BLANDET I ASIA, LAVERE OLJEPRIS OG ISM INDEKS SUBC & NPRO

EQUITY RESEARCH Research report prepared by DNB Markets, a division of DNB Bank ASA Aksjemarkedet i dag BLANDET I ASIA, LAVERE OLJEPRIS OG ISM INDEKS SUBC & NPRO Endringer i viktige globale indekssammensetninger har påvirket de globale markedene det siste døgnet og bidro også til å løfte det amerikanske aksjemarkedet inn mot stengetid i går. Dette var likevel ikke tilstrekkelig til å kompensere helt for noe svakere nøkkeltall enn ventet, nedgang i oljeprisen og mer blandete selskapsnyheter. Dow og S&P500 endte dermed ned henholdsvis 0.5% og 0.1%, mens Nasdaq steg med 0.3%. Volumet på de tre hovedindeksene var også preget av de samme endringene og kom inn på 144-163% av gjennomsnittet for de siste tre måneder. I Japan har myndighetene i morgentimene bekreftet forventningene om at en planlagt økning i merverdiavgiften utsettes til 2019. Nikkei er før stengetid likevel ned 1.7%, hvilket ser ut til å skyldes en kombinasjon av lavere forbrukertillit i USA, lavere investeringsvekst i Japan og samtidig en fortsatt lav innkjøpssjefsindeks. Det kinesiske markedet viser på den annen side en mer forsiktig oppgang etter at innkjøpssjefsindeksene for mai her har kommet inn på linje med dempede forventninger. Indeksene her ligger i øyeblikket opp 0-1%. Også i Europa kommer det en lang rekke med innkjøpssjefsindekser utover formiddagen i dag. I tillegg får vi etter hvert den amerikanske ISM indeksen for industrien. Senere i kveld publiserer den amerikanske sentralbanken også sin statusrapport for situasjonen i økonomien. Rapporten inngår i diskusjonsgrunnlaget for rentemøtet den 15. juni. Allerede i morgen avholder imidlertid den europeiske sentralbanken sitt rentemøte for juni. I den forbindelse er det ikke ventet endringer hverken i rentene eller i omfanget av de løpende obligasjonskjøpene. I oljemarkedet var WTI-prisen i går ned USD 0.44 pr fat, i forhold til prisen ved stengetid i USA på fredag, og endte dermed på USD 48.89 pr fat. Brent åpner i dag på USD 49.44 pr fat, ned fra USD 49.92 ved stengetid i det norske markedet i går. Forventningene til ukens OPEC-møte er begrenset og samtidig er den kanadiske produksjonen fortsatt i ferd med å komme tilbake etter de nylige brannene. Også bekymringene for eksportkapasiteten fra Nigeria og Libya ser ut til å være begrenset. Vi har gått nærmere gjennom vindkraftkontrakten Subsea 7 annonserte sammen med 50%-eide Seaway Heavy Lifting i siste halvdel av mai og konkluderer med at avtalen innebærer en betydelig økning i både omfang og kompleksitet innenfor denne sektoren for selskapet. Avtalen løfter omsetningen og ordrereserven fremover, men marginene vil på den annen side være relativt lave ettersom mye av arbeidet vil bli foretatt av underleverandører. Det impliserer samtidig at vi ikke ser grunn til å justere forventningene om en lav kapasitetsutnyttelse av selskapets interne enheter gjennom 2017-2018. Vi gjør ingen endringer i salgsanbefaling på Subsea 7, men tar kursmålet opp fra NOK 47 til NOK 50 pr aksje. Kursen stengte i går på NOK 74.30 pr aksje. Norwegian Property har i dag bekreftet salg av eiendommer på Skøyen for rundt NOK 2.5 mrd. På våre estimater øker dette estimert netto underliggende verdi med NOK 0.08 pr aksje, og tar samtidig gjeldsgraden i selskapet ned. Vi har en kjøpsanbefaling på Norwegian Property med et kursmål på NOK 10 pr aksje. Kursen stengte i går på NOK 9.25 pr aksje. Selskap Tidspunkt Konsensus Land Nøkkeltall Sverige Innkjøpssjefsindeks 08.30 53.8 Norge Innkjøpssjefsindeks 09.00 48.5 Tyskland Innkjøpssjefsindeks 09.55 52.4 EU Innkjøpssjefsindeks 10.00 51.5 USA Innkjøpssjefsindeks 15.45 50.5 USA ISM Industri 16.00 50.4 USA Anleggsinvesteringer 16.00 0.6% USA Salg av kjøretøy - 17.3 Våre anbefalte aksjer: - STB - HFISK - ORK - LSG - BRG - AKER - WWASA - QFR YTD DNB: +8 YTD OSE: +4% Internasjonale børser Siste Endr. % Dow Jones 17,787-86 -0.48 S&P 500 2,097-2 -0.10 NASDAQ 4,948 15 0.29 Nikkei 225 17,088-147 -0.85 Euro 500 234-2 -0.72 Danmark-KFX 1,000-2 -0.19 Finland-HEX 8,044 26 0.33 Norge-OSEBX 617-6 -0.90 Sverige-SAX 488-2 -0.34 Valuta/råvarer Siste I går Endr. % EUR/USD 1.112 1.112 0.00 USD/JPY 110.7 110.7 0.03 USD/NOK 8.368 8.397 0.34 EUR/NOK 9.305 9.337 0.34 Siste Endr. Endr. % CRB indeks 186 0.57 0.31 Brent sp. ($/bbl) 48.6-0.54-1.10 Brent 1m ($/bbl) 49.4-0.32-0.64 Alum. 3m ($/ton) 1,556.0 0.50 0.03 US Nat.gass 2.1 0.32 18.05 Renter Siste I går Endr. USA 10år 1.848 1.851 0.00 Tyskl. 10år 0.139 0.138 0.00 Norge 10år 1.376 1.407-0.03 USA 3m 0.673 0.667 0.01 Euro 3m -0.261-0.260 0.00 Norge 3m 0.970 0.980-0.01 DNB Markets følger markedet konstant og nå kan du følge oss på Twitter. Slik gjør vi det enda lettere for deg å forstå hva som skjer. Sjekk oss ut på twitter.com/dnbmarkets ANALYSTS Ole-Andreas Krohn Ole-Andreas.krohn@dnb.no TLF: +47 24 16 92 11 Please see the last two pages for important information. This research report was not produced in the US. Analysts employed by non-us Affiliates are not registered / Qualified research analysts with FINRA in the United States

