OPPGANG PÅ FED, IFO OG NORGES BANK NESTE VOLATILT 2016

ANALYSE Aksjemarkedet i dag OPPGANG PÅ FED, IFO OG NORGES BANK NESTE VOLATILT 2016 Etter å ha fått servert den forventede renteøkningen valgt investorene i går å tolke de videre dempede langsiktige renteutsiktene fra sentralbanken i positiv retning og sammen med solide boligmarkedstall trakk dette indeksene opp for tredje dag denne uken. Et nytt fall i oljeprisen og svakere industriproduksjonstall enn ventet holdt oppgangen tilbake. Dow endte dermed opp 1.3%, mens Nasdaq og S&P500 begge var opp 1.5%. Volumet på de tre hovedindeksene kom inn på 96-103% av gjennomsnittet for de siste tre måneder. Oppgangen i det amerikanske markedet har forplantet seg videre til Asia i morgentimene i dag og eksportrettet virksomhet får i tillegg drahjelp av en styrket USD det siste døgnet. Nikkei stenger opp 1.6%, mens de kinesiske indeksene i øyeblikket er opp mellom 0.5% og 2.5%. I handel etter børs i USA i går steg FedEx i går med 5%, mens Pier 1 Imports falt med 14%. Begge deler på grunnlag av selskapenes kvartalsrapporter. Når det gjelder makronyheter vil interessen i dag i større grad rette seg mot utviklingen i Europa. Fra Sverige får vi en oppdatering av ledighetstallene, mens de tyske IFO-undersøkelsene vil kunne påvirke de større markedene. I Norge vil fokus være rettet mot rentemøtet i Norges Bank. Det er i utgangspunktet ikke ventet noen renteendringer. I oljemarkedet falt WTI-prisen onsdag med USD 1.54 pr fat til USD 35.64 pr fat. Prisen ligger i morgentimene i dag på USD 35.42 pr fat. Brent åpner i dag på USD 37.14 pr fat, ned USD 0.54 pr fat i forhold til nivået ved stengetid i det norske markedet i går. Gårsdagens offisielle amerikanske lageroppdatering viste en større økning i råoljebeholdningene enn ventet for forrige uke, det var i utgangspunktet ventet en reduksjon. Økningen på 4.8 mill fat var også rundt dobbelt så høy som indikert i den private målingen lagt frem sent tirsdag. En styrket USD bidrar i tillegg til å legge ytterligere press på oljeprisene. Ser vi på tidligere perioder med opptrapping av amerikanske renter har innledningen av disse historisk sett ikke vist seg å innebære en avslutning på oppgangsfasen for aksjemarkedet. Opptrappingen har imidlertid kunnet gi en kortsiktig reaksjon i form av gevinstsikring før oppgangen så har fortsatt. Situasjonen er også noe annerledes denne gangen med potensielle europeiske renteøkninger betydelig lengre ute i horisonten. Over tid har det imidlertid vist seg at fasene med stigende renter i USA også påvirker de nordiske markedene negativt. Renteøkningene gjennom de fire periodene 1994, 1997, 1999 og 2004 ble alle ledsaget av fall i de nordiske indeksene. I faser med stigende amerikanske renter viser våre tall i tillegg at utviklingen er relativt bedre for aksjer med underliggende verdi enn for typiske vekstselskaper. Videre at selskaper verdsatt basert på utbytte er mer utsatt for fall ved stigende renter, samtidig som bankaksjer gjør det bedre enn markedet for øvrig. Denne historikken kombinert med differansen i forventet renteutvikling mellom Europa og USA, samt usikkerheten knyttet til oljeprisen, peker i retning av høy volatilitet i markedene gjennom 2016. Selskap Tidspunkt Konsensus Navistar Før markedet 0.57 Accenture Før markedet 1.32 Red Hat Etter markedet 0.46 General Mills - 0.83 Land Nøkkeltall Sverige Ledighet 09.30 6.6% Norge NB Rentemøte 10.00 0.75% Tyskland IFO forventninger 10.00 105 USA Philadelphia Fed 14.30 1.0 USA Førstegangssøkende 14.30 275k USA Registrerte ledige 14.30 2200k USA Ledende indeks 16.00 0.1% Våre anbefalte aksjer: - OCY - BWLPG - HLNG - VEI - STB - TEL - MHG - NAS YTD DNB: +27% YTD OSE: +2% Internasjonale børser Siste Endr. % Dow Jones 17,749 224 1.28 S&P 500 2,073 30 1.45 NASDAQ 5,071 76 1.52 Nikkei 225 19,397 347 1.82 Euro 500 244 1 0.32 Danmark-KFX 986 5 0.49 Finland-HEX 8,471 63 0.75 Norge-OSEBX 604 2 0.31 Sverige-SAX 496 1 0.20 Valuta/råvarer Siste I går Endr. % EUR/USD 1.086 1.091-0.52 USD/JPY 122.4 122.2-0.17 USD/NOK 8.812 8.746-0.73 EUR/NOK 9.562 9.554-0.09 Siste Endr. Endr. % CRB indeks 172-2.45-1.41 Brent sp. ($/bbl) 35.7-1.20-3.25 Brent 1m ($/bbl) 37.1-1.32-3.43 Alum. 3m ($/ton) 1,486.0-5.50-0.37 US Nat.gass 1.7-0.01-0.49 Renter Siste I går Endr. USA 10år 2.264 2.266 0.00 Tyskl. 10år 0.678 0.574 0.10 Norge 10år 1.557 1.478 0.08 USA 3m 0.526 0.512 0.01 Euro 3m -0.133-0.129 0.00 Norge 3m 1.060 1.100-0.04 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 17,749 224.18 1.28 1.48-0.42 15.86 S&P 500 2,073 29.66 1.45 1.10 0.69 18.52 Nasdaq Composite 5,071 75.78 1.52 1.71 7.08 31.48 Russel 2000 1,149 17.42 1.54-0.37-4.63 39.29 Amex naturgass-indeks (XNG) 423-2.52-0.59-20.59-41.84 27.95 Amex Oil Service Indeks 164-1.67-1.01-5.91-22.01 15.53 Philadelphia-børsens oljeproduksjon-indeks (XOI) 1,091-0.24-0.02-7.67-19.05 34.97 Amex farmasi-indeks (DRG) 547 8.76 1.63 2.75 2.70 21.89 Nasdaq biotech-indeks 3,531 79.70 2.31 2.57 11.11 70.86 Philadelphia-børsens halvleder-indeks (SOX) 672 5.24 0.79 2.42-2.21 20.70 S&P 500 Paper & Forest Index ( PAFO) 166 1.81 1.10-3.24-28.00 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 3.03 0.15 2,638,779 26.70 25.95 0.75 Royal Caribbean Cruises 97.14 4.87 1,701,574 856.01 823.50 32.51 Questerre (CAD) 0.19-0.01 6,300 1.21 1.28-0.07 Statoil 14.39 0.33 4,662,646 126.81 127.00-0.19 Yara 44.74 1.33 5,964 394.25 389.00 5.25 Sverige AstraZeneca 33.79 0.53 2,178,743 577.74 565.50 12.24 Finland (EUR) Nokia 7.11 0.16 13,030,218 Danmark Novo Nordisk B 57.20 1.24 1,980,027 393.18 386.90 6.28 RÅVARER & SHIPPING Siste I går Endr. %1D 1W 1M 3M YTD 12M 52W H 52W L CRB indeks 171.8 171.8-2.4-1.39-6 -11.9-26.4-58.1-68.1 242.6 171.5 GS råvare indeks 2,143 2,143-45.3-2.1% - 89-231 -507-1,090-1,261 3,485 2,138 Oil