TILLITSSVIKT, OLJEFALL, LEDIGHET, UTLÅNSVEKST DETNOR, STL & LUPE

ANALYSE Aksjemarkedet i dag TILLITSSVIKT, OLJEFALL, LEDIGHET, UTLÅNSVEKST DETNOR, STL & LUPE Etter to forsøk på å treffe riktig med kjøp i helse-, teknologi- og forbrukersektorene tidligere denne uken foretrakk investorene i det amerikanske aksjemarkedet i går heller å ta ned risikoen. Fra råvaresektorene var det begrenset med drahjelp å få og dermed skled indeksene ned gjennom hele dagen. Dow endte ned 2.2%, S&P500 var ned 2.5% og Nasdaq stengte ned 3.4%. Volumet på de tre hovedindeksene kom inn på 126-135% av gjennomsnittet for de siste tre måneder. Dem amerikanske ISM indeksen for industrien, lagt frem 4. januar, lå for desember under terskelverdien på 50 indekspunkter og gårsdagens nedgang i aksjemarkedet reflekterer til en viss grad stigende bekymring for at etterspørselsimpulsene også fra husholdningene kan svekke seg mens sentralbanken er i ferd med å sette opp rentene. Dagens utvikling i Asia følger i hovedsak mønsteret fra USA, men med et unntak for en dempet oppgang så langt i Kina. Nikkei stenger ned 2.7%, mens de kinesiske indeksene i øyeblikket er opp 1-2%. I Norge får vi i dag Norges Banks kvartalsoversikt for utlånsveksten i banksektoren, mens fokus i Europa blant annet vil være rettet mot rentemøtet i den engelske sentralbanken. Det er ikke ventet noen renteendring. Fra USA får vi etter hvert de ukentlige arbeidsmarkedstallene. JP Morgan innleder ukens kvartalsrapportering fra de større amerikanske bankene og senere i kveld kommer det også kvartalstall fra Intel. Konkurrenten TSMC, på Taiwan, har lagt frem sin kvartalsrapport etter stengetid i det lokale markedet i dag og tallene ser i første omgang ut til å ligge over konsensusforventningene. I oljemarkedet stengte WTI-prisen i går ned USD 0.10 pr fat og endte på USD 30.47 pr fat. Prisen er i morgentimene i dag på USD 30.87 pr fat. Brent åpner på USD 30.32 pr fat, ned USD 1.24 pr fat i forhold til nivået ved stengetid i det norske markedet i går. Igjen viste de ukentlige amerikanske lagertallene betydelig større vekst i produktlagrene enn forventet. I markedet stiger også forventningene om at iranske sanksjonene kan bli opphevet allerede rett over helgen. Det norske oljeselskap avholder mandag en kapitalmarkedsdag. Vi venter at selskapet benytter anledningen til å presentere guidingen for 2016. Selskapet er blant aktørene i sektoren med høyest eksponering mot oljeprisen og så langt i år er kursen ned 21%. Ved en oljepris på USD 30 pr fat vil selskapet på våre estimater komme i brudd med lånebetingelsene i løpet av Q1 2017, mens de ved USD 40 pr fat både vil være fullt finansiert og innenfor lånebetingelsene. Med utgangspunkt i et estimat for oljeprisen på USD 55 pr fat verdsettes aksjen i markedet på P/E 9x for 2016 og vi har en kjøpsanbefaling med et kursmål på NOK 60 pr aksje. Kursen stengte i går på NOK 43.80 pr aksje. Vi venter at meldingen om Statoils kjøp av 11.93% i Lundin Petroleum også vil kunne påvirke retningen i Det norske oljeselskap ved åpning i dag. Vi har en kjøpsanbefaling på Statoil med et kursmål på NOK 150 pr aksje og en Holdanbefaling på Lundin med et kursmål på SEK 135 pr aksje. Statoil stengte i går på NOK 104.70 pr aksje, mens Lundin stengte på SEK 96.50 pr aksje. Selskap Tidspunkt Konsensus JP Morgan Før markedet 1.28 Intel Etter markedet 0.63 Våre anbefalte aksjer: - BAKKA - AUSS - XXL - OCY - STB - VEI - BWLPG - HLNG - NAS YTD DNB: -5% YTD OSE: -7% Internasjonale børser Siste Endr. % Dow Jones 16,151-365 -2.21 S&P 500 1,890-48 -2.50 NASDAQ 4,526-160 -3.41 Nikkei 225 16,981-734 -4.14 Euro 500 233 1 0.47 Danmark-KFX 966-3 -0.29 Finland-HEX 8,413 50 0.60 Norge-OSEBX 557 2 0.41 Sverige-SAX 474 2 0.38 Valuta/råvarer Siste I går Endr. % EUR/USD 1.089 1.088 0.14 USD/JPY 117.4 117.7 0.22 USD/NOK 8.830 8.819-0.12 EUR/NOK 9.618 9.593-0.26 Siste Endr. Endr. % CRB indeks 162-1.85-1.12 Brent sp. ($/bbl) 28.1-0.56-1.95 Brent 1m ($/bbl) 30.1-0.81-2.62 Alum. 3m ($/ton) 1,462.0 2.00 0.14 US Nat.gass 2.3-0.22-8.85 Renter Siste I går Endr. USA 10år 2.066 2.103-0.04 Tyskl. 10år 0.567 0.541 0.03 Norge 10år 1.384 1.363 0.02 USA 3m 0.624 0.621 0.00 Euro 3m -0.144-0.143 0.00 Norge 3m 1.160 1.110 0.05 DNB Markets følger markedet konstant og nå kan du følge oss på Twitter. Slik gjør vi Land Nøkkeltall det enda lettere for deg å forstå hva som Sverige KPI 09.30 0.1% skjer. Sjekk oss ut på Tyskland BNP 2015 10.00 1.7% twitter.com/dnbmarkets Norge Bankens utlånsvekst 10.00 - UK BOE Rentemøte 13.00 0.5% (-) USA Førstegangssøkende 14.30 275k USA Registrerte ledige 14.30 2210k 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 16,151-364.81-2.21-7.01-7.31 14.24 S&P 500 1,890-48.40-2.50-6.51-7.52 16.89 Nasdaq Composite 4,526-159.86-3.41-8.61-9.61 28.27 Russel 2000 1,010-34.51-3.30-9.47-11.07 35.49 Amex naturgass-indeks (XNG) 381-7.21-1.86-9.55-12.40 25.18 Amex Oil Service Indeks 135-3.90-2.80-16.01-14.21 13.23 Philadelphia-børsens