Aktienyt. Aktienyt. 6 marts Assistant Equity Analyst Aleksander Edemann

Aktienyt Investment Research Aktienyt 6 marts 2017 Generelle tendenser på aktiemarkedet Det danske C20-indeks lukkede fredag med et fald på 0,6 pct., hvor Nets-aktien fortsatte den seneste periodes negative udvikling. Det europæiske Stoxx 600-indeks faldt ved dansk lukketid med 0,1 pct. med pres på mineselskaberne, mens især de franske banker var i hopla efter en meningsmåling viste, at Macron var på vej forbi den EU-kritiske Le Pen. Små udsving prægede det amerikanske aktiemarked fredag, hvor den amerikanske centralbankchef, Janet Yellen, bekræftede økonomers forventning om, at det trækker op til en renteforhøjelse. I finanssektoren, der typisk får lettere ved at tjene penge, når renten er høj, gav det anledning til stigende aktiekurser, og også de toneangivende aktieindeks løftede sig lidt efter Yellens tale. Mandag morgen er stemningen vendt på futures-markedet efter, at Nordkorea har affyret fire missiler ud over Det Japanske Hav. De toneangivende Nikkei- og Topixindeks falder henholdsvis 0,5 pct. og 0,2 pct. Selskabsspecifikke nyheder Danmark Trævarekoncernen Dalhoff Larsen & Horneman sætter punktum for sin strategi om at afvikle alle aktiviteter. Man har i løbet af de seneste tre år solgt store dele af virksomheden fra, men nu vælger bestyrelsen at køre de danske aktiviteter videre. Frasalgene har gjort DLH-koncernen gældfri, og kerneforretningen er nu en nordisk grossistvirksomhed med base i Danmark og afsætning i Skandinavien og i de baltiske lande. DLH har planer om at bruge de overskydende likvider på at købe egne aktier tilbage. Aktien steg med 6,5 pct. fredag oven på nyheden. Fra 2020 skal Dong Energys vækst komme fra markeder uden for Europa. Bestyrelsesformanden har en ambition om at være dominerende inden for havvind i USA. Det skriver Børsen. Dong har vokset sig så stor i Europa, at det er blevet tid til at fokusere på andre markeder. Omkring 90 pct. af verdens havmøller er på nuværende tidspunkt opsat i Nordvesteuropa, og Dong Energy udtaler selv, at det er satsninger i USA og Taiwan, der skal danne grundlag for væksten efter 2020. Aktien blev fredag sendt ned med cirka 2 pct. OMXC20 Dow Jones S&P 500 Eurostoxx 600-0.66% 0.01% 0.05% -0.10% Skandinaviske indeks Lukkekurs Kursudv. OMX Copenhagen 20 912.0-0.66% OMX Stockholm 30 1,581.3 0.05% Norway OSE Benchmark 692.0-1.09% OMX Helsinki 25 3,774.6 0.01% Toneangivende indeks Lukkekurs Kursudv. S&P 500 2,383.1 0.05% DJ Industrial Average 21,005.7 0.01% Stoxx Europe 600 375.2-0.10% NASDAQ Composite 5,870.8 0.16% Europæiske indeks Lukkekurs Kursudv. France CAC 40 4,995.1 0.63% Germany DAX (TR) 12,027.4-0.27% FTSE 100 7,374.3-0.11% Relativ kursudvikling 1 år 30% 20% 24% 10% 11% 0% -4% -10% Mar-16 