TCREUR_Public/141103.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, November 3, 2014, Vol. 15, No. 217

                            Headlines

A U S T R I A

HYPO ALPE-ADRIA: Splits Into Two Units Under Restructuring Plan


B U L G A R I A

CORPORATE COMMERCIAL: Omani Fund Submits Restructuring Offer


F R A N C E

SOCIETE NATIONALE: Transdev to Call in Loans Today


G E R M A N Y

NUERBURGRING: Viktor Kharitonin Agrees to Buy Majority Stake
TAKKO FASHION: S&P Lowers CCR to 'B-'; Outlook Stable


I R E L A N D

KENSINGTON MORTGAGE: Fitch Affirms 'CCC' Rating on Class B2 Notes


I T A L Y

BANCA CARIGE: S&P Puts 'B-' Counterparty Rating on Watch Negative
BANCA POPOLARE: S&P Cuts Ratings to 'BB+/B' Counterparty Ratings
MONTE DEI PASCHI: Mulls Rights Offering to Fill Capital Shortfall


L U X E M B O U R G

ESPIRITO SANTO: Declared Bankrupt by Luxembourg Court


N E T H E R L A N D S

ARES EURO CLO I: S&P Raises Rating on Class F Notes to 'CCC'
FIAT CHRYSLER: Fitch Affirms 'BB-' IDR; Outlook Stable
NXP BV: S&P Lifts CCR to 'BB+' on Stronger-Than-Expected Revenues


P O R T U G A L

BANCO ESPIRITO: Investors Sue Portugal's Central Bank Over Losses
MAGELLAN MORTGAGE 2: Fitch Affirms BBsf Rating on Class D Notes
OCIDENTAL COMPANHIA: S&P Affirms 'BB' Counterparty Credit Rating


R U S S I A

IZHEVSK CITY: Fitch Assigns 'B+' Long-Term IDR; Outlook Stable
KEMEROVO REGION: Fitch Assigns 'BB-' IDR; Outlook Stable
ROST BANK: S&P Lowers Counterparty Credit Rating to 'CCC+'
RUSSIAN MOSCOW: Fitch Assigns BB+ Long-Term IDRs; Outlook Stable


S P A I N

BANCO POPULAR FTPYME 1: S&P Raises Cl. C Notes Rating to CCC+
BANCO POPULAR EMPRESAS 1: S&P Hikes Cl. D Notes Rating to 'BB+'
SANTANDER EMPRESAS 3: S&P Cuts Rating on Class E Notes to 'CCC-'


S W I T Z E R L A N D

SCHMOLZ + BICKENBACH: S&P Raises CCR to 'B+'; Outlook Stable


U K R A I N E

MRIYA AGRO: Fitch Lowers Long-Term Issuer Default Rating to 'RD'


U N I T E D   K I N G D O M

EURONET WORLDWIDE: S&P Assigns 'BB+' Rating to US$350MM Notes
RAC FINANCE: S&P Affirms 'B+' CCR on Carlyle's Partial Stake Sale
TESCO PLC: Mulls Sale of Stake in Banking Arm to Raise Capital


X X X X X X X X

* BOND PRICING: For the Week October 27 to October 31, 2014


                            *********


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A U S T R I A
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HYPO ALPE-ADRIA: Splits Into Two Units Under Restructuring Plan
---------------------------------------------------------------
Nicole Lundeen at The Wall Street Journal reports that Austria's
nationalized lender Hypo Alpe-Adria-Bank International AG said on
Oct. 30 it has split itself between a wind-down unit, called Heta
Asset Resolution GmbH, and its southeastern European network of
banks.

The split is part of the lender's restructuring plan approved by
the European Commission, the Journal discloses.  According to the
Journal, under the plan, the Austrian government -- Hypo Alpe-
Adria's current owner -- must sell off all of the bank's assets
or transfer them into a wind-down unit by mid-2015.

Hypo Alpe-Adria was nationalized in 2009 after overextending
itself in southeastern Europe, the Journal recounts.  After
months of indecision, the government decided in March 2014 to
establish a bad bank to wind down the lender rather than let it
become insolvent, the Journal relays.

The bank's southeastern European network, made up of six banking
units across five countries and with assets of around EUR8.4
billion (US$10.69 billion), has been transferred to SEE Holding
AG, the Journal relates.  Alexander Picker, Hypo Alpe-Adria's
chief executive, along with fellow board member Rainer Sichert
have resigned from their positions at Hypo Alpe-Adria and will
move to SEE Holding, the Journal discloses.

Hypo Alpe-Adria's remaining assets have been transferred to Heta
Asset Resolution to be wound down, the Journal says.  Heta Asset
Resolution doesn't have a banking license, the Journal notes.
According to the Journal, a search for a chief executive for the
new entity is under way.

Until then, Hypo Alpe-Adria's remaining board members, Johannes
Proksch and Rainer Jakubowski, will make up the new company's
executive board, the Journal states.

                      About Hypo Alpe-Adria

Hypo Alpe-Adria International AG is a subsidiary of BayernLB.  It
is active in banking and leasing.  In banking, HGAA serves both
corporate and retail customers and offers services ranging from
traditional lending through savings and deposits to complex
investment products and asset management services.

Hypo Alpe received EUR1.75 billion in aid in emergency
capital from the Austrian government.  European Union Competition
Commissioner Joaquin Almunia said in March 2013 that Hypo Alpe
faced possible closure for failing to adequately restructure.
The European Commission approved Hypo's recapitalization in
December 2013, but made it conditional on the management
presenting a thorough plan to overhaul the group.  The Austrian
finance ministry, which effectively runs Hypo Alpe, submitted a
restructuring plan to the Commission on Feb. 5, 2013.  On Sept.
3, 2013, the Commission cleared Hypo Alpe's restructuring plan,
which includes the sale of the bank's Austrian unit and Balkans
banking network and the winding-down of non-viable parts.  It
also approved additional aid to wind down the bank.



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B U L G A R I A
===============


CORPORATE COMMERCIAL: Omani Fund Submits Restructuring Offer
------------------------------------------------------------
Borislava Andreevska at SeeNews reports that the State General
Reserve Fund of the Sultanate of Oman, a minority shareholder in
Bulgaria's Corporate Commercial Bank (Corpbank) through one of
its subsidiaries, has submitted alongside its consortium partners
-- Vienna-based consulting firm EPIC and Gemcorp -- an offer for
the restructuring of the troubled lender, their letter of intent
indicated on Oct. 31.

The Bulgarian National Bank placed Corpbank under conservatorship
and suspended all payments on June 20, SeeNews recounts.  In
September, the central bank extended the special supervision of
Corpbank until Nov. 20, saying this was the cut-off point for
taking a final decision on its fate, SeeNews notes.

Bromak, owned by Bulgarian businessman Tsvetan Vasilev, holds
50.66% of the voting rights of Corpbank, and the Omani fund,
through its subsidiary Bulgarian Acquisition Company II,
Luxembourg, holds 30.354% of the voting rights, SeeNews says,
citing the bank's latest financial report.  A unit of Russia's
VTB owned 9.07% of the bank at end-June, SeeNews notes.

According to SeeNews, in the letter of intent published on BNB's
website, the consortium partners say they expect from the
Bulgarian government to provide up to BGN2.3 billion as a cash
injection to Corpbank while they themselves would provide the
required top-up in assets and cash to fill the agreed shortfall.

It is proposed that guaranteed Corpbank depositors wishing to
withdraw would be paid out in full without the activation of the
depositors' insurance scheme while bondholders, other senior
lenders and unprotected depositors may need to take a haircut as
part of the bail-in of existing creditors and certain depositors,
the consortium, as cited by SeeNews, said, noting that the letter
of intent does not constitute legally binding obligations.

A detailed plan for the consulting with the larger depositors is
expected to be agreed between the involved parties in advance,
SeeNews discloses.

The consortium also proposes that an acquisition vehicle, which
would be 50% owned by the investment consortium and 50% by the
Bulgarian government, will acquire all new shares to be issued by
Corpbank, eventually obtaining control over 100% of the lender
following its recapitalization, SeeNews relays.

The investors also said that they will seek to expedite the
planned recapitalisation of Corpbank by arranging for the raising
of funds by a special purpose entity (SPV), according to SeeNews.
Bromak and related Bromak parties will transfer all assets held
by them to the SPV to be used as collateral for raising the
bank's capital and its recapitalization, SeeNews states.

According to the letter, the former management of the bank will
be compelled to participate in the internal investigation as part
of the recovery of the bank's outstanding loans, SeeNews relates.

                About Corporate Commercial Bank AD

Corporate Commercial Bank AD is the fourth largest bank in
Bulgaria in terms of assets, third in terms of net profit, and
first in terms of deposit growth.

Bulgaria's central bank placed Corpbank under its administration
and suspended shareholders' rights in June 2014 after a run
drained the bank of cash to meet client demands.



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F R A N C E
===========


SOCIETE NATIONALE: Transdev to Call in Loans Today
--------------------------------------------------
Geert de Clercq at Reuters reports that French public passenger
transport group Transdev, owned by Veolia and state bank CDC, is
to call in loans to its unit Societe Nationale Maritime Corse
Mediterranee (SNCM) this week, it said on Oct. 31, pushing the
unit into filing for court protection from insolvency.

According to Reuters, Transdev's owners have said court
protection from creditors is the only way to shield the loss-
making ferry operator from two separate European Union state aid
repayment claims totaling EUR440 million.

Following an SNCM supervisory board meeting in Paris, Transdev
said it would call in the loans today, Nov. 3, and said that the
legal proceedings would protect SNCM from the claims for
repayment of state aid while a buyer is sought, Reuters relates.

Once the firm goes under court protection, a new shareholder
could buy some of SNCM's eight ferries and continue operations
under a new legal structure, with some 800 to 1,200 of SNCM's
more than 2,000 staff, Reuters says, citing a management plan
outlined to unions earlier this month.

Loss-making SNCM was kept going by a EUR103 million loan from
Transdev and a EUR14 million loan from Veolia, as well as cash
advances from the state, which has a direct stake of 25% in the
former monopoly ferry operator, Reuters notes.

SNCM is a France-Corsica ferry operator.  The company is owned
66% by Transdev, a public transport joint venture between water
and waste group Veolia Environnement and state-bank CDC.



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G E R M A N Y
=============


NUERBURGRING: Viktor Kharitonin Agrees to Buy Majority Stake
------------------------------------------------------------
Dalia Fahmy at Bloomberg News reports that Russian billionaire
Viktor Kharitonin agreed to buy a majority stake in the
Nuerburgring, the German race track known as Green Hell for its
challenging Formula One course.

Mr. Kharitonin, chairman of Moscow-based Pharmstandard OJSC,
agreed to buy two-thirds of the company that controls the
Nuerburgring, Bloomberg says, citing a statement from the
property's administrators on Oct. 30.  According to Bloomberg,
Pietro Nuvoloni, a spokesman for the administrators, said
Mr. Kharitonin stepped in after Capricorn Automotive GmbH, an
auto-parts maker that agreed to buy the Nuerburgring in March,
failed to complete the acquisition.

The Nuerburgring, about a 172-kilometer (107-mile) drive
northwest of Frankfurt, was built in 1927 and has hosted at least
30 Formula One races, Bloomberg discloses.  The site was offered
for sale last year after its owners failed to pay loans taken out
to build hotels and a roller coaster, Bloomberg recounts.

Mr. Nuvoloni wouldn't say how much Mr. Kharitonin paid for
Capricorn's stake, Bloomberg notes.  In March, lawyers managing
the Nuerburgring insolvency said the acquisition by Capricorn
valued the 379-hectare (937-acre) property at more than EUR100
million (US$126 million), Bloomberg relays.


TAKKO FASHION: S&P Lowers CCR to 'B-'; Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on German apparel retailer Takko Fashion
S.a.r.l. to 'B-' from 'B'.  The outlook is stable.

As a consequence, S&P lowered the issue rating on Takko
Luxembourg 2 S.C.A.'s EUR525 million senior secured notes to
'CCC+' from 'B-'.  The recovery rating of '5' on these notes
remains unchanged, indicating S&P's expectation of modest (10%-
30%) recovery in the event of a payment default.

The downgrade reflects a continuing like-for-like sales decline
in the first quarter of the current fiscal year (ending April 30,
2015), despite a low comparison base.  Although the rate of
decline was less severe than in previous quarters, S&P believes
the tougher comparison base for the remainder of the current
fiscal year will lead to a further deterioration in like-for-like
sales over the coming quarters.

