EURO-TILLIT, APPLE, FED, OLJELAGER OG ORDREINNGANG STL & SKBN

EQUITY RESEARCH Research report prepared by DNB Markets, a division of DNB Bank ASA Aksjemarkedet i dag EURO-TILLIT, APPLE, FED, OLJELAGER OG ORDREINNGANG STL & SKBN Gårsdagens utvikling i det amerikanske aksjemarkedet reflekterte i første rekke et avventende marked i forkant av dagens oppdatering fra Fed. Positive nøkkeltall, fallende oljepris og blandete selskapsrapporter medførte at utslagene til slutt ble relativt begrensede. Dow endte ned 0.1%, mens S&P500 var tilnærmet uendret og Nasdaq steg 0.2%. Volumet på de tre hovedindeksene kom inn på 87-95% av gjennomsnittet for de siste tre måneder. De asiatiske markedene er i morgentimene preget forventninger til ytterligere stimuleringstiltak samt utviklingen i valutakurser og råvarepriser. I tillegg løfter reaksjonene på rapporten fra Apple indeksene. Etter børs i USA i går var Apple opp 7% på en bedre rapport enn ventet. Nikkei er før stengetid opp 2.1%, mens de viktigste kinesiske indeksene i øyeblikket er ned 1-2%. I Europa i dag får vi i dag en rekke målinger av forbrukertilliten, samt en oppdatering av de økonomiske utsiktene for Sverige og av BNP-veksten for UK i Q2. Før konklusjonene fra dagens rentemøte i Fed får vi også en oppdatering av ordreinngangen for varige goder i juni. I tillegg fortsetter selskapsrapporteringen med rapporter blant annet fra den europeiske banksektoren. Etter stengetid i ettermiddag, men før åpning i morgen, kommer det kvartalstall fra aktører innen oljeservicesektoren og fra Facebook. I oljemarkedet falt WTI-prisen i går med USD 2.01 pr fat til USD 42.93 pr fat. Prisen ligger i morgentimene i dag på USD 42.85 pr fat. Brent åpner i dag på USD 44.79 pr fat, opp fra USD 44.53 pr fat ved stengetid i det norske markedet i går. De foreløpige amerikanske lagertallene presentert i sent i går kveld indikerte et trekk i råoljebeholdningene på 0.8 mill fat mot forventninger om at ukens amerikanske lagertall vil vise et trekk i de samme beholdningene på 2.4 mill fat. Statoil har i morgentimene lagt frem en Q2-rapport som viser en justert EBIT på USD 0.9 mrd mot vårt estimat på USD 1.1 mrd og konsensusforventninger på USD 1.4 mrd. Justert EPS kom inn på USD -0.09 mot vårt estimat på USD 0.08 og konsensus på USD 0.10. Før eventuelle justeringer etter rapporten har vi en holdanbefaling med et kursmål på NOK 155 pr aksje. Kursen stengte i går på NOK 142.80 pr aksje. Skandiabanken presenterer Q2-tall 12. august. Rundt 94% av utlånsporteføljen består av boliglån og vi mener aksjen bør være mer skjermet for usikkerhet knyttet til eksponeringen enn øvrige aktører innen sektoren. Drevet av en utlånsvekst på 14% siden tilsvarende kvartal i fjor og en stabil utvikling i marginene venter vi en solid rapport. Resultatet ventes i tillegg løftet av engangseffektene knyttet til salget av Visa Europe. Vi har en kjøpsanbefaling på Skandiabanken med et kursmål på NOK 63 pr aksje. Kursen stengte i går på NOK 58 pr aksje. Selskap Tidspunkt Konsensus Saipem Etter markedet - Facebook Etter markedet 0.82 Waste Management Før markedet 0.71 Coca-Cola Før markedet 0.58 Boeing Før markedet -0.94 Scorpio Før markedet -0.54 Noble Etter markedet 0.07 Whole Foods Etter markedet 0.37 Land Nøkkeltall Tyskland Forbrukertillit 08.00 9.9 Finland Forbrukertillit 08.00 - Frankrike Forbrukertillit 08.45 96 Sverige Økonomiske tendenser 09.00 102.9 Italia Forbrukertillit 10.00 109.2 UK BNP Q2 10.30 2.1% USA Boliglånssøknader 13.00 - USA Ordre varige goder 14.30-1.4% USA Boliger i overdragelse 16.00 3.0% USA Fed Rentemøte 20.00 - USA Oljelagertall 16.30 - Våre anbefalte aksjer: - ORK - LSG - BRG - MHG - WWASA - QFR - GSF - DNO YTD DNB: +3% YTD OSE: -2% Internasjonale børser Siste Endr. % Dow Jones 18,474-19 -0.10 S&P 500 2,169 1 0.03 NASDAQ 5,110 12 0.24 Nikkei 225 16,610 227 1.39 Euro 500 229 0 0.09 Danmark-KFX 993 18 1.82 Finland-HEX 8,407 20 0.24 Norge-OSEBX 620 2 0.28 Sverige-SAX 494-1 -0.15 Valuta/råvarer Siste I går Endr. % EUR/USD 1.100 1.099 0.08 USD/JPY 106.2 104.7-1.40 USD/NOK 8.567 8.568 0.04 EUR/NOK 9.419 9.414-0.05 Siste Endr. Endr. % CRB indeks 181-1.68-0.92 Brent sp. ($/bbl) 43.4 0.07 0.16 Brent 1m ($/bbl) 44.8 0.04 0.09 Alum. 3m ($/ton) 1,592.0-19.00-1.18 US Nat.gass 2.7-0.06-2.17 Renter Siste I går Endr. USA 10år 1.589 1.573 0.02 Tyskl. 