1V FH, upgrade PNL NA, downgrade UBSN VX ••• HSBC upgrade EBS AV, UCG IM, Natixis downgrade SWMA SS • Exane add GRF SM to key ideas, Oddo downgrade DIA SM IMI downgrade MB IM, KepChev downgrade BSA GR, DBK d/g VOE AV, AZM IM Reporting Pre-Open: ADP, AMT, BWA, CMCSA, EXC, GAS, GLW, GM, GRMN, HES, PCG,

) Europe Key Research: ••• Citi upgrades the Spanish Banks (SAN SM, BBVA SM, BKT SM, CABK SM) & upgrades POLY LN ••• SocGen initiates food retail: DIA SM (b), CO FP (b), CA FP (h), MEO GY (h), AH NA (s), TSCO LN (s), • BofA adds CFR VX to Europe 1 List, UBS upgrades CRDA LN, ELM LN, LMI LN, UL NA, VCT

downgrade CPR IM CBK downgrade SIE GY, CBK downgrade EOAN GY, Numis downgrade JPR LN Barc upgrade GEM IM, MainFirst upgrade SAZ GY, Chev downgrade DIA SM DB initiate TLX GY (hold), DB initiate SDRL NO (buy), Barc downgrade CPR IM HSBC downgrade EOAN GY, UBS downgrade IAG LN, HSBC downgrade DPW GY UB

AN TI, downgrade IMG LN, CBK resume SW1 GY (h) ••• Akros upgrade PC IM, HSBC downgrade ERF FP, downgrade NOEJ GY, ETL FP, CRST LN • Exane downgrade DIA SM, GFS LN, PP FP, upgrade RMS FP, initiate MSK IM (op), RBC downgrade GFS LN ••• SocGen downgrade ARL GY, ENEL IM, Beren downgrade PSM GY, Numis downg