Jun-16 Sep-16 Dec-16 Mar-17-20% OMXC 20 Stoxx 600 Dow Jones Øvrige skandinaviske marked Svensk-britiske Astrazeneca har indledt et samarbejde med franske Sanofi om at udvikle en vaccine mod luftvejsvirussen RSV til nyfødte og spædbørn, der er særligt sårbare over for virussen. Som led i aftalen vil Sanofi betale Astrazeneca EUR 120 mio. med det samme, mens der er mulighed for yderligere milepælsbetalinger på op til EUR 495 mio. alt efter hvordan det potentielle salg bliver, mens selskaberne efterfølgende splitter overskuddet. Astrazeneca og Sanofi bliver dermed direkte konkurrenter til Bavarian Nordic, som ligeledes er ved at udvikle en vaccine mod luftvejsvirussen. Astrazeneca og Sanofi steg begge med henholdsvis 0,7 pct. og 1,2 pct. fredag. Selskabsspecifikke nyheder øvrige udland Det franske biotekselskab Genfit er for alvor blevet ombejlet af investorer efter forlydender i mediet Streetinsider om, at Novartis ligger i forhandlinger om en overtagelse. Glipper overtagelsen, kan Novo Nordisk være en af flere mulige køber, vurderer børshuset Kepler Cheuvreux i et notat ifølge Bloomberg News. Genfitaktien steg torsdag med 29,6 pct. og blev fredag løftet med yderligere 2,3 pct. Det britiske kommunikationsfirma WPP skuffede fredag med sin guidance for 2017, hvilket blev straffet hårdt af investorerne, som på børsen i London hurtigt sendte aktien ned med 7,4 pct. - det største fald i aktien i tre år. Selskabet venter i år en organisk vækst på omkring 2 pct., hvilket er en opbremsning fra væksten på 3 pct. i 2016. Aktien endte dagen med et fald på 8 pct. Assistant Equity Analyst Aleksander Edemann aed@danskebank.dk Det sociale medie, Snap, fortsatte aktiefesten efter en solid børsdebut torsdag. Aktien blev under børsintroduktionen solgt til USD 17 og overtegnet 10 gange. Det gav en værdiansættelse på USD 24 mia. eller cirka DKK 170 mia. På første noteringsdag steg aktien 44 pct., og fredag steg aktien yderligere 10,7 pct. til USD 27,09. Det er langt over de kursmål, som fem analytikere, der offentliggør anbefalinger på Bloomberg, sætter på aktien. 1 Aktienyt www.danskemarketsequities.com

Rapporteringskalender Mon 06 Mar Tue 07 Mar Wed 08 Mar Thu 09 Mar Fri 10 Mar Norwegian Air Shuttle ASA Sales & Rev. Royal Unibrew A/S Q4 2016 ICA Gruppen AB Sales & Rev. Source: Danske Bank Markets, FactSet 2 Aktienyt www.danskemarketsequities.com

