e Key Research: ••• JPM downgrade TT! LN, CS upgrade SLM SJ, MS upgrade DPW GY, Barc downgrade RIO LN, VED LN ••• BofAML downgrade BVS LN, BDEV LN, SAND SS, upgrade TW/ LN, Natixis downgrade CPR IM • HSBC upgrade VWS DC, upgrade JUN3 GY, JMT PL, Natixis downgrade CPR IM, Equita u/g GEM IM ••• SocGen up

M LN & SZG GY • CS short list names: AZN LN, EN FP, CARLB DC, CNA LN, BN FP, LXS GY, RBS LN, UU/ LN, WCH GY • CS short list names: SGE LN, SBRY LN, SAND SS, SKFB SS, STAN LN, SWMA SS, SREN SW • MS downgrade GTO FP, DB initiate BAW SJ (s) and downgrade ENRC LN • HSBC initiate INCH LN (ow), uig VASTN NA,

dig ETL FP, ALO FP, NLMK RM, u/g SOLB BB, MAGN RM, AVR LN, CHMF RM, +ve PSM GY, -ve SPR GY ••• BofAML downgrade RBS LN, upgrade AQP AU, GS downgrade SAND SS, initiate MSK IM (b) ••• CS upgrade EAD FP, Citi resume GLEN LN (b), JP downgrade EUR PW, upgrade HFD LN ••• UBS initiate MSK LN (b), upgrade GARAN

GY Insurance (SAN 3.1% 8.0% -4.9% 1.6% 1.4% 14.1% 5 31 37 5 ANN VX Industret (SXNP) 3.5% IO2% -6.7% 1.2% 1.4% 13.9% 3 II 36 6 SAND SS Industret (SXNP) 11.9% IO2% 1.7% 5.6% 1.7% 7.1% 52 4 24 7 ASIA_NA Technobgy (SX8P1 102% 10.6% -0.4% 1.5% 1.7% 0.4% 37 34 9 8