05 Feb.

09

United - States: MBA mortgage applications rose January 31 th

United - States: Non farm private employment decreased in January

U.S. stocks slid yesterday after disappointing earnings

at Kraft Foods and Walt Disney
The Treasury will put a record amount of debt on the market

DOE Crude oil total inventory data (/1000 barrels)

since January 2008

!"# "$# %&'# ()*# !"#

Source : US Department Of Energy

The Crude inventories rose for a sixth straight week to 346.1 million barrels last week or the
highest level since July 2007…

Indexes Price % 5 Days Ytd Forex Price % 5 Days Ytd

DJIA 7956,7 -4,90% -9,34% EUR/USD 1,2851 -0,74% -7,97%
S&P 500 832,2 -4,71% -7,86% EUR/JPY 115,14 1,15% -9,03%
Nasdaq 1515,1 -2,72% -3,93% USD/JPY 89,59 0,44% -1,12%
CAC 40 3069,0 -0,23% -4,63% Oil Price % 5 Days Ytd
DAX 4492,8 -0,57% -6,60% Brent $/b 44,2 -0,07% 5,63%
Eurostoxx 50 2297,7 -0,99% -6,12% Gold Price % 5 Days Ytd
DJ 600 194,7 0,30% -1,86% Gold $/oz 903,0 -0,51% 2,49%
FTSE 100 4228,6 -1,22% -4,64% Rates USA Euro Japan
Nikkei 7949,7 -0,83% -10,27% Central Banks* 0,25 2,00 0,10
Shanghai Comp 2098,0 6,18% 15,23% Overnight 0,20 1,05 0,10
Sensex (India) 9042,2 -0,55% -6,27% 3 Months 0,29 1,11 0,29
MICEX (Russia) 635,9 2,14% 2,64% 10 Years** 2,92 3,38 1,34
Bovespa (Brasil) 40129,0 -0,25% 6,87% *US: Fed Funds; Jap: Overnight; Euro: Refi
** Euro: German Bund rate Source : Bloomberg
 +

Governing Council Meeting of the ECB in Frankfurt

Press conference following the Governing Council meeting of the ECB in Frankfurt
The Bank of England likely will cut interest rates by 50 basis points, from 1.50%, to a new record low of 1%.
Philly Fed President Charles Plosser kicks off a food-and-water confab.
World Ski Championship (Val d’Isère, France) Fev 3rd – 15th

Time Country Indicator Period GE forecasts Consensus Previous

06.00 pm United States ICSC chain stores sales (YoY) January
11.00 am Italy Consumer price index ( Préliminairy ) January 0,0%,+1,8% YoY -0,1%,+2,2%YoY
12.00 am Germany Factory orders December -2,5%,-24,5% YoY -6,0%,-27,2% YoY
13.00 am United-Kingdom Bank of England annouces rates 5 th February 1,00% 1,00% 1,50%
13.45 am Euro area European Central Bank annouces interest rate 5 th February 1,75 % 2,00% 2,00%
02.30 pm United States Non farm productivity Fourth quarter 1,5 % 1,0% 1,3%
02.30 pm United States Unit labor cost Fourth quarter 2,8% 2,8%
02.30 pm United States Initial jobless claims January 31 th 580 000 588 000
02.30 pm United States Continuing claims January 24 th 4 795 000 4 776 000
04.00 pm United States Factory orders December -2,7% -3,1% -4,6%

,+ + -+

Results Les Etats américains suspendus au plan de relance

LVMH sales / Eiffage sales / Altana / Atos Origin / TUI fédéral
travel / Maurel et Prom / British Land / Deutsche Bank / La Tribune, p 8
Zurich Fi / BG Group / Fortum / Neste Oil / Banco Obama urges quick action on stimulus
Santander / Unilever / UPM / Master Card / Kellogg / The Wall Street Journal, p 9
VeriSign Treasury reveals plans for record US debt sale
Financial Times, p 26,27
La BCE ne voit pas d’urgence à baisser ses taux
Les Echos, p 7
Les plans d’aide à l’auto inquiètent Bruxelles
Le Figaro économie, p 22

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 Economic data preview

Today ,watch in the United States the release of the Factory orders for December due at 04.00 pm which are expected to pursue their
lasting drop trend as the global economic crises in the most developed countries reduce drastically the demand. Watch as well the non
farm productivity index for the fourth quarter , due at 02.30 pm expected to slightly improve as companies are cutting cost and are
restructuring .