10år -0.027-0.030 0.00 Norge 10år 0.992 1.002-0.01 USA 3m 0.734 0.715 0.02 Euro 3m -0.298-0.297 0.00 Norge 3m 1.020 1.020 0.00 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 18,474-19.31-0.10 7.78 6.02 17.72 S&P 500 2,169 0.70 0.03 8.43 6.13 20.18 Nasdaq Composite 5,110 12.42 0.24 11.22 2.05 #N/A N/A Russel 2000 1,217 7.04 0.58 11.67 7.13 42.00 Amex naturgass-indeks (XNG) 581 6.40 1.11 7.76 33.44 126.26 Amex Oil Service Indeks 162 2.13 1.33 2.52 2.83 41.70 Philadelphia-børsens oljeproduksjon-indeks (XOI) 1,119 12.94 1.17 4.00 4.32 122.33 Amex farmasi-indeks (DRG) 547-0.23-0.04 9.19 1.02 26.14 Nasdaq biotech-indeks 2,931-20.61-0.70 16.09-17.23 #N/A N/A Philadelphia-børsens halvleder-indeks (SOX) 775 28.48 3.81 19.53 16.80 27.88 S&P 500 Paper & Forest Index ( PAFO) 179 2.40 1.37 14.08 2.53 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 8.14-0.04 824,487 69.74 69.00 0.74 Golden Ocean 0.69-0.00 106,657 5.91 0.69 5.22 Questerre (CAD) 0.18-0.01 69,315 1.17 1.24-0.07 Statoil 16.66-0.20 2,258,717 142.73 142.80-0.07 Yara 32.12-0.51 171,864 275.18 275.40-0.22 Sverige AstraZeneca 30.91-0.24 8,335,475 534.80 534.00 0.80 Finland (EUR) Nokia 5.77-0.09 8,279,877 Danmark Novo Nordisk B 56.29 0.66 1,011,529 380.84 381.20-0.36 RÅVARER & SHIPPING Siste I går Endr. %1D 1W 1M 3M YTD 12M 52W H 52W L CRB indeks 181.2 181.2-0.1-0.05-5 -6.3-1.3 5.1-21.5 206.6 154.8 GS råvare indeks 2,188 2,188-5.1-0.2% - 67-133 -115 17-600 2,841 1,837 Oil Brent Spot 43.44 43.27 0.17 0.39-2 -2.60-2.55 7.69-8.73 Brent olje 1m 44.76 44.87-0.11-0.25-2 -2.40-2.42 7.48-8.71 54.89 27.10 Brent olje 3m 45.48 45.59-0.11-0.24-3 -2.77-1.80 6.95-9.03 55.97 28.58 WTI olje 1m 42.82 42.92-0.10-0.21-2 -3.51-2.51 5.78-4.57 51.67 26.05 Flybensin 393.25 393.25-1.00-0.25-29 -42.25-38.00 37.25-120.75 Naturgass US Henry Hub 2.72 2.72-0.09-3.34-0 0.04 0.84 0.40-0.10 Fyringsolje 132.0 132.6-0.6-0.5-9 - 11-6.0 21.9-27.6 168.6 84.9 Metals Aluminium 3m 1,592 1,592-13 - 0.8-55 -26-56 85-51 1,703 1,433 Nikkel 10,350 10,350-125 - 1.2-210 1,330 1,160 1,530-950 11,405 7,550 Kopper 4,930 4,930 31 0.6-54 232-32 225-333 5,441 4,318 Gull 1,317 1,320-3 - 0.3 1-8 71 256 223 1,375 1,046 Shipping WS AG - Japan, 250 dwt 38 0-3 -6-5 -5-18 -50-35 WS AG - USG, 250 dwt 25 25 0 0-3 -3-13 -28-18 Containerships index 0 0 0.0 0.0% - 0 0 0 0 0 Baltic dry index 696 696-13.0-1.83-50 80-19 218-394 1,222 0 290 RENTER & VALUTA Renter Siste I går Endr. 1W 1M 3M YTD 12M Norge - Nibor 3m 1.020 1.020 0.000 0.00-0.07 0.08-0.11-0.24 USA - Libor 3m 0.734 0.721 0.013 0.04 0.11 0.10 0.12 0.44 Euro - Euribor 3m -0.298-0.298-0.001-0.003-0.017-0.046-0.167-0.279 Norge 10 år stat 0.992 0.992 0.002 0.06-0.15-0.45-0.49-0.63 USA 10 år stat 1.589 1.561 0.028 0.01 0.15-0.26-0.68-0.63 Euro 10 år stat -0.027-0.027 0.014 0.00 0.02-0.33-0.66-0.72 Tyskland 10 år stat -0.027-0.027 0.014 0.00 0.02-0.33-0.66-0.72 Japan 10 år stat -0.269-0.245-0.024-0.04-0.08-0.22-0.53-0.68 UK 10 år stat 0.822 0.822 0.012 0.02-0.26-0.84-1.14-1.11 Valuta Siste I går Endr. 1W 1M 3M YTD 12M 52W H 52W L EUR/USD 1.100 1.099 0.001-0.002-0.003-0.033 0.014-0.009 1.172 1.052 USD/JPY 106.2 104.7 1.490-0.7 4.2-5.3-13.9-17.1 125.3 98.9 GBP/USD 1.313 1.313 0.000-0.008-0.009-0.141-0.160-0.243 1.582 1.280 USD/NOK 8.567 8.568-0.003 0.066 0.006 0.404-0.280 0.401 9.017 7.970 EUR/NOK 9.419 9.414 0.005 0.056-0.032 0.176-0.188 0.360 9.749 8.903 GBP/NOK 11.249 11.253-0.004 0.036-0.091-0.624-1.783-1.464 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 Metall 2.3% 15.9% 7.8% 39.4% 57.4% 23.2 Biler og komponenter 1.5% 14.2% -5.7% -18.2% -15.7% 8.1 Maskiner 2.3% 12.9% 2.9% 6.7% 19.2% 19.0 Materialer 0.8% 13.8% 1.7% -9.1% 7.5% 19.5 Bygg og anlegg 1.5% 15.5% 6.1% 13.9% 21.5% 16.2 Helsevern - utstyr og tjenester 0.6% 10.1% 5.4% 5.0% 1.1% 24.2 Luftfart 1.5% 19.9% -8.7% -6.6% -17.0% 7.3 Programvare og tjenester 0.4% 15.4% 4.3% 8.4% 0.3% 19.8 Bildeler 1.5% 14.7% -2.2% -6.2% -5.3% 10.7 Husholdningsvarer og personlige produ 0.4% 6.5% 5.4% 6.0% 6.5% 23.6 Papir- og skogprodukter 1.4% 14.1% 5.7% -10.3% 2.5% 17.1 Kapitalvarer 0.3% 12.1% -0.5% -0.8% 2.1% 16.8 Elektrisk utstyr 1.3% 13.5% 0.3% 6.3% 15.5% 18.5 Eiendomsselskaper 0.3% 11.2% 1.6% -1.8% 0.3% 21.2 Helseartikler 1.0% 8.8% 7.4% 13.5% 15.9% 21.1 Energi 0.1% 7.7% 2.2% -0.7% 11.6% 22.6 Energi og relatert utstyr 0.7% 5.7% -0.2% -3.2% 11.7% 441.1 Hotell-, underholdnings- og restaurantv 0.1% 11.0% -0.8% -8.7% -9.4% 19.6 Elektronisk utstyr og instrumen 0.6% 11.3% 5.8% 9.4% 8.5% 17.1 Forsyningsselskaper 0.0% 13.2% 1.4% -4.0% 0.2% 15.4 Legemiddelindustri og biotekno 0.5% 9.1% 4.0% -11.4% -5.9% 17.1 Drikkevarer, mat og tobakk 0.0% 7.9% 4.7% 7.3% 2.6% 22.2 Olje og gass 0.4% 3.8% -1.2% 0.9% 12.7% 83.3 Transport -0.2% 9.1% -7.0% -10.4% -7.4% 14.3 Kommunikasjonsutstyr 0.4% 12.7% 6.6% 3.3% 12.9% 13.5 Banker -0.3% 11.9% -14.5% -37.2% -25.3% 10.4 Bank 0.4% 11.6% -3.6% -13.9% -8.9% 11.5 Forsikring -0.3% 8.2% -12.5% -21.6% -22.4% 9.6 Kjemikalier 0.3% 8.3% 0.5% 6.1% 5.5% 18.1 Media -0.5% 10.5% -2.9% -15.3% -8.9% 18.4 Forsikring 0.2% 9.5% 1.5% -0.9% 2.4% 12.4 Detaljhandel -0.5% 8.6% -10.0% -21.9% -18.3% 18.9 Fritidsutstyr 0.0% 7.3% -2.4% 20.7% 20.6% 22.3 Teknologisk utstyr -0.5% 11.4% -2.5% -17.0% -18.8% 21.2 Internett programvare og -tjenes 0.0% 11.8% 7.6% 18.7% 4.6% 25.8 Finansieringsselskaper -0.5% 