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Dow Jones Ind 12766.04 12767.17 -0.01

FTSEurofirst 300 993.67 993.23 +0.04

Euro Stoxx 50 2155.64 2181.23 -1.17

FTSE 100 5491.09 5478.81 +0.22

FTSE All-Share UK 2847.84 2842.44 +0.19

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Xetra Dax 6248.2 6229.41 +0.30

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Hang Seng 19427.81 19233.94 +1.01

FTSE All World $ (u) 200.81 -

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Jun 18 prev chg

Oil WTI $ Jul 83.27 84.03 -0.76

Oil Brent $ Aug 96.05 97.61 -1.56

Gold $ 1,628.40 1,623.30 5.10

price yield chg

US Gov 10 yr 101.50 1.59 0.00

UK Gov 10 yr 120.77 1.68 0.00

Ger Gov 10 yr 102.95 1.43 -0.04

Jpn Gov 10 yr 100.60 0.84 -0.02

US Gov 30 yr 106.50 2.68 -0.01

Ger Gov 2 yr 99.95 0.03 -0.04

Jun 18 prev chg

Fed Funds Eff 0.18 0.17 0.01

US 3m Bills 0.08 0.09 -0.01

Euro Libor 3m 0.57 0.57 0.00

UK 3m 0.94 0.94 -

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$ per £ 1.567 1.564

£ per € 0.803 0.807

¥ per $ 78.9 78.7

¥ per £ 123.6 123.2

$ index 81.7 81.5

SFr per € 1.201 1.201

Jun 18 prev

€ per $ 0.795 0.792

£ per $ 0.638 0.639

€ per £ 1.246 1.239

¥ per € 99.26 99.40

£ index 83.4 83.1

€ index 88.35 88.58

SFr per £ 1.496 1.488

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Carrefour investorsblock share plansShareholders at Carrefourvented their anger at theFrench retailer’sunderperformance byblocking the allocation ofnew share options todirectors at an annualmeeting in Paris. Page 15

EU banking pushA push by EU leaders tocreate a single supervisor forEurope’s largest banks israpidly gaining momentumand could lead to anagreement as soon as nextweek. Page 2

Warships on alertRussia is preparing twowarships to sail to Syria toprotect Russian citizens, ina sign that it is takingprecautions against aworsening of the securitysituation there. Page 6;www.ft.com/syria

Russian contingencyRussia is setting aside up to$40bn to shore up theeconomy in case theeurozone crisis shouldescalate and spread. Page 3

Hollande’s challengeFrançois Hollande, France’spresident, will soon have totake tough measures totackle the country’s publicfinances. Page 2

Clean energy boostJapan has revealed a plan toboost investment in cleanenergy sources, in a moveaimed at lowering dependenceon fossil fuels and nuclearpower. Page 7; Rich nationsmust take a lead, Page 11

Fairfax to axe jobsThe Australian publisherFairfax Media is to cut abouta fifth of its workforce andshrink its flagships SydneyMorning Herald and The Ageto tabloid size as it seeks tocut costs and halt a slide inrevenue. Page 15

Tehran talks toughIran engaged in “intense andtough” exchanges with theUS and other world powersas a third round of nucleartalks began amid fears that apeaceful resolution to thestand-off over Tehran’sambitions will prove elusive.Page 6; Insurance ban, Page 26

India rejects rate cutIndia’s central bank leftinterest rates unchanged,withstanding pressure frombig business and governmentofficials in New Delhi to givethe economy a boost. Page 3

Saudi heir apparentKing Abdullah of SaudiArabia has appointed hishalf brother Prince Salman,76, as the new heir apparent,following the death of CrownPrince Naif. Page 6

Credibility crisisAlex Wynaendts, the chiefexecutive of life assurerAegon, has admitted that theindustry suffers from acredibility problem becauseit has sold over-complexproducts to savers. Page 15

News Briefing

Separate sectionBuying & investing in wineHopes rise again after correction

Just not cricket?Learning from scamsAndrew Hill, Page 12

Banking unionA big but difficult eurozone fix. Analysis, Page 9

Tensions rise as Muslim Brotherhoodand old guard clash over Egypt election

By Borzou Daragahi in Cairo

Egypt’s Muslim Brotherhoodand the country’s old guardstepped closer towards confron-tation yesterday followingweekend presidential electionsand a flurry of manoeuvres bythe armed forces that appearedto expand the military’s holdover political life.

Although official results arenot due to be released untilThursday, the Brotherhood’sMohamed Morsi yesterdayclaimed victory in the presiden-tial poll, with 52 per cent of thevote.

The announcement triggereda heated exchange with rivalAhmed Shafiq, former strong-man Hosni Mubarak’s lastprime minister, whose support-ers accused the Brotherhood oftrying to “steal” the election.

The resulting uncertainty

alarmed investors and causedthe Egypt Stock Exchange’sbenchmark EGX-30 index toclose down 3.42 per cent.

Egypt’s military leadership,the Supreme Council of theArmed Forces, insisted that itwould hand over power to civil-ian rule at the end of Junedespite recent moves thatseemed intended to consolidateits hold on power.

The country’s Supreme Con-stitutional Court, whichremains dominated by Mubarakappointees, last week ordered

the dissolution of an electedparliament controlled by theBrotherhood and other Islam-ists. On Sunday, after presiden-tial polls closed, the militaryissued a constitutional declara-tion seeking to enshrine itsright to veto many presidentialdecisions and maintain controlover the military’s own budget.

That declaration drew analarmed response from the USdefence department, which haslong had close ties to the Egyp-tian armed forces.

“We are deeply concernedabout the new amendments tothe constitutional declaration,”the Pentagon said. “We supportthe Egyptian people in theirexpectation that the SupremeCouncil of the Armed Forceswill transfer full power to ademocratically elected civiliangovernment.”

In a televised press confer-

ence that appeared in part aresponse to alarm over recentdevelopments among westerndiplomats and domestic elites, aspokesman for the militaryleadership said it would notinterfere with the elected presi-dent’s work. A new constitutionwould be drafted by Octoberand new parliamentary elec-tions held by December “ifthere are no obstacles or prob-lems”, the spokesman said.

The Brotherhood has refusedto recognise the constitutionaldeclaration, saying it is “nulland void”, and vowed to con-vene the Islamist-dominatedconstitutional assembly.

An administrative court wasscheduled to hold a hearingyesterday on the legality of theBrotherhood, which was out-lawed under Mr Mubarak.

Military tightens grip, Page 4

‘We are deeplyconcerned about thenew amendments tothe constitutionaldeclaration’

Jubilant: supporters of the Muslim Brotherhood celebrate in Tahrir Square after Mohamed Morsi claimed victory yesterday Epa

By Robin Wigglesworthin London, Chris Giles inLos Cabos, Mexico andKerin Hope in Athens

The election victory for pro-austerity parties in Greecefailed to assuage fears over theeurozone’s future, as investorsratcheted up the pressure onpolicy makers by sendingSpain’s benchmark borrowingcosts to a new euro-era high.

Markets initially rallied onnews that New Democracy andPasok, two mainstream partiesthat support the austerity condi-tions of the eurozone’s bailout,gained enough seats to form aparliamentary majority in Ath-ens. But the optimism wasswiftly deflated by dismal badbank loan figures in Spain thatunderlined the country’s woes.

Data from the Bank of Spainshowed that the non-performingloan ratio of Spanish banks roseto 8.7 per cent of their outstand-ing portfolios in April – thehighest in almost two decades.

The eurozone has alreadypromised €100bn to help recapi-talise Spain’s banks, but inves-tors are concerned that it couldmerely increase Madrid’s debtburden and eventually lead to afull sovereign rescue. Spain’s 10-year bond yields, which moveinversely to prices, rose as highas 7.28 per cent yesterday, whilethe euro fell sharply againstmost other key currencies.Italy’s 10-year bond yields againrose above the 6 per cent mark.

“The Greek election merelypostpones a consideration of theunderlying problems,” saidSushil Wadhwani, a hedge fundmanager and former member of

the Bank of England’s MonetaryPolicy Committee. “The marketsare tiring of things that buy alittle time and do not deal withthe underlying issues.”

At the start of the Group of 20summit in Mexico, José ManuelBarroso, European Commissionpresident, indicated that theterms of Spain’s banking rescuewere still up for negotiation andacknowledged fears that thebanking and fiscal crises areincreasingly intertwined: “Wehave been in favour, as far aspossible, in avoiding any kind ofcontamination of financial debtand sovereign debt.”

While the commission andmany eurozone countries havebeen in favour of using the con-tinent’s rescue fund, the Euro-pean Stability Mechanism, toinject equity directly into failingeurozone banks, Germanyremains opposed and has ablocking vote on the ESM board.

Investors have begun to focustheir concerns on an EU summitscheduled for the end of themonth, with many hoping pol-icy makers will make progresstowards some form of bankingunion to prevent the bloc fromunravelling. Hopes have centredon proposals to create a com-mon European bank supervisorand rescue fund that wouldshore up banks too big and tooweak to be rescued by theirnational governments.

Eurozone woes, Page 2Editorial Comment, Page 10Comment, Page 11Lex, Page 14The Short View, Page 15Markets, Pages 26­28www.ft.com/euro

Eurozone’sGreek pollhoneymoonshortlivedSpain’s borrowing costs at euro­era high

Morgan Stanley discusses penancewith Irish nuns over bond lawsuitBy Jane Croft in London

A group of Irish nuns is close toreaching a settlement with Mor-gan Stanley after suing the USbank in a dispute about lossesthey incurred from an invest-ment in euro-denominatednotes.

The Sisters of Charity of Jesusand Mary, the Holy Faith Sistersand the Irish Veterinary Benev-olent Fund are among a groupof 132 Irish investors suing Mor-gan Stanley and Saturns Invest-ments Europe, a special-purposevehicle set up by the New York-based bank.

The nuns and other investorsbought so-called Saturn notesworth about €20m linked toDresdner Bank bonds in 2005and 2006.

The lawsuit centres aroundallegations that Morgan Stanleyfailed to redeem the debt whena mandatory redemption was

triggered in early 2009 after theGerman bank’s credit ratingwas cut below an agreed point.

The investors allege that Mor-gan Stanley postponed redeem-ing the notes until the value ofDresdner Bank debt had recov-ered to a level where the USbank would incur no losses, butcaused the investors “substan-tial losses”.

A trial was due to start at theHigh Court in London yesterdaybut was adjourned to allow bothparties more time for settlementtalks. Andrew Sutcliffe QC, rep-resenting the claimants, told thecourt “the case has not yet set-tled but we anticipate it may”and asked the judge to allow theparties until later in the week toresolve the terms.

Bloxham, the Irish stockbro-ker that sold the notes to thenuns and other investors, hasbeen added as a defendant.

The court heard that even if

the settlement was agreed, therewas still outstanding litigationbetween Morgan Stanley andBloxham.

The US bank said in a filinglast year that it had no dealingswith any of the noteholders,since it sold the notes directly toBloxham.

Morgan Stanley declined tocomment yesterday.

Bloxham, one of Ireland’s old-est stockbrokers, was lastmonth forced to cease tradingafter the Central Bank of Ire-land discovered financial irregu-larities. The Irish broker hastransferred its asset manage-ment unit to Davy, Ireland’slargest stockbroker.

Lawyers say that they expectfurther litigation relating tostructured products sold at theheight of the economic boom,because there is a six-year timelimit for starting such proceed-ings in the UK.

Discord expected

Canada, the Holy See anddozens of other countries haveraised pet objections beforethis week’s Rio+20 sustainabledevelopment conference, whichthe UN says is the biggestevent it has organised. Theyunderline the doubts that manyhave about what will beachieved by the 100­plusleaders expected to fly in forthe meeting in Brazil by thetime it ends on Friday.

Report, Page 7

EUROPE Tuesday June 19 2012

JUNE 19 2012 Section:FrontBack Time: 18/6/2012 - 20:30 User: millern Page Name: 1FRONT EUR, Part,Page,Edition: EUR, 1, 1

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A hungry bear will notdance, says the Greekproverb. Twenty-fourhours after nationalelections that revealed adeeply fractured politicallandscape and a societyclose to psychologicalexhaustion, it is an imageGreece’s foreign creditorswill need to keep in mind.

Temporarily, the victoryof the centre-right NewDemocracy party willkeep at bay the forces ofSyriza, the radical leftistparty determined to breakthe stranglehold that itaccuses the creditors ofimposing on Greece astheir price for emergencyfinancial help. In thisnarrow sense, theeurozone lives to breatheanother day.

But the sickness of theGreek economy is so faradvanced that it isinconceivable that thenext government willmeet the economic andfiscal targets set by otherEuropean countries andthe InternationalMonetary Fund. TheGreek state is withinweeks of running out ofcash to meet its wagesand pensions bills, taxcollection has slumpedand private sectoreconomic activity isgrinding to a halt.

The once well-fed Greekbear cannot dance to theeurozone-IMF tunebecause it is lying on astretcher in the intensivecare ward. It is hungrierthan ever for jobs, livingwages, business credit,medical supplies andplain hope. Turnout inGreek elections is usuallyhigh by Europeanstandards but on Sunday,despite being warned thatthe nation’s destiny hungin the balance, barely60 per cent of registeredvoters cast ballots.

To satisfy its creditors,Greece is required incoming weeks to makepublic spending cuts ofup to €11.5bn andimplement the bulk ofthem by the end of 2013.But the desperatecondition of Greece’seconomy and the post-election alignment ofpolitical forces inparliament make it anopen question whetherthe next government willbe able or willing tohonour this commitment.

Like a previous,inconclusive election onMay 6, Sunday’s vote didnothing to resolve theparadox at the heart ofGreece’s plight: the nationwants to stay in theeurozone but bursts with

despair and resentment atthe terms demanded of itto do so.

The two elections haveaccelerated thedisintegration of thepolitical order establishedin Greece after the fall ofthe 1967-74 military junta.But Sunday’s result leftlittle option but toreinstall in power the twoparties – New Democracyand the socialist Pasokparty – most closelyidentified with thatdiscredited order. It is nota recipe either forresolute government orfor the general public’sreadiness to accept moreeconomic ordeals.

Greece is not the onlyeurozone country whosepolitical structures arebuckling under thepressure of economicrecession, unemploymentand welfare state cuts.Ireland’s leftwing SinnFéin party exploited areferendum on aEuropean fiscal treatylast month to strengthenits position as the mainanti-government voice, atthe expense of the FiannaFáil party.

Silvio Berlusconi’s

People of Freedom partyand Umberto Bossi’sNorthern League arelosing their grip onconservative voters inItaly, and Beppe Grillo’sidiosyncratic Five Starmovement is climbing inthe polls. For sevenmonths Italy has beenunder the rule ofnon-party technocrats.

Populist and xenophobicparties flourish. Apartfrom Syriza and thehardline Communist partyon the far left, Greece’stwo elections catapultedthe neo-fascist GoldenDawn into parliament.

If there is a crumb ofcomfort for the starvedGreek bear, it lies in theerosion of the corruptclientelism that was thehallmark of politics andstate administrationunder Pasok and NewDemocracy. Economiccollapse dictates there arefewer jobs and favours forpoliticians to distribute inexchange for votes.

So far, however, Syriza– the bête noire ofEuropean governments –is the only politicalmovement to have trulycapitalised on theimplosion of the oldorder. Syriza now waitsrestlessly in the wings forits chance. Without arevision of Greece’sfinancial rescue terms, itmay be only a matter oftime before Syriza movesto centre stage.

Few crumbs ofcomfort left forstarved Greekbear after vote

It is inconceivablethat the nextgovernment willmeet economicand fiscal targets

GLOBAL INSIGHT

Tony Barberin Athens

By Alex Barker in Brussels

A push by EU leaders tocreate a single supervisorfor Europe’s largest banksis rapidly gaining momen-tum as support builds forgiving the European Cen-tral Bank fresh oversightpowers in a big steptowards “banking union”.

The leaders of France,Germany, Italy, Spain andAustria are willing to backa powerful supranational

supervisor, and a decisionto relinquish national con-trol over cross-border banksis being prepared for nextweek’s EU summit, accord-ing to senior officialsinvolved. One said the new-found political impetus was“astonishing”.

But political obstaclesremain, including the cen-tral supervisor’s remit oversmaller banks and itsability to deploy the EU’sbailout fund to inject capi-tal directly into failinginstitutions.

Currently, EU bank res-cue loans must go throughnational governments, add-ing to their sovereign debt.

The European Commis-

sion is pressing for thebanking union to be estab-lished for all 27 memberstates – a push backed bysome smaller countries out-side the euro, whose econo-mies are dominated byeurozone-based banks andwho worry about handingmore power to the ECB.

“We are not there yetwhere every member statesupports a single supervi-sor,” said an EU official.

Diplomats say in theshort term, progress is lesslikely on moves towardscommon deposit insurance,where EU or eurozonestates would share the risksof underwriting some €5tnof household deposits.

Angela Merkel, the Ger-man chancellor, has madeplain her objections to“apparently simple ideasabout mutualisation”.

The potential for break-through on bank supervi-sion and bailout rules hasbeen partly spurred by neg-ative market reaction to aproposed €100bn bailout ofSpain’s banks.

Because the rescue willadd senior debt to Madrid’sbooks, the bailout loanshave spooked the Spanishbond market, pushing upborrowing rates to euro-erahighs again yesterday. Offi-cials believe the Spanishrescue highlighted flaws inthe eurozone’s crisis fight-

ing tools. François Hol-lande, the French president,is leading calls for the ECBto take oversight of banksand, when necessary, usethe new €500bn eurozonerescue fund, the EuropeanStability Mechanism, to buydirect stakes in strugglingbanks.

Several ECB officials havebacked the thrust of the pro-posal. Benoît Coeuré, anECB executive board mem-ber, this weekend said: “Ifthe ESM could inject capitaldirectly into banks, withstrong conditionality andcontrol, this would alsohelp to break the bank-sovereign loop.”

Ms Merkel has said she

is open to pan-Europeansupervision of Germany’stwo biggest banks but hasbeen resisting changes inthe bailout scheme. Berlinhas long insisted that bankrescue funds are directedvia sovereign loans, so thatnational governments canbe held responsible for therescue’s conditions.

But some officials believegiving the ECB supervisionpowers, which can beenacted under the EU trea-ties through a unanimousvote of member states,would establish the pan-Eu-ropean control structureneeded to handle bailouts.

Additional reporting byRalph Atkins in Frankfurt

Antonis Samaras, Greece’scentre-right leader, was try-ing last night to stitchtogether a coalition govern-ment out of three disparateparties united only by theirdetermination to keep thecountry in the euro.

Mr Samaras held back-to-back meetings with partyleaders in an effort to wrapup a coalition agreement inprincipal by today, after hisNew Democracy edged theanti-austerity leftwing Syr-iza party into second placein Sunday’s election.

“Greece needs to show itsrenewed commitment byhaving a cabinet, and espe-cially a finance minister, inplace before the eurogroup[of eurozone finance minis-ters] meets this week,” saida New Democracy official.

Sunday’s vote, the secondin six weeks, producedanother stand-off, althoughNew Democracy increasedits share of the vote by

almost 12 percentage pointsand Syriza made similargains. The once formidablePanHellenic Socialist Move-ment (Pasok) finished a dis-tant third, after more thana third of its voter base,mainly public sector work-ers and pensioners,switched to Syriza.

Final results gave NewDemocracy 29.7 per cent ofthe vote to 26.9 per cent forSyriza and 12.3 per cent forPasok. The conservativeswon by a bigger marginthan pollsters had forecastbut, with 129 seats, wereleft well short of a majorityin the 300-member parlia-ment, even after receiving a50-seat bonus awarded tothe winning party.

The moderate DemocraticLeft, a potential third part-ner in a conservative-ledadministration, won 6.3 percent and 17 seats.

Mr Samaras’s chances offorming a viable govern-ment to continue imple-menting Greece’s second€174bn bailout improvedafter Evangelos Venizelos,the Pasok leader, backedhim for prime minister in alate-night telephone call,according to a conservativeadviser.

Two popular socialistformer ministers, MichalisChrysohoides and Andreas

Loverdos, then made a sur-prise pitch for cabinet jobsin a New Democracy-Pasokcoalition, even though theirparty leader had not agreedto a deal, the adviser said.

In theory, New Democ-racy and Pasok’s combined162 seats would be enoughto govern without anotherparty, but Mr Samaras has

made clear he wantsbroader backing, includingfrom a leftwing party,before he starts furtherunpopular fiscal and struc-tural reforms.

Alexis Tsipras, the Syrizaleader, yesterday rejectedMr Samaras’s suggestionthat he join a governmentof “national salvation”, say-

ing his party preferred toserve as the official parlia-mentary opposition.

“The government must beformed by New Democracy,since that is what the peo-ple chose . . . and historywill judge their choice,” MrTsipras said. “Continuingthe bailout is not going towork, either for Europe orGreece.”

Although Syriza officialsvoiced disappointment overfinishing second, they werethe only party to make sig-nificant gains.

While support for NewDemocracy and Pasok col-lapsed from the level ofonly a few years ago, Syr-iza’s has seen its popularitysoar, reflecting rising popu-lar anger with the old politi-cal system built on patron-age relationships and a fail-ure to prevent Greece’s eco-nomic collapse.

“The political order iscrumbling . . . there is a vac-uum and for the time beingit tends to be filled by popu-lists,” said Loukas Tsouka-lis, head of Athens think-tank Eliamep. “There arepeople who want a radicalchange, and there is noother vehicle [than Syriza].”

Some observers believeSyriza will now becomea government-in-waiting,watching from the sidelines

as Mr Samaras takes histurn at trying to crackdown on tax evasion,relaunch a stalled privatisa-tion programme and mod-ernise the public adminis-tration after the failedattempts of two previousgovernments.

Despite Mr Tsipras’spledge that his party willserve as a responsible oppo-sition, he may have troublepreventing Syriza’s far-leftfactions, including a smallminority of old-fashionedrevolutionaries, from takingto the streets.

Syriza’s capacity for stag-ing demonstrations that canbring Athens to a halt hasincreased as a result of theelection, thanks to havingattracted a new followingfrom the Stalinist Greekcommunist party (KKE).The KKE saw its vote halveafter Aleka Paparriga, itsleader, rejected Mr Tsipras’sproposal that the two par-ties co-operate in a futuregovernment of the left.

Mr Tsoukalis remaineddoubtful that Syriza wouldmake a positive contribu-tion to solving Greece’sproblems. “Syriza has somehealthy elements in it butthe core is former dogmaticcommunists. Can you relyon them to change thecountry?”

Fresh from securing anemphatic parliamentarymajority, François Hollandewill shortly face a decisivemoment in his young presi-dency when he confrontsthe state of France’s publicfinances.

A report due in twoweeks by the Cour desComptes, the national audi-tor, is set to lay bare thelarge gap that will have tobe bridged for Mr Hollandeto meet his commitment toreduce the budget deficit to3 per cent of gross domesticproduct next year – andeliminate it in 2017.

The challenge is particu-larly acute for Mr Hollande,who has laid so much storeby his calls for Europe toshift from a German-led

emphasis on austerity togenerating growth as theway out of the eurozonecrisis.

His Socialist government,emboldened by achievingan outright majority in theNational Assembly, waspushing that agenda againyesterday. “We need tomobilise our European part-ners because piling moreausterity on top of austeritywill lead to tragedy and adeep rift between the peo-ples of Europe and theirpoliticians,” said ManuelValls, interior minister.

Mr Hollande’s potentialdifficulty is that this anti-austerity rhetoric, a con-tributor to his victory inthe presidential and parlia-mentary elections, will soonhave to be reconciled withthe need to take toughmeasures at home to squarethe budget deficit.

With the election over,even his allies are demand-ing clarity. Nicolas Demo-rand, editor of the leftistnewspaper Liberation,wrote: “The commitment toreturn the public accountsto balance, taken in front of

our European partners,leaves little doubt over thedestination. The fog startswith the rest: the route, themethod, the means. Themoment has come to clearit.”

Tullia Bucco, economistat UniCredit Research, said:“It will require cuts inexpenditure and that willbe the most tricky part.There is no place to hide.”

The size of Mr Hollande’smajority should give him

the room for manoeuvre heneeds. The Socialists won314 seats in the 577-seatassembly, with their Greenallies taking a further 17.The anti-austerity LeftFront slipped back to 10seats, undermining theCommuni s t - domina t edgroup’s ability to influencethe government.

The government has indi-cated it will have to findextra savings of €10bn justto meet this year’s deficit

target of 4.5 per cent ofGDP, because the stalledeconomy has hit receipts: asupplementary budget isdue in July. But an evenbigger task looms in fram-ing next year’s budget, duein September, with savingsof €25bn or more requiredto meet the 3 per cent goal –more if growth remainsweak.

Pierre Moscovici, financeminister, said last weekthat this year’s deficitshortfall would mainly bemade up by raising taxes,with savings for next yearshared between taxincreases and spendingcuts.

Jean-Marc Ayrault, primeminister, warned on Sundayof the “immense” taskahead. But he has also saidmuch of the burden will beborne by the wealthiesthouseholds.

Mr Hollande’s pledge toraise marginal tax to 75 percent on incomes above €1ma year is set to be deployedlater this year – along withincreases in wealth andinheritance taxes, sur-charges on banks and

energy companies andmoves to raise taxes on cap-ital earnings to matchincome tax rates.

The government is alsoset to target France’s abun-dant tax “spending” – end-ing tax breaks that cost thestate dearly, such as theexemptions on socialcharges and income tax onovertime introduced byNicolas Sarkozy, Mr Hol-lande’s predecessor.

Mr Moscovici said: “Ithink we can reach ourobjectives without auster-ity.” But with publicexpenditure accounting for56 per cent of GDP and thetax burden at a high level,independent economistsbelieve painful cuts areinevitable, albeit not to theextent suffered in strickeneconomies such as Greeceand Ireland.

“You cannot have no aus-terity and reduce the deficitto 3 per cent next year –and to zero in 2017 – with-out people feeling it. Itwould be better to admitit,” said Laurence Boone,Europe economist at Bankof America Merrill Lynch.

EU banking push gains groundStep towards‘union’ expectedPolitical impetus‘astonishing’

Samaras scrambles to agree coalition pactPost­election talksCentre­right victoris keen to appointministers beforeeurozone financeministers meet,writes Kerin Hope

Democratic Left

KKE

GoldenDawn

Greek result

Source: Greek interior ministry * Includes 50 extra seats for coming first

Seats

20

17

18

12

Syriza71

Pasok33

NewDemocracy

129*

Independents

Antonis Samaras (left) speaks to Alexis Tsipras, Syriza’s leader, at the Greek parliament. Mr Tsipras rejected the New Democracy leader’s call to join a government of ‘national salvation’ AP

Hollande faces decisive moment with austerity challenge

On other pages and at FT.com

Analysis, Page 9Editorial Comment, Page 10Gideon Rachman, LawrenceSummers, Aristides Hatzis,Page 11

●Greece videoElection fails to resolve theeurozone’s deeper problemswww.ft.com/greece

●Lex videoAn opportunity for the restof the bloc to concentrateon its real problemswww.ft.com/lexvideo

●A­ListStephen King: Greekrelief but no answerswww.ft.com/alist

EUROZONE WOES

Source: Thomson Reuters Datastream

Government expenditure(as a % of GDP, 2012)

0 20 40 60

DenmarkFranceFinland

BelgiumSweden

NetherlandsItalyUK

GermanyOECD total

Spain

Big spenders

Public financesFrench presidentwill have to taketough measuresto square budgetdeficit, writesHugh Carnegy

François Hollande has beenemboldened by poll results

JUNE 19 2012 Section:World Time: 18/6/2012 - 19:19 User: jamesa Page Name: WORLD1 USA, Part,Page,Edition: EUR, 2, 1

FINANCIAL TIMES TUESDAY JUNE 19 2012 ★ 3

By Catherine Beltonin Moscow

Russia is setting aside up to$40bn for this year and nextto shore up the economy incase the eurozone crisisshould escalate and spread.

At the same time, Mos-cow is dusting off a planthat would allow the gov-ernment to recapitalise thebanking system.

In his first interview witha foreign newspaper sincehis appointment as financeminister last year, AntonSiluanov said the govern-ment had agreed to create areserve mechanism worthRbs500bn ($15.4bn) for nextyear “for the direct financ-ing of anti-crisis measures”.

Those would include sup-port for “socially needy peo-ple” and “systemically imp-ortant enterprises”, and therevival of a scheme pro-posed, but not imple-mented, in 2009 to issuegovernment bonds to recap-italise banks in exchangefor shares, he said.

This year, up to Rbs800bnearmarked for one of Rus-sia’s rainy day windfallfunds – the Reserve Fund, arepository for oil revenue –could be spent on meetingany potential shortfall forbudget obligations shouldthe oil price stay below theaverage $117 a barrel atwhich the budget breakseven.

Separately, up to $4.4bnin state guarantees forloans to enterprises hasalready been earmarked forthis year’s budget, with$800m already disbursed – acontinuation of crisis meas-ures introduced in 2009.

“We have practically pre-pared all the necessarymeasures so we can quicklyimplement them in case ofa worsening of the situa-tion,” Mr Siluanov said.

“The problem with thelast crisis at the beginningof 2009 was that we spenttime getting into the swingof it . . . Because of this welost a significant amount ofspeed in carrying out themeasures and we lost thechance to react quickly.”

Russia’s main stock mar-kets are down more than 20per cent since highs inMarch. The rouble is down13 per cent because of fears

over the eurozone crisis andthe drop in the oil price toabout $100, stoking jittersthat a further fall wouldhurt the Russian economy.

Although Russia has debtof a mere 10 per cent ofgross domestic product andhard currency reserves of$500bn, it is heavily depend-ent on oil and gas revenues.The crisis of 2008-09 saw itlose $200bn of its reservesin a matter of months as itdefended a run on the rou-ble. Even as Russia is call-ing on European countriesto stick to austerity meas-ures, Mr Siluanov is facinghuge pressure to loosenbudget policy at home.

In the job for just overeight months since his pred-ecessor Alexei Kudrinresigned, Mr Siluanov, acareer finance ministry offi-cial, is battling on twofronts. Not only must he setaside funds in case of poten-tial crisis but spendingpromises made by VladimirPutin in the run-up to presi-dential election in Marchcould also add significantlyto outlays.

The populist pledges,

including higher wages forteachers and doctors, couldadd an additional 2 per centof GDP to spending in themedium term. But Mr Silu-anov insisted that his min-istry would keep the budgetdeficit at 1.6 per cent ofGDP for 2013 and 0.7 percent in 2014 – already fixedunder a three-year plan –and would compensate forthe spending rises proposedby Mr Putin by saving else-where.

Among the “budget man-oeuvres” being plotted tokeep spending in line arethe “delay of certain majorspending items”, whileitems of lesser prioritycould be cut, he said. Thedelays in spending couldinclude the $700bn militaryspending programme thatMr Kudrin cited as posing arisk when he resigned, MrSiluanov said. “Increasingtaxes is the worst thing wecould do,” he added.

Speaking before the G20meeting in Mexico, Mr Silu-anov called on the group ofwealthy nations to makefaster progress on agreeingInternational MonetaryFund voting reform toincrease the power wieldedby the Bric group of emerg-ing nations.

“We, just like the otherBric countries [Brazil, Indiaand China] are interested inmaking sure the question ofreforming [voting] quotas isnot forgotten,” he said.“[But] we don’t want to tiethe question of aid and quo-tas . . . No one is interestedin the crisis growing in theeurozone. We will take partin adding to the resourcesof the fund. There is no talkof conditionality.”

Moscow setsaside $40bn toguard againsteuro contagion

By Chris Giles andGeorge Parker in Los Cabos

Europe’s leaders cameunder severe pressure fromthe rest of the world to actdecisively to resolve theeurozone crisis at the startof the Group of 20 summit,adding to tensions before ameeting that is unlikely toagree clear steps to ease thecrisis.

As leaders of the mostpowerful countries gatheredin Los Cabos, Mexico, someEuropean leaders hit backat criticism of theirresponse, saying thatEurope was not the cause ofthe original crisis in 2008and was making continuousprogress in dealing withnew issues.

Jose Manuel Barroso,European Commission pres-ident, was in defiant moodwhen questioned on thecriticism of Europe by otherG20 countries – some ofwhich, he noted, were notdemocracies: “We are not

coming here to take lessonson democracy and how tohandle our economy. Weare not complacent aboutour difficulties.”

Mr Barroso was respond-ing to a chorus of voices inLos Cabos blaming Europefor the deteriorating globalgrowth outlook.

Angel Gurria, secretarygeneral of the Organisationfor Economic Cooperationand Development, accusedthe eurozone of not usingits existing tools “to thefullest”. “The fire is inEurope right now and it isaffecting the system as awhole. It is no longer just aEuropean issue,” he said.

Jim Flaherty, Canadianfinance minister, continuedto rile European leaders,insisting there would be nosupport for the eurozoneuntil it sorted out its ownproblems.

“The situation is not thatwe’re dealing with impover-ished countries here,” hetold Canadian television.“The reality is that we havenon-European G20 coun-tries that have a lot of hesi-tation in dedicatingresources to the wealthyEuropean countries.”

The election results in

Greece at least offeredworld leaders the opportu-nity to urge Europe to getto grips with the crisis.Barack Obama, the US pres-ident, said there was now a“positive prospect” of form-ing a stable Greek govern-ment and making progress.

But the G20 is not

expected to do more thanurge the eurozone toresolve the crisis. A draft ofthe communiqué, leaked tothe Reuters news agency,suggested there would beno specific new commit-ments made this week, onlya renewed commitment toensure the crisis does not

spiral out of control. Thedraft communiqué states:“The euro area memberstates at the G20 will takeall necessary policy meas-ures to safeguard the integ-rity and stability of theeuro area, including thefunctioning of financialmarkets and breaking the

feedback loop between sov-ereigns and banks.”

These words, althoughhinting at a banking union,are not much different fromthose of the Cannes G20communiqué last Novem-ber, when the leaders ofeconomies representingalmost 90 per cent of global

income welcomed the euro-zone’s “determination tobring its full resources andentire institutional capacityto bear in restoring confi-dence and financial stabil-ity, and in ensuring theproper functioning ofmoney and financial mar-kets”.

The G20 meeting is seenby non-eurozone leaders asa chance to put pressure onAngela Merkel, the Germanchancellor, to intervenemore decisively to resolvethe single currency crisis,but there is also an accept-ance among diplomats thatpublic criticism of Ms Mer-kel is starting to becomecounter-productive.

David Cameron, the UKprime minister, said: “It’salso very difficult for Ger-many. We have to under-stand the German difficul-ties. It is very difficult polit-ically to take the steps thatare required economi-cally . . . But nonetheless ifyou want a functioning sin-gle currency you have totake at least some of thosesteps. You need to have ele-ments of banking union, fis-cal transfers and so on.”

Comment, Page 11

G20 adds to pressure on Europe’s leadersOECD chief blameseurozone’s policiesBarroso defiantin face of criticism

‘No one isinterested in thecrisis growingin the eurozone’

Anton SiluanovFinance minister

$117Price of oil at which Russianbudget breaks even

India resistscall to cut ratesIndia’s central bank optedto leave interest ratesunchanged yesterday,withstanding pressurefrom big business andgovernment officials inNew Delhi to give theslowing economy a boost,writes Rahul Jacob inNew Delhi.

The Reserve Bank ofIndia in its monetarypolicy review meeting leftthe key interest rateunchanged at 8 per cent,pointing to a rise ininflation in May as a keyconstraint for theeconomy. The bank hadcut interest rates by 50basis points in April.

The governmentannounced last week thatthe wholesale prices indexrose 7.55 per centannually in May, up from7.23 per cent in April, asfood and fuel prices rose10.74 per cent and 11.53per cent respectively lastmonth.

“Further reduction in thepolicy interest rate at thisjuncture, rather thansupporting growth, couldexacerbate inflationarypressures,” the RBI wrotein its policy review.

In full: www.ft.com/india

Summit issues: activists urge world leaders to take action on global concerns as they meet in Los Cabos yesterday AFP

G20 SUMMIT

Russian economy

JUNE 19 2012 Section:World Time: 18/6/2012 - 19:41 User: powelln Page Name: WORLD2 USA, Part,Page,Edition: EUR, 3, 1

4 ★ FINANCIAL TIMES TUESDAY JUNE 19 2012

By Roula Khalaf in London

The Egyptian dailynewspaper al-Masral-Youm summed up thecountry’s predicamentbrilliantly yesterday.

“The military transferspower to the military,”read the headline.

While Mohamed Morsi,the Muslim Brotherhoodpresidential candidate, andAhmed Shafiq, thegenerals’ favourite, battledit out all day, eachclaiming to have wonthe weekend presidentialvote, the ruling militarycouncil had alreadydecided who would be the

real rulers: the generalsthemselves.

Not even bothering towait for the outcome of theelection, they issued aconstitutional declarationon Sunday night handingthe Supreme Council of theArmed Forces (Scaf) alllegislative authority andempowering it to set up aconstitutional panel todraft the new constitution.That came after parliamentwas dissolved in adubiously timed legaldecision on the eve of thepresidential vote and afterthe generals gavethemselves sweeping newpowers to arrest civilians.

The most outrageouspart of the new declarationis that Scaf (which willpick the members of theconstitutional panel) willalso have the right (alongwith the president and theprime minister) to object tothe draft if it is not in

accordance “with the goalsof the revolution” and “theprinciples safeguarding thehigher interests of thecountry”.

Presumably, protectingthe military’s interests –including its economic andbusiness empire and itslack of accountability –will be deemed in thehigher interests of thecountry.

Given the wideninggap between what themilitary says and what itdoes, the generals mighteven proclaim thatenshrining a special statusfor the army in theconstitution is in keeping

with the objectives of therevolution.

Although Scaf’s movesbecome more blatantlycounter-revolutionary bythe day, the generals aremaintaining the pretence.Maj-Gen Mohammed al-Assar, a senior memberof Scaf, held a pressconference to explain thenew declaration.

According to thegovernment news agency,he said the generals wouldtransfer power to thepresident, as promised, andthe handover would bemarked by a “grandceremony” at the end ofthe month.

Generals put themselves in charge

A constitutional declarationissued by Egypt’s militaryhas made it clear the gener-als will continue to havethe biggest say in shapingthe political order before awinner has even beendeclared in the country’spresidential election.

Both Mohamed Morsi, aleader of the long-repressedMuslim Brotherhood, andAhmed Shafiq, a militaryman and insider of theformer regime, say theyhave won Egypt’s first everfree presidential election.

But the ruling militarycouncil’s move yesterday,which gave the army broadpowers over the presidency,appeared calculated to limitthe powers of a potentialBrotherhood president ifMr Morsi is declaredthe winner and to ensurethe army avoids civiliancontrol under any newarrangement.

It sets the scene for apower struggle between theIslamists and the military,which has ruled the coun-try since 1952, opening upthe possibility of fresh tur-moil in a country batteredby 16 months of a chaotictransition that has broughtthe economy to a halt andincreased already high lev-els of poverty.

The military council willmaintain authority over itsown budget and broad pow-ers over the country,including veto power overany new president’s abilityto declare war and over anyarticle in a future constitu-tion it deems counter to thecountry’s interests. It hasalso empowered itself toappoint a panel to draft theconstitution.

This comes after a courtruling last week dissolved

the Brotherhood-dominatedparliament, placing legisla-tive powers in the hands ofthe military council until anew assembly has beenelected in six months.

The largest political forcein Egypt, the Muslim Broth-erhood has been preparingitself to govern for decades.But now the organisationappears close to achievingits ambition, the declara-tion deals a blow to itsplans.

“The dissolution of parlia-ment is illegal,” saidMourad Ali, a spokesmanfor Mr Morsi. “The new con-stitutional declaration isalso of dubious legality. Themilitary council is trying toimpose a fait accompli. Howcan it give itself the right todraft the constitution con-fiscating the right of thepeople to write their owncharter? We will defend the

rights of the people,” hesaid.

Saad al-Katatni, theBrotherhood speaker of thedissolved parliament, saidlegislators would meet inthe assembly today, and ifprevented by the securityservices blockading thebuilding, they would con-vene elsewhere.

Brotherhood MPs alsoinsisted that the body thatthey assembled to write anew constitution will meetand begin work this week,despite being subject to alegal challenge.

Shadi Hamid, director ofresearch at the BrookingsInstitute in Doha, said theBrotherhood and the mili-tary were playing a “fright-ening game of brinkman-ship”.

“The constitutional decla-ration makes for a powergrab by the military,” hesaid. “It does not get more

blatant than this, but [aMorsi win would mean] theBrotherhood and the youngrevolutionary groups [whosupported it] will beemboldened by defeatingthe old regime in the elec-tion. They can confront themilitary now and they havebecome more equal in anynew negotiations with thearmy.”

He added that if Mr Morsibecame president, he wouldbe able to leverage his posi-tion to rally support domes-tically and address theinternational community toput pressure on the mili-tary, even with the limita-tions on his power.

As the prospect of furtherpolitical turmoil looms,business confidence hasagain dropped.

The benchmark EGX-30index fell by 3.42 per centlast night, sending a nega-tive signal about marketsentiment.

“Investors want a govern-ment and a parliament andsomeone to lay down eco-nomic policy,” saidMohamed Ebeid, head ofbrokerage at EFG-Hermes,the Cairo-based regionalinvestment bank. “If themilitary will legislate, atthe end of the day theircapability will be limited.You can’t tell equity inves-tors that we won’t be fullystable for another sixmonths.”

Commenting on the disso-lution of parliament,Moody’s, the credit ratingagency, said last night that“heightened political uncer-tainty will likely prove asetback to the economy,which was just regainingdomestic and foreign credi-tor confidence”.

It noted that foreign sup-port for the Egyptian econ-omy remained uncertainbecause a much-neededloan from the InternationalMonetary Fund was condi-tional on the stabilisation ofdomestic politics and theformulation of an economicreform plan.

In­depthwww.ft.com/egypt

Egypt risks turmoil as military tightens gripElection aftermathMove giving armywide powers seemscalculated to curb apotential Islamistpresident, writesHeba Saleh

Mohamed Morsi supporters in Cairo yesterday. The Muslim Brotherhood candidate and his opponent have both claimed victory in the presidential poll Reuters

WORLD NEWS

THE WORLD BLOG

For more posts from ourinternational affairs blogwww.ft.com/theworld

World blog

‘You can’t tellequity investors wewon’t be stable foranother six months’

Mohamed EbeidEFG­Hermes

JUNE 19 2012 Section:World Time: 18/6/2012 - 19:50 User: jonesl Page Name: WORLD3 USA, Part,Page,Edition: USA, 4, 1

FINANCIAL TIMES TUESDAY JUNE 19 2012 ★ 5

JUNE 19 2012 Section:Ad Page Time: 18/6/2012 - 16:20 User: leej Page Name: AD CITI, Part,Page,Edition: LON, 5, 1

6 ★ FINANCIAL TIMES TUESDAY JUNE 19 2012

WORLD NEWS

By Abeer Allam

King Abdullah of SaudiArabia has appointed hishalf-brother, Prince Salman,76, as the heir apparent.

The announcement yes-terday followed the death ofCrown Prince Naif on Sat-urday, the Saudi pressagency reported, citing aroyal decree.

The appointment ofPrince Salman, one of themost influential seniormembers of the al-Saudfamily, surprised few Saudiobservers. He becomes thethird crown prince sinceKing Abdullah ascended thethrone in 2005 and the sec-ond in eight months, high-lighting concern over theline of succession in theworld’s biggest oil exporter.

Prince Salman wasappointed defence ministerin 2011 after the death ofSultan bin Abdelaziz, theformer crown prince anddefence minister. Alongwith Prince Naif, the power-ful interior minister whodied in Geneva and wasburied in Mecca on Sunday,Prince Salman is one of the

so-called “Sudairi seven’’,seven full brothers born ofthe kingdom’s founder,Abdelaziz al-Saud, and hiswife Hussa al-Sudairi. Theyformed a strong bloc withinthe royal family, controllingkey ministerial posts.

Despite promoting him inNovember, King Abdullahhad not appointed PrinceSalman as second deputyprime minister, a post tradi-tionally reserved for thethird in line. Some observ-ers suggested that this sig-nalled underlying tensions.

As governor of Riyadhprovince since 1965, PrinceSalman oversaw the capi-tal’s dramatic transforma-tion from a mud-brickdesert town into a sprawl-ing city with modern infra-structure, manicured land-scapes and high-rise towers.

Diplomats describe PrinceSalman as diligent and wellrespected within Saudi Ara-bia and hope his appoint-ment will allow for a periodof stability at the highestlevels of Saudi decisionmaking.

They noted that PrinceSalman has had health con-

cerns but he can travel andfulfil his duties and has aconciliatory and diplomaticnature. The prince enjoysclose ties with the religiousestablishment and withintellectuals and journal-ists.

He is also well regardedas father of Prince Sultanbin Salman, who accompa-nied a US space shuttle mis-sion and now heads theSaudi tourism and antiqui-ties commission.

Prince Salman is alsoregarded as potentially lesshostile to reform than hisbrother, who had publiclyexpressed reservationsabout changes rights forwomen. However, PrinceSalman is known as astaunch supporter of theSaudi interpretation ofIslam, Wahhabism. ManySaudis regard Riyadh asbeing unusually conserva-tive compared with the cit-ies of the eastern and west-ern provinces.

King Abdullah alsoappointed Prince Salman’syounger brother, PrinceAhmed, to the position ofinterior minister.

Salman named as SaudiArabia’s heir apparent

By Charles Clover in Moscowand Abigail Fielding­Smithin Beirut

Russia has announced it ispreparing two warships tosail to Syria to protect Rus-sian citizens, in a sign thatit is taking precautionsagainst a worsening of secu-rity there.

A spokesman for theBlack Sea fleet told Russia’sInterfax news agency themission would be under-taken “in case of necessity”.His comments appeareddesigned to clarify specula-tion that warships hadalready set sail for Syria.Interfax had quoted ananonymous official as say-ing that was the case ear-lier yesterday.

One of the warships, thespokesman said, carries a150-strong contingent ofmarines, in addition to 25tanks, but he did not givedetails of the other ship.

Russia is taking the pre-cautions as fresh fightingacross Syria killed 50 peopleyesterday. Activists saidgovernment forces werecontinuing to pound opposi-tion strongholds in variousparts of the country.

“We are under siege,”said one activist in Homs,who said some districts hadbeen cut off for 10 days byintense bombardment. “Wehave not enough medicalequipment and medicalcrew. Most are volunteers,”the activist said. “We havea lot of wounded people andwe don’t know what to dowith them.”

Heavy violence was alsoreported in Damascus prov-ince. According to the Syr-ian Observatory for HumanRights, an opposition-affiliated monitoring groupbased in the UK, the regimelaunched mortars on theDamascus suburb of Doumayesterday, where rebelshave been clashing withgovernment forces.

At least 56 people werekilled throughout the coun-try in yesterday’s violence,

the Observatory said,including 19 soldiers ormembers of the securityforces.

Russia’s security relation-ship with Syria has comeunder scrutiny as Damas-cus becomes ever moredependent on Moscow fol-lowing EU and US sanc-tions. The port of Tartousin Syria is a key Russiannaval base, which expertsestimate has about 50 Rus-sian staff working there.

Meanwhile, Russian tech-nicians continue to work inSyria under contract tomaintain Russian arms pur-chased by the regime.

Sergei Lavrov, Russia’sforeign minister, has deniedthat Russia is selling armsto Syria that can be usedagainst civilians. Russiasays it is not violating anyUN sanctions or treaty obli-gations in doing so. Lastyear, Russia sold anti-aircraft missiles to Syria, aswell as missile batteries

designed to fend off sea-borne attacks. It also signeda contract to supply 36 Yak-130 trainer aircraft for$550m. Recently it signed acontract to supply 24MiG-29 advanced fighterbombers.

Russia has admitted it isrepairing a number of heli-copter gunships for the Syr-ian army that were origi-nally sold in Soviet times.According to news reports,those helicopters are enroute to Syria from the Rus-sian port of Kaliningrad,though Russia’s defenceminister declined to com-ment on the story yester-day.

In addition, on May 26 aRussian cargo ship calledthe Professor Katsmandocked in Tartous harbourin the face of allegations byhuman rights agencies thatit was carrying a cargo ofarms for Syria.

In­depth, www.ft.com/syria

Russianwarshipsmade readyfor SyriaMove to protectnaval base and staffClashes kill 50across country

Opposition fighters train near Homs, which was reported to be ‘under siege’ yesterday Reuters

By Charles Cloverin Moscow, James Blitzin London and NajmehBozorgmehr in Tehran

Iran engaged in “intenseand tough” exchanges withthe US and other worldpowers – the 5+1 group – asa third round of negotia-tions began yesterday amidfears a peaceful resolutionto the stand-off overTehran’s nuclear ambitionswill prove elusive.

Iran will meet senior dip-lomats from the EU and sixworld powers again todayto see if confidence-buildingmeasures can be agreed toavert a conflict over theIranian nuclear programme.

But last night the moodamong diplomats wasdownbeat, after signs bothparties were unprepared tomake compromises on thefirst day of two-day talks.

“We had an intense andtough exchange of views,”said Michael Mann, spokes-man for EU policy chiefLady Ashton, co-ordinatingthe negotiations with Iran.

Mr Mann said discussionswere more substantive thanlast month in Baghdad, add-ing: “Iran engaged in detailon our proposal but not in away we’d like them to.”

His pessimism was ech-oed by Sergei Ryabkov,Russia’s deputy foreignminister, who said after thetalks last night that hehoped there would be a newround, implying he did notenvisage a breakthrough.

Mr Ryabkov said themain stumbling block hadbeen the “complexity” and“incompatibility” of the

delegations’ positions. AnIranian delegate added tothe grim mood, saying thatthe talks “do not have themost positive atmosphere”and that the second day oftalks are likely to be themost significant.

Saeed Jaleeli, the Iranianchief negotiator, was due toattend a dinner last nightwith Nikolai Patrushev,chairman of Russia’sNational Security Counciland a close confidant ofVladimir Putin, president.

That prompted specula-tion Mr Patrushev wouldput fresh pressure on MrJaleeli to accept a dealbefore the negotiationswind up today.

As diplomats met, areport on Iranian TV saidIran would not considercurtailing the enrichmentof uranium to 20 per cent –a goal for internationalmediators – unless the sixpowers acknowledged it hadthe right to enrich uraniumand lifted sanctions.

Ayatollah Ali Khamenei,Iran’s supreme leader, gavea tacit warning to westernpowers at the talks, declar-ing “in dealing with the Ira-nian nation, stubbornness,arrogance, self-conceit andirrelevant expectations . . .will go nowhere”.

An EU diplomat said Iran“responded to our packageof proposals from Baghdadbut, in doing so, brought uplots of questions and well-known positions, includingpast grievances. We agreedto reflect overnight on eachothers’ positions”.

See Markets

Envoys downbeatafter Iran’s toughnuclear stance

‘We have a lot ofwounded and wedon’t know whatto do with them’

Homs resident

JUNE 19 2012 Section:World Time: 18/6/2012 - 19:35 User: wayn Page Name: WORLD4 USA, Part,Page,Edition: USA, 6, 1

FINANCIAL TIMES TUESDAY JUNE 19 2012 ★ † 7

Canada is worried about anunconditional declarationthat access to safe drinkingwater is a human right. TheHoly See is against usingfamily planning to advancegender equality. And doz-ens of countries are waryabout getting rid of fossilfuel subsidies.

These are just some of theobjections negotiators haveraised ahead of this week’sRio+20 sustainable develop-ment conference, which theUN says is the biggest eventit has organised.

They underline the grow-ing doubts many haveabout what the 100-plusleaders expected to fly infor the meeting willachieve by the time it endson Friday. “It’s like a rallyrace of back seat drivers,”said Lasse Gustavsson,

head of the World WildlifeFund International delega-tion. “Everyone is sitting inthe back seat and no one istaking responsibility.”

The summit gets its namefrom being held 20 yearsafter the 1992 Rio earthsummit that launched anumber of landmark trea-ties, including ones to limitthe extinction of speciesand climate change.

But progress has been soslow that only four of theworld’s 90 most importantgreen goals and objectiveshave seen significantprogress, a UN Environ-ment Programme reportsaid this month, and therehas been “little or no”improvement on goals toaddress 24 problems includ-ing decimated fish stocks,climate change and deterio-rating coral reefs.

Yet despite months ofnegotiations leading up tothe summit, officials havestruggled even to finalisethe wording of a far lessambitious final text docu-ment on the eve of the for-mal conference openingtomorrow.

At other global greensummits, the US might

have been blamed. But thisyear, Canada is under firefor what environmentalcampaigners like to call a“blocking mentality”.

A commitment recognis-ing the human right to safedrinking water has sur-vived to the latest drafttext, but only with theadded condition that it doesnot relate to “transbound-ary water issues”.

Water-rich Canadainsisted on this, say peopleclose to the negotiations,adding it appeared Ottawawas concerned about poten-tial legal problems sur-rounding any effort toexport water abroad.

Canada’s environmentministry told the FinancialTimes that Canada sup-ported the human right ofeveryone to safe drinkingwater. But it added: “Werecognise that the right tosafe drinking water andbasic sanitation does notencompass transboundarywater issues including bulkwater trade, nor any man-datory allocation of interna-tional development assist-ance.”

The Vatican’s efforts toinfluence negotiations at a

summit trying to addressthe effect of forecast popu-lation increases on pressednatural resources and pov-erty has also proved conten-tious in some quarters.

“I am baffled that theHoly See is taken seriouslyand allowed real influencein this field,” said RogerMartin, a former Britishdiplomat who chairs thePopulation Matters cam-

paign group. “That a bodyrepresenting a group of old,celibate men should setthemselves up as aworld authority on all mat-ters sexual is surely ludi-crous.”

One of the most hotlycontested sections of thesummit text has been theparagraph on phasing outenvironmentally harmfulfossil fuels – a move the G20backed three years ago that

has proved difficult toimplement.

The latest draft Rio textsays the summit should“recognise the need for fur-ther action” on such subsi-dies, “taking fully intoaccount the specific condi-tions and different levels ofdevelopment of individualcountries”, but adds: “Note:placement of paragraph stillto be determined”.

The EU, one of the pushi-est advocates at globalgreen summits, has mean-while been distracted by theGreek election’s impact onthe eurozone crisis, prompt-ing something of a parlourgame about which of itsleaders will make it toRio+20.

François Hollande, thenewly elected French presi-dent, is expected, as are theleaders of Sweden and Den-mark and José Manuel Bar-roso, European Commissionpresident.

But Angela Merkel, Ger-many’s chancellor, andDavid Cameron, the UKprime minister, are amongthose who have decidedthat, like US presidentBarack Obama, they arebetter off staying at home.

Objections cloud prospects for Rio summitDevelopmentDrinking water andfamily planning areamong issues taxingnegotiators ahead ofthe green gathering,writes Pilita Clark

‘Everyone is sittingin the back seat andno one is takingresponsibility’

Lasse GustavssonWorld Wildlife Fund

By Michiyo Nakamotoin Tokyo

The Japanese governmenthas unveiled a plan to boostinvestment in clean energysources, in a move aimed atlowering the country’sdependence on fossil fuelsand nuclear power andbuilding up its fledglingrenewable energy market.

Under the feed-in-tariffscheme approved yesterday,electric power companieswill be required from July 1to buy all renewable energygenerated by qualifyingsuppliers, at a higher ratethan initially expected, pro-viding a strong incentivefor businesses to invest inclean energy facilities.

The government is abol-ishing the ceiling on theamount of energy fromrenewable sources powercompanies will be requiredto buy, in a move that willtransform solar power gen-eration from a side businessfor companies generatingmore electricity than theycan consume to a viablebusiness on its own. Atpresent, electric power com-panies are only required tobuy excess electricity gener-ated by renewable sourcesand only up to a maximumof 500 kilowatt hours.

The decision to create aguaranteed market forclean energy is expected tomake Japan a main marketfor companies in the solarpower industry, includingpanel makers such asChina’s Suntech andJapan’s Sharp.

Analysts at Nomuraexpect the plan to add2.4 gigawatts of solarenergy capacity this year,or the equivalent of about 2nuclear reactors. They fore-cast an extra 3.4 gigawattsof capacity in 2013 and4 gigawatts in 2013 com-pared with 1.3 gigawatts ofnew solar energy capacityintroduced last year.

The push to encourageclean energy highlights thegrowing pressure on Japanto reduce its dependence onnuclear power, amid safetyconcerns in the wake of theMarch 11 nuclear disasterin Fukushima.

The plan comes just days

after the governmentannounced the resumptionof two nuclear reactors inwestern Japan, ending acomplete shutdown of thecountry’s nuclear powerplants, which before theshutdown provided nearly30 per cent of its electricity.

But the Fukushima acci-dent has forced the govern-ment to rethink its energypolicy, which had beenbased on a degree ofdependence on nuclearpower.

Japan which depends onfossil fuels for 60 per cent ofits electricity, has laggedbehind other developedcountries in sourcing elec-tricity from renewables,which, excluding hydroelec-tric power, provide lessthan 1 per cent of its overallenergy consumption.

Widespread opposition to

the country’s dependenceon nuclear power and theincreasingly high costs ofconventional fossil fuels areputting pressure on the gov-ernment to spur investmentin clean energy.

Under the plan, powercompanies will be requiredto buy solar power at Y42per kilowatt hour (53 UScents) for 20 years, or aboutdouble the tariff in Ger-many, according to the min-istry of economy, trade andindustry.

The costs of subsidisingclean energy will be passedon to consumers. “The priceof Y42 is quite expensiveand will encourage thedevelopment of the mar-ket,” said KyoichiroYokoyama, analyst atNomura Securities.

Companies have alreadystarted investing in solarpower on expectations thesubsidies will make it anattractive business.

Softbank Energy, a sub-sidiary of Softbank, the tele-coms group, is buildingsolar facilities throughoutJapan with a total capacityof 200,000 kilowatt hours.

Japan unveilsplan to boostclean energy

WORLD NEWS

Source: UNEP FT Graphic

Rio goals 20 years onUN Environment Programme ratings forprogress made towards environmental goalssince 1992

More than 600m peoplewill still lack access to safedrinking water in 2015

Greenhouse gases arelikely to push globaltemperatures morethan 2°C above the

pre-industrialaverage

Lead in petrol

Indoor air pollution

Climate change

Water

Urban drinkingwater

Rural drinking water

Sanitation

Disaster response

Disaster impact

Marine pollution

Groundwater pollution

Groundwater supply

Corals

Freshwater pollution

Stratospheric ozone

Outdoor air pollution

Significantprogress

Someprogress

Little orno progress

Furtherdeterioration

Insufficientdata toassess

Atmosphere

More at FT.com

●Lex commentJust when the solarsubsidy gravy train

appeared to be ending,along comes Japanwww.ft.com/lex

Hot property: solar panels on a building in Tokyo Bloomberg

60%Percentage of Japan’selectricity needs metby fossil fuels

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FINANCIAL TIMES TUESDAY JUNE 19 2012 ★ 9

Finance

A bold plan for aEuropean bankingunion is gainingcredibility, butnational interestsand technicalcomplexity riskderailing the latestproposal to stemthe eurozone crisis.By Alex Barkerand George Parker

A union to bank on

Not so long ago, it was anidea confined to the dreamsof policy makers: the unifiedcontrol of Europe’s financial

system and the public guarantees thatunderpin it. All 27 EU countrieswould surrender some of their sover-eignty to create one banking author-ity, one taxpayer-funded backstop –one banking union. Visionary stuff,but politically improbable.

Even its advocates thought thisgreat leap towards European federal-ism would take decades, if it came atall, such were the political and techni-cal obstacles. Yet now, amid everbleaker events in the eurozone, this isprecisely the option that EU leadershave seized upon as a means toaddress the crisis.

Their motivation is not high-mindedEuropean federalism, however. It isnecessity. Labouring under the yokeof indebted sovereigns and the banksthat finance them, the 17-member cur-rency union is fighting a crisis thatcould cripple its financial system.Even positive events – such as Sun-day’s Greek election victory for a pro-bailout party – give little respite. Bigbang “solutions” – from “eurobonds”to bottomless bailout funds – eitherfizzle or emerge stillborn. Bankingunion is the latest hope for a fix that

puts steel in the eurozone structure,shares some financial risks – but is, itis hoped, acceptable to Germany, theeurozone’s paymaster.

“We urgently need to adopt a visionfor a fully developed economic andmonetary union. The moment of truthhas arrived,” says Michel Barnier, theEU’s top financial regulator. “In act-ing on our vision we will no doubthave to make a quantum leap to abanking union.”

The move started with Europe’scentral bankers, who in March beganpublicly calling for integrated euro-zone bank governance. Then it movedto regulators and EU leaders, winningenthusiastic backing from the Euro-pean Commission, France, Italy andeven – in parts – Germany.

The politics is moving faster thanmany expected, especially in the Cityof London. Last week some thoughtJosé Manuel Barroso, European Com-mission president, over-optimisticwhen he called for a union by the endof next year. Now EU leaders are dis-cussing bold political steps – takingEurope a good way towards a bankingunion – within weeks.

“Finally there is a realisation thatthe banking side of the crisis needs tobe addressed, that a banking union iscrucial to the sustainability of themonetary union,” says André Sapir, amember of the European SystemicRisk Board, the EU’s financial stabil-ity watchdog. “That has taken a long,long time. But it has come. This reali-sation must be transformed into con-crete actions, very soon.”

Yet to give life to a such a federa-tion requires even greater politicalsacrifices than those made to createthe single currency in the 1990s. Thepolitical fight is only beginning. Andthe most difficult issue of all – gettingwealthy countries to pay for this newunion – is far from being resolved.

1 National tools,continental problem

The sudden urgency is partly down tothe turmoil in Spain. A €100bn EUbailout of its banks, proposed on June11, appears to have backfired. Underexisting rules, the EU bank rescuefunds must be funnelled via loans toMadrid – a step that piles more debt

on to the Spanish government. Thishelped push its already painfully highborrowing costs to unsustainable lev-els, dragging Spain a step closer to afull sovereign bailout.

This has exposed structural flaws inthe eurozone. Banks operate acrossborders. But when things go wrong –even in a multi-member single cur-rency club – it is national taxpayerswho foot the bill, and national author-ities that are responsible. The for-tunes of banks and their sovereignsare tightly bound together and, in badtimes, that can be lethal.

During this financial crisis, EU tax-payers discovered what it means tounderwrite these institutions: some€4.5tn of state aid has been approvedto European banks since 2008, equiva-lent to more than one-third of EU eco-nomic output.

Banks, in turn, discovered theirdependence on their home country. Abank backed by a weak sovereignpays more to raise money. When sov-ereigns face fiscal troubles, banks alsosuffer as they are big buyers of theirhome government’s debt – last yearmore than 60 per cent of Irish, Portu-guese and Greek bonds were held bydomestic banks.

In the aftermath of the credit bub-ble, these ties formed a destructiveloop that has bedevilled the eurozone,describing a path to ruination wherecash strapped banks eventually dragdown the cash strapped sovereignsthat were supposed to rescue them.

These ties also hamper the solution.National authorities can be too closeor proud to diagnose banking prob-lems early, too reliant on banks ascustomers of their debt, or too fond ofnational champions.

“Call it capture, economic national-ism or financial repression,” saysNicolas Véron of the Bruegel think-tank. “It takes different forms in dif-ferent countries. But in times of crisisit makes it very hard for national poli-ticians to take the necessary steps.”

The result: confidence is shot.Banks are refusing to lend to eachother and retrenching behind borders.Bank customers are partaking in analarming slow motion bank run, shift-ing deposits from Greece or Spain torelative safer countries. Since 2009,the deposit base of Greek banks hasshrunk by more than a third.

2 European banks,European guarantees

In its purest form, a banking unionstrips national governments of con-trol. Federal EU authorities wouldmonitor bank operations, police rulesand step in when an institution isstruggling. At the same time, taxpay-ers pool risk, so the burden of under-writing a bank is spread acrossEurope, rather than falling on thosetaxpayers in a bank’s home country.

There are various institutionaldesigns for how this could beachieved. But, in essence, it involvessharing power and liabilities acrossborders. National supervisors couldstill play a role in monitoring banks,especially smaller institutions. Butultimate power would rest with thefederal body, which could be theEuropean Central Bank or the Euro-pean Banking Authority, the London-based pan-European supervisor. MrBarnier says this common supervision“is crucial for trust between coun-tries” so risks on resolution anddeposit insurance can be shared.

This new supervisor would needclout to overrule elected governments.With the powers envisaged, a singleEU resolution authority could decideto windup an Austrian or Frenchbank, impose losses on its privateinvestors, and dismantle the institu-tion – all over a weekend and againstthe wishes of national governments.

For a full-blown union there mustbe a common backstop, to make goodon deposit guarantees and pay forbank resolution. This is the hardestpart. Brussels is pressing for a singlefund, replenished through levies onfinancial institutions. But even after10 years of paying dues, this isunlikely to cover the costs of a majorsystemic crisis, or insure some €5tn ofeurozone household deposits. So-called bail-in powers – the ability towrite down unsecured creditors tofailed banks – would reduce the bur-den on taxpayers. But as proposed, itwould not be in place until 2018.

So an implicit public guaranteewould likely remain – effectively anopen-ended commitment from taxpay-ers in Germany and other creditorcountries to stand behind the banksin Spain, Italy or Portugal. “And pro-

posing that to German voters wouldbe political suicide,” says one seniorEuropean diplomat.

3 Share controls, thenshare risk

The political obstacles are legion. Butthe critical dispute is over sequenc-ing. Before exposing German taxpay-ers to foreign liabilities – such asdeposit insurance or direct stakes inbanks – Angela Merkel, German chan-cellor, wants federal controls overnational banks and a fiscal union. Inother words, some shared control ofnational tax and spending.

Banking union is not ruled out. ButMs Merkel last week rejected “appar-ently simple ideas about mutualisa-tion”, warning that “Germany’sstrength is not infinite”.

This takes too long for the vulnera-ble periphery countries who wantGermany’s heft deployed immediately.Berlin’s demand to first establish con-trols makes sense, say those workingon the blueprint, but “you need some-thing fast that my grandmotherwould understand”. “My grandmotherdoesn’t understand supervision,” addsthe official. “She understands depositsand whether hers are safe.”

Money is not the only issue. Cedingsovereign power over banks was onceunthinkable. Even if that politicalstep is taken, it will involve tremen-dous cultural upheaval. “You havesome very entrenched nationalauthorities which have no intention ofgiving up power,” says one seniorEuropean regulator, specifically refer-ring to the Dutch, French and Ger-man regulators.

Others worry about the accountabil-ity of concentrating such power withthe ECB. “Do they seriously want tomake it even more powerful?” saysone senior European official. “They’dbetter think hard.”

There are other wrinkles. Berlin isopen to EU supervision, on one condi-tion: excluding its politically powerfulregional savings banks, arguing theyare not systemically important. Yet itwas exactly these kind of regionalbanks in Spain that forced Madridinto a bailout. Other countries will nodoubt be pressing for their championsto receive special treatment.

ANALYSIS

On the webInteractive map: Which Europeanbanks hold the public and private sectordebt of other EU countrieswww.ft.com/bankexposure

Speed read●Penny drops Many EU policy makersnow believe that a banking union is theway to contain the eurozone crisis andbring stability to the financial system

●Power and responsibility A bankingunion would have a common supervisorwith the clout to overrule electedgovernments, and a shared backstop

●Powerful reservation Germany fearsa union becoming a bottomless financialpit and wants strict rules agreed first;its partners say action is needed now

4 Long­term vision,urgent crisis

Building a functioning banking andfiscal union could take five to 10years, much like the creation of theeuro. It is time policy makers do nothave. With Spanish banks threateningto bring down the eurozone’s fourth-largest economy, a summit of EUleaders next week will need to demon-strate decisive progress.

This could come, in part, with apolitical declaration, setting a longterm path to banking union. Morecontentious are the, still undecided,concrete short-term steps.

France is proposing the most ambi-tious plan, a crisis-fighting blueprintthat goes a significant way towardsbanking union and one that hasalready won the backing of Italy andSpain. President François Hollande,buoyed by securing a parliamentarymajority at the weekend for hisSocialist party, wants to charge theECB with supervision of large banks.This would be a big sacrifice of sover-eignty. But it is a political move thatcould be enacted, under EU treaties,with a unanimous vote. It could, intheory, be done in an evening.

More difficult is the financial side.Mr Hollande wants the European Sta-bility Mechanism, the €500bn euro-zone rescue fund due to come intoforce next month, to recapitalisebanks directly, rather than via loansto states. The ECB, as the eurozonebank authority, or a related agencywould decide when to use funds, whatamount was required, and on whatterms stakes should be sold down.

Berlin is reluctant to support this.In part, it fears the direct exposure tofinancial risk that German taxpayerswould face and partly because of themoral hazard of the EU offering asafety net for banks, without toughconditions imposed on the sovereign.

Those brokering the deal hope MsMerkel will be enticed by a pledgethat all countries – including France –would first ratify the German-inspiredfiscal compact agreed last Decemberthat would incorporate spending con-trols in the constitutions of eurozonemember states. There would also be aroad-map to fiscal union, includingdrawing up strict new EU laws beforethe end of the year. “Treaty changewould be Merkel’s Christmas presentto German voters,” says one seniorEuropean diplomat. Other senior offi-cials are unconvinced this will be suf-ficient, saying Berlin’s demands forsweeping political reform may simplymask “an unwillingness to move”.

There is even less hope for a deal onthe most sensitive issue: commondeposit insurance. Ms Merkel’s objec-tions mean that, at least for now,Europe’s main safety net would becheap ECB loans to suffering banks.This would not cover losses after acollapse, but would address a run onsolvent banks triggered by the weak-ness of a country. Were the ECBempowered to ensure banks are sol-vent, it could take up this liquidityprovision role with more confidence.

5 Eurozone union,British separation

The political troubles do not end atthe eurozone. George Osborne, chan-cellor of the exchequer, supports theurgent creation of a banking unionthat is the “natural consequence” of asingle currency. The catch: the UK,home to Europe’s most importantfinancial centre, would not take part.To Mr Osborne, the banking union isnot the inevitable conclusion ofEurope’s single market.

Indeed, the chancellor is vowing toobtain “safeguards” to stop eurozonebanking union countries laying downterms to London. Should a fresh trea-ty-change proposal emerge from Ber-lin, it promises a repeat of the fruit-less plea from David Cameron, primeminister, for legal protections for theCity at last December’s fractious EUsummit, which ended with Britainrefusing to sign the new fiscal treaty.Mr Osborne said such safeguardswere now “more relevant than ever”.

This baffles officials in Brussels andBerlin, who wonder why Britainshows no interest in sharing the tax-payer burden of underwriting some ofthe world’s biggest banks, or in mutu-alising its own deposit guaranteescheme, which is some £20bn in debt.“The Brits have no leverage,” said onediplomat involved in the talks. “Zero.”

Others in the UK see new potentialthreats to the City if eurozone integra-tion continues. Andrew Tyrie, chair-man of the House of Commons treas-ury select committee, believes thatthe single currency area could becomea more attractive destination if theECB were to operate as a powerfullender of last resort, as the Bank ofEngland or the US Federal Reservedo. Indeed, Mr Barnier argues that abanking union of 27 states is “ulti-mately in the interest of the City”.

A more short-term issue is that aeurozone banking union would crys-tallise the idea that power dynamicsin the EU are changing and fuel thecase for a British referendum on itsEuropean future.

David Ruffley, a Conservative mem-ber of the treasury select committee,says: “If anyone thinks there shouldbe a tightening of the noose of over-prescriptive EU financial regulation –and that parliament should accept it –they have another thing coming.”

Additional reporting by Patrick Jenkins

‘You have some veryentrenched nationalauthorities whichhave no intention ofgiving up power’

FT graphic

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10 ★★ FINANCIAL TIMES TUESDAY JUNE 19 2012

“Without fear and without favour”

Tuesday June 19 2012

● To contribute please email: letters.editor@ft.com or fax: +44 (0) 20 7873 5938 Include daytime telephone number and full address ● For corrections email: corrections@ft.com

LETTERS

Awful nature and quantity of evidenceis the only reason Leveson is in a spinFrom Mr Michael Keaney,

Sir, Max Hastings, in his lamentover the Leveson inquiry, belittles itssignificance in the wider context of“the storms battering Britain and theworld” (“The Leveson fandango isspiralling out of control”, June 14).However, any rational person shouldnot regard the subject of the inquiryas “minuscule” by comparison withthese. Indeed, Britain could havebeen in a better state ofpreparedness had it not been for thecancerous culture oozing out ofWapping.

First, it now seems to me firmlyestablished that a succession ofgovernments has traded significantpolicy concessions in return forpolitical support. Especially, TheSun newspaper has been employedas a quasi-official propagandavehicle.

Second, from the invasion of Iraqto light-touch regulation of thefinancial sector via criminal justicereform and the demonisation of theEuropean Union, the BBC andimmigrants, government policy hasbeen held hostage by ministers’fearful perception of NewsInternational’s political leverage.

Third, it appears that any electedofficial willing to confront this hashad to face the kind of intimidationreminiscent of cold war-erablackmail tactics. Meanwhile, a

former home secretary, whose owncommunications were allegedlyhacked, ended up as a columnist forThe Sun.

It is the appalling substance andquantity of evidence that hasallowed, indeed driven, the inquiry“to spiral out of control”, not thejudge entrusted with itsadministration. And if Leveson wereto attempt to limit its scope, therewould be justifiable protests of acover-up.

Sir Max is disappointed by what hesees as prime minister DavidCameron’s character failings,specifically his “lapses of judgment”regarding Andy Coulson, RebekahBrooks and culture secretaryJeremy Hunt. But this is preciselywhat he was praising when hewrote in your columns two yearsago that Mr Cameron “displays adesire to think the best of mankind”(“Why Cameron has the rightcharacter to rule”, Comment, April15 2010).

As with Mr Cameron, Sir Maxwent through a process ofenchantment and disillusion withTony Blair. In this respect hebetrays a similar tendency tojudgmental lapses as does hiserstwhile hero.Michael Keaney,Metropolia Business School,Vantaa, Finland

Old and new havea future togetherFrom Mr Jason Nisse.

Sir, Tim Bradshaw has correctlyidentified the hopes of Twitter tokick start its advertising business atthis week’s Cannes Lions advertisingfestival (“Twitter to step into thelimelight at Cannes advertisingfestival”, June 18). But it is tellingthat this campaign launches with abig poster outside the Palais desFestivals.

Given that Google recently turnedto press and out-of-home advertisingto promote itself, is this anotherindicator of the fact that the so-called “new media” recognises thevalue of the “old media”, and in factthe future promises to be of a closeand healthy relationship between thetwo?Jason Nisse,Director,Newgate Communications,London EC3, UK

In reality, the people never get to decide about going to warFrom Mr Boris Danik.

Sir, Michael Ignatieff writes:“When people get to decide whetherto go to war, they rarely do sowillingly” (“Drones give democraciesno reason to wage war”, June 13).

When was the last time peoplewere asked to make such a decision?The answer is that they are never

asked. Not even the Congress of theUS has been asked to declare war, inmy memory. Not for war in Korea,Vietnam, Iraq, Afghanistan. Suchmatters are decided by oligarchsbehind closed doors.

And then: “Democracies may notlike fighting each other – which iswhy war has become unthinkable

between EU and Nato countries . . . ”A much stronger reason for notfighting each other is that thesecountries are basically part of thesame geopolitical alliance, or UShegemony if you will, at least untilnow.Boris Danik,North Caldwell, NJ, US

Too much focus on fiscal consolidationFrom Mr James Marshall.

Sir, There appears to be a broadconsensus that fiscal integrationwithin Europe is a necessary andfundamental part of saving the euro.Why so?

Surely one of the main faultshistorically in the euro projectwas allowing weak countries toborrow at the same rates, or close tothe same rates, as strong ones.

For reasons that can bediscussed another time, the “market”took a while to price in the differentrisks of lending to Germany andGreece; however the markets are

now beginning to do just this.Had the financial markets beenefficient sooner, then you wouldn’thave had, to give another example,such an extended Spanishconstruction boom.

My point is that fiscalconsolidation is receiving toogreat a focus and perhaps moretime should be spent debating whyfinancial market participants inEurope failed to price risk andhow this can be corrected in thefuture.James Marshall,Bangkok, Thailand

Correction● Citigroup will not be investing inthe new Portman Square Capitalfund, as incorrectly stated in someeditions of an article on June 18.

No more a ‘corrupt ethnic tyranny’ than Serbia or CroatiaFrom Denis MacShane MP.

Sir, In the midst of good points ondemocracies, drones and war MichaelIgnatieff makes the absurd statementthat “Kosovo is still a corrupt ethnictyranny” (Comment, June 13).Kosovo has regular elections – withchanges of government at nationaland local level where Serbcommunities choose their ownleaders. One Kosovo party leadervoluntarily went to the InternationalCriminal Court in The Hague eventhough charges were never laid

against him. There is a free media,vigorous opposition politics, andgood public and private universities.

Kosovo has many of the failings ofwestern Balkan states fromMacedonia to Bosnia but it is nomore an ethnic tyranny than Serbiaor Croatia. It is not helped by theRussian-led policy of non-recognition,but nearly 100 states and mostdemocracies now have diplomaticand trade relations with Kosovo.

The 1999 intervention prevented asecond Srebrenica so it was

surprising to read Prof Ignatieff, ofall people, condemning what wasdone. Having led the CanadianLiberals to their worst ever defeat,he has now returned to writing andteaching. Good luck to him, but hedoes his reputation no good withwild inaccurate statements about aregion of Europe that needs help, notinsults.Denis MacShane,Labour, Rotherham,UK House of CommonsMinister for the Balkans 2001-05

Kosovo’s huge contribution to peace and progress in the BalkansFrom Mr Petrit Selimi.

Sir, I was very sorry to readMichael Ignatieff making a referenceto Kosovo in a disparaging manner,calling the young Balkan republic “acorrupt ethnic tyranny” (“Dronesgive democracies no reason to wagewar”, Comment, June 13). TheRepublic of Kosovo is one of themost important contributors to peaceand progress in the Balkans. It is thecountry with the highest gross

domestic product growth in theeurozone (5.5 per cent in 2011) andthe lowest debt in Europe (almostnone). There is local bipartisan andmulti-ethnic support for theinstitutions established by formerFinnish president Martti Ahtisaari’sconstitution.

Kosovo was destroyed in asystematic campaign of terror in thewar of 1998-99, but has managed tostage a remarkable recovery. The

European Union has noted theprogress and last week Kosovoreceived the official roadmap toenable visa-free travel from homeaffairs commissioner CeciliaMalmström. This year, the EU alsoinitiated Kosovo’s first independentstep towards EU integration byendorsing a feasibility study forKosovo.

Prof Ignatieff doesn’t seem to havebeen to Kosovo since the liberation

from Slobodan Milosevic, hence wehereby invite him – with no stringsattached – for a visit. We arecertain he will see the enormousprogress that all the people haveachieved in recent years, despite thewounds of war, transitional woesand devastating financial crisisaround us.Petrit Selimi,Deputy Foreign Minister,Republic of Kosovo

Washington Notebook

The ultimate lessonof WatergateWatergate, the building, is growingold, no longer a glittering address inWashington, though some fixtures ofthe nation’s capital, such as Bob andElizabeth Dole, still call it home. Itssmart hotel and restaurants aredefunct, as is its courtyardsupermarket. Across the street, theHoward Johnson motel is now adormitory for university students,further lowering the tone of theneighbourhood.

But Watergate, the scandal thatbrought down President RichardNixon, is ageless. It was journalism’sfinest hour and a pretty good one forprincipled politicians, judges andlawyers who dug deep in the face ofmuch resistance. Together, theyshowed that “the system worked”and that not even a president wasabove the law. The question now isnot only whether it could happenagain but if the system could workas it once did. Last Sunday was the40th anniversary of the originalWatergate break-in. That was whenFrank Wills, a security guard, caught

five men red-handed who, ittranspired, were working for thecommittee to re-elect the president,in the sixth-floor offices of theDemocratic party’s headquarters,where they did not exactly belong.

Wills is long dead and there wereno spring chickens among thefamous and the infamous whogathered to talk about Watergate inthe Watergate recently. Ben Bradlee,the great Washington Post editor, is90 now but still rakishly handsome.His ace reporters, Bob Woodwardand Carl Bernstein, are no longeryoung and hungry. The dark-suitedMr Woodward is a pillar of theWashington establishment, to whomthe high and mighty must talk to gettheir side of the story out in hisstream of books. Mr Bernstein, withhis multicoloured socks and flowingwhite locks, seems comfortable in hissemi-retired skin.

There is still an unlinedboyishness to the face of John Dean,Nixon’s legal counsel who spilt manybeans when he spoke of “the canceron the presidency”, and Egil “Bud”Krogh, one of the original“plumbers”, still has a wicked senseof humour. Richard Ben-Venisteremains the sleek lawyer he waswhen, at 29, he worked for Watergatespecial counsels. Other politicalparticipants, Bill Cohen, Bill Weldand Fred Thompson, then the youngcongressman from Maine who brokeRepublican ranks in voting forimpeachment, and the two juniorcongressional staffers, are familiarfaces from their public lives.

It was Mr Cohen who pointed out

that Watergate had happened again,in the Iran-Contra scandals of theReagan presidency, and could repeatitself. Mr Thompson noted “theproliferation of the office of thepresidency”, if anything, is worsenow than in Nixon’s time. He addedthat without “Deep Throat”, theWoodward and Bernstein source laterrevealed to be Mark Felt of the FBI,all the journalistic digging mighthave gone nowhere.

Mr Ben-Veniste observed howmuch luck had played a part inunravelling Watergate’s tangledskein, above all when AlexanderButterfield, the White House aidealso present at the gathering,disclosed the existence of the Oval

Office tapes. Their existence revealedhow much Nixon knew and when heknew it, which removed, as Mr Deanput it, the defence of “plausibledeniability”.

Mr Ben-Veniste also cited JudgeJohn J. Sirica, who refused to allowJames McCord, one of those caughtin the act, to cop a plea and staysilent.

Mr Cohen and Mr Thompson gaveexamples of how partisanship existedon Capitol Hill 40 years ago, thoughnothing like today’s poisonousrancour, with boasters, such asDarrell Issa, the CaliforniaRepublican, intent on finding deadbodies under every administrationbed. The hearings of the judiciarycommittees headed by Senator SamErvin and Congressman Peter Rodinoat least had the virtue of beingdignified, indeed judicial.

Nobody would really say it at anevent staged by the Washington Postbut the sad fact is that the press isnot what it was 40 years ago. Braveeditors and publishers willing towithstand the heat are anendangered species and investigativejournalism, expensive and timeconsuming, is in short supply. Also,the rulings of this Supreme Court,from Bush vs Gore to CitizensUnited, call into question theimpartiality of the judicial system.

As Bill Weld put it, “publiccorruption is not a victimless crime”.The ultimate lesson of Watergate isthat the victims had better stay ontheir guard.

comment@ft.com

‘I was going to vote for austeritybut I couldn’t afford to get to

the polling station’

Jurek Martin

Greece gains somebreathing spaceAdjustment must be put on a track more likely to succeed

It is a measure of the shaky foun-dations of eurozone policy towardsGreece that Antonis Samaras, whowas until recently seen as the big-gest saboteur of the country’sfinancial rescue, is being greetedas its saviour after winning lastSunday’s parliamentary election.

After an inconclusive May poll,the new result offers some hope.The campaign clarified that a vastmajority of Greeks wish to stay inthe euro, but disagree whether thisis compatible with unilaterallyrejecting policies imposed by theInternational Monetary Fund andthe eurozone. Still, half those whovoted backed parties largely sup-portive of the memorandum thatcommits Greece to the conditions.Mr Samaras seems in a position toform a government that can finallydrag Athens out of paralysis.

But the election by itself solvesnothing, and the current course ofunending economic depression inGreece and deep distrust betweenAthens and its euro partners can-not be sustained much longer.Mr Samaras’ political support isprecarious. Many held their nosesvoting for him, linked as he is withthe dysfunctional system that cre-ated Greece’s mess. Without asense of improvement soon, evenmore Greeks may heed the sirencalls of extremist movements.

It is vital that Europe and Mr

Samaras reach an understandingswiftly. His New Democracy partywants to amend the memorandum.Some eurozone politicians (includ-ing the German foreign minister,Guido Westerwelle) have hinted atflexibility. They must together putGreece’s adjustment programmeback on track – but on a track thatis more likely to lead to success.

Most urgently, the recapitalisa-tion of Greek banks must be com-pleted to lower the risk of a full-onbank run – which could spread tocountries such as Spain – and savethe ECB from the ugly choicebetween respecting its own rulesand sending Greece out of the euroby bringing down its banks.

As for public finances, there isno alternative for Athens to returnto living within its means. But thetimetable should be extended. Theferocity of deficit cuts has becomeself-destructive, and so far adjust-ment has been all fiscal and notstructural. That balance needs tobe redressed. Spain set a precedentfor modifying excessively speedydeficit cuts. Doing the same forGreece could give Mr Samaras thecover to dismantle the clientelismbuilt up over decades by his partyand his likely coalition partner.

For that, he must show state-craft so far unseen in Greece. Nei-ther the eurozone nor the Greekswill give him another chance.

Fed’s next choiceAuthorities should act now to pre­empt slowdown

We have seen this movie before.As the American summerprogresses, growth prospects aresteadily downgraded and pressurebuilds on the US Federal Reserveto ease monetary policy further.By September, the doves win outand the Fed embarks on aggressiveeasing. That is what happened in2010 and 2011. The only question iswhether the Fed will move pre-emptively at its open market com-mittee meeting this week orchoose again to wait until autumn.

The arguments are finely poised.The case for waiting has merit.Ben Bernanke faces the familiarlaw of diminishing returns. Havingpledged to maintain zero interestrates until 2014, there is little leftto be squeezed from that lemon.Extending the zero-bound pledgeto 2015, say, would have only mar-ginal credibility. Mr Bernanke’sterm expires the previous year. Inaddition, the Greek election out-come raises hopes of a pause inthat other movie: the trials andtribulations of the euro.

But the merits to the Fed actingnow are probably stronger. Manyforecasters project US growth willdrop below 2 per cent for the year– well below the level at whichunemployment would continue tofall. Some fear the jobless ratemay even rise in the comingmonths. At its last meeting in

April, the Fed projected 2.7 percent growth in gross domesticproduct this year. After threemonths of flat or falling retailsales and manufacturing, the Fedwill almost certainly revise itsforecasts downwards. Inflationalso looks to be heading below theFed’s 2 per cent target.

The main question, therefore, iswhether it signals a willingness toact at this meeting or whether itdoes so pre-emptively to stave offfurther deterioration.

Should it be the latter, there is achoice between renewing Opera-tion Twist or embarking on a QE3.As Operation Twist expires, thereis probably a stronger case foraggressive quantitative easing. AsJanet Yellen, Fed vice-chairman,recently put it, should the USeconomy head into a “self-reinforc-ing downward spiral of economicactivity”, it may by then prove toohard to arrest. The case for pre-emptive QE3 is strong.

There is also the small matter ofthe US fiscal cliff later this year.This month Mr Bernanke againcautioned Congress against plung-ing the US into a self-inducedrecession. But the manner inwhich the “taxmaggeddon” sce-nario will play out remains hard topredict. Meanwhile, monetary pol-icy remains the only tool at hand.On balance, the Fed should use it.

Subsidising windUK should rethink its policy for backing renewables

The government has just pub-lished its long-awaited draftenergy bill, which would see theUK generate 15 per cent of itsenergy from renewable sources by2020, a third of it from wind. Butthis has not silenced backbenchmutterings about the commitmentto renewables.

Oddly, some Tory MPs have cho-sen to target just one bit of thepolicy. They are unhappy aboutthe subsidies paid to onshore windoperators. Although it is intendedthat these should fall, reflectingthe fact that onshore wind farmshave become more competitive,the politicians think that supportneeds to come down faster. Indeedthey would like to see a cut ofcloser to a quarter than the 10 percent fall the energy secretary, EdDavey, is proposing.

Onshore wind farms pose partic-ular problems for politicians. Theyare seen as unsightly and damag-ing to property values by constitu-ents. More important, they raiseelectricity prices for the less welloff while directing subsidies atwealthy landowners.

But onshore wind farms are farless of a threat to Britain’s pros-perity than the decision to focusefforts on offshore wind – a costlierand less technologically provenform of generation. The bill envis-ages that this will account for a

fifth of renewable energy in justeight years. Not only will costs risethrough the growing subsidy, butit will also involve the country inhuge ancillary expenses, both tograft offshore wind arrays on tothe grid and to build standby gen-eration to cope with wind’s inter-mittency. Seen in this light, tinker-ing with onshore subsidies is justwhistling in the wind.

But the real problem is the elec-tricity bill itself, which is simplytoo dirigiste. It involves the gov-ernment setting output targets forpower sources and, inevitably,picking and subsidising winners.This is a mug’s game, particularlyin a sector undergoing rapidchange. Shale gas, for instance,has dramatically lowered the costof gas-powered generation in theUS, and could cut UK prices incoming years.

The MPs may be focusing on toonarrow a segment of the powermarket. But they are right to ques-tion the sense of entering intolong-term subsidy commitmentsat a time of price uncertainty.Rather than bucking the market,the government should work withit. The answer is to let investorsrespond to the floor price alreadymandated for carbon, whichshould be broadened and properlyset. The market could then decidewhich technologies to back.

Drone warfare outof kilter with pollsFrom Mr David Tuckwell.

Sir, I read with interest MichaelIgnatieff’s recent article (“Dronesgive democracies no reason to wagewar”, June 13).

Prof Ignatieff’s defence ofdemocracies using drones is out ofkilter with poll results. Poll resultsshow that large pluralities ofdemocratic societies oppose theuse of drones and oppose dronewarfare.

In a functioning democracy, thereshould be a meaningful relationshipbetween public opinion and publicpolicy. As such, if drones are to beused (under the terms described byProf Ignatieff) public opinion wouldhave to be ignored. Ignoring publicopinion in such a way hardly seemsin line with our democratic valuesand therefore hardly seems advisablein democratic societies.David Tuckwell,London EC1, UK

Don’t be hasty toberate economistsFrom Prof Ira Sohn.

Sir, John Paris (Letters, June 14)unfairly criticises Luigi Zingales inparticular, and economists ingeneral, for their “carelessness andirresponsibility for espousing ideasthat make sense in theory but inreality make no sense whatsoever”.