Today ,watch in the Euro -Zone the release of the European Central Bank announces interest rate due at 13.00 am . As the recession is
deepening and as inflation is sharply showering we expect Mr Trichet to cut again its leading rate. Watch as well the release of the Bank of
England announces interest rate decision due at 13.45 am . We expect the BoE to cut again its repo rate for the same reason mentioned
above/JB

ate

ECONOMY
UNITED - STATES: MBA MORTGAGE APPLICATIONS ROSE JANUARY 31 TH .
After a sharp drop January 23 th at -38.8% mortgage application in the U.S. rose last week mainly led by a sharp rebound in refinancing as
homeowners trimmed monthly payments . Indeed the refinancing measure rose 16 %. This rebound of mortgage applications should not
overshadow that credit crunch and rise of unemployment are shrinking household wealth and purchase power prolonging the housing
recession .

UNITED - STATES: NON FARM PRIVATE EMPLOYMENT DECREASED IN JANUARY

Non farm private employment decreased 522 000 from December to January 2009 as per the ADP National Employment( prior -659
000).On the other hand, firing announcements rose 222% last month from January 2008 after reaching a peak at 274.5 % in December as
per Chicago-based Challenger. Its seems that companies facing huge demand decrease and fearing for very gloomy economic outlook
due to the global recession are adjusting their work force more that needed by the economic fundamentals . If this is confirmed it could
revealed to give good for the mid 2009 on the employment field.

UNITED - STATES: THE ISM NON MANUFCTURING COMPOSITE CONTRACTED AT A SLOWER PACE IN JANUARY
U.S. service industries contracted in January ( 42.9) at a slower pace than forecast ( 39.0). This slight rebound can be explained by the
moderate slump in orders even if the employment is going down ( around 522 000 jobs have been destroyed by companies in
January).Nevertheless the ISM non manufacturing remained widely under the level of 50 ( representing the limit between a contraction and
an expansion of the activity) meaning than services are hit as well by the sharp recession

EURO AREA : THE PMI SERVICE AND THE PMI COMPOSITEPURSUED THEIR DROPPING TREND IN JANUARY
Europe’ services industries contracted for an eight month in January at 42.2 ( prior 42.5) as the area is hitting by its sharpest recession
ever. Indeed companies are cutting jobs as the demand is dramatically felling . The PMI service dropped in most of the Euro area
countries : France ( 42.6),Germany(45.2) underlining a sharp drop of the activity as the data are below 50 ( the border between contraction
and expansion ). In the mean time the composite index measuring the activity across the service and manufacturing industries dropped
from 38.5 to 38.3 showing the contraction of the manufacturing activity. As the revival plan and the decrease of the European Central
Bank leading rate will take 6 to 9 month to impact on the activity this situation should last till falls .

UNITED-KINGDOM : THE PMI SERVICE SHRANK IN JANUARY

The U.K services industries remains under the level of 50 in January ( 42.5) showing a contraction for a ninth month as the country is
hitting by a sharp bank ( credit crunch) , construction ( explosion of the real estate bubble) and economic ( recession ) crise affecting all the
sector of the economy except the farm sector . The gloomy economic outlook put more pressure on the Bank of England to pursue the cut
of its leading rate to reach the zero in 2009 and practicing a “quantitative easing policy”.