10.6% -12.2% -33.0% -25.4% 14.7 Programvare 0.0% 12.9% 8.6% 18.7% 5.3% 21.0 Telekommunikasjon og tjenester -0.6% 8.5% -7.4% -20.0% -13.8% 18.3 Farmasi 0.0% 8.3% 8.6% 3.0% 6.6% 17.5 Kommersielle tjenester og leveranser -0.6% 11.4% -1.6% -10.1% -5.3% 16.9 Datamaskiner og tilbehør -0.4% 7.3% 1.6% -16.5% -4.1% 11.9 Mat- og apotekhandel -0.7% 9.3% -3.1% -9.8% 0.7% 17.6 Media -0.4% 6.6% -0.4% -4.6% 7.4% 16.0 Forbruksvarer og klær -0.8% 9.7% -4.0% -12.5% -7.1% 17.1 Husholdningsartikler -0.5% 4.1% 6.6% 9.5% 7.8% 22.6 Industrielle konglomerater -0.6% 6.9% 3.1% 20.0% 5.3% 21.2 Kraft -0.8% 2.4% 8.2% 22.5% 20.5% 18.2 Matvarer -0.9% 6.9% 9.0% 17.3% 14.9% 22.8 Drikkevarer -1.2% 4.1% 4.2% 14.1% 6.6% 24.0 Hotell og restaurant -1.5% 8.2% 0.0% 4.2% 1.1% 22.6 Diversifiserte telekomtjenester -1.5% 1.5% 7.1% 20.6% 20.3% 14.9 Bioteknologi -1.8% 13.0% -2.2% -13.0% -9.0% 13.2 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 CATERPILLAR INC 82.75 5.2 % 15.9 % 9.9 % LINEAR TECHNOLOG 62.53 29.0 % 41.8 % 55.3 % LINEAR TECHNOL 62.53 29.0 % 41.8 % 55.3 % UNITED TECHNOLOGIES CO 107.89 3.1 % 11.0 % 9.1 % TEXAS INSTRUMENT 71.42 7.9 % 20.9 % 45.7 % TEXAS INSTRUME 71.42 7.9 % 20.9 % 45.7 % BOEING CO/THE 134.85 1.4 % 9.9 % -4.4 % MICRON TECHNOLOG 14.67 5.4 % 20.0 % -19.0 % WYNN RESORTS 103.47 6.2 % 18.0 % 4.3 % INTEL CORP 35.09 1.2 % 14.2 % 23.8 % MAXIM INTEGRATED 40.91 5.4 % 20.9 % 20.9 % AVERY DENNISO 76.37 5.7 % 7.4 % 27.7 % JPMORGAN CHASE & CO 64.13 0.4 % 11.3 % -5.7 % SIRIUS XM HOLDINGS 4.35 4.8 % 15.7 % 13.3 % MICROCHIP TECH 57.34 5.7 % 19.1 % 37.2 % DU PONT (E.I.) DE NEMOUR 69.16 0.4 % 7.9 % 21.9 % NXP SEMICONDUCTO 87.9 4.7 % 17.1 % -0.4 % MICRON TECHNO 14.67 5.4 % 20.0 % -19.0 % GOLDMAN SACHS GROUP 161.16 0.4 % 15.5 % -21.4 % PACCAR INC 58.36 4.4 % 19.4 % -7.0 % CATERPILLAR INC 82.75 5.2 % 15.9 % 9.9 % CISCO SYSTEMS INC 30.88 0.3 % 13.1 % 9.5 % NETFLIX INC 91.41 4.3 % 7.1 % -14.1 % MASCO CORP 35.85 4.7 % 22.4 % 54.8 % JOHNSON & JOHNSON 125.15 0.2 % 7.4 % 27.3 % ANALOG DEVICES IN 62.87 3.9 % 19.6 % 8.6 % VALERO ENERGY 52.67 4.7 % 3.0 % -18.2 % HOME DEPOT INC 136.75 0.2 % 9.7 % 20.9 % SEAGATE TECHNOLO 32.45 3.2 % 55.5 % -32.3 % MARATHON PETR 38.61 4.6 % 17.2 % -29.1 % TRAVELERS COS INC/THE 117.65 0.2 % 6.6 % 11.4 % WESTERN DIGITAL C 53.74 3.2 % 27.4 % -29.7 % WATERS CORP 155.09 4.5 % 17.0 % 19.4 % PFIZER INC 36.83 0.1 % 9.0 % 7.3 % JD.COM INC-ADR 22.48 2.9 % 11.1 % -30.1 % PACCAR INC 58.36 4.4 % 19.4 % -7.0 % AMERICAN EXPRESS CO 64.37 0.1 % 11.6 % -14.1 % XILINX INC 49.7 2.6 % 13.4 % 24.1 % NETFLIX INC 91.41 4.3 % 7.1 % -14.1 % MICROSOFT CORP 56.76 0.1 % 17.2 % 25.2 % LIBERTY MEDIA GRO 21.76 2.5 % 21.9 % #VALUE! BAXTER INTERNA 48.01 4.1 % 13.4 % 27.3 % UNITEDHEALTH GROUP INC 141.7 0.0 % 3.3 % 20.2 % WAL-MART STORES INC 73.73 0.0 % 3.1 % 3.3 % Bunn siste 1 dag 1 mnd 1 år Bunn siste 1 dag 1 mnd 1 år INTL BUSINESS MACHINES 162.12-0.3 % 13.0 % 1.9 % GILEAD SCIENCES IN 81.05-8.5 % 3.6 % -26.7 % GILEAD SCIENCE 81.05-8.5 % 3.6 % -26.7 % MERCK & CO. INC. 58.36-0.3 % 5.5 % 2.4 % CHECK POINT SOFTW 80.53-3.7 % 4.5 % -2.1 % TEGNA INC 23-8.0 % 5.6 % -20.0 % CHEVRON CORP 102.68-0.4 % 2.3 % 15.2 % ENDO INTERNATIONA 17.34-2.1 % 26.7 % -79.8 % UNDER ARMOUR 41.36-5.1 % 15.1 % -17.0 % GENERAL ELECTRIC CO 31.47-0.5 % 7.3 % 21.3 % ACTIVISION BLIZZARD 41.56-2.0 % 15.0 % 62.3 % MCDONALD'S CO 121.71-4.5 % 4.7 % 26.7 % VISA INC-CLASS A SHARES 78.49-0.6 % 7.0 % 6.3 % MYLAN NV 46.48-1.7 % 11.2 % -17.5 % REYNOLDS AMER 50-4.4 % -3.9 % 26.3 % PROCTER & GAMBLE CO/T 85.27-0.6 % 5.0 % 6.6 % CELGENE CORP 106.18-1.6 % 11.9 % -19.9 % T ROWE PRICE G 70.55-4.3 % 4.3 % -7.9 % APPLE INC 96.67-0.7 % 5.0 % -21.3 % KRAFT HEINZ CO/THE 87.06-1.5 % 4.1 % 12.5 % DARDEN RESTAU 60.72-3.8 % -6.5 % -6.2 % WALT DISNEY CO/THE 96.69-0.7 % 2.4 % -18.2 % WHOLE FOODS MAR 34.11-1.3 % 9.2 % -15.1 % MOLSON COORS 98.11-3.0 % 2.0 % 41.1 % EXXON MOBIL CORP 91.53-0.7 % 3.0 % 15.5 % CHARTER COMMUNI 237.98-1.1 % 10.0 % 18.3 % EASTMAN CHEMI 69.99-2.9 % 6.4 % -2.9 % 3M CO 177.66-1.1 % 6.3 % 19.5 % MONDELEZ INTERNA 45.25-1.1 % 9.4 % 7.7 % CHIPOTLE MEXICA 430.85-2.4 % 10.8 % -41.1 % NIKE INC -CL B 56.37-1.3 % 8.6 % 0.9 % MONSTER BEVERAG 158.62-0.9 % 2.5 % 6.6 % ENDO INTERNATIO 17.34-2.1 % 26.7 % -79.8 % COCA-COLA CO/THE 44.88-1.5 % 2.5 % 10.7 % VODAFONE GROUP 31.05-0.9 % 9.7 % -15.2 % HOST HOTELS & 17.6-2.0 % 19.0 % -10.7 % VERIZON COMMUNICATION 54.81-1.9 % 0.1 % 19.6 % BIOMARIN PHARMAC 92.02-0.8 % 23.3 % -36.2 % ACTIVISION BLIZZ 41.56-2.0 % 15.0 % 62.3 % MCDONALD'S CORP 121.71-4.5 % 4.7 % 26.7 % VERTEX PHARMACE 94.98-0.8 % 19.0 % -22.9 % FIRSTENERGY CO 35.89-1.9 % 8.4 % 9.6 % 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 Hong Kong EWH 21.09 1.8 % 3.5 % 13.0 % -2.9 % USD 2082857 Oil Service OIH 28.33 1.5 % -3.0 % 4.0 % -7.6 % USD 3263911 Pacific ex-japan EPP 41.43 1.0 % 2.1 % 12.0 % -1.0 % USD 