>>> What to look at today - 5th of February 2015


Dow+0,04% S&P-0,42% Nasdaq-0,23% Russell-0,46%
US Market Closed lower pushed by news of European Central Bank that has lifted its waiver that allowed for the
acceptance of Greek debt as collateral.The announcement came with a caveat that the counterparty status of Greek
banks remains unchanged and they may satisfy their liquidity needs through Emergency Liquidity Assistance. However, the news showed that the negotiations are likely to be tumultuous, which contrasted with the rosy
picture painted over the last two days, consumer discretionary (+0.7%), technology (+0.1%), and consumer staples (+0.1%) were able to finish in the green. GM+5.4% after beating sales, Tech sector helped Nasdaq to finish better, , Energy Sector was down 9.3% following big reversal on Crude (WTI $47.75 this morning) Volume were well above 1bil shares...US After Hours GLUU +14.3%, DATA +13.7%, YUM +1.1%, ADEP -25.4%, QUIK -23.2%, GMCR -7.8% following earnings/guidance...The muted response in China markets following the overnight 50bp RRR cut by the PBoC speaks to the extent to which this easing has been anticipated in the recent run-up. Shanghai Composite opened up 2.4% but has entered its break up only 1%. In contrast, the rate cut in November sparked a 7% rally. In notable local press, China Daily said the cut is unlikely to reverse property market correction, CICC remarked financials would be the main beneficiaries of earlier than expected RRR move, and a separate report called for a more proactive fiscal policy to accompany monetary stimulus... In Japan, shares of Sony were up as much as 15% after the company beat Q3 estimates and raised its FY projections. Toyota was down slightly despite a Q3 beat of its own, with much of the gains attributed to favorable FX rates, as the world's top automaker lowered its FY15 global sales outlook by 0.5% to 9M cars. Separately, Japan's 30-year JGB auction saw soft demand just as the 10-year did earlier in the week, and BOJ Gov Kuroda expressed some alarm over the impact of low oil prices on rapid decline in overall CPI.

Nikkei -0.98% Hang Seng -0.09% Shanghai -1.03%

RUB $68.73 WTI $47.75 (-1.42%) EURCHF 1.0507

EUR$ 1.1352 S&P -0.17% EuroStoxx -1.23% Dax -0.76% SMI -0.68%

Macro :
- Greece Loses ECB Funds, Raising Pressure on Tsipras to Yield
- ECB’s Praet Sees Signs of Euro Improvement: Les Echos
- EU to Lift French 2015 Growth Forecast to 1% From 0.7%: Echos
- Greece Ratings Under Review With Negative Implications at DBRS


Keep an eye on :
- ABBN VX : ABB 4Q Profit, Sales Miss Estimates; Raises Dividend, Says Oil Price Drop Didn’t Affect 4Q Orders
- AENA IPO : Soros Seeks to Buy Stock in IPO of Spain’s Aena, Expansion Says
- AZN LN : Astra 4Q EPS Misses Ests.; to buy Actavis’s Respiratory Business
- BNP FP : BNP Paribas 4Q Net Income EU1.30b, Est. EU1.34b; Dividend EU1.50
- BT/A LN : *BT AGREES AGREES DEFINITIVE TERMS TO BUY EE FOR £12.5BN
- CPG LN : Compass 1Q Organic Sales Up 5.7%, Keeps FY Outlook
- DAI GY : Daimler 4Q Ebit Beats Est. Sees Significant 2015 Profit Increase
- DSY FP : Dassault Systemes Sees 2015 Rev EU2.7b-EU2.72b as 4Q Rev. Misses, Can Keep ‘Double-Digit’ Growth in 2015: CEO
- DNB NO : DNB 4Q Net NOK4.97b vs Est. NOK4.96b, Sets Dividend NOK3.8
- HHFA GY : Hamburger Hafen Says 2014 Revenue Rises More than 5%
- MUV2 GY : Munich Re 4Q Net Income Misses, Dividend Proposal Beats(7.75/sh vs 7.50 est)
- NRE1V FH : Nokian Renkaat 4Q Sales Beat Ests.; Keeps Div, ’15 Sales to Fall
- NUO NA : Nutreco 2014 Net EU152m vs EU150m; Dividend Plan Meets Forecast
- NYR BB : Nyrstar Sees 2015 Capex EU480m-EU545m; Net Debt Drops to EU438m
- ORK NO : Orkla 4Q EBITA Rises 6%; Adjusts Foods Margin Target Timing
- PFL LN : Premier Farnell 4Q Sales Growth 4%, Sees Lower 2H Op. Margin
- SAN FP : Sanofi 4Q Sales Beat Est., EPS in Line; Lantus Beats on Price, ‘Closely Watching’ Some Deal Opportunities
- SECUB SS : Securitas 4Q EPS, Sales Beat Est.; Keeps Dividend at SEK3/Shr
- SDA1V FH : Sponda 4Q Rev Matches Ests.; Proposes Raising Div to EU0.19/Shr
- SAA1V FH : Sanoma 4Q Sales Trail Ests.; Dividend EU0.2/Shr
- SCMN VX : Swisscom Sees 2015 Ebitda Below Ests. as FY Sales Beat, Sees FX Hurting 2015 Sales, Ebitda
- UHR VX : Swatch 2014 Oper. Profit Misses Ests.
- TIE1V FH : Tieto 4Q Sales Meet Ests.; Dividend EU1/Shr
- FP FP : Total CEO to Discuss Refining Capacity With Hollande: Figaro
- VOD LN : Vodafone 3Q Organic Service Revenue Growth Beats Estimates
- VOD LN : Vodafone Asks Court to Annul KPN, Reggefiber Takeover Approval
- VOLVB SS : Volvo 4Q Sales Beat Est.; Raises N. America Mkt Forecast
- YTY1V FH : YIT 4Q EPS, Net Top Ests.; Cuts Dividend More Than Estimated