EURO-AREA : RETAIL SALES DROPPED SHARPER THAN EXPECTED IN DECEMBER

The European retail sale remains flat in December since last month but dropped sharper than expected from a year ago at -1.6% ( forecast
-1.4%). Despite the drop of inflation which eased to the slowest since 1999 , the rise of the unemployment and the credit crunch are
strongly hitting the consumers confidence ( which dropped to a low record in January ) and cut drastically household expenses. This bleak
economic situation put more pressure on the European Central Bank not to wait march to cut again its leading rate . /JB

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 U.S. stocks slid yesterday after disappointing earnings
at Kraft Foods and Walt Disney
The Treasury will put a record amount of debt on the market
U.S. stocks slid yesterday, erasing early gains, as disappointing earnings at Kraft Foods (-9.15 %) and Walt
Disney (-7.86 %) triggered a sell-off in consumer shares (Colgate -2.59 %, Coca-Cola -2.12 %, Mc Donald’s -1.73 %,
Procter & Gamble -2.58 %, Nike -1.12 %) and concerns over the health of Bank of America (-11.32 %) snuffed out a
rally in banks: Citigroup +0.87 %, American Express +1.68 %, Goldman Sachs +6.23 %, Morgan Stanley +5.11 %.
Walt Disney said revenue decreased 8.2 % at $9.6bn ($10.07bn exp.), -64 % for the studio business, with net profit
down 32.4 % at $845m ($1.25bn n-1). Kraft Food said revenue rose 6.2 % at $10.77bn ($11.30bn exp.), -5.3 % from
currency but +8 % from LU acquisition. Organic growth at +4.4 % (pricing +9.8 % and volume -5.2 %) Net -72.1% at
$163m ($585m n-1), operating ex-items -0.8 % Cuts FY09 EPS from $2.00 to $1.88 ($2.01 exp.), sees organic net
revenue growth in 2009 at around +3 %. Yum! Brands (-0.60 %) said revenue rose 3.7 % at $3.383bn ($3.4bn exp.)
with net profit down 11.7 % at $204m ($231m n-1), operating +9 %. Continues to target 10 % revenue growth in 2009
and $2.10 EPS ($2.08 exp.). Archer-Daniels-Midland (-7.63 %) slumped. Time Warner (-3.68 %) said revenue was
down 2.6 % at $12.306bn ($12.643 exp.) with net loss at -$16.03bn ($1.03 gain n-1) on impairment charge of $24.2bn
Sees FY09 adjusted EPS flat compared to the $0.66 in 2008. With the exception of Interpublic (+3.44 %), media were
.%&*/ down: Gannett -4.23 %, Viacom -3.36 %. Retailers were broadly down (J.C. Penney -7.11 %, Kohls -4.28 %,
$01*2 Nordstrom -5.39 %, Gap -6.99 %, Office Depot -5.73 %), such as pharmaceuticals (Merck -1.12 %, Pfizer -4.15 %),
telcos (AT&T -2.80 %, Verizon -3.01 %, QWest -4.36 %, Sprint -5.14 %), hotels & leisure (MGM -14.39 %, Las
Vegas Sands -14.53 %, Wynn Resorts -8.99 %), homebuilders (Lennar -8.03 %, Beazer Homes -10.75 %), airlines
(Delta -5.65 %, AMR -4.50 %). Internet was mixed (Yahoo! +2.52 %, Amazon -3.98 %), such as techs (Cisco +1.41
%, Motorola -7.18 %) and semiconductors: Texas Instruments +2.68 %, AMD +2.72 %, Sun Microsystems +6.65
%, Broadcom -1.73 %, Altera -0.31 %. Devon (-6.17 %) said revenue decreased 15.3 % at $2.71bn ($2.848bn exp.)
with net loss at -$6.816bn ($1.313bn gain n-1), on a $7.1bn after tax charge ($10.4bn on carrying values of oil & gas
properties: non cash) Q4 output +7.6% at 62.5m boe. Oil companies (ExxonMobil -0.59 %, +4.77 %) were mixed, oil
services (Halliburton 6.15 %) and refiners (Valero +1.74 %) rose.
AFTER SESSION: Cisco declined 4.36 % on forecast that sales will fall as much as 20 % this quarter, more than
analysts projected. Visa rose 7.88 % after saying profits rose 35 %. Novellus was down 6.39 %.
This morning (07.30 GMT) INDEX FUTURES for March expiry were down : DJIA -0.25 %, S&P 500 -0.42 % %,
Nasdaq -1.96 %./JFV
Treasuries declined on Wednesday, sending yields to the highest in at least two months, after the government
moved to put a record amount of debt on the market to prop the economy. In addition to planning an auction of $67
