FLATT MARKED, VEKST I OLJELAGER, NORSK KPI - SRBANK, MING & NONG

EQUITY RESEARCH Research report prepared by DNB Markets, a division of DNB Bank ASA Aksjemarkedet i dag FLATT MARKED, VEKST I OLJELAGER, NORSK KPI - SRBANK, MING & NONG Det amerikanske aksjemarkedet var forsiktig opp i går etter en vending av utviklingen fra mandag. Denne gang kompenserte stigende aksjer i forbruker- og helsesektorene for svakere nøkkeltall og en mer dempet oljepris. Dow og S&P500 sluttet begge like over utgangspunktet, mens Nasdaq stengte opp 0.2%. Volumet på de tre hovedindeksene kom inn på kun 63-80% av gjennomsnittet for de siste tre måneder. Etter to dager med oppgang er markedet i Japan fortsatt forsiktig opp i morgentimene i dag og Nikkei er i øyeblikket opp 0.2%. De kinesiske indeksene ligger samtidig innenfor +/-1%. Fokus i Kina vil etter hvert rette seg inn mot fredagens fremleggelse av industriproduksjons- og detaljhandelstallene, samt investeringsnivået, gjennom juli. I dag blir det oppdaterte industriproduksjonstall fra Finland og Sverige, og vi får samtidig også nye KPI- og PPI-tall for Norge. Når det gjelder selskapsrapporter får vi i dag blant annet kvartalstall fra det nederlandske oljeserviceselskapet SBM Offshore. I oljemarkedet falt WTI-prisen i går med USD 0.14 pr fat til USD 42.67 pr fat. Brent åpner i morgentimene i dag på USD 44.94 pr fat, ned fra USD 45.66 pr fat ved stengetid i det norske markedet i går. De foreløpige tallene for de amerikanske oljelagrene lagt frem sent i går kveld indikerte en vekst i råoljebeholdningen på 2.1 mill fat forrige uke, mens det i forbindelse med de mer fullstendige tallene som legges frem i ettermiddag er ventet et trekk i de samme beholdningene på 1.4 mill fat. SpareBank1 SR-Bank har presentert Q2-rapporten før åpning i dag. Netto renteinntekter for kvartalet kom inn på NOK 711 mill mot vårt estimat på NOK 710 mill, mens rapportert inntjening er på NOK 1.59 pr aksje mot estimerte NOK 1.75 pr aksje. Et negativt sentiment innen oljesektoren vil kunne fortsette å tynge verdsettelsen også fremover, men etter vårt syn i forkant av rapporten bør potensielle utlånstap og et redusert nivå på topplinjen vært mer enn reflektert ved dagens verdsettelse. Før eventuelle justeringer har vi en kjøpsanbefaling på SpareBank1 SR-bank med et kursmål på NOK 50 pr aksje. Kursen endte i går på NOK 39.10 pr aksje. Selskapets presentasjon starter kl 09.00. Flere sparebanker presenterer kvartalstall før åpning i morgen tidlig. Blant disse også Sparebank1 SMN. Banken har, sammen med Sparebank1 Nord-Norge, vært en av våre to fortrukne kandidater innen sektoren de siste månedene og vi venter at økende marginer og høyere Andre inntekter (hovedsakelig fra regnskapstjenester og eiendomsmegling) vil medføre at banken kan presentere en egenkapitalavkastning på 11%. Netto renteinntekter inkludert bidrag fra boliglånsvirksomheten er estimert å komme inn på NOK 564 mill og rapportert inntjening er ventet å ligge på NOK 1.92 pr egenkapitalbevis. Vi har en kjøpsanbefaling på Sparebank1 SMN med et kursmål på NOK 75 pr egenkapitalbevis. Ved stengetid i går endte kursen på NOK 49.30 pr egenkapitalbevis. Sparebank1 Nord-Norge legger frem kvartalstall samtidig og her venter vi tilsvarende netto renteinntekter på NOK 441 mill og en rapportert inntjening på NOK 1.45 pr egenkapitalbevis. Kursen endte på NOK 39.60 pr egenkapitalbevis i går og vi har en kjøpsanbefaling med et kursmål på NOK 50 pr egenkapitalbevis. Selskap Tidspunkt Konsensus Ralph Lauren Før markedet 0.89 Elisabeth Arden Etter markedet -0.78 Land Nøkkeltall Finland Industriproduksjon 08.00 - Frankrike Industriproduksjon 08.45-0.4% Danmark KPI 09.00 0.3% Sverige Industriproduksjon 09.30 3.7% Norge KPI 10.00 3.8% Norge PPI 10.00 - USA Boliglånssøknader 13.00 - USA Oljelagertall 16.30 - Våre anbefalte aksjer: - ORK - BRG - MHG - QFR - GSF - DNO - TEL - SNI YTD DNB: +8% YTD OSE: +3% Internasjonale børser Siste Endr. % Dow Jones 18,533 4 0.02 S&P 500 2,182 1 0.04 NASDAQ 5,225 12 0.24 Nikkei 225 16,810 45 0.27 Euro 500 231 2 0.97 Danmark-KFX 946 15 1.61 Finland-HEX 8,533 131 1.56 Norge-OSEBX 623 8 1.30 Sverige-SAX 505 8 1.67 Valuta/råvarer Siste I går Endr. % EUR/USD 1.115 1.112 0.33 USD/JPY 101.3 101.9 0.59 USD/NOK 8.374 8.406 0.40 EUR/NOK 9.339 9.346 0.07 Siste Endr. Endr. % CRB indeks 181-0.37-0.20 Brent sp. ($/bbl) 43.8-0.28-0.64 Brent 1m ($/bbl) 45.0-0.38-0.84 Alum. 3m ($/ton) 1,642.0-3.00-0.18 US Nat.gass 2.7-0.10-3.39 Renter Siste I går Endr. USA 10år 1.533 1.592-0.06 Tyskl. 10år -0.076-0.067-0.01 Norge 10år 1.022 1.028-0.01 USA 3m 0.807 0.788 0.02 Euro 3m -0.298-0.298 0.00 Norge 3m 1.100 1.090 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: +47 24 16 92 11 Please see the last two pages for important information. This research report was not produced in the US. Analysts employed by non-us Affiliates are not registered / Qualified research analysts with FINRA in the United States

