alm. brand bank research, a division of danske bank a/s ( …€¦ · · 2012-07-02research...

2 | 3 October 2011 www.danskeresearch.com

Alm

. Brand B

ank

Alm. Brand Bank

Disclosure This research report has been prepared by Danske Research, a division of Danske Bank A/S ("Danske Bank"). The authors of the research report are Thomas Hovard, Senior Analyst and Henrik Arnt, Senior Analyst.

Analyst certification

Each research analyst responsible for the content of this research report certifies that the views expressed in the research report accurately reflect the research analyst’s personal view about the financial instruments and issuers covered by the research report. Each responsible research analyst further certifies that no part of the compensation of the research analyst was, is or will be, directly or indirectly, related to the specific recommendations expressed in the research report.

Regulation

Danske Bank is authorized and subject to regulation by the Danish Financial Supervisory Authority and is subject to the rules and regulation of the relevant regulators in all other jurisdictions where it conducts business. Danske Bank is subject to limited regulation by the Financial Services Authority (UK). Details on the extent of the regulation by the Financial Services Authority are available from Danske Bank upon request.

The research reports of Danske Bank are prepared in accordance with the Danish Society of Financial Analysts’ rules of ethics and the recommendations of the Danish Securities Dealers Association.

Conflicts of interest

Danske Bank has established procedures to prevent conflicts of interest and to ensure the provision of high quality research based on research objectivity and independence. These procedures are documented in the research policies of Danske Bank. Employees within the Danske Bank Research Departments have been instructed that any request that might impair the objectivity and independence of research shall be referred to the Research Management and the Compliance Department. Danske Bank Research Departments are organised independently from and do not report to other business areas within Danske Bank.

Research analysts are remunerated in part based on the over-all profitability of Danske Bank, which includes investment banking revenues, but do not receive bonuses or other remuneration linked to specific corporate finance or debt capital transactions..

Danske Bank, its affiliates, subsidiaries and staff may perform services for or solicit business from Alm. Brand and may hold long or short positions in, or otherwise be interested in, the financial instruments mentioned in this research report. The Equity and Corporate Bonds analysts of Danske Bank and undertakings with which the Equity and Corporate Bonds analysts have close links are, however, not permitted to invest in financial instruments which are covered by the relevant Equity or Corporate Bonds analyst or the research sector to which the analyst is linked.

Danske Bank, its affiliates and subsidiaries are engaged in commercial banking, securities underwriting, dealing, trading, brokerage, investment management, investment banking, custody and other financial services activities, may be a lender to Alm. Brand, and have whatever rights as are available to a creditor under applicable law and the applicable loan and credit agreements. At any time, Danske Bank, its affiliates and subsidiaries may have credit or other information regarding Alm. Brand that is not available to or may not be used by the personnel responsible for the preparation of this report, which might affect the analysis and opinions expressed in this research report.

Danske Bank is a market maker and may hold positions in the financial instruments mentioned in this research report.

As an investment bank, Danske Bank, its affiliates and subsidiaries provide a variety of financial services, including investment banking services. It is possible that Danske Bank and/or its affiliates and/or its subsidiaries might seek to become engaged to provide such services to Alm. Brand Bank in the next three months.

Danske Bank has made no agreement with Alm. Brand Bank to write this research report. No parts of this research report have been disclosed to Alm. Brand Bank. No recommendations or opinions have been disclosed to Alm. Brand Bank and no amendments have accordingly been made to the same before dissemination of the research report.


Alm

. Brand B

ank

Alm. Brand Bank

Financial models and/or methodology used in this research report

Recommendations and opinions in this research report are formed on the basis of a combination of Discounted Cash Flow analysis, industry knowledge, peer group analysis, and company specific and market technical elements (events affecting both the financial and operational profile of the company). Forecasting of company sales and earnings is based on segmented bottom up models using subjective views of relevant future market developments. In addition, the expected macro economical environment is taken into account. The output is aggregated into models for group profit and loss, balance sheets and cash flow estimates – all taking into account the recent development in historical research reports.

Risk warning

Major risks connected with recommendations or opinions in this research report, including a sensitivity analysis of relevant assumptions, are stated throughout the text.

Expected updates

Danish Mid-Size Bank Handbook: This research product will be updated on a yearly basis following the yearly result statement from the company.

Please see the front page of this research report for the first date of publication.

General disclaimer This research has been prepared by Danske Markets (a division of Danske Bank A/S). It is provided for informational purposes only. It does not constitute or form part of, and shall under no circumstances be considered as, an offer to sell or a solicitation of an offer to purchase or sell any relevant financial instruments (i.e. financial instruments mentioned herein or other financial instruments of any issuer mentioned herein and/or options, warrants, rights or other interests with respect to any such financial instruments) ("Relevant Financial Instruments").

The research report has been prepared independently and solely on the basis of publicly available information which Danske Bank considers to be reliable. Whilst reasonable care has been taken to ensure that its contents are not untrue or misleading, no representation is made as to its accuracy or completeness, and Danske Bank, its affiliates and subsidiaries accept no liability whatsoever for any direct or consequential loss, including without limitation any loss of profits, arising from reliance on this research report.

The opinions expressed herein are the opinions of the research analysts responsible for the research report and reflect their judgment as of the date hereof. These opinions are subject to change, and Danske Bank does not undertake to notify any recipient of this research report of any such change nor of any other changes related to the information provided in the research report.

This research report is not intended for retail customers in the United Kingdom or the United States.

This research report is protected by copyright and is intended solely for the designated addressee. It may not be reproduced or distributed, in whole or in part, by any recipient for any purpose without Danske Bank’s prior written consent.

Disclaimer related to distribution in the United States This research report is distributed in the United States by Danske Markets Inc., a U.S. registered broker-dealer and subsidiary of Danske Bank, pursuant to SEC Rule 15a-6 and related interpretations issued by the U.S. Securities and Exchange Commission. The research report is intended for distribution in the United States solely to "U.S. institutional investors" as defined in SEC Rule 15a-6. Danske Markets Inc. accepts responsibility for this research report in connection with distribution in the United States solely to “U.S. institutional investors”.

Danske Bank is not subject to U.S. rules with regard to the preparation of research reports and the independence of research analysts. In addition, the research analysts of Danske Bank who have prepared this research report are not registered or qualified as research analysts with the NYSE or FINRA, but satisfy the applicable requirements of a non-U.S. jurisdiction.