Brent Spot 35.71 36.14-0.43-1.19-3 -6.00-11.90-20.05-24.18 Brent olje 1m 37.13 37.39-0.26-0.70-3 -6.44-11.95-20.20-24.05 69.63 36.33 Brent olje 3m 38.60 38.89-0.29-0.75-2 -6.56-12.04-20.59-23.77 70.92 37.45 WTI olje 1m 35.39 35.52-0.13-0.34-1 -5.28-11.51-17.88-21.08 62.58 34.53 Flybensin 354.25 354.25-15.50-4.19-34 -75.75-138.25-218.75-273.50 Naturgass US Henry Hub 1.68 1.68 0.03 2.05-0 -0.46-1.00-1.32-1.88 Fyringsolje 111.0 111.2-0.2-0.2-11 - 26-41.9-73.6-89.8 235.1 108.7 Metals Aluminium 3m 1,486 1,486 15 1.0-4 19-141 -367-421 1,978 1,433 Nikkel 8,750 8,750 200 2.3 70-560 -1,380-6,400-7,250 16,050 8,145 Kopper 4,609 4,609 44 1.0 29-81 -770-1,691-1,756 6,481 4,444 Gull 1,067 1,072-5 - 0.5-5 -3-65 -118-123 1,308 1,046 Shipping WS AG - Japan, 250 dwt 83 0-3 -3-5 23 30 25 5 WS AG - USG, 250 dwt 53 53 0 0-3 18 23 20 18 Containerships index 0 0 0.0 0.0% - 0 0 0 0 0 Baltic dry index 471 471-13.0-2.69-75 -66-412 -311-356 1,222 0 471 RENTER & VALUTA Renter Siste I går Endr. 1W 1M 3M YTD 12M Norge - Nibor 3m 1.060 1.060-0.020 0.01-0.10-0.12-0.42-0.41 USA - Libor 3m 0.526 0.518 0.008 0.04 0.16 0.19 0.27 0.28 Euro - Euribor 3m -0.133-0.133-0.001-0.014-0.047-0.096-0.211-0.215 Norge 10 år stat 1.557 1.557-0.012 0.02-0.03-0.13 0.02 0.01 USA 10 år stat 2.264 2.296-0.032 0.03-0.00 0.07 0.09 0.13 Euro 10 år stat 0.678 0.678 0.037 0.08 0.15-0.10 0.14 0.08 Tyskland 10 år stat 0.678 0.678 0.037 0.08 0.15-0.10 0.14 0.08 Japan 10 år stat 0.299 0.304-0.005-0.01 0.00-0.07-0.03-0.06 UK 10 år stat 1.946 1.946 0.008 0.07 0.01 0.00 0.19 0.17 Valuta Siste I går Endr. 1W 1M 3M YTD 12M 52W H 52W L EUR/USD 1.086 1.091-0.006-0.009 0.021-0.058-0.124-0.149 1.235 1.046 USD/JPY 122.4 122.2 0.210 0.9-1.0 2.4 2.7 3.8 125.9 115.9 GBP/USD 1.496 1.500-0.005-0.021-0.026-0.064-0.062-0.062 1.594 1.457 USD/NOK 8.812 8.746 0.064 0.164 0.126 0.726 1.362 1.400 8.833 7.290 EUR/NOK 9.562 9.554 0.008 0.103 0.320 0.322 0.547 0.418 9.631 8.313 GBP/NOK 13.171 13.140 0.031 0.061-0.041 0.565 1.563 1.633 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 Kraft 2.5% 3.1% 2.2% -7.7% -9.9% 15.3 Teknologisk utstyr 0.8% -4.4% 5.8% 2.3% -2.7% 19.7 Elektrisk utstyr 2.2% -3.8% -2.4% -15.3% -18.5% 15.0 Media 0.7% -5.6% -3.5% 13.7% 7.7% 18.5 Internett programvare og -tjenes 2.0% 3.1% 14.2% 38.5% 34.4% 30.6 Biler og komponenter 0.7% 0.4% -0.1% 11.5% 7.5% 10.3 Diversifiserte telekomtjenester 2.0% 2.9% 4.0% 0.2% -1.4% 12.6 Eiendomsselskaper 0.6% -5.3% 0.7% 15.8% 10.0% 21.6 Elektronisk utstyr og instrumen 2.0% -0.8% 1.8% -4.1% -7.8% 16.1 Forbruksvarer og klær 0.6% -6.0% -3.1% 11.6% 7.6% 18.3 Bank 2.0% 1.8% 7.5% 5.4% 2.1% 12.3 Kapitalvarer 0.5% -4.6% 0.8% 10.0% 5.2% 16.5 Industrielle konglomerater 1.9% 0.2% 16.2% 16.0% 13.2% 22.8 Finansieringsselskaper 0.5% -6.7% -5.0% 12.5% 8.5% 10.8 Bildeler 1.9% -1.1% 1.2% -0.5% -4.9% 12.6 Banker 0.4% -6.3% -7.2% -2.1% -5.7% 10.6 Bioteknologi 1.7% 1.4% -3.6% 1.9% 4.3% 15.5 Materialer 0.3% -9.3% -7.0% -9.3% -13.3% 17.1 Husholdningsartikler 1.7% 7.0% 14.1% -5.2% -5.8% 22.3 Kommersielle tjenester og leveranser 0.2% -4.5% 1.8% 13.4% 8.2% 17.3 Media 1.7% -3.7% 2.9% 1.6% -2.0% 17.7 Drikkevarer, mat og tobakk 0.2% -4.1% 5.4% 22.5% 16.8% 21.3 Drikkevarer 1.7% 3.7% 10.4% 12.4% 10.8% 23.3 Mat- og apotekhandel 0.2% -7.1% 1.4% 16.2% 6.5% 18.0 Luftfart 1.6% 3.3% 4.9% 0.5% -5.3% 7.4 Forsikring 0.2% -2.8% 5.9% 15.1% 10.7% 11.3 Programvare 1.6% 4.7% 18.9% 17.2% 13.4% 21.4 Forsyningsselskaper 0.1% -4.3% 2.2% -2.1% -5.0% 14.1 Matvarer 1.5% 6.7% 2.2% 12.0% 9.9% 21.8 Husholdningsvarer og personlige produ 0.0% -5.1% 7.3% 26.0% 20.0% 22.7 Helseartikler 1.5% 2.5% 5.4% 7.0% 6.1% 19.9 Telekommunikasjon og tjenester 0.0% -7.7% 0.5% 9.8% 7.2% 20.0 Bygg og anlegg 1.4% 1.2% -0.3% -13.7% -18.9% 13.4 Hotell-, underholdnings- og restaurantv 0.0% 2.1% 4.4% 16.9% 10.5% 19.1 Forsikring 1.3% 0.0% 5.7% 4.3% 1.4% 12.2 Helsevern - utstyr og tjenester 0.0% -5.2% 3.2% 25.2% 17.9% 25.0 Maskiner 1.2% -1.2% -4.6% -14.7% -16.4% 15.1 Transport -0.1% -4.3% -0.8% 11.5% 6.4% 15.3 Farmasi 1.2% 3.1% 3.3% 4.9% 4.9% 18.0 Energi -0.2% -10.9% -5.6% -10.2% -13.7% 14.3 Papir- og skogprodukter 1.1% -3.2% -5.7% -27.8% -28.0% 10.6 Programvare og tjenester -0.5% -0.9% 14.3% 32.4% 24.1% 20.6 Hotell og restaurant 1.0% 2.4% 3.4% 17.5% 14.3% 24.2 Detaljhandel -0.7% -6.4% -1.2% 17.5% 10.1% 21.1 Kjemikalier 1.0% -2.3% 7.4% -2.7% -5.5% 16.6 Kommunikasjonsutstyr 0.9% -2.2% -1.0% -11.5% -14.4% 12.4 Fritidsutstyr 0.9% 2.0% 1.9% 1.4% 2.7% 21.2 Datamaskiner og tilbehør 0.7% -1.5% -2.3% -5.3% -6.6% 11.3 Metall 0.5% -0.2% -13.9% -39.3% -41.4% 23.7 Legemiddelindustri og biotekno 0.5% -4.1% -1.7% 10.9% 9.3% 17.9 Olje og gass -0.3% -7.5% -2.9% -19.6% -22.4% 28.0 Energi og relatert utstyr -1.6% -6.9% -8.0% -18.1% -20.1% 18.5 Kilde: Bloomberg Kilde: Bloomberg US SELSKAPER DOW 30 Kurs Endring NASDAQ Kurs Endring S&P500 Kurs Endring Alle siste 1 dag 1 mnd 1 år Topp siste 1 dag 1 mnd 1 år Topp siste 1 dag 1 mnd 1 år GOLDMAN SACHS GROUP 186.21 2.3 % -2.3 % 0.6 % WYNN RESORTS LTD 68.99 4.5 % 12.1 % -50.4 % HUDSON CITY BA#N/A N/A #VALUE! #VALUE! #VALUE! GENERAL ELECTRIC CO 30.98 2.2 % 2.2 % 25.6 % BIOGEN INC 299.29 3.5 % 7.1 % -10.1 % SIGMA-ALDRICH 139.76 #VALUE! #VALUE! #VALUE! JPMORGAN CHASE & CO 67.53 2.2 % 2.1 % 13.0 % NETFLIX INC 122.64 3.4 % 4.7 % 157.3 % COMCAST CORP- 58 #VALUE! #VALUE! #VALUE! MERCK & CO. INC. 54.02 2.1 % 0.6 % -6.3 % WALGREENS BOOTS 84.71 3.2 % 2.1 % #VALUE! FIRST SOLAR INC 65.62 9.7 % 24.4 % 54.9 % VERIZON COMMUNICATION 46.51 2.1 % 3.2 % 0.2 % COGNIZANT TECH SO 62.42 3.2 % -2.6 % 22.4 % HONEYWELL INTE 104.08 5.7 % 1.7 % 6.6 % UNITED TECHNOLOGIES CO 95.13 2.0 % -2.5 % -16.5 % AKAMAI TECHNOLOG 53.275 2.9 % -9.3 % -13.3 % WHIRLPOOL COR 153.1 5.6 % -2.7 % -19.0 % NIKE INC -CL B 130.93 1.8 % 6.8 % 38.6 % LIBERTY GLOBAL PL 39.05 2.9 % 4.8 % #VALUE! CVS HEALTH COR 