5x Aker BP ASA AKERBP Kjøp NOK 137.7 180 1.23 1.28 13.2x 12.6x 3.6x 3.3x Aker Solutions AKSO Selg NOK 52.4 24 0.49 0.08 106.4x 667.8x 12.8x 14.3x Alfa Laval ALFA Hold SEK 166.2 165 6.55 7.05 25.4x 23.6x 13.5x 12.2x Alligator Bioscience ATORX Kjøp SEK 29.4 40 1.85-1.95 15.9x -15.0x Archer ARCHER Selg NOK 14.0 3-0.44-0.14-3.8x -11.6x 14.1x 10.6x Assa Abloy ASSAB Hold SEK 181.9 176 7.76 8.35 23.4x 21.8x 16.0x 14.7x Atea ATEA Hold NOK 101.0 85 5.01 5.90 20.2x 17.1x 9.6x 8.3x Atlas Copco ATCOA Hold SEK 308.8 286 13.01 13.74 23.7x 22.5x 14.1x 13.2x Atwood Oceanics ATW Selg USD 9.4 9 0.13-3.30 70.7x -2.8x 5.8x -54.2x Aurora LPG AURLPG Hold NOK 16.4 16 0.27 0.95 7.2x 2.0x 9.5x 6.0x Austevoll Seafood AUSS Hold NOK 64.8 82 8.72 8.35 7.4x 7.8x 3.3x 3.2x Autoliv ALIV Kjøp SEK 895.5 1100 6.26 7.89 15.7x 12.6x 7.4x 6.1x Avance Gas AVANCE Kjøp NOK 28.2 41-0.04 0.46-90.9x 7.2x 10.0x 5.7x Avanza Bank AZA Kjøp SEK 331.7 450 14.34 16.61 23.1x 20.0x Awilco Drilling AWDR Selg NOK 32.0 30 2.33 0.10 1.6x 37.3x 0.6x 1.3x Axactor AXA Kjøp NOK 2.2 5 0.18 0.42 Bakkafrost BAKKA Kjøp NOK 283.0 370 24.80 22.51 9.2x 10.1x 6.2x 6.3x Balder BALD Hold SEK 181.0 195 10.70 10.26 23.9x 23.8x 19.8x 19.3x Betsson BETSB Kjøp SEK 74.2 120 7.17 7.17 10.3x 10.3x 8.5x 8.4x BillerudKorsnäs BILL Kjøp SEK 141.5 170 9.81 11.04 14.4x 12.8x 8.1x 7.5x Borr Drilling BORR Kjøp NOK 35.0 35-0.21-0.13-20.1x -31.5x 1.5x 14.9x Borregaard BRG Kjøp NOK 97.5 105 6.20 7.10 15.7x 13.7x 8.5x 6.8x BW LPG BWLPG Kjøp NOK 42.7 54 0.50 0.98 10.1x 5.1x 8.2x 5.5x BW Offshore BWO Kjøp NOK 21.6 23 0.10 0.59 24.9x 4.3x 6.1x 3.4x Cargotec CGC Hold EUR 46.8 45 2.81 3.10 16.7x 15.1x 9.5x 8.3x Carlsberg CARLB Selg DKK 632.0 580 33.29 36.07 18.9x 17.2x 8.5x 7.8x Castellum CAST Hold SEK 115.8 127 7.49 8.06 15.5x 14.4x 19.3x 18.2x CGG CGG Selg EUR 6.2 2-15.53-12.90-0.4x -0.5x 8.3x 7.8x Chr. Hansen CHR Hold DKK 438.3 440 1.68 1.91 35.4x 31.5x 22.8x 20.4x Citycon CTY1S Kjøp EUR 2.2 3 0.14 0.15 15.7x 14.7x 19.6x 18.1x Coloplast COLOB Kjøp DKK 542.0 570 18.81 21.97 28.8x 24.7x 20.1x 17.7x Coor Service Managemen COOR Kjøp SEK 56.3 62 2.17 2.57 13.5x 12.5x 11.2x 10.2x D/S Norden DNORD Kjøp DKK 142.9 165 0.35 1.06 59.9x 19.6x 13.3x 8.9x Danske Bank DANSKE Kjøp DKK 238.7 270 20.34 