TCREUR_Public/141006.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, October 6, 2014, Vol. 15, No. 197

                            Headlines

A U S T R I A

ERR RAIL: Vienna Court Launches Insolvency Proceedings
OESTERREICHISCHE VOLKSBANKEN: To Transform Into Bad Bank


B U L G A R I A

CORPORATE COMMERCIAL: Ex-PM Set to Retake Reins After Collapse
STARA ZAGORA: S&P Affirms 'BB+' Issuer Credit Rating


G E R M A N Y

IVG IMMOBILIEN: Seeks Buyer for The Squaire After Insolvency Exit


G R E E C E

AEOLOS SA: S&P Raises Rating on Class A Notes to 'B'
ELLAKTOR SA: S&P Assigns 'B+' Corp. Credit Rating; Outlook Stable


I R E L A N D

WHITE TOWER 2007-1: S&P Cuts Rating on Class B Notes to 'CCC-'


I T A L Y

PIAGGIO: S&P Cuts CCR to 'B+' on Declining Operating Performance


K A Z A K H S T A N

EURASIAN NATURAL: S&P Puts 'B' CCR on CreditWatch Negative
KAZAKHTELECOM: S&P Revises Outlook to Positive & Affirms 'BB' CCR


L U X E M B O U R G

ESPIRITO SANTO: Court Denies Creditor Protection Request
MINERVA LUXEMBOURG: Fitch Affirms Then Withdraws 'BB-' IDRs


N E T H E R L A N D S

CONTEGO CLO II: Moody's Assigns '(P)B2' Rating to Class F Notes
CONTEGO CLO II: Fitch Assigns 'B-(EXP)sf' Rating to Class F Notes


P O R T U G A L

PARPUBLICA: S&P Raises Rating to 'BB'; Outlook Stable


R U S S I A

DOMODEDOVO INT'L: S&P Assigns 'BB+' CCR; Outlook Stable
KRAYINVESTBANK: S&P Lowers Counterparty Credit Rating to 'B'
TOMSK OBLAST: S&P Affirms 'BB-' Issuer Credit Rating


S P A I N

BBVA 6 FTPYME: Moody's Affirms Caa1 Rating on EUR50.3MM B Notes
FONCAIXA CONSUMO 1: Fitch Affirms 'BB+sf' Rating on Class B Notes
FTA PYMES BANESTO 2: Moody's Lifts Rating on Class B Notes to Ba1
FTPYME SANTANDER 2: S&P Affirms 'BB-' Rating on Class E Notes
IM BANCO POPULAR: Moody's Raises Rating on Class B Notes to 'B1'

TDA 23 FONDO: Moody's Lowers Rating on Class C Notes to 'Caa3'


S W E D E N

SAAB: NEVS to Ask Creditors for More Time for Reorganization


U N I T E D   K I N G D O M

NEW STORE: Trading Difficulties Prompt Administration
TRAVELPORT WORLDWIDE: S&P Affirms 'B-' CCR; Outlook Positive


X X X X X X X X

* BOND PRICING: For the Week September 29 to October 3, 2014


                            *********


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A U S T R I A
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ERR RAIL: Vienna Court Launches Insolvency Proceedings
------------------------------------------------------
Erwin Reidinger at International Railway Journal reports that
insolvency proceedings were launched on Oct. 2 by Vienna's
Commercial Court against ERR Rail Rent Vermietungs.

ERR has debts of EUR209.5 million but the total value of its
assets is only EUR186.4 million, IRJ discloses.  The company
became heavily indebted after making a loss on interest swaps,
which were concluded in 2007 and 2008, IRJ relates.  A court
procedure on this issue is still pending, IRJ notes.

As a result of these financial problems, investment in new wagons
planned for last year could not be carried out, IRJ states.
Negotiations took place earlier this year with the aim of selling
part of the wagon fleet but these talks ultimately proved
unsuccessful, IRJ relays.

According to IRJ, a rehabilitation program was subsequently
discussed with the banks, but this also came to nothing and the
company's management therefore decided to initiate insolvency
proceedings.

The company has asked to continue its business and is offering to
pay 30% of its debt within two years, IRJ discloses.  It hopes to
achieve this by making another attempt to sell part of its fleet,
IRJ states.

ERR Rail Rent Vermietungs is an Austrian wagon leasing company.
It owns 3900 freight wagons of various types, which are managed
and rented by Duisburg-based ERR European Rail Rent.


OESTERREICHISCHE VOLKSBANKEN: To Transform Into Bad Bank
--------------------------------------------------------
Alexander Weber and Boris Groendahl at Bloomberg News report that
Oesterreichische Volksbanken AG, the Austrian bank seen failing
the European Central Bank's stress test, plans to become a pure
wind-down vehicle as it tries to avert a EUR1 billion (US$1.3
billion) capital hole.

According to Bloomberg, OeVAG Chief Executive Officer Stephan
Koren on Oct. 2 said the bank would sell its treasury-services
business and other operating functions and return its banking
license under the plan.  Mr. Koren, as cited by Bloomberg, said
the bank would then liquidate the rest of its assets, about
EUR5.7 billion including overdue corporate and retail loans in
eastern Europe, by 2017, relieved from the strict capital
requirements it faces as a bank.

"One of our big challenges is that OeVAG will massively lose
capital -- as much as EUR1 billion -- under Basel III in the
coming years," Bloomberg quotes Mr. Koren as saying.  "The
wind-down of OeVAG was very successful in the last two years.  If
we continue along this road, we'll avoid a new burden for the
taxpayers."

Austria already owns 43% of OeVAG after bailing out the lender
three times since its balance sheet expansion began unraveling in
2008, Bloomberg discloses.  The bank is executing a wind-down
plan agreed with the European Commission in return for approval
of EUR1.35 billion in state aid, Bloomberg notes.

Fitch Ratings said last month Volksbanken-Verbund, the
combination of OeVAG and the cooperative banks that own a
majority of its shares, will probably fail the ECB health check,
Bloomberg recounts.

Mr. Koren said he doesn't know Volksbanken-Verbund's stress test
result and declined to elaborate on whether the revamp would
address a possible capital gap determined in the test, Bloomberg
relays.

According to Bloomberg, OeVAG said the services it is still
providing for the roughly 50 cooperative banks that own it will
be taken over by one of those banks during the first half of next
year, probably by Volksbank Wien-Baden, the biggest.

OeVAG would then leave Volksbanken-Verbund and return its banking
license, while the local banks and Austria would continue to own
it, Bloomberg says.  OeVAG said it has yet to gain regulatory
approval to operate without banking license, a key requirement to
achieve the capital relief that's the main target, Bloomberg
notes.

Oesterreichische Volksbanken-AG is an Austrian internationally
active commercial bank.  The Bank divides its business activities
into five main business segments: Corporates, Retail, Real
Estate, Financial Markets, as well as Investment Book/Other
Operations.



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B U L G A R I A
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CORPORATE COMMERCIAL: Ex-PM Set to Retake Reins After Collapse
--------------------------------------------------------------
Elizabeth Konstantinova at Bloomberg News reports that Bulgarian
ex-Prime Minister Boyko Borissov is set to retake the reins of
government he lost 18 months ago, vowing to avert a banking
crisis and strengthen the economy of the European Union's poorest
country.

Mr. Borissov's Gerb party, ousted from power by anti-austerity
protests in 2013, has 37.2% support before the Oct. 5 early
election, which would give it 98 of the 240 seats in parliament,
Bloomberg says, citing a Sept. 19-25 Sova Harris survey.  The
Socialist party is at 25%, Bloomberg discloses.

The nation of 7.5 million people is struggling to boost growth
and curb corruption as four government changes perpetuate
political turmoil and the European Commission keeps up pressure
for institutional reforms, Bloomberg notes.  The snap vote was
called after the Socialists lost power following the June seizure
of Corporate Commercial Bank AD, the nation's fourth largest
lender, Bloomberg relays.

The coalition cabinet led by the Socialists resigned in July
after a year in power over the loss of parliamentary support and
a run on Corporate Commercial, known as Corpbank, Bloomberg
recounts.  The central bank placed the lender under supervision
on June 20, freezing its assets and making funds unavailable to
depositors, Bloomberg relates.

The collapse, brought on by a political feud, raised the specter
of a 1997 banking crisis that wiped out the savings for millions
of Bulgarians, who accused the authorities of rampant corruption
and cronyism, Bloomberg discloses.

"Bulgaria needs a strong political government to carry out long-
delayed radical reforms in the energy industry, health care,
education, pension system," Bloomberg quotes Interim Prime
Minister Georgi Bliznashki as saying on Sept. 30.  "Bulgaria
can't continue with political simulation and catering to
corporate interests."

The European Bank for Reconstruction and Development last month
cut its forecast for this year's economic growth to 1.5% from
1.9%, Bloomberg recounts.  A budget revision plan envisages
widening this year's deficit to 4% of gross domestic product from
1.8%, exceeding the EU limit of 3%, Bloomberg states.

The interim cabinet's budget revision, to be submitted to the
next parliament for approval, would allow the government to raise
BGN4.5 billion US$2.9 billion) of new debt, bringing the debt
level to 28.4% of output from 23% in August, Bloomberg notes.

Mr. Bliznashki, as cited by Bloomberg, said the revision is
needed to repay Corpbank's depositors and also covers cost of
flood recovery and gaps in the energy industry, as well as the
health-care and pension systems,

Corporate Commercial Bank is Bulgaria's fourth largest private
lender with total assets topping BGN7.3 billion in the first
quarter of 2014, or 8.4% of total Bulgarian private banking
assets, according to AFP.


STARA ZAGORA: S&P Affirms 'BB+' Issuer Credit Rating
----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' long-term
issuer credit rating on the Bulgarian City of Stara Zagora.  The
outlook remains positive.

Rationale

The rating on Stara Zagora is constrained by the evolving but
unbalanced institutional framework under which Bulgarian cities
operate and its weak economy with low wealth levels, by global
comparison.  Although S&P acknowledges the strengthening of the
city's budgeting procedures, it still considers financial
management to be weak due to its limited track record of tight
fiscal policy.

The rating is supported by the city's very low debt burden and
low contingent liabilities.  S&P views the city's liquidity
position as adequate.  S&P also believes that the city has
average budgetary flexibility, mostly reflecting its large degree
of autonomy to set taxes, partly offset by restricted expenditure
flexibility and average budgetary performance.

Stara Zagora's stand-alone credit profile is 'bb+', which is
equivalent to S&P's credit rating on the city.

S&P views Stara Zagora's economy as weak.  Although the city
benefits from its proximity to the largest energy complex in
Bulgaria, its economic wealth is relatively low.  S&P estimates
Bulgaria's national GDP per capita at about a modest US$7,300 in
2013, and assume that real GDP will increase at about 1.8% on
average in 2014-2016.

"Moreover, the city suffers from a declining trend in its
population that limits our assessment of its budgetary
flexibility to average.  Its large revenue-raising capacity is
counterbalanced by its aim to make the city more attractive to
residents and businesses.  Stara Zagora has the right to increase
almost all local taxes, albeit within nationally legislated
limits.  In our view, though, the city will be reluctant to raise
taxes and charges ahead of the municipal election due in late
2015, especially after increasing the property transaction tax
rate by 50% from 2014.  It also has limited leeway to reduce
spending on public services and infrastructure development.  It
has significant infrastructure needs, which it began to address
in 2013 with hefty co-financing from EU funds," S&P said.

The city's budgetary performance and liquidity are volatile, in
S&P's view.  This reflects the evolving but unbalanced
institutional framework under which Bulgarian cities operate, and
the small size of the city's budget.

"We assess the city's budgetary performance as average.  Its
operating balance is about 7% of operating revenues and we
estimate a slight deficit after capital accounts during 2012-
2016. Budgetary performance weakened noticeably in 2013 following
accelerated spending on long-awaited repair works and capital
investments, combined with stagnating revenues.  The operating
balance turned slightly negative, while the deficit after capital
accounts widened to 17.2% of total revenues.  In our base-case
scenario, however, we expect the city's financial indicators will
recover in 2014 after last year's sizable capital works are
completed, bolstered by the property transaction tax hike," S&P
said.

The city plans to deleverage by the end of the current management
term, in late 2015.  S&P expects that tax-supported debt will
decrease to a low of less than 20% of consolidated operating
revenues by year-end 2016, from about 28% in 2013.  Contingent
liabilities are low and limited to the obligations of a few
health care institutions, although they may increase following
the expected establishment of a municipal public transport
company.

S&P considers financial management to be weak, compared globally,
due to the limited track record of tight fiscal policy.
Nevertheless, S&P acknowledges that the city's budgeting and
medium-term financial planning has improved.  Over the past few
years, there have been only minor differences between planned and
actual budgetary performance.

Liquidity

S&P assess Stara Zagora's liquidity as adequate.  Although its
coverage is exceptional, with average cash on accounts now
exceeding annual debt service, liquidity remains volatile.  S&P
also views the city's access to external liquidity as limited.

S&P expects that its average cash on accounts will stay at about
Bulgarian lev (BGN) 10 million, comfortably covering debt service
falling due within the next 12 months.  S&P estimates this at
about BGN6 million.

Nevertheless, S&P expects the city's liquidity position to remain
volatile as its cash holdings are small and future exposure to
short-term debt is difficult to predict.

S&P expects a further improvement in liquidity position if the
city executes plans to decrease its exposure to short-term
funding from FLAG (Fund for Local Authorities and Governments)
from 2014. The city will use a bank guarantee to claim a larger
share of project prefinancing from the state government, which
should reduce the need for bridge financing.

Stara Zagora's access to external liquidity also remains limited
in the context of Bulgaria's relatively weak banking sector and
shallow capital market.

Outlook

The positive outlook reflects that S&P could revise its
assessment of the city's financial management upward if it
continues to adhere to a conservative financial policy with a low
debt burden.

S&P could raise the rating on the city within the next 18 months,
if, in line with its upside-case scenario, the city extends the
maturity of its debt as planned and remains committed to a modest
debt burden, as targeted in its three-year budget, with a slight
deficit after capital accounts and sound liquidity on average.

S&P could revise the outlook back to stable if the city starts to
deviate from its financial targets around the time of the
municipal election, due in autumn 2015.  Although such a
deviation would be unlikely to materially alter the city's five-
year average budgetary performance or debt burden in the short
run, it could prevent the city's financial indicators from
becoming more predictable.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity
to articulate his/her opinion.  The chair or designee reviewed
the draft report to ensure consistency with the Committee
decision. The views and the decision of the rating committee are
summarized in the above rationale and outlook.  The weighting of
all rating factors is described in the methodology used in this
rating action.

RATINGS LIST

Ratings Affirmed

Stara Zagora (City of)
Issuer Credit Rating                   BB+/Positive/--
Senior Unsecured                       BB+



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G E R M A N Y
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IVG IMMOBILIEN: Seeks Buyer for The Squaire After Insolvency Exit
-----------------------------------------------------------------
Kathrin Jones at Reuters reports that Ralf Jung, IVG Immobilien's
chief executive, said the company has started looking for a buyer
for its office and hotel building The Squaire as it seeks to
offload legacy assets after emerging from insolvency last month.

IVG became insolvent after being weighed down by debt and cost
overruns, Reuters recounts.  The Squaire, which sits perched on
top of the train station at Frankfurt airport, has been one of
its most problematic assets, Reuters notes.

"We are taking The Squaire to the market.  We have been in talks
with potential investors since September," Mr. Jung told Reuters
in an interview published on Oct. 2.

IVG spent more than EUR1 billion (US$1.3 billion) on construction
of The Squaire, but by the end of 2012, it had a book value of
only EUR800 million, Reuters discloses.  IVG has not published
more recent figures, but industry sources say the book value is
now around EUR700, Reuters relays.

As reported by the Troubled Company Reporter-Europe on Sept. 18,
2014, Reuters related that IVG Immobilien said it has emerged
from insolvency following a sweeping restructuring and a
debt-for-equity swap and is now considering options for a merger
or stock market listing.

IVG Immobilien is Germany's largest property company by assets
under management.  In total, IVG has EUR21 billion of assets
under management.



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G R E E C E
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AEOLOS SA: S&P Raises Rating on Class A Notes to 'B'
----------------------------------------------------
Standard & Poor's Ratings Services raised to 'B' from 'B-' its
credit rating on Aeolos S.A.'s class A notes.

The upgrade follows S&P's Sept. 12, 2014 upgrade of Greece
(Hellenic Republic), which acts as the guarantor of Aeolos.

S&P's current counterparty criteria link its rating on Aeolos'
class A notes to S&P's long-term sovereign rating on Greece as
the guarantor.

Therefore, following S&P's recent rating action on Greece, it has
consequently raised to 'B' from 'B-' its rating on Aeolos' class
A notes.

Aeolos is a Greek repack transaction.  The underlying collateral
consists of receivables due from The European Organisation for
the Safety of Air Navigation for the provision of air traffic
control services in Greece.


ELLAKTOR SA: S&P Assigns 'B+' Corp. Credit Rating; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+/B' long- and
short-term corporate credit ratings to Greek concessions and
construction group, Ellaktor S.A.  The outlook is stable.

The 'B+' rating on Ellaktor reflects S&P's opinion of the group's
"weak" business risk profile and "aggressive" financial risk
profile.  Ellaktor is rated one notch above the Greek sovereign
'B' rating, because the group passes our simulated sovereign
stress scenario.  The rating on Ellaktor cannot be higher than
two notches above the rating on the sovereign because Ellaktor is
considered to have "high" country risk sensitivity as a
predominantly transportation infrastructure group.

"In our opinion, Ellaktor's business risk profile is "weak,"
largely because of the group's concentrated concessions
portfolio, all based in Greece, an economic and regulatory
environment that we consider to be relatively unfavorable
compared with peers. Ellaktor's concessions business is the
group's dominant division, accounting for around two-thirds of
EBITDA, and therefore the key driver behind our assessment of the
group's overall business risk profile.  The group's concession
assets are all situated in Greece, where we consider
concessionaires to be vulnerable to the risk of traffic volume
declines.  This has been evident in recent years; traffic volumes
on the group's key toll road, Attiki Odos, dropped by 37% from
peak to trough.  Although concessionaires in peer markets, for
instance those operating in Spain, also experienced significant
traffic volume declines, albeit to a lesser extent, governments
in these peer markets shared more of the burden with operators
through greater revenue compensation and/or capital expenditure
(capex) subsidies.  Furthermore, tariff increases in these peer
markets continued throughout the cycle, while Ellaktor's tariffs
remained flat," S&P added.

"We believe Ellaktor's dual concession and construction play is
complimentary as it strengthens the group's value proposition
when tendering for large and complex projects.  Ellaktor has been
involved in the construction of most of its concession assets
from toll roads to waste management facilities.  Importantly, the
concessions business generates more stable cash flows over the
longer term.  The group has been able to diversify geographically
via its construction business by participating in projects
outside Greece, mostly in the Middle East and Greece's
neighboring Balkan countries.  We view this diversification
positively in light of the higher growth prospects in these
markets than in Greece.  We expect the proportion of construction
revenues sourced from international markets to increase, with a
rising proportion of the group's order backlog being sourced from
outside of Greece.  At the end of the first half of 2014,
international markets accounted for around half of the order
backlog compared with 35% at the end of 2010.  We also expect
Ellaktor to continue to prudently manage the pricing and
operational risks associated with participating in these
markets," S&P noted.

S&P considers Ellaktor's very high volatility of profitability to
be a weakness.  The company's EBITDA significantly declined by
44.5% from peak to trough during the sovereign crisis, due to the
sensitivity of both its concessions and construction revenues to
weak Greek economic conditions.

The "aggressive" financial risk profile reflects S&P's
expectation that both Ellaktor's funds from operations (FFO)-to-
debt and debt-to-EBITDA ratios are on a positive trajectory and
should exceed 12.0% and fall below 5.0x, respectively, within
S&P's forecast period.  S&P's assessment of Ellaktor's credit
metrics is based on the full consolidation of the group's Attiki
Odos and Moreas special-purpose vehicle (SPV) subsidiaries, and
the associated nonrecourse debt and cash in these SPVs.  This
treatment is based on S&P's view that these concession assets are
part of the group's core operations.  Additionally, the company
has a track record of providing financial support to these assets
in the past.  In S&P's adjusted debt calculation, it gives credit
to the cash in the SPVs, subject to a 25% haircut, based on S&P's
expectation that this cash will be fully available to repay the
debt in the SPVs. S&P do not give credit to any cash in excess of
the debt in the Attiki Odos SPV because this is not fully
fungible to the group. S&P gives no credit to the cash at the
corporate level as a result of Ellaktor's "weak" business risk
profile assessment.

S&P's base case assumes:

   -- Strong double-digit revenue growth in 2014 due to the
      restart of the construction of the Moreas, Aegean, and
      Olympia concession projects;

   -- EBITDA margins remaining stable, and in line with
      historical levels, at around 16.0%-18.0% over the medium
      term.

   -- Dividends remaining withheld from shareholders except the
      minority shareholders of the Attiki Odos SPV subsidiary
      over the medium term;

   -- No material mergers and acquisitions activity.

The stable outlook on Ellaktor reflects S&P's expectations that
cash balances, particularly the cash held in the group's Attiki
Odos SPV subsidiary, will remain robust to support liquidity
ratios above 1.5x.  S&P expects the group's concession earnings
to benefit from the modest recovery in Greek economic conditions,
and the group's construction arm to successfully convert its
construction backlog of around EUR3.8 billion as at June 30,
2014.

S&P could lower the rating on Ellaktor if:

   -- Its credit metrics fall to the weaker end of the
      "aggressive" financial risk profile category or lower.
      This might occur if, for example, Ellaktor posts
      FFO-to-debt of close to or less than 12.0%, or debt-to-
      EBITDA of close to or more than 5.0x, over a prolonged
      period, or fails to generate sustainably positive free
      operating cash flow. This could occur if traffic volumes on
      the group's key toll road, Attiki Odos, materially decline,
      or if the company were to face material cost overruns
      related to one of their major construction projects.

   -- The group's cash balance, particularly the cash held in the
      group's Attiki Odos SPV subsidiary, is depleted through
      material shareholder dividends or acquisitions, and
      consequently leads to deterioration in leverage, coverage,
      or liquidity metrics.

   -- The group's debt burden materially increases.

In S&P's opinion, any upside would most likely be due to a
strengthening in the group's financial risk profile rather than
its business risk profile.  S&P could raise the rating on
Ellaktor, subject to a maximum of two notches above the Greek
sovereign rating, if Ellaktor's credit metrics materially
strengthen, comfortably in line with the "significant" financial
risk profile category.  This could occur if S&P sees FFO-to-debt
and debt-to-EBITDA moving to comfortably above 20.0% and below
4.0x, respectively.  This would be subject to S&P's view that any
improvement would be sustained by a conservative financial
policy.



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WHITE TOWER 2007-1: S&P Cuts Rating on Class B Notes to 'CCC-'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
White Tower Europe 2007-1 PLC's class A and B notes.  At the same
time, S&P has affirmed its 'CCC- (sf)' ratings on the class C, D,
and E notes.

The rating actions follow S&P's review of the credit quality of
the Heron City loan under our European commercial mortgage-backed
securities (CMBS) criteria in light of the transaction's Oct.
2015 legal final maturity date.

The Heron City loan is the only remaining loan backing this
transaction.  The loan matured in Dec. 2011 and has been in
special servicing since June 2011, after it breached its loan-to-
value (LTV) ratio covenant.  A leisure and retail center in
Barcelona secures the loan.

The loan is currently in standstill, which ends in June 2015.
However, the special servicer may terminate it earlier if the the
borrower does not achieve certain milestones.

The outstanding loan balance is EUR105,736,874.

In the July 2014 investor report, the servicer reported an LTV
ratio of 281.9%, based on a Dec. 2012 valuation of EUR36.9
million.

As of the quarter ending July 2014, the property was 85.0%
occupied, an increase from the 74.8% occupancy rate in Q1 2014.
The largest tenants are Cinesa (31.9% of the total rent), Virgin
Active (16.8%), Hotel Ibis (16.0%), and Mercadona (7.8%).  The
increase in occupancy is primarily due to the new lease with
Mercadona, which opened for business during June 2014.

During the standstill period, the borrower and asset manager
renegotiated certain terms of the leases with Cinesa and Virgina
Active, which were over-rented, and completed the preconditions
needed for the signing of the Mercadona lease.  These were all
done to increase the center's use flexibility and to facilitate
the repositioning of the property into a family oriented and
proximity center.

S&P's ratings in White Tower Europe 2007-1 address timely
interest payments and principal repayments no later than the Oct.
2015 legal final maturity date.

"We have lowered our recovery expectations for the loan as we
consider that there is an increased risk of a payment default in
Oct. 2015, given the approaching legal final maturity date.  The
special servicer may not be able to sell the property in time to
allow the issuer to repay the notes by their legal final maturity
date in October 2015, in our view.  Under our rating definitions
criteria, a payment default on the legal final maturity date
would likely result in our lowering of our ratings in this
transaction to 'D (sf)'," S&P said.

Although S&P believes the borrower and asset manager have made
some efforts to reposition the property and increase its value,
S&P views the timeframe as inadequate to maximize recovery levels
in a default scenario.

S&P now considers that the class A notes are becoming more
vulnerable to principal losses from the underlying loan in S&P's
expected-case scenario.  S&P has therefore lowered its rating on
the class A notes to 'B- (sf)' from 'BB- (sf)'.

S&P believes the repayment of the class B, C, D, and E notes is
dependent upon favorable economic conditions.  Therefore, in line
with S&P's criteria for assigning 'CCC' category ratings, it has
lowered its rating on the class B notes to 'CCC- (sf)' from
'CCC (sf)' and affirmed its 'CCC- (sf)' ratings on the class C,
D, and E notes.

White Tower Europe 2007-1 closed in May 2007 and was initially
secured by six office, leisure and retail, and residential loans
in Germany, France, and Spain.

RATINGS LIST

White Tower Europe 2007-1 PLC
EUR349.55 mil commercial mortgage-backed variable- and floating-
rate notes
                                       Rating
Class      Identifier             To               From
A          XS0300055620           B- (sf)          BB- (sf)
B          XS0300056198           CCC- (sf)        CCC (sf)
C          XS0300056271           CCC- (sf)        CCC- (sf)
D          XS0300056354           CCC- (sf)        CCC- (sf)
E          XS0300056511           CCC- (sf)        CCC- (sf)



=========
I T A L Y
=========


PIAGGIO: S&P Cuts CCR to 'B+' on Declining Operating Performance
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Italian manufacturer of scooters,
motorcycles, and light transportation vehicles Piaggio & C. SpA
to 'B+' from 'BB-'.  The outlook is stable.

At the same time, S&P lowered its issue ratings on Piaggio's
EUR250 million senior unsecured loan and its notes to 'B+' from
'BB-'.  The '3' recovery ratings on this debt remain unchanged,
indicating S&P's expectation of meaningful (50%-70%) recovery in
the event of a payment default.

The downgrade reflects S&P's view that Piaggio is unlikely to
improve its credit ratios from their lows in 2013 and that the
company's declining market shares are weakening its business risk
profile.

S&P forecasts that Piaggio's funds from operations (FFO)-to-debt
and debt-to-EBITDA ratios will stay close to 12% and 5x,
respectively, in the next 18 months, versus S&P's previous
expectation of an improvement.  Piaggio has stabilized its
European operations but, contrary to S&P's expectations, its
activity in Vietnam and India has deteriorated, owing to a
combination of tough market conditions, eroding market shares,
and weakening currencies.

In S&P's forecasts, it assumes that Piaggio's results will
improve during the second half of 2014 thanks to a rebound in
India, where the three-wheeler market has been growing since
May 2014 and the rupee is appreciating relative to the euro.
Still, S&P thinks that Piaggio's overall operating environment
will remain structurally more difficult and S&P therefore do not
anticipate a substantial rise in EBITDA in the next two years.

The stable outlook reflects S&P's view that Piaggio's performance
in emerging markets will gradually improve, enabling the company
to stabilize its adjusted EBITDA over time.  S&P also factors in
its view that Piaggio will contain the recent erosion in its
market share and maintain "adequate" liquidity, with sufficient
headroom under its covenants.

S&P could lower the ratings on Piaggio if its adjusted credit
metrics departed from the levels we regard as commensurate with
the ratings, namely an FFO-to-debt ratio of about 12% and a debt-
to-EBITDA ratio of approximately 5x.  Such a scenario could
unfold if, for instance, Piaggio was unable to stop the erosion
of its earnings in emerging markets or if Western Europe resumed
its contraction.  In such a case, S&P would revise Piaggio's
financial risk profile downward to "highly leveraged" from
"aggressive" currently.  S&P may also lower the ratings if it
perceived a sustained deterioration in Piaggio's business risk
profile, as shown by a continued decline in market shares or an
inability to maintain a steady EBITDA margin.  Lastly, S&P would
also lower the ratings if liquidity weakened.

S&P could raise the ratings on Piaggio if its FFO-to-debt and
debt-to-EBITDA ratios returned to ranges between 12%-20% and 4x-
5x, respectively, on a sustainable basis.  This could occur if
Piaggio's revenues started to expand again, both in Western
Europe and in emerging markets, while maintaining good
profitability.  A positive rating action would also hinge on the
company's ability to generate positive FOCF.



===================
K A Z A K H S T A N
===================


EURASIAN NATURAL: S&P Puts 'B' CCR on CreditWatch Negative
----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B/B' long- and
short-term corporate credit ratings on Kazakh mining company
Eurasian Natural Resources Corp. Ltd. (ENRC) on CreditWatch with
negative implications.

The CreditWatch placement follows a significant iron ore price
decline in 2014 and S&P's revision of its iron ore price
assumptions for the rest of the year and for 2015-2016.  S&P now
expects prices to stabilize at around US$85 per metric ton (/mt)
62% CFR China, US$10 lower than S&P's previous assumption.  S&P
is aware that prices may decline further, with the current iron
ore spot price at about US$80/mt.

S&P anticipates that the weaker profitability of ENRC's iron ore
segment will dampen overall earnings.  S&P now estimates 2014
EBITDA at around US$1.5 billion, roughly US$300 million less than
in 2013.

S&P's assessment incorporates the increased leverage of the
group's capital structure due to the borrowings associated with
the leveraged buyout of ENRC by Eurasian Resources Group (ERG) in
December last year.  Total group debt approached US$8 billion at
year-end 2013.  S&P previously expected that ERG would adopt and
pursue a debt-reduction strategy, allowing it to deleverage and
supporting credit metrics.  However, the management of ENRC has
not yet communicated to us any success in deleveraging.  S&P
anticipates that pro forma Standard & Poor's-adjusted group debt
to EBITDA might be over 5x by year-end 2014, compared with 4.4x
at year-end 2013.

Additionally, S&P's assessment of ENRC's financial risk profile
continues to be constrained by the risks related to an
investigation by the U.K.'s Serious Fraud Office.

S&P previously assessed ENRC's liquidity as "less than adequate."
S&P currently do not have sufficient information to conduct the
analysis of ENRC's current liquidity position.  S&P now
understands that there is a high probability of the company
breaching its financial covenants in 2014 due to weaker EBITDA
generation.  S&P assumes that this might negatively affect ENRC's
support from Sberbank and VTB Bank that S&P factored into its
analysis previously.  If these risks or any other risks to
liquidity materialize, S&P will revise its assessment of
liquidity to "weak."

S&P will resolve the CreditWatch placement within the next few
weeks, after it evaluates the impact of lower iron ore prices on
ENRC's credit metrics and liquidity, and any mitigating actions
from the group's management.

S&P will lower the rating if it revises its assessment of ENRC's
liquidity down to "weak" or if S&P considers that its pro forma
adjusted debt-to-EBITDA ratio is likely to exceed 5x, combined
with a significant weakening of its cash flows.  S&P will also
consider a negative rating action or a suspension of the rating
if S&P do not receive financial information from ENRC for the
first half of 2014 as well as an update on its liquidity
position, the lack of which would impair S&P's surveillance of
the rating.


KAZAKHTELECOM: S&P Revises Outlook to Positive & Affirms 'BB' CCR
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Kazakhtelecom JSC to positive and affirmed the 'BB' long-term
corporate credit rating.  S&P also raised the national scale
rating on Kazakhtelecom to 'kzA+' from 'kzA'.

The outlook revision reflects that S&P could revise its
assessment on Kazakhtelecom's management and governance to "fair"
from "weak" if the company were to adhere to its recently
approved strategy for its mobile business.  This improved
assessment would also depend upon higher predictability in its
business and financial decisions, which S&P thinks the company
could achieve if it sticks to this strategy.

Kazakhtelecom is currently rolling out a nationwide 4G network,
which will require meaningful investment.  In S&P's base-case
scenario, it assumes that this will result in just a moderate
leverage increase for the company, which could remain
commensurate with a higher rating.  However, based on its track
record, S&P still sees a risk that the company's capital spending
might become more aggressive, and, more importantly, that it
could engage in this long-term project without fully securing
long-term financing. S&P could raise the rating if the company
demonstrates more prudent investment and financial management, in
line with its strategy.

S&P believes that it will be fairly difficult for Kazakhtelecom
to win a meaningful share of the 4G market over the next three
years. The company's performance in the core fixed-line business
has been historically volatile, notably in terms of
profitability. Kazakhtelecom's public policy role requires it at
times to invest in projects with low profitability or long
payback periods.  Over the past several years, Kazakhtelecom has
maintained a fairly high investment budget compared with its
actual business requirements, and in 2012-2013 the company took
steps to stabilize its operating performance.  However, certain
constraints, such as the inability to meaningfully reduce its
headcount, still negatively affects the overall business risk
score.

The positive outlook reflects the likelihood that S&P will raise
the rating on Kazakhtelecom to 'BB+' if it was to revise its
assessment of its management and governance to "fair" from
"weak".

The upgrade would also be dependent upon Kazakhtelecom's credit
metrics remaining at moderate levels, including a ratio of
Standard & Poor's-adjusted debt to EBITDA of below 2x, and
maintenance of adequate liquidity.  Operating performance would
also have to remain within the boundaries of S&P's base-case
scenario, notably in terms of profitability.

S&P could revise the outlook to stable if it saw no progress in
management and governance, or if Kazakhtelecom's debt leverage
were to increase well above S&P's base-case scenario expectations
as a result of higher investments or extraordinary dividend
distribution.



===================
L U X E M B O U R G
===================


ESPIRITO SANTO: Court Denies Creditor Protection Request
--------------------------------------------------------
Patricia Kowsmann at The Wall Street Journal reports that
Espirito Santo Financial Group SA on Friday said a Luxembourg
court has denied a creditor-protection request from troubled
company and its unit Espirito Santo Financiere SA.

Espirito Santo Financial Group's most prized asset was 20% of
Portugal's Banco Espirito Santo SA, which had to be broken up and
rescued by Portuguese authorities in early August amid record
losses at the lender, the Journal discloses.  Following the
rescue, the bank's shares became practically worthless, the
Journal states.

According to the Journal, in a statement, Espirito Santo
Financial Group said given the solution found for Banco Espirito
Santo, "the court concluded that a restructuring of Espirito
Santo Financial Group and [its unit] Espirito Santo Financiere SA
was impossible and that a gestion controlee would not benefit the
creditors regarding the orderly realization of ESFG and ESFIL's
respective assets."

The court's decision opens the door for a quick sale of the
companies' assets to repay creditors, the Journal says.

The Luxembourg court is expected to rule on whether it accepts or
denies both companies' requests in the next few weeks, the
Journal notes.

Espirito Santo Financial Group's shares have been halted from
trading in Lisbon since July 10, when the company said it was
assessing the impact of troubles at Espirito Santo International
SA, which owns 49% of the financial group, the Journal recounts.

                      About Espirito Santo

Espirito Santo Financial Group SA is the owner of about 20% of
Banco Espirito Santo SA.

Banco Espirito Santo is a private Portuguese bank based in
Lisbon, Portugal.

In August 2014, Banco Espirito Santo was split into "good"
and "bad" banks as part of a EUR4.9 billion rescue of the
distressed Portuguese lender that protects taxpayers and senior
creditors but leaves shareholders and junior bondholders holding
only toxic assets.  A total of EUR4.9 billion in fresh capital is
being injected into this "good bank", which will subsequently be
offered for sale.  It has been renamed "Novo Banco", meaning new
bank, and will include all BES's branches, workers, deposits and
healthy credit portfolios.

Also in August 2014, Espirito Santo Financial Portugal, a unit
fully owned by Espirito Santo Financial Group, filed under
Portuguese corporate insolvency and recovery code.

In August 2014, Espirito Santo Financiere SA, another entity of
troubled Portuguese conglomerate Espirito Santo International SA,
filed for creditor protection in Luxembourg.

In July 2014, Portuguese conglomerate Espirito Santo
International SA filed for creditor protection in a Luxembourg
court, saying it is unable to meet its debt obligations.


MINERVA LUXEMBOURG: Fitch Affirms Then Withdraws 'BB-' IDRs
-----------------------------------------------------------
Fitch Ratings has affirmed the international ratings of Minerva
S.A. at 'BB-' with a Stable Outlook.

Fitch has also affirmed and withdrawn Minerva Luxembourg S.A
Issuer Default Ratings (IDRs) because it is a special purpose
company and its ratings are no longer considered by Fitch to be
relevant to the agency's coverage.

Key Rating Drivers:

Industry Fundamentals

The fundamentals of the Brazilian beef industry remain positive
due to the low cost structure, potential productivity gains and
revenue momentum derived from strong international demand, which
accounts for around 70% of Minerva's sales. In July 2014, China
removed its embargo of Brazilian beef, which will benefit
companies such as Minerva that have export capacity. This
positive trend is mitigated by high cattle prices and the
slowdown of the Brazilian economy. Therefore, Fitch expects more
pressure on the EBITDA margin in 2015 for the main players in the
industry.

Expansion-Oriented:
Minerva completed several bolt-on acquisitions that will increase
its production capacity by about 38% and improve operating cash
flow in 2015. In early 2014, the company acquired a
slaughterhouse in Janauba, Minas Gerais, for BRL40 million and
concluded the acquisition of Frigorifico Matadero Carrasco S.A.
in Uruguay for USD37 million. Minerva is also acquiring two
plants from BRF in Mato Grosso State through an equity financed
transaction that will result in BRF (IDR 'BBB-'/Stable Outlook)
having a 15.2% stake in Minerva and two board members.

Strong Growth Due to Several Factors:

Minerva reported improving revenues and EBITDA in second-quarter
2014. Minerva's net revenue reached BRL1.7 billion, which is 25%
higher than in the second-quarter of 2013. During the same
period, Minerva's EBITDA increased 33% year over year. LTM EBITDA
margins for the period ended June 30, 2014 was 10.9%, up 20 bps
over the same period in 2013. This growth was fueled by the
aforementioned expansion. Minerva also enjoyed strong beef price
increases in the domestic market. During the second-quarter 2014,
export market revenues increased by 28% year over year.

Improved Credit Metrics:

Fitch expects Minerva's free cash flow to be negative in 2014 due
to recent acquisitions but its net debt to EBITDA ratio to
decease to below 3x by 2015 (3.4x in FYE13) due to the ramp-up of
profitability from the new plants acquired.

Product, Country Concentration Risks:

Minerva is less diversified from a product and geographic
position than two other large protein companies based in Brazil,
JBS S.A. and Marfrig S.A. Minerva's operations are highly focused
on beef production. With its large export presence, the company's
profitability is also closely tied to the exchange rate
variations. Among the significant risks faced by the company are
a downturn in the economy of a given export market, the
imposition of increased tariffs or commercial or sanitary
barriers, and strikes or other events that may affect the
availability of ports and transportation.

Rating Sensitivities

The rating is considered solid to strong in the category. A
negative rating action could occur as a result of a sharp
contraction of the Minerva's performance, increased net leverage
as a result of either a large debt-financed acquisition or asset
purchases, or as a result of a severe operational deterioration
due to disruptions in exports.

A positive rating action could be triggered by additional
geographic and protein diversification and/or a material decrease
in gross and net leverage.

Fitch has taken the following rating actions:

Minerva S.A.:

-- Local Currency IDR affirmed at 'BB-';
-- Foreign currency IDR affirmed at 'BB-';
-- National scale rating affirmed at 'A-(bra)'.

Minerva Luxembourg S.A.:

-- Local currency IDR affirmed and withdrawn at 'BB-';
-- Foreign currency IDR affirmed and withdrawn at 'BB-';
-- Senior unsecured notes due in 2017, 2019, 2022 and 2023
    affirmed at 'BB-';
-- Perpetual notes affirmed at 'BB-'.

The Rating Outlook for the corporate ratings is Stable.



=====================
N E T H E R L A N D S
=====================


CONTEGO CLO II: Moody's Assigns '(P)B2' Rating to Class F Notes
---------------------------------------------------------------
Moody's Investors Service assigned the following provisional
ratings to notes to be issued by Contego CLO II B.V.:

EUR209,500,000 Class A Senior Secured Floating Rate Notes due
2026, Assigned (P)Aaa (sf)

EUR37,600,000 Class B Senior Secured Floating Rate Notes due
2026, Assigned (P)Aa2 (sf)

EUR24,250,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2026, Assigned (P)A2 (sf)

EUR16,250,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2026, Assigned (P)Baa2 (sf)

EUR23,400,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2026, Assigned (P)Ba2 (sf)

EUR10,800,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2026, Assigned (P)B2 (sf)

Moody's issues provisional ratings in advance of the final sale
of financial instruments, but these ratings only represent
Moody's preliminary credit opinions. Upon a conclusive review of
a transaction and associated documentation, Moody's will endeavor
to assign definitive ratings. A definitive rating (if any) may
differ from a provisional rating.

Ratings Rationale

Moody's provisional rating of the rated notes addresses the
expected loss posed to noteholders by legal final maturity of the
notes in 2026. The provisional ratings reflect the risks due to
defaults on the underlying portfolio of loans given the
characteristics and eligibility criteria of the constituent
assets, the relevant portfolio tests and covenants as well as the
transaction's capital and legal structure. Furthermore, Moody's
is of the opinion that the collateral manager, N.M. Rothschild &
Sons Limited ("Rothschild "), has sufficient experience and
operational capacity and is capable of managing this CLO.

Contego CLO II is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior loans and up to 10% of
the portfolio may consist of unsecured senior loans, second-lien
loans and mezzanine loans. The portfolio is expected to be 70%
ramped up as of the closing date and to be comprised
predominantly of corporate loans to obligors domiciled in Western
Europe. The remainder of the portfolio will be acquired during
the six month ramp-up period in compliance with the portfolio
guidelines.

Rothschild will manage the CLO. It will direct the selection,
acquisition and disposition of collateral on behalf of the Issuer
and may engage in trading activity, including discretionary
trading, during the transaction's four-year reinvestment period.
Thereafter, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk obligations, and are subject to certain restrictions.

In addition to the six classes of notes rated by Moody's, the
Issuer will issue EUR 37,500,000 of subordinated notes. Moody's
has not assigned rating to this class of notes.

The transaction incorporates interest and par coverage tests
which, if triggered, divert interest and principal proceeds to
pay down the notes in order of seniority.

Factors that would lead to an upgrade or downgrade of the rating:

The rated notes' performance is subject to uncertainty. The
notes' performance is sensitive to the performance of the
underlying portfolio, which in turn depends on economic and
credit conditions that may change. Rothschild's investment
decisions and management of the transaction will also affect the
notes' performance.

Loss and Cash Flow Analysis:

Moody's modeled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published in
February 2014. The cash flow model evaluates all default
scenarios that are then weighted considering the probabilities of
the binomial distribution assumed for the portfolio default rate.
In each default scenario, the corresponding loss for each class
of notes is calculated given the incoming cash flows from the
assets and the outgoing payments to third parties and
noteholders. Therefore, the expected loss or EL for each tranche
is the sum product of (i) the probability of occurrence of each
default scenario and (ii) the loss derived from the cash flow
model in each default scenario for each tranche.

Moody's used the following base-case modeling assumptions:

Par Amount: EUR350,000,000

Diversity Score: 35

Weighted Average Rating Factor (WARF): 2800

Weighted Average Spread (WAS): 3.70%

Weighted Average Coupon (WAC): 6.00%

Weighted Average Recovery Rate (WARR): 44.5%

Weighted Average Life (WAL): 8 years.

As part of the base case, Moody's has addressed the potential
exposure to obligors domiciled in countries with local currency
country risk ceiling (LCC) of A1 or below. As per the portfolio
constraints, exposures to countries with foreign currency
government bond rating of A3 or below cannot exceed 10%, with
exposures to countries foreign with currency government bond
rating of Baa3 further limited to 5%. Following the effective
date, and given these portfolio constraints and the current
sovereign ratings of eligible countries, the total exposure to
countries with a LCC of A1 or below may not exceed 10% of the
total portfolio. As a worst case scenario, a maximum 5% of the
pool would be domiciled in countries with LCC of A3 and 5% in
countries with LCC of Baa3. The remainder of the pool will be
domiciled in countries which currently have a LCC of Aa3 and
above. Given this portfolio composition, the model was run with
different target par amounts depending on the target rating of
each class of notes as further described in the methodology. The
portfolio haircuts are a function of the exposure size to
peripheral countries and the target ratings of the rated notes
and amount to 0.75% for the Class A notes, 0.50% for the Class B
notes, 0.375% for the Class C notes and 0% for Classes D, E and
F.

