ll Plc RDSa.L Aroundtown Properties AT1.DE Geberit GEBN.S Royal Mail RMG.L AstraZeneca AZN.L Glencore GLEN.L RWE RWEG.DE AXA AXAF. PA Informa PLC INF.L SES SESFd.PA B&M BMEB.L Infineon Technologies IFXGn.DE SGS SGSN.S BAE Systems Plc BAES.L Innogy IGY.DE Shire PLC SHP.L British

revenues by -0.5% and earnings by -1%); Cyclicality and inventory de-stocking; Large dependence on Automotive; Potentially value destructive M&A ■ Informa PLC - INF.L: Downside risks include potential earnings dilution from the sale or closure of non-core businesses. The business may require additional in