DEMPET START I ASIA OG LAVERE OLJEPRIS, SE OPP FOR Q1-TALL NAS

ANALYSE Aksjemarkedet i dag DEMPET START I ASIA OG LAVERE OLJEPRIS, SE OPP FOR Q1-TALL NAS Mens fallende oljepris tynget energisektoren steg det amerikanske aksjemarkedet før helgen på arbeidsmarkeds- og ISM-tall som balanserte forventningene om en dempet renteutvikling fremover med en opprettholdt positiv utvikling for økonomien. Dow steg med 0.6%, S&P500 var opp 0.6% og Nasdaq endte opp 0.9%. Volumet på de tre hovedindeksene kom inn på 83-87% av gjennomsnittet for de siste tre måneder. Markedene i Kina er stengt i dag, mens indeksene i Japan trekker ned på en kombinasjon av styrket Yen mot USD og noe svakere bilsalg i USA enn forventet. Nikkei stenger i morgentimene ned 0.3%. I løpet av fredag ettermiddag kommenterte i en representant for den amerikanske sentralbanken at de vil være forsiktige med å vente for lenge før rentene justeres opp. I forkant av at vi kommer i gang med rapporteringen av Q1-resultatene ser også denne uken ut til å kunne preget av blant annet den kortsiktige retningen i oljeprisene. I Europa kan vi i dag få noe fokus på oppdaterte ledighetstall, mens vi fra USA etter hvert får oppdateringer av ordreinngangen for varige goder. Når det gjelder Q1-tallene går vi nå inn i en periode hvor selskapene gjør opp status og eventuelt ser behov for varsle markedet tidligere enn opprinnelig planlagt. I oljemarkedet falt WTI-prisen fredag med USD 1.52 pr fat til USD 36.76 pr fat. Prisen er i morgentimene ytterligere ned på USD 36.27 pr fat. Brent åpner på USD 38.18 pr fat, ned fra USD 38.86 pr fat ved stengetid i det norske markedet før helgen. Riggaktiviteten i Nord-Amerika var riktignok ned nye rundt 4% forrige uke, men samtidig har markedets fokus holdt seg på kommentarene fra Saudi-Arabia vedrørende forutsetningene om iransk deltagelse i en eventuell avtale om å begrense produksjonen fremover. I løpet av helgen har det kommet tall som indikerer noe økende produksjon fra Russland i mars, og dette har gitt mer oppmerksomhet på om produsentene løfter aktiviteten i forkant av forhandlingene om en mulig avtale. Vi gjør denne uken ingen endringer i den ukentlige porteføljen med anbefalte aksjer. De foreløpige beregningene viser at porteføljen var ned rundt 0.9%, mens hovedindeksen var ned 2.2%. Endelig avkastning beregnes imidlertid basert på gjennomsnittskursene de første timene av dagens handel. Norwegian presenterer onsdag morgen salgstallene for mars. Vi venter at selskapet vil kunne legge frem en positiv yieldutvikling på 1% til NOK0.39 sammenlignet med samme måned i fjor. I tillegg til positive effekter av valutakursutviklingen og påskeferien innebærer fjorårets streik blant pilotene og noe høyere priser i år at sammenligningsgrunnlaget ser gunstig ut. Implisitt EBITDA for måneden, ekskludert sikringsforretninger, er estimert å komme inn på NOK 90 mill mot NOK -140 mill for samme måned i fjor. Kursen stengte fredag på NOK 318.30 pr aksje og basert på våre estimater for 2017 verdsettes selskapet i markedet med en P/E på 7.5x mot et historisk gjennomsnitt på P/E 8.8x. Vi har en kjøpsanbefaling på Norwegian med et kursmål på NOK 375 pr aksje. Selskap Tidspunkt Konsensus Våre anbefalte aksjer: - BAKKA - BRG - HFISK - ORK - HLNG - GOGL - NAS YTD DNB: -4% YTD OSE: -5% Internasjonale børser Siste Endr. % Dow Jones 17,793 108 0.61 S&P 500 2,073 13 0.63 NASDAQ 4,915 45 0.92 Nikkei 225 16,136-28 -0.18 Euro 500 225-3 -1.48 Danmark-KFX 951 2 0.24 Finland-HEX 7,867-133 -1.66 Norge-OSEBX 570-8 -1.38 Sverige-SAX 481-2 -0.43 Valuta/råvarer Siste I går Endr. % EUR/USD 1.139 1.139-0.03 USD/JPY 111.5 111.7 0.15 USD/NOK 8.309 8.346 0.44 EUR/NOK 9.461 9.469 0.08 Siste Endr. Endr. % CRB indeks 168-2.95-1.72 Brent sp. ($/bbl) 37.5-1.26-3.25 Brent 1m ($/bbl) 38.3-1.31-3.31 Alum. 3m ($/ton) 1,536.0 40.00 2.67 US Nat.gass 1.9 0.04 2.09 Renter Siste I går Endr. USA 10år 1.755 1.769-0.01 Tyskl. 10år 0.134 0.156-0.02 Norge 10år 1.195 1.236-0.04 USA 3m 0.629 0.625 0.00 Euro 3m -0.245-0.243 0.00 Norge 3m 1.020 1.000 0.02 Land Nøkkeltall Danmark Ledighet 09.00 - Spania Ledighet 09.00 - EU Ledighet 11.00 10.4% USA ISM New York 15.45 - USA Industriordre 16.00-1.7% USA Ordre varige goder 16.00 - 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 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 17,793 107.66 0.61 4.62 2.11 16.19 S&P 500 2,073 13.04 0.63 3.64 1.41 18.83 Nasdaq Composite 4,915 44.69 0.92 4.19-1.85 30.86 Russel 2000 1,118 3.66 0.33 3.30-1.60 34.99 Amex naturgass-indeks (XNG) 461-9.49-2.02 1.07 5.98 80.93 Amex Oil Service Indeks 153-5.52-3.47-5.75-2.70 19.78 Philadelphia-børsens oljeproduksjon-indeks (XOI) 1,058-14.21-1.33-0.44-1.37 50.35 Amex farmasi-indeks (DRG) 497 3.76 0.76 0.01-8.14 20.62 Nasdaq biotech-indeks 2,805 