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l re: takeover offer" says Reuters (trading -7.8%) Daimler trading -3.2% (rumors of a profit warning making the rounds in Frankfurt) (rumor only) Adidas trading -2.64% in sympathy with Nike weakness yesterday due to a cautious OTR note June 27 unchanged) -1.6%) Royal Dutch Shell extends 220p/shar
.46%) CAD 1.0279 (+0.23%) Futures: Dow -8, Nasdaq -2, S&P -1 DXY $82.22 (+16c) Crude $82.53 (-10c) Gold $1618.50 (-90c) Spain cut 3 notches by Moody's to one level above junk with outlook still negative (Moody's also downgraded Cyprus). Spanish 10yr yield ticked up to 7.0% and currently 6.93% last
s#axzzlNsxlDoaE> Brazil's Vale gears up for rare earths FT<http://www.ft.com/intl/cms/s/0/0503bcdc- 8aec-11e0-b2f1-00144feab49a.htmliaxzzlNvGfEONf> Adidas forecasts E100m of 2012 Games sales FT<http://www.ft.com/intl/cms/s/O/ddabfea6-8a00-11e0-beff-00144feab49a.htmlffaxzzlNsx1DoaE> RTL and Reliance Br
pace in 5 quarters) (median estimate +8.1%) Japan's unemployment rate increased to 4.7% (inline), industrial production rises less than expected Moody's puts Japan's Aa2 local and foreign currency bond ratings on review for possible downgrade Australia home-building approvals drop with softer job ma
ill replace Sara Lee (SLE) in the S&P 500 (June 28 close) Renewable Energy $712 million charge & plans NOK 1.3B private placement (trading -29.3%) Adidas CEO says he is confident in 2015 forecasts as World Cup to boost sales (trading -1.1%) EFTA00410733 Clariant aims to increase EBITDA margin >17%
10yr 1.63% NZD 0.7873 (+0.12%) Copper -0.35% Futures: Dow +49, Nasdaq +9, S&P +6 DXY $82.27 (-2c) Crude $78.73 (+53c) Gold $1570.70 (+$5.20) Moody's announced its widely anticipated downgrade of 15 global banks after the close last night. No big surprises although Credit Suisse getting cut by 3 n
asket 1; BHP Billiton, Bank of America, Shell, BNP Paribas • Basket2; Credit Suisse, General Motors, BASF, General Electric • Basket 3; Barclays, Adidas, Siemens, Santander • The coupon on the above baskets ranges between 8.5 — 9.5% without any leverage. • Obviously you can select any stock of you
es Sent: Sunday, May 22, 2016 11:09:56 AM As requested; • List of Fixed Income Names # Bucket Reference Entity Type Weight Sy CDS Spread Moody's S&P Fitch 1 2 Sovereign Portuguese Republic Federation of Malaysia Senior Senior 5.00% 5.00% 275 146 Sal A3 BB+ A- BB+ A- 3 Autos
Entities connected to both Adidas and Moody's

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ORGANIZATION
United States
LOCATION
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Joi Ito
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Credit Suisse
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Lesley Groff
PERSONIke Groff
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Barack Obama
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Angela Merkel
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New York
LOCATIONLeon Black
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