DNB Markets Sentrale US-INDekser SENTRALE US-INDEKSER Endring Endring Endring Endring Gj.snittlig Siste i poeng 1 dag (%) 1 mnd.(%) hittil i år(%) est. P/E Dow Jones Industrial 17,787-86.02-0.48 0.08 2.08 16.88 S&P 500 2,097-2.10-0.10 1.53 2.59 19.41 Nasdaq Composite 4,948 14.55 0.29 3.62-1.19 30.61 Russel 2000 1,155 4.34 0.38 2.12 1.66 36.99 Amex naturgass-indeks (XNG) 564 4.78 0.85 1.09 29.71 133.65 Amex Oil Service Indeks 165-0.15-0.09-8.50 4.61 32.22 Philadelphia-børsens oljeproduksjon-indeks (XOI) 1,115-8.06-0.72-3.87 3.97 119.70 Amex farmasi-indeks (DRG) 519-0.31-0.06 1.83-4.14 24.65 Nasdaq biotech-indeks 2,924 36.63 1.27 4.22-17.42 #N/A N/A Philadelphia-børsens halvleder-indeks (SOX) 699 3.65 0.53 8.37 5.41 21.48 S&P 500 Paper & Forest Index ( PAFO) 172 0.58 0.34 2.07-1.41 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 8.88 0.98 3,591,416 74.31 71.25 3.06 Royal Caribbean Cruises 77.39 1.93 2,510,143 647.62 #N/A N/A #VALUE! Questerre (CAD) 0.18 0.02 9,825 1.15 1.13 0.02 Statoil 15.76-0.77 3,660,491 131.88 133.40-1.52 Yara 35.87-0.72 11,658 300.13 301.70-1.57 Sverige AstraZeneca 29.70-0.18 4,573,150 495.40 495.80-0.40 Finland (EUR) Nokia 5.70 0.10 11,816,780 Danmark Novo Nordisk B 56.04-0.01 3,648,387 374.82 371.80 3.02 RÅVARER & SHIPPING Siste I går Endr. %1D 1W 1M 3M YTD 12M 52W H 52W L CRB indeks 186.2 186.2 0.0 0.01 3 1.5 22.3 10.0-37.3 229.3 154.8 GS råvare indeks 2,383 2,383-5.9-0.2% 31 52 358 212-842 3,300 1,837 Oil Brent Spot 48.60 48.31 0.29 0.60-1 2.24 12.38 12.85-15.51 Brent olje 1m 49.44 49.89-0.45-0.90-0 1.31 12.63 12.16-15.44 66.36 27.10 Brent olje 3m 50.10 50.58-0.48-0.95-1 2.36 12.05 11.57-15.87 67.49 28.58 WTI olje 1m 48.65 49.10-0.45-0.94 0 2.73 14.25 11.61-11.55 61.82 26.05 Flybensin 477.00 477.00 2.50 0.53 4 33.75 104.00 121.00-135.00 Naturgass US Henry Hub 2.09 2.09 0.32 18.05 0 0.18 0.48-0.22-0.55 Fyringsolje 149.0 149.7-0.7-0.5 0 11 39.1 38.9-43.6 195.7 84.9 Metals Aluminium 3m 1,556 1,556 0-2 -123-17 49-184 1,774 1,433 Nikkel 8,435 8,435 15 0.2 105-1,010-85 -385-4,185 13,680 7,550 Kopper 4,671 4,671-24 - 0.5 109-379 -24-34 -1,344 6,084 4,318 Gull 1,214 1,215-2 - 0.1-11 -79-19 152 24 1,304 1,046 Shipping WS AG - Japan, 250 dwt 55 0 3 5-8 5-33 -10 WS AG - USG, 250 dwt 33 33 3 8-0 3-20 -8 Containerships index 0 0 0.0 0.0% - 0 0 0 0 0 Baltic dry index 612 612 6.0 0.99-12 -91 280 134 23 1,222 0 290 RENTER & VALUTA Renter Siste I går Endr. 1W 1M 3M YTD 12M Norge - Nibor 3m 0.970 0.970 0.010-0.03-0.02-0.08-0.16-0.48 USA - Libor 3m 0.673 0.674-0.001 0.01 0.03 0.04 0.06 0.39 Euro - Euribor 3m -0.261-0.261 0.000-0.003-0.010-0.056-0.130-0.249 Norge 10 år stat 1.376 1.376-0.037-0.06-0.13 0.02-0.10-0.14 USA 10 år stat 1.848 1.846 0.002-0.02 0.01 0.02-0.42-0.33 Euro 10 år stat 0.139 0.139-0.028-0.04-0.13 0.03-0.49-0.35 Tyskland 10 år stat 0.139 0.139-0.028-0.04-0.13 0.03-0.49-0.35 Japan 10 år stat -0.116-0.105-0.011-0.03-0.04-0.06-0.38-0.53 UK 10 år stat 1.429 1.429-0.007-0.04-0.17 0.09-0.53-0.38 Valuta Siste I går Endr. 1W 1M 3M YTD 12M 52W H 52W L EUR/USD 1.112 1.112 0.000-0.004-0.041 0.025 0.026 0.019 1.172 1.052 USD/JPY 110.7 110.7-0.030 0.5 4.3-3.3-9.4-14.1 125.9 105.6 GBP/USD 1.448 1.448 0.000-0.022-0.019 0.053-0.025-0.072 1.594 1.384 USD/NOK 8.368 8.397-0.028 0.019 0.351-0.283-0.477 0.411 9.017 7.604 EUR/NOK 9.305 9.337-0.032 0.016 0.060-0.096-0.302 0.609 9.749 8.649 GBP/NOK 12.120 12.128-0.009-0.244 0.356 0.055-0.912 0.022 13.385 11.563 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 Elektronisk utstyr og instrumen 1.1% 5.7% 6.3% -4.1% 5.6% 16.8 Programvare og tjenester 0.1% 5.6% 3.8% 3.6% -1.4% 19.1 Bygg og anlegg 0.8% 3.2% 17.2% -3.8% 16.4% 15.7 Teknologisk utstyr -0.1% -0.3% -9.0% -23.6% -19.0% 19.8 Bioteknologi 0.8% 2.5% 3.9% -12.0% -8.5% 13.5 Husholdningsvarer og personlige produ -0.2% 5.5% 3.5% 2.1% 3.9% 22.6 Programvare 0.7% 6.0% 5.3% 8.4% 0.7% 21.2 Kommersielle tjenester og leveranser -0.4% 2.4% 4.8% -10.5% -3.2% 16.7 Maskiner 0.6% -1.3% 9.5% -5.6% 13.0% 17.9 Transport -0.4% 1.2% 6.3% -6.5% -0.6% 14.5 Diversifiserte telekomtjenester 0.5% 0.0% 1.5% 6.9% 11.4% 13.7 Hotell-, underholdnings- og restaurantv -0.4% 5.4% -1.8% -10.8% -6.2% 19.3 Kraft 0.5% 0.7% 6.2% 10.5% 12.4% 16.9 Kapitalvarer -0.4% 2.3% 4.8% -7.6% 2.6% 16.7 Luftfart 0.4% -2.1% -13.6% -9.4% -14.9% 6.9 Biler og komponenter -0.5% -0.1% 1.3% -24.0% -13.3% 8.3 Kommunikasjonsutstyr 0.4% 4.1% 6.4% -8.2% 6.3% 12.7 Media -0.6% 2.4% -3.4% -15.0% -5.4% 17.2 Bildeler 0.4% -0.7% 5.4% -22.2% -7.7% 10.5 Forsikring -0.6% 3.4% 2.9% -10.1% -10.8% 10.6 Papir- og skogprodukter 0.3% 2.1% 19.0% -22.1% -1.4% 16.3 Helsevern - utstyr og tjenester -0.7% 4.1% 3.7% 2.3% -1.6% 23.5 Fritidsutstyr 0.2% 2.8% 5.0% 22.1% 22.9% 22.3 Finansieringsselskaper -0.7% -1.7% 0.6% -25.0% -18.1% 15.4 Metall 0.2% -11.9% 21.8% -14.0% 34.2% 24.9 