PH LN/DIA LN • Jefferies assumes UNA NA/WPRO IN (hold) and TCS IN (buy), Bofa reinstates IRAO RU (buy) • Mainfirst initiates PTC PL/TIT IM (op) and TEF SM (up), MS cuts TRN IM & upgrades FIVE LN • Swedbank cuts AXFO SS, Natixis cuts WHA NA, Kepler upgrades CGCBV FH (buy) • SEB Enskilda downgrades MEO1

380 superjumbo sales in 2012 (trading -3.3%) Britvic profit warning (poor weather & fruit shoot bottle cap at fault) (trading -15.8%) Telefonica (TEF SM) is considering to sell stake of its Latin American subsidiaries (Cinco Dias) Centrotherm (German solar) submits application to start insolvency pr

SEB upgrade IFSB SS, ORNBV FH • Exane downgrade ES IM, ELE FP, Chev restart SKFB SS (up), SAND SS (up), ALFA SS (up), ATCOA SS (op) • Bern upgrade TEF SM, Beren initiate LO24 GY (b), Equinet upgrade RHM GY, KBC upgrade AKZA NA • Nordea downgrade NOK1V FH, AFB SS, initiate ALGETA NO (b), upgrade NZYMB

ngrades (ADN LN, HGG LN, CABK SM, SK FP) • Bernstein Telecoms (u/g BT/A LN, dig FTE FP, positive: DTE GY, ILD FP, TIT IM, TEL NO, negative: KPN NA, TEF SM) • CS upgrades (STMN SW, NOBN VX, EVR LN), Citi upgrades ALU FP and downgrades KPN NA • DB downgrade ANDR AV & BNP FP and upgrades BAER VX, Berenbe