VENDING OPP I USA, NED I ASIA OG AVVENTENDE I OLJE NAS & QFR

ANALYSE Aksjemarkedet i dag VENDING OPP I USA, NED I ASIA OG AVVENTENDE I OLJE NAS & QFR Målingen av industriaktiviteten i New York sendte det amerikanske aksjemarkedet rett ned ved åpning i går, men indeksene snudde etter hvert opp igjen på positive indikasjoner fra arbeidsmarkedet og meldinger knyttet til enkeltselskaper. Dow endte opp 0.4%, S&P500 sluttet opp 0.5% og Nasdaq stengte opp 0.9%. Volumet på de tre hovedindeksene kom inn på 77-86% av gjennomsnittet for de siste tre måneder. I Asia ser vi en mer negativ utvikling i morgentimene i dag. Investorene ser her delvis ut til å legge mer vekt på den skuffende målingen av industriaktiviteten i New York i går, mens den grunnleggende underliggende usikkerheten i første rekke knytter seg de videre kinesiske vekstutsiktene og fallende råvarepriser. Nikkei stenger ned 0.3%, mens de kinesiske indeksene er ned 1-3%. Det kommer begrenset med makronyheter også i dag og investorene ser i mangel av annen input nå ut til å orientere seg inn mot tolkningen av morgendagens referat fra forrige rentemøte i den amerikanske sentralbanken. I løpet av dagen får vi ytterligere oppdateringer fra utviklingen i det amerikanske boligmarkedet. Innenfor energi utmerket Chevron seg i går med en nedgang på drøyt 3%, og bidro således vesentlig til at sektoren var den eneste av de større med en negativ utvikling. I oljemarkedet var WTI-prisen i går ned USD 0.42 pr fat til USD 41.89 pr fat. Prisen ligger i morgentimene i dag på USD 41.71 pr fat. Brent åpner i dag på USD 48.53 pr fat, ned USD 0.62 pr fat i forhold til nivået ved stengetid i det norske markedet i går. I forkant av ukens amerikanske lageroppdatering er det begrenset med nyheter i markedet og aktørene ser i første rekke ut til å bekymre seg over hvor lenge overskuddstilbudet av olje vil vedvare. Før sommeren gjorde Norwegian nesten en dobling av kapasiteten fra UK Gatwick til USA og i henhold til tall fra britiske luftfartsmyndigheter ser det ut til at selskapet kunne opprettholde lastefaktoren, og det uten at vår egen gjennomgang av billettprisene samtidig indikerer noen reduksjon i prisene. Våre egne tall for utviklingen av billettprisene indikerer også en solid etterspørsel fra Oslo til New York, og fra Oslo til Bangkok. Prisene på disse billettene er på våre data opp rundt 15% så langt i år og dette gjør at vi oppjusterer estimatene for 2015-2016. Endringer i drivstoffpriser og valuta reduserer effekten av denne oppjusteringen noe, men samlet ser vi grunnlag for å løfte kursmålet på Norwegian fra NOK 400 til NOK 450 pr aksje. Vi gjentar en kjøpsanbefaling. Kursen stengte i går på NOK 365.90 pr aksje. Q-Free har i dag rapportert en omsetning på NOK 179 mill og en EBITDA på NOK 14 mill for Q2, mot våre estimater på henholdsvis NOK 196 mill og NOK 20 mill. Differansen ser ut til å skyldes salget av ATMS-løsninger, som endte på NOK 63 mill, opp fra NOK 61 mill i Q1, men under vårt estimat på NOK 80 mill. I følge selskapet lå den underliggende veksten innen dette området på 13% år/år. Ordreinngangen i kvartalet lå på NOK 183 mill og utsiktene i denne forbindelse vil være et av de punktene vi vil fokusere mest i forbindelse med presentasjonen som startet nå kl.08.30. Før eventuelle justeringer har vi en kjøpsanbefaling på Q-Free med et kursmål på NOK 17 pr aksje. Kursen stengte i går på NOK 12 pr aksje. Selskap Tidspunkt Konsensus La-Z-Boy Etter markedet 0.21 Wal-Mart - 1.12 Land Nøkkeltall USA Påbegynte boliger 14.30 1186k USA Byggetillatelser 14.30 1230k Våre anbefalte aksjer: - OCY - BAKKA - NAS - HLNG - SNI - AVANCE - SALM - SBO - TEL YTD DNB: +32% YTD OSE: + 5% Internasjonale børser Siste Endr. % Dow Jones 17,545 68 0.39 S&P 500 2,102 11 0.52 NASDAQ 5,092 43 0.86 Nikkei 225 20,591-30 -0.14 Euro 500 262 1 0.31 Danmark-KFX 1,002 5 0.47 Finland-HEX 8,526 3 0.03 Norge-OSEBX 613-0 -0.01 Sverige-SAX 527 1 0.27 Valuta/råvarer Siste I går Endr. % EUR/USD 1.106 1.108-0.18 USD/JPY 124.5 124.4-0.07 USD/NOK 8.225 8.216-0.10 EUR/NOK 9.096 9.096 0.01 Siste Endr. Endr. % CRB indeks 197-1.30-0.66 Brent sp. ($/bbl) 47.5 0.18 0.38 Brent 1m ($/bbl) 48.6-0.41-0.84 Alum. 3m ($/ton) 1,568.0-6.00-0.38 US Nat.gass 2.8-0.15-5.20 Renter Siste I går Endr. USA 10år 2.157 2.198-0.04 Tyskl. 10år 0.627 0.630 0.00 Norge 10år 1.433 1.455-0.02 USA 3m 0.324 0.309 0.02 Euro 3m -0.027-0.024 0.00 Norge 3m 1.210 1.220-0.01 DNB Markets følger markedet konstant og nå kan du følge oss på Twitter. Slik gjør vi det enda lettere for deg å forstå hva som skjer. Sjekk oss ut på twitter.com/dnbmarkets ANALYSTS Ole-Andreas Krohn Ole-Andreas.krohn@dnb.no TLF: 08940 Please see the last page for important information