Although S&P does not expect some of last year's extraordinary
items to reoccur in a similar magnitude, such as the high level
of losses from inventory revaluation, S&P believes that Takko
Fashion's reported EBITDA will remain subdued for the foreseeable
future.  Adjusted for such items, S&P do not anticipate a
meaningful rise in EBITDA.

In S&P's eyes, the recently revised strategy covers several
measures that have the potential to accelerate EBITDA and cash
flow growth.  This includes items such as the renegotiation of
rental contracts, closures of loss-making stores, more focused
marketing campaigns and the consequent roll-out of best practices
across the group.  However, the effects of these measures are
uncertain and it will likely take at least two years until the
measures fully translate into improved financials.

"The stable outlook reflects our view that Takko Fashion's like-
for-like sales will decline slightly or stay neutral and that our
Standard & Poor's-adjusted EBITDA margin stays in the region of
20%-22%.  This should translate into operating cash flow that is
just sufficient to cover capital expenditure.  We assume that
both reported and adjusted EBITDA interest coverage ratios will
not fall significantly below their current levels of about 1.5x.
In addition, we forecast the group's liquidity will remain
"adequate" and headroom under financial covenants to stay above
10%," S&P noted.

S&P could consider a downgrade if market circumstances or other
factors led to a severe deterioration in revenues, EBITDA and
cash flows, as a result of which Takko's free cash flow would
become negative.  Although S&P considers headroom under the
revised financial covenants as "adequate," a series of weak
quarters could quickly lead to a severe tightening of the
financial situation and a reduction in covenant headroom.  In
anticipation of this, S&P could lower its ratings.

S&P could revise its ratings upward if the company improved its
operating performance over several quarters, demonstrating that
management's strategic initiatives are successful and can turn
around performance.



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I R E L A N D
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KENSINGTON MORTGAGE: Fitch Affirms 'CCC' Rating on Class B2 Notes
-----------------------------------------------------------------
Fitch Ratings has upgraded Kensington Mortgage Securities Plc -
Series 2007-1's (KMS) class M2b and affirmed all other tranches.
KMS is a securitization of non-conforming residential mortgage
loans originated by Kensington Group Plc.

KEY RATING DRIVERS

Improving Asset Performance

In recent periods, the transaction has reported an improvement in
performance, driven by the current low interest rate environment
positively impacting borrower affordability.  In Sept. 2014,
loans in arrears by more than three months stood at 19% compared
with 22% a year ago.

The portion of second lien loans has reduced to 6.5% of the
outstanding balance currently, from 11.4% at transaction close.
The presence of second lien borrowers in the portfolio, who tend
to pay higher margins than first lien borrowers (currently 883bps
compared with 481bps), has been the driver of KMS's weaker
performance compared with peers.  The second lien loans also
continue to be associated with much higher cumulative weighted
average loss severities (WALS) of 104% compared with 30% for
first lien loans.  In its analysis, Fitch has applied more
conservative recovery assumptions and concluded that the rated
tranches have sufficient credit enhancement to withstand their
respective stresses.

Strong Credit Enhancement (CE)

Given the seasoning of the transaction, the portfolio has
amortized substantially, leading to a significant increase in
credit enhancement across the structure.  The class M2b notes are
therefore well insulated, as reflected in today's upgrade.

Pro-rata Amortization

KMS is currently amortizing pro-rata, due to loans in arrears by
more than three months being below the trigger of 22.5% of the
current portfolio balance.  Pro-rata amortization will be
beneficial for the mezzanine and junior notes of this
transaction, but will slow down the pace of credit enhancement
build-up.

Unhedged Interest Rate Risk

KMS comprises loans linked to the Kensington Variable Rate (KVR)
and Money Partners Variable Rate (MVR).  Although the structure
is hedged against reset risks, the mismatch between the KVR/MVR
received on the loans and the Libor-paying notes is left
unhedged.

Fitch believes that the KVR/MVR margin over Libor will be
compressed in a rising interest rate scenario, as the servicer
may not be able to increase the KVR/MVR at the pace at which
Libor is expected to rise.  In its analysis, Fitch has stressed
the excess spread to account for this risk and found the CE
available to the rated notes is sufficient to withstand such
stresses, as reflected in the Oct. 30 affirmation of the notes.

RATING SENSITIVITIES

In Fitch's view an expected increase in interest rates before
end-2015 will put a strain on borrower affordability,
particularly given the weaker profile of non-conforming
borrowers.  If defaults and associated losses increase beyond the
agency's stresses, the junior tranches may be downgraded.

The rating actions are:

Class A3a (ISIN XS0292638920): affirmed at 'AAAsf', Outlook
Stable
Class A3b (ISIN XS0292652756): affirmed at 'AAAsf', Outlook
Stable
Class A3c (ISIN XS0292640660): affirmed at 'AAAsf', Outlook
Stable
Class M1a (ISIN XS0292639225): affirmed at 'Asf', Outlook Stable
Class M1b (ISIN XS0292651196): affirmed at 'Asf', Outlook Stable
Class M2b (ISIN XS0292639654): upgraded to 'BBB-sf' from 'BBsf',
Outlook Stable
Class B1a (ISIN XS0292639902): affirmed at 'Bsf', Outlook Stable
Class B1b (ISIN XS0292651436): affirmed at 'Bsf', Outlook Stable
Class B2 (ISIN XS0292640157): affirmed at 'CCCsf', Recovery
Estimate 60%



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I T A L Y
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BANCA CARIGE: S&P Puts 'B-' Counterparty Rating on Watch Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has taken various
rating actions on six European banks.

S&P placed on CreditWatch with negative implications its:

   -- 'B-' long-term counterparty credit rating on Italy-based
      Banca Carige SpA (Carige), and affirmed its 'C' short-term
      counterparty credit rating; and its

   -- 'B+' long-term counterparty credit rating on Ireland-based
      Permanent TSB PLC (PTSB), and affirmed the 'B' short-term
      counterparty credit rating.

At the same time, S&P affirmed its:

   -- 'B+/B' long- and short-term counterparty credit ratings on
      Portugal-based Banco Comercial Portugues S.A. (Millenium
      bcp).  The outlook remains negative;

   -- 'BB/B' long- and short-term counterparty credit ratings on
      Italy-based Veneto Banca SCPA (Veneto).  The outlook
      remains negative;

   -- 'BB/B' long- and short-term counterparty credit ratings on
      Italy-based Banca Popolare dell'Emilia Romagna S.C. (BPER).
      The outlook remains negative; and

   -- 'B+/B' long- and short-term counterparty credit ratings on
      Italy-based Banca Popolare di Milano SCRL (BPM) and its
      core subsidiary Banca Akros SpA.  The outlooks remain
      stable.

The rating actions follow S&P's assessment of the results of the
European Central Bank's (ECB's) comprehensive review of Europe's
largest banks, including the European Banking Authority's (EBA's)
EU-wide stress test, which were published on Oct. 26, 2014.  The
review showed 25 institutions with capital shortfalls, of which
S&P rates 12.  Of these 12 banks, S&P has placed its ratings on
Carige and PTSB on CreditWatch with negative implications and
affirmed its ratings on Milenium bcp, Veneto, BPER, and BPM.

S&P has concluded that the ratings on Belgium-based Dexia Credit
Local (Dexia; BBB/Stable/A-2) and AXA Bank Europe S.A.
(A/Positive/A-1), and on Slovenia-based Nova Ljubljanska Banka
D.D. (BB-/Negative/B) are not affected.

S&P will assess over the next few weeks the information disclosed
in the ECB's report on Greek banks that also showed capital
shortfalls -- National Bank of Greece S.A. (CCC+/Stable/C),
Piraeus Bank S.A. (CCC+/Stable/C), and Eurobank Ergasias S.A
(CCC+/Stable/C) -- alongside other imminent developments that S&P
sees as having the potential to affect these banks' capital
positions.  Specifically, S&P will incorporate into its analysis
the potential changes to the treatment of deferred tax assets and
the possible conversion of the almost EUR11 billion Hellenic
Financial Stability Fund for Greek banks into a precautionary
credit line for the Hellenic Republic.

As S&P stated in its article "Only Few Banks Failed, But The ECB
"Stress Test" Also Reveals Weaknesses Of Those That Passed,"
published Oct. 27, 2014, the ECB's comprehensive assessment is
not just about whether banks have passed or failed.  Standard &
Poor's will continue to incorporate insights from the ECB's
review into its analysis of European banks over the coming weeks.

S&P assessed whether the information in the ECB's report for
Carige, PTSB, Millenium bcp, Veneto, BPER, and BPM was consistent
with the factors incorporated in S&P's ratings on these
institutions.  S&P also considered the potential wider impact of
this information, including the plans announced by some banks
that still need to remediate the capital shortfalls indicated in
the report, on the banks' business and financial profiles.  S&P
had not expected any of the banks to have sufficient capital to
withstand a stress scenario in line with the EBA's adverse
scenario because S&P considers it akin to stress levels well
above the SACP assessments on all of these institutions (which
range from 'ccc+' for Carige to 'bb-' in the case of BPER) in
their respective jurisdictions.

CARIGE AND PTSB

Based on S&P's review, it sees significant challenges for
Carige's and PTSB's plans to address the sizeable capital
shortfalls revealed by the ECB's report.  The results indicated a
capital shortfall of EUR814 million for Carige and EUR855 million
for PSTB under the EBA's adverse scenario, based on these banks'
balance-sheet positions at year-end 2013.  The banks' capital
strengthening actions during 2014 have been insufficient to close
the gap.  S&P understands that both banks have two weeks to
present to the Single Supervisory Mechanism (SSM) their plan to
cover the capital shortfalls under the adverse scenario.

The information revealed in the report is consistent with S&P's
assessment of Carige's capital and earnings and risk position as
"weak."  S&P considers that Carige's poor track record in
strengthening capital and its fragile financial profile point to
significant execution risk for the capital plan it announced
after the ECB published its report.  Carige has stated that it
plans to cover the shortfall through a EUR500 million-EUR650
million capital increase and asset sales.  S&P notes that some of
these asset sales are part of the restructuring Carige included
in the business plan it released in March 2014, following the
Bank of Italy's request in Feb. 2013 that Carige improve its
solvency position.  S&P also takes into account that Carige's
plans are framed in what it considers to be the still difficult
economic and operating environment in Italy.

In the case of Ireland-based PTSB, S&P anticipates that the
capital plan will provide more clarity on the Irish government's
intention regarding the EUR400 million contingent capital notes
maturing in 2016, and potential private market solutions.  S&P
will also assess whether the information gleaned from the stress
test, and specifically the large capital shortfall, could lead
S&P to lower its view of PTSB's asset quality relative to its
peers.

S&P will resolve the CreditWatch on both entities once it has
more clarity on their capital plans and, in the case of PTSB, S&P
also better understands the reasons for PTSB's failure to pass
the stress test.

MILLENIUM BCP, VENETO, BPER, AND BPM

S&P has concluded that the information revealed in the ECB's
report is consistent with the data S&P had already incorporated
into its assessments of these banks' moderate or weak capital and
earnings and risk positions.  Under the stress test's adverse
scenario, Millenium bcp showed a capital shortfall of almost
EUR1.2 billion, Veneto EUR714 million, BPER EUR128 million, and
BPM EUR684 million.  In S&P's view, the new information does not
have a significant impact on the other factors of these banks'
business and financial profiles.

Millenium bcp has announced that, given the measures it has
completed in 2014, namely the preprovision earnings generated,
sale of its 49% stake in non-life insurance subsidiaries
(including the payment of an extraordinary dividend), and the
sale of some securitization bonds, it will not have to take
further actions.  However, Millenium bcp still needs to present
these actions to the SSM as part of its capital plan.  S&P's
negative outlook on Millenium bcp now also reflects that S&P
could revise its assessment of its SACP downward and lower the
ratings if, contrary to its base-case expectations and despite
the now more-benign economic environment, S&P anticipates
significant additional asset-quality pressures that could make
Millenium bcp's turnaround more difficult and lengthier.