Without intending to appear tooself-serving, economic ideas – andtheir adoption in the real world –have made a major contribution toincreased global living standardsover the past two centuries.Examples abound: David Ricardo’simpeccably logical theory ofcomparative advantage in the early19th century; the revolutionaryframework carefully constructedby John Maynard Keynes in the1930s; and the pioneeringarchitecture of a “united” Europeafter the second world war developedby Jean Monnet and RobertSchuman.

The errors and omissions thatoccurred in the introduction of theeuro and the plan to rationalisefinance globally on a par with tradeare not the result of faulty logic orflawed theory, but of political,regulatory, and institutional failuresthat have derailed – temporarily, onehopes – these fundamentally soundprojects from achieving their nobleobjectives.Ira Sohn,Professor of Economics and Finance,Montclair State University,Upper Montclair, NJ, US

Pyrrhus of Epirus

Victory of sorts forNew DemocracyFrom Mr Sasha Simic.

Sir, Being Greek, those partisans ofausterity New Democracy shouldunderstand the meaning of thephrase “Pyrrhic victory”.Sasha Simic,London N16, UK

COMMENT ON FT.COMAfter Greece: all eyes on SpainThe election has eased fears of Greeceexiting the euro, so the focus is on Spainwww.ft.com/greece

JUNE 19 2012 Section:Features Time: 18/6/2012 - 23:02 User: wilsonn Page Name: LEADER-USA-02, Part,Page,Edition: USA, 10, 2

FINANCIAL TIMES TUESDAY JUNE 19 2012 ★ † 11

COMMENT

As the UN conference onsustainable developmentbegins it is the rich countries

that have the most to prove. The lastsummit in Rio de Janeiro 20 yearsago provided the opportunity forcountries to sign the UN frameworkconvention on climate change, whichshould have stabilised global annualemissions of greenhouse gases at1990 levels, and placed primeresponsibility on the industrialisednations, who have done most topollute the atmosphere, to lead byexample.

But rich countries have not ledand annual global emissions havecontinued to rise. Even taking intoaccount pledges by rich and poornations for action by 2020, the worldappears to be heading for likelyglobal warming of 3°C or more, to atemperature not seen on earth forabout 3m years.

Having witnessed, for instance,failure by the US and Canada tohonour their signatures to the Kyotoprotocol, as we approach anothersummit, poor countries areunderstandably sceptical of the loftyambitions expressed by rich nations.

It will take more than words torestore the confidence of poorcountries. Some richer ones aredragging their feet on tacklingclimate change, while unfairlycriticising the developing world,apparently unaware of the stridesthat these countries are making infinding a new path. China, India,Mexico, Brazil and other emergingpowers have laid out ambitious plansto tackle deforestation and to reduceradically their emissions to outputratios. More importantly, they areimplementing those plans.

One of the biggest injustices ofclimate change is that the poorestcountries are most exposed andvulnerable to the impacts of climatechange even though they have done

least to raise atmospheric levels ofgreenhouse gases. Now they mustcontend with the brutal arithmetic ofa tight budget for global emissionsas they try to fight poverty, developand grow, while managing theenormous risks of climate change.

Rich and poor countries agreed inCancún in December 2010 that globalemissions should be reduced to avoida rise in global average temperaturesof more than 2°C. To have areasonable chance of this, globalaverage emissions have to bereduced from the present level ofabout 7 tonnes per capita of carbon-dioxide-equivalent to about 2 tonnesin 2050.

This is a huge challenge asdeveloping countries will be home to8bn of the projected globalpopulation in 2050 of 9bn. Even if therich countries reduce their emissionsto zero by 2030, developing nationswould need to hold their emissionsto about 5 tonnes per capita by 2030and 2.5 tonnes by 2050. Forcomparison, current per capitaemissions are 22 tonnes in the US,over 9 tonnes in the EU, about 7tonnes in China, and 2 tonnes inIndia.

So rich countries not only have toaccelerate their actions, but mustalso support the poor countries asthey make the transition to low-carbon economic growth.

It would be morally unacceptableto try to insist that developingcountries drop or scale back plans tofight poverty and raise materialstandards of living. The developingworld is understandably suspiciousthat this is a hidden agenda. Yet itis a fact that their growth is thebiggest source of the rise ofemissions. The answer is clear:radical change in emissions per unitof output. This revolution carriesmany benefits: cleaner, quieter, safer,more energy-secure, and morebiologically diverse energy. Richcountries must support this withtechnology and resources.

The developed world must notattempt to preach to poorer nations.As they deal with the largely self-inflicted damage to their economies,rich countries must show theyunderstand the dangers that arisefrom hesitation in acting againstclimate change. They will discoverby investing in the low-carboneconomy, adopting clear and crediblepolicies, and building newtechnologies and markets, they willhelp to create the only trulysustainable growth path for thefuture, and help find a way out ofthe depression of their own making.

Nicholas Stern is I.G. Patel Professorof Economics and Government andchair of the Grantham ResearchInstitute at the London School ofEconomics. José Antonio Ocampo is aProfessor at Columbia University andformer Minister of Finance inColombia

José Antonio Ocampoand Nicholas Stern

Rich nationsmust takethe lead in aclean­energyrevolution

Back to the 1930s: the hammer, sickle and swastikapoliticians, journalists, liberalintellectuals, even artists. Add tothis a surge in crime and risingtolerance of violence and you have aclearer picture of today’s Athens.Does it remind you of anything?

That’s right. Greece’s situationrecalls the Weimar Republic.Violence (and its banalisation), hate,rage, polarisation, fear, despair andresignation. As for the police, it hasalready taken sides: neo-nazis wonby a landslide in polling stationswhere officers were assigned to vote.

The electoral results demonstratethe dangers to the Greek democracy.The centre-right New Democracyparty may have edged ahead, but theparliament, for the first time inGreek history, will be full ofextremists. Besides the neo-nazis anda Stalinist communist party there isSyriza, whose leader is a fan of MaoZedong, Fidel Castro and HugoChávez. It is difficult to find anotable dictator, even among thegreat butchers of the 20th century,without a steady following in theGreek parliament. The threeprotagonists of the dreadful TVincident were also elected. Imaginethem together in routine

parliamentary proceedings. GoldenDawn members have already madeit clear they would come down hardon any member of parliamentsaying something they stronglydisapprove of.

How did Greece, the birthplace ofdemocracy, come to have aparliament full of hammers, sicklesand swastikas? This is not how itwas ever meant to be. After winningindependence in the late 1820s,Greece was attached to the west andparticularly to the UK, whichprotected and patronised Greeceuntil it was replaced by the US inthe late 1940s. This patronage hadsome beneficial side effects. Greecewas always on the winning side: inthe first world war, the second worldwar, the cold war. From 1929 to 1980Greece had an average growth rate

of 5.2 per cent and was admitted tothe European Community as early as1981 partly as a reward.

The rest is history: welfarepopulism, cronyism, statism andcorruption can describe the Greekpolitical system for most of theperiod from 1981. This is why Greekpeople have finally punished the twoformer main parties (New Democracyand the social-democratic Pasokparty) for leading Greece into ahorrible economic crisis with hugedebts and deficits and a corrupt,inefficient state, unfit for reform andcaptured by special interests.

This failure of the mainstreampolitical system and of the short-sighted, growth-stifling austeritypolicies enforced by the Europeanleadership led Greece to theprecipice. Greek people aredisillusioned, miserable, exasperatedand very frightened. They seem to befalling into the same trap again, byrewarding demagoguery, politicalopportunism and arrogant ignorance.Their knee-jerk reaction was to votefor parties such as Syriza, therightwing nationalist and populistIndependent Greeks and the GoldenDawn. These parties became vehicles

for a popular backlash, gatheringmore than 41 per cent of the vote.

However, more than 50 per cent ofGreeks voted for parties stronglycommitted to European unification.These parties will probably form agovernment that must achieve theimpossible: renegotiate better bailoutterms and enforce reforms in theface of fierce opposition from Syriza.

Mario Vargas Llosa wrote recentlyin El Pais that “Greece is the symbolof Europe and symbols cannot beabolished without that which theyembody collapsing and degeneratinginto the barbaric confusion ofirrationality and violence that Greekcivilization liberated us from”.

Yet Greece is only a small stepaway from civil unrest and totalcollapse. It does not deserve this.Europe has the power to push us offthe cliff but also the ability to holdus back and save us. This is not justan economic decision; it is largely apolitical decision. A fatal mistakewill haunt Europe for ever.

The writer is an associate professor oflaw and economics at the Universityof Athens and runs the blogGreekCrisis.net

Greece is only a smallstep away from civilunrest and total collapse.Europe has the power topull us back from the cliff

Aristides Hatzis

It would be morallyunacceptable to insistthat developing countriesdrop or scale back plansto fight poverty

Listen to the private sector and plan for the worstLawrence Summers

economic insight or courage willproduce a communiqué expressing ameasure of satisfaction with thesteps under way, recognising theneed to do more and looking forwardto continued dialogue. The only goodthing is that expectations are so lowthis will barely disappoint markets.

The truth is that Europe’s debtorsand creditors are both right. Theborrowers are right that austerityand internal devaluation have neverbeen a successful growth strategy,certainly not when major tradingpartners are stagnating. In the fewcases where fiscal consolidationshave preceded growth, they haveeither involved stagnation relative toprevious levels of income (as inIreland and the Baltics) or buoyantdemand associated with surgingexports, increasing competitivenessand low borrowing costs (many euromembers in the early years). Theborrowers are also right to claimthat even a previously healthyeconomy will quickly become verysick if forced to operate for severalyears with interest rates far abovegrowth rates, as is the case acrosssouthern Europe. And experienceclearly shows that structural reformis always harder when an economy

is contracting and there is no sectorto absorb those displaced by reform.

Those wary of institutionalisingfinancial integration without seriouspolitical integration are right as well.In a sound system, those with deeppockets who act either as borrowersor as guarantors must have controlover borrowing decisions. A systemwhere I borrow and you repay is a

prescription for profligacy. This iswhy there is now so much discussionof eurozone bonds and Europe-widedeposit insurance being linked withmuch deeper political integration.

But there are two problems lyingbehind the soft references to greaterintegration. The first is the questionof who really has control. Ifdecisions are genuinely to be madeat eurozone level, it is far from clearthat there is any majority or even

plurality support for responsiblepolicies. If the idea is that theeurozone will be modelled on theEuropean Central Bank – a Europeanfacade behind which Teutonicpolicies are pushed – it is far fromclear that this will or should beacceptable across the continent.

The second problem is the scale ofthe transfers that could be involved.A good guess would be that duringthe US savings and loans crisis, theAmerican south-west received atransfer from the rest of the countryequal to at least 20 per cent of itsgross domestic product. Is there areal will to commit to potentialtransfers of this scale in Europe?Maybe all of this can be resolved butit will surely not happen quickly.

Not all problems can be solved. Itis not certain that the full repaymentof all currently contracted sovereigndebts, sustainable growth for all, andthe eurozone retaining all its currentmembers will prove feasible. Theprivate sector is making clear that itrecognises this painful reality.Official sector planning needs torecognise it as well. Outside Europe,even as leaders hope for the bestthey need to plan for the worst,ensuring adequate liquidity and

demand in their economies even ifEurope’s situation deterioratesrapidly. The fortification of theInternational Monetary Fund is astart but policy makers need also toconsider national policies, trade,finance and social safety nets.

But a eurozone collapse would be adisaster that might define our era.Its prospect must focus the minds ofall at the G20 summit on action.Non-Europeans must persuadeEuropeans that the rules changewhen the stakes rise. The ECB’scredibility will mean little if there isno longer a common currency.

Setting the right precedent seemedfar more important 24 hours beforeLehman’s collapse than 24 hoursafter it. Now is the time for radicalcuts in the rates charged by officialcreditors to European sovereigns; fora willingness to subordinate officialdebts; and for expansionarymonetary policies in Europe thatprevent deflation and encourage thegrowth that can create jobs andreduce debts. Only if the system ispreserved can its future be debated.

The writer is a former US Treasurysecretary and Charles W. Eliotuniversity professor at Harvard

Ten days before Greece’selections, a member of theneo-nazi party, Golden Dawn,

repeatedly hit a female candidate ofthe communist party whileappearing live on a television talkshow and threw water over afemale candidate of the radical leftSyriza. The communist had justcalled him a “bloody fascist” and headdressed her as a “commie”. Greekelites (journalists, intellectuals,politicians) condemned his violencealmost unequivocally. Yet theugliest part of this incident was thereadiness of many lay people todefend him, even cheer him, whilethe neo-nazis rose in the polls.

Unfortunately this episode was notisolated. Despite the narrow victoryof a centrist party in Sunday’s vote,almost every day extremist violencebreaks out in Athens and beyond.Neo-nazis against immigrants,anarchists and leftists. Anarchists,ultra-leftists and other fringe groupsof the nationalist-populist campagainst riot police, mainstream

Once again good news has hada half-life in the markets ofless than 24 hours. Just as

news of Spain’s bank bailout ralliedmarkets and sentiment for only afew hours, a Greek election outcomeas good as could have been hopeddid not buoy markets for even a day.There could be no clearer evidencethat the strategy of vowing that theEuropean system will hold together,doing the minimum to address eachcrisis as it comes and promising tobuild a system that is sound in thelong run has run its course.

Nor is the Group of 20 leadingeconomies, whose leaders concludetheir meeting today, likely to changeanything soon. Europe’s troubledeconomies will demand moreemphasis on growth, lower interestrates on their official debts and moretransfers. The Germans will showsympathy with the aim of reform butwill insist that financial integrationcoincide with political integration.The rest of the world will expressexasperation with Europe’s failuresand demand more be done. Officialsblessed with more diplomatic than

Setting the rightprecedent seemed muchmore important 24 hoursbefore Lehman’s collapsethan 24 hours afterwards

Stephen King:Greece’s NewDemocracyparty’s electoralwin offers reliefbut no answers

ft.com/alist

A The list

Greece haswon Europe arespite – nowit must use it

They respond – correctly – that thepolitical and diplomatic conditionsare simply not in place to make sucha leap. However, in the meantime,they face a rolling pan-Europeanfinancial crisis that promises tomake larger and larger demands ontheir national budgets. If Europecannot solve this problem bypressing on towards political union,it needs to think much moreseriously about how to go backwards– and to return to nationalcurrencies.

For the moment, however,European leaders are stillconcentrating on staving off the evilmoment when this problem has to beconfronted. This attitude means thata break-up of the euro precipitatedby Greece was always unlikelybecause it would essentially be avoluntary crisis. The EU has themoney to keep Greece in the singlecurrency, if it wants to. By contrast,if both Spain and Italy are unable tofund themselves through themarkets, the EU may simply beunable to assemble a bailout fundlarge enough to save them. At thatpoint, the break-up of the eurobecomes likely.

The most significant event in theeuro crisis over the past seven dayswas, therefore, not the Greekelection – but the failure of thebailout of the Spanish banks theprevious weekend. The Europeansthought they had exceeded marketexpectations by coming up with€100bn. In fact, the yield on Spanishbonds actually rose after the bailoutwas announced. Investors seem tohave concluded that if Spain cannotborrow directly to bail out its banks,it is perilously close to losing accessto the markets completely.

That raises the prospect that Spainmight need a full sovereign bailout,which could cost €500bn or more –burning through almost the entirefinancial firewall that the EU has

exposure to Greece. But morecautious voices counsel that theindirect effects of a Greek exit couldstill be enormous. Once investors seethat countries can indeed leave theeuro, then they will inevitably re-price risk in other eurozonecountries – intensifying the pressureon Italy and Spain.

For that reason, the Europeanauthorities should be grateful thatthe Greek election has produced anoutcome that makes a confrontationless likely. By provoking ashowdown in Greece, the EU couldeasily bring forward the momentwhen Spain and Italy’s situationbecomes irretrievable.

Even if you believe, as I do, thatthe euro will ultimately have to bedismantled – or shrunk to a smallercore euro area – it would be amistake to provoke the final crisisnow. For there is a very little signthat the European authorities areeven close to working out the leastdamaging ways of ending the singlecurrency experiment. BarackObama’s old formula about the Iraqwar could also serve as a motto forEurope’s efforts to deal with theeuro: “We must be as careful gettingout of this, as we were carelessgetting in.”

gideon.rachman@ft.com

constructed to contain the crisis.And where would that leave Italy?

The Italian budget deficit is nowpretty small as a percentage of grossdomestic product – much smallerthan Britain’s, for example. ButItaly’s total public debt has recentlyhit a new record of €1.95tn and iswell above 120 per cent of GDP. Thecountry must borrow hundreds ofbillions in the markets this year,simply to roll over its debt.

However, the InternationalMonetary Fund and the EU may wellbe unable to mobilise the huge sumsof money that Italy – the countrywith the third-largest debt stock inthe world – would need in a bailout.As a result, the IMF has longbelieved that it is imperative tomaintain Italy’s ability to borrowfrom the markets. But Italianborrowing costs are also creeping up.We are getting perilously close to themoment when Italy finds that it toocannot access the bond markets.

There are those in Germany whostill think that a chaotic Greek exitmight have a salutary effect on therest of Europe, by making it clearthat there are worse options thancontrolled austerity. And there aresome in the financial world whoargue that the direct effects of aGrexit would now be limited becausebanks have had the time to cut their

It is clearthe euro’sfate willbe decidedin Spainand, aboveall, Italy

The night before the Greek elections,Athens exploded in joy. The Greeknational team had won anunexpected victory at the Europeanfootball championships. In the nextround, with delicious symbolism,Greece will play Germany.

The main significance of the Greekelections, however, is that it actuallyavoids the need for a showdownbetween Greece and Germany. Aclear victory for the far-left Syrizaparty might have provoked a crisis,by nullifying the Greek bailout deal.Under a centrist coalition, Greecewill probably cut a deal that allowsthe country to stay in the euro andto limp on with a modified austerityprogramme. The financial version ofthe Greece-Germany match willtherefore go into extra time – withthe hope that both sides willultimately settle for a face-savingdraw.

A respite in the Greek part of theeuro crisis does not mean thatEurope is off the hook, however. Onthe contrary, it is increasingly clearthat Greece is no longer at thecentre of the problem. The fate ofthe euro will be decided in Spainand, above all, Italy.

Europe should be using the briefrespite brought by the Greekelections to rethink its wholeapproach to the euro crisis. Atpresent, the debate is stuck.Politicians, particularly in Germany,are being urged to take dramaticsteps towards banking, fiscal andpolitical union to save the singlecurrency.

Gideon Rachman

JUNE 19 2012 Section:Features Time: 18/6/2012 - 19:36 User: mcadamd Page Name: COMMENT USA, Part,Page,Edition: USA, 11, 1

12 ★ † FINANCIAL TIMES TUESDAY JUNE 19 2012

● Twitter was an idea of JackDorsey’s while working at EvanWilliams’ startup Odeo in late 2005.

The team at Odeo – a consumerpodcasting company – was asked tocome up with side ideas they wouldlike to work on. Inspired by hisfascination with the simplicity of SMStext messages, Mr Dorsey conceived“Twtter” as a messaging service thatwas then spun out as a separatebusiness.

● Groupon, the group discountwebsite offering daily deals on “thebest stuff to do, see, eat, and buy”,was launched by chief executiveAndrew Mason as a side project toThe Point, his campaigning socialjustice website.

The company leveraged The Point’sframework for collective buying tooffer group deals on products andexperiences.

● Craigslist famously started life asa side project in 1995 when CraigNewmark began an email newsletterto friends about upcoming events inthe San Francisco Bay area.

Mr. Newmark later quit his job andtoday Craigslist remains one of theworld’s most­visited websites runningfree classified ads on sites in50 countries.

The public image

Client: Harvey NicholsAgency: DDB UKTerritory: UKVerdict: ☆☆☆☆☆ (zero)

“Pant­wettingly good” maybe one of those comicphrases that has seepedinto the English vernacular,but does it work as a visualjoke? Not if the latestHarvey Nichols summersale campaign is anythingto go by. The ads, whichappeared last week, showmodels striking poses in thelatest fashions, eachsporting a tell­tale stain inthe groin area. “Try tocontain your excitement,”advises the strapline.

The store says the adsare “a humorous reactionto the often­irrationalexcitement sale timeengenders”. But aside fromthe fact that incontinence

doesn’t obviously fit thatwell with the cool and sexyimage that Harvey Nicholsseeks to project, there is abasic problem: it just isn’tfunny. This appearsbelatedly to have occurredto the retailer. It hascropped the images on itsown website so that thestains no longer appear –although it insists this is aplanned “second phase” ofthe campaign.

Harvey Nichols has longsought to affect an edgyvulgarity in its ads. Usingshock in this way can workif it gets you talked aboutwhile also underscoringyour rebellious, impishqualities in a positive way.But this requires the ads inquestion to be funny, cleveror both. The “wet pants”campaign is neither.

Jonathan Ford

Ad deconstructedHarvey Nichols’ summer sale campaign

Case study

How to expand into new marketsQuality is worth more than quick growth

The collaborationwith HFFIA allowedEurofragrance to gainaccess to a bigger market,but it also proved to bemore complicated andcostly than initiallyassumed.

The organisation’s halalcertification process waspainstakingly slow. HFFIAprotocols required that, inorder to certify any productas halal, a theoretical andphysical inspection had totake place first. Meanwhile,the difficult documentationrequirements frequentlyprevented the certificationof certain flavours. At thesame time, some ofEurofragrance’s supplierswere sluggish when it cameto providing documentation.

A team of HFFIA halalauditors inspected all areasrelated to production –such as the processing andpackaging plants and evenhow the company wasmanaged.

By May 2011, no new rawmaterials had been halal­certified since the companybegan the process in

The story. In 2009,Eurofragrance, a Spanishcompany specialising in thedesign and production offragrances and flavours forthe food, perfumery andpersonal hygiene industries,had already achievedsuccess through marketdiversification. About 80 percent of its annualproduction was for exportoutside Spain and 70 percent to outside EU.

But Eurofragrance waseyeing the fast growingMuslim market: 23 per centof the world’s populationwas Muslim and, at 3 percent growth annually, Islamwas the world’s fastestgrowing religion.

Combined with anincrease in living standardsin many Muslim countriesand the growth of Muslimminority populations inEurope, the market for halalgoods looked set toexplode.

After successfullyexporting to north AfricanMuslim countries such asEgypt, Eurofragrance’sflavours division was nowlooking to expand intoIndonesia and Malaysia.

The challenge. Islamic lawdetermines what can beclassified as halal.Eurofragrance needed toensure its meat flavourswere halal compliant forsales in other Muslimcountries.

Indonesia and Malaysiahave much stricter halalguidelines than otherMuslim countries in northAfrica or the Middle East,which often only requiredEurofragrance to list thatpork and alcohol were notpresent. In addition, therewas no single, universallyrecognised halal certificationand the criteria variesbetween different bodies.

Recognised, not­for­profitcertifiers have complexprocesses which slow downproduction and increasecosts, while other certifiersthat operate on a purelycommercial basis are lessdemanding.

The executives werefaced with the dilemma ofchoosing between going fora less complicated processthat would likely lead toquick sales growth and alonger, more demandingsystem that would providea higher quality certification(hoping that the investmentwould pay off long term bygiving them an edge incertain key Muslimcountries).

The strategy. Eurofragranceopted for quality over quickgrowth. It aligned itself withthe Halal Feed and FoodInspection Authority(HFFIA), a not­for­profitbody based in The Haguewhich had strict guidelinesand was recognised inIndonesia and Malaysia.

September 2010.Despite this slow process,

Eurofragrance perseveredand when the certificationsbegan to be approved, itwas in a strong position toexpand to Muslim countriesbeyond north Africa. Itnow has customers inmore than 60 markets andthe Middle East and Asiaaccountfor 60 per cent of its sales.

Eurofragrance alsodecided to renew its halalcertificate in May, obtainingstrong praise from thethree­strong HFFIA auditor.

The lessons.Eurofragrance’s successshows that deciding tofocus on quality – goingabove and beyond theminimum need for halalcertification – despitehigher short­term costs, canpay off when expanding intonew markets.

By fully understanding themarket, Eurofragrance wasable to save time and effortlater on trying to adapt tochanging halal standards.

Professor Alberto Ribera

The writer is a seniorlecturer of managing peoplein organisations andbusiness ethics at IESEbusiness school at theUniversity of Navarra

60Number of markets whereEurofragrance operates

60%Proportion of sales fromMiddle East and Asia

Reputationdepends onthe depthof relations

If Ian Fleming had invented avillain modelled on “Sir” AllenStanford, even James Bond fans

would have criticised him for goingtoo far. The Antigua-based Texanploughed the proceeds of hisfraudulent investment schemes intoan unlikely passion for cricket, koicarp and tailored suits. Last week,he was sentenced to 110 years inprison. I only regret the judge didn’tadd a year to the jail-term:superstitious cricketers believe ascore of 111 attracts bad luck.

In 2008, the Stanford curse fell onLondon when the businessman –whose Ponzi schemes, according tothe US case against him, werealready starting to crumble –helicoptered into Lord’s cricketground and shook hands on a $20mdeal to bring an England team to theWest Indies for a tournament. As anillustration of the maxim “if it lookstoo good to be true, it probably is”,the launch, with its Stanford-centricrazzmatazz, could hardly have beenbettered. Within months, the USSecurities and Exchange Commissionhad charged Mr Stanford withconducting a “massive, ongoingfraud” through his offshore bank.

The episode still evokesembarrassment and perplexity inequal measure. How did the bossesof the England and Wales CricketBoard (who are still in charge,incidentally) fall for Mr Stanford?How, more broadly, can businessesspot bad apples before taking a bite?

The risk to a reputation dependson the depth of the relationship, butalso on the nature of the partner andtheir business. Where both are rotten– as in the cases of Mr Stanford,

Bernard Madoff and other Ponzi-schemers – the taint can extend tocustomers. Likewise, if you purchaseitems that fell off the back of theproverbial lorry, or – the reverse –sell goods that may end up indubious hands for dubious uses (see“arms-for-Iraq” and related scandals),expect to be fully exposed to anyensuing scandal.

Where company-to-companytransactions remain straightforwardand businesslike, the chances of thesins of a corrupt chief executivebeing visited on you as a supplier orcustomer are lower. Seniorexecutives of Enron, WorldCom andTyco went to jail, and creditors ofthe first two suffered when thecompanies went bust. But, althoughauditors and advisers came in forcriticism, nobody seriously blamedthe scandal on the businesses thatdealt with the scandal-hit companies.

In a few such cases, the underlyingbusiness and its network ofcounterparties survive, even if theexecutives go down. When B.Ramalinga Raju, chairman of SatyamComputer Services, confessed tofabricating $1bn of income in 2009,pundits predicted the reputationalstain would spread to the Indianoutsourcing group’s many clients.Yet the long-term damage waslimited and the Satyam name liveson as part of the Mahindra Group.As one of the directors brought in toshore up the group told employees atthe time: “Look, this is a scam, it’s ahuge scam – but it’s not a Satyamscam . . . it’s a Raju scam.”

There was no such distinctionbetween a clean business and a dirtybusinessman in the Stanford scam;

US prosecutors said the fraud had“overwhelmingly benefited oneperson: Allen Stanford”. Englishcricket trusted the wrong man, evenif it did so for some of the rightreasons (to encourage cricket in theCaribbean and reduce the risk thatits own stars might defect to morelucrative tournaments).

It is tempting to assume that in anetworked world, such a grossmisreading of character will becomerarer. Businesses are able to refer tomultiple online recommendationsand red flags before signing the nextcontract. But at the top, wrongdoershave always used – and willdoubtless continue to use – powerfulnetworks to neutralise legitimatesuspicions. Mr Madoff’s web of well-known backers helped himaccumulate funds, for example, whileMr Stanford’s roster of other high-profile sporting sponsorships helpedhim expand his influence.

A sympathetic interpretation of thestory of English cricket’s black eye,would say its administratorsaccidentally fell in with thieves. Butthe bald fact – and lasting lesson forother organisations – is that theywere distracted from the obviousrisks by the rich rewards. Theenduring image of the flashyStanford sponsorship launch was notthe helicopter touching down at thehome of cricket, but the grandeesand stars of the English and WestIndian game posing with a fraudsterin front of a perspex box purportedlycontaining that $20m – in cash.

andrew.hill@ft.comAndrew Hill blogs atwww.ft.com/businessblog

Andrew HillOn management

How did thebosses ofthe Englandand WalesCricketBoard fallfor AllenStanford?

he cofounded in 2000. Yet he is alsodeveloping Gibli, a web-based servicewhere businesses and advisers cantrade knowledge.

Mr Joynson acknowledges that itisn’t easy focusing on two businessesconcurrently but admits he finds themental exercise of planning it allpleasing. “It’s the excitement of creat-ing something new which drives me.The older business has to be run andgrown of course, but there’s lessexcitement in running than the crea-tion,” he says.

Whilst Mr Joynson’s side businessis the deliberate result of a plan,many other entrepreneurial sideprojects are less strategic.

New York-based Tina Roth Eisen-berg is the self-proclaimed “queen ofaccidental business.” Whilst runninga successful design studio working forclients including The Food Networkand The Museum Of Modern Art andpregnant with her second child twoyears ago, she decided on a careerchange.

So she took a sabbatical in order todevelop two existing side projects –Creative Mornings, a breakfast lectureseries, and her blog SwissMiss – andstumbled upon new ones purely forfun. This saw her create a number of

unintended businesses includingproductivity tool TeuxDeux, aBrooklyn co-working spacecalled StudioMates and Tattly, awebsite selling temporary tat-toos.

Her blog was profitable fromday one, Creative Mornings isnow established in 29 citiesaround the world, the Teux-Deux iPhone app is generat-ing income, the coworking

space makes a small profit andTattly – an idea that started “as

a joke” 10 months ago – now

Innovation beyond the day job

increase when you are not drivenpurely by making money. “Sideprojects are the playground whereideas and execution meet,” she says.“There’s a refreshing innocence andappeal in projects that simply startout of the love for it.”

Where some executives are eschew-ing a business school education forthe benefits of on-the-job experience,the side project can provide a practi-cal learning experience.

Mr Joynson, who has an MBA fromthe University of Birmingham, says:“Side businesses allow you to learnnew stuff. Mostly these lessons makeyou stronger and a better entrepre-neur. There is risk of course, but withthe experience of running a successfulbusiness the risk is likely to be lessthan for a start-up.”

For those executives in the jobmarket or seeking promotion,the side project can proveinvaluable for career pros-

pects. Where the potential for self-de-velopment in the day job may be lim-ited by organisational structure andcorporate inexperience, side projectscan provide evidence of a candidate’sentrepreneurial spirit and proactiveapproach to work.

Ms Roth Eisenberg says her firstquestion to job applicants is to askwhat side projects they are workingon. She wants to see how drivensomeone is, what ideas they have andif they are able to execute them. “I donot care about anyone’s résumé orportfolio,” she says. “The side-projectmentality is a clear indicator that Iam hiring someone with a hustlerattitude, and with an entrepreneurialmind. My advice to all young folks outthere who will soon be applying forjobs is to make sure you have inter-esting side projects to show.”

It is a sunny June morning incentral London and John Vin-cent, co-founder of the fast-foodchain Leon Restaurants, is work-

ing from a café just a few doors fromLeon’s Carnaby Street branch.

But he isn’t just any executiveusing the café as a workspace – this isFlat Planet, his side project that is acompletely separate business fromLeon. He calls it his “sand pit”, a solooperation where he can have fundoing his own thing.

In a world where demands on execu-tive’s time are greater than ever, theproliferation of side projects mayseem surprising. But for a number ofexecutives, such projects can providefulfilment and opportunities for newthinking. They can provide an outletfor executives to experiment with anidea, follow a passion, create addi-tional revenues or just learn newskills.

Some side businesses also turn intomuch more than a hobby. Craigslist,Twitter and Groupon, for example. allstarted out as side projects.

Google famously encourages itsemployees to develop side projects aspart of their day-to-day role. Thismonth 37 signals, a Chicago softwarecompany, is taking this one step fur-

ther by encouraging all staff to takethe whole of June “off” to explore newideas away from non-essential sched-uled work to explore new ideas awayfrom the core business.

In his book My Startup Life, SanFrancisco-based entrepreneur BenCasnocha offers a 30-day plan forbecoming better at business, whichincludes pursuing a side project.“Even if a side project doesn’t workout, it can still be a fruitful experi-ence: by being something differentthan what you work on most of thetime, the experiment can introducefresh ideas and energy into yourwork,” he says.

One reason is the role of technol-ogy. Traditionally, the costs of launch-ing a secondary business were oftenprohibitive; now the internet hasmade it faster, cheaper and easierthan ever to launch digital-based busi-nesses where ideas can be prototypedin an instant.

Another reason is that entrepre-neurs invariably want to haveanother try at launching a start upusing what they learnt the first timeround and free from the constraints ofthe core business.

Mr Vincent says the freedom frominvestors and partners most attractedhim to launch Flat Planet: “In thesand pit you can make your own mis-takes, play around, employ who youwant, do what you want, screw thingsup and not be accountable to anyoneelse,” he says.

However, developing a sideproject when you head up a well-staffed and established businesssuch as Leon may be easier thanfor the owner-manager of a smallercompany who may struggle to dele-gate responsibility. Charles Joynsonis managing director of Wavedata,a UK pharmaceutical data business

Some executives findfulfilment and freshinspiration workingon separate projectsfrom their main jobs,writes Ian Sanders

The sidelines thatbecame mainstream

‘Side businesses allowyou to learn new stuff.Mostly these lessonsmake you stronger anda better entrepreneur’

Doing their ownthings: JohnVincent calls FlatPlanet, his Londonside project, a‘sand pit’ wherehe can experimentwhile Tina RothEisenberg (below),has seen herhobbies becomeunexpectedbusinesses

Pascal Perich

BUSINESS LIFE

employs four people full time. Thesemultiple side projects generate suffi-cient revenue for her to stop doingher client work.

Ms Roth Eisenberg believes thechances of entrepreneurial success

JUNE 19 2012 Section:Features Time: 18/6/2012 - 18:42 User: mossi Page Name: BizLife, Part,Page,Edition: USA, 12, 1

FINANCIAL TIMES TUESDAY JUNE 19 2012 ★ 13

ARTS

Boyish affability: Jim Parsons as Elwood P. Dowd in ‘Harvey’ Charles Sykes

Enduring appetite for rabbitTHEATREHarveyStudio 54, New York★★★☆☆Brendan Lemon

this story set in Denver, Colorado,which concerns the attempts of VetaLouise Simmons to commit Elwood,her rabbit-loving brother, to asanatorium, the audience can feelslightly, indulgently superior to eachgentle beat of benign confusion. Theplay’s characters may come to acceptthe rabbit as real, but we of courseknow better.

The physical production is polishedto a high sheen. David Rockwell’sburled-brown set suggests thefortune of a family that pioneeredthe West. The house is as ornate inits details as is the gently manneredperformance of Jessica Hecht asVeta, the role that won JosephineHull an Oscar in the 1950 movieversion. Similarly filigreed are JaneGreenwood’s costumes; the lavendercoat worn by the daffy BettyChumley, portrayed by Carol Kane,is stunning.

Even though it has been 62 yearssince the movie adaptation starringJimmy Stewart, and 42 years sincehe reprised his work on Broadway,you would think that the actorElwooding it now would no longerhave to compete with memories ofthe movie icon. But among matineeaudiences, memories linger. To hiscredit, Jim Parsons, the TV-sitcomstar who plays Elwood here, does notmake the mistake of aping Stewart.Parsons has a boyish affability, andwonderful slow-burn timing, and theaudience adores him.

www.roundabouttheatre.org

Just how fervently one admires thisHarvey, the 1944 play by Mary Chasenow in revival at the RoundaboutTheatre Company’s Studio 54outpost, has a lot to do with one’staste for the old-fashioned. I don’tdoubt that the play, about aninvisible white rabbit of toweringheight, should feel retro. I have held

this conviction ever since as a lad Isaw a version in which Harvey,accompanied by a recording ofJefferson Airplane’s “White Rabbit”,was presented as the product of hishuman friend Elwood P. Dowd’singestion of LSD, leaving me tomarvel that a psychedelic drug couldproduce such an uninterrupted high.

Though directed with a lovinghand by Scott Ellis, the newproduction is more creaky thancreative, and slightly too lagging inpace, but I also must report that mymatinee audience lapped it up asreadily as ice cream at an interval. Itis not difficult to see why. Watching

Alighiero Boetti: Game Plan

Happening

What: Largest presentationof the artist’s work outsideItaly to date transfers fromLondon’s Tate Modern

When: July 1­October 1

Where: MoMA, New York

Details: Alighiero Boetti is anelusive artist: in 1973 he splithimself in two – “Alighiero eBoetti”. His self­portraits givehumorous, poignant glimmersof personality: “MeSunbathing in Turin 19January 1969” (1969) is afeatureless human form,made up of 101 concretelumps and a yellow butterfly.“Self­portrait” (1993) – madeshortly before Boetti died ofcancer – depicts a shabby,po­faced man sprinklingwater on his head, which

steams – the artist cooling abrain boiling with ideas.

This retrospective presentsBoetti as a nomadic, lyricalprankster. “Annual lamp”(1966) is a light bulb inside awooden box that turns on for11 seconds a year. “Ping

Pong” (1966) consists ofneon signs – “ping” and“pong” – flicking off and onin time with an invisible rally.In 1969, Boetti startedposting envelopes to artistsand friends using imaginaryaddresses; he forwarded each

returned missive to anotherinvented place, and so on,making “Viaggi Postali”.

In the 1970s he travelled toAfghanistan, yearning for aplace “devoid of thecacophony of capitalism” andset up the One Hotel in Kabul(because “creativity alsomeans opening a hotel”). Hecollaborated with craftsmento make his celebrated“Mappas” – exquisitetapestries of the world, eachcountry coloured according toits national flag. “Theembroidered map couldn’t bemore beautiful,” said Boetti.“The world is shaped as it is,I did not draw it, the flagsare what they are, I did notdesign them. I createdabsolutely nothing.”

www.moma.org

‘MeSunbathingin Turin 19January1969’(1969)

The sound oftransformationSpirit of adventure at a California music festival;theatre of meandering; Rattle’s Viennese night

Sylvan miracle:Megan Shiehperforms in JohnLuther Adams’‘Inuksuit’ at OjaiNorth!; below,Simon Rattleconducts theViennaPhilharmonic atthe Barbican

Mark Allan

CLASSICAL MUSICVienna Philharmonic/RattleBarbican, London★★★☆☆Andrew Clark

The Simon Rattle brand has becomeso identified with Berlin that it cameas a surprise to find him billed asconductor of the Berliners’ arch-rival,the Vienna Philharmonic Orchestra,for his latest visit home. But Rattle’sassociation with Vienna goes backlong before he took his job in Berlin,and of his predecessors there, onlyClaudio Abbado severed links withthe Vienna Philharmonic after movingto Berlin.

A Rattle concert with the Vienneseis a different experience. There is nosymbiosis between conductor andmusicians of the type he hasdeveloped with the BerlinPhilharmonic, no sense of a journeyundertaken on equal terms anddetermined by a joint vision. Rattlehas always been one of the mostforward-looking conductors, whereasthe Vienna Philharmonic representsthe coagulation of tradition.

For this reunion of opposites theyjoined in a dance of dissembling, eachside making superficial compromisesin order to maintain a show ofharmony. In Brahms’s ThirdSymphony, which opened the concert,Rattle loved the music to pieces,stringing it out longingly in homageto the Vienna Philharmonic’s fuddy-duddy sound – Brahms as a bowl ofpasta, unlike the juicy steak of hisBerlin Brahms. There was ampleopportunity to admire the players’individual merits in the Pocoallegretto, but the closing bars of thefinale dissolved shapelessly.

Schumann’s Third Symphony, bycontrast, was “game to Rattle”: he setoff at such a lick that he almost leftorchestra and music behind. That, andhis decision to play all fivemovements continuously, denied themusic the monumental architecturethat an older generation gave it, butat least the musicians lookedinterested. Even if they didn’t seem to

feel the music from within, therewas no sign of the auto-pilot theyusually offer on tour. LeonardBernstein is the only conductor inmy experience who has made themtruly loosen up.

The one work that foundconductor and players sparkingcreatively was Webern’s Six Piecesfor Orchestra Op. 6 – Rattle diviningits Mahlerian angst, thePhilharmonic casting a rainbow oftimbres on its terse frame that wasquasi-impressionist in effect.

www.barbican.org.uk

ARTSPODCASTWith the StoneRoses reforming,Blur playing at theOlympics closingceremony andSuede headlining asummer festival,FT pop criticslook back at theage of Britpop andask: should it behere now?www.ft.com/arts

THEATREYou Once Said YesRoundhouse, London★★★★☆Sarah Hemming

CLASSICAL MUSICOjai North!Hertz Hall, Berkeley, California★★★★☆Allan Ulrich

What distinguishes an ersatz musicfestival from the genuine article?Beyond thematic coherence and starrytalents, a zest for invention and asense of community should pervadethe music-making. That spiritpermeated the opening gambit lastweek of the Berkeley version of thevenerable Ojai Festival, a staple ofSouthern California alfresco culturallife for 66 years.

No brass fanfares intruded on thesylvan miracle that is the Universityof California’s Faculty Glade. In theirplace, 21 percussionists ringed thesite, as their banging, tinkling,wheezing and chirping mingledwith the sounds of nature. So wentthe local premiere of John LutherAdams’ startling Inuksuit, composedfor a barren Alaskan landscape,but uncommonly eloquent whendelivered in this sun-blessedlandscape under Steven Schick’smasterly direction. Hundreds oflisteners were invited to move aboutat will, revelling in their unique sonicperspectives.

The indoor events offered moreconventional but comparablystirring fare. Cal Performances, thepresenter here, more than doubled thenumber of concerts it staged in theinaugural 2001 season. What makesOjai unique is its revolving musicdirectorship. Next year it will bechoreographer Mark Morris; this yearthe honour fell to the Norwegianpianist Leif Ove Andsnes, whobrought to the task an impeccabletechnique, acute curiosity and someextraordinary performing colleagues.The festival, always oriented towardsthe contemporary, scrutinised thewestern musical tradition and themanner in which it borrows from thepast, while advancing into the future.Transformation was everywhere.

Nowhere did Andsnes’sprogramming prove as fascinating asin Reinbert de Leeuw’s Imwunderschönen Monat Mai, anhour-long meditation on the classicGerman Romantic Lied. The Dutchmusician has selected 21 iconicsongs by Schubert and Schumann,provided an accompaniment for a15-person instrumental consortfrom the Norwegian ChamberOrchestra and a single vocalist, theredoubtable soprano Lucy Shelton,who wandered the stage crooning,growling, whispering and subtlyaltering the rhythm of the versethat inspired these effusions. DeLeeuw, who led from the keyboard,departs from our shared musicalheritage to create a fantasy on thesong canon, which suggests Weilland a host of others. If hisreimaginings sometimes gooverboard, they never leave usdesperate for the originals.

Schnittke also mined the past andhis 1976 Piano Quintet, with itsbrooding Mahlerian harmonies andsarcastic waltz, stands poisedbetween the tradition and acontemporary sensibility; Andsnes’sbrilliant pianism anchored thecontributions of the young Norwegianplayers. Some entries stood outsidetime: Andsnes proved a modelpartner to the blazing Dutchmezzo-soprano Christianne Stotijn inan exemplary reading ofShostakovich’s intensely dour SixPoems of Marina Tsvetaeva.

The transformational spirit workedboth ways. Andsnes and hisformidable colleague, Marc-AndréHamelin, collaborated on anexhilarating performance ofStravinsky’s own four-handreduction of his Sacre du printemps,delivered here on two pianos,allowing us to hear more of thecomposer’s intricate detail. Boththe Janácek string quartets weregiven in string orchestratranscriptions that only enhanced theNCO’s reputation as one of thesleekest bands around. Theperformance of the “Kreutzer” began

An evening spent wandering thestreets of Camden in north Londonwould not normally warrant a review.But You Once Said Yes, presented byLook Left Look Right as part of LIFT(London International Festival ofTheatre), is a meander with a purpose.Audiences assemble at theRoundhouse, are given a cagoule, abackpack and a farewell speech by atravel guide, and then tipped out, oneat a time, on to the back streetsbehind the theatre. From then on youtravel alone, your path directed byapparently random encounters withstrangers on the street, who engageyou in conversation, persuade you todo little tasks for them, and send youfurther on your way.

It is a little unnerving, and to beginwith you feel pretty conspicuous andrather ridiculous, with your baggyrainwear and your fluorescent bag. Atleast two of the people who accost youare so convincingly dramatised that atfirst you are not sure whether theyare actors or real strangers. You haveto trust them; you have to say “yes” –even to the point of getting into a carwith a strange man. But once you do,and once you let yourself engage withthem, the experience becomes a warmand reassuring one.

Unlike You Me Bum Bum Train, asimilar interactive experience, you arenot expected to perform: rather youneed to listen and respond. Andgradually you realise that there is apattern to the journey: that each ofthe people you meet – people whomyou would probably usually ignore oravoid – are down on their luck,struggling with their dreams ofmaking it, desperate in one way oranother. Most characters wantnothing from you but an ear and akind word; in return they cannilycoax details from you about yourown life and aspirations, whichthey use, delightfully, in the finalencounter.

Written by Morgan Lloyd Malcolmand Katie Lyons and directed byMimi Poskitt, this is one of severalinteractive shows at this year’s LIFTthat focus on the gritty reality forpeople whose lives have been upended(there’s also 66 Minutes in Damascus,about Syrian detainees, andUnfinished Dream, about refugees, forexample). It’s perhaps not foreveryone, but this guided tour of theback streets of big city life is, in theend, a rather touching and revealingexercise in empathy.

www.liftfestival.com

with a snippet of the originalBeethoven violin sonata and wasfrequently interrupted by actorTeodor Janson reading from theTolstoy novella inspired by theBeethoven. These ears found it all amite intrusive, if not annoying.

A couple of intimate momentswere writ large. Hamelin burned hisway through Ives’s “Concord”Sonata, finding blessed introspectionamid the rhetoric, and thenaccompanied Stotijn in a smatteringof William Bolcom’s sassy cabaretsongs. The two pianists introduced adazzling transcription of Stravinsky’sCircus Polka, but forgot to don theclown noses they sported in Ojai.Some things just cannot betransplanted.

www.ojaifestival.org

JUNE 19 2012 Section:Features Time: 18/6/2012 - 17:06 User: cheald Page Name: ART USA, Part,Page,Edition: EUR, 13, 1

14 ★

LEX ON THE WEBFor an additional Lex note on Melrosego to www.ft.com/lexFor email, go to www.ft.com/nbe

CROSSWORDNo. 14,034 Set by PETO

JOTTER PAD

ACROSS 1 Will finds time after trial to change

name (9) 6 It may appear after working with

type (5) 9 A carriage brought back in pieces

(5)10 Indiscriminate strike before soldiers

pass by (3-2-4)11 Drink with around nine grams of fat

(10)12 Try speaking at this point (4)14 Penny about to give up lead (7)15 Struggle for Tory leader after

deception leads to downfall (7)17 Staying power shown by the first

military dictator in South America (7)19 Tip of object coming round again (7)20 Hotels in the centre of Barnsley (4)22 Refusing to vote for German

graduate over earlier disgrace at home (10)

25 Run into tackle (9)26 Saw daughter after a time (5)27 Letters from Goethe reporting on

that issue (5)28 Feel anger over English priest’s

claim (9)DOWN

1 Moves very quickly exuding drops (5)

2 A dramatic broadcast by the Queen acting after flattery gets to work (4,5)

3 Slaughter is hesitant in opposition (10)

4 Upgrade in French hotel – one around the west end of Nice (7)

5 Huge birds getting caught (7) 6 Go on at motorists about parking (4) 7 Wait for assistant to wrap book (5) 8 Struggling Spurs need support (9)13 Suggest concealing identity of cow

(10)14 Mischievous pet occupied by

shimmering tinsel (9)16 Old stock including clubs available

at first for free (9)18 Judge oddly neglected genre after

piece on retired artist (7)19 A supporter of mine gets shot

crossing river (7)21 Some ethnic headdresses

discovered in an alcove (5)23 City providing information about

home debut of Tevez (5)24 It’s grown by old people mostly (4)

Solution to Saturday’s prize puzzle on Saturday June 30Solution to yesterday’s prize puzzle on Monday July 2Crossword winners’ names will be printed in Weekend FT

Banking WeeklyPodcast: the teamdiscusses the UKchancellor’s plans forbank regulation, theproblems facing CreditSuisse and free banking

www.ft.com/bankingweekly

Securing anopen OlympicsVideo: with recentOlympics having beena focus for protest,how will the Londongames be policedwhile allowing the rightto free speech?

www.ft.com/securegames

Most read

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New Democracy ekes out win inGreece

Finland on a plate

Speculation mounts over Microsofttablet

Post­Greek vote rally fades

Wolfgang Münchau: What happens ifAngela Merkel gets her way

TODAY ON FT.COM

THE LEX COLUMNTuesday June 19 2012

Losing its marbles

Sources: Thomson Reuters Datastream; IMF

Greece: net government debt (as % of GDP)Stock market indices (rebased)

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Olive and kickingIt used to be Brussels and itsextemporising bailouts that boughtthe eurozone some time. Now it isGreece’s turn. The weekend electionresult has given proponents of thecountry’s path of savage austerityand adherence to the eurozone afinal opportunity to prove they arecredible. The danger of animminent, enforced expulsion fromthe bloc has been lifted. But onething has changed: the election hasrendered Greece a sideshow in theeurozone crisis, for a while. The realaction, unhappily, is elsewhere.

True, the election outcome sentthe bombed-out share prices ofGreek companies soaring: NationalBank of Greece was up 11 per centand lottery operator OPAP rose12 per cent. But the result offers norelief for Greek companies staring atcredit shortages and a frozenbanking system. When that starts tofeed through, Greek corporates couldtake a more severe beating.

Still, the most worrying numberyesterday came not from Greece butfrom Spain: the yield on 10-yearSpanish bonds rose nearly 30 basispoints to 7.1 per cent – anothereurozone-era record. This month’s€100bn bailout for Spain’s banks isproving a red herring. As investors

fret that Spain itself may needrecourse to the eurozone’s bailoutfacility, it is clear that the eurozonehas bigger problems than whogoverns – for whatever length oftime – in Athens.

Several things must now happen.Greece’s new government needs tobe created from a muddle offractious potential coalition allies.Then it has to persuade its creditorsto extend and even soften the termsof its second bailout. That involves

convincing Germany that it shouldbe cut some slack. If Athens cannotdo that, another election appears acertainty within months. But that,for now, is Greece’s problem.

The viability of the euro remainsin question, whether or not Greeceis a member of the bloc. Athens’outsized problems tend to obscurethis reality. Greeks have voted togive themselves a stay of execution.Everybody else should keep focusedon the bigger picture.

Data pricesFiddling with pricing is a gametelecommunications and cablecompanies can never stop playing.They plough fixed investment intoinfrastructure and programming,then charge for services withvanishingly small incremental costsof delivery. Consumers, for theirpart, are always looking to pay theincremental cost (roughly nothing)for the services, rather than the totalcost. Finally, competitors want toprice below total cost to take share.

Last week Verizon made asignificant move, introducingwireless plans that in essenceeliminated the longstanding practiceof charging separately for voiceminutes and data. Customers willpay a fixed fee per device, and forhowever many gigabytes they use.So it will not be possible to arbitragecheap data against expensiveminutes by, say, using an unlimiteddata plan and a Skype account totalk on the cheap. Other telcos areexpected to follow Verizon’s lead.

In cable (TV and data), meanwhile,Comcast’s announcement last monththat it would charge overage fees tocustomers who use masses of data,rather than simply throttling backtheir data connections, has beenwidely seen as a step towards tieredpricing based on volumes. Thiswould be a legitimate way for thedistributors to defuse anotherconsumer arbitrage: using a video-streaming service, such as Netflix,rather than their TV packages.

Verizon and Comcast both earnsingle-digit returns on investedcapital. Companies that depend ontheir networks, from Netflix toApple, make returns many timeshigher. Surely rational pricing, basedon volume, can help close this gap?Perhaps; but rational price plans aretransparent. Consumers paying asthey go may see little differencebetween providers. The problem ofconsumer price arbitrage might endup being replaced by the problem ofcut-throat pricing.

Private jetsFor four years the business jetindustry has had precious fewreasons for cheer. But last weekNetJets, the fractional jet companyowned by Berkshire Hathaway,placed orders for up to 425 newaircraft worth almost $10bn. Aftersales slumped about 60 per centbetween 2008 and 2011, is the sectorfinally on the up?

Certainly the order highlightsimprovements at NetJets. During therecession the company had it rough.In 2009 it generated a pre-tax loss of$710m and would have collapsedwithout support from Berkshire. Butin 2011 NetJets made pre-tax profitsof $230m thanks to new managementand cost cutting.

The outlook for the market,however, looks mixed. On the onehand, companies purchase about65 per cent of all business aircraft,so corporate profits are a mainindicator of demand. And despiteeconomic uncertainty, earningscontinue to be strong. That bodeswell for the sector. On the otherhand, amid the eurozone crisis,business jet traffic has flattened outafter a modest recovery in 2010 andremains about 15 per cent belowpre-recession levels in Europe andthe US. Stocks of used aircraft forsale also remain high, puttingpressure on jet prices.

Adding to the confusion, sales andprices of large jets, such as thosebuilt by Bombardier and Gulfstream,part of General Dynamics, have heldup, but makers focused on small jetshave struggled. In May, Hawker

Beechcraft filed for Chapter 11. Newentrants such as Honda and EclipseAerospace will only compound theproblem of overcapacity.

Even the NetJets order may be lessthan meets the eye. Bombardier andCessna, part of Textron, won newcontracts, but a handful of long-timesuppliers lost out. And in the pastfractionals have proved fair-weatherfriends, cutting orders as conditionsworsen. Stay seated Warren Buffett.

Itaú­UnibancoItaú-Unibanco, Brazil’s largest bankby market capitalisation, has beentrying since February to buy the halfof Redecard that it does not own forR$11.8bn ($5.8bn) in cash. The cardpayment operator is the country’ssecond biggest after Cielo. But thedeal has not been as easy as flashingthe plastic.

Lazard Asset Management, thelargest minority with 10 per cent ofRedecard, said the first externalvaluation of R$34.2-R$37.6 a share (byNM Rothschild) undervalued the cardcompany. Now, Credit Suisse hascome in with a similar valuation andthus Itaú has stuck to its R$35 a

share offer. To an outsider the pricelooks full, as the credit cycle headstowards a peak. But there are somemitigating factors in the longer run.

Sure, Brazil’s economy is comingoff the boil and credit indicators areflashing. Banco Central do Brasildata show credit extension runningat nearly 50 per cent of grossdomestic product, from about 46 percent a year ago. Market expectationsfor 2012 GDP growth have contractednearly 70 basis points in a month to2.3 per cent.

And, as a multiple of Redecard’sR$1.8bn book value (adjusted fordividends paid in April), Itaú ispaying up. But the offer is only a13 per cent premium to Redecard’sundisturbed price, which has franklybeen no sparkler, returning less than65 per cent since listing in July 2007and underperforming Cielo by aquarter in the past year.

What is more, while Itaú does notdetail the benefits of full ownership,it should be able to cut Redecard’sfunding costs. Itaú will also avoidcapital penalties under Basel III. Inthe longer term, the card deal takesItaú deeper into a lower segment ofthe market with strong growth

Japan solarJust when the solar subsidy gravytrain appeared to be ending, alongcomes Japan. Yesterday’s expandedbacking for renewables is one of thefew certainties in the country’s post-Fukushima energy policy. It shouldbe good news for solar-panel makers.But that is not certain, either.

Generators of renewable powerwill, from July, be able to sell alltheir output to the power utilities fora set rate and at a hefty premium toconventional power. That cost,however, which the governmentestimates will be just Y87 ($1) perhousehold per month, will be passedon to consumers. Even so, shares inpower utilities fell, in spite of theending of the nuclear shutdown.

Solar and renewables are not thewhole answer to Japan’s post-Fukushima energy needs. Officialsare debating a far broader plan toshape energy policy for the next twodecades. Only when that is knowncan investors make long-termchoices. Some of the proposals callfor renewables to make up about30 per cent of the energy mix by2030. Japan’s existing six gigawattsor so of solar and wind capacitywould need to increase 16 times tomeet that, according to Nomura –and that is before factoring in extracapacity needed for cloudy andwindless days.

Nomura estimates that the schemecould add 2.4GW of solar capacitythis year. Shares of Japan’s solar-panel makers, including Panasonicand Sharp, jumped on hopes that thevolume boost would make up for abig fall in solar product prices. Goodluck: they face rivals such as China’sSuntech Power, which are equallydesperate to use quantity to boosttheir top line. Yesterday’s news,although forecast, included betterprices than expected for solar andwind power. Panasonic and Sharpcould do with any moment in thesun they can get. But, unless theyprove they can beat the competition,this one will be only too brief.

prospects – and it can always tightencredit limits. Itaú has the insight tomake those judgments, even if, toinvestors, the deal looks imprudentright now.

JUNE 19 2012 Section:FrontBack Time: 18/6/2012 - 20:55 User: hayesj Page Name: 1BACK USA, Part,Page,Edition: EUR, 14, 1

★ † 15

Companies and sectors in this issue

Companies3Legs Resources.......................19

AT&T.......................................17,28

Aegon...........................................15

Air France­KLM..........................15

Alpha Natural Resources..26,28

América Móvil.............................17

Anglo American.........................26

Apache........................................28

Apple..................................14,17,28

Arch Coal....................................26

BBVA...........................................28

BNP Paribas .............................. 28

Banco Central do Brasil ..........14

Bankia .................................... 16,28

Banque Postale..........................16

Barclays.................................16,28

Berkshire Hathaway..................14

Bombardier.................................14

Bumi............................................26

Burberry......................................28

C&W Worldwide...................17,28

CVC..............................................19

Carrefour.....................................15

Cessna.........................................14

Cielo ............................................. 14Citigroup......................................16Comcast......................................14Commerzbank...........................28Credit Suisse.........................14,16Crédit Agricole...........................18Deutsche Bank ..................... 16,19Deutsche Börse.........................18Deutsche Telekom .................... 17eBay..............................................17EuroBank....................................28Everything Everywhere.............17Evonik Industries.......................19ExxonMobil..................................19Facebook...........................16,17,28Fairfax Media..............................15France Telecom.........................17Gem Diamonds.........................28GenOn Energy...........................26General Dynamics.....................14GlaxoSmithKline.........................16Goldman Sachs......................... 19Google..........................................17Graff.............................................19Groupon......................................28Gulfstream..................................14

HSBC ........................................... 16

Haier.............................................19

Hawker Beechcraft ................... 14

Hewlett­Packard........................28

Home Retail Group..................28

Honda .......................................... 14

Hong Kong E&C........................18

IAG...............................................28

ITV................................................28

Itaú­Unibanco.............................14

Japan Tobacco .......................... 16

Johnson & Johnson..................16

JPMorgan Chase.......................28

KPN...............................................17

Lazard Asset Management.....14

Lend Lease.................................16

Lloyds Banking Group..............18

London Metal Exchange..........18

MTN..............................................17

Man Group..................................18

Mediolanum................................28

Melrose.......................................28

Merck...........................................16

Microsoft.....................................28

Morgan Stanley.........................28

NM Rothschild ........................... 14National Bank of Greece.........14National Grid..............................28NetJets ........................................ 14Netflix...........................................14Nomura........................................16Novartis.......................................16OPAP............................................14Osram..........................................19Panasonic...............................14,19Peabody......................................26PepsiCo........................................17Publicis Groupe..........................16Quintain Estates........................28Redecard.....................................14Rolls­Royce.................................28Royal Bank of Scotland.....18,28Safran...........................................15San Leon Energy.......................19Santander...................................28Satyam Computer Services....12Sharp ...................................... 14,19Siemens.......................................19Société Générale..................18,28Softbank........................................7Suntech Power .......................... 14

Telefónica....................................17

Telekom Austria.........................17

Textron........................................ 14

Tyco..............................................12

Verizon..............................14,17,28

Virgin Media...............................28

Vodafone..................................... 17

WPP..............................................16

Wolseley......................................28

Xstrata.........................................26

YPF ............................................... 17

SectorsAerospace...................................14

Banks.................................14,16,18

Chemicals....................................19

Electricity.....................................14

Food Producers ......................... 17

Gen Financial....................14,18,19

Gen Retailers..............................15

Household Goods......................19

Media............................................17

Mobile & Telecoms...................14

Pharmaceuticals ........................ 16

Travel & Leisure........................14

There are grudge matches andthen there’s Friday’s Greece vGermany quarter-final of theEuro football tournament. Backin the real world, Germany iswinning on points. The Greekelectorate has backed downand German chancellor AngelaMerkel still refused extra help.

Greek assets cheered theelection outcome, seeing it as avote for austerity.

The rest of the world wasunimpressed, and refocused onSpain and Italy. The eurodropped to $1.257, Spanish andItalian shares fell almost 3 percent and their bonds tumbled.

Spain is in effect excludedfrom the bond market now. The10-year yield is above 7 per centwith a spread over GermanBunds of 575bp. Almost as badis the two-year yield, now 542bpabove Germany’s. Investors donot want to lend to Spain evenfor short periods.

Investor hope is pinned oneurozone progress and centralbank action. Chinese and UKcentral bank easing, and thepossibility of more from the USFederal Reserve tomorrow,have already supported a 5 percent equity rally this month.

But the Greek election resultmeans co-ordinated globalemergency intervention isunlikely. The European CentralBank will almost certainly donothing to ease the pressurebefore European leaders meetat the end of the month, either.

The past three years suggestit is easy to predict theoutcome of the summit: it willonce again disappointinvestors, who are looking forprogress towards a Europeanfiscal and banking union.

The next fortnight will seeplenty of chatter about thesummit. But what reallymatters is the ECB reaction.

If the ECB sees Europeanpoliticians moving the rightway, it might just be willing tohelp. This could mean a ratecut, more long-term bank loansor the revival of peripheralbond purchases. Some investorsare looking for ECB loans tothe eurozone rescue fund,giving it unlimited firepower.This seems a stretch, but evenlesser measures could keep theEuropean ball in the air.

www.ft.com/shortview

Fairfax to cut jobs by fifth andshrink f lagship titles to tabloidBy Neil Hume in Sydney

Fairfax Media, Australia’s sec-ond-biggest publisher by news-papers sold, is to cut roughly afifth of its workforce and shrinkits flagships Sydney MorningHerald and The Age to tabloidsize as it seeks to cut costs andhalt a slide in revenue.

Fairfax said that the restruc-turing would give it flexibilityto move to a digital-only modeland end print editions if therewas a further material down-turn in advertising revenuesand circulation.

The moves include the closureof two printing plants and theintroduction of digital subscrip-tions for The Age and SydneyMorning Herald next year.

Twenty per cent of theplanned 1,900 job losses wouldbe in editorial and another 20per cent in the printing busi-ness, according to GoldmanSachs analysts briefed by thecompany.

“No one should be in anydoubt that we are operating invery challenging times,” saidGreg Hywood, chief executive.“Readers’ behaviours havechanged and will not changeback.”

However, the company ruledout a demerger, citing the costsinvolved in separating its trou-bled metropolitan newspapersfrom its profitable regionaltitles.

The key question, said Gold-man Sachs analysts, is “whether

Fairfax can generate enoughcost savings to arrest the earn-ings decline in its print busi-nesses in the face of the currenttough cyclical environment andthe acute structural headwindsit faces”.

Shares in Fairfax have fallenalmost 90 per cent over the pastfive years as it has struggled toadapt. Fairfax shares closed up7.4 per cent at A$0.65 yesterday.

Gina Rinehart, recentlydescribed as the world’s richestwoman by a local magazine, hasbuilt a near 19 per cent stake inFairfax and is pushing forboardroom representation.

At group level Fairfax expectsunderlying earnings before taxto fall 18 per cent to A$500m inthe current financial year.

FINANCIAL TIMES

© THE FINANCIAL TIMES LIMITED 2012 Week 25

News Briefing

Source: Markit

Spanish CDSFive-year spread (basis points)

Mar 1 2012356

Jun 18 2012621

300

400

500

600

700

CDS on Spanish debt hitsrecord high. Page 23

Telecoms M&A activityTrading pressures spurEurope’s telecoms groupsinto merger activity. Page 17

Nomura tobacco blowNomura excluded fromgovernment sale of sharesin Japan Tobacco. Page 16

Facebook snaps up FaceFacebook buys Face.com,maker of facial recognitionsoftware. Page 17

Evonik IPO scupperedThe owners of chemicalcompany Evonik have putIPO plans on hold. Page 19

HKEx treads fine lineExchange has gone to greatlengths to show it is not aBeijing stooge. Page 18

Bouton at Kerviel courtEx­Société Générale chiefDaniel Bouton to takestand at appeal of JérômeKerviel (above). Page 18

Fund in Lloyds FSA callChildren’s Investment Fundurges FSA to bolster bankcapital reserves. Page 18

Slump in ad spendingFall in ad spending couldbring overall growth inWestern Europe’s mediamarket to a halt. Page 16

Man appoints Sorrell jnrJonathan Sorrell, son ofSir Martin, made financialdirector at group. Page 18

Spain fears end rallyThe eurozone policy ofincremental steps fails toconvince markets. Page 27

Iran oil exports hitInsurance ban on tankerscarrying Iranian crude isputting off buyers. Page 26

US warms to gasThe mining industry fearslasting crisis in US shalegas revolution. Page 26

InsightEurobills could drivethrough the Germanroadblock. Page 26

Markets & Investing

Companies

Tuesday June 19 2012

Patrick Jenkins Banker pay, not bonuses, is the issue for regulators Page 16

The Short ViewJames MackintoshCarrefour

investorsblock chiefs’share plans

By Scheherazade Daneshkhuin Paris

Shareholders at Carrefourvented their anger at the Frenchretailer’s underperformance byyesterday blocking the alloca-tion of new share options todirectors at an annual meetingin Paris.

The protest overshadowed apitch to shareholders by Carre-four’s incoming chief executiveand chairman outlining a strat-egy likely to result in theretailer selling some of its inter-national operations.

Georges Plassat, the retailer’snew chairman and chief execu-tive, said that it would take atleast three years to turn thecompany round.

“I cannot commit to short-term promises,” Mr Plassat, whojoined Carrefour in April, toldthe meeting. “It will take threeyears to relaunch the engine.”

Mr Plassat said that he felt no“threat” and no constraint fromthe biggest shareholder – BlueCapital – which owns 16 percent of the shares. Blue Capitalis a joint venture vehicle ofGroupe Arnault, the investmentarm of luxury goods tycoon Ber-nard Arnault, and Colony Capi-tal, the US private equity group

Mr Plassat, a veteran retailer,is Carrefour’s third chief execu-tive since Blue Capital made itsinitial investment – now heavilylossmaking, at least on paper –five years ago.

Four weeks ago he replacedLars Olofsson, who presidedover a share price fall of 43 percent in his three years at thehelm. The timing of his decision

to quit a month earlier thanplanned deprived shareholdersof the opportunity to vent theiranger at him at the AGM.

Nevertheless, an ordinary res-olution endorsing his much-criticised €1.5m non-competitionpay-off and an annual pensionestimated by shareholdergroups at about €500,000 wasonly narrowly passed by 51.3 percent of votes cast, with 48.1 percent opposed.

Two extraordinary resolutionsconcerning the allocation of freeshares and stock options tomanagement and employeeswere blocked after narrowly fail-ing to obtain a two-thirds major-ity.

Such shareholder revolts –

especially in the private sector –are unusual in France but pub-lic anger over executive paypackages at a time of risingunemployment has mounted.

Shareholders of Air France-KLM and Safran recently pro-tested against big pay-offs forchief executives at the partlystate-owned groups.

Mr Plassat said that Carrefourwas too big and complicated. Hewas “convinced” that its diffi-culties stemmed from havingentered too many internationalmarkets with insufficient finan-cial backing. After selling Carre-four’s operations in Greece lastweek to its domestic joint-ven-ture partner, which will becomea Carrefour franchisee, he sig-nalled a similar course for someother countries.

“We are not necessarily betterplaced than our Turkish part-ners in Turkey,” he said, add-ing: “We don’t necessarily needto be 100 per cent in Indonesia.”

Anger after retailer’spoor performanceProtest overshadowssuggestion of sell­offs

€1.5mEx­chief executiveLars Olofsson’s pay­off

Poland blow Exxon ends shale exploration

Poland’s shale gas hopes have suffered a blow after ExxonMobil ended exploration for the fuelfollowing the failure of tests to find gas in commercial quantities Report, Page 19 AP

Insurance industry’s productstoo complex, says Aegon headBy Alistair Gray in London

The head of one of the world’sbiggest life assurers has admit-ted his industry suffers from acredibility problem because ithas sold over-complex productsto savers.

Alex Wynaendts, chief execu-tive of Aegon, in effect said lifeassurers had boosted profit mar-gins by selling complex prod-ucts, but that they risked becom-ing “irrelevant” if they failed toadjust to “new realities”.

Consumer groups in severaljurisdictions have long raisedconcerns about opaque savingsand investment offerings frominsurance companies, but MrWynaendts’ comments markone of the bluntest admissionsyet from an industry insider.

Sales of complex productshave “created a sense of a lackof credibility in the sector”, saidthe head of the Netherlands-

based insurer, which servesnearly 47m customers in morethan 20 countries.

“Customers need more simpleand transparent products,” hetold the Financial Times. “Thereis this issue about . . . these com-plex products, and nobodyknows exactly what’s going on.”

Mr Wynaendts also in effectadmitted that the companieshad benefited from the complex-ity. “Simplicity and transpar-ency usually brings marginpressure,” he said.

Aegon has been working toregain investors’ trust after tak-ing a €3bn government capitalinjection at the height of thecrisis in 2008.

The group, which owns theTransamerica insurance busi-ness in the US, repaid the Dutchstate in full a year ago.

Mr Wynaendts will tell inves-tors and analysts at a confer-ence today that Aegon plans to

double the percentage of sales itmakes directly to customers – asopposed to through advisers andintermediaries – to about a thirdby 2015.

Shaun Crawford, global insur-ance leader at Ernst & Young,said: “In mature markets likethe Americas and westernEurope, insurers have addedtweaks, bells and whistles. It’sbeen good margins but the cus-tomers aren’t looking for theover-complexity. Consumershave been put off. Quite oftenthey haven’t really understoodwhat they’ve bought in thepast.”

However, Ned Cazalet, theveteran financial services con-sultant, said life assurers couldstruggle to simplify many oftheir products. Some – particu-larly those that offer guaranteedreturns even if the portfoliosinvest in equities – were inher-ently complex, he said.

JUNE 19 2012 Section:2Front Time: 18/6/2012 - 20:25 User: pryorc Page Name: 2FRONT EUR, Part,Page,Edition: EUR, 15, 1

16 ★ FINANCIAL TIMES TUESDAY JUNE 19 2012

Business For Sale

Legal Notices

COMPANIES

COMPANIES ROUND­UP

EU plan to cap bankers’ bonuses could easily backfire

When the chief executive of DeutscheBank calls the south-east of England’smember of the European Parliament for achat, it is probably a sign of jitters.

In picking up the phone to SharonBowles recently, Anshu Jain was reflectinga widespread fear in the sector – that theEuropean Parliament’s plan to capbankers’ bonuses at the level of their basesalary will make the continent’s banksuncompetitive.

The legal process, though, is starting tolook unstoppable, no matter how high-ranking the lobbyists. The MEPs’ beef isan obvious one – echoing the gripes of

many of their constituents they holdbankers responsible for the financialcrisis and believe they are overpaid.

Bankers have, of course, always beenwell rewarded – not only chief executives,but also top traders and advisoryspecialists within investment bankingdivisions. What rankles now, after somany banks have been bailed out bygovernments, is that pay seems moregenerous than ever.

Shareholders have been roused intoprotest by a similar sense of beingcheated, staging rebellions against thelikes of Citigroup, Barclays and CreditSuisse. After stomaching precipitous fallsin share prices over the past five years,investors feel the share of spoils they arereceiving compared with the amountsgoing to staff is too low. As the FinancialTimes reported early this month, theaverage proportion of profits plus paydistributed in dividends has slumped bytwo-thirds over the past five years, whilethe proportion allocated to pay has jumpedby nearly half.

And while traders’ pay is not normally

disclosed, there are plenty of easy targetsamong chief executives. Bob Diamond isthe most routinely cited. Last year theBarclays chief executive received a salaryof £1.35m but total pay of £25m, despiteshrinking profits, a falling share price anda tiny dividend.

In Spain, Rodrigo Rato, the former headof the IMF who led Bankia until thelender’s nationalisation last month,enjoyed a €2.3m package of salary andbonuses last year even as the group wassinking into crisis.

Spain, like Germany, has now tried tohead off populist anger by capping pay. InFebruary it set a €600,000 limit on totalexecutive remuneration for any bank thathad taken state aid.

Now the European Parliament is goingfar further with its plan to impose a 1:1ratio on pay and bonuses across all EU-based banks and their senior bankers,dubbed “code staff” in the jargon.

There are several reasons why it isspecifically seeking to limit bonuses. Thefirst is political – bonuses are often bignumbers seized on by the media and

electorates. The second is economic –as Sony Kapoor, managing director ofEuropean think-tank ReDefine, argues, bypaying people in the form of bonuses, youare motivating excessive risk-taking.

But here’s the snag. However resentfulyou are of bankers’ pay levels andwhatever the justifications for wanting tocurb them, there is a real danger thatheavy-handed rule-making is either dodgedby clever arbitrageurs or else backfires toeveryone’s detriment. Look at the lastpiece of European rule-making, when itwas decided that senior bankers wouldhave to have the bulk of bonuses deferredover several years and paid in shares,rather than cash. This is a fine idea onpaper, but the banks responded by raisingbasic pay to offset the lost bonus.

Bankers say the same will simplyhappen again now. If they are right, theEuropean rule changes could restrictbanks’ ability to keep costs flexible.Instead of cutting bonuses in cyclicaldownturns, they will have to go throughthe disruptive and expensive process ofcutting more jobs.

The other outcome could be worse still.If banks simply apply the European cap,it will distort the market in severalundesirable ways. Non-European bankswill shift global business heads away fromthe region to escape the rules. Europeanbanks will have another reason to considershifting headquarters outside the EU.

And all the while, there would be adreadful disincentive for anyone to bepromoted into the “code staff” category –typically the top 100-200 employees in abank. The perversity of this is obvious.By demotivating advancement, you areincentivising second-rate people to runhigh-risk institutions – the perfect recipefor another crisis.

Going after bankers’ bonuses is thewrong target. Overall pay is the issue andshareholders should step up the drive theyhave already begun to be the instrumentsof change.

Patrick Jenkins is the Financial Times’sBanking Editor

patrick.jenkins@ft.comwww.ft.com/insidebusiness

The French state-ownedpostal bank has emerged asone of the bidders for thetroubled mortgage lenderCrédit Immobilier deFrance (CIF).

HSBC is advising CIF andmanaging the sale of thesocial housing lender aftermonths of talk on whetherit would be nationalised.The government has beentaking an active part in try-ing to find a partner, itspreferred solution. BanquePostale confirmed yesterday“it had decided to take partin the process and to exam-ine the CIF dossier”.

Last month Moody’sdowngraded the financialstrength rating of CIF’sstandalone bank, sayingthat the lender was “nolonger viable without ongo-ing financial support”. Therating agency, noting thatthe business was entirely

wholesale-funded, said thegroup’s policy of maintain-ing a liquidity buffer of atleast six months of financ-ing needs would see itthrough to the autumn.

But it said CIF’s “signifi-cant liquidity risks implythat the group is likely tobecome wholly reliant onliquidity support from theFrench public sector”. Itsaid more permanent solu-tions for CIF could include“a merger, strategic invest-ment or other joint venturewith a third party facili-tated by the government”.

Banque Postale enteredthe mortgage market in2006 and an acquisition ofCIF would boost its sizefrom €41bn to €75bn ofloans. Analysts said therewere similarities betweenthe two groups, becauseboth of their sets of custom-ers tend to be from modestfinancial backgrounds.

Scheherazade Daneshkhu

Banque Postale to pitchfor mortgage lender CIF

GENERAL FINANCIAL

Drug companies are notrequired to offer overtimepay to their sales represent-atives, the US SupremeCourt ruled yesterday, in adecision that could savepharmaceutical groups bil-lions of dollars.

The ruling came ahead ofa widely anticipated land-mark decision on the fate ofthe Obama administration’shealthcare reform law,which is expected to bedelivered by the end of themonth.

Yesterday’s decisionbroke down 5-4 along ideo-logical lines, with the fiveconservative judges decid-ing that salespeople arenot protected under the USFair Labor Standards Act,intended to protect low-wage workers.

“Petitioners – each ofwhom earned an average ofmore than $70,000 per year

and spent 10 to 20 hoursoutside normal businesshours each week perform-ing work related to hisassigned portfolio of drugsin his assigned sales terri-tory – are hardly the kindof employees that the FLSAwas intended to protect,”Justice Samuel Alito wrotein the court’s majorityopinion.

There are approximately90,000 drug representativesin the US that earn amedian salary of $90,000,according to industry data.The salespeople, who werebacked by the US Depart-ment of Labor, argued theywere unfairly compensatedfor work done beyond thestandard 40 hours per week.

GlaxoSmithKline said theruling validated the waythe industry has paid drugrepresentatives over thepast 70 years.

Alan Rappeport andAndrew Jack

US court rules againstovertime pay for drug reps

PHARMACEUTICALS

Slumping advertisingspending in Spain, Portugaland Greece will almost bringoverall growth in westernEurope’s media market to ahalt this year, with eurozonewoes hitting marketingbudgets in April and May,writes Tim Bradshaw.

ZenithOptimedia, part ofPublicis Groupe, has cut itsforecast for globaladvertising growth by 0.5percentage points to 4.3 percent as a result of thedepressed European outlook.

That will offset some ofthe “quadrennial effect” ofthe Olympics, Euro footballchampionships and USpresidential elections –events that occur every fouryears and boost global adspend 1 per cent.

However, other globalmarkets are still rising fast,with media spending inIndonesia set to overtakeIndia this year, to enter theworld’s top 10 ad marketsby 2014. Brazil is alsoexpected to surpass the UKas the fifth largest in thenext two years.

There was a slowdown inApril and May as advertisersbecame more cautiousabout the global economy,said Jonathan Barnard, headof publications at Zenith.

“As is going on in mostindustries at the moment,there is a bit of a flight tosafety,” said Mr Barnard.“Advertisers are withdrawingfrom the riskier ends of theirinvestments and focusing onwhere growth is coming

from . . . We don’t think themoney [being pulled out]from the eurozone is beingspent elsewhere.”

Zenith’s forecast for adrop in Spanish advertisingspending has been increasedfrom a 5 per cent decline toa 12 per cent fall for 2012,meaning that the market isexpected to have fallenmore than a third since2007.

Adspend in Greece hasmore than halved in thepast five years, with Zenithnow expecting a 19.5 percent dive in marketingbudgets there.

As a result, ad spend ineurozone countries isexpected to decline 1.1 percent this year, with westernEurope as a whole now

expected to grow by lessthan half a per cent.

Zenith’s report follows asimilarly gloomy Europeanoutlook from Interpublic’sMagnaglobal media agency,which yesterday predicted a0.2 per cent decline inwestern Europe this year.

The forecasts may cast ashadow over the advertisingindustry’s annual gatheringin Cannes this week.

However, Miles Young,global chief executive ofOgilvy & Mather, the WPPagency, said that theindustry’s mood remainedbuoyant.

“In most parts of theworld, we haven’t yet seenthe gloomy prognosticationsturn into reality and bite,”he said.

German football fans at Euro 2012. The contest, along with other major events, boosts global ad spend 1 per cent AP

European ad spend off target

PatrickJenkinsINSIDE BUSINESS

on Finance

By Michiyo Nakamotoin Tokyo

Nomura has been excludedfrom the government’s saleof shares in Japan Tobacco,one of the largest shareofferings in Japan this year,a blow to the bank as itstruggles to maintain profit-ability amid turbulent mar-kets.

The finance ministry yes-terday said it had chosenDaiwa Securities andMizuho Securities as under-writers for the domestictranche and Goldman Sachsand JPMorgan for the inter-national tranche of its

planned sale of about $6bnof shares in JT.

The sale, which isexpected to come later thisyear and is a rare privatisa-tion by the Japanese gov-ernment, is one in whichinvestment banks have viedto participate.

The failure to win a rolein the JT share sale comesas Nomura is under investi-gation for its involvementin insider trading allega-tions on three separatedeals, which could lead tosanctions and even a possi-ble credit downgrade,according to industry offi-cials.

Sanctions would disqual-ify the bank from partici-pating in a governmentmandate.

Japan’s largest invest-ment bank by revenuesadmitted that employeeshad been the source of non-public information used by

fund managers at Sumi-tomo Mitsui Trust Bank tobenefit clients, who profitedby shorting the stocks ofcompanies planning newshare issues.

Nomura admitted tobeing the source of informa-

tion used by Sumitomo Mit-sui Trust in trades relatedto Tokyo Electric Power,while other allegations ofinsider trading related toMizuho Financial Groupand Inpex have also beenlinked to the bank. Nomurahas declined to confirm theother incidents but hasapologised for the situation.

The bank is the subject ofa special investigation bythe Securities andExchange SurveillanceCommission into whether ithad adequate internal con-trols to prevent the leakingof non-public information.

Nomura is also conduct-ing its own internal investi-gation and plans to reportby the end of the month.

The suspicion of weakChinese walls between itsinvestment banking andsales divisions comes justfour years after Nomurawas reprimanded for insidertrading by a formeremployee.

The exclusion from theJT share sale is likely tohave a significant impacton Nomura’s ranking in theequity capital marketsleague table.

Nomura was the topbookrunner for equity capi-tal raising in Japan, with 17deals valued at a total ofnearly $2.4bn in the year todate, according to Dealogic.

It is the global co-ordina-tor for the scheduledY600bn ($7.6bn) initial pub-lic offering of Japan Air-lines, which plans to relistafter filing for bankruptcyin 2010.

The bank has dependedon its Japanese operationsto make up for losses in itsoverseas businesses.

Nomura’s investmentbanking division made aY23.3bn pre-tax loss lastyear, following a Y12.8bnpre-tax loss in the year toMarch 2011.

Nomura misses out onJapan Tobacco dealBANKS

Rivals picked for$6bn share sale

Exclusion likely tohit global ranking

Nomura has depended onits Japanese operations

More news atFT.com●HK billionaire Chengmoves on UK propertyThe London­focusedproperty developerQuintain has paved theway to complete one ofthe city’s most ambitioushousing projects afterteaming up with the HongKong billionaire HenryCheng Kar­Shun. Thecompany said yesterdaythat Mr Cheng’s KnightDragon investment vehiclehad taken on a 60 percent stake in its £3bndevelopment on theGreenwich peninsula.Knight Dragon agreed tobuy out Australiandeveloper Lend Lease ofits 50 per cent stake inthe project and take over10 per cent fromQuintain’s half share.www.ft.com/property

●Exchanges push formore green disclosureNasdaq OMX has joinedforces with four otherstock exchange groups toencourage companieslisting with them todisclose more about theirenvironmental and socialperformance. The five,including Brazil’s Bovespaand the Johannesburg,Istanbul and Egyptianstock exchanges, list morethan 4,600 companies.www.ft.com/financials

JUNE 19 2012 Section:Companies Time: 18/6/2012 - 19:40 User: fitzgeraldi Page Name: CONEWS1, Part,Page,Edition: USA, 16, 1

FINANCIAL TIMES TUESDAY JUNE 19 2012 ★ 17

COMPANIES

Telecoms mergers and acquisitionshave been more rumoured than seenin recent years, but financial andtrading pressures have conspired tospur the industry into activity inEurope.

Last week, Everything Everywhere,the UK mobile operator, became a tar-get for a private equity consortiumfronted by former boss Tom Alexan-der . This was just the latest in a busymonth for the sector. Yesterday,Vodafone received shareholder back-ing for its £1bn bid for Cable & Wire-less Worldwide, the UK fixed-lineoperator.

Carlos Slim, the Mexican tycoon,has also been active in European tele-coms M&A. A hostile offer by MrSlim’s América Móvil for 28 per centof KPN, the Dutch group, was fol-lowed last week with the acquisitionof a fifth of Telekom Austria from agroup backed by Naguib Sawiris, thetelecoms magnate.

Mr Sawiris himself is also behind aprivate equity fund being raised toexploit low valuations as largergroups sell non-domestic assets toreduce high debts, with Telefónica, forexample, having flagged potentialsales in the past month that wouldhelp cut its €57bn of net debt.

“Of late, the valuations in Europeare making a lot of sense to us,” saysCarlos García Moreno, chief financialofficer of América Móvil, pointing tolower valuations caused by fallingrevenue and competition in the indus-try, as well as broader problems withthe European economy. “In times ofcrisis, people become much moreshort-term focused. [We are taking] along-term view.”

Mr Moreno added that it was takingminority positions as it did not wanteither to consolidate the debt or the

operational responsibility for the busi-nesses. One private equity telecomsinvestor says that next year will bebusy for M&A. “The funding is there[from private equity] and the opportu-nities are there . . . Some of the bigguys lost half their operating cashflow last year.”

The emergence of corporate preda-tors has added to pressure in theindustry to cut costs and raise profita-bility.

América Móvil could unlock otherdeals, most notably a long rumoured$20bn merger between Telefónica’s O2

and KPN in Germany. Potential costsavings of up to €5bn would help fendoff hostile intentions against KPN,which is also looking at selling Basein Belgium for up to €1.8bn.

There have already been other deals,including the sale of Orange opera-tions in Switzerland and Austria.

Berenberg Bank says that thesedeals could spark others: “Other oper-ators that could get involved as preda-tors are the Chinese, the Indian opera-tors given the traumas in the domes-tic market, MTN or even Oi (for Por-tugal Telecom).

“If we see a wave of corporate activ-ity, could it also change the currentpassive stance being taken by Verizonand AT&T in the US? Alternatively,could we see the likes of Google orApple starting to look at the infra-structure-based operators?”

There is more caution from M&Aadvisers, who say there are still obsta-cles to consolidation, not least a diffi-cult funding market for largerdeals.

Few will want to sell assets whoseearnings are still growing. France Tel-ecom and Deutsche Telekom, the own-ers of Everything Everywhere, saythey have no interest in selling theirUK business. Even so, there are rea-sons why both are likely to listen atthe right price, which mirror theneeds of the wider European telecomssector to raise funds and share costs.

European telecoms groups haveexperienced a decline in revenuesover the past few years, even as theyface the need to spend more on fibrecables and fourth-generation mobilenetworks.

Arthur D Little and Exane BNP

Paribas forecast a €19bn decline inrevenues in European telecoms by2015 to €208bn, in spite of a rapid risein demand for data that will requiregreater network expenditure from theoperators.

The position has been exacerbatedby investors’ demands to maintainhigh cash payouts. Some dividendshave been cut in recent months, asmost companies need to reduce debtthat was partly built up throughacquisitions.

The European sector carries €272bnof debt, according to Deutsche Bank,typically at a net debt to earningsratio of about 2 times. The acquisi-tions have not always worked: Bern-stein estimates cumulative M&A writ-edowns of some €134bn across the sec-

tor since 2000. The main obstacle pre-venting consolidation has been thedesire by regulators to maintain com-petition to lower prices.

The industry has, however, foundother ways to share costs in the faceof regulatory obstacles to formalmergers, however, such as the recentagreement by Vodafone and O2 tomerge networks in the UK. This couldbe worth between €1.2bn to €1.5bn foreach, according to Bernstein.

The need for proper consolidationappears to be acknowledged even byregulators, with Neelie Kroes,Europe’s digital agenda commis-sioner, saying recently that a few pan-European operators would not neces-sarily be bad for competition.

Additional reporting by David Gelles

Europeanoperatorsready to talkmergersMOBILE & TELECOMS

News analysisFinancial pressures couldlead to a rise in dealsprovided they are atthe right price, writesDaniel Thomas

Beyond BricsBlog

Carlos Slim, the world’srichest man, is on ashopping spree, writesJohn Paul Rathbone.Last week, the Mexicantelecoms magnate boughta 21 per cent stake inTelekom Austria, whilepursuing a bigger stake inthe Dutch telecomsoperator KPN. He alsoemerged as the surpriseowner of an 8.4 per centstake in the Argentine oilcompany YPF. Usingmarket prices, those twodeals alone are worthabout $1.3bn.

Mr Slim has alwaysbeen an astute buyer ofdistressed assets: it isintegral to the value­basedinvestment philosophy thathe shares with WarrenBuffett. It led Mr Slim, forexample, to invest in Brazilin 2002, when fears of asocialist government underLuiz Inácio Lula da Silvacrushed market prices.

His latest bets may berisky – Mr Slim acquiredthe YPF stake in lieu ofa loan guarantee madeby his banking group,Inbursa. Yet his buyingof hard assets at goodprices in sectors heunderstands, offers agood margin of safety.

In Europe, there is alsothe prospect of growthfrom Telekom Austria’semerging­marketoperations. As forArgentina, there may bepolitical synergies. MrSlim’s mobile telecomsoperation, Claro, has athird of the Argentinemarket, which is worthprotecting – even if itmeans stumping up tokeep Buenos Aires sweet.

Should others take MrSlim’s moves as a “buy”signal? Not necessarily.With a fortune of $67bn,Mr Slim can ride out anyvolatility in theseinvestments. He is alsosuffering at home, owingto increasing competitionfor his mobile and fixed­line telecoms companies.So it makes sense for MrSlim to reallocate intoassets elsewhere that havea chance of better returns.

www.ft.com/bb

‘Of late, thevaluations inEurope are makinga lot of sense to us’

Carlos García Moreno,América Móvil CFO

ON FT.COMFor more on thetelecoms industrywww.ft.com/telecoms

European telecomsShare price (FTSE indices rebased)

Jan Jun201270

80

90

100

110

Telecoms

Europeanmarket*

* Eurofirst 300

Sources: Bernstein Research; Thomson Reuters Datastream FT Graphic

Shareholder returnsAs % of capital expenditure

2010 2011

The wrong number

Writedowns on acquisitions(cumulative since 2000, €bn)

Revenue growth (annual % change)

2006 07 08 09 10 11-5

0

5

Mobile

Fixed-line

FranceTelecom

DeutscheTelekom

BTTelefónicaKPN

12000

522002

592004

1072006 117

2008 1342011

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122

62

84

5667 64

43 47

28 29

Photo: Bloomberg

By Tim Bradshawin London andEmily Steel in New York

Facebook has acquiredFace.com, an Israeli facialrecognition group, whichwill provide the social net-work with sophisticatedtechnology to identify peo-ple from the millions ofphotos uploaded to its site.

