(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, RBS downgrade UBSN VX, Jeff downgrade LAF SJ, upgrade TCY LN • Medio upgrade AGL IM, Nordea upgrade AFB SS,

rades UNH, Baird cuts YUM, Jeff cuts EQRIAVB Europe Key Research: • MS prefers Japanese equities to European, UBS upgrade BBVA SM, BofAML downgrade CNA LN, RI FP • JPM initiate MSTT RU (ow), CON GR (ow), upgrade ALR PW, Barc downgrade JMT PL, -ye Fl IM ••• Nomura upgrade DLG LN, downgrade RSA LN, GS r

e RTN LN, upgrade YOOX IM • BofAML upgrade BT/A LN, GS upgrade OCDO LN, CS upgrade ASHM LN & SZG GY • CS short list names: AZN LN, EN FP, CARLB DC, CNA LN, BN FP, LXS GY, RBS LN, UU/ LN, WCH GY • CS short list names: SGE LN, SBRY LN, SAND SS, SKFB SS, STAN LN, SWMA SS, SREN SW • MS downgrade GTO FP, D