Research: :••• Bofa downgrades SDRL NO/BAW SJ/ARTC DB & upgrades HTO GA (buy), Investec cuts DIA LN • Berenberg downgrades SZU GR (sell) & upgrades RSL LN, SocGen upgrades ELPE GA (buy) • Citi upgrades BKIA SM/CABK SM (buy) & cuts KIO SJ (sell), Panmure upgrades PDG LN (buy) • DB downgrades PKN PW, GS

eit buy ZONO PL, Panmure +ve IN LN • KepChev upgrade MEC CY, SRN IM, Oddo downgrade ITRK LN, upgrade MEC CY, MF downgrade SZG GY • BofAML downgrade RSL LN, upgrade LGEN LN, Citi downgrade SW FP, ALV GY • Danske upgrade ROCKB DC, DBK upgrade EBS AV, RBI AV, MAQ downgrade SVT LN ••• GS upgrade European

VK FP, initiate ESUR LN (ow), HTY LN (ow), downgrade RBS LN, ADM LN, GS initiate HTY LN (b), GLEN LN (n), ••• BofAML most pref: add ALV GY, remove RSL LN, least pref: add CS FP, SREN SW, remove AML LN, SLHN SW • BofAML upgrade STERV FH, downgrade DAI GY, Barc initiate UKW LN (ew), Citi downgrade SEV F

ELB BB, BofAML upgrade PFG SJ, Akros cuts BMPS IM HSBC upgrade DEB LN, Citi initiate UU/ LN (b), JEFF upgrade GFS LN, Nomura upgrade MC FP UBS cuts RSL LN, Raja initiate ZIGGO NA (up), Barc cuts SKFB SS, Baird initiate VOD LN (op) Reporting Pre-Open: AEO, ANN, EXPR, GAGA, GLNG, JASO, JOSB, LEDS, MOV, N