JYSKE Bank-AUG-02-Corporate Bond Universe

Corporate Bond Universe 02-08-2010

Recomendations

BUY

HOLD

SELL

Trading & Sales

Analytikere

Morten Storgaard Andersen Henrik Hjorth Rasmussen Henrk Lysdahl Carsten Dam Hyldal

+ 45 8989 7678 + 45 8989 7679 + 45 8989 7680 + 45 8989 7674

Alex Hauge Andersen Bo Andersen Henrik Colding Jørgensen

+ 45 8989 7688 + 45 8989 7687 + 45 8989 7686

Maturity 1-4 Maturity 4-7 Maturity 7GAZPROM (GAZ CAPITAL SA) 7,8% 27-09-2010 VESTAS WIND SYSTEMS A/S 4,625% 23-03-2015 GAZPROM (GAZ CAPITAL SA) 5,44% 02-11-2017 Offer/Yield/Gov. spread 100,75 2,45% 203 bp Offer/Yield/Gov. spread 102,5 4,02% 238 bp Offer/Yield/Gov. spread 103,25 4,89% 260 bp Rating/Next call@price Baa1/BBB Rating/Next call@price Not rated/ Rating/Next call@price Baa1/BBB Security codes B69124 XS0176996956 Security codes B05652 XS0496644609 Security codes B03178 XS0290581569 https://jyskebank.com/wps/wcm/connect/cdc9c98042614241ac69acc1470faee1/332593_20100504GazpromQ42009.pdf?MOD=AJPERES https://jyskebank.com/wps/wcm/connect/02dec28041c796b893ffb7d3c2f9d6eb/329092_20100316VestasNewIssue.pdf?MOD=AJPERES https://jyskebank.com/wps/wcm/connect/cdc9c98042614241ac69acc14 Min. trade/Remarks *50.000 Min. trade/Remarks *50.000 Min. trade/Remarks *50.000 GAZPROM (GAZ CAPITAL SA) 5,03% 25-02-2014 AP MOLLER-MAERSK A/S 4,875% 30-10-2014 DONG ENERGY A/S 5,5% 29-06-3005 Offer/Yield/Gov. spread 105,25 3,43% 228 bp Offer/Yield/Gov. spread 107 3,08% 163 bp Offer/Yield/Gov. spread 103,00 4,80% 308 bp Rating/Next call@price Baa1/BBB Rating/Next call@price Not rated/ Rating/Next call@price Baa3/BBB 29-06-2015@100 Security codes B03179 XS0272762963 Security codes B05193 XS0462887349 Security codes B75307 XS0223249003 https://jyskebank.com/wps/wcm/connect/cdc9c98042614241ac69acc1470faee1/332593_20100504GazpromQ42009.pdf?MOD=AJPERES https://jyskebank.com/wps/wcm/connect/f8944880428c0de0b511ff68b98449e5/333640_20100512APMQ12010.pdf?MOD=AJPERES https://jyskebank.com/wps/wcm/connect/6a8d8f0042a46f03b25ff31fc8 Min. trade/Remarks *50.000 Min. trade/Remarks *50.000 Min. trade/Remarks 1 GLENCORE FINANCE EUROPE 5,375% 30-09-2011 Offer/Yield/Gov. spread 102,75 2,91% 224 bp Rating/Next call@price Baa2/BBBSecurity codes B74604 XS0202202957 https://jyskebank.com/wps/wcm/connect/322f8b80428f0484a69cb60afcfd5626/333793_20100518GlencoreQ12010.pdf?MOD=AJPERES Min. trade/Remarks 1.000 LINDE FINANCE BV 4,375% 24-04-2012 LINDE FINANCE BV 4,75% 24-04-2017 Offer/Yield/Gov. spread 104,50 1,69% 93 bp Offer/Yield/Gov. spread 110,50 3,00% 82 bp Rating/Next call@price A3/ARating/Next call@price A3/ASecurity codes B04430 XS0297698853 Security codes B04431 XS0297699588 https://jyskebank.com/wps/wcm/connect/e0ed8280426141caac16acc1470faee1/332551_20100504LindeQ12010.pdf?MOD=AJPERES https://jyskebank.com/wps/wcm/connect/e0ed8280426141caac16acc1470faee1/332551_20100504LindeQ12010.pdf?MOD=AJPERES Min. trade/Remarks 1.000 Min. trade/Remarks 1.000 REXAM PLC 4,375% 15-03-2013 LINDE FINANCE BV 7,375% 14-07-2066 Offer/Yield/Gov. spread 104,50 2,59% 169 bp Offer/Yield/Gov. spread 111,25 5,13% 314 bp Rating/Next call@price Baa3/BBBRating/Next call@price Baa2/BBB 14-07-2016@100 Security codes B03346 XS0248005471 Security codes B01473 XS0259604329 https://jyskebank.com/wps/wcm/connect/1f60160043661c1292159ef0da32bec6/339041_20100728RexamQ2.pdf?MOD=AJPERES&CACHEID=1f60160043661c1292159ef0da32bec6 https://jyskebank.com/wps/wcm/connect/e0ed8280426141caac16acc14 Min. trade/Remarks *50.000 Min. trade/Remarks *50.000 CARLSBERG BREWERIES A/S 6% 28-05-2014 Offer/Yield/Gov. spread 112,25 2,58% 133 bp Rating/Next call@price Baa3/Not rated Security codes B04505 XS0430698455 https://jyskebank.com/wps/wcm/connect/bc2a81004196ca12b45dfc39df4aa4c5/327404_20100224Carlsberg2009.pdf?MOD=AJPERES Min. trade/Remarks *50.000