Forsyningsselskaper -0.8% -0.2% 4.5% -11.1% -2.1% 14.6 Media 0.1% 0.1% 6.4% -3.7% 6.5% 16.3 Drikkevarer, mat og tobakk -0.8% 3.2% 2.6% 1.5% -0.4% 21.7 Industrielle konglomerater 0.1% -0.8% 2.9% 9.5% 0.8% 20.3 Mat- og apotekhandel -0.8% 2.0% 0.0% -8.0% 3.9% 17.7 Internett programvare og -tjenes 0.0% 3.9% 4.2% 32.3% 2.3% 25.3 Materialer -0.9% -3.9% 5.7% -21.8% 1.7% 19.1 Farmasi 0.0% 2.2% 3.8% -4.8% -0.5% 16.4 Forbruksvarer og klær -0.9% 0.3% -3.2% -10.6% -3.8% 16.7 Elektrisk utstyr -0.1% -1.5% 5.9% -11.4% 10.3% 17.6 Detaljhandel -1.2% 0.0% -3.3% -18.2% -12.0% 18.8 Datamaskiner og tilbehør -0.1% 7.1% 1.7% -21.3% -3.1% 11.9 Energi -1.2% -3.1% 4.3% -17.0% 3.8% 22.7 Forsikring -0.2% 3.6% 9.6% 5.0% 3.4% 12.3 Eiendomsselskaper -1.3% 3.4% 7.2% -2.9% 1.3% 20.9 Bank -0.3% 2.0% 9.9% -7.0% -5.5% 11.7 Telekommunikasjon og tjenester -1.3% 2.7% -1.5% -12.4% -6.3% 19.3 Helseartikler -0.4% 1.7% 11.3% 7.7% 8.1% 19.6 Banker -1.6% 1.3% 3.0% -29.2% -14.4% 11.1 Husholdningsartikler -0.5% 1.1% 0.6% 6.0% 2.8% 22.8 Olje og gass -0.6% -0.6% 15.8% -12.0% 11.2% 84.2 Energi og relatert utstyr -0.6% -4.2% 8.6% -17.4% 8.3% 305.2 Legemiddelindustri og biotekno -0.6% 2.6% 1.6% -16.5% -9.3% 16.5 Matvarer -0.6% 1.8% 5.0% 10.2% 6.9% 21.9 Kjemikalier -0.6% 0.6% 6.3% -7.2% 3.3% 17.4 Hotell og restaurant -0.7% -1.6% -1.0% 4.9% -1.5% 22.0 Drikkevarer -0.7% -0.6% 3.3% 10.5% 2.7% 23.2 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 MICROSOFT CORP 53 1.3 % 6.3 % 12.2 % SEAGATE TECHNOLO 22.56 4.2 % 3.6 % -59.1 % AIRGAS INC 142.95 #VALUE! #VALUE! #VALUE! CATERPILLAR INC 72.51 0.8 % -6.7 % -15.2 % WESTERN DIGITAL C 46.54 3.4 % 13.9 % -52.1 % SOUTHWESTERN 13.67 4.7 % 1.8 % -46.3 % INTL BUSINESS MACHINES 153.74 0.6 % 5.3 % -9.7 % MICRON TECHNOLOG 12.72 3.3 % 18.3 % -55.2 % SEAGATE TECHN 22.56 4.2 % 3.6 % -59.1 % VERIZON COMMUNICATION 50.9 0.6 % -0.1 % 3.4 % VERTEX PHARMACE 93.15 3.1 % 10.4 % -26.5 % WESTERN DIGITA 46.54 3.4 % 13.9 % -52.1 % CISCO SYSTEMS INC 29.05 0.4 % 5.7 % -0.4 % ENDO INTERNATIONA 15.81 2.8 % -41.4 % -81.2 % MICRON TECHNO 12.72 3.3 % 18.3 % -55.2 % AMERICAN EXPRESS CO 65.76 0.4 % 0.5 % -17.3 % NXP SEMICONDUCTO 94.49 2.6 % 10.8 % -15.6 % ALLIANCE DATA S 222.19 3.3 % 9.3 % -25.2 % GENERAL ELECTRIC CO 30.23 0.4 % -1.7 % 10.8 % BIOGEN INC 289.73 2.5 % 5.4 % -26.3 % WILLIAMS COS IN 22.16 3.2 % 14.3 % -56.8 % PFIZER INC 34.7 0.3 % 6.1 % 0.4 % CSX CORP 26.43 2.1 % -3.1 % #VALUE! CHESAPEAKE EN 4.29 3.1 % -37.6 % -69.0 % INTEL CORP 31.59 0.1 % 4.3 % -6.8 % DISH NETWORK COR 49.9 1.9 % 1.2 % -30.8 % VERTEX PHARMA 93.15 3.1 % 10.4 % -26.5 % WAL-MART STORES INC 70.78 0.0 % 5.8 % -5.3 % DOLLAR TREE INC 90.54 1.8 % 13.6 % 17.6 % AMEREN CORPO 49.55 3.0 % 3.2 % 23.2 % GOLDMAN SACHS GROUP 159.48 0.0 % -2.8 % -23.3 % NVIDIA CORP 46.72 1.8 % 31.5 % 108.8 % RANGE RESOURC 42.59 3.0 % -3.4 % -22.5 % TRAVELERS COS INC/THE 114.14 0.0 % 3.9 % 13.0 % CHECK POINT SOFTW 84.97 1.6 % 2.5 % 0.3 % ENDO INTERNATIO 15.81 2.8 % -41.4 % -81.2 % UNITED TECHNOLOGIES CO 100.58-0.2 % -3.6 % -14.0 % DISCOVERY COMMU 26.77 1.5 % 0.0 % -14.9 % DIAMOND OFFSH 25.82 2.8 % 6.4 % -14.2 % JPMORGAN CHASE & CO 65.27-0.2 % 3.3 % -1.2 % SIRIUS XM HOLDINGS 4.02 1.5 % 1.8 % 3.6 % MONSANTO CO 112.47 2.7 % 20.1 % -3.6 % UNITEDHEALTH GROUP INC 133.67-0.2 % 1.5 % 11.5 % JOHNSON & JOHNSON 112.69-0.3 % 0.5 % 12.6 % Bunn siste 1 dag 1 mnd 1 år Bunn siste 1 dag 1 mnd 1 år 3M CO 168.32-0.3 % 0.6 % 5.9 % BAIDU INC - SPON AD 178.54-3.5 % -8.1 % -11.4 % COCA-COLA EUR 38.81-24.7 % 2.9 % 21.8 % MERCK & CO. INC. 56.26-0.4 % 2.6 % -7.4 % VODAFONE GROUP 33.99-2.0 % 3.8 % -12.4 % CONSTELLATION 153.15-3.0 % -1.9 % 27.8 % COCA-COLA CO/THE 44.6-0.4 % -0.4 % 8.9 % AUTODESK INC 58.27-1.8 % -2.6 % 7.1 % DU PONT (E.I.) DE 65.41-2.6 % -0.8 % -3.9 % PROCTER & GAMBLE CO/T 81.04-0.5 % 1.1 % 2.8 % LIBERTY MEDIA GRO 19.48-1.8 % 6.4 % #VALUE! BOEING CO/THE 126.15-2.4 % -6.4 % -10.7 % APPLE INC 99.86-0.5 % 6.5 % -23.5 % COGNIZANT TECH SO 61.44-1.6 % 5.3 % -6.1 % TYSON FOODS IN 63.78-2.0 % -3.1 % 51.1 % VISA INC-CLASS A SHARES 78.94-0.9 % 2.2 % 14.2 % NORWEGIAN CRUISE 46.41-1.4 % -5.1 % -15.2 % APACHE CORP 57.14-2.0 % 5.0 % -2.9 % MCDONALD'S CORP 122.06-1.0 % -3.5 % 26.9 % LIBERTY MEDIA GRO 18.95-1.3 % 5.3 % #VALUE! BERKSHIRE HATH 140.54-2.0 % -3.4 % -2.0 % CHEVRON CORP 101-1.0 % -1.2 % -1.6 % INTUIT INC 106.66-1.1 % 5.7 % 0.2 % AUTODESK INC 58.27-1.8 % -2.6 % 7.1 % WALT DISNEY CO/THE 99.22-1.1 % -3.9 % -10.6 % KRAFT HEINZ CO/THE 83.19-1.1 % 6.6 % #VALUE! MOSAIC CO/THE 25.23-1.8 % -9.9 % -44.4 % EXXON MOBIL CORP 89.02-1.1 % 0.7 % 4.6 % ROSS STORES INC 53.4-1.0 % -6.0 % 10.7 % CARNIVAL CORP 47.74-1.8 % -2.7 % 2.1 % HOME DEPOT INC 132.12-1.4 % -1.3 % 18.3 % EXPEDIA INC 111.24-0.9 % -3.9 % 3.5 % NIKE INC -CL B 55.22-1.7 % -6.3 % 8.5 % NIKE INC -CL B 55.22-1.7 % -6.3 % 8.5 % CELGENE CORP 105.52-0.9 % 2.0 % -7.8 % COGNIZANT TECH 61.44-1.6 % 5.3 % -6.1 % BOEING CO/THE 126.15-2.4 % -6.4 % -10.7 % PAYPAL HOLDINGS I 37.79-0.8 % -3.5 % #VALUE! LOCKHEED MART 236.23-1.6 % 1.7 % 23.6 % DU PONT (E.I.) DE NEMOUR 65.41-2.6 % -0.8 % -3.9 % NETFLIX INC 102.57-0.7 % 13.9 % 15.2 % ADVANCE AUTO P 153.84-1.6 % -1.4 % 0.3 % Kilde: Bloomberg 3

