US NED FØR RAPPORTER, KINESISK HANDEL, FLATT I OLJE NHY & ORK

ANALYSE Aksjemarkedet i dag US NED FØR RAPPORTER, KINESISK HANDEL, FLATT I OLJE NHY & ORK Med drahjelp av stigende råvarepriser innledet det amerikanske aksjemarkedet uken med oppgang i går, men usikkerheten i forkant av de kommende rapportene trakk etter hvert indeksene ned under utgangspunktet mot slutten av dagen. Dow endte ned 0.1%, mens S&P500 var ned 0.3% og Nasdaq ned 0.4%. Volumet på de tre hovedindeksene kom inn på 72-87% av gjennomsnittet for de siste tre måneder. Etter en ujevn start på uken trekker de asiatiske indeksene i forskjellige retninger også tirsdag. Godt hjulpet av blant annet utviklingen i råvareprisene og en pause i Yen-styrkingen stenger Nikkei opp 1.3%, mens de kinesiske indeksene før stengetid er ned 1% på politiske kommentarer om at økonomien har utfordringer og behov for reformer. Svenske makrotall vil kunne få oppmerksomhet i det norske markedet i dag. Vi får oppdaterte ledighetstall, tall for prisutviklingen og en ny boligprisstatistikk fra Sverige. I tillegg vil tyske KPI-tall kunne påvirke renteforventningene i eurosonen før åpning. Fra USA kommer det begrenset med nøkkeltall, men til gjengjeld skal tre representanter for Fed presentere sine syn på de økonomiske utsiktene og dette vil dermed kunne gi ny oppmerksomhet på renteutsiktene. Før markedene åpner i morgen tidlig vil vi også ha fått kinesiske handelsbalansetall for mars, inkludert tallene for import av jernmalm og olje. Gårsdagens kvartalsrapport for Alcoa ga et fall i aksjen på 4% i handel etter stengetid i USA i går. Spesielt dempede globale etterspørselsutsikter vil kunne påvirke kursen på Norsk Hydro ved åpning i dag. Vi har en salgsanbefaling på Hydro med et kursmål på NOK 30 pr aksje. Samtidig la teknologiselskapet Juniper Networks frem sin rapport tidligere enn ventet og aksjen reagerte ned 6% etter børs. Etter en rolig dag når det gjelder rapporter i dag vil resten av uken kunne bli preget av kvartalstall fra flere av de største bankene, samt fra blant annet IBM, Pepsico og Netflix. I oljemarkedet steg WTI-prisen mandag videre med USD 0.92 pr fat til USD 40.50 pr fat. Prisen ligger i morgentimene på USD 40.18 pr fat. Brent åpner på USD 42.65 pr fat, opp fra USD 42.59 pr fat ved stengetid i det norske markedet i går. Fokus ser nå i all hovedsak ut til å være på kommende helgs produsentmøte i Doha. Før vi er så langt vil vi imidlertid også få oppdateringen av de amerikanske lagerbeholdningene. De siste dagenes løft startet da lagertallene rapportert forrige uke viste et uventet trekk i råoljebeholdningene. Et nytt trekk vil kunne styrke oppgangen, mens et løft vil kunne medføre at aktørene i større grad ser på forrige ukes trekk som et unntak. Orkla vil ved Q1-rapporteringen ha et utfordrende sammenligningsgrunnlag fra i fjor. Selskapet presenterer tall 3. mai og blant annet en tidligere påske med færre handledager vil ha gjort veksten mer krevende. Fortsatt er imidlertid ventet vekst for hele året høyere og verdsettelsen basert på våre 2016-estimater samtidig lavere enn for sammenlignbare europeiske aktører. Vi har en kjøpsanbefaling på Orkla og har oppjustert kursmålet fra NOK 77 til NOK 82 pr aksje. Kursen stengte i går på NOK 71.75 pr aksje. Våre anbefalte aksjer: - BRG - HFISK - ORK - HLNG - GOGL - NAS YTD DNB: -2% YTD OSE: -6% Internasjonale børser Siste Endr. % Dow Jones 17,556-21 -0.12 S&P 500 2,042-6 -0.27 NASDAQ 4,833-17 -0.36 Nikkei 225 15,921 170 1.08 Euro 500 225 1 0.37 Danmark-KFX 953-4 -0.41 Finland-HEX 7,841 10 0.13 Norge-OSEBX 572 5 0.96 Sverige-SAX 484 1 0.24 Valuta/råvarer Siste I går Endr. % EUR/USD 1.141 1.141 0.02 USD/JPY 108.2 108.0-0.23 USD/NOK 8.201 8.201 0.01 EUR/NOK 9.356 9.356 0.00 Siste Endr. Endr. % CRB indeks 172 4.99 2.99 Brent sp. ($/bbl) 41.8 0.75 1.83 Brent 1m ($/bbl) 42.7 0.75 1.79 Alum. 3m ($/ton) 1,508.5 5.00 0.33 US Nat.gass 1.9-0.06-2.88 Renter Siste I går Endr. USA 10år 1.739 1.717 0.02 Tyskl. 10år 0.111 0.089 0.02 Norge 10år 1.247 1.195 0.05 USA 3m 0.631 0.631 0.00 Euro 3m -0.251-0.247 0.00 Norge 3m 0.990 0.990 0.00 Selskap Tidspunkt Konsensus Land Nøkkeltall Tyskland KPI 08.00 0.3% Sverige Ledighet 08.00 - UK KPI 10.30 0.4% USA Bedriftstillit 12.00 93.7 USA Importprisindeks 14.30-4.6% DNB Markets følger markedet konstant og nå kan du følge oss på Twitter. Slik gjør vi det enda lettere for deg å forstå hva som skjer. Sjekk oss ut på twitter.com/dnbmarkets ANALYSTS Ole-Andreas Krohn Ole-Andreas.krohn@dnb.no TLF: +47 24 16 92 11 Please see the last page for important information

