Analysis of emerging markets issuance for 13 months through August 2012

Yield

	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Less than 4%	3.055	0.399	3.709	6.437	0	8.520	7.339	8.390	3.435	7.257	1.994	15.320	1.949
4%-4.99%	0	0.995	2.373	7.139	2.283	11.378	7.083	10.832	3.626	3.927	1.586	7.838	1.590
5%-5.99%	2.177	0	7.912	3.339	3.808	7.446	11.972	5.987	0.499	1.743	6.200	4.616	1.015
6%-6.99%	0	0.350	1.242	2.190	1.072	5.483	2.265	1.047	4.228	0.800	4.790	3.676	0
7%-7.99%	0	0.983	0	0.250	0	0.598	1.689	0.898	1.500	0.149	1.693	0.350	1.000
8%-8.99%	0	0	0.150	0.300	0	0	1.464	1.349	0.400	0	0.500	0.947	0
9%-9.99%	0.253	0	0	0	0	1.000	0.815	0.185	0.396	0	0	3.650	0
10% and higher	0	0	0	0	0	1.785	1.223	0	0.900	0.060	0	0.173	0.149
Floater	1.075	0.100	0.104	2.688	0	0	0.136	0	0	0.265	0.500	0	0.637
NA	0.999	0.060	5.350	3.172	1.031	7.974	4.847	6.312	7.865	5.278	3.819	4.550	2.075
Total	7.559	2.886	20.842	25.515	8.193	44.184	38.834	34.998	22.849	19.479	21.082	41.121	8.414
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 4%	10.146	13	24.249	23	12.686	17	17.268	21	54.203	61	67.803	82	64.748	76	23.47%
4%-4.99%	11.795	18	29.293	38	9.139	13	9.428	15	47.860	66	60.649	85	60.649	85	20.72%
5%-5.99%	15.059	17	25.404	32	8.443	12	5.631	7	39.478	51	56.714	72	54.537	68	17.09%
6%-6.99%	4.504	8	8.795	11	9.817	14	3.676	6	22.288	31	27.142	40	27.142	40	9.65%
7%-7.99%	0.250	1	3.185	9	3.342	8	1.350	2	7.877	19	9.109	21	9.109	21	3.41%
8%-8.99%	0.450	2	2.812	6	0.900	3	0.947	2	4.659	11	5.109	13	5.109	13	2.02%
9%-9.99%	0	0	2.000	4	0.396	1	3.650	4	6.046	9	6.300	11	6.046	9	2.62%
10% and higher	0	0	3.009	8	0.960	3	0.323	2	4.292	13	4.292	13	4.292	13	1.86%
Floater	2.793	6	0.136	1	0.765	3	0.637	1	1.538	5	5.506	13	4.431	12	0.67%
NA	9.552	14	19.133	36	16.962	29	6.625	9	42.721	74	53.333	90	52.333	89	18.50%
Total	54.550	79	118.015	168	63.410	103	49.535	69	230.961	340	295.956	440	288.396	426	100.00%
Versus Talk
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Lower	0	0	0.649	0.759	0	0.400	0	0	1.793	0.500	1.498	6.666	1.245
Low end	2.482	0	6.266	3.303	5.033	11.646	22.864	5.201	3.141	5.530	6.386	9.903	0.149
Middle	3.185	0.995	3.738	1.547	0	6.900	6.944	1.360	0.900	1.496	0.798	2.889	1.053
High end	0	0.983	0.989	0	0	0.677	0.555	0.036	0.500	0	0	0.496	0
Higher	0	0	0	0	0	0	0.499	0	0.400	0	0	0	0
NA	1.892	0.909	9.199	19.905	3.160	24.560	7.971	28.402	16.115	11.953	12.400	21.166	5.967
Total	7.559	2.886	20.842	25.515	8.193	44.184	38.834	34.998	22.849	19.479	21.082	41.121	8.414
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	1.409	3	0.400	1	3.791	5	7.911	9	12.102	15	13.511	18	13.511	18	5.24%
Low end	14.601	18	39.711	45	15.058	25	10.053	12	64.822	82	81.905	102	79.423	100	28.07%
Middle	5.285	8	15.205	26	3.194	6	3.942	7	22.340	39	31.805	52	28.620	48	9.67%
High end	0.989	1	1.268	4	0.500	1	0.496	1	2.264	6	4.236	8	4.236	8	0.98%
Higher	0	0	0.499	1	0.400	1	0	0	0.899	2	0.899	2	0.899	2	0.39%
NA	32.265	49	60.933	91	40.467	65	27.133	40	128.534	196	163.600	258	161.708	250	55.65%