EUR High Yield

-

Brewery

Industry

Basicindustry

Energy

EUR High Grade

Health-care

Service

Capital Goods

Retail

Consumption

Maturity 1-4

Maturity 4-7 Maturity 7FAGE DAIRY INDUSTRIES SA 7,5% 15-01-2015 Offer/Yield/Gov. spread 93,50 9,32% 778 bp Rating/Next call@price B3/B01-09-2010@103,75 Security codes B74873 XS0210695150 https://jyskebank.com/wps/wcm/connect/5b88df80420eade4b6f6ff5092f724fb/330337_20100331FageDairy2009.pdf?MOD=AJPERES Min. trade/Remarks 5.000 AGROKOR D.D 10% 07-12-2016 Offer/Yield/Gov. spread 105,25 8,74% 692 bp Rating/Next call@price B2/B 07-12-2013@105 Security codes B05258 XS0471612076 https://jyskebank.com/wps/wcm/connect/c9944f8042b7a62bbfa4ff1fc8d01bc8/334811_20100601AgrokorQ12010.pdf?MOD=AJPERES Min. trade/Remarks *50.000 BOMBARDIER INC 3,808% 15-11-2013 BOMBARDIER INC 7,25% 15-11-2016 Offer/Yield/Gov. spread 100,75 3,78% Euribor+312,5 bp Offer/Yield/Gov. spread 107 4,34% 365 bp 15-11-2010@100 15-11-2011@103,625 Rating/Next call@price Ba2/BB+ Rating/Next call@price Ba2/BB+ Security codes B01844 XS0273978592 Security codes B01856 XS0273988393 https://jyskebank.com/wps/wcm/connect/01fe758042ba68da9d58dfa2c6d9ca27/335067_20100603BombardierQ12011.pdf?MOD=AJPERES https://jyskebank.com/wps/wcm/connect/01fe758042ba68da9d58dfa2c6d9ca27/335067_20100603BombardierQ12011.pdf?MOD=AJPERES Min. trade/Remarks *50.000 Min. trade/Remarks *50.000 ISS GLOBAL A/S 4,75% 18-09-2010 ISS HOLDINGS A/S 8,875% 15-05-2016 Offer/Yield/Gov. spread 99,75 6,57% 631 bp Offer/Yield/Gov. spread 103,75 7,71% 648 bp 15-05-2011@104,438 Rating/Next call@price Not rated/B Rating/Next call@price Caa1/B Security codes B69092 XS0176317054 Security codes B01283 XS0253470644 https://jyskebank.com https://jyskebank.com Min. trade/Remarks 1.000 Min. trade/Remarks *50.000 ISS FINANCING PLC 11% 15-06-2014 Offer/Yield/Gov. spread 112,25 5,47% 477 bp Rating/Next call@price Not rated/B 15-12-2011@105,5 Security codes B04750 XS0441258117 https://jyskebank.com Min. trade/Remarks *50.000 EUROPCAR GROUPE SA 8,125% 15-05-2014 Offer/Yield/Gov. spread 95,25 9,65% 842 bp Rating/Next call@price Caa1/B /*- 15-05-2011@102,031 Security codes B01325 XS0254144115 https://jyskebank.com/wps/wcm/connect/d789e48041efa23c95ceb7d3c2f9d6eb/330108_20100325EuropcarFY2009.pdf?MOD=AJPERES Min. trade/Remarks *50.000 EUROPCAR GROUPE SA 4,183% 15-05-2013 Offer/Yield/Gov. spread 92 7,58% Euribor+350 bp Rating/Next call@price B3/B+ /*- 13-09-2010@100 Security codes B01324 XS0254147480 https://jyskebank.com/wps/wcm/connect/d789e48041efa23c95ceb7d3c2f9d6eb/330108_20100325EuropcarFY2009.pdf?MOD=AJPERES Min. trade/Remarks *50.000 FRESENIUS FINANCE BV 5% 31-01-2013 FRESENIUS US FINANCE II 8,75% 15-07-2015 Offer/Yield/Gov. spread 105,5 2,70% 182 bp Offer/Yield/Gov. spread 118 4,63% 291 bp Rating/Next call@price Ba1/BB Rating/Next call@price Ba1/BB Security codes b00976 XS0240918218 Security codes B04096 XS0390398344 https://jyskebank.com/wps/wcm/connect/52b5b70042614079ab44abc1470faee1/332543_20100504FreseniusQ1.pdf?MOD=AJPERES https://jyskebank.com/wps/wcm/connect/52b5b70042614079ab44abc1470faee1/332543_20100504FreseniusQ1.pdf?MOD=AJPERES Min. trade/Remarks 1.000 Min. trade/Remarks 1.000 FRESENIUS FINANCE BV 5,5% 31-01-2016 Offer/Yield/Gov. spread 103,5 3,82% 333 bp Rating/Next call@price Ba1/BB 31-01-2011@102,75 Security codes B00977 XS0240919372 https://jyskebank.com/wps/wcm/connect/52b5b70042614079ab44abc1470faee1/332543_20100504FreseniusQ1.pdf?MOD=AJPERES Min. trade/Remarks 1.000