DNB Markets Sentrale US-INDekser SENTRALE US-INDEKSER Endring Endring Endring Endring Gj.snittlig Siste i poeng 1 dag (%) 1 mnd.(%) hittil i år(%) est. P/E Dow Jones Industrial 17,556-20.55-0.12 1.99 0.75 15.98 S&P 500 2,042-5.61-0.27 0.98-0.10 18.57 Nasdaq Composite 4,833-17.29-0.36 1.79-3.48 30.78 Russel 2000 1,094-2.97-0.27 0.62-3.66 35.51 Amex naturgass-indeks (XNG) 483 7.00 1.47 5.41 10.94 84.72 Amex Oil Service Indeks 155 0.06 0.04-6.24-1.98 19.78 Philadelphia-børsens oljeproduksjon-indeks (XOI) 1,076-3.65-0.34-0.68 0.28 51.20 Amex farmasi-indeks (DRG) 505-3.67-0.72-0.98-6.72 20.94 Nasdaq biotech-indeks 2,854-47.75-1.65 4.17-19.39 #N/A N/A Philadelphia-børsens halvleder-indeks (SOX) 671-0.71-0.11 1.74 1.07 22.36 S&P 500 Paper & Forest Index ( PAFO) 161-0.08-0.05 6.62-7.72 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 7.80 0.37 758,874 63.97 65.20-1.23 Royal Caribbean Cruises 79.53-0.74 2,494,767 652.23 614.00 38.23 Questerre (CAD) 0.19 0.01 55,150 1.18 1.24-0.06 Statoil 15.58 0.71 3,945,710 127.77 127.90-0.13 Yara 37.58 1.16 5,172 308.19 310.20-2.01 Sverige AstraZeneca 29.09-0.36 3,083,169 472.08 477.10-5.02 Finland (EUR) Nokia 5.91 0.17 11,604,827 Danmark Novo Nordisk B 55.87-0.36 976,586 364.54 366.20-1.66 RÅVARER & SHIPPING Siste I går Endr. %1D 1W 1M 3M YTD 12M 52W H 52W L CRB indeks 171.8 171.8 0.8 0.46 6-1.7 9.7-4.3-45.3 233.5 154.8 GS råvare indeks 2,157 2,157 13.9 0.6% 125-12 194-14 -907 3,392 1,837 Oil Brent Spot 41.76 41.89-0.13-0.31 4 2.30 13.08 6.01-15.58 Brent olje 1m 42.69 42.83-0.14-0.33 5 2.30 11.83 5.41-15.18 69.63 27.10 Brent olje 3m 43.14 43.27-0.13-0.30 5 1.50 11.32 4.61-16.62 70.92 28.58 WTI olje 1m 40.27 40.36-0.09-0.22 4 1.77 9.83 3.23-11.37 62.58 26.05 Flybensin 397.50 397.50 5.00 1.27 28-3.50 80.75 41.50-167.75 Naturgass US Henry Hub 1.88 1.88-0.10-5.27-0 0.16-0.65-0.43-0.67 Fyringsolje 121.2 121.5-0.3-0.2 14-1 22.2 11.1-55.4 205.7 84.9 Metals Aluminium 3m 1,509 1,509-12 - 0.8-28 -53 49 2-257 1,978 1,433 Nikkel 8,560 8,560 15 0.2 195-270 290-260 -4,065 14,585 7,550 Kopper 4,664 4,664 14 0.3-97 -307 277-42 -1,376 6,481 4,318 Gull 1,255 1,258-3 - 0.3 23 4 168 193 47 1,285 1,046 Shipping WS AG - Japan, 250 dwt 60 0-3 -4-25 -23-25 -28 0 WS AG - USG, 250 dwt 40 40 0 0-15 -5-10 -13 8 Containerships index 0 0 0.0 0.0% - 0 0 0 0 0 Baltic dry index 555 555 16.0 2.97 84 167 153 77-25 1,222 0 290 RENTER & VALUTA Renter Siste I går Endr. 1W 1M 3M YTD 12M Norge - Nibor 3m 0.990 0.990-0.020-0.03-0.02-0.12-0.14-0.44 USA - Libor 3m 0.631 0.629 0.002 0.00-0.00 0.01 0.02 0.36 Euro - Euribor 3m -0.251-0.251-0.003-0.005-0.026-0.108-0.120-0.263 Norge 10 år stat 1.247 1.247 0.024 0.03-0.19-0.12-0.23-0.18 USA 10 år stat 1.739 1.725 0.014 0.02-0.24-0.36-0.53-0.21 Euro 10 år stat 0.111 0.111 0.016-0.02-0.16-0.43-0.52-0.04 Tyskland 10 år stat 0.111 0.111 0.016-0.02-0.16-0.43-0.52-0.04 Japan 10 år stat -0.090-0.086-0.004-0.04-0.09-0.31-0.36-0.44 UK 10 år stat 1.394 1.394 0.031-0.04-0.18-0.38-0.57-0.19 Valuta Siste I går Endr. 1W 1M 3M YTD 12M 52W H 52W L EUR/USD 1.141 1.141 0.000 0.003 0.031 0.055 0.055 0.084 1.172 1.052 USD/JPY 108.2 108.0 0.250-2.2-5.6-9.5-11.9-11.9 125.9 107.6 GBP/USD 1.425 1.424 0.001 0.009-0.006-0.020-0.049-0.043 1.594 1.384 USD/NOK 8.201 8.201-0.001-0.128-0.270-0.681-0.645 0.100 9.017 7.290 EUR/NOK 9.356 9.356 0.000-0.127-0.048-0.288-0.252 0.797 9.749 8.313 GBP/NOK 11.683 11.677 0.005-0.119-0.431-1.147-1.349-0.221 13.385 11.116 2

DNB Markets indekseutvikling på sektornivå INDEKSEUTVIKLING PÅ SEKTORNIVÅ USA MSCI EUROPA Sektor 1 dag 1 mnd. 3 mnd. 1 år hittil i år est. P/E Sektor 1 dag 1 mnd. 3 mnd. 1 år hittil i år est. P/E Metall 4.1% 6.8% 60.4% -13.5% 29.7% 32.2 Materialer 1.4% -0.5% 8.1% -26.8% -1.9% 19.2 Bildeler 0.9% 1.0% 1.7% -20.5% -9.7% 10.4 Mat- og apotekhandel 1.3% 1.0% 6.6% -15.8% 5.2% 17.3 Fritidsutstyr 0.9% 0.1% 16.5% 29.4% 19.0% 21.8 Banker 1.3% -12.5% -16.2% -36.1% -22.6% 9.3 Bank 0.6% -4.3% -7.8% -13.4% -15.4% 10.3 Biler og komponenter 1.1% -4.5% -8.9% -31.9% -17.8% 7.9 Elektronisk utstyr og instrumen 0.5% 4.4% 14.2% -7.7% 6.4% 16.8 Forsikring 0.9% -5.7% -9.6% -22.6% -15.6% 10.1 Luftfart 0.5% -3.7% -0.2% -4.2% -5.2% 7.2 Energi 0.8% -2.2% 12.0% -23.8% -0.8% 24.1 Forsikring 0.4% -0.2% 3.9% -1.8% -3.1% 11.0 Forsyningsselskaper 0.7% -0.6% -2.0% -14.5% -5.4% 14.5 Datamaskiner og tilbehør 0.4% 5.3% 9.2% -14.1% 3.0% 11.8 Transport 0.7% 0.2% 1.0% -16.2% -4.8% 14.3 Elektrisk utstyr 0.4% 3.4% 18.1% -6.9% 9.9% 16.8 Eiendomsselskaper 0.7% 3.0% 4.8% -10.1% -0.2% 21.6 Kjemikalier 0.2% 0.1% 8.6% -9.4% -0.4% 16.9 Hotell-, underholdnings- og restaurantv 0.6% -1.2% -5.9% -16.0% -9.8% 19.0 Maskiner 0.1% 1.5% 15.3% -7.6% 7.7% 17.1 Telekommunikasjon og tjenester 0.6% -5.0% -6.0% -14.8% -9.1% 19.1 Bygg og anlegg 0.1% -0.9% 15.4% -15.5% 5.3% 13.8 Finansieringsselskaper 0.4% -8.7% -15.3% -31.5% -22.6% 13.3 Papir- og skogprodukter 0.0% 6.6% 3.2% -31.8% -7.7% 15.3 Media 0.4% -1.4% -0.4% -17.6% -4.5% 18.2 Helseartikler -0.2% 2.8% 6.9% 2.0% 2.8% 19.3 Detaljhandel 0.4% -2.2% -4.5% -17.2% -11.3% 19.1 Industrielle konglomerater -0.3% 1.7% 8.9% 5.9% 0.9% 20.3 Kapitalvarer 0.1% -0.8% 3.8% -14.4% -2.0% 16.1 Kommunikasjonsutstyr -0.3% -1.0% 9.0% -9.4% 2.3% 12.3 Husholdningsvarer og personlige produ 0.1% 0.3% 4.7% -4.8% -0.9% 21.7 Legemiddelindustri og biotekno -0.3% 0.4% -5.7% -22.1% -11.4% 16.3 Kommersielle tjenester og leveranser 0.0% 0.5% 1.4% -13.4% -5.9% 16.4 Media -0.3% 1.7% 4.8% -5.8% 3.1% 16.5 Programvare og tjenester -0.2% -1.4% -6.4% -2.1% -7.6% 17.6 Hotell og restaurant -0.3% 4.4% 6.5% 10.4% 3.5% 23.6 Helsevern - utstyr og tjenester -0.3% -0.2% -1.7% -5.0% -6.2% 22.3 Olje og gass -0.3% 1.2% 13.4% -20.3% 3.9% 81.3 Forbruksvarer og klær -0.6% -5.2% -1.1% -16.4% -6.5% 16.3 Programvare -0.4% 2.8% 4.2% 15.5% -0.5% 20.6 Teknologisk utstyr -0.6% 2.0% -10.1% -26.6% -12.0% 16.0 Kraft -0.4% 1.4% 12.4% 9.1% 12.5% 