oljeproduksjon-indeks (XOI) 937-25.58-2.66-12.13-12.64 30.02 Amex farmasi-indeks (DRG) 503-11.29-2.20-5.20-7.16 20.10 Nasdaq biotech-indeks 2,933-164.30-5.30-12.60-17.15 617.54 Philadelphia-børsens halvleder-indeks (SOX) 589-19.08-3.14-10.21-11.15 18.50 S&P 500 Paper & Forest Index ( PAFO) 159-3.96-2.44-2.05 0.00 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 2.16-0.17 3,844,049 19.07 19.96-0.89 Royal Caribbean Cruises 89.04-4.56 3,597,588 786.21 826.00-39.79 Questerre (CAD) 0.14-0.03 61,200 0.86 0.98-0.12 Statoil 11.56-0.39 8,661,577 102.07 104.70-2.63 Yara 39.70 0.65 24,474 350.54 358.30-7.76 Sverige AstraZeneca 31.45-0.25 3,527,915 536.02 545.00-8.98 Finland (EUR) Nokia 7.28-0.14 15,172,866 Danmark Novo Nordisk B 54.13-0.40 830,941 370.89 380.00-9.11 RÅVARER & SHIPPING Siste I går Endr. %1D 1W 1M 3M YTD 12M 52W H 52W L CRB indeks 162.4 162.4 0.3 0.20-7 -11.9-37.4-13.8-60.9 233.5 161.4 GS råvare indeks 1,955 1,955-7.4-0.4% - 104-220 -688-215 -1,030 3,392 1,948 Oil Brent Spot 28.12 28.35-0.23-0.81-4 -9.04-19.71-7.63-19.51 Brent olje 1m 30.05 30.31-0.26-0.86-4 -7.87-19.10-7.23-18.64 69.63 29.73 Brent olje 3m 30.85 31.14-0.29-0.93-4 -7.96-19.56-7.68-20.26 70.92 30.57 WTI olje 1m 30.53 30.48 0.05 0.13-3 -5.78-16.11-6.51-17.95 62.58 29.93 Flybensin 307.50 307.50-1.50-0.49-32 -58.75-166.00-48.50-196.75 Naturgass US Henry Hub 2.30 2.30-0.08-3.37-0 0.53-0.13-0.01-0.59 Fyringsolje 96.4 96.9-0.6-0.6-10 - 16-51.9-13.7-69.1 235.1 95.9 Metals Aluminium 3m 1,462 1,462 12 0.8-13 -20-132 -45-330 1,978 1,433 Nikkel 8,390 8,390 150 1.8-220 -305-2,085-430 -6,260 15,505 8,100 Kopper 4,392 4,392 40 0.9-228 -311-881 -313-1,468 6,481 4,350 Gull 1,094 1,094 1 0.1-15 35-90 33-134 1,308 1,046 Shipping WS AG - Japan, 250 dwt 68 0-5 -7-43 -18-18 -20 0 WS AG - USG, 250 dwt 45 45-3 -5-20 -8-5 -8 5 Containerships index 0 0 0.0 0.0% - 0 0 0 0 0 Baltic dry index 394 394-8.0-1.99-73 -114-393 -84-363 1,222 0 394 RENTER & VALUTA Renter Siste I går Endr. 1W 1M 3M YTD 12M Norge - Nibor 3m 1.160 1.160 0.030 0.04 0.05 0.04 0.03-0.26 USA - Libor 3m 0.624 0.622 0.002 0.01 0.11 0.30 0.01 0.37 Euro - Euribor 3m -0.144-0.144 0.000-0.008-0.016-0.095-0.013-0.215 Norge 10 år stat 1.384 1.384-0.007 0.02-0.10-0.23-0.09-0.03 USA 10 år stat 2.066 2.093-0.026-0.08-0.16 0.09-0.20 0.21 Euro 10 år stat 0.501 0.501-0.032-0.00-0.04-0.09-0.13 0.02 Tyskland 10 år stat 0.567 0.567 0.034 0.06 0.03-0.02-0.06 0.09 Japan 10 år stat 0.204 0.200 0.004-0.04-0.10-0.11-0.06-0.06 UK 10 år stat 1.741 1.741-0.006-0.05-0.07-0.09-0.22 0.16 Valuta Siste I går Endr. 1W 1M 3M YTD 12M 52W H 52W L EUR/USD 1.089 1.088 0.002-0.004-0.010-0.058 0.004-0.090 1.179 1.046 USD/JPY 117.4 117.7-0.260-0.3-3.6-1.4-2.6 0.1 125.9 115.9 GBP/USD 1.440 1.441-0.001-0.022-0.074-0.108-0.034-0.083 1.594 1.435 USD/NOK 8.830 8.819 0.011-0.054 0.177 0.748-0.016 1.209 9.017 7.290 EUR/NOK 9.618 9.593 0.025-0.093 0.089 0.345 0.011 0.633 9.748 8.313 GBP/NOK 12.715 12.705 0.010-0.274-0.391 0.207-0.318 1.104 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 Legemiddelindustri og biotekno 0.6% 0.0% 0.6% 1.4% -5.5% 16.3 Kommersielle tjenester og leveranser 1.6% -1.6% -0.9% 6.5% -5.7% 15.9 Kraft -0.2% 4.4% -0.7% -10.4% 0.0% 15.0 Energi 1.5% -5.6% -18.6% -15.8% -10.1% 13.5 Husholdningsartikler -0.9% -2.5% 2.0% -10.5% -4.1% 20.7 Husholdningsvarer og personlige produ 1.1% 0.0% 0.2% 14.0% -4.3% 20.8 Diversifiserte telekomtjenester -1.2% -1.5% 0.3% -5.1% -3.8% 11.8 Mat- og apotekhandel 1.0% 3.3% -2.9% -0.1% -0.4% 17.0 Drikkevarer -1.2% -1.8% 0.7% 3.4% -3.1% 21.2 Forsikring 1.0% -1.4% 3.2% 6.6% -5.8% 10.7 Forsikring -1.5% -6.1% -4.0% -2.4% -8.1% 10.3 Forsyningsselskaper 0.8% 1.2% -1.6% -1.2% -2.8% 14.2 Industrielle konglomerater -1.6% -7.9% -0.3% 8.8% -8.8% 18.3 Drikkevarer, mat og tobakk 0.6% -0.2% 0.9% 12.4% -3.3% 20.1 Maskiner -1.7% -8.1% -9.7% -20.9% -8.2% 14.3 Kapitalvarer 0.5% -2.4% -1.4% 1.3% -5.2% 15.2 Olje og gass -1.7% -9.3% -19.4% -26.9% -9.9% 29.2 Telekommunikasjon og tjenester 0.5% 1.9% 4.9% 4.7% -2.9% 19.4 Metall -1.7% -17.9% -33.5% -46.9% -20.5% 16.7 Materialer 0.4% -4.4% -12.0% -16.8% -8.9% 15.6 Elektronisk utstyr og instrumen -1.8% -7.4% -4.6% -15.8% -8.5% 14.3 Eiendomsselskaper 0.4% -0.7% -5.2% 1.9% -4.5% 20.3 Bygg og anlegg -2.0% -8.0% -15.0% -20.2% -10.5% 11.5 Banker 0.3% -2.7% -10.8% -6.6% -7.4% 9.5 Helseartikler -2.0% -4.8% 1.3% -1.9% -5.8% 17.5 Teknologisk utstyr 0.3% 6.0% 5.6% -0.9% -1.9% 16.2 Farmasi -2.1% -5.8% -0.3% -6.1% -6.6% 15.4 Detaljhandel 0.1% -5.4% -7.1% 1.9% -7.0% 19.6 Kommunikasjonsutstyr -2.2% -5.0% -14.2% -19.7% -8.2% 11.3 Hotell-, underholdnings- og restaurantv -0.1% 0.0% 4.7% 6.9% -4.2% 18.2 Energi og relatert utstyr -2.3% -12.1% -19.8% -24.3% -10.9% 27.6 Media -0.2% 0.9% -5.4% 3.2% -4.3% 17.5 Elektrisk utstyr -2.3% -6.1% -8.6% -21.3% -9.1% 13.6 Helsevern - utstyr og tjenester -0.3% 0.8% 6.4% 14.4% -4.8% 21.9 Matvarer -2.3% -3.0% -2.7% 5.1% -5.3% 19.1 Finansieringsselskaper -0.3% -1.7% -7.4% 6.1% -8.9% 11.7 Kjemikalier -2.3% -10.0% -8.4% -14.3% -10.5% 