EQUITIES DAILY

Equity Research • 27 July 2010

Index Value Change (%)

Danish Day Week Month YTD
OMX COPENHAGEN (OMXC20) 413 0.4 % 1.7 % 2.3 % 22.5 %
US
DOW JONES INDUS. AVG 10525 1.0 % 3.7 % 3.8 % 0.9 %
NASDAQ COMPOSITE INDEX 2296 1.2 % 4.5 % 3.3 % 1.2 %
S&P 500 INDEX 1115 1.1 % 4.1 % 3.6 % 0 %-
European
FTSE 100 5351 0.7 % 3.9 % 6.0 % -1.1 %
DOW JONES EUROSTOXX 50 INDEX 2743 0.9 % 4.1 % 4.3 % -7.5 %
DAX INDEX 6194 0.5 % 3.1 % 2.0 % 4.0 %
OMX (STOCKHOLM) INDEX 1059 0.2 % 2.6 % 3.7 % 11.3 %
Asian
NIKKEI 225 INDEX 9494 -0.1 % 2.1 % -2.5 % -10 %
Other key figures
Oil 78.98 0.3 % 3.2 % 0.5 % -0.5 %
Publisher: USD/DKK 5.73 -0.1 % -0.8 % -5.6 % 9.4 %
Jyske Markets Source: Bloomberg - 27-07-2010.
Equities
Vestergade 8 -16
DK - 8600 Silkeborg
Yesterday’s market

Assisting Analyst: With the majority of the 20 companies in positive territory, the OMX C20 index started the week
Niels Lykke Sørensen slightly up by 0.4%.
+ 45 89 89 70 39
Niels.Lykke.Soerensen@
Especially the banks had a good day, and Danske Bank was at the top, up by 3.0% whereas Sydbank
jyskebank.dk followed suit and was up by 2.0%.

Translation: The Carlsberg share shed 0.5%, which, however, followed Friday’s excellent increase of 3.8% in the
Translation Services absence of any important company-specific news.

Yesterday, the company Consumers Energy announced a new order to Vestas of 100 MW distributed
on 56 wind turbines which are to be installed in the state of Washington. The order has this morning
not yet been confirmed by Vestas. Yesterday, the Vestas share fell back by 0.3%.

At the top of the C20 index was DSV, up by 3.2%. In the US the transport giant FedEx upgraded its
earnings expectations of the current Q1 and of the full year, which had a positive effect on DSV.

The US equity market also had a good day: the S&P 500 index was up by 1.1%. Apart from the upgrade
from FedEx we also saw better-than-anticipated data for new home sales for June which was up by 23%
Read more equity-
compared with May. Historically, sales are, however, still at a very low level.
research reports on
www.jyskemarkets.com/

Disclaimer:
Please see the last page
EQUITIES DAILY
Equity Research • 27 July 2010

Yesterday’s winners Yesterday’s losers

DSV A/S 3.2 % FLSMIDTH & C -1.3 %
DANSKE BANK 3.0 % DANISCO AS -1.0 %
D/S NORDEN 2.5 % CARLSBERG-B -0.8 %
NKT HOLDING 2.3 % WILLIAM DEMANT -0.4 %
SYDBANK 2.0 % H LUNDBECK A -0.4 %
JYSKE BANK-R 1.4 % NOVO NORDISK -0.4 %
COLOPLAST-B 0.8 % VESTAS WIND -0.3 %
A. P. MØLLER - A 0.8 % NORDEA BANK 0.4 %
TRYG A/S 0.8 % TOPDANMARK A 0.4 %
Novozymes B 0.8 % A. P. MØLLER - B 0.5 %

The market today

This morning, the German software giant, SAP, turned in mixed Q2 accounts. See our comments
overleaf.

GN Great Nordic (REDUCE) may be the focus of attention during today’s trading session. Last night,
the US rival, Plantronics, published fair Q1 accounts which did, however, also include weak forecasts
for the coming quarter.

