Face Capital out of the name (Globe & Mail) • TNT Express overall conditions in Europe have deteriorated, scraps 2015 guidance (trading -11.2%) • Adecco sales +5.0% organically in July/Aug, Sep seasonal pick up slightly weaker (trading -3.6%) • United Utilities (UU/ LN) trading statement inline with

flavors, reiterates forecasts (trading +4.9%) • Dufry O1 sales inline, EBITDA light, net misses, seeing better H2 performance (trading -0.30%) • Adecco sales inline, considering economic conditions in Europe should see solid O, stabilizing market (trading +2.8%) • Oerlikon Q1 revs light, EBIT misse

aising VAT from 8.0% to 18.0% in certain products Local chatter that Spain will have 20yrs to 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