TCREUR_Public/141222.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 22, 2014, Vol. 15, No. 252

                            Headlines

A U S T R I A

HYPO ALPE-ADRIA: Austria Sues BayernLB for Hiding Financial Woes


B E L G I U M

TRUVO NV: S&P Lowers Corp. Credit Rating to 'CC'; Outlook Neg


F R A N C E

CASINO GUICHARD: Fitch Affirms 'BB' Rating on Reset Rate Notes


G E R M A N Y

CART 1 LTD: Fitch Affirms 'CC' Rating on EUR48.45MM Class E Notes
DEUTSCHE PFANDBRIEFBANK: Fitch Lifts Viability Rating to 'bb+'
GATE SME CLO 2006-1: Fitch Affirms 'CC' Ratings on 2 Note Classes
IHLE GROUP: Prolimity Capital Acquires R-I-G Technische


I R E L A N D

CASTLE PARK: Moody's Assigns 'B2' Rating to EUR12MM Cl. E Notes
CASTLE PARK: Fitch Assigns 'B-sf' Rating to Class E Notes
MAZARIN FUNDING: S&P Raises Rating on Tier 42 Tranche to 'B(sf)'
VERSAILLES CLO: S&P Raises Rating on Class E Notes to 'B+'


I T A L Y

ASTALDI SPA: Fitch Affirms 'B+/RR4' LT Issuer Default Rating
ASTALDI SPA: S&P Revises Outlook to Positive & Affirms 'B+' CCR
BORMIOLI ROCCO: Moody's Affirms B2 Corporate Family Rating
VENETO BANCA: S&P Lowers Counterparty Credit Rating to 'BB-'


N E T H E R L A N D S

CAIRN CLO IV: Fitch Assigns 'B-sf' Rating to Class F Notes
CELF LOAN: Moody's Affirms Ba3 Rating to EUR12.5MM Cl. Y Notes
MOSCOW STARS: Fitch Affirms 'BBsf' Rating on Class B Notes
SPYKER NV: Failure to Secure Bridging Loan Prompts Bankruptcy


R O M A N I A

CE HUNEDOARA: Nears Insolvency; Quintana Eyes Acquiring Firm


R U S S I A

ATON CAPITAL: Moody's Affirms 'B2' Currency Issuer Ratings
BYSTROBANK JSC: Moody's Assigns 'B2' Long-Term Deposit Rating
RED & BLACK PRIME: Fitch Puts 'BB+' Class C Notes' Rating on RWN
TRANSAERO: Faces Financial Woes; Seeks Government Assistance


S P A I N

AMPER SA: In Talks With Creditors to Avoid Insolvency Process
BANKINTER 3 FTPYME: S&P Lowers Rating on Class D Notes to 'CCC-'


U K R A I N E

ALFA-BANK PJSC: Fitch Rates Senior Unsecured Bonds 'B-(EXP)(emr)'
MRIYA AGRO: Creditors Submit US$1-Bil. Debt Restructuring Plan
NATIONAL BANK: To Challenge NBU Decision Declaring Bank Insolvent


U N I T E D   K I N G D O M

ALU HOLDCO 1: S&P Assigns 'B' Corp. Credit Rating; Outlook Stable
EUROSAIL-UK 2007-4BL: S&P Raises Rating on Class B1a Notes to B
NEWDAY PARTNERSHIP: Fitch Rates GBP6.6 Million Notes 'Bsf'
TODS MURRAY: Owes More Than GBP Million to Creditors
TRITON PLC: Fitch Cuts Ratings on Three Note Classes to 'CCsf'


X X X X X X X X

* BOND PRICING: For the Week December 15 to December 19, 2014


                            *********


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A U S T R I A
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HYPO ALPE-ADRIA: Austria Sues BayernLB for Hiding Financial Woes
----------------------------------------------------------------
Boris Groendahl at Bloomberg News reports that Austria sued
Bayerische Landesbank for EUR3.5 billion (US$4.3 billion) in the
latest twist in a legal struggle with the state of Bavaria that's
escalating five years after a bank rescue that cost Austria dear.

Finance Minister Hans Joerg Schelling filed a lawsuit with the
Vienna commercial court against BayernLB on Dec. 19, Bloomberg
relates.  According to Bloomberg, Mr. Schelling said Austria
claims BayernLB didn't disclose what it knew about probable
future capital needs when it sold Hypo Alpe-Adria-Bank
International AG to the Alpine nation for a token amount.

"The catastrophic economic situation of the bank wasn't disclosed
by BayernLB when the emergency nationalization was done,"
Bloomberg quotes Mr. Schelling as saying.  "The amount of the
claim reflects the real price BayernLB would have had to pay at
the time."

The failure of Hypo Alpe has so far cost BayernLB EUR3.8 billion
and Austrian taxpayers EUR5.5 billion, Bloomberg discloses.

Austria's lawsuit also points to BayernLB's cancellation of loans
to its then-subsidiary shortly before nationalization, Bloomberg
notes.  Mr. Schelling, as cited by Bloomberg, said that worsened
the bank's plight.  He said BayernLB also exploited the fact that
Austria couldn't let Hypo Alpe go bust because of its systemic
importance in the Balkan, Bloomberg relays.

Mr. Schelling on Dec. 19 said he met with Bavaria's Finance
Minister Markus Soeder about eight weeks ago to discuss an out-
of-court settlement of all pending lawsuits over BayernLB and
Hypo Alpe, Bloomberg relates.   According to Bloomberg,
Mr. Schelling said Austria is still open to new talks, even
though BayernLB hasn't responded to a proposal for a deal.

                     About Hypo Alpe-Adria

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

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



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B E L G I U M
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TRUVO NV: S&P Lowers Corp. Credit Rating to 'CC'; Outlook Neg
-------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit rating on Belgium-based publisher of classified
directories Truvo N.V. to 'CC' from 'CCC-'.  The outlook is
negative.

At the same time, S&P lowered its issue rating on Truvo's EUR170
million senior secured term loan A due 2015 to 'C' from 'CCC-'.
S&P has revised the recovery rating on this instrument to '5'
from '4', indicating its expectation of modest (10%-30%) recovery
in the event of a payment default.

In addition, S&P affirmed its 'C' issue rating on Truvo's EUR113
million second-lien term loan B due 2015, and on holding company
Talon PIKco N.V.'s EUR71 million payment-in-kind (PIK) notes due
2019.  The recovery rating on these instruments is unchanged at
'6', indicating S&P's expectation of negligible (0%-10%) recovery
in a default scenario.

"The downgrade reflects our view that Truvo's capital structure
is unsustainable and our belief that the group is likely to
implement a debt-restructuring that we would view as tantamount
to default," said Standard & Poor's credit analyst Gerhard
Wortche. Furthermore, a continuing slide in the group's earnings,
despite recent debt repayments, has resulted in very high
leverage, which S&P believes is likely to hinder timely
refinancing of its EUR170 million senior secured term loan A due
in May 2015.

S&P estimates that Truvo's Standard & Poor's-adjusted debt-to-
EBITDA ratio will be 19.1x by Dec. 31, 2014.  S&P's estimate
includes the EUR71 million in PIK notes at Truvo's holding
company, Talon PIKco N.V., which S&P fully consolidate in Truvo's
accounts.  Also by year-end 2014, S&P forecasts EBITDA interest
coverage of 1.2x and EBITDA cash interest coverage of 2.2x.  S&P
expects free operating cash flow (FOCF) to come in at negative
EUR13 million for financial 2014.

S&P's assessment of Truvo's "vulnerable" business risk profile
reflects the significant risk of continued structural decline in
the print directories sector, as well as increased competition as
small business advertising expands across a greater number of
online marketing channels.

S&P considers that Truvo has material exposure to metropolitan
markets, representing a further rating constraint that could
exacerbate the impact of the structural shift from traditional
classified directories to online services.  S&P sees increased
challenges for the company in containing the pressure on margins,
which will likely result in it transitioning to the highly
fragmented, intensely competitive, and rapidly evolving online
market.  S&P believes that in its online business, Truvo will
have significantly less pricing power compared with its former
leading or incumbent position in the traditional classified
directories business.  In S&P's view, the company will have to
establish its competitive edge in the online market.

The negative outlook reflects the likelihood of S&P lowering the
rating to 'D' (default) if a debt restructuring event is
completed or on the company's inability to refinance its debt
before the May 2015 maturity.  On Truvo's emergence from a debt
restructuring, S&P would reassess the ratings in the light of the
revised capital structure and the company's medium-term business
prospects.



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F R A N C E
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CASINO GUICHARD: Fitch Affirms 'BB' Rating on Reset Rate Notes
--------------------------------------------------------------
Fitch Ratings has affirmed Casino Guichard-Perrachon SA's
(Casino) Long-term Issuer Default Rating (IDR) and senior
unsecured rating at 'BBB-' and Short-term IDR at 'F3'. Casino's
'BBB-' senior unsecured rating is also applied to any senior
unsecured issuance by Casino Finance SA (Casino's fully-owned
financial subsidiary) that is guaranteed by Casino.

Fitch has also affirmed Casino's EUR600 million perpetual
preferred constant maturity swap securities and EUR750 million
deeply subordinated fixed to reset rate (DS) notes at 'BB'. The
Outlook on the Long-term IDR is Stable.

The affirmation reflects Casino's strengthening business profile,
which should, in Fitch's view, allow the group's deleveraging
process to speed up in 2015. The full integration of GPA in
Brazil (Grupo Pao de Acucar or Companhia Brasiliera de
Distribucao, 'AA+(bra)'/Stable) and Monoprix in France is now
complete and significantly increases Casino's business scale and
diversification. The ratings remain constrained by financial
metrics with projected lease-adjusted funds from operations (FFO)
net leverage of 4.2x and FFO fixed charge cover of 2.0x at end-
2014. However, the ratings and Stable Outlook reflects our
expectation that thanks to its stronger business profile Casino's
deleveraging process will accelerate from 2015, placing its
financial profile in line with other Fitch-rated 'BBB-' food
retail peers. Our forecasts estimate leverage reducing to 4.0x by
end-2015.

KEY RATING DRIVERS

Strengthened Business Profile

Over the past five years, Casino has doubled the size of its
operations while successfully diversifying and strengthening its
store formats across the value spectrum. Although smaller in
terms of revenues than its major peers, its EBITDAR (EUR4.4
billion in 2013) is now close to Carrefour's ('BBB'/Positive),
thanks to Casino's higher profitability. In addition, Casino has
significantly improved its geographic diversification. This more
diversified business model, together with group's strategy at
developing its discount, premium and e-commerce formats both in
France and internationally improves the group's resilience to
adverse economic developments and changes in consumer habits,
while enhancing its sales and profit growth prospects.

Some French Recovery

Casino's French hypermarket (Geant) and discount (Leader Price)
formats have started to show an improvement in both footfall and
volumes, following the heavy price cuts in 2013 and 2014. This
has yet to translate into positive like-for-like sales growth and
EBIT margin is expected to fall from 3.7% in 2012 to 2.5% in
2014. Fitch projects like-for-like sales will stabilize in 2015,
as price re-positioning bears fruit, with some mild improvement
in 2016. This is in the context of still anaemic consumer
confidence and competitive pressure. The profit uplift from
improved sales is likely to be limited, although we expect some
EBIT margin improvement thanks to the full integration of the
higher-margin Monoprix and management's newly implemented
profitability measures, such as its purchasing partnership with
Intermarche and a geographic optimization of its network by
banner.

International Growth Prospects

Fitch expects international operations, which represent 60% and
74% of 2013 group revenues and operating profit respectively, to
drive Casino's revenue and EBIT growth over the next four years.
Casino's international operations benefit from leading market
positions in emerging countries (mainly Brazil, Colombia,
Thailand and Vietnam), where mid-term GDP growth prospects are
solid, demographics favorable and the modern food and non-food
retail markets remain immature.

Strengthening Free Cash Flow (FCF)

Fitch expects Casino's FCF generation to strengthen from EUR340
million in 2014 to around EUR550 million in 2015 (0.7% of sales).
The main driver will be GPA as it is now fully consolidated;
these operations are more profitable and cash generative than the
remainder of the group. In addition, Casino now takes advantage
of the full managerial and financial control of GPA to implement
working capital and capex optimization measures, which Fitch
expects to further enhance GPA's and therefore Casino's FCF
generation.

Slower than Expected Deleveraging Plan

Casino's 2013-2014 deleveraging plan was aimed at
counterbalancing the negative effects of GPA's and Monoprix's
acquisition on net debt. To date it has had limited impact on
Casino's lease-adjusted FFO net leverage, which we forecast to
decrease by only 0.2x to 4.2x in 2014 from 4.4x in 2013. This is
mainly due to the lower than expected proceeds from CNova's
November 2014 partial IPO.

Credit Metrics to Improve

As Casino's transformational acquisition phase is over, improved
cash flow generation should enable Casino to accelerate its
deleveraging pace over the next three years. While a more
comprehensive asset disposal plan would have improved financial
flexibility, Fitch believes that thanks to its strengthened
business profile, Casino has the capacity to generate sustained
positive FCF and reduce its leverage towards levels compatible
with the 'BBB-' rating within the next three years. Fitch
forecasts the group's lease-adjusted FFO net leverage to decrease
to 3.7x by end-2016, and its FFO fixed charge cover to strengthen
from 2.0x to 2.3x over the same period. Such ratios should place
Casino's financial profile in line with other 'BBB-' rated food
retail peers.

RATING SENSITIVITIES

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

-- Confirmed turnaround of French operations, with positive
    like-for-like sales and EBIT margin recovering above 3.0%
    (Fitch 2014 forecast: 2.5%)
-- FFO fixed charge cover above 2.5x
-- Lease-adjusted FFO net leverage (adjusted for debt-like
    obligations and not readily available cash) below 3.5x on a
    sustainable basis

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

-- Sharp contraction in group's like-for-like sales growth
    combined with erosion in EBIT margin and break-even or mildly
    negative FCF
-- FFO fixed charge cover below 2.0x
-- Lease-adjusted FFO net leverage remaining above 4.0x on a
    sustained basis

Fitch computes and monitors Casino's leverage ratio on a FFO net
leverage basis. Fitch's adjusted net debt encompasses all of its
debt-like obligations. These include Casino's EUR600 million
hybrid securities (0% equity treatment under Fitch's hybrid
methodology), 50% of Casino's EUR750 million Reset Rate notes
(50% equity credit under Fitch's hybrid methodology), total
return swaps (TRS) on 3% of GPA's capital and on 2.5% of Big C
Thailand's (a Casino group affiliate) capital, operating leases
and various put options and excludes not readily available cash
(EUR315 million in 2013).

In measuring Casino's lease-adjusted FFO net leverage, Fitch
consolidated GPA and Monoprix only proportionally up until the
date of effective full control (July 2012 for GPA and April 2013
for Monoprix).



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G E R M A N Y
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CART 1 LTD: Fitch Affirms 'CC' Rating on EUR48.45MM Class E Notes
-----------------------------------------------------------------
Fitch Ratings affirmed CART 1 Ltd's notes and placed all senior
notes on Outlook Stable as given below:

EUR17 million class A+ notes (ISIN: XS0306449488): affirmed at
'BBsf'; Outlook Stable

EUR8.5 million class A notes (ISIN: XS0295190721): affirmed at
'BBsf'; Outlook Stable

EUR51 million class B notes (ISIN: XS0295192263): affirmed at
'Bsf'; Outlook Stable

EUR17 million class C notes (ISIN: XS0295192420): affirmed at
'Bsf'; Outlook Stable

EUR38.25 million class D notes (ISIN: XS0295192776): affirmed at
'CCCsf'; Recovery Estimate (RE) of 'RE75%' from RE50%

EUR48.45 million class E notes (ISIN: XS0295193311): affirmed at
'CCsf'; RE0%

The transaction is a partially-funded synthetic CDO referencing a
portfolio of loans, revolving credit facilities and other payment
claims to SMEs and larger companies based predominantly in
Germany. The debt instruments were originated by Deutsche Bank AG
(rated A+/Negative/F1+).

KEY RATING DRIVERS

The affirmation reflects Fitch's view that the notes' credit
enhancement levels are commensurate with the current ratings, the
stable pool performance since last review and an unchanged
economic environment expected for Germany in the upcoming months.
The notes' Stable Outlook reflects the above as well as the short
remaining term until scheduled maturity (June 2015).

The pool performance has stabilized. Cumulative defaults since
closing have totaled EUR174.1 million or 10.2% of the initial
pool balance. Only an amount of EUR2.6 million of these was added
over the past four reporting periods. As of the last reporting
period (November 2014), the cumulative recovery rate achieved
after liquidations rose significantly to 50% given strong
recoveries in these periods.

Over the past four reporting periods, additional losses of EUR0.9
million (or 5bps of the initial portfolio balance) were realised,
following liquidations. As overcollateralization via
subordination is the only source of credit enhancement, the loss
allocation to the equity has eroded the credit enhancement of the
other notes very marginally.

Despite this loss absorption, Fitch still views the risk of
losses being attributed to the class E notes to be high. The
agency expects current defaults in the portfolio of EUR72.1
million to lead to higher losses than bearable by equity.
Therefore the agency has decided leaving the class E notes'
rating unchanged at 'CCsf'.

To analyze the portfolio credit quality of the transactions, the
agency used its Portfolio Credit Model, which derives rating-
dependent default and recovery rates.

