maintain guidance (trading +3.85%) • Alfa Laval Q4 mixed, orders ahead, topline margin miss, sees stable demand guidance for O1 (trading +5.2%) • Tele2 O4 miss driven by Russia, lowering Capex, sales in line, EBITDA margin & dividend below (trading -10.4%) • Shanks IMS in line but guiding growth ra

revenue growth in the most recent quarter. • Wireless consolidation helpful. Most of the price competition has been contained to the low-end, where Tele2 and T-Mobile NL have been active. The two operators recently announced they would consolidate (announced 15-Dec) and this should further help trend

Tobacco BATS. L Kingspan KSP.I Sophos SOPH.L Bovis Homes BVS. L KPN KPN.AS Swatch Group UHR.S Carrefour CARR. PA Nissan Motor 7201.T Tele2 TEL2b.ST Check Point Software CHKP.OQ Liberty Global LBTYA.OQ Tesco PLC TSCO.L Credit Suisse Group CSGN.S Linde LING.DE Valeo SA VLOF.PA

ss- through; Inability to complete targeted M&A in the Light & Air division. ■ KPN - KPN.AS: Key downside risks include an (i) aggressive push from Tele2 as the new network operator in the market; (ii) continued weakness in Business due to the economy and IP migration and (ii) restructuring costs whi