TCREUR_Public/141201.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, December 1, 2014, Vol. 15, No. 237

                            Headlines

A U S T R I A

HYPO ALPE-ADRIA: Advent Deadline Expires; Austria Reopens Bidding


D E N M A R K

OW BUNKER: Alba Tanker Takes Over Unit as Part of Securing Assets


F I N L A N D

METSA BOARD: Moody's Hikes Corporate Family Rating to B1


I C E L A N D

KAUPTHING BANK: Grant Thornton Sued Over Role in Tchenguiz Probe


I T A L Y

CORDUSIO RMBS 4: S&P Lowers Rating on Class E Notes to 'B-'


K A Z A K H S T A N

URANIUM ONE: Fitch Affirms 'BB-' LT FC Issuer Default Rating


N E T H E R L A N D S

CREDIT EUROPE BANK: Fitch Affirms 'BB-' LT Issuer Default Rating
DANSKE BANK: Moody's Raises Preferred Stock Rating to 'Ba1'
TELEFONICA: S&P Assigns 'BB+' Rating to Non-call Hybrid Notes


P O R T U G A L

BANCO ESPIRITO: Novo Banco to Meet Required Solvency Ratios


R U S S I A

BRUNSWICK RAIL: Moody's Lowers Corporate Family Rating to 'B2'
KAZKOMMERTSBANK: Fitch Assigns 'B' Final Rating to Senior Bonds
ROSSIYSKIY KREDIT: Moody's Withdraws Caa3 Curr. Deposit Ratings
ROSSIYSKIY KREDIT: Moody's Withdraws Caa3.ru Na'tl Deposit Rating


S P A I N

BANCO DE SABADELL: S&P Raises Rating to 'BB+'; Outlook Negative
UCI 9: S&P Lowers Ratings on Class B & C Notes to 'BB(sf)'


S W I T Z E R L A N D

SPUTNIK ENGINEERING: To File for Insolvency in Switzerland


U N I T E D   K I N G D O M

AUSTIN REED: Owner In Talks with Deloitte Over CVA Deal
NEWDAY PARTNERSHIP 2014-1 PLC: S&P Rates Class F Notes 'BB(sf)'


X X X X X X X X

* BOND PRICING: For the Week November 24 to November 28, 2014




                            *********


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A U S T R I A
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HYPO ALPE-ADRIA: Advent Deadline Expires; Austria Reopens Bidding
-----------------------------------------------------------------
Boris Groendahl at Bloomberg News report that Austria is
reopening the bidding for Hypo Group Alpe Adria AG after a deal
with Advent International Corp. collapsed.

According to Bloomberg, two people with knowledge of the process
said previous bidders who had made a binding offer will be
allowed to take part in the new sale process, which will be
firmed up in coming weeks, because they are not authorized to
comment publicly.  That would include Advent and those ruled out
when Advent gained exclusivity, Bloomberg states.

Bayerische Landesbank, the former owner of Hypo Alpe-Adria-Bank
International AG, failed to approve the sale to Advent on
Nov. 27, the deadline for signing the agreement, Bloomberg
relates.  The Bavarian bank said its rights were violated when
Hypo Alpe was broken up before the planned deal and that as a
result, it can't legally take a position on the agreement,
Bloomberg ntoes.

Austria is seeking to recoup money for its taxpayers, who have
already spent EUR5.5 billion (US$6.8 billion) to wind down the
failed company, which has been turned into a "bad bank" and
renamed Heta Asset Resolution AG, Bloomberg discloses.

Heta confirmed in a statement that exclusivity for the talks with
Advent expired on Nov. 27 and said that it won't be in charge of
the sale anymore, Bloomberg notes.  According to Bloomberg, it
said that process will now be led by Fimbag, a state agency
that's managing Austria's stakes in failed lenders.  Heta,
Bloomberg says, may have to book additional charges, which it
will determine in the coming weeks.

According to Bloomberg, a spokesman for the private equity firm
said Advent is still working toward signing the deal and its
offer remains intact.

Hypo Alpe, based in the southern Austria city of Klagenfurt, has
total assets of EUR8.4 billion, Bloomberg discloses.

The sale must be closed by the end of 2015, Bloomberg notes,
citing the terms of the European Union's state aid approval for
Hypo Alpe.

                     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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D E N M A R K
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OW BUNKER: Alba Tanker Takes Over Unit as Part of Securing Assets
-----------------------------------------------------------------
Sabina Zawadzki at Reuters reports that OW Tanker, a unit of
bankrupt OW Bunker and owner of its marine fuel supply ships, has
been taken over by a newly created company.

According to Reuters, Henrik Pedersen said the takeover by Alba
Tanker ApS, which has the trustees of the bankrupt company on its
board, is part of the process of securing assets for the estate.

"We are not a very big part of the company," Reuters quotes
Mr. Pedersen as saying.  "We're the ship-owning part of OW Bunker
and Trading.  And that was our biggest client, of course, but we
have always been run as a separate company."

OW Tanker owned 10 vessels and chartered 19, according to its Web
site.  Mr. Pedersen, as cited by Reuters, said it employs around
115 people, mostly vessel crews, and is now looking for new
clients.

PricewaterhouseCoopers (PwC) said it had agreed with ING Bank NV
and OW Bunker's trustees to work together in recouping some
US$750 million the company owes to a group of 13 banks, including
ING, Reuters relays.

The trustees from Danish law firms Gorrissen Federspiel and
Plesner, who are on the board of Alba Tanker ApS, were not
immediately available to say how the takeover of OW Tanker could
relate to the debt owed to the banks, Reuters notes.

                        About OW Bunker

OW Bunker A/S is a Danish shipping fuel provider.

On Nov. 7, 2014, OW Bunker A/S, which went public in March,
declared bankruptcy and reported two employees at its Singapore
unit to the police following allegations of fraud.  It owes 15
banks a total of about US$750 million.

OW Bunker said on Nov. 5 it had lost US$275 million through a
combination of fraud committed by senior executives at its
Singapore office and poor risk management.  Trading in its shares
was suspended on Nov. 5 and the company said its banks had
refused to provide more credit.

OW Bunker's U.S. businesses, which opened in 2012 as part of its
global expansion, filed Chapter 11 petitions on Nov. 13.



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F I N L A N D
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METSA BOARD: Moody's Hikes Corporate Family Rating to B1
--------------------------------------------------------
Moody's Investors Service has upgraded the Corporate Family
Rating ("CFR") to B1 and the Probability of Default Rating (PDR)
to B1-PD of Metsa Board Corporation from B2 and B2-PD.
Concurrently, Moody's upgraded Metsa Board's 5-year non-call
EUR225 million senior unsecured Nordic bond to B1 (LGD4, 57). The
outlook is positive.

"We have upgraded Metsa Board's ratings to recognize the
company's ongoing success in offsetting the accelerated decline
in paper delivery volumes by increasing paperboard volumes, in
particular through exports to North America," says Matthias
Volkmer, a Moody's Vice President -- Senior Analyst and lead
analyst for Metsa Board. "We expect the company to gradually
further improve credit metrics despite a likely increase of
investments in production capacities in the coming years."

Ratings Rationale

Metsa Board's upgrade to B1 CFR is driven by continued
profitability improvements following the company's ongoing
transformation into higher-margin packaging products. The B1
rating also reflects (i) Metsa Board's strong market position,
being among the leading producers of paperboard in Europe, (ii)
its good vertical integration into pulp including its valuable
shareholding in pulp company Metsa Fibre, reducing dependency on
the volatile pulp prices, and (iii) positive industry
fundamentals with structural growth for paper-based packaging
products, which will be the major profit contributor for the
group going forward. At the same time, Moody's note that Metsa
Board still needs to prove the ability to generate resilient
returns through the cycle under the restructured setup.

Moody's also cautions that profitability of Metsa Board's paper
and pulp business may be strained as overcapacity for paper is
significant, resulting in weak pricing power of producers, and
therefore diluting the group's overall margin. In addition, new
pulp capacities scheduled to come on stream in South America over
the next few years may exert continued pressure on pulp prices.

With a leverage (debt/EBITDA) of 4.1 per September 2014 (down
from 4.5x as December 2013) and EBITDA margins of around 10% (all
as adjusted by Moody's), Metsa Board is now well positioned at
the B1 rating level. Following the refinancing exercises in 2013
and 2014, annual debt maturities are viewed as manageable until
larger bullet maturities fall due in 2018 and 2019. Higher
profitability and lower restructuring payouts allowed Metsa Board
to return to significant positive free cash flow generation
during 2014, yet potential investments in production capacities
as well as increased dividend payments may marginalize free cash
flow over the next few years.

The positive outlook reflects Moody's expectation that the
group's packaging operations will continue to perform solidly
through 2015 despite the subdued economic environment in Europe,
with further gradual improvements to come from ongoing
efficiencies, the replacement of unprofitable paper capacities
with profitable packaging capacities, and growing demand.

Subsequent to the 2014 refinancing, Metsa Board's liquidity
profile is good including EUR186.4 million of cash as per end of
September 2014 (short-term deposits with Metsa Group Treasury),
EUR16.1 million of cash funds and investments and EUR100 million
undrawn bank revolving credit facility. Moreover, the group's
Funds from Operations should be sufficient to cover future cash
uses, capital expenditures, seasonal working capital peaks and
increased dividend payments while at times relying on the group's
liquidity facilities.

What Could Move the Rating UP

A rating upgrade would require Metsa Board to continue its track
record of gradually improving operating profitability and cash
flow generation despite the challenging macroeconomic conditions
in its European markets. Quantitatively, Moody's would consider a
rating upgrade if Metsa Board was able to sustain EBITDA margins
of at least low double digit percentages, with Moody's adjusted
leverage of debt/EBITDA at below 4x on a sustainable basis, and
RCF/debt moving towards the mid teen percentages.

What Could Move the Rating DOWN

The rating could come under negative pressure if the company's
debt/EBITDA as adjusted by Moody's were to exceed 4.5x or if
material negative free cash flow generation substantially weakens
the group's liquidity position.

The B1 rating assigned to the EUR225 million senior unsecured
notes is at the level of the group's CFR, considering that Metsa
Board's mostly unsecured existing debt arrangements effectively
rank pari passu with the new unsecured debt. Given only marginal
asset security of Metsa Board's priority ranking amortizing
pension loans in an amount of EUR195 million as per September
2014, due between 2014 to 2020, additional notching of the
unsecured debt is not justified in our view. Moody's notes that
the new bond and loan documentations' negative pledge clause is
subject to certain exceptions including permitted secured pension
loans of up to EUR250m and permitted non-recourse trade
receivable securitizations of up to EUR50 million.

The principal methodology used in this rating was Global Paper
and Forest Products Industry published in October 2013. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Metsa Board Corporation, headquartered in Espoo, Finland, is a
leading European primary fibre paperboard producer. Metsa Board
also produces office paper and coated papers as well as market
pulp. Sales during the last twelve months to September 2014
amounted to approximately EUR2.0 billion.



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I C E L A N D
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KAUPTHING BANK: Grant Thornton Sued Over Role in Tchenguiz Probe
----------------------------------------------------------------
Caroline Binham at The Financial Times reports that Vincent
Tchenguiz, the property entrepreneur who was a subject of a
failed criminal investigation by the UK fraud office, has
launched a GBP2.2 billion lawsuit against accountants Grant
Thornton, two of its partners, a lawyer and Kaupthing Bank for
their role in the probe.

Mr. Tchenguiz's lawsuit, filed in London's Commercial Court on
Nov. 27, is the latest step in a saga that started with the 2008
failure of Kaupthing, the Icelandic bank, the FT notes.  It comes
after Mr. Tchenguiz and his younger brother Robert settled their
GBP300 million damages claim against the UK's Serious Fraud
Office this summer after the latter's botched probe of the pair;
they settled for GBP3 million and GBP1.5 million respectively,
plus substantial legal costs, the FT recounts.

In this legal battle, Mr. Tchenguiz is suing Grant Thornton plus
Steve Akers and Hossein Hamedani, who work for the accountant as
restructuring and forensic investigation specialists, the FT
discloses.  He is also suing Kaupthing and Johannes Runar
Johannsson, an Icelandic lawyer on the bank's winding-up
committee, the FT states.

Robert Tchenguiz was a member of the board of the biggest
shareholder in Kaupthing and was also one of the bank's biggest
borrowers.

Mr. Akers was separately a liquidator of Oscatello, an investment
vehicle of Robert Tchenguiz, the FT notes.  They are still in
parallel legal proceedings in Guernsey, the FT states.

Vincent Tchenguiz alleges malicious prosecution and conspiracy by
unlawful means, the FT discloses.  He alleges the defendants were
conspirators in a scheme to put pressure on him to settle
separate commercial litigation by encouraging the SFO to open a
criminal investigation, the FT says.

The SFO probe ended in 2012 after the Tchenguiz brothers
challenged the way in which the agency obtained search and arrest
warrants for the pair, which resulted in a dawn raid at their
Mayfair homes in March 2011 in front of waiting paparazzi, the FT
relays.  A judicial review revealed errors by the SFO, which
filed no charges against either brother, the FT relates.

In the review and damages claim, it emerged that the SFO had
relied on a report prepared by Mr Akers in his role as Oscatello
liquidator, according to the FT.  Grant Thornton allowed the SFO
to look at the report and make notes but not retain a copy, the
FT states.

                      About Kaupthing Bank

Headquartered in Reykjavik, Iceland Kaupthing Bank --
http://www.kaupthing.com/-- is Iceland's largest bank and among
the Nordic region's 10 largest banking groups.  With operations
in more than a dozen countries, the bank offers a range of
services including retail banking, corporate finance, asset
management, brokerage, private banking, treasury, and private
wealth management.  Kaupthing was created by the 2003 merger of
Bunadarbanki and Kaupthing Bank.  In October 2008, the Icelandic
government assumed control of Kaupthing Bank after taking similar
measures with rivals Landsbanki and Glitnir.

As reported by the Troubled Company Reporter-Europe, on Nov. 30,
2008, Olafur Gardasson, assistant for Kaupthing Bank hf, filed a
petition under Chapter 15 of title 11 of the United States Code
in the United States Bankruptcy Court for the Southern District
of New York commencing the Debtor's Chapter 15 case ancillary to
the Icelandic Proceeding and seeking recognition for the
Icelandic Proceeding as a "foreign main proceeding" under the
Bankruptcy Code and relief in aid of the Icelandic Proceeding.



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I T A L Y
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CORDUSIO RMBS 4: S&P Lowers Rating on Class E Notes to 'B-'
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
Cordusio RMBS Securitisation S.r.l. (Cordusio 4)'s class A2 and D
notes.  At the same time, S&P has lowered its ratings on the
class A3, B, C, and E notes.

Upon publishing its updated criteria for Italian residential
mortgage-backed securities (RMBS criteria) and its 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".

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

The rating actions follow S&P's credit and cash flow analysis of
the most recent transaction information that S&P has received, as
of Sept. 2014.  S&P's analysis reflects the application of its
RMBS criteria and its RAS criteria.

Under S&P's RAS criteria, it applied a hypothetical sovereign
default stress test to determine whether a tranche has sufficient
credit and structural support to withstand a sovereign default
and so repay timely interest and principal by legal final
maturity.

S&P's RAS criteria designate the country risk sensitivity for
RMBS as 'moderate'.  Under S&P's RAS criteria, this transaction's
notes can therefore be rated four notches above the sovereign
rating, if they have sufficient credit enhancement to pass a
minimum of a "severe" stress.  However, as all six of the
conditions in paragraph 48 of the RAS criteria are met, S&P can
assign ratings in this transaction up to a maximum of six notches
(two additional notches of uplift) above the sovereign rating,
subject to credit enhancement being sufficient to pass an
"extreme" stress.

As S&P's long-term unsolicited rating on the Republic of Italy is
'BBB', its RAS criteria cap at 'AA (sf)' the maximum potential
rating in this transaction for the class A2 notes.  The maximum
potential rating for all other classes of notes is 'A+ (sf)'.

Due to deleveraging, the available credit enhancement has
continued to increase for the class A2, A3, B, and C notes since
S&P's previous review.

Class          Available Credit
                Enhancement (%)
A2                         15.6
A3                         15.6
B                          10.8
C                           7.9
D                           1.1
E                         (0.2)

S&P based the available credit enhancement on the transaction's
performing balance.  The class A2 and A3 notes have the same
principal deficiency ledger (PDL) and pay interest pro rata.
However, the class A3 notes are subordinated to the class A2
notes in principal repayment priority in the principal waterfall.

The cash reserve has not been at its target amount of EUR6.2
million since Dec. 2011.  This is because the issuer has made
drawings to cover defaulted loans in the pool.  The reserve was
fully depleted as of March 2014 and has not been replenished on
the last two interest payment dates (IPDs).

Severe delinquencies of more than 90 days at 2.37% are on average
higher for this transaction than S&P's Italian RMBS index.  The
transaction documents define defaults as loans that have been
classified as "incaglio" or "sofferenza" by the servicer, or
which have been in arrears for at least 360 days.

The transaction's new defaults have averaged 0.36% of the
outstanding balance over the past four quarters.  This is higher
than previous UniCredit-originated transactions, but is still in
line with S&P's Italian RMBS index.

Under the transaction documents, excess spread is trapped to
cover 100% of the balance of defaulted loans, and the cash
reserve can also be used to cure the PDL balance.  Of the
transaction's cumulative gross defaults as of Sept. 2014 (3.94%
of the closing pool balance), the majority has been cured by
either excess spread (which includes recoveries), or by using the
cash reserve. However, over the past year, both the excess spread
and the cash reserve have not been sufficient to cover new
defaults.  As a result, the PDL balance was EUR5.5 million on the
Sept. 2014 IPD.

Under the transaction documents, interest payments on the rated
notes can be deferred if the cumulative default ratio breaches
certain thresholds, which are 11% for the class B notes, 9% for
the class C notes, 8% for the class D notes, and 7% for the class
E notes.  The transaction also has a trigger on the junior
classes of notes, so that once the cumulative default ratio
reaches 6.9%, all excess interest is used to repay principal on
the notes.  Given the current cumulative default ratio, S&P
considers it unlikely that this trigger will be breached.

Prepayment levels remain low and the transaction is unlikely to
pay down significantly in the near term, in S&P's opinion.

After applying S&P's RMBS criteria to this transaction, its
credit analysis results in the weighted-average foreclosure
frequency (WAFF) and weighted-average loss severity (WALS) below:

Rating level      WAFF (%)    WALS (%)
AAA                10.10        4.34
AA                  8.02        2.18
A                   6.09        2.00
BBB                 4.88        2.00
BB                  3.85        2.00
B                   2.78        2.00

The WAFF decreased compared to S&P's previous review mainly
because they benefitted from the pool's high seasoning under the
new criteria.  The WALS increased for some rating levels- the
others being at the floor level -mainly due to the application of
our revised market value decline assumptions.

Following the application of S&P's RAS criteria and its RMBS
criteria, S&P has determined that its assigned rating on each
class of notes in this transaction should be the lower of (i) the
rating as capped by S&P's RAS criteria and (ii) the rating that
the class of notes can attain under its RMBS criteria.  In this
transaction, the ratings on class A2, A3, B, and C notes are
constrained by the rating on the sovereign.

Taking into account the results of S&P's updated credit and cash
flow analysis and the application of its RAS criteria, S&P
considers the available credit enhancement for the class A2 notes
to be commensurate with its currently assigned rating.  S&P has
therefore affirmed its 'AA (sf)' rating on the class A2 notes.

Even if the class A3, B, and C notes could withstand an extreme
stress, under S&P's RAS criteria it can only assign a rating four
notches above the rating on the sovereign because they are not
the most senior outstanding tranche.  Consequently, S&P has
lowered to 'A+ (sf)' from 'AA (sf)' its ratings on the class A3,
B, and C notes, as this is the maximum potential rating that S&P
can assign under its RAS criteria.

S&P considers the available credit enhancement for the class D
notes to be commensurate with S&P's currently assigned rating.
S&P has therefore affirmed its 'BBB- (sf)' rating on the class D
notes.  The cash flow results also indicate a lower rating than
that previously assigned for the class E notes.  S&P has
therefore lowered to 'B- (sf)' from 'B (sf)' its rating on the
class E notes.

In S&P's opinion, the outlook for the Italian residential
mortgage and real estate market is not benign and S&P has
therefore increased its expected 'B' foreclosure frequency
assumption to 2.55% from 1.50%, when S&P applies its RMBS
criteria, to reflect this view.  S&P bases these assumptions on
its expectation of modest economic growth, continuing high
unemployment, and sluggish house price appreciation for the
remainder of 2014 and 2015.

On the back of the weak macroeconomic conditions, S&P doesn't
expect the performance of the transactions in its Italian RMBS
index to significantly improve in 2014.

S&P expects severe arrears in the portfolio to remain at their
current levels, as there are a number of downside risks.  These
include weak economic growth, high unemployment, and fiscal
tightening.  On the positive side, S&P expects interest rates to
remain low for the foreseeable future.

This transaction is the fourth RMBS transaction that UniCredit
Group originated.  The collateral is a mortgage loan pool secured
by residential properties in Italy, mainly located in the north.
The transaction comprises loans granted to prime borrowers.  The
pool's geographic distribution does not exceed any of S&P's
criteria concentration limits.  Loan brokers originated a large
percentage of the portfolio.  The transaction is very well
seasoned, with the weighted-average seasoning at 123 months.  The
weighted-average original loan-to-value (LTV) ratio at 68% is
below the archetypical pool and the current LTV is about 43%.
The pool's proportion of floating rate loans is higher than the
archetypical pool.

RATINGS LIST

Class              Rating
            To                From

Cordusio RMBS Securitisation S.r.l.
EUR3.908 Billion Residential Mortgage-Backed Floating-Rate Notes

Ratings Affirmed

A2          AA (sf)
D           BBB- (sf)

Ratings Lowered

A3          A+ (sf)           AA (sf)
B           A+ (sf)           AA (sf)
C           A+ (sf)           AA (sf)
E           B- (sf)           B (sf)



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K A Z A K H S T A N
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URANIUM ONE: Fitch Affirms 'BB-' LT FC Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has affirmed Canada-based Uranium One Inc.'s
(Uranium One) Long-term foreign currency Issuer Default Rating
(IDR) at 'BB-'. The Outlook is Stable.

Fitch has also affirmed at 'BB-' the senior unsecured rating of
USD300 million 6.25% notes due 2018, issued by Uranium One
Investments Inc., a fully-owned subsidiary of Uranium One.
Noteholders benefit from guarantees issued by Uranium One and
certain subsidiaries. The guarantees are backed by various
security interests including over bank accounts, shares and trade
receivables.

Uranium One's IDR includes a three-notch uplift from Fitch's
standalone assessment of 'B-' for support from its wholly state-
owned parent, State Atomic Energy Corporation Rosatom (Rosatom),
and, ultimately, the Russian Federation (BBB/Negative). Rosatom
is the world's leader in the integrated uranium production, in
nuclear power plant engineering, fabrication and construction,
and a top nuclear power utility in Russia. We view as strong the
strategic and operational ties between Uranium One and Rosatom.
More robust legal ties, eg, financial guarantees for a large
portion of Uranium One's debt would result in a closer rating
alignment between Uranium One and Rosatom.

Key Rating Drivers

Rosatom's Strategic Asset

Uranium One's low-cost position in extraction of triuranium
octoxide (U3O8) is important for Rosatom's successful
development. As Rosatom owns 40% of global uranium enrichment
capacity, it needs low-cost feedstock to maintain enrichment
profit margins and requires contracted uranium supply to attract
reactor customers. With expected 2014 cash costs of USD14 per 1
pound (lb) of U3O8, Uranium One is one of the lowest-cost
producers globally. Nearly all of its production comes from
Kazakhstan from joint ventures (JVs) with JSC National Atomic
Company Kazatomprom (BBB-/Stable).

Rosatom's strong strategic and operational ties with Uranium One
are key to the parent maintaining its long-term aim of being a
leader across global nuclear markets. Uranium One has a strategic
off-take agreement with Rosatom's subsidiary, to which it sells
over half of its production predominantly at spot prices. Uranium
One also acts as Rosatom's international marketing arm and has
long-term off-take agreements with customers in Asia, the USA and
Europe.

Subsoil Use Rights Restated

In October 2014, the Kazakh authorities issued the subsoil use
rights to two of Uranium One's JVs - SMCC LLP (Akdala and South
Inkai fields) and Khorasan-U LLP (Kharasan field). This followed
an earlier invalidation of the subsoil use rights of two
predecessor JVs - Betpak Dala LLP and Kyzylkum LLP after a local
court in June 2014 dismissed their appeal of the authorities
order to invalidate their licenses for the above-mentioned
fields. While Uranium One lost about 2.4m lbs of attributable
production from Akdala, South Inkai and Kharasan between March
2014 to October 2014 when the JV subsoil use rights were
invalidated, Betpak Dala and Kyzylkum received service revenues
that ensured that their economic return from operations was not
affected.

Rosatom was involved in negotiation with the Kazakh authorities
and Kazatomprom to ensure that the new subsoil rights were issued
on the same terms as the original ones.

'B-' Standalone Profile

Uranium One's standalone creditworthiness is constrained by its
small size, its dependence on production and dividends from the
JVs, its exposure to a single commodity and spot uranium prices
and expected high funds from operations (FFO)-adjusted gross
leverage. Uranium One almost exclusively depends on dividends
from JVs to service its debt. In 9M14, it received USD67.6m in
dividends from JVs, down from USD98.3m a year ago. It had USD32m
in dividends receivable at 30 September 2014, while it used up
USD77.6m in operating cash flows in the period and made a
USD34.5m equity contribution to the JV capital.

In 2014, Uranium One expects that its total attributable
production will reach 10m lbs of uranium, a drop from 13.2m lbs
in 2013 due to the subsoil right issue and production
optimization.

Based on uranium U3O8 futures prices of USD45/lb in 2015,
USD48/lb in 2016, USD52/lb in 2017 and USD55/lb in 2018, we
expect that the company's FFO, which includes income from wholly-
consolidated operations and a proportionate share of dividends
from JVs, will deteriorate in 2014-2015 before recovering in
2016. FFO-adjusted leverage will also deteriorate to above 15x in
2014-2015, before improving to about 5x (gross) and about 4x
(net) by end-2016.

Low-Cost Position Beneficial

Uranium One mines nearly all of its uranium from its Kazakhstan's
JVs using the in-situ leaching method. In 2013 the company had
cash costs of USD17/lb, and forecasts 2014 cash costs of
USD14/lb, due to cost-optimization measures and the 19% Kazakh
tenge devaluation in February 2014. The company sells its uranium
predominately at spot prices, which distinguishes it from some
other miners eg, Kazatomprom that sell their uranium at a mix of
long-term and spot prices.

Uranium Price Pressures Remain

In June 2014, spot uranium prices touched a multi-year low of
USD28.2/lb, before improving to about USD40/lb in November 2014.
In 10M14 average uranium prices were USD32.4/lb, a 15% drop on
the average price in 2013. According to Uranium One, the uranium
spot price increase to USD35.5/lb in September 2014 is mainly
driven by sentiment due to Japan's recent approval of two reactor
restarts at the Sendai nuclear power plant and a sharp reduction
in producer selling. While off-takers have little unmet uranium
demand in the short-term, some are buying at the currently low
spot and mid-term prices. In the meantime, low uranium prices
have led to further production cutbacks and development projects
deferrals eg, in Namibia and the US. Ux Consulting expects
primary U3O8 production in 2014 of 149m lbs, a 3% drop yoy.

We view long-term uranium demand prospects as positive. Ux
Consulting/World Nuclear Association (WNA) expect that between
2014 and 2030 global nuclear generating capacity will increase
55% to 581 gigawatt (GW) and that global demand for U3O8 will
increase from 171m lb to 266m lbs. There are currently 71 new
reactors under construction with a total capacity of 75GW.

Rating Sensitivities

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

   -- Stronger legal linkage with the parent, ie, financial
      guarantees for a large portion of Uranium One's debt or
      cross default provisions that would include Uranium One

   -- Improved financial profile, e.g., FFO-adjusted gross
      leverage of below 3x and FFO fixed charge cover of at least
      6x on a sustained basis (end-2013: 5.6x and 2.6x
      respectively), which would be positive for Uranium One's
      standalone profile

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

   -- Weakening linkage with the parent, eg, inability to obtain
      timely refinancing from the parent company or its
      subsidiaries, which could result in Fitch reviewing the
      current level of parental support

   -- Squeezed liquidity due to lower-than-expected dividend
      stream from JVs as a result of sustained depressed uranium
      prices

   -- Failure to improve the financial profile by end-2017 in
line
      with expectations of a standalone 'B-' rated mining company
      including FFO-adjusted gross leverage of above 3.5x and FFO
      interest coverage of less than 2x based on mid-cycle
uranium
      price assumptions, which would be negative for the
      standalone profile

Liquidity and Debt Structure

Fitch views Uranium One's liquidity as satisfactory. At 30
September 2014, it had USD158m in unrestricted cash which more
than covered USD38.2m in short-term debt and Fitch-projected
negative free cash flows for Q414. Its long-term debt consists of
USD661.4m of RUB-denominated bonds due 2016 and 2020 and USD-
denominated notes due 2018.

Full List of Rating Actions

Uranium One Inc.

-- Long-term foreign currency IDR: affirmed at 'BB-'; Outlook
    Stable
-- Long-term local currency IDR: affirmed at 'BB-'; Outlook
    Stable
-- Foreign currency Short-term IDR: affirmed at 'B'
-- Local currency Short-term IDR: affirmed at 'B'
-- Senior unsecured rating: affirmed at 'BB-'

Uranium One Investments Inc.'s USD300m 6.25% notes due 2018

-- Senior unsecured rating: affirmed at 'BB-'



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


CREDIT EUROPE BANK: Fitch Affirms 'BB-' LT Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has affirmed the Long-term Issuer Default Ratings
(IDR) of Credit Europe Bank N.V. (CEB) and of its Russian
subsidiary, Credit Europe Bank Ltd (CEBR), at 'BB-'. The Outlooks
on the Long-term IDRs are Stable.

Key Rating Drivers -- CEB's IDRs AND VR

CEB's Long-term IDR is driven by the bank's standalone strength
as reflected in its VR. CEB's VR continues to primarily reflect
its modest capitalization, considering the bank's substantial
exposure to volatile operating environments (albeit with some
geographical diversification) and cyclical sectors, and high
borrower concentrations. The VR also factors in the bank's sound
liquidity profile and a responsive management and flexible
balance sheet, which have so far enabled the bank to withstand
adverse economic and financial market developments. The Stable
Outlook on CEB's Long-term IDR reflects Fitch's expectation that
the group would avoid significant losses as a result of the
slowdown in the Russian economy.

CEB's consolidated Fitch Core Capital (FCC) ratio remains modest,
amounting to 8.3% at end-June 2014. Fitch's view of the bank's
capital takes into account reported ratios, but also its
exposures to less advanced economies and cyclical industries. At
end-June 2014, 45% of the consolidated customer loan book was to
Russian clients, and 14% to Romania, and exposures to the real
estate sector and shipping sector accounted for 76% and 55% of
FCC respectively. At the same time, the absolute size of CEB's
equity is fairly small, leaving it vulnerable to the bank's top
exposures in the loan book; the top 20 exposures represented a
high 231% of FCC at end-June 2014. CEB has informed Fitch that it
is looking at ways to improve the quality of its capital ratios,
with a focus on core capital.

Asset quality metrics improved in 1H14, but largely due to the
sale of problem loans in Romania and significant write-offs. In
Fitch's view, CEB's asset quality remains vulnerable, due to
significant borrower concentrations, exposures to volatile
operating environments and a large stock of watch list (WL)
loans.

At end-June 2014, non-performing loans (NPLs, overdue by 90 days
or more) represented a moderate 4.9% of gross loans, and were
73.4% reserved by impairments. However, NPLs and WL loans
combined amounted to 11.4% of gross loans and unreserved NPLs and
WL loans represented a high 85% of FCC. Fitch believes these
risks are mitigated by the bank's generally sound track record of
managing credit risk and a risk appetite that is commensurate
with the volatile environments it operates in. Asset quality will
be hit by the current difficult operating environment in Russia,
but it is Fitch's current base case that the strains should
remain manageable for the bank, as reflected in the Stable
Outlook on CEBR.

CEB reported solid pre-impairment profitability equal to 3.2%-
3.3% of average assets in 2013-9M14, supported by a healthy net
interest margin (4.5% in 1H14) and high cost efficiency
(cost/income ratio of 44%). However, sizable loan impairment
charges (LIC) have kept return on assets consistently below 1%,
and increased LIC on Russian exposures in 2014 will further
constrain bottom-line results. That said, Fitch believes that CEB
will report a consolidated net profit for FY14 (9M14: 9% ROE),
which will contribute to capital build-up, as it has been the
shareholder practice to support capitalization and business
growth over dividend pay-out.

The group's consolidated funding profile is supported by CEB's
granular and stable retail deposit base in western Europe
(loans/deposits ratio of 108% at end-June 2014), but its strong
expansion in Russia has mostly relied on wholesale funding, which
is sensitive to general confidence. Nevertheless, the short-dated
nature of CEB's consolidated balance sheet (including CEBR)
mitigates refinancing risks at group level.

Capital markets and interbank funding is largely raised at
subsidiary bank level, and intra-group lending exposures have
reduced and are at acceptable levels. Liquidity management at the
group level is prudent, with the Basel III liquidity coverage
ratio and net stable funding ratio at 318% and 116%,
respectively, at end-June 2014.

Rating Sensitivities - CEB's IDRs AND VR

Negative rating action may result if stress in the Russian
operating environment turns out to be greater than envisaged by
Fitch. Significant asset quality deterioration, resulting in a
further tightening of capitalization, could put downward pressure
on the ratings.

The VR may be upgraded on materially stronger capitalization.
Reduced reliance on the Russian operations could also cause
upward rating pressure, provided this is achieved through the
bank's raising its share of lower-risk activities (such as trade
finance) in stable operating environments.

Key Rating Drivers and Sensitivities -- CEB's Subordinated Debt

CEB's USD400 million issue of subordinated Tier 2 debt securities
(XS087849279) are rated one notch below the bank's VR to reflect
below-average recovery prospects for this type of debt
instrument. This subordinated debt rating is likely to move in
line with the VR.

Key Rating Drivers and Sensitivities ? CEB's Support Rating and
Support Rating Floor

Fitch believes that while there is a possibility that CEB's sole
shareholder, the Turkish conglomerate Fiba, may support the bank
in case of need, its ability to do so cannot be relied upon due
to the holding company's limited size relative to CEB. Given the
bank's small franchise in the Dutch market, Fitch also believes
that sovereign support from the Dutch authorities cannot be
relied upon, as reflected in the Support Rating of '5' and
Support Rating Floor of 'No Floor'. Fitch currently does not
envisage any changes to CEB's Support Rating.

Key Rating Drivers -- CEBR's IDRs, VR and Support Rating

CEBR's Long-term IDRs and VR are constrained by the bank's tight
liquidity and high refinancing risk, and by the deteriorating
operating environment for retail lenders in Russia. However, the
ratings positively consider (i) the bank's lower volatility of
credit losses and profitability to date compared with other
Russian retail-focused banks; (ii) fairly conservative
management, translating into a somewhat lower-risk profile of
CEBR's retail loan book compared with peers; and (iii) healthy
capitalization.

CEBR is highly reliant on wholesale funding (the loans-to-
deposits ratio was a high 290% at end-1H14), while its buffer of
liquid assets is quite thin (just 6% of total assets at end-
10M14). Wholesale funding repayments in 4Q14-2015 (mainly RUB20
billion of local bonds and RUB13 billion due to third-party
banks, equivalent to 25% of end-10M14 liabilities in total)
represent a significant refinancing risk. CEBR has pencilled in
several deals (including a RUB5 billion-RUB10 billion car
portfolio securitization and a RUB45 billion standby local bond
issue program), but given unfavorable market conditions for
Russian borrowers we expect that the bank will rely heavily on
its deleveraging capacity to meet these obligations. CEBR's
ability to deleverage is supported by the bank's fairly rapidly
amortizing retail loan book, which generates around RUB6 billion
monthly in cash from repayments. In addition, Fitch believes that
group resources would be available to support CEBR's liquidity,
in case of need.

CEBR's asset quality is under pressure from the weaker
performance of its retail portfolio in a currently more
challenging operating environment. The NPL origination rate (net
increase in NPLs plus write-offs, a proxy for credit losses)
reached 5.6% of average performing loans in 1H14 (up from 4.1% in
2013) and is likely to stay elevated in 2015. However, compared
with most Russian consumer finance banks, CEBR is in a more
comfortable position to withstand negative asset quality trends.
This is because (i) 45% of its retail portfolio comprises secured
car loans, which show markedly higher recoveries on originated
NPLs; (ii) the profile of unsecured borrowers is slightly better
at CEBR due to lower-risk customer acquisition channels; (iii)
the portfolio seasoning effect is less pronounced at CEBR
following slower recent expansion than peers and (iv) the bank's
pre-impairment profit depends less on loan issuance volumes and
remained sound in 1H14 at 7% of average performing loans,
covering actual credit losses despite loan book contraction.

CEBR's corporate book is concentrated (the 20 largest borrowers
accounted for 53% of corporate loans at end-1H14 or 83% of FCC,
net of reserves), fairly long-term, exposed to the construction
sector and is potentially vulnerable to rouble devaluation as
most loans are foreign-currency denominated. The financial
standing of the largest borrowers is also fairly weak. Given the
slowdown of the Russian economy, the performance of construction
loans and the repayment of the bulk of foreign-currency-
denominated loans from companies' cashflows are uncertain, in
Fitch's view. However, Fitch acknowledges the reasonable
collateral coverage of the exposures and, in most cases,
conservative collateral valuations. Higher-risk exposures
(assessed as such mainly due to weaker collateral) constituted a
manageable 21% of FCC at end-1H14.

CEBR's sound 15.7% FCC ratio is supported by a contracting loan
book and a still positive bottom-line. Regulatory capitalization
is also adequate, with a total regulatory capital ratio of 13.2%
at end-10M14 (slightly down from 13.4% at end-2013 due to a
dividend pay-out). High risk-weights on unsecured high-margin
loans have had little effect on CEBR's capital ratios due to the
low share of such loans in the bank's portfolio. The bank's
capital buffer is sufficient to allow the bank to reserve an
additional 4% of gross loans before breaching regulatory capital
requirements, which is reasonable in light of adequate coverage
of existing problem loans by reserves (1x at end-1H14).

CEBR's Support Rating '4' reflects the limited probability of
support from CEB, in case of need. This view is based on CEB's
constrained ability to provide capital support, given its
moderate capitalization and CEBR's large size. CEBR accounted for
40% of group loans and 31% of group assets at end-1H14.

Rating Sensitivities -- CEBR's IDRs, VR and Support Rating

Downward pressure on CEBR's ratings could result from a marked
deterioration of asset quality, or a significant tightening of
liquidity / increase in refinancing risks. Conversely, a more
balanced funding profile and extended track record of reasonable
asset quality and performance, coupled with the recovery of the
operating environment, would be credit-positive. Changes to CEB's
capitalisation would have a corresponding effect on CEBR's
Support Rating through the parent's ability to provide support to
its subsidiary.

Key Rating Drivers and Sensitivities -- CEBR's DEBT RATINGs

CEBR's senior unsecured debt is rated in line with its Long-term
IDR, and its subordinated debt rating is notched down once from
the VR. Any changes to the bank's Long-term IDR and VR would
likely impact the ratings of these instruments.

The rating actions are as follows:

CEB
Long-term IDR: affirmed at 'BB-'; Outlook Stable
Short-term IDR: affirmed at 'B'
Viability Rating: affirmed at 'bb-'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
Subordinated debt securities (XS0878492791): affirmed at 'B+'

CEBR
Long-term IDR: affirmed at 'BB-', Outlook Stable
Short-term IDR: affirmed at 'B'
National Long-term rating: affirmed at 'A+(rus)'
Viability Rating: affirmed at 'bb-'
Support Rating: affirmed at '4'
Senior unsecured debt: affirmed at 'BB-'/'A+(rus)'
Subordinated debt (issued by CEB Capital SA): affirmed at 'B+'


DANSKE BANK: Moody's Raises Preferred Stock Rating to 'Ba1'
-----------------------------------------------------------
Moody's Investors Service has upgraded Danske Bank A/S's long-
term deposit and senior debt ratings to A3 from Baa1 to reflect
(1) the improvements and continued positive trend in the group's
profitability over recent years; (2) reduced credit risk relating
to the non-core operations; (3) reduced refinancing risk in the
group's mortgage credit operations; and (4) a stabilization of
the operating environment in the group's main market Denmark.

