15 January 2017

Swedbank recommendation tracking list Issuer BillerudKorsnäs Telia Company Link Mobility Group ASA Norwegian Air Shuttle ASA Scatec Solar ASA Ekspress Grupp Gjensidige Forsikring Golar LNG Ltd Helgeland Sparebank Marine Harvest SB1 Ringerike Hadeland Sandnes Sparebank Skandiabanken ASA SpareBank 1 Nord-Norge SpareBank 1 SMN SpareBank 1 SR-Bank Sparebanken Møre Sparebanken Sør Sparebanken Vest Concentric Handelsbanken Nordea SEB Stora Enso Swedbank Handelsbanken Nordea Norsk Hydro SEB Storebrand Swedbank Alfa Laval Gränges SCA Volvo Atlas Copco Sandvik Golar LNG Ltd Panoro Energy Yara International Panoro Energy Seadrill Limited Storebrand

Date of dissemination 2017-01-13 2017-01-13 2017-01-13 2017-01-13 2017-01-13 2017-01-13 2017-01-12 2017-01-12 2017-01-12 2017-01-12 2017-01-12 2017-01-12 2017-01-12 2017-01-12 2017-01-12 2017-01-12 2017-01-12 2017-01-12 2017-01-12 2017-01-11 2017-01-11 2017-01-11 2017-01-11 2017-01-11 2017-01-11 2017-01-11 2017-01-11 2017-01-11 2017-01-11 2017-01-11 2017-01-11 2017-01-10 2017-01-10 2017-01-10 2017-01-10 2017-01-09 2017-01-09 2017-01-09 2017-01-09 2017-01-09 2017-01-06 2017-01-06 2017-01-06

Analyst's name Ola Södermark Stefan Olsson, Stefan Wård Andreas Bertheussen Hans-Erik Jacobsen, Ingvild Almestad Aasen Andreas Bertheussen Andrej Rodionov, CFA Bengt Kirkøen, Hans Marius Lee Ludvigsen Christian Olsen Nordby Bengt Kirkøen, Ingvild Almestad Aasen Marius Gaard Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Mats Liss Adonis Catic, Bengt Kirkøen Adonis Catic, Bengt Kirkøen Adonis Catic, Bengt Kirkøen Ola Södermark Adonis Catic, Bengt Kirkøen Adonis Catic, Bengt Kirkøen Adonis Catic, Bengt Kirkøen Hans-Erik Jacobsen, Ingvild Almestad Aasen Adonis Catic, Bengt Kirkøen Bengt Kirkøen, Hans Marius Lee Ludvigsen Adonis Catic, Bengt Kirkøen Anders Roslund, Mats Liss Mats Liss, Andrej Rodionov, CFA Ola Södermark Mats Liss, Anders Roslund Anders Roslund, Mats Liss Anders Roslund, Mats Liss Christian Olsen Nordby Teodor Sveen-Nilsen, Marlene Skjellet Granerud Hans-Erik Jacobsen, Ingvild Almestad Aasen Teodor Sveen-Nilsen, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Bengt Kirkøen, Hans Marius Lee Ludvigsen

Price Target SEK 165 SEK 44.0 NOK 193 NOK 400 NOK 50.0 NOK 126 USD 35.0 NOK 90.0 NOK 165 NOK 216 NOK 40.0 NOK 80.0 NOK 58.0 NOK 77.0 NOK 80.0 NOK 280 NOK 115 NOK 55.0 SEK 115 SEK 107 SEK 87.0 SEK 95.0 EUR 11.5 SEK 107 SEK 87.0 NOK 45.0 SEK 95.0 NOK 61.0 SEK 160 SEK 110 SEK 285 SEK 120 SEK 290 SEK 125 USD 35.0 NOK 7.00 NOK 375 NOK 7.00 NOK 15.0 NOK 61.0

Relevant Market Price SEK 147 SEK 37.1 NOK 132 NOK 270 NOK 38.6 EUR 1.31 NOK 138 USD 25.2 NOK 82.0 NOK 150 NOK 180 NOK 42.1 NOK 70.0 NOK 52.3 NOK 66.0 NOK 62.0 NOK 250 NOK 95.3 NOK 47.9 SEK 115 SEK 123 SEK 98.9 SEK 94.7 EUR 10.1 SEK 215 SEK 123 SEK 98.9 NOK 42.4 SEK 94.7 NOK 48.6 SEK 215 SEK 153 SEK 94.0 SEK 254 SEK 109 SEK 279 SEK 114 USD 24.8 NOK 6.50 NOK 353 NOK 6.30 NOK 30.7 NOK 48.3

Direction of Recommendation Buy Neutral Buy Buy Buy No reco Reduce Buy Buy Buy Buy Neutral Buy Buy Buy Buy Buy Buy Buy Neutral Reduce Reduce Neutral Buy No reco Reduce Reduce Buy Neutral Buy No reco Neutral Buy Buy Buy Neutral Buy Buy Neutral Buy Neutral Reduce Buy

Validity Time Period Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice

15 January 2017

Swedbank recommendation tracking list Issuer Avance Gas Holding Ltd. BW LPG Ltd. DNB Gjensidige Forsikring Hexagon Composites Norsk Hydro Songa Offshore Yara International Aker Asa Tallink Europris Höegh LNG Holdings Ltd Kid XXL Apranga Orkla Tallink Kappahl Lindab Assa Abloy Gränges Emgs Magseis ASA Petroleum Geo Services Polarcus Spectrum Tgs Nopec Geophysical H&M ICA Gruppen Magnolia Bostad AB Africa Oil Corp. Aker BP ASA Atlantic Petroleum DNO International EnQuest Interoil Lundin Petroleum North Energy ASA Panoro Energy Questerre Energy Corp. ShaMaran Petroleum Statoil Tethys Oil

Date of dissemination 2017-01-05 2017-01-05 2017-01-05 2017-01-05 2017-01-05 2017-01-05 2017-01-05 2017-01-05 2017-01-04 2017-01-04 2017-01-03 2017-01-03 2017-01-03 2017-01-03 2017-01-03 2017-01-02 2016-12-23 2016-12-22 2016-12-22 2016-12-20 2016-12-20 2016-12-20 2016-12-20 2016-12-20 2016-12-20 2016-12-20 2016-12-20 2016-12-16 2016-12-16 2016-12-16 2016-12-16 2016-12-16 2016-12-16 2016-12-16 2016-12-16 2016-12-16 2016-12-16 2016-12-16 2016-12-16 2016-12-16 2016-12-16 2016-12-16 2016-12-16

Analyst's name Erik Folkeson, Inactive Inactive Erik Folkeson Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Hans Marius Lee Ludvigsen Hans-Erik Jacobsen, Ingvild Almestad Aasen Hans-Erik Jacobsen, Ingvild Almestad Aasen Magnus Olsvik, Marlene Skjellet Granerud Hans-Erik Jacobsen, Ingvild Almestad Aasen Peter Hermanrud, Vetle Holt Johansen Marek Randma Marius Gaard, Hans Marius Lee Ludvigsen Christian Olsen Nordby Marius Gaard, Hans Marius Lee Ludvigsen Marius Gaard, Hans Marius Lee Ludvigsen Andrej Rodionov, CFA Marius Gaard, Hans Marius Lee Ludvigsen Marek Randma Stefan Olsson Mats Liss, Ola Södermark Anders Roslund, Mats Liss Mats Liss, Andrej Rodionov, CFA Teodor Sveen-Nilsen, Magnus Olsvik Teodor Sveen-Nilsen, Magnus Olsvik Teodor Sveen-Nilsen, Magnus Olsvik Teodor Sveen-Nilsen, Magnus Olsvik Teodor Sveen-Nilsen, Magnus Olsvik Teodor Sveen-Nilsen, Magnus Olsvik Stefan Olsson Stefan Olsson Jan Ihrfelt, CFA, Markus Gustafsson Teodor Sveen-Nilsen, Marlene Skjellet Granerud Teodor Sveen-Nilsen, Marlene Skjellet Granerud Teodor Sveen-Nilsen, Marlene Skjellet Granerud Teodor Sveen-Nilsen, Marlene Skjellet Granerud Teodor Sveen-Nilsen Teodor Sveen-Nilsen, Marlene Skjellet Granerud Teodor Sveen-Nilsen, Marlene Skjellet Granerud Teodor Sveen-Nilsen, Marlene Skjellet Granerud Teodor Sveen-Nilsen, Marlene Skjellet Granerud Teodor Sveen-Nilsen, Marlene Skjellet Granerud Teodor Sveen-Nilsen, Marlene Skjellet Granerud Teodor Sveen-Nilsen, Marlene Skjellet Granerud Teodor Sveen-Nilsen

Price Target NOK 38.0 NOK 47.0 NOK 145 NOK 126 NOK 32.0 NOK 45.0 NOK 38.0 NOK 350 NOK 380 EUR 1.10 NOK 31.0 NOK 120 NOK 42.0 NOK 140 EUR 2.70 NOK 77.0 EUR 1.10 SEK 52.0 SEK 82.0 SEK 200 SEK 100.0 NOK 3.00 NOK 22.0 NOK 30.0 NOK 0.55 NOK 40.0 NOK 220 SEK 300 SEK 270 SEK 130 SEK 18.0 NOK 160 NOK 5.00 NOK 12.0 SEK 2.50 NOK 1.00 SEK 150 NOK 1.00 NOK 5.50 NOK 8.50 SEK 0.70 NOK 130 SEK 88.0

Relevant Market Price NOK 28.3 NOK 37.1 NOK 131 NOK 140 NOK 26.4 NOK 41.0 NOK 31.0 NOK 349 NOK 325 EUR 0.92 NOK 36.8 NOK 96.5 NOK 32.6 NOK 99.0 EUR 2.59 NOK 78.2 EUR 0.90 SEK 47.5 SEK 78.2 SEK 172 SEK 85.5 NOK 7.00 NOK 12.5 NOK 28.7 NOK 0.42 NOK 26.9 NOK 182 SEK 260 SEK 273 SEK 98.3 SEK 14.7 NOK 146 NOK 14.5 NOK 8.16 SEK 4.75 NOK 1.95 SEK 191 NOK 2.00 NOK 4.45 NOK 6.45 SEK 0.58 NOK 154 SEK 76.5

Direction of Recommendation Buy Buy Buy Reduce Buy Buy Buy Buy Buy Strong Buy Reduce Buy Buy Buy Neutral Neutral Strong Buy Buy Buy Buy Buy Reduce Buy Neutral Neutral Buy Buy Buy Neutral Buy Buy Buy Reduce Buy Reduce Sell Reduce Reduce Neutral Buy Neutral Reduce Buy

Validity Time Period Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice

15 January 2017

Swedbank recommendation tracking list Issuer Wentworth Resources Intrum Justitia Trelleborg Fred Olsen Energy Olainfarm Kappahl Scatec Solar ASA StrongPoint MTG Aker Solutions Norwegian Air Shuttle ASA SAS Yara International Electrolux Trelleborg Akastor EnQuest Fred Olsen Energy Norsk Hydro Petroleum Geo Services Polarcus Questerre Energy Corp. Yara International Questerre Energy Corp. Clas Ohlson Opus Group Atwood Oceanics Diamond Offshore Drilling Ensco Plc Noble Corp. REC Silicon Rowan Companies Inc Transocean Inc Haldex Autoliv Fabege H&M SKF BW LPG Ltd. Scatec Solar ASA Olainfarm Elekta Hexagon

Date of dissemination 2016-12-16 2016-12-15 2016-12-15 2016-12-15 2016-12-15 2016-12-14 2016-12-14 2016-12-14 2016-12-13 2016-12-13 2016-12-13 2016-12-13 2016-12-13 2016-12-12 2016-12-12 2016-12-12 2016-12-12 2016-12-12 2016-12-12 2016-12-12 2016-12-12 2016-12-12 2016-12-12 2016-12-11 2016-12-08 2016-12-08 2016-12-08 2016-12-08 2016-12-08 2016-12-08 2016-12-08 2016-12-08 2016-12-08 2016-12-07 2016-12-06 2016-12-06 2016-12-06 2016-12-06 2016-12-06 2016-12-06 2016-12-05 2016-12-02 2016-12-02

Analyst's name Teodor Sveen-Nilsen, Marlene Skjellet Granerud Adonis Catic Mats Liss Magnus Olsvik, Marlene Skjellet Granerud Andrej Rodionov, CFA Stefan Olsson Andreas Bertheussen Marius Gaard, Hans Marius Lee Ludvigsen Stefan Wård Magnus Olsvik, Stig Erik Kyrkjeeide Hans-Erik Jacobsen, Ingvild Almestad Aasen Hans-Erik Jacobsen, Ingvild Almestad Aasen Hans-Erik Jacobsen, Ingvild Almestad Aasen Anders Roslund, Mats Liss Mats Liss Magnus Olsvik Teodor Sveen-Nilsen Magnus Olsvik, Marlene Skjellet Granerud Hans-Erik Jacobsen, Ingvild Almestad Aasen Teodor Sveen-Nilsen, Magnus Olsvik Teodor Sveen-Nilsen, Magnus Olsvik Teodor Sveen-Nilsen, Marlene Skjellet Granerud Hans-Erik Jacobsen, Ingvild Almestad Aasen Teodor Sveen-Nilsen, Marlene Skjellet Granerud Stefan Olsson Mats Liss, Andrej Rodionov, CFA Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Peter Hermanrud, Andreas Bertheussen Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Mats Liss Mats Liss, Anders Roslund Jan Ihrfelt, CFA, Markus Gustafsson Stefan Olsson Anders Roslund, Mats Liss Erik Folkeson Andreas Bertheussen Andrej Rodionov, CFA Johan Unnerus Mathias Lundberg, Anders Roslund

Price Target NOK 4.00 SEK 350 SEK 200 USD 2.12 EUR 9.00 SEK 52.0 NOK 49.0 NOK 18.0 SEK 330 NOK 42.0 NOK 400 SEK 18.0 NOK 350 SEK 250 SEK 190 NOK 12.0 SEK 2.50 USD 2.18 NOK 45.0 NOK 30.0 NOK 0.55 NOK 8.50 NOK 325 NOK 7.50 SEK 135 SEK 7.50 USD 10.00 USD 19.0 USD 10.00 USD 7.00 NOK 1.60 USD 15.0 USD 11.0 SEK 125 SEK 1050 SEK 165 SEK 300 SEK 190 NOK 44.0 NOK 46.0 EUR 9.00 SEK 100.0 SEK 355

Relevant Market Price NOK 2.82 SEK 293 SEK 178 NOK 21.8 EUR 8.36 SEK 44.5 NOK 35.8 NOK 12.9 SEK 253 NOK 42.7 NOK 281 SEK 14.6 NOK 325 SEK 211 SEK 179 NOK 14.0 SEK 4.57 NOK 19.3 NOK 42.4 NOK 29.6 NOK 0.29 NOK 5.25 NOK 327 NOK 5.25 SEK 138 SEK 6.15 USD 11.5 USD 18.8 USD 9.92 USD 6.54 NOK 1.12 USD 18.6 USD 14.6 SEK 116 SEK 954 SEK 143 SEK 268 SEK 174 NOK 31.5 NOK 33.9 EUR 8.40 SEK 75.2 SEK 315

Direction of Recommendation Buy Buy Buy Neutral Buy Buy Buy Buy Strong Buy Neutral Buy Buy Buy Buy Buy Reduce Reduce Neutral Buy Neutral Neutral Buy Neutral Buy Neutral Buy Neutral Buy Neutral Neutral Buy Neutral Neutral Accept bid Buy Buy Buy Buy Buy Buy Buy Buy Buy

Validity Time Period Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice

15 January 2017

Swedbank recommendation tracking list Issuer Lundin Mining DNB Panoro Energy SpareBank 1 Nord-Norge SpareBank 1 SMN SpareBank 1 SR-Bank Sparebanken Sør Sparebanken Vest Linas Agro Group Nordecon Outokumpu Bulten Systemair Reach Subsea ASA Tallink Boliden Diös Lundin Mining Saab Systemair Odfjell Drilling Ltd Seadrill Limited Alfa Laval Magnolia Bostad AB Oscar Properties Atwood Oceanics Diamond Offshore Drilling Ensco Plc Noble Corp. Rowan Companies Inc Seadrill Limited Ship Finance International Transocean Inc Stockmann Saab Entra Norwegian Property ASA SpareBank 1 Nord-Norge SpareBank 1 SMN SpareBank 1 SR-Bank Sparebanken Vest Opus Group Stora Enso

Date of dissemination 2016-12-02 2016-12-02 2016-12-02 2016-12-02 2016-12-02 2016-12-02 2016-12-02 2016-12-02 2016-12-01 2016-12-01 2016-11-30 2016-11-29 2016-11-29 2016-11-29 2016-11-29 2016-11-28 2016-11-28 2016-11-28 2016-11-24 2016-11-24 2016-11-24 2016-11-24 2016-11-23 2016-11-23 2016-11-23 2016-11-23 2016-11-23 2016-11-23 2016-11-23 2016-11-23 2016-11-23 2016-11-23 2016-11-23 2016-11-22 2016-11-21 2016-11-21 2016-11-21 2016-11-21 2016-11-21 2016-11-21 2016-11-21 2016-11-18 2016-11-18

Analyst's name Ola Södermark, Mats Liss Bengt Kirkøen, Ingvild Almestad Aasen Teodor Sveen-Nilsen, Marlene Skjellet Granerud Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Andrej Rodionov, CFA Marek Randma Ola Södermark Mats Liss, Andrej Rodionov, CFA Mats Liss Magnus Olsvik Marek Randma Ola Södermark, Mats Liss Jan Ihrfelt, CFA, Markus Gustafsson Ola Södermark, Mats Liss Mats Liss Mats Liss Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Anders Roslund, Mats Liss Jan Ihrfelt, CFA, Markus Gustafsson Jan Ihrfelt, CFA, Markus Gustafsson Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Erik Folkeson, Jonas Shum Magnus Olsvik, Marlene Skjellet Granerud Marek Randma Mats Liss Peter Hermanrud, André Buhagen Peter Hermanrud, André Buhagen Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Mats Liss, Andrej Rodionov, CFA Ola Södermark

Price Target SEK 48.0 NOK 145 NOK 5.50 NOK 55.0 NOK 72.0 NOK 74.0 NOK 105 NOK 53.0 EUR 0.65 EUR 1.35 EUR 7.00 SEK 100.0 SEK 130 NOK 2.00 EUR 1.10 SEK 280 SEK 46.0 SEK 370 SEK 130 USD 1.31 USD 1.80 SEK 145 SEK 135 SEK 110 USD 10.00 USD 19.0 USD 10.00 USD 7.00 USD 15.0 USD 1.80 USD 15.0 USD 11.0 EUR 7.50 SEK 350 NOK 93.0 NOK 11.7 NOK 55.0 NOK 72.0 NOK 74.0 NOK 53.0 SEK 7.50 EUR 10.00

Relevant Market Price SEK 48.0 NOK 128 NOK 4.20 NOK 52.0 NOK 62.5 NOK 56.5 NOK 87.0 NOK 47.0 EUR 0.65 EUR 1.33 EUR 7.19 SEK 88.3 SEK 119 NOK 1.86 EUR 0.87 SEK 244 SEK 46.5 SEK 47.2 SEK 332 SEK 117 NOK 13.1 NOK 21.8 SEK 136 SEK 107 SEK 77.8 USD 8.43 USD 17.0 USD 8.61 USD 5.71 USD 16.2 NOK 21.7 USD 14.6 USD 11.5 EUR 6.60 SEK 330 NOK 84.8 NOK 10.2 NOK 48.9 NOK 62.5 NOK 53.8 NOK 47.9 SEK 6.90 EUR 8.80

Direction of Recommendation Neutral Buy Neutral Buy Buy Buy Buy Buy Reduce Neutral Neutral Buy Buy Neutral Strong Buy Buy No reco Neutral Buy Buy Neutral Reduce Neutral Buy Strong Buy Neutral Buy Neutral Neutral Neutral Reduce Neutral Neutral Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy

Validity Time Period Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice

15 January 2017

Swedbank recommendation tracking list Issuer Höegh LNG Holdings Ltd Elekta Nibe Industrier Frontline SalMar Wentworth Resources Olainfarm Lundin Mining Nokia Systemair DNB ShaMaran Petroleum Sino Agro Food Opus Group AF Gruppen Africa Oil Corp. Austevoll Seafood ASA SalMar AstraZeneca Bactiguard Recipharm DNO International Grieg Seafood Höegh LNG Holdings Ltd Subsea 7 S.A. Besqab Ericsson Lundin Gold Mekonomen New Wave Nibe Industrier Peab Leroy Seafood Odfjell Questerre Energy Corp. B3IT Hemfosa Hufvudstaden ICA Gruppen Lucara Diamond Corp. BW LPG Ltd. DNO International Bonava

Date of dissemination 2016-11-18 2016-11-17 2016-11-17 2016-11-17 2016-11-17 2016-11-17 2016-11-17 2016-11-16 2016-11-16 2016-11-16 2016-11-16 2016-11-16 2016-11-16 2016-11-15 2016-11-15 2016-11-15 2016-11-15 2016-11-15 2016-11-14 2016-11-14 2016-11-14 2016-11-14 2016-11-14 2016-11-14 2016-11-14 2016-11-11 2016-11-11 2016-11-11 2016-11-11 2016-11-11 2016-11-11 2016-11-11 2016-11-11 2016-11-11 2016-11-11 2016-11-10 2016-11-10 2016-11-10 2016-11-10 2016-11-10 2016-11-10 2016-11-10 2016-11-09

Analyst's name Christian Olsen Nordby Johan Unnerus Mats Liss Erik Folkeson Marius Gaard Teodor Sveen-Nilsen, Marlene Skjellet Granerud Andrej Rodionov, CFA Ola Södermark, Mats Liss Mathias Lundberg, Stefan Wård Mats Liss Bengt Kirkøen, Ingvild Almestad Aasen Teodor Sveen-Nilsen, Marlene Skjellet Granerud Marius Gaard Mats Liss, Andrej Rodionov, CFA Bengt Kirkøen, Ingvild Almestad Aasen Teodor Sveen-Nilsen, Marlene Skjellet Granerud Marius Gaard Marius Gaard Johan Unnerus Johan Unnerus Johan Unnerus Teodor Sveen-Nilsen, Marlene Skjellet Granerud Marius Gaard Christian Olsen Nordby Stig Erik Kyrkjeeide, Magnus Olsvik Jan Ihrfelt, CFA, Markus Gustafsson Mathias Lundberg, Stefan Wård Ola Södermark Mats Liss Stefan Olsson Mats Liss Jan Ihrfelt, CFA, Markus Gustafsson Marius Gaard Erik Folkeson Teodor Sveen-Nilsen, Marlene Skjellet Granerud Mats Larsson, Mathias Lundberg Jan Ihrfelt, CFA, Markus Gustafsson Jan Ihrfelt, CFA, Markus Gustafsson Stefan Olsson Ola Södermark Erik Folkeson Teodor Sveen-Nilsen, Marlene Skjellet Granerud Jan Ihrfelt, CFA, Markus Gustafsson

Price Target NOK 120 SEK 100.0 SEK 78.0 NOK 45.0 NOK 255 NOK 4.00 EUR 9.00 SEK 42.0 EUR 4.50 SEK 130 NOK 145 SEK 0.70 USD 11.3 SEK 7.25 NOK 145 SEK 18.0 NOK 91.0 NOK 273 SEK 565 SEK 15.0 SEK 145 NOK 12.0 NOK 91.0 NOK 120 NOK 120 SEK 220 SEK 50.0 SEK 48.0 SEK 190 SEK 55.0 SEK 78.0 SEK 70.0 NOK 565 NOK 45.0 NOK 3.50 SEK 83.0 SEK 100.0 SEK 140 SEK 270 SEK 27.0 NOK 35.0 NOK 12.0 SEK 130

Relevant Market Price NOK 90.3 SEK 80.0 SEK 66.3 NOK 63.7 NOK 258 NOK 2.29 EUR 8.35 SEK 42.6 EUR 3.81 SEK 111 NOK 125 SEK 0.53 USD 3.87 SEK 6.20 NOK 147 SEK 12.5 NOK 74.0 NOK 267 SEK 503 SEK 14.9 SEK 125 NOK 7.15 NOK 76.0 NOK 85.8 NOK 94.0 SEK 218 SEK 46.3 SEK 39.7 SEK 161 SEK 49.1 SEK 66.3 SEK 71.9 NOK 426 NOK 26.4 NOK 2.70 SEK 76.3 SEK 80.3 SEK 135 SEK 287 SEK 23.8 NOK 28.4 NOK 6.80 SEK 119

