Jyske Preferred, Important events. Jyske Preferred Kerling % 2017 Frigoglass 8.25% 2019 Abengoa 8.875% 2018 Santos 8.

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1 Jyske Preferred, There are no changes to Jyske Preferred this week and, accordingly, we still see good potential in Kerling, Frigoglass, Abengoa and Santos. STRATEGY The High Yield market got off to a good start to the year with a return of.8%, year to date. The majority of the return was, however, generated by falling government bond yields which is evident from the 5-year German government bond yield which has since year-end declined by 28 bp to.69%. As a consequence of the falling yields, the yield to maturity in the High Yield market at index level is now 4.2%, which is record low. Despite the falling government bond yields, our fixed-income strategist expects that we will see rising yields in the coming period of time. We still recommend investors, relative to index level, to overweight B rated bonds to BB rated bonds due to our bullish view of the market and the fact that B rated bonds will be less affected by any increase in government bond yields. The Jyske Preferred companies are based on a fundamental approach. Jyske Preferred is NOT a model portfolio and is solely a reflection of high expectations of the performance of the individual companies for the short/medium term. If the bonds are removed from the list, this does not reflect a general SELL recommendation. See for the underlying research reports and the risk categories of the products. Jyske Preferred Kerling 1.625% 217 Frigoglass 8.25% 219 Abengoa 8.875% 218 Santos 8.25% 27 Important events Wednesday Fed rate announcement Thursday ECB bank lending survey Recent investor surveys show continued good risk appetite in the High Yield segment which is among other things reflected in large overweight of companies with exposure against Southern European countries COMPANY RECOMMENDATION: SANTOS We maintain our BUY recommendation for the Santos EUR 8.25%@7 issue following the company's confirmation that the two important LNG projects are developing according to plan and within the budgets. For PNG LNG we expect production start in H2 214 and for GLNG in 215. Santos' activity report showed Q4 production and sale in line with expectations. In addition, Santos restated the expectations of production in 214 of mmboe which were announced on 4 December Senior Analyst, Corporate Bond Research, Bo Andersen boandersen@jyskebank.dk Senior Analyst, Corporate Bond Research, Jens Houe Thomsen jht@jyskebank.dk Analyst, Corporate Bond Research, Rasmus Justesen rasmus.justesen@jyskebank.dk Jyske Markets, Vestergade 8-16 DK-86 Silkeborg Disclaimer: Please see the last page 1/12

2 Overview: Jyske Preferred Bond Investment case Kerling 1.625% 217 Kerling is trading at an attractive yield since we find it unlikely that the issue will be redeemed. Frigoglass 8.25% 218 The slip after the Q3 results is clearly exaggerated and we see an opportunity to pick up. Abengoa 8.875% 218 Abengoa focuses on strengthening the cash flow and reducing capex and the leverage. Santos 8.25% 27 Santos has managed to control the LNG projects, which is important to both capex and cash flow. Bond Rating Offer Yield Spread Adj. Leverage Spread per leverage unit ISIN Min. Trade size KERLIN 1 5/8 2/1/17 CCC+ 17, 7.% * x 13 XS , / 1, FRIGOG 8 1/4 5/15/18 B 16,75 5.9% x 143 XS , / 1, ABGSM 8 7/8 2/5/18 B 113, 5.2% 57 3.x 169 XS , / 1, STOAU 8 1/4 9/22/7 BB 113,5 4.2% 47 4.x 12 XS , / 1, * Yield if called 1 July 214 (return in period 3.1%) Kerling 1.625% 217 Frigoglass 8.25% Spread to government 14 8 Spread to government Diff. MLI CCC Index KERLIN 1.625% Diff. MLI B Index FRIGOG 8.25% Abengoa 8.875% 218 Santos 4.25% 27 Spread to government 2 12 Spread to government Diff. MLI B Index ABGSM 8.875% Diff. MLI HY Index STOAU 8.25% /12

