rget implies an adjusted FCF yield of 8.5%. ■ Catalysts: FY 2017 Results on 07-Feb. We are 2% above consensus at EBIT level. Related DB Research: Vinci: How Vinci would look with ADP in it (Fernandez-Gao) Transportation Outlook 2018: Going Places (Chu) Deutsche Bank The Contracting segment is grow

all and a 30% takeover premium, EPS would increase by 11% in 2018E. This potential deal has seen escalating newsflow. - This would also help reduce Vinci's overexposure to the French economy. Domestic EBITDA would fall from 76% to 63% of the total (assuming ADP traffic mix, Intl 84% of its total). ■

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Shell, RWE - TMT: Eutelsat, Infineon, Informa, KPN, Sophos, Vodafone - Business Services, Leisure & Transport Deutsche Lufthansa, Royal Mail, SGS, Vinci ■ One slide per stock, valuation and catalysts plus links to the latest research. ■ The prior iteration (04-Oct-17) [AB Foods, BAT, Bovis Homes, B&

forma KPN Sophos Vodafone ■ Business Services, Leisure & Transport - Page 39 Deutsche Lufthansa Page 40 Royal Mail - SELL Page 41 SGS Page 42 Vinci ■ Risk Statements ■ DB Forecasts Editors: Mark Braley, Vivek.G Midha and Mairead Smith "s Equity Focus —January 2016 CONFIDENTIAL - PURSUANT TO

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not identity any red flags and thus there was no need to escalate this case further. • We performed due diligence searches on aN parties and did not Vinci the names searched to be on any sanctions Ws Cynthia Rodriguez 7/7/117 1:50 PM Verification of Address for Jeffrey Epstein is attached. it s his

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