16.8 Drikkevarer, mat og tobakk -1.0% -1.2% -0.4% -5.6% -4.2% 21.0 Husholdningsartikler -0.4% 2.0% 8.6% 3.9% 5.1% 23.4 Matvarer -0.6% 1.0% 8.0% 8.2% 4.8% 21.9 Diversifiserte telekomtjenester -0.6% -0.8% 14.5% 8.2% 11.5% 13.7 Internett programvare og -tjenes -0.7% 0.9% 4.5% 28.9% -0.5% 24.8 Energi og relatert utstyr -0.7% -3.3% 10.9% -23.0% 1.2% 75.9 Bioteknologi -0.8% 4.4% -2.0% -12.8% -9.9% 13.1 Drikkevarer -0.8% 2.7% 6.7% 11.6% 4.7% 23.7 Farmasi -1.0% -1.4% 0.5% -6.6% -4.1% 16.1 Kilde: Bloomberg Kilde: Bloomberg US SELSKAPER DOW 30 Kurs Endring NASDAQ Kurs Endring S&P500 Kurs Endring Alle siste 1 dag 1 mnd 1 år Topp siste 1 dag 1 mnd 1 år Topp siste 1 dag 1 mnd 1 år GOLDMAN SACHS GROUP 152.2 1.3 % -1.1 % -22.2 % SEAGATE TECHNOLO 34.98 5.3 % -3.3 % -37.1 % CHESAPEAKE EN 4.5 19.7 % -4.3 % -69.9 % UNITED TECHNOLOGIES CO 102.14 0.8 % 5.6 % -13.8 % CTRIP.COM INTERNA 45.68 2.8 % 12.9 % 44.9 % NEWMONT MININ 31.11 6.9 % 16.6 % 39.3 % JPMORGAN CHASE & CO 58.2 0.8 % -1.9 % -5.7 % WESTERN DIGITAL C 44.23 2.6 % -11.3 % -53.9 % SEAGATE TECHN 34.98 5.3 % -3.3 % -37.1 % UNITEDHEALTH GROUP INC 126.33 0.5 % 1.0 % 6.2 % JD.COM INC-ADR 27.28 1.6 % -2.0 % -17.9 % SOUTHWESTERN 9.13 5.2 % 14.1 % -62.4 % AMERICAN EXPRESS CO 59.8 0.5 % 0.6 % -24.9 % NETAPP INC 26.12 1.2 % -3.5 % -26.4 % WILLIAMS COS IN 17.06 5.0 % 6.6 % -66.5 % CATERPILLAR INC 74.63 0.4 % 2.5 % -9.6 % YAHOO! INC 36.48 1.1 % 7.9 % -19.3 % FREEPORT-MCMO 9.76 4.6 % 2.2 % -46.3 % APPLE INC 109.02 0.3 % 6.6 % -14.2 % ILLUMINA INC 169.9 0.9 % 7.1 % -9.7 % ALCOA INC 9.74 3.9 % 2.3 % -25.9 % EXXON MOBIL CORP 83.32 0.1 % 1.4 % -2.6 % MATTEL INC 32.59 0.9 % -1.4 % 34.5 % NRG ENERGY INC 13.11 3.5 % -4.6 % -46.6 % INTEL CORP 31.67 0.1 % -0.3 % -0.8 % QUALCOMM INC 51 0.9 % -2.3 % -26.3 % OWENS-ILLINOIS 16.83 3.0 % 14.1 % -31.1 % DU PONT (E.I.) DE NEMOUR 63.22 0.0 % -1.0 % -7.9 % MARRIOTT INTERNAT 67.12 0.8 % -2.6 % -16.4 % ENSCO PLC-CL A 9.74 2.9 % -13.0 % -58.8 % BOEING CO/THE 127.91 0.0 % 2.6 % -17.1 % ULTA SALON COSME 202.1 0.8 % 5.5 % 33.2 % NAVIENT CORP 12.15 2.8 % 1.5 % -40.0 % 3M CO 166.59 0.0 % 2.9 % -0.3 % APPLIED MATERIALS 20.94 0.7 % 4.5 % -6.9 % WESTERN DIGITA 44.23 2.6 % -11.3 % -53.9 % INTL BUSINESS MACHINES 149.25-0.1 % 4.8 % -8.4 % DISCOVERY COMMU 28.35 0.6 % -0.3 % -14.2 % MURPHY OIL COR 26.31 2.4 % 11.0 % -46.7 % JOHNSON & JOHNSON 108.97-0.1 % 1.2 % 6.8 % NVIDIA CORP 35.88 0.6 % 11.4 % 57.6 % TRANSOCEAN LT 8.87 2.3 % -21.2 % -46.5 % WALT DISNEY CO/THE 96.27-0.2 % -1.7 % -10.0 % MICROSOFT CORP 54.31-0.2 % 2.3 % 30.2 % Bunn siste 1 dag 1 mnd 1 år Bunn siste 1 dag 1 mnd 1 år CISCO SYSTEMS INC 27.62-0.3 % -0.9 % -1.5 % ENDO INTERNATIONA 26.03-8.0 % -38.6 % -72.4 % ENDO INTERNATIO 26.03-8.0 % -38.6 % -72.4 % GENERAL ELECTRIC CO 30.71-0.3 % 1.2 % 7.7 % MYLAN NV 45.56-3.1 % -6.3 % -35.1 % NATIONAL OILWE 27.32-6.1 % -18.2 % -49.8 % VISA INC-CLASS A SHARES 77.82-0.3 % 8.6 % 17.3 % NETEASE INC-ADR 138.91-3.0 % -3.6 % 16.9 % UNDER ARMOUR 41.15-5.5 % -3.4 % -4.9 % MCDONALD'S CORP 127.56-0.3 % 4.9 % 30.4 % TRIPADVISOR INC 60.59-2.7 % -4.9 % -26.9 % ALLIANCE DATA S 206.7-4.0 % -2.3 % -31.3 % TRAVELERS COS INC/THE 114.78-0.4 % 1.0 % 6.6 % AKAMAI TECHNOLOG 51.06-2.5 % -8.9 % -28.5 % FOOT LOCKER IN 59.46-4.0 % -7.3 % -4.1 % HOME DEPOT INC 133.01-0.5 % 3.5 % 15.4 % MICRON TECHNOLOG 10.45-2.5 % -8.3 % -62.7 % VALERO ENERGY 60.74-3.7 % -7.1 % 1.7 % MERCK & CO. INC. 55.05-0.6 % 3.5 % -3.8 % CERNER CORP 55.11-2.4 % 2.0 % -26.5 % MALLINCKRODT P 61.15-3.4 % -11.3 % -52.6 % PROCTER & GAMBLE CO/T 82.73-0.6 % 1.2 % -0.7 % BIOMARIN PHARMAC 83.2-2.4 % -5.7 % -31.9 % ALLERGAN PLC 228.37-3.2 % -23.6 % -22.5 % COCA-COLA CO/THE 46.44-0.9 % 2.7 % 13.6 % CELGENE CORP 103.81-2.3 % 1.9 % -11.3 % BAKER HUGHES 41.74-3.2 % -8.8 % -37.3 % WAL-MART STORES INC 67.4-1.0 % 0.3 % -16.4 % REGENERON PHARM 396.14-2.2 % 5.0 % -14.1 % MYLAN NV 45.56-3.1 % -6.3 % -35.1 % VERIZON COMMUNICATION 51.61-1.1 % -1.8 % 4.9 % INCYTE CORP 75.81-2.1 % 6.9 % -19.2 % EQT CORP 65.31-2.8 % 6.7 % -22.9 % CHEVRON CORP 95.24-1.1 % 0.7 % -10.9 % BIOGEN INC 265.19-2.1 % 2.1 % -37.7 % NORFOLK SOUTH 79.28-2.7 % 0.3 % -25.5 % PFIZER INC 31.89-1.9 % 4.6 % -10.0 % WHOLE FOODS MAR 29.64-2.1 % -10.3 % -42.5 % TRIPADVISOR INC 60.59-2.7 % -4.9 % -26.9 % NIKE INC -CL B 57.92-2.5 % -3.6 % 15.9 % COSTCO WHOLESAL 149.05-1.7 % -2.4 % -0.4 % QORVO INC 47.99-2.5 % -1.3 % -34.8 % Kilde: Bloomberg 3

DNB Markets ETF / ETP Endring i % ETF Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Volum A ksjer / Indekser Brasil EWZ 27.19 2.4 % 6.4 % 3.9 % -21.1 % USD 27155851 Latin-America 40 ILF 25.15 2.1 % 2.2 % 2.4 % -19.6 % USD 1212309 Emerging M arkets EEM 33.81 1.3 % 0.2 % 2.0 % -21.2 % USD 63971977 DAX DAXEX 85.25 0.7 % -1.1 % -2.2 % -22.6 % EUR 61945 AEX-Nederland AEXT 43.51 0.6 % 0.2 % -1.0 % -14.5 % EUR 1209 Hong Kong EWH 19.58 0.5 % 0.6 % 2.7 % -18.6 % USD 1847274 Finansielle tjenester XLF 22.14 0.4 % -2.0 % -1.6 % -8.7 % USD 36899359 Dow Jones Total market THRK 151.706 0.3 % -0.6 % 1.3 % -4.0 % USD 2267 Pacific ex-japan EPP 38.05 0.2 % -1.1 % -2.8 % -19.9 % USD 391703 CAC-40 CAC 42.665 0.2 % -0.7 % -3.7 % -18.1% EUR 237689 S&P Euro 350 IEV 38.75 0.2 % -0.2 % -1.1 % -15.0 % USD 488146 Oil Service OIH 26.27 0.0 % 2.9 % -3.9 % -27.8 % USD 