focus list, upgrade GIVN VX ••• DB upgrade LMI LN, GIWN VX, JPM upgrade IPN LN, Cana upgrade HG/ LN ••• Citi initiate SUN VX (b), ELE SM most pref, IBE SM least pref, HSBA initiate SDO GR (uw) ••• Barc downgrade SPRT LN, upgrade ETI LN, CS downgrade CSGN VX, BKIR ID ••• MS downgrade ASHM LN, upgrade S

KCO GY • Numis downgrade RTN LN, Exane downgrade DELB BB, Akros downgrade MED IM, LTO IM EFTA00390787 Chev downgrade IFX GY, restart PSON LN (r), IBE SM (b), Equita downgrade PMI IM Reporting Pre-Open: AES, APA, CVC, DF, PCP, WIN, XRAY, AAON, AGU, ALR, AM, AMCX, AMRC, ARX, ASFI, BAM, BCE, BGMD, BITA

COST EFTA00397164 Europe Key Research: • Exane Iberian Utilities: (reinitiate o/p EDP PL & GAS SM , neutral EDPR PL, u/p ANA SM, EGPW IM, ELE SM, IBE SM) • Exane upgrade MPI LN, GS upgrade SGSN VX, Cantor initiates IHG LN &AC FP (buys) • JPM downgrades (BDEV LN, BWY LN, BVS LN, RDW LN, TW/ LN), SocG