GJELDS- OG LAGERBEKYMRING, US RENTER OG LEDIGHET TIL & TOM

ANALYSE Aksjemarkedet i dag GJELDS- OG LAGERBEKYMRING, US RENTER OG LEDIGHET TIL & TOM Et amerikansk aksjemarked i første omgang noe tynget av svakere boligmarkedstall og lavere vekst i industriproduksjonen enn ventet vendte i går opp igjen etter at referatet fra sentralbankens rentemøte viste at medlemmene er åpne for å skyve en initiell renteøkning mer ut i tid. Dow endte ned 0.1%, S&P500 stengte like under utgangspunktet og Nasdaq sluttet opp 0.1%. Volumet på de tre hovedindeksene kom inn på moderate 74-85% av gjennomsnittet for de siste tre måneder. Med de fleste av de øvrige markedene i Asia stengt er det en oppgang i Japan i morgentimene i dag. Nikkei stenger opp på fortsatt stigende forventninger til finanssektoren etter gårsdagens oppdatering fra den japanske sentralbanken, samt en oppjustering av guidingen fra Sony. Dersom ikke bekymringen i markedene igjen skal begynne å stige bør vi i løpet av dagen få en avklaring rundt den videre håndteringen av den greske gjelden. I ettermiddag kommer det i tillegg en oppdatering av den europeiske forbrukertilliten. Fra USA får vi i mellomtiden de ukentlige arbeidsmarkedstallene og etter hvert målingen av industriaktiviteten i Philadelphia samt den ledende indeksen. Vi kan også få fokus på detaljhandelssektoren både i Europa og USA i dag. I Europa har vi i dag fått kvartalstallene fra Nestle, og i USA kommer det en rapport fra blant annet Wal-Mart. I oljemarkedet var WTI-prisen i går ned USD 1.84 pr fat og endte på USD 51.67 pr fat. I morgentimene i dag ligger prisen på USD 51.25 pr fat. Brent åpner på USD 59.47 pr fat, ned USD 2.21 pr fat i forhold til nivået ved stengetid i det norske markedet i går. Fokus i markedet er nå på oppdateringen av de ukentlige amerikanske lagertallene. Det er ventet en økning i råoljebeholdningene på 3.1 mill fat. En privat måling lagt frem sent i går kveld norsk tid indikerte imidlertid en vekst i beholdningene på rundt 14 mill fat og har dermed bidratt til nedgangen det siste halve døgnet. Tanker Investment har i dag lagt frem tallene for Q4. EBITDA for kvartalet endte på USD 14.3 mill mot vårt estimat på USD 18.7 mill og konsensus på USD 17.3 mill. Gjennomsnittlig oppnådd rate pr dag ligger 1% under våre forventninger og differansen i EBITDA ser ut til å skyldes rundt 10% færre seilingsdager enn ventet. Dette igjen ser ut til å være forårsaket av at nye fartøyer kom inn i drift senere i kvartalet enn vi hadde lagt til grunn. Driften av flåten er i henhold til forventningene og vi venter dermed kun en begrenset negativ reaksjon på rapporten. Før eventuelle justeringer har vi en kjøpsanbefaling på Tanker Investment med et kursmål på NOK 110 pr aksje. I tillegg til at Q4-resultatet fra Tomra kom inn over forventningene benyttet selskapet i går også anledningen til å oppjustere etterspørselsforventningene for Collection i det tyske markedet. Dette vil kunne påvirke konsensusestimatene fremover. Vi har imidlertid tatt EBITA estimatet for 2015 ned 3% på lavere ordreinngang innen Sorting enn vi lå inne med og en noe styrket NOK mot USD. På tross av en høyere avkasting på investert kapital og høyere EBITDA-vekst enn sammenlignbare selskap innebærer aksjekursen fortsatt en rabatt i forhold til disse. Vi opprettholder kjøpsanbefalingen og har løftet kursmålet fra NOK 70 til