DNB Markets ETF / ETP Endring i % ETF Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Volum A ksjer / Indekser Hong Kong EWH 19.75 1.5 % 4.4 % -0.2 % -16.6 % USD 5071284 Bioteknologi IBB 279.77 1.3 % 5.2 % 4.4 % -23.3 % USD 1807775 Japan EWJ 11.79 0.8 % 1.9 % 3.2 % -10.1% USD 45883726 Forsyningstjenester XLU 49.15 0.7 % 2.7 % 1.5 % 10.3 % USD 15586188 Russell 2000 Growth IWO 137.78 0.5 % 4.5 % 2.8 % -9.9 % USD 591056 Russell 2000 IWM 115 0.3 % 3.9 % 2.2 % -7.5 % USD 32764366 Teknologi USA XLK 44.19 0.2 % 3.6 % 4.9 % 1.6 % USD 12371423 Nasdaq 100 QQQ 110.34 0.2 % 3.8 % 4.4 % -0.1% USD 24366106 Emerging M arkets EEM 33.12 0.1 % 3.0 % -3.7 % -19.1% USD 94760091 Industri XLI 55.92 0.0 % 1.8 % -0.4 % -0.2 % USD 11290310 Pacific ex-japan EPP 39.08 0.0 % 1.9 % -2.2 % -14.5 % USD 708845 S&P M idcap 400 M DY 271.82-0.1% 3.1 % 2.2 % -2.3 % USD 3972448 Oil Service OIH 28.11-0.1% 3.8 % -6.4 % -23.0 % USD 4422563 S&P 500 SPY 209.84-0.2 % 2.3 % 1.7 % -0.8 % USD 109879380 Dow Jones Total market THRK 155.5821-0.2 % 2.1 % 2.1 % -2.1% USD 1691 Finansielle tjenester XLF 23.75-0.3 % 2.4 % 1.9 % -3.5 % USD 33212742 TecDax TDXPEX 15.62-0.3 % 0.4 % 3.3 % -1.3 % EUR 9634 Energi XLE 66.87-0.4 % 1.3 % -0.9 % -14.5 % USD 15406124 DJIA DIA 177.65-0.5 % 1.6 % 0.0 % -1.5 % USD 2395404 CAC-40 CAC 45.525-0.5 % 2.0 % 3.5 % -10.6 % EUR 79240 Forbruksvarer XLP 52.66-0.6 % 0.9 % 0.7 % 7.9 % USD 8766367 FTSE 100 ISF 623.8-0.7 % 1.5 % 0.6 % -9.6 % GBp 3063779 S&P Euro 350 IEV 39.97-0.8 % 2.4 % -0.8 % -12.9 % USD 867427 DAX DAXEX 89.74-0.9 % 1.6 % 1.5 % -11.3 % EUR 128143 AEX-Nederland AEXT 44.13-0.9 % 1.2 % -0.1% -8.9 % EUR 197 Brasil EWZ 25.44-1.4 % -2.3 % -13.8 % -21.7 % USD 19596612 Latin-America 40 ILF 23.63-1.9 % -1.5 % -12.9 % -21.0 % USD 1630159 Olje / Energi Naturgass NGAS 0.041 5.0 % 2.4 % 0.5 % -42.1% USD 521106 WTI-olje OILW 19.693 1.4 % 3.8 % 7.4 % -34.1% USD 0 Brent-olje OILB 24.21 1.4 % 3.6 % 6.1 % -35.0 % USD 68034 Fyringsolje HEAT 10.275 1.2 % 2.8 % 9.2 % -32.7 % USD 16078 Råolje CRUD 8.52375 1.1 % 3.7 % 8.0 % -40.1% USD 651382 Bensin UGAS 25.29 0.5 % -0.3 % 2.5 % -26.4 % USD 0 WTI-Oil USO 11.87-0.9 % 1.8 % 5.0 % -41.7 % USD 16850735 M etaller Sink ZINC 5.66125 1.1 % 3.6 % -0.7 % -13.9 % USD 14759 Nikkel NICK 8.66 0.8 % 0.5 % -10.0 % -35.9 % USD 32499 Gull BULL 14.8775 0.1 % -2.9 % -6.4 % 0.5 % USD 2617 Aluminium ALUM 2.541-0.1% -0.3 % -7.6 % -16.6 % USD 102411 Bomull COTN 2.073-0.4 % 4.3 % -0.3 % -2.9 % USD 1106 Kobber COPA 20.835-0.5 % 2.0 % -7.7 % -24.6 % USD 165310 A ndre råvarer Svinekjøtt HOGS 0.725 1.8 % 3.4 % 0.6 % -6.9 % USD 0 Soyaolje SOYO 4.071 1.7 % 3.2 % -4.4 % -10.9 % USD 1250 Kveg CATL 6.5163 1.6 % 3.1 % 5.3 % -19.0 % USD 0 Råoljer AIGO 11.493 1.0 % 2.8 % 6.3 % -34.1% USD 62 Kaffe COFF 1.3235 0.7 % -0.2 % -0.1% -16.1% USD 76837 Soyabønner SOYB 24.1575 0.2 % 2.6 % 5.3 % 16.5 % USD 4436 M ais CORN 1.2055-0.8 % 3.2 % 3.8 % 5.1 % USD 1131119 Sukker SUGA 11.7125-1.3 % 3.2 % 6.2 % 24.1 % USD 0 R åvarekurver Buskap AIGL 3.102 1.6 % 3.1 % 3.3 % -14.8 % USD 0 Råvarer AIGC 8.6925 0.4 % 1.6 % 1.4 % -15.0 % USD 334420 Industrimetaller AIGI 9.004 0.1 % 1.6 % -6.8 % -21.9 % USD 6805 Ex-Energi AIGX 8.69625-0.2 % 1.1 % -1.6 % -4.7 % USD 0 Edle metaller AIGP 16.3888-0.4 % -2.8 % -7.7 % -1.5 % USD 7440 Softs (Sukker, Kakao, Bomull) AIGS 4.447-0.4 % 2.3 % 3.2 % 6.7 % USD 0 Landbruk AIGA 5.795-0.6 % 2.6 % 3.5 % 5.9 % USD 77156 Korn AIGG 4.412-1.0 % 2.5 % 2.5 % 4.0 % USD 2500 Kilde: Bloomberg 4

DNB Markets ETN / ETF OSLO Endring i % ETN / ETF Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Volum DNB BEAR DNB NOR HA 3.20 10.3 % -36.0 % -3.3 % 17.6 % NOK 0 Strømpris DNB-ETN ELKRAFT BULL 6.33 8.1 % -6.2 % 27.5 % 10.0 % NOK 9000 Strømpris BULL EL HA 0.78 7.6 % -6.6 % 29.2 % -25.1% NOK 0 Naturgasspris BULL NATGAS ETN DNM 7.51 5.8 % 20.7 % 23.1 % -49.3 % NOK 0 Telenor DNB-ETN TELENOR X3 BEAR 1.97 4.2 % -5.5 % -15.1% 13.2 % NOK 6000 Strømpris DNB-ETN ELKRAFT 5.71 4.2 % -2.6 % 14.2 % 18.5 % NOK 0 PGS DNB-ETN PGS BULL 1.13 3.7 % 18.9 % -32.7 % -85.5 % NOK 50000 REC BEAR REC DNM 3.13 3.6 % 4.2 % -23.3 % #VALUE! NOK 0 Yara DNB-ETN YARA X3 BEAR 14.03 3.5 % -2.4 % 3.8 % 16.0 % NOK 11200 Sinkpris BULL SINK ETN DNM 23.53 3.3 % 10.4 % 1.3 % -27.2 % NOK 0 Naturgasspris NATGAS ETN DNM 15.89 3.0 % 10.1 % 13.5 % -26.3 % NOK 0 Gjensidige DNB-ETN GJENSIDIGE X3 BULL 39.66 2.9 % 11.9 % 14.7 % 71.1 % NOK 385 Statoil DNB-ETN STATOIL X3 BEAR 1.62 2.9 % 1.6 % 11.7 % -56.1% NOK 114495 Telenor DNB - ETN TELENOR BEAR 3.43 2.9 % -3.5 % -10.0 % 16.1 % NOK 0 Oljepris DNB - ETN BRENT BULL 6.68 2.8 % 5.3 % 11.9 % -64.0 % NOK 5255 Oljepris BULL OLJE HA 15.25 2.8 % 5.3 % 11.6 % -63.3 % NOK 1990 Orkla DNB-ETN ORKLA X3 BEAR 1.22 2.5 % -1.2 % -22.6 % -61.6 % NOK 0 OBX BEAR OBX X4 DNM 8.33 2.3 % -6.3 % -8.5 % -28.5 % NOK 4852 Yara DNB-ETN YARA BEAR 