Kursudvikling - Globale markeder og råvarer Skandinaviske indeks Lukkekurs 1 Dag 1 Uge 1 Måned 3 Måned ÅTD 1 År 2 År 3 År OMX Copenhagen 20 911.99-0.66% -0.01% 1.35% 10.14% 3.17% -4.20% 4.45% 29.88% OMX Stockholm 30 1,581.32 0.05% 0.73% 1.54% 7.57% 4.23% 13.81% -4.85% 18.40% Norway OSE Benchmark 691.95-1.09% 0.68% -1.43% 5.23% 1.18% 20.06% 12.16% 25.09% OMX Helsinki 25 3,774.62 0.01% 1.67% 3.30% 9.02% 2.57% 18.78% 10.13% 32.86% Toneangivende indeks Lukkekurs 1 Dag 1 Uge 1 Måned 3 Måned ÅTD 1 År 2 År 3 År S&P 500 2,383.12 0.05% 0.67% 3.73% 8.72% 6.44% 19.55% 13.06% 29.11% DJ Industrial Average 21,005.71 0.01% 0.88% 4.65% 9.57% 6.29% 23.97% 15.39% 29.92% Stoxx Europe 600 375.23-0.10% 1.41% 3.07% 10.57% 3.82% 10.55% -3.21% 13.58% NASDAQ Composite Index 5,870.75 0.16% 0.44% 3.60% 11.70% 9.06% 24.71% 17.89% 37.25% Europæiske indeks Lukkekurs 1 Dag 1 Uge 1 Måned 3 Måned ÅTD 1 År 2 År 3 År France CAC 40 4,995.13 0.63% 3.09% 3.52% 10.30% 2.73% 13.11% 2.59% 16.41% Germany DAX (TR) 12,027.36-0.27% 1.89% 3.23% 14.40% 4.76% 23.33% 6.62% 28.51% FTSE 100 7,374.26-0.11% 1.80% 2.59% 9.56% 3.24% 20.29% 7.04% 9.93% Råvarer Lukkekurs 1 Dag 1 Uge 1 Måned 3 Måned ÅTD 1 År 2 År 3 År Brent Crude Oil (ICE $/bbl) 55.90 1.49% -0.16% -1.60% 2.64% -1.62% 50.80% -8.39% -49.73% NY Gold (NYM $/ozt) 1,225.50-0.52% -2.50% 0.57% 4.29% 6.57% -2.54% 1.79% -9.23% London Silver (Fixing $/ozt) 17.66-3.66% -3.34% 2.20% 8.01% 8.74% 17.97% 7.55% -17.71% Aluminum (LME Cash $/t) 1,909.00-1.04% 1.70% 5.56% 11.31% 11.41% 19.05% 7.04% 14.00% Copper (LME Cash $/t) 5,910.00-1.40% 0.49% 1.27% 3.03% 7.44% 22.36% 0.94% -15.96% Nickel (LME Cash $/t) 10,900.00 0.00% 2.06% 7.28% -2.02% 8.89% 24.08% -19.85% -24.88% Zinc (LME Cash $/t) 2,796.00-1.72% -0.92% 0.47% 4.99% 9.09% 52.66% 38.14% 33.46% Source: FactSet 3 Aktienyt www.danskemarketsequities.com

Kalender Makro nøgletal og udgivelser Monday, March 6, 2017 Period Danske Bank Consensus Previous 9:00 DKK Forced sales (s.a.) Number Feb 9:00 DKK Bankruptcies (s.a.) Number Feb 10:30 EUR Sentix Investor Confidence Index Mar 17.9 18.5 17.4 16:00 USD Core capital goods orders, final % Jan -0.4% 21:00 USD Fed's Kashkari (voter, dovish) speaks Source: Bloomberg, Danske Bank Markets 4 Aktienyt www.danskemarketsequities.com

Dækkede selskaber Danmark Danmark Lukkekurs 1 Uge 1 Måned År til dato EPS vækst FY1 EPS vækst FY2 P/E Cons. FY1 P/E Cons. FY2 A. P. Moller - Maersk 11,570.0-1.3% -0.4% 2.7% n.m 26.5% 19.8 15.6 ALK-Abello 962.5 1.7% -6.6% 4.6% -38.6% 46.0% 54.6 37.4 Alm. Brand 57.5-3.4% 3.6% 6.5% -28.8% 6.1% 16.4 15.4 Ambu 287.9 0.0% -4.8% 1.6% 25.6% 23.9% 42.9 34.7 Bang & Olufsen 103.5 1.0% 2.0% 29.4% n.m n.m 3,450.0 29.3 Bavarian Nordic 284.5-1.6% 5.6% 14.3% -39.8% n.m 207.3 11.9 Carlsberg 616.0-1.0% -0.6% 1.1% 19.0% 15.4% 19.5 16.9 Chr. Hansen 417.4-1.1% -0.5% 6.7% 14.7% 12.0% 33.3 29.8 Coloplast 500.5-0.1% 1.2% 5.1% 9.4% 10.8% 26.5 24.0 D/S Norden 131.0 0.6% 6.3% 18.6% n.m n.m 72.4 13.1 Danske Bank 241.8 0.5% 3.1% 12.9% -1.0% 9.7% 12.6 11.5 DFDS 385.4-1.0% 17.0% 19.5% 10.6% 8.4% 13.6 12.5 DONG Energy 252.5-1.9% -1.1% -5.6% -6.3% 18.1% 11.7 9.9 DSV 342.8-1.7% 2.4% 9.1% 31.2% 17.4% 20.9 17.8 FLSmidth & Co 343.6-1.3% 7.1% 17.3% 