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 18,533 3.76 0.02 2.13 6.36 17.92 S&P 500 2,182 0.85 0.04 2.43 6.74 20.50 Nasdaq Composite 5,225 12.34 0.24 5.42 4.35 33.69 Russel 2000 1,232 1.32 0.11 4.62 8.44 42.77 Amex naturgass-indeks (XNG) 591-6.49-1.09 4.10 35.79 1077.67 Amex Oil Service Indeks 164-2.10-1.26-1.38 4.12 69.29 Philadelphia-børsens oljeproduksjon-indeks (XOI) 1,123-4.72-0.42-0.64 4.73 1094.37 Amex farmasi-indeks (DRG) 540 2.87 0.53 0.48-0.19 26.00 Nasdaq biotech-indeks 3,083 4.34 0.14 8.73-12.92 1191.42 Philadelphia-børsens halvleder-indeks (SOX) 779 6.34 0.82 11.08 17.38 28.77 S&P 500 Paper & Forest Index ( PAFO) 181-1.26-0.69 7.84 3.77 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 8.08 0.14 943,083 67.66 68.45-0.79 Golden Ocean 3.50-0.06 46,853 29.31 3.50 25.81 Questerre (CAD) 0.20 0.01 22,500 1.25 1.28-0.03 Statoil 16.03 0.06 3,384,784 134.23 136.80-2.57 Yara 33.58 1.77 10,085 281.19 282.30-1.11 Sverige AstraZeneca 34.14-0.36 4,840,057 580.93 583.00-2.07 Finland (EUR) Nokia 5.65 0.18 11,539,793 Danmark Novo Nordisk B 48.05-1.82 5,620,161 320.43 324.50-4.07 RÅVARER & SHIPPING Siste I går Endr. %1D 1W 1M 3M YTD 12M 52W H 52W L CRB indeks 181.4 181.4-1.4-0.75 4-5.7 1.1 5.3-21.0 203.7 154.8 GS råvare indeks 2,183 2,183-14.2-0.6% 43-97 -82 13-559 2,784 1,837 Oil Brent Spot 43.78 43.75 0.03 0.07 1-0.86-1.38 8.03-5.74 Brent olje 1m 45.01 44.98 0.03 0.07 2-1.75-0.51 7.73-5.40 54.32 27.10 Brent olje 3m 45.91 45.87 0.04 0.09 2-1.99-0.60 7.38-5.89 55.97 28.58 WTI olje 1m 42.71 42.77-0.06-0.14 2-2.70-1.95 5.67-2.25 51.67 26.05 Flybensin 397.50 397.50 1.00 0.25 29-18.75-10.00 41.50-82.50 Naturgass US Henry Hub 2.75 2.75-0.08-2.71-0 -0.02 0.78 0.44-0.05 Fyringsolje 133.6 133.1 0.6 0.4 5-8 - 0.1 23.5-25.6 168.6 84.9 Metals Aluminium 3m 1,642 1,642-1 - 0.1 17-21 81 135 53 1,703 1,433 Nikkel 10,780 10,780 10 0.1 55 900 2,175 1,960-20 11,275 7,550 Kopper 4,779 4,779-31 - 0.6-113 69 93 74-394 5,441 4,318 Gull 1,351 1,341 10 0.8-7 -15 85 290 246 1,375 1,046 Shipping WS AG - Japan, 250 dwt 33 0 0 0-3 -10-30 -55-13 WS AG - USG, 250 dwt 23 23 0 0-3 -3-15 -30-5 Containerships index 0 0 0.0 0.0% - 0 0 0 0 0 Baltic dry index 631 631-5.0-0.79-14 -72 37 153-566 1,197 0 290 RENTER & VALUTA Renter Siste I går Endr. 1W 1M 3M YTD 12M Norge - Nibor 3m 1.100 1.100 0.000 0.02 0.12 0.12-0.03-0.12 USA - Libor 3m 0.807 0.792 0.014 0.05 0.14 0.18 0.19 0.49 Euro - Euribor 3m -0.298-0.298 0.000 0.000-0.005-0.040-0.167-0.274 Norge 10 år stat 1.022 1.022-0.011-0.01 0.13-0.33-0.46-0.50 USA 10 år stat 1.533 1.547-0.014-0.01 0.18-0.23-0.74-0.69 Euro 10 år stat -0.076-0.076-0.011-0.04 0.11-0.20-0.71-0.74 Tyskland 10 år stat -0.076-0.076-0.011-0.04 0.11-0.20-0.71-0.74 Japan 10 år stat -0.095-0.077-0.018-0.01 0.19-0.01-0.36-0.51 UK 10 år stat 0.582 0.582-0.030-0.23-0.15-0.83-1.38-1.27 Valuta Siste I går Endr. 1W 1M 3M YTD 12M 52W H 52W L EUR/USD 1.115 1.112 0.004 0.000 0.010-0.022 0.030 0.014 1.172 1.052 USD/JPY 101.3 101.9-0.600 0.0-1.5-8.0-18.8-23.4 125.3 98.9 GBP/USD 1.307 1.300 0.007-0.025 0.007-0.137-0.166-0.252 1.582 1.280 USD/NOK 8.374 8.406-0.033-0.082-0.134 0.157-0.473 0.173 9.017 7.970 EUR/NOK 9.339 9.346-0.007-0.086-0.066-0.001-0.268 0.305 9.749 9.049 GBP/NOK 10.945 10.931 0.015-0.320-0.106-0.913-2.087-1.836 13.385 10.809 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 Bygg og anlegg 2.0% 3.8% 4.9% 10.9% 20.5% 16.4 Teknologisk utstyr 2.2% 0.7% 4.1% -20.2% -21.1% 21.0 Legemiddelindustri og biotekno 0.7% 0.5% 6.0% -15.2% -7.1% 16.8 Biler og komponenter 2.1% 14.2% 1.1% -19.5% -13.0% 8.4 Helseartikler 0.5% 1.5% 8.4% 12.9% 17.0% 21.3 Helsevern - utstyr og tjenester 2.0% 2.1% 5.8% 2.0% 0.7% 24.2 Elektronisk utstyr og instrumen 0.5% 5.6% 8.9% 6.6% 9.5% 17.3 Detaljhandel 1.7% 7.6% -2.8% -23.3% -15.5% 19.8 Farmasi 0.4% -0.6% 6.0% 0.3% 4.5% 17.1 Kapitalvarer 1.5% 9.3% 6.0% -4.4% 5.1% 17.2 Datamaskiner og tilbehør 0.4% 11.6% 17.2% -7.0% 5.4% 13.0 Programvare og tjenester 1.5% 12.8% 9.6% 9.4% 3.1% 20.2 Husholdningsartikler 0.3% -0.5% 3.4% 12.1% 8.3% 23.0 Transport 1.5% 7.5% -0.5% -7.9% -3.0% 15.2 Matvarer 0.3% -1.6% 4.8% 12.7% 14.3% 22.6 Mat- og apotekhandel 1.3% 0.8% -1.1% -13.5% -1.1% 17.4 Diversifiserte telekomtjenester 0.2% -1.3% 6.4% 17.6% 19.7% 14.8 Media 1.3% 5.5% -0.1% -15.6% -7.6% 19.0 Drikkevarer 0.2% -2.1% -1.3% 8.7% 5.2% 23.8 Husholdningsvarer og personlige produ 1.3% -1.1% 4.5% -0.6% 5.3% 23.3 Elektrisk utstyr 0.2% 3.3% 3.7% 4.1% 14.9% 18.7 Banker 1.2% 10.9% -3.1% -35.7% -22.4% 10.8 Programvare 0.2% 6.5% 10.5% 16.3% 6.9% 21.2 Materialer 1.2% 10.0% 11.2% -10.4% 11.1% 19.5 Media 0.1% -2.2% -2.2% -1.2% 6.3% 16.0 Forsikring 1.1% 9.7% -3.7% -20.9% -18.7% 10.2 Internett programvare og -tjenes 0.1% 9.7% 7.3% 23.2% 9.2% 26.0 Kommersielle tjenester og leveranser 1.0% 4.1% -0.1% -12.9% -5.7% 17.3 Industrielle konglomerater 0.0% -1.8% 3.4% 17.7% 5.2% 21.2 Telekommunikasjon og tjenester 0.9% 2.9% -4.5% -22.0% -13.0% 18.3 Bioteknologi 0.0% 5.8% 5.2% -13.0% -5.5% 13.7 Finansieringsselskaper 0.8% 9.1% -5.4% -34.3% -24.9% 16.0 Maskiner 0.0% 5.7% 6.8% 4.0% 20.4% 19.1 Eiendomsselskaper 0.4% 9.3% 2.7% -5.0% 2.1% 21.4 Kraft -0.1% -3.0% 3.6% 15.8% 17.5% 17.5 Drikkevarer, mat og tobakk 0.3% -0.1% 3.9% 2.5% 1.5% 22.1 Bank -0.1% 7.5% 3.3% -12.7% -6.2% 11.9 Hotell-, underholdnings- og restaurantv 0.3% 5.6% 0.6% -9.2% -9.1% 19.9 Forsikring -0.1% 2.9% 2.0% -1.8% 3.3% 12.7 Forbruksvarer og klær 0.2% 9.7% -0.4% -14.8% -3.7% 17.8 Kommunikasjonsutstyr -0.1% 6.1% 13.5% 1.9% 13.7% 13.2 Energi 0.0% -4.7% 4.6% -9.5% 7.5% 23.5 Kjemikalier -0.3% 3.0% 2.6% 1.6% 4.3% 18.1 Forsyningsselskaper 0.0% 0.9% 1.5% -9.0% -2.2% 15.1 Bildeler -0.4% 3.3% 1.0% -14.0% -8.0% 10.4 Luftfart -0.4% 3.5% -7.4% -14.4% -19.7% 7.0 Olje og gass -0.5% -1.2% 2.1% 0.7% 12.4% 102.6 Metall -0.6% 5.7% 17.5% 35.8% 58.7% 24.0 Hotell og restaurant -0.7% -0.6% -5.2% -0.8% -2.2% 21.9 Papir- og skogprodukter -0.7% 7.8% 7.0% -11.1% 3.8% 15.9 Energi og relatert utstyr -0.7% 2.5% 9.3% -3.7% 14.3% 414.0 Fritidsutstyr -1.1% -0.3% 1.0% 21.3% 22.3% 22.7 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 WALT DISNEY CO/THE 96.67 1.0 % -3.0 % -12.9 % ENDO INTERNATIONA 22.16 21.8 % 27.2 % -73.7 % ENDO INTERNATIO 22.16 21.8 % 27.2 % -73.7 % UNITED TECHNOLOGIES CO 108.34 0.5 % 4.5 % 8.8 % CHARTER COMMUNI 255.76 8.0 % 7.8 % 25.1 % MICROCHIP TECH 60.63 7.1 % 16.9 % 36.5 % PFIZER INC 35.08 0.4 % -2.9 % -0.8 % LIBERTY VENTURES 37.91 3.5 % 9.1 % 1.1 % JACOBS ENGINEE 55.57 4.1 % 8.4 % 24.6 % APPLE INC 108.81 0.4 % 12.5 % -9.1 % CTRIP.COM INTERNA 45.16 2.9 % 11.2 % 16.4 % NEWS CORP - CL 13.77 4.0 % 14.4 % -1.8 % GOLDMAN SACHS GROUP 163.44 0.4 % 8.7 % -20.6 % MYLAN NV 49.92 2.9 % 12.1 % -13.2 % NEWS CORP - CL 13.32 3.7 % 14.1 % -7.2 % BOEING CO/THE 132.62 0.3 % 1.9 % -9.1 % DISH NETWORK COR 52.24 1.9 % 0.8 % -22.3 % TRANSDIGM GRO 287.04 2.9 % 6.4 % 21.1 % WAL-MART STORES INC 73.54 0.3 % -0.4 % 2.9 % BROADCOM LTD 171.17 1.7 % 10.3 % 34.5 % MYLAN NV 49.92 2.9 % 12.1 % -13.2 % PROCTER & GAMBLE CO/T 85.99 0.3 % 0.3 % 12.6 % AUTODESK INC 60.34 1.6 % 9.4 % 11.0 % INTL FLAVORS & 136.38 2.8 % 5.3 % 14.8 % MICROSOFT CORP 58.2 0.2 % 11.3 % 23.0 % SKYWORKS SOLUTIO 67 1.6 % 6.5 % -26.4 % BRISTOL-MYERS 61.61 2.2 % -18.2 % -3.6 % VISA INC-CLASS A SHARES 80.06 0.1 % 4.8 % 7.6 % ACTIVISION BLIZZARD 41.25 1.6 % -0.1 % 43.2 % PERRIGO CO PLC 95.09 1.8 % 1.5 % -51.0 % VERIZON COMMUNICATION 53.66 0.1 % -4.0 % 13.6 % TESLA MOTORS INC 229.08 1.3 % 5.7 % -5.0 % BROADCOM LTD 171.17 1.7 % 10.3 % 34.5 % EXXON MOBIL CORP 88.7 0.1 % -5.2 % 12.6 % SBA COMMUNICATIO 116.41 1.3 % 1.7 % -5.7 % NOBLE ENERGY 34.03 1.6 % -5.4 % -0.6 % CHEVRON CORP 101.32 0.1 % -3.3 % 18.0 % KRAFT HEINZ CO/THE 89.78 1.2 % -0.1 % 13.9 % AUTODESK INC 60.34 1.6 % 9.4 % 11.0 % GENERAL ELECTRIC CO 31.3 0.1 % -2.8 % 19.3 % LIBERTY GLOBAL PL 31.52 1.0 % 7.7 % -31.1 % COCA-COLA EUR 37.4 1.6 % 4.7 % -0.5 % COCA-COLA CO/THE 43.47 0.1 % -4.2 % 4.3 % TRAVELERS COS INC/THE 118.18 0.0 % 0.1 % 11.7 % Bunn siste 1 dag 1 mnd 1 år Bunn siste 1 dag 1 mnd 1 år MCDONALD'S CORP 118.31 0.0 % -2.5 % 19.0 % NORWEGIAN CRUISE 37.91-11.8 % -9.9 % -38.3 % SCRIPPS NETWO 61.47-7.1 % -4.6 % #VALUE! HOME DEPOT INC 136.11-0.1 % 1.3 % 15.7 % BIOMARIN PHARMAC 95.15-3.9 % 4.0 % -30.2 % ROYAL CARIBBEA 68.98-6.8 % 0.9 % -25.1 % 3M CO 178.39-0.1 % 0.7 % 18.0 % DISCOVERY COMMU 25.65-2.1 % 0.1 % -13.2 % GAP INC/THE 24.01-6.3 % 5.8 % -31.9 % INTL BUSINESS MACHINES 161.77-0.2 % 4.7 % 3.2 % STERICYCLE INC 87.67-2.0 % -16.3 % -39.2 % NRG ENERGY INC 12.83-5.1 % -14.9 % -35.4 % JOHNSON & JOHNSON 123.43-0.2 % 0.5 % 23.7 % INCYTE CORP 86.48-1.8 % 0.9 % -16.8 % FIRST SOLAR INC 41.66-4.9 % -8.6 % -22.1 % UNITEDHEALTH GROUP INC 141.82-0.2 % 0.4 % 15.8 % MATTEL INC 33.49-1.7 % 2.7 % 42.3 % CF INDUSTRIES H 22.12-4.6 % -11.0 % -63.7 % CISCO SYSTEMS INC 30.94-0.2 % 5.7 % 8.2 % DISCOVERY COMMU 24.72-1.6 % 1.1 % -11.6 % RANGE RESOURC 38.84-4.5 % -12.0 % 3.3 % INTEL CORP 34.92-0.3 % 2.7 % 17.8 % TRIPADVISOR INC 61.1-1.2 % -9.0 % -18.9 % KOHLS CORP 37.7-4.2 % -4.0 % -38.8 % JPMORGAN CHASE & CO 65.87-0.3 % 6.5 % -4.4 % NETFLIX INC 93.99-1.2 % -3.2 % -23.6 % DAVITA HEALTHC 72.31-4.0 % -7.4 % -10.8 % NIKE INC -CL B 55.77-0.4 % -1.7 % -3.3 % ROSS STORES INC 60.8-1.2 % 4.5 % 13.2 % CHESAPEAKE EN 4.81-4.0 % 13.4 % -44.3 % MERCK & CO. INC. 62.49-0.6 % 5.3 % 7.0 % COGNIZANT TECH SO 57.67-1.1 % -0.4 % -15.7 % SOUTHWESTERN 13.61-3.6 % 5.7 % -25.5 % AMERICAN EXPRESS CO 65.39-0.7 % 6.3 % -19.5 % MARRIOTT INTERNAT 71.85-1.0 % 2.9 % -1.0 % CABOT OIL & GAS 24.19-3.2 % -4.9 % -6.4 % DU PONT (E.I.) DE NEMOUR 68.8-0.7 % 8.0 % 26.5 % BED BATH & BEYON 44.55-0.9 % 0.2 % -30.4 % TARGET CORP 72.61-3.2 % 1.8 % -8.1 % CATERPILLAR INC 82.83-0.7 % 7.1 % 3.3 % HENRY SCHEIN INC 164.55-0.9 % -8.9 % 12.9 % VALERO ENERGY 52.49-3.1 % 10.0 % -23.9 % 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 DAX DAXEX 93.44 2.4 % 5.2 % 10.8 % -8.9 % EUR 98103 TecDax TDXPEX 15.98 1.4 % 1.8 % 7.2 % -4.0 % EUR 19657 CAC-40 CAC 43.805 1.2 % 3.3 % 6.4 % -14.6 % EUR 86407 AEX-Nederland AEXT 45.03 1.1 % 3.8 % 5.0 % -8.9 % EUR 886 Latin-America 40 ILF 28.86 1.1 % 6.2 % 9.5 % 7.6 % USD 821578 Brasil EWZ 34.46 1.0 % 6.9 % 13.4 % 24.2 % USD 13296818 S&P Euro 350 IEV 38.97 1.0 % 1.4 % 5.5 % -13.9 % USD 568147 Japan EWJ 12.26 0.9 % 2.6 % 6.0 % -6.6 % USD 41208252 Emerging M arkets EEM 37.13 0.7 % 3.5 % 7.6 % 0.6 % USD 65823636 FTSE 100 ISF 677.7 0.5 % 3.2 % 3.9 % 0.5 % GBp 3472478 Forbruksvarer XLP 54.7 0.3 % 0.0 % -1.8 % 8.6 % USD 7840923 Pacific ex-japan EPP 42 0.3 % 1.7 % 6.1 % -0.9 % USD 212422 Russell 2000 Growth IWO 146.8 0.3 % 2.0 % 4.6 % -3.5 % USD 407404 Nasdaq 100 QQQ 116.92 0.2 % 1.7 % 6.0 % 4.8 % USD 13276458 Teknologi USA XLK 47.14 0.2 % 2.1 % 6.8 % 10.2 % USD 14918477 Hong Kong EWH 21.15 0.1 % 1.8 % 7.9 % -4.8 % USD 1140653 Bioteknologi IBB 294.56 0.1 % 0.0 % 8.6 % -20.7 % USD 820975 Russell 2000 IWM 122.37 0.1 % 2.4 % 4.8 % 0.9 % USD 12487734 Finansielle tjenester XLF 24.07 0.1 % 2.9 % 5.0 % -5.4 % USD 26190113 S&P 500 SPY 218.18 0.1 % 1.2 % 2.6 % 3.6 % USD 51251728 DJIA DIA 185.35 0.0 % 1.3 % 2.2 % 5.2 % USD 1903842 Forsyningstjenester XLU 50.7 0.0 % -2.1% -3.5 % 14.7 % USD 10094190 Industri XLI 58.37 0.0 % 1.6 % 2.0 % 6.6 % USD 4579816 S&P M idcap 400 M DY 284.32 0.0 % 1.6 % 2.8 % 3.4 % USD 749897 Dow Jones Total market THRK 162.0597-0.1% 1.3 % 2.8 % 3.0 % USD 1339 Energi XLE 68.07-0.5 % 3.5 % 0.5 % -1.6 % USD 11128358 Oil Service OIH 28.69-0.9 % 5.9 % -1.2 % -10.9 % USD 4411754 Olje / Energi Råolje CRUD 7.17125 0.5 % 8.4 % -6.5 % -31.7 % USD 423187 WTI-olje OILW 16.658 0.4 % 7.4 % -6.3 % -25.5 % USD 6652 Fyringsolje HEAT 8.918 0.4 % 6.4 % -6.9 % -27.9 % USD 0 Brent-olje OILB 21.163 0.0 % 7.6 % -4.3 % -24.6 % USD 172738 WTI-Oil USO 10.07-0.3 % 7.9 % -7.0 % -32.4 % USD 25742421 Bensin UGAS 20.825-1.3 % 3.7 % -2.1% -28.6 % USD 0 Naturgass NGAS 0.0461-1.9 % -2.7 % -3.6 % -38.1% USD 3849778 M etaller Sølv SLV 18.87 0.7 % -3.7 % -1.8 % 29.8 % USD 4754391 Gull BULL 16.36 0.4 % -1.8 % -1.0 % 19.5 % USD 155676 Aluminium ALUM 2.663 0.1 % -0.2 % -2.0 % -3.4 % USD 103342 Sink ZINC 6.67875-0.3 % -0.7 % 5.9 % 16.4 % USD 500 Nikkel NICK 10.888-0.3 % 0.7 % 8.4 % -6.2 % USD 23232 Kobber COPA 21.273-0.6 % -2.8 % 1.2 % -11.9 % USD 11984 A ndre råvarer Soyabønner SOYB 22.595 1.5 % 4.5 % -5.1% -0.1% USD 2477 Sukker SUGA 14.0625 1.5 % 10.3 % 5.2 % 81.2 % USD 9975 Soyaolje SOYO 3.966 0.9 % 4.2 % 3.5 % -3.1% USD 11003 Kaffe COFF 1.5085 0.5 % 0.1 % -1.5 % -3.9 % USD 9627 Kveg CATL 6.3863 0.2 % 0.6 % 2.7 % -17.2 % USD 0 Råoljer AIGO 9.823 0.0 % 6.7 % -5.4 % -27.7 % USD 0 Hvete WEAT 0.7685-0.3 % 2.5 % -5.7 % -26.4 % USD 181652 M ais CORN 0.949-0.8 % 0.4 % -7.3 % -23.7 % USD 27198 R åvarekurver Edle metaller AIGP 18.6313 0.4 % -2.5 % -0.9 % 21.8 % USD 0 Korn AIGG 3.781 0.2 % 2.3 % -6.0 % -17.1% USD 0 Ex-Energi AIGX 8.84625 0.1 % 0.3 % -1.2 % 1.6 % USD 0 Softs (Sukker, Kakao, Bomull) AIGS 5.205 0.0 % 5.2 % 4.0 % 39.1 % USD 0 Råvarer AIGC 8.5413-0.1% 1.5 % -2.2 % -8.6 % USD 52661 Buskap AIGL 2.849-0.3 % -0.7 % -3.8 % -16.1% USD 0 Industrimetaller AIGI 9.783-0.3 % -1.1 % 2.2 % -4.3 % USD 850 Energi AIGE 3.415-0.4 % 4.6 % -4.9 % -30.6 % USD 6400 Kilde: Bloomberg 4

DNB Markets ETN / ETF OSLO Endring i % ETN / ETF Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Volum REC BULL REC HA 14.26 19.8 % 14.1 % -5.4 % -36.2 % NOK 2680 PGS DNB-ETN PGS BULL 0.57 9.7 % 43.0 % -8.9 % -87.4 % NOK 504001 Norwegian DNB-ETN NORWEGIAN BULL 13.51 8.0 % 19.5 % 13.3 % -41.7 % NOK 3700 REC DNB-ETN REC BULL 4.88 7.7 % 14.2 % -3.4 % -34.1% NOK 55800 Telenor DNB-ETN TELENOR X3 BULL 53.55 6.7 % 7.6 % 1.6 % -52.6 % NOK 5057 Yara DNB-ETN YARA X3 BULL 12.14 6.5 % 8.5 % 19.5 % -70.4 % NOK 63991 TGS Nopec DNB-ETN TGS BULL 9.58 6.4 % 14.3 % 5.5 % -38.6 % NOK 0 Oljeservice DNB - ETN OIL SERVICE BULL 3.71 5.6 % 18.4 % 14.4 % -43.6 % NOK 0 Subsea 7 DNB-ETN SUBSEA 7 BULL 7.93 5.5 % 16.4 % 30.1 % 39.9 % NOK 0 OBX BULL OBX X4 DNM 17.21 5.2 % -0.5 % 2.9 % -41.3 % NOK 0 Aker Solutions DNB-ETN AKER SOLUTIONS BULL 3.52 4.9 % 11.2 % 6.3 % -4.5 % NOK 0 Telenor DNB-ETN TELENOR BULL 65.35 4.4 % 5.1 % 1.5 % -33.9 % NOK 0 Yara DNB-ETN YARA BULL 15.23 4.4 % 5.8 % 13.5 % -51.4 % NOK 0 Yara DNB-ETN YARA BULL 15.23 4.4 % 5.8 % 13.5 % -51.4 % NOK 0 DNO BULL DNO DNM 1.62 3.9 % 8.4 % -8.2 % -18.8 % NOK 21590 OBX DNB-ETN OBX X3 BULL 26.25 3.9 % 9.2 % 2.4 % -26.4 % NOK 0 Fred. Olsen Energy BULL FOE DNM 4.26 3.5 % -21.3 % -68.5 % -93.7 % NOK 26810 Norsk Hydro BULL NHY X3 DNM 28.83 2.9 % 16.6 % 71.9 % 13.3 % NOK 0 Orkla DNB-ETN ORKLA X3 BULL 120.38 2.8 % -1.8 % 12.3 % 54.8 % NOK 585 Oljeservice DNB - ETN OIL SERVICE 14.38 2.8 % 9.0 % 7.6 % -13.2 % NOK 0 OBX XACT DERIVAT BULL 98.15 2.5 % 5.8 % 1.6 % -13.4 % NOK 326688 Gjensidige DNB-ETN GJENSIDIGE X3 BULL 36.72 2.0 % 3.2 % 1.2 % 31.4 % NOK 0 Norsk Hydro DNB-ETN NORSK HYDRO BULL 12.07 2.0 % 10.9 % 44.6 % 25.7 % NOK 0 Seadrill DNB-ETN SEADRILL BULL 1.06 1.9 % 17.8 % -4.1% -96.0 % NOK 527843 CO2 BEAR CO2 ETN DNM 14.22 1.8 % -18.3 % -15.9 % 64.7 % NOK 0 Schibsted BULL SCH DNM 34.67 1.7 % -2.6 % 3.0 % -24.5 % NOK 0 Statoil DNB-ETN STATOIL X3 BULL 18.85 1.6 % 13.9 % -19.2 % -25.7 % NOK 10385 OBX XACT OBX 53.63 1.3 % 3.1 % 1.1 % -3.6 % NOK 5567 OBX DNB OBX 53.20 1.3 % 3.0 % 1.0 % -3.4 % NOK 626 M arine Harvest Group DNB-ETN M ARINE HARVEST BULL 87.75 1.1 % -3.5 % -3.8 % 78.2 % NOK 0 Golden Ocean BULL GOGL DNM 3.94 1.0 % -0.8 % -2.4 % -98.4 % NOK 6360 Statoil DNB-ETN STATOIL BULL 24.41 1.0 % 9.1 % -12.8 % -5.2 % NOK 0 Oljepris DNB - ETN BRENT BULL 5.09 1.0 % 14.1 % -7.0 % -50.4 % NOK 54500 DNB BULL DNBNOR HA 89.40 0.9 % 11.3 % -6.1% -49.0 % NOK 650 Oljepris BULL OLJE HA 11.81 0.9 % 13.9 % -7.6 % -48.9 % NOK 1859 Strømpris DNB - ETN ELKRAFT BEAR 60.10 0.7 % -2.3 % -5.2 % -65.7 % NOK 263 Strømpris BEAR EL HA 391.80 0.7 % -2.4 % -5.2 % -58.0 % NOK 0 Storebrand DNB-ETN STOREBRAND BULL 13.78 0.6 % 9.0 % 22.5 % -24.2 % NOK 3700 BW LPG BULL BWLPG DNM 7.18 0.6 % 8.4 % 12.3 % -68.0 % NOK 1400 Kobberpris BEAR KOBBER ETN DNM 52.93 0.4 % 6.1 % -5.5 % 1.9 % NOK 0 Sink BEAR SINK ETN DNM 21.32 0.2 % 1.7 % -13.9 % -44.4 % NOK 0 Opera BULL OPERA DNM 2.44 0.0 % -2.8 % -41.6 % -41.6 % NOK 20600 Oljepris DNB - ETN BRENT 16.89 0.0 % 6.9 % -3.7 % -20.8 % NOK 1000 OBX BULL OBX X3 HA 109.00-0.2 % 4.0 % -1.3 % -27.0 % NOK 50 Gullpris DNB-ETN GULL BULL 24.46-0.2 % -3.7 % -4.2 % 44.8 % NOK 300 Aluminium BEAR ALU ETN DNM 41.35-0.3 % 0.8 % 1.3 % -10.0 % NOK 0 Gullpris BULL GULL HA 84.50-0.3 % -3.8 % -4.2 % 44.4 % NOK 0 Aluminium BEAR ALU HA 71.33-0.3 % 0.7 % 1.3 % -10.3 % NOK 0 Storebrand DNB-ETN STOREBRAND BEAR 3.90-0.5 % -8.8 % -20.9 % -38.8 % NOK 0 Gullpris DNB-ETN GULL 31.70-0.6 % -1.9 % -2.7 % 22.4 % NOK 3600 Kobberpris BEAR KOBBER HA 41.75-0.6 % 7.3 % -4.8 % 5.4 % NOK 0 Sølvpris BULL SOLV ETN DNM 30.97-0.8 % -8.4 % -2.2 % 62.2 % NOK 0 Sølvpris SOLV ETN DNM 34.90-0.8 % -4.2 % -1.6 % 32.2 % NOK 550 Kilde: Bloomberg FORTS. 5

