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nt, however the PBOC did implement a targeted RRR cut aimed at rural financial institutions. Japan got a midday boost on comments from GPIF advisor Ito that the pension fund is likely to change its portfolio allocation in June (in-line with consensus) but the Nikkei faded into the close to end flat.

(buy), Kepler downgrades CSGN SW • JPM downgrades KNIN SW/GJF NO & upgrades ETE GA, Panmure upgrades PDG LN (buy) • Natixis upgrades WPP LN (buy), Nomura upgrades AKZA NA & downgrades AKE FP • Equinet upgrades TUI GR (buy), HSBC downgrades DEB LN/TFG SJ/GARAN TI/YKBNK TI ▪ MS upgrades ASC LN & initia

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as the CIO of a pan-Asian credit hedge fund, an investment banker with ING Barings and Barclays Capital, and as a research analyst with UBS and Nomura. Mr. Kim graduated from Yale University in 1992. EFTA00505805 Appendix: Selected Publicly Traded Holding Companies (USS 000s) Berkshire Hatha

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apital Appnaltion. Investments seeing cromh of precise' rather than the gerersais of 'exam. • Produce Conabaunon of Mane and Capital Appian:teen. Nomura, seeking both the generation a 0%0110 ard growth of anoint Overall rids profiles • Constwatin. Seeks to mermen Seta prthcipal, with low risk and