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⚡IMPACT LEVEL 3 — NOTEWORTHY

Epstein File EFTA01385539: Judy Chu and Chu (DS10)

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This document is a Deutsche Bank research report dated December 22, 2017, containing investment analysis on Royal Mail with a SELL recommendation by analyst Chu. The report discusses restructuring challenges and union negotiations, with a 21% downside target price of 359p from a close of 454p.

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Excerpt 1
> BLT Deutsche Bank 31 Royal Mail - Andy **Chu**, SELL, close 454p, 359p tgt, 21% downside It will be tougher to restructure in the coming twelve months.
Excerpt 2
newsflow on union negotiations, trading update 18 4% January 2018 3% 2% Related DB Research: 1% 0% Royal Mail: Moving to SELL - Harder to restructure (**Chu**
Excerpt 3
) Royal Mail Austrian Post PostNL* CTT* Transportation Outlook 2018: Going Places (**Chu**) Source: Deutsche Bank Research, Factset consensus, as of 22/12/

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