SVAK START, KINESISKE NØKKELTALL OG US VALG AUSS, NRC & FRO

ANALYSE Aksjemarkedet i dag SVAK START, KINESISKE NØKKELTALL OG US VALG AUSS, NRC & FRO Pause i oljeprisen etter to dager med oppgang ga sammen med sterkere nøkkeltall enn ventet, og dermed nytt fokus på risikoen for økt takt i fremtidige renteøkninger, en blandet utvikling i det amerikanske aksjemarkedet på fredag. Dow var ned 0.3%, S&P500 var ned 0.2% og Nasdaq steg %. Volumet på de tre hovedindeksene kom inn på 76-88% av gjennomsnittet for de siste tre måneder. I Asia innledes uken med en negativ utvikling etter manglende støtte fra G-20 møtet i Shanghai, en ny runde med bekymring for at kapital trekkes ut fra Kina, en styrket Yen og forsiktighet foran ukens kinesiske nøkkeltall. Nikkei stenger ned 1%, mens de kinesiske indeksene i øyeblikket er ned 1-5%. I Kina legges to innkjøpssjefsindekser for industrien frem før markedene åpner i morgen tidlig, en offentlig og en privat måling. Begge er for februar og begge er ventet å komme inn under 50 indekspunkter. Målingene vil kunne påvirke øvrige globale markeder utover uken. I USA vil markedet etter tirsdagens nominasjonsvalg i 11 delstater kunne begynne å fokusere mer på mulige konsekvensene av det kommende presidentvalget. Når det gjelder dagens nøkkeltall vil vi i det norske markedet kunne få fokus på detaljhandelstallene og kredittvekstindikatoren for januar. I oljemarkedet steg WTI-prisene fredag med USD 0.02 pr fat til USD 32.93 pr fat. Prisen ligger i morgentimene i dag USD 32.77 pr fat. Brent åpner på USD 35.69 pr fat, ned fra USD 36.15 pr fat ved stengetid i Oslo før helgen. Etter løft på redusert kapasitetsutnyttelse i amerikanske raffinerier og vedvarende meldinger om samtaler mellom de større eksportlandene tidligere i uken ga en styrket USD-kurs en flatere utvikling i oljeprisen på fredag. Oppdateringen av antall aktive rigger i det nordamerikanske markedet, on- og offshore, viste et fall på 6% forrige uke. Så langt i år er antall aktive rigger i USA, Canada og Mexico-gulfen ned med rundt 18%. Vi tar denne uken Austevoll ut av porteføljen med anbefalte aksjer. Inn i porteføljen kommer NRC Group. På Oslo Børs avrundes rapportene for Q4 2015 denne uken. Frontline er blant selskapene som legger frem kvartalstall i dag og her venter vi en EBITDA på USD 77 mil mot konsensus på USD 86 mill. Tallene vil imidlertid kunne være preget av at sammenslåingen av Frontline og Frontline 2012 ble gjennomført i løpet av perioden. Videre venter vi et utbytte på USD 0.30 pr aksje. Ledelsen vil følge opp rapporteringen med en telefonkonferanse like før det amerikanske markedet åpner senere i ettermiddag. Før eventuelle justeringer har vi en kjøpsanbefaling på Frontline med et kursmål på NOK 130 pr aksje. Kursen stengte fredag på NOK 79.35 pr aksje. I Höegh LNG Holdings ble det i dagens rapport ikke annonsert nye FSRU-prosjekter og dette kan gi en dempet reaksjon ved åpning. Selskapet gjentar imidlertid målsettingen om å øke flåten fra i dag åtte enheter til tolv innen 2019. Vi har en kjøpsanbefaling på Höegh LNG Holdings med et kursmål på NOK 135 pr aksje. Selskap Tidspunkt Konsensus Hertz Etter markedet 0.04 Valeant Før markedet 2.62 Land Nøkkeltall Tyskland Detaljhandel 08.00 1.8% Danmark Ledighet 09.00 - Sverige BNP Q4 09.30 - Norge Detaljhandel 10.00 0.6% Norge Kredittindikator 10.00 5.1% EU KPI 11.00 0.9% USA Innkjøpssjefsindeks 15.45 52 Våre anbefalte aksjer: - BAKKA - NRC - STB - HFISK - ORK - HLNG YTD DNB: -5% YTD OSE: -6% Internasjonale børser Siste Endr. % Dow Jones 16,640-57 -0.34 S&P 500 1,948-4 -0.19 NASDAQ 4,590 8 0.18 Nikkei 225 16,188 48 0.30 Euro 500 223 3 1.45 Danmark-KFX 947 17 1.78 Finland-HEX 7,921 56 0.72 Norge-OSEBX 566 10 1.78 Sverige-SAX 477 3 0.64 Valuta/råvarer Siste I går Endr. % EUR/USD 1.106 1.102 0.40 USD/JPY 112.8 113.0 0.15 USD/NOK 8.604 8.630 0.31 EUR/NOK 9.516 9.508-0.09 Siste Endr. Endr. % CRB indeks 163 2.20 1.37 Brent sp. ($/bbl) 34.5 0.63 1.86 Brent 1m ($/bbl) 35.1 0.71 2.06 Alum. 3m ($/ton) 1,557.0 9.00 0.58 US Nat.gass 1.8-0.06-3.44 Renter Siste I går Endr. USA 10år 1.723 1.748-0.03 Tyskl. 10år 0.138 0.183-0.05 Norge 10år 1.413 1.446-0.03 USA 3m 0.635 0.625 0.01 Euro 3m -0.201-0.200 0.00 Norge 3m 1.060 1.080-0.02 DNB Markets følger markedet konstant og nå kan du følge oss på Twitter. Slik gjør vi det enda lettere for deg å forstå hva som skjer. Sjekk oss ut på twitter.com/dnbmarkets ANALYSTS Ole-Andreas Krohn Ole-Andreas.krohn@dnb.no TLF: 08940 Please see the last page for important information