6.05 2.3 % -1.5 % 2.7 % 19.7 % NOK 0 Fred. Olsen Energy BEAR FOE DNM 33.64 2.0 % -6.1% 2.9 % -51.0 % NOK 850 Sinkpris SINK ETN DNM 29.84 1.9 % 5.1 % 2.6 % -9.7 % NOK 0 Statoil DNB-ETN STATOIL BEAR 5.89 1.8 % 1.0 % 8.1 % -32.8 % NOK 0 Aluminium BULL ALU ETN DNM 19.33 1.7 % -0.8 % -12.0 % -25.3 % NOK 0 OBX DNB-ETN OBX X3 BEAR 3.68 1.7 % -4.8 % -6.3 % -15.7 % NOK 0 Norsk Hydro BULL NHY X3 DNM 21.56 1.6 % 2.0 % -8.0 % -47.0 % NOK 28700 Kobberpris BULL KOBBER HA 19.31 1.5 % 3.8 % -11.3 % -42.9 % NOK 0 Oljepris DNB - ETN BRENT 19.03 1.4 % 2.6 % 8.1 % -32.0 % NOK 81135 CO2 BULL CO2 ETN DNM 29.14 1.4 % 11.4 % -6.4 % -35.9 % NOK 0 Gullpris DNB-ETN GULL BULL 20.21 1.3 % -3.4 % -8.0 % 2.5 % NOK 5400 Gullpris BULL GULL HA 69.85 1.2 % -3.4 % -8.0 % 2.1 % NOK 0 Storebrand DNB-ETN STOREBRAND BULL 17.74 1.2 % 9.5 % 13.1 % 47.3 % NOK 0 Sølvpris BULL SOLV ETN DNM 20.51 1.2 % -2.9 % -16.6 % -15.8 % NOK 0 OBX XACT DERIVAT BEAR 72.58 1.1 % -3.2 % -3.9 % -4.6 % NOK 692897 M arine Harvest Group DNB-ETN M ARINE HARVEST BEAR 5.81 1.0 % -3.6 % -21.9 % -68.4 % NOK 0 Aluminium ALU ETN DNM 26.35 1.0 % -0.4 % -4.4 % -10.7 % NOK 0 Norsk Hydro DNB-ETN NORSK HYDRO BULL 9.74 1.0 % 1.5 % -4.7 % -25.1% NOK 0 DNO BEAR DNO DNM 13.15 0.9 % 3.3 % -3.2 % -55.0 % NOK 0 Schibsted BEAR SCH DNM 4.06 0.9 % -1.1 % -24.7 % -28.9 % NOK 0 CO2 CO2 ETN DNM 31.78 0.9 % 5.7 % -2.2 % -12.3 % NOK 0 Opera BULL OPERA DNM 4.22 0.8 % 0.2 % 1.9 % -21.9 % NOK 15000 Kobberpris BULL KOBBER ETN DNM 14.71 0.8 % 3.6 % -10.7 % -39.4 % NOK 0 Gullpris DNB-ETN GULL 28.68 0.7 % -1.7 % -2.2 % 4.2 % NOK 0 Sølvpris SOLV ETN DNM 28.18 0.7 % -1.5 % -6.9 % -3.7 % NOK 0 TGS Nopec DNB-ETN TGS BEAR 13.43 0.6 % -2.2 % 7.7 % 30.5 % NOK 0 OBX SHORT OBX DNM 24.09 0.6 % -1.5 % -1.9 % #VALUE! NOK 0 Subsea 7 DNB-ETN SUBSEA 7 BEAR 6.31 0.5 % 4.0 % -5.5 % -45.5 % NOK 0 Norwegian DNB-ETN NORWEGIAN BEAR 4.44 0.5 % 1.3 % 14.9 % -51.4 % NOK 0 Oljeservice DNB - ETN OIL SERVICE BEAR 16.16 0.2 % -3.6 % 12.2 % 17.7 % NOK 0 REC BULL REC HA 21.97 0.0 % -0.6 % 17.0 % -31.4 % NOK 12500 OBX BULL OBX X3 HA 119.60 0.0 % 9.6 % 6.5 % -24.9 % NOK 23 Aker Solutions DNB-ETN AKER SOLUTIONS BEAR 8.10 0.0 % -5.2 % 6.3 % -3.5 % NOK 0 Aluminium BULL ALU HA 15.53 0.0 % -1.4 % -12.3 % -25.5 % NOK 0 Statoil BULL STL HA 53.80 0.0 % 0.0 % -10.3 % -18.4 % NOK 100 Statoil BEAR STL HA 7.59 0.0 % 0.0 % 7.1 % -33.3 % NOK 2500 Norsk Hydro BULL NHY HA 21.07 0.0 % 0.0 % 0.0 % -24.2 % NOK 10000 Yara BEAR YARA HA 1.69 0.0 % 0.0 % 0.0 % 15.0 % NOK 3000 Norsk Hydro BEAR NHY HA 16.91 0.0 % -8.6 % -8.6 % -25.8 % NOK 2000 Aluminium BEAR ALU HA 79.78 0.0 % 1.2 % 21.2 % 26.3 % NOK 0 Opera BEAR OPERA DNM 2.48 0.0 % 0.0 % -8.2 % -77.3 % NOK 7600 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 Aker Solutions DNB-ETN AKER SOLUTIONS BEAR 8.10 0.0 % -5.2 % 6.3 % -3.5 % NOK 0 Aluminium BULL ALU HA 15.53 0.0 % -1.4 % -12.3 % -25.5 % NOK 0 Statoil BULL STL HA 53.80 0.0 % 0.0 % -10.3 % -18.4 % NOK 100 Statoil BEAR STL HA 7.59 0.0 % 0.0 % 7.1 % -33.3 % NOK 2500 Norsk Hydro BULL NHY HA 21.07 0.0 % 0.0 % 0.0 % -24.2 % NOK 10000 Yara BEAR YARA HA 1.69 0.0 % 0.0 % 0.0 % 15.0 % NOK 3000 Norsk Hydro BEAR NHY HA 16.91 0.0 % -8.6 % -8.6 % -25.8 % NOK 2000 Aluminium BEAR ALU HA 79.78 0.0 % 1.2 % 21.2 % 26.3 % NOK 0 Opera BEAR OPERA DNM 2.48 0.0 % 0.0 % -8.2 % -77.3 % NOK 7600 Aker Solutions DNB-ETN AKER SOLUTIONS BULL 2.44 0.0 % 3.8 % -10.8 % -69.3 % NOK 0 DNB BULL DNBNOR HA 115.95 0.0 % 12.6 % 7.6 % -39.7 % NOK 10035 Oljeservice DNB - ETN OIL SERVICE 12.91-0.1% 1.1 % -8.0 % -39.0 % NOK 0 Kobberpris BEAR KOBBER ETN DNM 55.88-0.1% -3.5 % 19.1 % 44.4 % NOK 0 Oljeservice DNB - ETN OIL SERVICE BULL 3.11-0.3 % 1.6 % -16.6 % -71.6 % NOK 3500 Subsea 7 DNB-ETN SUBSEA 7 BULL 5.36-0.5 % -5.1% -1.0 % -37.2 % NOK 0 Norwegian DNB-ETN NORWEGIAN BULL 16.60-0.6 % -1.4 % -14.8 % 9.0 % NOK 9500 TGS Nopec DNB-ETN TGS BULL 7.46-0.6 % 1.6 % -10.8 % -64.6 % NOK 0 OBX DNB OBX 53.30-0.6 % 1.6 % 1.7 % -4.9 % NOK 4979 CO2 BEAR CO2 ETN DNM 10.24-0.7 % -10.3 % 4.3 % 2.1 % NOK 0 OBX XACT OBX 53.68-0.7 % 1.3 % 1.6 % -5.0 % NOK 161336 Seadrill DNB-ETN SEADRILL BULL 1.32-0.8 % 12.3 % -54.6 % -97.6 % NOK 63050 Sølvpris BEAR SOLV ETN DNM 32.12-0.8 % 2.9 % 27.3 % -1.4 % NOK 0 BW LPG BULL BWLPG DNM 14.37-0.9 % 8.1 % -3.5 % -40.6 % NOK 1500 Schibsted BULL SCH DNM 37.01-0.9 % 1.0 % 23.1 % -10.2 % NOK 0 DNO BULL DNO DNM 1.64-0.9 % -4.9 % -11.6 % -57.0 % NOK 268900 Aluminium BEAR ALU ETN DNM 45.87-0.9 % 0.8 % 20.8 % 25.8 % NOK 0 Gullpris DNB-ETN GULL BEAR 30.32-0.9 % 3.4 % 15.9 % -5.6 % NOK 0 Gullpris BEAR GULL HA 24.21-1.0 % 3.4 % 15.8 % -6.0 % NOK 0 M arine Harvest Group DNB-ETN M ARINE HARVEST BULL 89.15-1.0 % 3.5 % 25.5 % 139.8 % NOK 1000 Norsk Hydro DNB-ETN NORSK HYDRO BEAR 8.68-1.0 % -1.9 % 2.0 % -24.3 % NOK 0 OBX XACT DERIVAT BULL 100.08-1.1 % 3.1 % 3.3 % -15.3 % NOK 318848 Kobberpris BULL KOBBER ETN DNM 23.22-1.2 % 1.8 % -3.7 % -18.8 % NOK 0 Kobberpris BEAR KOBBER HA 44.38-1.3 % -3.9 % 19.9 % 50.2 % NOK 0 Storebrand DNB-ETN