Stress Scenarios:

Together with the set of modelling assumptions above, Moody's
conducted an additional sensitivity analysis, which was an
important component in determining the provisional rating
assigned to the rated notes. This sensitivity analysis includes
increased default probability relative to the base case. Below is
a summary of the impact of an increase in default probability
(expressed in terms of WARF level) on each of the rated notes
(shown in terms of the number of notch difference versus the
current model output, whereby a negative difference corresponds
to higher expected losses), holding all other factors equal:

Percentage Change in WARF: WARF + 15% (to 3220 from 2800)

Ratings Impact in Rating Notches:

Class A Senior Secured Floating Rate Notes: 0

Class B Senior Secured Floating Rate Notes: -1

Class C Senior Secured Deferrable Floating Rate Notes: -2

Class D Senior Secured Deferrable Floating Rate Notes: -2

Class E Senior Secured Deferrable Floating Rate Notes: -1

Class F Senior Secured Deferrable Floating Rate Notes: 0

Percentage Change in WARF: WARF +30% (to 3640 from 2800)

Class A Senior Secured Floating Rate Notes: -1

Class B Senior Secured Floating Rate Notes: -3

Class C Senior Secured Deferrable Floating Rate Notes: -3

Class D Senior Secured Deferrable Floating Rate Notes: -2

Class E Senior Secured Deferrable Floating Rate Notes: -1

Class F Senior Secured Deferrable Floating Rate Notes: -2

Further details regarding Moody's analysis of this transaction
may be found in the upcoming pre-sale report, available soon on
Moodys.com.

Methodology Underlying the Rating Action:

The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
February 2014.


CONTEGO CLO II: Fitch Assigns 'B-(EXP)sf' Rating to Class F Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Contego CLO II B.V. notes expected
ratings, as follows:

Class A: 'AAA(EXP)sf'; Outlook Stable
Class B: 'AA+(EXP)sf'; Outlook Stable
Class C: 'A(EXP)sf'; Outlook Stable
Class D: 'BBB(EXP)sf'; Outlook Stable
Class E: 'BB(EXP)sf'; Outlook Stable
Class F: 'B-(EXP)sf'; Outlook Stable
Subordinated notes: not rated

The assignment of the final ratings is contingent on the receipt
of final documents conforming to information already reviewed.

Contego CLO II B.V. is an arbitrage cash flow collateralized loan
obligation (CLO).

KEY RATING DRIVERS

'B'/'B-' Portfolio Credit Quality
Fitch expects the average credit quality of obligors to be in the
'B'/'B-' range. The agency has credit opinions and public ratings
on 91.2% and 6.9%, respectively, of the identified portfolio.
Only one asset is not rated by Fitch. The Fitch-weighted average
rating factor (WARF) of the portfolio is 32.7% for the ratings,
compared with covenanted maximum of 33.5%.

High Recovery Expectations
At least 90% of the portfolio will comprise senior secured loans.
Recovery prospects for these assets are typically more favorable
than for second-lien, unsecured, and mezzanine assets. Fitch has
assigned Recovery Ratings to 98.1% of the identified portfolio.
The Fitch-weighted average recovery rate (WARR) of the identified
portfolio is 73%, compared with the covenanted minimum of 68%.

Payment Frequency Switch
The notes pay quarterly, while the portfolio assets can reset to
semi-annual. The transaction has an interest-smoothing account,
but no liquidity facility. A liquidity stress for the non-
deferrable class A and B notes, stemming from a large proportion
of assets resetting to semi-annual in any one quarter, is
addressed by switching the payment frequency on the notes to
semi-annual, subject to certain conditions.

Limited Interest Rate Risk
Fixed-rate assets cannot exceed 2.5% of the portfolio, while the
liabilities pay floating-rate. Consequently, the impact of
unhedged interest rate risk caused by the exposure to these
assets is small.

Low Weighted Average Spread
The asset manager has indicated the expected minimum weighted
average spread test will be 3.7% as of the closing date.

TRANSACTION SUMMARY

Net proceeds from the note issue will be used to purchase a
EUR350m portfolio of mostly European leveraged loans. The
portfolio will be managed by N.M. Rothschild & Sons Limited. The
transaction will have a four-year re-investment period scheduled
to end in 2018.

The transaction documents may be amended subject to rating agency
confirmation or noteholder approval. Where rating agency
confirmation relates to risk factors, Fitch will analyze the
proposed change and may provide a rating action commentary if the
change has a negative impact on the ratings. Such amendments may
delay the repayment of the notes as long as Fitch's analysis
confirms the expected repayment of principal at the legal final
maturity.

If in the agency's opinion the amendment is risk-neutral from a
rating perspective Fitch may decline to comment. Noteholders
should be aware that confirmation is considered to be given if
Fitch declines to comment.

Rating Sensitivities

A 25% increase in the obligor default probability would lead to a
downgrade of up to three notches for the rated notes.

A 25% reduction in expected recovery rates would lead to a
downgrade of up to four notches for the rated notes.



===============
P O R T U G A L
===============


PARPUBLICA: S&P Raises Rating to 'BB'; Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on state-
owned holding company Portugal-based PARPUBLICA -- Participacoes
Publicas (SGPS) S.A. to 'BB' from 'B'.

The upgrade of PARPUBLICA reflects Portugal's implementation of
its new framework law 133/2013 for state-owned enterprises and,
in particular, the government's integration of PARPUBLICA into
its scope of consolidation in accordance with the European System
of National and Regional Accounts (ESA 2010).  S&P thinks these
two factors combined raise the likelihood of the Portuguese
government's (Republic of Portugal, unsolicited BB/Stable/B)
extraordinary support to PARPUBLICA if needed.  S&P now view the
likelihood of the Portuguese government's timely and sufficient
extraordinary support to PARPUBLICA in the event of financial
distress as almost certain, up from very high previously.
Moreover, S&P has revised PARPUBLICA's stand-alone credit profile
upward to 'ccc+' from 'ccc', reflecting S&P's opinion that the
risk of a liquidity event during the next 12 months has subsided.

Wholly owned by the Portuguese government, PARPUBLICA has
investments in operating subsidiaries and a portfolio of real
estate assets.  It has executed several successful
privatizations, and the government generally uses most of the
privatization receipts to reduce its debt burden.

In accordance with S&P's criteria for government-related entities
(GREs), including PARPUBLICA, S&P bases its view of an almost
certain likelihood of extraordinary government support on S&P's
assessment of PARPUBLICA's critical role for and integral link
with the Portuguese government.

PARPUBLICA's role is critical since it holds, manages, and
privatizes major stakes on behalf of the government.  S&P
believes that as such, PARPUBLICA provides a key public service
that a private entity could not readily undertake and that the
government itself would likely conduct if PARPUBLICA ceased to
exist or was at some point absorbed into one of the government's
ministries.

In addition, the government has indicated that PARPUBLICA is
among the entities that it will include in its consolidation
scope under its 2015 budget (Direcao Geral do Orcamento, Circular
1376 - Atualizacao listagem entidades, 21/08/2014).  S&P believes
that the impact of PARPUBLICA  within the government's
consolidation scope will likely benefit the government's balance
sheet -- in net terms -- given that PARPUBLICA's outstanding
state receivables exceed its outstanding debt.  PARPUBLICA has
also disclosed the upcoming change in consolidation scope in its
first-half 2014 report.  The report confirms the company's
adoption of internal procedures in line with public accounting
rules and systems, which is already modifying the process of the
preparation of PARPUBLICA's 2015 budget (PARPUBLICA (SGPS) S.A.,
Relatorio de Gestao, 1. Semestre de 2014).

S&P considers that PARPUBLICA has an integral link with the
Portuguese government, its full owner, and S&P believes that
Parpublica is, in the context of the government's policies,
essentially an arm of the government.  The government has a track
record of sticking to its policy of providing support to its GREs
in all circumstances, as evidenced by its timely and full
servicing of GRE debt.  The government has extended such support
to PARPUBLICA, despite its weak liquidity and in absence of an
explicit and timely guarantee for its debt.  The government
determines PARPUBLICA's strategy and makes its key budgetary
decisions, while maintaining tight control of the company so that
it carries out its public policy role.

Although the government does not provide an explicit and timely
guarantee for PARPUBLICA's debt, it is subject to article 501 of
the Portuguese Companies Code, which indicates that a parent --
in this case the government -- is legally responsible for the
liabilities of its fully-owned subsidiaries.  S&P understands
that the statute may provide a means for creditors of the
subsidiary to make claims against the parent from 30 days after
the subsidiary defaults, which would likely support recovery
prospects.

S&P believes that the link between the government and PARPUBLICA
is reinforced by the implementation of the framework law 133/2013
for state-owned enterprises.  Moreover, including PARPUBLICA in
the government's consolidation scope implies regular and
comprehensive reporting by the company to the government for
budgetary purposes that is more extensive than what was done in
the past.

The framework law 133/2013 includes a set of changes, including
the Ministry of Finance's enhanced shareholder role and tighter
rules on organization and governance, as well as on oversight and
control.  The enhanced shareholder role includes:

   -- Setting guidelines for corporate activities and setting
      goals and targets--mainly financial and economic--for
      three-year periods; and

   -- Proposing, appointing, and dismissing members of corporate
      and statutory bodies, in accordance with the voting rights
      or equity held by the entity vested with shareholder powers
      and under the provisions of the Companies Code on public
      limited companies.

The law also sets rules on debt limits of Portugal's generally
heavily indebted state-owned enterprises to control all public-
sector debt.  At the same time, S&P understands these
enterprises' indebtedness is now subject to specific limits for
long-term debt and derivative instruments.  The law also
stipulates that all financing operations must be reported to the
State Debt Management Authority, regardless of their maturity
terms.

"We have revised our stand-alone credit profile (SACP) for
PARPUBLICA upward to 'ccc+' from 'ccc' to reflect our view that
the likelihood that it would default in the next 12 months has
diminished owing to its improved liquidity.  To a lesser extent,
we also factor in the debt reduction we have observed in recent
years, with a decrease exceeding EUR500 million in 2013.  The
SACP is still constrained by our view of PARPUBLICA's weak
portfolio characteristics, including its geographic concentration
of assets in Portugal, as well as its limited financial
flexibility.  The company remains highly leveraged and reported
debt in excess of EUR4 billion at holding-company level on
June 30, 2014.  We foresee decreasing future dividends from
shareholdings because PARPUBLICA's portfolio of remaining assets
shrunk considerably after its recent string of assets sales.  On
the same date, we understand PARPUBLICA had approximately EUR4.2
billion in government receivables.  This figure could decrease if
the government continues to transfer additional state assets to
PARPUBLICA to offset some of these receivables." S&P said.

S&P thinks PARPUBLICA's privatizations will continue following
completion of the sale of postal company CTT - Correios de
Portugal, S.A. Waste management company EGF - Empresa Geral do
Fomento, S.A. will likely be sold in the next few months for
about EUR150 million, S&P understands.  However, S&P believes
that the largest and most profitable government shareholdings
have now already been privatized and therefore anticipate
decreasing proceeds from asset sales.

S&P notes that in June 2014, the company issued a five-year
private placement of EUR750 million with Caixa Geral de Depositos
to repay its commercial paper with this bank.  The refinancing of
the commercial paper into long-term funding improves the
company's maturity profile.

S&P also notes that PARPUBLICA has EUR885 million of exchangeable
bonds due in 2017 with a put option allowing investors early
redemption of the principal on Sept. 28, 2015.  However, S&P
excludes this put option in its liquidity calculation based on
the low likelihood it sees that investors would exercise it.

The stable outlook on PARPUBLICA reflects that on Portugal.

S&P could lower the rating on PARPUBLICA if it downgrades
Portugal.  S&P could also lower the rating if, in its view, the
government weakens its stance on potential extraordinary support
to the company.  S&P do not expect either of these scenarios in
its current base case.

S&P could raise the rating on PARPUBLICA if it upgrades Portugal.



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DOMODEDOVO INT'L: S&P Assigns 'BB+' CCR; Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+/B' long- and
short-term corporate credit ratings to Domodedovo International
Airport CJSC (ZAO MAD), an operating subsidiary of Russian
airport operator DME Ltd. (DME).  The outlook is stable.

At the same time, S&P affirmed its 'BB+/B' long- and short-term
corporate credit ratings on DME and its fully owned subsidiary
Hacienda Investments Ltd. (Hacienda).

In addition, S&P affirmed its 'BB+' issue rating on the loan
participation notes issued by special-purpose vehicle (SPV) DME
Airport Ltd.  The pass-through loan has a recovery rating of '3',
indicating S&P's expectation of meaningful (50%-70%) recovery in
the event of a payment default.

The long-term rating on ZAO MAD reflects that on DME, because S&P
sees ZAO MAD as being a core subsidiary of its parent.  S&P bases
this view on the fact that ZAO MAD is 100% owned by DME and that
ZAO MAD serves as a guarantor for the group's liabilities under
the syndicated loan facility and the eurobond issue.  Eurobond
documentation stipulates the cross-default of liabilities.

Furthermore, ZAO MAD is the holder of the airport concession from
the Russian Government.  S&P therefore believes that ZAO MAD is
closely integrated with DME.  S&P views the entity as being core
to the operations of DME and its remaining subsidiaries, as well
as to the future of the group's strategy.

S&P currently do not anticipate that the parent-subsidiary
relationship between ZAO MAD and DME will change in the short to
medium term.  That said, any change in S&P's view of ZAO MAD's
status within the DME group may prompt S&P to reassess its
current approach of ratings equalization.

Similarly, S&P considers Hacienda to be a core entity to its
parent and integral to its operations, because Hacienda is 100%
owned by DME and, along with other group entities, DME guarantees
all of Hacienda's debt.  Moreover, Hacienda is the holding
company of DME's major assets like the passenger terminal, which
it rents to other group operating subsidiaries, and there are
significant intragroup cash flows between Hacienda and DME.  DME
continues to make substantial investments in assets held by
Hacienda, and S&P believes that a default at Hacienda would
impair DME's access to capital markets, which to S&P highlights
the entities' close association.

The 'BB+' rating on DME is derived from S&P's anchor of 'bbb-',
reflecting its assessment of the company's "fair" business risk
profile, "modest" financial risk profile, and a one-notch
downward adjustment for S&P's comparable rating analysis
modifier, capturing some additional country and regulatory risks
that are not reflected in the anchor.

S&P's assessment of DME's business risk profile as "fair"
reflects DME's position as the operator of Russia's largest
airport, Domodedovo, having served 30.8 million passengers in
2013 and the robust inherent demand for air travel in Russia with
high promise for further growth.  Furthermore, the airport's
favorable asset infrastructure setup, with the highest runway
capacity among Moscow airports in S&P's view makes it best suited
to capture growth in passenger volumes.  At the same time, S&P's
assessment highlights the overhang of substantial legal and
regulatory risks in the group's operating environment because of
the strategic nature of the asset it operates.

Over 2015-2018, DME plans to spend approximately Russian ruble
(RUB) 70 billion on upgrading and expanding the existing
terminal, as well as on constructing several additional
terminals, a new car park, a new cargo terminal, and power
generation facilities.  S&P projects a core ratio of Standard &
Poor's-adjusted funds from operations (FFO) to debt at 45%-60%
for 2016.  Therefore, S&P has revised its assessment of DME's
financial risk profile to "modest" from "minimal," reflecting its
view that the group's sizable capital expenditure (capex) plan
for 2015-2018 will lead to negative free operating cash flow on
the back of substantial investments and a consequent
deterioration in credit ratios during this period.

S&P's base-case assumptions for DME include:

   -- GDP growth in Russia of 0.3% in 2014 and 1.1% in 2015.

   -- Consumer prices index growth in Russia of 7.5% in 2014 and
      6.5% in 2015.  DME's ability to increase tariffs is largely
      tied to the inflation rate.

   -- Passenger volume growth in the 2%-4% range per year in
      2014-2016.

   -- Continued sizable dividend payments throughout S&P's
      forecast period.

   -- Increasing capex in 2014-2016 as construction of a number
      of projects, including the new terminal building and car
      park, picks up pace.  S&P expects DME to spend around RUB40
      billion in this period if it can secure the necessary
      financing.

Based on these assumptions, S&P arrives at these credit measures:

   -- An adjusted EBITDA margin of about 34%-36% in 2014 and
      about 36%-38% in 2015;

   -- Weighted-average adjusted FFO to debt of about 72%; and

   -- Weighted-average adjusted FFO interest coverage of about
      12x.

Under S&P's base case, it sees DME's weighted-average ratios
weakening over the next five years and the weighted-average ratio
of FFO to debt declining to below 60% in 2016.  S&P has therefore
used the supplementary ratio, FFO cash interest coverage, to
adjust the financial risk profile down by one category to
"modest" from "minimal" to reflect the downward trend in ratios.
The stable outlooks on ZAO MAD and Hacienda reflect the stable
outlook on their parent, DME.  They also reflect S&P's assumption
that these entities will remain core subsidiaries of DME and will
remain closely integrated in the group's operations; in ZAO MAD's
case, this means continuing to hold of all of the group's major
assets.

S&P would likely revise its ratings on ZAO MAD and Hacienda if it
revises the rating on DME.

In addition, a material change in the parent-subsidiary
relationships between ZAO MAD and Hacienda and DME -- which S&P
currently do not anticipate -- could cause S&P to change its
current approach of ratings equalization.

The stable outlook on DME reflects S&P's view that for at least
the next two years the group will continue its capital investment
program to upgrade its airport assets, and use debt to partially
fund this.  However, in S&P's base case, despite the high capex,
adjusted FFO to debt will remain above 45%.  S&P anticipates that
liquidity will remain "adequate" over the 12 months from June
2014, with sources of cash exceeding uses of cash by at least
1.2x.

S&P would consider lowering the ratings on DME if it feel that
its financial risk profile has weakened and if its core ratio of
FFO to debt falls to below 45%.

A weakening of the financial risk profile could occur if, for
example, the company decides to fully implement its ambitious
capex plans and fully finance these with new debt, while at the
same time maintaining the high levels of dividend payments
throughout the investment period.

S&P could also consider lowering the rating if there were adverse
regulatory changes, increased operational risk, or a change in
financial policy, including more aggressive shareholder
distributions than S&P currently anticipates.

"We view the likelihood of an upgrade as limited in the short
term, due to the political and regulatory risks inherent in the
industry and the country risks associated with doing business in
Russia.  However, we could consider an upgrade if we gain more
clarity as to how the company is managing these risks, and if we
revise our assessment of its business risk profile upward to
"satisfactory."  An upgrade would also be dependent on DME
enhancing its corporate governance practices to a level we view
as commensurate with an investment-grade rating.  This could take
some time, in our view," S&P said.


KRAYINVESTBANK: S&P Lowers Counterparty Credit Rating to 'B'
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term counterparty credit rating on Russia-based
Krayinvestbank to 'B' from 'B+' and affirmed the 'B' short-term
counterparty credit rating.  The outlook is stable.

At the same time, S&P lowered the Russia national scale rating on
Krayinvestbank to 'ruA-' from 'ruA'.

"The downgrade reflects our view that a significant weakening of
Krasnodar Krai's budgetary performance and liquidity position
have undermined its creditworthiness and hence its ability to
support regional government-related entities such as
Krayinvestbank. Krasnodar Krai owns 98.04% of Krayinvestbank, and
we previously factored one notch of uplift for extraordinary
support from the region into the long-term rating on the bank.
We have removed this notch of uplift because we now believe the
region's capacity to provide such support has reduced.  This is
shown by the government's postponement of a capital injection to
2014 from 2013 and the decrease of that injection to Russian
ruble (RUB) 500 million (about US$13 million) from RUB2 billion.
We believe that limited capital support from the region and
Krayinvestbank's weak earnings capacity constrain the bank's
ability to strengthen its business position.  The long-term
rating on the bank now reflects its stand-alone
creditworthiness," S&P said.

Nevertheless, S&P continues to regard Krayinvestbank as a
government-related entity with a moderately high likelihood of
extraordinary support.  Krayinvestbank is ultimately controlled
by the government of Krasnodar Krai, which keeps a tight rein on
the bank's affairs with the deputy governor acting as the
chairman of the board.  The bank plays a public policy role for
Krasnodar krai by lending to agricultural producers and financing
local socially important investment projects.

S&P still assess Krayinvestbank's stand-alone credit profile at
b'.  Although the bank's earnings metrics are weak, earnings
levels have been very stable over past years, including during
downcycles.  The bank benefits from its strong foothold in its
home region, which allows it to generate stable revenues and
maintain a solid deposit base.  Like that of other Russian banks,
Krayinvestbank's financial profile will continue to be influenced
in 2014 and 2015 by the evolution of the cost of risk, which
according to S&P's base case should be about 2%.

The stable outlook reflects S&P's expectation that, over the next
12-18 months, Krayinvestbank's capitalization and asset quality
will remain resilient to mounting economic and industry risks in
Russia.  In particular, S&P believes that Krayinvestbank's solid
regional franchise will prove an advantage that supports stable
deposits and the capacity to generate core revenues.

S&P may take a negative rating action if the bank's liquidity
position were to deteriorate abruptly, for example because of
deposit instability, rising credit or funding costs, lower
earnings, or a more aggressive risk appetite.

S&P' do not expect to raise the ratings in the currently
depressed economic environment.


TOMSK OBLAST: S&P Affirms 'BB-' Issuer Credit Rating
----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
issuer credit rating on the Russian region of Tomsk Oblast.  The
outlook is stable.

At the same time, S&P affirmed its 'ruAA-' Russia national scale
rating on the oblast.

Rationale

The ratings reflect S&P's view of Russia's volatile and
unbalanced institutional framework; as well as Tomsk's very weak
and concentrated economy, which exposes its budget revenues to
volatility; and weak financial management in an international
context, mostly owing to a lack of reliable medium-term financial
planning.  The oblast's very weak budgetary flexibility and weak
budgetary performance also constrain the ratings.

S&P's view of Tomsk's low debt burden, very low contingent
liabilities, and adequate liquidity support the ratings.  The
long-term rating is at the same level as Tomsk's stand-alone
credit profile.

Like other Russian regions, Tomsk has very limited control over
its revenues within the institutional framework.  The federal
government regulates the rates and distribution shares for most
taxes and transfers, leaving only about 6% of operating revenues
that the region can manage.  Expenditure flexibility is also low,
due to persistent infrastructure development needs, a high
proportion of inflexible social expenditure, including salaries
and social benefits, and federal requirements to raise social-
related spending in line with the president's decrees of 2012.
Tomsk's financial management has a good track record of
containing costs and it plans to maintain a conservative approach
to expenditure in 2015-2017.  However, in S&P's view, budgetary
performance will likely remain under pressure because of low
financial flexibility.

Tomsk's financial indicators will also continue to show some
volatility, due to economic concentration and reliance on a few
large taxpayers for tax revenues.  S&P estimates that over the
next three to five years, Tomsk's economy will stay dependent on
mining (mainly of oil and gas), which provides an estimated 30%
of the gross regional product and 20% of budget revenues.  In
2015-2017, S&P anticipates stagnating oil production and only
modest growth in other sectors, which S&P believes will likely
translate into slow tax revenue growth for the oblast.

Tomsk's budgetary performance will therefore remain weak over the
next three years, although for 2014 S&P expects an improvement
over 2013's very weak results, as S&P did in its previous base
case.  The improvement will be backed by recovering corporate
profit-tax revenues and higher transfers from the federal
government.  However, the operating balance in 2014-2017 will
likely remain negative on average, at about -3% of operating
revenues.  This will be lower than the small operating margins of
about 1.5% of operating revenues that the oblast posted in 2010-
2012, but higher than the operating deficit of about 8% in 2013.

Despite the federal pressure and Tomsk's very limited
flexibility, the oblast's management continues to seek ways to
constrain spending growth and decrease the budget deficit.  This
year, Tomsk has scaled down its self-financed capital spending
program and drafted a relatively conservative budget plan for
2015-2017.  In S&P's base-case scenario, it assumes that if the
oblast maintains financial discipline, deficits after capital
accounts might improve to about 6% of total revenues in 2014-2015
compared with 14% in 2013, and further reduce to less than 5% in
2016-2017.

Tax-supported debt will likely remain low in an international
comparison at less than 45% of consolidated operating revenues
until the end of 2017.  The debt burden will likely be higher
than the Russian average and translate into relatively high debt
service that requires proactive management of credit and
liquidity facilities.

"We believe that Tomsk's debt management is more sophisticated
than that of many Russian peers, and it has a good track record
of raising debt in capital markets.  However, overall, we assess
Tomsk's financial management as weak in an international
comparison, due to a lack of reliable long-term financial
planning.  Management of government-related entities (GREs) that
the oblast owns is also below the average for international
peers, due to Tomsk's limited ability to monitor and manage
financial risks in the sector.  For the past few years, the
oblast was twice called on to honor guarantees it had provided to
local enterprises," S&P said.

Following a revision of S&P's criteria, it has changed its
assessment of Tomsk's contingent liabilities to very low from
low. S&P includes the guaranteed GRE debt in tax-supported debt
and estimate GRE payables and nonguaranteed debt at less than 5%
of the oblast's operating revenues.

Liquidity

S&P views Tomsk's liquidity as adequate, as defined in its
criteria.  S&P expects the oblast's debt service coverage to be
strong, and that net average cash together with committed bank
lines will cover debt service falling due within the next 12
months by more than 120%.  At the same time, S&P views Tomsk's
access to external liquidity as limited, given the weaknesses of
the domestic capital market.

In S&P's base-case scenario, it expects that Tomsk will keep
modest cash reserves on its accounts throughout 2014 and 2015.
S&P forecasts that, over the next 12 months, Tomsk's cash, net of
the deficit after capital accounts, will equal about Russian
ruble (RUB) 1.6 billion (about US$40 million) on average.

Over the same period, the oblast will likely continue to organize
committed bank lines and keep undrawn amounts exceeding its
refinancing needs.  So far, throughout 2014 on average, Tomsk has
maintained more than RUB3.5 billion in unused lines with terms
exceeding one year, and as of the beginning of Sept. it had more
than RUB6.5 billion of such reserves.  S&P expects that in 2015
the oblast will continue its practice of rolling over credit
lines.  In S&P's base-case scenario, it therefore assumes that
Tomsk's average net free cash and committed facilities will
exceed 120% of debt service due over the next 12 months.

Debt service will likely remain relatively high at approximately
10%-12% of operating revenues in 2014-2016.  S&P don't anticipate
a significant rise in debt service because Tomsk will likely
maintain a relatively smooth debt repayment profile by
prioritizing longer-term maturities over interest costs and
relying on three- to five-year bank lines.

Outlook

The stable outlook reflects S&P's view that in 2014-2017, Tomsk's
budgetary performance will remain weak, but its debt burden will
increase only gradually and stay low, not exceeding 45% of
consolidated operating revenues.  Moreover, S&P assumes that
Tomsk's liquidity will remain adequate, owing to prudent
management of committed facilities and reliance on medium- and
long-term borrowing.

S&P could take a negative rating action within the next 12 months
if the oblast depleted its cash due to loosened control over
spending, or if lower amounts were available under committed
credit facilities, causing the debt service coverage ratio to
fall below 120%.  This would expose the oblast to refinancing
risks and lead S&P to revise its view of Tomsk's liquidity down
to less than adequate.

S&P could take a positive rating action within the next 12 months
if a stronger rebound in revenues enabled the oblast to achieve
an average budgetary performance, with a positive operating
balance, and decrease its tax-supported debt to below 30% of
consolidated operating revenues.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity
to articulate his/her opinion.  The chair or designee reviewed
the draft report to ensure consistency with the Committee
decision. The views and the decision of the rating committee are
summarized in the above rationale and outlook.  The weighting of
all rating factors is described in the methodology used in this
rating action.

RATINGS LIST
Ratings Affirmed

Tomsk Oblast
Issuer Credit Rating                   BB-/Stable/--
Russia National Scale                  ruAA-/--/--
Senior Unsecured                       BB-
Senior Unsecured                       ruAA-



=========
S P A I N
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BBVA 6 FTPYME: Moody's Affirms Caa1 Rating on EUR50.3MM B Notes
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on seven notes
and affirmed three notes in five Spanish asset-backed securities
(ABS) transactions.

The upgrades reflect (1) the increase in the Spanish local-
currency country ceiling to A1 and (2) the increase of credit
enhancement (CE) in the affected transactions over the last 12
months.

The rating action concludes the review of seven notes placed on
review on March 17, 2014, following the upgrade of the Spanish
sovereign rating to Baa2 from Baa3 and the resulting increase in
the local currency country ceiling to A1 from A3. The sovereign
rating upgrade reflects improvements in institutional strength
and reduced susceptibility to event risk associated with lower
government liquidity and banking sector risks.

Four of these five transactions are ABS backed by loans to small
to medium-sized enterprise (SME) and individuals. BBVA Leasing 1
is an ABS transaction backed by leases to SMEs and individuals.
All five deals were originated in Spain by Banco Bilbao Vizcaya
Argentaria, S.A. (Baa2/P-2).

Ratings Rationale

-- Reduced sovereign risk

Moody's upgraded the Spanish sovereign rating to Baa2 in February
2014, which resulted in an increase in the local currency country
ceiling to A1. The Spanish country ceiling, and therefore the
maximum rating that Moody's will assign to a domestic Spanish
issuer, including structured finance transactions backed by
Spanish receivables, is A1 (sf).

The increase in CE, combined with the improving performance and
the reduction in sovereign risk, has prompted the upgrade of the
notes.

-- Key collateral assumptions

Moody's has revised its volatility assumption in those
transactions given the reduced country risk. Most assumptions
remain unchanged given the improving performance of the
transactions and the stable outlook for Spanish ABS. The default
probability (DP) was lowered in BBVA Hipotecario 3, FTA from 11%
to 9% on the current balance to reflect current pool
characteristics and performance, but DPs were left unchanged for
the other deals. Moody's left the recovery assumptions unchanged.
The portfolio CEs were lowered in BBVA 3 FTPYME, FTA and BBVA
Hipotecario 3, FTA, to reflect the good performance of these
pools so far.

In BBVA 3 FTPYME, FTA, the unchanged DP on the current balance of
8.7% (corresponding to a DP on the original balance of 2.46%),
together with the unchanged recovery rate of 50%and a volatility
of 79.7% corresponds to an updated portfolio CE of 20.0% lowered
from 23.7% given updated pool characteristics.

In BBVA 5 FTPYME, FTA, the unchanged DP on the current balance of
12% (corresponding to a DP on the original balance of 7.04%),
together with the recovery rate of 45%and a volatility of 64.9%
corresponds to an unchanged portfolio CE of 23.9%.

In BBVA 6 FTPYME, FTA, the unchanged DP on the current balance of
16.3 % (corresponding to a DP on original balance of 10.32%),
together with the unchanged recovery rate of 45.0% and a
volatility of 56%, corresponds to an unchanged portfolio CE of
26.6%.

In BBVA Hipotecario 3, FTA, the DP on the current balance of 9%
(corresponding to a DP on the original balance of 4.38%), lowered
from 11%, together with the unchanged recovery rate of 55% and a
volatility of 89.7% corresponds to an updated portfolio CE of
20.0% lowered from 23% given updated pool characteristics.

In BBVA Leasing 1, FTA, the unchanged DP on the current balance
of 14.7 % (corresponding to a DP on original balance of 7.89%),
together with the unchanged recovery rate of 30.0% and a
volatility of 47%, corresponds to an unchanged portfolio CE of
27.7%.

-- Exposure to Counterparties

Moody's rating analysis also took into consideration the exposure
to key transaction counterparties. In those five transactions,
Banco Bilbao Vizcaya Argentaria, S.A. (Baa2/P-2), Societe
Generale (A2/P-1) and Deutsche Bank AG (A3/P-2) perform various
roles, including the roles of servicer, account bank and swap
provider.

In these deals, two outstanding tranches still benefit from a
state guarantee. BBVA 6 FTPYME, FTA will thus need to reimburse
EUR19.5M provided by the Government of Spain (Baa2/P-2) under the
FTPYME guarantee for the A2(G) notes. In BBVA 5 FTPYME, FTA, the
European Investment Fund (Aaa) also guarantees the A1(sf) rated
Class C.

Principal Methodology

The principal methodology used in rating BBVA 3 FTPYME, FTA, BBVA
Hipotecario 3, FTA, BBVA 5 FTPYME, FTA and BBVA 6 FTPYME, FTA was
Moody's Global Approach to Rating SME Balance Sheet
Securitisations published in January 2014. The principal
methodology used in rating BBVA Leasing 1, FTA was Moody's
Approach to Rating ABS Backed by Equipment Leases and Loans
published in December 2013.

Factors that would lead to an upgrade or downgrade of the rating:

Factors or circumstances that could lead to an upgrade of the
ratings include (1) further reduction in sovereign risk, (2)
better than expected performance of the underlying collateral,
(3) deleveraging of the capital structure and (4) improvements in
the credit quality of the transaction counterparties.

Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2) worse than
expected performance of the underlying collateral, (3)
deterioration in the notes' available CE and (4) deterioration in
the credit quality of the transaction counterparties.

List of Affected Ratings:

Issuer: BBVA 3 FTPYME, FTA

EUR40.8M B Notes, Affirmed A1 (sf); previously on Mar 17, 2014
Upgraded to A1 (sf)

EUR18.6M C Notes, Upgraded to A1 (sf); previously on
Mar 17, 2014 Baa2 (sf) Placed Under Review for Possible Upgrade

Issuer: BBVA 5 FTPYME, FTA

EUR39.9M B Notes, Upgraded to A1 (sf); previously on
Mar 17, 2014 Baa2 (sf) Placed Under Review for Possible Upgrade

Issuer: BBVA 6 FTPYME, FTA

EUR215.5M A2(G) Notes, Upgraded to A1 (sf); previously on
Mar 17, 2014 A3 (sf) Placed Under Review for Possible Upgrade

EUR50.3M B Notes, Affirmed Caa1 (sf); previously on Apr 10, 2013
Downgraded to Caa1 (sf)

Issuer: BBVA Hipotecario 3, FTA

EUR925.7M A2 Notes, Affirmed A1 (sf); previously on Mar 17, 2014
Upgraded to A1 (sf)

EUR55.9M B Notes, Upgraded to A1 (sf); previously on
Mar 17, 2014 Baa3 (sf) Placed Under Review for Possible Upgrade

EUR18.9M C Notes, Upgraded to A3 (sf); previously on
Mar 17, 2014 B3 (sf) Placed Under Review for Possible Upgrade

Issuer: BBVA Leasing 1, FTA

EUR750M A1 Notes, Upgraded to A1 (sf); previously on
Mar 17, 2014 Baa3 (sf) Placed Under Review for Possible Upgrade

EUR1606.2M A2 Notes, Upgraded to A1 (sf); previously on
Mar 17, 2014 Baa3 (sf) Placed Under Review for Possible Upgrade


FONCAIXA CONSUMO 1: Fitch Affirms 'BB+sf' Rating on Class B Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed Foncaixa Consumo 1, FTA's as follows:

EUR1.37 billion Class A (ISIN ES0337504007): affirmed at 'Asf';
Outlook Stable

EUR462 million Class B (ISIN ES0337504015): affirmed at 'BB+sf';
Outlook Stable

This transaction is a securitization of unsecured loans and real
estate-secured consumer loans. All the loans are originated and
serviced by Caixabank SA, which is also the account bank and swap
counterparty.

Key Rating Drivers

The affirmation reflects increased credit enhancement for both
classes over the last 12 months -- to 32.5% from 26.3% for class
A and to 6.9% from 5.2% for class B -- as a result of constant
deleveraging. The transaction is amortizing sequentially.

180 days plus arrears, excluding restructured loans, increased to
1% in June 2014 from 0.5% in September 2013. In Fitch's view the
transaction is sufficiently robust to absorb such asset
deterioration given a fully funded reserve fund at EUR154 million
and a guaranteed 1% excess spread via swap.

The Stable Outlook reflects Spain's improved economy as well as
Fitch's view on the credit quality of the underlying portfolio
and the strength of the issuer, Caixabank SA (BBB/Positive/F2).

In line with Fitch's counterparty criteria, the ratings of the
transaction are capped at 'Asf' to reflect direct counterparty
exposure to Caixabank SA, that acts as collateral servicer,
paying agent, SPV account bank and hedging counterparty.

As of end-June 2014, unsecured loans represented 20% of the
current portfolio while real estate-secured loans 80%. The
current portfolio remains granular, with the top 20 obligors
representing 0.7% of the current outstanding portfolio.

Rating Sensitivities

Current recoveries are under-performing compared with Fitch's
expected base case. Lengthy recovery periods are due to the high
proportion of real estate- secured loans in the portfolio.

Expected impact upon the note rating of increased defaults and
reduced recoveries:

Class A: Current Rating 'Asf'
Increase base case defaults by 25%: Asf, reduce base case
recoveries by 25%: 'Asf'

Class B: Current Rating 'BB+sf'
Increase base case defaults by 25%: BBsf, reduce base case
recoveries by 25%: 'BB+sf'


FTA PYMES BANESTO 2: Moody's Lifts Rating on Class B Notes to Ba1
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of six notes
and affirmed the ratings of one note in three Spanish asset-
backed securities transactions: EMPRESAS BANESTO 5, FTA, EMPRESAS
BANESTO 6, FTA and FTA PYMES BANESTO 2.

The rating action concludes the review of the ratings of six
notes placed on review for upgrade on March 17, 2014, following
the upgrade of the Spanish sovereign rating to Baa2 from Baa3 and
the resulting increase of the local-currency country ceiling to
A1 from A3. The sovereign rating upgrade reflected improvements
in institutional strength and reduced susceptibility to event
risk associated with lower government liquidity and banking
sector risks.

For EMPRESAS BANESTO 6, FTA, the rating of the Class A note which
was not on review for upgrade, has been affirmed at A1 (sf).

EMPRESAS BANESTO 5, 6 and PYMES BANESTO 2, are backed by a pool
of loans extended to small, medium enterprises (SMEs) in Spain.
The underlying portfolio of Banesto 6 also contains larger loans
to corporate obligors. All three transactions are originated by
Banco Espanol de Credito S.A. ('Banesto'), now Banco Santander
S.A. (Spain) (Baa1/P-2). While FTA PYMES BANESTO 2 closed in
2006, EMPRESAS BANESTO 5, FTA, EMPRESAS BANESTO 6, FTA were
originated in 2010 and 2011 respectively.

Ratings Rationale

The rating action reflects (1) the increase in the Spanish local-
currency country ceiling to A1 and (2) sufficiency of credit
enhancement in the affected transactions which has increased
significantly over the last 12 months.

-- Reduced Sovereign Risk

The Spanish sovereign rating was upgraded to Baa2 in February
2014, which resulted in an increase in the local-currency country
ceiling to A1. The Spanish country ceiling, and therefore the
maximum rating that Moody's will assign to a domestic Spanish
issuer including structured finance transactions backed by
Spanish receivables, is A1 (sf).

The increase of credit enhancement due to deleveraging combined
with stable performance and the reduction in sovereign risk has
prompted the upgrade of the notes.

-- Key collateral assumptions

Some of the key collateral assumptions have been updated as part
of this review. The performance of the underlying asset
portfolios remain broadly in line with Moody's assumptions.
Moody's also has a stable outlook for Spanish ABS and RMBS
transactions.

For EMPRESAS BANESTO 5, FTA, Moody's has updated its default
probability ('DP') assumption to 20% of current pool balance. The
recovery rate assumption remains unchanged at 45%. Moody's has
also revised its volatility assumption given the reduced country
risk. The revised DP of 20% together with a recovery rate of 45%
and a volatility of 43.7% corresponds to the increased portfolio
credit enhancement of 28.1% which accounts for the high
concentration to the real estate sector (34.4% of current pool
balance) and the large debtor concentration (top 1 representing
6.9%, top 5 23.7% and top 10 30.5%).

Moody's has maintained its DP and recovery assumptions for
EMPRESAS BANESTO 6, FTA. Moody's has revised its volatility
assumption to 45.0% given the reduced country risk. The DP of
14.4% together with a recovery rate of 35% and a volatility of
45.0% corresponds to the unchanged portfolio credit enhancement
of 27.0%. Moody's modeling assumptions take into consideration
the very large debtor concentration (top 1 representing 16.0%,
top 5 31.7% and top 10 42.4%).

For FTA PYMES BANESTO 2, Moody's has updated its DP to reflect
portfolio amortization. Current DP now equals 20% of current pool
balance. The recovery rate assumption remains unchanged at 45%.
Moody's has also revised its volatility assumption given the
reduced country risk. The DP of 20% together with a recovery rate
of 45% and a volatility of 48.9% corresponds to the increased
portfolio credit enhancement of 28.5% which accounts for the high
concentration to the real estate sector (32.9% of current pool
balance).

-- Exposure to Counterparties

Moody's rating analysis also took into consideration the exposure
to key transaction counterparties. Including the roles of
servicer, account bank and swap provider.

The rating action takes into account commingling exposure to
Banco Santander S.A. (Spain) (Baa1/P-2) for all three
transactions. Banco Santander S.A. (Spain) integrated Banesto in
May 2013 and Banesto ceased to exist as an independent legal
entity. For EMPRESAS BANESTO 5, FTA and EMPRESAS BANESTO 6, FTA
we additionally assumed strong linkage to Banco Santander S.A.
(Spain) holding the reserve funds of respectively 60.4% and
101.2% of the current notes balance. No reserve fund is available
anymore under the FTA PYMES BANESTO 2 transaction in which
Santander UK PLC (A2/P-1) acts as account bank.

Moody's also assessed the exposure to Banco Santander S.A.
(Spain) acting as swap counterparty when revising ratings for all
three transactions.

Principal Methodology

The principal methodology used in these ratings was "Moody's
Global Approach to Rating SME Balance Sheet Securitizations"
published in January 2014.

Factors that would lead to an upgrade or downgrade of the
ratings:

Factors or circumstances that could lead to an upgrade of the
ratings include (1) further reduction in sovereign risk, (2)
performance of the underlying collateral that is better than
Moody's expected, (3) deleveraging of the capital structure and
(4) improvements in the credit quality of the transaction
counterparties.

Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2)
performance of the underlying collateral that is worse than
Moody's expects, (3) deterioration in the notes' available credit
enhancement and (4) deterioration in the credit quality of the
transaction counterparties.

List of Affected Ratings:

Issuer: EMPRESAS BANESTO 5, FTA

EUR1344M A Notes, Upgraded to A1 (sf); previously on Mar 17,
2014 A3 (sf) Placed Under Review for Possible Upgrade

EUR96M B Notes, Upgraded to A1 (sf); previously on Mar 17, 2014
A3 (sf) Placed Under Review for Possible Upgrade

EUR160M C Notes, Upgraded to A1 (sf); previously on Mar 17, 2014
Baa1 (sf) Placed Under Review for Possible Upgrade

Issuer: EMPRESAS BANESTO 6, FTA

EUR935M A Notes, Affirmed A1 (sf); previously on Mar 17, 2014
Upgraded to A1 (sf)

EUR165M B Notes, Upgraded to A1 (sf); previously on Mar 17, 2014
Baa1 (sf) Placed Under Review for Possible Upgrade

Issuer: FTA PYMES BANESTO 2

EUR541.7M A2 Notes, Upgraded to A1 (sf); previously on Mar 17,
2014 A3 (sf) Placed Under Review for Possible Upgrade

EUR24.3M B Notes, Upgraded to Ba1 (sf); previously on Mar 17,
2014 B1 (sf) Placed Under Review for Possible Upgrade


FTPYME SANTANDER 2: S&P Affirms 'BB-' Rating on Class E Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
all of the classes of notes in Fondo de Titulizacion de Activos,
FTPYME Santander 2.

Upon publishing S&P's updated criteria for rating single-
jurisdiction securitizations above the sovereign foreign currency
rating, it placed those ratings that could potentially be
affected "under criteria observation" (UCO).

Following S&P's review of this transaction, its ratings that
could potentially be affected by the criteria are no longer under
criteria observation.

"We have used data from the July 2014 investor report to perform
our credit and cash flow analysis and have applied our European
small and midsize enterprise (SME) collateralized loan obligation
(CLO) and current counterparty criteria.  For ratings in this
transaction that are above our rating on the sovereign, we have
also applied our updated criteria for rating single jurisdiction
securitizations above the sovereign," S&P said.

CREDIT ANALYSIS

FTPYME Santander 2 is a single jurisdiction cash flow CLO
transaction securitizing a portfolio of SME loans that was
originated by Banco Santander S.A. in Spain.  The transaction
closed in Oct. 2004.

S&P has applied its European SME CLO criteria to determine the
scenario default rate (SDR) -- the minimum level of portfolio
defaults that S&P expects each tranche to be able to withstand at
a specific rating level using CDO Evaluator.

To determine the SDR, S&P adjusted the archetypical European SME
average 'b+' credit quality to reflect two factors (country and
originator and portfolio selection adjustments).

S&P ranked the originator into the moderate category.  Taking
into account Spain's Banking Industry Country Risk Assessment
(BICRA) score of 6 and the originator's average annual observed
default frequency, S&P has applied a downward adjustment of one
notch to the 'b+' archetypical average credit quality.  To
address differences in the creditworthiness of the securitized
portfolio compared with the originator's entire loan book, S&P
further applied a downward adjustment to the average credit
quality of 1 notch.

As a result of these adjustments, S&P's average credit quality
assessment of the portfolio was 'B-', which S&P used to generate
its 'AAA' SDR of 76.54%.

S&P has calculated the 'B' SDR, based primarily on its analysis
of historical SME performance data and S&P's projections of the
transaction's future performance.  S&P has reviewed the
originator's historical default data, and assessed market
developments, macroeconomic factors, changes in country risk, and
the way these factors are likely to affect the loan portfolio's
creditworthiness.  As a result of this analysis, S&P's 'B' SDR is
5%.

S&P interpolated the SDRs for rating levels between 'B' and 'AAA'
in accordance with its European SME CLO criteria.

RECOVERY RATE ANALYSIS

S&P applied a weighted-average recovery rate (WARR) at each
liability rating level by considering the asset type and its
seniority, the country recovery grouping, and the observed
historical recoveries in this transaction.