DNB Markets Sentrale US-INDekser SENTRALE US-INDEKSER Endring Endring Endring Endring Gj.snittlig Siste i poeng 1 dag (%) 1 mnd.(%) hittil i år(%) est. P/E Dow Jones Industrial 16,697 212.30 1.29 3.28-4.18 15.20 S&P 500 1,952 21.90 1.13 2.53-4.51 17.63 Nasdaq Composite 4,582 39.60 0.87 0.32-8.49 39.39 Russel 2000 1,032 9.50 0.93 1.34-9.18 32.25 Amex naturgass-indeks (XNG) 381-2.35-0.61-7.82-12.38 78.07 Amex Oil Service Indeks 139-0.85-0.61 2.25-12.04 17.60 Philadelphia-børsens oljeproduksjon-indeks (XOI) 985 4.16 0.42 3.06-8.21 37.81 Amex farmasi-indeks (DRG) 501 8.58 1.74-3.38-7.53 20.78 Nasdaq biotech-indeks 2,712 4.44 0.16-8.11-23.40 869.68 Philadelphia-børsens halvleder-indeks (SOX) 621 7.73 1.26 4.23-6.39 19.85 S&P 500 Paper & Forest Index ( PAFO) #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A 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 9.12 0.05 465,736 78.46 77.65 0.81 Royal Caribbean Cruises 74.47 0.46 1,681,942 640.71 634.00 6.71 Questerre (CAD) 0.15-0.01 5,000 0.95 0.99-0.04 Statoil 13.98 0.06 3,639,379 120.28 119.60 0.68 Yara 38.30-0.70 8,930 329.52 332.40-2.88 Sverige AstraZeneca 29.64 0.49 2,847,159 501.84 502.00-0.16 Finland (EUR) Nokia 6.20 0.12 8,115,700 Danmark Novo Nordisk B 52.02 0.09 1,225,685 350.88 349.60 1.28 RÅVARER & SHIPPING Siste I går Endr. %1D 1W 1M 3M YTD 12M 52W H 52W L CRB indeks 162.6 162.6 1.1 0.71 1-0.0-23.1-13.5-58.3 233.5 154.8 GS råvare indeks 1,997 1,997 18.9 1.0% 46 20-432 -173-1,114 3,392 1,837 Oil Brent Spot 34.49 34.47 0.02 0.06 2 4.54-9.07-1.26-25.20 Brent olje 1m 35.12 35.29-0.17-0.48 2 3.32-10.34-2.16-24.93 69.63 27.10 Brent olje 3m 36.19 36.34-0.15-0.41 2 2.88-10.60-2.34-25.38 70.92 28.58 WTI olje 1m 33.05 33.07-0.02-0.18 3 1.60-9.99-3.99-15.12 62.58 26.05 Flybensin 354.50 354.50 6.00 1.72 6 47.00-101.25-1.50-248.00 Naturgass US Henry Hub 1.77 1.77-0.03-1.56-0 -0.38-0.29-0.55-1.43 Fyringsolje 106.1 107.0-0.9-0.8 4 9-34.1-3.9-107.4 235.1 84.9 Metals Aluminium 3m 1,557 1,557-10 - 0.6 40 81 97 50-237 1,978 1,433 Nikkel 8,340 8,340-180 - 2.1-10 -210-570 -480-6,045 14,675 7,550 Kopper 4,601 4,601-41 - 0.9 26 184 52-104 -1,174 6,481 4,318 Gull 1,237 1,233 4 0.3 11 117 165 176 28 1,263 1,046 Shipping WS AG - Japan, 250 dwt 55 0-3 -4-5 -15-5 -33 0 WS AG - USG, 250 dwt 33 33-3 -7-3 -13-5 -20 3 Containerships index 0 0 0.0 0.0% - 0 0 0 0 0 Baltic dry index 325 325 3.0 0.93 12-20 -237-153 -208 1,222 0 290 RENTER & VALUTA Renter Siste I går Endr. 1W 1M 3M YTD 12M Norge - Nibor 3m 1.060 1.060-0.010 0.00-0.13-0.14-0.07-0.29 USA - Libor 3m 0.635 0.629 0.006 0.02 0.02 0.23 0.02 0.37 Euro - Euribor 3m -0.201-0.201 0.000-0.006-0.046-0.097-0.070-0.243 Norge 10 år stat 1.413 1.413 0.005-0.01-0.04-0.07-0.06 0.05 USA 10 år stat 1.723 1.716 0.007-0.02-0.27-0.51-0.55-0.31 Euro 10 år stat 0.138 0.138-0.016-0.08-0.33-0.33-0.49-0.19 Tyskland 10 år stat 0.138 0.138-0.016-0.08-0.33-0.33-0.49-0.19 Japan 10 år stat -0.060-0.069 0.009-0.07-0.28-0.36-0.33-0.40 UK 10 år stat 1.364 1.364 0.003-0.08-0.32-0.52-0.60-0.35 Valuta Siste I går Endr. 1W 1M 3M YTD 12M 52W H 52W L EUR/USD 1.106 1.102 0.004-0.007 0.019 0.045 0.021-0.014 1.172 1.046 USD/JPY 112.8 113.0-0.170 0.2-5.6-9.7-7.2-6.6 125.9 111.0 GBP/USD 1.400 1.396 0.004-0.040-0.035-0.110-0.073-0.140 1.594 1.388 USD/NOK 8.604 8.630-0.027 0.045-0.099-0.060-0.243 0.941 9.017 7.290 EUR/NOK 9.516 9.508 0.008-0.008 0.054 0.324-0.091 0.940 9.749 8.313 GBP/NOK 12.044 12.055-0.010-0.278-0.449-1.041-0.988 0.248 13.385 11.116 2

DNB Markets indekseutvikling på sektornivå INDEKSEUTVIKLING PÅ SEKTORNIVÅ USA MSCI EUROPA Sektor Endring Endring Endring Endring Endring Gj.snittlig Sektor Endring Endring Endring Endring Endring Gj.snittlig 0 1 dag 1 mnd. 3 mnd. 1 år hittil i år est. P/E Banker 3.6% -8.1% -25.4% -30.6% -20.6% 8.9 Bildeler 2.6% 3.7% -21.0% -24.4% -15.3% 9.8 Telekommunikasjon og tjenester 3.3% -3.4% -13.6% -12.0% -7.5% 19.1 Programvare 2.2% 0.8% -4.9% 6.3% -5.6% 19.7 Media 2.6% -0.2% -9.5% -12.0% -5.9% 17.9 Matvarer 1.8% 5.6% 4.2% 11.5% 1.7% 21.2 Transport 2.6% -1.5% -12.1% -14.1% -9.1% 13.8 Legemiddelindustri og biotekno 1.7% -7.3% -14.4% -15.1% -12.3% 15.7 Hotell-, underholdnings- og restaurantv 2.5% 0.7% -8.2% -9.6% -8.7% 19.1 Farmasi 1.7% 0.0% -4.3% -4.4% -3.9% 16.0 Finansieringsselskaper 2.4% -8.1% -25.0% -23.1% -22.7% 12.5 Fritidsutstyr 1.6% 14.3% 16.4% 24.6% 17.9% 21.6 Helsevern - utstyr og tjenester 2.4% -2.9% -10.4% 1.8% -7.5% 22.0 Helseartikler 1.5% 2.5% -1.5% -2.1% -1.5% 18.5 Programvare og tjenester 2.4% -4.2% -7.4% 6.9% -7.7% 17.4 Luftfart 1.5% 9.5% 0.0% -7.7% -2.0% 7.2 Energi 2.1% 0.3% -17.2% -25.7% -6.0% 19.1 Kjemikalier 1.4% 6.5% -9.8% -16.8% -6.0% 15.7 Forsyningsselskaper 2.1% -4.8% -10.7% -14.4% -7.8% 13.8 Bygg og anlegg 1.4% 5.3% -7.2% -21.9% -4.3% 12.5 Detaljhandel 2.0% -5.4% -18.2% -15.8% -12.6% 18.5 Forsikring 1.3% 1.8% -9.9% -5.8% -7.5% 10.4 Teknologisk utstyr 2.0% -10.7% -13.9% -22.8% -12.5% 15.8 Bank 1.2% -2.1% -19.3% -16.0% -17.3% 9.7 Forsikring 1.9% -7.3% -20.4% -17.8% -17.3% 9.7 Kraft 1.1% 8.1% 13.1% 5.1% 9.5% 16.5 Eiendomsselskaper 1.8% -3.6% -12.7% -15.9% -8.4% 19.9 Husholdningsartikler 1.0% 5.2% 7.5% 0.3% 3.6% 23.1 Husholdningsvarer og personlige produ 1.8% 1.1% -7.0% 1.7% -1.8% 21.5 Internett programvare og -tjenes 1.0% 3.0% -3.4% 24.1% -3.6% 24.1 Forbruksvarer og klær 1.8% 0.1% -8.4% -10.8% -4.3% 16.5 Elektrisk utstyr 1.0% 11.6% -4.5% -16.3% 1.7% 15.5 Kapitalvarer 1.7% -0.5% -11.5% -13.2% -5.5% 15.4 Industrielle konglomerater 1.0% 4.7% -3.8% 6.3% -3.8% 19.4 Mat- og apotekhandel 