TCREUR_Public/110222.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, February 22, 2011, Vol. 12, No. 37

                            Headlines



C Z E C H   R E P U B L I C

SAZKA AS: Radovan Vitek Offers to Pay CZK1 Billion for 100% Stake


F R A N C E

* FRANCE: 24% of Pharmacies at "Strong Risk" of Bankruptcy in 2011


G E R M A N Y

ARCANDOR AG: Insolvency Administrator Files Second Suit v. Ex-CEO
EUROHYPO AG: Moody's Cuts Bank Financial Strength Rating to 'D-'
KIRCH HOLDING: Munich Court to Rule Today on Deutsche Bank Case
* Moody's Cuts Ratings on 248 Notes by German and Irish Banks


I C E L A N D

LANDSBANKI ISLANDS: President Refuses to Sign Icesave Accord


I R E L A N D

DJ CAREY: Creditors Appoint Noel Murphy as Liquidator
LANSDOWNE MORTGAGE: S&P Cuts Ratings on Two Classes of Notes to BB
QUINN INSURANCE: General Election Delays Sale, Administrators Say
TBS INTERNATIONAL: Regains Compliance with Nasdaq Listing Rules


I T A L Y

WIND TELECOMUNICAZIONI: Seeks Extension of Covenant Waiver


L U X E M B O U R G

LOGWIN AG: Moody's Upgrades Corporate Family Rating to 'B2'


N E T H E R L A N D S

EUROPEAN PROPERTY: Moody's Cuts Rating on Class D Notes to 'Caa3'
HEAD NV: Moody's Upgrades Corporate Family Rating to 'B3'


R U S S I A

SEVERSTAL OAO: S&P Affirms 'BB-' Long-Term Corporate Credit Rating
VIP FINANCE: Moody's Assigns 'Ba2' Rating to US$500-Mil. Loan
WIMM-BILL-DANN FOODS: S&P Raises Corporate Credit Rating to 'BB+'


U N I T E D   K I N G D O M

BEETHAM HOTELS: Bank Dispute Brings Down Liverpool Ventures
BRISTOL ROVERS: Chairman Denies Facing Possible Administration
DECO 12: S&P Cuts Ratings on Two Classes of Notes to 'D (sf)'
ENERGEM: Goes Into Administration Due to Unpaid Receivables
JAMES HAGGART & SONS: Goes Into Administration, 15 Jobs at Risk

JJB SPORTS: Shareholders Back GBP31.5-Mil. Share Issue
NDS GROUP: Moody's Assigns 'Ba2' Corporate Family Rating
NDS GROUP: S&P Assigns 'B+' Long-Term Corporate Credit Rating
OLLIE & NIC: MCR Administrators Sell Firm to Onyx Retail
PUNCH TAVERNS: Bondholders in Talks with Potential Pub Operators

SHAKEAWAY: Staff Hope to Re-Open Firm Following Administration
TITAN EUROPE: Moody's Junks Ratings on Two Classes of Notes
VIRGIN MEDIA: Fitch Upgrades LT Issuer Default Rating to 'BB+'
WAKEFIELD TRINITY: Docked With Four Points After Administration


X X X X X X X X


* S&P's 2011 Global Corporate Default Tally Rises to Three
* Large Companies with Insolvent Balance Sheets


                            *********


===========================
C Z E C H   R E P U B L I C
===========================


SAZKA AS: Radovan Vitek Offers to Pay CZK1 Billion for 100% Stake
-----------------------------------------------------------------
Krystof Chamonikolas at Bloomberg News, citing Hospodarske Noviny,
reports that Czech financier Radovan Vitek offered to pay
CZK1 billion (US$56 million) for 100% of the shares in Sazka AS.

According to Bloomberg, the newspaper said that Mr. Vitek, a real-
estate magnate, holds about CZK3 billion of Sazka's debt.

As reported by the Troubled Company Reporter-Europe on Jan. 26,
2011, CTK said Sazka asked the Municipal Court in Prague to order
hearing of the insolvency proceedings initiated by Mr. Vitek's
firm Moranda against the company.  Sazka demanded that the court
deal with Moranda's proposal in the physical presence of both
sides' lawyers, CTK disclosed.  If Sazka did not take this step,
the court could decide on the insolvency proposal on the basis of
the presented documents only, CTK noted.

Mr. Vitek asserted that Sazka is in an insolvency situation
because it has excessive debts, with total debts worth more than
CZK10 billion, according to CTK.  He claimed that Sazka's owner's
equity has a negative value, CTK said.

As reported by the Troubled Company Reporter-Europe, Bloomberg
News, citing CTK, said Mr. Vitek filed an insolvency proposal
against the company on Jan. 17.

Sazka AS is a provider of lotteries and sport betting games in the
Czech Republic.


===========
F R A N C E
===========


* FRANCE: 24% of Pharmacies at "Strong Risk" of Bankruptcy in 2011
------------------------------------------------------------------
Rudy Ruitenberg at Bloomberg News reports that Le Parisien, citing
estimates by credit-insurance company Coface, said 24% of France's
22,259 pharmacies are at a "strong risk" of bankruptcy in 2011.

According to Bloomberg, Le Parisien said that France on average
has one pharmacy for every 2,849 inhabitants, and 126 pharmacies
went out of business last year.

Bloomberg relates that newspaper said the number of pharmacy
bankruptcies in 2010 was three times that in 2006.


=============
G E R M A N Y
=============


ARCANDOR AG: Insolvency Administrator Files Second Suit v. Ex-CEO
-----------------------------------------------------------------
Holger Elfes at Bloomberg News, citing Financial Times
Deutschland, reports that German insolvency administrator Klaus
Hubert Goerg filed a second suit for exaggerated business expenses
and too high bonuses against Thomas Middelhoff, the former chief
executive officer of Arcandor AG.

Bloomberg relates that Mr. Georg, as cited by the FTD, said
Mr. Middelhoff charged Arcandor for some private flights and
flights for his previous employer.

According to Bloomberg, the FTD noted that Mr. Middelhoff and some
other executives at Arcandor also received and agreed on bonuses
that were too high.

                       About Arcandor AG

Germany-based Arcandor AG (FRA:ARO) -- http://www.arcandor.com/--
formerly KarstadtQuelle AG, is a tourism and retail group.  Its
three core business areas are tourism, mail order services and
department store retail.  The Company's business areas are covered
by its three operating segments: Thomas Cook, Primondo and
Karstadt.  Thomas Cook Group plc is a tour operator with
operations in Europe and North America, set up as a result of a
merger between MyTravel and Thomas Cook AG.  It also operates the
e-commerce platform, Thomas Cook, supporting travel services.
Primondo has a portfolio of European universal and specialty mail
order companies, including the core brand Quelle.  Karstadt
operates a range of department stores, such as cosmopolitan
stores, including KaDeWe (Kaufhaus des Westens), Karstadt
Oberpollinger and Alsterhaus; Karstadt brand department stores;
Karstadt sports department stores, offering sports goods in a
variety of retail outlets, and a portal, karstadt.de that offers
online shopping, among others.

As reported by the Troubled Company Reporter-Europe, a local court
in Essen formally opened insolvency proceedings for Arcandor on
September 1, 2009.  The proceedings started for the Arcandor
holding company and for 14 units, including the Karstadt
department-store chain and Primondo mail-order division.  Arcandor
filed for bankruptcy protection after the German government turned
down its request for loan guarantees.


EUROHYPO AG: Moody's Cuts Bank Financial Strength Rating to 'D-'
----------------------------------------------------------------
Moody's Investors Service has placed the senior debt and deposit
ratings of several Commerzbank group entities on review for
possible downgrade, specifically: (i) Commerzbank AG's Aa3 senior
debt and deposit ratings; (ii) the Aa3 senior debt and deposit
ratings of Commerzbank Europe (Ireland); (iii) Eurohypo AG's A1
senior debt and deposit ratings; and (iv) Deutsche Schiffsbank's
A2 senior debt and deposit ratings.

Concurrently, the C- BFSR of Commerzbank AG has been affirmed;
however, the outlook remains negative and the rating agency will,
as part of the review, reassess the current Baa1 stand-alone
mapping, which could move down to Baa2.  The BFSR of Eurohypo AG
has been downgraded to D- from D, with a negative outlook.

Additionally, Moody's has (i) affirmed the Prime-1 short-term
ratings for Commerzbank AG, Commerzbank Europe (Ireland) and
Eurohypo AG; and (ii) placed Deutsche Schiffsbank's Prime-1 short-
term rating on review for possible downgrade.

Moody's noted that the transition risk of the senior debt or
deposit ratings for Commerzbank and its subsidiaries is likely to
be limited to no more than two notches.  The review is expected to
be completed in the short-term.

                         Ratings Rationale

Moody's says that these rating reviews reflect (i) a reassessment
of Eurohypo AG's risk profile, which resulted in the downgrade of
its stand-alone financial strength rating (BFSR) to D- from D; and
(ii) Moody's view that a reassessment is warranted of the support
uplift currently factored into the long-term ratings.

The downgrade of Eurohypo's BFSR to D- is driven by the bank's
weak performance and its deteriorating asset quality (which
remains below earlier expectations).  Moody's reassessment of the
support uplift is due to concerns that the extraordinary level of
support provided during the financial crisis will not likely be
repeated, if it is required again in the future.  This has led
Moody's to place the long-term debt ratings of the Commerzbank
Group entities on review for possible downgrade.  Commerzbank
Europe (Ireland)'s debt ratings are also subject to Moody's review
for downgrade as that subsidiary's ratings are aligned with those
of the parent bank.

        Commerzbank's C- Bfsr (Baa1) With Negative Outlook
                      Remains Under Pressure

Moody's affirmation of Commerzbank's C- BFSR reflects (i) the
solid progress that the group has made in de-risking and
downsizing the balance sheet; (ii) the gradual recovery of its
profitability, (although this remains at weak levels within the C-
rating category); and (iii) the improved regulatory and economic
capital levels.

"In spite of this progress, in Moody's view the group continues to
face various challenges.  Adverse factors include (i) the
substantial losses contributed by Eurohypo and its poor asset
quality; (ii) Commerzbank group's weak quality of earnings and
modest profitability outlook as important steps of its
restructuring plan and the Dresdner integration have yet to be
accomplished; and (iii) Commerzbank's need to address its weak
quality of capital, and to repay hybrid instruments provided by
the government during the crisis," explains Katharina Barten, a
Moody's Vice President and Senior Credit Officer.

Moody's expects that Commerzbank's repayment of its hybrid capital
will likely constrain the Tier 1 ratio at a level below or close
to 10%.

"As fragility in the markets persists and event risk is relatively
high, the combination of these factors result in continued
uncertainty for the development of the group's stand-alone credit
profile, warranting the continued negative outlook on this
rating," adds Ms. Barten.

                 Focus on Commerzbank's L/T Rating
                 Extraordinary Support Assumptions

The ratings review will focus on the support uplift assumptions
factored into the long-term ratings of Commerzbank, following
Moody's concerns that the extraordinary level of support provided
during the financial crisis is not likely to be repeated, if
required again in the future.  Before the financial crisis -- and
before the merger with Dresdner Bank -- Commerzbank's long-term
debt and deposit ratings benefited from only two notches of rating
uplift, while the current ratings still incorporate four notches
of uplift due to systemic support.  As part of its review, Moody's
will also assess the unlimited capital increase option under
Germany's new reorganization act, as well as the impact of a
government roadmap for the repayment of state aid provided to
Commerzbank during the financial crisis.

            Eurohypo's Bfsr Downgrade to D- Reflects
               Poor Asset Quality and Performance

The downgrade of Eurohypo's BFSR to D- (which now maps into a Ba3
rating on Moody's long-term rating scale), reflects the poor
performance and slow progress of Germany's largest commercial
real-estate lender to rebuild some of its earlier financial
strength in persistently challenging market conditions.  The D-
BFSR further takes into account (i) the increased credit and
market risk and the resulting high earnings volatility of
Eurohypo's public-sector finance business; and (ii) Moody's
expectation that it will take the bank longer than previously
anticipated to rebuild an independent funding franchise.

The negative outlook on the D- BFSR reflects Moody's view that
Eurohypo's public-sector finance franchise is impaired and
vulnerable to market shocks and that its commercial real-estate
franchise remains very weak.

   Review of Eurohypo's A1 L/T Ratings Reflects BFSR Downgrade,
                    Weakening Systemic Support

The review for possible downgrade of Eurohypo's A1 long-term debt
ratings reflects the downgrade of the BFSR to D- and,
additionally, Moody's view that systemic support for the bank is
likely to weaken in the medium term.  Over the next several years
the agency sees limited potential for upward rating migration for
the BFSR of Eurohypo, even at the lower D- level.  This in turn
limits the prospects that an improvement of its financial
strengths (and thus the BFSR) could gradually offset weakening
systemic support over the next two to three years.

As a result of Eurohypo's continued dependence on Commerzbank, in
particular on substantial levels of intra-group funding, Moody's
will also review the parental support (currently only one notch)
as it may continue to be available for longer than previously
anticipated.  A higher degree of parental support could off-set
some of the pressure of weakening systemic support, even though
Eurohypo has to be divested by the end of 2014, according to the
compensation measures that were agreed with the European
Commission.  The aspect of continued parental support will be a
key consideration in the rating level that will be assigned, post-
review.

        Review of Commerzbank Europe Ireland's L/T Ratings
                   Based on Parent Rating Review

The affirmation of the C- BFSR and the review for possible
downgrade of the Aa3 senior debt and deposit ratings of
Commerzbank Europe (Ireland) mirror the rating action on
Commerzbank's ratings, following Moody's approach of maintaining
the same ratings for the parent bank and subsidiary.  This is
based on the Irish subsidiary's close integration into and support
from the group.

Important considerations supporting the alignment of the
subsidiary's BFSR and long-term ratings with those of Commerzbank
are (i) the continued commitment of the parent to support the
subsidiary based on the existing Letter of Comfort; (ii) the legal
obligation of Commerzbank as majority stakeholder based on the
"unlimited company" status of the Irish bank, which requires the
parent to make good any shortfalls of funds in liquidation; and
(iii) the small size of Commerzbank Europe (Ireland) compared with
the size of the group, which means the parent bank can support its
Irish subsidiary with relative ease.

           Review of Deutsche Schiffsbank's L/T Ratings
                  Based on Parent Rating Rveview

Deutsche Schiffsbank's A2 senior debt and deposit ratings
currently benefit from Moody's parent support assumptions, whereby
the parent bank's exact stand-alone financial strength is the
relevant input factor for the review.  If Commerzbank's C- BFSR
were to be mapped to the lower Baa2 level, Deutsche Schiffsbank's
senior debt ratings could also be affected.  Moody's will, at the
same time, revisit the systemic support assumptions for Deutsche
Schiffsbank.

Given the potential pressure on the current A2 senior debt and
deposit ratings, a review of the Prime-1 short-term rating of
Deutsche Schiffsbank also forms part of the group ratings review.

                 Detailed List of Rating Actions

(1) Commerzbank AG

  - BFSR: affirmed at C-, outlook negative

  - Aa3 senior debt and deposit ratings: placed on review for
    possible downgrade

  - A1 subordinated debt ratings: remain on review for possible
    downgrade

  - (P)A2 program rating for senior subordinated Tier III
    instruments: placed on review for possible downgrade

  - Prime-1 short-term rating: affirmed

Although Commerzbank's C- BFSR has been affirmed, the outlook
remains negative and the rating agency will, as part of the
review, reassess the current Baa1 stand-alone mapping, which could
move down to Baa2.

(2) Eurohypo AG

  - BFSR: downgraded to D- (Ba3) from D (Ba2), outlook negative

  - A1 senior debt and deposit ratings: placed on review for
    possible downgrade

  - A2 subordinated debt ratings: remain on review for possible
    downgrade

  - (P)Ba2 rating for senior subordinated Tier III instruments:
    placed on review for possible downgrade

  - Prime-1 short-term rating: affirmed

Eurohypo's D- BFSR with a negative outlook now maps to Ba3 on
Moody's long-term rating scale.

(3) Commerzbank Europe (Ireland)

  - BFSR: affirmed at C-, outlook negative

  - Aa3 senior debt and deposit ratings: placed on review for
    possible downgrade

  - A1 subordinated debt ratings: remain on review for possible
    downgrade

  - Prime-1 short-term rating: affirmed

The rating actions on Commerzbank Europe (Ireland) mirror those on
Commerzbank's ratings, as Moody's generally aligns all ratings of
the Irish subsidiary with those of Commerzbank, owing to the
subsidiary's close integration in the group.

(4) Deutsche Schiffsbank AG

  - BFSR: D (Ba2), not affected

  - A2 senior debt and deposit ratings: placed on review for
    possible downgrade

  - A3 subordinated debt ratings: remain on review for possible
    downgrade

  - Prime-1 short-term rating: placed on review for possible
    downgrade

The BFSR of Deutsche Schiffsbank, currently at D and mapping into
a Ba2 on Moody's long-term rating scale, remains unaffected by the
rating action.

Commerzbank's and Eurohypo's ratings for senior subordinated debt
of A1 and A2 respectively remain on review for possible downgrade.
Please also refer to Moody's press release dated Dec. 16, 2010, on
Moody's review of senior subordinated debt across the German
banking system.

The A2 rating for Commerzbank's Tier III instruments and the Baa2
rating for Eurohypo's Tier III instruments have been placed on
review for possible downgrade, as these instruments are notched
from the adjusted issuer stand-alone ratings.

Aaa rated bonds of Commerzbank AG that benefit from a guaranty of
the Financial Market Stabilisation Agency are unaffected by the
rating action.

Equally, the rating of the group's various hybrid instruments,
which are rated based on Moody's expected-loss approach, are also
unaffected by the rating action.

Moody's will comment separately on any potential impact on the
various covered bonds issued by Commerzbank Group entities.

         Principal Methodologies and Last Ratings Actions

Moody's last rating action on Commerzbank AG and Eurohypo was on
Dec. 16, 2010, when the rating agency placed German banks'
subordinated debt on review for downgrade.

Moody's last rating action on Deutsche Schiffsbank was on June 3,
2009, when the rating agency downgraded Deutsche Schiffsbank's
BFSR to D from C+.

Moody's last rating action on Commerzbank Europe (Ireland) was on
March 2, 2009, when the rating agency downgraded Commerzbank group
BFSRs and hybrids ratings.

Domiciled in Frankfurt, Germany, Commerzbank reported total assets
of EUR848 billion as at September 30, 2010, and a pre-tax profit
for the 9 months of EUR1.1 billion.

Headquartered in Eschborn, Germany, Eurohypo is a fully owned
subsidiary of Commerzbank.  Based on half-year results as of
June 2010, Eurohypo reported total assets of EUR257 billion and a
pre-tax loss for the 6 months of EUR215 million.

Headquartered in Hamburg and Bremen, Deutsche Schiffsbank is a
majority owned subsidiary of Commerzbank.  Based on half-year
results as of June 2010, Deutsche Schiffsbank reported total
assets of EUR17.5 billion and a pre-tax loss for the 6 months of
EUR20 million.

Headquartered in Dublin, Ireland, Commerzbank Europe (Ireland) is
a majority owned subsidiary of Commerzbank.  At the end of
December 2009, the bank had total assets, according to Irish GAAP,
of EUR2.3 billion and reported a pre-tax profit of EUR9 million
for 2009.


KIRCH HOLDING: Munich Court to Rule Today on Deutsche Bank Case
---------------------------------------------------------------
Karin Matussek at Bloomberg News reports that the Munich Regional
court is scheduled to rule today on a EUR1.3 billon suit over
claims that comments by former Deutsche Bank AG Chief Executive
Officer Rolf Breuer about Kirch Holding GmbH's creditworthiness
caused its 2002 bankruptcy.

Kirch's dispute with the Frankfurt-based bank stems from a
February 2002 Bloomberg television interview in which Mr. Breuer
said, "everything that you can read and hear" is that "the
financial sector isn't prepared to provide further" loans or
equity to Kirch, Bloomberg discloses.  Kirch, which owned a
controlling stake in Formula One racing and more than 50% of
Germany's biggest TV broadcaster, filed the country's biggest
bankruptcy case since World War II four months later, Bloomberg
recounts.

Kirch, which was founded by Leo Kirch, has battled Deutsche Bank,
Germany's biggest bank, inside and outside of courtrooms ever
since, Bloomberg relates.  Kirch's lawyers attend every one of the
lender's annual shareholder meetings, oppose its decisions and sue
afterwards, Bloomberg states.

                        Printbeteiligungs

In today's lawsuit, involving Mr. Kirch's former Printbeteiligungs
unit, he claims that he was forced to sell a 40% stake in Axel
Springer AG in an October 2002 foreclosure sale to Deutsche Bank,
according to Bloomberg.  The shares were collateral for a loan
from the lender, Bloomberg says.

The Federal Court of Justice, Germany's highest civil court ruled
in 2006 that Mr. Breuer was wrong to question the condition of
Kirch's group in the interview, Bloomberg recounts.  Bloomberg
notes that while dismissing two-thirds of Kirch's case, the court
said Printbeteiligungs may be able to seek compensation because it
was the only company that had a contract with Deutsche Bank.

                           Kirch Media

Later in the week, on Feb. 25, Mr. Kirch and Mr. Breuer are
scheduled to testify in a separate case filed by 17 of Kirch
Media's units where Mr. Kirch is seeking EUR2 billion, Bloomberg
discloses.  According to Bloomberg, court spokesman Wilhelm
Schneider said in an e-mailed statement last week that the Munich
appeals judges will question the men on whether negotiations
between the Kirch units and Deutsche Bank progressed to a point
that triggers the right to make contractual claims under German
law.

Today's case is LG Muenchen, 33 O 9550/07.  The Feb. 25 case is
OLG Muenchen, 5 U 2472/09.

Kirch Holding GmbH was a German media company.


* Moody's Cuts Ratings on 248 Notes by German and Irish Banks
-------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 248
subordinated debt securities, together with the subordinated
tranches of the relevant debt programs issued or guaranteed by 23
German banks and one Irish subsidiary of a German bank.  This
follows the introduction of the German Bank Restructuring Act,
which in Moody's opinion increases the risk of losses being
imposed on subordinated debt outside of liquidation.  Moody's has
therefore decided to link the subordinated debt ratings for Lower
Tier 2 and Tier 3 securities closer to the stand-alone financial
strength of the issuers by withdrawing its assumption of systemic
and regional government support for subordinated bank debt.  The
exceptions to this are the ratings of the subordinated debt issued
by Bayerische Landesbank and Sparkasse KoelnBonn, for which
Moody's has decided to remove all systemic support, while
maintaining some degree of regional government support because of
high regional-government ownership stakes.

The removal of regional government and systemic support from the
subordinated debt ratings triggered by the new German Bank
Restructuring Act has resulted in average downgrades of two and a
half notches and a maximum change of seven notches.

The rating action concludes Moody's review for possible downgrade
of German banks' Lower Tier 2 ratings initiated on 16 December
2010.  These rating actions have no impact on the ratings of the
affected banks' senior debt, grandfathered debt or hybrid debt
ratings.

                         Ratings Rationale

"The new law allows for broader burden-sharing in a distress
scenario with implications potentially for both senior and
subordinated debt.  However, Moody's considers subordinated debt
to be most at risk under the new law and has therefore adjusted
its ratings accordingly," says Mathias Kuelpmann, Senior Vice
President at Moody's in Frankfurt.

According to the Bank Restructuring Act, it will now be possible
to (i) impose losses on debt-holders of a going-concern entity
under a reorganization "bail-in" plan; or (ii) separate classes of
debt into 'going concern' and 'gone concern' legal entities.
Previously, debt was likely to suffer permanent losses only in the
scenario of the liquidation of a bank.  The new regulatory tools
allow authorities to impose losses on debt-holders without
necessarily placing the entire bank into liquidation.

With these tools available, the rating agency believes that
government support -- including support from public-sector owners
-- for subordinated debt instruments has become far less certain
than in the past, given its characteristic as regulatory capital
and its reduced systemic importance as an asset class.
Accordingly, the reduction of support assumptions for subordinated
debt is necessary to better align these ratings with the stand-
alone financial strength of the issuer versus the financial
capacity of the regional or systemic support providers.  To
reflect the higher immediate risk arising for subordinated debt
from the more flexible bank resolution regime introduced by the
Bank Restructuring Act, Moody's has changed the anchor for
subordinated debt from the Bank Deposit Rating to the Adjusted
Baseline Credit Assessment (Adjusted BCA), which is an assessment
of the issuer's financial strength and the existing anchor for all
hybrid ratings.  The Adjusted BCA results from adding any parental
support and co-operative support (where applicable) to a bank's
Baseline Credit Assessment and excludes systemic and regional
government support.

The regulatory tools provided by the Bank Restructuring Act are
broad enough to allow the imposition of losses on senior unsecured
and subordinated bondholders.  Moody's immediate focus is on
subordinated debt which, in its estimation, is unlikely to benefit
from German government support in future.  For senior debt, losses
are unlikely to be imposed at present because (i) in the current
market environment, there is a possibility that haircuts on senior
unsecured debt would severely disrupt the financial markets; and
(ii) there is a consequent absence of any clear consensus in
Germany (and in other jurisdictions) on the feasibility of
imposing losses on senior unsecured creditors at systemically
important institutions.  However, Moody's will continue to monitor
relevant developments -- such as the recent EU proposal for a
unified framework of bank resolution regimes -- in order to
anticipate any developing consensus in Germany on the implications
of reduced systemic support for bank funding and financial
stability and on the potential for losses to be imposed across the
entire credit hierarchy, up to senior debt.

Following the downgrades announced, subordinated bank debt ratings
in Germany are positioned one notch below the anchor Adjusted BCA,
apart from two exceptions, Bayerische Landesbank and Sparkasse
KoelnBonn.  These two banks maintain some degree of regional
government support as detailed further below.  The approach taken
is in line with the methodology "Moody's Guidelines for Rating
Hybrid Securities and Subordinated Debt", published in
November 2009.

Following the downgrade of the program rating of WestLB's
subordinated debt to (P)B1 from (P)A2, Moody's has withdrawn the
program rating of WestLB's subordinated debt for business reasons
as no outstanding debt under this particular program is currently
rated by Moody's.

                    Regional Government Support

Regarding regional government support, Moody's continues to
acknowledge both the position of regional governments as partial
owners -- in particular in the case of the Landesbanken -- and the
importance of these banks as major credit providers in their
respective region.  "Despite this, Moody's have removed regional
government support uplift for the subordinated debt ratings as
this can no longer be taken for granted for this type of debt
under the new Bank Restructuring Act," says Mathias Kuelpmann.
"Moody's also believe that, in cases of repeated distress in the
Landesbanken sector, the central government may exert heightened
pressure to downsize and consolidate, making the situation less
predictable for subordinated debt given the new tools available
under the act," adds Mr. Kuelpmann.

However, Moody's has decided to recognize two specific cases where
some regional support remains included in the newly positioned
subordinated debt ratings:

For Bayerische Landesbank, Moody's downgraded the subordinated
debt to Baa3 from A2, which continues to include some regional
government support.  Moody's decision is underpinned by (i) the
high amount of capital provided during the financial crisis,
including a EUR10 billion equity injection; and (ii) the high 94%
stake that the regional government of Bavaria (rated Aaa) owns in
the bank.  The EUR10 billion capital injection has led the rating
agency to believe that the regional government will provide
further support in case of need, in order to protect that region's
recent investment in the bank.  At the same time, the regional
government has stated its intent to divest part of its stakes over
time and hence Moody's has decided to include only partial
regional government support.  Moody's will reconsider its support
assumptions for subordinated debt ratings once the plans to divest
become more concrete.

For Sparkasse KoelnBonn, Moody's decided to fully include local
government support in the bank's subordinated debt rating.
Moody's considers that a savings bank's break-up or unwinding as
result of a transfer order is not an option.  Sparkasse KoelnBonn
is 100% owned by the Cities of Cologne and Bonn with ownership not
being transferable outside of the public sector.  "Given the
strong cohesion of the savings bank sector -- and with the
municipalities being members of the regional savings bank
associations -- Moody's believe a solution, if ever needed, would
be found within the savings bank sector," explains Mathias
Kuelpmann.

  Select Changes in Adjusted Stand-Alone Ratings (Adjusted BCAs)

Moody's has changed the support assumptions for Bayerische
Landesbank, increasing its expectation of regional government
support to very high from high, while decreasing cooperative
support to moderate from high.  These support assumptions better
reflect the bank's increased ownership by the Free State of
Bavaria after its capital injection during the financial crisis.
Over the same period, the local savings bank association reduced
its share to 6% from 50%.  As a result, the A1 long-term debt and
deposit rating of the bank remains unchanged, but the eight
notches of uplift from the Ba3 Baseline Credit Assessment now
includes only two notches of rating uplift for cooperative
support, moving the Adjusted BCA one notch lower to Ba1 from Baa3.
The A1 senior debt rating also includes three notches for regional
government support and another three notches for systemic support.

The Adjusted BCA for Deutsche Postbank includes two notches of
parental support, as Moody's expects Deutsche Bank to exercise
control over Deutsche Postbank.  However, the ratings of Deutsche
Postbank's hybrid securities continue to exclude parental support,
but have a positive outlook.  As stated in Moody's press release
of 1 December 2010 affirming the A1/D+ ratings of Deutsche
Postbank AG, Moody's expects to include parental support for
hybrid securities once Deutsche Bank demonstrates its commitment
further by establishing a profit-and-loss transfer agreement.

The Adjusted BCA for UniCredit Bank AG is Baa1, which is also the
anchor for the bank's hybrid securities.  The Adjusted BCA of Baa1
represents a correction of the information in Moody's press
release of 16 December 2010.

     Outlook on Subordinated Debt Has Changed for Some Banks
              as it Now Follows the Outlook on the
                 Bank Financial Strength Ratings

Since Moody's is using the Adjusted BCA as the new anchor for
subordinated debt, the outlooks for the subordinated debt ratings
have changed in several instances to reflect the outlooks for the
stand-alone bank financial strength ratings, which map to the BCA
used in determining the Adjusted BCA.  Previously, the
subordinated debt outlooks were determined by the outlooks for a
bank's long-term debt and deposit ratings, which were previously
the anchor for subordinated debt ratings.

                  Detailed List of Rating Actions

Please find below the list of rating actions for the 24 banks
affected.  In this section, subordinated debt typically describes
Lower Tier 2 securities.  Rating changes on Tier 3 are listed
separately if rated by Moody's.

The subordinated debt rating of Bayerische Landesbank was
downgraded to Baa3 from A2, moving the rating to one notch above
the bank's Adjusted BCA of Ba1, because it includes two notches of
regional government support.  The outlook is stable, in line with
the outlook on the BFSR.

The subordinated debt rating of Bremer Landesbank was downgraded
to A3 from Aa3, moving the rating to one notch below the bank's
Adjusted BCA of A2.  The outlook is negative, in line with the
outlook on the BFSR.

The subordinated debt rating of Commerzbank AG was downgraded to
Baa2 from A1 and remains on review for downgrade following Moody's
announcement on Commerzbank group of Feb. 17.  This rating applies
to both Lower Tier 2 and Tier 3 securities.

The subordinated debt rating of DekaBank Deutsche Girozentrale
(DekaBank) was downgraded to A3 from Aa3, moving the rating to one
notch below the bank's Adjusted BCA of A2.  The outlook is stable,
in line with the outlook on the BFSR.

The subordinated debt rating of DEPFA Bank plc was downgraded to
B3 from Ba1, moving the rating to one notch below the bank's
Adjusted BCA of B2.  The outlook is stable, in line with the
outlook on the BFSR.

The subordinated debt rating of Deutsche Apotheker- und Aerztebank
eG (apoBank) was downgraded to Baa2 from A3, moving the rating to
one notch below the bank's Adjusted BCA of Baa1.  The outlook is
negative, in line with the outlook on the BFSR.

The subordinated debt rating of Deutsche Bank AG was downgraded to
A3 from A1, moving the rating to one notch below the bank's
Adjusted BCA of A2.  The outlook is stable, in line with the
outlook on the BFSR.  This rating applies to both Lower Tier 2 and
Tier 3 securities.

The subordinated debt rating of Deutsche Hypothekenbank was
downgraded to Baa1 from A2, moving the rating to one notch below
the bank's Adjusted BCA of A3.  The outlook is negative, in line
with the outlook on the BFSR.

The subordinated debt rating of Deutsche Pfandbriefbank AG was
downgraded to B2 from Baa1, moving the rating to one notch below
the bank's Adjusted BCA of B1.  The outlook is positive, in line
with the outlook on the BFSR.

The subordinated debt rating of Deutsche Postbank AG was
downgraded to Baa2 from A2, moving the rating to one notch below
the bank's Adjusted BCA of Baa1.  The outlook is negative, in line
with the outlook on the BFSR.

The subordinated debt rating of DVB Bank S.E. was downgraded to A3
from A2, moving the rating to one notch below the bank's Adjusted
BCA of A2.  The outlook is negative, in line with the outlook on
the BFSR.

The subordinated debt rating of DZ Bank was downgraded to A3 from
A1, moving the rating to one notch below the bank's Adjusted BCA
of A2.  The outlook is stable, in line with the outlook on the
BFSR.