Concurrently, Moody's has adjusted upwards Danske Bank's
standalone baseline credit assessment (BCA) to baa1 from baa2 and
affirmed the Prime-2 short-term rating. The outlook on all long-
term ratings is stable.

Ratings Rationale

Moody's says that the main driver of the upgrade is the continued
improvement in Danske Bank's profitability mainly since mid 2013,
which has been driven largely by a continued reduction in loan
losses to a level in line with the average for the largest Nordic
peers. Moody's expects that the full effect of cost efficiency
measures and a positive margin trend will result in a continued
positive development in profitability in the medium term. In
addition Moody's notes that, the group's net non-core loan book
has reduced materially (to 22.5% of equity at September 30, 2014
from 31.4% at 30 September 2013), and the group's share of short-
term (1 and 2 years) funded mortgages has fallen by around 50%
since 2012. While these risks have reduced, the bank has
maintained a high level of capital with the Tier 1 ratio of 16.6%
at 30 September 2014.

The baa1 BCA mainly reflects the group's market leading position
in Denmark and Northern Ireland and strong operational presence
in Finland, Sweden and Norway, giving the group the benefit of a
balanced and well-diversified lending portfolio and a significant
volume of relatively stable recurring earnings.

At the same, however, Moody's says that the rating is restrained
by (1) Danske's capacity to build capital and absorb earnings
shocks, remaining somewhat below those of its peers; (2) residual
risks relating to the run-off of the remaining non-core
exposures; (3) continued slow growth in the Danish economy and
(4) relatively high volatility of earnings especially in the
Corporate & Institutions operations. Moody's notes, however, that
the main restraining factors have reduced in importance over the
last year and the current trend is positive.

--- Support Assumptions

The Danske Bank group ratings continue to receive one notch of
government (systemic) support uplift from the baa1 standalone
BCA.

Following the adoption of the Bank Recovery and Resolution
Directive (BRRD) and the Single Resolution Mechanism (SRM)
regulation in the EU, the balance of risk for many European
banks' senior unsecured creditors has shifted to the downside.
Considering Danske Bank's domestic importance, Moody's assesses a
moderate probability of systemic support, and does not currently
expect this probability to decline to any material degree, even
after full implementation of the BRRD.

--- Rationale for the Stable Outlook

All long-term ratings carry a stable outlook, reflecting that
some further positive developments in the key rating restraints
is incorporated in the current standalone BCA and senior ratings.

What Could Change the Rating -- Up/Down

The current rating incorporates a continued positive trend in
profitability to levels more in line with similarly rated peers.
However, a sustained and material reduction in the group's risk
profile relating to the group's lending book, refinancing risk
and earnings volatility could provide upwards rating pressure.

Any renewed pressure on asset quality, particularly in Denmark,
could result in negative rating pressure. Negative pressure would
also result from any indications that Danske Bank will not
deliver the anticipated improvement in profitability to reach the
same levels as similarly rated peers or that the improvements
achieved in recent years are not sustainable.

List of Affected Ratings

BCA:

Danske Bank A/S

-- standalone baseline credit assessment raised to baa1 from
baa2

The following ratings have been upgraded:

Danske Bank A/S

-- long-term local-currency/foreign-currency bank deposit and
    foreign-currency senior unsecured to A3 Stable outlook from
    Baa1 Positive outlook

-- long-term local-currency/foreign-currency deposit note/CD
    program to (P)A3 from (P)Baa1

-- foreign-currency senior unsecured MTN to (P)A3 from (P) Baa1

-- long-term issuer rating to A3 Stable outlook from Baa1
    Positive outlook

-- foreign-currency junior subordinate to Baa3 (hyb) Stable
    outlook from Ba1 (hyb) Positive outlook

-- foreign-currency preferred stock to Ba1 (hyb) Stable outlook
    from Ba2 (hyb) Positive outlook

Danske Bank A/S (London Branch)

-- foreign-currency long-term deposit note/CD program to (P)A3
    from (P)Baa1

The following rating and outlook has been affirmed:

Danske Bank A/S's

-- BFSR of C- Stable outlook

The following short-term ratings have been affirmed:

Danske Bank A/S

-- P-2 foreign-currency commercial paper

-- P-2 foreign-currency short-term deposit note/CD program

-- P-2 local-currency/foreign-currency short-term bank deposits

-- (P)P-2 local-currency short-term deposit note/CD program; and

-- foreign-currency (P)P-2 other short-term

Danske Bank A/S (London Branch)

-- (P)P-2 foreign-currency short-term deposit note/CD program

Danske Corporation

-- P-2 backed foreign-currency commercial paper


TELEFONICA: S&P Assigns 'BB+' Rating to Non-call Hybrid Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB+' long-term issue rating to the proposed five-year noncall
hybrid notes to be issued by Telefonica Europe B.V., the Dutch
finance subsidiary of Spain-based telecommunications group
Telefonica S.A. (BBB/Stable/A-2), which is also the guarantor of
the notes.

The completion and size of the issue will be subject to market
conditions.  At this stage, together with the EUR4.2 billion
already issued (excluding the EUR1.5 billion mandatory
convertible), S&P anticipates a ratio of outstanding hybrids to
adjusted capitalization remaining in the 5%-10% range for the
foreseeable future, hence comfortably within the 15% level
mentioned in S&P's hybrid criteria.

S&P classifies the proposed hybrids as having "intermediate"
equity content until their first-call date, falling in 2019,
because they meet S&P's criteria in terms of their subordination,
permanence, and optional deferability during this period.

Consequently, in S&P's calculation of Telefonica's credit ratios,
it will treat 50% of the principal outstanding and accrued
interest under the proposed hybrids as equity rather than as
debt, and 50% of the related payments on these securities as
equivalent to a common dividend, in line with S&P's hybrid
capital criteria.

According to S&P's criteria, the two-notch difference between
S&P's 'BB+' rating on the proposed hybrid notes and its 'BBB'
corporate credit rating (CCR) on Telefonica S.A. reflects:

   -- One notch for the proposed notes' subordination because the
      CCR on Telefonica S.A. is investment grade; and

   -- An additional notch for the optional deferability of
      interest.

The notching of the proposed securities takes into account S&P's
view that there is a relatively low likelihood that Telefonica
Europe B.V. will defer interest payments.  Should S&P's view
change, it may significantly increase the number of downward
notches that it applies to the issue rating, and more quickly
than S&P might take a rating action on the CCR.

The interest to be paid on the proposed securities will increase
by 25 basis points in 2024, and a further 75 basis points in
2039. S&P considers the cumulative 100 basis points as a moderate
step-up, which provides Telefonica Europe B.V. incentive to
redeem the instruments in 2039.

Consequently, in accordance with S&P's criteria, it will no
longer recognize the proposed instrument as having intermediate
equity content after the first call date in 2019, because the
remaining period until its economic maturity would, by then, be
less than 20 years.

KEY FACTORS IN S&P'S ASSESSMENT OF THE INSTRUMENT'S PERMANENCE

Although the proposed securities are perpetual, Telefonica Europe
B.V. can redeem them as of the first call dates in 2019, and
every year thereafter.  If any of these events occur, the company
intends to replace the proposed instruments, although it is not
obliged to do so.

KEY FACTORS IN S&P'S ASSESSMENT OF THE INSTRUMENT'S SUBORDINATION

The proposed securities will be deeply subordinated obligations
of Telefonica Europe B.V., ranking junior to all unsubordinated
or subordinated obligations, and only senior to common shares.
Also, the proposed instruments will rank pari passu with the
hybrids issued in 2013 and 2014.

KEY FACTORS IN S&P'S ASSESSMENT OF THE INSTRUMENT'S DEFERABILITY

In S&P's view, the issuer's option to defer payment of interest
on the proposed securities is discretionary, thus it may elect
not to pay accrued interest on an interest payment date because
it has no obligation to do so.  However, any outstanding deferred
interest payment would have to be settled in cash if an equity
dividend or interest on equal-ranking securities is paid, or if
common shares or equal-ranking securities are repurchased.

That said, this condition remains acceptable under S&P's rating
methodology because, once the issuer has settled the deferred
amount, it can choose to defer payment on the next interest
payment date.

The issuer retains the option to defer coupons throughout the
instrument's life.  The deferred interest on the proposed
securities is cash cumulative and compounding.



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


BANCO ESPIRITO: Novo Banco to Meet Required Solvency Ratios
-----------------------------------------------------------
Sergio Goncalve at Reuters reports that the first balance sheet
of Portugal's Novo Banco, the successor to Banco Espirito Santo
following a state rescue in August, will show solvency ratios
above the required threshold and no need for additional capital.

Eduardo Stock da Cunha on Nov. 27 said the bank's deposits were
recovering after a drop in the wake of the rescue that split BES
into the working Novo Banco and a "bad bank" exposed to
liabilities of its founding Espirito Santo family, Reuters
relates.

Mr. Stock da Cunha, who became CEO in mid-September after working
for Britain's Lloyds Banking Group, confirmed what sources told
Reuters last month -- that the common equity Tier 1 capital ratio
will be comfortably above the minimum 7% required by the Bank of
Portugal.

Some analysts have had doubts whether the capital injected into
Novo Banco is enough to guarantee adequate solvency as required
by Portuguese and European regulators, Reuters notes.

"Novo Banco is back . . . we are growing our deposits, giving
loans, we're happy with what we are," Reuters quotes Mr. Stock da
Cunha as saying.

"The ratios (targets) will be met," Mr. Stock da Cunha, as cited
by Reuters, said, adding that the opening balance will come out
in the coming days.

When it devised the rescue plan, the Bank of Portugal said the
capitalization would leave Novo Banco with an 8.5% capital ratio,
Reuters relays.

The state plans to sell Novo Banco to recover the rescue funds,
Reuters notes.

                     About Espirito Santo

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

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

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

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

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

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



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


BRUNSWICK RAIL: Moody's Lowers Corporate Family Rating to 'B2'
--------------------------------------------------------------
Moody's Investors Service has downgraded Brunswick Rail Limited's
(BRL) corporate family rating (CFR) to B2 from B1 and probability
of default rating (PDR) to B2-PD from B1-PD. Moody's has also
downgraded to B2 from B1 the senior unsecured rating on the $600
million Eurobond issued by Brunswick Rail Finance Limited and
guaranteed by BRL's key operating subsidiaries. The outlook is
negative.

Ratings Rationale

The downgrade reflects Moody's expectation that BRL's financial
metrics, which remain beyond thresholds for the company's B1
rating, will continue deteriorating in coming quarters as a
result of the ongoing weak market environment characterized by
excess supply and substantial pricing pressure on US dollar-
linked contracts on the back of rouble depreciation, while the
debt of BRL is largely in US dollar.

As of September 30, 2014, the company's leverage (debt/EBITDA)
increased to 4.7x, compared with 4.6x as of year-end 2013 (all
metrics are Moody's-adjusted). Moody's expects that BRL's
financial metrics will deteriorate further, with debt/EBITDA
rising towards 5.0x and EBIT interest coverage declining towards
1.4x at year-end 2014. The interest cover was at 1.5x as of
September 2014 and year-end 2013 (all metrics are Moody's-
adjusted).

The challenging market environment is likely to persist because
of weakened GDP growth and a continuing excess of freight
railcars in the market. The potential deterioration in customers'
payment discipline against the backdrop of the weak macroeconomic
environment could more heavily affect BRL's revenues and earnings
going forward. Nevertheless, Moody's takes some comfort from
BRL's available liquidity, low short-term debt and the
expectation that the suspension of expansion investments will
enhance its free cash flow (FCF) generation going forward.

BRL remains exposed to substantial foreign currency risk because
87% of its debt is denominated in foreign currency, mainly via
the US$600 million Eurobond due in November 2017. BRL is heavily
exposed to the Russian rouble depreciation against the US dollar,
which is the company's reporting currency, as the pricing of new
or renewed leasing contracts is increasingly delinked from the US
dollar since railcars are manufactured in Russia. Although 57% of
BRL's revenues were linked to the US dollar as of September 2014,
Moody's expects that this share will decline as customers will
likely require the delinking of their lease payments from foreign
currency following the 18% rouble depreciation against the US
dollar since 30 September 2014 (on top of the 20% depreciation
over the first nine months of 2014).

In addition to the challenging market environment, BRL's
weakening financial metrics and its vulnerability to rouble
depreciation, BRL's rating reflects (1) the very competitive
Russian market of operating leasing of freight railcars and the
company's single-country concentration; (2) the increased risk of
deterioration in customers' payment discipline, which would
affect BRL's revenues and earnings and increase the number of
railcars that require remarketing; (3) the substantial amount of
railcars that require remarketing over the next 12-18 months,
although the risk is mitigated by the company's anticipated
ability to use part of these railcars in its own transportation
business if leasing demand is weak; (4) customer concentration,
with around 45% of revenues received from the company's five
largest customers over the first nine months of 2014; (5) the
refinancing risk related to the $600 million Eurobond maturity in
November 2017; and (6) overall exposure to an emerging market
operating environment with a less developed regulatory, political
and legal framework.

More positively, BRL's rating factors in the company's (1) multi-
year operating lease contracts, with the average remaining lease
tenor of three years; (2) modern railcar fleet, with average age
of only five years, which requires low maintenance capex; (3)
established transportation business, which should be able to
accommodate part of the company's railcars if there is low demand
for operating leases, although that business is less marginal and
exposed to the depressed spot market conditions; and (4) solid
profitability, although it will likely weaken.

The rating also takes into account (1) BRL's available cash
balances, low short-term debt, and FCF generation absent material
expansion investments; (2) Moody's expectation that BRL will be
able to accumulate cash balances over the next quarters, given
its intention to suspend expansion capex until the market
conditions improve and to pay no dividends in 2015-16, which will
support FCF generation; (3) the estimated market value of its
unencumbered railcar fleet at more than $700 million, although
any distressed sale of railcars in a weak market would likely
require a material discount; and (4) BRL's retained ability to
place $100 million preferred shares with the European Bank for
Reconstruction and Development (EBRD, Aaa stable) to finance
expansion capex, although the availability period expires in June
2015.

As of September 2014, BRL's cash and operating cash flow were
sufficient to cover its debt maturities and maintenance capex
over the next 18 months. In addition, the company had available
balance of around RUB4 billion under its two-year RUB8 billion
credit facility procured in July 2014, which supports it
liquidity. However, given that the facility is secured with
assets, Moody's notes that its utilization will increase the
share of secured debt in BRL group's debt structure, although at
this stage the rating agency does not expect this to affect the
rating of the $600 million unsecured Eurobond issued by Brunswick
Rail Finance Limited and guaranteed by BRL's key operating
subsidiaries.

Rationale for the Negative Outlook

The negative outlook for BRL's ratings reflects (1) the risk that
(i) persistent pricing pressure in a challenging macroeconomic
environment and rouble depreciation could affect BRL's financial
metrics more than currently anticipated and (ii) customers'
payment discipline, which has been good so far, could
deteriorate; and (2) the risk that the company may breach certain
financial covenants under its debt documentation in 2015.

What Could Change the Ratings Up/Down

An upgrade to the ratings in the next 12-18 months is unlikely.
However, Moody's could consider changing the outlook on the
ratings to stable in the event that (1) BRL maintains its
debt/EBITDA below 5.0x and EBIT/interest above 1.5x on a
sustainable basis (all metrics are Moody's-adjusted); (2)
evidence arises that the company is able to maintain its high
fleet utilization rate and margins; and (3) the company improves
its liquidity by accumulating cash to mitigate future refinancing
risks.

Moody's could consider downgrading the ratings in the event that
(1) BRL's debt/EBITDA rises above 5.0x and its EBIT/interest
declines below 1.5x on a sustained basis; (2) the company's
liquidity deteriorates materially, such that BRL would appear as
being less likely to address refinancing risks in a timely
manner; (3) signs arise of worsening payment discipline by key
customers, which could adversely affect BRL's operating
performance and financial metrics; (4) the rouble depreciates
further; or (5) the likelihood increases that BRL will breach
covenants under its debt documentation as a result of the
potential weakening in its financial metrics. The assessment of
credit metrics measured on a gross basis will also take into
account the cash cushion that is expected to be accumulated.

Principal Methodology

The principal methodology used in these ratings was Global
Equipment and Automobile Rental Industry published in December
2010. Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

Brunswick Rail Limited is one of the largest companies
specializing in operating leasing of freight railcars in Russia.
As of September 2014, BRL had a fleet of 25,520 railcars and
generated the last-12-months revenue of US$219 million. BRL was
incorporated in Bermuda in 2004 as a private group. Its
shareholders are institutional and individual investors, none of
which have a controlling stake. BRL leases freight railcars to
large Russian industrial groups and railcar operators under
multi-year operating lease contracts.


KAZKOMMERTSBANK: Fitch Assigns 'B' Final Rating to Senior Bonds
---------------------------------------------------------------
Fitch Ratings has assigned Kazkommertsbank's (KKB) series 2
senior unsecured local currency bonds under the second bond
issuance program a final Long-term rating of 'B'. The issue's
Recovery Rating is 'RR4'. The bank's other ratings are unaffected
by the rating action.

Key Rating Drivers

The issue's rating is aligned with KKB's Long-term local currency
Issuer Default Rating (IDR) of 'B'. KKB's ratings reflect the
bank's weak asset quality and the potential need for further
provisioning of its problem loans. However, the ratings also
consider KKB's positive pre-impairment profit (net of accrued
interest), moderate refinancing and liquidity risks, and the
track record of significant debt repayments in a challenging
environment.

Rating Sensitivities

Any changes to KKB's Long-term local currency IDR would impact
the issue's ratings.

The issue's volume is KZT60 billion, it matures in five years and
has an 8.4% coupon paid annually.

KKB's other ratings are as follows:

Long-term foreign and local currency IDRs: 'B'; Outlook Stable
Short-term foreign and local currency IDRs: 'B'
Viability Rating: 'b'
Support Rating: '5'
Support Rating Floor: 'B-'
Long-term senior unsecured debt rating: 'B'; Recovery Rating
'RR4'
Short-term senior unsecured debt rating: 'B'
Subordinated debt rating: 'B-'; Recovery Rating 'RR5'


ROSSIYSKIY KREDIT: Moody's Withdraws Caa3 Curr. Deposit Ratings
---------------------------------------------------------------
Moody's Investors Service has withdrawn Rossiyskiy Kredit Bank's
Caa3 long-term local- and foreign-currency deposit ratings, the
Not Prime short-term deposit ratings and the E standalone bank
financial strength rating (BFSR), equivalent to a caa3 baseline
credit assessment. At the time of the withdrawal, the outlook on
the bank's long-term ratings was negative while the standalone E
BFSR carried a stable outlook.

Ratings Rationale

Moody's has withdrawn the rating for its own business reasons.


ROSSIYSKIY KREDIT: Moody's Withdraws Caa3.ru Na'tl Deposit Rating
-----------------------------------------------------------------
Moody's Interfax Rating Agency has withdrawn Rossiyskiy Kredit
Bank's Caa3.ru national scale deposit rating (NSR).

Ratings Rationale

Moody's has withdrawn the rating for its own business reasons.

Moody's Interfax Rating Agency's National Scale Ratings (NSRs)
are intended as relative measures of creditworthiness among debt
issues and issuers within a country, enabling market participants
to better differentiate relative risks. NSRs differ from Moody's
global scale ratings in that they are not globally comparable
with the full universe of Moody's rated entities, but only with
NSRs for other rated debt issues and issuers within the same
country. NSRs are designated by a ".nn" country modifier
signifying the relevant country, as in ".ru" for Russia. For
further information on Moody's approach to national scale
ratings, please refer to Moody's Rating Methodology published in
June 2014 entitled "Mapping Moody's National Scale Ratings to
Global Scale Ratings".

About Moody's and Moody's Interfax

Moody's Interfax Credit Rating Agency (MIRA) specializes in
credit risk analysis in Russia. MIRA is a joint-venture between
Moody's Investors Service, a leading provider of credit ratings,
research and analysis covering debt instruments and securities in
the global capital markets, and the Interfax Information Services
Group. Moody's Investors Service is a subsidiary of Moody's
Corporation (NYSE: MCO).



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


BANCO DE SABADELL: S&P Raises Rating to 'BB+'; Outlook Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
Spanish financial institutions, based on its view that the
Spanish banking system will be exposed to lower economic risk
over the next few years.  Actions on the counterparty credit
ratings included:

   -- Raising the long- and short-term ratings on CaixaBank S.A.
      (Caixabank) and Cecabank S.A. to 'BBB/A-2' from 'BBB-/A-3'.
      The outlooks are stable.

   -- Raising the long- and short-term ratings on Bankinter S.A.
      to 'BBB-/A-3' from 'BB+/B'. The outlook is stable.

   -- Raising the long-term rating on Banco de Sabadell S.A. to
      'BB+' from 'BB' and affirming the 'B' short-term rating.
      The outlook is negative.

   -- Raising the long-term rating on Barclays Bank S.A.U.
     (BBSAU) to 'BB+' from 'BB'.  The long- and short-term
      ratings remain on CreditWatch with positive implications,
      where they were placed on Sept. 4, 2014.

   -- Raising the long-term rating on Bankia S.A. to 'BB' from
      'BB-' and raising the long-term rating on its parent
      holding company Banco Financiero y de Ahorros S.A. (BFA) to
      'B+' from 'B'.  At the same time, S&P affirmed the 'B'
      short-term ratings on both entities.  The outlooks are
      negative.

   -- Affirming the long- and short-term ratings on Banco
      Santander S.A. at 'BBB+/A-2' and those of its highly
      strategic subsidiary Santander Consumer Finance S.A. (SCF)
      at 'BBB/A-2'.  The outlooks are stable.

   -- Affirming the long- and short-term ratings on Banco Bilbao
      Vizcaya Argentaria S.A. (BBVA) at 'BBB/A-2'.  The outlook
      is stable.

   -- Affirming the long- and short-term ratings on Kutxabank
      S.A. at 'BBB-/A-3'. The outlook is stable.

   -- Affirming the long- and short-term counterparty credit
      ratings on Ibercaja Banco S.A. at 'BB/B'.  The outlook is
      positive.

   -- Affirming the long- and short-term ratings on Banco Popular
      Espanol S.A. at 'B+/B'.  The outlook is negative.

   -- Affirming the long- and short-term ratings on NCG Banco
      S.A. at 'B/B'.  The outlook is stable.

S&P will publish individual research updates on the entities
listed to provide more detail on the rationale behind each rating
action.

Spanish banks' credit provisions and problematic exposures have
continued to decline, demonstrating that the harmful effects of
the bursting of the real estate bubble and the double-dip
downturn have lessened.  During the first half of 2014, aggregate
credit provisions (including those allocated to real estate
assets) in the Spanish banking system were equivalent to 138
basis points (bps) of average loans, down from 189bps in full-
year 2013.  S&P expects banks to scale down their provisioning
efforts further, so that by the end of 2016 they achieve a level
S&P considers normalized.  Furthermore, S&P is already seeing
more stable pricing and volume trends in the real estate market
and a return to economic growth (S&P expects average annual GDP
growth of 2% between 2015 and 2017), which should facilitate a
reduction in credit losses.

S&P sees a stable trend for economic risks in Spain.  S&P
believes that the private sector will reduce leverage further and
anticipate that domestic private sector credit to GDP will reach
123% by the end of 2016, down from 138% in 2013.  However, S&P no
longer expects the private sector to be able to fully restore its
creditworthiness and resilience in the short term, given how hard
hit it was by the country's long and deep recession and in light
of the weaker economic growth at Spain's European partners, which
could hamper the country's prospects.  Spanish banks will also
need more time to work out their high problematic exposures
(which, including real estate assets, S&P estimates could
represent about 18% of loans at end 2014) and are therefore
likely to continue reporting a higher stock of problematic
exposures than their international peers.  Finally, S&P
anticipates that it will take some time until the government
improves its public finances and restores the budgetary
flexibility it lost during the downturn and the economy gets back
to the precrisis levels of 2008.

S&P raised the ratings on Cecabank S.A. solely because of the
reduced economic risks that in S&P's opinion Spanish banks will
face going forward.  For the other banks S&P upgraded --
Caixabank, Bankia, BFA, Sabadell, Bankinter, and BBSAU -- the
rating actions also reflected sustainable improvements in their
capital positions.

S&P affirmed its ratings on the other banks because, although it
expected them to benefit from higher capital cushions in the
future, as measured by S&P's risk-adjusted capital (RAC) ratios,
S&P considered that further solvency improvements would not be
enough to trigger an improvement in S&P's view of their stand-
alone creditworthiness.

S&P considers that the Spanish banking system is now exposed to
lower economic risk.  S&P therefore revised upward to 'bbb-' from
'bb+' its anchor for financial institutions operating primarily
in Spain.  The anchor is the starting point in assigning an
issuer credit rating to a bank.  S&P revised it upward for all
Spanish banks, except Santander and BBVA, which already had
anchors of 'bbb-', and SCF, which has a 'bbb' anchor.  S&P did
not revise up the anchor for these banks because their wider
geographic diversification means that their exposure to Spain is
lower than that of domestic peers and this minimized the positive
impact of the review.

The stand-alone credit profiles (SACPs) for Santander and BBVA
are higher than the foreign currency sovereign rating on Spain.
The ratings on these banks are therefore constrained by the
weaker creditworthiness of their home country.  BBVA also
recently announced its decision to acquire an additional 14.89%
stake in Turkish bank Turkiye Garanti Bankasi A.S.
(BB/Negative/--) and completed a EUR2 billion capital increase to
finance this acquisition.  S&P incorporated this new information
when it affirmed its ratings on BBVA.

The SACPS for the banks that S&P upgraded were also revised
upward, and therefore S&P also upgraded the debt ratings assigned
to the hybrid instruments issued or guaranteed by these banks.

Most of S&P's outlooks are currently stable, reflecting the
expectation that the main factors supporting S&P's ratings are
unlikely to change over the next 12-24 months.  The stable
outlooks on Santander and BBVA mirror the stable outlook on the
sovereign, while the stable outlook on SCF mirrors that of its
parent.

S&P still have a negative outlook on four Spanish banks --
Bankia, BFA, Popular, and Sabadell.  These reflect the possible
reduction or removal of extraordinary government support from
their ratings, as resolution regimes are put in place by the end
of 2015.

The positive outlook on Ibercaja takes into account the
possibility that the bank could implement capital-enhancing
measures in the context of its corporate reorganization or that
its solvency could strengthen organically beyond S&P's
expectations.

The rating on BBSAU is on CreditWatch positive because S&P
expects it to be acquired by Caixabank by the end of the first
quarter of 2015.  This is likely to have a positive impact on
S&P's ratings on BBSAU.

BICRA SCORE SNAPSHOT*

Spain                         To                 From

BICRA Group                   5                  6

Economic risk                6                  7
  Economic resilience       Intermediate risk  Intermediate risk
  Economic imbalances         High risk          Very High risk
  Credit risk in the economy  High risk          High risk

Industry risk                5                  5
  Institutional framework     Intermediate risk Intermediate risk
  Competitive dynamics        Intermediate risk Intermediate risk
  Systemwide funding          High risk          High risk

Trends
  Economic risk trend         Stable             Positive
  Industry risk trend         Stable             Stable

* Banking Industry Country Risk Assessment (BICRA) economic risk
  and industry risk scores are on a scale from 1 (lowest risk) to
  10 (highest risk).

RATINGS LIST

Upgraded
                             To               From
CaixaBank S.A.
Counterparty Credit Rating  BBB/Stable/A-2   BBB-/Positive/A-3

Cecabank S.A.
Counterparty Credit Rating  BBB/Stable/A-2   BBB-/Positive/A-3

Bankinter S.A.
Counterparty Credit Rating  BBB-/Stable/A-3  BB+/Positive/B

Banco de Sabadell S.A.
Counterparty Credit Rating  BB+/Negative/B   BB/Positive/B

Barclays Bank S.A.U.
Counterparty Credit Rating  BB+/Watch Pos/B  BB/Watch Pos/B

Bankia S.A.
Counterparty Credit Rating  BB/Negative/B    BB-/Positive/B

Banco Financiero y de Ahorros S.A.
Counterparty Credit Rating  B+/Negative/B    B/Positive/B

Affirmed

Banco Santander S.A.
Counterparty Credit Rating  BBB+/Stable/A-2

Santander Consumer Finance S.A.
Counterparty Credit Rating  BBB/Stable/A-2

Banco Bilbao Vizcaya Argentaria S.A.
Counterparty Credit Rating  BBB/Stable/A-2

Kutxabank S.A.
Counterparty Credit Rating  BBB-/Stable/A-3

Ibercaja Banco S.A.
Counterparty Credit Rating  BB/Positive/B

Banco Popular Espanol S.A.
Counterparty Credit Rating  B+/Negative/B

NCG Banco S.A.
Counterparty Credit Rating  B/Stable/B

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


UCI 9: S&P Lowers Ratings on Class B & C Notes to 'BB(sf)'
----------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in Fondo de Titulizacion de Activos UCI 7, Fondo de
Titulizacion de Activos UCI 8, and Fondo de Titulizacion de
Activos UCI 9.

Specifically, S&P has:

   -- Affirmed its 'AA (sf)' ratings on UCI 7 and UCI 8's class A
      notes;

   -- Lowered to 'A+ (sf)' from 'AA (sf)' its ratings on UCI 9's
      class A notes and UCI 7 and UCI 8's class B notes; and

   -- Lowered to 'BB (sf)' from 'AA (sf)' and to 'B (sf)' from 'A
      (sf)' its ratings on UCI 9's class B and C notes,
      respectively.

Upon publishing S&P's updated criteria for Spanish residential
mortgage-backed securities (RMBS criteria) and its 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".

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

The rating actions follow S&P's credit and cash flow analysis of
the most recent transaction information that S&P has received as
of Sept. 2014.  S&P's analysis reflects the application of its
RMBS criteria and its RAS criteria.

S&P's RAS criteria designate the country risk sensitivity for
RMBS as 'moderate'.  Under S&P's RAS criteria, these
transactions' notes can therefore be rated four notches above the
sovereign rating, if they have sufficient credit enhancement to
pass a minimum of a "severe" stress.

As S&P's long-term rating on the Kingdom of Spain is 'BBB', its
RAS criteria cap at 'AA (sf)' the maximum potential rating in
these transactions for the class A notes.  The maximum potential
rating for all other classes of notes is 'A+ (sf)'.

As all six of the conditions in paragraph 48 of the RAS criteria
are met in UCI 7 and UCI 8, S&P can assign ratings in these two
transactions up to a maximum of six notches (two additional
notches of uplift) above the sovereign rating, subject to credit
enhancement being sufficient to pass an "extreme" stress.

Following the application of S&P's RAS criteria and its RMBS
criteria, S&P has determined that its assigned rating on each
class of notes in these transactions should be the lower of (i)
the rating as capped by S&P's RAS criteria and (ii) the rating
that the class of notes can attain under S&P's RMBS criteria.  In
these three transactions, S&P's ratings on the class A notes are
constrained by the rating on the sovereign, as are its ratings on
UCI 7 and UCI 8's class B notes.

Credit enhancement levels, only represented by the subordination
of the notes, have increased in these three transactions due to
the amortization of the class A notes.

Class         Available Credit
               Enhancement (%)

UCI 7
A                         6.78
B                         0.00

Credit enhancement for the class A notes has increased to 6.78%
from 5.60% at
closing.

UCI 8
A                         6.24
B                         0.00

Credit enhancement for the class A notes has increased to 6.24%
from 5.15% at
closing.

UCI 9
A                         8.29
B                         1.50
C                         0.00

Credit enhancement for the class A and B notes has increased to
8.29% and 1.50%, from 4.15% and 0.75% at closing, respectively.

These transactions feature an amortizing reserve fund, placed in
the priority of payments before the amortization of the notes.
The reserve funds are at their target levels, and have been able
to amortize due to the transactions' stable performance.  Of the
outstanding balance of the notes, the reserve funds represent:
6.55% for UCI 7, 8.15% for UCI 8, and 6.05% for UCI 9.

Severe delinquencies of more than 90 days are at 0.57% for UCI 7,
1.62% for UCI 8, and 0.70% for UCI 9, and are on average lower
for these transactions than S&P's Spanish RMBS index.
Furthermore, the class B notes in all three transactions
amortized pro rata to their minimum required amount on the June
2014 payment date. Therefore, the notes started amortizing
sequentially again on the Sept. 2014 payment date.

After applying S&P's RMBS criteria to all three transactions, its
credit analysis results show low weighted-average foreclosure
frequency (WAFF) and weighted-average loss severity (WALS) for
each rating level due to the seasoning of the pools, stable
performance, and the evolution of Spanish house prices.

Rating level         WAFF (%)    WALS (%)

UCI 7
AA                      16.08        2.00
BBB                     11.10        2.00

UCI 8
AA                      16.62        2.49
BBB                     11.85        2.49

UCI 9
AA                      15.15        2.00
BBB                     10.33        2.00

Given that the pool's attributes indicate better credit quality
than the archetype, S&P increased the projected loss that it
modeled to meet the minimum floor under its criteria.

Taking into account the results of S&P's updated credit and cash
flow analysis and the application of its RAS criteria, S&P
considers that UCI 7 and UCI 8's class A notes' available credit
enhancement is commensurate with the currently assigned ratings.
S&P has therefore affirmed its 'AA (sf)' ratings on the class A
notes in these two transactions.

UCI 9's class A notes and UCI 7 and UCI 8's class B notes'
maximum achievable rating is 'A+ (sf)' under S&P's RAS criteria.
Therefore, S&P has lowered to 'A+ (sf)' from 'AA (sf)' its
ratings on UCI 9's class A notes, and UCI 7 and UCI 8's class B
notes.

Under the transaction documents, there is an interest deferral
trigger mechanism for UCI 9's subordinated notes based on the 90+
days arrears level over the outstanding balance of the assets.
If 90+ days arrears reach 6%, the class C notes' interest will be
deferred after the principal amortization of the most senior
class of notes, and if it reaches 9%, the class B notes' interest
will be deferred as well.

Given UCI 9's collateral's stable performance, S&P don't expect
the interest referral triggers to be breached in the short to
medium term, even if the class A notes' rate of amortization is
decreasing.  Nevertheless, in a stressful environment, the
interest deferral triggers for both the class B and C notes would
be breached.  Consequently, interest shortfalls would occur until
recoveries start accruing. Given the underlying collateral's low
prepayment rate in recent years, S&P expects the class A notes to
be fully amortized by 2029.  S&P has therefore lowered to 'BB
(sf)' from 'AA (sf)' and to 'B (sf)' from 'A (sf)' its ratings on
UCI 9's class B and C notes, respectively.

S&P also considers credit stability in its analysis.  To reflect
moderate stress conditions, S&P adjusted our WAFF assumptions by
assuming additional arrears of 8%, split equally between the one-
month and the three-month buckets for a one-year horizon, and 8%
arrears concentrated in the three-month bucket for the three-year
horizon.  This did not result in S&P's rating deteriorating below
the maximum projected deterioration that it would associate with
each relevant rating level, as outlined in S&P's credit stability
criteria.

In S&P's opinion, the outlook for the Spanish residential
mortgage and real estate market is not benign and S&P has
therefore increased its expected 'B' foreclosure frequency
assumption to 3.33% from 2.00%, when S&P applies its RMBS
criteria, to reflect this view.  S&P bases these assumptions on
its expectation of modest economic growth, continuing high
unemployment, and further falls in house prices for the remainder
of 2014, which will then level off in 2015.

On the back of improving but still depressed macroeconomic
conditions, S&P don't expect the performance of the transactions
in our Spanish RMBS index to improve in 2014.

S&P expects severe arrears in the portfolio to remain at their
current levels, as there are a number of downside risks.  These
include modest economic growth, continuing high unemployment, and
further falls in house prices.  On the positive side, S&P expects
interest rates to remain low for the foreseeable future.

UCI 7, UCI 8, and UCI 9 are Spanish RMBS transactions, which
closed in Oct. 2001, June 2002, and June 2003, respectively.
They securitize portfolios of residential mortgage loans, which
Union de Creditos Inmobiliarios, Establecimiento Financiero de
Credito originated.  The residential mortgage loans are
distributed among all Spanish regions.

RATINGS LIST

Class       Rating            Rating
            To                From

Fondo de Titulizacion de Activos UCI 7
EUR455 Million Mortgage-Backed Floating-Rate Notes

Rating Affirmed

A           AA (sf)

Rating Lowered

B           A+ (sf)           AA (sf)

Fondo de Titulizacion de Activos UCI 8
EUR600 Million Asset-Backed Floating-Rate Notes

Rating Affirmed

A           AA (sf)

Rating Lowered

B           A+ (sf)           AA (sf)

Fondo de Titulizacion de Activos UCI 9
EUR1.25 Billion Asset-Backed Floating-Rate Notes

Ratings Lowered

A           A+ (sf)           AA (sf)
B           BB (sf)           AA (sf)
C           B (sf)            A (sf)



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


SPUTNIK ENGINEERING: To File for Insolvency in Switzerland
----------------------------------------------------------
PV-Tech reports that Sputnik Engineering, the parent company of
Swiss inverter manufacturer Solarmax, will file for insolvency in
Switzerland.

In a circular sent to customers and seen by PV Tech, the company
said it had looked for alternatives but to no avail.

"Solarmax had been the fifth largest supplier in the world in
2008, with a market share of over 4%," PV-Tech quotes
Sam Wilkinson, research manager at market research firm IHS, as
saying.  "Its market share has declined each year since, and it
held a share of less than 1% in 2013.

"Solarmax had also made efforts at internationalizing its
business to offset the decline of Europe, by entering into the
United States solar market in 2013.  It had struggled to gain
significant market share due to the intense competition from
local manufacturers of string inverters such as Advanced Energy
and Solectria, as well as numerous other European and Asian
suppliers employing similar internationalization strategy."

According to PV-Tech, despite a recent focus on string inverters
to compensate for the decline in the European utility market, the
company has continued to struggle.

Sputnik Engineering refused to comment but did admit that the
administrator, Weissberg Consulting, had now taken over
management of the company, PV-Tech notes.



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


AUSTIN REED: Owner In Talks with Deloitte Over CVA Deal
-------------------------------------------------------
Ben Marlow, Ashley Armstrong and Graham Ruddick at The Sunday
Telegraph report that Austin Reed is close to appointing Deloitte
to work on a rescue deal.

It is understood that Darius Capital, which owns Austin Reed
Group, is in discussions with the auditor over a company
voluntary arrangement (CVA), although it is not likely to happen
imminently, The Sunday Telegraph notes.

According to The Sunday Telegraph, a CVA would allow the retailer
to reduce its debts, following discussions with creditors, but to
continue trading.

The Sunday Telegraph understands management, led by Nick
Hollingworth, could wait until the end of the crucial Christmas
shopping period before making a final decisions.

Accounts recently filed at Companies House show the retailer,
whose other brands include Viyella and CC, made a loss before tax
of GBP1.29 million on sales of GBP109 million in the year to
January 2014, against a profit before tax of GBP1.77 million on
sales of GBP113 million a year earlier, The Sunday Telegraph
discloses.

The group, ultimately backed by investors Guy Naggar and Peter
Klimt, has more than 260 shops and concessions in the UK, but a
CVA would be used to close some of them, The Sunday Telegraph
says.

Austin Reed is the 114-year-old British tailor whose famous
clients include International Monetary Fund chief Christine
Lagarde and HM.


NEWDAY PARTNERSHIP 2014-1 PLC: S&P Rates Class F Notes 'BB(sf)'
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned preliminary credit
ratings to two issuances from the NewDay Partnership Receivables
Trust:

   -- The class A, B, C, D, E, and F notes in NewDay Partnership
      Funding 2014-1 PLC's series 2014-1; and

   -- The class A, B, C, D, E, and F notes in NewDay Partnership
      Funding 2014-2 PLC's series 2014-2.

S&P rated the class E and F notes on the basis of deferrable
interest.  At closing, NewDay Partnership Loan Note Issuer Ltd.,
another entity in the master trust structure, will issue an
unrated originator variable funding note (VFN) to the transferor,
NewDay Partnership Transferor PLC.

The unrated originator VFN provides proportionate series specific
subordination to the rated tranches.  The transferor will hold
the excess of the originator VFN balance above the total required
subordination amount as transferor interest.  The transferor will
use this to meet its minimum transferor interest and risk
retention obligations.

The NewDay Partnership Receivables Trust is a master trust of
credit card, store card, and installment credit (sales finance
loan) receivables that NewDay Ltd. originates under retail
partnership agreements.  NewDay has active retail partnership
agreements with Arcadia, Debenhams, Laura Ashley, and House of
Fraser.

