TCREUR_Public/141229.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 29, 2014, Vol. 15, No. 255

                            Headlines

A U S T R I A

UNICREDIT BANK: Moody's Puts Ba2 Sub. Debt Rating for Downgrade


B O S N I A

BOBAR BANKA: Banking Agency Revokes Operating License


C Y P R U S

SONGA OFFSHORE: S&P Revises Outlook to Stable & Affirms 'B-' CCR


G E R M A N Y

STYROLUTION GROUP: S&P Lowers CCR to 'B'; Outlook Stable
TAKKO FASHION: S&P Lowers CCR to 'CCC+'; Outlook Stable


G R E E C E

FREESEAS INC: Stockholders Elected Two Directors
PIRAEUS BANK: Fitch Puts 'B+' Bond Rating on Watch Evolving


I T A L Y

ITALFINANCE SECURITISATION: Fitch Lifts Series 1-D Rating to 'B+'


K A Z A K H S T A N

KAZAKHTELECOM JSC: Fitch Rates First KZT21BB Tranche 'BB(EXP)'


N E T H E R L A N D S

HARBOURMASTER CLO 8: Fitch Affirms 'Bsf' Rating on Class E Notes
STORK TECHNICAL: S&P Affirms, Withdraws 'B-' Corp. Credit Rating


P O R T U G A L

ATLANTES MORTGAGE NO.1: S&P Lowers Rating on Cl. B Notes to BB-
ATLANTES MORTGAGE NO.2: S&P Affirms BB Rating on Class C Notes


R U S S I A

BASHNEFT: Moody's Puts 'B2' CFR on Review for Downgrade
HMS HYDRAULIC: S&P Lowers Corporate Credit Rating to 'CCC'
NIZHNEKAMSKNEFTEKHIM PJSC: Moody's Reviews Ba3 CFR for Downgrade
RAIFFEISENBANK ZAO: Moody's Cuts Deposit & Unsec. Ratings to Ba1
SOVCOMFLOT JSC: Moody's Cuts Sr. Unsecured Issuer Rating to B1
STARBANK: Moody's Withdraws Caa3.ru National Scale Rating


S L O V E N I A

SPORT HOTEL: Commences Insolvency Proceedings


S P A I N

ATENTO LUXCO: Fitch Affirms 'BB' Issuer Default Rating
BVA RMBS 11: S&P Lowers Rating on Class C Notes to 'BB'
GC PASTOR: S&P Lowers Rating on Class B Notes to CCC-


S W E D E N

SELENA OIL: Creditor Files Bankruptcy Petition in Stockholm


U K R A I N E

ACTIVE-BANK: NBU Revokes Licenses, Orders Liquidation
TERRA BANK: NBU Revokes Licenses, Orders Liquidation


U N I T E D   K I N G D O M

AFREN PLC: S&P Lowers Rating to 'B'; Outlook Negative
BRUNSWICK RAIL: Moody's Lowers CFR to B3; Outlook Negative
ECO CITY: Enters Into Company Voluntary Arrangement
MARUSSIA F1: Lloyds to Lose More Than GBP10MM From Collapse
ONE RE: S&P Assigns 'BB+' IFS Rating; Outlook Stable


X X X X X X X X

* BOND PRICING: For the Week December 22 to December 26, 2014


                            *********


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A U S T R I A
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UNICREDIT BANK: Moody's Puts Ba2 Sub. Debt Rating for Downgrade
---------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the
ratings of UniCredit Bank Austria AG (UBA), specifically the
bank's Baa2 and Prime-2 long- and short-term debt and deposit
ratings, the Ba2 subordinated debt ratings, the B1(hyb) ratings
assigned to UBA's non-cumulative preferred securities issued by
BA-CA Finance (Cayman Island) Ltd and BA-CA Finance (Cayman
Island) 2 Ltd, and its D+ standalone Bank Financial Strength
Rating (BFSR) which is equivalent to a ba1 Baseline Credit
Assessment (BCA).

The review was prompted by the materially increased risks to
earnings and capitalization for UBA's Russian subsidiary, ZAO
UniCredit Bank AG (unrated), which is an important contributor to
UBA's profits. The subsidiary faces a potentially significant
deterioration of operating conditions following the sharp
depreciation of the rouble and a substantial key interest rate
increase to 17.0% (from 10.5%) by the Central Bank of Russia
(CBR) on 16 December 2014.

Concurrently, Moody's placed on review for downgrade UBA's Baa1
ratings for guaranteed senior obligations and its Ba2 guaranteed
subordinated debt obligations which benefit from the
creditworthiness of the guarantor, the City of Vienna (Aaa
stable). Moody's positions the ratings for "backed" senior
unsecured debt at a level one notch above that of UBA's non-
guaranteed debt in order to reflect uncertainty about the value
of such guarantees to bondholders.

Prompted by the review on UBA's ratings, Moody's also initiated a
review for downgrade of the Baa3 and Prime-3 long- and short-term
deposit ratings of card complete Service Bank AG (card complete),
an Austrian credit card issuer which is majority-owned by UBA.
card complete's standalone D BFSR which is equivalent to a ba2
BCA, remains unaffected by the rating action.

Ratings Rationale

-- UBA's STANDALONE CREDIT PROFILE

The review for downgrade of UBA's standalone D+ BFRS was
triggered by the materially increased risks to earnings and
capitalization for its Russian subsidiary which represents a
substantial portion of UBA's revenues, earnings and capital.
Moody's expects that the rise in risks may be substantial,
considering (1) the expected pressure on capital ratios from
currency devaluation, given that the Russian subsidiary's rouble-
denominated capital backs an asset base which includes a material
portion denominated in US dollars and other foreign currencies;
(2) the rise in system-wide funding costs and deteriorating local
funding conditions; and (3) the prospect of a substantial rise in
credit risk in the bank's (mostly corporate) lending activities.

The key drivers for rising credit risk include materially higher
borrowing costs for Russian corporate and retail customers; and
lower GDP growth as result of lower oil prices. The weak market
conditions will also constrain UBA's ability to find prudent
lending opportunities and might pressure its interest margins,
because of rising funding costs.

-- UBA'S LONG- AND SHORT-TERM RATINGS

The review for downgrade of UBA's senior debt and deposit ratings
as well as the ratings of its subordinated and hybrid instruments
follows the review of the bank's standalone credit profile. A
lowering by one-notch of the ba1 BCA would likely prompt a one-
notch downgrade of the bank's various long-term ratings.

Factors to Be Considered in the Rating Review

-- UNICREDIT BANK AUSTRIA'S RATINGS

Notwithstanding the benign asset quality metrics and strong
profitability displayed by UBA's Russian subsidiary during recent
years and quarters, Moody's believes that the adverse impact of
challenging market conditions in Russia may be considerable. The
review for downgrade will particularly focus on (1) the combined
adverse impact of rouble depreciation against the US dollar and
potential asset quality deterioration on UBA's asset quality
metrics and capital ratios; and (2) the negative impact on UBA's
earnings and capital generation capacity both from elevated
credit losses and from market risk.

During the review, the rating agency will also assess the
capacity of UBA's parent -- Italy's UniCredit SpA (deposits Baa2
negative, BFSR D+ stable/BCA ba1) to provide financial assistance
in case of need. Moody's highlights the parent bank's proven
willingness to support UBA, as recently illustrated by the
Italian bank's subscribing to a considerable amount of
subordinated (Tier 2) debt which UBA issued during 2014.

-- CARD COMPLETE'S RATINGS

The review for downgrade for the long- and short-term deposit
ratings of card complete was prompted by the review for downgrade
of UBA's Baa2 long-term debt and deposit ratings, which serve as
an anchor point for card complete's deposit ratings which benefit
from parental support.

What Could Move the Ratings Up/Down

-- UNICREDIT BANK AUSTRIA

As indicated by the status of the current review, Moody's does
not expect any upward pressure on UBA's long-term ratings;
however, any upward rating pressure would be subject to (1) an
upgrade of UBA's BFSR following a significant and sustained
reduction in the stock of non-performing loans, and a further
strengthening of its capital buffers; or (2) an improvement in
UniCredit SpA's credit profile which would result in parental
support assumptions being re-instated. However, the latter is
unlikely given the stable outlook on UniCredit SpA's standalone
BFSR.

Negative rating pressure could be exerted on UBA's long-term
ratings because of (1) a weakening of its BCA; and/or (2) adverse
changes in Moody's systemic support assumptions.

-- CARD COMPLETE

Upward pressure on the bank's deposit ratings would need to be
triggered by (1) a significant multi-notch upgrade in card
complete's BFSR; or (2) an upgrade in UBA's long-term ratings,
which is unlikely as indicated by the review for downgrade.

Downward pressure could be exerted on card complete's deposit
ratings as a result of (1) a downgrade of its BFSR which,
however, is not currently under pressure; or (2) a weakening of
UBA's credit profile.

List of Affected Ratings

The following ratings of UniCredit Bank Austria AG were placed on
review:

-- The Baa2 long-term senior debt and deposit ratings

-- The Prime-2 short-term debt and deposit ratings

-- The Baa1 ratings for guaranteed senior obligations which
    benefit from the creditworthiness of the guarantor, the City
    of Vienna (Aaa stable)

-- The Ba2 subordinated debt rating;

-- The Ba2 ratings for guaranteed subordinated debt obligations
    which benefit from the creditworthiness of the guarantor, the
    City of Vienna (Aaa stable)

-- The Ba2 rating for assumed subordinated instruments
    originally issued by Creditanstalt AG (an entity merged in
    2002)

-- The B1(hyb) ratings for UBA's non-cumulative preferred
    securities, issued by BA-CA Finance (Cayman Island) Ltd and
    BA-CA Finance (Cayman Island) 2 Ltd

-- The standalone D+ BFSR equivalent to a ba1 BCA;

The following ratings of card complete Service Bank AG were
placed on review:

-- The Baa3 long-term deposit ratings

-- The Prime-3 short-term deposit ratings



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B O S N I A
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BOBAR BANKA: Banking Agency Revokes Operating License
-----------------------------------------------------
SeeNews reports that the banking agency of the Serb Republic on
Dec. 23 said it has revoked the operating license of Bobar Banka.

The banking agency said in a statement it had approved the report
of Bobar Banka's interim management, which included a proposal
for launching liquidation proceedings against the bank, SeeNews
relates.  The reasons were not elaborated, SeeNews notes.

Sava Sevaljevic was named as liquidation manager as of Dec. 23,
SeeNews discloses.

The agency said it will repay all Bobar Banka's guaranteed
deposits of up to BAM50,000 (US$32,000/EUR26,000), SeeNews
relays.

Bobar Banka - http://www.bobarbanka.com-- is based in Bijeljina,
in the Serb Republic, which together with the Muslim-Croat
Federation forms Bosnia and Herzegovina.



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C Y P R U S
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SONGA OFFSHORE: S&P Revises Outlook to Stable & Affirms 'B-' CCR
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Songa
Offshore SE to stable from negative.  At the same time, S&P
affirmed its 'B-' corporate credit rating on the company.  In
addition, S&P assigned a 'B' issue rating and '2' recovery rating
to the secured vessel financings, and a 'CCC+' rating and '5'
recovery rating to the unsecured notes.

These rating actions follow Songa's finalization of the financing
of its last two Cat D rigs, which is in line with its previously
announced plans and consists of a revolving pre-delivery
financing of US$90 million per rig and a post-delivery financing
of US$550 million per rig.  Consequently, S&P now views Songa's
liquidity as "less than adequate" rather than "weak."

S&P assess Songa's business risk profile as "weak," reflecting
its exposure to the highly cyclical and competitive offshore
drilling industry.  S&P also considers the company's competitive
position to be "weak" as a result of the group's moderate fleet
size and low diversification geographically and by customer, as
all of Songa's rigs are contracted with Statoil.  S&P views as
supportive rating factors Songa's sizable revenue backlog (US$6.3
billion, with another US$8.4 billion worth of options) and good
revenue and cash flow visibility through multi-year contracts
with Statoil.

S&P assess Songa's financial risk profile as "highly leveraged,"
reflecting Songa's highly debt-leveraged capital structure as a
result of the capital-intensive nature of the offshore drilling
industry and the group's expansion strategy.  Songa's sizable
capital expenditure (capex) plans, including the four new rigs on
order, is leading to negative forecast free cash flow.  S&P looks
at Songa on a gross debt basis because, for companies with "weak"
business risk profiles, S&P do not net surplus cash from debt in
its credit metrics.

S&P's base case assumes:

   -- A significant (about 15%) contraction in operating
      revenues, EBITDA and cash generation in 2014 and 2015
      following the sale of its Songa Venus and Songa Mercur
      rigs.  The Songa Dee rig has been out of service since the
      third quarter of 2014 for its special periodic survey but
      should resume operating before year end. Statoil has
      suspended Songa Trym's operations, but S&P expects that it
      will start running again in January 2015.  S&P assumes
      average utilization rates on the two remaining rigs on
      order to remain high.

   -- S&P assumes delivery of the four new Cat D rigs throughout
      2015.  Revenues will ramp up again once all four Cat D rigs
      are in operation in 2016.

   -- Capex of US$2.0 billion in 2015 to fund the four new Cat D
      rigs.

   -- Low debt maturity payments of US$57 million per year in
      2014 and 2015.

   -- No further rig purchases.

   -- Very low cash tax payments.

   -- No dividend payments.

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

   -- Stable EBITDA margins of 30%-35%.

   -- A significant deterioration in credit metrics in 2015
      because of the very high increase of debt following the
      construction of the rigs, with a forecast drop in S&P's
      adjusted funds from operations (FFO) to debt to about 4%.

   -- Improvement in credit metrics from 2016, with FFO to debt
      above 7%.

   -- Negative free cash flow generation due to sizable capex
      plans, including the four rigs on order.

The stable outlook primarily reflects S&P's understanding that
following the finalization of funding for all of the Cat D rigs,
the group's ratio of liquidity sources-to-uses over the near term
has sustainably improved.  S&P forecasts that utilization rates
on Songa's operational rigs will remain high, albeit note the
suspended rig may bear on Songa's cash flow generation in 2015.

S&P could lower the rating if Songa's liquidity deteriorates.
S&P could also consider a downgrade if the company's operating
performance weakens, such as further delays in the Cat D rigs
construction or further rig suspensions from Statoil; if its
financial flexibility is constrained; or if its financial
covenant headroom becomes restricted.

S&P views rating upside as limited in the short term given the
current market environment.  This said, in the medium term, once
the four new Cat D rigs are operational, S&P believes that the
cash flow generation of the company would materially improve,
potentially supporting a higher rating.



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G E R M A N Y
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STYROLUTION GROUP: S&P Lowers CCR to 'B'; Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
corporate credit rating on Germany-based chemicals producer
Styrolution Group GmbH to 'B' from 'B+'.  The outlook is stable.

At the same time, S&P affirmed its 'B' issue rating on the
EUR1.05 billion first-lien 7.5% term loan due 2019, which has now
been placed.  The '3' recovery rating on this loan remains
unchanged.

S&P has withdrawn its 'B+' issue rating on the group's EUR480
million 2016 senior secured notes because they have been
redeemed. S&P do not rate the new EUR200 million payment-in-kind
(PIK) toggle loan granted by INEOS Holdings Ltd.

These actions resolve the CreditWatch with negative implications
on all S&P's ratings on Styrolution and its debt, which S&P had
put in place on July 4, 2014, and July 17, 2014.

The rating actions reflect Styrolution's leverage profile now
that it has been acquired by INEOS Industries Holdings Ltd.  The
acquisition closed on Nov. 17, 2014, and was funded with a
EUR1.05 billion equivalent first-lien term loan and by a EUR200
million second-lien PIK toggle loan granted by INEOS Holdings
Ltd., an entity of the INEOS group.  Proceeds have been used to
pay the purchase price for BASF's 50% share in Styrolution and to
redeem Styrolution's EUR480 million senior secured notes due
2016.  All new debt will be borne by Styrolution.

This should bring Styrolution's adjusted debt to about EUR1.7
billion at year-end 2014, or 4.6x of S&P's full-year adjusted
EBITDA forecast, from about EUR800 million, or 2.0x adjusted
leverage at year-end 2013.  This translates into adjusted funds
from operations (FFO) to debt of about 15% pro forma the new
capital structure, compared with the 20%-25% S&P views as
commensurate with a 'B+' rating.  This also takes into account
the higher interest charge expected under the new structure.  S&P
nevertheless considers that these ratio levels are commensurate
with an "aggressive" financial risk profile, as S&P assessed when
it placed the ratings on CreditWatch on July 4, 2014, from
"significant" before the transaction was announced.

The rating action also takes into account S&P's revised base case
for 2014.  In line with management's revised EBITDA guidance for
2014, S&P has lowered its adjusted forecast to about EUR370
million (after special items) from about EUR400 million
previously.  This takes into account lower-than-expected
performance in polystyrene and styrene monomer segments in the
third and fourth quarters, hit notably by sluggish European
markets and slower growth in Asia.  Benzene prices have remained
volatile and have correlated with declining oil prices, with
subsequent downside on margins.  Besides these structural
developments that S&P considers could further affect EBITDA in
the near future, it expects fourth-quarter results will be hit by
the scheduled one-off Bayport plant turnaround.

"Our assessment of Styrolution's business risk profile is
unchanged at "weak," reflecting primarily the company's limited
product diversity focused on commoditized styrenics.  We view its
main end markets as cyclical and raw material prices as unstable,
bringing volatility in Styrolution's earnings and cash flows,
which we currently consider below average in the context of the
wider commodity chemicals sector.  This is partly mitigated in
our view by the company's relatively favorable cost position
compared with that of direct competitors, and track record of
realizing cost savings in recent years, while the management's
future strategy will likely focus on higher-margin products and
growth regions," S&P said.

The rating also takes into account the possible deviations from
S&P's forecasts arising from the overall above-average volatility
of the commoditized styrenics industry on the one hand, for which
the outlook has slightly deteriorated in the current economic
environment, and, on the other hand, from a potentially more
aggressive financial policy from the INEOS group than S&P
currently factors in, as reflected in the transaction's
financing.

As a fully owned subsidiary of INEOS, S&P has also assessed the
potential financial support of the INEOS group to Styrolution,
which will continue operating as a stand-alone entity within the
group.  S&P has assigned a group credit profile of 'b+' to the
new parent, reflecting its estimated "weak" business risk profile
and "aggressive" financial risk profile.  This takes into account
the group's estimated consolidated leverage, in absence of
external financial reporting, composed mainly of INEOS Group
Holdings S.A., Kerling PLC, and Styrolution Group GmbH.  S&P has
also assessed Styrolution as a "strategically important"
subsidiary of the group.  Therefore there is currently no
notching adjustment for group support, in accordance with S&P's
Group Rating Methodology.

