EQUITY RESEARCH 4 January 2021 Research report prepared by DNB Markets, a division of DNB Bank ASA Strategy This report was completed and disseminated at 17:24 CET on 04 January 2021

MSCI Nordic Countries and S&P 500 in USD

120 115 110 105 ANBEFALTE AKSJER 100 95 90 85 80 Aker BP, og Salmar 75 70 65 jan mar mai jul sep nov jan inn, og Flex LNG ut MSCI Nordic Countries… S&P 500 (Rebased) Vår portefølje var opp 2.3% fra formiddagen mandag 21. Source: Factset desember til stengetid onsdag 30. desember. Til sammenligning var OSEBX-indeksen gjennom samme periode opp 3.9%. Ved avslutningen av 2020 er porteføljen dermed opp 6.9%, mot en oppgang på 3.3% Endringer denne uken for OSEBX-indeksen. Aksjer inn Aksjer ut 3.6 prosentpoeng foran indeks i 2020 til tross for en litt svak avslutning. Aker BP Equinor Porteføljen var litt svakere enn indeksen de siste dagene av 2020. Nordic Norsk Hydro Flex LNG Semiconductor var den sterkeste aksjen i porteføljen med en oppgang på 8.0%, Salmar etterfulgt av SR-Bank (+5.3%). (-0.8%) og Flex LNG (-0.5%) var svakest. For å reflektere begrenset likviditet i markedet er sluttkursene beregnet basert på gjennomsnittlig kurs gjennom hele dagen den 30 januar.

Vi begynner det nye året med å ta inn Aker BP, Norsk Hydro og Salmar, mens Flex Tegnforklaringer LNG og Equinor går ut. Aker BP gir en høyere betaeksponering mot oljeprisen og EPS Fortjeneste pr aksje dette trekker energivekten i porteføljen nærmere nøytral fra tidligere en taktisk undervekt. Salmar gjør at porteføljen er moderat overvekt i sjømat, istedenfor CEPS Kontantinntjening pr aksje undervektet med bare en aksje fra sektoren. Sesongtoppen for LNG-ratene er normalt DPS Utbytte pr aksje i starten av året og vi tar Flex LNG ut av porteføljen selv om sesongen ser ut til å kunne P Aksjekurs vare litt lengere i år. Norsk Hydro gir litt mer syklisk eksponering i porteføljen. ROCE Avkastning sysselsatt kapital ROE Egenkapitalavkastning Porteføljen består av følgende aksjer: Aker BP, Europris, Lerøy Seafood, Nordic EK Egenkapital Semiconductor, Norsk Hydro, Orkla, Salmar, SR Bank, Telenor og Yara. Begrunnelsen NAV Eiendelers nettoverdi for hvert enkelt selskap er oppsummert mer i detalj fra side 3 i denne rapporten. EV Markedsverdi pluss gjeld I vår beregning av avkastning baserer vi inn- og utkursen på åpningskursene mandag P/E Kurs/Fortjeneste pr aksje morgen. For selskaper på OBX-indeksen bruker vi gjennomsnittlig kurs frem til kl. 10 på EBIT Driftsresultat EBITDA Driftsresultat før avskrivninger mandag, mens vi for andre aksjer bruker gjennomsnittet frem til kl. 12. Våre avkastningstall for siste uke, referert ovenfor, er derfor foreløpige og vil bli justert. Avkastningen for OSEBX beregnes fra kurs kl. 10.00 mandag.

ANALYSTS Paul Harper [email protected] +47 24 16 91 82

Morten Jensen [email protected] +47 24 16 91 84

Please see the last page for important information. This research report was not produced in the US. Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the United States.

DNB Markets | anbefalte aksjer

Anbefalte Aksjer Figure 1: Anbefalte aksjer Selskap Dato inn Kurs inn 21.12.2020 30.12.2020 Endr. fra anbef. (%) Endr. siste uke (%) Europris 2. jan. 20 34.39 51.28 51.12 54.3 -0.3 Telenor 2. jan. 20 157.81 147.37 146.19 -1.9 -0.8 Yara 2. jan. 20 370.04 350.74 356.38 5.2 1.6 Nordic Semiconductor 24. aug. 20 94.32 127.80 138.04 46.4 8.0 SR Bank 24. aug. 20 78.22 86.22 90.77 16.0 5.3 Orkla 2. nov. 20 90.92 84.93 87.10 -4.2 2.6 Lerøy Seafood 16. nov. 20 57.93 58.41 60.41 4.3 3.4 Equinor 30. nov. 20 143.19 143.37 145.03 1.3 1.2 Flex LNG 14. des. 20 76.85 74.99 74.62 -2.9 -0.5 Siste ukes avkastning 2.3 OSEBX indeks 935.95 972.12 3.9

Endring portefølje 2020 6.9 Endring OSEBX 2020 3.3

Source: Bloomberg (underlying data), DNB Markets (further calculations)

Figure 2: 2020 Porteføljeavkastning

110

105

100

95

90

85

80

75

70

65 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51

DNB Portefølje OSEBX

Source: DNB Markets, Dagens Næringsliv

Figure 3: Porteføljeavkastning, 2005-2020

100.0

80.0

60.0

40.0

20.0

0.0

-20.0

-40.0

-60.0

-80.0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD DNB Portefølje OSEBX

Source: DNB Markets, Dagens Næringsliv

2 DNB Markets | anbefalte aksjer

Aker BP (AKERBP) ◼ DNB’s oljeanalytikere venter en oljepris på USD60/fat i fjerdekvartal 2021 sammenlignet med konsensus på USD50/fat. Vi tror mesteparten av oppgangen kommer i andre halvdel av året, men ved å ha en høybeta oljeaksje i porteføljen så oppnår vi cirka nøytral vekt i sektoren nå.

◼ Vi venter sterk vekst for inntjeningen i årene fremover og videre at midlertidige endringer i de norske skattereglene vil øke lønnsomheten for nye prosjekter. Dette vil støtte opp under videre produksjonsvekst. En direkteavkastning på 4.5% er etter vår mening attraktiv og også høyere enn for Equinor.

◼ Innen energisektoren foretrekker vi oljeselskapene fremfor oljeserviceleverandørene. Det er fremdeles overkapasitet innen de fleste oljeservicesegmenter. Dette gir lavere kostnader for oljeprodusentene og skuffende inntjening for oljeservicebransjen.

Figure 4: Aker BP aksjekurs (utbyttejustert) Figure 5: Data box

350 Aker BP Bloomberg Ticker AKERBP NO 300 Sector Oil E&P Market Cap (NOKm) 78,973 250 Market Cap (USDm) 9,307 Consensus year end Net Debt (USDm) 3,355 200 Trailing P/B (x) 4.8 12-month Forward ROE (%) 35.3 150 12-month Forward Dividend yield (%) 4.5 12-months Forward P/E (x) 19.7 100 2yr Forward P/E (x) 15.0 Last 3 years average revenue growth (%) 41.2 50 03.01.2018 03.08.2018 03.03.2019 03.10.2019 03.05.2020 03.12.2020 Net Debt/12-month trailing EBITDA 2.2 Beta 1.6 Share Price 200 Day Moving Average Consensus Analyst Rating (1=Sell, 5=Buy) 4.6

Source: Bloomberg (underlying data), DNB Markets (further calculations) Source: Bloomberg (underlying data), DNB Markets (further calculations)

Europris (EPR) ◼ Bedre Q3-tall enn ventet tvinger analytikerne nok en gang til å justere opp inntjeningsforventningene. Vi tror dette fortsetter og våre estimater for Q4 EBITDA er 14% høyere enn konsensus. Forventet omsetning for 2021 ser ut til å være oppnåelig med en nedgang på 6% fra 2020 basert på en normalisering av handelsmønstret, til tross for at det nå ser ut som at reiserestriksjonene kan vare en stund ut i 2021 også.

