TVIL I USA, OLJE NED OG OPP IGJEN, US DETALJHANDEL ELUX & RENO

ANALYSE Aksjemarkedet i dag TVIL I USA, OLJE NED OG OPP IGJEN, US DETALJHANDEL ELUX & RENO Usikkerheten forbundet med tempo og tidspunkt for egne renteøkninger i et globalt makrobilde med generelt press på rentene la i kombinasjon med en stigende USDkurs ytterligere press på det amerikanske aksjemarkedet i går. Dow, S&P500 og Nasdaq endte alle ned 0.2%. Volumet på de tre hovedindeksene kom inn på rundt 90% av gjennomsnittet for de siste tre måneder. I Asia peker indeksene opp i morgentimene i dag etter et overraskende rentekutt fra sentralbanken i Sør-Korea, bedre sysselsettingstall fra Australia enn ventet og fortsatt fokus på de positive sidene av en svakere Yen-kurs. Nikkei stenger opp 1.4%, mens Hang Seng er opp 0.4%. I Europa får vi i dag oppdaterte tall for industriproduksjonen i januar. I tillegg kommer de svenske ledighetstallene. Fra USA får vi etter hvert detaljhandelstall for februar og de ukentlige arbeidsmarkedstallene. Utviklingen i detaljhandelen vil kunne påvirke markedets forventninger til neste ukes signaler fra den amerikanske sentralbanken. Investorene i USA ser i øyeblikket ut til å bevege seg over på sidelinjen mens de vurderer utsiktene for amerikanske selskaper inn i en periode med stigende renter samtidig som rentene i andre markeder fortsatt er på vei ned eller allerede negative. For eurosonen ser det i tillegg ut til at bekymringene knyttet til den greske gjeldshåndteringen er på vei opp igjen. I oljemarkedet var WTI-prisen i går ned USD 0.44 pr fat til USD 48.30 pr fat. I morgentimene i dag ligger prisen på USD 48.48 pr fat. Brent åpner på USD 58.19 pr fat, opp USD 1.32 pr fat i forhold til nivået ved stengetid i det norske markedet i går. De amerikanske lagertallene kom inn før stengetid på Oslo Børs i går. Veksten i råoljebeholdningene kom inn på nivå med forventningene, men høyere kapasitetsutnyttelse i raffineriene enn ventet ser ut til å ha dempet reduksjonen i produktlagrene. Salgsutviklingen for Electrolux i USA ser ut til å være betydelig svakere enn for konkurrentene og i 2014 var dette forårsaket av blant annet sviktende omsetning innen aircondition. De fire største detaljistene står for rundt 70% av salget i dette markedet og vi registrerer at de viktigste konkurrentene av selskapet tilbyr rundt dobbelt så mange produkter via disse detaljistenes netthandelsløsninger. Komfyrer er en kategori med relativt høye marginer i denne bransjen og her ser vi at antall typer produkter solgt hos to av detaljistene er ned fra rundt 70 til 5 i løpet av det siste året. Samlet for hele konsernet ligger vårt EBIT-estimat for Q1 2015 28% under konsensus og vi har en salgsanbefaling på Electrolux med et kursmål på SEK 215 pr aksje. RenoNorden har bygget seg opp til å bli den største aktøren i det nordiske markedet for avfallsinnsamling. Selskapet har avtaler med over 230 kommuner i Norge, Sverige og Danmark, samt flere avtaler i Finland. Langsiktige kontrakter med kunder i offentlig sektor, mulighetene for å utnytte operasjonelle skalafordeler og en etter vårt syn attraktiv verdsettelse og forventet direkteavkastning gjør at vi har en kjøpsanbefaling