The stable outlook reflects S&P's view that Styrolution's efforts
to sustain profitability, adequate liquidity, and a moderate,
although increased, leverage profile should help the company
generate adequate cash flows in the continued fragile economic
environment, especially in Europe.  This is despite the
structurally challenged styrene monomer markets and the company's
high sensitivity to supply and demand imbalances.  As such, S&P
would view adjusted debt to EBITDA of about 4.5x as commensurate
with the rating, translating into about 15% adjusted FFO to debt.

Rating pressure may come from the deteriorated current market
environment, with flat growth in Europe, and slower growth in
emerging countries than S&P previously expected.  Downside would
also materialize if S&P saw more aggressive financial policies
than we currently factor in.  Further releveraging toward 5.0x
adjusted debt to EBITDA could put pressure on the rating, as
could any deterioration of the company's liquidity position with
no evidence of financial support from INEOS.

Rating upside would come mainly from a higher EBITDA than S&P
currently forecasts, stemming from recovering market dynamics or
significantly larger restructuring benefits than S&P currently
factors in.  Combined with a more supportive financial policy,
S&P would view deleveraging heading for less than 4.0x adjusted
debt to EBITDA as releasing headroom under the 'B' rating.


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

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

The downgrade reflects Takko Fashion's significantly weaker-than-
expected like-for-like sales, which declined 10.3% year-on-year
in the second quarter of the current fiscal year (ending April
30, 2015).  The company's adjusted EBITDA dropped 36% year-on-
year and was EUR89.5 million on a trailing-12-month basis through
Oct. 31, 2014.  According to S&P's estimates, this will lead to
covenant headroom of less than 10% by year end, and we expect
headroom to tighten further over the coming years.

Consequently, S&P lowered its assessment of Takko Fashion's
liquidity to "less than adequate" from "adequate."  S&P lowered
the rating in light of its expectation of its covenant headroom
tightening further (including the risk of a breach particularly
if there is another unexpectedly weak quarter) and negative free
operating cash flow.  In S&P's view, absent unexpected, favorable
business developments, Takko Fashion's leverage metrics will
likely worsen further, and its financial commitments appear to be
unsustainable in the long term.  Over the coming 12 months,
however, in S&P's base-case scenario, the company does not face a
credit or payment crisis.

Takko Fashion has revised its business strategy through measures
such as renegotiating rental contracts, closing loss-making
stores, launching more focused marketing campaigns, and rolling
out best practices across all stores.  In S&P's view, these steps
could boost EBITDA and cash flow growth.  However, there's no
guarantee that these efforts will be effective, and even if they
are, it will likely take at least two years for them to fully
translate into improved financials.

S&P continues to assess Takko Fashion's business risk profile as
"weak."  S&P's assessment stems from its expectation of declines
in like-for-like sales and profitability for the current fiscal
year as a whole and only small improvements thereafter.  In the
absence of large working capital swings, this should translate
into operating cash flow that is insufficient to cover planned
capital expenditures.  S&P's assessment also reflects the
company's reliance on discretionary consumer spending from mid-
to lower-income families and its positioning in the price-
competitive value retail clothing market.  The company competes
against both high-street fashion retailers and hard discounters.

In the past, weather conditions have had a strong effect on Takko
Fashion's sales, which makes the group's profitability volatile.
Due to its geographic concentration in Germany, other regions in
which the company is active -- such as Central and Eastern
Europe -- contribute little to reduce sales volatility.  In
addition, the company is exposed to changes in fashion trends,
leading to a constant risk of inventory write-downs.

On the positive side, fashion trends are slightly less important
in the value segment than in higher-price segments of the apparel
industry.  Also, S&P regards competition from online retailing as
less severe in the discount and value segment, as there is
generally less room to optimize costs.

Takko Fashion's business model is characterized by vertical
integration, with in-house design and sourcing of products
directly from manufacturers.  Combined with the focus on locating
stores outside high-rent city centers, the company is able to
generate above-average EBITDA margins.  However, its profit
volatility is above average, mainly because sales are correlated
with weather trends.  This largely offsets Takko Fashion's high
EBITDA margin compared with other apparel retailers.

S&P assess Takko Fashion's financial risk as "highly leveraged"
due to its private equity ownership and its weak credit metrics.
Both of S&P's core leverage ratios -- debt to EBITDA and funds
from operations (FFO) to debt -- strongly indicate an assessment
in this highest financial risk category, and S&P expects these
ratios to worsen further.  S&P estimates that Takko Fashion's
adjusted FFO to debt will average 3%-5% and its adjusted debt to
EBITDA should reach about 7.5x-8.5x.

Reported EBITDA to cash interest coverage should be about 1.1x.
On a fully Standard & Poor's-adjusted basis, EBITDA interest
coverage is approximately 1.5x.

S&P believes that the group's operating cash flow will be
insufficient to cover its planned capital expenditures.
Therefore, the company's existing cash sources and revolving
credit facility (RCF) must be able to cover the costs of both
ongoing operations and any potential disruptions that lead to a
drop in EBITDA and operating cash flow.  As of Oct. 31, 2014,
including guarantees, Takko Fashion had used 20%-25% of its RCF.

In any case, given the company's financial sponsorship, S&P's
assessment of Takko Fashion's financial risk profile is currently
capped at "highly leveraged."

S&P's base case assumes:

   -- An overall stable German economic environment, with real
      consumer spending rising by 0.8% and 0.6% year-on-year in
      2014 and 2015, respectively.

   -- A slight reduction in the number of stores and negative
      like-for-like sales growth in fiscal 2014/2015, followed by
      broadly flat like-for-like sales in fiscal 2015/2016.

   -- Despite revenue support from stores opened during last
      fiscal year, this should translate into slight year-on-year
      revenue declines.

   -- Adjusted for one-off expenses such as inventory revaluation
      losses, Takko's EBITDA margin should fall to 8%-9% from
      9.5% in fiscal 2013/2014. This translates into a Standard &
      Poor's-adjusted EBITDA margin of 19%-20%.

   -- Slight improvements in working capital.

   -- Capital expenditure of about EUR30 million-EUR35 million
      per year.

   -- Operating cash flow insufficient to fully cover capital
      expenditure.

Based on these assumptions, S&P arrives at these Standard &
Poor's-adjusted credit measures:

   -- FFO to debt of 3%-5%.
   -- Debt to EBITDA of 7.5x-8.5x.
   -- EBITDA interest coverage of 1.5x, with reported EBITDA cash
      interest coverage of about 1.1x.

The stable outlook reflects S&P's view that Takko Fashion's like-
for-like sales will decline in 2014/2015 and stay flat thereafter
and that its Standard & Poor's-adjusted EBITDA margin stays in
the region of 19%-20%.  S&P forecasts no breach of financial
covenants over the coming 12 months.

Downside scenario

S&P could consider another downgrade if market circumstances or
other factors lead to a further severe deterioration in revenues,
EBITDA, and cash flows, which would likely lead to Takko
breaching its financial covenants.

Upside scenario

S&P could consider an upgrade if the company improved its
operating performance over several quarters, demonstrating that
management's strategic initiatives can turn around performance.

Recovery Analysis

Key analytical factors

   -- The issue and recovery ratings on the company's EUR525
      million senior secured notes (comprised of EUR400 million
      8.25% notes due 2020 and EUR125 million floating rate notes
      due 2020) are 'CCC' and '5', respectively.  The recovery
      rating reflects the substantial amount of prior-ranking
      debt and the company's limited tangible asset base.

   -- S&P's hypothetical default scenario assumes that a weak
      macroeconomic environment reduces discretionary spending,
      together with inflated sourcing costs that the group is
      unable to pass on to customers.

   -- S&P values Takko Fashion as a going concern due to its
      strong position as a value fashion apparel retailer.

   -- Due to the competitive nature of the retail industry,
      liquidation could also be a possible post-default outcome.
      This not S&P's main assumption, but it believes that
      recovery prospects could be materially lower under a
      liquidation due to the group's limited amount of tangible
      assets.

Simulated default assumptions

   -- Year of default: 2016
   -- EBITDA at emergence: EUR78 million
   -- Implied enterprise valuation (EV) multiple: 5x
   -- Jurisdiction: Germany

Simplified waterfall

   -- Gross enterprise value at default: EUR390 million
   -- Administrative costs: EUR20 million
   -- Net value available to creditors: EUR370 million
   -- Priority debt claims: EUR39 million
   -- Super senior secured debt claims: EUR222 million *
   -- Senior secured debt claims: EUR546 million *
   -- Recovery expectation: 10%-30% (lower half of range)

Priority claims include finance leases. * All debt amounts
include six months' prepetition interest.



===========
G R E E C E
===========


FREESEAS INC: Stockholders Elected Two Directors
------------------------------------------------
At FreeSeas Inc.'s annual meeting of shareholders held on Dec.
18, 2014, the shareholders:

   (i) elected Ion G. Varouxakis and Dimitrios Panagiotopoulos as
       directors to serve until the 2017 Annual Meeting of
       Shareholders;

  (ii) ratified the appointment of RBSM LLP, as the Company's
       independent registered public accounting firm for the
       fiscal year ending Dec. 31, 2014;

(iii) granted discretionary authority to the Company's board of
       directors to (A) amend the Amended and Restated Articles
       of Incorporation of the Company to effect one or more
       consolidations of the issued and outstanding shares of
       common stock, pursuant to which the shares of common stock
       would be combined and reclassified into one share of
       common stock at ratios within the range from 1-for-2 up to
       1-for-10 and (B) determine whether to arrange for the
       disposition of fractional interests by shareholder
       entitled thereto, to pay in cash the fair value of
       fractions of a share of common stock as of the time when
       those entitled to receive those fractions are determined,
       or to entitle shareholder to receive from the Company's
       transfer agent, in lieu of any fractional share, the
       number of shares of common stock rounded up to the next
       whole number, provided that, (X) that the Company shall
       not effect Reverse Stock Splits that, in the aggregate,
       exceeds 1-for-15, and (Y) any Reverse Stock Split is
       completed no later than the first anniversary of the date
       of the Annual Meeting; and

  (iv) approved an amendment to the Amended and Restated Articles
       of Incorporation of the Company to increase the Company's
       authorized shares of common stock from 250,000,000 to
       750,000,000.

Mr. Ion G. Varouxakis, Chairman, president and CEO, commented:
"Having taken note of t[he] Annual meeting results, we would like
to reaffirm the Company's commitment to the public markets as a
fully reporting entity.  It is the intention of the Company,
being eligible under Nasdaq rules to apply for the second 180-day
compliance period of the minimum bid price requirement, to not
effect a reverse split at this time.  The Company is actively
exploring financing structures to leverage its existing
unencumbered assets in order to enlarge the fleet early next
year. The increase of the fleet size will not only improve
earnings potential, but is expected to improve investor
confidence and restore shareholder value.  This shall be our
foremost priority for the new year."

                         About FreeSeas Inc.

Headquartered in Athens, Greece, FreeSeas Inc., formerly known as
Adventure Holdings S.A., was incorporated in the Marshall Islands
on April 23, 2004, for the purpose of being the ultimate holding
company of ship-owning companies.  The management of FreeSeas'
vessels is performed by Free Bulkers S.A., a Marshall Islands
company that is controlled by Ion G. Varouxakis, the Company's
Chairman, President and CEO, and one of the Company's principal
shareholders.

The Company's fleet consists of six Handysize vessels and one
Handymax vessel that carry a variety of drybulk commodities,
including iron ore, grain and coal, which are referred to as
"major bulks," as well as bauxite, phosphate, fertilizers, steel
products, cement, sugar and rice, or "minor bulks."  As of
Oct. 12, 2012, the aggregate dwt of the Company's operational
fleet is approximately 197,200 dwt and the average age of its
fleet is 15 years.

FreeSeas Inc. reported a net loss of US$48.70 million in 2013, a
net loss of US$30.88 million in 2012 and a net loss of US$88.19
million in 2011.  The Company's balance sheet at March 31, 2014,
showed US$79.78 million in total assets, US$77.41 million in
total liabilities, all current, and US$2.37 million in total
shareholders' equity.

RBSM LLP, in New York, issued a "going concern" qualification on
the consolidated financial statements for the year ended Dec. 31,
2013.  The independent auditors noted that the Company has
incurred recurring operating losses and has a working capital
deficiency.  In addition, the Company has failed to meet
scheduled payment obligations under its loan facilities and has
not complied with certain covenants included in its loan
agreements.  Furthermore, the vast majority of the Company's
assets are considered to be highly illiquid and if the Company
were forced to liquidate, the amount realized by the Company
could be substantially lower that the carrying value of these
assets.  These conditions among others raise substantial doubt
about the Company's ability to continue as a going concern.


PIRAEUS BANK: Fitch Puts 'B+' Bond Rating on Watch Evolving
-----------------------------------------------------------
Fitch Ratings has placed Piraeus Bank S.A.'s (Piraeus,
B-/Stable/B, VR b-) mortgage covered bonds' 'B+' rating on Rating
Watch Evolving (RWE).

The rating action follows the segregation of new assets that the
issuer put into the cover pool on Dec. 19, 2014.  The loans added
to the cover pool have been originated by several banks acquired
recently by the issuer and to date no historical performance data
with regard to the new originators have been provided.  Piraeus
has also committed to 65.4% asset percentage (AP; equivalent to
53% over-collateralization; OC) which the issuer will publicly
disclose in the investor report with reference to the calculation
period ending on 31 December 2014.

Fitch will seek to resolve the RWE at the full annual review of
the program before end 2Q15, for which it expects to receive a
full set of historical performance data, background information
about the acquisition of those banks and to form a view about the
sustainability of the AP commitment.

KEY RATING DRIVERS

Fitch believes that the EUR1.98 billion newly-added assets might
affect the rating of Piraeus's program, given the cover pool's
composition.  The cover pool is composed of loans originated by
five originators other than Piraeus for which no historical
performance data has been provided: Agricultural Bank of Greece
S.A. (64.2% of the new sub-pool), Cyprus Popular Bank (21.2%),
Bank of Cyprus (12.3%), Millennium Bank S.A. (1.9%) and Hellenic
Bank (0.4%).  The aggregate outstanding balance of the loans
which have been segregated represents about 60% of the total
cover pool, which amounts to EUR3.3 billion.

The 'B+' is based on Piraeus's Long-term Issuer Default Rating
(IDR) of 'B-', an IDR uplift of 1, a Discontinuity Cap (D-Cap) of
3 (moderate high risk) and the 95% maximum legal AP that Fitch
takes into account in its analysis.  This level of AP is adequate
to achieve recoveries of at least 51% should the covered bonds
default, allowing a one-notch uplift to 'B+' from the 'B' IDR
adjusted by the IDR uplift.

RATING SENSITIVITIES

The RWE could result in an affirmation or an upgrade of the
covered bonds' rating if the following occurred: (i) Fitch
observes no material changes in the weighted average (WA)
foreclosure frequency (FF) and WA recovery rate (RR) assumptions
with regard to the new cover pool composition on the basis of the
historical data that will be provided by the issuer; and (ii) the
increased protection in terms of OC is sustainable and at least
equal to or above the then 'B+' breakeven OC.

The covered bonds' rating could be downgraded if no historical
data is provided or if Fitch's view on the newly-added assets in
terms of WAFF and WARR, as validated by the available historical
data, is worse than the assumptions on the assets originated by
Piraeus and if the OC commitment is not considered sufficient to
withstand stresses above the IDR of Piraeus as adjusted by the
IDR uplift.

In addition, the covered bonds' 'B+' rating would be vulnerable
to downgrade if any of the following occurs: (i) Piraeus's IDR is
downgraded by one or more notches, (ii) the number of notches
represented by the IDR uplift and the D-Cap is reduced to zero.



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


ITALFINANCE SECURITISATION: Fitch Lifts Series 1-D Rating to 'B+'
-----------------------------------------------------------------
Fitch Ratings has upgraded Italfinance Securitisation Vehicle 2
Series 2007-1's (Italfinance 2007-1) Series 1-D notes and
affirmed the Series 1-A, Series 1-B and Series 1-C notes. The
agency has also revised the Outlook on the Series 1-A to Stable
from Negative and the Outlooks on the Series 1-B and Series 1-C
to Positive from Stable. The rating actions are as follows:

EUR142.1 million Series 1-A: affirmed at 'AAsf'; Outlook revised
to Stable from Negative

EUR28.0 million Series 1-B: affirmed at 'BBBsf'; Outlook revised
to Positive from Stable

EUR18.9 million Series 1-C: affirmed at 'BBsf'; Outlook revised
to Positive from Stable

EUR6.3 million Series 1-D: upgraded to 'B+sf from 'Bsf'; Outlook
Positive

The transaction is a securitization of receivables arising from
Italian finance lease contracts. The leases were originated by
Banca Italease (BBB/Negative/F3), a fully-owned subsidiary of
Banco Popolare (BBB/Negative/F3).

KEY RATING DRIVERS

The rating actions reflect the build-up in the credit enhancement
(CE) across all rated notes, diminished concerns about the tail
risks run by the most senior noteholders and the transaction's
recently improved performance.

Recent Performance Improvement

In the past three quarters, the annualized default rate (ADR)
markedly decreased. Between January 2010 and January 2014 the ADR
was an average 5% with a peak at 11.6% in October 2012. In the
past three quarters, the ADR has been lower than 2%. The Positive
Outlook on all mezzanine notes reflect both the recent
improvement and the build-up in CE due to the pro-rata
amortization in place.

Revised Assumptions

Fitch has revised its base case scenario to a 16% default
assumption for the remaining collateral and a 35% recovery rate
assumption for the future defaults. The revised default
assumption revolves around the output of Fitch's proprietary
model PCM, which takes into account the correlation between
obligors in the pool and the individual probability of default of
the obligors, which in this case were set in line with the
average ADR over the transaction life (3.7%). The revised
recovery assumption are set conservatively as the reported
recovery rates are being distorted by the originator's
repurchases. The revised assumptions imply a new lifetime default
assumption of 11% and corresponding lifetime losses of 3.7%.

Support From Originator

The originator has been repurchasing defaulted receivables since
October 2008 (EUR123 million as of October 2014), supporting the
transaction. The reason for these repurchases is to avoid
breaching the pro-rata amortization trigger of 2.75% cumulative
losses. If breached, it would lead to a sequential amortization.