Total	54.550	79	118.015	168	63.410	103	49.535	69	230.961	340	295.956	440	288.396	426	100.00%
Upsized?
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Yes	0	0	0	0	0	0	0.136	0.250	0.350	0.300	1.943	2.121	0
No	7.559	2.886	20.842	25.515	8.193	44.184	38.697	34.748	22.499	19.179	19.139	39.000	8.414
Total	7.559	2.886	20.842	25.515	8.193	44.184	38.834	34.998	22.849	19.479	21.082	41.121	8.414
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0	0	0.386	2	2.593	5	2.121	2	5.100	9	5.100	9	5.100	9	2.21%
No	54.550	79	117.629	166	60.817	98	47.414	67	225.861	331	290.856	431	283.297	417	97.79%
Total	54.550	79	118.015	168	63.410	103	49.535	69	230.961	340	295.956	440	288.396	426	100.00%
Seniority
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
sovereign	0.965	0.983	5.983	8.994	0	17.817	6.103	9.121	3.250	2.380	4.401	4.671	0
senior secured	0	0	0	0	0	0	0.550	0.786	0	0	0.700	0	0
secured	0	0	0	0	0	0	0	0	0	0	0.588	0	0
senior	6.394	1.904	14.508	16.521	8.193	26.367	30.367	23.091	18.949	16.099	14.651	34.075	8.414
subordinated	0.200	0	0	0	0	0	1.814	2.000	0.650	1.000	0.743	2.375	0
asset-backed	0	0	0.350	0	0	0	0	0	0	0	0	0	0
Total	7.559	2.886	20.842	25.515	8.193	44.184	38.834	34.998	22.849	19.479	21.082	41.121	8.414
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
sovereign	14.977	14	33.041	24	10.030	9	4.671	4	47.742	37	64.667	53	63.702	52	20.67%
senior secured	0	0	1.335	4	0.700	2	0	0	2.035	6	2.035	6	2.035	6	0.88%
secured	0	0	0	0	0.588	2	0	0	0.588	2	0.588	2	0.588	2	0.25%
senior	39.223	64	79.825	136	49.700	86	42.490	63	172.014	285	219.535	367	213.141	355	74.48%
subordinated	0	0	3.814	4	2.393	4	2.375	2	8.581	10	8.781	11	8.581	10	3.72%
asset-backed	0.350	1	0	0	0	0	0	0	0	0	0.350	1	0.350	1	0.00%
Total	54.550	79	118.015	168	63.410	103	49.535	69	230.961	340	295.956	440	288.396	426	100.00%
Moody's Rating
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Aaa	0.999	0	0	0.251	0	2.996	0	0	0	1.246	0.800	2.163	0
Aa1	0	0	0	0	0	0	0	2.747	0.300	0	0.095	0	0
Aa2	0	0	0	0.200	0	0	0	1.450	0	0	0	4.000	0
Aa3	0	0	4.482	0.107	0	0	1.488	0.748	1.994	3.741	0	0	1.366
A1	0.518	1.394	2.629	2.043	0.547	6.453	4.658	3.869	3.177	2.198	1.702	4.154	0
A2	3.129	0	2.173	0.500	0.192	2.449	1.377	0	0	0.794	3.062	3.920	0
A3	0	0	0.499	4.992	3.961	6.003	8.348	3.318	0.298	3.467	1.934	3.655	1.306
Baa1	2.040	0	1.701	4.628	1.090	7.112	3.347	12.716	3.880	0.500	5.214	2.725	1.271
Baa2	0	0	1.750	1.262	1.091	3.190	4.149	1.765	0.795	1.016	0	7.401	1.003
Baa3	0	0.350	0	1.159	0	6.230	3.001	0.904	6.764	0.500	2.397	1.551	0.349
Ba1	0	0	0.497	1.991	0	0.810	0.995	0.750	0.845	0.693	0	0	0
Ba2	0	0	0.989	0	0	1.689	2.034	0.776	0.400	0	1.735	0	0
Ba3	0	0	0.150	0	0	0.492	0.694	1.005	0.750	0	0.449	1.150	0
B1	0	0	0	0.560	0	1.168	0.250	2.539	1.400	1.399	0	1.347	0.149
B2	0	0	0	0	0	0	0.758	0.150	0.396	0	0.650	2.000	0
B3	0	0	0	0	0	0.125	0.296	0.036	0	0	0	0	0
Caa1	0	0	0	0	0	0	0.191	0	0	0	0	0	0
NR	0.873	1.143	5.970	7.823	1.312	5.467	7.248	2.224	1.850	3.925	3.045	7.056	2.970
Total	7.559	2.886	20.842	25.515	8.193	44.184	38.834	34.998	22.849	19.479	21.082	41.121	8.414