med et kursmål på NOK 70 pr aksje. Selskapet vil presentere seg for investorene på DNB Markets SMB Konferanse den 24. mars. Selskap Tidspunkt Konsensus Aeropostale Etter markedet -0.03 Hovnanian - -0.06 Dollar General - 1.17 Land Nøkkeltall Tyskland KPI 08.00 0.1% Frankrike KPI 08.45-0.4% Sverige Ledighet 09.30 8.2% EU Industriproduksjon 11.00 0.2% USA Detaljhandel 13.30 0.4% USA Førstegangssøkende 13.30 - USA Registrerte ledige 13.30 - Våre anbefalte aksjer: - NHY - SBO - TIL - DETNOR - SALM - OCY - TOM - NAS YTD DNB: +4% YTD OSE: +6% Internasjonale børser Siste Endr. % Dow Jones 17,635-28 -0.16 S&P 500 2,040-4 -0.19 NASDAQ 4,850-10 -0.20 Nikkei 225 18,959 235 1.26 Euro 500 269 4 1.45 Danmark-KFX 894 5 0.53 Finland-HEX 9,076 126 1.41 Norge-OSEBX 609 5 0.86 Sverige-SAX 536 7 1.23 Valuta/råvarer Siste I går Endr. % EUR/USD 1.054 1.055-0.06 USD/JPY 121.3 121.5 0.12 USD/NOK 8.210 8.208 0.12 EUR/NOK 8.640 8.658 0.21 Siste Endr. Endr. % CRB indeks 216-3.42-1.56 Brent sp. ($/bbl) 57.6 1.72 3.08 Brent 1m ($/bbl) 58.1 1.69 3.00 Alum. 3m ($/ton) 1,745.0-35.00-1.97 US Nat.gass 2.8 0.07 2.63 Renter Siste I går Endr. USA 10år 2.099 2.130-0.03 Tyskl. 10år 0.209 0.312-0.10 Norge 10år 1.474 1.588-0.11 USA 3m 0.268 0.265 0.00 Euro 3m 0.029 0.035-0.01 Norge 3m 1.310 1.360-0.05 DNB Markets følger markedet konstant og nå kan du følge oss på Twitter. Slik gjør vi det enda lettere for deg å forstå hva som skjer. Sjekk oss ut på twitter.com/dnbmarkets ANALYSTS Ole-Andreas Krohn Ole-Andreas.krohn@dnb.no TLF: 08940 Please see the last page for important information

DNB Markets Sentrale US-INDekser SENTRALE US-INDEKSER Endring Endring Endring Endring Gj.snittlig Siste i poeng 1 dag (%) 1 mnd.(%) hittil i år(%) est. P/E Dow Jones Industrial 17,635-27.55-0.16-1.88-1.05 16.11 S&P 500 2,040-3.92-0.19-2.31-0.91 18.31 Nasdaq Composite 4,850-9.85-0.20-0.16 2.40 31.07 Russel 2000 1,216 7.30 0.60-0.04 0.92 47.14 Amex naturgass-indeks (XNG) 686 8.22 1.21-7.23-5.69 17.73 Amex Oil Service Indeks 190 0.93 0.49-4.57-10.07 11.33 Philadelphia-børsens oljeproduksjon-indeks (XOI) 1,284 1.93 0.15-7.53-4.76 13.03 Amex farmasi-indeks (DRG) 551-0.77-0.14-0.35 3.44 24.40 Nasdaq biotech-indeks 3,585 10.55 0.30 6.90 12.81 #N/A N/A Philadelphia-børsens halvleder-indeks (SOX) 703 1.86 0.27 0.42 2.37 21.39 S&P 500 Paper & Forest Index ( PAFO) 233-1.08-0.46-5.51 0.86 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 2.40-0.07 1,106,780 19.70 19.60 0.10 Royal Caribbean Cruises 76.18-2.94 2,456,894 625.42 637.50-12.08 Questerre (CAD) 0.32-0.01 62,461 2.06 2.00 0.06 Statoil 16.82-1.15 4,744,500 138.09 136.90 1.19 Yara 51.91-0.65 8,030 426.17 425.10 1.07 Sverige AstraZeneca 64.44-0.13 947,104 556.12 557.00-0.88 Finland (EUR) Nokia 7.73-0.13 21,384,214 7.33 7.35-0.02 Danmark Novo Nordisk B 46.01-0.58 839,969 325.41 325.10 0.31 SAMMENLIGNBARE SELSKAPER (PEERS) BEST -1d% Peer SVAKEST -1d% Peer Furniture Brands Intern #N/A N/A EKO Stora Enso -2.3 NSG Dell Inc #N/A N/A KOM FMC Technologies -1.7 AKSO Overseas Shipholding G#N/A N/A FRO CVRD -1.4 NHY Ubs #N/A N/A DNB Bg -1.3 STL Alcatel 5.4 NOKIA Efore -1.3 ELT Furniture Brands Intern #N/A N/A EKO National Oilwell -1.0 AKSO Metro 3.9 SCH Total -1.0 STL Sanoma Wsoy 3.5 SCH Computer Sciences Co -1.0 EDB BASF AG 3.3 ORK Deere & Company -0.8 KVE Diamond 3.2 SDRL Bp -0.7 STL RÅVARER & SHIPPING Siste I går Endr. %1D 1W 1M 3M YTD 12M 52W H 52W L CRB indeks 215.9 215.9-0.2-0.07-7 -10.2-27.9-14.1-87.1 313.3 211.3 GS råvare indeks 3,040 3,040 13.5 0.4% - 94-111 -421-192 -1,870 5,214 2,856 Oil Brent Spot 57.60 57.18 0.42 0.73-3 0.56-3.49 1.84-50.24 Brent olje 1m 58.08 57.54 0.54 0.94-2 1.03-3.77 0.75-49.94 115.71 45.19 Brent olje 3m 59.23 58.77 0.46 0.78-2 -1.06-3.62 0.04-47.80 114.44 47.68 WTI olje 1m 48.32 48.17 0.15 0.33-2 -2.89-9.49-4.95-49.67 107.73 43.58 Flybensin 574.75 574.75 2.25 0.39-22 -16.50-73.25 1.75-392.50 Naturgass US Henry Hub 2.79 2.79 0.06 2.23-0 -0.06-0.89-0.21-1.87 Fyringsolje 183.4 182.0 1.4 0.8-4 - 8-18.2-1.3-109.1 307.1 158.9 Metals Aluminium 3m 1,745 1,745-17 - 1.0-55 -77-202 -108-6 2,120 1,704 Nikkel 13,775 13,775-275 - 2.0-165 -975-2,505-1,375-1,775 21,625 13,610 Kopper 5,730 5,730-35 - 0.6-110 130-733 -570-745 7,212 5,340 Gull 1,163 1,155 8 0.7-35 -59-59 -22-204 1,392 1,131 Shipping WS AG - Japan, 250 dwt 50 0 0 0 - -13-20 -8 8 WS AG - USG, 250 dwt 28 28 0 0 - -8-8 -5-3 Containerships index 0 0 0.0 0.0% - 0 0 0 0 0 Baltic dry index 565 565-3.0-0.53 6 25-298 -217-888 1,621 0 509 2

DNB Markets US-INTRADAG REBASERT US-INTRADAG REBASERT 104 103 102 101 100 99 98 97 96 95 OSX (Oljeservice) XOI (Oljeproduksjon) Oljepris (WTI) S&P500 Olje / Indekser Endring USA Endring Endring Endring close/close US-open/Oslo-close Oslo-close/US-close US-close/this morning WTI - -1.33 % 1.12 % 0.33 % Oljeservice 0.49 % -0.40 % 0.93 % Oljeproduksjon 0.15 % 0.09 % 0.06 %. Kilde: Bloomberg/DNB Markets 3

DNB Markets S&P 500-indekser på bransjenivå S&P 500-INDEKSER PÅ BRANSJENIVÅ 1 dag 1 mnd. 3 mnd. 1 år hittil i år est. P/E Luftfart 1.7% -0.6% -2.1% 47.7% -4.7% 10.3 Legemiddelindustri og bioteknologi 1.5% 6.4% 17.0% 31.7% 17.1% 18.6 Bank 1.0% -0.6% -0.8% 3.9% -3.9% 11.5 Forsikring 0.6% -0.7% -0.4% 6.2% -3.3% 11.0 Metall 0.6% -7.2% -6.7% -17.1% -9.5% 17.0 Olje og gass 0.2% -7.3% 1.4% -11.2% -6.2% 29.7 Helseartikler 0.1% 0.3% 3.6% 21.2% 2.2% 18.9 Diversifiserte telekomtjenester 0.0% -5.1% 3.0% 3.7% -0.6% 13.6 Energi og relatert utstyr -0.1% -6.1% -0.4% -22.8% -6.7% 18.3 Industrielle konglomerater -0.1% -0.2% 1.9% 5.3% -0.5% 16.3 Farmasi -0.1% 0.1% 2.0% 13.0% 1.6% 17.9 Bygg og anlegg -0.1% 0.1% 3.2% -25.8% -3.8% 12.7 Kjemikalier -0.2% -1.8% 8.0% 6.7% 3.0% 18.0 Internett programvare og -tjenester -0.3% 2.2% 3.2% -1.3% 2.1% 23.6 Programvare -0.3% -2.5% -3.8% 9.7% -6.2% 18.1 Maskiner -0.3% -2.6% -2.0% -3.9% -4.7% 16.3 Husholdningsartikler -0.3% -4.8% -7.0% 3.8% -8.6% 20.5 Papir- og skogprodukter -0.5% -5.5% 1.7% 16.4% 0.9% 14.1 Media -0.5% -0.1% 4.2% 11.1% 0.3% 18.1 Kraft -0.6% -6.9% -7.4% 8.1% -10.2% 15.5 Bioteknologi -0.6% 1.4% 0.1% 25.8% 4.5% 17.8 Matvarer -0.7% -4.5% -3.2% 4.2% -4.4% 18.5 Elektronisk utstyr og instrumenter -0.8% -2.9% 10.9% 19.8% 5.0% 16.9 Elektrisk utstyr -0.8% -5.1% 0.3% -10.2% -5.3% 15.0 Hotell og restaurant -0.9% -0.6% 4.4% 4.3% 2.3% 22.4 Drikkevarer -0.9% -4.1% 1.4% 12.7% -0.6% 20.8 Fritidsutstyr -1.2% -6.7% -9.1% -19.0% -8.8% 17.1 Bildeler -1.3% -1.3% 6.5% 