RATING RATIONALE

Sector Outlook

The U.K. macroeconomic outlook has continued to improve, which
has been confirmed by recent economic indicators and S&P's own
revisions to its GDP and unemployment forecasts.  S&P expects
annual GDP growth to recover to 3.1% in 2014, with further growth
of 2.5% in 2015, and 2.2% in 2016.  S&P forecasts an annual
unemployment rate of 6.4% in 2014, before falling to 6.1% in
2015, and 5.9% in 2016.

Overall, U.K. credit card trust performance has been resilient to
date.  S&P expects GDP to continue to increase, while
unemployment continues to decrease from its cyclical peak of 8.5%
in late 2011. Consequently, S&P anticipates that U.K. collateral
performance will benefit from macroeconomic and monetary
conditions.  In summary, S&P's outlook for the U.K. credit card
sector is strong.

Operational Risk

S&P attended a corporate overview meeting in Aug. 2014 where S&P
discussed NewDay's origination and underwriting policies,
servicing, account risk management, collections, and recovery
strategies.  S&P considers them to be in line with general market
practice and commensurate with its preliminary ratings.  NewDay
has sub-delegated certain aspects of servicing, settlements, and
payment processing to Santander U.K. PLC and First Data Global
Services Ltd.  Based on the portfolio's performance to date, S&P
considers these entities to be capable of carrying out their
respective tasks.

S&P took into account the depth of the U.K. credit market in
assessing operational risk.  Replacement servicers are readily
available and the transaction servicing fee is relatively high.
A liquidity reserve is available to bridge any servicer
transition period.  In light of these factors, S&P considers the
servicer's severity and portability risk to be low under its
operational risk criteria.  Consequently, these criteria do not
constrain S&P's preliminary ratings in any of the transactions.

Credit Risk

S&P considered the portfolio's historical payment, purchase,
charge-off and yield rates in S&P's analysis.  S&P sets its base-
case assumptions in line with its European consumer finance
criteria, taking into account macroeconomic conditions and
industry trends.  S&P has historical performance data for the
portfolio since 2009.  In setting S&P's base-case assumptions, it
considered the effect of the termination of the House of Fraser
retail partnership agreement.  In S&P's view, this is the best
performing partnership book.  S&P also factored in the
performance of the closed partnership books, which are in run-off
mode (run-off account cards cannot be used to make any new
purchases).

Cash Flow Analysis

S&P ran two cash flow scenarios of rapid amortization, under both
rising and falling interest rates for the rated notes.  The
available credit enhancement for the rated tranches is sufficient
to absorb the credit losses under the respective rating
scenarios.

Counterparty Risk

The transactions are exposed to counterparty risk through
Citibank N.A., London branch and Santander U.K. PLC as bank
account providers.  Citibank., London branch will provide the
transferor collections account, the various trust accounts, the
loan note issuer accounts, and the issuer accounts.  Santander
U.K. will provide the servicer collections account.  The
documented downgrade and replacement language is in line with
S&P's current counterparty criteria.

Legal Risk

The receivables trustee, the loan note issuer, and the issuer are
bankruptcy-remote, in line with S&P's European legal criteria.
S&P has received an external legal opinion, which indicates that
the sale of the receivables would survive if the originator were
to become insolvent.  S&P has reviewed legal opinions for the
master trust and for the rated issuances.

Credit Stability

S&P analyzed the effect of a moderate stress on the credit
variables, and its ultimate effect on our preliminary ratings on
the notes.  S&P ran two scenarios, modeling rapid amortization
with rising and falling interest rates for the notes.  The
results are in line with S&P's credit stability criteria.

RATINGS LIST

Class                  Rating            Amount
                                       (mil. GBP)

NewDay Partnership Funding 2014-1 PLC
Asset-Backed Floating-Rate Notes Series 2014-1

A                      AAA (sf)             TBD
B                      AA (sf)              TBD
C                      A+ (sf)              TBD
D                      BBB+ (sf)            TBD
E                      BBB+ (sf)            TBD
F                      BB (sf)              TBD

NewDay Partnership Funding 2014-2 PLC
Asset-Backed Floating-Rate Notes Series 2014-2

A                      AAA (sf)             TBD
B                      AA (sf)              TBD
C                      A+ (sf)              TBD
D                      BBB+ (sf)            TBD
E                      BBB+ (sf)            TBD
F                      BB (sf)              TBD

NewDay Partnership Loan Note Issuer Ltd.
Asset-Backed Floating Rate Notes

Originator VFN         NR                   TBD

NR--Not rated.
TBD--To be determined.



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


* BOND PRICING: For the Week November 24 to November 28, 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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Content-Type: text/html; charset=UTF-8
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=C2=A0 =C2=A0 =C2=A0 =C2=A0 T R O U B L E D =C2=A0 C =
O M P A N Y =C2=A0 R E P O R T E R

=C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0E U R O P E

=C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0Monday, December 1, 2014, Vol. 15, No. 237

>
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0=
=C2=A0 =C2=A0 =C2=A0 =C2=A0 Headlines

A U S T R I=
A

HYPO ALPE-ADRIA: Advent Deadline Expires; Austr=
ia Reopens Bidding


D E N M A R Kiv>

OW BUNKER: Alba Tanker Takes Over Unit as Part of Se=
curing Assets


F I N L A N D
iv>
METSA BOARD: Moody's Hikes Corporate Family Rating to=
B1


I C E L A N D

iv>
KAUPTHING BANK: Grant Thornton Sued Over Role in Tchenguiz Probeiv>


I T A L Y

CO=
RDUSIO RMBS 4: S&P Lowers Rating on Class E Notes to 'B-'
=


K A Z A K H S T A N

=
URANIUM ONE: Fitch Affirms 'BB-' LT FC Issuer Default Ratingdiv>


N E T H E R L A N D S

=
CREDIT EUROPE BANK: Fitch Affirms 'BB-' LT Issuer Defaul=
t Rating
DANSKE BANK: Moody's Raises Preferred Stock Rating t=
o 'Ba1'
TELEFONICA: S&P Assigns 'BB+' Rating =
to Non-call Hybrid Notes


P O R T U =
G A L

BANCO ESPIRITO: Novo Banco to Meet Required =
Solvency Ratios


R U S S I A
iv>
BRUNSWICK RAIL: Moody's Lowers Corporate Family Ratin=
g to 'B2'
KAZKOMMERTSBANK: Fitch Assigns 'B' Fina=
l Rating to Senior Bonds
ROSSIYSKIY KREDIT: Moody's Withdraws=
Caa3 Curr. Deposit Ratings
ROSSIYSKIY KREDIT: Moody's Withdr=
aws Caa3.ru Na'tl Deposit Rating


v>S P A I N

BANCO DE SABADELL: S&P Raises Rati=
ng to 'BB+'; Outlook Negative
UCI 9: S&P Lowers Ratin=
gs on Class B & C Notes to 'BB(sf)'

r>
S W I T Z E R L A N D

SPUTNIK ENGINEE=
RING: To File for Insolvency in Switzerland


div>
U N I T E D =C2=A0 K I N G D O M

AUSTIN R=
EED: Owner In Talks with Deloitte Over CVA Deal
NEWDAY PARTNERSHI=
P 2014-1 PLC: S&P Rates Class F Notes 'BB(sf)'

div>

X X X X X X X X

* BOND PRI=
CING: For the Week November 24 to November 28, 2014

v>


=C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 *****=
****


=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=
=3D=3D=3D
A U S T R I A
=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=
=3D=3D=3D


HYPO ALPE-ADRIA: Advent D=
eadline Expires; Austria Reopens Bidding
------------------------=
-----------------------------------------
Boris Groendahl at Bloo=
mberg News report that Austria is=C2=A0
reopening the bidding for=
Hypo Group Alpe Adria AG after a deal=C2=A0
with Advent Internat=
ional Corp. collapsed.

According to Bloomberg, two=
people with knowledge of the process=C2=A0
said previous bidders=
who had made a binding offer will be=C2=A0
allowed to take part =
in the new sale process, which will be=C2=A0
firmed up in coming =
weeks, because they are not authorized to=C2=A0
comment publicly.=
=C2=A0 That would include Advent and those ruled out=C2=A0
when A=
dvent gained exclusivity, Bloomberg states.

Bayeri=
sche Landesbank, the former owner of Hypo Alpe-Adria-Bank=C2=A0
I=
nternational AG, failed to approve the sale to Advent on=C2=A0
No=
v. 27, the deadline for signing the agreement, Bloomberg=C2=A0
re=
lates.=C2=A0 The Bavarian bank said its rights were violated when=C2=A0v>
Hypo Alpe was broken up before the planned deal and that as a=C2=A0<=
/div>
result, it can't legally take a position on the agreement,=C2=
=A0
Bloomberg ntoes.

Austria is seeking =
to recoup money for its taxpayers, who have=C2=A0
already spent E=
UR5.5 billion (US$6.8 billion) to wind down the=C2=A0
failed comp=
any, which has been turned into a "bad bank" and=C2=A0
=
renamed Heta Asset Resolution AG, Bloomberg discloses.=C2=A0

=
Heta confirmed in a statement that exclusivity for the talks wit=
h=C2=A0
Advent expired on Nov. 27 and said that it won't be i=
n charge of=C2=A0
the sale anymore, Bloomberg notes.=C2=A0 Accord=
ing to Bloomberg, it=C2=A0
said that process will now be led by F=
imbag, a state agency=C2=A0
that's managing Austria's sta=
kes in failed lenders.=C2=A0 Heta,=C2=A0
Bloomberg says, may have=
to book additional charges, which it=C2=A0
will determine in the=
coming weeks.

According to Bloomberg, a spokesman=
for the private equity firm=C2=A0
said Advent is still working t=
oward signing the deal and its=C2=A0
offer remains intact.
<=
div>
Hypo Alpe, based in the southern Austria city of Klagenf=
urt, has=C2=A0
total assets of EUR8.4 billion, Bloomberg disclose=
s.=C2=A0

The sale must be closed by the end of 201=
5, Bloomberg notes,=C2=A0
citing the terms of the European Union&=
#39;s state aid approval for=C2=A0
Hypo Alpe.

>
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0=
=C2=A0About Hypo Alpe-Adria

Hypo Alpe-Adria Inter=
national AG is a subsidiary of BayernLB.=C2=A0 It
is active in ba=
nking and leasing.=C2=A0 In banking, HGAA serves both
corporate a=
nd retail customers and offers services ranging from
traditional =
lending through savings and deposits to complex
investment produc=
ts and asset management services.

Hypo Alpe receiv=
ed EUR1.75 billion in aid in emergency
capital from the Austrian =
government.=C2=A0 European Union Competition
Commissioner Joaquin=
Almunia said in March 2013 that Hypo Alpe
faced possible closure=
for failing to adequately restructure.
The European Commission a=
pproved Hypo's recapitalization in
December 2013, but made it=
conditional on the management
presenting a thorough plan to over=
haul the group.=C2=A0 The Austrian
finance ministry, which effect=
ively runs Hypo Alpe, submitted a
restructuring plan to the Commi=
ssion on Feb. 5, 2013.=C2=A0 On Sept.
3, 2013, the Commission cle=
ared Hypo Alpe's restructuring plan,
which includes the sale =
of the bank's Austrian unit and Balkans
banking network and t=
he winding-down of non-viable parts.=C2=A0 It
also approved addit=
ional aid to wind down the bank.


r>
=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D
D E N M A R =
K
=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=C2=A0

iv>

OW BUNKER: Alba Tanker Takes Over Unit as Part of Se=
curing Assets
---------------------------------------------------=
--------------
Sabina Zawadzki at Reuters reports that OW Tanker,=
a unit of=C2=A0
bankrupt OW Bunker and owner of its marine fuel =
supply ships, has=C2=A0
been taken over by a newly created compan=
y.

According to Reuters, Henrik Pedersen said the =
takeover by Alba=C2=A0
Tanker ApS, which has the trustees of the =
bankrupt company on its=C2=A0
board, is part of the process of se=
curing assets for the estate.

"We are not a v=
ery big part of the company," Reuters quotes=C2=A0
Mr. Peder=
sen as saying. =C2=A0"We're the ship-owning part of OW Bunker=C2=
=A0
and Trading.=C2=A0 And that was our biggest client, of course=
, but we=C2=A0
have always been run as a separate company."<=
/div>

OW Tanker owned 10 vessels and chartered 19, accor=
ding to its Web=C2=A0
site.=C2=A0 Mr. Pedersen, as cited by Reute=
rs, said it employs around=C2=A0
115 people, mostly vessel crews,=
and is now looking for new=C2=A0
clients.

iv>PricewaterhouseCoopers (PwC) said it had agreed with ING Bank NV=C2=A0div>
and OW Bunker's trustees to work together in recouping some=C2=
=A0
US$750 million the company owes to a group of 13 banks, inclu=
ding=C2=A0
ING, Reuters relays.

The trus=
tees from Danish law firms Gorrissen Federspiel and=C2=A0
Plesner=
, who are on the board of Alba Tanker ApS, were not=C2=A0
immedia=
tely available to say how the takeover of OW Tanker could=C2=A0
r=
elate to the debt owed to the banks, Reuters notes.

v>=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 About OW Bunker

OW Bunker A/S is a Dani=
sh shipping fuel provider.

On Nov. 7, 2014, OW Bun=
ker A/S, which went public in March,
declared bankruptcy and repo=
rted two employees at its Singapore
unit to the police following =
allegations of fraud.=C2=A0 It owes 15
banks a total of about US$=
750 million.

OW Bunker said on Nov. 5 it had lost =
US$275 million through a
combination of fraud committed by senior=
executives at its
Singapore office and poor risk management.=C2=
=A0 Trading in its shares
was suspended on Nov. 5 and the company=
said its banks had
refused to provide more credit.
>
OW Bunker's U.S. businesses, which opened in 2012 as part o=
f its
global expansion, filed Chapter 11 petitions on Nov. 13.iv>



=3D=3D=3D=3D=3D=3D=3D=
=3D=3D=3D=3D=3D=3D
F I N L A N D
=3D=3D=3D=3D=3D=3D=3D=
=3D=3D=3D=3D=3D=3D=C2=A0


METSA BOAR=
D: Moody's Hikes Corporate Family Rating to B1=C2=A0
--------=
------------------------------------------------
Moody's Inve=
stors Service has upgraded the Corporate Family=C2=A0
Rating (&qu=
ot;CFR") to B1 and the Probability of Default Rating (PDR)=C2=A0
=
to B1-PD of Metsa Board Corporation from B2 and B2-PD.=C2=A0
>Concurrently, Moody's upgraded Metsa Board's 5-year non-call=C2=A0=
EUR225 million senior unsecured Nordic bond to B1 (LGD4, 57). Th=
e=C2=A0
outlook is positive.

"We ha=
ve upgraded Metsa Board's ratings to recognize the=C2=A0
comp=
any's ongoing success in offsetting the accelerated decline=C2=A0
=
in paper delivery volumes by increasing paperboard volumes, in=C2=A0div>
particular through exports to North America," says Matthias=
=C2=A0
Volkmer, a Moody's Vice President -- Senior Analyst an=
d lead=C2=A0
analyst for Metsa Board. "We expect the company=
to gradually=C2=A0
further improve credit metrics despite a like=
ly increase of=C2=A0
investments in production capacities in the =
coming years."

Ratings Rationale
r>
Metsa Board's upgrade to B1 CFR is driven by continued=C2=
=A0
profitability improvements following the company's ongoin=
g=C2=A0
transformation into higher-margin packaging products. The=
B1=C2=A0
rating also reflects (i) Metsa Board's strong marke=
t position,=C2=A0
being among the leading producers of paperboard=
in Europe, (ii)=C2=A0
its good vertical integration into pulp in=
cluding its valuable=C2=A0
shareholding in pulp company Metsa Fib=
re, reducing dependency on=C2=A0
the volatile pulp prices, and (i=
ii) positive industry=C2=A0
fundamentals with structural growth f=
or paper-based packaging=C2=A0
products, which will be the major =
profit contributor for the=C2=A0
group going forward. At the same=
time, Moody's note that Metsa=C2=A0
Board still needs to pro=
ve the ability to generate resilient=C2=A0
returns through the cy=
cle under the restructured setup.

Moody's also=
cautions that profitability of Metsa Board's paper=C2=A0
and=
pulp business may be strained as overcapacity for paper is=C2=A0
>significant, resulting in weak pricing power of producers, and=C2=A0
=
therefore diluting the group's overall margin. In addition, new=C2=
=A0
pulp capacities scheduled to come on stream in South America =
over=C2=A0
the next few years may exert continued pressure on pul=
p prices.

With a leverage (debt/EBITDA) of 4.1 per=
September 2014 (down=C2=A0
from 4.5x as December 2013) and EBITD=
A margins of around 10% (all=C2=A0
as adjusted by Moody's), M=
etsa Board is now well positioned at=C2=A0
the B1 rating level. F=
ollowing the refinancing exercises in 2013=C2=A0
and 2014, annual=
debt maturities are viewed as manageable until=C2=A0
larger bull=
et maturities fall due in 2018 and 2019. Higher=C2=A0
profitabili=
ty and lower restructuring payouts allowed Metsa Board=C2=A0
to r=
eturn to significant positive free cash flow generation=C2=A0
dur=
ing 2014, yet potential investments in production capacities=C2=A0
v>as well as increased dividend payments may marginalize free cash=C2=A0iv>
flow over the next few years.

The positive=
outlook reflects Moody's expectation that the=C2=A0
group=
9;s packaging operations will continue to perform solidly=C2=A0
t=
hrough 2015 despite the subdued economic environment in Europe,=C2=A0
=
with further gradual improvements to come from ongoing=C2=A0
>efficiencies, the replacement of unprofitable paper capacities=C2=A0
=
with profitable packaging capacities, and growing demand.
r>
Subsequent to the 2014 refinancing, Metsa Board's liquidit=
y=C2=A0
profile is good including EUR186.4 million of cash as per=
end of=C2=A0
September 2014 (short-term deposits with Metsa Grou=
p Treasury),=C2=A0
EUR16.1 million of cash funds and investments =
and EUR100 million=C2=A0
undrawn bank revolving credit facility. =
Moreover, the group's=C2=A0
Funds from Operations should be s=
ufficient to cover future cash=C2=A0
uses, capital expenditures, =
seasonal working capital peaks and=C2=A0
increased dividend payme=
nts while at times relying on the group's=C2=A0
liquidity fac=
ilities.

What Could Move the Rating UP
<=
br>
A rating upgrade would require Metsa Board to continue its tr=
ack=C2=A0
record of gradually improving operating profitability a=
nd cash=C2=A0
flow generation despite the challenging macroeconom=
ic conditions=C2=A0
in its European markets. Quantitatively, Mood=
y's would consider a=C2=A0
rating upgrade if Metsa Board was =
able to sustain EBITDA margins=C2=A0
of at least low double digit=
percentages, with Moody's adjusted=C2=A0
leverage of debt/EB=
ITDA at below 4x on a sustainable basis, and=C2=A0
RCF/debt movin=
g towards the mid teen percentages.

What Could Mov=
e the Rating DOWN

The rating could come under nega=
tive pressure if the company's=C2=A0
debt/EBITDA as adjusted =
by Moody's were to exceed 4.5x or if=C2=A0
material negative =
free cash flow generation substantially weakens=C2=A0
the group&#=
39;s liquidity position.

The B1 rating assigned to=
the EUR225 million senior unsecured=C2=A0
notes is at the level =
of the group's CFR, considering that Metsa=C2=A0
Board's =
mostly unsecured existing debt arrangements effectively=C2=A0
ran=
k pari passu with the new unsecured debt. Given only marginal=C2=A0
iv>asset security of Metsa Board's priority ranking amortizing=C2=A0iv>
pension loans in an amount of EUR195 million as per September=C2=A0=
2014, due between 2014 to 2020, additional notching of the=C2=A0=
unsecured debt is not justified in our view. Moody's notes t=
hat=C2=A0
the new bond and loan documentations' negative pled=
ge clause is=C2=A0
subject to certain exceptions including permit=
ted secured pension=C2=A0
loans of up to EUR250m and permitted no=
n-recourse trade=C2=A0
receivable securitizations of up to EUR50 =
million.

The principal methodology used in this ra=
ting was Global Paper=C2=A0
and Forest Products Industry publishe=
d in October 2013. Other=C2=A0
methodologies used include Loss Gi=
ven Default for Speculative-
Grade Non-Financial Companies in the=
U.S., Canada and EMEA=C2=A0
published in June 2009.=C2=A0
<=
div>
Metsa Board Corporation, headquartered in Espoo, Finland=
, is a=C2=A0
leading European primary fibre paperboard producer. =
Metsa Board=C2=A0
also produces office paper and coated papers as=
well as market=C2=A0
pulp. Sales during the last twelve months t=
o September 2014=C2=A0
amounted to approximately EUR2.0 billion.<=
/div>



=3D=3D=3D=3D=3D=3D=
=3D=3D=3D=3D=3D=3D=3D
I C E L A N D
=3D=3D=3D=3D=3D=3D=
=3D=3D=3D=3D=3D=3D=3D


KAUPTHING BAN=
K: Grant Thornton Sued Over Role in Tchenguiz Probe
-------------=
---------------------------------------------------
Caroline Binh=
am at The Financial Times reports that Vincent=C2=A0
Tchenguiz, t=
he property entrepreneur who was a subject of a=C2=A0
failed crim=
inal investigation by the UK fraud office, has=C2=A0
launched a G=
BP2.2 billion lawsuit against accountants Grant=C2=A0
Thornton, t=
wo of its partners, a lawyer and Kaupthing Bank for=C2=A0
their r=
ole in the probe.

Mr. Tchenguiz's lawsuit, fil=
ed in London's Commercial Court on=C2=A0
Nov. 27, is the late=
st step in a saga that started with the 2008=C2=A0
failure of Kau=
pthing, the Icelandic bank, the FT notes.=C2=A0 It comes=C2=A0
af=
ter Mr. Tchenguiz and his younger brother Robert settled their=C2=A0
<=
div>GBP300 million damages claim against the UK's Serious Fraud=C2=A0div>
Office this summer after the latter's botched probe of the pai=
r;=C2=A0
they settled for GBP3 million and GBP1.5 million respect=
ively,=C2=A0
plus substantial legal costs, the FT recounts.
=

In this legal battle, Mr. Tchenguiz is suing Grant Thor=
nton plus=C2=A0
Steve Akers and Hossein Hamedani, who work for th=
e accountant as=C2=A0
restructuring and forensic investigation sp=
ecialists, the FT =C2=A0
discloses.=C2=A0 He is also suing Kaupth=
ing and Johannes Runar=C2=A0
Johannsson, an Icelandic lawyer on t=
he bank's winding-up=C2=A0
committee, the FT states.
v>
Robert Tchenguiz was a member of the board of the biggest=
=C2=A0
shareholder in Kaupthing and was also one of the bank'=
s biggest=C2=A0
borrowers.

Mr. Akers was=
separately a liquidator of Oscatello, an investment=C2=A0
vehicl=
e of Robert Tchenguiz, the FT notes.=C2=A0 They are still in=C2=A0
v>parallel legal proceedings in Guernsey, the FT states.

v>
Vincent Tchenguiz alleges malicious prosecution and conspiracy by=C2=
=A0
unlawful means, the FT discloses.=C2=A0 He alleges the defend=
ants were=C2=A0
conspirators in a scheme to put pressure on him t=
o settle=C2=A0
separate commercial litigation by encouraging the =
SFO to open a=C2=A0
criminal investigation, the FT says.
v>
The SFO probe ended in 2012 after the Tchenguiz brothers=
=C2=A0
challenged the way in which the agency obtained search and=
arrest=C2=A0
warrants for the pair, which resulted in a dawn rai=
d at their=C2=A0
Mayfair homes in March 2011 in front of waiting =
paparazzi, the FT =C2=A0
relays.=C2=A0 A judicial review revealed=
errors by the SFO, which=C2=A0
filed no charges against either b=
rother, the FT relates.

In the review and damages =
claim, it emerged that the SFO had=C2=A0
relied on a report prepa=
red by Mr Akers in his role as Oscatello=C2=A0
liquidator, accord=
ing to the FT.=C2=A0 Grant Thornton allowed the SFO=C2=A0
to look=
at the report and make notes but not retain a copy, the=C2=A0
FT=
states.

=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0=
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 About Kaupthing Bank

v>
Headquartered in Reykjavik, Iceland Kaupthing Bank --
ref=3D"http://www.kaupthing.com/" target=_new>http://www.kaupthing.com/">http://www.kaupthing.com/-- is Icela=
nd's largest bank and among=C2=A0
the Nordic region's 10 =
largest banking groups.=C2=A0 With operations
in more than a doze=
n countries, the bank offers a range of
services including retail=
banking, corporate finance, asset
management, brokerage, private=
banking, treasury, and private
wealth management.=C2=A0 Kaupthin=
g was created by the 2003 merger of
Bunadarbanki and Kaupthing Ba=
nk.=C2=A0 In October 2008, the Icelandic
government assumed contr=
ol of Kaupthing Bank after taking similar
measures with rivals La=
ndsbanki and Glitnir.

As reported by the Troubled =
Company Reporter-Europe, on Nov. 30,
2008, Olafur Gardasson, assi=
stant for Kaupthing Bank hf, filed a
petition under Chapter 15 of=
title 11 of the United States Code
in the United States Bankrupt=
cy Court for the Southern District
of New York commencing the Deb=
tor's Chapter 15 case ancillary to
the Icelandic Proceeding a=
nd seeking recognition for the
Icelandic Proceeding as a "fo=
reign main proceeding" under the
Bankruptcy Code and relief =
in aid of the Icelandic Proceeding.


>
=3D=3D=3D=3D=3D=3D=3D=3D=3D
I T A L Y
=
=3D=3D=3D=3D=3D=3D=3D=3D=3D


CORDUSI=
O RMBS 4: S&P Lowers Rating on Class E Notes to 'B-'
=
-----------------------------------------------------------
Stand=
ard & Poor's Ratings Services affirmed its credit ratings on=C2=A0<=
/div>
Cordusio RMBS Securitisation S.r.l. (Cordusio 4)'s class A2 a=
nd D=C2=A0
notes.=C2=A0 At the same time, S&P has lowered its=
ratings on the=C2=A0
class A3, B, C, and E notes.

=
Upon publishing its updated criteria for Italian residential=C2=
=A0
mortgage-backed securities (RMBS criteria) and its updated=C2=
=A0
criteria for rating single-jurisdiction securitizations above=
the=C2=A0
sovereign foreign currency rating (RAS criteria), S&am=
p;P placed=C2=A0
those ratings that could potentially be affected=
"under criteria=C2=A0
observation".=C2=A0
r>
Following S&P's review of this transaction, its rating=
s that=C2=A0
could potentially be affected by the criteria are no=
longer under=C2=A0
criteria observation.

v>The rating actions follow S&P's credit and cash flow analysis of=
=C2=A0
the most recent transaction information that S&P has r=
eceived, as=C2=A0
of Sept. 2014.=C2=A0 S&P's analysis ref=
lects the application of its=C2=A0
RMBS criteria and its RAS crit=
eria.

Under S&P's RAS criteria, it applied=
a hypothetical sovereign=C2=A0
default stress test to determine =
whether a tranche has sufficient=C2=A0
credit and structural supp=
ort to withstand a sovereign default=C2=A0
and so repay timely in=
terest and principal by legal final=C2=A0
maturity.=C2=A0
iv>
S&P's RAS criteria designate the country risk sen=
sitivity for=C2=A0
RMBS as 'moderate'.=C2=A0 Under S&=
P's RAS criteria, this transaction's=C2=A0
notes can ther=
efore be rated four notches above the sovereign=C2=A0
rating, if =
they have sufficient credit enhancement to pass a=C2=A0
minimum o=
f a "severe" stress.=C2=A0 However, as all six of the=C2=A0
=
conditions in paragraph 48 of the RAS criteria are met, S&P can=C2=
=A0
assign ratings in this transaction up to a maximum of six not=
ches=C2=A0
(two additional notches of uplift) above the sovereign=
rating,=C2=A0
subject to credit enhancement being sufficient to =
pass an=C2=A0
"extreme" stress.

v>As S&P's long-term unsolicited rating on the Republic of Italy is=
=C2=A0
'BBB', its RAS criteria cap at 'AA (sf)' t=
he maximum potential=C2=A0
rating in this transaction for the cla=
ss A2 notes.=C2=A0 The maximum=C2=A0
potential rating for all oth=
er classes of notes is 'A+ (sf)'.

Due to d=
eleveraging, the available credit enhancement has=C2=A0
continued=
to increase for the class A2, A3, B, and C notes since=C2=A0
S&a=
mp;P's previous review.

Class =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0Available Credit
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 Enhancement (%)
A2 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 15.6v>
A3 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 15.6
B =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A010.8
C =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 7.9
D =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 1.1
E =C2=A0 =C2=A0=
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 (0.2=
)

S&P based the available credit enhancement o=
n the transaction's=C2=A0
performing balance.=C2=A0 The class=
A2 and A3 notes have the same=C2=A0
principal deficiency ledger =
(PDL) and pay interest pro rata.=C2=A0
However, the class A3 note=
s are subordinated to the class A2=C2=A0
notes in principal repay=
ment priority in the principal waterfall.

The cash=
reserve has not been at its target amount of EUR6.2=C2=A0
millio=
n since Dec. 2011.=C2=A0 This is because the issuer has made=C2=A0
v>drawings to cover defaulted loans in the pool.=C2=A0 The reserve was=C2=
=A0
fully depleted as of March 2014 and has not been replenished =
on=C2=A0
the last two interest payment dates (IPDs).
r>
Severe delinquencies of more than 90 days at 2.37% are on aver=
age=C2=A0
higher for this transaction than S&P's Italian =
RMBS index.=C2=A0 The=C2=A0
transaction documents define defaults=
as loans that have been=C2=A0
classified as "incaglio"=
or "sofferenza" by the servicer, or=C2=A0
which have b=
een in arrears for at least 360 days.

The transact=
ion's new defaults have averaged 0.36% of the=C2=A0
outstandi=
ng balance over the past four quarters.=C2=A0 This is higher=C2=A0
v>than previous UniCredit-originated transactions, but is still in=C2=A0iv>
line with S&P's Italian RMBS index.

v>Under the transaction documents, excess spread is trapped to=C2=A0
<=
div>cover 100% of the balance of defaulted loans, and the cash=C2=A0
<=
div>reserve can also be used to cure the PDL balance.=C2=A0 Of the=C2=A0iv>
transaction's cumulative gross defaults as of Sept. 2014 (3.94%=
=C2=A0
of the closing pool balance), the majority has been cured =
by=C2=A0
either excess spread (which includes recoveries), or by =
using the=C2=A0
cash reserve. However, over the past year, both t=
he excess spread=C2=A0
and the cash reserve have not been suffici=
ent to cover new=C2=A0
defaults.=C2=A0 As a result, the PDL balan=
ce was EUR5.5 million on the=C2=A0
Sept. 2014 IPD.=C2=A0
v>
Under the transaction documents, interest payments on the =
rated=C2=A0
notes can be deferred if the cumulative default ratio=
breaches=C2=A0
certain thresholds, which are 11% for the class B=
notes, 9% for=C2=A0
the class C notes, 8% for the class D notes,=
and 7% for the class=C2=A0
E notes.=C2=A0 The transaction also h=
as a trigger on the junior=C2=A0
classes of notes, so that once t=
he cumulative default ratio=C2=A0
reaches 6.9%, all excess intere=
st is used to repay principal on=C2=A0
the notes.=C2=A0 Given the=
current cumulative default ratio, S&P=C2=A0
considers it unl=
ikely that this trigger will be breached.

Prepayme=
nt levels remain low and the transaction is unlikely to=C2=A0
pay=
down significantly in the near term, in S&P's opinion.=C2=A0
=

After applying S&P's RMBS criteria to this tran=
saction, its=C2=A0
credit analysis results in the weighted-averag=
e foreclosure=C2=A0
frequency (WAFF) and weighted-average loss se=
verity (WALS) below:=C2=A0

Rating level =C2=A0 =C2=
=A0 =C2=A0WAFF (%) =C2=A0 =C2=A0WALS (%)
AAA =C2=A0 =C2=A0 =C2=A0=
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A010.10 =C2=A0 =C2=A0 =C2=A0 =C2=A04.34iv>
AA =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A08.=
02 =C2=A0 =C2=A0 =C2=A0 =C2=A02.18
A =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 6.09 =C2=A0 =C2=A0 =C2=A0 =C2=A02.00v>
BBB =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 4.88 =C2=
=A0 =C2=A0 =C2=A0 =C2=A02.00
BB =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A03.85 =C2=A0 =C2=A0 =C2=A0 =C2=A02.00
iv>B =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 2.78 =
=C2=A0 =C2=A0 =C2=A0 =C2=A02.00

The WAFF decreased=
compared to S&P's previous review mainly=C2=A0
because t=
hey benefitted from the pool's high seasoning under the=C2=A0
>new criteria.=C2=A0 The WALS increased for some rating levels- the=C2=A0div>
others being at the floor level -mainly due to the application of=
=C2=A0
our revised market value decline assumptions.=C2=A0
<=
div>
Following the application of S&P's RAS criteria =
and its RMBS=C2=A0
criteria, S&P has determined that its assi=
gned rating on each=C2=A0
class of notes in this transaction shou=
ld be the lower of (i) the=C2=A0
rating as capped by S&P'=
s RAS criteria and (ii) the rating that=C2=A0
the class of notes =
can attain under its RMBS criteria.=C2=A0 In this=C2=A0
transacti=
on, the ratings on class A2, A3, B, and C notes are=C2=A0
constra=
ined by the rating on the sovereign.=C2=A0

Taking =
into account the results of S&P's updated credit and cash=C2=A0v>
flow analysis and the application of its RAS criteria, S&P=C2=A0=
considers the available credit enhancement for the class A2 note=
s=C2=A0
to be commensurate with its currently assigned rating.=C2=
=A0 S&P has=C2=A0
therefore affirmed its 'AA (sf)' ra=
ting on the class A2 notes.=C2=A0

Even if the clas=
s A3, B, and C notes could withstand an extreme=C2=A0
stress, und=
er S&P's RAS criteria it can only assign a rating four=C2=A0
<=
div>notches above the rating on the sovereign because they are not=C2=A0iv>
the most senior outstanding tranche.=C2=A0 Consequently, S&P ha=
s=C2=A0
lowered to 'A+ (sf)' from 'AA (sf)' its r=
atings on the class A3,=C2=A0
B, and C notes, as this is the maxi=
mum potential rating that S&P=C2=A0
can assign under its RAS =
criteria.=C2=A0

S&P considers the available cr=
edit enhancement for the class D=C2=A0
notes to be commensurate w=
ith S&P's currently assigned rating. =C2=A0
S&P has t=
herefore affirmed its 'BBB- (sf)' rating on the class D=C2=A0
=
notes.=C2=A0 The cash flow results also indicate a lower rating than=
=C2=A0
that previously assigned for the class E notes.=C2=A0 S&am=
p;P has=C2=A0
therefore lowered to 'B- (sf)' from 'B =
(sf)' its rating on the=C2=A0
class E notes.=C2=A0
=

In S&P's opinion, the outlook for the Italian reside=
ntial=C2=A0
mortgage and real estate market is not benign and S&a=
mp;P has=C2=A0
therefore increased its expected 'B' forec=
losure frequency=C2=A0
assumption to 2.55% from 1.50%, when S&=
;P applies its RMBS=C2=A0
criteria, to reflect this view.=C2=A0 S=
&P bases these assumptions on=C2=A0
its expectation of modest=
economic growth, continuing high=C2=A0
unemployment, and sluggis=
h house price appreciation for the=C2=A0
remainder of 2014 and 20=
15.=C2=A0

On the back of the weak macroeconomic co=
nditions, S&P doesn't=C2=A0
expect the performance of the=
transactions in its Italian RMBS=C2=A0
index to significantly im=
prove in 2014.

S&P expects severe arrears in t=
he portfolio to remain at their=C2=A0
current levels, as there ar=
e a number of downside risks.=C2=A0 These=C2=A0
include weak econ=
omic growth, high unemployment, and fiscal=C2=A0
tightening.=C2=
=A0 On the positive side, S&P expects interest rates to=C2=A0
>remain low for the foreseeable future.

This trans=
action is the fourth RMBS transaction that UniCredit=C2=A0
Group =
originated.=C2=A0 The collateral is a mortgage loan pool secured=C2=A0>
by residential properties in Italy, mainly located in the north.=C2=
=A0
The transaction comprises loans granted to prime borrowers.=
=C2=A0 The=C2=A0
pool's geographic distribution does not exce=
ed any of S&P's=C2=A0
criteria concentration limits.=C2=
=A0 Loan brokers originated a large=C2=A0
percentage of the portf=
olio.=C2=A0 The transaction is very well=C2=A0
seasoned, with the=
weighted-average seasoning at 123 months.=C2=A0 The=C2=A0
weight=
ed-average original loan-to-value (LTV) ratio at 68% is=C2=A0
bel=
ow the archetypical pool and the current LTV is about 43%. =C2=A0
>The pool's proportion of floating rate loans is higher than the=C2=A0<=
/div>
archetypical pool.

RATINGS LIST
v>
Class =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0Rati=
ng
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 To =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0From
=C2=A0=C2=A0
>Cordusio RMBS Securitisation S.r.l.=C2=A0
EUR3.908 Billion Resid=
ential Mortgage-Backed Floating-Rate Notes=C2=A0

R=
atings Affirmed =C2=A0

A2 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0AA (sf)
D =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 BBB- (sf)<=
/div>

Ratings Lowered=C2=A0

A3 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0A+ (sf) =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 AA (sf)
B =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 A+ (sf) =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 AA (sf)
C =C2=A0 =C2=A0 =C2=A0 =C2=A0=
=C2=A0 A+ (sf) =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 AA (sf)
E =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 B- (sf) =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
B (sf)



=3D=3D=3D=3D=
=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D
K A Z A K H S T A N=
=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D
<=
div>=C2=A0

URANIUM ONE: Fitch Affirms 'BB-'=
; LT FC Issuer Default Rating
-----------------------------------=
-------------------------
Fitch Ratings has affirmed Canada-based=
Uranium One Inc.'s=C2=A0
(Uranium One) Long-term foreign cur=
rency Issuer Default Rating=C2=A0
(IDR) at 'BB-'. The Out=
look is Stable.

Fitch has also affirmed at 'BB=
-' the senior unsecured rating of=C2=A0
USD300 million 6.25% =
notes due 2018, issued by Uranium One=C2=A0
Investments Inc., a f=
ully-owned subsidiary of Uranium One.=C2=A0
Noteholders benefit f=
rom guarantees issued by Uranium One and=C2=A0
certain subsidiari=
es. The guarantees are backed by various=C2=A0
security interests=
including over bank accounts, shares and trade=C2=A0
receivables=
.=C2=A0

Uranium One's IDR includes a three-not=
ch uplift from Fitch's=C2=A0
standalone assessment of 'B-=
' for support from its wholly state-
owned parent, State Atom=
ic Energy Corporation Rosatom (Rosatom),=C2=A0
and, ultimately, t=
he Russian Federation (BBB/Negative). Rosatom=C2=A0
is the world&=
#39;s leader in the integrated uranium production, in=C2=A0
nucle=
ar power plant engineering, fabrication and construction,=C2=A0
a=
nd a top nuclear power utility in Russia. We view as strong the=C2=A0
=
strategic and operational ties between Uranium One and Rosatom.=C2=A0<=
/div>
More robust legal ties, eg, financial guarantees for a large=C2=
=A0
portion of Uranium One's debt would result in a closer ra=
ting=C2=A0
alignment between Uranium One and Rosatom.
<=
br>
Key Rating Drivers

Rosatom's Str=
ategic Asset

Uranium One's low-cost position i=
n extraction of triuranium=C2=A0
octoxide (U3O8) is important for=
Rosatom's successful=C2=A0
development. As Rosatom owns 40% =
of global uranium enrichment=C2=A0
capacity, it needs low-cost fe=
edstock to maintain enrichment=C2=A0
profit margins and requires =
contracted uranium supply to attract=C2=A0
reactor customers. Wit=
h expected 2014 cash costs of USD14 per 1=C2=A0
pound (lb) of U3O=
8, Uranium One is one of the lowest-cost=C2=A0
producers globally=
. Nearly all of its production comes from=C2=A0
Kazakhstan from j=
oint ventures (JVs) with JSC National Atomic=C2=A0
Company Kazato=
mprom (BBB-/Stable).

Rosatom's strong strategi=
c and operational ties with Uranium One=C2=A0
are key to the pare=
nt maintaining its long-term aim of being a=C2=A0
leader across g=
lobal nuclear markets. Uranium One has a strategic=C2=A0
off-take=
agreement with Rosatom's subsidiary, to which it sells=C2=A0
>over half of its production predominantly at spot prices. Uranium=C2=A0iv>
One also acts as Rosatom's international marketing arm and has=
=C2=A0
long-term off-take agreements with customers in Asia, the =
USA and=C2=A0
Europe.