In the case of Veneto, BPER, and BPM, the ECB has already
communicated that these banks' actions to strengthen their
solvency have closed the capital gaps identified in the report.
For BPM, the ability to meet the capital threshold under the
adverse scenario was also supported by the Bank of Italy's
removal at the end of June 2014 of the "add-ons" for BPM's
regulatory risk-weighted assets.  The rationales for S&P's
negative outlooks on Veneto and BPER, and for its stable outlook
on BPM, have not been affected by S&P's review following these
ECB's exercise.

RATINGS LIST

CreditWatch/Outlook Action
                               To                 From
Banca Carige SpA
Counterparty Credit Rating    B-/Watch Neg/C     B-/Negative/C

Permanent TSB PLC
Counterparty Credit Rating    B+/Watch Neg/B     B+/Negative/B

Rating Affirmed

Banco Comercial Portugues S.A.
Counterparty Credit Rating    B+/Negative/B

Veneto Banca SCPA
Counterparty Credit Rating    BB/Negative/B

Banca Popolare dell'Emilia Romagna S.C.
Counterparty Credit Rating    BB/Negative/B

Banca Popolare di Milano SCRL
Banca Akros SpA
Counterparty Credit Rating    B+/Stable/B

NB: This list does not contain all the ratings affected.


BANCA POPOLARE: S&P Cuts Ratings to 'BB+/B' Counterparty Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'BB+/B' from 'BBB-
/A-3' its long- and short-term counterparty credit ratings on
Italian Banca Popolare dell'Alto Adige (BPAA).

At the same time, S&P placed the long-term rating on CreditWatch
with negative implications.

The downgrade and CreditWatch placement follow BPAA's
announcement, on Oct. 24, 2014, that it had reached an agreement
to acquire Banca Popolare di Marostica (Marostica), a "popolare"
bank located in the Veneto region. Marostica had about EUR2
billion of total assets, EUR1.7 billion of gross customer loans,
and EUR1.6 billion of customer deposits as of year-end 2013.

S&P understands the transaction is still pending authorization
from the Bank of Italy.

Although the transaction would be consistent with BPAA's strategy
to expand its presence in neighboring provinces, S&P believes the
financial terms of the acquisition are likely to weaken BPAA's
capital position.  According to S&P's pro forma estimates, the
combined entity's capitalization, measured by S&P's risk-adjusted
capital (RAC) ratio before diversification adjustments, would
have been about 6.0% as of year end 2013 -- about 180 basis
points (bps) lower than the stand-alone RAC ratio for BPAA on
that date.  In S&P's estimates, it takes into account that the
acquisition would be 30% cash-financed and that the transaction
price includes about EUR30 million of goodwill, despite
Marostica's deteriorated financial profile and low profitability
prospects.

S&P anticipates that its RAC ratio before diversification
adjustments for the combined entity would likely be 6.0%-6.5%
over the next two years, well below the 7% threshold needed to
maintain the "adequate" (as defined in S&P's criteria) capital
and earnings assessment that S&P had on BPAA's capital and
earnings before the acquisition.  S&P's forecast RAC ratio before
diversification also takes into account, among other things,
BPAA's weaker-than-peers earnings capacity.  As a result, S&P has
revised its assessment on BPAA's capital and earnings to
"moderate."

S&P would not expect the acquisition to significantly strengthen
BPAA's business position, due to the limited geographical and
business diversification benefits that the acquisition of
Marostica would bring.  S&P also bases its assumption on the
likelihood that the acquisition would pose significant execution
risks, given Marostica's large size compared to that of BPAA and
ongoing corporate governance issues at Marostica.

S&P considers the impact of the acquisition on BPAA's funding and
liquidity profile likely to be manageable, given that Marostica
is strongly retail-funded.  S&P also believes that BPAA's post-
acquisition funding profile is likely to remain in line with its
current "average" assessment.  S&P also continues to assess
BPAA's liquidity profile as "moderate," as the acquisition is
unlikely to reduce BPAA's reliance on short-term funding from the
European Central Bank (ECB).  However, S&P continues to
incorporate into its long-term rating on BPAA a one-notch uplift.
This is to reflect S&P's belief that, regardless of any effect of
the acquisition, BPAA's financial profile is moving toward
improving its liquidity to a level S&P would consider as
"adequate" under its criteria.

The CreditWatch placement reflects the possibility that S&P could
lower the long-term rating on BPAA if, in S&P's view, its
integration of Marostica is weakening BPAA's risk position, which
S&P currently considers to be stronger than that of peers.  In
S&P's view, Marostica's asset quality is weaker than that of BPAA
and S&P understands that Marostica's nonperforming assets (NPAs)
represent a high 27% of its gross customer loans at year-end
2013. This generated substantial credit losses for Marostica in
2013 (about 430 basis points of its customer loans).  S&P aims to
resolve the CreditWatch placement once it finalizes its view on
the impact of the acquisition -- which is still pending
regulatory approval -- on BPAA's risk profile.

S&P could lower the long-term rating on BPAA if it concludes that
its risk position, and in particular S&P's expectations for the
combined entity's NPA ratio and loan portfolio credit losses, are
weaker than BPAA's current position, and closer to or even weaker
than the system average.  As of June, 30, 2014, BPAA's gross NPAs
ratio stood at 9.8%, below the system average of about 16%, at
year-end 2013.

S&P could also lower the rating if, in its view, BPAA's liquidity
position is not likely to improve in line with S&P's current
expectations, and BPAA is likely to continue to rely on short-
term wholesale funding, including ECB liquidity facilities.  S&P
was monitoring these factors even before the announcement of the
acquisition.

Conversely, S&P could affirm the rating at the current level if
we concludes that BPAA's risk profile would remain consistent
with the current "strong" assessment, even when including the
impact of the integration with Marostica.  S&P could also affirm
the rating if BPAA's liquidity improves to an "adequate"
position.


MONTE DEI PASCHI: Mulls Rights Offering to Fill Capital Shortfall
-------------------------------------------------------------
Chiara Remondini at Bloomberg News, citing daily la Repubblica,
reports that Banca Monte dei Paschi di Siena SpA is considering
raising about EUR1 billion (US$1.25 billion) through a rights
offering and delaying state-aid repayments to 2017 to help fill a
capital shortfall.

According to Bloomberg, the newspaper said that the lender's
board may meet on Thursday, Nov. 6, or earlier to discuss
measures also including the sale of assets, and the rights
offering may take place in the first quarter of 2015.

La Repubblica also reported that Chairman Alessandro Profumo
offered to resign after the European Central Bank said Oct. 26
that its review of lenders found Paschi has a capital gap of
EUR2.1 billion, Bloomberg relates.  The newspaper, as cited by
Bloomberg, said that Paschi investors Fintech Advisory Inc. and
BTG Pactual Europe LLP asked him to stay.  La Repubblica also
said the bank will consider transferring state aid to banking
foundations, Bloomberg notes.

The world's oldest bank, twice bailed out in the past five years,
must replenish the gap within nine months to meet ECB
requirements, Bloomberg states.  Siena-based Monte Paschi has
hired UBS AG and Citigroup Inc. to explore strategic options
aimed at replenishing capital, Bloomberg discloses.

According to Bloomberg, daily La Stampa said in a separate report
on Nov. that Paschi is considering a capital increase of as much
as EUR2.1 billion to fill the gap entirely.

Bloomberg relates that newspaper Il Sole 24 Ore said delaying the
repayment of state aid may allow Paschi to reduce the amount it
needs to raise to cover the capital hole by about EUR750 million.

                     About Monte dei Paschi

Banca Monte dei Paschi di Siena SpA -- http://www.mps.it/-- is
an Italy-based company engaged in the banking sector.  It
provides traditional banking services, asset management and
private banking, including life insurance, pension funds and
investment trusts.  In addition, it offers investment banking,
including project finance, merchant banking and financial
advisory services.  The Company comprises more than 3,000
branches, and a structure of channels of distribution.  Banca
Monte dei Paschi di Siena Group has subsidiaries located
throughout Italy, Europe, America, Asia and North Africa.  It has
numerous subsidiaries, including Mps Sim SpA, MPS Capital
Services Banca per le Imprese SpA, MPS Banca Personale SpA, Banca
Toscana SpA, Monte Paschi Ireland Ltd. and Banca MP Belgio SpA.



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


ESPIRITO SANTO: Declared Bankrupt by Luxembourg Court
-----------------------------------------------------
Charles Krier, Esq., Luis Marques Guilherme, Esq. and
Michel Bulach, Esq. of Wildgen disclosed that the Luxembourg
District Court sitting in commercial matters has declared
bankrupt the group parent company Espirito Santo International
S.A. on October 27, 2014, following the Court's decision of
October 17, 2014 that had rejected ESI's application for
controlled management.

The Court has appointed Alain Rukavina, lawyer and Paul Laplume,
chartered auditor, as bankruptcy estate receivers (curateurs),
and Karin Guillaume as supervisory judge (juge-commissaire).

The judgment shall be posted at the Court and published by
extract in newspapers designated by the Court in such judgment.
Opposition against the decision opening the bankruptcy of ESI can
be lodged by any interested party during a period of 15 days
after the publication.

As far as the company Rio Forte Investments S.A. is concerned, it
was announced in the press earlier last week that Rio Forte had
filed an appeal against the similar decision of October 17, 2014
having rejected its own application for controlled management.
The Court of Appeal shall therefore review the merits of such
application and the report of the experts on Rio Forte to either
confirm or revise the decision of the District Court.

Espirito Santo International S.A., through its subsidiaries,
provides services which include corporate and retail banking,
insurance, investment banking, brokerage, asset management, and
also operates in the agriculture, hotel, and real estate
industry.  The company was formerly known as Espirito Santo
International Holding S.A. and changed its name to Espirito Santo
International S.A. in August 2003.  The company was incorporated
in 1975 and is based in Luxembourg.

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



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


ARES EURO CLO I: S&P Raises Rating on Class F Notes to 'CCC'
------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Ares Euro CLO I B.V.'s class B-1, B-2, C, D, E, and F notes.  At
the same time, S&P has affirmed its ratings on the class A-1, A-
2, and A-3 notes.

The rating actions follow S&P's credit and cash flow analysis of
the transaction using data from the Aug. 29, 2014 trustee report
and the application of its relevant criteria.

"We conducted our cash flow analysis to determine the break-even
default rate (BDR) for each rated class of notes.  The BDR
represents S&P's estimate of the maximum level of gross defaults,
based on its stress assumptions, that a tranche can withstand and
still pay interest and fully repay principal to the noteholders.
S S&P used the portfolio balance that it considers to be
performing (EUR330.9 million), the reported weighted-average
spread (3.56%), and the weighted-average recovery rates that S&P
considered to be appropriate.  S&P incorporated various cash flow
stress scenarios using its standard default patterns, levels, and
timings for each rating category assumed for each class of notes,
combined with different interest stress scenarios as outlined in
S&P's corporate collateralized debt obligation (CDO) criteria.

Of the portfolio, 16% comprises non-euro-denominated assets that
are hedged under a cross-currency swap agreement.  In S&P's
opinion, the downgrade remedies for these cross-currency swaps do
not fully comply with its current counterparty criteria.
Therefore, S&P has also considered scenarios where the derivative
counterparty does not perform, exposing the transaction to
greater exchange rate risk.

From S&P's analysis, it has observed that the underlying credit
quality of the performing portfolio has improved since its
previous review.  The proportion of assets that S&P rates 'BB-'
and above has increased to 29.6% from 21.2%, which has reduced
the scenario default rates (SDRs; the modeled level of gross
defaults that CDO Evaluator estimates for every CDO liability
rating) at each rating level since S&P's previous review.  The
portfolio's aggregate collateral balance has increased, as has
the collateral pool's weighted-average spread.

While this has increased the available credit enhancement for the
class A-1, A-2, and A-3 notes, the results of S&P's cash flow
analysis indicate that the notes cannot sustain defaults at
rating levels that are higher than their current levels
(following the application of the stresses that S&P applies to
non-euro-denominated collateral).  S&P's cash flow analysis
results show that the available credit enhancement for the class
A-1, A-2, and A-3 notes is commensurate with its currently
assigned ratings.  S&P has therefore affirmed its ratings on
these classes of notes.

S&P's cash flow analysis results indicate that the available
credit enhancement for the class B-1, B-2, C, D, E, and F notes
is commensurate with higher ratings than those currently
assigned.  S&P has therefore raised its ratings on these classes
of notes. The largest obligor test constrains S&P's ratings on
the class D, E, and F notes at their new rating levels.  The
largest obligor test--introduced in S&P's corporate CDO criteria-
-measures the risk of several of the largest obligors within the
portfolio defaulting simultaneously.

