Key Research: Nomura upgrades ITV LN, Vontobel downgrades BAER VX, Canaccord downgrades AV/ LN Key Research: Citi upgrades DELB BB, MS downgrades PSON LN, Berenberg upgrades TDC DC, Key Research: UBS upgrades ELN ID, BofA initiates GENL LN (buy), Commerzbank downgrades EOAN GY Reporting Pre-Open: EL

u/g ICL IT, KCO GY • Numis downgrade RTN LN, Exane downgrade DELB BB, Akros downgrade MED IM, LTO IM EFTA00390787 Chev downgrade IFX GY, restart PSON LN (r), IBE SM (b), Equita downgrade PMI IM Reporting Pre-Open: AES, APA, CVC, DF, PCP, WIN, XRAY, AAON, AGU, ALR, AM, AMCX, AMRC, ARX, ASFI, BAM, BCE

ULVR LN, JMAT LN, GS cut TLPR LN from cony buy, reit cony buy MONI LN ••• UBS add to most pref & upgrade TCG LN, add FLU AV to least pref, reit buy PSON LN ••• JPM downgrade SWEDA SS, SMIN LN, Barc downgrade CRDA LN, GIVN VX • BofAML upgrade SXS LN, RBC downgrade CPI LN, SocGen initiate FNAC LN (b) ••••