billion in notes and bonds next week, the government said it would resume issuance of its 7-year note later this month
and will sell its so-called long bonds more frequently. The Treasury said its quarterly refunding will include auctions of
$32 billion in three-year notes, $21 billion in 10-year notes and $14 billion in 30-year bonds. All the amounts represent
#,(!3 the largest ever sold at once, but close to analysts'estimates, as Washington ramps up its debt issuance to fund
$01*2 existing programs to support financial markets and any stimulus plan that lawmakers ultimately approve. To
accommodate the rise in issuance without overwhelming the market, the Treasury Department will bring back 7-year
notes, after an absence of 16 years, and offer 30-year bonds eight times a year instead of quarterly, as it does
currently. Previously the government only sold so-called long bonds twice a year.
(Treasurys 2-year rate at 0.95 %, +1bp, 5-year rate at 1.90 %, +2 bps, 10-year rate at 2.91 %, +5 bps, 30-year rate
at 3.66 %, +2 bps). The 10-year Treasury U.S./Europe rate spread narrowed to -45 bps. /JFV
Japan’s markets fell of 89.9 pts or 1.1 % to close at 7,949.65 in Tokyo. The market was led down by Wall Street
and by the rose of the Yen against the euro after some early gains. The earning forecast of Casio Computer to Alps
Electric overshadow optimism demand for commodities and shipping will recover. Financials went down ( Chiba Bank
-5.44%,Credit Saison -3.13%,Sumitomo-2.76%).Export values were affected by the rose of the Yen and component
2& ! .%&*/ sector went down(CSK Holding -4.36%,Toshiba-3.53%,Fujitsu-2.78%),electronic sector went down ( Canon-
$01*2 3.18%,Casio Computer-2.76%,Fujifilm-1.98%,Pioneer-1.81%),telecom sector was hit ( Trend Micro -7.12%,Yahoo
Japan -3.41%),car sector was hit ( Suzuki-2.92%,Nissan-2.78%) but Bridgestone climbed +8.32%. On the other
hand heavy industry sector went slightly up ( IHI +1.04%,Fanuc+0.86%) and as Oil futures close higher, getting a
boost after data show inventories rose much more than expected to hit the highest level in 18 months, oil sector went
up ( INPEX+0.42%)./JB
Crude oil prices fell Wednesday to just over $40 a barrel after government reports showed inventories in the U.S.
rose much more than expected, hitting the highest level in 18 months after U.S. private sector shed another 522
000 jobs. The Crude inventories rose for a sixth straight week to 346.1 million barrels last week or the highest
level since July 2007. The US Energy Information Administration (EIA) reported that the crude oil inventories
increased 7,1 million barrels last week and more than expected (+ 3 million barrels) and after a rose by 6,2
&' millions barrels the previous week. The gasoline inventories rose by 362 000 barrels (800 000 expected) while
the distillate inventory decreased by 1,3 millions barrels (-1.4 millions expected). Note that the total petroleum
products supplied over the last four-week was down by 2.8% compared to the similar period last year. To limit
losses in oil, OPEC may cut production at the next meeting on March 15. The WTI fell $0.46 at $40.32 a barrel
while the Brent was slightly up $0.24 at $44.17 a barrel. The future one month was slightly up this morning at
$40.40 a barrel (+0.2 %). /LC
The euro traded near a two-month low against the dollar on concern the economic slump in Eastern Europe will
deepen a recession in the 16-nation currency bloc. The currency may weaken for a second day against the yen on
($14 speculation the European Central Bank will signal it plans to cut interest rates again this year, after leaving them
unchanged at a meeting today.
(1.2845 EUR/USD vs. 1.3066 yesterday morning, 114.81 EUR/JPY vs. 116.99, 89.38 USD/JPY vs. 89.54). /JFV