22.32 11.7x 10.7x Deep Sea Supply DESSC NOK 1.2-0.06-0.06-2.4x -2.4x 12.1x 12.5x DHT Holdings DHT Hold USD 4.4 5 0.00-0.08 52.2x -54.7x 8.6x 9.6x Diamond Offshore DO Selg USD 16.1 11 1.51 0.84 10.6x 19.0x 5.2x 5.8x DNB DNB NOK 136.2 10.71 12.20 12.7x 11.2x DNO DNO Kjøp NOK 6.9 12 0.28 0.42 3.0x 2.0x 1.8x 0.5x DOF DOF NOK 1.0 0.16-0.01 6.0x -143.0x 9.1x 9.7x Dorian LPG LPG Hold USD 10.1 11-0.30 0.04-46.1x 231.9x 19.2x 12.3x Eidesvik Offshore EIOF NOK 5.8-2.30-3.90-2.5x -1.5x 12.5x 19.2x Electrolux ELUX Kjøp SEK 237.0 255 16.98 18.93 14.0x 12.5x 6.3x 5.7x Elekta EKTAB Kjøp SEK 84.5 100 3.83 4.12 22.1x 20.5x 12.5x 11.5x Ensco ESV Hold USD 8.7 8 0.21-0.79 41.9x -11.0x 6.4x 12.0x Entra ENTRA Kjøp NOK 94.5 105 5.70 5.44 20.3x 19.1x 19.4x 18.4x Epic Gas EPIC Kjøp NOK 14.5 23 0.28 0.93 6.1x 1.8x 5.1x 2.3x Euronav EURN Hold USD 7.9 8-0.64-0.55-12.4x -14.3x 15.7x 12.7x Europris EPR Hold NOK 37.8 37 2.48 2.78 15.3x 13.6x 10.4x 8.8x Evolution Gaming EVO Kjøp SEK 319.0 370 1.26 1.60 26.2x 21.0x 18.5x 14.9x Fabege FABG Hold SEK 143.8 160 4.21 5.89 31.2x 23.8x 30.8x 26.5x Farstad Shipping FAR NOK 0.3-20.25-24.93 0.0x 0.0x 17.6x 26.5x Fortum FORTUM Selg EUR 14.5 12 0.69 0.67 21.0x 21.8x Fred Olsen Energy FOE Selg NOK 27.3 7-2.82-2.60-1.1x -1.2x 8.4x 12.5x Frontline FRO Hold NOK 57.5 64-0.08-0.03-80.8x -205.7x 16.0x 12.1x GasLog GLOG Kjøp USD 14.9 16 1.02 1.14 14.5x 13.1x 9.6x 9.7x Gener8 Maritime GNRT Hold USD 5.2 5-0.24-0.08-22.0x -69.0x 11.2x 10.1x Getinge GETIB Selg SEK 154.3 140 9.31 11.84 14.3x 12.4x 9.5x 8.0x 9

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 Gjensidige Forsikring GJF Hold NOK 132.7 150 8.42 8.96 15.8x 14.8x GN Group GN Selg DKK 160.9 160 8.44 9.99 19.1x 16.2x 13.4x 11.5x Golar LNG GLNG Kjøp USD 26.83 38-0.56 1.64-13.0x -48.1x 102.6x 14.3x Golar LNG Partners GMLP Hold USD 22.16 23 2.24 1.43 7.9x 11.1x 7.1x 8.4x Golden Ocean GOGL Hold NOK 66.75 51-0.46 0.40-17.0x 19.8x 27.3x 10.3x Grieg Seafood GSF Hold NOK 70.5 76 8.77 8.91 8.0x 7.9x 5.6x 5.1x Havila Shipping HAVI Selg NOK 0.18 0.5-7.67-10.57 0.0x 0.0x 13.8x 18.7x Helgeland Sparebank HELG Kjøp NOK 86 90 9.18 10.29 9.4x 8.4x Hennes & Mauritz HMB Hold SEK 235.4 250 11.74 13.31 20.1x 17.7x 10.2x 8.6x Hexagon AB HEXAB Kjøp SEK 360.9 395 