U, Canaccord downgrades RCII ••• BB&T upgrades SRI (buy), JPM downgrades GEVA, Nat Bank cuts GSS EFTA00390548 Europe Key Research: • JPM upgrade GARAN TI and downgrade SHI LN & YKBNK TI, KBC downgrade AALB NA • UBS upgrade TL5 SM, initiate ASC LN (b), cut AIP SJ from least pref list • Barc downgrade

ND SS, initiate MSK IM (b) ••• CS upgrade EAD FP, Citi resume GLEN LN (b), JP downgrade EUR PW, upgrade HFD LN ••• UBS initiate MSK LN (b), upgrade GARAN TI, downgrade IMG LN, CBK resume SW1 GY (h) ••• Akros upgrade PC IM, HSBC downgrade ERF FP, downgrade NOEJ GY, ETL FP, CRST LN • Exane downgrade DIA S