>>> Brokers Upgrades & DOwngrades - 5th of February 2015

>>> Up
*BE SEMICONDUCTORS RAISED TO BUY VS HOLD AT ING
*EFG INTERNATIONAL RAISED TO BUY VS NEUTRAL AT GOLDMAN
*RICHEMONT RAISED TO BUY VS HOLD AT BERENBERG
*SANTANDER RAISED TO HOLD VS SELL AT BANKHAUS LAMPE

>>> Down
*ASML CUT TO HOLD VS BUY AT ING
*GETINGE CUT TO NEUTRAL FROM BUY AT SWEDBANK
*LEGRAND CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*OSRAM LICHT CUT TO SELL FROM NEUTRAL AT UBS; PT EU33
*VONTOBEL CUT TO NEUTRAL VS BUY AT GOLDMAN

>>> PT Changes


>>> Initiation
*LINDT & SPRUENGLI RESUMED BUY AT GOLDMAN

>>> Call
>> Stock
*JULIUS BAER ADDED TO CONVICTION BUY LIST AT GOLDMAN; WAS BUY

(Boersen-Zeitung) Weidmann, Federal Reserve Chairman Urges hard line against Ath

Federal Reserve Chairman Urges hard line against Athens

Weidmann will also invest in ELA emergency loans "strict standards"

ms / lz Frankfurt - Bundesbank President Jens Weidmann calls for a hard-line stance of the European Central Bank (ECB) against Greece, when it comes to access Hellas banks to central bank liquidity. Was soon clear that Athens no longer fulfills the conditions for the current exception rule for the deposit of Greek government bonds with the central bank, the ECB should the exception tilt - "even if all aware that such a move would have serious consequences for the Greek financial system," Weidmann said in an interview the exchanges newspaper.

He also pleaded with the approval of the emergency liquidity ELA ("Emergency Liquidity Assistance"), on the Greek banks in the fall as a substitute initially expected to put a strict attitude: "I am of the opinion that we apply strict standards in ELA should. " If the consequences have for financial stability, the policy must act "decisions on whether and how banks should be held individually or through water, governments and parliaments have to make," he said.

The banks of the bankrupt country threatened connected to the drip of the ECB, especially since customers have now withdrawn much capital. The end of 2014, the Institute had borrowed about 56 billion euros at the ECB. In recent days, they had to take ELA funds in claim reported. The Governing Council should deal at its meeting this past Wednesday with Greece - reportedly with both the special rule as well as with ELA loans.

On Wednesday morning, the Greek Finance Minister Yannis Varoufakis had met ECB President Mario Draghi. It was also about suggestions on how Athens could prevent short-term financial bottlenecks with new short-term loans. These plans rejects the ECB from but, as it was called in central bank circles. In Brussels, meanwhile, came Greece's Prime Minister Alexis Tsipras together with the heads of the EU. But there was no results.