1.5% 0.1% -10.1% -14.1% -1.1% 17.3 Metall 0.9% 29.8% 4.2% -35.7% 7.3% 33.0 Materialer 1.1% 1.6% -16.8% -30.9% -8.8% 17.3 Drikkevarer 0.9% 3.7% -0.2% 5.5% 0.7% 22.9 Kommersielle tjenester og leveranser 1.0% -4.1% -14.5% -15.1% -10.5% 15.6 Hotell og restaurant 0.9% 0.9% -2.5% 5.1% -2.4% 22.1 Drikkevarer, mat og tobakk 0.8% -2.4% -9.7% -3.8% -5.4% 20.4 Maskiner 0.9% 9.0% -4.5% -15.9% 0.7% 15.9 Biler og komponenter 0.7% -7.5% -22.5% -29.4% -20.6% 7.7 Kommunikasjonsutstyr 0.8% 8.4% -0.9% -16.5% -0.7% 12.2 Bioteknologi 0.7% -4.1% -13.7% -15.6% -13.3% 12.5 Diversifiserte telekomtjenester 0.6% 6.3% 12.0% 3.3% 9.2% 13.4 Datamaskiner og tilbehør 0.6% -1.5% -16.2% -26.2% -8.1% 10.5 Elektronisk utstyr og instrumen 0.6% 3.4% -7.4% -18.8% -3.6% 15.3 Media 0.3% 1.1% -9.7% -8.8% -1.5% 15.7 Energi og relatert utstyr 0.2% 8.0% -13.8% -22.2% -3.1% 44.7 Olje og gass 0.2% 2.4% -14.7% -27.1% -5.1% 55.2 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 UNITED TECHNOLOGIES CO 98.07 4.8 % 14.5 % -20.1 % CHARTER COMMUNI 183.04 4.1 % 6.3 % 0.5 % PLUM CREEK TIM 36.54 #VALUE! #VALUE! #VALUE! NIKE INC -CL B 62.38 3.3 % 2.1 % 28.6 % ADOBE SYSTEMS IN 86.68 3.9 % -0.2 % 9.8 % SALESFORCE.CO 69.42 11.0 % -0.6 % -1.2 % DU PONT (E.I.) DE NEMOUR 60.42 2.4 % 13.0 % -18.5 % NETFLIX INC 94.53 3.2 % -3.4 % 37.0 % QUANTA SERVICE 19.92 7.6 % 11.2 % -31.0 % VISA INC-CLASS A SHARES 73.27 2.0 % 1.9 % 7.1 % VERISK ANALYTICS 73.9 3.1 % 3.8 % 2.3 % DENTSPLY INTER 60.74 4.9 % 2.6 % 13.2 % PFIZER INC 30.59 1.9 % -0.3 % -11.6 % LAM RESEARCH COR 72.43 2.8 % 5.4 % -13.1 % UNITED TECHNOL 98.07 4.8 % 14.5 % -20.1 % GOLDMAN SACHS GROUP 148.25 1.8 % -4.0 % -22.9 % KRAFT HEINZ CO/THE 74.96 2.7 % -1.3 % #VALUE! DELPHI AUTOMOT 66.68 4.7 % 0.5 % -15.7 % JPMORGAN CHASE & CO 57.01 1.5 % -0.1 % -7.4 % VODAFONE GROUP 30.675 2.6 % -3.1 % -11.3 % CF INDUSTRIES H 33.16 4.4 % 12.4 % -45.9 % INTEL CORP 29.62 1.5 % -1.1 % -12.0 % MATTEL INC 33.14 2.5 % 22.2 % 26.8 % PVH CORP 80.25 4.4 % 15.4 % -25.7 % MICROSOFT CORP 52.1 1.4 % -0.1 % 18.3 % SIRIUS XM HOLDINGS 3.69 2.5 % -1.1 % -5.4 % NEWFIELD EXPLO 24.41 4.2 % -5.9 % -27.4 % AMERICAN EXPRESS CO 55.39 1.4 % 0.5 % -33.5 % LIBERTY MEDIA COR 35.29 2.5 % -2.5 % -9.0 % ALLERGAN PLC 296.34 4.1 % 0.6 % 2.3 % WAL-MART STORES INC 68.04 1.4 % 6.3 % -18.8 % STAPLES INC 9.41 2.4 % 6.8 % -42.6 % FIRST SOLAR INC 72.25 4.0 % 7.2 % 23.1 % JOHNSON & JOHNSON 106.38 1.4 % 5.1 % 3.5 % ELECTRONIC ARTS IN 64.68 2.3 % -8.7 % 12.0 % ANADARKO PETR 37.64 3.9 % 8.8 % -55.8 % INTL BUSINESS MACHINES 134.5 1.3 % 9.7 % -16.4 % TRIPADVISOR INC 62.05 2.3 % -11.0 % -30.9 % ADOBE SYSTEMS 86.68 3.9 % -0.2 % 9.8 % 3M CO 158.99 1.1 % 9.8 % -6.3 % ANALOG DEVICES IN 52.99 2.3 % 3.3 % -10.0 % MORGAN STANLE 24.63 3.9 % -3.4 % -31.7 % MCDONALD'S CORP 118.37 1.1 % -1.7 % 19.0 % BOEING CO/THE 116.82 1.1 % -8.7 % -23.0 % Bunn siste 1 dag 1 mnd 1 år Bunn siste 1 dag 1 mnd 1 år CISCO SYSTEMS INC 26.6 1.1 % 12.1 % -11.1 % JD.COM INC-ADR 24.93-2.9 % -7.7 % -11.0 % CHESAPEAKE EN 2.56-4.8 % -19.7 % -85.1 % HOME DEPOT INC 126.86 1.0 % 3.8 % 9.9 % BAIDU INC - SPON AD 158.22-2.8 % -5.3 % -23.1 % ENSCO PLC-CL A 7.88-4.8 % -14.2 % -67.7 % PROCTER & GAMBLE CO/T 82.34 1.0 % 4.5 % -3.3 % VERTEX PHARMACE 85.53-1.4 % -7.2 % -28.7 % HP INC 10.34-4.4 % 7.3 % -33.0 % GENERAL ELECTRIC CO 29.23 0.9 % 3.2 % 12.9 % DISCOVERY COMMU 24.88-1.3 % -9.3 % -23.3 % WILLIAMS COS IN 16.03-3.6 % -21.5 % -67.2 % CATERPILLAR INC 66.47 0.9 % 12.4 % -20.7 % ALEXION PHARMACE 140.54-1.0 % -7.9 % -23.2 % CONSOL ENERGY 7.65-3.4 % 22.4 % -76.3 % MERCK & CO. INC. 51 0.9 % -0.9 % -13.5 % DISCOVERY COMMU 24.57-1.0 % -9.4 % -20.3 % FMC TECHNOLOG 23.86-2.5 % -0.3 % -40.3 % UNITEDHEALTH GROUP INC 121.2 0.8 % 6.4 % 6.6 % CERNER CORP 51.36-0.8 % -9.1 % -29.4 % MURPHY OIL COR 16.43-2.3 % -7.2 % -67.8 % TRAVELERS COS INC/THE 109.27 0.7 % 5.8 % 1.3 % GARMIN LTD 40.31-0.7 % 19.1 % -18.5 % APACHE CORP 37.79-2.1 % -0.6 % -42.5 % APPLE INC 96.76 0.7 % -3.2 % -25.8 % SEAGATE TECHNOLO 30.92-0.5 % 11.5 % -49.0 % NATIONAL OILWE 27.66-2.1 % -9.1 % -48.1 % EXXON MOBIL CORP 82.01 0.6 % 6.9 % -7.5 % VIACOM INC-CLASS 37.11-0.3 % -15.4 % -46.7 % CHIPOTLE MEXICA 505.33-1.9 % 12.8 % -24.6 % VERIZON COMMUNICATION 51.11 0.6 % 5.9 % 3.5 % VIMPELCOM LTD-SP 3.69-0.3 % 18.3 % -29.4 % EQT CORP 56.18-1.7 % -8.3 % -29.6 % COCA-COLA CO/THE 44.16 0.6 % 4.9 % 4.0 % AMGEN INC 146.75-0.2 % -4.6 % -7.7 % OWENS-ILLINOIS 15.08-1.7 % 16.1 % -42.6 % WALT DISNEY CO/THE 95.65 0.2 % -0.6 % -8.5 % BED BATH & BEYON 48.24-0.2 % 9.5 % -34.6 % CABOT OIL & GAS 19.41-1.5 % -0.1 % -32.8 % CHEVRON CORP 85.3 0.0 % 1.4 % -20.3 % LIBERTY GLOBAL PL 36.04-0.2 % 7.4 % -25.9 % TESORO CORP 77.75-1.5 % -10.1 % -16.9 % 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 FTSE 100 ISF 598.5 2.4 % 0.7 % 2.0 % -13.1% GBp 12009499 Dow Jones Total market THRK 143.325 2.3 % 1.6 % 2.6 % -9.4 % USD 1468 CAC-40 CAC 41.955 2.3 % 0.1 % -2.6 % -13.9 % EUR 656241 AEX-Nederland AEXT 41.37 1.9 % 0.3 % -1.3 % -14.5 % EUR 153 S&P Euro 350 IEV 37.06 1.4 % -0.3 % -1.4 % -18.0 % USD 2241623 Finansielle