◼ Solid inntjeningsutvikling med positive estimatrevideringer bekrefter at Europris har en stabil vekstprofil, selv i et veldig vanskelig makroscenario. Det blir spesielt attraktivt når en stor andel av Oslo Børs er veldig syklisk eksponert. Europris har økt antallet medlemmer i «Europris Mer»-klubben fra 200,000 i slutten av 2019 til 600,000. Dette øker sannsynligheten for at de nye kundene kommer til å fortsette å handle der også etter at handelsmønstrene normaliseres igjen.

◼ Å sammenligne prisingen av et defensivt vekstselskap med alternativ avkastning i lave renter gir mer mening enn for selskaper med volatil syklisk inntjening. Derfor tror vi at dagens prising på 14x P/E og en direkteavkastning på 4.8% er konservativt.

3 DNB Markets | anbefalte aksjer

Figure 6: Europris aksjekurs (utbyttejustert) Figure 7: Data box

55 Europris Bloomberg Ticker EPR NO 50 Sector Multiline Retail 45 Market Cap (NOKm) 8,399 40 Market Cap (USDm) 990 35 Consensus year end Net Debt (USDm) 203 Trailing P/B (x) 4.1 30 12-month Forward ROE (%) 23.3 25 12-month Forward Dividend yield (%) 4.6 20 12 months Forward P/E (x) 14.2 15 2yr Forward P/E (x) 13.3 Last 3 years average revenue growth (%) 7.0 10 03.01.2018 03.08.2018 03.03.2019 03.10.2019 03.05.2020 03.12.2020 Net Debt/12-month trailing EBITDA 2.2 Beta 0.7 Share Price 200 Day Moving Average Consensus Analyst Rating (1=Sell, 5=Buy) 4.5

Source: Bloomberg (underlying data), DNB Markets (further calculations) Source: Bloomberg (underlying data), DNB Markets (further calculations)

Lerøy Seafood Group (LSG) ◼ Prising av Lerøy har vært attraktivt lenge, men investorene har ikke vært villige til å legge vekt på lave inntjeningsmultipler så lenge estimatene for inntjeningen har blitt kontinuerlig nedjustert. Vi tror oppjusteringen som kom etter Q3-tallene forrige uke er nok til at markedet begynner å se på prisingen en gang til.

◼ Salget av laks til supermarkeder har vært bra gjennom koronakrisen og dette kan øke den totale etterspørselen etter hvert som hoteller og restauranter kommer i gang igjen. Vaksinenyhetene gjør at det er mulig å begynne å prise inn en normalisering av etterspørselen igjen.

◼ Utbruddet av coronaviruset har svekket etterspørselen for laks, men etter en global tilbudsvekst på 7.0% i 2019 og 4.1% i 2020 venter vi vekst på bare 1.0% i 2021. Vi venter det vil gi en gjennomsnittspris for 2021 på NOK60/kg, opp fra NOK52.5/kg for 2020.

Figure 8: Lerøy Seafood aksjekurs (ubyttejustert) Figure 9: Data box

80 Leroy Seafood Group Bloomberg Ticker LSG NO 75 Sector Seafood 70 Market Cap (NOKm) 35,949 65 Market Cap (USDm) 4,237 60 Consensus year end Net Debt (USDm) 405 55 Trailing P/B (x) 2.1 50 12-month Forward ROE (%) 15.3 45 12-month Forward Dividend yield (%) 4.4 40 12-months Forward P/E (x) 12.6 35 2yr Forward P/E (x) 10.9 Last 3 years average revenue growth (%) 5.8 30 03.01.2018 03.08.2018 03.03.2019 03.10.2019 03.05.2020 03.12.2020 Net Debt/12-month trailing EBITDA 1.3 Beta 0.9 Share Price 200 Day Moving Average Consensus Analyst Rating (1=Sell, 5=Buy) 4.8

Source: Bloomberg (underlying data), DNB Markets (further calculations) Source: Bloomberg (underlying data), DNB Markets (further calculations)

Nordic Semiconductor (NOD) ◼ Nordic Semiconductor er en strukturell vekstcase med eksponering mot megatrenden Internet of Things. Tredjekvartalstallene var bedre enn ventet og guidingen for fjerdekvartal var høyere enn konsensus.

◼ Nordic Semiconductor har nylig vunnet kontrakter med Amazon og Samsung og vi tror det er gode muligheter for at AirTag-produktet fra Apple kommer til å bruke en Nordic brikke.

4 DNB Markets | anbefalte aksjer

◼ I motsetning til noen andre vekstaksjer har Nordic Semiconductor netto kontanter og genererer positiv kontantstrøm. I en uforutsigbar verden reduserer det risikoen i aksjen betydelig.

Figure 10: Nordic Semiconductor aksjekurs Figure 11: Data box

160 Nordic Semiconductor Bloomberg Ticker NOD NO 140 Sector Semiconductors 120 Market Cap (NOKm) 27,356 Market Cap (USDm) 3,224 100 Consensus year end Net Debt (USDm) -222 80 Trailing P/B (x) 8.3

60 12-month Forward ROE (%) 12.0 12-month Forward Dividend yield (%) 0.0 40 12 months Forward P/E (x) 59.9 20 2yr Forward P/E (x) 39.4 Last 3 years average revenue growth (%) 13.5 0 03.01.2018 03.08.2018 03.03.2019 03.10.2019 03.05.2020 03.12.2020 Net Debt/12-month trailing EBITDA -3.1 Beta 1.1 Share Price 200 Day Moving Average Consensus Analyst Rating (1=Sell, 5=Buy) 5.0

Source: Bloomberg (underlying data), DNB Markets (further calculations) Source: Bloomberg (underlying data), DNB Markets (further calculations)

Norsk Hydro (NHY) ◼ Kull er den viktigste kostnaden for aluminiumsprodusentene i Kina og høye kullpriser der gir støtte til en aluminiumspris på USD1,950-2,000/t.

◼ Dette gir en 2021 EPS på cirka NOK3.5 sammenlignet med konsensusestimater på NOK2.8. Med et historisk gjennomsnitt P/E på 12.2x så gir det en aksjekurs på NOK45.

◼ I et makroperspektiv er Norsk Hydro et syklisk selskap med høy operasjonell giring. Denne typen selskaper har historisk sett gitt høy avkastning i perioder hvor økonomisk vekst tiltar.