Any U.S. investor recipient of this research report who wishes to purchase or sell any Relevant Financial Instrument may do so only by contacting Danske Markets Inc. directly and should be aware that investing in non-U.S. financial instruments may entail certain risks. Financial instruments of non-U.S. issuers may not be registered with the U.S. Securities and Exchange Commission and may not be subject to the reporting and auditing standards of the U.S. Securities and Exchange Commission.


Am

agerbanken

Amagerbanken




Regulation





Research analysts are remunerated in part based on the over-all profitability of Danske Bank, which includes investment banking revenues, but do not receive bonuses or other remuneration linked to specific corporate finance or debt capital transactions.

Danske Bank, its affiliates, subsidiaries and staff may perform services for or solicit business from Amagerbanken and may hold long or short positions in, or otherwise be interested in, the financial instruments mentioned in this research report. The Equity and Corporate Bonds analysts of Danske Bank and undertakings with which the Equity and Corporate Bonds analysts have close links are, however, not permitted to invest in financial instruments which are covered by the relevant Equity or Corporate Bonds analyst or the research sector to which the analyst is linked.

Danske Bank, its affiliates and subsidiaries are engaged in commercial banking, securities underwriting, dealing, trading, brokerage, investment management, investment banking, custody and other financial services activities, may be a lender to Amagerbanken, and have whatever rights as are available to a creditor under applicable law and the applicable loan and credit agreements. At any time, Danske Bank, its affiliates and subsidiaries may have credit or other information regarding Amagerbanken that is not available to or may not be used by the personnel responsible for the preparation of this report, which might affect the analysis and opinions expressed in this research report.


As an investment bank, Danske Bank, its affiliates and subsidiaries provide a variety of financial services, including investment banking services. It is possible that Danske Bank and/or its affiliates and/or its subsidiaries might seek to become engaged to provide such services to Amagerbanken in the next three months.

Danske Bank has made no agreement with v to write this research report. No parts of this research report have been disclosed to Amagerbanken. No recommendations or opinions have been disclosed to Amagerbanken and no amendments have accordingly been made to the same before dissemination of the research report.




Am

agerbanken

Amagerbanken

Risk warning


Expected updates












Arbejdernes Landsbank





Regulation






Danske Bank, its affiliates, subsidiaries and staff may perform services for or solicit business from Arbejdernes Landsbank and may hold long or short positions in, or otherwise be interested in, the financial instruments mentioned in this research report. The Equity and Corporate Bonds analysts of Danske Bank and undertakings with which the Equity and Corporate Bonds analysts have close links are, however, not permitted to invest in financial instruments which are covered by the relevant Equity or Corporate Bonds analyst or the research sector to which the analyst is linked.

Danske Bank, its affiliates and subsidiaries are engaged in commercial banking, securities underwriting, dealing, trading, brokerage, investment management, investment banking, custody and other financial services activities, may be a lender to Arbejdernes Landsbank, and have whatever rights as are available to a creditor under applicable law and the applicable loan and credit agreements. At any time, Danske Bank, its affiliates and subsidiaries may have credit or other information regarding Arbejdernes Landsbank that is not available to or may not be used by the personnel responsible for the preparation of this report, which might affect the analysis and opinions expressed in this research report.


As an investment bank, Danske Bank, its affiliates and subsidiaries provide a variety of financial services, including investment banking services. It is possible that Danske Bank and/or its affiliates and/or its subsidiaries might seek to become engaged to provide such services to Arbejdernes Landsbank in the next three months.

Danske Bank has made no agreement with v to write this research report. No parts of this research report have been disclosed to Arbejdernes Landsbank. No recommendations or opinions have been disclosed to Arbejdernes Landsbank and no amendments have accordingly been made to the same before dissemination of the research report.






Risk warning


Expected updates












DiB

a

DiBa




Regulation






Danske Bank, its affiliates, subsidiaries and staff may perform services for or solicit business from DiBa and may hold long or short positions in, or otherwise be interested in, the financial instruments mentioned in this research report. The Equity and Corporate Bonds analysts of Danske Bank and undertakings with which the Equity and Corporate Bonds analysts have close links are, however, not permitted to invest in financial instruments which are covered by the relevant Equity or Corporate Bonds analyst or the research sector to which the analyst is linked.

Danske Bank, its affiliates and subsidiaries are engaged in commercial banking, securities underwriting, dealing, trading, brokerage, investment management, investment banking, custody and other financial services activities, may be a lender to DiBa, and have whatever rights as are available to a creditor under applicable law and the applicable loan and credit agreements. At any time, Danske Bank, its affiliates and subsidiaries may have credit or other information regarding DiBa that is not available to or may not be used by the personnel responsible for the preparation of this report, which might affect the analysis and opinions expressed in this research report.


As an investment bank, Danske Bank, its affiliates and subsidiaries provide a variety of financial services, including investment banking services. It is possible that Danske Bank and/or its affiliates and/or its subsidiaries might seek to become engaged to provide such services to DiBa in the next three months.

Danske Bank has made no agreement with DiBa to write this research report. No parts of this research report have been disclosed to DiBa. No recommendations or opinions have been disclosed to DiBa and no amendments have accordingly been made to the same before dissemination of the research report.




DiB

a

DiBa

Risk warning


Expected updates












Djurslands B

ank

Djurslands Bank




Regulation






Danske Bank, its affiliates, subsidiaries and staff may perform services for or solicit business from Djurslands Bank and may hold long or short positions in, or otherwise be interested in, the financial instruments mentioned in this research report. The Equity and Corporate Bonds analysts of Danske Bank and undertakings with which the Equity and Corporate Bonds analysts have close links are, however, not permitted to invest in financial instruments which are covered by the relevant Equity or Corporate Bonds analyst or the research sector to which the analyst is linked.

Danske Bank, its affiliates and subsidiaries are engaged in commercial banking, securities underwriting, dealing, trading, brokerage, investment management, investment banking, custody and other financial services activities, may be a lender to Djurslands Bank, and have whatever rights as are available to a creditor under applicable law and the applicable loan and credit agreements. At any time, Danske Bank, its affiliates and subsidiaries may have credit or other information regarding Djurslands Bank that is not available to or may not be used by the personnel responsible for the preparation of this report, which might affect the analysis and opinions expressed in this research report.


As an investment bank, Danske Bank, its affiliates and subsidiaries provide a variety of financial services, including investment banking services. It is possible that Danske Bank and/or its affiliates and/or its subsidiaries might seek to become engaged to provide such services to Djurslands Bank in the next three months.

