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 — replace PNN LN ••• DBK

ade MPI LN, GS upgrade SGSN VX, Cantor initiates IHG LN &AC FP (buys) • JPM downgrades (BDEV LN, BWY LN, BVS LN, RDW LN, TW/ LN), SocGen downgrades (ADN LN, HGG LN, CABK SM, SK FP) • Bernstein Telecoms (u/g BT/A LN, dig FTE FP, positive: DTE GY, ILD FP, TIT IM, TEL NO, negative: KPN NA, TEF SM) • CS u