tlook confirmed, expects improvement in H2 (trading +3.0%) Antofagasta Q1 production below estimates , problems at Esperanza mine (trading -4.1%) Infineon Q2 numbers look strong, raising H2 and FY guidance (trading -2.6%) BMW Q1 good, FCF better, outlook for automobile division unchanged (trading +3.5%

ss, cautious guidance citing market (trading +2.8%) Xstrata production inline, copper & coal light, nickel & zinc slightly better (trading +1.6%) Infineon Q3 inline with pre-release, stabilizing margins, challenging outlook for 2013 (trading +6.7%) EDF H1 EBITDA better due to adverse cold weather in F

gy, Materials & Industrials: ABB, ArcelorMittal, BAE, Continental, DSM, Glencore, Kingspan, Linde, Renault, Royal Dutch Shell, RWE - TMT: Eutelsat, Infineon, Informa, KPN, Sophos, Vodafone - Business Services, Leisure & Transport Deutsche Lufthansa, Royal Mail, SGS, Vinci ■ One slide per stock, valuatio

■ TMT Page 32 Page 33 - Page 34 Page 35 - Page 36 - Page 37 DSM Glencore Kingspan Linde Renault Royal Dutch Shell RWE Eutelsat - SELL Infineon Informa KPN Sophos Vodafone ■ Business Services, Leisure & Transport - Page 39 Deutsche Lufthansa Page 40 Royal Mail - SELL Page 41 SGS Page

> TMT 0 Infineon — Johannes Schaller, BUY, close €24.1, €29 tgt, 20% upside ■ Automotive semiconductors is a growth sector, benefiting from exposure to autonomous v