The subordinated debt rating of Eurohypo AG was downgraded to Ba1
from A2 and remains on review for downgrade following Moody's
announcement on Commerzbank group of Feb. 17.  This rating applies
to both Lower Tier 2 and Tier 3 securities.  Regarding Tier 3
instruments, this is a correction of the Ba2 rating mentioned in
Moody's Press Release earlier.

The subordinated debt rating of HSH Nordbank was downgraded to Ba3
from Baa1, moving the rating to one notch below the bank's
Adjusted BCA of Ba2.  The outlook is developing, in line with the
outlook on the BFSR.

The subordinated debt rating of IKB Deutsche Industriebank AG was
downgraded to Caa2 from Ba2, moving the rating to one notch below
the bank's Adjusted BCA of Caa1.  The outlook is stable, in line
with the outlook on the BFSR.

The subordinated debt rating of Landesbank Baden-Wuerttemberg
(LBBW) was downgraded to Baa1 from Aa3, moving the rating to one
notch below the bank's Adjusted BCA of A3.  The outlook is
negative, in line with the outlook on the BFSR.

The subordinated debt rating of Landesbank Berlin AG was
downgraded to Baa2 from A2, moving the rating to one notch below
the bank's Adjusted BCA of Baa1.  The outlook is stable, in line
with the outlook on the BFSR.

The subordinated debt rating of Landesbank Hessen-Thueringen GZ
was downgraded to Baa1 from Aa3, moving the rating to one notch
below the bank's Adjusted BCA of A3.  The outlook is stable, in
line with the outlook on the BFSR.

The subordinated debt rating of Muenchener Hypothekenbank eG was
downgraded to A3 from A2, moving the rating to one notch below the
bank's Adjusted BCA of A2.  The outlook is negative, in line with
the outlook on the BFSR.

The subordinated debt rating of Norddeutsche Landesbank GZ was
downgraded to A3 from Aa3, moving the rating to one notch below
the bank's Adjusted BCA of A2.  The outlook is negative, in line
with the outlook on the BFSR.

The subordinated debt rating of Sparkasse KoelnBonn was downgraded
to Baa2 from A2, moving the rating to one notch above the bank's
Adjusted BCA of Baa3 because it includes two notches of regional
government support.  The outlook is stable, in line with the
outlook on the BFSR.

The subordinated debt rating of UniCredit Bank AG was downgraded
to Baa2 from A2, moving the rating to one notch below the bank's
Adjusted BCA of Baa1.  The outlook is stable, in line with the
outlook on the BFSR.

The subordinated debt rating of Volkswagen Bank GmbH was
downgraded to Baa1 from A3, moving the rating to one notch below
the bank's Adjusted BCA of A3.  The outlook is stable, in line
with the outlook on the BFSR.

The subordinated debt rating that forms part of an EMTN program of
WestLB was downgraded to (P)B1, with a stable outlook, from
(P)Baa1, moving the rating to one notch below the bank's Adjusted
BCA of Ba3.  The issuer has decided to no longer issue
subordinated debt under its EMTN program and there is no
subordinated debt outstanding under the program.  As a result,
following this rating action, the rating will be withdrawn at the
current level of (P)B1 with a stable outlook.

                     Previous Rating Actions

Moody's last rating action on Bayerische Landesbank (BayernLB) was
on March 2, 2010, when Moody's downgraded BayernLB's hybrid
ratings.

Domiciled in Munich, Germany, BayernLB reported total assets of
EUR332 billion as of Sept. 30, 2010, and a pretax profit for the
first nine months of EUR669 million.

Moody's last rating action on Bremer Landesbank was on
Sept. 22, 2009, when Moody's affirmed Bremer Landesbank's
Aa2/C/Prime-1 ratings.

Domiciled in Bremen, Germany, Bremer Landesbank reported total
assets of EUR35 billion as of June 30, 2010, and a pretax profit
for the first six months of EUR34 million.

Moody's last rating action on Commerzbank AG was on Feb. 17, 2011,
when Moody's placed the senior debt and deposit ratings of several
Commerzbank group entities on review for possible downgrade.

Domiciled in Frankfurt, Germany, Commerzbank reported total assets
of EUR848 billion as of Sept. 30, 2010, and a pretax profit for
the first nine months of EUR1,097 million.

Moody's last rating action on DekaBank Deutsche Girozentrale
(DekaBank) was on Nov. 19, 2009, when Moody's Investors Service
affirmed DekaBank's BFSR C (Aa2) with a stable outlook.

Domiciled in Frankfurt, Germany, DekaBank reported total assets of
EUR137 billion as of Sept. 30, 2010, and a pretax profit for the
first nine months of 2010 of EUR543 million.

Moody's last rating action on DEPFA Bank plc was on Oct. 1, 2010,
when Moody's Investors Service downgraded DEPFA Banks plc's
ratings to Baa3/E+/Prime-3.

Domiciled in Dublin, Ireland, DEPFA Bank plc reported total assets
of EUR240 billion as of June 30, 2010, and a pretax loss for the
first six months of EUR303 million.

Moody's last rating action on Deutsche Apotheker- und Aerztebank
eG (apoBank) was on Feb. 18, 2010, when Moody's downgraded
apoBank's Tier 1 hybrid securities rating.

Domiciled in Duesseldorf, Germany, apoBank reported total assets
of EUR43 billion as of June 30, 2010, and a net profit for the
first half year of EUR25 million.

Moody's last rating action on Deutsche Bank AG was on March 4,
2010, when Moody's downgraded Deutsche Bank to Aa3/C+ from Aa1/B.

Domiciled in Frankfurt, Germany, Deutsche Bank AG reported total
assets of EUR1,906 billion as of Dec. 31, 2010, and a pretax
profit for the year of EUR3,975 million.

Moody's last rating action on Deutsche Hypothekenbank was on
Oct. 22, 2010, when Moody's Investors Service assigned a final
Baa3 rating to the capital notes issued by Charlottenburg Capital
International S.r.l. & Cie SECS.

Domiciled in Hannover, Germany, Deutsche Hypothekenbank reported
total assets of EUR37 billion as of June 30, 2010, and a pretax
profit for the first six months of EUR12 million.

Moody's last rating action on Deutsche Pfandbriefbank AG was on
Oct. 1, 2010, when Moody's affirmed the A3 long-term debt and
deposit ratings as well as the Baa1 rating for the senior
subordinated debt.

Domiciled in Unterschleissheim, Germany, Deutsche Pfandbriefbank
AG reported total assets of EUR226 billion at Sept. 30, 2010, and
a pretax loss for the first nine months of EUR233 million.

Moody's last rating action on Deutsche Postbank AG was on
Feb. 19, 2010, when Moody's downgraded Postbank's ratings to A1/D+
from Aa3/C.

Domiciled in Bonn, Germany, Deutsche Postbank AG reported total
assets of EUR231 billion as of Sept. 30, 2010, and a pretax profit
for the first nine months of EUR296 million.

Moody's last rating action on DVB Bank S.E. was on Sept. 28, 2009,
when Moody's downgraded DVB's BFSR to D+ from C- (Baa3).

Domiciled in Frankfurt, Germany, DVB Bank S.E. reported total
assets of EUR20 billion as of June 30, 2010, and a pretax profit
for the first six months in 2010 of EUR140 million.

Moody's last rating action on DZ Bank was on Feb. 19, 2010, when
Moody's downgraded DZ Bank's hybrid securities ratings.

Domiciled in Frankfurt, Germany, DZ Bank reported total assets of
EUR404 billion as of June 30, 2010 and a pretax income for the
first half year of EUR616 million.

Moody's last rating action on Eurohypo AG was on Feb. 17, 2011,
when Moody's placed the senior debt and deposit ratings of several
Commerzbank group entities on review for possible downgrade.

Domiciled in Eschborn, Germany, Eurohypo reported total assets of
EUR257 billion as of June 30, 2010, and a pretax loss for the
first half year of EUR215 million.

Moody's last rating action on HSH Nordbank was on May 4, 2010,
when Moody's downgraded HSH Nordbank's long-term debt ratings to
A3.

Domiciled in Hamburg, Germany, HSH Nordbank reported total assets
of EUR176 billion as of June 30, 2010, and a pretax loss for the
first half year of EUR427 million.

Moody's last rating action on IKB Deutsche Industriebank AG was on
Sept. 17, 2009, when Moody's confirmed IKB's Baa3/P-3 ratings.

Domiciled in Dusseldorf, Germany, IKB Deutsche Industriebank AG
reported total assets of EUR36 billion as of Sept. 30, 2010, and a
pretax loss for the first six months of EUR241 million.

Moody's last rating action on Landesbank Baden-Wuerttemberg was on
July 23, 2009, when Moody's downgraded LBBW's BFSR to C- from C,
the senior unsecured debt and deposit ratings to Aa2 from Aa1 and
the subordinated debt rating to Aa3 from Aa2.

Domiciled in Stuttgart, Germany, LBBW reported total assets of
EUR417 billion as of June 30, 2010, and a pretax loss for the
first half year of EUR321 million.

Moody's last rating action on Landesbank Berlin AG was on
Oct. 27, 2010, when Moody's affirmed the D+/A1 ratings.

Landesbank Berlin AG domiciled in Berlin, Germany, reported total
assets of EUR140 billion as of Sept. 30, 2010, and a pretax profit
for the first nine months of EUR220 million.

Moody's last rating action on Landesbank Hessen-Thueringen GZ was
on Feb. 2, 2011, when Moody's downgraded Helaba's grandfathered
debt.

Landesbank Hessen-Thueringen GZ domiciled in Frankfurt, Germany,
reported total assets of EUR175 billion as of Sept. 30, 2010, and
a pretax profit for the first nine months of EUR284 million.

Moody's last rating action on Muenchener Hypothekenbank eG was on
Dec. 8, 2009, when Moody's downgraded MuenchenerHyp to A1/C- from
Aa3/C+, concluding review.

Domiciled in Munich, Germany, Muenchener Hypothekenbank eG
reported total assets of EUR36 billion as of Sept. 30, 2010, and a
pretax profit for the first three quarters of 2010 of EUR30
million.

Moody's last rating action on Norddeutsche Landesbank GZ was on
Feb. 25, 2010, when Moody's downgraded Nord/LB's hybrid ratings.

Norddeutsche Landesbank GZ domiciled in Hannover, Germany,
reported total assets of EUR237 billion as of Sept. 30, 2010, and
a pretax profit for the first nine months of EUR154 million.

Moody's last rating action on Sparkasse KoelnBonn was on
March 15, 2010, when Moody's downgraded Sparkasse KoelnBonn's
ratings to A1/D- from Aa2/C.

Domiciled in Cologne, Germany, Sparkasse KoelnBonn reported total
assets of EUR30 billion at Dec. 31, 2009, and a pretax loss for
2009 of EUR120 million.

Moody's last rating action on UniCredit Bank AG was on March 11,
2010, when Moody's downgraded UniCredit Bank's hybrid securities
ratings.

Domiciled in Munich, Germany, UniCredit Bank AG reported total
assets of EUR412 billion as of Sept. 30, 2010, and a pretax profit
for the first nine months of EUR1,686 million.

Moody's last rating action on Volkswagen Bank GmbH was on
Sept. 23, 2010, when Moody's downgraded Volkswagen Bank's BFSR to
C-; A2 long-term rating confirmed.

Volkswagen Bank GmbH domiciled in Brunswick, Germany reported
total assets of EUR34 billion as of June 30, 2010, and a pretax
profit for the first half year of EUR188 million.

Moody's last rating action on WestLB was on May 4, 2010, when
Moody's downgraded WestLB's senior unsecured debt and deposit
ratings to A3 from A2 and its subordinated debt ratings to Baa1
from A3.

Domiciled in Dusseldorf, Germany, WestLB reported total assets of
EUR220 billion as of Sept. 30, 2010, and a pretax loss for the
first nine months of EUR33 million.


=============
I C E L A N D
=============


LANDSBANKI ISLANDS: President Refuses to Sign Icesave Accord
------------------------------------------------------------
Omar R. Valdimarsson at Bloomberg News reports that Iceland
President Olafur R. Grimsson will give his country's voters the
final say on repaying about US$5 billion in debts owed to the U.K.
and the Netherlands to cover depositor claims.

Mr. Grimsson's announcement on Sunday that he won't sign a
depositor accord struck between the three countries' governments
in December follows lawmaker approval of the bill, Bloomberg
relates.  According to Bloomberg, Mr. Grimsson said that he was
responding to popular demand for a referendum after more than
42,000 of Iceland's 318,000 inhabitants signed a petition asking
him to block the accord.

Sunday's announcement marks the second time Mr. Grimsson has
rejected an agreement designed to compensate the U.K. and
Netherlands for depositor losses stemming from the October 2008
failure of Landsbanki Islands hf, Bloomberg notes.  His Jan. 5,
2010 refusal to sign a prior accord prompted Fitch Ratings to cut
Iceland's credit grade to junk, Bloomberg recounts.

According to Bloomberg, the U.K. Treasury said it also has "noted"
Mr. Grimsson's decision to block the latest agreement and that it
looks forward to "clarification of the Icelandic position in the
coming days," in an e-mailed statement.

The latest so-called Icesave accord, named after the high-yielding
accounts offered by Landsbanki, would cost the state about
ISK47 billion (US$404 million), while the remaining debt
will be covered using the proceeds of Landsbanki assets, the
negotiating committee representing Iceland said in December,
Bloomberg discloses.  The British and Dutch governments bore the
initial cost of backing the depositor claims, Bloomberg notes.

More than 350,000 British and Dutch Icesave account holders risked
losing their savings when Landsbanki collapsed along with the rest
of Iceland's over-leveraged banking system in 2008, Bloomberg
recounts.

                     About Landsbanki Islands

Landsbanki Islands hf, also commonly known as Landsbankinn in
Iceland, is an Icelandic bank.  The bank offered online savings
accounts under the "Icesave" brand.  On October 7, 2008, the
Icelandic Financial Supervisory Authority took control of
Landsbanki and two other major banks.

Landsbanki filed for Chapter 15 protection on Dec. 9, 2008 (Bankr.
S.D. N.Y. Case No.: 08-14921).  Gary S. Lee, Esq., at Morrison &
Foerster LLP, represents the Debtor.  When it filed for protection
from its creditors, it listed assets and debts of more than
US$1 billion each.


=============
I R E L A N D
=============


DJ CAREY: Creditors Appoint Noel Murphy as Liquidator
-----------------------------------------------------
Donal O'Donovan at Irish Independent reports that DJ Carey and his
partner Sarah Newman on Friday blocked attempts to appoint a
different liquidator to wind down their contract-cleaning
business.

Irish Independent relates that Noel Murphy was appointed to wind
down the loss-making business, which had debts of EUR1.7 million
when the latest accounts were filed for the group, on Friday.

The smooth running of the process threatened to come undone at one
stage, when an attempt was made to install a different liquidator,
Irish Independent discloses.  According to Irish Independent, one
creditor wanted to appoint Tom Stafford, of Dublin-based Stafford
Friel, instead of Mr. Murphy.  The attempt to appoint a different
liquidator was doomed because Mr. Carey and Ms. Newman are owed
more than 50% of debts run up by the business, Irish Independent
notes.

Mr. Murphy, a partner with Cork-based Parfrey Murphy, was
nominated by Mr. Carey and was appointed as liquidator after a
vote of around 20 creditors, Irish Independent recounts.  A file
on the collapse of the business will now be prepared by Mr. Murphy
and sent to the Director of Corporate Enforcement, Irish
Independent says.

Creditors are understood to include the Revenue Commissioners and
Ulster Bank, but most of the trade creditors and employees are
owed small amounts, Irish Independent states.

As reported by the Troubled Company Reporter-Europe on Feb. 11,
2011, Irish Independent said creditors' meetings for the three
companies involved in Mr. Carey's business -- DJ Carey
Enterprises, Alton and Dublin Janitorial Centre -- were called
after the business had to write off EUR200,000 of "unauthorized
transactions" which were uncovered by auditors.  The most recent
accounts filed show that the business has been running at a loss
since 2006, Irish Independent disclosed.  The missing money was
part of the reason the businesses racked up combined losses of
close to EUR2 million by 2009, Irish Independent noted.  Further
severe losses are expected in the 2010 financial accounts, Irish
Independent stated.

Mr. Carey's three companies supply cleaning and sanitation
products to pubs and businesses.


LANSDOWNE MORTGAGE: S&P Cuts Ratings on Two Classes of Notes to BB
------------------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
Lansdowne Mortgage Securities No. 1 PLC and Lansdowne Mortgage
Securities No. 2 PLC.

Specifically, S&P:

* Lowered and kept on CreditWatch negative S&P's ratings on the
  class A2, M1, and M2 notes in Lansdowne 1;

* Lowered and removed from CreditWatch negative S&P's ratings on
  the class B1 and B2 notes in Lansdowne 1;

* Lowered and kept on CreditWatch negative S&P's ratings on the
  class A2 and M1 notes in Lansdowne 2;

* Lowered and removed from CreditWatch negative S&P's rating on
  the class M2 notes in Lansdowne 2;

* Affirmed and removed from CreditWatch negative S&P's rating on
  the class B notes in Lansdowne 2; and

* Withdrew S&P's ratings on the class X notes in both
  transactions.  At the time of withdrawal, both classes of notes
  were on CreditWatch negative.

The class A2, M1, and M2 notes in Lansdowne 1 and the class A2 and
M1 notes in Lansdowne 2 remain on CreditWatch negative due to
S&P's counterparty criteria update.  The class A2 notes in
Lansdowne 1 also remain on CreditWatch negative due to the long-
term sovereign rating on the Republic of Ireland, while S&P has
removed from CreditWatch negative the class A2 notes in Lansdowne
2.

In its opinion, the fast growth S&P has observed in later-stage
arrears buckets in both deals has not subsided since its last
credit review in September 2010, when S&P placed all notes in
these transactions on CreditWatch negative.  Since then, S&P has
seen 90+ day arrears increase to 48.73% from 43.21% in Lansdowne
1, and to 50.65% from 46.04% in Lansdowne 2.  This, coupled with
the severe house price correction seen in Ireland since 2006, has
led to elevated weighted-average loan-to-value ratios in the pool,
where an increasing proportion of loans are in negative equity.
Rising WALTV ratios and ongoing house price declines have elevated
S&P's WAFF and WALS forecasts (weighted-average foreclosure
frequency and weighted-average loss severity).  This has increased
S&P's loss expectations for the pools.

The collateral in Lansdowne 1 is a more seasoned pool than in
Lansdowne 2.  A higher proportion of the loans was originated
before the peak in Irish house prices, and has therefore
experienced lower loss severities than Lansdowne 2.  In addition,
Lansdowne 1 has seen greater deleveraging since closing compared
with Lansdowne 2, and therefore benefits from higher levels of
credit enhancement.

Lansdowne 2, in contrast, has seen greater loss severity, as most
of the underlying loans were originated near the peak of Irish
house prices.  In addition, the Lansdowne 2 pool has a larger
percentage of self-certified loans and higher WALTV ratios, with a
larger proportion in negative equity.  These factors have led to
the downgrades.

In September 2009 and June 2010, respectively, the coupon on the
interest-only class X notes in Lansdowne 1 and 2 fell to zero.

Lansdowne 1 and 2 are Irish nonconforming residential mortgage-
backed securities transactions with loans originated by Start
Mortgages Ltd.

                          Ratings List

             Lansdowne Mortgage Securities No. 1 PLC
       EUR370.05 Million Residential Mortgage-Backed Fixed-
                     and Floating-Rate Notes

         Ratings Lowered and Kept on Creditwatch Negative

                            Rating
                            ------
      Class       To                      From
      -----       --                      ----
      A2          AA (sf)/Watch Neg       AAA (sf)/Watch Neg
      M1          A (sf)/Watch Neg        AA+ (sf)/Watch Neg
      M2          BBB (sf)/Watch Neg      A+ (sf)/Watch Neg

      Ratings Lowered and Removed From Creditwatch Negative

                            Rating
                            ------
      Class       To                      From
      -----       --                      ----
      B1          BB (sf)                 BB+ (sf)/Watch Neg
      B2          B (sf)                  B+ (sf)/Watch Neg

                        Rating Withdrawn

                            Rating
                            ------
      Class       To                      From
      -----       --                      ----
      X           NR                      AAA (sf)/Watch Neg

             Lansdowne Mortgage Securities No. 2 PLC
       EUR525.05 Million Residential Mortgage-Backed Fixed-
                     and Floating-Rate Notes

         Ratings Lowered and Kept on Creditwatch Negative

                            Rating
                            ------
      Class       To                      From
      -----       --                      ----
      A2          A- (sf)/Watch Neg       AAA (sf)/Watch Neg
      M1          BBB- (sf)/Watch Neg     A (sf)/Watch Neg

       Rating Lowered and Removed From Creditwatch Negative

                            Rating
                            ------
      Class       To                      From
      -----       --                      ----
      M2          BB (sf)                 BBB (sf)/Watch Neg

      Rating Affirmed and Removed From Creditwatch Negative

                            Rating
                            ------
      Class       To                      From
      -----       --                      ----
      B           B (sf)                  B (sf)/Watch Neg

                         Rating Withdrawn

                            Rating
                            ------
      Class       To                      From
      -----       --                      ----
      X           NR                      AAA (sf)/Watch Neg

                         NR -- Not rated.


QUINN INSURANCE: General Election Delays Sale, Administrators Say
-----------------------------------------------------------------
Joe Brennan at Bloomberg News reports that Quinn Insurance Ltd.'s
administrators said in an e-mail to staff last week that the
company's sale has been delayed by Ireland's general election.

"We have completed our work, but there are a number of matters
that need to be finalized by other parties before a decision on
the sale can be announced," Bloomberg quotes the administrators as
saying.

The e-mail was confirmed by Kevin Sammon, a spokesman for the
administrators, Bloomberg notes.

The election is set for Feb. 25, Bloomberg discloses.

Bloomberg relates that two people with knowledge of the talks said
on Feb. 9 that Anglo Irish Bank Corp. and Liberty Mutual Group
Inc., the Boston-based insurer, may be named joint preferred
bidder for Quinn.

As reported by the Troubled Company Reporter-Europe on Feb. 10,
2011, Irish Independent said that Anglo's bid involves the bank
taking over Quinn in a joint venture with US insurance giant
Liberty Mutual, who would stump up a "significant" portion of the
EUR600 million investment.  Their bid is believed to be one of the
last two or three under consideration by Quinn's administrators
and their advisers Macquarie, Irish Independent disclosed.  Anglo
believes that taking over Quinn is the best way to secure
repayment of a EUR2.8 billion debt pile owed by the family of
company founder Sean Quinn and his family, Irish Independent
noted.

                      About Quinn Insurance

Quinn Insurance is owned by Sean Quinn, Ireland's richest man, and
his family.  The company has more than 20% of the motor and health
insurance market in Ireland.  Employing almost 2,800 people in
Britain and Ireland, it was founded in 1996 and entered the UK
market in 2004.

As reported by the Troubled Company Reporter-Europe, The Irish
Times said the Financial Regulator put Quinn Insurance into
administration in March 2010 after his office discovered
guarantees had been provided by the insurer's subsidiaries as far
back as 2005 on Quinn Group debts of more than EUR1.2 billion.
The regulator said the guarantees reduced the amount the firm had
in reserve to protect policyholders against possible claims,
putting 1.3 million customers at risk, according to The Irish
Times.


TBS INTERNATIONAL: Regains Compliance with Nasdaq Listing Rules
---------------------------------------------------------------
On Feb. 4, 2011, the Nasdaq Stock Market called TBS International
plc to notify the Company that its private placement of Series B
Preference Shares may have violated Nasdaq's Listing Rules 5635(c)
and (d) because Section 6.2(e) of the Company's Certificate of
Designation for the Series A and Series B Preference Shares would
have allowed the Company to increase voluntarily the conversion
rate applicable under the Certificate of Designation, which could
have created a situation in which the Series B Preference Shares
would convert into 20% or more of the ordinary shares outstanding
before the issuance for less than the greater of book or market
value of the ordinary shares.  On Feb. 7, 2011, the Company
amended the Certificate of Designation to delete the substance of
Section 6.2(e), and all holders of outstanding Series B Preference
Shares, acting by unanimous written consent without a meeting,
consented to the amendment.  On Feb. 9, 2011, Nasdaq further
advised the Company that, as a result of its amendment of the
Certificate of Designation, the Company regained compliance with
the Listing Rules and Nasdaq had closed this matter.

                    About TBS International plc

Dublin, Ireland-based TBS International plc (NASDAQ: TBSI)
-- http://www.tbsship.com/-- is a fully-integrated transportation
service company that provides worldwide shipping solutions to a
diverse client base of industrial shippers.

At Sept. 30, 2010, TBS had total assets of US$906.794 million,
total debt, including current portion, of US$328.259 million, and
shareholders' equity of US$513.154 million.  TBS had working
capital deficit of US$297.663 million at September 30, 2010.

As reported in the Troubled Company Reporter on March 19, 2010,
PricewaterhouseCoopers LLP, in New York, expressed substantial
doubt about the Company's ability to continue as a going concern,
following its 2009 results.  The independent auditors noted that
the Company believes it will not be in compliance with the
financial covenants under its credit facilities during 2010, which
under the agreements would make the debt callable.  "This has
created uncertainty regarding the Company's ability to fulfill its
financial commitments as they become due."

TBS International in December 2010 disclosed that its various
lender groups have agreed to extend the current forbearance period
until Jan. 31, 2011.  During such period, the lender groups
will continue to forbear from exercising their rights and remedies
which arise from the Company's failure to make principal payments
when due.  The Company will not make principal payments due on its
financing facilities during the extended forbearance period, but
it will continue to pay interest on those facilities at the
default interest rate.


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


WIND TELECOMUNICAZIONI: Seeks Extension of Covenant Waiver
----------------------------------------------------------
IFR reports that Wind Telecomunicazioni SpA is asking bondholders
for more time to implement a change of control waiver request it
won consent for last November due to unexpected delays in the
proposed takeover of the company by Russia's Vimpelcom.

According to IFR, the consent solicitation involves US$4.8
billion-equivalent of bonds that are due to mature in 2017,
including the 11.75% EUR1.25 billion note, the 11.75% US$2 billion
note, and the 12.25% payment-in-kind notes, which consist of a
EUR325 million portion and a US$625 million slice.

IFR says part of the motivation of Wind's original waiver request
was that change of control covenants -- allowing bondholders to
sell back their bonds to the issuer in the event of a possible
merger with Vimpelcom -- would be waived.

However, the deadline for the company to implement this is Feb. 28
and therefore needs to be extended due to unexpected delays caused
by opposition from Norwegian group Telenor to the merger, IFR
notes.

As some kind of compensation to bondholders to extend this waiver
to June 30, Wind will pay 30 bps instead of the previous 25 bps
offer, IFR discloses.  According to the IFR, solicitation agent
Credit Suisse said that of 30 bps, 10 bps will be paid to
bondholders immediately and the rest when the change of control
waiver is implemented.

The new solicitation expires on Feb. 25, at 4:00 p.m., New York
time, IFR states.

                About Wind Telecomunicazioni SpA

Headquartered in Rome, Italy, Wind Telecomunicazioni SpA --
http://www.wind.it/-- provides telecom services throughout the
country.  The company is also a top ISP, serving nearly 2 million
dial-up and broadband subscribers.  Wind sells consumer mobile
services, as well as phones and accessories, under the WIND brand
from more than 4,000 third-party retail locations, and about 270
Wind franchises.  Fixed-line voice and Internet services are sold
under the Infostrada banner.  Chairman Naguib Onsi Naguib Sawiris
controls the company through his 88% stake in Weather Investments
which owns Wind.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on Nov. 19,
2010, Standard & Poor's Ratings Services said that it revised its
outlook on Wind Telecomunicazioni SpA, Italy's second-largest
integrated alternative telecommunications operator, to positive
from stable.  At the same time, the 'B+' long-term corporate
credit rating on Wind was affirmed.


===================
L U X E M B O U R G
===================


LOGWIN AG: Moody's Upgrades Corporate Family Rating to 'B2'
-----------------------------------------------------------
Moody's Investors Service has upgraded Logwin AG's Corporate
Family Rating to B2 from B3 and Probability of Default Rating to
B1 from B3.  Concurrently, Moody's upgraded to B3 from Caa2 the
rating on Logwin's EUR65 million senior subordinated Notes (due in
December 2012).  The outlook on all ratings is stable.

                         Ratings Rationale

The upgrade reflects (i) Logwin's recent EUR65 million partial
redemption of the group's EUR130 million bond, in part funded
through a EUR40 million equity injection, and (ii) its improving
operating performance, against the backdrop of the global economic
recovery and consequent trade-volume growth.

In the first nine months of 2010, the group reported a year-on-
year revenue increase of 22%, driven by rapidly increasing freight
rates and volumes.  This, combined with cost-cutting and process-
optimization measures -- particularly in its underperforming
"Solutions" business unit -- translated into an 88% y-o-y increase
in operating profit for the same period.  In addition, the group
has successfully completed the sale of its loss-making "Road +
Rail" business, which reduces the group's exposure to the
difficult land transportation market.  As a result, Moody's
expects the group's FY2010 pro-forma credit metrics to materially
improve from FYE2009 levels.

Moody's acknowledges the group's solid cash generation throughout
2010, which has helped to build additional liquidity to
accommodate working capital swings, which are particularly
pronounced in economic upturns.  However, Moody's notes the
group's small scale and low margins, as well as its exposure to
the cyclical automotive, fashion and consumer goods industries,
which leave it vulnerable to a possible downturn.

The stable outlook reflects Moody's expectations that the current
trends in the contract logistics and freight-forwarding markets
remain favorable and assumes that the group will maintain adequate
liquidity going forward, underpinned by EUR55 million of undrawn
credit facilities and EUR49 million cash on balance sheet (as per
Q3 2010, pro-forma the redemption).  It also assumes the company
will address the refinancing of the group's EUR65 million maturing
bond due December 2012 in a timely fashion.

While Moody's believes that a rating upgrade is unlikely in the
short- to medium term, positive rating pressure could develop if
the buoyant market conditions continue to drive adjusted EBIT
margins towards 4%, adjusted EBITA interest cover above 2.5x and
adjusted leverage sustained below 3.5x.  Negative rating pressure
could quickly materialize should a softening of freight rates and
volumes on Logwin's major markets lead to a deterioration in
operating margins or cash flow generation to 2009 levels.  In
particular, the CFR could come under pressure if the adjusted
EBITA interest cover drops towards 1x, adjusted EBIT margin falls
towards 2.5% and financial leverage, measured as adjusted
Debt/EBITDA, increases towards 5x.

Based in Luxembourg, Logwin (formerly Thiel Logistik AG) is a
medium-sized logistics provider, generating EUR1.1 billion in
revenues and EUR24.3 million in EBITDA.  The group offers
integrated contract logistics solutions and intercontinental air
and sea freight forwarding services from more than 250 locations
in 37 countries worldwide.  Listed on the Frankfurt stock
exchange, the group has a market capitalization of approximately
EUR200 million and is majority-owned by DELTON AG, the investment
holding company of Stefan Quandt.


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


EUROPEAN PROPERTY: Moody's Cuts Rating on Class D Notes to 'Caa3'
-----------------------------------------------------------------
Moody's Investors Service has downgraded the Class B, Class C and
Class D Notes issued by European Property Capital 3 plc (amount
reflects initial outstandings):

  -- EUR31.8M Class B Notes, Downgraded to A1 (sf); previously on
     Jan. 20, 2011 Aa2 (sf) Placed Under Review for Possible
     Downgrade

  -- EUR32.1M Class C Notes, Downgraded to Ba1 (sf); previously on
     Jan. 20, 2011 Baa1 (sf) Placed Under Review for Possible
     Downgrade

  -- EUR31.312M Class D Notes, Downgraded to Caa3 (sf); previously
     on Jan. 20, 2011 B1 (sf) Placed Under Review for Possible
     Downgrade

The Class A Notes are rated Aaa (sf).

Moody's does not rate the Class X Notes.

The rating action concludes the review for possible downgrade that
was initiated on Jan. 20, 2011.

                         Ratings Rationale

The key parameters in Moody's analysis are the default probability
of the securitized loans (both during the term and at maturity) as
well as Moody's value assessment for the properties securing these
loans.  Moody's derives from those parameters a loss expectation
for the securitized pool.  Based on Moody's revised assessment,
the loss expectation for the pool has increased since the last
review in September 2009.

The rating downgrade on the Class B, Class C and Class D Notes is
mainly due to the performance deterioration of the Randstad loan,
the largest in the pool.  The loan is in default because it did
not repay at its scheduled maturity in August 2010.  Since October
2010, the loan is in special servicing.  According to a notice
published on Feb. 15, 2011, the special servicer is currently
discussing a consensual sale of the underlying assets.  Moody's
re-assessed the value of the underlying properties and concluded a
higher expected loss for the Randstad loan than at Moody's last
review in September 2009.  In Moody's view the value re-assessment
is justified by the upward yield pressure for secondary properties
in the Netherlands as well as the properties adverse rollover
profile.

Moody's analysis reflects a forward-looking view of the likely
range of collateral performance over the medium term.  From time
to time, Moody's may, if warranted, change these expectations.
Performance that falls outside an acceptable range of the key
parameters may indicate that the collateral's credit quality is
stronger or weaker than Moody's had anticipated during current
review.  Even so, deviation from the expected range will not
necessarily result in a rating action.  There may be mitigating or
offsetting factors to an improvement or decline in collateral
performance, such as increased subordination levels due to
amortization and loan re- prepayments or a decline in
subordination due to realized losses.

