NY UKE ÅPNER NED I ASIA, TUNGT I OLJE, ALCOA NHY, NAS & MING

ANALYSE Aksjemarkedet i dag NY UKE ÅPNER NED I ASIA, TUNGT I OLJE, ALCOA NHY, NAS & MING En lønnsutvikling som ikke reflekterte sysselsettingsveksten ga mer usikkerhet rundt inflasjonsutsiktene og svekket finanssektoren i det amerikanske aksjemarkedet på fredag. Samtidig var markedene fortsatt preget av redusert risikovilje som følge av volatiliteten i Kina og presset ned på råvareprisene. Dow og Nasdaq endte dermed begge ned 1 %, mens S&P500 sluttet ned 1.1%. Volumet på de tre hovedindeksene kom inn på 120-126% av gjennomsnittet for de siste tre måneder. I Asia har uken startet med nedgang på de viktigste børsene. Nikkei stenger ned 0.4% og i Kina er indeksene i øyeblikket ned 2-7%. Bekreftelsen av et forventet fall i den kinesiske produsentprisindeksen gir investorene ytterligere argumentasjon for å ta ned risikoen. Vi nærmer oss etter hvert rapporteringen for Q4-tallene og etter børs i USA i kveld legger Alcoa frem de første kvartalstallene. Selskapet annonserte før helgen kapasitetsjusteringer ved to anlegg og fokus vil være på oppdateringene av markedsutsiktene for 2016, samt ytterligere signaler om nedjusteringer av volumet i tiden fremover. Vi har en holdanbefaling på Norsk Hydro med et kursmål på NOK 34 pr aksje. Hydro stengte fredag på NOK 28.87 pr aksje. Etter børs på fredag annonserte Affymetrix et bud på selskapet for USD 1.3 mrd. Både kjøper og selger er innenfor helsesektoren og den implisitte budpremien er på i overkant av 50 I oljemarkedet stengte WTI-prisen fredag ned USD 0.11 pr fat og endte på USD 33.16 pr fat. Prisen ligger i morgentimene i dag på USD 32.46 pr fat. Brent åpner på USD 32.76 pr fat, ned USD 0.57 pr fat i forhold til nivået ved stengetid i det norske markedet på fredag. I tillegg til den fortsatte usikkerheten rundt etterspørselen fra Kina kom det fredag også signaler fra amerikanske myndigheter om at en endelig avtale vedrørende sanksjonene mot Iran kan være klar når som helst. Vi tar denne uken ingen aksjer ut av porteføljen med anbefalte aksjer. Inn i porteføljen kommer Norwegian. Heller ikke sparebankene er upåvirket av en svak utvikling og utfordrende utsikter for oljerelaterte virksomheter. Generelt i sektoren vil dette kunne gi økte avsetninger for fremtidige tap ved rapporteringen av Q4-tallene. Konkursen i Dolphin vil også kunne påvirke utlånstapene i SR-Banken direkte. I forkant av Q4-rapporteringen har vi justert opp estimerte utlånstap for alle aktørene fremover. Samtidig er skattesatsen redusert fra 27% til 25%. Det medfører at estimert EPS for 2016 stiger for sparebankene med begrenset direkte eksponering mot oljesektoren, mens den reduseres for sparebankene med en høy eksponering. Myndighetene har anbefalt at bankene oppnår en kapitaldekningsgrad CET1 på 14.5% innen utgangen av 2016 og dette innebærer at en normalisering av utbyttenivåene vil kunne ta noe mer tid. Med en utbetaling på under 30% av EPS er det imidlertid fortsatt flere av egenkapitalbevisene som gir en ventet direkteavkastning på over 4% og vi ser god støtte for verdsettelsen i dagens kurser. Vår foretrukne kandidat innen sektoren er Sparebank1 SMN. Her har vi en kjøpsanbefaling med et kursmål på NOK 75 pr egenkapitalbevis. Selskap Tidspunkt Konsensus Alcoa Etter markedet 0.03 Våre anbefalte aksjer: - BAKKA - AUSS - XXL - OCY - STB - VEI - BWLPG - HLNG - NAS YTD DNB: -4% YTD OSE: -6% Internasjonale børser Siste Endr. % Dow Jones 16,346-168 -1.02 S&P 500 1,922-21 -1.08 NASDAQ 4,644-46 -0.98 Nikkei 225 17,698-69 -0.39 Euro 500 231-3 -1.47 Danmark-KFX 970-16 -1.59 Finland-HEX 8,233 32 0.39 Norge-OSEBX 564-2 -0.29 Sverige-SAX 472-4 -0.74 Valuta/råvarer Siste I går Endr. % EUR/USD 1.091 1.092-0.12 USD/JPY 117.4 117.3-0.09 USD/NOK 8.882 8.861-0.27 EUR/NOK 9.694 9.707 0.14 Siste Endr. Endr. % CRB indeks 169-0.88-0.52 Brent sp. ($/bbl) 31.5-0.98-3.02 Brent 1m ($/bbl) 32.8-1.00-2.96 Alum. 3m ($/ton) 1,492.5 17.50 1.19 US Nat.gass 2.5 0.12 5.09 Renter Siste I går Endr. USA 10år 2.116 2.170-0.05 Tyskl. 10år 0.514 0.503 0.01 Norge 10år 1.346 1.364-0.02 USA 3m 0.621 0.620 0.00 Euro 3m -0.143-0.136-0.01 Norge 3m 1.110 1.120-0.01 Land Nøkkeltall Danmark KPI 09.00 - Norge KPI 10.00 - EU Investortillit 10.30 12.2 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 16,346-167.65-1.02-5.32-6.19 14.41 S&P 500 1,922-21.06-1.08-4.49-5.96 17.17 Nasdaq Composite 4,644-45.80-0.98-5.87-7.26 28.99 Russel 2000 1,046-18.36-1.73-6.89-7.90 36.72 Amex naturgass-indeks (XNG) 411 5.98 1.48-4.79-5.49 27.17 Amex Oil Service Indeks 142-2.52-1.74-10.95-9.84 13.91 Philadelphia-børsens oljeproduksjon-indeks (XOI) 981-17.60-1.76-7.96-8.59 31.42 Amex farmasi-indeks (DRG) 513-8.93-1.71-2.77-5.18 20.53 Nasdaq biotech-indeks 3,160-62.21-1.93-5.60-10.74 665.33 Philadelphia-børsens halvleder-indeks (SOX) 600-9.77-1.60-9.13-9.50 18.81 S&P 500 Paper & Forest Index ( PAFO) 159-3.96-2.44-3.49 0.00 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 2.45-0.13 3,393,678 21.76 21.85-0.09 Royal Caribbean Cruises 91.78-3.53 2,334,194 815.23 838.00-22.77 Questerre (CAD) 0.18-0.01 