STOREBRAND BEAR 3.43-1.4 % -9.0 % -14.8 % -66.8 % NOK 0 Norsk Hydro BEAR NHY X3 DNM 4.07-1.6 % -3.0 % 2.0 % -47.3 % NOK 7500 OBX DNB-ETN OBX X3 BULL 27.37-1.8 % 4.4 % 4.5 % -28.6 % NOK 0 Statoil DNB-ETN STATOIL BULL 24.06-1.9 % -1.6 % -9.8 % -17.8 % NOK 0 Fred. Olsen Energy BULL FOE DNM 27.32-2.1% 4.7 % -13.7 % -85.3 % NOK 0 Yara DNB-ETN YARA BULL 17.72-2.4 % 1.3 % -3.7 % -40.7 % NOK 0 Yara DNB-ETN YARA BULL 17.72-2.4 % 1.3 % -3.7 % -40.7 % NOK 0 OBX BULL OBX X4 DNM 18.59-2.4 % 6.0 % 5.7 % -42.9 % NOK 2500 Oljepris DNB - ETN BRENT BEAR 22.17-2.4 % -5.3 % -7.3 % 22.1 % NOK 0 Oljepris BEAR OLJE HA 32.88-2.4 % -5.2 % -8.1% 43.7 % NOK 0 Sink BEAR SINK ETN DNM 30.39-2.6 % -9.8 % 4.3 % 5.8 % NOK 0 Statoil DNB-ETN STATOIL X3 BULL 18.89-2.8 % -2.5 % -15.1% -39.8 % NOK 3000 Orkla DNB-ETN ORKLA X3 BULL 118.83-2.8 % 0.7 % 25.8 % 82.6 % NOK 1775 Gjensidige DNB-ETN GJENSIDIGE X3 BEAR 0.33-3.0 % -11.0 % -13.3 % -65.6 % NOK 35000 Telenor DNB-ETN TELENOR BULL 63.90-3.0 % 3.4 % 9.6 % -35.8 % NOK 0 PGS DNB-ETN PGS BEAR 4.42-3.4 % -23.7 % 13.8 % -18.2 % NOK 0 Yara DNB-ETN YARA X3 BULL 15.64-3.5 % 1.9 % -5.8 % -59.9 % NOK 0 REC BEAR REC HA 16.00-3.6 % 0.0 % -29.3 % -88.6 % NOK 1 REC DNB-ETN REC BULL 7.05-3.7 % -4.9 % 11.0 % -32.5 % NOK 36920 Telenor DNB-ETN TELENOR X3 BULL 53.15-4.5 % 5.0 % 14.2 % -53.9 % NOK 4100 Naturgasspris BEAR NATGAS ETN DNM 71.83-5.0 % -17.4 % -14.8 % 48.0 % NOK 0 Strømpris DNB - ETN ELKRAFT BEAR 81.18-7.1% 3.7 % -23.7 % -54.9 % NOK 0 Strømpris BEAR EL HA 473.95-7.4 % 3.6 % -23.7 % -24.6 % NOK 0 Golden Ocean BULL GOGL DNM 5.80-8.5 % 33.1 % -12.6 % -97.7 % NOK 90512 OBX BEAR OBX X3 HA 3.00-14.3 % 0.0 % 13.2 % 0.7 % NOK 39919 Kilde: Bloomberg DNB ANBEFALINGER OG ESTIMATER 44 87 Selg Hold Kjøp 63 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 8610 11400 79.56 118.88 18.8x 12.0x 4.6x 3.5x AF Gruppen AFG Selg NOK 133 90 6.48 6.17 21.7x 21.6x 11.5x 10.7x Akastor AKA Selg NOK 9.5 8.1-4.23-2.45-2.3x -3.9x 17.7x 8.2x Aker AKER Hold NOK 178.5 161 9.09 3.10 19.6x 57.6x Aker Solutions AKSO Selg NOK 29.2 20 1.46 0.26 21.7x 112.5x 5.7x 8.6x Alfa Laval ALFA Selg SEK 126.1 121 7.82 6.97 16.1x 18.1x 9.9x 9.8x Archer ARCHER Selg NOK 6.44 3-0.51-0.50-1.5x -1.5x 13.1x 12.8x Assa Abloy ASSAB Hold SEK 173.4 170 7.04 7.58 24.6x 22.9x 16.6x 15.2x Atea ATEA Hold NOK 75 80 4.21 5.09 17.8x 14.7x 8.2x 7.1x Atlas Copco ATCOA Hold SEK 215.5 210 10.48 11.00 20.5x 19.6x 12.0x 11.1x Atwood Oceanics ATW Selg USD 10.67 6 4.29 0.10 2.5x 111.4x 3.1x 7.4x Aurora LPG AURLPG Kjøp NOK 38.1 50.4 1.39 1.13 3.3x 4.0x 7.0x 6.0x Austevoll Seafood AUSS Kjøp NOK 70.75 81 6.54 7.85 11.9x 9.0x 4.6x 3.4x Autoliv ALIV Hold SEK 1011 990 6.77 7.70 17.1x 15.2x 8.4x 7.5x Avance Gas AVANCE Kjøp NOK 45.36 72 1.44 1.05 3.8x 5.2x 5.6x 5.9x Awilco Drilling AWDR Hold NOK 26 40 0.48 1.60 6.5x 1.9x 2.8x 0.7x Axactor AXA Kjøp NOK 1.91 3 Bakkafrost BAKKA Hold NOK 324.3 325 15.31 17.65 17.8x 14.7x 11.5x 9.5x Betsson BETSB Kjøp SEK 110 165 7.89 8.67 13.9x 12.7x 11.4x 10.2x BillerudKorsnäs BILL Kjøp SEK 127.7 150 8.70 9.38 14.7x 13.6x 8.0x 7.9x Borregaard BRG Kjøp NOK 64 75 5.05 6.04 12.7x 10.6x 6.7x 5.4x BW LPG BWLPG Kjøp NOK 41.99 57 0.90 0.91 5.6x 5.5x 6.2x 5.3x BW Offshore BWO Selg NOK 0.97 1-0.08-0.15-1.5x -0.8x 6.6x 7.2x Cargotec CGC Selg EUR 34.81 27 2.31 2.65 13.9x 13.1x 9.0x 8.0x Carlsberg CARLB Selg DKK 645 550 26.04 32.45 24.8x 19.9x 10.0x 9.4x Castellum CAST Kjøp SEK 113.7 130 6.98 7.52 19.3x 15.1x 24.6x 19.5x Chr. Hansen CHR Hold DKK 423.7 459.837 1.41 1.67 40.2x 33.9x 25.7x 21.9x Citycon CTY1S Kjøp EUR 2.15 2.9 0.18 0.16 15.1x 13.7x 18.1x 17.5x Coloplast COLOB Kjøp DKK 506 580 17.90 20.67 28.3x 24.5x 19.1x 16.7x Com Hem COMH Selg SEK 72.2 63 1.77 1.70 38.7x 39.7x 9.4x 8.9x Coor Service Managemen COOR Kjøp SEK 40.1 48 1.42 1.97 11.9x 10.2x 10.1x 8.8x D/S Norden DNORD Kjøp DKK 103.2 145 0.65 0.14 24.4x 111.3x 4.4x 5.8x Danske Bank DANSKE Kjøp DKK 192.9 215 19.65 20.39 10.2x 9.5x Deep Sea Supply DESSC Selg NOK 0.93 0.7-0.22-0.15-0.7x -0.8x 21.1x 23.4x Det norske oljeselskap DETNOR Hold NOK 78.15 70 0.23 0.96 40.1x 9.8x 5.9x 3.1x DHT Holdings DHT Hold USD 5.4 6 1.15 0.39 4.4x 13.8x 4.5x 6.0x Diamond Offshore DO Selg USD 25.82 15 1.34 1.30 19.2x 19.8x 7.6x 7.1x Diana Shipping DSX Hold USD 2.61 2.1-1.48-1.19-1.8x -2.2x -47.4x 150.3x DNB DNB NOK 107.3 11.88 12.19 9.4x 8.8x DNO DNO Kjøp NOK 8.755 14 0.14 0.34 7.2x 3.1x 4.1x 1.4x DOF DOF Selg NOK 4.07 3.0 3.42 1.19 1.5x 3.4x 9.1x 9.6x Dorian LPG LPG Kjøp USD 8.94 11.1 2.49 0.84 3.6x 10.6x 6.5x 8.7x Eidesvik Offshore EIOF Selg NOK 9.37 7-1.58-3.87-5.9x -2.4x 10.6x 15.2x Electrolux ELUX Selg SEK 223.8 200 15.73 16.44 14.2x 13.6x 6.8x 6.4x Elekta EKTAB Kjøp SEK 65.75 80 2.29 3.71 28.7x 17.7x 12.5x 10.2x Ensco (Restricted) ESV Hold USD 9.89 10 2.20 1.26 4.5x 7.9x 4.1x 4.6x Entra ENTRA Kjøp NOK 79.25 90 4.26 4.50 20.2x 18.8x 18.3x 16.9x Epic Gas EPIC Kjøp NOK 15 23.7-0.08 0.00-18.8x 678.1x 9.9x 7.9x Euronav EURN Hold USD 10.11 12.7 1.86 0.27 5.8x 37.9x 4.7x 