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Aaa	0.251	1	2.996	1	2.046	2	2.163	3	7.205	6	8.456	8	7.456	7	3.12%
Aa1	0	0	2.747	4	0.395	2	0	0	3.142	6	3.142	6	3.142	6	1.36%
Aa2	0.200	1	1.450	2	0	0	4.000	2	5.450	4	5.650	5	5.650	5	2.36%
Aa3	4.589	5	2.236	3	5.735	6	1.366	3	9.337	12	13.926	17	13.926	17	4.04%
A1	5.219	9	14.980	20	7.077	16	4.154	6	26.211	42	33.342	56	32.824	54	11.35%
A2	2.865	4	3.827	7	3.856	5	3.920	5	11.603	17	17.597	24	14.468	21	5.02%
A3	9.452	11	17.668	19	5.699	9	4.960	7	28.328	35	37.780	46	37.780	46	12.27%
Baa1	7.420	11	23.174	20	9.594	10	3.996	6	36.764	36	46.223	49	44.183	47	15.92%
Baa2	4.103	5	9.103	14	1.810	4	8.404	8	19.318	26	23.421	31	23.421	31	8.36%
Baa3	1.159	5	10.136	17	9.661	15	1.900	4	21.697	36	23.206	42	23.206	42	9.39%
Ba1	2.488	3	2.555	6	1.538	3	0	0	4.093	9	6.581	12	6.581	12	1.77%
Ba2	0.989	1	4.499	8	2.135	4	0	0	6.634	12	7.624	13	7.624	13	2.87%
Ba3	0.150	1	2.191	5	1.199	4	1.150	3	4.540	12	4.690	13	4.690	13	1.97%
B1	0.560	2	3.957	7	2.799	7	1.496	3	8.252	17	8.812	19	8.812	19	3.57%
B2	0	0	0.908	3	1.046	2	2.000	1	3.954	6	3.954	6	3.954	6	1.71%
B3	0	0	0.456	3	0	0	0	0	0.456	3	0.456	3	0.456	3	0.20%
Caa1	0	0	0.191	1	0	0	0	0	0.191	1	0.191	1	0.191	1	0.08%
NR	15.104	20	14.939	28	8.820	14	10.026	18	33.786	60	50.906	89	50.033	83	14.63%
Total	54.550	79	118.015	168	63.410	103	49.535	69	230.961	340	295.956	440	288.396	426	100.00%
Use of Proceeds
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Acquisition	0.194	0	0	0	0	1.168	0	0.150	0	0	0	0	0
Capex	0	0	0	0.991	0	0.348	0.500	0.190	0.996	0	0.588	0	0
GCP	1.823	2.077	5.291	3.457	2.217	19.083	13.764	10.026	5.275	5.486	7.352	14.322	1.896
No proceeds	0	0	0.113	0	0	0	0	0	0	0	0	0	0
Refinance	0	0	0	5.852	0.607	1.087	1.894	2.726	3.176	0.300	0.650	2.913	0
Multiple/Other/NA	5.543	0.809	15.438	15.216	5.369	22.498	22.676	21.906	13.402	13.693	12.492	23.886	6.518
Total	7.559	2.886	20.842	25.515	8.193	44.184	38.834	34.998	22.849	19.479	21.082	41.121	8.414
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0	0	1.318	3	0	0	0	0	1.318	3	1.511	4	1.318	3	0.57%
Capex	0.991	1	1.038	4	1.584	3	0	0	2.622	7	3.612	8	3.612	8	1.14%
GCP	10.964	14	42.873	46	18.113	25	16.219	20	77.205	91	92.069	112	90.247	108	33.43%
No proceeds	0.113	1	0	0	0	0	0	0	0	0	0.113	1	0.113	1	0.00%
Refinance	6.459	10	5.707	13	4.126	6	2.913	5	12.746	24	19.204	34	19.204	34	5.52%
Multiple/Other/NA	36.023	53	67.080	102	39.587	69	30.404	44	137.070	215	179.446	281	173.903	272	59.35%
Total	54.550	79	118.015	168	63.410	103	49.535	69	230.961	340	295.956	440	288.396	426	100.00%
Industry Sector (by SIC code)
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Agriculture (0xxx)	0	0.060	0	0	0	0.125	0	0	0	0	0.596	0.322	0
Communications (48xx)	3.129	0.100	2.173	0.200	0	1.517	1.941	0.736	0.300	0	0.400	5.178	0
Construction (15xx)	0	0	0	0	0	0.301	0	0	0	0	0	0.347	0
Electric, gas, sanitary services (49xx)	0.247	0.399	1.750	1.851	3.540	0.735	1.737	2.147	0	0.559	0.051	1.195	0.149
