defensive dividend stocks to take advantage of the improving cyclical backdrop and rising bond yields. That meant our November screen included a high proportion of Financials. This somewhat remains the case but we note the addition of several industrial companies in our latest screen. As a reminder, to qualify the stock must be SXXP listed stocks with at least €2bn market cap, 4% DY, 1.2x DPS cover, 0% DPS 2YR CAGR and qualifying stocks must be on a Buy rating from our fundamental analysts. The yield on the basket is 5% with an average DPS CAGR of 7% and 1.8x covered. Table 3: European Yield Screen —- December 2016 Sedol BofAML ticker Company name Sector Divi Yield (>4%) DPS 2Y CAGR _Div'd Cover 426330 DNBHF DNB ASA Banks 42 23.9 2.0 B545MG XERSF SWISS RE AG Insurance 54 52 2.1 457481 MDIBF MEDIOBANCA SPA Banks 49 8.0 24 B1LB9P SZCRF SCOR SE Insurance 53 43 19 BZ5739 ING ING GROEP NV. Banks 53 46 17 538003 NRDEF NORDEA BANK AB Banks 6.6 21 13 BDVZYZ ROYMF ROYAL MAIL PLC Industrial Goods & Services 5.0 42 18 458882 DNSKF DANSKE BANK A/S Banks 44 55 2.0 596651 SCGLF SOCIETE GENERALE Banks 56 06 2.0 021623 AIVAF AVIVA Insurance 51 99 18 B23KOM CTAGF CAPITA PLC Industrial Goods & Services 57 25 2.1 522603 SAXPF SAMPO PLC Insurance 54 46 1.2 481334 SVKEF SKAND ENSKILDA BKN Banks 58 37 14 B17BBQ NMTJF INVESTEC Financial Services 44 10.0 19 528983 EBKOF ERSTE GROUP BK AG Banks 3.6 125 31 766716 ATASF ATLANTIA SPA Industrial Goods & Services 49 11.2 13 B83VD9 MNGPF MAN GROUP PLC Financial Services 58 15.1 1.2 B5ZQ9D EVKIF EVONIK INDUSTRIES Chemicals 44 29 17 BO1FLG GFSZF G4S Industrial Goods & Services 3.9 56 1.6 BGLP8L IMIAF IMI Industrial Goods & Services 40 40 15 Source: BofA Merrill Lynch Global Research, Factset. The European Quality Yield Screen identified as a screen above Is intended to be an indicative metric only and may not be used for reference purposes or as a measure of performance for any financial instrument or contract, or otherwise relied upon by