3 Outstanding EUR bonds Recommendation Bond Rating Price YTC (est.) STW Fin. Leverage Adj. Leverage ISIN BUY KERLIN EUR % Caa1/B % x 6.7x XS Recommendation Trade inexpensive in relation to rating and leverage Company profile Kerling Plc is the leading producer in Europe of polyvinyl chloride (PVC) and caustic soda, which is products that are applicable in a far range of industries, both as raw materials and finished products. Kerling is the largest producer of PVC in Europe and the second largest producer of caustic soda in Europe with a market share of 23% and 13%, respectively. Kerling Plc consists of a selection of subsidiaries, where Ineos Limited possesses the controlling interest stake. Financial overview EUR mn. 29R 21R 211R 212R 213E Revenue 1,715 1,95 2,42 2,85 2,96 EBITDA EBITDA-margin 9.1% 1.2% 8.1% 4.9% 4.9% Net debt Adj. Net debt ,169 1,149 1,173 Reported leverage 3.1x 3.7x 4.5x 6.6x 6.6x Revenue by segment Price and spread development Kerling 1.625% 11% Spread (rhs) Price (lhs) % ChlorVinyls Other business Strengths & Opportunities Leading low-cost producer in Europe with significant economies of scale Leading market position and a broad geographical segment Vertically integrated supply chain, both upstream and downstream Costs reduction is still in focus Strong operational performance can lead to an upgrade from the rating agencies Approval of the merger with Solvay by the European competition authorities Weaknesses & Threaths Cyclical industry. Dependent on underlying state of the market. Vulnerable against volatile commodity prices High level of government regulation High level of competition within PVC The European competition authorities does not approve the merger with Solvay 3/12

4 Maturity profile EUR mn. Bank Senior Secured Bond Senior Bond 1, Company structure J ames A. Ratcliffe A ndrew Currie John Reece Approx. 8% economic ownership Em ployee Share Scheme and Others Approx. 2% economic ownership 8 INEOS Limited 6 IN EOS Investment 4 1. mio. Senior Secured Revolving Credit Facility 2. mio. Securitization program lim ited Kerling Plc mio. 217 S e nior Secured Notes 2 ( Issuer) ( H istorical Ker ling Business) ( H istorical Enterp rise Busin ess) INEOS Norway SPV Limited INEOS Enterprise Group Capital structure INEOS Enterprise Group Noretyl AS INEOS ChlorVinyls Lt. INEOS Enterprise Group L i mited EUR m n. Outstanding Fin. Leverage L i mited Cash & Cash Equivalents 47.1 INEOS Enterprise Group L i mited Bank Debt 1.1 Runcorn TPS Ope rating Subsidiaries Senior Secured Bonds x R e s tricted Su bsid iaries INEOS Enterprise Group L i mited Net debt x Adjustments Adj. Net debt x Financial metrics EUR mn E Revenue EBITDA Adj. EBITDA Profit before tax Change in working capital Cash and cash equivalents Net debt Net debt / EBITDA 3.7x 4.5x 6.6x 6.6x Operations key figures E Q 4' 12 Q 1' 13 Q 2' 13 Q 3' 13 Gross margin 17.4% 14.1% 12.3% 12.3% 11.7% 1.7% 13.7% 15.8% EBITDA margin 1.2% 8.1% 4.9% 4.9% 2.9% 4.% 6.1% 9.1% 4/12

5 Outstanding EUR bonds Recom m endation Bond Rating Pr ice YTW STW Fin. Lever age Adj. Lever age ISIN BUY ABGSM EUR 8.5 % B2/B % XS BUY ABGSM EUR % B2/B % 51 XS Recommendation Abengoa s bond issues are trading at attractive levels compared with the market in general and the rating category, but high country risk for Spanish issues is expected to overshadow this in the near term and explains a relatively high risk premium. Company profile Abengoa was founded in 1941 and is today a global industrial and technological company offering innovative and high-tech solutions within sustainability in the environmental and energy sectors. Today, Abengoa operates in more than 7 countries, has 23, employees and is a world leader in its line of business. Revenue by segment Financial overview EUR mn. 29R 21R 211R 212R 213E Revenue 4,147,315 5,566,149 7,89,157 7,783,268 7,3, EBITDA 75, ,354 1,12,514 1,246,343 1,2, EBITDA-margin 18.1% 16.9% 15.6% 16.% 16.4% Net debt 4,513,939 6,174,36 6,566,158 9,483,934 2,162, Adj. Net debt 4,529,164 6,198,989 6,63,312 9,555,195 7,19, Reported leverage 6.x 6.6x 6.x 7.6x 6.x Price and spread development Spread (rhs) Price (lhs) 44% 6% 5% Engineering & Construction Industrial Production Concession-type infrastructures Strengths & Opportunities Weaknesses & Threaths One of the world's leading companies within renewable energy and sustainability. market. Spanish economic downturn may hit demand and the credit Geographically well diversified Governments willingness and ability to focus on alternative Innovative engineering company and developer of new technologies Complex company structure. energy, including solar energy. Growing exposure to sectors with stable and predictable cash flows. Very large share of projects will begin to contribute positively as of /12