97.56 5.4 % 4.0 % 3.6 % COCA-COLA CO/THE 43.84 1.8 % 5.2 % 5.5 % CHARTER COMMUNI 183.31 2.8 % -0.7 % 13.0 % GENWORTH FINA 3.99 5.0 % -13.8 % -49.7 % MICROSOFT CORP 56.13 1.7 % 6.0 % 22.7 % LIBERTY GLOBAL PL 37.41 2.8 % 1.1 % #VALUE! NEXTERA ENERG 103.65 5.0 % 2.9 % 0.5 % PROCTER & GAMBLE CO/T 80.99 1.6 % 7.9 % -10.7 % LIBERTY GLOBAL PL 39.47 2.8 % -5.1 % -9.4 % RYDER SYSTEM 59.26 4.9 % -10.2 % -33.2 % VISA INC-CLASS A SHARES 79.86 1.6 % 1.3 % 23.3 % O'REILLY AUTOMOTIV 257.64 2.7 % -3.4 % 34.0 % FRONTIER COMM 4.74 4.9 % -0.8 % -27.6 % WALT DISNEY CO/THE 113.79 1.5 % -2.0 % 24.5 % INCYTE CORP 117.79 2.7 % 3.8 % 55.8 % AFFILIATED MANA 159.08 4.5 % -6.7 % -21.5 % CATERPILLAR INC 67.72 1.5 % -2.4 % -24.5 % VODAFONE GROUP 32.31 2.7 % -5.2 % -6.2 % WYNN RESORTS 68.99 4.5 % 12.1 % -50.4 % CISCO SYSTEMS INC 27.235 1.4 % 1.6 % 1.6 % C.H. ROBINSON WOR 64.27 2.7 % -5.2 % -10.6 % CENTERPOINT EN 17.6 4.2 % 3.1 % -21.7 % 3M CO 149.95 1.2 % -4.5 % -6.6 % HOME DEPOT INC 132.9 1.2 % 5.3 % 34.3 % Bunn siste 1 dag 1 mnd 1 år Bunn siste 1 dag 1 mnd 1 år TRAVELERS COS INC/THE 114.54 1.2 % 1.6 % 9.7 % VIMPELCOM LTD-SP 3.17-4.2 % -12.2 % -13.6 % PIONEER NATURA 134.4-7.0 % -5.6 % -7.2 % WAL-MART STORES INC 60.3 1.1 % 0.6 % -28.4 % PACCAR INC 46.72-2.4 % -3.8 % -29.2 % MARATHON OIL C 13.78-4.7 % -22.2 % -48.3 % INTL BUSINESS MACHINES 139.29 1.1 % 4.1 % -8.3 % MICRON TECHNOLOG 14.07-0.8 % -7.9 % -58.4 % DEVON ENERGY 30.57-4.1 % -33.4 % -47.7 % BOEING CO/THE 148.11 1.1 % 1.4 % 18.4 % CHECK POINT SOFTW 86.51-0.5 % 4.7 % 12.2 % NUCOR CORP 38.66-3.8 % -4.6 % -21.9 % JOHNSON & JOHNSON 105.25 1.1 % 3.7 % 1.1 % STAPLES INC 9.56-0.4 % -23.2 % -44.7 % BAKER HUGHES 44.76-3.7 % -9.5 % -20.6 % UNITEDHEALTH GROUP INC 118.83 1.0 % 3.9 % 19.9 % ELECTRONIC ARTS IN 72.04-0.4 % 5.8 % 56.4 % HALLIBURTON CO 35.86-3.3 % -5.9 % -9.1 % PFIZER INC 32.58 1.0 % -0.9 % 4.7 % FISERV INC 93.64-0.3 % -2.0 % 33.7 % LEUCADIA NATION 16.49-2.8 % -8.9 % -23.8 % AMERICAN EXPRESS CO 70.71 0.8 % -0.6 % -21.8 % EXPRESS SCRIPTS H 86.69-0.2 % 3.1 % 8.4 % ENSCO PLC-CL A 16-2.4 % -7.0 % -43.7 % MCDONALD'S CORP 117.84 0.8 % 6.2 % 28.6 % SANDISK CORP 75.6-0.1 % 1.0 % -23.4 % PACCAR INC 46.72-2.4 % -3.8 % -29.2 % APPLE INC 111.34 0.8 % -2.1 % 1.8 % XILINX INC 47.97 0.1 % 0.3 % 10.5 % CONOCOPHILLIPS 49.35-2.4 % -8.4 % -26.3 % CHEVRON CORP 93.44 0.7 % 2.6 % -11.9 % STERICYCLE INC 118.61 0.1 % -3.0 % -7.7 % ANADARKO PETR 47.67-2.3 % -22.0 % -39.4 % INTEL CORP 35.3 0.3 % 8.1 % -2.6 % QUALCOMM INC 48.07 0.1 % -9.3 % -33.4 % ONEOK INC 20.88-2.2 % -26.6 % -56.0 % EXXON MOBIL CORP 79.15-0.4 % -1.0 % -11.1 % BAIDU INC - SPON AD 199.34 0.1 % 1.3 % -10.9 % EOG RESOURCES 75.8-1.9 % -8.7 % -16.8 % DU PONT (E.I.) DE NEMOUR 66.23-0.4 % -1.3 % -0.8 % KEURIG GREEN MOU 89.22 0.1 % 122.3 % -34.7 % NEWFIELD EXPLO 34.44-1.7 % -14.7 % 33.4 % 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 Forsyningstjenester XLU 43.4 2.5 % 1.9 % 2.2 % -6.2 % USD 18300516 Japan EWJ 12.37 2.5 % 2.3 % -1.0 % 9.8 % USD 40583228 Pacific ex-japan EPP 38.45 2.4 % 0.5 % 0.5 % -10.0 % USD 654966 Bioteknologi IBB 337.4 2.2 % 3.8 % 2.5 % 11.2 % USD 1473502 Brasil EWZ 22.85 2.1 % -4.4 % -4.3 % -34.8 % USD 25956720 Latin-America 40 ILF 22.72 2.1 % -1.0 % -3.8 % -26.4 % USD 534197 Emerging M arkets EEM 33.19 2.0 % 1.6 % -2.6 % -12.8 % USD 105082176 Forbruksvarer XLP 51.26 1.9 % 2.6 % 5.4 % 6.6 % USD 20860446 S&P Euro 350 IEV 40.85 1.8 % 0.5 % -0.9 % -4.3 % USD 1765222 Industri XLI 53.75 1.8 % 0.9 % -0.6 % -2.6 % USD 19045713 Russell 2000 Growth IWO 141.71 1.7 % 0.4 % 0.5 % 1.8 % USD 1114913 Finansielle tjenester XLF 24.44 1.6 % 2.0 % 1.2 % 0.9 % USD 83026250 TecDax TDXPEX 16.97 1.6 % 0.9 % 0.5 % 36.1 % EUR 48281 Russell 2000 IWM 114.43 1.5 % 0.3 % -0.2 % -2.1% USD 44560568 DAX DAXEX 94.01 1.5 % 1.4 % -2.3 % 9.3 % EUR 82655 Nasdaq 100 QQQ 113.98 1.5 % 1.0 % 2.2 % 12.0 % USD 44944106 S&P 500 SPY 208.03 1.5 % 1.3 % 1.2 % 3.1 % USD 197017008 Teknologi USA XLK 43.91 1.4 % 0.7 % 2.0 % 8.2 % USD 18173802 DJIA DIA 177.64 1.2 % 1.5 % 1.4 % 2.3 % USD 11286555 Hong Kong EWH 19.92 1.2 % 0.1 % -1.8 % -0.9 % USD 4045815 S&P M idcap 400 M DY 257.35 1.0 % 0.3 % -0.3 % -0.7 % USD 1675952 FTSE 100 ISF 601.3 0.7 % -2.3 % -4.4 % -4.3 % GBp 4760190 Dow Jones Total market THRK 152.3 0.4 % 0.3 % -0.4 % 0.9 % USD 7521 CAC-40 CAC 45.685 0.3 % -0.3 % -6.5 % 11.7 % EUR 869010 AEX-Nederland AEXT 43.13 0.1 % -1.6 % -7.0 % 6.9 % EUR 545 Energi XLE 61.9-0.7 % -0.8 % -8.2 % -19.7 % USD 28751201 Oil Service OIH 28.21-1.4 % -1.6 % -6.4 % -21.4 % USD 8579528 Olje / Energi Naturgass NGAS 0.04025-1.5 % -11.8 % -27.4 % -61.5 % USD 3561301 Bensin UGAS 24.905-2.3 % -0.8 % -1.3 % -19.7 % USD 0 Fyringsolje HEAT 8.476-3.1% -8.2 % -18.4 % -43.5 % USD 0 WTI-olje OILW 17.24-3.1% -5.4 % -14.2 % -45.5 % USD 0 Råolje CRUD 7.814-3.2 % -6.0 % -16.2 % -48.2 % USD 909770 Brent-olje OILB 19.718-3.3 % -7.6 % -16.1% -48.2 % USD 44824 WTI-Oil USO 10.99-3.6 % -4.9 % -15.5 % -48.5 % USD 36387265 M etaller Sølv SLV 13.49 2.9 % 0.0 % -0.4 % -10.7 % USD 11176306 Gull BULL 13.245 2.0 % 0.2 % 0.0 % -11.3 % USD 0 Aluminium ALUM 2.489 1.4 % 0.5 % 0.5 % -26.8 % USD 0 Nikkel NICK 9.003 1.1 % 0.4 % -5.0 % -45.3 % USD 11100 Kobber COPA 20.68 0.7 % 0.1 % -2.4 % -29.3 % USD 25346 Bomull COTN 2.064 0.3 % -2.8 % -0.2 % 3.1 % USD 0 A ndre råvarer Svinekjøtt HOGS 0.6585 0.1 % -0.4 % 4.0 % -27.8 % USD 0 Kaffe COFF 1.3365-0.3 % -6.5 % -0.2 % -38.1% USD 110714 Kveg CATL 6.2563-0.8 % -0.2 % -4.9 % -18.8 % USD 0 Hvete WEAT 0.9535-0.9 % -0.2 % -0.2 % -24.8 % USD 7646 Soyabønner SOYB 19.5-1.2 % -3.1% -1.2 % -16.6 % USD 250 Soyaolje SOYO 3.942-1.5 % -4.9 % 8.1 % -9.2 % USD 0 M ais CORN 1.1255-1.6 % -2.0 % 0.8 % -19.2 % USD 8400 Råoljer AIGO 10.075-3.0 % -5.6 % -13.8 % -42.7 % USD 0 R åvarekurver Industrimetaller AIGI 8.655 1.0 % 0.0 % -1.9 % -30.7 % USD 134560 Ex-Energi AIGX 