NOK 77 pr aksje. Selskap Tidspunkt Konsensus Noble Energy Før markedet 0.37 Patterson Før markedet 0.60 Dana Holding Før markedet 0.47 Priceline Før markedet 10.05 Wal-Mart - 1.53 Nordstrom Etter markedet 1.35 Land Nøkkeltall EU Forbrukertillit 16.00-7,5 USA Førstegangssøkende 14.30 - USA Registrerte ledige 14.30 - USA Philadelphia Fed 16.00 8.5 USA Ledende indeks 16.00 0.3% Våre anbefalte aksjer: - NHY - SBO - TIL - ORK - DETNOR - LSG - OCY - TOM YTD DNB: 1% YTD OSE: +6% Internasjonale børser Siste Endr. % Dow Jones 18,030-18 -0.10 S&P 500 2,100-1 -0.03 NASDAQ 4,906 7 0.14 Nikkei 225 18,271 72 0.40 Euro 500 259 2 0.85 Danmark-KFX 830 14 1.77 Finland-HEX 8,758 59 0.67 Norge-OSEBX 621 4 0.70 Sverige-SAX 537 7 1.37 Valuta/råvarer Siste I går Endr. % EUR/USD 1.142 1.140 0.22 USD/JPY 118.7 118.8 0.10 USD/NOK 7.513 7.527 0.17 EUR/NOK 8.582 8.580-0.03 Siste Endr. Endr. % CRB indeks 227-1.91-0.84 Brent sp. ($/bbl) 58.6-2.65-4.33 Brent 1m ($/bbl) 59.6-2.98-4.77 Alum. 3m ($/ton) 1,819.0-6.00-0.33 US Nat.gass 2.9 0.20 7.47 Renter Siste I går Endr. USA 10år 2.064 2.138-0.07 Tyskl. 10år 0.381 0.334 0.05 Norge 10år 1.334 1.250 0.08 USA 3m 0.257 0.257 0.00 Euro 3m 0.048 0.048 0.00 Norge 3m 1.410 1.400 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 18,030-17.73-0.10 2.96 1.16 16.27 S&P 500 2,100-0.66-0.03 3.97 1.98 18.52 Nasdaq Composite 4,906 7.10 0.14 5.87 3.60 31.38 Russel 2000 1,228 2.94 0.24 4.36 1.93 43.84 Amex naturgass-indeks (XNG) 749-6.23-0.82 4.79 2.99 21.35 Amex Oil Service Indeks 207-1.73-0.83 7.93-1.87 12.20 Philadelphia-børsens oljeproduksjon-indeks (XOI) 1,405-11.50-0.81 9.61 4.19 13.45 Amex farmasi-indeks (DRG) 558-1.25-0.22 0.82 4.71 23.87 Nasdaq biotech-indeks 3,444 28.38 0.83 3.59 8.40 #N/A N/A Philadelphia-børsens halvleder-indeks (SOX) 705-1.98-0.28 6.22 2.66 21.52 S&P 500 Paper & Forest Index ( PAFO) 247 1.21 0.49 5.88 6.87 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 2.82-0.14 1,296,516 21.19 20.70 0.49 Royal Caribbean Cruises 75.58 0.02 2,158,387 567.79 566.50 1.29 Questerre (CAD) 0.43 0.07 43,400 2.59 2.54 0.05 Statoil 19.43-0.07 3,300,014 145.97 146.70-0.73 Yara 56.63 1.71 12,271 425.43 424.00 1.43 Sverige AstraZeneca 67.56-2.05 1,803,908 563.78 581.50-17.72 Finland (EUR) Nokia 8.03 0.01 9,887,563 7.03 7.10-0.07 Danmark Novo Nordisk B 44.88 1.12 1,751,779 292.60 293.50-0.90 SAMMENLIGNBARE SELSKAPER (PEERS) BEST -1d% Peer SVAKEST -1d% Peer Furniture Brands Intern #N/A N/A EKO Diamond -7.8 SDRL Dell Inc #N/A N/A KOM Transocean Inc -6.8 FOE Overseas Shipholding G#N/A N/A FRO La Z Boy Chair Co -5.7 EKO Ubs #N/A N/A DNB Orange SA -4.0 TEL D/S Torm 3.9 ODF Exxon -2.2 STL Furniture Brands Intern #N/A N/A EKO Efore -2.0 ELT Eni 3.4 STL Industrie Natuzzi -1.9 EKO Geophysique (Cie Gle D 3.3 PGS ChevronTexaco -1.7 STL Technip 3.2 SUB AstraZeneca -1.5 ASD Deere & Company 3.1 KVE BHP -1.5 NHY RÅVARER & SHIPPING Siste I går Endr. %1D 1W 1M 3M YTD 12M 52W H 52W L CRB indeks 227.3 227.3-1.5-0.66 4 3.0-39.1-2.7-74.4 313.3 211.3 GS råvare indeks 3,179 3,179-43.0-1.3% 115 175-831 -54-1,814 5,214 2,856 Oil Brent Spot 58.58 58.53 0.05 0.09 2 11.46-18.02 2.82-52.00 Brent olje 1m 59.55 60.53-0.98-1.62 3 10.71-18.55 2.22-50.92 115.71 45.19 Brent olje 3m 61.24 62.12-0.88-1.42 1 9.85-17.89 2.05-48.49 114.44 47.68 WTI olje 1m 50.60 52.14-1.54-2.95 2 1.91-23.98-2.67-52.71 107.73 43.58 Flybensin 615.00 