3758788 Industri XLI 54.73 0.0 % -0.7 % 1.3 % -3.9 % USD 7710122 FTSE 100 ISF 615.7 0.0 % 0.7 % 1.3 % -13.1% GBp 3384249 DJIA DIA 175.44-0.1% -0.9 % 1.9 % -2.7 % USD 3237737 S&P M idcap 400 M DY 259.1-0.2 % -0.9 % 1.0 % -7.2 % USD 3330481 S&P 500 SPY 204.0201-0.2 % -1.1 % 0.6 % -2.9 % USD 83757486 Teknologi USA XLK 43.77-0.3 % -1.7 % 2.1 % 4.0 % USD 8138585 Russell 2000 IWM 108.77-0.3 % -1.3 % 0.5 % -13.4 % USD 25842078 TecDax TDXPEX 15.11-0.3 % -0.5 % 0.0 % -3.8 % EUR 13812 Nasdaq 100 QQQ 108.6-0.4 % -1.2 % 2.0 % 0.8 % USD 25772058 Energi XLE 62.11-0.4 % 2.5 % -0.4 % -22.5 % USD 16235725 Forsyningstjenester XLU 48.64-0.4 % -1.9 % 1.0 % 8.9 % USD 11125030 Japan EWJ 11.26-0.6 % 1.2 % -2.3 % -13.0 % USD 39448261 Forbruksvarer XLP 53.03-0.7 % -1.1 % 1.1 % 6.9 % USD 6694269 Russell 2000 Growth IWO 130.86-0.8 % -1.6 % 1.4 % -14.9 % USD 497420 Bioteknologi IBB 272.7-1.7 % 0.8 % 4.1 % -23.7 % USD 1535208 Olje / Energi Bensin UGAS 23.305 2.5 % 7.9 % 1.6 % -22.6 % USD 0 WTI-Oil USO 10.28 2.5 % 13.2 % 0.9 % -44.2 % USD 29067732 Brent-olje OILB 20.773 2.3 % 12.2 % 3.7 % -39.6 % USD 12973 Råolje CRUD 7.2825 2.1 % 10.9 % 0.7 % -44.1% USD 4327717 WTI-olje OILW 16.858 2.1 % 10.7 % 1.8 % -38.8 % USD 580 Fyringsolje HEAT 8.389 1.0 % 9.0 % -1.6 % -40.7 % USD 0 Naturgass NGAS 0.03775-4.7 % -5.4 % -0.5 % -46.7 % USD 5453832 M etaller Sølv SLV 15.14 3.6 % 6.6 % 2.9 % -4.0 % USD 13189432 Gull BULL 15.45 1.3 % 3.3 % -0.2 % 2.9 % USD 9472 Bomull COTN 1.9575 0.6 % 3.0 % 5.8 % -10.2 % USD 0 Kobber COPA 20.835 0.0 % -2.2 % -7.1% -25.3 % USD 3829 Nikkel NICK 8.805-0.1% 2.9 % -2.6 % -33.8 % USD 12364 Sink ZINC 5.20875-0.3 % -5.1% -3.0 % -22.7 % USD 0 A ndre råvarer Råoljer AIGO 9.884 2.1 % 10.5 % 1.3 % -37.9 % USD 500 Soyabønner SOYB 20.8825 1.2 % 1.2 % 3.5 % -2.6 % USD 16605 Kaffe COFF 1.3365 1.1 % -2.1% -2.6 % -20.0 % USD 106600 Svinekjøtt HOGS 0.7175 0.8 % 1.5 % -3.1% -0.1% USD 0 Soyaolje SOYO 4.3965 0.6 % -1.3 % 5.6 % 5.9 % USD 26050 Kveg CATL 6.655-0.1% -0.4 % -4.5 % -15.0 % USD 0 M ais CORN 1.066-1.3 % 0.8 % -2.2 % -15.3 % USD 9527 Sukker SUGA 9.8425-2.1% -3.4 % -6.4 % 0.2 % USD 51167 R åvarekurver Energi AIGE 3.277 0.8 % 6.4 % 0.6 % -39.9 % USD 227625 Råvarer AIGC 8.0575 0.3 % 2.0 % -1.1 % -20.4 % USD 69707 Ex-Energi AIGX 8.2875 0.2 % 0.1 % -1.8 % -10.9 % USD 0 Buskap AIGL 3.1325 0.2 % 0.3 % -3.9 % -10.0 % USD 0 Industrimetaller AIGI 8.84-0.1% -2.2 % -5.2 % -24.3 % USD 82902 Landbruk AIGA 5.175-0.5 % -0.7 % -0.8 % -9.3 % USD 17334 Korn AIGG 3.9625-0.8 % -0.7 % -1.4 % -12.9 % USD 0 Softs (Sukker, Kakao, Bomull) AIGS 4.0365-0.9 % -1.7 % -3.1% -6.9 % USD 0 Kilde: Bloomberg 4

DNB Markets ETN / ETF OSLO Endring i % ETN / ETF Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Volum Golden Ocean BULL GOGL DNM 5.18 19.6 % 18.0 % 21.0 % -98.8 % NOK 61063 DNO BULL DNO DNM 1.05 18.1 % 19.4 % -5.4 % -79.2 % NOK 309300 CO2 BULL CO2 ETN DNM 25.30 11.6 % 11.5 % 23.2 % -40.0 % NOK 0 PGS DNB-ETN PGS BULL 1.18 10.8 % 15.2 % -21.7 % -82.9 % NOK 34000 Telenor DNB-ETN TELENOR X3 BULL 43.87 10.5 % 8.0 % -7.3 % -55.3 % NOK 3200 Telenor DNB-ETN TELENOR BULL 55.95 7.0 % 5.4 % -4.4 % -37.2 % NOK 0 Strømpris DNB-ETN ELKRAFT BULL 4.51 6.8 % -0.7 % 11.9 % -62.6 % NOK 0 Aker Solutions DNB-ETN AKER SOLUTIONS BULL 2.24 6.2 % 20.1 % -0.7 % -76.2 % NOK 5000 Sølvpris BULL SOLV ETN DNM 19.66 6.2 % 9.0 % -1.7 % -17.7 % NOK 0 Strømpris BULL EL HA 0.55 5.8 % -1.8 % 10.0 % -75.2 % NOK 0 CO2 CO2 ETN DNM 29.21 5.7 % 5.2 % 11.1 % -15.6 % NOK 0 REC BULL REC HA 12.06 5.5 % 11.2 % 18.2 % -84.1% NOK 0 REC DNB-ETN REC BULL 4.07 5.4 % 11.4 % 17.8 % -84.2 % NOK 31083 Oljepris BULL OLJE HA 11.17 5.3 % 19.2 % 1.4 % -68.2 % NOK 3470 Oljepris DNB - ETN BRENT BULL 4.85 5.2 % 19.5 % 1.3 % -69.2 % NOK 63600 OBX BULL OBX X4 DNM 13.76 4.4 % 3.2 % -13.1% -62.6 % NOK 800 Seadrill DNB-ETN SEADRILL BULL 1.39 4.1 % -1.4 % -42.6 % -97.2 % NOK 36500 Norsk Hydro BULL NHY X3 DNM 18.61 4.1 % -8.2 % -17.9 % -73.7 % NOK 3000 Gjensidige DNB-ETN GJENSIDIGE X3 BULL 30.22 3.8 % 1.6 % 0.4 % -17.3 % NOK 12000 Strømpris DNB-ETN ELKRAFT 4.80 3.3 % -0.7 % 5.8 % -29.6 % NOK 0 OBX DNB-ETN OBX X3 BULL 21.72 3.3 % 2.5 % -9.6 % -48.1% NOK 0 Sølvpris SOLV ETN DNM 27.24 2.8 % 3.8 % -2.0 % -6.5 % NOK 0 Storebrand DNB-ETN STOREBRAND BEAR 5.42 2.7 % 6.3 % 12.8 % -36.2 % NOK 0 Yara DNB-ETN YARA X3 BULL 15.27 2.7 % -5.6 % -24.3 % -69.8 % NOK 600 Norsk Hydro DNB-ETN NORSK HYDRO BULL 8.75 2.6 % -5.5 % -11.5 % -52.6 % NOK 0 Norsk Hydro BULL NHY HA 18.98 2.5 % -5.5 % -11.5 % -51.8 % NOK 0 DNB BULL DNBNOR HA 88.40 2.5 % 3.8 % -16.8 % -52.2 % NOK 0 Gullpris DNB-ETN GULL BULL 21.33 2.4 % 4.7 % -4.7 % 4.3 % NOK 4400 Oljepris DNB - ETN BRENT 15.94 2.4 % 9.0 % -0.1% -38.4 % NOK 0 Subsea 7 DNB-ETN SUBSEA 7 BULL 3.89 2.4 % 11.6 % -2.8 % -48.2 % NOK 4000 Statoil DNB-ETN STATOIL X3 BULL 16.34 2.3 % 6.8 % -7.4 % -56.9 % NOK 38000 Oljeservice DNB - ETN OIL SERVICE BULL 2.66 2.3 % 7.3 % -16.4 % -74.8 % NOK 0 Gullpris BULL GULL HA 73.60 2.2 % 4.5 % -4.5 % 3.7 % NOK 0 OBX XACT DERIVAT BULL 85.70 2.1 % 1.6 % -6.1% -31.3 % NOK 431035 Yara BULL YARA HA 90.78 1.9 % -3.5 % -16.3 % -49.0 % NOK 0 Yara DNB-ETN YARA BULL 17.28 1.8 % -3.7 % -16.5 % -51.1 % NOK 0 Statoil DNB-ETN STATOIL BULL 21.56 1.6 % 4.6 % -4.2 % -34.6 % NOK 0 Statoil BULL STL