1.63 1.98 21.8x 19.1x 15.0x 12.8x Hexagon Composites HEX Kjøp NOK 25.5 33 1.12 1.30 22.9x 19.5x 19.4x 18.2x Hexpol HPOLB Hold SEK 91.2 91 4.16 4.31 21.9x 21.2x 13.7x 12.6x Holmen HOLMB S Selg SEK 341.9 300 20.01 21.64 17.1x 15.8x 10.3x 9.3x Hufvudstaden HUFV Hold SEK 130.7 135 4.33 4.45 30.2x 29.4x 25.6x 25.1x Humana HUM Kjøp SEK 72 86 5.27 5.99 13.3x 11.7x 10.7x 9.0x Husqvarna HUSQb Kjøp SEK 75.7 87 4.81 5.59 15.7x 13.5x 9.6x 8.4x Höegh LNG Holdings HLNG Kjøp NOK 87.75 123 0.48 0.86 21.4x 12.0x 12.3x 10.6x Höegh LNG Partners HMLP Kjøp USD 19.75 22.6 1.92 1.95 10.3x 10.1x 10.2x 9.2x Industrivärden INDUc Kjøp SEK 189.1 203 Investor INVEb Kjøp SEK 365.7 414 Jm Ab JM Hold SEK 277.4 300 23.36 22.80 11.9x 12.2x 8.5x 7.9x Kindred Group KINDSDB Kjøp SEK 86.75 110 44.22 44.63 16.2x 16.0x 12.7x 12.3x Kinnevik KINVb Kjøp SEK 236.8 271 Klövern KLOVb Kjøp SEK 8.765 12 0.70 0.85 12.6x 10.3x 19.9x 19.4x KNOT Offshore Partners KNOP Hold USD 22.05 19 1.91 1.85 11.6x 11.9x 8.7x 8.5x Kone KNEBV Kjøp EUR 41.01 47 1.99 2.06 20.6x 19.9x 14.0x 12.9x Konecranes KCR1V Hold EUR 32.28 33 0.26 1.65 28.1x 16.9x 12.2x 9.3x Kongsberg Gruppen KOG Kjøp NOK 128.5 156 7.54 10.63 17.0x 12.1x 9.5x 7.0x Kungsleden KLED Kjøp SEK 50.15 73 4.71 5.19 10.7x 9.7x 16.7x 16.0x Kværner KVAER Selg NOK 10.8 9.1 0.55 0.11 19.5x 97.9x 3.8x 8.1x Latour LATOb Hold SEK 350.4 360 Lerøy LSG Hold NOK 388.8 490 49.49 48.24 7.9x 8.1x 5.1x 4.7x Loomis LOOMb Kjøp SEK 281.7 330 18.72 20.21 15.0x 13.9x 7.1x 6.7x Lundbeck LUN Hold DKK 320 310 10.53 15.26 30.4x 21.0x 12.6x 9.9x Lundbergs LUNDb Selg SEK 587.5 549 Lundin Petroleum LUPE Kjøp SEK 176.9 215 0.83 0.85 24.2x 23.8x 6.5x 6.1x Marine Harvest MHG Hold NOK 134.9 160 1.56 1.62 9.4x 9.0x 5.7x 5.0x Medistim MEDI Hold NOK 63 75 3.09 3.68 20.4x 17.1x 13.0x 10.8x Metsa Board METSB Hold EUR 5.8 7 0.44 0.39 13.2x 14.8x 7.8x 7.7x MSAB MELK Selg SEK 546.5 470 MTG MTGb Kjøp SEK 308.4 345 15.61 18.53 19.8x 16.6x 12.9x 10.8x Ncc NCC Hold SEK 215 230 13.96 15.87 15.4x 13.5x 7.7x 6.7x NetEnt NETb Kjøp SEK 68.8 98 2.50 2.90 27.5x 23.8x 19.4x 16.5x Nets NETS Kjøp DKK 110 143 4.60 6.22 13.3x 12.0x 10.2x 8.9x Nibe Industrier NIBEB Hold SEK 70.05 75 3.28 3.47 21.4x 20.2x 14.0x 12.9x Nobia NOBI Kjøp SEK 88.1 95 5.87 6.07 