615.00-0.25-0.04 24 92.75-147.00 42.00-381.25 Naturgass US Henry Hub 2.93 2.93-0.01-0.44 0-0.16-1.38-0.06-2.81 Fyringsolje 194.1 195.9-1.8-0.9 13 28-41.8 9.4-120.6 318.5 158.9 Metals Aluminium 3m 1,819 1,819 1 0.1-3 -26-192 -34 53 2,120 1,704 Nikkel 14,255 14,255 15 0.1-495 -525-1,395-895 -205 21,625 13,945 Kopper 5,745 5,745 96 1.7 145 30-886 -555-1,450 7,220 5,340 Gull 1,217 1,212 4 0.3-6 -59 34 32-95 1,392 1,131 Shipping WS AG - Japan, 250 dwt 55 0 0 0-8 -13 8-3 -8 WS AG - USG, 250 dwt 33 33 0 0-3 -5 5 0-5 Containerships index 0 0 0.0 0.0% - 0 0 0 0 0 Baltic dry index 509 509-7.0-1.36-44 -230-797 -273-651 1,621 0 509 2

DNB Markets US-INTRADAG REBASERT US-INTRADAG REBASERT 104 103 102 101 100 99 98 97 96 95 OSX (Oljeservice) XOI (Oljeproduksjon) Oljepris (WTI) S&P500 Olje / Indekser Endring USA Endring Endring Endring close/close US-open/Oslo-close Oslo-close/US-close US-close/this morning WTI - 1.07 % -1.89 % -2.95 % Oljeservice -0.83 % -0.42 % -0.37 % Oljeproduksjon -0.81 % -0.53 % -0.39 %. Kilde: Bloomberg/DNB Markets 3

DNB Markets S&P 500-indekser på bransjenivå S&P 500-INDEKSER PÅ BRANSJENIVÅ 1 dag 1 mnd. 3 mnd. 1 år hittil i år est. P/E Kraft 2.3% -5.9% 0.9% 16.2% -3.2% 16.6 Bygg og anlegg 2.2% 10.8% -9.6% -22.2% -0.6% 12.8 Luftfart 1.6% 3.5% 5.6% 69.5% -3.5% 10.4 Bildeler 1.0% 13.6% 4.1% 6.4% 4.8% 13.7 Metall 0.9% 8.7% -8.7% -10.3% 0.6% 18.0 Husholdningsartikler 0.8% -4.0% -1.2% 11.2% -3.5% 21.6 Bioteknologi 0.8% 1.7% 5.0% 26.5% 5.5% 17.9 Helseartikler 0.7% 3.9% 7.3% 26.2% 4.5% 19.6 Hotell og restaurant 0.6% 5.2% 4.8% 10.1% 3.6% 22.5 Elektrisk utstyr 0.5% 5.2% 0.1% -2.9% 0.7% 16.0 Datamaskiner og tilbehør 0.5% 16.2% 8.7% 54.4% 10.9% 14.3 Papir- og skogprodukter 0.5% 5.9% 5.4% 19.2% 6.9% 14.9 Drikkevarer 0.5% 0.4% -0.5% 22.2% 3.0% 21.7 Maskiner 0.4% 4.1% -2.8% 3.1% -0.6% 16.8 Matvarer 0.4% -0.6% -1.5% 12.8% 0.0% 19.2 Industrielle konglomerater 0.4% 6.3% -1.6% 8.3% 0.9% 16.6 Legemiddelindustri og bioteknologi 0.3% 2.4% 9.9% 23.5% 11.8% 18.3 Internett programvare og -tjenester 0.2% 4.5% 0.8% -1.5% 0.2% 23.2 Programvare 0.2% -1.0% -2.5% 15.9% -2.7% 18.7 Kommunikasjonsutstyr 0.1% 3.5% 5.7% 10.0% 1.0% 14.3 Kjemikalier 0.0% 6.4% 4.1% 14.6% 5.7% 18.4 Elektronisk utstyr og instrumenter 0.0% 8.6% 14.9% 25.5% 7.8% 17.4 Farmasi -0.3% -1.0% 1.2% 16.3% 2.3% 18.0 Media -0.6% 3.9% 6.1% 13.3% 0.9% 18.0 Forsikring -0.7% 3.1% 0.3% 10.6% -2.0% 11.2 Diversifiserte telekomtjenester -0.8% 2.4% -2.6% 7.2% 3.7% 14.1 Fritidsutstyr -0.9% 4.6% -4.8% -10.8% -3.8% 17.2 Energi og relatert utstyr -1.1% 8.6% -10.6% -14.5% 2.6% 18.4 Bank -1.4% 6.5% -1.1% 9.1% -4.0% 11.5 Olje og gass -1.5% 6.1% -4.6% -3.4% 1.3% 31.3 MSCI EUROPA PÅ BRANSJENIVÅ Endring Endring Endring Endring Endring Gj.snittlig 1 dag 1 mnd. 3 mnd. 1 år hittil i år est. P/E Media 2.1% 9.9% 23.3% 25.7% 15.1% 18.87 Banker 2.0% 10.0% 6.9% 2.6% 7.4% 11.35 Biler og komponenter 1.9% 14.1% 30.4% 19.8% 21.8% 11.17 Hotell-, underholdnings- og restaurantvirksomhet 1.8% 6.4% 17.3% 31.5% 9.8% 20.86 Detaljhandel 1.8% 6.6% 14.9% 13.4% 8.5% 21.28 Kapitalvarer 1.4% 9.5% 14.4% 9.7% 12.6% 17.09 Kommersielle tjenester og leveranser 1.3% 9.1% 17.9% 12.0% 13.2% 18.27 Finansieringsselskaper 1.2% 12.3% 13.4% 6.6% 10.3% 13.14 Materialer 1.2% 13.6% 14.6% 7.1% 14.4% 16.67 Energi 1.2% 11.5% 3.1% -0.8% 11.1% 17.95 Teknologisk utstyr 1.1% 11.1% 17.4% 25.4% 13.1% 20.24 Transport 1.1% 6.1% 