On September 7, 2010, Banca Italease made a 365-day renewable
liquidity facility (EUR70 million) available to the issuer for
repurchasing defaulted receivables and/or injecting cash into the
structure. This support is designed to allow the structure to
meet the collateralization condition (i.e. outstanding principal
of the notes equal to the outstanding principal of the performing
plus delinquent portfolio plus the debt service reserve) and
avoid switching to sequential amortization.

Cash Trapping

Due to the high level of defaults and despite the support from
the originator the cash trapping trigger was breached in January
2012. As a consequence, interest payments to the unrated class
1-E notes are deferred so that all excess spread is trapped in
the transaction's collection account. Due to the originator's
support, the net excess spread has been significant, so that the
transaction benefits from EUR14.1 million of trapped cash, which
together with the floor level of the cash reserve (EUR6.7
million), provides a considerable boost to available CE for all
rated notes.

Concentration Risk and Pro-Rata Amortization

The portfolio consists of more than 99% of real estate leases.
The top 50 obligors currently account for 38% of the portfolio.
The pro rata amortization of the rated notes curbs the build-up
of class 1-A CE (currently at 40.9%), leaving the higher rated
notes exposed to increasing credit tail risk. Unlike past
reviews, Fitch has been able to analyze the updated loan-by-loan
pool tape of the transaction so that a more precise concentration
risk analysis in the tail life of the transaction was possible.
Fitch now believes the tail risks are adequately mitigated by the
available cash reserve (trapped cash plus floor level of the
reserve) even in a scenario for which the pro rata amortization
is in place until rated notes are redeemed in full. Consequently,
the Outlook on the series 1-A has been revised to Stable from
Negative.

RATING SENSITIVITIES

Model-implied impact upon the notes' rating of increased defaults
(Class 1-A/Class 1-B/Class 1-C/Class 1-D):

Current Rating: 'AAsf'/'BBBsf'/'BBsf'/'B+sf'

Increase base case defaults by 10%: 'AAsf'/'BBBsf'/'BBsf'/'Bsf'

Increase base case defaults by 25%: 'A+sf'/'BBB-
sf'/'B+sf'/'CCCsf'

Model-implied impact upon the notes' rating of decreased
recoveries (Class 1-A/Class 1-B/Class 1-C/Class 1-D):

Current Rating: 'AAsf'/'BBBsf'/'BBsf'/'B+sf'

Reduce base case recovery by 25%: 'AAsf'/'BBBsf'/'BBsf'/'Bsf'

Model-implied impact upon the notes' rating of increased defaults
and decreased recoveries (Class 1-A/Class 1-B/Class 1-C/Class 1-
D):

Current Rating: 'AAsf'/'BBBsf'/'BBsf'/'B+sf'

Increase default base case by 10%; reduce recovery base case by
10%:

'AA-sf'/'BBB-sf'/'BB-sf'/'Bsf'

Increase default base case by 25%; reduce recovery base case by
25%:

'A-sf'/'BBB-sf'/'B-sf'/'CCCsf'



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


KAZAKHTELECOM JSC: Fitch Rates First KZT21BB Tranche 'BB(EXP)'
--------------------------------------------------------------
Fitch Ratings has assigned Kazakhtelecom JSC's (Kaztel) proposed
KZT90 billion bond program, including the first KZT21 billion
tranche, expected International and National ratings of 'BB(EXP)'
and 'A(kaz)(EXP)' respectively.  The notes are structured as
senior unsecured obligations of Kaztel.  The first tranche of the
notes will have a five-year maturity.  Final ratings of the notes
are contingent on the receipt of final documentation.

The bonds are rated at the same level as Kaztel's Long-term local
currency Issuer Default Rating (IDR) of 'BB' and National Long-
term rating of 'A(kaz)' as they will represent direct, senior,
and unconditional obligations of the company.

Kaztel is a strong fixed-line incumbent in Kazakhstan with a near
monopoly position in the traditional telephony and high broadband
market share operating in a benign regulatory environment.  The
proceeds are planned to be used primarily for refinancing and
investments, including in on-going LTE network rollout.

KEY RATING DRIVERS

Strong Incumbent Positions

Kaztel is likely to maintain its dominant position in the fixed-
line segment, helped by benign regulation and a shortage of
alternative networks.  Kaztel estimated its fixed-line telephony
market share at a high 93% at end-2013.  Fixed-to-mobile
substitution is a key threat, and this will drive modest fixed-
line disconnections and pricing pressures, in Fitch's view.

Positive Broadband Prospects

The Kazakh broadband market still retains strong growth
potential, driven by fairly low broadband penetration in the
country (31% of households as of end-2013).  Kaztel's much
relied-on ADSL technology allows it to roll out broadband
services ahead of its peers.  Broadband leadership will be
supported by a rapid roll-out of fibre infrastructure in key
territories.  The segment's revenue growth, however, is likely to
lag subscriber additions as we expect the company's currently
inflated tariffs to remain under regulatory and competitive
pressure in key cities.

Ambitious Mobile Strategy

Kaztel's newly launched LTE service may face only limited
operating success while being the key leverage driver in 2014-
2016.  The Kazakh mobile market is well penetrated with 3G
services and is highly competitive.

Leverage Increase Likely

High capex on the back of LTE roll-out and fixed-line network
upgrades pushed free cash flow (FCF) into negative territory in
2013-2014, and will continue weighing on cash generation in 2015-
2016.  Leverage is likely to rise, but we project it will remain
below 2.5x total debt/EBITDA.

Weak Domestic Banking System

The Kazakh domestic banking system is weak, implying a lack of
local funding and resultant high FX risks, few committed credit
facilities and potentially limited access to deposits.
Consequently, our analysis primarily focuses on the company's
gross debt metrics.

Weak Parent-Subsidiary Linkage

Kaztel's ratings reflect its standalone credit profile.  Kaztel
is of only limited strategic importance for Kazakhstan, while
operating and legal ties with its controlling shareholder,
government-controlled Samruk-Kazyna, are weak.  Although indirect
government control is a positive credit factor, it does not
justify a rating uplift, in Fitch's view.

RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, lead to a negative rating action include:

   -- A protracted rise in gross leverage to above 2.5x total
      debt/EBITDA and 3x funds from operations (FFO)-adjusted
      leverage (end-2013: 1.4x), and/or a material increase in
      refinancing risks

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

   -- A sustained decrease in gross leverage to below 1.0x total
      debt/EBITDA and 1.5x FFO-adjusted leverage and successful
      development of the mobile segment demonstrating strong
      operating and financial performance

Kazakhtelecom's ratings are:

Long-Term foreign currency IDR: 'BB', Stable Outlook
Short-Term foreign currency IDR: 'B'
Long-Term local currency IDR: 'BB', Stable Outlook
National Long-Term Rating: 'A(kaz)', Stable Outlook
Senior unsecured debt in foreign currency: 'BB'
Senior unsecured debt in local currency: 'A(kaz)'



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


HARBOURMASTER CLO 8: Fitch Affirms 'Bsf' Rating on Class E Notes
----------------------------------------------------------------
Fitch Ratings has upgraded Harbourmaster CLO 8 B.V.'s class A2
notes and affirmed the others, as follows:

EUR17.2 million Class A1 (ISIN XS0277545033): affirmed at
'AAAsf'; Outlook Stable

EUR84 million Class A2 (ISIN XS0277549969): upgraded to 'AAAsf'
from 'AAsf'; Outlook Stable

EUR20.5 million Class B (ISIN XS0277554886): affirmed at 'Asf';
Outlook revised to Stable from Negative

EUR23.2 million Class C (ISIN XS0277555933): affirmed at 'BBBsf';
Outlook revised to Stable from Negative

EUR21.1 million Class D (ISIN XS0277559174): affirmed at 'BBsf';
Outlook Negative

EUR11.6 million Class E (ISIN XS0277559844): affirmed at 'Bsf';
Outlook Negative

Harbourmaster CLO 8 B.V. is a securitization of senior secured
loans primarily domiciled in Europe.

KEY RATING DRIVERS

The upgrade reflects the steep increase in credit enhancement
since the last review in January 2014. Since then, the class A1
notes have amortized by EUR143 million, increasing credit
enhancement to 91% from 52% and credit enhancement on the class
A2 notes increased to 46% from 26%. Amortization was accelerated
due to the early prepayments of assets. In addition, the manager
has not been able to reinvest any funds since March 2012.

Amortization has also led to portfolio concentration
substantially increasing. This has made the junior notes more
vulnerable to potential future portfolio deterioration. The
largest obligor now represents 6.4% of the outstanding portfolio
and the 10 largest obligors make up over 50% of the portfolio.
The default of one or more large obligors could place pressure on
the junior notes, which is reflected in their Negative Outlooks.

The largest industry is healthcare with 14.4% of the outstanding
portfolio, up from 8.75%, followed by broadcasting and media with
14.2% up from 12.8% and telecommunication at 11.7% up from 7.5%.
Country exposures have also become more concentrated. The largest
country is the UK now representing 24% of the portfolio, up from
16%. At the last review France was the largest country, and is
now the second largest country with 19%, down from 21%.

Overall, the credit quality of the underlying portfolio has
decreased slightly, with the weighted average rating factor
having increased to 30 from 28.6 as a result of amortization as
well as limited negative rating migration. The 'CCC' and below
bucket is now 5% of the outstanding portfolio, compared with 3.4%
at the last review. In addition, Fitch has a Negative Outlook on
around 20% of the underlying portfolio .

RATING SENSITIVITIES

Fitch ran various rating sensitivity scenarios on the transaction
to assess the impact on the notes' ratings if the key risk
drivers -- default rates and recovery rates -- were stressed.
Increasing the default probability and decreasing the recovery
rates would not impact the senior notes, but is likely to put the
junior notes under negative rating pressure.


STORK TECHNICAL: S&P Affirms, Withdraws 'B-' Corp. Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed and subsequently
withdrew its 'B-' long-term corporate credit rating on
Netherlands-based business services company Stork Technical
Services Holding B.V. (STS Holding).  The outlook was stable at
the time of withdrawal.  S&P also withdrew its 'CCC+' issue
rating on STS Holding's senior secured notes.

At the same time, S&P assigned its 'B-' corporate credit rating
to STS Holding's holding company, Stork Technical Services Holdco
B.V. (STS), which is the reporting entity.  The outlook is
stable.

In addition, S&P assigned its 'CCC+' issue rating on STS' senior
secured notes.  The recovery rating on these notes is '5',
indicating S&P's expectation of modest (10%-30%) recovery in the
event of a payment default.

S&P thinks that STS will continue to face challenging market
conditions in the power markets in Europe, and potentially
deteriorating conditions in its oil and gas customer end markets
(through which it generated 62% of its revenues in 2013) in the
medium-term, should oil prices remain at the relatively low
levels seen in recent weeks.

Conversely, S&P acknowledges that STS' business is to a large
degree driven by operating activity levels of its clients rather
than investment cycles, which used to translate into only
moderate cyclicality in the past.  S&P also sees that STS had
been successfully winning orders in higher growth markets,
including South America and Australia, that should continue to
see more dynamic growth compared with the European market.
Following a relatively weak performance in 2013, STS has
initiated significant restructuring initiatives that further
depressed profitability in that year.

The company's reported EBITDA margin dropped to 2.3% (or 3.9% on
a Standard & Poor's-adjusted basis) in 2013, well below historic
levels of 6%-7%.  Going forward, S&P expects the company to
report lower nonrecurring charges and a gradual recovery in its
EBITDA margin.  Under S&P's base case, it anticipates fully
adjusted EBITDA of EUR92 million in 2014 and about a Standard &
Poor's 6%
EBITDA margin (or about 5% reported margin).  S&P's adjusted
EBITDA calculation includes a EUR19 million adjustment for
operating leases.

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

   -- A fragile recovery in the eurozone (European Economic and
      Monetary Union) with merely 1.0% GDP growth in 2015 and
     1.4% in 2016.

   -- Continued weak demand from European power markets and more
      difficult conditions in oil and gas end markets, alongside
      low oil prices.

   -- Low revenue growth of between 0% and 3% in 2015 and 2016.

   -- Moderate investments in working capital.

   -- About EUR25 million-EUR30 million of capital expenditure
      per year in 2013-2014.

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

   -- A Standard & Poor's adjusted debt-to-EBITDA ratio of about
      5x in 2014, declining to 4.5x-5.0x in 2015 and 2016, on the
      back of an improvement in EBITDA.  S&P adjusts debt and
      EBITDA for operating leases and pensions.  However, S&P do
      not adjust EBITDA for most of the nonrecurring items
      reported by the company.  Moderately negative free
      operating cash flow (FOCF) over the forecast horizon.

STS's shareholder is Stork B.V. (not rated).  As a result of the
shareholder structure, S&P applies its Group Rating Methodology
to determine the issuer credit rating on STS.  Under S&P's
criteria, it assess Stork Topco B.V. (Stork) as having a group
credit profile  of 'b-'.  S&P classifies STS as a "core" entity
of Stork and equalize the corporate credit rating on STS with the
group credit profile on Stork.  In S&P's opinion, Stork's
business risk profile, incorporating Fokker Technologies Holding
B.V. (Fokker), is relatively consistent with STS' "weak" business
risk profile. S&P bases its classification of STS' "core" entity
status on its view that STS is unlikely to be sold, has Stork's
long-term commitment, constitutes a material proportion of the
consolidated Stork group, and shares a brand with the main group.

S&P notes that Stork has a highly indebted financial structure
with debt to EBITDA of more than 20x in 2013.  S&P includes
shareholder loans of about EUR1.36 billion in its leverage
calculation since it understands those instruments are not
stapled to the equity.  When excluding shareholder loans from
this calculation, leverage remains very high at 11.5x-12.0x.

Stork's current financing structure includes separate financings
for its two operating subsidiaries, STS and Fokker.  While S&P
notes that STS and Fokker have their own defined borrowing groups
with some restrictions on cash and asset movements, S&P do not
consider the structure to be ring-fenced financing under its
criteria.

The stable outlook on STS reflects S&P's expectation that the
company will continue to face challenging market conditions in
its end-markets in continental Europe in 2014.  S&P's outlook
also assumes much lower nonrecurring charges and benefits from
restructuring measures taken over the past couple of years, which
should support moderate EBITDA growth.

S&P might consider a negative rating action if STS' liquidity
deteriorated because of significantly more negative FOCF than it
currently expects, or potentially tightening headroom under the
maintenance covenant.  Funds from operations cash interest
coverage falling below 1.5x could also lead S&P to take a
negative rating action.

An upgrade would depend on STS successfully returning to positive
FOCF generation, which will probably require healthy demand from
all of its key end-markets and an improvement in the company's
adjusted EBITDA margin to historic levels of about 7% (not
adjusted for nonrecurring items) while tightly controlling
working capital and capital investments.  A positive rating
action would also depend on the company's ability to continue to
show adequate liquidity cover, a proactive approach to manage its
2017 maturities, and sustained ample covenant headroom.



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


ATLANTES MORTGAGE NO.1: S&P Lowers Rating on Cl. B Notes to BB-
---------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in Atlantes Mortgage No.1 PLC.

Specifically, S&P has:

   -- Raised to 'A (sf)' from 'A- (sf)' its rating on the class A
      notes;

   -- Lowered to 'BB- (sf)' from 'BB (sf)' its rating on the
      class B notes; and

   -- Affirmed its 'B- (sf)' ratings on the class C and D notes.

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

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

The rating actions follow S&P's credit and cash flow analysis of
the most recent transaction information that it has received as
of October 2014.  S&P's analysis reflects the application of its
residential mortgage-backed securities (RMBS) criteria and its
RAS criteria.

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

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

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

This transaction features a non-amortizing reserve fund, which
currently represents 4.72% of the outstanding balance of the
notes.  The transaction also has a liquidity facility to cover
any interest shortfalls on the notes.

Severe delinquencies of more than 90 days at 1.76% are on average
higher for this transaction than S&P's Portuguese RMBS index.
Delinquencies of more than 90 days have decreased to 1.75% from
3.15% in the last 24 months.  Prepayment levels remain low and
the transaction is unlikely to pay down significantly in the near
term, in S&P's opinion.

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

The class A notes can support the stresses that S&P applies at a
'AAA' rating level.  S&P considers that all six conditions in
paragraph 48 of the RAS criteria are met and that available
credit enhancement for the class A notes is sufficient to pass an
"extreme" stress.  Consequently, S&P can assign a rating on the
class A notes up to a maximum of six notches above the sovereign
rating.  S&P has therefore raised to 'A (sf)' from 'A- (sf)' its
rating on the class A notes.

The class B notes can only support the stresses that S&P applies
at a 'BB-' rating level.  S&P has therefore lowered to 'BB- (sf)'
from 'BB (sf)' its rating on the class B notes.

The available credit enhancement for the class C and D notes is
commensurate with S&P's currently assigned ratings.  S&P has
therefore affirmed its 'B- (sf)' ratings on the class C and D
notes.

S&P also considers credit stability in its analysis.  To reflect
moderate stress conditions, S&P adjusted its WAFF assumptions by
assuming additional arrears and fluctuations on house prices for
one-year and three-year horizons.  This did not result in S&P's
rating deteriorating below the maximum projected deterioration
that S&P would associate with each relevant rating level, as
outlined in its credit stability criteria.

S&P expects severe arrears in the portfolio to remain at their
current levels due to slow economic growth and high unemployment.
S&P expects the real estate market to stabilize in 2015.
However, price rises will likely be limited (0.5% in 2014 and
1.0% in 2015), as housing demand will stay constrained.

Atlantes Mortgage No.1 is a Portuguese RMBS transaction, which
closed in February 2003 and securitizes first-ranking mortgage
loans.  BANIF Banco Internacional do Funchal S.A. originated the
pool, which comprises loans backed by properties located in
Portugal.

POTENTIAL EFFECTS OF PROPOSED CRITERIA CHANGES

S&P's ratings are based on its applicable criteria, including
those set out in the criteria article "Update To The Criteria For
Rating Portuguese Residential Mortgage-Backed Securities,"
published on Jan. 6, 2009.  However, these criteria are under
review.

As a result of this review, S&P's future criteria applicable to
rating transactions backed by Portuguese mortgage assets may
differ from S&P's current criteria.  These criteria changes may
affect the ratings on the outstanding RMBS transactions that S&P
rates.  Until such time that S&P adopts new criteria, it will
continue to rate and surveil these transactions using its
existing criteria.