Direction of Recommendation Buy Buy Buy Reduce Neutral Buy Buy Neutral Neutral Buy Buy Neutral Buy Buy Neutral Buy Buy Buy Buy Neutral Buy Buy Buy Buy Buy Neutral Neutral Buy Buy Buy Buy Reduce Buy Strong Buy Neutral Buy Buy Neutral Neutral Buy Buy Buy Buy

Validity Time Period Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice

15 January 2017

Swedbank recommendation tracking list Issuer Kongsberg Automotive ASA Securitas Wallenstam Concordia Maritime AB Kongsberg Automotive ASA Norway Royal Salmon ASA Skandiabanken ASA Merko Ehitus New Wave Bakkafrost Golden Ocean Group Link Mobility Group ASA Overseas Shipholding Group, Inc. Silvano Fashion Group Securitas Nordic Semiconductor Odfjell Veidekke Grieg Seafood Leroy Seafood Norway Royal Salmon ASA Kongsberg Automotive ASA Kongsberg Automotive ASA B3IT Balder Outokumpu Bakkafrost Concordia Maritime AB Entra Link Mobility Group ASA Ocean Yield Sandnes Sparebank Ekspress Grupp Itab Shop Concept Kindred TDC REC Silicon Tanker Investments Ltd. Veidekke Tallinna Vesi ICA Gruppen Lucara Diamond Corp. Akastor

Date of dissemination 2016-11-09 2016-11-09 2016-11-09 2016-11-09 2016-11-09 2016-11-09 2016-11-09 2016-11-09 2016-11-08 2016-11-08 2016-11-08 2016-11-08 2016-11-08 2016-11-08 2016-11-07 2016-11-07 2016-11-07 2016-11-07 2016-11-06 2016-11-06 2016-11-06 2016-11-05 2016-11-05 2016-11-04 2016-11-04 2016-11-04 2016-11-04 2016-11-04 2016-11-04 2016-11-04 2016-11-04 2016-11-04 2016-11-04 2016-11-03 2016-11-03 2016-11-03 2016-11-03 2016-11-03 2016-11-03 2016-11-03 2016-11-02 2016-11-02 2016-11-02

Analyst's name Mats Liss Stefan Wård Jan Ihrfelt, CFA, Markus Gustafsson Erik Folkeson Mats Liss Marius Gaard Bengt Kirkøen, Ingvild Almestad Aasen Marek Randma Stefan Olsson Marius Gaard Erik Folkeson Andreas Bertheussen Erik Folkeson Andrej Rodionov, CFA Stefan Wård Andreas Bertheussen, André Buhagen Erik Folkeson Bengt Kirkøen, Ingvild Almestad Aasen Marius Gaard Marius Gaard Marius Gaard Mats Liss Mats Liss Mats Larsson, Mathias Lundberg Jan Ihrfelt, CFA, Markus Gustafsson Ola Södermark Marius Gaard Erik Folkeson Peter Hermanrud, André Buhagen Andreas Bertheussen Erik Folkeson Bengt Kirkøen, Ingvild Almestad Aasen Andrej Rodionov, CFA Erik Elander, Mats Larsson Mathias Lundberg Stefan Wård, Stefan Olsson Peter Hermanrud, Andreas Bertheussen Erik Folkeson Bengt Kirkøen, Ingvild Almestad Aasen Marek Randma Stefan Olsson Ola Södermark Magnus Olsvik

Price Target SEK 155 SEK 70.0 SEK 16.0 NOK 193 NOK 70.0 EUR 8.80 SEK 55.0 NOK 365 NOK 50.0 NOK 190 USD 13.0 EUR 2.70 SEK 155 NOK 47.0 NOK 45.0 NOK 140 NOK 89.0 NOK 530 NOK 190

SEK 83.0 SEK 230 EUR 6.50 NOK 365 SEK 16.0 NOK 98.0 NOK 190 NOK 75.0 NOK 36.0 EUR 1.25 SEK 70.0 SEK 125 DKK 38.0 NOK 1.20 NOK 50.0 NOK 140 EUR 13.5 SEK 270 SEK 30.0 NOK 9.50

Relevant Market Price NOK 6.36 SEK 131 SEK 67.5 SEK 15.0 NOK 6.36 NOK 180 NOK 59.5 EUR 8.36 SEK 47.3 NOK 353 NOK 29.8 NOK 150 USD 8.21 EUR 2.33 SEK 137 NOK 33.8 NOK 26.0 NOK 121 NOK 71.8 NOK 426 NOK 176 NOK 6.87 NOK 6.87 SEK 75.0 SEK 192 EUR 6.22 NOK 345 SEK 15.4 NOK 88.3 NOK 150 NOK 68.8 NOK 36.2 EUR 1.29 SEK 69.8 SEK 81.7 DKK 36.6 NOK 1.19 NOK 44.7 NOK 119 EUR 13.8 SEK 276 SEK 25.7 NOK 12.9

Direction of Recommendation No reco Buy Neutral Neutral No reco Buy Buy Buy Buy Neutral Strong Buy Buy Neutral Buy Buy Buy Strong Buy Buy Buy Buy Buy No reco No reco Buy Buy Neutral Neutral Neutral Strong Buy Buy Buy Neutral Reduce Neutral Buy Neutral Neutral Neutral Buy Reduce Neutral Buy Reduce

Validity Time Period Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice

15 January 2017

Swedbank recommendation tracking list Issuer DHT Holdings, Inc. Lundin Petroleum Marine Harvest Sparebanken Sør Apranga Concentric Hexagon DHT Holdings, Inc. Diamond Offshore Drilling Orkla Tethys Oil D. Carnegie & Co Danske Bank Electrolux Hexagon Mekonomen NCC Novo Nordisk Oscar Properties SSAB Skanska Sweco Aker BP ASA Aker Solutions Entra Norwegian Property ASA Bilia Akastor ABB Lundin Mining NP3 Nokia SCA SOBI Tobii AB Ocean Yield Petroleum Geo Services Polarcus SB1 Ringerike Hadeland SpareBank 1 Nord-Norge Spectrum Statoil Tanker Investments Ltd.

Date of dissemination 2016-11-02 2016-11-02 2016-11-02 2016-11-02 2016-11-02 2016-11-01 2016-11-01 2016-11-01 2016-11-01 2016-11-01 2016-11-01 2016-10-31 2016-10-31 2016-10-31 2016-10-31 2016-10-31 2016-10-31 2016-10-31 2016-10-31 2016-10-31 2016-10-31 2016-10-31 2016-10-31 2016-10-31 2016-10-31 2016-10-31 2016-10-30 2016-10-30 2016-10-28 2016-10-28 2016-10-28 2016-10-28 2016-10-28 2016-10-28 2016-10-28 2016-10-28 2016-10-28 2016-10-28 2016-10-28 2016-10-28 2016-10-28 2016-10-28 2016-10-28

Analyst's name Erik Folkeson Teodor Sveen-Nilsen, Marlene Skjellet Granerud Marius Gaard Bengt Kirkøen, Ingvild Almestad Aasen Andrej Rodionov, CFA Mats Liss Mathias Lundberg, Anders Roslund Erik Folkeson Magnus Olsvik, Marlene Skjellet Granerud Marius Gaard, Hans Marius Lee Ludvigsen Teodor Sveen-Nilsen Jan Ihrfelt, CFA, Markus Gustafsson Adonis Catic, Bengt Kirkøen Anders Roslund, Mats Liss Mathias Lundberg, Anders Roslund Mats Liss Jan Ihrfelt, CFA, Markus Gustafsson Johan Unnerus Jan Ihrfelt, CFA, Markus Gustafsson Ola Södermark, Mats Liss Jan Ihrfelt, CFA, Markus Gustafsson Erik Elander, Stefan Wård Teodor Sveen-Nilsen, Marlene Skjellet Granerud Magnus Olsvik, Stig Erik Kyrkjeeide Peter Hermanrud, André Buhagen Peter Hermanrud, André Buhagen Mats Liss Magnus Olsvik Anders Roslund, Mats Liss Ola Södermark, Mats Liss Jan Ihrfelt, CFA, Markus Gustafsson Mathias Lundberg, Stefan Wård Ola Södermark Johan Unnerus Mathias Lundberg Erik Folkeson Teodor Sveen-Nilsen, Magnus Olsvik Teodor Sveen-Nilsen, Magnus Olsvik Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Teodor Sveen-Nilsen, Magnus Olsvik Teodor Sveen-Nilsen, Marlene Skjellet Granerud Erik Folkeson

Price Target USD 3.70 SEK 150 NOK 165 NOK 100.0 EUR 2.70 SEK 110 SEK 350 USD 3.70 USD 19.0 NOK 79.0 SEK 70.0 SEK 135 DKK 213 SEK 260 SEK 350 SEK 190 SEK 215 DKK 325 SEK 100.0 SEK 31.0 SEK 190 SEK 215 NOK 160 NOK 42.0 NOK 98.0 NOK 12.4 SEK 235 NOK 7.50 SEK 205 SEK 36.0 SEK 50.0 EUR 4.50 SEK 280 SEK 145 SEK 89.8 NOK 75.0 NOK 30.0 NOK 0.65 NOK 215 NOK 53.0 NOK 40.0 NOK 130 NOK 50.0

Relevant Market Price USD 3.98 SEK 163 NOK 151 NOK 84.3 EUR 2.54 SEK 108 SEK 316 USD 4.07 USD 16.5 NOK 78.1 SEK 62.8 SEK 102 DKK 208 SEK 212 SEK 351 SEK 159 SEK 234 DKK 238 SEK 61.3 SEK 28.4 SEK 194 SEK 180 NOK 130 NOK 38.7 NOK 89.0 NOK 10.9 SEK 206 NOK 12.0 SEK 187 SEK 34.9 SEK 47.0 EUR 4.32 SEK 257 SEK 95.9 SEK 66.2 NOK 70.0 NOK 23.4 NOK 0.36 NOK 174 NOK 45.8 NOK 25.8 NOK 138 NOK 45.9

Direction of Recommendation Neutral Reduce Buy Buy Neutral Neutral Buy Neutral Buy Neutral Buy Buy Neutral Buy Neutral Buy Reduce Strong Buy Strong Buy Neutral Neutral Buy Buy Neutral Strong Buy Strong Buy Buy Reduce Neutral Neutral Buy Neutral Neutral Buy Buy Buy Buy Neutral Buy Buy Buy Reduce Neutral

Validity Time Period Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice

15 January 2017

Swedbank recommendation tracking list Issuer Tgs Nopec Geophysical Wilh. Wilhelmsen ASA LHV Group AstraZeneca Autoliv Corem Property Group Gränges Hexpol Holmen JM Kinnevik Lindab Nordea SKF Telenor Victoria Park Aqualis DNB Nordea Polarcus SpareBank 1 SR-Bank Sparebanken Vest Telenor Olympic Entertainment Group Alfa Laval D. Carnegie & Co Indutrade Millicom Int Cellular Stora Enso Swedbank Wärtsilä Magseis ASA Scatec Solar ASA Storebrand Swedbank Siauliu Bankas Bulten Corem Property Group Haldex Kindred NP3 Saab Sandvik

Date of dissemination 2016-10-28 2016-10-28 2016-10-28 2016-10-27 2016-10-27 2016-10-27 2016-10-27 2016-10-27 2016-10-27 2016-10-27 2016-10-27 2016-10-27 2016-10-27 2016-10-27 2016-10-27 2016-10-27 2016-10-27 2016-10-27 2016-10-27 2016-10-27 2016-10-27 2016-10-27 2016-10-27 2016-10-27 2016-10-26 2016-10-26 2016-10-26 2016-10-26 2016-10-26 2016-10-26 2016-10-26 2016-10-26 2016-10-26 2016-10-26 2016-10-26 2016-10-26 2016-10-25 2016-10-25 2016-10-25 2016-10-25 2016-10-25 2016-10-25 2016-10-25

Analyst's name Teodor Sveen-Nilsen, Magnus Olsvik Erik Folkeson Andrej Rodionov, CFA Johan Unnerus Mats Liss, Anders Roslund Jan Ihrfelt, CFA, Markus Gustafsson Mats Liss, Andrej Rodionov, CFA Mats Liss Ola Södermark Jan Ihrfelt, CFA, Markus Gustafsson Stefan Wård Mats Liss, Ola Södermark Adonis Catic, Bengt Kirkøen Anders Roslund, Mats Liss Stefan Olsson, Stefan Wård Jan Ihrfelt, CFA, Markus Gustafsson Magnus Olsvik Bengt Kirkøen, Ingvild Almestad Aasen Adonis Catic, Bengt Kirkøen Teodor Sveen-Nilsen, Magnus Olsvik Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Stefan Olsson, Stefan Wård Marek Randma Anders Roslund, Mats Liss Jan Ihrfelt, CFA, Markus Gustafsson Erik Elander, Mats Larsson Stefan Wård, Stefan Olsson Ola Södermark Adonis Catic, Bengt Kirkøen Anders Roslund Teodor Sveen-Nilsen, Magnus Olsvik Andreas Bertheussen Bengt Kirkøen, Hans Marius Lee Ludvigsen Adonis Catic, Bengt Kirkøen Andrej Rodionov, CFA Mats Liss, Andrej Rodionov, CFA Jan Ihrfelt, CFA, Markus Gustafsson Mats Liss Mathias Lundberg Jan Ihrfelt, CFA, Markus Gustafsson Mats Liss Anders Roslund, Mats Liss

Price Target NOK 220 NOK 32.0 EUR 8.50 SEK 575 SEK 1000 SEK 40.0 SEK 100.0 SEK 88.0 SEK 300 SEK 270 SEK 282 SEK 85.0 SEK 87.0 SEK 160 NOK 165 SEK 24.0 NOK 5.50 NOK 140 SEK 87.0 NOK 0.65 NOK 70.0 NOK 50.0 NOK 165 EUR 1.95 SEK 135 SEK 135 SEK 167 USD 60.7 EUR 10.00 EUR 41.0 NOK 22.0 NOK 45.0 NOK 52.0 EUR 0.50 SEK 100.0 SEK 38.0 SEK 125 SEK 125 SEK 50.0 SEK 350 SEK 110

Relevant Market Price NOK 170 NOK 25.5 EUR 7.60 SEK 529 SEK 909 SEK 36.2 SEK 88.3 SEK 78.8 SEK 309 SEK 254 SEK 230 SEK 87.5 SEK 95.0 SEK 147 NOK 132 SEK 22.1 NOK 3.19 NOK 114 SEK 95.0 NOK 0.39 NOK 47.0 NOK 43.6 NOK 132 EUR 1.80 SEK 127 SEK 102 SEK 168 SEK 430 EUR 8.63 SEK 211 EUR 39.3 NOK 12.8 NOK 32.1 NOK 44.0 SEK 211 EUR 0.38 SEK 94.3 SEK 32.7 SEK 119 SEK 78.4 SEK 47.3 SEK 321 SEK 100.0

Direction of Recommendation Buy Buy Buy Buy Buy Buy Buy Buy Neutral Neutral Strong Buy Buy Reduce Buy Strong Buy Buy Buy Buy Reduce Neutral Buy Buy Strong Buy Neutral Neutral Buy Neutral Buy Buy No reco Neutral Buy Buy Buy No reco Strong Buy Buy Buy Neutral Buy Buy Buy Buy

Validity Time Period Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice

15 January 2017

Swedbank recommendation tracking list Issuer Trelleborg Victoria Park SpareBank 1 SMN Assa Abloy Atrium Ljungberg Beijer Electronics BillerudKorsnäs Diös Ericsson Gunnebo Metso Novo Nordisk Telia Company AF Volvo Atlas Copco Axfood Betsson Boliden Fabege Husqvarna Klövern MTG SEB SOBI Tele2 Wihlborgs Atwood Oceanics Awilco Drilling PLC Diamond Offshore Drilling Ensco Plc Fred Olsen Energy Noble Corp. North Atlantic Drilling Ltd Norwegian Air Shuttle ASA Ocean Rig UDW Odfjell Drilling Ltd Pacific Drilling S.A. Prosafe Rowan Companies Inc SEB Seadrill Limited Sevan Drilling ASA

Date of dissemination 2016-10-25 2016-10-25 2016-10-25 2016-10-24 2016-10-24 2016-10-24 2016-10-24 2016-10-24 2016-10-24 2016-10-24 2016-10-24 2016-10-24 2016-10-24 2016-10-23 2016-10-23 2016-10-21 2016-10-21 2016-10-21 2016-10-21 2016-10-21 2016-10-21 2016-10-21 2016-10-21 2016-10-21 2016-10-21 2016-10-21 2016-10-21 2016-10-21 2016-10-21 2016-10-21 2016-10-21 2016-10-21 2016-10-21 2016-10-21 2016-10-21 2016-10-21 2016-10-21 2016-10-21 2016-10-21 2016-10-21 2016-10-21 2016-10-21 2016-10-21

Analyst's name Mats Liss Jan Ihrfelt, CFA, Markus Gustafsson Bengt Kirkøen, Ingvild Almestad Aasen Anders Roslund, Mats Liss Jan Ihrfelt, CFA, Markus Gustafsson Anders Roslund, Mats Larsson Ola Södermark Jan Ihrfelt, CFA, Markus Gustafsson Mathias Lundberg, Stefan Wård Mats Liss Anders Roslund Johan Unnerus Stefan Olsson, Stefan Wård Stefan Wård Mats Liss, Anders Roslund Anders Roslund, Mats Liss Stefan Olsson Mathias Lundberg Ola Södermark, Mats Liss Jan Ihrfelt, CFA, Markus Gustafsson Anders Roslund, Mats Liss Jan Ihrfelt, CFA, Markus Gustafsson Stefan Wård Adonis Catic, Bengt Kirkøen Johan Unnerus Stefan Olsson, Stefan Wård Jan Ihrfelt, CFA, Markus Gustafsson Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Hans-Erik Jacobsen, Ingvild Almestad Aasen Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Adonis Catic, Bengt Kirkøen Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud

Price Target SEK 180 SEK 24.0 NOK 68.0 SEK 195 SEK 150 SEK 55.0 SEK 165 SEK 54.1 SEK 50.0 SEK 45.0 EUR 25.0 DKK 375 SEK 44.0 SEK 180 SEK 110 SEK 260 SEK 175 SEK 102 SEK 240 SEK 165 SEK 75.0 SEK 11.0 SEK 295 SEK 95.0 SEK 150 SEK 77.1 SEK 180 USD 11.0 NOK 33.0 USD 20.0 USD 10.00 USD 2.44 USD 7.25 NOK 400 USD 1.02

USD 15.0 SEK 95.0 USD 1.80

Relevant Market Price SEK 164 SEK 21.1 NOK 57.8 SEK 167 SEK 142 SEK 42.5 SEK 154 SEK 47.8 SEK 45.1 SEK 39.6 EUR 24.9 DKK 284 SEK 39.4 SEK 170 SEK 94.9 SEK 274 SEK 150 SEK 93.6 SEK 207 SEK 152 SEK 72.0 SEK 9.97 SEK 247 SEK 89.9 SEK 99.8 SEK 76.3 SEK 172 USD 9.44 NOK 28.9 USD 17.9 USD 8.95 NOK 17.6 USD 6.01 USD 2.75 NOK 300 USD 0.89 NOK 12.5 USD 3.81 NOK 30.0 USD 14.6 SEK 89.9 NOK 19.2 NOK 2.61

Direction of Recommendation Buy Buy Buy Buy Neutral Buy Neutral Buy Neutral Buy Neutral Buy Neutral Neutral Buy Neutral Buy Buy Buy Buy Neutral Buy Buy Buy Buy Neutral Neutral Neutral Neutral Reduce Neutral Neutral Neutral No reco Buy No reco Neutral No reco No reco Neutral Buy Reduce No reco

Validity Time Period Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice

15 January 2017

Swedbank recommendation tracking list Issuer Skandiabanken ASA Songa Offshore Subsea 7 S.A. Transocean Inc Bilia Elisa Handelsbanken Intrum Justitia Investor Kungsleden Avance Gas Holding Ltd. Handelsbanken Kvaerner ASA Sparebanken Møre ABB Atrium Ljungberg Com Hem Diös Electrolux Fabege Fagerhult Getinge Lindab Outokumpu Tobii AB Wihlborgs Nordic Semiconductor Gunnebo Hexpol Klövern Kungsleden SKF SSAB Hexagon Composites Olainfarm Tallinna Kaubamaja Alfa Laval Axfood Nokia Sandvik Wärtsilä Akastor Aker Solutions

Date of dissemination 2016-10-21 2016-10-21 2016-10-21 2016-10-21 2016-10-20 2016-10-20 2016-10-20 2016-10-20 2016-10-20 2016-10-20 2016-10-20 2016-10-20 2016-10-20 2016-10-20 2016-10-19 2016-10-19 2016-10-19 2016-10-19 2016-10-19 2016-10-19 2016-10-19 2016-10-19 2016-10-19 2016-10-19 2016-10-19 2016-10-19 2016-10-19 2016-10-18 2016-10-18 2016-10-18 2016-10-18 2016-10-18 2016-10-18 2016-10-18 2016-10-18 2016-10-18 2016-10-17 2016-10-17 2016-10-17 2016-10-17 2016-10-17 2016-10-17 2016-10-17

Analyst's name Bengt Kirkøen, Ingvild Almestad Aasen Magnus Olsvik, Marlene Skjellet Granerud Stig Erik Kyrkjeeide, Magnus Olsvik Magnus Olsvik, Marlene Skjellet Granerud Mats Liss Stefan Wård, Stefan Olsson Adonis Catic, Bengt Kirkøen Adonis Catic Johan Unnerus, Mathias Lundberg Jan Ihrfelt, CFA, Markus Gustafsson Erik Folkeson, Inactive Inactive Adonis Catic, Bengt Kirkøen Magnus Olsvik Bengt Kirkøen, Ingvild Almestad Aasen Anders Roslund, Mats Liss Jan Ihrfelt, CFA, Markus Gustafsson Stefan Wård, Mathias Lundberg Jan Ihrfelt, CFA, Markus Gustafsson Anders Roslund, Mats Liss Jan Ihrfelt, CFA, Markus Gustafsson Mats Liss Johan Unnerus Mats Liss, Ola Södermark Ola Södermark Mathias Lundberg Jan Ihrfelt, CFA, Markus Gustafsson Andreas Bertheussen, André Buhagen Mats Liss Mats Liss Jan Ihrfelt, CFA, Markus Gustafsson Jan Ihrfelt, CFA, Markus Gustafsson Anders Roslund, Mats Liss Ola Södermark, Mats Liss Hans-Erik Jacobsen, Ingvild Almestad Aasen Andrej Rodionov, CFA Marek Randma Anders Roslund, Mats Liss Stefan Olsson Mathias Lundberg, Stefan Wård Anders Roslund, Mats Liss Anders Roslund Magnus Olsvik Magnus Olsvik, Stig Erik Kyrkjeeide

Price Target NOK 70.0 NOK 30.0 NOK 120 USD 10.00 SEK 230 EUR 29.0 SEK 107 SEK 310 SEK 350 SEK 68.0 NOK 25.0 SEK 107 NOK 12.5 NOK 265 SEK 205 SEK 150 SEK 82.5 SEK 53.3 SEK 260 SEK 158 SEK 265 SEK 200 SEK 90.0 EUR 6.00 SEK 89.8 SEK 175 NOK 44.0 SEK 46.0 SEK 90.0 SEK 11.0 SEK 68.0 SEK 155 SEK 30.0 NOK 30.0 EUR 9.00 EUR 7.90 SEK 135 SEK 180 EUR 4.50 SEK 105 EUR 41.0 NOK 5.50 NOK 44.0

Relevant Market Price NOK 58.0 NOK 23.0 NOK 91.8 USD 10.6 SEK 205 EUR 31.7 SEK 121 SEK 291 SEK 319 SEK 58.5 NOK 17.0 SEK 121 NOK 10.4 NOK 227 SEK 198 SEK 141 SEK 83.6 SEK 47.1 SEK 215 SEK 149 SEK 223 SEK 167 SEK 84.9 EUR 6.27 SEK 77.4 SEK 168 NOK 34.5 SEK 38.8 SEK 75.2 SEK 9.71 SEK 57.8 SEK 147 SEK 27.4 NOK 29.9 EUR 8.40 EUR 7.75 SEK 135 SEK 149 EUR 4.52 SEK 95.9 EUR 40.6 NOK 8.41 NOK 43.0

Direction of Recommendation Buy Buy Buy Reduce Neutral Reduce Reduce Neutral Buy Buy Buy Reduce Buy Buy Neutral Neutral Neutral Buy Buy Buy Buy Buy Buy Neutral Buy Neutral Buy Buy Buy Buy Buy Neutral Neutral Buy Buy Neutral Neutral Buy Neutral Buy Neutral Reduce Buy