7.93875 0.0 % -1.4 % -0.7 % -20.1% USD 0 Buskap AIGL 2.9155-0.4 % -0.4 % -1.6 % -21.7 % USD 12940 Råvarer AIGC 7.8563-0.7 % -2.9 % -5.5 % -29.2 % USD 1097913 Korn AIGG 4.0665-1.2 % -1.8 % 0.1 % -20.5 % USD 0 Landbruk AIGA 5.2-1.5 % -3.0 % -0.1% -18.3 % USD 155504 Softs (Sukker, Kakao, Bomull) AIGS 4.078-1.8 % -4.5 % -1.4 % -16.3 % USD 0 Energi AIGE 3.365-2.5 % -7.0 % -17.4 % -48.5 % USD 3481896 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 BULL 10.63 17.7 % 15.7 % 3.7 % -23.3 % NOK 87497 REC BULL REC HA 31.14 17.6 % 13.6 % 2.7 % -26.0 % NOK 0 Schibsted BEAR SCH DNM 4.27 7.8 % 11.6 % 7.7 % -44.9 % NOK 20000 Fred. Olsen Energy BULL FOE DNM 51.90 5.9 % -9.3 % -25.3 % -76.0 % NOK 1140 Sølvpris BULL SOLV ETN DNM 17.22 5.6 % -2.4 % -1.3 % -16.4 % NOK 0 Seadrill DNB-ETN SEADRILL BULL 6.16 5.5 % -15.6 % -55.7 % -88.6 % NOK 78467 Strømpris BULL EL HA 0.39 5.4 % -8.2 % -33.3 % -90.4 % NOK 0 Statoil DNB-ETN STATOIL X3 BULL 18.86 4.7 % 0.8 % -16.0 % -15.2 % NOK 24000 Strømpris DNB-ETN ELKRAFT BULL 3.19 4.6 % -5.6 % -29.1% -85.7 % NOK 25500 Orkla DNB-ETN ORKLA X3 BEAR 1.98 4.5 % 5.1 % 3.9 % -75.8 % NOK 0 Gjensidige DNB-ETN GJENSIDIGE X3 BULL 32.93 4.3 % 2.3 % 14.5 % 54.1 % NOK 0 PGS DNB-ETN PGS BULL 3.93 4.1 % -6.2 % -11.3 % -38.6 % NOK 0 DNO BEAR DNO DNM 49.07 3.7 % 37.9 % 62.0 % 90.0 % NOK 9 Oljepris DNB - ETN BRENT BEAR 52.00 3.7 % 17.9 % 32.0 % 124.9 % NOK 3700 Oljepris BEAR OLJE HA 70.58 3.6 % 17.5 % 33.0 % 168.3 % NOK 0 Aker Solutions DNB-ETN AKER SOLUTIONS BULL 3.35 3.6 % -19.8 % -29.6 % -46.0 % NOK 0 Opera BULL OPERA DNM 2.85 3.4 % -1.9 % -4.8 % -90.9 % NOK 58300 Statoil BULL STL HA 50.10 3.2 % 0.8 % -10.0 % -0.4 % NOK 0 TGS Nopec DNB-ETN TGS BULL 12.46 3.2 % -6.2 % -10.9 % -7.3 % NOK 0 Statoil DNB-ETN STATOIL BULL 22.15 3.2 % 0.8 % -10.1% -0.8 % NOK 8000 Sølvpris SOLV ETN DNM 26.07 3.1 % -0.9 % -0.2 % 1.8 % NOK 0 DNB BULL DNBNOR HA 116.33 3.1 % -1.9 % -7.6 % 0.9 % NOK 150 Orkla BEAR ORKLA HA 5.10 3.0 % 3.3 % 2.6 % -59.7 % NOK 0 Sink BEAR SINK ETN DNM 58.58 3.0 % 7.0 % 10.5 % 102.1 % NOK 0 RCL BULL RCL HA 384.30 2.9 % 1.1 % -0.8 % 76.3 % NOK 0 RCL D1B-ETN RCL BULL 64.83 2.9 % 1.1 % -0.7 % 77.7 % NOK 0 Gullpris DNB-ETN GULL BULL 16.92 2.9 % -0.5 % 0.4 % -9.2 % NOK 0 Gullpris BULL GULL HA 58.60 2.9 % -0.5 % 0.3 % -9.4 % NOK 0 Oljeservice DNB - ETN OIL SERVICE BULL 4.65 2.9 % -9.1% -22.5 % -51.6 % NOK 8000 OBX BULL OBX X4 DNM 20.36 2.8 % -4.2 % -13.5 % 1.4 % NOK 68220 Norwegian DNB-ETN NORWEGIAN BULL 14.96 2.7 % 7.1 % -0.1% 14.8 % NOK 9000 M arine Harvest Group DNB-ETN M ARINE HARVEST BULL 60.68 2.7 % -1.8 % -1.6 % 38.7 % NOK 0 Strømpris DNB-ETN ELKRAFT 3.94 2.6 % -2.2 % -13.9 % -58.6 % NOK 0 Storebrand DNB-ETN STOREBRAND BULL 16.17 2.4 % 1.3 % 10.2 % 17.1 % NOK 0 Norsk Hydro BULL NHY X3 DNM 18.94 2.2 % -4.3 % -17.8 % -69.6 % NOK 51000 OBX BULL OBX X3 HA 118.53 2.1 % -2.8 % -9.7 % 11.2 % NOK 100 OBX DNB-ETN OBX X3 BULL 27.96 2.1 % -2.9 % -9.9 % 6.8 % NOK 500 Kobberpris BULL KOBBER HA 20.21 2.0 % -0.9 % -4.2 % -42.7 % NOK 0 Kobberpris BULL KOBBER ETN DNM 15.09 1.8 % -0.3 % -3.8 % -40.6 % NOK 0 Naturgasspris BEAR NATGAS ETN DNM 91.50 1.7 % 9.9 % 14.8 % 150.1 % NOK 0 Gullpris DNB-ETN GULL 26.72 1.7 % 0.1 % 0.6 % 3.5 % NOK 0 Norsk Hydro DNB-ETN NORSK HYDRO BULL 8.30 1.7 % -2.6 % -10.9 % -50.0 % NOK 0 Norsk Hydro BULL NHY HA 18.04 1.6 % -2.6 % -10.7 % -49.4 % NOK 0 Oljeservice DNB - ETN OIL SERVICE 14.43 1.5 % -4.5 % -11.4 % -24.1% NOK 0 OBX XACT DERIVAT BULL 98.45 1.4 % -1.6 % -6.3 % 8.0 % NOK 501597 Aluminium BULL ALU HA 15.47 1.3 % -0.7 % 0.5 % -37.3 % NOK 0 Aluminium BULL ALU ETN DNM 19.12 1.3 % -0.6 % 0.4 % -37.7 % NOK 0 Kobberpris BULL KOBBER ETN DNM 23.90 1.2 % 0.2 % -1.4 % -14.9 % NOK 0 Golden Ocean BULL GOGL DNM 14.33 1.1 % -43.9 % -69.5 % -96.0 % NOK 18100 Yara DNB-ETN YARA X3 BULL 33.47 1.0 % -9.6 % -18.1% 67.4 % NOK 18960 Aluminium ALU ETN DNM 26.70 0.9 % 0.0 % 0.8 % -13.7 % NOK 0 Telenor DNB-ETN TELENOR X3 BEAR 2.14 0.9 % -5.9 % -1.8 % -40.0 % NOK 0 OBX DNB OBX 51.95 0.8 % -0.7 % -3.0 % 6.9 % NOK 4730 OBX XACT OBX 52.38 0.8 % -0.8 % -3.1% 7.0 % NOK 46134 Yara BULL YARA HA 148.05 0.8 % -6.3 % -11.8 % 51.5 % NOK 0 Telenor DNB - ETN TELENOR BEAR 3.49 0.7 % -3.9 % -1.0 % -25.1% NOK 0 Yara DNB-ETN YARA BULL 28.25 0.7 % -6.3 % -11.8 % 51.5 % NOK 0 CO2 BEAR CO2 ETN DNM 8.31 0.6 % 6.4 % 12.2 % -37.4 % NOK 0 BW LPG BULL BWLPG DNM 36.40 0.5 % -3.6 % 33.5 % 217.3 % 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 CO2 BEAR CO2 ETN DNM 8.31 0.6 % 6.4 % 12.2 % -37.4 % NOK 0 BW LPG BULL BWLPG DNM 36.40 0.5 % -3.6 % 33.5 % 217.3 % NOK 0 Subsea 7 DNB-ETN SUBSEA 7 BULL 4.79 0.3 % -5.2 % -11.4 % -39.5 % NOK 0 CO2 CO2 ETN DNM 44.02 0.3 % -2.9 % -1.3 % 17.0 % NOK 0 CO2 BULL CO2 ETN DNM 60.70 0.2 % -6.0 % -5.8 % 26.4 % NOK 0 Aluminium BEAR ALU HA 94.18-0.3 % 1.9 % -0.7 % 87.0 % NOK 0 Aluminium BEAR ALU ETN DNM 54.33-0.3 % 1.8 % -0.6 % 87.9 % NOK 0 Subsea 7 DNB-ETN SUBSEA 7 BEAR 13.08-0.3 % 4.4 % 6.7 % -33.7 % NOK 0 Kobberpris BEAR KOBBER ETN DNM 65.05-0.6 % 1.2 % 3.7 % 83.0 % NOK 0 Yara DNB-ETN YARA BEAR 4.46-0.7 % 5.6 % 10.3 % -51.1 % NOK 0 OBX BEAR OBX X1 DNM 25.56-0.7 % 0.7 % 2.9 % #VALUE! NOK 0 Sinkpris SINK ETN DNM 24.57-0.7 % -2.6 % -4.8 % -20.2 % NOK 0 Telenor DNB-ETN TELENOR BULL 73.30-0.7 % 3.2 % -0.8 % 6.3 % NOK 0 Yara BEAR YARA HA 1.33-0.7 % 6.0 % 10.8 % -53.1% NOK 0 Kobberpris BEAR KOBBER HA 51.28-0.9 % 1.6 % 3.9 % 85.9 % NOK 1500 Oljepris DNB - ETN BRENT 16.23-1.0 % -7.3 % -13.4 % -37.5 % NOK 51093 Yara DNB-ETN YARA X3 BEAR 9.35-1.0 % 8.0 % 14.7 % -69.4 % NOK 0 Naturgasspris NATGAS ETN DNM 17.15-1.0 % -5.1% -8.3 % -30.2 % NOK 0 Telenor DNB-ETN TELENOR X3 BULL 69.18-1.1 % 4.5 % -1.8 % 0.8 % NOK 0 Golden Ocean BEAR GOGL DNM 409.15-1.4 % 63.3 % 156.7 % 417.1 % NOK 595 OBX XACT DERIVAT BEAR 83.08-1.5 % 1.1 % 5.6 % -19.6 % NOK 603171 Norsk Hydro DNB-ETN NORSK HYDRO BEAR 