3.7% 1.6% 13.4 Kommunikasjonsutstyr -1.6% -2.6% 2.5% 7.3% -1.8% 13.8 Datamaskiner og tilbehør -1.7% -4.6% 5.7% 44.5% 4.2% 13.5 MSCI EUROPA PÅ BRANSJENIVÅ Endring Endring Endring Endring Endring Gj.snittlig 1 dag 1 mnd. 3 mnd. 1 år hittil i år est. P/E Biler og komponenter 4.0% 10.6% 37.0% 34.9% 32.7% 12.13 Teknologisk utstyr 3.2% 5.4% 21.5% 30.0% 17.4% 20.62 Forbruksvarer og klær 2.2% 6.2% 22.4% 26.4% 18.2% 20.45 Kapitalvarer 2.2% 7.2% 23.7% 17.3% 18.2% 17.71 Kommersielle tjenester og leveranser 2.1% 3.8% 24.9% 17.9% 17.1% 18.36 Finansieringsselskaper 1.8% 8.9% 20.1% 15.4% 16.8% 13.76 Telekommunikasjon og tjenester 1.8% 2.4% 16.0% 22.9% 13.7% 20.12 Materialer 1.8% 4.1% 22.7% 16.0% 16.2% 16.59 Programvare og tjenester 1.7% 5.8% 17.6% 18.8% 11.6% 18.88 Husholdningsvarer og personlige produkter 1.6% 5.9% 26.1% 36.6% 20.6% 23.73 Helsevern - utstyr og tjenester 1.6% 8.8% 21.2% 40.3% 14.3% 23.51 Forsikring 1.6% 6.0% 21.5% 28.4% 17.3% 12.01 Media 1.4% 7.0% 28.2% 39.4% 21.4% 20.77 Banker 1.3% 7.7% 12.5% 8.8% 10.5% 11.68 Forsyningsselskaper 1.3% 0.8% 5.6% 9.4% 3.0% 14.88 Eiendomsselskaper 1.3% 0.2% 23.0% 36.6% 18.0% 23.06 Drikkevarer, mat og tobakk 0.9% 5.8% 21.0% 34.8% 16.6% 21.01 Hotell-, underholdnings- og restaurantvirksomhet 0.9% 6.2% 24.0% 39.3% 16.1% 21.09 Mat- og apotekhandel 0.6% 6.1% 36.8% 6.4% 25.0% 18.03 Transport 0.3% 5.3% 20.1% 18.1% 15.0% 15.85 Energi 0.2% -2.3% 14.5% -4.4% 5.9% 16.53 Detaljhandel -0.2% 5.2% 19.0% 18.4% 12.4% 21.48 4

DNB Markets Indekser INDEKSER DOW 30 Kurs Endring Endring Endring siste 1 dag 1 mnd 1 år INTEL CORP 32.33 2.0% -5.3% 30.6% TRAVELERS COS INC/THE 105.67 0.9% -2.2% 26.7% GOLDMAN SACHS GROUP INC 184.18 0.8% -3.0% 8.5% UNITED TECHNOLOGIES CORP 118.34 0.8% -1.0% 2.2% DU PONT (E.I.) DE NEMOURS 79.29 0.7% 3.9% 19.4% CHEVRON CORP 103.54 0.6% -6.6% -10.5% JPMORGAN CHASE & CO 60.24 0.5% 1.1% 4.0% HOME DEPOT INC 113.07 0.5% 0.8% 40.4% AMERICAN EXPRESS CO 79.45 0.4% -1.3% -14.5% VERIZON COMMUNICATIONS IN 47.68 0.4% -3.7% 2.8% UNITEDHEALTH GROUP INC 112.72 0.2% 2.6% 45.3% GENERAL ELECTRIC CO 25.19 0.1% 1.2% -2.2% MICROSOFT CORP 41.98-0.1% -2.6% 9.7% VISA INC-CLASS A SHARES 264.75-0.2% -2.3% 17.1% PROCTER & GAMBLE CO/THE 81.39-0.2% -5.4% 2.7% WALT DISNEY CO/THE 102.89-0.2% -0.7% 26.4% CATERPILLAR INC 79.70-0.3% -4.6% -17.7% EXXON MOBIL CORP 84.02-0.3% -9.0% -10.8% 3M CO 161.73-0.3% -2.5% 22.0% PFIZER INC 33.63-0.4% -3.6% 5.2% INTL BUSINESS MACHINES CO 156.80-0.6% -1.1% -15.8% BOEING CO/THE 151.17-0.8% 2.1% 21.5% MERCK & CO. INC. 56.06-0.9% -4.8% -1.3% NIKE INC -CL B 95.34-1.2% 3.6% 20.7% JOHNSON & JOHNSON 98.32-1.2% -0.1% 5.0% MCDONALD'S CORP 94.96-1.4% -0.1% -3.8% CISCO SYSTEMS INC 28.26-1.4% -4.1% 29.5% COCA-COLA CO/THE 40.10-1.4% -4.9% 4.2% WAL-MART STORES INC 80.69-1.7% -6.1% 6.8% APPLE INC 122.24-1.8% -3.3% 59.5% S&P 500-30 fra toppen S&P 500-30 fra toppen Kurs Endring Endring Endring siste 1 dag 1 uke 1 år PETSMART INC 82.98 #VALUE! 