DNB Markets ETN / ETF OSLO Endring i % ETN / ETF Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Volum Gullpris DNB-ETN GULL BULL 24.46-0.2 % -3.7 % -4.2 % 44.8 % NOK 300 Aluminium BEAR ALU ETN DNM 41.35-0.3 % 0.8 % 1.3 % -10.0 % NOK 0 Gullpris BULL GULL HA 84.50-0.3 % -3.8 % -4.2 % 44.4 % NOK 0 Aluminium BEAR ALU HA 71.33-0.3 % 0.7 % 1.3 % -10.3 % NOK 0 Storebrand DNB-ETN STOREBRAND BEAR 3.90-0.5 % -8.8 % -20.9 % -38.8 % NOK 0 Gullpris DNB-ETN GULL 31.70-0.6 % -1.9 % -2.7 % 22.4 % NOK 3600 Kobberpris BEAR KOBBER HA 41.75-0.6 % 7.3 % -4.8 % 5.4 % NOK 0 Sølvpris BULL SOLV ETN DNM 30.97-0.8 % -8.4 % -2.2 % 62.2 % NOK 0 Sølvpris SOLV ETN DNM 34.90-0.8 % -4.2 % -1.6 % 32.2 % NOK 550 Naturgasspris BULL NATGAS ETN DNM 7.96-1.0 % -5.9 % -12.8 % -43.2 % NOK 0 Statoil DNB-ETN STATOIL BEAR 5.42-1.0 % -8.6 % 12.3 % -42.2 % NOK 0 Sølvpris BEAR SOLV ETN DNM 20.58-1.0 % 8.6 % -1.5 % -52.2 % NOK 0 M arine Harvest Group DNB-ETN M ARINE HARVEST BEAR 5.66-1.0 % 3.2 % 2.7 % -57.8 % NOK 0 Naturgasspris NATGAS ETN DNM 15.62-1.1 % -4.1% -6.6 % -27.6 % NOK 0 Aluminium ALU ETN DNM 27.73-1.2 % -0.5 % -2.9 % 1.3 % NOK 0 Strømpris DNB-ETN ELKRAFT 6.43-1.2 % -0.3 % 1.0 % 35.7 % NOK 0 OBX SHORT OBX DNM 23.86-1.3 % -3.0 % -1.3 % #VALUE! NOK 0 Aluminium BULL ALU HA 16.71-1.4 % -0.9 % -4.7 % -3.9 % NOK 0 Statoil DNB-ETN STATOIL X3 BEAR 1.39-1.4 % -12.6 % 18.3 % -65.2 % NOK 60000 Sinkpris SINK ETN DNM 35.37-1.4 % -0.9 % 5.2 % 19.5 % NOK 0 Naturgasspris BEAR NATGAS ETN DNM 49.02-1.5 % 1.1 % 7.2 % -12.2 % NOK 0 Aluminium BULL ALU ETN DNM 21.16-1.5 % -1.0 % -4.7 % -1.5 % NOK 0 Gullpris BEAR GULL HA 19.77-1.5 % 3.7 % 1.1 % -37.6 % NOK 0 Kobberpris BULL KOBBER ETN DNM 23.77-1.5 % -2.9 % 0.6 % -6.8 % NOK 0 Gullpris DNB-ETN GULL BEAR 24.77-1.6 % 3.7 % 1.1 % -37.2 % NOK 0 Schibsted BEAR SCH DNM 4.01-1.6 % 1.9 % -6.2 % -15.8 % NOK 0 Strømpris BULL EL HA 0.87-1.7 % 0.6 % 2.4 % 24.3 % NOK 0 Strømpris DNB-ETN ELKRAFT BULL 7.86-1.9 % 0.3 % 2.7 % 54.9 % NOK 0 Sinkpris BULL SINK ETN DNM 32.58-2.0 % -1.7 % 11.9 % 30.6 % NOK 0 Norsk Hydro DNB-ETN NORSK HYDRO BEAR 6.42-2.0 % -10.4 % -33.4 % -56.9 % NOK 0 CO2 CO2 ETN DNM 24.95-2.0 % 8.2 % 5.6 % -38.7 % NOK 0 Gjensidige DNB-ETN GJENSIDIGE X3 BEAR 31.86-2.0 % -3.6 % -4.7 % -57.5 % NOK 0 Kobberpris BULL KOBBER ETN DNM 15.23-2.1% -5.8 % 2.3 % -17.8 % NOK 0 Kobberpris BULL KOBBER HA 19.61-2.3 % -6.9 % 1.4 % -23.9 % NOK 0 OBX XACT DERIVAT BEAR 71.00-2.5 % -5.7 % -2.3 % -9.0 % NOK 989457 Oljepris BEAR OLJE HA 39.58-2.7 % -13.1% 2.4 % -3.3 % NOK 0 Oljepris DNB - ETN BRENT BEAR 26.11-2.7 % -13.2 % 0.2 % -19.4 % NOK 0 Norsk Hydro BEAR NHY X3 DNM 2.51-2.9 % -15.2 % -46.5 % -77.8 % NOK 24000 Orkla DNB-ETN ORKLA X3 BEAR 1.10-3.1% 0.9 % -14.1% -56.7 % NOK 0 Fred. Olsen Energy BEAR FOE DNM 123.73-3.3 % 20.5 % 135.1 % -20.4 % NOK 660 CO2 BULL CO2 ETN DNM 17.01-3.5 % 17.5 % 10.9 % -69.1% NOK 0 OBX DNB-ETN OBX X3 BEAR 3.47-3.9 % -8.7 % -4.1% -23.3 % NOK 0 OBX BEAR OBX X3 HA 2.35-3.9 % -8.9 % -4.3 % -23.7 % NOK 0 DNO BEAR DNO DNM 11.08-3.9 % -8.7 % 2.4 % -74.3 % NOK 0 Yara DNB-ETN YARA BEAR 6.55-4.4 % -6.0 % -14.8 % 43.4 % NOK 0 Telenor DNB - ETN TELENOR BEAR 3.11-4.6 % -5.2 % -3.4 % 7.8 % NOK 0 Aker Solutions DNB-ETN AKER SOLUTIONS BEAR 4.46-4.8 % -10.6 % -10.9 % -72.4 % NOK 0 OBX BEAR OBX X4 DNM 7.54-5.2 % -11.7 % -5.9 % -37.9 % NOK 13900 Subsea 7 DNB-ETN SUBSEA 7 BEAR 3.77-5.5 % -14.8 % -26.2 % -75.3 % NOK 5000 Oljeservice DNB - ETN OIL SERVICE BEAR 11.31-5.6 % -16.7 % -16.8 % -46.1% NOK 0 TGS Nopec DNB-ETN TGS BEAR 8.24-6.4 % -13.4 % -9.6 % -37.8 % NOK 2000 Yara DNB-ETN YARA X3 BEAR 15.39-6.5 % -9.1% -22.4 % 51.6 % NOK 200 Telenor DNB-ETN TELENOR X3 BEAR 1.66-6.7 % -7.8 % -5.7 % -0.6 % NOK 0 REC BEAR REC DNM 2.80-7.9 % -14.4 % -10.7 % #VALUE! NOK 3472 REC BEAR REC HA 15.77-8.0 % -19.1% -16.6 % -88.0 % NOK 5300 Norwegian DNB-ETN NORWEGIAN BEAR 4.12-8.1% -20.9 % -19.2 % -25.5 % NOK 1500 PGS DNB-ETN PGS BEAR 3.78-9.1% -35.5 % -30.8 % -53.7 % NOK 112187 DNB BEAR DNB NOR HA 3.50-10.3 % -10.3 % -10.3 % 21.5 % NOK 0 Kilde: Bloomberg DNB ANBEFALINGER OG ESTIMATER 48 99 Selg Hold Kjøp 57 6