14.0 Transport -0.4% -2.2% -6.6% 0.1% -6.1% 13.4 Media -2.4% -4.8% -6.7% -5.8% -3.9% 15.2 Forbruksvarer og klær -0.4% -2.2% -10.0% 1.9% -5.9% 15.7 Papir- og skogprodukter -2.4% -2.0% -12.6% -31.1% 0.0% n.a. Programvare og tjenester -0.5% 3.1% 10.5% 27.0% -1.8% 18.5 Hotell og restaurant -2.5% -3.8% -0.8% 9.7% -5.2% 21.2 Biler og komponenter -1.2% -4.7% -0.5% -2.6% -10.7% 8.5 Datamaskiner og tilbehør -2.6% -12.8% -13.3% -16.7% -8.1% 10.0 Programvare -2.7% -6.8% 3.8% 5.8% -7.1% 19.4 Bank -3.2% -9.6% -5.2% -3.7% -11.1% 9.9 Fritidsutstyr -3.2% -2.1% 4.3% 8.2% -1.1% 18.1 Internett programvare og -tjenes -3.6% -7.3% 3.6% 27.4% -8.2% 23.3 Bioteknologi -4.7% -8.7% -4.0% -10.1% -12.4% 12.5 Luftfart -4.8% -9.3% -8.0% -10.1% -9.6% 7.1 Bildeler -5.5% -13.7% -17.3% -14.0% -16.1% 9.6 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 EXXON MOBIL CORP 75.65 0.6 % -0.5 % -15.7 % KEURIG GREEN MOU 90.11-0.3 % 0.9 % -30.4 % SOUTHWESTERN 6.46 8.8 % 21.2 % -71.9 % COCA-COLA CO/THE 41.85-0.6 % -1.4 % -1.7 % C.H. ROBINSON WOR 62.69-0.5 % 1.6 % -14.1 % CHIPOTLE MEXICA 428.28 5.9 % -23.3 % -39.7 % PROCTER & GAMBLE CO/T 75.85-0.9 % -3.1 % -15.7 % QUALCOMM INC 46.1-0.9 % -1.6 % -36.2 % RANGE RESOURC 23.91 2.8 % 9.4 % -50.1 % CHEVRON CORP 81.33-1.0 % -9.0 % -21.7 % HENRY SCHEIN INC 144.67-1.2 % -5.9 % 4.0 % NEWMONT MININ 17.48 2.8 % -4.7 % -11.5 % CATERPILLAR INC 60.89-1.2 % -7.9 % -29.3 % LIBERTY GLOBAL PL 39.53-1.4 % 5.3 % #VALUE! METLIFE INC 42.91 2.2 % -7.6 % -12.3 % JOHNSON & JOHNSON 97.02-1.2 % -5.0 % -6.7 % CERNER CORP 58.33-1.4 % -2.7 % -9.8 % EOG RESOURCES 64.17 2.0 % -16.5 % -26.9 % INTL BUSINESS MACHINES 131.17-1.3 % -3.5 % -15.8 % KLA-TENCOR CORP 64.78-1.5 % -4.2 % -1.2 % CONSOLIDATED E 66.68 1.8 % 7.5 % -1.2 % GENERAL ELECTRIC CO 28.24-1.4 % -6.7 % 18.8 % STAPLES INC 9.3-1.5 % -1.1 % -46.3 % F5 NETWORKS IN 94 1.5 % -2.4 % -25.2 % 3M CO 138.72-1.5 % -12.0 % -13.2 % CA INC 26.35-1.6 % -5.0 % -15.2 % SEMPRA ENERGY 90.24 1.5 % -1.8 % -19.0 % VERIZON COMMUNICATION 44.15-1.7 % -2.9 % -6.0 % LINEAR TECHNOLOG 38.89-1.6 % -10.7 % -14.8 % CABOT OIL & GAS 15.7 1.4 % 0.3 % -46.8 % TRAVELERS COS INC/THE 106.06-1.8 % -4.5 % 2.2 % SEAGATE TECHNOLO 31.07-1.6 % -7.7 % -51.9 % ASSURANT INC 78.45 0.8 % -3.7 % 19.7 % UNITED TECHNOLOGIES CO 88.83-1.8 % -4.5 % -21.7 % FASTENAL CO 38.77-1.7 % -2.8 % -13.7 % PIONEER NATURA 114.2 0.8 % -19.1 % -19.7 % NIKE INC -CL B 58.78-1.9 % -8.1 % 25.5 % ADOBE SYSTEMS IN 88.3-1.7 % -5.3 % 26.2 % DTE ENERGY CO 80.25 0.8 % 2.3 % -9.0 % MCDONALD'S CORP 115.12-2.0 % -1.0 % 25.8 % LIBERTY GLOBAL PL 37.1-1.7 % 3.4 % #VALUE! ADT CORP/THE 29.65 0.8 % -10.7 % -12.8 % PFIZER INC 30.37-2.0 % -5.6 % -6.5 % MERCK & CO. INC. 50.66-2.1 % -3.0 % -19.1 % Bunn siste 1 dag 1 mnd 1 år Bunn siste 1 dag 1 mnd 1 år MICROSOFT CORP 51.64-2.2 % -6.3 % 12.4 % INCYTE CORP 78.42-11.0 % -28.3 % 3.5 % WILLIAMS COS IN 13.61-17.7 % -46.8 % -67.2 % VISA INC-CLASS A SHARES 73.1-2.2 % -4.9 % 14.4 % BIOMARIN PHARMAC 84.12-9.7 % -10.7 % -15.0 % TESORO CORP 91.92-12.2 % -9.7 % 37.7 % INTEL CORP 31.91-2.4 % -7.4 % -12.2 % NETFLIX INC 106.56-8.6 % -11.7 % 130.1 % CHESAPEAKE EN 3.64-10.1 % -9.0 % -80.6 % AMERICAN EXPRESS CO 62.85-2.4 % -8.7 % -27.8 % AUTODESK INC 50.87-7.2 % -16.2 % -9.8 % QORVO INC 40.39-9.8 % -23.0 % -37.5 % APPLE INC 97.39-2.6 % -13.4 % -11.3 % VERTEX PHARMACE 96.37-7.0 % -16.7 % -19.9 % CONSOL ENERGY 6.05-9.7 % -10.1 % -80.5 % WAL-MART STORES INC 61.92-2.7 % 2.5 % -28.5 % EXPRESS SCRIPTS H 79.69-6.9 % -7.1 % -5.4 % BORGWARNER IN 33.84-9.5 % -15.3 % -34.6 % UNITEDHEALTH GROUP INC 109.23-2.7 % -5.7 % 5.7 % SKYWORKS SOLUTIO 62.16-6.7 % -20.8 % -13.2 % FREEPORT-MCMO 3.74-9.0 % -42.1 % -79.9 % JPMORGAN CHASE & CO 57.34-2.7 % -10.8 % 0.9 % MARRIOTT INTERNAT 60.27-6.3 % -9.3 % -21.3 % MARATHON PETR 42.28-8.9 % -11.9 % 8.9 % BOEING CO/THE 128.12-2.9 % -10.4 % -1.7 % ACTIVISION BLIZZARD 34.86-6.1 % -8.2 % 84.2 % VALERO ENERGY 65.03-8.7 % -3.7 % 45.0 % WALT DISNEY CO/THE 98.48-2.9 % -9.9 % 4.5 % AMAZON.COM INC 581.81-5.8 % -11.6 % 98.4 % NETFLIX INC 106.56-8.6 % -11.7 % 130.1 % CISCO SYSTEMS INC 24.6-3.0 % -7.1 % -11.9 % CELGENE CORP 100.67-5.8 % -8.7 % -16.9 % AUTODESK INC 50.87-7.2 % -16.2 % -9.8 % DU PONT (E.I.) DE NEMOUR 56.79-3.1 % -16.4 % -18.1 % TRIPADVISOR INC 72.94-5.7 % -13.0 % 4.6 % MARATHON OIL C 8.54-7.1 % -38.8 % -67.1 % GOLDMAN SACHS GROUP 158.99-4.1 % -9.9 % -11.8 % WYNN RESORTS LTD 52.47-5.7 % -16.4 % -64.7 % VERTEX PHARMA 96.37-7.0 % -16.7 % -19.9 % HOME DEPOT INC 121.4-4.8 % -8.0 % 18.3 % MICRON TECHNOLOG 12.06-5.2 % -11.7 % -59.9 % ST JUDE MEDICA 55.04-7.0 % -8.6 % -18.5 % 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 FTSE 100 ISF 591.6 0.6 % -1.8 % 1.6 % -6.6 % GBp 5206561 AEX-Nederland AEXT 41.49 0.3 % -2.6 % -0.7 % -0.8 % EUR 270 CAC-40 CAC 43.395 0.2 % -2.1% -1.8 % 3.5 % EUR 368327 Forsyningstjenester XLU 43.15 0.0 % -0.6 % 2.7 % -9.7 % USD 17478889 Hong Kong EWH 18.23-0.6 % -4.6 % -6.9 % -13.4 % USD 5716718 Japan EWJ 11.36-0.9 % -4.3 % -6.3 % 1.8 % USD 68212177 Emerging M arkets EEM 29.25-1.0 % -5.0 % -8.8 % -25.1% USD 71788667 Latin-America 40 ILF 19.14-1.4 % -5.9 % -12.3 % -38.9 % USD 450282 Pacific ex-japan EPP 34.52-1.6 % -5.7 % -7.9 % -21.3 % USD 733339 S&P Euro 350 IEV 37.3-1.7 % -3.4 % -6.2 % -10.0 % USD 828337 Forbruksvarer XLP 48.84-1.8 % -2.3 % -2.3 % 0.1 % USD 19407943 DJIA DIA 161.35-2.2 % -4.5 % -7.2 % -7.3 % USD 16369416 Brasil EWZ 18.58-2.3 % -6.7 % -17.0 % -48.5 % USD 16254203 Dow Jones Total market THRK 139.47-2.3 % -5.2 % -7.1% -7.3 % USD 4185 Energi XLE 53.66-2.4 % -7.8 % -11.7 % -27.3 % USD 33958440 Industri XLI 48.94-2.4 % -5.2 % -7.3 % -10.4 % USD 18966894 TecDax TDXPEX 15.66-2.5 % -5.5 % -4.5 % 17.0 % EUR 38155 S&P 500 SPY 188.83-2.5 % -5.0 % -6.9 % -6.0 % USD 221168886 Finansielle tjenester XLF 21.72-2.6 % -6.0 % -7.6 % -7.6 % USD 101969930 Teknologi USA XLK 39.73-2.7 % -4.6 % -7.9 % -1.9 % USD 21962326 S&P M idcap 400 M DY 231.6608-2.7 % -6.3 % -8.1% -10.7 % USD 6687951 DAX DAXEX 86.2-3.0 % -4.2 % -4.6 % -1.9 % EUR 33870 Oil Service OIH 22.54-3.1% -10.1% -18.7 % -30.7 % USD 9905091 Russell 2000 IWM 100.38-3.2 % -7.5 % -9.7 % -14.1% USD 70591573 Nasdaq 100 QQQ 101.9-3.4 % -5.9 % -8.7 % 0.9 % USD 69870673 Russell 2000 Growth IWO 122.61-3.7 % -8.0 % -10.9 % -12.4 % USD 1972107 Bioteknologi IBB 280.14-5.4 % -12.8 % -12.7 % -11.2 % USD 3449695 Olje / Energi Naturgass NGAS 0.0482 0.8 % -1.1 % 15.2 % -46.3 % USD 438193 Råolje CRUD 6.47875 0.7 % -11.5 % -17.4 % -47.2 % USD 1539968 WTI-olje OILW 14.285 0.1 % -11.6 % -17.5 % -44.4 % USD 2760 WTI-Oil USO 9.09-0.9 % -10.1% -18.5 % -50.2 % USD 100555701 Brent-olje OILB 15.91-1.2 % -12.8 % -19.6 % -45.4 % USD 668090 Fyringsolje HEAT 7.026-1.8 % -10.5 % -16.7 % -43.7 % USD 100530 Bensin UGAS 21.48-2.5 % -9.8 % -14.9 % -15.6 % USD 8700 M etaller Sølv SLV 13.49 2.4 % 1.0 % 3.3 % -16.4 % USD 7780925 Sink ZINC 4.417 1.1 % -3.8 % -4.4 % -29.9 % USD 49519 Nikkel NICK 8.509 0.4 % -3.5 % -5.4 % -44.1% USD 48666 Bomull COTN 2.0295 0.3 % 0.1 % -1.9 % 1.3 % USD 0 Kobber COPA 19.645 0.3 % -6.0 % -6.9 % -23.4 % USD 26780 Gull BULL 13.385 0.0 % -0.2 % 1.6 % -13.4 % USD 0 A ndre råvarer Hvete WEAT 0.94 3.4 % 4.2 % -3.1% -13.5 % USD 380415 Soyabønner SOYB 19.925 2.3 % 2.3 % 0.2 % -12.1% USD 0 Sukker SUGA 9.9213 2.1 % -0.8 % 0.4 % -13.7 % USD 54635 M ais CORN 1.0865 2.1 % 1.7 % -5.6 % -16.1% USD 0 Soyaolje SOYO 3.858 2.0 % 0.4 % -5.5 % -13.3 % USD 0 Kaffe COFF 1.293 1.0 % -3.9 % -2.7 % -44.2 % USD 56701 Svinekjøtt HOGS 0.6905-0.3 % 0.7 % 2.5 % -19.9 % USD 0 Kveg CATL 6.6163-0.3 % -2.8 % 4.8 % -15.0 % USD 0 R åvarekurver Landbruk AIGA 5.1513 2.1 % 1.4 % -2.6 % -15.8 % USD 42438 Softs (Sukker, Kakao, Bomull) AIGS 4.041 1.5 % -1.3 % -0.9 % -19.9 % USD 0 Ex-Energi AIGX 7.88125 1.2 % -0.3 % -1.5 % -18.3 % USD 0 Råvarer AIGC 7.6175 0.7 % -2.6 % -3.9 % -26.1% USD 900 Edle metaller AIGP 14.71 0.7 % 0.2 % 2.1 % -15.0 % USD 21724 Industrimetaller AIGI 8.315 0.5 % -3.8 % -4.9 % -26.9 % USD 33513 Buskap AIGL 3.075-0.3 % -1.6 % 4.0 % -16.7 % USD 0 Energi AIGE 3.063-0.4 % -8.6 % -10.5 % -42.9 % USD 293408 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 Golden Ocean BULL GOGL DNM 7.75 26.1 % -37.6 % -53.3 % -98.5 % NOK 60542 Strømpris DNB-ETN ELKRAFT BULL 3.90 21.9 % -3.8 % 38.1 % -77.8 % NOK 0 Strømpris BULL EL HA 0.44 10.0 % -15.4 % 29.4 % -86.8 % NOK 0 Orkla DNB-ETN ORKLA X3 BULL 82.03 8.6 % 0.0 % -6.5 % 116.1 % NOK 30 PGS DNB-ETN PGS BULL 1.89 5.9 % -27.7 % -47.1% -63.5 % NOK 15000 Orkla BULL ORKLA HA 135.03 5.7 % 0.1 % -4.1% 74.3 % NOK 0 Naturgasspris BEAR NATGAS ETN DNM 101.85 4.8 % 4.0 % 12.0 % 121.2 % NOK 0 Opera BULL OPERA DNM 2.09 4.5 % -16.2 % -18.5 % -94.0 % NOK 7100 Schibsted BULL SCH DNM 41.49 4.3 % -3.5 % -15.4 % 8.0 % NOK 0 RCL DNB-ETN RCL BEAR 13.49 4.1 % 5.0 % -8.4 % -59.7 % NOK 9500 Fred. Olsen Energy BULL FOE DNM 27.04 4.0 % -21.6 % -39.9 % -88.4 % NOK 500 Seadrill DNB-ETN SEADRILL BULL 2.25 3.7 % -34.9 % -57.8 % -94.1% NOK 141956 Oljeservice DNB - ETN OIL SERVICE BULL 2.33 3.1 % -23.6 % -47.1% -72.2 % NOK 0 Storebrand DNB-ETN STOREBRAND BULL 15.67 3.1 % -10.1% 4.6 % 11.7 % NOK 0 Subsea 7 DNB-ETN SUBSEA 7 BULL 2.62 2.5 % -19.3 % -41.6 % -61.4 % NOK 0 DNO BULL DNO DNM 0.64 2.4 % -31.0 % -31.7 % -92.5 % NOK 245652 TGS Nopec DNB-ETN TGS BULL 6.58 1.9 % -22.9 % -45.3 % -55.6 % NOK 0 Yara DNB-ETN YARA X3 BULL 25.07 1.9 % -10.5 % -17.5 % -36.5 % NOK 10682 Gjensidige DNB-ETN GJENSIDIGE X3 BULL 29.51 1.9 % -3.8 % -4.3 % 27.3 % NOK 0 Norwegian DNB-ETN NORWEGIAN BEAR 8.24 1.9 % 11.7 % 9.1 % -37.8 % NOK 4000 Norsk Hydro BULL NHY X3 DNM 15.60 1.8 % -26.3 % -12.2 % -72.4 % NOK 2837 OBX BULL OBX X4 DNM 13.39 1.8 % -18.5 % -25.5 % -41.6 % NOK 1000 DNB BEAR DNB NOR HA 4.48 1.8 % 8.2 % 8.0 % -14.3 % NOK 0 BW LPG BULL BWLPG DNM 27.87 1.8 % -0.2 % -18.5 % 164.2 % NOK 0 M arine Harvest Group DNB-ETN M ARINE HARVEST BULL 63.85 1.6 % 2.0 % 13.9 % 24.3 % NOK 0 Statoil DNB-ETN STATOIL X3 BEAR 5.94 1.6 % 40.8 % 43.8 % -17.3 % NOK 27100 Aker Solutions DNB-ETN AKER SOLUTIONS BULL 