MEDAA SS ••• Raja upgrades ITX SM, Espirito downgrades KD8 GY, Peel Hunt initiates STGR LN (buy), RBC upgrades GFS LN ••• SocGen downgrades IAP LN, Natixis upgrades KBC BB &ARM LN Reporting Pre-Open: GIS, MON, LNN, PKE, UNF EFTA00388345 Reporting Post-Close: PAYX, BBBY, CWST, FUL, MLHR, PRGS, TEP Ec

as an exit route Financing — new strategy The following is based on discussions with Annop Ghai, head of securitised lending in Citigroup UK, and Natixis bank as well as our consultant Arun Mirchondani who was head of Commezbank Securitised lending from 2002-2008, and hos been somewhat tested in the m