Disclaimer: Please refer to last page.

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Telecom

Paper

Industry

Maturity 1-4

EUR High Yield

Maturity 4-7 Maturity 7INEOS GROUP HOLDINGS PLC 7,875% 15-02-2016 REXAM PLC 6,75% 29-06-2067 Offer/Yield/Gov. spread 81,25 12,70% 1081 bp Offer/Yield/Gov. spread 96,25 7,46% 524 bp 29-06-2017@100 Rating/Next call@price Caa3/CCC 15-02-2011@103,938 Rating/Next call@price Ba2/BB Security codes B01059 XS0242945367 Security codes B02811 XS0307868744 https://jyskebank.com/wps/wcm/connect/a3dd37804360387180c7b145501921f2/338938_20100727IneosQ22010TradingStatement.pdf?MOD=AJPERES&CACHEID=a3d https://jyskebank.com/wps/wcm/connect/1f60160043661c1292159ef0d Min. trade/Remarks *50.000 Min. trade/Remarks *50.000 INEOS FINANCE PLC 9,25% 15-05-2015 RHODIA SA 7% 15-05-2018 Offer/Yield/Gov. spread 103 8,30% 708 bp Offer/Yield/Gov. spread 104,25 6,11% 417 bp 15-05-2013@104,625 15-05-2014@103,5 Rating/Next call@price B2/B Rating/Next call@price B1/BBSecurity codes B05810 XS0508553764 Security codes B05790 XS0506721827 https://jyskebank.com/wps/wcm/connect/a3dd37804360387180c7b145501921f2/338938_20100727IneosQ22010TradingStatement.pdf?MOD=AJPERES&CACHEID=a3d https://jyskebank.com/wps/wcm/connect/5a0d5d00419a5351bfa6ff39d Min. trade/Remarks *50.000 Min. trade/Remarks *50.000 RHODIA SA 3,585% 15-10-2013 KERLING PLC 10,625% 28-01-2017 ARDAGH GLASS FINANCE 8,75% 01-02-2020 Offer/Yield/Gov. spread 99,75 3,73% Euribor+275 bp Offer/Yield/Gov. spread 105,75 9,26% 739 bp Offer/Yield/Gov. spread 104,75 7,90% 557 bp 01-09-2010@100 01-02-2014@105,313 01-02-2015@104,375 Rating/Next call@price B1/BBRating/Next call@price B3/B Rating/Next call@price B3/B Security codes B01690 XS0270503369 Security codes B05454 XS0480857415 Security codes B05431 XS0480219640 https://jyskebank.com/wps/wcm/connect/5a0d5d00419a5351bfa6ff39df4aa4c5/327574_20100225Rhodia2009.pdf?MOD=AJPERES https://jyskebank.com/wps/wcm/connect/8f032a804365ea4287c3b745501921f2/339063_20100728KerlingQ22010.pdf?MOD=AJPERES&CACHEID=8f032a804365ea42 https://jyskebank.com/wps/wcm/connect/70faf50041227a1091469309c Min. trade/Remarks *50.000 Min. trade/Remarks *50.000 Min. trade/Remarks *50.000 REYNOLDS GRP ISS/REYNOLD 8% 15-12-2016 Offer/Yield/Gov. spread 97,75 8,46% 638 bp 15-06-2011@104 Rating/Next call@price Caa1/BSecurity codes B03553 XS0307398502 https://jyskebank.com/wps/wcm/connect/a235af8042adaaa28b12dfa2c6d9ca27/334587_20100527ReynoldsQ12010.pdf?MOD=AJPERES Min. trade/Remarks *50.000 REYNOLDS GRP ISS/REYNOLD 9,5% 15-06-2017 Offer/Yield/Gov. spread 100,25 9,43% 773 bp 15-06-2012@104,75 Rating/Next call@price Caa1/BSecurity codes B02612 XS0307399062 https://jyskebank.com/wps/wcm/connect/a235af8042adaaa28b12dfa2c6d9ca27/334587_20100527ReynoldsQ12010.pdf?MOD=AJPERES Min. trade/Remarks *50.000 ARDAGH GLASS FINANCE 7,125% 15-06-2017 Offer/Yield/Gov. spread 97 7,69% 550 bp 15-06-2012@103,563 Rating/Next call@price B3/B Security codes B02525 XS0304675159 https://jyskebank.com/wps/wcm/connect/d9c9788041f26f3796cab7d3c2f9d6eb/330030_20100325ArdaghGlass.2009.pdf?MOD=AJPERES