(ow) • ABG downgrades SUBC NO, Akros upgrades IPG IM, Berenberg intiiates FBD ID (buy) • DB downgrades BA/ LN, Equinet upgrades FRA GR, GS upgrades YKBNK TI, ING initiates SIP BB (h) • JPM upgrades DEB LN, Kepler initiates IPG IM, Enskilda upgrades IJ SS, SocGen initiates INFO IN (h) • MainFirst initiat

N GR (ow), upgrade ALR PW, Barc downgrade JMT PL, -ye Fl IM ••• Nomura upgrade DLG LN, downgrade RSA LN, GS remove HALKB TI (b) from focus list, add YKBNK TI (s) ••• Natixis downgrade BN FP, Chev downgrade RDSA LN, +ve UHR VX, Mainfirst —ve SDF GY ••• Oddo Euro Construction: (top pick HOLN VX, worst pick

pgrade TSCO LN ••• GS upgrade SPM IM, EMGS NO, downgrade ANA SM, BofAML downgrade ASELS TI, Shorcap upgrade TSCO LN EFTA00394117 • SocGen upgrade YKBNK TI, initiate GIB GY (b), Natixis downgrade EDP PL, upgrade MPI LN, JEFF initiate SMDR LN • CBK upgrade MOR GY, downgrade BEI GY, Numis downgrade MONY L