RATING SENSITIVITIES

The transaction is sensitive to the default of a few large
obligors (event risk). The portfolio is highly concentrated - the
largest obligor group accounts for 4.0% of the pool, while the
top 10 obligor groups amount to 23.2%. Concentrations will
continue to increase as the replenishment period ended in June
2014 under the assumption of large obligors groups being
outstanding longer than small obligor groups.

As the current levels of credit protection are fairly low, the
available credit enhancement can absorb the default of only a few
large obligors. For example, after taking into account expected
recoveries of 30%, the class A notes could survive the default of
seven of the largest obligor groups.

Fitch assigns Recovery Estimates (RE) to all notes rated 'CCCsf'
or below. REs are forward-looking recovery estimates, taking into
account Fitch's expectations for principal repayments on a
distressed structured finance security. The REs mirror the
agency's expectation of a full loss allocation to the class E and
a partial loss allocation to the class D notes.


DEUTSCHE PFANDBRIEFBANK: Fitch Lifts Viability Rating to 'bb+'
--------------------------------------------------------------
Fitch Ratings has affirmed Hypo Real Estate Holding AG's (HRE
Holding) and its subsidiary Deutsche Pfandbriefbank AG's (PBB)
Long-term Issuer Default Ratings (IDR) at 'A-' with Negative
Rating Outlooks. Fitch has also upgraded PBB's Viability Ratings
(VR) to 'bb+' from 'bb' and withdrawn HRE Holding's ratings.

KEY RATING DRIVERS -- IDRs, SUPPORT RATINGS, SUPPORT RATING
FLOORS (SRF) AND SENIOR DEBT

The affirmation of PBB's and HRE Holding's support-driven ratings
reflects Fitch's view that extraordinary support from the German
government would be available if needed. This reflects PBB's
indirect 100% state ownership and its status as one of the
largest active Pfandbrief issuers. HRE Holding's ratings were
aligned with PBB's since Fitch believes that capital support from
the state to PBB until its planned reprivatization would flow
through HRE Holding.

The 'AAA'-rated German government's strong ability to provide
short-term support drives both banks' Short-term IDRs of 'F1',
which is the higher of two possible at the Long-term IDR of 'A-'.

The Negative Outlook reflects Fitch's view that the propensity of
Germany to support HRE and PBB will diminish when it sells its
stake (planned by end-2015) and that the cost of resolving a
failed EU bank is increasingly likely to be taken by shareholders
and creditors, including senior creditors if necessary, rather
than governments/taxpayers.

KEY RATING SENSITIVITIES -- IDRs, SUPPORT RATINGS, SUPPORT RATING
FLOORS (SRF) AND SENIOR DEBT

PBB's IDRs, Support Rating, SRF and senior debt ratings are
sensitive to any change in Fitch's assumptions about the
availability of extraordinary sovereign support.

The Bank Recovery & Resolution Directive (BRRD), which will be
implemented in Germany in 2015, will become an overriding factor
in Fitch's support-driven ratings and senior creditors will no
longer be able to rely on sovereign support for full repayment.

PBB's Support Rating and IDRs could benefit from institutional
support if it becomes majority-owned by a strategic buyer with
solid investment-grade ratings and which Fitch estimates to have
a proven strong ability and credible strong willingness to
support. However, this is not Fitch's base case.

A sale to a financial investor is highly unlikely to bring any
benefit in terms of Support Rating as Fitch generally view such
investors' ability and commitment to support distressed
investments as unreliable.

Consequently, if PBB's reprivatization materializes as required
by the European Commission (EC), Fitch expects to revise its
Support Rating to '5' and downgrade its Long-term IDR to the
level of its VR. This would also trigger a downgrade of its
Short-term IDR to 'B'.

If the reprivatization does not materialize, Fitch expects the
government to opt for an orderly wind-down of PBB under the
ownership of FMS Wertmanagement AoeR (FMS WM, 'AAA'/Outlook
Stable, the government-controlled institution which manages the
wind-down of a large share of HRE group's assets), similar to the
decision it took on Depfa Bank plc ('BBB+'/Outlook Negative),
PBB's sister bank, in 2Q14. In this scenario, Fitch expects state
support to remain likely throughout PBB's wind-down process,
albeit somewhat constrained by the BRRD and state aid
considerations. This would probably trigger a downward revision
of the bank's SRF and Long-term IDR to the 'BBB' category,
subject to sufficient details on the envisaged long-term wind-
down plan and likely implications thereof for senior unsecured
creditors.

HRE Holding is a financial holding company without any banking
operations of its own. Through HRE Holding, SoFFin (the
government's Financial Market Stabilisation Fund) controls the
HRE group's two main operating subsidiaries, PBB and Depfa.
The withdrawal of HRE Holding's ratings reflects Fitch's opinion
that the ratings are no longer relevant to Fitch's coverage.
Depfa's transfer to FMS WM from HRE Holding is planned to take
place by end-2014 (see 'Fitch Affirms Depfa at 'BBB+' On
Announced Transfer to FMS WM', dated 20 May 2014) and the
government intends to privatize PBB in 2015. Therefore, Fitch
expects HRE Holding to be eventually wound down. HRE Holding has
no debt outstanding.

KEY RATING DRIVERS -- VRs

The upgrade of PBB's VR reflects the gradual improvement of the
bank's business profile in the last three years as Fitch expects
further normalization in 2015.

PBB has built up a track record of several years of solid and
stable asset quality. Fitch believes this is partly driven by
disciplined adherence to conservative underwriting standards and
a focus on relatively resilient markets for new CRE business. At
the same time, asset quality still strongly benefits from the
transfer of a large share of PBB's non-performing and legacy
assets to FMS WM in 2010 and from the unusually benign market
conditions (strong demand supporting asset valuation) prevailing
in Germany, which accounts for half of total CRE exposure.

Fitch expects the currently extremely low and clearly
unsustainable loan impairment charges (LICs, close to nil for the
fourth consecutive year) to normalize in the medium term
considering the cyclical nature of property markets, even though
Fitch's base case is not a rapid or severe deterioration.

The upgrade of PBB's VR also reflects a significantly improving
concentration risk in its large public-sector portfolios (both
legacy and strategic). Concentration remains very high, however,
with single exposures equivalent to a high share of its Fitch
Core Capital. But this does not constrain the VR at the current
level as the largest single exposures are to national or local
public authorities in investment-grade rated countries.

Solid asset quality has been essential to maintain adequate risk-
weighted capitalization, as PBB's cash coverage of impaired loans
by loan loss provisions is now significantly lower than those of
its German peers, although this is adequately compensated by
robust collateral coverage in solid CRE markets and by the solid
NPL ratio.

Fitch's view that PBB's loss-absorption buffer is adequate is
confirmed by HRE group's solid outcome in the ECB's recent
comprehensive assessment despite a severe impact (580bp) on the
group's CET1 ratio in the adverse stress scenario, reflecting
conservative stress assumptions regarding CRE assets.

PBB's leverage has also constantly improved, helped by shrinking
legacy assets, although these will continue to represent a large
share of the bank's exposures at default in the foreseeable
future. Leverage remains high, however, and could somewhat
constrain management's growth plans. Inefficient allocation of
regulatory capital driven by large CRR-driven CVA surcharges
applying to the low-margin public-sector portfolio since 2014 may
also add to this constraint, although the shrinkage of legacy
public-sector assets will provide gradual relief.

The VR upgrade also reflects Fitch's expectation that operating
performance will continue to improve, even though internal
capital generation is likely to remain modest due to margin
pressure driven by strong competition in German CRE lending, the
high share of very low-margin public-sector business, and a
normalization of LICs.

While the run-off of legacy assets will provide substantial
relief, Fitch views critically PBB's intention to maintain
significant public investment finance as part of its strategic
activities. As PBB intends to focus on lending with full recourse
to public-sector sponsors, Fitch expects credit risk to be
limited but margins to remain low. This will structurally dilute
the bank's overall modest return on assets and tie in significant
regulatory capital. In the context of PBB's reprivatization,
Fitch also views as questionable the appetite of potential buyers
for low-yielding public-sector assets, which, in Fitch's view,
are unlikely to be able to earn their cost of capital in a post-
crisis regulatory environment that generates constantly
increasing demands on capitalization.

PBB has also made substantial progress in consolidating its
funding profile in the last few years. Fitch expects funding
costs (unsecured and, particularly, Pfandbriefe) to remain very
low in the short term, driven by benign market conditions.

However, Fitch would expect PBB to build up a track record of
substantial long-term unsecured issuance under its new owner as
one of the conditions to envisage an upgrade of its VR into the
investment grade category. PBB has a well-established Pfandbrief
franchise and a large share of its unsecured funding is raised
via private placements. However, the bank's unusually large size
as an independent monoline wholesale lender will make it
significantly more reliant than its domestic peers on large
confidence-sensitive issuance in the public market.

The extent to which PBB will be able to attract sufficient demand
for unsecured funding (and, by extension, subordinated or
additional tier 1 issuance if ever envisaged) under sustained
unfavorable conditions while maintain funding spreads that do not
jeopardize its modest profitability is therefore uncertain. This,
however, is mitigated by PBB's fairly well-matched asset-
liability maturity profile, which should allow it to withstand
realistic disruptions of the unsecured funding markets. PBB has
also issued unsecured debt in the public markets (including
benchmarks) since 2013 with maturities beyond its reprivatization
deadline of end-2015, albeit not yet on a regular basis or under
favorable market conditions.

KEY RATING SENSITIVITIES --VRs

PBB's stand-alone profile does not yet fulfil all the main
characteristics that Fitch generally expects from specialized
commercial real estate (CRE) banks to qualify for an investment-
grade VR. In particular, its internal capital generation remains
modest, partly due to its low-margin legacy public-sector assets
and despite benign market conditions, especially in Germany. In
addition, the bank has yet to demonstrate that its funding
franchise is crisis-proof on a standalone basis. Similarly, its
asset base has yet to be tested by a first cyclical downturn in
Germany since the 2010 balance sheet clean-up.

Fitch would require more evidence of PBB's long-term ability to
successfully operate as an independent lender in the post-crisis
environment without the backing of a strong owner before
considering an upgrade of the VR to investment grade.

Similar to most specialized CRE lenders, PBB's VR is primarily
vulnerable to asset quality issues. A reversal of the current
benign market trend seems unlikely in 2015, even though the
combination of several drivers might increase risk in the medium
term in the domestic CRE market: low interest rates disconnect
from the solid economy; strong inflows of foreign investments;
strong demand from households for residential assets, which
increase the risk of overheating in some German urban areas; and
cheap funding, which creates an incentive to underprice credit
risk.

A significant increase of funding costs resulting from the
reprivatization could also put pressure on the VR in light of
PBB's limited ability to pass them on to its clients amid a
highly competitive domestic CRE market increasingly dominated by
members of large retail groups with privileged access to cheap
and resilient retail funding. Fitch expects PBB's online retail
deposit collection initiated in 2013 to remain merely a source of
diversification rather than becoming a key pillar of its funding
mix.

KEY RATING DRIVERS - SUBORDINATED DEBT AND OTHER HYBRID
SECURITIES

The upgrade of the LT2 subordinated debt instruments mirrors the
VR upgrade as Fitch notches these instruments from the VR once to
reflect their higher loss severity, in line with the relevant
criteria.

The affirmation at 'C' of the EUR350m legacy hybrid Tier 1
securities issued through Hypo Real Estate International Trust I
reflects the uncertain likelihood and timing of these securities
being serviced again. The EC's agreement of the HRE group's 2008
bailout by the German government forbids voluntary profit-driven
distribution on capital instruments (excluding SoFFin-related
ones) prior to reprivatization.

RATING SENSITIVITIES - SUBORDINATED DEBT AND OTHER HYBRID
SECURITIES

Subordinated debt ratings and hybrid ratings are sensitive to
potential changes to the banks' respective VRs.

Fitch has taken the following rating actions:

Deutsche Pfandbriefbank AG:

Long-term IDR: affirmed at 'A-', Outlook Negative
Short-term IDR: affirmed at 'F1'
Viability Rating: upgraded to 'bb+' from 'bb'
Support Rating: affirmed at '1'
Support Rating Floor: affirmed at 'A-'
Commercial paper: affirmed at 'F1'
Debt Issuance Programme: affirmed at 'A-'/'F1'
Senior unsecured notes: affirmed at 'A-'
Short-term debt: affirmed at 'F1'
LT2 Subordinated debt: upgraded to 'BB' from 'BB-'
Hypo Real Estate International Trust I (XS0303478118) Tier 1
securities: affirmed at 'C'

Hypo Real Estate Holding AG:

Long-term IDR: affirmed at 'A-', Outlook Negative and withdrawn
Short-term IDR: affirmed at 'F1' and withdrawn
Support Rating: affirmed at '1' and withdrawn
Support Rating Floor: affirmed at 'A-' and withdrawn


GATE SME CLO 2006-1: Fitch Affirms 'CC' Ratings on 2 Note Classes
-----------------------------------------------------------------
Fitch Ratings affirmed GATE SME CLO 2006-1 Ltd's (GATE) notes and
placed all senior notes on Outlook Stable as follows:

EUR42 million class A notes (ISIN: XS0271959388): affirmed at
'Bsf'; Outlook Stable

EUR26.5 million class B notes (ISIN: XS0271960048): affirmed at
'B-sf'; Outlook Stable

EUR7.5 million class C notes (ISIN: XS0271960550): affirmed at
'B-sf'; Outlook Stable

EUR20 million class D notes (ISIN: XS0271961012): affirmed at
'CCsf'; RE0%

EUR15.5 million class E notes (ISIN: XS0271961103): affirmed at
'CCsf'; RE0%

The transaction is a partially funded synthetic CDO referencing a
portfolio of loans, revolving credit facilities and other payment
claims to SMEs and larger companies based predominantly in
Germany. The debt instruments were originated by Deutsche Bank AG
(rated A+/Negative/F1+).

KEY RATING DRIVERS

The affirmation reflects Fitch's view that the notes' credit
enhancement levels are commensurate with the current ratings, the
stable pool performance since last review and an unchanged
economic environment expected for Germany in the upcoming months.
This is also reflected in the notes' Stable Outlook.

The pool performance has stabilized. Cumulative defaults since
closing have totaled EUR99.2 million or 4.7% of the initial pool
balance. Only an amount of EUR4.5 million of these was added over
the past three reporting periods. As of the last reporting period
(October 2014), the cumulative recovery rate achieved after
liquidations rose significantly to 30% given strong recoveries in
these periods.

Over the past three reporting periods, additional losses of
EUR2.7 million (or 0.1% of the initial portfolio balance) net of
late recoveries were realised, following liquidations. As
overcollateralization via subordination is the only source of
credit enhancement, the loss allocation to the equity has eroded
the credit enhancement of the other notes very marginally.

To analyze the portfolio credit quality of the transactions, the
agency used its Portfolio Credit Model, which derives rating-
dependent default and recovery rates.

RATING SENSITIVITIES

The transaction is sensitive to the default of a few large
obligors (event risk). The portfolio is highly concentrated --
the largest obligor group accounts for 1.6% of the pool, while
the top 10 obligor groups amount to 13.9%. Concentrations will
increase after the replenishment period ends in January 2015
under the assumption of large obligors groups being outstanding
longer than small obligor groups.

As the current levels of credit protection are fairly low, the
available credit enhancement can absorb the default of only a few
large obligors. For example, after taking into account expected
recoveries of 30%, the class A notes could survive the default of
four of the largest obligor groups.

Fitch assigns Recovery Estimates (RE) to all notes rated 'CCCsf'
or below. REs are forward-looking recovery estimates, taking into
account Fitch's expectations for principal repayments on a
distressed structured finance security. The REs of 0% mirrors the
agency's expectation of a full loss allocation to the class D and
E notes.


IHLE GROUP: Prolimity Capital Acquires R-I-G Technische
--------------------------------------------------------
Tyrepress reports that R-I-G Technische Produkte, the retreading
business belonging to the insolvent Reifen Ihle Group, now has a
new owner.

Tyrepress says the sales contract was signed on December 12, and
followed the divestment of the firm's 12 Point S tyre retail
centres to regional retailer Reifen Mller at the end of October.

R-I-G Technische Produkte GmbH has been acquired by Frankfurt am
Main-based holding company Prolimity Capital Partners and will
now be operated under a new entity, Rigdon GmbH, the report
notes.

As reported in the Troubled Company Reporter-Europe on May 7,
2014, Tyrepress said the local regional court (Neu-Ulm) commenced
insolvency proceedings against the Reifen Ihle Group after
determining an inability to pay and over-indebtedness.

The court has appointed lawyer Prof. Dr. Martin Hormann
liquidator for Reifen-Ihle GmbH while lawyer Alexander Reus is
responsible for Reifen Ihle Service GmbH, according to Tyrepress.
The court has also appointed a creditors' committee, the report
said.

Gunzburg, Bavaria-based Reifen Ihle Group is Germany's largest
retreader. The group filed for insolvency in February 2014.



=============
I R E L A N D
=============


CASTLE PARK: Moody's Assigns 'B2' Rating to EUR12MM Cl. E Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Castle Park CLO
Limited:

EUR238,000,000 Class A-1 Senior Secured Floating Rate Notes due
2028, Definitive Rating Assigned Aaa (sf)

EUR32,000,000 Class A-2A Senior Secured Floating Rate Notes due
2028, Definitive Rating Assigned Aa2 (sf)

EUR15,000,000 Class A-2B Senior Secured Fixed Rate Notes due
2028, Definitive Rating Assigned Aa2 (sf)

EUR23,000,000 Class B Senior Secured Deferrable Floating Rate
Notes due 2028, Definitive Rating Assigned A2 (sf)

EUR23,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2028, Definitive Rating Assigned Baa2 (sf)

EUR26,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2028, Definitive Rating Assigned Ba2 (sf)

EUR12,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2028, Definitive Rating Assigned B2 (sf)

Ratings Rationale

Moody's rating of the rated notes addresses the expected loss
posed to noteholders by legal final maturity of the notes in
2028. The ratings reflect the risks due to defaults on the
underlying portfolio of loans given the characteristics and
eligibility criteria of the constituent assets, the relevant
portfolio tests and covenants as well as the transaction's
capital and legal structure. Furthermore, Moody's is of the
opinion that the collateral manager, Blackstone / GSO Debt Funds
Management Europe Limited, has sufficient experience and
operational capacity and is capable of managing this CLO.

