y Research: ••• Citi upgrades the Spanish Banks (SAN SM, BBVA SM, BKT SM, CABK SM) & upgrades POLY LN ••• SocGen initiates food retail: DIA SM (b), CO FP (b), CA FP (h), MEO GY (h), AH NA (s), TSCO LN (s), • BofA adds CFR VX to Europe 1 List, UBS upgrades CRDA LN, ELM LN, LMI LN, UL NA, VCT LN • Panm

grade UBSN VX, BNP FP, GS add MC FP, BRBY LN, REE SM, ITX SM to cony buy list — SFER IM removed • HSBC upgrade SBS GY, JPM downgrade MLP GY, RAL FP, CO FP, RBC upgrade FRES LN • MS upgrade FUM1V FH, Fl IM, downgrade SEV FP, VOLVB SS, resume MAN GY (ew), Oriel u/g RCP LN, d/g REX LN • SocGen upgrade GL