Subsoil Use Rights=
Restated

In October 2014, the Kazakh authorities =
issued the subsoil use=C2=A0
rights to two of Uranium One's J=
Vs - SMCC LLP (Akdala and South=C2=A0
Inkai fields) and Khorasan-=
U LLP (Kharasan field). This followed=C2=A0
an earlier invalidati=
on of the subsoil use rights of two=C2=A0
predecessor JVs - Betpa=
k Dala LLP and Kyzylkum LLP after a local=C2=A0
court in June 201=
4 dismissed their appeal of the authorities=C2=A0
order to invali=
date their licenses for the above-mentioned=C2=A0
fields. While U=
ranium One lost about 2.4m lbs of attributable=C2=A0
production f=
rom Akdala, South Inkai and Kharasan between March=C2=A0
2014 to =
October 2014 when the JV subsoil use rights were=C2=A0
invalidate=
d, Betpak Dala and Kyzylkum received service revenues=C2=A0
that =
ensured that their economic return from operations was not=C2=A0
=
affected.

Rosatom was involved in negotiation with=
the Kazakh authorities=C2=A0
and Kazatomprom to ensure that the =
new subsoil rights were issued=C2=A0
on the same terms as the ori=
ginal ones.

'B-' Standalone Profile
<=
div>
Uranium One's standalone creditworthiness is constra=
ined by its=C2=A0
small size, its dependence on production and di=
vidends from the=C2=A0
JVs, its exposure to a single commodity an=
d spot uranium prices=C2=A0
and expected high funds from operatio=
ns (FFO)-adjusted gross=C2=A0
leverage. Uranium One almost exclus=
ively depends on dividends=C2=A0
from JVs to service its debt. In=
9M14, it received USD67.6m in=C2=A0
dividends from JVs, down fro=
m USD98.3m a year ago. It had USD32m=C2=A0
in dividends receivabl=
e at 30 September 2014, while it used up=C2=A0
USD77.6m in operat=
ing cash flows in the period and made a=C2=A0
USD34.5m equity con=
tribution to the JV capital.

In 2014, Uranium One =
expects that its total attributable=C2=A0
production will reach 1=
0m lbs of uranium, a drop from 13.2m lbs=C2=A0
in 2013 due to the=
subsoil right issue and production=C2=A0
optimization.
>
Based on uranium U3O8 futures prices of USD45/lb in 2015,=
=C2=A0
USD48/lb in 2016, USD52/lb in 2017 and USD55/lb in 2018, w=
e=C2=A0
expect that the company's FFO, which includes income =
from wholly-
consolidated operations and a proportionate share of=
dividends=C2=A0
from JVs, will deteriorate in 2014-2015 before r=
ecovering in=C2=A0
2016. FFO-adjusted leverage will also deterior=
ate to above 15x in=C2=A0
2014-2015, before improving to about 5x=
(gross) and about 4x=C2=A0
(net) by end-2016.

v>
Low-Cost Position Beneficial

Uranium One mi=
nes nearly all of its uranium from its Kazakhstan's=C2=A0
JVs=
using the in-situ leaching method. In 2013 the company had=C2=A0
>cash costs of USD17/lb, and forecasts 2014 cash costs of=C2=A0
U=
SD14/lb, due to cost-optimization measures and the 19% Kazakh=C2=A0
iv>tenge devaluation in February 2014. The company sells its uranium=C2=A0<=
/div>
predominately at spot prices, which distinguishes it from some=C2=
=A0
other miners eg, Kazatomprom that sell their uranium at a mix=
of=C2=A0
long-term and spot prices.

Ura=
nium Price Pressures Remain=C2=A0

In June 2014, sp=
ot uranium prices touched a multi-year low of=C2=A0
USD28.2/lb, b=
efore improving to about USD40/lb in November 2014.=C2=A0
In 10M1=
4 average uranium prices were USD32.4/lb, a 15% drop on=C2=A0
the=
average price in 2013. According to Uranium One, the uranium=C2=A0
iv>spot price increase to USD35.5/lb in September 2014 is mainly=C2=A0
>
driven by sentiment due to Japan's recent approval of two reactor=
=C2=A0
restarts at the Sendai nuclear power plant and a sharp red=
uction=C2=A0
in producer selling. While off-takers have little un=
met uranium=C2=A0
demand in the short-term, some are buying at th=
e currently low=C2=A0
spot and mid-term prices. In the meantime, =
low uranium prices=C2=A0
have led to further production cutbacks =
and development projects=C2=A0
deferrals eg, in Namibia and the U=
S. Ux Consulting expects=C2=A0
primary U3O8 production in 2014 of=
149m lbs, a 3% drop yoy.

We view long-term uraniu=
m demand prospects as positive. Ux=C2=A0
Consulting/World Nuclear=
Association (WNA) expect that between=C2=A0
2014 and 2030 global=
nuclear generating capacity will increase=C2=A0
55% to 581 gigaw=
att (GW) and that global demand for U3O8 will=C2=A0
increase from=
171m lb to 266m lbs. There are currently 71 new=C2=A0
reactors u=
nder construction with a total capacity of 75GW.

R=
ating Sensitivities

Positive: Future developments =
that could lead to positive rating=C2=A0
action include:
v>
=C2=A0 =C2=A0-- Stronger legal linkage with the parent, ie=
, financial
=C2=A0 =C2=A0 =C2=A0 guarantees for a large portion o=
f Uranium One's debt or
=C2=A0 =C2=A0 =C2=A0 cross default pr=
ovisions that would include Uranium One

=C2=A0 =C2=
=A0-- Improved financial profile, e.g., FFO-adjusted gross
=C2=A0=
=C2=A0 =C2=A0 leverage of below 3x and FFO fixed charge cover of at least<=
/div>
=C2=A0 =C2=A0 =C2=A0 6x on a sustained basis (end-2013: 5.6x and =
2.6x
=C2=A0 =C2=A0 =C2=A0 respectively), which would be positive =
for Uranium One's
=C2=A0 =C2=A0 =C2=A0 standalone profilev>

Negative: Future developments that could lead to nega=
tive rating=C2=A0
action include:

=C2=A0=
=C2=A0-- Weakening linkage with the parent, eg, inability to obtain
<=
div>=C2=A0 =C2=A0 =C2=A0 timely refinancing from the parent company or its<=
/div>
=C2=A0 =C2=A0 =C2=A0 subsidiaries, which could result in Fitch re=
viewing the
=C2=A0 =C2=A0 =C2=A0 current level of parental suppor=
t

=C2=A0 =C2=A0-- Squeezed liquidity due to lower-=
than-expected dividend
=C2=A0 =C2=A0 =C2=A0 stream from JVs as a =
result of sustained depressed uranium
=C2=A0 =C2=A0 =C2=A0 prices=
=C2=A0

=C2=A0 =C2=A0-- Failure to improve the fina=
ncial profile by end-2017 in=C2=A0
line
=C2=A0 =C2=A0 =
=C2=A0 with expectations of a standalone 'B-' rated mining company<=
/div>
=C2=A0 =C2=A0 =C2=A0 including FFO-adjusted gross leverage of abo=
ve 3.5x and FFO
=C2=A0 =C2=A0 =C2=A0 interest coverage of less th=
an 2x based on mid-cycle=C2=A0
uranium=C2=A0
=C2=A0 =C2=
=A0 =C2=A0 price assumptions, which would be negative for the
=C2=
=A0 =C2=A0 =C2=A0 standalone profile

Liquidity and=
Debt Structure

Fitch views Uranium One's liqu=
idity as satisfactory. At 30=C2=A0
September 2014, it had USD158m=
in unrestricted cash which more=C2=A0
than covered USD38.2m in s=
hort-term debt and Fitch-projected=C2=A0
negative free cash flows=
for Q414. Its long-term debt consists of=C2=A0
USD661.4m of RUB-=
denominated bonds due 2016 and 2020 and USD-
denominated notes du=
e 2018.

Full List of Rating Actions

=
Uranium One Inc.

=C2=A0-- Long-term for=
eign currency IDR: affirmed at 'BB-'; Outlook
=C2=A0 =C2=
=A0 Stable
=C2=A0-- Long-term local currency IDR: affirmed at =
9;BB-'; Outlook
=C2=A0 =C2=A0 Stable
=C2=A0-- Forei=
gn currency Short-term IDR: affirmed at 'B'
=C2=A0-- Loca=
l currency Short-term IDR: affirmed at 'B'
=C2=A0-- Senio=
r unsecured rating: affirmed at 'BB-'

Uran=
ium One Investments Inc.'s USD300m 6.25% notes due 2018

<=
/div>
=C2=A0-- Senior unsecured rating: affirmed at 'BB-'
=



=3D=3D=3D=3D=3D=3D=3D=3D=
=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D
N E T H E R L A N D Sv>
=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D>


CREDIT EUROPE BANK: Fitch Affirms '=
BB-' LT Issuer Default Rating
-------------------------------=
---------------------------------
Fitch Ratings has affirmed the =
Long-term Issuer Default Ratings=C2=A0
(IDR) of Credit Europe Ban=
k N.V. (CEB) and of its Russian=C2=A0
subsidiary, Credit Europe B=
ank Ltd (CEBR), at 'BB-'. The Outlooks=C2=A0
on the Long-=
term IDRs are Stable.=C2=A0

Key Rating Drivers -- =
CEB's IDRs AND VR

CEB's Long-term IDR is d=
riven by the bank's standalone strength=C2=A0
as reflected in=
its VR. CEB's VR continues to primarily reflect=C2=A0
its mo=
dest capitalization, considering the bank's substantial=C2=A0
>exposure to volatile operating environments (albeit with some=C2=A0
<=
div>geographical diversification) and cyclical sectors, and high=C2=A0>
borrower concentrations. The VR also factors in the bank's sound=
=C2=A0
liquidity profile and a responsive management and flexible=
=C2=A0
balance sheet, which have so far enabled the bank to withs=
tand=C2=A0
adverse economic and financial market developments. Th=
e Stable=C2=A0
Outlook on CEB's Long-term IDR reflects Fitch&=
#39;s expectation that=C2=A0
the group would avoid significant lo=
sses as a result of the=C2=A0
slowdown in the Russian economy.iv>

CEB's consolidated Fitch Core Capital (FCC) rati=
o remains modest,=C2=A0
amounting to 8.3% at end-June 2014. Fitch=
's view of the bank's=C2=A0
capital takes into account re=
ported ratios, but also its=C2=A0
exposures to less advanced econ=
omies and cyclical industries. At=C2=A0
end-June 2014, 45% of the=
consolidated customer loan book was to=C2=A0
Russian clients, an=
d 14% to Romania, and exposures to the real=C2=A0
estate sector a=
nd shipping sector accounted for 76% and 55% of=C2=A0
FCC respect=
ively. At the same time, the absolute size of CEB's=C2=A0
equ=
ity is fairly small, leaving it vulnerable to the bank's top=C2=A0>
exposures in the loan book; the top 20 exposures represented a=C2=A0<=
/div>
high 231% of FCC at end-June 2014. CEB has informed Fitch that it=
=C2=A0
is looking at ways to improve the quality of its capital r=
atios,=C2=A0
with a focus on core capital.

iv>Asset quality metrics improved in 1H14, but largely due to the=C2=A0v>
sale of problem loans in Romania and significant write-offs. In=C2=
=A0
Fitch's view, CEB's asset quality remains vulnerable,=
due to=C2=A0
significant borrower concentrations, exposures to v=
olatile=C2=A0
operating environments and a large stock of watch l=
ist (WL)=C2=A0
loans.

At end-June 2014, =
non-performing loans (NPLs, overdue by 90 days=C2=A0
or more) rep=
resented a moderate 4.9% of gross loans, and were=C2=A0
73.4% res=
erved by impairments. However, NPLs and WL loans=C2=A0
combined a=
mounted to 11.4% of gross loans and unreserved NPLs and=C2=A0
WL =
loans represented a high 85% of FCC. Fitch believes these=C2=A0
r=
isks are mitigated by the bank's generally sound track record of=C2=A0<=
/div>
managing credit risk and a risk appetite that is commensurate=C2=
=A0
with the volatile environments it operates in. Asset quality =
will=C2=A0
be hit by the current difficult operating environment =
in Russia,=C2=A0
but it is Fitch's current base case that the=
strains should=C2=A0
remain manageable for the bank, as reflecte=
d in the Stable=C2=A0
Outlook on CEBR.

C=
EB reported solid pre-impairment profitability equal to 3.2%-
3.3=
% of average assets in 2013-9M14, supported by a healthy net=C2=A0
v>interest margin (4.5% in 1H14) and high cost efficiency=C2=A0
(=
cost/income ratio of 44%). However, sizable loan impairment=C2=A0
>charges (LIC) have kept return on assets consistently below 1%,=C2=A0>
and increased LIC on Russian exposures in 2014 will further=C2=A0v>
constrain bottom-line results. That said, Fitch believes that CEB=C2=
=A0
will report a consolidated net profit for FY14 (9M14: 9% ROE)=
,=C2=A0
which will contribute to capital build-up, as it has been=
the=C2=A0
shareholder practice to support capitalization and bus=
iness=C2=A0
growth over dividend pay-out.

v>The group's consolidated funding profile is supported by CEB's=C2=
=A0
granular and stable retail deposit base in western Europe=C2=
=A0
(loans/deposits ratio of 108% at end-June 2014), but its stro=
ng=C2=A0
expansion in Russia has mostly relied on wholesale fundi=
ng, which=C2=A0
is sensitive to general confidence. Nevertheless,=
the short-dated=C2=A0
nature of CEB's consolidated balance s=
heet (including CEBR)=C2=A0
mitigates refinancing risks at group =
level.

Capital markets and interbank funding is la=
rgely raised at=C2=A0
subsidiary bank level, and intra-group lend=
ing exposures have=C2=A0
reduced and are at acceptable levels. Li=
quidity management at the=C2=A0
group level is prudent, with the =
Basel III liquidity coverage=C2=A0
ratio and net stable funding r=
atio at 318% and 116%,=C2=A0
respectively, at end-June 2014.>

Rating Sensitivities - CEB's IDRs AND VR
>
Negative rating action may result if stress in the Russian=
=C2=A0
operating environment turns out to be greater than envisag=
ed by=C2=A0
Fitch. Significant asset quality deterioration, resul=
ting in a=C2=A0
further tightening of capitalization, could put d=
ownward pressure=C2=A0
on the ratings.

T=
he VR may be upgraded on materially stronger capitalization.=C2=A0
v>Reduced reliance on the Russian operations could also cause=C2=A0
iv>upward rating pressure, provided this is achieved through the=C2=A0>
bank's raising its share of lower-risk activities (such as trade=
=C2=A0
finance) in stable operating environments.

<=
/div>
Key Rating Drivers and Sensitivities -- CEB's Subordinated De=
bt=C2=A0

CEB's USD400 million issue of subordi=
nated Tier 2 debt securities=C2=A0
(XS087849279) are rated one no=
tch below the bank's VR to reflect=C2=A0
below-average recove=
ry prospects for this type of debt=C2=A0
instrument. This subordi=
nated debt rating is likely to move in=C2=A0
line with the VR.iv>

Key Rating Drivers and Sensitivities ? CEB's Sup=
port Rating and=C2=A0
Support Rating Floor=C2=A0

div>
Fitch believes that while there is a possibility that CEB's so=
le=C2=A0
shareholder, the Turkish conglomerate Fiba, may support =
the bank=C2=A0
in case of need, its ability to do so cannot be re=
lied upon due=C2=A0
to the holding company's limited size rel=
ative to CEB. Given the=C2=A0
bank's small franchise in the D=
utch market, Fitch also believes=C2=A0
that sovereign support fro=
m the Dutch authorities cannot be=C2=A0
relied upon, as reflected=
in the Support Rating of '5' and=C2=A0
Support Rating Fl=
oor of 'No Floor'. Fitch currently does not=C2=A0
envisag=
e any changes to CEB's Support Rating.

Key Rat=
ing Drivers -- CEBR's IDRs, VR and Support Rating

<=
div>CEBR's Long-term IDRs and VR are constrained by the bank's tigh=
t=C2=A0
liquidity and high refinancing risk, and by the deteriora=
ting=C2=A0
operating environment for retail lenders in Russia. Ho=
wever, the=C2=A0
ratings positively consider (i) the bank's l=
ower volatility of=C2=A0
credit losses and profitability to date =
compared with other=C2=A0
Russian retail-focused banks; (ii) fair=
ly conservative=C2=A0
management, translating into a somewhat low=
er-risk profile of=C2=A0
CEBR's retail loan book compared wit=
h peers; and (iii) healthy=C2=A0
capitalization.

div>
CEBR is highly reliant on wholesale funding (the loans-to-
iv>deposits ratio was a high 290% at end-1H14), while its buffer of=C2=A0div>
liquid assets is quite thin (just 6% of total assets at end-
=
10M14). Wholesale funding repayments in 4Q14-2015 (mainly RUB20=C2=A0<=
/div>
billion of local bonds and RUB13 billion due to third-party=C2=A0=
banks, equivalent to 25% of end-10M14 liabilities in total)=C2=
=A0
represent a significant refinancing risk. CEBR has pencilled =
in=C2=A0
several deals (including a RUB5 billion-RUB10 billion ca=
r=C2=A0
portfolio securitization and a RUB45 billion standby loca=
l bond=C2=A0
issue program), but given unfavorable market conditi=
ons for=C2=A0
Russian borrowers we expect that the bank will rely=
heavily on=C2=A0
its deleveraging capacity to meet these obligat=
ions. CEBR's=C2=A0
ability to deleverage is supported by the =
bank's fairly rapidly=C2=A0
amortizing retail loan book, whic=
h generates around RUB6 billion=C2=A0
monthly in cash from repaym=
ents. In addition, Fitch believes that=C2=A0
group resources woul=
d be available to support CEBR's liquidity,=C2=A0
in case of =
need.

CEBR's asset quality is under pressure f=
rom the weaker=C2=A0
performance of its retail portfolio in a cur=
rently more=C2=A0
challenging operating environment. The NPL orig=
ination rate (net=C2=A0
increase in NPLs plus write-offs, a proxy=
for credit losses)=C2=A0
reached 5.6% of average performing loan=
s in 1H14 (up from 4.1% in=C2=A0
2013) and is likely to stay elev=
ated in 2015. However, compared=C2=A0
with most Russian consumer =
finance banks, CEBR is in a more=C2=A0
comfortable position to wi=
thstand negative asset quality trends.=C2=A0
This is because (i) =
45% of its retail portfolio comprises secured=C2=A0
car loans, wh=
ich show markedly higher recoveries on originated=C2=A0
NPLs; (ii=
) the profile of unsecured borrowers is slightly better=C2=A0
at =
CEBR due to lower-risk customer acquisition channels; (iii)=C2=A0
>the portfolio seasoning effect is less pronounced at CEBR=C2=A0
=
following slower recent expansion than peers and (iv) the bank's=C2=A0<=
/div>
pre-impairment profit depends less on loan issuance volumes and=
=C2=A0
remained sound in 1H14 at 7% of average performing loans,=
=C2=A0
covering actual credit losses despite loan book contractio=
n.

CEBR's corporate book is concentrated (the =
20 largest borrowers=C2=A0
accounted for 53% of corporate loans a=
t end-1H14 or 83% of FCC,=C2=A0
net of reserves), fairly long-ter=
m, exposed to the construction=C2=A0
sector and is potentially vu=
lnerable to rouble devaluation as=C2=A0
most loans are foreign-cu=
rrency denominated. The financial=C2=A0
standing of the largest b=
orrowers is also fairly weak. Given the=C2=A0
slowdown of the Rus=
sian economy, the performance of construction=C2=A0
loans and the=
repayment of the bulk of foreign-currency-
denominated loans fro=
m companies' cashflows are uncertain, in=C2=A0
Fitch's vi=
ew. However, Fitch acknowledges the reasonable=C2=A0
collateral c=
overage of the exposures and, in most cases,=C2=A0
conservative c=
ollateral valuations. Higher-risk exposures=C2=A0
(assessed as su=
ch mainly due to weaker collateral) constituted a=C2=A0
manageabl=
e 21% of FCC at end-1H14.

CEBR's sound 15.7% F=
CC ratio is supported by a contracting loan=C2=A0
book and a stil=
l positive bottom-line. Regulatory capitalization=C2=A0
is also a=
dequate, with a total regulatory capital ratio of 13.2%=C2=A0
at =
end-10M14 (slightly down from 13.4% at end-2013 due to a=C2=A0
di=
vidend pay-out). High risk-weights on unsecured high-margin=C2=A0
>loans have had little effect on CEBR's capital ratios due to the=C2=A0=
low share of such loans in the bank's portfolio. The bank=
9;s=C2=A0
capital buffer is sufficient to allow the bank to reser=
ve an=C2=A0
additional 4% of gross loans before breaching regulat=
ory capital=C2=A0
requirements, which is reasonable in light of a=
dequate coverage=C2=A0
of existing problem loans by reserves (1x =
at end-1H14).

CEBR's Support Rating '4'=
; reflects the limited probability of=C2=A0
support from CEB, in =
case of need. This view is based on CEB's=C2=A0
constrained a=
bility to provide capital support, given its=C2=A0
moderate capit=
alization and CEBR's large size. CEBR accounted for=C2=A0
40%=
of group loans and 31% of group assets at end-1H14.

iv>Rating Sensitivities -- CEBR's IDRs, VR and Support Rating
>
Downward pressure on CEBR's ratings could result from a=
marked=C2=A0
deterioration of asset quality, or a significant ti=
ghtening of=C2=A0
liquidity / increase in refinancing risks. Conv=
ersely, a more=C2=A0
balanced funding profile and extended track =
record of reasonable=C2=A0
asset quality and performance, coupled=
with the recovery of the=C2=A0
operating environment, would be c=
redit-positive. Changes to CEB's=C2=A0
capitalisation would h=
ave a corresponding effect on CEBR's=C2=A0
Support Rating thr=
ough the parent's ability to provide support to=C2=A0
its sub=
sidiary.

Key Rating Drivers and Sensitivities -- C=
EBR's DEBT RATINGs

CEBR's senior unsecured=
debt is rated in line with its Long-term=C2=A0
IDR, and its subo=
rdinated debt rating is notched down once from=C2=A0
the VR. Any =
changes to the bank's Long-term IDR and VR would=C2=A0
likely=
impact the ratings of these instruments.

The rati=
ng actions are as follows:

CEB
Long-term=
IDR: affirmed at 'BB-'; Outlook Stable
Short-term IDR: a=
ffirmed at 'B'
Viability Rating: affirmed at 'bb-'=
;=C2=A0
Support Rating: affirmed at '5'
Support=
Rating Floor: affirmed at 'No Floor'
Subordinated debt s=
ecurities (XS0878492791): affirmed at 'B+'

>CEBR
Long-term IDR: affirmed at 'BB-', Outlook Stableiv>
Short-term IDR: affirmed at 'B'
National Long-ter=
m rating: affirmed at 'A+(rus)'
Viability Rating: affirme=
d at 'bb-'
Support Rating: affirmed at '4'
<=
div>Senior unsecured debt: affirmed at 'BB-'/'A+(rus)'>
Subordinated debt (issued by CEB Capital SA): affirmed at 'B+'=
;


DANSKE BANK: Moody's Raises P=
referred Stock Rating to 'Ba1' =C2=A0
-------------------=
----------------------------------------
Moody's Investors Se=
rvice has upgraded Danske Bank A/S's long-
term deposit and s=
enior debt ratings to A3 from Baa1 to reflect=C2=A0
(1) the impro=
vements and continued positive trend in the group's=C2=A0
pro=
fitability over recent years; (2) reduced credit risk relating=C2=A0
<=
div>to the non-core operations; (3) reduced refinancing risk in the=C2=A0div>
group's mortgage credit operations; and (4) a stabilization of=
=C2=A0
the operating environment in the group's main market D=
enmark.

Concurrently, Moody's has adjusted upw=
ards Danske Bank's=C2=A0
standalone baseline credit assessmen=
t (BCA) to baa1 from baa2 and=C2=A0
affirmed the Prime-2 short-te=
rm rating. The outlook on all long-
term ratings is stable.
=

Ratings Rationale

Moody's =
says that the main driver of the upgrade is the continued=C2=A0
i=
mprovement in Danske Bank's profitability mainly since mid 2013,=C2=A0<=
/div>
which has been driven largely by a continued reduction in loan=C2=
=A0
losses to a level in line with the average for the largest No=
rdic=C2=A0
peers. Moody's expects that the full effect of cos=
t efficiency=C2=A0
measures and a positive margin trend will resu=
lt in a continued=C2=A0
positive development in profitability in =
the medium term. In=C2=A0
addition Moody's notes that, the gr=
oup's net non-core loan book=C2=A0
has reduced materially (to=
22.5% of equity at September 30, 2014=C2=A0
from 31.4% at 30 Sep=
tember 2013), and the group's share of short-
term (1 and 2 y=
ears) funded mortgages has fallen by around 50%=C2=A0
since 2012.=
While these risks have reduced, the bank has=C2=A0
maintained a =
high level of capital with the Tier 1 ratio of 16.6%=C2=A0
at 30 =
September 2014.

The baa1 BCA mainly reflects the g=
roup's market leading position=C2=A0
in Denmark and Northern =
Ireland and strong operational presence=C2=A0
in Finland, Sweden =
and Norway, giving the group the benefit of a=C2=A0
balanced and =
well-diversified lending portfolio and a significant=C2=A0
volume=
of relatively stable recurring earnings.

At the s=
ame, however, Moody's says that the rating is restrained=C2=A0
v>by (1) Danske's capacity to build capital and absorb earnings=C2=A0div>
shocks, remaining somewhat below those of its peers; (2) residual=
=C2=A0
risks relating to the run-off of the remaining non-core=C2=
=A0
exposures; (3) continued slow growth in the Danish economy an=
d=C2=A0
(4) relatively high volatility of earnings especially in =
the=C2=A0
Corporate & Institutions operations. Moody's no=
tes, however, that=C2=A0
the main restraining factors have reduce=
d in importance over the=C2=A0
last year and the current trend is=
positive.

=C2=A0--- Support Assumptions
>
The Danske Bank group ratings continue to receive one notch=
of=C2=A0
government (systemic) support uplift from the baa1 stan=
dalone=C2=A0
BCA.

Following the adoption=
of the Bank Recovery and Resolution=C2=A0
Directive (BRRD) and t=
he Single Resolution Mechanism (SRM)=C2=A0
regulation in the EU, =
the balance of risk for many European=C2=A0
banks' senior uns=
ecured creditors has shifted to the downside.=C2=A0
Considering D=
anske Bank's domestic importance, Moody's assesses a=C2=A0
v>moderate probability of systemic support, and does not currently=C2=A0iv>
expect this probability to decline to any material degree, even=C2=
=A0
after full implementation of the BRRD.

iv>=C2=A0--- Rationale for the Stable Outlook

All =
long-term ratings carry a stable outlook, reflecting that=C2=A0
s=
ome further positive developments in the key rating restraints=C2=A0
<=
div>is incorporated in the current standalone BCA and senior ratings.
=

What Could Change the Rating -- Up/Down

<=
/div>
The current rating incorporates a continued positive trend in=C2=
=A0
profitability to levels more in line with similarly rated pee=
rs.=C2=A0
However, a sustained and material reduction in the grou=
p's risk=C2=A0
profile relating to the group's lending bo=
ok, refinancing risk=C2=A0
and earnings volatility could provide =
upwards rating pressure.

Any renewed pressure on a=
sset quality, particularly in Denmark,=C2=A0
could result in nega=
tive rating pressure. Negative pressure would=C2=A0
also result f=
rom any indications that Danske Bank will not=C2=A0
deliver the a=
nticipated improvement in profitability to reach the=C2=A0
same l=
evels as similarly rated peers or that the improvements=C2=A0
ach=
ieved in recent years are not sustainable.

List of=
Affected Ratings

BCA:

Da=
nske Bank A/S

=C2=A0-- standalone baseline credit =
assessment raised to baa1 from=C2=A0
baa2

v>The following ratings have been upgraded:

Danske=
Bank A/S

=C2=A0-- long-term local-currency/foreig=
n-currency bank deposit and
=C2=A0 =C2=A0 foreign-currency senior=
unsecured to A3 Stable outlook from
=C2=A0 =C2=A0 Baa1 Positive =
outlook

=C2=A0-- long-term local-currency/foreign-=
currency deposit note/CD
=C2=A0 =C2=A0 program to (P)A3 from (P)B=
aa1

=C2=A0-- foreign-currency senior unsecured MTN=
to (P)A3 from (P) Baa1

=C2=A0-- long-term issuer =
rating to A3 Stable outlook from Baa1
=C2=A0 =C2=A0 Positive outl=
ook

=C2=A0-- foreign-currency junior subordinate t=
o Baa3 (hyb) Stable
=C2=A0 =C2=A0 outlook from Ba1 (hyb) Positive=
outlook

=C2=A0-- foreign-currency preferred stock=
to Ba1 (hyb) Stable outlook
=C2=A0 =C2=A0 from Ba2 (hyb) Positiv=
e outlook

Danske Bank A/S (London Branch)
v>
=C2=A0-- foreign-currency long-term deposit note/CD progra=
m to (P)A3
=C2=A0 =C2=A0 from (P)Baa1

Th=
e following rating and outlook has been affirmed:

=
Danske Bank A/S's

=C2=A0-- BFSR of C- Stable o=
utlook

The following short-term ratings have been =
affirmed:

Danske Bank A/S

>=C2=A0-- P-2 foreign-currency commercial paper

=
=C2=A0-- P-2 foreign-currency short-term deposit note/CD program
=

=C2=A0-- P-2 local-currency/foreign-currency short-term bank=
deposits

=C2=A0-- (P)P-2 local-currency short-ter=
m deposit note/CD program; and=C2=A0

=C2=A0-- fore=
ign-currency (P)P-2 other short-term

Danske Bank A=
/S (London Branch)

=C2=A0-- (P)P-2 foreign-currenc=
y short-term deposit note/CD program

Danske Corpor=
ation

=C2=A0-- P-2 backed foreign-currency commerc=
ial paper


TELEFONICA: S&P Assig=
ns 'BB+' Rating to Non-call Hybrid Notes
----------------=
---------------------------------------------
Standard & Poor=
's Ratings Services said that it had assigned its=C2=A0
'=
BB+' long-term issue rating to the proposed five-year noncall=C2=A0v>
hybrid notes to be issued by Telefonica Europe B.V., the Dutch=C2=A0=
finance subsidiary of Spain-based telecommunications group=C2=A0=
Telefonica S.A. (BBB/Stable/A-2), which is also the guarantor of=
=C2=A0
the notes.=C2=A0

The completion a=
nd size of the issue will be subject to market=C2=A0
conditions.=
=C2=A0 At this stage, together with the EUR4.2 billion=C2=A0
alre=
ady issued (excluding the EUR1.5 billion mandatory=C2=A0
converti=
ble), S&P anticipates a ratio of outstanding hybrids to=C2=A0
>adjusted capitalization remaining in the 5%-10% range for the=C2=A0
<=
div>foreseeable future, hence comfortably within the 15% level=C2=A0
<=
div>mentioned in S&P's hybrid criteria.

S&=
amp;P classifies the proposed hybrids as having "intermediate"=C2=
=A0
equity content until their first-call date, falling in 2019,=
=C2=A0
because they meet S&P's criteria in terms of their=
subordination,=C2=A0
permanence, and optional deferability durin=
g this period.=C2=A0

Consequently, in S&P'=
s calculation of Telefonica's credit ratios,=C2=A0
it will tr=
eat 50% of the principal outstanding and accrued=C2=A0
interest u=
nder the proposed hybrids as equity rather than as=C2=A0
debt, an=
d 50% of the related payments on these securities as=C2=A0
equiva=
lent to a common dividend, in line with S&P's hybrid=C2=A0
v>capital criteria.

According to S&P's cri=
teria, the two-notch difference between=C2=A0
S&P's '=
BB+' rating on the proposed hybrid notes and its 'BBB'=C2=A0iv>
corporate credit rating (CCR) on Telefonica S.A. reflects:
v>
=C2=A0 =C2=A0-- One notch for the proposed notes' subo=
rdination because the=C2=A0
=C2=A0 =C2=A0 =C2=A0 CCR on Telefonic=
a S.A. is investment grade; and

=C2=A0 =C2=A0-- An=
additional notch for the optional deferability of=C2=A0
=C2=A0 =
=C2=A0 =C2=A0 interest.

The notching of the propos=
ed securities takes into account S&P's=C2=A0
view that th=
ere is a relatively low likelihood that Telefonica=C2=A0
Europe B=
.V. will defer interest payments.=C2=A0 Should S&P's view=C2=A0v>
change, it may significantly increase the number of downward=C2=A0div>
notches that it applies to the issue rating, and more quickly=C2=
=A0
than S&P might take a rating action on the CCR.
>
The interest to be paid on the proposed securities will inc=
rease=C2=A0
by 25 basis points in 2024, and a further 75 basis po=
ints in=C2=A0
2039. S&P considers the cumulative 100 basis po=
ints as a moderate=C2=A0
step-up, which provides Telefonica Europ=
e B.V. incentive to=C2=A0
redeem the instruments in 2039.
iv>
Consequently, in accordance with S&P's criteria, =
it will no=C2=A0
longer recognize the proposed instrument as havi=
ng intermediate=C2=A0
equity content after the first call date in=
2019, because the=C2=A0
remaining period until its economic matu=
rity would, by then, be=C2=A0
less than 20 years.

<=
/div>
KEY FACTORS IN S&P'S ASSESSMENT OF THE INSTRUMENT'S P=
ERMANENCE

Although the proposed securities are per=
petual, Telefonica Europe=C2=A0
B.V. can redeem them as of the fi=
rst call dates in 2019, and=C2=A0
every year thereafter.=C2=A0 If=
any of these events occur, the company=C2=A0
intends to replace =
the proposed instruments, although it is not=C2=A0
obliged to do =
so.=C2=A0

KEY FACTORS IN S&P'S ASSESSMENT =
OF THE INSTRUMENT'S SUBORDINATION

The proposed=
securities will be deeply subordinated obligations=C2=A0
of Tele=
fonica Europe B.V., ranking junior to all unsubordinated=C2=A0
or=
subordinated obligations, and only senior to common shares. =C2=A0
iv>Also, the proposed instruments will rank pari passu with the=C2=A0
=
hybrids issued in 2013 and 2014.

KEY FACTORS =
IN S&P'S ASSESSMENT OF THE INSTRUMENT'S DEFERABILITY
=

In S&P's view, the issuer's option to defer paym=
ent of interest=C2=A0
on the proposed securities is discretionary=
, thus it may elect=C2=A0
not to pay accrued interest on an inter=
est payment date because=C2=A0
it has no obligation to do so.=C2=
=A0 However, any outstanding deferred=C2=A0
interest payment woul=
d have to be settled in cash if an equity=C2=A0
dividend or inter=
est on equal-ranking securities is paid, or if=C2=A0
common share=
s or equal-ranking securities are repurchased.=C2=A0

iv>That said, this condition remains acceptable under S&P's rating=
=C2=A0
methodology because, once the issuer has settled the defer=
red=C2=A0
amount, it can choose to defer payment on the next inte=
rest=C2=A0
payment date.

The issuer reta=
ins the option to defer coupons throughout the=C2=A0
instrument&#=
39;s life.=C2=A0 The deferred interest on the proposed=C2=A0
secu=
rities is cash cumulative and compounding.


iv>

=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D
<=
div>P O R T U G A L
=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=
=C2=A0


BANCO ESPIRITO: Novo Banco t=
o Meet Required Solvency Ratios
---------------------------------=
--------------------------
Sergio Goncalve at Reuters reports tha=
t the first balance sheet=C2=A0
of Portugal's Novo Banco, the=
successor to Banco Espirito Santo=C2=A0
following a state rescue=
in August, will show solvency ratios=C2=A0
above the required th=
reshold and no need for additional capital.

Eduard=
o Stock da Cunha on Nov. 27 said the bank's deposits were=C2=A0
iv>recovering after a drop in the wake of the rescue that split BES=C2=A0div>
into the working Novo Banco and a "bad bank" exposed to=
=C2=A0
liabilities of its founding Espirito Santo family, Reuters=
=C2=A0
relates.

Mr. Stock da Cunha, who =
became CEO in mid-September after working=C2=A0
for Britain's=
Lloyds Banking Group, confirmed what sources told=C2=A0
Reuters =
last month -- that the common equity Tier 1 capital ratio=C2=A0
w=
ill be comfortably above the minimum 7% required by the Bank of=C2=A0
=
Portugal.

Some analysts have had doubts wheth=
er the capital injected into=C2=A0
Novo Banco is enough to guaran=
tee adequate solvency as required=C2=A0
by Portuguese and Europea=
n regulators, Reuters notes.

"Novo Banco is b=
ack . . . we are growing our deposits, giving=C2=A0
loans, we'=
;re happy with what we are," Reuters quotes Mr. Stock da=C2=A0
iv>Cunha as saying. =C2=A0

"The ratios (targe=
ts) will be met," Mr. Stock da Cunha, as cited=C2=A0
by Reut=
ers, said, adding that the opening balance will come out=C2=A0
in=
the coming days.

When it devised the rescue plan,=
the Bank of Portugal said the=C2=A0
capitalization would leave N=
ovo Banco with an 8.5% capital ratio,=C2=A0
Reuters relays.
=

The state plans to sell Novo Banco to recover the rescu=
e funds,=C2=A0
Reuters notes.

=C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0About Esp=
irito Santo

Espirito Santo Financial Group SA is t=
he owner of about 20% of
Banco Espirito Santo SA.

<=
/div>
Banco Espirito Santo is a private Portuguese bank based in
<=
div>Lisbon, Portugal.

In August 2014, Banco Espiri=
to Santo was split into "good"
and "bad" bank=
s as part of a EUR4.9 billion rescue of the
distressed Portuguese=
lender that protects taxpayers and senior
creditors but leaves s=
hareholders and junior bondholders holding
only toxic assets.=C2=
=A0 A total of EUR4.9 billion in fresh capital is
being injected =
into this "good bank", which will subsequently be
offer=
ed for sale.=C2=A0 It has been renamed "Novo Banco", meaning new<=
/div>
bank, and will include all BES's branches, workers, deposits =
and
healthy credit portfolios.

Also in A=
ugust 2014, Espirito Santo Financial Portugal, a unit
fully owned=
by Espirito Santo Financial Group, filed under
Portuguese corpor=
ate insolvency and recovery code.

In August 2014, =
Espirito Santo Financiere SA, another entity of
troubled Portugue=
se conglomerate Espirito Santo International SA,
filed for credit=
or protection in Luxembourg.

In July 2014, Portugu=
ese conglomerate Espirito Santo
International SA filed for credit=
or protection in a Luxembourg
court, saying it is unable to meet =
its debt obligations.



v>=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D
R U S S I A
=3D=3D=
=3D=3D=3D=3D=3D=3D=3D=3D=3D


BRUNSWI=
CK RAIL: Moody's Lowers Corporate Family Rating to 'B2'
iv>-------------------------------------------------------------->Moody's Investors Service has downgraded Brunswick Rail Limited's=
=C2=A0
(BRL) corporate family rating (CFR) to B2 from B1 and prob=
ability=C2=A0
of default rating (PDR) to B2-PD from B1-PD. Moody&=
#39;s has also=C2=A0
downgraded to B2 from B1 the senior unsecure=
d rating on the $600=C2=A0
million Eurobond issued by Brunswick R=
ail Finance Limited and=C2=A0
guaranteed by BRL's key operati=
ng subsidiaries. The outlook is=C2=A0
negative.

iv>
Ratings Rationale

The downgrade reflects M=
oody's expectation that BRL's financial=C2=A0
metrics, wh=
ich remain beyond thresholds for the company's B1=C2=A0
ratin=
g, will continue deteriorating in coming quarters as a=C2=A0
resu=
lt of the ongoing weak market environment characterized by=C2=A0
=
excess supply and substantial pricing pressure on US dollar-
link=
ed contracts on the back of rouble depreciation, while the=C2=A0
=
debt of BRL is largely in US dollar.

As of Septemb=
er 30, 2014, the company's leverage (debt/EBITDA)=C2=A0
incre=
ased to 4.7x, compared with 4.6x as of year-end 2013 (all=C2=A0
m=
etrics are Moody's-adjusted). Moody's expects that BRL's=C2=A0<=
/div>
financial metrics will deteriorate further, with debt/EBITDA=C2=
=A0
rising towards 5.0x and EBIT interest coverage declining towa=
rds=C2=A0
1.4x at year-end 2014. The interest cover was at 1.5x a=
s of=C2=A0
September 2014 and year-end 2013 (all metrics are Mood=
y's-
adjusted).