14.09-1.6 % 2.1 % 7.2 % 35.2 % NOK 0 Norsk Hydro BEAR NHY HA 27.98-1.7 % 2.2 % 7.2 % 32.6 % NOK 0 Gullpris DNB-ETN GULL BEAR 42.54-1.8 % 1.7 % 0.4 % 36.0 % NOK 0 Gullpris BEAR GULL HA 34.12-1.8 % 1.7 % 0.4 % 36.2 % NOK 0 Naturgasspris BULL NATGAS ETN DNM 8.60-1.9 % -9.7 % -15.6 % -57.8 % NOK 0 Sinkpris BULL SINK ETN DNM 15.74-2.0 % -5.8 % -10.6 % -48.2 % NOK 0 OBX BEAR OBX X3 HA 3.26-2.1% 1.6 % 7.8 % -34.7 % NOK 0 OBX DNB-ETN OBX X3 BEAR 4.82-2.2 % 1.6 % 8.1 % -32.5 % NOK 18000 Storebrand DNB-ETN STOREBRAND BEAR 5.53-2.5 % -3.0 % -12.3 % -53.7 % NOK 0 Norsk Hydro BEAR NHY X3 DNM 9.63-2.5 % 3.0 % 9.2 % 36.8 % NOK 0 Aker Solutions DNB-ETN AKER SOLUTIONS BEAR 11.54-2.6 % 22.7 % 36.5 % -45.3 % NOK 3245 Oljepris DNB - ETN BRENT BULL 5.21-2.6 % -14.9 % -26.4 % -72.1% NOK 165000 Oljepris BULL OLJE HA 12.12-2.7 % -14.9 % -26.4 % -70.4 % NOK 1060 Norwegian DNB-ETN NORWEGIAN BEAR 6.96-2.7 % -7.1% -4.1% -58.7 % NOK 2000 M arine Harvest Group DNB-ETN M ARINE HARVEST BEAR 9.86-2.7 % 1.1 % 0.6 % -47.3 % NOK 0 Oljeservice DNB - ETN OIL SERVICE BEAR 22.55-2.9 % 8.9 % 23.0 % 5.5 % NOK 0 Orkla BULL ORKLA HA 140.23-3.0 % -3.5 % -3.3 % 104.9 % NOK 0 RCL DNB-ETN RCL BEAR 13.92-3.0 % -1.8 % -1.5 % -64.8 % NOK 9200 OBX BEAR OBX X4 DNM 12.69-3.1% 1.7 % 10.2 % -45.1% NOK 81100 DNB BEAR DNB NOR HA 3.75-3.1% 0.7 % 5.5 % -24.6 % NOK 20000 TGS Nopec DNB-ETN TGS BEAR 13.46-3.2 % 6.0 % 8.7 % -35.9 % NOK 0 Statoil DNB-ETN STATOIL BEAR 9.01-3.3 % -2.0 % 7.0 % -34.1% NOK 56000 Statoil BEAR STL HA 11.77-3.3 % -1.9 % 7.1 % -34.1% NOK 0 DNO BULL DNO DNM 1.01-3.3 % -34.4 % -46.6 % -88.1% NOK 944647 Opera BEAR OPERA DNM 14.04-3.4 % 0.4 % 0.1 % 15.1 % NOK 0 Strømpris BEAR EL HA 1572.00-3.7 % 8.0 % 58.0 % 575.2 % NOK 0 Strømpris DNB - ETN ELKRAFT BEAR 253.30-4.1% 3.7 % 44.4 % 280.8 % NOK 0 PGS DNB-ETN PGS BEAR 6.06-4.3 % 5.3 % 5.8 % -41.9 % NOK 0 Orkla DNB-ETN ORKLA X3 BULL 87.10-4.5 % -5.5 % -5.4 % 175.4 % NOK 0 Sølvpris BEAR SOLV ETN DNM 48.12-4.5 % 3.4 % 1.5 % 21.6 % NOK 0 Statoil DNB-ETN STATOIL X3 BEAR 3.51-4.9 % -3.3 % 9.2 % -54.4 % NOK 55739 Gjensidige DNB-ETN GJENSIDIGE X3 BEAR 0.48-5.0 % -3.1% -14.4 % -60.3 % NOK 0 Seadrill DNB-ETN SEADRILL BEAR 49.96-5.6 % 12.2 % 90.0 % 43.1 % NOK 16636 Fred. Olsen Energy BEAR FOE DNM 95.08-5.8 % 7.6 % 14.2 % -38.3 % NOK 435 Schibsted BULL SCH DNM 45.76-7.8 % -11.0 % -9.7 % 31.3 % NOK 0 REC BEAR REC HA 47.64-17.3 % -17.5 % -14.5 % -77.2 % NOK 2810 DNB ANBEFALINGER OG ESTIMATER 41 100 54 Selg Hold Kjøp 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 AF Gruppen AFG Selg NOK 132.50 85.00 6.26 6.45 20.2x 20.5x 11.2x 12.5x Akastor AKA Hold NOK 11.20 11.10-7.81-2.41-2.6x -4.6x 14.7x -22.6x Aker AKER Kjøp NOK 160.50 188.00 7.31 5.53 22.0x 29.0x Aker Solutions AKSO Selg NOK 31.67 26.00 2.91 2.01 10.7x 15.7x 4.7x 10.2x Alfa Laval ALFA Selg SEK 152.00 135.00 9.33 8.63 16.3x 17.6x 10.2x 13.7x Autoliv ALIV Hold SEK 1,060.00 1060.00 4.94 7.34 19.8x 16.5x 9.7x 10.8x Archer ARCHER Selg NOK 4.85 10.00-1.58-1.44-0.4x -0.4x 11.1x -16.8x Assa Abloy ASSAB Hold SEK 178.00 165.00 6.96 7.35 25.6x 24.2x 17.6x 18.3x Atlas Copco ATCOA Hold SEK 209.00 215.00 11.78 11.85 17.5x 17.6x 11.0x 12.8x Atea ATEA Hold NOK 72.25 80.00 3.69 4.91 19.6x 14.7x 8.2x 10.1x Atw ood Oceanics ATW Selg USD 12.58 15.00 6.69 2.93 2.2x 4.3x 3.3x 8.1x Aurora LPG AURLPG Kjøp NOK 63.00 94.00 2.14 1.81 3.4x 4.0x 4.0x 9.0x Austevoll Seafood AUSS Kjøp NOK 51.00 63.00 2.33 5.30 12.2x 9.6x 5.7x 5.0x Avance Gas AVANCE Kjøp NOK 111.00 171.00 5.62 3.93 2.3x 3.2x 3.8x 6.0x Aw ilco Drilling AWDR Hold NOK 32.00 40.00 4.81 1.27 0.8x 2.9x 0.5x 1.8x Bakkafrost BAKKA Kjøp NOK 240.50 290.00 13.60 15.41 12.2x 12.2x 8.2x 8.6x Betsson BETSB Kjøp SEK 146.90 185.00 6.75 8.46 21.7x 17.4x 18.0x 16.5x BillerudKorsnäs BILL Kjøp SEK 155.60 175.00 11.89 10.16 17.7x 15.3x 9.5x 12.6x Borregaard BRG Kjøp NOK 46.30 60.00 3.24 4.45 14.3x 10.4x 6.8x 7.4x BW LPG BWLPG Kjøp NOK 72.80 92.00 2.38 1.83 3.5x 4.6x 4.3x 7.3x BW Offshore BWO Selg NOK 2.72 2.60 0.01-0.05 25.0x -6.8x 5.4x 40.6x Carlsberg CARLB Selg DKK 601.50 530.00-30.11 27.46-20.0x 21.9x 10.1x 16.0x Castellum CAST Kjøp SEK 117.20 139.00 11.61 7.71 16.5x 15.2x 19.2x 18.8x Cargotec CGC Kjøp EUR 33.34 40.00 2.42 2.74 12.9x 12.2x 8.2x 9.8x Chr. Hansen CHR Hold DKK 415.30 400.08 1.22 1.37 36.4x 40.4x 22.5x 31.4x Coloplast COLOB Hold DKK 537.00 560.00 4.29 18.92 25.4x 28.4x 19.4x 21.5x Com Hem COMH Selg SEK 74.00 60.00 0.58 1.29 128.4x 57.4x 10.2x 29.6x Coor Service Management COOR Kjøp SEK 36.50 45.00 1.88 1.32 12.6x 10.9x 10.8x 18.8x Citycon CTY1S Kjøp EUR 2.32 2.90 0.13 0.14 22.3x 16.7x 21.9x 18.7x Danske Bank DANSKE Hold DKK 179.20 199.00 17.39 17.61 10.3x 10.2x Deep Sea Supply DESSC Hold NOK 1.61 1.50 0.00-0.07 21.1x -2.5x 6.7x -780.4x Det norske oljeselskap DETNOR Kjøp NOK 52.90 63.00-0.53 0.70-11.5x 8.7x 3.4x 6.1x DHT Holdings DHT Kjøp USD 7.97 12.50 1.13 1.66 7.1x 4.8x 5.6x 7.1x DNB DNB NOK 108.90 14.05 13.08 8.7x 8.3x DNO DNO Kjøp NOK 6.25 18.00-0.11 0.33-6.4x 2.2x 25.2x 0.8x D/S Norden DNORD Kjøp DKK 117.10 206.00 2.20 1.48 7.8x 11.6x 4.2x 9.6x Diamond Offshore DO Selg USD 21.85 15.00 0.24 0.66 89.5x 33.1x 5.1x 21.4x DOF DOF Selg NOK 4.45 4.00-1.85 0.40 0.8x 11.1x 8.6x 17.3x Dolphin Group DOLP Selg NOK 0.11 0.10-0.14-0.14-0.1x -0.1x 5.3x -7.2x Diana Shipping DSX Hold USD 3.66 4.70-0.82-0.87-4.5x -4.2x 22.4x -13.8x Eidesvik Offshore EIOF Selg NOK 9.51 10.00 4.01-2.05 0.9x -4.6x 5.1x 41.8x Elekta EKTAB Kjøp SEK 72.55 85.00 2.42 3.30 29.9x 22.0x 14.0x 16.3x Electrolux ELUX Hold SEK 200.50 250.00 10.53 14.88 19.0x 13.5x 7.8x 10.1x Entra ENTRA Hold NOK 70.00 72.00 11.30 4.35 19.3x 16.1x 18.0x 18.5x Epic Gas EPIC Kjøp NOK 10.00 25.40-0.21-0.42-5.6x -2.8x 7.6x -46.2x Europris EPR Selg NOK 41.30 35.00 1.51 2.33 27.3x 17.7x 14.3x 13.9x Ensco ESV Selg USD 16.40 11.00 4.60 3.32 3.6x 4.9x 3.9x 6.4x