Danske Bank has made no agreement with Djurslands Bank to write this research report. No parts of this research report have been disclosed to Djurslands Bank. No recommendations or opinions have been disclosed to Djurslands Bank and no amendments have accordingly been made to the same before dissemination of the research report.


Djurslands B

ank

Djurslands Bank



Risk warning


Expected updates












ebh bank

ebh bank




Regulation






Danske Bank, its affiliates, subsidiaries and staff may perform services for or solicit business from ebh bank and may hold long or short positions in, or otherwise be interested in, the financial instruments mentioned in this research report. The Equity and Corporate Bonds analysts of Danske Bank and undertakings with which the Equity and Corporate Bonds analysts have close links are, however, not permitted to invest in financial instruments which are covered by the relevant Equity or Corporate Bonds analyst or the research sector to which the analyst is linked.

Danske Bank, its affiliates and subsidiaries are engaged in commercial banking, securities underwriting, dealing, trading, brokerage, investment management, investment banking, custody and other financial services activities, may be a lender to ebh bank, and have whatever rights as are available to a creditor under applicable law and the applicable loan and credit agreements. At any time, Danske Bank, its affiliates and subsidiaries may have credit or other information regarding ebh bank that is not available to or may not be used by the personnel responsible for the preparation of this report, which might affect the analysis and opinions expressed in this research report.


As an investment bank, Danske Bank, its affiliates and subsidiaries provide a variety of financial services, including investment banking services. It is possible that Danske Bank and/or its affiliates and/or its subsidiaries might seek to become engaged to provide such services to ebh bank in the next three months.

Danske Bank has made no agreement with ebh bank to write this research report. No parts of this research report have been disclosed to ebh bank. No recommendations or opinions have been disclosed to ebh bank and no amendments have accordingly been made to the same before dissemination of the research report.




ebh bank

ebh bank

Risk warning


Expected updates












Faaborg Sparkasse

Faaborg Sparkasse




Regulation






Danske Bank, its affiliates, subsidiaries and staff may perform services for or solicit business from Faaborg Sparkasse and may hold long or short positions in, or otherwise be interested in, the financial instruments mentioned in this research report. The Equity and Corporate Bonds analysts of Danske Bank and undertakings with which the Equity and Corporate Bonds analysts have close links are, however, not permitted to invest in financial instruments which are covered by the relevant Equity or Corporate Bonds analyst or the research sector to which the analyst is linked.

Danske Bank, its affiliates and subsidiaries are engaged in commercial banking, securities underwriting, dealing, trading, brokerage, investment management, investment banking, custody and other financial services activities, may be a lender to Faaborg Sparkasse, and have whatever rights as are available to a creditor under applicable law and the applicable loan and credit agreements. At any time, Danske Bank, its affiliates and subsidiaries may have credit or other information regarding Faaborg Sparkasse that is not available to or may not be used by the personnel responsible for the preparation of this report, which might affect the analysis and opinions expressed in this research report.


As an investment bank, Danske Bank, its affiliates and subsidiaries provide a variety of financial services, including investment banking services. It is possible that Danske Bank and/or its affiliates and/or its subsidiaries might seek to become engaged to provide such services to Faaborg Sparkasse in the next three months.

Danske Bank has made no agreement with Faaborg Sparkasse to write this research report. No parts of this research report have been disclosed to Faaborg Sparkasse. No recommendations or opinions have been disclosed to Faaborg Sparkasse and no amendments have accordingly been made to the same before dissemination of the research report.


Faaborg Sparkasse

Faaborg Sparkasse



Risk warning


Expected updates












FIH

FIH




Regulation






Danske Bank, its affiliates, subsidiaries and staff may perform services for or solicit business from FIH and may hold long or short positions in, or otherwise be interested in, the financial instruments mentioned in this research report. The Equity and Corporate Bonds analysts of Danske Bank and undertakings with which the Equity and Corporate Bonds analysts have close links are, however, not permitted to invest in financial instruments which are covered by the relevant Equity or Corporate Bonds analyst or the research sector to which the analyst is linked.

Danske Bank, its affiliates and subsidiaries are engaged in commercial banking, securities underwriting, dealing, trading, brokerage, investment management, investment banking, custody and other financial services activities, may be a lender to FIH, and have whatever rights as are available to a creditor under applicable law and the applicable loan and credit agreements. At any time, Danske Bank, its affiliates and subsidiaries may have credit or other information regarding FIH that is not available to or may not be used by the personnel responsible for the preparation of this report, which might affect the analysis and opinions expressed in this research report.


As an investment bank, Danske Bank, its affiliates and subsidiaries provide a variety of financial services, including investment banking services. It is possible that Danske Bank and/or its affiliates and/or its subsidiaries might seek to become engaged to provide such services to FIH in the next three months.

Danske Bank has made no agreement with FIH to write this research report. No parts of this research report have been disclosed to FIH. No recommendations or opinions have been disclosed to FIH and no amendments have accordingly been made to the same before dissemination of the research report.




FIH

FIH

Risk warning


Expected updates












Fionia Bank

Fionia Bank




Regulation






Danske Bank, its affiliates, subsidiaries and staff may perform services for or solicit business from Fionia Bank and may hold long or short positions in, or otherwise be interested in, the financial instruments mentioned in this research report. The Equity and Corporate Bonds analysts of Danske Bank and undertakings with which the Equity and Corporate Bonds analysts have close links are, however, not permitted to invest in financial instruments which are covered by the relevant Equity or Corporate Bonds analyst or the research sector to which the analyst is linked.

Danske Bank, its affiliates and subsidiaries are engaged in commercial banking, securities underwriting, dealing, trading, brokerage, investment management, investment banking, custody and other financial services activities, may be a lender to Fionia Bank, and have whatever rights as are available to a creditor under applicable law and the applicable loan and credit agreements. At any time, Danske Bank, its affiliates and subsidiaries may have credit or other information regarding Fionia Bank that is not available to or may not be used by the personnel responsible for the preparation of this report, which might affect the analysis and opinions expressed in this research report.


As an investment bank, Danske Bank, its affiliates and subsidiaries provide a variety of financial services, including investment banking services. It is possible that Danske Bank and/or its affiliates and/or its subsidiaries might seek to become engaged to provide such services to Fionia Bank in the next three months.