The challenging mark=
et environment is likely to persist because=C2=A0
of weakened GDP=
growth and a continuing excess of freight=C2=A0
railcars in the =
market. The potential deterioration in customers'=C2=A0
payme=
nt discipline against the backdrop of the weak macroeconomic=C2=A0
v>environment could more heavily affect BRL's revenues and earnings=C2=
=A0
going forward. Nevertheless, Moody's takes some comfort f=
rom=C2=A0
BRL's available liquidity, low short-term debt and =
the=C2=A0
expectation that the suspension of expansion investment=
s will=C2=A0
enhance its free cash flow (FCF) generation going fo=
rward.

BRL remains exposed to substantial foreign =
currency risk because=C2=A0
87% of its debt is denominated in for=
eign currency, mainly via=C2=A0
the US$600 million Eurobond due i=
n November 2017. BRL is heavily=C2=A0
exposed to the Russian roub=
le depreciation against the US dollar,=C2=A0
which is the company=
's reporting currency, as the pricing of new=C2=A0
or renewed=
leasing contracts is increasingly delinked from the US=C2=A0
dol=
lar since railcars are manufactured in Russia. Although 57% of=C2=A0
<=
div>BRL's revenues were linked to the US dollar as of September 2014,=
=C2=A0
Moody's expects that this share will decline as custom=
ers will=C2=A0
likely require the delinking of their lease paymen=
ts from foreign=C2=A0
currency following the 18% rouble depreciat=
ion against the US=C2=A0
dollar since 30 September 2014 (on top o=
f the 20% depreciation=C2=A0
over the first nine months of 2014).=

In addition to the challenging market environment=
, BRL's=C2=A0
weakening financial metrics and its vulnerabili=
ty to rouble=C2=A0
depreciation, BRL's rating reflects (1) th=
e very competitive=C2=A0
Russian market of operating leasing of f=
reight railcars and the=C2=A0
company's single-country concen=
tration; (2) the increased risk of=C2=A0
deterioration in custome=
rs' payment discipline, which would=C2=A0
affect BRL's re=
venues and earnings and increase the number of=C2=A0
railcars tha=
t require remarketing; (3) the substantial amount of=C2=A0
railca=
rs that require remarketing over the next 12-18 months,=C2=A0
alt=
hough the risk is mitigated by the company's anticipated=C2=A0
v>ability to use part of these railcars in its own transportation=C2=A0v>
business if leasing demand is weak; (4) customer concentration,=C2=
=A0
with around 45% of revenues received from the company's f=
ive=C2=A0
largest customers over the first nine months of 2014; (=
5) the=C2=A0
refinancing risk related to the $600 million Eurobon=
d maturity in=C2=A0
November 2017; and (6) overall exposure to an=
emerging market=C2=A0
operating environment with a less develope=
d regulatory, political=C2=A0
and legal framework.

=
More positively, BRL's rating factors in the company's (=
1) multi-
year operating lease contracts, with the average remain=
ing lease=C2=A0
tenor of three years; (2) modern railcar fleet, w=
ith average age=C2=A0
of only five years, which requires low main=
tenance capex; (3)=C2=A0
established transportation business, whi=
ch should be able to=C2=A0
accommodate part of the company's =
railcars if there is low demand=C2=A0
for operating leases, altho=
ugh that business is less marginal and=C2=A0
exposed to the depre=
ssed spot market conditions; and (4) solid=C2=A0
profitability, a=
lthough it will likely weaken.

The rating also tak=
es into account (1) BRL's available cash=C2=A0
balances, low =
short-term debt, and FCF generation absent material=C2=A0
expansi=
on investments; (2) Moody's expectation that BRL will be=C2=A0
v>able to accumulate cash balances over the next quarters, given=C2=A0
>
its intention to suspend expansion capex until the market=C2=A0
=
conditions improve and to pay no dividends in 2015-16, which will=C2=
=A0
support FCF generation; (3) the estimated market value of its=
=C2=A0
unencumbered railcar fleet at more than $700 million, alth=
ough=C2=A0
any distressed sale of railcars in a weak market would=
likely=C2=A0
require a material discount; and (4) BRL's reta=
ined ability to=C2=A0
place $100 million preferred shares with th=
e European Bank for=C2=A0
Reconstruction and Development (EBRD, A=
aa stable) to finance=C2=A0
expansion capex, although the availab=
ility period expires in June=C2=A0
2015.

>As of September 2014, BRL's cash and operating cash flow were=C2=A0
iv>
sufficient to cover its debt maturities and maintenance capex=C2=A0=
over the next 18 months. In addition, the company had available=
=C2=A0
balance of around RUB4 billion under its two-year RUB8 bil=
lion=C2=A0
credit facility procured in July 2014, which supports =
it=C2=A0
liquidity. However, given that the facility is secured w=
ith=C2=A0
assets, Moody's notes that its utilization will inc=
rease the=C2=A0
share of secured debt in BRL group's debt str=
ucture, although at=C2=A0
this stage the rating agency does not e=
xpect this to affect the=C2=A0
rating of the $600 million unsecur=
ed Eurobond issued by Brunswick=C2=A0
Rail Finance Limited and gu=
aranteed by BRL's key operating=C2=A0
subsidiaries.
>
Rationale for the Negative Outlook

>The negative outlook for BRL's ratings reflects (1) the risk that=C2=
=A0
(i) persistent pricing pressure in a challenging macroeconomi=
c=C2=A0
environment and rouble depreciation could affect BRL'=
s financial=C2=A0
metrics more than currently anticipated and (ii=
) customers'=C2=A0
payment discipline, which has been good so=
far, could=C2=A0
deteriorate; and (2) the risk that the company =
may breach certain=C2=A0
financial covenants under its debt docum=
entation in 2015.

What Could Change the Ratings Up=
/Down

An upgrade to the ratings in the next 12-18 =
months is unlikely.=C2=A0
However, Moody's could consider cha=
nging the outlook on the=C2=A0
ratings to stable in the event tha=
t (1) BRL maintains its=C2=A0
debt/EBITDA below 5.0x and EBIT/int=
erest above 1.5x on a=C2=A0
sustainable basis (all metrics are Mo=
ody's-adjusted); (2)=C2=A0
evidence arises that the company i=
s able to maintain its high=C2=A0
fleet utilization rate and marg=
ins; and (3) the company improves=C2=A0
its liquidity by accumula=
ting cash to mitigate future refinancing=C2=A0
risks.
<=
br>
Moody's could consider downgrading the ratings in the eve=
nt that=C2=A0
(1) BRL's debt/EBITDA rises above 5.0x and its =
EBIT/interest=C2=A0
declines below 1.5x on a sustained basis; (2)=
the company's=C2=A0
liquidity deteriorates materially, such =
that BRL would appear as=C2=A0
being less likely to address refin=
ancing risks in a timely=C2=A0
manner; (3) signs arise of worseni=
ng payment discipline by key=C2=A0
customers, which could adverse=
ly affect BRL's operating=C2=A0
performance and financial met=
rics; (4) the rouble depreciates=C2=A0
further; or (5) the likeli=
hood increases that BRL will breach=C2=A0
covenants under its deb=
t documentation as a result of the=C2=A0
potential weakening in i=
ts financial metrics. The assessment of=C2=A0
credit metrics meas=
ured on a gross basis will also take into=C2=A0
account the cash =
cushion that is expected to be accumulated.

Princi=
pal Methodology

The principal methodology used in =
these ratings was Global=C2=A0
Equipment and Automobile Rental In=
dustry published in December=C2=A0
2010. Other methodologies used=
include Loss Given Default for=C2=A0
Speculative-Grade Non-Finan=
cial Companies in the U.S., Canada and=C2=A0
EMEA published in Ju=
ne 2009.=C2=A0

Brunswick Rail Limited is one of th=
e largest companies=C2=A0
specializing in operating leasing of fr=
eight railcars in Russia.=C2=A0
As of September 2014, BRL had a f=
leet of 25,520 railcars and=C2=A0
generated the last-12-months re=
venue of US$219 million. BRL was=C2=A0
incorporated in Bermuda in=
2004 as a private group. Its=C2=A0
shareholders are institutiona=
l and individual investors, none of=C2=A0
which have a controllin=
g stake. BRL leases freight railcars to=C2=A0
large Russian indus=
trial groups and railcar operators under=C2=A0
multi-year operati=
ng lease contracts.


KAZKOMMERTSBANK=
: Fitch Assigns 'B' Final Rating to Senior Bonds
--------=
-------------------------------------------------------
Fitch Rat=
ings has assigned Kazkommertsbank's (KKB) series 2=C2=A0
seni=
or unsecured local currency bonds under the second bond=C2=A0
iss=
uance program a final Long-term rating of 'B'. The issue's=C2=
=A0
Recovery Rating is 'RR4'. The bank's other rating=
s are unaffected=C2=A0
by the rating action.

=
Key Rating Drivers=C2=A0

The issue's rati=
ng is aligned with KKB's Long-term local currency=C2=A0
Issue=
r Default Rating (IDR) of 'B'. KKB's ratings reflect the=C2=A0<=
/div>
bank's weak asset quality and the potential need for further=
=C2=A0
provisioning of its problem loans. However, the ratings al=
so=C2=A0
consider KKB's positive pre-impairment profit (net o=
f accrued=C2=A0
interest), moderate refinancing and liquidity ris=
ks, and the=C2=A0
track record of significant debt repayments in =
a challenging=C2=A0
environment.

Rating =
Sensitivities

Any changes to KKB's Long-term l=
ocal currency IDR would impact=C2=A0
the issue's ratings.v>

The issue's volume is KZT60 billion, it matures i=
n five years and=C2=A0
has an 8.4% coupon paid annually.
v>
KKB's other ratings are as follows:

v>
Long-term foreign and local currency IDRs: 'B'; Outlook Stab=
le
Short-term foreign and local currency IDRs: 'B'
<=
div>Viability Rating: 'b'
Support Rating: '5'v>
Support Rating Floor: 'B-'
Long-term senior unsecu=
red debt rating: 'B'; Recovery Rating=C2=A0
'RR4'=
Short-term senior unsecured debt rating: 'B'
S=
ubordinated debt rating: 'B-'; Recovery Rating 'RR5'
<=
div>

ROSSIYSKIY KREDIT: Moody's Withdraws =
Caa3 Curr. Deposit Ratings=C2=A0
--------------------------------=
-------------------------------
Moody's Investors Service has=
withdrawn Rossiyskiy Kredit Bank's=C2=A0
Caa3 long-term loca=
l- and foreign-currency deposit ratings, the=C2=A0
Not Prime shor=
t-term deposit ratings and the E standalone bank=C2=A0
financial =
strength rating (BFSR), equivalent to a caa3 baseline=C2=A0
credi=
t assessment. At the time of the withdrawal, the outlook on=C2=A0
>the bank's long-term ratings was negative while the standalone E=C2=A0=
BFSR carried a stable outlook.

Ratings =
Rationale

Moody's has withdrawn the rating for=
its own business reasons.


ROSSIYSK=
IY KREDIT: Moody's Withdraws Caa3.ru Na'tl Deposit Rating
>-----------------------------------------------------------------v>Moody's Interfax Rating Agency has withdrawn Rossiyskiy Kredit=C2=A0<=
/div>
Bank's Caa3.ru national scale deposit rating (NSR).
>
Ratings Rationale

Moody's has =
withdrawn the rating for its own business reasons.=C2=A0

v>
Moody's Interfax Rating Agency's National Scale Ratings (NSR=
s)=C2=A0
are intended as relative measures of creditworthiness am=
ong debt=C2=A0
issues and issuers within a country, enabling mark=
et participants=C2=A0
to better differentiate relative risks. NSR=
s differ from Moody's=C2=A0
global scale ratings in that they=
are not globally comparable=C2=A0
with the full universe of Mood=
y's rated entities, but only with=C2=A0
NSRs for other rated =
debt issues and issuers within the same=C2=A0
country. NSRs are d=
esignated by a ".nn" country modifier=C2=A0
signifying =
the relevant country, as in ".ru" for Russia. For=C2=A0
>further information on Moody's approach to national scale=C2=A0
<=
div>ratings, please refer to Moody's Rating Methodology published in=C2=
=A0
June 2014 entitled "Mapping Moody's National Scale R=
atings to=C2=A0
Global Scale Ratings".

<=
div>About Moody's and Moody's Interfax

Moo=
dy's Interfax Credit Rating Agency (MIRA) specializes in=C2=A0
v>credit risk analysis in Russia. MIRA is a joint-venture between=C2=A0v>
Moody's Investors Service, a leading provider of credit ratings,=
=C2=A0
research and analysis covering debt instruments and securi=
ties in=C2=A0
the global capital markets, and the Interfax Inform=
ation Services=C2=A0
Group. Moody's Investors Service is a su=
bsidiary of Moody's=C2=A0
Corporation (NYSE: MCO).
=



=3D=3D=3D=3D=3D=3D=3D=3D=3Div>
S P A I N
=3D=3D=3D=3D=3D=3D=3D=3D=3D

>

BANCO DE SABADELL: S&P Raises Rating to 'BB+&#=
39;; Outlook Negative
-------------------------------------------=
--------------------
Standard & Poor's Ratings Services t=
ook various rating actions on=C2=A0
Spanish financial institution=
s, based on its view that the=C2=A0
Spanish banking system will b=
e exposed to lower economic risk=C2=A0
over the next few years.=
=C2=A0 Actions on the counterparty credit=C2=A0
ratings included:=

=C2=A0 =C2=A0-- Raising the long- and short-term =
ratings on CaixaBank S.A.=C2=A0
=C2=A0 =C2=A0 =C2=A0 (Caixabank) =
and Cecabank S.A. to 'BBB/A-2' from 'BBB-/A-3'.=C2=A0
=
=C2=A0 =C2=A0 =C2=A0 The outlooks are stable.

>=C2=A0 =C2=A0-- Raising the long- and short-term ratings on Bankinter S.A.=
=C2=A0
=C2=A0 =C2=A0 =C2=A0 to 'BBB-/A-3' from 'BB+/B=
'. The outlook is stable.

=C2=A0 =C2=A0-- Rais=
ing the long-term rating on Banco de Sabadell S.A. to=C2=A0
=C2=
=A0 =C2=A0 =C2=A0 'BB+' from 'BB' and affirming the 'B&=
#39; short-term rating. =C2=A0
=C2=A0 =C2=A0 =C2=A0 The outlook i=
s negative.

=C2=A0 =C2=A0-- Raising the long-term =
rating on Barclays Bank S.A.U.=C2=A0
=C2=A0 =C2=A0 =C2=A0(BBSAU) =
to 'BB+' from 'BB'.=C2=A0 The long- and short-term=C2=A0iv>
=C2=A0 =C2=A0 =C2=A0 ratings remain on CreditWatch with positive im=
plications,=C2=A0
=C2=A0 =C2=A0 =C2=A0 where they were placed on =
Sept. 4, 2014.

=C2=A0 =C2=A0-- Raising the long-te=
rm rating on Bankia S.A. to 'BB' from=C2=A0
=C2=A0 =C2=A0=
=C2=A0 'BB-' and raising the long-term rating on its parent=C2=A0<=
/div>
=C2=A0 =C2=A0 =C2=A0 holding company Banco Financiero y de Ahorro=
s S.A. (BFA) to=C2=A0
=C2=A0 =C2=A0 =C2=A0 'B+' from '=
;B'.=C2=A0 At the same time, S&P affirmed the 'B'=C2=A0v>
=C2=A0 =C2=A0 =C2=A0 short-term ratings on both entities.=C2=A0 The =
outlooks are=C2=A0
=C2=A0 =C2=A0 =C2=A0 negative.

<=
/div>
=C2=A0 =C2=A0-- Affirming the long- and short-term ratings on Ban=
co=C2=A0
=C2=A0 =C2=A0 =C2=A0 Santander S.A. at 'BBB+/A-2'=
; and those of its highly=C2=A0
=C2=A0 =C2=A0 =C2=A0 strategic su=
bsidiary Santander Consumer Finance S.A. (SCF)=C2=A0
=C2=A0 =C2=
=A0 =C2=A0 at 'BBB/A-2'.=C2=A0 The outlooks are stable.
<=
br>
=C2=A0 =C2=A0-- Affirming the long- and short-term ratings on=
Banco Bilbao=C2=A0
=C2=A0 =C2=A0 =C2=A0 Vizcaya Argentaria S.A. =
(BBVA) at 'BBB/A-2'.=C2=A0 The outlook=C2=A0
=C2=A0 =C2=
=A0 =C2=A0 is stable.=C2=A0

=C2=A0 =C2=A0-- Affirm=
ing the long- and short-term ratings on Kutxabank=C2=A0
=C2=A0 =
=C2=A0 =C2=A0 S.A. at 'BBB-/A-3'. The outlook is stable.
=

=C2=A0 =C2=A0-- Affirming the long- and short-term counterpa=
rty credit=C2=A0
=C2=A0 =C2=A0 =C2=A0 ratings on Ibercaja Banco S=
.A. at 'BB/B'.=C2=A0 The outlook is=C2=A0
=C2=A0 =C2=A0 =
=C2=A0 positive.

=C2=A0 =C2=A0-- Affirming the lon=
g- and short-term ratings on Banco Popular=C2=A0
=C2=A0 =C2=A0 =
=C2=A0 Espanol S.A. at 'B+/B'.=C2=A0 The outlook is negative.
=

=C2=A0 =C2=A0-- Affirming the long- and short-term rati=
ngs on NCG Banco=C2=A0
=C2=A0 =C2=A0 =C2=A0 S.A. at 'B/B'=
.=C2=A0 The outlook is stable.

S&P will publis=
h individual research updates on the entities=C2=A0
listed to pro=
vide more detail on the rationale behind each rating=C2=A0
action=
.

Spanish banks' credit provisions and problem=
atic exposures have=C2=A0
continued to decline, demonstrating tha=
t the harmful effects of=C2=A0
the bursting of the real estate bu=
bble and the double-dip=C2=A0
downturn have lessened.=C2=A0 Durin=
g the first half of 2014, aggregate=C2=A0
credit provisions (incl=
uding those allocated to real estate=C2=A0
assets) in the Spanish=
banking system were equivalent to 138=C2=A0
basis points (bps) o=
f average loans, down from 189bps in full-
year 2013.=C2=A0 S&=
;P expects banks to scale down their provisioning=C2=A0
efforts f=
urther, so that by the end of 2016 they achieve a level=C2=A0
S&a=
mp;P considers normalized.=C2=A0 Furthermore, S&P is already seeing=C2=
=A0
more stable pricing and volume trends in the real estate mark=
et=C2=A0
and a return to economic growth (S&P expects average=
annual GDP=C2=A0
growth of 2% between 2015 and 2017), which shou=
ld facilitate a=C2=A0
reduction in credit losses.=C2=A0
>
S&P sees a stable trend for economic risks in Spain.=C2=
=A0 S&P=C2=A0
believes that the private sector will reduce le=
verage further and=C2=A0
anticipate that domestic private sector =
credit to GDP will reach=C2=A0
123% by the end of 2016, down from=
138% in 2013.=C2=A0 However, S&P no=C2=A0
longer expects the=
private sector to be able to fully restore its=C2=A0
creditworth=
iness and resilience in the short term, given how hard=C2=A0
hit =
it was by the country's long and deep recession and in light=C2=A0>
of the weaker economic growth at Spain's European partners, which=
=C2=A0
could hamper the country's prospects.=C2=A0 Spanish ba=
nks will also=C2=A0
need more time to work out their high problem=
atic exposures=C2=A0
(which, including real estate assets, S&=
P estimates could=C2=A0
represent about 18% of loans at end 2014)=
and are therefore=C2=A0
likely to continue reporting a higher st=
ock of problematic=C2=A0
exposures than their international peers=
.=C2=A0 Finally, S&P=C2=A0
anticipates that it will take some=
time until the government=C2=A0
improves its public finances and=
restores the budgetary=C2=A0
flexibility it lost during the down=
turn and the economy gets back=C2=A0
to the precrisis levels of 2=
008.

S&P raised the ratings on Cecabank S.A. s=
olely because of the=C2=A0
reduced economic risks that in S&P=
's opinion Spanish banks will=C2=A0
face going forward.=C2=A0=
For the other banks S&P upgraded --=C2=A0
Caixabank, Bankia,=
BFA, Sabadell, Bankinter, and BBSAU -- the=C2=A0
rating actions =
also reflected sustainable improvements in their=C2=A0
capital po=
sitions.=C2=A0

S&P affirmed its ratings on the=
other banks because, although it=C2=A0
expected them to benefit =
from higher capital cushions in the=C2=A0
future, as measured by =
S&P's risk-adjusted capital (RAC) ratios,=C2=A0
S&P c=
onsidered that further solvency improvements would not be=C2=A0
e=
nough to trigger an improvement in S&P's view of their stand-
=
alone creditworthiness.

S&P considers tha=
t the Spanish banking system is now exposed to=C2=A0
lower econom=
ic risk.=C2=A0 S&P therefore revised upward to 'bbb-' from=C2=
=A0
'bb+' its anchor for financial institutions operating=
primarily=C2=A0
in Spain.=C2=A0 The anchor is the starting point=
in assigning an=C2=A0
issuer credit rating to a bank.=C2=A0 S&am=
p;P revised it upward for all=C2=A0
Spanish banks, except Santand=
er and BBVA, which already had=C2=A0
anchors of 'bbb-', a=
nd SCF, which has a 'bbb' anchor.=C2=A0 S&P did=C2=A0
>not revise up the anchor for these banks because their wider=C2=A0
iv>geographic diversification means that their exposure to Spain is=C2=A0div>
lower than that of domestic peers and this minimized the positive=
=C2=A0
impact of the review.

The stand-a=
lone credit profiles (SACPs) for Santander and BBVA=C2=A0
are hig=
her than the foreign currency sovereign rating on Spain. =C2=A0
T=
he ratings on these banks are therefore constrained by the=C2=A0
=
weaker creditworthiness of their home country.=C2=A0 BBVA also=C2=A0
<=
div>recently announced its decision to acquire an additional 14.89%=C2=A0div>
stake in Turkish bank Turkiye Garanti Bankasi A.S.=C2=A0
>(BB/Negative/--) and completed a EUR2 billion capital increase to=C2=A0
iv>
finance this acquisition.=C2=A0 S&P incorporated this new infor=
mation=C2=A0
when it affirmed its ratings on BBVA.

=
The SACPS for the banks that S&P upgraded were also revised=
=C2=A0
upward, and therefore S&P also upgraded the debt ratin=
gs assigned=C2=A0
to the hybrid instruments issued or guaranteed =
by these banks.=C2=A0

Most of S&P's outloo=
ks are currently stable, reflecting the=C2=A0
expectation that th=
e main factors supporting S&P's ratings are=C2=A0
unlikel=
y to change over the next 12-24 months.=C2=A0 The stable=C2=A0
ou=
tlooks on Santander and BBVA mirror the stable outlook on the=C2=A0
iv>sovereign, while the stable outlook on SCF mirrors that of its=C2=A0v>
parent.

S&P still have a negative outlo=
ok on four Spanish banks --=C2=A0
Bankia, BFA, Popular, and Sabad=
ell.=C2=A0 These reflect the possible=C2=A0
reduction or removal =
of extraordinary government support from=C2=A0
their ratings, as =
resolution regimes are put in place by the end=C2=A0
of 2015.=C2=
=A0

The positive outlook on Ibercaja takes into ac=
count the=C2=A0
possibility that the bank could implement capital=
-enhancing=C2=A0
measures in the context of its corporate reorgan=
ization or that=C2=A0
its solvency could strengthen organically b=
eyond S&P's=C2=A0
expectations.=C2=A0

>
The rating on BBSAU is on CreditWatch positive because S&P=C2=A0<=
/div>
expects it to be acquired by Caixabank by the end of the first=C2=
=A0
quarter of 2015.=C2=A0 This is likely to have a positive impa=
ct on=C2=A0
S&P's ratings on BBSAU.=C2=A0

<=
/div>
BICRA SCORE SNAPSHOT*=C2=A0

Spain =C2=A0=
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 To =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 From
iv>
BICRA Group =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 5 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0=
=C2=A06

=C2=A0Economic risk =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A06 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A07
=C2=A0 Economic resilience =C2=A0 =C2=
=A0 =C2=A0 Intermediate risk =C2=A0Intermediate risk
=C2=A0 Econo=
mic imbalances =C2=A0 =C2=A0 =C2=A0 =C2=A0 High risk =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0Very High risk
=C2=A0 Credit risk in the economy =C2=
=A0High risk =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0High risk

v>
=C2=A0Industry risk =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0=
=C2=A05 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A05=C2=
=A0
=C2=A0 Institutional framework =C2=A0 =C2=A0 Intermediate ris=
k Intermediate risk
=C2=A0 Competitive dynamics =C2=A0 =C2=A0 =C2=
=A0 =C2=A0Intermediate risk Intermediate risk
=C2=A0 Systemwide f=
unding =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0High risk =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0High risk

=C2=A0Trends
=C2=A0 =
Economic risk trend =C2=A0 =C2=A0 =C2=A0 =C2=A0 Stable =C2=A0 =C2=A0 =C2=A0=
=C2=A0 =C2=A0 =C2=A0 Positive
=C2=A0 Industry risk trend =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 Stable =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 Stabl=
e

* Banking Industry Country Risk Assessment (BICR=
A) economic risk
=C2=A0 and industry risk scores are on a scale f=
rom 1 (lowest risk) to
=C2=A0 10 (highest risk).

div>
RATINGS LIST

Upgraded
=C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0To =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0=
From
CaixaBank S.A.
=C2=A0Counterparty Credit Rating =
=C2=A0BBB/Stable/A-2 =C2=A0 BBB-/Positive/A-3

Ceca=
bank S.A.
=C2=A0Counterparty Credit Rating =C2=A0BBB/Stable/A-2 =
=C2=A0 BBB-/Positive/A-3

Bankinter S.A.
=
=C2=A0Counterparty Credit Rating =C2=A0BBB-/Stable/A-3 =C2=A0BB+/Positive/B=

Banco de Sabadell S.A.
=C2=A0Counterpar=
ty Credit Rating =C2=A0BB+/Negative/B =C2=A0 BB/Positive/B

div>
Barclays Bank S.A.U.
=C2=A0Counterparty Credit Rating =
=C2=A0BB+/Watch Pos/B =C2=A0BB/Watch Pos/B

Bankia =
S.A.
=C2=A0Counterparty Credit Rating =C2=A0BB/Negative/B =C2=A0 =
=C2=A0BB-/Positive/B

Banco Financiero y de Ahorros=
S.A.
=C2=A0Counterparty Credit Rating =C2=A0B+/Negative/B =C2=A0=
=C2=A0B/Positive/B

Affirmed

<=
div>Banco Santander S.A.
=C2=A0Counterparty Credit Rating =C2=A0B=
BB+/Stable/A-2

Santander Consumer Finance S.A.v>
=C2=A0Counterparty Credit Rating =C2=A0BBB/Stable/A-2

=
Banco Bilbao Vizcaya Argentaria S.A.
=C2=A0Counterpart=
y Credit Rating =C2=A0BBB/Stable/A-2

Kutxabank S.A=
.
=C2=A0Counterparty Credit Rating =C2=A0BBB-/Stable/A-3
v>
Ibercaja Banco S.A.
=C2=A0Counterparty Credit Ra=
ting =C2=A0BB/Positive/B

Banco Popular Espanol S.A=
.
=C2=A0Counterparty Credit Rating =C2=A0B+/Negative/B
=

NCG Banco S.A.
=C2=A0Counterparty Credit Rating =
=C2=A0B/Stable/B=C2=A0

NB: This list does not incl=
ude all the ratings affected.


UCI 9=
: S&P Lowers Ratings on Class B & C Notes to 'BB(sf)'
=
----------------------------------------------------------
S=
tandard & Poor's Ratings Services took various credit rating=C2=A0<=
/div>
actions in Fondo de Titulizacion de Activos UCI 7, Fondo de=C2=A0=
Titulizacion de Activos UCI 8, and Fondo de Titulizacion de=C2=
=A0
Activos UCI 9.=C2=A0

Specifically, S=
&P has:

=C2=A0 =C2=A0-- Affirmed its 'AA (=
sf)' ratings on UCI 7 and UCI 8's class A=C2=A0
=C2=A0 =
=C2=A0 =C2=A0 notes;

=C2=A0 =C2=A0-- Lowered to &#=
39;A+ (sf)' from 'AA (sf)' its ratings on UCI 9's=C2=A0v>
=C2=A0 =C2=A0 =C2=A0 class A notes and UCI 7 and UCI 8's class B=
notes; and

=C2=A0 =C2=A0-- Lowered to 'BB (sf=
)' from 'AA (sf)' and to 'B (sf)' from 'A=C2=A0v>
=C2=A0 =C2=A0 =C2=A0 (sf)' its ratings on UCI 9's class B an=
d C notes,=C2=A0
=C2=A0 =C2=A0 =C2=A0 respectively.=C2=A0
iv>
Upon publishing S&P's updated criteria for Spanis=
h residential=C2=A0
mortgage-backed securities (RMBS criteria) an=
d its updated=C2=A0
criteria for rating single-jurisdiction secur=
itizations above the=C2=A0
sovereign foreign currency rating (RAS=
criteria), S&P placed=C2=A0
those ratings that could potenti=
ally be affected "under criteria=C2=A0
observation".=C2=
=A0

Following S&P's review of these transa=
ctions, its ratings that=C2=A0
could potentially be affected by t=
he criteria are no longer under=C2=A0
criteria observation.
=

The rating actions follow S&P's credit and cash=
flow analysis of=C2=A0
the most recent transaction information t=
hat S&P has received as=C2=A0
of Sept. 2014.=C2=A0 S&P=
9;s analysis reflects the application of its=C2=A0
RMBS criteria =
and its RAS criteria.

S&P's RAS criteria d=
esignate the country risk sensitivity for=C2=A0
RMBS as 'mode=
rate'.=C2=A0 Under S&P's RAS criteria, these=C2=A0
tr=
ansactions' notes can therefore be rated four notches above the=C2=A0div>
sovereign rating, if they have sufficient credit enhancement to=C2=
=A0
pass a minimum of a "severe" stress.=C2=A0
v>
As S&P's long-term rating on the Kingdom of Spain =
is 'BBB', its=C2=A0
RAS criteria cap at 'AA (sf)'=
the maximum potential rating in=C2=A0
these transactions for the=
class A notes.=C2=A0 The maximum potential=C2=A0
rating for all =
other classes of notes is 'A+ (sf)'.

As al=
l six of the conditions in paragraph 48 of the RAS criteria=C2=A0
>are met in UCI 7 and UCI 8, S&P can assign ratings in these two=C2=A0<=
/div>
transactions up to a maximum of six notches (two additional=C2=A0=
notches of uplift) above the sovereign rating, subject to credit=
=C2=A0
enhancement being sufficient to pass an "extreme"=
; stress.

Following the application of S&P'=
;s RAS criteria and its RMBS=C2=A0
criteria, S&P has determin=
ed that its assigned rating on each=C2=A0
class of notes in these=
transactions should be the lower of (i)=C2=A0
the rating as capp=
ed by S&P's RAS criteria and (ii) the rating=C2=A0
that t=
he class of notes can attain under S&P's RMBS criteria.=C2=A0 In=C2=
=A0
these three transactions, S&P's ratings on the class =
A notes are=C2=A0
constrained by the rating on the sovereign, as =
are its ratings on=C2=A0
UCI 7 and UCI 8's class B notes.v>

Credit enhancement levels, only represented by the su=
bordination=C2=A0
of the notes, have increased in these three tra=
nsactions due to=C2=A0
the amortization of the class A notes.v>

Class =C2=A0 =C2=A0 =C2=A0 =C2=A0 Available Creditiv>
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0Enhancement =
(%)

UCI 7
A =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 6.78
B =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 0.00

Credit enhancement for the class A=
notes has increased to 6.78%=C2=A0
from 5.60% at=C2=A0
>closing.

UCI 8
A =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 6.24
iv>B =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 0.00

Credit enhancement for the clas=
s A notes has increased to 6.24%=C2=A0
from 5.15% at=C2=A0
<=
div>closing.

UCI 9
A =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 8.29v>
B =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 1.50
C =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 0.00

>Credit enhancement for the class A and B notes has increased to=C2=A0>
8.29% and 1.50%, from 4.15% and 0.75% at closing, respectively.
=

These transactions feature an amortizing reserve fund, =
placed in=C2=A0
the priority of payments before the amortization =
of the notes. =C2=A0
The reserve funds are at their target levels=
, and have been able=C2=A0
to amortize due to the transactions=
9; stable performance.=C2=A0 Of the=C2=A0
outstanding balance of =
the notes, the reserve funds represent:=C2=A0
6.55% for UCI 7, 8.=
15% for UCI 8, and 6.05% for UCI 9.=C2=A0

Severe d=
elinquencies of more than 90 days are at 0.57% for UCI 7,=C2=A0
1=
.62% for UCI 8, and 0.70% for UCI 9, and are on average lower=C2=A0
iv>for these transactions than S&P's Spanish RMBS index. =C2=A0v>
Furthermore, the class B notes in all three transactions=C2=A0
=
amortized pro rata to their minimum required amount on the June=C2=A0<=
/div>
2014 payment date. Therefore, the notes started amortizing=C2=A0<=
/div>
sequentially again on the Sept. 2014 payment date.=C2=A0
v>
After applying S&P's RMBS criteria to all three tr=
ansactions, its=C2=A0
credit analysis results show low weighted-a=
verage foreclosure=C2=A0
frequency (WAFF) and weighted-average lo=
ss severity (WALS) for=C2=A0
each rating level due to the seasoni=
ng of the pools, stable=C2=A0
performance, and the evolution of S=
panish house prices.=C2=A0

Rating level =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 WAFF (%) =C2=A0 =C2=A0WALS (%)

U=
CI 7
AA =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A016.08 =C2=A0 =C2=A0 =C2=A0 =C2=A02.00
BBB =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 11.10 =
=C2=A0 =C2=A0 =C2=A0 =C2=A02.00

UCI 8
AA=
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A016.62 =C2=A0 =C2=A0 =C2=A0 =C2=A02.49
BBB =C2=A0 =C2=A0 =C2=A0=
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 11.85 =C2=A0 =C2=A0 =C2=
=A0 =C2=A02.49

UCI 9
AA =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A015.15 =C2=A0 =
=C2=A0 =C2=A0 =C2=A02.00
BBB =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 10.33 =C2=A0 =C2=A0 =C2=A0 =C2=A02.00iv>

Given that the pool's attributes indicate better=
credit quality=C2=A0
than the archetype, S&P increased the p=
rojected loss that it=C2=A0
modeled to meet the minimum floor und=
er its criteria.

Taking into account the results o=
f S&P's updated credit and cash=C2=A0
flow analysis and t=
he application of its RAS criteria, S&P=C2=A0
considers that =
UCI 7 and UCI 8's class A notes' available credit=C2=A0
e=
nhancement is commensurate with the currently assigned ratings.=C2=A0
=
S&P has therefore affirmed its 'AA (sf)' ratings on the cl=
ass A=C2=A0
notes in these two transactions.

=
UCI 9's class A notes and UCI 7 and UCI 8's class B notes'=
=C2=A0
maximum achievable rating is 'A+ (sf)' under S&=
;P's RAS criteria.=C2=A0
Therefore, S&P has lowered to &#=
39;A+ (sf)' from 'AA (sf)' its=C2=A0
ratings on UCI 9=
's class A notes, and UCI 7 and UCI 8's class B=C2=A0
not=
es.

Under the transaction documents, there is an i=
nterest deferral=C2=A0
trigger mechanism for UCI 9's subordin=
ated notes based on the 90+=C2=A0
days arrears level over the out=
standing balance of the assets. =C2=A0
If 90+ days arrears reach =
6%, the class C notes' interest will be=C2=A0
deferred after =
the principal amortization of the most senior=C2=A0
class of note=
s, and if it reaches 9%, the class B notes' interest=C2=A0
wi=
ll be deferred as well.=C2=A0

Given UCI 9's co=
llateral's stable performance, S&P don't expect=C2=A0
>the interest referral triggers to be breached in the short to=C2=A0
<=
div>medium term, even if the class A notes' rate of amortization is=C2=
=A0
decreasing.=C2=A0 Nevertheless, in a stressful environment, t=
he=C2=A0
interest deferral triggers for both the class B and C no=
tes would=C2=A0
be breached.=C2=A0 Consequently, interest shortfa=
lls would occur until=C2=A0
recoveries start accruing. Given the =
underlying collateral's low=C2=A0
prepayment rate in recent y=
ears, S&P expects the class A notes to=C2=A0
be fully amortiz=
ed by 2029.=C2=A0 S&P has therefore lowered to 'BB=C2=A0
=
(sf)' from 'AA (sf)' and to 'B (sf)' from 'A (sf)&#=
39; its ratings on=C2=A0
UCI 9's class B and C notes, respect=
ively.

S&P also considers credit stability in =
its analysis.=C2=A0 To reflect=C2=A0
moderate stress conditions, =
S&P adjusted our WAFF assumptions by=C2=A0
assuming additiona=
l arrears of 8%, split equally between the one-
month and the thr=
ee-month buckets for a one-year horizon, and 8%=C2=A0
arrears con=
centrated in the three-month bucket for the three-year=C2=A0
hori=
zon.=C2=A0 This did not result in S&P's rating deteriorating below=
=C2=A0
the maximum projected deterioration that it would associat=
e with=C2=A0
each relevant rating level, as outlined in S&P&#=
39;s credit stability=C2=A0
criteria.

In=
S&P's opinion, the outlook for the Spanish residential=C2=A0
=
mortgage and real estate market is not benign and S&P has=C2=A0iv>
therefore increased its expected 'B' foreclosure frequency=
=C2=A0
assumption to 3.33% from 2.00%, when S&P applies its R=
MBS=C2=A0
criteria, to reflect this view.=C2=A0 S&P bases the=
se assumptions on=C2=A0
its expectation of modest economic growth=
, continuing high=C2=A0
unemployment, and further falls in house =
prices for the remainder=C2=A0
of 2014, which will then level off=
in 2015.=C2=A0

On the back of improving but still=
depressed macroeconomic=C2=A0
conditions, S&P don't expe=
ct the performance of the transactions=C2=A0
in our Spanish RMBS =
index to improve in 2014.

S&P expects severe a=
rrears in the portfolio to remain at their=C2=A0
current levels, =
as there are a number of downside risks.=C2=A0 These=C2=A0
includ=
e modest economic growth, continuing high unemployment, and=C2=A0
>further falls in house prices.=C2=A0 On the positive side, S&P expects=
=C2=A0
interest rates to remain low for the foreseeable future.div>

UCI 7, UCI 8, and UCI 9 are Spanish RMBS transactio=
ns, which=C2=A0
closed in Oct. 2001, June 2002, and June 2003, re=
spectively. =C2=A0
They securitize portfolios of residential mort=
gage loans, which=C2=A0
Union de Creditos Inmobiliarios, Establec=
imiento Financiero de=C2=A0
Credito originated.=C2=A0 The residen=
tial mortgage loans are=C2=A0
distributed among all Spanish regio=
ns.

RATINGS LIST

Class =
=C2=A0 =C2=A0 =C2=A0 Rating =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0Rating=
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 To =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0From

Fondo d=
e Titulizacion de Activos UCI 7
EUR455 Million Mortgage-Backed Fl=
oating-Rate Notes=C2=A0

Rating Affirmed =C2=A0v>

A =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 AA (sf)
v>
Rating Lowered=C2=A0

B =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 A+ (sf) =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 AA (sf)=

Fondo de Titulizacion de Activos UCI 8
=
EUR600 Million Asset-Backed Floating-Rate Notes=C2=A0

<=
div>Rating Affirmed

A =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 AA (sf)

Rating Lowered=C2=A0

=
B =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 A+ (sf) =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 AA (sf)

Fondo de Titulizacion de=
Activos UCI 9
EUR1.25 Billion Asset-Backed Floating-Rate Notes=
=C2=A0

Ratings Lowered=C2=A0

<=
div>A =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 A+ (sf) =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 AA (sf)
B =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 BB (sf) =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 AA (sf)
C =C2=A0 =C2=A0 =C2=A0=
=C2=A0 =C2=A0 B (sf) =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0A (sf)
=



=3D=3D=3D=3D=3D=3D=3D=3D=
=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D
S W I T Z E R L A N Dv>
=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=C2=
=A0


SPUTNIK ENGINEERING: To File fo=
r Insolvency in Switzerland
-------------------------------------=
---------------------
PV-Tech reports that Sputnik Engineering, t=
he parent company of=C2=A0
Swiss inverter manufacturer Solarmax, =
will file for insolvency in=C2=A0
Switzerland.

v>
In a circular sent to customers and seen by PV Tech, the company=C2=
=A0
said it had looked for alternatives but to no avail.
v>
"Solarmax had been the fifth largest supplier in the =
world in=C2=A0
2008, with a market share of over 4%," PV-Tec=
h quotes=C2=A0
Sam Wilkinson, research manager at market research=
firm IHS, as=C2=A0
saying. =C2=A0"Its market share has decl=
ined each year since, and it=C2=A0
held a share of less than 1% i=
n 2013.