The flow of important economic indicators from the US continues. At 16.00 this afternoon,
consumer confidence data for July will be released; Jyske Bank anticipates a moderate increase
compared with June.

EXPECTATIONS OF THE OPENING OF THE DANISH MARKET*

DAX Index Price DAX Future Price 30-day correlation

0.22%* 6,194.21 6,208.00 83%

*Note: Expectations of the opening of the Danish market have been estimated on the basis on indications by the DAX future index as to
the opening of the German market. The DAX future index opens one hour before the start of trading in the Danish market. The background
for using the German index instead of the Danish index is that there is low liquidity in the Danish futures market. Historically, there has
been a good correlation between the indicated opening of the Germany market and the opening of the Danish market. The table shows the
correlation between the return at 8.15 a.m. for the DAX future index and at 9.15 a.m. for the C20 index for the last 30 business days.

Source: Bloomberg and boerse-frankfurt.de 26.07.2010

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EQUITIES DAILY
Equity Research • 27 July 2010

GN Great Nordic (REDUCE): The headset rival Plantronics (no JB recommendation) has released its non-
calendar Q1 accounts. Plantronics delivered fair growth at 23% y/y in the office and call centre
segment, 20% y/y in Mobile and a total of 21% y/y. In terms of both sales and earnings, the accounts
were above expectations. Plantronics is reporting much better market conditions than last year, but
the market is still dominated by uncertainty and volatility. The fear of a double dip in the economy has
recently given rise to additional uncertainty. Traditionally, July and August are sluggish months for
Plantronics, but this year the weakness of orders has very atypically emerged already at mid-June. JB:
Offhand, the development at Plantronics confirms our expectations of GN Netcom for Q2 whereas we
look forward to hearing the company’s comments on the development in June. GN Great Nordic will
turn in its accounts on Wednesday 11 August.

SAP (BUY): SAP has published its Q2 accounts, and offhand the accounts are favourable with better-than-
anticipated sales as well as operating earnings. Total sales came to EUR 2,894m, 6% above expectations,
boosted by new sales and sales of service and support. Operating earnings were EUR 840m compared
with anticipations of EUR 777m (non IFRS). Since financial costs and tax are slightly higher than
expected by Jyske Bank and by the market, EPS at EUR 0.46 is only in line with projections (non IFRS).
The EBIT margin landed at 29%, marginally above the expected 28.6%. JB: So, all in all good accounts
from SAP which also changed its growth forecast to 6%-8% from 4%-8%, which is a narrowing at the
upper end.

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EQUITIES DAILY
Equity Research • 27 July 2010

OMX C20 (30 days) Dow Jones (30 days)

420 10.600
415
10.400
410
405 10.200
400
395 10.000

390
9.800
385
380 9.600
375
9.400
370
365 9.200

S&P 500 (30 days) NIKKEI 225 (30 days)

1140,0
9.900
1120,0
9.800
1100,0 9.700
1080,0 9.600
1060,0 9.500

1040,0 9.400
9.300
1020,0
9.200
1000,0
9.100
980,0 9.000
960,0 8.900
8.800

DAX Index (30 days) Oil spot price (30 days)

6300,0 80

6200,0 78

6100,0
76
6000,0
74
5900,0
72
5800,0

5700,0 70

5600,0 68

Switch recommendation
Jyske Bank recommends the following switches:
From Genmab (REDUCE) to NeuroSearch (BUY).
From D/S Norden (REDUCE) and Torm (REDUCE) to A.P. Møller-Mærsk (ACCUMULATE)
From William Demant (REDUCE) and GN Great Nordic (REDUCE) to Coloplast (ACCUMULATE)
From Pfizer (SELL) to Sanofi-Aventis (BUY)
From Novo Nordisk (REDUCE) to Sanofi-Aventis (BUY) and Novozymes (BUY)
From FLSmidth (REDUCE) to NKT Holding (BUY)
From Nordea (REDUCE) to Danske Bank (BUY)

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EQUITIES DAILY
Equity Research • 27 July 2010

Anticipated corporate news in our equity-research universe

Effect on share
Company Event
price*
European
SAP AG Q2 accounts
*The effect on the share price is in the range of 1-5 with 5 showing a potential major effect on the share price.