Danske Bank has made no agreement with Fionia Bank to write this research report. No parts of this research report have been disclosed to Fionia Bank. No recommendations or opinions have been disclosed to Fionia Bank and no amendments have accordingly been made to the same before dissemination of the research report.




Fionia Bank

Fionia Bank

Risk warning


Expected updates












Forstædernes B

ank

Forstædernes Bank




Regulation






Danske Bank, its affiliates, subsidiaries and staff may perform services for or solicit business from Forstædernes Bank and may hold long or short positions in, or otherwise be interested in, the financial instruments mentioned in this research report. The Equity and Corporate Bonds analysts of Danske Bank and undertakings with which the Equity and Corporate Bonds analysts have close links are, however, not permitted to invest in financial instruments which are covered by the relevant Equity or Corporate Bonds analyst or the research sector to which the analyst is linked.

Danske Bank, its affiliates and subsidiaries are engaged in commercial banking, securities underwriting, dealing, trading, brokerage, investment management, investment banking, custody and other financial services activities, may be a lender to Forstædernes Bank, and have whatever rights as are available to a creditor under applicable law and the applicable loan and credit agreements. At any time, Danske Bank, its affiliates and subsidiaries may have credit or other information regarding Forstædernes Bank that is not available to or may not be used by the personnel responsible for the preparation of this report, which might affect the analysis and opinions expressed in this research report.


As an investment bank, Danske Bank, its affiliates and subsidiaries provide a variety of financial services, including investment banking services. It is possible that Danske Bank and/or its affiliates and/or its subsidiaries might seek to become engaged to provide such services to Forstædernes Bank in the next three months.

Danske Bank has made no agreement with Forstædernes Bank to write this research report. No parts of this research report have been disclosed to Forstædernes Bank. No recommendations or opinions have been disclosed to Forstædernes Bank and no amendments have accordingly been made to the same before dissemination of the research report.


Forstædernes B

ank

Forstædernes Bank



Risk warning


Expected updates












Jyske Bank

Jyske Bank




Regulation






Danske Bank, its affiliates, subsidiaries and staff may perform services for or solicit business from Jyske Bank and may hold long or short positions in, or otherwise be interested in, the financial instruments mentioned in this research report. The Equity and Corporate Bonds analysts of Danske Bank and undertakings with which the Equity and Corporate Bonds analysts have close links are, however, not permitted to invest in financial instruments which are covered by the relevant Equity or Corporate Bonds analyst or the research sector to which the analyst is linked.

Danske Bank, its affiliates and subsidiaries are engaged in commercial banking, securities underwriting, dealing, trading, brokerage, investment management, investment banking, custody and other financial services activities, may be a lender to Jyske Bank, and have whatever rights as are available to a creditor under applicable law and the applicable loan and credit agreements. At any time, Danske Bank, its affiliates and subsidiaries may have credit or other information regarding Jyske Bank that is not available to or may not be used by the personnel responsible for the preparation of this report, which might affect the analysis and opinions expressed in this research report.


Within the previous 12 months Danske Bank has been Lead Manager of a public offer of credit bonds of Jyske Bank.

As an investment bank, Danske Bank, its affiliates and subsidiaries provide a variety of financial services, including investment banking services. It is possible that Danske Bank and/or its affiliates and/or its subsidiaries might seek to become engaged to provide such services to Jyske Bank in the next three months.

Danske Bank has made no agreement with Jyske Bank to write this research report. No parts of this research report have been disclosed to Jyske Bank. No recommendations or opinions have been disclosed to Jyske Bank and no amendments have accordingly been made to the same before dissemination of the research report.


Jyske Bank

Jyske Bank



Risk warning


Expected updates












Lån&S

par

Lån&Spar




Regulation






Danske Bank, its affiliates, subsidiaries and staff may perform services for or solicit business from Lån&Spar and may hold long or short positions in, or otherwise be interested in, the financial instruments mentioned in this research report. The Equity and Corporate Bonds analysts of Danske Bank and undertakings with which the Equity and Corporate Bonds analysts have close links are, however, not permitted to invest in financial instruments which are covered by the relevant Equity or Corporate Bonds analyst or the research sector to which the analyst is linked.

Danske Bank, its affiliates and subsidiaries are engaged in commercial banking, securities underwriting, dealing, trading, brokerage, investment management, investment banking, custody and other financial services activities, may be a lender to Lån&Spar, and have whatever rights as are available to a creditor under applicable law and the applicable loan and credit agreements. At any time, Danske Bank, its affiliates and subsidiaries may have credit or other information regarding Lån&Spar that is not available to or may not be used by the personnel responsible for the preparation of this report, which might affect the analysis and opinions expressed in this research report.


As an investment bank, Danske Bank, its affiliates and subsidiaries provide a variety of financial services, including investment banking services. It is possible that Danske Bank and/or its affiliates and/or its subsidiaries might seek to become engaged to provide such services to Lån&Spar in the next three months.

Danske Bank has made no agreement with Lån&Spar to write this research report. No parts of this research report have been disclosed to Lån&Spar. No recommendations or opinions have been disclosed to Lån&Spar and no amendments have accordingly been made to the same before dissemination of the research report.




Lån&S

par

Lån&Spar

Risk warning


Expected updates












Lolland Sparekasse

Lolland Sparekasse




Regulation






Danske Bank, its affiliates, subsidiaries and staff may perform services for or solicit business from Lolland Sparekasse and may hold long or short positions in, or otherwise be interested in, the financial instruments mentioned in this research report. The Equity and Corporate Bonds analysts of Danske Bank and undertakings with which the Equity and Corporate Bonds analysts have close links are, however, not permitted to invest in financial instruments which are covered by the relevant Equity or Corporate Bonds analyst or the research sector to which the analyst is linked.

Danske Bank, its affiliates and subsidiaries are engaged in commercial banking, securities underwriting, dealing, trading, brokerage, investment management, investment banking, custody and other financial services activities, may be a lender to Lolland Sparekasse, and have whatever rights as are available to a creditor under applicable law and the applicable loan and credit agreements. At any time, Danske Bank, its affiliates and subsidiaries may have credit or other information regarding Lolland Sparekasse that is not available to or may not be used by the personnel responsible for the preparation of this report, which might affect the analysis and opinions expressed in this research report.


As an investment bank, Danske Bank, its affiliates and subsidiaries provide a variety of financial services, including investment banking services. It is possible that Danske Bank and/or its affiliates and/or its subsidiaries might seek to become engaged to provide such services to Lolland Sparekasse in the next three months.

