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                            - CCC: These boots are made for walking (upgraded to BUY) by Wood and Company
 
                            - Wirtualna Polska: In e-commerce we trust (upgraded to BUY) by Wood and Company
 
                            - BGEO Group: Pull-back creates a window for entry (upgraded to BUY) by Wood and Company
 
                            - Polish Utilities: Unloved, but (really) cheap again (upgrading to BUY on Enea, Energa & PGE, Tauron stays HOLD) by Wood and Company
 
                            - Turkish Automotive: Green light for Tofas (DOAS stays BUY; FROTO stays HOLD; TOASO upgraded to BUY) by Wood and Company
 
                            - Greek Banks: Stick to your guns (Alpha and NBG stay BUY; Eurobank upgraded to BUY; Piraeus stays HOLD) by Wood and Company
 
                            - Rosneft: Major steps towards boosting shareholder value (upgraded to BUY) by Wood and Company
 
                            - Piraeus Bank: It’s now or never (upgraded to BUY) by Wood and Company
 
                            - Orange Polska: Convergence leader in a consolidating market (upgraded to BUY) by Wood and Company
 
                            - Russian Oil and Gas: Still plenty of value (Gazprom, Lukoil, Novatek, Rosneft, Surgutneftegas and Tatneft) by Wood and Company
 
                            - EMEA Natural Gas: There’s gain in the methane (Gazprom, MOL, OMV, OMV Petrom, PGNiG and Romgaz) by Wood and Company
 
                            - LiveChat Software: No more free lunches (downgraded to HOLD) by Wood and Company
 
                            - Erste Bank: A penny saved is a penny earned (upgraded to BUY) by Wood and Company
 
                            - Coca-Cola HBC: Closing our short position (upgraded to HOLD) by Wood and Company
 
                            - Grivalia: Defensive play on Greek recovery (upgraded to BUY) by Wood and Company
 
                            - Sberbank: It’s about time (upgraded to BUY) by Wood and Company
 
                            - Globalworth: No sleeping on laurels (upgraded to BUY) by Wood and Company
 
                            - Romanian Banks: As if it never happened (Banca Transilvania upgraded to BUY; BRD stays HOLD) by Wood and Company
 
                            - LiveChat Software: LiveChat version 3.0 (upgraded to BUY) by Wood and Company
 
                            - Norilsk Nickel: Nickel bull market on Indonesian ore ban (upgraded to BUY) by Wood and Company
 
                            - Polish Banks: At some point, it will stop raining (PKO BP, Bank Pekao, Santander Bank Polska, mBank, ING BSK, Bank Handlowy, Bank Millennium, Alior Bank) by Wood and Company
 
                            - OTE: All about total return (BUY - transfer of coverage) by Wood and Company
 
                            - CD Projekt: Hype should make it, not break it (upgraded to BUY) by Wood and Company
 
                            - Hellenic Bank: On the right track (upgraded to BUY) by Wood and Company
 
                            - Tekfen Holding: Cash rich value play (upgraded to BUY) by Wood and Company
 
                    
     
    
        
            
                        - Electrica: Powering up again (upgraded to BUY) by Wood and Company
 
                        - Czech Banks: Welcome to Dividend Land (upgrading Komercni Banka to BUY; MONETA Money Bank stays BUY) by Wood and Company
 
                        - Emerging Europe Refining: Repeats now showing (TUPRS, ELPE, LTS and NIS upgraded to BUY; MOL & MOH stay BUY; PKN stays HOLD) by Wood and Company
 
                        - MMK: Solid results, but no dividend hike (upgraded to BUY) by Wood and Company
 
                        - Polish Banks: Shifting down a gear (PKO BP, Pekao, BZ WBK, mBank, ING BSK, Handlowy, Alior Bank, Millennium, Getin Noble Bank) by Wood and Company
 
                        - Greece: Keep calm, this time it is real! (AEGN, ALPHA, BELA, CCH, ELPE, ETE, EUROB, EXAE, FOYRK, GRIV, HTO, MOH, MYTIL, OPAP, PPA, PPC, SAR, TITK, TPEIR) by Wood and Company
 
                        - Georgia Healthcare Group: Getting back up to speed (upgraded to BUY) by Wood and Company
 
                        - Greek Banks: Going full monty! (Alpha, NBG and Eurobank stay BUY; Piraeus upgraded to BUY) by Wood and Company
 
                        - PZU: Long-term ROE outlook unchanged (upgraded to BUY) by Wood and Company
 
                        - Inter Cars: The best part is yet to come (upgraded to BUY) by Wood and Company
 
                        - LiveChat Software: No more free lunches (downgraded to HOLD) by Wood and Company
 
                        - Turkish Banks: Action is their middle name (Akbank & Vakifbank upgraded to BUY; Garanti stays BUY; Yapi Kredi upgraded to HOLD; Halkbank & Isbank stay HOLD) by Wood and Company
 
                        - PKP Cargo: The glass is half full (upgraded to HOLD) by Wood and Company
 
                        - Aselsan: BUY on improved risk/reward profile (upgraded to BUY) by Wood and Company
 
                        - Novatek: Breaking the ice (upgraded to BUY) by Wood and Company
 
                        - CME: Successful deleveraging topped by dividends (upgrade to BUY) by Wood and Company
 
                        - Turkish Banks: Glass half full (Akbank & Vakifbank downgraded to HOLD; Garanti stays BUY; Yapi Kredi upgraded to BUY; Isbank stays HOLD) by Wood and Company
 
                        - Emerging Europe Refining: Refining’s ship is coming in, IM(H)O (Hellenic Petroleum, Lotos, MOL, Motor Oil Hellas, NIS, OMV, OMV Petrom, PKN Orlen, Tupras) by Wood and Company
 
                        - Kety: Good price, solid dividends, high quality (upgraded to BUY) by Wood and Company
 
                        - S Immo: Immediate threat removed, operations sound (upgraded to HOLD) by Wood and Company
 
                        - Russian Oil & Gas: Not as fossil as you think (Lukoil and Tatneft upgraded to BUY, Rosneft stays HOLD) by Wood and Company
 
                        - PKO BP: Structurally stronger (upgraded to BUY) by Wood and Company
 
                        - CCC: Slowing down to turn the corner (upgraded to BUY) by Wood and Company
 
                        - EMEA Steel Sector: Inflexion point – buy the dip (NLMK and Erdemir upgraded to BUY; MMK and FXPO stay BUY; EVRAZ downgraded to HOLD; SVST stays HOLD) by Wood and Company
 
                        - Play Communications: Safe haven in tough times (upgraded to BUY) by Wood and Company