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 Europe America Asia
Indices 4/2/09 % Chg Indices 4/2/09 % Chg Indices 5/2/09 % Chg
EuroStoxx 50 2298 +2,35% DJIA 7957 -1,51% Nikkei 7950 -1,11%
DJ 600 195 +2,58% S&P 500 832 -0,75% Topix 786 -0,80%
FTSE 100 4229 +1,54% NASDAQ 1515 -0,08% Hong Kong 13184 +0,83%
DAX (XETRA) 4493 +2,69% TSX 8693 +0,75% Singapore 1702 -0,36%
CAC 40 3069 +2,90% Bolsa (Mexico) 19623 -0,04% South Korea 1178 -1,46%
AEX (Pays Bas) 255 +1,58% Bovespa (Br.) 40129 +0,96% Thailand 437 +0,82%
SMI (Suisse) 5225 +0,15% Merval (Argent.) 1079 +0,63% Indonesia 1324 +0,35%
S&P / MIB (Italie) 19003 +2,07% IPSA (Chili) 12298 -0,04% Taiwan 4363 -0,61%
IBEX 35 (Esp.) 8495 +1,60% IGBVL (Pérou) 6887 +1,76% China 2098 -0,46%
BVL (Portugal) 2120 +0,66% India 9060 -1,74%
Source : Bloomberg
Euro Stoxx 50 % Euro Stoxx 50 % Dow Jones % Dow Jones % Nikkei 225 % Nikkei 225 %
9,31
COMPAGNIE DE SAINT-GOBAIN -2,89 AG-REG
MUENCHENER RUECKVER 2,08
HONEYWELL INTERNATIONAL -7,86
INCWALT DISNEY CO/THE 8,32
BRIDGESTONE CORP TREND MICRO INC -7,12
BASF SE 7,67 UNILEVER NV-CVA -1,52 CATERPILLAR INC 2,03 -4,63 GROUP
AMERICAN INTERNATIONAL 7,90 LTD
KAWASAKI KISEN KAISHA -7,04
NIPPON SODA CO LTD
DOWN

DOWN

DOWN
UP

UP

UP
ALSTOM 7,29 IBERDROLA SA -1,15 AMERICAN EXPRESS1,68
CO GENERAL MOTORS -4,56
CORP FURUKAWA CO LTD 7,41 -5,44
CHIBA BANK LTD/THE
6,74 SHARES
DAIMLER AG-REGISTERED BAYER AG -0,93 INTEL CORP 1,09 PFIZER INC -4,15 NSK LTD 5,68 -5,26
OKI ELECTRIC IND CO LTD
6,47LOUIS VUI
LVMH MOET HENNESSY -0,70
FRANCE TELECOM SA CITIGROUP INC 0,87 -3,01
VERIZON COMMUNICATIONS INC NIPPON YUSEN 5,31 KONAMI CORP -5,16