DNB Markets Dnb anbefalinger og estimater DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA 2016 2017 2016 2017 2016 2017 A. P. Møller Mærsk maerskb Kjøp DKK 9200 11400 70.25 117.89 23.2x 12.9x 5.0x 3.9x AcadeMedia AB ACAD Kjøp SEK 59.5 65 3.27 4.29 16.2x 13.9x 10.4x 9.0x AF Gruppen AFG Selg NOK 157 90 6.53 6.23 25.4x 25.2x 13.6x 12.8x Akastor AKA Selg NOK 8.7 7.5-6.13-2.38-1.4x -3.7x 21.9x 8.0x Aker AKER Hold NOK 248 244 30.72 3.15 8.1x 78.7x Aker Solutions AKSO Selg NOK 36.4 22 1.41 0.33 26.2x 111.2x 6.3x 9.5x Alfa Laval ALFA Selg SEK 137.9 117 7.93 6.86 17.2x 20.1x 10.9x 10.8x Arcam ARCM Kjøp SEK 166 260 1.73 4.56 96.1x 36.4x 48.1x 18.9x Archer ARCHER Selg NOK 5.22 3-0.51-0.50-1.2x -1.2x 12.9x 12.7x Assa Abloy ASSAB Hold SEK 190.1 180 7.36 7.94 25.8x 24.0x 17.4x 15.9x Atea ATEA Hold NOK 84 82 4.24 5.08 19.8x 16.5x 9.0x 7.9x Atlas Copco ATCOA Hold SEK 245.7 235 10.92 11.63 22.5x 21.1x 13.4x 12.2x Atwood Oceanics ATW Selg USD 10.56 6 4.59-0.32 2.3x -32.8x 3.2x 8.8x Aurora LPG AURLPG Kjøp NOK 27 50.4 1.39 1.13 2.3x 2.9x 6.4x 5.4x Austevoll Seafood AUSS Kjøp NOK 74 89 7.16 8.32 11.3x 8.9x 4.4x 3.4x Autoliv ALIV Hold SEK 926.5 920 6.23 7.11 16.6x 14.7x 8.1x 7.1x Avance Gas AVANCE Kjøp NOK 24.9 72 1.44 1.05 2.1x 2.8x 4.8x 5.0x Awilco Drilling AWDR Kjøp NOK 33.1 35 0.08 2.24 52.2x 1.8x 4.1x 0.4x Axactor AXA Kjøp NOK 2.04 3 Bakkafrost BAKKA Hold NOK 320.5 335 17.76 18.69 15.0x 13.7x 9.9x 8.8x Balder BALD Hold SEK 232.7 220 14.02 12.08 24.1x 22.6x 23.7x 22.8x Betsson BETSB Kjøp SEK 81.5 125 6.47 7.77 12.6x 10.5x 10.4x 8.7x BillerudKorsnäs BILL Kjøp SEK 149.7 165 8.90 9.99 16.6x 15.0x 9.1x 8.6x Borregaard BRG Kjøp NOK 69.5 75 5.15 5.63 13.5x 12.3x 7.3x 6.2x BW LPG BWLPG Kjøp NOK 30.68 57 0.90 0.91 4.0x 4.0x 5.5x 4.5x BW Offshore (Restricted) BWO Selg NOK 0.28 1-0.08-0.15-0.4x -0.2x 6.4x 7.0x Cargotec CGC Selg EUR 40.69 33 2.35 2.71 16.1x 15.0x 10.0x 9.0x Carlsberg CARLB Selg DKK 658.5 580 24.66 32.60 22.2x 19.1x 11.0x 9.5x Castellum CAST Kjøp SEK 130.8 140 6.90 7.92 23.1x 16.5x 25.9x 20.6x Chr. Hansen CHR Hold DKK 427.8 460 1.36 1.65 42.0x 34.6x 26.3x 22.5x Citycon CTY1S Kjøp EUR 2.28 2.8 0.18 0.15 17.1x 15.5x 19.3x 19.0x Coloplast COLOB Kjøp DKK 529 580 17.73 20.31 29.8x 26.1x 20.5x 18.3x Com Hem COMH Selg SEK 72.7 63 1.82 1.73 36.6x 39.6x 9.3x 8.9x Coor Service Managemen COOR Kjøp SEK 48.2 55 1.52 2.20 13.8x 11.6x 11.2x 9.8x D/S Norden DNORD Kjøp DKK 100.1 145 0.65 0.14 23.6x 107.8x 4.2x 5.6x Danske Bank DANSKE Kjøp DKK 184.9 209 18.98 19.88 10.2x 9.3x Deep Sea Supply DESSC Selg NOK 1.87 0.7-0.22-0.15-1.4x -1.5x 22.6x 25.0x Det norske oljeselskap DETNOR Kjøp NOK 114 125 0.38 1.00 35.3x 13.5x 7.4x 3.5x DHT Holdings DHT Hold USD 4.87 5 1.06 0.43 4.2x 11.4x 4.5x 5.5x Diamond Offshore DO Selg USD 21.42 15-2.75 1.52-7.8x 14.1x 6.7x 6.2x DNB DNB NOK 96.45 10.63 11.33 9.6x 8.5x DNO DNO Kjøp NOK 9 14 0.13 0.35 7.9x 3.1x 4.5x 1.4x DOF (Restricted) DOF Selg NOK 1.12 3 3.42 1.19 0.4x 0.9x 9.0x 9.5x Dorian LPG LPG Kjøp USD 6.07 11.1 2.49 0.84 2.4x 7.2x 5.7x 7.5x Eidesvik Offshore EIOF Selg NOK 9.8 7-1.58-3.87-6.2x -2.5x 10.7x 15.2x Electrolux ELUX Selg SEK 232.9 200 15.78 16.03 14.8x 14.5x 7.0x 6.8x Elekta EKTAB Kjøp SEK 71.15 80 2.28 3.66 31.2x 19.5x 14.1x 11.2x Ensco ESV Selg USD 8.98 9 2.10 0.58 4.3x 15.4x 3.8x 5.8x Entra ENTRA Kjøp NOK 84.75 95 6.74 5.02 20.9x 18.7x 20.8x 18.4x Epic Gas EPIC Kjøp NOK 15 23.7-0.08 0.00-18.7x 674.6x 9.9x 7.9x Ericsson ERICb Kjøp SEK 62.45 73 3.03 4.99 16.4x 11.6x 6.7x 4.9x Euronav EURN Hold USD 8.94 9 1.50 0.27 5.8x 33.1x 4.8x 7.0x Europris EPR Selg NOK 36.5 33 2.31 2.48 15.8x 14.7x 11.0x 9.9x Evolution Gaming EVO Kjøp SEK 270 325 0.96 1.25 29.7x 22.9x 21.5x 16.5x Fabege FABG Hold SEK 153.6 150 18.32 4.27 39.1x 34.9x 33.1x 30.9x Farstad Shipping FAR Selg NOK 12.2 10-10.69-19.55-1.1x -0.6x 10.2x 15.1x Flex LNG FLNG Hold NOK 11 10.9 0.00 0.00-72.3x -73.8x FLSmidth FLS Hold DKK 262.6 270 12.72 16.82 19.4x 15.3x 9.3x 8.1x FMC Technologies FTI Selg USD 26.28 21 0.38 0.77 44.9x 34.3x 14.4x 11.1x Fortum FUM1V Hold EUR 14.61 16 0.68 0.85 22.4x 17.2x Fred Olsen Energy FOE Selg NOK 13.95 10-0.65-1.86 0.9x -0.9x 1.7x 3.5x Frontline FRO Hold NOK 68.45 70 1.33 0.76 5.8x 10.7x 6.5x 9.2x Frontline 2012 FRNT Kjøp NOK 62.50 55.00 0.92 0.67 8.1x 11.0x 8.8x 10.2x Kilde: DNB Markets, FactSet, Bloomberg 7

DNB Markets DNB anbefalinger og estimater DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA 2016 2017 2016 2017 2016 2017 GasLog GLOG Kjøp USD 14.6 16.2-0.01 1.02 62.2x 14.3x 12.6x 9.5x Gener8 Maritime GNRT Hold USD 5.46 5.6 2.18 1.27 2.5x 4.3x 5.7x 5.8x Getinge GETIB Selg SEK 179.7 165 6.88 10.43 19.1x 15.0x 12.2x 9.6x Gjensidige Forsikring GJF Hold NOK 143.4 145 8.70 8.52 16.5x 16.8x GN Store Nord GN Kjøp DKK 128.1 145 7.74 9.23 16.6x 13.9x 11.6x 9.9x Golar LNG GLNG Kjøp USD 18.96 21.3-2.55-0.72-10.4x -8.6x -68.5x 30.8x Golar LNG Partners GMLP Hold USD 18.39 16.2 2.70 3.11 6.8x 5.9x 7.4x 6.6x Golden Ocean GOGL Hold NOK 29.2 7.3-0.37-0.12-12.0x -29.1x -134.3x 44.7x Grieg Seafood GSF Kjøp NOK 56.25 70 6.57 8.34 9.3x 6.7x 5.9x 4.6x Havfisk HFISK Kjøp NOK 36.1 36 2.86 3.41 12.6x 10.6x 7.3x 5.9x Havila Shipping HAVI Selg NOK 1.92 0.5 0.40-7.67 4.8x -0.3x 8.2x 13.9x Helgeland Sparebank HELG Kjøp NOK 62 75 11.93 8.58 7.0x 7.2x Hennes & Mauritz HMB Hold SEK 262.7 285 11.72 13.11 22.4x 20.0x 12.6x 10.7x Hexagon AB HEXAB Kjøp SEK 345 340 1.60 1.70 22.8x 21.5x 15.1x 13.7x Hexagon Composites HEX Kjøp NOK 26.2 30 3.19 1.21 35.2x 21.7x 20.0x 19.3x Hexpol HPOLB Kjøp SEK 81.2 97 3.99 4.31 20.3x 18.8x 12.5x 11.1x Hufvudstaden HUFV Hold SEK 145 125 6.57 4.14 36.4x 35.0x 29.6x 28.6x Humana HUM Kjøp SEK 78 90 3.58 5.71 17.7x 13.3x 13.0x 10.4x Husqvarna HUSQb Kjøp SEK 74.55 75 3.67 4.72 20.3x 15.8x 11.1x 9.0x Höegh LNG Holdings HLNG Kjøp NOK 90 127 0.39 0.75 28.0x 14.3x 13.1x 10.3x Industrivärden INDUc Hold SEK 147.1 147 Investor INVEb Kjøp SEK 297.5 352 Jm Ab JM Kjøp SEK 219.9 240 