Castle Park CLO Limited is a managed cash flow CLO. At least 90%
of the portfolio must consist of secured senior obligations and
up to 10% of the portfolio may consist of unsecured senior loans,
second lien loans, mezzanine obligations, high yield bonds and/or
first lien last out loans. The portfolio is expected to be 60%
ramped up as of the closing date and to be comprised
predominantly of corporate loans to obligors domiciled in Western
Europe. This initial portfolio will be acquired by way of
participations which are required to be elevated as soon as
reasonably practicable. The remainder of the portfolio will be
acquired during the six month ramp-up period in compliance with
the portfolio guidelines.

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

In addition to the seven classes of notes rated by Moody's, the
Issuer will issue EUR46,000,000 of subordinated notes. Moody's
has not assigned rating to this class of notes.

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

Loss and Cash Flow Analysis:

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

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

Par Amount: EUR 400,000,000

Diversity Score: 34

Weighted Average Rating Factor (WARF): 2750

Weighted Average Spread (WAS): 4.00%

Weighted Average Coupon (WAC): 5.75%

Weighted Average Recovery Rate (WARR): 41.5%

Weighted Average Life (WAL): 8 years.

Stress Scenarios:

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

Percentage Change in WARF: WARF + 15% (to 3163 from 2750)

Ratings Impact in Rating Notches:

Class A-1 Senior Secured Floating Rate Notes: 0

Class A-2A Senior Secured Floating Rate Notes: -2

Class A-2B Senior Secured Fixed Rate Notes: -2

Class B Senior Secured Deferrable Floating Rate Notes: -2

Class C Senior Secured Deferrable Floating Rate Notes: -2

Class D Senior Secured Deferrable Floating Rate Notes: -1

Class E Senior Secured Deferrable Floating Rate Notes: 0

Percentage Change in WARF: WARF +30% (to 3575 from 2750)

Ratings Impact in Rating Notches:

Class A-1 Senior Secured Floating Rate Notes: -1

Class A-2A Senior Secured Floating Rate Notes: -3

Class A-2B Senior Secured Fixed Rate Notes: -3

Class B Senior Secured Deferrable Floating Rate Notes: -3

Class C Senior Secured Deferrable Floating Rate Notes: -2

Class D Senior Secured Deferrable Floating Rate Notes: -1

Class E Senior Secured Deferrable Floating Rate Notes: -2

Methodology Underlying the Rating Action:

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

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

The rated notes' performance is subject to uncertainty. The
notes' performance is sensitive to the performance of the
underlying portfolio, which in turn depends on economic and
credit conditions that may change. Blackstone / GSO Debt Funds
Management Europe Limited' investment decisions and management of
the transaction will also affect the notes' performance.


CASTLE PARK: Fitch Assigns 'B-sf' Rating to Class E Notes
---------------------------------------------------------
Fitch Ratings has assigned Castle Park CLO Limited notes final
ratings, as follows:

Class A-1: 'AAAsf'; Outlook Stable
Class A-2A: 'AAsf'; Outlook Stable
Class A-2B: 'AAsf'; Outlook Stable
Class B: 'Asf'; Outlook Stable
Class C: 'BBBsf'; Outlook Stable
Class D: 'BBsf'; Outlook Stable
Class E: 'B-sf'; Outlook Stable
Subordinated notes: not rated

Castle Park CLO Limited is an arbitrage cash flow collateralized
loan obligation (CLO).

KEY RATING DRIVERS

'B'/'B-' Portfolio Credit Quality

Fitch assesses the average credit quality of obligors in the
'B'/'B-' range. The agency has public ratings or credit opinions
on all 59 obligors in the identified portfolio. The covenanted
maximum Fitch weighted average rating factor (WARF) for assigning
final ratings is 34. The WARF of the identified portfolio is
32.0.

High Recovery Expectations

The portfolio will comprise a minimum 90% of senior secured
obligations. Recovery prospects for these assets are typically
more favorable than for second-lien, unsecured and mezzanine
assets. Fitch has assigned Recovery Ratings to the entire
identified portfolio. The covenanted minimum weighted average
recovery rate (WARR) for assigning expected ratings is 65.5%. The
WARR of the identified portfolio is 69.9%.

Limited Interest Rate Risk

Interest rate risk is naturally hedged for most of the portfolio,
as fixed-rate liabilities and assets represent 3.75% and between
0% and 10% of the target par amount, respectively.

Participation Agreement

At closing, the issuer will enter into a participation agreement
with Blackstone/GSO Corporate Funding Limited (the seller)
regarding the initial portfolio assets. The seller has granted
the issuer a fixed charge over the initial portfolio assets while
the title is being transferred to the issuer. A fixed charge over
such financial assets is difficult to establish, given the lack
of control. However, Fitch received a legal opinion that the
fixed charge in this case is likely to be upheld, given the
control over the accounts of the seller.

TRANSACTION SUMMARY

Net proceeds from the notes issue are being used to purchase a
EUR400m portfolio of mostly European leveraged loans and bonds.
The portfolio is managed by Blackstone/GSO Debt Funds Management
Europe Limited. The reinvestment period is scheduled to end in
2019.

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

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

RATING SENSITIVITIES

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


MAZARIN FUNDING: S&P Raises Rating on Tier 42 Tranche to 'B(sf)'
----------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in Mazarin Funding Ltd.

Specifically, S&P has:

   -- Raised its ratings on the series 2010-9 to 2010-21 notes;

   -- Affirmed its 'A-1+ (sf)' short-term ratings on the euro and
      U.S. dollar commercial paper (CP) programs and repurchase
      agreement notes;

   -- Affirmed its 'AA- (sf)' ratings on the series 2010-1 to
      2010-8 notes;

   -- Affirmed its 'CCC- (sf)' ratings on eight classes of slow
      and fast pay income notes; and

   -- Withdrawn its 'CCC- (sf)' ratings on three classes of slow
      and fast pay income notes.

The rating actions follow S&P's assessment of the transaction's
performance using the latest available data, in addition to its
cash flow analysis.  S&P has taken into account recent
developments in the transaction and reviewed the transaction
under its relevant criteria.

S&P subjected the capital structure to a cash flow analysis based
on the methodology and assumptions as outlined by its corporate
collateralized debt obligation (CDO) criteria, to determine the
break-even default rate (BDR) for each rated class of notes at
each rating level.  The BDR represents S&P's estimate of the
maximum level of gross defaults, based on its stress assumptions,
that a tranche can withstand and still fully repay interest and
principal on notes.  At the same time, S&P conducted a credit
analysis based on its assumptions, to determine the scenario
default rate (SDR) at each rating level, which S&P then compared
against its respective BDR.  The SDR is the minimum level of
portfolio defaults S&P expects each CDO tranche to be able to
support at the specific rating level using Standard & Poor's CDO
Evaluator.

In S&P's analysis, it used the reported portfolio balance that it
considered to be performing, the weighted-average spread, and the
weighted-average recovery rates that S&P considered to be
appropriate.  S&P applied various cash flow stress scenarios
using its standard default patterns and timings for each rating
category assumed for all classes of notes, in conjunction with
different interest rate stress scenarios.

The Mazarin portfolio comprises predominantly structured finance
securities, of which nearly 40% of the performing balance
comprises European and U.S. residential mortgage-backed
securities.  The remaining portion of the structured finance
securities mainly comprises a diversified mix of high-grade
commercial mortgage-backed securities, collateralized loan
obligations, and student loans.  The rest of the portfolio is
mainly exposed to subordinated debt issued by financial
institutions, with a small exposure to European corporate
securitizations.

Since S&P's previous review on Aug. 3, 2012, the repurchase
agreement notes have amortized to $1.828 billion from $5.928
billion.  This amounts to a more than 69% reduction in the
notional outstanding amount and is the primary driver behind the
upgrades.  Due to this amortization, the available credit
enhancement for all classes of notes has increased over the same
period, and therefore, the structure can now withstand higher
losses.  S&P has therefore raised its ratings on the series 2010-
9 to 2010-21 notes.

S&P's credit analysis of the transaction highlights that the
underlying portfolio's overall credit quality has not changed
since its previous review.  For example, the portfolio's
percentage of investment-grade assets has increased to 71.75% of
the total balance, from 70.48% as of S&P's previous review.

Mazarin Funding is a vehicle resulting from the restructuring of
a structured investment vehicle (SIV).  Similar to traditional
SIVs, the super senior liabilities comprise commercial paper
issued from euro and U.S. dollar programs.

In addition, or as an alternative to CP, Mazarin Funding can fund
its super senior liabilities through short-term repurchase
agreements.

The Mazarin Funding vehicle is supported by a liquidity facility,
which accounts for the lesser of the senior debt and the notional
of all of the portfolio's non-defaulted assets.  In S&P's
analysis of the super senior liabilities, S&P gave credit to the
liquidity facility from HSBC Bank PLC.

In light of the transaction's reliance on the liquidity facility
provided by HSBC Bank, S&P has affirmed its 'A-1+ (sf)' short-
term credit ratings on the U.S. dollar CP programs and repurchase
agreement notes, which represent the issuer's super senior
obligations.

For the series 2010-1 to 2010-6 notes, S&P's cash flow analysis
indicates that the tranches are able to attain higher rating
levels due to the deleveraging of the repurchase agreement notes.
However, in S&P's view, this transaction has significant exposure
to HSBC Bank's liquidity facility.  Therefore, under S&P's
current counterparty criteria, these notes do not benefit from
any ratings uplift above its long-term 'AA-' issuer credit rating
on HSBC Bank.  S&P has therefore affirmed its 'AA- (sf)' our
ratings on the series 2010-1 to 2010-6 notes.

S&P's credit and cash flow analysis indicates that its ratings on
the series 2010-7 and 2010-8 notes are commensurate with their
current rating levels.  S&P has therefore affirmed its ratings on
the series 2010-7 and 2010-8 notes.

In S&P's view, the deleveraging of the repurchase agreement notes
has increased the available credit enhancement for all other
junior senior tranches to a level that is now commensurate with
higher ratings.  S&P has therefore raised its ratings on all
other junior senior tranches.

S&P's cash flow results indicate that the fast and slow pay
income notes cannot withstand its credit and cash flow stresses
at rating levels above 'CCC-'.  In addition, S&P's supplemental
stress tests constrain its ratings on these classes of notes at
'CCC- (sf)'.  S&P has therefore affirmed its 'CCC- (sf)' ratings
on the slow and fast pay income notes.

In March 2014, the issuer conducted an exchange offer on some of
the outstanding notes that Mazarin Funding issued, purchasing and
subsequently canceling the notes.  As part of the exchange offer,
the issuer purchased and fully canceled the following slow pay
income notes:

   -- $11.512 million tier 1 slow pay income notes;

   -- $16.006 million tier 1 slow pay income notes; and

   -- $16.006 million tier 1 slow pay income notes.

S&P has therefore withdrawn its 'CCC- (sf)' ratings on these
classes of notes.

Maazarin Funding is an HSBC-sponsored vehicle that securitizes a
portfolio of predominantly structured finance securities.

RATINGS LIST

Class             Rating           Rating
                  To               From

Mazarin Funding Ltd.

Ratings Affirmed

Up To $50 Billion U.S. Dollar Commercial Paper     A-1+ (sf)

Up To $50 billion Euro Commercial Paper            A-1+ (sf)

Up To $8,318 Million Repurchase Agreement          A-1+ (sf)

$200 Million Floating-Rate Junior Senior
Tranche 1 Tier 4 Series 2010-1                     AA- (sf)

$320 Million Floating-Rate Junior Senior
Tranche 1 Tier 6 Series 2010-2                     AA- (sf)

$270 Million Floating-Rate Junior Senior
Tranche 1 Tier 8 Series 2010-3                     AA- (sf)

$320 Million Floating-Rate Junior Senior
Tranche 1 Tier 10 Series 2010-4                    AA- (sf)

$320 Million Floating-Rate Junior Senior
Tranche 1 Tier 12 Series 2010-5                    AA- (sf)

$180 Million Floating-Rate Junior Senior
Tranche 1 Tier 14 Series 2010-6                    AA- (sf)

$320 Million Floating-Rate Junior Senior
Tranche 1 Tier 16 Series 2010-7                    A+ (sf)

$160 Million Floating-Rate Junior Senior
Tranche 1 Tier 18 Series 2010-8                    A (sf)

EUR83.959 Million Tier 1 Fast Pay Income Notes     CCC- (sf)

$11.301 Million Tier 1 Fast Pay Income Notes       CCC- (sf)

GBP17.165 Million Tier 1 Fast Pay Income Notes     CCC- (sf)

$98.63 Million Tier 1 Fast Pay Income Notes        CCC- (sf)

$642.342 Million Tier 1 Slow Pay Income Notes      CCC- (sf)

EUR58.988 Million Tier 1 Slow Pay Income Notes     CCC- (sf)

GBP49.001 Million Tier 1 Slow Pay Income Notes     CCC- (sf)

JPY3.533 Billion Tier 1 Slow Pay Income Notes      CCC- (sf)

Ratings Withdrawn

$11.512 Million Tier 1 Slow Pay Income Notes       CCC- (sf)

$16.006 Million Tier 1 Slow Pay Income Notes       CCC- (sf)

$16.006 Million Tier 1 Slow Pay Income Notes       CCC- (sf)

Ratings Raised


$160 Million Floating-Rate Junior Senior
Tranche 1 Tier 20 Series 2010-9

                  A- (sf)            BBB+ (sf)

$160 Million Floating-Rate Junior Senior
Tranche 1 Tier 22 Series 2010-10

                  BBB+ (sf)           BBB (sf)

$80 Million Floating-Rate Junior Senior
Tranche 1 Tier 24 Series 2010-11

                  BBB+ (sf)         BBB- (sf)

$80 Million Floating-Rate Junior Senior
Tranche 1 Tier 26  Series 2010-12

                  BBB (sf)          BB+ (sf)

$80 Million Floating-Rate Junior Senior
Tranche 1 Tier 28 Series 2010-13

                  BBB- (sf)          BB+ (sf)

$80 Million Floating-Rate Junior Senior
Tranche 1 Tier 30 Series 2010-14

                  BB+ (sf)           BB (sf)

$80 Million Floating-Rate Junior Senior
Tranche 1 Tier 32 Series 2010-15

                  BB+ (sf)           B+ (sf)

$80 Million Floating-Rate Junior Senior
Tranche 1 Tier 34 Series 2010-16

                  BB (sf)            B+ (sf)

$80 Million Floating-Rate Junior Senior
Tranche 1 Tier 36 Series 2010-17

                  BB- (sf)           B- (sf)

$80 Million Floating-Rate Junior Senior
Tranche 1 Tier 38 Series 2010-18

                  B+ (sf)            CCC- (sf)

$45 Million Floating-Rate Junior Senior
Tranche 1 Tier 40 Series 2010-19

                  B+ (sf)            CCC- (sf)

$40 Million Floating-Rate Junior Senior
Tranche 1 Tier 42 Series 2010-20

                  B (sf)             CCC- (sf)

$15 Million Floating-Rate Junior Senior
Tranche 1 Tier 44 Series 2010-21

                  B- (sf)            CCC- (sf)


VERSAILLES CLO: S&P Raises Rating on Class E Notes to 'B+'
----------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Versailles CLO M.E. I PLC's class A-1-D to E notes.  At the same
time, S&P has withdrawn its rating on the class S notes following
full repayment of the principal amount outstanding on the notes.

The rating actions follow S&P's review of the transaction's
performance, using data from the trustee report dated Oct. 31,
2014, in addition to S&P's cash flow analysis.  S&P considered
recent developments in the transaction and have applied its
relevant criteria.

Available credit enhancement has significantly increased for all
classes of notes since S&P's previous review.  In S&P's view,
this has resulted from the senior notes' deleveraging.  For
example, according to S&P's analysis, the class A notes'
outstanding balance has decreased by over 80%, to EUR44.60
million from EUR229.32 million over the same period.  S&P
conducted its cash flow analysis to determine the break-even
default rate for the each rated class of notes.  S&P used the
reported portfolio balance, weighted-average spread, and
weighted-average recovery rates that S&P considers to be
appropriate.  S&P incorporated various cash flow stress
scenarios, using alternative default patterns, levels, and
timings for each liability rating category, in conjunction with
different interest rate stress scenarios.

Following S&P's cash flow analysis, it considers that the
increased credit enhancement available to the class A-1-D, A-1-T,
A-2, B, and C notes is commensurate with higher rating levels
than those previously assigned.  S&P has therefore raised its
ratings on these classes of notes.

S&P's cash flow analysis further indicates that the class D notes
can withstand the stresses that it applies at the 'A- (sf)'
rating level.  However, the application of S&P's largest obligor
default test caps its rating on the class D notes at 'BBB+ (sf)'
under its criteria.  The largest obligor test measures the risk
of several of the largest obligors within the portfolio
defaulting simultaneously.  S&P has therefore raised to 'BBB+
(sf)' from 'BB+ (sf)' its rating on the class D notes.