2,842 1.10 1.09 0.01 Statoil 12.41-0.65 5,440,557 110.23 109.90 0.33 Yara 40.50-0.72 9,461 359.74 361.30-1.56 Sverige AstraZeneca 31.77-0.37 3,081,104 540.97 542.50-1.53 Finland (EUR) Nokia 7.33 0.25 33,961,408 Danmark Novo Nordisk B 54.76-2.53 1,310,287 374.41 380.60-6.19 RÅVARER & SHIPPING Siste I går Endr. %1D 1W 1M 3M YTD 12M 52W H 52W L CRB indeks 168.6 168.6 0.0 0.02-8 -6.3-34.1-7.6-57.0 233.5 167.3 GS råvare indeks 2,051 2,051-8.3-0.4% - 105-135 -684-119 -994 3,392 2,018 Oil Brent Spot 31.46 32.05-0.59-1.84-5 -5.87-20.57-4.29-17.91 Brent olje 1m 32.75 33.55-0.80-2.38-4 -5.18-19.90-4.53-17.36 69.63 32.16 Brent olje 3m 34.18 34.87-0.69-1.98-4 -4.84-19.35-4.35-18.37 70.92 33.49 WTI olje 1m 32.47 33.16-0.69-2.05-4 -3.15-17.16-4.57-15.89 62.58 32.10 Flybensin 325.50 325.50-14.25-4.19-31 -65.75-166.50-30.50-210.00 Naturgass US Henry Hub 2.47 2.47 0.12 5.26 0 0.49 0.03 0.16-0.44 Fyringsolje 103.5 105.2-1.7-1.6-9 - 11-55.6-6.5-66.8 235.1 103.3 Metals Aluminium 3m 1,493 1,493 18 1.2-15 16-69 -15-340 1,978 1,433 Nikkel 8,560 8,560 55 0.6-260 -135-1,615-260 -6,990 15,505 8,145 Kopper 4,485 4,485-39 - 0.9-220 -103-650 -220-1,619 6,481 4,430 Gull 1,103 1,104-1 - 0.1 29 29-54 42-119 1,308 1,046 Shipping WS AG - Japan, 250 dwt 93 0-15 -14 5 3 8 5 25 WS AG - USG, 250 dwt 55 55-5 -8 3 0 3 3 20 Containerships index 0 0 0.0 0.0% - 0 0 0 0 0 Baltic dry index 429 429-16.0-3.60-49 -93-380 -49-280 1,222 0 429 RENTER & VALUTA Renter Siste I går Endr. 1W 1M 3M YTD 12M Norge - Nibor 3m 1.110 1.110-0.010-0.02 0.05 0.00-0.02-0.32 USA - Libor 3m 0.621 0.617 0.004 0.01 0.13 0.30 0.01 0.37 Euro - Euribor 3m -0.143-0.143-0.001-0.012-0.027-0.095-0.012-0.213 Norge 10 år stat 1.346 1.346-0.008-0.13-0.19-0.13-0.13-0.12 USA 10 år stat 2.116 2.116-0.030-0.15-0.10 0.01-0.15 0.10 Euro 10 år stat 0.514 0.514-0.025-0.12-0.06-0.07-0.12 0.00 Tyskland 10 år stat 0.514 0.514-0.025-0.12-0.06-0.07-0.12 0.00 Japan 10 år stat 0.229 0.229-0.015-0.04-0.09-0.10-0.04-0.07 UK 10 år stat 1.770 1.770-0.033-0.19-0.05-0.05-0.19 0.12 Valuta Siste I går Endr. 1W 1M 3M YTD 12M 52W H 52W L EUR/USD 1.091 1.092-0.001 0.008-0.008-0.045 0.006-0.092 1.187 1.046 USD/JPY 117.4 117.3 0.110-2.1-3.6-2.7-2.7-1.0 125.9 115.9 GBP/USD 1.453 1.451 0.001-0.019-0.068-0.082-0.021-0.065 1.594 1.449 USD/NOK 8.882 8.861 0.024 0.014 0.207 0.790 0.040 1.140 9.017 7.290 EUR/NOK 9.694 9.707-0.014 0.076 0.144 0.499 0.086 0.527 9.731 8.313 GBP/NOK 12.908 12.866 0.042-0.152-0.321 0.482-0.124 1.158 13.385 11.116 2

DNB Markets indekseutvikling på sektornivå INDEKSEUTVIKLING PÅ SEKTORNIVÅ USA MSCI EUROPA Sektor 1 dag 1 mnd. 3 mnd. 1 år hittil i år est. P/E Sektor 1 dag 1 mnd. 3 mnd. 1 år hittil i år est. P/E Media 0.4% -4.0% -6.2% -5.7% -2.6% 15.4 Mat- og apotekhandel 0.9% -1.2% -10.5% 1.5% -3.6% 16.3 Datamaskiner og tilbehør 0.0% -13.1% -14.3% -18.8% -7.9% 10.0 Teknologisk utstyr 0.8% 3.8% 1.9% -1.6% -2.6% 16.1 Kraft -0.1% 4.5% -0.1% -9.8% -0.3% 15.0 Hotell-, underholdnings- og restaurantv -0.1% -2.3% 1.0% 7.5% -5.3% 18.0 Programvare -0.3% -4.0% 4.5% 5.0% -5.8% 19.6 Telekommunikasjon og tjenester -0.5% -1.0% 0.5% 6.1% -3.5% 19.2 Hotell og restaurant -0.3% -3.9% -2.8% 8.3% -5.4% 21.1 Programvare og tjenester -0.8% -1.1% 9.9% 25.5% -4.6% 18.1 Luftfart -0.4% -5.1% -1.6% -9.7% -6.1% 7.4 Forbruksvarer og klær -0.9% -4.5% -13.2% 1.7% -6.7% 15.5 Diversifiserte telekomtjenester -0.5% 0.3% 1.2% -4.1% -3.0% 11.9 Kapitalvarer -0.9% -5.2% -5.6% -0.1% -6.4% 15.0 Drikkevarer -0.5% -1.1% -0.5% 3.2% -2.8% 21.2 Helsevern - utstyr og tjenester -0.9% -0.8% 4.4% 16.1% -4.8% 21.9 Matvarer -0.5% -1.4% -3.1% 4.2% -4.5% 19.2 Transport -0.9% -2.6% -7.7% 2.2% -5.5% 13.5 Elektronisk utstyr og instrumen -0.6% -8.1% -5.0% -16.3% -7.9% 14.3 Media -1.2% -0.9% -7.3% 4.7% -4.8% 17.2 Kjemikalier -0.6% -8.4% -5.1% -12.9% -7.5% 14.5 Forsyningsselskaper -1.2% -1.8% -3.3% -3.6% -3.8% 14.0 Fritidsutstyr -1.0% 1.2% 5.3% 5.9% 0.0% 18.3 Husholdningsvarer og personlige produ -1.3% -3.8% -1.8% 13.3% -6.5% 20.3 Internett programvare og -tjenes -1.0% -4.0% 6.4% 28.9% -6.4% 23.8 Biler og komponenter -1.3% -8.2% -2.9% -1.7% -11.8% 8.4 Elektrisk utstyr -1.1% -4.6% -9.4% -21.9% -7.4% 13.9 Forsikring -1.3% -5.4% -1.8% 5.0% -7.9% 10.5 Forsikring -1.1% -5.6% -4.5% -4.4% -7.3% 10.4 Drikkevarer, mat og tobakk -1.4% -3.3% -0.2% 12.3% -5.1% 19.7 Husholdningsartikler -1.2% -1.5% 1.7% -10.6% -4.1% 20.7 Kommersielle tjenester og leveranser -1.4% -5.5% -5.3% 2.2% -7.8% 15.5 Helseartikler -1.2% -4.1% 0.5% -3.1% -5.5% 17.5 Eiendomsselskaper -1.5% -3.8% -6.7% 2.6% -5.6% 20.0 Industrielle konglomerater -1.3% -6.5% -0.5% 8.6% -7.8% 18.5 Detaljhandel -1.5% -7.4% -7.9% 3.5% -7.3% 19.5 Olje og gass -1.3% -5.1% -17.3% -26.8% -6.7% 27.0 Materialer -1.7% -6.2% -15.1% -18.5% -9.0% 15.2 Maskiner -1.3% -5.6% -10.7% -20.3% -6.5% 14.6 Banker -1.9% -5.5% -14.6% -7.4% -8.3% 9.4 Farmasi -1.5% -3.2% 0.2% -4.5% -4.6% 15.7 Finansieringsselskaper -2.9% -3.8% -9.5% 5.1% -9.4% 11.7 Kommunikasjonsutstyr -1.6% -4.6% -13.7% -20.5% -8.0% 11.4 Energi -4.2% -8.1% -20.4% -18.0% -9.9% 13.1 Bioteknologi -1.7% -2.2% -0.6% -4.8% -7.2% 13.2 Energi og relatert utstyr -1.8% -9.0% -18.6% -24.5% -7.5% 27.5 Bildeler -1.9% -10.9% -15.7% -14.7% -12.9% 9.9 Legemiddelindustri og biotekno -1.9% -2.0% -1.0% 2.8% -5.6% 16.3 Bygg og anlegg -2.0% -5.4% -14.4% -22.3% -7.9% 11.9 Bank -2.0% -7.8% -5.2% -5.8% -9.5% 10.1 Papir- og skogprodukter -2.4% -3.5% -14.9% -30.6% 0.0% n.a. Metall -3.1% -10.5% -27.2% -47.8% -11.9% 16.1 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 APPLE INC 96.96 0.5 % -14.3 % -13.4 % DISCOVERY COMMU 25 2.8 % -4.8 % -19.8 % RANGE RESOURC 25.75 6.8 % 13.2 % -48.8 % MICROSOFT CORP 52.33 0.3 % -3.2 % 10.9 % DISCOVERY COMMU 26.01 2.1 % -5.0 % -18.8 % CONSOL ENERGY 7.69 5.8 % 10.0 % -75.0 % MCDONALD'S CORP 115.48-0.2 % -0.5 % 23.9 % CERNER CORP 58.74 1.9 % -2.1 % -9.6 % VIACOM INC-CLAS 40.98 5.4 % -1.5 % -42.8 % WALT DISNEY CO/THE 99.25-0.3 % -8.1 % 5.3 % YAHOO! INC 30.63 1.6 % -6.9 % -38.4 % EQT CORP 54.45 5.0 % 8.4 % -28.4 % COCA-COLA CO/THE 41.51-0.3 % -1.8 % -3.5 % MARRIOTT INTERNAT 62.65 1.3 % -6.3 % -20.4 % CABOT OIL & GAS 17.2 3.7 % 6.8 % -42.8 % AMERICAN EXPRESS CO 63.63-0.3 % -7.6 % -29.6 % ELECTRONIC ARTS IN 63.13 1.1 % -6.0 % 32.9 % KINDER MORGAN 14.77 3.6 % -11.3 % -64.7 % 3M CO 140.49-0.3 % -9.3 % -13.1 % CHARTER COMMUNI 174.89 0.7 % -1.8 % 8.0 % SCRIPPS NETWO 53.56 2.7 % -1.9 % -28.5 % GOLDMAN SACHS GROUP 163.94-0.4 % -7.1 % -12.5 % APPLE INC 96.96 0.5 % -14.3 % -13.4 % CBS CORP-CLASS 46.46 2.5 % -0.8 % -14.8 % TRAVELERS COS INC/THE 105.99-0.4 % -3.4 % 0.2 % VERISK ANALYTICS 73.37 0.5 % -2.2 % 16.3 % DISCOVERY COM 26.01 2.1 % -5.0 % -18.8 % DU PONT (E.I.) DE NEMOUR 61.17-0.5 % -13.2 % -12.4 % LIBERTY GLOBAL PL 37.89 0.4 % 2.8 % #VALUE! FIRSTENERGY CO 31.59 1.9 % 0.4 % -18.9 % INTL BUSINESS MACHINES 131.63-0.9 % -2.2 % -17.3 % MICROSOFT CORP 52.33 0.3 % -3.2 % 10.9 % CERNER CORP 58.74 1.9 % -2.1 % -9.6 % VERIZON COMMUNICATION 44.83-1.0 % 0.0 % -4.1 % EXPEDITORS INTL W 42.78 0.3 % -8.2 % -1.6 % KELLOGG CO 71.48 1.6 % 1.9 % 7.6 % CATERPILLAR INC 63.29-1.0 % -3.3 % -27.8 % BED BATH & BEYON 46.64 0.3 % -11.4 % -37.0 % DEVON ENERGY 28.5 1.6 % -15.1 % -52.8 % INTEL CORP 31.51-1.0 % -8.1 % -14.3 % EBAY INC 25.75 0.2 % -7.9 % 10.0 % YAHOO! INC 30.63 1.6 % -6.9 % -38.4 % JOHNSON & JOHNSON 98.16-1.1 % -3.5 % -6.5 % CHEVRON CORP 82.13-1.1 % -5.0 % -24.1 % Bunn siste 1 dag 1 mnd 1 år Bunn siste 1 dag 1 mnd 1 år HOME DEPOT INC 123.9-1.2 % -5.0 % 18.1 % SEAGATE TECHNOLO 32.54-5.8 % -9.6 % -51.0 % GAP INC/THE 22.91-14.3 % -12.1 % -45.5 % VISA INC-CLASS A SHARES 72.88-1.2 % -4.2 % 11.9 % MYLAN NV 49.42-4.2 % -6.0 % -11.5 % FOSSIL GROUP IN 29.91-6.7 % -19.1 % -71.1 % PFIZER INC 31-1.3 % -3.3 % -5.1 % WESTERN DIGITAL C 55.39-4.2 % -10.8 % -50.6 % KOHLS CORP 47.88-5.9 % 3.5 % -20.5 % PROCTER & GAMBLE CO/T 75.97-1.6 % -2.3 % -15.8 % WYNN RESORTS LTD 57.74-4.1 % -8.5 % -61.3 % SEAGATE TECHN 32.54-5.8 % -9.6 % -51.0 % UNITED TECHNOLOGIES CO 90.4-1.6 % -3.1 % -20.7 % GARMIN LTD 33.55-3.9 % -5.4 % -34.8 % VALERO ENERGY 68.26-5.3 % 1.1 % 40.3 % NIKE INC -CL B 58.87-1.6 % -6.8 % 22.7 % VERTEX PHARMACE 110.71-3.7 % -5.9 % -9.4 % TESORO CORP 101.62-5.1 % 1.0 % 39.5 % MERCK & CO. INC. 51.08-1.7 % -2.1 % -18.4 % ALEXION PHARMACE 168.13-3.6 % -10.6 % -8.8 % SIGNET JEWELER 126.93-4.8 % 8.2 % 1.6 % UNITEDHEALTH GROUP INC 110.16-1.7 % -5.0 % 6.2 % STAPLES INC 9.51-3.3 % 0.1 % -44.8 % HANESBRANDS IN 29-4.7 % -1.7 % 4.0 % GENERAL ELECTRIC CO 28.45-1.8 % -6.0 % 18.4 % ROSS STORES INC 52.1-3.1 % -2.7 % 9.5 % NORDSTROM INC 46.24-4.7 % -16.6 % -36.9 % EXXON MOBIL CORP 74.69-2.0 % 0.5 % -18.9 % NETFLIX INC 111.39-2.8 % -6.3 % 136.8 % ENDO INTERNATIO 53.78-4.6 % -5.8 % -31.0 % JPMORGAN CHASE & CO 58.92-2.2 % -8.0 % -0.7 % CELGENE CORP 108.98-2.6 % 0.6 % -4.1 % NEWMONT MININ 18.01-4.5 % -5.9 % -13.1 % BOEING CO/THE 129.99-2.3 % -10.1 % -1.2 % TEXAS INSTRUMENT 50.36-2.6 % -10.4 % -6.0 % INVESCO LTD 30.13-4.4 % -4.1 % -20.0 % WAL-MART STORES INC 63.54-2.3 % 7.0 % -28.9 % PRICELINE GROUP IN 1136.96-2.6 % -11.5 % 8.1 % TJX COMPANIES I 66.93-4.4 % -5.1 % -1.2 % CISCO SYSTEMS INC 24.78-2.5 % -5.3 % -10.8 % CISCO SYSTEMS INC 24.78-2.5 % -5.3 % -10.8 % WESTROCK CO 41.93-4.2 % -8.4 % #VALUE! 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 Forsyningstjenester XLU 43.11 0.0 % -0.4 % 3.2 % -9.0 % USD 11680794 Brasil EWZ 19.09-0.5 % -7.7 % -15.0 % -47.2 % USD 16554089 Forbruksvarer XLP 49.02-0.8 % -2.9 % -0.9 % -0.2 % USD 14691022 Teknologi USA XLK 40.09-0.8 % -6.4 % -6.3 % -2.8 % USD 19233104 Nasdaq 100 QQQ 104.01-0.8 % -7.0 % -6.1% 1.4 % USD 69344012 FTSE 100 ISF 585.6-0.8 % -5.0 % -0.8 % -9.1% GBp 4802089 DAX DAXEX 86.19-0.9 % -9.4 % -5.2 % 0.0 % EUR 138410 Latin-America 40 ILF 19.34-1.0 % -8.7 % -11.7 % -39.0 % USD 294998 S&P Euro 350 IEV 37.52-1.0 % -6.5 % -5.8 % -9.3 % USD 933498 Industri XLI 49.72-1.0 % -6.2 % -5.5 % -10.3 % USD 17198597 DJIA DIA 163.24-1.0 % -6.2 % -5.5 % -7.9 % USD 12512371 Emerging M arkets EEM 29.51-1.1 % -8.3 % -6.5 % -24.9 % USD 73528022 S&P 500 SPY 191.923-1.1 % -5.9 % -4.9 % -6.0 % USD 209817228 Energi XLE 56.05-1.3 % -7.1% -7.3 % -26.6 % USD 19227115 Pacific ex-japan EPP 34.81-1.3 % -9.3 % -6.9 % -21.5 % USD 570742 S&P M idcap 400 M DY 237.82-1.3 % -6.4 % -6.1% -9.2 % USD 4343131 Dow Jones Total market THRK 141.9605-1.5 % -6.7 % -5.1% -7.0 % USD 4972 Finansielle tjenester XLF 22.1-1.6 % -7.3 % -5.8 % -8.4 % USD 67447779 CAC-40 CAC 42.85-1.6 % -6.2 % -4.7 % 3.4 % EUR 288235 Hong Kong EWH 18.43-1.7 % -7.0 % -5.5 % -10.5 % USD 6006069 Russell 2000 IWM 103.85-1.7 % -7.8 % -7.2 % -11.7 % USD 60299290 Russell 2000 Growth IWO 127.29-1.7 % -8.6 % -8.1% -9.7 % USD 1483959 Bioteknologi IBB 302.2-1.8 % -10.7 % -5.5 % -3.5 % USD 2526527 TecDax TDXPEX 15.87-2.0 % -6.9 % -3.4 % 20.0 % EUR 56922 Oil Service OIH 23.81-2.1% -10.0 % -14.1% -29.7 % USD 8591650 Japan EWJ 11.44-2.1% -5.6 % -4.7 % 2.8 % USD 57210960 AEX-Nederland AEXT 40.8-2.4 % -7.8 % -4.3 % -1.8 % EUR 5423 Olje / Energi Naturgass NGAS 0.05085 1.3 % 2.9 % 15.6 % -39.6 % USD 2986334 WTI-Oil USO 9.8-1.0 % -10.9 % -11.5 % -46.4 % USD 44688375 Brent-olje OILB 17.32-4.2 % -9.1% -14.5 % -44.1% USD 59185 Råolje CRUD 6.93625-4.4 % -9.5 % -12.5 % -45.5 % USD 1566041 WTI-olje OILW 15.325-4.4 % -9.4 % -12.2 % -42.3 % USD 300 Fyringsolje HEAT 7.5-5.0 % -6.5 % -13.1% -42.3 % USD 800 Bensin UGAS 22.418-5.5 % -10.2 % -12.3 % -14.5 % USD 0 M etaller Aluminium ALUM 2.4775 1.0 % -2.1% -0.3 % -23.2 % USD 70000 Sink ZINC 4.5 0.6 % -7.3 % -2.7 % -32.6 % USD 5690 Nikkel NICK 8.77 0.4 % -2.8 % -2.0 % -46.4 % USD 2400 Bomull COTN 2.01 0.2 % -3.3 % -3.3 % -1.1 % USD 0 Gull BULL 13.635 0.2 % 4.5 % 3.1 % -10.4 % USD 1000 Kobber COPA 20.165-1.5 % -5.2 % -4.9 % -28.1% USD 10047 A ndre råvarer Hvete WEAT 0.9355 2.7 % 2.1 % -2.5 % -18.2 % USD 77088 M ais CORN 1.084 1.2 % -0.6 % -5.2 % -20.8 % USD 1000 Kaffe COFF 1.336 0.8 % -3.9 % -1.7 % -41.4 % USD 16050 Soyabønner SOYB 19.74 0.3 % -0.1% -0.8 % -17.1% USD 810 Soyaolje SOYO 3.8515 0.0 % -4.3 % -6.9 % -16.1% USD 0 Svinekjøtt HOGS 0.683-0.3 % 1.4 % 0.3 % -23.2 % USD 500 Sukker SUGA 10.0475-0.9 % -4.2 % -0.5 % -12.1% USD 1300 Kveg CATL 6.7038-1.1 % -2.2 % 6.7 % -15.5 % USD 0 R åvarekurver Landbruk AIGA 5.1438 0.7 % -1.2 % -2.9 % -18.9 % USD 14162 Ex-Energi AIGX 7.94 0.1 % -0.8 % -1.1 % -19.9 % USD 0 Softs (Sukker, Kakao, Bomull) AIGS 4.092-0.2 % -3.9 % -1.5 % -18.6 % USD 0 Edle metaller AIGP 14.8363-0.3 % 3.4 % 2.2 % -12.2 % USD 400 Industrimetaller AIGI 8.51-0.5 % -4.4 % -2.9 % -29.7 % USD 0 Råvarer AIGC 7.7938-0.7 % -2.1% -2.5 % -26.1% USD 25848 Buskap AIGL 3.085-1.0 % -1.1 % 4.2 % -18.4 % USD 0 Energi AIGE 3.266-2.7 % -5.8 % -6.5 % -39.5 % USD 10324 Kilde: Bloomberg 4

DNB Markets ETN / ETF OSlo ETN / ETF OSLO Endring i % ETN / ETF Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Volum Golden Ocean BEAR GOGL DNM 557.45 15.6 % 89.7 % 81.3 % 928.0 % NOK 691 Fred. Olsen Energy BEAR FOE DNM 142.55 14.9 % 39.2 % 32.8 % 45.2 % NOK 524 Statoil DNB-ETN STATOIL X3 BEAR 5.11 13.1 % 39.9 % 26.0 % -22.6 % NOK 140000 Strømpris BEAR EL HA 1130.50 12.4 % -9.2 % -30.8 % 312.4 % NOK 0 Strømpris DNB - ETN ELKRAFT BEAR 201.13 12.3 % -9.3 % -23.0 % 149.6 % NOK 200 Aker Solutions DNB-ETN AKER SOLUTIONS BEAR 19.08 11.8 % 53.1 % 94.5 % -19.5 % NOK 0 PGS DNB-ETN PGS BEAR 11.26 9.1 % 82.5 % 78.3 % 4.8 % NOK 10000 Statoil DNB-ETN STATOIL BEAR 11.67 8.7 % 25.6 % 17.9 % -6.0 % NOK 3000 Statoil BEAR STL HA 15.11 8.7 % 24.6 % 16.8 % -7.0 % NOK 0 Norsk Hydro BEAR NHY X3 DNM 10.46 7.9 % 44.5 % 7.4 % 50.3 % NOK 40075 Yara DNB-ETN YARA X3 BULL 26.49 7.6 % -16.8 % -18.2 % -32.8 % NOK 50240 Seadrill DNB-ETN SEADRILL BEAR 98.88 7.4 % 43.9 % 81.0 % 147.7 % NOK 15338 Telenor DNB-ETN TELENOR X3 BULL 62.18 7.3 % -2.8 % -5.9 % -24.3 % NOK 2617 Storebrand DNB-ETN STOREBRAND BEAR 5.51 6.5 % 12.0 % -1.3 % -53.7 % NOK 0 Norwegian DNB-ETN NORWEGIAN BULL 14.09 5.9 % -12.6 % 0.5 % -14.8 % NOK 9750 Naturgasspris BEAR NATGAS ETN DNM 97.80 5.5 % 9.1 % 10.9 % 104.2 % NOK 0 Norsk Hydro DNB-ETN NORSK HYDRO BEAR 15.01 5.3 % 28.2 % 5.8 % 44.7 % NOK 0 Norsk Hydro BEAR NHY HA 29.79 5.3 % 28.2 % 5.8 % 44.6 % NOK 0 Yara BULL YARA HA 127.50 5.2 % -11.2 % -11.8 % -17.4 % NOK 0 Yara DNB-ETN YARA BULL 24.32 5.2 % -11.1 % -11.8 % -17.7 % NOK 4000 DNO BEAR DNO DNM 59.08 4.9 % 16.5 % 34.2 % 179.5 % NOK 72 Telenor DNB-ETN TELENOR BULL 68.60 4.9 % -1.7 % -3.3 % -12.0 % NOK 1000 Subsea 7 DNB-ETN SUBSEA 7 BEAR 21.19 4.8 % 55.4 % 56.2 % 10.0 % NOK 0 Oljeservice DNB - ETN OIL SERVICE BEAR 39.90 4.3 % 56.3 % 74.3 % 84.5 % NOK 0 BW LPG BULL BWLPG DNM 27.08 3.8 % -25.4 % -24.7 % 140.4 % NOK 0 Oljepris DNB - ETN BRENT BEAR 66.88 2.8 % 20.6 % 35.5 % 105.3 % NOK 10000 Gjensidige DNB-ETN GJENSIDIGE X3 BULL 28.97 2.8 % -14.5 % -6.1% 23.1 % NOK 0 Oljepris BEAR OLJE HA 91.43 2.8 % 20.9 % 36.3 % 143.2 % NOK 0 Aluminium BULL ALU ETN DNM 19.53 2.1 % -3.2 % 1.5 % -32.4 % NOK 0 Aluminium BULL ALU HA 15.75 2.0 % -3.6 % 1.1 % -32.2 % NOK 0 Kobberpris BEAR KOBBER HA 53.93 1.6 % 11.4 % 11.0 % 79.3 % NOK 0 RCL DNB-ETN RCL BEAR 13.24 1.6 % 15.9 % -6.2 % -59.3 % NOK 17500 Schibsted BULL SCH DNM 41.07 1.5 % -15.7 % -17.0 % 6.8 % NOK 0 Kobberpris BEAR KOBBER ETN DNM 68.65 1.5 % 10.3 % 10.9 % 76.9 % NOK 0 DNB BULL DNBNOR HA 101.18 1.5 % -14.5 % -8.6 % -9.3 % NOK 1000 OBX BEAR OBX X4 DNM 16.96 1.4 % 36.1 % 23.1 % -8.8 % NOK 10100 CO2 BULL CO2 ETN DNM 52.30 1.4 % -15.5 % -12.9 % 19.9 % NOK 