/KRFT (buy) & downgrades DF/SJM Europe Key Research: • ABG upgrade ERICB SS, Beren upgrade TEL2B SS, CBK upgrade EVK GY, AMP IM • BofAML downgrade WDH DC, SZG GY, AKE FP, BAS GY, upgrade El FP, Al FP, LIN GY • DB initiate AOI SS, GENL LN, OPHR LN (buy), AFR LN, CNE LN, LUPE SS, TLW LN (hold) • Exane

Research: GS downgrades GENL LN & AFR LN, GS upgrades OPHR LN, CS & Numis downgrade CRH LN Key Research: DNB downgrades SONG NO, Nordea downgrades WDH DC (CS sees opportunity to buy weakness) Reporting Pre-Open: SJM, ANN, CMRG, FL, GASS, HIBB, IMOS, KIRK Economic Data: U of Michigan Confidence @ 9:5