Similarly, the class E notes have also benefited from the
increased credit enhancement and are now commensurate with a
higher rating than previously assigned.  S&P's cash flow analysis
indicates these notes can withstand its stresses at the 'BB+
(sf)' rating level, however S&P's largest obligor test caps its
rating on these notes at 'B+ (sf)'.  S&P has therefore raised to
'B+ (sf)' from 'CCC+ (sf)' its rating on the class E notes.

S&P has withdrawn its 'AAA (sf)' rating on the class S notes
following their full repayment.

Versailles CLO M.E. I is a cash flow CLO transaction that closed
in November 2006 and securitizes loans granted to primarily
speculative-grade corporate firms.  The reinvestment period ended
in January 2013.

RATINGS LIST

Class           Rating             Rating
                To                 From

Versailles CLO M.E. I PLC
EUR337.5 Million Floating-Rate Notes and Subordinated Notes

Ratings Raised

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

Rating Withdrawn

S               NR                 AAA (sf)

NR--Not rated.



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


ASTALDI SPA: Fitch Affirms 'B+/RR4' LT Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has affirmed Astaldi S.p.A.'s Long-term Issuer
Default (IDR) and senior unsecured ratings at 'B+/RR4'. Fitch has
revised the Rating Outlook to Stable from Positive.

The revision of the Outlook reflects the expected increase in
leverage, with net adjusted leverage to be around 4.2x and 3.8x
in FY14 and FY15 (compared to previous expectations of around
3.4x and 3.5x in FY14 and FY15 respectively). This leverage is
commensurate with a 'B+' rating level Engineering & Construction
issuer. However, Astaldi has continued to report positive
operating results, although challenged by continued working
capital outflows and a cash drain from investing into off balance
sheet non-recourse concession projects.

Fitch adjusts leverage calculation for Astaldi by including off-
balance sheet receivables factoring (around EUR160 million as at
September 2014) and assuming that some cash held in joint-
ventures (EUR52 million) is not readily available for debt
repayment.

KEY RATING DRIVERS

Large Working Capital Requirements
Astaldi's financial profile is negatively influenced by the fact
the company largely funds its working capital requirements given
that advanced payments are not usual practice in some of its core
markets (Italy and Poland). On the other hand, Fitch perceives
less risks in Astaldi's construction business profile as a sharp
fall in new orders in Italy should not dramatically affect the
liquidity profile of the company.

Astaldi posted working capital outflows of around EUR159 million
in FY13 and around EUR250 million as of September 2014. The
company started receiving payments from the Venezuelan government
in August 2014 but Fitch highlights that the outstanding amount
to be collected was around EUR290 million (as of September 2014)
compared to an annual EBITDA of EUR302 million (FY13).

Manageable Exposure to Russia
Astaldi has two projects in Russia (Pulko Airport and ring-road
in St Petersburg) with an overall exposure of less than 10% in
backlog and around 15% in revenue terms. Fitch acknowledges that
the Pulko Airport project is at a very advanced stage of
completion (around 90-95%) while the ring-road project is still
at medium stage of completion. Despite having a manageable
exposure, Fitch will closely monitor this situation.

Construction Business Remains Solid
Astaldi's construction segment continues to be solid mainly
supported by its diversified order book (EUR7.5 billion as of
September 2014) providing revenue visibility of around three
years and close to five years including new orders already signed
but not yet included in the backlog. However, the latter is
offset by Astaldi's significant concentration risk with top 10
contracts representing around 60% of total backlog which is the
highest among its direct peers.

Astaldi holds leading positions in some segments such as
transport infrastructure (core business with around 81% of total
revenues in FY13) and benefits from higher profitability compared
to some of its peers.

Greenfield Concessions
Fitch highlights that a significant portion of Astaldi's
concessions are still under construction or in the financing
phase. Although some execution risk is still present, Fitch
acknowledges that the company has done some construction progress
in the last year and now expects four concessions to be
operational in 2015/2016. Additionally, the operational risk is
mitigated by the granted nature of the revenues covering an
average 70% of the total.

Concession HoldCO
Astaldi has announced its intention to create a Special Purpose
Vehicle (SPV) to agglutinate some of its concessions. The
objective is to crystallize value by accelerating the disposal
process of these assets. Fitch understands that a majority stake
of this vehicle will be offered to institutional investors.

Asset Recycling Strategy
Following the creation of the SPV, Astaldi's concessions should
be self-funded with no further equity injections from the
recourse business. The latter is credit positive but Fitch also
highlights that should the cash proceeds collected from the
disposals not be used to reduce gross recourse leverage, that
would not benefit recourse bondholders.

RATING SENSITIVITIES
Positive: Future developments that may, individually or
collectively, lead to a positive rating action include:

Evidence of successful implementation of asset rotation strategy
with a clear reflection on gross recourse debt reduction
Material improvement in adjusted working capital dynamics
(including factoring)
Fitch's net adjusted leverage below 3.5x
Improved geographic mix and reduced exposure to Italy with an
increased exposure towards construction contracts with advanced
payments and reduced order backlog concentration

Negative: Future developments that may, individually or
collectively, lead to a negative rating action include:
Evidence of material losses on construction projects
Fitch's net adjusted leverage above 4.5x
Worsening of adjusted working capital position

LIQUIDITY AND DEBT STRUCTURE
Astaldi's new EUR500 million RCF recently replaced the EUR325
million facility maturing in 2016, providing sufficient headroom
to cover short-term financial needs and should also help to
withstand working capital swings during the year. Following the
bond issuance occurred in late 2013 (EUR600 million), Astaldi
tapped the market at the beginning of 2014 with additional EUR150
million senior notes, resulting in a more balanced source of
funding, with bank loans reducing to 48% (compared to 100% pre-
issuance) of the total financing mix and with bonds accounting
for the remaining 52%.


ASTALDI SPA: S&P Revises Outlook to Positive & Affirms 'B+' CCR
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
incorporated civil engineering and construction company Astaldi
SpA to positive from stable.  At the same time, S&P affirmed its
'B+' long-term corporate credit, and issue rating on the
company's debt.  The recovery ratings on this debt remain
unchanged at '4'.

The outlook revision reflects S&P's view that Astaldi may
meaningfully reduce its adjusted debt during 2015, if it is
successful in disposing of a significant portion of its
concessions assets.  S&P do not factor this potential transaction
into its base-case scenario, as it is still at a relatively early
stage, and the timing and amount of cash proceeds raised will
depend in part on the scale of the transaction, as well as market
conditions and the degree of investor interest.

The concessions business has been a key area of investment for
Astaldi, and as of Sept. 30, 2014, it accounted for EUR5.8
billion of the group's backlog in execution (about 44% of the
total). However, so far the business has represented only a small
proportion of profits as income from equity participations (of
EUR18 million during the nine months to Sept. 30, 2014).  If the
transaction goes ahead, S&P expects to see a favorable effect on
its view of Astaldi's financial risk profile, due to lower
adjusted debt and stronger credit metrics.

S&P could revise the outlook back to stable, if the planned sale
in relation of the concessions does not occur, or is delayed, and
therefore the potential improvement in leverage metrics does not
occur during 2015.

S&P's base-case scenario is based on the existing business
activities of the group, and reflects quite sizable ongoing
investments in working capital, capital expenditures (capex), and
concessions.  On this basis, S&P expects negative free operating
cash flow (FOCF) and higher adjusted debt in both 2014 and 2015.
S&P's forecasts assume:

   -- Mid-single-digit percentage point revenue growth in 2014
      and 2015, on the back of the existing backlog and new order
      intake, including concession projects.

   -- A reported operating income margin of around 9%.

   -- Continued investments in working capital.

   -- Capex and investments in concessions taken together of
      around EUR150 million-EUR200 million per year.

   -- Limited dividend payments.

   -- Negative FOCF and higher adjusted debt in 2014 and 2015.

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

   -- In 2014 and 2015, S&P expects the ratio of FFO to debt to
      be around 10%, and the ratio of adjusted debt to EBITDA to
      be around 4.6x-4.8x.

S&P's view of Astaldi's "fair" business risk profile is unchanged
and reflects the moderately high risks inherent in the
engineering and construction industry.  Fixed-price contracts in
Astaldi's construction business (which account for around two-
thirds of the total) can lead to cost overruns if the company
misjudges project expenses or timing.  Moreover, in civil
engineering, competitive tenders, and large projects there is
little insight into contract risk and potential execution issues,
which heighten operating risks.

S&P's rating is also constrained by Astaldi's moderate size by
global standards, and exposure to country risks.  Astaldi's
performance is closely tied to the spending cycle for civil
engineering and nonresidential construction, including in Italy,
which faces ongoing austerity measures.  With Italy contributing
a lower year-on-year share (about 26% in the first nine months of
2014) of Astaldi's consolidated revenues, S&P sees an increased
importance from international activities, and an increase in
country risks, for example in Russia and other emerging markets.
Outside Italy, Astaldi holds meaningful positions in several
other countries, including Turkey, Chile, Venezuela, Algeria, and
Russia.

Supportive factors for the company's business risk profile
include solid market positions in the transportation
infrastructure industry, forward visibility on revenues provided
by a sizable order backlog in execution (EUR7.5 billion as of
Sept. 30, 2014 in construction and EUR5.8 billion in
concessions), a track record of solid contract executions, and
relatively high profit margins for a construction company.

S&P's assessment of Astaldi's "highly leveraged" financial risk
profile is unchanged and reflects S&P's expectation that for 2014
and 2015, Astaldi will demonstrate credit ratios such as adjusted
FFO to debt of around 10% and adjusted debt to EBITDA of around
4.6x-4.8x.  For both years, S&P anticipates that investments in
working capital, capex, and concessions will lead to negative
FOCF and higher adjusted debt.  These figures do not factor in
any transaction related to the concessions assets.

As of Sept. 30, 2014, S&P estimates adjusted debt was around
EUR1.7 billion, up from about EUR1.4 billion as of Dec. 31, 2013.
This mainly reflects an increase in working capital and
investments in concessions.  S&P makes a number of adjustments to
the reported gross financial debt of EUR1.7 billion as of
Sept. 30, 2014, mainly to reflect trade receivables sold, surplus
cash, and operating leases.  On this basis, S&P estimates the
ratio of last-12-months FFO to adjusted debt was around 9% and
adjusted debt to EBITDA was around 5.1x.

The positive outlook reflects the possibility that Astaldi could
meaningfully reduce its adjusted debt and strengthen its leverage
metrics correspondingly, if the company executes on its plan to
dispose of a significant stake in its concessions business during
2015.

For the existing business, S&P expects Astaldi to show stable
profitability in 2014 and 2015 as it executes its existing
backlog and gains new orders.  However, S&P envisage negative
FOCF after investments in working capital, capex, and
concessions, and higher adjusted debt in 2014 and 2015.  For the
current rating, S&P considers adjusted funds from operations
(FFO) to debt of above 10% on a sustained basis.

S&P could raise the rating if the planned sale of a sizable stake
in the group's concessions business goes ahead, and the company
uses the proceeds to repay debt.  S&P would need to anticipate a
sustainable strengthening of the company's leverage metrics to
ratios of FFO to debt and debt to EBITDA comfortably above 12%
and below 5x, respectively, before considering an upgrade.

S&P could revise the outlook back to stable, if the planned sale
in relation of the concessions does not occur, or is delayed, and
therefore the potential improvement in leverage metrics does not
occur during 2015.  S&P could also revise the outlook to stable
if the company experienced an unexpected deterioration in
operating performance, made greater-than-expected investments, or
if S&P revised downward its assessment of liquidity.


BORMIOLI ROCCO: Moody's Affirms B2 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service has affirmed Bormioli Rocco Holdings
S.A.'s B2 corporate family rating (CFR), B2-PD probability of
default rating (PDR) and B3 senior notes rating, and revised the
rating outlook to negative from stable.

"The negative outlook reflects the decline in Bormioli's
profitability in 2014 and the increased uncertainty regarding
Bormioli's performance outlook for 2015," says Tobias Wagner,
Assistant Vice President -- Analyst at Moody's. "Bormioli is
unlikely to recover the EBITDA lost earlier in the year in the
last months of 2014."

Ratings Rationale

The outlook change to negative from stable reflects the decline
in company-reported EBITDA margins from continuing operations to
10% in the nine months to September 2014 after 12% in the prior
year period. The decline was driven, amongst other, by
significant refurbishment activities undertaken in the first
three quarters of 2014, including planned rebuild works that
resulted in some ongoing efficiency issues, for example at one of
the three furnaces (F3) at the company's main pharma glass
packaging site Bergantino, and some unexpected maintenance needs
at one of the furnaces at the Trezzano Food & Beverage site. In
Moody's view, it appears unlikely that Bormioli will be able to
recover lost EBITDA in the remainder of 2014 and, as a result,
Moody's expects Debt/EBITDA (on a Moody's-adjusted basis) to rise
towards 5.9x and, including the additional non-recourse factoring
undertaken in 2014, to around 6.8x for 2014. While factoring
improved the working capital position of Bormioli in 2014, free
cash flow excluding these one-off benefits continues to remain
negative given meaningful interest payments and ongoing high
capex levels.

The change to a negative outlook also reflects the increasing
uncertainty regarding Bormioli's operating performance outlook
for 2015. Although Moody's understands that Bormioli has
identified the causes of operational issues at the F3 Bergantino
furnace and the San Vito site, which houses the other two
remaining pharma glass furnaces, and has taken steps to mitigate
those issues, they are not fully resolved at this stage. Moody's
also expects Bormioli to continue to visibly invest in 2015 along
its scheduled maintenance plan, which likely continues to weigh
on free cash flow generation. Any additional unexpected
refurbishment needs would negatively impact the rating and,
unless EBITDA levels significantly improve in 2015, Bormioli's
ratings are at risk of being downgraded.

Also adding to the uncertainty regarding Bormioli's outlook in
2015 is the company's ongoing analysis to better define its
medium-term industrial strategy and the changes to the management
structure with the resignation of the Executive Chairman in
November 2014. Further changes included the addition of two new
General Managers for its two largest divisions Pharmaceutical
Glass & Plastics and Tableware. Those divisions continue to face
different challenges and business dynamics. In addition, the CEO
of Bormioli's private equity owner Vision Capital assumed the
role of non-Executive Vice-Chairman.

Nevertheless, the B2 corporate family rating (CFR) continues to
reflect Bormioli's established market position and long-standing
customer relationships, particularly in its pharmaceuticals
packaging operations, with meaningful switching costs for
customers as well as some barriers to entry from products that
require customer validation processes and regulatory approval.
The Tableware division has also maintained a relatively stable
performance at company-reported EBITDA level, despite some
exposure to lower growth countries in Europe. However, the B2
rating also incorporates the persistent challenge to contain and
offset cost inflation. It also reflects the high interest cost
and significant investments that result in continued negative
free cash flow generation, which positions the company weakly at
the current rating.

Liquidity Profile

As of September 2014, Bormioli had EUR24 million of cash and
EUR55 million of undrawn liquidity available under a number of
mainly 1-2 year committed local financing arrangements. Bormioli
also substantially increased the use of non-recourse factoring to
EUR48 million factored receivables (or EUr39.5 million of cash
advanced) as of September 2014 under its GE Capital (EUR50
million) and Ifitalia (EUR20 million) factoring lines. Moody's
notes that, while Bormioli extended a range of local facilities
in 2014, additional facilities that are due for annual renewal
are the undrawn, committed EUR5 million Cariparma facility and
EUR14.5 million asset-based Banco Popolare facility which expire
in May and June 2015 respectively. In addition, the undrawn EUR15
million BNP facility carries a financial maintenance leverage
covenant at 4x, which may be challenging to comply with for
Bormioli by June 2015. Moody's would expect Bormioli to address
these upcoming maturities well ahead of time, as it has done in
the past, and extend liquidity arrangements as and when needed on
a timely basis.

Structural Considerations

Bormioli's PDR of B2-PD is aligned with the CFR, reflecting an
assumed recovery rate of 50%. The B3 rating and loss given
default assessment (LGD) of LGD5 assigned to the group's EUR250
million senior secured notes issued by Bormioli Rocco Holdings
S.A. is one notch below the CFR and reflects the structural
subordination with regards to local facilities and operating
liabilities at operating subsidiary levels (ie Bormioli Rocco
S.p.A).

What Could Change the Rating -- UP

While Moody's does not expect any ratings upgrade in the next 12
months, positive rating pressure could gradually build if
Bormioli achieves visible and sustainable EBITDA growth with
EBITDA margins improving towards the mid teens, displays visible
deleveraging so that debt/EBITDA (excluding factoring) falls
below 4x on a sustainable basis and returns back to (at-least)
neutral free cash flow generation (all as adjusted by Moody's).

What Could Change the Rating -- DOWN

Bormioli's ratings are likely to be downgraded if Moody's
believes that the company will be unable to significantly recover
and increase EBITDA in 2015, for example from continued
operational issues or an inability to pass on cost inflation.
Similarly, continued negative free cash flow generation, a
debt/EBITDA ratio (excluding factoring) that remains above 5.5x
in 2015 or a weakening in the company's liquidity profile would
likely result in a downgrade.

Principal Methodologies

The principal methodology used in these ratings was Global
Packaging Manufacturers: Metal, Glass, and Plastic Containers
published in June 2009. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in
the U.S., Canada and EMEA published in June 2009.