19.8% 26.8% 21.1 16.6 G4S 22.9-1.5% 4.0% 12.6% n.m. n.m. n.m. n.m. Genmab 1,385.0 0.7% -1.2% 18.1% 12.2% 71.0% 64.1 37.5 GN Store Nord 165.1 2.1% 4.8% 12.9% 16.5% 16.1% 19.2 16.5 H+H International 76.0 2.0% -0.7% 0.7% n.m 11.0% 10.6 9.6 Hafnia Tankers 0.0% 0.0% 70.8% n.m n.m. n.m. Harboe 141.0 0.0% 0.4% 1.4% 21.9% 9.7% 15.2 13.8 Højgaard Holding 248.0 2.5% -1.4% 10.7% n.m 19.2% 11.5 9.6 IC Group 171.5-1.2% 7.2% 15.9% -22.5% 36.5% 19.3 14.1 ISS 275.1-0.7% 11.4% 15.4% 5.2% 6.5% 16.9 15.9 Jyske Bank 371.7 0.2% 2.1% 10.4% -7.6% 12.7% 12.1 10.7 Lundbeck 294.2 0.8% -3.5% 2.4% 17.9% 34.2% 22.2 16.6 Matas 100.0-1.0% 0.5% 3.6% 0.8% 1.7% 9.5 9.3 Monberg & Thorsen 278.0-0.7% 4.3% 20.9% n.m 26.3% 14.5 11.4 NKT Holding 492.9-3.2% -8.1% -1.2% n.m 39.4% 16.6 11.9 NNIT 192.5-2.3% -0.3% -5.6% 6.9% 6.3% 20.4 19.2 Novo Nordisk 243.3-1.1% 4.6% -4.5% 1.4% 11.1% 16.0 14.4 Novozymes 270.4-0.3% -3.3% 11.0% 5.5% 8.1% 25.5 23.6 Pandora 839.5 0.6% -4.7% -9.1% 13.6% 16.0% 14.1 12.1 Per Aarsleff 165.0-0.3% -4.6% -6.3% 8.1% 18.9% 10.5 8.8 Ringkjøbing Landbobank 1,488.0 1.2% -0.1% 1.7% 1.4% 8.3% 12.7 11.7 Rockwool International 1,202.0 0.6% 0.6% -3.5% 4.1% 13.8% 20.3 17.8 Royal Unibrew 273.4-2.0% 3.4% 0.3% 10.1% 7.7% 18.9 17.6 Scandinavian Tobacco Gro 122.1-0.3% -0.2% 2.7% 5.8% 6.2% 13.2 12.4 SimCorp 393.6 0.4% 9.3% 14.4% 26.5% 12.5% 30.7 27.2 Solar 395.0 0.8% 6.8% 9.4% 19.9% 25.1% 16.9 13.5 Spar Nord 79.2-0.3% -1.6% -2.2% 1.5% 9.3% 12.1 11.0 Sydbank 250.0 0.0% 6.9% 14.1% -0.8% 6.6% 11.9 11.2 TDC 37.1-1.6% 3.8% 2.3% -16.2% 8.2% 13.6 12.6 Topdanmark 177.2-0.2% -3.5% -1.2% -20.5% 2.1% 13.4 13.2 Torm 70.5-1.4% 12.8% 11.0% -87.9% -16.6% 16.0 19.2 Tryg 132.1 0.6% -1.0% 3.4% -7.3% 1.1% 16.3 16.2 5 Aktienyt www.danskemarketsequities.com

Dækkede selskaber Danmark Danmark Lukkekurs 1 Uge 1 Måned År til dato EPS vækst FY1 EPS vækst FY2 P/E Cons. FY1 P/E Cons. FY2 Veloxis Pharmaceuticals 1.1-0.9% -3.5% 2.8% -86.8% n.m n.m. 17.7 Vestas Wind Systems 520.5-1.4% 4.1% 13.4% 0.3% 10.0% 15.8 14.4 William Demant Holding 144.2 1.1% 10.2% 17.4% 13.5% 10.4% 21.2 19.2 Zealand Pharma 115.5 0.9% -2.9% 8.5% 3.6% 12.8% n.m. n.m. Össur 26.9-0.3% 11.9% 6.9% 18.3% 16.3% 25.3 21.7 Nets 112.3-5.1% -8.7% -9.1% n.m 11.2% 14.1 12.7 Source: FactSet 6 Aktienyt www.danskemarketsequities.com

Dækkede selskaber Sverige Sverige Lukkekurs 1 Uge 1 Måned År til dato EPS vækst FY1 EPS vækst FY2 P/E Cons. FY1 P/E Cons. FY2 ABB 204.5-1.1% -0.7% 6.6% 7.1% 12.8% 18.6 16.5 Alfa Laval 163.7-1.4% -1.3% 8.6% -9.9% 7.1% 20.8 19.4 Assa Abloy 173.4-2.3% 5.7% 2.5% 12.0% 8.6% 21.8 20.1 AstraZeneca 529.3 1.7% 9.0% 7.7% -14.1% 8.6% 15.8 14.6 Atlas Copco 303.3-0.2% 6.5% 9.3% 14.2% 7.0% 22.7 21.2 Autoliv 941.3-1.0% 0.6% -7.9% -8.8% 13.5% 16.2 14.2 Axfood 139.5-0.6% -2.3% -2.6% 2.3% 6.1% 19.4 18.3 Balder 192.8-2.3% 