RATINGS LIST

Class       Rating            Rating
            To                From

Atlantes Mortgage No.1 PLC
EUR500 Million Mortgage-Backed Floating-Rate Notes:

Rating Raised

A           A (sf)            A- (sf)

Rating Lowered

B           BB- (sf)          BB (sf)

Ratings Affirmed

C           B- (sf)
D           B- (sf)


ATLANTES MORTGAGE NO.2: S&P Affirms BB Rating on Class C Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit rating on
GAMMA Sociedade de Titularizacao de Creditos, S.A.'s (Atlantes
Mortgage No. 2) class B notes.  At the same time, S&P has
affirmed its ratings on the class A and C notes.

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

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

The rating actions follow S&P's credit and cash flow analysis of
the most recent transaction information that S&P has received as
of September 2014.  S&P's analysis reflects the application of
its residential mortgage-backed securities (RMBS) criteria and
its RAS criteria.

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

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

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

This transaction features a reserve fund, which currently
represents 6.97% of the outstanding balance of assets net of the
written off mortgages.  The notes are currently amortizing pro-
rata.

Severe delinquencies of more than 90 days at 1.92% are on average
higher for this transaction than S&P's Portuguese RMBS index.
Delinquencies of more than 90 days have decreased to 1.95% from
3.72% in the last 24 months.  Prepayment levels remain low and
the transaction is unlikely to pay down significantly in the near
term, in S&P's opinion.

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

The class A notes can support the stresses that S&P applies at a
'AA' rating level.  S&P considers that all six conditions in
paragraph 48 of the RAS criteria are met and that available
credit enhancement for the class A notes is sufficient to pass an
"extreme" stress.  Consequently, S&P can assign a rating on the
class A notes up to a maximum of six notches above the sovereign
rating.  However, the remedy actions outlined in the swap
documents were not taken in November 2013 when S&P lowered its
long-term issuer credit rating (ICR) on the swap provider, The
Royal Bank of Scotland PLC to 'A-'.  Consequently, under S&P's
current counterparty criteria, this breach of the agreement caps
the maximum potential rating on the class A notes at 'A- (sf)',
the ICR of the counterparty.  S&P has therefore affirmed its
'A- (sf)' rating on the class A notes.

The class B notes can support the stresses that S&P applies at a
'BBB+' rating level.  However, the available credit enhancement
for the class B notes is only sufficient to pass 'BBB-' stresses
under S&P's RAS criteria.  Consequently, S&P has lowered to 'BBB-
(sf)' from 'BBB (sf)' its rating on the class B notes.

The available credit enhancement for the class C notes is
commensurate with S&P's currently assigned rating.  S&P has
therefore affirmed its 'BB (sf)' rating on this class of notes.

S&P also considers credit stability in its analysis.  To reflect
moderate stress conditions, S&P adjusted its WAFF assumptions by
assuming additional arrears and fluctuations on house prices for
one-year and three-year horizons.  This did not result in S&P's
rating deteriorating below the maximum projected deterioration
that S&P would associate with each relevant rating level, as
outlined in its credit stability criteria.

S&P expects severe arrears in the portfolio to remain at their
current levels due to slow economic growth and high unemployment.
S&P expects the real estate market to stabilize in 2015.
However, price rises will likely be limited (0.5% in 2014 and
1.0% in 2015), as housing demand will stay constrained.

Atlantes Mortgage No. 2 is a Portuguese RMBS transaction, which
closed in March 2008 and securitizes first-ranking mortgage
loans. BANIF Banco Internacional do Funchal S.A. originated the
pool, which comprises loans backed by properties located in
Portugal.

POTENTIAL EFFECTS OF PROPOSED CRITERIA CHANGES

S&P's ratings are based on its applicable criteria, including
those set out in the criteria article "Update To The Criteria For
Rating Portuguese Residential Mortgage-Backed Securities,"
published on Jan. 6, 2009.  However, these criteria are under
review.

As a result of this review, S&P's future criteria applicable to
rating transactions backed by Portuguese mortgage assets may
differ from S&P's current criteria.  These criteria changes may
affect the ratings on the outstanding RMBS transactions that S&P
rates.  Until such time that S&P adopts new criteria, it will
continue to rate and surveil these transactions using its
existing criteria.

RATINGS LIST

Class              Rating
            To                From

GAMMA Sociedade de Titularizacao de Creditos, S.A.
EUR391.125 Million Floating-Rate Notes (Atlantes Mortgage No. 2)

Ratings Affirmed

A           A- (sf)
C           BB (sf)

Rating Lowered

B           BBB- (sf)         BBB (sf)



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


BASHNEFT: Moody's Puts 'B2' CFR on Review for Downgrade
-------------------------------------------------------
Moody's Investors Service has placed the ratings of 45 Russian
non-financial corporates on review for downgrade.

The decision to place 45 Russian non-financial corporates and
their supported subsidiaries on review for downgrade reflects the
ongoing severe and rapid deterioration in the operating
environment in Russia and the heightened risk of a more prolonged
and more acute economic downturn than originally anticipated.

The actions follows Moody's decision on Monday December 22 to
lower Russia's foreign currency bond ceiling to Baa2 from A3,
foreign currency deposit ceiling to Ba1 from Baa2 and local
currency bond and deposit ceilings to Baa1 from A3.

Ratings Rationale

The rating action reflects recent volatility in the rouble
exchange rate, which has surpassed the heightened levels already
experienced in 2014. To counter this trend, the Central Bank of
Russia (CBR) has been increasing its key interest rates, although
its efforts have had limited impact in stabilizing the currency.
Since the beginning of 2014, the CBR has increased interest rates
by 11.5 percentage points in total.

These developments will likely lead to a severe deterioration in
the operating environment for Russian corporates namely higher
inflation, unemployment and debt-servicing costs as well as lower
domestic demand, resulting in a deeper and more protracted
decline in domestic economic activity than previously
anticipated. Moody's now expects Russian GDP to contract by 5.5%
in 2015 and 3% in 2016.

Moody's believes that even for the corporates that do not have
refinancing needs in foreign currency, the likely continued
severe deterioration of the operating environment might lead to a
substantial weakening in their credit profiles.

Factors to Be Considered in the Rating Review

Moody's reviews for downgrade will assess each corporate's
resilience to the increased risk arising from the prevailing
negative operating conditions.

In addition, Moody's will also consider the need for adjustments
to its assumptions regarding the Russian government's willingness
to provide support to corporates, in the event of need. This
consideration reflects the risk that the government's supportive
stance towards a particular corporate may be reduced should the
government face calls for support from many entities and sectors.
It also reflects the rising, albeit still low, risk that domestic
Russian entities will be unable to access foreign currency to
service their foreign currency debt obligations, given recent and
prospective pressure on Russia's foreign currency reserves. While
Russia's foreign currency reserves remain substantial, if they
continue to diminish rapidly over coming months, the Russian
government may be forced to consider rationing the provision of
foreign currency to the economy, including the financing of non-
financial corporates, in an adverse scenario.

What Could Change Ratings DOWN/UP

The following factors may drive negative rating actions on
Russian corporates placed on review for downgrade: (1) severe
deterioration of the operating environment; (2) deeper and more
protracted decline in economic activity in Russia than previously
anticipated; (3) the increased likelihood that the Russian
government is forced to consider rationing the provision of
foreign currency to the economy.

Moody's believes there is little likelihood of any upward rating
pressure for the corporates covered by the announcement, unless
the operating conditions improve materially. Confirmation of
ratings could be considered if the economic environment
stabilizes or corporates show sufficient resilience.

Ratings Affected by the Actions

On Review for Downgrade:

Issuer: Bashneft

  Probability of Default Rating, Placed on Review for Downgrade,
  currently Ba2-PD

  Corporate Family Rating (Foreign Currency), Placed on Review
  for Downgrade, currently Ba2

  Corporate Family Rating (Local Currency), Placed on Review for
  Downgrade, currently Ba2

Issuer: Gazprom Neft JSC

  Issuer Rating (Foreign Currency), Placed on Review for
  Downgrade, currently Baa2

Issuer: GPN Capital S.A.

  Senior Unsecured Medium-Term Note Program, Placed on Review for
  Downgrade, currently (P)Baa2

  Senior Unsecured Regular Bond/Debenture, Placed on Review for
  Downgrade, currently Baa2

Issuer: OAO LUKOIL

  Issuer Rating (Foreign Currency), Placed on Review for
  Downgrade, currently Baa2

  Corporate Family Rating (Foreign Currency), Placed on Review
  for Downgrade, currently Baa2

Issuer: LUKOIL International Finance B.V.

  Senior Unsecured Regular Bond/Debenture, Placed on Review for
  Downgrade, currently Baa2

Issuer: OAO Novatek

  Issuer Rating (Foreign Currency), Placed on Review for
  Downgrade, currently Baa3

  Issuer Rating (Local Currency), Placed on Review for Downgrade,
  currently Baa3

Issuer: Novatek Finance Limited

  Issuer Rating (Local Currency), Placed on Review for Downgrade,
  currently Baa3

Issuer: OJSC Oil Company Rosneft

  Issuer Rating (Local Currency), Placed on Review for Downgrade,
  currently Baa2

Issuer: Rosneft International Holdings Limited

  Issuer Rating (Foreign Currency), Placed on Review for
  Downgrade, currently Baa2

  Issuer Rating (Local Currency), Placed on Review for Downgrade,
  currently Baa2

  Senior Unsecured Medium-Term Note Program, Placed on Review for
  Downgrade, currently (P)Baa2

Issuer: Rosneft Finance S.A.

  Senior Unsecured Regular Bond/Debenture, Placed on Review for
  Downgrade, currently Baa2

  Senior Unsecured Medium-Term Note Program, Placed on Review for
  Downgrade, currently (P)Baa2

Issuer: RussNeft

  Probability of Default Rating, Placed on Review for Downgrade,
  currently Ba3-PD

  Corporate Family Rating (Local Currency), Placed on Review for
  Downgrade, currently Ba3

Issuer: Globaltrans Investment PLC

  Probability of Default Rating, Placed on Review for Downgrade,
  currently Ba3-PD

  Corporate Family Rating (Foreign Currency), Placed on Review
  for Downgrade, currently Ba3

  Corporate Family Rating (Local Currency), Placed on Review for
  Downgrade, currently Ba3

Issuer: New Forwarding Company

  Senior Unsecured Regular Bond/Debenture, Placed on Review for
  Downgrade, currently B1

Issuer: Russian Railways Joint Stock Company

  Issuer Rating (Foreign Currency), Placed on Review for
  Downgrade, currently Baa2

  Issuer Rating (Local Currency), Placed on Review for Downgrade,
  currently Baa2

  Senior Unsecured Regular Bond/Debenture, Placed on Review for
  Downgrade, currently Baa2

Issuer: RZD Capital PLC

  Senior Unsecured Regular Bond/Debenture, Placed on Review for
  Downgrade, currently Baa2

Issuer: TransContainer JSC

  Probability of Default Rating, Placed on Review for Downgrade,
  currently Ba3-PD

  Corporate Family Rating (Foreign Currency), Placed on Review
  for Downgrade, currently Ba3

Issuer: Alrosa Finance S.A.

  Senior Unsecured Regular Bond/Debenture, Placed on Review for
  Downgrade, currently Ba3

  Probability of Default Rating, Placed on Review for Downgrade,
  currently Ba3-PD

  Corporate Family Rating (Foreign Currency), Placed on Review
  for Downgrade, currently Ba3

Issuer: JSC Holding Company METALLOINVEST

  Probability of Default Rating, Placed on Review for Downgrade,
  currently Ba2-PD

  Corporate Family Rating (Local Currency), Placed on Review for
  Downgrade, currently Ba2

Issuer: Metalloinvest Finance Limited

  Senior Unsecured Regular Bond/Debenture, Placed on Review for
  Downgrade, currently Ba2

Issuer: MMC Finance Limited

  Senior Unsecured Regular Bond/Debenture, Placed on Review for
  Downgrade, currently Baa2

Issuer: Nord Gold N.V.

  Probability of Default Rating, Placed on Review for Downgrade,
  currently Ba3-PD

  Corporate Family Rating, Placed on Review for Downgrade,
  currently Ba3

  Senior Unsecured Regular Bond/Debenture, Placed on Review for
  Downgrade, currently Ba3

Issuer: OJSC MMC Norilsk Nickel

  Issuer Rating (Foreign Currency), Placed on Review for
  Downgrade, currently Baa2

  Issuer Rating (Local Currency), Placed on Review for Downgrade,
  currently Baa2

Issuer: Raspadskaya Securities Ltd.

  Probability of Default Rating, Placed on Review for Downgrade,
  currently B2-PD

  Senior Unsecured Regular Bond/Debenture, Placed on Review for
  Downgrade, currently B2

Issuer: Raspadskaya, OAO

  Probability of Default Rating, Placed on Review for Downgrade,
  currently B2-PD

  Corporate Family Rating (Foreign Currency), Placed on Review
  for Downgrade, currently B2

  Corporate Family Rating (Local Currency), Placed on Review for
  Downgrade, currently B2

Issuer: SUEK Finance

  Senior Unsecured Regular Bond/Debenture, Placed on Review for
  Downgrade, currently Ba3

Issuer: SUEK PLC

  Probability of Default Rating, Placed on Review for Downgrade,
  currently Ba3-PD

  Corporate Family Rating, Placed on Review for Downgrade,
  currently Ba3

Issuer: MegaFon OJSC

  Issuer Rating (Foreign Currency), Placed on Review for
  Downgrade, currently Baa3

  Issuer Rating (Local Currency), Placed on Review for Downgrade,
  currently Baa3

Issuer: Mobile TeleSystems OJSC

  Issuer Rating (Foreign Currency), Placed on Review for
  Downgrade, currently Baa3

  Issuer Rating (Local Currency), Placed on Review for Downgrade,
  currently Baa3

  Senior Unsecured Regular Bond/Debenture, Placed on Review for
  Downgrade, currently Baa3

Issuer: VimpelCom Holdings B.V.

  Senior Unsecured Regular Bond/Debenture, Placed on Review for
  Downgrade, currently Ba3

Issuer: VimpelCom Ltd

  Probability of Default Rating, Placed on Review for Downgrade,
  currently Ba3-PD

  Corporate Family Rating (Foreign Currency), Placed on Review
  for Downgrade, currently Ba3

Issuer: Vimpel-Communications OJSC

  Issuer Rating (Foreign Currency), Placed on Review for
  Downgrade, currently Ba3

  Issuer Rating (Local Currency), Placed on Review for Downgrade,
  currently Ba3

  Senior Unsecured Regular Bond/Debenture, Placed on Review for
  Downgrade, currently Ba3

Issuer: VIP Finance Ireland Limited

  Senior Unsecured Regular Bond/Debenture, Placed on Review for
  Downgrade, currently Ba3

Issuer: C.A.T. Oil AG

  Corporate Family Rating (Foreign Currency), Placed on Review
  for Downgrade, currently Ba3

Issuer: IRKUT Corporation, JSC

  Probability of Default Rating, Placed on Review for Downgrade,
  currently Ba2-PD

  Corporate Family Rating (Foreign Currency), Placed on Review
  for Downgrade, currently Ba2

  Corporate Family Rating (Local Currency), Placed on Review for
  Downgrade, currently Ba2

Issuer: Kamaz OJSC

  Probability of Default Rating, Placed on Review for Downgrade,
  currently Ba2-PD

  Corporate Family Rating, Placed on Review for Downgrade,
  currently Ba2

Issuer: Power Machines OJSC

  Probability of Default Rating, Placed on Review for Downgrade,
  currently Ba1-PD

  Corporate Family Rating, Placed on Review for Downgrade,
  currently Ba1

Issuer: Russian Helicopters JSC

  Probability of Default Rating, Placed on Review for Downgrade,
  currently Ba2-PD

  Corporate Family Rating (Foreign Currency), Placed on Review
  for Downgrade, currently Ba2

  Corporate Family Rating (Local Currency), Placed on Review for
  Downgrade, currently Ba2

Issuer: OJSC PhosAgro

  Issuer Rating (Local Currency), Placed on Review for Downgrade,
  currently Baa3

Issuer: OJSC Uralkali

  Issuer Rating (Local Currency), Placed on Review for Downgrade,
  currently Baa3

Issuer: PhosAgro Bond Funding Limited

  Senior Unsecured Regular Bond/Debenture, Placed on Review for
  Downgrade, currently Baa3

Issuer: Sibur Holding, PJSC

  Probability of Default Rating, Placed on Review for Downgrade,
  currently Ba1-PD

  Corporate Family Rating (Foreign Currency), Placed on Review
  for Downgrade, currently Ba1

Issuer: Sibur Securities Limited

  Senior Unsecured Regular Bond/Debenture, Placed on Review for
  Downgrade, currently Ba1

Issuer: Uralkali Finance Limited

  Senior Unsecured Regular Bond/Debenture, Placed on Review for
  Downgrade, currently Baa3

Issuer: Magnitogorsk Iron & Steel Works

  Probability of Default Rating, Placed on Review for Downgrade,
  currently Ba3-PD

  Corporate Family Rating (Foreign Currency), Placed on Review
  for Downgrade, currently Ba3

Issuer: NLMK

  Issuer Rating (Foreign Currency), Placed on Review for
  Downgrade, currently Baa3

  Issuer Rating (Local Currency), Placed on Review for Downgrade,
  currently Baa3

Issuer: Severstal OAO

  Probability of Default Rating, Placed on Review for Downgrade,
  currently Ba1-PD

  Corporate Family Rating (Foreign Currency), Placed on Review
  for Downgrade, currently Ba1

Issuer: Steel Capital S.A.

  Senior Unsecured Medium-Term Note Program, Placed on Review for
  Downgrade, currently (P)Ba1

  Senior Unsecured Regular Bond/Debenture, Placed on Review for
  Downgrade, currently Ba1

Issuer: Steel Funding Limited

  Senior Unsecured Regular Bond/Debenture (Foreign Currency),
  Placed on Review for Downgrade, currently Baa3

Issuer: Evraz Group S.A.