COUNTRY RISK

S&P's long-term rating on the Kingdom of Spain is 'BBB'.  S&P's
updated criteria for rating single-jurisdiction securitizations
above the sovereign require the tranche to have sufficient credit
enhancement to pass a minimum of a "severe" stress to qualify to
be rated above the sovereign.

CASH FLOW ANALYSIS

S&P used the reported portfolio balance that it considered to be
performing, the principal cash balance, the current weighted-
average spread, and the weighted-average recovery rates that S&P
considered to be appropriate.  S&P subjected the capital
structure to various cash flow stress scenarios, incorporating
different default patterns and timings and interest rate curves,
to determine the rating level, based on the available credit
enhancement for each class of notes under S&P's European SME CLO
criteria.

"Under our criteria, we can rate a securitization up to four
notches above our foreign currency rating on the sovereign if the
tranche can withstand "severe" stresses.  We can rate a
securitization up to an additional two notches if the tranche can
withstand "extreme" stresses.  The available credit enhancement
for the class A and B(G) notes withstands "extreme" stresses,
while that for the class C notes withstands "severe" stresses.
We have therefore affirmed our ratings on the class A, B(G), and
C notes," S&P said.

Given the rating levels for the class D and E notes are lower
than the sovereign ratings S&P has not applied its updated
criteria for rating single-jurisdiction securitizations above the
sovereign. Based on S&P's credit and cash flow analysis and the
application of its current counterparty criteria, S&P considers
the available credit enhancement for the class D and E notes to
be commensurate with their currently assigned ratings.  S&P has
therefore affirmed its 'BBB (sf)' and 'BB- (sf)' ratings on the
class D and E notes, respectively.

RATINGS LIST

Class              Rating
            To                From

Fondo de Titulizacion de Activos, FTPYME Santander 2
EUR1.8 Billion Floating-Rate Notes

Ratings Affirmed

A           AA (sf)
B(G)        AA (sf)
C           A+ (sf)
D           BBB (sf)
E           BB- (sf)


IM BANCO POPULAR: Moody's Raises Rating on Class B Notes to 'B1'
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 4 notes and
confirmed the ratings of 3 notes in 3 Spanish residential
mortgage-backed securities (RMBS) transactions: IM Banco Popular
MBS 2, FTA, IM Caja Laboral 1, FTA and IM Caja Laboral 2, FTA.

The rating action concludes the review of 6 notes placed on
review on 17 March 2014, following the upgrade of the Spanish
sovereign rating to Baa2 from Baa3 and the resulting increase of
the local-currency country ceiling to A1 from A3. The sovereign
rating upgrade reflected improvements in institutional strength
and reduced susceptibility to event risk associated with lower
government liquidity and banking sector risks.

Ratings Rationale

The rating action reflects (1) the increase in the Spanish local-
currency country ceiling to A1 and (2) sufficiency of credit
enhancement in the affected transactions.

The rating action also reflects the correction of a model input
error. In prior rating actions, the recovery rate input in the
model was inconsistent with the MILAN input, therefore the tail
of the asset loss distribution was generated incorrectly. The
model has now been adjusted, and the rating action reflects this
change.

-- Reduced Sovereign Risk

The Spanish sovereign rating was upgraded to Baa2 in February
2014, which resulted in an increase in the local-currency country
ceiling to A1. The Spanish country ceiling, and therefore the
maximum rating that Moody's will assign to a domestic Spanish
issuer including structured finance transactions backed by
Spanish receivables, is A1(sf).

The sufficiency of credit enhancement combined with stable
performance and the reduction in sovereign risk has prompted the
upgrade of the notes.

-- Key collateral assumptions

Moody's has reassessed its lifetime loss expectation for IM Banco
Popular MBS 2, FTA, taking into account the collateral
performance of the transactions to date. The portfolio shows
improving growth rate in delinquencies. The 90 days delinquencies
as a percentage of the original pool balance reached 1.29% versus
1.95% in September 2013. As a result, Moody's reduced its key
expected loss assumption to 4.5%, down from 6% of the original
pool balance respectively. Other key collateral assumptions have
not been updated as part of this review. The performance of the
underlying asset portfolios remain in line with Moody's
assumptions for IM Caja Laboral 1, FTA and IM Caja Laboral 2,
FTA. Moody's also has a stable outlook for Spanish ABS and RMBS
transactions.

-- Exposure to Counterparties

Moody's rating analysis also took into consideration the exposure
to key transaction counterparties, including the roles of
servicer, account bank and swap provider.

The conclusion of the rating review reflects the exposure to BNP
Paribas Securities Services (A1/P-1) as account bank for all
three transactions, Banco Popular Espanol, S.A. (Ba3/NP) and,
respectively Caja Laboral Popular Coop. de Credito (Ba1/NP) as
servicer for IM Banco Popular MBS 2, FTA and, respectively IM
Caja Laboral 1, FTA, IM Caja Laboral 2, FTA.

The rating action takes into account commingling exposure to the
servicer.

Moody's also assessed the exposure to Banco Popular Espanol, S.A.
(Ba3/NP), Banco Santander S.A. (Spain) (Baa1/P-2) and,
respectively Caja Laboral Popular Coop. de Credito (Ba1/NP)
acting as swap counterparty when revising ratings of IM Banco
Popular MBS 2, FTA, IM Caja Laboral 1, FTA and, respectively IM
Caja Laboral 2, FTA.

Principal Methodology

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
March 2014.

Factors that would lead to an upgrade or downgrade of the rating:

Factors or circumstances that could lead to an upgrade of the
ratings include (1) further reduction in sovereign risk, (2)
performance of the underlying collateral that is better than
Moody's expected, (3) deleveraging of the capital structure and
(4) improvements in the credit quality of the transaction
counterparties.

Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2)
performance of the underlying collateral that is worse than
Moody's expects, (3) deterioration in the notes' available credit
enhancement and (4) deterioration in the credit quality of the
transaction counterparties.

List of Affected Ratings:

Issuer: IM CAJA LABORAL 1 FONDO DE TITULIZACION DE ACTIVOS

EUR856.3M Class A Notes, Upgraded to A1 (sf); previously on
Mar 17, 2014 A3 (sf) Placed Under Review for Possible Upgrade

EUR10.8M Class B Notes, Confirmed at Baa3 (sf); previously on
Mar 17, 2014 Baa3 (sf) Placed Under Review for Possible Upgrade

EUR14.9M Class C Notes, Confirmed at Ba2 (sf); previously on
Mar 17, 2014 Ba2 (sf) Placed Under Review for Possible Upgrade

EUR18M Class D Notes, Confirmed at B2 (sf); previously on
Mar 17, 2014 B2 (sf) Placed Under Review for Possible Upgrade

Issuer: IM BANCO POPULAR MBS 2, FTA

EUR596M Class A Notes, Upgraded to A1 (sf); previously on
Mar 17, 2014 A3 (sf) Placed Under Review for Possible Upgrade

EUR89M Class B Notes, Upgraded to B1 (sf); previously on
Mar 12, 2010 Definitive Rating Assigned Caa1 (sf)

Issuer: IM CAJA LABORAL 2, FONDO DE TITULIZACION DE ACTIVOS

EUR524.4M Class A Notes, Upgraded to A1 (sf); previously on
Mar 17, 2014 Baa1 (sf) Placed Under Review for Possible Upgrade


TDA 23 FONDO: Moody's Lowers Rating on Class C Notes to 'Caa3'
--------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of six notes,
affirmed the ratings of one note and downgraded the ratings of
two notes in three Spanish residential mortgage-backed securities
(RMBS) transactions: TDA 23, FTA; TDA 26 MIXTO, FTA, BONOS
GRUPO 1, FTA and TDA 30, FTA.

The rating action concludes the review of six notes placed on
review on March 17, 2014, following the upgrade of the Spanish
sovereign rating to Baa2 from Baa3 and the resulting increase of
the local-currency country ceiling to A1 from A3. The sovereign
rating upgrade reflected improvements in institutional strength
and reduced susceptibility to event risk associated with lower
government liquidity and banking sector risks.

Ratings Rationale

The rating actions reflect (1) the increase in the Spanish local-
currency country ceiling to A1 and (2) sufficiency of credit
enhancement in the affected transactions. The downgrade of the
ratings of tranches B and C in TDA 23, FTA reflects collateral
performance deterioration and reduction in credit enhancement
under the tranches following reserve fund draw and Principal
Deficiency (EUR2.2 million as of June Payment Date).

-- Reduced Sovereign Risk

The Spanish sovereign rating was upgraded to Baa2 in February
2014, which resulted in an increase in the local-currency country
ceiling to A1. The Spanish country ceiling, and therefore the
maximum rating that Moody's will assign to a domestic Spanish
issuer including structured finance transactions backed by
Spanish receivables, is A1 (sf).

The sufficiency of credit enhancement combined with the reduction
in sovereign risk has prompted the upgrades and confirmations of
the notes.

-- Key collateral assumptions

Moody's has revised the MILAN CE assumption to 16% in TDA 23, FTA
up from 12.5%. The expected loss assumption, which we increased
to 3.6% from 2.9% on February 2014, has not been updated. 90+
arrears stood at 2.44% of current pool balance as of end of June
2014, when cumulative defaults represented 4.23% of original pool
balance. This remains in line with current expected loss
assumption for the deal.

The key collateral assumptions for TDA 26 MIXTO, FTA, BONOS GRUPO
1, FTA and TDA 30, FTA have not been updated as part of this
review. The performance of the underlying asset portfolios remain
in line with Moody's assumptions. Moody's also has a stable
outlook for Spanish ABS and RMBS transactions.

-- Exposure to Counterparties

Moody's rating analysis also took into consideration the exposure
to key transaction counterparties. Including the roles of
servicer, account bank, and swap provider.

The rating action takes into account servicer commingling
exposure to Banca March S.A. (Baa3/P-3) for the three deals, to
Banco Sabadell S.A. (Ba2/NP) for TDA 23, FTA and TDA 26 MIXTO,
FTA, BONOS GRUPO 1, FTA and to Catalunya Banc SA (B3/NP) for TDA
23, FTA.

Moody's also assessed the exposure to HSBC Bank plc (Aa3/P-1) for
TDA 23, FTA and TDA 26 MIXTO, FTA, BONOS GRUPO 1, FTA to Credit
Agricole Corporate and Investment Bank (A2/P-1) for TDA 26 MIXTO,
FTA, BONOS GRUPO 1, FTA and to Banco Santander S.A. (Spain)
(Baa1/P-2) for TDA 30, FTA acting as swap counterparties for the
respective transactions, when revising ratings.

Principal Methodology

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
March 2014.

Factors that would lead to an upgrade or downgrade of the
ratings:

Factors or circumstances that could lead to an upgrade of the
ratings include (1) further reduction in sovereign risk, (2)
performance of the underlying collateral that is better than
Moody's expected, (3) deleveraging of the capital structure and
(4) improvements in the credit quality of the transaction
counterparties.

Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2)
performance of the underlying collateral that is worse than
Moody's expects, (3) deterioration in the notes' available credit
enhancement and (4) deterioration in the credit quality of the
transaction counterparties.

List of Affected Ratings:

Issuer: TDA 23 FONDO DE TITULIZACION DE ACTIVOS

EUR837.2M Class A Notes, Upgraded to A3 (sf); previously on
Mar 17, 2014 Baa1 (sf) Placed Under Review for Possible Upgrade

EUR16.3M Class B Notes, Downgraded to B1 (sf); previously on
Mar 17, 2014 Ba2 (sf) Placed Under Review Direction Uncertain

EUR6.5M Class C Notes, Downgraded to Caa3 (sf); previously on
May 21, 2013 Downgraded to Caa1 (sf)

Issuer: TDA 26 MIXTO, FTA, BONOS GRUPO 1, FTA

EUR636.4M Class 1-A2 Notes, Upgraded to A1 (sf); previously on
Mar 17, 2014 Baa1 (sf) Placed Under Review for Possible Upgrade

EUR18.2M Class 1-B Notes, Upgraded to Ba2 (sf); previously on
Mar 17, 2014 B1 (sf) Placed Under Review for Possible Upgrade

EUR5.4M Class 1-C Notes, Affirmed Caa2 (sf); previously on
May 21, 2013 Downgraded to Caa2 (sf)

Issuer: TDA 30 FONDO DE TITULIZACION DE ACTIVOS

EUR364.2M Class A Notes, Upgraded to A2 (sf); previously on
Mar 17, 2014 Baa2 (sf) Placed Under Review for Possible Upgrade

EUR8.8M Class B Notes, Upgraded to Ba2 (sf); previously on
Mar 17, 2014 B1 (sf) Placed Under Review for Possible Upgrade

EUR7M Class C Notes, Upgraded to B3 (sf); previously on May 21,
2013 Downgraded to Caa1 (sf)



===========
S W E D E N
===========


SAAB: NEVS to Ask Creditors for More Time for Reorganization
------------------------------------------------------------
dpa reports that National Electric Vehicle Sweden, the Chinese
consortium that owns Saab, said Friday a court-appointed
administrator will recommend that creditors give the struggling
carmaker more time to complete its reorganization.

NEVS took over Saab in June 2012, dpa recounts.

According to dpa, creditors are scheduled to meet on Wednesday at
a Swedish district court, where administrator Lars Eric
Gustafsson is to offer more details of the ongoing
reorganization.

At the meeting, Mr. Gustafsson is to recommend that the process
should continue until end November, dpa discloses.

A draft reorganization plan distributed by NEVS outlined two main
scenarios to save the carmaker, dpa relays.  It said the "main
track" was to finalize negotiations with two Asian automotive
manufacturers, dpa notes.

One of the unnamed firms is interested in part ownership of the
consortium, while another was considering future cooperation, dpa
says.

According to dpa, should the talks fail, NEVS said there was a
backup plan to "become a leading contract manufacturer and
development partner to other manufacturers."

The document said NEVS has been approached by other firms that
"lack capacity," dpa notes.

During reorganization approved at the end of August, NEVS had
been able to postpone demands to pay suppliers or creditors, dpa
recounts.

Production at the plant in Trollhattan, south-western Sweden, was
halted in May, dpa relays.

Earlier last week, NEVS and local unions concluded talks to lay
off 155 employees over further delays in restarting production,
dpa relates.

                      About Saab Automobile

Saab Automobile AB is a Swedish car manufacturer owned by Dutch
automobile manufacturer Swedish Automobile NV, formerly Spyker
Cars NV.  Saab halted production in March 2011 when it ran out of
cash to pay its component providers.  On Dec. 19, 2011, Saab
Automobile AB, Saab Automobile Tools AB and Saab Powertain AB
filed for bankruptcy after running out of cash.

Some of Saab's assets were sold to National Electric Vehicle
Sweden AB, a Chinese-Japanese backed start-up that plans to make
an electric car using Saab Automobile's former factory, tools and
designs.

On Jan. 30, 2012, more than 40 U.S.-based Saab dealerships filed
an involuntary Chapter 11 petition for Saab Cars North America,
Inc. (Bankr. D. Del. Case No. 12-10344).  The petitioners,
represented by Wilk Auslander LLP, assert claims totaling US$1.2
million on account of "unpaid warranty and incentive
reimbursement and related obligations" or "parts and warranty
reimbursement."  Leonard A. Bellavia, Esq., at Bellavia Gentile &
Associates, in New York, signed the Chapter 11 petition on behalf
of the dealers.

The dealers want the vehicle inventory and the parts business to
be sold, free of liens from Ally Financial Inc. and Caterpillar
Inc., and "to have an appropriate forum to address the claims of
the dealers," Leonard A. Bellavia said in an e-mail to Bloomberg
News.

Saab Cars N.A. is the U.S. sales and distribution unit of Swedish
car maker Saab Automobile AB.  Saab Cars N.A. named in December
an outside administrator, McTevia & Associates, to run the
company as part of a plan to avoid immediate liquidation
following its parent company's bankruptcy filing.

On Feb. 24, 2012, the Court granted Saab Cars NA relief under
Chapter 11 of the Bankruptcy Code.

Donlin, Recano & Company, Inc., was retained as claims and
noticing agent to Saab Cars NA in the Chapter 11 case.

On March 9, 2012, the U.S. Trustee formed an official Committee
of Unsecured Creditors and appointed these members: Peter Mueller
Inc., IFS Vehicle Distributors, Countryside Volkwagen, Saab of
North Olmstead, Saab of Bedford, Whitcomb Motors Inc., and
Delaware Motor Sales, Inc.  The Committee tapped Wilk Auslander
LLP as general bankruptcy counsel, and Polsinelli Shughart as its
Delaware counsel.

The Troubled Company Reporter, on July 18, 2013, reported that
the U.S. arm of Saab Automobile AB won approval of its Chapter 11
liquidation plan, marking the end of the road for Swedish auto
maker's bankruptcy proceedings.



===========================
U N I T E D   K I N G D O M
===========================


NEW STORE: Trading Difficulties Prompt Administration
-----------------------------------------------------
Will Wright -- will.wright@kpmg.co.uk -- and Mark Orton --
mark.orton@kpmg.co.uk -- from KPMG have been appointed joint
administrators to New Store Europe UK Limited, the store
interior, shop fitting and design company.

A supplier to a number of high street retailers, the company
employs 307 people at its headquarters in Harlow, Essex, and
across sites in Corby, Bicester and Leicester.

Following the appointment of the joint administrators, the
business will continue to support its customers whilst options
for rescuing some or all of the business are explored.

Mr. Wright, partner at KPMG and joint administrator, said: "The
Group had recently experienced significant trading difficulties
across Europe, culminating in the parent company, New Store
Europe AS, entering into insolvency proceedings in Norway on
Sept. 26.  Against this backdrop, the UK business had also come
under severe funding pressures.  Unfortunately, alternative
funding outside of the previous parent company arrangements could
not be secured in the time available, resulting in our
appointment as administrators.

"All staff are currently being retained to enable us to support
customers in the short-term, while we seek a buyer for the
business and its assets.  We would encourage any interested
parties to contact the joint administrators as soon as possible."


TRAVELPORT WORLDWIDE: S&P Affirms 'B-' CCR; Outlook Positive
------------------------------------------------------------
Standard & Poor's Ratings Services revised to positive from
stable its outlook on U.K.-based travel services provider
Travelport Worldwide Ltd. (Travelport).

At the same time, S&P affirmed its 'B-' long-term corporate
credit rating on the company.

The outlook revision follows the completion of Travelport's IPO
and subsequent repayment of debt, and reflects S&P's expectation
that these events will improve Travelport's credit metrics and
stand-alone credit profile.  In S&P's view, Standard & Poor's-
adjusted funds from operations (FFO) to debt could improve to
more than 9% in 2015 if the company continues to see robust
revenue growth and stable profit margins.

S&P derives its 'B-' rating on Travelport from:

   -- Its anchor for Travelport of 'b', based on S&P's assessment
      of its business risk profile as "fair" and its financial
      risk profile as "highly leveraged," as S&P's criteria
      define these terms; and

   -- A one-notch downward adjustment to the anchor to reflect
      Travelport's historically weak standing in the capital
      markets, despite recent demonstrated access, and its track
      record of distressed debt exchanges and debt maturity
      extensions.

"Our business risk profile assessment continues to incorporate
our view of the travel industry carrying "high" risk -- the
industry is, in our opinion, seasonal, cyclical, and price
competitive -- balanced against Travelport's exposure to only
"low" country risk through its globally diversified operations.
Our assessment of business risk also takes into consideration
Travelport's position as a leading player in the Global
Distribution System (GDS) market.  In the year ended Dec. 31,
2013, Travelport's GDS business held about 26% of the global
shares of GDS air segments, with balanced positions across the
main world travel regions of the Americas (44%), Europe (26%),
the Middle East and Africa (12%), and Asia-Pacific (18%).  Our
assessment of the company's profitability as "strong" is
supported by industry-average profitability measures under our
base-case scenario, such as return on capital (ROC) of between
8%-9%.  However, Travelport's operating profitability
demonstrates low volatility relative to its transportation
industry peers and is a key consideration in our assessment of
its "strong" competitive position," S&P said.

"We no longer assess Travelport's financial policy as 'FS-6',
which previously capped the company's financial risk policy at
"highly leveraged."  This is because, since the IPO, the group of
financial sponsors backing Travelport no longer owns more than a
40% stake in the company.  However, we continue to assess
Travelport's financial risk profile as "highly leveraged," even
after taking into consideration the repayment of US$425 million
of unsecured debt.  This is due to Travelport's weighted-average
FFO to debt being 8%-9% and debt to EBITDA being 6x-7x.  We
expect the effect of lower interest expenses to be more
pronounced from 2015 onward and that Travelport may be able to
sustain its FFO-to-debt ratio at over 9% from 2015 onward," S&P
added.

S&P's base case assumes:

   -- a low single-digit revenue increase in 2014, followed by a
      marginal increase in 2015;

   -- operating costs increasing in line with revenues, leading
      to stable EBITDA margins.

   -- capital requirements of about 6%-7% of forecast revenues;
      and

   -- no committed acquisitions.

Based on these assumptions, S&P arrives at these credit measures:

   -- a weighted-average of adjusted FFO-to-debt ratio of about
      8%-9%; and

   -- adjusted debt to EBITDA of around 6x.

The positive outlook reflects Travelport's successful IPO, the
proceeds of which have been used to repay a portion of the
company's debt.  In S&P's view, this reduction in debt, in
addition to a previous refinancing, should further reduce the
company's cash interest costs, resulting in a larger operating
cash flow.  S&P anticipates that Travelport will sustain its
FFO-to-debt ratio of over 7% from 2014.  S&P's base case assumes
that Travelport will benefit from lower interest costs and
generate higher operating cash flows and could achieve a
FFO-to-debt ratio of 9%, which S&P regards as commensurate with a
higher rating, over the next six to 12 months.

S&P could raise the rating if Travelport is able to raise and
maintain its adjusted FFO to debt to over 9%, thanks to the lower
interest burden and improving operating performance.  This could
occur if Travelport grows its operating revenues by about 4% in
2014 and about 3% in 2015, maintains its EBITDA margin at around
18%, and significantly reduces its interest costs to around $150
million per year.

S&P could revise the outlook to stable if weaker-than-expected
cash flow generation results in Travelport's FFO to debt
remaining below 9% in S&P's base-case forecast.  This could stem
from the loss of multi-year contracts such that yearly revenues
fail to show growth.  S&P could also revise the outlook to stable
should the company require higher capex than it expects it to or
if dividend policies become more aggressive than S&P currently
anticipates.



===============
X X X X X X X X
===============


* BOND PRICING: For the Week September 29 to October 3, 2014
------------------------------------------------------------

Issuer                    Coupon   Maturity  Currency   Price
------                    ------   --------  --------   -----