HA 48.51 1.5 % 4.5 % -4.3 % -34.8 % NOK 0 Aluminium BEAR ALU ETN DNM 48.48 1.3 % 3.0 % 3.6 % 35.1 % NOK 0 Orkla DNB-ETN ORKLA X3 BULL 90.33 1.2 % -11.8 % -4.0 % 30.5 % NOK 0 Oljeservice DNB - ETN OIL SERVICE 11.78 1.2 % 3.9 % -7.6 % -42.6 % NOK 0 Naturgasspris BULL NATGAS ETN DNM 4.90 1.1 % -3.0 % -9.1% -70.7 % NOK 0 OBX XACT OBX 49.50 1.1 % 0.9 % -2.9 % -14.6 % NOK 1231 OBX DNB OBX 49.12 1.0 % 0.8 % -3.0 % -14.6 % NOK 143196 TGS Nopec DNB-ETN TGS BEAR 14.66 1.0 % -4.0 % 15.2 % 22.5 % NOK 14000 Gullpris DNB-ETN GULL 29.14 1.0 % 1.7 % -3.8 % 3.1 % NOK 0 Norwegian DNB-ETN NORWEGIAN BEAR 4.66 1.0 % -10.4 % -21.8 % -59.0 % NOK 34000 Naturgasspris NATGAS ETN DNM 12.36 0.9 % -2.3 % -6.4 % -45.5 % NOK 0 Fred. Olsen Energy BULL FOE DNM 18.78 0.8 % 2.0 % -37.1% -91.2 % NOK 100 BW LPG BULL BWLPG DNM 15.90 0.7 % 0.4 % -17.7 % -25.1% NOK 0 Orkla BULL ORKLA HA 145.53 0.7 % -8.0 % -2.6 % 24.0 % NOK 0 Sink BEAR SINK ETN DNM 36.73 0.7 % 10.7 % 0.0 % 29.3 % NOK 0 M arine Harvest Group DNB-ETN M ARINE HARVEST BEAR 6.56 0.7 % -7.8 % -16.0 % -63.6 % NOK 0 Aluminium BEAR ALU HA 83.93 0.5 % 3.3 % 3.5 % 34.3 % NOK 0 Schibsted BULL SCH DNM 27.71 0.5 % -4.9 % -1.8 % -32.3 % NOK 0 Kobberpris BULL KOBBER ETN DNM 14.38 0.4 % -6.5 % -13.8 % -43.7 % NOK 0 Kilde: Bloomberg FORTS. 5

DNB Markets ETN / ETF OSLO Endring i % ETN / ETF Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Volum Aluminium BEAR ALU HA 83.93 0.5 % 3.3 % 3.5 % 34.3 % NOK 0 Schibsted BULL SCH DNM 27.71 0.5 % -4.9 % -1.8 % -32.3 % NOK 0 Kobberpris BULL KOBBER ETN DNM 14.38 0.4 % -6.5 % -13.8 % -43.7 % NOK 0 Naturgasspris BEAR NATGAS ETN DNM 112.68 0.1 % -0.7 % 0.7 % 168.1 % NOK 0 Kobberpris BULL KOBBER HA 18.81 0.0 % -7.4 % -16.4 % -47.5 % NOK 0 RCL D1B-ETN RCL BULL 33.45 0.0 % 0.0 % 0.0 % -26.3 % NOK 0 Opera BEAR OPERA DNM 2.74 0.0 % 0.6 % 3.8 % -75.0 % NOK 4000 Kobberpris BULL KOBBER ETN DNM 22.69 0.0 % -3.9 % -8.5 % -23.3 % NOK 0 Opera BULL OPERA DNM 4.12-0.1% -0.6 % -4.7 % -28.6 % NOK 38000 Schibsted BEAR SCH DNM 5.91-0.4 % 4.6 % -1.8 % -1.2 % NOK 0 M arine Harvest Group DNB-ETN M ARINE HARVEST BULL 81.60-0.6 % 8.0 % 16.7 % 105.7 % NOK 0 Orkla BEAR ORKLA HA 4.60-0.6 % 8.2 % 1.7 % -32.4 % NOK 0 Kobberpris BEAR KOBBER HA 44.84-0.9 % 4.8 % 11.1 % 51.8 % NOK 0 Norwegian DNB-ETN NORWEGIAN BULL 16.85-0.9 % 9.7 % 22.4 % 20.5 % NOK 23000 TGS Nopec DNB-ETN TGS BULL 7.35-0.9 % 3.3 % -17.7 % -63.8 % NOK 0 Sinkpris SINK ETN DNM 26.74-1.0 % -7.1% -5.7 % -22.7 % NOK 0 OBX BEAR OBX X1 DNM 26.27-1.1 % -0.9 % 2.7 % #VALUE! NOK 0 Orkla DNB-ETN ORKLA X3 BEAR 1.65-1.2 % 12.2 % 1.9 % -47.0 % NOK 0 Aluminium ALU ETN DNM 25.10-1.3 % -3.4 % -6.5 % -18.9 % NOK 0 Kobberpris BEAR KOBBER ETN DNM 56.10-1.3 % 3.7 % 7.8 % 44.6 % NOK 0 Aluminium BULL ALU HA 14.54-1.4 % -5.8 % -9.9 % -35.6 % NOK 0 Statoil BEAR STL HA 9.11-1.5 % -4.8 % 0.8 % -12.6 % NOK 0 Statoil DNB-ETN STATOIL BEAR 6.96-1.6 % -4.8 % 0.7 % -13.1% NOK 52800 Sinkpris BULL SINK ETN DNM 19.40-1.6 % -12.6 % -9.0 % -44.4 % NOK 0 Yara DNB-ETN YARA BEAR 6.46-1.8 % 3.4 % 17.3 % 47.2 % NOK 0 Yara BEAR YARA HA 1.94-2.0 % 3.5 % 17.6 % 55.2 % NOK 0 Aluminium BULL ALU ETN DNM 17.94-2.1% -5.5 % -9.9 % -36.2 % NOK 0 OBX XACT DERIVAT BEAR 86.13-2.2 % -1.6 % 5.2 % 18.5 % NOK 914721 Statoil DNB-ETN STATOIL X3 BEAR 2.12-2.3 % -7.4 % -0.5 % -34.9 % NOK 104000 Subsea 7 DNB-ETN SUBSEA 7 BEAR 9.84-2.4 % -11.4 % -3.9 % -32.1% NOK 0 Storebrand DNB-ETN STOREBRAND BULL 12.66-2.4 % -6.5 % -14.2 % -20.8 % NOK 43300 Fred. Olsen Energy BEAR FOE DNM 63.13-2.4 % -6.7 % 26.5 % -6.0 % NOK 600 Oljeservice DNB - ETN OIL SERVICE BEAR 21.46-2.5 % -8.4 % 10.4 % 38.4 % NOK 4400 DNB BEAR DNB NOR HA 4.04-2.5 % -4.2 % 17.3 % 39.1 % NOK 0 Norsk Hydro DNB-ETN NORSK HYDRO BEAR 10.06-2.6 % 5.4 % 9.0 % 16.1 % NOK 0 Norsk Hydro BEAR NHY HA 19.99-2.6 % 5.4 % 9.0 % 15.9 % NOK 0 Yara DNB-ETN YARA X3 BEAR 15.69-2.7 % 5.0 % 26.3 % 59.3 % NOK 320 Gullpris BEAR GULL HA 22.42-3.1% -7.1% -2.9 % -14.2 % NOK 0 OBX BEAR OBX X3 HA 3.26-3.3 % -3.0 % 7.2 % 16.0 % NOK 0 Gullpris DNB-ETN GULL BEAR 28.06-3.3 % -7.1% -2.4 % -14.0 % NOK 0 Gjensidige DNB-ETN GJENSIDIGE X3 BEAR 0.44-3.3 % -2.2 % -3.3 % -30.7 % NOK 0 OBX DNB-ETN OBX X3 BEAR 4.82-3.3 % -2.9 % 7.3 % 18.3 % NOK 0 Norsk Hydro BEAR NHY X3 DNM 5.14-4.0 % 8.0 % 12.1 % -0.9 % NOK 0 OBX BEAR OBX X4 DNM 12.05-4.3 % -3.9 % 9.2 % 12.7 % NOK 1000 REC BEAR REC HA 37.98-5.5 % -13.6 % -28.1% -46.8 % NOK 0 REC BEAR REC DNM 6.91-5.6 % -13.7 % -28.2 % #VALUE! NOK 0 Aker Solutions DNB-ETN AKER SOLUTIONS BEAR 10.03-5.9 % -17.7 % -10.0 % 28.2 % NOK 5000 Oljepris BEAR OLJE HA 46.46-6.4 % -20.7 % -13.0 % 57.8 % NOK 0 Oljepris DNB - ETN BRENT BEAR 31.48-6.4 % -21.1 % -12.8 % 33.6 % NOK 5000 Strømpris BEAR EL HA 721.20-6.8 % -2.2 % -14.9 % 112.8 % NOK 0 Strømpris DNB - ETN ELKRAFT BEAR 123.45-6.8 % -2.1% -14.9 % 27.1 % NOK 300 Sølvpris BEAR SOLV ETN DNM 33.22-6.9 % -11.1 % -7.2 % -7.4 % NOK 0 Telenor DNB - ETN TELENOR BEAR 4.00-7.2 % -5.9 % 2.2 % 19.9 % NOK 0 OBX BULL OBX X3 HA 93.05-8.8 % 2.5 % -9.4 % -46.2 % NOK 500 Telenor DNB-ETN TELENOR X3 BEAR 2.51-10.8 % -9.1% 2.4 % 18.7 % NOK 0 CO2 BEAR CO2 ETN DNM 13.85-11.2 % -13.1% -22.8 % 26.4 % NOK 0 PGS DNB-ETN PGS BEAR 6.06-11.5 % -17.7 % 3.9 % -16.4 % NOK 5000 DNO BEAR DNO DNM 26.09-18.8 % -20.8 % -4.7 % -0.2 % NOK 0 Kilde: Bloomberg DNB ANBEFALINGER OG ESTIMATER 44 89 Selg Hold Kjøp 62 6