Figure 12: Norsk Hydro aksjekurs (utbyttejustert) Figure 13: Data box

60 Norsk Hydro Bloomberg Ticker NHY NO 55 Sector Aluminum 50 Market Cap (NOKm) 82,967 45 Market Cap (USDm) 9,778 40 Consensus year end Net Debt (USDm) 2,118 35 Trailing P/B (x) 1.1 30 12-month Forward ROE (%) 7.3 25 12-month Forward Dividend yield (%) 3.3 20 12-month Forward P/E (x) 14.5 15 2yr Forward P/E (x) 13.0 Last 3 years average revenue growth (%) 24.4 10 03.01.2018 03.08.2018 03.03.2019 03.10.2019 03.05.2020 03.12.2020 Net Debt/12-month trailing EBITDA 0.9 Beta 1.2 Share Price 200 Day Moving Average Consensus Analyst Rating (1=Sell, 5=Buy) 4.0

Source: Bloomberg (underlying data), DNB Markets (further calculations) Source: Bloomberg (underlying data), DNB Markets (further calculations)

Orkla (ORK) ◼ Orkla rapporterte sterke Q3-tall og konsensusestimater har blitt justert opp. Det opprettholder den positive trenden for forventet inntjening som har vart siden tidlig 2019.

◼ Direkteavkastningen på 3% er ikke veldig høy, men når mange selskap i har valgt å utsette utbyttebetalingene så er det likevel bedre enn hos de fleste. Orkla har en solid balanse og kombinert med en stabil inntjening gjør dette at det er begrenset risiko for at utbytte kan bli kuttet i fremtiden.

◼ Lave renter støtter prisingen av aksjer med en defensiv vekstprofil, som Orkla, i større grad enn av aksjer med syklisk eller volatil inntjening som er vanskeligere å sammenligne med 5 DNB Markets | anbefalte aksjer

avkastningen fra obligasjoner. Det gjør at defensive aksjer har klart å holde følge med høyere beta-aksjer når markedet stiger, samtidig som de også er mer robuste når markedet faller.

Figure 14: Orkla aksjekurs (utbyttejustert) Figure 15: Data box

100 Orkla Bloomberg Ticker ORK NO 95 Sector Food Products 90 Market Cap (NOKm) 86,383 85 Market Cap (USDm) 10,180 80 Consensus year end Net Debt (USDm) 852 Trailing P/B (x) 2.3 75 12-month Forward ROE (%) 12.8 70 12-month Forward Dividend yield (%) 3.3 65 12-month Forward P/E (x) 17.5 60 2yr Forward P/E (x) 16.9 Last 3 years average revenue growth (%) 4.9 55 03.01.2018 03.08.2018 03.03.2019 03.10.2019 03.05.2020 03.12.2020 Net Debt/12-month trailing EBITDA 1.3 Beta 0.5 Share Price 200 Day Moving Average Consensus Analyst Rating (1=Sell, 5=Buy) 3.1

Source: Bloomberg (underlying data), DNB Markets (further calculations) Source: Bloomberg (underlying data), DNB Markets (further calculations)

Salmar (SALM) ◼ Salmar har levert best operasjonell drift av de børsnoterte sjømatselskapene i 2020 og har den beste utviklingen i konsensusestimatene for inntjeningen innen sektoren. Salmar har en sterk balanse og høy egenkapitalavkastning.

◼ Vi venter at lakseprisene kan overraske positivt i år og med to sjømatselskaper i porteføljen så har vi en overvekt i sektoren relativ til OSEBX indeksen. Dersom Covid-19 utfordringene forsetter lengere enn ventet, noe som vil være negativt for sektoren, så har Salmar i tillegg vist at de kan handtere utfordringene best.

◼ Utbruddet av coronaviruset har svekket etterspørselen for laks, men etter en global tilbudsvekst på 7.0% i 2019 og 4.1% i 2020 venter vi vekst på bare 1.0% i 2021. Vi venter at dette vil gi en gjennomsnittspris for 2021 på NOK60/kg, opp fra NOK52.5/kg for 2020.

Figure 16: Salmar aksjekurs (utbyttejustert) Figure 17: Data box

570 Salmar Bloomberg Ticker SALM NO 520 Sector Seafood 470 Market Cap (NOKm) 55,721 420 Market Cap (USDm) 6,567 370 Consensus year end Net Debt (USDm) 508 Trailing P/B (x) 4.9 320 12-month Forward ROE (%) 27.9 270 12-month Forward Dividend yield (%) 4.5 220 12 months Forward P/E (x) 17.4 170 2yr Forward P/E (x) 15.4 Last 3 years average revenue growth (%) 10.8 120 03.01.2018 03.08.2018 03.03.2019 03.10.2019 03.05.2020 03.12.2020 Net Debt/12-month trailing EBITDA 0.9 Beta 0.7 Share Price 200 Day Moving Average Consensus Analyst Rating (1=Sell, 5=Buy) 3.9

Source: Bloomberg (underlying data), DNB Markets (further calculations) Source: Bloomberg (underlying data), DNB Markets (further calculations)

SR Bank (SRBANK) ◼ Q3-tallene var litt svakere enn vi hadde forventet, men SR-Bank hadde fremdeles en solid egenkapitalavkastning på 8.2%. SR-Bank fortsetter å diversifisere sin eksponering med sterkere vekst utenfor Rogaland-regionen.

6 DNB Markets | anbefalte aksjer

◼ SR Bank prises til 0.9x bokførte verdier og 10x 2021 P/E, noe vi mener er attraktivt. I likhet med resten av finanssektoren har utbyttet blitt midlertidig utsatt, men vi venter en direkteavkastning på 5% til neste år.

◼ SR Bank øker diversifiseringen av porteføljen fordi den gir eksponering mot en aksje som har fordel av høyere renter. Dette i motsetning til de defensive utbytteaksjene vi også har i porteføljen.

Figure 18: SR Bank aksjekurs (utbyttejustert) Figure 19: Data box

120 SR Bank Bloomberg Ticker SRBANK NO 110 Sector Regional Banks 100 Market Cap (NOKm) 22,851 Market Cap (USDm) 2,693 90 Consensus year end Net Debt (USDm) NM 80 Trailing P/B (x) 1.0

70 12-month Forward ROE (%) 9.4 12-month Forward Dividend yield (%) 5.3 60 12 months Forward P/E (x) 9.6 50 2yr Forward P/E (x) 8.7 Last 3 years average revenue growth (%) 9.2 40 03.01.2018 03.08.2018 03.03.2019 03.10.2019 03.05.2020 03.12.2020 Net Debt/12-month trailing EBITDA NM Beta 1.2 Share Price 200 Day Moving Average Consensus Analyst Rating (1=Sell, 5=Buy) 4.1

Source: Bloomberg (underlying data), DNB Markets (further calculations) Source: Bloomberg (underlying data), DNB Markets (further calculations)

Telenor (TEL) ◼ Telenor rapporterte bedre Q3-tall enn ventet og økte EBITDA-guidingen for 2020. Et mulig salg eller restrukturering av virksomhet i Asia er en potensiell positiv trigger for aksjen. Salget av Tapad (19 november) bekrefter at ledelsen har strategiske endringer på agendaen.

◼ Telenor har en defensiv inntjeningsprofil og dette gjør dem mindre sårbare for eventuell svakere makrovekst enn mange andre selskaper på Oslo Børs. Vi tror fremdeles det er muligheter for mere kostnadskutt i Telenor.

◼ Telenor er priset på lavere kontantstrømmultipler enn sammenlignbare nordiske konkurrenter og har en attraktiv direkteavkastning på 6%, hvilket er blant det høyeste i OSEBX indeksen.