Headquartered in Fidenza, Italy, Bormioli Rocco Holdings S.A. is
a producer of glass and plastic packaging products used in the
pharmaceutical as well as in the food & beverage industry.
Bormioli is also a manufacturer of glass tableware for home and
professional use, with strong brand recognition in Italy.


VENETO BANCA: S&P Lowers Counterparty Credit Rating to 'BB-'
------------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
Italian financial institutions.  The rating actions take into
account Standard & Poor's decision to lower the long- and short-
term sovereign credit ratings on Italy to 'BBB-/A-3' from 'BBB/A-
2' on Dec. 5, 2014, and the main factors behind the sovereign
downgrade.  In particular, the actions reflect S&P's belief that
economic risks have increased for Italian banks as a consequence
of weaker economic conditions in the country than S&P had
previously anticipated, and the likely impact of this on banks'
credit losses.  S&P also take into consideration the most recent
bank-specific developments.

S&P will publish individual research updates on the entities that
appear in the ratings list to provide more detail on the
rationale behind each rating action.

The lowering of the sovereign credit ratings has had a twofold
impact on S&P's ratings on Italian banks.  First, it has affected
those banks that S&P previously rated 'BBB' as it seldom rate
financial institutions above the foreign currency rating on the
country where the bank is domiciled.  This is due to the high
interconnectedness S&P sees between the creditworthiness of
sovereigns and banks, particularly in those cases where banks are
significantly concentrated in that country.

Second, the lowering of the sovereign credit rating on Italy has
also affected those ratings in which S&P incorporated some degree
of ratings uplift for potential extraordinary government support,
as a weaker sovereign credit standing, in accordance with S&P's
criteria, reduces that potential.

The rating actions also reflect S&P's view that economic
prospects in Italy are likely to remain weaker over the next
couple of years than S&P had previously anticipated.  S&P expects
the Italian economy to exit recession in early 2015, although it
expects the pace of recovery to be low as S&P now forecasts only
a moderate 0.2% of GDP growth in the full year compared with
S&P's previous forecast of 1.1%, and a persistently modest 0.8%
economic expansion in 2016.  This is the result of a weaker-than-
expected recovery in private consumption, due to difficult labor
market conditions, high unemployment levels, gradual budgetary
consolidation, and subdued investment activity.  In addition, the
outlook for demand remains uncertain, including weaker economic
growth prospects in Italy's main trading partners in Europe and
elsewhere.  S&P also believes that a challenged monetary
transmission mechanism might impede a faster improvement in
credit conditions.

Persistently weak economic conditions in Italy are likely, in
S&P's opinion, to continue to undermine the creditworthiness of
the private sector and, consequently, banks' asset quality and
profitability prospects.  S&P therefore believes that Italian
banks' credit losses will likely be high over the next couple of
years, significantly exceeding our previous expectations, and
that they will start to normalize only in the medium-to-long
term.  In this context, S&P's expectations for losses in the
banks' credit portfolios are affected by its view that
problematic assets will likely continue to grow and credit
recovery processes will remain long.  S&P forecasts that
cumulative credit losses for the Italian banking sector will
account for about 4.0%-4.5% of total loans in 2014-2016, with
peak losses of about 1.5%-1.8% on average in both 2014 and 2015,
with a gradual decline from 2016.

S&P therefore now considers that the likely impact of the ongoing
economic correction on the Italian banking system will be more
severe than anticipated, reflecting higher economic risk for
Italian banks than previously.  Following S&P's review, it now
views the trend for economic risk as stable, as S&P's current
assessment fully reflects its view of the likely impact of the
long and subdued economic recovery on the credit risk in the
Italian financial system.  In addition, S&P now considers it
unlikely that credit losses would substantially exceed its
revised expectations or that economic resilience would weaken
significantly more than we anticipate in the next two years.

"We maintain unchanged our view of the industry risks that
Italian banks face, and we believe that these risks remain on a
stable trend.  Our assessment of high systemwide funding risks is
unlikely to deteriorate further over the next 18-24 months,
taking into account, among other things, that our outlook on the
long-term sovereign credit rating on Italy is now stable.
Moreover, our intermediate risk assessment of the system's
competitive dynamics already incorporates our expectation that
Italian banks' profitability will remain low over the next few
years, partly due to cyclical factors.  Our expectations include
our assessment of how the high fragmentation of the Italian
banking system, which negatively weighs on Italian banks'
efficiency and earnings generation, would affect the system's
competitive dynamics.  They also incorporate our view of the
weaknesses in several domestic entities' corporate governance.
In this context, our intermediate risk assessment of the system's
institutional framework incorporates the gradual benefits we
expect will likely occur owing to a large part of the Italian
banking system now being part of the single European mechanism
under the European Central Bank supervision," S&P said.

"As a result of the heightened economic risks we now see in the
domestic environment, and despite our unchanged assessment of
industry risk for Italian banks, we have revised down our
anchor -- the starting point in assigning an issuer credit rating
to a bank -- for banks operating predominantly in Italy to 'bb+'
from 'bbb-'. The anchor for Intesa, Mediobanca, FGA Capital, and
UniCredit is 'bbb-', one notch higher than that for other Italian
banks, because in our assessment we balance the higher economic
risk these banks face in Italy with the benefits of having part
of their lending outside Italy in countries where we see lower
economic risks," S&P added.

The lowering of S&P's ratings on Mediobanca, Intesa, Cariparma,
BNL, and local branches of foreign banks is solely driven by the
lowering of S&P's long-term sovereign credit ratings on Italy.

The stand-alone credit profiles (SACPs) for Intesa and Mediobanca
are higher than the foreign currency sovereign credit rating on
Italy.  The ratings on these banks are therefore constrained by
the weaker creditworthiness of their country.  This takes into
account that, in accordance with S&P's "Ratings Above The
Sovereign -- Corporate And Government Ratings: Methodology And
Assumptions," an entity can be rated above the sovereign foreign
currency rating if, in S&P's view, there is an appreciable
likelihood that it would not default if the sovereign were to
default.

In applying this methodology, S&P first determine the entity's
"potential rating", which it compares with the sovereign foreign
currency rating on the country where the entity has "material"
exposure.  By "potential rating" S&P means the rating that it
would assign prior to considering any stress scenario.  S&P
generally considers exposure to be "material" when it represents
approximately 25% or more of the entity's total exposure, which,
for a bank, is typically either its risk-weighted assets or
loans. If the potential rating is above the relevant sovereign
foreign currency rating, as is the case for Mediobanca and Intesa
(for which S&P has maintained an SACP assessment of 'bbb'), S&P
considers the effects of a hypothetical sovereign stress scenario
on the entity.

"For an entity to be rated above the respective sovereign foreign
currency rating, we apply a hypothetical sovereign foreign
currency default stress scenario (stress test).  Entities that
"pass" such a stress test can be rated above the sovereign
foreign currency rating.  Where a financial institution or
insurance company has exposure in excess of about 50%
concentrated in its country of domicile (as is the case for
Intesa and Mediobanca, with 75% and 80% of their exposures in
Italy, respectively), we generally consider it highly likely that
the entity would fail a stress test associated with a sovereign
foreign currency default. As a result, we typically would not
undertake the stress test," S&P noted.

"In the cases of Cariparma and BNL, in line with our criteria to
determine whether we can rate a financial services group entity
above the sovereign rating based on the potential for group
support in the event of a hypothetical sovereign default, our
ratings on these two entities are constrained at the rating on
Italy, their country of domicile.  This reflects our view that
Cariparma and BNL's respective parents would be unlikely to
sufficiently support them in a stress scenario associated with a
hypothetical sovereign default to result in rating Cariparma and
BNL higher than Italy, according to our criteria," S&P added.

The lowering of S&P's long-term ratings on UniCredit reflects its
view that the bank's credit risk profile is weakened by
heightened economic risks in Italy.  Even if UniCredit enjoys a
wider geographic diversification than other Italian banks, the
heightened economic risks S&P now sees in the domestic
environment for Italian banks have resulted in a lowering of its
anchor on the bank to 'bbb-' from 'bbb' and, consequently, of the
bank's SACP to 'bbb-' from 'bbb'.  Despite the downgrade of the
parent bank, S&P has affirmed its long- and short-term ratings on
UniCredit's core subsidiaries, UniCredit Bank AG and UniCredit
Bank Austria AG.

"In line with our criteria, we assess UniCredit group's
creditworthiness, including its capital position, on a
consolidated basis.  In this context, we assume fungibility of
resources among UniCredit group entities within regulatory
limits. Our assessment takes into account management's public
stance on managing capital allocations on a consolidated basis,
including excess regulatory capital in certain operations, and
the group's track record in this regard.  We note that our
current ratings on some of UniCredit's foreign subsidiaries are
higher than our assessment of UniCredit's group credit profile.
This reflects our view of the high systemic importance of these
entities in their countries of domicile, and the supportive
stance we currently assign to the authorities in those countries.
Still, we consider that the potential intervention of local
governments to preserve the creditworthiness of local
subsidiaries and restrict the flow of resources to other parts of
the group would be likely only in scenarios of significantly
higher stress on the group and parent bank than those reflected
at the 'BBB-' rating level," S&P added.

The downgrade of most of the other banks included in this review
was the result of the lowering of the anchor for most banks
and/or S&P's view of banks' weaker capital positions in the
context of heightened economic risks, except for BPER and BPAA.
S&P therefore also lowered the debt ratings assigned to the
hybrid instruments issued or guaranteed by most of these banks.
S&P also lowered its issue ratings on the hybrid instruments
issued or guaranteed by Intesa and Mediobanca, whose ICRs are now
lower than their SACPs, as in these cases S&P derives ratings on
hybrid issues by notching from the lowest of the bank's ICR and
SACP, in accordance with S&P's criteria.

In accordance with S&P's criteria, the lowering of its sovereign
credit rating on Italy, given its 'bb-' assessment of BPER's
SACP, has led S&P to remove the notch of uplift for extraordinary
government support that S&P previously incorporated into its
ratings on BPER.

The lowering of S&P's long-term rating on BPAA reflects its view
that BPAA's risk profile is weakened by the heightened economic
risk S&P sees in Italy and by the merger with Marostica, which in
S&P's view has poor asset quality.

"We have improved our assessment of the liquidity position of
Veneto Banca, BPAA, and Credem. This reflects our belief that
each bank has launched and/or completed several actions aimed at
enhancing their liquidity position, which we believe should allow
them to reduce their reliance on short-term funding while
enhancing their liquidity buffers.  At the same time, we have
also removed the one notch of uplift we previously included in
our ratings on these banks to reflect that access to ECB
facilities, particularly the LTRO, has given them time to
rebalance their liquidity profile to a more sustainable
position," S&P said.

"We have also upgraded Dexia Crediop SpA (Crediop) following
management's approval of a restructuring plan to manage it in
run-off, in line with the rest of the Dexia group.  We assume
that any negotiations with a third party for the potential
disposal of Crediop have concluded.  We therefore consider that
the entity is now more closely integrated with the rest of the
group," S&P noted.

For most of the banks our outlooks are currently stable,
reflecting S&P's expectation that the main factors supporting its
ratings are unlikely to change over the next 12-24 months.  The
stable outlook on Intesa, Mediobanca, BNL, and Cariparma mirrors
that on S&P's sovereign credit ratings on Italy.  S&P still has
negative outlooks on four banks -- UBI, Unipol Banca, Veneto
Banca, and ICS -- reflecting in the case of UBI, Unipol Banca,
and ICS the pressure S&P still sees on their capacity to preserve
their current stand-alone creditworthiness.  In the case of
Veneto Banca, this reflects the possible reduction or removal of
extraordinary government support from their ratings, as
resolution regimes are put in place by the end of 2015.

S&P placed the ratings on Mediocredito Centrale on CreditWatch
with negative implications to reflect the possibility that S&P
could lower the long-term rating on MCC if S&P perceives that
Poste Italiane's commitment to MCC has diminished and/or if S&P
concludes that a lack of clarity regarding MCC's role within
Poste Italiane affects MCC's financial and business profile.

The ratings on Carige remain on CreditWatch negative, reflecting
S&P's view that it could lower the long-term rating if it
concludes that Carige is unlikely to complete its announced
capital strengthening measures in the next few months that would
sufficiently cover the capital shortfall identified by the ECB
stress test, and if S&P believes that extraordinary government
support measures are also unlikely to materialize in a timely
manner.

BICRA SCORE SNAPSHOT*
Italy                           To              From

BICRA Group                     6               5

Economic risk                  7               6
   Economic resilience          High risk       High risk
   Economic imbalances          High risk       Intermediate risk
   Credit risk in the economy   High risk       High risk
  Trend                         Stable          Negative

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

Long- and short-term ratings lowered; Outlook action

                               To                   From

Banca Nazionale del Lavoro SpA
Cassa di Risparmio di Parma e Piacenza SpA
Intesa Sanpaolo SpA
Banca Fideuram
Banca IMI SpA
Mediobanca SpA
UniCredit SpA
UniCredit Leasing
Counterparty Credit Rating   BBB-/Stable/A-3      BBB/Neg/A-2

Istituto Centrale delle Banche Popolari Italiane SpA
CartaSi SpA
Counterparty Credit Rating   BB+/Stable/B         BBB-/Neg./A-3

Long- and short term ratings lowered

                               To                   From

Istituto per il Credito Sportivo
Counterparty Credit Rating   BBB-/Neg/A-3         BBB/NegA-2

Long-term rating lowered; Short-term rating affirmed

                               To                   From

Veneto Banca S.C.P.A
  Counterparty Credit Rating   BB-/Negative/B       BB/Negative/B

Long-term ratings lowered; CreditWatch/Outlook action;
Short-term rating affirmed

                               To                   From
Banca Popolare dell'Alto Adige
  Counterparty Credit Rating   BB/Stable/B       BB+/Watch Neg/B


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

Iccrea Holding SpA
Iccrea Banca SpA
Iccrea BancaImpresa SpA
  Counterparty Credit Rating   BB/Stable/B       BB+/Neg/B

BNP Paribas SA Milan Branch
BNP Paribas Securities Services (Milan Branch)
Bank of New York Mellon (Luxembourg) S.A., (Italian Branch) (The)
  Counterparty Credit Rating   A/Stable/A-1      A+/Neg/A-1

MedioCredito Centrale SpA
  Counterparty Credit Rating   BB/Watch Neg/B    BB+/Neg/B

Long- and short-term ratings raised; Outlook action
                               To                   From
Dexia Crediop SpA
  Counterparty Credit Rating   BBB-/Stable/A-3   BB-/Developing/B


Long- and short-term ratings affirmed

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

FGA Capital SpA
  Counterparty Credit Rating   BB+/Stable/B         BB+/Stable/B

Unione di Banche Italiane Scpa
  Counterparty Credit Rating   BBB-/Neg/A-3        BBB-/Neg/A-3

Unipol Banca SpA
  Counterparty Credit Rating   BB-/Negative/B       BB-/Neg/B

UniCredit Bank AG
  Counterparty Credit Rating   A-/Negative/A-2      A-/Neg/A-2
UniCredit Bank Austria AG
  Counterparty Credit Rating   BBB+/Negative/A-2    BBB+/Neg/A-2

Long- and short-term ratings affirmed; Outlook action
                               To                   From
Credito Emiliano SpA
  Counterparty Credit Rating   BBB-/Stable/A-3      BBB-/Neg/A-3

CreditWatch Update
                               To                   From
Banca Carige SpA
  Counterparty Credit Rating   B-/Watch Neg/C     B-/Watch Neg/C

N.B.--This list does not include all ratings affected.



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


CAIRN CLO IV: Fitch Assigns 'B-sf' Rating to Class F Notes
----------------------------------------------------------
Fitch Ratings has assigned Cairn CLO IV B.V.'s notes final
ratings as follows:

EUR175.00 million Class A-1: 'AAAsf'; Outlook Stable
EUR5.00 million Class A-2: 'AAAsf'; Outlook Stable
EUR20.25 million Class B-1: 'AAsf'; Outlook Stable
EUR15.00 million Class B-2: 'AAsf'; Outlook Stable
EUR16.75 million Class C: 'Asf'; Outlook Stable
EUR15.75 million Class D: 'BBBsf'; Outlook Stable
EUR21.00 million Class E: 'BBsf'; Outlook Stable
EUR8.00 million Class F: 'B-sf'; Outlook Stable
EUR32.60 million Subordinated notes: not rated

Cairn CLO IV B.V. is an arbitrage cash flow collateralized loan
obligation (CLO).

KEY RATING DRIVERS

Portfolio Credit Quality

Fitch expects the average credit quality of obligors to be in the
'B'/'B-' range. The agency has credit opinions on 100% of the
identified portfolio. The weighted average rating factor of the
initial portfolio, which represents 83.9% of the target par
balance, is 33.1.

High Recovery Expectations

At least 90% of the portfolio will comprise senior secured
obligations. Fitch views the recovery prospects for these assets
as more favorable than for second-lien, unsecured and mezzanine
assets. Fitch has assigned Recovery Ratings (RR) to all assets in
the indicative portfolio. The weighted average recovery rating of
the indicative portfolio is 71.1%.

Payment Frequency Switch

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

Limited Interest Rate Risk

Interest rate risk is naturally hedged for most of the portfolio,
as 93.5% of the notes are floating rate and a maximum of 7.5% of
assets can be fixed rate. Fitch modelled both 7.5% and 0% of
fixed-rate assets in its analysis, and found that the rated notes
can withstand the interest rate mismatch associated with both
scenarios.

TRANSACTION SUMMARY

Net proceeds from the notes will be used to purchase a EUR300
million portfolio of mostly euro-denominated leveraged loans and
bonds. The transaction features a four-year reinvestment period
and the portfolio of assets will be managed by Cairn Loan
Investments LLP.