0 OBX DNB-ETN OBX X3 BEAR 6.02 1.2 % 26.4 % 17.8 % -1.3 % NOK 0 Orkla DNB-ETN ORKLA X3 BEAR 2.21 1.1 % 16.7 % 12.2 % -68.4 % NOK 0 Aluminium ALU ETN DNM 27.25 1.0 % -1.1 % 1.9 % -10.6 % NOK 0 Sølvpris BEAR SOLV ETN DNM 48.60 1.0 % -2.7 % -1.6 % 32.5 % NOK 0 CO2 CO2 ETN DNM 41.22 0.8 % -7.7 % -5.9 % 16.1 % NOK 0 Orkla BEAR ORKLA HA 5.50 0.7 % 10.9 % 8.3 % -51.9 % NOK 0 OBX XACT DERIVAT BEAR 96.40 0.7 % 16.6 % 11.7 % 2.7 % NOK 1677726 Opera BEAR OPERA DNM 17.40 0.7 % 23.7 % 19.4 % 54.3 % NOK 0 Sinkpris BULL SINK ETN DNM 16.26 0.6 % -11.5 % -4.1% -50.2 % NOK 0 REC DNB-ETN REC BULL 8.30 0.5 % -16.5 % 4.0 % -47.5 % NOK 24300 Gullpris BEAR GULL HA 32.73 0.4 % -7.2 % -3.9 % 32.1 % NOK 0 OBX BEAR OBX X1 DNM 27.62 0.4 % 8.3 % 6.0 % #VALUE! NOK 50 Gullpris DNB-ETN GULL BEAR 40.76 0.3 % -7.3 % -4.0 % 31.7 % NOK 0 Sinkpris SINK ETN DNM 25.27 0.3 % -5.4 % -0.7 % -22.1% NOK 0 REC BULL REC HA 24.26 0.3 % -16.8 % 1.9 % -48.5 % NOK 10100 M arine Harvest Group DNB-ETN M ARINE HARVEST BEAR 9.84 0.2 % 8.4 % -3.8 % -38.5 % NOK 0 RCL BULL RCL HA 402.95 0.0 % -13.4 % 6.0 % 56.2 % NOK 0 OBX XACT OBX 48.42-0.1% -7.5 % -5.4 % -5.8 % NOK 10365 TGS Nopec DNB-ETN TGS BULL 6.32-0.2 % -38.0 % -47.8 % -55.0 % NOK 2000 M arine Harvest Group DNB-ETN M ARINE HARVEST BULL 60.03-0.2 % -8.3 % 2.0 % 19.3 % NOK 0 OBX DNB OBX 47.91-0.3 % -7.8 % -6.1% -5.9 % NOK 252988 REC BEAR REC HA 57.85-0.3 % 17.9 % -12.0 % -65.9 % NOK 8740 Kilde: Bloomberg FORTS. 5

DNB Markets ETN / ETF OSlo ETN / ETF OSLO Endring i % ETN / ETF Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Volum OBX DNB OBX 47.91-0.3 % -7.8 % -6.1% -5.9 % NOK 252988 REC BEAR REC HA 57.85-0.3 % 17.9 % -12.0 % -65.9 % NOK 8740 Gullpris DNB-ETN GULL 27.94-0.4 % 5.2 % 5.0 % 3.2 % NOK 3000 TGS Nopec DNB-ETN TGS BEAR 23.02-0.4 % 46.9 % 65.7 % 19.6 % NOK 14200 REC BEAR REC DNM 10.58-0.5 % 17.8 % -12.6 % #VALUE! NOK 0 Gullpris BULL GULL HA 62.90-0.6 % 9.7 % 7.8 % -8.8 % NOK 0 Gullpris DNB-ETN GULL BULL 18.14-0.7 % 9.5 % 7.7 % -8.8 % NOK 0 CO2 BEAR CO2 ETN DNM 9.82-0.7 % 19.2 % 16.8 % -29.2 % NOK 0 Orkla BULL ORKLA HA 128.88-0.8 % -10.3 % -8.6 % 73.0 % NOK 0 Sølvpris SOLV ETN DNM 26.42-0.8 % 2.6 % 3.0 % -4.3 % NOK 0 OBX XACT DERIVAT BULL 83.68-0.9 % -14.9 % -12.1% -15.9 % NOK 1219516 Sink BEAR SINK ETN DNM 57.43-0.9 % 13.8 % 5.9 % 102.5 % NOK 0 Kobberpris BULL KOBBER ETN DNM 23.76-1.0 % -3.7 % -2.6 % -15.3 % NOK 0 Opera BULL OPERA DNM 2.20-1.1 % -21.5 % -21.0 % -93.3 % NOK 34000 Orkla DNB-ETN ORKLA X3 BULL 76.63-1.1 % -15.0 % -12.9 % 114.4 % NOK 0 OBX DNB-ETN OBX X3 BULL 21.70-1.2 % -22.0 % -18.6 % -27.4 % NOK 15700 DNB BEAR DNB NOR HA 4.24-1.5 % 15.7 % 6.8 % -15.5 % NOK 0 RCL D1B-ETN RCL BULL 66.98-1.5 % -14.5 % 4.4 % 55.2 % NOK 0 Schibsted BEAR SCH DNM 4.64-1.6 % 16.9 % 16.8 % -32.8 % NOK 0 OBX BULL OBX X4 DNM 14.42-1.6 % -28.5 % -24.7 % -39.5 % NOK 6350 Oljepris DNB - ETN BRENT 14.47-1.6 % -8.4 % -12.9 % -35.5 % NOK 91034 Sølvpris BULL SOLV ETN DNM 17.28-1.7 % 4.2 % 3.4 % -25.3 % NOK 0 Kobberpris BULL KOBBER ETN DNM 14.62-1.7 % -8.1% -7.4 % -40.5 % NOK 0 Kobberpris BULL KOBBER HA 19.55-1.9 % -8.9 % -7.9 % -42.7 % NOK 0 Oljeservice DNB - ETN OIL SERVICE 10.45-2.2 % -22.1% -27.2 % -43.9 % NOK 61 Aluminium BEAR ALU HA 94.83-2.3 % 5.1 % 2.0 % 68.4 % NOK 0 Aluminium BEAR ALU ETN DNM 54.48-2.4 % 4.5 % 1.4 % 68.3 % NOK 0 OBX BEAR OBX X3 HA 3.92-2.6 % 21.7 % 13.3 % -7.5 % NOK 5250 Gjensidige DNB-ETN GJENSIDIGE X3 BEAR 0.53-2.8 % 15.2 % 3.9 % -50.5 % NOK 0 Oljepris BULL OLJE HA 9.39-3.1% -17.3 % -26.5 % -68.1% NOK 42050 Oljepris DNB - ETN BRENT BULL 4.03-3.1% -17.3 % -26.6 % -69.7 % NOK 351671 Naturgasspris NATGAS ETN DNM 16.08-3.3 % -3.7 % -9.3 % -23.9 % NOK 0 OBX BULL OBX X3 HA 89.73-3.8 % -24.1% -20.5 % -26.5 % NOK 579 Oljeservice DNB - ETN OIL SERVICE BULL 2.36-4.5 % -40.8 % -48.6 % -74.1% NOK 35000 Subsea 7 DNB-ETN SUBSEA 7 BULL 2.70-4.6 % -39.8 % -41.9 % -65.1% NOK 0 Telenor DNB - ETN TELENOR BEAR 3.66-4.9 % 1.1 % 0.8 % -10.1% NOK 0 DNO BULL DNO DNM 0.77-5.0 % -17.3 % -37.0 % -92.1% NOK 196720 Norsk Hydro BULL NHY HA 16.39-5.3 % -23.5 % -8.9 % -53.7 % NOK 0 Yara DNB-ETN YARA BEAR 5.06-5.4 % 10.9 % 10.3 % -8.8 % NOK 0 Norsk Hydro DNB-ETN NORSK HYDRO BULL 7.54-5.5 % -23.7 % -8.9 % -54.4 % NOK 65000 Yara BEAR YARA HA 1.51-5.6 % 11.0 % 10.2 % -12.7 % NOK 0 Strømpris DNB-ETN ELKRAFT 4.32-5.9 % 4.7 % 10.4 % -48.0 % NOK 0 Norwegian DNB-ETN NORWEGIAN BEAR 7.21-5.9 % 12.4 % -3.4 % -45.0 % NOK 5300 Storebrand DNB-ETN STOREBRAND BULL 15.85-6.5 % -11.4 % -1.9 % 17.2 % NOK 0 Naturgasspris BULL NATGAS ETN DNM 7.58-6.5 % -8.6 % -16.8 % -49.9 % NOK 0 Telenor DNB-ETN TELENOR X3 BEAR 2.28-7.3 % 1.6 % 0.2 % -21.4 % NOK 30000 Seadrill DNB-ETN SEADRILL BULL 2.75-7.7 % -34.4 % -52.2 % -93.7 % NOK 320836 Norsk Hydro BULL NHY X3 DNM 16.21-8.3 % -33.9 % -14.4 % -73.7 % NOK 14000 Yara DNB-ETN YARA X3 BEAR 11.21-8.3 % 16.0 % 14.4 % -21.6 % NOK 19700 Statoil BULL STL HA 37.56-8.5 % -21.2 % -18.3 % -30.7 % NOK 500 Statoil DNB-ETN STATOIL BULL 16.55-8.7 % -21.5 % -18.7 % -31.3 % NOK 0 PGS DNB-ETN PGS BULL 1.82-9.0 % -51.9 % -52.1% -69.7 % NOK 147300 Aker Solutions DNB-ETN AKER SOLUTIONS BULL 1.87-11.6 % -37.8 % -53.1% -62.5 % NOK 10000 Strømpris DNB-ETN ELKRAFT BULL 3.68-12.0 % 7.8 % 16.3 % -78.6 % NOK 60000 Strømpris BULL EL HA 0.47-12.1% 6.8 % 22.1 % -85.6 % NOK 0 Statoil DNB-ETN STATOIL X3 BULL 12.05-12.8 % -30.6 % -27.6 % -51.3 % NOK 16608 Fred. Olsen Energy BULL FOE DNM 30.08-15.4 % -32.4 % -35.0 % -88.0 % NOK 1700 DNB ANBEFALINGER OG ESTIMATER 41 93 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 2015 2016 2015 2016 2015 2016 A. P. Møller Mærsk maerskb Kjøp DKK 8,095.00 14200.00 176.56 146.86 9.2x 8.8x 4.0x 5.8x AF Gruppen AFG Selg NOK 139.50 90.00 6.55 6.49 20.4x 21.5x 11.2x 13.0x Akastor AKA Hold NOK 9.34 11.10-7.81-2.41-2.8x -3.9x 15.0x -21.3x Aker AKER Kjøp NOK 148.00 188.00 7.31 5.53 22.4x 26.8x Aker Solutions AKSO Selg NOK 23.80 26.00 2.91 2.01 10.3x 11.8x 4.5x 8.2x Alfa Laval ALFA Selg SEK 142.50 135.00 9.33 8.63 16.6x 16.5x 10.4x 12.9x Archer ARCHER Selg NOK 4.48 10.00-1.58-1.44-0.4x -0.3x 11.2x -16.8x Assa Abloy ASSAB Hold SEK 168.30 165.00 6.96 7.35 25.6x 22.9x 17.6x 17.4x Atea ATEA Hold NOK 73.25 80.00 3.69 4.91 19.9x 14.9x 8.4x 10.2x Atlas Copco ATCOA Hold SEK 190.00 215.00 11.78 11.85 17.4x 16.0x 11.0x 11.6x Atw ood Oceanics ATW Selg USD 8.54 15.00 6.69 2.93 2.2x 2.9x 3.3x 7.1x Aurora LPG AURLPG Hold NOK 57.75 73.00 2.12 1.79 3.4x 3.6x 3.9x 8.7x Austevoll Seafood AUSS Kjøp NOK 55.00 63.00 2.33 5.30 12.9x 10.4x 6.0x 5.3x Autoliv ALIV Hold SEK 948.00 1060.00 4.94 7.34 20.2x 14.7x 9.9x 9.7x Avance Gas AVANCE Hold NOK 102.00 126.00 5.62 3.93 2.3x 2.9x 3.8x 5.7x Aw ilco Drilling AWDR Hold NOK 33.30 40.00 4.81 1.27 0.7x 2.9x 0.5x 1.8x Bakkafrost BAKKA Kjøp NOK 261.00 290.00 13.60 15.41 13.2x 13.0x 8.9x 9.2x Betsson BETSB Kjøp SEK 146.10 185.00 6.75 8.46 22.9x 17.3x 19.0x 16.5x BillerudKorsnäs BILL Kjøp SEK 143.60 175.00 11.89 10.16 17.9x 14.1x 9.5x 11.7x Borregaard BRG Kjøp NOK 45.20 60.00 3.24 4.45 15.2x 10.2x 7.2x 7.2x BW LPG BWLPG Hold NOK 63.50 79.00 2.39 1.83 3.4x 3.9x 4.3x 6.7x BW Offshore BWO Selg NOK 2.19 2.60 0.01-0.05 23.3x -5.4x 5.3x 39.8x Cargotec CGC Kjøp EUR 31.50 40.00 2.42 2.74 13.3x 11.5x 8.5x 9.3x Carlsberg CARLB Selg DKK 588.00 530.00-30.11 27.46-20.3x 21.4x 10.2x 15.7x Castellum CAST Kjøp SEK 116.80 139.00 11.61 7.71 17.0x 15.1x 19.4x 18.7x Chr. Hansen CHR Hold DKK 412.80 439.81 1.22 1.42 36.4x 38.7x 22.5x 30.4x Citycon CTY1S Kjøp EUR 2.28 2.90 0.13 0.14 23.0x 16.4x 22.3x 18.6x Coloplast COLOB Hold DKK 530.50 560.00 4.29 18.92 25.4x 28.0x 19.4x 21.3x Com Hem COMH Selg SEK 74.70 60.00 0.58 1.29 133.2x 58.0x 10.4x 29.7x Coor Service Management COOR Kjøp SEK 37.00 45.00 1.88 1.32 13.7x 11.0x 11.4x 19.0x D/S Norden DNORD Kjøp DKK 108.40 163.00 1.86-0.14 7.9x -112.6x 4.4x 229.7x Danske Bank DANSKE Hold DKK 181.80 199.00 17.39 17.61 10.7x 10.3x Deep Sea Supply DESSC Hold NOK 1.58 1.50 0.00-0.07 20.5x -2.4x 6.7x -777.1x Det norske oljeselskap DETNOR Kjøp NOK 45.00 63.00-0.53 0.70-11.8x 7.3x 3.5x 5.8x DHT Holdings DHT Kjøp USD 7.10 12.50 1.13 1.66 7.2x 4.3x 5.6x 6.6x Diamond Offshore DO Selg USD 18.33 15.00 0.24 0.66 86.4x 27.8x 5.0x 19.4x Diana Shipping DSX Hold USD 3.46 3.00-0.82-1.28-5.3x -2.7x 24.1x -8.7x DNB DNB NOK 101.60 14.05 13.08 8.8x 7.8x DNO DNO Kjøp NOK 5.49 18.00-0.11 0.33-6.1x 1.9x 24.1x 0.6x DOF DOF Selg NOK 4.15 4.00-1.85 0.40 0.8x 10.3x 8.6x 17.3x Dolphin Group DOLP Selg NOK 0.11 0.10-0.14-0.14-0.1x -0.1x 5.3x -7.2x Dorian LPG LPG Hold USD 10.29 12.80 0.44 3.32 24.4x 3.1x 14.6x 6.1x Eidesvik Offshore EIOF Selg NOK 8.90 10.00 4.01-2.05 0.9x -4.4x 5.2x 41.5x Electrolux ELUX Hold SEK 195.20 250.00 10.53 14.88 19.5x 13.1x 7.9x 9.8x Elekta EKTAB Kjøp SEK 65.75 85.00 2.42 3.30 27.1x 19.9x 12.8x 14.9x Ensco ESV Selg USD 12.79 11.00 4.60 3.32 3.3x 3.9x 3.8x 5.7x Entra ENTRA Hold NOK 69.00 72.00 11.30 4.35 19.7x 15.9x 18.2x 18.3x Epic Gas EPIC Kjøp NOK 20.00 25.40-0.21-0.42-11.0x -5.4x 9.2x -54.3x Euronav EURN Kjøp USD 12.07 20.40 2.26 2.31 6.1x 5.2x 5.4x 6.4x Europris EPR Selg NOK 40.10 35.00 1.51 2.33 28.4x 17.2x 14.8x 13.6x Fabege FABG Hold SEK 132.40 130.00 13.01 4.31 38.5x 30.7x 32.1x 28.7x Farstad Shipping FAR Selg NOK 13.90 10.00-23.39-13.65-3.1x -1.0x 8.0x 109.8x Flex LNG FLNG Hold NOK 11.00 11.90 0.00 0.00-59359.2x -53733.9x -68.3x -68.4x FLSmidth FLS Hold DKK 221.10 275.00 12.58 23.91 14.7x 9.3x 7.3x 7.7x Fortum FUM1V Kjøp EUR 13.43 16.90 4.91 0.70 16.4x 19.1x Fred Olsen Energy FOE Selg NOK 28.30 30.00-3.84 3.25 1.3x 1.0x 2.1x 2.6x Frontline FRO Hold NOK 21.85 28.00 0.29 0.39 11.0x 6.2x 9.1x 9.6x Frontline 2012 FRNT Kjøp NOK 62.50 55.00 1.37 0.92 8.7x 7.6x 12.1x 11.3x GasLog GLOG Kjøp USD 7.47 20.40 0.07 1.17 32.3x 6.4x 10.3x 12.8x Gener8 Maritime GNRT Kjøp USD 7.99 23.00 2.55 3.35 3.6x 2.4x 5.9x 6.1x Getinge GETIB Selg SEK 205.00 185.00 6.72 8.60 25.7x 18.4x 14.0x 19.4x Gjensidige Forsikring GJF Hold NOK 135.40 145.00 7.80 8.72 18.2x 15.5x GN Store Nord GN Hold DKK 129.80 135.00 5.07 7.07 24.0x 16.8x 10.7x 11.9x Kilde: DNB Markets, FactSet, Bloomberg 7