78.26 2.87 1.85-20.76 #N/A N/A Philadelphia-børsens halvleder-indeks (SOX) 682 4.70 0.69 4.76 2.73 22.71 S&P 500 Paper & Forest Index ( PAFO) 163 1.47 0.91 10.57-6.45 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 8.38 0.28 812,101 69.63 67.85 1.78 Royal Caribbean Cruises 81.88 1.53 3,615,082 680.37 614.00 66.37 Questerre (CAD) 0.18-0.02 25,600 1.11 1.13-0.02 Statoil 15.18-0.50 2,496,792 126.14 125.90 0.24 Yara 37.05-1.34 6,522 307.86 309.00-1.14 Sverige AstraZeneca 28.22 0.06 3,135,423 459.12 457.60 1.52 Finland (EUR) Nokia 5.80-0.23 14,514,539 Danmark Novo Nordisk B 54.94 0.69 978,195 359.43 357.40 2.03 RÅVARER & SHIPPING Siste I går Endr. %1D 1W 1M 3M YTD 12M 52W H 52W L CRB indeks 168.0 168.0-2.5-1.46-4 -0.5-6.5-8.1-48.1 233.5 154.8 GS råvare indeks 2,071 2,071-45.9-2.2% - 75-20 -86-100 -929 3,392 1,837 Oil Brent Spot 37.46 37.86-0.40-1.06-2 -0.93 1.23 1.71-16.80 Brent olje 1m 38.29 38.67-0.38-0.98-2 -0.43 1.07 1.01-16.66 69.63 27.10 Brent olje 3m 39.11 39.53-0.42-1.06-2 -0.81 0.64 0.58-17.85 70.92 28.58 WTI olje 1m 36.33 36.79-0.46-1.22-3 0.41-0.43-0.71-12.81 62.58 26.05 Flybensin 374.00 374.00-16.25-4.16-17 1.50 18.00 18.00-190.50 Naturgass US Henry Hub 1.87 1.87-0.06-3.35 0 0.31-0.44-0.44-0.72 Fyringsolje 112.7 113.2-0.5-0.5-5 - 3 0.0 2.6-55.6 205.7 84.9 Metals Aluminium 3m 1,536 1,536 16 1.1 57-37 29 29-242 1,978 1,433 Nikkel 8,320 8,320-170 - 2.0-375 -360-500 -500-4,385 14,585 7,550 Kopper 4,835 4,835-12 - 0.2-115 119 130 130-1,210 6,481 4,318 Gull 1,218 1,223-5 - 0.4-4 -41 143 157 15 1,285 1,046 Shipping WS AG - Japan, 250 dwt 88 0 0 0 25 38 0 0 40 WS AG - USG, 250 dwt 58 58 0 0 23 30 5 5 30 Containerships index 0 0 0.0 0.0% - 0 0 0 0 0 Baltic dry index 450 450 21.0 4.90 49 101-23 -28-138 1,222 0 290 RENTER & VALUTA Renter Siste I går Endr. 1W 1M 3M YTD 12M Norge - Nibor 3m 1.020 1.020 0.020 0.01-0.02-0.11-0.11-0.46 USA - Libor 3m 0.629 0.629 0.001 0.00-0.00 0.02 0.02 0.36 Euro - Euribor 3m -0.245-0.245-0.001-0.003-0.038-0.114-0.114-0.263 Norge 10 år stat 1.195 1.195-0.014-0.07-0.17-0.28-0.28-0.28 USA 10 år stat 1.755 1.771-0.016-0.13-0.12-0.49-0.51-0.08 Euro 10 år stat 0.134 0.134-0.019-0.05-0.01-0.50-0.50-0.03 Tyskland 10 år stat 0.134 0.134-0.019-0.05-0.01-0.50-0.50-0.03 Japan 10 år stat -0.077-0.059-0.018 0.01-0.03-0.34-0.34-0.45 UK 10 år stat 1.409 1.409-0.006-0.04 0.01-0.55-0.55-0.13 Valuta Siste I går Endr. 1W 1M 3M YTD 12M 52W H 52W L EUR/USD 1.139 1.139 0.000 0.019 0.038 0.055 0.053 0.046 1.172 1.052 USD/JPY 111.5 111.7-0.170-2.0-2.3-7.9-8.6-8.0 125.9 110.7 GBP/USD 1.422 1.423-0.001-0.003-0.001-0.050-0.051-0.066 1.594 1.384 USD/NOK 8.309 8.346-0.036-0.124-0.170-0.561-0.536 0.354 9.017 7.290 EUR/NOK 9.461 9.469-0.007 0.004 0.127-0.156-0.146 0.769 9.749 8.313 GBP/NOK 11.821 11.865-0.044-0.205-0.241-1.239-1.211-0.023 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 Bioteknologi 2.1% 2.5% -9.1% -10.7% -11.5% 12.9 Kommersielle tjenester og leveranser -0.2% 0.2% -3.2% -9.9% -5.5% 16.5 Matvarer 1.8% 2.7% 7.3% 10.2% 6.0% 22.2 Hotell-, underholdnings- og restaurantv -0.5% -1.8% -6.9% -11.7% -9.0% 19.2 Husholdningsartikler 1.3% 1.3% 7.3% 5.3% 5.7% 23.6 Programvare og tjenester -0.7% 1.1% -2.1% 3.7% -5.2% 18.0 Forsikring 1.2% 4.5% 1.5% 1.4% -0.6% 11.2 Detaljhandel -0.8% -4.8% -9.7% -16.4% -12.9% 18.6 Farmasi 1.2% 0.7% -2.5% -3.6% -4.1% 16.1 Mat- og apotekhandel -0.9% -2.9% 5.2% -13.6% 3.0% 16.9 Drikkevarer 1.1% 4.9% 6.5% 13.1% 5.1% 23.8 Husholdningsvarer og personlige produ -0.9% -0.9% 1.5% -1.5% -1.8% 21.5 Internett programvare og -tjenes 1.0% 5.7% 5.3% 34.3% 2.7% 25.6 Drikkevarer, mat og tobakk -1.0% -0.6% -2.3% -1.6% -3.8% 21.1 Papir- og skogprodukter 0.9% 10.6% -5.0% -29.8% -6.4% 15.6 Teknologisk utstyr -1.0% -1.3% -11.2% -23.4% -13.0% 15.7 Kjemikalier 0.9% 3.6% 2.8% -6.5% 0.9% 17.2 Forbruksvarer og klær -1.1% -1.8% -1.2% -9.9% -4.1% 16.6 Datamaskiner og tilbehør 0.9% 6.5% 4.3% -11.6% 4.3% 12.0 Transport -1.1% -0.1% -3.6% -13.8% -5.5% 14.2 Elektrisk utstyr 0.8% 7.2% 13.8% -3.0% 12.9% 17.3 Media -1.1% 0.0% -1.8% -13.1% -4.1% 18.4 Helseartikler 0.8% 3.7% 4.0% 2.8% 1.5% 19.1 Helsevern - utstyr og tjenester -1.1% 0.0% -3.3% -1.5% -6.8% 22.1 Programvare 0.8% 7.3% 3.5% 21.4% 1.8% 21.1 Finansieringsselskaper -1.1% -6.3% -18.2% -27.5% -20.8% 13.2 Bank 0.7% -1.4% -10.4% -10.1% -12.7% 10.5 Eiendomsselskaper -1.2% 2.6% -0.4% -8.5% -2.2% 20.9 Media 0.7% 3.5% 6.3% -2.8% 4.7% 16.7 Banker -1.2% -8.0% -18.8% -33.5% -20.9% 9.4 Kommunikasjonsutstyr 0.6% 6.1% 7.7% -3.6% 6.1% 12.8 Materialer -1.3% -1.9% 1.4% -24.0% -1.8% 19.2 Fritidsutstyr 0.6% 4.2% 21.9% 38.5% 22.3% 22.4 Forsyningsselskaper -1.4% 0.4% -3.8% -11.9% -6.2% 14.3 Industrielle konglomerater 0.5% 4.9% 5.8% 19.3% 4.1% 21.0 Kapitalvarer -1.6% -0.9% 1.7% -11.5% -1.2% 16.2 Hotell og restaurant 0.5% 5.5% 6.0% 12.7% 4.0% 23.7 