Min. trade/Remarks *50.000 ARDAGH GLASS FINANCE 9,25% 01-07-2016 Offer/Yield/Gov. spread 113,25 5,72% 475 bp 01-07-2013@104,625 Rating/Next call@price Ba3/BB Security codes B04663 XS0435914790 https://jyskebank.com/wps/wcm/connect/d9c9788041f26f3796cab7d3c2f9d6eb/330030_20100325ArdaghGlass.2009.pdf?MOD=AJPERES Min. trade/Remarks *50.000 M-REAL OYJ 5,594% 15-12-2010 Offer/Yield/Gov. spread 101,75 1,01% +487,5 bp Rating/Next call@price Caa1/CCC+ Security codes B03279 XS0276828042 https://jyskebank.com/wps/wcm/connect/e27f6e80426d0e0e9313939a79a48f8e/332674_20100505MRealQ12010.pdf?MOD=AJPERES Min. trade/Remarks *50.000 TDC A/S 6,5% 19-04-2012 TDC (ANGEL LUX COMMON) 8,25% 01-05-2016 Offer/Yield/Gov. spread 104,75 3,56% 281 bp Offer/Yield/Gov. spread 107,75 3,11% 254 bp Rating/Next call@price Ba3/BB Rating/Next call@price B1/BB 01-05-2011@104,125 Security codes B89251 XS0146556385 Security codes B01272 XS0252438899 https://jyskebank.com/wps/wcm/connect/c05013004285a310954dff68b98449e5/333084_20100509TDCQ12009.pdf?MOD=AJPERES https://jyskebank.com/wps/wcm/connect/979cd38042c35cfaa033f6a2c6d9ca27/335175_20100604TDCIntetfrasalgafSunrise.pdf?MOD=AJPERES Min. trade/Remarks 1.000 Min. trade/Remarks *50.000 TDC (ANGEL LUX COMMON) 6,399% 01-05-2016 Offer/Yield/Gov. spread 101,75 6,04% Euribor+550 bp Rating/Next call@price B1/BB 01-09-2010@100 Security codes B01274 XS0252440010 https://jyskebank.com/wps/wcm/connect/c05013004285a310954dff68b98449e5/333084_20100509TDCQ12009.pdf?MOD=AJPERES Min. trade/Remarks *50.000 TDC A/S 5,875% 16-12-2015 Offer/Yield/Gov. spread 106 4,58% 274 bp Rating/Next call@price Ba3/BB Security codes B05313 XS0473999984 https://jyskebank.com/wps/wcm/connect/c05013004285a310954dff68b98449e5/333084_20100509TDCQ12009.pdf?MOD=AJPERES Min. trade/Remarks *50.000 ERC IRELAND FINANCE 5,683% 15-08-2016 (Eircom) Offer/Yield/Gov. spread 46,25 22,15% Euribor+500 bp Rating/Next call@price Caa1/CCC 13-09-2010@100 Security codes B01553 XS0264261974 https://jyskebank.com/wps/wcm/connect/855f3d8042b13a1fb9bbfb1fc8d01bc8/334594_20100528EircomQ32010.pdf?MOD=AJPERES Min. trade/Remarks *50.000 WIND ACQUISITION FIN SA 11,75% 15-07-2017 Offer/Yield/Gov. spread 105,75 10,24% 852 bp Rating/Next call@price B2/B+ 15-07-2013@105,875 Security codes B04704 XS0438150160 Min. trade/Remarks *100.000 https://jyskebank.com/wps/wcm/connect/4536ae80428c0765b4bdff68b98449e5/333367_20100511Wind2010Q1Regnskab.pdf?MOD=AJPERES WIND ACQUISITION FIN SA 11% 01-12-2015 Offer/Yield/Gov. spread 104,75 9,30% 821 bp Rating/Next call@price B2/B+ 01-12-2010@104,875 Security codes B00824 XS0236096730 https://jyskebank.com/wps/wcm/connect/4536ae80428c0765b4bdff68b98449e5/333367_20100511Wind2010Q1Regnskab.pdf?MOD=AJPERES Min. trade/Remarks *50.000 Maturity 1-4 Maturity 4-7 GAZPROM (MORGAN STANLEY) 9,625% 01-03-2013 Offer/Yield/Gov. spread 2502504,250 #VÆRDI! +#N/A Field Not Applicable bp Rating/Next call@price Baa1/BBB Security codes B91347 XS0164067836 Min. trade/Remarks *100.000 https://jyskebank.com/wps/wcm/connect/cdc9c98042614241ac69acc1470faee1/332593_20100504GazpromQ42009.pdf?MOD=AJPERES