Ares Euro CLO I is a cash flow collateralized loan obligation
(CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms.  The transaction closed in
April 2007 and entered the end of its reinvestment period in May
2014.  Ares Management Ltd. is the transaction's manager.

RATINGS LIST

Class                Rating
             To                From

Ares Euro CLO I B.V.
EUR356 Million Floating-Rate Notes

Ratings Raised

B-1          AA (sf)           A+ (sf)
B-2          AA (sf)           A+ (sf)
C            A+ (sf)           BBB+ (sf)
D            BB+ (sf)          B+ (sf)
E            CCC+ (sf)         CCC- (sf)
F            CCC (sf)          CCC- (sf)

Ratings Affirmed

A-1          AAA (sf)
A-2          AA+ (sf)
A-3          AA+ (sf)


FIAT CHRYSLER: Fitch Affirms 'BB-' IDR; Outlook Stable
------------------------------------------------------
Fitch Ratings says that Fiat Chrysler Automobiles N.V.'s (FCA)
planned offering of common shares and mandatory convertible
securities and its decision to spin off Ferrari SpA are a
positive development for its credit profile.  However, the
ratings remain constrained by Fitch's expectations of negative
free cash flow through 2016.  FCA's Long-term Issuer Default
Rating (IDR) and senior unsecured rating are 'BB-' and its Short-
term IDR is 'B'.  The Outlook is Stable.

Fitch views positively the expected cash inflow from the sale of
common shares for a net amount of approximately EUR0.4 billion,
the issue of mandatory convertible securities for USD2.5 billion
and the spin-off of its 90% subsidiary Ferrari for an amount yet
to be determined by market valuations.  FCA will make a public
offering of its interest in Ferrari equal to 10% of Ferrari's
outstanding shares and distribute its remaining shares to FCA's
shareholders. Concurrently, FCA also expects to receive a
dividend from Ferrari.

In addition, in line with our previous assumption highlighted in
our Rating Action Commentary dated 11 September 2014, FCA
confirmed its intention to refinance Chrysler's senior secured
notes due 2019 and 2021 at their initial optional redemption
dates of June 2015 and June 2016, respectively.  The refinancing
will significantly reduce net interest expenses and offset the
earnings loss from the Ferrari deconsolidation.  Overall, FCA
expects an aggregate net cash inflow of about EUR4bn from these
transactions.

The cash inflow will lower FCA's net financial debt and
strengthen its key credit metrics.  In particular, Fitch expects
these transactions to have a combined 0.4x-0.5x positive effect
on funds from operations (FFO) adjusted net leverage.
Furthermore, the planned refinancing of Chrysler's notes will
eliminate, in 2016, the current restrictions on the movement of
cash within the group and reinforces our view to assess FCA on a
consolidated basis.

However, the ratings also reflect weak free cash flow generation,
which we project to remain negative at least through 2016, and
which is not directly addressed by these transactions.  In
addition, several terms of the mandatory convertible securities
will be decided once the issue is priced and may lead Fitch to
treat these notes as debt until conversion rather than giving
them 100% equity credit as from the time of issue.  In
particular, according to Fitch's methodology, the impossibility
to defer interests for the remaining life of the instrument or
the settlement of deferred interests in cash would lead to no
equity credit.

KEY RATING DRIVERS

Consolidated Profile

Fitch revised FCA's Outlook to Stable from Negative in September
2014 as we believe that FCA's ratings should reflect the group's
consolidated credit profile in the 'BB' rating category rather
than FCA's metrics excluding Chrysler, which are more indicative
of the 'B' category.  In addition, the group's business profile
has strengthened, due to the increased integration of Chrysler
into FCA.  Fitch expects integration to deepen further and to
provide more synergies in the medium term.

Ambitious Business Plan

Fiat's five-year business plan presented in May 2014 targets a
52% sales increase by 2018, notably by expanding its geographical
commercial footprint, reshuffling its product portfolio and via a
refocused effort on its premium brands.  Fiat expects to produce
the models for its premium brands in its under-utilized factories
in Italy, to avoid plant closure and to cut losses.  Fiat expects
to increase EBIT margin to between 6.6%-7.4% in 2018, from 4.1%
in 2013 and less than the 4% expected by Fitch in 2014.

This plan makes strategic sense but will be costly as it entails
an acceleration of capex and R&D and carries substantial
execution risk.  Some of the group's brands are still perceived
quite poorly and it can take time to increase sales sufficiently
to maintain existing capacity in Europe.  However, increasing
sales at Maserati and Jeep are positive signals.

Pressure on Earnings

We expect further losses in Europe in 2014 and 2015 and a sharply
declining contribution from the usually very profitable Latin
American market.  This should be mitigated by Chrysler's solid
performance and by that of other divisions too, including its
luxury brands.  However, from a cash-flow perspective, improving
FFO will be absorbed by rising investment to make up for the cuts
made in past years.  Fitch projects FCF to remain negative
through at least 2016.

Healthy Liquidity

Fiat ex-Chrysler reported EUR7.3 billion in cash and equivalents
at end-1H14, excluding Fitch's EUR1.4 billion adjustments for
minimum operational cash and EUR2.1 billion of undrawn credit
lines.  This largely covers EUR5 billion of debt maturing in 2014
and negative FCF. Chrysler also reported EUR8.3 billion in cash
and marketable securities, adjusted for operational needs, and
EUR1 billion of undrawn credit lines, comfortably covering EUR0.1
billion of debt maturing in 2014.

RATING SENSITIVITIES

Positive: Future developments that could lead to positive rating
actions include:

   -- Positive FCF and higher margins at Fiat auto mass market,
      on a sustained basis
   -- Full access to Chrysler's cash, without weakening the
      group's capital structure in parallel

Negative: Future developments that could lead to negative rating
actions include:

   -- Falling revenue and operating margins, including group EBIT
      margin below 2%, mounting liquidity issues, including
      refinancing risks, consolidated FFO-net adjusted leverage
      above 2.5x (2013: 1.8x, 2014E: 2.4x) and no sign of FCF
      turning positive by end-2016

   -- Evidence of significant financial support to Chrysler to
      the detriment of existing Fiat bondholders


NXP BV: S&P Lifts CCR to 'BB+' on Stronger-Than-Expected Revenues
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Dutch semiconductor manufacturer NXP B.V. to
'BB+' from 'BB'.  The outlook is positive.

At the same time, S&P raised its issue rating on NXP's senior
secured loans to 'BBB-' from 'BB+'.  The recovery rating on these
loans remains at '2'.  S&P also raised the issue rating on the
senior unsecured notes to 'BB' from 'BB-'.  The recovery rating
on these notes remains at '5'.

S&P affirmed its 'BBB-' issue rating on the super senior
revolving credit facility (RCF), and it revised the recovery
rating on these notes to '2' from '1'.

The upgrade reflects S&P's anticipation that NXP will generate
solid annual free operating cash flow (FOCF) of about $1 billion
in 2014 and 2015, and that its credit ratios will continue to
strengthen gradually.  S&P's views of more stable FOCF and credit
ratios over time, supported by the company's diversified product
portfolio in growing segments, have led S&P to revise its
assessment of the company's financial risk profile to
"intermediate" from "significant."

S&P expects NXP's revenue will grow by 15%-16% in fiscal 2014 and
continue to outperform industry growth over 2015-2016.  S&P also
thinks profitability could slightly improve because of the more
favorable product mix -- the portion of revenues generated from
the most profitable High Performance Mixed Signal (HPMS) segment
will continue to increase over time -- and thanks to a more
flexible cost structure with increasing outsourcing.
Furthermore, S&P expects management will remain committed to
maintaining its net debt-to-EBITDA target at 2x.  As a result,
S&P expects FOCF to debt of about 25% in 2014-2015 and debt to
EBITDA of about 2.5x.

S&P's assessment of NXP's "intermediate" financial risk profile
is supported by the company's strong FOCF generation and an
adjusted debt-to-EBITDA ratio comfortably below 3x.  These
strengths are offset by the company's still-high gross debt
burden and with the potential to increase further, because S&P
anticipates that rising EBITDA could accommodate some debt
increase, while maintaining leverage ratios at current levels.
Furthermore, NXP's credit ratios partly benefit from the full
consolidation of its only 61%-owned subsidiary Systems on Silicon
Manufacturing Co. Pte. Ltd. (SSMC; not rated).  However, SSMC's
relative contribution has decreased over the past years and is
now modest.  In the first nine months of 2014, SSMC's EBITDA only
represented about 15% of NXP's consolidated EBITDA.  Moreover,
S&P excludes cash held by SSMC from its debt ratios.

"Our assessment of NXP's "fair" business risk profile is
constrained by the semiconductor industry's cyclical and seasonal
demand, fierce competition, and our view of the company's still
meaningful operating leverage and modest scale compared with that
of larger peers.  Still, we expect NXP's operating leverage to
contract, in light of its gradually increasing outsourcing, to
30% in 2013 from 15% in 2011.  Also, we understand that it could
rise to 50% in the next few years.  These weaknesses are partly
offset by the group's leading market positions in some high-
performance analog and mixed-signal semiconductor applications,
long-standing customer relationships, high proprietary content,
and its status a primary supplier across many of its markets.
NXP maintains a global manufacturing footprint with 10 sites in
Europe and Asia," S&P said.

S&P's assessment of NXP's business risk profile is gradually
improving due to above-average revenue growth and continued
margin expansion.  However, its relatively lower profitability is
a constraining factor for a higher business risk profile
assessment. Rated peers for which S&P assess "satisfactory"
business risk profiles--including Analog Devices Inc., Xilinx
Inc., and Maxim Integrated Products Inc.--report EBITDA margins
that exceed NXP's by 8 to 10 percentage points.

Under S&P's base case, it assumes:

   -- Demand for semiconductors will increase by 4%-6% in 2014
      and 2015, based on S&P's outlook for strengthening global
      economic growth, especially in the U.S. and Europe.

   -- Group revenues that will continue to outperform the overall
      semiconductor market, after revenue growth of 15% or more
      in 2014, primarily supported by further design wins in the
      HPMS segment.

   -- Some improvement in NXP's Standard & Poor's adjusted EBITDA
      margin to 28% or more in the next two years, from 26.8% in
      2013, thanks to a higher share of more profitable HPMS
      revenues and the company's operating leverage, partly
      offset by increased investment in research and development.

   -- Continued large cash outflows from share buybacks or
      dividends in 2014-2015.

   -- Capital expenditures (including intangible investments) at
      about 5% of revenues in 2014 and 2015.

   -- Continued dividend leakage to NXP's joint-venture partner
      Taiwan Semiconductor Manufacturing Co. Ltd. (TSMC).  S&P
      expects NXP to report minority dividends of $51 million in
      the third-quarter of 2014.

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

   -- Debt to EBITDA between 2.2x and 2.5x in 2014-2015.
   -- FOCF of about $1 billion, resulting in FOCF to debt at 25%.

S&P's positive outlook on NXP reflects the potential for an
upgrade in the next 12 months if its revenues and EBITDA continue
to grow, resulting in FOCF to debt at about 25%.

S&P could raise the rating if the company's revenues continued to
outperform the overall semiconductor market in 2015, with at
least stable margins, because this could lead S&P to assess NXP's
business risk profile as "satisfactory" versus "fair" currently.
Furthermore, debt to EBITDA at about 2.5x and FOCF to debt at 25%
would support an upgrade.

S&P might revise the outlook to stable if revenues or EBITDA
declined, or if sizable acquisitions or shareholder distributions
weakened credit metrics, notably a debt-to-EBITDA ratio above 3x
or FOCF to debt below 15% on a sustained basis.



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


BANCO ESPIRITO: Investors Sue Portugal's Central Bank Over Losses
-----------------------------------------------------------------
Martin Arnold at The Financial Times reports that a group of
investors that lost money on Banco Espirito Santo subordinated
debt, including Dan Loeb's hedge fund Third Point and Brazilian
investment bank BTG Pactual, has filed a legal challenge against
the Portuguese central bank over its restructuring of the
distressed lender.

According to the FT, the lawsuit, filed on Oct. 31 in Portugal,
will provide a vital test of a European regulator's ability to
impose losses on shareholders and subordinated debt holders by
bailing them in to rescue a failing bank instead of the lender
being bailed out with taxpayer money.