DNB Markets Dnb anbefalinger og estimater DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA 2016 2017 2016 2017 2016 2017 A. P. Møller Mærsk maerskb Kjøp DKK 8555 11200 89.97 112.84 16.0x 12.5x 4.0x 3.2x AF Gruppen AFG Selg NOK 134 90 6.50 6.40 20.6x 20.9x 11.2x 10.6x Akastor AKA Hold NOK 8.52 9.5-3.03-1.90-2.8x -4.5x 12.0x 6.5x Aker AKER Hold NOK 158.5 155 4.79 3.59 33.1x 44.1x Aker Solutions AKSO Selg NOK 27.8 20 1.20 0.39 23.2x 71.7x 6.0x 8.1x Alfa Laval ALFA Selg SEK 128.3 121 7.72 7.11 16.6x 18.0x 9.8x 9.7x Archer ARCHER Selg NOK 4.83 3-0.71-0.85-0.8x -0.7x 11.3x 13.8x Assa Abloy ASSAB Hold SEK 160.4 165 7.28 7.77 22.0x 20.7x 15.0x 13.7x Atea ATEA Hold NOK 78.25 75 4.30 5.35 18.2x 14.6x 8.7x 7.4x Atlas Copco ATCOA Hold SEK 203.8 200 10.63 11.22 19.2x 18.2x 11.3x 10.3x Atwood Oceanics ATW Selg USD 7.94 6 3.56-0.66 2.2x -12.0x 3.6x 9.7x Aurora LPG AURLPG Hold NOK 42.5 46 1.31 1.13 3.9x 4.6x 7.6x 7.1x Austevoll Seafood AUSS Kjøp NOK 67.75 73 6.00 7.83 11.3x 8.7x 4.8x 3.6x Autoliv ALIV Hold SEK 911 950 6.50 7.55 16.7x 14.4x 8.0x 6.9x Avance Gas AVANCE Hold NOK 56.5 92 3.49 1.19 2.0x 5.8x 3.6x 5.9x Awilco Drilling AWDR Hold NOK 30 40 1.27 0.91 2.9x 4.0x 1.3x 0.8x Bakkafrost BAKKA Hold NOK 309.1 345 14.83 18.72 16.6x 13.1x 10.7x 8.3x Betsson BETSB Kjøp SEK 124.1 180 8.08 9.20 15.4x 13.5x 12.6x 11.0x BillerudKorsnäs BILL Kjøp SEK 128.2 165 9.40 9.95 13.6x 12.9x 7.7x 7.4x Borregaard BRG Kjøp NOK 54.5 60 4.81 5.60 11.3x 9.7x 6.1x 5.1x BW LPG BWLPG Hold NOK 49.8 63 1.29 1.04 4.7x 5.8x 5.3x 5.2x BW Offshore BWO Selg NOK 1.18 1-0.04-0.11-4.0x -1.3x 6.3x 7.2x Cargotec CGC Selg EUR 28.35 27 2.15 2.57 12.0x 11.0x 7.7x 6.8x Carlsberg CARLB Selg DKK 614.5 530 22.86 33.24 26.9x 18.5x 9.6x 8.9x Castellum CAST Kjøp SEK 131.3 145 8.06 8.12 17.0x 16.2x 19.6x 19.1x Chr. Hansen CHR Hold DKK 430.4 460 1.41 1.67 40.8x 34.4x 26.1x 22.2x Citycon CTY1S Kjøp EUR 2.222 2.9 0.14 0.16 15.7x 14.2x 19.5x 18.1x Coloplast COLOB Kjøp DKK 490.5 580 17.97 20.84 27.3x 23.5x 18.2x 16.0x Com Hem COMH Selg SEK 72.1 60 1.34 1.21 53.7x 59.4x 9.5x 9.1x Coor Service Managemen COOR Kjøp SEK 38.9 46 1.37 1.83 11.7x 10.5x 10.2x 8.9x D/S Norden DNORD Kjøp DKK 98.15 155 0.51 0.30 29.4x 50.7x 3.8x 4.4x Danske Bank DANSKE Hold DKK 175.5 194 18.47 19.21 9.9x 9.1x Deep Sea Supply DESSC Selg NOK 0.95 0.7-0.22-0.15-0.8x -0.8x 21.2x 23.5x Det norske oljeselskap DETNOR Kjøp NOK 62.4 60 0.41 1.03 18.4x 7.4x 4.5x 2.8x DHT Holdings DHT Hold USD 5.53 6.6 1.24 0.45 4.5x 12.2x 4.4x 5.5x Diamond Offshore DO Selg USD 21.13 15 1.11 1.07 19.1x 19.7x 6.9x 6.3x Diana Shipping DSX Hold USD 3 2.1-1.28-1.16-2.3x -2.6x -180.4x 102.6x DNB DNB NOK 97.5 12.49 12.84 8.1x 7.6x DNO DNO Kjøp NOK 6.865 15 0.22 0.34 3.7x 2.4x 2.3x 0.8x DOF DOF Selg NOK 3.89 3 3.42 1.19 1.4x 3.3x 9.1x 9.6x Dorian LPG LPG Hold USD 9.04 12.3 2.72 1.78 3.3x 5.1x 6.1x 6.6x Eidesvik Offshore EIOF Selg NOK 9 7-1.58-3.87-5.7x -2.3x 10.6x 15.1x Electrolux ELUX Hold SEK 208.7 200 13.78 16.04 15.1x 13.0x 6.8x 6.0x Elekta EKTAB Kjøp SEK 57.1 80 2.29 3.71 24.9x 15.4x 11.0x 8.9x Ensco ESV Selg USD 9.47 8 2.83 1.64 3.3x 5.8x 3.8x 4.1x Entra ENTRA Kjøp NOK 76.25 84 4.46 4.54 19.7x 17.9x 17.8x 15.8x Epic Gas EPIC Kjøp NOK 15 25.4-0.13-0.04-14.0x -44.5x 9.6x 7.7x Euronav EURN Kjøp USD 9.89 12.7 1.80 0.18 5.8x 55.3x 4.5x 7.7x Europris EPR Selg NOK 38.7 37 2.52 2.70 15.4x 14.4x 10.7x 9.5x Fabege FABG Hold SEK 136.8 135 5.13 5.22 31.7x 26.2x 28.9x 26.8x Farstad Shipping FAR Selg NOK 12.95 10-10.69-19.55-1.2x -0.7x 10.2x 15.2x Flex LNG FLNG Hold NOK 11 10.9 0.00 0.00 na na na na FLSmidth FLS Hold DKK 261.7 240 16.52 18.29 15.5x 14.3x 8.5x 7.7x FMC Technologies FTI Selg USD 27.56 20 1.18 0.89 23.4x 30.9x 9.0x 10.9x Fortum FUM1V Kjøp EUR 11.73 16.4 0.65 0.72 18.2x 16.4x Fred Olsen Energy FOE Selg NOK 26.4 20 2.45-1.21 1.3x -2.7x 1.7x 2.6x Frontline FRO Hold NOK 65.2 80 1.22 0.84 6.5x 9.5x 7.3x 9.7x Frontline 2012 FRNT Kjøp NOK 62.5 55 0.92 0.67 8.3x 11.3x 9.0x 10.4x GasLog GLOG Kjøp USD 10.13 15.5 0.44 1.24 23.0x 8.1x 10.6x 7.9x Gener8 Maritime GNRT Kjøp USD 6.85 8.9 2.67 1.36 2.6x 5.0x 5.2x 6.0x Getinge GETIB Selg SEK 189 180 8.66 11.07 16.9x 15.0x 11.4x 9.6x Gjensidige Forsikring GJF Hold NOK 132 145 8.41 9.02 15.7x 14.6x GN Store Nord GN Hold DKK 134.30 130.00 7.68 8.63 17.6x 15.6x 9.0x 7.6x Kilde: DNB Markets, FactSet, Bloomberg 7

DNB Markets DNB anbefalinger og estimater DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA 2016 2017 2016 2017 2016 2017 Golar LNG GLNG Kjøp USD 17.6 49-1.57 0.44-9.6x -11.2x 150.9x 16.9x Golar LNG Partners GMLP Hold USD 15.08 16.2 2.70 3.11 5.6x 4.9x 6.8x 6.1x Golden Ocean GOGL Kjøp NOK 6.27 7.8-0.32-0.16-2.4x -4.9x -411.3x 22.6x Grieg Seafood GSF Kjøp NOK 41.1 48 3.80 6.38 10.8x 6.4x 7.2x 4.7x Havfisk HFISK Kjøp NOK 33.2 36 2.97 3.34 11.2x 9.9x 6.5x 5.5x Havila Shipping HAVI Selg NOK 1.8 0.5 0.40-7.67 4.5x -0.2x 8.2x 13.9x Helgeland Sparebank HELG Kjøp NOK 58.5 75 11.69 8.39 5.0x 7.0x Hennes & Mauritz HMB Hold SEK 289 300 12.33 13.99 23.4x 20.7x 13.3x 11.1x Hexagon AB HEXAB Kjøp SEK 319.7 320 1.58 1.67 21.8x 20.6x 14.6x 13.4x Hexagon Composites HEX Kjøp NOK 22.5 21 1.17 1.55 19.2x 14.5x 9.4x 