Validity Time Period Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice

15 January 2017

Swedbank recommendation tracking list Issuer Aqualis Emgs Kvaerner ASA Petroleum Geo Services Polarcus Reach Subsea ASA Spectrum Tgs Nopec Geophysical AF Archer Beijer Electronics Danske Bank Holmen Husqvarna Intrum Justitia Kappahl Metso SCA Sweco Norwegian Property ASA Orkla Assa Abloy Atlas Copco Betsson Castellum Ericsson Fagerhult Investor Lundin Mining Saab Telia Company Ericsson Getinge Telenor Songa Offshore Telenor Baltic Horizon Olympic Entertainment Group BillerudKorsnäs Com Hem Elisa Hexagon Stora Enso

Date of dissemination 2016-10-17 2016-10-17 2016-10-17 2016-10-17 2016-10-17 2016-10-17 2016-10-17 2016-10-17 2016-10-16 2016-10-16 2016-10-14 2016-10-14 2016-10-14 2016-10-14 2016-10-14 2016-10-14 2016-10-14 2016-10-14 2016-10-14 2016-10-14 2016-10-14 2016-10-13 2016-10-13 2016-10-13 2016-10-13 2016-10-13 2016-10-13 2016-10-13 2016-10-13 2016-10-13 2016-10-13 2016-10-12 2016-10-12 2016-10-12 2016-10-12 2016-10-12 2016-10-12 2016-10-12 2016-10-11 2016-10-11 2016-10-11 2016-10-11 2016-10-11

Analyst's name Magnus Olsvik Teodor Sveen-Nilsen, Magnus Olsvik Magnus Olsvik Teodor Sveen-Nilsen, Magnus Olsvik Teodor Sveen-Nilsen, Magnus Olsvik Magnus Olsvik Teodor Sveen-Nilsen, Magnus Olsvik Teodor Sveen-Nilsen, Magnus Olsvik Stefan Wård Magnus Olsvik Anders Roslund, Mats Larsson Adonis Catic, Bengt Kirkøen Ola Södermark Anders Roslund, Mats Liss Adonis Catic Stefan Olsson Anders Roslund Ola Södermark Erik Elander, Stefan Wård Peter Hermanrud, André Buhagen Marius Gaard, Hans Marius Lee Ludvigsen Anders Roslund, Mats Liss Anders Roslund, Mats Liss Mathias Lundberg Jan Ihrfelt, CFA, Markus Gustafsson Mathias Lundberg, Stefan Wård Mats Liss Johan Unnerus, Mathias Lundberg Ola Södermark, Mats Liss Mats Liss Stefan Olsson, Stefan Wård Mathias Lundberg, Stefan Wård Johan Unnerus Stefan Olsson, Stefan Wård Magnus Olsvik, Marlene Skjellet Granerud Stefan Olsson, Stefan Wård Andrej Rodionov, CFA Marek Randma Ola Södermark Stefan Wård, Mathias Lundberg Stefan Wård, Stefan Olsson Mathias Lundberg, Anders Roslund Ola Södermark

Price Target NOK 6.00 NOK 3.00 NOK 11.0 NOK 35.0 NOK 0.65 NOK 2.00 NOK 40.0 NOK 220 SEK 180 SEK 58.0 DKK 215 SEK 300 SEK 75.0 SEK 285 SEK 52.0 EUR 25.0 SEK 280 SEK 215 NOK 12.4 NOK 78.0 SEK 195 SEK 250 SEK 102 SEK 135 SEK 55.0 SEK 250 SEK 350 SEK 36.0 SEK 330 SEK 48.0 SEK 68.0 SEK 195 NOK 165 NOK 30.0 NOK 165 EUR 1.95 SEK 165 SEK 75.0 EUR 27.5 SEK 350 EUR 10.00

Relevant Market Price NOK 3.39 NOK 4.30 NOK 10.00 NOK 25.4 NOK 0.47 NOK 1.75 NOK 25.0 NOK 175 SEK 176 NOK 6.62 SEK 44.4 DKK 197 SEK 304 SEK 72.2 SEK 271 SEK 45.0 EUR 25.7 SEK 252 SEK 176 NOK 10.8 NOK 80.8 SEK 174 SEK 261 SEK 83.0 SEK 122 SEK 49.4 SEK 233 SEK 318 SEK 35.0 SEK 309 SEK 38.2 SEK 61.9 SEK 163 NOK 137 NOK 19.0 NOK 137 EUR 1.33 EUR 1.83 SEK 155 SEK 79.8 EUR 31.8 SEK 374 EUR 8.21

Direction of Recommendation Buy Reduce Buy Buy Neutral Neutral Buy Buy Neutral No reco Buy Buy Neutral Neutral Neutral Buy Neutral Neutral Buy Strong Buy Neutral Buy Neutral Buy Buy Neutral Neutral Buy Neutral Buy Buy Neutral Buy Strong Buy Buy Strong Buy No reco Neutral Buy Neutral Reduce Neutral Buy

Validity Time Period Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice

15 January 2017

Swedbank recommendation tracking list Issuer Volvo Marine Harvest Norwegian Air Shuttle ASA Yara International Handelsbanken Industrivärden Nordea SEB Swedbank AF Gruppen DNB Gjensidige Forsikring Handelsbanken Nordea Norwegian Air Shuttle ASA SEB Sandnes Sparebank Scatec Solar ASA SpareBank 1 Nord-Norge SpareBank 1 SMN SpareBank 1 SR-Bank Sparebanken Møre Sparebanken Sør Storebrand Swedbank Bulten Gränges Stolt-Nielsen Ltd Boliden MTG Tele2 Helgeland Sparebank SpareBank 1 SMN SpareBank 1 SR-Bank Sparebanken Møre Sparebanken Vest Haldex Tallink Trelleborg Concordia Maritime AB Apranga H&M Tobii AB

Date of dissemination 2016-10-11 2016-10-11 2016-10-11 2016-10-11 2016-10-10 2016-10-10 2016-10-10 2016-10-10 2016-10-10 2016-10-10 2016-10-10 2016-10-10 2016-10-10 2016-10-10 2016-10-10 2016-10-10 2016-10-10 2016-10-10 2016-10-10 2016-10-10 2016-10-10 2016-10-10 2016-10-10 2016-10-10 2016-10-10 2016-10-09 2016-10-09 2016-10-07 2016-10-06 2016-10-06 2016-10-06 2016-10-06 2016-10-06 2016-10-06 2016-10-06 2016-10-06 2016-10-05 2016-10-05 2016-10-04 2016-10-04 2016-10-04 2016-10-03 2016-10-03

Analyst's name Mats Liss, Anders Roslund Marius Gaard Hans-Erik Jacobsen, Ingvild Almestad Aasen Hans-Erik Jacobsen, Ingvild Almestad Aasen Adonis Catic, Bengt Kirkøen Mathias Lundberg, Anders Roslund Adonis Catic, Bengt Kirkøen Adonis Catic, Bengt Kirkøen Adonis Catic, Bengt Kirkøen Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Hans Marius Lee Ludvigsen Adonis Catic, Bengt Kirkøen Adonis Catic, Bengt Kirkøen Hans-Erik Jacobsen, Ingvild Almestad Aasen Adonis Catic, Bengt Kirkøen Bengt Kirkøen, Ingvild Almestad Aasen Andreas Bertheussen Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Hans Marius Lee Ludvigsen Adonis Catic, Bengt Kirkøen Mats Liss, Andrej Rodionov, CFA Mats Liss, Andrej Rodionov, CFA Erik Folkeson Ola Södermark, Mats Liss Stefan Wård Stefan Olsson, Stefan Wård Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Mats Liss Marek Randma Mats Liss Erik Folkeson Andrej Rodionov, CFA Stefan Olsson Mathias Lundberg

Price Target SEK 110 NOK 176 NOK 400 NOK 325 SEK 104 SEK 155 SEK 84.0 SEK 93.0 NOK 145 NOK 120 NOK 147 SEK 104 SEK 84.0 NOK 400 SEK 93.0 NOK 36.0 NOK 45.0 NOK 51.0 NOK 68.0 NOK 60.0 NOK 255 NOK 90.0 NOK 45.0 SEK 105 SEK 100.0 NOK 120 SEK 230 SEK 295 SEK 72.3 NOK 90.0 NOK 68.0 NOK 58.0 NOK 255 NOK 50.0 SEK 125 EUR 1.10 SEK 185 SEK 16.0 EUR 2.70 SEK 275 SEK 89.8

Relevant Market Price SEK 99.4 NOK 149 NOK 275 NOK 273 SEK 119 SEK 160 SEK 90.4 SEK 89.3 SEK 203 NOK 152 NOK 111 NOK 153 SEK 119 SEK 90.4 NOK 276 SEK 89.3 NOK 36.0 NOK 30.6 NOK 43.5 NOK 57.0 NOK 48.4 NOK 220 NOK 85.0 NOK 41.4 SEK 203 SEK 96.0 SEK 82.8 NOK 105 SEK 207 SEK 225 SEK 72.7 NOK 70.5 NOK 56.8 NOK 48.5 NOK 220 NOK 41.3 SEK 120 EUR 0.90 SEK 169 SEK 15.4 EUR 2.54 SEK 242 SEK 70.1

Direction of Recommendation Buy Buy Buy Neutral Reduce Neutral Reduce Buy No reco Neutral Buy Neutral Reduce Reduce Buy Buy Neutral Buy Buy Buy Buy Buy Buy Buy No reco Buy Buy Buy Buy Buy Neutral Buy Buy Buy Buy Buy Neutral Strong Buy Buy Neutral Neutral Buy Buy

Validity Time Period Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice

15 January 2017

Swedbank recommendation tracking list Issuer Stolt-Nielsen Ltd Saab Austevoll Seafood ASA Bakkafrost Gjensidige Forsikring Grieg Seafood Leroy Seafood Link Mobility Group ASA Marine Harvest Norway Royal Salmon ASA SalMar Olympic Entertainment Group Castellum Elekta Victoria Park Seadrill Limited Autoliv H&M Stora Enso Norsk Hydro Statoil Yara International Link Mobility Group ASA REC Silicon Novo Nordisk Magnolia Bostad AB Aker Solutions Lindab Baltic Horizon REC Silicon Haldex Aker BP ASA EnQuest Entra Securitas Stockmann Bulten Concentric Scatec Solar ASA Betsson D. Carnegie & Co Handelsbanken Nordea

Date of dissemination 2016-10-03 2016-09-30 2016-09-30 2016-09-30 2016-09-30 2016-09-30 2016-09-30 2016-09-30 2016-09-30 2016-09-30 2016-09-30 2016-09-30 2016-09-29 2016-09-29 2016-09-29 2016-09-29 2016-09-27 2016-09-27 2016-09-27 2016-09-26 2016-09-26 2016-09-26 2016-09-23 2016-09-23 2016-09-22 2016-09-21 2016-09-21 2016-09-20 2016-09-20 2016-09-19 2016-09-18 2016-09-16 2016-09-15 2016-09-15 2016-09-14 2016-09-14 2016-09-13 2016-09-13 2016-09-13 2016-09-09 2016-09-09 2016-09-09 2016-09-09

Analyst's name Erik Folkeson Mats Liss Marius Gaard Marius Gaard Bengt Kirkøen, Hans Marius Lee Ludvigsen Marius Gaard Marius Gaard Andreas Bertheussen Marius Gaard Marius Gaard Marius Gaard Marek Randma Jan Ihrfelt, CFA, Markus Gustafsson Johan Unnerus Jan Ihrfelt, CFA, Markus Gustafsson Magnus Olsvik, Marlene Skjellet Granerud Mats Liss, Anders Roslund Stefan Olsson Ola Södermark Hans-Erik Jacobsen, Ingvild Almestad Aasen Teodor Sveen-Nilsen, Marlene Skjellet Granerud Hans-Erik Jacobsen, Ingvild Almestad Aasen Andreas Bertheussen Peter Hermanrud, Andreas Bertheussen Johan Unnerus Jan Ihrfelt, CFA, Markus Gustafsson Magnus Olsvik, Stig Erik Kyrkjeeide Mats Liss, Ola Södermark Andrej Rodionov, CFA Peter Hermanrud, Andreas Bertheussen Mats Liss Teodor Sveen-Nilsen, Marlene Skjellet Granerud Teodor Sveen-Nilsen Peter Hermanrud, André Buhagen Stefan Wård Marek Randma Mats Liss, Andrej Rodionov, CFA Mats Liss Andreas Bertheussen Mathias Lundberg Jan Ihrfelt, CFA, Markus Gustafsson Adonis Catic, Bengt Kirkøen Adonis Catic, Bengt Kirkøen

Price Target NOK 135 SEK 320 NOK 82.0 NOK 343 NOK 147 NOK 75.0 NOK 535 NOK 190 NOK 176 NOK 161 NOK 265 EUR 1.95 SEK 135 SEK 77.0 USD 1.80 SEK 1025 SEK 290 EUR 10.00 NOK 38.0 NOK 125 NOK 325 NOK 190 NOK 1.00 DKK 385 SEK 150 NOK 44.0 SEK 90.0 EUR 1.55 NOK 1.50 SEK 125 NOK 120 SEK 3.00 NOK 98.0 SEK 155 EUR 7.50 SEK 99.0 SEK 110 NOK 45.0 SEK 102 SEK 135 SEK 99.0 SEK 82.0

Relevant Market Price NOK 104 SEK 303 NOK 64.0 NOK 319 NOK 148 NOK 60.3 NOK 392 NOK 159 NOK 140 NOK 137 NOK 231 EUR 1.83 SEK 130 SEK 82.8 SEK 24.8 NOK 15.4 SEK 908 SEK 245 EUR 7.93 NOK 35.4 NOK 128 NOK 272 NOK 163 NOK 1.20 DKK 308 SEK 119 NOK 35.2 SEK 82.0 EUR 1.32 NOK 1.22 SEK 128 NOK 117 SEK 3.17 NOK 85.3 SEK 144 EUR 7.11 SEK 90.0 SEK 110 NOK 29.8 SEK 91.1 SEK 108 SEK 116 SEK 85.4

Direction of Recommendation Buy Buy Buy Neutral Neutral Buy Buy Buy Buy Buy Buy Neutral Neutral Neutral No reco Reduce Buy Buy Buy Neutral Reduce Neutral Buy Neutral Buy Buy Buy Buy Buy Neutral Neutral Neutral Reduce Strong Buy Buy Buy Buy Neutral Buy Buy Buy Reduce Neutral

Validity Time Period Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice

15 January 2017

Swedbank recommendation tracking list Issuer SEB Swedbank Handelsbanken Nordea SEB Swedbank Investor Link Mobility Group ASA Nordic Semiconductor REC Silicon Tallink Haldex Elekta Linas Agro Group Olainfarm Frontline Tgs Nopec Geophysical Aker BP ASA Lundin Petroleum Odfjell Drilling Ltd SAS Seadrill Limited Assa Abloy Fagerhult Reach Subsea ASA LHV Group Ericsson Golar LNG Ltd Kongsberg Gruppen ASA Odfjell Mekonomen AF Gruppen B3IT SCA Systemair BW LPG Ltd. Golden Ocean Group Höegh LNG Holdings Ltd Nordic Mining Panoro Energy SalMar Balder Lundin Gold

Date of dissemination 2016-09-09 2016-09-09 2016-09-09 2016-09-09 2016-09-09 2016-09-09 2016-09-08 2016-09-07 2016-09-07 2016-09-07 2016-09-07 2016-09-04 2016-09-02 2016-09-02 2016-09-02 2016-09-01 2016-09-01 2016-08-31 2016-08-31 2016-08-31 2016-08-31 2016-08-31 2016-08-30 2016-08-30 2016-08-30 2016-08-30 2016-08-29 2016-08-29 2016-08-29 2016-08-29 2016-08-26 2016-08-26 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-24 2016-08-24

Analyst's name Adonis Catic, Bengt Kirkøen Adonis Catic, Bengt Kirkøen Adonis Catic, Bengt Kirkøen Adonis Catic, Bengt Kirkøen Adonis Catic, Bengt Kirkøen Adonis Catic, Bengt Kirkøen Johan Unnerus, Mathias Lundberg Andreas Bertheussen Andreas Bertheussen, André Buhagen Peter Hermanrud, Andreas Bertheussen Marek Randma Mats Liss Johan Unnerus Andrej Rodionov, CFA Andrej Rodionov, CFA Erik Folkeson Teodor Sveen-Nilsen, Magnus Olsvik Teodor Sveen-Nilsen, Marlene Skjellet Granerud Teodor Sveen-Nilsen, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Hans-Erik Jacobsen, Ingvild Almestad Aasen Magnus Olsvik, Marlene Skjellet Granerud Anders Roslund, Mats Liss Mats Liss Magnus Olsvik Andrej Rodionov, CFA Mathias Lundberg, Stefan Wård Christian Olsen Nordby Hans-Erik Jacobsen, Ingvild Almestad Aasen Erik Folkeson Mats Liss Bengt Kirkøen, Ingvild Almestad Aasen Mats Larsson, Mathias Lundberg Ola Södermark Mats Liss Erik Folkeson Erik Folkeson Christian Olsen Nordby Andreas Bertheussen Teodor Sveen-Nilsen, Marlene Skjellet Granerud Marius Gaard Jan Ihrfelt, CFA, Markus Gustafsson Ola Södermark

Price Target SEK 93.0 SEK 99.0 SEK 82.0 SEK 93.0 SEK 340 NOK 170 NOK 52.0 NOK 1.50 EUR 1.10 SEK 110 SEK 70.0 EUR 0.60 EUR 9.00 NOK 50.0 NOK 170 NOK 120 SEK 140 USD 1.02 SEK 20.0 USD 1.80 SEK 190 SEK 250 NOK 2.00 EUR 8.00 SEK 68.0 USD 35.0 NOK 150 NOK 45.0 SEK 200 NOK 145 SEK 74.0 SEK 285 SEK 135 NOK 24.0 NOK 50.0 NOK 120 NOK 10.8 NOK 6.00 NOK 237 SEK 245 SEK 48.0

Relevant Market Price SEK 86.0 SEK 198 SEK 116 SEK 85.4 SEK 86.0 SEK 198 SEK 308 NOK 136 NOK 41.2 NOK 1.20 EUR 0.88 SEK 104 SEK 74.3 EUR 0.66 EUR 8.26 NOK 62.3 NOK 145 NOK 115 SEK 154 NOK 7.20 SEK 17.5 NOK 21.1 SEK 180 SEK 222 NOK 1.70 EUR 7.31 SEK 62.1 USD 20.2 NOK 125 NOK 28.6 SEK 196 NOK 159 SEK 70.3 SEK 269 SEK 114 NOK 28.0 NOK 31.1 NOK 89.3 NOK 3.42 NOK 4.02 NOK 230 SEK 245 SEK 39.3

Direction of Recommendation Buy No reco Reduce Neutral Buy No reco Buy Strong Buy Buy Strong Buy Strong Buy Neutral Neutral Reduce Buy Reduce Buy Neutral Reduce Neutral Neutral Reduce Neutral Neutral Neutral Buy Neutral Buy Buy Strong Buy Buy Neutral Buy Neutral Buy Neutral Strong Buy Buy Buy Buy Neutral Neutral Buy

Validity Time Period Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice

15 January 2017

Swedbank recommendation tracking list Issuer Avance Gas Holding Ltd. Frontline Norway Royal Salmon ASA Fagerhult Hufvudstaden Bakkafrost Austevoll Seafood ASA Frontline Grieg Seafood Leroy Seafood Nibe Industrier Elekta Opus Group Fred Olsen Energy Hexagon Composites Marine Harvest Sparebanken Vest Holmen Peab Gränges Höegh LNG Holdings Ltd Norway Royal Salmon ASA SalMar Nordecon Stockmann Victoria Park Avance Gas Holding Ltd. BW LPG Ltd. Odfjell Sparebanken Sør Tethys Oil Wentworth Resources Olainfarm Mekonomen Systemair TDC Africa Oil Corp. Tallink Bactiguard Helgeland Sparebank Sandnes Sparebank SpareBank 1 Nord-Norge SpareBank 1 SMN

Date of dissemination 2016-08-24 2016-08-24 2016-08-24 2016-08-23 2016-08-23 2016-08-23 2016-08-22 2016-08-22 2016-08-22 2016-08-22 2016-08-21 2016-08-19 2016-08-19 2016-08-19 2016-08-19 2016-08-19 2016-08-19 2016-08-18 2016-08-18 2016-08-17 2016-08-17 2016-08-17 2016-08-17 2016-08-17 2016-08-16 2016-08-16 2016-08-16 2016-08-16 2016-08-16 2016-08-16 2016-08-16 2016-08-16 2016-08-16 2016-08-15 2016-08-15 2016-08-15 2016-08-15 2016-08-15 2016-08-12 2016-08-12 2016-08-12 2016-08-12 2016-08-12

Analyst's name Erik Folkeson, Inactive Inactive Erik Folkeson Marius Gaard Mats Liss Jan Ihrfelt, CFA, Markus Gustafsson Marius Gaard Marius Gaard Erik Folkeson Marius Gaard Marius Gaard Mats Liss Johan Unnerus Mats Liss, Andrej Rodionov, CFA Magnus Olsvik, Marlene Skjellet Granerud Hans-Erik Jacobsen, Ingvild Almestad Aasen Marius Gaard Bengt Kirkøen, Ingvild Almestad Aasen Ola Södermark Jan Ihrfelt, CFA, Markus Gustafsson Mats Liss, Andrej Rodionov, CFA Christian Olsen Nordby Marius Gaard Marius Gaard Marek Randma Marek Randma Jan Ihrfelt, CFA, Markus Gustafsson Erik Folkeson, Inactive Inactive Erik Folkeson Erik Folkeson Bengt Kirkøen, Ingvild Almestad Aasen Teodor Sveen-Nilsen Teodor Sveen-Nilsen, Marlene Skjellet Granerud Andrej Rodionov, CFA Mats Liss Mats Liss Stefan Wård, Stefan Olsson Teodor Sveen-Nilsen, Marlene Skjellet Granerud Marek Randma Johan Unnerus Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen

Price Target NOK 13.0 NOK 60.0 NOK 152 SEK 200 SEK 140 NOK 325 NOK 71.0 NOK 60.0 NOK 64.0 NOK 445 SEK 81.1 SEK 65.0 SEK 7.50 USD 2.44 NOK 30.0 NOK 153 NOK 50.0 SEK 300 SEK 67.0 SEK 100.0 NOK 120 NOK 156 NOK 242 EUR 1.25 EUR 7.50 SEK 25.5 NOK 25.0 NOK 30.0 NOK 45.0 NOK 90.0 SEK 62.1 NOK 4.50 EUR 9.00 SEK 210 SEK 120 DKK 38.0 SEK 18.0 EUR 1.10 SEK 14.0 NOK 80.0 NOK 30.0 NOK 51.0 NOK 68.0

Relevant Market Price NOK 18.3 NOK 69.9 NOK 123 SEK 202 SEK 143 NOK 291 NOK 61.3 NOK 67.3 NOK 48.1 NOK 350 SEK 74.2 SEK 70.9 SEK 6.25 NOK 14.3 NOK 25.9 NOK 128 NOK 36.0 SEK 287 SEK 67.1 SEK 88.3 NOK 92.0 NOK 123 NOK 230 EUR 1.17 EUR 6.78 SEK 27.3 NOK 22.6 NOK 28.6 NOK 28.8 NOK 63.5 SEK 54.7 NOK 3.00 EUR 8.00 SEK 189 SEK 107 DKK 36.3 SEK 12.8 EUR 0.87 SEK 15.3 NOK 63.0 NOK 26.5 NOK 41.5 NOK 50.5

Direction of Recommendation Neutral Reduce Buy Neutral Neutral Neutral Neutral Reduce Buy Buy Buy Neutral Buy Neutral Buy Buy Buy Neutral Neutral Buy Buy Buy Neutral Neutral Buy Neutral Neutral Neutral Strong Buy Buy Buy Buy Buy Buy Buy Neutral Buy Strong Buy Neutral Buy Neutral Buy Buy

Validity Time Period Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice

15 January 2017

Swedbank recommendation tracking list Issuer Spectrum Veidekke Stockmann B3IT Austevoll Seafood ASA DHT Holdings, Inc. Hexagon Composites Marine Harvest SpareBank 1 SR-Bank StrongPoint Hexagon Atwood Oceanics Diamond Offshore Drilling Ensco Plc Golden Ocean Group Leroy Seafood Noble Corp. Overseas Shipholding Group, Inc. Rowan Companies Inc Transocean Inc Merko Ehitus Novo Nordisk Securitas Ekspress Grupp Lucara Diamond Corp. Nokia Tanker Investments Ltd. Wilh. Wilhelmsen ASA Haldex Lundin Petroleum Overseas Shipholding Group, Inc. Tgs Nopec Geophysical Concordia Maritime AB Archer Tanker Investments Ltd. Silvano Fashion Group Wilh. Wilhelmsen ASA Apranga AstraZeneca Lundin Mining Subsea 7 S.A. Tallinna Vesi Holmen