Primary sources of assumption uncertainty are the current stressed
macro-economic environment and continued weakness in the
occupational and lending markets.  Moody's anticipates (i) delayed
recovery in the lending market persisting through 2012, while
remaining subject to strict underwriting criteria and heavily
dependent on the underlying property quality, (ii) values will
overall stabilize but with a strong differentiation between prime
and secondary properties, and (iii) occupational markets will
remain under pressure in the short term and will only slowly
recover in the medium term in line with the anticipated economic
recovery.  Overall, Moody's central global scenario remains
'hooked-shaped' for 2011; Moody's expect sluggish recovery in most
of the world's largest economies, returning to trend growth rate
with elevated fiscal deficits and persistent unemployment levels.

                    Moody's Portfolio Analysis

As of the November 2010 interest payment date, the transaction's
total pool balance was EUR168.1 million down by 59% since closing,
as only two of the original five loans remain in the pool.

The largest loan is the Randstad Loan (67% of the current pool).
The outstanding balance of the loan is EUR128 million split
between a securitized portion of EUR113 million and a B-Note of
EUR15 million.  The loan is secured by 17 office properties and
two warehouse properties in the Netherlands with some
concentration in the Randstad region.  The portfolio is leased to
about 80 tenants and the weighted average remaining lease length
to first break is 4.4 years.  The latest investor report (as of
November 2010) exhibits a strong interest coverage ratio of 2.76
x.  Moody's portfolio value of EUR125 million considers the (i)
secondary quality of the properties and (ii) some potential rental
income deterioration.  In estimating a sustainable net cash flow
of EUR9 million, Moody's reduced the reported net operating income
of GBP9.8 million by accounting for the adverse lease profile
(nearly 30% of the rental income breaks or expires by the end of
2012).  The loan is in default since August 2010 when it did not
repay at its scheduled maturity.  Since October 2010, the loan is
in special servicing.  Negotiations have been ongoing in relation
to a potential extension of the loan but those discussions have
failed.  The borrower is now in discussion with the Special
Servicer and the B lenders in relation to a consensual sale of the
assets.  Based on Moody's value, the loan-to-value ratio on the
securitized portion is 90%.  This compares to 73% based on the
most recent underwriter's value.

The second loan in the pool is the Portuguese Loan (33% of the
current pool).  It is secured by a single shopping centre in
Albuifera, Portugal.  The quality of the asset is above average
and Moody's assigned a property grade of 2.0 at closing.  The loan
has performed strongly and even outperformed Moody's expectations.
As an example, the property currently exhibits 0% vacancy.
Moody's current Moody's property value of EUR100 million is about
25% lower than the underwriter value of GBP134 million.  This
results from Moody's adjustments (i) to the property yield
reflecting an additional risk premium due the location of the
asset in Portugal, and (ii) to the property cash flows.  Moody's
has assumed an annual sustainable net cash flow of EUR7.3 million.
This compares to a reported net operating income fluctuating
between EUR7.4 and 8.3 million over the last 4 quarters.  Moody's
adjustment is mainly due to future rollover (more than 40% of
rental income breaks or expires in the next 3 years).  Finally,
Moody's have assumed that the borrower will exercise his second
extension option and that the loan will be up for refinancing in
May 2012.  Based on Moody's value, the LTV ratio is currently
55.4% decreasing to 51% in May 2012 thanks to amortization.  In
Moody's view, there is a very high likelihood that the loan will
refinance.

Portfolio Loss Exposure: Moody's expects a considerable amount of
losses on the securitized portfolio, mainly stemming from the
Randstad Loan.  As the sequential payment trigger was hit, the
risk of potential losses on all the subordinated classes has
increased resulting in the the rating downgrade for those classes
of Notes.  Moody's expects very high losses for the Class D Notes.

Sensitivity analysis: In Moody's re-assessment of the pool,
Moody's also considered the pool's exposure to country-related
risks as the Algarve loan is secured by a property in Portugal,
currently rated A1/P-1 on review for possible downgrade.  Moody's
examined the impact on the ratings of a severe macroeconomic event
occurring in Portugal, including the systemic default of the
Portuguese banking sector.  In such circumstances, the Algarve
loan defaults and the underlying property may only be sold at a
severely distressed value.  Given the low probability of
occurrence of this scenario, the impact on the ratings of the
notes is fairly limited.  However, in the event Portugal's
government bond long term rating was to be downgraded by more than
two notches as stated in a Press Release dated Dec. 21, 2010, this
analysis would be revisited.


HEAD NV: Moody's Upgrades Corporate Family Rating to 'B3'
---------------------------------------------------------
Moody's Investors Service has upgraded Head NV's corporate family
rating and probability-of-default rating to B3 from Caa1.
Concurrently, the rating agency has upgraded to Caa2 from Caa3 the
senior unsecured rating on the EUR27.7 million remaining
outstanding of the notes due in 2014, issued by HTM Sport GmbH.
The outlook on the ratings is stable.

                         Ratings Rationale

"The rating action reflects further strengthening in Head's
financial and liquidity profiles following the company's effort to
improve cash flow generation in recent years together with the
debt exchange completed during 2009.  These measures are expected
to result in a financial leverage (measured as debt to EBITDA,
adjusted for operating leases and pension liabilities) in line
with a single-B rating going forward," says Paolo Leschiutta, a
Moody's Vice President-Senior Analyst and lead analyst for Head.
"The rating action also incorporates Moody's expectation that Head
will be able to take advantage of the modest recovering trends in
the sport equipment market, and in the pick-up in consumer
spending (which however is likely to remain volatile), and
increase its profitability.  The B3 rating also assumes that the
company will address its 2012 debt maturities in due course," adds
Mr. Leschiutta.

During 2009, Head exchanged part of its senior unsecured notes
(EUR135 million outstanding at the time) with EUR43.7 million
worth of new senior secured notes issued in August 2009 and
ordinary shares of Head.  As a result of this extraordinary
measure, and the resulting debt reduction, together with Head's
effort over the years in reducing its operating costs increasing
the share of outsourced products, Moody's sees Head's lighter
capital structure as more adequate to support the existing
business profile of the group.

During the first nine months of 2010, Head reported satisfactory
performance, especially in its Winter Sport division, the volumes
of which increased by mid-single digits and Moody's expects this
trend to have continued over Q4 2010.  The company's total
turnover during the nine months to September 2010 was EUR218
million, 5.7% up compared to the same period in 2009.  These
results reflect improving market conditions, moderately increasing
volumes and better sales-mix.  Head's total operating profit as at
September 2010 (on a YTD basis) was ca.  EUR6.9 million, compared
with EUR2.1 million as of the same period in FY 2009.  Moody's
recognizes that Head's operating profit was strengthened by: (i) a
reduction in fixed costs (excluding R&D and marketing expenses);
(ii) the relocation of production plants in low-cost countries;
and (iii) increased outsourcing.  Indeed, the rating agency
expects to see additional evidence of these measures in Head's
full-year 2010 accounts.

The stable outlook reflects Moody's view that the improvements
made by Head to its credit profile currently adequately position
the company in the B3 rating category.  It also incorporates the
rating agency's expectation that, as a result of restructuring
measures taken by Head, the company will achieve improvements in
its operating and financial profiles, despite the likelihood that
these will be partially eroded by ongoing uncertainty in market
conditions and expected raw-material price increases.

Moody's would consider downgrading the ratings if Head failed to
show the expected progress in improving its profitability and cash
generation, such that it were to exhibit: (i) an EBITA margin
declining towards the low single digits; (ii) a retained cash flow
(RCF)/net debt ratio trending towards the mid-teens; and (iii) a
debt/EBITDA ratio remaining above 6x.  A deterioration in market
conditions in the markets served by the company could also trigger
a downgrade.

Although unlikely at this stage, Moody's would consider upgrading
the ratings if Head were to achieve further improvements in its
top line and profitability, such that its EBITA margin were to
increase towards 7% and further strengthen its financial profile,
such that its debt/EBITDA ratio were to decrease towards 4x on a
sustainable basis.  Before giving any consideration to an upgrade,
Moody's would need to be satisfied with the company's liquidity
profile and refinancing risk.

The Caa2 senior unsecured rating on the remaining outstanding
EUR27.7 million bond issued by HTM reflects its subordinated
position in Head's capital structure relative to the EUR43.7
million worth of new senior notes issued by HTM in August 2009.
These notes are secured on a pool of inventories, receivables and
cash under certain specified conditions.  The pool of assets
offered as collateral must always remain greater than the amount
of the new senior secured notes; Moody's acknowledges that the
company has, to date, met this requirement.

Ratings upgraded are:

  -- Corporate Family Rating, Upgraded to B3 from Caa1
  -- Probability of Default Rating, Upgraded to B3 from Caa1
  -- Senior Unsecured Regular Bond, Upgraded to Caa2 from Caa3

Moody's most recent rating action on Head was implemented on
May 18, 2010, when the rating agency changed the company's outlook
to stable from negative.  This rating action followed signs of
stabilization in the company's financial and liquidity profiles
after the conclusion of the debt exchange, although market
conditions and the company's profitability remained subject to a
degree of volatility.

Incorporated in the Netherlands, Head is a leading global
manufacturer and marketer of branded sporting goods serving the
winter sports, racquet sports and diving equipment markets, with
strong market positions and a good reputation for product
innovation.  The company reported revenues of EUR331 million on an
LTM basis as at September 2010.


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


SEVERSTAL OAO: S&P Affirms 'BB-' Long-Term Corporate Credit Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB-' long-term corporate credit rating on Russian steel group OAO
Severstal and removed it from CreditWatch, where it was placed
with positive implications on Jan. 19, 2011, after Severstal's
announcement of the IPO of a minority stake in its gold mining
subsidiary Nord Gold N.V.  The outlook is stable.  At the same
time, S&P affirmed the 'ruAA-' Russia national scale rating.

"S&P removed Severstal from CreditWatch because it postponed the
IPO indefinitely, and the benefits from the IPO that Severstal
anticipated for its financial profile have therefore not
materialized," said Standard & Poor's credit analyst Elena
Anankina.  "S&P nevertheless expect the company to continue to
benefit from stabilized steel markets and demonstrate healthy
credit metrics, even without the IPO."

The ratings on Severstal are constrained by S&P's view of the
highly cyclical, capital intensive, and competitive nature of the
steel industry, as well as Severstal's quite high debt and the
difficulty S&P think it will have in improving the performance of
its international assets.

The ratings are supported, in S&P's view, by the current
stabilization of global steel market conditions, as well as
Severstal's improving credits metrics and "adequate" liquidity.
Furthermore, S&P note that Severstal has a competitive cost
position in Russia, underpinned by high vertical integration into
its own raw materials, as well as a leading domestic market
position, especially in flat products.

"The stable outlook reflects S&P's view that Severstal will
benefit from improving conditions in the steel market and recent
corrective actions by management," said Ms. Anankina.

In 2010, S&P anticipates that the group will demonstrate
comfortable credit metrics, with FFO to adjusted debt of above 30%
and EBITDA to adjusted debt of about 2x in 2010.

Looking ahead, S&P will focus on Severstal's financial policy on
capital expenditures, acquisitions, and dividends, as well as its
efforts to continue a turnaround in the U.S. S&P will also monitor
the eventual sale of Lucchini to a third-party buyer and the
potential need for Severstal to support Lucchini, which S&P does
not factor into the ratings.  The current ratings have only
moderate headroom for acquisitions.

S&P could envisage upside potential in the short to medium term if
the improvement in profitability and credit metrics were to prove
sustainable.

Downside pressure could stem from a substantial deterioration of
conditions in the steel industry (which S&P does not factor in),
persistently negative FOCF, or large debt-financed acquisitions or
shareholder distributions.


VIP FINANCE: Moody's Assigns 'Ba2' Rating to US$500-Mil. Loan
-------------------------------------------------------------
Moody's Investors Service has assigned a definitive Ba2 senior
unsecured bond rating and LGD-4 to the US$500 million 6.493% Loan
Participation Notes due 2016 and US$1 billion 7.748% Loan
Participation Notes due 2021 (the Notes) issued by VIP Finance
Ireland Limited, an orphan special purpose vehicle, created for
the sole purpose of issuing notes and on-lending proceeds to open
joint stock company Vimpel-Communications OJSC.  The final terms
of the Notes are in line with the drafts reviewed for the
provisional (P)Ba2 instrument rating assignment.

                         Ratings Rationale

Moody's definitive rating on this debt obligation is in line with
the provisional rating assigned on Jan. 24, 2011.  Moody's rating
rationale was set out in a press release issued on that date.  In
the absence of a guarantee from the beneficiary of the proceeds of
the notes, credit recourse is provided by the underlying loan
agreement with VimpelCom.  The loan evidencing the on-lending of
the proceeds from the new notes will rank pari passu with all the
existing senior unsecured obligations of VimpelCom.  This rating
assumes that any future debt issuance by VimpelCom or Vimpelcom
Ltd (owner of VimpelCom) will be undertaken on a senior unsecured
basis and will rank pari passu.  Any future senior unsecured debt
instruments to be issued are expected to be rated at the same
rating level as existing rated debt.

The rating is on review for possible downgrade, in line with all
other ratings of VimpelCom, which have been on review for possible
downgrade since Oct. 5, 2010, following the announcement of the
intention of a merger between VimpelCom Ltd and Wind (not rated)
to create the world's sixth-largest mobile telecoms company in
terms of number of subscribers.  However, there is currently
uncertainty as to whether the merger will go ahead given that one
of the main shareholders (Telenor, rated A3 stable) opposes the
deal on the grounds of conflicting interest and disagreements on
the asset valuation.

VimpelCom's ratings remain on review as the rating agency
continues to focus on (i) the extent to which the numerous
benefits of the deal for the company will offset the potentially
higher business risk associated with some of Wind's assets; and
(ii) the financial implications for VimpelCom of the funding and
future cash flow needs within the group structure.  The merger
will be positive for VimpelCom in that it will (i) enhance the
scale and scope of the company's combined operations; (ii) give
the company a broader international footprint; and (iii) enable it
to achieve potential synergies and de-leveraging.  Moreover,
Moody's also notes that the transaction is priced at relatively
moderate multiple compared with recent industry deals.

Moody's previous rating action on VimpelCom was implemented on
Jan. 24, 2011, when the rating agency assigned a (P) Ba2 rating to
VIP Finance Ireland Limited's new notes.

Headquartered in Moscow, Russia, VimpelCom OJSC is a leading
Russian telecommunications operator, providing voice and data
services through a range of wireless, fixed and broadband
technologies.  VimpelCom is the third-largest mobile operator in
Russia, a leading operator in Kazakhstan and has a presence in
Ukraine, Uzbekistan, Tajikistan, Armenia, Kyrgyzstan and Georgia.
In 2009, the company launched operations in Vietnam and Cambodia.
Following the acquisition of the leading Russian altnet, Golden
Telecom, in early 2008, VimpelCom became one of Russia's largest
integrated nationwide telecommunications providers.  In 2009,
VimpelCom OJSC generated approximately US$8.7 billion in revenues
and US$4.3 billion in reported EBITDA.


WIMM-BILL-DANN FOODS: S&P Raises Corporate Credit Rating to 'BB+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its long-
term corporate credit rating on Wimm-Bill-Dann Foods OJSC to 'BB+'
from 'BB-'.  At the same time, S&P raised the Russia national
scale rating on WBD, as well as the senior unsecured debt rating
on its outstanding Russian ruble bonds, to 'ruAA+' from 'ruAA-'.
S&P removed the ratings from CreditWatch, where they were placed
with positive implications on Dec. 3, 2010.  The outlook is
positive.

"The ratings on WBD reflect S&P's analysis of WBD's stand-alone
credit profile together with the implied support from PepsiCo,"
said Standard & Poor's credit analyst Anton Geyze.

This support incorporates S&P's assessment of PepsiCo's majority
ownership of WBD, WBD's strategic importance to PepsiCo given the
latter's focus on building a healthy nutritional business, and
PepsiCo's significant investment in WBD, which amounts to more
than US$3.8 billion compared with about US$1 billion of WBD's
external debt.  Applying its corporate criteria, S&P believes that
the economic incentive is the most important factor on which to
base its judgment about the degree of linkage between PepsiCo and
WBD.  The rating action follows the recent announcement by PepsiCo
that it acquired a 66% interest in WBD for US$3.8 billion from key
shareholders, after receiving the required Russian government
approvals.  This move brought PepsiCo's total ownership in WBD to
77%.  S&P understand that on or before March 11, 2011, PepsiCo
plans to make and offer to acquire the remaining shares of WBD.

"The positive outlook reflects the possibility of us raising the
ratings on WBD following a reassessment of the strength of parent
support from PepsiCo after it achieves 100% ownership of WBD and
defines the subsidiary's future financing strategy," said
Mr. Geyze.


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


BEETHAM HOTELS: Bank Dispute Brings Down Liverpool Ventures
-----------------------------------------------------------
Bill Gleeson at Liverpool Daily Post.co.uk reports that Beetham's
Liverpool and Manchester hotel businesses have been placed into
administration, as a result of a dispute with its bank.  The
report relates that Beetham Hotels Liverpool and Beetham Hotels
Manchester collapsed on Feb. 15, 2011, when administrators from
accountancy firm KPMG were appointed.

The latest financial troubles to hit the Beetham companies follow
the failure earlier this month of Beetham's West Tower skyscraper
residential development, in Liverpool city centre, according to
Liverpool Daily Post.co.uk

The report notes that Radisson hotels operate a 297-bed hotel in
Old Hall Street on behalf of Beetham Hotels Liverpool.  Liverpool
Daily Post.co.uk relates that a similar arrangement sees Hilton
operate a hotel in Manchester.

"We would like to reassure customers that it is business as usual
at both hotels: existing bookings are secure and we continue to
take bookings.  Both hotels are popular and well-known for both
business and leisure travel, operating out of iconic buildings in
Liverpool and Manchester.  We are confident of securing a sale in
the near future.  Both Hilton Worldwide and Radisson are
continuing to manage the day-to-day operations at the hotels, with
our support," Liverpool Daily Post.co.uk quotes Ian Corfield,
joint administrator and restructuring director at KPMG, as saying.

Liverpool Daily Post.co.uk discloses that Brian Green, another
joint administrator with KPMG, said the hotel businesses did not
collapse due to poor trading.  Instead, it was due to a
"disagreement between the directors and the bank."  Both collapsed
companies hold long leases over the hotel properties and earn fees
paid by the Radisson and Hilton operations, the report adds.


BRISTOL ROVERS: Chairman Denies Facing Possible Administration
--------------------------------------------------------------
Evening Post reports that Bristol Rovers Football Club Chairman
Nick Higgs has made it clear that directors will continue to fund
Bristol Rovers -- and insists there is no fear of the club going
into administration, whether or not they are relegated.  The
report relates Mr. Higgs has moved to quash speculation that the
club are on the brink of a major financial crisis as they struggle
to avoid the drop to League Two.

Board members are known to have continued to plough money into the
club, who are due to release their annual report -- covering last
season's finances -- over the coming weeks, according to Evening
Post.

The report notes that the football club's last published figures,
which covered the 12 months to June 2009, revealed a loss of more
than GBP1.7 million and debts approaching GBP4 million.

Mr. Higgs, Evening Post relates, said at the time that such a loss
was "unsustainable in the long term" and directors had been
supporting the club in terms of loans and equity.  Backing will
continue, he added.

"Much has been said about our league position and club finances,
so I would like to give some clear factual information.  The club
has revenue from five main sources -- the Football League, match-
day attendances, advertising and corporate, the Supporters Club
and finally from the board of directors, who will ensure that any
shortfall in revenue is covered.  There is no fear of the club
going into administration, whatever division we play in," Evening
Post quoted Mr. Higgs as saying.

Mr. Higgs' assurance comes as some fans have formed a protest
group called the Black and Gold Campaign to express concerns about
the way the club is being run, the report adds.

Bristol Rovers Football Club is an English professional football
club, based in Bristol.  The club was founded in 1883 as Black
Arabs F.C., and was also known as Eastville Rovers and Bristol
Eastville Rovers before finally changing its name to Bristol
Rovers in 1898.


DECO 12: S&P Cuts Ratings on Two Classes of Notes to 'D (sf)'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
DECO 12 - UK 4 PLC's class C, D, E, and F notes.  The other
ratings remain unaffected.

The rating actions reflect interest shortfalls experienced by the
class D, E, and F notes on the October 2010 and January 2011 note
interest payment dates, and S&P's expectation of principal losses
for these classes of notes.  In view of the minor interest
shortfall experienced by the class D notes, and in line with S&P's
criteria, S&P did not lower its rating on that class to 'D (sf)'.
However, if this class continues to accrue deferred interest,
further rating actions may be warranted for this class in the near
term.  Additionally, S&P has lowered its rating on the class C
notes because S&P believes there are scenarios in which they may
not pay timely interest.

S&P understand that the unpaid and deferred interest experienced
by the class D, E, and F notes resulted from special servicing
fees/expenses the issuer incurred for the Quattro Syndicate loan,
which went into special servicing in December 2009.  Under this
transaction, these fees and expenses are not funded by excess
spread, which instead goes to the class X notes.  S&P understand
that DECO 12 cannot use the liquidity facility to cover the
interest shortfalls, because the shortfall has not resulted from a
shortfall at the loan level.

The Quattro Syndicate loan was transferred into special servicing
in December 2009, following a borrower failure to repay the loan
at its maturity date in October 2009.  The borrower continues to
meet its interest payment obligations (including payment of the
loan default interest) and the excess cash is currently escrowed
by the special servicer in an escrow account.

S&P understand from the cash manager that the interest shortfalls
under the notes first occurred on the October 2010 IPD.

S&P note from the cash manager's reports that the amount of
shortfall experienced by the notes is greater than the reported
amount of extraordinary fees/expenses.  S&P note too that the loan
default interest received under the Quattro Syndicate loan has
been transferred to the class X notes.  S&P understand from the
cash manager that this was an error that will be rectified in due
course.  S&P await clarification from the cash manager on whether
this error accounts fully for the discrepancy between the note
shortfall and the amount of fees/expenses.

Moreover, S&P believes that the size of the extraordinary
fees/expenses may increase in the future if other loans are
transferred to special servicing, or if new valuations cause an
appraisal reduction to be triggered.  In the case of an appraisal
reduction, the amount available to be drawn under the liquidity
facility would be reduced.  In such circumstances, the class C
notes may suffer interest shortfalls.  As a consequence, S&P has
lowered its ratings on this class.

The DECO 12 transaction encompasses 10 loans and 41 predominantly
retail properties located throughout the U.K.  The two largest
loans account for roughly 90% of the pool balance.  The Tesco loan
represents 55.5% of the securitized pool balance and is secured
against a portfolio of 16 stores leased to Tesco Stores Ltd. Tesco
PLC (A-/Stable/A-2) guarantees the leases.  The second-largest
loan, the QIC Investments (Merry Hill) loan, represents 34.3% of
the securitized pool balance.  The underlying property is Merry
Hill, comprising the Merry Hill Shopping Centre.

DECO 12 has amortized only slightly since closing in February
2007.  The current portfolio balance is GBP626.2 million, down
from GBP672.884 million at closing.  The reported average loan-to-
value ratio is 60.0% on a securitized senior loan basis, and 64.1%
on a whole-loan basis.  S&P believes the reported LTV ratios are
unlikely to reflect current market values or the recent declines
seen in the market.  The QIC Investments (Merry Hill) loan and
several of the smaller loans in the transaction reach maturity in
the next three years.

In January 2011, S&P placed its rating on the class A1 notes on
CreditWatch negative in line with its new counterparty criteria.
This CreditWatch placement remains unaffected by the rating action
and S&P will resolve it in due course.

                           Ratings List

                        DECO 12 - UK 4 PLC
GBP672.884 Million Commercial Mortgage-Backed Floating-Rate Notes

                         Ratings Lowered

                                 Rating
                                 ------
           Class       To                    From
           -----       --                    ----
           C           BB+ (sf)              BBB- (sf)
           D           B- (sf)               B (sf)
           E           D (sf)                B- (sf)
           F           D (sf)                B- (sf)

                       Ratings Unaffected

                 Class       Rating
                 -----       ------
                 A1          AAA (sf)/Watch Neg
                 A2          A+ (sf)
                 B           A- (sf)


ENERGEM: Goes Into Administration Due to Unpaid Receivables
-----------------------------------------------------------
Rowena Mason at The Telegraph reports that Energem Resources was
placed into administration after it could not recover US$54
million (GBP33 million) owed by companies linked to its deputy
executive chairman Tony Teixeira.

The company was once involved in the "blood diamonds" mining
industry, where illegally traded gems were used to finance African
civil wars in the 1990s, The Telegraph recounts.  However, the
report relates, it relaunched as a "green" African biofuels
business -- called Energem Resources, when it listed on London's
Alternative Investment Market (AIM) in 2007.  It claimed to have
severed links with its past management, the report notes.

The Telegraph says that Energem Resources' finances came under
intense pressure in January last year, when its shares were
delisted because it was unable to satisfy auditors that the US$54
million debt would be recovered.

The debt was only a third of the company's assets, according to
the last filed accounts, and the company promised to relist soon,
while keeping the market updated every six months, The Telegraph
says.  However, that was the last many shareholders heard of their
investment, the report adds.

Energem Resources Inc. is a company listed on the Toronto Stock
Exchange and its common shares trade on the exchange under the
symbol "ENM".  The company was renamed on June 22, 2004 from the
previous DiamondWork Ltd.  The company is active in mining and
mineral exploration, mid stream oil, upstream oil and gas,
industrial chemicals, logistics and commodity trading.


JAMES HAGGART & SONS: Goes Into Administration, 15 Jobs at Risk
---------------------------------------------------------------
Sandra Gray at The Courier reports that James Haggart and Sons has
gone into administration, leading to the loss of two jobs and
putting 15 more at risk.  The report relates that the company has
been forced to call in accountants KPMG after facing financial
difficulty.

The company has made 2 jobs redundant and there has already been
speculation that another eight members of staff could lose their
jobs, as only a handful are kept on to keep the business ticking
over, according to The Courier.

The report recounts that just two years ago, there was a
management buy-out at the company, with most shared issue capital
bought from certain shareholders.  The Courier relates that a
holdings firm was created on behalf of one of the two continuing
shareholders to allow them to gain a majority of the issued share
capital of Haggarts.

Although Blair Nimmo and Gary Fraser of KPMG have been appointed
joint administrators, the company will continue to trade under
their control, The Courier discloses.

The administrators are inviting offers for the trade and assets of
the business, the report adds.

Family-owned James Haggart and Sons is a Muthill potato firm.  It
has been in the area for over 50 years.


JJB SPORTS: Shareholders Back GBP31.5-Mil. Share Issue
------------------------------------------------------
BBC News reports that JJB Sports has gained 99% shareholder
approval for a new share issue to raise GBP31.5 million in
desperately needed cash.

The move is part of a rescue plan for the loss-making company
needed to stave off a possible debt default, BBC notes.

BBC says the money raised will only keep it going until March,
when a further fundraising exercise is likely to follow.

According to BBC, much of the money will come from JJB's biggest
shareholders US fund managers Harris Associates (20% owners) and
activist investor Crystal Amber (16%), as well as the Bill and
Melinda Gates Foundation (5.5%).

Slightly over half of the money will be used to make "immediate
payments to creditors", with the balance funding trading losses
and enabling the purchase of new stock, BBC discloses.

As reported by the Troubled Company Reporter-Europe on Feb. 15,
2011, JJB, as cited by Bloomberg News, said its future depends on
landlords and unsecured creditors approving a restructuring of its
properties that would allow it to close at least 45 stores.  JJB
said in a statement on Regulatory News Service that the company
voluntary arrangement depends on raising capital after its current
GBP31.5 million (US$50.4 million) share placing and on continued
bank facilities, Bloomberg disclosed.  JJB said in the statement
if the company's biggest shareholders and the creditors won't back
the new arrangement, or the firm is unable to raise more finance,
it will "no longer be able to trade as a going concern" and
receivers, liquidators or administrators would be brought in,
Bloomberg noted.

JJB Sports plc (JJB Sports) is a sports retailer supplying branded
sports and leisure clothing, footwear and accessories.  JJB Sports
is a high street sports retailer, with 250 stores in the United
Kingdom and Eire.  It provides a range of products covering United
Kingdom sports.  The Company stocks all its sports brands,
supported by its own-brand and exclusive ranges.  The Company's
segment includes the Company's retail operations, including any
retail stores, which are attached to fitness clubs.  The Company
operates in two geographic segments: the United Kingdom and Eire.
The Company's subsidiaries include Blane Leisure Limited, Sports
Division (Eireann) Limited, Golf TV Limited, TV Sports Shop
Limited, Original Shoe Company Limited and Qubefootwear Limited.
The Company sold its fitness club operations on March 25, 2009.


NDS GROUP: Moody's Assigns 'Ba2' Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service has assigned a Ba2 corporate family
rating and a Ba3 probability-of-default rating to NDS Group Ltd,
the parent company of NDS Finance Ltd and the indirect parent
company of NDS Holdings (Europe) Limited and NDS Treasury
(Americas), LLC.  Concurrently, Moody's has assigned provisional
(P)Ba2 ratings to NDS' US$75 million six year revolving credit
facility, EUR183 million six year term loan A and the US$800
million seven year term loan B.  The outlook is stable.

The rating assignment follows the announcement on 14 February 2011
by NDS that it would raise US$1.05 billion in credit facilities to
repay the company's existing debt, vendor loan note and related
fees and expenses.  NDS is majority owned by private equity fund
Permira; who hold 50.5% of the shares, with News Corp. owning
48.5% and management 1%.

                         Ratings Rationale

"The Ba2 CFR reflects NDS' leading market position in the digital
pay-TV business solutions space, combined with its large customer
base of leading pay-TV companies," says Douglas Crawford, Moody's
lead analyst for NDS.  "The company's business profile is further
supported by the large number of long term contracts it holds with
these companies to whom it is an integral part of their content
security and enabling business."

Moody's expects that NDS' leading market position in the niche
digital pay-TV business solutions space will continue to benefit
from the company's history of technological innovation.

However, Moody's notes NDS' degree of customer concentration, with
the top 3 customers representing around 46% of company revenues.
Moreover, the company operates in a market with rapid
technological developments, changes in industry standards and
changes in customer requirements that pose a significant medium
term risk.  Over time, these include developments such as over-
the-top services.

Moody's views NDS' financial risk profile post the refinancing as
appropriate for the rating.  The rating agency expects the company
to use a high proportion of excess cash flow to repay debt,
resulting in leverage of under 4x (Moody's adjusted) by 30 June
2011.  Moody's ratings have also not incorporated the prospect of
material dividends until the company's metrics have improved.

In Moody's view, NDS' current liquidity profile is good, due to
the absence of debt maturities over the next few years and
supported, after the refinancing, with an undrawn US$75 million
revolving credit facility that matures in 2017.  The rating agency
notes that maintenance financial covenants under NDS' credit
facility agreement incorporate de-leveraging assumptions and will
be set with headroom of around 30%.

The Ba3 probability of default is one notch below the Ba2 CFR as a
result of the assumed Expected Family Recovery Rate of 65%, given
the bank debt-only capital structure.  The (P)Ba2 ratings of the
US$75 million RCF, EUR183 million Term Loan A and US$800 million
Term Loan B, at the same level as the CFR, reflect the lack of a
meaningful amount of other liabilities.  Moreover, the RCF, and
both term loans are all rated (P)Ba2 as they have the same
security package and payments will be made pro rata in the event
of a default.

The stable outlook reflects Moody's expectation that NDS will
maintain its market share and high profitability by continuing to
grow subscribers, supported by growth in the pay-TV business
solutions space.  The rating agency also expects the company to
use cash to reduce debt, while maintaining a solid liquidity
profile.

Positive pressure could evolve if NDS' leverage reaches 3x and
free cash flow-to-debt approaches 16%.  On the contrary, negative
pressure could develop on the rating if leverage reaches 4.0x and
FCF/debt approaches 8% or if the criteria set for the stable
outlook are not met.

Moody's issues provisional ratings in advance of the final sale of
securities and these ratings reflect the rating agency's
preliminary credit opinion regarding the transaction only.  Upon a
conclusive review of the final documentation, Moody's will
endeavor to assign a definitive rating to the term loan.  A
definitive rating may differ from a provisional rating.

Founded in 1988 and headquartered in the UK, NDS is a leading
provider of Pay-TV content security and delivery services,
including having133 million active NDS-protected set-top-boxes.
The company's primary revenue stream comes from providing
Conditional Access services to leading Pay-TV operators such as
DIRECTV, BskyB and Sky Italia.  NDS has 5,300 people in 20
locations, with over 75% dedicated to R&D.  In FY2010 the company
reported revenue of US$944 million and adjusted EBITDA of US$294
million.  The company is majority owned by private equity fund
Permira, with 50.5% of the shares, with News Corp. owning 48.5%
and management 1%.


NDS GROUP: S&P Assigns 'B+' Long-Term Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said it has assigned its 'B+'
long-term corporate credit rating to U.K.-based NDS Group Ltd., a
leading worldwide provider of digital pay-TV technology.  The
outlook is positive.

