tegic view and XPO's leverage. This triggered the sell-off, which we believe is a buy opportuni- tY. On April. 2015 XPO announced the acquisition of European Logistics Provider Norbert Dentressangle. The price paid (including debt) was $3330 million (EV?EBITDA pre-synergies of 9.1x). The market reaction was "Jacobs

nd Prelim Residential 13,470 - 13,470 13,470 0.0% December 2014 Spanish Oflice Portfolio le s' 3,130 3.289 3.289 159 15.3% January 2015 European Logistics Platform Ill"' 30.827 441 39.613 40.035 9.228 40.5% January 2015 Oxygen SEZ"" 10.162 — 15.829 15.829 5.667 122.7% January 2015 Cannon