DNB Markets DNB anbefalinger og estimater DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA 2015 2016 2015 2016 2015 2016 Golar LNG GLNG Kjøp USD 15.91 68.00-1.79-0.54-119.2x -8.7x -65.9x 61.1x Golar LNG Partners GMLP Kjøp USD 11.70 16.60 2.26 2.61 4.9x 4.5x 6.5x 7.9x Golden Ocean GOGLUS Hold USD 0.73 0.90-1.52-0.67-1.2x -1.1x -92.6x -18.2x Grieg Seafood GSF Kjøp NOK 29.20 35.00-1.25 2.55-72.7x 11.4x 19.9x 9.7x Havfisk HFISK Kjøp NOK 27.30 35.00 1.84 2.65 15.3x 10.3x 7.9x 7.9x Havila Shipping HAVI Selg NOK 2.05 2.50-1.32 0.39 0.8x 5.3x 6.8x 16.2x Helgeland Sparebank HELG Kjøp NOK 55.00 75.00 7.24 8.01 8.1x 6.9x Hennes & Mauritz HMB Hold SEK 280.50 330.00 12.97 13.64 25.0x 20.6x 14.8x 14.1x Hexagon AB HEXAB Kjøp SEK 291.10 320.00 1.39 1.59 23.3x 19.7x 15.5x 16.6x Hexagon Composites HEX Kjøp NOK 19.30 21.00 0.07 1.30 102.7x 14.9x 29.0x 9.6x Hexpol HPOLB Hold SEK 82.65 90.00 4.06 4.25 22.4x 19.5x 14.2x 13.1x Hufvudstaden HUFV Hold SEK 114.40 115.00 9.96 3.95 32.1x 28.9x 27.0x 24.3x Husqvarna HUSQb Hold SEK 50.85 56.00 3.36 3.74 16.7x 13.6x 10.0x 11.4x Höegh LNG Holdings HLNG Kjøp NOK 90.75 204.00 0.20 0.46 36.0x 21.3x 13.7x 15.7x Industrivärden INDUc Hold SEK 134.60 180.00 Investor INVEb Kjøp SEK 290.80 354.00 Jm Ab JM Hold SEK 232.40 245.00 15.38 17.38 16.4x 13.4x 12.5x 9.7x Klövern KLOVb Hold SEK 9.05 10.00 1.60 0.60 18.2x 15.1x 20.3x 18.9x KNOT Offshore Partners KNOP Kjøp USD 13.88 25.20 1.33 1.76 10.1x 7.9x 7.3x 12.8x Kone KNEBV Hold EUR 36.31 38.00 2.01 1.90 19.5x 19.2x 14.1x 12.9x Konecranes KCR1V Kjøp EUR 20.80 30.00 0.76 1.51 17.3x 13.5x 8.8x 10.1x Kongsberg Gruppen KOG Kjøp NOK 137.50 167.00 7.91 9.11 18.3x 15.1x 8.9x 9.5x Kungsleden KLED Kjøp SEK 57.25 72.00 0.38 4.63 15.2x 12.4x 21.1x 18.2x Kværner KVAER Hold NOK 7.37 6.40 1.17 0.58 7.9x 12.7x 1.0x 1.0x Lerøy LSG Kjøp NOK 313.00 345.00 12.63 29.76 17.2x 10.5x 10.4x 7.6x Loomis LOOMb Kjøp SEK 246.80 310.00 14.05 15.71 18.8x 15.7x 8.5x 11.9x Lundbeck LUN Hold DKK 233.50 230.00-30.72 2.44-7.7x 95.5x -9.0x 61.4x Lundin Petroleum LUPE Hold SEK 105.10 135.00-1.42 0.50-10.3x 24.8x 30.3x 13.9x Marine Harvest MHG Kjøp NOK 114.00 135.00 3.40 8.49 22.8x 13.4x 13.3x 10.3x Meda MEDA Kjøp SEK 98.35 145.00 3.33 5.60 24.3x 17.5x 10.0x 16.2x Metso MEO1V Kjøp EUR 18.91 29.00 3.01 1.57 10.9x 12.1x 7.8x 7.3x Millicom MICsdb Kjøp SEK 446.00 635.00-1.48 2.30-38.9x 22.8x 5.9x 12.4x MTG MTGb Kjøp SEK 213.40 310.00 4.25 17.44 13.4x 12.6x 10.0x 9.8x Ncc NCC Selg SEK 246.40 245.00 15.17 16.27 17.7x 15.1x 11.4x 12.6x NetEnt NETb Hold SEK 464.60 550.00 8.99 10.61 55.0x 43.8x 36.5x 38.5x Nibe Industrier NIBEB Selg SEK 266.30 215.00 10.99 11.53 25.9x 23.1x 17.0x 19.1x Nobia NOBI Kjøp SEK 98.50 120.00 5.61 6.71 18.9x 14.7x 11.2x 10.4x Noble NE Selg USD 9.10 8.00 2.67 1.56 3.9x 5.8x 4.1x 8.3x Nokian Tyres NRE1V Hold EUR 28.60 35.00 2.35 1.74 20.7x 16.5x 11.6x 11.2x Nordea NDA Kjøp SEK 88.80 115.00 0.95 0.90 11.2x 10.6x Nordic Nanovector NANO Kjøp NOK 13.65 36.00-5.51-5.48-2.6x -2.5x 0.5x -0.4x Nordic Semiconductor NOD Kjøp NOK 36.00 52.00 0.15 0.20 32.8x 19.7x 18.8x 14.0x Norsk Hydro NHY Hold NOK 28.87 34.00 1.49 2.26 11.1x 12.7x 4.6x 7.6x North Energy NORTH Hold NOK 1.00 1.10-0.94-0.37 0.1x -0.6x Norw ay Royal Salmon NRS Kjøp NOK 77.25 85.00 2.44 5.55 25.4x 13.9x 16.2x 11.0x Norw egian Air Shuttle NAS Kjøp NOK 302.90 430.00 19.19 42.83 16.5x 7.1x 11.2x 11.8x Norw egian Cruise Line NCLH Selg USD 55.07 55.00 2.46 3.58 20.7x 15.4x 16.1x 17.1x Norw egian Property NPRO Kjøp NOK 8.47 11.00 0.81 0.52 28.4x 16.4x 21.4x 18.3x Novo Nordisk NVO Kjøp DKK 380.60 475.00 13.30 15.38 29.5x 23.7x 20.0x 18.6x Novozymes NZYMB Selg DKK 324.00 260.00 9.23 10.21 36.2x 32.0x 20.7x 23.5x NRC Group NRC Hold NOK 51.50 47.00 0.52 2.03 107.9x 25.4x 49.9x 18.0x Ocean Rig ORIG Hold USD 1.41 2.00 2.47 1.71 0.7x 0.8x 3.6x 6.4x Ocean Yield OCY Kjøp NOK 64.50 82.00 0.79 1.03 9.4x 7.0x 9.6x 14.3x Odfjell ODF Kjøp NOK 26.80 43.00-0.07 0.76 54.8x 4.0x 6.4x 11.9x Odfjell Drilling ODL Hold NOK 4.87 6.00-0.94-0.05-0.6x -10.0x 6.1x 42.4x Olav Thon OLT Kjøp NOK 141.00 195.00 25.70 11.50 16.3x 13.9x 14.8x 14.0x Opera OPERA Kjøp NOK 45.02 87.00-0.32 0.22 15.3x 9.4x 11.5x 12.2x Oriflame ORI Hold SEK 122.80 149.00 0.73 1.03 20.2x 12.8x 9.3x 8.0x Orkla ORK Hold NOK 66.55 75.00 3.40 3.18 20.6x 20.9x 17.6x 19.3x Outotec OTE1V Kjøp EUR 3.09 5.00 0.12 0.29 14.6x 10.5x 5.7x 7.5x Pacific Drilling PACD Hold USD 0.64 1.50 1.00-0.24 0.8x -2.7x 4.7x 20.4x Pandox PNDXB Hold SEK 149.20 150.00 11.07 7.25 28.2x 20.8x 22.3x 21.6x Peab PEAB Kjøp SEK 60.50 74.00 4.79 5.85 14.2x 10.3x 11.5x 7.5x PGS PGS Selg NOK 25.76 29.00-1.00-0.38-11.2x -7.7x 3.9x -226.7x Polarcus PLCS Selg NOK 1.35 0.10-0.11-0.14-1.6x -1.1x 5.6x -15.6x Prosafe PRS Selg NOK 18.20 13.00 0.49 0.61 4.8x 3.3x 7.2x 9.3x Q-Free QFR Kjøp NOK 9.10 17.00-0.30 0.72-32.9x 12.6x 8.3x 8.6x Recipharm RECIB Hold SEK 122.00 135.00 5.14 6.91 24.6x 17.7x 12.7x 15.4x RenoNorden RENO Kjøp NOK 37.10 60.00 3.04 3.57 11.4x 10.4x 6.8x 11.6x 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 29.20 38.00 0.18 0.40 18.6x 7.9x 5.9x 5.1x Row an RDC Hold USD 14.34 18.00 3.32 3.03 5.1x 4.7x 4.5x 6.1x Royal Caribbean Cruises RCL Selg NOK 838.00 670.00 2.95 6.06 21.6x 15.6x 14.6x 18.0x Safe Bulkers SB Selg USD 0.46 0.30-0.48-0.62-1.7x -0.7x 18.0x -55.7x Saipem SPM Selg EUR 6.77 7.10-1.85 0.61-4.1x 