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 5
NORSKE SKOG : Q4 revenue Nok 7.35bn (6.39bn exp) / Ebitda Nok922m (684m exp) / No dividend for 2008
MOBISTAR : FY revenue €1.53bn, in line / Ebitda €591.6m (590.8m exp) / Ordinary dividend €2.90 + recommends extra
div €1.65
COMPASS : Trading statement = Q1 profit ahead of previous year + saw further improvement in operating margin in Q1 thx
to forex
NESTE OIL : Q4 Sales €2.81bn (€2.59bn e) / Operating loss €352m (€ +138.2m e) / Dividend €0.80 / Sees falling global
demand
UNILEVER : Q4 Revenue €10.2bn (10.3bn e) / Q4 underlying sales +7.3% (6% e) / Final div 0.51 (0.52e) / FY div 0.77
(0.80e) / Proposes to move to quarterly div from 2010 / “Inappropriate” to confirm 2010 targets
BG GROUP : Q4 Revenues £2.96bn ( £2.9bn exp) / Operating Profit £1.2bn (In line+) / FY div 11.23p / E&P & LNG growth
targets confirmed / Reserves & Resources base sufficient to support annual prod growth of 6-8%, out to 2020
VOLVO : Ford is in preliminary talks to sell its Volvo Cars unit to Chinese automaker Geely (Bloomberg)
COMMERZBANK – HRX (Yesterday) & the German govt are discussing forming a "bad bank" to house their toxic assets
(Handelsblatt)
EADS : Looking to avoid a bidding war with BOEING, Airbus will not pursue order talks with Ryanair (FT) / At issue was the
scope of discounts Ryanair was seeking... Ryanair was in talks to place an order within the next 2 years for 300 to 400
aircraft…
FORTIS had its LT debt ratings affirmed at Baa2 & placed under review “with direction uncertain” pending the final terms of the
agreements with BNP and the Belgian government
DIAGEO is seeking a greater stake in United Spirits (The Economic Times) / Diageo could buy a 15% stake and subsequently
launch an open offer to buy an additional 20% jointly with the UB Group (the owner of United Spirits)

VISA : Q4 Revenues $1.74bn ($1.68bn est.) / EPS $0.78 ($0.66 est.) / Payment volume grew 12% from the prior year /
Expects 2009 net revenue growth to be in the high single-digits & to be at the lower end of the 11% to 15% range in 2010
PROCTER & GAMBLE is working with Goldman Sachs to identify potential buyers for its pharmaceuticals brands (FT)

,
ZURICH FI : 2008 Gross Written Premiums $37.2bn ($48.5bn exp) / Operating $5.2bn ($5.3bn exp) / Plans further $200m in
cost cut / CR 98.1% (98.3% exp) / Dividend of CHF11 (in line) / Doesn’t see significant improvement in economy
SWISS RE : Warren Buffet will invest CHF3bn (12% coupon) in the company to boost capital & protect AA rating / Considers
further equity raising > CHF2bn / Sees FY net loss around CHF1bn including CHF-2bn CDS / CR 97.4% end 2008 / Div. cut
to CHF0.10
DEUTSCHE BANK : Q4 Revenue €-885m (€ -202m exp) / Trading Income € -6.5bn (€ -6.2bn exp) / Pretax Loss €6.2bn (€-
5.64bn exp) / Non-Interest costs €4.7bn (€4.2bn exp) / Tier1 Ratio at 10.1% / Propose div of €0.50, as announced
SEB A : Q4 Operating Sek 4.03 bn / Q4 NII Sek 5.51bn / No Dividend (2.00 e) / Announces sek15bn right issue (15-20bn
rumored )
STORA ENZO : Q4 sales €2.60bn (2.56bn exp) / Underlying Ebit €28.4m (51m exp) / Dividend €0.20 (0.33 exp)
FORTUM : Q4 Sales €1.60bn (€1.65bn exp) / Operating profit €611m (€622m exp) / Dividend €1
PEUGEOT : Chief Executive Christian Streiff' s position at the head of the French carmaker would be under pressure + may
announce a freeze on some investment projects + more job reductions when it discloses its results on Feb. 11 (La Tribune)
TOTAL reiterated it was happy with its 1% stake in Areva / An article in magazine Challenges said Total could take up to 5% of
Areva.
CREDIT AGRICOLE : Moody' s cut Credit Agricole's financial strength rating to B- from B
FRANCE TELECOM - VIVENDI - BOUYGUES : France plans to sell its 4th mobile phone licence for €210m (Le Figaro)
EADS : Kingfisher Airlines has deferred its purchase of five A380 aircraft for two years
PETROPLUS : Q4 sales $4.66bn (3.60bn exp) / Operating loss $800m (-283m exp) hit by writedowns on its inventory / Div.
SFR0.60
NOVARTIS - ROCHE (Minor) : U.S. health regulators said they were reviewing Novartis' s nail fungus treatment Lamisil and
Roche' s malaria drug Lariam, both for the risk of psychiatric events
SAP saw market conditions in Asia deteriorate rapidly starting near the end of the Q3 & said it will review its sales growth
target in the region (SAP previously aimed to achieve 30% growth in Asia software revenue up to the end of 2010)
INFINEON… : Hynix said falling prices of DRAM + losses from inventory revaluation outweighed its production cost cuts in the
Q4
DTE - FTE -TEF… : Top telecom operators will meet the European Commission Today to attempt to stall EU plans that would
force them to cut call routing fees by up to 70%
KESKO : Q4 sales €2.34bn, in line / Ebit €7m (55m exp) / Dividend €1 from €1.60 last year / Lowers ROE target at 12%
from 14%
CISCO : Q2 revenue $9.09bn (9.02bn exp) / EPS $0.32 (0.30 exp) / Book-to-bill ratio slightly < 1 as orders fell 14% in Q2 /
Weaker-than-expected start in 2009 / Sees Q3 sales down 15-20% to $7.83bn-8.32bn (8.71bn exp) / Plans to cut 2K jobs
PRUDENTIAL: Q4 Revenues $5.9bn ($6.35bn est.) / EPS $-2.69 ($-1.19 est.) / Reaffirmed 2009 guidance = EPS from $5.25
to $5.65
HYNIX : Q4 sales 1.51Trl won (1.57Trl won exp) / Operating loss 782bn won (-716bn exp) / Raised emergency funds in a
new share sale and bank lendings