1223795 Industri XLI 58.46 0.8 % -0.4 % 10.1 % 11.1 % USD 9375992 Emerging M arkets EEM 35.89 0.8 % 0.7 % 11.4 % -1.3 % USD 63593832 TecDax TDXPEX 15.688 0.7 % 3.5 % 10.5 % -3.6 % EUR 24818 DAX DAXEX 89.79 0.7 % 2.8 % 9.7 % -7.9 % EUR 48747 Energi XLE 67.35 0.6 % -2.2 % 4.2 % -1.7 % USD 12393898 S&P M idcap 400 M DY 283.06 0.6 % 0.8 % 9.9 % 6.2 % USD 1242348 Russell 2000 IWM 120.8 0.5 % 1.3 % 11.1 % 0.2 % USD 19551145 Brasil EWZ 32.57 0.5 % -0.5 % 19.1 % 16.1 % USD 10680363 Russell 2000 Growth IWO 144.65 0.4 % 1.7 % 11.5 % -4.5 % USD 506903 S&P Euro 350 IEV 38.35 0.3 % 1.1 % 9.4 % -12.5 % USD 467958 AEX-Nederland AEXT 44.88 0.3 % 1.4 % 10.4 % -5.4 % EUR 13120 Latin-America 40 ILF 27.7 0.3 % -0.4 % 15.9 % 5.0 % USD 519179 Teknologi USA XLK 45.87 0.2 % 1.5 % 10.7 % 9.3 % USD 9057685 CAC-40 CAC 43.095 0.2 % 1.5 % 6.1 % -11.6 % EUR 295917 FTSE 100 ISF 664.7 0.2 % 0.4 % 12.3 % 2.2 % GBp 2573591 Dow Jones Total market THRK 161.16 0.2 % 0.6 % 8.6 % 4.4 % USD 923 Nasdaq 100 QQQ 113.79 0.1 % 1.5 % 11.3 % 3.3 % USD 21223845 Finansielle tjenester XLF 23.65 0.1 % 0.2 % 10.3 % -5.2 % USD 28013143 Japan EWJ 11.83 0.1 % 0.0 % 4.9 % -6.9 % USD 36672927 S&P 500 SPY 216.75 0.0 % 0.3 % 8.6 % 4.8 % USD 70080493 DJIA DIA 184.6-0.1% -0.4 % 7.8 % 6.0 % USD 4744411 Bioteknologi IBB 280.28-0.7 % 3.8 % 16.1 % -25.0 % USD 1176356 Forbruksvarer XLP 55.01-0.8 % -1.1 % 3.8 % 10.8 % USD 11737796 Forsyningstjenester XLU 52.21-0.9 % 0.3 % 2.3 % 21.8 % USD 12509095 Olje / Energi Bensin UGAS 20.488 0.0 % -4.2 % -10.2 % -34.0 % USD 0 Fyringsolje HEAT 8.99-0.1% -4.6 % -7.1% -28.8 % USD 0 Brent-olje OILB 21.105-0.4 % -5.0 % -6.8 % -30.7 % USD 26260 WTI-Oil USO 10.08-0.5 % -5.8 % -9.9 % -35.6 % USD 23818188 WTI-olje OILW 16.633-0.8 % -6.0 % -8.5 % -30.1% USD 0 Råolje CRUD 7.15375-0.8 % -6.2 % -9.0 % -36.3 % USD 5560962 Naturgass NGAS 0.0461-1.5 % -1.1 % -2.0 % -37.3 % USD 30441587 M etaller Bomull COTN 2.3815 1.9 % -0.1% 13.1 % 12.8 % USD 1340 Sølv SLV 18.66 0.6 % -1.4 % 10.6 % 34.1 % USD 4110580 Kobber COPA 22.02 0.3 % -1.5 % 5.1 % -7.8 % USD 316746 Aluminium ALUM 2.609 0.2 % -3.0 % 0.1 % -7.5 % USD 2440 Gull BULL 16.14 0.1 % -0.9 % -0.4 % 19.0 % USD 14596 Nikkel NICK 10.535-0.8 % -0.9 % 15.6 % -8.5 % USD 3000 A ndre råvarer Kaffe COFF 1.507 1.1 % -5.3 % 3.4 % 5.3 % USD 197024 Kveg CATL 6.2 0.7 % 1.8 % -0.2 % -17.0 % USD 0 M ais CORN 0.982 0.7 % -3.3 % -14.6 % -18.8 % USD 16660 Soyaolje SOYO 3.786 0.6 % -3.5 % -5.6 % -6.3 % USD 12042 Soyabønner SOYB 22.2325 0.3 % -5.6 % -11.4 % 2.6 % USD 1187 Svinekjøtt HOGS 0.646 0.3 % -2.0 % -12.2 % -6.6 % USD 40401 Råoljer AIGO 9.798-0.4 % -5.2 % -8.1% -32.1% USD 0 Hvete WEAT 0.779-2.5 % -0.1% -8.9 % -22.7 % USD 196925 R åvarekurver Edle metaller AIGP 18.41 0.0 % -1.1 % 2.6 % 22.7 % USD 4195 Landbruk AIGA 5.4075-0.1% -3.2 % -7.7 % -1.4 % USD 41613 Korn AIGG 3.8205-0.1% -3.4 % -12.0 % -13.4 % USD 0 Ex-Energi AIGX 8.8-0.1% -2.1% -1.7 % 2.5 % USD 168 Råvarer AIGC 8.5025-0.2 % -2.7 % -3.2 % -9.5 % USD 2395 Industrimetaller AIGI 9.793-0.2 % -1.6 % 6.3 % -3.9 % USD 187 Energi AIGE 3.408-0.6 % -4.2 % -6.7 % -33.2 % USD 31303 Softs (Sukker, Kakao, Bomull) AIGS 5.02-1.0 % -1.9 % 2.4 % 30.5 % USD 224 Kilde: Bloomberg 4

DNB Markets ETN / ETF OSLO Endring i % ETN / ETF Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Volum PGS DNB-ETN PGS BEAR 4.41 10.8 % -35.5 % -25.4 % -48.8 % NOK 161000 DNB BEAR DNB NOR HA 3.90 10.8 % 0.0 % 13.7 % 39.8 % NOK 0 Norsk Hydro BULL NHY X3 DNM 24.27 3.5 % 16.9 % 71.3 % 7.7 % NOK 2000 Aker Solutions DNB-ETN AKER SOLUTIONS BEAR 4.88 3.5 % 16.2 % -20.3 % -66.7 % NOK 4000 Strømpris DNB-ETN ELKRAFT BULL 8.21 3.3 % -1.8 % 25.2 % 36.2 % NOK 0 DNO BULL DNO DNM 1.43 2.9 % -13.6 % -7.7 % -27.4 % NOK 170550 Strømpris BULL EL HA 0.91 2.8 % -1.6 % 26.6 % 9.0 % NOK 0 Sølvpris BULL SOLV ETN DNM 31.03 2.6 % -2.5 % 21.0 % 71.0 % NOK 0 REC DNB-ETN REC BULL 4.42 2.6 % -8.3 % 21.1 % -52.8 % NOK 16084 REC BEAR REC HA 18.14 2.5 % 3.7 % -28.9 % -83.1% NOK 3000 Storebrand DNB-ETN STOREBRAND BEAR 4.13 2.4 % -2.7 % -15.8 % -36.2 % NOK 0 Norsk Hydro DNB-ETN NORSK HYDRO BULL 10.74 2.3 % 11.4 % 44.6 % 21.6 % NOK 20000 Naturgasspris BEAR NATGAS ETN DNM 44.48 2.1 % 1.9 % -10.5 % -13.8 % NOK 0 Orkla DNB-ETN ORKLA X3 BULL 118.98 2.1 % -3.2 % 27.7 % 64.8 % NOK 0 Norwegian DNB-ETN NORWEGIAN BEAR 5.46 2.1 % 5.2 % -14.7 % -25.2 % NOK 0 Telenor DNB-ETN TELENOR X3 BEAR 1.58 1.9 % 1.3 % -42.3 % -2.5 % NOK 0 Oljepris BEAR OLJE HA 42.26 1.9 % 11.4 % 14.4 % 22.1 % NOK 0 Oljepris DNB - ETN BRENT BEAR 27.97 1.9 % 11.0 % 11.3 % 2.2 % NOK 0 Strømpris DNB-ETN ELKRAFT 6.60 1.9 % -0.6 % 12.3 % 28.2 % NOK 0 Gjensidige DNB-ETN GJENSIDIGE X3 BEAR 34.52 1.7 % 1.2 % -15.2 % -52.7 % NOK 0 Sink BEAR SINK ETN DNM 22.70 1.7 % 1.5 % -20.0 % -36.5 % NOK 0 Schibsted BEAR SCH DNM 3.73 1.6 % 6.6 % -20.6 % -20.7 % NOK 0 Telenor DNB - ETN TELENOR BEAR 3.01 