tjenester XLF 21.17 1.4 % 0.9 % -0.1% -13.4 % USD 71254109 DJIA DIA 166.84 1.3 % 1.4 % 3.3 % -8.3 % USD 5266932 Industri XLI 52.38 1.3 % 1.9 % 7.0 % -9.3 % USD 9312686 Teknologi USA XLK 41.37 1.2 % 1.8 % 2.7 % -4.3 % USD 9403419 S&P 500 SPY 195.54 1.2 % 1.8 % 2.8 % -7.5 % USD 110728317 Japan EWJ 11.07 1.2 % 1.7 % -1.2 % -10.7 % USD 46256381 S&P M idcap 400 M DY 243.03 1.1 % 2.2 % 3.6 % -11.7 % USD 1299955 Forbruksvarer XLP 51.82 1.1 % 2.1 % 5.1 % 4.0 % USD 9511955 Forsyningstjenester XLU 47.48 1.0 % 2.1 % 8.6 % 4.9 % USD 12161923 TecDax TDXPEX 14.81 1.0 % -1.4 % -6.0 % 0.1 % EUR 14550 Nasdaq 100 QQQ 103.56 1.0 % 2.2 % 0.4 % -4.9 % USD 29389315 DAX DAXEX 82.85 0.9 % -0.7 % -4.9 % -17.8 % EUR 28386 Russell 2000 IWM 102.54 0.9 % 2.6 % 1.4 % -16.8 % USD 22612577 Russell 2000 Growth IWO 123.27 0.8 % 3.0 % -0.5 % -17.9 % USD 768499 Emerging M arkets EEM 30.36 0.3 % -0.1% 3.8 % -25.5 % USD 45895149 Latin-America 40 ILF 20.79 0.3 % 2.1 % 9.5 % -34.2 % USD 425257 Bioteknologi IBB 259.32 0.2 % 0.0 % -8.1% -23.9 % USD 1172436 Energi XLE 56.89 0.1 % -0.1% 3.2 % -28.3 % USD 18588937 Pacific ex-japan EPP 35.47 0.1 % 0.3 % 2.2 % -23.2 % USD 268525 Hong Kong EWH 17.99-0.1% 1.6 % 2.4 % -17.2 % USD 10068237 Brasil EWZ 20.36-0.1% 3.4 % 13.5 % -41.7 % USD 10582932 Oil Service OIH 23.41-0.2 % -1.4 % 5.4 % -32.3 % USD 4480769 Olje / Energi Bensin UGAS 20.195 3.1 % 2.9 % -3.2 % -37.2 % USD 34018 WTI-Oil USO 8.8 2.4 % 1.6 % -1.9 % -51.2 % USD 39506700 Brent-olje OILB 17.005 1.9 % -2.2 % 3.3 % -54.0 % USD 99020 Fyringsolje HEAT 7.389 1.5 % -3.9 % 6.4 % -51.1 % USD 4403 WTI-olje OILW 13.9 1.4 % -4.0 % -3.6 % -49.2 % USD 5585 Råolje CRUD 6.0025 1.4 % -3.6 % -6.4 % -53.9 % USD 3207372 Naturgass NGAS 0.0365-2.8 % -9.0 % -17.9 % -52.8 % USD 450000 M etaller Bomull COTN 1.8625 0.3 % -3.7 % -6.5 % -15.3 % USD 0 Aluminium ALUM 2.5795-0.5 % 2.8 % 4.2 % -18.8 % USD 36966 Kobber COPA 20.693-0.6 % 0.0 % 1.2 % -24.1% USD 1043754 Sølv SLV 14.41-0.8 % -2.4 % 4.3 % -9.0 % USD 5180694 Gull BULL 15.22-0.9 % 1.7 % 10.7 % 0.9 % USD 200 Sink ZINC 5.14-1.3 % 2.3 % 9.1 % -19.3 % USD 10730 A ndre råvarer Svinekjøtt HOGS 0.733 2.7 % -1.1 % 3.2 % -3.2 % USD 0 Råoljer AIGO 8.291 1.7 % -2.4 % -0.7 % -50.2 % USD 3284 Kveg CATL 6.8263 1.2 % 2.0 % 3.5 % -8.0 % USD 216 Sukker SUGA 9.75 1.0 % 9.6 % 0.9 % -8.5 % USD 35826 Kaffe COFF 1.287 0.8 % 0.9 % -1.4 % -26.2 % USD 7139 Hvete WEAT 0.875 0.7 % -3.7 % -8.1% -11.7 % USD 80000 Soyaolje SOYO 3.994 0.2 % -3.7 % 0.2 % -7.8 % USD 57009 Soyabønner SOYB 19.635-0.1% -1.7 % -1.4 % -14.4 % USD 0 R åvarekurver Softs (Sukker, Kakao, Bomull) AIGS 3.9335 0.8 % 4.0 % -1.3 % -14.3 % USD 0 Energi AIGE 2.8395 0.7 % -3.6 % -5.0 % -50.9 % USD 171142 Landbruk AIGA 5.0388 0.0 % -1.0 % -3.0 % -14.8 % USD 150166 Råvarer AIGC 7.6538 0.0 % -1.0 % -0.3 % -26.5 % USD 39348 Korn AIGG 3.918-0.2 % -2.5 % -4.1% -15.3 % USD 0 Ex-Energi AIGX 8.17125-0.3 % 0.1 % 1.6 % -13.6 % USD 0 Industrimetaller AIGI 8.866-0.8 % 1.3 % 2.7 % -24.3 % USD 157938 Edle metaller AIGP 16.4538-1.1 % 0.8 % 9.0 % -2.2 % USD 623 Kilde: Bloomberg 4

DNB Markets ETN / ETF OSLO Endring i % ETN / ETF Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Volum #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! Seadrill DNB-ETN SEADRILL BULL 0.72 15.3 % -12.8 % -27.8 % -98.7 % NOK 833719 Golden Ocean BULL GOGL DNM 2.93 12.9 % -48.0 % -59.2 % -99.3 % NOK 26800 Norsk Hydro BULL NHY X3 DNM 22.41 11.2 % 13.7 % 43.4 % -67.8 % NOK 11750 Statoil DNB-ETN STATOIL X3 BULL 14.01 9.0 % -5.1% 28.5 % -57.7 % NOK 297528 OBX BULL OBX X4 DNM 12.72 8.8 % -4.4 % -0.3 % -57.2 % NOK 200 CO2 BULL CO2 ETN DNM 21.14 7.6 % -10.0 % -30.4 % -51.9 % NOK 0 Norsk Hydro DNB-ETN NORSK HYDRO BULL 9.77 7.5 % 9.8 % 31.3 % -45.9 % NOK 0 Subsea 7 DNB-ETN SUBSEA 7 BULL 2.67 7.5 % -1.8 % -0.6 % -66.7 % NOK 0 Norsk Hydro BULL NHY HA 21.18 7.5 % 9.7 % 30.9 % -45.7 % NOK 0 Telenor DNB-ETN TELENOR X3 BULL 39.25 7.3 % 6.1 % -31.5 % -47.8 % NOK 5380 Oljeservice DNB - ETN OIL SERVICE BULL 1.90 6.7 % -8.7 % -15.2 % -81.7 % NOK 0 OBX DNB-ETN OBX X3 BULL 20.34 6.6 % -2.9 % 1.6 % -42.6 % NOK 0 OBX BULL OBX X3 HA 86.83 6.6 % -2.8 % 1.9 % -40.4 % NOK 240 Gjensidige DNB-ETN GJENSIDIGE X3 BULL 28.20 6.6 % -0.1% 1.6 % -3.2 % NOK 0 Oljepris BULL OLJE HA 8.26 6.3 % -7.0 % 5.8 % -79.2 % NOK 15685 Oljepris DNB - ETN BRENT BULL 3.56 6.3 % -7.8 % 5.2 % -80.1% NOK 304000 Statoil DNB-ETN STATOIL BULL 19.23 6.1 % -2.7 % 21.9 % -35.6 % NOK 0 Statoil BULL STL HA 43.36 6.0 % -2.7 % 21.6 % -36.1% NOK 0 Yara DNB-ETN YARA X3 BULL 19.23 6.0 % -3.0 % -6.1% -60.1% NOK 46000 TGS Nopec DNB-ETN TGS BULL 6.75 6.0 % -0.1% -7.0 % -63.0 % NOK 0 RCL D1B-ETN RCL BULL 35.84 6.0 % 9.5 % -27.1% -3.6 % NOK 0 Sølvpris BEAR SOLV ETN DNM 39.52 5.9 % 3.8 % -11.1 % 13.9 % NOK 0 Norwegian DNB-ETN NORWEGIAN BULL 11.30 5.7 % -1.4 % 22.4 % 9.8 % NOK 10770 Telenor DNB-ETN TELENOR BULL 51.53 4.9 % 4.2 % -21.1 % -30.7 % NOK 0 REC BEAR REC DNM 24.09 4.5 % 15.2 % 73.3 % #VALUE! NOK 0 REC BEAR REC HA 131.78 4.4 % 15.1 % 74.4 % 46.6 % NOK 0 OBX XACT DERIVAT BULL 81.83 4.2 % -1.6 % 2.2 % -26.7 % NOK 868288 Yara BULL YARA HA 105.10 4.1 % -1.8 % -3.3 % -30.6 % NOK 0 Yara DNB-ETN YARA BULL 20.02 4.0 % -1.8 % -3.3 % -41.2 % NOK 500 Oljepris DNB - ETN BRENT 14.01 3.9 % -2.4 % 5.6 % -47.1% NOK 326421 Oljeservice DNB - ETN OIL SERVICE 9.70 3.5 % -4.0 % -5.8 % -52.0 % NOK 0 CO2 CO2 ETN DNM 26.81 3.5 % -4.4 % -14.3 % -23.6 % NOK 0 DNB BULL DNBNOR HA 87.05 3.4 % -6.9 % -8.0 % -45.8 % NOK 0 Storebrand DNB-ETN STOREBRAND BULL 15.24 3.1 % -14.7 % 7.2 % 23.3 % NOK 3400 M arine Harvest Group DNB-ETN M ARINE HARVEST BULL 71.98 2.8 % 1.1 % 17.2 % 66.6 % NOK 0 DNO BULL DNO DNM 0.93 2.8 % -14.7 % 45.7 % -88.1% NOK 425305 PGS DNB-ETN PGS BULL 0.77 2.7 % -41.4 % -55.5 % -88.8 % NOK 30000 Orkla DNB-ETN ORKLA X3 BULL 91.80 2.6 % -0.4 % 12.2 % 50.8 % NOK 0 Schibsted BULL SCH DNM 30.49 2.5 % -10.4 % -19.8 % -5.6 % NOK 500 Gullpris BEAR GULL HA 24.81 2.3 % -3.4 % -20.9 % 0.0 % NOK 0 OBX XACT OBX 48.24 2.2 % -0.6 % 1.6 % -11.7 % NOK 50275 OBX DNB OBX 47.85 2.2 % -0.6 % 1.8 % -11.7 % NOK 9325 Gullpris DNB-ETN GULL BEAR 30.99 2.0 % -3.4 % -20.5 % 0.0 % NOK 0 Orkla BULL ORKLA HA 146.83 1.9 % -0.2 % 8.3 % 37.5 % NOK 0 Strømpris DNB-ETN ELKRAFT BULL 3.25 1.9 % 4.8 % 8.7 % -78.3 % NOK 8565 Fred. Olsen Energy BEAR FOE DNM 110.43 1.5 % 25.3 % 26.3 % 44.8 % NOK 1437 Opera BULL OPERA DNM 4.35 1.4 % -0.1% 87.3 % -5.3 % NOK 6000 Strømpris DNB-ETN ELKRAFT 4.09 0.9 % 2.8 % 5.7 % -45.9 % NOK 0 Sink BEAR SINK ETN DNM 40.90 0.7 % -4.8 % -21.6 % 34.2 % NOK 0 Naturgasspris BULL NATGAS ETN DNM 5.67 0.6 % -1.6 % -5.7 % -69.9 % NOK 0 Aker Solutions DNB-ETN AKER SOLUTIONS BULL 1.57 0.3 % -13.5 % -23.7 % -78.3 % NOK 0 Aluminium BULL ALU ETN DNM 20.74 0.3 % 6.4 % 9.6 % -25.7 % NOK 0 Aker Solutions DNB-ETN AKER SOLUTIONS BEAR 17.45 0.2 % 15.0 % 8.4 % 45.6 % NOK 0 Aluminium BEAR ALU HA 82.63 0.1 % -4.8 % -10.9 % 46.4 % NOK 0 Aluminium ALU ETN DNM 27.74 0.0 % 3.6 % 4.5 % -7.5 % NOK 0 Seadrill DNB-ETN SEADRILL BEAR 105.53 0.0 % 0.0 % -24.7 % 326.5 % NOK 15406 Strømpris BULL EL HA 0.41 0.0 % 2.5 % 7.9 % -85.4 % NOK 0 Kobberpris BULL KOBBER ETN DNM 14.93 0.0 % 1.6 % 4.0 % -33.5 % 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 Strømpris BULL EL HA 0.41 0.0 % 2.5 % 7.9 % -85.4 % NOK 0 Kobberpris BULL KOBBER ETN DNM 14.93 0.0 % 1.6 % 4.0 % -33.5 % NOK 0 Naturgasspris NATGAS ETN DNM 13.48-0.1% -2.0 % -4.3 % -43.6 % NOK 0 Kobberpris BULL KOBBER ETN DNM 23.72-0.2 % 1.2 % 1.8 % -11.9 % NOK 0 Kobberpris BULL KOBBER HA 20.02-0.3 % 1.4 % 3.8 % -37.3 % NOK 0 Kobberpris BEAR KOBBER HA 48.48-0.4 % -0.2 % -6.4 % 58.7 % NOK 0 BW LPG BULL BWLPG DNM 21.00-0.5 % -14.1% -29.7 % 27.5 % NOK 0 Kobberpris BEAR KOBBER ETN DNM 62.15-0.6 % -0.3 % -6.0 % 53.7 % NOK 0 Sinkpris SINK ETN DNM 28.10-0.8 % 3.3 % 10.3 % -9.0 % NOK 0 Aluminium BULL ALU HA 16.70-0.9 % 5.8 % 9.1 % -25.9 % NOK 0 Aluminium BEAR ALU ETN DNM 47.55-1.0 % -5.1% -11.1 % 46.1 % NOK 0 Fred. Olsen Energy BULL FOE DNM 16.13-1.2 % -26.8 % -53.3 % -92.9 % NOK 0 Sinkpris BULL SINK ETN DNM 20.46-1.4 % 5.7 % 21.4 % -30.6 % NOK 0 Gullpris DNB-ETN GULL 30.38-1.4 % 2.8 % 10.2 % 13.4 % NOK 20 Opera BEAR OPERA DNM 2.62-1.7 % -0.2 % -82.9 % -83.3 % NOK 0 Orkla BEAR ORKLA HA 4.62-1.8 % -0.1% -9.5 % -40.5 % NOK 0 Naturgasspris BEAR NATGAS ETN DNM 105.88-1.9 % -3.6 % -3.8 % 180.6 % NOK 0 OBX BEAR OBX X1 DNM 27.12-2.2 % 0.4 % -3.0 % #VALUE! NOK 0 Gullpris DNB-ETN GULL BULL 21.95-2.5 % 4.7 % 21.6 % 12.9 % NOK 10000 Schibsted BEAR SCH DNM 5.62-2.5 % 8.4 % 13.5 % -28.2 % NOK 0 PGS DNB-ETN PGS BEAR 15.72-2.6 % 53.5 % 44.0 % 95.0 % NOK 0 M arine Harvest Group DNB-ETN M ARINE HARVEST BEAR 7.76-2.8 % -1.4 % -17.7 % -55.3 % NOK 0 Gullpris BULL GULL HA 75.85-2.9 % 4.7 % 21.4 % 12.5 % NOK 200 Orkla DNB-ETN ORKLA X3 BEAR 1.67-2.9 % -0.6 % -14.8 % -56.8 % NOK 0 Storebrand DNB-ETN STOREBRAND BEAR 4.69-3.0 % 14.3 % -19.2 % -59.1% NOK 0 Strømpris BEAR EL HA 1054.00-3.2 % -5.7 % -12.8 % 285.9 % NOK 0 Strømpris DNB - ETN ELKRAFT BEAR 187.60-3.2 % -5.7 % -12.8 % 133.6 % NOK 0 Sølvpris SOLV ETN DNM 27.66-3.3 % -0.8 % 4.1 % 0.2 % NOK 0 DNB BEAR DNB NOR HA 4.24-3.5 % 5.7 % -2.5 % 25.1 % NOK 0 DNO BEAR DNO DNM 33.71-3.6 % 14.2 % -46.0 % 54.8 % NOK 4753 Yara DNB-ETN YARA BEAR 5.71-4.0 % 0.8 % -0.2 % 22.7 % NOK 0 OBX XACT DERIVAT BEAR 91.80-4.2 % 0.5 % -6.7 % 11.6 % NOK 1395447 REC DNB-ETN REC BULL 1.65-4.3 % -16.2 % -69.1% -92.9 % NOK 203467 REC BULL REC HA 4.90-4.4 % -15.7 % -69.6 % -92.8 % NOK 2000 Yara BEAR YARA HA 1.71-4.5 % 0.9 % -0.3 % 18.3 % NOK 0 Telenor DNB - ETN TELENOR BEAR 4.49-5.1% -5.0 % 19.7 % 10.3 % NOK 0 TGS Nopec DNB-ETN TGS BEAR 17.49-5.8 % -1.8 % -6.6 % 26.0 % NOK 500 Norwegian DNB-ETN NORWEGIAN BEAR 7.51-5.8 % 0.3 % -26.6 % -59.5 % NOK 0 RCL DNB-ETN RCL BEAR 18.08-6.1% -10.5 % 9.9 % -49.1% NOK 0 Yara DNB-ETN YARA X3 BEAR 13.15-6.1% 0.9 % -1.6 % 21.2 % NOK 27400 Statoil DNB-ETN STATOIL BEAR 8.20-6.1% 0.1 % -28.2 % -10.7 % NOK 18300 Sølvpris BULL SOLV ETN DNM 19.33-6.1% -2.4 % 8.4 % -15.4 % NOK 0 Statoil BEAR STL HA 10.71-6.1% 0.1 % -27.9 % -10.8 % NOK 90000 Gjensidige DNB-ETN GJENSIDIGE X3 BEAR 0.49-6.7 % -2.0 % -7.5 % -39.9 % NOK 0 OBX BEAR OBX X3 HA 3.63-6.7 % 0.4 % -11.9 % 5.7 % NOK 0 OBX DNB-ETN OBX X3 BEAR 5.37-6.7 % 0.4 % -11.9 % 8.2 % NOK 0 Oljepris DNB - ETN BRENT BEAR 53.08-6.9 % 7.3 % -22.5 % 158.2 % NOK 6396 Oljeservice DNB - ETN OIL SERVICE BEAR 37.80-7.0 % 6.1 % -1.2 % 124.9 % NOK 0 Telenor DNB-ETN TELENOR X3 BEAR 3.03-7.5 % -7.6 % 28.7 % 5.8 % NOK 0 Norsk Hydro BEAR NHY HA 19.00-7.6 % -11.5 % -34.4 % 4.2 % NOK 0 Norsk Hydro DNB-ETN NORSK HYDRO BEAR 9.56-7.6 % -11.6 % -34.5 % 4.5 % NOK 0 Subsea 7 DNB-ETN SUBSEA 7 BEAR 17.16-7.6 % 0.0 % -12.2 % 15.7 % NOK 0 Oljepris BEAR OLJE HA 77.33-8.0 % 5.5 % -19.7 % 213.0 % NOK 0 CO2 BEAR CO2 ETN DNM 18.19-8.4 % 5.6 % 22.8 % 62.8 % NOK 0 OBX BEAR OBX X4 DNM 14.03-8.9 % 0.0 % -17.6 % 0.0 % NOK 27146 Statoil DNB-ETN STATOIL X3 BEAR 2.76-9.2 % -0.9 % -42.6 % -32.0 % NOK 130000 Norsk Hydro BEAR NHY X3 DNM 4.88-11.4 % -17.7 % -50.6 % -14.3 % NOK 3000 Golden Ocean BEAR GOGL DNM 603.65-14.3 % 39.3 % 37.7 % 1231.1 % NOK 132 Kilde: Bloomberg DNB ANBEFALINGER OG ESTIMATER 42 99 Selg Hold Kjøp 55 6

DNB Markets Dnb anbefalinger og estimater DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA 2015 2016 2015 2016 2015 2016 A. P. Møller Mærsk maerskb Kjøp DKK 8,335.00 11200.00 11.86 89.97-60.2x 15.0x 4.1x 8.5x AF Gruppen AFG Selg NOK 128.50 90.00 7.51 6.53 17.4x 19.7x 10.3x 12.2x Akastor AKA Hold NOK 7.38 9.50-9.54-3.03-2.3x -2.4x 11.0x -11.7x Aker AKER Hold NOK 143.00 155.00 8.31 4.79 19.7x 29.9x Aker Solutions AKSO Selg NOK 22.90 20.00 1.44 1.20 16.2x 19.0x 4.5x 10.9x Alfa Laval ALFA Selg SEK 132.70 125.00 9.15 7.92 16.9x 16.8x 10.3x 13.4x Archer ARCHER Selg NOK 3.04 3.00-1.57-0.71-0.4x -0.5x 9.4x -4067.5x Assa Abloy ASSAB Hold SEK 163.90 165.00 6.93 7.28 25.7x 22.5x 17.6x 17.2x Atea ATEA Hold NOK 74.50 75.00 3.76 4.30 19.6x 17.3x 8.9x 13.6x Atlas Copco ATCOA Hold SEK 192.00 200.00 9.62 10.63 21.2x 18.1x 11.0x 13.2x Atw ood Oceanics ATW Selg USD 6.21 6.00 6.69 3.56 2.2x 1.7x 3.3x 5.3x Aurora LPG AURLPG Hold NOK 43.90 53.20 2.07 1.71 3.4x 3.0x 4.1x 8.4x Austevoll Seafood AUSS Kjøp NOK 62.75 66.00 3.56 5.14 20.1x 12.2x 7.0x 6.8x Autoliv ALIV Hold SEK 903.00 950.00 5.54 6.50 18.6x 15.8x 9.6x 10.7x Avance Gas AVANCE Hold NOK 69.05 92.00 5.33 3.49 2.4x 2.3x 4.3x 4.8x Aw ilco Drilling AWDR Hold NOK 29.00 40.00 4.81 1.27 0.7x 2.6x 0.5x 1.6x Bakkafrost BAKKA Kjøp NOK 319.90 340.00 16.58 15.17 11.4x 16.5x 9.1x 12.1x Betsson BETSB Kjøp SEK 122.90 180.00 6.02 8.08 22.9x 15.2x 19.0x 14.4x BillerudKorsnäs BILL Kjøp SEK 133.50 175.00 8.76 9.64 20.5x 13.8x 10.2x 11.9x Borregaard BRG Kjøp NOK 51.50 60.00 3.87 4.76 12.8x 10.8x 7.4x 8.2x BW LPG BWLPG Hold NOK 56.80 67.00 2.38 1.83 3.5x 3.6x 4.3x 6.0x BW Offshore BWO Selg NOK 1.20 1.00-0.32-0.04-4.9x -3.8x 4.9x 33.0x Cargotec CGC Hold EUR 28.26 27.00 2.21 2.36 14.3x 11.8x 9.2x 10.0x Carlsberg CARLB Selg DKK 595.00 530.00-19.18 22.86-31.9x 26.0x 9.4x 18.5x Castellum CAST Kjøp SEK 128.90 145.00 17.57 7.74 16.8x 17.4x 19.3x 19.6x Chr. Hansen CHR Hold DKK 416.60 459.89 1.22 1.43 36.4x 38.6x 22.5x 29.4x Citycon CTY1S Kjøp EUR 2.11 2.90 0.12 0.14 25.8x 14.9x 24.4x 19.0x Coloplast COLOB Hold DKK 522.00 560.00 4.28 17.80 25.4x 29.3x 19.5x 21.9x Com Hem COMH Selg SEK 74.25 60.00 0.47 1.32 164.8x 56.4x 10.3x 29.5x Coor Service Management COOR Kjøp SEK 38.00 46.00 1.93 1.37 13.2x 11.4x 11.2x 19.1x D/S Norden DNORD Kjøp DKK 91.55 163.00 1.86-0.14 7.9x -96.2x 4.4x 198.1x Danske Bank DANSKE Hold DKK 184.20 205.00 12.95 18.27 10.6x 10.1x Deep Sea Supply DESSC Selg NOK 0.73 0.70-0.46-0.22-14.6x -0.5x 6.9x -18.6x Det norske oljeselskap DETNOR Kjøp NOK 56.75 60.00-1.08 0.41-5.8x 15.8x 4.1x 9.2x DHT Holdings DHT Kjøp USD 5.78 9.40 1.14 1.35 7.0x 4.3x 5.8x 6.7x Diamond Offshore DO Selg USD 19.39 15.00-2.00 1.11-10.5x 17.5x 4.8x 15.5x Diana Shipping DSX Hold USD 2.21 3.00-0.82-1.28-5.3x -1.7x 24.1x -7.6x DNB DNB NOK 96.05 14.97 12.45 8.9x 7.7x DNO DNO Kjøp NOK 6.36 15.00-0.18 0.22-3.7x 3.3x -13.4x 2.6x DOF DOF Selg NOK 3.50 3.00-3.94 3.42 0.6x 1.3x 8.4x 14.5x Dolphin Group DOLP Selg NOK 0.11 0.10-0.13-0.14-0.1x -0.1x 5.2x -7.2x Dorian LPG LPG Hold USD 10.01 12.32 0.44 2.72 24.4x 3.7x 14.6x 7.9x Eidesvik Offshore EIOF Selg NOK 8.84 7.00 4.12-1.58 0.9x -5.6x 5.1x 35.1x Electrolux ELUX Hold SEK 196.80 200.00 5.45 13.78 21.5x 14.3x 7.8x 10.6x Elekta EKTAB Kjøp SEK 72.95 85.00 2.42 3.30 30.1x 22.1x 14.1x 16.4x Ensco ESV Selg USD 8.28 8.00 4.57 2.83 3.4x 2.9x 3.9x 5.7x Entra ENTRA Kjøp NOK 74.25 84.00 14.69 4.46 19.9x 19.1x 18.5x 17.6x Epic Gas EPIC Kjøp NOK 15.00 25.40-0.16-0.13-14.5x -13.3x 8.3x 41.8x Euronav EURN Kjøp USD 10.65 17.00 2.24 2.10 6.4x 5.3x 5.6x 7.4x Europris EPR Selg NOK 39.70 37.00 1.64 2.52 26.3x 15.8x 13.9x 12.3x Fabege FABG Hold SEK 134.70 135.00 19.72 5.13 38.0x 31.2x 32.2x 28.6x Farstad Shipping FAR Selg NOK 14.45 10.00-26.57-10.69-2.3x -1.4x 8.5x 53.7x Flex LNG FLNG Hold NOK 10.95 10.90 0.00 0.00-59359.2x -54941.5x -68.3x -69.9x FLSmidth FLS Hold DKK 243.30 240.00 8.58 16.52 18.4x 14.4x 7.4x 12.4x FMC Technologies FTI Selg USD 24.48 20.00 1.69 1.18 