Epstein Secrets

le environment (trading -1.5%) • Publicis (unusually) reports very strong October organic growth, no Nov/Dec comment (trading +2.8%) • JC Decaux: Le Figaro reports that the digital business has grown 48% from a year (trading +0.98%) • ACS 9 month update looks inline, EBITDA and sales increase, net debt

CAT Barcap upgrades ORA, Jeff cuts JNJ/NKTR & upgrades SQNM (buy) MS upgrades TRIP & cuts IQNT CS downgrades JCP/VRTX, Baird upgrades NAV, JPM and Stifel downgrade STRA, Citi upgrades CMA Exane upgrades IHG LN, Citi downgrades RYA LN, Barclays initiates Russian Oil & Gas sector GS reits conviction bu

+50bps since Sep 7) Catalan president says Spain can't overcome economic crisis without help (should request aid) IMF's Lagarde gives interview to Le Figaro (says ready to help Spain if it seeks aid) (Reuters< idUSP6E8JK02020121003?feedType=RSS&feedName=bondsNews>) Italy 2011 debt/gdp revised up to 120

ff initiates CERN (hold), Key Research: MS initiates AME/RBC (ew's) and HUBB/CBST/NBIX/NPSP (ow's) and OPTR (uw) Key Research: UBS cuts ADTN/PLCM, Stifel downgrades ENS, Wells downgrades NOVA, JMP initiates ACCL (op) Key Research: RBC initiates CF (sp) & cuts UPS, Capstone initiated NILE (buy), Piper

grees to sell 6 shopping centers in France for E931 million (trading -0.39%) • LVMH: Sephora appeal over store closing hours is rejected in France (Le Figaro) (trading +0.19%) • Hammerson (HMSO LN) placing: 71M shares (9.99% of co.) to buy out shopping mall (trading -2.7%) • Mitchells & Butler (pubs) 9

d): Exmar Energy Partners (XMLP) files $125M IPO through IN Morgan, BofA, and Citi US Key Research: • BMO initiates BGCP (mp), Key downgrades CHMT, Stifel assumes CELP (buy), Capital One upgrades BXP • Piper initiates ASGN/TW/MAN (ow) and KFY/RHI (neut), RBC downgrades KBH Europe Key Research: ••• RB

beat expectations due to cost controls, raises dividend to €1.0 (trading +8.2%) • Air France to invest €1 billion in customer service according to Le Figaro (trading +3.3%) • Standard Chartered IMS out: sees H1 income to grow at mid-single digit rate (trading +2.3%) • Carphone Warehouse headline resul

B initiates ADS (buy) ••• Jefferies upgrades ADBE (buy), JPM upgrades BSAC & downgrades RBCN ••• Piper upgrades ARMH, Roth adds DGIT to focus list, Stifel upgrades MLNX (buy) ••• SunTrust initiates APD/PX (buys) & upgrades ADS (buy) & cuts AXLL, GS cuts NTGR (sell) ••• Wells cuts HPQ/LUFK & upgrades R