  Probability of Default Rating, Placed on Review for Downgrade,
  currently Ba3-PD

  Corporate Family Rating (Foreign Currency), Placed on Review
  for  Downgrade, currently Ba3

  Corporate Family Rating (Local Currency), Placed on Review for
  Downgrade, currently Ba3

  Senior Unsecured Regular Bond/Debenture, Placed on Review for
  Downgrade, currently B1

Issuer: Atomenergoprom, JSC

  Issuer Rating (Foreign Currency), Placed on Review for
  Downgrade, currently Baa3

  Issuer Rating (Local Currency), Placed on Review for Downgrade,
  currently Baa3

Issuer: Enel Russia, OJSC

  Probability of Default Rating, Placed on Review for Downgrade,
  currently Ba3-PD

  Corporate Family Rating (Foreign Currency), Placed on Review
  for Downgrade, currently Ba3

Issuer: Federal Grid Finance Limited

  Senior Unsecured Medium-Term Note Program (Foreign Currency),
  Placed on Review for Downgrade, currently (P)Baa3

  Senior Unsecured Regular Bond/Debenture (Foreign Currency)
  Mar 13, 2019, Placed on Review for Downgrade, currently Baa3

Issuer: FGC UES, JSC

  Issuer Rating (Foreign Currency), Placed on Review for
  Downgrade, currently Baa3

Issuer: IDGC of Center and Volga Region, JSC

  Probability of Default Rating, Placed on Review for Downgrade,
  currently Ba2-PD

  Corporate Family Rating (Foreign Currency), Placed on Review
  for Downgrade, currently Ba2

  Corporate Family Rating (Local Currency), Placed on Review for
  Downgrade, currently Ba2

Issuer: IDGC of Urals, JSC

  Probability of Default Rating, Placed on Review for Downgrade,
  currently Ba2-PD

  Corporate Family Rating (Foreign Currency), Placed on Review
  for Downgrade, currently Ba2

  Corporate Family Rating (Local Currency), Placed on Review for
  Downgrade, currently Ba2

Issuer: IDGC of Volga, JSC

  Probability of Default Rating, Placed on Review for Downgrade,
  currently Ba2-PD

  Corporate Family Rating (Foreign Currency), Placed on Review
  for Downgrade, currently Ba2

  Corporate Family Rating (Local Currency), Placed on Review for
  Downgrade, currently Ba2

Issuer: Inter RAO, JSC

  Probability of Default Rating, Placed on Review for Downgrade,
  currently Ba1-PD

  Corporate Family Rating (Foreign Currency), Placed on Review
  for Downgrade, currently Ba1

  Corporate Family Rating (Local Currency), Placed on Review for
  Downgrade, currently Ba1

Issuer: Lenenergo, JSC

  Probability of Default Rating, Placed on Review for Downgrade,
  currently Ba2-PD

  Corporate Family Rating (Foreign Currency), Placed on Review
  for Downgrade, currently Ba2

Issuer: MOESK, OJSC

  Probability of Default Rating, Placed on Review for Downgrade,
  currently Ba2-PD

  Corporate Family Rating (Foreign Currency), Placed on Review
  for Downgrade, currently Ba2

Issuer: Novorossiysk Commercial Sea Port, PJSC

  Probability of Default Rating, Placed on Review for Downgrade,
  currently Ba3-PD

  Corporate Family Rating (Foreign Currency), Placed on Review
  for Downgrade, currently Ba3

  Corporate Family Rating (Local Currency), Placed on Review for
  Downgrade, currently Ba3

Issuer: OAO AK Transneft

  Issuer Rating (Foreign Currency), Placed on Review for
  Downgrade, currently Baa2

  Issuer Rating (Local Currency), Placed on Review for Downgrade,
  currently Baa2

Issuer: ROSSETI, JSC

  Probability of Default Rating, Placed on Review for Downgrade,
  currently Ba1-PD

  Corporate Family Rating (Foreign Currency), Placed on Review
  for Downgrade, currently Ba1

Issuer: RusHydro, JSC

  Probability of Default Rating, Placed on Review for Downgrade,
  currently Ba1-PD

  Corporate Family Rating (Foreign Currency), Placed on Review
  for Downgrade, currently Ba1

  Senior Unsecured Regular Bond/Debenture (Local Currency) Oct
  28, 2015, Placed on Review for Downgrade, currently Ba1

Issuer: TransCapitalInvest Limited

  Senior Unsecured Regular Bond/Debenture (Foreign Currency) Aug
  7, 2018, Placed on Review for Downgrade, currently Baa2

Outlook Actions:

Issuer: Bashneft

  Outlook, Changed To Rating Under Review From Positive

Issuer: Gazprom Neft JSC

  Outlook, Changed To Rating Under Review From Negative

Issuer: OAO LUKOIL

  Outlook, Changed To Rating Under Review From Negative

Issuer: OAO Novatek

  Outlook, Changed To Rating Under Review From Stable

Issuer: OJSC Oil Company Rosneft

  Outlook, Changed To Rating Under Review From Negative

Issuer: Rosneft International Holdings Limited

  Outlook, Changed To Rating Under Review From Negative

Issuer: RussNeft

  Outlook, Changed To Rating Under Review From Negative

Issuer: Globaltrans Investment PLC

  Outlook, Changed To Rating Under Review From Stable

Issuer: New Forwarding Company

  Outlook, Changed To Rating Under Review From Stable

Issuer: Russian Railways Joint Stock Company

  Outlook, Changed To Rating Under Review From Negative

Issuer: RZD Capital PLC

  Outlook, Changed To Rating Under Review From Negative

Issuer: TransContainer JSC

  Outlook, Changed To Rating Under Review From Positive

Issuer: Alrosa Finance S.A.

  Outlook, Changed To Rating Under Review From Positive

Issuer: ALROSA OJSC

  Outlook, Changed To Rating Under Review From Positive

Issuer: JSC Holding Company METALLOINVEST

  Outlook, Changed To Rating Under Review From Stable

Issuer: Metalloinvest Finance Limited

  Outlook, Changed To Rating Under Review From Stable

Issuer: MMC Finance Limited

  Outlook, Changed To Rating Under Review From Negative

Issuer: Nord Gold N.V.

  Outlook, Changed To Rating Under Review From Stable

Issuer: OJSC MMC Norilsk Nickel

  Outlook, Changed To Rating Under Review From Negative

Issuer: Raspadskaya Securities Ltd.

  Outlook, Changed To Rating Under Review From Negative

Issuer: Raspadskaya, OAO

  Outlook, Changed To Rating Under Review From Negative

Issuer: SUEK Finance

  Outlook, Changed To Rating Under Review From Stable

Issuer: SUEK PLC

  Outlook, Changed To Rating Under Review From Stable

Issuer: MegaFon OJSC

  Outlook, Changed To Rating Under Review From Stable

Issuer: Mobile TeleSystems OJSC

  Outlook, Changed To Rating Under Review From Stable

Issuer: MTS International Funding Limited

  Outlook, Changed To Rating Under Review From Stable

Issuer: VimpelCom Holdings B.V.

  Outlook, Changed To Rating Under Review From Stable

Issuer: VimpelCom Ltd

  Outlook, Changed To Rating Under Review From Stable

Issuer: Vimpel-Communications OJSC

  Outlook, Changed To Rating Under Review From Stable

Issuer: VIP Finance Ireland Limited

  Outlook, Changed To Rating Under Review From Stable

Issuer: C.A.T. Oil AG

  Outlook, Changed To Rating Under Review From Positive

Issuer: IRKUT Corporation, JSC

  Outlook, Changed To Rating Under Review From Negative

Issuer: Kamaz OJSC

  Outlook, Changed To Rating Under Review From Negative

Issuer: Power Machines OJSC

  Outlook, Changed To Rating Under Review From Stable

Issuer: Russian Helicopters JSC

  Outlook, Changed To Rating Under Review From Negative

Issuer: OJSC PhosAgro

  Outlook, Changed To Rating Under Review From Stable

Issuer: OJSC Uralkali

Outlook, Changed To Rating Under Review From Negative

Issuer: PhosAgro Bond Funding Limited

Outlook, Changed To Rating Under Review From Stable

Issuer: Sibur Holding, PJSC

  Outlook, Changed To Rating Under Review From Stable

Issuer: Sibur Securities Limited

  Outlook, Changed To Rating Under Review From Stable

Issuer: Uralkali Finance Limited

  Outlook, Changed To Rating Under Review From Negative

Issuer: Magnitogorsk Iron & Steel Works

  Outlook, Changed To Rating Under Review From Stable

Issuer: NLMK

  Outlook, Changed To Rating Under Review From Stable

Issuer: Severstal OAO

  Outlook, Changed To Rating Under Review From Positive

Issuer: Steel Capital S.A.

  Outlook, Changed To Rating Under Review From Positive

Issuer: Steel Funding Limited

  Outlook, Changed To Rating Under Review From Stable

Issuer: Evraz Group S.A.

  Outlook, Changed To Rating Under Review From Stable

Issuer: Atomenergoprom, JSC

  Outlook, Changed To Rating Under Review From Negative

Issuer: Enel Russia, OJSC

  Outlook, Changed To Rating Under Review From Positive

Issuer: Federal Grid Finance Limited

  Outlook, Changed To Rating Under Review From Negative

Issuer: FGC UES, JSC

  Outlook, Changed To Rating Under Review From Negative

Issuer: IDGC of Center and Volga Region, JSC

  Outlook, Changed To Rating Under Review From Stable

Issuer: IDGC of Urals, JSC Outlook, Changed To Rating Under
Review From Stable

Issuer: IDGC of Volga, JSC

  Outlook, Changed To Rating Under Review From Stable

Issuer: Inter RAO, JSC

  Outlook, Changed To Rating Under Review From Negative

Issuer: Lenenergo, JSC

  Outlook, Changed To Rating Under Review From Stable

Issuer: MOESK, OJSC

  Outlook, Changed To Rating Under Review From Stable

Issuer: Novorossiysk Commercial Sea Port, PJSC

  Outlook, Changed To Rating Under Review From Stable

Issuer: OAO AK Transneft

  Outlook, Changed To Rating Under Review From Negative

Issuer: ROSSETI, JSC

  Outlook, Changed To Rating Under Review From Negative

Issuer: RusHydro, JSC

  Outlook, Changed To Rating Under Review From Negative

Issuer: TransCapitalInvest Limited

  Outlook, Changed To Rating Under Review From Negative

The principal methodologies used in rating Gazprom Neft JSC, GPN
Capital S.A., Rosneft International Holdings Limited, Rosneft
Finance S.A., OAO LUKOIL, LUKOIL International Finance B.V. were
Global Integrated Oil & Gas Industry published in April 2014. The
principal methodologies used in rating OJSC Oil Company Rosneft,
Rosneft International Finance Ltd. were Global Integrated Oil &
Gas Industry published in April 2014, and Government-Related
Issuers published in October 2014.

The principal methodologies used in rating OAO Novatek and
Novatek Finance Limited were Global Independent Exploration and
Production Industry published in December 2011. The principal
methodologies used in rating Bashneft were Global Integrated Oil
& Gas Industry published in April 2014, and Loss Given Default
for Speculative-Grade Non-Financial Companies in the U.S., Canada
and EMEA published in June 2009.

The principal methodologies used in rating RussNeft were Global
Independent Exploration and Production Industry published in
December 2011. The principal methodologies used in rating MegaFon
OJSC and Mobile TeleSystems OJSC were Global Telecommunications
Industry published in December 2010.

The principal methodologies used in rating MTS International
Funding Limited, Vimpel-Communications OJSC, VimpelCom Ltd,
VimpelCom Holdings B.V. and VIP Finance Ireland Limited were
Global Telecommunications Industry published in December 2010,
and Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.
The principal methodologies used in rating OJSC PhosAgro and
PhosAgro Bond Funding Limited were Global Chemical Industry
Rating Methodology published in December 2013.

The principal methodologies used in rating OJSC Uralkali,
Uralkali Finance Limited and Sibur Holding, PJSC were Global
Chemical Industry Rating Methodology published in December 2013.

The principal methodologies used in rating Sibur Securities
Limited were Global Chemical Industry Rating Methodology
published in December 2013, and Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

The principal methodologies used in rating NLMK, Steel Funding
Limited, Severstal OAO and Magnitogorsk Iron & Steel Workswere
Global Steel Industry published in October 2012.

The principal methodologies used in rating Evraz Group S.A. and
Steel Capital S.A. were Global Steel Industry published in
October 2012, and Loss Given Default for Speculative-Grade Non-
Financial Companies in the U.S., Canada and EMEA published in
June 2009.

The principal methodologies used in rating Transcapitalinvest
Limited, Federal Grid Finance Limited, OAO AK Transneft, FGC UES,
JSC, and ROSSETI, JSC were Regulated Electric and Gas Networks
published in November 2014, and Government-Related Issuers
published in October 2014.

The principal methodologies used in rating IDGC of Center and
Volga Region, JSC, IDGC of Urals, JSC, IDGC of Volga, JSC,
Lenenergo, JSC and MOESK, OJSC were Regulated Electric and Gas
Networks published in November 2014.

The principal methodologies used in rating Atomenergoprom, JSC
and Inter RAO, JSC were Unregulated Utilities and Unregulated
Power Companies published in October 2014, and Government-Related
Issuers published in October 2014.

The principal methodologies used in rating Enel Russia, OJSC was
Unregulated Utilities and Unregulated Power Companies published
in October 2014.

The principal methodologies used in rating RusHydro, JSC
Unregulated Utilities and Unregulated Power Companies published
in October 2014, Loss Given Default for Speculative-Grade Non-
Financial Companies in the U.S., Canada and EMEA published in
June 2009 and Government-Related Issuers published in October
2014.

The principal methodologies used in rating Novorossiysk
Commercial Sea Port, PJSC were Privately Managed Port Companies
published in May 2013, and Government-Related Issuers published
in October 2014.

The principal methodology used in rating Russian Railways Joint
Stock Company; RZD Capital PLC; TransContainer JSC was Global
Surface Transportation and Logistics Companies published in April
2013. Other methodologies used include the Government-Related
Issuers methodology published in October 2014.

The principal methodology used in rating Globaltrans Investment
PLC was Global Surface Transportation and Logistics Companies
published in April 2013.

The principal methodology used in rating New Forwarding Company
was Global Surface Transportation and Logistics Companies
published in April 2013. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in
the U.S., Canada and EMEA published in June 2009.

The principal methodology used in rating C.A.T. Oil AG was Global
Oilfield Services Industry Rating Methodology published in
December 2014.

The principal methodology used in rating was OJSC MMC Norilsk
Nickel, MMC Finance Limited, JSC Holding Company METALLOINVEST,
ALROSA OJSC, Nord Gold N.V., SUEK PLC, Raspadskaya, OAO, was
Global Mining Industry published in August 2014.

The principal methodology used in rating Metalloinvest Finance
Limited, Alrosa Finance S.A., SUEK Finance and Raspadskaya
Securities Ltd. , was Global Mining Industry published in August
2014. Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

The principal methodology used in rating Power Machines OJSC was
Global Manufacturing Companies published in July 2014.

The principal methodology used in rating Kamaz OJSC was Global
Manufacturing Companies published in July 2014. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

The principal methodology used in rating IRKUT Corporation, JSC
and Russian Helicopters JSC was Global Manufacturing Companies
published in July 2014. Other methodologies used include the
Government-Related Issuers methodology published in October 2014.


HMS HYDRAULIC: S&P Lowers Corporate Credit Rating to 'CCC'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Russia-based pump and oil and gas
equipment manufacturer HMS Hydraulic Machines and Systems Group
PLC (HMS) to 'CCC' from 'B-', and kept it on CreditWatch with
negative implications.

At the same time, S&P lowered its issue rating on the Russian
ruble (RUB) 5.1 billion currently outstanding notes issued by
HMS' subsidiary CJSC Hydromashservice to 'CCC-' from 'CCC+' and
kept them on CreditWatch negative.  The recovery rating on the
notes is unchanged at '5', indicating S&P's expectation of modest
(10%-30%) recovery in the event of a payment default.

The downgrades reflect S&P's opinion that HMS could face default
within the next two months, unless the company is able to attract
sufficient funds to redeem its RUB2.1 billion of senior unsecured
bonds maturing in February 2015.

S&P understands that HMS is actively taking measures to secure
refinancing for its upcoming bond maturity.  However, the company
faces challenging financial market conditions in Russia, which
S&P believes are leading to more-restricted access to bank and
debt capital markets.

Without additional bank support or other sources of liquidity
such as inflows from working capital, S&P sees a risk that HMS
will be unable to repay its coming bond maturity and will have
little headroom to cover ongoing cash needs.  The company remains
highly reliant on the ability and willingness of banks to
increase, renew, or extend bank lines.  At the same time,
potential delays in scheduled payments from HMS' customers could
further limit liquidity.

S&P understands that as of Dec. 1, 2014, the company had RUB1.1
billion of retained cash and access to undrawn committed credit
lines of RUB0.8 billion.

Refinancing risks are coupled with HMS' currently weak operating
environment.  Due to challenging market conditions in Russia's
oil and gas sector, S&P anticipates that HMS' operating
performance will remain under pressure over the rest of 2014 and
in 2015.

HMS' liquidity position remains "weak".  In S&P's view, there is
a risk that here may be insufficient liquidity to meet the RUB2.1
billion bond maturity in February 2015.

HMS has a net debt to EBITDA maintenance covenant of 4.5x with
some of its key banks.

The CreditWatch placement reflects S&P's view that HMS is
vulnerable to default if it is unable to secure adequate funds
for the refinancing of its senior unsecured bond.  S&P could also
lower the rating if the company undergoes a debt restructuring,
which it would view as tantamount to a default under its
criteria.

S&P could affirm the ratings if HMS resolves its near-term
refinancing needs and liquidity shortage.  This could stem from
new bank financing or working capital inflows.


NIZHNEKAMSKNEFTEKHIM PJSC: Moody's Reviews Ba3 CFR for Downgrade
----------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade PJSC
Nizhnekamskneftekhim's (NKNK) Ba3 corporate family rating (CFR),
Ba3-PD probability of default rating (PDR) and Ba3 senior
unsecured notes rating issued by NKNK Finance plc.

The decision reflects the ongoing severe and rapid deterioration
in the operating environment in Russia and the heightened risk of
a more prolonged and more acute economic downturn than originally
anticipated.

The actions follows Moody's decision on Monday 22 December to
lower Russia's foreign currency bond ceiling to Baa2 from A3,
foreign currency deposit ceiling to Ba1 from Baa2 and local
currency bond and deposit ceilings to Baa1 from A3.

The action also factors in Moody's decision to place the sub-
sovereign rating of the Republic of Tatarstan, NKNK's major
shareholder, on review for downgrade on December 22, 2014.

Ratings Rationale

The rating action reflects recent volatility in the rouble
exchange rate, which has surpassed the heightened levels already
experienced in 2014. To counter this trend, the Central Bank of
Russia (CBR) has been increasing its key interest rates, although
its efforts have had limited impact in stabilizing the currency.
Since the beginning of 2014, the CBR has increased interest rates
by 11.5 percentage points in total.