Figure 20: Telenor aksjekurs (utbyttejustert) Figure 21: Data box

180 Telenor Bloomberg Ticker TEL NO 170 Sector Telecoms Market Cap (NOKm) 203,971 160 Market Cap (USDm) 24,038 150 Consensus year end Net Debt (USDm) 12,649 Trailing P/B (x) 6.3 140 12-month Forward ROE (%) 39.2 130 12-month Forward Dividend yield (%) 6.4 12 months Forward P/E (x) 13.5 120 2yr Forward P/E (x) 12.8 Last 3 years average revenue growth (%) -2.9 110 03.01.2018 03.08.2018 03.03.2019 03.10.2019 03.05.2020 03.12.2020 Net Debt/12-month trailing EBITDA 2.5 Beta 0.7 Share Price 200 Day Moving Average Consensus Analyst Rating (1=Sell, 5=Buy) 4.0

Source: Bloomberg (underlying data), DNB Markets (further calculations) Source: Bloomberg (underlying data), DNB Markets (further calculations)

7 DNB Markets | anbefalte aksjer

Yara (YAR) ◼ Forbedring i tilbuds-/etterspørselsbalansen for urea støtter i tillegg til lavere gasspriser oppunder inntjeningsvekst både på kort og mellomlangsikt.

◼ Yara handler på P/E 12x og 11x basert på konsensusestimater for henholdsvis 2021 og 2022 som er lavere enn for sammenlignbare selskaper. Aksjen tilbyr også en direkteavkastning på 5% og et tilbakekjøpsprogram på 5% av utestående aksjer. I tillegg har Yara utbetalt ekstraordinært utbytte på NOK18 per aksje, som tilsvarer en ekstra direkteavkastning på 5.3%, og vi tror det er muligheter for ekstraordinært utbytte til neste år også.

◼ Selv om Covid-19 har skapt noen problemer for vekstprosjekter og reparasjonsarbeider nå tar lengere tid så har inntjeningen relativt til de fleste selskapene på Oslo Børs blitt forholdsvis lite påvirket.

Figure 22: Yara aksjekurs (utbyttejustert) Figure 23: Data box

400 Yara Bloomberg Ticker YAR NO 380 Sector Fertilisers & Ag Chemicals 360 Market Cap (NOKm) 97,439 Market Cap (USDm) 11,484 340 Consensus year end Net Debt (USDm) 2,931 320 Trailing P/B (x) 1.4 300 12-month Forward ROE (%) 10.9 12-month Forward Dividend yield (%) 5.5 280 12 months Forward P/E (x) 12.5 260 2yr Forward P/E (x) 11.2 Last 3 years average revenue growth (%) 4.5 240 03.01.2018 03.08.2018 03.03.2019 03.10.2019 03.05.2020 03.12.2020 Net Debt/12-month trailing EBITDA 1.1 Beta 0.9 Share Price 200 Day Moving Average Consensus Analyst Rating (1=Sell, 5=Buy) 4.4

Source: Bloomberg (underlying data), DNB Markets (further calculations) Source: Bloomberg (underlying data), DNB Markets (further calculations)

8 DNB Markets | anbefalte aksjer

Figure 24: Stengte posisjoner i 2020 Selskap Dato inn Dato ut Kurs inn Utbytte Kurs ut Avkastning (%) Aker BP 28. okt. 19 27. jan. 20 260.17 4.79 270.72 5.9 Equinor 16. sep. 19 10. feb. 20 181.84 2.37 158.02 -11.8 Frontline 9. sep. 19 17. feb. 20 77.85 0.92 77.25 0.4 Salmar 2. des. 19 2. mar. 20 449.66 0.00 429.15 -4.6 Sbanken 2. jan. 20 9. mar. 20 75.07 0.00 52.19 -30.5 Aker BP 10. feb. 20 9. mar. 20 261.31 0.00 157.20 -39.8 SATS 17. feb. 20 16. mar. 20 27.34 0.00 13.46 -50.8 Entra 2. jan. 19 20. apr. 20 115.72 4.6 123.00 10.3 Lerøy Seafood 2. mars. 20 20. apr. 20 58.48 0.00 52.75 -9.8 Kongsberg Gruppen 27. jan. 20 4. mai. 20 143.50 0.00 129.19 -10.0 Crayon 30. mar. 20 2. juni. 20 38.73 0.00 63.31 63.5 Equinor 9. mar. 20 8. juni. 20 112.95 2.77 156.63 41.1 8. juni. 20 27. jul. 20 57.97 0.00 50.16 -13.5 16. mar. 20 10. aug. 20 463.56 0.00 555.48 19.8 Aker BP 8. juni. 20 7. sep. 20 194.87 1.78 164.54 -14.6 Equinor 7. sep. 20 12. okt. 20 138.20 0.00 135.58 -1.9 9. mar. 20 19. okt. 20 182.59 12.25 195.40 13.7 Orkla 20. apr. 20 26. okt. 20 92.65 0.00 90.59 -2.2 XXL 2. jun. 20 26. okt. 20 16.32 0.00 26.68 63.5 Borregaard 2. nov. 20 16. nov. 20 130.09 0.00 132.74 2.0 10. aug. 20 30. nov. 20 172.15 0.00 181.62 5.5 Aker BP 12. okt. 20 30. nov. 20 153.84 1.84 200.36 31.4 Entra 19. okt. 20 30. nov. 20 135.64 0.00 176.96 30.5

Source: Bloomberg (underlying data), DNB Markets (further calculations)