Euronav EURN Kjøp USD 12.78 20.40 2.26 2.31 5.7x 5.5x 5.2x 6.8x Fabege FABG Hold SEK 134.40 130.00 13.01 4.31 36.9x 31.2x 31.4x 28.9x Farstad Shipping FAR Selg NOK 16.00 10.00-23.39-13.65-3.2x -1.2x 8.1x 110.6x Flex LNG FLNG Hold NOK 10.00 11.90 0.00 0.00-54568.9x -49823.8x -62.9x -63.6x FLSmidth FLS Hold DKK 234.90 275.00 12.58 23.91 14.4x 9.8x 7.1x 8.1x Fred Olsen Energy FOE Selg NOK 36.52 30.00-3.84 3.25 1.4x 1.3x 2.2x 2.8x Frontline 2012 FRNT Kjøp NOK 62.50 55.00 1.37 0.92 8.8x 7.8x 12.2x 11.4x Frontline FRO Hold NOK 25.95 28.00 0.29 0.39 11.2x 7.5x 9.3x 10.7x Fortum FUM1V Kjøp EUR 13.18 16.90 4.91 0.70 15.6x 18.8x Getinge GETIB Selg SEK 214.70 185.00 6.72 8.60 24.8x 19.3x 13.7x 20.1x Gjensidige Forsikring GJF Hold NOK 141.10 140.00 6.96 8.49 20.3x 16.6x Golar LNG GLNG Kjøp USD 16.60 68.00-1.79-0.54-125.3x -9.1x -67.3x 62.3x GasLog GLOG Kjøp USD 9.65 20.40 0.07 1.17 37.6x 8.2x 10.8x 13.5x Golar LNG Partners GMLP Kjøp USD 11.99 35.70 2.43 2.65 4.6x 4.5x 6.3x 7.8x GN Store Nord GN Hold DKK 120.30 135.00 5.07 7.07 23.1x 15.6x 10.2x 11.0x 7

DNB Markets DNB anbefalinger og estimater DNB ANBEFALINGER OG ESTIMATER Kilde: DNB Markets, FactSet, Bloomberg Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA 2015 2016 2015 2016 2015 2016 Gener8 Maritime GNRT Kjøp USD 9.21 23.00 2.55 3.35 3.5x 2.7x 5.8x 6.3x Golden Ocean GOGLUS Kjøp USD 0.99 2.60-1.51 0.03-1.1x 37.9x -106.7x 28.4x Grieg Seafood GSF Kjøp NOK 30.50 35.00-1.13 2.61-100.0x 11.7x 18.4x 9.8x Havila Shipping HAVI Selg NOK 2.37 2.50-1.32 0.39 0.7x 6.1x 6.8x 16.2x Helgeland Sparebank HELG Kjøp NOK 55.75 75.00 7.40 7.94 7.5x 7.0x Hexagon Composites HEX Kjøp NOK 19.00 21.00 0.07 1.30 85.2x 14.6x 24.3x 9.5x Hexagon AB HEXAB Kjøp SEK 308.70 320.00 1.39 1.59 22.6x 20.8x 15.1x 17.5x Havfisk HFISK Kjøp NOK 27.00 35.00 2.06 2.71 13.1x 9.9x 7.1x 7.6x Höegh LNG Holdings HLNG Kjøp NOK 99.00 204.00 0.20 0.46 38.2x 23.7x 14.3x 16.7x Hennes & Mauritz HMB Hold SEK 302.60 330.00 12.97 13.64 25.0x 22.2x 14.8x 15.4x Hexpol HPOLB Hold SEK 89.40 90.00 4.06 4.25 22.0x 21.1x 13.9x 14.3x Hufvudstaden HUFV Hold SEK 117.20 115.00 9.96 3.95 31.4x 29.6x 26.5x 24.8x Husqvarna HUSQb Hold SEK 55.05 56.00 3.36 3.74 16.4x 14.7x 9.9x 12.2x Industrivärden INDUc Hold SEK 144.50 180.00 Investor INVEb Kjøp SEK 304.90 354.00 Jm Ab JM Hold SEK 247.70 245.00 15.38 17.38 16.1x 14.3x 12.3x 10.3x Konecranes KCR1V Kjøp EUR 22.61 30.00 0.76 1.51 17.1x 14.6x 8.7x 10.9x Kungsleden KLED Kjøp SEK 59.50 72.00 7.85 4.89 14.9x 12.5x 20.0x 17.6x Klövern KLOVb Kjøp SEK 8.90 10.00 1.58 0.59 17.6x 15.0x 20.2x 18.9x Kone KNEBV Hold EUR 39.47 37.00 1.79 1.86 22.0x 21.3x 14.5x 14.5x KNOT Offshore Partners KNOP Kjøp USD 12.22 25.20 1.33 1.76 9.2x 6.9x 7.0x 12.1x Kongsberg Gruppen KOG Kjøp NOK 132.50 167.00 7.91 9.11 16.7x 14.5x 8.1x 9.1x Kværner KVAER Hold NOK 7.93 6.40 1.17 0.58 7.7x 13.6x 0.9x 1.7x Loomis LOOMb Kjøp SEK 257.10 310.00 14.05 15.71 18.3x 16.4x 8.2x 12.3x Dorian LPG LPG Kjøp USD 12.13 19.80 0.44 3.32 25.1x 3.7x 15.1x 6.6x Lerøy LSG Kjøp NOK 310.00 345.00 12.63 29.76 16.1x 10.4x 9.8x 7.5x Lundbeck LUN Hold DKK 211.50 230.00-30.72 2.44-6.9x 86.5x -8.1x 55.9x Lundin Petroleum LUPE Hold SEK 125.20 135.00-1.42 0.50-10.4x 29.6x 30.5x 15.3x A. P. Møller Mærsk maerskb Kjøp DKK 9,010.00 14200.00 176.56 146.86 9.3x 9.9x 4.1x 6.4x Meda MEDA Kjøp SEK 104.60 145.00 3.33 5.60 23.7x 18.7x 9.9x 16.8x Metso MEO1V Kjøp EUR 20.69 29.00 3.01 1.57 10.9x 13.2x 7.8x 8.0x Marine Harvest MHG Kjøp NOK 114.90 135.00 3.60 8.61 21.1x 13.3x 12.5x 10.2x Millicom MICsdb Kjøp SEK 487.00 635.00-1.48 2.30-38.6x 24.9x 5.9x 12.9x Sparebank1 SMN MING Kjøp NOK 47.80 75.00 7.37 7.74 6.5x 6.2x Sparebanken Møre MORG Kjøp NOK 172.00 260.00 25.64 25.44 6.7x 6.8x MTG MTGb Kjøp SEK 234.20 310.00 4.25 17.44 14.4x 13.8x 10.8x 10.8x Nordic Nanovector NANO Kjøp NOK 14.40 36.00-5.51-5.48-2.6x -2.6x 0.5x -0.6x Norw egian Air Shuttle NAS Kjøp NOK 311.50 430.00 19.19 42.83 15.8x 7.3x 11.0x 11.9x Ncc NCC Selg SEK 259.90 245.00 15.17 16.27 17.5x 16.0x 11.3x 13.2x Norw egian Cruise Line NCLH Selg USD 58.50 55.00 2.46 3.58 20.6x 16.3x 16.1x 17.8x Nordea NDA Kjøp SEK 91.75 115.00 0.95 0.90 10.9x 10.9x Noble NE Selg USD 12.83 8.00 2.67 1.56 4.8x 8.2x 4.4x 9.5x NetEnt NETb Hold SEK 489.00 550.00 8.99 10.61 54.4x 46.1x 36.1x 40.6x Norsk Hydro NHY Hold NOK 30.24 34.00 1.49 2.26 10.1x 13.4x 4.2x 8.0x Nibe Industrier NIBEB Selg SEK 281.10 215.00 10.99 11.53 25.6x 24.4x 16.8x 20.0x Nobia NOBI Kjøp SEK 104.30 120.00 5.61 6.71 18.6x 15.6x 11.0x 11.0x Nordic Semiconductor NOD Kjøp NOK 43.40 52.00 0.15 0.20 33.2x 24.3x 19.1x 17.5x Sparebank1 Nord-Norge NONG Kjøp NOK 34.00 50.00 4.64 4.86 7.3x 7.0x North Energy NORTH Hold NOK 1.00 1.10-0.94-0.37 0.1x -0.6x Norw egian Property NPRO Kjøp NOK 9.55 11.00 0.81 0.52 29.8x 18.5x 21.7x 19.1x NRC Group NRC Hold NOK 45.60 47.00 0.52 2.03 87.8x 22.4x 40.2x 16.0x Nokian Tyres NRE1V Hold EUR 33.38 35.00 2.35 1.74 20.9x 19.2x 11.7x 13.3x Norw ay Royal Salmon NRS Kjøp NOK 76.50 85.00 2.44 5.55 24.2x 13.8x 15.6x 10.9x Novo Nordisk NVO Kjøp DKK 386.90 475.00 13.30 15.38 28.5x 24.1x 19.3x 19.0x Novozymes NZYMB Selg DKK 328.30 260.00 9.23 10.21 36.0x 32.4x 20.5x 23.8x Ocean Yield OCY Kjøp NOK 69.00 82.00 0.79 1.03 9.6x 7.7x 9.7x 14.9x Odfjell ODF Kjøp NOK 25.30 43.00-0.07 0.76 49.6x 3.8x 6.2x 11.9x Odfjell Drilling ODL Hold NOK 5.00 6.00-0.94-0.05-0.6x -10.5x 6.1x 42.5x Olav Thon OLT Kjøp NOK 141.00 195.00 25.70 11.50 16.2x 13.9x 14.8x 14.0x Opera OPERA Kjøp NOK 50.85 87.00-0.32 0.22 15.6x 10.8x 11.7x 13.5x Oriflame ORI Hold SEK 140.90 149.00 0.73 1.03 20.7x 14.7x 9.4x 8.9x Ocean Rig ORIG Hold USD 1.39 2.00 2.47 1.71 0.6x 0.8x 3.6x 6.4x Orkla ORK Hold NOK 69.50 75.00 3.40 3.18 20.4x 21.8x 17.5x 20.1x Outotec OTE1V Kjøp EUR 3.39 5.00 0.12 0.29 14.5x 11.5x 5.7x 8.2x Pacific Drilling PACD Hold USD 0.95 