IMMOFINANZ AG                4.25    3/8/2018     EUR     4.46
Hypo Alpe-Adria-Bank I       0.97   1/24/2017     EUR    38.88
Oesterreichische Volks       1.17  11/28/2016     EUR    73.67
Hypo Alpe-Adria-Bank I       4.35   11/3/2016     EUR    38.13
KA Finanz AG                 5.43   2/13/2024     EUR    56.00
Hypo Alpe-Adria-Bank I       0.89  11/29/2032     EUR    38.25
Hypo Alpe-Adria-Bank I       0.56   9/11/2017     EUR    39.63
Hypo Tirol Bank AG           0.66   7/23/2026     EUR    62.38
Alpine Holding GmbH          6.00   5/22/2017     EUR     1.50
UniCredit Bank Austria       0.84   8/20/2033     EUR    74.01
Hypo Alpe-Adria-Bank I       5.92   2/22/2022     EUR    39.63
Alpine Holding GmbH          5.25    7/1/2015     EUR     1.88
KA Finanz AG                 6.08  12/13/2018     EUR    67.00
Hypo Alpe-Adria-Bank I       5.27    4/7/2028     EUR    38.88
Hypo Alpe-Adria-Bank I       4.88   9/18/2017     EUR    38.75
Hypo Alpe-Adria-Bank I       5.03   1/26/2017     EUR    39.00
A-TEC Industries AG          8.75  10/27/2014     EUR     2.00
Alpine Holding GmbH          5.25   6/10/2016     EUR     0.13
Hypo Alpe-Adria-Bank I       0.68  12/18/2030     EUR    38.38
UniCredit Bank Austria       0.56   1/25/2031     EUR    71.45
Hypo Alpe-Adria-Bank I       5.73  12/10/2021     EUR    39.00
Hypo Alpe-Adria-Bank I       0.65   9/26/2043     EUR    23.38
Hypo Alpe-Adria-Bank I       7.50   5/27/2024     ATS    38.88
KA Finanz AG                 4.90   6/23/2031     EUR    47.00
Oesterreichische Volks       5.27    2/8/2027     EUR    62.00
Raiffeisen Bank Intern       4.50   9/28/2035     EUR    65.49
A-TEC Industries AG          2.75   5/10/2014     EUR     2.00
Hypo Alpe-Adria-Bank I       1.06   9/20/2017     EUR    39.00
Hypo Alpe-Adria-Bank I       0.42    4/9/2043     EUR    22.25
UniCredit Bank Austria       0.70   1/22/2031     EUR    72.73
Hypo Alpe-Adria-Bank I       0.61   3/12/2043     EUR    23.00
Oberoesterreichische L       0.51   4/25/2042     EUR    65.22
UniCredit Bank Austria       0.60   1/24/2031     EUR    72.17
Hypo Alpe-Adria-Bank I       0.61    4/9/2018     EUR    74.38
KA Finanz AG                 4.44  12/20/2030     EUR    39.00
Raiffeisen Zentralbank       0.20   4/15/2020     EUR    73.94
A-TEC Industries AG          5.75   11/2/2010     EUR     2.00
Hypo Alpe-Adria-Bank I       0.59    4/2/2018     EUR    74.38
Hypo Alpe-Adria-Bank I       0.61   4/22/2018     EUR    74.38
Raiffeisen Centrobank        5.32   3/12/2015     EUR    65.56
Salzburger-Landes Hypo       0.30  10/29/2021     EUR    71.12
Oberoesterreichische L       0.76   11/6/2030     EUR    74.70
Hypo Alpe-Adria-Bank I       0.55    3/4/2018     EUR    74.88
Raiffeisen Centrobank        7.33   8/21/2015     EUR    72.65
Raiffeisen Centrobank        6.29   1/20/2016     EUR    72.53
Republika Srpska             1.50   6/30/2023     BAM    73.02
Bosnia & Herzegovina G       2.50   6/30/2022     BAM    67.92
Bosnia & Herzegovina G       2.50   6/30/2020     BAM    74.65
Bosnia & Herzegovina G       2.50   6/30/2021     BAM    71.32
Bosnia & Herzegovina G       2.50   6/30/2023     BAM    65.11
Republika Srpska             1.50   9/25/2026     BAM    67.00
Republika Srpska             1.50  12/15/2023     BAM    73.02
Republika Srpska             1.50  12/24/2025     BAM    65.10
Republika Srpska             1.50   5/31/2025     BAM    65.50
Republika Srpska             1.50  10/30/2023     BAM    73.01
Republika Srpska             1.50   6/15/2024     BAM    70.01
Brcko distrikt Bosne i       2.50   9/30/2014     BAM    70.00
Republic of Srpska Tre       1.50    6/9/2025     BAM    65.61
Republika Srpska             1.50  12/31/2022     BAM    69.00
Republika Srpska             1.50  12/15/2023     BAM    70.00
Republika Srpska             1.50  12/22/2023     BAM    68.39
Econocom Group               1.50   1/15/2019     EUR    11.14
Ideal Standard Interna      11.75    5/1/2018     EUR    40.38
Belfius Bank SA/NV           0.74    3/1/2022     EUR    74.63
Ideal Standard Interna      11.75    5/1/2018     EUR    40.38
SV Patrimonia                4.00   4/19/2016     EUR    58.50
Petrol AD                    8.38   1/26/2017     EUR    59.38
Enemona AD-Kozloduy         10.00   4/28/2017     BGN     2.02
OGX Austria GmbH             8.50    6/1/2018     USD     4.13
Aralco Finance SA           10.13    5/7/2020     USD    14.38
OGX Austria GmbH             8.38    4/1/2022     USD     4.25
OGX Austria GmbH             8.50    6/1/2018     USD     5.00
OGX Austria GmbH             8.38    4/1/2022     USD     4.00
Aralco Finance SA           10.13    5/7/2020     USD    14.00
Clariden Leu Ltd/Nassa       5.76  10/15/2014     CHF    57.61
Credit Suisse AG/Nassa       9.00  10/29/2014     EUR    67.55
Credit Suisse AG/Nassa       9.00   5/28/2015     EUR    68.43
Credit Suisse AG/Nassa       8.50   1/22/2015     EUR    62.26
Credit Suisse AG/Nassa       9.00   2/20/2015     EUR    69.44
Credit Suisse AG/Nassa      10.25  11/14/2014     EUR    67.20
Credit Suisse AG/Nassa       8.25    2/5/2015     EUR    70.01
Clariden Leu Ltd/Nassa       4.50   8/13/2014     CHF    49.66
SAir Group                   5.50   7/23/2003     CHF    11.25
SAir Group                   4.25    2/2/2007     CHF    11.50
SAir Group                   0.13    7/7/2005     CHF    11.25
SAir Group                   5.13    3/1/2003     CHF    11.00
Credit Suisse AG             8.50    1/9/2015     USD     8.80
SAir Group                   2.13   11/4/2004     CHF    10.75
SAir Group                   6.25  10/27/2002     CHF    12.00
UBS AG                       5.75    3/2/2015     USD    22.65
UBS AG                       5.41  11/20/2014     USD    28.22
SAir Group                   6.25   4/12/2005     CHF    10.88
UBS AG                       7.36   1/20/2015     USD    29.40
UBS AG                      14.75  12/29/2015     EUR    68.92
UBS AG                       0.50   4/27/2015     CHF    65.30
UBS AG                      10.00   3/27/2015     USD     9.56
UBS AG                       4.62   4/20/2015     USD    45.37
SAir Group                   2.75   7/30/2004     CHF    10.88
UBS AG                       7.65   3/12/2015     USD    23.68
UBS AG                       7.98  11/14/2014     USD     9.71
UBS AG                      10.00    1/2/2015     EUR    72.03
UBS AG                      14.25    1/2/2015     EUR    57.34
UBS AG                      14.50    1/2/2015     EUR    71.48
UBS AG                      14.00   9/26/2014     EUR    58.54
UBS AG                      14.25   6/26/2015     EUR    58.80
UBS AG                      14.50  12/29/2015     EUR    62.38
UBS AG                       6.04   8/29/2014     USD    34.28
UBS AG                       4.14   4/20/2015     USD    66.71
UBS AG                      13.75    1/2/2015     EUR    69.88
UBS AG                      12.50  12/29/2015     EUR    67.99
UBS AG                      13.50  12/29/2015     EUR    64.81
UBS AG                       9.75    1/2/2015     EUR    74.91
UBS AG                      11.75   6/26/2015     EUR    66.73
UBS AG                      14.25    1/2/2015     EUR    73.16
UBS AG                      11.00  12/29/2015     EUR    71.42
UBS AG                      11.75  12/29/2015     EUR    67.27
UBS AG                      10.50   9/26/2014     EUR    72.37
UBS AG                      13.50   9/26/2014     EUR    63.20
UBS AG                      12.25   9/26/2014     EUR    66.14
UBS AG                      12.25   9/26/2014     EUR    65.91
UBS AG                      13.00    1/2/2015     EUR    68.28
UBS AG                      12.00    1/2/2015     EUR    69.12
UBS AG                      13.00    1/2/2015     EUR    62.44
UBS AG                      12.00    1/2/2015     EUR    71.81
UBS AG                       5.54   12/2/2014     USD    41.53
UBS AG                       4.93   12/3/2014     USD    61.43
UBS AG                       5.34   12/3/2014     USD    19.22
UBS AG                      10.75   9/26/2014     EUR    69.39
UBS AG                      14.25   9/26/2014     EUR    59.10
UBS AG                      13.00   9/26/2014     EUR    65.97
UBS AG                      14.50    1/2/2015     EUR    57.39
UBS AG                      11.50    1/2/2015     EUR    69.01
UBS AG                      14.75   9/26/2014     EUR    71.39
UBS AG                      14.25    1/2/2015     EUR    75.00
UBS AG                      14.00    1/2/2015     EUR    62.76
UBS AG                      13.75   9/26/2014     EUR    73.98
UBS AG                      12.25    1/2/2015     EUR    66.42
UBS AG                       6.96  12/18/2014     USD    18.29
UBS AG                       5.99  12/18/2014     USD    33.79
UBS AG                       7.63  12/22/2014     USD    23.92
UBS AG                      14.00    1/2/2015     EUR    62.99
UBS AG                      11.25    1/2/2015     EUR    69.12
UBS AG                       4.55   12/2/2014     USD    24.90
UBS AG                      11.25    1/2/2015     EUR    60.74
UBS AG                       6.75    1/2/2015     EUR    68.81
UBS AG                      14.50   9/26/2014     EUR    72.39
UBS AG                       9.00   8/20/2014     EUR    73.01
Notenstein Privatbank       15.00   11/3/2014     CHF    68.30
SAir Group                   2.75   7/30/2004     CHF    11.25
Banque Cantonale Vaudo       1.00    7/7/2016     CHF    57.74
UBS AG                      13.25   6/26/2015     EUR    69.88
UBS AG                       8.75   3/29/2016     EUR    73.77
UBS AG                      12.25   3/27/2015     EUR    72.06
UBS AG                      11.75    1/2/2015     EUR    66.28
UBS AG                      11.50   6/26/2015     EUR    73.84
UBS AG                       8.25  12/29/2015     EUR    63.29
UBS AG                       8.50  12/29/2015     EUR    73.66
UBS AG                      14.25   9/25/2015     EUR    69.03
UBS AG                      14.50    1/2/2015     EUR    71.69
UBS AG                       4.75    1/2/2015     EUR    70.01
UBS AG                      13.25    1/2/2015     EUR    66.41
UBS AG                       9.50  12/29/2015     EUR    70.38
UBS AG                      10.25    1/2/2015     EUR    61.97
UBS AG                       5.00  12/29/2015     EUR    58.07
UBS AG                       6.75   9/25/2015     EUR    67.64
UBS AG                      12.25   9/25/2015     EUR    74.24
UBS AG                       9.75   9/25/2015     EUR    68.66
UBS AG                      11.00    1/2/2015     EUR    73.94
UBS AG                       8.20   1/22/2015     USD    21.82
UBS AG                      24.00  12/29/2015     EUR    72.89
UBS AG                      19.25   3/29/2016     EUR    74.37
UBS AG                      22.00  12/29/2015     EUR    71.07
UBS AG                      24.75   9/25/2015     EUR    70.67
UBS AG                      21.00   9/26/2014     EUR    63.79
UBS AG                      23.75  12/29/2015     EUR    71.01
UBS AG                      20.00  12/29/2015     EUR    71.13
UBS AG                      23.00   3/27/2015     EUR    65.54
UBS AG                      21.75   6/26/2015     EUR    67.49
UBS AG                      22.75   9/25/2015     EUR    68.98
UBS AG                      22.50    1/2/2015     EUR    64.59
UBS AG                      19.75    1/2/2015     EUR    66.13
UBS AG                      23.00  12/29/2015     EUR    67.25
UBS AG                      21.00   3/27/2015     EUR    66.48
UBS AG                      17.00    1/2/2015     EUR    67.93
UBS AG                      21.25   3/29/2016     EUR    74.41
UBS AG                      18.50   3/27/2015     EUR    67.30
UBS AG                      20.00   6/26/2015     EUR    67.95
UBS AG                      24.25   3/27/2015     EUR    67.23
UBS AG                      21.75  12/29/2015     EUR    73.01
UBS AG                      17.25   3/29/2016     EUR    74.91
UBS AG                      17.25   9/26/2014     EUR    66.53
UBS AG                       9.50   6/26/2015     EUR    74.85
UBS AG                      10.25  12/29/2015     EUR    67.47
UBS AG                       5.00   9/25/2015     EUR    56.72
UBS AG                      11.75  12/29/2015     EUR    73.30
UBS AG                       7.50   9/26/2014     EUR    57.28
UBS AG                      10.00   9/26/2014     EUR    65.65
UBS AG                      13.50   9/26/2014     EUR    67.89
UBS AG                       6.75   9/26/2014     EUR    65.27
UBS AG                      11.25    1/2/2015     EUR    69.05
UBS AG                      10.25   9/26/2014     EUR    59.25
UBS AG                      13.75    1/2/2015     EUR    62.40
UBS AG                      12.25    1/2/2015     EUR    62.92
UBS AG                      14.50   9/26/2014     EUR    54.48
UBS AG                      12.50    1/2/2015     EUR    56.36
UBS AG                       4.50    1/2/2015     EUR    66.07
UBS AG                      11.50   9/26/2014     EUR    54.21
UBS AG                      10.25    1/2/2015     EUR    68.41
UBS AG                       7.75    1/2/2015     EUR    59.34
UBS AG                       9.00   9/26/2014     EUR    65.60
UBS AG                      13.75    1/2/2015     EUR    58.18
UBS AG                      14.75    1/2/2015     EUR    62.12
UBS AG                      11.00   9/26/2014     EUR    65.75
UBS AG                      12.00    1/2/2015     EUR    53.09
UBS AG                      13.00   9/26/2014     EUR    59.62
UBS AG                      10.00    1/2/2015     EUR    61.97
UBS AG                       8.50   9/26/2014     EUR    52.78
UBS AG                       4.25   9/26/2014     EUR    64.91
UBS AG                       9.50    1/2/2015     EUR    68.26
UBS AG                      14.50   9/26/2014     EUR    74.49
UBS AG                      13.00   9/26/2014     EUR    53.10
UBS AG                      12.25   9/26/2014     EUR    49.90
UBS AG                      12.25    1/2/2015     EUR    69.40
UBS AG                      11.50   9/26/2014     EUR    57.79
UBS AG                      12.50   9/26/2014     EUR    66.09
UBS AG                       5.00   6/26/2015     EUR    73.78
UBS AG                      14.00   6/26/2015     EUR    56.37
UBS AG                       7.00   6/26/2015     EUR    69.34
UBS AG                      10.75   6/26/2015     EUR    53.36
UBS AG                       7.25   3/27/2015     EUR    51.96
UBS AG                      11.50   6/26/2015     EUR    62.07
UBS AG                       4.25   3/27/2015     EUR    65.91
UBS AG                       9.25   6/26/2015     EUR    59.92
UBS AG                       8.25   3/27/2015     EUR    63.20
UBS AG                       4.75   3/27/2015     EUR    54.81
UBS AG                       8.25   6/26/2015     EUR    70.63
UBS AG                      12.00   3/27/2015     EUR    60.37
UBS AG                      10.00   6/26/2015     EUR    65.86
UBS AG                      10.25   3/27/2015     EUR    64.59
UBS AG                       9.25   3/27/2015     EUR    58.41
UBS AG                       5.25   6/26/2015     EUR    55.54
UBS AG                      14.75   3/27/2015     EUR    73.71
UBS AG                       4.50   3/27/2015     EUR    59.81
UBS AG                       5.00   6/26/2015     EUR    60.38
UBS AG                      13.25   3/27/2015     EUR    56.86
UBS AG                      14.75   6/26/2015     EUR    53.04
UBS AG                      14.25   3/27/2015     EUR    53.81
UBS AG                      12.75   6/26/2015     EUR    58.95
UBS AG                       4.75   3/27/2015     EUR    73.74
UBS AG                       6.75   3/27/2015     EUR    56.94
UBS AG                       7.25   6/26/2015     EUR    57.13
UBS AG                       6.25   3/27/2015     EUR    61.86
UBS AG                       5.75   6/26/2015     EUR    68.13
UBS AG                       8.25   6/26/2015     EUR    64.24
UBS AG                       8.50   3/27/2015     EUR    69.80
UBS AG                       4.50   6/26/2015     EUR    66.08
UBS AG                       6.50   6/26/2015     EUR    62.67
UBS AG                       7.00   3/27/2015     EUR    68.78
UBS AG                      10.75   3/27/2015     EUR    50.52
UBS AG                       7.75   6/26/2015     EUR    53.35
UBS AG                       5.50   3/27/2015     EUR    67.85
UBS AG                      10.00   3/27/2015     EUR    54.62
UBS AG                      10.25   6/26/2015     EUR    56.52
UBS AG                       3.10   2/25/2015     EUR    73.64
UBS AG                       5.80   7/22/2015     EUR    71.74
UBS AG                       7.10   7/22/2015     EUR    69.81
UBS AG                       3.00   9/24/2014     EUR    72.42
UBS AG                       6.90  12/24/2014     EUR    67.13
UBS AG                       4.80  12/24/2014     EUR    69.93
UBS AG                       3.20  12/24/2014     EUR    73.22
UBS AG                       4.50   2/25/2015     EUR    70.57
UBS AG                      13.40   9/24/2014     EUR    70.92
UBS AG                      14.75   9/26/2014     EUR    72.47
UBS AG                      14.75    1/2/2015     EUR    73.10
UBS AG                       8.40  12/29/2014     EUR    67.43
UBS AG                       9.30  12/24/2014     EUR    63.56
UBS AG                      10.00   9/24/2014     EUR    74.20
UBS AG                      11.10   9/24/2014     EUR    62.65
UBS AG                       6.30   2/25/2015     EUR    68.01
UBS AG                       6.09   5/29/2015     USD    71.57
UBS AG                       8.73   3/30/2015     USD     6.72
UBS AG                      13.00  12/29/2015     EUR    69.08
UBS AG                       7.25   9/25/2015     EUR    72.39
UBS AG                      24.50   9/25/2015     EUR    65.17
UBS AG                      17.25   9/25/2015     EUR    65.26
UBS AG                      11.18  12/10/2014     USD    68.97
UBS AG                      21.00   3/27/2015     EUR    74.36
UBS AG                      19.00   9/25/2015     EUR    72.61
UBS AG                      22.00   3/27/2015     EUR    68.28
UBS AG                      23.00   6/26/2015     EUR    69.32
UBS AG                      22.50   9/26/2014     EUR    65.47
UBS AG                      19.25   9/26/2014     EUR    68.35
UBS AG                      19.25   3/27/2015     EUR    70.41
UBS AG                      16.75   6/26/2015     EUR    73.05
UBS AG                      22.25   6/26/2015     EUR    74.42
UBS AG                      20.25   9/25/2015     EUR    72.00
UBS AG                      17.00   3/27/2015     EUR    71.87
UBS AG                      22.75  12/29/2015     EUR    72.71
UBS AG                      23.00   9/25/2015     EUR    70.69
UBS AG                      18.50    1/2/2015     EUR    70.01
UBS AG                      23.50   3/27/2015     EUR    73.06
UBS AG                      21.75   3/27/2015     EUR    71.35
UBS AG                      15.50  12/29/2015     EUR    68.35
UBS AG                       9.25  12/29/2015     EUR    71.67
UBS AG                      23.50   9/25/2015     EUR    74.94
UBS AG                      21.50   6/26/2015     EUR    70.02
UBS AG                      15.00   3/27/2015     EUR    73.78
UBS AG                      18.00  12/29/2015     EUR    74.19
UBS AG                      19.25   6/26/2015     EUR    71.41
UBS AG                      17.00  12/29/2015     EUR    74.80
UBS AG                      20.50  12/29/2015     EUR    73.26
UBS AG                      14.50   9/25/2015     EUR    67.35
UBS AG                      22.50   3/27/2015     EUR    61.71
UBS AG                      11.50   9/25/2015     EUR    68.97
UBS AG                      19.75  12/29/2015     EUR    66.81
UBS AG                      22.50   9/25/2015     EUR    65.56
UBS AG                      20.00   9/25/2015     EUR    65.79
UBS AG                      16.50    1/2/2015     EUR    63.53
UBS AG                      18.50   3/27/2015     EUR    63.51
UBS AG                      20.25   9/26/2014     EUR    59.48
UBS AG                      19.75   6/26/2015     EUR    64.09
UBS AG                      17.75  12/29/2015     EUR    67.92
UBS AG                      16.50   6/26/2015     EUR    65.45
UBS AG                      21.75  12/29/2015     EUR    67.79
UBS AG                      22.50    1/2/2015     EUR    60.77
UBS AG                      23.50   9/25/2015     EUR    73.06
UBS AG                      23.75   6/26/2015     EUR    71.96
UBS AG                      10.50  12/29/2015     EUR    70.56
UBS AG                      14.75   9/26/2014     EUR    61.77
UBS AG                      11.00   3/27/2015     EUR    66.88
UBS AG                      13.00   3/27/2015     EUR    65.17
UBS AG                       8.00    1/2/2015     EUR    70.14
UBS AG                       9.00   3/27/2015     EUR    68.90
UBS AG                      10.75   6/26/2015     EUR    63.96
UBS AG                      12.75   9/25/2015     EUR    72.00
UBS AG                      10.25    1/2/2015     EUR    74.83
UBS AG                       4.50  12/29/2015     EUR    65.25
UBS AG                      10.75  12/29/2015     EUR    64.24
UBS AG                      13.75   6/26/2015     EUR    69.17
UBS AG                      13.25   3/27/2015     EUR    68.31
UBS AG                       5.25  12/29/2015     EUR    72.55
UBS AG                      14.75   9/25/2015     EUR    59.80
UBS AG                      13.75   3/27/2015     EUR    62.61
UBS AG                       5.50   6/26/2015     EUR    71.67
UBS AG                       6.50  12/29/2015     EUR    67.74
UBS AG                       9.75   3/27/2015     EUR    66.09
UBS AG                       9.00   6/24/2016     EUR    74.42
UBS AG                      12.25   9/26/2014     EUR    74.02
UBS AG                      10.75   6/26/2015     EUR    70.83
UBS AG                      12.25   9/26/2014     EUR    64.67
UBS AG                      13.00    1/2/2015     EUR    62.04
UBS AG                      12.50   6/26/2015     EUR    67.19
UBS AG                      10.75  12/29/2015     EUR    70.04
UBS AG                      10.25   6/26/2015     EUR    72.31
UBS AG                      14.25   6/26/2015     EUR    72.44
UBS AG                      10.75   6/26/2015     EUR    72.53
UBS AG                       5.70   2/11/2015     USD    12.18
UBS AG                      14.75   9/26/2014     EUR    72.32
UBS AG                      14.00   9/26/2014     EUR    74.36
UBS AG                      14.00   6/26/2015     EUR    62.92
UBS AG                      11.50   6/26/2015     EUR    67.04
UBS AG                      10.00  12/29/2015     EUR    73.62
UBS AG                      10.50  12/29/2015     EUR    71.06
UBS AG                      11.50    1/2/2015     EUR    67.77
UBS AG                      13.00   6/26/2015     EUR    62.23
UBS AG                      12.75  12/29/2015     EUR    64.08
UBS AG                       4.47   2/19/2015     USD    37.13
UBS AG                       5.39   2/19/2015     USD    13.32
UBS AG                       5.78   3/31/2015     USD    32.96
UBS AG                       7.10  10/22/2014     EUR    72.07
UBS AG                       6.10   3/25/2015     EUR    74.35
UBS AG                       8.10   3/25/2015     EUR    72.15
UBS AG                      10.60  10/22/2014     EUR    69.22
UBS AG                       4.50  10/22/2014     EUR    73.80
UBS AG                      19.25   6/26/2015     EUR    71.27
UBS AG                      16.25   3/27/2015     EUR    72.43
UBS AG                      17.00   9/25/2015     EUR    73.46
UBS AG                      20.25    1/2/2015     EUR    69.21
UBS AG                      15.00  12/29/2015     EUR    74.99
UBS AG                      17.25   9/26/2014     EUR    70.15
UBS AG                      13.50   6/26/2015     EUR    69.10
UBS AG                      15.00   6/26/2015     EUR    67.98
UBS AG                      13.75   9/25/2015     EUR    68.25
UBS AG                      18.00    1/2/2015     EUR    70.84
UBS AG                      17.00   9/25/2015     EUR    73.70
UBS AG                      21.25    1/2/2015     EUR    68.14
UBS AG                      24.25   3/27/2015     EUR    71.84
UBS AG                      21.00    1/2/2015     EUR    63.26
UBS AG                      21.25   3/27/2015     EUR    63.86
UBS AG                      15.75   9/26/2014     EUR    65.14
UBS AG                      22.50   3/27/2015     EUR    68.53
UBS AG                      18.00   3/27/2015     EUR    71.08
UBS AG                      14.50    1/2/2015     EUR    73.65
UBS AG                      23.50    1/2/2015     EUR    61.98
UBS AG                      19.25   3/27/2015     EUR    64.69
UBS AG                      13.50  12/29/2015     EUR    69.29
UBS AG                      15.50   3/27/2015     EUR    67.06
UBS AG                      22.50   9/26/2014     EUR    66.58
UBS AG                      21.75   6/26/2015     EUR    74.84
UBS AG                      17.25   3/27/2015     EUR    65.70
UBS AG                      13.00    1/2/2015     EUR    68.26
UBS AG                      16.75   6/26/2015     EUR    67.28
UBS AG                      15.00   9/25/2015     EUR    67.51
UBS AG                       8.20  12/24/2014     EUR    74.80
UBS AG                      19.25   9/26/2014     EUR    62.57
UBS AG                      22.25   3/27/2015     EUR    72.92
UBS AG                      12.50   9/25/2015     EUR    68.28
UBS AG                      16.50   9/25/2015     EUR    67.22
UBS AG                      18.50    1/2/2015     EUR    64.75
UBS AG                      15.75    1/2/2015     EUR    66.37
UBS AG                      13.25   3/27/2015     EUR    68.33
UBS AG                      11.00   9/25/2015     EUR    69.99
UBS AG                      24.50   9/25/2015     EUR    74.19
UBS AG                      14.00   6/26/2015     EUR    74.37
UBS AG                      22.50   9/26/2014     EUR    60.26
UBS AG                      18.25   6/26/2015     EUR    66.52
UBS AG                      12.50  12/29/2015     EUR    70.03
UBS AG                      15.50   6/26/2015     EUR    73.29
UBS AG                      11.25  12/29/2015     EUR    70.41
UBS AG                       5.58  12/23/2014     USD    27.17
UBS AG                      11.10  12/24/2014     EUR    73.50
UBS AG                       9.80   2/25/2015     EUR    74.67
UBS AG                       7.70   9/24/2014     EUR    65.42
UBS AG                       9.70   9/24/2014     EUR    65.28
UBS AG                       5.00   3/27/2015     EUR    71.37
UBS AG                       5.25   9/25/2015     EUR    72.75
UBS AG                      15.00   6/26/2015     EUR    74.36
UBS AG                       4.70   4/15/2015     USD    33.31
UBS AG                       5.67   12/3/2014     USD    71.07
UBS AG                       9.75   6/26/2015     EUR    66.94
UBS AG                      11.75   6/26/2015     EUR    70.48
UBS AG                      10.50   9/25/2015     EUR    65.58
UBS AG                      10.50   3/27/2015     EUR    62.72
UBS AG                      11.75   3/27/2015     EUR    72.62
UBS AG                       8.25   9/25/2015     EUR    61.27
UBS AG                       4.25   9/25/2015     EUR    63.81
UBS AG                       9.75  12/29/2015     EUR    57.59
UBS AG                       8.00  12/29/2015     EUR    73.05
UBS AG                      18.50   3/27/2015     EUR    73.38
UBS AG                       8.50   9/25/2015     EUR    71.63
UBS AG                       6.75  12/29/2015     EUR    74.74
UBS AG                      23.00   6/26/2015     EUR    62.47
UBS AG                      22.00   6/26/2015     EUR    72.53
UBS AG                      24.75   3/27/2015     EUR    69.66
UBS AG                       6.70  11/26/2014     EUR    73.03
UBS AG                       7.00    1/2/2015     EUR    74.12
UBS AG                       8.50    1/2/2015     EUR    66.99
UBS AG                      13.50    1/2/2015     EUR    69.55
UBS AG                       8.75   9/26/2014     EUR    57.97
UBS AG                       6.75   9/26/2014     EUR    73.42
UBS AG                       9.50   9/26/2014     EUR    52.05
UBS AG                       8.00   9/26/2014     EUR    64.99
Notenstein Privatbank       14.00    3/9/2015     CHF    72.32
UBS AG                       9.25   6/26/2015     EUR    73.77
UBS AG                      14.25   6/26/2015     EUR    68.49
UBS AG                      12.50   6/26/2015     EUR    69.87
UBS AG                      10.75   6/26/2015     EUR    71.54
UBS AG                      14.75    1/2/2015     EUR    68.66
UBS AG                       8.90   9/24/2014     EUR    69.37
UBS AG                       6.90  11/26/2014     EUR    72.34
UBS AG                      10.20  11/26/2014     EUR    73.65
UBS AG                      12.00   8/20/2014     EUR    70.83
UBS AG                       7.60   3/25/2015     EUR    71.50
UBS AG                       5.72   5/14/2015     USD    13.97
UBS AG                      14.75   9/26/2014     EUR    69.65
UBS AG                      14.75    1/2/2015     EUR    70.10
UBS AG                      12.25   9/26/2014     EUR    74.06
UBS AG                      12.75  12/29/2015     EUR    74.25
UBS AG                      14.75   6/26/2015     EUR    69.52
UBS AG                      12.25   6/26/2015     EUR    74.25
UBS AG                      11.00   9/26/2014     EUR    68.27
UBS AG                      13.00    1/2/2015     EUR    72.95
UBS AG                      13.25   6/26/2015     EUR    72.18
UBS AG                      13.25   9/26/2014     EUR    64.83
UBS AG                       9.00   9/26/2014     EUR    72.21
UBS AG                      12.00    1/2/2015     EUR    67.96
UBS AG                      14.00    1/2/2015     EUR    71.78
UBS AG                      13.75    1/2/2015     EUR    65.33
UBS AG                      14.50  12/29/2015     EUR    71.15
UBS AG                      13.75  12/29/2015     EUR    72.20
UBS AG                      12.50   9/26/2014     EUR    73.37
Banque Cantonale Vaudo       8.65  11/24/2014     CHF    64.78
UBS AG                      13.50   3/27/2015     EUR    72.83
UBS AG                      14.75   3/27/2015     EUR    69.35
UBS AG                      10.25   9/26/2014     EUR    45.88
UBS AG                      13.75   9/25/2015     EUR    71.50
UBS AG                      11.50   9/26/2014     EUR    59.48
UBS AG                      14.25    1/2/2015     EUR    54.07
UBS AG                      10.00   9/26/2014     EUR    48.61
UBS AG                      14.75   9/25/2015     EUR    73.34
UBS AG                      12.50   9/25/2015     EUR    74.63
UBS AG                      14.25   3/27/2015     EUR    73.62
UBS AG                      11.00    1/2/2015     EUR    48.10
UBS AG                      12.75    1/2/2015     EUR    57.89
UBS AG                      13.00   9/26/2014     EUR    54.36
UBS AG                      14.50   9/26/2014     EUR    50.22
UBS AG                      13.25  12/29/2015     EUR    68.70
UBS AG                      14.50   3/27/2015     EUR    67.81
UBS AG                       9.50    1/2/2015     EUR    65.36
UBS AG                       8.75   9/25/2015     EUR    72.19
UBS AG                      10.00   9/25/2015     EUR    55.31
UBS AG                      14.75    1/2/2015     EUR    57.67
UBS AG                      13.50   9/26/2014     EUR    68.98
UBS AG                      13.00   9/26/2014     EUR    73.18
UBS AG                      14.75    1/2/2015     EUR    71.77
UBS AG                      14.50    1/2/2015     EUR    55.80
UBS AG                       9.50    1/2/2015     EUR    60.78
UBS AG                      10.25    1/2/2015     EUR    54.11
UBS AG                      10.00   9/25/2015     EUR    70.16
UBS AG                      20.50   9/25/2015     EUR    74.27
UBS AG                      19.25   9/25/2015     EUR    74.96
UBS AG                      24.00   6/26/2015     EUR    73.61
UBS AG                       4.90   9/24/2014     EUR    70.29
UBS AG                       5.00   9/24/2014     EUR    68.73
UBS AG                       8.20   2/25/2015     EUR    65.89
Cyprus Popular Bank PC       2.07   5/26/2016     EUR     0.75
Sazka AS                     9.00   7/12/2021     EUR    10.00
Ekotechnika GmbH             9.75   5/10/2018     EUR    64.25
DF Deutsche Forfait AG       7.88   5/27/2020     EUR    49.13
Mifa Mitteldeutsche Fa       7.50   8/12/2018     EUR    21.05
TUI AG                       2.75   3/24/2016     EUR    66.20
Mox Telecom AG               7.25   11/2/2017     EUR    11.63
Praktiker AG                 5.88   2/10/2016     EUR     0.13
MS Deutschland Beteili       6.88  12/18/2017     EUR    45.75
Travel24.com AG              7.50   9/17/2017     EUR    50.10
Laurel GmbH                  7.13  11/16/2017     EUR    50.25
EDOB Abwicklungs AG          7.50    4/1/2012     EUR     1.09
Rena GmbH                    8.25   7/11/2018     EUR    19.38
Rena GmbH                    7.00  12/15/2015     EUR    19.38
Golden Gate AG               6.50  10/11/2014     EUR    75.00
Gunther Zamek Produkti       7.75   5/15/2017     EUR     2.25
getgoods.de AG               7.75   10/2/2017     EUR     5.38
IKB Deutsche Industrie       5.63   3/31/2017     EUR    23.18
Solarworld AG                6.13   1/21/2017     EUR    33.25
Windreich GmbH               6.50   7/15/2016     EUR    10.88
RENE LEZARD Mode GmbH        7.25  11/25/2017     EUR    67.30
Centrosolar Group AG         7.00   2/15/2016     EUR     3.50
SiC Processing GmbH          7.13    3/1/2016     EUR     7.25
BDT Media Automation G       8.13   10/9/2017     EUR    65.50
SAG Solarstrom AG            6.25  12/14/2015     EUR    64.00
Portigon AG                  7.46  12/31/2019     EUR    10.00
Global PVQ SE                6.75  10/21/2015     EUR     1.20
Strenesse AG                 9.00   3/15/2017     EUR    30.50
Windreich GmbH               6.50    3/1/2015     EUR    10.88
More & More AG               8.13   6/11/2018     EUR    59.88
Dexia Kommunalbank Deu       5.63  12/31/2017     EUR    33.50
IKB Deutsche Industrie       4.70   3/31/2017     EUR    22.50
Dexia Kommunalbank Deu       4.88  12/31/2016     EUR    38.00
eno energy GmbH              7.38   6/30/2016     EUR    74.88
Solarworld AG                6.38   7/13/2016     EUR    33.25
IKB Deutsche Industrie       4.50   3/31/2015     EUR     2.10
posterXXL AG                 7.25   7/27/2017     EUR    50.00
MT-Energie GmbH & Co K       8.25    4/4/2017     EUR    40.30
TAG Immobilien AG            6.50  12/10/2015     EUR     9.73
ffk environment GmbH         7.25    6/1/2016     EUR    10.10
Gamigo AG                    8.50   6/19/2018     EUR    61.50
Colonia Real Estate AG       5.88   5/11/2015     EUR     6.81
Solon SE                     1.38   12/6/2012     EUR     0.25
Gigaset AG                   3.00   4/22/2015     EUR     0.83
Estavis AG                   6.25   3/27/2019     EUR     2.46
ADLER Real Estate AG         6.00   6/30/2017     EUR     6.20
WGF Westfaelische Grun       5.35   5/15/2015     EUR     9.75
SAG Solarstrom AG            7.50   7/10/2017     EUR    64.00
Solen AG                     7.50    4/8/2016     EUR     1.20
DEMIRE Real Estate AG        6.00  12/30/2018     EUR     1.10
Hamburgische Landesban       0.54  10/30/2030     EUR    71.61
DEIKON GmbH                  1.00  11/16/2016     EUR    27.11
BKN biostrom AG              7.50    6/5/2016     EUR     1.00
Bremer Landesbank Kred       0.80    4/5/2041     EUR    62.37
INKA Beteiligungsverwa       5.10  10/31/2018     EUR    75.00
Solar Millennium AG          6.50   7/15/2015     EUR    10.10
ADLER Real Estate AG         6.00  12/27/2018     EUR     6.11
EXER D GmbH                  5.70    2/1/2016     EUR    75.00
hkw personalkonzepte G       8.25  11/15/2016     EUR     1.03
Kristensen Germany AG        7.00  12/31/2015     DKK     2.11
GWB Immobilien AG            7.50  10/31/2014     EUR     0.00
UniCredit Bank AG            1.03  11/19/2029     EUR    74.04
Hamburgische Landesban       0.59  10/30/2040     EUR    68.30
WGF Westfaelische Grun       6.35   12/1/2016     EUR    13.00
Vontobel Financial Pro      10.20  12/30/2014     EUR    71.48
Vontobel Financial Pro      10.75  12/12/2014     EUR    67.60
DEIKON GmbH                  1.00    7/1/2015     EUR    27.75
Landesbank Berlin AG         4.80   11/7/2014     EUR    68.30
Hamburgische Landesban       0.62   7/18/2031     EUR    74.43
Hamburgische Landesban       0.70  11/28/2030     EUR    74.29
Solarwatt GmbH               7.00   11/1/2015     EUR    14.50
Hamburgische Landesban       0.59  10/25/2030     EUR    74.96
DEIKON GmbH                  1.00    7/1/2016     EUR    25.25
Konservenfabrik Zachow       8.00    4/1/2016     EUR     0.00
EDOB Abwicklungs AG          7.50    4/1/2012     EUR     1.00
Hamburgische Landesban       0.57  10/25/2030     EUR    72.86
WGF Westfaelische Grun       6.35    8/1/2017     EUR     4.25
Muehl Product & Servic       6.75   3/10/2005     DEM     1.62
Hamburgische Landesban       0.58   1/22/2041     EUR    68.24
Salvator Grundbesitz-A       9.50  12/31/2021     EUR    13.00
Windreich GmbH               6.75    3/1/2015     EUR    10.88
DZ Bank AG Deutsche Ze       6.00   5/22/2015     EUR    71.07
DZ Bank AG Deutsche Ze       3.50  12/19/2014     EUR    70.76
Hamburgische Landesban       0.83   11/8/2030     EUR    74.97
Windreich GmbH               6.25    3/1/2015     EUR    10.88
BNP Paribas Emissions-       9.00   9/25/2014     EUR    70.84
Estavis AG                   7.75   6/25/2017     EUR     2.62
LBBW                         6.00   9/26/2014     EUR    70.56
Hamburgische Landesban       0.67   12/1/2030     EUR    73.69
DZ Bank AG Deutsche Ze       5.25   6/26/2015     EUR    70.31
UniCredit Bank AG            5.25   4/29/2015     EUR    73.78
BNP Paribas Emissions-       8.00   6/25/2015     EUR    73.04
Landeskreditbank Baden       0.50   5/10/2027     CAD    67.22
Carpevigo Holding AG         7.00  12/31/2015     EUR    69.48
LBBW                         4.00   6/26/2015     EUR    73.80
HSBC Trinkaus & Burkha      10.00   9/26/2014     EUR    73.07
KFW                          0.25   10/6/2036     CAD    35.78
Driver & Bengsch AG          8.50  12/31/2027     EUR     0.00
UniCredit Bank AG            4.00   6/25/2015     EUR    71.13
UniCredit Bank AG            5.00   8/21/2014     EUR    63.64
HSBC Trinkaus & Burkha       8.50  11/28/2014     EUR    72.10
Vontobel Financial Pro       6.50   8/14/2015     EUR    69.20
HSBC Trinkaus & Burkha       6.00  11/28/2014     EUR    72.48
Landesbank Schleswig-H       0.67   1/17/2030     EUR    73.25
BNP Paribas Emissions-       6.50   9/25/2014     EUR    70.26
UniCredit Bank AG            4.00  12/29/2014     EUR    52.23
DZ Bank AG Deutsche Ze       9.75   8/22/2014     EUR    69.83
Deutsche Bank AG             5.80  12/23/2014     EUR    65.15
UniCredit Bank AG            4.00   6/25/2015     EUR    67.56
UniCredit Bank AG            4.00   6/25/2015     EUR    65.16
Vontobel Financial Pro       5.40   3/13/2015     EUR    66.10
Deutsche Bank AG             7.20   6/22/2015     EUR    69.70
LBBW                         4.00   6/24/2016     EUR    71.11
UniCredit Bank AG            5.00   8/21/2014     EUR    64.09
HSBC Trinkaus & Burkha      11.00   8/22/2014     EUR    68.65
Rinol AG                     5.50  10/15/2006     DEM     0.00
Dresdner Bank AG             1.00  11/19/2029     EUR    60.63
DZ Bank AG Deutsche Ze       5.00   7/24/2015     EUR    69.26
Goldman Sachs & Co Wer       8.00  12/23/2015     EUR    72.81
Vontobel Financial Pro       7.30   6/12/2015     EUR    73.78
Commerzbank AG               7.50  12/29/2014     EUR    65.44
LBBW                         4.50   6/26/2015     EUR    74.80
UniCredit Bank AG            4.00   10/2/2014     EUR    70.92
DZ Bank AG Deutsche Ze       6.25   8/22/2014     EUR    72.84
Commerzbank AG               9.00   4/23/2015     EUR    73.22
DZ Bank AG Deutsche Ze       7.75   9/11/2015     EUR    73.49
Landeskreditbank Baden       0.25  10/13/2037     CAD    33.60
Gold-Zack AG                 7.00  12/14/2005     EUR    12.01
LBBW                         5.00   8/22/2014     EUR    74.44
LBBW                         6.00   8/22/2014     EUR    70.77
LBBW                         5.00   8/22/2014     EUR    73.37
LBBW                         4.60  11/28/2014     EUR    67.86
HSBC Trinkaus & Burkha       6.00  12/29/2014     EUR    36.72
HSBC Trinkaus & Burkha       6.50  12/29/2014     EUR    34.11
HSBC Trinkaus & Burkha       7.50  12/29/2014     EUR    31.32
HSBC Trinkaus & Burkha       7.00  12/29/2014     EUR    67.15
HSBC Trinkaus & Burkha       7.00  12/29/2014     EUR    70.43
HSBC Trinkaus & Burkha       6.50  12/29/2014     EUR    62.82
HSBC Trinkaus & Burkha       7.50  12/29/2014     EUR    58.37
HSBC Trinkaus & Burkha       6.00  12/29/2014     EUR    43.63
HSBC Trinkaus & Burkha       6.50  12/29/2014     EUR    41.14
HSBC Trinkaus & Burkha       6.00  12/29/2014     EUR    49.39
HSBC Trinkaus & Burkha       6.50  12/29/2014     EUR    46.45
HSBC Trinkaus & Burkha       6.50  12/29/2014     EUR    71.07
HSBC Trinkaus & Burkha       8.50  12/29/2014     EUR    72.83
HSBC Trinkaus & Burkha       6.50  12/29/2014     EUR    72.13
HSBC Trinkaus & Burkha       8.00  12/29/2014     EUR    63.17
Societe Generale Effek       2.50   10/7/2016     EUR    54.30
HSBC Trinkaus & Burkha       7.00  12/29/2014     EUR    41.65
HSBC Trinkaus & Burkha       9.00  12/29/2014     EUR    65.86
Deutsche Bank AG             6.30   9/23/2014     EUR    73.90
Deutsche Bank AG             8.30   9/23/2014     EUR    70.60
Deutsche Bank AG             8.30   9/23/2014     EUR    74.50
Deutsche Bank AG             7.30   9/23/2014     EUR    72.20
HSBC Trinkaus & Burkha      10.00   9/26/2014     EUR    63.29
HSBC Trinkaus & Burkha       6.50   9/26/2014     EUR    68.75
HSBC Trinkaus & Burkha       9.00  12/30/2014     EUR    65.31
HSBC Trinkaus & Burkha       6.00  12/30/2014     EUR    70.23
Vontobel Financial Pro       7.10   9/26/2014     EUR    72.46
HSBC Trinkaus & Burkha      12.00   9/26/2014     EUR    71.68