9 DNB Markets | anbefalte aksjer

Figure 25: Anbefalte aksjer Selskap Ticker Kurs Anbefaling Kursmål Analytiker Valuta 2020 Bulkers 2020 59.00 BUY 78.00 Lian NOK A. P. Møller Mærsk maerskb 13595.00 HOLD 11900.00 Lian DKK ABB ABB 229.00 BUY 275.00 Holmberg SEK AcadeMedia AB ACAD 85.00 BUY 105.00 Bonnevier SEK Actic Group AB ATIC 17.40 NO REC Bonnevier SEK Adevinta ADEB SELL 120.00 Westgaard NOK AF Gruppen AFG 175.60 SELL 115.00 Mortensen NOK Airthings AIRXME 13.77 BUY 20.00 Bjørnsen NOK Aker AKER 560.00 BUY 575.00 Masdal NOK Aker Biomarine AKBMME 117.50 BUY 120.00 Westgaard NOK Aker BP AKERBP 216.20 BUY 225.00 Masdal NOK AKSO 16.45 HOLD 9.00 Karlsen NOK Alfa Laval ALFA 226.30 HOLD 230.00 Holmberg SEK Alimak ALIG 131.00 HOLD 127.00 Holmberg SEK ALK-Abello ALKb 2500.00 BUY 2425.00 Ingildsen DKK Alligator Bioscience ATORX 7.95 BUY 14.00 Ling SEK Ambea 65.10 BUY 70.00 Bonnevier SEK Ambu AMBUb 263.20 BUY 222.00 Ingildsen DKK Archer ARCHER 3.08 HOLD 2.00 Karlsen NOK Assa Abloy ASSAB 202.50 BUY 235.00 Holmberg SEK Atea ATEA 121.20 HOLD 115.00 Bjørnsen NOK Atlantic Sapphire ASA 120.00 BUY 151.00 Aukner NOK Atlas Copco ATCOA 421.10 SELL 360.00 Larshammar SEK Atrium Ljungberg ATRLJB 172.80 SELL 158.00 Wetterling SEK Atvexa ATVEXA.B 83.50 NO REC Bonnevier SEK Austevoll Seafood AUSS 87.70 BUY 105.00 Aukner NOK Autoliv ALIV 765.00 BUY 1000.00 Holmberg SEK Avance Gas AVANCE 41.12 BUY 27.00 Lian NOK Avanza Bank AZA 233.00 HOLD 200.00 McBeath SEK Awilco Drilling AWDR 4.65 SELL 1.00 Karlsen NOK Axactor AXA 10.70 BUY 13.00 Astrup NOK Axfood AXFO 191.80 HOLD 213.00 Bjorklid SEK B2Holding B2H 7.42 BUY 8.50 Astrup NOK Bakkafrost BAKKA 612.50 BUY 640.00 Aukner NOK Balder BALDB 428.90 SELL 385.00 Wetterling SEK Beijer Ref BEIJb 376.40 BUY 365.00 Trollsten SEK BerGenBio BGBIO 32.20 BUY 68.00 Ling NOK Bergman & Beving BERGB 98.40 BUY 110.00 Bonnevier SEK Betsson BETSB 73.70 BUY 100.00 Arnell SEK BioArctic BIOAB 95.40 BUY 200.00 Ling SEK Boliden BOL 291.40 BUY 305.00 Trollsten SEK Bonava BONAVB 78.70 BUY 95.00 Mortensen SEK Borr Drilling BDRILL 7.44 NO REC Karlsen NOK Borregaard BRG 141.80 HOLD 140.00 Gehin NOK Bravida BRAV 109.50 HOLD 105.00 Bonnevier SEK BW Energy BWE 27.60 BUY 26.00 Masdal NOK BW LPG BWLPG 59.00 BUY 43.00 Lian NOK BW Offshore BWO 37.72 BUY 45.00 Karlsen NOK Camurus 186.40 BUY 309.00 Ling SEK Cargotec CGC 33.82 BUY 38.00 Railo EUR Carlsberg CARLB 975.20 BUY 1052.00 Ingildsen DKK Castellum CAST 208.70 BUY 225.00 Wetterling SEK Catena CATE 385.00 HOLD 360.00 Wetterling SEK CGG CGG 0.81 HOLD 0.90 Masdal EUR Chr. Hansen CHR 626.40 SELL 600.00 Dahl DKK Citycon CTY1S 7.93 HOLD 8.50 Mortensen EUR Source: DNB Markets

10 DNB Markets | anbefalte aksjer

Figure 26: Anbefalte aksjer Selskap Ticker Kurs Anbefaling Kursmål Analytiker Valuta Coloplast COLOB 929.60 SELL 850.00 Dahl DKK Coor Service Management COOR 72.40 BUY 84.00 Bonnevier SEK Crayon CRAYON 125.80 BUY 125.00 Bjørnsen NOK D/S Norden DNORD 109.60 BUY 117.00 Lian DKK Danske Bank DANSKE 100.65 BUY 115.00 Astrup DKK Demant DEMANT 240.60 HOLD 250.00 Dahl DKK DHT Holdings DHT 5.23 BUY 6.60 Lian USD Diamond Offshore DO 0.17 NO REC Karlsen USD DNB DNB 168.00 NO REC Astrup NOK DNO DNO 6.87 HOLD 5.00 Masdal NOK DOF DOF 0.69 NO REC Olsen NOK Dometic DOM 108.95 BUY 128.00 Trollsten SEK Dorian LPG LPG 12.19 BUY 10.00 Bye USD Eagle Bulk Shipping EGLE 19.00 NO REC Lian USD Electrolux ELUX 191.35 HOLD 210.00 Magnergård SEK Electrolux Professional EPROB 46.58 BUY 50.00 Holmberg SEK Elekta EKTAB 110.45 BUY 125.00 Ling SEK Elisa ELISA 44.87 HOLD 47.00 Gauffin EUR Elkem ELK 28.38 BUY 26.00 Gehin NOK Enea ENEA 189.60 BUY 234.00 Maaø SEK Entra ENTRA 194.20 NO REC Mortensen NOK Epiroc EPIA 149.65 BUY 160.00 Larshammar SEK Episurf Medical EPISB 3.03 NO REC Ling SEK Equinor EQNR 144.95 HOLD 140.00 Masdal NOK Ericsson ERICB 97.64 BUY 134.00 Maaø SEK Essity ESSITYB 264.50 HOLD 295.00 Bonnevier SEK Euronav EURN 8.00 BUY 11.20 Lian USD Europris EPR 51.10 BUY 62.00 Westgaard NOK Evolution EVO 834.80 BUY 810.00 Arnell SEK EVRY EVRY NO REC Bjørnsen NOK Fabege FABG 129.35 BUY 135.00 Wetterling SEK Fjord1 FJORD 43.00 HOLD 40.00 Westgaard NOK Fjordkraft FKRAFT 83.70 BUY 95.00 Westgaard NOK Flex LNG FLNG 75.10 BUY 91.00 Lian NOK FLSmidth FLS 232.80 HOLD 185.00 Railo DKK Freja eID Group FREJA 51.40 NO REC Gunell SEK Frontline FRO 54.30 HOLD 65.00 Lian NOK GasLog GLOG 3.72 BUY 4.10 Bye USD Genco Shipping & Trading GNK 7.36 BUY 8.60 Lian USD Genmab GMAB 2463.00 HOLD 2451.00 Dahl DKK Gentian Diagnostics GENTME 54.50 BUY 81.00 Martinsson NOK Getinge GETIB 192.10 HOLD 200.00 Ling SEK Gjensidige Forsikring GJF 191.40 BUY 215.00 Astrup NOK GN Group GN 487.20 HOLD 500.00 Dahl DKK Golar LNG GLNG 9.64 BUY 19.00 Lian USD Golden Ocean GOGL 40.00 BUY 53.00 Lian NOK GSF 85.00 BUY 105.00 Aukner NOK Handicare HANDI 41.00 BUY 54.00 Dahl SEK Helgeland Sparebank HELG 86.00 BUY 91.00 Astrup NOK Hennes & Mauritz HMB 172.00 HOLD 180.00 Arnell SEK Hexagon AB HEXAB 749.80 BUY 765.00 Gunell SEK Hexagon Composites HEX 54.70 SELL 40.00 Krohn NOK Hexpol HPOLB 88.00 HOLD 90.00 Trollsten SEK HMS Networks HMS 260.00 HOLD 230.00 Gunell SEK Hufvudstaden HUFV 136.20 HOLD 125.00 Wetterling SEK Humana HUM 59.20 BUY 73.00 Bonnevier SEK Source: DNB Markets