6 Maturity profile Company structure EUR mn. Syndicated Loans Bonds 2m Senior Unsecured Convertible Notes 3m Senior Unsecured notes 1,5 Convertible Bonds Other Corp Debt ( 6.875% 214) 25m Senior Unsecured Convertible Notes ( 4.5% 217) ( 9.625% 215) 5m Senior Unsecured Notes ( 8.5% 216) $65m Senior Unsecured Notes ($8.875% 217) 1, Restricted Group Abengoa S.A. Abengoa Finance SAU (Spain) 5 1% 97% 97% Capital structure EUR m n. Outstanding Fin. Leverage Cash & Cash Equivalents 247 Bank Debt 1628 Senior Unsecured Bonds x Senior Bonds x Adjustments 528 Pay-in-Kind Net Debt x Telvent GIT, S.A. (Information Technology) $2m Subordinated Notes ($5.5% 215) 3.43m Non-Recourse Debt Befesa Medio Ambiente, S.A. (Environmental Services) 4% 1% Abeinsa, Ingeniere y Construccion Industrial, S.A. (Engineering and Industrial Construction) Project Companies (Unrestricted subsidiaries) Abengoa Bioenergia, S.A. (Bioenergy) Abengoa Solar, S.A. (Solar) Financial metrics EUR mn E Q1' 13 Q2' 13 Q3' 13 Q4' 13E Revenue 5,566,149 7,89,157 7,783,268 7,3, 1,85, 1,552, 1,831, 2,67, EBITDA 942,354 1,12,514 1,246,343 1,2, 185, 238, 29, 487, Adj. EBITDA Profit before tax 262,87 153,463 48,95 - Non-liquid assets FFO 476, , ,176 - Change in working capital 928, ,922-36,111 - CFO 1,253, , ,489 - CAPEX -2,654,385-1,447,675-3,193,774 - Net aquisitions/divestments FCF -1,41,96-45,114-2,97,285 - Interest Tax , ,64 - Financials Change in cash 1,432,761 8,99-1,3, ,679 Total debt 9,178,836 1,371,624 11,989,23 9,558,91 Cash 2,983,155 3,738,117 2,493,589 2,368,91 Net debt 6,174,36 6,566,158 9,483,934 7,19, Net debt/ebitda Operations key figures EUR mn E Q1' 13 Q2' 13 Q3' 13 Q4' 13E Revenues Engineering & Construction 3,86,695 4,512,69 4,539, 1,376, 86, 1,72, 1,285, Concession 427, ,58 575, 68, 168, 176, 163, Biofuels 2,224,97 2,137,579 2,186, 46, 578, 583, 619, EBITDA Engineering & Construction 53, , , 148, 94, 135, 258, Concession 298,942 36, , 29, 111, 115, 174, Biofuels 273, ,63 136, 8, 33, 4, 55, 6/12

7 Outstanding EUR bonds Recom m endation Bond Rating Price YTW STW Fin. Leverage Adj. Leverage ISIN BUY FRIGOG 8.25 % B1/BB % x 4.6x XS Recommendation Leading position in most markets. Rising demand from emerging markets on medium and long term Great focus on sustainability among the major global beverage producers. Compared to other companies we find that there is potential of a spread narrowing. Company profile Frigoglass is one of the world's leading producers of refrigerators for beverages - called "Ice Cold Merchandizers" (ICM) and one of the largest producers of glass bottles in West Africa and the Middle East.Its products are sold to large international operators such as Coca-Cola, Diageo and Heineken.The company is diversified with sales in Europe (43%), Africa and the Middle East (37%) as well as Asia and Oceania (17%). Financial overview CHF mn. 21R 211R 211R 212R 213E Revenue 337,59 457,22 555, ,25 51,338 EBITDA 52,99 74,229 81,562 52,798 62,261 EBITDA-margin 15.7% 16.2% 14.7% 9.1% 12.2% Net debt 166, , , , ,995 Adj. Net debt 179, , , ,56 28,959 Reported leverage 3.2x 2.3x 3.x 4.2x 3.5x Revenue by segment FRIGOG EUR 8.25 % 218 Spread (rhs) Price (lhs) 21% ICM Glass 79% Strengths & Opportunities Frigoglass is a leading player in the industry in innovation and environmentally friendly ICMs. Its long-term customer relations and good cooperation with major acknowledged players in the beverage industry cause difficult conditions for its rivals. Well-diversified geographically with sales across the world. Sales growth has been driven by higher demand for beverages, particularly in growth countries. Weaknesses & Threaths The company is dependent on few individual customers. Poor demand in Western Europe. Commodity rises can be difficult to pass on to customers. Very exposed to the global economy. Latest results have shown a weak development, which will continue in the 4. quarter. 7/12