At the same time, S&P assigned its 'BB-' issue rating to the
proposed US$1.050 billion equivalent term loans A and B and
US$75 million revolving credit facility issued by subsidiary NDS
Finance Ltd.

"The ratings on NDS primarily reflect S&P's view of the company's
highly leveraged capital structure, narrow business focus,
competitive environment, and exposure to long-term piracy and
technology risks," said Standard & Poor's credit analyst
Guillaume Trentin.

These weaknesses are partly offset by the company's solid market
positions globally, large share of recurring revenues with a
diversified base of leading pay-TV operators, high barriers to
entry, in S&P's opinion, and positive free cash flow generation.

S&P believes that NDS' business risk profile, which S&P assess as
"fair," is supported by its long-standing business relationships
with some of the largest pay-TV platforms worldwide, backed by
contracts with tenor usually of more than five years.  S&P
understand that existing contracts cover more than 80% of the
company's projected revenues for each year over 2011-2015,
assuming card replacement and subscriber growth rates exactly in
line with company's forecasts.  NDS' operations also benefit from
sound long-term growth prospects in the underlying global pay-TV
markets.

NDS' capital structure was highly leveraged at the end of December
2010--a key constraint for the rating.  S&P estimates that
adjusted total debt to EBITDA was 5.8x, including the vendor loan,
on that date.

Nevertheless, S&P anticipates that debt repayment from a recent
disposal, cash on balance sheet, and EBITDA growth, will enable
NDS' adjusted debt leverage to decline to about 4.0x by the end of
June 2011.

NDS' revenues grew by 5% year on year to US$494 million in the six
months to Dec. 31, 2010, because of subscriber growth on clients'
platforms, especially in emerging markets.  This, coupled with
good profitability of 30% EBITDA margin, led to a strengthening of
free operating cash flow to US$86 million, versus US$54 million in
the six months to Dec. 31, 2009.  S&P believes that, notably,
sustained top-line growth and limited capital expenditure
requirements support FOCF generation capacity.  Nevertheless, cash
flow credit ratios in S&P's opinion should remain relatively weak
but improve over the next two years, and project lease- and
pension-adjusted funds from operations to debt ratio in the 15%-
20% range.

"The positive outlook reflects the potential for a one-notch
upgrade over the next 18 months, based on S&P's expectations that
NDS could reduce its adjusted leverage to below 4.0x pro forma,
thanks to projected steady EBITDA and FOCF growth," said
Mr. Trentin.

S&P would consider an upgrade if NDS demonstrates steady
improvement in free cash flow and credit measures--with a ratio of
adjusted funds from operations to debt of about 20%--while
maintaining its leading technological position, good visibility on
future revenue streams through a high share of contracted
revenues, and adequate liquidity.

Lack of progress in reducing leverage, loss of a key client, or
any deterioration of free cash flow prospects would likely lead us
to revise the outlook to stable.  S&P also anticipate that
allocation of the company's excess cash to shareholder payments
would reduce the likelihood of an upgrade.

Given NDS' adequate liquidity and sound medium-term EBITDA growth
prospects, S&P currently see limited downward rating pressure,
however.


OLLIE & NIC: MCR Administrators Sell Firm to Onyx Retail
--------------------------------------------------------
Rachael Singh at AccountancyAge reports that Ollie & Nic has been
sold to Onyx Retail in a pre-pack administration set up by MCR
insolvency practitioners Geoff Bouchier and Jason Godefroy.  The
report relates that Messrs. Bouchier and Godefroy were appointed
joint administrators to the business which was sold to Onyx Retail
on appointment.

"Our main ambition as appointed administrators was to look for the
best possible outcome for the creditors of the company and to save
as many employee jobs as possible.  This we have been able to do
and we are delighted to announce the sale of the business and
certain assets to Onyx Retail Limited," AccountancyAge quotes
Mr. Bouchier as saying.

Messrs. Bouchier and Godefroy, partners at MCR, were appointed to
Morley Trading, which traded as Ollie & Nic on Feb. 17, 2011.

Ollie & Nic was established in 2002 and grew from a single store
in Brighton to a chain of 11 stand alone shops throughout the UK.
Its products have also been sold through high street retailers
including Harrods, Harvey Nichols, John Lewis, Selfridges and
Urban Outfitters.


PUNCH TAVERNS: Bondholders in Talks with Potential Pub Operators
----------------------------------------------------------------
Anousha Sakoui and Rose Jacobs at The Financial Times report that
representatives of lenders to Punch Taverns have held initial
discussions with potential new operators for the company's
tenanted pubs, highlighting how bondholders are preparing for the
possibility of Punch defaulting on more than GBP2.5 billion of
debt.

According to the FT, the discussions revolve around whether the
pub operators would consider either buying Punch's pubs or running
them under contract should bondholders take control in the event
of a default.  The operators are expected to include Enterprise
Inns and Marston's, the FT notes.

The FT relates that a group of bondholders formed in December
under the auspices of the Association of British Insurers after
Ian Dyson, Punch's new chief executive, said he would review all
aspects of the debt-laden company, including its capital
structure.  Some equity analysts have urged him to default on the
debt issued by two special funding vehicles that hold most of the
company's tenanted pubs, the FT discloses.  The vehicles require
capital injections to stop them breaching covenants, the FT notes.
In the event of a default, the pubs would be returned to the
bondholders, the FT says.

The bondholder group is made up of six institutional investors and
recently retained law firm Latham Watkins to advise alongside
investment bank Rothschild, according to the FT.  Its members hold
at least half of most of the different tranches of notes issued by
the two special purpose vehicles, the FT says, citing one of the
people familiar with the talks.

The group has also started work to form an independent management
team for the SPVs that could allow them to be listed after a
restructuring, should the bondholders be left owning the pubs, the
FT states.

Punch Taverns plc is a United Kingdom-based pub company.  The
Company is engaged in the operation of public houses under either
the leased model or as directly managed by the Company.  The
Company operates in two business segments: punch partnerships, a
leased estate and punch pub company, a managed estate. Punch
Partnerships is the Company's leased division, comprising 5,967
pubs nationwide.  Punch Pub Company is its managed division,
comprising 803 pubs nationwide.  The leased model involves the
granting of leases to tenants who operate the pub as their own
business, paying rent to the Company, purchasing beer and other
drinks from it and entering into profit sharing arrangements for
income from leisure machines.  Pubs that are directly managed
involve the employment of a manager to operate each managed pub
and the Company receives all revenues generated by the pub and is
responsible for costs.  On Feb. 10, 2010, the Company disposed of
Safe Jumper Limited.


SHAKEAWAY: Staff Hope to Re-Open Firm Following Administration
--------------------------------------------------------------
The Oxford Times reports that staff has vowed to relaunch
Shakeaway just days after it went into administration.  The report
relates that Shakeaway managers told workers in Oxford that the
store was closing on Feb. 14, 2011, with immediate effect, after
"testing retail times."

However, The Oxford Times notes, manager Amee Thomas, and five of
her six staff members: Hattie Partington, Victoria Schemnun, Liam
Stockford, James Thomas and Adam Harvey, are in talks to reopen
the shop.

"We were shocked when the administrators walked in and told us we
were closing.  Business in Oxford was good but unfortunately the
company was struggling nationwide and decided we were one of the
restaurants which would go.  But almost immediately we were all
determined to reopen it.  We're a close-knit team and know how
successful the store can be," The Oxford Times quotes Ms. Thomas
as saying.

The report notes that Ms. Thomas is talking to banks and the
administrator.  Ms. Thomas is also trying to negotiate a rent with
the building's owner and said she may need to find some private
investment to fund the business, The Oxford Times adds.

Shakeaway is a popular Oxford milkshake bar.  The Oxford store
opened in August 2006.


TITAN EUROPE: Moody's Junks Ratings on Two Classes of Notes
-----------------------------------------------------------
Moody's Investors Service has affirmed, confirmed and downgraded
these classes of Notes issued by Titan Europe 2007-3 Limited
(amounts reflect initial outstandings):

  -- GBP463.04M Class A1 Notes, Downgraded to Baa3 (sf);
     previously on Dec 16, 2010 Baa1 (sf) Placed Under Review for
     Possible Downgrade

  -- GBP115.76M Class A2 Notes, Downgraded to Caa1 (sf);
     previously on Dec 16, 2010 Ba3 (sf) Placed Under Review for
     Possible Downgrade

  -- GBP54.39M Class B Notes, Downgraded to Caa3 (sf); previously
     on Dec 16, 2010 B3 (sf) Placed Under Review for Possible
     Downgrade

  -- GBP52.79M Class C Notes, Confirmed at Ca (sf); previously on
     Dec 16, 2010 Ca (sf) Placed Under Review for Possible
     Downgrade

  -- GBP53.19M Class D Notes, Affirmed at C (sf); previously on
     Jun 16, 2009 Downgraded to C (sf)

Moody's does not rate the Class E, Class F, Class G, Class V and
Class X Notes issued by Titan Europe 2007-3 Limited.  The rating
action concludes the review for possible downgrade that was
initiated for the Class A1, Class A2, Class B and the Class C
Notes on 16 December 2010.  The rating action takes Moody's
updated central scenarios into account, as described in Moody's
Special Report "EMEA CMBS: 2011 Central Scenarios".

                         Ratings Rationale

The key parameters in Moody's analysis are the default probability
of the securitized loans (both during the term and at maturity) as
well as Moody's value assessment for the properties securing these
loans.  Moody's derives from those parameters a loss expectation
for the securitized pool.  Based on Moody's revised assessment,
the loss expectation for the pool has increased significantly
since the last review in June 2010.

The rating downgrade on the Class A1, A2 and B Notes is mainly due
to (i) Moody's re-assessment of the refinancing risk; (ii) the
already realized losses on the notes and (iii) the expected loss
for the remaining loans in the pool.

Moody's expects most of the loans to default in 2012 and 2013 when
the remaining loans in the pool will mature.  The transaction is
overly exposed to secondary property quality in the UK.  The
availability of financing for this market segment decreased over
the past year and Moody's does not expect a significant recovery
of the lending market in the next two years, when the majority of
the loans in the pool mature, as per its EMEA CMBS 2011 Central
Scenario.  The loans show an overall Moody's LTV ratio of well
above 100%, which makes a refinancing in this lending market
environment very unlikely.

Moody's estimates a high severity of the remaining loans in case
of a default given the high Moody's LTV ratios of the loans.
Moody's does not expect a material recovery of property values in
the non-prime property market segment in the next two years.

On aggregate, losses of GBP33.5 million (4% of the initial pool
balance) have already been allocated to the notes.  In addition,
further losses are expected to be allocated after the final work-
out of a further loan with an outstanding loan balance of
GBP35 million.

The transaction performance is especially sensitive to future
developments in the UK secondary property market segment because
of the high exposure to this market.  An increased availability of
financing for non-prime properties combined with a significant
recovery of property values in the non-prime market could lead to
a reduced default risk of the loans at their maturity date.

Primary sources of assumption uncertainty are the current stressed
macro-economic environment and continued weakness in the
occupational and lending markets.  Moody's anticipates (i) delayed
recovery in the lending market persisting through 2012, while
remaining subject to strict underwriting criteria and heavily
dependent on the underlying property quality, (ii) values will
overall stabilize but with a strong differentiation between prime
and secondary properties, and (iii) occupational markets will
remain under pressure in the short term and will only slowly
recover in the medium term in line with the anticipated economic
recovery.  Overall, Moody's central global scenario remains
'hooked-shaped' for 2011; Moody's expect sluggish recovery in most
of the world's largest economies, returning to trend growth rate
with elevated fiscal deficits and persistent unemployment levels.

                    Moody's Portfolio Analysis

As of the January 2011 interest payment date, the transaction's
total pool balance was GBP652.9 million down by 16% since closing
due to repayments and liquidations.  Only one loan (Auric loan,
7.1% of initial pool balance) repaid in full.  Further four loans
have been liquidated, resulting in an aggregate loss of GBP33.5
million (65% loss severity on average).  On the interest payment
date in January 2011, the recovery proceeds from the sale of the
property securing a further loan (Metro Loan, 5.1% of initial pool
balance) were partly allocated to the notes.  Approximately
GBP4 million were allocated as principal payments reducing the
outstanding loan amount to approximately GBP35 million.  Moody's
expects that after the final loss calculation for the loan most of
the outstanding loan amount will be allocated as losses to the
notes.

The transaction shows a significant exposure to single tenanted
properties.  Overall nine loans accounting for 63% of the current
pool balance are secured by single properties let to single
tenants.  The good tenant quality for most of the loans mitigates
the higher term default risk because of the single-tenant risk and
the higher loan severity if the tenant defaults because of the
lower vacant possession value for an empty property.  For all of
these loans, the default risk is driven by the high refinancing
risk because of the high Moody's Loan-to-Value ratio and the
limited availability of financing for non-prime properties in the
next two years, which Moody's expects.  The pool weighted average
Moody's whole loan LTV ratio at loan maturity is 133%.

The largest loan in the pool is the Regulator loan accounting for
27% of the current pool balance.  The loan is secured by a good
quality office property located in Canary Wharf in London and let
to the Financial Services Authority on a lease expiring in 2018.
Because of the high Moody's LTV ratio of 126% Moody's assesses the
default risk at loan maturity in October 2013 as very high while
the term risk is low given the good quality tenant on a long
lease.

After the work-out of the five defaulted loans, there is currently
only one loan with an event of default.  The Bacchus Loan
accounting for 9% of the current pool balance is secured by a
portfolio of 14 industrial estates located throughout England and
Scotland.  The portfolio shows a high vacancy rate of 31% and
mostly short running leases.  The loan was transferred to special
servicing in July 2009 due to a payment default.  The Special
Servicing on this loan has been transferred to Hudson Associates.
The portfolio is currently marketed.  According to the special
servicer, there were advanced sales negotiations for five
properties as at the January interest payment date.  Because of a
re-valuation of the portfolio during the last quarter showing a
value reflecting a whole loan LTV ratio of 208% and a subsequent
appraisal reduction no interest advances are made for this loan.
Hence Moody's expects further interest deferrals on the junior
notes.

Portfolio Loss Exposure: Moody's expects a very high amount of
losses on the securitized portfolio, stemming mainly from the
refinancing profile of the securitized portfolio.  Given the
default risk profile and the anticipated work-out strategy for
defaulted and potentially defaulting loans, these expected losses
are likely to crystallize only towards the end of the transaction
term.  The already allocated losses combined with the losses to be
allocated after the finalized work-out of the Metro Loan will lead
to reduced subordination levels for the remaining classes of
notes.  The anticipated subordination levels after the loss
allocation regarding the Metro Loan provide protection against the
expected losses.  However, the likelihood of higher than expected
losses on the portfolio has increased substantially, which results
in the rating action.


VIRGIN MEDIA: Fitch Upgrades LT Issuer Default Rating to 'BB+'
--------------------------------------------------------------
Fitch Ratings has upgraded Virgin Media Inc.'s Long-term Issuer
Default Rating to 'BB+' from 'BB' and affirmed the Short-term IDR
at 'B'.  The Outlook on the Long-term IDR is Stable.  The agency
has also upgraded all of Virgin Media's instrument ratings:

* Virgin Media Investment Holdings senior secured facilities
  upgraded to 'BBB-' from 'BB+'

* Virgin Media Secured Finance Plc 2018 senior secured bonds
  upgraded to 'BBB-' from 'BB+'

* Virgin Media Finance Plc 2014, 2016 and 2109 senior notes
  upgraded to 'BB+' from 'BB'

The upgrade of the IDR reflects the continued strength of Virgin
Media's business model with its "second-incumbent" qualities in
the UK, as reflected by its superior network infrastructure and
strong market share within its geographic footprint.  In addition,
the company is delivering strong operating leverage, growing free
cash flow and significant reductions in net debt.

"Virgin Media's improving operating and financial performance, as
demonstrated in its Q410 results, point to greater upside than
Fitch's forecasts originally anticipated," says Damien Chew,
Senior Director in Fitch's TMT team in London.  "Even with the
ongoing share buyback program, continued financial discipline is
evident from the amendments to the company's bank facility, which
has lowered the net total leverage covenant to 3.75x from 4.3x at
the end of 2011."

Fitch does not anticipate further positive rating action unless
the company shows greater financial discipline, such as
significantly lowering its current net leverage target of 3x.
There would also need to be evidence of a strong and sustainable
improvement in Virgin Media's competitive position in the highly
competitive UK triple-play services market.

Negative rating action could result if operating trends
deteriorated, such as falling average revenue per user, increasing
churn and customer-related bad debt levels over a period of 2-3
quarters, leading to significant deterioration in revenue and
profits.  A lack of progress in deleveraging, with Fitch's
expectations of funds from operations adjusted net leverage
remaining at around 3.5x over the medium term, would also put
pressure on Virgin Media's ratings.

Virgin Media's instrument ratings retain their notching following
the upgrade of the Long-term IDR to 'BB+'.  The 'BBB-' rated VMIH
senior secured bank facility and senior secured bonds are rated
one notch above the IDR, with the senior unsecured bonds rated in
line with the IDR.  Fitch is comfortable with the current level of
senior secured debt at Virgin Media.  However, the current
notching of instrument ratings in the capital structure could be
reviewed if there was a sustained increase in senior secured
leverage.

Virgin Media's competitive positioning is built on its strong
network position in its geographical footprint covering half of UK
households and almost 85% of UK businesses.  Virgin Media's higher
speed broadband packages at 50 and 100Mbit/second speeds and its
new interactive TV offering should continue to support modest ARPU
increases, with its mobile offering and services to UK businesses
providing additional sources of revenue and profit growth.


WAKEFIELD TRINITY: Docked With Four Points After Administration
---------------------------------------------------------------
Sportinglife.com reports that Wakefield Trinity Wildcats have been
docked four points as a result of going into administration, the
club have confirmed.  The report relates that the club's board of
directors met to determine the scale of punishment after the club
breached their rules on insolvency and had the power to deduct up
to six competition points.

Wakefield Trinity Wildcats' new owner Andrew Glover, who's Spirit
of 1873 company, brought the club out of administration revealed
he, too, intended to voluntarily satisfy some of the creditors,
according to Sportinglife.com.  "It's a brand-new company and none
of the old debts are there," Glover told the press conference,
Sportinglife.com relates.  "There are elements that I will be
honoring, that I feel I want to honor, but I don't want to go into
details," he added.

As reported in the Troubled Company Reporter-Europe on Feb. 3,
2011, BBC News said that Wakefield Trinity is to go into
administration to avoid a winding-up petition brought by Her
Majesty's Revenue and Customs.  The report related that the club
is thought to owe more than GBP300,000 in unpaid tax.  BBC News
noted that the Wildcats could now start the new season with an
automatic six-point penalty, the statutory punishment, under Rugby
Football League rules, for any club entering administration.

Wakefield Trinity Wildcats is a professional rugby league club
that plays in the European Super League and is based in Wakefield.
It achieved promotion in 1999 and has remained in the League
since.  The club is known to its fans as 'Wakey', 'Trinity',
'Wildcats', or historically 'The Dreadnoughts'.


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


* S&P's 2011 Global Corporate Default Tally Rises to Three
----------------------------------------------------------
U.S.-based Ahern Rentals Inc. missed its scheduled interest
payment on its senior secured notes last week, raising the 2011
global corporate default tally to three, said an article published
by Standard & Poor's.  Two of the defaults were U.S.-based
issuers, and one was an issuer based in the Czech Republic,
according to the article titled "Global Corporate Default Update
(Feb. 11 - 17, 2011) (Premium)."

By comparison, 17 global corporate issuers had defaulted by this
time last year (14 U.S.-based issuers and one issuer each based in
Australia, Bahrain, and Canada).

All three of this year's defaulters missed interest or principal
payments, which was one of the top reasons for default last year.
Of the total defaults in 2010, 28 defaults resulted from missed
interest or principal payments, 25 defaults resulted from Chapter
11 and foreign bankruptcy filings, 23 from distressed exchanges,
three from receiverships, one from regulatory directives, and one
from administration.

Standard & Poor's baseline projection for the U.S. corporate
trailing 12-month speculative-grade default rate for December 2011
is 1.8%.  (A total of 27 issuers would need to default during that
period to reach the forecast.)

This is another 1.47-percentage-point (or another 45%) decline
from 3.27% in December 2010.  The rate of decline will remain
sharp, but somewhat slower than what we saw in the past 13 months.
In S&P's optimistic default rate forecast scenario, the economy
and the financial markets improve more than expected.  In this
scenario, S&P expects the default rate to be 1.3% (22 defaults).
On the other hand, if the economic recovery stalls and the
financial markets deteriorate -- which is S&P's pessimistic
scenario -- it expects the default rate to be 3.5% (52 defaults)
by the end of 2011.  S&P bases its forecasts on quantitative and
qualitative factors, including, but not limited to, Standard
& Poor's proprietary default model for the U.S. corporate
speculative-grade bond market.  S&P's update its outlook for the
U.S. issuer-based corporate speculative-grade default rate each
quarter after analyzing the latest economic data and expectations.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                      Total
                                      Shareholders   Total
                                      Equity         Assets
  Company             Ticker          (US$)          (US$)
  -------             ------          ------         ------

AUSTRIA
-------
CHRIST WATER TEC     CWT AV        -5754287.761  165995618.1
CHRIST WATER TEC     CWT EU        -5754287.761  165995618.1
CHRIST WATER TEC     CWT EO        -5754287.761  165995618.1
CHRIST WATER TEC     CWT PZ        -5754287.761  165995618.1
CHRIST WATER TEC     CWTE IX       -5754287.761  165995618.1
CHRIST WATER TEC     CRSWF US      -5754287.761  165995618.1
CHRIST WATER TEC     C7W GR        -5754287.761  165995618.1
CHRIST WATER-ADR     CRSWY US      -5754287.761  165995618.1
KA FINANZ AG         3730Z AV        -359597327  30679270533
LIBRO AG             LBROF US      -110486313.8    174004185
LIBRO AG             LB6 GR        -110486313.8    174004185
LIBRO AG             LIBR AV       -110486313.8    174004185
LIBRO AG             LIB AV        -110486313.8    174004185
SKYEUROPE            SKY PW        -89480486.93  159076577.5
SKYEUROPE            SKYP PW       -89480486.93  159076577.5
SKYEUROPE HLDG       S8E GR        -89480486.93  159076577.5
SKYEUROPE HLDG       SKY EO        -89480486.93  159076577.5
SKYEUROPE HLDG       SKURF US      -89480486.93  159076577.5
SKYEUROPE HLDG       SKYPLN EO     -89480486.93  159076577.5
SKYEUROPE HLDG       SKYV IX       -89480486.93  159076577.5
SKYEUROPE HLDG       SKY AV        -89480486.93  159076577.5
SKYEUROPE HLDG       SKY EU        -89480486.93  159076577.5
SKYEUROPE HLDG       SKYPLN EU     -89480486.93  159076577.5
SKYEUROPE HLDG       SKY LI        -89480486.93  159076577.5
SKYEUROPE HLDG       SKYA PZ       -89480486.93  159076577.5
SKYEUROPE HOL-RT     SK1 AV        -89480486.93  159076577.5
STYROL HOLDING 1     3321155Z AV   -69327699.53   1925984640

BELGIUM
-------
ANTWERP GATEWAY      496769Z BB    -32782697.75  277992457.9
BNP PARIBAS PERS     3746820Z BB   -772235.7209   1849392275
CARGILL OIL PACK     3726474Z BB   -7488364.856  169328065.3
COMPAGIMMOBDU BR     3727538Z BB   -5867835.156  164809970.6
EON BELGIUM NV       3730258Z BB   -8101077.851  251156828.9
ESKO-GRAPHICS NV     4787937Z BB   -6715626.693    185307390
EXPLORER NV          4289181Z BB   -11594573.86  281605390.1
FINANCIETOREN NV     3729210Z BB   -51909123.58  888376929.7
IRUS ZWEIBRUCKEN     3738979Z BB   -17020631.49  106188034.9
KIA MOTORS BELGI     3729658Z BB   -84207037.59  162372194.6
KOREAN MOTOR CO      4161341Z BB   -6368236.209  149093852.6
LE FOYER BRUXELL     3729226Z BB   -2010007.275  146190935.1
PETROPLUS REFINI     3431339Z BB   -4108704.537  123751460.5
SABENA SA            SABA BB       -85494497.66   2215341060
SAPPI EUROPE SA      3732894Z BB   -134605574.3  160456926.7
SCARLET BELGIUM      4171157Z BB   -28951981.88  137456526.6
SCARLETT BUSINES     3724850Z BB   -71847152.77    130053838
SOCIETE NATIONAL     3726762Z BB   -39045403.07  506987163.1
ST GOBAIN SEKURI     3737571Z BB   -5584182.533  111065610.4
TI GROUP AUTOMOT     3903298Z BB   -42078648.86  140322030.3
UNIVERSAL MUSIC      3738307Z BB   -12191533.66  143700285.8

CROATIA
-------
BRODOGRADE INDUS     3MAJRA CZ     -479687934.9  336695385.5
IPK OSIJEK DD OS     IPKORA CZ     -3959722.961  117585184.1

CYPRUS
------
LIBRA HOLIDA-RTS     LGWR CY       -39648682.41  209021322.6
LIBRA HOLIDA-RTS     LBR CY        -39648682.41  209021322.6
LIBRA HOLIDAY-RT     3167808Z CY   -39648682.41  209021322.6
LIBRA HOLIDAYS       LHGCYP EO     -39648682.41  209021322.6
LIBRA HOLIDAYS       LHGR CY       -39648682.41  209021322.6
LIBRA HOLIDAYS       LHGCYP EU     -39648682.41  209021322.6
LIBRA HOLIDAYS G     LHG CY        -39648682.41  209021322.6
LIBRA HOLIDAYS G     LHG EU        -39648682.41  209021322.6
LIBRA HOLIDAYS G     LHG PZ        -39648682.41  209021322.6
LIBRA HOLIDAYS G     LHG EO        -39648682.41  209021322.6
LIBRA HOLIDAYS-P     LBHG PZ       -39648682.41  209021322.6
LIBRA HOLIDAYS-P     LBHG CY       -39648682.41  209021322.6

CZECH REPUBLIC
--------------
CKD PRAHA HLDG       297687Q GR    -89435858.16    192305153
CKD PRAHA HLDG       CKDPF US      -89435858.16    192305153
CKD PRAHA HLDG       CKDH CP       -89435858.16    192305153
CKD PRAHA HLDG       CDP EX        -89435858.16    192305153
CKD PRAHA HLDG       CKDH US       -89435858.16    192305153
SETUZA AS            SZA GR        -61453764.17  138582273.6
SETUZA AS            SZA EX        -61453764.17  138582273.6
SETUZA AS            SETUZA CP     -61453764.17  138582273.6
SETUZA AS            2994759Q EO   -61453764.17  138582273.6
SETUZA AS            2994763Q EU   -61453764.17  138582273.6
SETUZA AS            2994755Q EU   -61453764.17  138582273.6
SETUZA AS            2994767Q EO   -61453764.17  138582273.6
SETUZA AS            SETU IX       -61453764.17  138582273.6
SETUZA AS            SETUZA PZ     -61453764.17  138582273.6

DENMARK
-------
BRIGHTPOINT EURO     4506883Z DC   -18616347.98  189113937.7
CARLSBERG IT A/S     4503891Z DC   -47250912.74  105417004.1
ELITE SHIPPING       ELSP DC       -27715991.74  100892900.3
ISS GLOBAL A/S       241863Z DC    -117685581.4   8499171616
LAURITZEN TANKER     3979732Z DC   -4428758.299  209128207.5
NATURGAS FYN DIS     3984844Z DC   -2862743.662  194651514.3
NESTLE DANMARK A     3896690Z DC   -31272771.75  160779160.7
OBTEC                OBTEC DC      -14919946.34  138400232.8
OBTEC                OBT DC        -14919946.34  138400232.8
OBTEC-NEW SHARES     OBTECN DC     -14919946.34  138400232.8
OBTEC-OLD            OBTN DC       -14919946.34  138400232.8
ORESUNDSBRO KONS     1015Z SS      -583944155.3   3614975702
OSTERFALLEDPARKE     3985676Z DC   -26063679.19  302533679.4
OW SUPPLY & TRAD     3986892Z DC     -4299263.6  165798961.3
REITAN SERVICEHA     3984284Z DC   -1371178.576    127192706
ROSKILDE BANK        ROSK PZ       -532868894.9   7876687324
ROSKILDE BANK        RKI GR        -532868894.9   7876687324
ROSKILDE BANK        ROSK EU       -532868894.9   7876687324
ROSKILDE BANK        ROSBF US      -532868894.9   7876687324
ROSKILDE BANK        ROSKF US      -532868894.9   7876687324
ROSKILDE BANK        RSKC IX       -532868894.9   7876687324
ROSKILDE BANK        ROSK EO       -532868894.9   7876687324
ROSKILDE BANK        ROSK DC       -532868894.9   7876687324
ROSKILDE BANK-RT     916603Q DC    -532868894.9   7876687324
ROSKILDE BAN-NEW     ROSKN DC      -532868894.9   7876687324
ROSKILDE BAN-RTS     ROSKT DC      -532868894.9   7876687324
SANISTAL AS-B        SANIBEUR EO   -11318565.53  541068534.3
SANISTAL AS-B        SANIB DC      -11318565.53  541068534.3
SANISTAL AS-B        SANL DC       -11318565.53  541068534.3
SANISTAL AS-B        SNISF US      -11318565.53  541068534.3
SANISTAL AS-B        SANIBEUR EU   -11318565.53  541068534.3
SANISTAL AS-B        SANIB EO      -11318565.53  541068534.3
SANISTAL AS-B        SANIB BY      -11318565.53  541068534.3
SANISTAL AS-B        SANIB EU      -11318565.53  541068534.3
SANISTAL AS-B        SANI/B PZ     -11318565.53  541068534.3
SANISTAL AS-B        SNSC IX       -11318565.53  541068534.3
SANISTAL-B NEW       SANLN DC      -11318565.53  541068534.3
SCANDINAVIAN BRA     SBS1 EU       -14919946.34  138400232.8
SCANDINAVIAN BRA     SBSC IX       -14919946.34  138400232.8
SCANDINAVIAN BRA     SBS1 BY       -14919946.34  138400232.8
SCANDINAVIAN BRA     SBS1EUR EO    -14919946.34  138400232.8
SCANDINAVIAN BRA     SBS DC        -14919946.34  138400232.8
SCANDINAVIAN BRA     SBSD PZ       -14919946.34  138400232.8
SCANDINAVIAN BRA     SBS1EUR EU    -14919946.34  138400232.8
SCANDINAVIAN BRA     SBS1 EO       -14919946.34  138400232.8
SUZLON WIND ENER     3985532Z DC   -38280730.21  123255395.5
THOMAS COOK AIRL     3898802Z DC   -7865159.883  245287881.9