0.4 % 19.7 % MYLAN NV 59.00 6.7 % 8.2 % 11.2 % NABORS INDUSTRIES LTD 12.18 5.0 % -0.2 % -45.4 % DENBURY RESOURCES INC 7.91 4.9 % -4.4 % -50.4 % CABOT OIL & GAS CORP 27.92 3.8 % 0.0 % -20.5 % CHESAPEAKE ENERGY CORP 14.29 3.3 % -30.3 % -39.9 % SANDISK CORP 82.73 3.2 % 0.5 % 10.3 % DIAMOND OFFSHORE DRILLING 27.67 3.2 % -20.6 % -37.3 % SOUTHWESTERN ENERGY CO 22.30 3.1 % -16.9 % -47.6 % CONSOL ENERGY INC 28.70 2.5 % -12.3 % -26.5 % WATERS CORP 119.76 2.5 % 0.5 % 5.8 % RANGE RESOURCES CORP 47.09 2.4 % -7.2 % -45.3 % TENET HEALTHCARE CORP 47.82 2.4 % 9.8 % 15.8 % RYDER SYSTEM INC 92.52 2.2 % -1.1 % 19.9 % HCA HOLDINGS INC 71.76 2.2 % 4.0 % 45.8 % NEWMONT MINING CORP 22.24 2.2 % -9.3 % -11.1 % CITIGROUP INC 52.33 2.1 % 2.8 % 9.1 % SOUTHWEST AIRLINES CO 43.84 2.1 % 0.8 % 83.4 % BANK OF AMERICA CORP 16.11 2.0 % -3.4 % -6.8 % ZIONS BANCORPORATION 27.08 2.0 % 3.1 % -13.9 % INTEL CORP 32.33 2.0 % -5.3 % 30.6 % FEDERATED INVESTORS INC-C 34.04 2.0 % -2.4 % 22.2 % GANNETT CO 34.83 2.0 % 0.0 % 22.6 % QEP RESOURCES INC 21.05 1.9 % -3.0 % -27.1 % MURPHY OIL CORP 47.24 1.9 % -7.2 % -20.6 % KEYCORP 14.23 1.9 % 0.3 % 3.3 % TESORO CORP 86.68 1.8 % 6.5 % 59.0 % ACTAVIS PLC 292.86 1.8 % 4.0 % 37.9 % EQT CORP 77.54 1.8% -4.0% -23.0% S&P 500-30 fra bunnen S&P 500-30 fra bunnen Kurs Endring Endring Endring siste 1 dag 1 uke 1 år TYSON FOODS INC-CL A 37.55-5.6 % -7.9 % -7.2 % EMC CORP/MA 25.72-4.6 % -7.7 % -5.1 % WILLIAMS COS INC 46.24-3.0 % -3.6 % 12.3 % WHIRLPOOL CORP 196.67-2.9 % -7.7 % 36.5 % GAMESTOP CORP-CLASS A 39.48-2.9 % 6.0 % 2.5 % DEAN FOODS CO 15.41-2.7 % -5.5 % 2.9 % SPECTRA ENERGY CORP 34.02-2.3 % -6.0 % -7.2 % QUALCOMM INC 70.27-2.2 % -0.2 % -8.7 % WYNN RESORTS LTD 126.63-2.2 % -18.2 % -46.8 % RALPH LAUREN CORP 127.66-2.1 % -6.0 % -21.5 % MASTERCARD INC-CLASS A 86.97-2.1 % -0.6 % 11.0 % SCANA CORP 52.23-2.0 % -11.5 % 6.4 % PATTERSON COS INC 47.96-1.9 % -5.6 % 13.1 % ROYAL CARIBBEAN CRUISES 76.18-1.9 % -0.7 % 49.1 % ALTRIA GROUP INC 52.22-1.8 % -6.0 % 44.5 % APPLE INC 122.24-1.8 % -3.3 % 59.5 % PHILIP MORRIS INTERNATIONA 77.82-1.8 % -7.0 % -1.7 % HORMEL FOODS CORP 55.24-1.8 % 2.0 % 17.0 % AMEREN CORPORATION 40.73-1.8 % -4.5 % 1.3 % YUM! BRANDS INC 76.50-1.8 % 2.3 % -0.8 % JOY GLOBAL INC 38.01-1.7 % -13.2 % -31.5 % VF CORP 72.72-1.7 % 2.4 % 18.6 % WAL-MART STORES INC 80.69-1.7 % -6.1 % 6.8 % FMC TECHNOLOGIES INC 37.41-1.7 % -6.0 % -27.1 % SYMANTEC CORP 23.46-1.6 % -10.3 % 14.5 % INTERPUBLIC GROUP OF COS 21.33-1.6 % 0.8 % 22.2 % HCP INC 39.98-1.6 % -6.3 % 6.3 % MATTEL INC 24.62-1.6 % -10.3 % -34.0 % JOHNSON CONTROLS INC 48.42-1.6 % 0.9 % 3.3 % CORNING INC 22.70-1.5 % -8.7 % 17.6 % WESTERN DIGITAL CORP 97.89-1.5 % -8.7 % 16.3 % BALL CORP 68.97-1.5 % -6.8 % 26.4 % Nasdaq 100-30 fra toppen Nasdaq 100-30 fra toppen Kurs Endring Endring Endring siste 1 dag 1 uke 1 år SANDISK CORP 82.73 3.2 % 0.5 % 10.3 % TEVA PHARMACEUTICAL-SP A 57.61 2.5 % 0.5 % 18.2 % INTEL CORP 32.33 2.0% -5.3% 30.6% VERISK ANALYTICS INC-CLAS 69.78 1.8 % 3.5 % 10.3 % TESLA MOTORS INC 193.74 1.8 % -4.5 % -19.8 % AKAMAI TECHNOLOGIES INC 70.36 1.7 % 4.1 % 16.4 % SEARS HOLDINGS CORP 37.24 1.3 % 11.6 % 5.3 % INTUITIVE SURGICAL INC 493.51 1.2 % -2.8 % 13.9 % NETFLIX INC 440.19 1.2 % -3.6 % 0.8 % MICRON TECHNOLOGY INC 27.88 1.0 % -12.7 % 12.2 % PACCAR INC 60.99 0.8 % -3.6 % -6.7 % EBAY INC 59.68 0.8 % 9.0 % 2.9 % EXPEDITORS INTL WASH INC 47.58 0.8 % 5.0 % 18.2 % SIRIUS XM HOLDINGS INC 3.89 0.8 % -0.3 % 14.7 % CHARTER COMMUNICATION-A 182.61 0.7 % 3.2 % 43.5 % LIBERTY MEDIA CORP - A 39.07 0.7 % 3.1 % 15.4 % O'REILLY AUTOMOTIVE INC 204.28 0.6 % -1.1 % 36.9 % F5 NETWORKS INC 112.90 0.5 % -2.1 % 1.1 % LINEAR TECHNOLOGY CORP 47.10 0.5 % -1.7 % -1.6 % REGENERON PHARMACEUTICA 424.55 0.4 % 5.7 % 25.0 % AUTODESK INC 59.88 0.4 % 1.4 % 14.4 % COGNIZANT TECH SOLUTIONS 60.85 0.3 % 0.9 % 17.9 % ACTIVISION BLIZZARD INC 22.81 0.3 % -0.6 % 10.7 % FISERV INC 76.95 0.3 % -1.9 % 31.3 % KLA-TENCOR CORP 60.28 0.2 % -5.6 % 10.9 % ANALOG DEVICES INC 57.29 0.2 % 1.0 % 10.7 % GILEAD SCIENCES INC 98.97 0.1 % -1.8 % 24.1 % BROADCOM CORP-CL A 43.79 0.1 % -3.7 % 43.1 % ROSS STORES INC 105.05 0.1 % 9.8 % 45.1 % TEXAS INSTRUMENTS INC 57.17 0.1 % -0.5 % 23.1 % Nasdaq 100-30 fra bunnen Nasdaq 100-30 fra bunnen Kurs Endring Endring Endring siste 1 dag 1 uke 1 år BAIDU INC - SPON ADR 204.38-2.9% -0.3% 17.3% QUALCOMM INC 70.27-2.2% -0.2% -8.7% WYNN RESORTS LTD 126.63-2.2% -18.2% -46.8% APPLE INC 122.24-1.8% -3.3% 59.5% SYMANTEC CORP 23.46-1.6% -10.3% 14.5% MATTEL INC 24.62-1.6% -10.3% -34.0% LIBERTY GLOBAL PLC-A 52.36-1.6% 5.2% 18.2% WESTERN DIGITAL CORP 97.89-1.5% -8.7% 16.3% BIOGEN IDEC INC 408.11-1.5% 4.1% 20.2% VIMPELCOM LTD-SPON ADR 5.40-1.5% 11.1% -38.6% CISCO SYSTEMS INC 28.26-1.4% -4.1% 29.5% NUANCE COMMUNICATIONS IN 13.80-1.4% -1.9% -10.6% ALEXION PHARMACEUTICALS 178.81-1.4% 1.4% 0.5% CATAMARAN CORP 47.95-1.3% -8.8% 3.9% VERTEX PHARMACEUTICALS 122.64-1.2% 11.9% 53.5% PRICELINE GROUP INC/THE 1177.55-1.1% 7.8% -11.6% COMCAST CORP-CLASS A 58.06-1.1% -0.5% 13.9% MICROCHIP TECHNOLOGY INC 49.02-1.0% -1.9% 5.6% DOLLAR TREE INC 78.83-1.0% 3.9% 43.4% AMAZON.COM INC 366.37-0.8% -2.9% -1.2% STARBUCKS CORP 91.42-0.8% -0.4% 20.9% FOSSIL GROUP INC 80.24-0.8% -18.7% -30.4% STAPLES INC 15.90-0.7% -6.9% 38.3% WHOLE FOODS MARKET INC 54.09-0.7% -3.9% -2.5% GOOGLE INC-CL C 551.18-0.7% 1.5% #VALUE! KRAFT FOODS GROUP INC 60.97-0.7% -7.9% 9.4% CELGENE CORP 117.58-0.6% 1.6% 48.9% CITRIX SYSTEMS INC 59.41-0.6% -6.7% -2.0% AMGEN INC 152.70-0.6% -0.3% 21.2% COSTCO WHOLESALE CORP 147.40-0.5% -0.2% 32.2% RENTER & VALUTA Renter Siste I går Endr. 1W 1M 3M YTD 12M Norge - Nibor 3m 1.310 1.310-0.020-0.05-0.09-0.16-0.17-0.39 USA - Libor 3m 0.268 #N/A N/A 0.001 0.00 0.01 0.03 0.01 0.03 Euro - Euribor 3m 0.029 0.029-0.003-0.009-0.020-0.053-0.049-0.275 Norge 10 år stat 1.474 1.474-0.039-0.05 0.16-0.20-0.06-1.49 USA 10 år stat 2.099 2.109-0.010-0.02 0.11 0.02-0.07-0.63 Euro 10 år stat 0.209 0.209-0.025-0.17-0.15-0.47-0.33-1.43 Tyskland 10 år stat 0.209 0.209-0.025-0.17-0.15-0.47-0.33-1.43 Japan 10 år stat 0.386 0.420-0.034-0.02-0.01-0.01 0.06-0.24 UK 10 år stat 1.813 1.813 0.017-0.06 0.14-0.10 0.06-0.97 Valuta Siste I går Endr. 1W 1M 3M YTD 12M 52W H 52W L EUR/USD 1.054 1.055-0.001-0.049-0.086-0.192-0.156-0.336 1.399 1.049 USD/JPY 121.3 121.5-0.150 1.2 2.2 2.5 1.6 18.6 122.0 100.8 GBP/USD 1.496 1.493 0.003-0.028-0.043-0.076-0.062-0.166 1.719 1.489 USD/NOK 8.210 8.208-0.010 0.475 0.559 0.842 0.750 2.247 8.246 5.849 EUR/NOK 8.640 8.658-0.018 0.120-0.072-0.509-0.376 0.367 9.897 8.077 GBP/NOK 12.260 12.255 0.005 0.497 0.505 0.696 0.651 2.369 12.423 9.855 5