DNB Markets Sentrale US-INDekser SENTRALE US-INDEKSER Endring Endring Endring Endring Gj.snittlig Siste i poeng 1 dag (%) 1 mnd.(%) hittil i år(%) est. P/E Dow Jones Industrial 17,545 67.78 0.39-2.99-1.56 15.29 S&P 500 2,102 10.90 0.52-1.14 2.11 18.60 Nasdaq Composite 5,092 43.46 0.86-2.27 7.51 28.95 Russel 2000 1,225 12.40 1.02-3.31 1.69 42.43 Amex naturgass-indeks (XNG) 581 1.48 0.26-8.68-20.17 29.13 Amex Oil Service Indeks 177-0.33-0.19-1.83-16.11 12.88 Philadelphia-børsens oljeproduksjon-indeks (XOI) 1,207-1.98-0.16-4.40-10.46 22.91 Amex farmasi-indeks (DRG) 597 5.05 0.85-0.60 12.14 23.70 Nasdaq biotech-indeks 3,893 79.83 2.09-6.49 22.51 85.27 Philadelphia-børsens halvleder-indeks (SOX) 637 6.21 0.98-4.47-7.22 19.31 S&P 500 Paper & Forest Index ( PAFO) 207 3.66 1.80 1.09-10.12 0.00 NORDISKE AKSJER I USA Sluttkurs USA Endr.1 dag Volum USA Sluttkurs USA, Sluttkurs Forskjell sluttkurs (USD) (USD) hjemlig valuta hjemme USA/hjemlig Norge Frontline 2.69 0.10 1,304,791 22.12 22.10 0.02 Royal Caribbean Cruises 90.48 0.40 1,388,881 744.18 735.50 8.68 Questerre (CAD) 0.21-0.01 69,906 1.32 1.34-0.02 Statoil 15.97-0.32 1,737,243 131.35 131.50-0.15 Yara 46.46-0.33 3,374 382.12 381.00 1.12 Sverige AstraZeneca 33.61 0.15 1,560,035 574.03 570.00 4.03 Finland (EUR) Nokia 6.61-0.03 5,755,060 #VALUE! #N/A N/A #VALUE! Danmark Novo Nordisk B 58.48 2.01 849,775 394.68 391.90 2.78 RÅVARER & SHIPPING Siste I går Endr. %1D 1W 1M 3M YTD 12M 52W H 52W L CRB indeks 196.5 196.5-1.4-0.73-6 -18.0-34.1-33.4-91.7 292.8 196.5 GS råvare indeks 2,645 2,645-19.1-0.7% - 37-319 -656-588 -2,029 4,757 2,640 Oil Brent Spot 47.50 47.52-0.02-0.04-1 -8.84-18.08-8.26-52.94 Brent olje 1m 48.62 48.74-0.12-0.25-1 -8.48-17.65-8.71-52.98 103.40 45.19 Brent olje 3m 50.36 50.44-0.08-0.16-0 -7.61-16.82-8.83-52.38 104.60 47.68 WTI olje 1m 41.82 41.87-0.05-0.14-1 -9.07-17.61-11.45-54.59 97.16 41.35 Flybensin 489.50 489.50 4.00 0.82 3-38.75-134.75-83.50-453.50 Naturgass US Henry Hub 2.76 2.76-0.06-2.21-0 -0.08-0.19-0.23-1.00 Fyringsolje 155.0 155.5-0.5-0.3-1 - 11-43.7-29.7-125.6 288.6 152.1 Metals Aluminium 3m 1,568 1,568-13 - 0.8-51 -129-285 -285-432 2,120 1,554 Nikkel 10,625 10,625 25 0.2-525 -875-3,355-4,525-8,045 19,940 9,100 Kopper 5,115 5,115-50 - 1.0-194 -365-1,300-1,185-1,755 7,109 5,062 Gull 1,118 1,118 1 0.1 10-16 -107-66 -180 1,308 1,072 Shipping WS AG - Japan, 250 dwt 40 0 0 0-5 -40-35 -18-13 WS AG - USG, 250 dwt 25 25 0 0-3 -20-23 -8-5 Containerships index 0 0 0.0 0.0% - 0 0 0 0 0 Baltic dry index 1,063 1,063 8.0 0.76-134 15 433 281 21 1,484 0 509 RENTER & VALUTA Renter Siste I går Endr. 1W 1M 3M YTD 12M Norge - Nibor 3m 1.210 1.210-0.010-0.01-0.05-0.31-0.27-0.52 USA - Libor 3m 0.324 #N/A N/A 0.004 0.01 0.04 0.05 0.07 0.09 Euro - Euribor 3m -0.027-0.027-0.002-0.003-0.008-0.017-0.105-0.224 Norge 10 år stat 1.433 1.433-0.016-0.10-0.20-0.28-0.10-0.89 USA 10 år stat 2.157 2.168-0.011 0.02-0.19-0.08-0.01-0.24 Euro 10 år stat 0.627 0.627-0.033-0.07-0.16 0.00 0.09-0.33 Tyskland 10 år stat 0.627 0.627-0.033-0.07-0.16 0.00 0.09-0.33 Japan 10 år stat 0.382 0.399-0.017-0.01-0.04-0.01 0.05-0.12 UK 10 år stat 1.817 1.817-0.060-0.11-0.26-0.06 0.06-0.51 Valuta Siste I går Endr. 1W 1M 3M YTD 12M 52W H 52W L EUR/USD 1.106 1.108-0.002 0.002 0.023-0.026-0.104-0.231 1.337 1.046 USD/JPY 124.5 124.4 0.090-0.7 0.2 4.5 4.8 21.9 125.9 102.5 GBP/USD 1.558 1.559-0.001 0.000 0.001-0.008-0.000-0.115 1.673 1.457 USD/NOK 8.225 8.216 0.009-0.054-0.012 0.816 0.776 2.067 8.419 6.132 EUR/NOK 9.096 9.096-0.001-0.045 0.184 0.716 0.080 0.869 9.897 8.096 GBP/NOK 12.811 12.799 0.013-0.075-0.006 1.218 1.203 2.511 12.967 10.148 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 Luftfart 1.9% 9.1% -4.1% 17.6% -9.2% 8.1 Detaljhandel 0.9% 1.1% 4.9% 31.8% 19.5% 22.4 Media 1.8% -7.7% -1.9% 3.9% 0.6% 18.5 Forsyningsselskaper 0.6% -2.7% -3.2% 3.3% 1.9% 14.9 Papir- og skogprodukter 1.8% 1.1% -10.2% 1.1% -10.1% 12.5 Kommersielle tjenester og leveranser 0.5% -6.2% -1.9% 17.4% 16.5% 18.2 Metall 1.5% -13.5% -33.0% -47.5% -32.6% 17.5 Eiendomsselskaper 0.5% 0.7% 2.6% 26.8% 19.5% 23.6 Hotell og restaurant 1.3% 1.6% 4.0% 15.9% 13.0% 25.4 Helsevern - utstyr og tjenester 0.5% -2.4% 3.5% 36.8% 18.4% 25.1 Bioteknologi 1.2% -2.6% 4.3% 23.2% 14.0% 17.9 Finansieringsselskaper 0.4% -4.5% 3.6% 33.1% 25.0% 13.6 Elektrisk utstyr 1.1% -4.2% -12.7% -11.4% -9.2% 15.9 Banker 0.4% -5.9% -3.6% 10.5% 11.0% 12.1 Bildeler 1.0% -2.7% -11.0% -1.0% -1.5% 13.6 Forbruksvarer og klær 0.3% -2.7% -1.0% 23.3% 15.1% 19.1 Datamaskiner og tilbehør 0.9% -7.6% -9.8% 8.9% -1.2% 12.5 Transport 0.3% -2.1% -2.4% 21.6% 13.3% 15.8 Farmasi 0.9% -1.1% 0.8% 18.0% 7.9% 18.4 Energi 0.3% -5.3% -10.2% -15.6% 0.1% 15.2 Helseartikler 0.8% 2.0% 3.3% 20.9% 9.0% 20.6 Hotell-, underholdnings- og restaurantvirksomhet 0.3% -6.4% -4.7% 29.0% 11.6% 20.6 Programvare 0.7% 1.0% -1.8% 8.2% 2.5% 19.4 Teknologisk utstyr 0.2% -5.6% -5.4% 6.1% -3.2% 18.2 Legemiddelindustri og bioteknologi 0.7% -4.0% 0.4% 27.5% 19.6% 19.6 Media 0.2% -7.2% -3.5% 31.9% 17.0% 18.3 Industrielle konglomerater 0.6% -3.1% -3.9% 4.0% 1.2% 20.2 Kapitalvarer 0.2% -2.0% -3.2% 14.1% 12.3% 17.6 Fritidsutstyr 0.6% -0.2% 0.0% -4.2% 2.0% 20.3 Forsikring 0.1% -4.2% -0.4% 22.0% 12.5% 11.3 Kjemikalier 0.5% -4.0% -8.9% -5.7% -4.7% 16.4 Drikkevarer, mat og tobakk 0.1% -4.0% 0.4% 20.8% 14.3% 20.4 Drikkevarer 0.5% 3.0% 2.9% 9.3% 5.9% 22.3 Programvare og tjenester -0.1% -5.0% -4.6% 21.9% 15.5% 18.7 Elektronisk utstyr og instrumenter 0.5% -0.7% -10.6% -2.7% -7.9% 16.1 Telekommunikasjon og tjenester -0.1% -3.9% 1.2% 28.5% 16.7% 21.2 Kraft 