FRANCE
------
3 SUISSES FRANCE     4724713Z FP   -151969270.6    262408720
ACERINOX FRANCE      4748633Z FP   -4970408.693  106673210.6
AIR COMMAND SYST     4470055Z FP   -6291815.312  178932425.9
AIRCELLE             61830Q FP     -482411191.5   1055907987
AKERYS SERVICES      4685937Z FP   -8561729.525  141611809.9
ALCATEL-LUCENT E     3642975Z FP   -46648090.98  510672247.2
ALCATEL-LUCENT F     3647063Z FP   -566942548.5   4810123614
AL-KHATTIYA LEAS     4783713Z FP    -8522159.06  132815959.7
ALUMINIUM PECHIN     3650903Z FP   -555865218.4   1121216347
ARIANESPACE          211530Z FP    -51743991.45   3354710780
ATARI                IFOE PZ       -10078799.92    116178599
ATARI EUROPE SAS     4503835Z FP   -98950222.14  135876466.5
ATARI SA             ATA EU        -10078799.92    116178599
ATARI SA             ATA PZ        -10078799.92    116178599
ATARI SA             ATANV FP      -10078799.92    116178599
ATARI SA             ATA EB        -10078799.92    116178599
ATARI SA             ATA EO        -10078799.92    116178599
ATARI SA             IFGA GR       -10078799.92    116178599
ATARI SA             IFGA TH       -10078799.92    116178599
ATARI SA             ATA FP        -10078799.92    116178599
ATARI SA             ATA TQ        -10078799.92    116178599
ATARI SA             ATA BQ        -10078799.92    116178599
ATARI-NEW            3715502Q FP   -10078799.92    116178599
AUTOMOBILES CITR     3648863Z FP   -298695778.9   1879542934
BELVEDERE - RTS      554451Q FP    -240506200.5   1000204586
BELVEDERE - RTS      702036Q FP    -240506200.5   1000204586
BELVEDERE SA         BVD FP        -240506200.5   1000204586
BELVEDERE SA         BED GR        -240506200.5   1000204586
BELVEDERE SA         BEVD IX       -240506200.5   1000204586
BELVEDERE SA         BVD EO        -240506200.5   1000204586
BELVEDERE SA         BVDRF US      -240506200.5   1000204586
BELVEDERE SA         BELV NM       -240506200.5   1000204586
BELVEDERE SA         BELV FP       -240506200.5   1000204586
BELVEDERE SA         BED TH        -240506200.5   1000204586
BELVEDERE SA         BVD PZ        -240506200.5   1000204586
BELVEDERE SA         BVD EU        -240506200.5   1000204586
BELVEDERE SA-NEW     BVDNV FP      -240506200.5   1000204586
BELVEDERE SA-NEW     946529Q FP    -240506200.5   1000204586
BELVEDERE SA-RTS     BVDDS FP      -240506200.5   1000204586
BLUESTAR SILICON     4684089Z FP   -44931243.79  388699826.4
CADES                211430Z FP       -1.32E+11   9983888303
CARREFOUR HYPERM     3897338Z FP     -419813693   4772178623
CARREFOUR IMPORT     4519455Z FP   -41015520.11  355888577.4
CARRERE GROUP        CAR FP        -9829592.638    279906700
CARRERE GROUP        XRR GR        -9829592.638    279906700
CARRERE GROUP        CARG FP       -9829592.638    279906700
CARRERE GROUP        CRGP IX       -9829592.638    279906700
CARRERE GROUP        CAR2 EO       -9829592.638    279906700
CARRERE GROUP        CARF PZ       -9829592.638    279906700
CARRERE GROUP        CRRHF US      -9829592.638    279906700
CARRERE GROUP        CAR2 EU       -9829592.638    279906700
CELINE SA            3636031Z FP   -6546420.506    108306445
CMA CGM AGENCES      4746849Z FP   -7380117.985  187789703.7
CO PETROCHIMIQUE     4682369Z FP   -79561569.14  444321642.5
COMPAGNIE IMMOBI     CIMB FP       -18851260.64  237751743.8
COMPAGNIE IMMOBI     CIMB PZ       -18851260.64  237751743.8
COMPAGNIE IMMOBI     CIMB EO       -18851260.64  237751743.8
COMPAGNIE IMMOBI     CIMB EU       -18851260.64  237751743.8
CONSTRUCTIONS ME     4513671Z FP   -52488041.58  342215596.8
CSF                  3635887Z FP   -66127474.94   3311857250
EADS SECA            4706441Z FP   -38679556.91  142045208.8
EDF EN FRANCE        4686529Z FP   -4085423.459  508820792.6
EMPAIN GRAHAM DV     EMGD FP       -18851260.64  237751743.8
FAURECIA SIEGES      4516727Z FP   -107384039.9  418368440.6
FRANFINANCE LOCA     4689993Z FP   -69780982.12   1638852912
GCE CAR LEASE        4702065Z FP    -15076726.1  127403745.1
GRANDE PAROISSE      GDPA FP       -927267926.9    629287290
GRANDE PAROISSE      GDPXF US      -927267926.9    629287290
GRANDE PAROISSE      GAPA FP       -927267926.9    629287290
GROUPE PROGRES S     4734137Z FP   -165060877.3  123458910.5
HP ENTREPRISE SE     4698081Z FP   -97546439.37  116383810.4
HUREL-DUBOIS         HDUN FP       -482411191.5   1055907987
I BASE               757542Z FP    -11937368.11  400192956.6
INFOGRAMES - REG     IFG FP        -10078799.92    116178599
INFOGRAMES - REG     IFG EU        -10078799.92    116178599
INFOGRAMES - REG     IFOE IX       -10078799.92    116178599
INFOGRAMES - REG     IFG TQ        -10078799.92    116178599
INFOGRAMES - REG     IFG EO        -10078799.92    116178599
INFOGRAMES E-NEW     IFGN FP       -10078799.92    116178599
INFOGRAMES ENT       IFG GR        -10078799.92    116178599
INFOGRAMES ENT       IFGEF US      -10078799.92    116178599
INFOGRAMES ENT       2986984Q EO   -10078799.92    116178599
INFOGRAMES ENT       IFGNR FP      -10078799.92    116178599
INFOGRAMES ENT       IFOY IX       -10078799.92    116178599
INFOGRAMES ENT       IFG PZ        -10078799.92    116178599
INFOGRAMES ENT       2986980Q EU   -10078799.92    116178599
INFOGRAMES ENTMT     IFGRF US      -10078799.92    116178599
INFOGRAMES ENTMT     IFG VX        -10078799.92    116178599
INFOGRAMES- RTS      IFGDS FP      -10078799.92    116178599
INFOGRAMES-NEW       IFGNV FP      -10078799.92    116178599
INFOGRAMES-RTS       3133246Q FP   -10078799.92    116178599
ISOCHEM SA           3540732Z FP   -9354435.203  103629623.2
JACQUOT ET CO        4721473Z FP    -25605141.5  101591294.6
JTEKT AUTOMOTIVE     4504595Z FP   -3346147.796  163732029.4
JTEKT AUTOMOTIVE     4505819Z FP    -14610375.9  211911653.5
JUNGHEINRICH FIN     4635025Z FP   -25640227.91  213268803.8
KEOLIS LYON          4745585Z FP   -38514253.91  123798829.1
LAB DOLISOS          DOLI FP       -27752176.19  110485462.4
LAB DOLISOS          LADL FP       -27752176.19  110485462.4
LABORDE GESTION      4518583Z FP    -29334263.2  113954857.8
LENOVO FRANCE SA     4710049Z FP   -1944677.438  137134524.4
MATUSSIERE & FOR     1007765Q FP   -77896683.67  293868350.8
MATUSSIERE & FOR     MTUSF US      -77896683.67  293868350.8
MECACORP             3248019Z FP   -11233088.65    215393216
MILLIMAGES           MIL1 EU       -1006050.249  113454378.9
MILLIMAGES           MLIGF US      -1006050.249  113454378.9
MILLIMAGES           MIL FP        -1006050.249  113454378.9
MILLIMAGES           7335166Z FP   -1006050.249  113454378.9
MILLIMAGES           MLMG IX       -1006050.249  113454378.9
MILLIMAGES           MILF PZ       -1006050.249  113454378.9
MILLIMAGES           MG6 GR        -1006050.249  113454378.9
MILLIMAGES           MILI FP       -1006050.249  113454378.9
MILLIMAGES           MIL1 EO       -1006050.249  113454378.9
MILLIMAGES - RTS     MILDS FP      -1006050.249  113454378.9
MILLIMAGES-RTS       760037Q FP    -1006050.249  113454378.9
MVCI HOLIDAYS FR     4524959Z FP   -112193163.1  233381369.4
NESTLE WATERS SU     3634887Z FP     -100198554  212766860.3
NESTLE WATERS SU     3634879Z FP   -166540227.7  357871830.8
NORDEX FRANCE SA     4521679Z FP   -6460144.643  206115430.5
NOUVELLES MESSAG     4722073Z FP   -72863994.67  656036573.5
NOVEXEL SA           504169Z FP    -362311.1464  107272250.4
NRJ 12               4681713Z FP   -26021212.46  110030743.5
OROSDI               OROS FP       -35006822.54  151870593.9
OROSDI               OROS PZ       -35006822.54  151870593.9
OROSDI               OROS EU       -35006822.54  151870593.9
OROSDI               OROS EO       -35006822.54  151870593.9
OROSDI-BACK          BACK IX       -35006822.54  151870593.9
OROSDI-BACK          ORBA FP       -35006822.54  151870593.9
PAGESJAUNES GRP      PAJ EO         -2806466942  928971577.5
PAGESJAUNES GRP      PAJP IX        -2806466942  928971577.5
PAGESJAUNES GRP      PAJ LI         -2806466942  928971577.5
PAGESJAUNES GRP      PAJ FP         -2806466942  928971577.5
PAGESJAUNES GRP      PAJ EB         -2806466942  928971577.5
PAGESJAUNES GRP      PAJ VX         -2806466942  928971577.5
PAGESJAUNES GRP      QS3 TH         -2806466942  928971577.5
PAGESJAUNES GRP      QS3 GR         -2806466942  928971577.5
PAGESJAUNES GRP      PAJGBX EO      -2806466942  928971577.5
PAGESJAUNES GRP      PAJUSD EO      -2806466942  928971577.5
PAGESJAUNES GRP      PAJ EU         -2806466942  928971577.5
PAGESJAUNES GRP      PAJ GK         -2806466942  928971577.5
PAGESJAUNES GRP      PAJUSD EU      -2806466942  928971577.5
PAGESJAUNES GRP      PAJ TQ         -2806466942  928971577.5
PAGESJAUNES GRP      PAJGBP EO      -2806466942  928971577.5
PAGESJAUNES GRP      PAJGBX EU      -2806466942  928971577.5
PAGESJAUNES GRP      PAJ IX         -2806466942  928971577.5
PAGESJAUNES GRP      PAJ QM         -2806466942  928971577.5
PAGESJAUNES GRP      PAJ NQ         -2806466942  928971577.5
PAGESJAUNES GRP      PAJ BQ         -2806466942  928971577.5
PAGESJAUNES GRP      PGJUF US       -2806466942  928971577.5
PAGESJAUNES GRP      PAJ PZ         -2806466942  928971577.5
PEUGEOT CITROEN      3637183Z FP   -268215289.1  319403505.3
PITNEY BOWES         4634633Z FP   -11785422.82  184422748.8
REGICOM SAS          4507595Z FP    -6588554.15  118746498.2
REGIONAL COMPAGN     3635823Z FP   -11262047.17  587139828.4
RESEAU FERRE FRA     224063Z FP     -1967530419  70147358617
RHODIA SA            RHDI GR       -792683993.3   6961182029
RHODIA SA            RHAGBX EO     -792683993.3   6961182029
RHODIA SA            RHA IX        -792683993.3   6961182029
RHODIA SA            RHADF US      -792683993.3   6961182029
RHODIA SA            RHA TQ        -792683993.3   6961182029
RHODIA SA            RHAGBX EU     -792683993.3   6961182029
RHODIA SA            RHAGBP EO     -792683993.3   6961182029
RHODIA SA            RHAUSD EO     -792683993.3   6961182029
RHODIA SA            RHA EO        -792683993.3   6961182029
RHODIA SA            RHA PZ        -792683993.3   6961182029
RHODIA SA            RHDAF US      -792683993.3   6961182029
RHODIA SA            2324011Q EU   -792683993.3   6961182029
RHODIA SA            RHA FP        -792683993.3   6961182029
RHODIA SA            RHD GR        -792683993.3   6961182029
RHODIA SA            RHAUSD EU     -792683993.3   6961182029
RHODIA SA            RHA QM        -792683993.3   6961182029
RHODIA SA            RHA NQ        -792683993.3   6961182029
RHODIA SA            RHA BQ        -792683993.3   6961182029
RHODIA SA            RHANR PZ      -792683993.3   6961182029
RHODIA SA            RHA VX        -792683993.3   6961182029
RHODIA SA            RHA EB        -792683993.3   6961182029
RHODIA SA            RHAY IX       -792683993.3   6961182029
RHODIA SA            RHA EU        -792683993.3   6961182029
RHODIA SA            2324015Q EO   -792683993.3   6961182029
RHODIA SA            3218857Q IX   -792683993.3   6961182029
RHODIA SA            RHDI TH       -792683993.3   6961182029
RHODIA SA            RHA GK        -792683993.3   6961182029
RHODIA SA - NEW      3156011Q FP   -792683993.3   6961182029
RHODIA SA - NEW      8125782Q FP   -792683993.3   6961182029
RHODIA SA - NEW      RHANV FP      -792683993.3   6961182029
RHODIA SA - NEW      3506266Q FP   -792683993.3   6961182029
RHODIA SA - NEW      2335921Q FP   -792683993.3   6961182029
RHODIA SA-ADR        RHAYY US      -792683993.3   6961182029
RHODIA SA-NON RE     RHANR FP      -792683993.3   6961182029
RHODIA SA-RIGHTS     653447Q FP    -792683993.3   6961182029
RHODIA SA-RIGHTS     RHADS FP      -792683993.3   6961182029
RODIGUEZ GROUP       RGX GR        -71997955.94  457127473.1
RODRIGUEZ GROUP      ROD EO        -71997955.94  457127473.1
RODRIGUEZ GROUP      ROD PZ        -71997955.94  457127473.1
RODRIGUEZ GROUP      ROD EU        -71997955.94  457127473.1
RODRIGUEZ GROUP      ROD TQ        -71997955.94  457127473.1
RODRIGUEZ GROUP      RRGZF US      -71997955.94  457127473.1
RODRIGUEZ GROUP      ROD BQ        -71997955.94  457127473.1
RODRIGUEZ GROUP      RDGP IX       -71997955.94  457127473.1
RODRIGUEZ GROUP      ROD FP        -71997955.94  457127473.1
SANDOZ SAS           3635111Z FP    -1282402.54  218147121.8
SDR CENTREST         117241Q FP    -132420119.6  252176017.2
SIDEL CONVEYING      4715393Z FP   -57759126.57    147204049
SOBIESKI             BVD PW        -240506200.5   1000204586
SOCIETE COMMERCI     4516647Z FP     -179862020   1576030746
SOCIETE D'AGENCE     4741441Z FP   -3996842.421  267209381.3
STORA ENSO CORBE     4697593Z FP   -932425.8044  163080772.7
TEAM PARTNER-RTS     633323Q FP    -13557467.93    129831049
TEAM PARTNER-RTS     2841653Q FP   -13557467.93    129831049
TEAM PARTNERS        TIP PZ        -13557467.93    129831049
TEAM PARTNERS        TPTRF US      -13557467.93    129831049
TEAM PARTNERS        2347981Q EU   -13557467.93    129831049
TEAM PARTNERS        TIP FP        -13557467.93    129831049
TEAM PARTNERS        TPGY IX       -13557467.93    129831049
TEAM PARTNERS        2347985Q EO   -13557467.93    129831049
TEAM PARTNERS GR     TPGP IX       -13557467.93    129831049
TEAM PARTNERS GR     TIPA FP       -13557467.93    129831049
TEAM PARTNERS GR     TIPDS FP      -13557467.93    129831049
TEAM PARTNERS GR     TPGP PZ       -13557467.93    129831049
TEAM PARTNERS GR     TIPA EU       -13557467.93    129831049
TEAM PARTNERS GR     TIPA EO       -13557467.93    129831049
TEAM PARTNERS GR     TIPNV FP      -13557467.93    129831049
TEAM PARTNERS-N      TIPN FP       -13557467.93    129831049
TEMBEC SAINT-GAU     4505331Z FP   -31086605.05  134549191.4
TF1 DROITS AUDIO     4693449Z FP   -3474601.511  183868113.7
TF1 VIDEO SASU       4516855Z FP   -27543205.52  171163665.5
THALES SECURITY      4701729Z FP   -152200189.7  872804668.3
TRANSOLVER SERVI     4521279Z FP   -42555461.62  222111417.8
TROUVAY CAUVIN       ETEC FP       -396977.9956  133986439.7
TROUVAY CAUVIN       TVYCF US      -396977.9956  133986439.7
TUILERIES FINANC     4701769Z FP   -3956839.937    125936623
UCALEASE SA          3635807Z FP   -1041989.142  150621028.5
VALEO VISION SAS     4518479Z FP   -102634638.8  273699726.4
YVES ST LAURENT/     4633025Z FP   -82897369.68  390343373.7

GEORGIA
-------
DEVELICA DEUTSCH     DDE PG        -79827483.99   1139643575
DEVELICA DEUTSCH     D4B GR        -79827483.99   1139643575
DEVELICA DEUTSCH     DDE LN        -79827483.99   1139643575
DEVELICA DEUTSCH     DDE IX        -79827483.99   1139643575
DEVELICA DEUTSCH     DDE PZ        -79827483.99   1139643575
PEARL HOLDING        3622Z LN      -133833007.2  968234065.8

GERMANY
-------
AGOR AG              DOO EO        -482446.6262  144432986.2
AGOR AG              DOOG IX       -482446.6262  144432986.2
AGOR AG              DOO GR        -482446.6262  144432986.2
AGOR AG              DOOD PZ       -482446.6262  144432986.2
AGOR AG              DOO EU        -482446.6262  144432986.2
AGOR AG              NDAGF US      -482446.6262  144432986.2
AGOR AG-RTS          2301918Z GR   -482446.6262  144432986.2
ALNO AG              ANO PZ        -73119134.74  198564638.9
ALNO AG              ANO GR        -73119134.74  198564638.9
ALNO AG              ANO EU        -73119134.74  198564638.9
ALNO AG              ALNO IX       -73119134.74  198564638.9
ALNO AG              ANO EO        -73119134.74  198564638.9
ALNO AG-NEW          ANO1 GR       -73119134.74  198564638.9
ALNO AG-RTS          2259765Z GR   -73119134.74  198564638.9
ALNO AG-RTS          4123912Z GR   -73119134.74  198564638.9
BROKAT AG            BROAF US      -27139391.98  143536859.7
BROKAT AG            BROFQ US      -27139391.98  143536859.7
BROKAT AG            BKISF US      -27139391.98  143536859.7
BROKAT AG            BRKAF US      -27139391.98  143536859.7
BROKAT AG -NEW       BRJ1 NM       -27139391.98  143536859.7
BROKAT AG -NEW       BRJ1 GR       -27139391.98  143536859.7
BROKAT AG-ADR        BROA US       -27139391.98  143536859.7
BROKAT TECH -ADR     BROAQ US      -27139391.98  143536859.7
BROKAT TECH AG       BSA LN        -27139391.98  143536859.7
BROKAT TECH AG       BRJ GR        -27139391.98  143536859.7
BROKAT TECH AG       BRJ NM        -27139391.98  143536859.7
BROKAT TECH-ADR      BRJA GR       -27139391.98  143536859.7
CBB HOLDING AG       COBG PZ       -42994732.85  904723627.8
CBB HOLDING AG       COBG IX       -42994732.85  904723627.8
CBB HOLDING AG       COB2 EU       -42994732.85  904723627.8
CBB HOLDING AG       COB2 EO       -42994732.85  904723627.8
CBB HOLDING AG       CUBDF US      -42994732.85  904723627.8
CBB HOLDING AG       COB GR        -42994732.85  904723627.8
CBB HOLDING-NEW      COB1 GR       -42994732.85  904723627.8
CBB HOLDING-NEW      COB3 GR       -42994732.85  904723627.8
CBB HOLD-NEW 97      COB2 GR       -42994732.85  904723627.8
COGNIS GMBH          575202Z GR    -745013993.7   3306935972
COGNIS HOLDING G     635952Z GR     -1587896974   2850475613
DFS DEUTSCHE FLU     1070Z GR      -362698300.6   1370382375
DORT ACTIEN-BRAU     944167Q GR    -12689156.29  117537053.7
DORT ACTIEN-RTS      DAB8 GR       -12689156.29  117537053.7
EDOB ABWICKLUNGS     ESC EU        -22323463.23  425598807.8
EDOB ABWICKLUNGS     ESC BQ        -22323463.23  425598807.8
EDOB ABWICKLUNGS     ESC TQ        -22323463.23  425598807.8
EDOB ABWICKLUNGS     ESCDF US      -22323463.23  425598807.8
EDOB ABWICKLUNGS     ESC EO        -22323463.23  425598807.8
EDOB ABWICKLUNGS     ESC GR        -22323463.23  425598807.8
EDOB ABWICKLUNGS     ESC PZ        -22323463.23  425598807.8
EDOB ABWICKLUNGS     ESC TH        -22323463.23  425598807.8
EM.TV & MERCHAND     ETV VX        -22067409.41  849175624.7
EM.TV & MERCHAND     EMTVF US      -22067409.41  849175624.7
EM.TV & MERCHAND     ETV LN        -22067409.41  849175624.7
EM.TV & MERCHAND     985403Q GR    -22067409.41  849175624.7
EM.TV & MERCHAND     ETVMF US      -22067409.41  849175624.7
EM.TV & MERCHAND     ETV NM        -22067409.41  849175624.7
EM.TV & MERC-NEW     ETV1 GR       -22067409.41  849175624.7
EM.TV & MERC-NEW     ETV1 NM       -22067409.41  849175624.7
EM.TV & MERC-RTS     ETV8 GR       -22067409.41  849175624.7
EM.TV & MERC-RTS     ETV8 NM       -22067409.41  849175624.7
ESCADA AG            ESCG IX       -22323463.23  425598807.8
ESCADA AG -PFD       ESC3 GR       -22323463.23  425598807.8
ESCADA AG-NEW        ESCN EO       -22323463.23  425598807.8
ESCADA AG-NEW        ESCC GR       -22323463.23  425598807.8
ESCADA AG-NEW        ESCD GR       -22323463.23  425598807.8
ESCADA AG-NEW        ESCN GR       -22323463.23  425598807.8
ESCADA AG-NEW        835345Q GR    -22323463.23  425598807.8
ESCADA AG-NEW        ESCN EU       -22323463.23  425598807.8
ESCADA AG-NEW        3069367Q GR   -22323463.23  425598807.8
ESCADA AG-RTS        ESCE GR       -22323463.23  425598807.8
ESCADA AG-SP ADR     ESCDY US      -22323463.23  425598807.8
GENERAL ELECTRIC     4501923Z GR   -547318299.2   8720530002
GUENTHER & SOHN      GUS PZ          -9612095.9    130075209
GUENTHER & SOHN      GUS EO          -9612095.9    130075209
GUENTHER & SOHN      GUS EU          -9612095.9    130075209
GUENTHER & SOHN      GUS GR          -9612095.9    130075209
KABEL DEUTSCHLAN     KD8 TH         -2162145040   2994909053
KABEL DEUTSCHLAN     KD8 IX         -2162145040   2994909053
KABEL DEUTSCHLAN     KD8 EB         -2162145040   2994909053
KABEL DEUTSCHLAN     KD8 TQ         -2162145040   2994909053
KABEL DEUTSCHLAN     KD8 EO         -2162145040   2994909053
KABEL DEUTSCHLAN     KD8 EU         -2162145040   2994909053
KABEL DEUTSCHLAN     KD8 NR         -2162145040   2994909053
KABEL DEUTSCHLAN     KD8USD EO      -2162145040   2994909053
KABEL DEUTSCHLAN     KD8 GR         -2162145040   2994909053
KABEL DEUTSCHLAN     KD8USD EU      -2162145040   2994909053
KABEL DEUTSCHLAN     KD8GBP EO      -2162145040   2994909053
KABEL DEUTSCHLAN     KD8 BQ         -2162145040   2994909053
KABEL DEUTSCHLAN     KD8 QM         -2162145040   2994909053
KABEL DEUTS-CW10     DB7KVS GR      -1326929894   3136703703
KABEL DEUTS-CW10     DB7KWG GR      -2162145040   2994909053
KAUFRING AG          KFR EO        -19296489.56  150995473.8
KAUFRING AG          KFR PZ        -19296489.56  150995473.8
KAUFRING AG          KFR GR        -19296489.56  150995473.8
KAUFRING AG          KFR EU        -19296489.56  150995473.8
KAUFRING AG          KAUG IX       -19296489.56  150995473.8
MANIA TECHNOLOGI     MNI1 EO        -35060806.5  107465713.6
MANIA TECHNOLOGI     MNI GR         -35060806.5  107465713.6
MANIA TECHNOLOGI     MNIG IX        -35060806.5  107465713.6
MANIA TECHNOLOGI     2260970Z GR    -35060806.5  107465713.6
MANIA TECHNOLOGI     MNI NM         -35060806.5  107465713.6
MANIA TECHNOLOGI     MNI PZ         -35060806.5  107465713.6
MANIA TECHNOLOGI     MNI1 EU        -35060806.5  107465713.6
MANIA TECHNOLOGI     MIAVF US       -35060806.5  107465713.6
MATERNUS KLINI-N     MAK1 GR       -15243503.87  167434744.6
MATERNUS-KLINIKE     MAK EU        -15243503.87  167434744.6
MATERNUS-KLINIKE     MNUKF US      -15243503.87  167434744.6
MATERNUS-KLINIKE     MAK PZ        -15243503.87  167434744.6
MATERNUS-KLINIKE     MAK EO        -15243503.87  167434744.6
MATERNUS-KLINIKE     MAKG IX       -15243503.87  167434744.6
MATERNUS-KLINIKE     MAK GR        -15243503.87  167434744.6
MATERNUS-KLINIKE     MAK TH        -15243503.87  167434744.6
NORDAG AG            DOO1 GR       -482446.6262  144432986.2
NORDAG AG-PFD        DOO3 GR       -482446.6262  144432986.2
NORDAG AG-RTS        DOO8 GR       -482446.6262  144432986.2
NORDSEE AG           533061Q GR    -8200552.046  194616922.6
PRIMACOM AG          PRCG PZ       -18656728.68  610380925.7
PRIMACOM AG          PRC TH        -18656728.68  610380925.7
PRIMACOM AG          PCAGF US      -18656728.68  610380925.7
PRIMACOM AG          PRC NM        -18656728.68  610380925.7
PRIMACOM AG          PRC EU        -18656728.68  610380925.7
PRIMACOM AG          PRC2 GR       -18656728.68  610380925.7
PRIMACOM AG          PRCG IX       -18656728.68  610380925.7
PRIMACOM AG          PRC EO        -18656728.68  610380925.7
PRIMACOM AG          PRC GR        -18656728.68  610380925.7
PRIMACOM AG-ADR      PCAG US       -18656728.68  610380925.7
PRIMACOM AG-ADR      PCAGY US      -18656728.68  610380925.7
PRIMACOM AG-ADR+     PCAG ES       -18656728.68  610380925.7
RAG ABWICKL-REG      ROS1 EU       -1744121.914  217776125.8
RAG ABWICKL-REG      RSTHF US      -1744121.914  217776125.8
RAG ABWICKL-REG      ROS1 EO       -1744121.914  217776125.8
RAG ABWICKL-REG      ROS GR        -1744121.914  217776125.8
RAG ABWICKL-REG      ROSG PZ       -1744121.914  217776125.8
RINOL AG             RIL GR             -2.7111  168095049.1
RINOL AG             RILB IX            -2.7111  168095049.1
RINOL AG             RILB EU            -2.7111  168095049.1
RINOL AG             RILB PZ            -2.7111  168095049.1
RINOL AG             RILB GR            -2.7111  168095049.1
RINOL AG             RILB EO            -2.7111  168095049.1
RINOL AG             RNLAF US           -2.7111  168095049.1
ROSENTHAL AG         2644179Q GR   -1744121.914  217776125.8
ROSENTHAL AG-ACC     ROS4 GR       -1744121.914  217776125.8
ROSENTHAL AG-ADR     RSTHY US      -1744121.914  217776125.8
ROSENTHAL AG-REG     ROSG IX       -1744121.914  217776125.8
SANDER (JIL) AG      JLSDF US      -6153256.917  127546738.8
SANDER (JIL) AG      SAD GR        -6153256.917  127546738.8
SANDER (JIL)-PRF     2916161Q EO   -6153256.917  127546738.8
SANDER (JIL)-PRF     2916157Q EU   -6153256.917  127546738.8
SANDER (JIL)-PRF     SAD3 PZ       -6153256.917  127546738.8
SANDER (JIL)-PRF     SAD3 GR       -6153256.917  127546738.8
SINNLEFFERS AG       WHG GR        -4491629.961  453887060.1
SPAR HANDELS-AG      SPHFF US      -442426199.5   1433020961
SPAR HANDELS-AG      773844Q GR    -442426199.5   1433020961
SPAR HAND-PFD NV     SPA3 GR       -442426199.5   1433020961
SPRINGER SCIENCE     648808Z GR    -610692611.7   3462165070
STROER OUT-OF-HO     SAXGBP EO     -62153916.21   1072778885
STROER OUT-OF-HO     SAXUSD EU     -62153916.21   1072778885
STROER OUT-OF-HO     SAX EO        -62153916.21   1072778885
STROER OUT-OF-HO     SAXUSD EO     -62153916.21   1072778885
STROER OUT-OF-HO     SAX EU        -62153916.21   1072778885
STROER OUT-OF-HO     SAX GR        -62153916.21   1072778885
TA TRIUMPH-ACQ       TWNA GR       -138379198.8  348263397.1
TA TRIUMPH-ACQ       TWNA EU       -138379198.8  348263397.1
TA TRIUMPH-ADLER     TWN PZ        -138379198.8  348263397.1
TA TRIUMPH-ADLER     TWN EU        -138379198.8  348263397.1
TA TRIUMPH-ADLER     TWN GR        -138379198.8  348263397.1
TA TRIUMPH-ADLER     TWN EO        -138379198.8  348263397.1
TA TRIUMPH-ADLER     TWNG IX       -138379198.8  348263397.1
TA TRIUMPH-ADLER     TTZAF US      -138379198.8  348263397.1
TA TRIUMPH-A-RTS     1018916Z GR   -138379198.8  348263397.1
TA TRIUMPH-NEW       TWN1 GR       -138379198.8  348263397.1
TA TRIUMPH-RT        TWN8 GR       -138379198.8  348263397.1
TA TRIUMPH-RTS       3158577Q GR   -138379198.8  348263397.1
TOM TAILOR HOLD      TTI BQ        -97711555.56    358434780
TOM TAILOR HOLD      TTI GR        -97711555.56    358434780
TOM TAILOR HOLD      TTI EO        -97711555.56    358434780
TOM TAILOR HOLD      TTI EU        -97711555.56    358434780
TOM TAILOR HOLD      TTI TH        -97711555.56    358434780
UNITYMEDIA GMBH      560459Z GR    -270220797.7   5970190663

GREECE
------
AG PETZETAKIS SA     PETZK EO      -78917003.34  209681271.1
AG PETZETAKIS SA     PETZK PZ      -78917003.34  209681271.1
AG PETZETAKIS SA     PTZ GR        -78917003.34  209681271.1
AG PETZETAKIS SA     PTZ1 GR       -78917003.34  209681271.1
AG PETZETAKIS SA     PZETF US      -78917003.34  209681271.1
AG PETZETAKIS SA     PETZK EU      -78917003.34  209681271.1
AG PETZETAKIS SA     PETZK GA      -78917003.34  209681271.1
ALTEC HOLDINGS S     ALTEC EO      -47497062.28  116742573.1
ALTEC HOLDINGS S     ALTEC EU      -47497062.28  116742573.1
ALTEC HOLDINGS S     AXY GR        -47497062.28  116742573.1
ALTEC HOLDINGS S     ALTEC GA      -47497062.28  116742573.1
ALTEC HOLDINGS S     ALTEC PZ      -47497062.28  116742573.1
ALTEC SA -AUCT       ALTECE GA     -47497062.28  116742573.1
ALTEC SA INFO        ATCQF US      -47497062.28  116742573.1
ALTEC SA INFO-RT     ALTECR GA     -47497062.28  116742573.1
ALTEC SA INFO-RT     ALTED GA      -47497062.28  116742573.1
ASPIS PRONIA GE      ASASK EO      -189908329.1  896537349.7
ASPIS PRONIA GE      AISQF US      -189908329.1  896537349.7
ASPIS PRONIA GE      ASASK EU      -189908329.1  896537349.7
ASPIS PRONIA GE      ASASK GA      -189908329.1  896537349.7
ASPIS PRONIA GE      ASASK PZ      -189908329.1  896537349.7
ASPIS PRONIA -PF     ASAPR GA      -189908329.1  896537349.7
ASPIS PRONIA-PF      APGV GR       -189908329.1  896537349.7
ASPIS PRONIA-PF      ASASP GA      -189908329.1  896537349.7
ASPIS PRONIA-RT      ASASKR GA     -189908329.1  896537349.7
ASPIS PRONOIA GE     APGG IX       -189908329.1  896537349.7
ASPIS PRONOIA GE     APG GR        -189908329.1  896537349.7
ASPIS PRON-PF RT     ASASPR GA     -189908329.1  896537349.7
ATLANTIC SUPERMA     ATLA PZ       -76261648.16  315891294.2
ATLANTIC SUPERMA     ATLA1 EU      -76261648.16  315891294.2
ATLANTIC SUPERMA     ATLA GA       -76261648.16  315891294.2
ATLANTIC SUPERMA     ATLA1 EO      -76261648.16  315891294.2
EMPEDOS SA           EMPED GA      -33637669.62  174742646.9
EMPEDOS SA-RTS       EMPEDR GA     -33637669.62  174742646.9
KOUMBAS INSUR-RT     KOUMD GA      -75721751.36    117427553
KOUMBAS RTS          KOUMR GA      -75721751.36    117427553
KOUMBAS SYNERGY      KOUM EU       -75721751.36    117427553
KOUMBAS SYNERGY      KOUM EO       -75721751.36    117427553
KOUMBAS SYNERGY      KOUMF US      -75721751.36    117427553
KOUMBAS SYNERGY      KOUM PZ       -75721751.36    117427553
KOUMBAS SYNERGY      KOUM GA       -75721751.36    117427553
MARITIME CO LESB     MEKD CH       -776211.1142  270879003.3
MARITIME CO LESB     NELD GA       -776211.1142  270879003.3
MARITIME CO LESV     NEL EO        -776211.1142  270879003.3
MARITIME CO LESV     NEL EU        -776211.1142  270879003.3
MARITIME CO LESV     NEL GA        -776211.1142  270879003.3
MARITIME CO LESV     NEL PZ        -776211.1142  270879003.3
MARITIME CO LESV     MTMLF US      -776211.1142  270879003.3
MARITIME CO LESV     MCV GR        -776211.1142  270879003.3
MARITIME CO -RTS     2749585Q GA   -776211.1142  270879003.3
MARITIME COMPANY     NELE GA       -776211.1142  270879003.3
MARITIME COM-RTS     NELR GA       -776211.1142  270879003.3
MARITIME CO-RTS      5078509Q GA   -776211.1142  270879003.3
MARITIME LESV-RT     NELBR GA      -776211.1142  270879003.3
NAOUSSA SPIN -RT     NAOYD GA      -163114853.6  286539436.9
NAOUSSA SPIN-AUC     NAOYKE GA     -163114853.6  286539436.9
NAOUSSA SPINNING     NML GR        -163114853.6  286539436.9
NAOUSSA SPIN-RTS     NAOYKR GA     -163114853.6  286539436.9
OASA ATHENS URBA     3485398Z GA    -1170161374   2292452052
PETZET - PFD-RTS     PETZPD GA     -78917003.34  209681271.1
PETZETAKIS - RTS     PETZKD GA     -78917003.34  209681271.1
PETZETAKIS-AUC       PETZKE GA     -78917003.34  209681271.1
PETZETAKIS-PFD       PTZ3 GR       -78917003.34  209681271.1
PETZETAKIS-PFD       PETZP GA      -78917003.34  209681271.1
RADIO KORASSIDIS     RKC GR        -100972173.9  244951680.3
RADIO KORASSIDIS     RAKOF US      -100972173.9  244951680.3
RADIO KORASSIDIS     KORA GA       -100972173.9  244951680.3
RADIO KORASSI-RT     KORAD GA      -100972173.9  244951680.3
RADIO KORASS-RTS     KORAR GA      -100972173.9  244951680.3
THEMELIODOMI         THEME GA      -55751178.85  232036822.6
THEMELIODOMI-AUC     THEMEE GA     -55751178.85  232036822.6
THEMELIODOMI-RTS     THEMED GA     -55751178.85  232036822.6
THEMELIODOMI-RTS     THEMER GA     -55751178.85  232036822.6
UNITED TEXTILES      NML1 GR       -163114853.6  286539436.9
UNITED TEXTILES      NAOYK GA      -163114853.6  286539436.9
UNITED TEXTILES      UTEX GA       -163114853.6  286539436.9
UNITED TEXTILES      UTEX EU       -163114853.6  286539436.9
UNITED TEXTILES      UTEX PZ       -163114853.6  286539436.9
UNITED TEXTILES      NAOSF US      -163114853.6  286539436.9
UNITED TEXTILES      UTEX EO       -163114853.6  286539436.9