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

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

RATING SENSITIVITIES

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

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


CELF LOAN: Moody's Affirms Ba3 Rating to EUR12.5MM Cl. Y Notes
--------------------------------------------------------------
Moody's Investors Service has taken a variety of rating actions
on the following notes issued by CELF Loan Partners B.V.

  EUR283.5 million (current outstanding EUR 27.4M) Class A Senior
  Secured Floating Rate Notes, Affirmed Aaa (sf); previously on
  May 20, 2014 Affirmed Aaa (sf)

  EUR54 million Class B Senior Secured Floating Rate Notes,
  Upgraded to Aaa (sf); previously on May 20, 2014 Upgraded to
  Aa1 (sf)

  EUR30.5 million Class C-1 Senior Secured Deferrable Floating
  Rate Notes, Upgraded to Baa1 (sf); previously on May 20, 2014
  Upgraded to Baa3 (sf)

  EUR10 million Class C-2 Senior Secured Deferrable Fixed Rate
  Notes, Upgraded to Baa1 (sf); previously on May 20, 2014
  Upgraded to Baa3 (sf)

  EUR16 million Class D Senior Secured Deferrable Floating Rate
  Notes, Affirmed B1 (sf); previously on May 20, 2014 Affirmed B1
  (sf)

  EUR1.53 million Class X Combination Notes, Affirmed Aa1 (sf);
  previously on May 20, 2014 Affirmed Aa1 (sf)

  EUR12.5 million Class Y Combination Notes, Affirmed Ba3 (sf);
  previously on May 20, 2014 Upgraded to Ba3 (sf)

  EUR15 million Class Z Combination Notes, Upgraded to A3 (sf);
  previously on May 20, 2014 Upgraded to Baa2 (sf)

CELF Loan Partners B.V., issued in April 2005, is a
collateralized loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by CELF Advisors LLP. The transaction's reinvestment
period ended in July 2011.

Ratings Rationale

According to Moody's, the rating actions taken on the notes
result from the deleveraging since last rating action in May
2014.

The Class A notes have paid down by approximately EUR63.4 million
(22.44% of closing balance) since last rating action. As a result
of the deleveraging, over-collateralization (OC) ratios have
increased. As of the trustee report dated November 2014, the
Class A/B, Class C and Class D OC ratios are reported at 184.8%,
123.4% and 109.1%, respectively, versus April 2014 levels of
148.6%, 116.1% and 106.9%, respectively.

The ratings on the combination notes address the repayment of the
rated balance on or before the legal final maturity. For the
Class Z notes, the 'rated balance' at any time is equal to the
principal amount of the combination note on the issue date times
a rated coupon of 1.5% per annum accrued on the rated balance on
the preceding payment date, minus the sum of all payments made
from the issue date to such date, of either interest or
principal. For the Class Y and Class X, the rated balance at any
time is equal to the principal amount of the combination note on
the issue date minus the sum of all payments made from the issue
date to such date, of either interest or principal. Class X
Combination Notes is a combination of a piece of equity and a
stripped French Treasury (Obligation Assimilable du Tresor
Securities or 'OAT strip') therefore the credit rating of the
Class X is largely driven by the rating of their French OAT
Strip. The rated balance will not necessarily correspond to the
outstanding notional amount reported by the trustee.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analyzed the underlying collateral pool as having a
performing par of EUR124.3 million, principal proceeds balance of
EUR17.4 million, defaulted par of EUR11.9 million, a weighted
average default probability of 24.7% over 4.3 year weighted
average life (consistent with a WARF of 3,463), a weighted
average recovery rate upon default of 47.6% for a Aaa liability
target rating, a diversity score of 16 and a weighted average
spread of 3.71%.

In its base case, Moody's addresses the exposure to obligors
domiciled in countries with local currency country risk bond
ceilings (LCCs) of A1 or lower. Given that the portfolio has
exposures to 13.8% of obligors in Italy and Spain, whose LCC are
A2 and A1, respectively, Moody's ran the model with different par
amounts depending on the target rating of each class of notes, in
accordance with Section 4.2.11 and Appendix 14 of the
methodology. The portfolio haircuts are a function of the
exposure to peripheral countries and the target ratings of the
rated notes, and amount to 1.5% for the Class A and the Class B
notes.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed a recovery of 50% of the 93.1% of the portfolio
exposed to first-lien senior secured corporate assets upon
default, of 15% of the 5.9% of the portfolio exposed to non-
first-lien loan corporate assets upon default, and of 20% of the
1.0% of the portfolio exposed to structured finance assets upon
default. In each case, historical and market performance and a
collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analyzing.

Methodology Underlying the Rating Action:

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

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

In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it assumed a lower weighted average recovery rate in
the portfolio. Moody's ran a model in which it reduced the
weighted average recovery rate by 5%; the model generated outputs
were within one notch of the base-case results.

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
note, in light of 1) uncertainty about credit conditions in the
general economy especially as 13.8% of the portfolio is exposed
to obligors located in Spain and Italy and 2) the exposure to
lowly-rated debt maturing between 2014 and 2015, which may create
challenges for issuers to refinance. CLO notes' performance may
also be impacted either positively or negatively by 1) the
manager's investment strategy and behavior and 2) divergence in
the legal interpretation of CDO documentation by different
transactional parties because of embedded ambiguities.

Additional uncertainty about performance is due to the following:

1) Portfolio amortization: The main source of uncertainty in this
transaction is the pace of amortization of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortization could accelerate as a consequence of high loan
prepayment levels or collateral sales by the liquidation agent or
be delayed by an increase in loan amend-and-extend
restructurings. Fast amortization would usually benefit the
ratings of the notes beginning with the notes having the highest
prepayment priority.

2) Around 26% of the collateral pool consists of debt obligations
whose credit quality Moody's has assessed by using credit
estimates.

3) Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's over-
collateralization levels. Further, the timing of recoveries and
the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's
analyzed defaulted recoveries assuming the lower of the market
price or the recovery rate to account for potential volatility in
market prices. Recoveries higher than Moody's expectations would
have a positive impact on the notes' ratings.

4) Long-dated assets: The presence of assets that mature beyond
the CLO's legal maturity date exposes the deal to liquidation
risk on those assets. Moody's assumes that, at transaction
maturity, the liquidation value of such an asset will depend on
the nature of the asset as well as the extent to which the
asset's maturity lags that of the liabilities. Liquidation values
higher than Moody's expectations would have a positive impact on
the notes' ratings.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.


MOSCOW STARS: Fitch Affirms 'BBsf' Rating on Class B Notes
----------------------------------------------------------
Fitch Ratings has affirmed Moscow Stars B.V., as follows:

Class A (ISIN: XS0307297225): affirmed at 'BBsf'; Outlook Stable
Class B (ISIN: XS0307297811): affirmed at 'BBsf'; Outlook Stable

Moscow Stars B.V. is a securitization of mortgage loans
originated by CB Moskommertsbank (MKB; CCC).

KEY RATING DRIVERS

Originator IDR Rating Cap
According to Fitch's criteria for legal risks in emerging market
securitizations, the notes' ratings are constrained by a maximum
six-notch uplift above MKB's Long-term Issuer Default Rating
(IDR). As a result, the notes are capped at 'BB+sf'. Given the
ongoing weakness of the originator, Fitch has decided to limit
the outstanding notes' ratings one notch below the cap at 'BBsf'.

Deteriorating Performance

Loans in arrears by more than three months increased to 16.5% as
of October 2014 compared with 14.5% at the last review in March
2014. Defaults as a percentage of the initial balance increased
to 9.1% from 8.7%. Fitch expects both trends to continue. The
underlying loans in the portfolio are US dollar-denominated while
the broad majority of borrowers generate income in local
currency. The depreciation of the Russian rouble in relation to
US dollar will continuously put pressure on borrower
affordability and is expected to materialize more substantially
in the coming months.

Reserve Fund Increasing

As of October 2014, the reserve fund stood at USD16.8m compared
with USD9.9 million at closing. The reserve fund target increased
to USD19.8 million in March 2009. Since then excess spread has
been trapped to top-up the reserve fund to its new target amount.
When the reserve fund reaches its target, it will start
amortizing until it reaches its floor amount of USD2.8 million.
Proceeds released from the reserve fund will be available for the
class C principal deficiency ledger and to pay off the
subordinated loan. The fund is kept with BNY Mellon (AA-
/Stable/F1+) outside Russia. It is thus not affected by transfer
and convertibility constraints that might be imposed by the
Russian sovereign.

Substantial Credit Enhancement (CE)

CE for the class A and B notes has built up to 123% and 75%
compared with 17% and 8% at closing, as a result of sequential
amortization of the notes and the continued replenishment of the
reserve fund. Fitch considers CE for both rated tranches to be
sufficient to withstand the 'BBsf' rating stresses and expects CE
to continue to build up. The agency considers CE to be so high
that any borrower stress from the rouble depreciation can be
mitigated. For this reason, both tranches have been affirmed with
a Stable Outlook.

RATING SENSITIVITIES

A change in MKB's IDR could result in a revision of the highest
achievable ratings.


SPYKER NV: Failure to Secure Bridging Loan Prompts Bankruptcy
-------------------------------------------------------------
Spyker, one-time owner of Sweden's Saab, declared bankruptcy on
Dec. 18, after failing to secure a critical bridging loan it had
hoped would help it refinance and restructure.

The company, formed in 2000 to resurrect an early 20th century
Dutch auto marque, had filed for protection from creditors
earlier this month, hoping to stave off collapse, Reuters
relates.

According to Reuters, Victor Muller, the company's founder and
chief executive, said he would now work to resurrect the group
and focus on electric vehicles.

Spyker NV -- http://www.spykernv.com/-- is a Netherlands-based
holding company engaged in the automobile industry sector. As of
December 31, 2011, the Company, formerly Swedish Automobile NV,
operated within one business segment, namely Spyker Sports Car.
The Spyker Sports Car segment comprises the design, development,
production and sale of motorcars and Grand Turismo (GT) racing
under the Spyker brand name.  The Company markets its products in
Europe and the Middle East, the United States and Asia.  As of
December 31, 2011, the Company had such wholly owned
subsidiaries, as Spyker Automobielen B.V., Spyker Squadron B.V.,
Spyker Events & Branding N.V., Spyker Holding B.V., Spyker of
North Americal LLc and Spyker Cars UK Ltd, as well as owned 51%
shares of Spyker of China Ltd and had shareholding in other
companies.



=============
R O M A N I A
=============


CE HUNEDOARA: Nears Insolvency; Quintana Eyes Acquiring Firm
------------------------------------------------------------
Business Review, citing Mediafax, reports that Andrei Gerea, the
new SME's and Energy minister said on December 15 that Hunedoara
Energy Complex (CE Hunedoara) is close to insolvency and needs to
increase efficiency, while there is some interest in its
privatization.

Business Review relates that earlier on December 15, the former
Energy minister, Razvan Nicolescu, which is no longer part of the
new government, said U.S. company Quintana Minerals Corporation
is interested in the privatization of state-owned coal and
electricity producer and required information on the state
company from Romania's Department for Energy.

According to the report, Mr. Nicolescu said at that point that
CEH needs money urgently for investments but it also needs a good
management team.

Quintana Energy Partners I & II, L.P. (Quintana) were formed by
Quintana Capital Group, L.P. to make control-oriented equity
investments across the oil and natural gas, coal and power
industries, the report discloses. With approximately
US$950 million in capital commitments, Quintana is opportunistic
in selecting investments across the upstream, service and
downstream sectors of the energy industry, says Business Review.

CE Hunedoara is a Romanian state-owned electricity producer. The
complex has 6,500 employees and has four mines and two
powerplants in its portfolio. CE Hunedoara supplied 7 percent of
Romania's electricity requirements in 2013.



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


ATON CAPITAL: Moody's Affirms 'B2' Currency Issuer Ratings
----------------------------------------------------------
Moody's Investors Service has affirmed the B2/Not Prime long-term
and short-term foreign- and local-currency issuer ratings of Aton
Capital Group, concurrently maintaining a negative outlook on the
B2 long-term foreign-and local-currency issuer ratings.

Moody's assessment of the issuer's ratings is largely based on
Aton Capital Group's audited financial statements for 2013 and
its unaudited financial statements for Q3-2014, prepared under
IFRS.

Ratings Rationale

The key driver for the negative rating outlook is the worsening
operating environment in Russia, which puts pressure on Aton
Capital Group's revenue generation and profitability. Moody's
expects the weakening economy to affect volatile revenues
generated from the company's core businesses, particularly
trading and private equity segments. The latter will also be
undermined by increased cost of funds in the local market
following the recent surge of the Central Bank of Russia's (CBR)
key interest rate to 17% in December 2014 from 5.5% at the
beginning of the year. The rating agency expects the revenue
volatility to persist over the next 12-18 months.

Moody's notes that amid volatile net revenues, Aton Capital Group
has significantly tightened control over operational costs since
2013 in order to underpin profitability via closure of
inefficient branches and headcount optimization. Operating
efficiency has improved significantly, with the cost-to-income
ratio amounting to 56.3% in the first nine months of 2014 (year-
end 2013: 56.1%, year-end 2012: 100.2%). As a result, the company
recognized $23.6 million net income for the first nine months of
2014 under unaudited IFRS which translates into annualized return
on equity (ROE) of 10.7% (2013: 15.9%, 2012: 0.5%).

Moody's notes that Aton Capital Group has historically adopted a
low-leverage policy which translated into leverage not exceeding
2x (Q3-2014: 1.8x; year-end 2013: 1.7x, and year-end 2012: 1.9x).
In the rating agency's view, the company's capital (as defined by
its 35.3% equity-to-assets ratio as of 30 September 2014) is
sufficient to absorb market and credit risks with a good level of
confidence. The liquid asset ratio has steadily improved over the
first nine months of 2014 and accounted for 70% of total assets
at Q3-2014 (year-end 2013: 64%; year-end 2012: 66%). Clients'
brokerage accounts and liabilities under repo transactions were
more than 100% covered by liquid assets (i.e., cash and cash
equivalents, financial assets and reverse repo receivables) as of
30 September 2014. The rating agency notes that a predominant
portion of liquid assets is represented by reverse repo
receivables largely settled via the Moscow Exchange and cash held
at large Russian and European banks.

What Could Move the Ratings Up/Down

Given the negative outlook on the long-term ratings, Aton Capital
Group's ratings are unlikely to be upgraded in the next 12 to 18
months. However, the rating outlook could be changed to stable if
there are material improvements in the company's operating
environment.

Downwards pressure could be exerted on Aton Capital Group's
ratings as a result of significant capital erosion or
deterioration of its liquidity profile.

Principal Methodologies

The principal methodology used in these ratings was Global
Securities Industry Methodology published in May 2013.


BYSTROBANK JSC: Moody's Assigns 'B2' Long-Term Deposit Rating
-------------------------------------------------------------
Moody's Investors Service has assigned the following global scale
ratings to BystroBank JSC: B2 long-term and Not-Prime short-term
local- and foreign-currency deposit ratings, and a standalone E+
bank financial strength rating (BFSR), equivalent to b2 baseline
credit assessment (BCA). The outlook on the BFSR is stable while
long-term global scale deposit ratings carry a negative outlook.

The rating action is based on BystroBank's audited IFRS accounts
for year-end 2013, unaudited IFRS for June 30, 2014 and unaudited
statutory accounts as at September 30, 2014.

Ratings Rationale

According to Moody's, BystroBank's ratings are constrained by:
(1) heightened credit risks in the bank's unseasoned retail loan
portfolio amid weak economic environment in Russia; and (2) its
modest regulatory capital. At the same time, assigned ratings
reflect the bank's solid pre-provision profitability,
satisfactory liquidity profile and the bank's entrenched retail
banking franchise in its home region of Republic of Udmurtia
(Russia).

Following rapid lending growth of around 70% in 2013,
BystroBank's asset quality deteriorated during H1-2014 and
Moody's expects this negative trend to continue over the next 12-
18 months, reflecting the overall market trend in Russia driven
by (1) the rapid growth in household indebtedness in recent
years; and (2) the country's weak macroeconomic outlook, which
suppresses the population's net income and hence debt-servicing
capacity. As at June 30, 2014, the level of non-performing loans
(loans defined as more than 90 days overdue) increased to 10.5%
from 6.0% at year-end 2013, which led to an increase in the
bank's credit costs to 9.9% in H1 2014 on an annualized basis
(year-end 2013: 4.3% and year-end 2012: 3.4%).

As a result, BystroBank's profitability has come under pressure:
the bank reported a marginal net profit in H1-2014 of RUB58
million, down from RUB314 million reported at H1-2013, which
translated into annualized return on average assets (ROAA) of
0.34% as at H1-2014, compared with 2.7% at year-end 2013 and 1.7%
at year-end 2012.

Moody's notes that BystroBank's pre-provision income remains
solid (accounting for around 9.8% of average risk weighted assets
in H1-2014), supported by (1) a robust net interest margin (7% in
H1-2014); (2) strong fee generation which contributed 23% of
operating income in H1-2014; and (3) satisfactory cost
efficiency.

BystroBank reports adequate capital levels under the Basel
framework -- with a Tier 1 ratio of 15.7% and total capital
adequacy ratio (CAR) of 17.9% at H1-2014. However, its regulatory
capital ratio (N1) of 10.75% posted as at November 1, 2014 is
very low and will remain a key constraining factor for the
ratings. At the same time, the rating agency notes that, in 2014,
the bank registered a new share issue for the amount of RUB800
million, and shareholders are planning to inject additional
capital in case of need.