Maturity 7-

GLENCORE FINANCE EUROPE 8% Perpetual Offer/Yield/Gov. spread 101,25 5,46% 526 bp Rating/Next call@price Baa2/BBB- 06-02-2011@100 Security codes B01009 XS0242047073 Min. trade/Remarks *100.000 https://jyskebank.com/wps/wcm/connect/322f8b80428f0484a69cb60af

Basisindustry

Energy

USD High Grade

Indicates if the security is affected by the EU Savings Directive

Telecom

Health-care

Industry

Maturity 1-4

USD High Yield

Maturity 4-7 Maturity 7INEOS GROUP HOLDINGS PLC 8,5% 15-02-2016 Offer/Yield/Gov. spread 84,25 12,53% 1073 bp Rating/Next call@price Caa3/CCC 15-02-2011@104,25 Security codes B02281 XS0242946258 https://jyskebank.com/wps/wcm/connect/a3dd37804360387180c7b145501921f2/338938_20100727IneosQ22010TradingStatement.pdf?MOD=AJPERES&CACHEID=a3d Min. trade/Remarks *75.000 BOMBARDIER INC 8% 15-11-2014 Offer/Yield/Gov. spread 106 0,74% 59 bp Rating/Next call@price Ba2/BB+ 15-11-2010@104 Security codes B03187 USC10602AK32 https://jyskebank.com/wps/wcm/connect/01fe758042ba68da9d58dfa2c6d9ca27/335067_20100603BombardierQ12011.pdf?MOD=AJPERES Min. trade/Remarks *75.000 HCA INC 8,75% 01-09-2010** FRESENIUS US FINANCE II 9% 15-07-2015 Offer/Yield/Gov. spread 101,75 -14,67% -1437 bp Offer/Yield/Gov. spread 114,25 5,65% 406 bp Rating/Next call@price Caa1 /*+/B- /*+ Rating/Next call@price Ba1/BB Security codes B88174 US404119AA75 Security codes B04097 USU31436AD72 https://jyskebank.com/wps/wcm/connect/4ca6990040422de5ad84efb38624eea3/317501_20091109HCAQ32009.pdf?MOD=AJPERES https://jyskebank.com/wps/wcm/connect/52b5b70042614079ab44abc1470faee1/332543_20100504FreseniusQ1.pdf?MOD=AJPERES Min. trade/Remarks 1.000 Min. trade/Remarks 2.000 WIND ACQUISITION FIN SA 11,75% 15-07-2017 Offer/Yield/Gov. spread 108,25 9,61% 802 bp Rating/Next call@price B2/B+ 15-07-2013@105,875 Security codes B04709 USL97437AC80 Min. trade/Remarks *100.000 https://jyskebank.com/wps/wcm/connect/4536ae80428c0765b4bdff68b98449e5/333367_20100511Wind2010Q1Regnskab.pdf?MOD=AJPERES CABLE & WIRELESS (SABLE) 7,75% 15-02-2017 Offer/Yield/Gov. spread 104,75 6,71% 490 bp Rating/Next call@price (P)Ba2/BB 15-02-2014@103,875 Security codes B05521 USG7763MAA48 Min. trade/Remarks *100.000 https://jyskebank.com/wps/wcm/connect/a79a100042b9ac8bbfdbff1fc8d01bc8/334689_20100530CWC20092010.pdf?MOD=AJPERES