Important accounts outside our equity-research universe

Company
US
Koninklijke Kpn nv
Broadcom Corp
European
Deutsche Bank AG
Daimlerchrysler AG
Bp PLC
Deutsche Boerse AG
Air France-KLM
Groupe Danone
Lvmhmoet Hennessy Louis Vui
Teva Pharmaceutical
Ubs Ag-reg

Macroeconomic events
Time Event
US
15:00 USD CaseShiller house prices
16:00 USD Conference Board Consumer Confidence
European
08:00 DEM GFK consumer confidence
09:30 SEK Producer prices
10:00 EUR M3
Private-sector lending growth
Asian and others
03:30 AUD Consumer prices

Yours faithfully,

JYSKE MARKETS
Jyske Bank
Equities

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EQUITIES DAILY
Equity Research • 27 July 2010

Disclaimer & Disclosure

Jyske Bank is subject to supervision 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 conflicts of interest in investment
banks.

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 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.

Conflicss 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.

Moreover, equity analysts at Jyske Bank cannot trade in companies and papers for which they prepare research reports. 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. The
analysts receive no payment from persons interested in individual research reports.

Read more about Jyske Bank's policy on conflicts of interest at www.jyskebank.dk/terms

Jyske Bank's share recommendations - current allocation

Allocation of recommendations, Danish shares (number) Allocation of recommendations, all shares (number)
14 20
12
10 15
8
10
6
4 5
2
0 0
Buy Accumulate Neutral Reduce Sell Buy Accumulate Neutral Reduce Sell

Source: Jyske Bank Source: Jyske Bank

Financial models
Jyske Bank employs one or more of the following models: Discounted cash flow (free cash flow), Economic Value Added and the dividend model to determine the
fundamental value of a company. The fundamental value is compared to a relative valuation based on multiples such as P/E and EV/EBITA. 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 equity market, the various sectors and
company-specific circumstances.

Risk
Investment in this share is associated with a risk. Movements in the equity market, the sector and/or news flows, etc. regarding the company may affect the
price of the share. See the front page of the research report for our view of the risk associated with the share. The risk factors stated and/or calculations of
sensitivities in the research report are not to be considered all-encompassing. If the share is traded in a currency other than the investor’s base currency, the
investor accepts an FX risk. In connection with an ADR or similar papers, the FX risk exists relative to the currency in which the underlying share trades.

Update of the research report

The planned update of the report will be prepared immediately upon the release of the company’s financial statements.
See the front page for the initial date of publication of the report.
All prices stated are the latest closing prices before the release of the report, unless otherwise stated.

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EQUITIES DAILY
Equity Research • 27 July 2010

Recommendation Return relative to the performance of the

general equity market
BUY >5%
ACCUMULATE 0 to 5%
NEUTRAL 0%
REDUCE 0 to -5%
SELL < -5%
Source: Jyske Bank

Share recommendation concepts

Our recommendations are relative to the market development and are based on an evaluation of the forecast return within the coming 12 months. The forecast
return is the difference between the current price and our 12-month price target (the price target includes the projected dividend). A positive recommendation
(BUY or ACCUMULATE) is based on expectations that an investment in the share will yield a return above the general equity market. On the other hand, a
negative recommendation (REDUCE or SELL) implies that we expect an investment in the share to yield a return below the general equity 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 price target. It should be borne in mind, however, that the recommendation is the anchor. A BUY recommendation is
a BUY recommendation until the recommendation has been changed, also in the event that price increases have taken the price "too close" to the price target.

The future and historical returns estimated in the research report are stated as returns before costs since returns after costs depend on a number of factors
relating to individual customer relations, custodian charges, volume of trade as well as market-, currency- and product-specific factors. It is not certain that the
share will yield the stated expected future return/s. The stated expected future returns exclusively express our best assessment.