ade ALU FP, MS initiate BPOST BB (ew) • Barc downgrade URKA LI, SDF GY, +ve IN LN, ING FP, ING upgrade VST PW ••• SocGen downgrade BARC LN, CGM FP, RCF FP, upgrade KGH PW, ADN LN ••• GS downgrade AV/ LN, AGN NA, CS downgrade URKA LI, ICL IT ••• Citi downgrade URKA LI, SDF GY, names SSE LN least pref —

Sondrio HO FP Thales SA SAB SM Banco de Sabadell SA TEF SM Telefonica SA GAS SM Gas Natural Sdg SA STM IM Stmicroelectronics NV UG FP ALU FP RCF FP Peugeot SA BAYN GR Bayer Ag- reg Alcatel-Lucent BATS LN British American Tobacco Plc NG/ LN National Grid Plc Teleperformance UU? LN United Ut