Telekommunikasjon og tjenester -1.7% -2.9% -5.5% -12.0% -8.0% 19.2 Kraft 0.3% 6.4% 15.4% 12.2% 15.2% 17.2 Forsikring -2.4% -3.6% -12.0% -20.6% -15.2% 10.1 Elektronisk utstyr og instrumen 0.3% 5.5% 8.9% -6.6% 6.9% 16.9 Energi -2.5% -6.5% -2.1% -20.5% -3.3% 22.6 Maskiner 0.2% 3.6% 10.2% -4.8% 9.7% 17.5 Biler og komponenter -2.7% -3.4% -9.8% -26.9% -13.9% 8.2 Bygg og anlegg -0.1% 7.1% 9.2% -9.5% 9.7% 14.4 Diversifiserte telekomtjenester -0.2% 3.5% 15.5% 10.7% 14.9% 14.1 Metall -0.7% 3.8% 25.5% -17.8% 24.2% 33.1 Legemiddelindustri og biotekno -0.8% -3.1% -12.9% -20.8% -14.5% 15.7 Bildeler -0.9% 3.2% -5.6% -17.0% -7.2% 10.7 Olje og gass -1.2% 1.5% 2.4% -19.7% 2.1% 76.7 Energi og relatert utstyr -2.3% -4.4% -1.0% -20.0% -0.6% 65.6 Luftfart -3.1% -1.0% 0.0% -2.6% -3.4% 7.3 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 159.82 1.8 % 1.9 % -16.6 % REGENERON PHARM 405.25 12.4 % 0.4 % -7.5 % REGENERON PHA 405.25 12.4 % 0.4 % -7.5 % MERCK & CO. INC. 53.7 1.5 % 3.1 % -6.0 % MICRON TECHNOLOG 11.03 5.3 % -7.2 % -58.7 % MICRON TECHNO 11.03 5.3 % -7.2 % -58.7 % PROCTER & GAMBLE CO/T 83.53 1.5 % 0.0 % 1.3 % TESLA MOTORS INC 237.59 3.4 % 18.2 % 24.4 % MALLINCKRODT P 64.31 4.9 % 3.5 % -48.5 % VISA INC-CLASS A SHARES 77.59 1.5 % 5.0 % 18.8 % NETFLIX INC 105.7 3.4 % 4.1 % 78.7 % HEWLETT PACKA 18.4 3.8 % 19.2 % #VALUE! PFIZER INC 30.04 1.3 % 1.1 % -12.6 % TWENTY-FIRST CENT 29.12 3.3 % 4.0 % -12.4 % URBAN OUTFITTE 34.29 3.6 % 24.0 % -22.0 % JPMORGAN CHASE & CO 59.87 1.1 % -0.3 % -1.1 % ILLUMINA INC 166.86 2.9 % 6.9 % -8.8 % NETFLIX INC 105.7 3.4 % 4.1 % 78.7 % MCDONALD'S CORP 127.02 1.1 % 8.4 % 32.5 % WALGREENS BOOTS 86.7 2.9 % 9.1 % 0.8 % TWENTY-FIRST C 29.12 3.3 % 4.0 % -12.4 % HOME DEPOT INC 134.85 1.1 % 7.4 % 17.7 % AMGEN INC 154.16 2.8 % 5.6 % -1.1 % ILLUMINA INC 166.86 2.9 % 6.9 % -8.8 % COCA-COLA CO/THE 46.83 0.9 % 6.2 % 15.1 % MONDELEZ INTERNA 41.24 2.8 % -2.1 % 12.6 % WALGREENS BO 86.7 2.9 % 9.1 % 0.8 % DU PONT (E.I.) DE NEMOUR 63.91 0.9 % 1.2 % -5.8 % T-MOBILE US INC 39.36 2.8 % 2.3 % #VALUE! SCRIPPS NETWO 67.41 2.9 % #VALUE! #VALUE! APPLE INC 109.99 0.9 % 6.8 % -12.2 % ALEXION PHARMACE 142.94 2.7 % -1.1 % -15.9 % NEWELL RUBBER 45.54 2.8 % 11.1 % 13.3 % JOHNSON & JOHNSON 109.19 0.9 % 2.5 % 9.6 % BIOMARIN PHARMAC 84.66 2.6 % -2.3 % -29.7 % AMGEN INC 154.16 2.8 % 5.6 % -1.1 % WAL-MART STORES INC 69.06 0.8 % 3.4 % -14.5 % TWENTY-FIRST CENT 28.59 2.5 % 2.8 % -16.0 % MONDELEZ INTER 41.24 2.8 % -2.1 % 12.6 % UNITEDHEALTH GROUP INC 129.92 0.8 % 6.7 % 10.7 % MYLAN NV 47.5 2.5 % 6.1 % -18.2 % FIDELITY NATIONA 65.01 2.7 % 6.9 % -4.5 % CISCO SYSTEMS INC 28.69 0.8 % 7.1 % 5.8 % INTL BUSINESS MACHINES 152.52 0.7 % 10.7 % -4.9 % Bunn siste 1 dag 1 mnd 1 år Bunn siste 1 dag 1 mnd 1 år MICROSOFT CORP 55.57 0.6 % 6.8 % 37.9 % MARRIOTT INTERNAT 67.13-5.7 % -2.7 % -16.2 % CHESAPEAKE EN 3.83-7.0 % -24.6 % -73.7 % TRAVELERS COS INC/THE 117.4 0.6 % 6.3 % 9.0 % AMERICAN AIRLINES 39.52-3.6 % -5.1 % -19.6 % ENSCO PLC-CL A 9.65-6.9 % -21.9 % -55.9 % 3M CO 167.53 0.5 % 4.7 % 2.9 % SEAGATE TECHNOLO 33.69-2.2 % -2.4 % -35.8 % TRANSOCEAN LT 8.58-6.1 % -32.5 % -42.8 % GENERAL ELECTRIC CO 31.93 0.4 % 4.8 % 28.0 % WHOLE FOODS MAR 30.52-1.9 % -6.1 % -41.5 % MARRIOTT INTERN 67.13-5.7 % -2.7 % -16.2 % CATERPILLAR INC 76.79 0.3 % 5.4 % -4.3 % NORWEGIAN CRUISE 54.52-1.4 % 10.0 % 0.1 % UNITED CONTINEN 56.72-5.2 % -2.2 % -8.3 % INTEL CORP 32.45 0.3 % 5.9 % 5.3 % WESTERN DIGITAL C 46.6-1.4 % -4.6 % -49.9 % MARATHON OIL C 10.56-5.2 % -4.0 % -61.0 % NIKE INC -CL B 61.59 0.2 % 0.5 % 23.6 % NETAPP INC 26.97-1.2 % 3.7 % -24.3 % NATIONAL OILWE 29.53-5.0 % -9.1 % -42.1 % BOEING CO/THE 126.96 0.0 % 4.9 % -15.0 % VODAFONE GROUP 31.73-1.0 % 0.5 % -3.5 % STARWOOD HOTE 79.38-4.9 % 12.5 % -5.6 % VERIZON COMMUNICATION 54.01-0.1 % 4.2 % 9.2 % AUTODESK INC 57.77-0.9 % 2.7 % -3.4 % FREEPORT-MCMO 9.89-4.4 % 1.5 % -47.6 % UNITED TECHNOLOGIES CO 99.97-0.1 % 3.1 % -14.7 % YAHOO! INC 36.48-0.9 % 7.7 % -17.4 % HOST HOTELS & 16.06-3.8 % -2.6 % -21.6 % WALT DISNEY CO/THE 99.07-0.2 % 0.6 % -6.5 % PACCAR INC 54.21-0.9 % 1.5 % -8.8 % ONEOK INC 28.73-3.8 % 9.0 % -40.2 % AMERICAN EXPRESS CO 61.1-0.5 % 4.8 % -23.3 % CHECK POINT SOFTW 86.77-0.8 % 2.9 % 5.2 % MURPHY OIL COR 24.26-3.7 % 2.4 % -49.9 % EXXON MOBIL CORP 82.96-0.8 % 0.8 % -1.6 % AKAMAI TECHNOLOG 55.22-0.6 % -0.6 % -22.0 % AMERICAN AIRLIN 39.52-3.6 % -5.1 % -19.6 % CHEVRON CORP 94.26-1.2 % 7.2 % -10.5 % QUALCOMM INC 50.88-0.5 % -3.4 % -25.1 % HELMERICH & PA 56.63-3.6 % -8.6 % -18.2 % 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 Bioteknologi IBB 268.31 2.9 % 5.0 % 2.0 % -21.0 % USD 3662602 Brasil EWZ 26.89 2.2 % 4.7 % 7.6 % -19.1% USD 19914962 TecDax TDXPEX 15.274 1.2 % 2.0 % -0.9 % 1.0 % EUR 13420 Nasdaq 100 QQQ 110.36 1.1 % 2.9 % 4.4 % 5.0 % USD 26389045 Forbruksvarer XLP 53.62 1.1 % 2.5 % 3.0 % 