The acquisition valuesthree-year-old Face.com,which has supplied its tech-nology to Facebook for sev-eral years, in the tens ofmillions of dollars, accord-ing to one person familiarwith the situation.

However, the deal couldreignite privacy concernsabout its use of the contro-versial technology.

Gil Hirsch, Face.com’schief executive, announced

the acquisition yesterdayon his company’s blog.

“Our mission is and hasalways been to find newand exciting ways to makeface recognition fun . . .and incorporate remarkabletechnology into everydayconsumer products,” hewrote.

Face.com’s mobile appKlik, which has been down-loaded 125,000 times sinceits release a few weeks ago,

allows people to be identi-fied from a selection oftheir Facebook friends asthe photograph is taken.

The company is based onTel Aviv’s Rothschild Boul-evard, known locally as Sili-con Boulevard for the clus-ter of technology start-upsin the area. Neighboursinclude the Gifts Project,acquired by eBay last year,and Lab Pixies, acquired byGoogle.

The acquisition will boostFacebook’s existing lead inphoto-sharing, one of themost popular activities onits site.

Facebook said: “Peoplewho use Facebook enjoysharing photos and memo-ries with their friends, andFace.com’s technology hashelped to provide the bestphoto experience. Thistransaction simply brings aworld-class team and a

long-time technology ven-dor in-house.”

In December 2010, Face-book introduced a featurecalled “tag suggest” thatemployed facial recognitiontechnology to suggest thenames of friends in a photouploaded to the site.Acquiring Face.com, whichsupplied some of the tech-nology behind that feature,could provide Facebookwith new capabilities, such

as the ability to tell if theperson photographed washappy or sad.

However, the “tag sug-gest” scheme sparked awave of negative reactionamong privacy advocateslast year when Facebookbegan rolling out the tech-nology.

Jeff Chester, executivedirector of the Center forDigital Democracy, a con-sumer privacy group in

Washington, said in arecent interview that Face-book was a “walking pri-vacy time bomb” and itspush into facial recognitionwas cause for concern.

“They want to know whoyou are and what you looklike,” Mr Chester said.“Frankly, it is too muchinformation in the hands ofa single company if theyexpand further into facialrecognition.”

Facebook buys Israeli maker of facial recognition softwareMEDIA

By Joe Leahy in São Paulo

PepsiCo’s foods division islooking to double its reve-nue in the next three tofour years in Brazil in spiteof a recent slowdown inLatin America’s largesteconomy.

PepsiCo’s plan reflectsthe belief of many localgroups and multinationalsthat the longer-term struc-tural source of economicgrowth in Brazil, the rise ofits lower-middle class, espe-cially in the traditionallypoorer north east, is intact.

“We have been doublingour business in [the richersouth of] Brazil every fiveyears and in the north eastevery three years,” saidOlivier Weber, PepsiCo’spresident of South America,Caribbean and CentralAmerica foods.

Economists characteriseBrazil’s economy as two-speed, with headline growthstalling amid a slowdown inmanufacturing and invest-ment but consumptionremaining relatively solid.

Record low unemploy-ment and pay rises thisyear have ensured that con-sumers, while less exuber-ant than in the past, arecontinuing to spend, partic-

ularly in the country’sbooming north-easternstates, which feature a highproportion of so-calledC-class lower-middle-incomeearners.

Itáu BBA, an investmentbank, defined the group aspeople who earn betweenR$291 (US$141) per monthand R$1,250.

“Retailers and consumergoods companies that betterunderstand the minds andhearts of these consum-ers . . . will hold an impor-tant structural advantagein the Brazilian consumerspace,” the bank said in arecent report.

Mr Weber said PepsiCo’s

foods division, which sellsbrands ranging from Rufflesand Doritos chips to Tod-dynho, a popular chocolatedrink, had doubled its busi-ness in the country between2002 and 2006 and againbetween 2006 and 2010. Ithoped to achieve the sameagain by 2015 or 2016.

This would mean increas-ing sales from about $2.5bnnow to $4bn-$5bn. Brazil isthe fifth-largest market inthe world for PepsiCo foodsand accounts for half of itsLatin American sales.

Mr Weber did not sayhow much the companyplanned to invest. However,he pointed to its acquisitionlast year of biscuit makerGrupo Mabel, reported tohave cost R$800m, whichgave PepsiCo access to theworld’s second-largest mar-ket for crackers in terms ofvolume of goods sold.

The company is investingin manufacturing plantsnearer to its markets in thenorth east and centre westto reduce its logistics costs.

Mr Weber said the poten-tial of the market wasshown by the still low percapita consumption ofsavoury snacks in Brazil –about 1.2 kilos per person ayear, versus 8 kilos inthe US and 3.6 kilos in Mex-ico.

Pepsi bets on Brazil with planto double food unit’s revenuesFOOD PRODUCERS

Business in Brazil doubledbetween 2006 and 2010

More news atFT.com●Yahoo recruits onlineadvertising veteranYahoo has added a keyexecutive to the latestmanagement team to tryto revive the US internetcompany, with theappointment of a chiefrevenue officer. Therecruitment of MichaelBarrett, a veteran onlineadvertising executive,comes as chief executiveRoss Levinsohn seeks tobring stable managementback after the hiring andfiring this year of formerCEO Scott Thompson, whowas forced out over anexaggerated claim abouthis education.

ft.com/media

JUNE 19 2012 Section:Companies Time: 18/6/2012 - 19:45 User: fitzgeraldi Page Name: CONEWS2, Part,Page,Edition: EUR, 17, 1

18 ★ FINANCIAL TIMES TUESDAY JUNE 19 2012

COMPANIES

Property

In its campaign to win theapproval of members of theLondon Metal Exchange forits £1.4bn cash offer, HongKong Exchanges & Clearingwent to great lengths toconvince them it was not astooge for Beijing.

At the same time, theexchange argued that itcould convince the Chinesegovernment to make bigconcessions, such asapproving LME warehousesin China and allowing moreChinese companies to tradeon the bourse.

Charles Li, HKEx chiefexecutive, has tried todefend these two positions –being distant from Beijingand close to it at the sametime – in spite of the poten-tial contradiction.

According to people famil-iar with the process, Mr Limade a huge effort to per-suade the LME board it wasfree from interference bythe Chinese Communistparty. “We have beenissued with numerousassurances that this is aHong Kong entity, not aChinese entity,” a personclose to the LME says.

Some LME membersremain nervous about theprospect of HKEx takingcontrol of the 135-year-oldvenue at the heart of theglobal metals market.

Six of HKEx’s 13 boardmembers are appointed bythe Hong Kong govern-ment, also the bourse’s larg-est shareholder.

After weeks of meetings,however, the LME boardlast week recommended itsbid over an offer from ICE,a US rival in a vote of confi-dence in the governance ofthe Hong Kong group.

The UK government hasalso indicated it has noobjections to the deal,according to people familiarwith its thinking.

While part of China, HongKong has an independentjudiciary and is autono-mous in all areas exceptdefence and foreign affairs.

The deal will see the LMEremain in London, regu-lated by the Financial Serv-ices Authority.

“Not one of the govern-ment-appointed directorshas ever tried to use theirposition to influence ourstrategy or business by say-ing, ‘This is good for theHong Kong government’ –let alone Beijing,” saysRomnesh Lamba, HKExhead of market develop-ment. “The concern thatChina controls us or isencouraging us to buy iscompletely unfounded.”

HKEx shareholders, how-ever, are unconcerned thatBeijing could somehow usethe LME to influence prices.

Rather, they worry thatas an independent HongKong group, HKEx lacksthe political clout needed to

convince Beijing to give itaccess to mainland China.HKEx shares fell 4.5 percent yesterday as investorsjudged the exchange tohave overpaid for LME,partly because of overconfi-dence in its ability to breakinto the China market.

Hong Kong’s independ-ence from Beijing, theyfear, means the bourse is byno means guaranteed to getwhat it wants from China.

The LME has for yearsvainly tried to convince Bei-jing to let it deliver metalsto mainland warehouses, animportant requirement forindustrial customers.

Even the Hong Kong Mer-cantile Exchange, a rivalbacked by Chinese stateenterprises, failed to set upmainland storage facilitiesfor fuel oil despite its links.

David Webb, a corporategovernance activist who saton the HKEx board for fiveyears until 2008, doubts itcan “open doors into Chinaany faster than China iswilling to open doors to eve-rybody”.

Allowing Chinese groupsto trade directly on theLME will represent a signif-icant relaxation of the coun-try’s capital controls, a

move that the Communistparty will not take lightly.

Nonetheless, Mr Li toldthe Financial Times on Fri-day: “Paying this price andnot having that fundamen-tal box checked [approvalfrom Beijing to expand inChina] is not somethingthat anybody would do.”

The HKEx is on a colli-sion course with the Shang-hai Futures Exchange,which hosts base metalscontracts deliverable in thedomestic Chinese marketand is pushing to interna-tionalise its business.

China’s domestic futuresexchanges – in Dalian,Shanghai and Zhengzhou –vie with one another fornew commodities contractsapprovals from the ChinaSecurities Regulatory Com-mission. The ShanghaiFutures Exchange – anentity with strong relation-ships with the CSRC – willnot let its Hong Kong rivalmuscle on to its turf with-out a fight, a person closeto the exchange says.

HKEx, sensing the risks,has recruited state-ownedtraders, including JiangxiCopper and Minmetals, tolobby the CSRC on itsbehalf, people close to thematter say. Jiangxi Coppercould not be reached forcomment, and Minmetalsdeclined to comment.

Mr Lamba at HKEx saysit must tread carefully toavoid antagonising theSHFE: “If we walk in thereand try to eat their shirts,we’ll never get anywhere.They have the power to eatus and kill our strategy.”

Additional reporting byJeremy Grant in Singapore

www.ft.com/lombard

By Sharlene Goff andPatrick Jenkins in London

The Children’s InvestmentFund, an activist hedgefund manager known foraggressive tactics with com-pany boards, has turned itsattention to Lloyds BankingGroup, urging regulators to

bolster the bank’s capitalreserves.

Christopher Hohn, thefund’s chief executive, haswritten to the UK’s Finan-cial Services Authority ask-ing it to force Lloyds toreplace £10bn of contingentconvertible debt – or cocos –with ordinary shares.

Mr Hohn, whose TCI fundhastened the sale of ABNAmro to Royal Bank ofScotland and helped deraila bid for the London StockExchange, would not com-ment on its holding ineither Lloyds’ equity ordebt. However, one person

close to the situation saidTCI owned about £1bn ofLloyds cocos and a rivalfund manager said it hadheld a bigger position for atleast the past year. It isunclear whether TCI holdsany equity in the bank.

The Lloyds cocos haveperformed poorly in recentmonths, prompting hedgefund managers to speculatethat TCI was publicisingthe issue to inject investorinterest back into the veryilliquid instruments.

They noted that convert-ing the cocos into equity,while diluting ordinary

shareholders, would triggera windfall for bondholdersas the price would be likelyto exceed the market valueof the bonds.

In a letter to Andrew Bai-ley, the UK’s chief bankingregulator, Mr Hohn criti-cised the effectiveness ofthe Lloyds cocos as theywould only convert toequity if the bank’s coretier one capital ratiodropped below 5 per cent –a sharp fall from the cur-rent 11 per cent.

The FSA is taking stepsto restructure a similarinstrument at RBS, which

has an £8bn contingent debtfacility, also with a 5 percent trigger.

Mr Hohn calculated thatLloyds would have to suffera £20bn post-tax loss beforethe FSA could force it toswap the existing cocos forequity. He said the capitalinstruments were also unat-tractive for the bank asthey pay an average yield ofabout 12 per cent. Mr Hohnsaid this would cost Lloydsabout £1bn a year, whichcould be used to supportlending.

However, he warned thatthe government, which

owns 40 per cent of Lloyds,would prefer to “keep thestatus quo to maximise itspossible equity value bykeeping leverage high atthe expense of the right reg-ulatory decision”.

TCI shot to prominenceeight years ago when itopposed the planned take-over by German exchangesgroup Deutsche Börse ofthe LSE.

TCI was also a key share-holder in ABN ahead of thetakeover battle for theDutch bank and hadpressed management tobreak up the group.

Activist investor in Lloyds pushBANKS

TCI calls on FSA toforcibly convert debt

Plea to turn £10bnof cocos to equity

Daniel Bouton, the formerchairman and chief execu-tive of Société Généralewho labelled Jérôme Ker-viel a “terrorist” because ofthe former trader’s €50bn ofbets that cost the Frenchbank €4.9bn, is to take thestand at the 35-year-old’sappeal court hearing onThursday.

Mr Bouton, who built Soc-Gen into a global deriva-tives powerhouse duringmore than a decade at itshelm, stayed on for 15months after the scandalbroke in 2008, finally step-ping down after a publicoutcry over a stock optionsplan for directors. He hassince set up his own consul-tancy.

Mr Kerviel is appealingagainst the sentencehanded down to him by aParis court in 2010 when itcondemned him to fiveyears in prison – two yearsof which were suspended –and ordered him to repaySocGen the €4.9bn.

Mr Kerviel, who tradedequity derivatives, hasclaimed during his appealthat he was the victim of aconspiracy to hide lossesfrom the US subprime mort-gage crisis. The claim wasdismissed by Jean Veil, oneof SocGen’s lawyers, as astory from “a detectivenovel”.

The French bankannounced a €2bn subprimeloss when it disclosed the€4.9bn loss resulting fromthe unwinding of Mr Ker-viel’s uncovered positionsin falling markets in Janu-ary 2008.

“My position was coveredby another desk,” theformer trader said. “Thesubprime crisis had started.There was already a biglatent loss; I think theyneeded to pull out of thehat a Jérôme Kerviel.”

The judge, Mireille Filip-pini, demanded proof of theconspiracy claim and DavidKoubbi, Mr Kerviel’s39-year-old lawyer, prom-ised a new witness.

After much anticipation,the mystery witnessappeared last Thursday.

In the splendour of the19th-century courtroom, itsenormous windows facingthe medieval Sainte-Chapelle in Paris’s Palais dela Justice, Philippe Houbésaid he had come becausehe could not bear to see “an

injustice” being committed.The employee at Newedge

– the broker that SocGennow owns jointly withCrédit Agricole, which proc-essed many of Mr Kerviel’strades – claimed it was“technically impossible”not to notice the size of MrKerviel’s trades.

He said that he and oth-ers at Newedge – then

known as Fimat – knew of a“big account” with SocGen,which turned out to be MrKerviel’s.

The implication was thatif they knew it, others atSocGen must have alsobeen aware.

Maxime Kahn, the toptrader who was told by hissuperiors to unwind theposition “for a client” insecret, said under question-ing last week by Mr Koubbithat he assumed it must belinked to subprime losses.“It was the least improbabletheory,” he said.

Asked why he unwound

the position so quickly –over three days – Mr Kahn,occasionally distracted bythe magnificence of thecourtroom, said it wouldhave been impossible forthe bank to have kept openthe “surreal” €50bn posi-tion.

The exposure was equiva-lent to 1.5 times its assetsand would have made thebank insolvent had it notbeen unwound.

“Among the people Iknow at SocGen, no onebelieves in this theory of aplot,” he said.

But Mr Houbé’s opinion

was that it would have been“technically impossible” forthe bank not to detect anexposure of that size andaccused it of creating ficti-tious transactions to bal-ance the results. He saidthere was an account thattook an opposite position toMr Kerviel’s.

However, Claire Dumas,SocGen’s representative incourt, said that since MrHoubé worked on thebroking side, he only had apartial view of the opera-tions.

The appeal continuesuntil June 28.

Jérôme Kerviel is appealing against his sentence of five years imprisonment, two years of which were suspended AFP

Former SocGenchief to appearat Kerviel appealBANKS

News analysisJailed trader claimsthe loss was part ofan internal plot,says ScheherazadeDaneshkhu

€4.9bnAmount that the €50bn oftrades cost to unwind

By Sam Jones andDuncan Robinson in London

Jonathan Sorrell, the son ofWPP chief executive SirMartin Sorrell, has replacedKevin Hayes as the finan-cial director of the ManGroup.

The world’s second larg-est hedge fund manager byassets yesterday said thatthe 34-year-old Mr Sorrell,Man’s former head of strat-egy and corporate finance,was to take over from Mr

Hayes with immediateeffect.

Mr Hayes, who at onepoint was the most highlypaid finance director in theFTSE 100, has long beenseen by many in the hedgefund industry as a succes-sor to Peter Clarke, Man’schief executive.

A decision to replace MrHayes was taken severalmonths ago, although hisdeparture is on amicableterms, according to peoplefamiliar with the board’sthinking. The decision inpart reflects an acknowledg-

ment of a need for the com-pany to address its difficul-ties in recent years moreradically, they said.

Under Mr Clarke’s stew-ardship, Man has been hithard by difficult and vola-tile trading conditions,which have seen assetsunder management dwindleand performance dip.

Although the company’sflagship fund, AHL, whichis automated and uses com-plex computer models totrade futures markets, expe-rienced its best year of per-formance in 2008, it has

struggled to gain tractionsince.

Man executives havecome under pressure tomake their efforts to reposi-tion and diversify the com-pany’s business pay off.

The landmark 2010 acqui-sition of rival GLG Partnershas yet to have an impacton an ailing share price, up1.6p at 74.4p.

“The board most likelydetermined that in light ofrecent difficulties that thecompany is experiencing achange in a member of sen-ior management was

needed,” said analyst PeterLenardos, director of diver-sified financials at RBC.

“However, none of theissues that the company isexperiencing are a result ofMr Hayes’s tenure as CFO,so I think this is a more acause for change than anissue with Kevin’s abili-ties,” he added.

Jon Aisbitt, Man’s chair-man, praised Mr Hayes’stenure. “I would like tothank Kevin on behalf ofthe board for his contribu-tion as finance director overthe past five years and wish

him every success for thefuture.

“Jonathan’s appointmentfollows a rigorous processto identify the best possiblecandidate. Since he joinedthe company, he has dem-onstrated the strong allround financial and com-mercial skills necessary forthe role. His promotion tothe board will bring newtalent and focus to the sen-ior executive team”.

Mr Sorrell joined Man inAugust last year after morethan a decade at GoldmanSachs.

Man appoints Sorrell junior as its new f inance directorGENERAL FINANCIAL

HKEx treadsfine line overBeijing ties inbid for LMEEXCHANGES

News analysisBourse stresses itsindependence butmust show it hasclout with China,Robert Cookson,Jack Farchy andLeslie Hook report

There are doubts it‘can open doors toChina any fasterthan China is willingto open doors’

The £1.4bn deal will see the LME remain in London Bloomberg

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JUNE 19 2012 Section:Companies Time: 18/6/2012 - 19:15 User: fitzgeraldi Page Name: CONEWS3, Part,Page,Edition: USA, 18, 1

FINANCIAL TIMES TUESDAY JUNE 19 2012 ★ 19

COMPANIES

By Chris Bryant in Frankfurt

The owners of EvonikIndustries, the specialitychemical company, haveput plans for the biggestGerman initial public offer-ing in more than a decadeon hold because of investoruncertainty arising fromthe eurozone debt crisis.

The RAG Foundation, aquasi-public entity thatowns 75 per cent of Evonik,yesterday confirmed that itwould not pursue an IPOuntil financial marketsreturned to a state thatwould make possible anappropriate valuation.

A person close to thefoundation said that IPOpreparations would not berestarted for at least a year.

Evonik, which is 25 percent owned by CVC, the pri-vate equity group, had beenexpected to raise a low tomiddle single-digit billioneuro sum later this monthin a share sale co-ordinatedby Deutsche Bank andGoldman Sachs.

The delay deals a confi-dence blow to banks hopingto make headway this yearwith a long backlog ofpotential German listings,which include Osram, alighting company owned bySiemens, and Talanx, theinsurer.

Turmoil in financial mar-kets has already pushed the

owners of Formula One –which include CVC – todelay a $3bn share offeringin Singapore due later thismonth. Graff, a British jew-eller, shelved its plans for aHong Kong listing that wasto have raised $1bn.

Talks last week betweenbanks and investorsrevealed a readiness toinvest, but not at a pricethat reached the expecta-tion of Evonik’s owners.

A person close to the dealsaid that, in light of marketconditions, investors hadsought a discount of about25 per cent to buy shares,compared with a typical dis-count of about 10 per cent.

“In view of the very highlevel of uncertainty on themarkets, particularly withregards to the eurozone, theachievable price was a longway from the appropriatevaluation of Evonik,” RAGsaid, adding: “Evonik is stillin excellent shape, but astock market listing canonly be considered whenthe situation in financialmarkets would enable anappropriate sum to beraised.”

CVC said: “We are incomplete agreement withthe RAG Foundation thatwe do not want to list anexcellent company likeEvonik under value . . . AnIPO at a later date remainsour expressed goal. How-ever, we are not under timepressure.”

CVC acquired its Evonikstake in 2008 for €2.4bn.

A previous attempt to listEvonik was stopped lastautumn due to marketuncertainty. IPO prepara-tions began again in March.

EurozoneconcernsscupperEvonik IPOCHEMICALS

Investor uncertaintyleads to delay

Setback to backlogof German listings

By Jan Cienski in Warsaw

Poland’s hopes of hitting ashale gas bonanza have suf-fered a blow as ExxonMobilended exploration for theunconventional fuel aftertests failed to find gas incommercial quantities.

The US oil major saidthere had been “no demon-strated sustained commer-cial hydrocarbon flowrates” in two test wells ineastern Poland and addedthat it had “completed itsexploration operations inPoland”.

ExxonMobil has six con-cessions in Poland and itremains unclear what plansthe company has for them.

The decision by ExxonMo-bil is the latest in a series ofdisappointments overPoland’s possible gasreserves.

Energy companies andthe government wereenticed by an estimate lastyear from the US EnergyInformation Administra-tion, which said Polandmight hold 5.3tn cubicmetres of shale gas – thelargest reserves in Europe.

However, a newer esti-

mate by Poland’s govern-ment geological institutecut about 90 per cent offthat, suggesting reserves of346bn-768bn cubic metres.

Although the lowernumber is unlikely to turnPoland into a gas exporter,it would make it much lessdependent on gas importsfrom Russia, which cur-rently supplies about two-thirds of the 14bn cubicmetres of gas the countryconsumes annually.

Waldemar Pawlak,Poland’s economy minister,suggested that ExxonMobil

became less interested in itsPolish operations afteragreeing last week todevelop tight oil reserves inSiberia together with Ros-neft, the Russian state oilgroup. “With such pros-pects, shale gas in Polanddid not have as much mean-ing for [ExxonMobil],” saidMr Pawlak.

In 2009, ExxonMobil aban-doned shale gas explorationin Hungary after a disap-pointing result from a testwell. The Polish govern-ment has handed out 109shale gas exploration con-cessions round the country,and the other companiesstill looking for the fuel – aprocess that involves pump-ing fluids at high pressuredeep underground to frac-ture rock, releasing trappedoil and gas – are still opti-mistic about Poland’s possi-ble deposits.

Companies active inPoland include Chevron,ConocoPhillips andPoland’s PGNiG, the formergas monopoly, as well assmaller groups specialisedin shale gas exploration.

“I’m a bit perplexed as towhy anyone would drill justtwo wells and then leave,”said John Buggenhagen,

exploration director forAim-quoted San LeonEnergy, which has conces-sions near the Baltic coast,as well as in the west andsouth of the country.

“We believe it will takedozens of wells to explorejust a small area. San Leonbelieves Poland has hugepotential.”

One of the earliest testscame from 3Legs Resources,the UK-based independentthat was the first operatorto drill and test two shalewells near the Baltic coastwhere it found “encourag-ing” quantities of gas,although the flow rateswere less than expected.

Mikolaj Budzanowski, thetreasury minister, estimatesthat the first commercialshale gas extraction shouldbegin in 2014-15, with about0.5bn to 1bn cubic metrescoming to market initially,with production eventuallyramping up to 5bn-10bncubic metres a year.

Poland has been one ofthe most enthusiastic back-ers of shale gas in the EU,while other countries suchas France, Romania andBulgaria have institutedmoratoriums on shaleexploration.

Haier, the world’s leadingappliance maker by salesvolume and one of China’smost famous brands, plansto expand in Europe byacquiring or building pro-duction facilities that willbring it closer to EU con-sumers.

For a Chinese mainlandbrand that wants to make itin Europe, it helps to have aname that sounds European– which means Haier couldwell realise that ambition.

The company has built asuccessful presence in theUS, where 30 per cent ofhouseholds own a Haierproduct. Overall, 26 percent of its $23bn globalturnover comes from over-seas.

Now Haier wants to boostsales in Europe, where ithas more than doubled mar-ket share in the past fiveyears but still has only 1per cent of the major appli-ance market, a whiskerbehind Japan’s Panasonicand Sharp, which accountfor just over 1 per centeach. Haier’s plan is to tar-get the middle to upper endof the appliance market,rather than the low end tra-ditionally associated withChinese companies thatcompete mainly on price.

Haier, which has 25 percent of its home market, iscandid about the fact thatpart of its success overseashas been because most glo-bal consumers do not knowit is Chinese.

“We never emphasise thatpoint,” says Li Pan, manag-ing director of Haier’s over-seas division. “We don’tdeny it, but we don’temphasise it”.

Based in the seaside townof Qingdao, Haier says it isa coincidence that thename, created from the Chi-nese character for “sea”,sounds German. But that isthe kind of happy coinci-dence that can make orbreak a brand. Companiesthat sound Chinese startout with a big handicapoverseas: whether theymake microwaves or micro-chips, they are tarred withthe same brush as thosethat made China infamousfor poisoning babies withtainted milk powder.

But it has taken muchmore than a few German-sounding vowels to propelthe company – a bankruptshell in 1984 – to a top glo-bal brand for major appli-ances in less than 25 years.

Mr Li says Haier has setitself apart from other Chi-nese manufacturers byfocusing on building the

brand, not just selling prod-ucts; competing on valuefor money rather than justlow prices; and investing in10 research and develop-ment centres around theworld.

The company has alsotried to counter the impres-sion that Chinese appli-ances are substandard. Lastyear Which?, the UK con-sumer rights organisation,rated one of Haier’s fridgesa “best buy”.

René Aubertin, chief exec-utive of Haier in Europeand vice-president of thecompany, says it will bemaking a play for high-endEuropean consumers. Haieris also aiming for younger“trendsetters” and has wondesign awards with whichto woo them.

Booz & Co, the manage-ment consultancy, singledit out as a leader in Chineseinnovation. From air-condi-tioners that take pictures ofintruders to a fridge with apizza drawer for the USmarket, Haier looks forways to stand out.

But it urgently needsmore production facilitiesin Europe to reduce leadtimes, counter currencyeffects and avoid risingtransport costs.

Haier is not the only Chi-nese company looking foropportunities in Europe.Chinese direct investmentin Europe tripled in 2011 to$10bn, according to a studypublished recently by Rho-dium Group, an economicconsultancy, in partnershipwith CICC, a Chineseinvestment bank. Thereport predicted Chinesecompanies could spendbetween $250bn and $500bnin the region by 2020.

Zhang Ruimin, Haier’sfounder and chief executive,has won business schoolfame around the world foran incident when, as direc-tor of the collectiveQingdao refrigerator factoryin 1984, he smashed faultymodels on the factory floorwith a sledgehammer todramatise his intolerance ofdefects.

Steven Veldhoen of Boozsays Haier’s success hasbeen its “closeness to themarket and responsivenessto consumers” – but addsthat, as the companyexpands globally, holdingon to some of those ele-ments “will not be so easy”.

So far, Haier has adaptedrapidly when difficultiesarise. Problems at its firstUK air-conditioning jointventure forced a closure in2006. Haier responded byrestructuring its Europeanbusiness to bring in localmanagement and buildlocal R&D centres.

Haier could yet become ahousehold name in Europe– before most customers fig-ure out it is Chinese.

China’s Haier plansto plug into EuropeHOUSEHOLD GOODS

News analysisAppliance makerhas advantage of aGerman­soundingname, writesPatti Waldmeir

It is aiming foryoung trendsettersand has wondesign awards withwhich to woo them

Global appliance manufacturers

Source: Euromonitor

Brand share by volume (%)

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

7.5

8.0

2006 07 08 09 10 11 0 2 4 6 8

Haier

LG

Whirlpool

Midea

Samsung

Electrolux

Panasonic

GE

Siemens

Bosch

Haier ElectronicsShare price (HK$)

Jan 2011 Jun2012

5

6

7

8

9

10

Haier wants to boost Europe sales where it has doubled market share in five years ImagineChina

Exxon move hits Poland shale hopesOIL & GAS

Business OpportunitiesReaders are strongly recommended to take appropriate professional advice beforeentering into obligations.

Poland has been a keenbacker of shale gas

More news at FT.com

●Beyond Brics on Polishshale gas and ExxonMobilIs ExxonMobil scared orsmart? That’s the questionPolish shale gas enthusiastsare asking themselves afterthe US energy groupannounced that it washalting work on looking forshale gas on its PolishconcessionsBlog: www.ft.com/bb

●FT AlphavilleWhat comes first: Europeanbanking, political or fiscalunion?Blog:www.ft.com/alphaville

●View from the top withEli Lilly chief executiveEli Lilly chief executive JohnLechleiter tells Andrew Jack,the FT’s pharmaceuticalcorrespondent, that USunemployment levels are“worrisome” and that drugscompanies have to reachout to academics andbiotech start­ups in orderto innovatewww.ft.com/vftt

●Body armour andon­demand manufacturingAs part of his globaljourney, Peter Marsh, theFT’s manufacturing editor,stopped in Phoenix, Arizona,to visit a company at theforefront of made­to­ordermanufacturing. ArmorDesigns can, within a fewhours, create customcomposites for body andvehicle armour.www.ft.com/vftt

JUNE 19 2012 Section:Companies Time: 18/6/2012 - 18:18 User: hendrym Page Name: CONEWS4, Part,Page,Edition: EUR, 19, 1

20 ★ FINANCIAL TIMES TUESDAY JUNE 19 2012

Fund Bid Offer D+/- Yield

ACP Partners Investment Managers (Ireland) Limited (IRL)www.acpi.comFSA Recognised

ACPI India Fixed Income UCITS Fund GBP £ 82.88 - -0.20 0.00

Emerg Mkts Fixed Income Fund USD $ 110.77 - 0.14 0.00

Global Equity Fund USD $ 86.69 - 1.35 0.00

Global Fixed Income Fund USD $ 108.47 - 0.08 0.00

Global Fixed Income Fund EUR € 133.28 - 0.10 0.00

ACPI FM Limited (JER)Regulated

Global Credit Fund USD $ 11.92 11.92 0.01 0.00

Multi Strategy Fund USD $ 185.88 - -1.43 0.00

Equity Alpha Fund USD $ 10.98 10.99 0.00 0.00

Focused Equity Fund USD $ 9.23 9.24 0.18 0.00

Multi-Asset Fund USD $ 10.20 10.20 0.06 0.00

Hedge Equity Fund USD $ 116.52 - 0.71 -

International Bond Fund USD $ 17.91 17.91 0.04 0.00

Select Unit Trust - Balanced Fund USD $ 11.11 11.12 0.12 0.00

ACPIOther International Funds

Global Credit Fund USD $ 10.84 - 0.01 0.00

Global Credit Fund EUR € 10.85 - 0.01 0.00

India Fixed Income Fund USD $ 9.14 - 0.01 0.00

Select Fund USD $ 142.67 - -1.13 0.00

Strategic Opportunities Fund USD $ 121.32 - 1.39 0.00

Absolute Return Fund TrustOther International

Euro Class € 835.72 - 8.51 -

ACTIVE TRADING FUND (IRL)Regulated

Active Trading Fund USD $ 927.91 - -1.77 0.00

Active Trading Fund EUR € 926.48 - -1.58 0.00

Active Trading Fund GBP £ 928.81 - -1.54 0.00

Adelante Exotic Debt Fund Limited (GSY)Trafalgar Court, Admiral Park, St Peter Port, GuernseyRegulated

Adelante Exotic Debt Fund Limited $ 18.67 - -2.32 0.00

Alceda Fund Management S.A.Managed on the Alceda UCITS Platformwww.alceda.luFSA Recognised

AC Risk Parity 7 Fund (EUR A) € 120.34 126.36 1.15 0.00

AC Risk Parity 7 Fund (GBP A) £ 121.12 127.18 1.13 0.00

AC Risk Parity 7 Fund (USD A) $ 119.59 125.57 1.14 0.00

AC Risk Parity 12 Fund (EUR A) € 137.82 144.71 2.09 0.00

AC Risk Parity 12 Fund (GBP A) £ 103.38 108.55 1.55 0.00

AC Risk Parity 12 Fund (USD A) $ 147.55 154.93 2.25 0.00

AC Spectrum Fund (EUR A) € 103.75 108.94 0.61 0.00

AC Spectrum Fund (GBP A) £ 102.96 108.11 0.53 0.00

AC Spectrum Fund (USD A) $ 102.29 107.40 0.51 0.00

Alger SICAV (LUX)Regulated

American Asset Growth A $ 30.07 31.99 0.33 0.00

American Asset Growth I $ 31.81 31.81 0.36 0.00

Allied Dunbar Intl Fund Mgrs (1600)F (IOM)www.alliedunbarint.com +44 1624 661551FSA Recognised

ADI Managed $ 1.5780 1.6650 0.0070 -

ADI Mgd Currency $ 0.3499 0.3683 0.0000 0.00

ADI W'wide Eq $ 1.5140 1.6000 0.0110 -

ADI Nth Amer $ 3.6840 3.8900 0.0230 0.00

ADI Far East $ 2.3550 2.4950 0.0350 0.01

ADI Gilt & Income £ 0.3561 0.3750 0.0006 2.02

ADI UK Cap Gth £ 0.7356 0.7808 0.0009 1.44

ADI Europe Fd € 2.8810 3.0430 0.0080 0.39

For conversion prices of shares phone: 01624 662860

American Century Sicav (LUX)JPM customer service: +352-46-268-5633FSA Recognised

ACI Conc Gbl Grwth Eq A Acc $ 10.52 - 0.06 -

ACI Conc Gbl Grwth Eq I Acc $ 10.57 - 0.06 -

ACI Gbl Grwth Equity Acc F $ 10.72 - 0.05 0.00

ACI Gbl Grwth Equity I Acc F $ 10.91 - 0.05 0.00

ACI US AllCap Grwth Eq A Acc $ 10.67 - 0.06 -

ACI US AllCap Grwth Eq I Acc $ 10.72 - 0.07 -

Amundi Funds (LUX)5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332www.amundi-funds.comFSA Recognised

Absolute Var 2 EUR £ 96.27 - 0.02 0.00

Bd. Euro Corporate AE Class - R - EUR € 15.96 - 0.03 0.00

Bd. Global AU Class - R - USD $ 22.70 - 0.18 0.00

Eq. Emerging Europe AE Class - R - EUR € 26.50 - 0.47 0.00

Eq. Emerging World AU Class - R - USD $ 84.53 - 0.98 0.00

Eq. Greater China AU Class - R - USD $ 445.68 - 9.02 0.00

Eq. Latin America AU Class - R - USD $ 552.02 - 9.56 0.00

Eq. US Opportunities AU Class - R - USD $ 10.55 - 0.08 0.00

Antares Investment Management LtdOther International

AEF Ltd Usd (Est) $ 434.51 - 2.33 -

AEF Ltd Eur (Est) € 435.45 - 2.60 -

Arisaig PartnersOther International Funds

Arisaig Africa Consumer Fund Limited $ 15.06 - 0.07 0.00

Arisaig Asia Consumer Fund Limited $ 43.10 - 0.00 0.00

Arisaig Latin America Fund Limited $ 25.25 - 0.30 0.00

ARN INVESTMENT SICAV (LUX)12, rue Eugène Ruppert, L-2453 LuxembourgRegulated

ARN Newly Indus.Ec.Fd A -C $ 83.17 - 0.86 0.00

Artemis Investment Management LLP (CYM)Regulated

Artemis Gbl Hedge Fd Ltd GBP £ 48.93 - -1.19 0.00

Artemis Gbl Hedge Fd Ltd EUR € 46.31 - -1.19 -

Artemis Gbl Hedge Fd Ltd USD $ 49.54 - -1.16 -

Artemis UK Hedge Fd Ltd EUR € 156.29 - 0.86 -

Artemis UK Hedge Fd Ltd GBP £ 171.30 - 0.99 -

Artemis UK Hedge Fd Ltd USD $ 162.90 - 0.93 0.00

Artisan Partners Global Funds PLC (IRL)Beaux Lane House, Mercer Street Lower, Dublin 2, IrelandTel: 44 (0) 207 766 7130FSA Recognised

Artisan Global Funds plc

Artisan Emerging Markets Fund AUDA$ 9.44 - 0.00 -

Artisan Emerging Markets Fund Class I EUR € 7.68 - 0.04 0.00

Artisan Emerging Markets Fund Class I USD $ 7.18 - 0.06 0.00

Artisan Global Value Fund Class I USD Acc $ 10.22 - 0.07 0.00

Artisan Value Fund Class I USD Acc $ 10.51 - 0.08 0.00

Ashburton Fund Managers Limited (JER)17 Hilary Street, St Helier, Jersey JE4 8SJ 01534 512000FSA Recognised

Ashburton Global Funds PCC

Sterling Asset Mgt. Fund PC £ 2.3072 2.4226 0.0023 0.86

Sterling Asset Mgt. Fund PC - Class I £ 101.0227 106.0738 0.1079 1.63

Fund Bid Offer D+/- Yield

Euro Asset Mgt. Fund PC € 1.1876 1.2470 0.0035 0.83

Global Euro Asset Management Fund PC I € 94.6024 99.3325 0.2808 -

Sterling Total Return Bond Fund PC £ 6.0672 6.2796 0.0000 2.04

Dollar Total Return Bond Fund PC $ 1.0087 1.0440 0.0013 2.05

Sterling Intl. Eq. Fund PC £ 49.0149 51.4656 0.0511 0.00

Dollar Intl. Eq. Fund PC $ 9.0322 9.4838 0.0894 0.00

Americas Eq. Fund PC $ 1.8931 1.9878 0.0190 0.00

Americas Eq. - £ Feeder PC £ 1.1629 1.2210 -0.0009 0.00

European Eq. Fund PC € 4.0209 4.2219 0.0364 0.00

European Eq. - £ Feeder PC £ 1.0400 1.0920 0.0002 0.00

European Eq - £ Feeder PC - Class I £ 90.7644 95.3026 0.0227 0.00

Japan Eq. Fund PC $ 2.0678 2.1712 0.0306 0.00

Japan Eq. - £ Feeder PC £ 1.0032 1.0534 0.0052 0.00

Ashburton Japan Equity Fund PC "I" class $ 90.3707 94.8892 1.3199 -

Chindia Eq. - £ Feeder PC £ 0.9737 1.0224 -0.0092 0.00

Chindia Eq - £ Feeder PC - Class I £ 66.6873 70.0217 -0.6097 0.00

Ashburton Fund Managers Limited (JER)Regulated

Ashburton Replica Portfolio Ltd

£ Asset Management Fund £ 34.3834 36.1026 0.0281 0.00

$ Asset Management Fund $ 30.2011 31.7112 0.0947 0.00

Euro Asset Management Fund € 1.4141 1.4848 0.0038 0.00

Multi Asset Cautious Fund GBP £ 1.0653 1.1186 -0.0007 0.00

Multi Asset Cautious Fund GBP - Class I £ 99.1380 104.0949 -0.0592 0.00

Multi Asset Balanced Fund EUR € 0.9577 1.0056 0.0022 0.00

Multi Asset Balanced Fund GBP £ 1.1178 1.1737 0.0001 0.00

Multi Asset Balanced Fund USD $ 1.0915 1.1461 0.0028 0.00

Multi Asset Balanced Fund GBP - Class I £ 99.8809 104.8749 0.0174 0.00

Multi Asset Balanced Fund USD - Class I $ 95.6940 100.4787 0.2529 0.00

Multi Asset Balanced Fund EUR - Class I € 96.9607 101.8087 0.2268 0.00

Multi Asset Aggressive Fund GBP £ 1.0121 1.0627 -0.0021 0.00

Ashburton Emerging Markets Funds Limited

Chindia Eq Fund $ 0.7838 0.8230 0.0003 0.00

Chindia Eq - Class I $ 103.4384 108.6103 0.0435 0.00

Ashburton Money Market Fds Limited

£ Money Market £ 1.3174 1.3174 0.0002 0.00

$ Money Market $ 1.1711 1.1711 -0.0001 0.00

EUR Money Market € 1.1809 1.1809 0.0001 0.00

Ashmore Investment Mgmt Ltd (CYM)Regulated

Ashmore Emerging Markets Debt $ 203.04 - -4.96 0.00

Ashmore Management Company Ltd (GSY)Regulated

Emerging Mkts Liquid Inv P'folio $ 9.73 - -0.31 18.61

Local Currency Debt Pflo $ 27.05 - -1.76 0.00

Russian Debt Portfolio $ 67.32 - -1.82 0.00

Ashmore Asian Recovery $ 29.19 - -1.44 0.00

Multi-Strategy $ 17.16 - -1.08 0.00

Emerging Mkts Global Inv Pfolio $ 7.97 - -0.60 0.00

Emerging Mkts Corporate High Yield $ 119.97 - -2.85 0.00

Turkish Debt Fund Ltd $ 92.28 - -5.01 0.00

Ashmore Sicav (LUX)2 rue Albert Borschette L-1246 LuxembourgFSA Recognised

EM Equity Select USD F $ 102.13 - 0.59 0.00

EM Mkts Corp.Debt USD F $ 107.06 - 0.28 4.52

EM Mkts Debt NOK F NKr 104.49 - 0.56 12.68

EM Mkts Debt GBP F £ 109.73 - 0.57 4.38

EM Mkts Inv.Grade Corp. Debt USD F $ 111.35 - 0.32 0.00

EM Mkts Loc.Ccy Bd USD F $ 107.65 - 0.84 0.00

EM Mkts Loc.Ccy Money Mkt USD F $ 98.40 - 0.50 0.00

EM Mkts Sov.Debt USD F $ 109.20 - 0.48 0.00

EM Mkts Sov.Inv.Grade Debt USD F $ 112.79 - 0.51 0.00

Emerging Markets Debt Inst USD $ 170.43 - 0.73 9.98

Emerging Markets Debt Inst EUR € 101.01 - 0.43 27.53

Emerging Markets Debt Retail USD $ 95.55 - 0.51 -

Emerging Markets Debt Retail EUR € 147.70 - 0.78 17.28

Local Currency GBP F £ 101.61 - 0.45 0.31

Local Currency Inst EUR F € 96.57 - 0.43 1.88

Local Currency Inst USD F $ 82.21 - 0.34 1.13

Local Currency Retail EUR F € 95.50 - 0.43 0.39

Local Currency Retail USD F $ 105.45 - 0.46 0.58

Aspect Capital Ltd (UK)Other International Funds

Aspect Diversified USD (Est) $ 364.79 - 3.12 0.00

Aspect Diversified EUR (Est) € 218.39 - 1.96 -

Aspect Diversified GBP (Est) £ 110.33 - 0.78 -

Aspect Diversified CHF (Est) SFr 104.95 - 0.48 0.00

Aspect Diversified Trends USD $ 105.03 - 0.09 0.00

Aspect Diversified Trends EUR € 104.82 - 0.09 0.00

Aspect Diversified Trends GBP £ 107.65 - 0.11 0.00

Atlantas Sicav (LUX)Regulated

American Dynamic $ 2096.17 - 39.97 0.00

American One $ 1921.64 - 42.01 0.00

Bond Global € 1151.78 - 4.24 0.00

Eurocroissance € 546.69 - 20.79 0.00

Far East $ 558.44 - 11.21 0.00

Atlantis Investment Mgmt (Ireland) Ltd (IRL)Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 00 353 1 542 2000FSA Recognised

Atlantis Asian Fund USD F $ 5.82 - 0.05 0.00

Atlantis Asian Fund GBP £ 8.15 - 0.00 0.00

Atlantis Asian Fund EUR € 8.78 - 0.06 0.00

Atlantis China Fd F $ 5.71 - 0.03 0.00

Atlantis Japan Opps Fund USD H $ 1.19 - 0.01 -

Atlantis Japan Opportunities Fund GBP £ 10.75 - 0.05 0.00

Atlantis Japan Opportunities Fund EUR € 11.92 - 0.13 0.00

Atlantis New China Fortune Fund $ 0.92 - 0.01 15.38

Atlantis China Healthcare Fund H $ 1.13 - 0.01 0.00

Atlas Capital SAOther International Funds

First European Growth Inc - USD Class $ 128.17 - 0.90 0.00

First European Growth Inc - CHF ClassSFr 266.03 - 2.05 0.00

First USD Composite Inc $ 606.27 - -4.03 0.00

First EURO Composite Inc € 110.00 - -0.73 0.00

For Attica Institutional Multi-Manager Plc Fds see MM Institutional Fds Plc

BLME Asset Management (LUX)BLME Sharia'a Umbrella Fund SICAV SIFRegulated

$ Income Fund - Share Class A Acc $ 1097.87 - 1.39 0.00

$ Income Fund - Share Class B Acc $ 1112.89 - 1.44 0.00

$ Income Fund - Share Class G Acc £ 1032.95 1032.95 1.29 0.00

$ High Yield Fund - Share Class A Acc $ 1058.49 - 3.95 0.00

BNP Paribas Investment Partners (LUX)10, Harewood Avenue, London NW1 6AAInvestors Services (44) 020 7595 6762FSA Recognised

BNP Paribas Insticash

BNP Paribas Insticash EUR F € 116.59 - 0.00 -

BNP Paribas Insticash GBP F £ 128.33 - 0.00 0.00

BNP Paribas L1

BNPP L1 Bd Asia ex-Japan F $ 140.11 - 0.29 0.00

Fund Bid Offer D+/- Yield

BNPP L1 Bd Best Selection Wrld Emerging F $ 218.92 - 0.15 0.00

BNPP L1 Bd Best Selection Wrld Emerging Inc £ 135.51 - -0.78 8.69

BNPP L1 Bd Currencies World F € 1466.76 - 4.80 0.00

BNPP L1 Bd Europe Emerging F € 551.53 - 1.48 0.00

BNPP L11 Bd World F € 312.92 - 0.77 -

BNPP L1 Bd World Emerging F $ 985.40 - 2.55 0.00

BNPP L1 Bd World Emerging Inc £ 148.61 - -0.57 0.00

BNPP L1 Bd World Emerging Corporate Inc $ 104.05 - 0.11 0.00

BNPP L1 Bd World Emerging Local F $ 160.41 - 0.75 0.00

BNPP L1 Bd World Emerging Local Inc £ 101.08 - -0.18 6.68

BNPP L1 Bd World High Yield F € 82.18 - 0.12 0.00

BNPP L1 Dyn World Inc £ 90.38 - 0.22 0.00

BNPP L1 Eq Asia Emerging F $ 82.71 - 1.46 0.00

BNPP L1 Eq Best Sel Asia ex-Japan F € 383.76 - 5.35 0.00

BNPP L1 Eq Best Sel Euro F € 291.09 - 3.43 0.00

BNPP L1 Eq Best Sel Europe F € 134.79 - 1.31 0.00

BNPP L1 Eq Best Sel Europe Inc £ 87.18 - 0.48 4.45

BNPP L1 Eq Best Sel Europe ex-UK F € 94.66 - 0.95 0.00

BNPP L1 Eq Best Sel Europe ex-UK Inc £ 87.92 - 0.53 2.82

BNPP L1 Eq Best Sel USA F $ 295.41 - 2.72 0.00

BNPP L1 Eq China F $ 270.76 - 5.27 0.00

BNPP L1 Eq Euro F € 208.52 - 2.38 0.00

BNPP L1 Eq Europe F € 379.06 - 3.54 0.00

BNPP L1 Eq Europe Emerging F € 1045.28 - 15.63 0.00

BNPP L1 Eq Europe Growth F € 29.60 - 0.32 0.00

BNPP L1 Eq High Div Pacific F € 54.48 - 0.89 0.00

BNPP L1 Eq India F $ 83.43 - 0.00 0.00

BNPP L1 Eq India Inc £ 165.63 - 1.12 1.36

BNPP L1 Eq Indonesia F $ 214.53 - 7.49 0.00

BNPP L1 Eq Pacific ex-Japan F € 147.93 - 2.90 0.00

BNPP L1 Eq Russia F € 92.10 - 2.08 0.00

BNPP L1 Eq Russia Inc £ 103.51 - 1.92 2.33

BNPP L1 Eq Turkey F € 205.47 - -0.02 0.00

BNPP L1 Eq USA Growth F $ 157.09 - 1.55 0.00

BNPP L1 Eq USA Small Caps F $ 106.82 - 1.12 0.00

BNPP L1 Eq World Emerging F $ 533.97 - 11.59 0.00

BNPP L1 Eq World Energy F € 561.32 - 9.30 0.00

BNPP L1 Eq World Health Care F € 452.41 - 2.33 0.00

BNPP L1 Eq World Materials F € 76.85 - 1.26 0.00

BNPP L1 Eq World Utilities F € 104.81 - 0.32 0.00

BNPP L1 Green Future F € 64.38 - 0.59 0.00

BNPP L1 Green Future Inc £ 65.36 - 0.33 2.93

BNPP L1 Green Tigers F € 126.50 - 2.06 0.00

BNPP L1 Opportunities USA F $ 89.08 - 0.40 0.00

BNPP L1 Opportunities USA Inc £ 120.87 - -0.23 2.52

BNPP L1 Opportunities-H USA Inc £ 37.93 - 0.17 2.56

BNPP L1 Opportunities World F € 93.83 - 0.85 0.00

BNPP L1 Real Est Securities Eur F € 146.38 - 1.99 0.00

BNPP L1 Real Est Securities Eur Inc € 106.97 - 1.45 4.02

BNPP L1 Real Est Securities Wrld Inc £ 158.07 - 2.31 0.00

BNPP L1 V350 F € 102.82 - -0.17 0.00

BNPP L1 V350-H-Inc £ 93.39 - -0.15 8.83

BNPP L1 Wrld Commodities F $ 83.43 - -0.14 0.00

BNPP L1 World Volatility Inc £ 96.16 - 0.07 -

Parvest

Bond Euro € 182.06 - 0.78 0.00

Bond Euro Medium Term € 164.04 - 0.37 0.00

Bond USA High Yield $ 191.35 - 0.29 0.00

Bond USD Inc $ 126.86 - 0.25 3.31

Bond World Corporate Inc $ 102.56 - 0.29 7.70

Bond World Emerging $ 375.43 - 1.50 0.00

Bond World Inflation-Ld € 137.44 - 0.98 0.00

Commod Arbitrage F $ 104.70 - 0.12 0.00

Equity Australia A$ 597.97 - 2.71 0.00

Equity Brazil Inc $ 106.16 - 2.28 4.59

Equity BRIC $ 120.16 - 2.39 0.00

Equity Japan Inc ¥ 1837.00 - 6.00 2.92

Equity Japan Small Cap Inc ¥ 2841.00 - -1.00 3.64

Equity Latin America Inc $ 509.39 - 9.38 3.52

Equity Russia Opp.Inc $ 65.05 - 1.39 4.43

Equity South Korea Inc $ 79.54 - -0.28 3.36

Equity USA Inc $ 58.00 - 0.60 4.11

Equity USA Mid Cap $ 122.93 - 2.07 0.00

Equity USA Value Inc $ 70.55 - 0.86 4.33

Flexible Bond Europe Corp. € 113.68 - 0.16 0.00

Flexible Bond Wrld Inc $ 18.80 - 0.06 3.19

Multi-Strat. FX € 102.33 - 0.00 0.00

Real Estate Securities Europe € 59.93 - 0.85 0.00

Step 80 Wrld Emerging EUR F € 94.82 - -0.11 0.00

Step 90 EURO F € 1136.42 - -1.20 0.00

Wrld Agriculture F € 89.04 - -0.49 0.00

Wrld Agriculture USD F $ 72.82 - -0.12 0.00

BNP ParibasOther International Funds

Campbell FME Large $ 3220.23 - -5.16 0.00

BNP GLF USD $ 1222.16 - 0.02 -

BNY Mellon Global Funds (IRL)160 Queen Victoria Street EC4V 4LA +44 (0) 131 305 3131FSA Recognised

Asian Eqty A USD F $ 2.87 - 0.04 0.00

BNY Mellon Absolute Return Equity £ 1.01 - 0.00 0.00

BNY Mellon Asian Equity Fund $ 3.26 - 0.04 0.00

BNY Mellon Brazil Equity $ 1.13 - 0.01 0.00

BNY Mellon Emerging Markets Local Currency Investment Grade Debt Fund $ 0.91 - 0.01 -

BNY Mellon Emerging Markets Corporate Debt Fund $ 98.75 - -0.38 -

BNY Mellon Euroland Bond Fund € 1.59 - 0.01 0.00

BNY Mellon Global Equity Higher Income $ 1.05 - 0.01 -

BNY Mellon Global Property Secs € 1.12 - 0.01 0.00

BNY Mellon Global Bond Fund $ 2.37 - 0.01 0.00

BNY Mellon Global Equity Fund $ 1.46 - 0.01 0.00

BNY Mellon Global High Yield Bond € 1.44 - 0.01 0.00

BNY Mellon Global Opportunities Fund $ 1.73 - 0.01 0.00

BNY Mellon Global Real Return EUR Fund € 1.13 - 0.00 0.00

BNY Mellon Global Real Return $ 1.21 - 0.00 0.00

BNY Mellon Long-Term Global Equity GBP € 1.29 - 0.01 0.00

BNY Mellon UK Equity Sterling £ 1.53 - 0.00 0.00

BNY Mellon US Equity Fund $ 1.09 - 0.01 0.00

Emerging Mkts Debt C USD F $ 1.87 - 0.01 0.00

Emerging Mkts Debt LC - C USD F $ 1.57 - 0.01 0.00

Evolution Global Alpha C EUR F € 95.44 - 0.23 0.00

Global Dynamic Bond Fund C USD F $ 1.07 - 0.00 0.00

Bank of America Cap Mgmt (Ireland) Ltd (IRL)Regulated

Global Liquidity USD $ 1.00 - 0.00 0.37

Global Liquidity EUR € 1.00 - 0.00 0.29

Barclays Investment Funds (CI) Ltd (JER)39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800FSA Recognised

Bond Funds

Sterling Bond F £ 0.44 - 0.00 3.67

Baring International Fd Mgrs (Ireland) (IRL)Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004FSA Recognised

ASEAN Frontiers A GBP Inc £ 101.46 - -0.49 0.66

Fund Bid Offer D+/- Yield

Asia Growth A GBP Inc H £ 35.16 - 0.19 0.00

Australia A GBP Inc £ 68.23 - 1.28 2.29

Dynamic Emerging Markets A GBP Acc F £ 9.65 - 0.00 -

Eastern Europe A GBP Inc £ 56.26 - 0.68 0.26

Emerging Mkt Debt LC A GBP Hedged Inc £ 10.82 - 0.07 4.85

Emerging Opportunities A GBP Inc H £ 19.69 - 0.18 0.00

Europa A USD Inc H $ 34.95 - 0.14 1.27

Glb Aggregate Bond A USD Inc H $ 11.23 - 0.02 1.91

Glb Emerging Markets A GBP Inc H £ 19.22 - 0.15 -

Glb Select A GBP Inc H £ 8.01 - 0.01 0.00

Glb Resources A GBP Inc H £ 14.06 - 0.11 0.00

High Yield Bond A GBP Hedged Inc H £ 6.88 - 0.02 7.19

Hong Kong China A GBP Inc £ 486.83 - -0.49 0.00

India Fund - Class A GBP Inc £ 8.93 - -0.26 -

International Bond A GBP Inc F £ 17.65 - -0.10 2.35

Latin America A USD Inc H $ 41.66 - 0.35 1.63

MENA A GBP Inc F * £ 8.81 - -0.03 1.40

Baring Global Mining Fund - Class A GBP Inc £ 7.75 - 0.01 -

North America A GBP Inc F £ 42.32 - 0.26 0.00

Baring International Fd Mgrs (Ireland) (IRL)Regulated

China A-Share A GBP Inc £ 5.70 - 0.14 0.00

Barings (Luxembourg) (LUX)FSA Recognised

Russia A GBP Inc F £ 33.64 - 0.67 0.00

Bedlam Funds Plc (IRL)20 Abchurch Lane, London, EC4N 7BBDealing: 00 3531 542 2907 Enquiries: 00 4420 7648 4300FSA Recognised

Bedlam Global A £ 157.96 157.96 0.27 0.00

Bedlam Global B £ 166.20 166.20 0.30 0.00

Bedlam Emerging Markets A £ 204.30 204.30 0.38 0.00

Bedlam Emerging Markets B £ 206.73 206.73 0.41 0.00

Bedlam Europe A £ 111.11 111.11 0.61 0.00

Bedlam Europe B £ 116.97 116.97 0.65 0.24

Bedlam Japan A £ 75.46 75.46 0.20 0.00

Bedlam Japan B £ 75.65 75.65 0.20 0.00

Bedlam UK A £ 119.44 119.44 -0.43 0.42

Bedlam UK B £ 122.45 122.45 -0.43 1.71

Bedlam Global Income Fund £ 82.42 82.42 -0.03 4.59

Blackmore Capital Management Limited (GSY)Regulated

Branded Comm Opps Fd Class A £ 1.03 - 0.00 0.00

Branded Comm Opps Fd Class B £ 1.21 - 0.00 0.00

Branded Comm Opps Fd Class C £ 1.23 - 0.01 0.00

Branded Comm Opps Fd Class E £ 1.01 - 0.00 -

BlackRock (JER)Regulated

BlackRock UK Property £ 34.37xd - -0.05 4.22

BLK Intl Gold & General $ 9.63 10.14 -0.04 0.00

Blairmore Holdings IncOther International Funds

Smith & Williamson Investment Management

Administrators - S G Hambros Bank & Trust (Bahamas) Limited

NAV $ 10.28 - 0.00 0.24

Blakeney Management Ltd (LUX)Regulated

Blakeney Investors $ 26.91 - -0.70 0.00

Blakeney Investors-S08/08 $ 7.59 - -0.20 0.00

Blakeney Investors-S11/08 $ 11.53 - -0.30 0.00

Blakeney Investors-S10/09 $ 9.98 - -0.26 0.00

Blakeney Investors-S04/10 $ 9.36 - -0.24 0.00

Blakeney Investors-S09/10 $ 9.64 - -0.25 0.00

Blakeney Investors-S11/10 $ 9.24 - -0.24 0.00

BlueBay Asset Management LLP (LUX)Regulated

BlueBay Em Mkt Abs Ret Bd IN € 100.34 - 0.18 -

BlueBay Em Mkt Bd B - USD $ 266.26 - 1.01 -

BlueBay Em Mkt Corp Bd B $ 151.10 - 0.40 0.00

BlueBay Em Mkt Sel Bd B - USD $ 155.41 - 0.93 0.00

BlueBay Emg Mkt Loc Ccy Bd B - USD $ 162.86 - 1.30 0.00

BlueBay Gbl Convert Bd I - USD $ 154.31 - 0.91 0.00

BlueBay Gbl High Yield Bd B $ 109.15 - 0.69 0.00

BlueBay High Yield B - EUR € 268.55 - 1.61 -

BlueBay High Yield Corp Bd B € 115.16 - 0.56 0.00

BlueBay Inv Grd B - EUR € 144.91 - 0.10 -

BlueBay Inv Grd B Euro Gov Bd Fund € 112.59 - 0.61 0.00

BlueBay Inv Grd I Euro Agg Bd Fund € 112.19 - 0.46 0.00

BlueBay Inv Grd Libor Fd B € 117.85 - -0.29 0.00

BlueBay Struct.Fds: High Inc Loan Fd € 165.71 - 0.55 0.00

BlueBay Struct.Fds: High Yield Enh Fd € 180.47 - 0.39 -

BlueBay Asset Management LLP (CYM)Regulated

BlueBay Distressed Opp Fd Lim A £ 111.81 - 0.62 0.00

Bluebay Macro Fd A $ 124.93 - -0.29 0.00

Bonfield Asset Management LimitedOther International Funds

The Longbow New Europe Fund $ 48.91 48.91 1.00 0.00

BONHOTEOther International Funds

Bonhôte Alternative - Multi-Arbitrage (USD) Classe (EUR) € 7143.00 - -178.00 0.00

Bonhôte Alternative - Multi-Performance (USD) Classe (EUR) € 9151.00 - -32.00 0.00

Braemar Group PCC Limited (GSY)Regulated

Ground Rents Class A £ 1.06 - 0.00 0.00

Ground Rents Class B £ 1.01 - -0.07 0.00

UK Agricultural Class A £ 1.08 - 0.00 0.00

UK Agricultural Class B £ 1.15 - 0.00 0.00

Student Accom Class A £ 1.42 - 0.00 0.00

Student Accom Class B £ 1.10 - 0.00 0.00

CG Portfolio Fund Plc (IRL)Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 00 353 1 542 2000FSA Recognised

Real Return Cls A £ 195.65 195.65 -0.98 1.40

CG Dollar Fund £ 141.71 141.71 -1.36 1.05

Capital Value Fund Cls V £ 117.99 117.99 -0.10 0.17

CG Portfolio Fund Ltd (CYM)Regulated

NAV £ 24323.65 - -31.01 0.74

CP Global Asset Mgmnt P/ Ltd. (CYM)186A, Telok Ayer Street, Singapore 068632, Tel 65 6222 5366Regulated

CP Multi-Strategy Currency Fund (USD) $ 96.14 - -0.13 -

CACEIS (Switzerland) SATel: +41 22 360 94 00 www.caceis.ch

Other International Funds

Dynamic Ratchet Bond Fund-Japan ¥ 4757.00 - 8.00 0.00

Capita Financial Managers (Ireland) Limited (IRL)1 Adelaide Court, Adelaide Road, Dublin 2, Ireland +353 1 400 5300Regulated

CF Heartwood Multi Asset B Acc Nav 121.56 - 0.28 0.00

Capital International funds services (LUX)6, route de Trèves, L-2633 Senningerberg,LuxembourgCapital International is part ofThe Capital Group Companieswww.capitalinternationalfunds.comFSA Recognised

Growth Funds

Cap Int All Ctry Eq B SFr 15.26 - 0.08 0.00

Cap Int All Ctry Eq B € 12.71 - 0.07 0.00

Cap Int All Ctry Eq B $ 16.01 - 0.06 0.00

Fund Bid Offer D+/- Yield

Cap Int All Ctry Eq BD £ 10.21 - 0.01 0.01

Cap Int Emerg Asia Eq B SFr 7.57 - 0.04 0.00

Cap Int Emerg Asia Eq B € 6.30 - 0.03 0.00

Cap Int Emerg Asia Eq B $ 7.95 - 0.05 0.00

Cap Int Emerg Asia Eq Bd £ 5.08 - 0.00 0.00

Cap Int Global Equity B $ 14.98 - 0.04 0.00

Cap Int Global Equity BD £ 9.31 - 0.01 0.12

Cap Int Global Equity B SFr 14.28 - 0.06 0.00

Cap Int Global Equity B € 11.89 - 0.05 0.00

Cap Int European Eq BD £ 7.22 - -0.01 1.13

Cap Int European Eq B € 9.69 - 0.02 0.00

Cap Int European Eq B SFr 11.63 - 0.01 0.00

Cap Int European Eq B $ 12.20 - -0.01 0.00

Cap Int Japan Equity B € 6.63 - 0.13 0.00

Cap Int Japan Equity B $ 8.35 - 0.14 0.00

Cap Int Japan Equity B SFr 7.96 - 0.15 0.00

Cap Int Japan Equity BD £ 5.31 - 0.08 0.00

Cap Int AsiaP ex Jp Eq B SFr 14.06 - 0.16 0.00

Cap Int AsiaP ex Jp Eq B € 11.71 - 0.13 0.00

Cap Int AsiaP ex Jp Eq B $ 14.75 - 0.14 0.00

Cap Int Asia Pex Jp Eq BD £ 9.03 - 0.07 0.31

Cap Int Em Mkts Fund BD £ 49.12 - 0.21 0.34

Cap Int Em Mkts Fund B SFr 75.48 - 0.63 0.00

Cap Int Em Mkts Fund B € 62.85 - 0.53 0.00

Cap Int Em Mkts Fund B $ 79.35 - 0.85 0.00

Growth and Income Funds

Cap Int Glb Growth Inc BD £ 8.52 - 0.00 0.65

Cap Int Glb Growth Inc B € 11.09 - 0.05 0.00

Cap Int Glb Growth Inc B SFr 13.31 - 0.05 0.00

Cap Int Glb Growth Inc B $ 13.96 - 0.03 0.00

Cap Int Eur Growth Inc B € 14.94 - 0.02 0.00

Cap Int Eur Growth Inc B SFr 17.95 - 0.03 0.00

Cap Int Eur Growth Inc B $ 18.82 - -0.01 0.00

Cap Int Eur Growth Inc BD £ 11.18 - -0.02 1.63

Cap Int US Growth Inc B € 13.12 - 0.05 0.00

Cap Int US Growth Inc B SFr 15.76 - 0.06 0.00

Cap Int US Growth Inc B $ 16.53 - 0.04 0.00

Cap Int US Growth Inc BD £ 10.47 - 0.00 0.19

Objective Based Funds

Cap Int Em Mk Tot Opp B SFr 10.53 - 0.06 0.00

Cap Int Em Mk Tot Opp B € 8.76 - 0.05 0.00

Cap Int Em Mk Tot Opp B $ 11.06 - 0.08 0.00

Cap Int Em Mk Tot Opp Bd £ 6.88 - 0.02 2.24

Cap Int Gbl Abs Inc Grow B $ 10.05 - 0.09 0.00

Income Funds

Cap Int Em Mkts Debt B SFr 12.51 - 0.04 0.00

Cap Int Em Mkts Debt B € 10.42 - 0.04 0.00

Cap Int Em Mkts Debt B $ 13.15 - 0.07 0.00

Cap Int Em Mkts Debt Bd £ 7.95 - -0.01 4.18

Cap Int Em Mk LocCur Dbt B $ 10.47 - 0.08 0.00

Cap Int Em Mk US$ Debt B $ 10.27 - 0.06 0.00

Cap Int Euro Bond B SFr 16.24 - 0.02 0.00

Cap Int Euro Bond B £ 8.81 - -0.03 1.64

Cap Int Euro Bond B $ 17.03 - -0.01 0.00

Cap Int Euro Bond BD € 13.52 - 0.02 0.00

Cap Int Glb H Inc Opp B SFr 29.29 - 0.10 0.00

Cap Int Glb H Inc Opp B € 24.39 - 0.08 0.00

Cap Int Glb H Inc Opp B $ 30.72 - 0.05 0.00

Cap Int Glb H Inc Opp BD £ 12.73 - -0.01 5.04

Cap Int Global Bond B SFr 18.75 - 0.04 0.00

Cap Int Global Bond B € 15.61 - 0.03 0.00

Cap Int Global Bond B $ 19.66 - 0.00 0.00

Cap Int Global Bond BD £ 10.49 - -0.02 -

Luxembourg Capital International is part of The Capital Group Companies

CATCo Reinsurance Opportunities Fund Ltd. (UK)9 Par-La-Ville Road, S E Pearman Building, 2nd Floor, Hamilton, BermudaAuthorised Funds

CATCo Re Opps Fund Ords $ 1.0611 - -0.0427 4.81

CATCo Re Opps Fund C-shares $ 1.1049 - 0.0125 4.62

CATCo Reinsurance Fund Ltd. (BMU)Regulated

CATCo Re Fund Ltd Series A $ 1124.4607 - 10.4968 -

CATCo Re Fund Ltd Series B $ 1134.3871 - 11.1740 -

Cedar Rock Capital Limited (IRL)Regulated

Cedar Rock Capital Fd Plc $ 250.71 - 6.72 0.00

Cedar Rock Capital Fd Plc £ 253.21 - 4.35 0.00

Cedar Rock Capital Fd Plc € 207.19 - 1.77 0.00

The Charlemagne Fund (CYM)Regulated

NAV EUR € 239.89 - -5.90 -

NAV USD $ 238.42 - -5.84 -

Charlemagne Capital (IOM) LtdOther International Funds

OCCO Eastern European $ 342.21 - -0.04 0.00

Charlemagne New Frontiers R $ 12.68 - -0.12 0.00

Magna Umbrella Fund PLC

Magna Africa R € 8.74 - 0.01 0.00

Magna Eastern European R € 7.75 - 0.15 0.00

Magna Emerging Mkts Div Fd R Acc € 10.37 - 0.11 0.00

Magna Emerging Mkts Div Fd R Dist € 9.64 - 0.10 6.06

Magna Global Emerging Markets R € 7.89 - 0.04 0.00

Magna Latin American R € 9.36 - 0.09 0.00

Magna Mena R * € 11.26 - -0.05 0.00

Magna New Frontiers R € 8.14 - -0.01 0.00

Magna Turkey R € 9.14 - -0.01 0.00

Magna Undervalued Ass Fd R € 8.91 - -0.02 0.00

Charles Schwab Worldwide Funds Plc (IRL)Regulated

Schwab USD Liquid Assets Fd $ 1.00 - 0.00 -

Chartered Asset Management PTE LtdOther International Funds

CAM-GTF Limited $ 358131.02 358131.02 -2335.13 0.00

CAM GTi Limited $ 1080.41 - -55.47 0.00

Raffles-Asia Investment Company $ 2.37 2.37 -0.04 2.20

Cheyne Capital Management (UK) LLP (IRL)Cheyneinvestor.Relations@cheynecapital.comRegulated

Cheyne Convertibles Absolute Return Fund € 1089.77 - 2.10 0.00

Cheyne Convertibles Absolute Return Fund $ 1086.29 - 2.10 0.00

Cheyne Convertibles Absolute Return Fund £ 1064.92 - 2.06 0.00

Cheyne Capital Management (UK) LLPOther International Funds

Cheyne European Event Driven Fund € 129.62 - -3.89 0.00

Cheyne High Income Credit Fund EUR Inst € 114.10 - -6.17 -

Cheyne Real Estate Debt Fund Class A1 £ 139.53 - 0.97 -

Cheyne Long/Short Credit Fund $ 168.96 - -1.94 0.00

City Financial Asian Absolute Growth Fund(CYM)Regulated

Asian Absolute Growth Class A $ 101.41 - -0.10 0.00

Asian Absolute Growth Class C $ 105.10 - -0.05 0.00

Fund Bid Offer D+/- Yield

City of London Inv Mgmt Co Ltd (IRL)2nd Floor, Guild House, Guild Street, Dublin 1 00 353 1 448 5033FSA Recognised

The Em.Mkt Value & Growth GBP-Inst £ 10.49 - 0.06 0.00

The Em.Mkt Value & Growth GBP-Ret £ 10.33 - 0.05 0.00

The Emerging World USD - Retail A $ 57.46 - 0.41 0.00

The Emerging World USD - Instl $ 60.77 - 0.44 -

The Natural Resources USD Retail A F $ 5.88 - 0.10 0.00

The Natural Resources USD - Instl $ 6.01 - 0.09 0.00

CMI Asset Mgmt (Luxembourg) SA (LUX)23 route d'Arlon, L-8010 Strassen Lux 00 352 3178311FSA Recognised

CMI Global Network Fund (u)

Regional Equity Sub Funds

CMI Continental Euro Equity € 19.88 - 0.10 1.31

CMI Pacific Basin Enhanced Equity $ 38.83 - 0.58 2.21

Single Country Equity Sub Funds

CMI German Equity F € 41.67 - 0.44 1.60

CMI Japan Enhanced Equity F ¥ 2138.40 - 36.30 1.56

CMI UK Equity £ 9.87 - -0.03 2.00

CMI US Enhanced Equity F $ 50.29 - 0.50 0.62

Index Tracking Sub Funds

Euro Equity Index Tracking € 12.71 - -0.04 4.12

Japan Index Tracking ¥ 401.13 - 6.78 1.73

UK Eqty Index Tracking £ 12.62 - 0.00 3.13

US Eqty Index Tracking $ 37.75 - 0.38 -

Managed Sub Funds

Global Bond £ 1.64 - -0.01 1.42

Global Network Mgd Global Mxd £ 1.91 - 0.00 0.83

Global Equity £ 1.90 - 0.00 0.60

Bond Sub Funds

CMI Euro Bond F € 41.55 - 0.04 3.23

CMI Japanese Bond ¥ 1702.16 - 1.37 0.50

CMI UK Bond £ 8.21 - 0.06 2.53

CMI US Bond $ 13.88 - 0.03 1.88

Currency Reserve Sub Funds

CMI Euro Currency Reserve € 25.60 - 0.00 0.81

CMI Stlg Currency Reserve £ 5.02 - 0.00 0.72

CMI US Dllr Currency Reserve $ 9.96 - 0.00 0.00

CMI Access 80% Gu F € 5.53 - 0.00 0.00

CMI Fund Managers (IoM) (IOM)Clerical Medical Hse, Victoria Road, Douglas, IoM IM99 1LT 01624 625599FSA Recognised

CMI High Income PLC £ 0.4973 0.5291 0.0028 2.99

CMI Sterling Roll Up PLC £ 2.9549 3.1440 0.0157 0.00

Maximum Permitted Charge 8.5%

Cohen & Steers SICAV (LUX)Regulated

European Real Estate Securities € 12.63 - 0.17 2.55

Europ.RealEstate Sec. IX € 15.30 - 0.21 0.00

Gbl RealEstate Sec. I $ 8.28 - 0.07 2.89

Gbl RealEstate Sec. IX $ 9.30 - 0.08 0.00

Comgest SA (LUX)17 square Edouard VII - 75009 Paris, www.comgest.comFSA Recognised

Comgest Asia F $ 3042.70 - 17.91 0.00

Comgest Europe F SFr 4006.29 - -6.63 0.00

Comgest Far East Limited (LUX)Regulated

Comgest Panda $ 2101.33 - 12.74 0.00

Comgest Far East Limited (KYG)

Other International Funds

C.F.E. ONYX FUND $ 39.10 - -2.95 0.00

Comgest SA (FRA)17 square Edouard VII - 75009 ParisFSA Recognised

Comgest Magellan € 1524.13 - 9.75 0.00

Comgest AM International Ltd (IRL)46 St Stephen's Green, Dublin 2, IrelandFSA Recognised

Comgest Gth Asia ex Jap DIS F $ 5.40 - 0.03 130.99

Comgest Gth Emerging Mkt DIS F $ 26.83 - 0.28 0.19

Comgest Gth Europe DIS F € 12.49 - -0.01 0.00

Comgest Gth GEM PC DIS F € 9.38 - 0.12 0.28

Coupland Cardiff Funds Plc (IRL)31/32 St James's Street, London, SW1A 1HDFSA Recognised

CC Asia Alpha Fd - Cls A Euro € 12.57 12.57 0.07 0.00

CC Asia Alpha Fd - Cls B USD $ 12.22 12.22 0.07 0.00

CC Asia Alpha Fd - Cls C GBP £ 12.05 12.05 0.07 0.00

CC Japan Alpha Fd - Cls A Euro € 4.28 4.28 -0.02 0.00

CC Japan Alpha Fd - Cls B GBP £ 4.60 4.60 -0.02 0.00

CC Japan Alpha Fd - Cls C JPY ¥ 440.05 440.05 -2.12 0.00

CC Asian Evolution Fd. Cls A USD $ 12.58 12.58 -0.06 0.00

CC Asian Evolution Fd. Cls B GBP £ 11.86 11.86 -0.05 0.00

CC Asian Evolution Fund - Cls C USD Acc $ 13.76 13.76 -0.11 0.00

Coutts (IRL)RBS Asset Management (Dublin) LimitedGuild Hse, P.O. Box 4935, Guild St, IFSC Dublin 1 00 353 1 642 8400FSA Recognised

Coutts Investment Programmes

Cont EUR Spec Equity Ser 1 F € 76.11 - 0.92 -

Cont EUR Spec Equity Ser 2 F € 78.66 - 0.95 0.61

Cont EUR Spec Equity Ser 5 F € 78.75 - 0.96 0.86

UK Equity Index Programme Ser 1 F £ 21.43 - 0.08 3.02

UK Equity Index Programme Ser 2 F £ 21.70 - 0.08 3.41

UK Equity Index Programme Ser 5 F £ 21.88 - 0.08 3.65

UK Specialist Eqty Pro Ser 1 F £ 15.37 - 0.15 0.16

UK Specialist Eqty Pro Ser 2 F £ 15.60 - 0.15 1.07

UK Specialist Eqty Pro Ser 5 F £ 15.62 - 0.15 1.31

US Equity Index Programme Ser 1 F $ 45.80 - 0.46 0.57

US Equity Index Programme Ser 2 F $ 46.66 - 0.48 0.92

US Equity Index Programme Ser 5 F $ 46.79 - 0.48 1.14

Contl Eurp Eqty Index Prog Ser 1 F € 237.99 - 2.72 2.49

Contl Eurp Eqty Index Prog Ser 2 F € 242.52 - 2.78 2.80

Contl Eurp Eqty Index Prog Ser 5 F € 242.98 - 2.78 3.07

US Sovereign Bond Index Prog Ser 1 F $ 24.60 - 0.04 1.73

US Sovereign Bond Index Prog Ser 2 F $ 24.68 - 0.03 1.92

US Sovereign Bond Index Prog Ser 5 F $ 24.99 - 0.03 2.17

Continental Eurp Sovereign Bond Index Prog Ser 1 F € 116.19 - 0.68 3.02

Continental Eurp Sovereign Bond Index Prog Ser 2 F € 116.60 - 0.68 3.18

Japan Specialist Equity Programme Series 1 F ¥ 2944.00 - 45.00 -

Japan Specialist Equity Programme Series 2 F ¥ 3160.00 - 49.00 0.78

Japan Specialist Equity Programme Series 5 F ¥ 3167.00 - 49.00 1.05

Swiss Equity Pro Ser 1 F SFr 200.56 - 0.36 0.33

Swiss Equity Pro Ser 2 F SFr 204.94 - 0.37 0.20

Swiss Equity Pro Ser 5 F SFr 205.13 - 0.37 0.47

Pac Basin Eqty Pro Ser 1 F $ 46.24 - 0.82 1.30

Pac Basin Eqty Pro Ser 2 F $ 47.31 - 0.84 1.57

Pac Basin Eqty Pro Ser 5 F $ 47.59 - 0.85 1.84

UK Sovereign Bond Index Prog Ser 1 F £ 14.54 - 0.08 3.06

UK Sovereign Bond Index Prog Ser 2 F £ 14.59 - 0.08 3.25

UK Sovereign Bond Index Prog Ser 5 F £ 14.70 - 0.08 3.50

Swiss Franc Pro Ser 1 F SFr 104.38 - -0.09 1.60

Swiss Franc Pro Ser 2 F SFr 105.56 - -0.09 1.78

Coutts Equator Emerging Markets 1 F $ 31.03 - 0.38 1.31

Coutts Equator Emerging Markets 2 F $ 31.11 - 0.38 1.44

Coutts Equator Emerging Markets 5 F $ 31.16 - 0.38 1.71

Global Investment Grade Programme USD S1 F $ 108.18 - 0.35 2.98

Global Investment Grade Programme EUR S1 F € 106.28 - 0.33 2.98

Fund Bid Offer D+/- Yield

Global Investment Grade Programme GBP S1 F £ 111.94 - 0.33 2.98

Global Investment Grade Programme CHF S1 FSFr 98.87 - 0.31 2.98

Global Investment Grade Programme USD S2 F $ 109.21 - 0.36 3.13

Global Investment Grade Programme EUR S2 F € 107.55 - 0.34 3.13

Global Investment Grade Programme GBP S2 F £ 110.86 - 0.33 3.13

Global Investment Grade Programme CHF S2 FSFr 99.51 - 0.32 3.13

Global Investment Grade Programme GBP S5 F £ 111.31 - 0.33 3.38

UK Specialist Equity Income Ser 1 F £ 7.91 - 0.05 3.03

UK Specialist Equity Income Ser 2 F £ 7.93 - 0.05 4.41

UK Specialist Equity Income Ser 5 F £ 7.93 - 0.04 4.66

Absolute Rtn Multi Asset Prog Ser 1 GBP F £ 9.66 - 0.00 -

Absolute Rtn Multi Asset Prog SER 2 GBP F £ 9.77 - 0.01 -

Absolute Rtn Multi Asset Prog SER 2 USD F $ 9.73 - 0.00 -

Absolute Rtn Multi Asset Prog SER 2 EUR F € 9.77 - 0.01 -

Absolute Rtn Multi Asset Prog SER 5 GBP F £ 9.82 - 0.01 -

Absolute Rtn Multi Asset Prog SER 5 USD F $ 9.84 - 0.00 -

Absolute Rtn Multi Asset Prog SER 5 EUR F € 9.90 - 0.00 -

Absolute Rtn Multi Asset Prog SER 9 GBP F £ 9.87 - 0.01 -

Absolute Rtn Multi Asset Prog SER 9 USD F $ 9.81 - 0.00 -

Absolute Rtn Mutli Asset Prog Ser 9 EUR F € 9.58 - 0.00 -

** 30 day average yield

Coutts (IRL)Regulated

Coutts Liquidity Fund Plc

Dollar Ser 1 $ 1.00 - 0.00 0.05

Dollar Ser 3 $ 68.97 - 0.00 0.05

Dollar Ser 4 $ 67.38 - 0.00 0.01

Dollar Ser 5 $ 1.00 - 0.00 0.20

Sterling Ser 1 £ 1.00 - 0.00 0.36

Sterling Ser 3 £ 60.24 - 0.00 0.36

Sterling Ser 4 £ 58.74 - 0.00 0.26

Sterling Ser 5 £ 1.00 - 0.00 0.51

Euro Ser 1 € 1.00 - 0.00 0.03

Euro Ser 3 € 73.69 - 0.00 0.03

Euro Ser 4 € 71.87 - 0.00 0.01

Euro Ser 5 € 1.00 - 0.00 0.18

CQS Cayman LP (CYM)Regulated

Conv & Quantitative Fund (Final) $ 2767.24 - -9.81 -

Directional Opportunities (Final) $ 3415.42 - 5.37 -

ABS Fund (Final) $ 4133.29 - 39.49 0.00

Diversified Fund (Final) $ 1492.88 - 2.04 -

Asia Fund (Final) $ 1199.19 - -7.99 0.00

Credit Long Short Fund (Final) $ 1148.54 - 6.36 -

Crèdit Andorrn Asset Management (LUX)www.creditandorra.comFSA Recognised

Crediinvest SICAV Money Market Eur I € 11.22 - 0.00 0.00

Crediinvest SICAV Money Market Usd A $ 10.02 - 0.00 0.00

Crediinvest SICAV Fixed Income Eur € 10.18 - 0.00 0.00

Crediinvest SICAV Fixed Income Usd $ 10.34 - 0.00 0.00

Crediinvest SICAV Spanish Value € 172.77 - 3.34 0.00

Crediinvest SICAV International Value € 150.10 - 1.76 0.00

Crediinvest SICAV Big Cap Value € 12.42 - 0.23 0.00

Crediinvest SICAV US Multistrategy $ 12.14 - 0.10 0.00

Crediinvest SICAV Sustainability € 11.36 - 0.02 0.00

Daiwa Europe Fund Mgrs Ireland Ltd (IRL)Regulated

Monthly Dividend High Yield $ 6.85 - 0.01 0.00

Daiwa Gaika MMF

AU$ Portfolio A$ 0.01 - 0.00 -

US$ Portfolio $ 0.01 - 0.00 -

Euro Portfolio € 0.01 - 0.00 -

Canadian Dllr Pfolio C$ 0.01 - 0.00 -

New Zealand Dllr Pfolio NZ$ 0.01 - 0.00 -

Daiwa Bond Series

Monthly Dividend AUD Bd A$ 10.37 - -0.03 0.00

Monthly Dividend EUR Bd € 9.80 - 0.04 0.00

Monthly Dividend CAD Bd C$ 10.50 - 0.02 0.00

Mthly Div US Preferred Secs $ 7.06 - 0.05 0.00

Daiwa Equity Fund Series

New Major Economies $ 10.47 - 0.15 0.00

Global CB $ 9.59 - 0.04 0.00

Dantrust Management (Guernsey) Ltd (GSY)Regulated

Dantrust II Limited kr 355.20 356.90 -11.00 0.00

DAVIS Funds SICAV (LUX)Regulated

Davis Value A $ 27.33 - 0.25 0.00

Davis Value B $ 24.10 - 0.22 0.00

Davis Global A $ 20.10 - 0.21 0.00

Davis Global B $ 17.81 - 0.19 0.00

Deutsche Investment Funds Ltd (IRL)Regulated

Deutsche Americas Bond Fund $ 64.74 - 0.19 0.00

CABEI Central America Fund $ 1909.99 - 4.21 0.00

Dodge & Cox Worldwide Funds (IRL)111 Buckingham Palace Road Victoria, London SW1W 0SRwww.dodgeandcox.worldwide.com 020 7340 8695FSA Recognised

Dodge & Cox Worldwide Funds plc-Global Stock Fund

USD Accumulating Share Class $ 10.31 - 0.15 0.00

GBP Accumulating Share Class £ 10.81 - 0.07 0.00

EUR Accumulating Share Class € 12.23 - 0.14 0.00

Dodge & Cox Worldwide Funds plc-International Stock Fund

USD Accumulating Share Class $ 9.87 - 0.15 0.00

EUR Accumulating Share Class € 9.18 - 0.12 0.00

Dodge & Cox Worldwide Funds plc-U.S. Stock Fund

USD Accumulating Share Class $ 10.75 - 0.13 0.00

GBP Accumulating Share Class £ 10.66 - 0.04 0.00

EUR Accumulating Share Class € 11.03 - 0.11 0.00

Dominion Fund Management LimitedPO Box 660 Ground Floor, Tudor House Le Bordage St Peter PortGuernsey - Channel Islands United Kingdom GY1 3PU+44(0)1481 734343 info@dominion-funds.gg www.dominion-funds.com

Other International Funds

Dominion CHIC Fd £ DC Class £ 11.62 - 0.02 0.00

Dominion CHIC Fd £ IC Class £ 11.63 - 0.02 0.00

Dominion CHIC Fd € DC Class € 9.75 - 0.07 0.00

Dominion CHIC Fund GBP R Class £ 99.72 - 0.14 -

Dominion CHIC Fd € IC Class € 9.76 - 0.07 0.00

Dominion CHIC Fd US$ DC Class $ 9.13 - 0.08 0.00

Dominion CHIC Fd US$ IC Class $ 9.14 - 0.08 0.00

Dominion CHIC Fund CHF DC ClassSFr 99.08 - 0.75 0.00

Fund Bid Offer D+/- Yield

Dominion CHIC Fund GBP R Class £ 99.72 - 0.14 -

Dominion CHIC Fund CHF IC ClassSFr 99.08 - 0.75 0.00

DX EVOLUTION PCC LIIMITED - DXE (€) FUND € 100.00 - - -

DX EVOLUTION PCC LIMITED - DXE (US$) FUND $ 100.00 - - -

Dragon Capital Management1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, VietnamFund information, dealing and administration: funds@dragoncapital.com

Other International Funds

Vietnam Enterprise Investments (VEIL) $ 2.35 - -0.01 0.00

Vietnam Growth Fund (VGF) $ 15.12 - -0.01 0.00

Edinburgh Partners Limited (IRL)12 Charlotte Square, Edinburgh, EH2 4DJ +353 1 673 7627Dealing - Fax only - +353 1 607 1978FSA Recognised

Edinburgh Partners Opportunities Fund PLC

European Opportunities I EUR F € 1.62 - 0.02 -

European Opportunities I GBP F £ 1.31 - 0.01 -

European Opportunities I USD F $ 2.04 - 0.03 2.48

European Opportunities A EUR F € 1.59 - 0.02 1.78

Global Opportunities I USD F $ 1.22 - 0.02 2.30

Global Opportunities I GBP F £ 0.78 - 0.01 2.26

Global Opportunities I EUR F € 0.97 - 0.01 2.18

Global Opportunities A GBP F £ 0.74 - 0.00 1.69

Pan European Opportunities Fund Class I - EUR € 1.04 - 0.02 -

EFG HermesDIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAEContact: Telephone + 971 4 363 4029 Email AMsales@EFG-HERMES.com

Other International Funds

The EFG-Hermes Egypt Fund $ 25.47 - -0.21 0.00

MENA Fixed Income Fund Ltd (Class A: Sub Class 1) $ 1032.40 - 11.55 0.00

Middle East & Developing Africa Fund (Final) $ 18.45 - 0.16 0.00

Saudi Arabia Equity Fund SR 7.51 - 0.02 0.00

Egerton Capital European Fund Plc (IRL)Regulated

Egerton Capital Equity Fund Plc £ 161.25 - -0.35 0.00

Egerton European Dollar Fund LtdOther International Funds

European Dollar USD NAV A $ 109.84 - 0.11 0.00

Egerton European Dollar USD NAV B1 $ 110.63 - 0.10 0.00

European Dollar USD NAV C1 $ 114.94 - 0.11 0.00

Egerton European Equity Fund LtdOther International Funds

NAV A € 54.39 - 0.07 -

NAV B1 € 54.67 - 0.06 0.00

NAV C1 € 56.71 - 0.07 0.00

Ennismore Smaller Cos Plc (IRL)5 Kensington Church St, London W8 4LD 020 7368 4220FSA Recognised