8 Maturity profile Company structure EUR 's Bank Senior Secured Bond Frigoglass S.A.I.C. FRIGO 8.5% 5 million Greece Revolving 3, ( 25mn) Credit Facilities 25, Non-Guarantor Frigoinvest Holdings B.V. Frigoglass Finance B.V. 2, Subsidiaries Netherlands Netherlands 15, 1, 5, Frigoglass Turkey Turkey 98.92% PT Frigoglass Indonesia Indonesia 8% Frigoglass Industries Nigeria Capital structure Frigoglass North America South Carolina Frigoglass Romania Romania Nigeria 76.26% Frigoglass Jebel Ali Dubai, UEA EUR m n. Outstanding Fin. Leverage Cash & Cash Equivalents 66,723 Frigoglass South Africa South Africa Frigoglass Eurasia Russia 8.167% % Beta Glass Nigeria Bank Debt 88,127.3x Senior Bond 25, Net debt 271,44 4.2x Adjustments 63,964 Adj. Net debt 335, x Issuer Guarantor Financial metrics EUR 's 29R 21R 211R 212R Q4' 12 Q1' 13 Q2' 13 Q3' 13 Reveneu 337,59 457,22 555, ,25 142,356 14, ,378 82,674 EBITDA 52,99 74,229 81,562 52,798-3,574 2,268 27,35 5,21 Adj. EBITDA 53,353 74,229 82,396 74,91 74,91 71,639 71,834 72,148 Profit before tax 16,885 34,887 35,17-6,29-18,25 7,31 1,373-1,489 FFO 49,358 77,31 82,18 57, ,967 27,358 4,729 Working Capital 24,355-22,277-61,98 47,635 1,719-85,6 19,955-1,664 CFO 73,713 54,754 2,2 15,92 11,519-65,633 47,313 3,65 Capex -22,14-3,64-47,27-43,18-16,351-2,372-5,339-4,87 FCF 51,573 24,114-27,7 61,984 85,168-68,5 41,974-1,742 Interest expense - -9,975-15,623-24,193-7,759-4,51-5,133-8,28 FCF after interest expense 51,573 14,139-42,63 37,791 77,49-72,515 36,841-9,95 Tax -9,594-13,76-13,72-1,137-1,2-1,87-3,532-2,28 FCF after interest expense and tax 41, ,332 27,654 76,389-73,62 33,39-12,158 Financing -3,438 32,465 63,332-33,525-21,493 18,439 12,12 12,379 Net cash flow 16,939 34,932 8,22-3,73 55,77-55,15 45,359 3,716 Net debt 166, , , , , ,98 256,73 268,287 Adj. Net debt 179, , , ,56 281,56 356, , ,499 Net debt/ebitda 3.15x 2.29x 2.99x 4.2x 4.2x 5.99x 5.25x 5.45x Adj. Net debt/ebitda 3.37x 2.48x 3.22x 3.75x 3.75x 4.98x 4.47x 4.61x Segments EUR 's E Q1' 12 Q2' 12 Q3' 12 Q14' 12E Revenue ICM EBITDA ICM EBITDA-margin ICM Profit before tax ICM Revenue Glass 21.56% 18.99% 18.97% 18.2% 16.88% 17.85% 2.4% 19.% EBITDA Glass 2.44% 15.92% 15.47% 16.39% 2.78% 18.7% 16% 2.4% EBITDA-margin Glass 31.55% 28.9% 18.76% 2.11% 2.52% 16.86% 17.3% 18.1% Profit before tax Glass 19.1% 17.46% 18.77% 17.27% 15.56% 17.7% 19.5% 16.2% 8/12