9.1 % USD 14840290 Latin-America 40 ILF 25.42 1.0 % 4.5 % 5.8 % -17.3 % USD 1171010 Finansielle tjenester XLF 22.7 0.9 % 1.7 % 1.9 % -6.2 % USD 37167566 Russell 2000 Growth IWO 133.63 0.8 % 4.6 % 3.5 % -11.8 % USD 449922 Teknologi USA XLK 44.7 0.8 % 2.5 % 5.4 % 8.0 % USD 9654907 S&P 500 SPY 206.92 0.7 % 1.9 % 3.2 % 0.2 % USD 114423478 DJIA DIA 177.72 0.6 % 1.6 % 4.5 % 0.2 % USD 4035231 S&P M idcap 400 M DY 264.19 0.6 % 2.8 % 3.6 % -4.7 % USD 1811573 Industri XLI 55.73 0.5 % 1.1 % 3.6 % 0.5 % USD 16184593 Russell 2000 IWM 111.12 0.4 % 3.7 % 3.2 % -10.9 % USD 29981404 Forsyningstjenester XLU 49.81 0.4 % 1.8 % 5.7 % 11.8 % USD 17872603 Dow Jones Total market THRK 153.1 0.2 % 2.1 % 3.3 % -1.7 % USD 2977 Emerging M arkets EEM 34.15-0.3 % 2.4 % 4.1 % -17.2 % USD 76178771 FTSE 100 ISF 609.2-0.6 % -0.9 % -1.5 % -10.7 % GBp 6885386 Hong Kong EWH 19.6408-0.7 % 2.3 % 2.7 % -11.5 % USD 2501798 Pacific ex-japan EPP 38.95-0.7 % 0.6 % 1.7 % -14.9 % USD 383463 S&P Euro 350 IEV 38.77-0.9 % 1.0 % 1.0 % -13.9 % USD 494803 DAX DAXEX 86.71-1.3 % -1.6 % 0.1 % -18.5 % EUR 66264 AEX-Nederland AEXT 43.29-1.3 % -2.0 % -0.9 % -12.4 % EUR 3298 Energi XLE 61.06-1.3 % -1.3 % 0.2 % -21.4 % USD 14804794 CAC-40 CAC 42.78-1.4 % -2.3 % -2.8 % -15.2 % EUR 321607 Japan EWJ 11.13-2.5 % -1.9 % -3.4 % -12.3 % USD 44839231 Oil Service OIH 25.91-2.6 % -1.4 % -5.0 % -24.4 % USD 6333051 Olje / Energi Naturgass NGAS 0.0381-2.3 % 0.9 % 8.4 % -49.5 % USD 5774850 Bensin UGAS 21.898-3.5 % -5.7 % 3.8 % -25.9 % USD 0 WTI-Oil USO 9.3292-3.8 % -7.3 % -3.3 % -46.9 % USD 40266055 Råolje CRUD 6.635-4.9 % -8.3 % -1.8 % -46.5 % USD 1031293 Brent-olje OILB 18.763-5.0 % -6.9 % -0.7 % -42.7 % USD 214199 Fyringsolje HEAT 7.809-5.3 % -7.6 % -2.4 % -42.1% USD 80 WTI-olje OILW 15.353-5.6 % -7.7 % -1.5 % -41.1 % USD 765 M etaller Sink ZINC 5.515 3.3 % 2.1 % 0.7 % -15.4 % USD 1000 Bomull COTN 1.9075 2.8 % 1.3 % 4.3 % -9.8 % USD 16835 Aluminium ALUM 2.5355 2.0 % 4.0 % -3.2 % -18.9 % USD 22000 Kobber COPA 21.71-0.3 % -2.6 % -4.4 % -21.7 % USD 19865 Nikkel NICK 8.615-0.5 % -2.8 % -9.6 % -37.1% USD 0 Gull BULL 14.915-1.8 % -0.8 % -4.7 % 0.1 % USD 169177 A ndre råvarer Hvete WEAT 0.913 2.5 % 1.9 % 2.8 % -15.5 % USD 197568 Soyaolje SOYO 4.462 2.2 % 3.9 % 11.0 % 7.3 % USD 4171 Kveg CATL 6.65 0.5 % -1.3 % -0.9 % -17.3 % USD 0 Soyabønner SOYB 20.5925 0.5 % 1.0 % 4.0 % -7.1% USD 0 Kaffe COFF 1.379-0.5 % -4.0 % 3.8 % -19.6 % USD 7000 Svinekjøtt HOGS 0.706-2.2 % -4.2 % -3.4 % 1.9 % USD 277000 Sukker SUGA 10.555-3.2 % -8.5 % 3.5 % 8.8 % USD 29638 M ais CORN 1.042-4.1% -4.9 % -2.7 % -18.8 % USD 35240 R åvarekurver Buskap AIGL 3.1095-0.6 % -2.5 % -2.0 % -11.2 % USD 0 Landbruk AIGA 5.2275-0.6 % -1.6 % 2.6 % -10.0 % USD 170274 Ex-Energi AIGX 8.29-0.7 % -1.3 % -1.4 % -11.5 % USD 0 Korn AIGG 3.97-0.8 % -1.2 % 1.0 % -14.9 % USD 5450 Softs (Sukker, Kakao, Bomull) AIGS 4.197-1.2 % -5.5 % 3.7 % -2.6 % USD 49600 Råvarer AIGC 7.9075-1.6 % -2.5 % -0.6 % -21.8 % USD 3105636 Edle metaller AIGP 16.085-2.5 % -1.4 % -5.2 % -3.5 % USD 461 Energi AIGE 3.0715-4.3 % -5.5 % 0.8 % -42.7 % USD 0 Kilde: Bloomberg 4

DNB Markets ETN / ETF OSLO Endring i % ETN / ETF Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Volum Schibsted BEAR SCH DNM 5.64 10.2 % -0.9 % 6.8 % -19.2 % NOK 0 Oljepris DNB - ETN BRENT BEAR 39.76 9.8 % 17.8 % -10.4 % 52.4 % NOK 9845 Statoil DNB-ETN STATOIL X3 BEAR 2.24 9.8 % 18.8 % 14.9 % -44.8 % NOK 612518 Oljepris BEAR OLJE HA 58.38 9.7 % 17.4 % -10.2 % 81.9 % NOK 750 Sølvpris BEAR SOLV ETN DNM 38.00 7.6 % 12.1 % 5.2 % 4.7 % NOK 0 Fred. Olsen Energy BEAR FOE DNM 64.48 7.5 % 9.9 % 24.5 % -16.2 % NOK 360 Statoil DNB-ETN STATOIL BEAR 7.22 6.8 % 13.1 % 10.6 % -21.8 % NOK 34790 Statoil BEAR STL HA 9.44 6.8 % 13.1 % 10.5 % -22.0 % NOK 0 OBX BEAR OBX X4 DNM 12.37 6.7 % 15.7 % 13.2 % -8.7 % NOK 42005 Subsea 7 DNB-ETN SUBSEA 7 BEAR 10.51 6.4 % 2.7 % -0.9 % -42.1% NOK 0 Telenor DNB-ETN TELENOR X3 BEAR 2.76 6.2 % 10.6 % 11.1 % 13.8 % NOK 0 Oljeservice DNB - ETN OIL SERVICE BEAR 22.62 5.3 % 13.9 % 9.3 % 13.4 % NOK 2499 TGS Nopec DNB-ETN TGS BEAR 15.26 5.1 % 22.3 % 23.6 % 8.0 % NOK 4700 OBX BEAR OBX X3 HA 3.33 5.1 % 12.0 % 10.1 % -0.4 % NOK 101000 Sinkpris BULL SINK ETN DNM 21.96 5.0 % -3.4 % -3.4 % -30.4 % NOK 0 OBX DNB-ETN OBX X3 BEAR 4.91 4.9 % 11.8 % 10.1 % 1.2 % NOK 84800 PGS DNB-ETN PGS BEAR 6.85 4.7 % 20.8 % 24.2 % -28.4 % NOK 17554 Aluminium BULL ALU HA 15.45 4.7 % 4.2 % -8.6 % -32.6 % NOK 0 Gjensidige DNB-ETN GJENSIDIGE X3 BEAR 0.46 4.6 % 7.1 % -7.1% -36.8 % NOK 20000 Norsk Hydro BEAR NHY X3 DNM 4.59 4.4 % 0.0 % 14.5 % -21.3 % NOK 72000 Gullpris BEAR GULL HA 24.52 4.4 % 5.6 % 7.4 % -10.0 % NOK 0 Aluminium BULL ALU ETN DNM 18.94 4.3 % 3.0 % -8.7 % -33.6 % NOK 0 Gullpris DNB-ETN GULL BEAR 30.60 4.3 % 5.6 % 7.3 % -10.1% NOK 0 Telenor DNB - ETN TELENOR BEAR 4.25 4.2 % 7.3 % 