Epstein Secrets

US Key Research: • Citi initiates DDC (buy), Atlantic downgrades M, Baird downgrades VZ, CS upgrades LHCG, ▪ Drexel Hamilton initiates LDOS (hold), Guggenheim initiates FITB/KEY (buy) and HBAN (neut) ▪ Jefferies initiates NDRM (buy) & downgrades NBR/Oll/SLB/CBST, KBW downgrades SEIC • JPM initiates ALL/AO

rs resist inheritance reform FT • Fracturing of UK politics complicates general election FT • PwC sold 'tax avoidance on industrial scale' FT • Moody's urges slower bank bonus payouts FT EFTA00357142 • Spain's lauded transition to democracy under fire FT • Arrest of 'tiger' Zhou Yongkang sheds

KNX, KBW downgrades ENH, Wells downgrades BLC • RBC initiates ASGN/RHI/ECLCTAS/CQP (op) & ROUMAN (sp), CS upgrades AN & cuts AN & initiates APU ••• Guggenheim initiates CLDX (buy), Numis downgrades DPZ Europe Key Research: • Citi add BET LN, BWY LN to key buy list — WMH LN, SIG LN cut, Barclays upgrades E

uidance (trading -10.3%) • Stolt Nielsen O2 EPS & EBIT beats, revs better, clean op income below, cautious tone (trading -1.1%) • Bankia receives Moody's downgrade, cut to B1 with negative outlook (trading -4.4%) • Liberty Global said unlikely to raise Kabel Deutschland bid after Vodafone (BB) (KD8 G

ital fund MICHAEL CHRIST Mr. Christ is a Senior Managing Director of Guggenheim Partners. He currently serves as CIO for Asset Consulting Group, a Guggenheim subsidiary, and previously served as Chief Investment Offi- cer of Guggenheim Wealth Management, and is responsible for both the quantitative and qua

spent 14 years with Moody's Investors Service where he was an analyst and senior executive managing operations with over $80 million in revenues. At Moody's he led hundreds of committees that assigned ratings on over one trillion dollars of debt securities issued by corporations, financial institutions