Epstein Secrets

les, raising EPS trading +1.2%) EFTA00407451 BMW Q2 mixed, revs light, EBIT small better, FCF worse with > Capex & < net income (trading -4.0%) Standard Chartered HI good with PBT and EPS better, good growth mix, wholesale the driver (trading +4.5%) Eni Q2 miss, net income below, dividend increased 2c, 10tcf

PPO, Citi cuts DISCA (sell) Key Research: Dalhman Rose cuts Airlines Sector to cautious & downgrades DAL/UAL and JBLU/SKYW (sells) Key Research: Nomura downgrades BOSS GR, Macquarie downgrades LLOY LN, Wells upgrades ABFS Key Research: Nomura initiates FUR NA/PGS NO/ SDRL (buy's) & HTG LN/TGS NO (ne

2,946 2,732 (214) 0.05% Palm Hills Development 10,020 4,431 3,471 (960) 0.07% Talaat Moustafa Group 9,706 10,983 9,918 (1,065) 0.19% Standard Chartered 8,181 12,151 10,927 (1,224) 0.21% Royal Dutch Shell 8,156 9,691 8,501 (1,190) 0.16% Nestle Sa-registered 6,055 7,281 6,860 (421) 0.1

ternally Managed Bond Portfolio ( in 000' USD) Name of Manager Book Cost Market Value last quarter Market Value of this quarter Difference AUM Nomura Asset portfolio 500,000 503,518 508,933 1.00% %14.58 Western Asset portfolio 500,000 507,038 514,547 1.48% %14.58 BNY Asset portfolio 50

s an opportunity The Times EFTA00396180 • Seymour Pierce finds saviour The Times • UK 'needs to be more like Germany' in business Telegraph • Standard Chartered planning to push into Iraq Telegraph • Let's make the most of the clever Mark Carney Telegraph • Bond and equity returns could both end up in dol

ST & downgrades PRI and SIAL (sell), Barcap initiates USAC (ow) • Key upgrades KNX/SWFT/HTLD (buy's) Europe Key Research: • Citi downgrade TCG LN, Nomura upgrade ETL FP, JPM upgrade BBVASM, LKOH RM, NEX FP • BofAML downgrade RICHT HB, CGL LN, upgrade KOZAL TI, reinstate ABE SM (n), ATL IM (up), ••• G