HSBC Trinkaus & Burkha      11.00  12/30/2014     EUR    74.39
Deutsche Bank AG             7.00  10/22/2014     EUR    72.70
Deutsche Bank AG             8.00  10/22/2014     EUR    71.20
Deutsche Bank AG             6.00  10/22/2014     EUR    74.30
DZ Bank AG Deutsche Ze       5.00  11/28/2014     EUR    69.99
Societe Generale Effek       4.00   6/26/2017     EUR    48.94
LBBW                         5.00   9/26/2014     EUR    70.65
DZ Bank AG Deutsche Ze       5.75   6/26/2015     EUR    71.38
BNP Paribas Emissions-       7.00   6/25/2015     EUR    68.98
BNP Paribas Emissions-       7.00  10/22/2015     EUR    71.08
BNP Paribas Emissions-       8.00  11/27/2014     EUR    70.78
BNP Paribas Emissions-       7.50   1/22/2015     EUR    70.02
BNP Paribas Emissions-       8.00  10/22/2015     EUR    74.92
BNP Paribas Emissions-       9.00  10/22/2015     EUR    74.51
BNP Paribas Emissions-      10.00  10/22/2015     EUR    74.18
Commerzbank AG               7.50   6/25/2015     EUR    67.50
DZ Bank AG Deutsche Ze       5.25  12/12/2014     EUR    74.37
DZ Bank AG Deutsche Ze       6.25   3/13/2015     EUR    71.40
DZ Bank AG Deutsche Ze       6.00   6/12/2015     EUR    71.35
DZ Bank AG Deutsche Ze       6.75   6/12/2015     EUR    72.00
DZ Bank AG Deutsche Ze       6.50   9/11/2015     EUR    73.19
DZ Bank AG Deutsche Ze       6.00   9/11/2015     EUR    73.34
DZ Bank AG Deutsche Ze       7.25   6/12/2015     EUR    70.32
DZ Bank AG Deutsche Ze       8.00   9/11/2015     EUR    72.65
DZ Bank AG Deutsche Ze       6.75   9/11/2015     EUR    71.32
DZ Bank AG Deutsche Ze       5.75   9/11/2015     EUR    72.59
DZ Bank AG Deutsche Ze       5.25   9/11/2015     EUR    72.87
DZ Bank AG Deutsche Ze       6.80   6/12/2015     EUR    74.68
Commerzbank AG              10.00   3/26/2015     EUR    72.71
DZ Bank AG Deutsche Ze       6.25   3/27/2015     EUR    74.19
DZ Bank AG Deutsche Ze       9.00   3/27/2015     EUR    71.16
DZ Bank AG Deutsche Ze       8.25   3/27/2015     EUR    69.36
DZ Bank AG Deutsche Ze       8.25   6/26/2015     EUR    70.29
UniCredit Bank AG            4.00   9/24/2015     EUR    65.54
UniCredit Bank AG            4.00   9/24/2015     EUR    74.12
UniCredit Bank AG            4.00   9/24/2015     EUR    67.22
Vontobel Financial Pro       6.40   6/26/2015     EUR    71.74
Vontobel Financial Pro       4.95  12/30/2014     EUR    72.98
Vontobel Financial Pro       9.30   9/26/2014     EUR    67.86
Goldman Sachs & Co Wer      22.00   9/24/2014     EUR    63.53
Goldman Sachs & Co Wer      17.00  12/24/2014     EUR    67.28
Goldman Sachs & Co Wer      16.00   1/21/2015     EUR    68.13
Goldman Sachs & Co Wer       9.00   4/22/2015     EUR    73.84
Goldman Sachs & Co Wer      14.00   4/22/2015     EUR    70.76
HSBC Trinkaus & Burkha      12.00   6/26/2015     EUR    69.96
HSBC Trinkaus & Burkha       6.00   9/25/2015     EUR    74.43
HSBC Trinkaus & Burkha       7.50  10/24/2014     EUR    71.11
HSBC Trinkaus & Burkha      13.00   6/26/2015     EUR    68.36
HSBC Trinkaus & Burkha       6.50   9/25/2015     EUR    73.33
HSBC Trinkaus & Burkha       9.00   8/22/2014     EUR    68.34
HSBC Trinkaus & Burkha      18.50  12/30/2014     EUR    69.69
HSBC Trinkaus & Burkha      15.00   3/27/2015     EUR    71.83
HSBC Trinkaus & Burkha      14.00   6/26/2015     EUR    73.13
HSBC Trinkaus & Burkha      10.00  10/24/2014     EUR    73.51
HSBC Trinkaus & Burkha      10.00  12/30/2014     EUR    62.80
HSBC Trinkaus & Burkha       6.00   3/27/2015     EUR    65.39
Vontobel Financial Pro       6.55   3/27/2015     EUR    66.60
Vontobel Financial Pro       8.85   5/22/2015     EUR    73.72
Deutsche Bank AG             5.20   6/22/2015     EUR    72.80
Deutsche Bank AG             4.20   6/22/2015     EUR    73.70
Deutsche Bank AG             5.20   6/22/2015     EUR    72.90
Deutsche Bank AG             5.20   7/22/2015     EUR    75.00
Deutsche Bank AG             5.20   8/26/2015     EUR    71.80
Deutsche Bank AG             6.20   7/22/2015     EUR    72.30
Deutsche Bank AG             5.20   7/22/2015     EUR    71.40
Deutsche Bank AG             6.20   8/26/2015     EUR    72.80
DZ Bank AG Deutsche Ze       6.50   5/22/2015     EUR    71.92
DZ Bank AG Deutsche Ze       6.25   9/25/2015     EUR    73.06
BNP Paribas Emissions-      15.00   9/25/2014     EUR    72.09
BNP Paribas Emissions-       6.00   9/25/2014     EUR    74.70
BNP Paribas Emissions-      14.00   9/25/2014     EUR    65.92
BNP Paribas Emissions-       8.00  12/29/2014     EUR    72.75
BNP Paribas Emissions-      11.00  12/29/2014     EUR    70.16
BNP Paribas Emissions-       7.50   3/26/2015     EUR    74.18
BNP Paribas Emissions-      10.00   3/26/2015     EUR    72.11
BNP Paribas Emissions-      14.00   9/25/2014     EUR    60.72
BNP Paribas Emissions-       3.50  12/29/2014     EUR    72.13
BNP Paribas Emissions-       8.00  12/29/2014     EUR    65.55
BNP Paribas Emissions-      11.50  12/29/2014     EUR    63.40
BNP Paribas Emissions-       4.00   3/26/2015     EUR    73.13
BNP Paribas Emissions-       5.50   3/26/2015     EUR    69.73
BNP Paribas Emissions-       3.50   9/25/2014     EUR    71.30
BNP Paribas Emissions-       9.00   9/25/2014     EUR    63.61
BNP Paribas Emissions-       7.50   3/26/2015     EUR    67.10
BNP Paribas Emissions-      10.00   3/26/2015     EUR    65.19
BNP Paribas Emissions-      16.00   9/25/2014     EUR    68.88
BNP Paribas Emissions-      13.00  12/29/2014     EUR    71.94
BNP Paribas Emissions-      10.00   3/26/2015     EUR    73.85
BNP Paribas Emissions-       7.00   9/25/2014     EUR    63.99
BNP Paribas Emissions-      13.50   9/25/2014     EUR    59.02
BNP Paribas Emissions-       7.00  12/29/2014     EUR    65.72
BNP Paribas Emissions-      11.00  12/29/2014     EUR    61.53
BNP Paribas Emissions-       3.50   3/26/2015     EUR    72.03
BNP Paribas Emissions-       6.00   3/26/2015     EUR    66.79
BNP Paribas Emissions-       9.50   3/26/2015     EUR    63.26
BNP Paribas Emissions-      17.50   9/25/2014     EUR    63.24
BNP Paribas Emissions-       6.50  12/29/2014     EUR    71.69
BNP Paribas Emissions-      14.00  12/29/2014     EUR    66.37
BNP Paribas Emissions-       7.50   3/26/2015     EUR    70.74
BNP Paribas Emissions-      12.50   3/26/2015     EUR    67.39
BNP Paribas Emissions-      12.00   9/25/2014     EUR    51.65
BNP Paribas Emissions-      19.00   9/25/2014     EUR    46.90
BNP Paribas Emissions-      11.00  12/29/2014     EUR    54.05
BNP Paribas Emissions-      16.00  12/29/2014     EUR    50.45
BNP Paribas Emissions-       8.00   3/26/2015     EUR    60.90
BNP Paribas Emissions-      11.00   3/26/2015     EUR    56.16
BNP Paribas Emissions-      15.00   3/26/2015     EUR    53.30
BNP Paribas Emissions-      14.00   9/25/2014     EUR    73.69
HSBC Trinkaus & Burkha       9.50  10/24/2014     EUR    68.16
HSBC Trinkaus & Burkha       8.50   1/23/2015     EUR    70.04
HSBC Trinkaus & Burkha       9.50   6/26/2015     EUR    69.66
HSBC Trinkaus & Burkha       7.00   9/25/2015     EUR    72.20
HSBC Trinkaus & Burkha      10.50   8/22/2014     EUR    66.55
HSBC Trinkaus & Burkha      10.50  12/30/2014     EUR    65.33
HSBC Trinkaus & Burkha       6.00   3/27/2015     EUR    67.97
DZ Bank AG Deutsche Ze       8.50   5/22/2015     EUR    70.91
DZ Bank AG Deutsche Ze       5.50   5/22/2015     EUR    66.19
Deutsche Bank AG             4.00   5/25/2015     EUR    74.20
BNP Paribas Emissions-       6.00   6/25/2015     EUR    68.59
BNP Paribas Emissions-       7.00  11/27/2014     EUR    72.42
BNP Paribas Emissions-       6.75   1/22/2015     EUR    72.69
Deutsche Bank AG             7.30   9/23/2014     EUR    71.60
BNP Paribas Emissions-       5.75   1/22/2015     EUR    74.97
BNP Paribas Emissions-       6.75   7/23/2015     EUR    74.33
UniCredit Bank AG            6.00  11/27/2014     EUR    73.82
UniCredit Bank AG            5.30  11/27/2014     EUR    74.60
Deutsche Bank AG             8.30   9/23/2014     EUR    69.00
UniCredit Bank AG            7.00  11/27/2014     EUR    73.92
Vontobel Financial Pro      11.05   9/26/2014     EUR    72.82
Vontobel Financial Pro       9.05  12/30/2014     EUR    69.70
Vontobel Financial Pro       6.40  12/30/2014     EUR    72.84
Vontobel Financial Pro      11.35   9/26/2014     EUR    67.34
Vontobel Financial Pro       7.60   9/26/2014     EUR    71.28
UniCredit Bank AG            5.20  11/27/2014     EUR    59.30
UniCredit Bank AG            4.00  11/27/2014     EUR    64.67
Deutsche Bank AG             8.30   9/23/2014     EUR    71.70
Goldman Sachs & Co Wer      18.00   9/24/2014     EUR    66.72
Goldman Sachs & Co Wer      12.00   2/25/2015     EUR    71.09
Goldman Sachs & Co Wer      10.00   2/25/2015     EUR    73.04
Goldman Sachs & Co Wer       8.00   3/25/2015     EUR    72.48
HSBC Trinkaus & Burkha      12.50   9/26/2014     EUR    66.42
HSBC Trinkaus & Burkha       6.50   6/26/2015     EUR    72.14
HSBC Trinkaus & Burkha      12.50   9/26/2014     EUR    64.41
HSBC Trinkaus & Burkha       6.50   9/26/2014     EUR    68.90
HSBC Trinkaus & Burkha      10.00  12/30/2014     EUR    66.70
HSBC Trinkaus & Burkha       6.00  12/30/2014     EUR    70.37
HSBC Trinkaus & Burkha       9.00   3/27/2015     EUR    68.40
HSBC Trinkaus & Burkha       7.50   6/26/2015     EUR    69.51
HSBC Trinkaus & Burkha      10.50   8/22/2014     EUR    64.81
HSBC Trinkaus & Burkha       9.00  10/24/2014     EUR    66.32
HSBC Trinkaus & Burkha       8.00   1/23/2015     EUR    68.09
HSBC Trinkaus & Burkha      22.00   9/26/2014     EUR    69.48
HSBC Trinkaus & Burkha      15.00   9/26/2014     EUR    73.36
HSBC Trinkaus & Burkha      16.50  12/30/2014     EUR    73.08
HSBC Trinkaus & Burkha      13.50   3/27/2015     EUR    74.98
LBBW                         3.00   2/27/2015     EUR    72.28
LBBW                         4.00   2/27/2015     EUR    70.40
Commerzbank AG               4.80   6/25/2015     EUR    73.51
Commerzbank AG               4.70   6/25/2015     EUR    70.30
DZ Bank AG Deutsche Ze       6.25   1/23/2015     EUR    74.40
DZ Bank AG Deutsche Ze       5.50   1/23/2015     EUR    64.67
DZ Bank AG Deutsche Ze       5.00   1/23/2015     EUR    73.40
DZ Bank AG Deutsche Ze       7.50   3/27/2015     EUR    71.26
DZ Bank AG Deutsche Ze       7.25   6/26/2015     EUR    71.71
DZ Bank AG Deutsche Ze       6.00   3/27/2015     EUR    66.95
DZ Bank AG Deutsche Ze       7.75   3/27/2015     EUR    74.04
DZ Bank AG Deutsche Ze       5.75   3/27/2015     EUR    63.58
Deutsche Bank AG             6.20   6/22/2015     EUR    71.90
Deutsche Bank AG             4.20   6/22/2015     EUR    73.80
Deutsche Bank AG             6.20   6/22/2015     EUR    74.50
Vontobel Financial Pro       4.70   6/26/2015     EUR    66.44
Vontobel Financial Pro       6.65   6/26/2015     EUR    68.34
Vontobel Financial Pro       5.00   3/27/2015     EUR    66.90
Vontobel Financial Pro       5.80  12/30/2014     EUR    65.96
DZ Bank AG Deutsche Ze       5.00   1/23/2015     EUR    64.79
Deutsche Bank AG             6.10  12/23/2014     EUR    68.50
Deutsche Bank AG             6.10  12/23/2014     EUR    66.90
Deutsche Bank AG             6.10  12/23/2014     EUR    64.60
DZ Bank AG Deutsche Ze       5.50   9/26/2014     EUR    68.63
Deutsche Bank AG             6.10   9/23/2014     EUR    67.00
Deutsche Bank AG             6.10   9/23/2014     EUR    65.40
Deutsche Bank AG             6.10   9/23/2014     EUR    63.10
Deutsche Bank AG             7.10  12/23/2014     EUR    68.90
Deutsche Bank AG             7.10  12/23/2014     EUR    67.30
Deutsche Bank AG             7.10  12/23/2014     EUR    65.00
Commerzbank AG               9.50   2/26/2015     EUR    72.00
Vontobel Financial Pro       8.60  12/30/2014     EUR    71.22
Vontobel Financial Pro       9.35   9/26/2014     EUR    72.02
DZ Bank AG Deutsche Ze       7.25   2/13/2015     EUR    69.17
DZ Bank AG Deutsche Ze       8.00   2/13/2015     EUR    69.54
DZ Bank AG Deutsche Ze       7.25   8/14/2015     EUR    71.38
DZ Bank AG Deutsche Ze       6.00   1/16/2015     EUR    70.00
DZ Bank AG Deutsche Ze       7.00  10/17/2014     EUR    66.90
DZ Bank AG Deutsche Ze       6.50  10/17/2014     EUR    68.26
DZ Bank AG Deutsche Ze       6.00   1/16/2015     EUR    69.59
DZ Bank AG Deutsche Ze       6.75   1/16/2015     EUR    69.91
DZ Bank AG Deutsche Ze       7.25   1/16/2015     EUR    68.65
DZ Bank AG Deutsche Ze       7.25   7/10/2015     EUR    70.80
Vontobel Financial Pro       8.80  12/30/2014     EUR    71.20
DZ Bank AG Deutsche Ze       8.75  10/17/2014     EUR    71.55
Deutsche Bank AG             6.50   3/24/2015     EUR    73.90
Deutsche Bank AG             6.50   3/24/2015     EUR    74.80
Deutsche Bank AG             6.50   3/24/2015     EUR    72.90
Commerzbank AG               8.00   2/26/2015     EUR    74.25
Deutsche Bank AG             6.50   3/24/2015     EUR    74.30
Deutsche Bank AG             6.50   3/24/2015     EUR    72.50
Deutsche Bank AG             7.50   3/24/2015     EUR    73.10
Deutsche Bank AG             5.50   3/24/2015     EUR    74.20
Deutsche Bank AG             5.50   3/24/2015     EUR    71.20
Deutsche Bank AG             6.50   3/24/2015     EUR    71.80
Deutsche Bank AG             6.50   3/24/2015     EUR    68.80
Deutsche Bank AG             6.50   3/24/2015     EUR    67.40
Deutsche Bank AG             7.50   3/24/2015     EUR    72.50
Deutsche Bank AG             7.50   3/24/2015     EUR    70.20
Deutsche Bank AG             7.50   3/24/2015     EUR    68.00
Deutsche Bank AG             7.50   3/24/2015     EUR    66.60
Vontobel Financial Pro       5.75   1/23/2015     EUR    72.82
DZ Bank AG Deutsche Ze       9.00   6/26/2015     EUR    74.50
DZ Bank AG Deutsche Ze      10.50  12/30/2014     EUR    71.38
DZ Bank AG Deutsche Ze       7.25   3/27/2015     EUR    71.78
DZ Bank AG Deutsche Ze       9.00   6/26/2015     EUR    73.95
DZ Bank AG Deutsche Ze       7.00   9/25/2015     EUR    73.76
Deutsche Bank AG             5.20   6/22/2015     EUR    74.70
Deutsche Bank AG             6.20   6/22/2015     EUR    73.70
Goldman Sachs & Co Wer      13.00   1/21/2015     EUR    73.33
HSBC Trinkaus & Burkha      11.50  12/30/2014     EUR    71.82
DZ Bank AG Deutsche Ze       5.25  12/12/2014     EUR    66.67
DZ Bank AG Deutsche Ze       7.00  12/12/2014     EUR    64.43
BNP Paribas Emissions-       8.00  12/29/2014     EUR    73.68
DZ Bank AG Deutsche Ze       8.25   9/26/2014     EUR    68.78
DZ Bank AG Deutsche Ze      12.00   9/26/2014     EUR    60.49
DZ Bank AG Deutsche Ze      11.00   9/26/2014     EUR    65.80
DZ Bank AG Deutsche Ze      13.00   9/26/2014     EUR    67.45
Vontobel Financial Pro       8.50   6/26/2015     EUR    70.96
Vontobel Financial Pro      10.45  12/30/2014     EUR    68.38
Vontobel Financial Pro      13.05   9/26/2014     EUR    65.62
LBBW                         5.00  10/24/2014     EUR    74.68
LBBW                         6.00  10/24/2014     EUR    72.38
Goldman Sachs & Co Wer       7.00   8/20/2014     EUR    68.61
Goldman Sachs & Co Wer       8.00   9/24/2014     EUR    69.35
DekaBank Deutsche Giro       4.90   6/11/2015     EUR    66.43
BNP Paribas Emissions-       5.00  12/29/2014     EUR    74.78
BNP Paribas Emissions-       5.00   1/22/2015     EUR    73.40
BNP Paribas Emissions-       5.00  10/23/2014     EUR    72.81
BNP Paribas Emissions-       4.00  10/23/2014     EUR    73.78
Commerzbank AG              10.00   9/25/2014     EUR    64.27
DZ Bank AG Deutsche Ze       5.00  12/19/2014     EUR    73.85
Deutsche Bank AG             7.20   9/24/2014     EUR    70.10
BNP Paribas Emissions-      17.00   9/25/2014     EUR    68.74
BNP Paribas Emissions-       9.50   9/25/2014     EUR    71.30
BNP Paribas Emissions-       8.00  12/29/2014     EUR    72.95
BNP Paribas Emissions-      10.00  12/29/2014     EUR    72.55
HSBC Trinkaus & Burkha      13.50   9/26/2014     EUR    69.08
HSBC Trinkaus & Burkha      10.00   3/27/2015     EUR    73.51
HSBC Trinkaus & Burkha       7.50   8/22/2014     EUR    74.70
BNP Paribas Emissions-       6.00   9/25/2014     EUR    74.79
BNP Paribas Emissions-      10.00   9/25/2014     EUR    70.35
BNP Paribas Emissions-       8.00   9/25/2014     EUR    71.59
Commerzbank AG               7.00   9/25/2014     EUR    67.22
Commerzbank AG              10.25   9/25/2014     EUR    74.46
Commerzbank AG               8.25   1/22/2015     EUR    72.10
Commerzbank AG               8.50   1/22/2015     EUR    73.56
Vontobel Financial Pro       9.70  12/30/2014     EUR    63.90
Vontobel Financial Pro      12.10   9/26/2014     EUR    61.44
Vontobel Financial Pro       8.20   6/26/2015     EUR    70.78
Vontobel Financial Pro       9.50  12/30/2014     EUR    68.28
Vontobel Financial Pro      11.70   9/26/2014     EUR    65.82
Vontobel Financial Pro       8.70  12/30/2014     EUR    71.12
Vontobel Financial Pro      10.50   9/26/2014     EUR    68.98
Vontobel Financial Pro       5.65   6/26/2015     EUR    69.22
Vontobel Financial Pro       7.00  12/30/2014     EUR    68.46
Vontobel Financial Pro       7.50   9/26/2014     EUR    66.86
Vontobel Financial Pro       7.70   1/30/2015     EUR    64.90
Vontobel Financial Pro       6.35   6/26/2015     EUR    69.18
Vontobel Financial Pro       6.65  12/30/2014     EUR    67.64
Vontobel Financial Pro       6.45   9/26/2014     EUR    65.90
Commerzbank AG               6.00   1/22/2015     EUR    70.58
Commerzbank AG               8.00   1/22/2015     EUR    68.05
Goldman Sachs & Co Wer      12.00  10/22/2014     EUR    67.14
Goldman Sachs & Co Wer      11.00  12/24/2014     EUR    68.80
Goldman Sachs & Co Wer      10.00   2/25/2015     EUR    70.11
Goldman Sachs & Co Wer       6.00   2/25/2015     EUR    67.96
Goldman Sachs & Co Wer       8.00   6/24/2015     EUR    70.11
Goldman Sachs & Co Wer       7.00   6/24/2015     EUR    69.25
Goldman Sachs & Co Wer      16.00   9/24/2014     EUR    61.10
Goldman Sachs & Co Wer      17.00   9/24/2014     EUR    63.61
Goldman Sachs & Co Wer       9.00   9/24/2014     EUR    72.74
Goldman Sachs & Co Wer      15.00   9/24/2014     EUR    65.92
Goldman Sachs & Co Wer      14.00  10/22/2014     EUR    66.93
Goldman Sachs & Co Wer      13.00  11/26/2014     EUR    67.99
Goldman Sachs & Co Wer      10.00  12/24/2014     EUR    71.41
Goldman Sachs & Co Wer      13.00  12/24/2014     EUR    68.98
Goldman Sachs & Co Wer      10.00   1/21/2015     EUR    72.13
Goldman Sachs & Co Wer      12.00   1/21/2015     EUR    69.51
Goldman Sachs & Co Wer       8.00   2/25/2015     EUR    68.94
Goldman Sachs & Co Wer      12.00   2/25/2015     EUR    68.13
Goldman Sachs & Co Wer       9.00   2/25/2015     EUR    72.47
Goldman Sachs & Co Wer      11.00   2/25/2015     EUR    70.10
Goldman Sachs & Co Wer       9.00   3/25/2015     EUR    73.09
Goldman Sachs & Co Wer      11.00   3/25/2015     EUR    70.90
Goldman Sachs & Co Wer      11.00   6/24/2015     EUR    69.86
Goldman Sachs & Co Wer       9.00   6/24/2015     EUR    74.14
Goldman Sachs & Co Wer      11.00   6/24/2015     EUR    72.52
DZ Bank AG Deutsche Ze       4.50   10/9/2014     EUR    67.21
DZ Bank AG Deutsche Ze       4.50    1/9/2015     EUR    67.63
DZ Bank AG Deutsche Ze       4.50   4/13/2015     EUR    68.55
DZ Bank AG Deutsche Ze       8.00   2/27/2015     EUR    66.43
DZ Bank AG Deutsche Ze      11.50   9/26/2014     EUR    66.21
DZ Bank AG Deutsche Ze       9.50   2/27/2015     EUR    69.89
DZ Bank AG Deutsche Ze       9.00   3/27/2015     EUR    70.28
DZ Bank AG Deutsche Ze      13.75   9/26/2014     EUR    67.35
DZ Bank AG Deutsche Ze      11.00  12/30/2014     EUR    69.84
DZ Bank AG Deutsche Ze      10.50   2/27/2015     EUR    71.30
DZ Bank AG Deutsche Ze       7.50   3/27/2015     EUR    70.23
HSBC Trinkaus & Burkha      10.00   3/27/2015     EUR    63.28
HSBC Trinkaus & Burkha      11.00   9/26/2014     EUR    64.72
HSBC Trinkaus & Burkha      12.00   3/27/2015     EUR    65.16
HSBC Trinkaus & Burkha       6.50   6/26/2015     EUR    70.59
HSBC Trinkaus & Burkha       6.50  10/24/2014     EUR    67.91
HSBC Trinkaus & Burkha       6.00   1/23/2015     EUR    69.28
HSBC Trinkaus & Burkha      11.50   9/26/2014     EUR    65.94
HSBC Trinkaus & Burkha       6.00   9/26/2014     EUR    70.78
HSBC Trinkaus & Burkha       9.50  12/30/2014     EUR    68.15
HSBC Trinkaus & Burkha      12.50   3/27/2015     EUR    66.11
HSBC Trinkaus & Burkha       8.50   3/27/2015     EUR    69.72
HSBC Trinkaus & Burkha       6.50   6/26/2015     EUR    72.02
HSBC Trinkaus & Burkha       7.00  10/24/2014     EUR    69.50
HSBC Trinkaus & Burkha       6.00   1/23/2015     EUR    70.74
HSBC Trinkaus & Burkha      12.50   3/27/2015     EUR    67.32
HSBC Trinkaus & Burkha       6.50   6/26/2015     EUR    73.05
HSBC Trinkaus & Burkha      13.50   3/27/2015     EUR    72.67
HSBC Trinkaus & Burkha      10.00   9/26/2014     EUR    65.09
HSBC Trinkaus & Burkha       6.00  12/30/2014     EUR    68.70
DZ Bank AG Deutsche Ze       4.25   2/27/2015     EUR    70.00
DZ Bank AG Deutsche Ze       6.50   1/23/2015     EUR    72.45
DZ Bank AG Deutsche Ze       7.00   1/23/2015     EUR    66.18
Commerzbank AG               8.00   1/22/2015     EUR    68.32
Commerzbank AG              10.00  10/23/2014     EUR    69.20
Commerzbank AG               8.50   1/22/2015     EUR    70.93
Commerzbank AG               6.50   9/25/2014     EUR    63.39
Commerzbank AG               6.50   1/22/2015     EUR    65.48
DZ Bank AG Deutsche Ze       6.50   7/10/2015     EUR    73.75
DZ Bank AG Deutsche Ze       7.00   7/10/2015     EUR    74.20
DZ Bank AG Deutsche Ze       7.25   7/10/2015     EUR    74.43
DZ Bank AG Deutsche Ze       7.00  10/17/2014     EUR    73.31
DZ Bank AG Deutsche Ze       6.25   1/16/2015     EUR    74.58
Vontobel Financial Pro      10.00  12/30/2014     EUR    71.74
DZ Bank AG Deutsche Ze       6.00  10/17/2014     EUR    74.64
UniCredit Bank AG            4.00   2/26/2015     EUR    73.82
UniCredit Bank AG            4.10   2/26/2015     EUR    72.02
UniCredit Bank AG            5.70   2/26/2015     EUR    67.24
UniCredit Bank AG            5.00   2/26/2015     EUR    71.87
UniCredit Bank AG            4.50   2/26/2015     EUR    70.75
UniCredit Bank AG            5.50   2/26/2015     EUR    70.94
UniCredit Bank AG            5.30   2/26/2015     EUR    68.36
UniCredit Bank AG            4.00   2/26/2015     EUR    74.37
UniCredit Bank AG            4.75   2/26/2015     EUR    72.89
UniCredit Bank AG            6.00   2/26/2015     EUR    70.01
UniCredit Bank AG            4.50   2/26/2015     EUR    72.82
UniCredit Bank AG            4.90   2/26/2015     EUR    69.53
UniCredit Bank AG            5.40   2/26/2015     EUR    71.43
Vontobel Financial Pro       6.60   6/26/2015     EUR    73.20
Goldman Sachs & Co Wer      17.00   9/24/2014     EUR    66.15
Vontobel Financial Pro       7.75   9/26/2014     EUR    69.98
Vontobel Financial Pro       6.40   6/26/2015     EUR    72.72
Vontobel Financial Pro       8.00  12/30/2014     EUR    71.96
Vontobel Financial Pro       7.75   9/26/2014     EUR    70.02
Commerzbank AG               7.00   1/22/2015     EUR    73.47
DZ Bank AG Deutsche Ze       6.75   1/23/2015     EUR    70.03
DZ Bank AG Deutsche Ze       7.50   1/23/2015     EUR    68.79
DZ Bank AG Deutsche Ze       8.50   1/23/2015     EUR    72.89
BNP Paribas Emissions-       8.50  12/29/2014     EUR    70.90
Goldman Sachs & Co Wer      12.00  10/22/2014     EUR    74.31
DZ Bank AG Deutsche Ze       7.25   1/16/2015     EUR    65.36
DZ Bank AG Deutsche Ze       9.00   1/16/2015     EUR    66.12
DZ Bank AG Deutsche Ze       7.25  10/17/2014     EUR    70.48
DZ Bank AG Deutsche Ze       8.00  10/17/2014     EUR    69.21
DZ Bank AG Deutsche Ze       7.00   1/16/2015     EUR    70.73
DZ Bank AG Deutsche Ze       5.25   7/10/2015     EUR    73.55
DZ Bank AG Deutsche Ze       6.50   7/10/2015     EUR    72.00
Vontobel Financial Pro      14.00  10/17/2014     EUR    72.18
Vontobel Financial Pro       5.90   3/13/2015     EUR    66.38
Goldman Sachs & Co Wer       8.00  12/24/2014     EUR    71.26
Goldman Sachs & Co Wer      10.00  12/24/2014     EUR    66.74
Goldman Sachs & Co Wer      15.00   9/24/2014     EUR    65.69
Goldman Sachs & Co Wer      13.00  11/26/2014     EUR    69.83
Goldman Sachs & Co Wer      10.00   3/25/2015     EUR    72.88
Goldman Sachs & Co Wer       9.00   6/24/2015     EUR    74.50
Vontobel Financial Pro       6.60   3/13/2015     EUR    74.70
Vontobel Financial Pro       8.00   3/13/2015     EUR    73.80
Vontobel Financial Pro       9.00   3/13/2015     EUR    74.38
Vontobel Financial Pro       6.95  10/17/2014     EUR    74.02
Vontobel Financial Pro      10.05  12/12/2014     EUR    72.80
Vontobel Financial Pro      12.55  11/14/2014     EUR    72.74
Vontobel Financial Pro       5.50  12/30/2014     EUR    73.26
Vontobel Financial Pro       7.85   9/26/2014     EUR    67.68
Vontobel Financial Pro       7.05  12/30/2014     EUR    69.64
Vontobel Financial Pro      10.45  12/30/2014     EUR    71.78
HSBC Trinkaus & Burkha      11.50   9/26/2014     EUR    66.36
HSBC Trinkaus & Burkha       8.00   9/26/2014     EUR    72.93
HSBC Trinkaus & Burkha       9.50   9/26/2014     EUR    69.26
Vontobel Financial Pro       4.00   6/12/2015     EUR    45.30
Vontobel Financial Pro      10.45   9/26/2014     EUR    74.88
Goldman Sachs & Co Wer       6.00   9/24/2014     EUR    73.41
Goldman Sachs & Co Wer      10.00   9/24/2014     EUR    69.24
Goldman Sachs & Co Wer      13.00   9/24/2014     EUR    61.22
Goldman Sachs & Co Wer      15.00   9/24/2014     EUR    66.46
Goldman Sachs & Co Wer      17.00   9/24/2014     EUR    58.75
DZ Bank AG Deutsche Ze      10.75   9/26/2014     EUR    73.89
HSBC Trinkaus & Burkha       6.50   9/26/2014     EUR    65.67
HSBC Trinkaus & Burkha      10.50   9/26/2014     EUR    69.65
HSBC Trinkaus & Burkha       9.50   9/26/2014     EUR    73.26
HSBC Trinkaus & Burkha       8.50   9/26/2014     EUR    69.63
HSBC Trinkaus & Burkha       6.00   9/26/2014     EUR    73.60
Vontobel Financial Pro       6.25  12/30/2014     EUR    73.50
Vontobel Financial Pro       6.90   9/26/2014     EUR    71.66
HSBC Trinkaus & Burkha       6.00   9/26/2014     EUR    71.88
Commerzbank AG               7.00  11/27/2014     EUR    64.65
Deutsche Bank AG             5.20  11/26/2014     EUR    72.80
Deutsche Bank AG             6.20  11/26/2014     EUR    74.80
Deutsche Bank AG             6.20  11/26/2014     EUR    71.30
Deutsche Bank AG             6.20  11/26/2014     EUR    68.90
Deutsche Bank AG             7.20  11/26/2014     EUR    71.60
Deutsche Bank AG             7.20  11/26/2014     EUR    69.20
Deutsche Bank AG             7.20  11/26/2014     EUR    66.90
Deutsche Bank AG             5.20  11/26/2014     EUR    72.80
Deutsche Bank AG             6.20  11/26/2014     EUR    73.10
Deutsche Bank AG             7.20  11/26/2014     EUR    73.40
Deutsche Bank AG             6.20  11/26/2014     EUR    73.00
Deutsche Bank AG             5.20  11/26/2014     EUR    74.50
Deutsche Bank AG             5.20  11/26/2014     EUR    66.30
DZ Bank AG Deutsche Ze       6.00  12/30/2014     EUR    68.33
DZ Bank AG Deutsche Ze       8.50  12/30/2014     EUR    65.34
Deutsche Bank AG             6.20  11/26/2014     EUR    66.60
Deutsche Bank AG             7.20  11/26/2014     EUR    73.40
Deutsche Bank AG             5.20  11/26/2014     EUR    71.00
Goldman Sachs & Co Wer      10.00  12/24/2014     EUR    73.65
Goldman Sachs & Co Wer      11.00   9/24/2014     EUR    68.93
Goldman Sachs & Co Wer      14.00   9/24/2014     EUR    66.25
Goldman Sachs & Co Wer      10.00  11/26/2014     EUR    70.56
Goldman Sachs & Co Wer       8.00   8/20/2014     EUR    72.18
Goldman Sachs & Co Wer       8.00  10/22/2014     EUR    73.54
Goldman Sachs & Co Wer       8.00   8/20/2014     EUR    67.64
Goldman Sachs & Co Wer      16.00   8/20/2014     EUR    59.20
Goldman Sachs & Co Wer       9.00  10/22/2014     EUR    66.37
Goldman Sachs & Co Wer       9.00   8/20/2014     EUR    73.91
Goldman Sachs & Co Wer      11.00  10/22/2014     EUR    68.26
Goldman Sachs & Co Wer      15.00  10/22/2014     EUR    68.27
Goldman Sachs & Co Wer      13.00  11/26/2014     EUR    66.98
Commerzbank AG               9.50  11/27/2014     EUR    70.31
Goldman Sachs & Co Wer       7.00  11/26/2014     EUR    69.62
Vontobel Financial Pro       7.30  12/30/2014     EUR    73.92
Goldman Sachs & Co Wer      13.00  10/22/2014     EUR    68.46
BNP Paribas Emissions-       7.00  12/29/2014     EUR    72.82
Goldman Sachs & Co Wer      13.00  12/24/2014     EUR    72.91
Goldman Sachs & Co Wer      16.00   9/24/2014     EUR    71.95
Goldman Sachs & Co Wer      14.00  11/26/2014     EUR    74.06
DZ Bank AG Deutsche Ze       7.25  10/17/2014     EUR    63.60
DZ Bank AG Deutsche Ze       9.50  10/17/2014     EUR    64.00
DZ Bank AG Deutsche Ze       7.00   7/10/2015     EUR    67.26
DZ Bank AG Deutsche Ze       8.00   7/10/2015     EUR    68.17
DZ Bank AG Deutsche Ze       9.50  10/17/2014     EUR    68.06
DZ Bank AG Deutsche Ze       5.50   1/16/2015     EUR    72.88
Vontobel Financial Pro      14.65  10/17/2014     EUR    74.34
Vontobel Financial Pro       4.75  10/17/2014     EUR    63.94
Vontobel Financial Pro       5.55  10/17/2014     EUR    64.08
Vontobel Financial Pro       6.25  10/17/2014     EUR    64.20
Vontobel Financial Pro       4.95   3/13/2015     EUR    65.84
Goldman Sachs & Co Wer       8.00  12/24/2014     EUR    70.46
Goldman Sachs & Co Wer      10.00  12/24/2014     EUR    71.19
Goldman Sachs & Co Wer       9.00   9/24/2014     EUR    74.93
Goldman Sachs & Co Wer      12.00   9/24/2014     EUR    68.35
Goldman Sachs & Co Wer      11.00  10/22/2014     EUR    69.06
Goldman Sachs & Co Wer      12.00  10/22/2014     EUR    65.54
Goldman Sachs & Co Wer      10.00   3/25/2015     EUR    69.25
Goldman Sachs & Co Wer      13.00   6/24/2015     EUR    70.32
Vontobel Financial Pro       6.25   3/13/2015     EUR    71.02
Vontobel Financial Pro       5.70   3/13/2015     EUR    70.70
Vontobel Financial Pro       4.70   3/13/2015     EUR    70.12
Vontobel Financial Pro       7.65  12/12/2014     EUR    73.62
Vontobel Financial Pro       4.85  12/12/2014     EUR    69.16
Vontobel Financial Pro       8.60  10/17/2014     EUR    71.36
Vontobel Financial Pro      14.35   1/16/2015     EUR    68.00
Vontobel Financial Pro      10.75   3/13/2015     EUR    71.16
Commerzbank AG               6.00  11/27/2014     EUR    70.21
Commerzbank AG               9.00  11/27/2014     EUR    66.30
Commerzbank AG               6.75   3/26/2015     EUR    66.71
Commerzbank AG               9.00   3/26/2015     EUR    64.98
Commerzbank AG               6.00   3/26/2015     EUR    72.31
Commerzbank AG               8.00   3/26/2015     EUR    70.26
Commerzbank AG               7.25   3/26/2015     EUR    63.97
DZ Bank AG Deutsche Ze       7.25  12/30/2014     EUR    72.18
DZ Bank AG Deutsche Ze       5.75   3/27/2015     EUR    67.73
DZ Bank AG Deutsche Ze       7.25   3/27/2015     EUR    73.75
Vontobel Financial Pro       7.90   6/26/2015     EUR    73.76
DZ Bank AG Deutsche Ze       6.75   3/13/2015     EUR    67.01
DZ Bank AG Deutsche Ze       5.75   3/13/2015     EUR    73.82
DZ Bank AG Deutsche Ze       5.00   3/13/2015     EUR    70.67
Vontobel Financial Pro       8.80   6/26/2015     EUR    71.24
Vontobel Financial Pro       9.05   3/27/2015     EUR    70.20
Vontobel Financial Pro       4.00   9/11/2015     EUR    73.70
Vontobel Financial Pro      11.25  12/30/2014     EUR    68.64
Vontobel Financial Pro       4.85   9/11/2015     EUR    74.64
Vontobel Financial Pro       5.85   6/12/2015     EUR    74.62
UniCredit Bank AG            4.00   6/25/2015     EUR    69.96
Vontobel Financial Pro       5.30   7/10/2015     EUR    74.44
Vontobel Financial Pro       3.75   7/10/2015     EUR    73.07
UniCredit Bank AG            5.50   6/25/2015     EUR    65.19
DZ Bank AG Deutsche Ze       5.25   6/26/2015     EUR    70.71
DZ Bank AG Deutsche Ze       7.25   6/26/2015     EUR    68.28
UniCredit Bank AG            4.75   6/25/2015     EUR    67.45
UniCredit Bank AG            6.00   6/25/2015     EUR    73.04
Vontobel Financial Pro       4.65   6/12/2015     EUR    73.55
UniCredit Bank AG            4.65   6/25/2015     EUR    74.69
UniCredit Bank AG            5.25   6/25/2015     EUR    73.77
DZ Bank AG Deutsche Ze       9.00  12/12/2014     EUR    66.19
DZ Bank AG Deutsche Ze      10.75  12/12/2014     EUR    66.75
DZ Bank AG Deutsche Ze       6.00   9/12/2014     EUR    73.42
DZ Bank AG Deutsche Ze       5.50  12/12/2014     EUR    74.70
Vontobel Financial Pro       9.50   6/12/2015     EUR    71.50
Vontobel Financial Pro      10.45   9/11/2015     EUR    71.92
Vontobel Financial Pro       8.65   9/11/2015     EUR    73.02
Vontobel Financial Pro       6.95   9/11/2015     EUR    74.46
Vontobel Financial Pro       4.25   9/11/2015     EUR    66.14
Vontobel Financial Pro       4.95   9/11/2015     EUR    66.84
Vontobel Financial Pro       6.20   9/11/2015     EUR    68.19
Vontobel Financial Pro       7.20   9/11/2015     EUR    69.26
Vontobel Financial Pro       7.80   9/11/2015     EUR    69.96
Vontobel Financial Pro       8.40   6/12/2015     EUR    68.63
Vontobel Financial Pro       7.40   6/12/2015     EUR    67.85
Commerzbank AG              10.50   5/21/2015     EUR    73.85
Commerzbank AG               6.25   3/26/2015     EUR    73.59
Commerzbank AG               9.50   3/26/2015     EUR    69.91
DZ Bank AG Deutsche Ze      10.50  12/12/2014     EUR    72.17
DZ Bank AG Deutsche Ze       8.40   6/12/2015     EUR    74.19
DZ Bank AG Deutsche Ze       7.30   9/11/2015     EUR    74.64
Vontobel Financial Pro       7.50   6/26/2015     EUR    65.40
Goldman Sachs & Co Wer      16.00   2/25/2015     EUR    66.76
UniCredit Bank AG            6.00   7/23/2015     EUR    66.26
UniCredit Bank AG            5.50   7/23/2015     EUR    67.19
UniCredit Bank AG            5.00   7/23/2015     EUR    68.95
UniCredit Bank AG            4.50   7/23/2015     EUR    70.04
UniCredit Bank AG            4.00   7/23/2015     EUR    71.21
UniCredit Bank AG            5.50   7/23/2015     EUR    70.91
UniCredit Bank AG            5.20   7/23/2015     EUR    72.34
UniCredit Bank AG            4.80   7/23/2015     EUR    73.71
Vontobel Financial Pro       4.65   6/26/2015     EUR    74.89
DZ Bank AG Deutsche Ze       7.00   9/11/2015     EUR    73.91
DZ Bank AG Deutsche Ze       7.50   9/11/2015     EUR    74.07
DZ Bank AG Deutsche Ze       6.25  12/12/2014     EUR    70.72
UniCredit Bank AG            4.60   6/26/2015     EUR    72.55
UniCredit Bank AG            6.00   6/26/2015     EUR    65.79
UniCredit Bank AG            5.20   6/26/2015     EUR    69.57
UniCredit Bank AG            6.10   6/26/2015     EUR    65.66
UniCredit Bank AG            5.50   6/26/2015     EUR    68.18
UniCredit Bank AG            5.80   6/26/2015     EUR    66.89
UniCredit Bank AG            5.50   6/26/2015     EUR    66.79
UniCredit Bank AG            4.90   6/26/2015     EUR    71.00
UniCredit Bank AG            4.00   6/26/2015     EUR    68.54
UniCredit Bank AG            4.30   6/26/2015     EUR    74.14
UniCredit Bank AG            4.80   6/26/2015     EUR    67.67
UniCredit Bank AG            5.25   9/24/2015     EUR    69.58
UniCredit Bank AG            4.25   9/24/2015     EUR    71.57
UniCredit Bank AG            5.40   9/24/2015     EUR    69.01
UniCredit Bank AG            5.75   9/24/2015     EUR    67.97
UniCredit Bank AG            4.80   9/24/2015     EUR    70.60
UniCredit Bank AG            4.90   9/24/2015     EUR    70.33
UniCredit Bank AG            4.75   9/24/2015     EUR    70.94
DZ Bank AG Deutsche Ze       6.25  12/30/2014     EUR    74.80
DZ Bank AG Deutsche Ze       9.75  12/30/2014     EUR    67.44
DZ Bank AG Deutsche Ze      14.25  12/30/2014     EUR    73.58
DZ Bank AG Deutsche Ze       5.50   6/26/2015     EUR    74.27
Goldman Sachs & Co Wer      11.00  12/23/2015     EUR    72.11
Vontobel Financial Pro       6.10   3/27/2015     EUR    74.40
Vontobel Financial Pro       6.10  12/30/2014     EUR    73.29
Vontobel Financial Pro       8.35   6/26/2015     EUR    66.51
BNP Paribas Emissions-       4.00   9/25/2014     EUR    72.30
BNP Paribas Emissions-       7.00   9/25/2014     EUR    68.67
BNP Paribas Emissions-      11.00   9/25/2014     EUR    65.57
BNP Paribas Emissions-       5.00  12/29/2014     EUR    73.62
BNP Paribas Emissions-       7.00  12/29/2014     EUR    70.47
BNP Paribas Emissions-      10.00  12/29/2014     EUR    68.06
BNP Paribas Emissions-       5.00   3/26/2015     EUR    74.47
BNP Paribas Emissions-       7.00   3/26/2015     EUR    71.93
BNP Paribas Emissions-       9.00   3/26/2015     EUR    69.71
BNP Paribas Emissions-       5.50   6/25/2015     EUR    74.72
BNP Paribas Emissions-       7.50   6/25/2015     EUR    72.80
BNP Paribas Emissions-       9.00   6/25/2015     EUR    70.74
Vontobel Financial Pro       6.05   9/25/2015     EUR    67.92
Vontobel Financial Pro       5.85   6/26/2015     EUR    66.51
Vontobel Financial Pro       9.20   9/25/2015     EUR    70.94
Vontobel Financial Pro       5.90   9/25/2015     EUR    73.52
Vontobel Financial Pro       6.40   6/26/2015     EUR    72.50
DZ Bank AG Deutsche Ze       4.60   3/13/2015     EUR    73.33
DZ Bank AG Deutsche Ze       5.30   3/13/2015     EUR    72.32
DZ Bank AG Deutsche Ze       7.10   3/13/2015     EUR    70.52
DZ Bank AG Deutsche Ze       7.75   6/12/2015     EUR    68.27
DZ Bank AG Deutsche Ze       6.50   6/12/2015     EUR    68.42
DZ Bank AG Deutsche Ze       5.50  12/12/2014     EUR    71.92
DZ Bank AG Deutsche Ze       7.70  12/12/2014     EUR    69.64
DZ Bank AG Deutsche Ze       7.25   6/12/2015     EUR    72.35
DZ Bank AG Deutsche Ze       6.75   6/12/2015     EUR    71.96
Deutsche Bank AG             6.20   6/22/2015     EUR    65.80
Deutsche Bank AG             7.20  12/22/2015     EUR    73.00
Deutsche Bank AG             5.20  12/22/2015     EUR    70.20
Deutsche Bank AG             5.20   6/22/2015     EUR    67.90
Deutsche Bank AG             6.20   9/22/2015     EUR    70.20
Deutsche Bank AG             7.20   9/22/2015     EUR    74.60
Deutsche Bank AG             7.20   9/22/2015     EUR    68.30
Deutsche Bank AG             6.20  12/22/2015     EUR    74.80
Deutsche Bank AG             5.20   6/22/2015     EUR    64.90
Deutsche Bank AG             7.20   6/22/2015     EUR    66.60
Deutsche Bank AG             7.20  12/22/2015     EUR    70.00
Deutsche Bank AG             5.20  12/22/2015     EUR    73.40
Deutsche Bank AG             6.20   9/22/2015     EUR    67.20
Deutsche Bank AG             5.20   9/22/2015     EUR    66.10
Deutsche Bank AG             5.20   9/22/2015     EUR    72.30
Deutsche Bank AG             5.20   9/22/2015     EUR    69.10
Deutsche Bank AG             6.20  12/22/2015     EUR    71.60
Deutsche Bank AG             5.20   6/22/2015     EUR    71.30
Deutsche Bank AG             5.20  12/22/2015     EUR    67.30
Deutsche Bank AG             6.20   6/22/2015     EUR    68.80
Deutsche Bank AG             7.20   6/22/2015     EUR    73.00
Deutsche Bank AG             6.20  12/22/2015     EUR    68.60
Deutsche Bank AG             7.20   9/22/2015     EUR    71.30
Deutsche Bank AG             6.20   9/22/2015     EUR    73.50
Commerzbank AG               7.00   5/21/2015     EUR    73.37
Commerzbank AG               9.00   5/21/2015     EUR    71.51
Commerzbank AG              11.25   5/21/2015     EUR    69.90
DZ Bank AG Deutsche Ze       4.25    6/5/2015     EUR    73.62
Vontobel Financial Pro       6.20   3/27/2015     EUR    75.00
HSBC Trinkaus & Burkha       8.50  11/28/2014     EUR    67.04
HSBC Trinkaus & Burkha       7.00   4/24/2015     EUR    69.27
HSBC Trinkaus & Burkha       7.50   6/26/2015     EUR    74.56
HSBC Trinkaus & Burkha       9.50  12/30/2014     EUR    73.21
HSBC Trinkaus & Burkha       8.00   3/27/2015     EUR    74.40
HSBC Trinkaus & Burkha      12.50   6/26/2015     EUR    73.01
Goldman Sachs & Co Wer       8.00   7/22/2015     EUR    73.86
Goldman Sachs & Co Wer      10.00   7/22/2015     EUR    72.42
Goldman Sachs & Co Wer      12.00   7/22/2015     EUR    71.25
Goldman Sachs & Co Wer      10.00  12/23/2015     EUR    73.47
DZ Bank AG Deutsche Ze       6.75  10/17/2014     EUR    64.41
DZ Bank AG Deutsche Ze       6.25   1/16/2015     EUR    65.74
DZ Bank AG Deutsche Ze       7.25  10/17/2014     EUR    68.39
DZ Bank AG Deutsche Ze       8.00  10/17/2014     EUR    68.53
DZ Bank AG Deutsche Ze       6.50   1/16/2015     EUR    68.33
DZ Bank AG Deutsche Ze       6.25   7/10/2015     EUR    69.80
DZ Bank AG Deutsche Ze       6.75   7/10/2015     EUR    70.36
DZ Bank AG Deutsche Ze       7.00  10/17/2014     EUR    73.83
Deutsche Bank AG             6.50   3/24/2015     EUR    72.10
Deutsche Bank AG             5.50   3/24/2015     EUR    70.50
Deutsche Bank AG             7.50   3/24/2015     EUR    74.50
Deutsche Bank AG             7.50   3/24/2015     EUR    71.00
Deutsche Bank AG             7.50   3/24/2015     EUR    73.60
Deutsche Bank AG             7.50   3/24/2015     EUR    71.70
Deutsche Bank AG             5.50   3/24/2015     EUR    69.70
Deutsche Bank AG             5.50   3/24/2015     EUR    74.20
Deutsche Bank AG             5.50   3/24/2015     EUR    72.30
Deutsche Bank AG             6.50   3/24/2015     EUR    71.10
Deutsche Bank AG             5.50   3/24/2015     EUR    74.80
Deutsche Bank AG             5.50   3/24/2015     EUR    73.70
Deutsche Bank AG             5.50   3/24/2015     EUR    71.90
Deutsche Bank AG             7.50   3/24/2015     EUR    75.00
Deutsche Bank AG             7.50   3/24/2015     EUR    71.40
Deutsche Bank AG             5.50   3/24/2015     EUR    68.10
Deutsche Bank AG             5.50   3/24/2015     EUR    66.70
Deutsche Bank AG             5.50   3/24/2015     EUR    65.40
Deutsche Bank AG             6.50   3/24/2015     EUR    74.90
Deutsche Bank AG             6.50   3/24/2015     EUR    66.00
HSBC Trinkaus & Burkha       8.00  11/28/2014     EUR    70.46
HSBC Trinkaus & Burkha       6.50   4/24/2015     EUR    72.41
Goldman Sachs & Co Wer       6.00   1/21/2015     EUR    73.53
Goldman Sachs & Co Wer       7.00   1/21/2015     EUR    70.54
Goldman Sachs & Co Wer       6.00   6/24/2015     EUR    74.32
Goldman Sachs & Co Wer      10.00   6/24/2015     EUR    69.22