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 , +
MUN RE RAISED TO NETURAL FROM SELL BY UBS
INVESYS STARTED AT BUY BY UBS
SWEDBANK RAISED TO HOLD FROM SELL BY CITIGROUP

PORSCHE CUT TO SELL FROM NEUTRAL BY UBS

BSKYB CUT TO NEUTRAL FROM BUY BY UBS
PERNOD RICARD CUT TO HOLD FROM BUY BY DEUTSCHE BANK
INFINEON CUT TO UNDERWEIGHT FROM NEUTRAL BY JP MORGAN
ATLAS COPCO CUT TO NEUTRAL FROM OVERWEIGHT BY JP MORGAN
AEGIS ADDED TO LEAST PREFERRED LIST BY UBS
LAGARDERE CUT TO NEUTRAL FROM BUY BY GOLDMAN SACHS

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 -+
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05/02/2007 05/08/2007 05/02/2008 05/08/2008 05/02/2009 05/02/2007 05/08/2007 05/02/2008 05/08/2008 05/02/2009

Source : Bloomberg Source : Bloomberg

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05/02/2007 05/08/2007 05/02/2008 05/08/2008 05/02/2009 05/02/2007 05/08/2007 05/02/2008 05/08/2008 05/02/2009
Source : Bloomberg Source : Bloomberg

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05/02/2007 05/08/2007 05/02/2008 05/08/2008 05/02/2009 05/02/2007 05/08/2007 05/02/2008 05/08/2008 05/02/2009

Source : Bloomberg Source : Bloomberg

Global Equities – Institutional Financial Services Company

23, rue Balzac – 75008 Paris - Standard : + 33 (0) 1 444 333 00 – Fax : + 33 (0) 1 70 70 19 19 -8-
www.global-equities.com
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Global Equities – Institutional Financial Services Company

23, rue Balzac – 75008 Paris - Standard : + 33 (0) 1 444 333 00 – Fax : + 33 (0) 1 70 70 19 19 -9-
www.global-equities.com