15.0x 14.5x 8.7x 7.9x Noble NE Selg USD 6.14 3-1.14-1.32-5.4x -4.6x 8.2x 9.2x Nokian Tyres NRE1V Kjøp EUR 39.22 43 2.09 2.31 18.8x 17.0x 10.9x 9.6x Nordea NDA Selg SEK 100.3 99 0.84 0.90 12.5x 11.7x Nordic Nanovector NANO Kjøp NOK 89 145-5.83-5.99-15.3x -14.9x -12.7x -13.4x Nordic Semiconductor NOD Kjøp NOK 31 47 0.10 0.22 34.8x 16.3x 16.6x 9.3x Norsk Hydro NHY Selg NOK 48.9 38 2.83 2.77 18.2x 17.7x 7.1x 6.8x North Energy NORTH Hold NOK 2.05 1.1-0.56-1.6x Norway Royal Salmon NRS Hold NOK 150 190 14.83 14.69 10.1x 10.2x 6.5x 6.5x Norwegian Air Shuttle NAS Selg NOK 245.8 210 11.23 24.17 18.5x 10.2x 14.7x 13.4x Norwegian Property NPRO Kjøp NOK 10.1 11.5 0.52 0.54 19.2x 18.6x 18.3x 17.6x Novo Nordisk NVO Hold DKK 235.1 250 15.17 16.52 15.5x 14.3x 10.7x 9.8x Novozymes NZYMB Selg DKK 274 220 10.70 11.55 25.9x 24.0x 15.5x 14.6x NRC Group NRC Hold NOK 52.00 60 1.85 2.56 22.9x 17.5x 11.5x 9.0x Ocean Rig ORIG Selg USD 0.7263 0.5 0.38-4.67 1.9x -0.2x 4.8x 17.7x Ocean Yield OCY Hold NOK 60.5 66 0.90 0.87 7.8x 8.2x 6.6x 6.3x Odfjell ODF Kjøp NOK 33.3 39 0.33 0.46 12.0x 8.5x 5.5x 4.8x Odfjell Drilling ODL Hold NOK 19.1 14 0.20 0.09 11.0x 24.1x 7.2x 8.1x Olav Thon OLT Kjøp NOK 164 210 12.48 13.12 14.1x 13.4x 15.1x 14.4x Opera OPERA Kjøp NOK 38.5 46 0.17 0.26 16.6x 13.3x 10.0x 7.2x Oriflame ORI Selg SEK 353.3 270 1.46 1.85 25.7x 20.3x 12.9x 10.4x Orkla ORK Hold NOK 76.4 79.0 3.78 4.04 20.2x 18.9x 15.0x 14.1x Pacific Drilling PACD Selg USD 2.25 1.0-17.59-17.81-0.1x -0.1x 19.6x 36.5x Pandox PNDXB Hold SEK 136.7 145 8.26 8.85 16.6x 15.4x 18.1x 17.0x 10

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 Pareto Bank PARB Kjøp NOK 38 45 4.52 4.98 8.4x 7.6x Peab PEAB Hold SEK 84.95 90 6.15 6.58 13.8x 12.9x 8.0x 7.1x Petroleum Geo-Services PGS Selg NOK 22.07 18-0.49-0.51-5.4x -5.1x 4.6x 5.1x Polarcus PLCS Selg NOK 0.29 0-0.06-0.04-0.6x -0.9x 199.0x 4.8x Prosafe PRS Hold NOK 33.80 30-0.58-0.39-5.3x -8.0x 11.6x 11.5x Q-Free QFR Hold NOK 7.99 8 0.68 0.65 11.8x 12.3x 6.8x 6.4x Recipharm RECIB Hold SEK 121 130 5.11 6.30 23.6x 19.2x 9.7x 8.4x Rezidor REZT SEK 34.3 0.45 0.61 8.0x 5.9x 4.3x 3.4x Rowan RDC Hold USD 15.02 15-0.01-1.92-1004.7x -7.8x 5.6x 13.3x Safe Bulkers SB Kjøp USD 2.12 2-0.20 0.17-10.8x 12.5x 13.1x 7.9x