15.8% 10.9% 10.5% 15.01 Forbruksvarer og klær 0.8% 12.6% 16.1% 14.3% 12.4% 19.54 Forsikring 0.7% 5.9% 13.6% 18.9% 10.8% 11.56 Programvare og tjenester 0.6% 6.1% 13.6% 8.6% 5.9% 18.07 Mat- og apotekhandel 0.5% 8.6% 20.4% -1.6% 18.9% 17.26 Helsevern - utstyr og tjenester 0.4% -0.2% 10.5% 17.9% 5.1% 21.84 Husholdningsvarer og personlige produkter 0.1% 6.6% 17.7% 21.0% 12.6% 22.62 Forsyningsselskaper 0.1% 2.8% 2.2% 10.4% 1.5% 14.66 Drikkevarer, mat og tobakk -0.3% 3.6% 11.1% 25.7% 10.0% 20.11 Eiendomsselskaper -0.5% 8.4% 21.9% 32.5% 17.7% 23.04 Telekommunikasjon og tjenester -0.6% 5.8% 11.4% 17.7% 10.3% 20.23 4

DNB Markets Indekser INDEKSER DOW 30 Kurs Endring Endring Endring siste 1 dag 1 mnd 1 år NIKE INC -CL B 93.62 1.9% 0.7% 25.1% PROCTER & GAMBLE CO/THE 86.26 0.9% -5.5% 10.4% AMERICAN EXPRESS CO 79.78 0.9% -7.3% -10.2% BOEING CO/THE 151.17 0.8% 15.6% 17.7% INTL BUSINESS MACHINES CO 162.19 0.8% 3.2% -11.3% CISCO SYSTEMS INC 29.49 0.6% 6.5% 32.4% UNITED TECHNOLOGIES CORP 121.99 0.6% 5.0% 7.0% WAL-MART STORES INC 86.29 0.4% -0.6% 15.3% GENERAL ELECTRIC CO 25.25 0.3% 7.0% -0.6% 3M CO 167.40 0.3% 3.3% 28.2% MCDONALD'S CORP 94.58 0.2% 3.4% -1.0% MERCK & CO. INC. 58.80 0.0% -6.7% 6.8% UNITEDHEALTH GROUP INC 109.77 0.0% 3.8% 49.2% HOME DEPOT INC 111.99 0.0% 7.6% 46.5% TRAVELERS COS INC/THE 107.98 0.0% 1.4% 28.5% MICROSOFT CORP 43.53-0.1% -5.9% 16.0% DU PONT (E.I.) DE NEMOURS 76.31-0.2% 2.8% 18.8% COCA-COLA CO/THE 41.73-0.2% -1.9% 12.5% WALT DISNEY CO/THE 103.86-0.2% 9.1% 31.7% PFIZER INC 34.48-0.3% 5.1% 9.5% JOHNSON & JOHNSON 99.96-0.5% -3.9% 9.1% VERIZON COMMUNICATIONS IN 48.94-0.5% 2.0% 5.2% AT&T INC 34.49-0.6% 2.0% 5.0% VISA INC-CLASS A SHARES 269.12-0.6% 5.6% 20.2% CATERPILLAR INC 84.80-0.7% 1.1% -11.9% GOLDMAN SACHS GROUP INC 188.67-0.7% 6.5% 15.6% JPMORGAN CHASE & CO 59.37-1.2% 6.2% 3.7% INTEL CORP 34.27-1.4% -6.0% 39.9% CHEVRON CORP 110.44-1.7% 5.1% -2.8% EXXON MOBIL CORP 91.01-2.2% -0.1% -3.1% S&P 500-30 fra toppen S&P 500-30 fra toppen Kurs Endring Endring Endring siste 1 dag 1 uke 1 år BOSTON SCIENTIFIC CORP 16.68 12.4 % 15.4 % 27.7 % TESORO CORP 87.09 4.6 % 22.6 % 73.1 % NRG ENERGY INC 25.92 3.8 % -1.4 % -9.1 % BALL CORP 77.16 3.7 % 18.9 % 40.5 % SEMPRA ENERGY 109.71 3.2 % -2.9 % 18.4 % FLOWSERVE CORP 61.50 3.2 % 10.5 % -23.7 % CMS ENERGY CORP 35.98 3.2 % -1.8 % 26.8 % NISOURCE INC 43.91 3.2 % -0.2 % 24.0 % DTE ENERGY COMPANY 84.50 3.2 % -6.1 % 18.2 % XCEL ENERGY INC 36.30 3.2 % -1.9 % 22.9 % DEERE & CO 92.75 3.1 % 6.2 % 10.0 % EDISON INTERNATIONAL 65.33 3.0 % -3.9 % 28.9 % NEXTERA ENERGY INC 106.49 3.0 % -1.6 % 15.2 % GOODYEAR TIRE & RUBBER C 27.39 2.9 % 10.3 % 3.1 % DEAN FOODS CO 16.73 2.9 % -10.6 % 17.2 % SOUTHERN CO/THE 46.84 2.9 % -8.8 % 11.1 % SCANA CORP 59.42 2.8 % -5.1 % 22.5 % NABORS INDUSTRIES LTD 13.67 2.8 % 28.6 % -35.4 % TECO ENERGY INC 20.05 2.7 % -5.2 % 20.6 % FLUOR CORP 59.09 2.6 % 9.4 % -26.4 % AMEREN CORPORATION 42.77 2.6 % -8.1 % 11.8 % PINNACLE WEST CAPITAL 66.67 2.6 % -6.7 % 22.6 % PRECISION CASTPARTS CORP 210.97 2.6 % 5.7 % -17.3 % NORTHEAST UTILITIES 52.54 2.6 % -5.4 % 18.2 % AGILENT TECHNOLOGIES INC 41.54 2.5 % 8.6 % 3.8 % REPUBLIC SERVICES INC 40.86 2.5 % 1.7 % 21.1 % CONSOLIDATED EDISON INC 65.41 2.5 % -5.3 % 19.5 % PPL CORP 35.42 2.5 % 0.3 % 12.1 % EXELON CORP 33.90 2.4% -9.3% 13.2% S&P 500-30 fra bunnen S&P 500-30 fra bunnen Kurs Endring Endring Endring siste 1 dag 1 uke 