BystroBank has maintained adequate liquidity profile, supported
by a sufficient level of liquid assets -- around 22% of total
assets mainly represented by cash, funds on nostro accounts and
unpledged securities as at end -September 2014, which seems
reasonable given the high granularity of the bank's customer
deposit base and the high turnover of its portfolio of consumer
loans. The bank's funding base is dominated by customer deposits
(mainly represented by individual clients) which accounted for
90% of bank's liabilities at Q3-2014.

According to Moody's, BystroBank has leading positions in its
home region with more than 25% market shares in retail loans and
22% market share in retail deposits. The bank's loan portfolio is
dominated by retail loans (around 80% of gross loans) -- mainly
comprising car loans and unsecured consumer loans, accounted for
48% and 33% of gross loans, respectively, at end-September 2014.

Negative Rating Outlook on the Deposit Ratings

The negative outlook on BystroBank's deposit ratings reflects
Moody's expectation that weakening economic conditions in Russia
will erode the bank's profitability and capital over the next 12-
18 months as a result lower business volumes and the negative
pressure caused by weakening asset quality.

What Could Move the Ratings Up/Down

Given the negative outlook on BystroBank's ratings, a ratings
upgrade in the next 12-18 months is unlikely. However, the
outlook could be changed to stable if the bank proves to be
resilient against the asset quality erosion and maintains
adequate levels of profitability and capitalization.

Negative rating actions could result from any of the following:
(1) material deterioration of the operating environment; (2)
BystroBank's credit costs will materially increase beyond the
level currently anticipated by Moody's; (3) its loss absorption
capacity or liquidity profile significantly weaken.

The principal methodology used in these ratings was Global Banks
published in July 2014.

Headquartered in Izhevsk (Russia), BystroBank reported total
assets of RUB32.7billion under unaudited IFRS as of June 30,
2014.


RED & BLACK PRIME: Fitch Puts 'BB+' Class C Notes' Rating on RWN
----------------------------------------------------------------
Fitch Ratings has placed Red & Black Prime Russia MBS No.1
Limited on Rating Watch Negative (RWN) as follows.

Class A (ISIN: XS0294882823): 'A-sf'; on RWN

Class B (ISIN: XS0294883987): downgraded to 'BBBsf' from
'BBB+sf'; on RWN

Class C (ISIN: XS0294884282): 'BB+sf'; on RWN

The transaction is a securitization of Russian mortgage loans
originated by DeltaCredit Bank (BBB/Negative/F3).

KEY RATING DRIVERS

The transaction portfolio consists of US dollar-denominated
loans, while Fitch's understanding is that the borrowers receive
their income in Russian roubles. Due to the significant
depreciation of the rouble in recent weeks, the borrowers'
ability to service their loans could be adversely affected, which
could lead to increased defaults and losses.

Current performance data reported in investor reports does not
yet show signs of performance deterioration. In our view, this is
due to the fact that it is still early for the rouble
depreciation to filter through to arrears. Fitch will monitor the
portfolio performance in the next months to determine whether an
adjustment of its analysis assumptions is warranted. A
significant increase in losses could result in a downgrade of the
notes. However, the notes' credit enhancement has increased since
closing, enabling them to withstand a certain degree of
performance deterioration. In addition, the transaction benefits
from excess spread, which also provides protection.

The downgrade of the class B notes is driven by the downwards
revision of Russia's Country Ceiling to 'BBB' in July 2014.
According to Fitch's criteria, the class B and C notes cannot be
rated above the Country Ceiling due to the absence of mechanisms
sufficiently mitigating transfer and convertibility risks. The
class A notes benefit from a liquidity facility at a bank outside
Russia, which adequately addresses this risk, and hence can be
rated up to three to four notches above the Country Ceiling.

Russia's challenge factor (CF) is CF3, allowing a rating of up to
six notches above the originator's rating and is currently not
limiting the rating.

RATING SENSITIVITIES

Ratings are sensitive to significant changes in Russia's Country
Ceiling.

An introduction of transfer and convertibility restrictions by
Russian authorities for a lengthy period of time could adversely
affect the payments on the notes.

Further depreciation of the rouble may have a negative impact on
the transaction's performance.

Deterioration in macroeconomic conditions, together with rising
inflation, could lead to an increase in portfolio losses.
However, we expect the credit protection for the notes to
continue increasing, so that the notes will be able to survive a
certain degree of performance deterioration.


TRANSAERO: Faces Financial Woes; Seeks Government Assistance
-----------------------------------------------------------
TASS reports that Transaero has addressed the state and banks for
assistance, saying because of the debts it may stop servicing
flights before the New Year.

A federal official, close to the ministry of transport, told TASS
the authorities are doing everything possible to prevent
termination of flights and stressed the company is very important
for the sector and it will receive assistance, though refused to
go into details.

"The company's director, Olga Pleshakova, in early December
informed the state authorities about risks of terminating flights
before the year ends, as the company did not have money to pay to
counterparties," a source informed about the letter told TASS.

Transaero is Russia's second largest aviation carrier.



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


AMPER SA: In Talks With Creditors to Avoid Insolvency Process
-------------------------------------------------------------
Sarah White at Reuters reports that Amper SA said it starts talks
with creditors to avoid insolvency proceedings.

Reuters relates that Amper said negotiations with investors
looking to make offers for group have dragged on.

Amper said it is looking to recapitalise the group, Reuters
relays.

The company now has up to four months to renegotiate debt, adds
Reuters.

Amper SA is a Spain-based telecommunications company.


BANKINTER 3 FTPYME: S&P Lowers Rating on Class D Notes to 'CCC-'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Bankinter 3 FTPYME, Fondo de Titulizacion de Activos' class A2,
A3(G), C, and D notes.  At the same time, S&P has affirmed its
ratings on the class B and E notes.

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

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

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

CREDIT ANALYSIS

Bankinter 3 FTPYME is a single-jurisdiction cash flow CLO
transaction securitizing a portfolio of SME loans that was
originated by Bankinter S.A. in Spain.  The transaction closed in
November 2007.

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

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

S&P ranked the originator into the moderate category.  Taking
into account Spain's Banking Industry Country Risk Assessment
(BICRA) score of 6 and the originator's average annual observed
default frequency, S&P has applied a downward adjustment of one
notch to the 'b+' archetypical average credit quality.  To
address differences in the creditworthiness of the securitized
portfolio compared with the originator's entire loan book, S&P
further adjusted the average credit quality by 3 notches.

As a result of these adjustments, S&P's average credit quality
assessment of the portfolio was 'ccc', which it used to generate
its 'AAA' SDR of 80.86%.

S&P has calculated the 'B' SDR, based primarily on its analysis
of historical SME performance data and its projections of the
transaction's future performance.  S&P has reviewed the
originator's historical default data, and assessed market
developments, macroeconomic factors, changes in country risk, and
the way these factors are likely to affect the loan portfolio's
creditworthiness.  As a result of this analysis, S&P's 'B' SDR is
8%.

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

RECOVERY RATE ANALYSIS

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

COUNTRY RISK

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

CASH FLOW ANALYSIS

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

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

The available credit enhancement for the class A2 and A3(G) notes
cannot withstand severe stresses.  S&P has therefore lowered to
'BBB (sf)' from 'A- (sf)' its ratings on these classes of notes.

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

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

S&P has affirmed its 'D (sf)' rating on the class E notes due to
their missed interest payments, which occurred in 2009.

RATINGS LIST

Class       Rating            Rating
            To                From

Bankinter 3 FTPYME, Fondo de Titulizacion de Activos
EUR617.4 Million Asset-Backed Floating-Rate Notes

Ratings Lowered

A2          BBB (sf)           A- (sf)
A3(G)       BBB (sf)           A- (sf)
C           B (sf)             BB- (sf)
D           CCC- (sf)          CCC (sf)

Ratings Affirmed

B           BBB- (sf)
E           D (sf)



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


ALFA-BANK PJSC: Fitch Rates Senior Unsecured Bonds 'B-(EXP)(emr)'
-----------------------------------------------------------------
Fitch Ratings has assigned Ukraine-based PJSC Alfa-Bank's (ABU)
UAH500 million Series M and UAH500 million Series N senior
unsecured bonds with a final maturity in October 2017 and
November 2017, respectively, expected Long-term local currency
ratings of 'B-(EXP)(emr)', Recovery Ratings of 'RR4' and National
Long-term Ratings of 'AA+(ukr)(EXP)(emr)'.

Under the issue terms the bank will pay at least the nominal
hryvna amount of the principal and interest with an extra payment
representing indexation adjustment for potential hryvna
devaluation against the US dollar.

The ratings reflect Fitch's opinion on the likelihood of ABU
fulfilling its obligations to pay the nominal hryvna principal
and interest. The 'emr' (except market risk) signals that the
market risk attached to indexation adjustment is excluded from
the rating as its size is dependent on market movements.

ABU has a Long-term Issuer Default Rating (IDR) of 'CCC', local
currency Long-term IDR of 'B-' with a Negative Outlook, a
National Long-term Rating of 'AA+(ukr)' with a Stable Outlook, a
Viability Rating of 'ccc', and a Support Rating of '5'.

Key Rating Drivers

The issue ratings correspond to ABU's Long-term local currency
IDR, which is driven by Fitch's view of the potential support the
bank may receive from entities within the shareholder-controlled
Alfa-Group, including its sister bank, Russia-based Open Joint
Stock Company Alfa-Bank (AB; BBB-/Negative). However, Fitch
factors in only a limited probability of support due to the
indirect relationship with other group assets and the mixed track
record of support.

The one-notch uplift of ABU's Long-term local currency IDR above
Ukraine's sovereign rating (CCC) reflects the relative strength
of the shareholder support for the bank. The Negative Outlook
reflect country risks, and in particular the risk, in extreme
scenarios, of restrictions being placed on bank's ability to
service its local currency obligations.

Rating Sensitivities

Any changes to ABU's Long-term local currency IDR would impact
the issue ratings. ABU's IDRs and debt ratings remain highly
correlated with the sovereign's credit profile. The ratings could
be downgraded in case of a downgrade of the sovereign, or they
could stabilize at their current levels if downward pressure on
the sovereign ratings abates. Weakening of support propensity
from Alfa-Group could also result in a downgrade.


MRIYA AGRO: Creditors Submit US$1-Bil. Debt Restructuring Plan
--------------------------------------------------------------
Julie Miecamp at Bloomberg News reports that creditors of
Mriya Agro Holding Plc said they presented the company with their
own plan to restructure about US$1 billion debt.

Bondholders and lenders want the company to hire a chief
restructuring officer and have submitted a "detailed proposal" to
help rescue the company and avoid insolvency, Bloomberg says,
citing an e-mailed statement from Rothschild, their financial
adviser.  Tension between management and creditors has been
growing since Mriya said in August it missed payments on some of
its obligations, Bloomberg relates.

Mriya is struggling to service its debt as Ukraine's conflict
with pro-Russian rebels in eastern regions pushes the country's
economy into the deepest recession since 2009, Bloomberg
discloses.

"The company and the shareholders have effectively opted out of a
consensual restructuring process, which increases the likelihood
that the company may be forced to file for insolvency," Bloomberg
quotes the statement e-mailed by Rothschild as saying.  "Any such
filing would be against the creditor committees' wishes."

Mriya Agro Holding Plc is a Ukraine-based agricultural producer.

                         *     *     *

AS reported by the Troubled Company Reporter-Europe on Nov. 3,
2014, Fitch Ratings downgraded Ukraine-based agricultural
producer Mriya Agro Holding Public Limited's Long-term foreign
currency Issuer Default Rating (IDR) to 'RD' (Restricted Default)
from 'C'.

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


NATIONAL BANK: To Challenge NBU Decision Declaring Bank Insolvent
-----------------------------------------------------------------
Interfax-Ukraine reports that National Bank for Development (VBR)
has decided to challenge the decision of the National Bank of
Ukraine (NBU) declaring its insolvency, and has sent letters to
Ukrainian President Petro Poroshenko, Prime Minister Arseniy
Yatseniuk and business ombudsman Algirdas Semeta, requesting them
to give attention to VBR's situation, VBR Board Chairperson Hanna
Hurova has said.

"We filed a claim in court to challenge the NBU's decision on
declaring the bank insolvent," she said at a press conference in
Kyiv on December 16, Interfax-Ukraine relays.

The bank's press service told Interfax-Ukraine that on Dec. 2,
2014, the bank filed its claim to the administrative court of
Kyiv.

According to the news agency, Ms. Hurova said that ground for
declaring a bank insolvent, in international practice, is the
non-fulfillment of obligations to its clients. In Ukraine, the
NBU first declared the bank insolvent due to EU sanctions against
bank's shareholder, the report says.

"I warrant that the sanctions of the European Union did not
affect the bank's solvency. The financial indicators at the
moment of introducing temporary administration at the bank were
all in line with the NBU requirements," the banker, as cited by
Interfax-Ukraine, said.

Ms. Hurova said that in September 2014, VBR successfully passed a
stress test conducted by Baker Tilly Ukraine, and on November 24,
2014, three days before temporary administration was introduced,
the Finance Ministry included VBR on a list of banks which are
permitted to work with budget-funded organizations, Interfax-
Ukraine says.



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


ALU HOLDCO 1: S&P Assigns 'B' Corp. Credit Rating; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit rating to U.K.-registered holding company Alu
Holdco 1 Ltd., the parent of European aluminum profile
manufacturer Corialis.  The outlook is stable.

At the same time, S&P assigned its 'B' issue rating to the new
first-lien senior secured facilities issued by Alu Holdco 1,
including a EUR318 million term loan B, EUR25 million revolving
credit facility (RCF), and EUR35 million capex facility.  The
recovery rating on these debt instruments is '3', indicating
S&P's expectation of meaningful (50%-70%) recovery in the event
of a payment default.

S&P also assigned its 'CCC+' issue rating to the EUR105 million
second-lien loan.  The recovery rating on this loan is '6',
indicating S&P's expectation of negligible (0%-10%) recovery in
the event of a payment default.

The ratings on Alu Holdco 1 reflect S&P's assessment of the
Corialis group's financial risk profile as "highly leveraged" and
business risk profile as "fair," as S&P's criteria define these
terms.

Corialis has been acquired by private equity firm Advent
International.  As part of the transaction, Corialis raised a
total of EUR483 million in new debt.  It used part of the funds
to repay existing debt, and the remainder was paid to Corialis'
previous owner.

The group's capital structure now includes approximately EUR94
million of preference stock and approximately EUR124 million of
shareholder loans that accrue payment-in-kind (PIK) interest at
9%.  Although S&P views these instruments as debt under its
criteria, S&P do not consider their treatment as either equity or
debt to be a key driver for the rating.

Corialis is a leading aluminum profile manufacturer in its core
markets of the U.K., France, Belgium, and Poland, with a growing
presence in the rest of Europe.  The group differentiates itself
from peers with a vertically integrated, well-invested asset
base, which has enabled the group to service its core markets
with an "under one roof" hub and spoke model.  The group also has
significant demand for its products from the repair, remodel, and
improve (RMI) market, which exhibits less cyclicality than the
new-build construction market.

"Tempering these strengths is Corialis' partial exposure to
cyclical new-build construction end markets.  This can result in
more-volatile demand for the group's products. Corialis' absolute
EBITDA has exhibited some volatility in the past and could do so
again in the future, especially if the group's efforts to expand
the business meet a sudden sharp drop in demand.  We forecast
that the group's Standard & Poor's-adjusted EBITDA margin will be
about 20%-21% for the financial year ending Dec. 31, 2015.  With
the exception of a few large competitors, we consider the group's
competitive landscape to be highly fragmented, with relatively
low barriers to entry.  Corialis is also generating more revenue
in higher-risk countries such as Poland," S&P said.

"Corialis is undertaking sizable capital expenditure (capex) to
invest in its U.K. and Polish hubs.  We forecast that capex will
peak in financial 2014 and 2015, resulting in weak free operating
cash flows (FOCF) during these two years, before returning to
normal levels in 2016 and beyond.  A continued macroeconomic
recovery and rise in demand for Corialis' products in its core
markets is crucial to the volumes we assume in our base case,"
S&P added.

S&P assess the group's management and governance as "fair,"
reflecting its experienced management team and clear organic
growth plans.

Corialis is owned by a financial sponsor, and has a tolerance for
high leverage and potential aggressive shareholder returns.
These factors are reflected in S&P's "FS-6" financial policy
modifier.

S&P's base-case operating scenario for Corialis in 2015 assumes:

   -- Revenue growth of about 4%-5% to more than EUR350 million;

   -- An improvement in the group's EBITDA margin toward 20%-21%;

   -- Capex of up to EUR20 million in 2015, resulting in weak
      free operating cash flow until at least 2016; and

   -- No major acquisitions or divestitures.

This results in these credit measures in 2015:

   -- Debt to EBITDA of just above 6x excluding shareholder loans
      (just above 9x including shareholder loans).

   -- Cash interest coverage of more than 2x over the 12-18 month
      rating horizon.

The outlook is stable.  S&P believes that the slow growth
environment that currently benefits the industry should continue
through 2015, and S&P expects that Corialis will be able to grow
revenues and slightly improve its margins over the rating horizon
of 12-18 months.

S&P could lower the ratings if Corialis were to experience severe
margin pressure, or poorer cash flows, leading to weaker credit
metrics.  This could occur if the company did not curtail its
capex in time to reduce debt prior to a potential drop in
earnings.  S&P could also consider lowering the ratings if
Corialis undertakes material debt-funded acquisitions or
shareholder returns, or if its cash interest coverage were to
fall to below 2x.