0.4% 4.5% 2.9% 8.8% -5.1% 16.2 Materialer -0.2% -8.8% -11.1% -2.7% 3.5% 18.1 Diversifiserte telekomtjenester 0.4% -1.6% -4.2% -4.0% -0.4% 12.9 Mat- og apotekhandel -0.2% -4.9% -5.3% 7.7% 15.6% 18.0 Maskiner 0.2% -3.0% -6.4% -7.0% -5.3% 16.4 Husholdningsvarer og personlige produkter -0.2% -4.2% 0.2% 28.9% 20.3% 22.5 Internett programvare og -tjenester 0.2% -1.3% 17.6% 18.5% 20.8% 27.6 Biler og komponenter -0.5% -8.7% -12.6% 18.7% 10.8% 9.7 Bank 0.2% -1.2% 4.0% 14.7% 4.8% 12.5 Olje og gass 0.1% -5.6% -13.9% -26.4% -14.6% 27.9 Forsikring 0.0% 0.7% 4.9% 11.0% 5.1% 12.0 Bygg og anlegg -0.1% -3.2% -13.6% -28.6% -13.4% 13.4 Husholdningsartikler -0.1% -4.7% -3.7% -2.4% -11.5% 20.3 Matvarer -0.1% 2.1% 3.3% 16.1% 10.4% 21.3 Kommunikasjonsutstyr -0.2% 1.0% -5.3% 1.8% -3.9% 13.5 Energi og relatert utstyr -0.6% -1.3% -14.0% -34.5% -9.1% 20.1 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 UNITEDHEALTH GROUP INC 123.82 2.3 % 0.0 % 50.4 % TESLA MOTORS INC 254.99 4.9 % -7.2 % -1.9 % WILLIAMS COS INC 54.9 5.1 % -4.8 % -5.5 % WALT DISNEY CO/THE 109.05 1.8 % -8.3 % 21.2 % CHARTER COMMUNICATION-A 186.98 4.0 % 0.7 % 18.8 % PEABODY ENERGY CORP 1.18 4.4 % -8.5 % -92.6 % MCDONALD'S CORP 100.66 1.4 % 3.2 % 6.8 % DISCOVERY COMMUNICATIONS-A 29.32 3.6 % -12.0 % -33.9 % NOBLE CORP PLC 12.58 3.1 % -5.8 % -53.9 % JOHNSON & JOHNSON 99.87 1.1 % -0.2 % -2.8 % AVAGO TECHNOLOGIES 125.52 LTD 2.9 % -6.1 % 66.5 % AVAGO TECHNOLOGIES 125.52 LTD 2.9 % -6.1 % 66.5 % APPLE INC 117.16 1.0 % -9.6 % 18.2 % COMCAST CORP-CLASS A60.41 2.6 % -6.0 % 10.4 % XEROX CORP 11.37 2.9 % 5.0 % -15.7 % MERCK & CO. INC. 59.71 0.9 % 1.5 % 2.2 % AMERICAN AIRLINES GROUP 43.95INC 2.5 % 6.2 % 8.1 % NEWMONT MINING CORP 17.85 2.9 % -13.7 % -33.4 % DU PONT (E.I.) DE NEMOURS 54.27 0.8 % -9.0 % -13.3 % ALEXION PHARMACEUTICALS 191.22INC 2.5 % -6.4 % 12.3 % SOUTHWEST AIRLINES 40.45 CO 2.8 % 16.4 % 31.2 % MICROSOFT CORP 47.32 0.7 % 1.5 % 4.9 % LIBERTY VENTURES - SER 42.57 A 2.4 % 5.4 % 18.4 % STARWOOD HOTELS & 77.46 RESORTS 2.7 % -9.5 % -6.0 % UNITED TECHNOLOGIES CORP 99.36 0.7 % -10.3 % -8.1 % APPLIED MATERIALS INC17.03 2.3 % -4.2 % -22.9 % LENNAR CORP-A 53.94 2.7 % 2.9 % 43.6 % 3M CO 149.24 0.6 % -4.8 % 3.6 % LAM RESEARCH CORP 74.39 2.3 % -3.7 % 5.3 % DEAN FOODS CO 17.44 2.6 % -0.9 % 6.9 % NIKE INC -CL B 114.98 0.5 % 1.9 % 46.4 % ACTIVISION BLIZZARD INC 29.3 2.2 % 13.5 % 25.9 % FMC CORP 47.72 2.6 % -4.1 % -28.1 % EXXON MOBIL CORP 78.77 0.5 % -4.6 % -20.9 % MYLAN NV 55.49 2.1 % -19.0 % 19.4 % COMCAST CORP-CLASS 60.41 A 2.6 % -6.0 % 10.4 % PFIZER INC 35.5 0.5 % 1.2 % 23.1 % AUTOMATIC DATA PROCESSING 84.7 2.1 % 2.8 % 16.0 % ZOETIS INC 48.69 2.6 % 1.9 % 43.5 % GENERAL ELECTRIC CO 26.21 0.5 % -3.8 % 0.5 % DISCOVERY COMMUNICATIONS-C 27.67 2.0 % -10.7 % -34.7 % AMERICAN AIRLINES GROUP 43.95 INC2.5 % 6.2 % 8.1 % INTL BUSINESS MACHINES CORP 156.31 0.4 % -9.4 % -17.5 % GOLDMAN SACHS GROUP INC202.57 0.3 % -4.7 % 16.1 % Bunn siste 1 dag 1 mnd 1 år Bunn siste 1 dag 1 mnd 1 år JPMORGAN CHASE & CO 68.07 0.3 % -1.6 % 18.9 % LIBERTY INTERACTIVE CORP 29.8Q-A -1.5 % 2.6 % 22.1 % ESTEE LAUDER COMPANIES-CL 82.8-6.8 A % -6.6 % 7.8 % VISA INC-CLASS A SHARES 74.41 0.3 % 5.0 % 38.9 % KRAFT HEINZ CO/THE 75.8-0.8 % -4.8 % #VALUE! CHEVRON CORP 83.23-3.2 % -10.6 % -34.1 % COCA-COLA CO/THE 41.35 0.2 % 0.2 % 0.0 % CISCO SYSTEMS INC 28.825-0.7 % 2.3 % 17.0 % NEWFIELD EXPLORATION 35.48CO -2.0 % 3.9 % -14.8 % INTEL CORP 29.08 0.2 % -1.3 % -15.5 % NETAPP INC 30.54-0.7 % -1.9 % -25.7 % ALLEGHENY TECHNOLOGIES 19.79 INC -1.9 % -22.6 % -52.5 % AMERICAN EXPRESS CO 81 0.1 % 2.2 % -7.1 % NVIDIA CORP 23.39-0.6 % 16.5 % 21.2 % HALLIBURTON CO 41.29-1.7 % 3.3 % -40.0 % CATERPILLAR INC 78.54 0.1 % -5.6 % -26.6 % MONDELEZ INTERNATIONAL 46.2 INC-A -0.6 % 10.3 % 28.2 % NOBLE ENERGY INC 35.44-1.6 % -7.6 % -49.2 % VERIZON COMMUNICATIONS INC47.52 0.1 % -0.1 % -2.6 % FACEBOOK INC-A 93.93-0.5 % -1.1 % 25.9 % CAMERON INTERNATIONAL 48.74 CORP -1.5 % -0.9 % -32.4 % TRAVELERS COS INC/THE 107.71 0.0 % 4.6 % 15.8 % VIMPELCOM LTD-SPON ADR 5.41-0.4 % 5.0 % -37.0 % ADVANCE AUTO PARTS 184.69 INC -1.3 % 8.8 % 38.5 % HOME DEPOT INC 119.7 0.0 % 4.6 % 43.2 % VERISK ANALYTICS INC 76.72-0.1 % 1.8 % 20.3 % TECO ENERGY INC 22.14-1.1 % 4.0 % 26.8 % PROCTER & GAMBLE CO/THE 75.53-0.1 % -8.2 % -8.4 % ILLUMINA INC 207.91-0.1 % -13.3 % 20.7 % GAMESTOP CORP-CLASS 46.95A -1.0 % 0.6 % 15.5 % BOEING CO/THE 144.44-0.4 % -1.6 % 15.6 % BED BATH & BEYOND INC63.27-0.1 % -7.3 % 1.4 % BAKER HUGHES INC 56.76-1.0 % -2.7 % -16.4 % WAL-MART STORES INC 71.91-0.6 % -2.0 % -3.5 % EXPEDITORS INTL WASH 49.25 INC -0.1 % 9.9 % 19.2 % PARKER HANNIFIN CORP 112.61-0.9 % -0.5 % -1.7 % CISCO SYSTEMS INC 28.825-0.7 % 2.3 % 17.0 % INTUIT INC 105.56-0.1 % -1.1 % 25.0 % CIMAREX ENERGY CO115.28-0.9 % 11.3 % -14.9 % CHEVRON CORP 83.23-3.2 % -10.6 % -34.1 % NXP SEMICONDUCTORS NV 91.58 0.0 % 0.3 % 44.8 % CONSOLIDATED EDISON 66.71 INC -0.9 % 8.8 % 17.3 % 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 Bioteknologi IBB 371.62 2.1 % 0.1 % -6.5 % 39.6 % USD 1290159 Russell 2000 Growth IWO 152.4 1.4 % 0.2 % -3.5 % 12.8 % USD 681016 Russell 2000 IWM 121.63 1.1 % 0.3 % -3.3 % 5.7 % USD 22328153 S&P M idcap 