11.0x 19.7x 12.7x SalMar SALM Kjøp NOK 149.50 170.00 9.90 14.41 15.9x 10.4x 10.0x 7.5x Sampo Oyj SAMAS Hold EUR 44.48 45.00 3.00 2.90 15.7x 15.4x Sandvik SAND Kjøp SEK 67.60 90.00 4.09 5.43 14.4x 12.4x 7.9x 9.7x SCA SCAB Hold SEK 225.10 235.00 9.13 12.82 20.2x 17.4x 10.8x 13.3x Scandi Standard SCST Kjøp SEK 54.75 58.00 2.95 4.12 18.1x 13.3x 9.4x 11.5x Schibsted SCHA Selg NOK 267.40 180.00 8.31 3.66 87.8x 73.0x 28.5x 31.4x Scorpio Tankers STNG Kjøp USD 6.55 13.20 1.40 1.17 5.8x 5.6x 7.5x 10.8x Seadrill SDRL Selg NOK 24.93 40.00-1.58 1.66-2.2x 1.7x 4.8x 10.0x SEB SEB Kjøp SEK 82.10 106.00 7.33 7.92 11.4x 10.4x Securitas SECUB Kjøp SEK 119.00 140.00 6.86 8.06 19.0x 14.6x 11.3x 11.6x Selvaag Bolig SBO Kjøp NOK 26.00 36.00 3.27 2.68 8.0x 9.5x 7.7x 8.6x Sevan Marine SEVAN Selg NOK 17.00 14.00-0.98-0.26-7.1x -7.5x -6.4x -6.1x Siem Offshore SIOFF Hold NOK 1.42 1.80-0.12-0.04-6.0x -4.4x 7.7x 74.9x Skandiabanken SKBN Kjøp NOK 44.70 57.00 2.89 4.42 12.5x 9.8x Skanska SKA Kjøp SEK 152.40 200.00 9.73 12.20 16.3x 12.5x 11.0x 8.0x SKF SKFB Hold SEK 128.10 150.00 9.81 12.32 11.8x 10.4x 8.2x 9.4x Solstad Offshore SOFF Selg NOK 18.10 20.00-1.66 8.15 1.3x 2.2x 6.7x 15.2x Songa Offshore SONG Selg NOK 1.12 0.50 0.01 0.04 7.5x 2.9x 11.7x 13.1x Sparebank1 Nord-Norge NONG Kjøp NOK 34.70 50.00 4.16 5.04 8.1x 6.9x Sparebank1 SMN MING Kjøp NOK 48.50 75.00 7.05 7.65 7.2x 6.3x Sparebank1 SR-Bank SRBANK Kjøp NOK 35.90 50.00 6.42 6.51 6.1x 5.5x Sparebanken Møre MORG Kjøp NOK 185.00 250.00 25.98 25.74 7.4x 7.2x Sparebanken Øst SPOG Kjøp NOK 45.50 65.00 4.88 5.01 11.1x 9.1x Sponda SDA1V Kjøp EUR 3.77 4.60 0.33 0.32 14.8x 11.8x 19.4x 17.9x Statoil STL Kjøp NOK 109.90 150.00-6.64 10.02 14.7x 9.2x Stolt-Nielsen SNI Kjøp NOK 102.50 183.00 2.48 1.88 5.6x 6.1x 5.2x 10.2x Storebrand STB Kjøp NOK 32.91 42.00 2.04 3.27 11.7x 7.8x Subsea 7 SUBC Selg NOK 49.71 56.00 1.36 0.30 5.3x 18.5x 2.4x 14.3x Svenska Handelsbanken SHB Selg SEK 105.50 111.00 8.02 8.14 14.1x 13.0x Sw edbank SWEDA Hold SEK 176.10 204.00 14.53 16.03 12.5x 11.0x Sw edish Match SWMA Kjøp SEK 294.50 300.00 15.04 15.78 19.8x 18.7x 14.1x 13.9x Tanker Investments TIL Kjøp NOK 103.00 151.00 1.98 3.12 6.1x 3.7x 7.5x 6.4x Technip TECF Selg EUR 38.54 41.00 0.82 4.08 9.7x 9.0x 2.9x 3.9x Teekay Tankers TNK Kjøp USD 5.50 10.80 1.27 1.69 5.6x 3.3x 7.7x 5.8x Tele2 TEL2b Kjøp SEK 80.95 98.00 7.20 2.86 22.4x 22.1x 8.6x 16.8x Telenor TEL Kjøp NOK 147.10 195.00 6.19 12.41 13.4x 11.9x 6.8x 9.5x TeliaSonera TLSN Hold SEK 40.06 44.00 3.42 3.41 11.3x 11.5x 6.1x 9.6x TGS Nopec TGS Hold NOK 113.00 100.00-0.37 0.21-43.5x 60.0x 2.9x 41.1x Thule Group THULE Hold SEK 109.00 117.00 4.69 6.73 19.2x 16.2x 15.2x 13.1x Tomra TOM Kjøp NOK 90.00 100.00 3.73 5.23 25.8x 17.2x 13.4x 12.7x Topdanmark TOP Kjøp DKK 175.80 210.00 11.22 12.84 17.5x 13.7x Transocean RIG Selg USD 10.75 8.00 1.31 1.84 9.4x 5.8x 2.8x 9.4x Trelleborg TRELB Hold SEK 147.80 175.00 9.38 10.76 16.5x 13.0x 11.5x 12.6x Tribona TRI Hold SEK 41.90 42.00 2.27 2.75 20.0x 15.2x 18.5x 16.5x Tryg TRYG Hold DKK 122.20 130.00 6.29 8.28 21.8x 14.8x Tsakos Energy Navigation TNP Kjøp USD 6.79 14.30 1.71 2.00 4.6x 3.4x 5.9x 7.9x Unibet UNIB Selg SEK 102.80 710.00 185.52 240.95 4.2x 3.2x 3.4x 3.0x Valmet VALMT Kjøp EUR 8.44 13.00 0.60 0.83 13.2x 10.2x 5.9x 7.3x Veidekke VEI Hold NOK 103.00 115.00 5.41 8.43 20.4x 12.1x 11.2x 9.1x Vitrolife VITR Kjøp SEK 260.50 240.00 7.45 7.83 38.7x 33.3x 23.7x 24.9x Volvo VOLVB Kjøp SEK 74.95 106.00 7.41 7.11 12.4x 11.0x 4.6x 7.7x Weifa WEIFA Kjøp NOK 0.87 1.60 0.03 0.05 32.1x 17.2x 15.9x 12.9x Wihlborgs WIHL Hold SEK 164.30 180.00 19.76 10.64 18.0x 15.4x 21.9x 20.0x Wilh. Wilhelmsen ASA WWASA Kjøp NOK 34.10 58.00-0.15 0.87-14.6x 4.4x 10.2x 8.6x Wilh. Wilhelmsen Holding WWI Kjøp NOK 134.00 259.00-0.02 4.12-23.1x 3.7x 6.2x 5.6x William Demant Holding WDH Selg DKK 620.50 550.00 26.62 34.27 24.7x 18.1x 14.5x 12.2x Wärtsilä WRT1V Hold EUR 38.89 37.00 2.25 2.39 18.0x 16.3x 11.8x 12.0x XXL XXL Kjøp NOK 95.75 110.00 3.46 4.70 29.5x 20.4x 20.5x 16.5x Yara YAR Hold NOK 361.30 430.00 36.99 38.35 10.4x 9.4x 5.6x 7.4x Kilde: DNB Markets, FactSet, Bloomberg 9

DNB Markets DNB anbefalinger og estimater DISCLAIMER Denne rapport er utarbeidet av DNB Markets, et forretningsområde i DNB Bank ASA. Rapporten baserer seg på kilder som vurderes som pålitelige, men DNB Markets garanterer ikke at informasjonen er presis eller fullstendig. Uttalelser i rapporten reflekterer DNB Markets oppfatning på det tidspunkt rapporten ble utarbeidet, og DNB Markets forbeholder seg retten til å endre oppfatning uten varsel. Rapporten skal ikke oppfattes som et tilbud om å kjøpe eller selge finansielle instrumenter eller som en anbefaling om investeringsstrategi. DNB Markets påtar seg ikke noe ansvar, verken for direkte eller indirekte tap, som følge av at rapporten legges til grunn for investeringsbeslutninger. Regler om konfidensialitet og informasjonshåndtering i DNB Bank og DNB Markets begrenser utveksling av informasjon mellom ulike enheter i DNB Markets og mellom DNB Markets og enheter i DNB-konsernet. 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