Ennismore European Smlr Cos NAV £ 63.41 - -0.22 0.00

Ennismore European Smlr Cos NAV € 78.57 - 0.06 0.00

Ennismore European Smlr Cos Hedge FdOther International Funds

NAV € 294.42 - -1.82 0.00

Equinox Fund Mgmt (Guernsey) Limited (GSY)Regulated

Equinox Russian Opportunities Fund Limited $ 141.35 - -36.77 0.00

Ermitage Group FundsOther International Funds

Money Funds

Ermitage Money Market Fund Sterling £ 18.53 - 0.00 0.00

Ermitage Money Market Fund US $ $ 15.73 - 0.00 0.00

Ermitage Money Market Fund Euro € 13.50 - 0.00 0.00

Hedge Funds

Asset Selection A USD (Est) $ 16.81 - -0.19 -

Asset Selection H USD (Est) $ 12.16 - -0.14 -

Global Multi Strategy Fund B USD (Est) $ 110.81 - -0.27 -

European Absolute Fd EUR (Est) € 29.64 - -0.48 -

European Absolute B EUR (Est) € 98.89 - -1.61 -

Distressed and Event Alpha Class (Est) $ 206.76 - -0.64 -

Global Long/Short Fund Class B USD Series 2 (Est) $ 98.85 - -2.25 -

Global Dynamic Trading Fund Class A USD (Est) $ 80.49 - -0.70 -

Ermitage Selz Fund US$ (Est) $ 296.58 - -24.06 0.00

Managed Funds

Gbl Wealth Mgt Strategies Ltd A GBP £ 10.98 - -0.07 0.00

Gbl Wealth Mgt Strategies Ltd C GBP £ 11.75 - -0.02 0.00

Gbl Wealth Mgt Strategies Ltd E GBP £ 10.80 - -0.04 0.00

Euronova Asset Management UK LLP (CYM)Regulated

Smaller Cos Cls One Shares € 21.43 - -0.03 0.00

Smaller Cos Cls Two Shares € 15.36 - -0.02 0.00

Smaller Cos Cls Three Shares € 7.60 - -0.01 -

Smaller Cos Cls Four Shares € 10.30 - -0.02 0.00

Eurobank EFG Fund Management Company (Lux) S.A. (LUX)Regulated

(LF) Absolute Return € € 1.14 - 0.00 0.00

(LF) Absolute Return II € € 9.96 - 0.06 0.00

(LF) Balanced - Active Fund (RON)RON 13.24 - 0.04 0.00

(LF) Balanced - Polish Fund (PLN) Zty 6.69 - 0.03 0.00

(LF) Eq Dynamic Polish (PLN) Zty 5.31 - 0.06 0.00

(LF) Eq Flexi Style Greece € € 0.68 - 0.02 0.00

(LF) Turkish Equities € € 12.19 - 0.05 0.00

(LF) Eq Emerging Europe € € 0.85 - 0.01 0.00

(LF) Global Equities € € 0.75 - 0.01 0.00

(LF) Greek Equities € € 0.15 - 0.01 0.00

(LF) Greek Government Bond € € 6.02 - -0.48 0.00

(LF) Cash Fund € € 1.10 - 0.00 0.00

(LF) Cash Fund (PLN) Zty 10.97 - 0.00 0.00

(LF) Cash Fund (RON) RON 13.69 - 0.06 0.00

(LF) Income Plus $ $ 1.17 - 0.00 0.00

(LF) Money Mkt Fund - Res € € 10.04 - 0.00 -

(LF) FOF Balanced Blend € € 1.04 - 0.00 0.00

(LF) FOF BRIC € € 0.77 - 0.01 0.00

(LF) FOF Equity Blend € € 0.84 - 0.01 0.00

(LF) FOF Real Estate € € 10.21 - 0.08 -

(LF) FOF New Frontiers € € - - - -

Federated International Funds Plc (u) (IRL)c/o BNYM, Guild House, Guild Street IFSC, Dublin 1, IrelandFSA Recognised

Federated High Income Advantage

USD Institutional Service Series $ 32.93 - 0.07 0.00

EUR Institutional Series H € 206.23 - 0.37 0.00

Federated US Bond Fund

Euro Shares- Instl Series F € 141.21 - 0.34 0.00

Federated Short-Term US Treasury Securities

Institutional Serv Series $ 1.00 - 0.00 0.00

Institutional Series H $ 1.00 - 0.00 0.00

Federated Short-Term US Govt Securities Fund

Institutional Serv Series $ 1.00 - -9.17 0.00

Investment Series $ 1.00 - 0.00 0.00

Investment Gth Series $ 168.92 - 0.00 0.00

Full fund performance data atwww.ft.com/funds MARKETS | MANAGED FUNDS SERVICE

JUNE 19 2012 Section:Stats Time: 18/6/2012 - 19:05 User: watsonl Page Name: UT4 EUR, Part,Page,Edition: EUR, 20, 1

FINANCIAL TIMES TUESDAY JUNE 19 2012 ★ 21

Fund Bid Offer D+/- Yield

Institutional Series H H $ 1.00 - 0.00 -

Federated Short-Term US Prime Fund

Institutional Service Series $ 1.00 - 0.00 0.00

Institutional Series $ 1.00 - 0.00 0.13

Investment - Dividend Ser H $ 1.00 - 0.00 0.00

Institutional Services - Dividend Ser H $ 1.00 - 0.00 0.00

Institutional Shares Accumulating F $ 107.52 - 0.00 0.00

Federated Short-Term Euro Fund

Institutional Series H € 1.00 - 0.00 0.36

Institutional Service Series H € 1.00 - 0.00 0.19

Institutional Series Accumulating H € 119.86 - 0.00 0.00

Institutional Service Series Accumulating H € 114.71 - 0.00 0.00

Federated Short Term Sterling Liquidity Fund

Institutional Series H £ 1.00 - 0.00 -

Institutional Service Dividend Series H £ 1.00 - 0.00 -

Federated Strategic Value Equity Fund

Class A Shares F $ 7.99 - 0.02 3.02

Class C Shares F $ 7.99 - 0.03 3.02

FIL Fund Management (LUX)2a, rur Albert Borschette, BP 2175, L-1021, LuxembourgPhone: 800 22 089, 800 22 088Regulated

China Consumer A-GBP £ 9.73 - 0.00 0.00

China Focus A-GBP £ 3.04 - 0.01 0.00

China Opportunities A-GBP £ 0.93 - 0.00 0.02

Global Financial Services A-GBP £ 0.27 - 0.00 0.00

Global Health Care A-GBP £ 0.29 - 0.00 0.00

Global Industrials A-GBP £ 0.55 - 0.00 0.00

Global Inflation-Linked Bd A-GBP-Hdg £ 1.24 - 0.00 1.03

Global Real Asset Securities £ 1.21 - 0.00 0.00

Global Technology A-GBP £ 0.14 - 0.00 0.00

Global Telecomms A-GBP £ 0.22 - 0.00 1.93

India Focus A-GBP £ 2.88 - 0.04 -

Latin America A-GBP £ 2.02 - 0.00 0.26

Findlay Park Funds Plc (IRL)Styne House, Upper Hatch Street, Dublin 2 Tel: 00 353 1603 6460FSA Recognised

American Fund USD Class $ 50.22 - 0.38 0.00

American Fund GBP Hedged £ 27.38 - 0.38 0.00

Latin American Fund USD Class $ 16.90 - 0.26 0.00

Fitzwilliam Asset Mgmt (Guernsey) Ltd (GSY)Regulated

Total Return Fund PCC Ltd

Fitzwilliam Opprtunity Dollar $ 116.61 - -0.76 0.00

Fitzwilliam Opprtunity Sterling £ 130.46 - -0.68 -

The TRF Commodity Plus Dollar Fund $ 123.95 - 1.04 0.00

The TRF Commodity Plus Sterling Fund £ 121.56 - 1.05 0.00

Foord Asset Mgt (Guernsey) Ltd (GSY)Regulated

Foord International Trust $ 27.57 - 0.16 0.00

Fiduciary International Ireland Limited (IRL)JPMorgan House - International Financial Services Centre,Dublin 1, IrelandOther International Funds

Franklin Templeton Emerging Market Debt Opportunities Fund Plc

Frk Templeton Emg Mkts Debt Opp CHFSFr 18.58 - -0.28 6.19

Frk Templeton Emg Mkts Debt Opp GBP £ 10.53 - -0.17 6.08

Frk Templeton Emg Mkts Debt Opp EUR € 13.05 - -0.19 6.12

Frk Templeton Emg Mkts Debt Opp USD $ 18.01 - -0.50 6.28

Franklin Templeton Investment Funds (LUX)26 Bld Royal L-2449 Luxembourg 00 352 466667 212www.franklintempleton.co.uk UK freephone 0 800 305 306FSA Recognised

Class A Dis

Frk Gbl R.Estate (USD) A Dis $ 7.87 - 0.06 -

Frk High Yield $ 6.73 - 0.01 6.46

Frk High Yield (Euro) € 6.08 - 0.02 6.14

Frk Income $ 11.18 - 0.07 4.74

Frk US Government $ 9.80 - -0.01 2.68

Frk US Liquid Reserve Inc $ 9.72 - 0.00 0.00

Frk US Total Return $ 10.97 - 0.03 2.17

Frk US Low Duration Fd $ 9.65 - 0.01 0.54

Tem Asian Bond $ 13.49 - 0.07 -

Tem Asian Growth $ 28.95 - 0.37 0.07

Tem Emerging Markets $ 31.37 - 0.26 0.00

Tem Emg Mkts Bd $ 18.83 - 0.05 5.56

Tem Emg Mkts Balanced AQdis $ 8.71 - 0.11 1.51

Tem Euro Gov. Bond € 9.67 - 0.05 1.79

Tem Euro Liquid Reserve € 4.43 - 0.00 0.88

Tem Europ Corp Bond Fd F € 10.18 - 0.03 2.81

Tem European Total Return € 8.57 - 0.05 2.87

Tem Global $ 21.90 - 0.37 0.64

Tem Global (Euro) € 10.91 - 0.16 0.21

Tem Global Aggregate Bond Fd F $ 9.67 - 0.05 1.65

Tem Global Balanced $ 17.48 - 0.20 1.85

Tem Global Bond $ 19.26 - 0.08 2.92

Tem Global Bond (Euro) € 10.29 - 0.01 2.33

Tem Global Equity Income $ 7.86 - 0.10 3.79

Tem Global High Yield Fd F $ 9.53 - 0.02 5.60

Tem Global Income $ 11.19 - 0.11 2.19

Tem Global Smaller Cos $ 24.66 - 0.59 0.24

Tem Global Total Return $ 16.38 - 0.08 4.40

Tem Latin America $ 68.84 - 0.71 0.37

Class A Acc

Frk Asia Flex Cap Fd $ 11.87 - 0.15 0.00

Frk Biotech Discovery $ 13.42 - 0.14 0.00

Frk Euroland Core Fund € 11.36 - 0.19 0.00

Frk European Growth € 9.92 - 0.14 0.00

Frk European Sml Mid Cap Gth € 18.36 - 0.20 0.00

Frk Global Conver.Securities $ 9.35 - 0.08 -

Frk Global Growth $ 10.65 - 0.10 0.00

Frk Global Sml Mid Cap Gth $ 19.65 - 0.19 0.00

Frk Gold and Precious Mtls Fd F $ 8.24 - 0.04 0.00

Frk India $ 20.34 - 0.43 -

Frk MENA Fund $ 4.32 - -0.01 0.00

Frk Mutual Beacon $ 47.24 - 0.36 0.00

Frk Mutual Euroland Fd € 10.63 - 0.18 0.00

Frk Mutual European EUR € 15.67 - 0.22 0.00

Frk Mutual Gbl Disc $ 12.56 - 0.16 0.00

Frk Natural Resources Fd F $ 8.34 - 0.15 0.00

Frk Real Return Fd F $ 10.32 - 0.05 0.00

Frk Strategic Income Fd $ 13.17 - 0.04 0.00

Frk Technology $ 7.01 - 0.12 0.00

Frk Tem Global Gth & Val $ 17.54 - 0.21 0.00

Frk Tem Japan ¥ 411.30 - 1.21 0.00

Frk Templeton Gbl Equity Strategies Fd $ 8.74 - 0.11 0.00

Frk Templeton Gbl Fundamental Strat Fd $ 9.92 - 0.10 0.00

Frk U.S. Focus Fund $ 9.76 - 0.12 0.00

Frk US Equity $ 15.95 - 0.16 0.00

Frk US Opportunities $ 7.48 - 0.12 0.00

Frk US Sml Mid Cap Gth F $ 12.68 - 0.20 0.00

Frk Wrld Perspective Fd $ 13.51 - 0.18 0.00

Tem Africa $ 9.64 - 0.01 -

Tem Asian Sml Comp Fd $ 25.69 - -0.05 0.00

Tem BRIC $ 14.06 - 0.25 0.00

Tem China $ 21.22 - 0.33 0.00

Tem Eastern Europe € 19.80 - 0.23 0.00

Tem Emerging Mkts Sml Comp Fd $ 7.11 - 0.02 0.00

Tem Euro S-Term Money Mkt Fd € 1012.78 - 0.01 0.00

Tem Euroland € 11.09 - 0.22 0.00

Tem European EUR € 12.86 - 0.22 0.00

Tem Frontier Mkts Fund $ 14.22 - 0.02 0.00

Tem Growth (Euro) € 9.71 - 0.12 0.00

Tem Korea $ 5.13 - 0.01 0.00

Tem Thailand $ 16.84 - 0.31 0.00

Fund Bid Offer D+/- Yield

Frontier Capital (Bermuda) LimitedOther International

Commercial Property-GBP Class (Susp) £ 98.43 - 0.00 0.00

Global Real Estate-GBP C Class (Susp) £ 96.28 - 0.00 -

GAM Limited (IRL)FSA Recognised

GAM Fund Management Ltd

Georges Court, 54-62 Townsend Street, Dublin 2 + 353 1 6093927

GAM Star Fund Plc

GAM Star Absolute Euro USD Inc F $ 9.99 - 0.03 0.00

GAM Star Asia-Pacific Eqty USD Acc F $ 9.25 - 0.10 0.00

GAM Star Asian Eqty USD Ord Acc F $ 11.90 - 0.10 0.00

GAM Star Cap.Appr.US Eqty USD Inc F $ 10.58 - 0.14 0.00

GAM Star Cat Bond USD Acc $ 10.22 - 0.04 -

GAM Star China Equity USD Acc F $ 16.24 - 0.26 0.00

GAM Star Composite Abs Rtn EUR Ac F € 10.34 - 0.07 0.00

GAM Star Cont European Eqty GBP Acc F £ 2.14 - 0.00 -

GAM Star Cred Opportunities EUR Acc € 9.75 - 0.05 -

GAM Star Cred Opportunities GBP Acc £ 9.76 - 0.02 -

GAM Star Cred Opportunities USD Acc $ 9.49 - 0.03 -

GAM Star Discretionary FX USD Acc F $ 9.36 - 0.06 0.00

GAM Star Dynamic Gbl Bd USD Acc H $ 10.60 - 0.06 0.00

GAM Star Emerging Asia USD Class ACCU $ 10.98 - 0.13 -

GAM Star Emerg. Market Rates USD Acc F $ 10.78 - 0.00 0.00

GAM Star Emerg Market Tot.Ret.USD Acc F $ 11.64 - 0.04 0.00

GAM Star European Eqty USD Acc F $ 15.10 - 0.17 0.00

GAM Star GAMCO US Equity Acc F $ 9.39 - 0.08 0.00

GAM Star GEO USD Acc F $ 6.95 - 0.12 0.00

GAM Star Global Conv Bond USD Acc F $ 9.98 - 0.03 0.00

GAM Star Global Eq Inflation Fcs USD II Acc F $ 125.88 - 1.23 0.00

GAM Star Global Rates USD Acc F $ 11.02 - 0.10 0.00

GAM Star Global Selector USD Acc F $ 11.46 - 0.07 0.00

GAM Star Japan Eqty USD Acc F $ 9.38 - 0.06 0.00

GAM Star Keynes Quant Strat USD Acc F $ 10.35 - 0.03 0.00

GAM Star North of South EM Equity Acc F $ 9.77 - 0.08 -

GAM Star Technology USD Acc F $ 10.96 - 0.14 0.00

GAM Star Trading Acc F $ 9.37 - -0.06 0.00

GAM Star US All Cap Eqty USD Acc F $ 8.89 - 0.09 0.00

GAM Star Worldwide Eqty USD Acc F $ 2306.24 - 31.89 0.00

GAM LimitedOther International Funds

GAM Absolute Return Bond USD $ 108.01 - -0.28 0.00

GAM Asia Equity Inc $ 576.94 - 5.17 0.10

GAM Asia Eqty Hdg Inc USD Open $ 211.51 - 5.96 0.00

GAM Capital Appreciation Eqty USD $ 284.24 - 3.73 0.00

GAM Composite Abs Rtn Access Acc £ 96.92 - 0.44 0.00

GAM Composite Abs Rtn GBP Listed £ 142.09 - 0.67 0.00

GAM Composite Abs Rtn GBP Open £ 211.20 - 1.00 0.00

GAM Diversity Inc USD Open $ 651.43 - -1.90 0.00

GAM Diversity II Inc USD Open $ 198.85 - -0.59 0.00

GAM Diversity III USD Open $ 115.29 - -0.34 0.00

GAM Euro Special Bd EUR Open € 127.33 - 0.62 0.00

GAM Eurp Eqty Hedge USD Open $ 233.23 - 0.62 0.00

GAM GAMCO Equity $ 1003.63 - 8.66 0.00

GAM Global Diversified USD Inc $ 242.82 - 1.04 0.60

GAM Interest Trend Inc $ 309.90 - 0.45 0.00

GAM Japan Equity Inc $ 934.42 - 5.86 0.00

GAM Multi-Diversified EUR € 100.72 - -0.20 0.00

GAM Multi-Emg Mkts USD Open $ 611.59 - -1.98 0.00

GAM Multi-Europe II USD Open $ 112.81 - -0.86 0.00

GAM Multi-Europe USD Open $ 467.16 - -3.39 0.00

GAM Asia-Pacific Equity Inc $ 1104.28 - 12.01 0.53

GAM Selection Hedge Inc $ 2966.47 - 33.90 0.00

GAM Singapore/Malaysia Equity $ 2438.55 - 40.21 1.16

GAM Sterling Special Bond Inc £ 248.12 - 0.43 3.38

GAM Trading Inc USD Op $ 998.49 - -3.66 0.00

GAM Trading II GBP 1.25 XL £ 105.22 - -0.53 0.00

GAM Trading II Inc USD Op $ 324.64 - -1.19 0.00

GAM Trading III Inc USD Op $ 166.64 - -0.61 0.00

GAM Trading IV Inc USD Op $ 158.48 - -0.58 0.00

GAM Trading V Inc USD Op $ 132.54 - -0.49 0.00

GAM US Dollar Special Bond Inc $ 632.06 - 1.89 0.00

GAM Worldwide $ 2023.65 - 27.99 0.55

GAMut Investments Inc. T Class $ 119.50 - -0.75 0.00

GLC LtdOther International Funds

GLC Diversified USD (Final) $ 66.23 - -1.33 0.00

GYS Investment Management Ltd (GSY)Regulated

Taurus Emerging Fund Ltd $ 164.07 167.42 9.22 0.00

Generali International LimitedPO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108

International Insurances

Global Multi-Strategy Managed $ 3.68 3.96 0.04 0.00

UK Multi-Strategy Managed £ 3.61 3.89 0.01 0.00

EU Multi-Strategy Managed € 2.09 2.25 0.02 0.00

Global Bond USD $ 3.44 3.71 0.00 0.00

Genesis Asset Managers LLPOther International Funds

Emerging Mkts NAV £ 5.06 - 0.00 0.00

Griffin Umbrella Fund (IRL)Regulated

European Opportunities Fund A € 126.96 - -0.01 0.00

European Opportunities Fund B € 95.84 - -0.02 0.00

Renaissance Eastern European Allocation Fund € 386.68 - 1.06 0.00

Renaissance Eastern European Fund A € 449.83 - 7.83 0.00

Renaissance Eastern European Fund B € 97.36 - 0.55 0.00

Renaissance Ottoman Fund € 113.49 - 0.33 0.00

HPB Assurance LtdPO Box 179, IOMA House,, Hope Steet, Douglas,, Isle of Man, IM99 1PU 01624 681343

International Insurances

Holiday Property Bond Ser 1 £ 0.58 - -0.01 0.00

Holiday Property Bond Ser 2 £ 0.64 - -0.01 0.00

HSBC Fd Administration (Jersey) Ltd (JER)HSBC House, St. Helier, Jersey JE1 1HS 01534 606520FSA Recognised

Intl Sterling Income £ 1.0443 1.0762 0.0078 0.03

Hamilton Lane Private Equity Fund PLC (IRL)Regulated

NAV $ 148.27 - 8.90 -

Hamon Investment GroupOther International Funds

Asian iTech $ 5.01 - -0.48 0.00

Asian Market Leaders - USD $ 22.88 - 0.22 0.00

Asian Market Leaders - GBP £ 11.42 - 0.00 0.00

Greater China - USD $ 8.29 - 0.09 0.00

Greater China - GBP £ 3.37 - 0.03 0.00

Oriental Long Short $ 76.78 - -5.77 0.00

Selected Asian P'folio $ 45.05 45.06 0.19 0.00

HANDELSBANKEN FUNDS SICAV (LUX)15 rue Bender, L-1229, Luxembourg +352 27 486 1FSA Recognised

America Shares $ 41.39 - 0.11 0.00

Commodity A SEK F SKr 107.63 - 0.04 0.00

Commodity AI SEK F SKr 120.27 - 1.77 -

Commodity BI SEK F SKr 102.64 - 0.03 2.33

Euro Liquidity A F € 103.55 - 0.00 0.00

Euro Liquidity AI F € 104.08 - 0.00 0.00

Europe Selective € 76.13 - 0.40 0.00

Far East Shares $ 10.06 - 0.23 0.00

Fund Bid Offer D+/- Yield

Global Ethical A F SKr 107.60 - 0.51 0.00

Global Ethical AI F SKr 108.91 - 0.51 0.00

Global Ethical BI F SKr 99.41 - 0.47 3.00

International Shares $ 93.48 - 0.28 0.00

Nordic Shares € 55.20 - 0.04 0.00

Russia Shares F SKr 56.74 - 0.54 0.00

Swedish Bonds Shares SKr 3530.35 - 5.20 0.00

Swedish Sht Term Ass Sh A 2 F SKr 139.91 - 0.04 0.00

Swedish Short Term Assets Shares FSKr 139.59 - 0.04 0.00

Haussmann Hldgs NV CuracaoOther International Funds

Haussman $ 2070.16 - -41.04 -

Haussmann Holdings NV Cls C € 1832.41 - -33.44 0.16

Henderson Fund SICAV (LUX)16, Boulevard d'Avranches, L-1160 Luxembourg, Grand Duchy of LuxembourgFSA Recognised

Indian Equity GBP Inc 637.00 - -14.00 0.00

Heritage Wealth SIFOther International Funds

Heritage Wealth SIF - Bal. EUR € 97.88 - 0.50 0.00

Heritage Wealth SIF - Bal. USD $ 96.34 - 0.49 0.00

Heritam SicavOther International Funds

Eastern European Heritage EUR € 177.89 - 3.32 0.00

Energy Fund $ 89.80 - -1.35 0.00

European Opportunities Fd EUR € 97.58 - -1.93 0.00

USA Growth $ 111.65 - 0.39 0.00

Hermes Investment Funds Plc (IRL)Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ 020 7680 3720FSA Recognised

Global Emerging Markets Fund £ 1.77 1.77 0.01 0.00

Global Equites Selection Fund F £ 1.26 1.26 0.00 0.00

Japan Equity Fund F £ 1.07 1.07 0.00 0.00

Pan European Small Cap Companies Fund £ 1.81 1.81 0.00 0.00

Quant Global Equity Fund £ 1.58 1.58 0.00 0.00

Sourcecap European Alpha Fund F £ 1.13 1.13 0.00 0.00

Sourcecap Europe Ex-UK Cls Z GBP Acc £ 1.06 1.06 0.00 -

UK Smaller Companies Fund £ 1.91 1.91 0.00 0.00

UK Small and Mid Cap Companies Fund £ 2.39 2.39 -0.01 0.00

Global Investment Grade Z GBP Acc £ 1.10 1.10 0.00 0.00

Global High Yield Bond Fund Cls Z GBP Acc £ 1.12 1.12 0.00 0.00

Horizon Asset Management Plc (CYM)Regulated

Managing Partners British Prprty Opps Fd GBP Grwth £ 108.42 - 0.22 0.00

IKANO Funds (LUX)Regulated

All seasons Fd € 11.16 - -0.01 0.00

European Equity € 9.22 - 0.09 0.00

Global Equity € 7.49 - 0.05 0.00

IT Asset ManagementOther International Funds

IT Funds Info Tech UK Dist £ 521.77 - 6.96 0.00

Impax Asset Management (IRL)Norfolk House, 31 St James's Square, London, SW1Y 4JRFSA Recognised

Env Mkts (Ire) Stl A £ 1.57 - 0.00 0.00

Env Mkts (Ire) Stl B £ 1.51 - 0.00 0.00

Env Mkts (Ire) Euro A € 1.33 - 0.01 0.00

Env Mkts (Ire) Euro B € 1.04 - 0.01 0.00

Env Mkts (Ire) USD A $ 1.28 - 0.01 0.00

Env Mkts (Ire) USD B $ 1.14 - 0.01 0.00

Asian Env Mkts (Ire) Stl A £ 0.72 - 0.00 0.00

Asian Env Mkts (Ire) Stl B £ 0.71 - 0.00 0.00

Asian Env Mkts (Ire) USD A $ 0.82 - 0.01 0.00

INDIA VALUE INVESTMENTS LIMITED (INVIL)www.invil.mu

Other International Funds

NAV £ 4.44 - -0.03 0.00

Intrinsic Value Investors (IVI) LLP (IRL)1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210FSA Recognised

IVI European Fund EUR € 11.06 - 0.09 0.00

IVI European Fund GBP £ 12.49 - 0.17 0.00

Invesco (LUX)Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282FSA Recognised

Invesco Management SA

Invesco Asia Balanced A dist $ 14.88xd - 0.09 4.98

Invesco Asia Consumer Demand Fund A income $ 10.78 - 0.12 0.36

Invesco Asia Infrastructure (A) $ 12.42 - 0.18 0.91

Invesco Asia Opportunities Equity A $ 82.69 - 1.21 0.00

Invesco Asia Pacific Real Est Sec Fd A Dist $ 8.50 - 0.11 1.03

Invesco Absolute Return Bond Fund A € 2.89 - 0.00 0.00

Invesco Balanced Risk Allocation Fund A € 13.59 - 0.04 0.00

Invesco Capital Shield 90 (EUR) A € 11.29 - 0.03 0.00

Invesco Emerging Europe Equity Fund A $ 9.45 - 0.10 0.00

Invesco Emerging Local Currencies Debt A Inc $ 10.34xd - 0.05 5.91

Invesco Emerging Mkt Quant.Eq. A $ 10.48 - 0.13 0.00

Invesco Energy A $ 22.25 - 0.40 0.00

Invesco Euro Corporate Bond Fund (A) € 13.78 - 0.04 0.00

Invesco Euro Inflation Linked Bond A € 14.63 - 0.03 0.00

Invesco Euro Reserve A € 322.54 - 0.01 0.00

Invesco European Bond A € 5.59 - 0.04 0.00

Invesco European Growth Equity A € 15.32 - 0.10 0.00

Invesco Global Absolute Return Fund A Class € 10.75 - 0.02 0.00

Invesco Global Bond A Inc $ 5.48 - 0.02 2.02

Invesco Global Equity Income Fund A $ 41.42 - 0.34 0.00

Invesco Global Inc Real Estate Sec A dist $ 8.25xd - 0.04 3.52

Invesco Global Inv Grd Corp Bond A Dist $ 10.73 - 0.04 3.15

Invesco Global Leisure A $ 20.37 - 0.20 0.00

Invesco Global Smaller Comp Eq Fd A $ 34.14 - 0.35 0.00

Invesco Global Structured Equity A $ 29.74 - 0.08 1.08

Invesco Global Total Ret.(EUR) Bond Fund A € 11.35 - 0.02 0.00

Invesco Gold & Precious Metals A $ 9.03 - -0.02 0.00

Invesco Greater China Equity A $ 32.28 - 0.34 0.00

Invesco India Equity A $ 30.88 - -0.61 0.00

Invesco Japanese Equity Adv Fd A ¥ 1718.00 - 27.00 0.00

Invesco Japanese Value Eq Fd A ¥ 605.00 - 14.00 0.00

Invesco Latin American Equity A $ 9.12 - 0.07 0.00

Invesco Nippon Small/Mid Cap Equity A ¥ 490.00 - 10.00 0.00

Invesco Pan European Equity A EUR Cap NAV € 10.73 - 0.07 0.00

Invesco Pan European High Income Fd A € 10.50xd - 0.05 4.59

Invesco Pan European Small Cap Equity A € 11.73 - 0.12 0.00

Invesco Pan European Structured Equity A € 9.89 - 0.05 0.00

Invesco UK Investment Grade Bond A £ 0.93xd - 0.01 3.40

Invesco US Structured Equity A $ 14.28 - 0.13 0.00

Invesco US Value Eq Fd A $ 21.06 - 0.19 0.00

Invesco USD Reserve A $ 87.02 - 0.00 0.00

Invesco Global Asset Management Ltd (IRL)Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200FSA Recognised

Invesco Stlg Bd A QD F £ 2.34xd - 0.01 -

Invesco Sterling Rerserve F £ 1.73 - 0.00 0.00

Invesco Asian Equity A $ 5.17 - 0.05 0.45

Invesco ASEAN Equity A $ 91.47 - 0.40 0.37

Invesco Bond A $ 29.70xd - 0.06 1.91

Fund Bid Offer D+/- Yield

Invesco Continental Eurp Small Cap Eqty A $ 110.99 - 0.44 0.53

Invesco Emerging Markets Equity A $ 32.64 - 0.34 0.00

Invesco Emerging Markets Bond A $ 21.29xd - 0.11 5.08

Invesco Continental European Equity A € 4.38 - 0.01 1.41

Invesco Gilt A £ 14.41xd - 0.13 2.70

Invesco Global Small Cap Equity A NAV $ 80.80 - 0.79 0.00

Invesco Global High Income A NAV $ 12.63xd - 0.05 5.86

Invesco Gbl R/Est Secs A GBP F F £ 5.95 - 0.00 1.15

Invesco Global Health Care A $ 72.38 - 0.56 0.00

Invesco Global Select Equity A $ 9.97 - 0.13 0.00

Invesco Jap Eqty Core A $ 1.26 - 0.03 0.31

Invesco Japanese Equity A $ 14.20 - 0.25 0.00

Invesco Korean Equity A $ 21.66 - 0.41 0.00

Invesco PRC Equity A $ 40.89 - 0.39 0.00

Invesco Pacific Equity A $ 36.15 - 0.66 0.40

Invesco Global Technology A $ 10.83 - 0.18 0.00

Invesco UK Eqty A £ 5.06 - 0.01 2.06

Invest ADClient services: +971 2 692 6101 clientservices@InvestAD.com

Other International Funds

Invest AD - Iraq Opportunity Fund $ 78.90 - 0.15 -

Invest AD - UAE Total Return Fund *AED 62.92 - -0.01 0.00

Fund Bid Offer D+/- Yield

Invest AD - Emerging Africa Fund $ 93.59 - -0.25 0.00

Invest AD - GCC Focus Fund * $ 100.58 - -0.11 0.00

Investec Asset Management Ireland Ltd (IRL)JP Morgan Admin Svs Ire Ltd, JP Morgan Hse, IFSC Dub 1 00 353 1 612 3363FSA Recognised

Investec Liquidity Funds Plc

Euro Liquidity A Acc EUR * € 11.90 - 0.00 -

Euro Liquidity I Inc EUR * € 1.00 - 0.00 0.15

Short Dated Bd A Acc GBP * £ 13.03 - 0.01 -

Short Dated Bd I Acc GBP * £ 13.92 - 0.01 -

Sterling Liquidity A Acc GBP * £ 13.15 - 0.00 -

Sterling Liquidity I Inc GBP * £ 1.00 - 0.00 0.56

US$ Liquidity A Acc USD * $ 11.95 - 0.00 -

US$ Liquidity I Inc USD * $ 1.00 - 0.00 0.27

Investec Global Strategy Fund (LUX)49 Avenue JF KennedyL-1855 Luxembourg Enquiries 020 7597 1800FSA Recognised

Investec Global Strategy Fund

Africa & Middle East A Acc USD * $ 16.49 - 0.00 -

Africa Opps A Acc USD $ 17.67 - 0.27 0.46

American Equity A Acc USD $ 14.68 - 0.20 -

American Equity A Inc USD $ 68.65 - 0.97 -

Asia Pacific Eq. Acc USD $ 22.42 - 0.27 0.89

Asia Pacific Eq. Inc USD $ 22.18 - 0.26 0.95

Asian Equity A Acc USD $ 17.47 - 0.19 0.48

Asian Equity A Inc USD $ 25.62 - 0.28 0.43

Continental European Equity A Inc USD $ 296.92 - 4.33 0.98

Continental European Equity A Acc USD $ 12.41 - 0.18 0.96

EAFE A Inc USD $ 13.36 - 0.20 0.45

Emrg Mkts Blended Debt A Acc $ 20.72 - 0.13 5.86

Emrg Mkts Blended Debt A Inc $ 19.26 - 0.13 5.86

Emrg Mkts Corp Debt A Acc USD $ 20.66 - 0.05 3.57

Emrg Mkts Curr A Acc USD $ 19.21 - 0.10 3.18

Emrg Mkts Curr Alpha A Acc USD $ 19.05 - -0.03 -

Emrg Mkts Equity A Acc USD $ 15.83 - 0.20 -

Emrg Mkts Hard Curr Debt A Inc USD $ 21.45 - 0.06 3.60

Emrg Mkts Local Curr Debt A Acc USD $ 25.81 - 0.05 6.93

Emrg Mkts Local Curr Debt A Inc USD $ 19.04 - 0.04 6.93

Emrg Mkts Local Curr Dyn Debt A Acc USD $ 19.76 - 0.17 6.06

Emrg Mkts Local Curr Dyn Debt A Inc USD $ 18.32 - 0.16 6.08

Emerging Markets Multi-Asset A Acc USD $ 19.90 - 0.18 -

Emerging Markets Multi-Asset A Inc USD $ 19.89 - 0.18 -

Enhanced Gbl Energy A Acc USD $ 16.04 - 0.05 -

Enhanced Nat Resources A Acc USD $ 18.72 - 0.16 -

Euro Money A Acc EUR € 69.05 - 0.00 0.20

Euro Money A Inc EUR € 26.12 - 0.00 0.20

Global Bond A Acc USD $ 98.50 - 0.52 1.37

Global Bond A Inc USD $ 45.19 - 0.24 1.39

Global Contrarian Equity A Acc USD $ 20.38 20.38 0.27 -

Global Dynamic A Acc USD $ 90.81 - 1.04 -

Global Dynamic A Inc USD $ 90.13 - 1.03 -

Global Energy A Acc USD $ 15.62 - 0.33 0.30

Global Energy A Inc USD $ 274.37 - 5.71 0.20

Global Energy Long Short A Acc USD $ 16.56 - 0.03 -

Global Equity A Acc USD $ 209.42 - 2.50 -

Global Equity A Inc USD $ 207.66 - 2.48 -

Global Franchise A Acc USD $ 29.60 - 0.08 0.73

Global Franchise A Inc USD $ 29.28 - 0.08 0.75

Global Gold A Acc USD $ 21.23 - 0.02 -

Global Gold A Inc USD $ 76.50 - 0.06 -

Global Natural Resources Fund A Acc Gross USD $ 9.63 - 0.16 -

Global Natural Resources Fund A Inc Gross USD $ 9.63 - 0.16 -

Global Opp Equity A Inc USD $ 22.66 - 0.08 0.22

Global Strat Equity A Acc USD $ 14.48 - 0.18 -

Global Strat Equity A Inc USD $ 78.76 - 0.96 -

Global Strategic Inc A Acc USD $ 25.17 - 0.08 4.37

Global Strategic Inc A Inc USD $ 20.51 - 0.07 4.37

Global Strat Managed A Acc USD $ 90.64 - 0.50 0.16

Global Strat Managed A Inc USD $ 39.68 - 0.21 0.18

High Income Bond A Acc GBP Hdg £ 63.58 - 0.14 7.67

Fund Bid Offer D+/- Yield

High Income Bond A Inc GBP Hdg £ 16.64 - 0.04 7.67

Inv Grade Corp Bond A Acc USD $ 20.18 - 0.05 4.31

Inv Grade Corp Bond A Inc USD $ 29.28 - 0.08 4.31

Latin Amer.Corp.Debt A Acc USD $ 23.21 - 0.06 6.70

Latin Amer.Corp.Debt A Inc USD $ 19.06 - 0.05 6.74

Latin Amer.Eq. A Acc USD $ 18.62 - 0.34 0.83

Latin Amer.Sm Cos A Acc USD $ 20.47 - 0.44 -

Managed Currency A Acc USD $ 127.77 - 0.29 -

Managed Currency A Inc USD $ 34.47 - 0.08 -

Mid East & N Africa A Acc USD * $ 14.13 - 0.00 -

Multi-Asset Protector Fund A ACC USD $ 18.69 - 0.07 -

Sterling Money A Acc GBP £ 56.61 - 0.01 0.18

Sterling Money A Inc GBP £ 10.00 - 0.00 0.18

UK Equity A Acc GBP £ 9.96 - 0.06 1.50

UK Equity A Inc GBP £ 55.57 - 0.35 1.53

US Dollar Money A Acc USD $ 65.59 - 0.00 0.07

US Dollar Money A Inc USD $ 20.06 - 0.00 0.07

* Daily except Fridays and Post Ramadan & Hajj Pilgrimage holidays

Investec Asset Mgmt (Guernsey) Ltd (GSY)Regulated

Investec Expert Investment Funds PCC Limited

Global Commodities & Resources Fund $ 28.46 - -1.95 -

Investec Professional Funds PCC Ltd

Global Diversified Growth I Inc USD $ 20.59 21.67 0.37 -

Global Diversified Growth A USD $ 28.52 30.02 0.52 -

Investec Premier Funds PCC Ltd

Africa A USD $ 18.98 19.98 0.00 -

Pan Africa A USD $ 25.44 26.78 -0.19 -

Fund Bid Offer D+/- Yield

J O Hambro Capital Mgmt Ltd (IRL)14 Ryder Street, London SW1Y 6QB, United KingdomPhone: 0845 450 1972FSA Recognised

Asia ex Japan EUR Retail € 1.20 - 0.00 -

Asia ex Japan GBP Retail £ 1.12 - 0.00 -

Asia ex Japan USD Retail $ 1.12 - 0.00 -

Asia ex Japan SMC EUR Retail € 1.15 - 0.01 -

Asia ex Japan SMC GBP Retail £ 1.07 - 0.00 -

Asia ex Japan SMC USD Retail $ 1.07 - 0.01 -

All Europe Dynamic Growth EUR Retail € 0.91 - 0.00 0.00

All Europe Dynamic Growth GBP Retail £ 0.86 - 0.00 0.00

Continental European Ret GBP £ 1.96 - 0.00 2.40

Continental European Ret EURO H € 1.78 - 0.01 0.37

Emerging Markets Retl Inc NAV £ 0.93 - 0.00 0.00

Emerging Mkts EUR Retl Inc NAV € 0.99 - 0.01 1.41

Emerging Markets USD Retail $ 1.11 - 0.01 0.00

European Select Values Ret GBP H £ 2.54 - 0.01 0.34

European Select Values Ret EURO H € 1.26 - 0.01 0.32

European Retail GBP H £ 1.77 - 0.00 1.43

European Retail EURO H € 0.62 - 0.00 125.97

Global Emerging Markets Opportunities GBP Retail £ 0.82 - 0.00 -

Global Emerging Markets Opportunities USD Retail $ 0.80 - 0.01 -

Global Emerging Markets Opportunities EUR Retail € 0.92 - 0.01 -

Global Select Retail EUR € 1.24 - 0.01 0.00

Global Select Retail GBP £ 1.26 - 0.00 0.00

Japan Hedged Retail GBP £ 0.84 - 0.02 1.64

Japan Ret GBP £ 1.29 - 0.01 1.03

Japan Ret EURO € 1.07 - 0.02 0.60

Japan Ret JPY ¥ 155.75 - 2.95 0.01

UK Growth Retail GBP £ 1.60 - 0.00 1.88

JPMorgan Asset Mgmt (1200)F (UK)Finsbury Dials, 20 Finsbury Street, London EC2Y 9AQBrokerline: 0800 727 770, Clients: 0800 20 40 20Authorised Inv Funds

JPM Retail OEIC (A class unless stated)

Diversified Real Ret A Net Acc 49.22 - 0.27 -

Diversified Real Ret A Net Inc 49.22 - 0.27 -

JPMorgan Asset Management (Europe) S.a.r.l (LUX)6 Route de Trèves L-2633 Senningerberg LuxembourgTel (352) 34 10 1 (Other funds)Fax (352) 34 10 8000 (Others funds)www.jpmorgan.com/assetmanagementFSA Recognised

Equity US

JF America Eq A (dist)-USD (1) F $ 46.98 - 0.43 -

JF US Smaller Co.A (dist)-USD (1) $ 15.75 - 0.07 -

JPM Brazil Equity A (acc)-EUR (1) F € 61.40 - 0.42 -

JPM Brazil Equity A (dist)-USD (1) F $ 8.66 - 0.07 -

JF US Value A (dist)-USD (1) $ 13.47 - 0.15 -

JPM Am Eq A (acc)-USD (1) F $ 11.54 - 0.11 -

JPM Am Eq A (dist)-USD (1) $ 87.56 - 0.80 -

JPM Am Eq A (acc)-EUR Hdg (1) F € 7.10 - 0.06 -

JPM Am L Cap A (acc)-EUR (1) F € 11.36 - 0.10 -

JPM Am L Cap A (acc)-USD (1) F $ 12.14 - 0.13 -

JPM Am L Cap A (dist)-USD (1) F $ 10.79 - 0.12 -

JPM US Aggr Bd Aacc-EUR (hdg) (1) € 78.35 - 0.03 -

JPM US Smaller Co.A (acc)-USD (1) F $ 10.57 - 0.05 -

JPM US Smaller Co.A (dist)-USD (1) $ 107.43 - 0.47 -

JPM H US STEEP A (acc)-EUR (1) F € 9.25 - 0.07 -

JPM US Value A (acc)-EUR Hdg (1) F € 7.44 - 0.09 -

JPM H US STEEP A (inc)-EUR (1) F € 9.13 - 0.07 -

JPM H US STEEP A (acc)-USD (1) F $ 11.67 - 0.10 -

JPM US Dyn A (acc)-EUR (1) € 6.76 - 0.05 -

JPM US Dyn A (acc)-USD (1) F $ 10.22 - 0.10 -

JPM US Dyn A (dist)-USD (1) $ 14.08 - 0.14 -

JPM US Growth A (acc)-EUR Hdg (1) F € 7.38 - 0.05 -

JPM US Growth A (acc)-USD (1) F $ 12.75 - 0.08 -

JPM US Growth A (dist)-GBP (1) F £ 6.28 - 0.01 -

JPM US Growth A (dist)-USD (1) F $ 6.83 - 0.05 -

JPM US Select 130/30 A (acc)-EUR Hdg (1) F € 6.88 - 0.07 -

JPM US Select 130/30 A (acc)-USD (1) F $ 9.75 - 0.10 -

JPM US Select 130/30 A (dist)-GBP (1) F £ 6.61 - 0.04 -

JPM US Select 130/30 A (dist)-USD (1) F $ 9.91 - 0.10 -

JPM US Sm Cap Grth A (acc)-EUR (1) F € 68.79 - 0.34 -

Fund Bid Offer D+/- Yield

JPM US Sm Cap Grth A (dist)-GBP (1) F £ 9.16 - 0.01 -

JPM US Sm Cap Grth A (acc)-USD (1) F $ 13.66 - 0.09 -

JPM US Sm Cap Grth A (dist)-USD (1) $ 94.03 - 0.60 -

JPM US Value A (dist)-GBP (1) F £ 14.10 - 0.08 -

JPM US Value A (acc)-USD (1) F $ 12.33 - 0.13 -

JPM US Value A (dist)-USD (1) F $ 15.41 - 0.17 -

JPM US Dyn 130/30 A (acc)-EUR Hdg (1) € 6.89 - 0.08 -

JPM US DYN 130/30 A (acc)-USD (1) F $ 9.78 - 0.12 -

JPM US DYN 130/30 A (dist)-GBP (1) F £ 7.91 - 0.05 -

JPM US DYN 130/30 A (dist)-USD (1) F $ 121.22 - 1.39 -

Equity Asia

JF ASEAN Equity A (acc)-SGD (1) F S$ 15.15 - 0.25 -

JF Asia Al+ A (acc)-USD (1) $ 17.95 - 0.04 -

JF Asia P ExJapEq A (dist)-GBP (1) F £ 15.84 - 0.05 -

JF Asia P ExJapEq A (acc)-USD (1) F $ 16.06 - 0.14 -

JF Asia P ExJapEq A (dist)-USD (1) $ 40.84 - 0.34 -

JF Asia P ExJapEq A (acc)-SGD (1) F S$ 11.54 - 0.03 -

JF China A (acc)-USD (1) F $ 24.01 - 0.48 -

JF China A (acc)-SGD (1) F S$ 10.21 - 0.14 -

JF China A (dist)-HKD (1) F HK$ 9.10 - 0.18 -

JF China A (dist)-USD (1) $ 38.91 - 0.78 -

JF Greater China A (acc)-SGD (1) F S$ 12.20 - 0.12 -

JF Greater China A (acc)-USD (1) F $ 19.02 - 0.30 -

JF Greater China A (dist)-HKD (1) FHK$ 10.12 - 0.17 -

JF Greater China A (dist)-USD (1) F $ 23.74 - 0.38 -

JF Hong Kong A (acc)-USD (1) F $ 15.27 - 0.28 -

JF Hong Kong A (dist)-HKD (1) F HK$ 9.18 - 0.17 -

JF Hong Kong A (dist)-USD (1) F $ 40.06 - 0.73 -

JF India A (acc)-SGD (1) F S$ 11.63 - 0.22 -

JF India A (acc)-USD (1) F $ 20.65 - 0.50 -

JF India A (dist)-USD (1) $ 60.73 - 1.45 -

JF Japan Alpha Plus A (acc)-USD (1) F $ 8.96 - 0.00 -

JF Japan Alpha Plus A (dist)-USD (1) $ 11.57 - 0.00 -

JF Korea Eq A (acc)-USD (1) F $ 9.41 - 0.04 -

JF Korea Eq A (acc)-EUR (1) F € 7.46 - 0.02 -

JF Korea Eq A (dist)-USD (1) F $ 9.80 - 0.03 -

JF Singapore A (acc)-SGD (1) F S$ 14.74 - 0.26 -

JF Japan Eq A (acc)-EUR (1) F € 4.62 - 0.03 -

JF Japan Eq A (dist)-GBP (1) F £ 5.73 - 0.01 -

JF Japan Eq A (acc)-JPY (1) ¥ 410.00 - 0.00 -

JF Japan Eq A (acc)-USD (1) F $ 6.96 - 0.05 -

JF Japan Eq A (dist)-USD (1) $ 17.60 - 0.12 -

JF Japan Sm Cap A (acc)-USD (1) F $ 6.32 - 0.06 -

JF Japan Sm Cap A (dist)-USD (1) $ 6.03 - 0.06 -

JF Pacific Eq A (acc)-EUR (1) F € 8.49 - 0.05 -

JF Pacific Eq A (dist)-GBP (1) F £ 11.59 - 0.01 -

JF Pacific Eq A (acc)-USD (1) $ 12.02 - 0.08 -

JF Pacific Eq A (dist)-USD (1) $ 56.53 - 0.38 -

JF Singapore A (acc)-USD (1) F $ 23.59 - 0.56 -

JF Singapore A (dist)-USD (1) F $ 30.53 - 0.71 -

JF Taiwan A (acc)-EUR (1) F € 13.81 - 0.21 -

JF Taiwan A (acc)-USD (1) F $ 13.81 - 0.23 -

JF Taiwan A (dist) HKD (1) F HK$ 10.59 - 0.17 -

JF Taiwan A (dist)-USD (1) F $ 11.94 - 0.19 -

JPM Japan Dyn A (acc)-JPY (1) F ¥ 351.00 - 0.00 -

JPM Japan Dyn A (dist)-JPY (1) F ¥ 348.00 - 0.00 -

JPM Japan 50 Eq A (acc)-EUR (hdg) (2) F € 70.78 - -0.05 -

Equity Emerging Markets

JPM Brazil Equity A (acc)-USD (1) F $ 8.96 - 0.08 -

JPM Brazil Equity A (acc)-SGD (1) F S$ 10.92 - 0.03 -

JF Eastern Europe Eq A (dist)-EUR (1) F € 26.71 - 0.49 -

JF Latin Am Eq A (dist)-USD (1) F $ 37.43 - 0.30 -

JPM Eastern Europe Eq A (acc)-EUR (1) F € 16.42 - 0.30 -

JPM Eastern Europe Eq A (acc)-USD (1) F $ 104.58 - 2.09 -

JPM Eastern Europe Eq A (dist)-EUR (1) € 39.93 - 0.74 -

JPM Em Eur MEA Eq A (acc)-EUR (1) F € 15.44 - 0.23 -

JPM Em Eur MEA Eq A (acc)-USD (1) F $ 18.14 - 0.29 -

JPM Em Eur MEA Eq A (dist)-USD (1) F $ 51.23 - 0.82 -

JPM Em Eur MEA Afr Eq A (acc)-SGD (1) F S$ 12.11 - 0.12 -

JPM Em MEA Eq A (acc)-SGD (1) F * S$ 11.27 - 0.04 -

JPM Em Mkt Alpha Pl A (dist)-GBP (1) F £ 6.42 - 0.02 -

JPM Em Mkt Alpha Pl A (acc)-USD (1) F $ 13.57 - 0.11 -

JPM Em Mkt Alpha Pl A (dist)-USD (1) F $ 13.15 - 0.12 -

JPM Em Mkt Corp Bd A (acc)-EUR Hdg (1) F € 91.78 - 0.25 -

JPM Em Mkt Corp Bd A (acc)-USD (1) F $ 117.01 - 0.31 -

JPM Em Mkt Debt A (acc)-USD (1) F $ 16.33 - 0.07 -

JPM Em Mkt Eq A (dist)-GBP (1) F £ 29.77 - 0.13 -

JPM Em Mkt Eq A (acc)-EUR (1) F € 12.56 - 0.10 -

JPM Em Mkt Eq A (acc)-USD (1) F $ 19.87 - 0.19 -

JPM Em Mkt Eq A (dist)-USD (1) $ 27.77 - 0.26 -

JPM Em Mkt Infra Eq A (acc)-EUR (1) F € 14.26 - 0.13 -

JPM Em Mkt Infra Eq A (acc)-USD (1) F $ 7.19 - 0.08 -

JPM Em Mkts Ccy Alpha A (acc)-EUR (1) F € 9.60 - 0.00 -

JPM Em Mkts Lcl Cur Dbt A (dist)-EUR(1) F € 102.92 - 0.57 -

JPM Em Mkts Loc Ccy Debt A (div)-EUR € 101.17 - 0.57 -

JPM Em Mkts Loc Ccy Debt A (dist)-GBP (1) F £ 82.59 - 0.14 -

JPM Em Mkts Loc Ccy Debt A (mth)-USD (1) F $ 14.57 - 0.10 -

JPM Em Mkts Eq A (acc)-SGD (1) F S$ 12.63 - 0.05 -

JPM Em Mkt Sm Cap A (acc)-EUR (1) F € 7.25 - 0.08 -

JPM Em Mkt Sm Cap A (dist)-GBP (1) F £ 5.36 - 0.04 -

JPM Em Mkt Sm Cap A (acc)-USD (1) F $ 9.13 - 0.11 -

JPM Europe Conv Eq A (dist)-EUR (1) F € 17.49 - 0.16 -

JPM Latin Am Eq A (acc)-USD (1) F $ 27.74 - 0.22 -

JPM Latin Am Eq A (dist)-USD (1) $ 51.74 - 0.41 -

JPM Latin Am Eq A (acc)-SGD (1) F S$ 12.05 - 0.03 -

JPM Russia A (acc)-USD (1) F $ 11.07 - 0.27 -

JPM Russia A (dist)-USD (1) F $ 10.86 - 0.26 -

Equity Europe

JF Euroland Eq A (dist)-USD (1) F $ 6.02 - 0.12 -

JF Europe Dynamic A (dist)-EUR (1) € 12.67 - 0.10 -

JF Europe Eq A (dist)-USD (1) F $ 30.15 - 0.45 -

JF Europe Sm Cap A (dist)-EUR (1) F € 9.46 - 0.14 -

JF Germany Eq A (dist)-EUR (1) F € 18.08 - 0.26 -

JPM Euroland Eq A (acc)-EUR (1) F € 8.43 - 0.15 -

JPM Euroland Eq A (dist)-EUR (1) € 26.61 - 0.47 -

JPM Euroland Eq A (inc)-EUR (1) F € 4.72 - 0.08 -

JPM Europe Conv Eq A (acc)-EUR (1) F € 12.32 - 0.12 -

JPM Europe Dyn A (dist)-EUR (1) F € 11.08 - 0.08 -

JPM Europe Dyn A (acc)-EUR (1) F € 12.09 - 0.10 -

JPM Europe Dyn A (dist)-GBP (1) F £ 13.61 - 0.06 -

JPM Europe Dyn Mega Cap A (acc)-EUR (1) € 8.44 - 0.15 -

JPM Europe Dyn Mega Cap A (acc)-USD (1) F $ 8.16 - 0.15 -

JPM Europe Dyn Mega Cap A (inc)-EUR (1) F € 6.74 - 0.12 -

JPM Europe Dyn Mega Cap A (dist)-EUR (1) F € 6.50 - 0.11 -

JPM Europe Dyn Sm Cap A (dist)-EUR (1) F € 10.30 - 0.13 -

JPM Europe Dyn Sm Cap A (acc)-EUR (1) € 17.00 - 0.22 -

JPM Europe Eq A (acc)-EUR (1) F € 9.40 - 0.12 -

JPM Europe Eq A (dist)-EUR (1) € 29.22 - 0.39 -

JPM Europe Eq A (cap)-USD (1) F $ 11.37 - 0.17 -

JPM Europe Focus A (acc)-EUR (1) F € 8.19 - 0.15 -

JPM Europe Focus A (acc)-USD (1) F $ 9.54 - 0.18 -

JPM Europe Focus A (dist)-EUR (1) F € 7.13 - 0.13 -

JPM Europe Micro Cap A (acc)-EUR (1) F € 10.07 - 0.12 -

JPM Europe Micro Cap A (dist)-EUR (1) F € 10.02 - 0.13 -

JPM Europe 130/30 A (acc)-EUR (1) F € 7.92 - 0.13 -

JPM Europe 130/30 A (acc)-USD (1) F $ 10.91 - 0.20 -

JPM Europe Sel 130/30 A (acc)-EUR (1) F € 6.91 - 0.10 -

JPM Europe Sel 130/30 A (acc)-USD (1) F $ 9.78 - 0.15 -

JPM Europe Sel 130/30 A (dist)-EUR (1) F € 9.31 - 0.13 -

Fund Bid Offer D+/- Yield

JPM Europe Sel 130/30 A (dist)-GBP (1) F £ 5.12 - 0.05 -

JPM Europe Sm Cap A (acc)-EUR (1) F € 11.47 - 0.16 -

JPM Europe Sm Cap A (dist)-EUR (1) € 31.80 - 0.45 -

JPM Europe Sm Cap A (dist)-GBP (1) F £ 12.72 - 0.13 -

JPM Europe Strat Grth A (acc)-EUR (1) F € 11.86 - 0.09 -

JPM Europe Strat Grth A (dist)-EUR (1) F € 7.41 - 0.05 -

JPM Europe Strat Grth A (dist)-GBP (1) F £ 10.93 - 0.04 -

JPM Europe Strat Val A (dist)-EUR (1) F € 9.63 - 0.19 -

JPM Europe Strat Val A (acc)-EUR (1) F € 8.53 - 0.17 -

JPM Europe Strat Val A (dist)-GBP (1) F £ 11.87 - 0.18 -

JPM Europe 130/30 A (dist)-EUR (1) F € 7.34 - 0.12 -

JPM Europe 130/30 A (dist)-GBP (1) F £ 5.96 - 0.08 -

JPM Germany Eq A (dist)-EUR (1) F € 7.15 - 0.10 -

JPM Germany Eq A (acc)-EUR (1) F € 13.91 - 0.20 -

JPM Global Dyn A (acc)-SGD (1) F S$ 13.23 - 0.08 -

JPM Global Div A (div) - USD (1) $ 101.41 - 1.19 -

JPM High Eur STEEP A (dist)-GBP (1) F £ 8.57 - 0.13 -

JPM High Eur STEEP A (acc)-EUR (1) F € 10.12 - 0.18 -

JPM High Eur STEEP A (acc)-USD (1) F $ 12.81 - 0.25 -

JPM High Eur STEEP A (inc)-EUR (1) F € 9.62 - 0.17 -

JPM H US STEEP A (dist)-GBP (1) F £ 11.54 - 0.04 -

JPM UK Eq A (acc)-GBP (1) F £ 10.69 - 0.08 -

JPM UK Eq A (dist)-GBP (1) £ 6.85 - 0.06 -

Equity Global

JF Gbl Dyn A (dist)-USD (1) F $ 12.18 - 0.14 -

JF Gbl Eq (USD) A (dist)-USD (1) F $ 34.12 - 0.48 -

JPM Gbl Dyn A (dist)-GBP (1) F £ 12.00 - 0.07 -

JPM Gbl Dyn A (acc)-USD (1) F $ 11.23 - 0.13 -

JPM Gbl Dyn A (dist)-USD (1) F $ 13.21 - 0.15 -

JPM Gbl Dyn A (acc)-EUR (1) F € 6.66 - 0.07 -

JPM Gbl Dyn A (acc)-CHF (hdg) (1) FSFr 109.02 - 1.07 -

JPM Gbl Dyn A (acc)-EUR Hdg (1) F € 4.95 - 0.05 -

JPM Gbl Dyn A (acc)-SGD (Hdg) (1) F S$ 10.71 - 0.10 -

JPM Gbl Dyn A (inc)-EUR (1) F € 6.78 - 0.06 -

JPM Gbl Eq (USD) A (acc)-EUR (1) F € 71.32 - 0.90 -

JPM Gbl Eq (USD) A (acc)-USD (1) F $ 10.14 - 0.14 -

JPM Gbl Eq (USD) A (acc)-EUR Hdg (1) F € 5.69 - 0.07 -

JPM Gbl Eq (USD) A (dist)-USD (1) $ 19.73 - 0.28 -

JPM Gbl Eq (USD) A (dist)-EUR Hdg (1) F € 5.41 - 0.07 -

JPM Gbl Focus A (acc)-EUR (1) F € 14.89 - 0.18 -

JPM Gbl Focus A (dist)-EUR (1) € 20.05 - 0.24 -

JPM Gbl Real Estate Sec (USD) A (acc)-EUR Hdg (1) F € 5.58 - 0.06 -

JPM Gbl Real Estate Sec (USD) A (acc)-USD (1) F $ 8.41 - 0.11 -

JPM Gbl Real Estate Sec (USD) A (inc)-EUR Hdg (1) F € 5.15 - 0.06 -

JPM Gbl Sel Eq A (acc)-USD (2) F $ 143.23 - 1.54 -

JPM Gbl Sel Eq A (dist)-USD (2) F $ 97.18 - 1.04 -

JPM Gbl Soc Resp A (acc)-USD (1) F $ 9.00 - 0.10 -

JPM Gbl Soc Resp A (dist)-USD (1) F $ 5.38 - 0.06 -

Equity Sector

JF Europe Tech A (dist)-EUR (1) F € 4.80 - 0.05 -

JF Pacific Tech A (acc)-EUR (1) F € 11.84 - 0.01 -

JF Pacific Tech A (acc)-USD (1) F $ 14.12 - 0.03 -

JF Pacific Tech A (dist)-USD (1) F $ 9.17 - 0.02 -

JF Pacific Tech A (dist)-GBP (1) F £ 11.00 - -0.04 -

JF US Tech A (dist)-USD (1) F $ 1.95 - 0.02 -

JPM Europe Tech A (acc)-EUR (1) F € 13.75 - 0.12 -

JPM Europe Tech A (dist)-EUR (1) F € 8.87 - 0.08 -

JPM Europe Tech A (dist)-GBP (1) F £ 6.84 - 0.04 -

JPM Gbl Cons Trends A (acc)-EUR (1) F € 12.57 - 0.12 -

JPM Gbl Cons Trends A (acc)-USD (1) F $ 15.55 - 0.17 -

JPM Gbl Corp Bond A (div)-EUR Hdg (1) € 75.42 - 0.14 -

JPM Gbl Focus A (acc)-CHF (hdg) (1) FSFr 126.94 - 1.48 -

JPM Gbl Focus A (acc)-EUR Hgd (1) F € 7.82 - 0.09 -

JPM Gbl Nat Resources Fd (1) F S$ 16.58 - 0.16 -

JPM Gbl Natural Res A (dist)-EUR (1) F € 14.97 - 0.21 -

JPM Gbl Natural Res A (acc)-EUR (1) F € 17.38 - 0.25 -

JPM Gbl Natural Res A (acc)-USD (1) F $ 13.44 - 0.21 -

JPM H US STEEP A (acc)-EUR Hdg (1) F € 12.58 - 0.11 -

JPM US Tech A (acc)-EUR (1) F € 99.95 - 0.85 -

JPM US Tech A (dist)-GBP (1) F £ 1.75 - 0.01 -

JPM US Tech A (acc)-SGD (1) S$ 12.74 - 0.05 -

JPM US Tech A (acc)-USD (1) F $ 13.33 - 0.13 -

JPM US Tech A (dist)-USD (1) F $ 6.74 - 0.07 -

Equity Africa

JPM Africa Eq A (acc)-EUR (1) F € 16.58 - 0.17 -

JPM Africa Eq A (acc)-USD (1) F $ 9.79 - 0.11 -

JPM Africa Eq A (dist)-GBP (1) F £ 6.90 - 0.05 -

JPM Africa Eq A (inc)-EUR (1) F € 66.84 - 0.69 -

Bonds Broad Market

JPM Agg Bd A (acc)-USD (1) F $ 11.63 - 0.02 -

JPM Euro Agg Bd A (acc)-EUR (1) F € 11.13 - 0.03 -

JPM Gbl Agg Bd A (acc)-USD (1) F $ 12.31 - 0.05 -

JPM Gbl Agg Bd A (dist)-USD (1) $ 13.36 - 0.06 -

JPM Gbl Cath Eth Balanced A (acc)-EUR (1) F € 100.16 - 0.89 -

JPM Gbl Conv (EUR) A (acc)-CHF Hdg (1) FSFr 20.11 - 0.08 -

JPM Gbl Conv (EUR) A (dist)-GBP Hdg (1) F £ 11.03 - 0.04 -

JPM Gbl Div A (acc)-EUR (1) F € 79.42 - 0.83 -

JPM Gbl Div A (div)-EUR Hdg (1) € 72.99 - 0.72 -

Bonds Extended Market

JPM EU Gov Bd A (acc)-EUR (1) F € 11.79 - 0.05 -

JPM Gbl Conv (EUR) A (acc)-EUR (1) F € 11.32 - 0.04 -

JPM Gbl Conv (EUR) A (dist)-EUR (1) F € 9.81 - 0.03 -

(1) JPMorgan Funds(2) JPMorgan Investment Funds

Jefferies Bache Limited (LUX)9 Devonshire Square, London, EC2M 4HP Tel: +44 (0) 20 7548 4000Regulated

Bache Global Series (BGS)

BGS Commodity Index -AI- (USD) $ 74.34 78.06 0.04 0.00

BGS Commodity Index -AI- Ann. Distr. (USD) $ 92.07 96.67 0.05 0.00

BGS Commodity Index -BI- Ann. Distr. (EUR) € 102.18 102.18 -0.31 0.00

Jefferies Umbrella Fund (LUX)11 Rue Aldringen, L-1118 Luxembourg 00 352 468193626FSA Recognised

Europe Convertible Bd A (Dis) - D - EUR F € 11.31 - 0.05 1.59

Europe Convertible Bd B (Cap) € 12.54 - 0.06 0.00

Global Convertible A (Dis) F $ 16.92 - 0.07 0.77

Global Convertible B (Cap) F $ 19.79 - 0.09 0.00

Global Convertible A Hdg GBP(Dis) F £ 10.96 - 0.05 0.73

Global Convertible B Hdg GBP (Cap) F £ 12.71 - 0.05 0.00

Global Convertible Hdg A (Cap) F $ 16.24 - 0.06 0.80

Global Convertible B Hdg (Dis) F $ 19.02 - 0.07 0.00

Global Convertible A Hdg EUR(Dis) F € 13.53 - 0.06 -

Global Convertible B Hdg EUR (Cap) F € 14.45 - 0.06 0.00

Global Convertible A Hdg CHF (Dis) FSFr 19.67 - 0.08 0.61

Global Convertible B Hdg CHF (Cap) FSFr 21.42 - 0.09 -

Jubilee Financial Products LLPOther International Funds

Jubilee Emerging Europe Momentum Fund € 99.81 - - -

Swiss & Global Asset Management (LUX)funds@swissglobal-am.com, www.jbfundnet.comRegulated

JB BF ABS-EUR/A € 74.40 - 0.01 3.36

JB BF Absolute Ret Def-EUR/A € 104.94 - 0.00 2.81

JB BF Absolute Ret Def-GBP/A £ 104.55 - 0.01 2.68

Fund Bid Offer D+/- Yield

JB BF Absolute Ret EM-CHF SFr 99.29 - -0.08 0.00

JB BF Absolute Ret EM-EUR/A € 102.78 - -0.06 3.07

JB BF Absolute Ret EM-USD/A $ 100.90 - -0.06 2.83

JB BF Absolute Ret Pl-EUR/A € 104.57 - -0.06 3.50

JB BF Absolute Ret Pl-GBP/A £ 110.39 - -0.06 3.27

JB BF Absolute Ret Pl-USD/A $ 110.53 - -0.07 2.86

JB BF Absolute Return GBP/A £ 106.99 - -0.04 2.62

JB BF Absolute Return-GBP/B £ 121.85 - -0.05 0.00

JB BF Absolute Return-EUR/A € 101.87 - -0.05 2.85

JB BF Absolute Return-USD/A $ 103.96 - -0.04 2.75

JB BF Cred Opportunities-EUR/B € 146.86 - 0.30 0.00

JB BF Credit Opportunities-USD $ 102.95 - 0.21 0.00

JB BF Dollar-USD/A $ 115.12 - 0.37 3.95

JB BF Dollar Med Term-USD/A $ 121.49 - 0.31 2.64

JB BF EM Infl Linked-CHF/A SFr 94.87 - 0.71 1.13

JB BF EM Infl Linked-EUR/A € 95.73 - 0.72 1.12

JB BF EM Infl Linked-GBP/A £ 94.31 - 0.72 0.16

JB BF EM Infl Linked-USD/A $ 95.87 - 0.73 1.75

JB BF Emerging-EUR/A € 131.50 - 0.41 4.66

JB BF Emerging-USD/A $ 150.78 - 0.25 5.03

JB BF Euro Government-EUR/A € 104.64 - 0.64 4.17

JB BF Euro-EUR/A € 120.06 - 0.44 4.31

JB BF Global Convert-EUR/A € 64.24 - 0.15 1.41

JB BF Global High Yield-EUR/A € 103.18 - 0.19 6.95

JB BF Global High Yield GBP/A £ 97.55 - 0.19 1.64

JB BF Global High Yield-USD/A $ 112.16 - 0.22 6.17

JB BF Inflation Linked-CHF/B SFr 104.78 - 0.68 0.00

JB BF Local Emerging-CHF/A SFr 96.01 - 0.66 1.60

JB BF Local Emerging-EUR/A € 96.69 - 0.67 5.36

JB BF Local Emerging-GBP/A £ 107.95 - 0.74 4.04

JB BF Local Emerging-USD/A $ 129.59 - 0.89 4.99

JB BF Swiss Franc-CHF/B SFr 186.06 - -0.13 0.00

JB BF Total Return-CHF SFr 101.46 - 0.07 0.00

JB BF Total Return-EUR/A € 44.89 - 0.03 3.79

JB Commodity-EUR/A € 68.46 - -0.15 1.51

JB Commodity-EUR/B € 78.98 - -0.17 0.00

JB Commodity-USD/A $ 77.61 - -0.16 1.39

JB Commodity-USD/B $ 89.56 - -0.19 0.00

JB EF Abs Ret Europe-EUR/A € 110.68 - -0.32 0.09

JB EF Abs Ret Europe-EUR/B € 110.71 - -0.32 0.00

JB EF Asia-USD/A $ 111.55 - 1.32 0.56

JB EF Biotech-USD/A $ 133.58 - 1.40 0.08

JB EF Black Sea-EUR/A € 27.90 - 0.31 0.73

JB EF Black Sea-USD/A $ 26.36 - 0.36 0.40

JB EF Central Europe-EUR/A € 175.89 - 1.73 0.44

JB EF Chindonesia-USD/A $ 81.19 - 0.52 0.13

JB EF Chindonesia-USD/B $ 81.27 - 0.52 0.00

JB EF Energy Transition-EUR/B € 111.61 - 1.27 0.00

JB EF Energy Transition-USD/B $ 110.99 - 1.52 0.00

JB EF Euro Large Cap-EUR € 90.95 - 1.32 0.00

JB EF Euroland Value-EUR/A € 92.21 - 2.79 1.81

JB EF Europe Sel.Fd-EUR/A € 51.52 - 0.48 0.59

JB EF Europe S&Mid Cap-EUR/A € 98.73 - 1.47 0.30

JB EF Europe-EUR/A € 156.44 - 1.39 1.27

JB EF Global-EUR/A € 63.11 - 0.47 0.63

JB EF German Value-EUR/A € 143.76 - 1.74 1.75

JB EF Gl Emerging Mkts-EUR/A € 69.38 - 0.84 0.58

JB EF Health Opport - USD/A $ 114.65 - 0.83 0.09

JB EF Health Opport-USD/B $ 114.70 - 0.84 0.00

JB EF Japan-JPY/A ¥ 7180.00 - 123.00 0.26

JB EF Luxury Brands-EUR/A € 153.47 - 1.14 0.38

JB EF Luxury Brands-USD/A $ 131.10 - 1.28 0.30

JB EF Luxury Brands-GBP/B £ 92.76 - 0.31 -

JB EF Special Val. EUR/A € 96.85 - 1.04 1.62

JB EF Swiss S&Mid Cap-CHF/B SFr 355.98 - 1.95 0.00

JB EF US Leading-USD/A $ 281.62 - 2.53 0.29

JB EF US Value-USD/A $ 116.87 - 1.31 0.44

JB Ms Africa Opp.-EUR/B € 94.94 - 0.70 -

JB Ms Global Sel. EUR/B € 93.94 - 1.20 0.00

JB Strategy Balanced-CHF/B SFr 129.51 - 0.30 0.00

JB Strategy Balanced-EUR € 129.10 - 0.35 0.00

JB Strategy Balanced-USD/B $ 111.85 - 0.49 0.00

JB Strategy Inc-CHF/B SFr 111.00 - 0.11 0.00

JB Strategy Inc-EUR/B € 141.14 - 0.29 0.00

JB Strategy Inc-USD/B $ 133.17 - 0.40 0.00

JB Strategy Growth-CHF/B SFr 77.38 - 0.26 0.00

JB Strategy Growth-EUR € 90.82 - 0.38 0.00

Kairos Investment Management Ltd (CYM)Regulated

Kairos Equity E1 € 717452.38 - -10882.54 0.00

Kairos Equity E2 (Est) € 1050.46 - -5.95 0.00

Kairos Eurasian Fund A-EUR € 54.41 - -0.65 0.00

Kairos Eurasian Fund B-USD $ 54.26 - -0.67 0.00

Kairos Fund Ltd A-EUR € 254.08 - 0.85 -

Kairos Fund Ltd B-USD $ 134.59 - 0.45 0.00

Kairos Fund Ltd C-EUR € 258.40 - 0.89 0.00

Kairos Fund Ltd D-USD $ 136.15 - 0.46 0.00

Kairos Low Volatility E1 € 482693.35 - -3412.99 0.00

Kairos Low Volatility E2 € 492873.20 - -3257.40 0.00

Kairos Low Volatility D2 (Est) $ 1129.51 - -1.67 0.00

Kairos Medium Term Fund Ltd E1 € 524772.12 - -4814.35 0.00

Kairos Medium Term Ltd E2 (Est) € 94.35 - -0.31 0.00

Kairos Multi Strategy E1 (Est) € 1615.12 - -5.72 0.00

Kairos Multi Strategy E2 (Est) € 1208.94 - -4.42 0.00

Kairos Multi Strategy D1 (Est) $ 1725.02 - -7.42 0.00

Kairos Multi Strategy D2 (Est) $ 1270.51 - -5.61 0.00

Kairos Opportunity E2 (Est) € 145.70 - -0.12 0.00

Kairos Opportunity D2 (Est) € 151.09 - -0.13 0.00

Kames Capital ICVC (UK)Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA0800 45 44 22 www.kamescapital.comAuthorised Funds

Ethical Cautious Managed A Acc £ 1.13xd - 0.00 2.24

Ethical Cautious Managed A Inc £ 0.99xd - 0.00 2.27

Ethical Corporate Bond A Acc £ 1.63xd - 0.01 4.01

Ethical Corporate Bond A Inc £ 1.01xd - 0.00 4.01

Ethical Equity A Acc £ 1.03 - 0.00 1.27

High Yield Bond A Acc £ 0.96 - 0.00 6.52

High Yield Bond A Inc £ 0.51 - 0.00 6.52

Inflation Linked A Acc £ 1.24xd - 0.01 -

Investment Grade Bond A Acc £ 1.27xd - 0.01 4.00

Investment Grade Bond A Inc £ 1.01xd - 0.00 4.00

Sterling Corporate Bond A Acc £ 0.56xd - 0.00 4.58

Sterling Corporate Bond A Inc £ 0.28xd - 0.00 4.57

Strategic Assets A Acc £ 0.94xd - 0.00 1.48

Strategic Bond A Acc £ 1.54xd - 0.00 4.12

Strategic Bond A Inc £ 1.09xd - 0.00 4.12

UK Equity Absolute Return A Acc £ 1.08 - 0.00 -

UK Equity A Acc £ 1.66 - 0.00 0.82

UK Equity Income A Acc £ 1.40xd - 0.00 4.40

UK Equity Income A Inc £ 1.25xd - 0.00 4.53

UK Opportunities A Acc £ 1.11 - 0.00 0.82

MANAGED FUNDS SERVICE Full fund performance data atwww.ft.com/funds

JUNE 19 2012 Section:Stats Time: 18/6/2012 - 19:05 User: watsonl Page Name: UT5 EUR, Part,Page,Edition: EUR, 21, 1

22 ★ FINANCIAL TIMES TUESDAY JUNE 19 2012

Fund Bid Offer D+/- Yield

UK Smaller Companies A Acc £ 1.51 - -0.01 0.35

Kames Capital VCIC (IRL)1 North Wall Quay, Dublin 1, Ireland +35 3162 24493FSA Recognised

Absolute Return Bond B GBP Acc £ 10.18 - 0.00 -

High Yield Global Bond A GBP Inc £ 4.93 - 0.01 6.67

High Yield Global Bond B GBP Inc £ 10.25 - 0.02 7.17

Investment Grade Global Bd A GBP Inc £ 5.09 - 0.02 2.76

Strategic Global Bond A GBP Inc £ 10.21 - 0.00 3.02

Strategic Global Bond B GBP Inc £ 5.79 - 0.00 3.52

Key Asset ManagementOther International Funds

Key Hedge $ 402.78 - 1.27 0.00

Key Europe Inc € 167.61 - 0.18 0.00

Key Recovery $ 169.30 - -0.34 0.00

Key Global Inc $ 554.49 - -0.61 0.00

Key Trading (Est) $ 99.55 - 0.85 0.00

Kleinwort Benson (Channel Islands) Investment Management Limited (JER)Regulated

Kleinwort Benson Global Funds Limited

Kleinwort Benson International Equity Growth £ 12.10 - 0.23 0.46

Sterling Currency £ 54.04 - 0.00 0.00

Euro Currency € 33.60 - -0.01 0.00

US Dollar Currency $ 59.19 - 0.00 0.00

Sterling Income Bond £ 4.44 - -0.06 2.86

Euro Income Bond € 11.64 - -0.10 2.52

International Bond £ 73.14 - -1.75 0.00

Bond & Equity £ 4.50 - 0.05 4.48

International Equity £ 51.81 - 0.91 0.00

All Weather Sterling £ 1.24 - 0.00 0.00

All Weather Euro € 1.12 - 0.00 0.00

All Weather US Dollar $ 1.10 - 0.01 0.00

Sterling Conservative Strategy £ 10.35 - 0.04 0.00

Euro Conservative Strategy € 10.04 - 0.01 0.00

US Dollar Conservative Strategy $ 9.93 - 0.02 0.00

Sterling Dynamic Strategy £ 11.01 - 0.16 0.00

Euro Dynamic Strategy € 9.25 - 0.10 0.00

US Dollar Dynamic Strategy $ 9.77 - 0.22 0.00

Sterling Progressive Strategy £ 11.30 - 0.13 0.00

Euro Progressive Strategy € 9.61 - 0.06 0.00

US Dollar Progressive Strategy $ 9.97 - 0.09 0.00

Trojan £ 10.83 - 0.01 0.00

Kleinwort Benson (CI) Fd Svcs Ltd (GSY)Regulated

Kleinwort Benson Elite PCC Ltd Range

Elite Multi-Asset Growth Fund A Income Shares £ 1.02 1.02 0.00 0.00

Elite Multi-Asset Growth Fund A Reinvest Shares £ 1.02 1.02 0.00 0.00

Elite Multi-Asset Growth Fund C Shares £ 1.01 1.01 -0.09 0.00

Elite Multi-Asset Conservative Fund A Income Shares £ 1.04 1.04 0.00 0.00

Elite Multi-Asset Conservative Fund A Reinvest Shares £ 1.04 1.04 0.00 1.46

Elite Multi-Asset Conservative Fund B Shares £ 1.01 1.01 0.00 1.49

Elite Multi Asset Balanced Fund C Inst Shares £ 1.25 1.25 0.00 -

Elite Multi-Asset Balanced Fund A Income Shares £ 1.23 1.23 0.00 0.00

Elite Multi-Asset Balanced Fund A Reinvest Shares £ 1.23 1.23 0.00 0.00

Elite Multi-Asset Balanced Fund B Shares £ 1.19 1.19 0.00 0.00

Elite Multi Asset Conservative Fund C Inst Shares £ 1.05 1.05 0.00 -

Elite Multi-Asset Balanced USD Fund A Income Shares $ 1.02 1.02 0.00 0.00

Elite Multi-Asset Balanced USD Fund B Shares (Susp) $ 1.03 1.03 0.14 -

Elite Sterling Income Fund £ 11.37xd 11.43 -0.12 3.67

Lansdowne Partners Limited PartnershipOther International Funds

Lansdowne European Equity Fund Ltd

A Class EUR € 165.53 - -1.93 0.00

A Class USD $ 164.70 - -1.14 0.00

B Class USD Ser 1 $ 171.15 - -1.75 0.00

B Class EUR Ser 1 € 159.88 - -2.55 0.00

Lansdowne UK Equity Fund Ltd

UK Equity EUR € 360.19 - -17.59 0.00

UK Equity GBP £ 405.26 - -19.22 0.00

UK Equity USD $ 359.02 - -16.85 0.00

Lansdowne Global Financials Fund Ltd

EUR Restricted € 207.45 - -10.69 0.00

EUR Non-Restricted € 214.96 - -11.08 0.00

USD Restricted $ 217.59 - -10.04 0.00

USD Non-Restricted $ 226.15 - -10.44 0.00

GBP Restricted £ 221.92 - -10.78 0.00

GBP Non-Restricted £ 232.55 - -11.30 0.00

Lansdowne European Long Only Feeder Fund Limited

USD Absolute Class $ 80.07 - -6.03 -

GBP Absolute Class Series 101 £ 90.22 - -9.64 0.00

EUR Absolute Class € 162.47 - - -

USD Relative Class $ 87.82 - -6.72 0.00

GBP Relative Class £ 87.80 - -6.80 0.00

EUR Relative Class € 86.53 - -6.84 0.00

Lansdowne Global Long Only Fund Limited

CHF Relative Class SFr 74.98 - -7.67 0.00

EUR Absolute Class € 76.61 - -7.60 0.00

EUR Relative Class € 76.58 - -7.73 0.00

GBP Absolute Class Series 1 £ 79.64 - -7.75 -

GBP Relative Class £ 77.05 - -7.64 0.00

USD Absolute Class Series 1 $ 80.08 - -7.65 -

USD Relative Class $ 79.04 - -7.69 0.00

Euro Long Only Feeder Absolute Legacy Shares Euro Series 1 € 154.03 - -11.97 0.00

Euro Long Only Feeder Absolute Legacy Shares GBP Sreies 1 £ 164.42 - -12.51 0.00

Euro Long Only Feeder Absolute Legacy Shares USD Series 1 $ 162.10 - -12.19 0.00

Lazard Fund Managers (Ireland) Ltd (IRL)IDA Business Park, Drinagh, Wexford Town, Co Wexford, Ireland 353 53 91 49888FSA Recognised

Lazard Global Active Fund Plc

Emerging World Fund Inst Acc F $ 23.45 - 0.02 0.00

Global Controlled Volatility Fund USD Inst Acc $ 104.09 - 0.56 -

Global Fixed Income Inst Acc $ 137.84 - 0.50 0.00

Global Fixed Income Retail Dist $ 138.55 - 0.50 2.42

Global Trend USD Inst Acc $ 103.20 - 1.15 -

Lazard Classic Value Equity Fund US$ Inst Acc F $ 9.03 - 0.05 0.00

Lazard Developing Markets Equity Institutional Euro Dist. F € 8.82 - 0.02 0.53

Lazard Developing Markets Equity Institutional Sterling Acc £ 9.36 - 0.11 -

Lazard Developing Markets Equity Institutional US$ Acc F $ 11.20 - 0.18 0.00

Lazard Developing Markets Equity Institutional US$ Dist. F $ 11.21 - 0.17 0.00

Lazard Emerging World F $ 23.02 - 0.02 0.00

Lazard European Equity F € 1.63 - 0.03 1.47

Lazard European Equity Fund US$ Inst Acc F $ 0.78 - 0.02 0.00

Lazard Global Classic Value Equity Institutional F $ 8.91 - 0.05 1.85

Lazard Global Classic Value Equity Institutional Stg Acc F 1046.88 - 5.40 -

Lazard Japanese Equity F ¥ 49.49 - 0.05 0.88

Lazard Japanese Equity Inst. JPY Inc F ¥ 51.86 - 0.90 0.00

Lazard Japanese Equity X JPY Acc F ¥ 52.97 - 0.92 0.00

Lazard Japanese Equity Fund US$ Inst Acc F $ 9.30 - 0.12 0.00

Lazard North American Equity F $ 1.37 - 0.01 0.00

Lazard Pan European F € 0.95 - 0.01 1.26

Lazard Thematic Global Ex-Japan X NAV $ 155.32 - 1.41 0.72

Lazard Thematic Global Fund US$ Inst Acc F $ 136.11 - 1.38 0.00

Fund Bid Offer D+/- Yield

Lazard UK Equity F 172.82 - -0.10 1.96

Sterling High Quality Bd F 11601.39 - 90.91 2.65

Sterling High Quality Bd Instl 11601.16 - 37.71 3.33

Thematic Global Fund Institutional Class $ 137.45 - 1.40 1.12

Thematic Global Fund Institutional Sterling Class F 8843.35 - 84.60 1.10

Lazard Global Portfolio Funds

Lazard Global Listed Infrastructure Sterling Fund F 78.69 - -0.49 1.74

Lazard Global Investment Funds

Emerging Markets Allocation US$ inst Acc $ 106.16 - 0.62 -

Emerging Markets Bond Fund Euro Hedged Inst Acc F € 108.87 - 0.52 0.00

Emerging Markets Bond Fund USD Inst Acc F $ 109.04 - 0.53 0.00

Emerging Markets Equity Fund EUR Inst Inc € 92.54 - 0.74 -

Emerging Markets Local Debt Fund Euro Hedged Inst Acc F € 98.49 - 0.72 0.00

Emerging Markets Local Debt Fund USD Inst Acc F $ 99.56 - 0.74 0.00

Emerging Markets Local Debt GBP HEDG INST DIST F £ 104.87 - 0.76 -

Emerging Markets Total Return Debt Fund Euro Hedged Inst Acc F € 103.75 - 0.44 0.00

Emerging Markets Total Return Debt Fund USD Inst Acc F $ 104.01 - 0.44 0.00

Emerging Markets Total Return debt Euro Hdgd Inst Acc B Cls F € 102.93 - 0.43 0.00

Emerging Markets Total Return debt Euro Hedged Retail Acc F € 101.59 - 0.43 0.00

Emerging Markets Total Return debt STG HDG INST ACC F £ 102.20 - 0.44 0.00

Emerging Markets Total Return debt Inst Acc B USD $ 101.79 - 0.43 -

Legg Mason Dublin Funds (IRL)Rochestown, Drinagh, Wexford, IrelandFSA Recognised

Legg Mason Global Funds PLC

Equity Funds

BFM Asia Pacific Equity A dis(A) $ 181.64 - 1.63 0.70

BMF Emerging Markets Eq Pr dis(A) $ 78.57 - 0.80 0.87

BFM European Equity A dis(A) € 107.00 - 1.27 2.05

BFM Intl Large Cap A dis(A) $ 59.30 - 0.81 1.92

BW Global Opp.Fixed Inc A dis (M) $ 113.67 - 0.69 2.22

CBA US Aggressive Growth A dis(A) $ 101.49 - 1.20 0.00

CBA US Appreciation A dis(A) $ 104.06 - 0.84 0.00

CBA US Fundamental Value A dis(A) $ 81.44 - 0.68 0.08

CBA US Large Cap Growth A dis(A) $ 104.68 - 1.05 0.00

LM Batterymarch Gbl Equity Fd $ 90.98 - 1.14 0.30

GC Global Equity A dis(A) $ 81.07 - 1.32 0.23

LM CM Growth A dis(A) $ 81.30 - 0.89 0.00

LM CM Opportunity A dis(A) $ 161.99 - 1.99 0.00

LM CM Value A dis(A) $ 108.06 - 1.02 0.00

LM Permal Gl Absolute A dis(A) $ 99.40 - 0.13 0.00

LMHK China Fund A dis $ 89.06 - 1.68 0.44

PCM US Equity A cap $ 93.67 - 1.13 -

Royce Europ. Smaller Companies A acc € 112.79 - 0.75 0.95

Royce Global Smaller Companies A dis $ 108.00 - 0.96 0.00

Royce Smaller Companies A dis(A) $ 169.39 - 1.46 0.00

Royce US Small Cap Opp A dis(A) $ 280.14 - 4.29 0.00

Fixed Income Funds

BW Global Fixed Inc A dis(S) $ 130.10 - 0.54 1.89

WA Asian Opportunities A dis(D) $ 117.67 - 0.61 2.58

WA Brazil Equity A dis(A) $ 66.89 - 1.55 3.08

WA Div Strategic Income A dis(D) $ 91.96 - 0.05 3.58

WA Emerging Markets Bd A dis(D) $ 120.05 - 0.56 4.89

WA Euro Core Plus Bd A dis(D) € 90.78 - 0.39 1.74

WA Euro High Yield A dis (D) € 92.11 - 0.20 8.04

WA Gl Blue Chip Bd A dis(M) $ 106.54 - 0.13 1.70

WA Gl Core Plus Bd A dis(D) $ 103.87 - 0.22 2.37

WA Gl Credit Abs Ret Fd A dis $ 101.98 - -0.08 0.00

WA Gl Credit Cl.A dis (D) $ 103.19 - 0.20 2.08

WA Global High Yield A dis(D) $ 81.48 - 0.13 7.33

WA Global Inf-Linked A dis(D) $ 107.78 - 0.64 1.85

WA Gl Multi Strategy A dis(D) $ 122.80 - 0.33 3.95

WA Inflation Mgmt A dis(A) $ 119.09 - 0.55 1.46

WA UK£ Core Plus Bond A dis (D) £ 106.75 - 0.52 2.26

WA UK£ Infl-Linked Plus A dis (D) £ 119.30 - 1.26 1.33

WA UK£ Long Duration A dis (D) £ 110.17 - 0.76 2.08

WA US Adjustable Rate A cap $ 97.95 - 0.02 0.00

WA US Core Bond A dis(D) $ 99.02 - 0.08 1.86

WA US Core Plus Bond A dis(D) $ 109.08 - 0.12 1.71

WA US High Yield A dis(D) $ 81.39 - 0.09 7.09

WA US Short Term Govt A dis(D) $ 101.87 - 0.03 1.07

Money Market Funds

WA US Money Market A dis(D) $ 1.00 - 0.00 0.03

Legg Mason Luxembourg Funds (LUX)145 Rue du Kiem, L-8030 StrassenFSA Recognised

Other classes available: Class C, Class I

Equity Funds

LM Emerg. Markets Eq A Ord $ 279.51 - 4.02 0.00

LM Eurold Eq.A Euro Cap € 86.57 - 1.04 0.00

Money Funds

LM Eurold Cash A Euro Cap € 135.68 - -0.01 0.00

Asset Allocation Funds

LM M-Man.Bal A Cap Euro € 119.13 - 0.77 -

LM M-Man.Bal A Cap USD $ 114.36 - 0.73 -

LM M-Man Cons A Cap Euro € 116.82 - 0.65 -

LM M-Man Cons A Cap USD $ 120.61 - 0.52 0.00

LM M-Man Perf A Cap Euro € 120.16 - 0.87 0.00

LM M-Man Perf A Cap USD $ 112.17 - 0.86 -

Legg Mason UK Funds (1200)F (UK)PO Box 10649, Chelmsford, CM99 2BDDealing & Enquiries: 0844 620 0013www.leggmason.co.ukAuthorised Inv Funds

Equity Funds

US Equity Income A Inc 108.40 - -0.10 -

Liongate Capital Management (CYM)www.liongate.comRegulated

Liongate Multi-Strategy Fund

Class A1 $ 1770.74 - -0.10 -

Class B1 € 1720.91 - 0.07 0.00

Class C1 £ 1790.90 - -0.10 -

Class D1 ¥ 120800.84 - -34.81 0.00

Class E1 SFr 1596.58 - -0.64 0.00

Class F1 SKr 965.54 - -0.10 0.00

Liongate Commodities Fund

Class A $ 1041.12 - 0.64 -

Class B € 1009.23 - 0.42 0.00

Class C £ 970.28 - 0.81 0.00

Lloyd George ManagementOther International Funds

LG Antenna Fd Ltd $ 58.09 - 1.44 0.00

LG Asian Plus Ltd $ 55.50 - 0.25 0.00

LG Asian Smaller Cos $ 93.36 - 1.27 0.00

LG India Fd Ltd $ 47.85 - -0.24 0.00

Lloyds TSB Offshore Fd Mgrs (1000)F (JER)PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555FSA Recognised