7.8x Europris EPR Hold NOK 37.9 34 2.40 2.58 15.8x 14.7x 11.0x 9.9x Fabege FABG Hold SEK 135.2 140 12.99 4.39 32.7x 30.0x 31.2x 29.5x Farstad Shipping FAR Selg NOK 12.5 10-10.69-19.55-1.2x -0.6x 10.2x 15.1x Flex LNG FLNG Hold NOK 11 10.9 0.00 0.00-57186.7x -46974.8x -72.7x -74.1x FLSmidth FLS Hold DKK 240.9 250 12.47 16.80 18.6x 14.4x 8.9x 7.6x FMC Technologies FTI Selg USD 27.23 21 0.92 0.84 24.9x 32.2x 10.3x 11.1x Fortum FUM1V Kjøp EUR 13.48 16 0.71 0.62 21.5x 21.8x Fred Olsen Energy FOE Selg NOK 32.4 20 2.44-1.12 1.6x -3.5x 1.7x 2.7x Frontline FRO Hold NOK 71.25 80 1.22 0.84 7.0x 10.2x 7.6x 10.0x Frontline 2012 FRNT Kjøp NOK 62.5 55 0.92 0.67 8.1x 11.1x 8.8x 10.3x GasLog GLOG Kjøp USD 12.45 16 0.02 0.94 82.0x 13.3x 12.2x 9.0x Gener8 Maritime GNRT Kjøp USD 6.87 8.9 2.67 1.36 2.6x 5.0x 5.2x 6.1x Getinge GETIB Selg SEK 178 170 7.24 10.71 18.2x 14.5x 11.8x 9.4x Gjensidige Forsikring GJF Hold NOK 144.30 145.00 8.63 8.76 16.7x 16.5x 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 GN Store Nord GN Selg DKK 136.6 125 7.74 8.83 17.7x 15.5x 12.3x 10.7x Golar LNG GLNG Hold USD 17.59 20.6-1.52-0.13-9.6x -11.5x 142.9x 20.5x Golar LNG Partners GMLP Hold USD 17.01 16.2 2.70 3.11 6.3x 5.5x 7.2x 6.4x Golden Ocean GOGL Hold NOK 6.74 7.3-0.37-0.12-2.8x -6.8x -72.4x 23.6x Grieg Seafood GSF Kjøp NOK 47.9 55 4.14 6.78 11.6x 7.1x 7.4x 4.9x Havfisk HFISK Kjøp NOK 34.2 36 2.86 3.41 12.0x 10.0x 6.9x 5.6x Havila Shipping HAVI Selg NOK 1.76 0.5 0.40-7.67 4.4x -0.2x 8.2x 13.9x Helgeland Sparebank HELG Kjøp NOK 60.5 75 11.90 8.58 6.8x 7.1x Hennes & Mauritz HMB Hold SEK 256 290 11.87 13.42 21.6x 19.1x 12.1x 10.1x Hexagon AB HEXAB Kjøp SEK 323.9 340 1.60 1.69 21.8x 20.6x 14.5x 13.2x Hexagon Composites HEX Hold NOK 25.9 25 0.85 1.26 30.6x 20.6x 15.1x 10.2x Hexpol HPOLB Kjøp SEK 84.1 97 4.09 4.34 20.6x 19.4x 12.6x 11.3x Hufvudstaden HUFV Hold SEK 129.1 125 6.57 4.14 32.4x 31.2x 26.8x 25.9x Humana HUM Kjøp SEK 80 82 3.46 5.40 18.7x 14.4x 13.2x 10.9x Husqvarna HUSQb Kjøp SEK 66.2 70 3.72 4.65 17.8x 14.2x 9.9x 8.1x Höegh LNG Holdings HLNG Kjøp NOK 92.75 127 0.39 0.75 29.0x 14.8x 13.3x 10.5x Industrivärden INDUc Hold SEK 141 147 Investor INVEb Kjøp SEK 290.2 330.054 Jm Ab JM Kjøp SEK 235.6 270 18.80 21.50 12.5x 11.0x 9.6x 8.1x Klövern KLOVb Kjøp SEK 9.92 11 1.16 0.74 15.6x 13.4x 19.4x 18.3x KNOT Offshore Partners KNOP Hold USD 18.53 18.9 1.75 1.91 10.6x 9.7x 8.4x 7.9x Kone KNEBV Hold EUR 42.48 41 1.92 1.98 22.1x 21.4x 14.7x 13.5x Konecranes KCR1V Kjøp EUR 24.86 28 0.91 1.46 18.9x 16.5x 9.0x 8.2x Kongsberg Gruppen KOG Kjøp NOK 129 165 7.81 10.33 16.5x 12.5x 9.8x 7.0x Kungsleden KLED Kjøp SEK 59 70 4.40 4.97 13.4x 11.9x 18.3x 17.0x Kværner KVAER Hold NOK 7.81 7.3 1.27 0.33 15.0x 23.8x 1.2x 1.3x Lerøy LSG Kjøp NOK 427 460 36.39 46.43 12.5x 9.2x 7.8x 5.5x Loomis LOOMb Kjøp SEK 220.4 285 15.33 16.31 14.4x 13.5x 6.8x 6.6x Lundbeck LUN Kjøp DKK 263 270 3.44 9.51 76.4x 27.7x 17.5x 10.6x Lundin Petroleum LUPE Hold SEK 149.6 155 0.70 0.85 25.7x 21.0x 11.6x 6.4x Marine Harvest MHG Kjøp NOK 139.7 150 1.03 1.28 16.5x 11.7x 10.2x 7.3x Meda MEDA Hold SEK 148 160 4.45 5.72 33.2x 25.9x 12.8x 10.8x Metso MEO1V Kjøp EUR 21.11 24 1.16 1.47 16.9x 14.4x 8.2x 7.2x Millicom MICsdb Kjøp SEK 486 585 1.22 2.29 32.6x 25.4x 5.9x 5.4x MTG MTGb Kjøp SEK 236.3 305 14.17 16.92 15.5x 14.0x 10.6x 9.5x Ncc NCC Hold SEK 309.3 275 17.76 19.54 17.4x 15.8x 13.9x 12.2x NetEnt NETb Kjøp SEK 95 585 12.14 14.88 7.8x 6.4x 4.8x 3.7x Nibe Industrier NIBEB Selg SEK 76.8 235 12.06 13.49 6.4x 5.7x 7.0x 5.9x Nobia NOBI Kjøp SEK 87.1 105 6.06 6.89 14.4x 12.7x 8.4x 7.0x Noble NE Selg USD 8.34 6 0.50-0.55 16.6x -15.0x 5.6x 7.9x Nokian Tyres NRE1V Kjøp EUR 31.73 35 1.72 1.91 18.5x 16.6x 10.6x 9.4x Nordea NDA Kjøp SEK 80.95 95 0.83 0.87 10.9x 10.0x Nordic Nanovector NANO Kjøp NOK 25.5 36-5.03-5.29-5.1x -4.8x -2.9x -3.6x Nordic Semiconductor NOD Kjøp NOK 41.16 59 0.15 0.25 31.8x 19.5x 16.8x 11.2x Norsk Hydro NHY Selg NOK 33.35 30 2.49 2.14 18.9x 15.6x 5.7x 5.2x North Energy NORTH Hold NOK 1.54 1.1-0.28-0.56-1.7x -1.3x Norway Royal Salmon NRS Kjøp NOK 109 120 9.43 12.02 13.8x 9.1x 9.6x 6.0x Norwegian Air Shuttle NAS Kjøp NOK 342 390 22.86 40.22 10.1x 8.5x 11.8x 10.7x Norwegian Property NPRO Kjøp NOK 9.25 10 0.56 0.48 19.2x 19.4x 19.1x 19.1x Novo Nordisk NVO Kjøp DKK 371.8 435 15.19 17.46 24.5x 21.4x 17.8x 15.1x Novozymes NZYMB Selg DKK 318 260 10.26 11.29 31.7x 28.5x 19.5x 17.5x NRC Group NRC Hold NOK 57 52 1.75 2.81 24.8x 20.3x 13.8x 11.7x Ocean Rig ORIG Selg USD 2.29 1 3.88 0.38 0.6x 6.0x 3.6x 5.6x Ocean Yield OCY Hold NOK 53.25 52 0.84 1.12 6.9x 5.7x 8.3x 6.6x Odfjell ODF Kjøp NOK 30.5 46 1.06 1.05 3.5x 3.5x 4.7x 4.5x Odfjell Drilling ODL Hold NOK 4.7 6 0.09 0.01 6.3x 51.3x 6.9x 7.4x Olav Thon OLT Kjøp NOK 150 195 12.36 12.48 14.8x 13.3x 15.4x 14.9x Opera OPERA Hold NOK 67.5 71 0.03 0.32 22.1x 17.7x 15.0x 11.7x Oriflame ORI Selg SEK 196.7 166 1.00 1.15 21.2x 18.4x 10.3x 9.1x Orkla ORK Kjøp NOK 75.7 80 3.54 3.81 21.4x 19.9x 15.4x 14.4x Outotec OTE1V Kjøp EUR 3.502 3.8 0.01 0.16 40.8x 22.4x 6.3x 5.5x Pacific Drilling PACD Selg USD 4.07 0.2-0.40-1.44-10.2x -2.8x 9.0x 21.6x Pandox PNDXB Hold SEK 135.80 150.00 8.24 7.78 19.7x 17.4x 19.4x 17.4x Peab PEAB Hold SEK 68.80 72.00 5.68 6.11 12.2x 11.3x 7.2x 6.1x PGS PGS Selg NOK 24.04 20-0.80-1.02-3.6x -2.8x 6.4x 8.1x Polarcus PLCS Selg NOK 0.7 0.5-0.18-0.15-0.5x -0.6x 18.0x 13.8x Prosafe PRS NOK 3.03 0.05 0.03 7.5x 10.4x 10.0x 9.4x Q-Free QFR Kjøp NOK 10.75 15 0.34 1.03 31.2x 10.4x 9.5x 5.0x Recipharm RECIB SEK 128 6.20 9.59 20.1x 13.3x 11.1x 8.7x Kilde: DNB Markets, FactSet, Bloomberg 8