2.7% 4.7% 6.7% 5.6% 17.2 16.3 Beijer Alma 244.0-0.2% 0.2% 4.7% 14.7% 7.7% 19.4 18.0 BillerudKorsnäs 144.3-0.3% -2.6% -5.7% 12.2% 7.5% 14.7 13.7 Boliden 282.8 0.1% 11.1% 18.9% 59.5% -4.0% 11.5 12.0 Castellum 120.9-0.7% -1.8% -3.2% 12.4% 7.0% 14.3 13.3 Cloetta 34.8-0.9% 17.6% 21.3% 20.3% 10.4% 18.4 16.6 Concentric 131.0 1.0% 7.6% 15.2% 9.4% 10.3% 19.3 17.5 Creades 279.5-2.3% 1.6% 19.2% n.m. n.m. n.m. n.m. Capio 46.5 1.3% -0.9% -3.3% 4.6% 14.3% 13.9 12.2 Electrolux 238.9-0.5% 4.8% 5.6% 6.3% 8.9% 14.2 13.1 Elekta 83.3-4.3% 1.6% 3.3% 47.3% 33.1% 32.8 24.6 Ericsson 59.9 0.6% 18.8% 11.9% -2.4% 35.1% 23.6 17.5 Fabege 148.4-0.7% -3.5% -0.3% 45.5% 17.9% 28.6 24.2 Getinge 155.1 0.9% 10.1% 6.2% 17.9% 16.0% 13.9 12.0 Gränges 82.0-0.6% -4.7% -4.7% 5.4% 7.9% 10.9 10.1 Hennes & Mauritz 237.5-1.0% -2.2% -6.3% 11.4% 11.2% 19.0 17.1 Hexagon 358.8-2.3% 0.0% 10.2% 12.7% 11.7% 21.0 18.8 HiQ International 65.5-1.9% 3.6% 6.5% 6.8% 8.1% 20.6 19.0 Holmen 352.3-0.1% 9.1% 7.8% -0.1% 3.5% 18.1 17.5 Hufvudstaden 137.0-0.8% -3.2% -4.8% 6.2% 4.5% 28.7 27.5 Husqvarna 76.6-1.0% 5.0% 8.0% 25.6% 14.6% 16.7 14.6 ICA Gruppen 294.2-0.7% 2.6% 5.9% 1.0% 1.1% 16.6 16.4 Industrivärden 193.6-1.0% 4.6% 7.4% -75.7% -15.1% 22.4 26.3 Intrum Justitia 327.6-0.6% 8.7% 6.6% 7.1% 13.2% 15.6 13.8 Investor 360.9-0.9% 2.2% 6.0% -36.0% 12.2% 12.7 11.3 ITAB Shop Concept 78.8-0.3% -2.8% -3.1% 29.3% 11.0% 20.8 18.8 JM 285.0-1.3% 5.7% 8.3% 13.1% 4.8% 12.4 11.8 Klövern 9.1-0.6% -2.2% -4.2% 4.7% 3.8% 9.7 9.3 Kungsleden 51.7 0.1% -5.1% -10.5% 3.9% 6.1% 9.8 9.3 Latour 357.0-2.4% 6.0% 4.3% n.m. n.m. n.m. n.m. Lindab 74.1-2.2% -2.3% 1.4% 15.6% 15.5% 14.6 12.7 Loomis 286.5-0.3% 8.0% 5.7% 7.2% 4.8% 15.8 15.0 Lundbergföretagen 585.0-1.3% 2.1% 4.7% n.m. n.m. n.m. n.m. Lundin Petroleum 184.0-0.8% -7.1% -7.1% n.m -9.2% 24.7 27.2 Melker Schörling 547.0-1.1% -1.4% 1.8% n.m. n.m. n.m. n.m. Millicom 492.7-1.4% 13.3% 26.6% 84.5% 52.1% 33.4 22.0 NCC 214.2-0.8% -0.5% -5.0% 28.4% 5.9% 15.2 14.4 Nibe 72.3-1.8% 2.1% 0.7% 8.2% 16.0% 24.6 21.2 Nobia 88.7-0.7% 11.5% 4.5% 4.8% 6.7% 14.7 13.8 7 Aktienyt www.danskemarketsequities.com

Dækkede selskaber Sverige Sverige Lukkekurs 1 Uge 1 Måned År til dato EPS vækst FY1 EPS vækst FY2 P/E Cons. FY1 P/E Cons. FY2 Nordea 106.8 0.3% 0.0% 5.4% -2.5% 7.5% 13.1 12.1 Opus Group 7.9 2.6% 1.9% 21.5% -5.8% 34.2% 27.1 20.2 Oriflame 380.8 2.1% 38.4% 38.4% 31.5% 16.5% 25.5 21.9 Peab 85.4-1.0% 17.3% 18.0% 0.2% 4.4% 14.8 14.2 Qliro Group 13.4 3.9% 6.8% 54.3% n.m n.m 56.8 19.5 Ratos 41.7-0.8% -12.4% -3.4% 100.0% 24.3% 18.1 14.6 SAAB 358.4-0.9% -0.4% 5.3% 46.5% 19.8% 22.4 18.7 Tele2 80.5-0.7% 5.6% 10.1% 29.8% 36.5% 25.7 18.8 Sandvik 125.3 0.0% 4.7% 11.2% 14.9% 9.2% 19.9 18.2 SCA 276.5-1.4% 2.5% 7.5% 13.9% 5.2% 19.3 18.3 Eltel 49.5-2.9% -0.4% -20.8% n.m 48.4% 12.8 8.6 Scandi Standard 