Date of dissemination 2016-08-12 2016-08-12 2016-08-11 2016-08-10 2016-08-10 2016-08-10 2016-08-10 2016-08-10 2016-08-10 2016-08-10 2016-08-09 2016-08-09 2016-08-09 2016-08-09 2016-08-09 2016-08-09 2016-08-09 2016-08-09 2016-08-09 2016-08-09 2016-08-09 2016-08-08 2016-08-08 2016-08-08 2016-08-05 2016-08-05 2016-08-05 2016-08-05 2016-08-04 2016-08-04 2016-08-04 2016-08-04 2016-08-03 2016-08-02 2016-08-02 2016-08-02 2016-08-01 2016-08-01 2016-07-29 2016-07-29 2016-07-29 2016-07-29 2016-07-28

Analyst's name Teodor Sveen-Nilsen, Magnus Olsvik Bengt Kirkøen, Ingvild Almestad Aasen Marek Randma Mats Larsson, Mathias Lundberg Marius Gaard Erik Folkeson Hans-Erik Jacobsen, Ingvild Almestad Aasen Marius Gaard Bengt Kirkøen, Ingvild Almestad Aasen Marius Gaard, Hans Marius Lee Ludvigsen Mathias Lundberg, Anders Roslund Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Erik Folkeson Marius Gaard Magnus Olsvik, Marlene Skjellet Granerud Erik Folkeson Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Marek Randma Johan Unnerus Stefan Wård Andrej Rodionov, CFA Ola Södermark Mathias Lundberg, Stefan Wård Erik Folkeson Erik Folkeson Mats Liss Teodor Sveen-Nilsen, Marlene Skjellet Granerud Erik Folkeson Teodor Sveen-Nilsen, Magnus Olsvik Erik Folkeson Magnus Olsvik Erik Folkeson Andrej Rodionov, CFA Erik Folkeson Andrej Rodionov, CFA Johan Unnerus Ola Södermark, Mats Liss Stig Erik Kyrkjeeide, Magnus Olsvik Marek Randma Ola Södermark

Price Target NOK 30.0 NOK 137 EUR 7.50 SEK 70.0 NOK 73.0 USD 4.90 NOK 30.0 NOK 160 NOK 58.0 NOK 15.5 SEK 345 USD 11.0 USD 20.0 USD 10.00 NOK 50.0 NOK 460 USD 7.25 USD 13.0 USD 15.0 USD 10.00 EUR 9.00 DKK 375 SEK 150 EUR 1.30 SEK 30.0 EUR 5.00 NOK 50.0 NOK 32.0 SEK 110 SEK 134 USD 12.5 NOK 140 SEK 16.0 NOK 50.0 EUR 2.15 NOK 32.0 EUR 2.90 SEK 560 SEK 36.0 NOK 90.0 EUR 13.5 SEK 300

Relevant Market Price NOK 26.0 NOK 116 EUR 6.17 SEK 57.0 NOK 74.0 USD 4.80 NOK 26.2 NOK 139 NOK 39.1 NOK 11.6 SEK 330 USD 11.0 USD 22.1 USD 9.24 NOK 29.5 NOK 401 USD 7.45 USD 12.8 USD 15.0 USD 11.3 EUR 8.09 DKK 330 SEK 145 EUR 1.32 SEK 24.4 EUR 4.90 NOK 50.3 NOK 20.8 SEK 104 SEK 137 USD 12.7 NOK 135 SEK 15.8 NOK 4.96 NOK 49.5 EUR 2.04 NOK 20.0 EUR 2.51 SEK 578 SEK 35.7 NOK 90.1 EUR 14.0 SEK 291

Direction of Recommendation Buy Buy Buy Buy Neutral Neutral Buy Buy Buy Buy Neutral Neutral Reduce Neutral Strong Buy Buy Neutral Neutral Neutral Reduce Buy Buy Buy Neutral Buy Neutral Neutral Buy Neutral Reduce Neutral Neutral Neutral No reco Neutral Neutral Buy Buy Neutral Neutral Neutral Reduce Buy

Validity Time Period Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice

15 January 2017

Swedbank recommendation tracking list Issuer Kindred Olympic Entertainment Group Bilia Opus Group Outokumpu Concordia Maritime AB Statoil Siauliu Bankas Hexagon Nibe Industrier Atwood Oceanics Besqab Indutrade Recipharm SSAB Skanska Ensco Plc Polarcus Autoliv Concentric ABB Betsson Hemfosa Meda Metso Millicom Int Cellular SKF Stora Enso Swedbank Tele2 Scatec Solar ASA Swedbank BillerudKorsnäs Danske Bank Electrolux Gränges NCC Nordea Saab Telia Company Wärtsilä Nordea Petroleum Geo Services

Date of dissemination 2016-07-28 2016-07-28 2016-07-27 2016-07-27 2016-07-27 2016-07-27 2016-07-27 2016-07-27 2016-07-26 2016-07-26 2016-07-26 2016-07-25 2016-07-25 2016-07-25 2016-07-25 2016-07-25 2016-07-25 2016-07-25 2016-07-24 2016-07-24 2016-07-22 2016-07-22 2016-07-22 2016-07-22 2016-07-22 2016-07-22 2016-07-22 2016-07-22 2016-07-22 2016-07-22 2016-07-22 2016-07-22 2016-07-21 2016-07-21 2016-07-21 2016-07-21 2016-07-21 2016-07-21 2016-07-21 2016-07-21 2016-07-21 2016-07-21 2016-07-21

Analyst's name Mathias Lundberg Marek Randma Mats Liss Mats Liss, Andrej Rodionov, CFA Ola Södermark Erik Folkeson Teodor Sveen-Nilsen, Marlene Skjellet Granerud Andrej Rodionov, CFA Mathias Lundberg, Anders Roslund Mats Liss Magnus Olsvik, Marlene Skjellet Granerud Jan Ihrfelt, CFA, Markus Gustafsson Erik Elander, Mats Larsson Johan Unnerus Ola Södermark, Mats Liss Jan Ihrfelt, CFA, Markus Gustafsson Magnus Olsvik, Marlene Skjellet Granerud Teodor Sveen-Nilsen, Magnus Olsvik Mats Liss, Anders Roslund Mats Liss Anders Roslund, Mats Liss Mathias Lundberg Jan Ihrfelt, CFA, Markus Gustafsson Johan Unnerus Anders Roslund Stefan Wård, Stefan Olsson Anders Roslund, Mats Liss Ola Södermark Adonis Catic, Bengt Kirkøen Stefan Olsson, Stefan Wård Andreas Bertheussen Adonis Catic, Bengt Kirkøen Ola Södermark Adonis Catic, Bengt Kirkøen Anders Roslund, Mats Liss Mats Liss, Andrej Rodionov, CFA Jan Ihrfelt, CFA, Markus Gustafsson Adonis Catic, Bengt Kirkøen Mats Liss Stefan Olsson, Stefan Wård Anders Roslund Adonis Catic, Bengt Kirkøen Teodor Sveen-Nilsen, Magnus Olsvik

Price Target SEK 125 EUR 2.05 SEK 230 SEK 7.00 EUR 5.00 SEK 18.0 NOK 125 EUR 0.42 SEK 345 SEK 73.9 USD 12.0 SEK 195 SEK 167 SEK 145 SEK 30.0 SEK 180 USD 11.0 NOK 0.75 SEK 1025 SEK 110 SEK 194 SEK 92.0 SEK 100.0 SEK 159 EUR 24.0 USD 66.0 SEK 145 EUR 9.00 SEK 72.3 NOK 56.0 SEK 155 DKK 205 SEK 260 SEK 100.0 SEK 200 SEK 75.0 SEK 320 SEK 48.0 EUR 41.0 SEK 75.0 NOK 35.0

Relevant Market Price SEK 85.8 EUR 1.88 SEK 214 SEK 6.40 EUR 4.76 SEK 16.5 NOK 143 EUR 0.38 SEK 335 SEK 69.3 USD 11.4 SEK 195 SEK 177 SEK 136 SEK 27.8 SEK 177 USD 9.10 NOK 0.64 SEK 896 SEK 104 SEK 179 SEK 82.3 SEK 89.0 SEK 157 EUR 24.1 SEK 456 SEK 134 EUR 7.90 SEK 177 SEK 72.1 NOK 37.8 SEK 177 SEK 140 DKK 181 SEK 223 SEK 84.0 SEK 201 SEK 76.1 SEK 289 SEK 39.2 EUR 37.2 SEK 76.1 NOK 16.5

Direction of Recommendation Buy Buy Neutral Buy Neutral Neutral Reduce Buy Neutral Buy Neutral Neutral Neutral Buy Neutral Neutral Neutral Neutral Buy Neutral Neutral Buy Buy Accept bid Neutral Buy Neutral Buy No reco Neutral Buy No reco Buy Buy Buy Buy Neutral Neutral Buy Buy Neutral Neutral Buy

Validity Time Period Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice

15 January 2017

Swedbank recommendation tracking list Issuer REC Silicon Yara International Olympic Entertainment Group Assa Abloy Boliden Bonava Ericsson Hexpol Intrum Justitia Investor MTG Recipharm SCA Telenor Telenor Alfa Laval Gunnebo Lindab Sandvik Sweco Trelleborg Volvo Aker Asa Entra Marine Harvest Olainfarm Atlas Copco Handelsbanken Husqvarna JM SOBI Handelsbanken REC Silicon Orkla Beijer Electronics Betsson Corem Property Group Getinge Haldex Kindred NP3 SEB Victoria Park

Date of dissemination 2016-07-21 2016-07-21 2016-07-21 2016-07-20 2016-07-20 2016-07-20 2016-07-20 2016-07-20 2016-07-20 2016-07-20 2016-07-20 2016-07-20 2016-07-20 2016-07-20 2016-07-20 2016-07-19 2016-07-19 2016-07-19 2016-07-19 2016-07-19 2016-07-19 2016-07-19 2016-07-19 2016-07-19 2016-07-19 2016-07-19 2016-07-18 2016-07-18 2016-07-18 2016-07-18 2016-07-18 2016-07-18 2016-07-18 2016-07-16 2016-07-15 2016-07-15 2016-07-15 2016-07-15 2016-07-15 2016-07-15 2016-07-15 2016-07-15 2016-07-15

Analyst's name Peter Hermanrud, Andreas Bertheussen Hans-Erik Jacobsen, Ingvild Almestad Aasen Marek Randma Anders Roslund, Mats Liss Ola Södermark, Mats Liss Jan Ihrfelt, CFA, Markus Gustafsson Mathias Lundberg, Stefan Wård Mats Liss Adonis Catic Johan Unnerus, Mathias Lundberg Stefan Wård Johan Unnerus Ola Södermark Stefan Olsson, Stefan Wård Stefan Olsson, Stefan Wård Anders Roslund, Mats Liss Mats Liss Mats Liss, Ola Södermark Anders Roslund, Mats Liss Erik Elander, Stefan Wård Mats Liss Mats Liss, Anders Roslund Peter Hermanrud, Vetle Holt Johansen Peter Hermanrud, André Buhagen Marius Gaard Andrej Rodionov, CFA Anders Roslund, Mats Liss Adonis Catic, Bengt Kirkøen Anders Roslund, Mats Liss Jan Ihrfelt, CFA, Markus Gustafsson Johan Unnerus Adonis Catic, Bengt Kirkøen Peter Hermanrud, Andreas Bertheussen Marius Gaard, Hans Marius Lee Ludvigsen Anders Roslund, Mats Larsson Mathias Lundberg Jan Ihrfelt, CFA, Markus Gustafsson Johan Unnerus Mats Liss Mathias Lundberg Jan Ihrfelt, CFA, Markus Gustafsson Adonis Catic, Bengt Kirkøen Jan Ihrfelt, CFA, Markus Gustafsson

Price Target NOK 2.70 NOK 325 EUR 2.15 SEK 200 SEK 205 SEK 110 SEK 70.0 SEK 90.0 SEK 285 SEK 330 SEK 295 SEK 140 SEK 285 NOK 165 NOK 165 SEK 135 SEK 47.0 SEK 77.0 SEK 100.0 SEK 170 SEK 175 SEK 105 NOK 260 NOK 94.0 NOK 160 EUR 8.50 SEK 240 SEK 91.0 SEK 75.0 SEK 230 SEK 150 SEK 91.0 NOK 2.70 NOK 76.0 SEK 58.0 SEK 87.0 SEK 33.0 SEK 195 SEK 80.0 SEK 125 SEK 51.0 SEK 85.0 SEK 23.0

Relevant Market Price NOK 1.59 NOK 274 EUR 1.92 SEK 185 SEK 183 SEK 102 SEK 60.8 SEK 91.1 SEK 267 SEK 285 SEK 215 SEK 124 SEK 260 NOK 148 NOK 148 SEK 129 SEK 43.9 SEK 68.9 SEK 88.2 SEK 153 SEK 158 SEK 88.8 NOK 237 NOK 84.8 NOK 143 EUR 7.60 SEK 235 SEK 104 SEK 70.3 SEK 208 SEK 114 SEK 104 NOK 1.76 NOK 78.2 SEK 47.0 SEK 72.1 SEK 32.0 SEK 173 SEK 105 SEK 81.2 SEK 45.0 SEK 73.5 SEK 21.5

Direction of Recommendation Strong Buy Neutral Buy Buy Buy Neutral Neutral Buy Neutral Buy Buy Buy Buy Strong Buy Strong Buy Neutral Buy Buy Buy Buy Buy Buy Buy Strong Buy Buy Neutral Neutral Reduce Neutral Neutral Buy Reduce Strong Buy Neutral Buy Buy Buy Buy Deny bid Buy Buy Buy Neutral

Validity Time Period Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice

15 January 2017

Swedbank recommendation tracking list Issuer Akastor Aker Solutions Gjensidige Forsikring Kvaerner ASA SEB Tallinna Kaubamaja Investor Kungsleden Aker BP ASA DNB Norwegian Air Shuttle ASA Storebrand AF Atrium Ljungberg Beijer Electronics Bulten Com Hem Ericsson Husqvarna Itab Shop Concept Kongsberg Automotive ASA Lucara Diamond Corp. Metso Wärtsilä Kongsberg Automotive ASA Nordic Semiconductor Olympic Entertainment Group Diös Fabege Gunnebo Industrivärden Klövern Saab Wihlborgs Hafslund ASA Norwegian Property ASA Hexpol NP3 Outokumpu Entra Etrion Corporation Norwegian Property ASA Gränges

Date of dissemination 2016-07-15 2016-07-15 2016-07-15 2016-07-15 2016-07-15 2016-07-15 2016-07-14 2016-07-14 2016-07-14 2016-07-14 2016-07-14 2016-07-14 2016-07-13 2016-07-13 2016-07-13 2016-07-13 2016-07-13 2016-07-13 2016-07-13 2016-07-13 2016-07-13 2016-07-13 2016-07-13 2016-07-13 2016-07-13 2016-07-13 2016-07-13 2016-07-12 2016-07-12 2016-07-12 2016-07-12 2016-07-12 2016-07-12 2016-07-12 2016-07-12 2016-07-12 2016-07-11 2016-07-11 2016-07-11 2016-07-11 2016-07-11 2016-07-11 2016-07-08

Analyst's name Magnus Olsvik Magnus Olsvik, Stig Erik Kyrkjeeide Bengt Kirkøen, Hans Marius Lee Ludvigsen Magnus Olsvik Adonis Catic, Bengt Kirkøen Marek Randma Johan Unnerus, Mathias Lundberg Jan Ihrfelt, CFA, Markus Gustafsson Teodor Sveen-Nilsen, Marlene Skjellet Granerud Bengt Kirkøen, Ingvild Almestad Aasen Hans-Erik Jacobsen, Ingvild Almestad Aasen Bengt Kirkøen, Hans Marius Lee Ludvigsen Stefan Wård Jan Ihrfelt, CFA, Markus Gustafsson Anders Roslund, Mats Larsson Mats Liss, Andrej Rodionov, CFA Stefan Wård, Mathias Lundberg Mathias Lundberg, Stefan Wård Anders Roslund, Mats Liss Erik Elander, Mats Larsson Mats Liss Ola Södermark Anders Roslund Anders Roslund Mats Liss Andreas Bertheussen, André Buhagen Marek Randma Jan Ihrfelt, CFA, Markus Gustafsson Jan Ihrfelt, CFA, Markus Gustafsson Mats Liss Mathias Lundberg, Anders Roslund Jan Ihrfelt, CFA, Markus Gustafsson Mats Liss Jan Ihrfelt, CFA, Markus Gustafsson Marius Gaard Peter Hermanrud, André Buhagen Mats Liss Jan Ihrfelt, CFA, Markus Gustafsson Ola Södermark Peter Hermanrud, André Buhagen Peter Hermanrud, Andreas Bertheussen Peter Hermanrud, André Buhagen Mats Liss, Andrej Rodionov, CFA

Price Target NOK 5.50 NOK 40.0 NOK 145 NOK 11.0 SEK 85.0 EUR 7.50 SEK 325 SEK 67.0 NOK 116 NOK 120 NOK 400 NOK 45.0 SEK 160 SEK 145 SEK 63.0 SEK 88.0 SEK 75.0 SEK 70.0 SEK 70.0 SEK 70.0 SEK 26.0 EUR 22.0 EUR 42.0 NOK 50.0 EUR 2.10 SEK 53.3 SEK 155 SEK 47.0 SEK 144 SEK 11.0 SEK 320 SEK 180 NOK 85.0 NOK 11.9 SEK 92.0 SEK 47.0 EUR 4.20 NOK 94.0 USD 0.24 NOK 11.2 SEK 90.0

Relevant Market Price NOK 8.68 NOK 36.9 NOK 143 NOK 7.85 SEK 73.5 EUR 7.15 SEK 280 SEK 58.8 NOK 109 NOK 93.0 NOK 307 NOK 31.2 SEK 143 SEK 143 SEK 48.5 SEK 82.3 SEK 73.3 SEK 66.3 SEK 64.8 SEK 66.8 NOK 5.35 SEK 20.1 EUR 22.9 EUR 38.3 NOK 5.35 NOK 36.1 EUR 1.98 SEK 48.4 SEK 148 SEK 43.3 SEK 138 SEK 9.89 SEK 285 SEK 180 NOK 73.0 NOK 9.45 SEK 84.8 SEK 42.5 EUR 4.09 NOK 78.5 SEK 1.79 NOK 9.19 SEK 70.0

Direction of Recommendation Reduce Neutral Neutral Buy Buy Neutral Buy Buy Neutral Buy Buy Buy Buy Neutral Buy Buy Neutral Neutral Neutral Neutral No reco Buy Neutral Neutral No reco Buy Buy Buy Buy Buy Neutral Buy Buy Neutral Neutral Strong Buy Neutral Buy Neutral Strong Buy Neutral Strong Buy Buy

Validity Time Period Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice

15 January 2017

Swedbank recommendation tracking list Issuer Stora Enso Link Mobility Group ASA Orkla Nordic Semiconductor SpareBank 1 SR-Bank Sparebanken Vest Tallink Boliden Handelsbanken Lundin Mining Nordea SEB Swedbank Aqualis Handelsbanken Nordea Norwegian Air Shuttle ASA SEB Scatec Solar ASA Swedbank AF Lindab SCA Emgs Grieg Seafood Kvaerner ASA Betsson Bulten Com Hem Kongsberg Automotive ASA MTG Kongsberg Automotive ASA Marine Harvest REC Silicon SpareBank 1 Nord-Norge SpareBank 1 SMN Sparebanken Vest Apranga Bilia Trelleborg AstraZeneca Intrum Justitia Novo Nordisk

Date of dissemination 2016-07-08 2016-07-08 2016-07-08 2016-07-07 2016-07-07 2016-07-07 2016-07-07 2016-07-06 2016-07-06 2016-07-06 2016-07-06 2016-07-06 2016-07-06 2016-07-06 2016-07-06 2016-07-06 2016-07-06 2016-07-06 2016-07-06 2016-07-06 2016-07-05 2016-07-05 2016-07-05 2016-07-05 2016-07-05 2016-07-05 2016-07-04 2016-07-04 2016-07-04 2016-07-04 2016-07-04 2016-07-04 2016-07-04 2016-07-04 2016-07-04 2016-07-04 2016-07-04 2016-07-04 2016-07-03 2016-07-03 2016-07-01 2016-07-01 2016-07-01

Analyst's name Ola Södermark Andreas Bertheussen Marius Gaard, Hans Marius Lee Ludvigsen Andreas Bertheussen, André Buhagen Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Marek Randma Ola Södermark, Mats Liss Adonis Catic, Bengt Kirkøen Ola Södermark, Mats Liss Adonis Catic, Bengt Kirkøen Adonis Catic, Bengt Kirkøen Adonis Catic, Bengt Kirkøen Magnus Olsvik Adonis Catic, Bengt Kirkøen Adonis Catic, Bengt Kirkøen Hans-Erik Jacobsen, Ingvild Almestad Aasen Adonis Catic, Bengt Kirkøen Andreas Bertheussen Adonis Catic, Bengt Kirkøen Stefan Wård Mats Liss, Ola Södermark Ola Södermark Teodor Sveen-Nilsen, Magnus Olsvik Marius Gaard Magnus Olsvik Mathias Lundberg Mats Liss, Andrej Rodionov, CFA Stefan Wård, Mathias Lundberg Mats Liss Stefan Wård Mats Liss Marius Gaard Peter Hermanrud, Andreas Bertheussen Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Andrej Rodionov, CFA Mats Liss Mats Liss Johan Unnerus Adonis Catic Johan Unnerus

Price Target EUR 9.00 NOK 142 NOK 76.0 NOK 60.0 NOK 58.0 NOK 46.0 EUR 1.15 SEK 190 SEK 90.0 SEK 33.0 SEK 75.0 SEK 85.0 NOK 6.00 SEK 90.0 SEK 75.0 NOK 400 SEK 85.0 NOK 56.0 SEK 150 SEK 70.0 SEK 290 NOK 4.00 NOK 65.0 NOK 11.0 SEK 87.0 SEK 90.0 SEK 75.0 SEK 310 NOK 160 NOK 2.70 NOK 51.0 NOK 69.0 NOK 49.0 EUR 2.90 SEK 220 SEK 175 SEK 545 SEK 285 DKK 375

Relevant Market Price EUR 7.18 NOK 90.0 NOK 74.2 NOK 33.3 NOK 36.8 NOK 35.0 EUR 0.91 SEK 165 SEK 95.8 SEK 30.3 SEK 68.1 SEK 69.8 SEK 171 NOK 2.70 SEK 95.8 SEK 68.1 NOK 281 SEK 69.8 NOK 35.7 SEK 171 SEK 142 SEK 64.8 SEK 272 NOK 6.80 NOK 54.0 NOK 7.75 SEK 67.5 SEK 81.5 SEK 73.2 NOK 5.52 SEK 225 NOK 5.52 NOK 143 NOK 1.43 NOK 40.2 NOK 47.3 NOK 35.1 EUR 2.47 SEK 210 SEK 152 SEK 506 SEK 263 DKK 358

Direction of Recommendation Buy Strong Buy Neutral Buy Buy Buy Buy Buy Reduce Neutral Neutral Buy No reco Buy Reduce Neutral Buy Buy Buy No reco Neutral Buy Buy Reduce Buy Buy Buy Buy Neutral No reco Buy No reco Buy Strong Buy Buy Buy Strong Buy Buy Neutral Buy Buy Neutral Neutral

Validity Time Period Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice

15 January 2017

Swedbank recommendation tracking list Issuer Emgs Gjensidige Forsikring Link Mobility Group ASA Ship Finance International Storebrand Kappahl Lucara Diamond Corp. Bakkafrost Ensco Plc Kvaerner ASA Ocean Rig UDW Pacific Drilling S.A. Autoliv Concentric Haldex DNB Norsk Hydro Ocean Yield Danske Bank SOBI DNB Emgs North Energy ASA Norwegian Energy Company Petroleum Geo Services Polarcus Spectrum Tgs Nopec Geophysical ABB Electrolux Volvo Africa Oil Corp. Aker BP ASA Atlantic Petroleum Atwood Oceanics DHT Holdings, Inc. DNO International Diamond Offshore Drilling EnQuest Ensco Plc Fred Olsen Energy Interoil Lundin Petroleum

Date of dissemination 2016-07-01 2016-07-01 2016-07-01 2016-07-01 2016-07-01 2016-06-30 2016-06-30 2016-06-30 2016-06-30 2016-06-30 2016-06-30 2016-06-30 2016-06-29 2016-06-29 2016-06-29 2016-06-29 2016-06-29 2016-06-29 2016-06-28 2016-06-28 2016-06-28 2016-06-28 2016-06-28 2016-06-28 2016-06-28 2016-06-28 2016-06-28 2016-06-28 2016-06-27 2016-06-27 2016-06-27 2016-06-27 2016-06-27 2016-06-27 2016-06-27 2016-06-27 2016-06-27 2016-06-27 2016-06-27 2016-06-27 2016-06-27 2016-06-27 2016-06-27