19.19 21.09 11.7x 10.4x 8.7x 7.5x Klövern KLOVb Kjøp SEK 11.4 11 1.37 0.73 18.3x 15.6x 21.3x 20.2x KNOT Offshore Partners KNOP Hold USD 18.82 19 1.75 1.91 10.8x 9.9x 8.5x 8.0x Kone KNEBV Hold EUR 47.5 45 1.99 2.06 23.9x 23.0x 16.2x 14.8x Konecranes KCR1V Kjøp EUR 26.75 30 1.01 1.55 19.6x 16.5x 9.3x 8.3x Kongsberg Gruppen KOG Kjøp NOK 126.5 165 7.81 10.33 16.2x 12.2x 9.7x 6.9x Kungsleden KLED Kjøp SEK 64.75 73 6.61 5.04 14.3x 12.8x 18.9x 17.5x Kværner KVAER Hold NOK 7.9 7.8 1.48 0.34 12.7x 23.5x 1.0x 1.2x Lerøy LSG Kjøp NOK 406.4 500 38.80 47.39 11.1x 8.6x 6.7x 4.8x Loomis LOOMb Kjøp SEK 250.7 290 16.82 17.52 14.9x 14.3x 7.2x 7.0x Lundbeck LUN Hold DKK 273.4 290 3.45 9.50 79.3x 28.8x 18.1x 11.0x Lundin Petroleum LUPE Kjøp SEK 148.7 155 0.47 0.84 37.4x 20.7x 11.9x 6.2x Marine Harvest MHG Kjøp NOK 139.2 165 1.15 1.49 14.5x 10.0x 9.1x 6.3x Medistim MEDI Kjøp NOK 67.5 67 2.38 3.42 28.3x 19.7x 18.8x 13.2x Metso MEO1V Kjøp EUR 25.28 27 1.07 1.37 21.8x 18.1x 10.5x 9.1x Millicom MICsdb Kjøp SEK 483.5 610 1.27 2.19 31.0x 25.9x 5.9x 5.4x MTG MTGb Kjøp SEK 224.9 295-2.07 16.62 16.0x 13.5x 10.7x 9.3x Ncc NCC Hold SEK 209.7 200 12.14 13.85 17.3x 15.1x 10.0x 8.1x NetEnt NETb Kjøp SEK 76.4 98 2.03 2.46 37.6x 31.0x 26.3x 20.8x Nibe Industrier NIBEB Selg SEK 75.15 58 3.02 3.32 24.9x 22.6x 18.0x 16.1x Nobia NOBI Kjøp SEK 80.2 95 5.84 6.46 13.9x 12.5x 8.0x 6.9x Noble NE Selg USD 7.19 5 1.92-0.57 3.7x -12.7x 4.1x 7.5x Nokian Tyres NRE1V Kjøp EUR 33.65 38 1.76 1.96 19.1x 17.2x 11.1x 9.8x Nordea NDA Kjøp SEK 78.4 85 0.85 0.86 10.2x 9.7x Nordic Nanovector NANO Kjøp NOK 26 36-5.03-5.29-5.2x -4.9x -3.0x -3.7x Nordic Semiconductor NOD Kjøp NOK 39.9 57 0.11 0.22 44.7x 21.9x 21.3x 12.2x Norsk Hydro NHY Selg NOK 37.55 30 3.00 2.11 20.7x 17.8x 7.0x 6.2x North Energy NORTH Hold NOK 1.52 1.1-0.28-0.56-1.6x -1.3x Norway Royal Salmon NRS Kjøp NOK 136 140 11.54 13.32 13.6x 10.2x 9.5x 6.8x Norwegian Air Shuttle NAS Kjøp NOK 322.2 335 20.31 34.91 14.8x 9.2x 12.8x 11.4x Norwegian Property NPRO Kjøp NOK 10.3 11 0.90 0.42 24.5x 24.7x 17.5x 19.2x Novo Nordisk NVO Kjøp DKK 324.5 400 14.97 16.25 21.7x 20.0x 15.6x 14.1x Novozymes NZYMB Selg DKK 325.2 280 10.38 11.42 32.0x 28.8x 19.7x 17.7x NRC Group NRC Hold NOK 53 52 1.75 2.81 23.1x 18.9x 12.8x 10.9x Ocean Rig ORIG Selg USD 2.13 1 3.88 0.38 0.5x 5.6x 3.6x 5.6x Ocean Yield OCY Kjøp NOK 67.5 68 0.88 1.22 8.4x 6.6x 9.1x 7.3x Odfjell ODF Kjøp NOK 28.6 46 1.06 1.05 3.3x 3.2x 4.6x 4.4x Odfjell Drilling ODL Hold NOK 5.03 6 0.09 0.01 6.7x 54.6x 7.0x 7.4x Olav Thon OLT Kjøp NOK 164.5 195 12.36 12.48 16.2x 14.6x 16.1x 15.6x Opera OPERA Kjøp NOK 51.75 65 0.03 0.32 16.8x 13.5x 12.1x 9.4x Oriflame ORI Selg SEK 225.2 166 0.97 1.18 24.5x 20.2x 11.6x 9.9x Orkla ORK Kjøp NOK 77.3 85 4.01 3.83 19.3x 20.2x 16.1x 14.6x Outotec OTE1V Hold EUR 4.084 5 0.00 0.16 49.8x 25.1x 7.8x 6.5x Pacific Drilling PACD Selg USD 6.02 0.2-0.40-1.44-15.1x -4.2x 10.0x 24.3x Pandox PNDXB Hold SEK 154.1 150 8.24 7.78 22.4x 19.8x 20.9x 18.8x Pareto Bank PARB Kjøp NOK 31 39 4.37 4.68 7.0x 6.6x Peab PEAB Hold SEK 69.35 68 5.38 5.96 12.9x 11.6x 7.6x 6.3x Kilde: DNB Markets, FactSet, Bloomberg 8

DNB Markets DNB anbefalinger og estimater DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA 2016 2017 2016 2017 2016 2017 PGS PGS Selg NOK 18.78 17-0.86-1.10-2.7x -2.0x 6.1x 7.9x Polarcus PLCS Selg NOK 0.58 0.5 0.33-0.12 0.2x -0.6x 4.0x 14.5x Prosafe (Restricted) PRS NOK 1.03 0.05 0.03 2.5x 3.5x 9.7x 9.1x Q-Free QFR Kjøp NOK 10.3 15 0.34 1.03 29.9x 10.0x 9.2x 4.8x Recipharm RECIB Hold SEK 139.75 140 4.32 6.27 31.4x 22.3x 13.6x 10.5x RenoNorden RENO Kjøp NOK 22.4 27 2.09 1.99 10.7x 11.2x 6.2x 6.0x Rezidor REZT Hold SEK 36.6 35 0.21 0.44 18.0x 8.7x 7.3x 4.6x Rowan RDC Hold USD 14.37 15 2.75 0.82 5.2x 17.4x 3.8x 4.9x Safe Bulkers SB Selg USD 1.33 0.4-0.64-0.57-2.1x -2.4x 24.7x 19.6x Saipem SPM Selg EUR 0.3986 0 0.02 0.02 21.9x 26.1x 4.6x 5.3x SalMar SALM Hold NOK 253.5 260 20.32 22.39 13.2x 11.3x 9.1x 7.5x Sampo Oyj SAMAS Hold EUR 39.07 40 2.80 2.82 13.9x 13.9x Sandvik SAND Kjøp SEK 94.5 98 5.06 5.86 18.7x 16.1x 10.0x 8.8x SCA SCAB Hold SEK 257.8 250 9.48 14.27 22.1x 18.1x 10.8x 9.8x Scandi Standard SCST Hold SEK 63.75 58 3.73 5.37 17.0x 11.9x 9.1x 6.7x Schibsted SCHA Selg NOK 256.1 183 2.32 4.93 90.0x 52.0x 54.0x 45.0x Scorpio Tankers STNG Hold USD 5.2 4.8 0.32 0.56 15.9x 9.3x 10.6x 9.8x Seadrill SDRL Selg NOK 25.76 10 1.33 0.02 2.3x 192.3x 5.7x 10.4x SEB SEB Kjøp SEK 76.75 88 4.71 7.70 10.8x 10.0x Securitas SECUB Kjøp SEK 147.8 165 7.69 8.93 19.2x 16.6x 11.7x 10.1x Selvaag Bolig SBO Kjøp NOK 39.7 40 2.37 2.65 15.9x 15.0x 14.4x 12.4x Sevan Marine SEVAN Selg NOK 22.4 15-0.23-0.16-15.0x -17.0x -10.6x -14.7x Siem Offshore SIOFF NOK 2.4-0.04-0.08-7.9x -3.6x 10.8x 12.9x Skandiabanken SKBN Kjøp NOK 57 63 6.93 5.44 11.5x 10.4x Skanska SKA Hold SEK 182.2 185 14.21 13.09 12.8x 13.9x 8.0x 8.3x SKF SKFB Hold SEK 141.6 135 9.39 11.00 14.3x 12.9x 8.8x 8.5x Solstad Offshore SOFF Selg NOK 18.5 15-0.30-9.47-60.8x -2.0x 14.2x 18.9x Songa Offshore SONG Selg NOK 0.33 0.15 0.08 0.08 0.5x 0.5x 5.8x 5.0x Sparebank1 Nord-Norge NONG Kjøp NOK 39.6 50 5.71 5.40 6.9x 7.3x Sparebank1 SMN MING Kjøp NOK 49.30 75 7.45 7.66 6.6x 6.4x Sparebank1 SR-Bank SRBANK Kjøp NOK 39.1 50 6.12 5.97 6.4x 6.5x Sparebanken Møre MORG Kjøp NOK 185 250 27.99 25.49 