53.3-0.5% -5.3% -6.6% 30.3% 52.7% 16.1 10.6 SEB 103.9-1.0% 1.5% 8.7% 54.1% 6.7% 13.9 13.0 Securitas 138.5-0.6% -0.4% -3.4% 9.1% 7.4% 16.0 14.9 Semcon 58.5-0.8% 17.0% 27.2% 10.7% 14.0% 13.1 11.5 Skanska 216.4-1.1% -1.1% 0.6% -14.9% -2.4% 16.9 17.4 SKF 176.1-0.4% 4.3% 5.1% 16.6% 9.0% 16.2 14.8 SkiStar 152.5-1.6% -2.2% 0.0% 15.1% 3.2% 18.9 18.3 SSAB 36.3-2.8% -2.8% 5.0% 40.0% 35.3% 22.4 16.6 Svenska Handelsbanken 126.0-1.2% -6.7% -0.5% 0.4% 4.9% 15.7 15.0 Svolder 219.0-0.5% 9.0% 14.1% n.m. n.m. n.m. n.m. Swedbank 225.8-0.9% -0.2% 2.5% -0.7% 5.1% 13.9 13.3 Swedish Match 281.6-0.8% -2.2% -2.8% 2.3% 9.0% 17.7 16.3 Swedish Orphan Biovitrum 123.1-0.1% 5.8% 15.4% 26.9% 57.8% 29.2 18.5 Swedol 27.5-1.8% 11.8% 6.2% 20.1% 17.4% 13.0 11.1 Thule Group 145.3-0.1% 2.7% 2.0% 8.4% 6.1% 19.6 18.5 Trelleborg 186.6-1.3% 3.8% 4.1% 17.5% 8.4% 16.6 15.3 Volvo 120.4 0.2% 2.2% 13.2% 11.9% 10.3% 16.4 14.9 Vostok New Ventures 68.0-2.2% -5.2% -8.7% n.m 100.0% n.m. n.m. Wihlborgs 175.9-1.0% 4.3% 3.8% 5.7% 5.8% 13.2 12.4 Öresund 150.5-2.3% -2.3% -1.3% n.m. n.m. n.m. n.m. Nobina 54.3-2.3% -1.4% 6.9% 12.2% 16.9% 17.3 14.8 Hexpol 91.1-0.5% 1.5% 7.9% 4.9% 4.9% 21.4 20.4 Betsson 79.7-0.7% 2.2% -9.3% 3.4% -9.9% 12.1 13.5 Kambi 94.5-2.6% -11.1% -29.3% 23.4% 46.6% 32.2 21.9 NetEnt 74.8-1.8% 3.1% 6.3% 16.6% 17.0% 30.6 26.1 Kindred Group 85.8 0.2% 13.1% 0.2% 23.6% -11.2% 15.9 17.9 Mycronic 97.0-2.3% -8.1% -1.0% 3.9% 11.5% 17.4 15.6 Addtech 145.5-2.3% -2.8% 2.1% 42.1% 11.2% 20.6 18.6 Indutrade 169.0-1.0% -3.7% -7.7% 10.5% 8.9% 17.4 16.0 Attendo 88.1-0.5% 7.8% 11.8% 8.9% 9.5% 18.7 17.1 Eltel 49.5-2.9% -0.4% -20.8% n.m 48.4% 12.8 8.6 Capio 46.5 1.3% -0.9% -3.3% 4.6% 14.3% 13.9 12.2 Tele2 80.5-0.7% 5.6% 10.1% 29.8% 36.5% 25.7 18.8 Telia 36.4-0.3% 4.7% -0.8% -5.8% 4.0% 12.2 11.8 Humana 70.3-2.8% -7.6% -2.1% 20.8% 11.0% 13.3 11.9 Source: FactSet 8 Aktienyt www.danskemarketsequities.com

Dækkede selskaber Norge Norge Lukkekurs 1 Uge 1 Måned År til dato EPS vækst FY1 EPS vækst FY2 P/E Cons. FY1 P/E Cons. FY2 AF Gruppen 160.0 0.3% 3.2% 3.6% 4.1% 10.8% 20.2 18.3 Akastor 12.7-2.3% -13.6% -21.6% -68.8% -59.4% n.m. n.m. Aker Solutions 48.6-0.4% 9.2% 17.5% -73.0% 56.7% 78.1 49.8 Atea 89.0-1.9% 10.2% 11.9% 14.1% 12.1% 15.7 14.0 Austevoll 72.5-3.3% -5.5% -13.4% 36.2% 0.4% 7.2 7.2 Avance Gas 28.6-5.9% 4.8% 7.9% 23.8% n.m n.m. 19.7 Awilco Drilling 35.3 4.7% 1.1% -13.5% n.m -95.8% 2.0 47.7 Awilco LNG 7.1 1.3% -1.7% 3.5% -24.2% -83.9% n.m. n.m. Bakkafrost 299.3-4.1% -5.5% -12.7% 29.3% 2.1% 10.7 10.5 BW LPG 41.7-3.0% 17.1% 14.7% n.m n.m n.m. 12.1 BW Offshore 23.6-2.9% -0.4% -14.8% n.m n.m 85.2 6.0 DNB 138.8 0.1% -1.0% 8.1% 0.3% 13.9% 12.5 11.0 EMGS 5.7-0.5% -2.7% -34.1% -27.1% n.m n.m. 106.5 Entra 94.3-0.8% 4.1% 9.9% 10.7% 8.9% 16.9 15.5 Fred. Olsen Energy 23.2-2.9% 17.2% -26.8% n.m 