S&P believes that the likelihood of an upgrade is limited at this
stage, because of Corialis' tolerance for high leverage and the
low prospect that the group will strengthen its credit metrics to
a level commensurate with an "aggressive" financial risk profile
within S&P's rating horizon.  S&P notes that new private equity
sponsor ownership does bring an element of uncertainty with
regard to the potential for future releveraging, shareholder
returns, and changes to the group's acquisition or disposal
strategy.


EUROSAIL-UK 2007-4BL: S&P Raises Rating on Class B1a Notes to B
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its credit ratings to
Eurosail-UK 2007-4BL PLC's class A3, A4, and A5 notes.  At the
same time, S&P took various rating actions in the transaction.

Specifically, S&P has:

   -- Raised its ratings on the class A2a, A3c, and B1a notes;

   -- Affirmed its ratings on the class C1a, D1a, and E1c notes;
      And

   -- Withdrawn its ratings on the class A3a, B1a, C1a, D1a, and
      E1c notes

The rating actions follow a restructuring whereby the issuer
redesignated the original class A3a and A3c notes as class A3,
A4, and A5 notes as part of a revised capital structure.  S&P has
therefore withdrawn its rating on the class A3a notes.

S&P withdrew its ratings on the class B1a, C1a, D1a and E1c notes
at the issuer's request.  They remain part of the structure and
provide support for the senior tranches.

Prior to the December 2014 interest payment date (IPD), Eurosail-
UK 2007-4BL was exposed to foreign exchange risk.  In December
2014, the issuer redenominated the notes in British pound
sterling from euros, where applicable, mitigating exchange risk.

S&P's ratings reflect the transaction's payment structure and
cash flow mechanics, as well as the results of our cash flow
analysis to determine whether the notes could repay under stress
test scenarios.  The transaction may pay principal on a pro rata
basis based on a number of performance triggers.  S&P has
reviewed the cash flow results in a pro rata repayment scenario
as credit enhancement increases at a slower rate.

The transaction does not have a swap agreement to hedge against
interest rate mismatches. It benefits from a fully funded reserve
fund of 0.84% of the outstanding balance.  It also has a
liquidity reserve that will trap principal until it reaches
GBP2.5 million, which may amortize to 1.0% of the outstanding
balance of the class A2a and A3 notes from December 2015.  Under
the transaction documents, the issuer can use the liquidity
reserve to mitigate shortfalls on the class A2a and A3 notes.
Furthermore, it can use principal receipts to mitigate interest
shortfalls on the class A notes (subject to certain conditions).

Following the restructuring, the transaction is no longer exposed
to foreign currency fluctuations.  At the same time, as part of
the new structure, the available credit enhancement for the class
A2a notes is sufficient to withstand the stresses that S&P
applies at a 'AAA' rating scenario.  Therefore, S&P has raised to
'AAA (sf)' from 'BB+ (sf)' its rating on this class of notes.

S&P has raised its rating on the class B1a notes to 'B (sf)' from
'B- (sf)' due to the increased credit enhancement.  However, the
upgrade is limited to one notch, as this class of notes does not
benefit from the liquidity provided by the liquidity reserve fund
and the availability of principal to pay interest.

S&P has affirmed its ratings on the class C1a, D1a, and E1c
notes, as it believes the available credit enhancement is
commensurate with its currently assigned ratings.

S&P has raised its rating on the renamed class A3 notes and
assigned ratings to the newly issued class A4 and A5 notes.
S&P's ratings on these tranches reflect the rating levels that it
considers to be commensurate with the available credit
enhancement, the additional liquidity support provided by the
liquidity reserve, and the issuer's ability to use principal to
cover interest payments.

Eurosail-UK 2007-4BL is a U.K. residential mortgage-backed
securities transaction that Lehman Brothers International
(Europe) Ltd. arranged in August 2007.

RATINGS LIST

Eurosail-UK 2007-4BL PLC
GBP389.337 Million Mortgage-Backed Floating-Rate Notes

Class    Rating           Rating
         To               From

Ratings Assigned

A4       AAA (sf)
A5       AA (sf)

Ratings Raised [1]

A2a      AAA (sf)         BB+ (sf)
A3       AAA (sf)         B (sf)
B1a      B (sf)           B- (sf)

Ratings Affirmed

C1a      B- (sf)
D1a      CCC (sf)
E1c      CCC (sf)

Ratings Withdrawn

A3a      NR               B (sf)
B1a      NR               B (sf)
C1a      NR               B- (sf)
D1a      NR               CCC (sf)
E1c      NR               CCC (sf)

NR--Not rated.
[1]The class A3c notes have been renamed as the class A3 notes.


NEWDAY PARTNERSHIP: Fitch Rates GBP6.6 Million Notes 'Bsf'
----------------------------------------------------------
Fitch Ratings has assigned NewDay Partnership Funding's notes
final ratings as follows:

GBP222.3 million Series 2014-1 A: 'AAAsf'; Outlook Stable
GBP27.0 million Series 2014-1 B: 'AAsf'; Outlook Stable
GBP16.8 million Series 2014-1 C: 'A-sf'; Outlook Stable
GBP12.6 million Series 2014-1 D: 'BBBsf'; Outlook Stable
GBP7.8 million Series 2014-1 E: 'BBsf'; Outlook Stable
GBP6.6 million Series 2014-1 F: 'Bsf'; Outlook Stable
GBP400 million Series 2014-VFN: 'BBBsf; Outlook Stable
Originator VFN: not rated

The expected ratings on Series 2014-2 notes were withdrawn as
these notes will no longer proceed as previously envisaged.

The transaction is a securitization of UK credit card, store card
and installment loan receivables originated by NewDay Ltd. The
receivables arise under a number of retail agreements, but active
origination currently takes place mostly for co-branded credit
cards under agreements with Debenhams, the Arcadia Group, House
of Fraser and Laura Ashley.

NewDay acquired the portfolio and the related servicing platform
in 2013 from Santander UK plc.

KEY RATING DRIVERS

Good Asset Performance

The charge-off, delinquency and payment rate performance of the
combined pool has historically been in line with prime UK credit
cards. Notable differences exist between the three main product
groups, and one-time effects from legacy retailer agreements make
forming single steady-state assumptions challenging. Furthermore,
there is only active origination taking place under four retail
agreements at the moment, making the key performance indicators
for the whole pool subject to run-out effects of various closed
books.

Fitch defined a charge-off steady state assumption of 8%, while
the monthly payment rate (MPR) steady state is set at 19%.

Shift in Portfolio Composition

Fitch believes that the originations under the four currently
active retailer agreements (Debenhams, House of Fraser, Arcadia
Group and Laura Ashley -- the open book) will come to dominate
trust performance over the near term. Receivables originated
under new retail agreements may also be added to the trust within
the life of the transaction. Adding receivables linked to a new
retailer is subject to rating confirmation.

In Fitch's opinion, the customer demographic that is
characteristic of a given retailer will be the key performance
driver of the related receivables. While clearly outlined and
implemented credit guidelines, in combination with a state of the
art scoring model, minimize this risk, it can in the agency's
view never be entirely mitigated. Furthermore, fully levelling
the performance between retailers is unlikely to be in the
commercial interests of the originator. Therefore, Fitch derived
its steady state assumptions on the basis of a changing retailer
mix.

Variable Funding Notes (VFN)

Apart from a Senior VFN providing the funding flexibility that is
typical and necessary for credit card trusts, the structure also
employs a separate "Originator VFN" purchased and held by NewDay
Partnership Transferor Plc. It will serve three main purposes: to
provide credit enhancement to the rated notes, to add protection
against dilution by way of a separate Transferor Interest and to
serve the minimum retention requirements.

Unrated Originator and Servicer

The NewDay group will act in a number of capacities through its
various entities, most prominently as originator and servicer,
but also as cash manager to the securitization. In most other UK
trusts these roles are fulfilled by large institutions with a
strong credit profile. The degree of reliance in this transaction
is mitigated by the transferability of operations, agreements
with established card service providers, a back-up cash
management agreement and a non-amortizing liquidity reserve per
series.

Retail Partners Drive Risk

In addition to a changing portfolio composition there is also the
risk of retailer concentration. Independently of cardholders'
credit characteristics, card utility and as a result receivables
performance is substantially linked to the perceived
attractiveness of the continued use of the card. This applies
more to store cards than credit cards. In setting its
assumptions, Fitch considered this potentially higher stress on
the portfolio.

Steady Asset Outlook

The performance of credit card trusts continued to improve
throughout 3Q14, with charge-off and delinquency rates improving,
while payment rates and yield rates remained stable (see Credit
Card Index - UK 3Q14). Fitch expects the indices to remain stable
in the near term and maintains its stable outlook for UK credit
card debt.

RATING SENSITIVITIES

Rating sensitivity to increased charge-off rate
Increase charge-off rate base case by 25% / 50% / 75%

Series 2014-1 A: 'AA+sf' / 'AAsf' / 'AA-sf'
Series 2014-1 B: 'AA-sf' / 'A sf' / 'BBB+sf'
Series 2014-1 C: 'A-sf' / 'BBB sf' / 'BB+sf'
Series 2014-1 D: 'BBB-sf' / 'BB-sf' / 'B+sf'
Series 2014-1 E: 'BB-sf' / 'B sf' / 'B-sf'
Series 2014-1 F: 'B-sf' / 'CCC sf' / 'C sf'
Series 2014-VFN: 'BBB-sf' / 'BB-sf' / 'B+sf'

Rating sensitivity to reduced MPR
Reduce MPR base case by 15% / 25% / 35%

Series 2014-1 A: 'AA+sf' / 'AAsf' / 'AA-sf'
Series 2014-1 B: 'A+sf' / 'Asf' / 'A-sf'
Series 2014-1 C: 'BBB+sf' / 'BBBsf' / 'BBB-sf'
Series 2014-1 D: 'BBB-sf' / 'BB+sf' / 'BBsf'
Series 2014-1 E: 'BBsf' / 'BB-sf' / 'B+sf'
Series 2014-1 F: 'Bsf' / 'Bsf' / 'B-sf'
Series 2014-VFN: 'BBB-sf' / 'BB+sf' / 'BBsf'

Rating sensitivity to reduced purchase rate (ie aggregate new
purchases divided by aggregate principal repayments in a given
month)
Reduce purchase rate base case by 50% / 75%

Series 2014-1 A: 'AAAsf' / 'AAAsf'
Series 2014-1 B: 'AA-sf' / 'A+sf'
Series 2014-1 C: 'A-sf' / 'BBB+sf'
Series 2014-1 D: 'BB+sf' / 'BB+sf'
Series 2014-1 E: 'BB-sf' / 'B+sf'
Series 2014-1 F: 'Bsf' / 'CCCsf'
Series 2014-VFN: 'BB+sf' / 'BB+sf'


TODS MURRAY: Owes More Than GBP Million to Creditors
----------------------------------------------------
Perry Gourley at The Scotsman reports that Tods Murray, the 158-
year-old law firm which fell into administration in October, left
more than GBP5 million in debts in its wake following its high-
profile collapse.

Dozens of unsecured creditors, including small businesses such as
taxi firms, couriers and caterers, are unlikely to receive any of
the money owed by the firm which had seen its turnover halve
since before the financial crisis, The Scotsman says.

Other creditors include Edinburgh City Council, which was owed
GBP381,000, and HM Revenue and Customs, The Scotsman relays.

Rival Scottish practice Shepherd and Wedderburn acquired the
business from the administrators in an arrangement which saved
the jobs of most of the 140 staff, The Scotsman relates.

According to The Scotsman, a report on the demise of the practice
by joint administrators Tom MacLennan and Iain Fraser of FRP
Advisory highlights how the firm got into difficulties as it
struggled to pay high overheads, mainly for its flagship offices
at Edinburgh Quay in Fountainbridge, Edinburgh.  Tods Murray,
which had 32 partners across its Edinburgh and Glasgow offices,
had moved to the site in 2004, which the administrators said
"substantially increased" the costs of the practice, The Scotsman
discloses.

Turnover had peaked at GBP23.4 million in 2006 but the latest
management figures showed that in the year to March 31 it was
down to GBP12.4 million, The Scotsman notes.  The administrators,
as cited by The Scotsman, said the high level of fixed overheads
at the firm -- mainly people and property -- meant that such a
fall in turnover had a direct impact on profits and cash flow.

"The cash position of the firm was further worsened by the
requirement to pay capital to retiring partners whilst being
unable to generate new capital from incoming partners due to lack
of finance," The Scotsman quotes the report as saying.

Although efforts had been made to reduce overheads, the firm
remained burdened by the lease costs of its Edinburgh Quay
offices, The Scotsman states.

The administrators' report said it had not been possible to
rescue the firm as a going concern as no purchaser could be found
for the business and as it is not permitted for a legal practice
to trade in administration, The Scotsman relays.

When the administrators were appointed, GBP2 million was owed to
Bank of Scotland which had a floating charge over the firm's
assets, according to The Scotsman.

An estimated GBP5.14 million was owed to other creditors,
including a figure of GBP3.47 million covering two years' worth
of its agreement for the Edinburgh Quay premises, The Scotsman
discloses.


TRITON PLC: Fitch Cuts Ratings on Three Note Classes to 'CCsf'
--------------------------------------------------------------
Fitch Ratings has downgraded Triton (European Loan Conduit No.
26) Plc's notes, as follows:

USD26.6 million Class B (XS0294620207) affirmed at 'Asf'; Outlook
revised to Negative

GBP0.6 million Class C (XS0294603294) affirmed at 'Asf'; Outlook
revised to Negative

GBP2.0 million Class F (XS0294604771) downgraded to 'CCsf' from
'BBBsf'; Recovery Estimate (RE) 100%

GBP4.1 million Class G (XS0294607287) downgraded to 'CCsf' from
'BBsf'; RE 100%

GBP4.8 million Class H (XS0294608335) downgraded to 'CCsf' from
'Bsf'; RE 100%

Triton was originally a securitization of four commercial
mortgage loans, totaling GBP601.15 million, originated by Morgan
Stanley. The three largest loans have since repaid in full
leaving the GBP25.1 million Nextra loan as the sole remaining
loan. The sequential trigger was never breached for this
transaction and so a modified pro rata principal allocation has
been applied throughout. This has led to the class D and E notes
being repaid in full prior to the class B and C notes.

KEY RATING DRIVERS

The downgrades and Negative Outlooks reflect the increased risk,
and in the case of classes F, G and H notes the occurrence, of
interest shortfalls. This is despite the sound performance of all
underlying loans to date, including the remaining GBP25 million
Nextra loan. The possibility of interest shortfalls stems both
from margin compression and the very low LIBOR rates, both set
against the issuer's largely fixed senior expenses.

Despite the modified pro rata rules in force, the amount of
principal allocated sequentially has increased the issuer cost of
funds (including senior expenses) above the coupon of the
remaining loan. The available funds cap on the class H notes was
designed to mitigate margin compression, although the
subordination provided by these notes is constrained by LIBOR
being so low.

Interest on the class B and C notes is only nominally cushioned
against an increase in quarterly expenses above the peak observed
in the past year. The risk of an increase in expenses warrants
Negative Outlooks on these classes. However, Fitch believes there
is no reason for average issuer expenses to rise above the levels
observed over the past 12 months, particularly because the Nextra
loan should continue to perform until maturity. Without any
uptick in issuer costs, interest should continue to be paid in
full on the class B and C notes.

Nextra is secured on two offices in the commuter belt outside
London. One in Rickmansworth is reported to be on the market for
around GBP33 million. This is comfortably above the loan release
amount of GBP17.6 million. If the Rickmansworth property is sold,
the class B and C notes will repay in full. The modified pro rata
rules for this loan earmark 95% of the loan release amount to the
class B notes (its swapped balance is GBP14 million) and 5% to
the GBP0.6 million C notes. These rules leave around GBP3 million
of the loan release amount to be distributed to the other notes.

Fitch understands that this sum should be repaid on a pro rata
basis, leaving GBP1.4 million on the class F notes (the then most
senior class outstanding). Fitch expects that without a
significant reduction in senior expenses (or increase in LIBOR),
mandatory issuer expenses (including interest on the class F
notes) would not be paid in full, constituting a note event of
default. This is consistent with the 'CCsf' rating for the class
F, G and H notes.

A sale of the Rickmansworth property would leave GBP7.4 million
of debt secured on an office located in Watford let to a Hilton
group subsidiary overseeing its UK operations. While only one
year will remain on this lease at loan maturity in 2016, Fitch
expects the loan to be repaid, helped by the 50% cash sweep in
operation since the borrower exercised its three year maturity
extension in October 2013.

Fitch estimates the value of the Watford property to be around
GBP14 million in its 'Bsf' case, which would result in full loan
repayment. Therefore 100% principal recoveries are expected on
the notes, as reflected in the Recovery Estimates for the class G
and H notes.

RATING SENSITIVITIES

The ratings are sensitive to any scenarios which reduce the
issuer's net available funds to meet interest payments: namely an
increase in senior fees, further falls in LIBOR or a partial
prepayment of the Nextra loan.

Estimated 'Bsf' proceeds are GBP31.6 million which comprises the
GBP14 million 'Bsf' recovery value of the Watford property and
the loan release amount of GBP17.6m should the Rickmansworth
property be disposed of prior to loan maturity.

Fitch will continue to monitor the performance of the
transaction.



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


* BOND PRICING: For the Week December 15 to December 19, 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.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

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.


                 * * * End of Transmission * * *