6.6x 7.3x Sparebanken Øst SPOG Kjøp NOK 43.8 60 5.72 4.98 8.3x 8.8x Spectrum SPU Selg NOK 26.8 22-0.14-0.03-22.3x -103.9x 2.1x 1.8x Sponda SDA1V Kjøp EUR 4.35 4.5 0.28 0.30 16.7x 14.4x 20.9x 19.4x Statoil STL Kjøp NOK 136.8 160 0.57 1.47 30.8x 10.6x Stolt-Nielsen SNI Kjøp NOK 113 142 2.17 1.78 6.2x 7.6x 5.6x 5.6x Stora Enso STERV F Kjøp EUR 8.26 9 0.84 0.82 13.4x 10.0x 6.6x 5.9x Storebrand STB Kjøp NOK 32.74 43 4.11 4.15 6.4x 6.4x Subsea 7 SUBC Selg NOK 92.15 53 1.08 0.06 10.2x 178.6x 3.5x 7.7x Svenska Handelsbanken SHB Selg SEK 108.5 92 8.35 7.85 13.2x 13.8x Swedbank SWEDA Kjøp SEK 186.9 198 17.23 15.85 12.3x 11.8x Swedish Match SWMA Hold SEK 309.7 295 19.41 16.28 18.4x 19.0x 13.4x 12.7x Tanker Investments TIL Hold NOK 49 55 1.91 1.68 3.1x 3.5x 4.2x 3.9x Technip TECF Selg EUR 50.05 39 4.33 2.81 10.1x 17.8x 3.2x 5.4x Teekay Tankers TNK Hold USD 2.93 3 0.88 0.81 3.3x 4.1x 4.7x 4.7x Tele2 TEL2b Hold SEK 72.4 80 1.65 2.66 39.0x 22.7x 9.6x 7.7x Telenor TEL Kjøp NOK 144.3 166 10.99 12.24 13.1x 11.8x 6.4x 5.9x Telia Company TELIA Hold SEK 39.44 41 2.82 3.03 11.4x 12.7x 7.3x 6.6x TGS Nopec TGS Selg NOK 147.3 105 0.12 0.09 142.4x 185.6x 5.4x 5.3x The Scottish Salmon ComSSC Kjøp NOK 8.07 8.2 4.45 8.62 13.6x 8.6x 7.8x 5.7x Thule Group THULE Hold SEK 141.5 130 6.68 7.23 21.2x 19.6x 15.9x 14.2x Tomra TOM Selg NOK 92.5 85 4.67 4.48 19.7x 20.6x 10.7x 10.9x Topdanmark TOP Kjøp DKK 172.3 200 12.44 13.34 13.8x 12.9x Transocean RIG Selg USD 11.01 7 0.82-0.24 13.5x -46.2x 6.1x 7.9x Trelleborg TRELB Hold SEK 156.7 165 24.30 10.67 18.0x 14.7x 11.4x 9.2x Tryg TRYG Hold DKK 130.1 130 8.22 8.24 15.8x 15.8x Tsakos Energy NavigationTNP Kjøp USD 4.89 14.3 2.00 1.46 2.4x 3.3x 4.8x 5.2x Unibet UNIB Kjøp SEK 89.1 105 35.08 41.79 20.4x 18.0x 16.1x 14.1x UPM UPM1V Hold EUR 19.16 19 1.44 1.38 13.2x 13.9x 7.4x 6.7x Valmet VALMT Kjøp EUR 12.08 12.5 0.78 0.91 15.3x 13.2x 7.3x 6.3x Veidekke VEI Hold NOK 107.5 110 8.05 10.07 13.4x 10.7x 8.7x 7.2x Vitrolife VITR Kjøp SEK 495.00 570.00 9.61 12.68 51.5x 39.0x 32.8x 24.7x Volvo VOLVB Hold SEK 90.60 97.00 5.64 6.91 14.6x 13.1x 5.8x 5.1x Kilde: DNB Markets, FactSet, Bloomberg 9

DNB Markets DNB anbefalinger og estimater DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA 2016 2017 2016 2017 2016 2017 Wallenstam WALLb Hold SEK 74.95 70.00 2.18 2.1x 44.9x 35.6x 39.7x 33.5x Weifa WEIFA Kjøp NOK 22.30 1.35 0.03 0.1x 829.2x 387.7x 269.8x 205.5x Wihlborgs WIHL Kjøp SEK 188.90 Wilh. Wilhelmsen ASA WWASA Kjøp NOK 19.40 29.00 2.54 0.5x 4.9x 4.6x 6.3x 6.1x Wilh. Wilhelmsen Holding WWI Kjøp NOK 161.00 200.00 4.34 3.7x 7.4x 5.2x 5.2x 4.2x William Demant Holding WDH Selg DKK 140 116 6.29 7.17 22.3x 19.5x 13.2x 11.7x Wilson Therapeutics WTX Kjøp SEK 45.1 80-3.73-4.57-8.3x -7.9x Wärtsilä WRT1V Hold EUR 39.15 38 2.24 2.41 16.0x 16.3x 11.5x 10.3x XXL XXL Hold NOK 100 103 4.12 5.44 24.3x 18.4x 17.5x 13.0x Yara YAR Selg NOK 282.3 200 25.61 12.64 14.2x 22.3x 6.6x 7.6x YIT YIT Selg EUR 6.24 5.50 0.33 0.6x 19.1x 11.3x 18.2x 16.0x Kilde: DNB Markets, FactSet, Bloomberg 10

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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. 11

DNB Markets Please contact the Singapore Branch of DNB Bank ASA at +65 6212 0753 in respect of any matters arising from, or in connection with, the Note. The Note is intended for and is to be circulated only to persons who are classified as an accredited investor, an expert investor or an institutional investor. If you are not an accredited investor, an expert investor or an institutional investor, please contact the Singapore Branch of DNB Bank ASA at +65 6212 0753. We, the DNB group, our associates, officers and/or employees may have interests in any products referred to in the Note by acting in various roles including as distributor, holder of principal positions, adviser or lender. We, the DNB group, our associates, officers and/or employees may receive fees, brokerage or commissions for acting in those capacities. In addition, we, the DNB group, our associates, officers and/or employees may buy or sell products as principal or agent and may effect transactions which are not consistent with the information set out in the Note. Additional Information, including for Recipients in the United States: The Note does not constitute an offer to sell or buy a security and does not include information, opinions, or recommendations with respect to securities of an issuer or an analysis of a security or an issuer. In Brazil If the analyst or any close associates serves as an officer, director or board member, or have a personal relationship with any individual that works for a company which DNB Markets publish a research note, this will be mentioned under the disclaimer in the relevant research note. The analyst or any close associates do neither hold nor do they have any direct/indirect involvement in the acquisition, sale, or intermediation of the securities discussed in each research note. Any financial interests, not mentioned in the relevant research notes, that the analyst or any close associates holds in the issuer discussed in the report is limited to investment funds that do not mainly invest in the issuer or industry discussed in the report and the management of which these persons cannot influence. 12