Danske Bank has made no agreement with Lolland Sparekasse to write this research report. No parts of this research report have been disclosed to Lolland Sparekasse. No recommendations or opinions have been disclosed to Lolland Sparekasse and no amendments have accordingly been made to the same before dissemination of the research report.


Lolland Sparekasse

Lolland Sparekasse



Risk warning


Expected updates












Max B

ank

Max Bank




Regulation






Danske Bank, its affiliates, subsidiaries and staff may perform services for or solicit business from Max Bank and may hold long or short positions in, or otherwise be interested in, the financial instruments mentioned in this research report. The Equity and Corporate Bonds analysts of Danske Bank and undertakings with which the Equity and Corporate Bonds analysts have close links are, however, not permitted to invest in financial instruments which are covered by the relevant Equity or Corporate Bonds analyst or the research sector to which the analyst is linked.

Danske Bank, its affiliates and subsidiaries are engaged in commercial banking, securities underwriting, dealing, trading, brokerage, investment management, investment banking, custody and other financial services activities, may be a lender to Max Bank, and have whatever rights as are available to a creditor under applicable law and the applicable loan and credit agreements. At any time, Danske Bank, its affiliates and subsidiaries may have credit or other information regarding Max Bank that is not available to or may not be used by the personnel responsible for the preparation of this report, which might affect the analysis and opinions expressed in this research report.


As an investment bank, Danske Bank, its affiliates and subsidiaries provide a variety of financial services, including investment banking services. It is possible that Danske Bank and/or its affiliates and/or its subsidiaries might seek to become engaged to provide such services to Max Bank in the next three months.

Danske Bank has made no agreement with Max Bank to write this research report. No parts of this research report have been disclosed to Max Bank. No recommendations or opinions have been disclosed to Max Bank and no amendments have accordingly been made to the same before dissemination of the research report.




Max B

ank

Max Bank

Risk warning


Expected updates












Morsø S

parekasse

Morsø Sparekasse




Regulation






Danske Bank, its affiliates, subsidiaries and staff may perform services for or solicit business from Morsø Sparekasse and may hold long or short positions in, or otherwise be interested in, the financial instruments mentioned in this research report. The Equity and Corporate Bonds analysts of Danske Bank and undertakings with which the Equity and Corporate Bonds analysts have close links are, however, not permitted to invest in financial instruments which are covered by the relevant Equity or Corporate Bonds analyst or the research sector to which the analyst is linked.

Danske Bank, its affiliates and subsidiaries are engaged in commercial banking, securities underwriting, dealing, trading, brokerage, investment management, investment banking, custody and other financial services activities, may be a lender to Morsø Sparekasse, and have whatever rights as are available to a creditor under applicable law and the applicable loan and credit agreements. At any time, Danske Bank, its affiliates and subsidiaries may have credit or other information regarding Morsø Sparekasse that is not available to or may not be used by the personnel responsible for the preparation of this report, which might affect the analysis and opinions expressed in this research report.


As an investment bank, Danske Bank, its affiliates and subsidiaries provide a variety of financial services, including investment banking services. It is possible that Danske Bank and/or its affiliates and/or its subsidiaries might seek to become engaged to provide such services to Morsø Sparekasse in the next three months.

Danske Bank has made no agreement with Morsø Sparekasse to write this research report. No parts of this research report have been disclosed to Morsø Sparekasse. No recommendations or opinions have been disclosed to Morsø Sparekasse and no amendments have accordingly been made to the same before dissemination of the research report.


Morsø S

parekasse

Morsø Sparekasse



Risk warning


Expected updates












Nordjyske B

ank

Nordjyske Bank

Disclosure This research report has been prepared by Danske Reseach, a division of Danske Bank A/S ("Danske Bank"). The authors of the research report are Thomas Hovard, Senior Analyst and Henrik Arnt, Senior Analyst.



Regulation






Danske Bank, its affiliates, subsidiaries and staff may perform services for or solicit business from Nordjyske Bank and may hold long or short positions in, or otherwise be interested in, the financial instruments mentioned in this research report. The Equity and Corporate Bonds analysts of Danske Bank and undertakings with which the Equity and Corporate Bonds analysts have close links are, however, not permitted to invest in financial instruments which are covered by the relevant Equity or Corporate Bonds analyst or the research sector to which the analyst is linked.

Danske Bank, its affiliates and subsidiaries are engaged in commercial banking, securities underwriting, dealing, trading, brokerage, investment management, investment banking, custody and other financial services activities, may be a lender to Nordjyske Bank, and have whatever rights as are available to a creditor under applicable law and the applicable loan and credit agreements. At any time, Danske Bank, its affiliates and subsidiaries may have credit or other information regarding Nordjyske Bank that is not available to or may not be used by the personnel responsible for the preparation of this report, which might affect the analysis and opinions expressed in this research report.


As an investment bank, Danske Bank, its affiliates and subsidiaries provide a variety of financial services, including investment banking services. It is possible that Danske Bank and/or its affiliates and/or its subsidiaries might seek to become engaged to provide such services to Nordjyske Bank in the next three months.

Danske Bank has made no agreement with Nordjyske Bank to write this research report. No parts of this research report have been disclosed to Nordjyske Bank. No recommendations or opinions have been disclosed to Nordjyske Bank and no amendments have accordingly been made to the same before dissemination of the research report.


Nordjyske B

ank

Nordjyske Bank



Risk warning


Expected updates












Nørresundby B

ank

Nørresundby Bank




Regulation






Danske Bank, its affiliates, subsidiaries and staff may perform services for or solicit business from Nørresundby Bank and may hold long or short positions in, or otherwise be interested in, the financial instruments mentioned in this research report. The Equity and Corporate Bonds analysts of Danske Bank and undertakings with which the Equity and Corporate Bonds analysts have close links are, however, not permitted to invest in financial instruments which are covered by the relevant Equity or Corporate Bonds analyst or the research sector to which the analyst is linked.

Danske Bank, its affiliates and subsidiaries are engaged in commercial banking, securities underwriting, dealing, trading, brokerage, investment management, investment banking, custody and other financial services activities, may be a lender to Nørresundby Bank, and have whatever rights as are available to a creditor under applicable law and the applicable loan and credit agreements. At any time, Danske Bank, its affiliates and subsidiaries may have credit or other information regarding Nørresundby Bank that is not available to or may not be used by the personnel responsible for the preparation of this report, which might affect the analysis and opinions expressed in this research report.