1 år FOSSIL GROUP INC 83.69-15.7 % -14.4 % -29.8 % FOSSIL GROUP INC 83.69-15.7 % -14.4 % -29.8 % GENWORTH FINANCIAL INC-CL 8.02-9.1 % 9.9 % -47.3 % DIAMOND OFFSHORE DRILLING 34.06-7.8 % 7.6 % -25.0 % TRANSOCEAN LTD 17.76-6.8 % 13.0 % -58.5 % DENBURY RESOURCES INC 8.63-4.9 % 26.0 % -46.7 % CENTURYLINK INC 37.51-4.4 % -2.3 % 21.4 % ALLEGION PLC 56.00-4.4 % 4.9 % 13.9 % MICHAEL KORS HOLDINGS LT 69.80-4.1 % 4.2 % -28.6 % DEVON ENERGY CORP 63.95-4.1 % 5.4 % -0.5 % ENSCO PLC-CL A 30.06-3.3 % 3.7 % -41.8 % FRONTIER COMMUNICATIONS 8.18-2.9 % 19.8 % 74.8 % L BRANDS INC 90.55-2.6 % 12.7 % 72.5 % CONOCOPHILLIPS 67.73-2.5 % 7.4 % 4.2 % CHESAPEAKE ENERGY CORP 20.75-2.4 % 9.0 % -16.9 % T-MOBILE US INC 31.00-2.4 % 6.4 % -0.8 % WINDSTREAM HOLDINGS INC 8.77-2.3 % 3.9 % 11.0 % COMERICA INC 45.57-2.3 % 9.9 % -2.6 % FIRSTENERGY CORP 36.11-2.2 % -11.8 % 13.8 % EXXON MOBIL CORP 91.01-2.2 % -0.1 % -3.1 % SCHWAB (CHARLES) CORP 29.09-2.2 % 8.1 % 13.8 % MURPHY OIL CORP 50.51-2.1 % 5.9 % -12.3 % ZIONS BANCORPORATION 26.04-2.1 % 5.1 % -13.5 % MARATHON OIL CORP 29.02-2.1 % 9.1 % -13.0 % ANADARKO PETROLEUM COR 86.87-2.0 % 10.7 % 3.8 % HUDSON CITY BANCORP INC 9.73-2.0 % 6.7 % 6.9 % CABOT OIL & GAS CORP 27.52-2.0 % -5.2 % -31.3 % BAXTER INTERNATIONAL INC 68.40-2.0 % -5.0 % -1.0 % BANK OF AMERICA CORP 16.30-2.0 % 6.0 % 0.6 % WILLIAMS COS INC 48.68-2.0 % 15.9 % 20.2 % METLIFE INC 50.69-1.9 % 3.5 % -0.1 % M & T BANK CORP 121.70-1.9 % 5.8 % 8.4 % Nasdaq 100-30 fra toppen Nasdaq 100-30 fra toppen Kurs Endring Endring Endring siste 1 dag 1 uke 1 år WESTERN DIGITAL CORP 109.00 2.1 % 2.5 % 27.6 % STERICYCLE INC 134.65 2.1 % 0.4 % 16.6 % CELGENE CORP 118.41 1.8% -2.8% 45.3% DENTSPLY INTERNATIONAL IN 53.56 1.7 % 5.5 % 19.8 % EQUINIX INC 228.91 1.7 % 3.9 % 23.5 % COGNIZANT TECH SOLUTIONS 61.09 1.5 % 11.0 % 22.2 % FACEBOOK INC-A 76.71 1.5 % 2.0 % 12.7 % MONSTER BEVERAGE CORP 120.28 1.3 % 1.2 % 64.4 % CERNER CORP 70.60 1.2 % 7.6 % 17.9 % LIBERTY MEDIA CORP - A 38.56 1.2 % 11.6 % 8.0 % NETFLIX INC 475.06 1.1 % 40.8 % 10.9 % FASTENAL CO 43.06 1.1 % -4.8 % -4.5 % STARBUCKS CORP 93.00 1.1 % 15.4 % 26.8 % F5 NETWORKS INC 117.62 1.0 % -6.9 % 7.3 % AMGEN INC 155.78 1.0 % -1.7 % 26.3 % WYNN RESORTS LTD 158.52 1.0 % 7.8 % -27.8 % EBAY INC 56.90 0.9 % 6.0 % 3.9 % BIOGEN IDEC INC 401.12 0.8 % 13.7 % 22.1 % ADOBE SYSTEMS INC 77.73 0.8 % 8.4 % 14.3 % KRAFT FOODS GROUP INC 64.75 0.7 % -1.5 % 18.7 % ALEXION PHARMACEUTICALS 180.29 0.7 % -0.1 % -0.1 % APPLE INC 128.72 0.7 % 21.4 % 67.7 % CHECK POINT SOFTWARE TEC 81.29 0.7 % 0.6 % 21.6 % CISCO SYSTEMS INC 29.49 0.6 % 6.5 % 32.4 % KLA-TENCOR CORP 64.29 0.6 % -5.2 % 24.2 % AUTOMATIC DATA PROCESSIN 87.59 0.6 % 3.6 % 31.1 % EXPEDIA INC 89.16 0.5 % 6.8 % 12.0 % PAYCHEX INC 48.96 0.4 % 3.5 % 17.9 % REGENERON PHARMACEUTICA 405.80 0.4 % -0.7 % 25.1 % FISERV INC 79.05 0.4 % 8.2 % 38.8 % RENTER & VALUTA Nasdaq 100-30 fra bunnen Nasdaq 100-30 fra bunnen Kurs Endring Endring Endring siste 1 dag 1 uke 1 år FOSSIL GROUP INC 83.69-15.7% -14.4% -29.8% GARMIN LTD 50.71-10.7% -4.0% -1.9% VODAFONE GROUP PLC-SP A 34.85-1.7% 0.8% -8.2% LINEAR TECHNOLOGY CORP 47.96-1.6% 5.8% 4.2% INTEL CORP 34.27-1.4% -6.0% 39.9% CHARTER COMMUNICATION-A 174.29-1.2% 8.2% 33.6% ALTERA CORP 35.80-1.2% 2.8% 0.1% SYMANTEC CORP 25.69-1.2% 0.2% 25.1% MATTEL INC 26.70-1.2% -4.0% -24.2% VIMPELCOM LTD-SPON ADR 5.17-1.1% 40.1% -48.3% TWENTY-FIRST CENTURY FOX 