rning we reiterate our preference for Nordic ee wan here for report) with more market exposed revenues and reiterate our Buy ratings on Danske Bank, Nordea, DNB and SEB ahead of Qi results. We expect to see good fee /trading income in Q1 on the back of strong AUM and continued high activity levels. The

MainFirst upgrades DSV DC, PWTN SW, KNIN VX & downgrades MAERSKB DC, SEB downgrades KCR1V FH ••• SNS downgrades KPN NA, Sparebank downgrades TGS NO, Nordea upgrades PRS NO Reporting Pre-Open: ABC, BSX, CHTR, CI, CLX, CMS, CMI, DLPH, EQT, ICE, LVLT, MMC, MHFI, OXY, PM, PPL, RL, SNA, TE, TDC, VMC, WEC, X

des TKAAV/NCSP LN & downgrades AFLT RU ••• Natixis upgrades MTU FP/ALO FP & cuts NOVN SW, Barcap upgrades DANSKE DC ••• Nomura downgrades ERICB SS, Nordea cuts LUPE SS & upgrades OPERA NO/NETB SS EFTA00370758 ••• Kepler upgrades LNZ AV (buy), Swedebank downgrades ERICB SS, Pareto cuts HEX NO (sell)

• Commerzbank upgrades WCH GY, JPM upgrades ADP FP & downgrades FFtA GY, Baader downgrades BEI GY ••• Kepler initiates F IM (reduce) & HAW GY (buy), Nordea downgrades VWS DC, Exane upgrades CBK GY ••• Investec upgrades HSBA LN, Shorecap downgrades DGE LN, HSBC adds LHA GY to Europe Super Ten portfolio

OAN GY (s), dig CNA LN EFTA00396445 ••• ING downgrade IM NA, RBS downgrade UBSN VX, Jeff downgrade LAF SJ, upgrade TCY LN • Medio upgrade AGL IM, Nordea upgrade AFB SS, downgrade NOD NO ••• Swedbank downgrade BILIA SS, upgrade TEL2B SS, Cana upgrade HG/ LN • Shore downgrade IPF LN, Vontobel upgrade

S LN, MBTN SW ••• Jeff top pharma pick SAN FP, Cana upgrade CGL IM, Equinet downgrade IVG GY, Espirito downgrade GRG LN ••• Beren downgrade NRX FP, Nordea downgrade BOCONB DC, upgrade SWMA SS, Investec upgrade TET LN Equita upgrade DIA IM, ATL IM, Danske upgrade NOK1V FH Reporting Pre-Open: CGA, CMRX,

AKBNK TI, downgrade TRN IM • Natixis downgrade NEX FP, Good upgrade KMR ID, Kepler downgrade SAN FP, upgrade GSK LN, CSGN VX • Chev upgrade IM NA, Nordea downgrade HOLMB SS, Nordea downgrade SAA1V FH ▪ DNB downgrade SKAB SS, OTE1V FH, Bere downgrade HEI GY, Oriel upgrade TCG LN Reporting Pre-Open: ET

st —ve SDF GY ••• Oddo Euro Construction: (top pick HOLN VX, worst pick CRH ID), downgrade LG FP, SGO FP, upgrade NK FP ••• Exane downgrade NRG FP, Nordea downgrade TOP DC, JEFF downgrade BKG LN, SEB downgrade ATEA NO, • Nordea downgrade TOP DC, ASSAB SS, ENEA SS, Helvea upgrade NOVOB DC, Danske downgr

Jeff; Nordea contacted me today and asked details re purchase price; Terje had informed Nordea that he would loan MNOK io,and had EQY at MNOK 4,and Nordea asked me what about the MNOK 4 gap up to MNOK 3.8 purchase price and registrations fees. Nordea also asked that T needed a broker to receive the fu

Jeff; Nordea contacted me today and asked details re purchase price; Terje had informed Nordea that he would loan MNOK to,and had EQY at MNOK 4,and Nordea asked me what about the MNOK 4 gap up to MNOK itit purchase price and registrations fees. Nordea also asked that T needed a broker to receive the f

OR GY, downgrade BEI GY, Numis downgrade MONY LN, CIU LN, SGE LN, MACQ upgrade LXS GY BERE downgrade IVG GY, HELV upgrade GAM SW, downgrade OERL SW, Nordea downgrade GOL NO Reporting Pre-Open: BF.B, BIG, SPLS, AEGR, AEO, CTCM, FLL, HOV, LINC, MFB, OSIR, POZN, ORE, RELY, TFM, THRM, TRK, VIP, WD, WMC, WR

IM, Exane initiate GKN LN (b), KepChev upgrade PRS IM ••• Natixis downgrade SAN FP, JMT PL, KBC upgrade PHARMA NA (h) • Danske downgrade OTE1V FH, Nordea downgrade UPM1V FH ••• Investec downgrade CLIN LN, Numis downgrade ATK LN, SocGen dig BAYN GY Reporting Pre-Open: ADP, AEE, APA, AVP, BDX, CAH, CHK

Jeff; Nordea contacted me today and asked details re purchase price; Terje had informed Nordea that he would loan MNOK 10,and had EQY at MNOK 4,and Nordea asked me what about the MNOK 4 gap up to MNOK 18 purchase price and registrations fees. Nordea also asked that T needed a broker to receive the fun

contacted =e today and asked details re purchase price; <=u> wrote: Terje had informe= Nordea that he would loan MNOK 10,and had EQY at MNOK 4,and Nordea asked =e what about the MNOK 4 gap up to MNOK 18 purchase price and registrations fees. <=u> Nordea also asked=that T needed a broker to receive t

Jeff; Nordea contacted me today and asked details re purchase price; Terje had informed Nordea that he would loan MNOK 10,and had EQY at MNOK 4,and Nordea asked me what about the MNOK 4 gap up to MNOK 18 purchase price and registrations fees. Nordea also asked that T needed a broker to receive the fun

received by DHL from you) signed in original by M. I will confirm this to M and DHL one original to him. <=u> I also asked M in=the e-mail whether Nordea or DnB should be Ts agent in the purchase of the=property, and M answered that "one step at the time" and did not respond to my question. <=u> VEN

e way or another DNB will need to receive MNOK 18 to release the mortgage over the property. If I understand this correctly T will loan MNOK 10 from Nordea and pay up MNOK i equity. These funds will probably be transferred from Nordea (via Ts contactperson in Nordea?) to DnB subject release of mortgage?

mail (received by DHL from you) signed in original by M. I will confirm this to M and DHL one original to him. I also asked M in=the e-mail whether Nordea or DnB should be Ts agent in the purchase of the=property, and M answered that "one step at the time" and did not respond to my question. VENNLIG H