The EUR4.9 billion rescue of the distressed Portuguese lender
protected taxpayers and senior creditors by leaving them in a
"good bank", now called Novo Banco, but left shareholders and
subordinated creditors in a "bad bank" holding only toxic assets,
the FT notes.

The lawsuit aims to reverse the restructuring of the bank and to
halt any further asset sales by Novo Banco, the FT says.  But
ultimately the funds, including distressed debt investors
GoldenTree Asset Management, Beach Point Capital and EJF Debt
Opportunities, hope to recover some or all of the EUR375 million
they invested in a EUR750 million subordinated debt issue from
BES a year ago, the FT states.

The investors, which hold about half the tier two unsecured debt
issued by BES, are claiming that the bank's rescue was unlawful
because it was decided under an unconstitutional legal framework,
the FT relates.  They argue that it breached their constitutional
property rights and the right to equal treatment under the
Portuguese constitution, the FT, the FT relays.

They also claim that the solution chosen to resolve the crisis at
BES was disproportionate, inappropriate, unnecessary and unfair,
because alternatives were available to inject private capital
into the bank, the FT discloses.  The investors attempted for
several months to negotiate a settlement with the central bank of
Portugal, but eventually gave up and instructed their lawyers at
Shearman & Sterling to take legal action, according to the FT.

                    About Banco Espirito Santo

Banco Espirito Santo is a private Portuguese bank based in
Lisbon, Portugal.  It is 20% owned by Espirito Santo Financial
Group.

In August 2014, Banco Espirito Santo had been 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.

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

Also 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.

                        *     *     *

On Aug. 15, 2014, The Troubled Company Reporter reported that
Standard & Poor's Ratings Services affirmed and then suspended
its 'C' ratings on two short-term certificate of deposit programs
and one commercial paper program originally issued by Portugal-
based Banco Espirito Santo S.A. (BES).  As S&P publically
communicated on Aug. 8, 2014, most of BES' senior unsecured debt
has been transferred to newly formed Novo Banco S.A. (not rated)
as part of BES' resolution proceedings.  S&P currently does not
have satisfactory information to perform its ratings analysis on
these debt instruments, and S&P is therefore suspending its
ratings on them.

The TCR, on Aug. 14, 2014, also reported that Moody's Investors
Service has assigned debt, deposit ratings and a standalone bank
financial strength rating (BFSR) to the newly established
Portuguese entity Novo Banco, S.A., in response to the transfer
of the majority of assets, liabilities and off-balance sheet
items from Banco Espirito Santo, S.A. (BES), together with the
banking activities of this bank. The following ratings have been
assigned: (1) long- and short-term deposit ratings of B2/Not-
Prime; (2) a standalone BFSR of E (equivalent to a ca baseline
credit assessment [BCA]).


MAGELLAN MORTGAGE 2: Fitch Affirms BBsf Rating on Class D Notes
---------------------------------------------------------------
Fitch Ratings has downgraded one and affirmed six tranches of
Magellan Mortgages No. 1 and 2 Plc.  The agency has also revised
the Outlook on four tranches to Positive from Stable.  The rating
actions are:

Magellan Mortgages No. 1 Plc:

Class A (ISIN XS0140415836): affirmed at 'A+sf'; Outlook revised
to Positive from Stable
Class B (ISIN XS0140416057): affirmed at 'A+sf'; Outlook revised
to Positive from Stable
Class C (ISIN XS0140416214): affirmed at 'Asf'; off Rating Watch
Negative (RWN); Outlook Stable

Magellan Mortgages No. 2 Plc:

Class A (ISIN XS0177944690): affirmed at 'A+sf'; Outlook revised
to Positive from Stable
Class B (ISIN XS0177945077): affirmed at 'A+sf'; Outlook revised
to Positive from Stable
Class C (ISIN XS0177945234): downgraded to 'A-sf' from 'Asf'; off
RWN; Outlook Stable
Class D (ISIN XS0177945408): affirmed at 'BBsf'; off RWN; Outlook
Stable

The series comprises Portuguese mortgage loans originated and
serviced by Banco Comercial Portugues (BCP; BB+/Negative/B).

KEY RATING DRIVERS

Worst Case Scenario

Fitch placed the class C notes of Magellan 1 and the class C and
D notes of Magellan 2 on RWN on Aug. 4, 2014, pending information
on recoveries on properties taken into possession and sold.
Recovery rates reported in the investor reports suggested that
proceeds received from foreclosure were lower than expected.

Despite requests from Fitch, BCP has not been able to provide
loan-by-loan default and recovery information for the
transactions.  As a result, in its analysis Fitch applied the
worst case scenario assumptions based on experience of other
Portuguese lenders.  This involved increasing the quick sale
adjustment to 50% from 40% and extending the expected recovery
timing to six years from four years.  These recoveries were
applied to both expected defaults and outstanding defaults that
have been provisioned for.

Provisioning

Magellan 2 features a provisioning mechanism whereby excess
spread is diverted to principal distributions to cover deemed
principal losses.  The amount provisioned is dependent on the
number of monthly installments in arrears.

To account for the staggered nature of provisions, Fitch has
estimated the amounts of loans that have defaulted, but for which
full provisions have not yet been made to be 0.1% of the
outstanding collateral balance.  This has been deducted from the
current credit enhancement available in Fitch's analysis, since
they are expected to be payable in the coming quarters.

Magellan Mortgages 1 has no provisioning system in place, unlike
the majority of Fitch-rated Portuguese transactions.  This
explains the higher late stage arrears in this deal (6.8%) in
comparison with other Portuguese RMBS.  To date the transaction
has had sufficient excess spread, despite any cost of carry
caused by the volume of loans in arrears.

Varying Credit Enhancement

The strong credit enhancement for the class A and B notes of both
transactions has led to the revision of their Outlooks to
Positive from Stable.

Credit enhancement for the mezzanine tranche of Magellan 2 was
insufficient to maintain a 'Asf' rating, given the application of
the worst-case scenario assumptions.  This resulted in a
downgrade of class C in Magellan 2 to 'A-sf' from 'Asf'.

RATING SENSITIVITIES

Deterioration in asset performance may result from economic
factors.  A corresponding increase in new defaults and associated
pressure on excess spread and reserve funds, beyond Fitch's
assumptions, could result in negative rating action.
Furthermore, an abrupt shift of the underlying interest rates
might jeopardize the underlying loan affordability of the
underlying borrowers.

The ratings are also sensitive to changes in Portugal's Country
Ceiling and consequently changes to the highest achievable rating
of Portuguese structured finance notes.


OCIDENTAL COMPANHIA: S&P Affirms 'BB' Counterparty Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term
counterparty credit and insurer financial strength ratings on
Portugal-based life insurer Ocidental Companhia Portuguesa de
Seguros de Vida S.A. (OCV).  The outlook is stable.

The ratings reflect OCV's fair business risk profile and less-
than-adequate financial risk profile.  S&P's assessment of the
business risk profile reflects its view of moderate insurance
industry and country risk, together with the company's adequate
competitive position.  S&P's view of OCV's financial risk profile
incorporates the company's moderately strong capital and
earnings, high risk position, and less-than-adequate financial
flexibility. Under S&P's criteria, these factors combine to
produce a 'bb+' anchor, but its assessment of OCV's stand-alone
credit profile (SACP) is constrained at 'bb' owing to its high
exposure to Portugal.

According to S&P's methodology, it applies a hypothetical
sovereign foreign currency default stress scenario (stress test)
to determine whether an entity can be rated above S&P's sovereign
foreign currency rating on the country where the entity is
domiciled and has a material concentration of exposure.

S&P believes OCV is unlikely to pass its sovereign default stress
test, given its high domestic investment exposure relative to
regulatory capital.  Therefore, S&P considers that the ratings on
OCV are limited by the long-term rating on Portugal (unsolicited
BB/Stable/B).  OCV's domestic exposure currently makes up
approximately 55% of its assets, and S&P expects it to stay at
about this level over the next few years.

S&P classifies OCV as strategically important to the Belgium-
based insurance group Ageas, but this does not translate into
rating uplift, because of S&P's sovereign rating cap.  OCV
provides substantial revenues, representing about 8% of the Ageas
group's gross premium written as of Dec. 31, 2013.  OCV also
provides Ageas with diversification benefits in continental
Europe, one of Ageas' key development markets.  OCV has the long-
term commitment of senior group management and contributes
substantial premium income to the Ageas group, despite the
volatility of its premium inflows.  As the 51% majority
shareholder in Millenniumbcp Ageas Grupo Segurador S.G.P.S.
(MAGS), S&P would expect Ageas to provide financial support to
OCV if needed.  OCV represents about 97% of MAGS' consolidated
assets as of Dec. 31, 2013.

The stable outlook on OCV mirrors that on Portugal, reflecting
the company's significant exposure to Portuguese assets.  Any
rating action on the sovereign is likely to lead to a similar
action on OCV.

S&P might lower the ratings on OCV if it was to lower its ratings
on Portugal or if capital were to fall below the 'BBB' level
according to S&P's capital adequacy model.

S&P might raise the ratings on OCV if it was to raise its ratings
on Portugal, which would indicate S&P's view of lower sovereign
risk.



===========
R U S S I A
===========


IZHEVSK CITY: Fitch Assigns 'B+' Long-Term IDR; Outlook Stable
--------------------------------------------------------------
Fitch Ratings has assigned the Russian City of Izhevsk Long-term
foreign and local currency Issuer Default Ratings (IDRs) of 'B+'
with Stable Outlooks and a Short-term foreign currency IDR of
'B'. The agency has also assigned the city a National Long-term
rating of 'A(rus)' with Stable Outlook.

KEY RATING DRIVERS

The ratings factor in the ongoing budget deficit and volatile
budgetary performance, mainly due to the decisions of the
regional and federal authorities.  The ratings also reflect the
city's moderate direct risk with low immediate refinancing
pressure and Fitch's expectation of stable budgetary performance
in 2014-2016, with weak positive operating balance barely
sufficient for interest payments coverage.

Fitch expects Izhevsk's operating performance to stabilize in
2014-2016, and that the city will maintain an operating balance
averaging 3.2% of operating revenue, which is in line with 2013
outturn.  Operating expenditure is under pressure from the
federal government's pledge to increase public sector salaries,
although these are mostly offset by earmarked transfers from the
Republic of Udmurtia (BB-/Stable/B).  Izhevsk has suffered from
frequent changes in revenue and expenditure allocation between
municipal and regional budgets.  In 2014, the city lost half of
its personal income tax share as compensation for transferring
staff cost expenditure for pre-school education to the regional
budget.

The city's budgetary performance has been weak, with a negative
operating balance in 2008-2011.  The operating balance improved
in 2012-2013, but current balance remained weak and close to zero
in 2013.  This caused weak debt coverage (direct risk to current
balance) and made the city strongly dependent on capital grants
and new borrowing for financing of capital outlays and principal
debt repayment.

Fitch expects Izhevsk's direct risk to be about RUB4 billion, or
39% of current revenue, by end-2014.  The city's absolute direct
risk will modestly increase.  However, the relative debt burden
will remain almost stable at moderate 40% by end-2016.  As of
Oct. 1, 2014, city's immediate refinancing pressure is low, as it
should only repay RUB800 million during 2014-2016.  Izhevsk's
direct risk is dominated by bank loans, RUB2.6 billion of which
(72% of total risk as of 1 September) is due in 2017.  Fitch will
closely monitor the city's ability to overcome this peak.

The city has no outstanding guarantees and no plans to issue new
guarantees.  Contingent liabilities, stemming from public sector
entities debt, accounted for a low RUB3.8 million or less than
0.1% of operating revenue in 2013.  Indirect risk is well
monitored by Izhevsk and, in Fitch's view, this does not expose
the city to any material risk.

Izhevsk receives steady current transfers from the regional
budget, which accounted for 36% of operating revenue in 2013.  Of
this amount, 65% was earmarked for financing delegated
responsibilities, mainly teachers' salaries.  The remaining were
grants to co-finance municipal programs.  Izhevsk received only
modest general purpose financial aid from the region as its
budget capacity was higher than average for municipalities in the
region.