Analyst's name Teodor Sveen-Nilsen, Magnus Olsvik Bengt Kirkøen, Hans Marius Lee Ludvigsen Andreas Bertheussen Erik Folkeson, Jonas Shum Bengt Kirkøen, Hans Marius Lee Ludvigsen Stefan Olsson Ola Södermark Marius Gaard Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Mats Liss, Anders Roslund Mats Liss Mats Liss Bengt Kirkøen, Ingvild Almestad Aasen Hans-Erik Jacobsen, Ingvild Almestad Aasen Erik Folkeson Adonis Catic, Bengt Kirkøen Johan Unnerus Bengt Kirkøen, Ingvild Almestad Aasen Teodor Sveen-Nilsen, Magnus Olsvik Teodor Sveen-Nilsen, Marlene Skjellet Granerud Teodor Sveen-Nilsen, Marlene Skjellet Granerud Teodor Sveen-Nilsen, Magnus Olsvik Teodor Sveen-Nilsen, Magnus Olsvik Teodor Sveen-Nilsen, Magnus Olsvik Teodor Sveen-Nilsen, Magnus Olsvik Anders Roslund, Mats Liss Anders Roslund, Mats Liss Mats Liss, Anders Roslund Teodor Sveen-Nilsen, Marlene Skjellet Granerud Teodor Sveen-Nilsen, Marlene Skjellet Granerud Teodor Sveen-Nilsen, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Erik Folkeson Teodor Sveen-Nilsen, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Teodor Sveen-Nilsen Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Teodor Sveen-Nilsen, Marlene Skjellet Granerud Teodor Sveen-Nilsen, Marlene Skjellet Granerud

Price Target NOK 6.00 NOK 142 NOK 140 USD 15.0 NOK 45.0 SEK 38.0 SEK 26.0 NOK 335 USD 11.0 NOK 11.0

SEK 1050 SEK 105 SEK 80.0 NOK 120 NOK 38.0 NOK 65.0 DKK 205 SEK 145 NOK 130 NOK 6.00 NOK 1.00 NOK 35.0 NOK 0.75 NOK 30.0 NOK 120 SEK 185 SEK 260 SEK 95.0 SEK 18.0 NOK 92.0 NOK 5.00 USD 12.0 USD 4.90 NOK 12.0 USD 21.0 SEK 3.00 USD 11.0 USD 3.97 NOK 1.00 SEK 128

Relevant Market Price NOK 6.80 NOK 139 NOK 88.0 USD 14.7 NOK 31.4 SEK 33.0 SEK 22.8 NOK 322 USD 9.92 NOK 7.32 USD 2.53 USD 7.35 SEK 931 SEK 95.8 SEK 76.5 NOK 97.6 NOK 29.7 NOK 57.5 DKK 165 SEK 97.3 NOK 96.7 NOK 7.20 NOK 1.32 NOK 19.6 NOK 19.2 NOK 0.60 NOK 25.0 NOK 125 SEK 176 SEK 234 SEK 92.9 SEK 12.4 NOK 95.1 NOK 10.1 USD 12.3 USD 5.14 NOK 8.95 USD 24.6 SEK 3.77 USD 9.94 NOK 27.5 NOK 2.30 SEK 154

Direction of Recommendation Reduce Neutral Strong Buy Neutral Buy Neutral Neutral Neutral Neutral Buy No reco No reco Buy Buy Neutral Buy Neutral Buy Buy Buy Buy Reduce Reduce No reco Buy Neutral Buy Neutral Neutral Buy Buy Buy Neutral Reduce Neutral Reduce Buy Reduce Neutral Neutral Neutral Sell Reduce

Validity Time Period Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice

15 January 2017

Swedbank recommendation tracking list Issuer Noble Corp. Norwegian Air Shuttle ASA Ocean Rig UDW Odfjell Drilling Ltd Panoro Energy Prosafe Questerre Energy Corp. Rowan Companies Inc Seadrill Limited ShaMaran Petroleum Statoil Stolt-Nielsen Ltd Transocean Inc Wentworth Resources Africa Oil Corp. Atlantic Petroleum EnQuest Interoil Link Mobility Group ASA North Energy ASA Questerre Energy Corp. ShaMaran Petroleum Statoil Wentworth Resources Alfa Laval Atlas Copco H&M Lucara Diamond Corp. Nordea SKF Sandvik Volvo BW Offshore Ltd Nordea Getinge NCC Autoliv Emgs Ocean Yield Polarcus Assa Abloy Austevoll Seafood ASA Nordic Semiconductor

Date of dissemination 2016-06-27 2016-06-27 2016-06-27 2016-06-27 2016-06-27 2016-06-27 2016-06-27 2016-06-27 2016-06-27 2016-06-27 2016-06-27 2016-06-27 2016-06-27 2016-06-27 2016-06-24 2016-06-24 2016-06-24 2016-06-24 2016-06-24 2016-06-24 2016-06-24 2016-06-24 2016-06-24 2016-06-24 2016-06-23 2016-06-23 2016-06-23 2016-06-23 2016-06-23 2016-06-23 2016-06-23 2016-06-23 2016-06-23 2016-06-23 2016-06-22 2016-06-22 2016-06-21 2016-06-21 2016-06-21 2016-06-21 2016-06-20 2016-06-20 2016-06-20

Analyst's name Magnus Olsvik, Marlene Skjellet Granerud Hans-Erik Jacobsen, Ingvild Almestad Aasen Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Teodor Sveen-Nilsen, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Teodor Sveen-Nilsen, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Teodor Sveen-Nilsen, Marlene Skjellet Granerud Teodor Sveen-Nilsen, Marlene Skjellet Granerud Erik Folkeson Magnus Olsvik, Marlene Skjellet Granerud Teodor Sveen-Nilsen, Marlene Skjellet Granerud Teodor Sveen-Nilsen, Marlene Skjellet Granerud Teodor Sveen-Nilsen, Marlene Skjellet Granerud Teodor Sveen-Nilsen Teodor Sveen-Nilsen, Marlene Skjellet Granerud Andreas Bertheussen Teodor Sveen-Nilsen, Marlene Skjellet Granerud Teodor Sveen-Nilsen, Marlene Skjellet Granerud Teodor Sveen-Nilsen, Marlene Skjellet Granerud Teodor Sveen-Nilsen, Marlene Skjellet Granerud Teodor Sveen-Nilsen, Marlene Skjellet Granerud Anders Roslund, Mats Liss Anders Roslund, Mats Liss Stefan Olsson Ola Södermark Adonis Catic, Bengt Kirkøen Anders Roslund, Mats Liss Anders Roslund, Mats Liss Mats Liss, Anders Roslund Stig Erik Kyrkjeeide, Magnus Olsvik Adonis Catic, Bengt Kirkøen Johan Unnerus Jan Ihrfelt, CFA, Markus Gustafsson Mats Liss, Anders Roslund Teodor Sveen-Nilsen, Magnus Olsvik Erik Folkeson Teodor Sveen-Nilsen, Magnus Olsvik Anders Roslund, Mats Liss Marius Gaard Andreas Bertheussen, André Buhagen

Price Target USD 8.00 NOK 400 USD 0.84 NOK 6.00 NOK 1.50 USD 16.0 USD 1.80 SEK 0.80 NOK 125 NOK 135 USD 9.50 NOK 5.50 SEK 18.0 NOK 5.00 SEK 3.00 NOK 1.00 NOK 100.0 NOK 1.00 NOK 1.50 SEK 0.80 NOK 125 NOK 5.50 SEK 140 SEK 230 SEK 300 SEK 28.0 SEK 75.0 SEK 150 SEK 97.0 SEK 105 SEK 75.0 SEK 195 SEK 200 SEK 1125 NOK 6.00 NOK 65.0 NOK 0.75 SEK 195 NOK 73.0 NOK 60.0

Relevant Market Price USD 8.68 NOK 312 USD 2.79 NOK 4.70 NOK 3.78 NOK 104 NOK 1.25 USD 17.8 NOK 27.2 SEK 0.49 NOK 139 NOK 94.0 USD 11.3 NOK 3.14 SEK 12.4 NOK 10.1 SEK 3.77 NOK 2.42 NOK 81.5 NOK 1.40 NOK 1.27 SEK 0.49 NOK 141 NOK 3.08 SEK 132 SEK 220 SEK 254 SEK 21.7 SEK 78.6 SEK 147 SEK 87.0 SEK 92.0 NOK 8.77 SEK 78.6 SEK 170 SEK 194 SEK 1014 NOK 6.80 NOK 54.0 NOK 0.57 SEK 162 NOK 71.0 NOK 36.9

Direction of Recommendation Reduce Buy No reco Neutral Neutral No reco Neutral Reduce Reduce Neutral Reduce Buy Reduce Buy Buy Reduce Neutral Sell Buy Reduce Neutral Neutral Reduce Buy Neutral Neutral Buy Neutral Neutral Neutral Buy Buy No reco Neutral Neutral Neutral Buy Reduce Buy Neutral Buy Neutral Buy

Validity Time Period Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice

15 January 2017

Swedbank recommendation tracking list Issuer MQ Tgs Nopec Geophysical Kinnevik Lindab Stockmann Hexagon Composites Overseas Shipholding Group, Inc. Ericsson Gränges SAS Tanker Investments Ltd. Bonava Aker BP ASA BillerudKorsnäs Boliden Clas Ohlson Com Hem Systemair Panoro Energy Aker BP ASA Tallink Statoil Frontline Elekta NCC REC Silicon Grindeks Linas Agro Group Olainfarm Kvaerner ASA SAS Volvo Gjensidige Forsikring Golden Ocean Group Songa Offshore Norwegian Energy Company Seadrill Limited Sevan Drilling ASA Ship Finance International SSAB Sandvik Systemair Archer

Date of dissemination 2016-06-16 2016-06-16 2016-06-15 2016-06-15 2016-06-15 2016-06-15 2016-06-15 2016-06-14 2016-06-14 2016-06-14 2016-06-13 2016-06-10 2016-06-10 2016-06-09 2016-06-09 2016-06-09 2016-06-09 2016-06-09 2016-06-08 2016-06-07 2016-06-07 2016-06-06 2016-06-03 2016-06-02 2016-06-02 2016-06-02 2016-06-02 2016-06-02 2016-06-02 2016-06-01 2016-05-31 2016-05-30 2016-05-30 2016-05-27 2016-05-27 2016-05-26 2016-05-26 2016-05-26 2016-05-26 2016-05-25 2016-05-25 2016-05-25 2016-05-25

Analyst's name Anders Roslund Teodor Sveen-Nilsen, Magnus Olsvik Stefan Wård Mats Liss, Ola Södermark Marek Randma Hans-Erik Jacobsen, Ingvild Almestad Aasen Erik Folkeson Mathias Lundberg, Stefan Wård Mats Liss, Andrej Rodionov, CFA Hans-Erik Jacobsen, Ingvild Almestad Aasen Erik Folkeson Jan Ihrfelt, CFA, Markus Gustafsson Teodor Sveen-Nilsen, Marlene Skjellet Granerud Ola Södermark Ola Södermark, Mats Liss Stefan Olsson Stefan Wård, Mathias Lundberg Mats Liss Teodor Sveen-Nilsen, Marlene Skjellet Granerud Teodor Sveen-Nilsen, Marlene Skjellet Granerud Marek Randma Teodor Sveen-Nilsen, Marlene Skjellet Granerud Erik Folkeson Johan Unnerus Jan Ihrfelt, CFA, Markus Gustafsson Peter Hermanrud, Andreas Bertheussen Andrej Rodionov, CFA Andrej Rodionov, CFA Andrej Rodionov, CFA Magnus Olsvik Hans-Erik Jacobsen, Ingvild Almestad Aasen Mats Liss, Anders Roslund Bengt Kirkøen, Hans Marius Lee Ludvigsen Erik Folkeson Magnus Olsvik, Marlene Skjellet Granerud Teodor Sveen-Nilsen, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Erik Folkeson, Jonas Shum Ola Södermark, Mats Liss Anders Roslund, Mats Liss Mats Liss Magnus Olsvik

Price Target SEK 40.0 NOK 120 SEK 282 SEK 73.0 EUR 7.80 NOK 30.0 USD 12.5 SEK 70.0 SEK 80.0 SEK 20.0 NOK 65.0 SEK 110 NOK 92.0 SEK 155 SEK 175 SEK 135 SEK 75.0 SEK 115 NOK 6.00 NOK 88.0 EUR 1.15 NOK 125 NOK 60.0 SEK 62.0 SEK 310 NOK 2.70 EUR 0.65 EUR 8.50 NOK 8.50 SEK 25.0 SEK 105 NOK 142 NOK 50.0

USD 1.81 USD 15.0 SEK 95.0 SEK 110

Relevant Market Price SEK 35.0 NOK 120 SEK 184 SEK 66.1 EUR 5.83 NOK 22.5 USD 10.5 SEK 61.1 SEK 64.0 SEK 18.5 NOK 56.5 SEK 107 NOK 83.8 SEK 128 SEK 155 SEK 154 SEK 72.3 SEK 103 NOK 4.98 NOK 84.7 EUR 1.02 NOK 132 NOK 71.8 SEK 63.0 SEK 200 NOK 1.86 EUR 4.51 EUR 0.66 EUR 7.57 NOK 7.81 SEK 23.2 SEK 92.5 NOK 143 NOK 28.3 NOK 32.0 NOK 19.6 NOK 29.3 NOK 2.62 USD 16.0 SEK 22.3 SEK 83.3 SEK 102 NOK 6.48

Direction of Recommendation Buy Neutral Strong Buy Buy Buy Buy Neutral Neutral Buy Neutral Buy Neutral Neutral Buy Buy Reduce Neutral Neutral Neutral Neutral Buy Reduce Reduce Neutral Neutral Strong Buy No reco Neutral Neutral Buy Neutral Buy Neutral Strong Buy No reco No reco Reduce No reco Neutral No reco Buy Neutral No reco

Validity Time Period Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice

15 January 2017

Swedbank recommendation tracking list Issuer AstraZeneca Atwood Oceanics Austevoll Seafood ASA Awilco Drilling PLC Bakkafrost Diamond Offshore Drilling Fred Olsen Energy Grieg Seafood Havfisk ASA Leroy Seafood Marine Harvest Noble Corp. Norway Royal Salmon ASA Ocean Rig UDW Odfjell Drilling Ltd Pacific Drilling S.A. Prosafe SalMar Seadrill Limited Songa Offshore SpareBank 1 Nord-Norge SpareBank 1 SR-Bank Transocean Inc Avance Gas Holding Ltd. SCA BW LPG Ltd. Tanker Investments Ltd. Danske Bank Handelsbanken Nordea Oriflame Cosmetics SEB Swedbank DNB Handelsbanken Nordea SEB Sino Agro Food Swedbank Tanker Investments Ltd. Wentworth Resources Nordecon Golar LNG Ltd

Date of dissemination 2016-05-24 2016-05-24 2016-05-24 2016-05-24 2016-05-24 2016-05-24 2016-05-24 2016-05-24 2016-05-24 2016-05-24 2016-05-24 2016-05-24 2016-05-24 2016-05-24 2016-05-24 2016-05-24 2016-05-24 2016-05-24 2016-05-24 2016-05-24 2016-05-24 2016-05-24 2016-05-24 2016-05-23 2016-05-20 2016-05-20 2016-05-20 2016-05-19 2016-05-19 2016-05-19 2016-05-19 2016-05-19 2016-05-19 2016-05-19 2016-05-19 2016-05-19 2016-05-19 2016-05-19 2016-05-19 2016-05-19 2016-05-19 2016-05-19 2016-05-18

Analyst's name Johan Unnerus Magnus Olsvik, Marlene Skjellet Granerud Marius Gaard Magnus Olsvik, Marlene Skjellet Granerud Marius Gaard Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Marius Gaard Marius Gaard Marius Gaard Marius Gaard Magnus Olsvik, Marlene Skjellet Granerud Marius Gaard Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Marius Gaard Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Magnus Olsvik, Marlene Skjellet Granerud Erik Folkeson, Inactive Inactive Ola Södermark Erik Folkeson Erik Folkeson Adonis Catic, Bengt Kirkøen Adonis Catic, Bengt Kirkøen Adonis Catic, Bengt Kirkøen Anders Roslund Adonis Catic, Bengt Kirkøen Adonis Catic, Bengt Kirkøen Bengt Kirkøen, Ingvild Almestad Aasen Adonis Catic, Bengt Kirkøen Adonis Catic, Bengt Kirkøen Adonis Catic, Bengt Kirkøen Marius Gaard Adonis Catic, Bengt Kirkøen Erik Folkeson Teodor Sveen-Nilsen, Marlene Skjellet Granerud Marek Randma Christian Olsen Nordby

Price Target SEK 515 USD 10.00 NOK 77.0 NOK 27.0 NOK 325 USD 21.0 USD 4.29 NOK 55.0 NOK 36.0 NOK 440 NOK 153 USD 11.0 NOK 137 USD 0.91

NOK 222 USD 1.87 NOK 51.0 NOK 58.0 USD 10.00 NOK 46.0 SEK 275 NOK 39.0 NOK 62.0 DKK 215 SEK 110 SEK 92.0 SEK 175 SEK 93.0 NOK 130 SEK 110 SEK 92.0 SEK 93.0 USD 12.2 NOK 62.0 NOK 5.50 EUR 1.25 USD 35.0

Relevant Market Price SEK 478 USD 10.8 NOK 71.5 NOK 24.2 NOK 315 USD 23.8 NOK 31.6 NOK 44.6 NOK 30.6 NOK 415 NOK 133 USD 8.29 NOK 97.8 USD 2.07 NOK 4.81 USD 0.44 NOK 311 NOK 230 NOK 25.7 NOK 33.0 NOK 38.2 NOK 40.0 USD 9.05 NOK 42.2 SEK 255 NOK 46.6 NOK 60.3 DKK 181 SEK 103 SEK 77.5 SEK 186 SEK 75.8 SEK 171 NOK 100 SEK 103 SEK 77.5 SEK 75.8 USD 5.00 SEK 171 NOK 64.0 NOK 3.70 EUR 1.11 USD 17.6

Direction of Recommendation Buy Neutral Buy Neutral Neutral Reduce Neutral Buy Neutral Buy Buy Reduce Buy No reco Neutral No reco No reco Neutral Reduce No reco Buy Buy Reduce Neutral Buy Neutral Neutral Buy Neutral Buy Neutral Buy No reco Buy Neutral Buy Buy Buy No reco Neutral Buy Buy Buy

Validity Time Period Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice

15 January 2017

Swedbank recommendation tracking list Issuer Golden Ocean Group Höegh LNG Holdings Ltd Link Mobility Group ASA Storebrand Tgs Nopec Geophysical Wilh. Wilhelmsen ASA Bactiguard Besqab Elekta Skanska Emgs Polarcus Olainfarm Tallink Itab Shop Concept Nibe Industrier Opus Group Sweco AF Gruppen Aker BP ASA Farstad Shipping Odfjell Atlas Copco Bactiguard Balder Hexagon Mekonomen Nokia Peab Austevoll Seafood ASA Hexagon Composites Lundin Petroleum Veidekke Yara International Lucara Diamond Corp. Trelleborg Bakkafrost Silvano Fashion Group Securitas Telenor Grieg Seafood Telenor Merko Ehitus

Date of dissemination 2016-05-18 2016-05-18 2016-05-18 2016-05-18 2016-05-18 2016-05-18 2016-05-13 2016-05-13 2016-05-13 2016-05-13 2016-05-13 2016-05-13 2016-05-13 2016-05-13 2016-05-12 2016-05-12 2016-05-12 2016-05-12 2016-05-12 2016-05-12 2016-05-12 2016-05-12 2016-05-11 2016-05-11 2016-05-11 2016-05-11 2016-05-11 2016-05-11 2016-05-11 2016-05-11 2016-05-11 2016-05-11 2016-05-11 2016-05-11 2016-05-10 2016-05-10 2016-05-10 2016-05-10 2016-05-09 2016-05-09 2016-05-09 2016-05-09 2016-05-09

Analyst's name Erik Folkeson Christian Olsen Nordby Andreas Bertheussen Bengt Kirkøen, Hans Marius Lee Ludvigsen Teodor Sveen-Nilsen, Magnus Olsvik Erik Folkeson Johan Unnerus Jan Ihrfelt, CFA, Markus Gustafsson Johan Unnerus Jan Ihrfelt, CFA, Markus Gustafsson Teodor Sveen-Nilsen, Magnus Olsvik Teodor Sveen-Nilsen, Magnus Olsvik Andrej Rodionov, CFA Marek Randma Erik Elander, Mats Larsson Mats Liss Mats Liss, Andrej Rodionov, CFA Erik Elander, Stefan Wård Bengt Kirkøen, Ingvild Almestad Aasen Teodor Sveen-Nilsen, Marlene Skjellet Granerud Stig Erik Kyrkjeeide Erik Folkeson Anders Roslund, Mats Liss Johan Unnerus Jan Ihrfelt, CFA, Markus Gustafsson Mathias Lundberg, Anders Roslund Mats Liss Mathias Lundberg, Stefan Wård Jan Ihrfelt, CFA, Markus Gustafsson Marius Gaard Hans-Erik Jacobsen, Ingvild Almestad Aasen Teodor Sveen-Nilsen, Marlene Skjellet Granerud Bengt Kirkøen, Ingvild Almestad Aasen Hans-Erik Jacobsen, Ingvild Almestad Aasen Ola Södermark Mats Liss Marius Gaard Andrej Rodionov, CFA Stefan Wård Stefan Olsson, Stefan Wård Marius Gaard Stefan Olsson, Stefan Wård Marek Randma

Price Target NOK 20.0 NOK 120 NOK 86.0 NOK 45.0 NOK 120 NOK 48.0 SEK 13.0 SEK 195 SEK 60.0 SEK 185 NOK 6.00 NOK 0.75 EUR 9.00 EUR 1.15 SEK 75.0 SEK 73.9 SEK 5.00 SEK 150 NOK 120 NOK 80.0 NOK 45.0 SEK 230 SEK 13.0 SEK 220 SEK 345 SEK 210 EUR 5.00 SEK 65.0 NOK 78.0 NOK 28.0 SEK 128 NOK 110 NOK 350 SEK 28.0 SEK 175 NOK 325 EUR 1.85 SEK 135 NOK 165 NOK 55.0 NOK 165 EUR 9.00

Relevant Market Price NOK 28.8 NOK 92.3 NOK 67.3 NOK 33.2 NOK 127 NOK 40.8 SEK 11.0 SEK 194 SEK 60.2 SEK 174 NOK 7.60 NOK 0.60 EUR 7.72 EUR 0.99 SEK 75.3 SEK 67.3 SEK 4.28 SEK 130 NOK 135 NOK 72.9 NOK 13.5 NOK 29.3 SEK 202 SEK 12.4 SEK 205 SEK 311 SEK 205 EUR 4.65 SEK 66.2 NOK 69.0 NOK 22.6 SEK 145 NOK 109 NOK 315 SEK 21.6 SEK 145 NOK 305 EUR 1.81 SEK 125 NOK 133 NOK 41.0 NOK 133 EUR 8.91

Direction of Recommendation Reduce Buy Buy Buy Reduce Buy Neutral Neutral Neutral Neutral Reduce Neutral Buy Buy Neutral Buy Buy Buy Neutral Neutral No reco Strong Buy Buy Neutral Buy Buy Buy Neutral Neutral Buy Neutral Reduce Neutral Neutral Buy Buy Neutral Neutral Buy Strong Buy Buy Strong Buy Neutral

Validity Time Period Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice

15 January 2017

Swedbank recommendation tracking list Issuer Mekonomen Nibe Industrier Opus Group ICA Gruppen Swedish Match Bakkafrost Leroy Seafood Marine Harvest SalMar Boliden Hufvudstaden Lucara Diamond Corp. Meda Nokia DNO International Helgeland Sparebank Kvaerner ASA Norway Royal Salmon ASA REC Silicon Rowan Companies Inc SB1 Ringerike Hadeland SpareBank 1 SMN Sparebanken Sør Sparebanken Vest Yara International Tallinna Vesi Ericsson Lindab Akastor Archer DHT Holdings, Inc. Odfjell Orkla Petroleum Geo Services Royal Caribbean Cruises Ekspress Grupp AstraZeneca NCC NP3 Novo Nordisk Stockmann Aker BP ASA Wilh. Wilhelmsen ASA