7.6x Hexpol HPOLB Kjøp SEK 87.05 97 4.16 4.42 20.9x 19.7x 13.1x 11.7x Hufvudstaden HUFV Hold SEK 128.5 120 4.07 4.18 31.6x 30.7x 26.7x 25.7x Husqvarna HUSQb Kjøp SEK 60.2 65 3.78 4.65 15.9x 13.0x 9.2x 7.4x Höegh LNG Holdings HLNG Kjøp NOK 86.75 131 0.42 0.82 24.0x 13.0x 12.7x 10.0x Industrivärden INDUc Hold SEK 139.5 141 Investor INVEb Kjøp SEK 291.7 336 Jm Ab JM Kjøp SEK 207 240 17.48 18.82 11.8x 11.0x 8.8x 7.4x Klövern KLOVb Kjøp SEK 9.19 10 0.59 0.72 15.5x 12.7x 18.2x 17.3x KNOT Offshore Partners KNOP Hold USD 16.75 17.3 1.81 1.91 9.3x 8.8x 8.1x 7.6x Kone KNEBV Hold EUR 41.24 41 1.90 1.98 21.7x 20.8x 14.2x 12.8x Konecranes KCR1V Hold EUR 20.69 21 1.14 1.63 13.5x 12.3x 7.1x 6.4x Kongsberg Gruppen KOG Kjøp NOK 135.5 167 9.12 11.51 14.9x 11.8x 8.5x 6.3x Kungsleden KLED Kjøp SEK 59.25 74 4.84 5.33 12.2x 11.1x 17.7x 16.4x Kværner KVAER Hold NOK 7.11 7 0.57 0.31 12.6x 22.7x 0.6x 0.3x Lerøy LSG Kjøp NOK 397 450 35.44 46.75 11.2x 8.5x 7.1x 5.0x Loomis LOOMb Kjøp SEK 228.2 310 15.83 17.00 14.4x 13.4x 6.9x 6.6x Lundbeck LUN Kjøp DKK 235.8 260 3.52 11.71 66.9x 20.1x 21.5x 9.6x Lundin Petroleum LUPE Hold SEK 135 130 0.42 0.67 39.6x 24.9x 9.2x 7.0x Marine Harvest MHG Kjøp NOK 134.7 150 9.29 12.06 14.5x 11.2x 9.5x 7.2x Meda MEDA Hold SEK 151.9 160 4.58 5.82 33.2x 26.1x 12.2x 11.0x Metso MEO1V Kjøp EUR 21.06 24 1.29 1.51 15.8x 14.0x 7.5x 6.5x Millicom MICsdb Kjøp SEK 442.6 530 0.68 2.25 44.5x 24.3x 5.6x 5.1x MTG MTGb Kjøp SEK 246.1 300 15.14 16.68 16.3x 14.8x 11.0x 9.9x Ncc NCC Hold SEK 285.8 280 16.76 19.65 17.1x 14.5x 9.6x 8.1x NetEnt NETb Kjøp SEK 461 550 11.38 14.10 40.5x 32.7x 26.6x 21.4x Nibe Industrier NIBEB Selg SEK 275.2 215 11.57 12.36 23.8x 22.3x 15.9x 14.6x Nobia NOBI Kjøp SEK 81.25 100 5.90 6.68 13.8x 12.2x 8.1x 6.8x Noble NE Selg USD 9.56 6 1.39 0.52 6.9x 18.4x 4.7x 5.3x Nokian Tyres NRE1V Hold EUR 30.26 31 1.70 1.90 17.8x 15.9x 10.2x 9.0x Nordea NDA Kjøp SEK 76.95 97 0.84 0.88 10.2x 9.4x Nordic Nanovector NANO Kjøp NOK 27.3 36-4.70-5.29-5.8x -5.2x -3.2x -3.9x Nordic Semiconductor NOD Kjøp NOK 46.75 57 0.20 0.31 29.1x 18.2x 16.2x 10.4x Norsk Hydro NHY Selg NOK 32.21 30 2.19 2.24 16.9x 14.4x 5.7x 5.1x North Energy NORTH Hold NOK 1.22 1.1-0.28-0.56-1.3x -1.2x Norway Royal Salmon NRS Kjøp NOK 105 120 7.45 12.89 14.1x 8.1x 9.8x 5.6x Norwegian Air Shuttle NAS Kjøp NOK 342.1 375 28.33 42.32 9.8x 8.1x 11.6x 11.0x Norwegian Cruise Line NCLH Selg USD 53.64 55 3.33 4.38 16.1x 12.2x 12.2x 10.2x Norwegian Property NPRO Kjøp NOK 8.75 9.7 0.51 0.47 17.3x 18.7x 18.7x 19.0x Novo Nordisk NVO Kjøp DKK 366.2 435 15.22 17.58 24.1x 20.9x 17.1x 14.7x Novozymes NZYMB Selg DKK 293.6 240 10.20 11.22 29.7x 26.5x 17.8x 16.1x NRC Group NRC Hold NOK 54 50 2.31 2.77 23.4x 19.5x 13.4x 11.2x Ocean Rig ORIG Selg USD 1.02 1 2.31 0.23 0.4x 4.5x 3.5x 5.4x Ocean Yield OCY Hold NOK 54.25 55 0.95 1.14 7.0x 5.8x 8.0x 6.5x Odfjell ODF Kjøp NOK 25.2 47 1.12 1.18 2.7x 2.6x 4.9x 4.7x Odfjell Drilling ODL Hold NOK 5.5 6 0.09 0.01 7.6x 61.4x 7.0x 7.5x Olav Thon OLT Kjøp NOK 138 195 11.81 12.13 12.9x 12.5x 14.9x 14.3x Opera OPERA Hold NOK 65.3 71 0.08 0.35 21.4x 17.2x 13.9x 11.0x Oriflame ORI Kjøp SEK 157.8 149 1.08 1.08 15.8x 15.8x 7.7x 6.9x Orkla ORK Kjøp NOK 71.75 77 3.42 3.80 21.0x 18.9x 15.0x 14.0x Outotec OTE1V Kjøp EUR 3.258 3.5 0.03 0.17 29.9x 19.2x 6.7x 5.5x Pacific Drilling PACD Selg USD 0.4319 0.2-0.40-1.44-1.1x -0.3x 7.0x 16.7x Pandox PNDXB Hold SEK 144 150 7.85 7.89 19.9x 18.4x 19.3x 18.1x Peab PEAB Hold SEK 69.80 78.00 5.67 6.43 12.3x 10.9x 9.6x 8.2x PGS PGS Selg NOK 23.62 20.00-0.65-0.94-4.4x -3.1x 5.6x 7.5x Polarcus PLCS Selg NOK 1.2 0.5 13.6x 27.2x Prosafe PRS Selg NOK 5.09 5 0.05-0.02 12.9x -36.6x 9.4x 9.6x Q-Free QFR Kjøp NOK 10.7 15 0.51 0.95 21.0x 11.2x 5.9x 4.1x Recipharm RECIB Kjøp SEK 151 155 7.09 9.60 21.3x 15.7x 11.6x 9.3x RenoNorden RENO Kjøp NOK 33.8 45 3.12 3.73 10.8x 9.1x 6.7x 6.0x Kilde: DNB Markets, FactSet, Bloomberg 8

DNB Markets DNB anbefalinger og estimater DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA 2016 2017 2016 2017 2016 2017 Rezidor REZT Hold SEK 36.2 38 0.27 0.40 14.6x 9.8x 6.3x 4.5x Rowan RDC Hold USD 15.54 15 2.64 0.94 5.9x 16.6x 4.0x 5.2x Royal Caribbean Cruises RCL Selg NOK 614 570 5.83 6.10 12.9x 12.4x 10.3x 9.0x Safe Bulkers SB Selg USD 0.89 0.4-0.64-0.57-1.4x -1.6x 23.6x 18.7x Saipem SPM Hold EUR 0.345 0.4 0.03 0.02 11.2x 21.9x 3.7x 4.3x SalMar SALM Kjøp NOK 204 220 15.66 18.72 13.0x 10.9x 8.7x 7.1x Sampo Oyj SAMAS Hold EUR 41.03 42 2.87 2.93 14.3x 14.0x Sandvik SAND Kjøp SEK 85.25 90 4.71 5.47 18.1x 15.6x 9.6x 8.5x SCA SCAB Hold SEK 258 250 12.51 13.66 19.6x 18.9x 10.9x 10.1x Scandi Standard SCST Hold SEK 57.5 58 3.89 5.36 14.8x 10.7x 8.1x 6.1x Schibsted SCHA Selg NOK 225.2 177 2.87 5.35 78.5x 42.1x 20.3x 16.0x Scorpio Tankers STNG Hold USD 5.72 6.9 0.59 0.50 9.5x 11.4x 9.4x 10.2x Seadrill SDRL Selg NOK 25.89 10 1.59 0.16 2.0x 19.3x 6.2x 9.6x SEB SEB Kjøp SEK 78.4 98 4.88 8.14 10.4x 9.6x Securitas SECUB Kjøp SEK 137 145 7.23 8.31 18.6x 16.5x 11.3x 10.0x Selvaag Bolig SBO Kjøp NOK 25.4 36 2.65 3.13 9.2x 8.1x 9.3x 7.1x Sevan Marine SEVAN Selg NOK 19.8 15-0.14-0.15-17.7x -16.0x -15.8x -12.6x Siem Offshore SIOFF NOK 1.79-0.04-0.08-6.1x -2.8x 10.4x 12.4x Skandiabanken SKBN Kjøp NOK 41.5 57 5.69 