des WHF/SC/AINV, B. Riley downgrades INTC, Steme Agee upgrades FDO Europe Key Research: • Citi upgrades PSM GR, CS upgrades CGL LN, CM-CIC upgrades ACA FP (buy) • DB resumes F IM (sell) & upgrades VOLV.B SS, Liberum upgrades CSR LN (buy) • Danske Bank downgrades ATRAV FH, Exane upgrades VIE FP/DNB NO/

O added to least pref, Espirito u/g BT/A LN, - JPM u/g EZJ LN, RYA ID, PC IM, TRU SJ, CLS SJ - dig LHA GY, SMIN LN, UMI BB, SHP SJ ••• Citi upgrade ACA FP, add GAZP RM to focus list - remove DGO ID, SocGen dig TATE LN • BofAML initiate PA! LN (n), HSBC upgrade UG FP, BOL SS, downgrade RHI GY ••• SEB d

RBC, Evercore initiates MHP (ew) Europe Key Research: • UBS downgrade ATLN VX, ENG SM, upgrade MS IM, Nomura upgrade CBK GY, ULVR LN • JPM upgrade ACA FP, HYDR RM, IRAO RM, initiate DCC LN (n), Nordea upgrade PNDORA DC • RBC downgrade WOS LN, Citi downgrade EDP PL, BofAML upgrade RICHT HB, Libr u/g PU