400 M DY 275.89 1.0 % 0.3 % 0.6 % 7.3 % USD 1378061 Nasdaq 100 QQQ 111.43 0.8 % -0.1% -1.9 % 13.5 % USD 21224913 Dow Jones Total market THRK 157.7 0.6 % 0.3 % -1.0 % 6.3 % USD 1541 CAC-40 CAC 49.255 0.6 % -4.0 % -2.6 % 17.3 % EUR 194015 Teknologi USA XLK 42.66 0.6 % -0.3 % -1.8 % 7.6 % USD 5591698 S&P 500 SPY 210.59 0.6 % 0.0 % -0.9 % 6.7 % USD 79072643 Industri XLI 54.65 0.5 % -0.2 % -0.5 % 1.8 % USD 5610970 Forsyningstjenester XLU 45.79 0.5 % 3.6 % 5.6 % 9.4 % USD 9159738 DJIA DIA 175.7 0.5 % -0.3 % -2.7 % 4.5 % USD 4055384 Japan EWJ 12.95 0.2 % -1.4 % -0.2 % 7.8 % USD 29163251 Energi XLE 69.49 0.2 % 0.5 % -4.1% -28.1% USD 9532053 Finansielle tjenester XLF 25.3 0.2 % -0.6 % -0.4 % 10.8 % USD 23372125 Forbruksvarer XLP 50.21 0.1 % -0.3 % 0.3 % 12.1 % USD 4978436 AEX-Nederland AEXT 46.98 0.0 % -4.9 % -4.7 % 17.9 % EUR 2 FTSE 100 ISF 659 0.0 % -2.3 % -2.6 % -2.5 % GBp 3002079 TecDax TDXPEX 16.46-0.1% -1.1 % -2.0 % 44.7 % EUR 13656 Pacific ex-japan EPP 40.72-0.1% -4.0 % -6.2 % -20.2 % USD 306407 Latin-America 40 ILF 25.32-0.2 % -5.6 % -12.7 % -37.5 % USD 445207 S&P Euro 350 IEV 44.18-0.4 % -2.4 % -2.3 % -4.9 % USD 342360 Brasil EWZ 26.16-0.5 % -5.7 % -17.0 % -47.8 % USD 10515856 Oil Service OIH 30.95-0.5 % -3.9 % -2.8 % -42.5 % USD 6094077 DAX DAXEX 96.92-0.6 % -5.5 % -6.2 % 17.5 % EUR 37708 Hong Kong EWH 21.3-0.8 % -4.1% -6.0 % -3.6 % USD 2095862 Emerging M arkets EEM 35.14-1.1 % -4.8 % -9.3 % -21.8 % USD 42609469 Olje / Energi Fyringsolje HEAT 12.253 0.3 % -1.0 % -6.6 % -44.3 % USD 0 WTI-olje OILW 21.56 0.1 % -3.6 % -14.8 % -57.8 % USD 338 Råolje CRUD 10.048 0.0 % -4.3 % -16.0 % -58.9 % USD 432423 Brent-olje OILB 27.51-0.3 % -2.0 % -14.5 % -58.1% USD 11875 Bensin UGAS 29.51-0.3 % 1.2 % -9.2 % -40.5 % USD 4600 WTI-Oil USO 13.89-0.7 % -6.7 % -18.2 % -60.4 % USD 16646720 Naturgass NGAS 0.07225-2.1% -3.0 % -3.9 % -38.0 % USD 3187003 M etaller Nikkel NICK 11.048 0.7 % -4.8 % -7.7 % -44.3 % USD 25392 Sølv SLV 14.63 0.5 % 0.6 % 2.8 % -22.5 % USD 2270876 Gull BULL 13.815 0.4 % 0.9 % -1.4 % -15.3 % USD 0 Bomull COTN 2.1875 0.3 % 6.8 % 2.6 % 3.6 % USD 1400 Sink ZINC 5.5275-0.3 % -3.6 % -12.2 % -22.4 % USD 0 Aluminium ALUM 2.675-0.7 % -2.9 % -8.3 % -26.6 % USD 0 A ndre råvarer Soyaolje SOYO 3.903 0.5 % -4.6 % -8.4 % -15.9 % USD 0 Soyabønner SOYB 21.13 0.5 % -6.6 % -8.9 % -13.3 % USD 2812 Svinekjøtt HOGS 0.719 0.1 % 4.7 % 3.8 % -26.9 % USD 0 Kaffe COFF 1.6285 0.0 % 3.8 % 6.8 % -34.9 % USD 122176 Råoljer AIGO 13.325-0.1% -1.9 % -12.3 % -53.1% USD 0 M ais CORN 1.1665-0.3 % -6.2 % -13.9 % -12.2 % USD 10386 Sukker SUGA 7.915-0.7 % 2.0 % -11.4 % -43.7 % USD 2702 Kveg CATL 7.5613-1.2 % -1.9 % -1.9 % 0.6 % USD 222 R åvarekurver OBX 0 #N/A Invalid Security #VALUE! #VALUE! #VALUE! #VALUE! #N/A Invalid Security #N/A Invalid Security Edle metaller AIGP 15.4025 0.5 % 0.7 % -0.3 % -17.5 % USD 0 Ex-Energi AIGX 8.50375-0.1% -2.3 % -6.2 % -20.0 % USD 0 Softs (Sukker, Kakao, Bomull) AIGS 3.8835-0.2 % 3.8 % -3.4 % -32.2 % USD 0 Råvarer AIGC 9.1388-0.3 % -2.3 % -7.5 % -28.8 % USD 110602 Korn AIGG 4.2875-0.4 % -6.0 % -11.3 % -13.9 % USD 246869 Buskap AIGL 3.403-0.7 % 0.2 % 0.0 % -9.7 % USD 13000 Industrimetaller AIGI 9.83-0.8 % -3.8 % -8.4 % -28.6 % USD 465 Energi AIGE 4.8055-0.8 % -2.3 % -10.1% -48.6 % USD 1185200 Kilde: Bloomberg 4

DNB Markets ETN / ETF OSlo ETN / ETF OSLO Endring i % ETN / ETF Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Volum REC DNB-ETN REC BEAR #N/A N/A #VALUE! #VALUE! #VALUE! #VALUE! NOK 0 OBX #N/A Invalid Security #N/A Invalid Security #VALUE! #VALUE! #VALUE! #VALUE! #N/A Invalid Security #N/A Invalid Security REC DNB-ETN REC BULL 0.69 15.0 % -6.8 % -45.7 % -87.4 % NOK 774400 REC BULL REC HA 20.95 14.9 % -6.3 % -44.2 % -87.2 % NOK 9700 Golden Ocean BULL GOGL DNM 2.14 9.2 % -14.6 % -20.9 % -90.0 % NOK 46000 Fred. Olsen Energy BULL FOE DNM 0.67 7.3 % -1.5 % -34.2 % -96.2 % NOK 4783 Seadrill DNB-ETN SEADRILL BEAR 29.00 6.6 % 15.3 % 20.7 % 319.0 % NOK 37090 Aker Solutions DNB-ETN AKER SOLUTIONS BEAR 16.18 6.1 % 0.1 % 42.1 % 83.7 % NOK 580 Strømpris BULL EL HA 0.93 5.1 % 32.1 % 10.8 % -79.4 % NOK 0 DNO BULL DNO DNM 1.87 5.1 % -6.3 % -30.0 % -88.5 % NOK 144700 Strømpris DNB-ETN ELKRAFT BULL 6.71 4.9 % 32.1 % 10.3 % -69.6 % NOK 16500 Kobberpris BEAR KOBBER HA 41.07 4.3 % 3.7 % 16.3 % 109.8 % NOK 0 Kobberpris BEAR KOBBER ETN DNM 53.80 4.2 % 3.6 % 15.6 % 108.6 % NOK 0 Sølvpris BEAR SOLV ETN DNM 40.89 4.0 % -5.1% -6.1% 77.9 % NOK 0 M arine Harvest Group DNB-ETN M ARINE HARVEST BEAR 1.41 3.7 % 5.2 % -3.4 % -53.3 % NOK 500000 Storebrand DNB-ETN STOREBRAND BULL 15.57 3.4 % -14.3 % -22.6 % -29.6 % NOK 0 Norwegian DNB-ETN NORWEGIAN BULL 21.74 3.2 % -6.2 % 9.5 % 169.1 % NOK 8352 PGS DNB-ETN PGS BEAR 8.60 2.9 % 5.4 % 17.5 % -11.2 % NOK 0 Naturgasspris BEAR NATGAS ETN DNM 57.98 2.8 % 3.9 % 12.9 % 143.5 % NOK 0 Schibsted BULL SCH DNM 44.86 2.8 % -2.3 % -8.1% 139.2 % NOK 0 Sink BEAR SINK ETN DNM 40.38 2.5 % 5.3 % 27.0 % 92.6 % NOK 0 Aluminium BEAR ALU ETN DNM 47.39 2.5 % 3.2 % 18.4 % 120.9 % NOK 0 Aluminium BEAR ALU HA 82.05 2.3 % 3.1 % 18.0 % 119.4 % NOK 130 Strømpris DNB-ETN ELKRAFT 5.48 2.2 % 15.6 % 6.9 % -38.5 % NOK 0 TGS Nopec DNB-ETN TGS