DNB Markets DNB anbefalinger og estimater DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA 2016 2017 2016 2017 2016 2017 RenoNorden RENO Kjøp NOK 27.9 40 2.61 3.00 10.7x 9.3x 6.5x 6.1x Rezidor REZT Hold SEK 34.4 35 0.19 0.39 19.9x 9.6x 6.8x 4.4x Safe Bulkers SB Selg USD 1.14 0.4-0.64-0.57-1.8x -2.0x 24.2x 19.2x Saipem SPM Hold EUR 0.3679 0.37 0.03 0.01 12.6x 29.7x 3.9x 5.3x SalMar SALM Hold NOK 251 230 15.97 19.65 16.9x 12.8x 11.2x 8.3x Sampo Oyj SAMAS Hold EUR 40.07 42 2.76 2.84 14.5x 14.1x Sandvik SAND Kjøp SEK 81.55 96 4.81 5.48 17.0x 14.9x 8.9x 7.9x SCA SCAB Hold SEK 267 250 12.34 14.05 20.4x 19.0x 11.2x 10.2x Scandi Standard SCST Hold SEK 60 58 3.73 5.37 16.0x 11.2x 8.7x 6.4x Schibsted SCHA Selg NOK 260 186 2.87 5.17 87.3x 50.3x 53.2x 43.8x Scorpio Tankers STNG Hold USD 5.88 6.9 0.57 0.51 10.2x 11.5x 9.8x 10.3x Seadrill SDRL Selg NOK 27.81 10 1.33 0.02 2.5x 208.6x 5.7x 10.6x SEB SEB Kjøp SEK 79.95 96 4.86 8.00 10.9x 10.0x Securitas SECUB Kjøp SEK 131.5 145 7.31 8.20 18.0x 16.0x 11.0x 9.7x Selvaag Bolig SBO Kjøp NOK 30.4 36 2.32 2.71 12.4x 11.2x 11.9x 9.6x Sevan Marine SEVAN Selg NOK 21.4 15-0.23-0.16-14.4x -16.3x -10.1x -14.1x Siem Offshore SIOFF NOK 1.76-0.04-0.08-5.8x -2.7x 10.4x 12.3x Skandiabanken SKBN Kjøp NOK 53.5 60 5.93 5.37 11.0x 9.9x Skanska SKA Hold SEK 183.2 185 14.18 13.21 12.9x 13.9x 7.5x 7.6x SKF SKFB Hold SEK 146.8 145 10.07 11.26 14.0x 13.0x 8.9x 8.3x Solstad Offshore SOFF Selg NOK 11 15-0.30-9.47-36.1x -1.2x 13.9x 18.5x Songa Offshore SONG Selg NOK 0.32 0.15 0.08 0.08 0.5x 0.5x 5.8x 5.0x Sparebank1 Nord-Norge NONG Kjøp NOK 38.5 50 5.65 5.26 6.8x 7.3x Sparebank1 SMN MING Kjøp NOK 49.5 75 7.37 7.66 6.7x 6.5x Sparebank1 SR-Bank SRBANK Kjøp NOK 41.1 50 6.94 6.66 5.9x 6.2x Sparebanken Møre MORG Kjøp NOK 179 250 27.97 25.53 6.4x 7.0x Sparebanken Øst SPOG Kjøp NOK 45.7 60 5.28 5.07 8.6x 9.0x Spectrum SPU Hold NOK 28.8 22 0.27 0.18 12.9x 19.4x 2.0x 2.0x Sponda SDA1V Kjøp EUR 3.806 4.5 0.29 0.30 14.5x 12.5x 19.8x 18.2x Statoil STL Hold NOK 133.4 155 0.75 1.48 25.1x 10.3x Stolt-Nielsen SNI Kjøp NOK 115 142 1.86 1.76 7.5x 7.8x 5.6x 5.5x Storebrand STB Kjøp NOK 36.5 45 3.61 4.30 8.0x 7.0x Subsea 7 SUBC Selg NOK 74.3 47 0.70-0.17 12.7x -52.8x 3.6x 8.4x Svenska Handelsbanken SHB Selg SEK 106.8 96 8.32 8.11 12.9x 13.2x Swedbank SWEDA Kjøp SEK 183.6 194 17.26 15.99 11.8x 11.5x Swedish Match SWMA Hold SEK 284.6 280 18.76 15.61 17.6x 18.2x 12.7x 12.0x Tanker Investments TIL Hold NOK 56.5 67 2.12 1.42 3.2x 4.8x 4.3x 4.9x Technip TECF Selg EUR 49.335 37 4.38 2.37 10.8x 20.8x 3.5x 5.9x Teekay Tankers TNK Hold USD 3.54 4.3 1.17 0.81 2.9x 4.4x 4.3x 4.7x Tele2 TEL2b Kjøp SEK 73.2 87 2.28 3.31 29.5x 19.0x 9.1x 7.2x Telenor TEL Kjøp NOK 139.4 168 9.42 11.82 13.3x 11.8x 6.3x 5.9x Telia Company TELIA Hold SEK 39.09 43 3.47 3.23 11.0x 11.8x 7.5x 6.8x TGS Nopec TGS Selg NOK 125.9 100-0.22-0.26-69.4x -56.9x 4.8x 4.5x The Scottish Salmon ComSSC Kjøp NOK 6.98 7.8 3.31 7.47 13.3x 7.7x 7.2x 5.0x Thule Group THULE Kjøp SEK 128 120 6.55 6.91 19.6x 18.5x 14.7x 13.3x Tomra TOM Hold NOK 93 95 4.60 4.80 20.2x 19.0x 10.8x 10.4x Topdanmark TOP Kjøp DKK 183.7 200 11.70 13.39 15.7x 13.7x Transocean RIG Selg USD 9.79 7 1.02-0.19 9.6x -51.4x 5.6x 7.4x Trelleborg TRELB Hold SEK 155.8 160 23.02 10.45 17.5x 14.9x 11.5x 9.4x Tryg TRYG Hold DKK 131.8 130 7.55 8.35 17.5x 15.8x Tsakos Energy NavigationTNP Kjøp USD 6.47 14.3 2.00 1.46 3.2x 4.4x 5.2x 5.5x Unibet UNIB Hold SEK 95.3 110 36.66 40.44 20.1x 18.4x 15.9x 14.5x Valmet VALMT Kjøp EUR 11.1 12.5 0.76 0.89 14.5x 12.5x 6.7x 5.9x Veidekke VEI Hold NOK 107 110 7.99 9.97 13.4x 10.7x 8.6x 7.2x Vitrolife VITR Hold SEK 428.5 400 9.54 12.21 44.9x 35.1x 27.8x 21.8x Volvo VOLVB Kjøp SEK 92.85 109 7.16 7.92 13.5x 11.7x 5.4x 4.5x Weifa WEIFA Kjøp NOK 1.04 1.35 0.03 0.06 38.7x 18.1x 14.6x 10.4x Wihlborgs WIHL Kjøp SEK 169.6 190 10.63 11.18 16.3x 15.2x 21.0x 19.6x Wilh. Wilhelmsen ASA WWASA Kjøp NOK 41.9 56 1.06 0.67 7.2x 7.5x 6.9x 6.5x Wilh. Wilhelmsen Holding WWI Kjøp NOK 148 259 4.12 4.63 4.3x 3.8x 3.7x 2.8x William Demant Holding WDH Selg DKK 141 116 6.29 7.21 22.4x 19.6x 13.3x 11.7x Wärtsilä WRT1V Hold EUR 37.25 40 2.10 2.42 16.3x 15.4x 11.0x 9.6x XXL XXL Hold NOK 101.00 105.00 4.32 5.50 23.4x 18.4x 16.9x 13.0x Yara YAR Selg NOK 301.70 260.00 25.66 20.44 12.2x 14.8x 6.2x 6.5x 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