1.50 1.00-0.24 1.0x -4.0x 4.7x 20.9x Peab PEAB Kjøp SEK 63.40 74.00 4.79 5.85 13.9x 10.8x 11.3x 7.9x PGS PGS Selg NOK 36.95 29.00-1.00-0.38-11.5x -11.2x 4.0x -263.2x Polarcus PLCS Selg NOK 1.65 0.10-0.11-0.14-1.7x -1.4x 5.6x -16.2x 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 Prosafe PRS Selg NOK 21.40 13.00 0.49 0.61 5.0x 4.0x 7.3x 9.7x Q-Free QFR Kjøp NOK 9.24 17.00-0.30 0.72-31.2x 12.8x 7.9x 8.8x Royal Caribbean Cruises RCL Selg NOK 823.50 670.00 2.95 6.06 19.9x 15.7x 13.7x 18.0x Row an RDC Hold USD 19.16 18.00 3.32 3.03 5.8x 6.3x 4.8x 7.1x RenoNorden RENO Kjøp NOK 33.70 60.00 3.04 3.57 11.1x 9.4x 6.7x 11.0x Rezidor REZT Kjøp SEK 32.40 38.00 0.18 0.40 19.1x 8.7x 6.1x 5.6x Transocean RIG Selg USD 13.38 8.00 1.31 1.84 10.2x 7.3x 2.9x 10.2x SalMar SALM Kjøp NOK 145.00 170.00 9.90 14.41 14.8x 10.1x 9.4x 7.3x Sampo Oyj SAMAS Hold EUR 46.67 45.00 3.00 2.90 15.5x 16.1x Sandvik SAND Kjøp SEK 75.00 90.00 4.09 5.43 14.6x 13.8x 8.0x 10.5x Safe Bulkers SB Selg USD 0.90 0.70-0.44-0.14-2.0x -6.2x 16.6x 28.7x Selvaag Bolig SBO Kjøp NOK 24.10 36.00 3.27 2.68 7.1x 8.8x 7.0x 8.1x SCA SCAB Hold SEK 242.80 235.00 9.13 12.82 19.9x 18.8x 10.7x 14.2x Schibsted SCHA Selg NOK 281.60 180.00 8.31 3.66 84.6x 76.8x 27.4x 33.2x Scandi Standard SCST Kjøp SEK 51.25 58.00 2.95 4.12 17.1x 12.5x 9.0x 10.9x Sponda SDA1V Kjøp EUR 3.72 4.60 0.33 0.32 14.1x 11.6x 19.0x 17.8x Seadrill SDRL Selg NOK 36.79 40.00-1.58 1.66-2.7x 2.5x 5.0x 10.6x SEB SEB Kjøp SEK 87.25 106.00 7.33 7.92 11.2x 11.0x Securitas SECUB Kjøp SEK 127.50 140.00 6.86 8.06 18.6x 15.6x 11.2x 12.3x Sevan Marine SEVAN Selg NOK 16.20 14.00-0.98-0.26-6.7x -7.3x -6.0x -5.9x Svenska Handelsbanken SHB Selg SEK 112.50 111.00 8.02 8.14 14.0x 13.8x Siem Offshore SIOFF Hold NOK 1.40 1.80-0.12-0.04-6.0x -4.4x 7.7x 75.0x Skanska SKA Kjøp SEK 161.70 200.00 9.73 12.20 16.0x 13.3x 10.8x 8.5x SKF SKFB Hold SEK 137.70 150.00 9.81 12.32 11.8x 11.2x 8.2x 9.9x Stolt-Nielsen SNI Kjøp NOK 105.00 183.00 2.48 1.88 5.6x 6.4x 5.2x 10.3x Solstad Offshore SOFF Selg NOK 16.00 20.00-1.66 8.15 1.0x 2.0x 6.6x 15.1x Songa Offshore SONG Selg NOK 0.96 0.50 0.01 0.04 7.5x 2.5x 11.7x 13.1x Saipem SPM Selg EUR 7.64 7.10-1.85 0.61-4.1x 12.5x 19.9x 13.4x Sparebanken Øst SPOG Kjøp NOK 48.50 65.00 5.00 4.95 11.0x 9.8x Sparebank1 SR-Bank SRBANK Kjøp NOK 34.00 55.00 6.77 6.79 5.0x 5.0x Storebrand STB Kjøp NOK 33.18 42.00 2.04 3.27 11.2x 7.9x Statoil STL Kjøp NOK 127.00 150.00-6.64 10.02 15.1x 10.6x Scorpio Tankers STNG Kjøp USD 7.65 13.20 1.40 1.17 5.5x 6.6x 7.3x 11.5x Subsea 7 SUBC Selg NOK 64.80 56.00 1.36 0.30 5.5x 24.6x 2.5x 18.3x Sw edbank SWEDA Hold SEK 185.60 204.00 14.53 16.03 12.4x 11.6x Sw edish Match SWMA Kjøp SEK 293.80 300.00 15.04 15.78 19.3x 18.6x 13.8x 13.9x Technip TECF Selg EUR 47.00 41.00 0.82 4.08 10.0x 11.0x 3.1x 5.2x Telenor TEL Kjøp NOK 151.20 195.00 6.19 12.41 13.6x 12.2x 6.9x 9.7x Tele2 TEL2b Kjøp SEK 83.15 98.00 7.20 2.86 22.0x 22.7x 8.4x 17.1x TGS Nopec TGS Selg NOK 155.80 135.00-0.29 1.01-61.0x 17.7x 3.1x 11.5x Thule Group THULE Hold SEK 110.00 117.00 4.69 6.73 18.3x 16.4x 14.6x 13.2x Tanker Investments TIL Kjøp NOK 103.00 151.00 1.98 3.12 5.9x 3.8x 7.4x 6.4x TeliaSonera TLSN Hold SEK 41.65 44.00 3.42 3.41 11.2x 12.0x 6.0x 10.0x Teekay Tankers TNK Kjøp USD 7.27 10.80 1.27 1.69 5.9x 4.3x 7.9x 6.7x Tsakos Energy Navigation TNP Kjøp USD 7.04 14.30 1.71 2.00 4.1x 3.5x 5.6x 8.0x Tomra TOM Kjøp NOK 91.00 100.00 3.73 5.23 24.6x 17.4x 12.8x 12.9x Topdanmark TOP Kjøp DKK 187.80 210.00 11.22 12.84 16.7x 14.6x Trelleborg TRELB Hold SEK 161.70 175.00 9.38 10.76 16.2x 14.2x 11.3x 13.4x Tribona TRI Hold SEK 41.80 42.00 2.27 2.75 19.5x 15.2x 18.3x 16.5x Tryg TRYG Hold DKK 132.00 130.00 6.29 8.34 21.0x 15.8x Unibet UNIB Selg SEK 832.00 710.00 185.52 240.95 31.8x 25.3x 24.4x 22.8x Valmet VALMT Kjøp EUR 9.03 13.00 0.60 0.83 13.4x 10.9x 6.0x 7.8x Veidekke VEI Kjøp NOK 105.00 114.00 5.41 8.22 19.7x 12.7x 11.5x 9.6x Vitrolife VITR Kjøp SEK 269.50 240.00 7.45 7.83 36.2x 34.4x 22.1x 25.8x Volvo VOLVB Kjøp SEK 77.45 106.00 7.41 7.11 12.1x 11.4x 4.5x 7.9x William Demant Holding WDH Hold DKK 672.50 550.00 27.82 33.43 24.2x 20.1x 14.9x 14.5x Weifa WEIFA Kjøp NOK 1.03 1.60 0.03 0.05 35.1x 20.4x 17.0x 14.7x Wihlborgs WIHL Kjøp SEK 167.00 170.00 19.69 10.21 17.7x 16.4x 21.0x 20.3x Wärtsilä WRT1V Hold EUR 42.29 37.00 2.25 2.39 18.0x 17.7x 11.8x 13.1x Wilh. Wilhelmsen ASA WWASA Kjøp NOK 33.50 58.00-0.15 0.87-14.0x 4.4x 10.0x 8.6x Wilh. Wilhelmsen Holding WWI Kjøp NOK 125.50 259.00-0.02 4.12-22.0x 3.5x 6.1x 5.5x XXL XXL Kjøp NOK 102.50 110.00 3.46 4.70 29.6x 21.8x 20.6x 17.7x 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. 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. DNB Markets, DNB Bank ASA (organisasjonsnummer 984 851 006), er medlem av Norges Fondsmeglerforbund og er underlagt tilsyn av Finanstilsynet i Norge. DNB Markets er også underlagt lokale tilsyn i Singapore, og i noen grad i Storbritannia og Sverige. Detaljer vedrørende omfanget av lokale tilsynsreguleringer utenfor Norge er tilgjengelig på forespørsel. Ytterligere informasjon om DNB Markets og DNB Bank ASA finnes på www.dnb.no. Det ovenstående er et norsk sammendrag av DNB s standard disclaimer som du finner nedenfor, og kun ment som et supplement til denne. Vi ber lesere av rapporten særlig om å legge merke til avsnittet Conflict of Interest. Vennligst ta kontakt med oss på telefon 08940 (+47 915 08940) dersom du har noen spørsmål. 