Federal Reserve Chairman Weidmann underscored in the interview his resistance to broad government bond purchases by the ECB. He also warned now to ask the wrong course for the monetary union.

>>> After Hours : GLUU +14.3%, DATA +13.7%, YUM +1.1%, ADEP

After Hours Summary: GLUU +14.3%, DATA +13.7%, YUM +1.1%, ADEP -25.4%, QUIK -23.2%, GMCR -7.8% following earnings/guidance

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings: GLUU +14.3%, DATA +13.7%, EXAR +11.7%, FORM +5.6%, GPRE +4.9%, MPWR +4.6%, AFOP +3.7%, CATM +3.4%, AGN +3%, BGC +2.4%, PSEC +1.4%, LCI +1.3%, AFFX +1.3%, BOOT +1.2%, YUM +1.1%, PRCP +0.9%, RRTS +0.9%, CMRE +0.3%, UHAL +0.3%, ORLY +0.2%

Companies trading higher in after hours in reaction to news: SMRT +17.9% (announced a $5 per share special dividend), FTR +10.6% (seeing reports that co may buy Verizon's wireline assets for $10 bln), NGD +2.7% (reported FY14 gold production of 380,135 ounces; sees FY15 gold production of 390-430k ounces), TMKR +0.9% (announced the filing of a Definitive Proxy Statement and voluntary delisting from the TSX following the agreement and plan of merger and reorganization with OnCore Biopharma)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings: ADEP -25.4%, QUIK -23.2%, IRBT -12.4%, GMCR -7.8%, IMMU -7.6%, LFVN -6.5%, PMT -6.2%, FOXA -5.8%, ZUMZ -5.3%, FBHS -4.9%, ATML -4.8%, GIL -4%, PRU -3.1%, NE -3%, ALL -2.2%, CNW -2%, FMC -1.5%, AXTI -1.2%, CHMT -0.8%, CDNS -0.6%, SPB -0.3%, LNC -0.2%, UA -0.1%,

Companies trading lower in after hours in reaction to news: IMMU -7.8% (announced proposed offering of $85 mln of convertible senior notes due 2020), BIND -5.4% (announced proposed public offering of common stock and warrants to purchase common stock; details not disclosed), AST -2.6% (announced that it has commenced an underwritten public offering of common stock, size not disclosed), CASM -2.6% (co intends to offer $8.0 million worth of its common stock in an underwritten public offering), XOMA -1.5% (filed for $300 mln mixed securities shelf offering; co also also filed for offering of ~12.1 mln shares of common stock issuable upon the exercise of warrants) SERV -0.6% (announced pricing of secondary offering of 25 mln shares of common stock by certain stockholders at $29.50 per share 

>>> Asian Update

Asian Mid-session Update: China sees only modest rally on PBoC RRR cut

***Economic Data***
- (AU) AUSTRALIA DEC RETAIL SALES M/M: 0.2% V 0.3%E; Q4 Q/Q: 1.5% v 1.1%E
- (AU) AUSTRALIA DEC HIA NEW HOME SALES M/M: -1.9% V +2.2% PRIOR (1st decline in 5 months)
- (PH) PHILIPPINES JAN CPI M/M: 0.4% V 0.0%E; Y/Y: 2.4% V 2.3%E; CPI CORE Y/Y: 2.2% V 1.8%E
- (TW) TAIWAN JAN CPI Y/Y: -0.9% V +0.3%E; WPI Y/Y: -7.6% V -5.0%E

***Index Snapshot (as of 03:30 GMT)***
- Nikkei225 -1.0%, S&P/ASX +0.4%, Kospi -0.8%, Shanghai Composite +1.0%, Hang Seng +0.4%, Mar S&P500 -0.2% at 2,026

***Commodities/Fixed Income***
- Apr gold +0.6% at $1,272, Mar crude oil +0.5% at $48.69/brl
- GLD: SPDR Gold Trust ETF daily holdings rise 3.0 tonnes to 767.9 tonnes; highest since Oct 1st
- JGB: (JP) Japan MoF sells ¥0.55B in 1.5% (1.5% prior) 30-yr notes; Avg yield: 1.464% v 1.123% prior; Bid to cover: 2.67x v 3.57x prior
- (CN) PBoC to inject CNY30B in 28-day reserve repos (5th consecutive injection); Injects net CNY90B this week v injected CNY55B prior (3rd week of injection)
- (JP) Japan investors net bought ¥675.2B in foreign bonds v bought ¥44.2B in prior week; Foreign investors sold net ¥104.8B in Japan stocks v bought ¥464.8B in prior week