9 Outstanding EUR bonds Recom m endation Bond Rating Price YTW STW Fin. Leverage Adj. Leverage ISIN BUY STOAU EUR 8.25 % N.A./BBB % XS Recommendation The bond issue has an attractive valuation relative to the peer group and the market in general. We see Santos as a solid case with an attractive coupon and minor price potential until the expected redemption of the issue at 1 in 217. Santos is an investment grade company that investors can access via a high yield hybrid issue. Company profile Santos is a leading Australian oil and gas company with activities in all major Australian provinces and in South East Asia. The company exploits, develops and produces oil and natural gas. 75% of the production is gas, 15% is oil and the rest is derived products.santos is building an internationally important LNG (Liquefied Natural Gas) business and is expected to be one of the dominant actors in Australia and Asia with access to some of the largest resources. Production is expected to grow by 8% for the period , corresponding to a CAGR of 6%. Particularly as of , Santos will be able to supply Asia with LNG.In 211, Santos generated 1% of sales outside Australia, of which the majority in Indonesia and Vietnam. Revenue by segment Financial overview EUR mn. 29R 21R 211R 212R 213E Revenue 2,181 2,228 2,53 3,22 3,66 EBITDA 1,35 1,388 1,841 1,64 1,796 EBITDA-margin 61.9% 62.3% 72.8% 49.8% 49.8% Net debt , ,553 3,569 Adj. Net debt -1,196-3,89-2,14-1,11 3,569 Reported leverage -.3x -.8x.x 1.x 2.x Price and spread development 7% Spread (rhs) Price (lhs) 12% 32% 49% Gas, ethane & LNG Crude oil Condensate LPG Strengths & Opportunities Santos' LNG business area will enjoy high growth in the emerging markets in Asia. Long-term LNG customer contracts ensure earnings in the years ahead, with the oil price as the largest element of uncertainty. Santos has a long-term potential within shale gas. Debt will increase in , but is under control and will be reduced sharply as of 215. Weaknesses & Threaths LNG projects are not executed on time and at the expected. costs. Lower oil price. AUD appreciation against USD. 9/12

10 Maturity profile Company structure EUR mn. Bank Export credit Senior Bond PIK 2,5 Bank Loan: $1.725 secured revolver; $557 undrawn Santos Limited 1% $1.397 Subordinated notes 2, 1% 1,5 $17 Senior 1, Bank Loan: $75 unsecured Santos Finance Limited unsecured medium term notes 5 Bilateral Bank Loan & Capital structure Export Credit Agency Supported Facility: $3.35 revolver; $3.22 undrawn C ontrolled Entities/Subsidiaries $1.19 Longterm notes EUR m n. Outstanding Fin. Leverage Cash & Cash Equivalents 2151.x Bank Debt x Senior Secured Bonds.x Senior Bonds x Adjustments.x Financial metrics EUR mn E H1' 12 H1' 13 Revenue 2,228. 2,53. 3,22. 3,66.4 1,496. 1,51. EBITDA 1,388. 1,841. 1,64. 1, Adj. EBITDA Profit before tax , Non-liquid assets FFO 1,28. 1,353. 1,392. 1,385.5 Change in working capital CFO 1,727. 1,261. 1,695. 1,398.9 CAPEX -1, , ,62. -4,96.6 Net aquisitions/divestments FCF , ,97. -2,697.7 Interest Tax Financials 1, ,525.3 Change in cash Total debt 3,157. 3,261. 3,74. 5,548.5 Cash 4,319. 3,332. 2,151. 1,979.6 Net debt -1, ,553. 3,568.9 Net debt/ebitda Operations key figures E Q 1' 12 Q 2' 12 Q 3' 12 Q 14' 12E Production (mmboe) E E Reserves (1 P) (mmboe) Reserves (2 P) (mmboe) /12