1.99 1.5 % -14.4 % -47.3 % -57.4 % NOK 0 Oljeservice DNB - ETN OIL SERVICE 10.37 1.4 % -12.2 % -26.2 % -42.0 % NOK 1650 OBX BULL OBX X3 HA 87.30 1.4 % -14.0 % -19.0 % -26.5 % NOK 311 OBX DNB-ETN OBX X3 BULL 20.52 1.3 % -14.1% -19.3 % -29.4 % NOK 20000 Yara DNB-ETN YARA BULL 23.47 1.3 % -6.7 % -11.3 % -20.7 % NOK 0 Norsk Hydro DNB-ETN NORSK HYDRO BULL 7.35 1.2 % -18.0 % -7.4 % -52.9 % NOK 0 Norsk Hydro BULL NHY HA 15.99 1.2 % -17.8 % -7.3 % -52.2 % NOK 0 Yara BULL YARA HA 123.05 1.2 % -6.7 % -11.4 % -20.5 % NOK 0 Statoil BEAR STL HA 16.74 1.1 % 25.8 % 27.9 % -2.7 % NOK 39000 Statoil DNB-ETN STATOIL BEAR 12.92 1.1 % 26.0 % 28.9 % -1.9 % NOK 0 OBX XACT OBX 47.67 1.0 % -3.9 % -5.9 % -6.3 % NOK 46526 OBX XACT DERIVAT BULL 80.95 0.9 % -9.2 % -12.3 % -17.2 % NOK 900377 REC BEAR REC HA 70.00 0.9 % 30.4 % 16.6 % -66.0 % NOK 8510 Gullpris DNB-ETN GULL BEAR 41.59 0.8 % -1.3 % -2.5 % 39.3 % NOK 0 REC BEAR REC DNM 12.79 0.6 % 30.3 % 16.6 % #VALUE! NOK 0 Oljepris DNB - ETN BRENT BEAR 74.43 0.5 % 21.1 % 41.1 % 101.2 % NOK 13013 OBX DNB OBX 47.06 0.4 % -4.8 % -6.3 % -6.8 % NOK 73643 Oljepris BEAR OLJE HA 102.08 0.3 % 21.6 % 42.3 % 139.1 % NOK 0 Telenor DNB-ETN TELENOR X3 BULL 55.73 0.1 % -2.2 % -12.5 % -38.7 % NOK 0 Telenor DNB-ETN TELENOR BULL 63.80 0.0 % -1.3 % -7.9 % -23.6 % NOK 0 Strømpris DNB - ETN ELKRAFT BEAR 217.48 0.0 % 19.3 % -25.0 % 179.0 % NOK 350 Aluminium BEAR ALU ETN DNM 56.23 0.0 % -0.4 % 3.7 % 68.1 % NOK 0 RCL BULL RCL HA 402.95 0.0 % -6.4 % 10.5 % 60.6 % NOK 0 Telenor DNB - ETN TELENOR BEAR 3.92-0.1% 0.6 % 5.4 % 3.8 % NOK 0 Sølvpris BULL SOLV ETN DNM 17.24-0.2 % -0.3 % 5.4 % -29.4 % NOK 0 Telenor DNB-ETN TELENOR X3 BEAR 2.53-0.2 % 0.8 % 7.2 % -2.1% NOK 25000 Kobberpris BEAR KOBBER ETN DNM 71.50-0.2 % 8.6 % 14.1 % 57.1 % NOK 0 Kobberpris BEAR KOBBER HA 56.38-0.3 % 9.9 % 14.4 % 59.8 % NOK 0 Aluminium BULL ALU HA 15.00-0.4 % -3.0 % -2.2 % -33.2 % NOK 0 OBX BEAR OBX X1 DNM 28.11-0.5 % 4.9 % 6.3 % #VALUE! NOK 180 Gullpris BULL GULL HA 60.30-0.6 % -2.3 % 4.4 % -15.5 % NOK 0 REC BULL REC HA 19.93-0.6 % -24.3 % -21.4 % -47.8 % NOK 8470 Gullpris DNB-ETN GULL 27.24-0.6 % -1.9 % 3.1 % -1.0 % NOK 0 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 REC BULL REC HA 19.93-0.6 % -24.3 % -21.4 % -47.8 % NOK 8470 Gullpris DNB-ETN GULL 27.24-0.6 % -1.9 % 3.1 % -1.0 % NOK 0 Sølvpris SOLV ETN DNM 26.27-0.7 % -0.9 % 3.8 % -7.4 % NOK 0 Gullpris BEAR GULL HA 33.45-0.7 % -1.2 % -2.3 % 39.8 % NOK 0 REC DNB-ETN REC BULL 6.74-0.7 % -25.1% -22.2 % -47.2 % NOK 43745 OBX XACT DERIVAT BEAR 99.60-0.9 % 9.6 % 12.0 % 4.8 % NOK 1109774 Aluminium BEAR ALU HA 97.48-1.0 % -0.6 % 3.7 % 67.4 % NOK 0 Sink BEAR SINK ETN DNM 59.18-1.0 % 6.0 % 8.1 % 89.8 % NOK 0 Kobberpris BULL KOBBER HA 18.30-1.0 % -12.3 % -12.1% -36.4 % NOK 0 Statoil DNB-ETN STATOIL BULL 14.87-1.1 % -21.8 % -25.9 % -33.9 % NOK 2000 Statoil BULL STL HA 33.66-1.1 % -21.9 % -25.9 % -33.6 % NOK 1000 Yara DNB-ETN YARA BEAR 5.22-1.2 % 5.5 % 9.3 % -5.6 % NOK 0 Norsk Hydro BEAR NHY HA 30.49-1.2 % 19.8 % 3.9 % 41.1 % NOK 0 Norsk Hydro DNB-ETN NORSK HYDRO BEAR 15.36-1.3 % 20.0 % 4.0 % 41.2 % NOK 0 Yara BEAR YARA HA 1.56-1.3 % 5.4 % 9.9 % -9.6 % NOK 0 CO2 CO2 ETN DNM 39.32-1.4 % -9.5 % -9.9 % 3.3 % NOK 0 OBX BEAR OBX X3 HA 4.28-1.4 % 15.1 % 18.2 % -1.2 % NOK 4500 OBX DNB-ETN OBX X3 BEAR 6.33-1.4 % 15.1 % 18.4 % 1.6 % NOK 36000 CO2 BULL CO2 ETN DNM 48.14-1.4 % -17.9 % -19.0 % -3.7 % NOK 0 Oljepris DNB - ETN BRENT 13.42-1.5 % -12.3 % -15.9 % -35.9 % NOK 55510 Sinkpris SINK ETN DNM 24.50-1.5 % -5.5 % -2.8 % -20.6 % NOK 0 Aker Solutions DNB-ETN AKER SOLUTIONS BEAR 17.75-1.6 % 13.4 % 71.7 % -28.7 % NOK 0 Statoil DNB-ETN STATOIL X3 BULL 10.22-1.6 % -31.2 % -37.4 % -54.0 % NOK 29567 M arine Harvest Group DNB-ETN M ARINE HARVEST BEAR 9.23-1.7 % -2.4 % -13.9 % -41.2 % NOK 0 Sinkpris BULL SINK ETN DNM 15.44-1.7 % -9.3 % -7.5 % -47.8 % NOK 0 DNB BULL DNBNOR HA 95.65-1.8 % -7.9 % -9.7 % -10.6 % NOK 0 OBX BEAR OBX X4 DNM 18.15-1.8 % 20.3 % 24.2 % -5.1% NOK 42650 Norsk Hydro BEAR NHY X3 DNM 10.83-1.9 % 30.7 % 4.7 % 45.0 % NOK 0 Kobberpris BULL KOBBER ETN DNM 22.92-1.9 % -6.6 % -5.0 % -11.0 % NOK 0 Gjensidige DNB-ETN GJENSIDIGE X3 BEAR 0.52-1.9 % 3.0 % 2.0 % -51.9 % NOK 0 Norwegian DNB-ETN NORWEGIAN BULL 12.23-1.9 % -11.8 % -11.6 % -24.3 % NOK 25000 Yara DNB-ETN YARA X3 BEAR 11.74-2.0 % 7.5 % 13.0 % -17.3 % NOK 8500 Aluminium ALU ETN DNM 26.41-2.0 % -2.4 % -0.2 % -11.7 % NOK 0 TGS Nopec DNB-ETN TGS BEAR 21.85-2.0 % 18.9 % 56.6 % 21.8 % NOK 0 Oljepris BULL OLJE HA 8.12-2.3 % -22.2 % -31.2 % -68.1% NOK 8400 CO2 BEAR CO2 ETN DNM 10.25-2.4 % 18.1 % 20.2 % -12.3 % NOK 0 Subsea 7 DNB-ETN SUBSEA 7 BEAR 21.80-2.4 % 21.3 % 55.1 % 0.5 % NOK 3000 Kobberpris BULL KOBBER ETN DNM 13.73-2.5 % -11.4 % -11.4 % -33.6 % NOK 0 Oljepris DNB - ETN BRENT BULL 3.48-2.5 % -22.5 % -31.4 % -69.4 % NOK 723704 Sølvpris BEAR SOLV ETN DNM 47.55-2.7 % -3.9 % -5.2 % 37.9 % NOK 0 Aluminium BULL ALU ETN DNM 18.52-2.7 % -3.1% -2.1% -33.6 % NOK 0 Oljeservice DNB - ETN OIL SERVICE BEAR 40.36-2.9 % 