34.66-1.1% -0.8% 5.8% NVIDIA CORP 22.12-1.1% 10.8% 21.9% COMCAST CORP-CLASS A 58.22-1.0% 2.6% 12.9% BED BATH & BEYOND INC 76.95-0.9% 4.6% 17.5% LIBERTY GLOBAL PLC-A 52.40-0.9% 12.9% 17.8% BAIDU INC - SPON ADR 207.15-0.8% -5.9% 19.3% AVAGO TECHNOLOGIES LTD 110.00-0.8% 6.0% 90.6% ANALOG DEVICES INC 58.38-0.7% 8.7% 13.2% CITRIX SYSTEMS INC 63.72-0.7% 9.1% 11.3% XILINX INC 41.66-0.6% 1.1% -18.1% C.H. ROBINSON WORLDWIDE I 71.38-0.6% -2.8% 32.8% GOOGLE INC-CL C 539.70-0.6% 6.2% #VALUE! EXPEDITORS INTL WASH INC 45.60-0.6% 5.1% 10.8% MONDELEZ INTERNATIONAL IN 36.94-0.6% 0.0% 7.8% AMAZON.COM INC 373.37-0.5% 28.4% 7.5% BROADCOM CORP-CL A 45.41-0.5% 8.8% 47.4% MICRON TECHNOLOGY INC 32.17-0.5% 11.0% 26.6% TEXAS INSTRUMENTS INC 57.94-0.4% 8.7% 31.9% QUALCOMM INC 70.54-0.4% -1.1% -6.9% INTUIT INC 89.76-0.4% 3.9% 22.3% Renter Siste I går Endr. 1W 1M 3M YTD 12M Norge - Nibor 3m 1.410 1.410 0.000 0.01 0.00-0.29-0.07-0.30 USA - Libor 3m 0.257 #N/A N/A 0.001-0.00 0.00 0.02 0.00 0.02 Euro - Euribor 3m 0.048 0.048 0.001-0.001-0.012-0.033-0.030-0.240 Norge 10 år stat 1.334 1.334 0.038 0.02-0.05-0.68-0.20-1.45 USA 10 år stat 2.064 2.080-0.017 0.08 0.23-0.30-0.11-0.68 Euro 10 år stat 0.381 0.381 0.009 0.03-0.07-0.42-0.16-1.29 Tyskland 10 år stat 0.381 0.381 0.009 0.03-0.07-0.42-0.16-1.29 Japan 10 år stat 0.399 0.411-0.012 0.00 0.20-0.08 0.07-0.21 UK 10 år stat 1.848 1.848 0.087 0.17 0.31-0.27 0.09-0.90 Valuta Siste I går Endr. 1W 1M 3M YTD 12M 52W H 52W L EUR/USD 1.142 1.140 0.003 0.002-0.018-0.113-0.068-0.231 1.399 1.110 USD/JPY 118.7 118.8-0.120-0.4 1.1 0.7-1.0 16.4 121.9 100.8 GBP/USD 1.546 1.544 0.002 0.007 0.035-0.023-0.012-0.122 1.719 1.495 USD/NOK 7.513 7.527-0.013-0.124-0.109 0.727 0.067 1.437 7.880 5.849 EUR/NOK 8.582 8.580 0.003-0.129-0.266 0.063-0.433 0.236 9.897 8.077 GBP/NOK 11.615 11.618-0.003-0.139 0.094 0.973 0.007 1.477 12.423 9.855 5

DNB Markets ETF/ETP ETF/ETP Endring Endring Endring Endring ET F N avn Kurs 1 dg. i % 5 dg. i % 1 mnd i % 1 år i % Valuta Vo lum A ksjer / Indekser Forsyningstjenester XLU 46.2 2.4 % -1.9 % -5.0 % 15.0 % USD 32104015 Japan EWJ 12.13 1.8 % 3.8 % 7.0 % 5.6 % USD 47040843 CAC-40 CAC 47.62 1.0 % 2.5 % 9.3 % 10.1 % EUR 93191 TecDax TDXPEX 14.39 0.8 % 2.0 % 5.3 % 20.5 % EUR 2893 AEX-Nederland AEXT 46.86 0.8 % 2.1 % 7.7 % 16.7 % EUR 150 Bioteknologi IBB 329.42 0.8 % 3.5 % 3.6 % 26.0 % USD 927757 DAX DAXEX 97.55 0.6 % 1.8 % 6.9 % 13.3 % EUR 36864 Industri XLI 57.57 0.6 % 2.1 % 5.2 % 13.2 % USD 5806383 Forbruksvarer XLP 49.78 0.5 % 1.0 % 1.0 % 19.9 % USD 5251178 Pacific ex-japan EPP 46.27 0.4 % 1.5 % 4.1 % -0.8 % USD 321272 S&P Euro 350 IEV 44.79 0.4 % 2.4 % 5.9 % -6.1% USD 562027 S&P M idcap 400 M DY 274.3 0.3 % 1.8 % 5.5 % 12.0 % USD 1491806 Russell 2000 Growth IWO 147.79 0.3 % 2.7 % 6.0 % 8.8 % USD 425776 Hong Kong EWH 21.88 0.2 % 0.3 % 2.9 % 10.6 % USD 1884307 Nasdaq 100 QQQ 107.16 0.1 % 2.6 % 6.3 % 20.1 % USD 15149619 Russell 2000 IWM 122.04 0.1 % 2.0 % 4.6 % 7.0 % USD 20450185 Teknologi USA XLK 42.71 0.1 % 2.5 % 5.8 % 18.7 % USD 3749777 Brasil EWZ 35.39 0.1 % 4.6 % -3.6 % -11.0 % USD 12806122 S&P 500 SPY 210.13 0.0 % 1.6 % 4.2 % 14.8 % USD 80652941 Emerging M arkets EEM 40.57 0.0 % 2.3 % 2.7 % 4.0 % USD 36036679 DJIA DIA 180.47-0.1% 1.1 % 3.3 % 12.4 % USD 2724833 FTSE 100 ISF 684.6-0.1% 1.2 % 4.8 % 1.0 % GBp 3014786 Dow Jones Total market THRK 157.33-0.1% 1.5 % 5.2 % 13.6 % USD 1908 