7.7 % 16.4 % NOK 0 Norwegian DNB-ETN NORWEGIAN BULL 14.53 3.9 % -0.1% 4.7 % 41.0 % NOK 2100 OBX XACT DERIVAT BEAR 87.08 3.4 % 7.9 % 7.0 % 7.2 % NOK 1690990 Norsk Hydro DNB-ETN NORSK HYDRO BEAR 9.32 3.1 % 0.6 % 10.7 % -0.4 % NOK 0 CO2 BULL CO2 ETN DNM 22.24 3.1 % 16.5 % 13.7 % -48.7 % NOK 0 Norsk Hydro BEAR NHY HA 18.53 3.0 % 0.6 % 10.5 % -0.6 % NOK 0 Sinkpris SINK ETN DNM 28.70 2.8 % -1.9 % -2.4 % -12.6 % NOK 0 Orkla DNB-ETN ORKLA X3 BEAR 1.49 2.8 % 2.8 % -10.2 % -60.7 % NOK 7500 Yara DNB-ETN YARA X3 BEAR 15.98 2.7 % 21.8 % 26.6 % 41.4 % NOK 627 Golden Ocean BULL GOGL DNM 4.40 2.6 % 2.3 % 6.4 % -98.9 % NOK 48399 Aluminium ALU ETN DNM 26.04 2.5 % 1.2 % -5.4 % -16.4 % NOK 0 Kobberpris BEAR KOBBER ETN DNM 53.70 2.4 % 8.6 % 0.6 % 36.3 % NOK 0 Aker Solutions DNB-ETN AKER SOLUTIONS BEAR 11.10 2.2 % 0.5 % 17.1 % -6.8 % NOK 0 Kobberpris BEAR KOBBER HA 42.05 2.1 % 8.8 % 4.3 % 40.1 % NOK 0 Yara BEAR YARA HA 1.97 1.8 % 14.9 % 18.0 % 42.4 % NOK 0 Yara DNB-ETN YARA BEAR 6.53 1.8 % 14.4 % 17.6 % 35.9 % NOK 0 OBX BEAR OBX X1 DNM 26.43 1.7 % 4.1 % 3.5 % #VALUE! NOK 0 Orkla BEAR ORKLA HA 4.27 1.7 % 1.8 % -7.3 % -44.5 % NOK 0 CO2 CO2 ETN DNM 27.50 1.7 % 8.4 % 7.3 % -22.2 % NOK 0 Strømpris BEAR EL HA 751.70 1.6 % -17.0 % -23.9 % 147.0 % NOK 0 Strømpris DNB - ETN ELKRAFT BEAR 128.53 1.5 % -16.9 % -26.9 % 47.3 % NOK 0 Naturgasspris BEAR NATGAS ETN DNM 108.00 1.5 % 0.7 % -5.3 % 158.9 % NOK 0 Opera BULL OPERA DNM 4.19 1.2 % 0.0 % -4.6 % -22.3 % NOK 8500 M arine Harvest Group DNB-ETN M ARINE HARVEST BULL 75.10 1.1 % -4.6 % 16.9 % 93.8 % NOK 0 Storebrand DNB-ETN STOREBRAND BEAR 4.86 1.0 % 1.6 % 14.0 % -48.1% NOK 0 DNO BEAR DNO DNM 31.58 1.0 % 13.1 % 12.9 % -22.5 % NOK 100 REC BEAR REC HA 39.43 1.0 % 19.6 % -49.1% -49.8 % NOK 100 REC BEAR REC DNM 7.18 1.0 % 19.4 % -49.3 % #VALUE! NOK 0 DNB BEAR DNB NOR HA 4.11 1.0 % 9.9 % 10.9 % 30.1 % NOK 0 RCL D1B-ETN RCL BULL 33.45 0.0 % 0.0 % -7.4 % -27.1% NOK 0 Kobberpris BULL KOBBER ETN DNM 23.93-0.2 % -5.0 % -4.1% -18.5 % NOK 0 Strømpris DNB-ETN ELKRAFT 4.80-0.4 % 9.8 % 16.2 % -34.7 % NOK 0 Kobberpris BULL KOBBER HA 20.95-0.7 % -9.3 % -9.5 % -40.6 % 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 Kobberpris BULL KOBBER ETN DNM 23.93-0.2 % -5.0 % -4.1% -18.5 % NOK 0 Strømpris DNB-ETN ELKRAFT 4.80-0.4 % 9.8 % 16.2 % -34.7 % NOK 0 Kobberpris BULL KOBBER HA 20.95-0.7 % -9.3 % -9.5 % -40.6 % NOK 0 Strømpris BULL EL HA 0.55-0.9 % 19.6 % 27.9 % -78.5 % NOK 0 Opera BEAR OPERA DNM 2.70-0.9 % -0.2 % 3.8 % -77.0 % NOK 0 BW LPG BULL BWLPG DNM 16.04-1.0 % -15.2 % -21.9 % -16.4 % NOK 500 REC DNB-ETN REC BULL 4.13-1.0 % -19.2 % 67.5 % -82.5 % NOK 25200 Storebrand DNB-ETN STOREBRAND BULL 14.26-1.0 % -3.5 % -14.5 % -2.8 % NOK 3333 Kobberpris BULL KOBBER ETN DNM 15.69-1.1 % -9.3 % -6.4 % -37.7 % NOK 0 DNO BULL DNO DNM 0.92-1.1 % -15.3 % -16.4 % -73.8 % NOK 272500 Gullpris DNB-ETN GULL 28.75-1.1 % -3.6 % -7.0 % 3.9 % NOK 2000 M arine Harvest Group DNB-ETN M ARINE HARVEST BEAR 7.17-1.1 % 4.1 % -16.1% -61.5 % NOK 0 DNB BULL DNBNOR HA 87.30-1.1 % -10.3 % -12.0 % -48.8 % NOK 0 Strømpris DNB-ETN ELKRAFT BULL 4.48-1.1 % 19.8 % 33.8 % -67.8 % NOK 1100 REC BULL REC HA 12.23-1.3 % -19.7 % 67.9 % -82.4 % NOK 0 OBX XACT OBX 49.23-1.6 % -4.1% -3.7 % -10.3 % NOK 6407 Naturgasspris NATGAS ETN DNM 12.94-1.7 % -1.7 % -1.1 % -43.7 % NOK 0 OBX DNB OBX 48.88-1.7 % -4.1% -3.7 % -10.2 % NOK 8240 Orkla BULL ORKLA HA 157.23-1.7 % -2.0 % 7.2 % 48.5 % NOK 0 Yara DNB-ETN YARA BULL 17.20-1.9 % -13.5 % -16.3 % -47.0 % NOK 500 Yara BULL YARA HA 90.18-1.9 % -13.5 % -16.3 % -45.2 % NOK 0 Aker Solutions DNB-ETN AKER SOLUTIONS BULL 2.07-2.1% -6.3 % -22.8 % -69.4 % NOK 0 Oljeservice DNB - ETN OIL SERVICE 11.54-2.7 % -7.7 % -8.2 % -37.2 % NOK 0 Orkla DNB-ETN ORKLA X3 BULL 101.40-2.7 % -3.2 % 10.7 % 69.6 % NOK 30 Naturgasspris BULL NATGAS ETN DNM 5.30-2.8 % -2.7 % -0.1% -69.0 % NOK 0 Sølvpris SOLV ETN DNM 26.26-2.8 % -6.7 % -6.7 % -9.6 % NOK 0 Yara DNB-ETN YARA X3 BULL 15.20-2.8 % -19.9 % -23.9 % -65.9 % NOK 80 Gullpris DNB-ETN GULL BULL 20.36-2.9 % -6.6 % -11.7 % 3.7 % NOK 0 Aluminium BEAR ALU ETN DNM 47.82-3.0 % -4.3 % 3.9 % 35.2 % NOK 0 Norsk Hydro BULL NHY HA 20.55-3.0 % -2.5 % -13.1% -43.9 % NOK 0 Norsk Hydro DNB-ETN NORSK HYDRO BULL 9.48-3.0 % -2.4 % -13.2 % -44.6 % NOK 0 Gullpris BULL GULL HA 70.20-3.0 % -6.8 % -11.9 % 3.1 % NOK 0 Seadrill DNB-ETN SEADRILL BULL 1.44-3.0 % -18.0 % -37.6 % -96.1% NOK 0 CO2 BEAR CO2 ETN DNM 16.36-3.1% -14.7 % -14.0 % 49.0 % NOK 0 OBX XACT DERIVAT BULL 84.90-3.4 % -8.1% -7.5 % -24.5 % NOK 1228990 Aluminium BEAR ALU HA 82.15-3.4 % -5.5 % 3.9 % 33.6 % NOK 0 Sink BEAR SINK ETN DNM 34.05-3.7 % 1.6 % -4.2 % 8.1 % NOK 0 Oljepris DNB - ETN BRENT 14.79-3.8 % -9.0 % -0.1% -40.3 % NOK 70705 Norwegian DNB-ETN NORWEGIAN BEAR 5.52-3.8 % -1.5 % -7.5 % -67.4 % NOK 0 Gjensidige DNB-ETN GJENSIDIGE X3 