25.5 % 69.4 % 73.6 % NOK 0 Storebrand DNB-ETN STOREBRAND BEAR 5.56-3.1% 10.2 % -7.3 % -51.4 % NOK 0 Gullpris DNB-ETN GULL BULL 17.41-3.4 % -2.2 % 4.5 % -15.3 % NOK 0 DNO BEAR DNO DNM 69.00-3.7 % 37.8 % 26.8 % 190.8 % NOK 600 Seadrill DNB-ETN SEADRILL BEAR 117.13-3.9 % 44.8 % 100.0 % 162.6 % NOK 8561 RCL D1B-ETN RCL BULL 65.48-4.2 % -5.2 % 6.6 % 56.0 % NOK 0 Opera BEAR OPERA DNM 18.08-4.2 % 16.2 % 15.1 % 70.6 % NOK 0 Schibsted BEAR SCH DNM 4.57-4.4 % 2.5 % 14.0 % -33.8 % NOK 0 Fred. Olsen Energy BEAR FOE DNM 155.50-4.5 % 21.7 % 40.4 % 49.8 % NOK 100 Orkla BEAR ORKLA HA 5.22-5.6 % -0.8 % 2.7 % -52.5 % NOK 0 PGS DNB-ETN PGS BEAR 10.82-5.6 % 29.3 % 61.7 % -11.0 % NOK 0 Naturgasspris NATGAS ETN DNM 15.28-5.7 % -6.6 % -11.5 % -29.5 % NOK 0 Strømpris DNB-ETN ELKRAFT 3.90-5.8 % -13.5 % 5.1 % -53.5 % NOK 0 Orkla DNB-ETN ORKLA X3 BEAR 2.04-8.5 % -1.5 % 3.3 % -69.0 % NOK 0 Naturgasspris BULL NATGAS ETN DNM 6.98-9.1% -10.4 % -19.8 % -55.9 % NOK 0 Strømpris BEAR EL HA 1147.75-11.1 % 12.1 % -37.5 % 332.7 % NOK 0 DNB ANBEFALINGER OG ESTIMATER 43 95 Selg Hold Kjøp 58 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 8,010.00 12600.00 170.94 129.99 9.6x 10.0x 4.2x 6.6x AF Gruppen AFG Selg NOK 137.50 90.00 6.55 6.49 20.4x 21.2x 11.2x 12.8x Akastor AKA Hold NOK 9.45 10.90-6.99-2.78-4.2x -3.4x 16.0x -13.2x Aker AKER Kjøp NOK 152.50 181.00 3.28 5.58 50.1x 27.3x Aker Solutions AKSO Selg NOK 24.90 21.00 2.91 1.63 10.3x 15.3x 4.5x 10.1x Alfa Laval ALFA Selg SEK 146.60 135.00 9.33 8.63 16.6x 17.0x 10.4x 13.3x Archer ARCHER Selg NOK 4.56 3.00-1.57-0.71-0.4x -0.7x 9.4x -4115.9x Assa Abloy ASSAB Hold SEK 169.30 165.00 6.96 7.35 25.6x 23.0x 17.6x 17.5x Atea ATEA Hold NOK 76.00 80.00 3.69 4.91 19.9x 15.5x 8.4x 10.6x Atlas Copco ATCOA Hold SEK 193.90 215.00 11.78 11.85 17.4x 16.4x 11.0x 11.9x Atw ood Oceanics ATW Selg USD 7.80 9.00 6.69 3.23 2.2x 2.4x 3.3x 5.8x Aurora LPG AURLPG Hold NOK 54.50 73.00 2.12 1.79 3.4x 3.5x 3.9x 8.6x Austevoll Seafood AUSS Kjøp NOK 56.75 63.00 2.33 5.30 12.9x 10.7x 6.0x 5.5x Autoliv ALIV Hold SEK 969.00 1060.00 4.94 7.34 20.2x 15.1x 9.9x 9.9x Avance Gas AVANCE Hold NOK 99.75 126.00 5.62 3.93 2.3x 2.9x 3.8x 5.6x Aw ilco Drilling AWDR Hold NOK 29.80 40.00 4.81 1.27 0.7x 2.7x 0.5x 1.6x Bakkafrost BAKKA Kjøp NOK 272.50 290.00 13.60 15.41 13.2x 13.8x 8.9x 9.8x Betsson BETSB Kjøp SEK 142.40 185.00 6.75 8.46 22.9x 16.8x 19.0x 16.0x BillerudKorsnäs BILL Kjøp SEK 144.70 175.00 11.89 10.16 17.9x 14.2x 9.5x 11.8x Borregaard BRG Kjøp NOK 44.40 60.00 3.24 4.45 15.2x 10.0x 7.2x 7.1x BW LPG BWLPG Hold NOK 64.25 79.00 2.39 1.83 3.4x 4.0x 4.3x 6.7x BW Offshore BWO Selg NOK 2.14 2.00 0.04 0.00 6.8x -538.9x 5.0x 24.2x Cargotec CGC Hold EUR 31.90 33.00 2.26 2.59 14.2x 12.3x 8.9x 10.0x Carlsberg CARLB Selg DKK 558.00 530.00-30.11 27.46-20.3x 20.3x 10.2x 15.1x Castellum CAST Kjøp SEK 117.80 139.00 11.61 7.89 17.0x 15.6x 19.4x 18.9x Chr. Hansen CHR Hold DKK 415.00 439.98 1.22 1.42 36.4x 38.9x 22.5x 30.5x Citycon CTY1S Kjøp EUR 2.26 2.90 0.13 0.14 23.0x 16.3x 22.3x 18.5x Coloplast COLOB Hold DKK 536.00 560.00 4.29 18.92 25.4x 28.3x 19.4x 21.5x Com Hem COMH Selg SEK 74.40 60.00 0.58 1.29 133.2x 57.8x 10.4x 29.7x Coor Service Management COOR Kjøp SEK 36.50 45.00 1.88 1.32 13.7x 10.9x 11.4x 18.8x D/S Norden DNORD Kjøp DKK 97.60 163.00 1.86-0.14 7.9x -100.8x 4.4x 207.0x Danske Bank DANSKE Hold DKK 183.60 199.00 17.39 17.61 10.7x 10.4x Deep Sea Supply DESSC Selg NOK 1.53 1.00-0.01-0.13-40.3x -1.3x 7.0x -28.7x Det norske oljeselskap DETNOR Kjøp NOK 43.80 63.00-0.53 0.70-11.8x 7.1x 3.5x 5.8x DHT Holdings DHT Kjøp USD 6.37 12.50 1.13 1.66 7.2x 3.8x 5.6x 6.3x Diamond Offshore DO Selg USD 17.94 15.00 0.34 0.59 61.3x 30.3x 4.9x 20.3x Diana Shipping DSX Hold USD 2.49 3.00-0.82-1.28-5.3x -1.9x 24.1x -7.9x DNB DNB NOK 98.95 14.05 13.08 8.8x 7.6x DNO DNO Kjøp NOK 5.07 18.00-0.11 0.33-6.1x 1.8x 24.1x 0.5x DOF DOF Selg NOK 4.13 3.00-1.98 1.36 0.8x 5752.1x 8.7x 17.1x Dolphin Group DOLP Selg NOK 0.11 0.10-0.13-0.14-0.1x -0.1x 5.2x -7.2x Dorian LPG LPG Hold USD 9.89 12.80 0.44 3.32 24.4x 3.0x 14.6x 6.0x Eidesvik Offshore EIOF Selg NOK 9.05 7.00 4.12-1.58 0.9x -5.7x 5.1x 35.1x Electrolux ELUX Hold SEK 190.10 250.00 10.53 14.88 19.5x 12.8x 7.9x 9.6x Elekta EKTAB Kjøp SEK 64.05 85.00 2.42 3.30 26.4x 19.4x 12.6x 14.5x Ensco ESV Selg USD 11.34 9.00 4.56 2.99 3.4x 3.8x 3.9x 6.1x Entra ENTRA Hold NOK 69.50 72.00 11.30 4.35 19.7x 16.0x 18.2x 18.4x Epic Gas EPIC Kjøp NOK 20.00 25.40-0.21-0.42-11.0x -5.5x 9.2x -54.5x Euronav EURN Kjøp USD 10.77 20.40 2.26 2.31 6.1x 4.7x 5.4x 5.9x Europris EPR Selg NOK 41.90 35.00 1.51 2.33 28.4x 18.0x 14.8x 14.1x Fabege FABG Hold SEK 132.00 130.00 13.01 4.31 38.5x 30.6x 32.1x 28.7x Farstad Shipping FAR Selg NOK 13.10 10.00-25.17-13.96-2.3x -0.9x 8.5x 133.6x Flex LNG FLNG Hold NOK 10.20 11.90 0.00 0.00-59359.2x -50368.9x -68.3x -64.3x FLSmidth FLS Hold DKK 226.90 275.00 12.58 23.91 14.7x 9.5x 7.3x 7.9x Fortum FUM1V Kjøp EUR 13.51 16.90 4.91 0.70 16.4x 19.3x Fred Olsen Energy FOE Selg