1.5 % 1.2 % -30.0 % 6.6 % NOK 0 Statoil DNB-ETN STATOIL X3 BULL 21.58 1.5 % -10.2 % 12.9 % -4.4 % NOK 0 Sølvpris SOLV ETN DNM 35.25 1.3 % -0.8 % 10.3 % 37.7 % NOK 0 Oljeservice DNB - ETN OIL SERVICE BEAR 12.33 1.2 % 0.1 % -23.1% -41.8 % NOK 0 Aluminium BULL ALU HA 16.45 1.1 % -4.5 % 0.5 % -10.5 % NOK 0 Aluminium BULL ALU ETN DNM 20.81 1.1 % -4.5 % 0.5 % -8.5 % NOK 0 Statoil DNB-ETN STATOIL BULL 26.65 1.0 % -6.8 % 9.2 % 12.4 % NOK 0 Gullpris BULL GULL HA 84.05 1.0 % -0.9 % -1.2 % 44.7 % NOK 0 TGS Nopec DNB-ETN TGS BULL 9.03 1.0 % -0.6 % 23.2 % -41.9 % NOK 0 Seadrill DNB-ETN SEADRILL BULL 1.13 0.9 % -3.8 % -10.7 % -95.7 % NOK 17498 Subsea 7 DNB-ETN SUBSEA 7 BEAR 4.18 0.8 % 1.1 % -30.1% -73.0 % NOK 25000 Gullpris DNB-ETN GULL BULL 24.29 0.8 % -0.9 % -1.4 % 44.8 % NOK 10 BW LPG BULL BWLPG DNM 7.33 0.8 % -2.3 % 11.2 % -71.0 % NOK 0 CO2 BULL CO2 ETN DNM 15.35 0.7 % -6.1% -12.9 % -72.8 % NOK 0 Aluminium ALU ETN DNM 27.76 0.5 % -1.9 % 0.4 % -0.8 % NOK 0 CO2 CO2 ETN DNM 23.74 0.4 % -2.8 % -5.8 % -42.4 % NOK 300 Gullpris DNB-ETN GULL 31.89 0.4 % -0.1% -0.6 % 24.3 % NOK 1120 Kobberpris BULL KOBBER ETN DNM 16.32 0.4 % -1.4 % 8.2 % -11.1 % NOK 0 Kobberpris BULL KOBBER HA 21.26 0.3 % -1.9 % 9.1 % -16.6 % NOK 0 Golden Ocean BULL GOGL DNM 3.96 0.3 % -11.6 % 0.4 % -98.4 % NOK 13000 OBX XACT DERIVAT BEAR 71.05 0.2 % 2.1 % -13.9 % -11.5 % NOK 594025 Kobberpris BULL KOBBER ETN DNM 24.85 0.2 % -0.2 % 4.2 % -1.5 % NOK 0 OBX DNB-ETN OBX X3 BEAR 3.48 0.1 % 3.0 % -21.5 % -26.3 % NOK 1000 OBX BEAR OBX X4 DNM 7.59 0.1 % 4.0 % -28.3 % -41.1 % NOK 20000 Yara DNB-ETN YARA X3 BULL 11.33 0.0 % -4.9 % 17.5 % -74.0 % NOK 1000 OBX SHORT OBX DNM 23.87 0.0 % 1.0 % -7.4 % #VALUE! NOK 1000 Yara DNB-ETN YARA BULL 14.52 0.0 % -2.8 % 12.3 % -55.4 % NOK 1000 Yara DNB-ETN YARA BULL 14.52 0.0 % -2.8 % 12.3 % -55.4 % NOK 1000 OBX BULL OBX X3 HA 130.00 0.0 % 10.3 % 40.0 % -9.5 % NOK 0 OBX BEAR OBX X3 HA 2.36 0.0 % 3.1 % -21.5 % -26.7 % NOK 0 M arine Harvest Group DNB-ETN M ARINE HARVEST BEAR 5.34 0.0 % 1.1 % -7.3 % -65.0 % NOK 0 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 OBX DNB-ETN OBX X3 BEAR 3.48 0.1 % 3.0 % -21.5 % -26.3 % NOK 1000 OBX BEAR OBX X4 DNM 7.59 0.1 % 4.0 % -28.3 % -41.1 % NOK 20000 Yara DNB-ETN YARA X3 BULL 11.33 0.0 % -4.9 % 17.5 % -74.0 % NOK 1000 OBX SHORT OBX DNM 23.87 0.0 % 1.0 % -7.4 % #VALUE! NOK 1000 Yara DNB-ETN YARA BULL 14.52 0.0 % -2.8 % 12.3 % -55.4 % NOK 1000 Yara DNB-ETN YARA BULL 14.52 0.0 % -2.8 % 12.3 % -55.4 % NOK 1000 OBX BULL OBX X3 HA 130.00 0.0 % 10.3 % 40.0 % -9.5 % NOK 0 OBX BEAR OBX X3 HA 2.36 0.0 % 3.1 % -21.5 % -26.7 % NOK 0 M arine Harvest Group DNB-ETN M ARINE HARVEST BEAR 5.34 0.0 % 1.1 % -7.3 % -65.0 % NOK 0 Fred. Olsen Energy BULL FOE DNM 5.95 0.0 % -4.5 % -63.2 % -91.9 % NOK 0 REC BULL REC HA 12.50 0.0 % -8.6 % 8.7 % -56.1% NOK 1000 DNB BULL DNBNOR HA 110.00 0.0 % 0.0 % 16.6 % -39.5 % NOK 0 OBX DNB OBX 53.23 0.0 % -1.1 % 7.6 % -2.1% NOK 16839 Fred. Olsen Energy BEAR FOE DNM 95.68 0.0 % 2.8 % 94.4 % -36.6 % NOK 222 M arine Harvest Group DNB-ETN M ARINE HARVEST BULL 93.48-0.1% -1.3 % 5.5 % 114.0 % NOK 20 OBX XACT OBX 53.63-0.1% -1.1 % 7.4 % -2.1% NOK 6343 Yara DNB-ETN YARA BEAR 6.92-0.1% 0.9 % -13.9 % 56.4 % NOK 0 OBX DNB-ETN OBX X3 BULL 26.38-0.2 % -3.4 % 22.7 % -23.3 % NOK 0 OBX XACT DERIVAT BULL 98.45-0.2 % -2.2 % 14.6 % -10.9 % NOK 343563 OBX BULL OBX X4 DNM 17.35-0.2 % -4.6 % 30.4 % -38.0 % NOK 0 Yara DNB-ETN YARA X3 BEAR 16.77-0.2 % 0.6 % -21.1 % 72.9 % NOK 0 Kobberpris BEAR KOBBER HA 40.23-0.3 % 3.3 % -9.3 % 2.4 % NOK 0 Kobberpris BEAR KOBBER ETN DNM 51.58-0.4 % 2.9 % -8.4 % 0.0 % NOK 0 CO2 BEAR CO2 ETN DNM 16.45-0.6 % 7.2 % 5.7 % 93.9 % NOK 0 Oljeservice DNB - ETN OIL SERVICE 13.89-0.6 % -0.8 % 10.4 % -16.5 % NOK 0 Gullpris DNB-ETN GULL BEAR 26.04-0.8 % 2.4 % 1.1 % -33.1% NOK 0 Sinkpris SINK ETN DNM 35.40-0.8 % 0.4 % 11.2 % 17.0 % NOK 0 TGS Nopec DNB-ETN TGS BEAR 8.92-0.9 % -0.9 % -30.1% -33.7 % NOK 0 Naturgasspris NATGAS ETN DNM 17.18-1.0 % 0.2 % 2.8 % -22.7 % NOK 0 Gullpris BEAR GULL HA 20.76-1.0 % 2.4 % 0.9 % -33.6 % NOK 0 Oljepris DNB - ETN BRENT 16.93-1.0 % -4.2 % -7.2 % -26.3 % NOK 88885 Subsea 7 DNB-ETN SUBSEA 7 BULL 7.26-1.0 % -1.8 % 35.7 % 25.6 % NOK 0 Aluminium BEAR ALU HA 75.80-1.1 % 6.1 % -1.2 % 2.7 % NOK 0 Aluminium BEAR ALU ETN DNM 43.98-1.1 % 6.1 % -1.1 % 3.1 % NOK 0 Statoil DNB-ETN STATOIL BEAR 5.02-1.2 % 6.4 % -11.2 % -51.8 % NOK 3350 Statoil DNB-ETN STATOIL X3 BEAR 1.25-1.2 % 9.6 % -16.7 % -73.4 % NOK 676000 Oljeservice DNB - ETN OIL SERVICE BULL 3.48-1.3 % -1.7 % 20.0 % -47.7 % NOK 211 Telenor DNB-ETN TELENOR BULL 68.20-1.4 % -1.3 % 37.8 % -32.8 % NOK 0 Sinkpris BULL SINK ETN DNM 32.02-1.7 % 0.0 % 23.0 % 21.5 % NOK 0 Gjensidige DNB-ETN GJENSIDIGE X3 BULL 34.17-1.7 % -1.4 % 12.6 % 18.9 % NOK 0 Orkla DNB-ETN ORKLA X3 BEAR 1.13-1.7 % 2.7 % -24.9 % -59.1% NOK 0 Opera BULL OPERA