9.3% n.m. n.m. Frontline 58.7-0.1% 4.1% -5.3% -74.7% n.m 23.3 11.5 Gjensidige 131.8-0.5% -6.9% -3.8% -13.5% 3.0% 16.0 15.5 Golar LNG Ltd 235.3-0.6% 4.2% 21.1% -54.9% n.m n.m. 33.9 Grieg Seafood 74.0-4.8% 6.8% -9.4% 22.8% 6.5% 8.3 7.8 Höegh LNG 90.0-1.9% -2.7% -6.7% n.m 91.3% 26.9 14.1 Kongsberg Gruppen 141.0-1.7% 1.4% 13.3% 4.2% 30.8% 19.7 15.0 Lerøy Seafood 434.0-3.1% -6.5% -9.8% 41.3% 0.1% 8.4 8.4 Marine Harvest 140.0-3.4% -4.6% -10.1% 41.9% 3.4% 10.1 9.8 Norsk Hydro 48.7-0.6% 1.5% 18.0% 56.8% 6.9% 16.9 15.8 North Atlantic Drilling 13.0-8.8% -30.9% -51.4% n.m 24.7% n.m. n.m. Norway Royal Salmon 166.0-4.3% -8.8% -19.8% 5.3% 8.9% 10.1 9.2 Norwegian Air Shuttle 257.2-0.7% -1.1% -10.4% -14.2% 54.1% 15.5 10.1 Ocean Rig UDW 6.2-2.6% -40.8% -57.8% n.m n.m n.m. n.m. Odfjell Drilling 16.0 0.6% 1.9% -7.5% n.m -21.4% 13.8 17.6 Odfjell SE 31.5 7.9% -0.6% 7.5% -40.0% 67.8% 8.6 5.1 Opera Software 38.3 1.1% 7.3% 2.7% -58.0% 99.7% 37.8 18.9 Orkla 75.1-0.1% -4.5% -4.0% -3.4% 5.8% 18.0 17.0 Pacific Drilling 20.5-4.0% -24.8% -40.4% n.m -12.6% n.m. n.m. Petroleum Geo-Services 24.6 1.2% -10.6% -15.7% -62.0% -90.9% n.m. n.m. Polarcus 0.4 0.0% 0.0% -15.2% n.m -56.4% n.m. n.m. Prosafe 39.0-3.2% 8.6% 5.4% n.m -86.7% n.m. n.m. REC Silicon 1.2-6.1% -7.2% 8.7% -56.0% -68.5% n.m. n.m. RenoNorden 1.0-1.0% -32.2% -14.4% -66.4% 5.7% 6.6 6.2 SalMar 209.9-3.3% -10.5% -18.7% 19.8% 4.5% 9.5 9.1 Schibsted 220.4-2.3% -1.7% 11.3% 89.6% 53.2% 44.9 29.3 Scottish Salmon Company 8.5-0.5% -9.1% -11.5% 78.2% 51.2% 10.7 7.1 Seadrill 14.0-5.4% -9.2% -53.2% n.m n.m n.m. n.m. Sevan Drilling 5.5 35.1% -11.4% 0.2% 31.2% 22.6% n.m. n.m. Songa Offshore 33.7 1.8% 7.0% 7.0% -20.6% 94.9% 5.9 3.0 Spectrum ASA 39.0-3.7% 1.6% 39.3% n.m 40.0% 10.5 7.5 Stolt-Nielsen 137.0-0.4% 7.9% 29.2% -12.5% 30.2% 8.8 6.8 9 Aktienyt www.danskemarketsequities.com

Dækkede selskaber Norge Norge Lukkekurs 1 Uge 1 Måned År til dato EPS vækst FY1 EPS vækst FY2 P/E Cons. FY1 P/E Cons. FY2 Storebrand 57.9 1.0% 11.9% 26.0% -17.5% 7.8% 13.3 12.4 Subsea 7 123.5 4.2% 5.6% 13.0% -70.1% -6.2% 31.4 33.4 TGS 185.9 0.9% -2.8% -3.0% n.m 92.2% 36.9 19.2 Tomra Systems 93.3-0.8% 3.9% 3.0% -5.1% 9.5% 20.0 18.2 Wilh. Wilhelmsen ASA 40.7 0.7% 3.8% 20.4% 62.4% 31.7% 8.8 6.7 Yara International 321.1 0.1% -6.7% -5.6% 8.5% 21.8% 14.3 11.8 XXL 92.5-0.8% -1.3% -5.6% 27.7% 26.4% 19.9 15.7 Ocean Yield 62.8 1.2% -0.8% -3.5% 20.7% 6.7% 7.5 7.1 Golden Ocean 59.5 2.3% 28.5% 49.3% -43.9% -87.2% n.m. n.m. Höegh LNG Partners 163.0 1.3% 0.3% 1.3% 35.7% 13.0% 10.9 9.7 DNO 7.7-6.0% -11.3% -9.6% n.m 57.7% 6.7 4.3 Europris 37.3 0.0% 3.9% 1.1% 4.6% 12.3% 14.4 12.8 Hexagon Composites 27.1-0.4% -2.2% 0.7% 19.9% 49.8% 35.1 23.5 Navig8 Chemical Tankers 0.0% 0.0% n.m. n.m. n.m. n.m. Team Tankers 12.8 14.3% 9.9% 8.5% -7.7% 33.3% 12.6 9.5 Aker BP 147.6-1.0% -8.0% -4.5% 0.0% 0.0% 0.0 0.0 Statoil 148.3-1.2% -5.2% -6.4% n.m 22.4% 16.9 13.8 LINK Mobility 123.5-2.8% -20.1% -11.2% n.m 50.3% 16.3 10.8 Source: FactSet 10 Aktienyt www.danskemarketsequities.com

