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ESN Analyser<br />

Investment ESN Analyser<br />

Research<br />

Investment Research<br />

ESN Top Picks<br />

Roadshows<br />

Corporate Events<br />

RECOMMENDATION CHANGES<br />

KPN Telecom (Upgrade: Accumulate from Reduce) America Movil bids for 28% of KPN<br />

CSM (Upgrade: Buy from Accumulate) Valuing all the parts<br />

Hes Beheer (Upgrade: Buy from Accumulate) A coal fired growth engine – part II<br />

<strong>Hypoport</strong> <strong>AG</strong> (Downgrade: Hold from Buy) Q1 results expectations, downgrade to Hold<br />

Intervest Offices & Warehouses (Upgrade: Accumulate from Hold) Good 1Q12 results: from Hold to Accumulate<br />

STRATEGY NEWS<br />

Macro Flash: France We don‟t expect major impact of French elections before June<br />

Macro Flash: Greece Greek Elections – Uncertainty Remains…<br />

SECTOR NEWS<br />

Oil & Gas Producers Statoil: Q1 2012 earnings and sharp growth in production<br />

Real Estate Publication Monthly ESN Real Estate Metrics<br />

Portuguese Banks I Exposure to ECB funds decreased EUR 889m in April to EUR 54.43bn (-1.58% MoM)<br />

Produced & Distributed by the Members of ESN (see last page of this report)<br />

8 May 2012<br />

Portuguese Banks II Bank of Portugal statistical data March 2012 (NPL ratio at 3.53% on private and 7.42% on corporate<br />

segment). Total NPL (private + corporate) at 5.27%<br />

BLUE CHIPS COMPANY NEWS<br />

Atlantia (Accumulate) Q1 12 preview: we expect a difficult quarter<br />

BIM (Hold) Strong 1Q12 results<br />

Casino Guichard-P (Buy) Pao de Açucar: 30.1% increase in EBITDA in Q1-2012<br />

Deutsche Post (Buy) Strong Q1 2012 results<br />

Ericsson (Buy) T-Mobile selects Ericsson and NSN as its LTE suppliers<br />

Fugro (Accumulate) PGS 1Q12 encouraging<br />

Gas Natural Fenosa (Accumulate) Results 1Q12<br />

GEA Group (Hold) Final 1Q 12 results in line with preliminaries<br />

Generali (Hold) Q1 12 preview and full year forecast update<br />

Henkel (Hold) Q1/12 results preview<br />

Hochtief (Buy) Q1 2012 broadly in line with our forecast<br />

ING Group (Buy) 1Q12 results are expected to be challenged (Preview)<br />

K+S <strong>AG</strong> (Buy) Preview Q1: Looking beyond expected weakness in Q1

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