Lloydstrust Gilt £ 12.7300 - 0.0700 2.77

Lloyds TSB Offshore Funds Ltd

Capital Growth £ 1.7160 - -0.0050 1.19

Euro High Income € 1.5460 - 0.0060 4.85

European £ 5.7910 - 0.0020 1.18

High Income £ 0.8320xd - 0.0037 5.98

International £ 3.2630 - 0.0000 0.24

North American £ 11.1600 - 0.0100 0.00

Fund Bid Offer D+/- Yield

Sterling Bond £ 1.3640 - 0.0080 4.45

UK £ 5.7570 - -0.0300 1.83

Lloyds TSB Offshore Gilt Fund Ltd

Lloyds TSB Gilt Fund Quarterly Share £ 1.3130 - 0.0080 2.63

Monthly Share £ 1.2640xd - 0.0080 2.63

Lloyds TSB Money Fund Ltd

Australian Dollar A$ 165.6310 - 0.0370 -

Euro € 53.0580 - -0.0010 -

New Zealand Dollar NZ$ 200.2750 - 0.0240 -

Sterling Class £ 52.3780 - 0.0010 -

US Dollar Class $ 60.8860 - -0.0010 -

Lloyds TSB Offshore Multi Strategy Fund Ltd

Conservative Strategy £ 1.0260xd - 0.0070 2.89

Growth Strategy £ 1.1920xd - 0.0070 1.37

Aggressive Strategy £ 1.2530 - 0.0060 0.38

Global USD Growth Strategy $ 0.9758 - 0.0104 -

Dealing Daily

Lombard Odier Darier Hentsch (LUX)Queensberry House 3 Old Burlington Street London W1S 3ABFSA Recognised

Lombard Odier Funds

1798 Europe Eq. L/S CHF C A SFr 10.56 - 0.12 -

1798 Europe Eq. L/S EUR C A € 10.61 - 0.12 -

1798 Europe Eq. L/S USD C A $ 10.58 - 0.12 -

1798 Optimum Trend (EUR) P A € 11.80 - 0.00 0.00

1798 Optimum Trend (USD) P A $ 11.35 - 0.00 0.00

All Roads (CHF) PA SFr 15.75 - 0.09 -

All Roads (USD) PA $ 9.83 - 0.05 -

All Roads (GBP) PA £ 9.96 - 0.06 -

All Roads (EUR) PA € 10.00 - 0.06 -

Alpha Japan (EUR) P A F € 6.02 - 0.00 0.00

Alpha Japan (CHF) P A F SFr 7.62 - -0.01 0.00

Alpha Japan (JPY) P A F ¥ 695.00 - -1.00 0.00

Alpha Japan (USD) P A F $ 8.53 - -0.01 0.00

Alternative Beta P A F SFr 114.10 - 0.33 0.00

Alternative Beta P A F € 76.00 - 0.22 0.00

Alternative Beta P A F $ 112.58 - 0.33 0.00

BBB-BB Bond CHF F SFr 13.51 - 0.02 0.00

BBB-BB Bond EUR P € 10.52 - 0.01 0.00

BBB-BB Bond GBP F £ 9.20 - 0.01 0.00

BBB-BB Bond USD F $ 14.90 - 0.02 0.00

Clean Tech P A F € 5.23 - 0.01 0.00

Commodities (CHF) P A SFr 7.94 - -0.01 -

Commodities (EUR) P A € 7.98 - -0.01 -

Commodities (USD) P A $ 8.05 - -0.01 -

Convertible Bd P A € 13.66 - 0.04 0.00

Convertible Bd Asia P A F SFr 12.61 - 0.03 0.00

Convertible Bd Asia P A F € 13.30 - 0.03 0.00

Convertible Bd Asia P A F $ 13.27 - 0.03 0.00

Emerging Consumer (CHF) P A SFr 10.81 - -0.06 -

Emerging Consumer (EUR) P A € 10.94 - -0.06 -

Emerging Consumer (USD) P A $ 10.72 - -0.05 -

Emerging Eq.Risk Par.(EUR) € 7.84 - 0.08 0.00

Emerging Eq. Risk Par.(USD) $ 6.92 - 0.08 0.00

Emerging Market Bd P A $ 21.70 - 0.06 0.00

Emerging Loc.Curr.&Bds. P Dyn.Hdg FSFr 9.25 - 0.00 -

Emerging Loc.Curr.&Bds. P A F SFr 10.11 - 0.01 0.00

Emerging Loc.Curr.&Bds. P A F € 12.13 - 0.01 0.00

Emerging Loc.Curr.&Bds. P A F $ 10.64 - 0.03 0.00

Euro Credit Bd PA F € 11.23 - 0.03 0.00

Euro Government Bd PA F € 10.92 - 0.06 0.00

Euro Inflation-Linked Bd PA F € 11.19 - 0.08 0.00

Euro Resp.Corp.Bd. PA € 16.37 - 0.02 0.00

Europe High Conviction PA € 6.94 - 0.01 0.00

Eurozone Small&Mid Caps F € 31.63 - 0.41 0.00

Generation Global (CHF) P A F SFr 8.22 - 0.05 0.00

Generation Global (EUR) P A F € 11.29 - 0.07 0.00

Generation Global (USD) P A F $ 9.70 - 0.08 0.00

Global Energy (USD) P A F $ 9.08 - 0.13 0.00

Golden Age (CHF) P A F SFr 13.83 - 0.07 0.00

Golden Age (EUR) P A € 9.35 - 0.05 0.00

Golden Age (USD) P A F $ 12.89 - 0.07 0.00

Government Bd (USD) P A $ 20.32 - 0.05 0.00

Invst.Gde A-BBB (CHF) P A SFr 12.46 - -0.01 0.00

Japan Small & Mid Caps P A ¥ 1533.00 - 2.00 0.00

Money Market (EUR) P A € 112.25 - 0.00 0.00

Money Market (GBP) P A F £ 10.20 - 0.00 0.00

Money Market (USD) P A F $ 10.28 - 0.00 0.00

Neuberger B.US Core(USD)P A $ 9.14 - 0.09 0.00

Sands US Growth (USD) PA $ 10.65 - 0.16 -

Selective Gbl P A € 165.60 - -0.12 0.00

Tactical Alpha (CHF)P A SFr 9.71 - 0.05 0.00

Tactical Alpha (EUR)P A € 9.88 - 0.05 0.00

Tactical Alpha (USD)P A $ 14.13 - 0.07 0.00

Technology P A € 9.83 - 0.10 0.00

Technology P A $ 14.91 - 0.16 0.00

Total Return Bond (EUR) P A € 12.04 - 0.01 0.00

Total Return Bond (USD) P A $ 17.60 - 0.02 0.00

William Blair Gbl Gth P A F $ 9.59 - 0.07 0.00

William Blair Gbl Gth P A F € 10.19 - 0.05 0.00

Wld Gold Expertise P A F SFr 26.51 - -0.24 0.00

Wld Gold Expertise P A € 20.64 - -0.18 0.00

Wld Gold Expertise P A $ 26.21 - -0.20 0.00

Lombard Odier Funds II

Balanced (EUR) P A F € 105.20 - 0.34 0.00

Conservative (EUR) P A F € 103.71 - 0.24 0.00

LO Selection

Balanced (CHF) P A F SFr 98.47 - 0.28 0.00

Balanced (EUR) P A F € 106.65 - 0.36 0.00

Conservative (CHF) P A F SFr 99.77 - 0.19 0.00

Conservative (EUR) P A F € 104.53 - 0.25 0.00

Conservative (USD) P A F $ 99.14 - 0.37 0.00

Global Allocation (GBP) P A F £ 8.37 - 0.02 0.00

Growth (CHF) P A F SFr 96.94 - 0.37 0.00

Growth (EUR) P A F € 108.09 - 0.47 0.00

M & G Securities Ltd (UK)

Property & Other UK Unit Trusts

M&G Property Portfolio A Acc £ 0.80 0.84 0.00 3.13

M & G (Guernsey) Ltd (GSY)Regulated

The M&G Offshore Fund Range

American Fund 107.78 112.27 0.00 -

Corporate Bond 1218.70 1256.39 6.99 3.67

Global Basics 2204.02 2295.85 -11.54 0.09

Global Leaders 2558.28 2664.88 2.56 1.50

High Yield Corporate Bond 912.62xd 940.84 2.75 6.56

Macro Episode Fund Limited £ 94.22 98.14 -0.12 -

Optimal Income Fund 125.14 130.35 0.44 4.09

Recovery Fund Limited 'A' Participating Shares £ 99.01 103.14 1.67 0.62

Recovery Fund Limited 'I' Participating Shares £ 99.34 103.48 1.68 1.42

Strategic Corporate Bond Fund 121.68xd 126.75 0.58 3.65

UK Growth 1127.89xd 1174.89 -1.46 2.06

UK Select Fund 882.53 919.30 0.02 1.42

Other International Funds

M&G Property Fund - Retail £ 6.57 6.91 0.00 4.35

M&G Property Fund A Inc £ 6.57 6.57 0.00 4.89

Fund Bid Offer D+/- Yield

MFS Meridian Funds SICAV (LUX)Regulated

Absolute Return A1 € 17.70 - -0.10 0.00

Asia ex-Japan A1 $ 20.66 - 0.25 0.00

China Equity Fd A1 $ 8.36 - 0.15 0.00

Continental European Eqty A1 € 10.67 - 0.09 0.00

Emer Mkts Debt Lo Curr Fd A1 $ 13.60 - 0.10 0.00

Emerging Markets Debt A1 $ 30.56 - 0.13 0.00

Emerging Markets Eq.A1 $ 11.79 - 0.14 0.00

European Core Eq A1 € 18.41 - 0.12 0.00

European Res.A1 € 19.40 - 0.18 0.00

European Smaller Companies A1 € 27.21 - 0.15 0.00

European Value A1 € 21.17 - 0.09 0.00

Global Bond A1 $ 11.17 - 0.07 0.00

Global Conc.A1 $ 23.19 - 0.18 0.00

Global Energy Fund A1 $ 13.56 - 0.23 0.00

Global Equity A1 $ 30.38 - 0.27 0.00

Global Equity A1 € 15.22 - 0.06 0.00

Global Multi-Asset A1 $ 14.29 - 0.08 0.00

Global Res.A1 $ 18.86 - 0.23 0.00

Global Total Return A1 € 12.48 - 0.04 0.00

High Yield A1 $ 21.46 - 0.05 0.00

High Yield Fund A1 € 12.32 - -0.03 -

Inflation-Adjusted Bond A1 $ 15.15 - 0.08 -

Japan Equity A1 $ 7.45 - 0.11 0.00

Latin American Equity Fd A1 $ 19.51 - 0.27 0.00

Limited Maturity A1 $ 13.84 - 0.01 0.00

Prudent Wealth Fd A1 $ 11.30 - 0.05 0.00

Research Bond A1 $ 15.54 - 0.02 0.00

UK Equity A1 £ 6.04 - 0.01 0.00

US Conc.Growth A1 $ 10.22 - 0.11 0.00

US Government Bond A1 $ 16.76 - 0.02 0.00

Value A1 $ 14.23 - 0.14 0.00

MMIP Investment Management Limited (GSY)Regulated

Multi-Manager Investment Programmes PCC Limited

European Equity Fd Cl A Initial Ser € 1532.22 1538.25 -98.24 0.00

Japanese Equity Fd Cl A Initial Ser ¥ 164268.00 165231.00 -16861.00 0.00

MMIP - US EQUITY CLASS A 01 June 07 Series $ 850.75 853.32 -76.20 0.00

Pacific Basin Fd Cl A Initial Ser $ 2114.15 2137.98 -163.10 0.00

UK Equity Fd Cl A Series 01 £ 1345.11 1361.08 -81.20 0.00

Diversified Absolute Rtn Fd USD Cl AF2 $ 1505.92 - 2.70 0.00

Diversified Absolute Return Stlg Cell AF2 £ 1519.12 - 3.01 0.00

MAM Funds (IRL)Regulated

Miton Global Diversified Income A 99.81 - 0.07 -

Man InvestmentsOther International Funds

Man AHL Alpha USD Shares $ 792.64 - -11.19 0.00

Man AHL Diversified Plc $ 91.09 - -0.45 -

Mangart Global Fund Ltd (CYM)Regulated

B Shares EUR Nav (Final) € 129.88 - -4.73 0.00

B Shares USD Nav (Final) $ 129.88 - -4.73 0.00

Manulife Global Fund (LUX)31 Z.A. Bourmicht, L-8070 Bertrange, Luxembourgwww.manulife.com.hkFSA Recognised

American Growth Fund A $ 18.38 - 0.09 0.00

Asia Total Return Fund (Class AA) F $ 0.97 - 0.00 2.91

Asia Value Dividend Equity Fund AA F $ 1.20 - 0.01 1.39

American Growth Fund AA F $ 1.05 - 0.00 0.00

Asian Equity Fund A $ 2.39 - 0.03 0.57

Asian Equity Fund AA F $ 0.77 - 0.01 0.19

Asian Small Cap Equity Fund AA F $ 1.44 - 0.02 0.28

China Value Fund A $ 6.47 - 0.02 0.33

China Value Fund AA F $ 2.03 - 0.01 -

Dragon Growth Fund A $ 1.39 - 0.01 -

Dragon Growth Fund AA F HK$ 6.75 - 0.06 0.04

Emerging Eastern Europe Fund AA F $ 1.74 - 0.00 -

Emerging Eastern Europe Fund A $ 4.06 - 0.01 0.21

Emerging Markets Infrastructure Fund Class AA $ 0.91 - 0.01 -

European Growth Fund A $ 7.83 - 0.00 1.27

European Growth Fund AA F $ 0.56 - 0.00 0.82

Global Contrarian Fund AA F $ 0.80 - 0.00 0.00

Global Property Fund AA F $ 0.81 - 0.00 0.43

Global Resources Fund AA F $ 0.95 - 0.00 0.00

Healthcare Fund AA F $ 1.10 - 0.01 0.00

India Equity Fund AA F $ 0.87 - -0.02 0.00

International Growth Fund A $ 3.12 - 0.01 0.00

International Growth Fund AA F $ 0.72 - 0.00 0.00

Japanese Growth Fund A $ 2.49 - 0.03 0.00

Japanese Growth Fund AA F $ 0.64 - 0.01 0.04

Latin America Equity Fund AA F $ 1.08 - 0.00 0.79

Russia Equity Fund AA F $ 0.57 - 0.00 0.00

Strategic Income AA F $ 1.12 - 0.00 3.93

Taiwan Equity Fund AA F $ 1.21 - 0.03 0.64

Turkey Equity Fund AA F $ 0.79 - 0.00 0.32

US Bond Fund AA F $ 1.24 - 0.00 3.48

U.S. Special Opportunities Fund AA F $ 0.85 - 0.00 5.73

US Small Cap Equity Fund AA F $ 0.83 - 0.01 0.00

US Treasury Inflation-Protected Securities Fund AA F $ 1.38 - 0.00 0.76

Marfin Capital Partners Limited (IOM)12 Hay Hill London W1J 8NR 0207 054 9257Regulated

Marfin Diversified Strategy Fund - USD A $ 76.67 - -0.26 0.00

Marfin Diversified Strategy Fund - Euro A € 72.18 - -0.25 0.00

Marfin Diversified Strategy Fund - Euro B € 76.81 - 2.64 -

Marlborough International Management Limited(GSY)First Floor, Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520FSA Recognised

Marlborough North American Fund Ltd £ 20.50 20.70 -0.09 0.00

Marlborough Tiger Fund Ltd F £ 25.26 25.52 0.77 0.00

Marwyn Investment Management LLP (CYM)Regulated

Marwyn Value Investors £ 309.73 - 4.92 -

Meditor Group Limited (BMU)Regulated

European Hedge Fd (B) (Est) $ 557.07 - -1.62 0.00

European Hedge Fd (C) (Est) $ 283.51 - -0.88 0.00

Melchior Hedge Funds (CYM)Regulated

Melchior European Fund Ltd EUR Class € 152.09 - -0.47 -

Meridian Fund Managers LtdOther International Funds

Global Gold & Resources Fund $ 496.31 - -36.59 -

Global Energy & Resources Fund $ 103.86 - -3.74 -

Metage CapitalOther International Funds

MGS (Est) $ 202.63 - -5.65 -

MEMO $ 472.76 - -8.35 0.00

MEMV (Est) $ 102.10 - -4.85 -

Mirabaud Gestion AM (FRA)Regulated

Mirabaud Euro Actions € 113.65 - 1.83 0.00

Mirabaud France Actions € 125.66 - 1.64 0.00

Fund Bid Offer D+/- Yield

MitonOptimal Offshore (GSY)www.MitonOptimal.comRegulated

Core Diversified Fund (USD) $ 105.48 - -0.45 0.00

Core Diversified Fund (EUR) € 89.53 - -0.41 0.00

Core Diversified Fund (GBP) £ 97.34 - -0.44 0.00

Managed Flexible US$ Fund $ 97.23 - 0.72 0.00

Offshore Global (GBP) £ 90.14 - -0.16 0.00

Offshore Global (USD) $ 84.25 - -0.18 0.00

Offshore Special Situations (GBP) £ 134.11 - -0.87 0.00

Offshore Special Situations (USD) $ 124.07 - -0.85 0.00

Offshore Special Situations (EUR) € 104.31 - -0.73 0.00

Offshore Special Situations (YEN) ¥ 11087.13 - -87.43 0.00

Morant Wright Management Ltd (CYM)Regulated

MW Japan Fd Ltd A $ 16.72 - -0.18 0.00

MW Japan Fd Ltd B $ 17.13 - -0.17 0.00

Morgan Stanley Investment Funds (LUX)6b Route de Trèves L-2633 Senningerberg Luxembourg (352) 34 64 61www.morganstanleyinvestmentfunds.comFSA Recognised

US Advantage A F $ 34.74 - 0.27 0.00

Absolute Return Currency A F € 25.07 - -0.05 0.00

Asian Equity A F $ 37.58 - 0.16 0.00

Asian Property A F $ 14.64 - 0.13 0.00

Asian Property AX F £ 8.93 - 0.03 1.43

Diversified Alpha Plus A F € 27.90 - 0.31 0.00

Emerg Europ, Mid-East & Africa Eq A F € 53.91 - 0.33 0.00

Emerging Markets Debt A F $ 74.23 - 0.12 0.00

Emerging Markets Domestic Debt AX F £ 15.53 - 0.03 6.07

Emerging Markets Equity A F $ 33.50 - 0.22 0.00

Euro Bond A F € 13.16 - 0.05 0.00

Euro Corporate Bond AX F £ 21.07 - -0.05 4.78

Euro Liquidity A F € 12.88 - 0.00 0.00

Euro Strategic Bond A F € 35.65 - 0.12 0.00

European Currencies High Yield Bd A F € 16.19 - 0.04 0.00

European Equity Alpha A F € 29.12 - 0.31 0.00

European Property A F € 19.09 - 0.26 0.00

European Small Cap Value A F € 34.24 - 0.88 0.00

Eurozone Equity Alpha A F € 6.70 - 0.13 0.00

Global Bond A F $ 38.62 - 0.16 0.00

Global Brands A F $ 69.67 - 0.31 0.00

Global Convertible Bond A F $ 33.87 - 0.10 0.00

Global Property A F $ 20.34 - 0.24 0.00

Indian Equity A F $ 21.35 - 0.43 0.00

Latin American Equity A F $ 59.22 - 0.59 0.00

Short Maturity Euro Bond A F € 19.50 - 0.02 0.00

US Dollar Liquidity A F $ 13.03 - 0.00 0.00

US Growth A F $ 38.34 - 0.30 0.00

US Growth AH F € 26.81 - 0.21 0.00

US Growth AX F £ 24.53 - 0.06 0.00

US Property A F $ 51.76 - 0.54 0.00

US Property AX F £ 30.19 - 0.15 0.43

Morgens Waterfall Vintiadis.co IncOther International Funds

Phaeton Intl (BVI) Ltd (Est) $ 391.03 - 1.62 0.00

Natixis International Funds (Lux) I SICAV (LUX)Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000FSA Recognised

Absolute Asia AM Pac Rim Eq Fd IA $ 83.06 83.06 1.17 0.00

ASG Laser Fund I/A (USD) H $ 1102.12 1102.12 7.54 0.00

Harris Associates Global Value Fund H € 154.93 154.93 1.44 0.00

Harris Associates US Large Cap Value Fund $ 146.04 146.04 1.79 0.00

Loomis Sayles Emerging Debt & Currencies Fund IA $ 149.41 149.41 1.13 0.00

Loomis Sayles Global Credit Fund I/A (USD) H $ 135.20 135.20 0.51 0.00

Loomis Sayles US Large Cap Value $ 101.60 101.60 -0.23 0.00

Vaughan Nelson US Small Cap Val Fund IA $ 179.97 179.97 1.93 -

Natixis International Funds (Dublin) I plc (IRL)Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000Regulated

Loomis Sayles Global Opportunist Bond Fund H-S/D GBP £ 10.47 10.47 0.02 6.17

Loomis Sayles Multisector Inc Fd I USD $ 12.94 12.94 0.05 5.97

Loomis Sayles Inst High Inc Fd I USD $ 8.01 8.01 0.02 10.54

Loomis Sayles Global Opportunist Bond Fd I USD $ 13.76 13.76 0.06 6.73

Natwest (IRL)Guild Hse PO Box 4935 Guild St, IFSC, Dublin 100353 1 642 8400FSA Recognised

Series 10

Absolute Rtn Multi Asset Prog SER 10 GBP F £ 9.77 - 0.01 -

Nemesis Fund Plc (IRL)Regulated

Nemesis Credit Opportunities Advisor EUR Acc € 108.90 - -0.28 0.00

Nemesis European Value EUR Advisor Acc € 161.78 - 1.58 0.00

Nemesis Global Value Fund € 94.57 - 1.15 0.00

Nemesis Inflation Advisor EUR Acc € 100.59 - -0.67 0.00

Nemesis USA Value USD Advisor Acc $ 97.78 - 0.89 0.00

Nevsky Capital LLP (IRL)51 Berkeley Square, London W1J 5BB +44 (0)20 7360 8888FSA Recognised

Traditional Funds Plc

Eastern European $ 71.05 - 0.93 0.00

Nevsky Capital LLPOther International Funds

Nevsky Fund Plc EUR Acc € 1148.23 - -41.93 0.00

Nevsky Fund Plc GBP Acc £ 1154.42 - -40.89 0.00

Nevsky Fund Plc USD Acc $ 1164.36 - -39.33 0.00

New Capital Fund Management Ltd (IRL)Leconfield House, Curzon Street, London, W1J 5JBFSA Recognised

New Capital UCITS Funds

Asia Pacific Equity Fund USD Class A $ 94.57 - 1.33 2.53

Asia Pacific Equity Fund EUR Class B € 92.70 - 1.29 2.71

Asia Pacific Equity Fund GBP Class C £ 93.74 - 1.29 2.65

Asia Pacific Equity Fund CNY USD Hedged Class F $ 96.64 - 1.39 2.56

Asia Pacific Equity Inc D Class D SFr - - - -

Asia Pacific Equity Inc SGD Class D S$ 105.61 - 1.47 -

Asia Pacific Equity Inc USD I Class D $ 105.77 - 1.48 -

Dynamic European Equity EUR Cls D € 105.40 - 1.33 -

Dynamic European Equity GBP Cls D £ 112.40 - 1.40 -

Dynamic European Equity USD Cls D $ 105.43 - 1.33 -

Global Fixed Income USD $ 118.84 - 0.10 0.00

Global Fixed Income USD CNY Hedged $ 105.15 - 0.11 -

Total Return Bond USD Cls $ 143.76 - 0.23 0.00

Total Return Bond EUR Cls € 136.28 - 0.21 0.00

Total Return Bond GBP Cls £ 152.05 - 0.22 -

Fund Bid Offer D+/- Yield

Total Return Bond Fund Canadian Dollar Class C$ 99.94 - 0.16 0.00

Total Return Bond Fund CHF SFr 103.91 - 0.16 0.00

Total Return Bond Fund INR Hdg R $ 102.25 - 0.60 -

Total Return Bond Fund USD $ 107.91 - 0.20 -

Total Return Bond Fund USD I $ 104.80 - 0.17 -

Total Return Bond GBP Distributor Class £ 109.18 - 0.16 4.41

US Growth Class A USD $ 110.62 - 1.68 0.00

US Growth Class B EUR € 107.31 - 1.62 0.00

US Growth Class C GBP £ 109.43 - 1.63 0.00

US Growth Class D CHF SFr 109.77 - 1.66 0.00

US Growth Class I USD $ 99.58 - 1.52 -

Wealthy Nations Bond USD Cls A $ 109.99 - 0.23 5.04

Wealthy Nations Bond EUR Cls B € 107.46 - 0.22 5.36

Wealthy Nations Bond GBP Cls C £ 109.30 - 0.21 5.14

Wealthy Nations Bond CHF Cls DSFr 106.36 - 0.19 -

Wealthy Nations Bond EUR Cls D € 106.20 - 0.20 -

Wealthy Nations Bond GBP Cls D £ 109.81 - 0.21 5.08

Wealthy Nations Bond CHF Cls ESFr 106.18 - 0.21 5.07

Wealthy Nations Bond INR Hdg Cls D $ 102.07 - 0.64 -

Wealthy Nations Bond INR Hdg I Cls D $ 103.25 - 0.65 -

Wealthy Nations Bond NOK Cls DNKr 107.43 - 0.20 -

Wealthy Nations Bond USD Cls D $ 106.53 - 0.20 -

Wealthy Nations Bond USD CNY Hedged Class F $ 107.80 - 0.20 4.89

Wealthy Nations Bond SGD Class G S$ 154.34 - 0.30 4.76

Wealthy Nations Bond Class H S$ 102.35 - 0.20 3.49

Wealthy Nations Bond Class I $ 105.47 - 0.24 3.23

New Capital Alternative Strategies

All Weather Fd USD Cls $ 112.40 - -0.21 -

All Weather Fd EUR Cls € 102.78 - -0.18 0.00

All Weather Fd GBP Cls £ 109.47 - -0.23 0.00

Tactical Opps USD Cls $ 91.31 - -0.09 0.00

Tactical Opps EUR Cls € 76.04 - -0.10 0.00

Tactical Opps GBP Cls £ 84.35 - -0.13 0.00

NewSmith Investment Funds Plc (IRL)Regulated

NewSmith UK Equity £ 1.74 - 0.02 0.00

Newton Fund Mgrs (CI) Ltd (1200)F (JER)PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130FSA Recognised

Newton Offshore Strategy Fund Ltd

UK Equity £ 1.5531 - 0.0017 2.20

Global Equity £ 1.3876 - 0.0008 1.89

Global Balanced £ 1.1415 - 0.0017 2.16

Global Balanced (Accumulation) £ 1.2353 - 0.0019 2.12

Bridge £ 1.2952 - 0.0025 2.30

Sterling Fixed Interest Class £ 0.8371 - 0.0045 3.94

Global Fixed Interest Class £ 1.0189 - 0.0019 4.83

Diversified Assets £ 1.0986 - 0.0008 3.02

Special Situations £ 0.9781 - 0.0015 3.77

Alternative Assets £ 0.9966 - -0.0010 1.38

Nordea 1, SICAV (LUX)E-Mail: nordeafunds@nordea.lu, Phone: +352 43 39 50 0FSA Recognised

Emerging Consumer Fund F € 14.56 - 0.03 0.00

European Alpha Fund F € 7.34 - 0.01 0.00

European Value Fund € 35.13 - 0.19 0.00

Far Eastern Equity Fund $ 16.65 - 0.19 0.00

Latin American Equity Fund € 10.58 - 0.06 0.00

Nordic Equity Fund € 47.88 - -0.04 0.00

North American Growth Fund H $ 8.31 - 0.03 0.00

North American Value Fund $ 30.10 - 0.14 0.00

European High Yield Bond Fund F € 20.84 - 0.07 0.00

Global Stable Equity Fund F € 9.50 - 0.02 0.00

Heracles Long/Short MI Fund - AP - EUR F € 50.23 - 0.04 0.00

Northwest Investment Management (HK) Ltd11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373Other International Funds

Northwest $ class $ 1770.29 - -29.47 0.00

Northwest China Opps $ class $ 2343.44 - -51.12 0.00

Northwest China Opps € class € 2298.32 - -50.84 0.00

Northwest Warrant $ class $ 582.20 - -107.20 0.00

Oasis Crescent Management Company LtdOther International Funds

Oasis Crescent Equity Fund R 6.95 - 0.03 0.53

Oasis Global Mgmt Co (Ireland) Ltd (IRL)Regulated

Oasis Global Investment (Ireland) Plc

Oasis Global Equity $ 19.35 - 0.10 -

Oasis Crescent Global Investment Fund (Ireland) plc

Oasis Crescent Global Equity Fund $ 19.65 - 0.11 0.92

OasisCresGl Income Class A $ 10.61 - 0.00 2.34

OasisCresGl LowBal D ($) Dist $ 10.24 - 0.04 0.00

OasisCresGl Med Eq Bal A ($) Dist $ 9.81 - 0.03 -

Oasis Crescent Gbl Property Eqty $ 7.34 - 0.00 -

Odey Asset Management LLP (CYM)Regulated

OEI MAC Inc A £ 279.83 - -5.82 0.00

OEI Mac Inc B £ 157.83 - 1.12 0.00

OEI MAC Inc USD $ 1544.04 - -29.81 0.00

Odey European Inc EUR € 619.77 - -10.12 0.00

Odey European Inc A GBP £ 234.60 - -3.83 0.00

Odey European Inc B GBP £ 133.15 - -2.18 0.00

Odey European Inc USD $ 288.68 - -4.42 0.00

Giano Capital EUR Inc € 4068.59 - 0.00 0.00

Odey Asset Management LLP (IRL)FSA Recognised

Odey OEAF EUR A Class € 86.41 - 0.76 0.00

Odey OEAF GBP D Class £ 99.75 - 0.46 -

Odey Pan European € 203.81 - 1.24 0.00

Odey Pan European GBP D £ 132.06 - 0.26 0.00

Odey Allegra STG A £ 84.40 - 0.13 0.00

Odey Allegra USD $ 98.71 - 0.77 0.00

Odey Allegra European EUR € 138.06 - 1.21 0.00

Odey Allegra European EUR I F € 135.28 - 1.19 0.00

Odey Allegra European USD $ 134.03 - 1.48 0.00

Odey Allegra European GBP £ 159.75 - 0.75 0.00

Odey Allegra European GBP I £ 160.68 - 0.52 -

Odey Allegra International GBP Class £ 125.33 - 0.20 0.00

Odey Allegra International GBP D Inc F £ 113.55 - 0.18 0.00

Odey Allegra International Euro Class € 99.39 - 0.57 0.00

Odey Allegra International Euro I Class € 91.66 - 0.52 0.00

Odey Investments Plc (IRL)Regulated

Odey Giano European Fund EUR € 103.99 - -0.97 -

Fund Bid Offer D+/- Yield

Odey Odyssey Fund GBP I £ 95.14 - 0.83 -

Odey Giano European Fund GBP £ 103.79 - -0.96 -

Odey Odyssey Fund GBP R £ 93.25 - 0.82 -

Odey Giano European Fund USD $ 104.76 - -0.99 -

Odey Odyssey Fund USD $ 95.44 - 0.83 -

Odey Odyssey Fund EUR € 84.20 - 0.73 -

Odey Wealth Management (CI) Ltd (IRL)FSA Recognised

ODEY OPPORTUNITY CHF SFr 98.56 - 0.12 0.00

ODEY OPPORTUNITY CHF I SFr 98.64 - 0.13 0.00

ODEY OPPORTUNITY EUR € 115.05 - 0.14 0.00

ODEY OPPORTUNITY EUR I € 171.88 - 0.21 0.00

ODEY OPPORTUNITY GBP I R £ 189.49 - 0.24 0.00

ODEY OPPORTUNITY GBP R £ 122.17 - 0.15 0.00

ODEY OPPORTUNITY NOK NKr 103.63 - 0.16 0.00

ODEY OPPORTUNITY NOK I NKr 105.81 - 0.17 0.00

ODEY OPPORTUNITY USD $ 121.54 - 0.16 0.00

ODEY OPPORTUNITY USD I $ 180.54 - 0.22 0.00

Omnia Fund LtdOther International Funds

Estimated NAV $ 380.77 - -28.94 -

Optima Fund ManagementOther International Funds

Optima Fd NAV $ 73.90 - -0.08 0.00

Optima Discretionary Macro Fund Limited $ 82.22 - -0.58 0.00

The Dorset Energy Fd Ltd NAV $ 38.64 - -0.40 0.00

Platinum Fd Ltd $ 63.74 - 0.46 0.00

Platinum Fd Ltd EUR € 12.68 - 0.09 0.00

Platinum Japan Fd Ltd $ 30.42 - -0.12 0.00

Optima Emerging Markets Fd Ltd $ 14.14 - -0.05 0.00

Optima Partners Global Fd $ 11.67 - 0.00 0.00

Optima Partners Focus Fund A $ 11.09 - 0.00 0.00

Cuttyhunk II Limited Unrestricted USD Acc NAV $ 1152.88 - 8.35 -

Orbis Investment Management Ltd (BMU)Regulated

Orbis Global Equity $ 111.98 - -0.55 0.00

Orbis Optimal (US$) $ 70.34 - -0.70 0.00

Orbis Optimal (Euro) € 23.82 - -0.25 0.00

Orbis Optimal (Yen) ¥ 943.00 - -9.00 0.00

Orbis Leveraged (US$) $ 108.30 - -2.25 0.00

Orbis Leveraged (Euro) € 35.56 - -0.73 0.00

Orbis Leveraged (Yen) ¥ 851.00 - -17.00 0.00

Orbis Japan Equity (US$) $ 20.90 - -0.20 0.00

*Orbis Prices as of June 14th

Orbis Sicav (LUX)Regulated

Orbis Japan Equity (Yen) ¥ 2006.00 - -18.00 -

Orbis Japan Equity (Euro) € 13.62 - -0.12 -

Orbis Asia ex-Japan - Investor Shares $ 16.25 - -0.04 -

Orbis Global Equity - Investor Shares € 87.24 - -0.91 0.00

Orbit Asset ManagementOther International Funds

Orbit Global Strategy $ 146.33 - -1.13 0.00

Orbit Euro Strategies € 127.10 - -0.89 0.00

Oryx International Growth Fund LtdOther International Funds

NAV (Fully Diluted) £ 3.09 - 0.02 0.00

PFPC International LtdOther International Funds

Intl Dollar Reserve A $ 1.00 - 0.00 0.05

Intl Dollar Reserve B $ 1.00 - 0.00 0.01

Intl Dollar Reserve Bear $ 1.00 - 0.00 0.01

Permal Investment Mgmt Svcs Ltdwww.permal.comOther International Funds

Offshore Fund Class A US $ Shares

Investment Holdings N.V. $ 4509.89 - -91.80 0.00

Macro Holdings Ltd $ 4064.13 - 25.88 0.00

Fixed Income Holdings N.V. $ 437.25 - -1.88 13.72

LUX Advantage Multi-Strategy Fund $ 1345.59 - -10.41 -

LUX Natural Resources $ 1293.60 - -6.27 -

Strategic Allocation A $ 1250.36 - -5.19 -

Pictet (LUX)3 BLD ROYAL L-2016 LuxembourgTel: 0041 58 323 3000FSA Recognised

Pictet-Absl Rtn Glo Cons-I EUR F € 105.55 - 0.02 0.00

Pictet-Absl Rtn Glo Cons-P EUR F € 103.42 - 0.01 0.00

Pictet-Absl Rtn Glo Cons-Pdy EUR F € 100.61 - 0.01 0.63

Pictet-Absl Rtn Glo Div-I EUR F € 120.82 - 0.05 0.00

Pictet-Absl Rtn Glo Div-P EUR F € 116.31 - 0.05 0.00

Pictet-Absl Rtn Glo Div-Pdy EUR F € 112.76 - 0.04 0.30

Pictet-Absl Rtn Glo Div-R EUR F € 112.73 - 0.04 0.00

Pictet-AbsRetGloDiv-HI CHF F SFr 175.12 - 0.07 0.00

Pictet-AbsRetGloDiv-HI GBP F £ 101.67 - 0.04 0.00

Pictet-AbsRetGloDiv-HI JPY F ¥ 13415.00 - 5.00 0.00

Pictet-AbsRetGloDiv-HI USD F $ 152.77 - 0.06 0.00

Pictet-AbsRetGloDiv-HP CHF F SFr 168.60 - 0.07 0.00

Pictet-AbsRetGloDiv-HPdy GBP F £ 94.99 - 0.04 0.23

Pictet-AbsRetGloDiv-HP USD F $ 147.05 - 0.06 0.00

Pictet-Agriculture-I EUR F € 137.35 - 0.08 0.00

Pictet-Agriculture-I USD F $ 173.40 - 1.00 0.00

Pictet-Agriculture-P EUR F € 133.89 - 0.08 0.00

Pictet-Agriculture-P dy EUR F € 133.89 - 0.08 0.00

Pictet-Agriculture-P dy GBP F £ 108.71 - 0.35 0.00

Pictet-Agriculture-P dy USD F $ 169.04 - 0.99 0.00

Pictet-Agriculture-R EUR F € 131.06 - 0.07 0.00

Pictet-Agriculture-R USD F $ 165.46 - 0.95 0.00

Pictet-Agriculture-P USD F $ 169.04 - 0.99 0.00

Pictet-Asian Equities Ex Japan-I USD F $ 166.36 - 2.00 0.00

Pictet-Asian Equities Ex Japan-P USD F $ 155.12 - 1.86 0.00

Pictet-Asian Equities Ex Japan-P dy USD F $ 151.95 - 1.82 0.17

Pictet-Asian Equities Ex Japan-HI EUR F € 109.30 - 1.31 0.00

Pictet-Asian Local Currency Debt-I EUR F € 121.34 - 0.53 0.00

Pictet-Asian Local Currency Debt-I USD F $ 153.19 - 1.46 0.00

Pictet-Asian Local Currency Debt-P EUR F € 116.69 - 0.50 0.00

Pictet-Asn Lcl Ccy Dbt-Pdy USD F $ 129.30 - 1.23 2.83

Pictet-Asn Lcl Ccy Dbt-Pdy GBP F £ 84.42 - 0.59 2.76

Pictet-Biotech-P USD $ 331.50 - 4.74 0.00

Pictet-Biotech-P dy GBP F £ 211.83 - 1.69 0.00

Pictet-Biotech-HP EUR F € 247.30 - 3.51 0.00

Pictet-Biotech-I USD F $ 361.47 - 5.19 0.00

Pictet-Biotech-P dy USD F $ 331.36 - 4.74 0.00

Pictet-CHF Liquidity-P F SFr 124.38 - 0.00 0.00

Pictet-Clean Energy-I EUR F € 48.72 - 0.50 0.00

Pictet-Clean Energy-I USD F $ 61.55 - 0.67 0.00

Pictet-Clean Energy-P EUR F € 46.68 - 0.46 0.00

Pictet-Clean Energy-P USD F $ 58.98 - 0.63 0.00

Pictet-Clean Energy-P dy USD F $ 58.98 - 0.63 0.00

Pictet-Clean Energy-P dy GBP F £ 37.64 - 0.11 0.00

Pictet-Convertible Bonds-I EUR F € 93.88 - -0.43 0.00

Fund Bid Offer D+/- Yield

Pictet-Convertible Bonds-P EUR F € 91.95 - -0.43 0.00

Pictet-Convertible Bonds-P dy EUR F € 91.76 - -0.42 0.50

Pictet-Convertible Bonds-R EUR F € 90.01 - -0.41 0.00

Pictet-Digital Communication-I EUR F € 118.52 - 1.24 0.00

Pictet-Digital Communication-I USD F $ 149.74 - 1.67 0.00

Pictet-Digital Communication-P EUR F € 108.28 - 1.12 0.00

Pictet-Digital Communication-P USD $ 136.80 - 1.51 0.00

Pictet-Digital Communication-P dy USD F $ 131.94 - 1.46 0.00

Pictet-Digital Communication-P dy GBP F £ 85.22 - 0.30 0.00

Pictet-Digital Communication-R EUR F € 100.19 - 1.03 0.00

Pictet-Eastern Europe-I EUR F € 324.38 - 5.61 0.00

Pictet-Eastern Europe-P EUR F € 312.79 - 5.40 0.00

Pictet-Eastern Europe-P dy EUR F € 312.52 - 5.40 0.00

Pictet-Eastern Europe-P dy GBP F £ 252.22 - 3.34 0.00

Pictet-Em Lcl Ccy Dbt-HI EUR F € 124.15 - -0.25 0.00

Pictet-Em Lcl Ccy Dbt-HP EUR F € 119.44 - -0.25 0.00

Pictet-Em Lcl Ccy Dbt-I EUR F € 149.05 - -0.57 0.00

Pictet-Em Lcl Ccy Dbt-I USD F $ 187.74 - -0.39 0.00

Pictet-Em Lcl Ccy Dbt-P EUR F € 143.32 - -0.56 0.00

Pictet-Em Lcl Ccy Dbt-P USD F $ 180.58 - -0.38 0.00

Pictet-Em Lcl Ccy Dbt-Pdy USD F $ 137.35 - -0.29 5.85

Pictet-Em Lcl Ccy Dbt-Pdy GBP F £ 90.96 - 0.04 5.65

Pictet-Emerging Markets-I USD F $ 497.46 - 5.97 0.00

Pictet-Emerging Markets-P USD $ 469.27 - 5.62 0.00

Pictet-Emerging Markets-P EUR F € 371.43 - 4.19 0.00

Pictet-Emerging Markets-P dy USD F $ 464.44 - 5.55 0.00

Pictet-Emerging Markets Index-I USD F $ 225.49 - 2.88 0.00

Pictet-Emerging Markets Index-IS USD F $ 224.69 - 2.87 0.00

Pictet-Emerging Markets Index-P dy USD F $ 203.70 - 2.60 1.85

Pictet-Emerging Markets Index-R USD F $ 214.04 - 2.73 0.00

Pictet-Emerging Markets Index-P USD $ 220.66 - 2.81 0.00

Pictet-Emerging Markets Index-R dy GBP F £ 133.65 - 0.86 1.50

Pictet-EUR Bonds-HI CHF F SFr 595.87 - 0.00 0.00

Pictet-EUR Bonds-HP CHF F SFr 573.18 - 0.00 0.00

Pictet-EUR Bonds-I F € 442.21 - 0.00 0.00

Pictet-EUR Bonds-P F € 425.42 - 0.00 0.00

Pictet-EUR Bonds-P dy F € 291.42 - -0.01 3.37

Pictet-EUR Corporate Bonds-HI USD F $ 191.67 - 0.34 0.00

Pictet-EUR Corporate Bonds-HI CHF FSFr 226.06 - 0.39 0.00

Pictet-EUR Corporate Bonds-HP USD F $ 183.38 - 0.32 0.00

Pictet-EUR Corporate Bonds-HP CHF FSFr 216.32 - 0.38 0.00

Pictet-EUR Corporate Bonds-I F € 167.91 - 0.30 0.00

Pictet-EUR Corporate Bonds-P F € 160.59 - 0.28 0.00

Pictet-EUR Corporate Bonds-P dy F € 100.64 - 0.17 3.76

Pictet-EUR Government Bonds-P dy F € 101.92 - 0.63 3.39

Pictet-EUR High Yield-HI CHF F SFr 245.95 - 2.49 0.00

Pictet-EUR High Yield-HP CHF F SFr 233.40 - 2.35 0.00

Pictet-EUR High Yield-I F € 181.42 - 1.84 0.00

Pictet-EUR High Yield-P F € 172.16 - 1.74 0.00

Pictet-EUR High Yield-P dy F € 83.40 - 0.84 6.37

Pictet-EUR Inflation Linked Bonds-P dy F € 105.49 - 0.96 1.37

Pictet-EUR Short Mid-Term Bonds-HI CHF FSFr 111.45 - 0.19 0.00

Pictet-EUR Short Mid-Term Bonds-HP CHF FSFr 109.38 - 0.18 0.00

Pictet-EUR Short Mid-Term Bonds-P F € 125.35 - 0.21 0.00

Pictet-EUR Short Mid-Term Bonds-I F € 127.53 - 0.21 0.00

Pictet-EUR Short Mid-Term Bonds-P dy F € 89.44 - 0.15 3.40

Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 103.47 - 0.00 0.00

Pictet-EUR Sov.Sht.Mon.Mkt EUR P € 103.01 - 0.00 0.00

Pictet-EUR Sov.Sht.Mon.Mkt EUR Pdy € 100.31 - 0.00 0.17

Pictet-European Sust Eq-P EUR F € 138.61 - 0.91 0.00

Pictet-Europe Index-I EUR F € 106.49 - 0.97 0.00

Pictet-Europe Index-IS EUR F € 106.95 - 1.50 0.00

Pictet-Europe Index-P EUR € 105.34 - 0.96 0.00

Pictet-Europe Index-P dy EUR F € 90.14 - 0.82 2.86

Pictet-Europe Index-R dy GBP F £ 76.92 - 0.77 2.79

Pictet-Euroland Index-P dy EUR F € 65.81 - 0.95 3.77

Pictet-Euroland Index-R dy GBP F £ 56.33 - 0.59 3.63

Pictet-European Equity Selection-I EUR F € 451.09 - 4.86 0.00

Pictet-European Equity Selection-P EUR F € 430.20 - 4.62 0.00

Pictet-Eu Equities Sel-Pdyistr F € 400.89 - 4.31 0.69

Pictet-Europe Index-R EUR F € 102.74 - 1.45 0.00

Pictet-European Sust Eq-I EUR F € 144.41 - 0.95 0.00

Pictet-European Sust Eq-Pdy EUR F € 124.26 - 0.81 1.82

Pictet-Generics-I USD F $ 142.50 - 2.07 0.00

Pictet-Generics-P USD F $ 133.90 - 1.94 0.00

Pictet-Generics-P dy GBP F £ 85.44 - 0.59 0.00

Pictet-Generics-P dy USD F $ 133.86 - 1.94 0.00

Pictet-World Government Bonds-P USD $ 185.60 - 1.12 0.00

Pictet-World Government Bonds-P dy USD $ 143.00 - 0.86 2.45

Pictet-Global Emerging Debt-P USD F $ 300.69 - 1.86 0.00

Pictet-Global Emerging Debt-P dy USD F $ 176.43 - 1.10 5.10

Pictet-Global Emerging Currencies-I EUR F € 83.27 - -0.27 0.00

Pictet-Global Emerging Currencies-I USD F $ 105.36 - -0.15 0.00

Pictet-Global Emerging Currencies-HI EUR F € 66.46 - -0.09 0.00

Pictet-Global Emerging Currencies-HP EUR F € 65.17 - -0.09 0.00

Pictet-Global Emerging Currencies-P EUR F € 81.66 - -0.26 0.00

Pictet-Global Emerging Currencies-P USD F $ 103.29 - -0.14 0.00

Pictet-Global Em Ccy-Pdy USD F $ 95.52 - -0.14 2.86

Pictet-Global Emerging Debt-HP EUR F € 214.98 - 1.33 0.00

Pictet-Global Emerging Debt-HP CHF FSFr 348.01 - 2.15 0.00

Pictet-Global Emerging Debt-HI EUR F € 225.19 - 1.41 0.00

Pictet-Global Emerging Debt-HI CHF FSFr 367.05 - 2.28 0.00

Pictet-Global Emerging Debt-I USD F $ 317.06 - 1.98 0.00

Pictet-Global Megatrend Selection-I USD F $ 145.43 - 0.92 0.00

Pictet-Global Megatrend Selection-I EUR F € 115.19 - 0.12 0.00

Pictet-Global Megatrend Selection-P USD F $ 141.08 - 0.89 0.00

Pictet-Global Megatrend Selection-P CHF FSFr 134.22 - 0.17 0.00

Pictet-Global Megatrend Selection-P EUR F € 111.75 - 0.12 0.00

Pictet-Glo Megatrend Sel-Pdy EUR F € 111.75 - 0.12 0.00

Pictet-Glo Megatrend Sel-Pdy GBP F £ 90.73 - 0.33 0.00

Pictet-Glo Megatrend Sel-Pdy USD F $ 141.08 - 0.89 0.00

Pictet-Global Megatrend Selection-R EUR F € 108.17 - 0.12 0.00

Pictet-Global Megatrend Selection-R USD F $ 136.56 - 0.86 0.00

Pictet-Greater China-I USD F $ 361.46 - 4.71 0.00

Pictet-Greater China-P USD F $ 338.54 - 4.39 0.00

Pictet-Greater China-P dy USD F $ 328.65 - 4.26 0.27

Pictet-Greater China-P dy GBP F £ 209.05 - 1.13 0.27

Pictet-High Dividend Sel I EUR F € 107.58 - 0.35 0.00

Pictet-High Dividend Sel P CHF F SFr 127.03 - 0.41 0.00

Pictet-High Dividend Sel P EUR F € 105.77 - 0.34 0.00

Pictet-High Dividend Sel P USD F $ 133.54 - 0.74 0.00

Pictet-High Dividend Sel Pdm GBP F £ 79.17 - -0.08 4.31

Pictet-High Dividend Sel Pdm USD F $ 123.08 - 0.67 4.48

Pictet-High Dividend Sel Pdy EUR F € 99.88 - 0.31 4.05

Pictet-High Dividend Sel R EUR F € 104.36 - 0.32 0.00

Pictet-High Dividend Sel Rdm EUR F € 96.13 - 0.30 4.16

Pictet-Indian Equities-I USD F $ 276.68 - -3.73 0.00

Pictet-Indian Equities-P USD F $ 259.48 - -3.51 0.00

Pictet-Indian Equities-P dy USD F $ 259.48 - -3.51 0.00

Pictet-Indian Equities-P dy GBP F £ 165.61 - -3.53 0.00

Pictet-Japan Index-I JPY F ¥ 7468.34 - 121.38 0.00

Pictet-Japan Index-IS JPY F ¥ 7529.75 - 86.02 0.00

Pictet-Japan Index-P JPY F ¥ 7386.34 - 119.99 0.00

Pictet-Japan Index-P dy JPY F ¥ 6872.77 - 111.65 1.85

Pictet-Japan Index-R dy GBP F £ 56.45 - -0.08 1.57

Pictet-Japanese Equities Opp-P JPY F ¥ 4000.78 - 2.98 0.00

Pictet-Japanese Equities Opp-I JPY F ¥ 4195.67 - 3.20 0.00

Pictet-Japanese Equities Opp-P dy JPY F ¥ 3968.15 - 2.96 0.00

Full fund performance data atwww.ft.com/funds MANAGED FUNDS SERVICE

JUNE 19 2012 Section:Stats Time: 18/6/2012 - 19:05 User: watsonl Page Name: UT6 EUR, Part,Page,Edition: EUR, 22, 1

FINANCIAL TIMES TUESDAY JUNE 19 2012 ★ 23

Fund Bid Offer D+/- Yield

Pictet-Japanese Equity Selection-I JPY F ¥ 6744.12 - 112.60 0.00

Pictet-Japanese Equity Selection-P JPY F ¥ 6440.29 - 107.22 0.00

Pictet-Japanese Eq Sel-Pdy GBP F £ 51.38 - 0.21 0.39

Pictet-Japanese Eq Sel-Pdy JPY F ¥ 6354.11 - 105.78 0.40

Pictet-LATAM Lc Ccy Dbt-Pdy GBP F £ 70.88 - 0.12 6.80

Pictet-LATAM Lc Ccy Dbt-I EUR F € 115.42 - 0.69 0.00

Pictet-LATAM Lc Ccy Dbt-I USD F $ 144.46 - 1.18 0.00

Pictet-LATAM Lc Ccy Dbt-P EUR F € 112.12 - 0.67 0.00

Pictet-LATAM Lc Ccy Dbt-P USD F $ 140.32 - 1.14 0.00

Pictet-LATAM Lc Ccy Dbt-Pdy USD F $ 107.30 - 0.88 6.95

Pictet-LATAM Lc Ccy Dbt-R EUR F € 109.30 - 0.64 0.00

Pictet-LATAM Lc Ccy Dbt-R USD F $ 136.84 - 1.11 0.00

Pictet-MENA-HP EUR F * € 28.11 - -0.03 0.00

Pictet-MENA-I USD F * $ 46.58 - -0.07 0.00

Pictet-MENA-P USD F * $ 45.04 - -0.05 0.00

Pictet-MENA-P EUR F * € 35.81 - -0.39 0.00

Pictet-MENA-Pdy USD F * $ 44.06 - -0.06 1.44

Pictet-Pacific Ex Japan Index-P USD F $ 288.50 - 5.14 0.00

Pictet-Pacific Ex Japan Index-I USD F $ 291.80 - 5.20 0.00

Pictet-Pacific Ex Japan Index-IS USD F $ 291.32 - 5.17 0.00

Pictet-Pacific Ex Japan Index-P dy USD F $ 236.57 - 4.21 4.08

Pictet-Pacific Ex Japan Index-R USD F $ 281.26 - 4.99 0.00

Pictet-Pacific Ex Japan Index-R dy GBP F £ 165.00 - 1.68 3.67

Pictet-Premium Brands-I EUR F € 105.23 - 0.61 0.00

Pictet-Premium Brands-I USD F $ 132.95 - 0.87 0.00

Pictet-Premium Brands-P EUR € 96.19 - 0.56 0.00

Pictet-Premium Brands-P USD F $ 121.51 - 0.78 0.00

Pictet-Premium Brands-P dy EUR F € 96.13 - 0.56 0.00

Pictet-Premium Brands-P dy GBP F £ 77.51 - -0.10 0.00

Pictet-Russian Equities-P USD F $ 58.07 - 1.49 0.00

Pictet-Russian Equities-P dy GBP F £ 37.10 - 0.72 0.00

Pictet-Russian Equities-I EUR F € 47.75 - 1.13 0.00

Pictet-Russian Equities-I USD F $ 60.28 - 1.56 0.00

Pictet-Russian Equities-P EUR F € 46.00 - 1.08 0.00

Pictet-Russian Equities-P dy USD F $ 58.04 - 1.50 0.00

Pictet-Security-I EUR F € 98.33 - 0.79 0.00

Pictet-Security-I USD F $ 124.23 - 1.09 0.00

Pictet-Security-P EUR F € 93.80 - 0.75 0.00

Pictet-Security-P USD F $ 118.51 - 1.04 0.00

Pictet-Security-P dy USD F $ 118.51 - 1.04 0.00

Pictet-Security-P dy GBP F £ 75.64 - 0.09 0.00

Pictet-Security-R EUR F € 90.17 - 0.72 0.00

Pictet-Security-R USD F $ 113.92 - 0.99 0.00

Pictet-Small Cap Europe-I EUR F € 577.12 - 7.53 0.00

Pictet-Small Cap Europe-P EUR F € 542.40 - 7.05 0.00

Pictet-Small Cap Europe-P dy EUR F € 535.24 - 6.96 0.13

Pictet-ST.MoneyMkt-I € 140.10 - 0.01 0.00

Pictet-ST.MoneyMkt-ICHF SFr 125.37 - 0.00 0.00

Pictet-ST.MoneyMkt-P € 137.79 - 0.00 0.00

Pictet-ST.MoneyMkt-PCHF SFr 92.24 - 0.00 1.03

Pictet-ST.MoneyMkt-IUSD $ 133.92 - 0.00 0.00

Pictet-ST.MoneyMkt-PUSD $ 131.86 - 0.00 0.00

Pictet-ST.MoneyMkt-Pdy $ 84.61 - 0.00 0.58

Pictet-ST.MoneyMkt-Pdy € 96.23 - 0.00 1.18

Pictet-Timber-HP EUR F € 68.90 - 0.92 0.00

Pictet-Timber-I USD F $ 107.69 - 1.44 0.00

Pictet-Timber-I EUR F € 85.24 - 1.08 0.00

Pictet-Timber-P USD F $ 104.38 - 1.39 0.00

Pictet-Timber-P EUR F € 82.62 - 1.04 0.00

Pictet-Timber-P dy USD F $ 99.75 - 1.32 0.95

Pictet-Timber-P dy GBP F £ 63.67 - 0.37 0.93

Pictet-US Equity Growth Selection-I USD F $ 124.67 - 1.01 0.00

Pictet-US Equity Growth Selection-P USD F $ 120.05 - 0.96 0.00

Pictet-US Eq Gr Sel-Pdy USD F $ 120.05 - 0.97 0.00

Pictet-US Equity Growth Selection-R USD F $ 116.52 - 0.93 0.00

Pictet-US High Yield-HI CHF F SFr 126.21 - 0.28 0.00

Pictet-US High Yield-HI EUR F € 84.85 - 0.19 0.00

Pictet-US High Yield-HP CHF F SFr 124.28 - 0.27 0.00

Pictet-US High Yield-HP EUR F € 83.56 - 0.19 0.00

Pictet-US High Yield-I USD F $ 126.55 - 0.29 0.00

Pictet-US High Yield-P USD F $ 124.60 - 0.28 0.00

Pictet-US High Yield-P dy USD F $ 112.07 - 0.25 5.71

Pictet-US High Yield-R USD F $ 122.98 - 0.27 0.00

Pictet-USA Index-P USD $ 112.14 - 1.14 0.00

Pictet-USA Index-I USD F $ 113.44 - 1.15 0.00

Pictet-USA Index-IS USD F $ 114.50 - 1.72 0.00

Pictet-USA Index-P dy USD F $ 106.08 - 1.08 0.91

Pictet-USA Index-R USD F $ 109.50 - 1.65 0.00

Pictet-USA Index-R dy GBP F £ 68.62 - 0.60 0.66

Pictet-USD Government Bonds-I F $ 613.03 - 1.24 0.00

Pictet-USD Government Bonds-P F $ 592.14 - 1.20 0.00

Pictet-USD Government Bonds-P dy F $ 398.66 - 0.80 2.90

Pictet-USD Short Mid-Term Bonds-I F $ 127.30 - 0.04 0.00

Pictet-USD Short Mid-Term Bonds-P F $ 125.22 - 0.03 0.00

Pictet-USD Short Mid-Term Bonds-P dy F $ 98.36 - 0.02 1.73

Pictet-USD Sov.ST.Mon.Mkt-I $ 102.27 - 0.00 0.00

Pictet-USD Sov.ST.Mon.Mkt-P $ 101.89 - 0.00 0.00

Pictet-USD Sov.ST.Mon.Mkt-Pdy $ 100.36 - 0.00 0.02

Pictet-Water-HP USD F $ 209.21 - 1.03 0.00

Pictet-Water-HR USD F $ 194.41 - 0.94 0.00

Pictet-Water-I EUR F € 175.85 - 0.88 0.00

Pictet-Water-I USD F $ 222.17 - 1.27 0.00

Pictet-Water-P EUR € 160.92 - 0.80 0.00

Pictet-Water-P USD F $ 203.29 - 1.14 0.00

Pictet-Water-P dy EUR F € 158.75 - 0.78 0.14

Pictet-Water-P dy GBP F £ 128.53 - -0.26 0.15

Pictet-Water-R USD F $ 188.93 - 1.06 0.00

Pictet-Water-R EUR € 149.54 - 0.73 0.00

Pictet-World Government Bonds-I EUR F € 152.01 - 0.58 0.00

Pictet-World Government Bonds-I USD F $ 191.31 - 1.16 0.00

Pimco Fds: Global Investors Series Plc (IRL)PIMCO Europe Ltd, Nations House, 103 Wigmore St, London, W1U 1QShttp://gisnav.pimco-funds.comDealing: +353 1 241 7100PIMCO Funds: +44 (0)20 7872 1316FSA Recognised

CommoditiesPLUS111sp Strategy - Inst Acc $ 9.27 - -0.01 0.00

Diversified Income - Inst Acc $ 17.13 - 0.04 0.00

Emerging Local Bond - Inst Acc $ 13.56 - 0.10 0.00

Emerging Markets Bond - Inst Acc $ 36.15 - 0.16 0.00

Emerging Markets Corp.Bd Fund Inst Acc F $ 12.22 - 0.04 0.00

Emerging Markets Curr.Fd- Inst Acc $ 13.07 - 0.07 0.00

EuriborPLUS - Inv. Acc € 11.46 - 0.01 0.00

Euro Bond - Inst Acc € 18.07 - 0.05 0.00

Euro Credit - Inst Acc € 12.40 - 0.03 0.00

Euro Income Bond - Inst Acc F € 10.46 - 0.03 0.00

Euro Liquidity - Inst Dist € 1.00 - 0.00 0.54

Euro Long Average Duration - Inst Acc € 16.23 - 0.19 0.00

Euro Real Return - Inst Acc € 11.77 - 0.09 0.00

Euro Ultra Long Duration - Inst Acc € 22.66 - 0.92 0.00

FX Strategies - Inst Acc € 10.88 - 0.00 0.00

Global Advantage - Inst Acc $ 12.56 - 0.05 0.00

Global Bond - Inst Acc $ 23.72 - 0.06 0.00

Global Bond Ex-US - Inst Acc $ 15.95 - 0.06 0.00

Global High Yield Bond - Inst Acc $ 16.34 - 0.04 0.00

Global Investment Grade Credit - Inst Income $ 11.89 - 0.04 4.14

Global Multi-Asset - Inst Acc $ 13.54 - 0.10 0.00

Global Real Return - Inst Acc $ 17.23 - 0.12 0.00

High Yield Bond - Inst Acc $ 22.89 - 0.06 0.00

Low Average Duration - Inst Acc $ 14.12 - 0.01 0.00

Fund Bid Offer D+/- Yield

PIMCO EqS Pathfinder.Eur.Fd Inst Acc F € 10.53 - 0.11 0.00

PIMCO EqS Pathfinder.Fd Inst Acc F $ 10.78 - 0.11 0.00

Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 12.04 - 0.05 0.00

StocksPLUS{TM} - Inst Acc $ 13.89 - 0.12 0.00

Total Return Bond - Inst Acc $ 25.35 - 0.05 0.00

UK Corporate Bond - Inst Acc £ 13.64 - 0.07 0.00

UK Long Term Corp. Bnd Inst-Inst Acc £ 14.54 - 0.10 0.00

UK Sterling Inflation-Linked - Inst Acc £ 18.45 - 0.19 0.00

UK Sterling Long Average Duration - Inst Acc £ 17.85 - 0.15 0.00

UK Sterling Low Average Duration - Inst Acc £ 13.56 - 0.02 0.00

UK Total Return Bond - Inst Acc £ 13.33 - 0.07 0.00

Unconstrained Bond - Inst Acc $ 11.82 - -0.01 0.00

US Government Money Market - Inst Inc $ 1.00 - 0.00 -

Pioneer Alternative Inv Mgmt Ltd (IRL)Regulated

Pioneer Long Short Europ Eqty EUR € 1571.87 - -35.08 -

Pioneer Long Short Europ Eqty USD $ 1601.40 - -36.19 -

Pioneer Alternative Inv Mgt (BMU)

Other International Funds

Pioneer Horizon Fund $ 116.26 - -0.24 0.00

Pioneer AssetMaster $ 855.47 - -0.26 0.00

Pioneer Div Fund I EUR € 102.14 - 0.03 -

Pioneer Div Fund I USD $ 102.00 - -0.23 -

The Meteor Opps I $ 133.92 - -0.27 0.00

The Meteor Opps I € 134.68 - -0.29 0.00

Platinum Capital Management LtdOther International Funds

Platinum Global Dividend Fund - A (Est) $ 59.14 - - -

Platinum All Star Fund - A (Est) $ 96.77 - - -

Platinum Dynasty (Est) $ 96.45 - - -

Platinum Essential Resources $ 9.31 - 0.17 -

Platinum Low Volatility Fund SICAV (Est) $ 9.66 - - -

Platinum Nordic SKr 496.72 - - -

Platinum Maverick Enhanced $ 65.18 - - -

Platinum Gold Advantage (Est) € 11.46 - - -

Platinum Global Dividend UCITS Fund $ 73.71 - 0.41 0.00

Polar Capital Funds Plc (IRL)Regulated

Asian Financials Fund Cls A USD $ 224.01 224.01 2.07 0.71

European Market Neutral Fund Cls I Euro € 9.44 9.44 0.01 -

Financials Income Fund Cls B2 GBP Acc £ 1.09 1.09 0.00 0.00

Financial Opps I USD $ 8.46 - 0.09 0.00

GEM Growth I USD $ 8.86 - 0.09 0.00

GEM Income I USD $ 9.67 - 0.10 0.00

Global Insurance I GBP £ 2.30 - -0.01 -

Global Technology I USD $ 14.40 - 0.22 0.00

Healthcare Opps I USD $ 15.82 - 0.09 0.00

Japan I JPY ¥ 1024.09 - 24.82 0.00

North American I USD $ 10.72 10.72 0.08 -

UK ARF I GBP £ 9.52 - -0.01 0.00

Polar Capital LLP (CYM)Regulated

ALVA Convertible A USD $ 107.98 - -0.29 0.00

European Market Neutral Fund A EUR € 103.77 - -1.25 0.00

European Conviction A EUR € 143.75 - -5.50 0.00

European Forager A EUR € 146.48 - -1.49 0.00

Policy Selection LimitedOther International Funds

Assured USD A $ 118.83 - 0.12 0.00

Assured USD B $ 105.06 - -0.02 0.00

Assured USD C $ 113.19 - 0.09 0.00

Assured USD D $ 106.66 - 0.07 0.00

Assured F USD $ 72.48 - -0.02 0.00

Assured GBP B £ 93.42 - -1.30 0.00

Assured GBP C £ 88.46 - -1.18 0.00

Assured EUR D € 78.31 - 0.57 0.00

Assured EUR B € 71.99 - 0.45 0.00

Assured CHF E SFr 53.56 - 0.34 0.00

Polunin Capital Partners LtdOther International Funds

Developing Countries 'A' $ 30.67 - 1.26 0.00

Emerging Markets Active $ 26.93 - -0.38 -

Luxcellence Em Mkts Tech $ 642.59 - 30.62 0.00

Em Mkts Strategy Developing $ 664.75 - -1.19 0.00

Em Mkts Strategy Small Cap $ 930.84 - 11.28 0.00

Polunin Discovery Funds - Frontier Markets Fund $ 1042.38 - 9.39 -

Private Fund Mgrs (Guernsey) Ltd (GSY)Regulated

Monument Growth £ 330.98 334.80 3.83 0.94

Prosperity Capital Management Ltd (CYM)Regulated

RPF A Shares $ 196.35 - 6.70 0.00

RPF D $ 11.31 - -0.25 0.00

PQF A Shares $ 478.10 485.79 11.04 0.00

PQF B Shares $ 434.45 439.08 10.03 0.00

PCF $ 365.14 369.67 8.56 0.00

CAPF $ 8.11 - -0.50 0.00

Prusik Investment Management LLP (IRL)Enquiries - 0207 493 1331Regulated

Prusik Asian Equity Income B Dist $ 104.79 - 0.71 4.57

Prusik Asia A $ 148.88 - 1.85 0.00

Prusik Asian Smaller Cos A $ 134.55 - 1.69 0.00

Purisima Investment Fds (CI) Ltd (JER)Regulated

PCG B 118.04 - 2.03 -

PCG C 116.62 - 2.00 -

Putnam Investments (Ireland) Ltd (IRL)Regulated

Putnam New Flag Euro High Yield Plc - E € 927.55 - 0.88 6.21

Putnam New Flag Euro High Yield Plc - M € 842.68 - 0.79 5.48

R & H Fund Services (Jersey) Ltd (JER)Regulated

The Global Growth Pfolio £ 1.44 1.51 0.09 0.00

The Equity Income Fund £ 0.91 0.97 -0.03 2.28

BDP Limited

Bond Fund GBP £ 9.42 - 0.00 5.99

Income Fund Sterling £ 2.90 - 0.01 9.00

The Discretionary Pfolio £ 10.92 - -0.51 1.36

RBC Offshore Fund Managers Limited (GSY)Regulated

ARC Fund Ltd Class B $ 165.2452 - -0.4004 0.00

RBC Regent Strategy Fund Limited (JER)Regulated

Asia Pacific Equity Class B $ 135.87 - 1.67 1.35

Canadian Equity Class B C$ 141.62 - 1.01 0.17

European Equity Class B € 126.55 - 1.63 0.75

Intl Ex North America Equity Class B $ 101.34 - 1.21 2.75

UK Bond Class B £ 106.43 - 0.20 2.18

UK Equity Class B £ 144.06 - 1.37 1.24

US Dollar Capital Growth Class $ 11.77 - 0.11 0.05

Fund Bid Offer D+/- Yield

US Equity Class $ 114.78 - 1.04 0.00

.For RMF Investment Management Funds see Man Investments

Robeco Asset Management (LUX)Coolsingel 120, 3011 AG Rotterdam, The Netherlands.tel (31)10 2242381 www.robeco.comFSA Recognised

Asia-Pacific Equities (EUR) € 87.97 - 1.26 0.00

Chinese Equities (EUR) € 51.47 - 1.08 0.00

Em Stars Equities (EUR) € 141.60 - 2.55 0.00

Emerging Markets Equities (EUR) € 131.29 - 2.48 0.00

Flex-o-Rente (EUR) € 109.28 - 0.14 0.00

Glob.Consumer Trends Equities (EUR) € 86.16 - 1.10 0.00

High Yield Bonds (EUR) € 101.80 - 0.14 0.00

Lux -O- Rente (EUR) € 127.21 - 0.54 0.00

Natural Ress Equities (EUR) € 85.05 - 0.61 0.00

New World Financials (EUR) € 29.36 - 0.49 0.00

SAM Sust. Agrib.Eq. D € 102.68 - 1.49 0.00

US Premium Equities (EUR) € 111.67 - 1.21 -

US Premium Equities (USD) $ 123.89 - 1.35 -

Edmond de Rothschild GroupOther International Funds

Asian Capital Holdings A $ 100.50 - 0.08 0.25

Asian Capital Holdings B € 72.47 - 0.05 0.23

European Capital Hldgs € 213.93 - 0.42 0.00

Leveraged Cap Hldgs NV $ 245.20 - -0.39 0.00

Leveraged Cap Hldgs NV € 186.00 - 1.99 0.00

Leveraged Cap Hldgs Gold $ 400.72 - 0.73 0.00

Trading Cap Hldgs NV $ 194.02 - 0.25 0.00

Trading Cap Hldgs NV € 160.64 - 0.21 0.00

Royal Bank of Scotland (IRL)RBS Asset Management (Dublin) LimitedGuild Hse, PO Box 4935 Guild St, IFSC Dublin 1 00 353 1 642 8400FSA Recognised

RBSG Investment Programmes

RBSG Cont Eur Spec Equity Ser 3 € 78.59 - 0.95 0.61

RBSG UK Equity Index Programme Ser 3 £ 21.97 - 0.08 3.41

RBSG UK Specialist Eqty Ser 3 £ 15.59 - 0.15 1.07

RBSG UK Sovereign Bond Index Prog Ser 3 £ 14.66 - 0.09 3.25

RBSG Contl Eurp Eqty Index Prog Ser 3 € 242.59 - 2.77 2.81

RBSG Japan Specialist Equity Prog Ser 3 ¥ 3163.00 - 49.00 0.78

RBSG US Equity Index Programme Ser 3 $ 46.74 - 0.48 0.92

RBSG Pacific Basin Eqty Ser 3 $ 47.65 - 0.85 1.57

RBSG Emerging Markets Ser 3 $ 31.11 - 0.38 1.44

RBSG Global Investment Grade Bond GBP Series 6 £ 120.83 - 0.36 3.10

RBSG Global Investment Grade Programme GBP S3 £ 111.30 - 0.33 3.13

RBSG UK Sovereign Bond Index Programme Series 6 £ 11.38 - 0.07 3.22

Absolute Rtn Multi Asset Prog SER 3 GBP £ 9.77 - 0.01 -

** 30 day average yield

Royal London Asset Mgmt (Ireland) Ltd (IRL)PO Box 9428, Dublin 1, Ireland 08456 040404FSA Recognised

Royal London Asset Management Bond Funds PLC

Sterling Extra Yield Bond A £ 0.98 - 0.00 8.19

Sterling Extra Yld Bd B £ 0.97 - 0.00 -

Russell Investment Company Plc (IRL)Russell Investment Group 10 Regent St Ldn SW1Y 4PE 020 7024 6000FSA Recognised

Cont Eur Eq B € 18.96 - 0.26 0.00

Cont Eur Eq F F € 1022.97 - 13.91 0.00

Cont Eur Eq SH I F £ 75.54 - 1.01 0.00

Cont Eur Eq A € 21.73 - 0.29 0.00

Emerg Mkts Eq B $ 19.12 - 0.18 0.00

Global Bond B $ 20.25 - 0.09 -

Japan Equity B ¥ 741.91 - 1.92 0.00

Pacific Basin B $ 19.89 - 0.22 0.00

UK Index Linked I £ 18.33 - 0.17 0.00

US Bond B F $ 16.69 - 0.04 0.00

US Equity B $ 10.10 - 0.11 0.00

US Equity EH A F € 106.63 - 1.13 0.00

World Equity II B F $ 8.73 - 0.10 0.00

RIC - OMIGSA

Acadian Emerging Markets Eq Ucits A £ 19.00 - 0.04 0.00

Acadian European Eq Ucits I € 7.77 - 0.09 2.10

Acadian Gbl Eq Ucits A € 9.33 - 0.09 0.00

Emerg Markets EQ Ucits B $ 8.86 - 0.07 0.00

Global Aggreg.Bd Fd $ 17.84 - 0.10 0.33

Global Bond B F $ 18.48 - 0.09 0.21

Global Credit Fund A F $ 12.39 - 0.04 0.38

Global Currency Fd A $ 11.84 - 0.03 0.15

US Growth Equity A F $ 14.90 - 0.22 0.03

Value Global Equity F $ 19.16 - 0.24 0.00

Russell Investment Company II PLC (IRL)Russell Investment Group, 10 Regent St, Ldn SW1Y 4PE 020 7024 6000FSA Recognised

Euro Fixed Inc I ACC F £ 19.24 - 0.00 -

Pan European Eq I F £ 13.11 - 0.10 0.00

UK Equity Plus B F £ 111.37 - 0.50 0.00

US Growth I Acc F £ 10.71 - 0.04 -

US Quant B F $ 13.15 - 0.13 0.00

World Equity B $ 14.78 - 0.15 0.00

World Equity I F £ 16.98 - 0.07 0.00

World Equity SH-B F £ 101.76 - 0.88 0.00

Russell Multi-Manager Fds Plc (IRL)Regulated

GBL 35 Multi MNGR A $ 131.69 - 0.54 0.00

GBL 35 Multi MNGR B $ 128.61 - 0.53 0.00

GBL 50 Multi MNGR A $ 131.81 - 0.70 0.00

GBL 50 Multi MNGR B $ 127.17 - 0.68 0.00

GBL 70 Multi MNGR A $ 128.51 - 0.87 0.00

GBL 70 Multi MNGR B $ 123.04 - 0.83 0.00

GBL 90 Multi MNGR A $ 113.88 - 0.97 0.00

GBL 90 Multi MNGR B $ 116.84 - 0.99 0.00

GBL Defensive A $ 109.82 - 0.13 0.00

SVG Investment Managers LimitedOther International

SVG UK Focus Fd Cls I £ 15.87 15.87 0.10 2.77

SVG UK Focus Fd Cls A £ 15.46 15.46 0.10 -

SVG European Focus Fd Cls A € 4.96 4.96 -0.05 1.85

SVG European Focus Fd Cls R € 4.96 4.96 -0.05 1.06

SW Mitchell Capital LLP (CYM)Regulated

S W Mitchell Class A Shares Euro € 228.06 - -5.17 0.00

S W Mitchell Class B Shares USD $ 225.87 - -4.96 0.00

Sabre Fund Management Limited46-48 Grosvenor Gardens, London SW1W 0EB

Other International Funds

Sabre Style Arbitrage Fund Limited - USD $ 181.60 - 1.11 -

Sabre Style Arbitrage Fund Limited - Euro € 178.08 - 1.12 -

SAM (LUX)Tel. +41 44 653 10 10 www.sam-group.comRegulated

SAM Smart Energy Fund GBP/A £ 13.04 - 0.01 0.76

SAM Smart Materials Fund GBP/A £ 100.03 - 0.68 0.44

SAM Sust. Climate Fund GBP/A £ 56.02 - 0.77 0.62

Fund Bid Offer D+/- Yield

SAM Sust. Global Active Fd EUR/B € 111.81 - 0.89 0.00

SAM Sust. Healthy Liv Fd EUR/B € 101.58 - 0.46 0.00

SAM Sust. Water Fund GBP/A £ 114.31 - 0.29 0.61

Schroder Property Managers (Jersey) LtdOther International Funds

Indirect Real Estate SIRE £ 102.99 107.26 -0.51 3.12

Schroder Inv Mgmt (Guernsey) Ltd (GSY)PO Box 255, St Peter Port, Guernsey 01481 745 001FSA Recognised

Offshore Cash £ 1.7864400 1.7864400 0.0000500 0.00

Offshore Cash B F £ 1.7981700 1.7981700 0.0000600 0.00

Schroder Inv Mgmt (Guernsey) Ltd (GSY)Regulated

Emerging Markets $ 34.263 34.565 0.424 0.00

Institutional Developing Markets Fund A $ 26.360 26.608 0.324 0.00

Institutional Developing Markets Fund B $ 26.311 26.558 0.323 0.00

SEB Asset Management S.A. (LUX)www.seb.se +352 26 68 2595Regulated

SEB Ethical Europe Fund € 1.99 1.99 0.01 0.00

SEB Europe Fund € 2.93 2.93 0.00 0.00

SEB European Equity Small Cap € 123.90 125.14 0.90 1.03

SEB Asset Selection Fund EUR € 13.71 13.71 0.03 0.00

SEB Russia Fund € 9.17 9.17 0.06 0.00

SEB Eastern Europe ex Russia € 2.37 2.39 0.00 -

SEB Eastern Europe Small Cap Fund € 2.36 2.36 0.02 0.00

SEB Key Hedge Fund (Est) € 100.51 - -0.79 0.00

SEB Key Europe Equity L/S (Est) € 92.28 - -1.39 0.00

SEB Key Select C € 9.61 9.71 0.00 0.00

SEB Key Select I € 9.82 9.82 0.00 0.00

SEB Nordic Fund € 5.88 5.88 0.00 0.00

SIA (SIA Funds AG) (LUX)Regulated

LTIF Alpha € 139.87 - 0.34 0.00

LTIF Classic € 229.06 - 2.42 0.00

LTIF Em.Mkt Value € 77.53 - 0.49 0.00

LTIF Natural Resources € 84.81 - 0.35 0.00

SIA (SIA Funds AG) (CH)Other International Fds

LTIF Stability Growth SFr 185.90 - 2.60 0.00

LTIF Stability Inc Plus SFr 185.90 - 2.60 -

SKAGEN Funds (NOR)PO Box 160, 4001 Stavanger, NorwayTel (47) 51 21 38 58 www.skagenfunds.comFSA Recognised

SKAGEN Global € 100.60 - 0.91 0.00

SKAGEN Kon-Tiki € 65.57 - 0.70 0.00

SKAGEN Vekst € 161.91 - 0.38 0.00

SKAGEN Tellus € 14.26 - 0.02 0.00

Sloane Robinson LLP (CYM)Regulated

S.R. Global Fund Inc.

B-Asia $ 562.08 - 0.36 0.00

C-International $ 366.27 - -3.01 -

G1 Emerging Mkts $ 1013.46 - -2.94 0.00

H - Japan $ 75.18 - -0.09 0.00

SR Phoenicia Inc

Phoenicia A $ 354.25 - -3.53 -

Smith & Williamson Investment Fds (IRL)12/13 Exchange Place, IFSC, Dublin 1 00 353 1 612 6476FSA Recognised

MM Cautious Growth Fund F £ 14.80 - 0.01 0.00

Cash Fund F £ 1.00 - 0.00 0.60

Short Dated Corporate Bond F £ 1.06 - 0.00 3.59

Boulder Investment F £ 1.56 - 0.00 0.00

Enterprise A F £ 151.72 - 1.01 0.00

Smith & Williamson Investment Mgmt Ltd (BMU)Regulated

Bermuda Capital Co Ltd $ 268.88 - 4.07 0.00

Mid Ocean World Inv $ 408.56 - 6.82 0.00

Pancurri Investment Ltd (Est) $ 1052.71 - -14.59 0.00

Spinnaker Capital GroupOther International Funds

Global Emg Markets Ser K1 (Est) $ 94.22 - -4.27 0.00

Global Opportunity Ser K1 (Est) $ 89.95 - -4.48 0.00

State Street Global Advisors Ltd Fds (IRL)20 Churchill Place, London E14 5HJMarketing: +44(0)20 3395 6000, Dealing: 00353 1 242 5401FSA Recognised

State Street Global Advisors Liquidity Plc

USD Liquidity $ 1.00 - 0.00 0.00

GBP Liquidity £ 1.00 - 0.00 0.01

EUR Liquidity € 1.00 - 0.00 0.00

State Street Global Advisors Fixed Income plc

Abs. Ret. Global Bd II Cls B $ 10.49 - 0.00 0.00

Abs. Ret. Global Bd II Cls I F $ 9.83 - 0.00 0.00

World Brd Inv. Grd. Bd SGD S$ 12.18 - 0.03 0.00

World Brd Inv. Grd. Bd Cls B F $ 12.17 - 0.06 0.00

EMU Govt Bd Cls B € 14.03 - 0.09 0.00

EMU Govt Bd Cls I € 13.90 - 0.09 0.00

EMU Govt Long Bd II Cls I € 13.05 - 0.20 0.00

Euro Brd Inv. Grd Bd Cls B € 11.84 - 0.00 -

Euro Brd Inv. Grade Bd Cls I € 12.52 - -0.01 -

Euro Corp Bd Cls B € 13.52 - 0.00 -

Euro Inflation Link Bd Cls I € 11.11 - 0.10 0.00

Euro Corp Bd Cls I € 14.55 - 0.03 -

Gbl. Inflation Link Bd Cls I F $ 12.39 - 0.13 0.00

UK Govt Bd Cls B £ 17.81 - 0.12 0.00

UK Govt Bd Cls I £ 17.69 - 0.11 0.00

US Corp Bd Cls I $ 16.00 - 0.05 -

US Govt Bd Cls B $ 16.16 - 0.02 0.00

US Govt Bd Cls I $ 16.05 - 0.02 0.00

World Brd Inv. Grd. Bd Cls I $ 16.67 - 0.08 0.00

World Govt Bd Index Cls B $ 16.10 - 0.10 0.00

World Govt Bd Index Cls I $ 15.97 - 0.10 0.00

Stenham Asset Management IncOther International Funds

Stenham Universal USD $ 379.55 - -4.42 0.00

Stenham Universal EUR € 119.57 - -1.47 0.00

Stenham Universal GBP £ 130.54 - -1.52 0.00

Stenham Universal II USD $ 144.63 - -0.72 0.00

Stenham Universal II GBP £ 140.00 - -1.60 -

Stenham Universal II EUR € 124.19 - -1.52 0.00

Stenham Growth USD $ 167.10 - -5.67 -

Stenham Trading Port. $ 4777.22 - 30.19 -

Stenham Quadrant USD A $ 374.67 - 2.00 -

Stenham Quadrant USD B (Est) $ 367.01 - 5.25 -

Stenham Asia EUR € 88.79 - -1.94 -

Stenham Asia GBP £ 90.78 - -1.91 -

Stenham Asia USD $ 113.60 - -2.24 -

Stenham Gold USD $ 291.40 - -5.03 -

Stenham Multi Strategy EUR € 99.84 - -1.40 -

Stenham Multi Strategy GBP £ 103.21 - -1.37 -

Stenham Multi Strategy USD $ 104.07 - -1.36 -

Fund Bid Offer D+/- Yield

Stenham Global Resources EUR € 99.45 - -3.60 -

Stenham Global Resources GBP £ 104.18 - -3.67 -

Stenham Global Resources USD $ 105.62 - -3.55 -

Stenham Managed Fund EUR € 93.65 - -2.11 -

Stenham Managed Fund GBP £ 97.36 - -2.12 -

Stenham Managed Fund USD $ 97.74 - -2.02 -

Stratton Street Capital (CI) Limited (GSY)Regulated

Wonda Bond & Currency Fund (USD) $ 118.39 - 6.72 0.00

Wonda Bond & Currency Fund (JPY) ¥ 10550.50 - -715.25 0.00

Fine Wine Geared Fund £ 0.56 - -0.05 0.00

Japanese Synthetic Warrant ¥ 74.24 - -5.04 -

Japan Synthetic Warrant Fund USD Class $ 1.22 - -0.08 -

Asia Synthetic Warrant Fund $ 3.98 - -1.62 0.00

Renminbi Bond Fund CHF Cls A SFr 102.92 - -0.34 -

Renminbi Bond Fund CHF Cls B SFr 102.84 - -0.34 -

Renminbi Bond Fund CNH Cls A CNH 103.09 - -0.35 -

Renminbi Bond Fund CNH Cls B CNH 103.00 - -0.35 -

Renminbi Bond Fund Euro Cls B € 102.91 - -0.35 -

Renminbi Bond Fund GBP Cls B £ 103.01 - -0.35 -

Renminbi Bond Fund SGD Cls B S$ 102.98 - -0.34 -

Renminbi Bond Fund USD Cls B $ 103.01 - -0.35 -

Renminbi Bond Fund YEN Cls B ¥ 10307.63 - -35.51 -

Renminbi Bond Fund USD Class $ 142.34 - -0.48 0.00

Renminbi Bond Fund GBP Class £ 137.56 - -0.45 0.00

Renminbi Bond Fund SGD Class S$ 136.72 - -0.45 0.00

Renminbi Bond Fund YEN Class ¥ 15170.00 - -51.00 0.00

Renminbi Bond Fund EUR Class € 94.92 - -0.32 0.00

Poland Geared Growth £ 0.79 - 0.04 0.00

E. I. Sturdza Strategic Management Limited(GSY)Regulated

Nippon Growth Fund Limited ¥ 50614.00 - -332.00 0.00

Strat Blue Star Resources Fd EUR € 981.48 - -22.66 0.00

Strat Blue Star Resources Fd USD $ 1195.27 - -27.53 0.00

Strat Evarich Japan Fd Ltd JPY ¥ 52136.00 - 569.00 0.00

Strat Evarich Japan Fd Ltd USD $ 523.18 - 5.52 0.00

Strat Fd Ltd Gbl Opps Fd USD $ 2928.04 - 12.09 0.00

Strat Fd Ltd Gbl Opps Fd EUR € 2178.55 - 9.30 0.00

Strat Global Innovation fd Ltd EUR € 1153.46 - 22.85 0.00

Strat Global Innovation fd Ltd USD $ 1179.38 - 22.26 0.00

Strategic US Growth Fund USD Class $ 525.39 - -1.52 -

E.I. Sturdza Funds PLC (IRL)Regulated

Strategic China Panda Fund USD $ 1692.65 - 15.00 0.00

Strategic China Panda Fund Hedged EURO € 1664.34 - 14.67 0.00

Strategic China Panda Fund Hedged Sterling £ 1604.97 - 14.13 0.00

Nippon Growth (UCITS) Fund JPY Class A shares ¥ 50297.00 - 584.00 0.00

Nippon Growth (UCITS) Fund JPY Class C Dis shares ¥ 41060.00 - 477.00 0.00

Nippon Growth (UCITS) Fund JPY Class B Acc shares ¥ 42405.00 - 493.00 0.00

Strategic Euro Bond Fund Distributing Class Shares € 1045.53 - 3.43 0.55

Strategic Euro Bond Fund Accumulating Class Shares € 1102.99 - 3.61 0.00

Strategic Emerging Europe Fund Hedged Euro Class € 882.12 - 11.33 0.00

Strategic Emerging Europe Fund USD Class $ 889.99 - 11.93 0.00

Strategic Europe Value Euro Class € 104.07 - 0.36 0.00

TT International (CYM)Regulated

TT European Long/Short Feeder SP Class A € 105.13 - 1.22 -

TT European Long/Short Feeder SP Class B $ 104.66 - 1.19 0.00

TT European Long/Short Feeder SP Class C £ 103.51 - 2.71 -

TT Equity Macro Fund Europe Feeder SP Class A € 93.70 - -0.53 0.00

TT Equity Macro Fund Europe Feeder SP Class B $ 88.15 - -2.63 0.00

TT Equity Macro Fund EUR Feeder SP Class C £ 89.15 - -2.58 0.00

TT Financials Long/Short Fd A $ 145.51 - -0.73 -

TT Financials Long/Short Fd B € 144.55 - -0.71 0.00

TT Financials Long Short Fund Ltd Class F £ 92.17 - -0.41 0.00

TT International Fund Feeder Segregated Portfolio Class A € 89.15 - -0.96 0.00

TT International Fund Feeder Segregated Portfolio Class B $ 91.47 - -1.06 -

TT Mid-Cap Eurp Long/Short Fd Ltd A € 286.12 - 0.16 0.00

TT Mid-Cap Eurp Long/Short Fd Ltd B $ 230.29 - 0.15 0.00

TT Mid -Cap Europe Long / Short Fund Ltd Class C £ 108.93 - 0.07 0.00

TT International (IRL)Regulated

TT European Eqty Fd Class A € 10.83 - 0.11 8.65

TT UK Equity Fd £ 16.10 - 0.09 2.98

TT Europe Ex-UK Equity Fd £ 16.72 - 0.15 1.31

Eurozone Equity Fund € 8.09 - 0.12 1.08

TT International Asia Pacific Equity Fund - Class A $ 10.79 - 0.13 1.66

TT International Emerging Markets Equity Fund $ 8.04 - 0.09 0.97

Tarchon Capital Management (CYM)Regulated

Tarchon Multistrategy (A2) € 130.57 - 0.05 0.00

Tarchon MS (2x) (A4X) € 125.41 - -0.12 0.00

Tarchon MS (2x) (A4W) £ 106.86 - -0.08 0.00

Tarchon Asia € 96.28 - -0.63 0.00

Tarchon Equity EUR € 149.14 - -0.56 0.00

The Hartford International Funds (IRL)Regulated

Gbl Govt Bond (Ex Japan) Index (GBP) £ 1512.22 - -1.19 0.00

UK Corporate Bond £ 1260.48 - 6.16 0.00

Gilt £ 1457.11 - 12.04 0.00

Global Eq (Ex Japan) Index Fund ¥ 0.88 - 0.01 0.00

Global Eq (ex Japan) Class HJ4 ¥ 0.92 - 0.01 0.00

Global Eq (ex Japan) Class JP5 ¥ 0.68 - 0.00 0.00

Global Eq Ex Japan Index Fund (Hedge) ¥ 0.62 - 0.00 0.00

Gbl Govt Bond (Ex Japan) Index ¥ 0.83 - 0.00 0.00

Gbl Govt Bond (ex Japan) Class JP4 ¥ 0.82 - 0.00 0.00

Japan Equity Index Fund ¥ 0.48 - 0.01 0.00

Japan Equity Class JP3 ¥ 0.58 - 0.01 0.00

The National Investor (TNI)www.tni.ae

Other International Funds

UAE Blue Chip Fund AED 4.67 - -0.06 0.00

TNI Funds Ltd (BMU)

MENA Special Sits Fund $ 1017.09 - 1.24 0.00

TNI Funds Plc (Ireland)

MENA UCITS Fund $ 1000.14 - -9.03 0.00

The Nile Growth Company (LUX)Regulated

Nile Growth Fd A dis $ 24.01 - -0.16 0.00

Traditional Funds (IRL)State Street International (Ireland) Limited. No. 78 Sir John Rogerson?s Quay, Dublin 2, IrelandPhone:+353 1 242 5529 Fax:+353 1 438 9528 Email:TRCInvestorServices@statestreet.comFSA Recognised

BSI Bond Opportunity Fund Eur Acc € 10.04 - 0.08 0.00

BSI Bond Opportuinty Fund USD Acc $ 10.01 - 0.08 0.00

BSI Bond Opportunity Fund CHF AccSFr 9.77 - 0.07 0.00

Credit Select A EUR Dis € 10.11 - 0.06 2.18

Credit Select A EUR Acc € 10.77 - 0.07 0.00

European Absolute Return Fund Class A Old Euro Acc € 19.39 - 0.11 0.00

European Absolute Return Cls A New Euro Acc € 10.56 - 0.06 0.00

High Income USD Dis $ 9.47 - 0.11 8.25

High Income Cls A New USD Dis $ 7.20 - 0.09 8.36

High Income Cls A New USD Acc $ 10.50 - 0.13 0.00

Global Bd (£) GBP Dis £ 13.70 - -0.08 0.59

Global Bd (£) GBP Acc £ 15.91 - -0.09 0.00

Fund Bid Offer D+/- Yield

Global Bd (€) Acc € 14.49 - -0.05 -

Global Bd (€) Dis € 12.75 - -0.05 -

Global Bd ($) Acc $ 12.02 - -0.04 -

Global Bd ($) Dis $ 10.54 - -0.03 0.45

Global Credit A EUR Dis € 9.68 - 0.09 2.13

Global Credit A EUR Acc € 10.51 - 0.10 0.00

Real Estate Securities Cls A GBP Acc £ 10.63 - 0.14 0.00

Real Estate Securities Cls A GBP Dist £ 10.28 - 0.13 1.89

Water & Agriculture Abs Rtn USD Acc $ 11.70 - 0.01 0.00

Water & Agriculture Abs Rtn USD Dis $ 10.34 - 0.01 0.00

Emerging Asia B USD Acc $ 7.76 - 0.08 0.00

Emerging Asia B USD Dis $ 7.75 - 0.08 0.00

Global Emerging Markets USD Acc $ 12.86 - 0.16 0.00

Global Emerging Markets USD Dist $ 40.98 - 0.51 0.25

Global High Yield A Euro Acc € 10.40 - 0.21 0.00

Global High Yield A Euro Dis € 10.17 - 0.20 0.49

Global Emerging Mkt Abs Rtn A USD Acc $ 8.64 - 0.04 -

Global Emerging Mkt Abs Rtn B USD Acc $ 8.70 - 0.03 -

Thames River CapitalNorthern Trust International Fund Administration Services (Ireland) Ltd,Georges Court 54-62 Townsend Street, Dublin 2, IrelandPhone +353 (0)1 434 5059Fax +353 (0)1 670 1185thameshedge@ntrs.com

Other International Funds

Hillside Apex Cls A $ 1281.06 - 5.07 0.00

Hillside Apex Cls B € 659.19 - -0.71 0.00

Hillside Apex Cls C £ 610.52 - 5.67 0.00

Hillside Apex Cls D £ 379.65 - 3.83 0.00

Warrior Cls A (Final) $ 2418.82 - -22.66 -

Warrior Cls B (Final) € 1746.50 - -17.22 -

Warrior Cls C (Final) £ 1931.39 - -17.52 -

Warrior Cls F (Final) $ 1006.97 - -9.41 -

Warrior Cls G (Final) € 993.32 - -9.81 -

Warrior Cls H (Final) £ 999.83 - -8.06 -

Warrior Cls I (Final) NKr 10183.36 - -83.58 0.00

Warrior II Class A (Final) $ 1202.90 - -11.22 0.00

Warrior II Class B (Final) € 1176.96 - -11.71 0.00

Warrior II Class C (Final) £ 1203.53 - -11.03 0.00

Warrior II Class D (Final) NKr 103818.28 - -849.25 0.00

Warrior II Class F (Final) $ 945.24 - -8.79 -

Warrior II Class G (Final) € 930.68 - -9.27 -

Warrior II Class H (Final) £ 936.88 - -7.50 -

Warrior II Class I (Final) NKr 97212.43 - -796.59 0.00

Sentinel Cls A (Final) $ 1745.46 - -0.95 0.00

Sentinel Cls B (Final) € 1102.29 - -0.80 0.00

Sentinel Cls C (Final) £ 1412.19 - -0.22 0.00

Longstone Cls A € 1299.87 - -39.71 0.00

Longstone Cls B $ 1280.34 - -35.73 0.00

Longstone Cls C £ 1312.07 - -38.91 0.00

Property Growth & Inc Cls A GBP Inc £ 10.41 - 0.04 4.79

Property Growth & Inc Cls A GBP Acc £ 13.62 - 0.04 0.00

Property Growth & Inc Cls B EUR Inc € 9.98 - 0.04 4.80

Property Growth & Inc Cls B EUR Acc € 13.06 - 0.04 0.00

Property Growth & Inc Cls C NOK IncNKr 71.28 - 0.26 4.77

Property Growth & Inc Cls D Aus AccA$ 20.55 - 0.07 0.00

Property Growth & Inc Cls D Aus IncA$ 16.49 - 0.12 4.31

Africa Focus Class A USD (Final) $ 1037.12 - 15.84 0.00

Isis Cls A $ 8195.53 - -305.83 0.00

Isis Cls B € 2793.66 - -106.87 0.00

Isis Cls C £ 958.08 - -35.62 0.00

Isis Cls D NKr 11877.80 - -434.20 0.00

Tilney Asset Management Intl Ltd (GSY)Other International Funds

The Glanmore Property Fund

NAV (Susp) £ 12.25 - -0.19 2.20

B Share NAV (Susp) £ 12.25 - -0.19 2.20

The Glanmore Property Dollar Fund

NAV (Susp) $ 3.14 - -0.04 0.00

B Share NAV (Susp) $ 5.12 - -0.08 0.00

The Glanmore Property Euro Fund Limited

NAV (Susp) € 2.85 - -0.04 0.00

B Share NAV (Susp) € 5.24 - -0.09 0.00

Tilney Asset Management Intl LtdOther International Funds

The Glanmore Property Accumulation Fund Limited

NAV £ 2.06 - -0.03 0.00

B Share NAV £ 5.33 - -0.08 0.00

Toscafund (CYM)Regulated

Tosca $ 183.07 - -14.90 0.00

Tosca Mid Cap GBP £ 113.75 - -12.24 0.00

Tosca Opportunity B USD $ 168.14 - -14.42 0.00

TreeTop Asset Management S.A. (LUX)Regulated

TreeTop Convertible Sicav

International A € 203.83 - 1.83 0.00

International B $ 262.91 - 2.29 -

International C £ 90.29 - 0.78 8.40

Pacific A € 241.81 - 1.86 0.00

Pacific B $ 305.36 - 2.38 0.00

TreeTop Global Sicav

Global Opp.A € 95.67 - 1.34 0.00

Global Opp.B $ 98.81 - 1.58 0.00

Global Opp.C £ 124.18 - 1.28 0.00

Sequoia Equity A € 86.58 - 1.34 0.00

Sequoia Equity B $ 89.38 - 1.50 0.00

Sequoia Equity C £ 103.90 - 1.08 0.00

Sequoia Pacific Equity A € 58.41 - 0.61 0.00

Sequoia Pacific Equity B $ 62.12 - 0.71 0.00

Sequoia Pacific Equity C £ 78.13 - 0.40 0.00

Global Spec. Sit. A € 68.94 - 0.01 0.00

Global Spec. Sit. B $ 63.60 - -0.87 0.00

UBS AG (LUX)291, Route d'Arion P 91, L-2010 Luxembourgwww.ubs.com/fundsFSA Recognised

UBS (CH) Equity Fund - Gold (USD) P $ 501.74 - 0.98 0.00

UBS (CH) Equity Fund - Energy (USD) P $ 275.46 - 6.20 0.16

UBS Global Emerging Market Value Focus P USD $ 99.64 - 0.90 0.00

UBS (Lux) Bond Fund - Convert Europe P-acc € 119.68 - 0.44 0.00

UBS (Lux) Bond Fund - Euro High Yield P-acc € 133.19 - 0.20 0.00

UBS (Lux) Bond Fund - Full Cycle Asian Bond (USD) P-acc $ 113.68 - 0.11 0.00

UBS (Lux) Bond SICAV - Asian Local Currency Bond (USD) P-acc $ 98.92 - 0.38 0.00

UBS (Lux) Bond SICAV - Convert Global (EUR) P-acc € 9.88 - 0.03 0.00

UBS (Lux) Bond SICAV - Short Duration High Yield (USD) P-acc $ 104.55 - 0.05 0.00

UBS (Lux) Bond SICAV - USD High Yield P-acc $ 212.82 - 0.33 0.00

UBS (Lux) Emerging Economies Fund - Global Bonds (USD) P-acc $ 1702.06 - 7.48 0.00

UBS (Lux) Emerging Economies Fund - Global Short Term (USD) P-acc $ 2807.61 - 14.91 0.00

UBS (Lux) Equity Fund - Asian Consumption (USD) P-acc $ 95.01 - 1.20 0.00

UBS (Lux) Equity Fund - Greater China (USD) P-acc $ 172.77 - 2.76 0.00

UBS (Lux) Equity Fund - Health Care (USD) P-acc $ 124.39 - 0.53 0.00

Fund Bid Offer D+/- Yield

UBS (Lux) Equity SICAV - Russia (USD) P-acc $ 98.87 - 2.45 0.00

UBS (Lux) Equity SICAV - USA Growth (USD) P-acc $ 16.38 - 0.19 0.00

UBS (Lux) Key Selection SICAV - Global Allocation Focus Europe (EUR) P-acc € 9.07 - 0.06 0.00

UBS (Lux) SICAV 1 - All Rounder (USD) P-acc $ 133.22 - 0.43 0.00

Pls contact your adviser for funds in other currencies or for add.