"Solarmax had also made efforts at in=
ternationalizing its=C2=A0
business to offset the decline of Euro=
pe, by entering into the=C2=A0
United States solar market in 2013=
.=C2=A0 It had struggled to gain=C2=A0
significant market share d=
ue to the intense competition from=C2=A0
local manufacturers of s=
tring inverters such as Advanced Energy=C2=A0
and Solectria, as w=
ell as numerous other European and Asian=C2=A0
suppliers employin=
g similar internationalization strategy."

Acc=
ording to PV-Tech, despite a recent focus on string inverters=C2=A0
iv>to compensate for the decline in the European utility market, the=C2=A0<=
/div>
company has continued to struggle.

Sputn=
ik Engineering refused to comment but did admit that the=C2=A0
ad=
ministrator, Weissberg Consulting, had now taken over=C2=A0
manag=
ement of the company, PV-Tech notes.


v>
=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=
=3D=3D=3D=3D=3D=3D=3D=3D
U N I T E D =C2=A0 K I N G D O M
iv>=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=
=3D=3D=3D


AUSTIN REED: Owner In Tal=
ks with Deloitte Over CVA Deal
----------------------------------=
---------------------
Ben Marlow, Ashley Armstrong and Graham Rud=
dick at The Sunday=C2=A0
Telegraph report that Austin Reed is clo=
se to appointing Deloitte=C2=A0
to work on a rescue deal.
iv>
It is understood that Darius Capital, which owns Austin R=
eed=C2=A0
Group, is in discussions with the auditor over a compan=
y=C2=A0
voluntary arrangement (CVA), although it is not likely to=
happen=C2=A0
imminently, The Sunday Telegraph notes.
<=
br>
According to The Sunday Telegraph, a CVA would allow the reta=
iler=C2=A0
to reduce its debts, following discussions with credit=
ors, but to=C2=A0
continue trading.

The =
Sunday Telegraph understands management, led by Nick=C2=A0
Hollin=
gworth, could wait until the end of the crucial Christmas=C2=A0
s=
hopping period before making a final decisions.

Ac=
counts recently filed at Companies House show the retailer,=C2=A0
>whose other brands include Viyella and CC, made a loss before tax=C2=A0iv>
of GBP1.29 million on sales of GBP109 million in the year to=C2=A0<=
/div>
January 2014, against a profit before tax of GBP1.77 million on=
=C2=A0
sales of GBP113 million a year earlier, The Sunday Telegra=
ph=C2=A0
discloses.

The group, ultimatel=
y backed by investors Guy Naggar and Peter=C2=A0
Klimt, has more =
than 260 shops and concessions in the UK, but a=C2=A0
CVA would b=
e used to close some of them, The Sunday Telegraph=C2=A0
says.iv>

Austin Reed is the 114-year-old British tailor whose=
famous=C2=A0
clients include International Monetary Fund chief C=
hristine=C2=A0
Lagarde and HM.


>
NEWDAY PARTNERSHIP 2014-1 PLC: S&P Rates Class F Notes 'BB(sf=
)'
----------------------------------------------------------=
-----
Standard & Poor's Ratings Services assigned prelimi=
nary credit=C2=A0
ratings to two issuances from the NewDay Partne=
rship Receivables=C2=A0
Trust:

=C2=A0 =
=C2=A0-- The class A, B, C, D, E, and F notes in NewDay Partnership=C2=A0div>
=C2=A0 =C2=A0 =C2=A0 Funding 2014-1 PLC's series 2014-1; anddiv>

=C2=A0 =C2=A0-- The class A, B, C, D, E, and F note=
s in NewDay Partnership=C2=A0
=C2=A0 =C2=A0 =C2=A0 Funding 2014-2=
PLC's series 2014-2.=C2=A0

S&P rated the =
class E and F notes on the basis of deferrable=C2=A0
interest.=C2=
=A0 At closing, NewDay Partnership Loan Note Issuer Ltd.,=C2=A0
a=
nother entity in the master trust structure, will issue an=C2=A0
=
unrated originator variable funding note (VFN) to the transferor,=C2=A0v>
NewDay Partnership Transferor PLC.

The unra=
ted originator VFN provides proportionate series specific=C2=A0
s=
ubordination to the rated tranches.=C2=A0 The transferor will hold=C2=A0iv>
the excess of the originator VFN balance above the total required=
=C2=A0
subordination amount as transferor interest.=C2=A0 The tra=
nsferor will=C2=A0
use this to meet its minimum transferor intere=
st and risk=C2=A0
retention obligations.

>The NewDay Partnership Receivables Trust is a master trust of=C2=A0
<=
div>credit card, store card, and installment credit (sales finance=C2=A0iv>
loan) receivables that NewDay Ltd. originates under retail=C2=A0iv>
partnership agreements.=C2=A0 NewDay has active retail partnership=
=C2=A0
agreements with Arcadia, Debenhams, Laura Ashley, and Hous=
e of=C2=A0
Fraser.=C2=A0

RATING RATIONAL=
E

Sector Outlook

The U.K.=
macroeconomic outlook has continued to improve, which=C2=A0
has =
been confirmed by recent economic indicators and S&P's own=C2=A0iv>
revisions to its GDP and unemployment forecasts.=C2=A0 S&P expe=
cts=C2=A0
annual GDP growth to recover to 3.1% in 2014, with furt=
her growth=C2=A0
of 2.5% in 2015, and 2.2% in 2016.=C2=A0 S&P=
forecasts an annual=C2=A0
unemployment rate of 6.4% in 2014, bef=
ore falling to 6.1% in=C2=A0
2015, and 5.9% in 2016.
r>
Overall, U.K. credit card trust performance has been resilient=
to=C2=A0
date.=C2=A0 S&P expects GDP to continue to increase=
, while=C2=A0
unemployment continues to decrease from its cyclica=
l peak of 8.5%=C2=A0
in late 2011. Consequently, S&P anticipa=
tes that U.K. collateral=C2=A0
performance will benefit from macr=
oeconomic and monetary=C2=A0
conditions.=C2=A0 In summary, S&=
P's outlook for the U.K. credit card=C2=A0
sector is strong.<=
/div>

Operational Risk

S&P =
attended a corporate overview meeting in Aug. 2014 where S&P=C2=A0>
discussed NewDay's origination and underwriting policies,=C2=A0div>
servicing, account risk management, collections, and recovery=C2=
=A0
strategies.=C2=A0 S&P considers them to be in line with g=
eneral market=C2=A0
practice and commensurate with its preliminar=
y ratings.=C2=A0 NewDay=C2=A0
has sub-delegated certain aspects o=
f servicing, settlements, and=C2=A0
payment processing to Santand=
er U.K. PLC and First Data Global=C2=A0
Services Ltd.=C2=A0 Based=
on the portfolio's performance to date, S&P=C2=A0
consid=
ers these entities to be capable of carrying out their=C2=A0
resp=
ective tasks.=C2=A0

S&P took into account the =
depth of the U.K. credit market in=C2=A0
assessing operational ri=
sk.=C2=A0 Replacement servicers are readily=C2=A0
available and t=
he transaction servicing fee is relatively high. =C2=A0
A liquidi=
ty reserve is available to bridge any servicer=C2=A0
transition p=
eriod.=C2=A0 In light of these factors, S&P considers the=C2=A0
iv>servicer's severity and portability risk to be low under its=C2=A0div>
operational risk criteria.=C2=A0 Consequently, these criteria do n=
ot=C2=A0
constrain S&P's preliminary ratings in any of th=
e transactions.

Credit Risk

iv>S&P considered the portfolio's historical payment, purchase,=C2=
=A0
charge-off and yield rates in S&P's analysis.=C2=A0 S=
&P sets its base-
case assumptions in line with its European =
consumer finance=C2=A0
criteria, taking into account macroeconomi=
c conditions and=C2=A0
industry trends.=C2=A0 S&P has histori=
cal performance data for the=C2=A0
portfolio since 2009.=C2=A0 In=
setting S&P's base-case assumptions, it=C2=A0
considered=
the effect of the termination of the House of Fraser=C2=A0
retai=
l partnership agreement.=C2=A0 In S&P's view, this is the best=C2=
=A0
performing partnership book.=C2=A0 S&P also factored in t=
he=C2=A0
performance of the closed partnership books, which are i=
n run-off=C2=A0
mode (run-off account cards cannot be used to mak=
e any new=C2=A0
purchases).=C2=A0

Cash F=
low Analysis

S&P ran two cash flow scenarios o=
f rapid amortization, under both=C2=A0
rising and falling interes=
t rates for the rated notes.=C2=A0 The=C2=A0
available credit enh=
ancement for the rated tranches is sufficient=C2=A0
to absorb the=
credit losses under the respective rating=C2=A0
scenarios.
=

Counterparty Risk

The transact=
ions are exposed to counterparty risk through=C2=A0
Citibank N.A.=
, London branch and Santander U.K. PLC as bank=C2=A0
account prov=
iders.=C2=A0 Citibank., London branch will provide the=C2=A0
tran=
sferor collections account, the various trust accounts, the=C2=A0
>loan note issuer accounts, and the issuer accounts.=C2=A0 Santander=C2=A0<=
/div>
U.K. will provide the servicer collections account.=C2=A0 The=C2=
=A0
documented downgrade and replacement language is in line with=
=C2=A0
S&P's current counterparty criteria.=C2=A0
iv>
Legal Risk

The receivables trust=
ee, the loan note issuer, and the issuer are=C2=A0
bankruptcy-rem=
ote, in line with S&P's European legal criteria. =C2=A0
S=
&P has received an external legal opinion, which indicates that=C2=A0div>
the sale of the receivables would survive if the originator were=
=C2=A0
to become insolvent.=C2=A0 S&P has reviewed legal opin=
ions for the=C2=A0
master trust and for the rated issuances.=C2=
=A0

Credit Stability

S&am=
p;P analyzed the effect of a moderate stress on the credit=C2=A0
=
variables, and its ultimate effect on our preliminary ratings on=C2=A0>
the notes.=C2=A0 S&P ran two scenarios, modeling rapid amortizati=
on=C2=A0
with rising and falling interest rates for the notes.=C2=
=A0 The=C2=A0
results are in line with S&P's credit stabi=
lity criteria.

RATINGS LIST=C2=A0

div>
Class =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0Rating =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0Amount
=C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0(mil. GBP)
=

NewDay Partnership Funding 2014-1 PLC
Asset-B=
acked Floating-Rate Notes Series 2014-1

A =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0AAA (s=
f) =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 TBD
B =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0AA (sf) =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0TBD
C =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0A+ (sf) =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0TBD
D =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0BBB+ (sf) =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0TBD
E =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0BBB+ (sf) =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0TBD
F =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0BB (sf) =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0TBD

NewDay Partners=
hip Funding 2014-2 PLC
Asset-Backed Floating-Rate Notes Series 20=
14-2

A =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0AAA (sf) =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 TBD
B =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0=
=C2=A0 =C2=A0 =C2=A0 =C2=A0AA (sf) =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0TBD
C =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0A+ (sf) =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0TBD
D =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0BBB+ (sf) =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0TBD
E =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0BBB+ (sf) =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0TBD<=
/div>
F =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0BB (sf) =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0TBDiv>

NewDay Partnership Loan Note Issuer Ltd.
A=
sset-Backed Floating Rate Notes

Originator VFN =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 NR =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 TBD

NR--Not rated.
TBD=
--To be determined.



=
=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D
X X X X X X X Xv>
=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D

iv>
* BOND PRICING: For the Week November 24 to November 28, =
2014
------------------------------------------------------------=
-