BULL 29.46-4.2 % -7.7 % 5.6 % -9.2 % NOK 7500 Telenor DNB-ETN TELENOR BULL 53.05-4.2 % -8.0 % -8.8 % -35.5 % NOK 200 Norsk Hydro BULL NHY X3 DNM 21.04-4.5 % -4.2 % -20.3 % -66.8 % NOK 26050 PGS DNB-ETN PGS BULL 1.10-4.8 % -24.9 % -31.7 % -79.9 % NOK 116500 OBX DNB-ETN OBX X3 BULL 21.42-5.1% -12.5 % -11.6 % -40.2 % NOK 0 OBX BULL OBX X3 HA 91.65-5.1% -12.5 % -11.5 % -37.9 % NOK 1000 TGS Nopec DNB-ETN TGS BULL 7.12-5.1% -21.0 % -22.9 % -59.4 % NOK 0 Oljeservice DNB - ETN OIL SERVICE BULL 2.57-5.3 % -15.7 % -17.9 % -69.8 % NOK 0 Sølvpris BULL SOLV ETN DNM 17.93-6.2 % -12.8 % -11.6 % -24.7 % NOK 0 Telenor DNB-ETN TELENOR X3 BULL 40.63-6.3 % -12.1% -13.5 % -53.4 % NOK 0 Subsea 7 DNB-ETN SUBSEA 7 BULL 3.70-6.3 % -5.5 % -5.4 % -40.0 % NOK 0 OBX BULL OBX X4 DNM 13.52-6.7 % -16.8 % -15.7 % -54.9 % NOK 3200 Statoil DNB-ETN STATOIL BULL 20.89-6.8 % -13.5 % -12.5 % -28.1% NOK 0 Statoil BULL STL HA 47.00-6.8 % -13.6 % -12.5 % -28.3 % NOK 0 Oljepris BULL OLJE HA 9.54-8.2 % -17.2 % 0.7 % -70.6 % NOK 2010 Oljepris DNB - ETN BRENT BULL 4.13-8.2 % -17.3 % 0.5 % -71.7 % NOK 246000 Fred. Olsen Energy BULL FOE DNM 19.37-8.8 % -17.9 % -35.3 % -89.7 % NOK 1400 Schibsted BULL SCH DNM 29.22-9.9 % -1.7 % -9.7 % -17.8 % NOK 0 Statoil DNB-ETN STATOIL X3 BULL 15.60-10.2 % -20.3 % -19.1% -50.5 % NOK 104625 Kilde: Bloomberg DNB ANBEFALINGER OG ESTIMATER 43 92 Selg Hold Kjøp 60 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 8455 11200 89.97 112.84 15.6x 12.2x 3.9x 3.2x AF Gruppen AFG Selg NOK 133 90 6.53 6.42 20.4x 20.7x 11.1x 10.5x Akastor AKA Hold NOK 8.8 9.5-3.03-1.90-2.9x -4.6x 12.2x 6.6x Aker AKER Hold NOK 154.5 155 4.79 3.59 32.3x 43.0x Aker Solutions AKSO Selg NOK 26.6 20 1.20 0.43 22.1x 61.4x 5.8x 7.8x Alfa Laval ALFA Selg SEK 129.8 121 7.72 7.11 16.8x 18.3x 9.9x 9.8x Archer ARCHER Selg NOK 3.74 3-0.71-0.85-0.6x -0.5x 11.2x 13.6x Assa Abloy ASSAB Hold SEK 158.8 165 7.28 7.77 21.8x 20.4x 14.8x 13.6x Atea ATEA Hold NOK 80.75 75 4.30 5.35 18.8x 15.1x 8.9x 7.6x Atlas Copco ATCOA Hold SEK 203.1 200 10.63 11.22 19.1x 18.1x 11.3x 10.2x Atwood Oceanics ATW Selg USD 8.47 6 3.56-0.66 2.4x -12.8x 3.7x 9.8x Aurora LPG AURLPG Hold NOK 42.5 46 1.31 1.13 3.9x 4.5x 7.5x 7.1x Austevoll Seafood AUSS Kjøp NOK 68 73 6.00 7.83 11.3x 8.7x 4.8x 3.6x Autoliv ALIV Hold SEK 944.5 950 6.50 7.55 17.2x 14.9x 8.3x 7.1x Avance Gas AVANCE Hold NOK 58.05 92 3.49 1.19 2.0x 5.8x 3.6x 6.0x Awilco Drilling AWDR Hold NOK 29.7 40 1.27 0.91 2.8x 3.9x 1.2x 0.8x Bakkafrost BAKKA Kjøp NOK 319.1 350 16.31 19.88 15.4x 12.6x 10.1x 7.8x Betsson BETSB Kjøp SEK 126.7 180 8.08 9.20 15.7x 13.8x 12.9x 11.2x BillerudKorsnäs BILL Kjøp SEK 131.9 165 9.40 9.95 14.0x 13.3x 7.9x 7.6x Borregaard BRG Kjøp NOK 54.25 60 4.76 5.57 11.4x 9.7x 6.1x 5.1x BW LPG BWLPG Hold NOK 49.95 63 1.29 1.04 4.7x 5.8x 5.3x 5.1x BW Offshore BWO Selg NOK 1.3 1-0.04-0.11-4.3x -1.4x 6.3x 7.2x Cargotec CGC Selg EUR 27.7 27 2.15 2.57 11.8x 10.8x 7.6x 6.7x Carlsberg CARLB Selg DKK 620 530 22.86 33.24 27.1x 18.7x 9.7x 9.0x Castellum CAST Kjøp SEK 128.2 145 7.74 7.83 17.3x 16.4x 19.5x 18.6x Chr. Hansen CHR Hold DKK 441.3 459 1.39 1.64 42.2x 35.9x 27.3x 22.8x Citycon CTY1S Kjøp EUR 2.188 2.9 0.14 0.16 15.5x 14.0x 19.4x 17.9x Coloplast COLOB Kjøp DKK 492.9 580 17.97 20.84 27.4x 23.7x 18.3x 16.1x Com Hem COMH Selg SEK 73.75 60 1.32 1.20 56.0x 61.2x 9.7x 9.2x Coor Service Managemen COOR Kjøp SEK 39.3 46 1.37 1.83 11.8x 10.6x 10.2x 9.0x D/S Norden DNORD Kjøp DKK 96.2 155 0.51 0.30 28.5x 49.2x 3.6x 4.3x Danske Bank DANSKE Hold DKK 183.4 205 18.38 19.32 10.0x 9.5x Deep Sea Supply DESSC Selg NOK 0.92 0.7-0.22-0.15-0.7x -0.7x 21.1x 23.4x Det norske oljeselskap DETNOR Kjøp NOK 60.5 60 0.41 1.03 17.5x 7.0x 4.4x 2.8x DHT Holdings DHT Hold USD 5.68 6.6 1.24 0.45 4.6x 12.6x 4.4x 5.6x Diamond Offshore DO Selg USD 20.97 15 1.11 1.07 19.0x 19.5x 6.8x 6.3x Diana Shipping DSX Hold USD 2.54 3-1.28-1.30-2.0x -2.0x -118.0x -135.7x DNB DNB NOK 97.5 12.42 12.97 7.9x 7.5x DNO DNO Kjøp NOK 6.37 15 0.22 0.34 3.4x 2.2x 2.0x 0.7x DOF DOF Selg NOK 3.8 3 3.42 1.19 1.4x 3.2x 9.1x 9.6x Dorian LPG LPG Hold USD 9.23 12.3 2.72 1.78 3.4x 5.2x 6.1x 6.7x Eidesvik Offshore EIOF Selg NOK 9 7-1.58-3.87-5.7x -2.3x 10.6x 15.1x Electrolux ELUX Hold SEK 214.3 200 13.78 16.04 15.5x 13.4x 6.9x 6.1x Elekta EKTAB Kjøp SEK 60.05 80 2.29 3.71 26.2x 16.2x 11.5x 9.4x Ensco ESV Selg USD 9.65 8 2.83 1.64 3.4x 5.9x 3.8x 4.2x Entra ENTRA Kjøp NOK 77.25 84 4.46 4.54 19.9x 18.2x 18.0x 15.9x Epic Gas EPIC Kjøp NOK 15 25.4-0.13-0.04-13.8x -43.7x 9.6x 7.7x Euronav EURN Kjøp USD 9.98 12.7 1.80 0.18 5.8x 55.8x 4.5x 7.7x Europris EPR Selg NOK 39 37 2.52 2.70 15.5x 14.5x 10.7x 9.6x Fabege FABG Hold SEK 136.7 135 5.13 5.22 31.7x 26.2x 28.8x 26.8x Farstad Shipping FAR Selg NOK 13.5 10-10.69-19.55-1.3x -0.7x 10.2x 15.2x Flex LNG FLNG Hold NOK 11.2 10.9 0.00 