Finance, insurance, real estate (6xxx)	2.592	1.345	8.248	5.318	2.873	15.307	14.964	13.040	9.295	8.850	10.072	18.095	5.135
Government (91xx)	0.395	0	0	0	0	0	0	0	0	0	0	0	0
Health services (8xxx)	0	0	0	0.250	0	0	0.300	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.231	0	1.250	0.320	0.690	4.280	3.819	0.748	3.386	3.291	4.328	0.254	0.538
Mining (1xxx)	0	0	0	0	0	1.588	0	3.069	0.400	1.000	0	3.652	0
Oil and gas (13xx)	0	0	1.190	3.291	0.492	0	9.055	3.259	5.619	3.000	0.647	2.725	0.993
Pharmaceuticals (2834-6)	0	0	0	4.992	0	0	0	1.326	0	0	0	0	0
Services (7xxx)	0	0	0	0.300	0.598	1.498	0.499	0.398	0	0	0	2.353	0.599
Sovereign (8888)	0.965	0.983	5.983	8.994	0	18.833	6.518	9.121	3.250	2.380	4.401	4.671	1.000
Transportation (4xxx)	0	0	0.247	0	0	0	0	1.000	0.599	0	0.588	2.156	0
Wholesale (5xxx)	0	0	0	0	0	0	0	0.154	0	0.400	0	0.173	0
Total	7.559	2.886	20.842	25.515	8.193	44.184	38.834	34.998	22.849	19.479	21.082	41.121	8.414
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0.125	1	0.596	1	0.322	1	1.043	3	1.103	4	1.103	4	0.45%
Communications (48xx)	2.373	3	4.194	8	0.700	2	5.178	6	10.072	16	15.674	23	12.545	20	4.36%
Construction (15xx)	0	0	0.301	1	0	0	0.347	1	0.648	2	0.648	2	0.648	2	0.28%
Electric, gas, sanitary services (49xx)	7.141	7	4.620	7	0.610	3	1.344	3	6.574	13	14.361	24	14.114	22	2.85%
Finance, insurance, real estate (6xxx)	16.439	34	43.311	80	28.216	54	23.230	37	94.758	171	115.134	211	112.542	207	41.03%
Government (91xx)	0	0	0	0	0	0	0	0	0	0	0.395	2	0	0	0.00%
Health services (8xxx)	0.250	1	0.300	1	0	0	0	0	0.300	1	0.550	2	0.550	2	0.13%
Manufacturing (2xxx, 3xxx)	2.260	4	8.846	18	11.005	17	0.792	2	20.644	37	23.135	43	22.904	41	8.94%
Mining (1xxx)	0	0	4.657	7	1.400	3	3.652	4	9.709	14	9.709	14	9.709	14	4.20%
Oil and gas (13xx)	4.973	7	12.313	12	9.266	9	3.718	4	25.298	25	30.271	32	30.271	32	10.95%
Pharmaceuticals (2834-6)	4.992	6	1.326	1	0	0	0	0	1.326	1	6.317	7	6.317	7	0.57%
Services (7xxx)	0.898	2	2.394	4	0	0	2.952	2	5.346	6	6.245	8	6.245	8	2.31%
Sovereign (8888)	14.977	14	34.473	26	10.030	9	5.671	5	50.173	40	67.098	56	66.133	55	21.72%
Transportation (4xxx)	0.247	1	1.000	1	1.186	4	2.156	3	4.342	8	4.589	9	4.589	9	1.88%
Wholesale (5xxx)	0	0	0.154	1	0.400	1	0.173	1	0.728	3	0.728	3	0.728	3	0.32%
Total	54.550	79	118.015	168	63.410	103	49.535	69	230.961	340	295.956	440	288.396	426	100.00%
Country
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Africa	0	0	0	0	0	1.500	0.400	0	0	0	0.700	2.383	0
Angola	0	0	0	0	0	0	0	0	0	0	0	0	1.000
Asia	0.943	1.494	4.069	4.187	1.951	13.913	10.248	12.819	15.170	11.424	5.389	10.189	4.360
Caribbean	0	0	0	0.260	0	0	0.250	0	0	0	0	0	0
Emerging Europe	1.075	0.983	2.219	1.781	0	7.120	5.255	1.125	0.396	1.486	1.868	1.553	0.742
Latin America	4.542	0.410	8.276	5.180	4.625	15.477	16.495	6.772	1.144	4.053	5.659	11.382	0.500
Middle East	0.999	0	5.676	12.458	1.617	4.674	4.334	5.312	2.240	1.515	5.217	6.231	0.828
Russia, CIS	0	0	0.601	1.649	0	1.500	1.852	8.970	3.900	1.000	2.249	9.383	0.985
Total	7.559	2.886	20.842	25.515	8.193	44.184	38.834	34.998	22.849	19.479	21.082	41.121	8.414