DNB Markets ETF/ETP ETF/ETP Endring Endring Endring Endring ET F N avn Kurs 1 dg. i % 5 dg. i % 1 mnd i % 1 år i % Valuta Vo lum A ksjer / Indekser DAX DAXEX 105.34 2.8 % 3.7 % 8.0 % 27.7 % EUR 29469 TecDax TDXPEX 15.31 2.5 % 3.8 % 6.8 % 30.1 % EUR 19798 CAC-40 CAC 49.6 2.3 % 1.7 % 5.8 % 15.6 % EUR 135655 AEX-Nederland AEXT 49.34 1.8 % 1.8 % 6.8 % 25.9 % EUR 464 Latin-America 40 ILF 28.64 1.2 % -5.9 % -8.1% -13.7 % USD 839458 Japan EWJ 12.2 0.9 % -0.5 % 3.5 % 7.4 % USD 31134388 Emerging M arkets EEM 38.53 0.8 % -3.5 % -4.2 % -0.9 % USD 47978744 S&P M idcap 400 M DY 270.24 0.7 % -1.3 % -0.6 % 7.9 % USD 1321638 Finansielle tjenester XLF 23.97 0.6 % -1.4 % -2.0 % 8.0 % USD 29676415 Russell 2000 Growth IWO 147.98 0.6 % -0.9 % 1.6 % 5.3 % USD 567638 Russell 2000 IWM 121.04 0.6 % -1.1 % 0.2 % 2.2 % USD 20914510 Brasil EWZ 30.61 0.5 % -8.0 % -11.2 % -22.9 % USD 16183642 FTSE 100 ISF 668.5 0.3 % -2.7 % -1.4 % 1.1 % GBp 11221376 Oil Service OIH 33.08 0.3 % -5.4 % -6.3 % -31.2 % USD 4874715 Bioteknologi IBB 342.54 0.3 % 0.7 % 6.9 % 31.0 % USD 1047793 Energi XLE 75.39 0.3 % -4.1% -6.2 % -13.5 % USD 13050999 Hong Kong EWH 21.08 0.2 % -3.2 % -2.8 % 6.7 % USD 1963210 S&P Euro 350 IEV 43.26 0.1 % -3.4 % -2.5 % -9.4 % USD 812008 Dow Jones Total market THRK 154.1701 0.1 % -2.1% -1.4 % 8.6 % USD 2484 Pacific ex-japan EPP 44.31-0.1% -4.1% -2.1% -5.2 % USD 749109 Industri XLI 55.88-0.1% -2.3 % -1.8 % 6.9 % USD 9394675 DJIA DIA 176.35-0.2 % -2.5 % -1.9 % 8.0 % USD 5584619 S&P 500 SPY 204.5-0.2 % -2.7 % -2.1% 9.2 % USD 110145718 Nasdaq 100 QQQ 105.11-0.6 % -3.1% -0.8 % 16.1 % USD 25459733 Forsyningstjenester XLU 43.11-0.6 % -2.9 % -6.0 % 7.0 % USD 9988222 Teknologi USA XLK 41.45-0.6 % -3.5 % -2.2 % 14.1 % USD 11520207 Forbruksvarer XLP 47.96-0.8 % -3.2 % -3.6 % 12.1 % USD 8699521 Olje / Energi Naturgass NGAS 0.0797 3.4 % 1.6 % 3.2 % -42.4 % USD 807040 Brent-olje OILB 34.275 0.4 % -5.0 % -2.5 % -50.5 % USD 51141 Fyringsolje HEAT 14.295 0.0 % -4.6 % -3.2 % -37.7 % USD 100 Bensin UGAS 30.44-0.1% -4.7 % -0.8 % -42.0 % USD 0 WTI-Oil USO 17.77-0.8 % -6.5 % -7.4 % -49.7 % USD 29810149 WTI-olje OILW 26.475-1.0 % -3.9 % -5.4 % -48.7 % USD 0 Råolje CRUD 12.54-1.5 % -4.2 % -5.7 % -49.0 % USD 334526 M etaller Sølv SLV 14.84-1.2 % -4.2 % -8.1% -27.5 % USD 10644824 Kobber COPA 26.54-0.2 % -1.6 % 0.7 % -12.6 % USD 12502 Aluminium ALUM 3.0885-0.4 % -2.4 % -4.4 % -5.6 % USD 2500 Gull BULL 14.325-0.8 % -4.4 % -6.2 % -17.0 % USD 11180 Sink ZINC 6.145-1.1 % -1.2 % -7.0 % -3.3 % USD 0 Bomull COTN 2.013-1.5 % -4.7 % -3.2 % -28.3 % USD 2936 A ndre råvarer Svinekjøtt HOGS 0.7175-1.0 % -2.7 % -0.7 % -42.7 % USD 0 Kveg CATL 7.7238 0.9 % 1.8 % 3.1 % 8.7 % USD 0 Soyaolje SOYO 4.196 0.9 % -4.1% -2.7 % -31.3 % USD 0 Hvete WEAT 1.008 0.9 % 0.5 % -4.0 % -32.4 % USD 294987 Soyabønner SOYB 22.39 0.6 % -0.5 % 1.2 % -16.6 % USD 900 M ais CORN 1.313 0.5 % 1.0 % 0.2 % -27.3 % USD 10722 Sukker SUGA 10.045 0.4 % -1.9 % -11.5 % -41.4 % USD 231876 Råoljer AIGO 15.745-0.4 % -4.7 % -3.7 % -46.1% USD 250 R åvarekurver Energi AIGE 5.585 0.7 % -3.0 % -1.7 % -44.3 % USD 119292 Korn AIGG 4.6475 0.6 % 0.5 % -0.4 % -25.1% USD 492852 Landbruk AIGA 5.8025 0.6 % -0.5 % -3.4 % -27.2 % USD 62889 Buskap AIGL 3.4485 0.3 % 0.3 % 1.8 % -13.5 % USD 1000 Råvarer AIGC 10.1 0.0 % -2.1% -3.1% -27.4 % USD 38071 Ex-Energi AIGX 9.1825-0.3 % -1.7 % -3.8 % -20.7 % USD 0 Industrimetaller AIGI 11.37-0.6 % -1.7 % -2.7 % -9.3 % USD 19630 Softs (Sukker, Kakao, Bomull) AIGS 4.2775-0.7 % -2.2 % -12.5 % -37.8 % USD 1964 Edle metaller AIGP 15.8575-1.2 % -4.6 % -6.9 % -20.3 % USD 12174 6