DZ Bank AG Deutsche Ze      11.50   9/26/2014     EUR    69.17
Goldman Sachs & Co Wer      16.00   9/24/2014     EUR    67.90
DZ Bank AG Deutsche Ze      14.75   9/26/2014     EUR    67.67
DZ Bank AG Deutsche Ze      12.00   9/26/2014     EUR    69.05
Commerzbank AG               7.50  12/12/2014     EUR    56.48
Vontobel Financial Pro       4.05   6/26/2015     EUR    73.58
DZ Bank AG Deutsche Ze       6.20   9/12/2014     EUR    73.20
DZ Bank AG Deutsche Ze       9.00  12/30/2014     EUR    74.70
Vontobel Financial Pro       5.10   6/26/2015     EUR    71.88
Vontobel Financial Pro       5.05  12/30/2014     EUR    70.86
DZ Bank AG Deutsche Ze       5.50  11/14/2014     EUR    69.21
Deutsche Bank AG             6.00   6/22/2015     EUR    74.50
Deutsche Bank AG             7.00   6/22/2015     EUR    73.50
Deutsche Bank AG             8.00   6/22/2015     EUR    74.40
Deutsche Bank AG             6.00   6/22/2015     EUR    74.40
Deutsche Bank AG             7.00   6/22/2015     EUR    71.40
Deutsche Bank AG             7.00   6/22/2015     EUR    73.70
Deutsche Bank AG             8.00   6/22/2015     EUR    74.60
Commerzbank AG               7.00  11/27/2014     EUR    70.45
Commerzbank AG               8.25  11/27/2014     EUR    68.75
DZ Bank AG Deutsche Ze       6.00  12/30/2014     EUR    73.47
Deutsche Bank AG             8.00   6/22/2015     EUR    72.60
Deutsche Bank AG             6.00   6/22/2015     EUR    72.80
Deutsche Bank AG             8.00   6/22/2015     EUR    72.30
Vontobel Financial Pro       5.60   6/26/2015     EUR    74.36
Deutsche Bank AG             6.50   9/23/2014     EUR    72.10
Deutsche Bank AG             7.50   9/23/2014     EUR    72.20
Deutsche Bank AG             7.50   9/23/2014     EUR    70.50
DZ Bank AG Deutsche Ze       8.00  12/30/2014     EUR    65.26
Commerzbank AG               7.25   1/22/2015     EUR    71.84
Vontobel Financial Pro       8.30   9/26/2014     EUR    71.92
Deutsche Bank AG             5.50  12/23/2014     EUR    73.20
Deutsche Bank AG             7.50  12/23/2014     EUR    74.00
Deutsche Bank AG             7.50  12/23/2014     EUR    72.30
Goldman Sachs & Co Wer       9.00   1/21/2015     EUR    68.57
Goldman Sachs & Co Wer      11.00   1/21/2015     EUR    66.53
Goldman Sachs & Co Wer       7.00   6/24/2015     EUR    72.27
Goldman Sachs & Co Wer       8.00   6/24/2015     EUR    69.94
DZ Bank AG Deutsche Ze      12.50   9/26/2014     EUR    64.78
DZ Bank AG Deutsche Ze      14.25   9/26/2014     EUR    71.07
Goldman Sachs & Co Wer      13.00   1/21/2015     EUR    71.67
HSBC Trinkaus & Burkha       6.00  10/24/2014     EUR    72.55
DZ Bank AG Deutsche Ze       7.25   1/16/2015     EUR    70.90
DZ Bank AG Deutsche Ze       6.00  10/17/2014     EUR    74.49
DZ Bank AG Deutsche Ze       8.50  10/17/2014     EUR    72.17
DZ Bank AG Deutsche Ze       8.00   9/12/2014     EUR    70.03
DZ Bank AG Deutsche Ze      10.75   9/26/2014     EUR    70.99
Deutsche Bank AG             6.50   9/23/2014     EUR    74.80
Deutsche Bank AG             5.50   9/23/2014     EUR    73.80
Deutsche Bank AG             6.50   9/23/2014     EUR    73.90
DZ Bank AG Deutsche Ze       6.25   2/27/2015     EUR    71.91
Deutsche Bank AG             5.50   9/23/2014     EUR    71.90
Deutsche Bank AG             7.50   9/23/2014     EUR    74.00
DZ Bank AG Deutsche Ze       7.00  12/30/2014     EUR    74.26
Commerzbank AG               7.25   1/22/2015     EUR    70.69
Commerzbank AG               9.75   1/22/2015     EUR    67.70
Commerzbank AG               9.00   1/22/2015     EUR    69.91
Vontobel Financial Pro       7.20   9/26/2014     EUR    73.56
Deutsche Bank AG             5.50  12/23/2014     EUR    75.00
Deutsche Bank AG             6.50  12/23/2014     EUR    73.60
BNP Paribas Emissions-      10.00  12/11/2014     EUR    70.29
BNP Paribas Emissions-      11.00   9/11/2014     EUR    72.70
BNP Paribas Emissions-      15.00   9/11/2014     EUR    69.03
UniCredit Bank AG            5.85   2/26/2015     EUR    67.48
UniCredit Bank AG            4.00   2/26/2015     EUR    73.14
UniCredit Bank AG            5.20   2/26/2015     EUR    74.16
UniCredit Bank AG            6.25   2/26/2015     EUR    74.45
UniCredit Bank AG            6.50   2/26/2015     EUR    72.49
Commerzbank AG              11.00   9/25/2014     EUR    73.89
HSBC Trinkaus & Burkha       6.00   9/26/2014     EUR    73.92
HSBC Trinkaus & Burkha      12.50  12/30/2014     EUR    71.98
DZ Bank AG Deutsche Ze       6.00  10/24/2014     EUR    63.00
UniCredit Bank AG            4.30   2/26/2015     EUR    72.41
UniCredit Bank AG            6.25   2/26/2015     EUR    73.17
UniCredit Bank AG            5.45   2/26/2015     EUR    68.82
UniCredit Bank AG            5.60   2/26/2015     EUR    74.49
Vontobel Financial Pro       9.15   9/26/2014     EUR    72.62
Commerzbank AG               7.00   9/25/2014     EUR    74.79
Commerzbank AG              10.00   9/25/2014     EUR    69.65
HSBC Trinkaus & Burkha       8.00   3/27/2015     EUR    71.05
HSBC Trinkaus & Burkha       9.50   3/27/2015     EUR    74.10
HSBC Trinkaus & Burkha       8.00   8/22/2014     EUR    74.12
HSBC Trinkaus & Burkha      12.50   9/26/2014     EUR    72.32
HSBC Trinkaus & Burkha      10.50  12/30/2014     EUR    74.76
Vontobel Financial Pro       7.60  12/30/2014     EUR    66.18
Vontobel Financial Pro       9.00   9/26/2014     EUR    64.18
LBBW                         3.00   6/26/2015     EUR    74.46
LBBW                         4.00   6/26/2015     EUR    71.89
BNP Paribas Emissions-       8.50  12/29/2014     EUR    74.75
BNP Paribas Emissions-       5.00  12/29/2014     EUR    73.11
BNP Paribas Emissions-       6.75  12/29/2014     EUR    69.64
UniCredit Bank AG            5.00  12/29/2014     EUR    70.85
UniCredit Bank AG            4.75  12/29/2014     EUR    71.58
UniCredit Bank AG            4.50  12/29/2014     EUR    72.33
UniCredit Bank AG            4.25  12/29/2014     EUR    73.09
UniCredit Bank AG            4.00  12/29/2014     EUR    73.88
UniCredit Bank AG            7.00  12/29/2014     EUR    67.73
UniCredit Bank AG            6.80  12/29/2014     EUR    69.25
UniCredit Bank AG            6.30  12/29/2014     EUR    69.93
UniCredit Bank AG            5.70  12/29/2014     EUR    70.52
UniCredit Bank AG            5.20  12/29/2014     EUR    71.20
UniCredit Bank AG            4.80  12/29/2014     EUR    71.96
UniCredit Bank AG            4.50  12/29/2014     EUR    72.77
UniCredit Bank AG            6.50  12/29/2014     EUR    66.85
UniCredit Bank AG            6.00  12/29/2014     EUR    68.08
UniCredit Bank AG            5.50  12/29/2014     EUR    69.43
Vontobel Financial Pro       4.30  10/17/2014     EUR    71.82
Vontobel Financial Pro       5.80   3/13/2015     EUR    70.50
Vontobel Financial Pro       5.15  10/17/2014     EUR    70.14
Vontobel Financial Pro       6.55  10/17/2014     EUR    68.04
Vontobel Financial Pro       8.25  10/17/2014     EUR    66.00
Vontobel Financial Pro       9.45  10/17/2014     EUR    64.76
Vontobel Financial Pro       4.90  12/12/2014     EUR    71.00
Vontobel Financial Pro       6.20  12/12/2014     EUR    69.08
Vontobel Financial Pro       7.55  12/12/2014     EUR    67.18
Vontobel Financial Pro       8.50  12/12/2014     EUR    66.08
Vontobel Financial Pro       9.55  12/12/2014     EUR    64.94
Vontobel Financial Pro       4.15   3/13/2015     EUR    73.60
UniCredit Bank AG            7.00  12/29/2014     EUR    72.03
UniCredit Bank AG            6.50  12/29/2014     EUR    73.10
UniCredit Bank AG            6.25  12/29/2014     EUR    74.27
UniCredit Bank AG            8.00  12/29/2014     EUR    69.58
UniCredit Bank AG            6.00  12/29/2014     EUR    69.05
UniCredit Bank AG            4.50  12/29/2014     EUR    72.12
UniCredit Bank AG            7.50  12/29/2014     EUR    72.66
UniCredit Bank AG            6.50  12/29/2014     EUR    74.21
UniCredit Bank AG            5.50  12/29/2014     EUR    73.41
UniCredit Bank AG            5.25  12/29/2014     EUR    74.92
Vontobel Financial Pro       9.25   6/26/2015     EUR    75.00
UniCredit Bank AG            4.00   6/25/2015     EUR    67.91
DZ Bank AG Deutsche Ze       8.75  12/30/2014     EUR    72.49
Goldman Sachs & Co Wer       9.00  12/24/2014     EUR    69.60
LBBW                         5.00   9/26/2014     EUR    73.41
Goldman Sachs & Co Wer      11.00  12/24/2014     EUR    63.54
Goldman Sachs & Co Wer      15.00  12/24/2014     EUR    67.84
LBBW                         7.00   9/26/2014     EUR    68.47
UniCredit Bank AG            4.50   8/21/2014     EUR    66.92
UniCredit Bank AG            6.00   8/21/2014     EUR    61.57
Goldman Sachs & Co Wer      10.00  12/24/2014     EUR    74.50
DZ Bank AG Deutsche Ze       7.50    3/6/2015     EUR    70.42
DZ Bank AG Deutsche Ze       6.75   2/13/2015     EUR    71.12
DZ Bank AG Deutsche Ze       6.00  11/14/2014     EUR    72.06
DZ Bank AG Deutsche Ze       4.75   2/13/2015     EUR    73.95
DZ Bank AG Deutsche Ze       5.00   2/13/2015     EUR    73.49
DZ Bank AG Deutsche Ze       5.00   8/14/2015     EUR    74.96
Vontobel Financial Pro       5.60   6/26/2015     EUR    67.22
Vontobel Financial Pro      16.50   1/16/2015     EUR    66.96
Vontobel Financial Pro      12.60   3/13/2015     EUR    69.46
Vontobel Financial Pro       7.40  11/14/2014     EUR    68.98
Vontobel Financial Pro       8.40   1/16/2015     EUR    70.54
Deutsche Bank AG             5.80  12/23/2014     EUR    73.58
Deutsche Bank AG             6.00   3/25/2015     EUR    66.70
Deutsche Bank AG             6.00   3/25/2015     EUR    74.91
Vontobel Financial Pro       7.60   3/27/2015     EUR    71.92
Vontobel Financial Pro       5.25   3/27/2015     EUR    74.46
Vontobel Financial Pro       7.95   9/26/2014     EUR    72.63
Commerzbank AG               6.00   2/26/2015     EUR    66.46
Commerzbank AG               8.00   2/26/2015     EUR    64.30
Commerzbank AG               8.00   2/26/2015     EUR    69.04
DZ Bank AG Deutsche Ze       8.00   9/12/2014     EUR    57.30
DZ Bank AG Deutsche Ze       7.25   9/12/2014     EUR    62.91
DZ Bank AG Deutsche Ze       6.00   6/12/2015     EUR    65.93
DZ Bank AG Deutsche Ze       8.00  10/17/2014     EUR    71.11
Vontobel Financial Pro      14.65  12/12/2014     EUR    74.58
Vontobel Financial Pro       9.55  12/12/2014     EUR    67.20
Vontobel Financial Pro       8.35   3/13/2015     EUR    68.74
Vontobel Financial Pro       9.10   3/13/2015     EUR    69.18
Vontobel Financial Pro      12.15  12/12/2014     EUR    68.34
Vontobel Financial Pro       9.30  12/12/2014     EUR    70.86
Vontobel Financial Pro       9.30   9/26/2014     EUR    68.78
Vontobel Financial Pro       8.95   3/27/2015     EUR    70.08
Vontobel Financial Pro       5.10   3/27/2015     EUR    74.88
DZ Bank AG Deutsche Ze       5.50   9/12/2014     EUR    66.81
DZ Bank AG Deutsche Ze       6.50   9/12/2014     EUR    65.53
DZ Bank AG Deutsche Ze       9.50   9/12/2014     EUR    62.95
DZ Bank AG Deutsche Ze       5.50   6/12/2015     EUR    67.97
BNP Paribas Emissions-       4.50   9/25/2014     EUR    63.58
BNP Paribas Emissions-       6.50  12/29/2014     EUR    65.50
BNP Paribas Emissions-       5.00   3/26/2015     EUR    66.12
BNP Paribas Emissions-       7.00   3/26/2015     EUR    67.34
BNP Paribas Emissions-       6.50   6/25/2015     EUR    67.19
BNP Paribas Emissions-       7.00   6/25/2015     EUR    67.62
Deutsche Bank AG             6.20  12/23/2014     EUR    72.80
Deutsche Bank AG             7.20  12/23/2014     EUR    71.78
Deutsche Bank AG             6.20  12/23/2014     EUR    69.40
Deutsche Bank AG             5.20  12/23/2014     EUR    72.40
Commerzbank AG               7.00   2/26/2015     EUR    74.05
Commerzbank AG               8.00   2/26/2015     EUR    72.82
Deutsche Bank AG             6.20  12/23/2014     EUR    71.41
BNP Paribas Emissions-       8.00   3/26/2015     EUR    74.23
BNP Paribas Emissions-       8.00   9/25/2014     EUR    72.59
BNP Paribas Emissions-      10.00   9/25/2014     EUR    72.82
Deutsche Bank AG             6.20  12/23/2014     EUR    62.50
Deutsche Bank AG             5.20  12/23/2014     EUR    60.80
Deutsche Bank AG             5.20  12/23/2014     EUR    64.30
Deutsche Bank AG             5.20  12/23/2014     EUR    69.00
Deutsche Bank AG             6.20   3/24/2015     EUR    67.10
Deutsche Bank AG             6.20   3/24/2015     EUR    64.90
Deutsche Bank AG             6.20   3/24/2015     EUR    72.20
Deutsche Bank AG             6.20   3/24/2015     EUR    71.70
Deutsche Bank AG             5.20   3/24/2015     EUR    71.60
Deutsche Bank AG             5.20   3/24/2015     EUR    64.30
Deutsche Bank AG             5.20   3/24/2015     EUR    63.00
Deutsche Bank AG             5.20   3/24/2015     EUR    66.40
Deutsche Bank AG             7.20   3/24/2015     EUR    72.40
DZ Bank AG Deutsche Ze       6.50  11/28/2014     EUR    73.09
DZ Bank AG Deutsche Ze       7.50  11/28/2014     EUR    58.51
Deutsche Bank AG             7.20   3/24/2015     EUR    67.70
Deutsche Bank AG             7.20   3/24/2015     EUR    64.20
Deutsche Bank AG             7.20   3/24/2015     EUR    65.60
Vontobel Financial Pro       4.45  12/12/2014     EUR    64.54
Vontobel Financial Pro      10.60  12/12/2014     EUR    63.46
Vontobel Financial Pro       6.75   3/13/2015     EUR    67.36
HSBC Trinkaus & Burkha       8.50   8/22/2014     EUR    68.18
Vontobel Financial Pro       8.95   3/13/2015     EUR    65.34
HSBC Trinkaus & Burkha       7.00  11/28/2014     EUR    70.01
Vontobel Financial Pro       5.15  12/12/2014     EUR    64.76
Vontobel Financial Pro       6.00  12/12/2014     EUR    65.06
Vontobel Financial Pro       6.50  12/12/2014     EUR    65.22
HSBC Trinkaus & Burkha      11.00   3/27/2015     EUR    70.03
HSBC Trinkaus & Burkha      10.00  10/24/2014     EUR    70.16
HSBC Trinkaus & Burkha       9.00  11/28/2014     EUR    71.01
HSBC Trinkaus & Burkha      12.00   1/23/2015     EUR    73.68
BNP Paribas Emissions-       6.00   9/25/2014     EUR    67.73
BNP Paribas Emissions-       5.00  12/29/2014     EUR    71.30
BNP Paribas Emissions-       4.50   3/26/2015     EUR    73.74
BNP Paribas Emissions-       5.00   6/25/2015     EUR    73.61
BNP Paribas Emissions-       7.00   6/25/2015     EUR    67.88
HSBC Trinkaus & Burkha      10.50   9/26/2014     EUR    75.00
HSBC Trinkaus & Burkha      11.50   3/27/2015     EUR    73.03
HSBC Trinkaus & Burkha      10.50   8/22/2014     EUR    74.00
HSBC Trinkaus & Burkha       9.50  10/24/2014     EUR    69.31
HSBC Trinkaus & Burkha      17.00   9/26/2014     EUR    71.43
Deutsche Bank AG             5.20   3/24/2015     EUR    71.10
DZ Bank AG Deutsche Ze       6.50  11/28/2014     EUR    74.32
DZ Bank AG Deutsche Ze       6.75  11/28/2014     EUR    74.17
BNP Paribas Emissions-       5.25   1/22/2015     EUR    74.28
Vontobel Financial Pro       7.10  10/17/2014     EUR    73.54
BNP Paribas Emissions-       6.75   1/22/2015     EUR    71.77
BNP Paribas Emissions-       8.00   6/25/2015     EUR    68.08
BNP Paribas Emissions-       6.75   6/25/2015     EUR    70.86
BNP Paribas Emissions-       8.00   7/23/2015     EUR    69.36
Goldman Sachs & Co Wer      14.00  12/24/2014     EUR    73.19
DZ Bank AG Deutsche Ze       5.75  11/14/2014     EUR    72.05
DZ Bank AG Deutsche Ze       5.00   8/14/2015     EUR    74.41
Goldman Sachs & Co Wer      10.00   3/25/2015     EUR    73.80
Vontobel Financial Pro      10.85   4/17/2015     EUR    70.94
Vontobel Financial Pro       5.95  12/12/2014     EUR    69.04
Vontobel Financial Pro       7.05   6/12/2015     EUR    74.32
Vontobel Financial Pro       8.25   6/12/2015     EUR    72.98
Vontobel Financial Pro       9.65   6/12/2015     EUR    72.04
Vontobel Financial Pro      10.55   6/12/2015     EUR    71.36
Goldman Sachs & Co Wer      14.00   3/25/2015     EUR    67.92
DZ Bank AG Deutsche Ze       8.00   2/27/2015     EUR    73.79
DZ Bank AG Deutsche Ze       7.50   2/27/2015     EUR    64.80
Commerzbank AG               6.00   2/26/2015     EUR    71.35
DZ Bank AG Deutsche Ze       7.50  10/17/2014     EUR    69.29
DZ Bank AG Deutsche Ze       9.50   9/12/2014     EUR    57.43
DZ Bank AG Deutsche Ze       8.00   9/12/2014     EUR    67.77
DZ Bank AG Deutsche Ze       8.00   9/12/2014     EUR    72.93
DZ Bank AG Deutsche Ze       8.25   6/12/2015     EUR    72.41
DZ Bank AG Deutsche Ze       8.50  12/12/2014     EUR    74.48
Vontobel Financial Pro       9.85   9/26/2014     EUR    72.68
Vontobel Financial Pro       8.05   3/13/2015     EUR    72.58
Vontobel Financial Pro      10.10   3/13/2015     EUR    70.36
Vontobel Financial Pro       9.00   6/12/2015     EUR    70.96
BNP Paribas Emissions-       7.00   1/22/2015     EUR    65.55
Commerzbank AG              10.75   9/25/2014     EUR    73.09
BNP Paribas Emissions-       6.00   9/25/2014     EUR    63.75
BNP Paribas Emissions-       8.00   9/25/2014     EUR    63.98
BNP Paribas Emissions-       5.00  12/29/2014     EUR    64.93
BNP Paribas Emissions-       8.00  12/29/2014     EUR    66.06
BNP Paribas Emissions-       6.00   3/26/2015     EUR    66.73
BNP Paribas Emissions-       5.50   6/25/2015     EUR    66.33
Deutsche Bank AG             6.20  12/23/2014     EUR    64.70
Deutsche Bank AG             6.20  12/23/2014     EUR    61.20
Deutsche Bank AG             6.20  12/23/2014     EUR    74.50
Commerzbank AG               9.00   2/26/2015     EUR    73.44
Commerzbank AG               6.00   9/25/2014     EUR    60.85
Commerzbank AG              10.00   2/26/2015     EUR    73.98
Commerzbank AG              11.50   2/26/2015     EUR    73.10
Commerzbank AG               7.75   2/26/2015     EUR    73.53
Commerzbank AG              10.00   2/26/2015     EUR    71.25
Vontobel Financial Pro       3.00   1/23/2015     EUR    64.10
Commerzbank AG               5.25  12/30/2014     EUR    74.33
Deutsche Bank AG             7.10   2/25/2015     EUR    74.70
Deutsche Bank AG             5.10   2/25/2015     EUR    73.00
Deutsche Bank AG             7.10   2/25/2015     EUR    70.60
Deutsche Bank AG             6.10   2/25/2015     EUR    74.80
DZ Bank AG Deutsche Ze       8.75   9/26/2014     EUR    63.22
Deutsche Bank AG             6.10   2/25/2015     EUR    73.70
Deutsche Bank AG             7.10   2/25/2015     EUR    68.10
Deutsche Bank AG             6.10   2/25/2015     EUR    74.20
DZ Bank AG Deutsche Ze       6.50  12/12/2014     EUR    64.44
Goldman Sachs & Co Wer       6.00   8/20/2014     EUR    72.80
Goldman Sachs & Co Wer       6.00   8/20/2014     EUR    72.80
Commerzbank AG               7.00   8/21/2014     EUR    68.49
Commerzbank AG               7.00   2/26/2015     EUR    69.68
Commerzbank AG               6.50   2/26/2015     EUR    71.65
Commerzbank AG              11.00   8/21/2014     EUR    66.27
Goldman Sachs & Co Wer      10.00   8/20/2014     EUR    71.07
DZ Bank AG Deutsche Ze       6.00  12/12/2014     EUR    64.28
DZ Bank AG Deutsche Ze       6.00  12/30/2014     EUR    66.12
DZ Bank AG Deutsche Ze       6.00   3/27/2015     EUR    66.92
Goldman Sachs & Co Wer      18.00   8/20/2014     EUR    66.41
Goldman Sachs & Co Wer      18.00   8/20/2014     EUR    74.21
DZ Bank AG Deutsche Ze      14.50   3/27/2015     EUR    68.75
Goldman Sachs & Co Wer       9.00   2/25/2015     EUR    66.70
Goldman Sachs & Co Wer      11.00   2/25/2015     EUR    65.22
Goldman Sachs & Co Wer       6.00  10/22/2014     EUR    74.00
Goldman Sachs & Co Wer      18.00  10/22/2014     EUR    66.61
Goldman Sachs & Co Wer       6.00   2/25/2015     EUR    70.88
Goldman Sachs & Co Wer      14.00  11/26/2014     EUR    69.37
Vontobel Financial Pro      11.00   9/26/2014     EUR    74.92
HSBC Trinkaus & Burkha      18.00   9/26/2014     EUR    68.65
HSBC Trinkaus & Burkha      10.00   9/26/2014     EUR    74.52
HSBC Trinkaus & Burkha      13.50  12/30/2014     EUR    71.80
HSBC Trinkaus & Burkha      11.50   3/27/2015     EUR    73.08
Commerzbank AG              10.00   2/26/2015     EUR    73.83
Commerzbank AG               6.50   2/26/2015     EUR    73.69
Commerzbank AG               8.50   2/26/2015     EUR    71.37
DZ Bank AG Deutsche Ze       8.50  10/17/2014     EUR    72.17
Deutsche Bank AG             6.10   2/25/2015     EUR    71.10
Deutsche Bank AG             6.10   2/25/2015     EUR    71.80
DZ Bank AG Deutsche Ze       7.75  12/30/2014     EUR    65.10
DZ Bank AG Deutsche Ze       6.00   1/23/2015     EUR    67.07
DZ Bank AG Deutsche Ze       7.50   1/23/2015     EUR    65.45
DZ Bank AG Deutsche Ze       7.00   3/27/2015     EUR    66.46
Deutsche Bank AG             5.10   2/25/2015     EUR    73.10
Deutsche Bank AG             7.10   2/25/2015     EUR    74.20
Deutsche Bank AG             7.10   2/25/2015     EUR    71.70
DZ Bank AG Deutsche Ze       6.00   9/26/2014     EUR    74.21
DZ Bank AG Deutsche Ze       6.00   9/26/2014     EUR    65.14
Commerzbank AG               7.00   8/21/2014     EUR    72.71
Goldman Sachs & Co Wer      10.00   8/20/2014     EUR    69.33
DZ Bank AG Deutsche Ze       8.00   3/27/2015     EUR    71.45
Goldman Sachs & Co Wer      14.00   8/20/2014     EUR    71.86
DZ Bank AG Deutsche Ze       5.75   3/27/2015     EUR    74.44
DZ Bank AG Deutsche Ze       5.50   3/27/2015     EUR    68.93
Goldman Sachs & Co Wer       7.00   2/25/2015     EUR    68.40
Goldman Sachs & Co Wer      12.00   9/24/2014     EUR    67.52
Goldman Sachs & Co Wer      13.00   2/25/2015     EUR    74.97
Goldman Sachs & Co Wer      18.00  10/22/2014     EUR    68.15
Goldman Sachs & Co Wer      12.00  11/26/2014     EUR    73.47
Goldman Sachs & Co Wer      14.00  11/26/2014     EUR    67.91
Goldman Sachs & Co Wer      16.00  11/26/2014     EUR    72.71
HSBC Trinkaus & Burkha      11.00   3/27/2015     EUR    61.71
HSBC Trinkaus & Burkha       6.50   3/27/2015     EUR    64.74
Deutsche Bank AG             9.20   9/23/2014     EUR    70.70
Deutsche Bank AG             8.20   9/23/2014     EUR    74.10
Deutsche Bank AG             8.80   9/23/2014     EUR    72.40
BNP Paribas Emissions-       9.00   2/26/2015     EUR    73.28
Commerzbank AG               9.00  12/29/2014     EUR    64.71
BNP Paribas Emissions-      18.00   8/21/2014     EUR    72.43
BNP Paribas Emissions-       7.00   9/25/2014     EUR    67.28
BNP Paribas Emissions-       6.75  12/29/2014     EUR    68.97
BNP Paribas Emissions-      13.00   8/21/2014     EUR    68.12
BNP Paribas Emissions-       4.00   9/25/2014     EUR    73.25
BNP Paribas Emissions-      13.00   9/25/2014     EUR    68.41
BNP Paribas Emissions-      22.00   9/25/2014     EUR    59.99
BNP Paribas Emissions-      12.00  12/29/2014     EUR    70.24
BNP Paribas Emissions-      12.00   9/25/2014     EUR    73.28
Commerzbank AG              10.50   8/21/2014     EUR    71.34
Commerzbank AG              11.00  12/29/2014     EUR    71.66
Deutsche Bank AG             9.20   9/23/2014     EUR    73.00
Goldman Sachs & Co Wer      16.00  12/24/2014     EUR    73.92
BNP Paribas Emissions-      12.50   8/21/2014     EUR    68.90
BNP Paribas Emissions-       9.25   1/22/2015     EUR    72.66
BNP Paribas Emissions-      18.50   9/25/2014     EUR    74.32
HSBC Trinkaus & Burkha       7.50   3/27/2015     EUR    72.27
HSBC Trinkaus & Burkha       6.00   3/27/2015     EUR    74.83
BNP Paribas Emissions-      10.00   1/22/2015     EUR    72.24
BNP Paribas Emissions-      10.00   2/26/2015     EUR    73.05
BNP Paribas Emissions-       8.00   9/25/2014     EUR    68.90
BNP Paribas Emissions-      12.00   9/25/2014     EUR    65.13
BNP Paribas Emissions-       4.00  12/29/2014     EUR    73.84
BNP Paribas Emissions-      10.00  12/29/2014     EUR    67.34
BNP Paribas Emissions-      18.00  12/29/2014     EUR    63.67
Deutsche Bank AG             7.20  12/23/2014     EUR    74.10
Deutsche Bank AG             5.20  12/23/2014     EUR    62.20
Deutsche Bank AG             6.20   9/24/2014     EUR    69.96
Deutsche Bank AG             7.20   9/24/2014     EUR    72.46
BNP Paribas Emissions-       7.50  12/29/2014     EUR    74.30
BNP Paribas Emissions-       9.00  12/29/2014     EUR    74.86
BNP Paribas Emissions-      12.00   9/25/2014     EUR    73.05
Deutsche Bank AG             5.20  12/23/2014     EUR    74.10
Deutsche Bank AG             6.20   3/24/2015     EUR    62.80
Vontobel Financial Pro      11.10   9/26/2014     EUR    72.92
Deutsche Bank AG             7.20   3/24/2015     EUR    72.90
HSBC Trinkaus & Burkha       9.50   3/27/2015     EUR    67.90
HSBC Trinkaus & Burkha       7.50  10/24/2014     EUR    69.45
HSBC Trinkaus & Burkha       9.25   1/23/2015     EUR    72.07
HSBC Trinkaus & Burkha      12.50  12/30/2014     EUR    67.96
BNP Paribas Emissions-       4.00   9/25/2014     EUR    71.67
BNP Paribas Emissions-       5.00   9/25/2014     EUR    70.06
BNP Paribas Emissions-       8.00   9/25/2014     EUR    65.68
BNP Paribas Emissions-      10.00   9/25/2014     EUR    64.48
BNP Paribas Emissions-       7.00  12/29/2014     EUR    67.37
BNP Paribas Emissions-       9.00  12/29/2014     EUR    66.70
BNP Paribas Emissions-       6.00   3/26/2015     EUR    70.63
BNP Paribas Emissions-       8.00   3/26/2015     EUR    68.21
BNP Paribas Emissions-       5.50   6/25/2015     EUR    70.13
HSBC Trinkaus & Burkha      12.50  12/30/2014     EUR    72.49
HSBC Trinkaus & Burkha      15.50   9/26/2014     EUR    63.47
HSBC Trinkaus & Burkha      13.00  12/30/2014     EUR    66.55
HSBC Trinkaus & Burkha      14.00  12/30/2014     EUR    74.64
BNP Paribas Emissions-       6.50   6/25/2015     EUR    74.90
BNP Paribas Emissions-       8.00  11/27/2014     EUR    66.97
BNP Paribas Emissions-       6.75  11/27/2014     EUR    70.74
BNP Paribas Emissions-       8.00   1/22/2015     EUR    68.22
Vontobel Financial Pro       9.15  10/17/2014     EUR    73.90
Vontobel Financial Pro       7.30  12/12/2014     EUR    74.46
Vontobel Financial Pro       8.60  12/12/2014     EUR    74.90
BNP Paribas Emissions-       6.75   7/23/2015     EUR    72.06
DZ Bank AG Deutsche Ze       5.00   2/13/2015     EUR    73.00
DZ Bank AG Deutsche Ze       5.00   8/14/2015     EUR    73.69
UniCredit Bank AG            6.50  10/23/2014     EUR    73.78
DZ Bank AG Deutsche Ze       7.25  11/14/2014     EUR    74.07
DZ Bank AG Deutsche Ze       9.00  11/14/2014     EUR    74.51
DZ Bank AG Deutsche Ze       9.25  11/14/2014     EUR    69.19
LBBW                         3.50    1/2/2015     EUR    73.02
LBBW                         3.00    1/2/2015     EUR    73.84
LBBW                         4.00    1/2/2015     EUR    71.75
HSBC Trinkaus & Burkha      14.00   9/26/2014     EUR    67.98
Commerzbank AG               6.25  12/29/2014     EUR    71.63
Commerzbank AG               8.50  12/29/2014     EUR    68.34
DZ Bank AG Deutsche Ze       8.25   9/12/2014     EUR    72.84
Vontobel Financial Pro      23.40   9/26/2014     EUR    67.18
DZ Bank AG Deutsche Ze       6.75   9/12/2014     EUR    74.14
Commerzbank AG              10.50   1/22/2015     EUR    70.88
Commerzbank AG              10.00   9/25/2014     EUR    60.46
DZ Bank AG Deutsche Ze       3.60   8/21/2015     EUR    65.84
Commerzbank AG              10.00  12/29/2014     EUR    71.41
Commerzbank AG              10.00  12/29/2014     EUR    73.59
Goldman Sachs & Co Wer      17.00   9/24/2014     EUR    73.84
Goldman Sachs & Co Wer      16.00  10/22/2014     EUR    72.66
Deutsche Bank AG             7.50   9/23/2014     EUR    71.60
Deutsche Bank AG             8.50   9/23/2014     EUR    74.70
Deutsche Bank AG             8.50   9/23/2014     EUR    71.80
UniCredit Bank AG            6.10  10/23/2014     EUR    72.37
DZ Bank AG Deutsche Ze       7.00  11/14/2014     EUR    71.00
DZ Bank AG Deutsche Ze      10.00  11/14/2014     EUR    69.39
DZ Bank AG Deutsche Ze       6.25   10/9/2015     EUR    74.44
HSBC Trinkaus & Burkha      13.00   3/27/2015     EUR    72.94
HSBC Trinkaus & Burkha      11.00  12/30/2014     EUR    70.46
HSBC Trinkaus & Burkha       9.50   3/27/2015     EUR    72.06
Commerzbank AG               8.00   1/22/2015     EUR    73.17
Commerzbank AG              10.50   9/25/2014     EUR    70.38
LBBW                         4.00   2/27/2015     EUR    74.97
LBBW                         3.00   2/27/2015     EUR    71.58
Goldman Sachs & Co Wer       8.00   1/21/2015     EUR    71.11
Deutsche Bank AG             7.50   9/23/2014     EUR    74.60
Deutsche Bank AG             8.50  12/23/2014     EUR    73.90
Deutsche Bank AG             7.50  12/23/2014     EUR    73.50
Vontobel Financial Pro       7.75  10/17/2014     EUR    74.18
UniCredit Bank AG            4.00  12/29/2014     EUR    21.53
Goldman Sachs & Co Wer      11.00   6/24/2015     EUR    70.09
Goldman Sachs & Co Wer      16.00  11/26/2014     EUR    68.86
Vontobel Financial Pro       8.30   8/28/2015     EUR    71.50
UniCredit Bank AG            5.40  10/23/2014     EUR    71.35
Deutsche Bank AG             5.80   1/21/2015     EUR    73.70
Deutsche Bank AG             6.80   1/21/2015     EUR    74.20
WGZ-Bank AG Westdeutsc       5.00  12/23/2014     EUR    74.35
Deutsche Bank AG             5.80   1/21/2015     EUR    74.50
Deutsche Bank AG             7.80   1/21/2015     EUR    73.80
Deutsche Bank AG             5.80   1/21/2015     EUR    72.90
Deutsche Bank AG             7.80   1/21/2015     EUR    69.10
Deutsche Bank AG             5.80   1/21/2015     EUR    67.40
HSBC Trinkaus & Burkha       6.50   6/26/2015     EUR    70.63
HSBC Trinkaus & Burkha       6.50   1/23/2015     EUR    69.27
HSBC Trinkaus & Burkha      23.50   9/26/2014     EUR    71.96
HSBC Trinkaus & Burkha       6.50  12/30/2014     EUR    66.34
DZ Bank AG Deutsche Ze       5.50   1/23/2015     EUR    70.30
Vontobel Financial Pro       7.15  12/30/2014     EUR    73.80
Vontobel Financial Pro       6.70   9/26/2014     EUR    67.50
HSBC Trinkaus & Burkha      10.50  12/30/2014     EUR    73.07
BNP Paribas Emissions-      11.00   9/25/2014     EUR    73.93
DZ Bank AG Deutsche Ze       8.50   2/27/2015     EUR    71.40
Deutsche Bank AG             7.80   1/21/2015     EUR    74.60
Deutsche Bank AG             6.80   1/21/2015     EUR    70.90
Deutsche Bank AG             6.80   1/21/2015     EUR    67.80
Deutsche Bank AG             5.80   1/21/2015     EUR    70.50
Deutsche Bank AG             7.80   1/21/2015     EUR    71.40
HSBC Trinkaus & Burkha      14.50   9/26/2014     EUR    74.97
HSBC Trinkaus & Burkha       7.00  10/24/2014     EUR    67.78
HSBC Trinkaus & Burkha       6.00   9/26/2014     EUR    72.83
HSBC Trinkaus & Burkha      11.00   9/26/2014     EUR    62.67
DZ Bank AG Deutsche Ze       4.50   2/27/2015     EUR    74.32
DZ Bank AG Deutsche Ze       7.50   2/27/2015     EUR    69.01
Vontobel Financial Pro       8.05   9/26/2014     EUR    71.86
DZ Bank AG Deutsche Ze       6.00  11/14/2014     EUR    74.47
DZ Bank AG Deutsche Ze       5.50   2/13/2015     EUR    74.91
Vontobel Financial Pro       5.75  12/30/2014     EUR    69.16
DZ Bank AG Deutsche Ze       7.00  11/14/2014     EUR    64.03
DZ Bank AG Deutsche Ze       7.00  11/14/2014     EUR    69.73
HSBC Trinkaus & Burkha       8.50   3/27/2015     EUR    70.08
UniCredit Bank AG            4.00  10/30/2014     EUR    64.36
BNP Paribas Emissions-      11.50   9/11/2014     EUR    67.93
DZ Bank AG Deutsche Ze      10.50   9/26/2014     EUR    69.05
DZ Bank AG Deutsche Ze      10.00  10/24/2014     EUR    69.76
DZ Bank AG Deutsche Ze       9.50  12/30/2014     EUR    71.34
Vontobel Financial Pro       4.30  12/30/2014     EUR    72.72
Vontobel Financial Pro       4.90   9/26/2014     EUR    71.48
Vontobel Financial Pro       6.00   9/26/2014     EUR    71.64
Vontobel Financial Pro      11.70   9/26/2014     EUR    69.22
Vontobel Financial Pro       8.25  12/30/2014     EUR    74.86
Vontobel Financial Pro       9.30   9/26/2014     EUR    72.76
Vontobel Financial Pro       8.00   6/12/2015     EUR    64.90
Vontobel Financial Pro       6.00   6/12/2015     EUR    74.30
LBBW                         4.00  11/28/2014     EUR    74.90
Goldman Sachs & Co Wer       8.00   9/24/2014     EUR    73.65
Vontobel Financial Pro       4.80  12/12/2014     EUR    67.34
Vontobel Financial Pro       5.40   3/13/2015     EUR    68.70
Vontobel Financial Pro       5.80   6/12/2015     EUR    69.12
DZ Bank AG Deutsche Ze       7.25  12/12/2014     EUR    69.57
DZ Bank AG Deutsche Ze       9.50  12/12/2014     EUR    74.93
DZ Bank AG Deutsche Ze       7.50   6/12/2015     EUR    73.00
DZ Bank AG Deutsche Ze       7.00   9/12/2014     EUR    74.95
DZ Bank AG Deutsche Ze       6.00   9/12/2014     EUR    72.02
DZ Bank AG Deutsche Ze      10.25  12/12/2014     EUR    69.01
DZ Bank AG Deutsche Ze       7.25  12/12/2014     EUR    68.01
DZ Bank AG Deutsche Ze       7.75   3/13/2015     EUR    74.75
DZ Bank AG Deutsche Ze       9.50   3/13/2015     EUR    70.97
DZ Bank AG Deutsche Ze       8.50  12/12/2014     EUR    73.31
DZ Bank AG Deutsche Ze      13.75  10/24/2014     EUR    63.82
DZ Bank AG Deutsche Ze      15.00  10/24/2014     EUR    69.13
DZ Bank AG Deutsche Ze      12.75  10/24/2014     EUR    72.54
Deutsche Bank AG             6.40  12/23/2014     EUR    70.20
Deutsche Bank AG             6.40  12/23/2014     EUR    68.40
Deutsche Bank AG             6.40  12/23/2014     EUR    72.10
Deutsche Bank AG             6.40  12/23/2014     EUR    74.10
Vontobel Financial Pro       8.30   3/27/2015     EUR    73.18
BNP Paribas Emissions-       6.00   9/25/2014     EUR    72.53
BNP Paribas Emissions-      10.00   9/25/2014     EUR    69.02
BNP Paribas Emissions-      18.50   9/25/2014     EUR    66.45
BNP Paribas Emissions-       6.00  12/29/2014     EUR    74.00
BNP Paribas Emissions-      10.00  12/29/2014     EUR    71.60
BNP Paribas Emissions-      13.50  12/29/2014     EUR    69.38
BNP Paribas Emissions-       9.00   3/26/2015     EUR    73.16
BNP Paribas Emissions-      11.00   3/26/2015     EUR    70.93
BNP Paribas Emissions-       9.00   6/25/2015     EUR    74.09
BNP Paribas Emissions-      11.00   6/25/2015     EUR    72.46
UniCredit Bank AG            4.30   6/24/2015     EUR    67.60
UniCredit Bank AG            5.00   6/24/2015     EUR    70.22
UniCredit Bank AG            5.25   6/24/2015     EUR    65.45
UniCredit Bank AG            5.50   6/24/2015     EUR    64.96
UniCredit Bank AG            4.50   6/24/2015     EUR    73.34
UniCredit Bank AG            5.25   6/24/2015     EUR    68.77
UniCredit Bank AG            4.20   6/24/2015     EUR    75.00
UniCredit Bank AG            4.75   6/24/2015     EUR    66.47
UniCredit Bank AG            4.50   6/24/2015     EUR    67.01
UniCredit Bank AG            5.00   6/24/2015     EUR    65.95
UniCredit Bank AG            4.75   6/24/2015     EUR    71.73
Vontobel Financial Pro       3.05   3/13/2015     EUR    75.00
Vontobel Financial Pro      11.20   5/15/2015     EUR    71.82
UniCredit Bank AG            4.00   6/25/2015     EUR    72.70
UniCredit Bank AG            4.00   6/25/2015     EUR    63.33
Commerzbank AG               7.10   6/25/2015     EUR    73.43
Vontobel Financial Pro       4.60   6/12/2015     EUR    74.66
Vontobel Financial Pro       7.90   6/26/2015     EUR    70.36
Vontobel Financial Pro       7.10   3/27/2015     EUR    69.22
Vontobel Financial Pro       7.60   9/26/2014     EUR    65.92
Vontobel Financial Pro       5.75  12/30/2014     EUR    67.16
Vontobel Financial Pro       5.55   6/12/2015     EUR    69.90
Vontobel Financial Pro       6.95   6/12/2015     EUR    69.24
Vontobel Financial Pro       8.00   6/12/2015     EUR    70.12
Vontobel Financial Pro       9.70  12/12/2014     EUR    72.94
Landesbank Hessen-Thue       3.50   7/10/2015     EUR    66.50
Goldman Sachs & Co Wer      23.00   9/24/2014     EUR    70.35
Commerzbank AG               7.00   6/25/2015     EUR    72.38
DZ Bank AG Deutsche Ze      10.75  10/24/2014     EUR    60.10
DZ Bank AG Deutsche Ze      10.00  10/24/2014     EUR    74.00
DZ Bank AG Deutsche Ze      14.00  10/24/2014     EUR    66.03
DZ Bank AG Deutsche Ze      12.25  10/24/2014     EUR    64.25
DZ Bank AG Deutsche Ze      14.50  10/24/2014     EUR    73.29
DZ Bank AG Deutsche Ze       8.25   6/26/2015     EUR    66.82
DZ Bank AG Deutsche Ze       5.25    4/9/2015     EUR    71.38
Commerzbank AG              11.00  11/27/2014     EUR    64.33
Commerzbank AG               8.50   3/26/2015     EUR    66.34
Vontobel Financial Pro       7.40   3/27/2015     EUR    63.66
Vontobel Financial Pro      10.60   9/26/2014     EUR    59.92
Commerzbank AG               7.00   3/26/2015     EUR    71.13
Commerzbank AG              10.00   3/26/2015     EUR    68.70
Goldman Sachs & Co Wer      18.00   9/24/2014     EUR    73.14
Goldman Sachs & Co Wer      16.00   3/25/2015     EUR    67.96
Goldman Sachs & Co Wer      16.00   5/20/2015     EUR    69.35
LBBW                         4.00   6/26/2015     EUR    74.05
LBBW                         5.00   6/26/2015     EUR    72.33
HSBC Trinkaus & Burkha      13.00   6/26/2015     EUR    74.82
HSBC Trinkaus & Burkha      12.50  12/30/2014     EUR    66.10
HSBC Trinkaus & Burkha      14.00   6/26/2015     EUR    66.66
HSBC Trinkaus & Burkha      10.00   6/26/2015     EUR    68.59
HSBC Trinkaus & Burkha       7.00   9/25/2015     EUR    70.39
HSBC Trinkaus & Burkha      10.00  12/30/2014     EUR    71.89
HSBC Trinkaus & Burkha       7.00   3/27/2015     EUR    74.33
Deutsche Bank AG             5.20   9/22/2015     EUR    73.80
UniCredit Bank AG            5.00   6/25/2015     EUR    65.60
UniCredit Bank AG            6.50   6/25/2015     EUR    64.16
UniCredit Bank AG            6.25   6/25/2015     EUR    64.61
UniCredit Bank AG            4.75   6/25/2015     EUR    66.87
UniCredit Bank AG            6.10   6/25/2015     EUR    65.16
UniCredit Bank AG            4.25   6/25/2015     EUR    67.96
DZ Bank AG Deutsche Ze       8.25  12/30/2014     EUR    68.71
DZ Bank AG Deutsche Ze       7.50   6/26/2015     EUR    70.68
DZ Bank AG Deutsche Ze       9.00   6/26/2015     EUR    72.08
DZ Bank AG Deutsche Ze      14.25   9/26/2014     EUR    73.76
DZ Bank AG Deutsche Ze       9.75   3/27/2015     EUR    71.63
DZ Bank AG Deutsche Ze       8.00   3/13/2015     EUR    74.99
DZ Bank AG Deutsche Ze       9.50   9/12/2014     EUR    67.67
DZ Bank AG Deutsche Ze       9.50  12/12/2014     EUR    69.96
DZ Bank AG Deutsche Ze       9.25   6/12/2015     EUR    73.11
DZ Bank AG Deutsche Ze      10.00   6/12/2015     EUR    73.73
Commerzbank AG              10.25   4/23/2015     EUR    74.55
Vontobel Financial Pro       9.00   4/24/2015     EUR    68.50
DZ Bank AG Deutsche Ze       7.75  10/17/2014     EUR    63.88
DZ Bank AG Deutsche Ze       9.00  10/17/2014     EUR    64.10
DZ Bank AG Deutsche Ze       7.25  10/17/2014     EUR    69.26
DZ Bank AG Deutsche Ze      10.50  10/17/2014     EUR    69.78
DZ Bank AG Deutsche Ze       6.50  10/17/2014     EUR    63.17
DZ Bank AG Deutsche Ze       6.00  10/17/2014     EUR    72.61
DZ Bank AG Deutsche Ze       7.50  10/17/2014     EUR    70.84
DZ Bank AG Deutsche Ze       9.25  10/17/2014     EUR    69.23
DZ Bank AG Deutsche Ze       5.00   4/17/2015     EUR    74.59
DZ Bank AG Deutsche Ze       5.75   4/17/2015     EUR    73.16
DZ Bank AG Deutsche Ze       6.75   4/17/2015     EUR    71.97
Vontobel Financial Pro       6.35   3/27/2015     EUR    71.90
Vontobel Financial Pro       7.45  12/30/2014     EUR    70.70
DZ Bank AG Deutsche Ze       5.75   3/27/2015     EUR    62.84
DZ Bank AG Deutsche Ze       5.00   3/27/2015     EUR    71.74
Deutsche Bank AG             6.20   6/23/2015     EUR    70.32
Deutsche Bank AG             5.20   6/23/2015     EUR    69.45
Deutsche Bank AG             7.20   6/23/2015     EUR    71.18
Deutsche Bank AG             8.20   6/23/2015     EUR    72.06
Goldman Sachs & Co Wer      14.00   5/20/2015     EUR    73.47
Deutsche Bank AG             7.20   6/22/2015     EUR    70.70
Deutsche Bank AG             6.20   6/22/2015     EUR    62.70
Deutsche Bank AG             5.20   6/22/2015     EUR    65.20
Deutsche Bank AG             6.20   6/22/2015     EUR    66.10
Deutsche Bank AG             5.20   6/22/2015     EUR    61.90
Deutsche Bank AG             7.20   6/22/2015     EUR    63.60
Deutsche Bank AG             7.20   3/24/2015     EUR    71.60
Deutsche Bank AG             5.20   3/24/2015     EUR    70.30
Deutsche Bank AG             5.20   6/22/2015     EUR    68.90
Deutsche Bank AG             6.20   3/24/2015     EUR    71.00
Deutsche Bank AG             6.20   6/22/2015     EUR    69.00
Deutsche Bank AG             7.20   6/22/2015     EUR    67.00
DZ Bank AG Deutsche Ze      12.00   9/12/2014     EUR    64.22
DZ Bank AG Deutsche Ze       8.00   3/13/2015     EUR    64.16
DZ Bank AG Deutsche Ze       9.00   4/24/2015     EUR    69.28
Deutsche Bank AG             5.20   3/24/2015     EUR    74.70
Deutsche Bank AG             5.20  12/23/2014     EUR    74.50
Deutsche Bank AG             6.20  12/23/2014     EUR    74.80
Goldman Sachs & Co Wer       6.00   5/20/2015     EUR    74.57
Goldman Sachs & Co Wer       8.00   5/20/2015     EUR    72.46
Goldman Sachs & Co Wer       9.00   5/20/2015     EUR    69.86
Goldman Sachs & Co Wer      13.00   5/20/2015     EUR    67.05
Goldman Sachs & Co Wer       7.00   9/23/2015     EUR    74.00
Goldman Sachs & Co Wer      10.00   9/23/2015     EUR    71.06
Goldman Sachs & Co Wer      11.00   9/23/2015     EUR    69.41
Goldman Sachs & Co Wer      17.00  12/24/2014     EUR    73.76
Goldman Sachs & Co Wer      16.00   1/21/2015     EUR    74.66
DZ Bank AG Deutsche Ze      10.75   9/26/2014     EUR    74.61
Deutsche Bank AG             5.20   9/22/2015     EUR    70.40
Deutsche Bank AG             7.20   9/22/2015     EUR    72.70
Deutsche Bank AG             6.20   9/22/2015     EUR    75.00
Deutsche Bank AG             6.20   9/22/2015     EUR    71.60
HSBC Trinkaus & Burkha       6.50  12/29/2014     EUR    45.32
HSBC Trinkaus & Burkha       7.50  12/29/2014     EUR    39.13
HSBC Trinkaus & Burkha       8.50  12/29/2014     EUR    34.49
HSBC Trinkaus & Burkha       7.00  12/29/2014     EUR    70.81
HSBC Trinkaus & Burkha       6.50  12/29/2014     EUR    62.23
HSBC Trinkaus & Burkha       7.00  12/29/2014     EUR    57.31
HSBC Trinkaus & Burkha       7.50  12/29/2014     EUR    74.87
HSBC Trinkaus & Burkha       6.00  12/29/2014     EUR    50.34
HSBC Trinkaus & Burkha       6.50  12/29/2014     EUR    47.29