Saipem SPM Selg EUR 0.422 0.31 0.02 0.00 20.9x 88.9x 5.5x 7.2x SalMar SALM Kjøp NOK 190.50 260 20.56 22.18 9.3x 8.6x 6.5x 5.4x Sampo Oyj SAMPO Hold EUR 44.14 44 2.78 2.82 15.9x 15.6x Sandvik SAND Kjøp SEK 130.1 130 6.67 7.38 19.5x 17.6x 10.8x 9.8x SCA SCAB Hold SEK 285.7 270 13.32 15.39 18.4x 17.4x 11.3x 10.3x Scandi Standard SCST Kjøp SEK 51.50 64 3.42 5.29 15.1x 9.7x 8.3x 6.2x Scandic Hotels SHOT Kjøp SEK 92.25 100 6.73 7.90 12.7x 10.9x 7.2x 6.1x Schibsted SCHA Selg NOK 218.1 165 3.73 4.99 58.5x 43.7x 21.5x 18.4x Seadrill SDRL Selg NOK 12.89 5-0.34-1.60-4.4x -0.9x 9.7x 21.8x SEB SEB Selg SEK 105 102 7.53 7.89 14.0x 13.3x Securitas SECUB Kjøp SEK 136.4 160 8.25 9.30 16.5x 14.7x 10.1x 8.9x Selvaag Bolig SBO Hold NOK 39 43 3.61 4.05 11.0x 9.6x 8.4x 6.1x Sevan Marine SEVAN Selg NOK 15.3 14.4-0.17-0.08-10.8x -21.8x -8.5x -16.2x Siem Offshore SIOFF NOK 2.28-0.13-0.12-2.1x -2.1x 18.6x 19.8x Skandiabanken SKBN Kjøp NOK 71.75 81 5.63 6.84 12.4x 10.5x Skanska SKA Hold SEK 208 235 12.23 12.88 17.0x 16.2x 12.4x 11.2x SKF SKFB Hold SEK 178 170 10.88 11.32 16.4x 15.7x 10.0x 9.3x Solstad Offshore SOFF NOK 11.8-3.08-5.14-3.8x -2.3x 14.8x 17.9x Songa Offshore SONG Selg NOK 30.3 1000 1.33 1.41 2.7x 2.5x 5.2x 4.6x Sparebank1 Nord-Norge NONG Hold NOK 58.25 60 5.68 6.01 10.2x 9.7x Sparebank1 SMN MING Kjøp NOK 70.5 85 7.49 8.16 9.4x 8.6x Sparebank1 SR-Bank SRBANK Kjøp NOK 64.75 80 6.83 7.49 9.5x 8.6x Sparebanken Møre MORG Hold NOK 250 260 23.99 25.94 10.4x 9.6x Sparebanken Sør SOR Hold NOK 101 110 10.04 10.20 10.1x 9.9x Sparebanken Øst SPOG Hold NOK 55.5 57 4.73 4.77 11.7x 11.6x Spectrum SPU Selg NOK 37 27 0.21 0.43 20.3x 10.2x 2.2x 1.9x Sponda SDA1V Kjøp EUR 3.848 4.6 0.27 0.30 14.4x 13.0x 20.5x 18.9x Statoil STL Kjøp NOK 143 170 1.54 1.68 10.5x 10.0x Stolt-Nielsen SNI Kjøp NOK 145.5 168 1.91 0.00 9.0x 6.5x 6.2x 5.2x Stora Enso STERV F Kjøp EUR 10.99 12 0.78 0.96 13.7x 11.5x 7.3x 6.3x Storebrand STB Kjøp NOK 57.1 80 4.08 4.47 11.4x 10.6x Subsea 7 SUBC Selg NOK 130.5 74 0.36 0.00 42.3x na 6.6x 10.9x Svenska Handelsbanken SHB Selg SEK 126.2 120 7.91 8.19 16.0x Swedbank SWEDA Selg SEK 217.6 212 16.66 16.58 13.4x 13.1x Swedish Match SWMA Hold SEK 289.4 290 15.45 16.52 18.7x 17.5x 13.1x 12.3x Tanker Investments TIL Hold