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Section 25 of the FAA requires a financial adviser to disclose material information concerning designated investment products which are recommended by the financial adviser to you as the client. Section 27 of the FAA requires a financial adviser to have a reasonable basis for making investment recommendations to you as the client. Section 36 of the FAA requires a financial adviser to include, within any circular or written communications in which he makes recommendations concerning securities, a statement of the nature of any interest which the financial adviser (and any person connected or associated with the financial adviser) might have in the securities. Please contact the Singapore Branch of DNB Bank ASA at +65 6212 0753 in respect of any matters arising from, or in connection with, the Note. The Note is intended for and is to be circulated only to persons who are classified as an accredited investor, an expert investor or an institutional investor. If you are not an accredited investor, an expert investor or an institutional investor, please contact the Singapore Branch of DNB Bank ASA at +65 6212 0753. We, the DNB group, our associates, officers and/or employees may have interests in any products referred to in the Note by acting in various roles including as distributor, holder of principal positions, adviser or lender. We, the DNB group, our associates, officers and/or employees may receive fees, brokerage or commissions for acting in those capacities. In addition, we, the DNB group, our associates, officers and/or employees may buy or sell products as principal or agent and may effect transactions which are not consistent with the information set out in the Note. Additional Information, including for Recipients in the In the United States: The Note does not constitute an offer to sell or buy a security and does not include information, opinions, or recommendations with respect to securities of an issuer or an analysis of a security or an issuer; rather, it is a market letter, as the term is defined in NASD Rule 2211. In Brazil If the analyst or any close associates serves as an officer, director or board member, or have a personal relationship with any individual that works for a company which DNB Markets publish a research note, this will be mentioned under the disclaimer in the relevant research note. The analyst or any close associates do neither hold nor do they have any direct/indirect involvement in the acquisition, sale, or intermediation of the securities discussed in each research note. Any financial interests, not mentioned in the relevant research notes, that the analyst or any close associates holds in the issuer discussed in the report is limited to investment funds that do not mainly invest in the issuer or industry discussed in the report and the management of which these persons cannot influence. 8