***Market Focal Points/FX***
- The muted response in China markets following the overnight 50bp RRR cut by the PBoC speaks to the extent to which this easing has been anticipated in the recent run-up. Shanghai Composite opened up 2.4% but has entered its break up only 1%. In contrast, the rate cut in November sparked a 7% rally. In notable local press, China Daily said the cut is unlikely to reverse property market correction, CICC remarked financials would be the main beneficiaries of earlier than expected RRR move, and a separate report called for a more proactive fiscal policy to accompany monetary stimulus.

- Renewed concerns over the implications of political transition in Greece helped constrain a 2-day rally. ECB announced it will restrict Greek banks' access to cash by preventing use of junk-rated government debt as collateral for loans, citing uncertainty about a successful conclusion of Greek program review. Greece Finance Ministry response sought to restore confidence, stating the banking system remains fully protected through access to ELA funding. EUR/USD, which fell 130pips following the ECB report to $1.13 low, recovered to $1.1350 in the afternoon session.

- In Japan, shares of Sony were up as much as 15% after the company beat Q3 estimates and raised its FY projections. Toyota was down slightly despite a Q3 beat of its own, with much of the gains attributed to favorable FX rates, as the world's top automaker lowered its FY15 global sales outlook by 0.5% to 9M cars. Separately, Japan's 30-year JGB auction saw soft demand just as the 10-year did earlier in the week, and BOJ Gov Kuroda expressed some alarm over the impact of low oil prices on rapid decline in overall CPI. USD/JPY sold off as low as ¥117 before retracing to ¥117.40.

***Equities***
US markets:
- SMRT: Announces $5.00/shr Special Dividend (35% indicated yield) and $275 Million Credit Facility; +20.1% afterhours
- GLUU: Reports Q4 $0.11 v $0.02e, R$72.9M v $63.5Me; +14.6% afterhours
- DATA: Reports Q4 $0.42 v $0.11e, R$142.9M v $122Me; +14.2% afterhours
- AGN: Reports Q4 $2.17 v $1.81e, R$1.91B v R$1.7B y/y; +3.0% afterhours
- BGC: Reports Q4 $0.15 v $0.20e, R$1.55B v $1.48Be; +2.4% afterhours
- YUM: Reports Q4 $0.61 v $0.65e, R$4.00B v $3.91Be; +1.0% afterhours
- ORLY: Reports Q4 $1.76 v $1.67e, R$1.76B v $1.74Be; Announces additional $500M (2.5% of market cap) share repurchase authorization; +0.2% afterhours
- NFLX: Confirms to launch in Japan this fall; flat afterhours
- UA: Reports Q4 $0.40 v $0.39e, R$895M v $848Me; Acquires Endomondo And MyFitnessPal; -1.5% afterhours
- ALL: Reports Q4 $1.72 v $1.67e, R$ v $7.64Be; Raises dividend 7.1% to $0.30/shr; Adds $3B to buyback plan (about 10% of market cap); -2.7% afterhours
- PRU: Reports Q4 $2.12 v $2.38e, R$15.8B v $12.4Be; -3.1% afterhours
- GIL: Reports Q1 -$0.31 (adj) v -$0.03e, R$390.6M v $401Me; Announces 2-for-1 stock split; Acquires all of the assets of Comfort Colors for $100M; -4.0% afterhours
- FOXA: Reports Q2 $0.53 v $0.44e, R$8.06B v $7.40Be; raises dividend 20%; -5.5% afterhours
- GMCR: Reports Q1 $0.88 v $0.89e, R$1.39B v $1.50Be; -7.5% afterhours

- NXPI: Reports Q4 $1.35 v $1.32e, R$1.54B v $1.52Be
- WFT: Reports Q4 $0.32 v $0.32e, R$3.73B v $3.91Be
- DLPH: Reports Q4 $1.32 ex item v $1.26e, R$4.15B v $4.22Be