These developments will likely lead to a severe deterioration in
the operating environment for Russian corporates, namely higher
inflation, unemployment and debt-servicing costs as well as lower
domestic demand, resulting in a deeper and more protracted
decline in domestic economic activity than previously
anticipated. Moody's now expects Russian GDP to contract by 5.5%
in 2015 and 3% in 2016.

Moody's believes that even for the corporates that do not have
refinancing needs in foreign currency, the likely continued
severe deterioration of the operating environment might lead to a
substantial weakening in their credit profiles. As a result,
Moody's review will assess NKNK's resilience to the increased
risk arising from these factors and trends.

The action on NKNK also reflects the recent placement of the Baa3
sub-sovereign rating of NKNK's major shareholder, the Republic of
Tatarstan, on review for downgrade. Owing to its status as a
government-related issuer (GRI), potential further deterioration
in the Republic of Tatarstan's creditworthiness would prompt
Moody's to reassess the GRI assumptions for NKNK, which currently
provide a one-notch uplift to the company's CFR.

Factors to be Considered in the Rating Review

Moody's review for downgrade will assess NKNK's resilience to the
increased risk arising from the prevailing negative operating
conditions.

In addition, Moody's will also consider the need for adjustments
to its assumptions regarding the Russian government's willingness
to provide support to corporates, in the event of need. This
consideration reflects the risk that the government's supportive
stance towards a particular corporate may be reduced should the
government face calls for support from many entities and sectors.
It also reflects the rising, albeit still low, risk that domestic
Russian entities will be unable to access foreign currency to
service their foreign currency debt obligations, given recent and
prospective pressure on Russia's foreign currency reserves. While
Russia's foreign currency reserves remain substantial, if they
continue to diminish rapidly over coming months, the Russian
government may be forced to consider rationing the provision of
foreign currency to the economy, including the financing of non-
financial corporates, in an adverse scenario.

What Could Change Ratings DOWN/UP

The following factors may place downward pressure on NKNK's
rating: (1) severe deterioration of the company's operating
environment; (2) deeper and more protracted decline in economic
activity in Russia than previously anticipated; (3) the increased
likelihood that the Russian government is forced to consider
rationing the provision of foreign currency to the economy. A
deterioration of the creditworthiness of Tatarstan could also
have a negative effect on the company's rating.

Moody's believes there is little likelihood of any upward rating
pressure for NKNK, unless the operating conditions improve
materially. Confirmation of NKNK's ratings could be considered if
the economic environment stabilises or corporates show sufficient
resilience.

Principal Methodologies

The principal methodology used in these ratings was Global
Chemical Industry Rating Methodology published in December 2013.
Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009 and the Government-Related Issuers
methodology published in October 2014.

Based in Nizhnekamsk in the Russian Republic of Tatarstan, PJSC
Nizhnekamskneftekhim (NKNK) is one of the country's key
petrochemical companies, producing rubbers, plastics, monomers
and other petrochemicals. NKNK's 10 core production units are
located on one site. The company derived around half of its
revenue from export activities.


RAIFFEISENBANK ZAO: Moody's Cuts Deposit & Unsec. Ratings to Ba1
----------------------------------------------------------------
Moody's Investors Service has downgraded by one notch the deposit
and senior unsecured debt ratings of ZAO Raiffeisenbank to
Ba1/Not Prime, from Baa3/Prime-3 and lowered the bank's
standalone baseline credit assessment (BCA) to ba1 from baa3. All
the bank's ratings, including the long-term debt and deposit
ratings, currently at Ba1, as well as the bank's D+ standalone
bank financial strength rating (BFSR; equivalent to a ba1
baseline credit assessment) have been placed on review for
downgrade.

The rating action was triggered by the materially increased risks
to earnings and capital for ZAO Raiffeisenbank -- the Russian
subsidiary of Raiffeisen Bank International AG -- as a result of
recent substantial deterioration and ongoing volatility in the
domestic Russian operating environment.

Ratings Rationale

The primary driver of the rating action is materially increased
risks to earnings and capital for ZAO Raiffeisenbank as a result
of recent severe and rapid deterioration in the operating
environment in Russia and the heightened risk of a more prolonged
and more acute economic downturn than originally anticipated.

In particular, Moody's expects that the recent hike in interest
rates and substantial local-currency devaluation will trigger a
deterioration in ZAO Raiffeisenbank's financial fundamentals.
Since the beginning of 2014, the Central Bank of Russia has hiked
key interest rate by a total of 11.5 percentage points, which
will lead to a significant increase in funding costs and will
impose affordability constraints on Russian borrowers. Moreover,
the bank's high share of foreign-currency-denominated lending
(foreign-currency-denominated loans accounted for 39% of net
loans as at end-September 2014, although most of these loans are
to exporters, which partially mitigates the risk) associated with
the substantial devaluation of the Russian rouble in 2014 will
weigh on the bank's asset quality and capital adequacy. Moody's
also notes the bank's reported total regulatory capital ratio,
which -- as at end-November 2014 -- was at 11.36% (i.e., a
relatively low level in light of the continued local currency
devaluation in December 2014).

Moody's acknowledges that ZAO Raiffeisenbank's will face
substantial challenges in 2015. However, the rating agency notes
that the conservative risk policy adopted by the bank in previous
years, as well as substantial capital and liquidity buffers,
should help the institution navigate the deteriorating and highly
volatile Russian operating environment. In particular, Moody's
notes that (1) the bank has a highly efficient and competitive
franchise in Russia, with strong business diversification between
segments and products; (2) ZAO Raiffeisenbank has one of the most
conservative risk profiles among Russian banks and the majority
of its foreign-currency-denominated loans are granted to
exporters, including the largest Russian entities; (3) the bank
maintains strong capital buffers, with the reported Tier 1
capital adequacy ratio (Basel III) at 16.50% as at end-September
2014, a higher level compared to its Russian peers; and (4) the
bank displays strong earnings generation capacity, with reported
pre-provision income accounting for 3.9% of average assets in Q3
2014.

Rationale for Review

The review for downgrade of ZAO Raiffeisenbank's ratings reflects
the risk that the challenging operating environment in Russia
will continue to weigh on the bank's financial fundamentals. As a
consequence, further pressure could be exerted on ZAO
Raiffeisenbank's profitability and capital profile because of
high loan-loss provisioning requirements, combined with
potentially higher funding costs (in case of a further
deterioration in the operating environment), and a further drop
in the sale of new loans.

Factors to Be Considered in the Rating Review

Considering the adverse changes to the operating environment for
ZAO Raiffeisenbank, the review for downgrade will focus on (1)
the magnitude of further volatility in the operating environment
and its impact on ZAO Raiffeisenbank's credit profile ; (2) the
effectiveness of regulatory measures introduced by the Russian
authorities aimed at countering adverse developments facing the
Russian banking system; and (3) the ability of ZAO Raiffeisenbank
to absorb additional negative shocks and stabilize its deposit
base and credit profile under prevailing negative operating
conditions.

What Could Move the Rating UP/DOWN

ZAO Raiffeisenbank's long-term ratings could be downgraded if the
worsening operating environment pressures the bank's financial
fundamentals and limits its risk absorption capacity beyond the
currently anticipated level. Conversely, improvements in Russia's
economy could stabilize these long-term ratings at current
levels.

Given the ongoing review for further downgrade, Moody's considers
that upward pressure on the long-term debt and deposit ratings of
ZAO Raiffeisenbank is unlikely in the next 12 to 18 months.

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


SOVCOMFLOT JSC: Moody's Cuts Sr. Unsecured Issuer Rating to B1
--------------------------------------------------------------
Moody's Investors Service has downgraded to B1 from Ba3 and
placed on review for further downgrade Sovcomflot JSC's senior
unsecured issuer rating and the senior unsecured rating assigned
to the US$800 million Eurobond issued by SCF Capital Limited,
which is a 100% indirect subsidiary of Sovcomflot (Sovcomflot
guarantees the Eurobond). Concurrently, Moody's has placed on
review for downgrade Sovcomflot's Ba2 corporate family rating
(CFR) and the Ba2-PD probability of default rating (PDR).

Ratings Rationale

In recent weeks volatility in the rouble exchange rate surpassed
the heightened levels already experienced in 2014. To counter
this trend, the Central Bank of Russia (CBR) has been increasing
its key interest rates, although its efforts have had limited
impact in stabilizing the currency. Since the beginning of 2014,
the CBR has increased interest rates by 11.5 percentage points in
total.

These developments will likely lead to a severe deterioration in
the operating environment for Russian corporates namely higher
inflation, unemployment and debt-servicing costs as well as lower
domestic demand, resulting in a deeper and more protracted
decline in domestic economic activity than previously
anticipated. Moody's now expects Russian GDP to contract by 5.5%
in 2015 and 3% in 2016. Moody's believes that even for the
corporates that do not have refinancing needs in foreign
currency, the likely continued severe deterioration of the
operating environment might lead to a substantial weakening in
their credit profiles.

Though the operations of Sovcomflot benefit from a high degree of
international diversification and very good visibility thanks to
long term contracts, there is no evidence that Sovcomflot may
remain insulated from the ongoing severe and rapid deterioration
in the operating environment in Russia and the heightened risk of
a more prolonged and more acute economic downturn than originally
anticipated.

The downgrade of Sovcomflot's senior unsecured issuer rating, and
the senior unsecured rating assigned to SCF Capital's Eurobond
issuance, reflects the weakened positioning of Sovcomflot's
senior unsecured issuer rating in the waterfall of creditors'
claims following the increase in its secured debt. The company's
unsecured debt (including the Eurobond) remains structurally and
contractually subordinated to the secured debt located at the
operating company level, which comprises a major portion of the
Sovcomflot group's total debt.

Factors to Be Considered in the Rating Review

Moody's review for downgrade will assess Sovcomflot's resilience
to the increased risk arising from the prevailing negative
operating conditions in Russia, including the potential adverse
effect on its Russian customers.

In addition, Moody's will also consider the need for adjustments
to its assumptions regarding the Russian government's willingness
to provide support to Sovcomflot. This consideration reflects the
risk that the government's supportive stance towards a particular
corporate may be reduced in the event that the government faces
calls for support from many entities and sectors. The review will
also assess Sovcomflot's liquidity and access to foreign currency
to service its foreign currency debt obligations, given recent
and prospective pressure on Russia's foreign currency reserves.
While Russia's foreign currency reserves remain substantial, if
reserves continue to diminish rapidly over coming months, the
Russian government may be forced to consider rationing the
provision of foreign currency to the economy, including the
financing of non-financial corporates, including Sovcomflot, in
an adverse scenario.

What Could Change the Ratings Up/Down

Upward pressure on Sovcomflot's ratings is unlikely at present,
given the current review for downgrade. Moody's could confirm the
ratings if (1) the economic environment in Russia stabilizes or
Sovcomflot shows sufficient resilience; and (2) the company
builds up a solid liquidity cushion over the next few months,
while maintaining its adjusted debt/EBITDA below 6.5x and
adjusted funds from operations (FFO) interest coverage above
3.0x.

Moody's could downgrade Sovcomflot's ratings in the event that
(1) the company does not execute appropriate refinancing over the
next few months; (2) Moody's expects that the company's adjusted
debt/EBITDA will rise above 6.5x and adjusted FFO interest
coverage will decline below 3.0x on a sustained basis; or (3)
Moody's revises downwards its assessment of the probability of
the government providing extraordinary support to the company in
the event of financial distress.

Principal Methodologies

The principal methodology used in these ratings was Global
Shipping Industry published in February 2014. Other methodologies
used include Loss Given Default for Speculative-Grade Non-
Financial Companies in the U.S., Canada and EMEA published in
June 2009 and the Government-Related Issuers methodology
published in October 2014.


STARBANK: Moody's Withdraws Caa3.ru National Scale Rating
---------------------------------------------------------
Moody's Interfax Rating Agency has withdrawn StarBank's Caa3.ru
national scale rating (NSR).

Ratings Rationale

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

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

About Moody's and Moody's Interfax

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



===============
S L O V E N I A
===============


SPORT HOTEL: Commences Insolvency Proceedings
---------------------------------------------
SeeNews reports that Slovenia's debt-stricken Sport Hotel
Pokljuka, the operator of a mountainous hotel of the same name,
has started insolvency proceedings at the request of its
management.

According to SeeNews, daily Finace said the district court in
northern Kranj has already appointed an insolvency administrator.

The 106-bed hotel on the Pokljuka plateau in the Julian Alps, has
operated at a loss for many years, SeeNews relates.  In 2013 the
loss amounted to nearly half a million euro and the year before
to almost EUR2 million (US$2.4 million), SeeNews discloses.

Late last year, the company had EUR890,000 long-term and
EUR314,000 short-term liabilities towards banks, SeeNews
recounts.

Sport Hotel Pokljuka is 74% controlled by state-owned company
TNP, which is engaged in the development of the Triglav National
Park, and the municipalities of Bled, Kranjska Gora, Bovec,
Kobarid, Jesenice, Bohinj and Tolmin.



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


ATENTO LUXCO: Fitch Affirms 'BB' Issuer Default Rating
------------------------------------------------------
Fitch Ratings has affirmed the Long-term foreign-currency Issuer
Default Ratings (IDRs) for Atento LuxCo 1 S.A. at 'BB' with a
Stable Outlook.  Fitch has also affirmed Atento's USD300 million
senior secured notes at 'BB.'

KEY RATINGS DRIVERS

The ratings reflect Atento's third largest market position in the
global customer relation management (CRM) outsourcing industry
with its well-established long-term client relationship and
geographical diversification.  This has enabled the company's
stable business growth and should support modest positive free
cash flow (FCF) generation over the medium term under the solid
industry growth outlook.  Negatively, the ratings are tempered by
intense competitive landscape and high customer concentration
risk.

EBITDA Growth amid Stable Industry Outlook

Atento's EBITDA generation should continue to improve, on a
local-currency basis, in most of its operational geographies,
except Spain, backed by the increasing demand for CRM outsourcing
service.  Although the competitive landscape is intense due to
new entrants and price-based competition for low-end services,
the company's well-established market leading position as well as
its increasing scope of advanced product offerings should help
mitigate this risk and enable stable growth over the medium term.
During the third quarter of 2014, Atento's advanced solution
services represented 27% of total revenues, which compares to 22%
from a year ago.  In its key Brazil market, these services
represented 37% of total revenues during the same period.

Leverage to Improve

Fitch forecasts Atento's net leverage to remain below 3.5x over
the medium term mainly driven by higher EBITDA generation and
modest positive FCF generation.  The company's Cash flow from
operation (CFFO) is forecast to be consistently above USD150
million annually and fully cover its capex, estimated to be
around USD120 million in the medium term, in the absence of any
sizable acquisition or shareholder distributions.  In addition, a
downward trend in rental expenses is positive leading to a lower
level of off-balance sheet debt.  Fitch forecasts the rental
expense to represent less than 5% of the company's total sales,
which compares to 7.9% during 2010, mainly driven by the
company's relocation of its work stations to cheaper sites.  As
of September 2014, Atento's net leverage was 3.2x, which compares
to 3.5x at end-2013.

Stable Operating Margins

Atento's EBITDAR margins should remain at around 16% in 2014 and
2015, compared to 14%-15% during 2012-2013, backed by its cost
reduction initiatives.  The company has coped with the increasing
labor cost, the highest component of its cost structure
representing 71.5% during first nine months of 2014, by
relocating several working stations to cities that provide
cheaper labor sources and a lower turnover.  Atento also has
taken other cost-cutting measures such as centralized procurement
of operating equipment, and IT system transformation to improve
productivity. Backed by these efforts, the company's EBITDAR
margin improved to 16.1% during the LTM ended September 2014 from
15.1% in 2013.

High Customer Concentration

Atento is exposed to a significant customer concentration risk as
it generates over 45% of total revenues from its largest client,
Telefonica Group.  Positively, Fitch believes that this risk is
alleviated by the service agreement with Telefonica which
guarantees an inflation-adjusted revenue threshold until 2021
amid ongoing expansion of non-Telefonica client base enabling
stable cash generation.  In addition, the company boasts well-
established long-term relationship with its clients as it
generates close to 90% of its total revenue from clients who have
contracted Atento for more than five years.

Sound Liquidity

Atento retained a sound liquidity profile as of Sept. 30, 2014 as
the consolidated readily available cash, USD191 million,
comfortably covered its short-term debt (only USD12 million).  In
addition, the company held USD53 million of short-term financial
investments and an undrawn credit facility of EUR50 million.
Fitch does not foresee any liquidity problem given long maturity
schedules.

RATING SENSITIVITIES

Negative rating action can be considered in case of an increase
in net debt to operating EBITDAR above 4x on a sustained basis,
caused by a decline in operating margins, slower revenue growth,
or continued negative FCF.  In addition, the ratings could be
pressured should the company's readily-available-cash-plus-CFFO
to short-term debt ratio fall to below 1.5x.

Positive rating action in the short to medium term is not likely
given the company's high leverage.  Improvement in key
operational metrics, such as reduced customer concentration, and
higher diversification into and penetration of advanced solution
offerings, as well as consistent positive FCF generation leading
to its net leverage well below 3.0x on a sustained basis could be
positive for the ratings.


BVA RMBS 11: S&P Lowers Rating on Class C Notes to 'BB'
-------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in BBVA RMBS 5, Fondo de Titulizacion de Activos, BBVA
RMBS 9, Fondo de Titulizacion de Activos, BBVA RMBS 10, Fondo de
Titulizacion de Activos, and BBVA RMBS 11, Fondo de Titulizacion
de Activos.

Specifically, S&P has:

   -- Affirmed its ratings on BBVA RMBS 5's class A, B, and C
      notes, BBVA RMBS 9's class A notes, BBVA RMBS 10's class A
      notes, and BBVA RMBS 11's class A notes.  At the same time,
      S&P has lowered its ratings on BBVA RMBS 10's class B notes
      and BBVA RMBS 11's class B and C notes.

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

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

The rating actions follow S&P's credit and cash flow analysis of
the most recent transaction information received, dated September
2014 for BBVA RMBS 9 and 11 and August 2014 for BBVA RMBS 5 and
10.  S&P's analysis reflects the application of our RMBS criteria
and its RAS criteria.