BULL 14.30 2.0 % -8.2 % -13.8 % -24.5 % NOK 0 Oljepris BEAR OLJE HA 42.04 1.8 % 2.7 % 34.2 % 443.2 % NOK 0 Oljepris DNB - ETN BRENT BEAR 33.12 1.7 % 2.2 % 33.5 % 381.0 % NOK 2900 RCL D1B-ETN RCL BULL 538.75 1.7 % -6.3 % 13.1 % 215.5 % NOK 0 DNB BEAR DNB NOR HA 3.11 1.6 % 8.0 % 17.8 % -34.9 % NOK 8000 RCL BULL RCL HA 320.15 1.6 % -6.2 % 13.1 % 216.2 % NOK 0 Oljeservice DNB - ETN OIL SERVICE BEAR 22.19 1.6 % 5.8 % 19.5 % 152.2 % NOK 0 Norsk Hydro BEAR NHY X3 DNM 13.52 1.5 % 20.0 % 20.2 % 11.7 % NOK 0 Telenor DNB-ETN TELENOR X3 BULL 97.00 1.4 % -14.1% -23.9 % 50.8 % NOK 2000 Orkla DNB-ETN ORKLA X3 BEAR 2.77 1.1 % 9.1 % 9.5 % -55.6 % NOK 0 Statoil DNB-ETN STATOIL X3 BEAR 4.29 1.1 % 7.5 % 8.6 % 17.2 % NOK 0 Opera BULL OPERA DNM 3.44 1.0 % -17.6 % -43.8 % -83.8 % NOK 67300 Norsk Hydro BEAR NHY HA 33.44 1.0 % 13.2 % 13.7 % 13.4 % NOK 0 Norsk Hydro DNB-ETN NORSK HYDRO BEAR 16.87 1.0 % 13.2 % 13.8 % 15.7 % NOK 0 Telenor DNB-ETN TELENOR BULL 89.43 0.9 % -9.5 % -16.3 % 37.2 % NOK 300 Statoil DNB-ETN STATOIL BEAR 9.85 0.8 % 5.1 % 6.4 % 21.7 % NOK 2100 Subsea 7 DNB-ETN SUBSEA 7 BULL 5.54 0.6 % -2.3 % -13.4 % -67.8 % NOK 0 Orkla BEAR ORKLA HA 6.33 0.6 % 6.1 % 6.1 % -39.2 % NOK 0 Statoil BEAR STL HA 12.79 0.6 % 4.9 % 6.2 % 21.1 % NOK 0 Yara DNB-ETN YARA X3 BULL 34.79 0.6 % -15.3 % -16.1% 80.0 % NOK 0 Gullpris BEAR GULL HA 30.40 0.6 % -4.1% 2.5 % 69.0 % NOK 0 OBX BEAR OBX X4 DNM 14.07 0.5 % 15.9 % 25.2 % -21.0 % NOK 45800 CO2 BULL CO2 ETN DNM 61.18 0.5 % 11.2 % 18.2 % 65.3 % NOK 0 Gullpris DNB-ETN GULL BEAR 37.79 0.5 % -4.1% 2.4 % 67.5 % NOK 0 OBX BEAR OBX X3 HA 3.44 0.4 % 11.7 % 18.4 % -15.8 % NOK 3000 Yara DNB-ETN YARA BULL 28.13 0.4 % -10.2 % -10.4 % 56.8 % NOK 0 OBX DNB-ETN OBX X3 BEAR 5.06 0.4 % 11.8 % 18.9 % -12.2 % NOK 0 OBX XACT DERIVAT BEAR 84.08 0.4 % 7.7 % 12.2 % -5.5 % NOK 788911 Yara BULL YARA HA 147.60 0.4 % -10.3 % -10.4 % 57.3 % NOK 0 Gullpris BULL GULL HA 60.65 0.2 % 3.6 % -2.0 % -5.4 % NOK 0 CO2 CO2 ETN DNM 43.10 0.2 % 5.9 % 10.2 % 39.8 % NOK 0 Gullpris DNB-ETN GULL 26.30 0.2 % 1.6 % -0.9 % 12.4 % NOK 0 Gjensidige DNB-ETN GJENSIDIGE X3 BEAR 0.78 0.0 % 4.0 % 16.4 % -41.4 % NOK 0 Gullpris DNB-ETN GULL BULL 17.48 0.0 % 3.5 % -2.2 % -5.8 % NOK 30 Recsol BULL RECSOL DNM 29.00 0.0 % 1.9 % 2.1 % 39.8 % NOK 150 Kilde: Bloomberg FORTS. 5

DNB Markets ETN / ETF OSlo ETN / ETF OSLO Endring i % ETN / ETF Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Volum Recsol BEAR RECSOL DNM 11.40 0.0 % 0.0 % -0.4 % -48.6 % NOK 0 Gjensidige DNB-ETN GJENSIDIGE X3 BULL 267.30 0.0 % -4.3 % -15.0 % 24.5 % NOK 0 OBX DNB OBX 53.00-0.1% -3.8 % -5.9 % -0.4 % NOK 14185 OBX XACT DERIVAT BULL 104.95-0.3 % -7.4 % -11.6 % -5.6 % NOK 368168 Yara DNB-ETN YARA BEAR 5.05-0.3 % 10.5 % 8.7 % -50.1% NOK 0 Yara BEAR YARA HA 1.47-0.3 % 11.4 % 8.9 % -53.0 % NOK 0 OBX BULL OBX X3 HA 132.83-0.4 % -11.0 % -17.2 % -9.4 % NOK 1910 OBX DNB-ETN OBX X3 BULL 31.70-0.4 % -11.1 % -17.5 % -12.3 % NOK 0 Oljepris DNB - ETN BRENT 20.93-0.4 % -1.8 % -13.9 % -44.3 % NOK 12807 OBX BULL OBX X4 DNM 25.03-0.6 % -14.7 % -23.0 % -21.0 % NOK 31000 Statoil BULL STL HA 55.30-0.6 % -5.1% -8.7 % -42.5 % NOK 0 Orkla BULL ORKLA HA 120.48-0.6 % -6.0 % -6.8 % 35.0 % NOK 0 Statoil DNB-ETN STATOIL BULL 24.43-0.7 % -5.2 % -8.9 % -43.0 % NOK 0 Aluminium ALU ETN DNM 26.78-0.8 % -2.1% -7.9 % -3.3 % NOK 0 Sinkpris SINK ETN DNM 28.63-0.8 % -3.3 % -11.4 % 2.3 % NOK 0 Subsea 7 DNB-ETN SUBSEA 7 BEAR 15.46-0.8 % 1.5 % 8.1 % 30.8 % NOK 0 Oljeservice DNB - ETN OIL SERVICE 16.08-0.8 % -3.0 % -9.9 % -49.1% NOK 0 Yara DNB-ETN YARA X3 BEAR 1.18-0.8 % 15.8 % 11.9 % -67.9 % NOK 0 OBX XACT OBX 53.43-0.9 % -4.0 % -5.9 % -0.3 % NOK 8000 Norsk Hydro DNB-ETN NORSK HYDRO BULL 8.37-0.9 % -12.8 % -14.5 % -36.3 % NOK 0 Orkla DNB-ETN ORKLA X3 BULL 70.83-1.0 % -8.9 % -10.6 % 46.1 % NOK 0 Opera BEAR OPERA DNM 14.78-1.0 % 17.3 % 67.0 % -40.8 % NOK 0 Norsk Hydro BULL NHY HA 18.24-1.0 % -11.8 % -13.6 % -35.3 % NOK 100000 Statoil DNB-ETN STATOIL X3 BULL 23.39-1.1 % -7.8 % -14.1% -62.4 % NOK 0 Telenor DNB - ETN TELENOR BEAR 3.17-1.1 % 9.7 % 17.4 % -39.0 % NOK 0 CO2 BEAR CO2 ETN DNM 7.86-1.1 % -9.0 % -12.3 % -49.4 % NOK 0 Oljepris DNB - ETN BRENT BULL 9.89-1.2 % -3.6 % -26.7 % -79.4 % NOK 43737 Oljepris BULL OLJE HA 22.33-1.2 % -3.4 % -26.3 % -78.6 % NOK 400 Naturgasspris NATGAS ETN DNM 21.26-1.3 % -1.4 % -5.3 % -17.9 % NOK 0 Norsk Hydro BULL NHY X3 DNM 20.64-1.4 % -18.9 % -21.8 % -54.8 % NOK 11900 Sølvpris SOLV ETN DNM 26.91-1.5 % 1.9 % 3.3 % 0.8 % NOK 0 Telenor DNB-ETN TELENOR X3 BEAR 1.92-1.5 % 15.0 % 27.2 % -55.1% NOK 0 Oljeservice DNB - ETN OIL SERVICE BULL 6.17-1.6 % -6.2 % -19.7 % -77.9 % NOK 0 Aluminium BULL ALU HA 16.71-1.6 % -3.9 % -15.1% -30.4 % NOK 0 Kobberpris BULL KOBBER ETN DNM 24.85-1.7 % -2.5 % -7.1% -2.0 % NOK 0 RCL DNB-ETN RCL BEAR 19.47-1.7 % 5.9 % -15.4 % -80.8 % NOK 15300 DNB BULL DNBNOR HA 161.53-1.7 % -7.8 % -16.4 % 24.4 % NOK 0 Aluminium BULL ALU ETN DNM 20.63-1.8 % -4.0 % -15.7 % -30.8 % NOK 0 TGS Nopec DNB-ETN TGS BEAR 14.32-1.9 % 8.2 % 12.6 % -23.3 % NOK 4000 Sinkpris BULL SINK ETN DNM 23.36-1.9 % -6.3 % -22.1% -23.3 % NOK 0 BW LPG BULL BWLPG DNM 21.06-2.2 % -6.3 % -14.7 % -35.2 % NOK 0 Naturgasspris BULL NATGAS