Analysis of emerging markets issuance for 13 months through June 2011

Yield

	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011
Less than 5%	5.561	12.545	2.332	12.445	15.600	7.403	0.822	8.012	1.941	4.058	3.237	5.214	3.349
5%-5.99%	2.696	9.778	2.678	6.958	3.126	7.595	0.889	6.766	1.238	3.073	5.602	3.297	3.487
6%-6.99%	0	5.905	0.500	6.819	7.612	3.532	0.847	4.446	1.331	9.965	5.701	5.729	2.548
7%-7.99%	0	1.752	0.850	5.604	3.470	1.187	0.441	4.036	1.901	2.549	3.467	1.091	2.644
8%-8.99%	0.750	0.940	0.958	1.191	4.199	0	0	1.928	1.101	0.500	2.203	6.747	0
9%-9.99%	0.246	1.598	0	1.397	1.020	0.284	0	1.618	2.061	1.000	0.281	1.703	0.300
10% and higher	0.350	0.648	4.206	2.014	1.647	0.906	0.496	1.577	0.895	1.547	0.371	0.749	0
Floater	0.550	0	0	0.800	0.175	0.075	0	0.600	0	0.370	0.300	0.850	0.200
NA	2.404	2.351	0.075	4.409	1.992	2.945	1.104	4.036	3.487	4.615	4.242	8.612	6.305
Total	12.557	35.520	11.599	41.636	38.842	23.926	4.599	33.020	13.955	27.678	25.404	33.991	18.833
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 5%	27.321	43	23.824	34	14.012	20	11.800	21	25.811	41	82.518	124	76.957	118	16.88%
5%-5.99%	19.414	24	11.610	18	11.077	13	12.385	16	23.463	29	57.183	74	54.487	71	15.35%
6%-6.99%	13.225	20	11.990	17	15.741	21	13.978	25	29.719	46	54.934	83	54.934	83	19.44%
7%-7.99%	8.206	15	5.099	12	8.486	14	7.202	14	15.688	28	28.993	55	28.993	55	10.26%
8%-8.99%	3.089	8	4.199	5	3.529	8	8.950	17	12.478	25	20.516	39	19.766	38	8.16%
9%-9.99%	2.995	9	1.304	7	4.679	14	2.284	9	6.963	23	11.508	40	11.262	39	4.55%
10% and higher	6.868	14	3.049	14	4.019	10	1.120	5	5.140	15	15.408	44	15.058	43	3.37%
Floater	0.800	4	0.250	2	0.970	4	1.350	3	2.320	7	3.920	15	3.370	13	1.52%
NA	6.836	13	6.041	10	12.139	19	19.159	26	31.299	45	46.579	71	44.175	68	20.47%
Total	88.755	150	67.367	119	74.653	123	78.228	136	152.881	259	321.560	545	309.003	528	100.00%
Versus Talk
	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011
Lower	0.743	1.689	0.498	3.993	3.196	2.726	0	1.491	0.750	3.707	0.495	0	0
Low end	3.996	8.012	2.496	6.358	7.190	10.067	0.496	6.290	3.274	12.169	5.888	8.045	6.018
Middle	0.750	1.547	1.059	3.197	5.562	3.310	0.522	6.869	5.090	2.514	1.858	10.742	6.788
High end	0	1.190	0.333	0.545	1.139	1.600	0.308	0	0	1.043	1.048	1.541	0
Higher	0	0	0	0.269	1.416	0	0	0.500	0	0	0	0	0
NA	7.068	23.082	7.212	27.275	20.339	6.222	3.273	17.870	4.841	8.243	16.115	13.662	6.028
Total	12.557	35.520	11.599	41.636	38.842	23.926	4.599	33.020	13.955	27.678	25.404	33.991	18.833
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	6.180	10	5.922	8	5.948	5	0.495	1	6.443	6	19.288	25	18.545	24	4.21%
Low end	16.866	22	17.754	23	21.734	27	19.951	34	41.684	61	80.300	111	76.304	106	27.27%
Middle	5.803	12	9.394	22	14.473	28	19.388	30	33.862	58	49.809	93	49.059	92	22.15%
High end	2.068	4	3.047	5	1.043	3	2.589	6	3.633	9	8.748	18	8.748	18	2.38%
Higher	0.269	1	1.416	2	0.500	1	0	0	0.500	1	2.185	4	2.185	4	0.33%