Issuer =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0=
=C2=A0 =C2=A0 =C2=A0 =C2=A0Coupon =C2=A0 Maturity =C2=A0Currency =C2=A0 Pr=
ice
------ =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0------ =C2=A0 -------- =C2=A0-------- =C2=A0 -----
iv>
IMMOFINANZ AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A04.25 =C2=A0 =C2=A03/8/2018 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A0 4.4=
6
Hypo Alpe-Adria-Bank I =C2=A0 =C2=A0 =C2=A0 0.97 =C2=A0 1/24/20=
17 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A038.88
Oesterreichische Volks =
=C2=A0 =C2=A0 =C2=A0 1.17 =C2=A011/28/2016 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A07=
3.67
Hypo Alpe-Adria-Bank I =C2=A0 =C2=A0 =C2=A0 4.35 =C2=A0 11/3=
/2016 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A038.13
KA Finanz AG =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 5.43 =C2=A0 2/13/2024 =C2=
=A0 =C2=A0 EUR =C2=A0 =C2=A056.00
Hypo Alpe-Adria-Bank I =C2=A0 =
=C2=A0 =C2=A0 0.89 =C2=A011/29/2032 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A038.25iv>
Hypo Alpe-Adria-Bank I =C2=A0 =C2=A0 =C2=A0 0.56 =C2=A0 9/11/2017 =
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Hypo Tirol Bank AG =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 0.66 =C2=A0 7/23/2026 =C2=A0 =C2=A0 EUR =C2=A0 =
=C2=A062.38
Alpine Holding GmbH =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
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Uni=
Credit Bank Austria =C2=A0 =C2=A0 =C2=A0 0.84 =C2=A0 8/20/2033 =C2=A0 =C2=
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Hypo Alpe-Adria-Bank I =C2=A0 =C2=A0 =
=C2=A0 5.92 =C2=A0 2/22/2022 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A039.63
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KA Finanz AG =C2=A0 =
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Hypo Alpe-Adria-Bank I =C2=A0 =
=C2=A0 =C2=A0 5.27 =C2=A0 =C2=A04/7/2028 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A038.=
88
Hypo Alpe-Adria-Bank I =C2=A0 =C2=A0 =C2=A0 4.88 =C2=A0 9/18/2=
017 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A038.75
Hypo Alpe-Adria-Bank I =
=C2=A0 =C2=A0 =C2=A0 5.03 =C2=A0 1/26/2017 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A03=
9.00
A-TEC Industries AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A08.75 =
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Alpine Hold=
ing GmbH =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A05.25 =C2=A0 6/10/2016 =C2=A0 =C2=
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Hypo Alpe-Adria-Bank I =C2=A0 =C2=A0 =
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Hypo Alpe-Adria-Bank I =C2=A0 =C2=
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=
Hypo Alpe-Adria-Bank I =C2=A0 =C2=A0 =C2=A0 0.65 =C2=A0 9/26/2043 =C2=
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Hypo Alpe-Adria-Bank I =C2=A0 =
=C2=A0 =C2=A0 7.50 =C2=A0 5/27/2024 =C2=A0 =C2=A0 ATS =C2=A0 =C2=A038.88iv>
KA Finanz AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
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Oe=
sterreichische Volks =C2=A0 =C2=A0 =C2=A0 5.27 =C2=A0 =C2=A02/8/2027 =C2=A0=
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Raiffeisen Bank Intern =C2=A0 =C2=
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A-TEC Industries AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A02.75 =C2=A0 5/10=
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Hypo Alpe-Adria-Bank I=
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39.00
Hypo Alpe-Adria-Bank I =C2=A0 =C2=A0 =C2=A0 0.42 =C2=A0 =C2=
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UniCredit Bank A=
ustria =C2=A0 =C2=A0 =C2=A0 0.70 =C2=A0 1/22/2031 =C2=A0 =C2=A0 EUR =C2=A0 =
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Hypo Alpe-Adria-Bank I =C2=A0 =C2=A0 =C2=A0 0.61 =C2=
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Oberoesterreic=
hische L =C2=A0 =C2=A0 =C2=A0 0.51 =C2=A0 4/25/2042 =C2=A0 =C2=A0 EUR =C2=
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UniCredit Bank Austria =C2=A0 =C2=A0 =C2=A0 0.60 =
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Hypo Alpe-A=
dria-Bank I =C2=A0 =C2=A0 =C2=A0 0.61 =C2=A0 =C2=A04/9/2018 =C2=A0 =C2=A0 E=
UR =C2=A0 =C2=A074.38
KA Finanz AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
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Raiffeisen Zentralbank =C2=A0 =C2=A0 =C2=A0 0.20 =C2=
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A-TEC Industri=
es AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A05.75 =C2=A0 11/2/2010 =C2=A0 =C2=A0=
EUR =C2=A0 =C2=A0 2.00
Hypo Alpe-Adria-Bank I =C2=A0 =C2=A0 =C2=
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iv>Hypo Alpe-Adria-Bank I =C2=A0 =C2=A0 =C2=A0 0.61 =C2=A0 4/22/2018 =C2=A0=
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Raiffeisen Centrobank =C2=A0 =C2=
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Salzburger-Landes Hypo =C2=A0 =C2=A0 =C2=A0 0.30 =C2=A010/29/202=
1 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A071.12
Oberoesterreichische L =C2=
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0
Hypo Alpe-Adria-Bank I =C2=A0 =C2=A0 =C2=A0 0.55 =C2=A0 =C2=A03=
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Raiffeisen Centroban=
k =C2=A0 =C2=A0 =C2=A0 =C2=A07.33 =C2=A0 8/21/2015 =C2=A0 =C2=A0 EUR =C2=A0=
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Raiffeisen Centrobank =C2=A0 =C2=A0 =C2=A0 =C2=A06.2=
9 =C2=A0 1/20/2016 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.53
Republika=
Srpska =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 1.50 =C2=A0 6/30/2023 =C2=
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Bosnia & Herzegovina G =C2=
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2
Bosnia & Herzegovina G =C2=A0 =C2=A0 =C2=A0 2.50 =C2=A0 6/3=
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Bosnia & Herzegov=
ina G =C2=A0 =C2=A0 =C2=A0 2.50 =C2=A0 6/30/2021 =C2=A0 =C2=A0 BAM =C2=A0 =
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Bosnia & Herzegovina G =C2=A0 =C2=A0 =C2=A0 2.50 =
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Republika S=
rpska =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 1.50 =C2=A0 9/25/2026 =C2=
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Republika Srpska =C2=A0 =C2=A0 =
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Republika Srpska =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
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Republika Srpska =C2=
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Republika Srpska =C2=A0 =C2=A0 =C2=A0 =C2=
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1
Brcko distrikt Bosne i =C2=A0 =C2=A0 =C2=A0 2.50 =C2=A0 9/30/20=
14 =C2=A0 =C2=A0 BAM =C2=A0 =C2=A070.00
Republic of Srpska Tre =
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Republika Srpska =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
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Republika Srpska =C2=
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BAM =C2=A0 =C2=A068.39
Econocom Group =C2=A0 =C2=A0 =C2=A0 =C2=A0=
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11.14
Ideal Standard Interna =C2=A0 =C2=A0 =C2=A011.75 =C2=A0 =C2=
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Belfius Bank SA/=
NV =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 0.74 =C2=A0 =C2=A03/1/2022 =C2=A0 =C2=
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Ideal Standard Interna =C2=A0 =C2=A0 =
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SV Patrimonia =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0=
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Petrol=
AD =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A08.=
38 =C2=A0 1/26/2017 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A059.38
Enemona =
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OGX Austria GmbH =C2=A0 =C2=A0 =C2=A0 =
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Aralco Finance SA =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
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OGX Austria GmbH =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 8.38 =C2=A0 =C2=
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OGX Austria GmbH=
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OGX Austria GmbH =C2=A0 =C2=A0 =
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Aralco Finance SA =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
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Clariden Leu Ltd/Nassa =C2=A0 =C2=A0 =C2=A0 5.76 =C2=A010/15/2014 =
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Credit Suisse AG/Nassa =C2=
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5
Credit Suisse AG/Nassa =C2=A0 =C2=A0 =C2=A0 9.00 =C2=A0 5/28/20=
15 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A068.43
Credit Suisse AG/Nassa =
=C2=A0 =C2=A0 =C2=A0 8.50 =C2=A0 1/22/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A06=
2.26
Credit Suisse AG/Nassa =C2=A0 =C2=A0 =C2=A0 9.00 =C2=A0 2/20=
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Credit Suisse AG/Nassa=
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67.20
Credit Suisse AG/Nassa =C2=A0 =C2=A0 =C2=A0 8.25 =C2=A0 =C2=
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Clariden Leu Ltd=
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SAir Group =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
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1.25
SAir Group =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
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50
SAir Group =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
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25
SAir Group =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 5.13 =C2=A0 =C2=A03/1/2003 =C2=A0 =C2=A0 CHF =C2=A0 =C2=A011.=
00
Credit Suisse AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 8.5=
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SAir=
Group =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 2.13 =
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SAir Group =
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UBS AG =C2=A0 =C2=
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UBS AG =
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SA=
ir Group =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 6.2=
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UBS AG =
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UB=
S AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
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>UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
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=
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
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UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
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7
SAir Group =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
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=
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 7.65 =C2=A0 3/12/2015 =C2=A0 =C2=A0 USD =C2=A0 =C2=A023.68iv>
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 7.98 =C2=A011/14/2014 =C2=A0 =C2=A0 USD =C2=A0 =C2=A0 9.7=
1
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A010.00 =C2=A0 =C2=A01/2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =
=C2=A072.03
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A014.25 =C2=A0 =C2=A01/2/2015 =C2=A0 =C2=A0 EU=
R =C2=A0 =C2=A057.34
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A014.50 =C2=A0 =C2=A01/2/2015 =C2=A0=
=C2=A0 EUR =C2=A0 =C2=A071.48
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0=
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A014.00 =C2=A0 9/26/2014 =C2=
=A0 =C2=A0 EUR =C2=A0 =C2=A058.54
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A014.25 =C2=A0 6/26/2015 =
=C2=A0 =C2=A0 EUR =C2=A0 =C2=A058.80
UBS AG =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A014.50 =C2=A012/29/20=
15 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A062.38
UBS AG =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 6.04 =C2=A0 8/2=
9/2014 =C2=A0 =C2=A0 USD =C2=A0 =C2=A034.28
UBS AG =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 4.14 =C2=A0 =
4/20/2015 =C2=A0 =C2=A0 USD =C2=A0 =C2=A066.71
UBS AG =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A013.75 =C2=
=A0 =C2=A01/2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A069.88
UBS AG =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A012.50 =C2=A012/29/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A067.99
UB=
S AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A013.50 =C2=A012/29/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A064.81
>UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 9.75 =C2=A0 =C2=A01/2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A074.91<=
/div>
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A011.75 =C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A06=
6.73
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A014.25 =C2=A0 =C2=A01/2/2015 =C2=A0 =C2=A0 EUR =C2=
=A0 =C2=A073.16
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A011.00 =C2=A012/29/2015 =C2=A0 =C2=A0 EUR =
=C2=A0 =C2=A071.42
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A011.75 =C2=A012/29/2015 =C2=A0 =C2=A0 =
EUR =C2=A0 =C2=A067.27
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A010.50 =C2=A0 9/26/2014 =C2=A0 =C2=
=A0 EUR =C2=A0 =C2=A072.37
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A013.50 =C2=A0 9/26/2014 =C2=A0 =
=C2=A0 EUR =C2=A0 =C2=A063.20
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A012.25 =C2=A0 9/26/2014 =C2=
=A0 =C2=A0 EUR =C2=A0 =C2=A066.14
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A012.25 =C2=A0 9/26/2014 =
=C2=A0 =C2=A0 EUR =C2=A0 =C2=A065.91
UBS AG =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A013.00 =C2=A0 =C2=A01=
/2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A068.28
UBS AG =C2=A0 =C2=A0=
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A012.00 =C2=A0=
=C2=A01/2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A069.12
UBS AG =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A013=
.00 =C2=A0 =C2=A01/2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A062.44
UB=
S AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A012.00 =C2=A0 =C2=A01/2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A071.81>
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0=
=C2=A0 =C2=A0 5.54 =C2=A0 12/2/2014 =C2=A0 =C2=A0 USD =C2=A0 =C2=A041.53div>
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 4.93 =C2=A0 12/3/2014 =C2=A0 =C2=A0 USD =C2=A0 =C2=A061.4=
3
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 5.34 =C2=A0 12/3/2014 =C2=A0 =C2=A0 USD =C2=A0 =C2=A01=
9.22
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A010.75 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=
=A069.39
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A014.25 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =
=C2=A059.10
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A013.00 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=
=A0 =C2=A065.97
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A014.50 =C2=A0 =C2=A01/2/2015 =C2=A0 =C2=A0=
EUR =C2=A0 =C2=A057.39
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0=
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A011.50 =C2=A0 =C2=A01/2/2015 =C2=
=A0 =C2=A0 EUR =C2=A0 =C2=A069.01
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A014.75 =C2=A0 9/26/2014 =
=C2=A0 =C2=A0 EUR =C2=A0 =C2=A071.39
UBS AG =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A014.25 =C2=A0 =C2=A01=
/2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A075.00
UBS AG =C2=A0 =C2=A0=
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A014.00 =C2=A0=
=C2=A01/2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A062.76
UBS AG =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A013=
.75 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A073.98
UBS AG =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A012.25 =C2=A0 =C2=A01/2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A066.42
iv>UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 6.96 =C2=A012/18/2014 =C2=A0 =C2=A0 USD =C2=A0 =C2=A018.29
iv>
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 5.99 =C2=A012/18/2014 =C2=A0 =C2=A0 USD =C2=A0 =C2=A033.7=
9
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 7.63 =C2=A012/22/2014 =C2=A0 =C2=A0 USD =C2=A0 =C2=A02=
3.92
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A014.00 =C2=A0 =C2=A01/2/2015 =C2=A0 =C2=A0 EUR =C2=
=A0 =C2=A062.99
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A011.25 =C2=A0 =C2=A01/2/2015 =C2=A0 =C2=A0=
EUR =C2=A0 =C2=A069.12
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0=
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 4.55 =C2=A0 12/2/2014 =C2=A0 =C2=
=A0 USD =C2=A0 =C2=A024.90
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A011.25 =C2=A0 =C2=A01/2/2015 =
=C2=A0 =C2=A0 EUR =C2=A0 =C2=A060.74
UBS AG =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 6.75 =C2=A0 =C2=A01=
/2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A068.81
UBS AG =C2=A0 =C2=A0=
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A014.50 =C2=A0=
9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.39
UBS AG =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 9.00 =C2=
=A0 8/20/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A073.01
Notenstein Pri=
vatbank =C2=A0 =C2=A0 =C2=A0 15.00 =C2=A0 11/3/2014 =C2=A0 =C2=A0 CHF =C2=
=A0 =C2=A068.30
SAir Group =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 2.75 =C2=A0 7/30/2004 =C2=A0 =C2=A0 CHF =C2=A0 =C2=
=A011.25
Banque Cantonale Vaudo =C2=A0 =C2=A0 =C2=A0 1.00 =C2=A0 =
=C2=A07/7/2016 =C2=A0 =C2=A0 CHF =C2=A0 =C2=A057.74
UBS AG =C2=A0=
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A013.25=
=C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A069.88
UBS AG =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 8=
.75 =C2=A0 3/29/2016 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A073.77
UBS AG =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A012.25 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.06
UB=
S AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A011.75 =C2=A0 =C2=A01/2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A066.28>
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0=
=C2=A0 =C2=A011.50 =C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A073.84div>
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 8.25 =C2=A012/29/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A063.2=
9
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 8.50 =C2=A012/29/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A07=
3.66
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A014.25 =C2=A0 9/25/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=
=A069.03
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A014.50 =C2=A0 =C2=A01/2/2015 =C2=A0 =C2=A0 EUR =
=C2=A0 =C2=A071.69
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 4.75 =C2=A0 =C2=A01/2/2015 =C2=A0 =
=C2=A0 EUR =C2=A0 =C2=A070.01
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A013.25 =C2=A0 =C2=A01/2/2015=
=C2=A0 =C2=A0 EUR =C2=A0 =C2=A066.41
UBS AG =C2=A0 =C2=A0 =C2=A0=
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 9.50 =C2=A012/29/2=
015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A070.38
UBS AG =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A010.25 =C2=A0 =C2=
=A01/2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A061.97
UBS AG =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 5.00 =
=C2=A012/29/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A058.07
UBS AG =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 6=
.75 =C2=A0 9/25/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A067.64
UBS AG =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A012.25 =C2=A0 9/25/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A074.24
UB=
S AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 9.75 =C2=A0 9/25/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A068.66
>UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A011.00 =C2=A0 =C2=A01/2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A073.94<=
/div>
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 8.20 =C2=A0 1/22/2015 =C2=A0 =C2=A0 USD =C2=A0 =C2=A02=
1.82
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A024.00 =C2=A012/29/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=
=A072.89
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A019.25 =C2=A0 3/29/2016 =C2=A0 =C2=A0 EUR =C2=A0 =
=C2=A074.37
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A022.00 =C2=A012/29/2015 =C2=A0 =C2=A0 EUR =C2=
=A0 =C2=A071.07
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A024.75 =C2=A0 9/25/2015 =C2=A0 =C2=A0 EUR =
=C2=A0 =C2=A070.67
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A021.00 =C2=A0 9/26/2014 =C2=A0 =C2=A0 =
EUR =C2=A0 =C2=A063.79
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A023.75 =C2=A012/29/2015 =C2=A0 =C2=
=A0 EUR =C2=A0 =C2=A071.01
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A020.00 =C2=A012/29/2015 =C2=A0 =
=C2=A0 EUR =C2=A0 =C2=A071.13
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A023.00 =C2=A0 3/27/2015 =C2=
=A0 =C2=A0 EUR =C2=A0 =C2=A065.54
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A021.75 =C2=A0 6/26/2015 =
=C2=A0 =C2=A0 EUR =C2=A0 =C2=A067.49
UBS AG =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A022.75 =C2=A0 9/25/20=
15 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A068.98
UBS AG =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A022.50 =C2=A0 =C2=
=A01/2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A064.59
UBS AG =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A019.75 =
=C2=A0 =C2=A01/2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A066.13
UBS AG=
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A023.00 =C2=A012/29/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A067.25
UB=
S AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A021.00 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A066.48
>UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A017.00 =C2=A0 =C2=A01/2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A067.93<=
/div>
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A021.25 =C2=A0 3/29/2016 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A07=
4.41
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A018.50 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=
=A067.30
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A020.00 =C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =
=C2=A067.95
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A024.25 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=
=A0 =C2=A067.23
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A021.75 =C2=A012/29/2015 =C2=A0 =C2=A0 EUR =
=C2=A0 =C2=A073.01
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A017.25 =C2=A0 3/29/2016 =C2=A0 =C2=A0 =
EUR =C2=A0 =C2=A074.91
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A017.25 =C2=A0 9/26/2014 =C2=A0 =C2=
=A0 EUR =C2=A0 =C2=A066.53
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 9.50 =C2=A0 6/26/2015 =C2=A0 =
=C2=A0 EUR =C2=A0 =C2=A074.85
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A010.25 =C2=A012/29/2015 =C2=
=A0 =C2=A0 EUR =C2=A0 =C2=A067.47
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 5.00 =C2=A0 9/25/2015 =
=C2=A0 =C2=A0 EUR =C2=A0 =C2=A056.72
UBS AG =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A011.75 =C2=A012/29/20=
15 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A073.30
UBS AG =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 7.50 =C2=A0 9/2=
6/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A057.28
UBS AG =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A010.00 =C2=A0 =
9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A065.65
UBS AG =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A013.50 =C2=
=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A067.89
UBS AG =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 6.75 =
=C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A065.27
UBS AG =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A011=
.25 =C2=A0 =C2=A01/2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A069.05
UB=
S AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A010.25 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A059.25
>UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A013.75 =C2=A0 =C2=A01/2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A062.40<=
/div>
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A012.25 =C2=A0 =C2=A01/2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =
=C2=A062.92
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A014.50 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=
=A0 =C2=A054.48
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A012.50 =C2=A0 =C2=A01/2/2015 =C2=A0 =C2=A0=
EUR =C2=A0 =C2=A056.36
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0=
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 4.50 =C2=A0 =C2=A01/2/2015 =C2=
=A0 =C2=A0 EUR =C2=A0 =C2=A066.07
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A011.50 =C2=A0 9/26/2014 =
=C2=A0 =C2=A0 EUR =C2=A0 =C2=A054.21
UBS AG =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A010.25 =C2=A0 =C2=A01=
/2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A068.41
UBS AG =C2=A0 =C2=A0=
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 7.75 =C2=A0=
=C2=A01/2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A059.34
UBS AG =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 9=
.00 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A065.60
UBS AG =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A013.75 =C2=A0 =C2=A01/2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A058.18
iv>UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A014.75 =C2=A0 =C2=A01/2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A062.=
12
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0=
=C2=A0 =C2=A0 =C2=A011.00 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A0=
65.75
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A012.00 =C2=A0 =C2=A01/2/2015 =C2=A0 =C2=A0 EUR =C2=
=A0 =C2=A053.09
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A013.00 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =
=C2=A0 =C2=A059.62
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A010.00 =C2=A0 =C2=A01/2/2015 =C2=A0 =
=C2=A0 EUR =C2=A0 =C2=A061.97
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 8.50 =C2=A0 9/26/2014 =C2=
=A0 =C2=A0 EUR =C2=A0 =C2=A052.78
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 4.25 =C2=A0 9/26/2014 =
=C2=A0 =C2=A0 EUR =C2=A0 =C2=A064.91
UBS AG =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 9.50 =C2=A0 =C2=A01=
/2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A068.26
UBS AG =C2=A0 =C2=A0=
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A014.50 =C2=A0=
9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A074.49
UBS AG =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A013.00 =C2=
=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A053.10
UBS AG =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A012.25 =
=C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A049.90
UBS AG =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A012=
.25 =C2=A0 =C2=A01/2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A069.40
UB=
S AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A011.50 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A057.79
>UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A012.50 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A066.09
=
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 5.00 =C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A073.78iv>
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A014.00 =C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A056.3=
7
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 7.00 =C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A06=
9.34
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A010.75 =C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=
=A053.36
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 7.25 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =
=C2=A051.96
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A011.50 =C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=
=A0 =C2=A062.07
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 4.25 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =
=C2=A0 =C2=A065.91
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 9.25 =C2=A0 6/26/2015 =C2=A0 =C2=A0 =
EUR =C2=A0 =C2=A059.92
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 8.25 =C2=A0 3/27/2015 =C2=A0 =C2=
=A0 EUR =C2=A0 =C2=A063.20
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 4.75 =C2=A0 3/27/2015 =C2=A0 =
=C2=A0 EUR =C2=A0 =C2=A054.81
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 8.25 =C2=A0 6/26/2015 =C2=
=A0 =C2=A0 EUR =C2=A0 =C2=A070.63
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A012.00 =C2=A0 3/27/2015 =
=C2=A0 =C2=A0 EUR =C2=A0 =C2=A060.37
UBS AG =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A010.00 =C2=A0 6/26/20=
15 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A065.86
UBS AG =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A010.25 =C2=A0 3/2=
7/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A064.59
UBS AG =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 9.25 =C2=A0 =
3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A058.41
UBS AG =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 5.25 =C2=
=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A055.54
UBS AG =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A014.75 =
=C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A073.71
UBS AG =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 4=
.50 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A059.81
UBS AG =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 5.00 =C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A060.38
UB=
S AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A013.25 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A056.86
>UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A014.75 =C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A053.04
=
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A014.25 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A053.81iv>
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A012.75 =C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A058.9=
5
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 4.75 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A07=
3.74
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 6.75 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=
=A056.94
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 7.25 =C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =
=C2=A057.13
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 6.25 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=
=A0 =C2=A061.86
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 5.75 =C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =
=C2=A0 =C2=A068.13
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 8.25 =C2=A0 6/26/2015 =C2=A0 =C2=A0 =
EUR =C2=A0 =C2=A064.24
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 8.50 =C2=A0 3/27/2015 =C2=A0 =C2=
=A0 EUR =C2=A0 =C2=A069.80
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 4.50 =C2=A0 6/26/2015 =C2=A0 =
=C2=A0 EUR =C2=A0 =C2=A066.08
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 6.50 =C2=A0 6/26/2015 =C2=
=A0 =C2=A0 EUR =C2=A0 =C2=A062.67
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 7.00 =C2=A0 3/27/2015 =
=C2=A0 =C2=A0 EUR =C2=A0 =C2=A068.78
UBS AG =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A010.75 =C2=A0 3/27/20=
15 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A050.52
UBS AG =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 7.75 =C2=A0 6/2=
6/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A053.35
UBS AG =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 5.50 =C2=A0 =
3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A067.85
UBS AG =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A010.00 =C2=
=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A054.62
UBS AG =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A010.25 =
=C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A056.52
UBS AG =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 3=
.10 =C2=A0 2/25/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A073.64
UBS AG =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 5.80 =C2=A0 7/22/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A071.74
UB=
S AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 7.10 =C2=A0 7/22/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A069.81
>UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 3.00 =C2=A0 9/24/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.42
=
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 6.90 =C2=A012/24/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A067.13iv>
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 4.80 =C2=A012/24/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A069.9=
3
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 3.20 =C2=A012/24/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A07=
3.22
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 4.50 =C2=A0 2/25/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=
=A070.57
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A013.40 =C2=A0 9/24/2014 =C2=A0 =C2=A0 EUR =C2=A0 =
=C2=A070.92
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A014.75 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=
=A0 =C2=A072.47
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A014.75 =C2=A0 =C2=A01/2/2015 =C2=A0 =C2=A0=
EUR =C2=A0 =C2=A073.10
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0=
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 8.40 =C2=A012/29/2014 =C2=A0 =C2=
=A0 EUR =C2=A0 =C2=A067.43
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 9.30 =C2=A012/24/2014 =C2=A0 =
=C2=A0 EUR =C2=A0 =C2=A063.56
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A010.00 =C2=A0 9/24/2014 =C2=
=A0 =C2=A0 EUR =C2=A0 =C2=A074.20
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A011.10 =C2=A0 9/24/2014 =
=C2=A0 =C2=A0 EUR =C2=A0 =C2=A062.65
UBS AG =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 6.30 =C2=A0 2/25/20=
15 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A068.01
UBS AG =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 6.09 =C2=A0 5/2=
9/2015 =C2=A0 =C2=A0 USD =C2=A0 =C2=A071.57
UBS AG =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 8.73 =C2=A0 =
3/30/2015 =C2=A0 =C2=A0 USD =C2=A0 =C2=A0 6.72
UBS AG =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A013.00 =C2=
=A012/29/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A069.08
UBS AG =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 7.25 =
=C2=A0 9/25/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.39
UBS AG =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A024=
.50 =C2=A0 9/25/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A065.17
UBS AG =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A017.25 =C2=A0 9/25/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A065.26
UB=
S AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A011.18 =C2=A012/10/2014 =C2=A0 =C2=A0 USD =C2=A0 =C2=A068.97
>UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A021.00 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A074.36
=
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A019.00 =C2=A0 9/25/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.61iv>
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A022.00 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A068.2=
8
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A023.00 =C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A06=
9.32
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A022.50 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=
=A065.47
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A019.25 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =
=C2=A068.35
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A019.25 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=
=A0 =C2=A070.41
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A016.75 =C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =
=C2=A0 =C2=A073.05
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A022.25 =C2=A0 6/26/2015 =C2=A0 =C2=A0 =
EUR =C2=A0 =C2=A074.42
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A020.25 =C2=A0 9/25/2015 =C2=A0 =C2=
=A0 EUR =C2=A0 =C2=A072.00
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A017.00 =C2=A0 3/27/2015 =C2=A0 =
=C2=A0 EUR =C2=A0 =C2=A071.87
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A022.75 =C2=A012/29/2015 =C2=
=A0 =C2=A0 EUR =C2=A0 =C2=A072.71
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A023.00 =C2=A0 9/25/2015 =
=C2=A0 =C2=A0 EUR =C2=A0 =C2=A070.69
UBS AG =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A018.50 =C2=A0 =C2=A01=
/2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A070.01
UBS AG =C2=A0 =C2=A0=
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A023.50 =C2=A0=
3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A073.06
UBS AG =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A021.75 =C2=
=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A071.35
UBS AG =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A015.50 =
=C2=A012/29/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A068.35
UBS AG =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 9=
.25 =C2=A012/29/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A071.67
UBS AG =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A023.50 =C2=A0 9/25/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A074.94
UB=
S AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A021.50 =C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A070.02
>UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A015.00 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A073.78
=
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A018.00 =C2=A012/29/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A074.19iv>
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A019.25 =C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A071.4=
1
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A017.00 =C2=A012/29/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A07=
4.80
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A020.50 =C2=A012/29/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=
=A073.26
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A014.50 =C2=A0 9/25/2015 =C2=A0 =C2=A0 EUR =C2=A0 =
=C2=A067.35
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A022.50 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=
=A0 =C2=A061.71
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A011.50 =C2=A0 9/25/2015 =C2=A0 =C2=A0 EUR =
=C2=A0 =C2=A068.97
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A019.75 =C2=A012/29/2015 =C2=A0 =C2=A0 =
EUR =C2=A0 =C2=A066.81
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A022.50 =C2=A0 9/25/2015 =C2=A0 =C2=
=A0 EUR =C2=A0 =C2=A065.56
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A020.00 =C2=A0 9/25/2015 =C2=A0 =
=C2=A0 EUR =C2=A0 =C2=A065.79
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A016.50 =C2=A0 =C2=A01/2/2015=
=C2=A0 =C2=A0 EUR =C2=A0 =C2=A063.53
UBS AG =C2=A0 =C2=A0 =C2=A0=
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A018.50 =C2=A0 3/27/2=
015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A063.51
UBS AG =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A020.25 =C2=A0 9/2=
6/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A059.48
UBS AG =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A019.75 =C2=A0 =
6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A064.09
UBS AG =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A017.75 =C2=
=A012/29/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A067.92
UBS AG =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A016.50 =
=C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A065.45
UBS AG =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A021=
.75 =C2=A012/29/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A067.79
UBS AG =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A022.50 =C2=A0 =C2=A01/2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A060.77
iv>UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A023.50 =C2=A0 9/25/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A073.06
iv>
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A023.75 =C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A071.9=
6
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A010.50 =C2=A012/29/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A07=
0.56
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A014.75 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=
=A061.77
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A011.00 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =
=C2=A066.88
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A013.00 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=
=A0 =C2=A065.17
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 8.00 =C2=A0 =C2=A01/2/2015 =C2=A0 =C2=A0=
EUR =C2=A0 =C2=A070.14
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0=
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 9.00 =C2=A0 3/27/2015 =C2=A0 =C2=
=A0 EUR =C2=A0 =C2=A068.90
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A010.75 =C2=A0 6/26/2015 =C2=A0 =
=C2=A0 EUR =C2=A0 =C2=A063.96
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A012.75 =C2=A0 9/25/2015 =C2=
=A0 =C2=A0 EUR =C2=A0 =C2=A072.00
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A010.25 =C2=A0 =C2=A01/2/=
2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A074.83
UBS AG =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 4.50 =C2=A01=
2/29/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A065.25
UBS AG =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A010.75 =C2=
=A012/29/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A064.24
UBS AG =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A013.75 =
=C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A069.17
UBS AG =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A013=
.25 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A068.31
UBS AG =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 5.25 =C2=A012/29/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.55
UB=
S AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A014.75 =C2=A0 9/25/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A059.80
>UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A013.75 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A062.61
=
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 5.50 =C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A071.67iv>
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 6.50 =C2=A012/29/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A067.7=
4
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 9.75 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A06=
6.09
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 9.00 =C2=A0 6/24/2016 =C2=A0 =C2=A0 EUR =C2=A0 =C2=
=A074.42
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A012.25 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =
=C2=A074.02
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A010.75 =C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=
=A0 =C2=A070.83
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A012.25 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =
=C2=A0 =C2=A064.67
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A013.00 =C2=A0 =C2=A01/2/2015 =C2=A0 =
=C2=A0 EUR =C2=A0 =C2=A062.04
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A012.50 =C2=A0 6/26/2015 =C2=
=A0 =C2=A0 EUR =C2=A0 =C2=A067.19
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A010.75 =C2=A012/29/2015 =
=C2=A0 =C2=A0 EUR =C2=A0 =C2=A070.04
UBS AG =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A010.25 =C2=A0 6/26/20=
15 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.31
UBS AG =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A014.25 =C2=A0 6/2=
6/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.44
UBS AG =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A010.75 =C2=A0 =
6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.53
UBS AG =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 5.70 =C2=
=A0 2/11/2015 =C2=A0 =C2=A0 USD =C2=A0 =C2=A012.18
UBS AG =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A014.75 =
=C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.32
UBS AG =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A014=
.00 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A074.36
UBS AG =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A014.00 =C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A062.92
UB=
S AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A011.50 =C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A067.04
>UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A010.00 =C2=A012/29/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A073.62
=
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A010.50 =C2=A012/29/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A071.06iv>
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A011.50 =C2=A0 =C2=A01/2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=
=A067.77
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A013.00 =C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =
=C2=A062.23
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A012.75 =C2=A012/29/2015 =C2=A0 =C2=A0 EUR =C2=
=A0 =C2=A064.08
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 4.47 =C2=A0 2/19/2015 =C2=A0 =C2=A0 USD =
=C2=A0 =C2=A037.13
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 5.39 =C2=A0 2/19/2015 =C2=A0 =C2=A0 =
USD =C2=A0 =C2=A013.32
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 5.78 =C2=A0 3/31/2015 =C2=A0 =C2=
=A0 USD =C2=A0 =C2=A032.96
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 7.10 =C2=A010/22/2014 =C2=A0 =
=C2=A0 EUR =C2=A0 =C2=A072.07
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 6.10 =C2=A0 3/25/2015 =C2=
=A0 =C2=A0 EUR =C2=A0 =C2=A074.35
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 8.10 =C2=A0 3/25/2015 =
=C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.15
UBS AG =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A010.60 =C2=A010/22/20=
14 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A069.22
UBS AG =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 4.50 =C2=A010/2=
2/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A073.80
UBS AG =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A019.25 =C2=A0 =
6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A071.27
UBS AG =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A016.25 =C2=
=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.43
UBS AG =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A017.00 =
=C2=A0 9/25/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A073.46
UBS AG =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A020=
.25 =C2=A0 =C2=A01/2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A069.21
UB=
S AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A015.00 =C2=A012/29/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A074.99
>UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A017.25 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A070.15
=
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A013.50 =C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A069.10iv>
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A015.00 =C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A067.9=
8
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A013.75 =C2=A0 9/25/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A06=
8.25
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A018.00 =C2=A0 =C2=A01/2/2015 =C2=A0 =C2=A0 EUR =C2=
=A0 =C2=A070.84
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A017.00 =C2=A0 9/25/2015 =C2=A0 =C2=A0 EUR =
=C2=A0 =C2=A073.70
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A021.25 =C2=A0 =C2=A01/2/2015 =C2=A0 =
=C2=A0 EUR =C2=A0 =C2=A068.14
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A024.25 =C2=A0 3/27/2015 =C2=
=A0 =C2=A0 EUR =C2=A0 =C2=A071.84
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A021.00 =C2=A0 =C2=A01/2/=
2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A063.26
UBS AG =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A021.25 =C2=A0 =
3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A063.86
UBS AG =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A015.75 =C2=
=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A065.14
UBS AG =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A022.50 =
=C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A068.53
UBS AG =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A018=
.00 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A071.08
UBS AG =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A014.50 =C2=A0 =C2=A01/2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A073.65
iv>UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A023.50 =C2=A0 =C2=A01/2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A061.=
98
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0=
=C2=A0 =C2=A0 =C2=A019.25 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A0=
64.69
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A013.50 =C2=A012/29/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=
=A069.29
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A015.50 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =
=C2=A067.06
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A022.50 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=
=A0 =C2=A066.58
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A021.75 =C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =
=C2=A0 =C2=A074.84
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A017.25 =C2=A0 3/27/2015 =C2=A0 =C2=A0 =
EUR =C2=A0 =C2=A065.70
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A013.00 =C2=A0 =C2=A01/2/2015 =C2=A0=
=C2=A0 EUR =C2=A0 =C2=A068.26
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0=
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A016.75 =C2=A0 6/26/2015 =C2=
=A0 =C2=A0 EUR =C2=A0 =C2=A067.28
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A015.00 =C2=A0 9/25/2015 =
=C2=A0 =C2=A0 EUR =C2=A0 =C2=A067.51
UBS AG =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 8.20 =C2=A012/24/20=
14 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A074.80
UBS AG =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A019.25 =C2=A0 9/2=
6/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A062.57
UBS AG =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A022.25 =C2=A0 =
3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.92
UBS AG =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A012.50 =C2=
=A0 9/25/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A068.28
UBS AG =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A016.50 =
=C2=A0 9/25/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A067.22
UBS AG =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A018=
.50 =C2=A0 =C2=A01/2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A064.75
UB=
S AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A015.75 =C2=A0 =C2=A01/2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A066.37>
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0=
=C2=A0 =C2=A013.25 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A068.33div>
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A011.00 =C2=A0 9/25/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A069.9=
9
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A024.50 =C2=A0 9/25/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A07=
4.19
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A014.00 =C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=
=A074.37
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A022.50 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =
=C2=A060.26
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A018.25 =C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=
=A0 =C2=A066.52
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A012.50 =C2=A012/29/2015 =C2=A0 =C2=A0 EUR =
=C2=A0 =C2=A070.03
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A015.50 =C2=A0 6/26/2015 =C2=A0 =C2=A0 =
EUR =C2=A0 =C2=A073.29
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A011.25 =C2=A012/29/2015 =C2=A0 =C2=
=A0 EUR =C2=A0 =C2=A070.41
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 5.58 =C2=A012/23/2014 =C2=A0 =
=C2=A0 USD =C2=A0 =C2=A027.17
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A011.10 =C2=A012/24/2014 =C2=
=A0 =C2=A0 EUR =C2=A0 =C2=A073.50
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 9.80 =C2=A0 2/25/2015 =
=C2=A0 =C2=A0 EUR =C2=A0 =C2=A074.67
UBS AG =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 7.70 =C2=A0 9/24/20=
14 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A065.42
UBS AG =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 9.70 =C2=A0 9/2=
4/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A065.28
UBS AG =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 5.00 =C2=A0 =
3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A071.37
UBS AG =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 5.25 =C2=
=A0 9/25/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.75
UBS AG =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A015.00 =
=C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A074.36
UBS AG =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 4=
.70 =C2=A0 4/15/2015 =C2=A0 =C2=A0 USD =C2=A0 =C2=A033.31
UBS AG =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 5.67 =C2=A0 12/3/2014 =C2=A0 =C2=A0 USD =C2=A0 =C2=A071.07
UB=
S AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 9.75 =C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A066.94
>UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A011.75 =C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A070.48
=
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A010.50 =C2=A0 9/25/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A065.58iv>
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A010.50 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A062.7=
2
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A011.75 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A07=
2.62
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 8.25 =C2=A0 9/25/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=
=A061.27
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 4.25 =C2=A0 9/25/2015 =C2=A0 =C2=A0 EUR =C2=A0 =
=C2=A063.81
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 9.75 =C2=A012/29/2015 =C2=A0 =C2=A0 EUR =C2=
=A0 =C2=A057.59
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 8.00 =C2=A012/29/2015 =C2=A0 =C2=A0 EUR =
=C2=A0 =C2=A073.05
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A018.50 =C2=A0 3/27/2015 =C2=A0 =C2=A0 =
EUR =C2=A0 =C2=A073.38
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 8.50 =C2=A0 9/25/2015 =C2=A0 =C2=
=A0 EUR =C2=A0 =C2=A071.63
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 6.75 =C2=A012/29/2015 =C2=A0 =
=C2=A0 EUR =C2=A0 =C2=A074.74
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A023.00 =C2=A0 6/26/2015 =C2=
=A0 =C2=A0 EUR =C2=A0 =C2=A062.47
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A022.00 =C2=A0 6/26/2015 =
=C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.53
UBS AG =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A024.75 =C2=A0 3/27/20=
15 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A069.66
UBS AG =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 6.70 =C2=A011/2=
6/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A073.03
UBS AG =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 7.00 =C2=A0 =
=C2=A01/2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A074.12
UBS AG =C2=A0=
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 8.50=
=C2=A0 =C2=A01/2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A066.99
UBS A=
G =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A013.50 =C2=A0 =C2=A01/2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A069.55
iv>UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 8.75 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A057.97
iv>
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 6.75 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A073.4=
2
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 9.50 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A05=
2.05
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 8.00 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=
=A064.99
Notenstein Privatbank =C2=A0 =C2=A0 =C2=A0 14.00 =C2=A0 =
=C2=A03/9/2015 =C2=A0 =C2=A0 CHF =C2=A0 =C2=A072.32
UBS AG =C2=A0=
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 9.25=
=C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A073.77
UBS AG =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A014=
.25 =C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A068.49
UBS AG =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A012.50 =C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A069.87
UB=
S AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A010.75 =C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A071.54
>UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A014.75 =C2=A0 =C2=A01/2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A068.66<=
/div>
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 8.90 =C2=A0 9/24/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A06=
9.37
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 6.90 =C2=A011/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=
=A072.34
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A010.20 =C2=A011/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =
=C2=A073.65
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A012.00 =C2=A0 8/20/2014 =C2=A0 =C2=A0 EUR =C2=
=A0 =C2=A070.83
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 7.60 =C2=A0 3/25/2015 =C2=A0 =C2=A0 EUR =
=C2=A0 =C2=A071.50
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 5.72 =C2=A0 5/14/2015 =C2=A0 =C2=A0 =
USD =C2=A0 =C2=A013.97
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A014.75 =C2=A0 9/26/2014 =C2=A0 =C2=
=A0 EUR =C2=A0 =C2=A069.65
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A014.75 =C2=A0 =C2=A01/2/2015 =
=C2=A0 =C2=A0 EUR =C2=A0 =C2=A070.10
UBS AG =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A012.25 =C2=A0 9/26/20=
14 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A074.06
UBS AG =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A012.75 =C2=A012/2=
9/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A074.25
UBS AG =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A014.75 =C2=A0 =
6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A069.52
UBS AG =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A012.25 =C2=
=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A074.25
UBS AG =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A011.00 =
=C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A068.27
UBS AG =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A013=
.00 =C2=A0 =C2=A01/2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.95
UB=
S AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A013.25 =C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.18
>UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A013.25 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A064.83
=
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 9.00 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.21iv>
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A012.00 =C2=A0 =C2=A01/2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=
=A067.96
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A014.00 =C2=A0 =C2=A01/2/2015 =C2=A0 =C2=A0 EUR =
=C2=A0 =C2=A071.78
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A013.75 =C2=A0 =C2=A01/2/2015 =C2=A0 =
=C2=A0 EUR =C2=A0 =C2=A065.33
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A014.50 =C2=A012/29/2015 =C2=
=A0 =C2=A0 EUR =C2=A0 =C2=A071.15
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A013.75 =C2=A012/29/2015 =
=C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.20
UBS AG =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A012.50 =C2=A0 9/26/20=
14 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A073.37
Banque Cantonale Vaudo =