DNM 2.64-1.9 % 6.5 % -32.0 % -52.9 % NOK 51505 Schibsted BULL SCH DNM 37.52-1.9 % -6.3 % 21.4 % -19.8 % NOK 0 Oljepris BULL OLJE HA 11.68-1.9 % -9.2 % -15.2 % -56.9 % NOK 6300 Oljepris DNB - ETN BRENT BULL 5.03-2.0 % -9.0 % -15.3 % -58.4 % NOK 113500 Naturgasspris BULL NATGAS ETN DNM 9.35-2.0 % -0.4 % 5.0 % -37.7 % NOK 0 Norwegian DNB-ETN NORWEGIAN BULL 10.92-2.1% -5.5 % 11.0 % -39.3 % NOK 0 Telenor DNB-ETN TELENOR X3 BULL 57.25-2.1% -2.0 % 59.9 % -51.4 % NOK 0 Storebrand DNB-ETN STOREBRAND BULL 13.13-2.2 % 2.3 % 13.8 % -27.0 % NOK 21000 Norsk Hydro DNB-ETN NORSK HYDRO BEAR 7.27-2.4 % -12.0 % -34.0 % -55.6 % NOK 0 Sølvpris BEAR SOLV ETN DNM 21.53-2.4 % 3.9 % -19.1% -51.6 % NOK 0 REC BEAR REC DNM 3.18-2.6 % 6.7 % -35.8 % #VALUE! NOK 0 Strømpris BEAR EL HA 385.80-2.7 % 3.1 % -22.5 % -51.9 % NOK 0 DNO BEAR DNO DNM 12.81-3.1% 11.8 % 2.0 % -74.8 % NOK 367 Strømpris DNB - ETN ELKRAFT BEAR 58.85-3.2 % 2.6 % -22.3 % -61.0 % NOK 0 Norsk Hydro BEAR NHY X3 DNM 3.03-3.5 % -18.0 % -47.3 % -76.7 % NOK 43215 Aker Solutions DNB-ETN AKER SOLUTIONS BULL 3.26-3.6 % -15.2 % 12.8 % -21.6 % NOK 0 PGS DNB-ETN PGS BULL 0.54-10.7 % 13.7 % -20.6 % -87.7 % NOK 694700 Kilde: Bloomberg DNB ANBEFALINGER OG ESTIMATER 47 91 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 8510 11400 79.56 118.88 18.3x 11.7x 4.6x 3.4x AF Gruppen AFG Selg NOK 151.5 90 6.53 6.23 24.5x 24.3x 13.1x 12.3x Akastor AKA Selg NOK 8.45 7.5-6.13-2.38-1.4x -3.5x 21.7x 7.9x Aker AKER Hold NOK 252 244 30.72 3.15 8.2x 80.0x Aker Solutions AKSO Selg NOK 34.75 22 1.41 0.33 25.0x 106.2x 6.1x 9.1x Alfa Laval ALFA Selg SEK 132.3 117 7.93 6.86 16.5x 19.3x 10.5x 10.4x Archer ARCHER Selg NOK 5.11 3-0.51-0.50-1.2x -1.2x 12.9x 12.6x Assa Abloy ASSAB Hold SEK 186.3 180 7.36 7.94 25.3x 23.5x 17.1x 15.6x Atea ATEA Hold NOK 86 82 4.24 5.08 20.3x 16.9x 9.2x 8.1x Atlas Copco ATCOA Hold SEK 238.8 235 10.92 11.63 21.8x 20.5x 13.0x 11.8x Atwood Oceanics ATW Selg USD 11.37 6 3.97 0.11 2.9x 106.9x 3.3x 7.6x Aurora LPG AURLPG Kjøp NOK 26.5 50.4 1.39 1.13 2.2x 2.7x 6.3x 5.4x Austevoll Seafood AUSS Kjøp NOK 73 89 7.16 8.32 11.1x 8.8x 4.3x 3.3x Autoliv ALIV Hold SEK 929.5 920 6.23 7.11 16.4x 14.6x 8.0x 7.0x Avance Gas AVANCE Kjøp NOK 25.8 72 1.44 1.05 2.1x 2.9x 4.8x 5.0x Awilco Drilling AWDR Kjøp NOK 33 35 0.08 2.24 51.0x 1.7x 4.1x 0.4x Axactor AXA Kjøp NOK 1.74 3 Bakkafrost BAKKA Hold NOK 323.5 335 17.76 18.69 15.0x 13.7x 9.9x 8.8x Betsson BETSB Kjøp SEK 81.05 125 6.47 7.77 12.5x 10.4x 10.4x 8.6x BillerudKorsnäs BILL Kjøp SEK 148.7 165 8.90 9.99 16.5x 14.9x 9.0x 8.5x Borregaard BRG Kjøp NOK 66.75 75 5.15 5.63 13.0x 11.9x 7.0x 6.0x BW LPG BWLPG Kjøp NOK 30.93 57 0.90 0.91 4.0x 4.0x 5.4x 4.5x BW Offshore (Restricted) BWO Selg NOK 0.26 1-0.08-0.15-0.4x -0.2x 6.4x 7.0x Cargotec CGC Selg EUR 40.63 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 127.2 140 6.90 7.92 22.5x 16.1x 25.6x 20.3x Chr. Hansen CHR Hold DKK 421.1 460 1.36 1.65 41.3x 34.1x 25.9x 22.2x Citycon CTY1S Kjøp EUR 2.25 2.8 0.18 0.15 16.9x 15.3x 19.2x 18.9x Coloplast COLOB Kjøp DKK 523 580 17.73 20.31 29.5x 25.8x 20.3x 18.1x Com Hem COMH Selg SEK 73.3 63 1.82 1.73 36.9x 39.9x 9.3x 8.9x Coor Service Managemen COOR Kjøp SEK 50 55 1.52 2.20 14.4x 12.1x 11.6x 10.1x D/S Norden DNORD Kjøp DKK 97.15 145 0.65 0.14 22.7x 103.4x 3.9x 5.2x Danske Bank DANSKE Kjøp DKK 180.8 209 18.98 19.88 10.0x 9.1x Deep Sea Supply DESSC Selg NOK 1.51 0.7-0.22-0.15-1.1x -1.2x 22.0x 24.3x Det norske oljeselskap DETNOR Kjøp NOK 104.6 125 0.38 1.00 31.7x 12.1x 6.9x 3.2x DHT Holdings DHT Hold USD 4.91 5 1.06 0.43 4.3x 11.5x 4.5x 5.6x Diamond Offshore DO Selg USD 23.03 15 1.34 1.30 17.2x 17.7x 7.1x 6.6x DNB DNB NOK 93.95 10.63 11.33 9.4x 8.3x DNO DNO Kjøp NOK 8.44 14 0.14 0.34 6.8x 2.9x 3.9x 1.3x 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 6.7 11.1 2.49 0.84 2.7x 8.0x 5.9x 7.8x Eidesvik Offshore EIOF Selg NOK 9.4 7-1.58-3.87-6.0x -2.4x 10.6x 15.2x Electrolux ELUX Selg SEK 234.4 200 15.78 16.03 14.9x 14.6x 7.1x 6.8x Elekta EKTAB Kjøp SEK 68.7 80 2.28 3.66 30.1x 18.8x 13.6x 10.9x Ensco ESV Selg USD 9.12 9 2.10 0.58 4.3x 15.6x 3.8x 5.9x Entra ENTRA Kjøp NOK 87.5 95 6.74 5.02 21.6x 19.3x 21.2x 18.7x Epic Gas EPIC Kjøp NOK 15 23.7-0.08 0.00-18.4x 660.9x 9.8x 7.9x Ericsson ERICb Kjøp SEK 64.3 73 3.03 4.99 16.9x 11.9x 6.9x 5.1x Euronav EURN Hold USD 9.05 9.6 1.60 0.27 6.0x 33.6x 4.8x 7.0x Europris EPR Selg NOK 37.2 33 2.31 2.48 16.1x 15.0x 11.2x 10.0x Fabege FABG Hold SEK 150.6 150 18.32 4.27 38.4x 34.3x 32.8x 30.6x Farstad Shipping FAR Selg NOK 9.26 10-10.69-19.55-0.9x -0.5x 10.1x 15.0x Flex LNG FLNG Hold NOK 10.25 10.9 0.00 0.00-66.2x -67.7x FLSmidth FLS Hold DKK 269.7 250 12.47 16.80 20.9x 16.1x 9.7x 8.3x FMC Technologies FTI Selg USD 25.24 21 0.38 0.77 43.1x 32.9x 13.9x 10.7x Fortum FUM1V Hold EUR 15.19 16 0.68 0.85 23.3x 17.9x Fred Olsen Energy FOE Selg NOK 16.3 10-0.65-1.86 1.1x -1.0x 1.8x 3.6x Frontline FRO Hold NOK 69 70 1.33 0.76 5.8x 10.5x 6.5x 9.1x Frontline 2012 FRNT Kjøp NOK 62.5 55 0.92 0.67 7.9x 10.8x 8.7x 10.1x GasLog GLOG Kjøp USD 13.21 16.2 0.02 0.94 87.0x 14.1x 12.4x 9.2x Getinge GETIB Selg SEK 174 165 6.88 10.43 18.5x 14.5x 12.0x 9.4x Gjensidige Forsikring GJF Hold NOK 139.5 145 8.70 8.52 16.0x 16.4x GN Store Nord GN Kjøp DKK 125.80 145.00 7.74 9.23 16.3x 13.7x 11.5x 9.8x Kilde: DNB Markets, FactSet, Bloomberg 7

