jor 3-part transaction, exchange certain assets, form consumer-health venture • Novartis to divest Animal Health to Lilly for $5.4B (NOVN VX +2.3%, GSK LN +5.3%, LLY no volume) • Astrazeneca ADR's closed +8.8% yesterday on Sunday Times story of Pfizer talks (trading +6.9%) • Philips misses estimates

itiates CSCO (op) and JNPR (neut), Lonbow downgrades LPX & upgrades LECO (buy) Europe Key Research: EFTA00357140 • Bofa downgrades BAYN GR/SHP LN/GSK LN/PGHN SW, Barcap downgrades ALV GRIHNR1 GR/MUV2 GR/PHNX LN & upgrades UNI IM • Berenberg initiates REE SM (buy) and ENG SM (hold), Cantor initiates

A LN, downgrade POLR LN, SocGen upgrade AKBNK TI, downgrade TRN IM • Natixis downgrade NEX FP, Good upgrade KMR ID, Kepler downgrade SAN FP, upgrade GSK LN, CSGN VX • Chev upgrade IM NA, Nordea downgrade HOLMB SS, Nordea downgrade SAA1V FH ▪ DNB downgrade SKAB SS, OTE1V FH, Bere downgrade HEI GY, Oriel

Deutsche Bank Markets Research Rating Hold Europe United Kingdom Pharmaceuticals Pharmaceuticals Company GlaxoSmithKline 08.1L GSK LN EN:mango r:cto/ LSE GSK Updating for margin reset/dilution - smooth execution now critical ineentol eecre Fats out cfedrble !date:. nbvi all abo