lays downgrades DOCK NO, DB downgrades EEEK GA, BofA upgrades ADM LN Key Research: UBS downgrades AKBNK TI, Barclays upgrades CRDA LN, UBS upgrades MPI LN, Exane downgrades RWE GY Key Research: Commerzbank cautious SIE GY, UBS upgrades VK FP, Citi downgrades BBY LN & BYG LN, ING upgrades DSM NA Key

BofAML downgrade ASELS TI, Shorcap upgrade TSCO LN EFTA00394117 • SocGen upgrade YKBNK TI, initiate GIB GY (b), Natixis downgrade EDP PL, upgrade MPI LN, JEFF initiate SMDR LN • CBK upgrade MOR GY, downgrade BEI GY, Numis downgrade MONY LN, CIU LN, SGE LN, MACQ upgrade LXS GY BERE downgrade IVG GY,

pe Key Research: • Exane Iberian Utilities: (reinitiate o/p EDP PL & GAS SM , neutral EDPR PL, u/p ANA SM, EGPW IM, ELE SM, IBE SM) • Exane upgrade MPI LN, GS upgrade SGSN VX, Cantor initiates IHG LN &AC FP (buys) • JPM downgrades (BDEV LN, BWY LN, BVS LN, RDW LN, TW/ LN), SocGen downgrades (ADN LN, HG