Credit Event

Cranes Software International Limited

Event Publicly Available Information:

The Reference Entity has failed to respond to an acceleration notice from the Bank of New York Mellon, in its capacity as trustee for the EUR 42,000,000 2.50% Convertible Bonds due 2011 issued by the Reference Entity (ISIN: XS0244289152) that the Reference Entity's payment obligations under these bonds were immediately due and payable. http://www.isda.org/uploadfiles/_docs/Cranes_PAI.PDF