NA	57.569	101	29.834	59	30.954	59	35.805	65	66.759	124	161.230	294	154.162	284	43.67%
Total	88.755	150	67.367	119	74.653	123	78.228	136	152.881	259	321.560	545	309.003	528	100.00%
Upsized?
	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011
Yes	0	0.200	0.687	0.500	2.778	0	0.300	1.335	0.895	0	0	2.040	0.348
No	12.557	35.320	10.912	40.932	35.064	23.926	4.299	31.685	13.060	27.328	25.404	31.951	18.485
Downsized	0	0	0	0.204	1.000	0	0	0	0	0.350	0	0	0
Total	12.557	35.520	11.599	41.636	38.842	23.926	4.599	33.020	13.955	27.678	25.404	33.991	18.833
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.387	5	3.078	2	2.230	4	2.388	5	4.618	9	9.083	16	9.083	16	3.02%
No	87.164	144	63.289	116	72.073	118	75.840	131	147.913	249	310.923	526	298.366	509	96.75%
Downsized	0.204	1	1.000	1	0.350	1	0	0	0.350	1	1.554	3	1.554	3	0.23%
Total	88.755	150	67.367	119	74.653	123	78.228	136	152.881	259	321.560	545	309.003	528	100.00%
Seniority
	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011
sovereign	0.665	7.485	3.808	11.592	6.231	3.171	0.500	7.044	2.921	7.037	7.428	5.056	8.359
senior secured	0	0.298	0.075	0	0.636	0	0	0	0.683	0	0.196	0.325	0
secured	0	0	0.112	0.400	0	0	0	0	0	0	0	0	0
senior	11.394	25.931	6.608	29.645	29.507	19.759	4.099	24.740	10.351	19.407	17.029	27.810	9.976
subordinated	0.498	1.306	0.996	0	2.467	0.996	0	1.236	0	1.233	0.750	0.800	0.499
covered bonds	0	0.499	0	0	0	0	0	0	0	0	0	0	0
Total	12.557	35.520	11.599	41.636	38.842	23.926	4.599	33.020	13.955	27.678	25.404	33.991	18.833
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
sovereign	22.885	25	9.902	11	17.002	18	20.843	22	37.845	40	71.296	77	70.631	76	24.75%
senior secured	0.373	2	0.636	3	0.683	2	0.521	2	1.204	4	2.214	9	2.214	9	0.79%
secured	0.512	2	0	0	0	0	0	0	0	0	0.512	2	0.512	2	0.00%
senior	62.184	116	53.366	99	54.498	99	54.815	109	109.313	208	236.257	438	224.863	423	71.50%
subordinated	2.302	4	3.462	6	2.469	4	2.049	3	4.518	7	10.781	18	10.283	17	2.96%
covered bonds	0.499	1	0	0	0	0	0	0	0	0	0.499	1	0.499	1	0.00%
Total	88.755	150	67.367	119	74.653	123	78.228	136	152.881	259	321.560	545	309.003	528	100.00%
Moody's Rating
	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011
Aaa	0	1.062	0.498	0	0	0	0	0	2.739	0	0	0	1.497
Aa1	0	0	0	0.997	0	0	0	0	0	0	0	0	0
Aa2	0	4.992	0	0	0	0.497	0	0	0	0.596	0	0	0
Aa3	0	1.498	0	2.581	0	3.968	0	1.983	0	4.328	0	0	0
A1	0	1.691	0.196	5.700	6.720	0.699	0	0	0	3.355	2.519	0.815	0
A2	4.959	2.492	0	2.400	4.178	0.052	0.325	1.673	0.175	1.233	2.180	0.650	2.922
A3	3.498	2.266	0.200	1.393	1.941	0.574	0	0	0.746	1.795	0.397	0	1.000
Baa1	0	4.958	1.512	1.495	2.375	3.690	0	5.979	1.770	2.005	1.014	1.984	0.921
Baa2	0.798	3.013	1.894	6.110	4.781	3.214	0.991	5.909	1.238	0.699	1.258	5.149	1.297
Baa3	0.498	4.691	0	4.362	1.772	4.480	0.495	2.544	0	6.237	2.257	2.445	4.232
Ba1	0	2.985	1.150	2.450	0	0.597	0	1.349	0.446	0	4.747	2.270	0
Ba2	0.750	1.527	0	0.300	2.599	1.484	0	0.798	0.464	0.698	2.239	2.423	0