13.8x 20.7x 8.0x 12.5x Fortum FUM1V Kjøp EUR 11.93 16.40 4.81 0.65 17.4x 18.5x Fred Olsen Energy FOE Selg NOK 23.10 20.00-5.29 2.45 1.0x 1.1x 2.2x 3.9x Frontline FRO Kjøp NOK 77.65 26.00 0.31 0.43 50.6x 21.0x 25.1x 22.2x Frontline 2012 FRNT Kjøp NOK 62.50 55.00 1.37 0.92 8.7x 7.8x 12.1x 11.5x GasLog GLOG Kjøp USD 8.41 15.00 0.05 0.50 35.3x 16.8x 10.4x 16.5x Gener8 Maritime GNRT Kjøp USD 5.83 14.20 2.38 3.21 3.8x 1.8x 6.2x 6.0x Getinge GETIB Selg SEK 189.30 180.00 5.83 8.66 28.7x 16.9x 15.2x 18.8x Gjensidige Forsikring GJF Hold NOK 136.60 145.00 7.57 8.52 18.8x 16.0x 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 2015 2016 2015 2016 2015 2016 GN Store Nord GN Hold DKK 132.70 130.00 5.14 7.84 23.7x 16.7x 10.7x 9.9x Golar LNG GLNG Kjøp USD 16.55 49.00-1.79-1.57-119.2x -9.1x -65.9x -119.2x Golar LNG Partners GMLP Kjøp USD 13.07 15.90 2.26 2.61 4.9x 5.0x 6.5x 8.2x Golden Ocean GOGLUS Hold USD 0.55 0.67-1.73-0.32-1.1x -1.7x -53.4x -14.0x Havfisk HFISK Kjøp NOK 29.70 36.00 1.93 2.97 14.6x 10.0x 8.0x 7.9x Havila Shipping HAVI Selg NOK 2.00 0.50-1.42 0.40 0.8x 5.0x 6.8x 16.1x Helgeland Sparebank HELG Kjøp NOK 59.00 75.00 8.35 8.96 7.1x 6.6x Hennes & Mauritz HMB Hold SEK 276.90 310.00 12.63 12.79 25.6x 21.7x 15.7x 15.7x Hexagon AB HEXAB Kjøp SEK 289.00 320.00 1.39 1.58 23.3x 19.4x 15.6x 17.0x Hexagon Composites HEX Kjøp NOK 20.00 21.00 0.03 1.17 126.5x 17.1x 33.5x 11.7x Hexpol HPOLB Kjøp SEK 85.00 95.00 4.05 4.26 22.5x 20.0x 14.2x 13.8x Hufvudstaden HUFV Hold SEK 125.60 120.00 16.82 4.07 31.4x 30.9x 26.5x 26.2x Husqvarna HUSQb Kjøp SEK 53.15 65.00 3.27 3.78 16.2x 14.1x 9.7x 11.4x Höegh LNG Holdings HLNG Kjøp NOK 81.00 135.00 0.18 0.45 38.5x 19.9x 14.0x 15.0x Industrivärden INDUc Hold SEK 133.10 141.44 Investor INVEb Kjøp SEK 281.10 336.01 Jm Ab JM Kjøp SEK 199.50 240.00 14.74 17.48 16.6x 11.4x 13.0x 8.5x Klövern KLOVb Kjøp SEK 8.58 10.00 1.83 0.59 18.0x 14.4x 19.8x 17.9x KNOT Offshore Partners KNOP Kjøp USD 15.95 25.20 1.33 1.76 10.1x 9.0x 7.3x 13.6x Kone KNEBV Hold EUR 40.47 39.00 2.01 1.90 21.9x 21.3x 14.0x 15.0x Konecranes KCR1V Hold EUR 19.49 21.00 0.52 1.14 19.4x 12.7x 9.0x 9.9x Kongsberg Gruppen KOG Kjøp NOK 126.00 160.00 6.23 8.34 17.8x 15.1x 9.2x 9.6x Kungsleden KLED Kjøp SEK 57.00 74.00 2.79 4.84 14.2x 11.8x 19.7x 17.5x Kværner KVAER Hold NOK 6.09 7.00 1.46 0.57 6.5x 10.8x 2.0x -0.4x Lerøy LSG Kjøp NOK 371.00 390.00 21.62 29.90 17.3x 12.4x 11.5x 9.3x Loomis LOOMb Kjøp SEK 273.50 325.00 14.22 16.29 18.6x 16.8x 8.5x 12.7x Lundbeck LUN Kjøp DKK 248.00 260.00-28.98 3.52-8.1x 70.4x 230.9x 49.1x Lundin Petroleum LUPE Hold SEK 130.70 130.00-2.99 0.42-4.9x 36.5x 41.3x 18.1x Marine Harvest MHG Kjøp NOK 126.40 135.00 3.24 8.31 23.3x 15.2x 14.3x 12.5x Meda MEDA Hold SEK 153.10 160.00 3.22 4.58 25.3x 33.4x 10.0x 25.7x Metso MEO1V Kjøp EUR 19.52 24.00 2.95 1.29 10.8x 14.6x 7.7x 8.7x Millicom MICsdb Kjøp SEK 397.00 560.00-5.59 1.43-13.8x 23.6x 5.7x 12.1x MTG MTGb Kjøp SEK 230.10 300.00 3.21 15.84 14.3x 14.9x 10.8x 11.9x Ncc NCC Hold SEK 287.20 280.00 19.48 16.76 13.3x 17.1x 8.6x 12.6x NetEnt NETb Kjøp SEK 502.00 475.00 8.98 10.63 55.1x 47.2x 36.5x 41.6x Nibe Industrier NIBEB Selg SEK 269.60 215.00 11.22 11.57 25.4x 23.3x 16.9x 19.8x Nobia NOBI Kjøp SEK 82.40 110.00 4.92 6.27 19.9x 13.1x 11.7x 9.7x Noble NE Selg USD 7.62 6.00 3.42 1.39 3.1x 5.5x 3.7x 8.4x Nokian Tyres NRE1V Kjøp EUR 32.18 38.00 1.80 1.70 18.9x 19.0x 11.1x 13.9x Nordea NDA Kjøp SEK 84.90 107.00 0.91 0.87 11.1x 10.4x Nordic Nanovector NANO Kjøp NOK 13.60 36.00-5.51-5.48-2.6x -2.5x 0.5x -0.4x Nordic Semiconductor NOD Kjøp NOK 42.13 57.00 0.15 0.20 33.1x 24.7x 17.9x 16.9x Norsk Hydro NHY Hold NOK 33.95 34.00 0.97 2.95 10.7x 13.9x 4.6x 8.5x North Energy NORTH Hold NOK 1.13 1.10-1.06-0.28 0.0x -1.2x Norw ay Royal Salmon NRS Kjøp NOK 95.75 100.00 5.27 6.49 19.6x 14.7x 15.1x 11.6x Norw egian Air Shuttle NAS Kjøp NOK 280.00 375.00 6.92 27.92 18.2x 8.2x 19.3x 19.6x Norw egian Cruise Line NCLH Selg USD 47.90 55.00 2.46 3.58 20.7x 13.4x 16.1x 15.6x Norw egian Property NPRO Kjøp NOK 8.60 9.70 0.88 0.51 33.3x 17.0x 22.7x 18.6x Novo Nordisk NVO Kjøp DKK 349.60 435.00 13.52 15.22 29.7x 23.0x 19.4x 17.3x Novozymes NZYMB Selg DKK 290.00 240.00 9.23 10.29 36.2x 29.1x 20.7x 21.5x NRC Group NRC Hold NOK 44.60 48.00 0.55 2.34 101.3x 19.1x 47.6x 12.9x Ocean Rig ORIG Selg USD 0.76 1.00 3.00 1.98 0.5x 0.4x 3.4x 6.0x Ocean Yield OCY Hold NOK 46.70 55.00 0.77 0.95 9.6x 5.7x 9.4x 11.7x Odfjell ODF Kjøp NOK 24.40 47.00-0.45 1.12-21.2x 2.5x 6.8x 9.3x Odfjell Drilling ODL Hold NOK 5.14 6.00-0.82 0.09-0.7x 6.4x 6.0x 22.2x Olav Thon OLT Kjøp NOK 128.00 195.00 33.01 11.81 16.4x 12.0x 15.6x 14.5x Opera OPERA Hold NOK 67.40 71.00-0.36 0.08 15.2x 20.9x 11.3x 29.5x Oriflame ORI Kjøp SEK 131.20 149.00 0.65 1.08 22.6x 13.0x 9.3x 8.1x Orkla ORK Kjøp NOK 71.80 77.00 3.24 3.42 21.7x 21.0x 16.8x 18.7x Outotec OTE1V Kjøp EUR 2.67 3.50-0.10 0.03 22.0x 24.5x 4.5x 15.0x Pacific Drilling PACD Selg USD 0.39 0.50 0.82-0.51 1.0x -0.8x 4.8x 28.6x Pandox PNDXB Hold SEK 140.70 150.00 14.21 7.85 28.0x 19.4x 