=C2=A0 =C2=A0 =C2=A0 8.65 =C2=A011/24/2014 =C2=A0 =C2=A0 CHF =C2=A0 =C2=A06=
4.78
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A013.50 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=
=A072.83
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A014.75 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =
=C2=A069.35
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A010.25 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=
=A0 =C2=A045.88
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A013.75 =C2=A0 9/25/2015 =C2=A0 =C2=A0 EUR =
=C2=A0 =C2=A071.50
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A011.50 =C2=A0 9/26/2014 =C2=A0 =C2=A0 =
EUR =C2=A0 =C2=A059.48
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A014.25 =C2=A0 =C2=A01/2/2015 =C2=A0=
=C2=A0 EUR =C2=A0 =C2=A054.07
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0=
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A010.00 =C2=A0 9/26/2014 =C2=
=A0 =C2=A0 EUR =C2=A0 =C2=A048.61
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A014.75 =C2=A0 9/25/2015 =
=C2=A0 =C2=A0 EUR =C2=A0 =C2=A073.34
UBS AG =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A012.50 =C2=A0 9/25/20=
15 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A074.63
UBS AG =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A014.25 =C2=A0 3/2=
7/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A073.62
UBS AG =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A011.00 =C2=A0 =
=C2=A01/2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A048.10
UBS AG =C2=A0=
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A012.75=
=C2=A0 =C2=A01/2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A057.89
UBS A=
G =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A013.00 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A054.36
UB=
S AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A014.50 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A050.22
>UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A013.25 =C2=A012/29/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A068.70
=
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A014.50 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A067.81iv>
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 9.50 =C2=A0 =C2=A01/2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=
=A065.36
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 8.75 =C2=A0 9/25/2015 =C2=A0 =C2=A0 EUR =C2=A0 =
=C2=A072.19
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A010.00 =C2=A0 9/25/2015 =C2=A0 =C2=A0 EUR =C2=
=A0 =C2=A055.31
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A014.75 =C2=A0 =C2=A01/2/2015 =C2=A0 =C2=A0=
EUR =C2=A0 =C2=A057.67
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0=
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A013.50 =C2=A0 9/26/2014 =C2=A0 =C2=
=A0 EUR =C2=A0 =C2=A068.98
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A013.00 =C2=A0 9/26/2014 =C2=A0 =
=C2=A0 EUR =C2=A0 =C2=A073.18
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A014.75 =C2=A0 =C2=A01/2/2015=
=C2=A0 =C2=A0 EUR =C2=A0 =C2=A071.77
UBS AG =C2=A0 =C2=A0 =C2=A0=
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A014.50 =C2=A0 =C2=A0=
1/2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A055.80
UBS AG =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 9.50 =C2=
=A0 =C2=A01/2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A060.78
UBS AG =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A010.25 =C2=A0 =C2=A01/2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A054.11
iv>UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A010.00 =C2=A0 9/25/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A070.16
iv>
UBS AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
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RENE L=
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Gamigo AG =
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Windreich GmbH =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
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BNP Paribas Emissions- =C2=A0 =C2=A0 =C2=A0 9.00 =C2=A0 9/25/2014 =C2=
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Estavis AG =C2=A0 =C2=A0 =C2=A0=
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 7.75 =C2=A0 6/25/2017 =C2=A0 =C2=
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LBBW =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 6.00 =C2=A0 9/26/2014 =
=C2=A0 =C2=A0 EUR =C2=A0 =C2=A070.56
Hamburgische Landesban =C2=
=A0 =C2=A0 =C2=A0 0.67 =C2=A0 12/1/2030 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A073.6=
9
DZ Bank AG Deutsche Ze =C2=A0 =C2=A0 =C2=A0 5.25 =C2=A0 6/26/20=
15 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A070.31
UniCredit Bank AG =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A05.25 =C2=A0 4/29/2015 =C2=A0 =C2=A0 EUR =
=C2=A0 =C2=A073.78
BNP Paribas Emissions- =C2=A0 =C2=A0 =C2=A0 8.=
00 =C2=A0 6/25/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A073.04
Landeskr=
editbank Baden =C2=A0 =C2=A0 =C2=A0 0.50 =C2=A0 5/10/2027 =C2=A0 =C2=A0 CAD=
=C2=A0 =C2=A067.22
Carpevigo Holding AG =C2=A0 =C2=A0 =C2=A0 =C2=
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LB=
BW =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
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HSBC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=A010.00 =C2=A0 9/26/20=
14 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A073.07
KFW =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A00.25 =
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Driver &=
; Bengsch AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A08.50 =C2=A012/31/2027 =C2=A0=
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UniCredit Bank AG =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A04.00 =C2=A0 6/25/2015 =C2=A0 =C2=A0 EUR =C2=A0 =
=C2=A071.13
UniCredit Bank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A05.00 =C2=A0 8/21/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A063.64
=
HSBC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=A0 8.50 =C2=A011/28/2014 =C2=
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Vontobel Financial Pro =C2=A0 =
=C2=A0 =C2=A0 6.50 =C2=A0 8/14/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A069.20iv>
HSBC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=A0 6.00 =C2=A011/28/20=
14 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.48
Landesbank Schleswig-H =
=C2=A0 =C2=A0 =C2=A0 0.67 =C2=A0 1/17/2030 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A07=
3.25
BNP Paribas Emissions- =C2=A0 =C2=A0 =C2=A0 6.50 =C2=A0 9/25=
/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A070.26
UniCredit Bank AG =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A04.00 =C2=A012/29/2014 =C2=A0 =C2=A0 E=
UR =C2=A0 =C2=A052.23
DZ Bank AG Deutsche Ze =C2=A0 =C2=A0 =C2=A0=
9.75 =C2=A0 8/22/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A069.83
Deuts=
che Bank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 5.80 =C2=A012/23/2014=
=C2=A0 =C2=A0 EUR =C2=A0 =C2=A065.15
UniCredit Bank AG =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A04.00 =C2=A0 6/25/2015 =C2=A0 =C2=A0 EUR =
=C2=A0 =C2=A067.56
UniCredit Bank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A04.00 =C2=A0 6/25/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A065.16v>
Vontobel Financial Pro =C2=A0 =C2=A0 =C2=A0 5.40 =C2=A0 3/13/2015 =
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Deutsche Bank AG =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 7.20 =C2=A0 6/22/2015 =C2=A0 =C2=A0 EUR =C2=
=A0 =C2=A069.70
LBBW =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 4.00 =C2=A0 6/24/2016 =C2=A0 =C2=
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UniCredit Bank AG =C2=A0 =C2=A0 =C2=A0=
=C2=A0 =C2=A0 =C2=A05.00 =C2=A0 8/21/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A06=
4.09
HSBC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=A011.00 =C2=A0 =
8/22/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A068.65
Rinol AG =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 5.50 =C2=A01=
0/15/2006 =C2=A0 =C2=A0 DEM =C2=A0 =C2=A0 0.00
Dresdner Bank AG =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 1.00 =C2=A011/19/2029 =C2=A0 =C2=
=A0 EUR =C2=A0 =C2=A060.63
DZ Bank AG Deutsche Ze =C2=A0 =C2=A0 =
=C2=A0 5.00 =C2=A0 7/24/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A069.26
>Goldman Sachs & Co Wer =C2=A0 =C2=A0 =C2=A0 8.00 =C2=A012/23/2015 =C2=
=A0 =C2=A0 EUR =C2=A0 =C2=A072.81
Vontobel Financial Pro =C2=A0 =
=C2=A0 =C2=A0 7.30 =C2=A0 6/12/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A073.78iv>
Commerzbank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 7.5=
0 =C2=A012/29/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A065.44
LBBW =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 4.50 =C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A074.80
>UniCredit Bank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A04.00 =C2=A0 10/=
2/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A070.92
DZ Bank AG Deutsche Z=
e =C2=A0 =C2=A0 =C2=A0 6.25 =C2=A0 8/22/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=
=A072.84
Commerzbank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0=
=C2=A0 9.00 =C2=A0 4/23/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A073.22
v>DZ Bank AG Deutsche Ze =C2=A0 =C2=A0 =C2=A0 7.75 =C2=A0 9/11/2015 =C2=A0 =
=C2=A0 EUR =C2=A0 =C2=A073.49
Landeskreditbank Baden =C2=A0 =C2=
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=
Gold-Zack AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 7=
.00 =C2=A012/14/2005 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A012.01
LBBW =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 5.00 =C2=A0 8/22/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A074.44
=
LBBW =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 6.00 =C2=A0 8/22/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A07=
0.77
LBBW =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0=
=C2=A0 =C2=A0 =C2=A0 =C2=A0 5.00 =C2=A0 8/22/2014 =C2=A0 =C2=A0 EUR =C2=A0=
=C2=A073.37
LBBW =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 4.60 =C2=A011/28/2014 =C2=A0 =C2=A0 =
EUR =C2=A0 =C2=A067.86
HSBC Trinkaus & Burkha =C2=A0 =C2=A0 =
=C2=A0 6.00 =C2=A012/29/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A036.72
>HSBC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=A0 6.50 =C2=A012/29/2014 =C2=
=A0 =C2=A0 EUR =C2=A0 =C2=A034.11
HSBC Trinkaus & Burkha =C2=
=A0 =C2=A0 =C2=A0 7.50 =C2=A012/29/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A031.3=
2
HSBC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=A0 7.00 =C2=A012/2=
9/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A067.15
HSBC Trinkaus & B=
urkha =C2=A0 =C2=A0 =C2=A0 7.00 =C2=A012/29/2014 =C2=A0 =C2=A0 EUR =C2=A0 =
=C2=A070.43
HSBC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=A0 6.50 =
=C2=A012/29/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A062.82
HSBC Trinka=
us & Burkha =C2=A0 =C2=A0 =C2=A0 7.50 =C2=A012/29/2014 =C2=A0 =C2=A0 EU=
R =C2=A0 =C2=A058.37
HSBC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=
=A0 6.00 =C2=A012/29/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A043.63
HS=
BC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=A0 6.50 =C2=A012/29/2014 =C2=A0 =
=C2=A0 EUR =C2=A0 =C2=A041.14
HSBC Trinkaus & Burkha =C2=A0 =
=C2=A0 =C2=A0 6.00 =C2=A012/29/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A049.39iv>
HSBC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=A0 6.50 =C2=A012/29/20=
14 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A046.45
HSBC Trinkaus & Burkh=
a =C2=A0 =C2=A0 =C2=A0 6.50 =C2=A012/29/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=
=A071.07
HSBC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=A0 8.50 =C2=
=A012/29/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.83
HSBC Trinkaus =
& Burkha =C2=A0 =C2=A0 =C2=A0 6.50 =C2=A012/29/2014 =C2=A0 =C2=A0 EUR =
=C2=A0 =C2=A072.13
HSBC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=
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So=
ciete Generale Effek =C2=A0 =C2=A0 =C2=A0 2.50 =C2=A0 10/7/2016 =C2=A0 =C2=
=A0 EUR =C2=A0 =C2=A054.30
HSBC Trinkaus & Burkha =C2=A0 =C2=
=A0 =C2=A0 7.00 =C2=A012/29/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A041.65
=
HSBC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=A0 9.00 =C2=A012/29/2014 =
=C2=A0 =C2=A0 EUR =C2=A0 =C2=A065.86
Deutsche Bank AG =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 6.30 =C2=A0 9/23/2014 =C2=A0 =C2=A0 EUR =C2=
=A0 =C2=A073.90
Deutsche Bank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 8.30 =C2=A0 9/23/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A070.60
=
Deutsche Bank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 8.30 =C2=A0=
9/23/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A074.50
Deutsche Bank AG =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 7.30 =C2=A0 9/23/2014 =C2=A0 =C2=
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HSBC Trinkaus & Burkha =C2=A0 =C2=
=A0 =C2=A010.00 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A063.29
=
HSBC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=A0 6.50 =C2=A0 9/26/2014 =
=C2=A0 =C2=A0 EUR =C2=A0 =C2=A068.75
HSBC Trinkaus & Burkha =
=C2=A0 =C2=A0 =C2=A0 9.00 =C2=A012/30/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A06=
5.31
HSBC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=A0 6.00 =C2=A01=
2/30/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A070.23
Vontobel Financial=
Pro =C2=A0 =C2=A0 =C2=A0 7.10 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =
=C2=A072.46
HSBC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=A012.00 =
=C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A071.68
HSBC Trinka=
us & Burkha =C2=A0 =C2=A0 =C2=A011.00 =C2=A012/30/2014 =C2=A0 =C2=A0 EU=
R =C2=A0 =C2=A074.39
Deutsche Bank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0=
=C2=A0 =C2=A0 7.00 =C2=A010/22/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.70div>
Deutsche Bank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 8.00 =
=C2=A010/22/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A071.20
Deutsche Ba=
nk AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 6.00 =C2=A010/22/2014 =C2=
=A0 =C2=A0 EUR =C2=A0 =C2=A074.30
DZ Bank AG Deutsche Ze =C2=A0 =
=C2=A0 =C2=A0 5.00 =C2=A011/28/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A069.99iv>
Societe Generale Effek =C2=A0 =C2=A0 =C2=A0 4.00 =C2=A0 6/26/2017 =
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LBBW =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 5.00 =C2=A0 =
9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A070.65
DZ Bank AG Deutsch=
e Ze =C2=A0 =C2=A0 =C2=A0 5.75 =C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =
=C2=A071.38
BNP Paribas Emissions- =C2=A0 =C2=A0 =C2=A0 7.00 =C2=
=A0 6/25/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A068.98
BNP Paribas Em=
issions- =C2=A0 =C2=A0 =C2=A0 7.00 =C2=A010/22/2015 =C2=A0 =C2=A0 EUR =C2=
=A0 =C2=A071.08
BNP Paribas Emissions- =C2=A0 =C2=A0 =C2=A0 8.00 =
=C2=A011/27/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A070.78
BNP Paribas=
Emissions- =C2=A0 =C2=A0 =C2=A0 7.50 =C2=A0 1/22/2015 =C2=A0 =C2=A0 EUR =
=C2=A0 =C2=A070.02
BNP Paribas Emissions- =C2=A0 =C2=A0 =C2=A0 8.=
00 =C2=A010/22/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A074.92
BNP Pari=
bas Emissions- =C2=A0 =C2=A0 =C2=A0 9.00 =C2=A010/22/2015 =C2=A0 =C2=A0 EUR=
=C2=A0 =C2=A074.51
BNP Paribas Emissions- =C2=A0 =C2=A0 =C2=A010=
.00 =C2=A010/22/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A074.18
Commerz=
bank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 7.50 =C2=A0 6/25/2=
015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A067.50
DZ Bank AG Deutsche Ze =
=C2=A0 =C2=A0 =C2=A0 5.25 =C2=A012/12/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A07=
4.37
DZ Bank AG Deutsche Ze =C2=A0 =C2=A0 =C2=A0 6.25 =C2=A0 3/13=
/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A071.40
DZ Bank AG Deutsche Ze=
=C2=A0 =C2=A0 =C2=A0 6.00 =C2=A0 6/12/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A0=
71.35
DZ Bank AG Deutsche Ze =C2=A0 =C2=A0 =C2=A0 6.75 =C2=A0 6/1=
2/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.00
DZ Bank AG Deutsche Z=
e =C2=A0 =C2=A0 =C2=A0 6.50 =C2=A0 9/11/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=
=A073.19
DZ Bank AG Deutsche Ze =C2=A0 =C2=A0 =C2=A0 6.00 =C2=A0 =
9/11/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A073.34
DZ Bank AG Deutsch=
e Ze =C2=A0 =C2=A0 =C2=A0 7.25 =C2=A0 6/12/2015 =C2=A0 =C2=A0 EUR =C2=A0 =
=C2=A070.32
DZ Bank AG Deutsche Ze =C2=A0 =C2=A0 =C2=A0 8.00 =C2=
=A0 9/11/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.65
DZ Bank AG Deu=
tsche Ze =C2=A0 =C2=A0 =C2=A0 6.75 =C2=A0 9/11/2015 =C2=A0 =C2=A0 EUR =C2=
=A0 =C2=A071.32
DZ Bank AG Deutsche Ze =C2=A0 =C2=A0 =C2=A0 5.75 =
=C2=A0 9/11/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.59
DZ Bank AG =
Deutsche Ze =C2=A0 =C2=A0 =C2=A0 5.25 =C2=A0 9/11/2015 =C2=A0 =C2=A0 EUR =
=C2=A0 =C2=A072.87
DZ Bank AG Deutsche Ze =C2=A0 =C2=A0 =C2=A0 6.=
80 =C2=A0 6/12/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A074.68
Commerzb=
ank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A010.00 =C2=A0 3/26/20=
15 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.71
DZ Bank AG Deutsche Ze =
=C2=A0 =C2=A0 =C2=A0 6.25 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A07=
4.19
DZ Bank AG Deutsche Ze =C2=A0 =C2=A0 =C2=A0 9.00 =C2=A0 3/27=
/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A071.16
DZ Bank AG Deutsche Ze=
=C2=A0 =C2=A0 =C2=A0 8.25 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A0=
69.36
DZ Bank AG Deutsche Ze =C2=A0 =C2=A0 =C2=A0 8.25 =C2=A0 6/2=
6/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A070.29
UniCredit Bank AG =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A04.00 =C2=A0 9/24/2015 =C2=A0 =C2=A0 E=
UR =C2=A0 =C2=A065.54
UniCredit Bank AG =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A04.00 =C2=A0 9/24/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A074.12=
UniCredit Bank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A04.00 =
=C2=A0 9/24/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A067.22
Vontobel Fi=
nancial Pro =C2=A0 =C2=A0 =C2=A0 6.40 =C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =
=C2=A0 =C2=A071.74
Vontobel Financial Pro =C2=A0 =C2=A0 =C2=A0 4.=
95 =C2=A012/30/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.98
Vontobel=
Financial Pro =C2=A0 =C2=A0 =C2=A0 9.30 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR=
=C2=A0 =C2=A067.86
Goldman Sachs & Co Wer =C2=A0 =C2=A0 =C2=
=A022.00 =C2=A0 9/24/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A063.53
Go=
ldman Sachs & Co Wer =C2=A0 =C2=A0 =C2=A017.00 =C2=A012/24/2014 =C2=A0 =
=C2=A0 EUR =C2=A0 =C2=A067.28
Goldman Sachs & Co Wer =C2=A0 =
=C2=A0 =C2=A016.00 =C2=A0 1/21/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A068.13iv>
Goldman Sachs & Co Wer =C2=A0 =C2=A0 =C2=A0 9.00 =C2=A0 4/22/20=
15 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A073.84
Goldman Sachs & Co We=
r =C2=A0 =C2=A0 =C2=A014.00 =C2=A0 4/22/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=
=A070.76
HSBC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=A012.00 =C2=
=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A069.96
HSBC Trinkaus =
& Burkha =C2=A0 =C2=A0 =C2=A0 6.00 =C2=A0 9/25/2015 =C2=A0 =C2=A0 EUR =
=C2=A0 =C2=A074.43
HSBC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=
=A0 7.50 =C2=A010/24/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A071.11
HS=
BC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=A013.00 =C2=A0 6/26/2015 =C2=A0 =
=C2=A0 EUR =C2=A0 =C2=A068.36
HSBC Trinkaus & Burkha =C2=A0 =
=C2=A0 =C2=A0 6.50 =C2=A0 9/25/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A073.33iv>
HSBC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=A0 9.00 =C2=A0 8/22/20=
14 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A068.34
HSBC Trinkaus & Burkh=
a =C2=A0 =C2=A0 =C2=A018.50 =C2=A012/30/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=
=A069.69
HSBC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=A015.00 =C2=
=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A071.83
HSBC Trinkaus =
& Burkha =C2=A0 =C2=A0 =C2=A014.00 =C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =
=C2=A0 =C2=A073.13
HSBC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=
=A010.00 =C2=A010/24/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A073.51
HS=
BC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=A010.00 =C2=A012/30/2014 =C2=A0 =
=C2=A0 EUR =C2=A0 =C2=A062.80
HSBC Trinkaus & Burkha =C2=A0 =
=C2=A0 =C2=A0 6.00 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A065.39iv>
Vontobel Financial Pro =C2=A0 =C2=A0 =C2=A0 6.55 =C2=A0 3/27/2015 =
=C2=A0 =C2=A0 EUR =C2=A0 =C2=A066.60
Vontobel Financial Pro =C2=
=A0 =C2=A0 =C2=A0 8.85 =C2=A0 5/22/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A073.7=
2
Deutsche Bank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 5.20=
=C2=A0 6/22/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.80
Deutsche B=
ank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 4.20 =C2=A0 6/22/2015 =C2=
=A0 =C2=A0 EUR =C2=A0 =C2=A073.70
Deutsche Bank AG =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 5.20 =C2=A0 6/22/2015 =C2=A0 =C2=A0 EUR =C2=A0 =
=C2=A072.90
Deutsche Bank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 5.20 =C2=A0 7/22/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A075.00
>Deutsche Bank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 5.20 =C2=A0 8/2=
6/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A071.80
Deutsche Bank AG =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 6.20 =C2=A0 7/22/2015 =C2=A0 =C2=A0 =
EUR =C2=A0 =C2=A072.30
Deutsche Bank AG =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 5.20 =C2=A0 7/22/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A071.4=
0
Deutsche Bank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 6.20=
=C2=A0 8/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.80
DZ Bank AG=
Deutsche Ze =C2=A0 =C2=A0 =C2=A0 6.50 =C2=A0 5/22/2015 =C2=A0 =C2=A0 EUR =
=C2=A0 =C2=A071.92
DZ Bank AG Deutsche Ze =C2=A0 =C2=A0 =C2=A0 6.=
25 =C2=A0 9/25/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A073.06
BNP Pari=
bas Emissions- =C2=A0 =C2=A0 =C2=A015.00 =C2=A0 9/25/2014 =C2=A0 =C2=A0 EUR=
=C2=A0 =C2=A072.09
BNP Paribas Emissions- =C2=A0 =C2=A0 =C2=A0 6=
.00 =C2=A0 9/25/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A074.70
BNP Par=
ibas Emissions- =C2=A0 =C2=A0 =C2=A014.00 =C2=A0 9/25/2014 =C2=A0 =C2=A0 EU=
R =C2=A0 =C2=A065.92
BNP Paribas Emissions- =C2=A0 =C2=A0 =C2=A0 =
8.00 =C2=A012/29/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.75
BNP Pa=
ribas Emissions- =C2=A0 =C2=A0 =C2=A011.00 =C2=A012/29/2014 =C2=A0 =C2=A0 E=
UR =C2=A0 =C2=A070.16
BNP Paribas Emissions- =C2=A0 =C2=A0 =C2=A0=
7.50 =C2=A0 3/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A074.18
BNP P=
aribas Emissions- =C2=A0 =C2=A0 =C2=A010.00 =C2=A0 3/26/2015 =C2=A0 =C2=A0 =
EUR =C2=A0 =C2=A072.11
BNP Paribas Emissions- =C2=A0 =C2=A0 =C2=
=A014.00 =C2=A0 9/25/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A060.72
BN=
P Paribas Emissions- =C2=A0 =C2=A0 =C2=A0 3.50 =C2=A012/29/2014 =C2=A0 =C2=
=A0 EUR =C2=A0 =C2=A072.13
BNP Paribas Emissions- =C2=A0 =C2=A0 =
=C2=A0 8.00 =C2=A012/29/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A065.55
>BNP Paribas Emissions- =C2=A0 =C2=A0 =C2=A011.50 =C2=A012/29/2014 =C2=A0 =
=C2=A0 EUR =C2=A0 =C2=A063.40
BNP Paribas Emissions- =C2=A0 =C2=
=A0 =C2=A0 4.00 =C2=A0 3/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A073.13
=
BNP Paribas Emissions- =C2=A0 =C2=A0 =C2=A0 5.50 =C2=A0 3/26/2015 =C2=
=A0 =C2=A0 EUR =C2=A0 =C2=A069.73
BNP Paribas Emissions- =C2=A0 =
=C2=A0 =C2=A0 3.50 =C2=A0 9/25/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A071.30iv>
BNP Paribas Emissions- =C2=A0 =C2=A0 =C2=A0 9.00 =C2=A0 9/25/2014 =
=C2=A0 =C2=A0 EUR =C2=A0 =C2=A063.61
BNP Paribas Emissions- =C2=
=A0 =C2=A0 =C2=A0 7.50 =C2=A0 3/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A067.1=
0
BNP Paribas Emissions- =C2=A0 =C2=A0 =C2=A010.00 =C2=A0 3/26/20=
15 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A065.19
BNP Paribas Emissions- =
=C2=A0 =C2=A0 =C2=A016.00 =C2=A0 9/25/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A06=
8.88
BNP Paribas Emissions- =C2=A0 =C2=A0 =C2=A013.00 =C2=A012/29=
/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A071.94
BNP Paribas Emissions-=
=C2=A0 =C2=A0 =C2=A010.00 =C2=A0 3/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A0=
73.85
BNP Paribas Emissions- =C2=A0 =C2=A0 =C2=A0 7.00 =C2=A0 9/2=
5/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A063.99
BNP Paribas Emissions=
- =C2=A0 =C2=A0 =C2=A013.50 =C2=A0 9/25/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=
=A059.02
BNP Paribas Emissions- =C2=A0 =C2=A0 =C2=A0 7.00 =C2=A01=
2/29/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A065.72
BNP Paribas Emissi=
ons- =C2=A0 =C2=A0 =C2=A011.00 =C2=A012/29/2014 =C2=A0 =C2=A0 EUR =C2=A0 =
=C2=A061.53
BNP Paribas Emissions- =C2=A0 =C2=A0 =C2=A0 3.50 =C2=
=A0 3/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.03
BNP Paribas Em=
issions- =C2=A0 =C2=A0 =C2=A0 6.00 =C2=A0 3/26/2015 =C2=A0 =C2=A0 EUR =C2=
=A0 =C2=A066.79
BNP Paribas Emissions- =C2=A0 =C2=A0 =C2=A0 9.50 =
=C2=A0 3/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A063.26
BNP Paribas=
Emissions- =C2=A0 =C2=A0 =C2=A017.50 =C2=A0 9/25/2014 =C2=A0 =C2=A0 EUR =
=C2=A0 =C2=A063.24
BNP Paribas Emissions- =C2=A0 =C2=A0 =C2=A0 6.=
50 =C2=A012/29/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A071.69
BNP Pari=
bas Emissions- =C2=A0 =C2=A0 =C2=A014.00 =C2=A012/29/2014 =C2=A0 =C2=A0 EUR=
=C2=A0 =C2=A066.37
BNP Paribas Emissions- =C2=A0 =C2=A0 =C2=A0 7=
.50 =C2=A0 3/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A070.74
BNP Par=
ibas Emissions- =C2=A0 =C2=A0 =C2=A012.50 =C2=A0 3/26/2015 =C2=A0 =C2=A0 EU=
R =C2=A0 =C2=A067.39
BNP Paribas Emissions- =C2=A0 =C2=A0 =C2=A01=
2.00 =C2=A0 9/25/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A051.65
BNP Pa=
ribas Emissions- =C2=A0 =C2=A0 =C2=A019.00 =C2=A0 9/25/2014 =C2=A0 =C2=A0 E=
UR =C2=A0 =C2=A046.90
BNP Paribas Emissions- =C2=A0 =C2=A0 =C2=A0=
11.00 =C2=A012/29/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A054.05
BNP P=
aribas Emissions- =C2=A0 =C2=A0 =C2=A016.00 =C2=A012/29/2014 =C2=A0 =C2=A0 =
EUR =C2=A0 =C2=A050.45
BNP Paribas Emissions- =C2=A0 =C2=A0 =C2=
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BN=
P Paribas Emissions- =C2=A0 =C2=A0 =C2=A011.00 =C2=A0 3/26/2015 =C2=A0 =C2=
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BNP Paribas Emissions- =C2=A0 =C2=A0 =
=C2=A015.00 =C2=A0 3/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A053.30
>BNP Paribas Emissions- =C2=A0 =C2=A0 =C2=A014.00 =C2=A0 9/25/2014 =C2=A0 =
=C2=A0 EUR =C2=A0 =C2=A073.69
HSBC Trinkaus & Burkha =C2=A0 =
=C2=A0 =C2=A0 9.50 =C2=A010/24/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A068.16iv>
HSBC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=A0 8.50 =C2=A0 1/23/20=
15 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A070.04
HSBC Trinkaus & Burkh=
a =C2=A0 =C2=A0 =C2=A0 9.50 =C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=
=A069.66
HSBC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=A0 7.00 =C2=
=A0 9/25/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.20
HSBC Trinkaus =
& Burkha =C2=A0 =C2=A0 =C2=A010.50 =C2=A0 8/22/2014 =C2=A0 =C2=A0 EUR =
=C2=A0 =C2=A066.55
HSBC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=
=A010.50 =C2=A012/30/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A065.33
HS=
BC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=A0 6.00 =C2=A0 3/27/2015 =C2=A0 =
=C2=A0 EUR =C2=A0 =C2=A067.97
DZ Bank AG Deutsche Ze =C2=A0 =C2=
=A0 =C2=A0 8.50 =C2=A0 5/22/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A070.91
=
DZ Bank AG Deutsche Ze =C2=A0 =C2=A0 =C2=A0 5.50 =C2=A0 5/22/2015 =C2=
=A0 =C2=A0 EUR =C2=A0 =C2=A066.19
Deutsche Bank AG =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 4.00 =C2=A0 5/25/2015 =C2=A0 =C2=A0 EUR =C2=A0 =
=C2=A074.20
BNP Paribas Emissions- =C2=A0 =C2=A0 =C2=A0 6.00 =C2=
=A0 6/25/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A068.59
BNP Paribas Em=
issions- =C2=A0 =C2=A0 =C2=A0 7.00 =C2=A011/27/2014 =C2=A0 =C2=A0 EUR =C2=
=A0 =C2=A072.42
BNP Paribas Emissions- =C2=A0 =C2=A0 =C2=A0 6.75 =
=C2=A0 1/22/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.69
Deutsche Ba=
nk AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 7.30 =C2=A0 9/23/2014 =C2=
=A0 =C2=A0 EUR =C2=A0 =C2=A071.60
BNP Paribas Emissions- =C2=A0 =
=C2=A0 =C2=A0 5.75 =C2=A0 1/22/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A074.97iv>
BNP Paribas Emissions- =C2=A0 =C2=A0 =C2=A0 6.75 =C2=A0 7/23/2015 =
=C2=A0 =C2=A0 EUR =C2=A0 =C2=A074.33
UniCredit Bank AG =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A06.00 =C2=A011/27/2014 =C2=A0 =C2=A0 EUR =C2=
=A0 =C2=A073.82
UniCredit Bank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A05.30 =C2=A011/27/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A074.60
<=
div>Deutsche Bank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 8.30 =C2=A0 =
9/23/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A069.00
UniCredit Bank AG =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A07.00 =C2=A011/27/2014 =C2=A0 =C2=
=A0 EUR =C2=A0 =C2=A073.92
Vontobel Financial Pro =C2=A0 =C2=A0 =
=C2=A011.05 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.82
>Vontobel Financial Pro =C2=A0 =C2=A0 =C2=A0 9.05 =C2=A012/30/2014 =C2=A0 =
=C2=A0 EUR =C2=A0 =C2=A069.70
Vontobel Financial Pro =C2=A0 =C2=
=A0 =C2=A0 6.40 =C2=A012/30/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.84
=
Vontobel Financial Pro =C2=A0 =C2=A0 =C2=A011.35 =C2=A0 9/26/2014 =C2=
=A0 =C2=A0 EUR =C2=A0 =C2=A067.34
Vontobel Financial Pro =C2=A0 =
=C2=A0 =C2=A0 7.60 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A071.28iv>
UniCredit Bank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A05.20 =C2=
=A011/27/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A059.30
UniCredit Bank=
AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A04.00 =C2=A011/27/2014 =C2=A0 =
=C2=A0 EUR =C2=A0 =C2=A064.67
Deutsche Bank AG =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 8.30 =C2=A0 9/23/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=
=A071.70
Goldman Sachs & Co Wer =C2=A0 =C2=A0 =C2=A018.00 =C2=
=A0 9/24/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A066.72
Goldman Sachs =
& Co Wer =C2=A0 =C2=A0 =C2=A012.00 =C2=A0 2/25/2015 =C2=A0 =C2=A0 EUR =
=C2=A0 =C2=A071.09
Goldman Sachs & Co Wer =C2=A0 =C2=A0 =C2=
=A010.00 =C2=A0 2/25/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A073.04
Go=
ldman Sachs & Co Wer =C2=A0 =C2=A0 =C2=A0 8.00 =C2=A0 3/25/2015 =C2=A0 =
=C2=A0 EUR =C2=A0 =C2=A072.48
HSBC Trinkaus & Burkha =C2=A0 =
=C2=A0 =C2=A012.50 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A066.42iv>
HSBC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=A0 6.50 =C2=A0 6/26/20=
15 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.14
HSBC Trinkaus & Burkh=
a =C2=A0 =C2=A0 =C2=A012.50 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=
=A064.41
HSBC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=A0 6.50 =C2=
=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A068.90
HSBC Trinkaus =
& Burkha =C2=A0 =C2=A0 =C2=A010.00 =C2=A012/30/2014 =C2=A0 =C2=A0 EUR =
=C2=A0 =C2=A066.70
HSBC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=
=A0 6.00 =C2=A012/30/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A070.37
HS=
BC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=A0 9.00 =C2=A0 3/27/2015 =C2=A0 =
=C2=A0 EUR =C2=A0 =C2=A068.40
HSBC Trinkaus & Burkha =C2=A0 =
=C2=A0 =C2=A0 7.50 =C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A069.51iv>
HSBC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=A010.50 =C2=A0 8/22/20=
14 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A064.81
HSBC Trinkaus & Burkh=
a =C2=A0 =C2=A0 =C2=A0 9.00 =C2=A010/24/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=
=A066.32
HSBC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=A0 8.00 =C2=
=A0 1/23/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A068.09
HSBC Trinkaus =
& Burkha =C2=A0 =C2=A0 =C2=A022.00 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =
=C2=A0 =C2=A069.48
HSBC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=
=A015.00 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A073.36
HS=
BC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=A016.50 =C2=A012/30/2014 =C2=A0 =
=C2=A0 EUR =C2=A0 =C2=A073.08
HSBC Trinkaus & Burkha =C2=A0 =
=C2=A0 =C2=A013.50 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A074.98iv>
LBBW =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0=
=C2=A0 =C2=A0 =C2=A0 3.00 =C2=A0 2/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A0=
72.28
LBBW =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 4.00 =C2=A0 2/27/2015 =C2=A0 =C2=A0 EUR =C2=
=A0 =C2=A070.40
Commerzbank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0=
=C2=A0 =C2=A0 4.80 =C2=A0 6/25/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A073.51div>
Commerzbank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 4.=
70 =C2=A0 6/25/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A070.30
DZ Bank =
AG Deutsche Ze =C2=A0 =C2=A0 =C2=A0 6.25 =C2=A0 1/23/2015 =C2=A0 =C2=A0 EUR=
=C2=A0 =C2=A074.40
DZ Bank AG Deutsche Ze =C2=A0 =C2=A0 =C2=A0 5=
.50 =C2=A0 1/23/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A064.67
DZ Bank=
AG Deutsche Ze =C2=A0 =C2=A0 =C2=A0 5.00 =C2=A0 1/23/2015 =C2=A0 =C2=A0 EU=
R =C2=A0 =C2=A073.40
DZ Bank AG Deutsche Ze =C2=A0 =C2=A0 =C2=A0 =
7.50 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A071.26
DZ Ban=
k AG Deutsche Ze =C2=A0 =C2=A0 =C2=A0 7.25 =C2=A0 6/26/2015 =C2=A0 =C2=A0 E=
UR =C2=A0 =C2=A071.71
DZ Bank AG Deutsche Ze =C2=A0 =C2=A0 =C2=A0=
6.00 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A066.95
DZ Ba=
nk AG Deutsche Ze =C2=A0 =C2=A0 =C2=A0 7.75 =C2=A0 3/27/2015 =C2=A0 =C2=A0 =
EUR =C2=A0 =C2=A074.04
DZ Bank AG Deutsche Ze =C2=A0 =C2=A0 =C2=
=A0 5.75 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A063.58
De=
utsche Bank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 6.20 =C2=A0 6/22/2=
015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A071.90
Deutsche Bank AG =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 4.20 =C2=A0 6/22/2015 =C2=A0 =C2=A0 EUR =
=C2=A0 =C2=A073.80
Deutsche Bank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 6.20 =C2=A0 6/22/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A074.50iv>
Vontobel Financial Pro =C2=A0 =C2=A0 =C2=A0 4.70 =C2=A0 6/26/2015 =
=C2=A0 =C2=A0 EUR =C2=A0 =C2=A066.44
Vontobel Financial Pro =C2=
=A0 =C2=A0 =C2=A0 6.65 =C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A068.3=
4
Vontobel Financial Pro =C2=A0 =C2=A0 =C2=A0 5.00 =C2=A0 3/27/20=
15 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A066.90
Vontobel Financial Pro =
=C2=A0 =C2=A0 =C2=A0 5.80 =C2=A012/30/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A06=
5.96
DZ Bank AG Deutsche Ze =C2=A0 =C2=A0 =C2=A0 5.00 =C2=A0 1/23=
/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A064.79
Deutsche Bank AG =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 6.10 =C2=A012/23/2014 =C2=A0 =C2=A0 =
EUR =C2=A0 =C2=A068.50
Deutsche Bank AG =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 6.10 =C2=A012/23/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A066.9=
0
Deutsche Bank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 6.10=
=C2=A012/23/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A064.60
DZ Bank AG=
Deutsche Ze =C2=A0 =C2=A0 =C2=A0 5.50 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =
=C2=A0 =C2=A068.63
Deutsche Bank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 6.10 =C2=A0 9/23/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A067.00iv>
Deutsche Bank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 6.10 =C2=
=A0 9/23/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A065.40
Deutsche Bank =
AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 6.10 =C2=A0 9/23/2014 =C2=A0 =
=C2=A0 EUR =C2=A0 =C2=A063.10
Deutsche Bank AG =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 7.10 =C2=A012/23/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=
=A068.90
Deutsche Bank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 7.10 =C2=A012/23/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A067.30
De=
utsche Bank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 7.10 =C2=A012/23/2=
014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A065.00
Commerzbank AG =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 9.50 =C2=A0 2/26/2015 =C2=A0 =C2=
=A0 EUR =C2=A0 =C2=A072.00
Vontobel Financial Pro =C2=A0 =C2=A0 =
=C2=A0 8.60 =C2=A012/30/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A071.22
>Vontobel Financial Pro =C2=A0 =C2=A0 =C2=A0 9.35 =C2=A0 9/26/2014 =C2=A0 =
=C2=A0 EUR =C2=A0 =C2=A072.02
DZ Bank AG Deutsche Ze =C2=A0 =C2=
=A0 =C2=A0 7.25 =C2=A0 2/13/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A069.17
=
DZ Bank AG Deutsche Ze =C2=A0 =C2=A0 =C2=A0 8.00 =C2=A0 2/13/2015 =C2=
=A0 =C2=A0 EUR =C2=A0 =C2=A069.54
DZ Bank AG Deutsche Ze =C2=A0 =
=C2=A0 =C2=A0 7.25 =C2=A0 8/14/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A071.38iv>
DZ Bank AG Deutsche Ze =C2=A0 =C2=A0 =C2=A0 6.00 =C2=A0 1/16/2015 =
=C2=A0 =C2=A0 EUR =C2=A0 =C2=A070.00
DZ Bank AG Deutsche Ze =C2=
=A0 =C2=A0 =C2=A0 7.00 =C2=A010/17/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A066.9=
0
DZ Bank AG Deutsche Ze =C2=A0 =C2=A0 =C2=A0 6.50 =C2=A010/17/20=
14 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A068.26
DZ Bank AG Deutsche Ze =
=C2=A0 =C2=A0 =C2=A0 6.00 =C2=A0 1/16/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A06=
9.59
DZ Bank AG Deutsche Ze =C2=A0 =C2=A0 =C2=A0 6.75 =C2=A0 1/16=
/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A069.91
DZ Bank AG Deutsche Ze=
=C2=A0 =C2=A0 =C2=A0 7.25 =C2=A0 1/16/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A0=
68.65
DZ Bank AG Deutsche Ze =C2=A0 =C2=A0 =C2=A0 7.25 =C2=A0 7/1=
0/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A070.80
Vontobel Financial Pr=
o =C2=A0 =C2=A0 =C2=A0 8.80 =C2=A012/30/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=
=A071.20
DZ Bank AG Deutsche Ze =C2=A0 =C2=A0 =C2=A0 8.75 =C2=A01=
0/17/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A071.55
Deutsche Bank AG =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 6.50 =C2=A0 3/24/2015 =C2=A0 =C2=
=A0 EUR =C2=A0 =C2=A073.90
Deutsche Bank AG =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 6.50 =C2=A0 3/24/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A07=
4.80
Deutsche Bank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 6=
.50 =C2=A0 3/24/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.90
Commerz=
bank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 8.00 =C2=A0 2/26/2=
015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A074.25
Deutsche Bank AG =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 6.50 =C2=A0 3/24/2015 =C2=A0 =C2=A0 EUR =
=C2=A0 =C2=A074.30
Deutsche Bank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 6.50 =C2=A0 3/24/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.50iv>
Deutsche Bank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 7.50 =C2=
=A0 3/24/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A073.10
Deutsche Bank =
AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 5.50 =C2=A0 3/24/2015 =C2=A0 =
=C2=A0 EUR =C2=A0 =C2=A074.20
Deutsche Bank AG =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 5.50 =C2=A0 3/24/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=
=A071.20
Deutsche Bank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 6.50 =C2=A0 3/24/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A071.80
De=
utsche Bank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 6.50 =C2=A0 3/24/2=
015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A068.80
Deutsche Bank AG =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 6.50 =C2=A0 3/24/2015 =C2=A0 =C2=A0 EUR =
=C2=A0 =C2=A067.40
Deutsche Bank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 7.50 =C2=A0 3/24/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.50iv>
Deutsche Bank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 7.50 =C2=
=A0 3/24/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A070.20
Deutsche Bank =
AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 7.50 =C2=A0 3/24/2015 =C2=A0 =
=C2=A0 EUR =C2=A0 =C2=A068.00
Deutsche Bank AG =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 7.50 =C2=A0 3/24/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=
=A066.60
Vontobel Financial Pro =C2=A0 =C2=A0 =C2=A0 5.75 =C2=A0 =
1/23/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.82
DZ Bank AG Deutsch=
e Ze =C2=A0 =C2=A0 =C2=A0 9.00 =C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =
=C2=A074.50
DZ Bank AG Deutsche Ze =C2=A0 =C2=A0 =C2=A010.50 =C2=
=A012/30/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A071.38
DZ Bank AG Deu=
tsche Ze =C2=A0 =C2=A0 =C2=A0 7.25 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=
=A0 =C2=A071.78
DZ Bank AG Deutsche Ze =C2=A0 =C2=A0 =C2=A0 9.00 =
=C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A073.95
DZ Bank AG =
Deutsche Ze =C2=A0 =C2=A0 =C2=A0 7.00 =C2=A0 9/25/2015 =C2=A0 =C2=A0 EUR =
=C2=A0 =C2=A073.76
Deutsche Bank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 5.20 =C2=A0 6/22/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A074.70iv>
Deutsche Bank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 6.20 =C2=
=A0 6/22/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A073.70
Goldman Sachs =
& Co Wer =C2=A0 =C2=A0 =C2=A013.00 =C2=A0 1/21/2015 =C2=A0 =C2=A0 EUR =
=C2=A0 =C2=A073.33
HSBC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=
=A011.50 =C2=A012/30/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A071.82
DZ=
Bank AG Deutsche Ze =C2=A0 =C2=A0 =C2=A0 5.25 =C2=A012/12/2014 =C2=A0 =C2=
=A0 EUR =C2=A0 =C2=A066.67
DZ Bank AG Deutsche Ze =C2=A0 =C2=A0 =
=C2=A0 7.00 =C2=A012/12/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A064.43
>BNP Paribas Emissions- =C2=A0 =C2=A0 =C2=A0 8.00 =C2=A012/29/2014 =C2=A0 =
=C2=A0 EUR =C2=A0 =C2=A073.68
DZ Bank AG Deutsche Ze =C2=A0 =C2=
=A0 =C2=A0 8.25 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A068.78
=
DZ Bank AG Deutsche Ze =C2=A0 =C2=A0 =C2=A012.00 =C2=A0 9/26/2014 =C2=
=A0 =C2=A0 EUR =C2=A0 =C2=A060.49
DZ Bank AG Deutsche Ze =C2=A0 =
=C2=A0 =C2=A011.00 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A065.80iv>
DZ Bank AG Deutsche Ze =C2=A0 =C2=A0 =C2=A013.00 =C2=A0 9/26/2014 =
=C2=A0 =C2=A0 EUR =C2=A0 =C2=A067.45
Vontobel Financial Pro =C2=
=A0 =C2=A0 =C2=A0 8.50 =C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A070.9=
6
Vontobel Financial Pro =C2=A0 =C2=A0 =C2=A010.45 =C2=A012/30/20=
14 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A068.38
Vontobel Financial Pro =
=C2=A0 =C2=A0 =C2=A013.05 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A06=
5.62
LBBW =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0=
=C2=A0 =C2=A0 =C2=A0 =C2=A0 5.00 =C2=A010/24/2014 =C2=A0 =C2=A0 EUR =C2=A0=
=C2=A074.68
LBBW =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 6.00 =C2=A010/24/2014 =C2=A0 =C2=A0 =
EUR =C2=A0 =C2=A072.38
Goldman Sachs & Co Wer =C2=A0 =C2=A0 =
=C2=A0 7.00 =C2=A0 8/20/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A068.61
>Goldman Sachs & Co Wer =C2=A0 =C2=A0 =C2=A0 8.00 =C2=A0 9/24/2014 =C2=
=A0 =C2=A0 EUR =C2=A0 =C2=A069.35
DekaBank Deutsche Giro =C2=A0 =
=C2=A0 =C2=A0 4.90 =C2=A0 6/11/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A066.43iv>
BNP Paribas Emissions- =C2=A0 =C2=A0 =C2=A0 5.00 =C2=A012/29/2014 =
=C2=A0 =C2=A0 EUR =C2=A0 =C2=A074.78
BNP Paribas Emissions- =C2=
=A0 =C2=A0 =C2=A0 5.00 =C2=A0 1/22/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A073.4=
0
BNP Paribas Emissions- =C2=A0 =C2=A0 =C2=A0 5.00 =C2=A010/23/20=
14 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.81
BNP Paribas Emissions- =
=C2=A0 =C2=A0 =C2=A0 4.00 =C2=A010/23/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A07=
3.78
Commerzbank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A010.00 =C2=A0 9/25/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A064.27
DZ=
Bank AG Deutsche Ze =C2=A0 =C2=A0 =C2=A0 5.00 =C2=A012/19/2014 =C2=A0 =C2=
=A0 EUR =C2=A0 =C2=A073.85
Deutsche Bank AG =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 7.20 =C2=A0 9/24/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A07=
0.10
BNP Paribas Emissions- =C2=A0 =C2=A0 =C2=A017.00 =C2=A0 9/25=
/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A068.74
BNP Paribas Emissions-=
=C2=A0 =C2=A0 =C2=A0 9.50 =C2=A0 9/25/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A0=
71.30
BNP Paribas Emissions- =C2=A0 =C2=A0 =C2=A0 8.00 =C2=A012/2=
9/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.95
BNP Paribas Emissions=
- =C2=A0 =C2=A0 =C2=A010.00 =C2=A012/29/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=
=A072.55
HSBC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=A013.50 =C2=
=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A069.08
HSBC Trinkaus =
& Burkha =C2=A0 =C2=A0 =C2=A010.00 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =
=C2=A0 =C2=A073.51
HSBC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=
=A0 7.50 =C2=A0 8/22/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A074.70
BN=
P Paribas Emissions- =C2=A0 =C2=A0 =C2=A0 6.00 =C2=A0 9/25/2014 =C2=A0 =C2=
=A0 EUR =C2=A0 =C2=A074.79
BNP Paribas Emissions- =C2=A0 =C2=A0 =
=C2=A010.00 =C2=A0 9/25/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A070.35
>BNP Paribas Emissions- =C2=A0 =C2=A0 =C2=A0 8.00 =C2=A0 9/25/2014 =C2=A0 =
=C2=A0 EUR =C2=A0 =C2=A071.59
Commerzbank AG =C2=A0 =C2=A0 =C2=A0=
=C2=A0 =C2=A0 =C2=A0 =C2=A0 7.00 =C2=A0 9/25/2014 =C2=A0 =C2=A0 EUR =C2=A0=
=C2=A067.22
Commerzbank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =
=C2=A0 =C2=A010.25 =C2=A0 9/25/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A074.46iv>
Commerzbank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 8.2=
5 =C2=A0 1/22/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.10
Commerzba=
nk AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 8.50 =C2=A0 1/22/201=
5 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A073.56
Vontobel Financial Pro =C2=
=A0 =C2=A0 =C2=A0 9.70 =C2=A012/30/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A063.9=
0
Vontobel Financial Pro =C2=A0 =C2=A0 =C2=A012.10 =C2=A0 9/26/20=
14 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A061.44
Vontobel Financial Pro =
=C2=A0 =C2=A0 =C2=A0 8.20 =C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A07=
0.78
Vontobel Financial Pro =C2=A0 =C2=A0 =C2=A0 9.50 =C2=A012/30=
/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A068.28
Vontobel Financial Pro=
=C2=A0 =C2=A0 =C2=A011.70 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A0=
65.82
Vontobel Financial Pro =C2=A0 =C2=A0 =C2=A0 8.70 =C2=A012/3=
0/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A071.12
Vontobel Financial Pr=
o =C2=A0 =C2=A0 =C2=A010.50 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=
=A068.98
Vontobel Financial Pro =C2=A0 =C2=A0 =C2=A0 5.65 =C2=A0 =
6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A069.22
Vontobel Financial=
Pro =C2=A0 =C2=A0 =C2=A0 7.00 =C2=A012/30/2014 =C2=A0 =C2=A0 EUR =C2=A0 =
=C2=A068.46
Vontobel Financial Pro =C2=A0 =C2=A0 =C2=A0 7.50 =C2=
=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A066.86
Vontobel Finan=
cial Pro =C2=A0 =C2=A0 =C2=A0 7.70 =C2=A0 1/30/2015 =C2=A0 =C2=A0 EUR =C2=
=A0 =C2=A064.90
Vontobel Financial Pro =C2=A0 =C2=A0 =C2=A0 6.35 =
=C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A069.18
Vontobel Fi=
nancial Pro =C2=A0 =C2=A0 =C2=A0 6.65 =C2=A012/30/2014 =C2=A0 =C2=A0 EUR =
=C2=A0 =C2=A067.64
Vontobel Financial Pro =C2=A0 =C2=A0 =C2=A0 6.=
45 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A065.90
Commerzb=
ank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 6.00 =C2=A0 1/22/20=
15 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A070.58
Commerzbank AG =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 8.00 =C2=A0 1/22/2015 =C2=A0 =C2=A0 =
EUR =C2=A0 =C2=A068.05
Goldman Sachs & Co Wer =C2=A0 =C2=A0 =
=C2=A012.00 =C2=A010/22/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A067.14
>Goldman Sachs & Co Wer =C2=A0 =C2=A0 =C2=A011.00 =C2=A012/24/2014 =C2=
=A0 =C2=A0 EUR =C2=A0 =C2=A068.80
Goldman Sachs & Co Wer =C2=
=A0 =C2=A0 =C2=A010.00 =C2=A0 2/25/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A070.1=
1
Goldman Sachs & Co Wer =C2=A0 =C2=A0 =C2=A0 6.00 =C2=A0 2/2=
5/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A067.96
Goldman Sachs & C=
o Wer =C2=A0 =C2=A0 =C2=A0 8.00 =C2=A0 6/24/2015 =C2=A0 =C2=A0 EUR =C2=A0 =
=C2=A070.11
Goldman Sachs & Co Wer =C2=A0 =C2=A0 =C2=A0 7.00 =
=C2=A0 6/24/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A069.25
Goldman Sac=
hs & Co Wer =C2=A0 =C2=A0 =C2=A016.00 =C2=A0 9/24/2014 =C2=A0 =C2=A0 EU=
R =C2=A0 =C2=A061.10
Goldman Sachs & Co Wer =C2=A0 =C2=A0 =C2=
=A017.00 =C2=A0 9/24/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A063.61
Go=
ldman Sachs & Co Wer =C2=A0 =C2=A0 =C2=A0 9.00 =C2=A0 9/24/2014 =C2=A0 =
=C2=A0 EUR =C2=A0 =C2=A072.74
Goldman Sachs & Co Wer =C2=A0 =
=C2=A0 =C2=A015.00 =C2=A0 9/24/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A065.92iv>
Goldman Sachs & Co Wer =C2=A0 =C2=A0 =C2=A014.00 =C2=A010/22/20=
14 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A066.93
Goldman Sachs & Co We=
r =C2=A0 =C2=A0 =C2=A013.00 =C2=A011/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=
=A067.99
Goldman Sachs & Co Wer =C2=A0 =C2=A0 =C2=A010.00 =C2=
=A012/24/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A071.41
Goldman Sachs =
& Co Wer =C2=A0 =C2=A0 =C2=A013.00 =C2=A012/24/2014 =C2=A0 =C2=A0 EUR =
=C2=A0 =C2=A068.98
Goldman Sachs & Co Wer =C2=A0 =C2=A0 =C2=
=A010.00 =C2=A0 1/21/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.13
Go=
ldman Sachs & Co Wer =C2=A0 =C2=A0 =C2=A012.00 =C2=A0 1/21/2015 =C2=A0 =
=C2=A0 EUR =C2=A0 =C2=A069.51
Goldman Sachs & Co Wer =C2=A0 =
=C2=A0 =C2=A0 8.00 =C2=A0 2/25/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A068.94iv>
Goldman Sachs & Co Wer =C2=A0 =C2=A0 =C2=A012.00 =C2=A0 2/25/20=
15 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A068.13
Goldman Sachs & Co We=
r =C2=A0 =C2=A0 =C2=A0 9.00 =C2=A0 2/25/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=
=A072.47
Goldman Sachs & Co Wer =C2=A0 =C2=A0 =C2=A011.00 =C2=
=A0 2/25/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A070.10
Goldman Sachs =
& Co Wer =C2=A0 =C2=A0 =C2=A0 9.00 =C2=A0 3/25/2015 =C2=A0 =C2=A0 EUR =
=C2=A0 =C2=A073.09
Goldman Sachs & Co Wer =C2=A0 =C2=A0 =C2=
=A011.00 =C2=A0 3/25/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A070.90
Go=
ldman Sachs & Co Wer =C2=A0 =C2=A0 =C2=A011.00 =C2=A0 6/24/2015 =C2=A0 =
=C2=A0 EUR =C2=A0 =C2=A069.86
Goldman Sachs & Co Wer =C2=A0 =
=C2=A0 =C2=A0 9.00 =C2=A0 6/24/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A074.14iv>
Goldman Sachs & Co Wer =C2=A0 =C2=A0 =C2=A011.00 =C2=A0 6/24/20=
15 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.52
DZ Bank AG Deutsche Ze =
=C2=A0 =C2=A0 =C2=A0 4.50 =C2=A0 10/9/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A06=
7.21
DZ Bank AG Deutsche Ze =C2=A0 =C2=A0 =C2=A0 4.50 =C2=A0 =C2=
=A01/9/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A067.63
DZ Bank AG Deuts=
che Ze =C2=A0 =C2=A0 =C2=A0 4.50 =C2=A0 4/13/2015 =C2=A0 =C2=A0 EUR =C2=A0 =
=C2=A068.55
DZ Bank AG Deutsche Ze =C2=A0 =C2=A0 =C2=A0 8.00 =C2=
=A0 2/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A066.43
DZ Bank AG Deu=
tsche Ze =C2=A0 =C2=A0 =C2=A011.50 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=
=A0 =C2=A066.21
DZ Bank AG Deutsche Ze =C2=A0 =C2=A0 =C2=A0 9.50 =
=C2=A0 2/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A069.89
DZ Bank AG =
Deutsche Ze =C2=A0 =C2=A0 =C2=A0 9.00 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =
=C2=A0 =C2=A070.28
DZ Bank AG Deutsche Ze =C2=A0 =C2=A0 =C2=A013.=
75 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A067.35
DZ Bank =
AG Deutsche Ze =C2=A0 =C2=A0 =C2=A011.00 =C2=A012/30/2014 =C2=A0 =C2=A0 EUR=
=C2=A0 =C2=A069.84
DZ Bank AG Deutsche Ze =C2=A0 =C2=A0 =C2=A010=
.50 =C2=A0 2/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A071.30
DZ Bank=
AG Deutsche Ze =C2=A0 =C2=A0 =C2=A0 7.50 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EU=
R =C2=A0 =C2=A070.23
HSBC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=
=A010.00 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A063.28
HS=
BC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=A011.00 =C2=A0 9/26/2014 =C2=A0 =
=C2=A0 EUR =C2=A0 =C2=A064.72
HSBC Trinkaus & Burkha =C2=A0 =
=C2=A0 =C2=A012.00 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A065.16iv>
HSBC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=A0 6.50 =C2=A0 6/26/20=
15 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A070.59
HSBC Trinkaus & Burkh=
a =C2=A0 =C2=A0 =C2=A0 6.50 =C2=A010/24/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=
=A067.91
HSBC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=A0 6.00 =C2=
=A0 1/23/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A069.28
HSBC Trinkaus =
& Burkha =C2=A0 =C2=A0 =C2=A011.50 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =
=C2=A0 =C2=A065.94
HSBC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=
=A0 6.00 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A070.78
HS=
BC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=A0 9.50 =C2=A012/30/2014 =C2=A0 =
=C2=A0 EUR =C2=A0 =C2=A068.15
HSBC Trinkaus & Burkha =C2=A0 =
=C2=A0 =C2=A012.50 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A066.11iv>
HSBC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=A0 8.50 =C2=A0 3/27/20=
15 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A069.72
HSBC Trinkaus & Burkh=
a =C2=A0 =C2=A0 =C2=A0 6.50 =C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=
=A072.02
HSBC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=A0 7.00 =C2=
=A010/24/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A069.50
HSBC Trinkaus =
& Burkha =C2=A0 =C2=A0 =C2=A0 6.00 =C2=A0 1/23/2015 =C2=A0 =C2=A0 EUR =
=C2=A0 =C2=A070.74
HSBC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=
=A012.50 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A067.32
HS=
BC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=A0 6.50 =C2=A0 6/26/2015 =C2=A0 =
=C2=A0 EUR =C2=A0 =C2=A073.05
HSBC Trinkaus & Burkha =C2=A0 =
=C2=A0 =C2=A013.50 =C2=A0 3/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.67iv>
HSBC Trinkaus & Burkha =C2=A0 =C2=A0 =C2=A010.00 =C2=A0 9/26/20=
14 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A065.09
HSBC Trinkaus & Burkh=
a =C2=A0 =C2=A0 =C2=A0 6.00 =C2=A012/30/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=
=A068.70
DZ Bank AG Deutsche Ze =C2=A0 =C2=A0 =C2=A0 4.25 =C2=A0 =
2/27/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A070.00
DZ Bank AG Deutsch=
e Ze =C2=A0 =C2=A0 =C2=A0 6.50 =C2=A0 1/23/2015 =C2=A0 =C2=A0 EUR =C2=A0 =
=C2=A072.45
DZ Bank AG Deutsche Ze =C2=A0 =C2=A0 =C2=A0 7.00 =C2=
=A0 1/23/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A066.18
Commerzbank AG=
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 8.00 =C2=A0 1/22/2015 =C2=
=A0 =C2=A0 EUR =C2=A0 =C2=A068.32
Commerzbank AG =C2=A0 =C2=A0 =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A010.00 =C2=A010/23/2014 =C2=A0 =C2=A0 EUR =
=C2=A0 =C2=A069.20
Commerzbank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 8.50 =C2=A0 1/22/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A070.9=
3
Commerzbank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0=
6.50 =C2=A0 9/25/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A063.39
Comme=
rzbank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 6.50 =C2=A0 1/22=
/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A065.48
DZ Bank AG Deutsche Ze=
=C2=A0 =C2=A0 =C2=A0 6.50 =C2=A0 7/10/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A0=
73.75
DZ Bank AG Deutsche Ze =C2=A0 =C2=A0 =C2=A0 7.00 =C2=A0 7/1=
0/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A074.20
DZ Bank AG Deutsche Z=
e =C2=A0 =C2=A0 =C2=A0 7.25 =C2=A0 7/10/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=
=A074.43
DZ Bank AG Deutsche Ze =C2=A0 =C2=A0 =C2=A0 7.00 =C2=A01=
0/17/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A073.31
DZ Bank AG Deutsch=
e Ze =C2=A0 =C2=A0 =C2=A0 6.25 =C2=A0 1/16/2015 =C2=A0 =C2=A0 EUR =C2=A0 =
=C2=A074.58
Vontobel Financial Pro =C2=A0 =C2=A0 =C2=A010.00 =C2=
=A012/30/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A071.74
DZ Bank AG Deu=
tsche Ze =C2=A0 =C2=A0 =C2=A0 6.00 =C2=A010/17/2014 =C2=A0 =C2=A0 EUR =C2=
=A0 =C2=A074.64
UniCredit Bank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A04.00 =C2=A0 2/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A073.82
<=
div>UniCredit Bank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A04.10 =C2=A0 =
2/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.02
UniCredit Bank AG =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A05.70 =C2=A0 2/26/2015 =C2=A0 =C2=
=A0 EUR =C2=A0 =C2=A067.24
UniCredit Bank AG =C2=A0 =C2=A0 =C2=A0=
=C2=A0 =C2=A0 =C2=A05.00 =C2=A0 2/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A07=
1.87
UniCredit Bank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A04=
.50 =C2=A0 2/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A070.75
UniCred=
it Bank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A05.50 =C2=A0 2/26/2015 =
=C2=A0 =C2=A0 EUR =C2=A0 =C2=A070.94
UniCredit Bank AG =C2=A0 =C2=
=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A05.30 =C2=A0 2/26/2015 =C2=A0 =C2=A0 EUR =C2=
=A0 =C2=A068.36
UniCredit Bank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=
=A0 =C2=A04.00 =C2=A0 2/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A074.37
<=
div>UniCredit Bank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A04.75 =C2=A0 =
2/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.89
UniCredit Bank AG =
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A06.00 =C2=A0 2/26/2015 =C2=A0 =C2=
=A0 EUR =C2=A0 =C2=A070.01
UniCredit Bank AG =C2=A0 =C2=A0 =C2=A0=
=C2=A0 =C2=A0 =C2=A04.50 =C2=A0 2/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A07=
2.82
UniCredit Bank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A04=
.90 =C2=A0 2/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A069.53
UniCred=
it Bank AG =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A05.40 =C2=A0 2/26/2015 =
=C2=A0 =C2=A0 EUR =C2=A0 =C2=A071.43
Vontobel Financial Pro =C2=
=A0 =C2=A0 =C2=A0 6.60 =C2=A0 6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A073.2=
0
Goldman Sachs & Co Wer =C2=A0 =C2=A0 =C2=A017.00 =C2=A0 9/2=
4/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A066.15
Vontobel Financial Pr=
o =C2=A0 =C2=A0 =C2=A0 7.75 =C2=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=
=A069.98
Vontobel Financial Pro =C2=A0 =C2=A0 =C2=A0 6.40 =C2=A0 =
6/26/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.72
Vontobel Financial=
Pro =C2=A0 =C2=A0 =C2=A0 8.00 =C2=A012/30/2014 =C2=A0 =C2=A0 EUR =C2=A0 =
=C2=A071.96
Vontobel Financial Pro =C2=A0 =C2=A0 =C2=A0 7.75 =C2=
=A0 9/26/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A070.02
Commerzbank AG=
=C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 7.00 =C2=A0 1/22/2015 =C2=
=A0 =C2=A0 EUR =C2=A0 =C2=A073.47
DZ Bank AG Deutsche Ze =C2=A0 =
=C2=A0 =C2=A0 6.75 =C2=A0 1/23/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A070.03iv>
DZ Bank AG Deutsche Ze =C2=A0 =C2=A0 =C2=A0 7.50 =C2=A0 1/23/2015 =
=C2=A0 =C2=A0 EUR =C2=A0 =C2=A068.79
DZ Bank AG Deutsche Ze =C2=
=A0 =C2=A0 =C2=A0 8.50 =C2=A0 1/23/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.8=
9
BNP Paribas Emissions- =C2=A0 =C2=A0 =C2=A0 8.50 =C2=A012/29/20=
14 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A070.90
Goldman Sachs & Co We=
r =C2=A0 =C2=A0 =C2=A012.00 =C2=A010/22/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=
=A074.31
DZ Bank AG Deutsche Ze =C2=A0 =C2=A0 =C2=A0 7.25 =C2=A0 =
1/16/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A065.36
DZ Bank AG Deutsch=
e Ze =C2=A0 =C2=A0 =C2=A0 9.00 =C2=A0 1/16/2015 =C2=A0 =C2=A0 EUR =C2=A0 =
=C2=A066.12
DZ Bank AG Deutsche Ze =C2=A0 =C2=A0 =C2=A0 7.25 =C2=
=A010/17/2014 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A070.48
DZ Bank AG Deu=
tsche Ze =C2=A0 =C2=A0 =C2=A0 8.00 =C2=A010/17/2014 =C2=A0 =C2=A0 EUR =C2=
=A0 =C2=A069.21
DZ Bank AG Deutsche Ze =C2=A0 =C2=A0 =C2=A0 7.00 =
=C2=A0 1/16/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A070.73
DZ Bank AG =
Deutsche Ze =C2=A0 =C2=A0 =C2=A0 5.25 =C2=A0 7/10/2015 =C2=A0 =C2=A0 EUR =
=C2=A0 =C2=A073.55
DZ Bank AG Deutsche Ze =C2=A0 =C2=A0 =C2=A0 6.=
50 =C2=A0 7/10/2015 =C2=A0 =C2=A0 EUR =C2=A0 =C2=A072.00
Vontobel=
Financial Pro =C2=A0 =C2=A0 =C2=A014.00 =C2=A010/17/2014 =C2=A0 =C2=A0 EUR=