Ba3	0.246	0.250	0.396	2.099	3.659	0.200	0	0.976	1.488	1.250	1.441	3.478	0
B1	0	1.790	0.658	1.048	1.558	0.396	0.308	1.000	0.536	1.248	1.350	3.792	0
B2	0.350	0.103	0	0.250	0.140	0.240	0.696	0.543	3.505	0.500	0.175	0.298	1.550
B3	0	0	0	0.545	0.252	0	0	0	0.100	0	0	0.575	2.550
NR	1.458	2.200	5.095	9.905	8.866	3.835	1.783	10.265	0.748	3.735	5.827	10.111	2.865
Total	12.557	35.520	11.599	41.636	38.842	23.926	4.599	33.020	13.955	27.678	25.404	33.991	18.833
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Aaa	1.561	3	0	0	2.739	1	1.497	1	4.236	2	5.796	5	5.796	5	2.77%
Aa1	0.997	1	0	0	0	0	0	0	0	0	0.997	1	0.997	1	0.00%
Aa2	4.992	3	0.497	1	0.596	1	0	0	0.596	1	6.084	5	6.084	5	0.39%
Aa3	4.079	7	3.968	3	6.312	6	0	0	6.312	6	14.359	16	14.359	16	4.13%
A1	7.587	11	7.419	9	3.355	6	3.334	6	6.689	12	21.695	32	21.695	32	4.38%
A2	4.893	6	4.555	8	3.081	5	5.752	7	8.833	12	23.240	31	18.281	26	5.78%
A3	3.859	9	2.514	6	2.541	5	1.397	2	3.938	7	13.809	26	10.311	22	2.58%
Baa1	7.965	10	6.065	9	9.754	8	3.919	6	13.673	14	27.702	33	27.702	33	8.94%
Baa2	11.017	16	8.987	10	7.846	12	7.704	14	15.550	26	36.351	53	35.553	52	10.17%
Baa3	9.054	16	6.747	11	8.781	11	8.934	11	17.715	22	34.013	50	33.515	49	11.59%
Ba1	6.585	9	0.597	2	1.795	4	7.017	9	8.812	13	15.993	24	15.993	24	5.76%
Ba2	1.827	4	4.083	6	1.960	6	4.662	10	6.622	16	13.283	27	12.533	26	4.33%
Ba3	2.745	7	3.859	8	3.714	9	4.919	9	8.633	18	15.484	34	15.238	33	5.65%
B1	3.497	9	2.263	8	2.784	8	5.142	5	7.926	13	13.685	30	13.685	30	5.18%
B2	0.353	2	1.077	4	4.548	9	2.023	4	6.571	13	8.351	20	8.001	19	4.30%
B3	0.545	1	0.252	1	0.100	1	3.125	6	3.225	7	4.022	9	4.022	9	2.11%
NR	17.200	36	14.485	33	14.748	31	18.803	46	33.551	77	66.694	149	65.236	146	21.95%
Total	88.755	150	67.367	119	74.653	123	78.228	136	152.881	259	321.560	545	309.003	528	100.00%
Use of Proceeds
	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011
Acquisition	0	0	0	0	0	0.165	0	0	0	0	0	1.650	0
Capex	0	1.499	0.910	0	0	0	0	0.400	0.746	0	0.350	0	0
GCP	4.352	9.614	3.093	14.226	10.728	2.275	0.638	13.209	2.701	7.843	4.766	6.983	3.073
Refinance	3.494	2.890	0.894	2.572	4.073	3.067	0.394	0.853	1.084	1.880	3.540	1.270	0.650
Multiple/Other/NA	4.711	21.517	6.702	24.839	24.041	18.419	3.568	18.557	9.425	17.955	16.747	24.088	15.110
Total	12.557	35.520	11.599	41.636	38.842	23.926	4.599	33.020	13.955	27.678	25.404	33.991	18.833
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0	0	0.165	1	0	0	1.650	2	1.650	2	1.815	3	1.815	3	1.08%
Capex	2.409	5	0	0	1.146	2	0.350	2	1.496	4	3.905	9	3.905	9	0.98%
GCP	26.932	46	13.640	24	23.753	31	14.822	29	38.575	60	83.500	134	79.147	130	25.23%
Refinance	6.357	12	7.534	11	3.817	10	5.460	13	9.277	23	26.661	51	23.168	46	6.06%
Multiple/Other/NA	53.058	87	46.028	83	45.937	80	55.945	90	101.882	170	205.679	348	200.968	340	66.64%
Total	88.755	150	67.367	119	74.653	123	78.228	136	152.881	259	321.560	545	309.003	528	100.00%
Industry Sector (by SIC code)