11 DNB Markets | anbefalte aksjer

Figure 27: Anbefalte aksjer Selskap Ticker Kurs Anbefaling Kursmål Analytiker Valuta Hunter Group HUNT 3.49 BUY 4.10 Lian NOK Husqvarna HUSQb 106.50 BUY 113.00 Magnergård SEK Höegh LNG Holdings HLNG 15.38 HOLD 13.00 Lian NOK IAR Systems IARB 139.80 Gunell SEK ICA ICA 410.90 SELL 380.00 Bjorklid SEK Ice Group ICE 15.40 BUY 26.00 Maaø NOK Industrivärden INDUc 265.50 HOLD 260.00 Gunell SEK Investor INVEb 599.20 BUY 645.00 Gunell SEK Isofol Medical ISOFOL 28.00 Martinsson SEK Jm Ab JM 290.60 SELL 240.00 Mortensen SEK Kahoot KAHOOT 95.20 BUY 98.00 Maaø NOK Kindred Group KINDSDB 80.56 BUY 105.00 Arnell SEK Kinnevik KINVb 415.50 BUY 420.00 Gunell SEK Klövern KLOVb 15.54 HOLD 15.00 Wetterling SEK Kojamo KOJAMO 18.10 HOLD 19.00 Mortensen EUR Kone KNEBV 66.46 HOLD 73.00 Railo EUR Konecranes KCR 28.78 BUY 34.00 Railo EUR Kongsberg Gruppen KOG 176.20 HOLD 155.00 Gehin NOK Kungsleden KLED 90.10 BUY 93.00 Wetterling SEK Kværner KVAER 9.26 HOLD 9.10 Karlsen NOK Latour LATOb 199.70 SELL 170.00 Gunell SEK LeoVegas LEO 34.90 BUY 53.00 Arnell SEK Lerøy Seafood LSG 60.56 BUY 70.00 Aukner NOK Loomis LOOMIS 226.20 BUY 335.00 Bonnevier SEK Lundbeck LUN 208.80 BUY 255.00 Dahl DKK Lundbergs LUNDb 440.60 HOLD 455.00 Gunell SEK Lundin Energy LUNE 222.30 HOLD 200.00 Masdal SEK Lundin Mining LUMI 71.40 BUY 75.00 Trollsten SEK Maersk Drilling DRLCO 192.70 BUY 200.00 Karlsen DKK Magseis Fairfield MSEIS 3.71 NO REC Masdal NOK MaxFastigheter MAXF 33.90 NO REC Wetterling SEK Medistim MEDI 250.00 SELL 187.00 Krohn NOK Metsa Board METSB 8.62 BUY 9.20 Lehtonen EUR Metso Outotec MOCORP 8.18 BUY 7.50 Railo EUR Millicom TIGO 323.80 BUY 470.00 Gauffin SEK Momentum Group MMGRB 142.00 BUY 170.00 Bonnevier SEK Mowi MOWI 191.00 BUY 205.00 Aukner NOK MPC Container Ships MPCC 6.32 BUY 5.90 Lian NOK MTG MTGb 146.70 HOLD 140.00 Arnell SEK Ncc NCC 149.50 BUY 180.00 Mortensen SEK Nel NEL 28.96 SELL 5.00 Krohn NOK Neles NELES 10.86 HOLD 11.50 Railo EUR NENT Group NENTB 458.60 HOLD 400.00 Arnell SEK NetEnt NETb 86.00 NO REC Arnell SEK Nexam Chemical NEXAM 9.26 NO REC 12.00 Trollsten SEK Nibe Industrier NIBEB 269.70 HOLD 245.00 Trollsten SEK Nobia NOBI 65.85 BUY 75.00 Holmberg SEK Noble NE 0.03 NO REC Karlsen USD Nokia NOKIA 3.15 BUY 4.00 Maaø EUR Nokian Tyres TYRES 28.82 HOLD 32.00 Holmberg EUR Nordea NDA 67.22 BUY 92.00 McBeath SEK Nordic Nanovector NANO 15.71 BUY 27.00 Ling NOK Nordic Paper Holding NPAPER 38.62 BUY 52.00 Bonnevier SEK Nordic Semiconductor NOD 138.00 BUY 142.00 Bjørnsen NOK Norsk Hydro NHY 39.86 BUY 45.00 Gehin NOK Norske Skog NSKOG 38.70 BUY 31.00 Lehtonen NOK Source: DNB Markets

12 DNB Markets | anbefalte aksjer

Figure 28: Anbefalte aksjer Selskap Ticker Kurs Anbefaling Kursmål Analytiker Valuta Northern Drilling NODL 6.17 NO REC Karlsen NOK Royal Salmon NRS 214.60 BUY 240.00 Aukner NOK NAS 86.94 NO REC Westgaard NOK Norwegian Finans Holding NOFI 73.15 BUY 90.00 Astrup NOK Norwegian Property NPRO 13.15 BUY 15.00 Mortensen NOK Novo Nordisk NVO 426.65 BUY 550.00 Dahl DKK Novozymes NZYMB 349.50 SELL 310.00 Dahl DKK NRC Group NRC 31.75 BUY 35.00 Mortensen NOK Nyfosa NYF 81.95 BUY 93.00 Wetterling SEK Ocean Yield OCY 26.55 BUY 28.00 Bye NOK Odfjell ODF 27.40 BUY 30.00 Bye NOK Odfjell Drilling ODL 17.14 BUY 15.00 Karlsen NOK OHT OHT 18.70 BUY 35.00 Karlsen NOK Olav Thon OLT 183.50 BUY 220.00 Mortensen NOK Oncopeptides ONCO 169.70 BUY 335.00 Ling SEK Orkla ORK 87.00 BUY 100.00 Westgaard NOK Ossur OSSR 48.45 BUY 49.46 Ingildsen DKK Otello OTELLO 27.10 BUY 44.00 Bjørnsen NOK Pacific Drilling PACD 0.04 NO REC Karlsen USD Pandora PNDORA 681.00 SELL 440.00 Westgaard DKK Pandox PNDXB 145.20 BUY 165.00 Mortensen SEK Pareto Bank PARB 39.30 HOLD 41.00 Astrup NOK Peab PEAB 89.65 BUY 100.00 Mortensen SEK PGS PGS 5.25 HOLD 3.00 Masdal NOK PhotoCure PHO 106.60 BUY 135.00 Ling NOK Polarcus PLCS 0.50 SELL 0.20 Masdal NOK Prosafe PRS 1.08 NO REC Karlsen NOK Quantafuel QFUELME 60.80 BUY 84.00 Lian NOK Recipharm RECIB 219.40 BUY 170.00 Ling SEK Royal Unibrew RBREW 706.60 BUY 775.00 Ingildsen DKK Safe Bulkers SB 1.30 BUY 1.60 Lian USD SalMar SALM 503.60 BUY 570.00 Aukner NOK Salmones Camanchaca SALMON 51.00 BUY 68.00 Aukner NOK Sampo Oyj SAMPO 34.57 BUY 40.00 Astrup EUR Sandvik SAND 201.30 HOLD 195.00 Larshammar SEK SAS SAS 1.83 SELL 1.00 Westgaard SEK Sbanken SBANK 68.90 BUY 76.00 Astrup NOK SBB Norden SBBB 28.66 NO REC Mortensen SEK Scandi Standard SCST 68.80 BUY 82.00 Aukner SEK Scandic Hotels SHOT 34.80 HOLD 26.00 Bonnevier SEK Scatec SSO 341.40 SELL 195.00 Masdal NOK Schibsted SCHA 366.30 HOLD 400.00 Westgaard NOK Scorpio Tankers STNG 11.19 HOLD 11.00 Lian USD SDRL 0.27 NO REC Karlsen USD SEB SEB 84.50 BUY 119.00 McBeath SEK Securitas SECUB 132.75 BUY 165.00 Bonnevier SEK Self Storage Group ASA SSG 26.00 BUY 27.00 Mortensen NOK Selvaag Bolig SBO 57.90 SELL 40.00 Mortensen NOK SFL Corporation Ltd SFL 6.28 HOLD 7.50 Bye USD Shelf Drilling SHLF 3.42 NO REC Karlsen NOK Sinch SINCH 1340.00 BUY 1250.00 Gauffin SEK Skanska SKA 209.70 HOLD 180.00 Mortensen SEK SKF SKFB 213.40 BUY 255.00 Larshammar SEK Skistar SKISB 106.80 BUY 160.00 Bonnevier SEK Solon Eiendom SOLON 36.60 BUY 40.00 Mortensen NOK Sparebank 1 Østlandet SPOL 97.80 BUY 97.00 Astrup NOK Source: DNB Markets