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

As S&P's long-term rating on the Kingdom of Spain is 'BBB', its
RAS criteria cap the maximum potential ratings in these
transactions.  S&P's RAS criteria designate the country risk
sensitivity for RMBS as 'moderate'.  Under S&P's RAS criteria,
these transactions' notes can therefore be rated either four or
six notches above the sovereign rating, if they have sufficient
credit enhancement to pass a "severe" and an "extreme" stress,
respectively.

Credit enhancement has increased in all four transactions since
S&P's previous reviews, as shown below:

Class         Available credit
               enhancement (%)

         --BBVA RMBS 5--
A                         19.72
B                         11.71
C                          9.30

         --BBVA RMBS 9--
A                         24.96

         --BBVA RMBS 10--
A                         28.90
B                         13.34

         --BBVA RMBS 11--
A                         29.27
B                         19.97
C                         13.95

All of the transactions have amortizing cash reserve funds.  BBVA
RMBS 9, 10, and 11's reserves are at their target amounts, BBVA
RMBS 5's is still being topped up to its target amount.

Severe delinquencies of more than 90 days (at 0.99% for BBVA RMBS
5, 0.28% for BBVA RMBS 9, 0.17% for BBVA RMBS 10, and 0.60% for
BBVA RMBS 11, respectively) are on average lower for these
transactions than S&P's Spanish RMBS index.

Defaults are defined as mortgage loans in arrears either equal
to, or higher than, 18 months in all of these transactions.

Cumulative defaults (net of recoveries) are 3.64% of the initial
pool balance for BBVA RMBS 5.  Cumulative defaults over the
initial pool balance are 0.44% for BBVA RMBS 9.  Cumulative
defaults (net of recoveries) of the initial pool balance are
0.09% for BBVA RMBS 10 and 0.27% for BBVA RMBS 11.  In all of the
transactions, cumulative defaults are lower than in other Spanish
RMBS transactions that S&P rates.  Prepayment levels remain low
and the transactions are unlikely to pay down significantly in
the near term, in S&P's opinion.

After applying S&P's RMBS criteria to these transactions, its
credit analysis results show an increase in the weighted-average
foreclosure frequency (WAFF) in most scenarios.  The weighted-
average loss severity (WALS) has increased at all rating levels
for all transactions.

Rating level        WAFF (%)    WALS (%)  CC (%)

                 --BBVA RMBS 5--
AAA                 24.12       58.23      14.05
AA                  17.69       54.45       9.63
A                   14.48       47.33       6.85
BBB                 10.45       43.11       4.50
BB                   6.43       39.98       2.57
B                   5.36        36.98       1.98

                 --BBVA RMBS 9--
AAA                 29.91       61.70      18.45
AA                  21.95       58.13      12.76
A                   17.96       51.37       9.23
BBB                 12.97       47.32       6.14
BB                   7.98       44.30       3.54
B                    3.32       20.68       0.69

                 --BBVA RMBS 10--
AAA                 34.39       60.41      20.77
AA                  25.27       56.73      14.34
A                   20.70       49.76      10.30
BBB                 14.96       45.58       6.82
BB                   9.21       42.45       3.91
B                    7.67       39.41       3.02

                 --BBVA RMBS 11--
AAA                 37.12       60.18      22.34
AA                  27.50       56.50      15.54
A                   22.56       49.53      11.17
BBB                 16.32       45.34       7.40
BB                  10.05       42.21       4.24
B                    8.36       39.16       3.27

CC--Credit coverage.

Where there are decreases in the WAFF, they are mainly due to
adjustment factors that S&P has applied to the original loan-to-
value (LTV) ratios, the different adjustments that S&P applies to
seasoned loans, geographical province concentration adjustments,
and adjustment factors that S&P applies for jumbo loans under its
RMBS criteria.  The increases in the WALS are mainly due to the
application of S&P's revised market value decline assumptions and
the indexing of its valuations under its RMBS criteria.  The
overall effect is an increase in the required credit coverage for
each rating level for all of these transactions since our
previous reviews.

Following the application of S&P's RAS criteria and its RMBS
criteria, it has determined that its assigned rating on each
class of notes in these transactions should be the lower of (i)
the rating as capped by S&P's RAS criteria and (ii) the rating
that the class of notes can attain under its RMBS criteria.

For all of these transactions, the documented applicable
downgrade language regarding the bank account agreement support a
maximum achievable rating of 'A- (sf)' under S&P's current
counterparty criteria.

S&P's RMBS criteria envisage two different starting points for
the recession, at inception and at the end of the third year.
Additionally, under S&P's RMBS criteria, it assumes a floating
fee of 0.50% of the outstanding loan balance as a stressed senior
fee assumption, which is higher than in our previous reviews of
these transactions.

All transactions have interest deferral triggers.  S&P do not
expect any of these triggers to be breached in the near term.

BBVA RMBS 5's class A and B notes have sufficient credit
enhancement to withstand S&P's severe stresses.  However, they do
not pass all of the conditions under S&P's RAS criteria.
Consequently, S&P's criteria permit a maximum four-notch ratings
uplift above the sovereign rating for these classes of notes.
However, in light of the cap under our current counterparty
criteria, S&P has affirmed its 'A- (sf)' ratings on the class A
and B notes.  Although S&P's credit and cash flow results
indicate that the available credit enhancement for BBVA RMBS 5's
class C notes is commensurate with a higher rating, the tranche
does not pass S&P's cash flow stresses under its RAS criteria.
These criteria therefore constrain S&P's rating on BBVA RMBS 5's
class C notes at 'BBB (sf)'.  S&P has therefore affirmed its 'BBB
(sf)' rating on the class C notes.

BBVA RMBS 9 and 10's class A notes have sufficient credit
enhancement to withstand S&P's severe stresses.  However, they do
not pass all of the conditions under S&P's RAS criteria.
Consequently, S&P's RAS criteria permit a maximum four-notch
uplift above the sovereign rating for these tranches.  However,
in light of the cap under S&P's current counterparty criteria, it
has affirmed its 'A- (sf)' ratings on BBVA RMBS 9 and 10's class
A notes.

S&P's credit and cash flow results indicate that the available
credit enhancement for BBVA RMBS 10's class B notes is
commensurate with a lower rating.  S&P has therefore lowered its
rating on this class of notes.

The results of S&P's credit and cash flow analysis for BBVA RMBS
11's class A notes show that they have sufficient credit
enhancement to pass at higher rating levels.  In addition, they
pass all of the conditions under S&P's RAS criteria.  S&P's RAS
criteria therefore permit a six-notch ratings uplift above the
sovereign.  However, in light of the cap under S&P's current
counterparty criteria, it has affirmed its 'A- (sf)' rating on
BBVA RMBS 11's class A notes.

S&P's credit and cash flow analysis results indicate that the
available credit enhancement for BBVA RMBS 11's class B and C
notes is commensurate with lower ratings.  S&P has therefore
lowered its ratings on these classes of notes.

S&P also considers credit stability in its analysis.  To reflect
moderate stress conditions, S&P adjusted its WAFF assumptions for
both transactions by assuming additional arrears of 4% and 8% for
one-year and three-year horizons, respectively.  This did not
result in S&P's rating deteriorating below the maximum projected
deterioration that S&P would associate with each relevant rating
level, as outlined in its credit stability criteria.

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

On the back of improving but still depressed macroeconomic
conditions, S&P don't expect the performance of the transactions
in its Spanish RMBS index to improve in 2015.

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

BBVA RMBS 5, 9, 10, and 11 are Spanish RMBS transactions, which
securitize portfolios of first-ranking mortgage loans granted to
Spanish residents.

RATINGS LIST

Class              Rating
            To                From

BBVA RMBS 5, Fondo de Titulizacion de Activos

Ratings Affirmed

A           A- (sf)
B           A- (sf)
C           BBB (sf)

BBVA RMBS 9, Fondo de Titulizacion de Activos

Rating Affirmed
A           A- (sf)

BBVA RMBS 10, Fondo de Titulizacion de Activos

Rating Affirmed

A           A- (sf)

Rating Lowered

B           BB+ (sf)          BBB- (sf)

BBVA RMBS 11, Fondo de Titulizacion de Activos

Rating Affirmed

A           A- (sf)

Ratings Lowered

B           BBB- (sf)         BBB (sf)
C           BB (sf)           BB+ (sf)


GC PASTOR: S&P Lowers Rating on Class B Notes to CCC-
-----------------------------------------------------
Standard & Poor's Ratings Services lowered its credit rating on
GC Pastor Hipotecario 5, Fondo de Titulizacion de Activos' class
A2 and B notes.  At the same time, S&P has affirmed its 'D (sf)'
ratings on the class C and D notes.

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

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

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

As S&P's long-term rating on the Kingdom of Spain is 'BBB', its
RAS criteria do not cap S&P's ratings on any of the classes of
notes in this transaction.

In S&P's view, the pool's credit quality has deteriorated since
its previous review.  The transaction's reserve fund has been
fully depleted since September 2010, and the class B to D notes
are undercollateralized.  Additionally, the class A2 notes'
available credit enhancement has decreased to 0.78% from 0.90%
since S&P's previous full review.

Under the swap agreement, the issuer receives an amount equal to
the weighted-average coupon on the notes, plus a defined margin
equal to the assets' performing balance, which excludes short-
term arrears.  In light of this and the lack of excess spread to
pay for defaults, the rolling over of long-term delinquencies
into defaults has significantly reduced the available credit
enhancement for all classes of notes.

Defaults have significantly increased since S&P's July 2013
review and currently represent 14.2% of the collateral balance,
up from 9.9%.  Cumulative defaults have also continued to rise to
8.4% from 5.6% over the same period.  The speed of this increase
exceeds the market's average deterioration level.

Cumulative defaults are still below the documented interest
deferral triggers for the class B notes, set at 10% of the notes'
closing balance.  If the level of cumulative defaults breaches
the transaction's interest deferral triggers, the notes' interest
payments will be diverted toward amortizing the most senior class
of notes.  S&P expects the class B notes' interest to defer
within the next 16 to 24 months.  S&P has considered this in its
analysis.

After applying S&P's RMBS criteria to this transaction, its
credit analysis results show a marginal increase in the weighted-
average foreclosure frequency (WAFF) and an increase in the
weighted-average loss severity (WALS) for each rating level.

Rating level    WAFF (%)     WALS (%)
AAA                17.40        35.50
AA                 13.40        31.05
A                  11.20        23.38
BBB                 8.28        19.34
BB                  5.82        16.60
B                   4.90        14.10

The increase in the WAFF is mainly due to different adjustments
that S&P applies to regional concentration.  The increase in the
WALS is mainly due to the application of our revised market value
decline assumptions.  The overall effect is an increase in the
required credit coverage for each rating level.

Following the application of S&P's RAS criteria and its RMBS
criteria, S&P has determined that its assigned rating on each
class of notes in this transaction should be the lower of (i) the
rating as capped by S&P's RAS criteria and (ii) the rating that
the class of notes can attain under S&P's RMBS criteria.  In this
transaction, the ratings on the notes are not constrained by the
rating on the sovereign.

Due to the transaction's deteriorating collateral performance and
structural features, the class A2 and B notes' available credit
enhancement cannot withstand the stresses that S&P applies at the
current rating levels.  S&P has therefore lowered to 'B- (sf)'
from 'BB (sf)' and to 'CCC- (sf)' from 'CCC (sf)' S&P's rating on
the class A2 and B notes, respectively.

The class C and D notes have been experiencing ongoing interest
shortfalls since December 2013 and June 2009, respectively.  S&P
has therefore affirmed its 'D (sf)' ratings on the class C and D
notes.

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

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

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

GC Hipotecario Pastor 5 closed in June 2007 and securitizes a
portfolio of mortgages granted to individuals, self-employed
individuals, and small and midsize enterprises (SMEs) to buy
Spanish residential or commercial properties.  Banco Pastor (now
Banco Popular) originated and services the portfolio.

RATINGS LIST

Class              Rating
            To                From

GC Pastor Hipotecario 5, Fondo de Titulizacion de Activos
EUR710.5 Million Floating-Rate Mortgage-Backed Notes

Ratings Lowered

A2          B- (sf)           BB (sf)
B           CCC- (sf)         CCC (sf)

Ratings Affirmed

C           D (sf)
D           D (sf)



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


SELENA OIL: Creditor Files Bankruptcy Petition in Stockholm
-----------------------------------------------------------
The CEO and the Board of Directors of Selena Oil & Gas Holding AB
(publ) have received a bankruptcy petition, filed at the district
court of Stockholm.  The petition has been filed by a creditor
and has relationship to an unpaid debt.  It is the Board of
Directors opinion that the petition is unfounded and that Selena
Oil & Gas Holding is solvent.

Selena Oil & Gas Holding AB (Publ) (former Emitor Holding AB) is
engaged in the exploration, and production of oil and gas in the
Volga-Ural region in the Russian Federation, around Perm.  The
Company's shares are temporarily not publicly listed, but the
Company observes all rules, practices and policies for any
company subject to public listing.  Selena Oil & Gas Holding AB
is in the process of seeking for a new listing.  Mangold
Fondkommission serves as before as the company's Adviser on
public information.



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


ACTIVE-BANK: NBU Revokes Licenses, Orders Liquidation
-----------------------------------------------------
Interax-Ukraine reports that the National Bank of Ukraine on
Dec. 23 issued a resolution to revoke Active-Bank's banking
license, and its subsequent liquidation.

The Individuals' Deposit Guarantee Fund on Dec. 24 launched
liquidation procedure for Active-Bank and appointed
Oleksandr Shevchenko as liquidator, Interax-Ukraine relates.

Temporary administration at Active-Bank, which was originally
introduced for three months, was prolonged for another month,
until December 30, 2014, Interax-Ukraine discloses.

Active-Bank was founded in 2002.  It ranked 52nd among the 166
banks operating in the country as of October 1, 2014, in terms of
total assets (UAH1.998 billion), according to the National Bank
of Ukraine.


TERRA BANK: NBU Revokes Licenses, Orders Liquidation
----------------------------------------------------
Interax-Ukraine reports that the National Bank of Ukraine on
Dec. 23 issued a resolution to revoke Terra Bank's banking
license, and its subsequent liquidation.

The Individuals' Deposit Guarantee Fund on Dec. 24 launched
liquidation procedure for Terra Bank and appointed
Yuriy Irklyenko as liquidator, Interax-Ukraine relates.

According to Interax-Ukraine, the Individuals' Deposit Guarantee
Fund on December 22, 2014, transferred part of Terra Bank's
assets and liabilities to a transition bank, Crystalbank.

Temporary administration at Terra Bank was introduced on
August 22, 2014, Interax-Ukraine relays.

Terra Bank was founded in 1996.  It ranked 48th among the 166
banks operating in the country as of October 1, 2014, in terms of
total assets (UAH2.906 billion), according to the National Bank
of Ukraine.



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


AFREN PLC: S&P Lowers Rating to 'B'; Outlook Negative
-----------------------------------------------------
Standard & Poor's Ratings Services said that it took various
rating actions on certain European exploration and production and
integrated companies as:

   -- S&P affirmed its 'BBB-' rating, with a negative outlook, on
      KazMunayGas NC (KMG), but lowered its stand-alone credit
      profile (SACP) on the company to 'b' from 'b+'.  The
      outlook is negative.

   -- S&P lowered its rating on KMG International, the Romania-
      based subsidiary of KMG, to 'B-' from 'B', as the rating is
      limited to one notch below the parent's SACP.

   -- S&P revised its outlook on U.K.-based Tullow Oil to
      negative from stable and affirmed its 'BB-' rating on the
      company.

   -- S&P placed its 'B+' ratings on U.K.-based EnQuest PLC on
      CreditWatch with negative implications.

   -- S&P lowered its rating on U.K.-based Afren PLC to 'B' from
      'B+', with a negative outlook.

Separately, S&P revised the outlook on Repsol S.A. to stable from
positive and affirmed its 'BBB-/A-3' long- and short-term ratings
on the company, following the announced US$12.9 billion
acquisition of Talisman Energy Inc.

The rating actions take into account S&P's view of decreasing
headroom in credit metrics as a result of its expectation of a
lower oil price environment.

S&P recognizes current spot oil prices are even significantly
lower than its US$70/bbl Brent average price assumption in 2015.
S&P still expects some stabilization, and ultimately recovery is
likely as oil companies curb production of high cost wells and
push out new capital spending, while uncertainty also remains on
OPEC's future decisions.  S&P's oil assumptions for 2017 and
beyond are therefore unchanged at Us$85/bbl.

Afren PLC

S&P is lowering its long-term corporate credit rating on U.K.-
headquartered oil and gas company Afren plc, which has its main
production assets in Nigeria, to 'B' from 'B+'.  The outlook is
negative.

The downgrade reflects S&P's view that Afren's liquidity is less
than adequate, as the company needs to refinance its revolving
credit facility (RCF) and bonds maturing respectively in late
2015 and February 2016 in a timely fashion.  S&P believes that
such refinancing risks have increased, given the difficult market
environment, including much weaker-than-previously anticipated
oil prices combined with the reputational damage that Afren
suffered following the dismissal of key top managers in October
2014.

The negative outlook reflects rating downside, in case Afren does
not extend its bank facilities in early 2015 in a timely manner,
as well as the risk that its credit metrics could weaken in the
lower oil price environment such that FFO to debt deteriorates to
less than 30% on a sustainable basis while FOCF remains negative.
Other downside factors include major operational disruption or
unexpected production downfall.

S&P could revise the outlook to stable if it is confident that
maturities in 2015 and 2016 will be refinanced at least 6-12
months in advance.  Other stabilizing factors include a faster-
than-assumed recovery in oil prices to above S&P's US$70-
Us$75/bbl near-term assumptions, and management actions to limit
negative FOCF and ensure FFO to debt of at least 30%.  Finally,
Afren having a stable and experienced management team in place,
as well us being able to obtain increased visibility on capex,
would also be important.

EnQuest PLC

The negative CreditWatch placement reflects S&P's view that U.K.-
based E&P company EnQuest has very little headroom under S&P's
US$70-US$75/bbl oil price assumptions for 2015-2016, given the
capex needed to bring its Kraken development to production.
Moreover, S&P sees EnQuest's covenant headroom under its key
funding line, a US$1.2 billion RCF, as modest.  S&P understands,
however, that the company's cash flow generation is protected to
some extent in 2015 by the company's hedging in place.  S&P also
understands from management that the company will seek to lower
its capital spending due to current market conditions.  On this
basis, S&P expects some headroom to remain under EnQuest's RCF
covenant (which allows for 3.0x reported net debt to EBITDA).