As an investment bank, Danske Bank, its affiliates and subsidiaries provide a variety of financial services, including investment banking services. It is possible that Danske Bank and/or its affiliates and/or its subsidiaries might seek to become engaged to provide such services to Nørresundby Bank in the next three months.

Danske Bank has made no agreement with Nørresundby Bank to write this research report. No parts of this research report have been disclosed to Nørresundby Bank. No recommendations or opinions have been disclosed to Nørresundby Bank and no amendments have accordingly been made to the same before dissemination of the research report.


Nørresundby B

ank

Nørresundby Bank



Risk warning


Expected updates












Nykredit B

ank

Nykredit Bank




Regulation






Danske Bank, its affiliates, subsidiaries and staff may perform services for or solicit business from Nykredit Bank and may hold long or short positions in, or otherwise be interested in, the financial instruments mentioned in this research report. The Equity and Corporate Bonds analysts of Danske Bank and undertakings with which the Equity and Corporate Bonds analysts have close links are, however, not permitted to invest in financial instruments which are covered by the relevant Equity or Corporate Bonds analyst or the research sector to which the analyst is linked.

Danske Bank, its affiliates and subsidiaries are engaged in commercial banking, securities underwriting, dealing, trading, brokerage, investment management, investment banking, custody and other financial services activities, may be a lender to Nykredit Bank, and have whatever rights as are available to a creditor under applicable law and the applicable loan and credit agreements. At any time, Danske Bank, its affiliates and subsidiaries may have credit or other information regarding Nykredit Bank that is not available to or may not be used by the personnel responsible for the preparation of this report, which might affect the analysis and opinions expressed in this research report.


Within the previous 12 months Danske Bank has been Lead Manager of an offer of covered bonds for Nykredit Realkredit Kapitalcenter.

As an investment bank, Danske Bank, its affiliates and subsidiaries provide a variety of financial services, including investment banking services. It is possible that Danske Bank and/or its affiliates and/or its subsidiaries might seek to become engaged to provide such services to Nykredit Bank in the next three months.

Danske Bank has made no agreement with Nykredit Bank to write this research report. No parts of this research report have been disclosed to Nykredit Bank. No recommendations or opinions have been disclosed to Nykredit Bank and no amendments have accordingly been made to the same before dissemination of the research report.


Nykredit B

ank

Nykredit Bank



Risk warning


Expected updates












Ringkjøbing B

ank

Ringkjøbing Bank




Regulation






Danske Bank, its affiliates, subsidiaries and staff may perform services for or solicit business from Ringkjøbing Bank and may hold long or short positions in, or otherwise be interested in, the financial instruments mentioned in this research report. The Equity and Corporate Bonds analysts of Danske Bank and undertakings with which the Equity and Corporate Bonds analysts have close links are, however, not permitted to invest in financial instruments which are covered by the relevant Equity or Corporate Bonds analyst or the research sector to which the analyst is linked.

Danske Bank, its affiliates and subsidiaries are engaged in commercial banking, securities underwriting, dealing, trading, brokerage, investment management, investment banking, custody and other financial services activities, may be a lender to Ringkjøbing Bank, and have whatever rights as are available to a creditor under applicable law and the applicable loan and credit agreements. At any time, Danske Bank, its affiliates and subsidiaries may have credit or other information regarding Ringkjøbing Bank that is not available to or may not be used by the personnel responsible for the preparation of this report, which might affect the analysis and opinions expressed in this research report.


As an investment bank, Danske Bank, its affiliates and subsidiaries provide a variety of financial services, including investment banking services. It is possible that Danske Bank and/or its affiliates and/or its subsidiaries might seek to become engaged to provide such services to Ringkjøbing Bank in the next three months.

Danske Bank has made no agreement with Ringkjøbing Bank to write this research report. No parts of this research report have been disclosed to Ringkjøbing Bank. No recommendations or opinions have been disclosed to Ringkjøbing Bank and no amendments have accordingly been made to the same before dissemination of the research report.


Ringkjøbing B

ank

Ringkjøbing Bank



Risk warning


Expected updates












Ringkjobing Landbobank





Regulation






Danske Bank, its affiliates, subsidiaries and staff may perform services for or solicit business from Ringkjobing Landbobank and may hold long or short positions in, or otherwise be interested in, the financial instruments mentioned in this research report. The Equity and Corporate Bonds analysts of Danske Bank and undertakings with which the Equity and Corporate Bonds analysts have close links are, however, not permitted to invest in financial instruments which are covered by the relevant Equity or Corporate Bonds analyst or the research sector to which the analyst is linked.

Danske Bank, its affiliates and subsidiaries are engaged in commercial banking, securities underwriting, dealing, trading, brokerage, investment management, investment banking, custody and other financial services activities, may be a lender to Ringkjobing Landbobank, and have whatever rights as are available to a creditor under applicable law and the applicable loan and credit agreements. At any time, Danske Bank, its affiliates and subsidiaries may have credit or other information regarding Ringkjobing Landbobank that is not available to or may not be used by the personnel responsible for the preparation of this report, which might affect the analysis and opinions expressed in this research report.


As an investment bank, Danske Bank, its affiliates and subsidiaries provide a variety of financial services, including investment banking services. It is possible that Danske Bank and/or its affiliates and/or its subsidiaries might seek to become engaged to provide such services to Ringkjobing Landbobank in the next three months.

Danske Bank has made no agreement with Ringkjobing Landbobank to write this research report. No parts of this research report have been disclosed to Ringkjobing Landbobank. No recommendations or opinions have been disclosed to Ringkjobing Landbobank and no amendments have accordingly been made to the same before dissemination of the research report.






Risk warning


Expected updates












Roskilde B

ank

Roskilde Bank




Regulation






Danske Bank, its affiliates, subsidiaries and staff may perform services for or solicit business from Roskilde Bank and may hold long or short positions in, or otherwise be interested in, the financial instruments mentioned in this research report. The Equity and Corporate Bonds analysts of Danske Bank and undertakings with which the Equity and Corporate Bonds analysts have close links are, however, not permitted to invest in financial instruments which are covered by the relevant Equity or Corporate Bonds analyst or the research sector to which the analyst is linked.

