A deeper look into its economic data In line with expectations: Race between ramp-up & fading support Hold: 1H loss within expectations Buy: Both 1HFY16 earnings and DPS slightly ahead FY15 results–Strong results with a step-up in final dividend FX Pulse Buy: Don’t just focus on FX; still on track to grow in 2016 Upgrade to Hold: Expect more earnings cuts in 2016 before a strong 2017-18 cycle Czech Republic:Going negative Hold: Still a mixed picture