With a population of 637,300 inhabitants, the city is the capital
of Republic of Udmurtia, part of the Privolzhskiy Federal
District.  Udmurtia's economy has a diversified industrial base
and its GRP per capita was in line with the national median in
2012.  In 2013, the republic's economy demonstrated close to zero
growth in real terms following the deterioration of the
macroeconomic pace on the national level.

RATING SENSITIVITIES

Maintenance of sustainable budgetary performance with operating
balance about 5% of operating revenue coupled with moderate debt
in line with Fitch's forecast would lead to an upgrade.

Weak operating balance insufficient to cover interest payments
along with significant growth of refinancing risk due to
increasing reliance on short-term debt would lead to a downgrade.


KEMEROVO REGION: Fitch Assigns 'BB-' IDR; Outlook Stable
--------------------------------------------------------
Fitch Ratings has assigned the Russian Kemerovo Region Long-term
foreign and local currency Issuer Default Ratings (IDRs) of
'BB-'and a Short-term foreign currency IDR of 'B'.  The agency
has also assigned the region's National Long-term rating at
'A+(rus)'. The Outlooks on the Long-term ratings are Stable.

The agency has also assigned the region's senior unsecured debt a
Long-term local currency rating of 'BB-' and a National Long-term
rating of 'A+(rus)'.

KEY RATING DRIVERS

The ratings reflect the region's high direct risk relative to
national peers', including some forex exposure, and volatile
budgetary performance with wide deficits and negative margins in
2013.  The ratings also factor in a strong but concentrated local
economy and low contingent risk.  The Stable Outlook reflects
Fitch's expectation that Kemerovo's operating performance will
stabilize with a narrowing of its budget deficit during 2015-
2016, following substantial deficits before debt variation in
prior years caused by deterioration in the region's tax revenue.

Fitch expects the region's operating balance to stabilize at
about 3% of operating revenue during 2014-2016, underpinned by a
recovery of corporate income tax (CIT) proceeds and additional
allocations by the national government of personal income tax
revenue to regions in 2014.  The operating balance turned
negative in 2013, due to a decline in tax revenue for the second
year in a row.  Tax proceeds fell sharply in 2012-2013, due to
weak earnings at major local taxpayers following price declines
for key commodity exports, such as coal and steel.

The wide deficit before debt variation during 2012-2013 and so
far in 2014 has resulted in a rapid rise in total debt, leading
Fitch to expect an increase in direct risk to RUB50 billion (58%
of current revenue) at end-2014, from RUB19 billion (21%) in
2011.  At Sept. 1, 2014, direct risk totaled RUB45.2 billion, of
which 51% matures during 2015-2016 exposing the region to some
refinancing pressure.  Fitch expects Kemerovo's direct risk will
continue to grow to 65% of current revenue by end-2016.

The region is exposed to unhedged foreign-currency risk because
16% of its direct risk (USD197 million) was denominated in US
dollars as of September 1, 2014.  It is represented by
liabilities to Vnesheconombank (BBB/Negative/F3) that were
assumed by the region in the mid-2000s.  Annual interest rate for
the outstanding debt is only 1% and the maturity profile has been
smoothed out to Jan. 1, 2035, which takes immediate pressure off
its debt servicing burden.

Kemerovo has low contingent risk stemming from public sector
entities' financial debt and issued guarantees.  In late 2011,
the region imposed a moratorium on new guarantees issuance and as
of Sept. 1, 2014 the region had no outstanding guarantees.

The region has a strong economy dominated by the coal and metal
industries.  This provides an extensive tax base for the region's
budget, allowing the region to rely on its own budget revenue
rather than on transfers from the federal budget.  However, a
large portion of tax revenues depends on companies' profits,
resulting in high revenue volatility.

RATING SENSITIVITIES

Improvement in the operating balance to 6%-8% of operating
revenue and maintenance of debt coverage ratio (direct risk to
current balance) below 10 years on a sustainable base would lead
to an upgrade.

Inability to maintain positive operating balance on a sustained
basis or an increase in direct risk far beyond Fitch expectations
would lead to a downgrade.


ROST BANK: S&P Lowers Counterparty Credit Rating to 'CCC+'
----------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term counterparty credit rating on Russia-based OJS
Commercial Bank Rost Bank to 'CCC+' from 'B-'.  The 'C' short-
term counterparty credit rating was affirmed.

At the same time, S&P lowered its Russia national scale rating on
Rost Bank to 'ruBB-' from 'ruBBB-'.

S&P placed both long-term ratings on CreditWatch with negative
implications.

The downgrade reflects the significant deterioration of Rost
Bank's asset quality, which will likely result in weaker capital
ratios than S&P anticipated.  On Oct. 21, 2014, the Central Bank
of Russia (CBR) instructed Rost Bank to create Russian ruble
(RUB) 4.7 billion (about US$115 million) of additional provisions
to cover the increasing amount of bad loans.  These provisions
will likely weigh on the bank's full-year results and equity
capital.

Rost Bank's regulatory capital amounted to RUB13.4 billion on
Oct. 1, 2014.  S&P considers that the bank's regulatory capital
ratios may expose it to the CBR's intervention, despite a
significant capital injection of RUB2 billion expected from its
owner by the end of Oct. 2014.  S&P forecasts its risk-adjusted
capital ratio for Rost Bank, before adjustments for
diversification, to decrease to 4.0%-4.5% over the next 12-18
months.  Consequently, S&P has revised its assessment of Rost
Bank's capital and earnings down to "weak" from "moderate."

S&P believes the rapid erosion of asset quality resulted from the
bank's aggressive growth over the past two years, in Russia's
worsening economic environment, and the bank's insufficient
reserves.  The bank's assets have increased more than 4x since
the end of 2012.  In 2014 alone, Rost Bank acquired four banks,
which together accounted for roughly 38% of its balance sheet as
of
Oct. 1, 2014.  S&P is increasingly concerned about the bank's
capacity to create a cohesive banking group.

As S&P envisaged, integrating acquired banks and managing rapid
organic growth have become difficult for Rost Bank.  The bank has
yet to establish a prudent risk-management framework that would
encompass all the acquired assets.  In this regard, S&P will
continue to carefully monitor the performance of the bank's loan
portfolio.

In addition, in June 2014, the CBR prohibited Rost Bank from
increasing the level of retail deposits, and S&P understands that
this restriction is still in place.  This puts additional
pressure on the stability of the bank's funding profile, at a
time when the Russian banking industry is suffering from scarcer
and more expensive funding.  The longer the restriction lasts,
the higher the risk of increasing funding imbalances at Rost Bank
and a loss of confidence among the bank's counterparties.

S&P aims to resolve the CreditWatch over the next three months,
during which it will monitor the bank's capital and liquidity
profiles, in particular the regulatory restriction on increasing
the level of retail deposits, which in S&P's view creates funding
imbalances.

S&P may lower the long-term ratings if over that period Rost
Bank's liquidity deteriorates, or if the CBR continues to prevent
the bank from increasing its retail deposit portfolio, contrary
to S&P's current expectations.  In that case, and consistent with
S&P's criteria, it would revise its view of Rost Bank's funding
or liquidity downward.  S&P may also take a negative rating
action if further deterioration of asset quality resulted in
additional provisions, or if the bank's owner does not provide
the expected capital increase.


RUSSIAN MOSCOW: Fitch Assigns BB+ Long-Term IDRs; Outlook Stable
----------------------------------------------------------------
Fitch Ratings has assigned the Russian Moscow Region Long-term
foreign and local currency Issuer Default Ratings (IDRs) of 'BB+'
with Stable Outlooks and a Short-term foreign currency IDR of
'B'. The agency has also assigned the region a National Long-term
rating of 'AA(rus)' with a Stable Outlook.

KEY RATING DRIVERS

The ratings reflect Moscow region's sound budgetary performance,
low debt, high liquidity and wealth and economic indicators above
national median.  The ratings also factor in the expectation of
debt growth driven by increasing capex, pressure on operating
expenditure and extensive public sector that raises contingent
risk to the region's budget.

Fitch forecasts the region to record stable budgetary performance
with the operating balance at 10%-12% of operating revenue in
2014-2016.  This is lower than the 20% it averaged in 2010-2012
but it remains sufficiently strong to cover debt servicing needs.

In 2013, the operating margin fell to 10% from 22% a year earlier
due to reduced tax revenue accompanied by a notable 15% growth in
operating expenditure caused by the federal government's
decisions on public sector salary increase.  Tax revenue was
negatively affected by the reduction in the size of the region's
territory in favor of the city of Moscow (BBB/Negative/F3) in
mid-2012 and the deceleration of the tax base due to the slowdown
of the national economy in 2013.

Fitch expects Moscow region to increase capex to an average 17%
of total expenditure in 2014-2016 (2013: 13%) driven by high
needs in infrastructure development.  A significant 75% of capex
will be funded by the region's strong current balance and capital
revenue. The remainder will be financed by new borrowing, which
will drive direct risk growth.

Fitch expects the region's direct risk to moderately grow in
2014-2016, but in relative terms it will not exceed 30% of
current revenue (2013: 28%).  During 8M14 the region repaid all
outstanding bonds.  As of Sept. 1, 2014, its debt comprised
RUB27.8 billion of bank loans with five-year maturity and RUB40.1
billion of budget loans maturing in 2014-2017.  Sound cash
reserves of RUB53.4 billion accumulated by the region as of Sept.
1, 2014, covered its direct risk maturing in 2014-2016 by 1.5x.

During 2010-2013 the region's government aimed at debt burden
reduction and managed a twofold cut of its direct risk to RUB84
billion by end-2013 from RUB159 billion at end-2009.  Direct risk
peaked at 75% of current revenue in 2009 due to a weak budgetary
performance amid the financial crisis.  In addition, over 2008-
2009 the region assumed RUB45 billion of public sector entities'
(PSE) debt which was guaranteed by the region.

The region directly and indirectly controls an extensive public
sector, consisting of more than 100 companies.  This creates
additional contingent risks for the regional budget and puts
pressure on budget expenditure through administrative expenses
and subsidies.  Fitch does not consider risk from the sector to
be significant due to the large size of the region's budget.
However, in 2008-2009 the region was forced to assume a
significant amount of PSE debt resulting from its policy of
guaranteeing PSE debt.  The region's new management (the current
governor took office in Sept. 2013) follows prudent debt practice
and does not issue new guarantees.

The region has a well-diversified economy based on services and
processing industries.  The region's proximity to the city of
Moscow makes it one of the most attractive regions for investment
in Russia and provides a wide range of employment opportunities
for its residents, which leads to the region's wealth and
economic indicators being above the national median.  Gross
regional product grew by 3.2% in 2013, above the national 1.3%.
The region's government forecasts its further growth by 3%-4%
annually in 2014-2016.

RATING SENSITIVITIES

Restoration of operating balance to the historical high of above
15% of operating revenue accompanied by the sound debt metric
with direct risk to current balance at below average debt
maturity profile could lead to an upgrade.

A sharp growth of direct risk to above 50% of current revenue,
coupled with deterioration of operating performance resulting in
weak debt coverage could lead to a downgrade.



=========
S P A I N
=========


BANCO POPULAR FTPYME 1: S&P Raises Cl. C Notes Rating to CCC+
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
IM BANCO POPULAR FTPYME 1, Fondo de Titulizacion de Activos'
class B and C notes.  At the same time, S&P has affirmed its 'AA
(sf)' rating on the class A (G) notes.

Upon publishing S&P's updated criteria for rating single-
jurisdiction securitizations above the sovereign foreign currency
rating (RAS criteria), 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.

S&P has used data from the July 2014 investor report to perform
its credit and cash flow analysis and has applied its European
small and midsize enterprise (SME) collateralized loan obligation
(CLO) criteria and its current counterparty criteria.  For
ratings in this transaction that are above S&P's rating on the
sovereign, it has also applied its RAS criteria.

CREDIT ANALYSIS

IM BANCO POPULAR FTPYME 1 is a single-jurisdiction cash flow CLO
transaction securitizing a portfolio of SME loans that was
originated by Banco Popular Espanol S.A. in Spain.  The
transaction closed in Dec. 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 adjusted the average credit quality by one notch.

As a result of these adjustments, S&P's average credit quality
assessment of the portfolio was 'b-', which it used to generate
its 'AAA' SDR of 70.7%.

S&P has calculated the 'B' SDR, based primarily on its analysis
of historical SME performance data and its 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
12%.

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 unsolicited rating on the Kingdom of Spain is
'BBB'.  S&P's RAS criteria 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 our European SME CLO
criteria.