Danske Bank, its affiliates and subsidiaries are engaged in commercial banking, securities underwriting, dealing, trading, brokerage, investment management, investment banking, custody and other financial services activities, may be a lender to Roskilde Bank, and have whatever rights as are available to a creditor under applicable law and the applicable loan and credit agreements. At any time, Danske Bank, its affiliates and subsidiaries may have credit or other information regarding Roskilde Bank that is not available to or may not be used by the personnel responsible for the preparation of this report, which might affect the analysis and opinions expressed in this research report.


As an investment bank, Danske Bank, its affiliates and subsidiaries provide a variety of financial services, including investment banking services. It is possible that Danske Bank and/or its affiliates and/or its subsidiaries might seek to become engaged to provide such services to Roskilde Bank in the next three months.

Danske Bank has made no agreement with Roskilde Bank to write this research report. No parts of this research report have been disclosed to Roskilde Bank. No recommendations or opinions have been disclosed to Roskilde Bank and no amendments have accordingly been made to the same before dissemination of the research report.




Roskilde B

ank

Roskilde Bank

Risk warning


Expected updates












Sam

menslutningen D

anske Andelskasser

Sammenslutningen Danske Andelskasser




Regulation






Danske Bank, its affiliates, subsidiaries and staff may perform services for or solicit business from Sammenslutningen Danske Andelskasser and may hold long or short positions in, or otherwise be interested in, the financial instruments mentioned in this research report. The Equity and Corporate Bonds analysts of Danske Bank and undertakings with which the Equity and Corporate Bonds analysts have close links are, however, not permitted to invest in financial instruments which are covered by the relevant Equity or Corporate Bonds analyst or the research sector to which the analyst is linked.

Danske Bank, its affiliates and subsidiaries are engaged in commercial banking, securities underwriting, dealing, trading, brokerage, investment management, investment banking, custody and other financial services activities, may be a lender to Sammenslutningen Danske Andelskasser, and have whatever rights as are available to a creditor under applicable law and the applicable loan and credit agreements. At any time, Danske Bank, its affiliates and subsidiaries may have credit or other information regarding Sammenslutningen Danske Andelskasser that is not available to or may not be used by the personnel responsible for the preparation of this report, which might affect the analysis and opinions expressed in this research report.


As an investment bank, Danske Bank, its affiliates and subsidiaries provide a variety of financial services, including investment banking services. It is possible that Danske Bank and/or its affiliates and/or its subsidiaries might seek to become engaged to provide such services to Sammenslutningen Danske Andelskasser in the next three months.

Danske Bank has made no agreement with Sammenslutningen Danske Andelskasser to write this research report. No parts of this research report have been disclosed to Sammenslutningen Danske Andelskasser. No recommendations or opinions have been disclosed to Sammenslutningen Danske Andelskasser and no amendments have accordingly been made to the same before dissemination of the research report.


Sam

menslutningen D

anske Andelskasser

Sammenslutningen Danske Andelskasser



Risk warning


Expected updates












Sparbank

Sparbank




Regulation






Danske Bank, its affiliates, subsidiaries and staff may perform services for or solicit business from Sparbank and may hold long or short positions in, or otherwise be interested in, the financial instruments mentioned in this research report. The Equity and Corporate Bonds analysts of Danske Bank and undertakings with which the Equity and Corporate Bonds analysts have close links are, however, not permitted to invest in financial instruments which are covered by the relevant Equity or Corporate Bonds analyst or the research sector to which the analyst is linked.

Danske Bank, its affiliates and subsidiaries are engaged in commercial banking, securities underwriting, dealing, trading, brokerage, investment management, investment banking, custody and other financial services activities, may be a lender to Sparbank, and have whatever rights as are available to a creditor under applicable law and the applicable loan and credit agreements. At any time, Danske Bank, its affiliates and subsidiaries may have credit or other information regarding Sparbank that is not available to or may not be used by the personnel responsible for the preparation of this report, which might affect the analysis and opinions expressed in this research report.


As an investment bank, Danske Bank, its affiliates and subsidiaries provide a variety of financial services, including investment banking services. It is possible that Danske Bank and/or its affiliates and/or its subsidiaries might seek to become engaged to provide such services to Sparbank in the next three months.

Danske Bank has made no agreement with v to write this research report. Parts of this research report have been disclosed to Sparbank. No recommendations or opinions have been disclosed to Sparbank and no amendments have accordingly been made to the same before dissemination of the research report.




Sparbank

Sparbank

Risk warning


Expected updates












Sparekassen H

imm

erland

Sparekassen Himmerland




Regulation






Danske Bank, its affiliates, subsidiaries and staff may perform services for or solicit business from Sparekassen Himmerland and may hold long or short positions in, or otherwise be interested in, the financial instruments mentioned in this research report. The Equity and Corporate Bonds analysts of Danske Bank and undertakings with which the Equity and Corporate Bonds analysts have close links are, however, not permitted to invest in financial instruments which are covered by the relevant Equity or Corporate Bonds analyst or the research sector to which the analyst is linked.

Danske Bank, its affiliates and subsidiaries are engaged in commercial banking, securities underwriting, dealing, trading, brokerage, investment management, investment banking, custody and other financial services activities, may be a lender to Sparekassen Himmerland, and have whatever rights as are available to a creditor under applicable law and the applicable loan and credit agreements. At any time, Danske Bank, its affiliates and subsidiaries may have credit or other information regarding Sparekassen Himmerland that is not available to or may not be used by the personnel responsible for the preparation of this report, which might affect the analysis and opinions expressed in this research report.


As an investment bank, Danske Bank, its affiliates and subsidiaries provide a variety of financial services, including investment banking services. It is possible that Danske Bank and/or its affiliates and/or its subsidiaries might seek to become engaged to provide such services to Sparekassen Himmerland in the next three months.

Danske Bank has made no agreement with Sparekassen Himmerland to write this research report. No parts of this research report have been disclosed to Sparekassen Himmerland. No recommendations or opinions have been disclosed to Sparekassen Himmerland and no amendments have accordingly been made to the same before dissemination of the research report.


Sparekassen H

imm

erland

Sparekassen Himmerland



Risk warning


Expected updates












Sparekassen K

ronjylland

Sparekassen Kronjylland




Regulation






Danske Bank, its affiliates, subsidiaries and staff may perform services for or solicit business from Sparekassen Kronjylland and may hold long or short positions in, or otherwise be interested in, the financial instruments mentioned in this research report. The Equity and Corporate Bonds analysts of Danske Bank and undertakings with which the Equity and Corporate Bonds analysts have close links are, however, not permitted to invest in financial instruments which are covered by the relevant Equity or Corporate Bonds analyst or the research sector to which the analyst is linked.