	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011
Agriculture (0xxx)	0	0.690	0	0.204	0.295	0	0	0	0	0.247	0	0.741	0
Communications (48xx)	3.862	0.647	0.498	2.330	3.268	1.052	1.299	1.639	0	0.707	0	0.296	2.200
Construction (15xx)	0.246	0	0	0.950	0	1.678	0	0	0.493	0.900	0	0.075	0
Electric, gas, sanitary services (49xx)	0.607	0.500	0	1.760	2.687	0.336	1.562	2.537	0	0	1.271	2.591	0.143
Finance, insurance, real estate (6xxx)	3.532	20.325	2.878	15.562	12.557	11.748	0.692	8.116	6.925	14.395	8.340	15.903	5.085
Health services (8xxx)	0	0	0	0	0	0	0	0	0	0	0.160	0	0
Manufacturing (2xxx, 3xxx)	0.798	1.344	1.900	4.274	4.481	2.490	0	3.787	1.723	1.537	3.933	1.847	0.498
Mining (1xxx)	0.350	0.103	0	3.515	2.382	0	0	0	0	0	0.615	1.650	0.628
Oil and gas (13xx)	0	2.480	1.856	0.750	4.500	3.451	0.133	8.713	0	0.900	1.824	4.836	0
Pharmaceuticals (2834-6)	2.498	0	0	0	0	0	0	0	0	0.750	0	0	0
Services (7xxx)	0	0.700	0.160	0	0.296	0	0	0.443	0	0	0	0.300	0
Sovereign (8888)	0.665	7.485	3.808	11.592	7.225	3.171	0.500	7.044	2.921	7.037	7.428	5.056	8.359
Transportation (4xxx)	0	1.047	0.498	0.700	1.150	0	0.413	0	1.210	0.906	0.200	0.696	1.920
Wholesale (5xxx)	0	0.198	0	0	0	0	0	0.741	0.683	0.298	1.633	0	0
Total	12.557	35.520	11.599	41.636	38.842	23.926	4.599	33.020	13.955	27.678	25.404	33.991	18.833
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.895	2	0.295	2	0.247	1	0.741	1	0.988	2	2.178	6	2.178	6	0.65%
Communications (48xx)	3.475	5	5.620	12	2.347	5	2.496	4	4.843	9	17.799	30	13.937	26	3.17%
Construction (15xx)	0.950	3	1.678	2	1.393	4	0.075	1	1.468	5	4.343	11	4.097	10	0.96%
Electric, gas, sanitary services (49xx)	2.260	6	4.585	11	2.537	4	4.004	9	6.542	13	13.993	31	13.386	30	4.28%
Finance, insurance, real estate (6xxx)	38.765	76	24.996	52	29.436	56	29.329	59	58.765	115	126.058	248	122.526	243	38.44%
Health services (8xxx)	0	0	0	0	0	0	0.160	1	0.160	1	0.160	1	0.160	1	0.10%
Manufacturing (2xxx, 3xxx)	7.518	13	6.971	10	7.047	13	6.279	15	13.326	28	28.613	52	27.815	51	8.72%
Mining (1xxx)	3.618	5	2.382	3	0	0	2.893	6	2.893	6	9.244	15	8.894	14	1.89%
Oil and gas (13xx)	5.087	7	8.084	10	9.613	9	6.660	8	16.272	17	29.443	34	29.443	34	10.64%
Pharmaceuticals (2834-6)	0	0	0	0	0.750	2	0	0	0.750	2	3.248	5	0.750	2	0.49%
Services (7xxx)	0.860	2	0.296	1	0.443	2	0.300	1	0.743	3	1.900	6	1.900	6	0.49%
Sovereign (8888)	22.885	25	10.896	12	17.002	18	20.843	22	37.845	40	72.290	78	71.625	77	24.75%
Transportation (4xxx)	2.245	5	1.563	4	2.116	5	2.816	6	4.932	11	8.740	20	8.740	20	3.23%
Wholesale (5xxx)	0.198	1	0	0	1.721	4	1.633	3	3.354	7	3.552	8	3.552	8	2.19%
Total	88.755	150	67.367	119	74.653	123	78.228	136	152.881	259	321.560	545	309.003	528	100.00%
Country
	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011
Africa	0	0.700	0	2.338	0	0.297	0	2.228	1.965	0.787	0.706	0.983	0.648
Asia	2.139	9.464	4.573	10.765	11.148	7.408	0.693	4.856	5.014	7.449	11.469	11.020	2.918
Caribbean	0	0.197	0	0	0	0.284	0.308	0	0.576	0	0	0	0