Latin-America 40 ILF 31.55-0.4 % 3.1 % -0.3 % -5.6 % USD 507265 Oil Service OIH 36.64-0.5 % 3.4 % 10.2 % -23.0 % USD 7712649 Finansielle tjenester XLF 24.36-0.6 % 0.6 % 3.7 % 13.9 % USD 29559619 Energi XLE 81.31-1.2 % 1.8 % 8.1 % -6.0 % USD 19381380 Olje / Energi Naturgass NGAS 0.079 1.0 % -0.6 % -6.8 % -46.3 % USD 800000 WTI-olje OILW 29.025 1.4 % 5.4 % 9.2 % -45.9 % USD 2319 Råolje CRUD 13.8 1.4 % 5.3 % 8.9 % -46.2 % USD 342918 Brent-olje OILB 37.06 0.5 % 8.6 % 23.1 % -48.0 % USD 24105 Fyringsolje HEAT 15.17 0.0 % 5.8 % 19.0 % -36.9 % USD 0 Bensin UGAS 30.835-0.7 % 2.3 % 14.5 % -42.5 % USD 0 WTI-Oil USO 19.26-2.7 % 1.7 % 5.1 % -47.8 % USD 25160571 M etaller Sølv SLV 15.75-0.5 % -2.7 % -7.1% -23.7 % USD 10134400 Kobber COPA 26.675 2.1 % 3.0 % 1.9 % -20.6 % USD 19280 Bomull COTN 2.162 1.5 % 3.5 % 8.7 % -19.9 % USD 0 Aluminium ALUM 3.232 1.1 % 0.7 % -0.1% -3.1% USD 12500 Nikkel NICK 14.955 0.3 % -2.6 % -2.5 % -4.9 % USD 2900 Sink ZINC 6.44875-0.5 % -1.0 % 0.6 % -1.8 % USD 0 A ndre råvarer Svinekjøtt HOGS 0.7145-0.4 % -0.3 % -17.2 % -31.5 % USD 28818 Sukker SUGA 11.48 1.0 % 2.9 % -2.8 % -29.6 % USD 7298 Råoljer AIGO 16.885 0.5 % 5.6 % 15.0 % -44.3 % USD 0 Soyaolje SOYO 4.352 0.3 % 1.7 % -4.3 % -23.5 % USD 0 Soyabønner SOYB 22.525 0.0 % 2.1 % 0.1 % -13.4 % USD 4520 Kveg CATL 7.5425 0.0 % -0.5 % -0.9 % 7.3 % USD 150 M ais CORN 1.316-0.3 % -0.3 % -0.5 % -22.3 % USD 3710 Kaffe COFF 1.945-1.0 % -3.2 % -10.1% -13.4 % USD 7446 R åvarekurver Energi AIGE 5.8625 0.6 % 4.1 % 8.4 % -44.1% USD 159464 Industrimetaller AIGI 11.67 1.3 % 1.0 % 0.4 % -10.8 % USD 434903 Softs (Sukker, Kakao, Bomull) AIGS 4.8775 0.4 % 1.4 % -2.2 % -20.2 % USD 534 Råvarer AIGC 10.51 0.3 % 1.3 % 0.6 % -23.6 % USD 155770 Ex-Energi AIGX 9.51 0.2 % 0.1 % -2.6 % -14.9 % USD 0 Buskap AIGL 3.3895-0.2 % -0.4 % -7.0 % -8.0 % USD 0 Landbruk AIGA 6.04-0.3 % 0.8 % -1.5 % -18.4 % USD 11685 Korn AIGG 4.708-0.5 % 0.5 % -0.9 % -19.0 % USD 0 Edle metaller AIGP 16.6525-0.5 % -2.3 % -6.8 % -14.7 % USD 25212 6

DNB Markets ETF/ETP DISCLAIMER Denne rapport er utarbeidet av DNB Markets, et forretningsområde i DNB Bank ASA. Rapporten baserer seg på kilder som vurderes som pålitelige, men DNB Markets garanterer ikke at informasjonen er presis eller fullstendig. Uttalelser i rapporten reflekterer DNB Markets oppfatning på det tidspunkt rapporten ble utarbeidet, og DNB Markets forbeholder seg retten til å endre oppfatning uten varsel. Rapporten skal ikke oppfattes som et tilbud om å kjøpe eller selge finansielle instrumenter eller som en anbefaling om investeringsstrategi. DNB Markets påtar seg ikke noe ansvar, verken for direkte eller indirekte tap, som følge av at rapporten legges til grunn for investeringsbeslutninger. Regler om konfidensialitet og informasjonshåndtering i DNB Bank og DNB Markets begrenser utveksling av informasjon mellom ulike enheter i DNB Markets og mellom DNB Markets og enheter i DNB-konsernet. Enheter i DNBkonsernet kan ha informasjon som er relevant for de forhold rapporten gjelder, men som ikke har vært tilgjengelig for forfatteren av rapporten. Distribusjon av analyser er i enkelte land regulert ved lov. Personer som mottar denne rapporten plikter å gjøre seg kjent med slike forhold og ikke formidle rapporten videre til personer som er hjemmehørende i land som er gjenstand for slike begrensninger. Om du har behov for ytterligere informasjon vedrørende rapporten, herunder informasjon om eierskap, offentlig kjente corporateoppdrag eller annen relevant informasjon jf lov om verdipapirhandel 2007/06/29 nr 75 og forskrift til verdipapirhandelloven 2007/06/29 nr 876 kan du ta kontakt med DNB Markets på telefon. Informasjon om DNB Markets Alminnelige forretningsvilkår er tilgjengelig på vår hjemmeside www.dnb.no/markets. Denne rapport er kun til bruk for våre kunder og er ikke ment for offentlig distribusjon. 