Notable movers by sector:
- Consumer Discretionary: SEEK Ltd SEK.AU -1.7% (CFO to step down); Echo Entertainment Group EGP.AU +5.3% (H1 results); Kao Corp 4452.JP +3.0% (FY14 results)
- Consumer staples: Shenguan Holdings Group 829.HK -2.6% (profit warning)
- Financials: FlexiGroup FXL.AU +11.8% (H1 results); National Australia Bank NAB.AU +0.6% (Q1 update); China Merchants Properties 000024.CN +5.5%, China Vanke 000002.CN +2.8%, Poly Real Estate 600048.CN +3.6%, CITIC Securities 600030.CN +2.2% (PBoC cuts RRR rate)
- Materials: Ramelius Resources RMS.AU +3.9% (H1 results); Sojitz 2768.JP +1.3% (9-month results)
- Energy: China LNG Group 931.HK +3.1% (FY14 guidance)
- Industrials: Downer EDI DOW.AU -4.6% (H1 results); Mazda Motor Corp 7261.JP -2.0% (9-month results); Toyota Motor Corp 7203.JP -1.0% (Q3 results); Hitachi Ltd 6501.JP -10.0% (9-month results); Asahi Kasei Corp 3407.JP -1.5% (9-month results)
- Technology: Sony Corp 6758.JP +13.3% (Q3 results)

WSJ : Staples Deal Goes Straight to the Glut


Staples Deal Goes Straight to the Glut
Combination Makes It Tougher for Others to Close Stores

If Staples ’s planned purchase of Office Depot succeeds, one of the first things the combined office-supply giant likely will do is start closing stores. And that will only add to the glut of available floor space in areas where few retailers are interested in expanding.

Staples’s announcement Wednesday that it will buy Office Depot for $6.3 billion little more than a year after the latter merged with OfficeMax shows how much the retail sector has changed. So does the companies’ belief that regulators, which blocked the same merger 18 years ago, will bless one now.

Two big forces have hit retailers since then: First, the housing bust ended the migration toward newly built outer suburbs that drove many expansion plans. Second, the rise of e-commerce whittled away business from big boxes and superstores, just as the latter did to mom-and-pop retailers in the 1990s. The result: There is far more retail space than sales to sustain it.

There is 12.2 billion square feet of retail space in the 210 largest metro areas in the U.S., according to research firm CoStar Group, or about 50 square feet per capita. That compares with 47 square feet per capita in 2000, and 44 in 1990.

Meanwhile, sales growth away from the Internet has been less than tepid.

Available data suggest that retail sales excluding e-commerce came to $4.39 billion in 2014. Adjusting for the Federal Reserve’s preferred measure of consumer inflation, that is just 1.5% above 2007. And with e-commerce continuing to take away share, a revival doesn’t look likely.

So it is imperative for retailers to shed underperforming stores and focus efforts on smaller-format locations closer to urban centers which can generate strong sales despite the online threat.

But this process can be long and difficult. While closing a store in an undesired location can bring benefits, it also comes with a cost. If it is an owned store, the retailer will struggle to find a buyer. And if it is on a long lease, the retailer will be on the hook.

Staples and Office Depot, both of which have been closing stores recently, aren’t as challenged in this regard as many rivals.

Most of their stores are on leases, and their annual filings suggest many of those come due fairly soon. Moreover, a single company will be able to close stores in relatively desirable locations where their leases are valuable to shopping-center operators looking to bring in higher-volume retailers. According to UBS, which forecasts the combined company would reduce its U.S. store count to 2,728 in 2017 from an estimated 3,428 currently, 53% of Staples stores are within 5 miles of an Office Depot store.

But as those stores close, it will be that much harder for troubled retailers that have been working to cut their square footage, such as Sears Holdings and J.C. Penney , to sell stores and get out from under leases. For them, an already painful process just got a little more so.

>>> US Close Dow+0,04% S&P-0,42% Nasdaq-0,23% Russell-0,46%

Closing Market Summary: Stocks Slide With Greece in Headlines

The stock market ended the Wednesday session on a lower note. The S&P 500 lost 0.4% after tumbling from its high to a new low during the final 30 minutes of action.

Equity indices endured some choppy waters after the S&P 500 spiked nearly 3.0% during the first two sessions of the week. The market appeared to be out of the woods by the start of the final hour, but the benchmark index plunged through its 50-day moving average after it was reported that the European Central Bank has lifted its waiver that allowed for the acceptance of Greek debt as collateral.