Maturity 1-4 Maturity 4-7 GAZPROM (GAZ CAPITAL SA) 6,58% 31-10-2013 Offer/Yield/Gov. spread 106,75 4,29% 280 bp Rating/Next call@price Baa1/BBB Security codes B02499 XS0303594450 https://jyskebank.com/wps/wcm/connect/cdc9c98042614241ac69acc1470faee1/332593_20100504GazpromQ42009.pdf?MOD=AJPERES Min. trade/Remarks 1.000

Maturity 7-

LINDE FINANCE BV 8,125% 14-07-2066 Offer/Yield/Gov. spread 113,5 5,43% 293 bp Rating/Next call@price Baa2/BBB 14-07-2016@100 Security codes B01704 XS0259607777 https://jyskebank.com/wps/wcm/connect/e0ed8280426141caac16acc14 Min. trade/Remarks 1.000

Industry

Energy

GBP High Grade

Brewery

CARLSBERG BREWERIES A/S 7,25% 28-11-2016 Offer/Yield/Gov. spread 117 4,13% 153 bp Rating/Next call@price Baa3/Not rated Security codes B04504 XS0430699008 https://jyskebank.com/wps/wcm/connect/bc2a81004196ca12b45dfc39df4aa4c5/327404_20100224Carlsberg2009.pdf?MOD=AJPERES Min. trade/Remarks 1.000

Healthcare

Telecom

GBP High Yield

Maturity 1-4 Maturity 4-7 Maturity 7CABLE & WIRELESS COMM 8,75% 06-08-2012** CABLE & WIRELESS INT FIN 8,625% 25-03-2019** Offer/Yield/Gov. spread 106,50 5,25% 429 bp Offer/Yield/Gov. spread 104,25 7,91% 470 bp Rating/Next call@price B1/B+ Rating/Next call@price B1/B+ Security codes B70536 XS0063233679 Security codes B74675 XS0050504306 https://jyskebank.com/wps/wcm/connect/a79a100042b9ac8bbfdbff1fc8d01bc8/334689_20100530CWC20092010.pdf?MOD=AJPERES https://jyskebank.com/wps/wcm/connect/a79a100042b9ac8bbfdbff1fc8d Min. trade/Remarks *10.000 Min. trade/Remarks *10.000 HCA INC 8,75% 01-11-2010** Offer/Yield/Gov. spread 102,25 -0,63% -116 bp Rating/Next call@price Caa1 /*+/B- /*+ Security codes B89463 XS0119857000 https://jyskebank.com/wps/wcm/connect/4ca6990040422de5ad84efb38624eea3/317501_20091109HCAQ32009.pdf?MOD=AJPERES Min. trade/Remarks 1.000

CALLED

Financial

EUR Emerging Market

Maturity 1-4 Maturity 4-7 TURANALEM FINANCE BV 6,25% 27-09-2011 Offer/Yield/Gov. spread 48,75 Rating/Next call@price C/Not rated Security codes B01656 XS0269267000 https://jyskebank.com/wps/wcm/connect/8a80e50042dbdcea9a1efb15b115585e/335661_20100610.pdf?MOD=AJPERES Min. trade/Remarks *50.000

Financial

USD Emerging Market

Maturity 7-

Maturity 1-4 Maturity 4-7 Maturity 7TURANALEM FINANCE BV 7,875% 02-06-2010 Offer/Yield/Gov. spread 47,5 Rating/Next call@price WR/D Security codes B52979 XS0168848801 https://jyskebank.com/wps/wcm/connect/8a80e50042dbdcea9a1efb15b115585e/335661_20100610.pdf?MOD=AJPERES Min. trade/Remarks *10.000 TURANALEM FINANCE BV 8% 24-03-2014 Offer/Yield/Gov. spread 49,25 Rating/Next call@price C/D Security codes B71054 USN89065AF89 Min. trade/Remarks *100.000 https://jyskebank.com/wps/wcm/connect/8a80e50042dbdcea9a1efb15b115585e/335661_20100610.pdf?MOD=AJPERES TURANALEM FINANCE BV 7,75% 25-04-2013 TURANALEM FINANCE BV 8,5% 10-02-2015 Offer/Yield/Gov. spread 48,75 Offer/Yield/Gov. spread 49,75 Rating/Next call@price C/Not rated Rating/Next call@price C/D Security codes B02079 XS0251881289 Security codes B74933 XS0211873053 Min. trade/Remarks *100.000 https://jyskebank.com/wps/wcm/connect/8a80e50042dbdcea9a1efb15b115585e/335661_20100610.pdf?MOD=AJPERES Min. trade/Remarks *100.000 https://jyskebank.com/wps/wcm/connect/8a80e50042dbdcea9a1efb15b115585e/335661_20100610.pdf?MOD=AJPERES