Date of dissemination 2016-05-08 2016-05-08 2016-05-08 2016-05-06 2016-05-06 2016-05-06 2016-05-06 2016-05-06 2016-05-06 2016-05-04 2016-05-04 2016-05-04 2016-05-04 2016-05-04 2016-05-04 2016-05-04 2016-05-04 2016-05-04 2016-05-04 2016-05-04 2016-05-04 2016-05-04 2016-05-04 2016-05-04 2016-05-04 2016-05-04 2016-05-03 2016-05-03 2016-05-03 2016-05-03 2016-05-03 2016-05-03 2016-05-03 2016-05-03 2016-05-03 2016-05-03 2016-05-02 2016-05-02 2016-05-02 2016-05-02 2016-05-02 2016-05-02 2016-05-02

Analyst's name Mats Liss Mats Liss Mats Liss, Andrej Rodionov, CFA Stefan Olsson Anders Roslund Marius Gaard Marius Gaard Marius Gaard Marius Gaard Ola Södermark, Mats Liss Jan Ihrfelt, CFA, Markus Gustafsson Ola Södermark Johan Unnerus Mathias Lundberg, Stefan Wård Teodor Sveen-Nilsen, Marlene Skjellet Granerud Bengt Kirkøen, Ingvild Almestad Aasen Magnus Olsvik Marius Gaard Peter Hermanrud, Andreas Bertheussen Magnus Olsvik, Marlene Skjellet Granerud Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Hans-Erik Jacobsen, Ingvild Almestad Aasen Marek Randma Mathias Lundberg, Stefan Wård Mats Liss, Ola Södermark Magnus Olsvik Magnus Olsvik Erik Folkeson Erik Folkeson Marius Gaard, Hans Marius Lee Ludvigsen Teodor Sveen-Nilsen, Magnus Olsvik Stig Erik Kyrkjeeide Andrej Rodionov, CFA Johan Unnerus Jan Ihrfelt, CFA, Markus Gustafsson Jan Ihrfelt, CFA, Markus Gustafsson Johan Unnerus Marek Randma Teodor Sveen-Nilsen, Marlene Skjellet Granerud Erik Folkeson

Price Target SEK 220 SEK 69.1 SEK 5.50 SEK 270 SEK 275 NOK 335 NOK 450 NOK 165 NOK 205 SEK 160 SEK 135 SEK 25.0 SEK 159 EUR 6.90 NOK 12.0 NOK 70.0 NOK 8.50 NOK 137 NOK 2.70 USD 16.0 NOK 205 NOK 69.0 NOK 79.0 NOK 49.0 NOK 375 EUR 13.5 SEK 80.0 SEK 68.0 NOK 6.00 USD 4.90 NOK 35.0 NOK 75.0 NOK 35.0 NOK 765 EUR 1.30 SEK 515 SEK 310 SEK 47.0 DKK 395 EUR 7.80 NOK 77.0 NOK 51.0

Relevant Market Price SEK 204 SEK 66.8 SEK 4.39 SEK 280 SEK 271 NOK 294 NOK 394 NOK 128 NOK 203 SEK 140 SEK 125 SEK 17.6 SEK 150 EUR 5.09 NOK 8.20 NOK 62.0 NOK 7.52 NOK 99.7 NOK 1.79 USD 18.0 NOK 170 NOK 49.0 NOK 65.5 NOK 34.0 NOK 320 EUR 14.7 SEK 64.5 SEK 64.3 NOK 10.8 NOK 6.29 USD 5.79 NOK 30.9 NOK 71.1 NOK 26.1 USD 78.7 EUR 1.29 SEK 470 SEK 179 SEK 42.5 DKK 363 EUR 6.06 NOK 71.9 NOK 42.9

Direction of Recommendation Buy Buy Buy Neutral Neutral Neutral Buy Buy Neutral Buy Neutral Buy Accept bid Neutral Buy Buy Buy Buy Strong Buy Reduce Buy Buy Buy Strong Buy Buy Reduce Neutral Buy Reduce No reco Reduce Buy Neutral Buy Buy Neutral Buy Buy Buy Neutral Buy Neutral Buy

Validity Time Period Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice

15 January 2017

Swedbank recommendation tracking list Issuer Apranga Autoliv Electrolux Hexpol Kungsleden Lundin Mining Recipharm SCA SKF Stora Enso Wihlborgs Aker BP ASA Aker Solutions Avance Gas Holding Ltd. Norway Royal Salmon ASA Orkla StrongPoint Subsea 7 S.A. Assa Abloy Corem Property Group Gränges Indutrade Kindred Lindab Outokumpu SOBI BW LPG Ltd. Concordia Maritime AB Ensco Plc Noble Corp. Olympic Entertainment Group Tallink AF Atlas Copco Beijer Electronics Bilia Diös Fabege Gunnebo Holmen Novo Nordisk Wallenstam Aqualis

Date of dissemination 2016-05-02 2016-05-01 2016-04-29 2016-04-29 2016-04-29 2016-04-29 2016-04-29 2016-04-29 2016-04-29 2016-04-29 2016-04-29 2016-04-29 2016-04-29 2016-04-29 2016-04-29 2016-04-29 2016-04-29 2016-04-29 2016-04-28 2016-04-28 2016-04-28 2016-04-28 2016-04-28 2016-04-28 2016-04-28 2016-04-28 2016-04-28 2016-04-28 2016-04-28 2016-04-28 2016-04-28 2016-04-28 2016-04-27 2016-04-27 2016-04-27 2016-04-27 2016-04-27 2016-04-27 2016-04-27 2016-04-27 2016-04-27 2016-04-27 2016-04-27

Analyst's name Andrej Rodionov, CFA Mats Liss, Anders Roslund Anders Roslund, Mats Liss Mats Liss Jan Ihrfelt, CFA, Markus Gustafsson Ola Södermark, Mats Liss Johan Unnerus Ola Södermark Anders Roslund, Mats Liss Ola Södermark Jan Ihrfelt, CFA, Markus Gustafsson Teodor Sveen-Nilsen, Marlene Skjellet Granerud Magnus Olsvik, Stig Erik Kyrkjeeide Erik Folkeson, Inactive Inactive Marius Gaard Marius Gaard, Hans Marius Lee Ludvigsen Marius Gaard, Hans Marius Lee Ludvigsen Stig Erik Kyrkjeeide, Magnus Olsvik Anders Roslund, Mats Liss Jan Ihrfelt, CFA, Markus Gustafsson Mats Liss, Andrej Rodionov, CFA Erik Elander, Mats Larsson Mathias Lundberg Mats Liss, Ola Södermark Ola Södermark Johan Unnerus Erik Folkeson Erik Folkeson Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Marek Randma Marek Randma Stefan Wård Anders Roslund, Mats Liss Anders Roslund, Mats Larsson Mats Liss Jan Ihrfelt, CFA, Markus Gustafsson Jan Ihrfelt, CFA, Markus Gustafsson Mats Liss Ola Södermark Johan Unnerus Jan Ihrfelt, CFA, Markus Gustafsson Magnus Olsvik

Price Target EUR 2.90 SEK 1125 SEK 260 SEK 90.0 SEK 68.0 SEK 32.0 SEK 275 SEK 150 EUR 9.00 SEK 172 NOK 70.0 NOK 28.0 NOK 46.0 NOK 137 NOK 75.0 NOK 15.5 NOK 70.0 SEK 195 SEK 32.0 SEK 75.0 SEK 167 SEK 125 SEK 66.0 EUR 3.60 SEK 145 NOK 41.0 SEK 18.0 USD 12.0 USD 11.0 EUR 2.25 EUR 1.25 SEK 145 SEK 230 SEK 63.0 SEK 200 SEK 54.1 SEK 150 SEK 50.0 SEK 300 DKK 405 SEK 70.0 NOK 7.50

Relevant Market Price EUR 2.61 SEK 973 SEK 233 SEK 88.0 SEK 58.0 SEK 30.0 SEK 133 SEK 256 SEK 152 EUR 8.13 SEK 165 NOK 70.2 NOK 31.9 NOK 58.7 NOK 98.8 NOK 70.2 NOK 12.2 NOK 73.5 SEK 172 SEK 29.0 SEK 69.0 SEK 157 SEK 97.5 SEK 65.1 EUR 3.78 SEK 118 NOK 50.9 SEK 17.3 USD 11.9 USD 12.0 EUR 1.94 EUR 0.98 SEK 143 SEK 215 SEK 49.4 SEK 170 SEK 47.8 SEK 131 SEK 42.9 SEK 267 DKK 362 SEK 69.9 NOK 2.60

Direction of Recommendation Neutral Buy Buy Neutral Buy Neutral No reco Buy Neutral Buy Neutral Neutral Neutral Reduce Buy Neutral Buy Neutral Buy Buy Buy Neutral Buy Neutral Neutral Buy Reduce Neutral Neutral Reduce Strong Buy Strong Buy Neutral Neutral Buy Buy Buy Buy Buy Buy Neutral Neutral Buy

Validity Time Period Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice

15 January 2017

Swedbank recommendation tracking list Issuer Polarcus Statoil Siauliu Bankas Alfa Laval AstraZeneca Bulten Concentric Getinge Sandvik Stockmann Atrium Ljungberg SSAB Aqualis Havfisk ASA Kvaerner ASA Norwegian Air Shuttle ASA Sandnes Sparebank Scatec Solar ASA Sparebanken Møre ABB BillerudKorsnäs Ericsson Haldex Husqvarna Intrum Justitia Investor JM Metso New Wave SOBI Tele2 Victoria Park Volvo Wärtsilä Akastor Avance Gas Holding Ltd. Spectrum ABB Axfood Betsson Fagerhult MTG Oscar Properties

Date of dissemination 2016-04-27 2016-04-27 2016-04-27 2016-04-26 2016-04-26 2016-04-26 2016-04-26 2016-04-26 2016-04-26 2016-04-26 2016-04-25 2016-04-25 2016-04-25 2016-04-25 2016-04-25 2016-04-25 2016-04-25 2016-04-25 2016-04-25 2016-04-22 2016-04-22 2016-04-22 2016-04-22 2016-04-22 2016-04-22 2016-04-22 2016-04-22 2016-04-22 2016-04-22 2016-04-22 2016-04-22 2016-04-22 2016-04-22 2016-04-22 2016-04-22 2016-04-22 2016-04-22 2016-04-21 2016-04-21 2016-04-21 2016-04-21 2016-04-21 2016-04-21

Analyst's name Teodor Sveen-Nilsen, Magnus Olsvik Teodor Sveen-Nilsen, Marlene Skjellet Granerud Andrej Rodionov, CFA Anders Roslund, Mats Liss Johan Unnerus Mats Liss, Andrej Rodionov, CFA Mats Liss Johan Unnerus Anders Roslund, Mats Liss Marek Randma Jan Ihrfelt, CFA, Markus Gustafsson Ola Södermark, Mats Liss Magnus Olsvik Marius Gaard Magnus Olsvik Hans-Erik Jacobsen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Andreas Bertheussen Bengt Kirkøen, Ingvild Almestad Aasen Anders Roslund, Mats Liss Ola Södermark Mathias Lundberg, Stefan Wård Mats Liss Anders Roslund, Mats Liss Adonis Catic Johan Unnerus, Mathias Lundberg Jan Ihrfelt, CFA, Markus Gustafsson Anders Roslund Stefan Olsson Johan Unnerus Stefan Olsson, Stefan Wård Jan Ihrfelt, CFA, Markus Gustafsson Mats Liss, Anders Roslund Anders Roslund Magnus Olsvik Erik Folkeson, Inactive Inactive Teodor Sveen-Nilsen, Magnus Olsvik Anders Roslund, Mats Liss Stefan Olsson Mathias Lundberg Mats Liss Stefan Wård Jan Ihrfelt, CFA, Markus Gustafsson

Price Target NOK 1.30 NOK 125 EUR 0.40 SEK 140 SEK 515 SEK 90.0 SEK 105 SEK 195 SEK 90.0 EUR 7.80 SEK 135 NOK 8.00 NOK 36.0 NOK 5.50 NOK 500 NOK 21.5 NOK 56.0 NOK 260 SEK 185 SEK 155 SEK 80.0 SEK 80.0 SEK 70.0 SEK 300 SEK 330 SEK 245 EUR 22.0 SEK 40.0 SEK 140 SEK 77.1 SEK 20.0 SEK 110 EUR 42.0 NOK 6.00 NOK 64.0 NOK 30.0 SEK 185 SEK 180 SEK 155 SEK 185 SEK 310 SEK 70.0

Relevant Market Price NOK 1.08 NOK 137 EUR 0.31 SEK 132 SEK 487 SEK 78.0 SEK 90.0 SEK 175 SEK 86.9 EUR 6.21 SEK 130 SEK 25.0 NOK 2.48 NOK 33.5 NOK 7.85 NOK 355 NOK 34.3 NOK 37.7 NOK 184 SEK 169 SEK 126 SEK 67.4 SEK 69.5 SEK 64.6 SEK 291 SEK 311 SEK 234 EUR 22.7 SEK 36.8 SEK 125 SEK 73.1 SEK 19.2 SEK 94.5 EUR 39.9 NOK 10.9 NOK 57.5 NOK 25.1 SEK 170 SEK 156 SEK 117 SEK 167 SEK 257 SEK 60.0

Direction of Recommendation Neutral Reduce Strong Buy Neutral Neutral Buy Buy Buy Neutral Buy Neutral No reco Buy Neutral Neutral Buy Sell Buy Buy Neutral Buy Buy Buy Neutral Neutral Buy Neutral Neutral Buy Buy Neutral Neutral Buy Neutral Reduce Reduce Buy Neutral Buy Buy Buy Buy Buy

Validity Time Period Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice

15 January 2017

Swedbank recommendation tracking list Issuer Saab Telia Company Trelleborg AF Com Hem Handelsbanken Hemfosa Klövern Recipharm Concordia Maritime AB DHT Holdings, Inc. Frontline Handelsbanken Overseas Shipholding Group, Inc. Statoil Tanker Investments Ltd. Assa Abloy Electrolux Hexpol Kappahl SKF Tele2 Entra Noble Corp. Norwegian Property ASA Olainfarm Tallinna Kaubamaja Alfa Laval Atlas Copco Elisa Sandvik Fagerhult Volvo Castellum Lucara Diamond Corp. Awilco Drilling PLC Diamond Offshore Drilling Ensco Plc Fred Olsen Energy Noble Corp. North Atlantic Drilling Ltd Ocean Rig UDW Odfjell Drilling Ltd

Date of dissemination 2016-04-21 2016-04-21 2016-04-21 2016-04-20 2016-04-20 2016-04-20 2016-04-20 2016-04-20 2016-04-20 2016-04-20 2016-04-20 2016-04-20 2016-04-20 2016-04-20 2016-04-20 2016-04-20 2016-04-19 2016-04-19 2016-04-19 2016-04-19 2016-04-19 2016-04-19 2016-04-19 2016-04-19 2016-04-19 2016-04-19 2016-04-19 2016-04-18 2016-04-18 2016-04-18 2016-04-18 2016-04-17 2016-04-17 2016-04-15 2016-04-15 2016-04-15 2016-04-15 2016-04-15 2016-04-15 2016-04-15 2016-04-15 2016-04-15 2016-04-15

Analyst's name Mats Liss Stefan Olsson, Stefan Wård Mats Liss Stefan Wård Stefan Wård, Mathias Lundberg Adonis Catic, Bengt Kirkøen Jan Ihrfelt, CFA, Markus Gustafsson Jan Ihrfelt, CFA, Markus Gustafsson Johan Unnerus Erik Folkeson Erik Folkeson Erik Folkeson Adonis Catic, Bengt Kirkøen Erik Folkeson Teodor Sveen-Nilsen, Marlene Skjellet Granerud Erik Folkeson Anders Roslund, Mats Liss Anders Roslund, Mats Liss Mats Liss Stefan Olsson Anders Roslund, Mats Liss Stefan Olsson, Stefan Wård Peter Hermanrud, André Buhagen Magnus Olsvik, Marlene Skjellet Granerud Peter Hermanrud, André Buhagen Andrej Rodionov, CFA Marek Randma Anders Roslund, Mats Liss Anders Roslund, Mats Liss Stefan Wård, Stefan Olsson Anders Roslund, Mats Liss Mats Liss Mats Liss, Anders Roslund Jan Ihrfelt, CFA, Markus Gustafsson Ola Södermark Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud

Price Target SEK 300 SEK 50.0 SEK 175 SEK 145 SEK 68.0 SEK 110 SEK 11.0 SEK 16.0 USD 4.90 NOK 61.0 SEK 110 USD 2.20 NOK 125 NOK 62.0 SEK 185 SEK 230 SEK 95.0 SEK 35.0 SEK 150 SEK 77.1 NOK 94.0 USD 11.0 NOK 11.2 EUR 9.00 EUR 7.25 SEK 145 SEK 230 EUR 27.5 SEK 90.0 SEK 175 SEK 95.0 SEK 22.0 NOK 32.0 USD 19.0 USD 11.0 USD 4.71 USD 11.0

USD 1.15

Relevant Market Price SEK 251 SEK 40.1 SEK 160 SEK 143 SEK 72.8 SEK 104 SEK 86.9 SEK 9.25 SEK 140 SEK 17.6 USD 5.92 NOK 69.7 SEK 104 USD 12.8 NOK 134 NOK 70.5 SEK 165 SEK 216 SEK 90.0 SEK 32.7 SEK 140 SEK 71.8 NOK 78.0 USD 10.4 NOK 8.89 EUR 7.61 EUR 7.50 SEK 131 SEK 208 EUR 33.7 SEK 85.5 SEK 169 SEK 90.8 SEK 109 SEK 16.8 NOK 30.0 USD 22.3 USD 10.6 NOK 28.5 USD 10.2 USD 2.91 USD 1.33 NOK 5.50

Direction of Recommendation Buy Buy Buy Neutral Neutral Neutral No reco Buy No reco Neutral Reduce Neutral Neutral Neutral Reduce Reduce Buy Buy Neutral Neutral Neutral Neutral Strong Buy Neutral Strong Buy Buy Neutral Neutral Buy Reduce Neutral Neutral Neutral No reco Buy Neutral Neutral Neutral Neutral Neutral No reco No reco Buy

Validity Time Period Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice

15 January 2017

Swedbank recommendation tracking list Issuer Paragon Offshore Prosafe Rowan Companies Inc Royal Caribbean Cruises Seadrill Limited Sevan Drilling ASA Transocean Inc Boliden Gunnebo Husqvarna Kongsberg Automotive ASA Lundin Mining Trelleborg Wärtsilä Akastor Aker Solutions Aqualis Interoil Kongsberg Automotive ASA Reach Subsea ASA ShaMaran Petroleum ABB Beijer Electronics Com Hem Metso Telia Company Norsk Hydro Storebrand Olympic Entertainment Group Autoliv Ericsson Intrum Justitia Opus Group SCA Stora Enso Diamond Offshore Drilling Helgeland Sparebank Kvaerner ASA Marine Harvest Norwegian Air Shuttle ASA SB1 Ringerike Hadeland Sandnes Sparebank SpareBank 1 Nord-Norge

Date of dissemination 2016-04-15 2016-04-15 2016-04-15 2016-04-15 2016-04-15 2016-04-15 2016-04-15 2016-04-14 2016-04-14 2016-04-14 2016-04-14 2016-04-14 2016-04-14 2016-04-14 2016-04-14 2016-04-14 2016-04-14 2016-04-14 2016-04-14 2016-04-14 2016-04-14 2016-04-13 2016-04-13 2016-04-13 2016-04-13 2016-04-13 2016-04-13 2016-04-13 2016-04-13 2016-04-12 2016-04-12 2016-04-12 2016-04-12 2016-04-12 2016-04-12 2016-04-12 2016-04-12 2016-04-12 2016-04-12 2016-04-12 2016-04-12 2016-04-12 2016-04-12

Analyst's name Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Stig Erik Kyrkjeeide Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Ola Södermark, Mats Liss Mats Liss Anders Roslund, Mats Liss Mats Liss Ola Södermark, Mats Liss Mats Liss Anders Roslund Magnus Olsvik Magnus Olsvik, Stig Erik Kyrkjeeide Magnus Olsvik Teodor Sveen-Nilsen, Marlene Skjellet Granerud Mats Liss Magnus Olsvik Teodor Sveen-Nilsen, Marlene Skjellet Granerud Anders Roslund, Mats Liss Anders Roslund, Mats Larsson Stefan Wård, Mathias Lundberg Anders Roslund Stefan Olsson, Stefan Wård Hans-Erik Jacobsen, Ingvild Almestad Aasen Bengt Kirkøen, Hans Marius Lee Ludvigsen Marek Randma Mats Liss, Anders Roslund Mathias Lundberg, Stefan Wård Adonis Catic Mats Liss, Andrej Rodionov, CFA Ola Södermark Ola Södermark Magnus Olsvik, Marlene Skjellet Granerud Bengt Kirkøen, Ingvild Almestad Aasen Magnus Olsvik Marius Gaard Hans-Erik Jacobsen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen

Price Target NOK 1000 USD 16.0 NOK 783 USD 1.74 USD 10.00 SEK 150 SEK 47.0 SEK 65.0 SEK 30.0 SEK 170 EUR 42.0 NOK 6.00 NOK 26.0 NOK 8.00 NOK 1.00 NOK 2.50 SEK 0.80 SEK 175 SEK 65.0 SEK 65.0 EUR 23.0 SEK 50.0 NOK 36.0 NOK 40.0 EUR 2.30 SEK 1100 SEK 90.0 SEK 280 SEK 6.00 SEK 275 EUR 9.00 USD 19.0 NOK 68.0 NOK 5.50 NOK 165 NOK 500 NOK 195 NOK 55.2 NOK 50.0

Relevant Market Price USD 0.29 NOK 555 USD 16.0 USD 82.9 NOK 33.4 NOK 2.41 USD 9.26 SEK 136 SEK 42.1 SEK 62.3 NOK 6.82 SEK 27.1 SEK 155 EUR 39.3 NOK 8.85 NOK 29.4 NOK 2.50 NOK 1.60 NOK 6.82 NOK 1.47 SEK 0.74 SEK 159 SEK 52.0 SEK 72.1 EUR 21.1 SEK 41.8 NOK 32.4 NOK 30.7 EUR 1.94 SEK 911 SEK 82.0 SEK 289 SEK 4.45 SEK 258 EUR 7.62 USD 21.3 NOK 58.5 NOK 7.11 NOK 135 NOK 342 NOK 165 NOK 41.4 NOK 36.4

Direction of Recommendation No reco Reduce Neutral Buy Reduce No reco Reduce Buy Buy Neutral No reco Buy Buy Neutral Reduce Neutral Buy Sell No reco Neutral Neutral Buy Buy Reduce Neutral Buy Neutral Buy Strong Buy Buy Buy Neutral Buy Buy Buy Neutral Buy Neutral Buy Buy Buy Buy Buy

Validity Time Period Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice

15 January 2017

Swedbank recommendation tracking list Issuer SpareBank 1 SMN Sparebanken Møre Sparebanken Sør Sparebanken Vest StrongPoint Bulten Elisa Gränges MTG Aker Solutions Kongsberg Gruppen ASA Atrium Ljungberg Balder Castellum Corem Property Group Diös Fabege Hemfosa Hufvudstaden Klövern Kungsleden NP3 Victoria Park Wallenstam Wihlborgs Betsson Getinge Holmen Kindred Saab Aker Solutions Havfisk ASA Storebrand H&M SSAB Trelleborg DNB Havfisk ASA Industrivärden Kongsberg Automotive ASA Outokumpu Kongsberg Automotive ASA BillerudKorsnäs

Date of dissemination 2016-04-12 2016-04-12 2016-04-12 2016-04-12 2016-04-12 2016-04-11 2016-04-11 2016-04-11 2016-04-11 2016-04-11 2016-04-11 2016-04-10 2016-04-10 2016-04-10 2016-04-10 2016-04-10 2016-04-10 2016-04-10 2016-04-10 2016-04-10 2016-04-10 2016-04-10 2016-04-10 2016-04-10 2016-04-10 2016-04-08 2016-04-08 2016-04-08 2016-04-08 2016-04-08 2016-04-08 2016-04-08 2016-04-08 2016-04-07 2016-04-07 2016-04-07 2016-04-07 2016-04-07 2016-04-06 2016-04-06 2016-04-06 2016-04-06 2016-04-05