The announcement came with a caveat that the counterparty status of Greek banks remains unchanged and they may satisfy their liquidity needs through Emergency Liquidity Assistance. However, the news showed that the negotiations are likely to be tumultuous, which contrasted with the rosy picture painted over the last two days.

Despite the closing slide, a handful of influential sectors like consumer discretionary (+0.7%), technology (+0.1%), and consumer staples (+0.1%) were able to finish in the green.

The consumer discretionary space received solid support from carmakers and media names. General Motors (GM 35.83, +1.85) surged 5.4% after beating estimates and announcing plans to boost its dividend by 20.0% to $0.36. Meanwhile, Dow component Disney (DIS 101.28, +7.18) spiked 7.6% in reaction to above-consensus earnings and revenue.

Elsewhere among Dow members, the top-weighted listing—Visa (V 264.89, +5.10)—soared 2.0% and helped underpin the price-weighted index, which ended flat. Furthermore, the stock contributed to the relative strength of the technology sector. Other large sector components were mixed with Apple (AAPL 119.56, +0.91) and Microsoft (MSFT 41.83, +0.23) posting gains while Google (GOOGL 526.10, -7.20), IBM (IBM 156.96, -1.51), and Oracle (ORCL 42.42, -0.62) registered losses.

In turn, the tech sector provided a boost to the Nasdaq Composite (-0.2%), helping the index finish ahead of the broader market. The Nasdaq overcame another decline in the biotechnology group as the iShares Nasdaq Biotechnology ETF (IBB 312.55, -5.24) lost 1.7% and widened its week-to-date decline to 2.8%. Conversely, the health care sector (-1.4%) settled near the bottom of the leaderboard.

Health care was not the only influential group that struggled today. The energy sector (-1.6%) finished at the bottom of the leaderboard due to a daylong slide in crude oil. The energy component plunged 9.3% and surrendered the bulk of its February gain. As for the energy sector, the cyclical group trimmed its week-to-date gain to 4.2%.

Treasuries spiked during afternoon action, sending the 10-yr yield lower by three basis points to 1.76%.

Today's participation was well above average with more than a billion shares changing hands at the NYSE floor.

Economic data included ADP Employment, ISM Services, and the MBA Mortgage Index:

* The ADP National Employment Report revealed that employment in the nonfarm private business sector rose by 213K in January while the consensus expected an increase of 230K 

* The December reading was revised up to 253,000 from 241,000 

* The ISM Non-Manufacturing Index increased to 56.7 in January from a previously revised 56.5 (from 56.2) in December while the consensus expected the index to remain at 56.5 

* Overall, the non-manufacturing sector remained strong in January, but future gains may be difficult as backlogs contracted for the second consecutive month, falling to 49.0 from 49.5  * Business activities in the non-manufacturing sector strengthened in January as the related index increased to 61.5 from 58.6 in December 

* The weekly MBA Mortgage Index rose 1.3% to follow last week's 3.2% decline 

Tomorrow, the Challenger Job Cuts report for January will be released at 7:30 ET while Initial Claims ( consensus 290K), December Trade Deficit (consensus $38.00 billion), and Q4 Productivity and Unit Labor Costs data will all be released at 8:30 ET.

* Nasdaq Composite -0.4% YTD  * S&P 500 -0.8% YTD  * Dow Jones Industrial Average -0.8% YTD  * Russell 2000 -1.0% YTD

>>> Lavazza discloses amended stake at 6.6%; sold 2M shares between Jan 26th-Feb

Lavazza discloses amended stake at 6.6%; sold 2M shares between Jan 26th-Feb 3rd - 13D/A filing 

From January 26, 2015 through February 3, 2015, Lavazza sold an aggregate of 1,991,379 shares of Common Stock for an aggregate price of $251,205,430.70 in open market transactions on Nasdaq. Attached as Annex A to this Amendment is a table setting forth certain information with respect to the sales effected during this period. As a result of such sales, as of the date hereof, Lavazza directly holds, and has beneficial ownership of, 10,705,583 shares of Common Stock. As a result of their collective control of Lavazza, the Lavazza Shareholders may be deemed to share beneficial ownership of the shares held by Lavazza. The 10,705,583 shares of Common Stock so beneficially owned represent approximately 6.6% of the currently outstanding Common Stock (based on the 162,061,810 shares of Common Stock reported by the Issuer to be outstanding as of December 1, 2014 in its Schedule 14A filed on December 12, 2014).-