) an inability to realize synergies quickly, or at all, and (iii) increased entry into German domestic from more aggressive airline competitors. ■ DSM NV - DSMN.AS: There are several downside risks. For the GDP-sensitive industrially focused businesses, such as Materials, macro weakness could lead to

Plc VOD.L Deutsche Post DHL DPWGn.DE PostNL NV PTNL.AS Wal-Mart WMT.N Deutsche Telekom DTEGn.DE Praxair PX.N Wolters Kluwer NV WLSNc.AS DSM NV DSMN.AS Prudential PRU.L j CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0086833 SDNY_GM_00233017 EFTA01385547