24.7x 20.5x Peab PEAB Kjøp SEK 71.20 74.00 2.71 5.67 11.6x 12.5x 22.5x 9.8x PGS PGS Selg NOK 17.83 22.00-2.43-0.64-10.6x -3.2x 3.9x -22.6x Polarcus PLCS Selg NOK 0.88 1.00 4.3x -12.7x Prosafe PRS Selg NOK 8.90 10.00 0.36 0.30 6.5x 3.4x 6.7x 13.5x Q-Free QFR Kjøp NOK 8.66 15.00-1.31 0.51 409.6x 17.0x 10.2x 12.6x Recipharm RECIB Kjøp SEK 138.50 155.00 4.64 7.09 27.3x 19.5x 14.2x 16.7x RenoNorden RENO Kjøp NOK 34.00 45.00 3.06 3.12 11.3x 10.9x 7.0x 13.0x 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 2015 2016 2015 2016 2015 2016 Rezidor REZT Kjøp SEK 33.90 38.00 0.20 0.30 17.3x 12.0x 5.8x 7.6x Row an RDC Hold USD 11.76 15.00 0.70 2.64 24.2x 4.5x 4.3x 6.2x Royal Caribbean Cruises RCL Selg NOK 634.00 570.00 3.03 5.83 21.2x 12.6x 14.7x 16.0x Safe Bulkers SB Selg USD 0.54 0.30-0.48-0.62-1.7x -0.9x 18.0x -56.2x Saipem SPM Hold EUR 0.35 0.40-1.83 0.03-0.5x 11.2x 11.2x 8.2x SalMar SALM Kjøp NOK 184.00 180.00 9.73 13.41 16.4x 13.7x 11.4x 10.5x Sampo Oyj SAMAS Hold EUR 41.44 42.00 2.96 2.87 15.9x 14.5x Sandvik SAND Kjøp SEK 76.80 90.00 2.77 4.71 15.7x 16.3x 8.0x 12.6x SCA SCAB Hold SEK 256.70 250.00 9.97 12.51 20.3x 19.5x 10.8x 15.2x Scandi Standard SCST Hold SEK 55.00 58.00 2.93 3.96 18.2x 13.9x 9.4x 11.9x Schibsted SCHA Selg NOK 234.60 184.00 5.85 3.78 89.0x 62.1x 28.7x 26.4x Scorpio Tankers STNG Kjøp USD 5.76 9.70 1.30 1.20 6.2x 4.8x 7.9x 10.4x Seadrill SDRL Selg NOK 15.40 10.00-1.50 1.68-2.3x 1.1x 4.7x 9.2x SEB SEB Kjøp SEK 83.25 108.00 7.57 8.05 11.0x 10.3x Securitas SECUB Kjøp SEK 127.30 145.00 6.67 7.68 19.5x 16.3x 11.7x 12.9x Selvaag Bolig SBO Kjøp NOK 24.50 36.00 3.03 2.65 8.9x 8.9x 8.7x 9.1x Sevan Marine SEVAN Selg NOK 18.50 15.00-1.06-0.14-5.5x -15.6x -6.9x -13.8x Siem Offshore SIOFF NOK 1.73-0.14-0.04-4.1x -5.5x 8.1x 60.2x Skandiabanken SKBN Kjøp NOK 40.00 57.00 3.48 5.69 11.8x 8.7x Skanska SKA Kjøp SEK 179.40 200.00 11.63 11.87 13.8x 15.1x 10.4x 11.3x SKF SKFB Hold SEK 142.30 140.00 8.92 11.58 11.9x 12.3x 7.8x 10.7x Solstad Offshore SOFF Selg NOK 16.90 15.00-3.84-0.30 1.5x -55.5x 7.1x 27.2x Songa Offshore SONG Selg NOK 0.79 0.50-0.31 0.06-0.4x 1.5x 7.8x 12.5x Sparebank1 Nord-Norge NONG Kjøp NOK 37.00 50.00 4.11 5.40 8.2x 7.2x Sparebank1 SMN MING Kjøp NOK 50.50 75.00 7.02 7.90 7.2x 6.4x Sparebank1 SR-Bank SRBANK Kjøp NOK 37.50 50.00 6.83 6.80 5.8x 5.5x Sparebanken Møre MORG Kjøp NOK 193.00 250.00 25.23 27.18 7.7x 7.1x Sparebanken Øst SPOG Kjøp NOK 48.50 65.00 4.79 5.21 11.3x 9.3x Spectrum SPU Hold NOK 23.50 22.00 0.04 0.13 75.2x 20.6x 2.2x 11.5x Statoil STL Kjøp NOK 119.60 140.00-11.79 8.00 20.4x 14.0x Stolt-Nielsen SNI Kjøp NOK 79.50 158.00 2.38 1.63 5.7x 5.6x 5.2x 10.4x Storebrand STB Kjøp NOK 33.26 44.00 3.09 3.93 8.6x 6.8x Subsea 7 SUBC Selg NOK 50.50 45.00 1.45 0.21 4.9x 27.9x 2.2x 21.0x Svenska Handelsbanken SHB Selg SEK 110.50 102.00 8.57 8.01 14.0x 13.8x Sw edbank SWEDA Kjøp SEK 172.20 207.00 14.23 17.38 12.8x 10.8x Sw edish Match SWMA Kjøp SEK 276.80 300.00 14.36 15.69 20.7x 17.7x 14.5x 13.2x Tanker Investments TIL Kjøp NOK 83.75 135.00 2.07 2.26 5.8x 4.3x 7.4x 8.5x Technip TECF Selg EUR 42.79 35.00 0.81 4.45 9.7x 9.2x 2.7x 4.0x Teekay Tankers TNK Kjøp USD 4.16 7.60 1.37 1.36 5.3x 3.1x 7.7x 6.3x Tele2 TEL2b Kjøp SEK 70.25 87.00 6.70 1.58 24.9x 31.8x 8.7x 24.1x Telenor TEL Kjøp NOK 129.60 172.00 2.27 10.81 15.8x 12.0x 7.0x 10.3x TeliaSonera TLSN Hold SEK 39.49 43.00 1.97 3.09 10.9x 12.5x 8.0x 14.0x TGS Nopec TGS Hold NOK 119.10 100.00-0.27 0.24-58.6x 56.2x 3.0x 38.2x Thule Group THULE Kjøp SEK 106.00 115.00 4.43 6.52 19.7x 16.2x 15.5x 13.1x Tomra TOM Hold NOK 84.00 80.00 4.06 4.78 23.2x 17.6x 12.5x 12.5x Topdanmark TOP Kjøp DKK 155.00 200.00 11.36 12.65 17.3x 12.3x Transocean RIG Selg USD 8.20 7.00 1.34 1.94 9.3x 4.2x 2.8x 8.3x Trelleborg TRELB Hold SEK 142.50 160.00 9.60 10.10 16.0x 13.3x 11.1x 12.9x Tryg TRYG Hold DKK 123.90 130.00 6.77 8.15 20.3x 15.2x Tsakos Energy Navigation TNP Kjøp USD 5.92 14.30 1.71 2.00 4.6x 3.0x 5.9x 7.6x Unibet UNIB Hold SEK 97.15 95.00 23.44 32.89 33.6x 23.4x 25.8x 21.0x Valmet VALMT Kjøp EUR 9.35 12.50 0.51 0.75 13.9x 12.4x 5.7x 8.8x Veidekke VEI Hold NOK 109.50 110.00 5.73 9.09 19.2x 12.0x 10.7x 9.7x Vitrolife VITR Kjøp SEK 303.00 310.00 8.42 9.33 34.3x 32.5x 21.9x 23.9x Volvo VOLVB Kjøp SEK 85.00 106.00 7.46 7.16 12.4x 12.4x 4.2x 8.2x Weifa WEIFA Kjøp NOK 0.84 1.50 0.01 0.05 83.7x 16.4x 15.4x 10.5x Wihlborgs WIHL Kjøp SEK 168.70 180.00 29.64 10.55 18.1x 16.0x 21.5x 20.5x Wilh. Wilhelmsen ASA WWASA Kjøp NOK 36.40 58.00-0.02 0.92-27.2x 4.6x 10.8x 8.6x Wilh. Wilhelmsen Holding WWI Kjøp NOK 131.00 259.00-0.02 4.12-23.1x 3.7x 6.2x 5.6x William Demant Holding WDH Selg DKK 580.50 530.00 26.04 30.52 25.2x 19.0x 14.9x 12.6x Wärtsilä WRT1V Hold EUR 37.40 42.00 2.26 2.47 18.0x 15.0x 12.2x 11.4x XXL XXL Kjøp NOK 95.50 105.00 3.41 4.48 30.0x 21.3x 20.9x 17.6x Yara YAR Hold NOK 332.40 340.00 29.38 32.05 12.2x 10.4x 6.2x 8.2x YIT YIT Selg EUR 4.94 4.00 0.38 0.36 13.9x 13.8x 12.7x 13.0x Kilde: DNB Markets, FactSet, Bloomberg 9

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