Analyst's name Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Marius Gaard, Hans Marius Lee Ludvigsen Mats Liss, Andrej Rodionov, CFA Stefan Wård, Stefan Olsson Mats Liss, Andrej Rodionov, CFA Stefan Wård Magnus Olsvik, Stig Erik Kyrkjeeide Hans-Erik Jacobsen, Ingvild Almestad Aasen Jan Ihrfelt, CFA, Markus Gustafsson Jan Ihrfelt, CFA, Markus Gustafsson Jan Ihrfelt, CFA, Markus Gustafsson Jan Ihrfelt, CFA, Markus Gustafsson Jan Ihrfelt, CFA, Markus Gustafsson Jan Ihrfelt, CFA, Markus Gustafsson Jan Ihrfelt, CFA, Markus Gustafsson Jan Ihrfelt, CFA, Markus Gustafsson Jan Ihrfelt, CFA, Markus Gustafsson Jan Ihrfelt, CFA, Markus Gustafsson Jan Ihrfelt, CFA, Markus Gustafsson Jan Ihrfelt, CFA, Markus Gustafsson Jan Ihrfelt, CFA, Markus Gustafsson Jan Ihrfelt, CFA, Markus Gustafsson Mathias Lundberg Johan Unnerus Ola Södermark Mathias Lundberg Mats Liss Magnus Olsvik, Stig Erik Kyrkjeeide Marius Gaard Bengt Kirkøen, Hans Marius Lee Ludvigsen Stefan Olsson Ola Södermark, Mats Liss Mats Liss Bengt Kirkøen, Ingvild Almestad Aasen Marius Gaard Mathias Lundberg, Anders Roslund Mats Liss Ola Södermark Mats Liss Ola Södermark

Price Target NOK 71.0 NOK 260 NOK 79.0 NOK 48.0 NOK 15.5 SEK 85.0 EUR 25.0 SEK 80.0 SEK 310 NOK 26.0 NOK 140 SEK 135 SEK 225 SEK 121 SEK 32.0 SEK 52.5 SEK 145 SEK 133 SEK 10.00 SEK 70.0 SEK 47.0 SEK 18.0 SEK 70.0 SEK 170 SEK 155 SEK 210 SEK 270 SEK 119 SEK 300 NOK 26.0 NOK 36.0 NOK 40.0 SEK 310 SEK 28.0 SEK 170 NOK 135 NOK 36.0 SEK 148 EUR 3.50 SEK 165

Relevant Market Price NOK 50.3 NOK 189 NOK 63.5 NOK 32.9 NOK 13.7 SEK 74.5 EUR 32.5 SEK 70.3 SEK 245 NOK 26.8 NOK 137 SEK 135 SEK 205 SEK 113 SEK 29.0 SEK 47.6 SEK 137 SEK 85.7 SEK 128 SEK 9.20 SEK 58.3 SEK 42.0 SEK 18.1 SEK 71.9 SEK 172 SEK 122 SEK 184 SEK 262 SEK 91.6 SEK 260 NOK 25.7 NOK 34.4 NOK 30.1 SEK 280 SEK 22.0 SEK 155 NOK 94.7 NOK 33.5 SEK 137 NOK 6.91 EUR 3.56 NOK 6.91 SEK 133

Direction of Recommendation Buy Buy Buy Buy Buy Buy Reduce Buy Buy Neutral Neutral Neutral Buy Buy Buy Buy Neutral No reco Neutral Buy Buy Buy Neutral Neutral Neutral Buy Buy Neutral Buy Buy Neutral Neutral Buy Buy Neutral Buy Buy Neutral Neutral No reco Neutral No reco Buy

Validity Time Period Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice

15 January 2017

Swedbank recommendation tracking list Issuer Concentric Elekta Haldex Nordea SEB Nordea SEB Stolt-Nielsen Ltd Tallink Swedbank Swedbank Tgs Nopec Geophysical Statoil Bilia Danske Bank Handelsbanken Gjensidige Forsikring Handelsbanken Sino Agro Food Yara International Apranga REC Silicon Autoliv AstraZeneca Gränges Metso Austevoll Seafood ASA Bakkafrost Emgs Grieg Seafood Leroy Seafood Marine Harvest Norway Royal Salmon ASA SalMar SKF Sandvik Etrion Corporation Link Mobility Group ASA MQ Olainfarm Boliden Clas Ohlson Corem Property Group

Date of dissemination 2016-04-05 2016-04-05 2016-04-05 2016-04-05 2016-04-05 2016-04-05 2016-04-05 2016-04-05 2016-04-05 2016-04-04 2016-04-04 2016-04-04 2016-04-02 2016-04-01 2016-04-01 2016-04-01 2016-04-01 2016-04-01 2016-04-01 2016-04-01 2016-04-01 2016-03-31 2016-03-30 2016-03-24 2016-03-22 2016-03-22 2016-03-22 2016-03-22 2016-03-22 2016-03-22 2016-03-22 2016-03-22 2016-03-22 2016-03-22 2016-03-21 2016-03-21 2016-03-21 2016-03-21 2016-03-18 2016-03-18 2016-03-17 2016-03-17 2016-03-17

Analyst's name Mats Liss Johan Unnerus Mats Liss Adonis Catic, Bengt Kirkøen Adonis Catic, Bengt Kirkøen Adonis Catic, Bengt Kirkøen Adonis Catic, Bengt Kirkøen Erik Folkeson Marek Randma Adonis Catic, Bengt Kirkøen Adonis Catic, Bengt Kirkøen Teodor Sveen-Nilsen, Magnus Olsvik Teodor Sveen-Nilsen, Marlene Skjellet Granerud Mats Liss Adonis Catic, Bengt Kirkøen Adonis Catic, Bengt Kirkøen Bengt Kirkøen, Hans Marius Lee Ludvigsen Adonis Catic, Bengt Kirkøen Marius Gaard Hans-Erik Jacobsen, Ingvild Almestad Aasen Andrej Rodionov, CFA Peter Hermanrud, Andreas Bertheussen Mats Liss, Anders Roslund Johan Unnerus Mats Liss, Andrej Rodionov, CFA Anders Roslund Marius Gaard Marius Gaard Teodor Sveen-Nilsen, Magnus Olsvik Marius Gaard Marius Gaard Marius Gaard Marius Gaard Marius Gaard Anders Roslund, Mats Liss Anders Roslund, Mats Liss Peter Hermanrud, Andreas Bertheussen Andreas Bertheussen Anders Roslund Andrej Rodionov, CFA Ola Södermark, Mats Liss Stefan Olsson Jan Ihrfelt, CFA, Markus Gustafsson

Price Target SEK 105 SEK 60.0 SEK 77.0 SEK 92.0 SEK 96.0 SEK 92.0 SEK 96.0 NOK 150 EUR 1.25

NOK 110 NOK 125 SEK 200 DKK 215 SEK 111 NOK 135 SEK 111 USD 12.8 NOK 400 EUR 2.90 NOK 1.60 SEK 1100 SEK 495 SEK 80.0 EUR 24.0 NOK 76.0 NOK 335 NOK 6.00 NOK 55.0 NOK 450 NOK 165 NOK 140 NOK 205 SEK 150 SEK 90.0 USD 0.24 NOK 86.0 SEK 50.0 EUR 9.00 SEK 155 SEK 135 SEK 31.0

Relevant Market Price SEK 92.3 SEK 60.8 SEK 70.0 SEK 77.0 SEK 79.1 SEK 77.0 SEK 79.1 NOK 96.5 EUR 0.95 SEK 174 SEK 174 NOK 123 NOK 126 SEK 182 DKK 185 SEK 103 NOK 141 SEK 103 USD 8.20 NOK 311 EUR 2.63 NOK 1.40 SEK 943 SEK 464 SEK 67.0 EUR 22.5 NOK 68.0 NOK 319 NOK 10.4 NOK 40.9 NOK 382 NOK 130 NOK 110 NOK 199 SEK 146 SEK 84.1 SEK 2.08 NOK 58.0 SEK 40.2 EUR 7.51 SEK 136 SEK 150 SEK 27.7

Direction of Recommendation Buy Neutral Buy Buy Buy Buy Buy Buy Strong Buy No reco No reco Reduce Reduce Buy Buy Neutral Neutral Neutral Buy Buy Neutral Buy Buy Neutral Buy Neutral Buy Neutral Reduce Buy Buy Buy Buy Neutral Neutral Neutral Neutral Buy Buy Buy Buy Reduce Neutral

Validity Time Period Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice

15 January 2017

Swedbank recommendation tracking list Issuer Saab Ericsson H&M Hemfosa Skanska Millicom Int Cellular Bakkafrost ShaMaran Petroleum Besqab Mekonomen Atwood Oceanics Pacific Drilling S.A. Polarcus Boliden Clas Ohlson Gunnebo MQ REC Silicon Tethys Oil Ekspress Grupp Ocean Rig UDW Statoil Mekonomen SAS Olainfarm Beijer Electronics Lundin Mining Aker Solutions Siauliu Bankas Bakkafrost Grieg Seafood Havfisk ASA Leroy Seafood Marine Harvest Norway Royal Salmon ASA SalMar Gunnebo Entra Subsea 7 S.A. Linas Agro Group Elekta Systemair Telenor

Date of dissemination 2016-03-17 2016-03-16 2016-03-16 2016-03-16 2016-03-16 2016-03-15 2016-03-15 2016-03-15 2016-03-14 2016-03-14 2016-03-14 2016-03-14 2016-03-14 2016-03-11 2016-03-10 2016-03-10 2016-03-10 2016-03-10 2016-03-10 2016-03-10 2016-03-09 2016-03-09 2016-03-08 2016-03-08 2016-03-08 2016-03-07 2016-03-07 2016-03-07 2016-03-07 2016-03-06 2016-03-06 2016-03-06 2016-03-06 2016-03-06 2016-03-06 2016-03-06 2016-03-04 2016-03-04 2016-03-04 2016-03-04 2016-03-03 2016-03-03 2016-03-03

Analyst's name Mats Liss Mathias Lundberg, Stefan Wård Stefan Olsson Jan Ihrfelt, CFA, Markus Gustafsson Jan Ihrfelt, CFA, Markus Gustafsson Stefan Wård, Stefan Olsson Marius Gaard Teodor Sveen-Nilsen, Marlene Skjellet Granerud Jan Ihrfelt, CFA, Markus Gustafsson Mats Liss Magnus Olsvik, Marlene Skjellet Granerud Magnus Olsvik, Marlene Skjellet Granerud Teodor Sveen-Nilsen, Magnus Olsvik Ola Södermark, Mats Liss Stefan Olsson Mats Liss Anders Roslund Peter Hermanrud, Andreas Bertheussen Teodor Sveen-Nilsen Andrej Rodionov, CFA Magnus Olsvik, Marlene Skjellet Granerud Teodor Sveen-Nilsen, Marlene Skjellet Granerud Mats Liss Hans-Erik Jacobsen, Ingvild Almestad Aasen Andrej Rodionov, CFA Anders Roslund, Mats Larsson Ola Södermark, Mats Liss Magnus Olsvik, Stig Erik Kyrkjeeide Andrej Rodionov, CFA Marius Gaard Marius Gaard Marius Gaard Marius Gaard Marius Gaard Marius Gaard Marius Gaard Mats Liss Peter Hermanrud, André Buhagen Stig Erik Kyrkjeeide, Magnus Olsvik Andrej Rodionov, CFA Johan Unnerus Mats Liss Stefan Olsson, Stefan Wård

Price Target SEK 300 SEK 90.0 SEK 310 SEK 195 USD 69.0 NOK 325 SEK 0.80 SEK 195 SEK 215 USD 10.00 NOK 1.30 SEK 155 SEK 130 SEK 47.0 SEK 53.0 NOK 1.60 SEK 62.1 EUR 1.35 NOK 125 SEK 200 SEK 30.0 EUR 9.00 SEK 65.0 SEK 30.0 NOK 26.0 EUR 0.30 NOK 320 NOK 44.0 NOK 34.0 NOK 430 NOK 155 NOK 125 NOK 194 SEK 45.0 NOK 88.0 NOK 70.0 EUR 0.70 SEK 87.0 SEK 107 NOK 165

Relevant Market Price SEK 270 SEK 78.8 SEK 285 SEK 90.3 SEK 183 SEK 443 NOK 317 SEK 0.69 SEK 172 SEK 190 USD 9.37 USD 0.58 NOK 1.17 SEK 129 SEK 143 SEK 40.8 SEK 41.5 NOK 1.17 SEK 53.7 EUR 1.30 USD 1.44 NOK 133 SEK 192 SEK 24.2 EUR 7.39 SEK 47.8 SEK 27.3 NOK 29.8 EUR 0.26 NOK 313 NOK 35.0 NOK 30.2 NOK 365 NOK 118 NOK 95.4 NOK 189 SEK 40.2 NOK 75.3 NOK 57.1 EUR 0.67 SEK 61.8 SEK 110 NOK 130

Direction of Recommendation Buy Buy Buy No reco Neutral Buy Neutral Buy Buy Buy Neutral No reco Neutral Buy Reduce Buy Buy Buy Buy Neutral No reco Reduce Buy Buy Buy Buy Buy Neutral Buy Neutral Buy Neutral Buy Buy Buy Neutral Buy Buy Neutral Neutral Under Review Neutral Strong Buy

Validity Time Period Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice

15 January 2017

Swedbank recommendation tracking list Issuer Akastor Höegh LNG Holdings Ltd Telenor Tallink Bilia Boliden Archer DS Norden Apranga Grindeks Aker BP ASA Storebrand Veidekke Olympic Entertainment Group Besqab Haldex SEB SOBI Africa Oil Corp. Frontline Gjensidige Forsikring Golar LNG Ltd Hexagon Composites Reach Subsea ASA SEB Africa Oil Corp. Sino Agro Food StrongPoint Avance Gas Holding Ltd. BW LPG Ltd. Golar LNG Ltd Norwegian Energy Company Sandnes Sparebank Lucara Diamond Corp. Recipharm Wallenstam Elekta NP3 Bakkafrost Systemair Telia Company Austevoll Seafood ASA Entra

Date of dissemination 2016-03-03 2016-03-03 2016-03-03 2016-03-03 2016-03-02 2016-03-02 2016-03-02 2016-03-02 2016-03-02 2016-03-02 2016-03-01 2016-03-01 2016-03-01 2016-03-01 2016-02-29 2016-02-29 2016-02-29 2016-02-29 2016-02-29 2016-02-29 2016-02-29 2016-02-29 2016-02-29 2016-02-29 2016-02-29 2016-02-28 2016-02-28 2016-02-28 2016-02-26 2016-02-26 2016-02-26 2016-02-26 2016-02-26 2016-02-25 2016-02-25 2016-02-25 2016-02-24 2016-02-24 2016-02-24 2016-02-23 2016-02-23 2016-02-23 2016-02-23

Analyst's name Magnus Olsvik Christian Olsen Nordby Stefan Olsson, Stefan Wård Marek Randma Mats Liss Ola Södermark, Mats Liss Magnus Olsvik Erik Folkeson Andrej Rodionov, CFA Andrej Rodionov, CFA Teodor Sveen-Nilsen, Marlene Skjellet Granerud Bengt Kirkøen, Hans Marius Lee Ludvigsen Bengt Kirkøen, Ingvild Almestad Aasen Marek Randma Jan Ihrfelt, CFA, Markus Gustafsson Mats Liss Adonis Catic, Bengt Kirkøen Johan Unnerus Teodor Sveen-Nilsen, Marlene Skjellet Granerud Erik Folkeson Bengt Kirkøen, Hans Marius Lee Ludvigsen Christian Olsen Nordby Hans-Erik Jacobsen, Ingvild Almestad Aasen Magnus Olsvik Adonis Catic, Bengt Kirkøen Teodor Sveen-Nilsen, Marlene Skjellet Granerud Marius Gaard Marius Gaard, Hans Marius Lee Ludvigsen Erik Folkeson, Inactive Inactive Erik Folkeson Christian Olsen Nordby Teodor Sveen-Nilsen, Marlene Skjellet Granerud Bengt Kirkøen, Ingvild Almestad Aasen Ola Södermark Johan Unnerus Jan Ihrfelt, CFA, Markus Gustafsson Johan Unnerus Jan Ihrfelt, CFA, Markus Gustafsson Marius Gaard Mats Liss Stefan Olsson, Stefan Wård Marius Gaard Peter Hermanrud, André Buhagen

Price Target NOK 6.00 NOK 120 NOK 165 EUR 1.25 SEK 195 SEK 155 DKK 75.0 EUR 2.90 EUR 4.00 NOK 65.0 NOK 42.0 NOK 100.0 EUR 2.25 SEK 195 SEK 80.0 SEK 100.0 SEK 140 SEK 18.0 NOK 120 NOK 135 USD 35.0 NOK 30.0 NOK 2.50 SEK 100.0 SEK 18.0 USD 15.0 NOK 16.5 NOK 64.0 NOK 45.0 USD 35.0 NOK 55.2 SEK 19.0 SEK 144 SEK 70.0 SEK 87.0 SEK 45.0 NOK 310 SEK 115 SEK 52.0 NOK 67.0 NOK 85.0

Relevant Market Price NOK 8.05 NOK 86.5 NOK 130 EUR 0.92 SEK 172 SEK 133 NOK 2.72 DKK 102 EUR 2.56 EUR 4.87 NOK 61.0 NOK 34.3 NOK 114 EUR 1.83 SEK 162 SEK 59.8 SEK 84.3 SEK 102 SEK 10.6 NOK 79.4 NOK 139 USD 17.3 NOK 19.5 NOK 2.10 SEK 84.3 SEK 10.6 USD 7.94 NOK 14.0 NOK 69.1 NOK 56.8 USD 16.2 NOK 19.6 NOK 36.8 SEK 13.1 SEK 124 SEK 62.0 SEK 69.7 SEK 41.7 NOK 296 SEK 110 SEK 40.0 NOK 58.5 NOK 75.0

Direction of Recommendation Reduce Buy Strong Buy Strong Buy Buy Buy No reco Neutral Neutral Sell Neutral Buy Neutral Strong Buy Buy Buy Buy Strong Buy Buy Buy Neutral Buy Buy Neutral Buy Buy Buy Buy Reduce Reduce Buy No reco Buy Buy Buy Buy Buy Neutral Neutral Neutral Buy Buy Buy

Validity Time Period Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice

15 January 2017

Swedbank recommendation tracking list Issuer Golar LNG Ltd Leroy Seafood Silvano Fashion Group Atrium Ljungberg Corem Property Group Hemfosa Lundin Mining Stockmann Swedish Match Concordia Maritime AB DHT Holdings, Inc. Frontline Lundin Petroleum SalMar Bactiguard Balder Diös Oriflame Cosmetics Pandox Victoria Park Akastor Aqualis Entra Golden Ocean Group Kvaerner ASA Nordic Mining Kungsleden NP3 Opus Group SOBI AF Gruppen Grieg Seafood Ocean Yield Petroleum Geo Services StrongPoint Tanker Investments Ltd. Indutrade Mekonomen Nibe Industrier Peab Recipharm Aker BP ASA Hexagon Composites

Date of dissemination 2016-02-23 2016-02-23 2016-02-23 2016-02-22 2016-02-22 2016-02-22 2016-02-22 2016-02-22 2016-02-22 2016-02-22 2016-02-22 2016-02-22 2016-02-22 2016-02-21 2016-02-19 2016-02-19 2016-02-19 2016-02-19 2016-02-19 2016-02-19 2016-02-19 2016-02-19 2016-02-19 2016-02-19 2016-02-19 2016-02-19 2016-02-18 2016-02-18 2016-02-18 2016-02-18 2016-02-18 2016-02-18 2016-02-18 2016-02-18 2016-02-18 2016-02-18 2016-02-17 2016-02-17 2016-02-17 2016-02-17 2016-02-17 2016-02-17 2016-02-17

Analyst's name Christian Olsen Nordby Marius Gaard Andrej Rodionov, CFA Jan Ihrfelt, CFA, Markus Gustafsson Jan Ihrfelt, CFA, Markus Gustafsson Jan Ihrfelt, CFA, Markus Gustafsson Ola Södermark, Mats Liss Marek Randma Anders Roslund Erik Folkeson Erik Folkeson Erik Folkeson Teodor Sveen-Nilsen, Marlene Skjellet Granerud Marius Gaard Johan Unnerus Jan Ihrfelt, CFA, Markus Gustafsson Jan Ihrfelt, CFA, Markus Gustafsson Anders Roslund Jan Ihrfelt, CFA, Ann-Sophie Lindström Jan Ihrfelt, CFA, Markus Gustafsson Magnus Olsvik Magnus Olsvik Peter Hermanrud, André Buhagen Erik Folkeson Magnus Olsvik Andreas Bertheussen Jan Ihrfelt, CFA, Markus Gustafsson Jan Ihrfelt, CFA, Markus Gustafsson Mats Liss, Andrej Rodionov, CFA Johan Unnerus Bengt Kirkøen, Ingvild Almestad Aasen Marius Gaard Erik Folkeson Teodor Sveen-Nilsen, Magnus Olsvik Marius Gaard, Hans Marius Lee Ludvigsen Erik Folkeson Erik Elander, Mats Larsson Mats Liss Mats Liss Jan Ihrfelt, CFA, Markus Gustafsson Johan Unnerus Teodor Sveen-Nilsen, Marlene Skjellet Granerud Hans-Erik Jacobsen, Ingvild Almestad Aasen

Price Target USD 35.0 NOK 385 EUR 1.45 SEK 135 SEK 29.0 SEK 106 SEK 28.0 EUR 8.00 SEK 275 SEK 22.0 USD 8.50 NOK 120 SEK 115 NOK 175 SEK 13.0 SEK 220 SEK 52.5 SEK 145 SEK 17.5 NOK 6.00 NOK 8.00 NOK 85.0 NOK 20.0 NOK 5.50 NOK 8.70 SEK 70.0 SEK 45.0 SEK 6.00 SEK 145 NOK 120 NOK 34.5 NOK 50.0 NOK 35.0 NOK 16.5 NOK 125 SEK 167 SEK 200 SEK 64.4 SEK 64.0 SEK 140 NOK 65.0 NOK 20.0

Relevant Market Price USD 17.0 NOK 360 EUR 1.29 SEK 132 SEK 26.6 SEK 85.0 SEK 22.8 EUR 6.39 SEK 274 SEK 16.9 USD 6.06 NOK 75.2 SEK 133 NOK 173 SEK 13.4 SEK 190 SEK 45.3 SEK 128 SEK 142 SEK 15.0 NOK 6.00 NOK 3.19 NOK 73.0 NOK 29.5 NOK 5.95 NOK 3.37 SEK 56.8 SEK 41.8 SEK 5.60 SEK 109 NOK 127 NOK 29.2 NOK 52.5 NOK 23.2 NOK 14.1 NOK 81.8 SEK 153 SEK 161 SEK 55.1 SEK 62.3 SEK 114 NOK 52.0 NOK 20.7

Direction of Recommendation Buy Buy Neutral Neutral Neutral Buy Buy Buy Neutral Buy Buy Buy Reduce Neutral Neutral Buy Buy Buy No reco Buy Reduce Buy Buy Reduce Neutral Buy Buy Neutral Buy Strong Buy Neutral Neutral Neutral Buy Buy Buy Neutral Buy Buy Neutral Buy Buy Buy

Validity Time Period Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice

15 January 2017

Swedbank recommendation tracking list Issuer Marine Harvest Norsk Hydro Norway Royal Salmon ASA Norwegian Air Shuttle ASA Storebrand Yara International Merko Ehitus Olainfarm Stockmann Swedish Match Golden Ocean Group Kvaerner ASA Ocean Yield ShaMaran Petroleum Bactiguard Oriflame Cosmetics Oscar Properties SSAB Aker Solutions Bakkafrost Kvaerner ASA Petroleum Geo Services REC Silicon Scatec Solar ASA Boliden Hufvudstaden Itab Shop Concept Klövern Meda New Wave Nokia Opus Group Outokumpu Sweco DOF ASA Deep Sea Supply Entra Havila Shipping ASA Kongsberg Gruppen ASA Norwegian Property ASA Odfjell Orkla Royal Caribbean Cruises

Date of dissemination 2016-02-17 2016-02-17 2016-02-17 2016-02-17 2016-02-17 2016-02-17 2016-02-17 2016-02-17 2016-02-16 2016-02-16 2016-02-16 2016-02-16 2016-02-16 2016-02-16 2016-02-15 2016-02-15 2016-02-15 2016-02-15 2016-02-15 2016-02-15 2016-02-15 2016-02-15 2016-02-15 2016-02-15 2016-02-12 2016-02-12 2016-02-12 2016-02-12 2016-02-12 2016-02-12 2016-02-12 2016-02-12 2016-02-12 2016-02-12 2016-02-12 2016-02-12 2016-02-12 2016-02-12 2016-02-12 2016-02-12 2016-02-12 2016-02-12 2016-02-12