DNB Markets DNB anbefalinger og estimater DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA 2016 2017 2016 2017 2016 2017 Golar LNG GLNG Kjøp USD 17.41 21.3-2.55-0.72-9.5x -7.9x -66.0x 29.9x Golar LNG Partners GMLP Hold USD 19.01 16.2 2.70 3.11 7.0x 6.1x 7.5x 6.7x Golden Ocean GOGL Hold NOK 5.88 7.3-0.37-0.12-2.4x -5.7x -69.6x 22.7x Grieg Seafood GSF Kjøp NOK 54.75 65 5.79 8.03 10.4x 6.8x 6.4x 4.8x Havfisk HFISK Kjøp NOK 36.1 36 2.86 3.41 12.6x 10.6x 7.3x 5.9x Havila Shipping HAVI Selg NOK 1.85 0.5 0.40-7.67 4.6x -0.2x 8.2x 13.9x Helgeland Sparebank HELG Kjøp NOK 61 75 11.93 8.58 6.8x 7.1x Hennes & Mauritz HMB Hold SEK 257.5 285 11.72 13.11 22.0x 19.6x 12.3x 10.4x Hexagon AB HEXAB Kjøp SEK 332.7 340 1.60 1.69 21.9x 20.7x 14.6x 13.3x Hexagon Composites HEX Kjøp NOK 25.7 30 3.19 1.21 34.5x 21.3x 19.6x 18.9x Hexpol HPOLB Kjøp SEK 75.55 97 3.99 4.31 18.9x 17.5x 11.6x 10.2x Hufvudstaden HUFV Hold SEK 140.7 125 6.57 4.14 35.3x 34.0x 28.8x 27.9x Humana HUM Kjøp SEK 72.75 90 3.58 5.70 16.5x 12.4x 12.3x 9.9x Husqvarna HUSQb Kjøp SEK 72.2 75 3.67 4.72 19.7x 15.3x 10.8x 8.7x Höegh LNG Holdings HLNG Kjøp NOK 85.75 127 0.39 0.75 26.2x 13.4x 12.6x 9.9x Industrivärden INDUc Hold SEK 144.5 147 Investor INVEb Kjøp SEK 296.1 352 Jm Ab JM Kjøp SEK 218.7 240 19.19 21.09 11.6x 10.4x 8.6x 7.5x Klövern KLOVb Kjøp SEK 10.3 11 1.37 0.73 16.6x 14.1x 20.7x 19.7x KNOT Offshore Partners KNOP Hold USD 19.14 18.9 1.75 1.91 11.0x 10.0x 8.5x 8.1x Kone KNEBV Hold EUR 45.67 45 1.99 2.06 23.0x 22.1x 15.6x 14.2x Konecranes KCR1V Kjøp EUR 26.27 30 1.01 1.55 19.3x 16.2x 9.1x 8.2x Kongsberg Gruppen KOG Kjøp NOK 120 165 7.81 10.33 15.4x 11.6x 9.2x 6.5x Kungsleden KLED Kjøp SEK 61.5 73 6.61 5.04 13.5x 12.2x 18.5x 17.2x Kværner KVAER Hold NOK 8.14 8 1.48 0.34 13.1x 24.3x 1.1x 1.5x Lerøy LSG Kjøp NOK 407 500 38.80 47.39 11.1x 8.6x 6.7x 4.8x Loomis LOOMb Kjøp SEK 227.1 285 16.67 17.27 13.6x 13.2x 6.6x 6.5x Lundbeck LUN Hold DKK 274.6 290 3.45 9.50 79.6x 28.9x 18.2x 11.1x Lundin Petroleum LUPE Hold SEK 145.3 155 0.70 0.85 24.1x 19.7x 11.1x 6.1x Marine Harvest MHG Kjøp NOK 142.9 165 1.15 1.49 14.7x 10.2x 9.3x 6.4x Meda MEDA Hold SEK 157.3 160 4.45 5.72 35.3x 27.5x 13.3x 11.3x Medistim MEDI Kjøp NOK 63 67 2.36 3.38 26.7x 18.6x 17.7x 12.4x Metso MEO1V Kjøp EUR 25.07 27 1.07 1.37 21.7x 18.0x 10.4x 9.1x Millicom MICsdb Kjøp SEK 447.7 610 1.27 2.19 28.2x 23.6x 5.7x 5.2x MTG MTGb Kjøp SEK 221.2 295-2.07 16.62 15.8x 13.3x 10.5x 9.2x Ncc NCC Hold SEK 202.7 200 12.14 13.85 16.7x 14.6x 9.7x 7.9x NetEnt NETb Kjøp SEK 74.95 98 2.03 2.46 36.9x 30.4x 25.8x 20.4x Nibe Industrier NIBEB Selg SEK 72.9 58 3.02 3.32 24.2x 22.0x 17.6x 15.7x Nobia NOBI Kjøp SEK 78.5 95 5.84 6.46 13.6x 12.2x 7.9x 6.7x Noble NE Selg USD 7.57 5 1.92-0.57 3.9x -13.3x 4.2x 7.7x Nokian Tyres NRE1V Kjøp EUR 34.25 36 1.73 1.94 19.9x 17.7x 11.5x 10.0x Nordea NDA Kjøp SEK 75.75 85 0.85 0.86 9.8x 9.3x Nordic Nanovector NANO Kjøp NOK 24.4 36-5.03-5.29-4.9x -4.6x -2.6x -3.4x Nordic Semiconductor NOD Kjøp NOK 38.2 57 0.11 0.22 41.9x 20.5x 19.9x 11.5x Norsk Hydro NHY Selg NOK 35.43 30 3.00 2.11 19.5x 16.8x 6.6x 5.8x North Energy NORTH Hold NOK 1.57 1.1-0.28-0.56-1.7x -1.3x Norway Royal Salmon NRS Kjøp NOK 135.5 140 11.54 13.32 13.6x 10.2x 9.5x 6.7x Norwegian Air Shuttle NAS Kjøp NOK 287.4 335 20.31 34.91 13.2x 8.2x 12.3x 11.1x Norwegian Property NPRO Kjøp NOK 9.63 11 0.90 0.42 22.9x 23.1x 17.0x 18.6x Novo Nordisk NVO Kjøp DKK 381.2 435 15.18 17.44 25.2x 21.9x 18.0x 15.5x Novozymes NZYMB Selg DKK 332 280 10.38 11.42 32.7x 29.4x 20.1x 18.1x NRC Group NRC Hold NOK 52.5 52 1.75 2.81 22.8x 18.7x 12.6x 10.8x Ocean Rig ORIG Selg USD 2.08 1 3.88 0.38 0.5x 5.4x 3.6x 5.6x Ocean Yield OCY Kjøp NOK 68.5 68 0.88 1.22 8.4x 6.6x 9.1x 7.2x Odfjell ODF Kjøp NOK 26.1 46 1.06 1.05 2.9x 2.9x 4.5x 4.3x Odfjell Drilling ODL Hold NOK 4.9 6 0.09 0.01 6.4x 52.1x 7.0x 7.4x Olav Thon OLT Kjøp NOK 151 195 12.36 12.48 14.9x 13.4x 15.4x 14.9x Opera OPERA Kjøp NOK 53.75 65 0.03 0.32 17.1x 13.8x 12.2x 9.5x Oriflame ORI Selg SEK 220.1 166 1.00 1.15 23.2x 20.1x 11.2x 9.8x Orkla ORK Kjøp NOK 76.6 85 4.01 3.83 19.1x 20.0x 16.0x 14.5x Outotec OTE1V Hold EUR 4.92 5 0.02 0.18 53.9x 27.6x 9.4x 8.2x Pacific Drilling PACD Selg USD 5.39 0.2-0.40-1.44-13.5x -3.8x 9.7x 23.4x Pandox PNDXB Hold SEK 145.00 150.00 8.24 7.78 21.1x 18.6x 20.1x 18.1x Peab PEAB Hold SEK 68.30 68.00 