HUNGARY
-------
HUNGARIAN TELEPH     HUGC IX          -73724000    827192000
HUNGARIAN TELEPH     HUC EX           -73724000    827192000
INVITEL HOLD-ADR     INVHY US         -73724000    827192000
INVITEL HOLD-ADR     0IN GR           -73724000    827192000
INVITEL HOLD-ADR     IHO US           -73724000    827192000
INVITEL HOLDINGS     3212873Z HB      -73724000    827192000
MALEV LTD            MALEV HB       -75737819.4  251668964.4

ICELAND
-------
AVION GROUP          B1Q GR          -223780352   2277882368
EIMSKIPAFELAG HF     HFEIM PZ        -223780352   2277882368
EIMSKIPAFELAG HF     HFEIM IR        -223780352   2277882368
EIMSKIPAFELAG HF     HFEIMEUR EU     -223780352   2277882368
EIMSKIPAFELAG HF     HFEIMEUR EO     -223780352   2277882368
EIMSKIPAFELAG HF     HFEIM EU        -223780352   2277882368
EIMSKIPAFELAG HF     AVION IR        -223780352   2277882368
EIMSKIPAFELAG HF     HFEIM EO        -223780352   2277882368

IRELAND
-------
ACS AIRCRAFT FIN     4491555Z ID   -23037145.88  130480079.7
AIRPLANES FINANC     4460505Z ID   -409209710.7  271483829.5
AIRPLANES HOLDIN     4461857Z ID   -11914729314  926979003.1
ALECTRA FINANCE      4505075Z ID   -1989626.617   1906282726
ARCADE PROPERTY      4461121Z ID   -271759823.6  854806994.8
BIRCHFORD INVEST     3802508Z ID   -16642154.58  213363186.2
BOSPHORUS CAPITA     3807620Z ID   -547691.4495  119473277.7
CAMBER 4 PLC         3807980Z ID   -568246157.5  358571055.8
CELTIC ROADS GRO     4527583Z ID   -5475772.455  178943648.9
COMMUNICORP GROU     1027859Z ID   -20885498.48  307073625.5
CONOCOPHILLIPS I     4526671Z ID   -215725943.4  369716179.9
CONOCOPHILLIPS W     3894318Z ID   -182259486.7  264157541.2
DEPFA IRELAND HO     4458641Z ID   -7759253.483  392619673.2
DEVONDALE LTD        4290189Z ID   -20812568.76  187190423.3
DUOMO FUNDING PL     4462513Z ID   -805845.5444   1772244292
ELLERSTON GEMS O     4781417Z ID   -4056787.085  195869209.7
EQUANT NETWORK S     4462057Z ID   -135695147.2  315888681.5
EURCO FINANCE        3799980Z ID   -48643228.68  679126971.7
FOL INTERNATIONA     4513251Z ID   -43457938.48  343547731.2
FRUIT OF THE LOO     4459361Z ID   -96376389.16    391436785
GENERAL FINANCE      3807584Z ID   -3451729.765    140460867
IBERBOND 2004 PL     3485334Z ID   -774220.0848  539890478.9
JAMES HARDIE IND     726824Z NA      -432000000   1980800000
JAMES HARDIE IND     HAH NZ          -432000000   1980800000
JAMES HARDIE IND     HAH AU          -432000000   1980800000
JAMES HARDIE IND     600241Q GR      -432000000   1980800000
JAMES HARDIE NV      JHXCC AU        -432000000   1980800000
JAMES HARDIE-ADR     JHX US          -432000000   1980800000
JAMES HARDIE-ADR     JHINY US        -432000000   1980800000
JAMES HARDIE-CDI     JHX AU          -432000000   1980800000
JAMES HARDIE-CDI     JHA TH          -432000000   1980800000
JAMES HARDIE-CDI     JHIUF US        -432000000   1980800000
JAMES HARDIE-CDI     JHA GR          -432000000   1980800000
LCH EUROPEAN POR     3809212Z ID   -91665065.88  296022550.5
LTR FINANCE NO 8     3816616Z ID   -15113153.49  537522560.1
MAINAU FUNDING L     4460161Z ID   -216846138.8   1309830017
MCINERNEY HLDGS      MCII IX       -132691148.8  374303706.5
MCINERNEY HLDGS      MNEYF US      -132691148.8  374303706.5
MCINERNEY HLDGS      MCI IX        -132691148.8  374303706.5
MCINERNEY HLDGS      MK9 GR        -132691148.8  374303706.5
MCINERNEY HLDGS      MCI ID        -132691148.8  374303706.5
MCINERNEY HLDGS      MCIGBX EO     -132691148.8  374303706.5
MCINERNEY HLDGS      MK9C PZ       -132691148.8  374303706.5
MCINERNEY HLDGS      MCI EU        -132691148.8  374303706.5
MCINERNEY HLDGS      MCIGBX EU     -132691148.8  374303706.5
MCINERNEY HLDGS      MK9 PO        -132691148.8  374303706.5
MCINERNEY HLDGS      MCIGBP EO     -132691148.8  374303706.5
MCINERNEY HLDGS      MCI PO        -132691148.8  374303706.5
MCINERNEY HLDGS      MCI EO        -132691148.8  374303706.5
MCINERNEY HLDGS      MCI LN        -132691148.8  374303706.5
MCINERNEY HLDGS      MCI VX        -132691148.8  374303706.5
MCINERNEY PROP-A     MCIYF US      -132691148.8  374303706.5
MCINERNEY PROP-A     MYP ID        -132691148.8  374303706.5
MCINERNEY PROP-A     MYP LN        -132691148.8  374303706.5
MCINERNEY -RT FP     MCIF LN       -132691148.8  374303706.5
MCINERNEY -RT FP     MCIF ID       -132691148.8  374303706.5
MCINERNEY -RT NP     MCIN ID       -132691148.8  374303706.5
MCINERNEY -RT NP     MCIN LN       -132691148.8  374303706.5
MCINERNEY-ADR        MNEYY US      -132691148.8  374303706.5
NOVELL IRELAND S     3632507Z ID   -26753771.46  278570245.6
PAYZONE PLC          PAYZ EU       -138030903.2  510010035.3
PAYZONE PLC          PAYZ PZ       -138030903.2  510010035.3
PAYZONE PLC          PAYZ PG       -138030903.2  510010035.3
PAYZONE PLC          PAYZ IX       -138030903.2  510010035.3
PAYZONE PLC          PAYZ LN       -138030903.2  510010035.3
PAYZONE PLC          4P6 GR        -138030903.2  510010035.3
PAYZONE PLC          PAYZ EO       -138030903.2  510010035.3
PENNYGOLD TRADIN     4459561Z ID   -77668618.28   1296718608
RELIANCE FLAG TE     4511819Z ID   -159697386.9  246001437.3
RSA SECURITY IRE     3816252Z ID   -1896032.195  131465362.8
SCHWARZ PHARMA L     626603Z ID    -526134296.2  385006654.6
STRATUS TECHNOLO     4290381Z ID   -91695872.26  143373686.2
SUSQUEHANNA EURO     4459081Z ID    -1252022268   5765502321
THIRD BELFRY PRO     3817252Z ID   -1737961.162  208828916.9
UDARAS EITLIOCHT     4461649Z ID   -38554945.52  228382904.9
UPC BROADBAND IR     3633179Z ID   -199665733.8  699692511.4
VIRIDIAN ENERGY      4462489Z ID   -41409800.11  209872015.8
WARNER CHILCOT-A     G3LA TH          -86216000   6061234688
WARNER CHILCOT-A     WCRX US          -86216000   6061234688
WARNER CHILCOT-A     G3LA GR          -86216000   6061234688
WARNER CHILCOT-A     G3L GR           -86216000   6061234688
WATERFORD - RTS      508519Q LN    -505729895.2    820803256
WATERFORD - RTS      WWWA GR       -505729895.2    820803256
WATERFORD - RTS      WWWB GR       -505729895.2    820803256
WATERFORD - RTS      WWWA ID       -505729895.2    820803256
WATERFORD - RTS      WWWB ID       -505729895.2    820803256
WATERFORD - RTS      508523Q LN    -505729895.2    820803256
WATERFORD W-ADR      WATWY US      -505729895.2    820803256
WATERFORD WDGEWD     WATWF US      -505729895.2    820803256
WATERFORD WDGEWD     WATFF US      -505729895.2    820803256
WATERFORD WED-RT     586556Q LN    -505729895.2    820803256
WATERFORD WED-RT     WTFR LN       -505729895.2    820803256
WATERFORD WED-RT     WWWD GR       -505729895.2    820803256
WATERFORD WED-RT     WWWC GR       -505729895.2    820803256
WATERFORD WED-RT     WWWC ID       -505729895.2    820803256
WATERFORD WED-RT     WWWD ID       -505729895.2    820803256
WATERFORD WED-RT     586552Q LN    -505729895.2    820803256
WATERFORD WED-UT     WWW GR        -505729895.2    820803256
WATERFORD WED-UT     WTFU PO       -505729895.2    820803256
WATERFORD WED-UT     WTFU EO       -505729895.2    820803256
WATERFORD WED-UT     WTFUGBX EU    -505729895.2    820803256
WATERFORD WED-UT     WTFU ID       -505729895.2    820803256
WATERFORD WED-UT     WTFU LN       -505729895.2    820803256
WATERFORD WED-UT     WTFU EU       -505729895.2    820803256
WATERFORD WED-UT     WTFU IX       -505729895.2    820803256
WATERFORD WED-UT     WWWD PZ       -505729895.2    820803256
WATERFORD WED-UT     WWW PO        -505729895.2    820803256
WATERFORD WED-UT     WTFUGBX EO    -505729895.2    820803256
WATERFORD WED-UT     WTFU VX       -505729895.2    820803256
WATERFORD WE-RTS     WTFN ID       -505729895.2    820803256
WATERFORD WE-RTS     WTFF LN       -505729895.2    820803256
WATERFORD WE-RTS     WTFN VX       -505729895.2    820803256
WATERFORD WE-RTS     WTFN LN       -505729895.2    820803256
WATERFORD WE-RTS     WTFF ID       -505729895.2    820803256
WATERFORD-ADR UT     WATFZ US      -505729895.2    820803256
WATERFORD-ADR UT     WFWA GR       -505729895.2    820803256
WATERFORD-SUB        3001875Z ID   -505729895.2    820803256
WOLSELEY IRELAND     3898706Z ID   -47443434.36  175225926.3

ITALY
-----
ALCOA TRASFORMAZ     4506523Z IM   -200396329.9  504699145.1
AUTOMOTIVE LIGHT     3895734Z IM   -8797909.782  165588007.5
BECROMAL SPA         3138961Z IM   -4638581.798  168296959.8
BIANCHI VENDING      764212Z IM    -27419598.89  118828596.1
BIOERA               BIE1 PZ       -6731364.698  131141946.1
BIOERA               BIE IM        -6731364.698  131141946.1
BIOERA               BIE EO        -6731364.698  131141946.1
BIOERA               BIE1 IX       -6731364.698  131141946.1
BIOERA               B2A GR        -6731364.698  131141946.1
BIOERA               BIE EU        -6731364.698  131141946.1
BMG CASTEL ROMAN     4209433Z IM   -1512040.428  241462151.8
CABLELETTRA SPA      4507547Z IM   -83494555.41  223468834.1
CANTIERI DI PISA     4313125Z IM   -2611908.154  105466953.7
CIRIO FINANZIARI     FIY GR        -422095869.5   1583083044
CIRIO FINANZIARI     CRO IM        -422095869.5   1583083044
COIN SPA             965089Q GR    -154057608.3  800526929.5
COIN SPA             GUCIF US      -154057608.3  800526929.5
COIN SPA             GC IX         -154057608.3  800526929.5
COIN SPA/OLD         GC IM         -154057608.3  800526929.5
COIN SPA-RTS         GCAA IM       -154057608.3  800526929.5
COMPAGNIA ITALIA     ICT IM        -137726596.3  527372691.4
COMPAGNIA ITALIA     CGLUF US      -137726596.3  527372691.4
COMPAGNIA ITALIA     CITU IX       -137726596.3  527372691.4
CREDITO FONDIARI     CRF IM        -200209050.3   4213063202
CREDITO FOND-RTS     CRFSA IM      -200209050.3   4213063202
DEUTSCHE LEASING     4358141Z IM   -2304871.115    106694739
DIMA COSTRUZIONI     4526911Z IM    -14681477.1  426157772.4
DIMAFIN SPA          2727163Z IM   -63237953.95  270856564.4
EDISON INTERNATI     4523583Z IM   -6175857.726   2258545505
EQUIPOLYMERS SRL     4224221Z IM   -77501046.37    227622564
EUROFLY SPA          EEZ IX        -14153158.14  356030320.5
EUROFLY SPA -RTS     EEZAXA IM     -14153158.14  356030320.5
EUROFLY SPA-RTS      EURAXA IM     -14153158.14  356030320.5
FC INTERNAZIONAL     1185Z IM      -39787627.04  610018418.4
FIBE SPA             4472843Z IM   -802268.7972  756328770.6
FRECCIA ROSSA SH     4358125Z IM   -4519531.292  250706520.3
FUNIVIE FOLGARID     4325137Z IM   -3839728.226  199413338.6
GLOBAL GARDEN PR     4499787Z IM   -98534475.59  578214197.6
GRUPPO FINI SPA      4514671Z IM   -1791897.636  101060963.7
GUERRINO PIVATO      4292565Z IM   -41218066.44  397216267.9
I VIAGGI DEL VEN     VVE EO        -209436890.3  202705179.9
I VIAGGI DEL VEN     VVE IX        -209436890.3  202705179.9
I VIAGGI DEL VEN     VVE EU        -209436890.3  202705179.9
I VIAGGI DEL VEN     IV7 GR        -209436890.3  202705179.9
I VIAGGI DEL VEN     VVE PZ        -209436890.3  202705179.9
I VIAGGI DEL VEN     IVGIF US      -209436890.3  202705179.9
I VIAGGI DEL VEN     VVE IM        -209436890.3  202705179.9
I VIAGGI DEL VEN     VVE TQ        -209436890.3  202705179.9
I VIAGGI-RTS         VVEAA IM      -209436890.3  202705179.9
INDUSTRIE FINCUO     4270053Z IM   -15676157.12  111118283.9
ING PIO GUARALDO     4195305Z IM   -6958339.341    198007636
INTERSIDER ACCIA     4268893Z IM   -5355062.509  156885353.6
INTRALOT ITALIA      2884343Z IM   -7911067.965  111516758.1
IP MAESTRALE 4 S     4407001Z IM   -1364553.628  613867867.9
IRISBUS ITALIA S     3895718Z IM   -4900118.288  227685279.9
JABIL CIRCUIT IT     3631803Z IM   -2514205.346  125486527.4
MERIDIANA FLY        EEZ IM        -14153158.14  356030320.5
MERIDIANA FLY        MEF IX        -14153158.14  356030320.5
MERIDIANA FLY        MEF EB        -14153158.14  356030320.5
MERIDIANA FLY        EEZ EO        -14153158.14  356030320.5
MERIDIANA FLY        EEZ EU        -14153158.14  356030320.5
MERIDIANA FLY        EEZ TQ        -14153158.14  356030320.5
MERIDIANA FLY        EEZ PZ        -14153158.14  356030320.5
MERIDIANA FLY        EEZ QM        -14153158.14  356030320.5
MERIDIANA FLY        MEF IM        -14153158.14  356030320.5
MERIDIANA FLY        E7N GR        -14153158.14  356030320.5
MERIDIANA FLY        EFLYF US      -14153158.14  356030320.5
MERIDIANA FLY SP     MEFAXA IM     -14153158.14  356030320.5
METECNO INDUSTRI     4004204Z IM   -5834936.192    135411811
MONTE MARE GRADO     4359985Z IM   -535776.0315  100534744.7
MV AGUSTA MOTOR      3898906Z IM   -10856011.42  258767112.5
NEXANS ITALIA SP     3636695Z IM   -19973174.81  139448244.4
OCV ITALIA SRL       4455649Z IM   -7833657.759  212272084.3
OLCESE SPA           O IM          -12846689.89  179691572.8
OLCESE SPA-RTS       OAA IM        -12846689.89  179691572.8
OLCESE VENEZIANO     OLVE IM       -12846689.89  179691572.8
OMNIA SERVICE CE     3401139Z IM   -9159816.788  165737571.5
PARMALAT FINANZI     PARAF US      -18419390029   4120687886
PARMALAT FINANZI     PAF GR        -18419390029   4120687886
PARMALAT FINANZI     PRF IM        -18419390029   4120687886
PARMALAT FINANZI     PMT LI        -18419390029   4120687886
PARMALAT FINANZI     PRFI VX       -18419390029   4120687886
PARMALAT FINANZI     FICN AV       -18419390029   4120687886
PARMALAT FINANZI     PMLFF US      -18419390029   4120687886
PARMALAT FINA-RT     PRFR AV       -18419390029   4120687886
PLASTIC COMPONEN     4489891Z IM   -4874668.899  477291646.3
RISANAMEN-RNC OP     RNROPA IM     -252285981.9   3768908586
RISANAMENTO -OPA     RNOPA IM      -252285981.9   3768908586
RISANAMENTO -RNC     RNR IM        -252285981.9   3768908586
RISANAMENTO SPA      RN EU         -252285981.9   3768908586
RISANAMENTO SPA      RN5 GR        -252285981.9   3768908586
RISANAMENTO SPA      RN EO         -252285981.9   3768908586
RISANAMENTO SPA      RN IX         -252285981.9   3768908586
RISANAMENTO SPA      RN TQ         -252285981.9   3768908586
RISANAMENTO SPA      RN PZ         -252285981.9   3768908586
RISANAMENTO SPA      RNGBX EO      -252285981.9   3768908586
RISANAMENTO SPA      RNGBP EO      -252285981.9   3768908586
RISANAMENTO SPA      RN IM         -252285981.9   3768908586
RISANAMENTO SPA      RSMNF US      -252285981.9   3768908586
RISANAMENTO SPA      RNGBX EU      -252285981.9   3768908586
RISANAMENTO-RTS      RNAA IM       -252285981.9   3768908586
SD SICILIA DISCO     4346005Z IM   -57205.25336  162107130.8
SNIA BPD             SN GR         -141933883.9  150445252.4
SNIA BPD-ADR         SBPDY US      -141933883.9  150445252.4
SNIA SPA             SNIXF US      -141933883.9  150445252.4
SNIA SPA             SN TQ         -141933883.9  150445252.4
SNIA SPA             SBPDF US      -141933883.9  150445252.4
SNIA SPA             SNIB GR       -141933883.9  150445252.4
SNIA SPA             SNIA GR       -141933883.9  150445252.4
SNIA SPA             SIAI IX       -141933883.9  150445252.4
SNIA SPA             SIAI PZ       -141933883.9  150445252.4
SNIA SPA             SSMLF US      -141933883.9  150445252.4
SNIA SPA             SN EU         -141933883.9  150445252.4
SNIA SPA             SN IM         -141933883.9  150445252.4
SNIA SPA             SN EO         -141933883.9  150445252.4
SNIA SPA - RTS       SNAAW IM      -141933883.9  150445252.4
SNIA SPA- RTS        SNAXW IM      -141933883.9  150445252.4
SNIA SPA-2003 SH     SN03 IM       -141933883.9  150445252.4
SNIA SPA-CONV SA     SPBDF US      -141933883.9  150445252.4
SNIA SPA-DRC         SNR00 IM      -141933883.9  150445252.4
SNIA SPA-NEW         SN00 IM       -141933883.9  150445252.4
SNIA SPA-NON CON     SPBNF US      -141933883.9  150445252.4
SNIA SPA-RCV         SNIVF US      -141933883.9  150445252.4
SNIA SPA-RCV         SNR IM        -141933883.9  150445252.4
SNIA SPA-RIGHTS      SNAW IM       -141933883.9  150445252.4
SNIA SPA-RNC         SNRNC IM      -141933883.9  150445252.4
SNIA SPA-RNC         SNIWF US      -141933883.9  150445252.4
SNIA SPA-RTS         SNAA IM       -141933883.9  150445252.4
SNIA SPA-RTS         SNSO IM       -141933883.9  150445252.4
TECNODIFF ITALIA     TDI IM        -89894162.82  152045757.5
TECNODIFF ITALIA     TDI NM        -89894162.82  152045757.5
TECNODIFF ITALIA     TDIFF US      -89894162.82  152045757.5
TECNODIFF ITALIA     TEF GR        -89894162.82  152045757.5
TECNODIFF-RTS        TDIAOW NM     -89894162.82  152045757.5
TECNODIFFUSIONE      TDIAAW IM     -89894162.82  152045757.5
TISCALI - RTS        TISAAW IM       -113179475  545313502.1
TISCALI - RTS        TIQA GR         -113179475  545313502.1
TISCALI SPA          TIS NQ          -113179475  545313502.1
TISCALI SPA          TIQG IX         -113179475  545313502.1
TISCALI SPA          TIS EB          -113179475  545313502.1
TISCALI SPA          TIS EU          -113179475  545313502.1
TISCALI SPA          TIQ1 GR         -113179475  545313502.1
TISCALI SPA          TIS VX          -113179475  545313502.1
TISCALI SPA          TIS EO          -113179475  545313502.1
TISCALI SPA          TIS QM          -113179475  545313502.1
TISCALI SPA          TISGBX EO       -113179475  545313502.1
TISCALI SPA          TIS FP          -113179475  545313502.1
TISCALI SPA          TIS NR          -113179475  545313502.1
TISCALI SPA          TISGBX EU       -113179475  545313502.1
TISCALI SPA          TIS NA          -113179475  545313502.1
TISCALI SPA          TIS TQ          -113179475  545313502.1
TISCALI SPA          TISGBP EO       -113179475  545313502.1
TISCALI SPA          TSCXF US        -113179475  545313502.1
TISCALI SPA          TIQ GR          -113179475  545313502.1
TISCALI SPA          TISN IX         -113179475  545313502.1
TISCALI SPA          TISM IX         -113179475  545313502.1
TISCALI SPA          TISN NA         -113179475  545313502.1
TISCALI SPA          TISN FP         -113179475  545313502.1
TISCALI SPA          TIS IM          -113179475  545313502.1
TISCALI SPA          TIS IX          -113179475  545313502.1
TISCALI SPA          TISN VX         -113179475  545313502.1
TISCALI SPA          TISN IM         -113179475  545313502.1
TISCALI SPA          TIS PZ          -113179475  545313502.1
TISCALI SPA- RTS     3391621Q GR     -113179475  545313502.1
TISCALI SPA- RTS     TISAXA IM       -113179475  545313502.1
UPIM SRL             3494031Z IM   -24945031.42  495566337.9
VALEO SPA            3897442Z IM   -55996.80114  165209720.2
VIA CAVOUR SRL       3997892Z IM   -2002622.441  173628397.1

LUXEMBOURG
----------
ARCELORMITTAL FL     3912244Z LX    -1024314140   3328008487
CARRIER1 INT-AD+     CONE ES          -94729000    472360992
CARRIER1 INT-ADR     CONEE US         -94729000    472360992
CARRIER1 INT-ADR     CONEQ US         -94729000    472360992
CARRIER1 INT-ADR     CONE US          -94729000    472360992
CARRIER1 INTL        CJN GR           -94729000    472360992
CARRIER1 INTL        CJN NM           -94729000    472360992
CARRIER1 INTL        CJNA GR          -94729000    472360992
CARRIER1 INTL SA     1253Z SW         -94729000    472360992
CARRIER1 INTL SA     CONEF US         -94729000    472360992
INTELSAT             ILMA GR         -595161984  17556170752
INTELSAT SA          2237Z US        -595161984  17556170752

NETHERLANDS
-----------
ADAMAR AMSTERDAM     4049157Z NA   -8231529.767    119709372
ALFRED C TOEPFER     4062117Z NA   -1843317.436   1689194175
ASITO DIENSTENGR     743813Z NA    -2494804.851  220704023.7
BAAN CO NV-ASSEN     BAANA NA      -7854741.409  609871188.9
BAAN COMPANY NV      BAAN IX       -7854741.409  609871188.9
BAAN COMPANY NV      BAAVF US      -7854741.409  609871188.9
BAAN COMPANY NV      BAAN PZ       -7854741.409  609871188.9
BAAN COMPANY NV      BAAN EU       -7854741.409  609871188.9
BAAN COMPANY NV      BAAN EO       -7854741.409  609871188.9
BAAN COMPANY NV      BNCG IX       -7854741.409  609871188.9
BAAN COMPANY NV      BAAN GR       -7854741.409  609871188.9
BAAN COMPANY NV      BAAN NA       -7854741.409  609871188.9
BAAN COMPANY-NY      BAANF US      -7854741.409  609871188.9
BELEGGINGSMAATSC     801105Z NA    -5070657.703  350267370.9
CENTRIC HOLDING      745383Z NA    -72753.24225  363069870.7
CEVA GROUP PLC       976811Z NA    -469889996.1   5434380129
CLATES HOLDING B     4043429Z NA   -34881.25205  221495950.5
COOPERATIE VOEDI     4378105Z NA   -274089.6056  748982278.2
EATON ELECTRIC B     2017671Z NA   -20487461.22  140357455.7
ELSTA BV             3897218Z NA   -2452823.596  284940300.4
EON BENELUX LEVE     4173461Z NA   -21561715.64    273422053
EUROPEAN MARITIM     4523543Z NA   -34803118.05  347300069.4
FERDINAND STINGE     4040837Z NA   -64181.50377   1187653568
FONDEL METALS BV     4039013Z NA   -2368075.248  110363800.6
GE CAPITAL FUNDI     4489315Z NA   -2707532.277  194574159.7
HAAG WONEN HOLDI     3824276Z NA   -137909.3086  144576751.1
HE INVESTMENTS B     3813216Z NA   -1780665.857    195483088
ING RE DORTMUND/     3819456Z NA   -91900151.61  142290450.1
ING REIM DEVELOP     3811140Z NA   -231041415.3  383323380.1
KONINKLIJKE HASK     4037221Z NA   -69259.20141  230145390.9
KUIPER GROEP BV      3821988Z NA   -3688.420875  101931401.5
LIBERTY GL EU-A      UPC NA         -5505478850   5112616630
LINO MANAGEMENT      3774416Z NA   -289361638.1  926823456.4
MAAS INTERNATION     4174109Z NA   -104625.6021  163961580.9
MSREF ELBA BV        4043045Z NA   -89889.60183  584994172.5
MSREF VI KAIROS      4174205Z NA   -38313.60078    893956511
NIDERA HANDELSCO     3893886Z NA   -614016.7865   1656741217
NORFOLK HOLDINGS     779151Z NA    -199512.5928  813430779.1
NV WATERLEIDINGM     4036141Z NA   -1727059.235  234972904.6
RHEIN PAPIER HOL     4040349Z NA   -2301763.247   1089890804
RIVA NV              3797916Z NA   -852952.1165  111411542.1
SITA NEDERLAND B     874216Z NA    -312079.8969   2324948220
SPYKER CARS NV       SPYKF US      -154336469.5   1337361332
SPYKER CARS NV       SPYKR BQ      -154336469.5   1337361332
SPYKER CARS NV       SPYKR TQ      -154336469.5   1337361332
SPYKER CARS NV       SPYKR EO      -154336469.5   1337361332
SPYKER CARS NV       L9I GR        -154336469.5   1337361332
SPYKER CARS NV       SPYK IX       -154336469.5   1337361332
SPYKER CARS NV       SPYKR NA      -154336469.5   1337361332
SPYKER CARS NV       SPYKR PZ      -154336469.5   1337361332
SPYKER CARS NV       SPYKR EU      -154336469.5   1337361332
SPYKER CARS NV       SPYKR EB      -154336469.5   1337361332
STICHTING PENSIO     4498027Z NA   -19254451.13  566611058.3
STICHTING PENSIO     4489595Z NA    -7065546415  43409019837
UNITED PAN -ADR      UPEA GR        -5505478850   5112616630
UNITED PAN-A ADR     UPCOY US       -5505478850   5112616630
UNITED PAN-EUR-A     UPC LI         -5505478850   5112616630
UNITED PAN-EUR-A     UPC LN         -5505478850   5112616630
UNITED PAN-EUROP     UPCOF US       -5505478850   5112616630
UNITED PAN-EUROP     UPCEF US       -5505478850   5112616630
UNITED PAN-EUROP     UPE1 GR        -5505478850   5112616630
UNITED PAN-EUROP     UPC VX         -5505478850   5112616630
UPC HOLDING BV       3590264Z NA   -10789223923  12904415822
VAN WEELDE BEHEE     4038885Z NA   -119995.7037  173030811.6
VOLKERWESSELS BO     4062101Z NA   -17683.20036  191596002.3
W2005 W2007 CARN     3824100Z NA   -107841645.8    362615031
WE INTERNATIONAL     630199Z NA    -1220350.163   1011027035
WILMAR EDIBLE OI     3817520Z NA   -3976944.095  218912594.8
WIM BOSMAN HOLDI     3782032Z NA   -45372.14014  224136076.2
WONINGSTICHTING      4039389Z NA   -430291.2087   1714985995
ZWINGER OPCO 6 B     3821644Z NA   -106543228.9  627759193.8