ETN DNM 13.59-2.6 % -3.1% -10.9 % -47.4 % NOK 0 PGS DNB-ETN PGS BULL 4.23-2.9 % -6.0 % -19.1% -58.9 % NOK 0 Schibsted BEAR SCH DNM 4.84-2.9 % 1.8 % 7.3 % -83.7 % NOK 4500 Sølvpris BULL SOLV ETN DNM 19.88-3.3 % 4.1 % 6.2 % -28.2 % NOK 0 Norwegian DNB-ETN NORWEGIAN BEAR 5.85-3.3 % 5.8 % -12.3 % -83.8 % NOK 10000 Storebrand DNB-ETN STOREBRAND BEAR 7.31-3.4 % 14.7 % 25.8 % -11.1 % NOK 0 M arine Harvest Group DNB-ETN M ARINE HARVEST BULL 46.74-3.5 % -5.1% 2.6 % 57.2 % NOK 0 Kobberpris BULL KOBBER ETN DNM 17.62-3.6 % -4.9 % -14.3 % -29.7 % NOK 0 Kobberpris BULL KOBBER HA 24.52-3.6 % -4.8 % -14.5 % -32.0 % NOK 0 DNO BEAR DNO DNM 45.50-4.9 % 5.6 % 18.4 % 81.1 % NOK 5114 Strømpris DNB - ETN ELKRAFT BEAR 130.70-5.6 % -25.4 % -9.5 % 125.2 % NOK 0 Strømpris BEAR EL HA 694.45-5.7 % -25.5 % -9.5 % 274.6 % NOK 0 Aker Solutions DNB-ETN AKER SOLUTIONS BULL 3.65-6.1% -1.1 % -33.2 % -82.5 % NOK 0 Seadrill DNB-ETN SEADRILL BULL 2.27-6.4 % -14.5 % -26.9 % -94.5 % NOK 384250 Fred. Olsen Energy BEAR FOE DNM 152.68-8.2 % -1.8 % 34.6 % 392.1 % NOK 130 Golden Ocean BEAR GOGL DNM 52.73-9.4 % 12.3 % 9.6 % 132.0 % NOK 980 DNB ANBEFALINGER OG ESTIMATER 44 96 Selg Hold Kjøp 43 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 2015 2016 2015 2016 2015 2016 A. P. Møller Mærsk maerskb Kjøp DKK 12,600.00 16600.00 195.69 200.48 11.2x 10.0x 4.8x 6.8x AF Gruppen AFG Selg NOK 102.00 82.00 5.47 5.82 18.5x 17.5x 10.5x 10.4x Akastor AKA Hold NOK 10.65 10.80-3.16-1.98-3.1x -5.4x 12.1x -26.2x Aker AKER Hold NOK 161.00 178.00 11.21 3.45 14.4x 46.7x Aker Solutions AKSO Selg NOK 31.19 28.00 3.17 2.46 9.6x 12.7x 4.6x 8.9x Alfa Laval ALFA Selg SEK 152.90 140.00 9.52 8.61 16.1x 17.8x 10.0x 13.3x Archer ARCHER Selg NOK 1.60 1.50-0.22-0.12-0.9x -1.7x 11.5x -31.6x Assa Abloy ASSAB Hold SEK 170.30 173.33 7.05 7.58 24.2x 22.5x 16.8x 17.1x Atea ATEA Hold NOK 66.00 74.00 3.50 4.66 18.8x 14.2x 8.1x 10.3x Atlas Copco ATCOA Hold SEK 230.50 255.00 11.85 12.51 19.1x 18.4x 12.1x 13.5x Atw ood Oceanics ATW Selg USD 18.70 17.00 6.28 5.22 3.0x 3.6x 3.6x 5.8x Aurora LPG AURLPG Kjøp NOK 59.50 103.00 2.39 1.69 3.1x 4.3x 3.2x 9.3x Autoliv ALIV Hold SEK 888.00 1010.00 4.93 7.13 16.7x 14.2x 8.3x 9.5x Avance Gas AVANCE Kjøp NOK 124.00 182.00 6.69 3.78 2.3x 4.0x 3.3x 6.4x Aw ilco Drilling AWDR Selg NOK 39.00 30.00 4.49 1.19 1.1x 4.0x 0.6x 2.7x Aw ilco LNG ALNG Kjøp NOK 6.70 12.30-0.34 0.12-2.4x 6.1x 20.8x 11.3x Bakkafrost BAKKA Kjøp NOK 248.00 230.00 14.53 16.79 13.2x 12.1x 8.9x 8.8x BillerudKorsnäs BILL Kjøp SEK 133.50 155.00 10.24 9.99 15.3x 13.4x 8.3x 11.1x Borregaard BRG Kjøp NOK 54.25 70.00 4.45 5.37 12.4x 10.3x 6.4x 6.9x BW LPG BWLPG Kjøp NOK 60.60 87.00 2.35 1.64 3.1x 4.5x 4.2x 7.9x BW Offshore BWO Selg NOK 4.41 4.20 0.09-0.02 6.4x -20.3x 5.6x 29.8x Cargotec CGC Kjøp EUR 32.70 38.00 2.35 2.67 13.3x 12.2x 8.3x 9.9x Carlsberg CARLB Selg DKK 579.50 530.00 33.35 38.22 17.2x 15.2x 9.3x 13.0x Castellum CAST Kjøp SEK 128.90 142.00 12.91 7.73 17.7x 16.6x 20.0x 19.6x Chr. Hansen CHR Hold DKK 359.00 360.15 1.21 1.37 37.8x 32.7x 8.0x 26.1x Citycon CTY1S Kjøp EUR 2.43 3.00 0.15 0.15 18.9x 15.7x 22.2x 18.4x Coloplast COLOB Kjøp DKK 472.00 550.00 15.28 18.65 30.9x 25.3x 19.4x 19.2x Coor Service Management COOR Kjøp SEK 38.30 50.00 0.15 0.88 14.4x 10.4x 10.2x 28.7x D/S Norden DNORD Kjøp DKK 179.20 202.00 2.30 0.12 12.0x 215.5x 6.8x 92.3x Danske Bank DANSKE Hold DKK 216.20 218.00 18.20 18.29 11.9x 11.8x Deep Sea Supply DESSC Hold NOK 2.31 3.00 0.03-0.07 9.9x -4.2x 6.8x 297.6x Det norske oljeselskap DETNOR Kjøp NOK 47.28 60.00 0.33 0.54 17.2x 10.7x 3.4x 6.7x DHT Holdings DHT Kjøp USD 7.47 12.50 1.00 1.66 7.4x 4.5x 5.9x 7.0x Diamond Offshore DO Selg USD 22.10 17.00-0.30 0.18-72.7x 125.0x 5.7x 36.9x Diana Shipping DSX Hold USD 7.16 7.10-0.78-0.79-9.2x -9.0x 34.5x -21.4x DNB DNB NOK 125.90 13.22 13.08 10.0x 9.6x DNO DNO Kjøp NOK 7.92 20.00-0.03 0.43-34.4x 2.3x 6.6x 0.5x DOF DOF Selg NOK 5.75 5.50 1.93 0.77 1.7x 7.5x 8.4x 17.2x Dolphin Group DOLP Selg NOK 0.55 0.50-0.08-0.08-0.8x -0.8x 4.0x -11.6x Dorian LPG LPG Kjøp USD 13.46 19.60 0.44 3.92 27.9x 3.4x 16.7x 5.6x Eidesvik Offshore EIOF Selg NOK 11.20 11.00 1.59-1.59 1.5x -7.0x 6.1x 36.2x Electrolux ELUX Selg SEK 238.40 220.00 10.49 14.02 22.7x 17.0x 9.4x 12.9x Elekta EKTAB Hold SEK 56.70 55.00 2.58 3.27 21.9x 17.3x 11.8x 13.2x Ensco ESV Selg USD 16.60 14.00 4.68 2.79 3.5x 5.9x 4.1x 7.5x Entra ENTRA Hold NOK 72.00 78.00 9.81 4.17 20.1x 17.2x 18.5x 17.5x Epic Gas EPIC Kjøp NOK 21.00 42.00-0.16 0.23-15.6x 11.1x 9.7x 14.8x Euronav EURN Kjøp USD 14.36 20.40 1.95 2.37 7.5x 6.1x 6.0x 7.1x Fabege FABG Hold SEK 129.90 125.00 10.63 4.44 35.7x 29.2x 30.0x 26.6x Farstad Shipping FAR Selg NOK 22.80 20.00-8.65-4.35-17.4x -5.2x 7.8x 25.3x FLSmidth FLS Kjøp DKK 299.00 340.00 22.72 25.43 11.3x 11.6x 7.3x 8.4x Fred Olsen Energy FOE Selg NOK 37.66 35.00-2.93 1.76 1.4x 2.6x 3.1x 8.1x Frontline FRO Kjøp NOK 22.10 25.02 0.47 0.40 5.9x 6.8x 7.6x 10.5x Frontline 2012 FRNT Kjøp NOK 47.50 55.00 1.37 0.92 7.1x 6.3x 10.6x 10.1x GasLog GLOG Kjøp USD 14.62 26.40 0.44 0.79 27.3x 18.5x 10.1x 11.0x Gaztransport & Technigaz GTT Kjøp EUR 49.98 55.00 3.10 3.01 16.1x 16.6x 12.6x 13.3x Getinge