13 DNB Markets | anbefalte aksjer

Figure 29: Anbefalte aksjer Selskap Ticker Kurs Anbefaling Kursmål Analytiker Valuta Sparebank1 Nord-Norge NONG 74.60 BUY 74.00 Astrup NOK Sparebank1 SMN MING 97.60 BUY 102.00 Astrup NOK Sparebank1 SR-Bank SRBANK 91.00 BUY 95.00 Astrup NOK Sparebanken Møre MORG 296.00 HOLD 300.00 Astrup NOK Sparebanken Sør SOR 114.50 HOLD 102.00 Astrup NOK Sparebanken Vest SVEG 72.40 BUY 72.00 Astrup NOK Sparebanken Øst SPOG 51.40 BUY 52.00 Astrup NOK SSAB SSABA 29.30 BUY 38.00 Trollsten SEK Star Bulk SBLK 8.83 BUY 8.80 Lian USD Stolt-Nielsen SNI 110.00 BUY 120.00 Lian NOK Stora Enso STERV FH 15.65 HOLD 14.50 Lehtonen EUR Storebrand STB 64.20 BUY 75.00 Astrup NOK Storytel STORYb 270.00 BUY 315.00 Gunell SEK SUBC 87.84 BUY 80.00 Karlsen NOK Svenska Handelsbanken SHB 82.60 BUY 105.00 McBeath SEK Swedbank SWEDA 144.12 BUY 190.00 McBeath SEK Swedish Match SWMA 637.80 BUY 760.00 Arnell SEK Swedish Orphan Biovitrum SOBI 166.10 BUY 259.00 Martinsson SEK Targovax TRVX 9.68 BUY 17.00 Ling NOK TechnipFMC FTI 9.40 HOLD 8.50 Olsen USD Teekay Tankers TNK 11.01 BUY 17.00 Lian USD Tele2 TEL2b 108.60 BUY 142.00 Gauffin SEK Telenor TEL 145.90 BUY 185.00 Maaø NOK Telia Company TELIA 33.96 BUY 44.00 Gauffin SEK Tellurian TELL 1.28 BUY 3.00 Lian USD TGS Nopec TGS 132.70 SELL 95.00 Masdal NOK TietoEVRY TIETO 26.86 BUY 30.00 Bjørnsen EUR Tomra TOM 422.60 HOLD 365.00 Støer NOK Topdanmark TOP 264.20 HOLD 285.00 Astrup DKK Transocean RIG 2.31 SELL 0.50 Karlsen USD Trelleborg TRELB 182.50 HOLD 190.00 Larshammar SEK Tryg TRYG 192.10 HOLD 205.00 Astrup DKK Ultimovacs ULTIMO 80.00 BUY 85.00 Ling NOK UPM UPM 30.47 BUY 28.00 Lehtonen EUR Valaris VAL 0.05 NO REC Karlsen USD Valmet VALMT 23.36 HOLD 21.00 Railo EUR VEF VEFLsdb NO REC Gunell SEK Veidekke VEI 110.80 SELL 110.00 Mortensen NOK Veoneer VNESDB 178.20 BUY 235.00 Gunell SEK Vestas Wind Systems VWS 1439.50 HOLD 860.00 Støer DKK Vicore Pharma VICO 31.50 BUY 57.00 Martinsson SEK Vitrolife VITR 215.80 SELL 165.00 Ling SEK Volvo VOLVB 193.80 BUY 230.00 Larshammar SEK Vow VOW 37.95 BUY 36.00 Lian NOK Wallenius Wilhelmsen ASA WALWIL 23.20 BUY 31.00 Lian NOK Wallenstam WALLb 130.60 SELL 110.00 Wetterling SEK Wihlborgs WIHL 185.40 BUY 195.00 Wetterling SEK Wilh. Wilhelmsen Holding WWI 169.00 BUY 235.00 Lian NOK Wärtsilä WRT1V 8.15 SELL 6.00 Railo EUR XXL XXL 19.31 HOLD 25.00 Westgaard NOK Yara YAR 356.00 BUY 450.00 Gehin NOK YIT YIT 4.93 BUY 5.50 Mortensen EUR Source: DNB Markets

14 DNB Markets | anbefalte aksjer

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. Enheter i DNB-konsernet kan ha informasjon som er relevant for de forhold rapporten gjelder, men som ikke har vært tilgjengelig for forfatteren av rapporten. Distribusjon av analyser er i enkelte land regulert ved lov. Personer som mottar denne rapporten plikter å gjøre seg kjent med slike forhold og ikke formidle rapporten videre til personer som er hjemmehørende i land som er gjenstand for slike begrensninger. Om du har behov for ytterligere informasjon vedrørende rapporten, herunder informasjon om eierskap, offentlig kjente corporateoppdrag eller annen relevant informasjon jf lov om verdipapirhandel 2007/06/29 nr 75 og forskrift til verdipapirhandelloven 2007/06/29 nr 876 kan du ta kontakt med DNB Markets på telefon. Informasjon om DNB Markets Alminnelige forretningsvilkår er tilgjengelig på vår hjemmeside www.dnb.no/markets. Denne rapport er kun til bruk for våre kunder og er ikke ment for offentlig distribusjon. DNB Markets, DNB Bank ASA (organisasjonsnummer 984 851 006), er medlem av Norges Fondsmeglerforbund og er underlagt tilsyn av Finanstilsynet i Norge. DNB Markets er også underlagt lokale tilsyn i Singapore og Chile, og i noen grad i Storbritannia. Ytterligere informasjon om DNB Markets og DNB Bank ASA finnes på www.dnb.no.

15 DNB Markets | anbefalte aksjer

Important Information This report has been prepared by DNB Markets, a division of DNB Bank ASA. DNB Bank ASA is a part of the DNB Group. This report is based on information obtained from public sources that DNB Markets believes to be reliable but which DNB Markets has not independently verified, and DNB Markets makes no guarantee, representation or warranty as to its accuracy or completeness. This report does not, and does not attempt to, contain everything material which there is to be said about the Company. Any opinions expressed herein reflect DNB Markets’ judgement at the time the report was prepared and are subject to change without notice.

Any use of non-DNB logos in this report is solely for the purpose of assisting in identifying the relevant issuer. DNB is not affiliated with any such issuer.

This Report is for clients only, and not for publication, and has been prepared for information purposes only by DNB Markets, a division of DNB Bank ASA.

This research report is the property of DNB Markets. DNB Markets retains all intellectual property rights (including, but not limited to, copyright) relating to the research report. Sell-side investment firms are not allowed any commercial use (including, but not limited to, reproduction and redistribution) of the research report contents, either partially or in full, without DNB Markets’ explicit and prior written consent. However, buy-side investment firms may use the research when making investment decisions, and may also base investment advice given to clients on the research. Such use is dependent on the buy-side investment firm citing DNB Markets as the source.