Maturity 1-4

* Denotes that customers which have a deposit at Jyske Bank have the possibility to minimum trades of 1.000,00. However, holdings of less than the minimum trading lot cannot be transferred to another bank. ** The bond is grandfathered - Grandfathered indicates if the security is affected by the EU Savings Directive

Corporate Bond Universe Selskabsbeskrivelse

Company Description Agrokor - Was founded in 1976 and is today Croatia's largest food producer and retail chain. Agrokor operates mainly in Crotia and it has three business areas. Food Retail Business, Food & Beverage Production Business and Other Businesses. Agrokor is privately owned and 92% of the shares are owned by the president of the company, Ivica Todoric. A.P. Møller - Mærsk (APM) - APM is the largest group of companies in Denmark , reporting sales of above DKK 300bn. The group's main activities are shipping and oil exploration/offshore activities (E&P, offshore rings, supply ships). Other business areas include retail trade (68% stake in Denmark's largest grocery group Dansk Supermarked) as well as shipyards and manufacturing industry. Finnally, APM owns 20% of Danske Bank (Denmark). Ardagh Glass - The Ardagh Glass Group is one of Europe’s largest glass packaging producers and today it operates 20 production facilities in seven countries. The group has a 33% market share in northern Europe and produces glass packaging for all segments in the food and medical industries. Bank TuranAlem (BTAS) - The 2end largest bank in Kazakhstan with representative offices in Kazakhstan, Russia, Ukraine, China, Belarus, Kyrgyzstan, Georgia, Tajikistan and Armenia. Reynold - The 2end largest company in the world within aseptic packaging for long-lift products. Reynold also sells and leases the machines filling up the packaging and provides service and support. Reynolds owned by the private equity fund Rank Group Holdings Limited. Bombardier - Has two core areas: Bombardier Aerospace which designs og produces regional/commercial and business aircraft and Bombardier Transportation which produces and services train systems. Cable & Wireless - Offers internet and telecommunications services to customers in the UK, Europe and the Caribbean. Carlsberg Breweries A/S - The worlds fourth largest brewery measured in volume. Carlsberg is listed on the Danish stock exchange and is primarily controled by The Carlsberg Foundation with 30%. DONG Energy A/S - Leading energy company in Denmark and supplies energy – natural gas, oil and electricity - to more than one million Danish customers and a rising number of foreign customers. The company is expected to be listed on the stock exchange when the stock markets settle down. Eircom - Is the largest provider of fixed telephony in Ireland (2,6 mill. customers). Further, they provide broad band and mobile telephony. Eircom has a very strong market position on the Irish market. In general, Eircom has a market share of 60%-80% on their markets of business. Eircom is owned by Eircom holdings, an Australian investment company and a fund (ESOT) that, on behalf of the current and former employess, manages the investments in Eircom.

Europcar International - An internation car rental company. The company has a fleet of more than 250,000 vehicles at 2,977 localities in 170 different countries. Fage Dairy - The leading dairy producer and the second-largest food producer in Greece. The company produces and distributes yoghurts and dairy desserts, milk, dairy creams and packaged cheeses under the FAGE and TOTAL brands. FRESENIUS - Fresenius operates within the health-care sector through its three divisions Fresenius Medical Care (FMC), Fresenius Kabi and Fresenius ProServe. Fresenius is domiciled in Germany, and FMC is included in the German DAX30 index. The company is a global actor within the health-care sector offering products and services within dialysis treatment (FMC), clinical nutrition and infusion therapy (Kabi) and hospital operations and management (ProServe)

