Epstein Secrets

upgrades JPM & cuts MS Key Research: GS upgrades LPS/PBI & downgrades CTSH/SAPE, RBC initiates SLW (op), Sterne initiates AIG (buy) Key Research: Nomura cuts top 3 Greek banks, Exane lowers f's European Capital Goods Key Research: Citi downgrades BMW GY, SocGen & Panmure upgrade SHP LN, JPM upgrades

pay back European aid (interest only in first 5yrs) Adecco launches €400 million share buyback, planned to begin around mid-July (trading +3.3%) Vivendi may have to pay €765M in damages to Liberty over 2001 USA Networks purchase Banca Monte dei Paschi di Siena seeks more than €3B in government aid (I

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

33 70,480 57,671 (12,809) 1.10% Citigroup Inc 106,350 21,129 19,616 (1,513) 0.38% France Telecom 80,583 72,928 53,263 (19,665) 1.02% Vivendi 79,009 50,950 39,159 (11,790) 0.75% •AUM represents the Assets under management within the Equity Portfolio and NOT the AUM of the UA as a whol

•• Raja downgrades BC, CS cuts CLX & upgrades RBC, Evercore initiates MHP (ew) Europe Key Research: • UBS downgrade ATLN VX, ENG SM, upgrade MS IM, Nomura upgrade CBK GY, ULVR LN • JPM upgrade ACA FP, HYDR RM, IRAO RM, initiate DCC LN (n), Nordea upgrade PNDORA DC • RBC downgrade WOS LN, Citi downgrad

, H2 trading inline (trading +5.7%) • GFK O1 net falls 39%, net income deteriorates, adj EPS misses, reiterates 2013 forecasts (trading -0.60%) • Vivendi O1 revs inline, EBITDA weighed by SFR, "very challenging" economic environment (trading -2.3%) • Monte Paschi Q1 net loss better, revs & net intere