5.38 5.96 12.7x 11.5x 7.5x 6.2x PGS PGS Selg NOK 17.94 17-0.86-1.10-2.5x -1.9x 6.0x 7.8x Polarcus PLCS Selg NOK 0.58 0.5 0.33-0.12 0.2x -0.5x 4.0x 14.5x Prosafe (Restricted) PRS NOK 0.53 0.05 0.03 1.3x 1.8x 9.6x 9.0x Q-Free QFR Kjøp NOK 9.15 15 0.34 1.03 26.5x 8.9x 8.4x 4.3x Recipharm RECIB Hold SEK 135 140 4.32 6.27 30.4x 21.5x 13.3x 10.2x 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 RenoNorden RENO Kjøp NOK 21.7 40 2.61 3.00 8.3x 7.2x 5.9x 5.5x Rezidor REZT Hold SEK 35.1 35 0.19 0.39 19.8x 9.6x 6.8x 4.4x Rowan RDC Hold USD 15.84 15 2.71 1.16 5.8x 13.7x 3.9x 4.9x Safe Bulkers SB Selg USD 1.1 0.4-0.64-0.57-1.7x -1.9x 24.1x 19.1x Saipem SPM Hold EUR 0.43 0.39 0.03 0.01 15.2x 29.0x 4.4x 5.7x SalMar SALM Hold NOK 260.7 260 20.32 22.39 13.6x 11.6x 9.4x 7.7x Sampo Oyj SAMAS Hold EUR 37.55 42 2.76 2.84 13.6x 13.2x Sandvik SAND Kjøp SEK 91.8 98 5.06 5.86 18.1x 15.7x 9.7x 8.6x SCA SCAB Hold SEK 259.8 250 9.48 14.27 22.2x 18.2x 10.8x 9.8x Scandi Standard SCST Hold SEK 65 58 3.73 5.37 17.4x 12.1x 9.2x 6.9x Schibsted SCHA Selg NOK 265.4 183 2.32 4.93 93.2x 53.9x 56.0x 46.7x Scorpio Tankers STNG Hold USD 4.63 4.8 0.34 0.51 13.5x 9.1x 10.5x 9.6x Seadrill SDRL Selg NOK 26.34 10 1.33 0.02 2.3x 192.6x 5.7x 10.4x SEB SEB Kjøp SEK 75.5 88 4.71 7.70 10.6x 9.8x Securitas SECUB Kjøp SEK 138.9 145 7.55 8.69 18.4x 16.0x 11.2x 9.7x Selvaag Bolig SBO Kjøp NOK 39.8 40 2.37 2.65 16.0x 15.0x 14.5x 12.4x Sevan Marine SEVAN Selg NOK 22.4 15-0.23-0.16-14.7x -16.6x -10.3x -14.4x Siem Offshore SIOFF NOK 2.05-0.04-0.08-6.6x -3.0x 10.5x 12.5x Skandiabanken SKBN Kjøp NOK 58 63 6.93 5.44 11.7x 10.6x Skanska SKA Hold SEK 179.5 185 14.21 13.09 12.6x 13.7x 7.9x 8.2x SKF SKFB Hold SEK 131.7 135 9.39 11.00 13.3x 12.0x 8.4x 8.0x Solstad Offshore SOFF Selg NOK 15.2 15-0.30-9.47-49.9x -1.6x 14.0x 18.7x Songa Offshore SONG Selg NOK 0.2 0.15 0.08 0.08 0.3x 0.3x 5.8x 5.0x Sparebank1 Nord-Norge NONG Kjøp NOK 40.3 50 5.71 5.40 7.1x 7.5x Sparebank1 SMN MING Kjøp NOK 46.7 75 7.45 7.66 6.3x 6.1x Sparebank1 SR-Bank SRBANK Kjøp NOK 39.7 50 6.12 5.97 6.5x 6.7x Sparebanken Møre MORG Kjøp NOK 183 250 27.99 25.49 6.5x 7.2x Sparebanken Øst SPOG Kjøp NOK 43.7 60 5.72 4.98 8.2x 8.8x Spectrum SPU Selg NOK 26.4 22-0.14-0.03-21.5x -100.3x 2.0x 1.7x Sponda SDA1V Kjøp EUR 3.92 5 0.28 0.30 15.0x 13.0x 20.1x 18.6x Statoil STL Hold NOK 142.8 155 0.75 1.46 26.1x 10.9x Stolt-Nielsen SNI Kjøp NOK 100.5 142 2.17 1.78 5.4x 6.6x 5.4x 5.4x Storebrand STB Kjøp NOK 31.96 43 4.11 4.15 6.3x 6.3x Subsea 7 SUBC Selg NOK 88.2 51 0.74 0.07 14.0x 150.1x 4.1x 7.4x Svenska Handelsbanken SHB Selg SEK 103.9 92 8.35 7.85 12.6x 13.2x Swedbank SWEDA Kjøp SEK 178.7 198 17.23 15.85 11.7x 11.3x Swedish Match SWMA Hold SEK 310.5 295 19.41 16.28 18.5x 19.1x 13.4x 12.7x Tanker Investments TIL Hold NOK 47.4 48 1.74 1.42 3.2x 3.9x 4.4x 4.2x Technip TECF Selg EUR 49.18 38 4.48 2.61 10.5x 18.8x 3.5x 5.5x Teekay Tankers TNK Hold USD 3.06 4 0.92 0.81 3.2x 3.8x 4.7x 4.5x Tele2 TEL2b Hold SEK 73.4 80 1.65 2.66 39.5x 23.0x 9.7x 7.7x Telenor TEL Kjøp NOK 146.8 166 10.99 12.24 13.3x 12.0x 6.5x 6.0x Telia Company TELIA Hold SEK 39.54 41 2.82 3.03 11.4x 12.7x 7.3x 6.6x TGS Nopec TGS Selg NOK 142.5 100-0.06-0.09-269.6x -181.6x 5.5x 5.1x The Scottish Salmon ComSSC Kjøp NOK 8.93 8.2 4.45 8.62 14.6x 9.2x 8.3x 6.0x Thule Group THULE Hold SEK 137.75 130 6.68 7.23 20.6x 19.1x 15.6x 13.9x Tomra TOM Selg NOK 92.25 85 4.67 4.48 19.6x 20.6x 10.7x 10.8x Topdanmark TOP Kjøp DKK 163.5 200 11.70 13.39 14.0x 12.2x Transocean RIG Selg USD 11.09 7 1.02-0.19 10.8x -58.2x 5.9x 7.7x Trelleborg TRELB Hold SEK 154.7 165 24.30 10.67 17.8x 14.5x 11.3x 9.1x Tryg TRYG Hold DKK 123.6 130 8.22 8.24 15.0x 15.0x Tsakos Energy NavigationTNP Kjøp USD 5.25 14.3 2.00 1.46 2.6x 3.6x 4.9x 5.2x Unibet UNIB Kjøp SEK 91.1 105 37.23 42.67 20.1x 17.9x 15.9x 14.1x Valmet VALMT Kjøp EUR 12.13 12.5 0.77 0.91 15.6x 13.4x 7.3x 6.4x Veidekke VEI Hold NOK 106.5 110 8.05 10.07 13.2x 10.6x 8.6x 7.1x Vitrolife VITR Kjøp SEK 483 570 9.61 12.68 50.3x 38.1x 32.0x 24.0x Volvo VOLVB Hold SEK 89.3 97 5.64 6.91 14.4x 12.9x 5.8x 5.1x Weifa WEIFA Kjøp NOK 22.5 1.35 0.03 0.06 836.6x 391.1x 272.2x 207.3x Wihlborgs WIHL Kjøp SEK 183.9 190 23.08 10.81 18.3x 17.0x 22.2x 21.0x Wilh. Wilhelmsen ASA WWASA Kjøp NOK 20 56 1.06 0.67 3.4x 3.5x 5.3x 4.8x Wilh. Wilhelmsen Holding WWI Kjøp NOK 158 259 4.12 4.63 4.5x 4.0x 3.8x 2.9x William Demant Holding WDH Selg DKK 136.8 116 6.29 7.17 21.8x 19.1x 12.8x 11.4x Wärtsilä WRT1V Hold EUR 38.75 38.00 2.24 2.41 15.8x 16.1x 11.4x 10.2x XXL XXL Hold NOK 99.25 103.00 4.12 5.44 24.1x 18.2x 17.4x 12.9x Kilde: DNB Markets, FactSet, Bloomberg 9

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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. 10

DNB Markets DNB anbefalinger og estimater 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. 11