lectrical Equipm TIC FP TECHNIP SA Oil Equipment. Services& Dist VIE FP VEOLIA ENVNIONNEMENT Gas, Water& Multiutilities WV FP VIVENDI Media VK FP VALLOUREC Industrial Engineering CRC a% ESITDA Gross Margin vs ROTC ex Sector Revenue %HMCO CAGR 4 YR 5 Tr data ROIL Gooda di Chemicals

upgrades APO, Piper initiates OMTH (ow), JPM downgrades RBS ;••• JMP downgrades IRF, Wells initiates WAC (mp) Europe Key Research: ••• JP upgrade 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

owngrades 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 Research: BofA downgrades AGN NA, JPM downgrades HEI GY, BofA upgrades CPW LN Reporting