UOB Global Strategies Funds Plc (IRL)Regulated

UOB Asian Equity $ 183.74 - 2.58 0.00

UOB Greater China $ 197.48 - 3.25 0.00

UOB Paradigm Fund Class A (Eur) € 132.51 - 0.89 -

UOB Paradigm Fund Class B (USD) $ 165.79 - 1.12 0.00

UOB Paradigm Fund Class C $ 106.85 - 0.72 0.00

UOB Paradigm Fund Class D $ 104.44 - 0.71 0.00

UOB US Equity Fund $ 142.58 - 1.04 0.00

UOB Global Opportunities Fund $ 101.56 - 0.88 0.00

UOB Strategic Allocation Fund USD $ 100.92 - 0.26 0.00

Unicapital Investments (LUX)Regulated

Investments II € 71.93 - -19.64 0.00

Investments III € 178.18 - -3.14 0.00

Investments IV - European Private Eq. € 470.87 494.42 -0.98 -

Investments IV - Global Private Eq. € 716.16 751.97 -10.17 -

Valartis Asset Management S.A. (LUX)Regulated

MC Russian Market Fd A $ 92.41 - 1.60 0.00

MC Russian Market Fd B $ 18.01 - 0.31 -

Value Partners Hong Kong Limited (IRL)www.valuepartners.com.hk / vpl@vp.com.hkRegulated

VP Absolute Greater China Classic Fund $ 9.92 - 0.00 -

Veritas Asset Management (UK) Limited (IRL)HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, IrelandVeritas Funds Plcwww.veritas-asset.com+353 1 635 6799FSA Recognised

Institutional

Veritas Asian Fund A USD H $ 216.45 - 0.43 -

Veritas Asian Fund A GBP H £ 260.77 - 0.90 0.75

Veritas Asian Fund A EUR H € 199.74 - -0.95 0.60

Veritas China Fund A USD $ 100.42 - -0.06 0.22

Veritas China Fund A GBP £ 101.23 - -0.06 0.14

Veritas China Fund A EUR € 99.84 - -0.06 0.30

Veritas Global Focus Fund A GBP £ 19.72 - 0.08 -

Veritas Global Focus Fund A EUR € 8.77 - 0.04 71.99

Veritas Global Focus Fund A USD $ 18.06 - 0.12 -

Veritas Global Focus Fund C GBP £ 20.14 - 0.08 0.00

Veritas Global Focus Fund C EUR € 14.91 - 0.07 0.00

Veritas Global Focus Fund C USD $ 18.51 - 0.12 0.00

Veritas Global Equity Income Fund A GBP £ 140.69 - 0.42 -

Veritas Global Equity Income Fund A EUR € 176.48 - 0.53 4.48

Veritas Global Equity Income Fund A USD $ 112.92 - 0.59 -

Veritas Global Equity Income Fund C GBP £ 142.98 - 0.43 -

Veritas Global Equity Income Fund C EUR € 179.38 - 0.54 -

Veritas Global Equity Income Fund C USD $ 114.24 - 0.60 -

Veritas Global Real Return Fund A USD $ 17.11 - -0.01 1.43

Veritas Global Real Return Fund A GBP £ 9.34 - 0.00 1.98

Veritas Global Real Return Fund A EUR € 10.45 - 0.01 1.69

Retail

Veritas Asian Fund B USD $ 152.50 - 0.30 0.19

Veritas Asian Fund B GBP £ 190.62 - 0.66 0.23

Veritas Asian Fund B EUR € 145.92 - -0.70 0.07

Veritas China Fund B USD $ 105.63 - -0.07 0.00

Veritas China Fund B GBP £ 98.71 - -0.06 0.00

Veritas China Fund B EUR € 100.17 - -0.07 0.00

Veritas Global Focus Fund B USD $ 13.04 - 0.09 1.19

Veritas Global Focus Fund B GBP £ 15.04 - 0.06 1.18

Veritas Global Focus Fund B EUR € 10.50 - 0.05 2.47

Veritas Global Equity Income Fund B GBP £ 131.80 - 0.40 4.80

Veritas Global Equity Income Fund B EUR € 164.86 - 0.50 4.49

Veritas Global Equity Income Fund B USD $ 114.06 - 0.60 4.89

Veritas Global Real Return Fund B USD $ 16.60 - -0.01 1.30

Veritas Global Real Return Fund B GBP £ 9.24 - 0.00 1.66

Veritas Global Real Return Fund B EUR € 10.89 - 0.00 1.54

Veritas Asset Management (UK) Limitedwww.veritas-asset.com

Other International Funds

Real Return Asian Fund USD (Est) € 211.72 - -0.47 0.00

Real Return Asian Fund GBP (Est) £ 223.38 - -0.53 0.00

Real Return Asian Fund EUR (Est) $ 219.45 - -0.65 0.00

Victory Capital LtdOther International Funds

Victory Capital Ltd A GBP (Est) £ 147.60 - -0.70 -

Waverton Investment Funds Plc (1600)F (IRL)waverton.investments@citi.comFSA Recognised

Asia Pacific B USD $ 16.15 - 0.11 1.54

European Fund B Eur H € 7.82 - 0.05 0.99

Global Bond Fund Cls A $ 9.40 - 0.00 5.13

Global Equity Fund B GBP H £ 5.24 - 0.01 0.00

JOHIM Equity Fund GBP £ 10.13 - 0.03 0.00

JOHIM Sterling Bond Fund A GBP £ 9.91 - 0.01 5.26

UK Abs. Fund GBP £ 9.81 - 0.00 0.00

UK Fund B GBP H £ 9.68 - -0.04 2.49

WA Fixed Income Fund Plc (IRL)Regulated

European Multi-Sector € 104.94 - 0.55 0.00

Williams de Broë Assetmaster Fund Plc (IRL)Comore Plaza, Colmore Circus, Birmingham, B4 6AT 0044 121 2320726FSA Recognised

Assetmaster Growth Fund £ 1.53 - 0.01 -

Assetmaster Cautious Fund £ 1.30 - 0.00 0.00

Assetmaster Balanced Fund £ 1.25 - 0.01 0.00

Assetmaster Intl Growth Fund £ 1.52 - 0.01 0.00

Multi Strategy Fund H £ 1.70 - 0.00 0.00

Chameleon Capital H £ 1.05 - 0.02 0.00

Winton Capital ManagementOther International Funds

Winton Futures USD Cls B $ 842.54 - -1.84 0.00

Winton Futures EUR Cls C € 237.14 - -0.59 0.00

Winton Futures GBP Cls D £ 256.78 - -0.53 0.00

Winton Futures GBP Cls F £ 99.04 - -0.21 -

Winton Evolution USD Cls F (Est) $ 1357.96 - -17.61 0.00

Winton Evolution EUR Cls H (Est) € 1070.69 - -14.98 0.00

Winton Evolution GBP Cls G (Est) £ 1077.26 - -14.30 0.00

Winton Futures JPY Cls E ¥ 16542.45 - -40.00 0.00

World Trust Fund (LUX)Regulated

Shares NAV £ 2.00 - -0.01 0.00

Xanthos Asset Management LtdOther International Funds

Xanthos Capital USD $ 1035.38 - 51.44 0.00

Xanthos Equities USD $ 1100.79 - 54.29 0.00

Xanthos Investment Partners USD $ 3011.91 - 115.71 0.00

Yuki International Limited (IRL)Tel +44-207-269-0203 www.yukifunds.comRegulated

Yuki Mizuho Umbrella Fund

Yuki Mizuho General Japan III ¥ 3308.00 - 75.00 0.00

Fund Bid Offer D+/- Yield

Yuki Mizuho Japan Dynamic Growth ¥ 3320.00 - 86.00 0.00

Yuki Mizuho Japan General ¥ 6815.00 - 136.00 -

Yuki Mizuho Japan Excellent 100 ¥ 5300.00 - 123.00 0.00

Yuki Mizuho Japan Growth ¥ 4771.00 - 105.00 0.00

Yuki Mizuho Japan Income ¥ 6247.00 - 85.00 0.00

Yuki Mizuho Japan Large Cap ¥ 3968.00 - 77.00 0.00

Yuki Mizuho Japan Low Price ¥ 9426.00 - 234.00 0.00

Yuki Mizuho Japan Pure Gwth ¥ 5577.00 - 134.00 -

Yuki Mizuho Japan Small Cap ¥ 5845.00 - 151.00 0.00

Yuki Mizuho Japan Value Select ¥ 4199.00 - 110.00 0.00

YMR Umbrella Fund

YMR N Growth ¥ 7698.00 - 166.00 0.00

Yuki Chugoku Umbrella Fund

Yuki Chugoku Japan General ¥ 6197.00 - 108.00 -

Yuki Chugoku Japan Low Price ¥ 5444.00 - 79.00 -

Yuki 77 Umbrella Fund

Yuki 77 General ¥ 4549.00 - 105.00 0.00

Yuki Hokuyo Umbrella Fund

Yuki Hokuyo Japan General ¥ 3545.00 - 82.00 0.00

Yuki Hokuyo Japan Income ¥ 4109.00 - 59.00 0.00

Yuki Hokuyo Japan Small Cap Fund ¥ 4304.00 - 112.00 0.00

Yuki Asia Umbrella Fund

Yuki Japan Rebounding Growth Fund ¥ 8186.00 - 188.00 0.00

Zadig Gestion (Memnon Fund) (LUX)FSA Recognised

Memnon European Fund I GBP £ 86.29 - 1.20 0.00

Zebedee Capital Partners LLP (CYM)Regulated

Zebedee Focus Fund Limited Class A EURO Shares € 160.58 - -5.65 0.00

Zebedee Focus Fund Limited Class B USD Shares $ 186.52 - -6.08 0.00

Zebedee Focus Fund Limited Class A USD $ 161.13 - -5.25 0.00

Data Provided by Morningstar

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OEIC: Open­Ended Investment Company.Similar to a unit trust but using a companyrather than a trust structure.

Different share classes are issued to reflecta different currency, charging structure or typeof holder.

Selling price:Also called bid price. The priceat which units in a unit trust are sold byinvestors.

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Single price: Based on a mid­marketvaluation of the underlying investments. Thebuying and selling price for shares of an OEICand units of a single priced unit trust are thesame.

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JUNE 19 2012 Section:Stats Time: 18/6/2012 - 19:05 User: watsonl Page Name: UT7 EUR, Part,Page,Edition: EUR, 23, 1

24 ★ † FINANCIAL TIMES TUESDAY JUNE 19 2012

American and British Stocks 52 week VolStock Price Chng High Low Yld P/e ’000s

UK (Jun 18/Pence)3i 176.70 -.7 295 166.10 4.6 - 4498AberAsM 252 +2.6 287.80 164.80 3.8 15.5 6693ABG 403.90 +4.2 624 303.40 2.9 9.3 521Admiral 1.12k -7 1.63k 772.16 6.7 13.7 419Aegis 157.70xd -.8 187.90 112.19 2 18.7 3859Aggreko 2.08k +14 2.35k 1.52k 1 21.6 1176Alliance 345.40xd +4.4 394.60 289.20 2.5 35.5 1012AMEC 975xd -1.5 1.19k 733 3.1 15.2 1210Amlin 333 -.8 419.20 269 6.9 - 1981AngloAmer @ 2.13k -1.5 3.22k 1.91k 2.5 6.7 5839Antofagsta @ 1.07k -1 1.48k 851.53 2.6 11.5 3451ARM 490.60 +3.9 647.50 442.23 0.7 50.3 9113AscBrFd 1.23kxd +10 1.25k 935.50 2.1 17.7 1887Ashmore 340.90 +9.9 429.90 302.60 4.3 12.4 2420AstraZen @ 2.68k +26.5 3.18k 2.45k 7.4 6.8 2146Aviva 260.50 -8 448.10 251.10 10 44.9 19473Babcock 865 -7 893.50 559.50 2.6 20.5 1980BAE SYS 282.40 +3.2 334.50 241 6.7 6.7 4720BalfourB 279.70xd +1.1 325 214.89 4.9 11.3 1153Barclays @ 196.05 -4.75 287.45 133.90 3.1 6.1 82665Berkeley 1.27k -16 1.43k 1.01k - 17.7 315BG @ 1.23k -9 1.55k 1.02k 1.2 11.9 8329BHP Bltn 1.83k +29 2.53k 1.62k 4.3 6.6 13829BlckRckWld 569 -3 785 560.45 2.5 38.7 214Booker Grp 87.75xd -1.35 89.40 62.60 2.6 18.5 2415BP @ 420.70xd -2.8 554 359.90 5.1 5.5 36170BrAmTob @ 3.14k +37.5 3.26k 2.27k 4 18.5 3621BritLand 497.20 +3.8 902.50 443.40 4.2 16.5 4622BSkyB @ 669 +7.5 850.77 613.83 3.5 13 8192BT @ 201.90 +.7 235.30 157.50 4.1 8.3 31510Bumi 358.80 +14 1.22k 293.50 - - 252Bunzl 1.03kxd +12 1.07k 651 2.6 17.6 527Burberry 1.35k +38 1.61k 1.03k 1.9 21.8 1775bwin.party 118.90 +3.4 177 98.50 2.6 10 3632CairnEng 264.50 -6.2 475.49 249.25 - - 9413Cap&Count 203.40xd -2.6 206.30 155 0.7 10.9 1172Capita 645.50 +4 775 600 3.3 15.4 3791CapShopCn 318.90xd -2.7 405.50 283.20 4.2 - 1578Carillion 273.80 -.1 388 252.10 6.2 9.1 1105Carnival 2.22k -2 2.48k 1.6k 3.2 1.5 1030CatlinGrp 417.80 -4.2 451.60 331.20 6 4 1011Centrica @ 309.60 +1 332 248.40 5 21.4 13649Cobham 231.50 +2 241.30 163.60 3.5 13.4 2984Compass @ 631 +6.5 682 498.20 3.2 16 4963Cookson 610.50 +7 755 385.90 3.6 9.1 985CRH 1.12k -18 1.41k 9.03 0 - 1551Croda 2.21k +15 2.35k 1.5k 2.5 18 658Daily Mail 379xd -5.9 492 336.30 4.6 7.8 2487Diageo @ 1.6k +14.5 1.62k 1.08k 2.6 24.9 3246Drax Group 554.50 - 589 444.70 5 7.6 1420DrwntLdn 1.85k -41 1.91k 1.39k 1.4 31.4 522easyJet 511 +3.5 536.50 301.64 9.1 9.7 2048ENRC 414.10xd +1.9 820 386.30 4.6 4.2 4436EssarEngy 114.70 -4.8 426.60 99.80 - - 2333EVRAZ 275xd +4.2 465.40 250 3.9 11.9 3985Experian 933.50 +8.5 1.01k 652 2.2 22.5 3238Ferrexpo 209.90 +7.6 498.80 175.30 2 3.4 3130FirstGrp 209 -.1 375.60 189.50 11.3 4.5 2933For & Col 291.50 +2.6 330.70 259 2.4 43.2 563Fresnillo @ 1.56k +26 2.21k 1.26k 4.7 19.2 1564G4S 275 +2 293.40 214.20 3.1 17.7 3131GKN 177.80 +1.8 249 153 3.4 9.9 5368GlaxoSmh @ 1.45kxd +12.5 1.49k 1.16k 4.9 15 13397Glencore @ 328.40 -12.05 509 326.45 2.9 7.4 17367Halma 380.70 +4.9 432.30 257 2.6 17 1647Hammersn 417.70 +1.6 496.30 339.20 3.4 20.4 3477Hargr Lans 484.60 -3 627.67 387.17 4 21.6 576HikmaPhm 672.50 -11.5 799.50 536.50 1.4 22.3 534Hiscox 422.80xd +.4 427.40 334.60 4 8.4 1402Hochschild 486 -12.9 557.50 364.74 0.9 14.9 302HSBC @ 546.70xd +.3 631.20 456.35 5.3 9 39178Hunting 772.50xd -2.5 977 411.40 1.9 25.9 445IAG 150.20 +2.8 260 130.97 - - 8611ICAP 362.20 -3.3 502.63 311.60 6.1 10 4410IG Group 474.10 +3.6 552 379.15 4.3 12.1 1474ImgnTech 485.80 -13.7 734 285 - - 1487IMI 835 -4 1.14k 625 3.6 13.4 1707ImpTob @ 2.4k +22 2.62k 1.92k 4.1 14 2494Inchcape 331.30 +1.3 436.60 261.10 3.3 10.2 1127Informa 360.40 +2.9 453.40 311.90 4.7 16.7 2325Inmarsat 474.20 -2.1 610.50 287.50 6 8.5 1290InterC Htls 1.49k -4 1.54k 939 2.3 13.6 853Intertek 2.6kxd +37 2.75k 1.68k 1.3 26.7 448IntlPowr @ 416.60xd +.2 420.77 262.80 2.4 18 7815Invensys 200.60 +1.7 338 166.80 2.2 13.3 4647Investec 369.20 -3.5 527 308.90 4.6 12.6 3519ITV 72.25 -.85 91.25 30 2.2 11.3 38057JardineL 729.50 -18.5 775 562 3.3 18.5 585JohnsoM 2.25k +20 2.43k 1.48k 6.9 15.2 367Kazakhmys 715.50 -7 1.41k 642 2.8 4.2 2983Kenmr 43.55 -.98 62.55 30.11 - 69.1 4099Kingfshr 273.30 +1.9 317 204.10 3.2 9.7 4391Ladbrokes 170.90 +.7 183 113.30 4.6 11.7 2131LandSecs 732 +.5 894.66 608 3.2 16.9 3133Leg&Gen 119.40 -.4 136.30 86.15 5.4 9.6 15368LlydsBkg @ 30.16 -1.14 51.33 21.64 - - 448753Logica 107.20 - 136 57.45 4.1 52.6 4723Lonmin 776.50 +17.5 1.46k 679.50 1.4 14.3 2293LSE 973.50 -9.5 1.1k 751 2.9 11.8 755Man 74.40 +1.6 262.10 68 21 11.3 20917Marks&Sp 326xd +4.7 389.80 296.20 5.2 8.9 6149Meggitt 368 +3.7 415.60 299.60 2.9 15 2067Melrose 370.60 -11.9 445.90 264.90 3.5 14.3 2204Mlnm&Cth 465 -5 521.79 365.65 3.5 8.5 140Mondi 535.50 +3.5 668.50 407.20 4.3 12.7 1065Morrison 278.90xd +.4 339.70 265 3.8 10.4 11952Natl Grid @ 653.50xd +4 689.50 545.50 6 11.6 7779NewWldRes 316.90 -15.4 967.50 265.40 5.8 - 137Next 3.12k +23 3.12k 2.11k 2.9 11.9 834Old Mutl 152.40 +3.7 167.22 100.08 3.7 13.8 16425Pearson 1.19k +4 1.27k 1k 3.5 17.3 2643Pennon 734 - 752 384.57 3.6 15.6 961Persimn 590 +10 750 361.30 1.7 14.1 1702

Petrofac 1.49k +2 1.78k 1.05k 2.3 14.5 1367Petropvlsk 472.20 -22.3 918 358.80 2.5 5.2 4217PolymtIntl 909.50 +22 1.2k 747.50 1.6 17.9 944PremOil 352.50 -3.9 481 272 - 7.7 1084Providnt 1.15kxd +5 1.21k 908.50 6 12.8 238Prudential @ 705 -4 802 494.50 3.6 12 5929PZ Cusns 328.20 -1.5 386.90 282.49 2 20.5 987RBS @ 235.30xa -12.3 400.03 172.79 - - 35306ReckittB @ 3.39k +4 3.69k 2.96k 3.7 14.2 2333Reed Els @ 481.40 +1.7 671.21 323.90 4.5 13.7 8561Rentokil 69.40 -.6 96.75 57.55 1.9 14.5 4906Resolution 196 -1 304.30 190.40 10.1 12.9 3115REXAM 407.10 +4.6 440.70 295.10 3.5 11.5 4190Rightmove 1.53k +2 1.61k 986.50 1.2 34.7 135RioTinto @ 2.96k +27.5 4.62k 2.64k 3.1 5.7 8598RIT Cap 1.21kxd -24 1.38k 1.08k 2.3 - 261RndgldRs 5.98k +10 7.72k 4.48k 0.4 22.5 557RollsRyc @ 839.50 +17.5 863 354.89 1.9 18.5 5785Rotork 1.9k +8 2.27k 1.43k 2 20.4 312RSA Ins 102 -.3 141.20 97 9 7.3 16475RylDShlA @ 2.12kxd +2.5 2.46k 1.76k 4.6 7.3 4142RylDShlB 2.19kxd +4.5 2.5k 1.77k 4.8 7.7 4844SABMiller @ 2.48k +24.5 2.69k 1.86k 2.6 20.7 4880Sage 249.60 +.9 313.40 225.10 4.2 12.7 5936Sainsbry 288xd +2.3 336 258 5.6 10.4 9101SchrdrsNV 1.01k -4 1.39k 941.50 3.9 8.7 363Schroders 1.26k -14 1.67k 1.16k 3.1 10.8 1101ScottMort 637.50xd -4.5 783 523.50 2 48.9 211SEGRO 213.70 -.4 321.90 193.90 6.3 6.9 737Serco 548 +5 572.50 454.70 1.5 15 779SevernTr 1.75k +10 1.81k 1.35k 7.6 20 1845Shaftbry 507.50xd -1.5 541 424 1.8 - 671Shire @ 1.92k +22 2.32k 1.76k 0.5 18.9 2020SmithNph 605.50 +2 700 501 2 14.4 1871Smiths 997.50 +10.5 1.22k 851.50 3.7 15.4 875Spectris 1.47kxd +43 1.93k 1.03k 2.3 13.4 487Spirax-S 1.98k +26 2.36k 1.59k 2.5 16.5 308SportsDirect 292 +3 315.99 187.93 - 19.7 152SSE @ 1.37k +9 1.43k 1.18k 5.8 19.8 2108St Jms Pl 323 -5 388.40 282.40 2.5 14.7 267Stagech 245.90 +1.3 291 206.96 3.5 11.7 4092StandardLf 219.30 -.6 252.92 162.70 6.3 16.8 5935StandCh @ 1.37k -24 1.68k 1.14k 3.9 10.7 9725TalkTalk 168.20 -3.3 173.40 116.10 5.4 11.9 1749Tate&Lyl 646.50 +.5 729.53 498.90 3.9 12.2 1646Taylor Wmpy 46.31 +.15 54.80 27.65 0.8 23.6 13916TelecityG 800 -3.5 826.62 424.30 - 33.7 626TemptnEm 526.50 +4.5 680.34 491 0.8 74.6 308Tesco @ 303.75xd +2.65 415.66 294.50 4.9 9.1 26401TravisPkn 939 +6.5 1.13k 675 2.1 11.1 364TUI Travel 163.40 -4.4 266.40 134.10 7 7.5 4116Tullow @ 1.45k -3 1.61k 879.50 0.8 25.2 2918UBM 547 +6.5 643.50 406.70 4.8 16.6 924Unilever 2.09k +10 3.04k 1.81k 3.7 16.5 4547UtdUtils 661 -2 686.50 368 4.8 14.1 6300Vedanta 940 -20 2.11k 879.78 4.1 27.5 2425Vodafone @ 174.90xd +1.2 182.90 150.54 5.2 12.1 68841Weir 1.44k -6 2.25k 1.33k 2.3 10.6 1368Whitbrd 1.85kxd +22 2.01k 1.34k 2.8 12.3 837Willim H 269.90 +2.7 287.50 133.50 3.6 11.3 2207Wolseley 2.23k +57 2.59k 1.39k 2.2 17.1 1829Wood (J) 695 -16.5 803 460.60 1.4 43.4 1695WPP 753xd +6 884.50 561.50 3.3 10.7 4351Xstrata @ 859.20 -31.8 1.43k 648 3 7.1 15836

NYSE (Jun 18 / 4:00pm Close/US$)3M @ 87.34 -.1 98.19 68.65 2.6 14.4 530AbbottLb @ 62.71 +.21 63.19 46.30 3.2 19.4 635Accenture @ 58.88 -.2 65.89 47.40 2.3 15.6 598ACE @ 72.25 -.5 77.42 56.91 2.3 10.8 183AdvMicroD 5.93 +.06 8.34 4.31 - 9.1 1834AEP @ 40.07 +.13 41.91 33.09 4.7 12.1 412AES Corp 12.58 -.05 14.01 9 - 17.2 954Aetna 41.12 +.13 51.14 33.43 1.6 8 1109AFLAC @ 41.40 -.58 50.33 31.27 3.1 8.2 684AgilentTec 40.15 +.14 52.62 28.71 0.5 12.9 520AGL Res 38.66 -.05 57.72 36.59 4.7 23.1 120Airgas 84.50xd -.35 92.99 58.17 1.6 21.2 138AirProd @ 79.56 +.08 98 72.26 3.1 14.9 202Alcoa 8.69 -.13 16.59 8.21 1.4 25.1 2028Allergan @ 93.12 +.67 97.09 69.40 0.2 28.7 322Allstate 33.98xd -.17 34.98 22.27 2.5 16.2 821Altria @ 33.85xd +.08 34.08 23.20 4.8 20.3 1329Amer Intl @ 31.51 +.03 35.04 19.18 39.4 2.9 1675Ameren Cp 33.90xd +.29 34.10 25.56 4.7 - 504AmerExpr @ 55.85 -.43 61.42 41.30 1.4 13.4 1370Amerip Fin 49.66 -.09 59.47 36.02 2.2 10.9 258Amertitrad 17.10 +.04 20.76 13.43 1.3 15.8 527AmerTwrA @ 68.64 +.88 68.81 45.77 0.8 52.3 363AmsrceBrgn 37.81 +.52 43.47 34.35 1.3 14.4 456Anadarko @ 64.63xd -.74 88.68 56.42 0.6 - 757AOL 26.95 +.96 27.92 10.06 - - 366Aon Cp 46.85 -.15 52.61 39.74 1.3 16.4 229Apache @ 85.37 -2.43 129.25 73.13 0.7 8 1027ArcherDan @ 31.29 -.16 33.98 23.69 2.2 15.7 1532AT&T @ 35.63 -.08 36 27.29 4.9 51.5 3880AutoZone 386.57 +1.27 399.10 266.55 - 17.4 48AvalnbyCom 141.52 +.82 148.54 107.58 2.6 69.3 215AvonProds 15.62 -.17 28.95 15.28 5.9 17.3 514BakerHu @ 39.61 -.77 80.99 38.32 1.5 10 868Ball 42.49 -.26 43.70 29.69 0.8 16 211BankAm @ 7.76xd -.14 11.25 4.92 0.5 - 11162Bard (C R) 103.20 +.78 113.83 81.90 0.7 27.1 171Baxter @ 49.92xd +.62 62.50 47.56 2.6 12.7 616BB & T @ 30.04 +.22 32.74 18.92 2.3 14.2 1020Beam 62.62 +.27 62.98 39.33 1.3 47 215BectonDick 73.42xd -.17 89.75 69.59 2.4 13.4 182BerkHatA @ 123.28k -99.5 123.84k 99k - 17 BerkHB 82.15 -.42 82.58 65.35 - 17 1311Best Buy 19.80xd -.23 32.85 17.54 3.2 - 822BkNYMeln @ 20.94 -.15 26.43 17.10 2.5 10.3 1427BlackRock @ 173.45xd -3.28 207.30 137.03 3.3 13.7 224Blackstone 12.30 -.24 17.78 10.51 4.2 - 1457

52 week VolStock Price Chng High Low Yld P/e ’000s

52 week VolStock Price Chng High Low Yld P/e ’000s

52 week VolStock Price Chng High Low Yld P/e ’000s

52 week VolStock Price Chng High Low Yld P/e ’000s

52 week VolStock Price Chng High Low Yld P/e ’000s

52 week VolStock Price Chng High Low Yld P/e ’000s

52 week VolStock Price Chng High Low Yld P/e ’000sMARKET SUMMARY

Block 15.50xd -.1 17.45 12.54 4.8 11.6 531Boeing @ 71.90 -.09 77.83 56.01 2.4 12.5 848BorgWrnr 65.94 +.75 87.40 54.59 0.5 13.9 476BostonPrp 104.94 +.91 112.82 81.52 2 55.1 148BostonSci 5.77 -.18 7.55 5.01 - 17.1 2542BrisMySq @ 34.58 +.35 35.44 25.69 3.9 15.5 1997Brwn-FmnB 92.14xd +.62 93.30 62.14 1.5 25.9 88Cameron 43.88 -.87 58.49 38.79 - 19.9 1051Campbell 31.97 +.19 35.10 29.69 3.6 13.8 317CapOne @ 54.11 +.3 57.45 35.94 0.4 7 1218CardinalH 42.57 +.1 47.05 37.55 2.1 14.3 260Carefsn 24.85 +.11 28.24 22.01 - 15.6 206Carmax 27.63 -.05 35.17 22.80 - 15.4 484Carnival @ 34.72 -.04 38.83 28.52 2.9 17 985Caterpillar @ 86.74 -.19 116.95 67.55 2.2 10.9 994CBRE Gp 16.39 -.02 26.29 12.30 - 23.5 450CBS @ 31.63xd +.01 35 17.99 1.3 14.7 1548Centrpnt 20.71 +.09 21.47 17.11 3.9 11.5 544CenturyLk @ 38.66 +.28 41.32 31.17 7.5 40.3 858CharlesSch @ 12.57 -.1 16.75 10.56 1.9 19.1 1599ChesapEgy 17.68 -.42 35.75 13.32 2 7.3 3388Chevron @ 103.46 -.87 112.28 86.68 3.2 7.6 1563ChipMexG 414.46 +12.01 442.34 267.60 - 57 116Chubb @ 71.32 -.2 74.40 55.66 2.2 12.1 306Cigna 45.09 -.2 52.95 38.82 0.1 9.9 428Citigroup @ 27.55 -.76 43.05 21.40 0.1 7.7 5437Cliff sNat 48.81 -.17 102 44.41 3 4.3 495Clorox 72.84 +.28 75.42 63.07 3.3 18.2 213CMS Egy 23.86 +.12 23.90 16.96 3.8 18.5 388CNA Fin 27.87 -.2 31.50 21.25 1.8 11.7 55CnstelBdA 19.67 +.01 24.86 16.43 - 9.4 317Coach @ 60.72xd -.49 79.64 45.70 1.6 18.1 927Coca Cola @ 75.98xd -.11 77.73 63.34 2.6 20.2 1301CocaCoEnt 26.85xd - 30.73 23.03 2.2 11.5 428ColgPalm @ 101.67 +.14 101.94 78.62 2.3 20.3 485Comerica 29.66xd -.3 35.58 21.48 1.5 13.6 444CompSci 24.62xd -.09 39.15 22.80 3.2 - 276ConagraFds 24.95 -.02 27.34 22.20 3.8 12.8 680ConocPhil @ 55.08 -.38 60.99 44.71 4.8 6 1770ConsEdsn 27.93 -.11 55.02 26.47 1.7 11.9 562ConsolEd 63.47 +.37 63.59 49.21 3.8 18.4 267CooperInd 67.99xd -.28 71.73 41.16 1.8 17.3 324Corning @ 13.10xd +.09 18.69 11.51 2.1 8.2 1678CoventryHlt 32.88 -.19 37.86 25.78 0.8 7.9 348Covidien @ 52.99 +.06 56.20 41.35 1.7 13.3 655CSX @ 22.69 +.39 27.04 17.69 2.2 13 1472Cummins @ 94.36 -.33 129.51 79.53 1.7 9.3 455CVS @ 45.67 +.02 46.22 31.31 1.3 17.1 1892Danaher @ 51.89 +.2 56.45 39.34 0.2 17.8 583DardenR 51.61 +.15 55.83 40.71 3.3 15 357Davita 91.50 +2.12 91.88 59.14 - 16.8 219Deere @ 74.89 -.46 89.69 59.92 2.3 10.4 1041DenburyRs 14.35 -.26 21.36 10.20 - 8.2 816DevonEngy @ 56.87xd -.48 84.52 50.74 1.3 10.9 838DiamOfsh 59.76 -.82 73.13 51.19 5.9 9.3 213DiscvrFin 32.82 -.17 34.75 20.53 1.1 7.5 1142Disney @ 47.10 +.01 47.44 28.20 1.3 16.9 1911DominRes @ 54.29xd +.51 54.30 44.50 3.8 21.8 500Dover 55.67 +.36 70.14 43.65 2.3 11.8 211

DowChem @ 33.02 +.13 37.30 20.61 3.2 17.7 1309DrPepper 42.88xd +.19 43.76 34.37 3.1 15.8 185DTE Engy 59.96xd -.13 60.24 43.22 3.9 14.8 226DukeEner @ 23.28 +.02 23.40 16.87 4.3 20.9 1926DuPont @ 50.32 +.08 56.19 37.11 3.3 13.5 701Eaton 39.46 -.38 53.21 33.10 3.6 9.8 805Ecolab @ 66.97xd -.05 67.49 43.81 1.2 39.4 356EdsnInt 46.14 - 46.54 32.65 2.8 - 501EdwLifesc 100.64 +3.12 100.74 61.59 - 50.2 215EMC @ 24.68 -.02 30 19.84 - 21.3 5942Emerson @ 46.65 -.02 58.46 39.50 3.3 14.9 830Entergy 66.73 +.18 74 57.60 5 12.6 230EntPrdPrt 47.64 -.15 52.94 36.51 5.2 18.2 243EOG Res @ 94.72 -1.92 119.90 66.82 0.7 19.9 633EqResPrp @ 61.89 -.04 63.86 48.48 2.6 - 446EQT 48.72 +.13 71 43.70 1.8 17 585EsteeLdrA 55.40 +.33 65.53 40.76 0.9 26 340Exelon @ 37.40 -.03 45.45 36.34 5.2 12.3 1218ExxonMob @ 83.11 -.11 87.94 67.03 2.4 10 4111Fedex @ 88.51xd +.88 98.66 64.08 0.6 13.8 587FidltyNFn 19.41xd -.02 19.69 14.04 2.7 14 322FirstEgy @ 48.81 +.32 48.95 38.80 4.5 18 646Flowsrve 108.59 +.14 122.43 67.07 1.3 14.3 119Fluor 48xd +.52 67.99 44.16 1.2 13.6 263FMC Tech 41.17 -.96 55.17 34.50 - 24.2 501Ford @ 10.34 -.01 14.22 9.05 1 2.2 4369ForestLabs 34.71 +.26 40.50 28.47 - 9.7 278Franklin @ 107.23 -1.95 134.65 85.92 2.8 12.4 252Freeport @ 34.26 -.08 56.78 28.85 3.1 8.6 1734GAP 27.01 +.28 29.22 15.15 1.8 16.4 1227GenDyn @ 64.77 -.09 75.92 54.73 3 9.4 489GenElectr @ 19.75 -.25 20.36 14.03 3.3 16.2 7174GenMills @ 38.65 +.19 41.06 34.64 3.2 16.5 530GenMot @ 21.43 -.31 32.07 19 3.5 6.2 1129GenuineP 61.84xd +.39 66.50 46.11 3.1 16.6 127GoldmSchs @ 93.63xd -2.03 139.25 84.28 1.6 13.8 1132Goodrich 126.74xd +.05 126.93 80.12 1.1 20.2 147Grainger 181.38 +.86 221.79 124.35 1.5 19.2 113Halliburton @ 28.95xd -.5 57.77 27.21 1.2 8.5 2200HarleyDavid 49.55 +.54 54.31 31.50 1.1 19.3 583Harris 41.65 +.42 45.78 32.68 2.9 43.4 96Hartford 16.68xd -.33 27.12 14.60 2.4 30.8 883HCP 43.61 +.73 43.87 29.01 4.5 28.8 459Heinz 54.97 +.42 55.47 48.17 3.6 19.3 388Helm&Pyn 44.68 +.16 73.38 35.59 0.6 9.7 520Hershey 69.72 +.23 69.95 53.83 2.1 24 192Hess @ 43.71xd -1.09 77.11 41.85 0.9 11.3 705Hew-Pack @ 21.05xd -.59 37.69 20.58 2.3 8.2 4025HlthCare 57.62 +.82 57.95 41.15 5.1 73.9 492HomeDep @ 52.32 +.45 52.87 28.13 2.1 19.8 2051Honywell @ 55.87 -.17 62 41.22 2.6 22.2 514HormelFd 30.11 +.42 30.50 25.88 1.9 17.2 199HortonDR 16.51 +.63 17.91 8.03 0.9 39.6 2493Hospira 33.72 +.09 57.12 26.92 - - 229Host H&R 15.74 +.16 17.81 9.78 1.1 - 2475Humana 79.32 +.62 96.45 65.21 1.3 9.8 257IBM @ 198.37 -.73 210.69 157.14 1.6 14.8 613IllinoisTool @ 54.42 -.06 59.27 39.13 2.6 14.2 582IngersollR 40.33xd +1.24 47.22 25.86 1.4 17.9 824

Int.Paper 29.17 +.33 36.50 21.56 3.6 10.5 588Intercont 136.24 +1.44 142.75 102.57 - 19 144Interpubl. 10.40xd -.1 12.90 6.75 2.3 11.2 957IntlFl&Fr 56.66 +.22 65.22 51.21 2.2 17.6 205IntlGmeT 15.07 +.19 19.14 13.12 1.6 17.1 705INVESCO 21.79 -.24 26.94 14.52 2.5 13.4 880IronMount 33.07 -.11 35.79 27.10 3.1 30.4 396JacobsE 35.91 -.03 48.15 30.75 - 12.8 262JMSmckr 76.21 +.44 81.93 66.44 2.5 18.9 249John&John @ 66.30 +.29 68.05 59.08 3.5 18.2 6266JohnsonCn @ 28.03xd -.18 42.91 24.30 2.5 11.6 804JPMrgnCh @ 34.62 -.41 46.49 27.85 3.2 7.7 5135JuniperNtw 16.35 -.08 33.10 15.95 - 28.3 1455Kellogg @ 49.40 +.15 56.39 47.88 3.5 14.6 240Keycorp 7.40 -.03 8.82 5.59 1.9 8.1 2449Kimb-Clark @ 82.79xd +.31 82.92 61.01 3.5 19.2 492Kimco Real 18.63 - 20.31 13.55 4 61.7 817KindMnE 75.27 -.17 90.60 63.43 6.2 - 89KohlsCp 43.72xd -.82 57.39 42.14 2.6 10.2 788Kraft Food @ 38.98 +.34 39.98 31.88 3 19.6 1590Kroger 22.81 - 25.85 21.14 2 20.8 1509L3 Comms 73.11 +1.37 88.55 58.30 2.6 7.9 239LabCpAmer 87.89 +.39 99.76 74.62 - 16 121LasVegasSd @ 45.11xd -.07 62.08 36.09 1.1 23.8 1333Lennar 26.97 +1.07 30.11 12.14 0.6 65.6 1201Leucadia 21.09 -.32 36.21 19.58 1.2 10.7 307Lilly (E) @ 42.05 +.06 42.17 33.75 4.7 10.9 620Lim.Brands 42.82xd +.17 51.84 31.45 9.1 16.3 397LincolnNat 20.92 -.31 29.67 13.76 1.4 44.9 973Lockheed @ 84.76xd +1.31 92.24 66.39 4.4 10.3 354Loews 40.71 +.25 42.64 32.91 0.6 15.6 430Lorilliard 128.36 +1.19 138.87 97.44 4.4 16 202Lowe’s @ 28.43 +.38 32.29 18.07 2 19.9 2061LSI 6.51 +.11 9.20 4.76 - 26.2 1634M&TBkCp 80.76xd -.28 90 66.41 3.5 12.9 165Macys 36.60xd +.54 42.17 22.67 1.6 12 1055MarathonOil @ 24.22 -.65 35.49 19.13 2.6 10.3 1351Marriott 38.38xd +.4 40.44 24.03 1.1 65.8 564MarshMcL 31.20 -.58 34.67 25.30 2.9 17.4 1842MarthnPet 39.84 -.31 45.41 26.35 2.4 5.8 1085Masco Cp 13.82 +.22 14.68 6.60 2.2 - 979Mastercard @ 425.64 -1.05 466.96 265.47 0.2 26.7 134McDonalds @ 90.24 -.26 102.22 81.40 3 16.9 1867McGrawH 43.04 +.54 50 34.96 2.3 15.4 391McKesson @ 92.04xd +1.04 92.65 66.63 0.9 16.4 249Mdwstvco 28.38 +.17 30.50 20.27 3.5 21 226MeadJohnN 86.78 +1.46 87.25 60.68 1.3 33.8 452Medtronic @ 37.95 +.18 40.78 30.18 2.6 11.8 823Merck @ 38.85xd -.09 39.50 29.47 4.2 17.2 1818MetLife @ 29.42 -.54 44.56 25.61 2.5 5.6 1483MGM Rsts 10.91 +.11 16 7.40 - 2.1 1365Mohawk 68.63 +.72 75.41 39.93 0 24.8 139MolsonB 39.57 +.14 46.71 37.96 3.2 10.9 107Monsanto @ 79.66 +.96 83.94 58.90 1.5 22.6 483Moodys 36.04 +.33 43.04 26.79 1.7 14 298MorganStly @ 13.82 -.48 24.46 11.59 1.4 70.1 3760Mosaic @ 50.22 +.52 74.31 44.43 0.5 10.8 801MotorolaSol 49.03xd +.33 52.78 38.36 1.8 29.7 499

MurphyOil 44.97 -.7 70.27 40.41 2.4 11.8 586Nabors 12.96 -.11 27.62 11.06 - 9.7 1939NewelRbm 18.57 +.08 19.49 10.88 1.8 41.5 350NewmontM @ 50.85xd +.57 72.41 43.24 2.7 48 970NextEraE @ 68.19 +.42 68.36 49 3.4 13.5 264Nike @ 101.40xd -.35 114.76 76.98 1.4 21.1 1054NiSource 25.34 - 25.79 17.96 3.7 25.3 524NobleCp 30.94 -.63 41.71 27.34 1.9 18 1058NobleEgy 82.82 -1.42 105.43 65.94 1.1 21.7 384Nordstrom 49.04 -.11 57.75 37.28 2 15.3 268NorfolkS @ 71.07 +2.1 78.49 57.57 2.5 12.3 653Northrop 61.53 +.35 70.60 49.20 3.3 8 240NtlOilVarc @ 66.86xd -.99 87.72 47.97 0.7 13 739Nucor 37.54 -.07 45.75 29.83 3.9 15.7 777NYSE Eurnxt 24.51xd +.18 35.49 21.80 4.9 11.7 440OccidPet @ 83.81xd -1.43 109.05 66.40 2.4 10 1226Omnicom 47.67xd -.04 52.19 35.27 2.3 14.2 377ONEOK 43.43 +.52 89.62 39.32 2.7 27.3 422ParkHn 79.11 +.38 92 59.32 1.9 10.9 233PeabdyEngy 23.29 -.54 61.85 22.19 1.5 6.2 1056Penney 24.33 -.56 43.18 23.14 2.5 - 1852Pepsico @ 69.60xd +.12 70.75 58.50 3 19.5 908Pfi zer @ 22.62 +.01 23.30 16.63 3.7 18.3 4070PG&E @ 45.19 -.09 45.55 36.85 4 20.9 645Phillips66 34.17 +.01 37.26 28.75 - 5 632PhilMorris @ 88.13 +.4 91.05 60.45 3.5 17.5 836PinnWstCp 52.05 +.04 52.12 37.28 4 17 99PionrNat 87.05 -2.8 119.19 58.71 0.1 15.4 480Plum Creek 37.87 +.25 42.10 33.04 4.4 33.3 221PNCFin @ 58.06 -.95 67.88 42.70 2.5 10.5 656PP&L 27.85xd +.04 30.27 25 5.1 9.9 610PPG Inds 104.78 +.64 107.95 66.47 2.2 18.8 154Praxair @ 105.95 +.37 116.92 88.64 2 19.1 181PrecParts @ 169.10xd +2.14 179.45 136.23 0.1 20.1 130PrinFinGp 25.13xd -.27 31 20.48 1.4 11.4 530ProctGmbl @ 62.29 -.59 67.95 57.56 3.4 19.2 2090ProgreOh 20.79 +.04 23.41 16.88 2 14.3 765ProgressNrg 60.61 +.16 60.94 42.06 4.5 33.7 315Prologis 31.85xd +.1 37.46 21.74 3.5 - 687Prudential @ 47.38 -1.21 65.30 42.45 3.1 11.6 920PublicSVC 32.10xd -.23 35.48 27.98 4.3 11.3 526PublStor @ 139.23xd +1.45 146.20 102.25 2.9 44.4 198QEP Res 27.49 -.01 45.20 23.56 0.3 14.1 495QuestDg 57.12 +.28 62.32 45.15 1.1 13.4 141RalphLrn 145.17 -.81 182.48 105.11 0.7 20.4 162RangeRes 58.75xd +1.74 77.24 51.26 0.3 - 565Raytheon @ 54.31 +.64 54.66 38.36 3.4 9.8 419Red Hat 56.56 +.07 62.72 31.77 - 75.7 795Reg.Financ. 6.63xd +.18 6.98 2.83 0.6 52.7 4021RepSrv 25.86 +.08 31.73 24.72 3.4 16.8 373ReynoldsAm @ 42.99xd +.31 43.10 31.82 5.2 19 945Rockwell 68.95 -.24 89.79 50.37 2.5 13.7 136RockwlColl 49.91 +.84 62.80 43.83 2 12.5 370RoperInd 101.43 +.65 103.49 64.93 0.5 22.4 80Safeway 17.64 -.33 24.28 15.99 3.5 10.2 1517SAIC 11.86 -.38 17.03 10.31 1 - 1418Salesforce @ 136.80 +2.24 164.75 94.09 - - 455SaraLee 18.63 -.27 22.35 15.67 18.6 31.3 2591Schlmbrg @ 66.55xd +.09 95.53 54.79 1.6 17.5 1911

ScrippsNtwk 57.04 +.42 57.75 35.46 0.8 19 183Sempra 68.72 +.87 68.75 44.79 3.1 12.4 277SherWil 132.28 +2.74 133.22 69.47 1.1 29.7 329SimonProp @ 149.36 +.21 158.59 99.80 2.6 29.6 378SouthCpr @ 30.77 +.05 36.87 22.34 6.6 10.6 415Southern @ 48.29 +.29 48.44 35.73 4 19.5 935SpectraEn @ 27.72 -.29 32.26 22.81 4 15.9 736SprintNext 3.08 -.01 5.74 2.10 1.6 - 15839Starwood 51.23 -.04 60.80 35.79 1 16.7 375StateSt @ 43.61 -.24 47.15 29.89 1.9 11.8 953StJudeMed 37.06 +1.51 49.89 32.13 2.4 15 1723Stryker @ 54.57 +.42 60.64 43.73 1.4 15.2 501Suntrust 22.51 +.08 26.51 15.79 0.9 17.2 883SW Airl. 9.04xd +.11 11.65 7.15 0.3 25.8 1352SwestEgy 27.93 +.55 49.24 25.63 - 16.1 1952Sysco 29.19 +.05 31.73 25.10 3.7 15 670TargetCp @ 58.47 -.03 59.39 45.28 2.2 13.5 863TE Conn 32.53 -.02 38.50 26.62 2.3 11.9 634Teradata 72.77 +.66 79.88 43.19 - 33 254Teva 37.95 +.08 49.72 35 2.6 11.8 586Textron 24.74xd -.1 29.18 14.67 0.3 22.7 430TheTrvelers @ 63.08xd -.33 65.27 45.98 2.7 18.3 468ThrmoFshr @ 50.90xd -.33 65.68 43.40 0.5 18.3 336Tiff any 53.75xd +.16 84.49 52.75 2.2 15.7 505TimeWrnr @ 37.15 +.73 39.24 27.63 2.7 13.7 2552TimeWrnrC @ 78.90 +.97 83.55 57.19 2.6 15.1 353TJX @ 43.04 +.58 43.13 24.75 1 23.3 1685Torchmrk 49.26 +.94 50.99 32.78 1 9.8 455TotalSys 23.91 +.1 23.97 15.81 1.5 20 267TrnsOcean 43.74 -.56 65.41 38.22 5.4 - 432TycoInt @ 53.61 -.26 57.74 37.40 1.9 17.7 578UnionPac @ 118.19xd +3.32 118.99 77.73 1.9 16.4 740UNUM Grp 19.28 -.23 26.40 18.97 2.3 27 736UPS B @ 77.79 +.26 81.79 60.75 2.8 19.7 662USBancorp @ 31.53 -.05 32.67 20.10 1.8 12.1 1755UtdHlthcre @ 59.43xd +.53 59.84 41.32 1.2 12.4 1543UtdTech @ 75 +.51 91.83 66.88 2.6 13.2 804ValeroE 21.79xd -.45 28.68 16.40 2.3 8.1 1284VarianMedS 60.46 +.08 71.94 49.16 - 17.2 266Ventas 61.03xd +.91 61.23 43.26 3.9 47.3 403Verizon @ 43.82 +.27 44.13 32.28 4.6 47.1 1724VF Cp 141.17 +.26 156.09 101.75 2 17.5 227Visa @ 120.10 +1.7 125.33 73.11 0.7 19.7 753Vornado 82.65 +.85 98.76 68.43 3.3 42.7 293VulcanMat. 34.68xd +.33 48.08 25.06 0.8 - 76Walgreen @ 31.96 +.16 45.34 29.80 2.8 10.9 941WalMart @ 68.12 +.37 68.47 48.31 2.3 14.6 1753WasteMng 32.49xd -.01 38.06 27.76 4.3 16.1 409WatersCp 81.27 +.71 99.34 70.89 - 17.4 105Weatherfd 12.42 -.52 22.76 10.85 - 27.2 1675Wellpoint @ 71.34xd +.57 80.89 56.61 1.5 9.8 434WellsFargo @ 32.46 +.01 34.59 22.62 1.8 11.2 3550WestUnion 16.37xd +.13 20.53 14.55 2.2 8.5 1163Weyerhsr 20.94 +.15 22.62 14.82 2.9 43.1 766Whirlpool 60.23 +1.12 82.97 45.22 3.3 15.2 274WilliamsCp @ 29.49xd -.58 34.63 17.89 3.4 22.4 1906WiscnsnE 39.24 -.05 39.46 27.01 2.9 17.9 393XcelEngy 29.02 +.15 29.12 21.20 3.6 17.3 931Xerox Cp 7.71 -.08 10.83 6.55 2.2 8.6 1644

XL Grp 20.06xd -.29 22.99 17.70 2.2 - 632Xylem 25.12xd -.06 28.83 22.67 1.2 17.6 165Yum!Brands @ 65.80 +.81 74.43 47.17 1.7 24 906ZimmerHld 62.73 -.47 66.41 47.01 0.6 15.2 464

NASDAQ (Jun 18 / 4:00pm Close/US$)ActivBlz 11.64 +.2 14.40 10.40 1.5 14 7400Adobe 32.63 +.24 34.78 22.67 - 17.9 4553Amazon @ 222.66 +4.31 246.71 166.97 - - 3350Amgen @ 72.02 +.73 72.14 47.66 1.8 16.7 3978AnalogDev 37.56 +.65 40.82 29.23 2.9 16.3 1875ApolloGp 33.21 +.1 58.29 30.93 - 7.3 1046AppldMat 11 +.01 13.94 9.70 3.1 10.8 11360Apple @ 585.78 +11.65 644 310.50 0.5 14.3 15474Autodesk 33.64 +.27 42.69 22.99 - 26.6 1597BedBathB 74.26 +1.59 74.67 48.75 - 18.2 2878Biogen @ 141.96 +1.95 142.67 84.22 - 27.9 1835BMCSware 44.01 +.25 56.55 31.62 - 19 1397Broadcom @ 34.66 +.38 39.66 27.59 1.1 24.7 7013CA Inc 26.45 +.14 28 18.61 2.3 13.9 2558Celgene @ 65.93 -.23 80.42 51.70 - 20.5 2691CH Rob 59.01xd +.45 82.61 55.88 2.2 22 907CheckPnt 49.16 -1.23 65 48.01 - 18.5 4791Cisco @ 17.14 +.04 21.30 13.60 1.6 12.7 35293Citrix 80.45 +.33 87.99 50.21 - 43.4 1754CmcstASp 30.59 +.09 30.87 19.11 1.8 - 2772CME Group @ 282.21xd +4.3 304.61 222.24 3.6 11.6 488Cognizant @ 59.93 -.57 78 53.54 - 20.2 2249ComcastA @ 31.16 +.07 31.41 19.46 1.8 19.3 12113Costco @ 92.03 +.59 92.10 70.22 1.1 25.7 1555Dell @ 12.42 +.12 18.36 11.68 0.6 6.4 15552DirectTV @ 45.32 +.44 53.40 39.82 - 12.2 5081EBay @ 42.49 +1.82 42.69 26.86 - 16.7 26629ElectArt 12.43 -.01 26.13 12.20 - 57.6 3196Expedia 49.96xd -.09 50.66 22.44 0.9 16.2 4469ExpIntWsh 39.62 +.14 53.22 36.96 1.3 22.9 1025ExpScripts @ 53.79 -.55 58.98 34.47 - 21.9 6227Facebook 31.41 +1.4 45 25.52 - - 42731Fifth 3rd 12.95 -.23 14.73 9.13 2.3 8.6 10976First Solar 14.47 +.52 142.22 11.43 - - 8570Fiserv 70.36 -.51 71.74 48.75 - 19.6 1021Fossil 73.91 +.12 139.20 67.69 - 15.8 1170Garmin 38.21xd +.43 50.67 29.23 4.3 14.5 1357GileadSci @ 50.21 -.08 56.50 34.45 - 15.1 4257Google @ 570.85 +6.34 670.25 473.02 - 17.3 2250Hasbro 34.45 -.05 46.01 31.36 3.8 12.9 848Intel @ 27.42 +.08 29.27 19.16 3.1 11.6 30282Intuit 58.70 +.38 62.33 39.87 1 24.4 1353IntuitSrg @ 545.24 +13.59 594.89 320 - 41.3 284KLA Tenc. 49.42 +1.11 55.43 33.20 2.8 11.2 1826LibIntCpA 16.29 -.08 19.80 12.44 - 16.4 8763LifeTch 42.69 +.01 53.27 35.30 - 18.8 839LinearTec 30.54 +.67 34.50 25.79 3.2 14.4 2917Marvell 12 +.48 16.86 11.41 0.5 13 9609Mattel 32.42 +.02 34.62 22.70 3.3 14.9 1481MaximInt 26.21 +.42 30 20.85 3.4 19.6 2249MicronT 5.94 +.05 9.16 3.97 - - 19230Microsoft @ 29.84 -.18 32.95 23.79 2.7 10.9 58220Netapp 30.78 +.05 54.57 27.79 - 19.5 5381NewsCorpA @ 20.09 +.02 20.70 13.55 0.9 14.4 9703NewsCorpB 20.32 +.06 20.94 13.99 0.9 - 1639NII Hldgs 11.59 - 44 10.27 - 17.8 2992NorthnTst 44xd -.36 48.31 33.20 2.6 17.5 589Nvidia 12.40 +.11 16.90 11.47 - 15.1 7450Oracle @ 27.12 -.58 34.13 24.75 0.9 14.3 36416PACCAR 39.42 +.02 53.68 31.57 1.9 12.1 1436Paychex 32.33 +.3 32.73 25.12 3.9 21.6 2031Prclne.cm @ 673.50 +14.09 774.96 411.26 - 30.4 944Qualcomm @ 56.77xd +.27 68.87 45.98 1.6 19.9 12650RschMt 10.60 -.29 33.54 9.57 - 2.5 12727Seagate 23.84 +.27 32.55 9.05 3.6 5.5 5538Sears Hld 51.66 +.58 85.90 28.89 - - 442SiriusXM 1.84 -.04 2.41 1.27 - 26.1 41694SLM Cp 15.03 +.02 17.10 10.92 3 15 3530Staples 12.74 +.07 16.93 11.94 3.3 9.1 7261Starbucks @ 54.18 +1.64 62 34.01 1.2 31.4 7916Symantec 14.78 +.03 20 14.20 - 9.4 5356T.RowePr 60.64xd -.15 66 44.68 2.1 20.5 1198TexasInstr @ 28.02 +.16 34.24 24.44 2.3 18.1 6533VertexPhm 57.77 +1.23 66.10 26.50 - 43.3 1728ViacomB @ 47.46xd -.21 52.67 35.13 2.2 11.5 1976WestDigtl 30.55 -.14 44.43 22.75 - 7.2 2240WynnRes 100.33 +.8 172.58 95.82 7 21.2 1703Xilinx 32.81 +.26 37.74 26.55 2.4 16.8 2376Yahoo @ 15.49 +.13 16.79 11.09 - 17.5 9616

Other International StocksAUSTRALIA (Jun 18/Aust$)AMP 3.94 +.08 4.98 3.61 8.6 15 8217ANZ @ 21.80xd +.52 24.05 17.63 9.3 10.1 7488AXA AsPc 6.42# - - - 2.9 22 BHP Biltn @ 32.64 +.8 45 30.71 4.5 8.2 9249Brambles 6.31xc +.22 7.55 5.76 4.5 20.1 10595CCAmatil 13 +.05 13.60 10.04 5.8 16.6 2192CmwBkAu @ 51.54 +.65 53.09 42.30 9 12 3472CSL @ 39.30 +.36 40.06 26.12 2.1 22.5 1749FortescMet @ 4.97 +.19 6.74 3.95 2.3 10.8 14463Leighton 17.41 +.9 26.65 16.45 3.5 - 1366MacQuarie 26.14xd +.67 32.10 19.94 5.4 12.4 1121NatAusBk @ 22.81xd +.69 26.56 19.64 11.2 10.7 9791NewcrestM @ 24.60 +.17 41.27 23.56 2.1 16.7 1696NewsCorpA 19.95 +.02 20.23 12.87 0.7 - 41NewsCorpB 20.22 +.2 20.58 13.32 0.7 18 529Orica 24.47xd +.42 28.27 21.34 4.9 14.4 755OriginEgy 12.93 +.21 15.85 12 5.5 11.9 2445QBE InsGrp 13.08 +.3 17.75 9.88 7.1 20.5 5939RioTinto 57 +2.5 84.53 52.83 3.4 19.1 4606Santos 12.02 +.4 14.63 10.11 3.6 14.2 3099Stockland 3.28 +.08 3.54 2.52 7.3 12.2 13024Suncorp 8.16 +.23 8.85 6.03 7 16.8 5189Telstra @ 3.65 +.03 3.75 2.69 11 12.9 34851Wesfarm @ 29.47 +.47 33.38 26.04 7.5 17.6 1697Westfi eld @ 9.45 +.08 9.69 7.21 5.1 14.2 6301Westfl dRT 2.79 +.03 2.85 2.18 5.9 8.7 8635Westpac @ 20.76xd +.42 23.55 17.84 11.2 10.5 6061WoodsdPt @ 33.26 +.91 41.52 29.76 4.4 17.8 2456Woolworth @ 26.61 +.12 27.99 23.21 6.7 16.9 2429

AUSTRIA (Jun 18/Euro)Andritz 40.18 +.19 42.76 25.76 2.7 17 91ErsteGrBnk 14.02 -.28 37.20 10.40 - - 1398Immofi n 2.38 2.87 1.92 10.5 6.3 1487OMV 23 -.16 30.46 20.81 4.8 6.4 355Raiff eisen 23.41 -.3 37.10 14.16 4.5 4.4 165Strabag 18.26 +.01 24.30 16.52 3.3 13.6 21TelekAust 8.05 -.1 9.35 6.80 4.7 - 296Verbund 18.80 -.26 31.75 17.51 2.9 18.1 120Vienna Ins 29.29 -.32 40.01 24 3.8 3 50Voestalp 21.35 +.16 39.37 18.10 3.7 10.8 302

BELGIUM/LUX (Jun 18/Euro)Ageas 1.33 -.01 1.90 1.08 6 - 3012AnBshInBv @ 56.11 -.07 57.51 33.85 2.1 18.2 2593Belgacom 21.79 -.22 24.79 20.66 10 9.2 385Colruyt 31.84 +.1 38.42 26.74 2.9 15.5 107Dexia 0.13 -.01 2.25 0.13 - - 1456Dlhaiz 26.63 -.02 53.79 25.59 6.6 7.9 530GBL 52.29 -.05 61.78 47.44 5 - 88KBC 15.09 -.61 28.09 7.65 0.1 - 2283SES 18.04 +.19 19.44 16 4.9 - Solvay 78.64 -1.42 112.50 60.86 3.9 29.7 509UCB 38.93 +.51 39.25 25.71 2.6 29.9 168

BRAZIL (Jun 18 / 3:00pm Close/Real)Ambev @ 76.90 +1.5 83.71 43.98 0.3 28.9 1750BcoBrad 25.80xd -.05 28.61 21.13 0.2 - 430BcoSantdr 0.15xd - 0.18 0.12 1.3 - 875BM&FBovsp 10.39xd -.35 12.65 7.55 4.6 19 15759BncBrasil @ 19.81 +.62 29.79 18.80 8.4 4.7 4398Bradesco @ 31.18xd -.23 33.31 25.12 0.2 10.7 4092BrasilFds 32.87 -.03 38.67 24.64 2.3 25.2 2004Cielo @ 55.59 +.79 60.39 31.17 3.4 18.6 2634Eletrobras 14.05 -.34 21.49 12.62 31 - 940GerdauPf 17.68 -.22 19.40 10.85 1.8 14.4 4935ItauHldFin @ 30.05xd -.15 38.94 25.15 3.8 9.9 7049ItuasaPf @ 8.95xd -.04 11.49 7.37 4.3 7 8453JBS 5.96 -.02 8.50 3.42 - - 2050OGX Petro @ 10.05 +.07 18.41 9.03 - - 26312PetrobasPf 18.97 +.42 25.89 17.83 3.8 7.8 31058Petrobras @ 19.58 +.44 28.26 18.49 3.7 5.5 5069SiderNacO 12.28 -.27 19.80 12.15 6.7 5.6 5451SouzaCruz @ 26.83 +1.15 30.24 16.15 3.8 25.2 1554UsinasMin 7.06 -.39 14.24 7.03 15.3 14.7 10437ValRio @ 39.87 +.35 51.35 35.61 13.3 - 3746ValRioPrf 38.77 +.37 46.10 34.51 8.9 6 16969

CANADA (Jun 18 / 4:00pm Close/Can $)Agnico-E 43.48 +.57 72.51 31.50 1.7 - 1034Barrick @ 41.18 +.9 55.36 35.11 1.5 9.2 5974BCE @ 41.05xd -.07 43 34.99 5.2 13.9 5051BkMontrl @ 54.88 -.34 62.20 53.15 5.1 10.3 1165BkNvaS @ 51.60 -.38 58.47 47.54 4.1 11.4 1908Brookfi eld @ 32.86 +.38 33.25 25.91 1.7 10.7 361Cameco 21.38 +.18 27.05 17.25 1.9 17.3 924CanadPcR 74.86 +1.48 79.29 46.01 1.7 18.9 420CanImp @ 71.32 -.38 78.29 67.32 5 10.3 1094CanNatRs @ 28.33xd +.69 42.14 27.04 1.4 11.8 8155CanNatRy @ 85.23xd +2.17 85.84 63.72 1.6 14.9 2475CanOilSd 18.98 -.07 28.74 18.17 6.6 8.1 2302CenovusE @ 32.25xd -.04 39.64 28.85 2.6 13.2 5132Enbridge @ 39.14 -.24 41.50 28.27 2.7 34.7 933Encana 22.92xd +.32 30.42 17.25 3.6 - 4620Goldcorp @ 40.68xd +.52 55.93 32.52 1.2 21.5 1873GtWesLif @ 21.23xd +.1 25.64 19.15 5.8 10.1 356HuskyE @ 24.67xd -.11 28.30 20.63 4.9 11 617ImpOil @ 43.75xd -.12 49.26 34.15 1.1 10.4 1446KinrossG 9.39 +.34 18.17 7.15 1.5 - 2120Loblaw 32.50xd +.19 39.81 31.11 2.6 12.8 195Manulife @ 11.01xd +.27 17.23 10.18 4.7 - 16787NatBkCan 72.57 -.4 81.27 63.27 4.1 8.3 444Nexen 16.56xd -.23 23.67 14.20 1.2 13.1 4184Potash @ 39.91 +.62 59.45 38.31 1.1 11.6 1056Power Cp 23.39xd +.26 27.42 20.90 5 10.3 5518PowerFn @ 25.32 +.15 30.15 23.62 5.5 10.9 495ResMot 10.87 -.3 32.71 9.97 - 2.4 2090RogCmB @ 36.30xd +.57 40.22 34.25 4.1 12.8 1103RylBkC @ 50.90 -.34 59.13 43.30 4.4 10.7 13136Suncor En @ 29.25xd +.24 39.60 23.97 1.6 10 8979SunLfFin 22.04xd -.09 29.58 17.92 6.5 - 6166TalismEnrgy 11.63xd -.08 20.25 9.72 2.4 13.4 9349TeckResB @ 33.32xd +.38 51.38 27.39 2.4 8.1 4673TelusCorp @ 59.60xd +1.16 60.70 49.47 3.9 15.7 943ThmReut @ 28.45 +.35 36.47 26.10 4.5 - 793TntoDom @ 78.57 -.41 85.85 68.13 3.6 11.9 1390TransCan @ 42.29 +.02 44.75 37 4.1 19.5 1376Weston Ltd 57.67xd - 71.73 57 2.5 12.2 47

CHINA (Jun 18/Renminbi)AgricBkCh 2.67 +.02 2.81 2.43 4.9 6.6 51568Air China 6.11 +.06 10.56 5.75 1.9 12.8 6403AluCorpCh 3.29 +.04 6.83 3.04 - - 10301AlumCpCh 6.71 +.03 11.33 6.11 - - 7534

AnhuiCC 22.85xd +.25 41 17.90 1.9 8.5 9574BaoshanStl 4.45 +.02 6.20 4.37 4.5 11.6 14858Bk China 2.85xd - 3.26 2.82 5.4 6.5 8638BkofComms 4.51 -.02 5.15 4.38 2.2 5.2 36354ChCiticBk 4.05 -.02 4.87 3.91 4.9 5.5 16613ChCoalEgy 8.35 +.01 11.27 8.16 2.6 11.3 10440ChConstBk 4.50 +.02 5.06 4.32 5.3 6.5 21879China Life 17.92xd -.13 19.50 14.71 1.3 31.7 8140ChinaUncm 3.98 - 5.77 3.89 0.8 49.8 32819ChMinsheng 6.14 +.13 6.85 5.06 4.9 5.3 125153ChMrchBk 11.05 - 13.52 10.71 3.8 6.1 26305ChPacIns 22.20 +.05 23.24 17.70 1.6 34.6 11218ChShBldIn 5.48 -.06 8.88 4.55 1.2 18.2 27875ChShenEgy 24.06 +.25 32.48 23.35 3.7 10.5 14252ChStCnsEng 3.40xd +.02 4.12 2.85 2.4 7.4 41939ChYgtzPwr 6.96 -.06 7.46 6 3.7 15.4 8108Citic Sec 13.59 +.13 13.99 9.04 3.2 11.6 52797Daqin Rail 7.35 +.01 8.53 7.11 5.3 9.3 27522InCBkChina 3.95xd -.03 4.50 3.93 5.1 6.6 42814IndstrlBk @ 12.91 -.04 14.68 12 2.9 5.1 40032Moutai @ 246.46 +3.08 248.31 170.90 1.6 26 1954Ping An 46.12 +.06 49.70 33.35 0.4 18.4 20115Saic Motor @ 15 +.01 19.63 12.49 2 8.4 7157ShangPort 2.75 -.03 4 2.54 4.3 14.2 8414ShngPdgBk @ 8.46 -.01 10.25 8.19 3.5 5.4 50213ShznVanke 9.19 +.08 9.49 6.88 1.4 10.3 56613Sinopec 6.47 -.02 8.41 6.39 4.6 8.9 22028WulianYnb @ 33.50 +.48 40.80 29.82 1.5 17.8 18923

CZECH REP (Jun 18/Koruna)Cez 729 +6.5 906 662 6.2 10.2 329KomercBnk 3.46k +21 4.15k 2.71k 4.6 13.7 17TelCzRep 376 +5 440 364.50 10.6 14.1 177

DENMARK (Jun 18/Kr)Carlsberg B 435.10 -2 575 315.50 1.3 13.5 415DanskeBk 78.60 -1.75 107 61.15 - 44.4 934MoellerMA 35.58k -280 46.2k 30.12k 2.8 - MoellerMB @ 37.26k -180 48.16k 31.62k 2.7 10.7 4NovoB @ 813 +10 866.50 507 1.7 26.5 419Novozym 161.10 +2.3 180 135.20 0.7 25.7 316TDC 38.14 +.14 48.97 36.90 5.9 9.2 2215VestaWind 29.38 -.22 137 29.03 - - 2580WilDemant 531 +8 558 351.50 - 25.8 60

DUBAI (Jun 18/US$)DP World 10.50 +.24 12.54 9.33 2.3 12.8 33

FINLAND (Jun 18/Euro)Fortum @ 14.55 -.18 21.94 13.87 6.9 8.1 1759Kone Corp 44.50 +.27 48.05 33.78 3.1 17.4 320Metso 26.35 -.13 40.47 19.72 6.5 10.7 848Neste Oil 7.93 -.03 11.05 6.14 4.4 12.6 844Nokia @ 1.97 +.04 5.19 1.79 10.2 - 30420OtkmpA 0.79 +.03 2.40 0.71 - - 3824SampoA 19.31 +.08 22.75 16.85 6.2 10.5 810StorEnsR 4.68 -.02 7.49 3.73 6.4 14.6 2993UPMKym 8.65 -.07 12.91 7.34 6.9 11.2 1576Wartsila 24.65 -.08 31.33 15.50 3.7 17.7 674

FRANCE (Jun 18/Euro)Accor 22.80xc +.01 31.34 16.68 2.9 - 988ADP 58.58 +.22 65.44 49.76 3 16.7 71AirFrn-KLM 3.16 -.04 10.96 3.01 - - 4066AirLiquide @ 87.95 +.08 93 73.55 2.6 17.8 1058Alcatel 1.24 +.01 4.22 1.08 - 1.9 22610Alstom 24.13 -.1 43.14 21.82 3.3 9.7 2397AXA @ 9.72 -.17 15.94 7.88 7.1 5.6 13424BNP Parib @ 28.17xd -1.31 54.98 22.72 4.3 5.6 11806Bouygues 20.08 +.12 30.46 18.82 8 6.5 1213CapGemini 27.84 -.2 41.11 21.98 3.6 10.6 917Carrefour 14.03 -.46 24.89 13.38 3.7 24.6 5501Casino 66.04 -.11 75.94 51.35 2.3 14.9 262ChristianD @ 107.40 +1.9 119.70 79.10 2.4 15 93CNP 8.42 -.21 15.20 8.17 9.1 6.1 477CredAgric 3.17 -.11 10.82 2.84 - - 34637Danone @ 51.83 -.25 54.96 41.92 2.7 18.7 1960DassaultSy 72.47 +1.07 76.76 49.07 1 29.7 241EADS @ 26.78 +.75 31.69 19.05 1.7 18.5 1922EDF @ 16.70 +.46 27.69 14.80 6.9 10.3 4941Eiff age 24.25 -.7 46.31 15.81 4.9 10.2 169Eramet 88.38 -.32 231.70 75.95 2.5 11.9 42Essilr @ 73.40 +.9 73.82 46.89 1.2 30.1 1091FranceTele @ 9.67 -.13 14.73 9.45 14.5 6.6 9894GDF Suez @ 16.83 -.28 25.44 15.62 8.9 9.3 5095Gecina 69.68 +.24 99.73 52.51 6.3 10.3 41Hermes @ 253.85 +2.45 285.49 183.38 0.8 44.7 30JC Decaux 16.94 -.09 23.57 14.63 2.6 17.6 143Klepierre 25.30 -.36 29.09 18.57 5.7 33.3 194Lafarge 32.76 -.23 44.01 22.29 1.5 16.2 1941Lagardere 19.99 +.03 29.60 16.03 6.5 - 580Legrand 25.60 +.12 29.51 22.19 3.6 14.1 951L’Oreal @ 91.33 +.29 94.80 68.83 2.2 22.2 739LVMH @ 118.35 +.1 136.80 94.16 2.2 18.9 787Michelin 48.30 +.78 67.95 40.20 4.3 5.9 817Natlxis 1.98 -.05 3.60 1.68 5 4.5 6479PernodRic @ 79.83 +.49 82.25 56.09 1.8 17.8 630Peugeot 7.45 -.06 28.20 7.18 - 3.3 5248PPR @ 113.25 +1.25 136.90 90.50 3.1 14.5 316Publicis 37.38 +.03 43.30 29.10 1.9 12.6 589Renault 31.21 +.11 43.83 22.07 3.7 4.1 1582Safran 28.17 +.61 30.50 20.18 2.2 23.9 1474Sanofi @ 56.32 +.13 59.56 42.85 4.7 11.9 3678Schneider @ 42.10 - 58.85 35 4 12.5 4098SocGen @ 17.02 -.77 42.64 14.32 - 5.8 12178Sodexo 60.10 +.64 62.35 46.57 2.4 18.4 241StGobn @ 26.66 -.43 45.38 25.77 4.7 10.9 3652STMicro 4.26 +.12 7.19 3.64 7.5 17 4199SuezEnvir 9.48 -.25 14.20 8.52 6.9 14.4 2398Technip 78.64 -.16 89.70 52.85 2 16.5 599Thales 24.23 +.25 29.99 21.61 3.2 9.4 170Total @ 34.80xd -.64 42.97 29.40 6.6 6.5 12791UnibailR @ 139.35 -1.2 162.95 123.30 5.7 9.6 330Vallourec 27.01xd +.01 87.60 25.69 4.8 9.2 967VeoliaEnv 9.70 -.29 19.89 7.80 7.2 - 3556Vinci @ 33.63 -.14 44.79 28.46 5.3 9.6 2753Vivendi @ 13.60 -.29 18.61 12.01 7.1 10.6 13671

GERMANY (Jun 18/Euro)Adidas 57.84 -.06 64.30 42.42 1.7 16.2 945Allianz @ 73.88 -.82 98.60 56.16 6.1 10.9 2849AxelSprg 32.80 - 39.87 24.44 5.2 12.2 188BASF @ 56.10 +.19 69.80 42.19 4.5 9.4 3484Bayer @ 53.32 -.19 58.64 35.36 3.1 15.5 3019

Beiersdorf 52.74 +.66 55.67 38.26 1.3 47.9 386BMW @ 57.14 +1.18 73.95 43.49 4 7.4 3253Celesio 11.70 -.04 15.85 9.18 2.1 - 259Commerzbk 1.36 -.06 3.22 1.12 - - 84941Daimler @ 34.74 +.71 53.95 29.02 6.3 6.2 6431Deut Bank @ 28.16 -.32 42.08 20.79 2.7 7.6 7072Deut Brse 40 +.25 55.94 35.65 8.3 9.5 1216Deut Tlkm @ 8.10 -.02 10.94 7.69 8.6 57.8 12457DeutPstbk 28.58 -.17 31.50 19.81 - - 11DeutsPost @ 13.46 +.17 14.83 8.90 5.2 11.9 4761E.ON @ 15.21 -.02 20 12.50 7.2 - 8900Fielmann 70.55 -.35 80.85 60 3.5 23.8 74FraPort 40.84 +.18 58.83 37.06 3.1 16.2 136Fresenius 82.83 +1.5 83.38 58.80 1.1 30.6 666FresMedC @ 53.54 +1.14 57.03 42.56 1.3 39.1 644GEA Grp 20.40 -.11 26.83 15.61 2.7 13.2 457Hann.Rck 44.05 -.31 47.70 28.58 4.8 8.8 196HeidCmnt 34.37 +.43 46.68 23.92 1 21.1 797Henkel 52.18 +.8 57.77 36.52 1.5 18.2 687Hochtief 37.67 -.3 60.29 35.60 - - 185Infi neon 6.12 +.19 8.17 4.89 2 12.8 11297K & S 31.38 +.35 56.84 30.14 4.1 12.4 937LANXESS 50.31 +.32 64.40 31.34 1.7 7.9 569Linde @ 120.90 +1.6 136.90 94.63 2.1 17.5 627Lufthansa 8.21 +.04 15.50 7.88 3 39.1 3502MAN @ 80.25 +1.71 103 50.78 2.9 - 454Merck KG 77.53 +1.36 87.45 55.92 1.9 37.5 296Metro 22.75 +.01 43.72 21.82 5.9 13.5 1140MTU Aero 59.39 +1.4 64.80 40.01 2 16.4 116MuenchRkv @ 103.75 -.15 118.35 77.80 6 7.6 810Porsche 40.53 +.48 58.90 30.24 1.9 - 442Puma 238.35 +3.3 277.05 189 0.8 15.8 15RWE @ 29.54 -.19 39.37 21.22 6.8 14.2 2515Salzgitter 35.44 +.17 55 32.43 1.3 11 238SAP @ 46.70 +.23 54.44 32.64 1.6 16 2952Siemens @ 66.21 -.38 96.19 62.13 4.5 14.3 3801SMA Solar 26.66 +.53 79.73 22.50 4.9 5 60Suedzucker 25.30 +.14 26.18 19.16 2.8 15.1 459ThyssenKr 12.20 +.22 35.91 11.45 3.7 - 4433Volkswgn @ 116.75 -.05 138.80 82.35 2.6 3.7 72WackerChm 52.78 +.34 156.55 50.21 4.2 11.6 201

GREECE (Jun 18/Euro)Alpha Bk 1.42 +.07 3.77 0.42 - - 12166BkPiraeus 0.30 +.01 1.14 0.16 - - 11161Coca Cola 12.79 -.12 19.19 10.81 3.9 18.5 318EFGEbk 0.80 +.1 3.57 0.29 - - 6943HelPetro 4.34 +.18 6.89 3.94 10.4 19.7 197HelTel 1.86 +.19 6.54 1.09 - 2.3 5076NatBkG 1.50 +.15 5.40 0.90 - - 18812OPAP 4.36 +.46 11.96 3.50 16.5 2.8 2015PublPwrC 2.07 +.12 10.72 1.13 - - 1618TitanCem 13.79 -.11 17.10 9.32 1.4 - 54