NORWAY
------
AKER BIOMARINE A     4508947Z NO   -91258656.74  103294723.7
AKER ELEKTRO AS      4389353Z NO    -35218317.7  134077911.8
AKER STORD A/S       4498875Z NO   -150475117.7  783619889.1
BKK VARME AS         4445833Z NO   -8164053.946  143462133.6
CIA LA GOMERA AS     4401057Z NO   -14188999.46  111542577.2
GJENSIDIGE PENSJ     4447089Z NO   -706038.6914  834496819.2
HEEGH AUTOLINERS     4389209Z NO   -11654363.08  277390994.9
INTEROIL EXPLORA     IROIF US         -25647000    234229008
INTEROIL EXPLORA     INOX NO          -25647000    234229008
INTEROIL EXPLORA     IOXUSD EU        -25647000    234229008
INTEROIL EXPLORA     IOXEUR EO        -25647000    234229008
INTEROIL EXPLORA     IOX EU           -25647000    234229008
INTEROIL EXPLORA     IOX PZ           -25647000    234229008
INTEROIL EXPLORA     IOX EO           -25647000    234229008
INTEROIL EXPLORA     IOX NO           -25647000    234229008
INTEROIL EXPLORA     IOX BY           -25647000    234229008
INTEROIL EXPLORA     IOXEUR EU        -25647000    234229008
INTEROIL EXPLORA     IOXUSD EO        -25647000    234229008
INTEROIL EXPLORA     IOX IX           -25647000    234229008
LIVA BIL             LIV NO        -4061326.597  116023629.9
MAN LAST OG BUSS     4521719Z NO   -7914946.127  134925818.8
MASTER & COMMAND     4443393Z NO    -3848.57586    105559612
NCC CONSTRUCTION     4389745Z NO   -17444019.96  371204059.2
NCC ROADS AS         4401305Z NO   -7603911.224  151509155.9
NORGIPS NORGE AS     4443889Z NO   -4188300.148  124517355.2
NORSK STEIN AS       4394889Z NO   -2509971.202  184248987.9
OSLO FORSIKRING      4415089Z NO    -6494996.57  158542617.2
PETRO GEO-SERV       PGS GR        -18066142.21  399710323.6
PETRO GEO-SERV       PGS VX        -18066142.21  399710323.6
PETRO GEO-SERV       265143Q NO    -18066142.21  399710323.6
PETRO GEO-SERV-N     PGSN NO       -18066142.21  399710323.6
PETRO GEO-SV-ADR     PGOGY US      -18066142.21  399710323.6
PETRO GEO-SV-ADR     PGSA GR       -18066142.21  399710323.6
PETROJACK AS         JACK PZ          -54932000    191586000
PETROJACK AS         JACKEUR EO       -54932000    191586000
PETROJACK AS         JACKEUR EU       -54932000    191586000
PETROJACK AS         POJKF US         -54932000    191586000
PETROJACK AS         JACO IX          -54932000    191586000
PETROJACK AS         JACK EU          -54932000    191586000
PETROJACK AS         JACK NO          -54932000    191586000
PETROJACK AS         P3J GR           -54932000    191586000
PETROJACK AS         JACK EO          -54932000    191586000
PETROJACK AS         JACK BY          -54932000    191586000
RESERVOIR EXPL       RXT PZ           -34076000    185510000
RESERVOIR EXPL       5RS GR           -34076000    185510000
RESERVOIR EXPL       RXT NO           -34076000    185510000
RESERVOIR EXPL       RXTEUR EO        -34076000    185510000
RESERVOIR EXPL       RXTB NO          -34076000    185510000
RESERVOIR EXPL       RXT IX           -34076000    185510000
RESERVOIR EXPL       RXT BY           -34076000    185510000
RESERVOIR EXPL       RXAEF US         -34076000    185510000
RESERVOIR EXPL       RXT EU           -34076000    185510000
RESERVOIR EXPL       RXT EO           -34076000    185510000
RESERVOIR EXPL       RXTEUR EU        -34076000    185510000
RESERVOIR EXPL-A     RXTA NO          -34076000    185510000
RESERVOIR-RTS        RXTUR NO         -34076000    185510000
RESERVOIR-RTS        RXTS NO          -34076000    185510000
SECURITAS DIRECT     4394201Z NO   -531628.2745  124746332.9
SKRETTING AS         4473771Z NO   -3730844.426  499611269.4
STOREBRAND EIEND     4443409Z NO   -69476769.79   1408585975
STOREBRAND EIEND     4288341Z NO   -236066034.1   4427606061
TDC AS               4287413Z NO   -95917885.43  128911202.9
TTS SENSE AS         4393841Z NO   -30849484.35  107503145.6
UTKILEN SHIPPING     4446161Z NO   -2435448.778  205148159.9
VNG NORGE AS         4513147Z NO   -44725176.15  280935536.1

POLAND
------
AGUAS DO ZEZERE      3646223Z PL   -9497003.444  387261027.5
ALBERTO MARTINS      4488947Z PL   -26137995.27  126979395.5
CARRIS FERRO DE      3482366Z PL   -854280773.4  252500907.6
CENTRO HOSPITALA     3778196Z PL   -45060061.83  149709016.7
CO DAS ENERGIAS      3794880Z PL   -2540034.474  115717930.4
COFINA               COFSI IX       -13400344.7    274876811
COFINA               CFASF US       -13400344.7    274876811
COFINA               COFI PL        -13400344.7    274876811
COFINA SGPS SA       COFI EU        -13400344.7    274876811
COFINA SGPS SA       CFN1 PZ        -13400344.7    274876811
COFINA SGPS SA       CFNX PX        -13400344.7    274876811
COFINA SGPS SA       COFI EB        -13400344.7    274876811
COFINA SGPS SA       COFI TQ        -13400344.7    274876811
COFINA SGPS SA       COFI EO        -13400344.7    274876811
COFINA SGPS SA       CFN PL         -13400344.7    274876811
CP - COMBOIOS DE     1005Z PL       -3201667335   2260472073
EMPRESA PUBLICA      3646447Z PL   -18489644.56  302885128.1
ESTALEIROS NAVAI     4507307Z PL   -23829407.78  315386385.8
FERREIRAS & MAGA     4281437Z PL   -14115717.84  103226790.2
GALERIA PARQUE N     4772673Z PL   -6221554.062  176869350.5
HOSPITAL DE FARO     3789880Z PL   -59945072.08  249069905.8
HOSPITAL GARCIA      3773160Z PL   -27714243.05    131330191
LOCACAO DE EQUIP     4772329Z PL   -1031872.211  425561447.8
LYCATELCOM LDA       4281821Z PL   -8577510.562  109410577.8
METRO DO PORTO       4473963Z PL   -227787324.3   3216337049
PARQUE DA PAMPIL     4770625Z PL   -1932626.439  135631078.1
PARQUE EOLICO DE     4772521Z PL   -1450277.362  131706562.9
PARQUE EXPO 98 S     3482350Z PL   -135582031.5  432824747.2
PORTUGALIA           1008Z PL      -4086509.601  263103585.3
RADIO E TELEVISA     1227Z PL      -874020727.2  739530176.7
REFER-REDE FERRO     1250Z PL       -1817223508  941624235.3
SERVICO DE SAUDE     3790200Z PL   -171447905.3  656234458.2
SOCIEDADE DE REN     3776676Z PL   -16609186.53  127876798.7
SOCIEDADE DE TRA     1253Z PL      -382109074.2  119848180.8
SPORTING-SOC DES     SCDF EO       -52021160.28  159963648.5
SPORTING-SOC DES     SCG GR        -52021160.28  159963648.5
SPORTING-SOC DES     SCPX PX       -52021160.28  159963648.5
SPORTING-SOC DES     SCP1 PZ       -52021160.28  159963648.5
SPORTING-SOC DES     SCDF EU       -52021160.28  159963648.5
SPORTING-SOC DES     SCPL IX       -52021160.28  159963648.5
SPORTING-SOC DES     SCDF PL       -52021160.28  159963648.5
SPORTING-SOC DES     SCP PL        -52021160.28  159963648.5
SPORTING-SOC-RTS     SCPVS PL      -52021160.28  159963648.5
SPORTING-SOC-RTS     SCPDS PL      -52021160.28  159963648.5
TAP SGPS             TAP PL        -293253615.6   2901200999
VALE DO LOBO - R     4764257Z PL   -19458755.77    553819822
VISTA ALEGRE ATL     4281717Z PL   -11415080.54  119980938.8

PORTUGAL
--------
KROSNO               KRS1EUR EO    -2241614.766  111838141.2
KROSNO               KROS IX       -2241614.766  111838141.2
KROSNO               KRS PW        -2241614.766  111838141.2
KROSNO               KRS LI        -2241614.766  111838141.2
KROSNO               KRS1EUR EU    -2241614.766  111838141.2
KROSNO SA            KRS PZ        -2241614.766  111838141.2
KROSNO SA            KRS1 EU       -2241614.766  111838141.2
KROSNO SA            KROSNO PW     -2241614.766  111838141.2
KROSNO SA            KRNFF US      -2241614.766  111838141.2
KROSNO SA            KRS1 EO       -2241614.766  111838141.2
KROSNO SA-RTS        KRSP PW       -2241614.766  111838141.2
KROSNO-PDA-ALLT      KRSA PW       -2241614.766  111838141.2
TOORA                2916665Q EU   -288818.3897  147004954.2
TOORA                TOR PZ        -288818.3897  147004954.2
TOORA                2916661Q EO   -288818.3897  147004954.2
TOORA                TOR PW        -288818.3897  147004954.2
TOORA-ALLOT CERT     TORA PW       -288818.3897  147004954.2

ROMANIA
-------
OLTCHIM RM VALCE     OLTCF US      -89344235.29  511515508.8
OLTCHIM SA RM VA     OLTEUR EO     -89344235.29  511515508.8
OLTCHIM SA RM VA     OLT PZ        -89344235.29  511515508.8
OLTCHIM SA RM VA     OLTEUR EU     -89344235.29  511515508.8
OLTCHIM SA RM VA     OLT RO        -89344235.29  511515508.8
OLTCHIM SA RM VA     OLT EU        -89344235.29  511515508.8
OLTCHIM SA RM VA     OLT EO        -89344235.29  511515508.8

RUSSIA
------
AKCIONERNOE-BRD      SOVP$ RU      -79749277.74  135830690.8
ALLIANCE RUSSIAN     ALRT RU       -13189413.03  138268688.3
AMO ZIL              ZILL RM       -115900565.7    368611137
AMO ZIL-CLS          ZILL RU       -115900565.7    368611137
AMO ZIL-CLS          ZILL* RU      -115900565.7    368611137
AMUR SHIP-BRD        AMZS RU       -137530791.8  945775662.6
AMUR SHIP-BRD        AMZS* RU      -137530791.8  945775662.6
BUMMASH OJSC-BRD     BUMM RU       -8393701.106  181897628.6
BUMMASH OJSC-BRD     BUMM* RU      -8393701.106  181897628.6
DAGESTAN ENERGY      DASB RM       -41669395.76  184251158.9
DAGESTAN ENERGY      DASB* RU      -41669395.76  184251158.9
DAGESTAN ENERGY      DASB RU       -41669395.76  184251158.9
EAST-SIBERIA-BRD     VSNK RU       -27891692.64  256817436.6
EAST-SIBERIA-BRD     VSNK* RU      -27891692.64  256817436.6
EAST-SIBERIAN-BD     VSNK$ RU      -27891692.64  256817436.6
FINANCIAL LEASIN     137282Z RU    -97179286.08    323537012
FINANCIAL LEASIN     FLKO RM       -97179286.08    323537012
FINANCIAL LE-BRD     FLKO RU       -97179286.08    323537012
FINANCIAL LE-BRD     FLKO* RU      -97179286.08    323537012
GAZ-FINANS           GAZF RU       -56134.51262  232319905.4
IZHAVTO OAO          IZAV RU       -19693758.83  474754687.9
KOMPANIYA GL-BRD     GMST* RU      -12705934.31   1168280317
KOMPANIYA GL-BRD     GMST RU       -12705934.31   1168280317
MIAN-DEVELOPMENT     MAEQY RU      -695445.1747    424399991
M-INDUSTRIYA         SOMI RU       -1091260.252  261721440.8
MZ ARSENAL-$BRD      ARSE RU       -17937175.79    215191909
MZ ARSENAL-BRD       ARSE* RU      -17937175.79    215191909
MZ ARSENAL-BRD       ARSE$ RU      -17937175.79    215191909
PENOPLEX-FINANS      PNPF RU       -754086.9373  140176163.3
PROMTRACTOR-FINA     PTRF RU       -22844527.96  271197988.2
RK-GAZSETSERVIS      RKGS RU       -54665229.61  153223493.4
RUSSIAN TEXT-CLS     ALRT* RU      -13189413.03  138268688.3
RUSSIAN TEXT-CLS     ALRTG RU      -13189413.03  138268688.3
RYBINSKKABEL         RBKZD RU      -8532245.618  108539181.3
SEVKABEL-FINANS      SVKF RU       -83036.46173  102680373.6
SISTEMA HALS         HALS RM         -343701984   1217284096
SISTEMA HALS-BRD     HALS RU         -343701984   1217284096
SISTEMA HALS-BRD     HALS* RU        -343701984   1217284096
SISTEMA HALS-GDR     HALS TQ         -343701984   1217284096
SISTEMA HALS-GDR     HALS LI         -343701984   1217284096
SISTEMA HALS-GDR     SYR GR          -343701984   1217284096
SISTEMA HALS-GDR     HALS IX         -343701984   1217284096
SISTEMA HALS-MSE     HALSM RU        -343701984   1217284096
SISTEMA HALS-T+0     HALSG RU        -343701984   1217284096
SISTEMA-GDR 144A     SEMAL US        -343701984   1217284096
SISTEMA-GDR 144A     86PN LI         -343701984   1217284096
URGALUGOL-BRD        YRGL* RU      -20765966.62  115490879.4
URGALUGOL-BRD        YRGL RU       -20765966.62  115490879.4
URGALUGOL-BRD-PF     YRGLP RU      -20765966.62  115490879.4
VACO-BRD             VASO RU       -27108669.77  934073954.9
VACO-BRD             VASO* RU      -27108669.77  934073954.9
VACO-PFD             VASOP RU      -27108669.77  934073954.9
VACO-PFD             VASOP* RU     -27108669.77  934073954.9
VASO                 1001Q RU      -27108669.77  934073954.9
VASO-$               1002Q RU      -27108669.77  934073954.9
VASO-$PFD BRD        VASOP$ RU     -27108669.77  934073954.9
VASO-Q LIST          VASO$ RU      -27108669.77  934073954.9
VIMPEL SHIP-BRD      SOVP* RU      -79749277.74  135830690.8
VIMPEL SHIP-BRD      SOVP RU       -79749277.74  135830690.8
VOLGOGRAD KHIM       VHIM* RU      -36728501.72  145195344.9
VOLGOGRAD KHIM       VHIM RU       -36728501.72  145195344.9
WILD ORCHID ZAO      DOAAN RU      -11716088.49  106082784.6
ZAPSIBGASP-Q PFD     ZSGPP$ RU     -72947.51526  122459176.2
ZAPSIBGASPRO-BRD     ZSGP RU       -72947.51526  122459176.2
ZAPSIBGASPRO-BRD     ZSGP* RU      -72947.51526  122459176.2
ZAPSIBGASPROM-B      ZSGP$ RU      -72947.51526  122459176.2
ZAPSIBGASPRO-PFD     ZSGPP* RU     -72947.51526  122459176.2
ZAPSIBGASPRO-PFD     ZSGPP RU      -72947.51526  122459176.2
ZIL AUTO PLANT       ZILL$ RU      -115900565.7    368611137
ZIL AUTO PLANT-P     ZILLP RM      -115900565.7    368611137
ZIL AUTO PLANT-P     ZILLP RU      -115900565.7    368611137
ZIL AUTO PLANT-P     ZILLP* RU     -115900565.7    368611137

SERBIA
------
RAFO SA              RAF RO        -457922636.3  356796459.3
DUVANSKA             DIVR SG       -32792314.86  122255596.4
PINKI AD             PNKI SG       -36537862.34    120707518

SLOVENIA
--------
ISTRABENZ            ITBG EO       -3710060.729   1192276659
ISTRABENZ            ITBG PZ       -3710060.729   1192276659
ISTRABENZ            ITBG EU       -3710060.729   1192276659
ISTRABENZ            ITBG SV       -3710060.729   1192276659

SPAIN
-----
ACTUACIONES ACTI     AGR SM        -103648870.9  514898183.4
AGRUPACIO - RT       AGR/D SM      -103648870.9  514898183.4
AMADEUS IT HOLDI     AMS3 EO       -397888596.9   7970850431
AMADEUS IT HOLDI     AMS SM        -397888596.9   7970850431
AMADEUS IT HOLDI     AMS3 EB       -397888596.9   7970850431
AMADEUS IT HOLDI     AI3A TH       -397888596.9   7970850431
AMADEUS IT HOLDI     AMS IX        -397888596.9   7970850431
AMADEUS IT HOLDI     AI3A GR       -397888596.9   7970850431
AMADEUS IT HOLDI     AMS TQ        -397888596.9   7970850431
AMADEUS IT HOLDI     AMADF US      -397888596.9   7970850431
AMADEUS IT HOLDI     AMS3 EU       -397888596.9   7970850431
AMADEUS IT-ADR       AMADY US      -397888596.9   7970850431
AMCI HABITAT SA      AMC SM        -24580874.45  194758143.4
AMCI HABITAT SA      AMC3 EO       -24580874.45  194758143.4
AMCI HABITAT SA      AMC1 EU       -24580874.45  194758143.4
AURIGACROWN CAR      3791672Z SM   -9696323.931  319009688.5
BASF CONSTRUCTIO     4511259Z SM   -175550365.3  296395765.4
BAXI CALEFACCION     4029741Z SM   -16038399.69  313088537.4
BOSCH SISTEMAS D     4505475Z SM   -295419977.8  205556877.2
BOUYGUES INMOBIL     3636247Z SM   -13608696.28  203210929.5
CAIXARENTING SA      4500211Z SM   -13655312.55   1651010629
CAJA DE AHORROS      929362Z SM    -361326816.2  37311046644
CELAYA EMPARANZA     3642467Z SM   -19428473.29  176340504.9
CONFORAMA ESPANA     3771496Z SM   -7499886.371  125121785.8
COPERFIL GROUP       704457Z SM    -3700858.975    403826723
DTZ IBERICA ASES     1658Z SM      -130770583.4    611187363
ELECTRODOMESTICO     1035184Z SM   -89882980.98  104386627.5
ERICSSON NETWORK     4367417Z SM   -30313203.28  358279303.5
FABRICAS AGRUPAD     3638319Z SM   -32596694.58  286240670.7
FBEX PROMO INMOB     3745024Z SM   -820002.4257   1142937522
FERGO AISA -RTS      AISA/D SM     -103648870.9  514898183.4
FERGO AISA SA        AISA PZ       -103648870.9  514898183.4
FERGO AISA SA        AISA EO       -103648870.9  514898183.4
FERGO AISA SA        AISA EU       -103648870.9  514898183.4
FERGO AISA SA        AISA SM       -103648870.9  514898183.4
FMC FORET SA         3642299Z SM   -28605523.78  225458069.6
GALERIAS PRIMERO     3281527Z SM   -2731006.701  124875864.6
GE POWER CONTROL     3744144Z SM   -25412232.52  973735754.8
GENERAL MOTORS E     4286805Z SM   -323089753.8   2783002632
GLENCORE ESPANA      3752336Z SM    -24493074.5    140668008
HIDROCANTABRICO      4456745Z SM   -213762090.5  376644969.1
INDO INTER-RTS       IDO/D SM       -3523887.56  101210953.5
INDO INTL SA         IDOS PZ        -3523887.56  101210953.5
INDO INTL SA         IDO SM         -3523887.56  101210953.5
INDO INTL SA         IDO EU         -3523887.56  101210953.5
INDO INTL SA         IDO EO         -3523887.56  101210953.5
INDO INTL SA-OLD     IND SM         -3523887.56  101210953.5
INITEC ENERGIA S     3637759Z SM   -1230006.429  256846609.3
ISOFOTON SA          1039291Z SM     -401482382  218392745.6
JAZZ TELECOM SA      3646927Z SM   -639496511.6  784724900.3
LA SIRENA ALIMEN     4375737Z SM   -45848483.56  200881094.4
LEVANTINA Y ASOC     993382Z SM    -47134823.82  798577925.4
MAGNETI MARELLI      3643903Z SM   -6218714.533  169480205.1
MARTINSA FADESA      MTF1 LI        -2074326070   7383402199
MARTINSA FADESA      MTF EU         -2074326070   7383402199
MARTINSA FADESA      MFAD PZ        -2074326070   7383402199
MARTINSA FADESA      MTF SM         -2074326070   7383402199
MARTINSA FADESA      4PU GR         -2074326070   7383402199
MARTINSA FADESA      MTF EO         -2074326070   7383402199
MARTINSA-FADESA      MTF NR         -2074326070   7383402199
NYESA VALORES CO     BES TQ         -68174952.1  813033334.5
NYESA VALORES CO     NYE TQ         -68174952.1  813033334.5
NYESA VALORES CO     NYE SM         -68174952.1  813033334.5
NYESA VALORES CO     BES EU         -68174952.1  813033334.5
NYESA VALORES CO     NYE EU         -68174952.1  813033334.5
NYESA VALORES CO     BES EO         -68174952.1  813033334.5
NYESA VALORES CO     BES SM         -68174952.1  813033334.5
NYESA VALORES CO     NYE EO         -68174952.1  813033334.5
NYESA VALORES CO     BESS PZ        -68174952.1  813033334.5
ORANGE CATALUNYA     4365565Z SM   -25422547.72  113962331.9
PANRICO SL           1087Z SM      -132677120.8   1306407522
PULLMANTUR SA        301590Z SM    -77746125.07    127835603
RANDSTAD EMPLEO      4285885Z SM   -58878158.21  370434722.2
REAL ZARAGOZA SA     4285533Z SM   -26642901.63  155342765.2
REYAL URBIS SA       REY1 EU       -265713950.7   6301924871
REYAL URBIS SA       REYU PZ       -265713950.7   6301924871
REYAL URBIS SA       REY SM        -265713950.7   6301924871
REYAL URBIS SA       REY1 EO       -265713950.7   6301924871
SIDERURGICA SEVI     3755616Z SM   -6175297.757  255962721.9
SOGECABLE MEDIA      3638359Z SM   -3018000.191  182987292.3
SPANAIR              1174Z SM      -592075778.7  449250970.6
SUPERMERCADOS CH     3635999Z SM   -49108086.45  430829438.2
SUPERMERCADOS CO     4285781Z SM   -6271873.083  110251382.6
TELEVISION AUTON     3772924Z SM   -148813562.1  119454851.8
TIP TRAILERS ESP     3804444Z SM   -11109283.92  130713925.8
TROPICAL TURISTI     3639071Z SM   -25374272.58    535701945
TWINS ALIMENTACI     4381793Z SM   -49677879.17  298164942.5
UNITEC UNION TIE     3801344Z SM   -23207417.85  131213302.5
UNIVERSAL MUSIC      3748312Z SM   -113641266.3  100627411.6
VIA OPERADOR PET     4510507Z SM   -22002322.05  129961207.4

SWEDEN
------
ALLOKTON AB          ALOKB SS      -69000994.47  464707844.7
ALLOKTON AB-NEW      ALOKBTAB SS   -69000994.47  464707844.7
ALLOKTON AB-RTS      ALOKTRB SS    -69000994.47  464707844.7
KAROLINEN FASTIG     4008644Z SS   -906745.1282  122777361.3
NOBINA               1099Z SS      -13023225.28  483974246.5
PHADIA AB            842347Z SS    -140406774.4   2127579095
STENA RECYCLING      4011316Z SS   -10675550.11  346046797.4
SWEDISH MA-RE RT     SWMASR SS       -104464794   2073589174
SWEDISH MAT-ADR      SWMA GR         -104464794   2073589174
SWEDISH MAT-ADR      3053566Q US     -104464794   2073589174
SWEDISH MATCH        SWD LI          -104464794   2073589174
SWEDISH MATCH AB     SWM GR          -104464794   2073589174
SWEDISH MATCH AB     SWMAEUR EO      -104464794   2073589174
SWEDISH MATCH AB     SWMAF US        -104464794   2073589174
SWEDISH MATCH AB     SWMDF US        -104464794   2073589174
SWEDISH MATCH AB     SWMAUSD EO      -104464794   2073589174
SWEDISH MATCH AB     SWMA PZ         -104464794   2073589174
SWEDISH MATCH AB     SWMA QM         -104464794   2073589174
SWEDISH MATCH AB     SWMA LI         -104464794   2073589174
SWEDISH MATCH AB     SWMAGBX EO      -104464794   2073589174
SWEDISH MATCH AB     SWMA EO         -104464794   2073589174
SWEDISH MATCH AB     SWMAGBX EU      -104464794   2073589174
SWEDISH MATCH AB     SWMA EU         -104464794   2073589174
SWEDISH MATCH AB     SWMA IX         -104464794   2073589174
SWEDISH MATCH AB     SWMA NQ         -104464794   2073589174
SWEDISH MATCH AB     SWMAEUR EU      -104464794   2073589174
SWEDISH MATCH AB     SWMAGBP EO      -104464794   2073589174
SWEDISH MATCH AB     SWM VX          -104464794   2073589174
SWEDISH MATCH AB     SWMA SS         -104464794   2073589174
SWEDISH MATCH AB     SWMA BY         -104464794   2073589174
SWEDISH MATCH AB     SWMA TQ         -104464794   2073589174
SWEDISH MATCH AB     SWMA EB         -104464794   2073589174
SWEDISH MATCH AB     SWMAUSD EU      -104464794   2073589174
SWEDISH MATCH AB     SWMA GK         -104464794   2073589174
SWEDISH MATCH AB     SWMA NR         -104464794   2073589174
SWEDISH MATCH- B     SWMWF US        -104464794   2073589174
SWEDISH MATCH-B      3033P US        -104464794   2073589174
SWEDISH MAT-RTS      SWMYR US        -104464794   2073589174
SWEDISH M-UN ADR     SWMAY US        -104464794   2073589174

TURKEY
------
BESIKTAS FUTBOL      BJKASM TI     -43252296.37  170044537.5
BESIKTAS FUTBOL      BJKAS TI      -43252296.37  170044537.5
BESIKTAS FUTBOL      BKTFF US      -43252296.37  170044537.5
BESIKTAS FUTBOL      BJKASY TI     -43252296.37  170044537.5
BESIKTAS FUTBOL      BWX GR        -43252296.37  170044537.5
EGS EGE GIYIM VE     EGDIS TI      -7732138.551  147075066.7
EGS EGE GIYIM-RT     EGDISR TI     -7732138.551  147075066.7
IKTISAT FINAN-RT     IKTFNR TI     -46900661.12  108228233.6
IKTISAT FINANSAL     IKTFN TI      -46900661.12  108228233.6
MUDURNU TAVUKC-N     MDRNUN TI     -64930189.62  160408172.1
MUDURNU TAVUKCUL     MDRNU TI      -64930189.62  160408172.1
SIFAS                SIFAS TI       -15439198.6    130608104
TUTUNBANK            TUT TI         -4024959602   2643810457
YASARBANK            YABNK TI       -4024959602   2643810457

UKRAINE
-------
AZOVZAGALMASH MA     AZGM UZ       -42249434.54  336677635.6
DONETSKOBLENERGO     DOON UZ       -215402204.1  392933868.2
IVANO-FRANKIVSKG     FGAZ UZ       -3383044.374  105529023.2
LUGANSKGAS           LYGZ UZ       -16910611.07  109918477.6
LUGANSKOBLENERGO     LOEN UZ       -28215316.21  199132674.2
NAFTOKHIMIK PRIC     NAFP UZ       -22522406.39  344629436.5
NAFTOKHIMIK-GDR      N3ZA GR       -22522406.39  344629436.5
ODESSA OIL REFIN     ONPZ UZ       -111365037.3  482408362.5
ZALK - PFTS          ZALK UZ       -43917601.26  146530718.8

