dded most pref, Bere initiate EGPW IM, SEV FP (b), VIE FP (b), VER AV (s) ••• reinitiate TRN IM (h), SRG IM (h), RWE GY (s), NG/ LN (h), IBE SM (h), GAS SM (s), FUM1V FH (h), - ENEL IM (h), ENEL IM (b), ELE SM (b), EDPL PL (b), EDP PL (b), EOAN GY (s), dig CNA LN EFTA00396445 ••• ING downgrade IM NA,

• RBC initiate HNR1 GY (b), SCR FP (op), downgrade DSV DC ••• GS upgrade PFC LN, PRS NO, downgrade FUR NA, SBMO NA, TEC FP • Citi downgrade UMI BB, GAS SM, initiate AMEAS FH (b), WDF IM (b), YOOX IM (n) ••• SocGen downgrade VIS SM, upgrade BP/ LN, NXI FP, DNB upgrade PRS NO ••• BofAML add NOK1V FH, up

, SPM IM • CS downgrade LMI LN, upgrade DNB NO, ARM LN, JPM upgrade SLHN VX, downgrade UBM LN, OUT1V FH • Citi downgrade ENI IM, MS upgrade ALU FP, GAS SM, downgrade ENG SM, DB upgrade G1A GY, RI FP, RCO FP EFTA00396067 • Numis upgrade ASHM LN, RAT LN, NVA LN, downgrade POLR LN, SocGen upgrade AKBNK