11 Disclaimer & Disclosure Jyske Bank is supervised by the Danish Financial Supervisory Authority. The research report is based on information which Jyske Bank finds reliable, but Jyske Bank does not assume any responsibility for the correctness of the material nor any liability for transactions made on the basis of the information or the estimates of the report. The estimates and recommendations of the research report may be changed without notice. The report is for the personal use of Jyske Bank's customers and may not be copied. This report is an investment research report. Conflicts of interest Jyske Bank has prepared procedures to prevent and preclude conflicts of interest thus ensuring that research reports are being prepared in an objective manner. These procedures have been incorporated in the business procedures covering the research activities of Jyske Markets, a business unit of Jyske Bank. Jyske Bank's corporate-bond analysts may not hold positions in the instruments for which they prepare research reports. If an analyst takes over for the responsible analyst in connection with illness, business travels, etc. this analyst cannot trade in the relevant corporate bond on the day of publication of the research report and the following day. Jyske Bank may, however, hold positions, have interests in or business relations with the companies that are analysed. The research report has not been presented to the company prior to its release. Analysts receive no payment from persons interested in individual research reports. Read more about Jyske bank's policy on conflicts of interest at Jyske Bank s corporate bond recommendations current breakdown Breakdown of recommendations, corporate bonds (number) STRONG BUY BUY HOLD SELL Source: Jyske Bank Financial models Jyske Bank models the expected development of the analysed company s income statement and balance sheet. A number of key figures for the company is calculated on the basis of these models, and the key figures are compared with those of comparable companies and the company s past performance. From this we infer the spread at which the bonds will trade for the period ahead. The recommendation and the price target are moreover adjusted for the expected news flow and the market sentiment based on knowledge of the industry and company-specific circumstances. Jyske Bank s recommendations take into account the expected development in the corporate-bond market, the various sectors and company-specific circumstances. Risk Investment in this corporate bond is associated with risk. The risk can be measured directly via the spread at which the bond trades relative to a risk free investment with the same maturity. The spread reflects the probability of default, the recovery rate, and the liquidity of the corporate bond. 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 research report for our view of the risk associated with the corporate bond. The risk on the corporate bond is stated as Very Low, Low, Medium, High or Very High and is relative to the high-yield market for corporate bonds. The risk factors stated and/or calculations of sensitivities in the research report are not to be considered all-encompassing. If the corporate bond is denominated in a currency other than the investor s base currency, the investor accepts an FX risk. 11/12

12 Update of the research report The planned update of the report will be prepared immediately upon the release of the company s financial statements. In addition, there may be prepared research reports on special themes specifically for the company or research reports where the company is part of the special theme. These research reports are published on an ad-hoc basis. See the front page for the initial date of publication of the report. The prices stated are the latest prices quoted by Jyske Bank before the publication of the research report, unless otherwise stated. Recommendation concepts Our recommendations are based on market developments and an assessment of the expected return within the next twelve months. A BUY recommendation or a Strong BUY recommendation is based on expectations that investment in the bond will generate a return above that of the general corporate-bond market. On the other hand, a SELL recommendation implies that we expect investment in the bond to generate a return below that of the general corporate-bond market. Since our recommendations are relative and risk-adjusted, it is possible to compare our recommendations across sectors and risk categories. In addition, the potential is stated in absolute terms via our return target. The future and historical returns estimated in the research report are stated as returns before costs and taxrelated circumstances since returns after costs and tax-related circumstances depend on a number of factors relating to individual customer relations, custodian charges, volume of trade as well as market-, currencyand product-specific factors. It is not certain that the bond will yield the stated expected future return/s. The stated expected future returns exclusively express our best assessment. Investment Centre North Toldbod Plads 1 DK - 9 Aalborg Tlf: Investment Centre MidWest St. Torv 1 DK - 75 Holstebro Tlf: Investment Centre SouthWest Torvet 21 DK - 67 Esbjerg Tlf: Investment Centre East Jutland Østergade 4 DK - 8 Århus C Tlf: Investment Centre Copenhagen Vesterbrogade 9 DK København V Tlf: Investment Centre Zealand Nørregade 6 DK - 41 Ringsted Tlf: Investment Centre Funen Mageløs 8 DK - 51 Odense C Tlf: Investment Centre Silkeborg Vestergade 8-1 DK - 86 Silkeborg Tlf: Investment Centre Triangle Region Hjulmagervej 8 F DK - 71 Vejle Tlf: Jyske Bank (Schweiz) AG Tel Berben s Effectenkantoor B.V. Tel. +31 () PBC Hamburg Tel Jyske Bank (France) Tel Jyske Bank (Gibraltar) Ltd Tel Private Banking Copenhagen (PBC) Tel /12