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IMPORTANT/DISCLAIMER This note must be read in conjunction with published research notes of DNB Markets.This note (the Note ) must be seen as marketing material and not as an investment recommendation within the meaning of the Norwegian Securities Trading Act of 2007 paragraph 3-10 and the Norwegian Securities Trading Regulation 2007/06/29 no. 876. The Note has been prepared by DNB Markets, a division of DNB Bank ASA, a Norwegian bank organized under the laws of the Kingdom of Norway (the Bank ), for information purposes only. The Note shall not be used for any unlawful or unauthorized purposes. The Bank, its affiliates, and any third-party providers, as well as their directors, officers, shareholders, employees or agents (individually, each a DNB Party ; collectively, DNB Parties ) do not guarantee the accuracy, completeness, timeliness or availability of the Note. 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If you are not an accredited investor, an expert investor or an institutional investor, please contact the Singapore Branch of DNB Bank ASA at +65 6212 0753. We, the DNB group, our associates, officers and/or employees may have interests in any products referred to in the Note by acting in various roles including as distributor, holder of principal positions, adviser or lender. We, the DNB group, our associates, officers and/or employees may receive fees, brokerage or commissions for acting in those capacities. In addition, we, the DNB group, our associates, officers and/or employees may buy or sell products as principal or agent and may effect transactions which are not consistent with the information set out in the Note. Additional Information, including for Recipients in the In the United States: The Note does not constitute an offer to sell or buy a security and does not include information, opinions, or recommendations with respect to securities of an issuer or an analysis of a security or an issuer; rather, it is a market letter, as the term is defined in NASD Rule 2211. In Brazil If the analyst or any close associates serves as an officer, director or board member, or have a personal relationship with any individual that works for a company which DNB Markets publish a research note, this will be mentioned under the disclaimer in the relevant research note. The analyst or any close associates do neither hold nor do they have any direct/indirect involvement in the acquisition, sale, or intermediation of the securities discussed in each research note. Any financial interests, not mentioned in the relevant research notes, that the analyst or any close associates holds in the issuer discussed in the report is limited to investment funds that do not mainly invest in the issuer or industry discussed in the report and the management of which these persons cannot influence. 8