UBS cuts KGF LN, UBS upgrades BWY LN, Nomura upgrades TDC DC & cuts TLSN SS Citi cuts Insurance & Basic Res & upgrades Autos and Banks & cuts MEO1V FH & upgrades SU FP UBS adds GALP PL to most preferred & add OMV AV to least preferred & UBS upgrades TW/ LN HSBC downgrades ANDR AV/downgrades VOLVB SS

grade UHR VX, Numis downgrade DOM LN ••• JPM downgrade BMW GY, APPC AB, upgrade PETROCH AB, NOK1V FH, Exane downgrade FME GY • Nomura upgrade ELI1V FH & downgrade TEL2B SS, Carg upgrade GETIB SS, Exane downgrades GFC FP ••• HSBC initiate ROCKB DC (ow), upgrade CWI AV, HOLN VX, SRP LN, downgrade GEBN