NOK 40.5 45-0.16 0.46-30.0x 10.4x 9.8x 6.3x Targovax TRVX Kjøp NOK 23.6 35-3.29 3.16-7.3x 4.7x TechnipFMC FTI Selg USD 31.97 25 28.3x 32.6x 6.9x 8.8x Teekay Tankers TNK Hold USD 2.03 2.25-0.11 0.00-19.1x 2847.1x 10.2x 8.1x Telenor TEL Kjøp NOK 142.8 162 11.18 11.98 12.8x 11.9x 6.4x 5.8x TGS Nopec TGS Selg NOK 186.5 145 0.51 0.35 43.4x 63.2x 5.2x 5.1x The Scottish Salmon ComSSC Kjøp NOK 7.88 10 7.51 12.13 9.9x 6.1x 6.3x 4.2x Thule Group THULE Hold SEK 147.2 150 7.65 8.10 19.3x 18.2x 14.0x 12.6x Tomra TOM Hold NOK 91.5 95 4.48 4.56 20.4x 20.1x 10.7x 10.0x Topdanmark TOP Kjøp DKK 177.6 200 12.72 12.91 14.0x 13.8x Transocean RIG Selg USD 12.23 8-0.25-1.17-48.5x -10.5x 7.8x 10.5x Trelleborg TRELB Hold SEK 191.7 175 9.93 11.77 17.4x 16.3x 11.6x 10.6x Tryg TRYG Hold DKK 125.5 140 8.27 8.08 15.2x 15.5x UPM UPM Kjøp EUR 22.88 25 1.75 1.52 13.1x 15.0x 7.2x 7.3x Valmet VALMT Hold EUR 14.52 15 0.86 0.95 16.9x 15.3x 7.8x 6.9x Veidekke VEI Hold NOK 114 130 9.44 10.03 12.1x 11.4x 8.3x 7.7x Vestas Wind Systems A/S VWS Kjøp DKK 548.5 631 4.51 5.20 16.3x 14.2x 7.1x 6.2x Vitrolife VITR Kjøp SEK 425.00 520 10.98 13.35 38.7x 31.8x 23.5x 19.4x Volvo VOLVB Hold SEK 130.30 115 7.63 8.28 17.0x 15.6x 7.4x 6.4x 11

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 Wallenstam WALLb Selg SEK 70.20 67 1.77 2.5x 39.6x 28.3x 39.7x 31.3x Weifa WEIFA Kjøp NOK 27.70 35 1.44 1.6x 19.2x 16.9x 13.6x 11.6x Wihlborgs WIHL Kjøp SEK 165.10 210 12.01 12.8x 13.7x 12.9x 20.4x 19.2x Wilh. Wilhelmsen ASA WWASA Kjøp NOK 44.00 50 0.53 0.8x 9.8x 6.5x 9.0x 6.6x Wilh. Wilhelmsen Holding WWI Kjøp NOK 222.50 254 4.72 6.1x 5.5x 4.3x 7.9x 11.3x William Demant Holding WDH Selg DKK 144.5 125 6.54 7.52 20.1x 18.4x 11.5x 10.5x Wilson Therapeutics WTX Kjøp SEK 52 80-4.57-6.06-9.1x -7.9x Wärtsilä WRT1V Hold EUR 49.27 47 2.19 2.70 21.3x 18.3x 13.7x 11.4x XXL XXL Kjøp NOK 93 120 5.05 6.26 18.4x 14.9x 13.3x 10.5x Yara YAR Selg NOK 327.8 270 19.05 20.03 16.6x 16.0x 7.4x 7.1x YIT YIT Selg EUR 6.42 6 0.44 0.5x 14.6x 13.1x 12.7x 11.7x 12

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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 that 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. 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 13