NOK 26.80 20.00-3.84 3.31 1.3x 0.9x 2.1x 2.5x Frontline FRO Kjøp NOK 19.96 26.00 0.31 0.43 10.1x 5.3x 8.2x 8.5x Frontline 2012 FRNT Kjøp NOK 62.50 55.00 1.37 0.92 8.7x 7.7x 12.1x 11.4x GasLog GLOG Kjøp USD 6.52 20.40 0.07 1.17 32.3x 5.6x 10.3x 12.5x Gener8 Maritime GNRT Kjøp USD 6.83 23.00 2.55 3.35 3.6x 2.0x 5.9x 5.8x Getinge GETIB Selg SEK 204.40 185.00 6.72 8.60 25.7x 18.4x 14.0x 19.4x Gjensidige Forsikring GJF Hold NOK 136.50 145.00 7.80 8.72 18.2x 15.6x GN Store Nord GN Hold DKK 128.90 135.00 5.07 7.07 24.0x 16.7x 10.7x 11.8x 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 Golar LNG GLNG Kjøp USD 14.56 68.00-1.79-0.54-119.2x -8.0x -65.9x 58.9x Golar LNG Partners GMLP Kjøp USD 11.12 16.60 2.26 2.61 4.9x 4.3x 6.5x 7.8x Golden Ocean GOGLUS Hold USD 0.64 0.90-1.52-0.67-1.2x -0.9x -92.6x -17.9x Grieg Seafood GSF Kjøp NOK 29.70 35.00-1.25 2.55-72.7x 11.6x 19.9x 9.8x Havfisk HFISK Kjøp NOK 27.50 35.00 1.84 2.65 15.3x 10.4x 7.9x 7.9x Havila Shipping HAVI Selg NOK 1.81 1.00-1.42 0.58 0.8x 3.1x 6.8x 15.8x Helgeland Sparebank HELG Kjøp NOK 55.00 75.00 7.24 8.01 8.1x 6.9x Hennes & Mauritz HMB Hold SEK 281.10 330.00 12.97 13.64 25.0x 20.6x 14.8x 14.2x Hexagon AB HEXAB Kjøp SEK 286.20 320.00 1.39 1.59 23.3x 19.5x 15.5x 16.4x Hexagon Composites HEX Kjøp NOK 19.00 21.00 0.07 1.30 102.7x 14.6x 29.0x 9.5x Hexpol HPOLB Hold SEK 78.10 90.00 4.06 4.25 22.4x 18.4x 14.2x 12.3x Hufvudstaden HUFV Hold SEK 115.00 115.00 9.96 3.95 32.1x 29.1x 27.0x 24.5x Husqvarna HUSQb Hold SEK 51.20 56.00 3.36 3.74 16.7x 13.7x 10.0x 11.5x Höegh LNG Holdings HLNG Kjøp NOK 91.50 204.00 0.20 0.46 36.0x 21.7x 13.7x 15.9x Industrivärden INDUc Hold SEK 135.00 180.00 Investor INVEb Kjøp SEK 296.00 354.00 Jm Ab JM Hold SEK 230.70 245.00 15.38 17.38 16.4x 13.3x 12.5x 9.6x Klövern KLOVb Hold SEK 9.10 10.00 1.60 0.60 18.2x 15.2x 20.3x 18.9x KNOT Offshore Partners KNOP Kjøp USD 11.74 25.20 1.33 1.76 10.1x 6.7x 7.3x 11.9x Kone KNEBV Hold EUR 38.34 38.00 2.01 1.90 19.5x 20.2x 14.1x 13.7x Konecranes KCR1V Kjøp EUR 20.90 30.00 0.76 1.51 17.3x 13.5x 8.8x 10.1x Kongsberg Gruppen KOG Kjøp NOK 138.00 167.00 7.91 9.11 18.3x 15.2x 8.9x 9.6x Kungsleden KLED Kjøp SEK 57.75 72.00 0.38 4.63 15.2x 12.5x 21.1x 18.3x Kværner KVAER Hold NOK 7.36 7.20 1.17 0.55 7.9x 13.4x 1.0x 1.1x Lerøy LSG Kjøp NOK 332.00 345.00 11.91 29.53 17.8x 11.2x 10.7x 8.1x Loomis LOOMb Kjøp SEK 253.60 310.00 14.05 15.71 18.8x 16.1x 8.5x 12.2x Lundbeck LUN Hold DKK 227.40 230.00-30.72 2.44-7.7x 93.0x -9.0x 59.9x Lundin Petroleum LUPE Hold SEK 96.50 135.00-1.42 0.50-10.3x 22.7x 30.3x 13.3x Marine Harvest MHG Kjøp NOK 117.80 135.00 3.40 8.49 22.8x 13.9x 13.3x 10.6x Meda MEDA Kjøp SEK 92.35 145.00 3.33 5.60 24.3x 16.5x 10.0x 15.5x Metso MEO1V Kjøp EUR 18.80 24.00 3.00 1.40 10.9x 13.4x 7.7x 7.9x Millicom MICsdb Kjøp SEK 440.50 635.00-1.48 2.30-38.9x 22.5x 5.9x 12.3x MTG MTGb Kjøp SEK 222.20 310.00 4.25 17.44 13.4x 13.1x 10.0x 10.2x Ncc NCC Selg SEK 248.30 245.00 15.17 16.27 17.7x 15.3x 11.4x 12.7x NetEnt NETb Hold SEK 468.50 550.00 8.99 10.61 55.0x 44.2x 36.5x 38.8x Nibe Industrier NIBEB Selg SEK 261.00 215.00 10.99 11.53 25.9x 22.6x 17.0x 18.8x Nobia NOBI Kjøp SEK 101.60 120.00 5.61 6.71 18.9x 15.2x 11.2x 10.7x Noble NE Selg USD 8.48 6.00 3.49 1.53 3.0x 5.5x 3.6x 8.1x Nokian Tyres NRE1V Kjøp EUR 29.90 35.00 1.71 1.69 20.5x 17.7x 11.8x 12.3x Nordea NDA Kjøp SEK 90.75 115.00 0.95 0.90 11.2x 10.9x Nordic Nanovector NANO Kjøp NOK 14.10 36.00-5.51-5.48-2.6x -2.6x 0.5x -0.5x Nordic Semiconductor NOD Kjøp NOK 38.50 52.00 0.15 0.20 32.8x 21.3x 18.8x 15.2x Norsk Hydro NHY Hold NOK 28.69 34.00 1.49 2.26 11.1x 12.7x 4.6x 7.6x North Energy NORTH Hold NOK 1.03 1.10-0.94-0.37 0.1x -0.6x Norw ay Royal Salmon NRS Kjøp NOK 81.25 85.00 2.44 5.55 25.4x 14.6x 16.2x 11.5x Norw egian Air Shuttle NAS Kjøp NOK 283.30 430.00 19.19 42.83 16.5x 6.6x 11.2x 11.5x Norw egian Cruise Line NCLH Selg USD 55.85 55.00 2.46 3.58 20.7x 15.6x 16.1x 17.3x Norw egian Property NPRO Kjøp NOK 8.67 11.00 0.81 0.52 28.4x 16.8x 21.4x 18.5x Novo Nordisk NVO Kjøp DKK 380.00 475.00 13.30 15.38 29.5x 23.7x 20.0x 18.6x Novozymes NZYMB Selg DKK 308.40 260.00 9.22 10.21 36.2x 30.4x 20.7x 22.3x NRC Group NRC Hold NOK 47.50 47.00 0.52 2.03 107.9x 23.4x 49.9x 16.6x Ocean Rig ORIG Selg USD 1.26 1.00 3.00 1.98 0.5x 0.6x 3.4x 6.1x Ocean Yield OCY Kjøp NOK 64.50 82.00 0.79 1.06 9.4x 6.9x 9.4x 13.7x Odfjell ODF Kjøp NOK 26.40 43.00-0.07 0.76 54.8x 3.9x 6.4x 11.9x Odfjell Drilling ODL Hold NOK 4.86 6.00-0.82 0.09-0.7x 5.9x 6.0x 22.1x Olav Thon OLT Kjøp NOK 140.00 195.00 25.70 11.50 16.3x 13.8x 14.8x 14.0x Opera OPERA Kjøp NOK 44.11 87.00-0.32 0.22 15.3x 9.3x 11.5x 12.1x Oriflame ORI Hold SEK 127.60 149.00 0.73 1.03 20.2x 13.4x 9.3x 8.3x Orkla ORK Kjøp NOK 68.25 79.00 3.46 3.47 20.2x 19.7x 16.3x 17.4x Outotec OTE1V Kjøp EUR 3.14 5.00 0.12 0.29 14.6x 10.7x 5.7x 7.7x Pacific Drilling PACD Selg USD 0.41 0.50 0.82-0.51 1.0x -0.8x 4.8x 28.7x Pandox PNDXB Hold SEK 145.00 150.00 11.07 7.25 28.2x 20.2x 22.3x 21.3x Peab PEAB