Analyst's name Marius Gaard Hans-Erik Jacobsen, Ingvild Almestad Aasen Marius Gaard Hans-Erik Jacobsen, Ingvild Almestad Aasen Bengt Kirkøen, Hans Marius Lee Ludvigsen Hans-Erik Jacobsen, Ingvild Almestad Aasen Marek Randma Andrej Rodionov, CFA Marek Randma Anders Roslund Erik Folkeson Magnus Olsvik Erik Folkeson Teodor Sveen-Nilsen, Marlene Skjellet Granerud Johan Unnerus Anders Roslund Jan Ihrfelt, CFA, Markus Gustafsson Ola Södermark, Mats Liss Magnus Olsvik, Stig Erik Kyrkjeeide Marius Gaard Magnus Olsvik Teodor Sveen-Nilsen, Magnus Olsvik Peter Hermanrud, Andreas Bertheussen Andreas Bertheussen Ola Södermark, Mats Liss Jan Ihrfelt, CFA, Markus Gustafsson Erik Elander, Mats Larsson Jan Ihrfelt, CFA, Markus Gustafsson Johan Unnerus Stefan Olsson Mathias Lundberg, Stefan Wård Mats Liss, Andrej Rodionov, CFA Ola Södermark Erik Elander, Stefan Wård Stig Erik Kyrkjeeide Stig Erik Kyrkjeeide Peter Hermanrud, André Buhagen Stig Erik Kyrkjeeide Hans-Erik Jacobsen, Ingvild Almestad Aasen Peter Hermanrud, André Buhagen Erik Folkeson Marius Gaard, Hans Marius Lee Ludvigsen Stig Erik Kyrkjeeide

Price Target NOK 138 NOK 36.0 NOK 102 NOK 400 NOK 42.0 NOK 400 EUR 9.00 EUR 9.00 EUR 8.20 SEK 275 NOK 17.5 NOK 6.50 NOK 50.0 SEK 0.60 SEK 14.0 SEK 125 SEK 67.0 SEK 25.0 NOK 26.0 NOK 295 NOK 6.50 NOK 35.0 NOK 1.20 NOK 57.0 SEK 125 SEK 133 SEK 75.0 SEK 10.5 SEK 159 SEK 36.0 EUR 6.90 SEK 6.75 EUR 2.80 SEK 143

NOK 82.0 NOK 140 NOK 10.8 NOK 35.0 NOK 67.0 NOK 818

Relevant Market Price NOK 115 NOK 28.7 NOK 81.4 NOK 266 NOK 33.6 NOK 319 EUR 8.10 EUR 7.00 EUR 6.28 SEK 289 NOK 31.9 NOK 6.09 NOK 50.0 SEK 0.33 SEK 13.3 SEK 111 SEK 47.6 SEK 16.3 NOK 23.8 NOK 278 NOK 5.92 NOK 21.3 NOK 0.91 NOK 33.2 SEK 103 SEK 116 SEK 77.2 SEK 8.16 SEK 144 SEK 29.8 EUR 5.19 SEK 5.20 EUR 2.18 SEK 110 NOK 3.50 NOK 1.03 NOK 67.5 NOK 1.35 NOK 124 NOK 8.50 NOK 23.5 NOK 67.0 USD 68.0

Direction of Recommendation Buy Neutral Buy Buy Buy Buy Buy Buy Buy Neutral Reduce Reduce Neutral Neutral Neutral Buy Strong Buy Neutral Neutral Buy Reduce Buy Neutral Buy Buy Buy Neutral Buy Accept bid Buy Neutral Buy Neutral Buy No reco No reco Buy No reco Neutral Neutral Buy Neutral Buy

Validity Time Period Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice

15 January 2017

Swedbank recommendation tracking list Issuer Spectrum Stolt-Nielsen Ltd Wilh. Wilhelmsen ASA Tallinna Kaubamaja BillerudKorsnäs Fagerhult Haldex Hemfosa ICA Gruppen Kindred Kongsberg Automotive ASA Lindab Telenor DNO International Deep Sea Supply Farstad Shipping Grieg Seafood Kongsberg Automotive ASA Panoro Energy SalMar Telenor Concentric Saab Securitas Wihlborgs Helgeland Sparebank Link Mobility Group ASA Sparebanken Sør Siauliu Bankas Assa Abloy Bulten Handelsbanken Itab Shop Concept Lucara Diamond Corp. New Wave BW Offshore Ltd Handelsbanken Marine Harvest Norway Royal Salmon ASA SpareBank 1 Nord-Norge Yara International AF Axfood

Date of dissemination 2016-02-12 2016-02-12 2016-02-12 2016-02-12 2016-02-11 2016-02-11 2016-02-11 2016-02-11 2016-02-11 2016-02-11 2016-02-11 2016-02-11 2016-02-11 2016-02-11 2016-02-11 2016-02-11 2016-02-11 2016-02-11 2016-02-11 2016-02-11 2016-02-11 2016-02-10 2016-02-10 2016-02-10 2016-02-10 2016-02-10 2016-02-10 2016-02-10 2016-02-10 2016-02-09 2016-02-09 2016-02-09 2016-02-09 2016-02-09 2016-02-09 2016-02-09 2016-02-09 2016-02-09 2016-02-09 2016-02-09 2016-02-09 2016-02-08 2016-02-08

Analyst's name Teodor Sveen-Nilsen, Magnus Olsvik Erik Folkeson Erik Folkeson Marek Randma Ola Södermark Mats Liss Mats Liss Jan Ihrfelt, CFA, Markus Gustafsson Stefan Olsson Mathias Lundberg Mats Liss Mats Liss, Ola Södermark Stefan Olsson, Stefan Wård Teodor Sveen-Nilsen, Marlene Skjellet Granerud Stig Erik Kyrkjeeide Stig Erik Kyrkjeeide Marius Gaard Mats Liss Teodor Sveen-Nilsen, Marlene Skjellet Granerud Marius Gaard Stefan Olsson, Stefan Wård Mats Liss Mats Liss Stefan Wård Jan Ihrfelt, CFA, Markus Gustafsson Bengt Kirkøen, Ingvild Almestad Aasen Andreas Bertheussen Bengt Kirkøen, Ingvild Almestad Aasen Andrej Rodionov, CFA Anders Roslund, Mats Liss Mats Liss, Andrej Rodionov, CFA Adonis Catic, Bengt Kirkøen Erik Elander, Mats Larsson Ola Södermark Stefan Olsson Stig Erik Kyrkjeeide, Magnus Olsvik Adonis Catic, Bengt Kirkøen Marius Gaard Marius Gaard Bengt Kirkøen, Ingvild Almestad Aasen Hans-Erik Jacobsen, Ingvild Almestad Aasen Stefan Wård Stefan Olsson

Price Target NOK 27.0 NOK 170 NOK 51.0 EUR 7.00 SEK 170 SEK 165 SEK 80.0 SEK 106 SEK 250 SEK 119 SEK 66.0 NOK 165 NOK 10.00

NOK 32.0 NOK 6.00 NOK 158 NOK 165 SEK 105 SEK 300 SEK 135 SEK 170 NOK 68.0 NOK 68.0 NOK 79.0 EUR 0.30 SEK 180 SEK 85.0 SEK 113 SEK 75.0 SEK 18.0 SEK 36.0 NOK 35.1 SEK 113 NOK 136 NOK 91.5 NOK 50.0 NOK 400 SEK 140 SEK 175

Relevant Market Price NOK 24.4 NOK 84.5 NOK 36.0 EUR 6.68 SEK 132 SEK 140 SEK 69.5 SEK 75.4 SEK 256 SEK 87.0 NOK 5.40 SEK 57.1 NOK 124 NOK 6.04 NOK 1.08 NOK 14.0 NOK 27.3 NOK 5.40 NOK 4.60 NOK 162 NOK 124 SEK 85.3 SEK 232 SEK 119 SEK 152 NOK 57.5 NOK 48.0 NOK 86.6 EUR 0.25 SEK 151 SEK 72.5 SEK 100 SEK 76.0 SEK 12.1 SEK 30.2 NOK 18.6 SEK 100 NOK 113 NOK 74.2 NOK 34.3 NOK 325 SEK 134 SEK 157

Direction of Recommendation Neutral Buy Buy Neutral Buy Buy Buy Buy Reduce Buy No reco Buy Buy Buy No reco No reco Neutral No reco Neutral Neutral Buy Buy Buy Buy Buy Buy Buy Neutral Buy Buy Buy Neutral Neutral Buy Buy Buy Neutral Buy Buy Buy Buy Neutral Buy

Validity Time Period Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice

15 January 2017

Swedbank recommendation tracking list Issuer Betsson Diös Hexagon Holmen Husqvarna Industrivärden Meda Volvo BW Offshore Ltd DNB SB1 Ringerike Hadeland SpareBank 1 SMN Sparebanken Møre Sparebanken Vest Tanker Investments Ltd. AstraZeneca Bilia Fabege JM Metso Skanska Stora Enso Hafslund ASA Odfjell Petroleum Geo Services Statoil Tallink ABB Gunnebo ICA Gruppen Klövern Kungsleden Novo Nordisk Outokumpu Sandvik Trelleborg DHT Holdings, Inc. Petroleum Geo Services SpareBank 1 SR-Bank Wilh. Wilhelmsen ASA Alfa Laval Hexpol SKF

Date of dissemination 2016-02-08 2016-02-08 2016-02-08 2016-02-08 2016-02-08 2016-02-08 2016-02-08 2016-02-08 2016-02-08 2016-02-08 2016-02-08 2016-02-08 2016-02-08 2016-02-08 2016-02-08 2016-02-05 2016-02-05 2016-02-05 2016-02-05 2016-02-05 2016-02-05 2016-02-05 2016-02-05 2016-02-05 2016-02-05 2016-02-05 2016-02-05 2016-02-04 2016-02-04 2016-02-04 2016-02-04 2016-02-04 2016-02-04 2016-02-04 2016-02-04 2016-02-04 2016-02-04 2016-02-04 2016-02-04 2016-02-04 2016-02-03 2016-02-03 2016-02-03

Analyst's name Mathias Lundberg Jan Ihrfelt, CFA, Markus Gustafsson Mathias Lundberg, Anders Roslund Ola Södermark Anders Roslund, Mats Liss Mathias Lundberg, Anders Roslund Johan Unnerus Mats Liss, Anders Roslund Stig Erik Kyrkjeeide, Magnus Olsvik Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Erik Folkeson Johan Unnerus Mats Liss Jan Ihrfelt, CFA, Markus Gustafsson Jan Ihrfelt, CFA, Markus Gustafsson Anders Roslund Jan Ihrfelt, CFA, Markus Gustafsson Ola Södermark Marius Gaard Erik Folkeson Teodor Sveen-Nilsen, Magnus Olsvik Teodor Sveen-Nilsen, Marlene Skjellet Granerud Marek Randma Anders Roslund, Mats Liss Mats Liss Stefan Olsson Jan Ihrfelt, CFA, Markus Gustafsson Jan Ihrfelt, CFA, Markus Gustafsson Johan Unnerus Ola Södermark Anders Roslund, Mats Liss Mats Liss Erik Folkeson Teodor Sveen-Nilsen, Magnus Olsvik Bengt Kirkøen, Ingvild Almestad Aasen Erik Folkeson Anders Roslund, Mats Liss Mats Liss Anders Roslund, Mats Liss

Price Target SEK 155 SEK 52.5 SEK 335 SEK 260 SEK 55.0 SEK 150 SEK 120 SEK 88.0 NOK 35.1 NOK 135 NOK 200 NOK 71.0 NOK 260 NOK 48.0 NOK 150 SEK 545 SEK 190 SEK 145 SEK 225 EUR 24.0 SEK 195 EUR 9.00 NOK 76.0 NOK 35.0 NOK 40.0 NOK 125 EUR 1.25 SEK 170 SEK 45.0 SEK 290 SEK 10.5 SEK 70.0 DKK 430 EUR 2.80 SEK 90.0 SEK 175 USD 9.00 USD 40.0 NOK 55.0 NOK 51.0 SEK 145 SEK 90.0 SEK 150

Relevant Market Price SEK 119 SEK 45.7 SEK 283 SEK 237 SEK 54.2 SEK 132 SEK 90.3 SEK 80.1 NOK 24.8 NOK 102 NOK 174 NOK 49.1 NOK 187 NOK 33.7 NOK 86.5 SEK 510 SEK 160 SEK 136 SEK 209 EUR 19.2 SEK 161 EUR 7.02 NOK 59.5 NOK 23.5 NOK 25.3 NOK 119 EUR 0.86 SEK 145 SEK 41.8 SEK 305 SEK 8.74 SEK 56.3 DKK 349 EUR 2.21 SEK 68.7 SEK 143 USD 5.92 NOK 23.9 NOK 34.0 NOK 31.3 SEK 132 SEK 75.2 SEK 133

Direction of Recommendation Buy Buy Buy Neutral Neutral Neutral Buy Neutral Buy Buy Buy Buy Buy Buy Buy Neutral Buy Neutral Neutral Buy Buy Buy Neutral Buy Buy Neutral Strong Buy Buy Buy Reduce Buy Buy Buy Neutral Buy Buy Buy Buy Buy Buy Neutral Buy Buy

Validity Time Period Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice

15 January 2017

Swedbank recommendation tracking list Issuer Lundin Petroleum Royal Caribbean Cruises Assa Abloy Boliden Husqvarna Lundin Mining Metso Volvo Tgs Nopec Geophysical Autoliv Axfood JM Kindred Mekonomen Nibe Industrier Skanska Frontline Leroy Seafood Panoro Energy Tanker Investments Ltd. Apranga Tallinna Vesi Atlas Copco Betsson Electrolux Getinge H&M Intrum Justitia Investor NCC SCA Tele2 Aker Solutions Concordia Maritime AB Stolt-Nielsen Ltd Storebrand Ericsson Fabege Hufvudstaden Telia Company Wihlborgs Wärtsilä Hexagon Composites

Date of dissemination 2016-02-03 2016-02-03 2016-02-02 2016-02-02 2016-02-02 2016-02-02 2016-02-02 2016-02-02 2016-02-02 2016-02-01 2016-02-01 2016-02-01 2016-02-01 2016-02-01 2016-02-01 2016-02-01 2016-02-01 2016-02-01 2016-02-01 2016-02-01 2016-02-01 2016-02-01 2016-01-29 2016-01-29 2016-01-29 2016-01-29 2016-01-29 2016-01-29 2016-01-29 2016-01-29 2016-01-29 2016-01-29 2016-01-29 2016-01-29 2016-01-29 2016-01-29 2016-01-28 2016-01-28 2016-01-28 2016-01-28 2016-01-28 2016-01-28 2016-01-28

Analyst's name Teodor Sveen-Nilsen, Marlene Skjellet Granerud Stig Erik Kyrkjeeide Anders Roslund, Mats Liss Ola Södermark, Mats Liss Anders Roslund, Mats Liss Ola Södermark, Mats Liss Anders Roslund Mats Liss, Anders Roslund Teodor Sveen-Nilsen, Magnus Olsvik Mats Liss, Anders Roslund Stefan Olsson Jan Ihrfelt, CFA, Markus Gustafsson Mathias Lundberg Mats Liss Mats Liss Jan Ihrfelt, CFA, Markus Gustafsson Erik Folkeson Marius Gaard Teodor Sveen-Nilsen, Marlene Skjellet Granerud Erik Folkeson Andrej Rodionov, CFA Marek Randma Anders Roslund, Mats Liss Mathias Lundberg Anders Roslund, Mats Liss Johan Unnerus Stefan Olsson Adonis Catic Johan Unnerus, Mathias Lundberg Jan Ihrfelt, CFA, Markus Gustafsson Ola Södermark Stefan Olsson, Stefan Wård Magnus Olsvik, Stig Erik Kyrkjeeide Erik Folkeson Erik Folkeson Bengt Kirkøen, Hans Marius Lee Ludvigsen Mathias Lundberg, Stefan Wård Jan Ihrfelt, CFA, Markus Gustafsson Jan Ihrfelt, CFA, Markus Gustafsson Stefan Olsson, Stefan Wård Jan Ihrfelt, CFA, Markus Gustafsson Anders Roslund Hans-Erik Jacobsen, Ingvild Almestad Aasen

Price Target SEK 114 NOK 830 SEK 190 SEK 160 SEK 55.0 SEK 26.0 EUR 24.0 SEK 88.0 NOK 110 SEK 1100 SEK 150 SEK 240 SEK 119 SEK 200 SEK 59.6 SEK 195 NOK 650 NOK 370 NOK 6.08 NOK 150 EUR 2.90 EUR 13.5 SEK 230 SEK 165 SEK 190 SEK 195 SEK 320 SEK 280 SEK 325 SEK 325 SEK 265 SEK 77.1 NOK 28.0 SEK 28.0 NOK 170 NOK 42.0 SEK 90.0 SEK 135 SEK 133 SEK 51.0 SEK 170 EUR 42.0 NOK 20.0

Relevant Market Price SEK 117 USD 71.7 SEK 178 SEK 119 SEK 54.1 SEK 19.9 EUR 18.9 SEK 76.5 NOK 125 SEK 881 SEK 150 SEK 236 SEK 96.7 SEK 175 SEK 58.9 SEK 165 NOK 94.7 NOK 332 NOK 5.30 NOK 87.0 EUR 2.56 EUR 13.6 SEK 183 SEK 136 SEK 188 SEK 185 SEK 282 SEK 266 SEK 281 SEK 183 SEK 243 SEK 68.1 NOK 26.7 SEK 18.3 NOK 101 NOK 31.8 SEK 77.0 SEK 127 SEK 114 SEK 39.3 SEK 159 EUR 39.8 NOK 20.4

Direction of Recommendation Neutral Buy Neutral Buy Neutral Buy Buy Neutral Reduce Buy Neutral Neutral Buy Buy Neutral Buy Buy Buy Neutral Buy Neutral Neutral Buy Buy Neutral Buy Buy Neutral Buy Buy Buy Neutral Neutral Buy Buy Buy Buy Neutral Buy Buy Buy Neutral Buy

Validity Time Period Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice

15 January 2017

Swedbank recommendation tracking list Issuer Sparebanken Møre ABB AstraZeneca Kappahl Nordea Sandvik Nordea Hexagon Investor Novo Nordisk Stora Enso Tele2 Etrion Corporation SalMar Scatec Solar ASA Statoil AF Alfa Laval Autoliv BillerudKorsnäs Fagerhult Intrum Justitia Lindab NCC SKF Tgs Nopec Geophysical Electrolux Ericsson Getinge Nokia Sweco Kongsberg Gruppen ASA Atlas Copco Castellum Wärtsilä DS Norden Marine Harvest Bulten Kongsberg Automotive ASA Kongsberg Automotive ASA Concentric Avance Gas Holding Ltd. BW LPG Ltd.

Date of dissemination 2016-01-28 2016-01-27 2016-01-27 2016-01-27 2016-01-27 2016-01-27 2016-01-27 2016-01-26 2016-01-26 2016-01-26 2016-01-26 2016-01-26 2016-01-26 2016-01-26 2016-01-26 2016-01-26 2016-01-25 2016-01-25 2016-01-25 2016-01-25 2016-01-25 2016-01-25 2016-01-25 2016-01-25 2016-01-25 2016-01-25 2016-01-22 2016-01-22 2016-01-22 2016-01-22 2016-01-22 2016-01-22 2016-01-21 2016-01-21 2016-01-21 2016-01-21 2016-01-21 2016-01-20 2016-01-20 2016-01-20 2016-01-19 2016-01-19 2016-01-19

Analyst's name Bengt Kirkøen, Ingvild Almestad Aasen Anders Roslund, Mats Liss Johan Unnerus Stefan Olsson Adonis Catic, Bengt Kirkøen Anders Roslund, Mats Liss Adonis Catic, Bengt Kirkøen Mathias Lundberg, Anders Roslund Johan Unnerus, Mathias Lundberg Johan Unnerus Ola Södermark Stefan Olsson, Stefan Wård Peter Hermanrud, Andreas Bertheussen Marius Gaard Andreas Bertheussen Teodor Sveen-Nilsen, Marlene Skjellet Granerud Stefan Wård Anders Roslund, Mats Liss Mats Liss, Anders Roslund Ola Södermark Mats Liss Adonis Catic Mats Liss, Ola Södermark Jan Ihrfelt, CFA, Markus Gustafsson Anders Roslund, Mats Liss Teodor Sveen-Nilsen, Magnus Olsvik Anders Roslund, Mats Liss Mathias Lundberg, Stefan Wård Johan Unnerus Mathias Lundberg, Stefan Wård Erik Elander, Stefan Wård Hans-Erik Jacobsen, Ingvild Almestad Aasen Anders Roslund, Mats Liss Jan Ihrfelt, CFA, Markus Gustafsson Anders Roslund Erik Folkeson Marius Gaard Mats Liss, Andrej Rodionov, CFA Mats Liss Mats Liss Mats Liss Erik Folkeson, Inactive Inactive Erik Folkeson

Price Target NOK 260 SEK 170 SEK 625 SEK 35.0 SEK 94.0 SEK 90.0 SEK 94.0 SEK 335 SEK 325 DKK 445 EUR 9.00 SEK 91.5 USD 0.26 NOK 166 NOK 57.0 NOK 125 SEK 140 SEK 150 SEK 1150 SEK 170 SEK 165 SEK 275 SEK 66.0 SEK 270 SEK 155 NOK 115 SEK 190 SEK 90.0 SEK 195 EUR 7.30 SEK 143 NOK 140 SEK 240 SEK 113 EUR 41.0 DKK 75.0 NOK 136 SEK 85.0

SEK 105 NOK 75.0 NOK 65.0

Relevant Market Price NOK 171 SEK 143 SEK 544 SEK 33.7 SEK 90.1 SEK 71.5 SEK 90.1 SEK 283 SEK 285 DKK 381 EUR 7.37 SEK 76.2 SEK 1.97 NOK 175 NOK 36.7 NOK 107 SEK 135 SEK 145 SEK 948 SEK 137 SEK 150 SEK 266 SEK 58.7 SEK 162 SEK 132 NOK 118 SEK 183 SEK 75.1 SEK 190 EUR 6.54 SEK 119 NOK 132 SEK 179 SEK 101 EUR 36.7 DKK 88.4 NOK 112 SEK 71.5 NOK 5.64 NOK 5.64 SEK 91.0 NOK 97.7 NOK 60.3

Direction of Recommendation Buy Buy Buy Neutral Buy Buy Buy Buy Buy Strong Buy Neutral Buy Neutral Neutral Buy Buy Neutral Neutral Buy Buy Buy Neutral Buy Buy Buy Neutral Neutral Buy Neutral Neutral Buy Neutral Buy Neutral Neutral Neutral Buy Buy No reco No reco Buy Reduce Neutral

Validity Time Period Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice

15 January 2017

Swedbank recommendation tracking list Issuer Norsk Hydro Sino Agro Food SpareBank 1 SR-Bank Bilia Gunnebo Holmen Helgeland Sparebank Norwegian Air Shuttle ASA SB1 Ringerike Hadeland Sandnes Sparebank Sino Agro Food SpareBank 1 Nord-Norge SpareBank 1 SMN SpareBank 1 SR-Bank Sparebanken Møre Sparebanken Sør Sparebanken Vest Olainfarm Sino Agro Food Aker Solutions Olympic Entertainment Group

Date of dissemination 2016-01-19 2016-01-19 2016-01-19 2016-01-18 2016-01-18 2016-01-18 2016-01-18 2016-01-18 2016-01-18 2016-01-18 2016-01-18 2016-01-18 2016-01-18 2016-01-18 2016-01-18 2016-01-18 2016-01-18 2016-01-18 2016-01-17 2016-01-15 2016-01-15

Analyst's name Hans-Erik Jacobsen, Ingvild Almestad Aasen Marius Gaard Bengt Kirkøen, Ingvild Almestad Aasen Mats Liss Mats Liss Ola Södermark Bengt Kirkøen, Ingvild Almestad Aasen Hans-Erik Jacobsen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Marius Gaard Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Bengt Kirkøen, Ingvild Almestad Aasen Andrej Rodionov, CFA Marius Gaard Magnus Olsvik, Stig Erik Kyrkjeeide Marek Randma

Price Target NOK 36.0 USD 15.0 NOK 36.0 SEK 190 SEK 45.0 SEK 260 NOK 66.0 NOK 400 NOK 200 NOK 42.9 USD 15.0 NOK 53.0 NOK 71.0 NOK 43.0 NOK 260 NOK 114 NOK 48.0 EUR 9.00 USD 15.0 NOK 33.0 EUR 2.30

Relevant Market Price NOK 26.8 USD 9.00 NOK 33.5 SEK 158 SEK 42.1 SEK 237 NOK 52.5 NOK 262 NOK 173 NOK 39.2 USD 9.00 NOK 32.9 NOK 43.8 NOK 33.4 NOK 172 NOK 88.3 NOK 33.2 EUR 7.36 USD 9.00 NOK 24.7 EUR 1.77

Direction of Recommendation Neutral Buy Neutral Buy Buy Neutral Buy Buy Buy Neutral Buy Buy Buy Neutral Buy Buy Buy Buy Buy Neutral Strong Buy

Validity Time Period Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice Until further notice