HONG KONG (Jun 18/H.K.$)AgricBkCh @ 3.06xd +.02 4.30 2.26 5.2 6.1 118906AIA @ 26.30 +.3 29.90 19.84 1.3 25.5 52408Bk China @ 2.90xd +.03 3.88 2.20 6.5 5.2 321738Bk of EAsia 26.75 +.7 32.70 21.85 3.5 13.6 3361BkofComm @ 5.20 +.02 6.96 4.15 2.3 5 26456BOC HK @ 23.45 +.15 24.45 14.24 5.1 12.1 21585CathayPcA 12.40 +.3 18.88 11.76 4.2 8.9 3101ChConstBk @ 5.32xd +.04 6.71 4.41 5.4 6.2 232782ChinaLife @ 19.68xd +.4 28.10 17 1.4 24.6 56665ChinaMob @ 81.50 +1.5 89.85 68.20 4.1 10.5 11997ChinaRes 23.55 +.45 35.50 22.20 2 19.9 1577ChinaTele 3.62xd +.02 5.28 3.23 2.3 14.4 46829ChMerch 22.95 +.8 30.85 19 3 10.2 4453ChngKong @ 92.85 +.55 122.40 79.10 3.4 4.7 3480ChOvLnd&In 18.20 +.48 18.48 9.99 1.8 9.9 41787ChResLand 15.74 +.02 16.10 7.28 1.7 10.7 10855ChResPwr 14.76xd +.3 16.20 10.82 2 15.6 7240ChRongshng 1.90 +.01 5.44 1.69 1.4 6.3 5285ChShenEgy @ 27.85xd +.4 40.20 24.15 3.9 9.7 13900ChUncHK @ 10.94 -.02 17.64 9.95 1.1 41.1 24836Citic Pac 11.62 +.48 20.10 10.26 3.9 4.6 7626CKI Hld 43.95 +.95 50 38.75 3.5 13 1376CLP @ 64.35 +.4 75.20 62.10 3.9 16.7 1963CNOOC @ 15.52xd +.32 18.64 11.20 3.4 8 82167EspritAsia 10.24 +.1 25.75 7.55 2.5 - 25262GentSingap 1.45 -.01 1.95 1.42 0.7 19.2 44636HangLung 25.70 +.25 32.95 20.85 3.5 23.5 4746HangSeng @ 104.10 +.4 125 84.40 5 11.9 1225HendersLd 41.70xd +.65 51.05 33.20 2.4 5.6 3329HKChGas @ 16.64xa +.08 18.60 15.02 2.9 23.5 6447HKExch @ 107.40 -5 170 99.15 4 23.1 9634HSBC 67.45xd +.65 78.85 56 5.2 10.6 18473Hutchison @ 66.85 +1.05 93.10 53.60 3.1 5.1 8765In&CmBkCh @ 4.42xd -.02 6.06 3.46 5.6 5.7 330822Li & Fung @ 15.24 +.04 20.15 10.82 3.5 23.3 7116MTR @ 25.55 +.3 28 22.45 3 10 1957NewWorld 9.02 +.1 11.15 6.13 0.2 4.3 11396PetroChina @ 10.58xd +.06 11.92 8.59 3.8 11.7 58661PowerAst 56.60 +.65 64.80 52.55 4.1 13.3 3155SHK Props @ 90.40 +.2 122 85.30 3.7 4.8 3289Sino Land 11.20 +.12 14.16 8.48 3.7 6.8 8650Sinopec @ 7.08 +.01 9.67 6.22 5.2 7.5 60944Swire Pacifi c 88.35 - 92.80 61.82 7.3 4.1 989SwirePac B 17.48 -.12 17.90 12.10 7.4 4.1 368Tencent @ 235.20 +5 248.80 139.80 0.3 33.7 2608WharfHld 42.70 +.75 59 33.15 2.5 4.2 3987Wheelock 27.35 +.7 33.54 17.87 1.8 2.4 1005

INDIA (Jun 18/Rupee)BharatHvy 214.40 -4.2 414.88 197.80 3 8.7 535BhrtiAirtel @ 309.10 -2.8 444.70 280.10 0.3 27.5 85CairnInd 332.30 +3.5 400.95 250 - 8 115CoalIndia 339.25 -.7 408.40 293.75 0.1 14.5 175GAIL 327.45 -6.7 476.50 303.10 2.7 9.3 29HDFC Bk @ 533 -14.85 557.70 400.45 0.8 23.7 94HsngDevFin @ 638.65 -7.8 732 600.85 1.7 17.2 36ICICI Bk @ 816.70xd -28.2 1.11k 641 2 12.3 682IndianOil 241.45 +1.5 360 239.50 2.1 13.9 59Infosys @ 2.51kxd -9.15 3.01k 2.16k 1.9 17.3 89ITC @ 243.05xd -5.05 252.80 182.30 0.9 30.2 188JindalS&P 429.40 -7.85 663.40 410.15 0.4 10.1 111Larsen&T 1.32k -8.65 1.87k 971 1.3 17.2 526M M T C 738.85 -13.2 1.01k 438.55 - - 164NatlThmPr 149.45 -.65 192.30 138.95 2.7 12.6 96NMDC 167 -.8 268 136.15 2.7 9.1 22OilNatGas @ 263.20 -2.55 303.90 226.95 3.7 8 96RelianceIn @ 718.70 -7.9 906 671 0.8 10.9 293SBI NewA @ 2.09k -95.15 2.53k 1.58k 1.7 8.6 1218SteelAuthr 92 -.4 143.80 73 2.2 10.7 472Sterlite 95.90 -4.35 176.45 86.10 2.1 6.7 1014TAMO 238 -2.05 320.60 137.65 1.7 3.5 3070TataCnslty @ 1.26kxa -14.2 1.29k 897.13 2 23.1 53TataSteel 418.75 +5.35 615.90 332.35 2.9 7.5 1216Wipro @ 395.40 -2.5 452.50 310.20 1.5 17.4 227

MALAYSIA (Jun 18/Ringgit)AxiataGp 5.40 -.01 5.48 4.43 3.5 19.3 11414CIMB Grp @ 7.51 +.02 9.01 6.56 2.9 13.5 6827Digi.com 4.02 +.02 4.32 2.86 4.7 25.1 5269Genting 9.55 -.13 11.40 8.37 0.8 12.9 2115Genting Mly 3.58 -.02 4.12 3.01 2.4 15.8 1061IOI Corp. 5.22 -.07 5.55 3.75 3.1 17.3 KL Kpng 22.86 -.02 26.76 15.30 3.7 16.8 2492MalayBnkng @ 8.70 +.01 9 7.35 7.8 13.3 15314Maxis 6.33xd -.02 6.65 5.16 5 18.6 5603MISC 3.95 +.08 8.20 3.86 6.3 - 1717PetChem 6.47xd +.09 7.23 5.23 2.5 14.4 4767PetGas 17.44 +.08 18.20 12.02 2.3 24.4 2425PPB Grp 15.70 -.24 17.98 15.16 1.5 20.8 154Public Bk 13.70 +.04 14.04 11.68 3.5 13.3 2169Public BkF 13.70 +.06 14.20 11.74 3.5 - 3562SimeDarby @ 9.81 +.01 10.26 7 3.3 13.5 10934TelekmMala 5.50 +.08 5.59 3.75 9 15.4 10235Tenaga Nsl 6.49 -.01 6.83 4.89 0.8 20.5 4700YTL Power 1.68xd +.02 2.23 1.53 3.3 9.2 9013

MEXICO (Jun 18 / 3:00pm Close/Peso)AmerMvl @ 17.17 +.41 18.80 13.48 0.6 14.5 58824CemxCPO 7.67 +.04 10.63 3.13 12.2 - 17149FEMSA UBD @ 114.38 -1.03 116.22 72.60 0.8 27.9 783GrpElektra @ 408.80 -31.2 1.48k 407 0.5 3.8 1218GrpMexico @ 37.98 +.99 43.63 30.42 4.3 - 9024Inbursa 28.79 +.25 31.60 21.40 1.1 29.9 903Telmex L 10.21 +.09 10.73 9.11 5.4 12.9 624TlvCPO 55.45 -.87 59.35 46.43 0.6 20.9 4141Walmex @ 36.42 +.16 45.15 29.26 1.2 29 9909

NETHERLANDS (Jun 18/Euro)Aegon 3.38 -.02 4.84 2.59 - 14.1 13480Ahold 9.13 - 11.07 7.62 4.4 9.8 2137Akzo N 37.47 +.14 47.50 29.25 3.9 21 616ArcelorMit @ 11.53 -.04 24.77 10.47 5.2 19.9 10725ASML Hld @ 39.67 +.47 39.94 21.22 1.2 11.3 3303Boskalis 24.78 -.22 33.27 20.67 4.8 10 242Corio 32.19 -.5 47.19 28.26 8.6 17.4 301DSM 38.62 +.36 45.68 29.84 3.8 8.1 500Fugro 46.27 -.5 55.92 34.01 3.2 12.7 503Heineken @ 38.33 +.33 44.42 30.40 2.2 15.7 998ING @ 4.79 -.17 8.72 4.21 - 3.6 39653KPN 7.89 -.07 10.32 6.35 10.8 9.1 6847Philips @ 14.78 -.25 18.06 12.01 4.7 - 4126PostNL 2.97 +.15 6.11 1.98 18.2 0.5 5885Randstad 23.01 -.15 32.74 19.59 5.4 24.5 585ReedElsvr 8.50 +.1 9.77 7.38 5.1 14.4 3151Robeco 22.60 +.34 24.22 18.30 2.7 55.1 135RylDShlA 26.41xd +.12 29.18 20.12 4.8 7.1 8660Unilever @ 25.62 +.13 27.16 20.96 3.6 16.3 6102WoltKluw 11.75 -.05 15.68 11.39 5.8 29.4 1345

NEW ZEALAND (Jun 18/NZ $)AucklndAir 2.45 -.02 2.62 2.08 5.3 31 ContactE 4.79 +.01 5.79 4.60 8 23.8 FletchrBld 6.30 +.01 8.74 5.78 7.2 16 Telc.of NZ 2.49 +.02 2.68 1.78 14.8 6.1

NORWAY (Jun 18/Kroner)AkerSol 76.30 -.7 104 50.10 5.1 8.5 1627DNB @ 55.65 -.5 81.40 51.25 3.6 7.6 4137NorskHyd 27.09 -.05 42.45 23.76 2.8 25.3 3857Orkla 41.95 +.35 48.84 36.48 6 - 2127Roy.Carib. 148.50 +.8 214.30 111.60 1.6 9.9 521Seadrill 200.60 -1.5 233.34 137.04 9.3 16.8 1226Statoil @ 138.90 -1.1 162.80 108.10 4.7 5.7 4538Subsea 7 120.40 -.9 154.90 99.35 3 14.7 1405Telenor @ 93.65 +.25 106.80 78.80 5.3 31.2 3652YaraIntl 233.50 -1.6 320.80 200.50 3 5.5 580

POLAND (Jun 18/Zloty)BkPekao 142.60xd +.6 173.90 115.10 3.8 12.6 287BRE Bank 291.50 +.5 338.50 203.30 - 10.8 23ING Bank 77.85 -.15 91.10 61.75 - 10.8 14KGHM 144 +1.9 199.60 102.40 11.8 2.8 1236PGNIG 4 -.04 4.65 3.25 - 26.7 2212PKN Orlen 35.65 -.4 53.15 30.33 - 6.1 598PKO Bank 33.07xd +.09 42.88 27.95 3.8 10.5 1694PZU 323 -2.6 388 283.10 6.3 11.7 236Telek.Pol 17.25 +.06 18.56 14.30 8.7 11.7 10080

PORTUGAL (Jun 18/Euro)B.EspSanto 0.51 1.70 0.43 - - 11602BCPort 0.10 + 0.42 0.07 - - 38774BncoBPI 0.50 +.01 1.10 0.35 - - 2745BRISA 2.50 +.01 4.24 2.19 12.4 - 235Cimpor 5.50 + 5.65 4.50 3 19.6 65351EDP 1.76 +.01 2.56 1.63 10.5 5.7 6349GalpEnerg 9.08 +.15 16.97 8.33 2.2 18.2 1586JeronimoM 14.15 -.05 16.07 10.66 1.9 25.3 344PortTlcm 3.26 -.03 6.99 3 20 10.5 3703Sonae 0.38 0.74 0.37 8.6 7.7 401

RUSSIA (Jun 18/Rouble)Bank VTB @ 0.06xd + 0.09 0.05 1.4 6.7 24061870GazProm @ 157.70xd +1.5 208.78 136.54 5.7 2.8 39648GMK Noril @ 5.29kxd +71 7.86k 4.68k 3.7 7.9 287Gzprm neft @ 143.39xd -2.04 169.39 106.05 5.1 4 404Lukoil @ 1.75kxd +12.1 1.94k 1.5k 4.3 4.4 2585MTS 233.82xd +4.75 246.01 168.25 6.3 9.7 2022Novatek @ 330.28xd -3.05 442.73 280.16 1.8 8.2 2106NovoSteel 56.95xd +.83 114 46.59 3.5 7.8 6845Rosneft @ 201.40xd +.62 244.51 171.04 1.7 5.1 23489RusHydro 0.89xd +.01 1.41 0.72 0.9 8 522663SbankR @ 86.20xd +1.86 107.70 60.91 2.4 5.8 148837Severstal 400.30xd +2.3 544 310.10 3.4 6.9 1353Surgnfgz @ 27.28xd +.53 33.89 20.41 2.2 4.1 29066

SINGAPORE (Jun 18/S$)Capitalnd 2.72 +.05 3.17 2.18 2.9 10.6 17937DBS @ 13.51xd -.01 15.73 10.81 4.1 10 2530Jard Math @ 48.34 +.14 59 42.06 2.6 5.1 59Jard Str @ 29.80 -.2 34.30 23.70 0.8 4.7 103Keppel 10.21 - 11.67 7.02 4.2 8 3444OCBC @ 8.75 +.05 10.09 7.68 3.4 12.3 5773

SIA Ltd 10.22 -.07 13.96 10.05 2 36.4 698Sing Tech 2.97 +.03 3.31 2.61 5.2 16.5 1277SingTel @ 3.18 -.01 3.31 2.84 5 12.7 9364UOB @ 18.10 +.1 21 14.42 3.3 4.8 1768WilmarInt @ 3.49 - 6.05 3.37 1.7 12.1 10122

SOUTH AFRICA (Jun 18/Rand)Absa 155.01 +2.01 164.50 123.19 4.4 11.5 1817AngGold 303.08 -.42 391.82 252.50 1.3 63.8 1624Anglo 279 +2.5 350.05 254.23 2.5 54.7 3722AngloPlat @ 518 +6.5 639.54 462 1.4 37.7 190ArclrMttal 56.20 +.89 80.94 51.13 1 - 211Firstrand 26.96 +.52 27.25 17.10 3.3 10.4 11727GoldFields 112.54 +.15 145.43 95.05 2.9 10.2 1629Harmony 84.92 -.52 116.09 71.59 1.2 18 1867Implats 149.48 +4.8 189.50 128.98 3.7 11.2 3289Kumba Iron @ 574.99 +11.67 580.45 415.25 7.7 10.8 396MTN @ 139.13 +3.17 147.99 126.65 5.4 12.4 5268Naspers N @ 467.60 +2.15 477 319.03 0.6 47.6 1241NedbankGrp 176.63 +3.57 177.77 126.47 3.4 12.9 705OldMut 20.05 +.5 20.10 12.10 17.2 - 7615SAB Mllr 324.50 +5.85 331.44 226.51 2.6 - 1520Sanlam 34.82 +.62 34.95 24.14 3.7 13 4087Sasol @ 372.15 +8.33 411.50 300.50 4.2 8.6 1693Stanbank @ 114.83 +2.61 118.26 87.75 3.7 15.1 4694Telkom 20.35 +.55 37.50 19.01 7.1 - 1971Vodacom @ 94.20xd -3.47 110.89 80.13 7.5 13.6 1758

SOUTH KOREA prices in ’000s(Jun 18/Won)HyundaiHvy @ 280 +7.5 505 235.50 1.4 8.7 288HyundaiMot @ 248.50 +8.5 272.50 161.50 0.7 8.2 726HyundEng 67 +2.6 91.40 49.60 0.8 11.8 740HyundMobis @ 278 +7.5 416.50 261.50 0.6 8.4 363HyundStl 91.30 +1.4 139 74.20 0.6 12.1 299IndBkKor 13.25 +.05 20.60 11.05 4.4 6.2 1215KB Financial 40.20 +.85 55.40 34.10 1.8 6.7 1302Kia Motors @ 80 +2.1 84.80 58.10 0.8 17.7 1756Korea T&G 81.40 +2.3 85.30 63 4 12.4 417KoreaEP 24.20 +.15 29.05 19.60 - - 1209KoreaExch 8.27 +.27 9.93 6.63 28.7 3.3 1277KT Corp 28.60 +.25 41.10 27.55 7 5.4 720LG Chem @ 296 +5 509 261.50 1.4 11.6 340LG Corp 56.60 +1.3 85.90 50.10 1.8 10.1 288LG Display 22.35 +.05 31.65 17.30 - - 2385LG Elect 64.80 +1 94.30 52.59 0.3 - 1877LotteShop 296 +2.5 516 286.50 0.5 9.4 29NHN 242.50 -.5 275 168.50 0.2 23.2 123Posco @ 380.50 +5.5 480 341 2.6 9.2 160ShinhanFin @ 41.35 +.65 54 35.80 1.8 7.1 859Shinsegae 221.50 +1 355.50 208 0.3 0.6 37SK Hynix @ 23.60 +.2 30.95 15.50 - - 5019SK Innov 150.50 +1.5 227 117 1.9 4.8 516SK Telecom 122.50 +2 167 120 7.7 6.3 155SmsungCT 68.50 +1.6 92.50 57.10 0.7 25.8 470SmsungEl @ 1.24k +26 1.42k 672 0.4 12 348SmsungEM 108 +.5 112.50 59.20 0.7 25.1 425SmsungEPf 733 -1 826 460 0.8 - 14SmsungFre 207xd +5.5 256 195 1.8 11.5 154SmsungSDI 155.50 +3 177 99.90 1 19.2 302WooriFin 12.20 -.05 14.60 8.47 2.1 4.6 2072

SPAIN (Jun 18/Euro)Abertis 10.16 +.04 13.14 9.20 9.8 8.2 1845Acciona 41.04 -.28 74.46 38.74 7.3 13.3 135Acerinox 8.14 +.09 12.75 7.80 5.5 27.3 1061ACS 14.12 -.32 33.35 12.56 6.4 4.3 831Banesto 2.51 -.05 5.85 2.50 10.3 - 80Bankinter 2.38 -.12 5.41 2.34 5.8 6.2 3004BanPoplr 1.60 -.09 4.03 1.60 25.3 5.9 11744BBVArg @ 5.03 -.22 8.38 4.52 7.2 8.3 56667BcoSabdll 1.41 -.01 2.70 1.24 3 11.4 9985BcoSantdr @ 4.70 -.23 8.23 4.17 14.2 8.9 83806BcoValen 0.14 -.01 1.91 0.13 - - 1471CaixaBnk 2.36 -.06 4.90 2.01 9.9 10.5 6269CorFinAlba 23.60 -.4 40.37 22.10 4.2 4.9 22DIA 3.47 -.06 3.90 2.36 3.1 24.2 2253EbroFood 12.96 -.08 15.75 11.67 3.5 13 185Enagas 13.37 -.21 16.92 12.46 7.4 8.7 973Endesa 12.62 -.25 23.11 11.75 8.1 6 389FCC 9.50 -.41 21.45 9.13 13.7 10.1 458GAMESA 1.40 -.08 5.85 1.34 0.5 19.8 2317GasNatur 9.29 -.04 15 8.59 7.5 6.7 1779Grifols 19.90 -.06 20.49 10.24 - 78.4 1315GrpFerrov 8.11 -.04 9.77 7.25 5.5 5.7 984IAG 1.88 +.07 2.90 1.51 - 19.5 1966Iberdrola @ 3.32 -.18 6.26 3.03 0.9 7.1 28175Inditex @ 75.63 -.47 77.12 52.04 2.1 - 1384IndraSis 6.70 -.31 14.38 6.68 10.1 6.7 1145Mapfre 1.65 -.02 2.74 1.52 9.1 5.2 12551MedsetEsp 3.97 -.07 6.68 3.23 3.5 17.3 1367OHL 14.69 -.33 26.95 14 3.8 6.4 367RedElectCp 33.35 -.71 41.63 29 6.6 9.4 1098Repsol @ 12.21 -.41 24.35 11.64 9 6.3 8717TechReun 31.24 -.66 36.40 21.50 4.3 13 295Telefonica @ 9.50 -.39 17.05 8.81 9.5 9.6 23079ZardoyaO 8.55xa -.01 10.48 8.11 5.7 16.5 280

SWEDEN (Jun 18/Kroner)AlfaLaval 116.30 - 147 101.90 2.8 15.1 1144AssaAbloy 187.20 +2 210.70 128.60 2.4 17.2 974AstraZen 294.90 +2.5 329.80 260.70 7.4 6.8 1182AtlasCpcoA @ 139.50 -1.4 175.60 112.30 3.6 12.7 2981ElctxB 127.90 -.1 158 93.15 5.1 16.8 1277EricssonB @ 63.30 +.95 93.80 58.15 3.9 11.9 9285H & M @ 226.40 +1.8 253.50 178.80 4.2 23.3 3477IndVardenA 90.05 +.2 112.90 69.80 5 - 86InvestorB 127.60 +1 152.10 110.20 4.7 74.6 1331Kinnevik 129.40 +.7 155.20 113.10 4.3 3.8 313NordeaBk @ 56.25 +.15 70.40 46.80 4.1 9.7 8167Sandvik @ 85.30 - 114.20 70.60 3.8 17.1 3816ScaniaA 115.80 +2.6 148.40 88.10 4.3 - 8ScaniaB 116.50 -.1 150.50 89.35 4.3 10.7 1565SEB 42.70 -.31 52.65 30.72 4.1 8.7 6950SkanskaB 99.70 +1.2 125.90 84.35 6 5.3 1888SKF B 132.20 +.7 189.30 118.30 4.2 10.4 2771SSAB A 54.35 +.35 95.45 46.59 3.7 11.9 3133SvenCellB 104.10 -.3 122.90 76.45 4 - 2222SvenskaHn @ 211.20 +.2 228 147.40 4.6 10.3 1451Swedbank @ 106.90 +.2 115.20 65.55 5 11.6 3182SwedMatch 274.30 +2.9 282.10 202.40 2.4 22.6 361Tele2B 104.90 +.9 134.18 102.50 12.4 10.2 1457TeliaSonra @ 43.26 -.26 48.95 40.60 6.6 10.7 8496VolvoA 77 +.15 112.70 64.50 3.9 - 123VolvoB @ 77.15 +.15 112.80 63.95 3.9 8.8 8417

SWITZERLAND (Jun 18/Frs)ABB Ltd @ 15.28 +.12 22.54 14.40 4.3 12.1 6227Actelion 38.08 +1.31 43.30 28.16 2.1 - 423Adecco 38.80 -.05 57.05 31.98 4.6 11.5 487Baloise 61.85 -.45 88.85 58.30 7.3 45.1 155CredSuisse @ 17.44 -.26 34.16 16.93 4.3 41.5 9723GAM Hldgs 10.50 +.1 14.45 9.23 4.8 - 211Givaudan 924.50 +6 930.50 684.50 2.4 33.6 16Holcim @ 50.15 +.17 64.20 42.11 2 60.4 895JulBaerGp 32.52 -.1 39.23 26.07 3.1 25.6 390Kuhn&Nag 102.30 +.3 128.40 90.90 3.8 23.7 128Logitech 9.79 +.01 10.81 5.80 - 25.7 601Lonza Grp 35.34 +.47 70.50 32.81 6.1 11.9 191Nestle @ 55.90 +.2 57.50 43.50 3.5 18.9 3695NobelBiocr 10.18 +.06 18.06 7.76 1.5 25.4 502Novartis @ 51.60 +.6 54.85 38.91 4.4 15.9 3960Pargesa 54.90 -.3 79.50 51.05 4.7 23.9 30Richemont @ 53.20 +.85 59.95 36.46 1 16 1702Roche @ 156.20 -.3 169.20 115.10 4.4 14.4 734Roche Br 162.80 -.7 176.60 120.30 4.2 - 11Schindler 107.60 -.2 117.60 79.25 1.9 22.8 7SchndlerPC 106.60 +.2 119 78.10 1.9 - 69SGS SA 1.79k +17 1.8k 1.23k 3.6 25.6 11Sonova 92.10 +.3 104.60 57.30 1.3 24.8 98SwatchGpI @ 369.60 +8.3 443.70 288.50 1.6 18.7 233SwatchGpN 64.20 +1.5 78.90 51.60 1.8 - 55Swiss Re @ 56 +.25 59.80 34.70 5.4 4.9 837Swisscom @ 367.30 -1.4 390.50 323.10 6 28.7 88SwissLife 80.20 -.1 143.40 74.35 11.2 4.3 152Syngent @ 306.30 +2.8 327.30 211.10 2.6 18.9 191Transocean @ 41.71 +.21 55.25 36.02 5.4 - 363UBS @ 11.24 -.05 15.75 9.34 0.9 13.5 10074ZurichFin @ 207.20 +.1 246.80 144.30 8.2 7.9 304

TAIWAN (Jun 18/T$)Acer 32.10 +1.2 50.50 27.30 - - 26Au Optrncs 12.20 +.25 20.65 11.10 - - 31CathayFin 29.80 +.4 45.29 27.80 1.7 27.3 12ChimeiInn 12.15 +.2 25.60 10.95 - - 27ChinaSteel 28.10 -.25 33.62 26.85 3.6 32.7 16Chinatst Fin 17.25 +.25 25.03 15.45 2.3 10.6 38ChnghwTl @ 90.70 +.6 111 87.50 6 15.7 8CompalElc 28.40 +.6 38.20 25.50 4.9 13.1 14DeltaElc 90 +.6 109.50 63 3.9 18.7 5FormoC&F 78.60 -.1 110 73.30 5.1 24.8 8FormPlastic @ 77.80 -1 112 73.60 5.1 18.7 7FubonFnH 29.90 +1 46.48 27.60 3.3 9.9 21HonHaiPrc @ 86.50 +2 117 61.50 1.7 11.2 31HTC 371.50 +2.5 1.07k 337 10.8 6.1 9MediaTek 276.50 +11.5 348 221 3.3 24 12Mega Fin 21.75 +.45 28.97 17.60 3.9 12.5 28NanYaPlast 56.30 -1.3 82.10 50.20 3.7 41.1 6Quanta Cmp 83 +3.1 86.40 48.10 4.8 14.2 10TaiwanMob 93 +.7 98.50 76.85 6.7 18.2 15TaiwanPet @ 81.20 +1.7 112 76.60 2.5 - 2TaiwanSem @ 80.80 +2.7 89.80 62.20 3.7 15.9 34Utd Micro 12.35 +.1 15.75 10.15 4 20.9 45

THAILAND (Jun 18/Baht)Adv Info 173.50 +1.5 190.50 99.25 4.9 20.7 5381400Bangkk Bk 185 -2 194 123.50 3.2 12.2 2515700PTT @ 331 -2 369 236 3.2 8.7 4158400PTT Exp @ 172 -2.5 187 130.50 3.1 11 3116700SiamCem 328 -1 387 236 3.8 16.4 1729200SiamComBk @ 141.50 -2 156 93.75 2.5 14.3 9950900

TURKEY (Jun 18/Tk Lira)Akbank 6.04 -.08 7.70 5.28 1.7 10.4 12522KOC Hold. 6.40xc +.2 7.22 4.97 1.9 7.9 2899Sabanci 7.34 - 8.02 5.10 1.4 8.4 2130TGaBan 6.38 -.06 7.76 5.44 2.2 7.9 25908Trk.Isbank 4.18 -.05 5.14 3.14 2.9 7.9 20745TrkHalkBk 12.95 -.05 13.55 9.15 131 7.7 3108Turkcell 8.40 -.04 9.96 7.18 - 13.5 2167TurkTelek 6.40 -.06 9.38 6.24 8.5 10 2523YapiKred 3.31 -.03 4.24 2.48 - 6.6 13798

INDONESIA prices in ’000s(Jun 18/Rupiah)AdaroEgy 1.27 +.03 2.70 1.18 5.2 7.9 69810Astra Int @ 6.75xc +.15 7.97 5.50 2.9 15.1 43251Bk Negara 3.75 +.03 4.60 2.98 1.7 11.4 14781BkCentAsia @ 7.30xd +.2 8.85 6.75 1.5 16 13042BkMandiri 7.10 +.1 8.15 5.10 1.5 13.8 20315BkRakyat @ 6 +.05 7.25 5 2 9 22534Gudang Grm 57.90 +.65 67 44.10 1.5 22.3 504Telkom 7.50xa -.4 8.64 6.60 4.9 12.7 19251Unilever 23.80 +1.35 25.50 14 2.3 42 1291

IRELAND (Jun 18/Euro)Aer Lingus 0.94 + 1.04 0.52 3.6 7.2 62BkofIrelnd 0.09 0.16 0.07 - - 17118CRH 14.06 -.06 16.93 10.28 4.4 16.9 552Elan Crp 11.01 -.18 11.96 6.09 - - 212GraftonGrp 2.76 +.01 3.50 2.25 2.7 10.2 126Ind News 0.22 +.01 0.54 0.20 - 3.1 129Irish Lf 0.03 + 0.08 0.02 - - 105Kerry Gp 35.25 +.49 35.66 23.65 0.9 17.1 194Ryanair 3.91 +.05 4.52 2.76 - 10.9 575

ITALY (Jun 18/Euro)A2A 0.39xd -.03 1.06 0.39 3.3 - 26103Acea 4.06 -.4 7.34 3.61 6.9 22.8 171Atlantia 9.38 +.01 14.16 8.70 7.6 7.4 3041Autogrill 6.67 -.11 9.45 6.41 4.2 15.1 689BcaCarige 0.63 + 1.64 0.60 11.1 5.6 4993BcaMilano 0.34 -.01 0.65 0.25 9.6 - 35628BcaPEmilR 3.66 -.18 8.36 3.20 0.8 4.6 2031BcoPoplre 0.92 -.01 1.70 0.79 - - 38200BcPSondrio 4.59 -.21 6.85 4.05 2 13.1 666BuzziUnicm 6.96 -.06 9.92 5.45 0.7 - 874Campari 5.27 +.01 5.95 4.83 1.3 18.9 821CredEmil 2.78 -.11 4.46 2.30 3.6 8.6 117Edison 0.89 - 1 0.72 4.8 - 4974ENEL @ 2.25xd -.23 4.53 2.25 11.5 5.1 81632

ENI @ 15.99 -.24 18.72 11.83 6.5 7.3 11298ERG 4.86 -.15 9.60 4.28 8.2 8.9 1254Exor 16.08xd -.57 23 13.27 2.1 6.5 309Fiat 3.63 -.03 7.80 3.25 - 3.2 18143Fiat Ind 7.36 -.14 9.69 4.77 2.5 11.8 2590Finmecnca 3 +.06 8.47 2.56 - - 9277Generali @ 9.38 -.15 14.95 8.16 2.1 17.9 10210IntSanPSvg 0.82xd -.07 1.58 0.75 11.2 3.9 5442IntSPaolo @ 0.98xd -.08 1.92 0.85 8.1 - 281268Italcementi 3.92 -.03 6.76 3.61 3.1 - 176Lottomatica 14.76 -.01 15.03 10.22 4.8 12.2 303Luxottca 26.91 +.2 28.49 17.88 1.8 26.5 627Meddiolan. 2.36 -.14 3.76 2.16 4.7 9.8 1923Mediaset 1.29 +.02 3.40 1.14 7.7 8.8 12068Mediobnca 2.94 -.17 7.20 2.78 5.8 45.4 5638MontePsS 0.19 -.01 0.59 0.18 11.1 - 155237Parmalat 1.39xa -.04 2.53 1.27 7.2 11.7 1437Pirelli&C 7.90 +.08 9.83 4.80 3.4 7.6 2207Prysmian 11.51 +.22 14.32 9.07 1.8 - 1405Saipem @ 32.32 +.05 39.87 23.31 2.2 15.1 1130Saras 0.74 +.01 1.56 0.66 - - 1168Snam 3.32 -.01 4.18 3.09 7.2 14.8 7313TelcmItalR 0.56 -.01 0.81 0.54 9.7 7 19489TelecmItal @ 0.67 -.02 0.96 0.65 6.4 - 74835TERNA 2.62xd -.15 3.23 2.36 8 13.8 6307TODS 78.30 +.85 96.40 60.45 3.2 17.8 79UBI Banca 2.39 -.08 4.20 2.15 2.1 - 5445UniCred @ 2.47 -.11 10.13 2.20 8 - 132835

JAPAN prices in ’000s(Jun 18/Yen)Aeon 0.96 +.01 1.11 0.89 2.4 11 2684Ajinomoto 1.10xd + 1.13 0.85 1.4 17 1512AozoraBk 0.17xd 0.26 0.15 5.3 6.9 5298Asahi Glass 0.55 +.02 0.98 0.50 4.7 8.7 5558AstellasPh @ 3.17xd -.01 3.49 2.70 3.9 15.1 1250Bridgestne @ 1.74 +.05 2.09 1.58 1.3 8.4 1600Canon @ 3.24 +.05 4.02 2.88 3.7 14.9 3973ChubuElec 1.21xd + 1.60 1.09 5 - 1762Chugai Ph 1.41 1.54 1.13 2.8 17.2 718CntJpRwy 619xd -2 704 596 1.5 7.4 2DaikinInd 2.09xd +.06 2.95 1.84 1.7 11.6 1568

DaiNpPrnt 0.60xd +.02 0.96 0.55 5.3 24 3359DaiSankyo 1.24xd +.01 1.64 1.23 4.8 17.5 1376DaiwaSec 0.27 +.01 0.37 0.23 2.2 38.8 7984Denso @ 2.51xd +.07 3 2 1.8 14.8 1475EastJpRwy @ 4.65xd -.01 5.50 4.26 2.4 11.4 785Eisai 3.28 +.01 3.39 2.83 4.6 16.5 789Fanuc @ 13.42xd +.12 15.63 9.99 1.6 20.6 724FastRetail @ 15.60 +.11 19.15 11.95 1.4 20.6 524FujiFilmH 1.47xd +.03 2.55 1.40 2.4 11.6 2549Fujtsu 0.37 +.01 0.50 0.32 2.7 12.7 4929Hitachi @ 0.48 +.01 0.56 0.36 1.7 11.1 23579Honda Mt @ 2.58 +.05 3.30 2.13 2.3 9.5 4679Hoya 1.74 +.03 1.94 1.54 3.7 12.2 1178Inpex @ 448xd +18 615 420.50 1.6 10 9Itochu 0.80xd +.01 0.97 0.68 5.5 4.2 10331JapanTob @ 451xd +4.5 490.50 282.60 2.2 14.2 15JFE 1.34xd +.05 2.27 1.16 1.5 9.8 3172JX Hldgs 0.39xd +.01 0.58 0.36 4.1 6 8620KansaiEP 1.02xd -.02 1.64 1.01 5.9 - 4929Kao Corp 2.05xd -.02 2.30 1.95 2.9 18 1443KDDI Cp @ 494.50xd +3.5 668 473.50 3.2 8.9 7Keyence 18.57 -.01 21.17 16.44 0.3 21.3 100KirinHldgs 0.92 +.01 1.15 0.87 2.9 19.4 1536Komatsu @ 1.94xd +.05 2.60 1.45 2.2 10 4944Kubota 0.68xd +.01 0.83 0.56 2.2 13.5 4306Kyocera 6.62xd +.12 8.59 6.06 1.8 13.2 763Kyushu EP 0.91xd 1.52 0.89 5.5 - 1226Marubeni 0.51 +.01 0.65 0.37 3.9 4.2 10889MitsubElec @ 0.63 +.02 0.96 0.58 1.9 11.3 4843MitsubEst @ 1.29xd +.02 1.58 1.12 0.9 35.8 2829MitsubHvy 0.33xd +.01 0.41 0.30 1.8 22.2 12636Mitsubishi @ 1.54xd +.03 2.14 1.39 4.2 5.1 6117MitsubTk @ 0.36xd +.01 0.45 0.32 3.3 7.7 38063Mitsui @ 1.15xd +.02 1.49 1.01 4.8 5.1 6813MitsuiFud 1.39xd +.04 1.68 1.09 1.6 22.3 2948MitsuiSmIns 1.31xd +.04 2.04 1.14 4.1 10.4 2038Mizuho @ 0.13xd + 0.15 0.10 4.7 7 94891Murata Mfg 4.30xd +.02 5.50 3.79 2.3 20.2 21NEC 0.13 + 0.19 0.11 - 16.5 23769Nintendo 9.13xd +.16 16.52 8.58 1.1 64.7 13NipponStl @ 0.18xd + 0.27 0.16 1.4 14.6 23195Nissan Mt @ 0.76 +.02 0.91 0.61 2.6 8.4 11348Nitto Denko 3.32xd +.07 4.23 2.65 3 11.5 863NKSJ 1.59xd +.04 2.22 1.39 5 27.4 1060

Nomura 0.28 +.01 0.42 0.22 2.1 26.5 49524NTT @ 3.37xd -.01 4.09 3.27 4.1 7.8 1838NTT Data 227.30xd +4.7 294.20 213.30 2.6 16.8 6NTTDCMo @ 123.80xd -1.1 149.10 123.30 4.5 9.6 78Orix 7.01 +.11 8.64 5.48 1.3 7.7 537Panasonic @ 0.59 +.02 1.03 0.50 1.7 29 17442Resona 0.31 +.01 0.42 0.28 3.8 5.6 12952Ricoh 0.65xd +.03 0.94 0.53 3.8 14.7 8456Rohm 2.95xd +.08 4.81 2.70 2 33.4 6Secom 3.38xd +.05 4.19 3.33 2.7 12.5 612SekisuiHse 0.69 +.01 0.82 0.64 2.9 11.1 2601Seven & I @ 2.27 -.01 2.49 1.97 2.7 12.9 2468Sharp 0.44xd +.02 0.79 0.36 2.3 - 33465ShnEtsuCh @ 4.34xd +.12 4.88 3.47 2.3 17.5 1429SMC Cp 13.58xd +.34 15.09 9.99 1 15.7 235Softbank @ 2.57xd -.01 3.21 2.05 1.6 8.9 3892Sony @ 1.07 +.04 2.23 0.99 2.3 35.9 10388SonyFinH 1.22xd +.04 1.55 1.02 1.6 14.3 1251SumitChm 0.25 +.01 0.41 0.22 3.6 11.9 9282SumitoEle 0.95xd +.03 1.23 0.75 2 10.3 2256SumitomMI 0.13 + 0.20 0.12 1.5 28 9784Sumitomo @ 1.08xd +.02 1.28 0.88 4.6 5.2 3526SumitomoF @ 2.49xd +.04 2.93 2 4 7.3 5478SumitonMit 0.43 - - - 2.5 8 Suzuki Mt 1.65xd +.03 2.07 1.47 0.9 11.9 2121T&D Hld 0.81xd +.03 1.06 0.66 2.8 15.3 3017Takeda Ph @ 3.36xd +.02 3.79 3.02 5.3 17.1 1458TDK 3.78xd +.13 4.84 2.40 2.1 12.2 1484Terumo 3.03xd +.14 4.56 2.76 1.3 16.6 1166Tohoku EP 0.77 + 1.22 0.67 - - 1265TokioElPw 0.16 - 0.64 0.15 - - 8897TokioMrne @ 1.90xd +.04 2.40 1.65 2.6 13.9 2145Tokyo Elcn 3.80 +.08 4.95 3.33 2.1 21.4 985TokyoGas 0.37xd 0.40 0.31 2.4 15.2 4774Toshiba @ 0.30 + 0.43 0.27 2.7 9.3 26952Toyota @ 3.06 +.06 3.64 2.33 1.6 - 5852Toyota Ind 2.19 +.07 2.71 1.95 2.3 12.1 502WstJpnRwy 3.06xd -.01 3.53 3.03 2.9 12 260Yahoo Jpn @ 23.54 +.26 29.33 21.65 1.5 13 41YokohaBk 0.35 0.42 0.34 2.8 8.6 5586

Monday stock close Day’s traded m’s price changeMicrosoft 58.2 29.84 -0.18Oracle Corp 36.4 27.12 -0.58Cisco Systems 35.3 17.14 +0.04Intel 30.3 27.42 +0.08eBay Inc 26.6 42.49 +1.82Sprint Nextel 15.8 3.08 -0.01Dell 15.6 12.42 +0.12Apple 15.5 585.78 +11.65RschMt 12.7 10.60 -0.29Qualcomm Inc 12.7 56.77 +0.27

BIGGEST MOVERSMonday Close Day’s Day’s price change chng%UpsTenet Healthcare 4.82 0.21 +4.56eBay Inc 42.49 1.82 +4.48St Jude 37.06 1.51 +4.25Marvell 12.00 0.48 +4.17DownsWeatherford 12.42 -0.52 -4.02Fossil 73.91 -2.56 -3.39Morgan Stanley 13.82 -0.48 -3.36US Steel 18.41 -0.61 -3.21Based on the constituents of the S&P500 and the Nasdaq 100 index

Monday stock close Day’s traded m’s price changeLlydsBkg 314.4 30.16 -1.14C&WWwd 199.7 37.77 +2.74Vodafone 68.8 174.90 +1.20Barclays 51.0 196.05 -4.75RBS 25.7 235.30 -12.30HSBC 24.6 546.70 +0.30ITV 24.4 72.25 -0.85BP 23.0 420.70 -2.80BT 18.2 201.90 +0.70Tesco 18.0 303.75 +2.65

BIGGEST MOVERSMonday Close Day’s Day’s price change chng%UpsC&WWwd 37.77 2.74 +7.82HomeRet 74.35 4.50 +6.44Dixons Ret 13.60 0.61 +4.70Filtrona 459.30 19.70 +4.48DownsRegus 91.05 -6.45 -6.62Genus 1,131.00 -64 -5.36RBS 235.30 -12.30 -4.97NewWldRes 316.90 -15.40 -4.63Based on the constituents of the FTSE 350 index

Monday Turnover close Day’s Euro/m’s price changeTotal 445.0 34.80 -0.07BcoSantdr 393.6 4.70 -0.23BNP Paribas 332.6 28.17 -1.31Unicredit 328.1 2.47 -0.11BBVA 285.0 5.03 -0.22IntSanPaolo 276.5 0.98 -0.03Siemens AG 251.7 66.21 -0.38RylDtchShA 228.7 26.41 +0.12Daimler AG 223.4 34.74 +0.71Telefonica 219.3 9.50 -0.39

BIGGEST MOVERSMonday Close Day’s Day’s price change chng%UpsInfi neon 6.12 +0.19 +3.19STMicro 4.26 +0.12 +2.95EADS 26.78 +0.75 +2.88EDF 16.70 +0.46 +2.80DownsMediobanca 2.94 -0.17 -5.34Iberdrola 3.32 -0.18 -5.17BcoSantdr 4.70 -0.23 -4.57Commerzbank 1.36 -0.06 -4.44Based on the constituents of the FTSEurofi rst 300 Eurozone index

Monday stock close Day’s traded m’s price changeMizuho Fin 94.9 126 +4Nomura Hldg 49.5 278 +7Mazda Motor 44.2 106 +6MUFG 38.1 363 +7Sharp Corporat 33.5 435 +23Toshiba 27.0 296 +3NEC 23.8 127 +2NSG 23.6 83 +5Hitachi 23.6 480 +14Nippon Steel 23.2 178 +4

BIGGEST MOVERSMonday Close Day’s Day’s price change chng%UpsOki Elec Ind 121 8 +7.08NTN 259 16 +6.58NSG 83 5 +6.41Japan Steel Wks 419 25 +6.35DownsKansai Elec P 1018 -24 -2.30Shizuoka Bank 758 -11 -1.43NTT DoCoMo 123800 -1,100 -0.88Kao 2053 -15 -0.73Based on the constituents of the Nikkei 225 index

Jun 18

3100

1743

1244

113

105

41

Tenet HealthcareShare Price

May 18 2012/2012 Jun 18

C&W WwideShare Price

May 18 2012/2012 Jun 18

MediobancaShare Price

May 18 2012/2012 Jun 18

Oki Electric IndShare Price

May 18 2012/2012 Jun 18

n AMERICAACTIVE STOCKS

n LONDONACTIVE STOCKS

n EURO MARKETSACTIVE STOCKS

n TOKYOACTIVE STOCKS

Jun 15

3093

2062

913

118

84

42

Jun 14

3126

2129

898

99

67

63

Issues Traded

Rises

Falls

Unchanged

New Highs

New Lows

Changeon day

0.21

Changeon day

2.74

Changeon day -0.17

Market data provided byMarket data provided by

Market data provided byMarket data provided by

Changeon day 8.00

n MAJOR MARKET VOLUMES

5 day Jun 18 Jun 15 average

NYSE 613 1511 865NASDAQ 1456 2018 1661UK 3454 3559 3391France 260 338 253Germany 215 379 228Japan 1166 1086 1126Volumes are rounded to nearest million.

n MAJOR INDICES-HIGHS & LOWSJun 18 Day’s Day’s Open Close high lowDJ Ind 12767.02 12740.80 12781.93 12696.18Nasdaq Cmp 2872.49 2895.33 2903.03 2853.86S&P 500 1342.42 1344.53 1348.22 1334.46FTSE E300 992.47 993.67 1004.58 989.26FTSE 100 5478.81 5491.09 5555.32 5461.08FTSE All Sh 2842.44 2847.84 2879.35 2832.74CAC 40 3120.82 3066.19 3129.29 3054.38XETRA DAX 6304.77 6248.20 6316.14 6221.87Topix 738.53 738.81 743.06 738.02Nikkei 8723.55 8721.02 8766.56 8711.49Hang Seng 19578.13 19427.81 19578.13 19395.93SMI 5951.82 5938.76 5961.29 5918.66AEX 301.20 297.01 301.47 295.96

n NYSE RISES AND FALLS

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%

Marfin Popular Bank 3.00Habib Bank AG Zurich 0.50Investec Bank (UK) 0.50

ADVERTISED BASE

For further information on any of these rates please contact each bank directly.

LENDING RATES

JUNE 19 2012 Section:Stats Time: 18/6/2012 - 21:32 User: watsonl Page Name: WSM1 USA, Part,Page,Edition: EUR, 24, 1

FINANCIAL TIMES TUESDAY JUNE 19 2012 ★ 25

Rate Current Since Last Mth ago Year ago

USUSUSEuroUKJapanSwitzerland

Fed Funds Prime Discount Repo Repo O’night Call Libor target

Source: ThomsonReuters

0.00-0.25 16-12-2008 1.00 0.00-0.25 0.00-0.25 3.25 16-12-2008 4.00 3.25 3.25 0.75 18-02-2010 0.50 0.75 0.50 1.00 08-12-2011 1.25 1.00 1.25 0.50 05-03-2009 1.00 0.50 0.50 0.00-0.10 05-10-2010 0.10 0.00-0.10 0.10 0.00-0.25 03-08-2011 0.00-0.75 0.00-0.25 0.00-0.25

Jun 18

INTEREST RATES - OFFICIAL

Euro 0.48 - 0.33 0.40 - 0.30 0.40 - 0.30 0.57 - 0.45 0.90 - 0.74 1.17 - 1.01Danish Krone 0.20 - -0.10 0.32 - 0.07 0.30 - -0.20 0.60 - 0.10 0.48 - 0.18 1.37 - 1.12Sterling 0.80 - 0.55 0.65 - 0.45 0.65 - 0.53 0.95 - 0.83 1.33 - 1.16 1.52 - 1.35Swiss Franc 0.13 - 0.01 0.10 - -0.10 0.12 - -0.12 0.15 - -0.07 0.28 - 0.03 0.54 - 0.25Canadian Dollar 1.10 - 0.80 1.20 - 0.90 1.35 - 1.20 1.56 - 1.21 1.75 - 1.40 2.50 - 2.03US Dollar 0.26 - 0.12 0.23 - 0.11 0.54 - 0.24 0.50 - 0.30 0.79 - 0.54 1.06 - 0.76Japanese Yen 0.05 - 0.02 0.15 - -0.05 0.15 - 0.03 0.47 - 0.19 0.34 - 0.22 0.56 - 0.44Singapore $ 0.35 - 0.10 0.19 - 0.06 0.31 - 0.13 0.44 - 0.19 0.50 - 0.25 0.75 - 0.50

Source: Reuters. Short term rates are call for the US Dollar and Yen, others: two day’s notice.

Short 7 days One Three Six One term notice month month month yearJun 18

Over Change One Three Six One night Day Week Month month month month yearUS$ Libor* 0.16250 - 0.003 0.008 0.24375 0.46785 0.73690 1.06950Euro Libor* 0.26036 - - 0.007 0.32786 0.56714 0.87714 1.19929£ Libor* 0.54375 -0.004 -0.007 -0.008 0.63600 0.93063 1.22063 1.73438Swiss Fr Libor* 0.01400 0.001 0.001 -0.016 0.04100 0.09500 0.17800 0.38400Yen Libor* 0.10443 0.000 -0.001 -0.004 0.14286 0.19571 0.33443 0.55229Canada Libor* 1.00100 0.001 0.003 0.009 1.11000 1.30600 1.56800 2.03500Euro Euribor - - - - 0.38 0.66 0.93 1.22Sterling CDs - - - - 0.59 1.03 1.33 1.87US$ CDs - - - - 0.20 0.50 0.80 1.35Euro CDs - - - - 0.20 0.55 0.75 1.05US o’night repo 0.28 - 0.020 -0.010Fed Funds eff 0.18 0.010 0.020 0.020US 3m Bills 0.09 -0.005 - -0.010SDR int rate 0.13 0.010 0.020 -0.010EONIA 0.329 - -0.002 0.009EURONIA 0.1618 -0.009 -0.008 -0.001RONIA 0.5045 0.012 0.033 0.064SONIA 0.4941 0.003 0.007 0.007LA 7 Day Notice 0.35-0.30

Interbank £ 0.65-0.40 0.65-0.40 0.65-0.57 0.98-0.90 1.32-1.24 1.84-1.76

Over One One Three Six One night Week months months months year

*Libor rates come from BBA (see www.bba.org.uk) and are fixed at 11am UK time. Other data sour-ces: US $, Euro & CDs: dealers; SDR int rate: IMF; EONIA: ECB; EURONIA, RONIA & SONIA: WMBA. LA 7 days notice: Tradition (UK).

Jun 18

INTEREST RATES - MARKET

Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk

Australia 105.8 105.4 103.7Canada 110.2 110.4 111.0Denmark 105.5 105.5 106.2Japan 182.5 182.7 181.1New Zealand 107.6 107.1 103.4Norway 106.3 106.7 106.0

Sweden 83.3 83.5 80.8Switzerland 143.7 143.8 144.2UK 83.4 83.1 83.6USA 81.7 81.5 81.3Euro 88.35 88.58 89.17

Mth ago Jun 18 Jun 15 Mth ago Jun 18 Jun 15FX - EFFECTIVE INDICES

Overall (£) 1093 249.68 0.22 -0.61 2.95 0.93 12.97Overall ($) † 3262 212.81 0.22 0.08 2.67 0.08 2.67Overall (€) 2276 180.19 -0.11 -0.98 4.05 -0.11 6.61Global Inflation-Lkd † 97 237.70 1.20 1.04 3.33 0.26 6.45Gilts (£) 33 258.31 0.22 -0.89 2.22 0.93 15.91Corporates (£) 703 233.90 0.26 0.14 5.40 0.93 6.69Corporates ($) † 2111 224.78 0.20 0.27 4.57 0.27 4.57Corporates (€) 1196 179.21 0.17 -0.15 5.89 0.26 5.85Treasuries ($) † 156 209.49 0.25 -0.10 1.93 -0.10 1.93Eurozone Sov (€) 261 239.97 0.22 -0.02 4.60 0.94 7.77ABF Pan-Asia unhedged 541 178.77 -0.25 -1.34 3.41 -0.33 6.58

Day’s Month’s Year Return Return Index change change change 1 month 1 year

Sterling Corporate (£) 74 107.71 0.16 0.32 4.07 0.71 9.47Euro Corporate (€) 290 103.41 0.10 -0.03 2.50 0.30 6.94Euro Emerging Mkts (€) 12 91.59 0.25 0.22 0.73 0.65 6.60Eurozone Gov’t Bond 236 99.56 -0.12 -0.49 1.77 -0.19 5.77

Emerging Markets 5Y 287.64 -6.06 -18.10 -26.63 343.80 231.12Nth Amer Inv Grade 5Y 117.81 -2.82 -2.69 -5.54 127.34 86.80Nth Amer High Yld 5Y 631.16 -8.45 -6.93 - 658.30 631.16Nth Amer HiVol 5Y 227.24 -3.22 -4.81 -3.08 239.06 175.25

Europe 5Y 177.60 2.76 0.75 -4.28 183.79 113.80Crossover 5Y 683.20 7.13 -8.95 -68.94 752.14 554.75HiVol 5Y 267.27 3.36 8.27 5.77 270.07 164.40Japan 5Y 169.78 -4.26 -13.16 -48.98 218.75 151.17SovX CEEMEA 5Y 307.36 0.51 -16.64 -26.14 358.70 260.13SovX Western Europe 5Y 317.36 0.85 -2.33 8.09 326.70 264.43

Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. †

Markit iBoxx

FTSE

Markit iTraxx

Markit CDX

CREDIT INDICES

Jun 18

Jun 18

Jun 18

Jun 15

Jun 15

BOND INDICES

Day’s Week’s Month’s Series Series Index change change change high low

Day’s Mth’s Spread Red Ratings Bid Bid chge chge vs date Coupon S* M* F* price yield yield yield USJun 18

High Yield US$HSBK Europe 05/13 7.75 BB Ba3 BB- 103.07 4.28 - -0.61 4.05Kazkommerts Int 04/14 7.88 B+ B2 B 97.60 9.35 -0.09 -0.07 8.97Bertin 10/16 10.25 NR B1 - 100.53 10.09 -0.03 1.19 9.45

High Yield EuroRoyal Carib Crs 01/14 5.63 BB Ba1 - 102.09 4.23 -0.39 0.03 4.25Kazkommerts Int 02/17 6.88 B+ B2 B 83.67 11.59 -0.10 0.59 11.18

Emerging US$Bulgaria 01/15 8.25 BBB Baa2 BBB- 112.06 3.31 -0.01 0.33 2.93Peru 02/15 9.88 BBB Baa3 BBB 121.25 1.58 -0.01 0.08 1.20Brazil 03/15 7.88 BBB Baa2 BBB 117.06 1.43 0.02 0.21 1.06Mexico 09/16 11.38 BBB Baa1 BBB 140.25 1.52 0.02 -0.01 0.84Argentina 01/17 11.38 27.81 56.93 0.02 0.60 56.25Philippines 01/19 9.88 BB Ba2 BB+ 140.38 3.04 -0.05 -0.01 1.99Brazil 01/20 12.75 BBB Baa2 BBB 168.63 2.67 0.09 -0.23 1.62Colombia 02/20 11.75 BBB- Baa3 BBB- 161.25 2.82 0.00 -0.27 1.77Russia 03/30 7.50 BBB Baa1 BBB 119.88 3.94 0.01 -0.33 3.26Mexico 08/31 8.30 BBB Baa1 BBB 154.88 4.13 -0.01 -0.29 2.54Indonesia 02/37 6.63 BB+ Baa3 BBB- 121.00 5.12 -0.05 0.00 2.44

Emerging EuroBrazil 02/15 7.38 BBB Baa2 BBB 114.00 1.85 0.31 0.26 1.72Poland 02/16 3.63 A- A2 A- 105.33 2.08 -0.04 -0.44 1.78Turkey 03/16 5.00 BB Ba2 BB+ 105.05 3.51 -0.09 -0.18 3.22Mexico 02/20 5.50 BBB Baa1 BBB 114.77 3.29 0.00 -0.08 2.21

US $ denominated bonds NY close; all other London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch. Source: ThomsonReuters

BONDS - HIGH YIELD & EMERGING MARKET

Price Yield Month Break even Value No of return inflation* Stock Market stksCan 4.25% ’21 143.29 -0.27 -0.22 -0.01 2.08 5.2 64.0 6Fr 2.25% ’20 111.66 0.76 0.85 -0.09 1.38 20.0 182.6 13Swe 0.25% ’22 102.43 0.13 0.13 -1.31 1.41 14.0 238.8 5UK 2.5% ’16 345.84 -1.76 -1.67 -0.42 2.36 8.0 345.9 19UK 2.5% ’24 335.81 -0.49 -0.42 -0.48 2.49 6.8 345.9 19UK 2% ’35 202.02 -0.06 0.02 0.21 2.96 9.7 345.9 19US 0.625% ’21 112.38 -0.69 -0.64 0.33 2.08 35.8 897.9 33US 3.625% ’31 156.73 0.03 0.07 0.58 2.12 16.8 897.9 33

Representative stocks from each major market Source: Merill Lynch Global Bond Indices* Diff between conventional and IL bond. † Local currencies. ‡ Total market value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par amount.

Jun 15 Jun 15 Jun 14

BONDS - INDEX-LINKED

Spread Spread Bid vs vs Yield Bund T-BondsJun 18

Spread Spread Bid vs vs Yield Bund T-Bonds

Australia 3.02 +1.59 +1.43Austria 2.28 +0.85 +0.70Belgium 3.25 +1.82 +1.67Canada 1.72 +0.29 +0.13Denmark 1.25 -0.18 -0.34Finland 1.81 +0.37 +0.22France 2.62 +1.18 +1.03Germany 1.43 - -0.15Greece 26.00 +24.57 +24.41Ireland 7.41 +5.98 +5.82Italy 6.09 +4.65 +4.50Japan 0.84 -0.60 -0.75

Netherlands 1.97 +0.54 +0.39New Zealand 3.48 +2.05 +1.90Norway 2.02 +0.59 +0.43Portugal 10.56 +9.13 +8.98Spain 7.18 +5.75 +5.59Sweden 1.47 +0.04 -0.11Switzerland 0.54 -0.89 -1.04UK 1.68 +0.24 +0.09US 1.59 +0.15 -

Yields: annualised basis. Source: ThomsonReu-ters Selection made by ThomsonReuters.

BONDS - TEN YEAR GOV’T SPREADS Day’s Mth’s Spread Red Ratings Bid Bid chge chge vs date Coupon S* M* F* price yield yield yield GovtsJun 18

US$Verizon Global 09/12 7.38 CALL CALL CALL 104.74 1.01 - - 0.89Abu Dhabi Nt En 10/12 5.62 A- A3 - 101.20 2.10 0.16 -0.30 1.96Bank of America 01/13 4.88 A- Baa1 A 101.73 1.79 -0.03 -0.09 1.65Goldman Sachs 07/13 4.75 A- A1 A 102.44 2.42 0.01 0.17 2.25Hutchison 03/33 01/14 6.25 A- A3 A- 106.89 1.84 0.00 -0.55 1.55Misc Capital 07/14 6.13 BBB Baa2 - 105.61 3.24 0.06 0.10 2.95BNP Paribas 06/15 4.80 A A1 A 102.32 3.98 -0.43 -0.25 3.59GE Capital 01/16 5.00 AA+ A1 - 110.32 1.97 -0.14 -0.06 1.59Erste Euro Lux 02/16 5.00 AAA - - 97.77 5.68 0.01 -0.07 5.22Credit Suisse USA 03/16 5.38 A+ Aa1 A 109.89 2.55 -0.06 0.24 1.91SPI E&G Aust 09/16 5.75 A- A1 A 110.11 3.18 0.01 0.15 2.49Abu Dhabi Nt En 10/17 6.17 A- A3 - 113.38 3.41 -0.01 -0.31 2.62Swire Pacific 04/18 6.25 A- A3 A 114.37 3.50 0.02 0.03 2.81ASNA 11/18 6.95 A- A3 A 109.88 5.11 0.01 0.52 4.05Codelco 01/19 7.50 A A1 A+ 127.54 2.87 -0.05 0.07 1.81Bell South 10/31 6.88 A- WR A 122.84 5.01 -0.01 -0.04 3.43GE Capital 01/39 6.88 AA+ A1 - 127.49 4.99 -0.14 0.06 2.32Goldman Sachs 02/33 6.13 A- A1 A 101.60 5.99 -0.01 -0.04 3.31

EuroCCCI 10/12 6.13 NR A1 A 98.28 11.32 - -1.91 10.73Amer Honda Fin 07/13 6.25 A+ A1 - 105.35 1.18 -0.19 -0.09 1.17SNS Bank 02/14 4.63 BBB+ Baa2 BBB+ 100.77 4.12 -0.04 0.28 4.09JPMorgan Chase 01/15 5.25 A Aa3 A+ 108.64 1.77 -0.05 -0.04 1.71Hutchison Fin 06 09/16 4.63 A- A3 A- 108.75 2.43 -0.06 0.07 2.14Hypo Alpe Bk 10/16 4.25 - A1 - 101.15 3.95 -0.04 -0.09 3.66GE Cap Euro Fdg 01/18 5.38 AA+ A1 - 114.27 2.59 -0.07 0.03 1.98Unicredit 01/20 4.38 BBB+ A3 A- 86.69 6.66 -0.04 0.61 5.66ENEL 05/24 5.25 BBB+ Baa1 A- 90.30 6.44 0.28 1.18 4.84

YenCiti Group 15 09/12 1.11 A- A3 A 99.98 1.19 0.00 -0.01 1.09ACOM 51 06/13 2.07 BB+ WR A- 100.60 1.44 0.01 -0.22 1.33Deutsche Bahn Fin 12/14 1.65 AA Aa1 AA 103.03 0.40 0.00 -0.01 0.29Nomura Sec S 3 03/18 2.28 - - - 100.55 2.17 0.00 -0.04 1.88

£ SterlingSlough Estates 09/15 6.25 - - A- 109.35 3.17 -0.01 -0.26 2.66ASIF III 12/18 5.00 A+ A2 A 102.00 4.58 0.05 -0.10 3.48

US $ denominated bonds NY close; all other London close. S* - Standard & Poor’s, M* - Moody’s, F* - Fitch. Source: ThomsonReuters

BONDS - GLOBAL INVESTMENT GRADE Red Bid Bid Day chg Wk chg Month Year Date Coupon Price Yield yield yield chg yld chg yldJun 18

London close. Source: ThomsonReutersYields: Local market standard Annualised yield basis. Yields shown for Italy exclude withholding tax at 12.5 per cent payable by non residents.

Australia 06/14 6.25 107.32 2.45 0.03 0.04 -0.17 -2.31 07/22 5.75 123.54 3.02 0.02 -0.04 -0.17 -2.14Austria 07/14 4.30 107.70 0.54 0.09 -0.01 -0.02 -1.25 04/22 3.65 111.90 2.28 0.03 0.06 -0.26 -1.16Belgium 03/14 4.00 105.30 0.96 -0.01 0.10 -0.08 -1.25 09/22 4.25 108.60 3.25 0.01 0.12 -0.23 -0.87Canada 08/14 2.25 102.66 0.98 0.01 -0.06 -0.27 -0.51 06/22 2.75 109.38 1.72 -0.02 -0.07 -0.17 -1.23Denmark 11/13 5.00 107.29 -0.19 -0.03 -0.11 -0.33 -1.94 11/21 3.00 115.42 1.25 0.01 0.02 -0.07 -1.70Finland 09/14 3.13 106.54 0.19 -0.04 -0.04 0.03 -1.35 04/21 3.50 113.69 1.81 0.00 0.14 0.05 -1.47France 04/14 4.00 106.60 0.40 -0.21 0.01 -0.09 -1.15 02/17 1.75 101.39 1.44 0.04 0.04 -0.26 -1.07 04/22 3.00 103.30 2.62 0.02 0.11 -0.26 -0.83 04/41 4.50 118.36 3.48 0.07 0.20 -0.07 -0.57Germany 06/14 - 99.95 0.03 -0.04 -0.02 -0.01 -1.49 04/17 0.50 100.10 0.48 -0.03 0.03 0.02 -1.68 07/22 1.75 102.95 1.43 -0.04 0.10 0.02 -1.52 07/44 2.50 109.37 2.10 -0.02 0.18 0.02 -1.50Greece 02/23 2.00 17.55 26.00 -1.25 -3.03 -3.08 8.85 02/33 2.00 13.95 22.28 -1.63 -2.15 -1.28 -Ireland 04/16 4.60 93.49 6.57 -0.16 -0.04 -0.56 -6.35 10/20 5.00 85.39 7.41 0.05 0.00 -0.04 -4.39Italy 07/14 4.25 99.07 4.79 0.15 0.66 1.09 1.77 06/17 4.75 95.75 5.83 0.14 0.55 0.77 1.82 09/22 5.50 96.25 6.09 0.13 0.32 0.10 1.26 09/40 5.00 82.64 6.43 0.11 0.25 0.31 0.81Japan 06/14 0.10 99.99 0.10 0.00 0.00 -0.01 -0.07 06/17 0.20 99.87 0.23 -0.01 0.02 -0.01 -0.19 06/22 0.90 100.60 0.84 -0.02 -0.03 -0.02 -0.28 06/32 1.70 100.54 1.66 -0.02 -0.01 0.04 -0.25Netherlands 01/14 1.00 101.38 0.12 -0.03 -0.07 -0.12 -1.52 07/22 2.25 102.51 1.97 0.01 0.14 0.07 -1.29New Zealand 04/15 6.00 109.55 2.47 0.08 0.12 0.02 -0.69 04/23 5.50 118.04 3.48 0.06 0.05 -0.21 -1.52Norway 05/17 4.25 112.90 1.50 -0.03 -0.07 0.03 -1.08 05/23 2.00 99.80 2.02 -0.05 0.00 0.05 -1.34Portugal 06/14 4.38 92.25 8.80 -0.61 -0.35 -0.18 -4.11 04/21 3.85 62.65 10.56 -0.10 -0.55 -1.51 -0.53Spain 07/14 4.75 98.35 5.60 0.44 1.14 1.40 2.12 01/22 5.85 90.95 7.18 0.29 0.95 0.85 1.60Sweden 05/14 6.75 110.95 0.83 -0.03 -0.01 -0.07 -1.51 06/22 3.50 118.64 1.47 -0.04 0.06 0.01 -1.40Switzerland 01/14 4.25 107.00 -0.27 -0.04 -0.06 -0.24 -0.56 05/22 2.00 114.03 0.54 -0.06 -0.06 -0.11 -1.13UK 03/13 4.50 103.00 0.31 0.03 0.04 -0.06 -0.27 01/17 1.75 104.76 0.70 -0.02 -0.03 -0.15 -1.05 03/22 4.00 120.77 1.68 0.00 0.05 -0.16 -1.53 12/42 4.50 128.13 3.07 -0.02 0.11 -0.07 -1.08US 05/14 0.25 99.93 0.29 0.01 0.02 -0.01 -0.10 05/17 0.63 99.70 0.69 0.01 -0.03 -0.04 -0.84 05/22 1.75 101.50 1.59 0.00 -0.05 -0.12 -1.36 05/42 3.00 106.50 2.68 -0.01 -0.08 -0.13 -1.52

BONDS - BENCHMARK GOVERNMENT

Gross No of US $ Day Mth YTD Total YTD Div stocks index % % % retn % YieldFTSE Global All-Cap 7366 341.50 1.1 -0.9 2.1 428.71 3.6 2.9 Oil & Gas 175 399.20 2.0 0.4 -6.1 545.50 -4.6 3.2

Oil & Gas Producers 128 366.51 2.0 0.7 -6.7 507.22 -5.1 3.4Oil Equipment & Services 39 399.96 1.9 -1.3 -2.2 508.68 -1.2 2.4Basic Materials 292 450.60 1.6 -0.6 -5.0 599.53 -3.5 3.1Chemicals 109 478.32 1.6 -1.5 2.1 646.43 3.7 3.1Forestry & Paper 16 146.04 2.1 -4.4 -6.1 211.76 -3.9 4.1Mining 73 921.42 1.4 0.7 -10.7 1196.34 -9.4 3.0Industrials 515 219.57 1.1 -1.4 2.0 282.24 3.5 2.7Construction & Materials 111 321.57 1.7 -1.7 -2.5 433.00 -0.7 3.0Aerospace & Defense 27 292.79 0.5 -1.4 3.0 374.27 4.3 2.6General Industrial 53 151.85 1.5 0.5 3.3 206.70 5.0 3.1Electronic & Electrical Equipment 72 227.15 1.2 -0.9 6.4 272.82 7.5 2.1Industrial Engineering 105 483.22 0.8 -4.1 -0.8 613.09 0.7 2.5Industrial Transportation 91 381.67 1.0 -0.7 2.3 490.00 3.7 2.6Support Services 56 199.01 0.7 -1.0 3.4 246.23 4.9 2.9Consumer Goods 355 305.48 0.4 -1.9 3.6 399.22 5.2 2.7Automobiles & Parts 87 262.95 0.6 -5.1 3.3 332.50 4.8 2.3Beverages 43 428.75 0.4 -0.5 8.4 566.40 9.7 2.5Food Producers 87 412.92 0.2 -1.1 0.7 557.92 2.5 2.8Leisure Goods 22 116.07 1.2 -1.7 -11.5 141.99 -10.2 2.4Personal Goods 63 447.09 0.9 -3.0 5.7 568.01 6.9 2.2Tobacco 13 952.22 0.2 1.6 8.6 1603.90 10.8 3.8Health Care 144 253.75 0.4 0.7 4.2 328.65 6.1 2.8Health Care Equipment & Services 58 347.72 0.6 0.9 8.6 382.51 9.4 1.3Pharmaceuticals & Biotechnology 86 194.52 0.4 0.6 2.8 259.35 5.1 3.3Consumer Services 349 240.99 0.9 -0.1 6.3 293.79 7.5 2.2Food & Drug Retailers 49 198.38 0.8 -1.1 -1.9 248.33 -0.3 2.9General Retailers 113 329.40 0.9 1.6 9.8 393.61 10.9 1.9Media 80 162.53 0.9 -0.1 8.0 199.10 9.3 2.2Travel & Leisure 107 253.06 0.8 -2.1 4.4 311.09 5.6 2.2Telecommunication 94 141.09 0.5 -0.8 -1.3 214.94 2.0 5.6Fixed Line Telecommuniations 44 124.39 0.4 0.9 -1.1 203.42 2.7 6.9Mobile Telecommunications 50 142.50 0.5 -2.6 -1.5 200.96 1.3 4.2Utilities 163 227.65 0.9 0.8 -2.5 362.06 -0.1 4.7Electricity 115 241.50 0.9 1.3 -4.2 380.80 -2.1 4.6Gas Water & Multiutilities 48 253.75 0.9 -0.1 0.3 412.49 3.4 4.9Financials 618 146.82 1.5 -0.7 4.3 206.45 6.3 3.4Banks 238 146.02 1.7 -0.7 3.0 216.16 5.2 3.8Nonlife Insurance 66 131.15 1.0 -0.6 3.1 169.00 5.4 3.0Life Insurance 46 123.39 1.6 -2.3 1.7 170.83 3.4 3.3Technology 169 113.73 1.1 -2.0 8.4 127.47 9.1 1.5Software & Computer Services 66 178.50 2.1 -1.3 6.9 196.64 7.7 1.3Technology Hardware & Equipment 103 92.35 0.4 -2.4 9.5 104.55 10.1 1.6

Jun 15Countries & regions

FTSE Global Large Cap 1236 308.13 1.1 -0.4 2.2 393.25 3.9 3.1FTSE Global Mid Cap 1638 428.42 1.2 -2.0 1.6 520.89 2.9 2.5FTSE Global Small Cap 4492 455.81 1.2 -2.4 1.8 540.70 2.9 2.2FTSE All-World (Large/Mid Cap) 2874 200.81 1.1 -0.7 2.1 265.30 3.7 3.0FTSE World (Large/Mid Cap) 2477 351.60 1.1 -0.6 2.1 623.83 3.7 3.0FTSE Global All Cap ex UK 7039 346.69 1.1 -0.8 2.3 430.46 3.8 2.8FTSE Global All Cap ex USA 5384 364.68 1.1 -2.0 -1.6 478.58 0.4 3.6

FTSE Japan Large Cap 172 239.40 0.8 -0.9 -1.7 278.29 -0.6 2.7FTSE Japan Mid Cap 278 322.58 0.9 -2.0 -6.1 367.83 -5.2 2.1FTSE Japan Small Cap 742 374.44 0.7 -1.2 -2.7 437.92 -1.5 2.4FTSE Japan (Large/Mid Cap) 450 97.43 0.8 -1.1 -2.6 127.65 -1.5 2.6

FTSE North America Large Cap 277 298.10 1.0 1.1 6.6 362.40 7.8 2.4FTSE North America Mid Cap 413 434.83 1.2 -1.3 3.8 505.82 4.6 1.8FTSE North America Small Cap 1555 452.57 1.0 -2.0 2.1 514.12 2.7 1.6FTSE All-World North America 690 198.47 1.0 0.6 6.1 248.17 7.1 2.3FTSE All-World Dev ex North Am 1394 182.13 1.0 -2.1 -2.1 256.26 0.1 3.8

FTSE Asia Pacific Large Cap ex Japan 421 528.17 1.1 -3.5 1.9 708.03 3.6 3.4FTSE Asia Pacific Mid Cap ex Japan 446 657.27 1.0 -2.6 2.6 859.05 3.9 3.5FTSE Asia Pacific Small Cap ex Japan 1237 489.64 1.0 -3.3 1.6 630.77 2.6 3.2

FTSE Latin Americas All-Cap 209 1146.03 1.8 -2.0 -4.1 1527.60 -2.4 3.4FTSE Middle East Africa All-Cap 214 667.66 0.8 -0.5 2.3 897.65 4.1 3.5FTSE UK All Cap 327 291.02 1.0 -1.8 0.0 407.31 2.1 3.8FTSE USA All Cap 1982 329.63 1.0 0.3 6.4 393.51 7.4 2.1FTSE Europe All Cap 1402 301.89 1.3 -1.9 -2.7 414.43 0.1 4.2FTSE Eurobloc All Cap 678 261.22 1.8 -2.3 -6.0 364.29 -2.9 4.8

FTSE RAFI All-World 3000 Index 3022 4217.62 1.3 -0.8 -1.1 4805.78 0.8 3.5FTSE RAFI US 1000 Index 999 5817.93 1.0 0.9 4.6 6773.90 5.8 2.4FTSE EDHEC-Risk Efficient All-W 2874 222.72 0.9 -1.4 2.2 276.37 3.7 2.7FTSE EDHEC-Risk Efficient Dev Eur 515 201.34 1.1 -2.1 -1.6 267.88 0.7 3.6

The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index® and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010-0063942-A1, WO 2005/076812, WO 2007/078399 A2, WO 2008/118372, EPN 1733352, and HK1099110). “EDHEC™” is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. © FTSE International Limited. 2012. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence.

Gross No of US $ Day Mth YTD Total YTD Div stocks index % % % retn % YieldCountries & regions

FTSE GLOBAL EQUITY INDEX SERIES

FTSE Global All Cap ex Eurobloc 7366 341.50 1.1 -0.9 2.1 428.71 3.6 2.9FTSE Global All Cap ex Eurobloc 6688 352.75 1.0 -0.8 3.0 435.91 4.4 2.7FTSE All-World Developed 2084 311.23 1.0 -0.5 2.4 393.31 4.0 2.9FTSE Developed All-Cap 5735 324.85 1.0 -0.8 2.2 407.18 3.8 2.8FTSE Developed Large Cap 845 292.05 1.0 -0.2 2.6 372.66 4.3 3.0FTSE Developed Europe Large Cap 201 270.78 1.2 -1.5 -3.8 380.76 -0.8 4.4FTSE Developed Europe Mid Cap 314 345.21 1.4 -3.0 -1.0 453.29 1.2 3.4FTSE Developed Europe Small Cap 754 451.66 2.0 -3.4 1.9 580.23 4.2 3.3

FTSE All-World Asia Pacific ex Japan 867 413.45 1.1 -3.4 2.0 589.93 3.6 3.4FTSE All Emerging All-Cap 1631 650.75 1.6 -2.2 0.8 836.56 2.4 3.4FTSE All Emerging Large-Cap 391 628.22 1.7 -2.2 -0.6 810.43 1.2 3.5FTSE All Emerging Mid-Cap 399 773.89 1.2 -2.0 4.3 997.73 5.6 3.1FTSE All Emerging Small-Cap 841 631.69 1.4 -2.9 7.4 788.83 8.4 3.2FTSE All-World All Emerging Europe 74 417.97 1.9 -1.0 0.6 536.99 3.6 3.9

No of Euro Day’s Change Yield xd adj Total retn stocks index chge % points gross % ytd (Euro) €

FTSE Dev Eur L Cap 201 246.8 -0.1 -0.1 4.4 9.02 347.3FTSE Dev Eur M Cap 314 316.3 0.4 1.4 3.4 8.85 415.4FTSE Dev Eur S Cap 748 412.7 0.2 0.8 3.3 10.54 530.2FTSE Dev Europe 515 160.8 0.0 0.1 4.2 5.61 237.2FTSEurofirst 80 80 2859.7 -0.9 -27.4 5.2 114.63 4131.8FTSEurofirst 100 100 2992.4 -0.2 -4.8 4.7 95.02 4309.3FTSEurofirst 300 312 993.7 0.0 0.4 4.2 31.11 1555.1FTSEurofirst 300 Ezone 166 886.3 -0.7 -6.4 4.9 33.34 1388.1

Further information is avaliable on http://www.ftse.com. © FTSE International Limited (”FTSE”) 2012. All rights reserved.”FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. `FTSEurofirst´ and `Eurofirst´ are registred trade marks of FTSE and Euronext N.V. All rights in and to the FTSEurofirst indices vest in FTSE and Euronext N.V.

FTSEurofirst 300 SupersectorsOil & Gas 18 309.4 -0.3 -1.0 4.6 7.55 428.9Chemicals 14 683.3 0.3 2.3 3.2 21.43 861.5Basic Resources 14 520.8 0.3 1.5 3.1 9.39 623.3Construction & Materials 12 304.8 -0.2 -0.8 4.3 10.45 394.1IndustrialGoods&Services 55 422.5 0.5 2.0 3.5 13.40 520.5Automobiles & Parts 9 440.1 1.4 6.0 4.1 17.80 529.0Food & Beverage 17 582.3 0.6 3.3 2.9 12.30 729.4Personal&HouseholdGds 19 604.0 1.1 6.7 2.8 12.70 746.5Health Care 18 376.1 0.9 3.4 3.9 12.24 486.5Retail 15 291.5 0.5 1.4 4.1 8.24 367.6Media 10 241.8 0.3 0.8 4.5 8.29 328.2Travel & Leisure 7 341.1 0.9 3.2 2.6 6.76 438.0Telecommunications 13 258.7 -0.4 -1.0 8.4 14.50 409.2Utilities 23 284.9 -1.2 -3.4 7.0 13.37 422.5Banks 28 121.6 -1.7 -2.1 4.3 3.58 163.0Insurance 19 219.8 -0.7 -1.5 5.4 10.56 301.7Financial Services 5 254.1 0.4 0.9 4.9 11.94 343.4Technology 11 196.8 1.1 2.2 2.6 4.98 232.9

Jun 18

EQUITY INDICES - FTSE EUROPEAN

Much more data, including many tables not shown – and some no longer shown – in the paper and stock quotes updated during the day, are available on the market data pages of www.ft.com.Either click on the ‘market data’ side bar on the home page or go to www.ft.com/marketsdata. Bond and interest rate data can be found at www.ft.com/bonds&rates. UK gilt prices can be found at www.ft.com/giltswith the FTSE gilt indices at

www.ft.com/ftsegiltindices.A full commodity data service with hundreds of price quotes can be found at www.ft.com/commoditiesdata. For additional currency data (including futures and options) visit www.ft.com/currencydata. Information about the FTSE sector classification for stocks can be found on www.ft.com/ftsesectorsand the FT30 stock index at www.ft.com/ft30.Please send any comments to reader.enquiries@ft.com.

Market dataon the web

Reader guide to data in the FT

Argentina Merval 2254.56 2273.02

Australia ALL ORDINARIES 4183.87 4107.01 S&P/ASX 200 Res 4132.78 4027.70 S&P/ASX 200 4136.90 4057.33

Austria ATX 1917.66 1926.30

Belgium BEL 20 2110.59 2118.95 BEL Mid 3293.31 3298.66

Brazil Bovespa 56292.16 56104.69

Canada S&P/TSX Met & Min 903.26 894.60 S&P/TSX 60 660.85 658.58 S&P/TSX Comp 11568.35 11524.90

Chile IGPA Gen 20734.16 20783.83

China Shanghai A 2425.39 2416.02 Shanghai B 245.32 238.94 Shanghai Comp 2316.05 2306.85 Shenzhen A 1009.40 998.52 Shenzhen B 636.43 629.35 FTSE A200 7043.46 7009.84 FTSE B35 8312.32 8120.16

Colombia CSE Index (c) 13884.36

Croatia CROBEX 1623.08 1619.35

Cyprus CSE M&P Gen 150.92 152.49

Czech Republic PX 884.80 885.50

Denmark OMXC Copenhagen 20 432.98 431.19

Egypt EGX 30 4267.87 (u)

Estonia OMX Tallinn 618.85 612.03

Finland OMX Helsinki General 4948.99 4948.76

France CAC 40 3066.19 3087.62 SBF 120 2358.31 2371.42

Germany M-DAX 10089.15 10046.11 XETRA Dax 6248.20 6229.41 TecDAX 731.16 726.84

Greece Athens Gen 580.67 560.26 FTSE/ASE 20 222.95 213.77

Hong Kong Hang Seng 19427.81 19233.94 HS China Enterprise 9818.76 9744.55 HSCC Red Chip 3900.02 3851.01

Hungary Bux 17551.95 17256.16

India BSE Sens 16705.83 16949.83 S&P CNX 500 3991.35 4047.45

Indonesia Jakarta Comp 3860.16 3818.11

Ireland ISEQ Overall 3072.14 3069.58

Jun Jun 18 15

Israel Tel Aviv 100 984.04 (u)

Italy FTSE MIB 13009.63 13390.69 FTSE Italia Mid Cap 15436.82 15640.54 FTSE Italia All-Sh 13989.51 14350.75

Japan Nikkei 225 8721.02 8569.32 Topix 738.81 726.57 S&P Topix 150 622.59 612.19 2nd Section 2244.95 2219.41

Jordan Amman SE 4433.23 (u)

Kenya NSE 20 3682.23 3694.23

Latvia OMX Riga 366.28 366.22

Lithuania OMX Vilnius 338.65 335.62

Luxenbourg Luxembourg General 752.98 749.39

Malaysia FTSE Bursa KLCI 1582.73 1579.23

Mexico IPC 37791.59 37738.58

Morocco MASI 10082.22 10052.41

Netherlands AEX 297.01 297.58 AEX All Share 472.80 472.95

New Zealand NZX 50 3455.68 3447.07

Nigeria SE All Share 21028.39 21184.58

Norway Oslo All Share 442.91 444.68

Pakistan KSE 100 13754.13 13665.80

Philippines Manila Comp 5050.41 4930.63

Poland Wig 39724.59 39738.57

Portugal PSI General 1911.55 1904.39 PSI 20 4575.53 4563.15

Romania BET Index 4548.93 4494.51

Russia RTS 1347.05 1337.50 Micex Index 1388.66 1375.41

Singapore FTSE Straits Times 2824.22 2811.00

Slovakia SAX 192.85 192.82

Slovenia SBI TOP 543.58 546.85

South Africa FTSE/JSE All Share 34438.76 33959.87 FTSE/JSE Top 40 30453.02 29977.28 FTSE/JSE Res 20 49588.55 48815.15

South Korea Kospi 1891.71 1858.16 Kospi 200 251.37 246.57

Spain Madrid SE 660.16 680.70 IBEX 35 6519.90 6719.00

Sri Lanka CSE All Share 4998.10 4991.21

Sweden OMX Stockholm 30 981.05 977.53 OMX Stockholm AS 305.56 304.61

Switzerland SMI Index 5938.76 5911.82

Taiwan Weighted Pr 7281.50 7155.83

Thailand Bangkok SET 1163.41 1165.73

Turkey ISE 100 58324.86 58467.79

UK FTSE 100 5491.09 5478.81 FT30 1880.40 1875.70 FTSE All Share 2847.84 2842.44 FTSE techMARK 100 2186.84 2174.68 FTSE4Good UK (u) 4540.01

USA S&P 500 1342.36 1342.84 FTSE Nasdaq 5000 7661.45 7627.35 Nasdaq Cmp 2883.96 2872.80 Nasdaq 100 2582.36 2571.23 Russell 2000 769.97 771.32 NYSE Comp. 7640.68 7664.26 Wilshire 5000 13959.91 13903.81 DJ Industrial 12739.89 12767.17 DJ composite 4393.05 4380.98 DJ Transport 5132.94 5091.24 DJ Utilities 483.75 483.05

Venezuela IBC 243141.19 244600.38

Vietnam VNI 435.59 433.09

Cross-Border Stoxx 50 € 2321.97 2320.26 Euro Stoxx 50 € 2155.64 2181.23 DJ Global Titans $ 181.51 181.46 Euronext 100 ID 587.43 589.01 FTSE Multinatls $ (u) 1102.54 FTSE Global 100 $ 979.65 979.21 FTSE4Good Glob $ (u) 4059.86 FTSE E300 993.67 993.23 FTSEurofirst 80 € 2859.65 2887.03 FTSEurofirst 100 € 2992.45 2997.21 FTSE Latibex Top € 4443.20 4428.30 FTSE Eurotop 100 2059.19 2059.24 FTSE Gold Min $ (u) 2931.72 FTSE All World (u) 200.81 FTSE World $ (u) 351.60 MSCI All World $ (u) 1208.53 MSCI ACWI Fr$ (u) 305.60 MSCI Europe € (u) 1005.17 MSCI Pacific $ (u) 1878.75 S&P Global 1200 $ 1357.38 1357.15 S&P Europe 350 € 999.85 999.29 S&P Euro € 912.58 919.17

Country Index Jun Jun 18 15

Jun Jun 18 15

Country Index Country Index

(c) Closed. (u) Unavaliable. † Correction. ™ Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive.

STOCK MARKET - WORLD MARKETS AT A GLANCE

Week ago Yield P/E Yield P/E Yield P/E

Argentina 7.5 7.1 7.8 6.9 7.5 7.1Australia 5.0 13.1 5.0 13.1 5.0 13.1Austria 3.1 11.0 3.2 10.8 3.2 10.8Belgium 2.5 16.4 2.5 16.4 2.5 16.1Brazil 3.9 11.0 3.9 10.9 4.0 10.8Bulgaria 3.1 8.6 3.1 8.6 3.1 8.6Canada 3.2 13.3 3.2 13.2 3.2 13.2S&P/TSX 3.4 12.9 3.4 12.9 3.4 12.9Chile 2.9 17.6 2.9 17.5 2.9 17.4China 4.3 7.3 4.4 7.1 4.4 7.1Colombia 2.8 15.6 2.8 15.6 2.8 15.4Cyprys 1.0 64.7 1.0 62.8 1.1 55.8Czech Rep. 5.9 12.1 5.8 12.1 6.1 12.2Denmark 2.0 17.4 2.0 17.3 2.0 17.3Finland 5.8 13.4 6.0 13.1 5.7 13.7France 4.2 11.4 4.3 11.2 4.2 11.3Germany 3.7 11.2 3.8 11.0 3.7 11.1DAX 30 † 4.2 10.8 4.3 10.7 4.3 10.7Greece 2.9 9.3 2.9 9.2 3.2 8.3Hong Kong 3.1 10.3 3.1 10.2 3.2 10.0Hang Seng † 3.8 9.3 3.9 9.1 4.0 8.9Hungary 3.6 13.1 3.7 12.8 3.6 13.1India 1.7 16.3 1.7 16.2 1.7 16.2Indonesia 2.6 15.2 2.6 15.1 2.5 15.2Ireland 1.2 16.8 1.2 16.5 1.2 16.8Israel 4.7 10.8 4.7 10.7 4.5 11.2Italy 5.1 11.5 5.3 11.3 5.1 11.6Japan 2.6 13.3 2.6 13.3 2.6 13.1Topix † 2.6 11.9 2.6 11.9 2.6 11.8Luxemburg 4.3 8.2 4.6 8.1 4.3 8.2Malaysia 3.3 15.1 3.4 15.1 3.3 15.1

Week ago Yield P/E Yield P/E Yield P/E

Malta 4.2 19.2 4.2 19.2 4.2 19.2Mexico 1.8 16.3 1.8 16.2 1.8 16.2Netherland 3.3 13.6 3.3 13.4 3.3 13.5AEX † 4.1 8.7 4.2 8.5 4.2 8.5New Zealand 4.5 13.1 4.5 13.0 4.4 12.7Norway 4.8 9.4 4.9 9.2 4.9 9.3Pakistan 6.7 9.6 6.7 9.6 6.7 9.6Peru 5.2 36.5 5.2 37.1 5.1 37.3Philippines 2.2 18.9 2.1 19.2 2.1 19.2Poland 4.5 8.2 4.6 8.1 4.7 8.0Portugal 5.8 13.7 5.9 13.3 5.8 13.6Romania 6.6 6.8 6.6 6.8 6.8 6.6Russia 4.0 5.4 4.1 5.3 4.1 5.3Singapore 3.3 8.8 3.3 8.7 3.3 8.6Slovenia 4.0 10.3 4.0 10.3 3.9 10.2South Africa 3.6 14.5 3.6 14.4 3.6 14.7South Korea 1.4 12.3 1.4 12.4 1.5 12.2Spain 8.1 9.7 8.2 9.7 8.3 9.5Ibex 35 † 9.0 8.8 9.1 8.8 9.3 9.3Sri Lanka 2.8 12.4 2.8 12.3 2.8 11.6Sweden 4.3 12.4 4.3 12.4 4.3 12.5Switzerland 3.5 15.7 3.5 15.8 3.5 15.8Taiwan 4.1 16.3 4.3 16.1 4.5 15.9Thailand 3.5 13.9 3.6 13.8 3.7 13.4Turkey 2.5 10.0 2.5 9.9 2.5 9.8UK 3.7 9.9 3.7 9.9 3.7 9.8USA 2.2 14.7 2.2 14.5 2.2 14.5Dow Jones † 2.8 13.9 2.8 13.6 2.8 13.7S&P 500 † 2.7 14.4 2.7 14.1 2.7 14.2Venezuela 14.0 4.6 14.1 4.6 14.2 4.6

Country yields and P/E’s relate to a sample of stocks that cover at least 75% of each markets capita-lisation. † Losses are excluded from the P/E calculation on country indices. Source: ThomsonReuters

Jun 15 Jun 14 Jun 15 Jun 14STOCK MARKET - RATIOS

VOLATILITY INDICES Day Chng Prev. 52 wk high 52 wk low

VIX † 19.10 -2.01 21.11 48.00 13.66VXD † 17.20 -1.19 18.39 42.64 12.11VXN † 19.92 -1.94 21.86 47.23 15.76VDAX ‡ 26.27 -3.30 29.57 31.78 17.73

† CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility, ‡ Deutsche Borse. VDAX: DAX Index Options Volatility.

Jun 18

MARKET DATA

The data and prices listed are indicative and, while believed to be accurate at the time of publication,the FT does not warrant or guarantee that the information is reliable or complete. The FT does notaccept responsibility and will not be liable for any loss arising from the reliance on or use of theinformation.

