rce: BofA Merrill Lynch Global Research, Bloomberg, Datastream, IBES Chart 68: Retail is expensive on a range of metrics Tesco Aldi Lidl Waitrose Morrisons Sainsbury's Asda -100 -50 0 50 100 m Market share of grocers, yoy Source: Kantar Worldpanel Chart 69: Not cheap even if you strip out the two big

Telegraph<http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/8546423/Debenhams -in-talks-to-open-branches-in-US-Sears-stores. html> Morrisons goes 'aggressive' in its drive to buy stores Independent<http://www.independent.co.uk/news/business/news/morrisons-goes-aggressive-in-its- drive-to-

o surprises, confirms COMGAS stake sale (trading -3.2%) HeidelbergCement Q1 miss driven by developed markets, no change in outlook (trading -3.5%) Morrisons 01 sales broadly in line, outlook remains challenging (trading -0.60%) Fresenius and Fresenius Medical Q1's in line with pre announcement last week