Brown and management run =t. Great =latform with nice heritage for Asia and PA. Have a look at basic calculation where = call Westhouse "West" and Panmure "East". 1 EFTA_R1_01943064 EFTA02671709

g Attachments: Slayer proforma.xlsx; Untitled attachment 00808.htm; Project Prince.docx; Untitled attachment 00811.htm I have this idea of buying Panmure, a corporate and =nstitutional stockbroker. It is a mis-managed British =em founded in 1876. Qataris are single largest shareholder, Market Cap £ =

pe Key Research: KBC reinitiates TESB BB (accumulate), Citi downgrades FLU AV, HSBC downgrades SSE LN, RBC upgrades HOME LN • Bofa upgrades SDR LN, Panmure downgrades CWD LN, Helvea downgrades ROG VX, Natixis downgrades SOI FP Reporting Pre-Open: BASI, JYNT Reporting Post-Close: SCS Economic Data: Chi

O FP (b), CA FP (h), MEO GY (h), AH NA (s), TSCO LN (s), • BofA adds CFR VX to Europe 1 List, UBS upgrades CRDA LN, ELM LN, LMI LN, UL NA, VCT LN • Panmure upgrades CCC LN, BofA initiates DLG GY (up), Barclays initiates PA/ LN (ow) ••• Citi initiates GET FP (buy), CS upgrades RWE GY, HSBC upgrades KCR1V

N • Berenberg downgrades SZU GR (sell) & upgrades RSL LN, SocGen upgrades ELPE GA (buy) • Citi upgrades BKIA SM/CABK SM (buy) & cuts KIO SJ (sell), Panmure upgrades PDG LN (buy) • DB downgrades PKN PW, GS upgrades CHR DC (buy), Kepler downgrades CSGN SW • JPM downgrades KNIN SW/GJF NO & upgrades ETE GA

Y Key Research: upgrade TOD IM) (ow), Nomura upgrades EBAY (buy), CS initiates ELX (up), Axiom downgrades PWER cuts S SocGen downgrades REE SM, Panmure downgrades AZN LN, MainFirst upgrades MAN GY MainFirst upgrades SKYD GY, JPM cuts EN FP, CBS & MS upgrade FGP LN, DB raises JPM cable note (downgra

RS LN • Equita downgrade A2A IM, Numis downgrade IHG LN, Kepler Chev downgrade FRA GY, upgrade G1AGY MAQ downgrade NEOJ GY, Oriel downgrade HSX LN, Panmure downgrade SBRY LN, upgrade CMS LN Reporting Pre-Open: CTSH, LINTA, ALE, AOL, ARQL, ATRS, BIOD, BOFI, CASM, CBMX, CECE, CLMT, CSTE, CWH, ESLT, EZCH,

downgrade BAER VX, RIA FP, upgrade RUKN VX, Cant +ve UHR VX, Cowen initiate ASML NA (op) Investec downgrade PFD LN, SXS LN, Numis downgrade TATE LN, Panmure downgrade Sn/ LN Reporting Pre-Open: ADM, ADP, AGN, BDX, CAH, CSC, DLPH, DO, EL, EMR, ETN, K, NYX, SE, SIRI, TE, ACI, AGCO, ALLT, ATK, ATRO, BP, CH