HSBC Trinkaus & Burkha       6.00  12/29/2014     EUR    68.13
HSBC Trinkaus & Burkha       7.50  12/29/2014     EUR    63.02
BNP Paribas Emissions-       6.00  11/27/2014     EUR    74.17
Deutsche Bank AG             6.30   9/23/2014     EUR    74.40
BNP Paribas Emissions-       5.00  11/27/2014     EUR    72.15
BNP Paribas Emissions-       5.00   1/22/2015     EUR    72.84
BNP Paribas Emissions-       5.00   5/21/2015     EUR    73.50
Vontobel Financial Pro       9.15  12/30/2014     EUR    62.36
Vontobel Financial Pro      11.80   9/26/2014     EUR    60.06
Vontobel Financial Pro      10.60   9/26/2014     EUR    72.92
UniCredit Bank AG            4.60  11/27/2014     EUR    61.86
LBBW                         5.00   9/26/2014     EUR    73.35
UniCredit Bank AG            4.75   2/26/2015     EUR    70.07
UniCredit Bank AG            6.00   2/26/2015     EUR    73.86
Goldman Sachs & Co Wer       8.00  12/24/2014     EUR    71.26
DZ Bank AG Deutsche Ze      10.25  12/12/2014     EUR    67.80
DZ Bank AG Deutsche Ze       8.50   3/13/2015     EUR    69.23
DZ Bank AG Deutsche Ze       9.25   3/13/2015     EUR    69.65
DZ Bank AG Deutsche Ze       8.00   9/11/2015     EUR    71.55
DZ Bank AG Deutsche Ze       7.50   9/12/2014     EUR    71.15
DZ Bank AG Deutsche Ze      10.00   9/12/2014     EUR    68.93
DZ Bank AG Deutsche Ze       6.50  12/12/2014     EUR    72.65
Commerzbank AG               6.75   5/21/2015     EUR    73.46
Commerzbank AG               8.75   5/21/2015     EUR    71.58
Commerzbank AG              11.00   5/21/2015     EUR    69.95
Commerzbank AG               6.75   5/21/2015     EUR    66.67
Vontobel Financial Pro       9.00   4/14/2015     EUR    68.50
UniCredit Bank AG            4.40   9/25/2014     EUR    72.21
UniCredit Bank AG            5.20   9/25/2014     EUR    70.58
UniCredit Bank AG            4.80   9/25/2014     EUR    71.39
UniCredit Bank AG            6.50   9/25/2014     EUR    68.29
Commerzbank AG              10.25   9/25/2014     EUR    67.09
Commerzbank AG              13.00   9/25/2014     EUR    71.86
Commerzbank AG               8.00   9/25/2014     EUR    74.39
Commerzbank AG              11.00   9/25/2014     EUR    69.94
Commerzbank AG               7.25   9/25/2014     EUR    58.01
Commerzbank AG              10.50   9/25/2014     EUR    54.31
UniCredit Bank AG            4.00   9/25/2014     EUR    73.04
UniCredit Bank AG            7.00   9/25/2014     EUR    51.76
UniCredit Bank AG            5.00   9/25/2014     EUR    55.89
Deutsche Bank AG             6.50  10/22/2014     EUR    72.60
HSBC Trinkaus & Burkha      13.50   9/26/2014     EUR    71.36
Deutsche Bank AG             5.50  10/22/2014     EUR    74.20
HSBC Trinkaus & Burkha      12.00  12/30/2014     EUR    64.08
HSBC Trinkaus & Burkha      10.50   3/27/2015     EUR    65.96
Vontobel Financial Pro       7.05  12/30/2014     EUR    67.40
Vontobel Financial Pro       5.05  12/30/2014     EUR    71.32
Vontobel Financial Pro       7.90   9/26/2014     EUR    65.38
Vontobel Financial Pro       5.45   9/26/2014     EUR    69.82
DekaBank Deutsche Giro       5.75    2/5/2015     EUR    70.97
HSBC Trinkaus & Burkha      10.00   9/26/2014     EUR    68.98
HSBC Trinkaus & Burkha      12.00  12/30/2014     EUR    67.27
HSBC Trinkaus & Burkha      11.00   3/27/2015     EUR    67.86
HSBC Trinkaus & Burkha      10.00   8/22/2014     EUR    68.02
HSBC Trinkaus & Burkha      16.00   9/26/2014     EUR    60.98
HSBC Trinkaus & Burkha      11.00   9/26/2014     EUR    65.71
HSBC Trinkaus & Burkha      13.50  12/30/2014     EUR    64.16
HSBC Trinkaus & Burkha       9.50  12/30/2014     EUR    68.00
HSBC Trinkaus & Burkha      10.00  10/24/2014     EUR    66.35
HSBC Trinkaus & Burkha      16.50   9/26/2014     EUR    73.24
HSBC Trinkaus & Burkha      14.00   9/26/2014     EUR    72.99
HSBC Trinkaus & Burkha       9.00  10/24/2014     EUR    69.54
HSBC Trinkaus & Burkha       8.50  11/28/2014     EUR    70.24
HSBC Trinkaus & Burkha       8.00   1/23/2015     EUR    71.25
Vontobel Financial Pro      10.75   9/26/2014     EUR    74.90
DZ Bank AG Deutsche Ze       6.00  11/28/2014     EUR    71.85
DZ Bank AG Deutsche Ze       6.00   8/22/2014     EUR    70.77
DZ Bank AG Deutsche Ze       7.25   8/22/2014     EUR    68.02
DZ Bank AG Deutsche Ze       7.25   9/26/2014     EUR    68.65
Deutsche Bank AG             6.50   9/24/2014     EUR    70.01
Deutsche Bank AG             5.50   9/24/2014     EUR    69.88
Goldman Sachs & Co Wer       7.00  12/24/2014     EUR    74.42
Goldman Sachs & Co Wer       7.00  12/24/2014     EUR    74.42
Goldman Sachs & Co Wer       8.00  12/24/2014     EUR    74.79
Goldman Sachs & Co Wer       7.00   9/24/2014     EUR    72.83
Goldman Sachs & Co Wer       7.00   9/24/2014     EUR    72.83
Goldman Sachs & Co Wer       9.00   9/24/2014     EUR    73.07
Goldman Sachs & Co Wer       6.00  10/22/2014     EUR    73.15
Goldman Sachs & Co Wer       7.00  10/22/2014     EUR    73.34
Goldman Sachs & Co Wer       9.00  10/22/2014     EUR    73.73
Goldman Sachs & Co Wer       7.00  11/26/2014     EUR    73.95
Goldman Sachs & Co Wer       8.00  11/26/2014     EUR    74.24
Goldman Sachs & Co Wer       7.00   8/20/2014     EUR    72.15
Goldman Sachs & Co Wer       9.00   8/20/2014     EUR    72.20
BNP Paribas Emissions-       7.00  12/29/2014     EUR    73.86
HSBC Trinkaus & Burkha      15.00   9/26/2014     EUR    72.75
HSBC Trinkaus & Burkha       8.25   1/23/2015     EUR    74.91
HSBC Trinkaus & Burkha      10.50   9/26/2014     EUR    72.90
HSBC Trinkaus & Burkha      10.00  10/24/2014     EUR    73.60
HSBC Trinkaus & Burkha       9.00  11/28/2014     EUR    74.21
HSBC Trinkaus & Burkha      13.00  12/30/2014     EUR    70.92
HSBC Trinkaus & Burkha       9.00  12/30/2014     EUR    74.93
HSBC Trinkaus & Burkha      11.50   3/27/2015     EUR    71.33
HSBC Trinkaus & Burkha      17.00   9/26/2014     EUR    65.02
HSBC Trinkaus & Burkha       9.50  11/28/2014     EUR    71.86
HSBC Trinkaus & Burkha      13.50  12/30/2014     EUR    68.10
Deutsche Bank AG             5.00  11/26/2014     EUR    72.70
Deutsche Bank AG             6.00  11/26/2014     EUR    71.30
Deutsche Bank AG             7.00  11/26/2014     EUR    69.10
Deutsche Bank AG             6.00   8/20/2014     EUR    74.20
Deutsche Bank AG             5.00   8/20/2014     EUR    73.20
Deutsche Bank AG             5.00   8/20/2014     EUR    71.40
Deutsche Bank AG             5.00   8/20/2014     EUR    69.70
Deutsche Bank AG             5.00   8/20/2014     EUR    67.20
Deutsche Bank AG             6.00   8/20/2014     EUR    73.30
Deutsche Bank AG             6.00   8/20/2014     EUR    71.50
Deutsche Bank AG             6.00   8/20/2014     EUR    69.70
Deutsche Bank AG             6.00   8/20/2014     EUR    67.30
Deutsche Bank AG             7.00   8/20/2014     EUR    73.30
Deutsche Bank AG             7.00   8/20/2014     EUR    71.50
Deutsche Bank AG             7.00   8/20/2014     EUR    69.80
Deutsche Bank AG             7.00   8/20/2014     EUR    67.30
Deutsche Bank AG             5.00   8/20/2014     EUR    72.90
Deutsche Bank AG             5.00   8/20/2014     EUR    66.70
Deutsche Bank AG             6.00   8/20/2014     EUR    72.90
Deutsche Bank AG             6.00   8/20/2014     EUR    66.70
Deutsche Bank AG             7.00   8/20/2014     EUR    73.00
Deutsche Bank AG             7.00   8/20/2014     EUR    66.70
Deutsche Bank AG             7.00   8/20/2014     EUR    74.20
DZ Bank AG Deutsche Ze       6.25   8/22/2014     EUR    68.12
Vontobel Financial Pro       6.50   9/26/2014     EUR    71.68
Commerzbank AG               6.50  10/23/2014     EUR    69.58
Commerzbank AG               6.25   9/25/2014     EUR    72.20
Commerzbank AG              10.00   9/25/2014     EUR    67.35
Vontobel Financial Pro       8.15   9/26/2014     EUR    66.98
Vontobel Financial Pro       5.35   9/26/2014     EUR    71.04
Vontobel Financial Pro      10.95   9/26/2014     EUR    72.06
Vontobel Financial Pro       7.00  11/21/2014     EUR    66.00
Commerzbank AG               8.00  10/23/2014     EUR    74.13
Goldman Sachs & Co Wer       7.00   8/20/2014     EUR    74.85
Goldman Sachs & Co Wer      15.00   8/20/2014     EUR    64.78
Deutsche Bank AG             5.00   9/23/2014     EUR    74.60
Goldman Sachs & Co Wer       9.00   9/24/2014     EUR    72.08
Goldman Sachs & Co Wer      12.00  12/24/2014     EUR    68.93
Deutsche Bank AG             6.00   9/23/2014     EUR    74.70
Deutsche Bank AG             7.00   9/23/2014     EUR    74.80
Deutsche Bank AG             5.00   9/23/2014     EUR    73.70
Deutsche Bank AG             5.00   9/23/2014     EUR    71.90
Deutsche Bank AG             5.00   9/23/2014     EUR    70.10
Deutsche Bank AG             5.00   9/23/2014     EUR    67.70
Deutsche Bank AG             6.00   9/23/2014     EUR    73.80
Deutsche Bank AG             6.00   9/23/2014     EUR    72.00
Deutsche Bank AG             6.00   9/23/2014     EUR    70.30
Deutsche Bank AG             6.00   9/23/2014     EUR    67.80
Deutsche Bank AG             7.00   9/23/2014     EUR    74.00
Deutsche Bank AG             7.00   9/23/2014     EUR    72.10
Deutsche Bank AG             7.00   9/23/2014     EUR    70.40
Goldman Sachs & Co Wer      14.00   8/20/2014     EUR    69.93
Goldman Sachs & Co Wer      10.00   9/24/2014     EUR    74.92
Goldman Sachs & Co Wer      13.00   9/24/2014     EUR    71.21
Goldman Sachs & Co Wer      12.00  11/26/2014     EUR    73.10
Deutsche Bank AG             7.00   9/23/2014     EUR    67.90
Goldman Sachs & Co Wer      11.00   3/25/2015     EUR    74.68
LBBW                         4.50  11/28/2014     EUR    72.51
BNP Paribas Emissions-       5.00  10/17/2014     EUR    72.91
BNP Paribas Emissions-       5.50  10/17/2014     EUR    72.13
DZ Bank AG Deutsche Ze       6.00  11/28/2014     EUR    70.30
DZ Bank AG Deutsche Ze       6.00  11/28/2014     EUR    60.57
Vontobel Financial Pro       6.65  12/30/2014     EUR    67.96
Vontobel Financial Pro       7.90   9/26/2014     EUR    66.14
HSBC Trinkaus & Burkha       6.00   8/22/2014     EUR    69.76
Deutsche Bank AG             5.20  12/23/2014     EUR    73.10
Deutsche Bank AG             6.20  12/23/2014     EUR    73.50
Deutsche Bank AG             7.20  12/23/2014     EUR    73.90
Deutsche Bank AG             5.20  12/23/2014     EUR    74.90
Deutsche Bank AG             5.20  12/23/2014     EUR    73.10
Deutsche Bank AG             5.20  12/23/2014     EUR    71.40
Deutsche Bank AG             5.20  12/23/2014     EUR    69.00
Deutsche Bank AG             5.20  12/23/2014     EUR    66.70
Deutsche Bank AG             6.20  12/23/2014     EUR    73.50
Deutsche Bank AG             6.20  12/23/2014     EUR    71.80
Deutsche Bank AG             6.20  12/23/2014     EUR    69.40
UniCredit Bank AG            5.80   9/25/2014     EUR    74.09
Deutsche Bank AG             6.20  12/23/2014     EUR    67.10
Deutsche Bank AG             7.20  12/23/2014     EUR    73.80
Deutsche Bank AG             7.20  12/23/2014     EUR    72.10
Deutsche Bank AG             7.20  12/23/2014     EUR    69.70
Deutsche Bank AG             7.20  12/23/2014     EUR    67.50
UniCredit Bank AG            5.40   9/25/2014     EUR    74.98
LBBW                         5.50   9/26/2014     EUR    73.86
UniCredit Bank AG            4.00   9/25/2014     EUR    59.59
DZ Bank AG Deutsche Ze       6.00   9/26/2014     EUR    56.27
Deutsche Bank AG             5.20  10/22/2014     EUR    74.10
Deutsche Bank AG             7.20  10/22/2014     EUR    66.30
Deutsche Bank AG             5.20  10/22/2014     EUR    72.40
Deutsche Bank AG             6.20  10/22/2014     EUR    72.60
Deutsche Bank AG             6.20  10/22/2014     EUR    74.30
Deutsche Bank AG             6.20  10/22/2014     EUR    68.30
Deutsche Bank AG             7.20  10/22/2014     EUR    74.50
Deutsche Bank AG             6.20  10/22/2014     EUR    66.10
Deutsche Bank AG             6.20  10/22/2014     EUR    70.80
Deutsche Bank AG             7.20  10/22/2014     EUR    72.70
Deutsche Bank AG             7.20  10/22/2014     EUR    71.00
Deutsche Bank AG             5.20  10/22/2014     EUR    70.60
Deutsche Bank AG             7.20  10/22/2014     EUR    72.80
Deutsche Bank AG             5.20  10/22/2014     EUR    72.30
Deutsche Bank AG             5.20  10/22/2014     EUR    65.90
Deutsche Bank AG             6.20  10/22/2014     EUR    72.50
Deutsche Bank AG             5.20  10/22/2014     EUR    68.10
Deutsche Bank AG             7.20  10/22/2014     EUR    68.50
Commerzbank AG               8.00   8/21/2014     EUR    68.51
Commerzbank AG              12.00   8/21/2014     EUR    72.49
DZ Bank AG Deutsche Ze       7.50  11/14/2014     EUR    66.90
Vontobel Financial Pro       7.45   9/12/2014     EUR    71.60
Vontobel Financial Pro       6.45   9/12/2014     EUR    71.52
Vontobel Financial Pro       7.70   9/12/2014     EUR    71.62
Vontobel Financial Pro       8.00   9/26/2014     EUR    71.86
DZ Bank AG Deutsche Ze      10.25   9/26/2014     EUR    69.02
DZ Bank AG Deutsche Ze       6.25  11/14/2014     EUR    63.83
DZ Bank AG Deutsche Ze       7.25  11/14/2014     EUR    64.13
Goldman Sachs & Co Wer      11.00  12/24/2014     EUR    65.78
Goldman Sachs & Co Wer       6.00   3/25/2015     EUR    74.57
Goldman Sachs & Co Wer       7.00   3/25/2015     EUR    71.97
Goldman Sachs & Co Wer       8.00   3/25/2015     EUR    69.58
Goldman Sachs & Co Wer      10.00   3/25/2015     EUR    68.03
Goldman Sachs & Co Wer       6.00   9/24/2014     EUR    71.73
Goldman Sachs & Co Wer       8.00   9/24/2014     EUR    68.58
Goldman Sachs & Co Wer      10.00   9/24/2014     EUR    65.78
Goldman Sachs & Co Wer      13.00   9/24/2014     EUR    63.32
Goldman Sachs & Co Wer       6.00  11/26/2014     EUR    72.68
Goldman Sachs & Co Wer       8.00  11/26/2014     EUR    69.91
Goldman Sachs & Co Wer      10.00  11/26/2014     EUR    67.48
Goldman Sachs & Co Wer      12.00  11/26/2014     EUR    65.26
Goldman Sachs & Co Wer       6.00  12/24/2014     EUR    73.05
Goldman Sachs & Co Wer       7.00  12/24/2014     EUR    70.10
Goldman Sachs & Co Wer       9.00  12/24/2014     EUR    67.83
Goldman Sachs & Co Wer      15.00   9/24/2014     EUR    73.61
LBBW                         5.00   8/22/2014     EUR    73.20
DZ Bank AG Deutsche Ze       6.00   9/26/2014     EUR    72.17
BNP Paribas Emissions-       6.00  11/27/2014     EUR    74.55
BNP Paribas Emissions-       6.00   7/23/2015     EUR    74.89
HSBC Trinkaus & Burkha      12.00  12/30/2014     EUR    62.86
HSBC Trinkaus & Burkha      10.50   3/27/2015     EUR    64.74
HSBC Trinkaus & Burkha       8.50   8/22/2014     EUR    65.10
HSBC Trinkaus & Burkha       7.50  10/24/2014     EUR    66.37
HSBC Trinkaus & Burkha       7.00  11/28/2014     EUR    66.94
HSBC Trinkaus & Burkha       6.50   1/23/2015     EUR    67.77
HSBC Trinkaus & Burkha      10.00   8/22/2014     EUR    70.47
HSBC Trinkaus & Burkha       8.50  10/24/2014     EUR    71.90
HSBC Trinkaus & Burkha       8.00  11/28/2014     EUR    72.56
HSBC Trinkaus & Burkha       8.00   1/23/2015     EUR    73.53
HSBC Trinkaus & Burkha      10.00   9/26/2014     EUR    70.86
HSBC Trinkaus & Burkha      12.00  12/30/2014     EUR    68.86
HSBC Trinkaus & Burkha       8.50  12/30/2014     EUR    72.80
HSBC Trinkaus & Burkha      11.00   3/27/2015     EUR    69.41
HSBC Trinkaus & Burkha       8.50   3/27/2015     EUR    72.95
HSBC Trinkaus & Burkha      10.50   8/22/2014     EUR    69.91
HSBC Trinkaus & Burkha       9.00  10/24/2014     EUR    71.42
HSBC Trinkaus & Burkha       8.00   1/23/2015     EUR    73.08
HSBC Trinkaus & Burkha      15.50   9/26/2014     EUR    62.17
HSBC Trinkaus & Burkha      10.00   9/26/2014     EUR    67.08
HSBC Trinkaus & Burkha      13.00  12/30/2014     EUR    65.24
HSBC Trinkaus & Burkha       9.00  12/30/2014     EUR    69.30
HSBC Trinkaus & Burkha       9.50  10/24/2014     EUR    67.75
HSBC Trinkaus & Burkha      12.50   9/26/2014     EUR    74.50
Vontobel Financial Pro       7.45  12/30/2014     EUR    69.70
Vontobel Financial Pro       8.40   9/26/2014     EUR    67.76
DZ Bank AG Deutsche Ze       6.00  11/28/2014     EUR    72.90
DZ Bank AG Deutsche Ze       7.75  11/28/2014     EUR    70.03
DZ Bank AG Deutsche Ze       9.25   9/26/2014     EUR    53.67
DZ Bank AG Deutsche Ze       8.25  12/30/2014     EUR    55.69
Vontobel Financial Pro       6.20   9/12/2014     EUR    73.12
Vontobel Financial Pro       7.95   9/12/2014     EUR    69.76
HSBC Trinkaus & Burkha       8.50  12/30/2014     EUR    66.49
HSBC Trinkaus & Burkha      11.50   9/26/2014     EUR    68.03
HSBC Trinkaus & Burkha      10.00  12/30/2014     EUR    70.23
HSBC Trinkaus & Burkha      12.50   9/26/2014     EUR    73.92
Vontobel Financial Pro       4.20   9/26/2014     EUR    66.92
Vontobel Financial Pro       6.75   9/26/2014     EUR    67.24
Vontobel Financial Pro       4.35  12/30/2014     EUR    68.06
Vontobel Financial Pro       5.50  12/12/2014     EUR    69.38
Vontobel Financial Pro       6.80  12/12/2014     EUR    69.82
DZ Bank AG Deutsche Ze       7.75  10/24/2014     EUR    73.34
Vontobel Financial Pro       6.40  12/12/2014     EUR    73.08
Vontobel Financial Pro       7.00   9/12/2014     EUR    71.84
Vontobel Financial Pro       8.70   9/12/2014     EUR    72.00
DZ Bank AG Deutsche Ze       6.25  10/24/2014     EUR    69.18
DZ Bank AG Deutsche Ze       5.00   11/7/2014     EUR    74.56
Vontobel Financial Pro       8.90   9/26/2014     EUR    74.66
UniCredit Bank AG            4.00   9/25/2014     EUR    58.26
UniCredit Bank AG            6.00   9/25/2014     EUR    53.74
UniCredit Bank AG            6.20  12/29/2014     EUR    74.25
DZ Bank AG Deutsche Ze      10.00   9/26/2014     EUR    71.21
DZ Bank AG Deutsche Ze       8.50   9/26/2014     EUR    68.85
Vontobel Financial Pro       7.10   9/12/2014     EUR    71.42
Landesbank Berlin AG         7.00  12/30/2014     EUR    73.78
Vontobel Financial Pro      10.95   9/26/2014     EUR    74.92
HSBC Trinkaus & Burkha       9.50   9/26/2014     EUR    64.60
HSBC Trinkaus & Burkha       6.00   9/26/2014     EUR    70.34
DZ Bank AG Deutsche Ze       8.00   9/26/2014     EUR    68.78
Vontobel Financial Pro       7.45  12/30/2014     EUR    69.82
Vontobel Financial Pro       8.60   9/26/2014     EUR    67.76
DZ Bank AG Deutsche Ze       6.00  10/17/2014     EUR    70.25
DZ Bank AG Deutsche Ze       8.00  10/17/2014     EUR    73.68
DZ Bank AG Deutsche Ze       3.60  12/12/2014     EUR    63.03
DZ Bank AG Deutsche Ze       3.40  12/19/2014     EUR    62.96
Commerzbank AG               6.75  10/23/2014     EUR    73.40
Commerzbank AG               9.50  10/23/2014     EUR    68.97
Deutsche Bank AG             8.30   9/23/2014     EUR    75.00
Vontobel Financial Pro       5.85   9/26/2014     EUR    72.10
Vontobel Financial Pro       5.75  12/30/2014     EUR    73.48
Vontobel Financial Pro       7.50  12/30/2014     EUR    73.94
HSBC Trinkaus & Burkha       9.00  12/30/2014     EUR    68.32
HSBC Trinkaus & Burkha       6.00  12/30/2014     EUR    73.39
HSBC Trinkaus & Burkha       6.00   8/22/2014     EUR    71.50
DZ Bank AG Deutsche Ze       5.00  12/12/2014     EUR    72.90
Commerzbank AG               6.25  10/23/2014     EUR    70.69
Commerzbank AG               8.25  10/23/2014     EUR    67.55
DZ Bank AG Deutsche Ze       6.25   9/26/2014     EUR    59.57
DZ Bank AG Deutsche Ze       5.75  12/30/2014     EUR    60.99
DZ Bank AG Deutsche Ze       5.50   3/27/2015     EUR    62.18
HSBC Trinkaus & Burkha      17.50   9/26/2014     EUR    73.70
HSBC Trinkaus & Burkha       6.00   1/23/2015     EUR    66.13
HSBC Trinkaus & Burkha       2.75   1/23/2015     EUR    70.77
HSBC Trinkaus & Burkha       2.50   1/23/2015     EUR    73.83
HSBC Trinkaus & Burkha       7.50  10/24/2014     EUR    64.93
HSBC Trinkaus & Burkha       7.00  11/28/2014     EUR    65.50
HSBC Trinkaus & Burkha       6.00   2/27/2015     EUR    66.67
HSBC Trinkaus & Burkha       6.50   3/27/2015     EUR    67.40
HSBC Trinkaus & Burkha      13.00   9/26/2014     EUR    68.82
HSBC Trinkaus & Burkha       9.00  10/24/2014     EUR    73.94
HSBC Trinkaus & Burkha       8.50  11/28/2014     EUR    74.64
HSBC Trinkaus & Burkha      13.00   9/26/2014     EUR    70.65
HSBC Trinkaus & Burkha      10.50   3/27/2015     EUR    73.02
DZ Bank AG Deutsche Ze       5.00   2/27/2015     EUR    74.69
DZ Bank AG Deutsche Ze      12.50   2/27/2015     EUR    74.21
BNP Paribas Emissions-       8.00   3/26/2015     EUR    72.63
BNP Paribas Emissions-       7.00   6/25/2015     EUR    74.52
BNP Paribas Emissions-       6.50   9/25/2014     EUR    72.86
BNP Paribas Emissions-      10.00   9/25/2014     EUR    68.99
BNP Paribas Emissions-      11.00   9/25/2014     EUR    73.12
BNP Paribas Emissions-      14.50   9/25/2014     EUR    69.55
BNP Paribas Emissions-      12.50  12/29/2014     EUR    72.41
BNP Paribas Emissions-      11.00   3/26/2015     EUR    74.48
BNP Paribas Emissions-      10.00   6/25/2015     EUR    74.94
DZ Bank AG Deutsche Ze       7.00   8/22/2014     EUR    56.48
UniCredit Bank AG            5.50   9/25/2014     EUR    69.79
UniCredit Bank AG            6.00   9/25/2014     EUR    69.04
Commerzbank AG               5.00   10/7/2014     EUR    73.40
Commerzbank AG              10.25   8/21/2014     EUR    70.89
HSBC Trinkaus & Burkha      10.00   9/26/2014     EUR    61.98
HSBC Trinkaus & Burkha       6.50   9/26/2014     EUR    67.19
HSBC Trinkaus & Burkha       9.00  12/30/2014     EUR    64.18
HSBC Trinkaus & Burkha       6.00  12/30/2014     EUR    68.67
HSBC Trinkaus & Burkha      13.50   9/26/2014     EUR    74.25
Deutsche Bank AG             5.20  11/26/2014     EUR    68.60
UniCredit Bank AG            5.50   2/26/2015     EUR    68.06
UniCredit Bank AG            5.20   2/26/2015     EUR    67.96
UniCredit Bank AG            4.30   2/26/2015     EUR    69.71
UniCredit Bank AG            7.00   2/26/2015     EUR    72.37
UniCredit Bank AG            4.90   2/26/2015     EUR    68.49
UniCredit Bank AG            5.00   2/26/2015     EUR    68.88
UniCredit Bank AG            4.80   2/26/2015     EUR    69.27
UniCredit Bank AG            4.00   2/26/2015     EUR    70.50
UniCredit Bank AG            4.60   2/26/2015     EUR    72.58
UniCredit Bank AG            6.10   2/26/2015     EUR    65.64
UniCredit Bank AG            6.00   2/26/2015     EUR    66.81
UniCredit Bank AG            4.00   2/26/2015     EUR    74.19
UniCredit Bank AG            5.20   2/26/2015     EUR    71.04
UniCredit Bank AG            5.50   2/26/2015     EUR    67.37
UniCredit Bank AG            4.60   2/26/2015     EUR    69.11
UniCredit Bank AG            6.50   2/26/2015     EUR    73.89
UniCredit Bank AG            5.80   2/26/2015     EUR    66.85
UniCredit Bank AG            4.00   2/26/2015     EUR    70.32
BNP Paribas Emissions-      12.00  12/11/2014     EUR    71.77
LBBW                         4.30   9/23/2016     EUR    73.23
WGZ-Bank AG Westdeutsc       6.00  12/23/2014     EUR    72.94
Deutsche Bank AG             6.80   1/21/2015     EUR    73.30
Deutsche Bank AG             6.80   1/21/2015     EUR    75.00
BNP Paribas Emissions-       5.00   9/25/2014     EUR    73.61
BNP Paribas Emissions-       7.75   9/25/2014     EUR    69.53
BNP Paribas Emissions-      10.25   9/25/2014     EUR    66.69
BNP Paribas Emissions-       7.00  12/29/2014     EUR    71.23
BNP Paribas Emissions-       9.00  12/29/2014     EUR    68.86
BNP Paribas Emissions-       6.50   3/26/2015     EUR    72.50
BNP Paribas Emissions-       8.00   3/26/2015     EUR    70.35
BNP Paribas Emissions-       4.25   1/22/2015     EUR    74.82
BNP Paribas Emissions-       5.25   7/23/2015     EUR    74.19
HSBC Trinkaus & Burkha      12.50   3/27/2015     EUR    69.55
UniCredit Bank AG            4.60   2/26/2015     EUR    71.71
HSBC Trinkaus & Burkha       7.00   6/26/2015     EUR    74.35
HSBC Trinkaus & Burkha      13.00   3/27/2015     EUR    69.32
HSBC Trinkaus & Burkha       8.50   3/27/2015     EUR    73.24
HSBC Trinkaus & Burkha       7.50   6/26/2015     EUR    74.49
HSBC Trinkaus & Burkha       8.50  10/24/2014     EUR    71.73
HSBC Trinkaus & Burkha       7.50   1/23/2015     EUR    73.32
HSBC Trinkaus & Burkha      11.50   9/26/2014     EUR    63.98
HSBC Trinkaus & Burkha      11.00  12/30/2014     EUR    61.32
HSBC Trinkaus & Burkha      10.00   9/26/2014     EUR    67.20
HSBC Trinkaus & Burkha      13.50  12/30/2014     EUR    64.87
Goldman Sachs & Co Wer      11.00  10/22/2014     EUR    74.06
HSBC Trinkaus & Burkha      18.00   9/26/2014     EUR    73.52
Commerzbank AG              11.00  12/29/2014     EUR    71.35
DZ Bank AG Deutsche Ze       6.75   3/13/2015     EUR    72.36
DZ Bank AG Deutsche Ze      15.75   4/24/2015     EUR    74.80
Commerzbank AG               5.75   4/23/2015     EUR    65.97
Commerzbank AG               8.00   4/23/2015     EUR    64.44
DZ Bank AG Deutsche Ze       7.75   6/26/2015     EUR    73.25
Vontobel Financial Pro       7.75   6/26/2015     EUR    71.76
DZ Bank AG Deutsche Ze       7.50   6/12/2015     EUR    71.67
DZ Bank AG Deutsche Ze       7.25   9/11/2015     EUR    72.95
Kommunekredit                0.50  10/22/2019     BRL    59.09
Kommunekredit                0.50   9/19/2019     BRL    59.00
Kommunekredit                0.50   7/30/2027     TRY    28.17
Keops EjendomsObligati      12.00    1/1/2019     DKK    22.00
Kommunekredit                0.50   2/20/2020     BRL    57.14
BRFkredit A/S                0.90   10/1/2044     DKK    50.98
Kommunekredit                0.50  12/14/2020     ZAR    62.05
Kommunekredit                0.50   5/11/2029     CAD    59.54
Pescanova SA                 5.13   4/20/2017     EUR     4.38
Minicentrales Dos SA         4.81  11/29/2034     EUR    74.25
Pescanova SA                 8.75   2/17/2019     EUR     4.00
Minicentrales Dos SA         6.45   4/14/2028     EUR    74.25
Popular Capital SA           7.00  11/25/2015     EUR    36.90
Pescanova SA                 6.75    3/5/2015     EUR     4.38
Autonomous Community o       2.97    9/8/2039     JPY    61.38
Catalunya Banc SA            1.06    5/5/2016     EUR    48.38
Junta Comunidades de C       0.50   12/5/2023     EUR    62.63
Banco de Castilla La M       1.50   6/23/2021     EUR    68.50
Talvivaara Mining Co P       4.00  12/16/2015     EUR     9.67
Talvivaara Mining Co P       9.75    4/4/2017     EUR    16.00
Municipality Finance P       0.50    8/8/2029     NZD    48.71
Municipality Finance P       0.50   3/28/2018     BRL    68.33
Municipality Finance P       0.50  11/16/2017     TRY    74.79
Municipality Finance P       0.50   6/19/2024     ZAR    41.56
Municipality Finance P       0.50   7/30/2029     AUD    62.05
Municipality Finance P       0.50   5/31/2022     ZAR    47.17
Municipality Finance P       0.50   1/10/2018     BRL    70.11
Municipality Finance P       0.50  11/10/2021     NZD    69.15
Municipality Finance P       0.50  11/25/2020     ZAR    56.04
Municipality Finance P       0.50  11/21/2018     ZAR    70.67
Municipality Finance P       0.50   4/26/2022     ZAR    47.60
Municipality Finance P       0.50  12/20/2018     ZAR    70.16
Municipality Finance P       0.50   4/27/2018     ZAR    72.76
Municipality Finance P       0.50    2/7/2018     BRL    69.53
Municipality Finance P       0.50   2/22/2019     IDR    67.32
Municipality Finance P       0.50    5/8/2029     AUD    51.45
Municipality Finance P       0.50  12/14/2018     TRY    67.55
Municipality Finance P       0.50  12/21/2021     NZD    71.77
Municipality Finance P       0.50   1/23/2018     BRL    70.47
Municipality Finance P       0.25   6/28/2040     CAD    26.62
Municipality Finance P       0.50   3/17/2025     CAD    66.69
Municipality Finance P       0.50  11/21/2018     TRY    67.46
SOITEC                       6.75   9/18/2018     EUR     2.72
Alcatel-Lucent               4.25    7/1/2018     EUR     2.94
CGG SA                       1.25    1/1/2019     EUR    28.04
Alcatel-Lucent               0.13   1/30/2020     EUR     3.64
Air France-KLM               4.97    4/1/2015     EUR    12.21
Air France-KLM               2.03   2/15/2023     EUR    11.42
Tem SAS                      4.25    1/1/2015     EUR    52.52
Faurecia                     3.25    1/1/2018     EUR    27.88
Peugeot SA                   4.45    1/1/2016     EUR    26.55
Etablissements Maurel        1.63    7/1/2019     EUR    17.29
Nexity SA                    0.63    1/1/2020     EUR    42.23
Pierre & Vacances SA         3.50   10/1/2019     EUR    35.68
Ingenico                     2.75    1/1/2017     EUR    72.74
Orpea                        3.88    1/1/2016     EUR    54.14
SOITEC                       6.25    9/9/2014     EUR     8.99
Etablissements Maurel        7.13   7/31/2015     EUR    14.81
Societe Air France SA        2.75    4/1/2020     EUR    20.04
Le Noble Age                 4.88    1/3/2016     EUR    19.57
Orpea                        1.75    1/1/2020     EUR    57.56
Nexans SA                    4.00    1/1/2016     EUR    56.10
Nexans SA                    2.50    1/1/2019     EUR    74.05
Club Mediterranee SA         6.11   11/1/2015     EUR    22.32
Assystem                     4.00    1/1/2017     EUR    23.66
Societe Generale SA          4.64   6/28/2033     USD    74.00
Zlomrex International        8.50    2/1/2014     EUR    71.00
Frey                         6.00  11/15/2022     EUR    19.32
Artea                        6.00    8/4/2019     EUR    14.23
CBo Territoria               6.00    1/1/2020     EUR     4.05
GFI Informatique SA/Fr       5.25    1/1/2017     EUR     6.62
Credit Agricole Corpor       0.50   2/28/2018     RUB    70.07
Bull                         0.10    1/1/2033     EUR     5.04
Credit Agricole Corpor       0.50   7/16/2021     NZD    71.71
Societe Centrale des B       9.00    7/1/2016     EUR     6.81
Societe Generale SA          0.50   5/30/2023     MXN    61.38
Societe Generale SA          0.50   7/31/2020     MXN    74.06
Quantel SA                   4.88    1/2/2015     EUR    25.00
Zlomrex International        8.50    2/1/2014     EUR    71.00
SG Option Europe SA          7.00    5/5/2017     EUR    52.23
SG Option Europe SA          7.50  12/24/2014     EUR    42.29
Groupe Monceau Fleurs        4.30    5/2/2022     EUR     4.01
Credit Agricole Corpor       0.50    3/6/2023     RUB    42.79
Fonciere Volta SA            4.50   7/30/2020     EUR     2.75
Atari SA                     0.50    4/1/2015     EUR     3.00
BNP Paribas SA               0.50    5/6/2021     MXN    69.90
BNP Paribas SA               0.50   1/31/2018     RUB    70.68
OL Groupe                    7.00  12/28/2015     EUR     6.82
Avanquest Software SA        6.50   2/15/2015     EUR     4.71
COFIDUR SA                   0.10  12/31/2024     EUR    15.00
Societe Generale SA          0.50    4/4/2024     MXN    61.55
Societe Generale SA          0.50   6/12/2023     RUB    41.41
Credit Agricole Corpor       0.50    6/4/2021     NZD    72.40
Societe Generale SA          0.50   5/22/2024     MXN    62.79
Caisse Centrale du Cre       7.00   9/10/2015     EUR    15.38
BNP Paribas SA               0.50  11/16/2032     MXN    31.83
BNP Paribas SA               0.50   2/13/2024     NZD    62.70
SG Option Europe SA          7.00   9/22/2017     EUR    74.64
SG Option Europe SA          6.00    1/9/2015     EUR    73.19
Societe Generale SA          0.50   12/6/2021     AUD    72.92
Societe Generale SA          0.50    9/7/2021     AUD    74.54
Societe Generale SA          0.50   4/27/2022     AUD    71.43
Societe Generale SA          0.50   7/11/2022     AUD    70.77
Societe Generale SA          0.50  12/21/2022     AUD    69.38
Societe Generale SA          0.50   4/30/2023     RUB    41.91
Societe Generale SA          0.50    4/3/2023     RUB    42.37
Societe Generale SA          0.50  11/29/2022     AUD    69.82
SG Option Europe SA          8.00  12/18/2014     USD    43.16
SG Option Europe SA          8.00   9/29/2015     USD    64.49
DTEK Finance PLC             7.88    4/4/2018     USD    71.50
EXIM of Ukraine CJSC/T       5.79    2/9/2016     USD    78.00
Attica Funds PLC             2.71   3/24/2015     EUR    66.88
NDR Finance PLC              8.00   6/22/2017     USD    55.00
Barclays Bank PLC            0.60  12/28/2040     EUR    65.67
Cattles Ltd                  6.88   1/17/2014     GBP     3.00
DTEK Finance PLC             7.88    4/4/2018     USD    81.00
Cattles Ltd                  7.13    7/5/2017     GBP     3.00
Bradford & Bingley PLC       1.39   1/15/2018     GBP    52.00
Bradford & Bingley PLC       7.63   2/16/2049     GBP    60.00
Lloyds Bank PLC              4.59   4/26/2033     USD    73.59
Alpha Credit Group PLC       0.82   2/21/2021     EUR    69.00
Barclays Bank PLC            7.50   2/17/2015     USD    10.01
Barclays Bank PLC            9.00   10/3/2014     USD     9.92
Barclays Bank PLC            0.50   4/24/2023     MXN    61.77
Barclays Bank PLC            2.50    3/7/2017     EUR    34.94
HSBC Bank PLC                0.50  12/29/2022     AUD    63.89
RSL Communications PLC      12.00   11/1/2008     USD     1.25
Alpha Credit Group PLC       1.50  12/18/2028     EUR    43.50
HSBC Bank PLC                0.50   2/24/2023     AUD    62.40
Alpha Credit Group PLC       2.00   4/27/2024     EUR    62.63
RSL Communications PLC      10.13    3/1/2008     USD     1.25
RSL Communications PLC       9.88  11/15/2009     USD     1.25
HSBC Bank PLC                0.50   1/29/2027     NZD    55.00
HSBC Bank PLC                0.50    2/5/2018     RUB    70.38
RSL Communications PLC      10.50  11/15/2008     USD     1.25
HSBC Bank PLC                0.50   12/8/2026     AUD    58.98
HSBC Bank PLC                0.50   6/30/2021     NZD    73.20
HSBC Bank PLC                0.50  11/22/2021     AUD    74.22
Barclays Bank PLC            0.50   1/28/2033     MXN    32.68
HSBC Bank PLC                0.50    2/2/2023     AUD    62.61
HSBC Bank PLC                0.50  11/30/2021     NZD    71.71
HSBC Bank PLC                0.50   2/24/2027     NZD    54.79
HSBC Bank PLC                0.50   4/27/2027     NZD    54.31
Barclays Bank PLC            1.47   8/19/2016     EUR    72.73
HSBC Bank PLC                0.50    4/3/2023     AUD    69.56
HSBC Bank PLC                0.50  10/30/2026     NZD    55.72
RSL Communications PLC       9.13    3/1/2008     USD     1.25
Credit Suisse AG/Londo       1.64    6/1/2042     USD    53.78
HSBC Bank PLC                0.50  12/20/2018     RUB    64.51
Barclays Bank PLC            3.50   12/7/2015     EUR    57.40
Barclays Bank PLC            1.99   12/1/2040     USD    73.13
Barclays Bank PLC            0.50   3/19/2021     MXN    71.02
Barclays Bank PLC            0.50   3/26/2021     MXN    70.94
Royal Bank of Scotland       1.50  12/15/2017     EUR    15.36
Barclays Bank PLC            3.50    2/5/2016     EUR    56.82
Barclays Bank PLC            1.64    6/3/2041     USD    69.23
HSBC Bank PLC                0.50   4/11/2023     MXN    63.54
HSBC Bank PLC                0.50  12/29/2026     AUD    58.35
HSBC Bank PLC                0.50   7/30/2027     NZD    53.58
HSBC Bank PLC                0.50    6/9/2023     MXN    62.86
Lloyds Bank PLC              0.50   7/26/2028     MXN    42.80
HSBC Bank PLC                0.50   12/2/2022     AUD    70.98
HSBC Bank PLC                0.50  10/25/2021     AUD    74.76
Royal Bank of Scotland       7.25   1/30/2015     EUR    65.50
HSBC Bank PLC                0.50    3/1/2018     RUB    69.82
Barclays Bank PLC            0.50   3/13/2023     RUB    42.50
Credit Suisse Internat       6.30   3/20/2015     EUR    72.40
Royal Bank of Scotland      12.00   9/26/2014     EUR    73.39
Royal Bank of Scotland      12.00  12/30/2014     EUR    68.60
Royal Bank of Scotland       8.00  12/30/2014     EUR    74.76
Royal Bank of Scotland      12.00   9/26/2014     EUR    69.22
Royal Bank of Scotland       8.00  12/30/2014     EUR    72.55
Royal Bank of Scotland      10.00   9/26/2014     EUR    72.38
Royal Bank of Scotland      10.00  12/30/2014     EUR    71.42
UBS AG/London                7.50   3/27/2015     EUR    71.68
UBS AG/London                5.50    1/2/2015     EUR    69.16
UBS AG/London                9.00   6/26/2015     EUR    73.70
UBS AG/London                9.21   9/15/2014     USD    18.02
Royal Bank of Scotland       4.90   9/19/2014     EUR    65.42
UBS AG/London               12.25   2/26/2015     CHF    63.00
UBS AG/London                8.25   9/30/2014     USD    17.12
UBS AG/London               10.70   10/9/2014     USD    51.78
UBS AG/London                8.25  11/27/2014     CHF    69.82
UBS AG/London               19.75   4/16/2015     CHF    74.55
Royal Bank of Scotland      12.00   9/26/2014     EUR    69.59
Royal Bank of Scotland      10.00   9/26/2014     EUR    73.14
UBS AG/London               13.12   11/4/2014     USD     3.94
JZ Capital Partners Lt       6.00   3/31/2021     GBP    10.50
Mare Baltic PCC Ltd          3.00  11/17/2014     DKK    70.00
EFG International Fina       8.45   3/23/2018     EUR    42.37
Leonteq Securities AG/       8.64   8/25/2015     CHF    50.25
Leonteq Securities AG/      11.40   7/31/2015     EUR    74.47
Bank Julius Baer & Co        7.75  12/12/2014     EUR    65.85
Bank Julius Baer & Co       11.50  10/17/2014     EUR    71.10
Leonteq Securities AG/      19.94   5/21/2015     CHF    74.57
Leonteq Securities AG/      14.25   2/13/2015     USD    74.96
EFG International Fina       6.00  11/30/2017     EUR    40.21
Leonteq Securities AG/       7.80   8/26/2014     CHF    47.61
Banque Cantonale Vaudo      14.68   9/22/2014     EUR    66.95
Zurcher Kantonalbank F      11.25   2/13/2015     EUR    71.58
Bank Julius Baer & Co       10.00   2/27/2015     USD    73.15
Mare Baltic PCC Ltd          3.00  11/17/2014     DKK     1.00
Zurcher Kantonalbank F       5.15   11/5/2014     CHF    72.94
Bank Julius Baer & Co        7.50   1/27/2015     EUR    64.80
Leonteq Securities AG/       6.58   3/29/2016     EUR    73.00
Banque Cantonale Vaudo       4.90    9/9/2014     CHF    72.92
Leonteq Securities AG/       6.80  12/19/2014     USD    62.97
Bank Julius Baer & Co        9.10   5/22/2015     EUR    73.00
Bank Julius Baer & Co        9.50   9/12/2014     EUR    75.00
EFG International Fina      12.86  10/30/2017     EUR    44.33
Leonteq Securities AG/      29.61  10/26/2017     EUR    40.04
Leonteq Securities AG/      10.40   8/14/2015     EUR    74.35
Leonteq Securities AG/      10.00   9/26/2014     USD    65.45
Leonteq Securities AG/       4.05   9/25/2014     CHF    69.49
Leonteq Securities AG/       5.50   8/19/2014     USD    65.89
Leonteq Securities AG/      14.00   9/22/2014     CHF    31.61
Zurcher Kantonalbank F       6.95  10/22/2014     EUR    74.26
Leonteq Securities AG/      11.80   9/10/2015     EUR    74.75
Bank Julius Baer & Co        6.60   10/7/2014     EUR    71.20
EFG International Fina       6.48   5/29/2018     EUR    72.71
Zurcher Kantonalbank F       9.28   1/15/2015     EUR    68.05
Zurcher Kantonalbank F      10.50   2/25/2015     CHF    70.98
Bank J Safra Sarasin A       8.00   4/27/2015     CHF    68.25
Zurcher Kantonalbank F       9.00  11/12/2014     EUR    71.75
Banque Cantonale Vaudo       8.65  11/24/2014     EUR    64.70
Leonteq Securities AG/      20.15   9/11/2014     CHF    65.15
Zurcher Kantonalbank F      14.00   7/29/2015     EUR    74.28
Marfin Investment Grou       5.00   3/19/2015     EUR     4.78
Hellenic Republic Gove       2.09   7/25/2057     EUR    22.63
Nireus Aquaculture SA        5.30   7/12/2015     EUR    12.00
Marfin Investment Grou       7.00   6/18/2019     EUR     1.00
Marfin Investment Grou       6.30   6/18/2020     EUR     0.85
Ingra dd                     6.13   12/6/2016     HRK    12.99
ENEFI Energyefficiency      10.24   2/12/2015     HUF    17.29
Corsicanto Ltd               3.50   1/15/2032     USD    82.00
Allied Irish Banks PLC       0.95  10/24/2035     EUR    24.38
Allied Irish Banks PLC      12.50   6/25/2035     GBP    70.00
Depfa ACS Bank               4.90   8/24/2035     CAD    72.28
Depfa ACS Bank               0.25    7/8/2033     CAD    24.00
Allied Irish Banks PLC       5.25   3/10/2035     GBP    26.50
Kalvebod PLC                 2.00    5/1/2106     DKK    65.00
Depfa ACS Bank               0.50    3/3/2025     CAD    51.48
Kaupthing Bank Hf            7.13   5/19/2016     USD     0.13
LBI HF                       6.10   8/25/2011     USD    11.00
Kaupthing Bank Hf            5.75   10/4/2011     USD    12.88
Kaupthing Bank Hf            7.63   2/28/2015     USD    10.75
Glitnir HF                   3.00   6/30/2010     EUR    12.00
Glitnir HF                   6.00    3/5/2012     GBP    12.00
Kaupthing Bank Hf            6.50    2/3/2045     EUR     0.13
Kaupthing Bank Hf            5.75   10/4/2011     USD    12.88
Kaupthing Bank Hf            3.00   2/12/2010     CHF    12.88
Kaupthing Bank Hf            5.25   7/18/2017     BGN    12.88
Glitnir HF                   4.38    2/5/2010     EUR    12.00
Kaupthing Bank Hf            5.50    2/2/2009     USD    12.88
LBI HF                       6.10   8/25/2011     USD     8.88
Kaupthing Bank Hf            7.50    2/1/2045     USD     0.13
LBI HF                       2.25   2/14/2011     CHF     9.38
Kaupthing Bank Hf            1.80  10/20/2009     JPY    12.88
LBI HF                       3.00   12/7/2010     CHF     9.38
Kaupthing Bank Hf            6.13   10/4/2016     USD    12.88
Kaupthing Bank Hf            6.13   10/4/2016     USD    12.88
LBI HF                       3.20   5/10/2010     SKK     9.38
Kaupthing Bank Hf            4.65   2/19/2013     EUR    12.88
Glitnir HF                   6.38   9/25/2012     USD    12.00
Glitnir HF                   6.33   7/28/2011     USD    12.00
Kaupthing Bank Hf            4.70   2/15/2010     CAD    12.88
Glitnir HF                   1.63   3/11/2009     CHF    12.00
Glitnir HF                   4.75  10/15/2010     USD    12.00
Kaupthing Bank Hf            1.65    7/5/2010     JPY    12.88
LBI HF                       4.40   1/18/2010     CAD     9.38
LBI HF                       7.75   2/22/2016     USD     9.38
Kaupthing Bank Hf            9.75   9/10/2015     USD    12.88
Glitnir HF                   5.44  12/22/2015     USD    12.00
Glitnir HF                   5.31  12/24/2012     USD    12.00