Under S&P's RAS criteria, it can rate a securitization up to four
notches above its foreign currency rating on the sovereign if the
tranche can withstand "severe" stress.  However, if all six of
the conditions in paragraph 48 of the RAS criteria are met
(including credit enhancement being sufficient to pass an extreme
stress), S&P can assign ratings in this transaction up to a
maximum of six notches (two additional notches of uplift) above
the sovereign rating.  The available credit enhancement for the
class A (G) notes can withstand an "extreme" stress.  S&P has
therefore affirmed its 'AA (sf)' rating on this class of notes.

The available credit enhancement for the class B notes can also
withstand an "extreme" stress.  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 B notes to be commensurate with a higher rating than
currently assigned.  S&P has therefore raised to 'A+ (sf)' from
'A- (sf)' its rating on the class B notes.

Given that the rating level for the class C notes is lower than
the sovereign rating, S&P has not applied its RAS criteria.

S&P considers the available credit enhancement for the class C
notes to be commensurate with a higher rating than currently
assigned.  S&P has therefore raised to 'CCC+ (sf)' from 'CCC
(sf)' its rating on the class C notes.

RATINGS LIST

Class              Rating
            To                From

IM BANCO POPULAR FTPYME 1, Fondo de Titulizacion de Activos
EUR2 Billion Floating-Rate Notes

Ratings Raised

B           A+ (sf)           A- (sf)
C           CCC+ (sf)         CCC (sf)

Rating Affirmed

A (G)       AA (sf)


BANCO POPULAR EMPRESAS 1: S&P Hikes Cl. D Notes Rating to 'BB+'
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
IM GRUPO BANCO POPULAR EMPRESAS 1, Fondo de Titulizacion de
Activos' class C and D notes.  At the same time, S&P has affirmed
its ratings on the class A2, B, and E notes.

Upon publishing S&P's updated criteria for rating single-
jurisdiction securitizations above the sovereign foreign currency
rating (RAS criteria), S&P 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.

S&P has used data from the July 2014 investor report to perform
its credit and cash flow analysis and have applied its European
small and midsize enterprise (SME) collateralized loan obligation
(CLO) criteria and its current counterparty criteria.  For
ratings in this transaction that are above S&P's rating on the
sovereign, it has also applied its RAS criteria.

CREDIT ANALYSIS

IM GRUPO BANCO POPULAR EMPRESAS 1 is a single-jurisdiction cash
flow CLO transaction securitizing a portfolio of SME loans that
was originated by Banco de Andalucia S.A., Banco de Castilla
S.A., Banco de Credito Balear S.A., Banco de Galicia S.A., Banco
de Vasconia S.A., and Banco Popular Espanol S.A. (together "Grupo
Banco Popular") in Spain.  The transaction closed in Sept. 2006.

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 adjusted the average credit quality by three notches.

As a result of these adjustments, S&P's average credit quality
assessment of the portfolio was 'ccc', which S&P used to generate
its 'AAA' SDR of 85.4%.

S&P has calculated the 'B' SDR, based primarily on its analysis
of historical SME performance data and its 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
13.3%.

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

Under S&P's RAS criteria, it can rate a securitization up to four
notches above its foreign currency rating on the sovereign if the
tranche can withstand "severe" stress.  However, if all six of
the conditions in paragraph 48 of the RAS criteria are met
(including credit enhancement being sufficient to pass an extreme
stress), S&P can assign ratings in this transaction up to a
maximum of six notches (two additional notches of uplift) above
the sovereign rating.  The available credit enhancement for the
class A2 notes withstands a "severe" stress, but it fails in an
"extreme" stress, solely because of certain recovery timing
assumptions, and S&P has considered that it still merits a six-
notch uplift above the sovereign rating.  Therefore, S&P has
affirmed its 'AA (sf)' rating on this class of notes.

The available credit enhancement for the class B and C notes can
withstand a "severe" stress.  S&P has therefore affirmed its 'A+
(sf)' rating on the class B notes.

Based on S&P's credit and cash flow analysis and the application
of its current counterparty criteria, it considers the available
credit enhancement for the class C notes to be commensurate with
a higher rating than currently assigned.  S&P has therefore
raised to 'A (sf)' from 'A- (sf)' its rating on the class C
notes.

Given that the rating levels for the class D and E notes are
lower than the sovereign ratings, S&P has not applied its RAS
criteria.

S&P considers the available credit enhancement for the class D
notes to be commensurate with a higher rating than that currently
assigned.  S&P has therefore raised to 'BB+ (sf)' from 'BB- (sf)'
its rating on the class D notes.

S&P considers the available credit enhancement for the class E
notes to be commensurate with the currently assigned rating.  S&P
has therefore affirmed its 'D (sf)' rating on this class of
notes.

RATINGS LIST

Class              Rating
            To                From

IM GRUPO BANCO POPULAR EMPRESAS 1, Fondo de Titulizacion de
Activos
EUR1.832 Billion Floating-Rate Notes

Ratings Raised

C           A (sf)            A- (sf)
D           BB+ (sf)          BB- (sf)

Ratings Affirmed

A2          AA (sf)
B           A+ (sf)
E           D (sf)


SANTANDER EMPRESAS 3: S&P Cuts Rating on Class E Notes to 'CCC-'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Fondo de Titulizacion de Activos Santander Empresas 3's class A2,
A3, B, C, D, and E notes.  At the same time, S&P has affirmed its
rating on the class F notes.

Upon publishing S&P's updated criteria for rating single-
jurisdiction securitizations above the sovereign foreign currency
rating (RAS criteria), S&P 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.

S&P has used data from the July 2014 investor report to perform
its credit and cash flow analysis and have applied its European
small and midsize enterprise (SME) collateralized loan obligation
(CLO) criteria and its current counterparty criteria.  For
ratings in this transaction that are above S&P's rating on the
sovereign, it has also applied its RAS criteria.

CREDIT ANALYSIS

Fondo de Titulizacion de Activos Santander Empresas 3 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 May 2007.

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 adjusted the average credit quality by three notches.

As a result of these adjustments, S&P's average credit quality
assessment of the portfolio was 'ccc', which it used to generate
its 'AAA' SDR of 79.60%.

S&P has calculated the 'B' SDR, based primarily on its analysis
of historical SME performance data and its 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
17%.

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
RAS criteria 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 S&P's RAS criteria, it can rate a securitization up to four
notches above its foreign currency rating on the sovereign if the
tranche can withstand "severe" stresses.  However, if all six of
the conditions in paragraph 48 of the RAS criteria are met
(including credit enhancement being sufficient to pass an extreme
stress), S&P can assign ratings in this transaction up to a
maximum of six notches (two additional notches of uplift) above
the sovereign rating.  The available credit enhancement for the
class A2 and A3 notes can withstand severe stresses, but cannot
withstand extreme stresses.  S&P has therefore lowered its
ratings on these classes of notes.

The available credit enhancement for the class B notes cannot
withstand severe stresses.  S&P has therefore lowered its rating
on this class of notes.

Given that the rating levels for the class C, D, and E notes are
not higher than the sovereign rating, S&P has not applied its RAS
criteria.  Based on S&P's credit and cash flow analysis and the
application of its current counterparty criteria, it considers
the available credit enhancement for the class C, D, and E notes
to be commensurate with lower ratings than those currently
assigned.  S&P has therefore lowered its ratings on the class C,
D, and E notes.

S&P's current 'D (sf)' rating on the class F notes signifies that
it has missed an interest payment.  S&P's cash flow analysis
indicates that the available credit enhancement for the class F
notes is commensurate with the currently assigned rating.  S&P
has therefore affirmed its 'D (sf)' rating on the class F notes.

RATINGS LIST

Class              Rating
            To                From

Fondo de Titulizacion de Activos Santander Empresas 3
EUR3.546 Billion Floating-Rate Notes

Ratings Lowered

A2          A+ (sf)           AA (sf)
A3          A+ (sf)           AA (sf)
B           BBB (sf)          A (sf)
C           BBB- (sf)         BBB (sf)
D           CCC+ (sf)         B+ (sf)
E           CCC- (sf)         CCC (sf)

Rating Affirmed

F           D (sf)



=====================
S W I T Z E R L A N D
=====================


SCHMOLZ + BICKENBACH: S&P Raises CCR to 'B+'; Outlook Stable
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term corporate credit rating on Swiss specialty steelmaker
Schmolz + Bickenbach AG (S+B) to 'B+' from 'B'.  The outlook is
stable.

The issue rating on Schmolz + Bickenbach Luxembourg S.A.'s EUR167
million senior secured notes, due in 2019 and guaranteed by S+B,
was also raised to 'B+'.  S&P's recovery rating on the notes
remains at '4' indicating its expectation of average recovery
(30%-50%) in the event of a payment default.

The upgrade reflects S+B's improved operating performance on the
back of increased volumes and a restructuring program.  This is
despite still relatively weak base prices in the long stainless
steel and engineering steel markets in Europe, due to competition
and only gradual economic recovery.  S&P therefore expects the
company to continue reducing leverage, so that the ratio of
adjusted debt to EBITDA declines to about 4x by the end of 2014
and below 4x in 2015, compared with 5x for the 12 months ended
June 30, 2014.

S&P also expects the company to generate neutral to moderately
positive discretionary cash flow, based on management's focus on
efficiency improvements and deleveraging.  S&P expects capital
expenditure (capex) to remain moderate at about EUR100 million in
2015, and S&P believes the company will refrain from high
dividend payments and acquisitions at least until it has
finalized its restructuring program in 2016.  S&P continues to
assess S+B's financial risk profile as "aggressive," due to the
high volatility of its earnings through the cycle.  Given S+B's
improved performance, S&P now believes that its leverage is in
line with that of peers' with aggressive financial risk profiles
and S&P therefore no longer applies a negative comparative rating
adjustment.

Despite the gradual improvement of the company's cost position
and profitability on the back of the restructuring program, the
company's business risk profile is constrained by high operating
leverage and the high cyclicality of specialty steel, demand for
which mainly comes from automotive and mechanical engineering end
markets.  S+B's profitability is therefore very volatile, with
the return on capital at 1.3% in 2013 and at about 8% in the
first half of 2014.  The business risk profile is also
constrained by the group's large exposure to the still-weak
European economy, which accounted for 82% of its 2013 revenue.

S&P's view of the business risk profile is supported by the
group's leading position globally in tool and long stainless
steel, as well as its strong position in European engineering
steel.  It is also underpinned by S+B's ability to pass on the
costs of raw materials to its customers through a surcharge
mechanism.

The stable outlook reflects S&P's expectation that S+B's Standard
& Poor's-adjusted leverage will continue to improve in 2014 and
2015.  S&P believes that an adjusted debt-to-EBITDA ratio of
3.0x-4.0x will be commensurate with the 'B+' rating in the
current or a stronger market environment.  In case of a new
downturn in the company's markets and a fall in EBITDA, a ratio
of debt to EBITDA of up to 4.5x could be commensurate with the
rating, provided that S&P expected a near-term recovery.  The
stable outlook also factors in neutral to moderately positive
discretionary cash flow over 2014-2015.

S&P could lower the rating if Europe's economy deteriorated
significantly, which could cause the company's adjusted debt to
EBITDA to once again exceed 4.5x, without near-term recovery
prospects.  Significant negative discretionary cash flow could
also result in a lower rating.

S&P could raise the rating to 'BB-' if there is a combination of
an improvement in demand in Europe, mainly from automotive and
mechanical engineering end markets, and progress on S+B's
restructuring program, so that its adjusted debt to EBITDA
improves to below 3.0x on a sustainable basis.  Positive free
operating cash flow and no increase in gross debt would also be
important for an upgrade.



=============
U K R A I N E
=============


MRIYA AGRO: Fitch Lowers Long-Term Issuer Default Rating to 'RD'
----------------------------------------------------------------
Fitch Ratings has downgraded Ukraine-based agricultural producer
Mriya Agro Holding Public Limited's Long-term foreign currency
Issuer Default Rating (IDR) to 'RD' (Restricted Default) from
'C'.

The downgrade to 'RD' follows the uncured default on a coupon
payment in Sept. 2014, following the expiry of a 30-day grace
period, and no subsequent coupon payment or public announcement
about material progress of debt restructuring discussions with
its creditors.  As a result Fitch believes that a distressed debt
exchange (DDE) is inevitable, which is likely to lead to
significant losses for Mriya's bondholders and other creditors.