Gazprom - Gazprom is the world’s largest vertically integrated natural gas company in terms of reserves, production and transportation. Gazprom is also involved in oil production and oil refining, petrochemicals and other oilrelated products. Gazprom’s key activities are located in Russia, and the Russian state owns a majority stake in the company. Glencore - Glencore is one of the worlds largest commodity traders, complemented by a substanciaL upstream diversification in metal mining and processing activities. HCA Inc. - The largest operator and owner of hospitals in the US market for emergency treatment. As of 31.03.07, the company had a portfolio of 173 hospitals and 107 freestanding surgery centres in 20 US states, the UK and Switzerland. HCA Inc. has a strong market position in Florida and Texas. Ineos - Is a holding company for a group of chemicals companies. The group's main products are petrochemicals and oil products but the product range also includes a broad range of special chemicals. Is the 3rd largest chemical company in the world in terms of sales. ISS(FS Funding AS) - One of Europe’s largest companies within cleaning and facility services. Facility services cover all service-related jobs in a company such as cleaning, property services, mail handling, reception service and much more. Kerling Plc - Kerling Plc is the leading manufacturer of Polyvinyl chloride (PVC) and caustic soda in Europe, which are used in many industries, both as raw materials and as finished products. Kerling is the largest manufacturer of PVC in Europe and the second-largest manufacturer of caustic soda in Europe with a market share of 23% and 13%, respectively. Kerling Plc consists of a number of subsidiaries and Ineos Limited owns a controlling stake in Kerling. Linde - Is one of the world's largest producers of industrial, therapeutic as well as electronic gases Also, Linde is a large global player within the construction of gas plants. Meinl European Land - Meinl Bank’s property company. The company owns, runs and constructs properties for retail purposes in Eastern Europe and Turkey. Mobile Telesystems - the largest mobileoperator in Russia and CIS. Inclusive of its subsidiaries, the company has more than 87 million customers. The company is primarily owned by Sistema, a Russian conglomerate which holds a 50.6% stake. The company is listed on the New York Stock Exchange and the stock exchange in Moscow. M-Real - M-real is the leading European producer of fibre paperboard and a large paper product manufacturer.The company’s paperboards are mainly used for the packaging of cosmetics, pharmaceuticals,food, cigarettes and durable consumer goods. Its paper is used mainly for stationery and wallpaper. The company is listed, and 60% of the voting rights are held by Metsäliitto Group. Rexam - Is the world leading beverage can producer. Rexam is the market leader in Europe and the third biggest in North America. Further, Rexam produces plastic wrapping for the medical, cosmethics and food industry. Rexam is listed and has no major shareholders. Rhodia - Rhodia is a diversified chemical company. They have a leading market position within chemical intermediates (2nd globally) and engineering plastics (3rd globally). Rohdia is headquartered in Paris and has a strong market position in Europe. Furthermore, the company has a strong position in North America, Latin America and especially the rapid growing market in Asia TDC A/S - A leading provider of telecommunications solutions within fixed-line and mobile telecoms services, data communications, system integration, homepage hosting, internet access and cable TV solutions. Furthermore, the company publishes online and traditional telephone directories. TDC has operations in several European countries, primarily in Denmark and Switzerland. Wind - An integrated telecoms provider in Italy where the company offers fixed-line telephone services, mobile telephone services and internet services.

Disclaimer & Disclosure Jyske Bank is supervised by the Danish Financial Supervisory Authority. Jyske Bank's analysts are subject to the recommendations of The Danish Securities Dealers Association on the handling of conf licts of interest within investment banks.

The analysis is based on information which Jyske Bank finds reliable, but Jyske Bank does not assume any responsibility for t he correctness of the material nor for transactions made on the basis of the information or the estimates of the analysis. The e stimates and recommendations of the analysis may be changed without notice. The analysis is for the personal use of Jyske Bank's customers and may not be copied. This is a recommendation and not an investment analysis. Conflicts of interest Jyske Bank has prepared procedures to prevent conflicts of interest, although analysts may have different tasks. These proced ures have been incorporated in the business procedures covering the corporate -bond analysis activities of Jyske Markets, a business unit of Jyske Bank. Jyske Bank's corporate-bond analysts may not hold positions in the instruments that they analyse. Jyske Bank may hold positions or have interests in the companies that are analysed. The analysis has not been presented to the company prior to the release . The analysts receive no payment from persons interested in individual analyses. Read more about Jyske bank's policy on conflicts of interest at www.jyskebank.dk/terms.

Jyske Bank’s corporate bond recommendations – current breakdown Breakdown of recommendations, corporate bonds (number) 50 45 40 35 30 25 20

15 10 5 0 Buy

Hold

Sell

Source: Jyske Bank Financial models Jyske Bank uses mainly Credit Edge from Moody’s. Risk Investment in this corporate bond is associated with risk. Movements in the credit market, the sector and/or news flows, etc. regarding the company may affect the price of the bond. See the front page of the analysis for our view of the risk associated with the corporate bond. The risk factors stated and/or sensitivity calculations in the analysis are not to be considered exhaustive. If the corporate bond is denomina ted in a currency other than the investor’s base currency, the investor accepts an FX risk. Update of the analysis The planned update of the analysis will be prepared immediately upon the release of the company’s financial statement. See the front page for the initial date of publication of the analysis. All prices stated are the latest trading prices at the time of the release of the analysis, unless otherwise stated. Recommendation concepts Our recommendations are based on market developments and an assessment of the expected return. A positive recommendation (BUY ) is based on expectations that investment in the corporate bond will generate a return above that of the general credit market. On the other hand, a negative recommendation (SELL) implies that we expect investment in the corporate bond to generate a return below that of the general credit market. Return after costs depends on a number of factors relating to individual customer relations, custodian charges, volume of tra de, as well as market-, currency- and product-specific factors.