Euro-€ £ Stig. SwFr US $ Yen Bid Ask Bid Ask Bid Ask Bid Ask Bid Ask1 year2 year3 year4 year5 year6 year7 year8 year9 year10 year12 year15 year20 year25 year30 year

Bid and ask rates as of close of London business. US $ is quoted annual money actual/360 basis against 3 month Libor. £ and Yen quoted on a semi-annual actual/365 basis against 6 month Libor with excep-tion of the 1 Year GBP rate which is quoted against 3 month Libor. Euro/Swiss Franc quoted on annual bond 30/360 basis against 6 month Euribor/Libor with exception of the 1 year rate which is quoted against 3 month Euribor/Libor. Source: ICAP plc.

0.06 0.120.02 0.100.06 0.140.15 0.230.27 0.350.40 0.480.54 0.620.66 0.740.77 0.850.86 0.940.99 1.091.12 1.221.20 1.301.24 1.341.25 1.35

0.49 0.520.53 0.560.60 0.630.75 0.780.94 0.971.14 1.171.31 1.341.47 1.501.60 1.631.72 1.751.92 1.952.11 2.142.26 2.292.34 2.372.38 2.41

0.31 0.370.31 0.370.32 0.380.33 0.390.37 0.430.43 0.490.51 0.570.60 0.660.70 0.760.80 0.860.99 1.071.23 1.311.48 1.561.58 1.661.62 1.70

0.72 0.750.88 0.920.88 0.920.95 1.001.09 1.141.25 1.301.43 1.481.60 1.651.77 1.821.92 1.972.14 2.212.37 2.462.61 2.742.76 2.892.84 2.97

0.84 0.880.82 0.860.91 0.951.07 1.111.24 1.281.40 1.441.54 1.581.65 1.691.75 1.791.84 1.881.98 2.022.09 2.132.10 2.142.10 2.142.10 2.14

Jun 18

INTEREST RATES - SWAPS

Energy Price* Change

Sources: † NYMEX, ‡ ECX/ICE, u CBOT, @ NYSE Liffe, ™ NYBOT, ® CME, ´ LME/London Metal Exchange. * Latest prices, $ unless otherwise stated. ± Platts. ≠ The Steel Index.

Agricultural & Cattle Futures Price* Change

Precious Metals (PM London Fix)

Base Metals (´ LME 3 Month)

WTI Crude Oil † Jul 83.27 -0.76Brent Crude Oil ‡ Aug 96.05 -1.56RBOB Gasoline † Jul 2.6609 -0.0408Heating Oil † Jul 2.6177 -0.0288Natural Gas † Jul 2.635 +0.168Ethanol u Jul 2.077 +0.050Uranium 51.00 ncCarbon Emissions ‡ Jun €7.33 +0.10Diesel (French) 853.00 -9.00Unleaded (95R) 912.00 -11.00

Aluminium 1921.00 -30.00Aluminium Alloy 1830.00 -30.00Copper 7480.50 -34.50Lead 1908.00 -21.50Nickel 16675.00 +25.00Tin 19425.00 -75.00Zinc 1886.00 -15.00

Gold 1615.50 -11.75Silver (US Cents) 2843.00 -23.00Platinum 1484.00 -9.00Palladium 628.00 -4.00

Corn u Jul 599.50 +20.00Wheat u Jul 630.25 +20.75Soyabeans u Jul 1384.25 +8.25Soyabeans Meal u Jul 412.90 +2.80Cocoa v Jul £1530 -45Cocoa ™ Jul 2.174 0Coffee (Robusta) v Jul 2066 -29Coffee (Arabica) ™ Jul 149.55 -0.50White Sugar v Aug 595.30 +9.70Sugar 11 ™ Jul 20.86 +0.02Cotton ™ Jul 82.98 +3.00Orange Juice ™ Jul 112.55 +3.25Palm Oil Dec 975.00 +10.00Live Cattle ® Jun 117.200 +1.050Feeder Cattle ® Aug 156.125 +0.100Lean Hogs ® Jul 95.450 +2.425

Bulk CommoditiesIron Ore (Platts) ± Jul 135.25 +1.00Iron Ore (TSI) ≠ 136.00 +1.00globalCOAL RB Index 82.38 -0.70Baltic Dry Index 938 +14

% Chg % Chg Mnth YearS&P GSCI Spt 582.62 -8.0 -13.7DJ UBS Spt 128.79 -4.1 -19.5R/J CRB TR 272.50 -5.9 -19.2Rogers RICIX TR 3309.17 -6.2 -16.8M Lynch MLCX Spt 494.44 -6.7 -13.6UBS B’berg CMCI TR 1188.87 -4.4 -15.1LEBA EUA Carbon 7.13 11.4 -55.7LEBA CER Carbon 3.46 -2.3 -71.2LEBA UK Power 42.50 -5.6 -16.8

Jun 15

COMMODITIES

DOLLAR EURO POUND Closing Day’s Closing Day’s Closing Day’s Currency Mid Change Mid Change Mid Change

DOLLAR EURO POUND Closing Day’s Closing Day’s Closing Day’s Currency Mid Change Mid Change Mid Change

Rates are derived from WM/Reuters at 4pm (London time). * The closing mid-point rates for the Euro and £ against the $ are shown in brackets.The other figures in the dollar column of both the Euro and Sterling rows are in the reciprocal form in line with market convention. Currency redenominated by 1000. Some values are rounded by the F.T. The exchange rates printed in this table are also available on the internet at http://www.FT.com/marketsdataEuro Locking Rates: Austrian Schilling 13.7603, Belgium/Luxembourg Franc 40.3399, Cyprus 0.585274, Finnish Markka 5.94572, French Franc 6.55957, German Mark 1.95583, Greek Drachma 340.75, Irish Punt 0.787564, Italian Lira1936.27, Malta 0.4293, Netherlands Guilder 2.20371, Portuguese Escudo 200.482, Slovenia Tolar 239.64, Spanish Peseta 166.386

Argentina (Peso) 4.4963 0.0025 5.6561 -0.0174 7.0454 0.0158Australia (A$) 0.9912 -0.0031 1.2469 -0.0084 1.5532 -0.0022Bahrain (Dinar) 0.3771 - 0.4743 -0.0017 0.5908 0.0010Bolivia (Boliviano) 6.9100 - 8.6925 -0.0314 10.8277 0.0183Brazil (R$) 2.0650 0.0206 2.5976 0.0166 3.2357 0.0377Canada (C$) 1.0254 0.0019 1.2899 -0.0023 1.6067 0.0057Chile (Peso) 500.250 1.1000 629.290 -0.8874 783.867 3.0464China (Yuan) 6.3570 -0.0081 7.9968 -0.0392 9.9611 0.0041Colombia (Peso) 1784.00 — 2244.18 -9.3798 2795.44 3.1635Costa Rica (Colon) 498.630 -0.1000 627.252 -2.3953 781.330 1.1652Czech Rep. (Koruna) 20.3427 0.1165 25.5900 0.0545 31.8759 0.2361Denmark (DKr) 5.9083 0.0217 7.4323 0.0005 9.2580 0.0497Egypt (Egypt £) 6.0475 0.0010 7.6075 -0.0263 9.4762 0.0176Hong Kong (HK$) 7.7587 0.0004 9.7601 -0.0348 12.1575 0.0211Hungary (Forint) 232.104 -1.2071 291.975 -2.5800 363.695 -1.2731India (Rs) 55.9950 0.3200 70.4389 0.1492 87.7414 0.6490Indonesia (Rupiah) 9425.00 40.0000 11856.2 7.6168 14768.5 87.5498Iran (Rial) 12300.0 - 15472.8 -55.9650 19273.5 32.5950Israel (Shk) 3.8623 0.0103 4.8586 -0.0046 6.0520 0.0263Japan (Y) 78.9100 0.1800 99.2648 -0.1318 123.648 0.4907 One Month 78.8793 0.0020 99.2484 0.0014 123.585 0.0045 Three Month 78.8117 0.0044 99.2270 0.0111 123.456 0.0127 One Year 78.3728 0.0288 99.0803 0.0429 122.716 0.0433Kenya (Shilling) 84.3500 -0.5500 106.108 -1.0781 132.172 -0.6369Kuwait (Dinar) 0.2799 - 0.3521 -0.0013 0.4386 0.0007Malaysia (M$) 3.1575 -0.0020 3.9720 -0.0170 4.9477 0.0053Mexico (New Peso) 13.9043 -0.0100 17.4910 -0.0759 21.7874 0.0211New Zealand (NZ$) 1.2641 -0.0055 1.5901 -0.0128 1.9807 -0.0054Nigeria (Naira) 161.950 -1.2350 203.725 -2.2961 253.768 -1.5028Norway (NKr) 5.9891 0.0367 7.5340 0.0190 9.3846 0.0732Pakistan (Rupee) 94.0050 -0.1500 118.254 -0.6171 147.301 0.0145Peru (New Sol) 2.6465 -0.0210 3.3292 -0.0386 4.1470 -0.0259Philippines (Peso) 42.2750 - 53.1798 -0.1924 66.2428 0.1120

Poland (Zloty) 3.4014 0.0102 4.2788 -0.0026 5.3299 0.0250Romania (New Leu) 3.5489 0.0077 4.4643 -0.0063 5.5609 0.0216Russia (Rouble) 32.4478 -0.0548 40.8177 -0.2168 50.8440 0.0003Saudi Arabia (SR) 3.7505 -0.0001 4.7179 -0.0172 5.8768 0.0098Singapore (S$) 1.2723 - 1.6005 -0.0058 1.9936 0.0033South Africa ( R) 8.3383 -0.0293 10.4891 -0.0749 13.0656 -0.0237South Korea (Won) 1157.05 -8.5500 1455.51 -16.0590 1813.04 -10.3086Sweden (SKr) 7.0275 0.0349 8.8403 0.0121 11.0118 0.0732Switzerland (SFr) 0.9547 0.0034 1.2010 0.0000 1.4960 0.0078Taiwan (T$) 29.8730 -0.0480 37.5788 -0.1966 46.8095 0.0041Thailand (Bt) 31.4700 -0.0350 39.5877 -0.1874 49.3119 0.0286Tunisia (Dinar) 1.5932 -0.0009 2.0041 -0.0083 2.4964 0.0029Turkey (Lira) 1.8148 0.0002 2.2829 -0.0080 2.8436 0.0051U A E (Dirham) 3.6730 0.0000 4.6205 -0.0168 5.7554 0.0096UK (0.6382)* (£) 1.5670 0.0027 0.8028 -0.0042 - - One Month 1.5668 0.0000 0.8031 0.0000 - - Three Month 1.5665 0.0001 0.8037 - - - One Year 1.5658 - 0.8074 - - -Ukraine (Hrywnja) 8.0650 -0.0025 10.1454 -0.0398 12.6375 0.0175Uruguay (Peso) 21.4000 - 26.9202 -0.0974 33.5328 0.0567USA ($) - - 1.2580 -0.0046 1.5670 0.0027 One Month - - 1.2582 0.0000 1.5668 0.0000 Three Month - - 1.2590 0.0001 1.5665 0.0001 One Year - - 1.2642 0.0000 1.5658 -Venezuela (Bolivar Fuerte) 4.2947 - 5.4025 -0.0195 6.7295 0.0114Vietnam (Dong) 20955.0 -5.0000 26360.3 -101.661 32835.4 47.7100

Euro (0.7949)* (Euro) 1.2580 -0.0046 - - 1.2457 0.0066 One Month 1.2582 0.0000 - - 1.2452 0.0000 Three Month 1.2590 0.0001 - - 1.2442 0.0000 One Year 1.2642 0.0000 - - 1.2386 -0.0001

SDR - 0.6582 0.0009 0.8280 -0.0019 1.0314 0.0031

Jun 18

COMMODITIES www.ft.com/commodities

CURRENCIES www.ft.com/currencydata

INTEREST RATES www.ft.com/bonds&rates INTEREST RATES www.ft.com/bonds&rates

GlobalHFRX Global Hedge Fund Index 1119.12 -0.0333 -0.64 0.88HFRX Equal Weighted Strategies Index 1107.90 -0.0355 -0.55 0.83HFRX Absolute Return Index 945.70 0.0996 -0.15 -0.09HFRX Market Directional Index 1001.36 0.1059 -0.87 -2.00Equity HedgeHFRX Equity Hedge Index 1001.02 0.0395 -0.60 0.06HFRX EH: Equity Market Neutral Index 937.00 -0.0755 -1.00 -4.52HFRX EH: Fundamental Growth Index 1426.30 -0.0861 -1.45 1.22HFRX EH: Fundamental Value Index 928.61 0.0170 0.00 0.50Event DrivenHFRX Event Driven Index 1346.20 0.0305 -0.58 2.98HFRX ED: Distressed Restructuring Index 974.16 -0.0555 -0.53 3.23HFRX ED: Merger Arbitrage Index 1515.77 0.1051 -0.07 1.48HFRX ED: Special Situations Index 1086.18 0.0611 -0.73 1.30MacroHFRX Macro/CTA Index 1148.05 -0.1262 -1.03 -1.54HFRX Macro: Systematic Diversified CTA Index 1594.05 -0.0948 -2.18 -2.89Relative ValueHFRX Relative Value Arbitrage Index 1148.04 -0.0899 -0.38 1.75HFRX RV: FI-Convertible Arbitrage Index 674.34 -0.1561 -0.27 2.94HFRX RV: Multi-Strategy Index 1801.49 -0.1050 -0.10 1.76HFRI Monthly Strategy Indices - USD (May 2012)HFRI Fund Weighted Composite Index 10584.22 - -2.26 1.86HFRI Fund of Funds Composite Index 4871.69 - -1.78 1.26

HFR INDICES Index Value Dtd % Mtd % Ytd %June 14

Indices calculated by HFR (Hedge Fund Research Inc.) www.hfr.com

JUNE 19 2012 Section:Stats Time: 18/6/2012 - 20:40 User: watsonl Page Name: CURRTAB USA, Part,Page,Edition: EUR, 25, 1

26 ★ FINANCIAL TIMES TUESDAY JUNE 19 2012

MARKETS & INVESTING

StevenMajorINSIGHT

In the absence of a miraculous recovery ingrowth, the eurozone periphery desperatelyneeds lower funding costs – and fast. How canSpain pay interest of 7 per cent on its 10-yearbonds when its economy is set to shrinkduring the next two years? One of the mosteffective ways of doing it – for Spain andother countries – is to mutualise eurozonedebt through common issuance.

Momentum is building for common issuance,a broad term that embraces everything fromshort-dated eurobills to eurobonds. TheInternational Monetary Fund and three of thefour biggest eurozone governments support it,and this week common issuance is beingdebated in the European parliament. A sign ofthe momentum is that it will featureprominently in discussions at the Europeancouncil meeting this month.

The biggest roadblock is Germany, whichuntil now has resolutely refused to considereurobonds outside broader moves towardsgreater political and fiscal union.

In the language of the bond market, asticking point is moving from the current

preferred structureof several liability,which capseach country’sexposure, to jointand several, wherecountries can beliable for the debtsof others.

So how canAngela Merkel,the Germanchancellor, be wonover? Two ideasshould be exploredimmediately:

eurobills, debt with maturity of less than oneyear; and the European Redemption Fund,which would finance any sovereign debt above60 per cent of gross domestic product butunder strict conditions. Germany has neverexplicitly ruled out the former, and the ERFidea derives from Germany’s own Council ofEconomic Experts, or Five Wise Men.Crucially, both eurobills and the ERF may getround the requirement for European treatychange and be acceptable to Germany’sconstitutional court. Eurobills could even beissued without the more controversial jointand several guarantee.

Eurobills are relatively quick and easy toimplement. Their short maturity gives themeffective seniority over bonds – and they havenever previously been restructured whendeveloped markets have defaulted. Theyshould be attractive to banks, which couldhold them as security against deposits,providing much-needed bank depositinsurance. Just as important, their renewalcan be made to depend on meeting agreedconditions, just as countries in structuraladjustment programmes receive their funds.Connecting the benefits of lower refinancingrates with progress on reform is much morelikely to gain acceptance in Berlin.

German short-term debtcurrently yields0 per cent so thisproposal wouldincrease the costsof Germany’sfunding, althoughnot significantly.The real impactwould be on thefinancing costs ofperipheralcountries. Basedon the weightedaverage of existing

eligible bill markets, the yield on a one-yeareurobill would be 50 to 80 basis points, farbelow the current 5 per cent being paid bySpain and Italy for short-term debt.

The ERF, in essence a plan to mutualisesovereign debt above 60 per cent of GDP,would complement eurobills. As devised bythe German wise men, this would see theissuance of about €2.3tn of triple A debt overthree to four years. Participating countries,including all the big eurozone membersmeeting eligibility criteria, would guaranteethe debt (jointly and severally) and agree topay it down over a 20 to 25-year period.

Joint and several guarantees are one of themain reasons the German government hasopposed common issuance. The wise menclaim that this is technically a “temporary”measure – something Germany and othercreditor countries might not necessarilyaccept. Hence, eurobills are the place to start.

Mutualisation of debt would force upGerman bond yields from their currentextraordinarily low levels, especially at theshort end, if eurobills are introduced.Although this involves a cost for Germany, itmay be extremely modest if longer-dated bondyields stay low, because they remain the firstchoice for high-quality duration.

And it should be remembered that if theeurozone broke up, Germany would pay inother ways. Institutions such as the ECB andthe European Financial Stability Facility haveseveral liability, which means that in a break-up scenario Germany would be liable for up toa third of losses. This could apply to theECB’s securities markets programme and theTarget 2 balances, which means the bill forGermany could be at least €400bn.

Common issuance is only one part of apossible solution to the eurozone debt crisis. Alasting fix will also require other movesincluding bank recapitalisations, depositguarantees and a eurozone-wide bankingunion. As we have seen many times duringthis crisis, piecemeal moves – the latest beingthe Spanish banks bailout – are quickly seenby markets as inadequate if they areimplemented on their own.

Steven Major is global head of fixed incomeresearch at HSBC

Momentum isbuilding forcommonissuance, whichwould lowerfunding costsfor countries onthe periphery

Piecemealmoves arequickly seen bymarkets asinadequate ifthey areimplemented ontheir own

Eurobills coulddrive throughthe Germanroadblock

Insurance ban hits Iranian oil salesBy Javier Blas in New York

Iranian oil exports havedropped sharply this monthas an imminent insuranceban on tankers carrying thecountry’s crude puts offbuyers.

An EU ban on the sale ofsuch insurance comes in onJuly 1, with an embargoon Iranian oil.

But the impact will be feltwidely, preventing Asianrefiners from purchasingprotection and indemnity,known as P&I, in the Lon-don insurance market.

Oil traders say the insur-ance ban will force South

Korea, Singapore, Turkey,South Africa and Taiwanto all but stop buying Ira-nian oil. India will alsoface difficulties.

Traders and consultantswho monitor Iranian oilexports estimate that saleswill drop by about 400,000barrels a day by July 1, ontop of the approximately600,000 b/d Iran has alreadylost ahead of the forthcom-ing EU embargo.

“After July 1, Iran wouldhave lost effectively abouthalf of its pre-sanctions oilincome,” said an official ata large independent com-modities trading house.

However, China andJapan, the largest and

third-largest buyers of Irancrude, are set to providesovereign insurance guar-antees, allowing trade tocontinue.

Oil traders and consult-ants conceded that their

assessment was an approxi-mation because Iran hadordered its oil tankers toswitch off tracking beacons,allowing the vessels to hidefrom traders and shippingbrokers.

But anecdotal evidence

and comments from largeimporters of Iranian oilpoint to a sizeable impact.

S Jaipal Reddy, India’s oilminister, last week hintedthat the world’s second-largest buyer of Iranian oilcould stop imports becauseof lack of insurance.

“We are struggling to findsolutions,” he said inVienna during an Opecmeeting. Hours later, NewDelhi announced a dealwith Saudi Arabia to buyextra crude oil.

The drop in Iranian sup-plies is providing support tothe oil market, althoughprices were at an 18-monthlow yesterday amid widerunease in the financial mar-

kets over the eurozone debtcrisis and prospects for eco-nomic growth.

ICE July Brent fell to asession low of $95.38 a bar-rel, the lowest since Janu-ary 2010. It later tradeddown $1.41 at $96.20 a bar-rel. Nymex July WTI fell to$83.26 a barrel.

Iran could bypass theproblem by using itsown vessels and insurance,although traders remainsceptical. NITC, the formerstate-owned company thatis the largest owner ofcrude oil tankers in Iran,has told customers it willcontinue shipping withinsurance provided by theIranian-owned Kish P&I

Club. But western traderssay a large proportion ofthe NITC fleet of 25 super-tankers (very large crudecarriers that can carry 2mbarrels apiece) and nineSuezmax tankers (capableof carrying 1m barrels) isalready in use providingfloating storage.

The International EnergyAgency estimates that Iranis storing at least 40m-42mbarrels of crude oil in tank-ers offshore, equal to abouttwo-thirds of the NITC fleet.

In addition, Iran is stor-ing 20m-25m barrels ofcrude in onshore facilities.

www.ft.com/commoditiesTwitter: @ftcommodities

COMMODITIES

Investors demand big yieldpremiums on corporate bonds

kets are from issuers whoabsolutely need to raise themoney,” said Tim Broad-bent, head of leveraged loansyndicate for the Americasat Barclays.

“The opportunistic bor-rowers, or any other issuerwho is in position to wait abit, is standing on the side.”

Average yields on USinvestment grade bonds are3.31 per cent, according toBarclays. Overall risk pre-miums or spreads on thebonds over comparable US

Treasuries rose as high as215 basis points this month,

By Vivianne Rodriguesin New York

Investors are demandingsignificant yield premiumsto buy new corporate debtbeing sold in the US as com-pensation for the rise inmarket volatility stemmingfrom the worsening of thedebt crisis in Europe.

Bankers estimate that forinvestment-grade bonds,investors are asking foryields that are on average20-25 basis points higherthan where existing bondsby the same issuer are trad-ing in secondary markets.

That is the highest so-called new issue concessionsince the start of the year.

These concessions haveclimbed in the past weeks.Investors often seek incen-tives to buy bonds in timesof turmoil, although levelsare lower than the full per-centage point demanded inthe aftermath of the finan-cial crisis and the collapseof Lehman Brothers.

In a robust market, newbonds are sold at a yieldclose to where existing debttrades or sometimes lower.

“Market volatility hasincreased and recently theonly issues coming to mar-

Barclays investment gradecorporate index

Source: Barclays

Yield (%)

2007 08 09 10 11 122

4

6

8

10

the highest level since Jan-uary. The spread wideningbecomes more significantthe lower the credit rating.

That means rock-bottomcorporate borrowing ratesare no longer available to abroad swathe of companiesand many groups able totake advantage of histori-cally low rates have alreadyissued debt, say bankers.

“In an environmentwhere spreads are widen-ing, there’s little incentivefor investors to step for-ward and take new paper,because it may lose groundthe next morning,” saidAdrian Miller, a global mar-ket strategist at GMP.

“As long as there is thisoverhang from Europe, thecalendar for new issuancewill be tight. As a borrower,you really need to haveeither a pristine balancesheet or definitely be inneed to come to markets.”

US-marketed investmentgrade issuance is runningat just $28bn this month,versus a monthly averageof $88bn this year, accord-ing to Dealogic. Last week,issuance was just $11bn, theslowest week in a month.

Additional reporting byNicole Bullock

Default concerns grip munison California bond confusion

“Understanding this[issue] is like doing breast-stroke in quicksand becausethe information is so thickand murky,” said MarilynCohen, founder of LosAngeles-based EnvisionCapital Management, a pri-vate wealth advisory.

Moody’s has said it maystop rating this debt due to“insufficient information”to evaluate the probabilityof default.

The rating agency alsorecently stripped $11.6bn ofRDA debt of its investmentgrade ratings, warning of“the potential for debt serv-ice defaults.”

In an example of the diffi-culties, officials for SanJose’s RDA, one of the larg-est such agencies, and thecounty of Santa Clara aremired in a dispute over howproperty tax revenueshould be divided among

By Nicole Bullock inNew York and MattGarrahan in Los Angeles

Default fears have gripped a$20bn part of the US munic-ipal bond market as the fall-out from state budget cutsin California may threatenupcoming payments.

At issue are bonds sold byso-called redevelopmentagencies, RDAs, in thestate.

The agencies weredesigned to spur growth introubled local areas andhad borrowing powerbacked by property tax rev-enues. The RDAs were elim-inated in state budget cutslast year, a move that hasushered in uncertainty.

The legislation calling forthe wind-down of RDAsincluded provisions toensure their debt wasrepaid, but the process hasproved tricky, creatingincreasing confusion amonginvestors and squabbling inCalifornia over how the taxrevenues will be divvied up.

The situation has leftinvestors, mostly wealthyindividuals who benefitfrom tax breaks on munis,with little insight as to howto evaluate these bonds.

them, threatening a debtpayment in August.

According to the Califor-nia state controller’s office,there is about $20bn of thisRDA debt outstanding.

“Clearly, the legislativeintent was not to disadvan-tage bondholders, but weare very concerned with theadministrative risk associ-ated with the wind-downprocess,” said Adam Ber-gonzi, chief risk officer atNational Public FinanceGuarantee Corp, a unit ofMBIA, which insures $6.7bnof this debt.

The problems that haveemerged with RDA debt,though considered isolatedin a vast market that totalsabout $4tn, are the latestexample of potential risksin municipal bonds, aninvestment traditionallyconsidered one of the safest.

In recent years, local fis-cal strife stemming fromthe recession and the col-lapse of the bond insuranceindustry, which once guar-anteed many “munis,” haveweighed on the market.

Many observers have alsopointed to a lack of disclo-sure and transparency, acriticism supported by theRDAs situation.

The arrival of US coal into Asia comes as regional producers such as in Australia, pictured, raise output Bloomberg

Surge in US coal exports have overwhelmed demand while prices have dropped sharply over the past year

Sources: US National Mining Association; Reuters

US coal net exports (m tonnes) US coal prices ($ per tonne)

May 2010 2011 Jun201280

90

100

110

120

130

10

20

30

40

50

60

70

80

90

100

1995 98 2000 02 04 06 08 11

Miners hitby coal glutas pricesslide to lows

Edward Muller, chief execu-tive of GenOn Energy, aHouston-based utility, tookan unusual decision a fewweeks ago: he decided todeclare force majeure oncoal purchases.

The use of the forcemajeure legal clause allowscompanies to walk awayfrom contracted deliveries.But its use by GenOn wasextremely atypical.

Force majeures are cus-tomarily triggered by so-called acts of God, such ashurricanes or flooding.

But GenOn’s problem wasvery different. “We havegiven force majeure becauseour coal piles are full,” MrMuller said. “We just can’tphysically take it rightnow.”

The coal glut that GenOnfaces is emblematic of thestate of the industry as USutilities burn more naturalgas after the shale revolu-tion sent its price to adecade-low.

This coal-to-gas shift alsoexplains why coal priceshave fallen to a two-yearlow, dragging down miningshares.

Although overshadowedby commodities such asiron ore and copper, theprice of thermal coal, usedto fire power stations, andcoking coal, used in steel-making, is crucial for the

profitability of the globalmining industry.

Coal accounted for nearlya third of the operatingprofit of London-listed blue-chip miners Xstrata andAnglo American last year.For pure-play miners,including London-listedBumi New York-listed Pea-body, Arch Coal and AlphaNatural Resources, the situ-ation is even more extreme.The share price of some ofthem has plunged up to 90per cent over the past year.

The coal mining industrynow fears a lasting crisis onthe back of cheap US gasproduction. “We face astructural change,” says asenior mining executive.

The shift in the US fromcoal to gas has forced USminers to export a growingshare of their output, justas other top producersincluding Australia, Colom-bia and Indonesia, theworld’s largest coalexporter, ramp up output.

The share of electricitygenerated by burning coalin the US has fallen to itslowest level in nearly 40years, according to the USDepartment of Energy.

Paolo Coghe, analyst atSociété Générale in Paris,says US exports are goingfrom “strength to strength,embodying the plight of theUS coal industry”. US coalnet exports surged last yearto 94m tonnes, up 600 percent from five years agoand the highest since 1991,according to the NationalMining Association.

The surge in US exports,initially into the Atlanticbut increasingly now intothe Asia-Pacific region, hasoverwhelmed demand, evenif consumption in Asiaremains healthy.

Thermal coal for delivery

in three months in theEuropean hub of Amster-dam-Rotterdam-Antwerpfell last week to a two-yearlow of $82 a tonne.

Coal prices hit a recordhigh of $220 in July 2008 butplunged after the globalfinancial crisis to a low of$61 in March 2009.

In Europe, coal demand isweak due to the eurozonedebt crisis and substitutionfor renewables in the powersector, executives say.

Asia is at least offering a

counterweight with robustimports. From January toMay, Chinese coal importsrose above 90m tonnes,almost 60 per cent higherthan in the same period oflast year. However, even inChina, low electricity pro-duction, coupled withstrong hydroelectric genera-tion, has led to a lower coalburn and thus a dramaticincrease in inventories.

With stocks full andprices down, local tradershave defaulted on contracts.

The arrival of US coal intoAsia also comes just asregional producers ramp upoutput. Indonesian supplyis heading towards a 10 percent jump from last year’slevel and Australian coalproduction has recoveredfrom last year’s floodingdisruption.

The combination of sup-ply and demand forcesmeans thermal coal pricesare unlikely to recover anytime soon, executives andtraders say. But they do

believe further downside islimited as prices are belowthe cost of production ofsome collieries in the US,Australia and Russia.

Traders estimate that inthe seaborne market ofroughly 850m tonnes, minesaccounting for about 90mtonnes are losing money.

Indeed, the first signs of asupply response are emerg-ing as miners supplying USutilities such as GenOnstart to cut back their pro-duction.

News analysisShift to gas hasforced US miners toexport a growingshare of theiroutput as other biggroups raise output,writes Javier Blas

1m b/dEstimated drop in sales bytime of July 1 EU embargo

‘Understandingthis [issue] islike doingbreaststrokein quicksand’

JUNE 19 2012 Section:Markets Time: 18/6/2012 - 19:29 User: kallmanng Page Name: LSE USA, Part,Page,Edition: EUR, 26, 1

FINANCIAL TIMES TUESDAY JUNE 19 2012 ★ 27

MARKETS & INVESTING

Fears over Spaintrump electionlift from Greece

Investors are getting usedto short lived rallies. Therelief that swept acrossfinancial markets afterGreece’s centre-right NewDemocracy party narrowlywon Sunday’s election evap-orated in less than an hour.

Athens’ stock markethung on to a small rise yes-terday, but most otherEuropean equity marketsreversed their initial gains,the euro lost further groundversus the dollar, and Ital-ian and Spanish bond mar-kets tumbled.

Investors and economistssay that the eurozone crisishas moved to an “end-game”, where little lessthan substantial centralbank intervention in theshort term and movestowards a longer-term Euro-pean fiscal union willassuage markets.

“It’s not really aboutcountries any more, it’sabout trying to come toterms with a deep systemicissue and what Europeshould be doing aboutit,” says George Magnus,senior economic adviser toUBS.

The shortening length ofrelief rallies – the one thatfollowed last week’sannouncement of a bailoutfor Spanish banks onlylasted slightly longer – sug-

gest Europe’s policy ofincremental steps “doesn’tpass muster” in terms ofconvincing the market thatthe eurozone crisis is on theway to being resolved, MrMagnus says.

Although investors saySunday’s election resultseased the risk that Greececould leave the eurozone inthe near term, it did noth-ing to ease mounting con-cerns over Spain and Italy,whose economies dwarfGreece in size and systemicimportance.

Unease over Spain’s fiscalwoes intensified yesterday,with Madrid’s 10-yearbenchmark borrowing costsrising to a new euro-erahigh of 7.28 per cent and thecost of insuring againstSpanish default hitting arecord high. Some analystsand investors fear Spain’saccess to debt markets issignificantly impaired.Madrid is due to sell billstoday and five-year bondson Thursday.

“Spain can still issuedebt, but has lost access todebt markets at economiclevels,” says Nick Gartside,international chief invest-ment officer for JPMorganAsset Management.

Although borrowing atcurrent levels will weigh onSpain’s fiscal position in thelong run, it also has a “veryquick and corrosive” effecton the economy by pushingup borrowing costs forSpanish companies andhouseholds, Mr Gartsidepoints out.

These borrowers arealready in a precarious posi-tion. Data from the Bank ofSpain show Spanish banks’bad loans rose to 8.72 per

cent of their outstandingportfolios in April, the high-est since April 1994.

Greece continues tounsettle investors: its eco-nomic slump and high debtload are considered unsus-tainable, despite two inter-national rescues. Some ana-lysts cautioned, too, againstoptimism over the electionresults.

Political parties that sup-port the austerity measuresrequired for Greece to con-tinue to receive Europeanaid only won a parliamen-tary majority thanks toextra seats handed to theparty with the most votes.In terms of overall votescast, parties opposed oruncommitted to the latestbailout and austerity pack-age won more than 50 percent, says David Zervos,senior strategist at Jeffer-ies.

This means the possibilityof a “Grexit”, or Greek exitfrom the common currency,is likely to hang overEurope for the foreseeablefuture.

Speculation is growingthat the European CentralBank will act to soothenerves. Last week MarioDraghi, ECB president, indi-cated it was on standby torespond and would “con-tinue to supply liquidity tosolvent banks whereneeded”.

The ECB has not ruledout offering banks a thirdround of money underits longer-term refinancingoperation. It could alsocut rates, and restart itsdormant “securities mar-kets programme”, buyingthe bonds of Spain andItaly directly on the second-

ary market to drivedown their borrowing costs.

There are more unortho-dox measures that could beintroduced. Mr Magnusadvocates policy makersgive the European StabilityMechanism, the eurozone’spermanent bailout fund andsuccessor to the EuropeanFinancial Stability Facility,a bank licence that wouldincrease its firepower.

Mr Gartside argues a

bank licence would be“helpful”, but direct bankrecapitalisations by theESM would be the biggerboost, breaking the so-called negative feedbackloop between weak govern-ments and their banks.

Yet investors and ana-lysts say these measureswould only be a short-termsolution. To reassure mar-kets, they argue, EU leaderswill have to make progress

towards a fiscal union atthe summit scheduled laterthis month.

“We need action by theECB to turn this around inthe short run and incremen-tal but clear steps towardsfiscal integration in theeurozone in the longerrun,” says Trevor Gree-tham, director of asset allo-cation at Fidelity.

“These things don’t hap-pen overnight and periodic

bouts of market pressurewill ensure European policymakers don’t lose theirmomentum.”

Sushil Wadhwani, ahedge fund manager andformer member of the Bankof England’s Monetary Pol-icy Committee, says thesummit on June 28 “is nowcritically important”.

See Editorial Comment,Comment and Lex

For all the market kerfuffleabout the Greek election,rising Spanish bond yieldsand second­guessing theFederal Reserve’s policydecision tomorrow, it ispossible the week’s mostimportant event will comeout of China.

Early on Thursday, the“flash” estimate of Chinamanufacturing will bereleased.

The point is, the market –depending on the outcome ofthe Fed meeting – may beapproaching this PMI surveyin a pretty sour mood.

The main index has beenbelow the 50 point“contraction” level for sevenconsecutive months – a poortrend that has reinforcedworries about global growth.

That could allow for apleasant surprise.

Capital Economics notesthat Beijing’s recentmonetary easing “may showup this month in strongerorders – a pick­up in lendingwas already [in] evidence bythe end of May, signallingthe state sector had begunto respond”.

The Shanghai Composite isstruggling to break out of itscurrent downtrend, however,having three times this yearfailed to breach its 200­daymoving average.

Copper and the Aussiemay offer a better PMI play.

jamie.chisholm@ft.comRolling global overview at:www.ft.com/markets

News analysisIncremental policysteps are notconvincing markets,write RobinWigglesworth andMary Watkins

Greek aftermath: intraday market moves

Spanish government bonds

Source: Thomson Reuters FT Graphic

Italian government bonds10-year yield(%)

FTSE Eurofirst 300Index

Greek equities

Time (GMT)

AthensGeneralindex

Euro against the dollar($ per €)

6.00 7.00 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00

10-year yield(%)

1.25

1.26

1.27

Latest

560

570

580

590

600

5.8

5.9

6.0

6.1

6.2

6.8

6.9

7.0

7.1

7.2

7.3

980

985

990

995

1000

1005

Hungary­EU/IMF: a right old strudelbeyondbrics, the FT’s emerging markets hub

In Hungarian, to “drag one’sfeet” is “nyújtja mint arétestésztát” – literally, to rollout the dough for top­qualitystrudel by making it verylong and thin, and it’s atime­consuming process,writes Kester Eddy.

If the current Hungariangovernment of Viktor Orbánever entered an internationalstrudel­making competition itwould surely win gold.

This is judging by the timeit is taking to meet theconditions set by the EU andInternational Monetary Fundfor a new line of credit,needed to reduce borrowingcosts and bolster marketconfidence after Hungary wasdowngraded to junk statuslast November.

But the talks, firstrequested by Budapest lastNovember, might just begetting close to starting.

Mihály Varga, the ministerin charge of negotiations,said on Friday that the newact on the Hungarian centralbank (MNB) would be “99per cent” compatible withthe conditions of theinternational institutions andwould go before parliamentthis week for ratification.

Yesterday, Mr Varga toldstate radio that thegovernment had reached a“healthy compromise” on theplanned amendments to thecentral bank law, thus

removing “the last seriousobstacle to starting formaltalks”. So time to book a fewmeeting rooms?

The problem with 99 percent compatibility is what isin the 1 per cent.

There is still a big stickingpoint: the prime minister canappoint a third deputy bankgovernor and enlarge themembership of the monetarycouncil – which the IMF andEuropean Central Bank saysthreatens the independenceof the central bank.

Mr Orbán’s compromise isthat he will not exercise thispower while András Simorremains at the helm of theMNB – that is, until nextMarch, when his term expires.

János Samu, economist atConcorde Securities, said: “Itwouldn’t be the first timethat we’ve had a positivetone from governmentofficials and eventually it hasturned out that some moreobstacles were in the way.”

Quite. As Nomura’s PeterAttard Montalto puts it:“These [conditions] are thecore of what the IMF is after!

“I do not believe the IMF isconcerned about threats toindependence only whilstSimor is in office; they areconcerned with institutionalset­up and long­runindependence.”

However, for the timebeing, it seems relief at theoutcome of the Greekelection is the biggest marketinfluence. The forint wastrading yesterday at aboutFt292.30 to the euro,strengthening just less than1 per cent on Friday’s level.

On the Budapest bourse,the Bux index had climbed1.7 per cent (on top of a 2.4per cent gain on Friday),outperforming its regionalpeers in Prague and Warsaw.

But for any such gains tobe long­lasting, the marketsneed the reassurance that astart to EU­IMF talks willbecome a reality. Anythingless is just rolling out thedough for gourmet strudel.

www.ft.com/beyondbrics

By Mary Watkins in London

Credit default swaps onSpanish debt hit a recordhigh yesterday, underscor-ing the level of nervousnessover the outlook for theeurozone’s fourth largesteconomy.

The cost of insuringagainst a Spanish debtdefault jumped 26 basispoints to 621bp, equating toannual costs of $621,000 toinsure $10m of debt overfive years.

Italian CDSs, meanwhile,rose sharply to 553bp, dataprovider Markit said.

CDSs on banks, includingBBVA and Santander, alsotraded wider, highlightinghow closely correlatedSpanish banking stockshave become to the Spanishsovereign.

News of the €100bn bail-out for Spain’s banks failedto calm markets last weekand despite a brief market

rally following Greece’selection results, yields onSpain’s 10-year governmentdebt continued to rise.

Yesterday they hit a neweuro-era high.

As banks in the eurozonehave looked to shrink andoffload assets on the back ofregulatory and market pres-sure, lenders have becomeincreasingly closely alignedto their sovereign.

Analysts say those linkshave been further rein-forced in “periphery coun-tries” by a recent €1tn-pluscapital injection into thebanking system by theEuropean Central Bank.

Many banks in Spain andItaly borrowed heavily fromthe ECB via its three-yearlonger-term refinancingoperations, using themoney to buy their owngovernment’s bonds.

The Markit iTraxx EuropeSenior Financials index,which looks at CDS spreads

of a basket of big financialinstitutions, yesterdayshowed that the overall costof Europe’s big banks toinsure against default rose7bp to 285bp.

The CDS market isincreasingly seen as aproxy to measure the realstresses in the eurozonemarket.

The instruments are usedby investors to protectagainst default or as a spec-ulative device.

CDS prices rise as inves-tor confidence deteriorates.

Saul Doctor of JPMorgansays that when it comes tocorporates, “generally whatwe are seeing is that theCDS market reacts first andmore vigorously than thebond market because peopleare not yet being forced toclose bond positions . . . theCDS market is currently alot more liquid”.

Analysts say the CDSmarket can be more indica-

tive of sentiment than theunderlying bonds, but theysay it is one of a number ofbarometers they use andthere are distortions.

Yields on German Bunds,for example, have fallen asinvestors have soughthaven assets.

However, the implied riskof default is high relative toGermany’s bond market.

European politicians havepreviously suggested thatshort-selling by hedge fundsof CDSs linked to Greekgovernment debt may havemade the cost of puttingtogether a package to saveGreece more expensive.

However, a recent reportfrom the InternationalOrganization of SecuritiesCommissions, the umbrellabody for the world’s marketregulators, found there wasno conclusive evidence thatCDS short-selling had exac-erbated problems in theGreek debt market.

CDS on Spanish debt hit highs

Hungarian forint

Source: Thomson Reuters Datastream

Against the euro (Ft per €)

Jan Jun2012320

315

310

305

300

295

290

285

280

Trading postJamie Chisholm

Shanghai Composite

Source: Thomson Reuters Datastream

Index

Jun2010

2011 Jun2012

2000

2500

3000

3500 200-daymovingaverage

More news atFT.com

●Fed ready to actA further large bout ofunconventional easing isnow on the agenda as theeuro crisis has caused aglobal slowdownwww.ft.com/gavyndavies

●Bunds at riskVideo: The solution to theproblems in the eurozoneperiphery may damagebond yields at the corewww.ft.com/ftfm

●Union in the eurozoneHow plausible is it thatEurope’s leaders can agreeon any form of banking,fiscal or political union?www.ft.com/alphaville

●The commodities noteDaily analysis online orsent direct by emailwww.ft.com/commodsdaily

●Follow us on Twitter:@FTAlphaville

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Eurozone crisis

JUNE 19 2012 Section:Markets Time: 18/6/2012 - 19:04 User: kallmanng Page Name: ICNCOMMS USA, Part,Page,Edition: EUR, 27, 1

28 ★

MARKETSTuesday June 19 2012

Source: Thomson Reuters Datastream

German government bonds10-year yield (%)

DollarTrade-weighted index

Apr Jun201278

79

80

81

82

83

Mar Jun20121.0

1.2

1.4

1.6

1.8

2.0

◄ German governmentbond yields ended theday slightly lower, as aninitial rise following theGreek election result wasreversed as concernsabout the outlook forSpain resurfaced

► The dollar rose 0.5 percent against a basket ofcurrencies as investorsopted for safety against abackdrop of continueduncertainty about theeurozone debt crisis

Spain’s debt problems weigh on investors

By Dave Shellock

Early gains for Europeanequities and the europroved fleeting as any senseof relief felt by market par-ticipants over the Greekelection outcome quicklyevaporated in the face of afresh surge in Spanish bondyields.

“The Greek electionresult averts the mostimmediately alarming sce-narios for the eurozone butmakes no fundamentalchange in the medium-termoutlook,” said StephenLewis, economist at Monu-

ment Securities. “The suc-cess of a nominally pro-bail-out party in securing topspot in the voting does notremove the uncertainties.Doubts persist whether anyadministration now formedwill be able to meet the stifflegislative tasks that arelikely to lie ahead of it.”

As the initially positiveimpact of the election resultfaded, the chief focus ofmarket concerns returnedto Spain.

The problems facing thecountry’s banking sectorwere highlighted by datashowing that bad loans as apercentage of total lendingby Spanish banks hadreached an 18-year high inApril.

The yield on Spain’s 10-year government bondtouched a fresh euro-erahigh of 7.28 per cent,according to Reuters data,

before finishing the sessionat 7.17 per cent, up 11 basispoints on the day – fuellingworries about Madrid’s abil-ity to access the markets.

Furthermore, the cost of

insuring against a Spanishsovereign default, as meas-ured by credit default swapspreads, reached a record.

“It is difficult to see howSpain will be able to avoid a

full-blown bailout pro-gramme without the Euro-pean Central Bank re-launching its bond pur-chase programme soon,”said Chris Scicluna at

Daiwa Capital Markets.“And, if and when we seerenewed full-blown marketturmoil, there will also be acompelling case for morelonger-term refinancingoperations, and – given thesignificant deterioration inrecent euro area sentimentsurveys and economic data– a rate cut too.”

All eyes later this weekwill be on the FederalReserve as it concludes atwo-day policy meetingtomorrow against a back-drop of mounting expecta-tions for further policy eas-ing.

“The dramatic slowing inUS economic data hasforced us to scale back ouralready soft growth expecta-tions for the second quar-ter,” said Tom Porcelli,chief US economist at RBCCapital Markets. “Our long-standing call is that the Fed

would be forced to ease pol-icy further in the secondhalf of the year. And whilea third round of quantita-tive easing clearly has ashot come Wednesday, weare keenly aware that theonly thing holding back theFed from rolling out a newlarge-scale asset purchaseprogramme is a still buoy-ant equity market.”

However, US equitiesshowed few signs of buoy-ancy yesterday as WallStreet saw extremelychoppy trading.

At midday in New York,the S&P 500 was marginallylower after swinging in andout of positive territory,although the Vix volatilityindex – the so-called equity“fear gauge” – was down8 per cent.

In Europe, the FTSEEurofirst 300 index pared anearly 1.1 per cent rise to end

just fractionally higher.Asian stocks had a morepositive session with theNikkei 225 Average inTokyo and the Hang Sengindex in Hong Kong bothhitting one-month highs.

The euro had a volatiletime. The single currencytouched a one-month highof $1.2747 in early tradebefore sliding back below$1.26.

German governmentbonds, meanwhile, inchedhigher but yields remainedwell clear of recent recordlows. The 10-year Bundyield edged down 1bp to1.42 per cent while the 10-year US Treasury yield wasflat at 1.59 per cent.

In commodities, Brent oilfell $1.41 to $96.20 a barreland copper retreated from athree-week high to end flat.

Gold also ended littlechanged at $1,625 an ounce.

GLOBAL OVERVIEW

Yield on 10­yearbond reaches 7.28%

Volatile trade forWall Street equities

Source: Thomson Reuters Datastream Markets updated at www.ft.com/markets

FTSE 100 index FTSE Eurofirst 300 indexS&P 500 index Nikkei 225 Average

2012May Jun 2012May Jun 2012May Jun 2012May Jun

Latest

1250

1300

1350

1400

5200

5300

5400

5500

5600

950

1000

1050

8000

8500

9000

Changeon day-0.11%

Changeon day

+0.22%

Changeon day

+0.04%

Changeon day

+0.00%

Euro falls as Greek lift fadesCURRENCIES

By Alice Ross

A relief rally in the eurofollowing the emergence ofpro-austerity party NewDemocracy as the winner ofelections in Greece provedshort-lived, with the singlecurrency sliding amid ris-ing concerns over Spanishdebt.

The euro moved as highas $1.2747 in early tradingyesterday following an elec-tion result widely seen aspositive for markets, jump-ing to its strongest level innearly a month.

However, it soon gave upits gains amid a fresh risein Spanish bond yields.

The euro hit fresh lows of$1.2560 later in the day, afall of more than 1 per cent,after Angela Merkel, Ger-man chancellor, said Greecehad to fulfil its reform com-

mitments in return for fur-ther aid.

Jane Foley at Rabobanksaid: “The Greek electionmay have returned a best-case scenario for the mar-kets in so far as there maynow be a conservative gov-ernment with a workablemajority but clearly this isno panacea when it comesto either the problems ofGreece or those of the restof EMU.”

Other risk-related curren-cies lost ground yesterdayamid investor caution onthe eurozone. The Austral-ian dollar lost 0.5 per centto $1.0076 while the poundlost 0.5 per cent to $1.5652.

Along with the dollar, theyen was also strongeragainst other big currenciesamid the risk-averse moodin the currency markets.The euro lost 1.2 per cent toY99.21 while sterling wasdown 0.5 per cent to

Y123.52. While the dollaroutperformed the yen, ris-ing 0.1 per cent to Y78.93, itpared many of its gains dur-ing the day.

Currency analysts werealso awaiting the outcomeof the G20 meeting in Mex-ico, at which leaders dis-cussed funding solutions forthe eurozone crisis.

Analysts at Citigroupwarned that any disappoint-ment from the meetingcould see investors sellinginto rallies in the euro.

A meeting of the FederalReserve this week is alsoseen as crucial for the eurowith some expecting the UScentral bank to announceextra monetary easing toboost the economy.

Such a move is widelyexpected to cause the dollarto weaken and the euro torally.

www.ft.com/currencies

Energy sector is S&P’s weak linkas crude prices sink furtherBy Kandy Wongin New York

Shares in Apache, one ofthe largest independent oilcompanies, dropped 2.2 percent to $85.83 as furtherweakness in crude oil pricessent energy stocks lower.

The S&P energy sectorwas a notable area of weak-ness, down more than 1 percent at midday.

That pushed the sector toa loss of more than 5 percent in the year to date,with energy the only majorS&P industry group in neg-ative territory for the year.

The price of crudedropped to $82.69 yesterday,down from a high of $110.94in February, weighing onthe prospects for energycompanies.

Chesapeake Energymoved down 1.4 per cent to$17.85, while Alpha NaturalResources lost 5.3 per centto $8.35.

Overall, US equities weremixed yesterday, as higherSpanish bond yields under-scored concerns over theeurozone in the wake of theGreek election result overthe weekend.

The benchmark S&P 500index dropped fractionallyto 1,342.25. The Dow Jones

Industrial Average declined0.2 per cent to 12,740.19.

Tobias Levkovich, chiefUS equity strategist at Citi-group, said: “Stock pricesjumped on Thursday andFriday, partially anticipat-ing the election news [fromGreece], despite less thanencouraging US economicdata. Hence, we believe onemight see the old WallStreet adage of ‘buy therumour, sell the news’emerge in the next fewdays.

“The difficulty [for theincoming Greek govern-ment] in arranging a coali-tion and satisfying con-cerned voters, as well asfinding areas of compro-mise with lenders, couldweigh on markets.”

The tech-heavy NasdaqComposite index edged up

0.4 per cent to 2,884.99.Apple, the most heavilyweighted stock in the index,reversed gains in the morn-ing session. The stockmoved up 1.4 per cent to$582.01 after Topeka CapitalMarkets gave the iPad andiPhone maker a “buy” rat-ing with a target price at$1,111.

Microsoft was expected tointroduce its own tabletcomputer yesterday in LosAngeles, designed to com-pete with Apple’s iPad. Thestock, however, lost 0.7 percent to $29.80.

Facebook rose 4.9 percent to $31.49. The socialnetworking company hadmanaged to record its firstweek of positive gains sinceits debut last week by ris-ing almost 11 per cent.

Groupon surged 12 per

cent to $11.25, after MorganStanley lifted the com-pany’s rating to “buy”.

Defensive sectors, whichhave been favoured byinvestors for the pastweeks, continued to leadgains. The telecom indexincreased 0.6 per cent, whileutilities moved up 0.4 percent and the consumer dis-cretionary group ticked up0.2 per cent.

AT&T moved up 0.3 percent to $35.82 and Verizongained 1 per cent to $43.97.

American exporters were,however, hit by continueduncertainty in Europe.General Electric lost 1 percent to $19.81, whileHewlett-Packard declined 3per cent to $20.99.

In addition to eurozonefinancial woes, investorswere also displaying cau-tion ahead of the FederalReserve’s policy meeting onWednesday. Economists areunsure whether policy mak-ers will extend OperationTwist, the Fed’s $400bnbond-buying policy fundedby sales of short-datedTreasuries, which is set toend this month.

John Hussman, a fundmanager at HussmanFunds, said that the marketwas vulnerable to a largersell-off, based on thecompany’s estimate of pro-

spective return versus riskscenarios.

But he added: “That said– and this is important – ifmarket internals improvemeaningfully over the nextfew weeks, [and] this wouldrequire a solid rebound,that sort of outcome mightaccompany a Fed easing orother event.

“For now, we don’t havethe evidence to take any-thing but a very defensivestance, but we’ll takechanges in the evidence asthey arrive.”

Financials, which haveovercome several volatilesessions, lost 0.3 per cent atmidday. Bank of Americadropped 1.1 per cent to$7.81. Morgan Stanley lost 2per cent to $14.01, whileJPMorgan Chase traded at$34.79, down 0.7 per cent.

John Praveen, chiefinvestment strategist atPrudential InternationalInvestments Advisers, gavethe financial sector a “neu-tral” rating.

“[The] recent spike ineurozone worries has hob-bled the sector,” he said.“Easing by global centralbanks both in developedand emerging economies isa positive. Sector valuationsare attractive, trading at adiscount relative to ownhistory and market.”

WALL STREET

Source: Thomson Reuters Datastream

Key indicatorsShare price ($)Apache Corp

Jun 2011 Jun201260

80

100

120

140 Day’sIndices Close change

S & P 500 1342.36 -0.48

DJ Industrials 12739.89 -27.28

Nasdaq Comp 2883.96 +11.16

Russell 2000 769.97 -1.35

VIX 19.40 -1.71

US 10 yr Treas Bd 1.58 -0.01

US 2 yr Treas Bd 0.29 +0.01

● US equitiesWall Street had a volatilesession as investors digestedthe latest eurozonedevelopments and waited forpolicy news from the FederalReserve later this week.Energy stocks lost ground ascrude prices retreated

● UK equitiesBank stocks came underrenewed pressure fromeurozone sovereign debtworries. But Burberry washelped by positive brokercomment while Wolseleygained amid hopes it wouldreturn cash to shareholders

● European equitiesThe Eurofirst 300 gave backmost of an early rise as apositive response to theelection result in Athens gaveway to renewed worriesabout the outlook for Spain.Greek stocks, however, rose3.6 per cent

● Asian equitiesThe Nikkei closed above8,700 for the first time in amonth as the Greek electionresult soothed worries aboutthe eurozone. Hong Kongalso reached a one­monthhigh, while Australian stocksjumped 2 per cent

Markets update

By Alexandra Stevenson

An early rally across Euro-pean stock markets yester-day proved short lived asindices later headed intonegative territory.

The New Democracyparty’s Greek election vic-tory provided only a tempo-rary boost for markets.

The FTSE Eurofirst 300ended almost unchanged at993.67 after earlier climbingas much as 1.2 per cent.

“Investors have decidedthey aren’t willing to investin any rally until all skele-tons come out of thecloset,” said Karen Olney,Europe strategist at UBS.

A surge in Greek bankstocks helped to lift theAthens General index 3.6per cent to 580.67.

EuroBank led the rally,up 14.7 per cent to €0.80.

National Bank of Greecerose 11.1 per cent to €1.50.

Elsewhere, sentimentturned and investors turnedtheir focus to bankingstocks outside Greece, send-ing the FTSE Eurofirst 300

banks sub-index down1.7 per cent to 356.38.

Santander suffered steepfalls as investors focusedtheir attention on Spanishbanks after data revealedthat bad loans held by thesector rose to an 18-yearhigh in April.

Shares in Spain’s biggestlender by market value fell4.6 per cent to €4.70.

“Greece is out of thecloset and so we turn ourattention to more skeletonsin Spain. The good news isthey are coming out,” MsOlney added.

BBVA, Spain’s secondlargest lender, fell 4.2 per

cent to €5.03. Bankia, thepart-nationalised bank atthe heart of Spain’s finan-cial crisis, declined 9 percent to €0.84.

The wider Ibex 35 indexfell 3 per cent to 6,519.9.

In Paris, where the Social-ist government won amajority in a final round ofparliamentary elections onSunday, the CAC 40 indexdropped 0.7 per cent to3,066.19.

French banks BNP Pari-bas and Société Généraleweighed on the index.

Shares in BNP Paribasslid 4.4 per cent to €28.17,while Société Générale fell4.3 per cent to €17.02.

Bancassurer Mediolanumled falls on Italy’s bench-mark index, sliding 5.5 percent to €2.36.

Shares in UniCredit weredown 4.3 per cent to €2.47.

The wider FTSE MIBindex slipped 2.9 per cent to13,009.63.

In Germany, shares in thelender Commerzbank slid4.4 per cent to €1.36, whilethe broader Xetra Daxindex increased 0.3 per centto 6,248.2.

LONDON

Strong gains for Greek bankshelp to lift Athens indexEUROPE

Santander

Source: Thomson Reuters Datastream

Share price (€)

Jan Jun20124

5

6

7

Wolseley rallies oncash return hopes

1.9 per cent to 150.2p,helped by a Barclays “over-weight” recommendation.

Burberry rose 2.9 per centto £13.46 as Deutsche Banksaid the luxury goodsmaker was well positionedfor further growth.

Vague hopes of a bid fromTom Alexander saw cablebroadcaster Virgin Mediarally 4.3 per cent to £14.86.

ITV slid 1.2 per cent to72.3p on a downgrade fromGoldman Sachs, which saidad sales were disappointing.

C&W Worldwide leapt 7.8per cent to 37.8p after OrbisInvestment Management,its 16 per cent shareholder,dropped opposition to Voda-fone’s 38p takeover offer.

National Grid edged 0.6per cent higher to 653.5p.Gem Diamonds fell 3.7 percent to 201.2p after itdelayed production in Bot-swana. Engineer Melrose,fell 3.1 per cent to 370.6pafter confirming interest inGerman metermaker Elster.

Property group QuintainEstates leapt 15.2 per centto 149.2p on news of a ven-ture with Hong Kong inves-tor Henry Cheng Kar-Shun.

By Bryce Elder

Hopes of a cash return ofup to £1.5bn put Wolseleyamong the FTSE 100 gain-ers – with resilient US trad-ing putting the builders’merchant on course to bedebt-free by year-end, Jef-feries analysts said.

The stock ended 2.6 percent higher at £22.33.

The wider market swungbetween gains and losses assovereign debt markets con-tinued to define sentiment.

The FTSE 100 ended up0.2 per cent, or 12.28 points,at 5,491.09. Banks pared lastweek’s gains after a Greekpoll result that offered reas-surance but little certainty.

Royal Bank of Scotlandfell 5 per cent to 235.3p,Lloyds Banking Group 3.6per cent to 30.2p and Bar-clays 2.4 per cent to 196.1p.

Rolls-Royce rose 2.1 percent to 839.5p as the enginemaker secured a deal worthmore than £1bn to deliverreactor cores for UKnuclear submarines. BritishAirways owner IAG gained

JUNE 19 2012 Section:Markets Time: 18/6/2012 - 19:16 User: kallmanng Page Name: WSM2 ASI, Part,Page,Edition: EUR, 28, 1

FINANCIAL TIMES SPECIAL REPORT | Tuesday June 19 2012

The FT wine expertlooks at thedifference betweenyouth and age – oneof the most absurdaspects of thecurrent finewine market

Buying & Investing inWINE

Inside this issueMatter oftasteRobert MParker Jr,inventor ofthe ratingscale, isstill acentre of controversy, saysMaggie Rosen Page 2

What goes up Ella Listersays that 2011 saw amuch­needed correction inthe price of BordeauxPage 2

Older the betterMature vintages can besurprisingly affordable,writes Jancis RobinsonPage 3

ThatbiancoItalianproducersare wakingup to theirheritagewhites,

says Walter Speller Page 4

On FT.com● Maggie Rosen looks atthe burgundy fraud case

● Yquem is in a class ofits own, says StephenBrook

● Guy Woodward mapsAustralia’s wine tourism

● Margaret Rand on thebest virtual communities

● Geraint Carter considersthe prospects for investors

● Richard Hemming looksat glasswear

● Chris Smith examinesforex rates

● TomCannavan onBYO politics

www.ft.com/reports/wine­investment­2012 | twitter.com/ftreports

A sense of déjà vu hasbeen the overridingfeeling for wine inves-tors over the past 12

months. This has been largelythanks to last year’s sharp cor-rection in fine wine prices,which sent the Liv-ex 100 FineWine Index plunging a fifth inthe second half of 2011.

To many, it was a virtualrerun of what happened in 2008.

Once again, the causes of thecorrection were not difficult todissect. On the macro front,recession, stock market volatil-ity and the eurozone sovereigndebt crisis were all factors. Butthe final tipping point was FirstGrowth prices, which had shotout of control after a two-yearbull run, during which theLiv-ex 100 index had risen by astaggering 76 per cent.

Much of this price increasehad been driven by soaring Chi-nese demand, led by ChâteauLafite. But by the middle of2011, the slowdown in the Chi-nese economy coincided withconcerns that prices had alreadyovershot demand. This wasespecially true in Hong Kong,where the retail and auctionmarkets for First Growth clarethad become saturated.

A mishandled and aggres-sively priced 2010 primeur cam-paign also did the bordeauxmarket no favours. Instead, itonly fuelled resentment andaccelerated a feeling of “FirstGrowth fatigue”. As the marketturned from July onwards,investors and collectors became

increasingly spooked; the onlyquestion then was how quicklyand by how much prices and theLiv-ex Index would recoil.

Inevitably, recent vintages ofLafite took the biggest hits.Having traded at a premium of129 per cent to its fellow FirstGrowths, some vintages, such asthe 2008, slumped by 45 percent. Latour, Haut-Brion, Mar-gaux and Mouton fared lessbadly, but they too suffereddents to their pride and prices.

Some had seen the writing onthe wall. Most obviously, sev-eral funds had already quietlymoved out of Lafite. Merchantsalso sought to reduce stock lev-els from the late summer. Butmany newer and more specula-

tive investors were caught un-awares. After two years snap-ping up First Growths in a rap-idly rising market, many werenow equally keen to offloadthem as the waters subsided.

Fortunately, the market hadlearnt some lessons from 2008.This time, many investors, trad-ers and fund managers kepttheir nerve and the sell-off wasnothing like as disorderly andpanic-stricken as before. Norwas there the same level ofredemptions from funds.

But the correction was seriousand prolonged. In the final sixmonths of 2011, the Liv-ex 100fell 21.5 per cent to end the yearon 286 points – a year-on-yeardrop of 15 per cent. As Liv-ex’s

Justin Gibbs pointed out: “Witha weighting of 68 per cent in the100 Index, the decline in theFirst Growths cast a longshadow on the market.”

It wasn’t all bad. Some sec-ond-line châteaux benefitedfrom a flight to value and per-formed extremely well, evenmanaging to finish the year on apositive note. These includedthe increasingly fashionablePontet-Canet, Beychevelle,Lynch-Bages and Pichon Baron.

However, if bordeaux took astep back in 2011, ultra-fine bur-gundy took a huge stride for-ward. As seems to be the casethese days, this latest phenome-non was almost entirely due tonew demand from China –

driven mainly by a few super-rich buyers who had developeda powerful thirst for the region’sgreatest names. Inevitably, topof their shopping lists was theDomaine de la Romanée-Conti(DRC), which quickly took overLafite’s mantle as the darling ofthe secondary market.

Given DRC’s legendary qual-ity and scarcity, prices rocketedcausing the Liv-ex DRC Index tohit record highs from 2011onwards. In May 2012, it roseanother 2 per cent and is nowup 19 per cent on this time lastyear.

Other Burgundy domaineswere also swept up in thefrenzy, including de Vogue,Leflaive, Roumier and Rous-

seau. To some this was furtherevidence of a Bordeaux backlashand a broadening of the market.The same was true of a pricerise for top Italian wines. Here,the leading contenders were thelikes of Sassicaia, Ornellaia,Masseto and Solaia.

However, both Burgundy andTuscany are simply too smalland modish to satisfy thedemands of the global marketover the long term. Equally, itwould be foolhardy to write offBordeaux for too long. Greatbordeaux is a like the timeless“little black dress” which nevergoes out of fashion. Ultimately,bordeaux is all about price. If

Hopes rise again after correctionIt is a year since theFirst Growth bubbleburst but the marketlearnt from 2008 andis keeping its nerve,says John Stimpfig

Continued on Page 2

On the rack: recent vintages were hit hard by the slowdown in the Chinese market but some fund managers now predict double­digit growth in the market this year Dreamstime

Jancis Robinson

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2 ★ FINANCIAL TIMES TUESDAY JUNE 19 2012

Buying & Investing in Wine

the wines are perceived as offer-ing value, they will sell.

By January, many believedbordeaux prices were back inthe “buy zone” and that therecovery was only a matter oftime. IG Wines reported Euro-pean buyers returning to themarket and First Growth “off”vintages starting to pick up at£300 a bottle. It also noted bidoffer spreads were tightening, asbuyers began to exceed sellersby two to one. By the end ofJanuary, the Liv-ex 100 Indexhad recorded its first positivemonth since June 2011.

Fund managers becameincreasingly optimistic as theChinese year of the Rabbit gaveway to the Dragon. Andrewdella Casa of The Wine Invest-ment Fund predicted the marketwould grow by a steady 10 percent by the year end.

“Falls such as those in 2011have generally been followed bystrong returns for those invest-ing at the right time,” he said.“We believe this could be the‘right’ time and predict double-digit growth this year.”

Much of this cautious opti-mism was predicated on newmoney flowing into the market,and on two other factors. Thefirst was Robert Parker’s latestrevised scores for the highlyregarded 2009 vintage, whichprovided a timely fillip to prices.The second was a quick andwell-priced en primeur cam-paign, though this had yet tohappen by the middle of May.

Since January’s initial rise of1.4 per cent, the Liv-ex 100 Indexcontinued to climb closing thefirst quarter up 2.5 per cent.

But after disappointing earlyen primeur release prices, it fell

in April by 1.2 per cent. “So far,the recovery has been prettyanaemic at best,” says MikeLaing, managing director ofArmit, the London-based finewine merchant. “I’m not surewhere the game-changer isgoing to come from.”

“It’s a very tricky market,”says Gary Boom, managingdirector of Bordeaux Index’s.“There is still a fair amount ofstock around and returnshaven’t been great. That’spartly because the big redemp-tions that took place three yearsago have yet to be matched bynew money flowing in. I thinkthat will continue for sometime.

Mr Boom’s view is that themain indices will only do plusor minus 3 per cent to the end ofthe year. “After that, it’s diffi-cult to predict,” he says. But heis confident that “the marketwill resume its upward trend atsome future point.”

Mr Boom is launching his ownsmall “First Growth WineFund” this month. “I think thetime is right for certain stocks,including a limited number ofhigh-scoring First Growths fromthe 1990, 1996 and 2000 vintages.At the moment though, it’s verymuch a stock picker’s market.”

Nevertheless, there are someshort-term bulls. One is PeterLunzer, manager of LunzerWine Investments. Lunzer’s fig-ures suggest to him that a lot ofmature wines are slightlybehind their natural price curveand will benefit from an expen-sive en primeur campaign.

He predicts the market “willput on between 14 and 18 percent by the end of the year”.

Such a recovery would cer-tainly be celebrated by inves-tors. But, in the world of wineinvesting, only time will tell.

Hopes riseafter lastyear’scorrectionContinued from Page 1

Robert M Parker Jr, the influen-tial US wine critic, has beencalled guru, emperor, pope, andother names – not all of them soreverent.

Since the late 1970s, when hebegan publishing his tastingnotes and launched a 100-pointratings scale, he has redefinedthe role of wine reviewer.

Through the pages of hisnewsletter The Wine Advocate,Parker has influenced not onlyhis readers’ preferences, butmany aspects of the fine wineindustry – from vinificationtechniques and wine styles topricing.

His name is now a verb (Park-erise) used for the creation of astyle of wine that pleases histaste: invoking it can transforma roomful of convivial winegeeks into a verbal mosh pit.

Yet he is now 64, and the wine

world has grown beyond hiscapacity to cover even the verytop end by himself.

In the past few years, he hasexpanded his team, cedingregions to new tasters; he hasalso been embroiled in allega-tions of impropriety involvingtrusted associates.

Both the world of communica-tion and taste-formation havechanged – all of which fuels theever-lively debate, amongParker followers, about whetherhe still sways palates andprices.

Jaime Araujo, founder of Ter-ravina, the wine marketing con-sultancy, says: “He is not as rel-evant to the younger generationof high-end buyers, who don’tcollect in the traditional way, byfinding a few sure values, get-ting on the distribution list andrepeating each year.”

“This reflects the luxury sec-tor in general, whether you aretalking about young Chinese,young Americans, youngFrench. They all want the topbrands, but it’s rare to find a‘Chanel and nothing else’ buyer.They want some Chanel, someDior and some vintage that noone else has.”

For a certain type of fine winebuyer, one who is just startingor who prefers to rely on num-bers rather than experiment –and certainly for regions suchas Bordeaux (which Parker stillcovers) and California (which hehas delegated) – Parker pointsremain the bellwether of awine’s taste and traceability.

“He still sets the bar in Bor-deaux,” says Chris Adams, chiefexecutive of Sherry-Lehmann,the New York wine merchant.

“Positive comments on a winethat has been released willcause an increase in price andnegative comments will causeprices to stagnate.”

The Wine Advocate alsoremains the benchmark for Cali-fornian wines.

“Sometimes, if The Wine Spec-tator gives a very high rating,we’ll get a few calls, but Parkersteers sales,” says James Hock-ing, director of The VineyardCellars, an importer, distributorand retailer of Californian winesbased in Newbury, UK.

“But really no one else comesclose. If Parker gives 95 pointsor more, the phones don’t stop,”says Mr Hocking. Many of hisclients follow Parker “slav-

ishly”, delaying purchases untilhe pronounces, he adds. “Whena new container arrives and Icall my private clients, I knowthe conversation will start with‘what are the scores?’ ”

Calculating the impact ofParker points on futures andbottled wine is a popular game,made more challenging by fac-toring in vintage, economic cli-mate and especially, rescoring.

“You can’t really quantify thecorrelation in dollars but youcan in percentage points,” saysAdams, citing Parker’s recentupgrade to 100 points of numer-ous 2009 Bordeaux (more thanhe gave to any other vintage).

To compare, Château Latourfirst growth was released atabout €540 and the far lessfamous Château Smith HautLafitte, a Graves classifiedgrowth was released at €62.

“When they both got 100points, the price increase forboth was around €100 but, obvi-ously, for Smith Haut Lafitte,the percentage increase wasastronomical,” says Mr Adams

But for Henning Thoresen,chief executive of BordeauxWinebank Group, which sellsfutures, ex-cellar Bordeaux and

manages wine investmentfunds, it is precisely the possi-bility that Parker may changehis mind that reduces his relia-bility for long-term investmentpurposes, as opposed to specula-tion. “For me, his influence isdeclining,” says Mr Thoresen.

“One key reason was how hehandled the 2005 vintage. Hehyped the vintage, but none ofthe numbers lived up to theexpectations.

“When he released his finalscores after retasting in 2008, allthe potential 100-pointers weredowngraded, which caused a lotof jaws to drop.”

Mr Thoresen also says thatthis year many châteauxreleased their prices ahead ofParker’s pronouncements indi-cating his diminishing rele-vance. Some observers say itreflects producers attempting toexert control over prices in alesser vintage.

Determining the impact ofParker points on auction pricesis harder, because of issues ofprovenance and condition.

“I really don’t think there is acorrelation,” says Charles CurtisMW, Christie’s head of sales forAsia. “This is strictly anecdotal,

but intuitively I’d say there arebig swings in price for the samewine from auction to auctionindependent of his scores.”

A sceptic of the 100-point pro-tocol, Mr Curtis says results forthe same wine in two auctionsmay reveal a trend, but don’ttell all. “It’s not as simple assaying ‘Parker moved it up apoint and therefore in bidding,it went two increments more’.

“In the same way that I don’tthink it’s possible to quantifythe beauty of a wine on a scaleof 1-100, I don’t think it’s possi-ble to track the price.

“There are so many factorsthat go into a price at auction,it’s hard to tease them apart.”

Parker’s nose is not as big a pointer as it wasCritics and pricingThe inventor of therating scale is stillcontroversial, saysMaggie Rosen

‘There is a fairamount ofstock andreturns haven’tbeen great’

– Gary Boom

Robert M Parker

T he world of wine auctionsunderwent big shifts in 2011.Many in the trade believed thesudden turnround in fortunes

midyear was a necessary – even wel-come – rationalisation. With somewines’ prices more inflated than others,the correction brought a reassessmentof their relative value and desirability.

For the first half of 2011, auction rev-enues continued the unwaveringascent seen the year before, and byJune were up 58 per cent year on year.

July and August are traditionallyquiet months but, as the autumn sea-son began it became clear that auctionswere not impervious to the wider cor-rection in wine prices.

With a two-month delay, the WineMarket Journal (WMJ) 150 index –which tracks prices at auction – beganits descent in September. By year-endthe index had dropped 5.8 percentagepoints.

Global auction revenues in the sec-ond half were down 7 per cent on the

same period in 2010, bringing the 2011total to $467.3m. This figure nonethe-less represents a 20 per cent increaseon the previous year, because of astronger-than-ever first half.

The number of auctions remainedhigh, at 73 from July to December,exactly the same as in the first half of2011. However, sell-through rates weredown in the second half, averaging 90per cent of lots offered compared with94.2 per cent up to June. Subsequently,each sale was worth less, grossing$2.86m on average, down from $3.54min the first half.

More often than not, unsold lots con-sisted of commodity Bordeaux – bottlesof recent vintages, widely availableand, crucially, not yet ready to drink.Prices for these wines had reacheduntenable heights, overtaking those ofrarer, more mature equivalents.

Robert Sleigh, Sotheby’s head of winein Asia, confirmed that “younger Bor-deaux is what has suffered, but reallyonly the first growths”. That firstgrowths led the downhill charge isclear. The WMJ First Growth Bordeauxindex fell 16.3 per cent from July toDecember, and a further 6.8 per cent inthe first quarter of 2012.

Buyers’ first-growth fatigue was par-ticularly apparent in Asia, where themarket was “flooded with Bordeaux”,according to David Wainwright, man-aging director of Zachys Asia. There

remains “ample demand for rare stuff”,he countered.

Auction houses were quick to caterto the broadening vinous horizons oflocal collectors, with a series of moreadventurous sales in Hong Kong.

In early November, Acker Merrall &Condit held a two-day sale dedicatedalmost entirely to Burgundy from asingle-owner collection. Hong Kongbuyers snapped up 98 per cent of the1,342 lots, which together brought in$14.5m – the highest total for any auc-

tion in 2011. This helped Acker toretain its top spot, as the only house tobring in live wine auction revenues ofmore than $100m to December, morethan two-thirds of which were gener-ated in Hong Kong.

Christie’s all but caught up withSotheby’s in the race for second place,with revenues up 34 per cent on 2010.In another Burgundy success story,Christie’s brought the private cellar ofHenri Jayer under the hammer in

Hong Kong on 10th February this year.At the once-in-a-lifetime opportunity toprocure the fabled wines of the lategrower, all bottles on offer were sold.

Other wine regions are also shiningbrightly, with the Rhône, Champagneand Italy also performing well at auc-tion, but Burgundy has been the pri-mary beneficiary of the shift awayfrom Bordeaux. Domaine de laRomanée-Conti has replaced ChâteauLafite as Asia’s darling, and thereforeeveryone else’s. Asia in general – andChina in particular – is still very muchdriving the wine auction market,despite the slowdown.

Hong Kong is outpacing rival mar-kets in New York and London, withgrowth of 40.9 per cent year on year. Inproportional terms, Hong Kong wasable to move ahead of a flat US market,while Europe’s 21.6 per cent growth forthe year allowed it to retain its 19 percent share.

But the city lost some ground in thelast quarter, accounting for just underhalf of global revenues during 2011, at48.5 per cent. In the third quarter,Hong Kong fleetingly crossed the half-way mark. To April of this year, HongKong’s share had dropped to 44.6 percent.

Respective sell-through rates suggestthat the increasing focus by US auctionhouses on China could be excessive.

Sell-through rates at Hong Kong auc-

2011 was a good year with a slow finishAuctionsElla Lister says that pricesfor commodity Bordeaux,not ready to drink, hadreached untenable heights

Fine growth: an auction in April this year in Hong Kong, which is outpacing rivals New York and London with a rise of 40.9 per cent year on year

The Asian market wasflooded with youngBordeaux but demandremains strongfor rare vintages

tions have gradually decreased sincepeaking near 98 per cent in 2010. Thepercentage of lots sold there averaged94 per cent in 2011, and was 90.2 percent from January to April this year.

In the US, on the other hand, sell-through rates rose to 95.6 per cent bythe end of last year, with auctions inNew York and Chicago easily soakingup supply.

As prices stabilise this year, thereare signs that Hong Kong buyers arebeing tempted back into the saleroom.For private collectors Sam Lin andAnna Lau, the auction frenzy in HongKong had become off-putting. But inMarch this year, they dipped their toesback in the water, spending a total ofHK$250,000 ($32,200) at one sale.

“We got some bargains,” said MsLau.

With a more cautious and exactingpool of buyers, Hong Kong will notgenerate the stupendous growth thisyear that it has done since duty onwine was lifted in 2008. Global auctionrevenues in 2012 will be lower than lastyear, with results from the first fourmonths of the year suggesting a totalof about $400m.

With a steady stream of buyers frommainland China – and a widening spec-trum of wine in their sights – HongKong will continue to play a centralrole in world wine auctions, ahead ofwestern counterparts.

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FINANCIAL TIMES TUESDAY JUNE 19 2012 ★ 3

One of the most absurdaspects of the current finewine market is howexpensive young wine is bycomparison with maturevintages.

While too manyBordeaux proprietors seemto be tempted, regrettably,to price their non-stellar2011 above their non-stellar2008, it is perhapsappropriate to turn one’sback on this unsavouryspectacle and turn theobservation on its head.

One of the mostattractive aspects of thecurrent fine wine market ishow inexpensive mature

Buying & Investing in Wine

ContributorsJohn StimpfigContributing Editor

Jancis RobinsonFT Wine Correspondent

Maggie RosenElla ListerWalter SpellerFT Contributors

Martin BriceCommissioning Editor

Steven BirdDesignerAndy MearsPicture Editor

For advertising, contact:Mark C Howarth+44 020 7873 4885mark.c.howarth@ft.comor your usual representative

FT Reports are on FT.com.www.ft.com/reports

Mature vintages can besurprisingly affordable

JancisRobinsonWine

vintages are by comparisonwith their callow,unformed infantcounterparts.

This is particularly trueof serious, classic winessuch as classed growthbordeaux and burgundiescarrying a Grand Cru orsuperior Premier Cruclassification. There issimply no point in payingthe prices asked for suchwines unless you givethem the opportunity toattain their full splendourand nuance by ageingthem for many years inbottle. You want all theyouthful elements to knittogether to form muchmore complex compounds,with flavours that arenever found in young wine– under 10 years old, say.

But the pleasure ofdrinking much older winesis huge. This is whatdistinguishes wine fromother drinks: its ability tolast – partly because of itsalcohol content, and partlybecause its charge oftartaric acidity helpsprotect it from harmfulbacteria – and thanks tothe complexity of its make-up, to do more than that –improve with age.

A fine wine from the1980s or older will offer amuch, much wider array ofscents than the simpler,more brutal appeal of ayoung wine – and it islikely to changeconsiderably in thedecanter or glass, so thatthe experience of drinkingmature wine is one of themost intellectually andsensually rewarding acts ofconsumption that I canthink of – akin toexperiencing a particularlyentrancing painting ormusical performance.

But, unlike a work ofart, a bottle of wine hasnecessarily to be destroyedto be enjoyed, so we owevenerable examplesalertness and dueattention.

As I have written,perhaps ad nauseam, themost glamorous andexpensive vintages of themost famous wines thatproliferate in the marketplace are extremelyexpensive, and great careis needed to ensure theirauthenticity. If you wantto minimise the chances ofencountering a fake, andmaximise the chances ofsecuring a bargain, headfor second-tier wines andsecond-division vintages.

In Bordeaux, forexample, the second-division vintages I wouldrecommend for currentdrinking of fully maturewine at classed growth – agood-value notch belowfirst-growth level are 1996,1995, 1994, 1993 (rightbank), 1988, 1986, 1985,1983, 1981, 1978, 1975, 1971,1964, 1962 and 1952. Othervintages in the second halfof the 20th century tend tobe either too expensive, toodisappointing or too young.

Because most bordeauxis made in such quantity,it is not too difficult tofind mature vintages stilllurking on wine listsaround the world. Thebrilliant and improvingwine search engine, wine-searcher.com, is aninvaluable aid to locatingold wines. You can refineyour search by bottle size,location, whether you areprepared to buy at auction,name of the wine orappellation, and even thesort of price you areprepared to pay.

I recently listed some ofmy favourite suppliers offine wine, and you cancheck up on how aparticular wine is tastingat – present by checkingout the freecellartracker.com orsubscription websites suchas erobertparker.com,winespectator.com and,ahem, jancisrobinson.com –all of which have tens ofthousands of tasting notes.

The grander the wine,the longer it is likely to beable to last, although somegeneralisations may be inorder, such as that Saint-Estèphes tend to beparticularly slow to unfurl,Margaux and lesser Saint-Emilions much quicker.Sauternes and Barsac, thegreat sweet white wines ofBordeaux, are practicallyindestructible.

There is another sort ofwine that it is crazy tobroach too young, andwhich can last even longerthan a classed growthbordeaux, and that isvintage port. Drinkingyoung vintage port isreally no more fun thandrinking a much cheapersingle quinta port ofroughly the same age. Buta fully mature vintage portis a miraculous thing, withevery bit as much nuanceas the finest mature tablewine.

Sadly for those dedicated– some would saydemented – individualswho spend their livesmaking the rich, fortifiedwines of Portugal’s DouroValley, in the past fewdecades vintage port hasnot appreciated in valuenearly as much as themost respected table wines,nor as much as it deserves.

And, because vintageport is, alas, notfashionable, there is plentyof it on the market – notleast because Oxbridgecolleges and gentlemen’sclubs have been divestingthemselves of theirholdings of it.

So, if you are seeking afine 1983, for example, youcould get a bottle of 1983vintage port, alreadydrinking well but nowherenear its peak, from a topsupplier for about £50 abottle, whereas that sumwould get you only themost modest 1983 redbordeaux.

Other fine wines –particularly burgundy, and

to a certain extent rhône –tend to be made in smallerquantities, so locating fullymature examples of goodprovenance is much moredifficult. But at least thesecondary market for allbut a handful of names isvirtually non-existent, so itis possible to pick upbottles bought from privatecellars where they havespent most of their days.

Generalising aboutburgundy vintages is amug’s game, which I amloath to play. Suffice it to

say that superior burgundytends to have two periodsof drinkability: one in itsyouth (youthful charm is amore common attribute ina burgundy than in themore obviously tannicwines of Bordeaux); andone in grand old age. Youmight strike lucky and finda delicious example of thelatter.

See more than68,000 tasting noteson Purple Pages ofJancisRobinson.com

Because most bordeaux is made in such quantity, it is not too difficult to find mature vintages lurking on wine lists Reuters

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4 ★ FINANCIAL TIMES TUESDAY JUNE 19 2012

Buying & Investing in Wine

Passion play Investing for the love of itIn wine terms, passion andinvestment are not a classicpairing. The words “wineinvestment”, uttered in thepresence of any wine critic orproducer, will be met with alook of practised disgust.Speculation is widely viewed asa negative force in the winemarket. But why?

Because it pushes up prices,of course, but also becauseoenophiles don’t see wine as aproduct. Wines are individual,reflecting soil, climate, and craft,and consumers should have apassionate response when – notif – they drink it.

“The whole point of wineinvestment originally was to fundyour cellar; to drink great winesfor nothing,” says Jo Purcell, MDof Farr Vintners in Hong Kong.

Hong Kong buyer GeorgeTong sees his collection as“pure passion,” and will notpurchase a wine he doesn’twant to drink himself, howeverhighly rated. Mr Tong is notexceptional. Purcell is convincednone of her clients buys wine“purely for investment.”

For Pierre Lurton, generalmanager of Château ChevalBlanc and Châteaud’Yquem, collecting wineshould be all about “thedesire to obtain a certainbottle for love and forpleasure”.

This doesn’t meanpassionate collectors arenot also investors. “Asianbuyers are investors ineverything,” says DavidWainwright, managingdirector of ZachysAsia, adding thatevery one of hisclients “has aninterest in wine,”and “starts outloving wine, tastingwine.”

Frédéric Engerer,Château Latour’sgeneral manager,finds the debate “abit useless”, as “aninvestor maybecome a drinkerone day, andsometimes ‘drinkers’resell some cases.”

Accidentalinvestment in wineis an age­oldphenomenon. Onlyrecently have the

pros turned their hand to wineinvestment. Since the advent ofwine funds, the Liv­ex 50 Indexhas increased by 290 per cent.

In other words, prices of theBordeaux first growths whichmake up the index have risen ata compound annual rate of 12per cent. The argument thatspeculation pushes up pricesseems irrefutable.

By June last year, prices hadreached an all­time high. Themarket reacted to unsustainably– and undrinkably – expensivefirst growths, and by year­endthey lost a quarter of theirvalue. This year, prices seem tohave reached a plateau.

Wine funds adopt two broadapproaches to investing: strictlyfinancial or passion­based. Ex­finance types swear by arigorous analytical approach,usually resulting in risk averse,Bordeaux­only portfolios.

Miles Davis, director of WineAsset Managers, believes it is alltoo easy for a wine lover to“cloud the difference betweenan investment and somethingthey’d like to drink.”

Other funds are happy to let apassion for wine influence

strategy. Luxembourg fundNobles Crus allows forsignificant holdings inBurgundy and also someItalian wines.

Christian Roger, theinvestment manager,believes “you can decide toinvest in a wine only if youunderstand it and for that

you must have passion,you must taste again

and again, you mustlove this particularwine”.

These lessrestrictive fundshave prospered inrecent monthsbecause of theirdiversified portfolios.Burgundy’s stabilitywhile Bordeauxprices plungedallowed Nobles Crusto buck the trendwith an 11.25 percent gain for 2011.Passion can pay.

Ella ListerSome go forrisk­averse,Bordeaux onlyportfolios

Italy’s vinous reputationmay be firmly based on itsreds, which come in anastonishing variety of

styles, but its whites deserveattention too.

The reason they have beenrelatively unnoticed has, inpart, to do with Pinot Grigio’sworldwide success. Although auseful grape, the blandofferings channelled throughsupermarkets, neither offend,nor beguile, anyone.Unfortunately, it is still Italy’ssignature white, if only bysheer volume.

The consumer is not toblame. The fault lies with Italy,which has only recently begunto reappraise its indigenousvarieties after years of neglect.Before that, the wine sectorwas driven by technology,generous yields and bestsellers(that Pinot Grigio again) andinternationally appealing styles,such as Chardonnay andSauvignon Blanc.

It also encouraged mercilesscapitalisation on well-knownnames by enlarging famousregions ad absurdum andallowing sky high yields, SoaveClassico being just one victimof this policy.

But, from the 1990s, a senseof tradition and identity startedto reassert itself. This triggeredrenewed interest from a newgeneration in local varieties,which only 20 years ago wereconsidered average, at most.

The first step this generationtook was to reduce yields.Quality shot up, and thepreviously scorned localvarieties proved to have bagsof personalty and style.

Italy, with its wide range ofsoil compositions, altitudes andclimates can produce any winestyle the world desires. But itsidentity and originality isdetermined by its indigenousvarieties, cultivated forhundreds, if not thousands, ofyears. It is a heritage thatcannot be copied, and just thething for palates jaded with ahandful of internationalvarieties.

Arneis Although red wineterritory, Piemonte is home toseveral whites. But it is Arneis,with its subtle almond andwhite fruit nose, which has theedge over Cortese (or Gavi), theregion’s bestseller. Because ofits low yields, Arneis almostdisappeared in the 1970s, but afew producers, including BrunoGiacosa, clung to it. Topproducers today are MatteoCorreggia, and Angelo Negro&Figli (single vineyard ‘ArneisPernaudin’ and ‘Arneis SetteAnni’).

Garganega One of Veneto’smost characterful whites andmain ingredient in Gambellaraand Soave. But while enormousyields often result in vapidwines, Garganega, in the righthands, can be a true expressionof terroir, showing chamomile,pear and mineral notes carriedby fine acidity. Top producersinclude Pieropan, AngiolinoMaule (cask-aged ‘Pico’) andPRA (Soave Classico Staforte).

Ribolla Gialla Friuli may befamous for its internationalwhites, but the trend for allthings indigenous proves to bethe wind in Ribolla Gialla’ssails. Confined to the Collio

hills near Oslavia, it used to befermented on the skin longbefore this technique becamefashionable with the ‘naturalwine movement’, giving italmost a red wine quality.Ribolla comes in fresh, spritzyversions as well as serious,cask-aged ones. Highlyrecommended are Primocic,Dario Princic, Radikon and LaCastellada, each producing a‘modern’ as well as a skinfermented version.

Verdicchio The perception ofVerdicchio has been shaped byone of Italy’s great marketingsuccesses: Fazi-Battaglia’sgreen amphora bottle, producedby the millions, reaches everycorner of the world, puttingVerdicchio on the internationalmap. But perhaps it doesn’t do

justice to Verdicchio’sversatility, or its fabled ageingcapacity, which turns it into anutty, lemony and minerallywine. Top producers includeBucci, Collestefano, LaMonacesca and Sartarelli.

Fiano Campania, one of Italy’smost promising yet inertregions, is home to severalgreat whites. Considered a sun-drenched corner of thepeninsula, its mountainouscentre is actually quite cool,and ideal for slow ripeningwhites such as the charismaticFiano. Redolent of peach andlemon it turns minerally andsmoky with age. Fiano comesin several styles, fromcommercial, spritzy, tropicalfruit quaffables to fineexamples, which can stand the

test of time. Top producers arePietracupa, Feudi di SanGregorio and Il Tufiello.

Carricante While Etna Rossois taking its rightful placewithin the ranks of Italy’s finewines, Etna Bianco, made ofthe local Carricante, is at leastas great. It can be found insome of Europe’s highestvineyards, 900m or more,where, during a long, coolripening season, Carricantedevelops fine scents of whiteflowers, lemon and peach. Itshigh acidity makes it a perfectcandidate for bottle ageing,which it needs to show its best.Benanti’s Pietramarina provespatience pays off. Otheroverachievers are Graci,Fessina, Barone Villagrandeand Biondi.

Future ofwhites liesin the pastProfileItalian whitesProducers are wakingup to their rich storeof heritage varieties,as are the consumers,says Walter Speller

Let us spray: work on the vines in a modern Italian vineyard at Barolo, Piedmont Zoonar

JUNE 19 2012 Section:Reports Time: 15/6/2012 - 16:50 User: bricem Page Name: HIC4, Part,Page,Edition: HIC, 4, 1