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. DNB Parties are not responsible for any errors or omissions, regardless of the cause, nor for the results obtained from the use of the Note, nor for the security or maintenance of any data input by the user. The Note is provided on an as is basis. DNB PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE NOTE S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE NOTE WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall DNB Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the Note, even if advised of the possibility of such damages. Any opinions expressed herein reflect the Bank s judgment at the time the Note was prepared and DNB Parties assume no obligation to update the Note in any form or format. The Note should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. No DNB Party is acting as fiduciary or investment advisor in connection with the dissemination of the Note. While the Note is based on information obtained from public sources that the Bank believes to be reliable, no DNB Party has performed an audit of, nor accepts any duty of due diligence or independent verification of, any information it receives. Confidentiality rules and internal rules restrict the exchange of information between different parts of the Bank and this may prevent employees of DNB Markets who are preparing the Note from utilizing or being aware of information available in DNB Markets/the Bank which may be relevant to the recipients of the Note. Please contact DNB Markets at + 08940 (+47 915 08940) for further information and inquiries regarding this Note, such as ownership positions and publicly available/commonly known corporate advisory performed by DNB Markets etc, in relation to the Norwegian Securities Trading Act 2007/06/29 no. 75 and the Norwegian Securities Trading Regulation 2007/06/29 no. 876. The Note is not an offer to buy or sell any security or other financial instrument or to participate in any investment strategy. Distribution of material like the Note is in certain jurisdictions restricted by law. Persons in possession of the Note should seek further guidance regarding such restrictions before distributing the Note. The Note is for clients only, and not for publication, and has been prepared for information purposes only by DNB Markets - a division of DNB Bank ASA registered in Norway with registration number NO 984 851 006 (the Register of Business Enterprises) under supervision of the Financial Supervisory Authority of Norway (Finanstilsynet), The Monetary Authority of Singapore, and on a limited basis by the Financial Conduct Authority and the Prudential Regulation Authority of the UK, and the Financial Supervisory Authority of Sweden. Details about the extent of our regulation by local authorities outside Norway are available from us on request. Information about DNB Markets can be found at dnb.no. Additional information for clients in Singapore 10

DNB Markets DNB anbefalinger og estimater The Note has been distributed by the Singapore Branch of DNB Bank ASA. It is intended for general circulation and does not take into account the specific investment objectives, financial situation or particular needs of any particular person. You should seek advice from a financial adviser regarding the suitability of any product referred to in the Note, taking into account your specific financial objectives, financial situation or particular needs before making a commitment to purchase any such product. You have received a copy of the Note because you have been classified either as an accredited investor, an expert investor or as an institutional investor, as these terms have been defined under Singapore s Financial Advisers Act (Cap. 110) ( FAA ) and/or the Financial Advisers Regulations ( FAR ). The Singapore Branch of DNB Bank ASA is a financial adviser exempt from licensing under the FAA but is otherwise subject to the legal requirements of the FAA and of the FAR. By virtue of your status as an accredited investor or as an expert investor, the Singapore Branch of DNB Bank ASA is, in respect of certain of its dealings with you or services rendered to you, exempt from having to comply with certain regulatory requirements of the FAA and FAR, including without limitation, sections 25, 27 and 36 of the FAA. Section 25 of the FAA requires a financial adviser to disclose material information concerning designated investment products which are recommended by the financial adviser to you as the client. Section 27 of the FAA requires a financial adviser to have a reasonable basis for making investment recommendations to you as the client. Section 36 of the FAA requires a financial adviser to include, within any circular or written communications in which he makes recommendations concerning securities, a statement of the nature of any interest which the financial adviser (and any person connected or associated with the financial adviser) might have in the securities. Please contact the Singapore Branch of DNB Bank ASA at +65 6212 0753 in respect of any matters arising from, or in connection with, the Note. The Note is intended for and is to be circulated only to persons who are classified as an accredited investor, an expert investor or an institutional investor. If you are not an accredited investor, an expert investor or an institutional investor, please contact the Singapore Branch of DNB Bank ASA at +65 6212 0753. We, the DNB group, our associates, officers and/or employees may have interests in any products referred to in the Note by acting in various roles including as distributor, holder of principal positions, adviser or lender. We, the DNB group, our associates, officers and/or employees may receive fees, brokerage or commissions for acting in those capacities. In addition, we, the DNB group, our associates, officers and/or employees may buy or sell products as principal or agent and may effect transactions which are not consistent with the information set out in the Note. Additional Information, including for Recipients in the 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. 11