Danske Bank, its affiliates and subsidiaries are engaged in commercial banking, securities underwriting, dealing, trading, brokerage, investment management, investment banking, custody and other financial services activities, may be a lender to Sparekassen Kronjylland, and have whatever rights as are available to a creditor under applicable law and the applicable loan and credit agreements. At any time, Danske Bank, its affiliates and subsidiaries may have credit or other information regarding Sparekassen Kronjylland that is not available to or may not be used by the personnel responsible for the preparation of this report, which might affect the analysis and opinions expressed in this research report.


As an investment bank, Danske Bank, its affiliates and subsidiaries provide a variety of financial services, including investment banking services. It is possible that Danske Bank and/or its affiliates and/or its subsidiaries might seek to become engaged to provide such services to Sparekassen Kronjylland in the next three months.

Danske Bank has made no agreement with Sparekassen Kronjylland to write this research report. No parts of this research report have been disclosed to Sparekassen Kronjylland. No recommendations or opinions have been disclosed to Sparekassen Kronjylland and no amendments have accordingly been made to the same before dissemination of the research report.


Sparekassen K

ronjylland

Sparekassen Kronjylland



Risk warning


Expected updates












Sparekassen S

jælland

Sparekassen Sjælland




Regulation






Danske Bank, its affiliates, subsidiaries and staff may perform services for or solicit business from Sparekassen Sjælland and may hold long or short positions in, or otherwise be interested in, the financial instruments mentioned in this research report. The Equity and Corporate Bonds analysts of Danske Bank and undertakings with which the Equity and Corporate Bonds analysts have close links are, however, not permitted to invest in financial instruments which are covered by the relevant Equity or Corporate Bonds analyst or the research sector to which the analyst is linked.

Danske Bank, its affiliates and subsidiaries are engaged in commercial banking, securities underwriting, dealing, trading, brokerage, investment management, investment banking, custody and other financial services activities, may be a lender to Sparekassen Sjælland, and have whatever rights as are available to a creditor under applicable law and the applicable loan and credit agreements. At any time, Danske Bank, its affiliates and subsidiaries may have credit or other information regarding Sparekassen Sjælland that is not available to or may not be used by the personnel responsible for the preparation of this report, which might affect the analysis and opinions expressed in this research report.


As an investment bank, Danske Bank, its affiliates and subsidiaries provide a variety of financial services, including investment banking services. It is possible that Danske Bank and/or its affiliates and/or its subsidiaries might seek to become engaged to provide such services to Sparekassen Sjælland in the next three months.

Danske Bank has made no agreement with Sparekassen Sjælland to write this research report. No parts of this research report have been disclosed to Sparekassen Sjælland. No recommendations or opinions have been disclosed to Sparekassen Sjælland and no amendments have accordingly been made to the same before dissemination of the research report.


Sparekassen S

jælland

Sparekassen Sjælland



Risk warning


Expected updates












Sydbank

Sydbank




Regulation






Danske Bank, its affiliates, subsidiaries and staff may perform services for or solicit business from Sydbank and may hold long or short positions in, or otherwise be interested in, the financial instruments mentioned in this research report. The Equity and Corporate Bonds analysts of Danske Bank and undertakings with which the Equity and Corporate Bonds analysts have close links are, however, not permitted to invest in financial instruments which are covered by the relevant Equity or Corporate Bonds analyst or the research sector to which the analyst is linked.

Danske Bank, its affiliates and subsidiaries are engaged in commercial banking, securities underwriting, dealing, trading, brokerage, investment management, investment banking, custody and other financial services activities, may be a lender to Sydbank, and have whatever rights as are available to a creditor under applicable law and the applicable loan and credit agreements. At any time, Danske Bank, its affiliates and subsidiaries may have credit or other information regarding Sydbank that is not available to or may not be used by the personnel responsible for the preparation of this report, which might affect the analysis and opinions expressed in this research report.


Within the previous 12 months Danske Bank has been Joint Lead Manager of a public offer of credit bonds of Sydbank.

As an investment bank, Danske Bank, its affiliates and subsidiaries provide a variety of financial services, including investment banking services. It is possible that Danske Bank and/or its affiliates and/or its subsidiaries might seek to become engaged to provide such services to Sydbank in the next three months.

Danske Bank has made no agreement with Sydbank to write this research report. No parts of this research report have been disclosed to Sydbank. No recommendations or opinions have been disclosed to Sydbank and no amendments have accordingly been made to the same before dissemination of the research report.


Sydbank

Sydbank



Risk warning


Expected updates












Vestjysk B

ank

Vestjysk Bank




Regulation






Danske Bank, its affiliates, subsidiaries and staff may perform services for or solicit business from Vestjysk Bank and may hold long or short positions in, or otherwise be interested in, the financial instruments mentioned in this research report. The Equity and Corporate Bonds analysts of Danske Bank and undertakings with which the Equity and Corporate Bonds analysts have close links are, however, not permitted to invest in financial instruments which are covered by the relevant Equity or Corporate Bonds analyst or the research sector to which the analyst is linked.

Danske Bank, its affiliates and subsidiaries are engaged in commercial banking, securities underwriting, dealing, trading, brokerage, investment management, investment banking, custody and other financial services activities, may be a lender to Vestjysk Bank, and have whatever rights as are available to a creditor under applicable law and the applicable loan and credit agreements. At any time, Danske Bank, its affiliates and subsidiaries may have credit or other information regarding Vestjysk Bank that is not available to or may not be used by the personnel responsible for the preparation of this report, which might affect the analysis and opinions expressed in this research report.


As an investment bank, Danske Bank, its affiliates and subsidiaries provide a variety of financial services, including investment banking services. It is possible that Danske Bank and/or its affiliates and/or its subsidiaries might seek to become engaged to provide such services to Vestjysk Bank in the next three months.

Danske Bank has made no agreement with Vestjysk Bank to write this research report. No parts of this research report have been disclosed to Vestjysk Bank. No recommendations or opinions have been disclosed to Vestjysk Bank and no amendments have accordingly been made to the same before dissemination of the research report.




Vestjysk B

ank

Vestjysk Bank

Risk warning


Expected updates











alm. brand bank research, a division of danske bank a/s ( …€¦ · · 2012-07-02research...

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