5.28 9.0x 7.8x Skanska SKA Hold SEK 170.2 200 11.59 12.83 14.7x 13.3x 11.0x 9.9x SKF SKFB Hold SEK 141.1 140 11.58 12.01 12.2x 11.7x 8.4x 7.8x Solstad Offshore SOFF Selg NOK 15 15-0.30-9.47-49.3x -1.6x 14.0x 18.7x Songa Offshore SONG Selg NOK 0.34 0.15 0.06 0.06 0.7x 0.7x 5.9x 5.1x Sparebank1 Nord-Norge NONG Kjøp NOK 36.4 50 5.60 5.41 6.8x 6.7x Sparebank1 SMN MING Kjøp NOK 50.25 75 7.79 8.02 6.5x 6.3x Sparebank1 SR-Bank SRBANK Kjøp NOK 37 50 6.76 6.44 5.5x 5.7x Sparebanken Møre MORG Kjøp NOK 189 250 27.22 26.09 6.9x 7.2x Sparebanken Øst SPOG Kjøp NOK 46 65 5.23 5.17 8.8x 8.9x Spectrum SPU Hold NOK 24.9 22 0.13 0.12 23.1x 25.4x 2.1x 2.1x Sponda SDA1V Kjøp EUR 3.76 4 0.26 0.29 14.6x 13.0x 20.3x 18.8x Statoil STL Kjøp NOK 127.9 140 8.00 13.19 14.9x 9.4x Stolt-Nielsen SNI Kjøp NOK 107.5 158 1.84 1.88 7.1x 7.0x 5.3x 5.0x Storebrand STB Kjøp NOK 30.3 44 3.93 4.21 6.2x 5.9x Subsea 7 SUBC Selg NOK 62.5 47 0.45-0.19 17.1x -40.4x 3.9x 7.3x Svenska Handelsbanken SHB Selg SEK 100.9 94 8.25 8.24 12.7x 12.2x Swedbank SWEDA Kjøp SEK 165.7 194 16.98 16.14 10.6x 10.3x Swedish Match SWMA Hold SEK 283.2 290 17.63 15.57 18.2x 18.2x 12.7x 11.8x Tanker Investments TIL Kjøp NOK 71 135 2.26 1.36 3.8x 6.4x 5.7x 7.0x Technip TECF Selg EUR 48.595 36 4.51 2.48 10.1x 19.6x 3.2x 5.5x Teekay Tankers TNK Kjøp USD 3.52 8 1.36 0.93 2.6x 3.8x 4.0x 4.2x Tele2 TEL2b Kjøp SEK 72.85 85 1.59 3.14 32.9x 19.7x 9.4x 7.4x Telenor TEL Kjøp NOK 134.2 172 10.81 11.75 12.4x 11.4x 6.2x 5.8x TeliaSonera TLSN Hold SEK 41.56 43 3.10 3.07 13.1x 13.2x 7.9x 7.2x TGS Nopec TGS Selg NOK 124.9 100 0.16 0.29 97.2x 52.2x 4.2x 3.8x Thule Group THULE Kjøp SEK 111.25 115 6.52 6.91 17.1x 16.1x 12.8x 11.6x Tomra TOM Hold NOK 87.5 85 4.75 5.00 18.4x 17.1x 10.2x 9.4x Topdanmark TOP Kjøp DKK 169 200 12.65 13.95 13.4x 12.1x Transocean RIG Selg USD 8.67 7 1.94-0.03 4.5x -279.1x 4.7x 6.7x Trelleborg TRELB Hold SEK 153.5 160 10.10 12.09 14.3x 12.7x 12.1x 8.9x Tryg TRYG Hold DKK 125.1 130 7.53 8.46 16.6x 14.8x Tsakos Energy NavigationTNP Kjøp USD 5.91 14.3 2.00 1.46 2.9x 4.0x 5.1x 5.4x Unibet UNIB Hold SEK 92.75 105 34.11 37.53 22.2x 20.3x 17.6x 16.0x Valmet VALMT Kjøp EUR 9.54 12.5 0.75 0.88 12.7x 10.8x 5.6x 4.9x Veidekke VEI Hold NOK 113 110 9.07 10.25 12.5x 11.0x 8.0x 7.3x Vitrolife VITR Kjøp SEK 366 310 9.33 11.01 39.2x 33.2x 24.0x 20.0x Volvo VOLVB Kjøp SEK 88.75 106 6.73 7.72 13.8x 11.5x 5.2x 4.4x Weifa WEIFA Kjøp NOK 1.02 1.5 0.05 0.06 20.0x 17.5x 11.0x 9.0x Wihlborgs WIHL Kjøp SEK 173.5 180 10.55 10.98 16.5x 15.8x 20.8x 19.9x Wilh. Wilhelmsen ASA WWASA Kjøp NOK 39 58 0.92 0.94 5.2x 5.1x 5.6x 4.9x Wilh. Wilhelmsen Holding WWI Kjøp NOK 151.5 259 4.12 4.63 4.5x 4.0x 3.8x 2.9x William Demant Holding WDH Selg DKK 661 530 30.69 35.31 21.5x 18.7x 12.6x 11.2x Wärtsilä WRT1V Hold EUR 39.39 42 2.47 2.71 15.8x 14.5x 10.0x 9.1x XXL XXL Hold NOK 94.25 105.00 4.42 5.49 21.3x 17.2x 15.5x 12.2x Yara YAR Hold NOK 310.20 340.00 33.77 31.96 9.8x 9.7x 5.4x 5.2x Kilde: DNB Markets, FactSet, Bloomberg 9

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

DNB Markets DNB anbefalinger og estimater Please contact the Singapore Branch of DNB Bank ASA at +65 6212 0753 in respect of any matters arising from, or in connection with, the Note. The Note is intended for and is to be circulated only to persons who are classified as an accredited investor, an expert investor or an institutional investor. If you are not an accredited investor, an expert investor or an institutional investor, please contact the Singapore Branch of DNB Bank ASA at +65 6212 0753. We, the DNB group, our associates, officers and/or employees may have interests in any products referred to in the Note by acting in various roles including as distributor, holder of principal positions, adviser or lender. We, the DNB group, our associates, officers and/or employees may receive fees, brokerage or commissions for acting in those capacities. In addition, we, the DNB group, our associates, officers and/or employees may buy or sell products as principal or agent and may effect transactions which are not consistent with the information set out in the Note. Additional Information, including for Recipients in the United States: The Note does not constitute an offer to sell or buy a security and does not include information, opinions, or recommendations with respect to securities of an issuer or an analysis of a security or an issuer. In Brazil If the analyst or any close associates serves as an officer, director or board member, or have a personal relationship with any individual that works for a company which DNB Markets publish a research note, this will be mentioned under the disclaimer in the relevant research note. The analyst or any close associates do neither hold nor do they have any direct/indirect involvement in the acquisition, sale, or intermediation of the securities discussed in each research note. Any financial interests, not mentioned in the relevant research notes, that the analyst or any close associates holds in the issuer discussed in the report is limited to investment funds that do not mainly invest in the issuer or industry discussed in the report and the management of which these persons cannot influence. 11