GETIB Selg SEK 203.80 195.00 7.05 11.89 23.4x 16.3x 13.0x 14.8x Gjensidige Forsikring GJF Hold NOK 127.80 135.00 7.66 7.99 16.7x 16.0x GN Store Nord GN Hold DKK 124.00 135.00 5.27 7.10 22.6x 16.0x 10.6x 11.3x Golar LNG GLNG Kjøp USD 37.97 76.00-0.35 0.96-286.7x -37.0x 310.9x 33.3x Golar LNG Partners GMLP Kjøp USD 20.60 35.70 2.33 2.61 8.2x 7.9x 7.8x 9.8x Golden Ocean GOGLUS Kjøp USD 3.60 6.00-1.25-0.14-4.3x -25.3x 56.4x 84.9x 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 2015 2016 2015 2016 2015 2016 Golden Ocean NO GOGL Kjøp NOK 30.40 8.50 0.07 0.06 54.3x 69.5x 19.5x 43.6x Grieg Seafood GSF Kjøp NOK 28.60 35.00 0.81 4.00 18.6x 7.2x 10.2x 6.5x Havfisk HFISK Kjøp NOK 23.10 32.00 2.12 2.61 10.9x 8.8x 6.2x 6.7x Havila Shipping HAVI Selg NOK 7.75 7.00 1.48-0.25 3.6x -30.9x 7.3x 17.2x Helgeland Sparebank HELG Kjøp NOK 60.50 70.00 7.32 7.93 8.3x 7.6x Hennes & Mauritz HMB Hold SEK 359.90 330.00 13.32 14.02 27.0x 25.7x 16.3x 18.1x Hexagon AB HEXAB Kjøp SEK 286.10 315.00 1.38 1.60 20.7x 18.9x 14.0x 16.0x Hexagon Composites HEX Kjøp NOK 16.10 22.00 0.40 1.38 29.4x 11.7x 12.9x 7.4x Hexpol HPOLB Kjøp SEK 90.05 110.00 4.23 4.77 21.3x 18.9x 13.6x 12.7x Hufvudstaden HUFV Hold SEK 117.80 115.00 5.09 3.97 30.5x 29.7x 25.7x 24.4x Husqvarna HUSQb Kjøp SEK 60.55 69.00 3.46 4.42 17.5x 13.7x 10.4x 11.2x Höegh LNG Holdings HLNG Kjøp NOK 118.50 186.00 0.34 0.78 40.2x 18.6x 16.1x 18.4x Industrivärden INDUc Hold SEK 165.10 180.00 Investor INVEb Kjøp SEK 329.40 361.28 Jm Ab JM Hold SEK 230.80 245.00 15.99 17.22 15.0x 13.4x 10.6x 8.8x Klövern KLOVb Kjøp SEK 8.70 10.00 1.30 0.64 17.4x 14.4x 19.6x 17.8x KNOT Offshore Partners KNOP Kjøp USD 16.20 31.30 1.64 1.85 9.9x 8.7x 8.2x 13.6x Kone KNEBV Selg EUR 37.27 35.00 1.76 1.87 21.1x 20.0x 13.7x 13.3x Konecranes KCR1V Kjøp EUR 32.04 40.00 1.34 1.87 20.6x 16.9x 10.5x 12.0x Kongsberg Gruppen KOG Kjøp NOK 135.00 167.53 8.96 10.15 15.1x 13.3x 7.4x 8.2x Kungsleden KLED Kjøp SEK 62.00 72.00 7.24 4.75 16.0x 13.6x 17.8x 16.7x Kværner KVAER Hold NOK 4.32 4.80 0.88 0.40 6.5x 10.7x 0.5x 0.0x Lerøy LSG Kjøp NOK 289.00 300.00 14.19 31.63 13.4x 9.1x 8.2x 6.4x Lundbeck LUN Selg DKK 166.50 135.00-4.27-3.88-39.0x -42.9x 72.9x -54.2x Lundin Petroleum LUPE Kjøp SEK 113.30 140.00-0.61 0.58-21.9x 22.9x 35.0x 12.4x Marine Harvest MHG Kjøp NOK 102.00 105.00 4.06 8.30 18.2x 12.3x 10.9x 9.3x Meda MEDA Kjøp SEK 138.90 160.00 4.16 6.55 29.6x 21.2x 11.7x 17.4x Metso MEO1V Kjøp EUR 24.59 29.00 3.18 1.61 12.2x 15.2x 8.6x 9.1x MTG MTGb Kjøp SEK 229.50 310.00 13.00 16.90 15.9x 14.1x 10.3x 10.5x Navig8 Product Tankers EIGHT Kjøp NOK 73.00 112.00 0.01 0.78 848.0x 11.4x 99.2x 11.8x Ncc NCC Selg SEK 255.50 250.00 17.67 18.48 14.5x 13.8x 9.9x 11.5x Nibe Industrier NIBEB Selg SEK 258.40 210.00 10.84 11.39 23.8x 22.7x 15.7x 18.7x Noble NE Selg USD 12.20 9.00 2.77 1.47 4.4x 8.3x 4.2x 9.7x Nokian Tyres NRE1V Hold EUR 26.25 28.00 2.30 1.73 16.9x 15.2x 9.2x 10.1x Nordea NDA Kjøp SEK 104.30 123.00 0.97 0.94 11.5x 11.7x Nordic Nanovector NANO Kjøp NOK 24.80 50.00-4.96-5.30-5.0x -4.7x -1.7x -2.4x Norsk Hydro NHY Kjøp NOK 29.59 37.00 1.94 3.12 11.5x 9.5x 4.6x 6.0x North Energy NORTH Hold NOK 1.24 2.00-0.70-1.18 0.0x -0.4x Northern Offshore NOF Selg NOK 7.55 3.00 0.01-0.02 177.1x -47.8x 4.6x -315.3x Norw ay Royal Salmon NRS Kjøp NOK 71.00 75.00 2.19 6.91 16.2x 10.3x 10.7x 8.2x Norw egian Air Shuttle NAS Kjøp NOK 365.90 400.00 15.20 39.79 24.1x 9.2x 13.5x 13.2x Norw egian Cruise Line NCLH Selg USD 59.40 55.00 2.46 3.58 20.9x 16.6x 16.2x 18.0x Norw egian Property NPRO Kjøp NOK 10.00 11.50 0.84 0.48 31.3x 21.0x 21.9x 19.5x Novo Nordisk NVO Kjøp DKK 391.90 450.00 13.00 15.95 29.6x 23.5x 19.6x 18.7x Novozymes NZYMB Selg DKK 305.20 280.00 9.09 9.93 34.0x 31.0x 19.3x 21.9x NRC Group NRC Kjøp NOK 32.50 34.00 0.94 2.18 34.4x 14.9x 10.2x 10.0x Ocean Rig ORIG Hold USD 3.37 4.00 2.18 1.03 1.5x 3.3x 4.0x 8.5x Ocean Yield OCY Kjøp NOK 66.75 78.00 0.82 1.03 9.9x 7.9x 8.8x 14.7x Odfjell ODF Kjøp NOK 22.60 35.00-0.36 0.59-7.7x 4.7x 7.1x 12.1x Odfjell Drilling ODL Hold NOK 5.59 6.00 0.31 0.05 2.2x 13.5x 5.6x 24.2x Olav Thon OLT Kjøp NOK 145.00 195.00 11.84 10.58 15.2x 14.0x 15.3x 14.5x Opera OPERA Kjøp NOK 54.20 92.00-0.21 0.29 16.7x 11.2x 11.7x 12.4x Oriflame ORI Hold SEK 132.70 155.00 1.23 1.51 11.4x 9.3x 6.3x 6.1x Orkla ORK Hold NOK 63.75 68.00 3.60 3.18 17.7x 20.0x 16.6x 18.5x Outotec OTE1V Kjøp EUR 5.70 7.00 0.16 0.35 21.1x 16.4x 9.5x 12.0x Pacific Drilling PACD Selg USD 2.11 2.00 0.99-0.52 2.1x -4.1x 5.2x 43.1x Peab PEAB Kjøp SEK 66.40 79.00 4.82 6.04 13.8x 11.0x 10.5x 7.6x PGS PGS Selg NOK 36.35 32.00-0.48-0.10-31.3x -43.3x 3.9x 60.6x Polarcus PLCS Selg NOK 0.21 0.10-0.13-0.13-0.2x -0.2x 5.7x -11.6x Prosafe PRS Selg NOK 22.20 18.00 0.56 0.62 4.8x 4.4x 6.9x 9.8x Prospector Offshore Drilling PROS Hold NOK 13.80 14.50 0.17 0.13 9.9x 12.8x 10.0x 15.7x Q-Free QFR Kjøp NOK 12.00 17.00 0.04 0.87 336.1x 13.7x 6.7x 7.9x RenoNorden RENO Kjøp NOK 41.00 60.00 3.60 3.64 11.4x 11.3x 7.2x 12.0x Rezidor REZT Kjøp SEK 36.40 38.00 0.18 0.37 21.1x 10.5x 6.9x 6.7x Row an RDC Hold USD 16.62 18.00 3.39 2.81 4.9x 5.9x 4.4x 7.4x Royal Caribbean Cruises RCL Selg NOK 735.50 680.00 4.42 5.75 