Emerging Europe	0.607	2.734	0	4.866	4.545	0.640	0.325	3.399	0	6.167	3.208	5.351	6.879
Latin America	4.821	11.105	5.978	16.124	8.683	4.690	2.278	15.542	3.409	5.509	4.726	11.933	0.996
Middle East	3.241	8.112	0.212	2.643	8.219	7.475	0	2.169	0	5.700	2.279	3.206	1.799
Other	0	0	0	0	0	0	0	0	0	0.250	0	0	0
Russia, CIS	1.750	3.208	0.837	4.900	6.247	3.132	0.995	4.825	2.990	1.815	3.016	1.498	5.594
Total	12.557	35.520	11.599	41.636	38.842	23.926	4.599	33.020	13.955	27.678	25.404	33.991	18.833
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Africa	3.038	3	0.297	1	4.980	8	2.336	6	7.317	14	10.651	18	10.651	18	4.79%
Asia	24.801	56	19.249	37	17.319	36	25.407	48	42.726	84	88.915	181	86.776	177	27.95%
Caribbean	0.197	1	0.592	2	0.576	2	0	0	0.576	2	1.365	5	1.365	5	0.38%
Emerging Europe	7.601	6	5.510	8	9.566	9	15.438	17	25.004	26	38.722	41	38.115	40	16.36%
Latin America	33.207	55	15.651	30	24.461	41	17.654	35	42.115	76	95.794	167	90.973	161	27.54%
Middle East	10.968	14	15.693	23	7.870	11	7.284	14	15.154	25	45.056	66	41.816	62	9.91%
Other	0	0	0	0	0.250	1	0	0	0.250	1	0.250	1	0.250	1	0.16%
Russia, CIS	8.945	15	10.374	18	9.631	15	10.108	16	19.739	31	40.807	66	39.057	64	12.91%
Total	88.755	150	67.367	119	74.653	123	78.228	136	152.881	259	321.560	545	309.003	528	100.00%
Currency
	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011
$	8.838	32.886	10.975	34.038	32.278	20.803	3.283	28.080	12.986	22.490	23.350	28.059	12.984
C$	0	0	0	0	0	0	0	0	0	0	0	0.315	0
CHF	0	0.287	0.624	0.299	0	0	0	0.207	0	0	0	0.174	0
RMB	0	0	0	0	0	0	0	0	0	0	0	0.092	0
Y	0	0.207	0	0	2.019	0.185	0	0.219	0	0	0	0	1.542
€	2.766	1.078	0	7.299	4.545	2.938	1.316	4.514	0.969	3.691	2.054	5.351	3.814
£	0.953	1.062	0	0	0	0	0	0	0	1.496	0	0	0.494
Total	12.557	35.520	11.599	41.636	38.842	23.926	4.599	33.020	13.955	27.678	25.404	33.991	18.833
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	77.898	133	56.364	102	63.556	108	64.392	118	127.948	226	271.049	474	262.211	461	83.69%
C$	0	0	0	0	0	0	0.315	1	0.315	1	0.315	1	0.315	1	0.21%
CHF	1.211	6	0	0	0.207	1	0.174	1	0.382	2	1.593	8	1.593	8	0.25%
RMB	0	0	0	0	0	0	0.092	1	0.092	1	0.092	1	0.092	1	0.06%
Y	0.207	2	2.204	5	0.219	1	1.542	1	1.761	2	4.171	9	4.171	9	1.15%
€	8.377	7	8.799	12	9.175	10	11.219	13	20.393	23	40.335	45	37.569	42	13.34%
£	1.062	2	0	0	1.496	3	0.494	1	1.990	4	4.005	7	3.052	6	1.30%
Total	88.755	150	67.367	119	74.653	123	78.228	136	152.881	259	321.560	545	309.003	528	100.00%

Criteria

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

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

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

• Each tranche is counted as a separate deal.

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

• Best efforts and non-underwritten deals are excluded.

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

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

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