Kaupthing Bank Hf            7.13   5/19/2016     USD     0.13
Glitnir HF                  10.00   6/28/2017     USD    12.00
Kaupthing Bank Hf            1.99    7/5/2012     JPY    12.88
Glitnir HF                   6.00    8/1/2015     ISK    12.00
Glitnir HF                   3.00    4/1/2010     CZK    12.00
Kaupthing Bank Hf            0.80   2/15/2011     EUR    12.88
Kaupthing Bank Hf            1.75    6/7/2016     EUR    12.88
Kaupthing Bank Hf            7.63   2/28/2015     USD    10.75
Kaupthing Bank Hf            4.95    5/6/2009     EUR    12.88
Glitnir HF                   6.33   7/28/2011     USD    12.00
Kaupthing Bank Hf            3.75   2/15/2024     ISK    12.88
Glitnir HF                   3.25   8/15/2016     EUR    12.00
LBI HF                       4.40   11/3/2009     CZK     9.38
LBI HF                       4.38  10/20/2008     EUR     9.38
Kaupthing Bank Hf            7.00   7/24/2009     ISK    12.88
Glitnir HF                   5.35   5/11/2010     USD    12.00
Glitnir HF                   5.25    5/2/2014     ISK    12.00
Glitnir HF                   3.25   9/15/2015     EUR    12.00
LBI HF                       4.40  11/30/2035     EUR     0.13
Glitnir HF                   2.75   3/31/2010     EUR    12.00
LBI HF                       6.00    6/6/2017     EUR     9.38
Kaupthing Bank Hf            0.69   5/21/2011     JPY    12.88
Glitnir HF                   3.00  10/31/2015     EUR    12.00
Glitnir HF                   4.75  10/15/2010     USD    12.00
Kaupthing Bank Hf            4.47  10/27/2010     EUR    12.88
Glitnir HF                   4.85   4/26/2012     EUR    12.00
LBI HF                       8.65    5/1/2011     ISK     9.38
LBI HF                       6.75   2/18/2015     EUR     9.38
LBI HF                       7.25    4/2/2011     EUR     9.38
Kaupthing Bank Hf            4.90   5/29/2017     EUR    12.88
Kaupthing Bank Hf            0.95  10/20/2010     JPY    12.88
LBI HF                       4.53   4/24/2012     EUR     9.38
LBI HF                       2.14    2/3/2020     JPY     9.38
Kaupthing Bank Hf            7.70   10/2/2011     EUR    12.88
Kaupthing Bank Hf            7.50   10/2/2010     EUR    12.88
LBI HF                       7.00    4/2/2010     EUR     9.38
LBI HF                       7.20   4/27/2026     EUR     0.13
Kaupthing Bank Hf            0.20   7/12/2009     JPY    12.88
Kaupthing Bank Hf            4.50   1/17/2011     EUR    12.88
Glitnir HF                   0.01    5/6/2009     JPY    12.00
Glitnir HF                   3.00  12/15/2009     EUR    12.00
Kaupthing Bank Hf            7.50   12/5/2014     ISK    12.88
Glitnir HF                   6.38   9/25/2012     USD    12.00
Glitnir HF                   4.85    4/6/2012     EUR    12.00
LBI HF                       3.45  12/18/2033     JPY     0.13
Glitnir HF                   3.75   1/15/2010     EUR    12.00
Glitnir HF                   6.75   3/27/2013     EUR    12.00
LBI HF                       4.08   3/16/2015     EUR     9.38
Kaupthing Bank Hf            7.90    2/1/2016     EUR    12.88
LBI HF                       4.34  12/22/2025     EUR     9.38
Glitnir HF                   2.00   1/30/2009     CHF    12.00
Glitnir HF                   5.86   7/28/2016     GBP    12.00
LBI HF                       3.11  11/10/2008     EUR     9.38
Glitnir HF                   3.63    4/5/2009     EUR    12.00
Kaupthing Bank Hf            5.40   3/22/2014     ISK     0.13
Glitnir HF                   5.25  10/23/2011     ISK    12.00
LBI HF                       5.08    3/1/2013     ISK     9.38
Glitnir HF                   0.50  11/26/2009     EUR    12.00
Kaupthing Bank Hf            6.50   10/8/2010     ISK    12.88
Glitnir HF                   3.00  11/30/2009     EUR    12.00
LBI HF                       1.68  12/22/2014     JPY     9.38
Kaupthing Bank Hf            7.00    1/3/2011     EUR    12.88
Glitnir HF                   3.30   6/10/2010     EUR    12.00
Kaupthing Bank Hf            4.53   4/24/2012     EUR    12.88
LBI HF                       5.44    9/3/2018     EUR     0.13
Glitnir HF                   6.00  12/15/2012     GBP    12.00
Glitnir HF                   7.32  12/19/2012     USD    12.00
LBI HF                       5.25    6/5/2023     EUR     9.38
Kaupthing Bank Hf            7.50    4/2/2011     EUR    12.88
LBI HF                       6.75   8/18/2015     EUR     9.38
LBI HF                       4.34    3/1/2011     EUR     9.38
Glitnir HF                   3.45   8/22/2010     CZK    12.00
Glitnir HF                   0.01    8/3/2009     JPY    12.00
Kaupthing Bank Hf            5.80    9/7/2012     EUR    12.88
LBI HF                       3.36   8/17/2012     EUR     9.38
Glitnir HF                   3.30   8/22/2012     EUR    12.00
Glitnir HF                   3.00   10/4/2011     EUR    12.00
LBI HF                       4.00   9/23/2015     EUR     9.38
Kaupthing Bank Hf            7.90   4/28/2016     EUR    12.88
Glitnir HF                   2.57  12/31/2013     EUR    12.00
Glitnir HF                   4.01    7/6/2009     HKD    12.00
Glitnir HF                   5.86   7/28/2016     GBP    12.00
Glitnir HF                   6.31   7/28/2011     USD    12.00
Glitnir HF                   6.31   7/28/2011     USD    12.00
Glitnir HF                   5.24  12/22/2010     USD    12.00
Kaupthing Bank Hf            5.00   11/8/2013     EUR    12.88
LBI HF                       4.75   5/31/2013     EUR     9.38
Kaupthing Bank Hf            5.00    1/4/2027     SKK    12.88
LBI HF                       4.32   1/31/2010     EUR     9.38
LBI HF                       4.28  11/19/2010     EUR     9.38
Glitnir HF                   3.50  10/30/2012     EUR    12.00
LBI HF                       3.34   5/11/2012     EUR     9.38
Glitnir HF                   4.50    1/9/2012     EUR    12.00
LBI HF                       2.75   3/16/2011     EUR     9.38
Glitnir HF                   5.00    2/1/2011     ISK    12.00
Glitnir HF                   5.00    2/1/2016     ISK    12.00
Glitnir HF                   6.00    8/1/2010     ISK    12.00
Kaupthing Bank Hf            8.00   6/22/2011     ISK     0.13
Kaupthing Bank Hf            7.00   4/28/2012     ISK     0.13
LBI HF                       3.00  10/22/2015     EUR     9.38
LBI HF                       2.22  10/15/2019     JPY     9.38
Glitnir HF                   2.25   2/15/2011     EUR    12.00
Glitnir HF                   5.00   3/14/2012     EUR    12.00
Kaupthing Bank Hf            6.40  12/15/2015     EUR    12.88
Glitnir HF                   5.25    5/2/2017     ISK    12.00
Banca delle Marche SpA       1.26    6/1/2017     EUR    56.88
Banca delle Marche SpA       1.39   6/15/2016     EUR    68.98
Seat Pagine Gialle SpA      10.50   1/31/2017     EUR    19.00
Cirio Finanziaria SpA        8.00  12/21/2005     EUR     1.63
Seat Pagine Gialle SpA      10.50   1/31/2017     EUR    19.00
Seat Pagine Gialle SpA      10.50   1/31/2017     EUR    19.00
Region of Molise Italy       0.73  12/15/2033     EUR    67.25
Region of Abruzzo Ital       0.82   11/7/2036     EUR    58.15
Region of Piemont Ital       0.56  11/27/2036     EUR    58.83
Italy Government Inter       0.72   7/31/2045     EUR    64.25
Region of Abruzzo Ital       0.66   11/7/2031     EUR    64.30
Banca Monte dei Paschi       3.04  11/10/2020     EUR    70.00
Seat Pagine Gialle SpA      10.50   1/31/2017     EUR    19.00
Seat Pagine Gialle SpA      10.50   1/31/2017     EUR    19.38
Comune di Fiumicino          0.46  12/31/2026     EUR    71.39
Province of Milan Ital       0.55  12/22/2033     EUR    63.41
Province of Treviso It       0.54  12/31/2034     EUR    60.45
Seat Pagine Gialle SpA      10.50   1/31/2017     EUR    18.75
Province of Treviso It       0.48  12/31/2034     EUR    58.84
Comune di Verona             0.53   12/1/2026     EUR    62.80
Province of Milan Ital       0.30  12/20/2042     EUR    44.18
City of Lecco Italy          0.42   6/30/2026     EUR    72.18
Comune di Nervesa dell       0.39   1/31/2027     EUR    69.15
Comune di Seminara           0.84  10/31/2026     EUR    74.10
Province of Rovigo Ita       0.56  12/28/2035     EUR    59.34
City of Cagliari Italy       0.48  12/23/2025     EUR    72.72
Province of Brescia It       0.68   6/30/2036     EUR    58.02
Comune di Azzano Mella       0.41   6/30/2025     EUR    73.36
City of Pavullo nel Fr       1.26  12/31/2030     EUR    71.53
Comunita Montana Leogr       0.37   1/15/2027     EUR    69.05
Comune di San Benedett       0.38   6/30/2027     EUR    68.11
Comunita Montana della       0.44   6/30/2027     EUR    70.17
Comune di Ladispoli          0.41  12/31/2026     EUR    69.29
Comune di Ferentino          0.38  12/28/2027     EUR    66.87
Comune di Pieve d'Olmi       0.41   6/30/2026     EUR    70.76
Province of Macerata         0.35  12/30/2025     EUR    71.54
Province of Teramo Ita       0.43  12/30/2025     EUR    73.75
Banca di Cividale SpA        0.42   10/2/2036     EUR    56.25
Comune di Cimbergo           0.52  12/31/2035     EUR    56.85
Comune di Orvieto            0.43  12/31/2030     EUR    61.47
Province of Teramo Ita       0.40  12/30/2030     EUR    63.54
Comune di Bossico            0.52  12/31/2035     EUR    56.85
Comune di Ponte Di Leg       0.52  12/31/2035     EUR    56.85
Comune di Cellatica          0.46  12/31/2025     EUR    72.30
Comune di Roe Volciano       0.52  12/31/2035     EUR    56.85
Comune di Bassano del        0.39  12/31/2025     EUR    71.83
Province of Ascoli Pic       0.59   6/30/2026     EUR    70.72
Comune di San Lorenzo        0.41   6/30/2026     EUR    70.69
Comune di Bovegno            0.52  12/31/2035     EUR    56.85
Comune di Biella             0.37  12/31/2025     EUR    71.66
Comune di Orvieto            0.43  12/31/2031     EUR    60.34
Province of Brescia It       0.75  12/22/2036     EUR    57.45
Comune di San Ferdinan       0.49  12/27/2026     EUR    71.99
Comune di Soriano Nel        0.40  12/31/2026     EUR    69.47
Comune di Erchie             0.44  12/31/2036     EUR    54.39
Comune di Acquapendent       0.41  12/31/2025     EUR    72.00
Comune di Marsciano          0.46  12/31/2036     EUR    55.01
Comune di Dello              0.46  12/31/2025     EUR    72.30
Province of Palermo It       0.41  12/31/2035     EUR    55.37
Comune di Santa Maria        0.70   5/31/2026     EUR    74.06
Province of Treviso It       0.31  12/31/2034     EUR    57.54
Comune di Comezzano Ci       0.47   6/30/2030     EUR    62.97
Province of Pavia            0.39  12/31/2025     EUR    71.91
Comune di Cologno Monz       0.39  12/31/2025     EUR    71.88
Comune di Pietra Ligur       0.39  12/31/2025     EUR    71.86
Comune di Castel Madam       0.45  12/31/2025     EUR    72.38
Province of Lecce            0.36   6/30/2026     EUR    70.29
Comune di Grottaferrat       0.40   6/30/2026     EUR    70.59
Comune di Lozio              0.57  12/31/2035     EUR    57.53
Comune di Susegana           0.40  12/31/2025     EUR    71.91
Comune di Marsciano          0.63  12/30/2034     EUR    58.95
ESFIL-Espirito Santo F       5.25   6/12/2015     EUR    11.50
Espirito Santo Financi       6.88  10/21/2019     EUR     3.38
Espirito Santo Financi       3.13   12/2/2018     EUR    17.38
Far East Capital Ltd S       8.00    5/2/2018     USD    75.15
Espirito Santo Financi       9.75  12/19/2025     EUR     5.38
Bank of New York Mello       4.45  12/30/2099     EUR    46.69
3W Power SA                  9.25   12/1/2015     EUR    57.00
Banco Espirito Santo S       3.50   1/23/2043     EUR    69.25
Codere Finance Luxembo       8.25   6/15/2015     EUR    63.00
Far East Capital Ltd S       8.75    5/2/2020     USD    83.15
Far East Capital Ltd S       8.00    5/2/2018     USD    66.94
Codere Finance Luxembo       9.25   2/15/2019     USD    64.00
International Industri       9.00    7/6/2011     EUR     0.63
Codere Finance Luxembo       9.25   2/15/2019     USD    64.75
Hellas Telecommunicati       8.50  10/15/2013     EUR     0.13
Cirio Holding Luxembou       6.25   2/16/2004     EUR     0.63
IT Holding Finance SA        9.88  11/15/2012     EUR     0.13
International Industri      11.00   2/19/2013     USD     0.38
Cirio Finance Luxembou       7.50   11/3/2002     EUR     1.50
Del Monte Finance Luxe       6.63   5/24/2006     EUR    13.75
Breeze Finance SA           11.75   4/19/2027     EUR     3.00
Far East Capital Ltd S       8.75    5/2/2020     USD    68.75
Breeze Finance SA            6.71   4/19/2027     EUR    35.00
Codere Finance Luxembo       8.25   6/15/2015     EUR    63.50
Banco Espirito Santo S       3.50   2/19/2043     EUR    63.75
Codere Finance Luxembo       8.25   6/15/2015     EUR    63.38
Teksid Aluminum Luxemb      11.38   7/15/2011     EUR     0.25
Banco Espirito Santo S       3.50   3/18/2043     EUR    63.75
Finmek International S       7.00   12/3/2004     EUR     0.13
Hellas Telecommunicati       8.50  10/15/2013     EUR     0.13
La Veggia Finance SPA        7.13  11/14/2004     EUR     0.63
ECM Real Estate Invest       5.00   10/9/2011     EUR    10.38
Codere Finance Luxembo       8.25   6/15/2015     EUR    63.50
Erste Europaeische Pfa       0.24    2/1/2037     USD    74.56
IT Holding Finance SA        9.88  11/15/2012     EUR     0.13
Cerruti Finance SA           6.50   7/26/2004     EUR     1.63
ECM Real Estate Invest       5.00   10/9/2011     EUR    10.38
WPE International Coop      10.38   9/30/2020     USD    31.50
Metinvest BV                 8.75   2/14/2018     USD    68.31
New World Resources NV       7.88    5/1/2018     EUR    70.02
New World Resources NV       7.88   1/15/2021     EUR    15.13
WPE International Coop      10.38   9/30/2020     USD    30.00
BLT Finance BV               7.50   5/15/2014     USD     8.50
SNS Bank NV                  6.25  10/26/2020     EUR     3.88
KPNQwest NV                 10.00   3/15/2012     EUR     0.38
Astana Finance BV            7.88    6/8/2010     EUR     5.38
KPNQwest NV                  8.13    6/1/2009     USD     1.50
KPNQwest NV                  7.13    6/1/2009     EUR     0.25
KPNQwest NV                  8.88    2/1/2008     EUR     0.25
Finance and Credit Ban       9.25   1/25/2019     USD    70.00
Cooperatieve Centrale        0.50  11/26/2021     ZAR    51.85
Lehman Brothers Treasu       6.00   2/15/2035     EUR     7.00
Cirio Del Monte NV           7.75   3/14/2005     EUR     6.00
Astana Finance BV            9.00  11/16/2011     USD     5.33
Sairgroup Finance BV         6.63   10/6/2010     EUR    11.38
Lehman Brothers Treasu       7.00   5/17/2035     EUR     7.75
Sidetur Finance BV          10.00   4/20/2016     USD    21.13
Lehman Brothers Treasu       7.25   10/5/2035     EUR     7.25
Lehman Brothers Treasu       6.00   11/2/2035     EUR     7.00
Sairgroup Finance BV         4.38    6/8/2006     EUR    11.13
New World Resources NV       7.88   1/15/2021     EUR    15.13
Bulgaria Steel Finance      12.00    5/4/2013     EUR     1.00
Air Berlin Finance BV        1.50   4/11/2027     EUR    66.01
Global PVQ Netherlands       5.75   5/26/2014     EUR    29.83
Lehman Brothers Treasu       8.25   3/16/2035     EUR     6.75
Lehman Brothers Treasu       5.00   9/22/2014     EUR    30.63
New World Resources NV       7.88    5/1/2018     EUR    70.00
SNS Bank NV                  6.63   5/14/2018     EUR     4.38
Lehman Brothers Treasu       5.00   2/16/2015     EUR    30.63
BLT Finance BV              12.00   2/10/2015     USD    10.50
KPNQwest NV                  8.88    2/1/2008     EUR     0.25
Lehman Brothers Treasu       1.75    2/7/2010     EUR     5.63
Global PVQ Netherlands       1.38   4/30/2012     EUR    30.38
Lehman Brothers Treasu       5.10    5/8/2017     HKD    29.88
Global PVQ Netherlands       1.38   4/30/2012     EUR    29.83
Cooperatieve Centrale        0.50   7/30/2043     MXN    18.47
Bank Nederlandse Gemee       0.50    6/7/2022     ZAR    54.03
Lehman Brothers Treasu       7.60   5/21/2013     USD    30.63
Lehman Brothers Treasu       2.88   3/14/2013     CHF    11.13
Lehman Brothers Treasu       6.00   3/14/2011     EUR    30.63
Lehman Brothers Treasu       7.00  10/22/2010     EUR    30.63
KPNQwest NV                  7.13    6/1/2009     EUR     0.25
Lehman Brothers Treasu       8.00   2/16/2016     EUR    30.63
Lehman Brothers Treasu       5.25   5/26/2026     EUR    30.63
Lehman Brothers Treasu       4.00  10/24/2012     EUR    30.63
Astana Finance BV           14.50    7/2/2013     USD     7.63
Cooperatieve Centrale        0.50  10/30/2043     MXN    17.97
Lehman Brothers Treasu       4.50    5/2/2017     EUR    30.63
Lehman Brothers Treasu       3.03   1/31/2015     EUR     5.63
Lehman Brothers Treasu      11.00  12/20/2017     AUD    30.63
Lehman Brothers Treasu       8.25   12/3/2015     EUR     5.63
Lehman Brothers Treasu       6.00  10/30/2012     EUR    30.63
Lehman Brothers Treasu       1.00    5/9/2012     EUR    30.63
Lehman Brothers Treasu       5.00   2/27/2014     EUR    30.63
Lehman Brothers Treasu       4.00   12/2/2012     EUR    30.63
Lehman Brothers Treasu       4.00   2/16/2017     EUR     5.63
Nederlandse Waterschap       0.50   3/11/2025     CAD    72.12
Lehman Brothers Treasu      13.50    6/2/2009     USD     5.63
Lehman Brothers Treasu       7.00  11/26/2013     EUR    30.63
Lehman Brothers Treasu       6.00   3/18/2015     USD    30.63
Lehman Brothers Treasu      10.00   6/17/2009     USD     5.63
Lehman Brothers Treasu      15.00    6/4/2009     CHF     5.63
Lehman Brothers Treasu       5.25    7/8/2014     EUR     5.63
Lehman Brothers Treasu       1.46   2/19/2012     JPY    29.88
Lehman Brothers Treasu       4.10   6/10/2014     SGD     5.63
Lehman Brothers Treasu      11.75    3/1/2010     EUR     5.63
BLT Finance BV               7.50   5/15/2014     USD     8.50
Lehman Brothers Treasu       0.75   3/29/2012     EUR    30.63
Lehman Brothers Treasu       5.00   8/16/2017     EUR    30.63
Lehman Brothers Treasu       3.00   3/19/2018     JPY     5.63
Lehman Brothers Treasu       0.50    6/2/2020     EUR     5.63
Lehman Brothers Treasu       7.00   2/15/2012     EUR     5.63
Lehman Brothers Treasu       5.00   3/18/2015     EUR    30.63
Morgan Stanley BV            8.50   5/25/2015     EUR    74.08
Lehman Brothers Treasu       3.00   6/23/2009     EUR    30.63
Lehman Brothers Treasu       6.65   8/24/2011     AUD    29.88
Lehman Brothers Treasu       4.00   7/20/2012     EUR    30.63
Nutritek International       8.75  12/11/2008     USD     2.00
Lehman Brothers Treasu       4.05   9/16/2008     EUR    30.63
Lehman Brothers Treasu       1.50  10/12/2010     EUR    30.63
Bulgaria Steel Finance      12.00    5/4/2013     EUR     1.00
NIBC Bank NV                25.98    5/7/2029     EUR    61.92
Lehman Brothers Treasu       8.88   1/28/2011     HKD    29.88
Lehman Brothers Treasu       7.00    6/6/2017     EUR    30.63
Morgan Stanley BV            9.00   4/16/2015     EUR    63.90
Lehman Brothers Treasu       6.00   6/21/2011     EUR    30.63
Lehman Brothers Treasu       8.25    2/3/2016     EUR    30.63
Lehman Brothers Treasu       3.86   9/21/2011     SGD     5.63
Lehman Brothers Treasu       6.00    8/7/2013     EUR    30.63
KPNQwest NV                  8.88    2/1/2008     EUR     0.25
Cooperatieve Centrale        0.50  10/29/2027     MXN    46.90
Lehman Brothers Treasu       1.28   11/6/2010     JPY    29.88
Lehman Brothers Treasu       5.55   3/12/2015     EUR     5.63
Lehman Brothers Treasu       4.68  12/12/2045     EUR     5.63
Lehman Brothers Treasu      10.44  11/22/2008     CHF     5.63
Lehman Brothers Treasu       7.60   3/26/2009     EUR    30.63
Lehman Brothers Treasu       4.10   8/23/2010     USD     5.63
Lehman Brothers Treasu       0.50  12/20/2017     AUD    30.63
Lehman Brothers Treasu       7.75   2/21/2016     EUR    30.63
Lehman Brothers Treasu       7.60   1/31/2013     AUD     5.63
Lehman Brothers Treasu      11.00    7/4/2011     USD     5.63
Lehman Brothers Treasu       8.50    7/5/2016     EUR    30.63
Lehman Brothers Treasu       4.60    7/6/2016     EUR    30.63
Lehman Brothers Treasu       0.50  12/20/2017     AUD    30.63
Lehman Brothers Treasu       4.35    8/8/2016     SGD    29.88
Lehman Brothers Treasu       2.00   6/28/2011     EUR    30.63
Lehman Brothers Treasu       6.00    3/4/2015     USD    30.63
Lehman Brothers Treasu      14.90  11/16/2010     EUR     5.63
Lehman Brothers Treasu       5.50   6/22/2010     USD    30.63
Lehman Brothers Treasu       6.50   7/24/2026     EUR    30.63
Lehman Brothers Treasu      13.50  11/28/2008     USD     5.63
Lehman Brothers Treasu       7.39    5/4/2017     USD    30.63
Lehman Brothers Treasu      11.00  12/19/2011     USD    30.63
Lehman Brothers Treasu       4.70   3/23/2016     EUR    30.63
Lehman Brothers Treasu       4.50    3/7/2015     EUR    30.63
Central European Estat       7.80   8/30/2014     ILS    12.80
Lehman Brothers Treasu       4.00   4/13/2011     CHF    30.63
KPNQwest NV                  7.13    6/1/2009     EUR     0.25
Lehman Brothers Treasu      14.90   9/15/2008     EUR     5.63
Lehman Brothers Treasu       7.50    8/1/2035     EUR    30.63
Lehman Brothers Treasu       4.10   5/20/2009     USD     5.63
Lehman Brothers Treasu       6.00   9/20/2011     EUR    30.63
Lehman Brothers Treasu       0.50  12/20/2017     AUD    30.63
Lehman Brothers Treasu       9.75   6/22/2018     USD    30.63
Lehman Brothers Treasu       6.50   5/16/2015     EUR    30.63
Lehman Brothers Treasu       4.50   7/24/2014     EUR    30.63
Lehman Brothers Treasu       5.00   5/12/2011     CHF    30.63
Lehman Brothers Treasu      15.00   3/30/2011     EUR    30.63
Lehman Brothers Treasu       4.00   7/27/2011     EUR    30.63
Lehman Brothers Treasu       5.00    5/2/2022     EUR     5.63
Lehman Brothers Treasu       7.00   9/20/2011     USD    30.63
Cooperatieve Centrale        0.50   8/21/2028     MXN    44.41
Lehman Brothers Treasu       5.38    2/4/2014     USD    30.63
Lehman Brothers Treasu       2.50   11/9/2011     CHF    30.63
Lehman Brothers Treasu       6.00  10/30/2012     USD     5.63
Lehman Brothers Treasu       7.50    5/2/2017     EUR    30.63
Lehman Brothers Treasu       7.15   3/21/2013     USD    30.63
Bank Nederlandse Gemee       0.50   5/12/2021     ZAR    59.48
Lehman Brothers Treasu       8.05  12/20/2010     HKD     5.63
Lehman Brothers Treasu       7.59  11/22/2009     MXN    29.88
Bank Nederlandse Gemee       0.50    3/3/2021     NZD    71.60
Lehman Brothers Treasu       6.30  12/21/2018     USD    30.63
Lehman Brothers Treasu       5.12   4/30/2027     EUR     5.63
Bank Nederlandse Gemee       0.50    8/9/2022     MXN    69.25
Bank Nederlandse Gemee       0.50   8/15/2022     ZAR    52.65
Lehman Brothers Treasu      17.00    6/2/2009     USD     5.63
Lehman Brothers Treasu      23.30   9/16/2008     USD     5.63
Lehman Brothers Treasu       4.00   8/11/2010     USD    30.63
Lehman Brothers Treasu       5.00  11/22/2012     EUR    30.63
Sidetur Finance BV          10.00   4/20/2016     USD    21.13
Lehman Brothers Treasu       7.25   10/6/2008     EUR     5.63
Lehman Brothers Treasu       5.10   6/22/2046     EUR     5.63
Lehman Brothers Treasu       4.69   2/19/2017     EUR     5.63
Lehman Brothers Treasu       7.06  12/29/2008     EUR    30.63
Lehman Brothers Treasu       4.82  12/18/2036     EUR     5.63
Lehman Brothers Treasu       4.00   2/28/2010     EUR     5.63
Lehman Brothers Treasu       8.60   7/31/2013     GBP    30.63
Lehman Brothers Treasu       8.28   7/31/2013     GBP    30.63
Lehman Brothers Treasu       7.50   7/31/2013     GBP    30.63
Lehman Brothers Treasu       7.32   7/31/2013     GBP    30.63
Lehman Brothers Treasu       3.00   12/3/2012     EUR    30.63
Bank Nederlandse Gemee       0.50   9/20/2022     ZAR    52.63
Lehman Brothers Treasu       7.55  12/29/2008     USD    30.63
Lehman Brothers Treasu      18.25   10/2/2008     USD     5.63
Lehman Brothers Treasu       6.00   2/19/2023     USD    30.63
Lehman Brothers Treasu       8.00  10/17/2014     EUR    30.63
Lehman Brothers Treasu       9.30  12/21/2010     EUR     5.63
Lehman Brothers Treasu       3.50   6/20/2011     EUR    30.63
Lehman Brothers Treasu       4.00   4/24/2009     USD     5.63
Lehman Brothers Treasu       7.38   9/20/2008     EUR     5.63
Lehman Brothers Treasu       7.50   9/13/2009     CHF     5.63
Lehman Brothers Treasu       6.00   2/14/2012     EUR     5.63
Lehman Brothers Treasu       6.00   5/23/2018     CZK    30.63
Lehman Brothers Treasu       6.72  12/29/2008     EUR    30.63
Lehman Brothers Treasu       9.00   5/15/2022     USD    30.63
Cooperatieve Centrale        0.50  12/29/2027     MXN    46.38
Lehman Brothers Treasu       2.40   6/20/2011     JPY    30.63
Cooperatieve Centrale        0.50   1/31/2033     MXN    27.83
Lehman Brothers Treasu       7.00   2/15/2010     CHF     5.63
Lehman Brothers Treasu       7.50   2/14/2010     AUD     5.63
Lehman Brothers Treasu      10.60   4/22/2014     MXN    30.63
Lehman Brothers Treasu       0.50    8/1/2020     EUR     5.63
Lehman Brothers Treasu       5.75   6/15/2009     CHF     5.63
Lehman Brothers Treasu       2.50  12/15/2011     GBP     5.63
Lehman Brothers Treasu       4.20   12/3/2008     HKD    30.63
Lehman Brothers Treasu       4.80  11/16/2012     HKD     5.63
Lehman Brothers Treasu       4.05   9/16/2008     EUR    30.63
Lehman Brothers Treasu       3.50  12/20/2027     USD    30.63
Lehman Brothers Treasu       5.50  11/30/2012     CZK    30.63
Lehman Brothers Treasu      16.00   10/8/2008     CHF     5.63
Lehman Brothers Treasu       6.60    2/9/2009     EUR    30.63
Lehman Brothers Treasu       3.40   9/21/2009     HKD     5.63
Lehman Brothers Treasu       8.00  10/23/2008     USD     5.63
Lehman Brothers Treasu       6.25  11/30/2012     EUR    30.63
Lehman Brothers Treasu       1.00   2/26/2010     USD    30.63
Lehman Brothers Treasu       8.00   3/21/2018     USD    30.63
Lehman Brothers Treasu       4.00   3/10/2011     EUR    30.63
Lehman Brothers Treasu       0.01   9/20/2011     USD    30.63
Lehman Brothers Treasu       8.80  12/27/2009     EUR     5.63
Lehman Brothers Treasu      11.00  12/20/2017     AUD    30.63
Lehman Brothers Treasu      11.00  12/20/2017     AUD    30.63
Lehman Brothers Treasu       4.00    1/4/2011     USD     5.63
Lehman Brothers Treasu       0.50  12/20/2017     AUD    30.63
Lehman Brothers Treasu       0.50  12/20/2017     AUD    30.63
Lehman Brothers Treasu       8.00  12/31/2010     USD     5.63
Lehman Brothers Treasu       0.50  12/20/2017     USD    30.63
Lehman Brothers Treasu       0.50  12/20/2017     USD    30.63
Lehman Brothers Treasu       0.50  12/20/2017     USD    30.63
Lehman Brothers Treasu       0.50  12/20/2017     USD    30.63
Lehman Brothers Treasu      16.00   11/9/2008     USD     5.63
Lehman Brothers Treasu      10.00   5/22/2009     USD     5.63
Lehman Brothers Treasu       4.60    8/1/2013     EUR    30.63
Lehman Brothers Treasu       8.00   5/22/2009     USD     5.63
Lehman Brothers Treasu       7.60    3/4/2010     NZD     5.63
Lehman Brothers Treasu       2.30    6/6/2013     USD     5.63
Lehman Brothers Treasu       7.50   5/30/2010     AUD     5.63
Lehman Brothers Treasu      11.00    5/9/2020     USD    30.63
Lehman Brothers Treasu       4.30    6/4/2012     USD     5.63
Lehman Brothers Treasu       4.00    6/5/2011     USD     5.63
Lehman Brothers Treasu      10.00  10/23/2008     USD     5.63
Lehman Brothers Treasu      10.00  10/22/2008     USD     5.63
Lehman Brothers Treasu       6.45   2/20/2010     AUD     5.63
Lehman Brothers Treasu       6.60   5/23/2012     AUD     5.63
Lehman Brothers Treasu       3.45   5/23/2013     USD    30.63
Lehman Brothers Treasu      16.00  10/28/2008     USD     5.63
Lehman Brothers Treasu       5.50   4/23/2014     EUR    30.63
Lehman Brothers Treasu       5.00   2/15/2018     EUR    30.63
Lehman Brothers Treasu       9.00    5/6/2011     CHF     5.63
Lehman Brothers Treasu      16.20   5/14/2009     USD     5.63
Lehman Brothers Treasu       0.50    7/2/2020     EUR     5.63
Lehman Brothers Treasu       7.75    1/3/2012     AUD     5.63
Lehman Brothers Treasu       3.10    6/4/2010     USD     5.63
Lehman Brothers Treasu       2.50   8/15/2012     CHF    30.63
Lehman Brothers Treasu      13.15  10/30/2008     USD     5.63
Lehman Brothers Treasu      11.00    7/4/2011     CHF     5.63
Lehman Brothers Treasu      12.00    7/4/2011     EUR     5.63
Lehman Brothers Treasu       2.00   6/21/2011     EUR    30.63
Lehman Brothers Treasu      16.00  12/26/2008     USD     5.63
Lehman Brothers Treasu      13.43    1/8/2009     ILS     5.63
Lehman Brothers Treasu       6.00   5/12/2017     EUR    30.63
Lehman Brothers Treasu       4.10   2/19/2010     EUR    30.63
Lehman Brothers Treasu       6.60   2/22/2012     EUR     5.63
Lehman Brothers Treasu       5.20   3/19/2018     EUR     5.63
Lehman Brothers Treasu       5.00   2/28/2032     EUR    30.63
Lehman Brothers Treasu       4.15   8/25/2020     EUR     5.63
Lehman Brothers Treasu       6.00   12/6/2016     USD    30.63
Lehman Brothers Treasu       2.00  11/16/2009     EUR    30.63
Lehman Brothers Treasu      10.00    1/4/2010     USD    30.63
Lehman Brothers Treasu       4.50  12/30/2010     USD     5.63
Lehman Brothers Treasu       7.00   7/11/2010     EUR    30.63
Lehman Brothers Treasu       4.50    3/6/2013     CHF    30.63
Lehman Brothers Treasu       9.00   6/13/2009     USD     5.63
Lehman Brothers Treasu       9.00   3/17/2009     GBP     5.63
Lehman Brothers Treasu       7.00  11/28/2008     CHF     5.63
Lehman Brothers Treasu       3.85   4/24/2009     USD     5.63
Lehman Brothers Treasu      10.50    8/9/2010     EUR     5.63
Lehman Brothers Treasu       8.00   5/22/2009     USD     5.63
Lehman Brothers Treasu       7.50  10/24/2008     USD     5.63
Lehman Brothers Treasu      10.00   3/27/2009     USD    30.63
Lehman Brothers Treasu       5.00  10/24/2008     CHF     5.63
Lehman Brothers Treasu       7.00   4/14/2009     EUR     5.63
Lehman Brothers Treasu       6.00  10/24/2008     EUR     5.63
Lehman Brothers Treasu       7.75   1/30/2009     EUR     5.63
Lehman Brothers Treasu       0.25   7/21/2014     EUR    30.63
Lehman Brothers Treasu       4.95  10/25/2036     EUR    30.63
Lehman Brothers Treasu       3.70    6/6/2009     EUR    30.63
Lehman Brothers Treasu       8.50    7/6/2009     CHF     5.63
Lehman Brothers Treasu       4.50    8/2/2009     USD     5.63
Lehman Brothers Treasu       6.25    9/5/2011     EUR    30.63
Lehman Brothers Treasu      16.80   8/21/2009     USD     5.63
Lehman Brothers Treasu      14.10  11/12/2008     USD     5.63
Lehman Brothers Treasu       3.00    6/3/2010     EUR    30.63
Lehman Brothers Treasu      12.40   6/12/2009     USD     5.63
Lehman Brothers Treasu      13.00   7/25/2012     EUR     5.63
Lehman Brothers Treasu      10.00    8/2/2037     JPY    30.63
Lehman Brothers Treasu       6.00  12/30/2017     EUR    30.63
Lehman Brothers Treasu       4.00   5/30/2010     USD     5.63
Lehman Brothers Treasu       4.00   5/17/2010     USD    30.63
Lehman Brothers Treasu       2.48   5/12/2009     USD    30.63
Lehman Brothers Treasu       2.25   5/12/2009     USD    30.63
Lehman Brothers Treasu       7.50   6/15/2017     USD    30.63
Lehman Brothers Treasu       0.80  12/30/2016     EUR    30.63
Lehman Brothers Treasu      10.00    1/3/2012     BRL    30.63
Lehman Brothers Treasu       2.50   8/23/2012     GBP     5.63
Lehman Brothers Treasu       3.00   8/13/2011     EUR    30.63
Lehman Brothers Treasu       7.63   7/22/2011     HKD     5.63
Lehman Brothers Treasu       4.25   5/15/2010     EUR    30.63
Lehman Brothers Treasu       3.35  10/13/2016     EUR    30.63
Lehman Brothers Treasu       1.68    3/5/2015     EUR    30.63
Lehman Brothers Treasu       6.75    4/5/2012     EUR    30.63
Lehman Brothers Treasu       5.00    9/1/2011     EUR    30.63
Lehman Brothers Treasu       3.00   8/15/2017     EUR    30.63
Lehman Brothers Treasu       3.50   9/19/2017     EUR     5.63
Lehman Brothers Treasu       3.50  10/31/2011     USD    30.63
Lehman Brothers Treasu       3.50  10/24/2011     USD    30.63
Lehman Brothers Treasu       0.25  10/19/2012     CHF    30.63
Lehman Brothers Treasu       4.00  11/24/2016     EUR    30.63
Lehman Brothers Treasu       6.00   3/17/2011     EUR    30.63
Lehman Brothers Treasu       4.70   3/23/2016     EUR    30.63
Lehman Brothers Treasu       8.00   4/20/2009     EUR    30.63
Lehman Brothers Treasu       0.50   2/16/2009     EUR     5.63
Lehman Brothers Treasu       4.25   3/13/2021     EUR     5.63
Lehman Brothers Treasu       5.00   4/24/2017     EUR    30.63
Lehman Brothers Treasu       6.70   4/21/2011     USD    30.63
Lehman Brothers Treasu       3.00   9/12/2036     JPY    29.88
Lehman Brothers Treasu      13.00  12/14/2012     USD    30.63
Lehman Brothers Treasu       7.25   6/20/2010     USD    30.63
Lehman Brothers Treasu       5.25    4/1/2023     EUR     5.63
Lehman Brothers Treasu      12.00   7/13/2037     JPY    30.63
Lehman Brothers Treasu      10.00   6/11/2038     JPY    30.63
Lehman Brothers Treasu       4.00  10/12/2010     USD     5.63
Lehman Brothers Treasu       4.60   11/9/2011     EUR    30.63
Lehman Brothers Treasu       4.60  10/11/2017     ILS    29.88
Lehman Brothers Treasu      12.22  11/21/2017     USD    30.63
Lehman Brothers Treasu       3.82  10/20/2009     USD     5.63
Lehman Brothers Treasu       5.22    3/1/2024     EUR     5.63
Lehman Brothers Treasu       2.30   4/28/2014     JPY    30.63
Bank Nederlandse Gemee       0.50   2/24/2025     CAD    72.14
Lehman Brothers Treasu       5.00   12/6/2011     EUR     5.63
Lehman Brothers Treasu       5.00   3/13/2009     EUR    30.63
Lehman Brothers Treasu       2.30   6/27/2013     USD     5.63
Lehman Brothers Treasu       4.87   10/8/2013     USD     5.63
Lehman Brothers Treasu       1.95   11/4/2013     EUR     5.63
Lehman Brothers Treasu       2.37   7/15/2013     USD    30.63
Lehman Brothers Treasu       2.75  10/28/2009     EUR    30.63
Lehman Brothers Treasu       3.63    3/2/2012     EUR     5.63
Lehman Brothers Treasu       5.00    8/1/2025     EUR    30.63
Lehman Brothers Treasu       6.00   7/28/2010     EUR     5.63
Lehman Brothers Treasu       6.00   7/28/2010     EUR     5.63
Lehman Brothers Treasu       4.90   7/28/2020     EUR    30.63
Lehman Brothers Treasu       2.00   5/17/2010     EUR     5.63
Lehman Brothers Treasu       3.50   9/29/2017     EUR     5.63
Lehman Brothers Treasu       3.00    8/8/2017     EUR    30.63
Bank Nederlandse Gemee       0.50   6/22/2021     ZAR    55.70
Lehman Brothers Treasu       5.25  11/21/2009     USD    30.63
Bank Nederlandse Gemee       0.50   7/12/2022     ZAR    51.65
Cooperatieve Centrale        0.50  11/30/2027     MXN    46.63
Lehman Brothers Treasu       1.60   6/21/2010     JPY    30.63
Lehman Brothers Treasu       9.25   6/20/2012     USD    30.63
Lehman Brothers Treasu       3.00   9/13/2010     JPY    29.88
Lehman Brothers Treasu       5.50    7/8/2013     EUR    30.63
Lehman Brothers Treasu       8.00   3/19/2012     USD    30.63
Lehman Brothers Treasu       7.05    4/8/2015     USD    30.63
Lehman Brothers Treasu       7.80   3/31/2018     USD    30.63
Lehman Brothers Treasu       9.50    4/1/2018     USD    30.63
Lehman Brothers Treasu      11.00   2/16/2009     CHF     5.63
Lehman Brothers Treasu      10.00   2/16/2009     CHF     5.63
Lehman Brothers Treasu      13.00   2/16/2009     CHF     5.63
Lehman Brothers Treasu      11.00   6/29/2009     EUR     5.63
Lehman Brothers Treasu       8.00    8/3/2009     USD     5.63
Lehman Brothers Treasu       5.50   6/15/2009     CHF     5.63
Lehman Brothers Treasu       1.50  10/25/2011     EUR    30.63
Lehman Brothers Treasu       1.50    2/8/2012     CHF    30.63
JP Morgan Structured P      12.00   10/3/2014     USD    71.97
Lehman Brothers Treasu       6.85  12/22/2008     EUR    30.63
Norske Skogindustrier        7.00   6/26/2017     EUR    67.38
Norske Skogindustrier        7.13  10/15/2033     USD    58.25
Norske Skogindustrier        7.13  10/15/2033     USD    55.25
Petromena ASA                9.75   5/24/2015     NOK     2.00
Kommunalbanken AS            0.50   5/25/2018     ZAR    74.23
Petromena ASA               10.85  11/19/2010     USD     2.00
Kommunalbanken AS            0.50   9/26/2017     BRL    71.58
Kommunalbanken AS            0.50    3/2/2018     BRL    68.14
Kommunalbanken AS            0.50   6/28/2017     BRL    73.66
Kommunalbanken AS            0.50    6/1/2017     BRL    74.98
Kommunalbanken AS            0.50    2/2/2018     BRL    68.39
Eitzen Chemical ASA         12.84    6/6/2016     NOK    23.50
Eitzen Chemical ASA          5.26   10/4/2014     NOK     3.00
Kommunalbanken AS            0.50   11/8/2018     BRL    62.83
Kommunalbanken AS            0.50   5/10/2017     BRL    74.42
Eksportfinans ASA            0.50    5/9/2030     CAD    28.13
Kommunalbanken AS            0.50   8/29/2017     BRL    72.03
Kommunalbanken AS            0.50   9/20/2018     BRL    63.75
Kommunalbanken AS            0.50   3/29/2017     BRL    74.71
Eitzen Chemical ASA         11.23    6/6/2016     USD    23.50
Kommunalbanken AS            0.50   5/27/2022     ZAR    50.74
Kommunalbanken AS            0.50   2/23/2018     BRL    67.95
Eksportfinans ASA            0.25   7/14/2033     CAD    19.00
Kommunalbanken AS            0.50   8/15/2018     BRL    67.01
Kommunalbanken AS            0.50   6/16/2017     BRL    73.25
Orzel SA                    11.00   8/22/2014     PLN    29.00
e-Kancelaria Grupa Pra       9.02   12/4/2015     PLN    72.10
TRUST SA                     7.74   12/2/2014     PLN    60.00
e-Kancelaria Grupa Pra       9.01   8/19/2016     PLN    61.00
WZRT-Energia SA              9.72  11/16/2015     PLN    10.00
e-Kancelaria Grupa Pra      10.00   6/27/2016     PLN    74.50
Banco Espirito Santo S       7.13  11/28/2023     EUR    13.50
Espirito Santo Financi       5.13   5/30/2016     EUR    21.38
Banco Espirito Santo S      10.00   12/6/2021     EUR    30.00
BES Vida - Cia de Segu       2.42  12/19/2022     EUR    65.00
Espirito Santo Financi       5.63   7/28/2017     EUR    23.88
Espirito Santo Financi       1.31  10/27/2024     EUR    50.00
Banco Espirito Santo S       3.50    1/2/2043     EUR    71.75
Caixa Geral de Deposit       5.98    3/3/2028     EUR    48.50
AdP - Aguas de Portuga       0.73   6/20/2022     EUR    74.07
AdP - Aguas de Portuga       0.30   1/23/2023     EUR    69.89
City of Hunedoara Roma       3.43   8/15/2026     RON    43.10
City of Iasi Romania         3.84  11/15/2028     RON    71.93
Oravita City Council         4.23   6/15/2027     RON    50.00
City of Baile Herculan       3.50  12/16/2020     RON    20.00
City of Siret Romania        4.46    3/1/2028     RON    50.00
City of Predeal Romani       4.50   5/15/2026     RON    60.00
Mechel                       8.40   5/27/2021     RUB    52.02
Gazprom OAO                  8.30  10/21/2043     RUB     8.04
Mechel                      10.00   8/25/2020     RUB    62.02
Mechel                       8.40   5/27/2021     RUB    52.03
Mechel                       8.40    6/1/2021     RUB    51.15
Mechel                      10.00   8/25/2020     RUB    65.02
RTK-Leasing OJSC            13.50    6/1/2018     RUB    30.05
TGC-2                       12.00  10/10/2018     RUB    62.10
VTB Capital Finance OO       0.10   9/14/2023     RUB    70.01
Mobile Telesystems OJS       5.00   6/29/2021     RUB    70.38
Rosbank                      0.04   4/30/2024     RUB   100.00
Rosbank                      0.03   4/30/2024     RUB   100.00
Rosbank                      0.02   4/30/2024     RUB   100.00
MORTGAGE AGENT AHML 13       3.00    9/9/2045     RUB     5.31
World of Building Tech       5.40   6/25/2019     RUB     2.81
Mortgage Agent AHML 11       9.00   6/22/2046     RUB     4.99
RBC OJSC                     3.27   4/19/2018     RUB    61.00
Arizk                        3.00  12/20/2030     RUB    38.00
Zhilstroy OOO                8.25   3/14/2018     RUB    69.51
Northland Resources AB       4.00  10/15/2020     USD     2.88
Dannemora Mineral AB        11.75   3/22/2016     USD    15.00
Svensk Exportkredit AB       0.50   1/31/2022     ZAR    48.45
Svensk Exportkredit AB       0.50   8/29/2029     AUD    63.26
Svensk Exportkredit AB       0.50   8/28/2018     BRL    63.32
Svensk Exportkredit AB       0.50   3/19/2018     IDR    71.27
Svensk Exportkredit AB       0.50   6/20/2029     AUD    55.44
Svensk Exportkredit AB       0.50   3/15/2022     ZAR    47.79
Svensk Exportkredit AB       0.50   2/22/2022     ZAR    48.35
Svensk Exportkredit AB       0.50   8/26/2021     AUD    73.83
Svensk Exportkredit AB       0.50    6/5/2017     BRL    74.06
Provinsor Fastigheter        8.50   6/30/2015     DKK     0.10
Svensk Exportkredit AB       0.50   6/26/2019     TRY    67.27
Svensk Exportkredit AB       0.50   4/25/2019     BRL    62.75
Svensk Exportkredit AB       0.50   6/29/2029     AUD    61.06
Svensk Exportkredit AB       0.50   8/25/2021     ZAR    58.46
Svensk Exportkredit AB       0.50   7/21/2017     BRL    73.05
Svensk Exportkredit AB       0.50   6/21/2017     BRL    73.69
Svensk Exportkredit AB       0.50   4/24/2029     AUD    58.64
Svensk Exportkredit AB       0.50   3/28/2029     AUD    59.32
Svensk Exportkredit AB       0.50   6/28/2022     ZAR    46.38
Svensk Exportkredit AB       0.50  12/17/2027     USD    68.71
Svensk Exportkredit AB       0.50   8/28/2020     TRY    60.65
Svensk Exportkredit AB       0.50   6/30/2017     BRL    73.49
APP International Fina      11.75   10/1/2005     USD     8.50
KD Group                     5.45   5/25/2015     EUR    63.00
Yuksel Insaat AS             9.50  11/10/2015     USD    74.06
Mriya Agro Holding PLC       9.45   4/19/2018     USD    48.52
Mriya Agro Holding PLC      10.95   3/30/2016     USD    44.99
Mriya Agro Holding PLC       9.45   4/19/2018     USD    44.00
Agroton Public Ltd           6.00   7/14/2019     USD    29.13
Mriya Agro Holding PLC      10.95   3/30/2016     USD    44.99


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets.  A company may establish reserves on its
balance sheet for liabilities that may never materialize.  The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

Copyright 2014.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000 or Nina Novak at
202-241-8200.


                 * * * End of Transmission * * *