0.00 na na na na FLSmidth FLS Hold DKK 276.5 240 16.52 18.29 16.3x 15.1x 8.9x 8.1x FMC Technologies FTI Selg USD 27.24 20 1.18 0.89 23.1x 30.6x 8.9x 10.8x Fortum FUM1V Kjøp EUR 13.05 16.4 0.65 0.72 20.2x 18.2x Fred Olsen Energy FOE Selg NOK 26.4 20 2.45-1.21 1.3x -2.6x 1.7x 2.5x Frontline FRO Hold NOK 67.85 80 1.22 0.84 6.7x 9.7x 7.4x 9.8x Frontline 2012 FRNT Kjøp NOK 62.5 55 0.92 0.67 8.1x 11.1x 8.8x 10.3x GasLog GLOG Kjøp USD 9.28 15.5 0.44 1.24 21.0x 7.5x 10.4x 7.8x Gener8 Maritime GNRT Kjøp USD 6.89 8.9 2.67 1.36 2.6x 5.1x 5.2x 6.1x Getinge GETIB Selg SEK 185.1 180 8.66 11.07 16.5x 14.7x 11.2x 9.5x Gjensidige Forsikring GJF Hold NOK 138.4 145 8.52 9.13 16.2x 15.2x GN Store Nord GN Hold DKK 137.60 130.00 7.68 8.63 18.0x 16.0x 9.2x 7.9x 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 17.43 49-1.57 0.44-9.5x -11.1x 150.3x 16.9x Golar LNG Partners GMLP Hold USD 14.15 16.2 2.70 3.11 5.2x 4.6x 6.7x 5.9x Golden Ocean GOGL Kjøp NOK 5.8 7.8-0.32-0.16-2.2x -4.5x -401.8x 22.1x Grieg Seafood GSF Kjøp NOK 42.3 48 3.80 6.38 11.1x 6.6x 7.4x 4.8x Havfisk HFISK Kjøp NOK 33 36 2.97 3.34 11.1x 9.9x 6.5x 5.4x Havila Shipping HAVI Selg NOK 1.74 0.5 0.40-7.67 4.3x -0.2x 8.2x 13.9x Helgeland Sparebank HELG Kjøp NOK 59 75 8.96 8.40 6.6x 7.0x Hennes & Mauritz HMB Hold SEK 269.3 300 12.44 14.19 21.6x 19.0x 12.3x 10.2x Hexagon AB HEXAB Kjøp SEK 313.5 320 1.58 1.67 21.4x 20.3x 14.4x 13.2x Hexagon Composites HEX Kjøp NOK 22.6 21 1.17 1.55 19.3x 14.6x 9.4x 7.6x Hexpol HPOLB Kjøp SEK 89.95 95 4.26 4.46 21.1x 20.2x 13.2x 12.0x Hufvudstaden HUFV Hold SEK 127.8 120 4.07 4.18 31.4x 30.5x 26.6x 25.6x Husqvarna HUSQb Kjøp SEK 59.5 65 3.78 4.65 15.7x 12.8x 9.1x 7.3x Höegh LNG Holdings HLNG Kjøp NOK 87.25 131 0.42 0.82 23.7x 12.8x 12.6x 10.0x Industrivärden INDUc Hold SEK 138.5 141 Investor INVEb Kjøp SEK 288.1 336 Jm Ab JM Kjøp SEK 209.4 240 17.48 18.82 12.0x 11.1x 8.9x 7.5x Klövern KLOVb Kjøp SEK 9.05 10 0.59 0.72 15.2x 12.5x 18.1x 17.3x KNOT Offshore Partners KNOP Hold USD 16.69 17.3 1.81 1.91 9.2x 8.7x 8.0x 7.6x Kone KNEBV Hold EUR 41 39 1.90 2.00 21.5x 20.6x 14.0x 12.6x Konecranes KCR1V Hold EUR 21.03 21 1.14 1.63 13.7x 12.5x 7.2x 6.5x Kongsberg Gruppen KOG Kjøp NOK 136.5 160 8.34 10.38 16.4x 13.2x 7.7x 5.8x Kungsleden KLED Kjøp SEK 56.75 74 4.84 5.33 11.7x 10.6x 17.5x 16.1x Kværner KVAER Hold NOK 6.86 7 0.57 0.31 12.1x 21.9x 0.4x -0.1x Lerøy LSG Kjøp NOK 385 450 35.44 46.75 10.9x 8.2x 6.9x 4.9x Loomis LOOMb Kjøp SEK 229.2 325 16.29 17.65 14.1x 13.0x 6.8x 6.5x Lundbeck LUN Kjøp DKK 215.3 260 3.52 11.71 61.1x 18.4x 19.8x 8.8x Lundin Petroleum LUPE Hold SEK 132.7 130 0.42 0.67 38.8x 24.3x 9.1x 6.9x Marine Harvest MHG Kjøp NOK 128.1 150 9.29 12.06 13.8x 10.6x 9.1x 6.8x Meda MEDA Hold SEK 152.5 160 4.58 5.82 33.3x 26.2x 12.2x 11.0x Metso MEO1V Kjøp EUR 20.8 24 1.29 1.51 15.6x 13.8x 7.4x 6.4x Millicom MICsdb Kjøp SEK 442.4 560 1.43 2.23 27.4x 24.3x 5.5x 5.0x MTG MTGb Kjøp SEK 241.1 300 15.84 17.11 15.7x 14.1x 10.7x 9.5x Ncc NCC Hold SEK 300 280 16.76 19.65 17.9x 15.3x 10.1x 8.5x NetEnt NETb Kjøp SEK 457.1 550 11.43 14.17 40.0x 32.3x 26.3x 21.1x Nibe Industrier NIBEB Selg SEK 276.8 215 11.57 12.36 23.9x 22.4x 16.0x 14.7x Nobia NOBI Kjøp SEK 85.1 110 6.27 7.10 13.6x 12.0x 7.9x 6.6x Noble NE Selg USD 9.93 6 1.39 0.52 7.1x 19.1x 4.8x 5.4x Nokian Tyres NRE1V Hold EUR 29.92 31 1.70 1.90 17.6x 15.8x 10.1x 8.9x Nordea NDA Kjøp SEK 77.55 107 0.88 0.93 9.7x 9.0x Nordic Nanovector NANO Kjøp NOK 19 36-4.70-5.29-4.0x -3.6x -1.5x -2.3x Nordic Semiconductor NOD Kjøp NOK 46.57 57 0.20 0.31 28.4x 17.8x 15.8x 10.1x Norsk Hydro NHY Selg NOK 33.6 30 2.29 2.18 17.8x 15.4x 5.8x 5.2x North Energy NORTH Hold NOK 1.15 1.1-0.28-0.56-1.2x -1.2x Norway Royal Salmon NRS Kjøp NOK 109 120 7.45 12.89 14.6x 8.5x 10.2x 5.8x Norwegian Air Shuttle NAS Kjøp NOK 318.3 375 27.92 42.95 9.3x 7.4x 11.4x 10.7x Norwegian Cruise Line NCLH Selg USD 54.52 55 3.58 4.46 15.2x 12.2x 12.2x 10.6x Norwegian Property NPRO Kjøp NOK 8.6 9.7 0.51 0.47 17.0x 18.4x 18.6x 18.9x Novo Nordisk NVO Kjøp DKK 357.4 435 15.22 17.58 23.6x 20.4x 16.7x 14.3x Novozymes NZYMB Selg DKK 292 240 10.29 11.21 29.3x 26.3x 17.3x 15.7x NRC Group NRC Hold NOK 52.5 50 2.31 2.77 22.7x 18.9x 13.0x 10.9x Ocean Rig ORIG Selg USD 0.787 1 2.31 0.23 0.3x 3.4x 3.5x 5.4x Ocean Yield OCY Hold NOK 54.75 55 0.95 1.14 6.9x 5.7x 8.0x 6.5x Odfjell ODF Kjøp NOK 22.9 47 1.12 1.18 2.4x 2.3x 4.8x 4.6x Odfjell Drilling ODL Hold NOK 5.64 6 0.09 0.01 7.7x 61.8x 7.0x 7.5x Olav Thon OLT Kjøp NOK 135.5 195 11.81 12.13 12.7x 12.3x 14.7x 14.2x Opera OPERA Hold NOK 66.2 71 0.08 0.35 21.3x 17.1x 13.9x 11.0x Oriflame ORI Kjøp SEK 158 149 1.08 1.08 15.9x 15.9x 7.8x 7.0x Orkla ORK Kjøp NOK 74.1 77 3.42 3.80 21.7x 19.5x 15.4x 14.4x Outotec OTE1V Kjøp EUR 3.282 3.5 0.03 0.17 30.1x 19.4x 6.7x 5.6x Pacific Drilling PACD Selg USD 