20.3x 15.6x 13.3x 17.9x Safe Bulkers SB Hold USD 3.22 3.60-0.29 0.02-11.1x 153.3x 16.6x 24.5x Saipem SPM Selg EUR 7.72 5.80-1.77 0.54-4.4x 14.3x 16.5x 13.7x SalMar SALM Kjøp NOK 133.00 145.00 10.24 14.55 12.5x 9.1x 8.4x 6.7x Sampo Oyj SAMAS Hold EUR 46.20 46.00 3.04 2.89 15.2x 16.0x 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 2015 2016 2015 2016 2015 2016 Sandvik SAND Kjøp SEK 90.25 120.00 4.34 6.42 16.6x 14.1x 9.1x 10.9x SCA SCAB Hold SEK 244.10 230.00 11.25 12.23 21.1x 20.0x 10.8x 14.4x Scandi Standard SCST Hold SEK 48.00 57.00 3.27 4.56 14.7x 10.5x 8.4x 9.4x Schibsted SCHA Selg NOK 275.60 178.00 4.64 3.86 88.3x 71.3x 29.5x 33.8x Scorpio Tankers STNG Kjøp USD 10.32 12.00 1.19 0.75 8.8x 13.7x 9.0x 16.5x Seadrill SDRL Selg NOK 63.90 45.00 2.38 1.26 3.3x 6.2x 6.3x 15.7x SEB SEB Hold SEK 103.60 110.00 7.77 8.24 12.5x 12.6x Selvaag Bolig SBO Kjøp NOK 27.00 36.00 3.12 3.22 8.2x 8.3x 8.2x 7.6x Sevan Marine SEVAN Hold NOK 16.90 17.40-0.91 0.00-2.3x 713.4x -7.0x -154.7x Siem Offshore (Restricted) SIOFF Selg NOK 1.77 1.80-0.01-0.03 13.2x -6.3x 7.9x 42.4x Skanska SKA Kjøp SEK 181.50 210.00 10.95 12.09 24.0x 18.7x 16.9x 13.1x SKF SKFB Hold SEK 170.10 187.00 11.77 13.91 12.2x 12.2x 8.9x 10.2x Solstad Offshore SOFF Selg NOK 29.70 25.00 3.14 6.24 2.6x 4.8x 7.6x 17.1x Songa Offshore SONG Selg NOK 1.15 0.50 0.03 0.06 4.3x 2.2x 11.0x 12.1x Sparebank1 Nord-Norge NONG Kjøp NOK 40.00 50.00 4.92 4.83 8.1x 8.3x Sparebank1 SMN MING Kjøp NOK 60.75 75.00 8.03 7.97 7.6x 7.6x Sparebank1 SR-Bank SRBANK Kjøp NOK 48.40 65.00 6.96 6.83 7.0x 7.1x Sparebanken Møre MORG Kjøp NOK 226.00 260.00 26.52 25.73 8.5x 8.8x Sparebanken Øst SPOG Kjøp NOK 55.00 65.00 5.46 5.06 11.3x 10.9x Sponda SDA1V Kjøp EUR 3.94 4.60 0.36 0.37 13.9x 12.6x 18.9x 18.2x Statoil STL Hold NOK 131.50 140.00-4.69 9.19 15.6x 13.3x Stolt-Nielsen SNI Kjøp NOK 129.00 199.00 2.54 0.00 7.3x 8.4x 5.9x 11.2x Subsea 7 SUBC Selg NOK 67.00 56.00 1.11 0.25 7.3x 33.2x 3.4x 24.5x Svenska Handelsbanken SHB Selg SEK 129.60 119.00 8.31 8.59 15.6x 15.1x Sw edbank SWEDA Hold SEK 198.70 211.00 14.99 16.05 13.0x 12.4x Sw edish Match SWMA Kjøp SEK 258.90 290.00 15.10 15.92 17.0x 16.3x 12.3x 12.3x Tanker Investments TIL Kjøp NOK 104.00 154.00 2.24 2.99 5.6x 4.2x 6.7x 6.6x Technip TECF Selg EUR 48.45 43.00 0.90 4.16 10.1x 11.1x 3.4x 5.6x Teekay Tankers TNK Kjøp USD 6.76 10.00 1.39 1.73 5.0x 3.9x 7.2x 6.3x Telenor TEL Kjøp NOK 168.60 199.00 10.83 12.49 15.5x 13.5x 7.6x 10.6x TeliaSonera TLSN Hold SEK 50.05 51.00 4.27 4.39 11.7x 11.4x 5.8x 8.2x TGS Nopec TGS Selg NOK 161.70 135.00 1.22 1.31 16.2x 15.0x 3.4x 9.3x Thule Group THULE Hold SEK 103.00 110.00 5.98 6.85 17.2x 15.0x 13.6x 12.3x Tomra TOM Hold NOK 73.00 80.00 3.71 4.82 19.6x 15.2x 10.8x 11.4x Topdanmark TOP Kjøp DKK 187.10 210.00 11.25 13.26 16.6x 14.1x Transocean RIG Selg USD 13.74 8.00 1.25 1.35 11.0x 10.1x 3.0x 12.8x Trelleborg TRELB Kjøp SEK 151.90 185.00 9.23 10.41 15.4x 14.6x 12.0x 11.5x Tribona TRI Kjøp SEK 37.40 46.00 3.08 3.09 15.2x 12.1x 16.6x 14.7x Tryg TRYG Hold DKK 134.00 150.00 7.56 8.46 17.7x 15.8x Tsakos Energy Navigation TNP Kjøp USD 7.99 12.40 1.69 1.78 4.7x 4.5x 5.7x 9.2x Valmet VALMT Kjøp EUR 10.27 13.00 0.69 0.91 13.8x 11.3x 6.1x 7.9x Vardia VARDIA NOK 1.13-0.33 1.52-3.4x 0.7x Veidekke VEI Kjøp NOK 92.00 108.00 6.31 7.80 14.8x 11.8x 7.8x 7.3x Vitrolife VITR Kjøp SEK 173.50 215.00 6.54 7.00 26.5x 24.8x 15.8x 17.3x Volvo VOLVB Kjøp SEK 100.30 132.00 8.13 8.65 14.2x 11.6x 5.6x 8.5x Weifa WEIFA Kjøp NOK 0.76 0.95 0.04 0.04 21.4x 17.9x 15.6x 14.8x Wihlborgs WIHL Kjøp SEK 160.00 165.00 17.26 10.01 17.1x 16.0x 20.6x 19.6x Wilh. Wilhelmsen ASA WWASA Kjøp NOK 45.00 69.00 1.08 1.13 5.7x 4.8x 6.1x 8.1x Wilh. Wilhelmsen Holding WWI Kjøp NOK 169.00 301.00 5.14 5.06 4.6x 4.1x 4.0x 4.9x William Demant Holding WDH Hold DKK 556.00 550.00 28.14 33.60 19.8x 16.5x 12.0x 11.7x Wärtsilä WRT1V Hold EUR 40.38 43.00 2.37 2.69 16.3x 15.0x 11.0x 11.0x XXL XXL Kjøp NOK 86.00 100.00 3.09 4.20 27.8x 20.5x 17.8x 15.2x Yara YAR Selg NOK 381.00 350.00 30.51 31.96 10.0x 11.9x 5.4x 8.5x YIT YIT Selg EUR 5.39 5.00 0.47 0.52 11.5x 10.5x 10.3x 10.8x Kilde: DNB Markets, FactSet, Bloomberg 9

DNB Markets DNB anbefalinger og estimater DISCLAIMER Denne rapport er utarbeidet av DNB Markets, et forretningsområde i DNB Bank ASA. Rapporten baserer seg på kilder som vurderes som pålitelige, men DNB Markets garanterer ikke at informasjonen er presis eller fullstendig. Uttalelser i rapporten reflekterer DNB Markets oppfatning på det tidspunkt rapporten ble utarbeidet, og DNB Markets forbeholder seg retten til å endre oppfatning uten varsel. Rapporten skal ikke oppfattes som et tilbud om å kjøpe eller selge finansielle instrumenter eller som en anbefaling om investeringsstrategi. DNB Markets påtar seg ikke noe ansvar, verken for direkte eller indirekte tap, som følge av at rapporten legges til grunn for investeringsbeslutninger. Regler om konfidensialitet og informasjonshåndtering i DNB Bank og DNB Markets begrenser utveksling av informasjon mellom ulike enheter i DNB Markets og mellom DNB Markets og enheter i DNB-konsernet. 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