Kjøp SEK 61.75 74.00 4.79 5.85 14.2x 10.6x 11.5x 7.7x PGS PGS Selg NOK 26.25 22.00-1.05-0.62-9.9x -4.8x 4.0x -27.4x Polarcus PLCS Selg NOK 1.54 1.00 4.3x -13.4x Prosafe PRS Selg NOK 15.10 14.00 0.46 0.32 5.2x 5.3x 6.8x 14.6x Q-Free QFR Kjøp NOK 9.00 17.00-0.30 0.72-32.9x 12.5x 8.3x 8.5x Recipharm RECIB Hold SEK 131.00 135.00 5.14 6.91 24.6x 19.0x 12.7x 16.2x RenoNorden RENO Kjøp NOK 38.00 60.00 3.04 3.57 11.4x 10.6x 6.8x 11.7x 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 Rezidor REZT Kjøp SEK 29.10 38.00 0.18 0.40 18.6x 7.9x 5.9x 5.1x Row an RDC Hold USD 13.49 15.00 0.62 2.88 27.6x 4.7x 4.4x 6.2x Royal Caribbean Cruises RCL Selg NOK 826.00 670.00 2.95 6.06 21.6x 15.6x 14.6x 17.9x Safe Bulkers SB Selg USD 0.40 0.30-0.48-0.62-1.7x -0.6x 18.0x -55.3x Saipem SPM Selg EUR 7.02 5.10-1.85 0.54-4.0x 13.0x 19.9x 14.5x SalMar SALM Kjøp NOK 167.00 170.00 9.90 14.41 15.9x 11.6x 10.0x 8.4x Sampo Oyj SAMAS Hold EUR 45.33 45.00 3.00 2.90 15.7x 15.7x Sandvik SAND Kjøp SEK 69.90 90.00 4.09 5.43 14.4x 12.9x 7.9x 9.9x SCA SCAB Hold SEK 232.80 235.00 9.13 12.82 20.2x 18.0x 10.8x 13.7x Scandi Standard SCST Kjøp SEK 54.00 58.00 2.95 4.12 18.1x 13.1x 9.4x 11.4x Schibsted SCHA Selg NOK 269.80 180.00 8.31 3.66 87.8x 73.6x 28.5x 31.7x Scorpio Tankers STNG Kjøp USD 6.17 13.20 1.40 1.17 5.8x 5.3x 7.5x 10.6x Seadrill SDRL Selg NOK 22.69 20.00-1.57 1.69-2.2x 1.5x 4.8x 9.5x SEB SEB Kjøp SEK 82.15 106.00 7.33 7.92 11.4x 10.4x Securitas SECUB Kjøp SEK 120.60 140.00 6.86 8.06 19.0x 14.8x 11.3x 11.8x Selvaag Bolig SBO Kjøp NOK 26.90 36.00 3.27 2.68 8.0x 9.9x 7.7x 8.9x Sevan Marine SEVAN Selg NOK 17.20 14.00-0.98-0.26-7.1x -7.6x -6.4x -6.2x Siem Offshore SIOFF NOK 1.58-0.14-0.04-4.1x -5.0x 8.1x 59.5x Skandiabanken SKBN Kjøp NOK 44.70 57.00 2.89 4.42 12.5x 9.8x Skanska SKA Kjøp SEK 155.60 200.00 9.73 12.20 16.3x 12.8x 11.0x 8.2x SKF SKFB Hold SEK 127.00 150.00 9.81 12.32 11.8x 10.3x 8.2x 9.3x Solstad Offshore SOFF Selg NOK 17.50 15.00-3.84-0.30 1.5x -57.5x 7.1x 27.2x Songa Offshore SONG Selg NOK 1.10 0.50-0.31 0.06-0.4x 2.1x 7.8x 12.6x Sparebank1 Nord-Norge NONG Kjøp NOK 34.70 50.00 4.16 5.04 8.1x 6.9x Sparebank1 SMN MING Kjøp NOK 47.50 75.00 7.05 7.65 7.2x 6.2x Sparebank1 SR-Bank SRBANK Kjøp NOK 35.60 50.00 6.42 6.51 6.1x 5.5x Sparebanken Møre MORG Kjøp NOK 177.50 250.00 25.98 25.74 7.4x 6.9x Sparebanken Øst SPOG Kjøp NOK 44.60 65.00 4.88 5.01 11.1x 8.9x Sponda SDA1V Kjøp EUR 3.77 4.60 0.33 0.32 14.8x 11.8x 19.4x 17.9x Statoil STL Kjøp NOK 104.70 150.00-6.64 10.02 14.7x 8.7x Stolt-Nielsen SNI Kjøp NOK 99.25 183.00 2.48 1.88 5.6x 6.0x 5.2x 10.1x Storebrand STB Kjøp NOK 32.85 42.00 2.04 3.27 11.7x 7.8x Subsea 7 SUBC Selg NOK 49.00 47.00 1.43 0.27 5.0x 20.4x 2.2x 16.0x Svenska Handelsbanken SHB Selg SEK 105.90 111.00 8.02 8.14 14.1x 13.0x Sw edbank SWEDA Hold SEK 180.90 204.00 14.53 16.03 12.5x 11.3x Sw edish Match SWMA Kjøp SEK 299.60 300.00 15.04 15.78 19.8x 19.0x 14.1x 14.2x Tanker Investments TIL Kjøp NOK 95.25 151.00 1.98 3.12 6.1x 3.5x 7.5x 6.2x Technip TECF Hold EUR 39.40 38.00 0.82 4.53 9.7x 8.3x 3.1x 3.7x Teekay Tankers TNK Kjøp USD 4.93 10.80 1.27 1.69 5.6x 2.9x 7.7x 5.4x Tele2 TEL2b Kjøp SEK 79.95 98.00 7.20 2.86 22.4x 21.8x 8.6x 16.6x Telenor TEL Kjøp NOK 142.40 195.00 6.19 12.41 13.4x 11.5x 6.8x 9.2x TeliaSonera TLSN Hold SEK 40.22 44.00 3.42 3.41 11.3x 11.6x 6.1x 9.7x TGS Nopec TGS Hold NOK 115.60 100.00-0.37 0.21-43.5x 62.1x 2.9x 42.8x Thule Group THULE Hold SEK 114.75 117.00 4.69 6.73 19.2x 17.1x 15.2x 13.7x Tomra TOM Kjøp NOK 87.25 100.00 3.73 5.23 25.8x 16.7x 13.4x 12.4x Topdanmark TOP Kjøp DKK 173.50 210.00 11.22 12.84 17.5x 13.5x Transocean RIG Selg USD 10.28 7.00 1.34 1.94 9.3x 5.3x 2.8x 8.9x Trelleborg TRELB Hold SEK 148.90 175.00 9.38 10.76 16.5x 13.1x 11.5x 12.6x Tribona TRI Hold SEK 41.90 42.00 2.27 2.75 20.0x 15.2x 18.5x 16.5x Tryg TRYG Hold DKK 122.80 130.00 6.29 8.28 21.8x 14.8x Tsakos Energy Navigation TNP Kjøp USD 6.08 14.30 1.71 2.00 4.6x 3.0x 5.9x 7.7x Unibet UNIB Selg SEK 98.70 710.00 185.52 240.95 4.2x 3.1x 3.4x 2.9x Valmet VALMT Kjøp EUR 8.81 13.00 0.58 0.82 13.5x 10.8x 5.8x 7.7x Veidekke VEI Hold NOK 107.50 115.00 5.41 8.43 20.4x 12.6x 11.2x 9.5x Vitrolife VITR Kjøp SEK 235.00 240.00 7.45 7.83 38.7x 30.0x 23.7x 22.3x Volvo VOLVB Kjøp SEK 76.15 106.00 7.41 7.11 12.4x 11.2x 4.6x 7.8x Weifa WEIFA Kjøp NOK 0.84 1.60 0.03 0.05 32.1x 16.7x 15.9x 12.6x Wihlborgs WIHL Hold SEK 163.90 180.00 19.76 10.64 18.0x 15.4x 21.9x 20.0x Wilh. Wilhelmsen ASA WWASA Kjøp NOK 34.40 58.00-0.15 0.87-14.6x 4.5x 10.2x 8.7x Wilh. Wilhelmsen Holding WWI Kjøp NOK 133.50 259.00-0.02 4.12-23.1x 3.7x 6.2x 5.6x William Demant Holding WDH Selg DKK 624.00 550.00 26.62 34.27 24.7x 18.2x 14.5x 12.3x Wärtsilä WRT1V Hold EUR 39.33 37.00 2.25 2.39 18.0x 16.5x 11.8x 12.1x XXL XXL Kjøp NOK 96.50 110.00 3.46 4.70 29.5x 20.5x 20.5x 16.7x Yara YAR Hold NOK 358.30 430.00 36.99 38.35 10.4x 9.3x 5.6x 7.4x 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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