Dækkede selskaber Finland Finland Lukkekurs 1 Uge 1 Måned År til dato EPS vækst FY1 EPS vækst FY2 P/E Cons. FY1 P/E Cons. FY2 Amer Sports 22.6-0.8% -7.9% -10.8% 12.4% 15.1% 17.0 14.7 Basware 37.0 0.5% 11.7% 1.8% -34.5% n.m n.m. 161.2 Atria 11.1-0.5% -7.5% -3.7% 29.0% 17.6% 13.3 11.3 Cargotec Corp 47.1 0.1% 9.4% 9.7% 6.0% 13.4% 16.8 14.8 Caverion 6.7-3.7% -5.2% -15.7% n.m 67.6% 23.8 14.2 Citycon 2.3 0.4% -1.7% -3.3% 2.2% 2.1% 13.5 13.2 Cramo 20.7-1.7% -9.1% -12.9% 12.8% 3.9% 11.0 10.6 Elisa 32.0 1.5% 4.2% 3.3% 8.7% 5.1% 18.0 17.1 Fortum 15.0 2.5% 6.6% 2.8% 22.3% 0.1% 21.3 21.3 HKScan 3.4-1.2% 3.1% 5.3% n.m n.m 42.7 18.0 Huhtamaki 34.1-0.5% 1.5% -3.2% 9.5% 10.5% 17.1 15.5 Kemira 12.2-0.1% 4.3% 0.3% 9.7% 13.7% 15.3 13.5 Kesko 43.5-0.3% -2.6% -8.3% 18.3% 10.5% 17.3 15.6 Kone 40.7 0.3% 0.3% -4.5% -3.2% 4.0% 21.1 20.3 Konecranes 34.0-0.1% -3.9% 0.5% -15.3% 42.2% 26.0 18.3 Lassila & Tikanoja 18.8-0.8% -0.1% -2.2% 0.1% 7.8% 17.4 16.1 Lemminkäinen 19.5 2.4% 6.9% -4.6% 28.0% 24.2% 14.2 11.4 Metsä Board 6.3-1.2% 2.2% -7.2% 61.0% 20.0% 15.0 12.5 Metso 28.6 1.2% 3.5% 5.6% 17.1% 13.7% 23.0 20.3 Munksjö 15.7 0.5% 11.4% -0.9% 24.9% 11.5% 12.9 11.6 Neste 33.9 0.5% 2.9% -7.0% -15.1% 1.5% 13.0 12.8 Nokia 5.0 1.0% 13.2% 8.5% 2.7% 40.3% 22.4 16.0 Nokian Tyres 38.2-0.2% 4.1% 7.8% 9.5% 11.0% 18.8 16.9 Oriola-KD 4.0-0.3% -8.1% -8.1% 0.5% 9.3% 16.0 14.7 Outokumpu 9.8 1.1% 4.6% 15.2% n.m -4.2% 11.5 12.1 Outotec 5.5 0.5% 2.4% 10.3% n.m 55.8% 41.7 26.8 PKC Group 23.4-0.1% 0.0% 47.8% 38.9% 38.1% 26.8 19.4 Raisio 3.5-0.6% -0.6% -2.2% -16.6% 16.0% 16.6 14.3 Ramirent 8.0-2.2% 13.6% 7.6% 23.7% 16.7% 16.9 14.5 Sampo 43.6 0.5% 1.3% 2.4% -6.8% 4.2% 16.0 15.4 Sanoma 8.4-0.8% -3.2% 1.5% 24.3% 2.7% 12.9 12.5 Sponda 4.1 0.1% 1.1% -7.1% -5.5% 5.9% 12.5 11.8 Stockmann 7.6-0.6% 10.2% 8.1% n.m n.m 38.8 19.3 Stora Enso 10.5 0.7% 5.7% 2.4% 14.0% 12.9% 15.0 13.3 Tieto 26.2-1.1% 2.6% 1.1% 5.2% 4.6% 15.9 15.2 Tikkurila 18.8-0.9% 1.3% 0.0% 4.7% 8.9% 17.6 16.1 UPM-Kymmene 23.1 0.4% 5.0% -0.9% -2.3% 0.2% 14.4 14.3 Uponor 16.1-0.9% -2.8% -2.2% 13.2% 14.8% 17.9 15.6 Valmet 15.1-0.8% 4.7% 7.7% 35.4% 10.7% 15.7 14.2 Wärtsilä 48.0-3.1% 0.6% 12.5% 11.9% 8.9% 20.4 18.7 YIT 6.5-1.3% -5.3% -15.0% 99.7% 35.5% 13.9 10.3 Asiakastieto 18.9 0.5% -3.8% -2.1% 12.8% 7.3% 17.8 16.6 Pihlajalinna 17.4-2.0% 1.8% -5.5% 46.2% 28.9% 24.9 19.3 Basware 37.0 0.5% 11.7% 1.8% -34.5% n.m n.m. 161.2 Consti 15.1 0.1% -2.5% 2.3% 21.3% 15.5% 11.9 10.3 F-Secure 3.3-3.0% 1.2% -6.0% 0.7% 41.8% 32.2 22.7 DNA 11.9 1.0% 6.8% 16.9% 16.0% 9.7% 16.9 15.4 Source: FactSet 11 Aktienyt www.danskemarketsequities.com