Legal statement These materials constitute research as defined in section 9-27 (1) of the Norwegian Securities Trading Regulations (Norwegian: verdipapirforskriften), and are not investment advice as defined in section 2-4(1) of the Norwegian securities trading act (Norwegian verdipapirhandelloven). The analyst hereby certifies that (i) the views expressed in this report accurately reflect that research analyst’s personal views about the company and the securities that are the subject of this report, and (ii) no part of the research analyst’s compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by that research analyst in this report. DNB Markets employees, including research analysts, may receive compensation that is generated by overall firm profitability. Confidentiality rules and internal rules restricting the exchange of information between different parts of DNB Markets/DNB Bank ASA or the DNB Group are in place to prevent employees of DNB Markets who are preparing this report from utilizing or being aware of information available in the DNB Group that may be relevant to the recipients’ decisions. DNB Markets and the DNB Group have incorporated internal rules and regulations in order to avoid any potential conflicts of interest.

The Report has been prepared by DNB Markets, a division of DNB Bank ASA, a Norwegian bank organized under the laws of the Kingdom of Norway and under supervision by the Norwegian Financial Supervisory Authority, The Monetary Authority of Singapore, and on a limited basis by the Financial Conduct Authority and the Prudential Regulation Authority of the UK, and the Financial Supervisory Authority of Sweden. Details about the extent of our regulation by local authorities outside Norway are available from us on request.

It is issued subject to the General Business Terms for DNB Markets and information about the terms is available at www.dnb.no. For requests regarding the General Business Terms of the Singapore Branch of DNB Bank ASA, please contact +65 6212 6144. Information about the DNB Group can be found at www.dnb.com. DNB Markets is a member of The Norwegian Securities Dealers Association, which has issued recommendations and market standards for securities companies. The Association's Internet address where the recommendations and market standards can be found is: www.vpff.no. This report is not an offer to buy or sell any security or other financial instrument or to participate in any investment strategy. No liability whatsoever is accepted for any direct or indirect (including consequential) loss or expense arising from the use of this report. Distribution of research reports is in certain jurisdictions restricted by law. Persons in possession of this report should seek further guidance regarding such restrictions before distributing this report. Please contact DNB Markets at 08940 (+47 915 08940) for further information and inquiries regarding this report, including an overview on all recommendations from DNB Markets over the last 12 Months according to Market Abuse Regulations.

Additional information for clients in Singapore The report has been distributed by the Singapore Branch of DNB Bank ASA. 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 report, 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 report 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. Please contact the Singapore branch of DNB Bank ASA at +65 6212 6144 in respect of any matters arising from, or in connection with, the report. The report 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 6144. We, the DNB group, our associates, officers and/or employees may have interests in any products referred to in the report 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 report.

In the United States Each research analyst named on the front page of this research report, or at the beginning of any subsection hereof, hereby certifies that (i) the views expressed in this report accurately reflect that research analyst’s personal views about the company and the securities that are the subject of this report; and (ii) no part of the research analyst’s compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by that research analyst in this report.

The research analyst(s) named on this report are foreign research analysts as defined by FINRA Rule 1050. The only affiliate contributing to this research report is DNB Bank through its DNB Markets division (“DNB Markets/DNB Bank”); the foreign research analysts employed by DNB Markets/DNB Bank are named on the first page; the foreign research analysts are not registered/qualified as research analysts with FINRA; foreign research analysts are not associated persons of DNB Markets, Inc. and therefore are not subject to the restrictions set forth in FINRA Rules 2241 and 2242 regarding restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.

This is a Third Party Research Report as defined by FINRA Rules 2241 and 2242. Any material conflict of interest that can reasonably be expected to have influenced the choice of DNB Markets/DNB Bank as a research provider or the subject company of a DNB Markets/DNB Bank research report, including the disclosures required by FINRA Rules 2241 and 2242 can be found above.

This report is being furnished solely to Major U.S. Institutional Investors within the meaning of Rule 15a-6 under the U.S. Securities Exchange Act of 1934 and to such other U.S. Institutional Investors as DNB Markets, Inc. may determine. Distribution to non-Major U.S. Institutional Investors will be made only by DNB Markets, Inc., a separately incorporated subsidiary of DNB Bank that is a U.S. broker-dealer and a member of the Financial Industry Regulatory Authority (“FINRA”) and the Securities Investor Protection Corporation (“SIPC”).

Any U.S. recipient of this report seeking to obtain additional information or to effect any transaction in any security discussed herein or any related instrument or investment should contact DNB Markets, Inc., 200 Park Avenue, New York,NY 10166-0396, telephone number +1 212-551-9800.

In Canada The Information has been distributed in reliance on the International Dealer Exemption pursuant to NI 31-103 section 8.18. Please be advised that: 1) DNB Bank ASA (DNB Markets) and DNB Markets, Inc. are not registered as a dealer in the local jurisdiction to make the trade. We provide our services in Canada as an exempt international dealer. 2) The jurisdiction of DNB Bank ASA (DNB Markets) and DNB Markets, Inc.'s head office is Norway. 3) There may be difficulty enforcing legal rights against DNB Bank ASA (DNB Markets) and DNB Markets, Inc. because all or substantially all of their assets may be situated outside of Canada. 4) The name and address of the agent for service of process for DNB Bank ASA (DNB Markets) and DNB Markets, Inc. in the local jurisdiction is: Alberta: Blake, Cassels & Graydon LLP, 855 - 2nd Street S.W., Suite 3500, Bankers Hall East Tower, Calgary, AB T2P 4J8. British Columbia: Blakes Vancouver Services Inc., 595 Burrard Street, P.O. Box 49314, Suite 2600, Three Bentall Centre, Vancouver, BC V7X 1L3. Manitoba: MLT Aikins, 30th Floor, Commodity

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Exchange Tower, 360 Main Street, Winnipeg, MB R3C 4G1. New Brunswick: Stewart McKelvey, Suite 1000, Brunswick House, 44 Chipman Hill, PO Box 7289, Station A, Saint John, NB E2L 2A9. Newfoundland and Labrador: Stewart McKelvey, Suite 1100, Cabot Place, 100 New Gower Street, P.O. Box 5038, St. John's, NL A1C 5V3. Nova Scotia: Stewart McKelvey, Purdy's Wharf Tower One, 1959 Upper Water Street, Suite 900, P.O. Box 997, Halifax, NS B3J 2X2. Northwest Territories: Field LLP, 601, 4920 52nd Street, Yellowknife, NT X1A 3T1. Nunavut: Field LLP, P.O. Box 1734, House 2436, Iqaluit, NU X0A 0H0. Ontario: Blakes Extra-Provincial Services Inc., Suite 4000, 199 Bay Street, Toronto, ON M5L 1A9. Prince Edward Island: Stewart McKelvey, 65 Grafton Street, Charlottetown, PE C1A 1K8. Québec: Services Blakes Québec Inc., 1 Place Ville Marie, Suite 3000, Montréal, QC H3B 4N8. Saskatchewan: MLT Aikins, 1500 Hill Centre I, 1874 Scarth Street, Regina, SK S4P 4E9. Yukon: Macdonald & Company, Suite 200, Financial Plaza, 204 Lambert Street, Whitehorse, YK Y1A 3T2.

In Brazil The analyst or any close associates do not hold nor do they have any direct/indirect involvement in the acquisition, sale, or intermediation of the securities discussed herein. Any financial interests, not disclosed above, 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.

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