S&P aims to resolve the CreditWatch in the first quarter 2015,
following discussions with management on its potential
flexibility on overall capital spending and operating expenses.
Rating downside could materialize if S&P anticipates tightening
covenant headroom, notably from 2016 onward when available price
hedges reduce; or in case of higher-than-assumed negative free
cash flow. S&P could also take a negative rating action if it
believes that Standard & Poor's-adjusted debt to EBITDA will move
to 3x for a sustained period (S&P's calculation is higher than
the covenant calculation, so this would not necessary imply a
covenant breach); in case prices remain below $70/bbl, or in the
case of unforeseen production issues.

S&P could affirm the rating if financial headroom increased due
to management's actions, such as cost decreases or lower capex.
An earlier upswing in oil price, for instance to our long-term
(2017) price level of $85/bbl, could equally lead us to stabilize
the rating.

KazMunayGas (KMG)

"We are affirming our 'BBB-' rating, with a negative outlook, on
KMG, and lowering the SACP to 'b' from 'b+'.  The latter reflects
our expectation that KMG's credit metrics will weaken due to
declining oil prices.  As a result, we lowered our rating on KMG
International, the Romania-based subsidiary of KMG, to 'B-' from
'B', as the rating on KMG International is limited to one notch
below the parent's SACP. We think KMG's funds from operations
(FFO) to debt will be materially below 20% in 2015-2016, which,
coupled with negative free cash flow generation, will pressure
its redit profile.  That said, we think this will be somewhat
mitigated by the stable dividend stream from the company's
affiliate Tengiz Chevroil, which we expect to continue in spite
of the oil price decline.  We assess KMG's liquidity as "less
than adequate," as the company's 2015 maturities and capital
expenditures (capex) are not fully covered by available liquidity
sources.  That said, we think the ongoing support from the
government partially offsets these risks," S&P said.

The negative outlook on the rating mirrors the outlook on the
sovereign rating on Kazakhstan.

Tullow Oil

S&P revised its outlook on Tullow to negative from stable, as the
company has very little rating headroom in light of the decline
in oil prices and the company's continued hefty capital spending
and negative free operating cash flow (FOCF).

Consequently, there is a risk that Tullow may be unable to
restore its credit metrics to levels consistently commensurate
with S&P's rating guidelines in the medium term; specifically,
adjusted FFO to debt of above 20% on average for the next three
years.

S&P forecasts that FOCF generation will remain negative due to
Tullow's heavy capital intensity, common to its industry, notably
due to its multibillion Tweneboa-Enyenra-Ntomme development
offshore Ghana, production of which will only come online in mid-
2016.

In addition, S&P revised Tullow's liquidity assessment to
"adequate" from "strong," reflecting the company's headroom under
its covenant to reduce under S&P's US$70-US$75 bbl price deck,
although it is sufficient in 2015, in our view.

S&P could lower its rating on the company if liquidity became
less than adequate or FFO to debt deteriorates below 15% in 2015
and 2016.  This could reflect Tullow's insufficient action to
moderate cash outflows within its control or limit debt
increases, such as via asset sales or by cutting its exploration
budget.  S&P could also lower the rating if it lowers its
sovereign rating on Ghana by more than one notch, or if Tullow's
exposure to Ghana increases to 50%-70% of total production and
Ghana's transfer and convertibility assessment is lowered by one
notch or more.

S&P could consider revising the outlook to stable if oil prices
were to recover materially to above our current assumptions of
US$70-US$75/bbl, in line with S&P's long-term (2017) price
assumption of US$85/bbl for Brent, resulting in Tullow reducing
its net cash outflows.  S&P might also consider an outlook
revision if Tullow were to deleverage, for example through
material asset sales.

RATINGS LIST

                           To                 From
Afren PLC
Corporate credit Rating    B/Negative         B+/Negative

EnQuest PLC
Corporate Credit Rating    B+/Watch Neg       B+/Stable

Corporate Credit Rating    BBB-/Negative      BBB-/Negative

KazMunayGas International N.V.
Corporate credit Rating    B-/Stable          B/Stable

Tullow Oil
Corporate credit Rating    BB-/Negative       BB-/Stable


BRUNSWICK RAIL: Moody's Lowers CFR to B3; Outlook Negative
----------------------------------------------------------
Moody's Investors Service has downgraded Brunswick Rail Limited's
(BRL) corporate family rating (CFR) to B3 from B2 and probability
of default rating (PDR) to B3-PD from B2-PD. Moody's has also
downgraded to B3 from B2 the senior unsecured rating on the $600
million Eurobond issued by Brunswick Rail Finance Limited and
guaranteed by BRL's key operating subsidiaries. The outlook on
all the ratings is negative.

Ratings Rationale

The downgrade reflects the recent considerable volatility of the
rouble, which has created increased uncertainty over the
evolution of BRL's financial metrics and, over time, liquidity.
Moody's expects that BRL's credit metrics are likely to
deteriorate more than previously expected because of the recent
dramatic rouble depreciation, along with the increased likelihood
of potential macroeconomic challenges undermining BRL's revenues
and its customers' payment discipline. Although further
development of the rouble exchange rate is uncertain, the recent
financial market turbulence increases the likelihood of BRL's
customers requiring BRL to delink their lease payments from
foreign currency.

BRL's B3 CFR reflects (1) Moody's expectation that BRL's
financial metrics will continue deteriorating in the coming
quarters, with the company's adjusted debt/EBITDA rising
materially above 5.0x and adjusted EBIT/interest declining below
1.5x, as a result of ongoing weak market environment, sharp
rouble depreciation and significant pricing pressure on US
dollar-linked contracts; (2) the high risk that the company will
breach a financial covenant under a sizeable bank loan in 2015;
(3) substantial foreign currency risk, as 87% of BRL's debt as of
September 2014 was denominated in foreign currency, while the
share of its revenues linked to the US dollar (57% as of the same
date) is likely to decline dramatically; (4) the increased risk
of customer payment discipline deterioration; (5) the very
competitive Russian market of operating leasing of freight
railcars and the company's single-country concentration; (6) the
substantial amount of railcars that require remarketing over the
next 12-18 months; (7) customer concentration, with around 45% of
revenues received from the company's five largest customers over
the first nine months of 2014; (8) the refinancing risk related
to the US$600 million Eurobond maturity in November 2017; and (9)
overall exposure to an emerging market operating environment with
a less-developed regulatory, political and legal framework.

More positively, BRL's rating factors in (1) the company's
available cash balances, low short-term debt, and positive free
cash flow (FCF) generation absent material expansion investments;
(2) Moody's expectation that BRL will be able to accumulate cash
balances over the next quarters, given its intention to suspend
expansion capex until market conditions improve and pay no
dividends in 2015-16, which will support FCF generation; (3)
BRL's modern railcar fleet, with an average age of only five
years, which requires low maintenance capex; (4) its established
transportation business, which should be able to accommodate part
of the company's railcars if there is low demand for operating
leases, although that business is less marginal and exposed to
depressed spot market conditions; and (5) BRL's solid
profitability, although this will likely weaken.

The rating also takes into account (1) BRL's multi-year operating
lease contracts, with the average remaining lease tenor of three
years, although this does not fully protect the company from
market volatility; (2) the estimated market value of its
unencumbered railcar fleet at more than $700 million (as of
September 2014), although this value is likely to decline in US-
dollar terms, while any distressed sale of railcars in a weak
market would likely require a material discount; and (3) BRL's
retained ability to place $100 million preferred shares with the
European Bank for Reconstruction and Development (EBRD, Aaa
stable) to finance expansion capex, although the availability
period expires in June 2015.

Rationale for the Negative Outlook

The negative outlook for BRL's ratings reflects (1) the risk that
(i) persistent pricing pressure in a challenging macroeconomic
environment and rouble depreciation could affect BRL's financial
metrics more than Moody's currently anticipates and (ii)
customers' payment discipline, which has been good so far, could
deteriorate; and (2) the high risk that the company will breach a
financial covenant under a sizeable bank loan in 2015.

What Could Change the Ratings UP/DOWN

An upgrade to the ratings in the next 12-18 months is unlikely.
However, Moody's could consider changing the outlook on the
ratings to stable in the event that (1) BRL maintains its
debt/EBITDA below 6.0x and EBIT/interest above 1.2x on a
sustainable basis in a stabilized macroeconomic environment (all
metrics are Moody's-adjusted); (2) evidence arises that the
company is able to maintain its high fleet utilization rate; (3)
the company improves its liquidity by accumulating cash to
mitigate future refinancing risks; and (4) it achieves
comfortable headroom under its financial covenants.

Moody's could consider downgrading the ratings in the event that
(1) BRL's debt/EBITDA rises above 6.0x and its EBIT/interest
declines below 1.2x on a sustained basis (all metrics are
Moody's-adjusted); (2) the company's liquidity deteriorates
materially, such that BRL would appear as being less likely to
address refinancing risks in a timely manner; (3) signs arise of
worsening payment discipline by key customers; (4) the rouble
depreciates further; or (5) the likelihood increases that BRL
will breach financial covenants under its debt documentation. The
assessment of credit metrics measured on a gross basis will also
take into account the cash cushion that Moody's expects will be
accumulated.

Principal Methodologies

The principal methodology used in these ratings was Equipment and
Transportation Rental Industry published in December 2014. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Brunswick Rail Limited is one of the largest companies
specializing in operating leasing of freight railcars in Russia.
As of September 2014, BRL had a fleet of 25,474 railcars and
generated the last-12-months revenue of US$219 million. BRL was
incorporated in Bermuda in 2004 as a private group. Its
shareholders are institutional and individual investors, none of
which have a controlling stake. BRL leases freight railcars to
large Russian industrial groups and railcar operators under
multi-year operating lease contracts.


ECO CITY: Enters Into Company Voluntary Arrangement
---------------------------------------------------
Alliance News reports that Eco City Vehicles PLC has exited
administration and entered into a company voluntary agreement,
with management and control of the company being handed back to
directors.

Eco City Vehicles, which converted and sold Mercedes Vito
vehicles for the London taxi market, fell into administration in
October after suffering a sharp sales decline and losing its deal
with Mercedes, Alliance News recounts.

According to Alliance News, a statement on Dec. 22 said the
former administrators, Kirstie Jane Provan --
kirstie.provan@begbies-traynor.com -- and Mark Robert Fry --
mark.fry@begbies-traynor.com -- of Begbies Traynor (Central) LLP,
will continue in a different role as joint supervisors of the CVA
for the purpose of its implementation.

There remains a 28-day period where a creditor seeking to
challenge the CVA can do so, Alliance News notes.

The supervisors anticipate that the CVA process will be concluded
within the next six months, Alliance News states.

Eco City Vehicles plc -- http://www.ecocityvehicles.com-- is a
United Kingdom-based company established vehicle distributor
engaged in the sale and service of new and used taxicabs to owner
operators of licensed taxis in London and the provision of
related services and the sale and service of low emissions
vehicles to business users.


MARUSSIA F1: Lloyds to Lose More Than GBP10MM From Collapse
-----------------------------------------------------------
Christian Sylt at The Telegraph reports that taxpayer-owned
Lloyds Banking Group stands to lose more than GBP10 million from
the collapse of the Marussia Formula One racing team.

According to The Telegraph, documents from administrators FRP
Advisory dated Dec. 18 show that the bank's private equity
division, Lloyds Development Capital (LDC), is at the top of a
list of more than 200 other creditors who are owed a total of
GBP31.4 million.

The biggest bill is the GBP16.6 million owed to Ferrari for
supplying engines to the team, The Telegraph discloses.

LDC is owed GBP13.2 million, which is secured on all of Marussia
F1's assets, The Telegraph states.  It gives LDC priority over
the other creditors, but according to documents from FRP, the
estimated payout will come to GBP1.6 million at most, The
Telegraph notes.  Geoff Rowley, managing partner at FRP, as cited
by The Telegraph, said "the secured creditors will suffer a
significant shortfall."  He adds that there is "insufficient
property to enable a distribution to be made to unsecured
creditors, The Telegraph notes.

The F1 team was set up in 2010 with funding from LDC, which
became its majority shareholder, The Telegraph recounts.  Its
performance on track spluttered and it only managed to score two
points over the past four years, The Telegraph relays.

According to The Telegraph, the red ink began to accelerate in
the year to December 31 2013, when Marussia made a net loss of
GBP11 million on revenue of GBP61.2 million.  It didn't let up
this year when its net loss came to GBP29.2 million on revenue of
GBP24.7 million over the eight months to Aug. 31, The Telegraph
relays.  Marussia went into administration at the end of October
and most of its 170 staff were made redundant at the beginning of
the next month, The Telegraph relates.  Mr. Rowley, as cited by
The Telegraph, said "by reason of its outstanding liabilities and
cash position, the company was insolvent on both a balance sheet
and cash flow basis".

Its main source of funding was investment from Marussia's
ultimate owner, Russian businessman Andrei Cheglakov, The
Telegraph says.  According to The Telegraph, the documents reveal
that "it was apparent to the directors that Andrei Cheglakov was
not able to inject sufficient funds to pay all historical
creditors".

According to The Telegraph, Mr. Rowley said that he had been
advised that "on a close down break-up basis, realisations of
assets would be in the region of GBP1.5 million."  In addition,
there is GBP670,000 of cash in the bank, The Telegraph  notes.

Mr. Rowley added that the chances of Marussia returning to the
track next year are slim, The Telegraph relates.

Marussia Formula One Team is based in Banbury.


ONE RE: S&P Assigns 'BB+' IFS Rating; Outlook Stable
----------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its
'BB+' counterparty credit and insurer financial strength ratings
to U.K.-based reinsurer One Re Ltd.  The outlook on the ratings
is stable.

The ratings reflect S&P's view of the company's business risk
profile as "fair" and financial risk profile as "upper adequate".
The business risk profile is driven by a less-than-adequate
competitive position and high industry and country risk.  The
rating is supported by One Re's financial risk profile, which is
bolstered by a moderately strong assessment of capital and
earnings.  S&P combines these factors to derive an anchor credit
profile of 'bb+'.

The final rating on One Re is lifted by its oversight by the U.K.
supervisory authorities.  This regulatory oversight provides a
stringent framework and places more importance on solvency and
risk management controls than the African regulatory regimes in
countries where One Re will write business.  This can give more
confidence to the company's client base in terms of the level of
supervision.

One Re is a new nonlife reinsurance company registered on Nov.
20, 2014, in the U.K. One Re has a unique business model as a
reinsurer writing only African risks.  The decision to be based
in the U.K. gives the company proximity to key international
clients and brokers and the oversight of the U.K. supervisory
authorities.

Upon commencement of underwriting risks on Jan. 1, 2015, the
majority of the premium is likely to be proportional facultative
reinsurance, primarily fire and engineering.  S&P expects Angolan
risks to account for about 50% of the portfolio in the first
couple of years, with Mozambique and other countries making up
the balance.  This reflects the owners' historical presence in
these countries through previous successful insurance ventures in
such countries as Angola, Mozambique, and Ghana.  Consequently,
One Re's business risk profile is weighted by the high risks
associated with the operating environment in Angola.

S&P currently considers One Re's competitive position to be less
than adequate.  Despite the owners' track record of success in
One Re's target markets, S&P believes the company currently has
limited brand recognition in the African market and a high level
of execution risks in meeting its business plan over the next 12
months.

S&P expects that One Re will be able to benefit from its position
n the African insurance market considering the owners' local
expertise and understanding of regional business policies and
practices as well as the company's regional specialization.

In S&P's view, the expected premium growth in 2015 is ambitious
but achievable when taking into account senior management's
expertise coupled with strong expected growth potential for the
African market.  Under S&P's base case scenario, the premium
income is expected to grow more than 6x to about GBP80 million
(US$128 million) by 2018, which at that time will be comparable
to that of African regional reinsurance players.

S&P expects operating performance to be negative in the first
year of operations and breakeven over the second year, which
reflects an expense drag from start-up costs.  This is likely to
moderate, with expenses targeted at 35%-40% in the medium term.

S&P assess the company's capital and earnings as moderately
strong.  The total adjusted capital significantly exceeds S&P's
requirement at the 'AAA' stress scenario, but its assessment is
capped due to the small absolute size of the capital base.
Though the capital of US$50 million is small compared to that of
peers, S&P believes it is sufficient to meet the company's
business plans.

In S&P's view, the company's risk position is "intermediate",
which reflects S&P's expectations of investment allocation in at
least 'A' rated instruments on average and some concentration and
market risks in the investment portfolio.

S&P views One Re's financial flexibility as adequate, reflecting
S&P's view that the company's shareholders have a long-term
commitment to the company and there is currently limited need for
further capitalization to One Re.

In S&P's view, enterprise risk management is adequate,
considering the management's accumulated expertise in the
insurance sector in Africa.  S&P considers ERM importance as
high, which reflects the complex risks One Re seeks to write as
well as execution risks in the company's business plan as it
seeks to write business in selected African markets.  As a
result, S&P adjusts down its assessment by one notch.

The stable outlook reflects S&P's view that One Re will succeed
in gradually establishing its franchise on the African continent
over the next 24 months.  It also factors in S&P's anticipation
that One Re will preserve at least moderately strong capital and
earnings relative to the complexity of risks that it is going to
write.

S&P expects that 2015-2016 premium growth will be sufficient to
support the company's improvements in earnings and establishing
its competitive standing on the African market.  However, any
shortfalls in these directions could lead to a negative rating
action.  This can be driven by a competitive position assessment
weakening to what S&P considers to be "weak", driven by the
company's inability to penetrate targeted African countries.

A positive rating action is unlikely within the next 12 months.
It would most likely depend on better-than-expected operating
performance.  This could typically be the case if S&P sees the
competitive position building up to adequate levels, supported by
diminishing execution risk as the company is establishing its
presence and reputation in Africa, and a stable operating
performance.

Ratings Score Snapshot

Financial Strength Rating        BB+

SACP                             bb+

Anchor                           bb+
   Business Risk Profile         Fair
     IICRA*                      High
     Competitive Position        Less than adequate

Financial Risk Profile           Upper Adequate
  Capital and Earnings           Moderately strong
  Risk Position                  Moderate
  Financial Flexibility          Adequate

Modifiers                        0
  ERM and Management             -1
    Enterprise Risk Management   Adequate
    Management and Governance    Fair
    Holistic Analysis            +1

Liquidity                        Exceptional

Support                          0
  Group Support                  0
  Government Support             0

*IICRA--Insurance Industry and Country Risk Assessment.



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


* BOND PRICING: For the Week December 22 to December 26, 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 * * *