Downside Analysis: Risk/Reward Unappealing Expect Street Downgrades The ECB moving towards a system of rotating voting rights: Ne varietur Delay not a complete surprise; long-term growth story intact Record August volumes and loads September revenues to remain weak Ahead of 1H14 results (19 September) Half-year review: phase-out of 6 million yellow-label vehicles Remain cautious on demand outlook Eye on Shanghai Business focus reshuffle