0.46 0.2-0.40-1.44-1.2x -0.3x 7.0x 16.7x Pandox PNDXB Hold SEK 144 150 7.85 7.89 19.9x 18.4x 19.3x 18.1x Peab PEAB Hold SEK 71.00 78.00 5.67 6.43 12.5x 11.0x 9.7x 8.3x PGS PGS Selg NOK 22.59 20.00-0.65-0.94-4.1x -2.9x 5.4x 7.4x Polarcus PLCS Selg NOK 1.18 0.5 13.5x 27.1x Prosafe PRS Selg NOK 4.62 5 0.05-0.02 11.5x -32.6x 9.3x 9.5x Q-Free QFR Kjøp NOK 10.2 15 0.51 0.95 20.1x 10.7x 5.7x 3.9x Recipharm RECIB Kjøp SEK 153.5 155 7.09 9.60 21.7x 16.0x 11.7x 9.5x RenoNorden RENO Kjøp NOK 34.9 45 3.12 3.73 11.2x 9.4x 6.8x 6.1x 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 Rezidor REZT Kjøp SEK 37 38 0.30 0.40 13.3x 10.0x 5.7x 4.6x Rowan RDC Hold USD 15.83 15 2.64 0.94 6.0x 16.9x 4.1x 5.3x Royal Caribbean Cruises RCL Selg NOK 614 570 5.83 6.10 12.7x 12.1x 10.1x 8.9x Safe Bulkers SB Selg USD 0.803 0.3-0.62-0.65-1.3x -1.2x 20.5x 21.1x Saipem SPM Hold EUR 0.3441 0.4 0.03 0.02 11.2x 21.8x 3.7x 4.3x SalMar SALM Kjøp NOK 201.5 220 15.66 18.72 12.9x 10.8x 8.6x 7.0x Sampo Oyj SAMAS Hold EUR 41.29 42 2.87 2.93 14.4x 14.1x Sandvik SAND Kjøp SEK 83.3 90 4.71 5.47 17.7x 15.2x 9.4x 8.3x SCA SCAB Hold SEK 251.5 250 12.51 13.66 19.1x 18.4x 10.7x 9.9x Scandi Standard SCST Hold SEK 58.5 58 3.89 5.36 15.0x 10.9x 8.2x 6.2x Schibsted SCHA Selg NOK 229.9 177 2.87 5.35 80.2x 43.0x 20.8x 16.4x Scorpio Tankers STNG Hold USD 5.74 6.9 0.59 0.50 9.5x 11.5x 9.4x 10.2x Seadrill SDRL Selg NOK 26.25 10 1.59 0.16 2.0x 19.2x 6.2x 9.6x SEB SEB Kjøp SEK 77.8 109 7.96 8.66 9.8x 9.0x Securitas SECUB Kjøp SEK 134.4 145 7.68 8.79 17.2x 15.3x 10.7x 9.4x Selvaag Bolig SBO Kjøp NOK 26.1 36 2.65 3.13 9.4x 8.3x 9.5x 7.3x Sevan Marine SEVAN Selg NOK 19.4 15-0.14-0.15-17.0x -15.4x -15.1x -12.1x Siem Offshore SIOFF NOK 1.71-0.04-0.08-5.7x -2.6x 10.3x 12.3x Skandiabanken SKBN Kjøp NOK 42.1 57 5.69 5.28 9.1x 7.9x Skanska SKA Hold SEK 187.3 200 11.59 12.83 16.2x 14.6x 12.1x 10.9x SKF SKFB Hold SEK 141.6 140 11.58 12.01 12.2x 11.8x 8.4x 7.8x Solstad Offshore SOFF Selg NOK 16.5 15-0.30-9.47-54.2x -1.7x 14.1x 18.8x Songa Offshore SONG Selg NOK 0.32 0.15 0.06 0.06 0.6x 0.7x 5.9x 5.1x Sparebank1 Nord-Norge NONG Kjøp NOK 37.5 50 5.40 5.26 7.3x 7.1x Sparebank1 SMN MING Kjøp NOK 49.7 75 7.90 7.89 6.3x 6.3x Sparebank1 SR-Bank SRBANK Kjøp NOK 39.2 50 6.80 6.50 5.8x 6.0x Sparebanken Møre MORG Kjøp NOK 188 250 27.18 26.13 6.9x 7.2x Sparebanken Øst SPOG Kjøp NOK 46.2 65 5.21 5.18 8.9x 8.9x Spectrum SPU Hold NOK 26.7 22 0.13 0.12 24.3x 26.7x 2.2x 2.1x Sponda SDA1V Kjøp EUR 3.64 4 0.26 0.29 14.2x 12.6x 20.0x 18.5x Statoil STL Kjøp NOK 125.9 140 8.00 13.19 14.7x 9.2x Stolt-Nielsen SNI Kjøp NOK 93.75 158 1.63 1.90 6.9x 5.9x 5.2x 4.8x Storebrand STB Kjøp NOK 32.17 44 3.93 4.21 6.6x 6.3x Subsea 7 SUBC Selg NOK 61.05 47 0.45-0.19 16.4x -38.8x 3.8x 7.0x Svenska Handelsbanken SHB Selg SEK 102.3 100 7.89 8.39 13.0x 12.2x Swedbank SWEDA Kjøp SEK 173.8 207 17.18 16.48 11.0x 10.5x Swedish Match SWMA Hold SEK 274.2 290 17.63 15.57 17.7x 17.6x 12.3x 11.5x Tanker Investments TIL Kjøp NOK 78.5 135 2.26 1.36 4.2x 6.9x 5.8x 7.2x Technip TECF Selg EUR 47.635 36 4.51 2.48 9.9x 19.2x 3.1x 5.4x Teekay Tankers TNK Kjøp USD 3.66 8 1.36 0.93 2.7x 4.0x 4.0x 4.3x Tele2 TEL2b Kjøp SEK 73 87 1.58 3.24 33.1x 19.2x 9.5x 7.3x Telenor TEL Kjøp NOK 131.8 172 10.81 11.75 12.2x 11.2x 6.1x 5.8x TeliaSonera TLSN Hold SEK 41.71 43 3.10 3.07 13.2x 13.3x 8.0x 7.3x TGS Nopec TGS Hold NOK 122.8 100 0.24 0.37 60.2x 39.4x 3.8x 3.5x Thule Group THULE Kjøp SEK 113.75 115 6.52 6.91 17.4x 16.5x 13.1x 11.9x Tomra TOM Hold NOK 85.25 80 4.78 5.11 17.8x 16.3x 9.9x 9.1x Topdanmark TOP Kjøp DKK 164.5 200 12.65 13.95 13.0x 11.8x Transocean RIG Selg USD 8.58 7 1.94-0.03 4.4x -276.2x 4.7x 6.6x Trelleborg TRELB Hold SEK 158.4 160 10.10 12.09 14.8x 13.1x 12.4x 9.1x Tryg TRYG Hold DKK 125.9 130 8.15 8.56 15.4x 14.7x Tsakos Energy NavigationTNP Kjøp USD 6.04 14.3 2.00 1.46 3.0x 4.1x 5.1x 5.4x Unibet UNIB Hold SEK 91.1 105 34.11 37.53 21.8x 19.9x 17.3x 15.7x Valmet VALMT Kjøp EUR 9.53 12.5 0.75 0.88 12.6x 10.8x 5.6x 4.9x Veidekke VEI Hold NOK 111 110 9.09 10.29 12.2x 10.8x 7.9x 7.2x Vitrolife VITR Kjøp SEK 351.5 310 9.33 11.01 37.7x 31.9x 23.0x 19.1x Volvo VOLVB Kjøp SEK 89.85 106 6.73 7.72 14.0x 11.6x 5.3x 4.5x Weifa WEIFA Kjøp NOK 1.06 1.5 0.05 0.06 20.7x 18.2x 11.4x 9.4x Wihlborgs WIHL Kjøp SEK 172.4 180 10.55 10.98 16.3x 15.7x 20.7x 19.8x Wilh. Wilhelmsen ASA WWASA Kjøp NOK 40.6 58 0.92 0.94 5.3x 5.2x 5.6x 4.9x Wilh. Wilhelmsen Holding WWI Kjøp NOK 156 259 4.12 4.63 4.5x 4.0x 3.8x 2.9x William Demant Holding WDH Selg DKK 662.5 530 30.69 35.32 21.6x 18.8x 12.6x 11.2x Wärtsilä WRT1V Hold EUR 39.38 42 2.47 2.71 15.8x 14.5x 10.0x 9.1x XXL XXL Kjøp NOK 102.00 105.00 4.48 5.44 22.8x 18.8x 16.5x 13.3x Yara YAR Hold NOK 309.00 340.00 33.77 31.96 9.8x 9.7x 5.4x 5.2x 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