KEY RATING DRIVERS

Uncertainty over Restructuring Negotiation

On Oct. 24, Mriya presented a restructuring plan and its revised
financial model to its creditors.  Fitch understands from press
reports that a large part of the creditors are not satisfied with
the suggested restructuring terms, thus making the timeframe and
the outcome of the restructuring uncertain.  Fitch has no access
to the offered terms of the debt restructuring.

Average Recovery Expected

In line with Fitch's "Recovery Ratings and Notching Criteria for
Non-Financial Corporate Issuers" we continue to expect average
recovery prospects for Mriya's bondholders but these are no
longer capped by the Ukrainian jurisdiction and have been
calculated under the liquidation approach.  Calculations are
based on the most recent IFRS accounts available (end-2013),
adjusted by Fitch on expected asset devaluation due to hryvnia
depreciation.  In the recovery analysis Fitch also assumed
contingent liabilities of USD200 million, which became known only
recently and were not disclosed in the last audited IFRS
accounts.

Taking into account the company's low corporate transparency, the
lack of more recent financial information, its track record of
related-party transactions, and potential leakage from Mriya's
consolidated assets, as highlighted by a number of Mriya's
creditors, recoveries to creditors may be lower than Fitch has
estimated.

Significant Liquidity Pressures

After spending most of its cash balance (USD186 million at 2013-
end) on spring sowing and harvesting campaigns due to limited
access to working capital credit facilities, we estimate that
Mriya has a weak cash balance.  This is likely to be
significantly short of its short-term debt maturities (above
USD200 million) and the missed debt payments (above USD130
million).  Its liquidity position is aggravated by reduced cash
flows from operating activities in 2014 due to lower soft
commodity prices.

Operations under Pressure
Liquidity shortage is likely to put pressure on Mriya's
operations in 2015, which is at risk of a volume reduction or
even of a cancellation of harvesting plans due to insufficient
working capital financing.  If commodity prices remain at current
low levels, and input costs including seeds, fuel, fertilizers
continue to be on the rise (affected by the hryvnia depreciation)
we would expect a further substantial decline in EBITDA next year
relative to Fitch's forecasts.

RATING SENSITIVITIES

Negative: Future developments that could lead to a downgrade
include:

   -- Bankruptcy filings, administration, receivership,
      liquidation or other formal winding-up procedures

Positive: Future developments that could lead to positive rating
action include:

   -- Ability to service debt, demonstrated effective treasury
      management and adequate liquidity back-up to support the
      business operations and maintain a viable business
      performance.  Management's willingness to embrace higher
      standards of corporate governance and information
      transparency will also be key rating factors.

Full List of Rating Actions

Long-term foreign currency IDR: downgraded to 'RD' from 'C'
Short-term foreign currency IDR: downgraded to 'RD' from 'C'
Long-term local currency IDR: downgraded to 'RD' from 'C'
Short-term local currency IDR: downgraded to 'RD' from 'C'
Foreign currency senior unsecured rating: affirmed at
  'C'/Recovery Rating of 'RR4'
National Long-term rating: downgraded to 'RD(ukr)' from 'C(ukr)'



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


EURONET WORLDWIDE: S&P Assigns 'BB+' Rating to US$350MM Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'BBB-' corporate credit rating on Euronet Worldwide Inc.  The
outlook remains stable.  At the same time, S&P assigned its 'BB+'
issue-level rating to the company's proposed US$350 million
senior unsecured convertible note issuance.

"These rating actions follow Euronet's announcement that it plans
to issue US$350 million of senior unsecured convertible notes
maturing in 2044 (Euronet will have the first call date in 2018
and the bondholders will have the first put date in 2020) with
the potential to upsize the issuance by US$52.5 million," said
Standard & Poor's credit analyst Igor Koyfman.  "The company will
use the proceeds from these bonds, along with its available cash,
primarily to pay down its existing revolving credit facility and
to repurchase up to $80 million of its common stock."

S&P expects that Euronet's debt-to-EBITDA metric (adjusted for
operating leases) will be around 2.0x-2.5x over the next 12
months even if the company issues the full US$402.5 million,
which S&P believes is in line with its 'BBB-' rating.  (Leverage
for the last 12 months was approximately 2x.)  S&P's rationale
for rating Euronet's new debt issuance one notch below S&P's
corporate credit rating on the company is to reflect the
subordination of the new debt to the company's other debt issues.
Specifically, S&P assumes that over the next two years Euronet
will draw on the revolving credit facility for acquisitions or to
meet higher working capital requirements as the company expands
organically. Still, S&P expects that its leverage will remain
below 2.75x.

The stable outlook reflects the firm's strong financial
performance and S&P's expectation that its leverage will remain
below 2.75x over the next 12 months.

S&P could lower its ratings on Euronet if its future performance
is materially worse than S&P's expectations -- possibly because
of large acquisitions or depressed economic conditions -- such
that S&P expects debt-to-EBITDA to grow above 2.75x.

Although unlikely at this time, S&P could raise its rating on
Euronet, or revise the outlook to positive, if the company
exceeds S&P's current expectations such that it assumes its debt-
to-EBITDA metric will be maintained below 2x.


RAC FINANCE: S&P Affirms 'B+' CCR on Carlyle's Partial Stake Sale
-----------------------------------------------------------------
Standard & Poor's Ratings Services said affirmed its 'B+' long-
term corporate rating on U.K.-based roadside assistance provider,
Nelson Bidco Ltd. (trading as RAC Finance) ("RAC").  The outlook
is stable.

S&P also assigned its 'B+' issue rating and '3' recovery rating
to the proposed senior secured GBP965 million first-lien term
loan B, and its 'B-' issue rating and '6' recovery rating to the
proposed GBP235 million second-lien term loan.

The Carlyle Group has entered into an agreement to sell half its
interest in RAC to Singaporean sovereign wealth fund, GIC, for an
enterprise value of GBP2 billion.  The acquisition will be funded
by the proposed GBP965 million senior secured term loan B, the
proposed GBP235 million second-lien facility, and a GBP398
million equity contribution from GIC, mostly in the form of
shareholders' loans and preference shares.  S&P regards the
shareholders' loans and preference shares as equity under its
criteria.  The existing debt facilities will be refinanced.  S&P
considers the proposed capital structure as highly leveraged.  As
such, S&P is affirming its 'B+' corporate credit rating on RAC.

"We assess the group's business risk profile as "satisfactory."
Our assessment is supported by RAC's low-risk membership-based
operating model; national scale; strong U.K. brand recognition;
and above-average profitability for the services sector.  The
group has relatively limited exposure to macroeconomic cycles and
benefits from significant barriers to entry.  However, RAC has
limited geographic diversification, and generates virtually all
revenues from within the U.K.  We assess RAC's profitability as
excellent, given RAC's above-average EBITDA margins relative to
the services industry and low volatility," S&P noted.

After the transaction, S&P considers that RAC will have an
aggressive financial policy and a highly-leveraged capital
structure, which includes the first- and second-lien term loans.
Given its above-average EBITDA margins relative to industry
peers, and its low maintenance capital expenditures (capex), RAC
generates solid free and discretionary cash flow, which could
enable it to somewhat reduce senior term debt.

S&P forecasts adjusted debt to EBITDA of 7.3x, and adjusted funds
from operations (FFO) to debt 6% at year-end 2015.  S&P believes
credit metrics will improve somewhat in 2016 due to EBITDA
growth.

In S&P's base case, it assume:

   -- Revenue growth between 4% and 5% in 2015 and 2016, achieved
      through high client retention and increased cross-selling.

   -- Continued improvement in adjusted EBITDA margin to 33% as
      the group realizes further cost savings under its cost
      efficiency program and achieves better operational leverage
      through revenue growth.

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

   -- Adjusted debt to EBITDA of 7.3x for year-end 2015,
      improving to 6.8x by year-end 2016.

   -- Adjusted FFO to debt of 6% at year-end 2015, improving to
      7% at year-end 2016.

The stable outlook reflects S&P's view that demand for RAC's
services will remain robust, and the group will continue to
gradually improve its margins to 32%-33%.  It also incorporates
S&P's view that under the new ownership, which includes the
private equity arm of an institutional investor, RAC will
gradually reduce its leverage.

S&P could downgrade RAC if its financial policies become more
aggressive than it anticipates, including a large shareholder
distribution that weakens credit metrics.  Additionally, a severe
contraction in margins or poorer cash flows could put pressure on
the ratings.

S&P is currently unlikely to raise the ratings because of RAC's
private equity ownership and aggressive financial policies,
tolerance for high leverage, and the potential for shareholder
returns.  However, sustained deleveraging, improved EBITDA and
cash flow generation, and stronger credit metrics than S&P
currently anticipates could cause it group improves Standard &
Poor's-adjusted debt to EBITDA to less than 5x and adjusted FFO
to debt to more than 12% and sustains these metrics at these
levels, S&P could consider taking a positive rating action.


TESCO PLC: Mulls Sale of Stake in Banking Arm to Raise Capital
--------------------------------------------------------------
Ben Marlow at The Telegraph reports that Tesco plc has begun
exploring the possible sale of a stake in its banking arm as it
speeds up plans to raise billions of pounds in much-needed
additional capital.

According to The Telegraph, the troubled supermarket giant,
fighting the biggest crisis in its 95-year history, is in the
early stages of examining a potential partial float of Tesco
Bank, which could raise between GBP500 million and GBP1 billion.

The City now regards a large-scale cash-raising exercise by Tesco
as inevitable with analysts at HSBC estimating that the cost of
turning round the supermarket giant could eventually rise to as
much as GBP3 billion, The Telegraph notes.

There are three main assets that could be disposed of to raise
such a large sum and as a result are now actively being looked at
by the board and Tesco's in-house mergers and acquisitions team,
led by the former Lazard banker Jonathan Lewis, The Telegraph
discloses.  The largest is a carve-out and separate stockmarket
listing of Tesco's huge Asian assets, The Telegraph says.
Analysts estimate the businesses would be worth between GBP8
billion and GBP10 billion, The Telegraph states.

A sale or float of part of the bank, which has around 6 million
customers and employs more than 4,000 staff, is also seen as an
attractive option, according to The Telegraph.

However, a listing in the coming months could prove challenging
after a string of UK listings were pulled in the face of
worsening investor sentiment, while Tesco Bank's own performance
has been disappointing, The Telegraph states.

Financial figures for Tesco's personal finance arm, released
alongside the supermarket group's half-year results, revealed
that profits at the bank had fallen by nearly a quarter to GBP80
million this year from GBP104.7 million the previous year on the
back of rising bad debts, The Telegraph relays.

                             Deficit

Martin Flanagan at The Scotsman reports that Tesco revealed a
worse than expected GBP263 million hole in its accounts on
Oct. 23 and admitted an independent investigation had shown it
had over-stated profits for years.

New chief executive Dave Lewis, who replaced Phil Clarke after
the latest of a string of profits warnings in August, said
continued tough trading had hit half-time profits, as crisis
continues to engulf the group, The Scotsman relates.

Tesco also said chairman Sir Richard Broadbent would be stepping
down when ex-Unilever executive Mr. Lewis and new finance
director, former Marks & Spencer man Alan Stewart, had settled in
following the conclusion of an investigation by accountants
Deloitte into the artificially inflated accounts, The Scotsman
notes.

The investigation, which has been taken up by the Financial
Conduct Authority, was called after an internal whistle-blower
had originally put the accounting mis-statement at GBP250
million, The Scotsman relays.

Eight senior members of staff, including UK managing director
Chris Bush, have been suspended over the issue, The Scotsman
discloses.  The Deloitte inquiry, helped by City lawyers
Freshfields, found Tesco had been booking financial returns early
and pushing back the costs in dealings with suppliers on price
promotions, The Scotsman notes.

It came as Tesco posted a 92% fall in interim pre-tax profits to
GBP112 million for the six months to Aug. 23, from GBP1.39
billion a year ago, while same-floorspace sales in its UK
heartland fell 4.6% amid an ongoing price war with Asda,
Morrisons, Aldi and Lidl, The Scotsman states.

Tesco PLC is a multinational grocery and general merchandise
retailer headquartered in Cheshunt, Hertfordshire, England,
United Kingdom.



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


* BOND PRICING: For the Week October 27 to October 31, 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
202-362-8552.


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