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Africa	0	0	1.900	3	0.700	2	2.383	4	4.983	9	4.983	9	4.983	9	2.16%
Angola	0	0	0	0	0	0	1.000	1	1.000	1	1.000	1	1.000	1	0.43%
Asia	10.206	20	36.980	67	31.983	55	14.548	23	83.511	145	96.154	174	95.211	169	36.16%
Caribbean	0.260	1	0.250	1	0	0	0	0	0.250	1	0.510	2	0.510	2	0.11%
Emerging Europe	4.000	4	13.500	15	3.750	3	2.295	4	19.545	22	25.603	28	24.528	27	8.46%
Latin America	18.081	22	38.744	52	10.856	16	11.882	15	61.482	83	84.515	114	79.973	107	26.62%
Middle East	19.752	25	14.320	18	8.972	16	7.059	8	30.351	42	51.102	68	50.103	67	13.14%
Russia, CIS	2.251	7	12.322	12	7.149	11	10.367	14	29.838	37	32.088	44	32.088	44	12.92%
Total	54.550	79	118.015	168	63.410	103	49.535	69	230.961	340	295.956	440	288.396	426	100.00%
Currency
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
$	5.911	2.487	17.922	24.171	4.221	41.549	35.042	32.455	20.831	16.982	19.137	31.780	7.672
CHF	0.329	0.399	0.395	0.216	0	0	0.488	0	0	0	0	0.358	0.105
RMB	0.051	0	0	0	0	0	0	0	0	0.016	0	0	0
Y	0.194	0	0	0	0.308	0	0	0.025	1.622	0.013	0.026	2.353	0
€	1.075	0	1.731	1.128	2.593	2.635	3.303	2.517	0.396	2.468	1.918	5.478	0.637
£	0	0	0.794	0	1.072	0	0	0	0	0	0	1.153	0
Total	7.559	2.886	20.842	25.515	8.193	44.184	38.834	34.998	22.849	19.479	21.082	41.121	8.414
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	46.313	62	109.047	155	56.951	93	39.452	58	205.449	306	260.161	382	254.250	373	88.95%
CHF	0.611	5	0.488	2	0	0	0.463	2	0.950	4	2.289	12	1.961	11	0.41%
RMB	0	0	0	0	0.016	1	0	0	0.016	1	0.067	3	0.016	1	0.01%
Y	0.308	2	0.025	1	1.660	4	2.353	1	4.039	6	4.540	9	4.346	8	1.75%
€	5.453	8	8.455	10	4.783	5	6.115	7	19.354	22	25.881	31	24.806	30	8.38%
£	1.865	2	0	0	0	0	1.153	1	1.153	1	3.018	3	3.018	3	0.50%
Total	54.550	79	118.015	168	63.410	103	49.535	69	230.961	340	295.956	440	288.396	426	100.00%

Criteria

• The tables include all underwritten offerings sold in the international bond markets reported to Prospect News.

• Offerings are included in the time period in which they price (or settle if pricing date not available).

• Amounts are based on the total sales price (face amount multiplied by the offering price). The full amount is credited to the bookrunner (or lead manager if no bookrunners). For multiple bookrunners (or lead managers), the total value is divided equally among all the firms.

• Each tranche is counted as a separate deal.

• Units made up of a bond and a warrant are included; other units are excluded.

• Best efforts and non-underwritten deals are excluded.

• Non-dollar deals are converted to dollars at the rate shown in Federal Reserve's H.10 release on day of pricing.

• Emerging markets are all countries except: United States, Canada, United Kingdom, Germany, France, Italy, Japan, Australia, New Zealand, Netherlands, Ireland, Sweden, Norway, Denmark, Spain, Portugal, Switzerland, Luxembourg, Austria, Belgium, Finland, Iceland and Greece.

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