UNITED KINGDOM
--------------
ABBOTT MEAD VICK     648824Q LN    -1685852.904  168258996.3
ACIS GROUP LTD       4159557Z LN   -29529317.19  122639068.7
ACORN CARE AND E     1238567Z LN   -70886162.28  120665053.6
ADVANCE DISPLAY      ADTP PZ        -3015578835   2590007904
AEA TECHNOLO-FPR     AATF PZ       -254011230.2  116074481.7
AEA TECHNOLO-FPR     AATF LN       -254011230.2  116074481.7
AEA TECHNOLOGY       AEY GR        -254011230.2  116074481.7
AEA TECHNOLOGY       EAETF US      -254011230.2  116074481.7
AEA TECHNOLOGY       AAT PO        -254011230.2  116074481.7
AEA TECHNOLOGY       AAT VX        -254011230.2  116074481.7
AEA TECHNOLOGY       AAT IX        -254011230.2  116074481.7
AEA TECHNOLOGY G     AAT EU        -254011230.2  116074481.7
AEA TECHNOLOGY G     AATGBP EO     -254011230.2  116074481.7
AEA TECHNOLOGY G     AAT LN        -254011230.2  116074481.7
AEA TECHNOLOGY G     89A GR        -254011230.2  116074481.7
AEA TECHNOLOGY G     AAT EO        -254011230.2  116074481.7
AEA TECHNOLOGY G     AAT PZ        -254011230.2  116074481.7
AEA TECHNOLO-NPR     AATN PZ       -254011230.2  116074481.7
AEA TECHNOLO-NPR     AATN LN       -254011230.2  116074481.7
AGA RANGEMASTER      4160101Z LN   -135154885.9    370549810
AGORA SHOPPING C     214766Z LN    -21850071.32  248692744.5
AIRTOURS PLC         AIR VX        -379721841.6   1817512774
AIRTOURS PLC         ATORF US      -379721841.6   1817512774
AIRTOURS PLC         AIR LN        -379721841.6   1817512774
ALLDAYS PLC          ALDYF US        -120493900  252232072.9
ALLDAYS PLC          317056Q LN      -120493900  252232072.9
ALLIANZ MANAGEME     4160221Z LN    -60281459.6  149113920.3
ALTON TOWERS RES     4496763Z LN   -10652990.57  233239679.4
AMER BUS SYS         ARB LN          -497127008    121439000
AMEY PLC             AMY LN        -48862569.33  931527720.5
AMEY PLC             AMY VX        -48862569.33  931527720.5
AMEY PLC             AMEYF US      -48862569.33  931527720.5
AMEY PLC-ASSENT      AMYA LN       -48862569.33  931527720.5
AMEY PLC-NEW         AMYN LN       -48862569.33  931527720.5
ANGLESEY ALUMINI     3899138Z LN   -31293037.69  162854170.3
ANKER PLC            ANK PO        -21861359.81    115463159
ANKER PLC            DW14 GR       -21861359.81    115463159
ANKER PLC            ANK LN        -21861359.81    115463159
ANKER PLC - ASSD     ANKC LN       -21861359.81    115463159
ANKER PLC - ASSD     ANKB LN       -21861359.81    115463159
ANKER PLC-ASSD       ANKA LN       -21861359.81    115463159
AT KEARNEY HOLDI     4168565Z LN   -712649.2612  420870276.2
ATKINS (WS) PLC      ATK VX        -167977705.2   1532560636
ATKINS (WS) PLC      ATK IX        -167977705.2   1532560636
ATKINS (WS) PLC      ATK PO        -167977705.2   1532560636
ATKINS (WS) PLC      6W2 GK        -167977705.2   1532560636
ATKINS (WS) PLC      ATK NQ        -167977705.2   1532560636
ATKINS (WS) PLC      6W2 GR        -167977705.2   1532560636
ATKINS (WS) PLC      WATKY US      -167977705.2   1532560636
ATKINS (WS) PLC      ATK QM        -167977705.2   1532560636
ATKINS (WS) PLC      ATK PZ        -167977705.2   1532560636
ATKINS (WS) PLC      WATKF US      -167977705.2   1532560636
ATKINS (WS) PLC      ATK TQ        -167977705.2   1532560636
ATKINS (WS) PLC      ATK EU        -167977705.2   1532560636
ATKINS (WS) PLC      ATKEUR EU     -167977705.2   1532560636
ATKINS (WS) PLC      ATK LN        -167977705.2   1532560636
ATKINS (WS) PLC      ATK EB        -167977705.2   1532560636
ATKINS (WS) PLC      ATK BQ        -167977705.2   1532560636
ATKINS (WS) PLC      ATK EO        -167977705.2   1532560636
ATKINS (WS) PLC      ATK NR        -167977705.2   1532560636
ATKINS (WS) PLC      ATKGBP EO     -167977705.2   1532560636
ATKINS (WS) PLC      ATKEUR EO     -167977705.2   1532560636
AVIVA CENTRAL SE     4503755Z LN   -118366561.9  856513593.7
BARCHESTER HOLDC     4391889Z LN   -29571912.71   1847591976
BAT UK & EXPORT      4509491Z LN   -349911284.7   2485988824
BCH GROUP PLC        BCH LN        -5728274.385  187993198.2
BDP HOLDINGS LTD     3796920Z LN   -4078321.526  113196276.2
BEZIER ACQUISITI     610152Z LN    -57556435.01  153054878.1
BIFFA LTD            BIFF LN       -380391564.8   3021695633
BIFFA PLC            BIFF PZ       -380391564.8   3021695633
BIFFA PLC            BIFF IX       -380391564.8   3021695633
BIFFA PLC            2758818Q EU   -380391564.8   3021695633
BIFFA PLC            2758822Q EO   -380391564.8   3021695633
BIFFA PLC            BIFAF US      -380391564.8   3021695633
BIFFA PLC            2758794Q EU   -380391564.8   3021695633
BIFFA PLC            2758802Q EO   -380391564.8   3021695633
BIFFA PLC            2758798Q EO   -380391564.8   3021695633
BIFFA PLC            3567279Q GR   -380391564.8   3021695633
BIFFA PLC            2758806Q EO   -380391564.8   3021695633
BIRDS EYE IGLO       2332487Z LN   -427711801.4   3363661902
BLACK & EDGINGTO     BLE LN        -119704799.7  123295943.6
BMI                  1113Z LN      -216730247.2  520473243.2
BNB RECRUITMENT      BQX GR        -10242627.53    103637705
BNB RECRUITMENT      BNBRF US      -10242627.53    103637705
BNB RECRUITMENT      BNB PO        -10242627.53    103637705
BNB RECRUITMENT      BNB LN        -10242627.53    103637705
BNB RECRUITMENT      BNB IX        -10242627.53    103637705
BOOKER PLC           987188Q LN     -59832880.4   1298182549
BOOKER PLC           BKERF US       -59832880.4   1298182549
BOOKER PLC           1330Q GR       -59832880.4   1298182549
BOOKER PLC-ADR       BKRUY US       -59832880.4   1298182549
BOOKER PLC-ADR       BOK$ LN        -59832880.4   1298182549
BRADSTOCK GROUP      BSKGF US      -1855444.443  268563822.5
BRADSTOCK GROUP      BDK LN        -1855444.443  268563822.5
BRENT WALKER GRP     BWKGF US       -1774306283  867084131.8
BRENT WALKER GRP     754087Q LN     -1774306283  867084131.8
BRIT BROADCAST       1517Z LN      -582276768.4   4439917375
BRIT ENERGY LTD      523362Q LN     -5822867501   4921095750
BRIT ENERGY PLC      555140Q VX     -5822867501   4921095750
BRIT ENERGY PLC      BGYEF US       -5822867501   4921095750
BRIT ENERGY PLC      BHEGF US       -5822867501   4921095750
BRIT ENERGY PLC      BEN1 GR        -5822867501   4921095750
BRIT ENERGY-A        BENA GR        -5822867501   4921095750
BRIT ENERGY-ADR      BHEFF US       -5822867501   4921095750
BRIT TELECOM         9484 JP       -500158335.7  44650926339
BRIT TELECOM         BTE GR        -500158335.7  44650926339
BRIT TELECOM PLC     BTPLF US      -500158335.7  44650926339
BRIT TELECOM PLC     BT/A VX       -500158335.7  44650926339
BRIT TELECOM PLC     BTPWF US      -500158335.7  44650926339
BRIT TELECOM-ADR     BTEA GR       -500158335.7  44650926339
BRIT TELECOM-ADR     1481Q CN      -500158335.7  44650926339
BRIT TELECOM-RTS     BTY-R US      -500158335.7  44650926339
BRITISH ENER-$US     BGYD AR        -5822867501   4921095750
BRITISH ENER-$US     BGYNYD AR      -5822867501   4921095750
BRITISH ENER-ADR     BGYNY US       -5822867501   4921095750
BRITISH ENER-BLK     BGYB AR        -5822867501   4921095750
BRITISH ENER-BLK     BGYNYB AR      -5822867501   4921095750
BRITISH ENER-C/E     BGYC AR        -5822867501   4921095750
BRITISH ENER-C/E     BGYNYC AR      -5822867501   4921095750
BRITISH ENER-CED     BGYNY AR       -5822867501   4921095750
BRITISH ENER-CED     BGY AR         -5822867501   4921095750
BRITISH ENERGY-A     BHEAF US       -5822867501   4921095750
BRITISH ENERGY-A     BGYGF US       -5822867501   4921095750
BRITISH ENERGY-A     BGYA PO        -5822867501   4921095750
BRITISH ENERGY-A     3012442Q LN    -5822867501   4921095750
BRITISH ENERGY-A     BGYA VX        -5822867501   4921095750
BRITISH TELE-FP      BT/F LN       -500158335.7  44650926339
BRITISH TELE-NP      BT/N LN       -500158335.7  44650926339
BRITISH TELE-NP      BTPXF US      -500158335.7  44650926339
BRITVIC PLC          BVIC TQ       -48570467.38   1655034670
BRITVIC PLC          BVIC NQ       -48570467.38   1655034670
BRITVIC PLC          BVICUSD EU    -48570467.38   1655034670
BRITVIC PLC          BVIC LN       -48570467.38   1655034670
BRITVIC PLC          BTVCF US      -48570467.38   1655034670
BRITVIC PLC          B6S GR        -48570467.38   1655034670
BRITVIC PLC          BVIC IX       -48570467.38   1655034670
BRITVIC PLC          BVIC EU       -48570467.38   1655034670
BRITVIC PLC          BVIC EB       -48570467.38   1655034670
BRITVIC PLC          BVICEUR EO    -48570467.38   1655034670
BRITVIC PLC          BVIC EO       -48570467.38   1655034670
BRITVIC PLC          BVIC PZ       -48570467.38   1655034670
BRITVIC PLC          BVIC BQ       -48570467.38   1655034670
BRITVIC PLC          BVICEUR EU    -48570467.38   1655034670
BRITVIC PLC          B6S GK        -48570467.38   1655034670
BRITVIC PLC          BVICGBP EO    -48570467.38   1655034670
BRITVIC PLC          BVIC NR       -48570467.38   1655034670
BRITVIC PLC          BVIC VX       -48570467.38   1655034670
BRITVIC PLC          BVICUSD EO    -48570467.38   1655034670
BRITVIC PLC          BVIC QM       -48570467.38   1655034670
BRITVIC PLC-ADR      BTVCY US      -48570467.38   1655034670
BT GROUP PLC         BT/A LN       -500158335.7  44650926339
BT GROUP PLC         BT/APEN EU    -500158335.7  44650926339
BT GROUP PLC         BT/A NQ       -500158335.7  44650926339
BT GROUP PLC         BTGOF US      -500158335.7  44650926339
BT GROUP PLC         BT/A QM       -500158335.7  44650926339
BT GROUP PLC         BT IX         -500158335.7  44650926339
BT GROUP PLC         BTQ GR        -500158335.7  44650926339
BT GROUP PLC         BT/A BQ       -500158335.7  44650926339
BT GROUP PLC         BT/AUSD EU    -500158335.7  44650926339
BT GROUP PLC         BT/A NR       -500158335.7  44650926339
BT GROUP PLC         BT/AEUR EO    -500158335.7  44650926339
BT GROUP PLC         BTQ TH        -500158335.7  44650926339
BT GROUP PLC         BT/AUSD EO    -500158335.7  44650926339
BT GROUP PLC         BT/A TQ       -500158335.7  44650926339
BT GROUP PLC         BT/AGBP EO    -500158335.7  44650926339
BT GROUP PLC         BT/A EB       -500158335.7  44650926339
BT GROUP PLC         BT/APEN EO    -500158335.7  44650926339
BT GROUP PLC         BTEG IX       -500158335.7  44650926339
BT GROUP PLC         BT/A EU       -500158335.7  44650926339
BT GROUP PLC         BT/A EO       -500158335.7  44650926339
BT GROUP PLC         BTQ GK        -500158335.7  44650926339
BT GROUP PLC         BT PZ         -500158335.7  44650926339
BT GROUP PLC         BT/ VX        -500158335.7  44650926339
BT GROUP PLC         BT/AEUR EU    -500158335.7  44650926339
BT GROUP PLC         BT/A PO       -500158335.7  44650926339
BT GROUP PLC-ADR     BT/$ LN       -500158335.7  44650926339
BT GROUP PLC-W/I     BTWI LN       -500158335.7  44650926339
BT GROUP-ADR WI      BTY-W US      -500158335.7  44650926339
BT GROUP-CED $US     BTYD AR       -500158335.7  44650926339
BT GROUP-CED $US     BTD AR        -500158335.7  44650926339
BT GROUP-CED BLK     BTB AR        -500158335.7  44650926339
BT GROUP-CED BLK     BTYB AR       -500158335.7  44650926339
BT GROUP-CED C/E     BTC AR        -500158335.7  44650926339
BT GROUP-CED C/E     BTYC AR       -500158335.7  44650926339
BT GROUP-CEDEAR      BTY AR        -500158335.7  44650926339
BT GROUP-CEDEAR      BT AR         -500158335.7  44650926339
BT GROUP-SPON AD     BT MM         -500158335.7  44650926339
BT GROUP-SPON AD     BTYN MM       -500158335.7  44650926339
BT GROUP-SPON AD     BTY US        -500158335.7  44650926339
BT GROUP-SPON AD     BTQA GR       -500158335.7  44650926339
BT GROUP-SPON AD     BT US         -500158335.7  44650926339
BURNDEN LEISURE      BDL LN        -34303346.66  148833324.3
CALSONIC KANSEI      2730264Z LN   -112686897.5    233439821
CARISBROOKE ANGL     3815488Z LN   -67887962.81  125396558.7
CARLISLE GROUP       506819Q LN    -11904426.45    203548565
CATTLES PLC          CTT EU        -599615492.2   3880885246
CATTLES PLC          CTTSEK EU     -599615492.2   3880885246
CATTLES PLC          CTT LN        -599615492.2   3880885246
CATTLES PLC          CZS GR        -599615492.2   3880885246
CATTLES PLC          CTTSEK EO     -599615492.2   3880885246
CATTLES PLC          CTT PZ        -599615492.2   3880885246
CATTLES PLC          CTT NQ        -599615492.2   3880885246
CATTLES PLC          CTT VX        -599615492.2   3880885246
CATTLES PLC          CTT EB        -599615492.2   3880885246
CATTLES PLC          CTT TQ        -599615492.2   3880885246
CATTLES PLC          CTT IX        -599615492.2   3880885246
CATTLES PLC          CHOXF US      -599615492.2   3880885246
CATTLES PLC          CTT QM        -599615492.2   3880885246
CATTLES PLC          CTTGBP EO     -599615492.2   3880885246
CATTLES PLC          CTT PO        -599615492.2   3880885246
CATTLES PLC          CTT NR        -599615492.2   3880885246
CATTLES PLC          CTTUSD EO     -599615492.2   3880885246
CATTLES PLC          CTTEUR EO     -599615492.2   3880885246
CATTLES PLC          CTT BQ        -599615492.2   3880885246
CATTLES PLC          CTT EO        -599615492.2   3880885246
CATTLES PLC          CTTUSD EU     -599615492.2   3880885246
CATTLES PLC          CTTEUR EU     -599615492.2   3880885246
CATTLES PLC-ADR      CHOXY US      -599615492.2   3880885246
CATTLES PLC-FPR      CTTF LN       -599615492.2   3880885246
CATTLES PLC-FPR      CTTF PZ       -599615492.2   3880885246
CATTLES PLC-NPR      2843730Q EU   -599615492.2   3880885246
CATTLES PLC-NPR      2843726Q EO   -599615492.2   3880885246
CATTLES PLC-NPR      CTTN IX       -599615492.2   3880885246
CATTLES PLC-NPR      CTTN PZ       -599615492.2   3880885246
CATTLES PLC-NPR      CTTN LN       -599615492.2   3880885246
CATTLES PLC-NPR      2843734Q EO   -599615492.2   3880885246
CATTLES PLC-NPR      CCTN PZ       -599615492.2   3880885246
CATTLES PLC-RFD      CTTR PZ       -599615492.2   3880885246
CATTLES PLC-RFD      CTTR LN       -599615492.2   3880885246
CATTLES PLC-RFD      CTTR IX       -599615492.2   3880885246
CHANNEL 5 TELEVI     93306Z LN     -61651242.02  459075420.3
CHRYSALIS GROUP      HR4 GR        -16399845.81  124838262.3
CHRYSALIS GROUP      CHS IX        -16399845.81  124838262.3
CHRYSALIS GROUP      CHS PO        -16399845.81  124838262.3
CHRYSALIS GROUP      CHSGBP EO     -16399845.81  124838262.3
CHRYSALIS GROUP      CHS VX        -16399845.81  124838262.3
CHRYSALIS GROUP      CHS EO        -16399845.81  124838262.3
CHRYSALIS GROUP      5CY GR        -16399845.81  124838262.3
CHRYSALIS GROUP      CHS PZ        -16399845.81  124838262.3
CHRYSALIS GROUP      CHS EU        -16399845.81  124838262.3
CHRYSALIS GROUP      CHSUSD EU     -16399845.81  124838262.3
CHRYSALIS GROUP      CHSUSD EO     -16399845.81  124838262.3
CHRYSALIS GROUP      CYGUF US      -16399845.81  124838262.3
CHRYSALIS GROUP      CLYSF US      -16399845.81  124838262.3
CHRYSALIS GROUP      CHSEUR EU     -16399845.81  124838262.3
CHRYSALIS GROUP      CHS LN        -16399845.81  124838262.3
CHRYSALIS GROUP      CHSEUR EO     -16399845.81  124838262.3
CLIPPER WINDPOWE     3470635Q LN     -168322000    436419008
CLIPPER WINDPOWE     CWP EU          -168322000    436419008
CLIPPER WINDPOWE     CRPWF US        -168322000    436419008
CLIPPER WINDPOWE     CWP EO          -168322000    436419008
CLIPPER WINDPOWE     C2W GR          -168322000    436419008
CLIPPER WINDPOWE     CWP IX          -168322000    436419008
CLIPPER WINDPOWE     CWP PZ          -168322000    436419008
CLIPPER WINDPOWE     CWP LN          -168322000    436419008
CLIPPER WINDPOWE     CWP PG          -168322000    436419008
CLIPPER WINDPOWE     CWPA LN         -168322000    436419008
COLAS RAIL LTD       4515415Z LN   -7305847.237  121887967.1
COMMUNITY HOUSIN     4448257Z LN   -14511411.69  202470936.1
COMO HOLDINGS UK     3818576Z LN   -23709989.57  122013803.9
COMPASS GROU-OLD     1259Q LN      -668101173.9   2972459078
COMPASS GROUP        QOP GR        -668101173.9   2972459078
COMPASS GRP-ADR      CMSJY US      -668101173.9   2972459078
COMPASS GRP-ADR      CMSGY US      -668101173.9   2972459078
COOLKEERAGH ESB      4471679Z LN   -52669828.79  317763268.4
COTT BEVERAGES L     605912Z LN    -16895546.47  184391857.8
COTT RETAIL BRAN     4499739Z LN    -15275862.4  184176726.3
CPP GROUP - ADR      CPGPY US      -69442858.18  225437367.4
CPP GROUP PLC        CPP NR        -69442858.18  225437367.4
CPP GROUP PLC        CPP EO        -69442858.18  225437367.4
CPP GROUP PLC        4CV GK        -69442858.18  225437367.4
CPP GROUP PLC        CPP BQ        -69442858.18  225437367.4
CPP GROUP PLC        CPP TQ        -69442858.18  225437367.4
CPP GROUP PLC        CPP EB        -69442858.18  225437367.4
CPP GROUP PLC        CPP EU        -69442858.18  225437367.4
CPP GROUP PLC        CPP IX        -69442858.18  225437367.4
CPP GROUP PLC        CPP PZ        -69442858.18  225437367.4
CPP GROUP PLC        CPP QM        -69442858.18  225437367.4
CPP GROUP PLC        4CV GR        -69442858.18  225437367.4
CPP GROUP PLC        CPP LN        -69442858.18  225437367.4
CUCINA LUX INVES     4503083Z LN   -332083965.3   3040705457
DANKA BUS SYSTEM     3205287Q EU     -497127008    121439000
DANKA BUS SYSTEM     3205291Q EO     -497127008    121439000
DANKA BUS SYSTEM     DNK PO          -497127008    121439000
DANKA BUS SYSTEM     DANKF US        -497127008    121439000
DANKA BUS SYSTEM     3205283Q EO     -497127008    121439000
DANKA BUS SYSTEM     DNK LN          -497127008    121439000
DANKA BUS SYSTEM     DNK VX          -497127008    121439000
DANKA BUS SYSTEM     DNK IX          -497127008    121439000
DANKA BUS SYSTEM     DNK PZ          -497127008    121439000
DANKA BUS-$US CE     DANKD AR        -497127008    121439000
DANKA BUS-ADR        DANKE US        -497127008    121439000
DANKA BUS-ADR        DB6 GR          -497127008    121439000
DANKA BUS-ADR        AP39 LI         -497127008    121439000
DANKA BUS-ADR        DANKY US        -497127008    121439000
DANKA BUS-BLK CE     DANKB AR        -497127008    121439000
DANKA BUS-C/E CE     DANKC AR        -497127008    121439000
DANKA BUS-CEDEAR     DANK AR         -497127008    121439000
DCK GROUP LTD        4006628Z LN   -23972516.74  108515840.1
DONCASTERS PLC       2248Z LN      -317308195.4   1941958348
DONCASTERS-ADR       295664Q US    -317308195.4   1941958348
DRIVE ASSIST HOL     3641135Z LN   -97603977.94  738866287.2
EASYNET GROUP        EAY GR        -60380609.34  334049332.2
EASYNET GROUP        ESY PO        -60380609.34  334049332.2
EASYNET GROUP        ESY LN        -60380609.34  334049332.2
EASYNET GROUP        ESY VX        -60380609.34  334049332.2
EASYNET GROUP        EZNGF US      -60380609.34  334049332.2
EASYNET GROUP-CV     91009Z LN     -60380609.34  334049332.2
ECONOMIST NEWSPA     6888Z LN      -2941080.267  399071206.3
ELE INVTS LTD        ELCT US          -77581008    211876352
EMCOR UK LTD         4510091Z LN   -1583152.765  200493228.1
EMI GROUP -ASSD      EMIA LN        -2265916257   2950021937
EMI GROUP LTD        EMI LN         -2265916257   2950021937
EMI GROUP PLC        EMI IX         -2265916257   2950021937
EMI GROUP PLC        3020138Q GR    -2265916257   2950021937
EMI GROUP PLC        EMI PO         -2265916257   2950021937
EMI GROUP PLC        EMI VX         -2265916257   2950021937
EMI GROUP PLC        EMIPF US       -2265916257   2950021937
EMI GROUP PLC-B      1019425Q LN    -2265916257   2950021937
EMI GROUP-ADR        EMI$ LN        -2265916257   2950021937
EMI GROUP-ADR        EMIPY US       -2265916257   2950021937
EMI GROUP-ADR        38IS LN        -2265916257   2950021937
ENERGY POWER RES     510443Z LN    -93963668.64  168611857.1
EQUINITI LTD         977621Z LN    -93668087.43  951504738.1
EUREKA SECURITIS     1159Z LN       -1547864.98   1585261491
EUROPEAN HOME        KLZ PO        -14328735.16  110864081.4
EUROPEAN HOME        EHR PZ        -14328735.16  110864081.4
EUROPEAN HOME        FPAKF US      -14328735.16  110864081.4
EUROPEAN HOME        EHR EU        -14328735.16  110864081.4
EUROPEAN HOME        EHR PO        -14328735.16  110864081.4
EUROPEAN HOME        EHREUR EU     -14328735.16  110864081.4
EUROPEAN HOME        EHRGBP EO     -14328735.16  110864081.4
EUROPEAN HOME        EHR LN        -14328735.16  110864081.4
EUROPEAN HOME        EHR EO        -14328735.16  110864081.4
EUROPEAN HOME        KLZ VX        -14328735.16  110864081.4
EUROPEAN HOME        EHREUR EO     -14328735.16  110864081.4
EUROPEAN HOME        EHR VX        -14328735.16  110864081.4
EUROSTAR INTERNA     4379945Z LN    -2612284156  558131218.9
FAIRLINE BOATS H     4498779Z LN   -13944238.58  114504852.8
FAREPAK PLC          FPK LN        -14328735.16  110864081.4
FITNESS FIRST GR     4501843Z LN   -831355754.2   1655609515
FLYBE LTD            6621Z LN      -118366561.9  450450527.2
FUNDING CORP LTD     4157637Z LN   -28925795.68  201083535.3
FUNDING FOR HOME     1012Z LN      -24867.12848  277158161.2
GALA GROUP LTD       19374Z LN      -1443271177   5876950503
GALIFORM PLC         GFRM TQ       -75193921.28  522873560.7
GALIFORM PLC         GFRMEUR EU    -75193921.28  522873560.7
GALIFORM PLC         GFRM NQ       -75193921.28  522873560.7
GALIFORM PLC         GFRMEUR EO    -75193921.28  522873560.7
GALIFORM PLC         MFIFF US      -75193921.28  522873560.7
GALIFORM PLC         GFRMGBP EO    -75193921.28  522873560.7
GALIFORM PLC         GFRM EU       -75193921.28  522873560.7
GALIFORM PLC         GFRM NR       -75193921.28  522873560.7
GALIFORM PLC         GFRM PO       -75193921.28  522873560.7
GALIFORM PLC         MFI PO        -75193921.28  522873560.7
GALIFORM PLC         GFRMNOK EO    -75193921.28  522873560.7
GALIFORM PLC         GFRM LN       -75193921.28  522873560.7
GALIFORM PLC         MFI VX        -75193921.28  522873560.7
GALIFORM PLC         GFRMNOK EU    -75193921.28  522873560.7
GALIFORM PLC         GFRM VX       -75193921.28  522873560.7
GALIFORM PLC         GFRM BQ       -75193921.28  522873560.7
GALIFORM PLC         GFRM IX       -75193921.28  522873560.7
GALIFORM PLC         GFRM PZ       -75193921.28  522873560.7
GALIFORM PLC         GFRM EB       -75193921.28  522873560.7
GALIFORM PLC         MFI IX        -75193921.28  522873560.7
GALIFORM PLC         GFRM QM       -75193921.28  522873560.7
GALIFORM PLC         GFRM EO       -75193921.28  522873560.7
GARTLAND WHALLEY     GWB LN        -10986769.42  145352034.5
GDF SUEZ MARKETI     4502811Z LN   -34122449.42  563945963.1
GGT GROUP PLC        500970Q LN      -156372272  408211200.9
GGT GROUP-ADR        GGTRY US        -156372272  408211200.9
GLEESON DEVELOPM     3950756Z LN      -65495092  111803622.2
GLOBAL CROSSING      3629883Z LN   -353965056.4  492328850.3
GLOBAL RADIO SER     4171741Z LN   -66177933.43  124610180.3
GO-AHEAD GRO-ADR     GHGUY US      -62731807.28   1535334402
GO-AHEAD GROUP       GOG PO        -62731807.28   1535334402
GO-AHEAD GROUP       GOGUSD EU     -62731807.28   1535334402
GO-AHEAD GROUP       GOG EU        -62731807.28   1535334402
GO-AHEAD GROUP       GHGUF US      -62731807.28   1535334402
GO-AHEAD GROUP       GOG PZ        -62731807.28   1535334402
GO-AHEAD GROUP       GOG EB        -62731807.28   1535334402
GO-AHEAD GROUP       GOG QM        -62731807.28   1535334402
GO-AHEAD GROUP       GOG TQ        -62731807.28   1535334402
GO-AHEAD GROUP       GOGEUR EO     -62731807.28   1535334402
GO-AHEAD GROUP       GOGEUR EU     -62731807.28   1535334402
GO-AHEAD GROUP       GOG IX        -62731807.28   1535334402
GO-AHEAD GROUP       GOG EO        -62731807.28   1535334402
GO-AHEAD GROUP       GOG NQ        -62731807.28   1535334402
GO-AHEAD GROUP       GOGUSD EO     -62731807.28   1535334402
GO-AHEAD GROUP       G9X GR        -62731807.28   1535334402
GO-AHEAD GROUP       G9X GK        -62731807.28   1535334402
GO-AHEAD GROUP       GOG NR        -62731807.28   1535334402
GO-AHEAD GROUP       GOG LN        -62731807.28   1535334402
GO-AHEAD GROUP       GOGGBP EO     -62731807.28   1535334402
GO-AHEAD GROUP       GOG VX        -62731807.28   1535334402
GO-AHEAD GROUP       GOG BQ        -62731807.28   1535334402
GONDOLA GROUP LT     4499995Z LN   -284524422.8   1496226646
GOODRICH CONTROL     3631571Z LN   -204049997.3  694498740.9
GOODYEAR DUNLOP      3894550Z LN   -191322012.8  287023381.4
GRANT THORNTON U     961842Z LN     -53048686.7    407603310
HALDEX CONCENTRI     4160093Z LN   -29953316.08  111499657.3
HAS ACCIDENT MAN     3815368Z LN    -15457612.2  491008239.2
HAYMARKET GROUP      4158941Z LN     -100498143  307693877.6
HOGG ROBINSON GR     HRGEUR EO     -25479765.84  756214238.4
HOGG ROBINSON GR     HOGGF US      -25479765.84  756214238.4
HOGG ROBINSON GR     HRG VX        -25479765.84  756214238.4
HOGG ROBINSON GR     HRG EU        -25479765.84  756214238.4
HOGG ROBINSON GR     HRG IX        -25479765.84  756214238.4
HOGG ROBINSON GR     HRG EO        -25479765.84  756214238.4
HOGG ROBINSON GR     HRGGBP EO     -25479765.84  756214238.4
HOGG ROBINSON GR     HRGEUR EU     -25479765.84  756214238.4
HOGG ROBINSON GR     HRG PZ        -25479765.84  756214238.4
HOGG ROBINSON GR     HRG LN        -25479765.84  756214238.4
HOGG ROBINSON GR     DQX GR        -25479765.84  756214238.4
HOWDEN JOINERY G     HWDN EB       -75193921.28  522873560.7
HOWDEN JOINERY G     HWDNOK EO     -75193921.28  522873560.7
HOWDEN JOINERY G     HWDN LN       -75193921.28  522873560.7
HOWDEN JOINERY G     GLFMF US      -75193921.28  522873560.7
HOWDEN JOINERY G     HWDN BQ       -75193921.28  522873560.7
HOWDEN JOINERY G     HWDNGBP EO    -75193921.28  522873560.7
HOWDEN JOINERY G     HWDNEUR EO    -75193921.28  522873560.7
HOWDEN JOINERY G     HWDN PZ       -75193921.28  522873560.7
HOWDEN JOINERY G     HWDN EO       -75193921.28  522873560.7
HOWDEN JOINERY G     HWDN QM       -75193921.28  522873560.7
HOWDEN JOINERY G     HWDNOK EU     -75193921.28  522873560.7
HOWDEN JOINERY G     HWDN EU       -75193921.28  522873560.7
HOWDEN JOINERY G     10J GK        -75193921.28  522873560.7
HOWDEN JOINERY G     HWDN IX       -75193921.28  522873560.7
HOWDEN JOINERY G     HWDNEUR EU    -75193921.28  522873560.7
HOWDEN JOINERY G     HWDN TQ       -75193921.28  522873560.7
HYDREX HOLDINGS      4156949Z LN   -150849963.2  145584295.2
IG GROUP LTD         4502843Z LN    -1592321157  220229260.6
INCOMMUNITIES GR     4508531Z LN   -49295282.29  378434781.8
INEOS GROUP HLDG     6623Z LN      -798534470.8  15936006904
INTERFLOOR GROUP     317371Z LN    -4692809.598  114809869.5
JARVIS PLC           JRVSEUR EU    -64739862.73    130951086
JARVIS PLC           JVR GR        -64739862.73    130951086
JARVIS PLC           JRVS LN       -64739862.73    130951086
JARVIS PLC           JRVS VX       -64739862.73    130951086
JARVIS PLC           JRVS PO       -64739862.73    130951086
JARVIS PLC           JRVS IX       -64739862.73    130951086
JARVIS PLC           JRVSEUR EO    -64739862.73    130951086
JARVIS PLC           JRVS PZ       -64739862.73    130951086
JARVIS PLC           JRVS EO       -64739862.73    130951086
JARVIS PLC           JRVS EU       -64739862.73    130951086
JARVIS PLC           JRVSGBP EO    -64739862.73    130951086
JARVIS PLC           JVSPF US      -64739862.73    130951086
JDR ENTERPRISES      3947788Z LN     -6557452.2    161501211
JESSOPS PLC          JSP LN         -42702021.2  112964060.4
JESSOPS PLC          JSP VX         -42702021.2  112964060.4
JESSOPS PLC          JSPEUR EO      -42702021.2  112964060.4
JESSOPS PLC          JSPEUR EU      -42702021.2  112964060.4
JESSOPS PLC          JSPGBP EO      -42702021.2  112964060.4
JESSOPS PLC          JSP PZ         -42702021.2  112964060.4
JESSOPS PLC          JSP PO         -42702021.2  112964060.4
JESSOPS PLC          JS4 GR         -42702021.2  112964060.4
JESSOPS PLC          JSP IX         -42702021.2  112964060.4
JESSOPS PLC          JSP EO         -42702021.2  112964060.4
JESSOPS PLC          JSP EU         -42702021.2  112964060.4
KIER DEVELOPMENT     86900Z LN     -2166596.478    236323651
KLEENEZE PLC         KLZ LN        -14328735.16  110864081.4
KOP FOOTBALL HOL     3315203Z LN   -214487094.9  590218957.6
KOP FOOTBALL LTD     901297Z LN    -105207451.9  474568063.7
LAMBERT FENCHURC     LMF LN        -1453050.041   1826806853
LAPSENT LTD          203678Z LN    -26875941.66  200397842.7
LEEDS SPORTING       LEDPF US       -73166148.8  143762193.7
LEEDS SPORTING       LES LN         -73166148.8  143762193.7
LEEDS UNITED PLC     LUFC LN        -73166148.8  143762193.7
LEEDS UNITED PLC     889687Q GR     -73166148.8  143762193.7
LEEDS UNITED PLC     LDSUF US       -73166148.8  143762193.7
LGC LTD              161695Z LN    -44759203.51  163172696.4
LINK FINANCIAL       3041Z LN      -63296745.49  226722478.9
LONDON TOWN PLC      LTW PZ        -21897636.36  175672299.2
LONDON TOWN PLC      LTWR LN       -21897636.36  175672299.2
LONDON TOWN PLC      LTW IX        -21897636.36  175672299.2
LONDON TOWN PLC      LTW PO        -21897636.36  175672299.2
LONDON TOWN PLC      LTW LN        -21897636.36  175672299.2
LONDON TOWN PLC      LTW PG        -21897636.36  175672299.2
LONDON TOWN PLC      LTWX LN       -21897636.36  175672299.2
LONDON TOWN PLC      LTW EO        -21897636.36  175672299.2
LONDON TOWN PLC      LOU GR        -21897636.36  175672299.2
LONDON TOWN PLC      LTW EU        -21897636.36  175672299.2
LOTUS GROUP INTE     144299Z LN    -6401594.745  177891981.7
LYNN WIND FARM L     3953012Z LN   -10085817.46  285246974.4
M 2003 PLC           203055Q LN     -2203513803   7204891602
M 2003 PLC           MTWOF US       -2203513803   7204891602
M 2003 PLC-ADR       MTWOY US       -2203513803   7204891602
M 2003 PLC-ADR       MTWOE US       -2203513803   7204891602
MANCHESTER CITY      2348397Z LN   -67944775.11  542937877.7
MANSFORD HOLDING     253659Z LN    -4565898.062  650742111.3
MARCONI PLC          MNI BB         -2203513803   7204891602
MARCONI PLC          203083Q VX     -2203513803   7204891602
MARCONI PLC          MRCQF US       -2203513803   7204891602
MARCONI PLC          MNI LN         -2203513803   7204891602
MARCONI PLC          MY2 GR         -2203513803   7204891602
MARCONI PLC          MONI BB        -2203513803   7204891602
MARCONI PLC-ADR      MONIY US       -2203513803   7204891602
MARCONI PLC-ADR      MCBA GR        -2203513803   7204891602
MARCONI PLC-ADR      MONI US        -2203513803   7204891602
MARCONI PLC-ADR      MONIE US       -2203513803   7204891602
MARCONI PLC-ADR      MCONY US       -2203513803   7204891602
MARCONI PLC-ADR      MRCQY US       -2203513803   7204891602
MARCONI PLC-ADR      MY2A GR        -2203513803   7204891602
MARCONI PLC-ADR      QUQMON AU      -2203513803   7204891602
MENZIES HOTELS H     4496419Z LN   -4625874.656  352267990.8
MFI FURNITURE GR     MFI LN        -75193921.28  522873560.7
MONARCH HOLDINGS     4502027Z LN    -65326834.3  774720668.6
MYTRAVEL GROUP       MT/S LN       -379721841.6   1817512774
MYTRAVEL GROUP       3544280Q IX   -379721841.6   1817512774
MYTRAVEL GROUP       MYTPF US      -379721841.6   1817512774
MYTRAVEL GROUP       ARO2 GR       -379721841.6   1817512774
MYTRAVEL GROUP       MT/S PO       -379721841.6   1817512774
MYTRAVEL GROUP       MT/S VX       -379721841.6   1817512774
MYTRAVEL GROUP P     1018144Q GR   -379721841.6   1817512774
MYTRAVEL GROUP P     MYTGF US      -379721841.6   1817512774
MYTRAVEL GROUP P     MT/ VX        -379721841.6   1817512774
MYTRAVEL GROUP-A     MYTVF US      -379721841.6   1817512774
MYTRAVEL GROUP-A     2281919Q GR   -379721841.6   1817512774
NATIONS HEALTHCA     623142Z LN    -72928597.94  110273254.8
NEW STAR ASSET       NSAM PZ         -397718038  292972732.1
NEW STAR ASSET       NSAM TQ         -397718038  292972732.1
NEW STAR ASSET       3226447Q EO     -397718038  292972732.1
NEW STAR ASSET       NSAM PO         -397718038  292972732.1
NEW STAR ASSET       3226443Q EO     -397718038  292972732.1
NEW STAR ASSET       3226435Q EO     -397718038  292972732.1
NEW STAR ASSET       NSAA LN         -397718038  292972732.1
NEW STAR ASSET       3226431Q EU     -397718038  292972732.1
NEW STAR ASSET       N6S GR          -397718038  292972732.1
NEW STAR ASSET       NWSAF US        -397718038  292972732.1
NEW STAR ASSET       NSAM LN         -397718038  292972732.1
NEW STAR ASSET       NSAM IX         -397718038  292972732.1
NEW STAR ASSET       3226439Q EU     -397718038  292972732.1
NEWCASTLE UNITED     4380361Z LN   -84704702.71  255597482.6
NORBAIN GROUP LT     4007676Z LN   -15436972.45  108956420.2
NORTHERN FOODS       NFDS PZ       -70166103.48  924672036.4
NORTHERN FOODS       NFDSUSD EU    -70166103.48  924672036.4
NORTHERN FOODS       NFDS QM       -70166103.48  924672036.4
NORTHERN FOODS       NFDS NR       -70166103.48  924672036.4
NORTHERN FOODS       NFDS BQ       -70166103.48  924672036.4
NORTHERN FOODS       NFDS IX       -70166103.48  924672036.4
NORTHERN FOODS       NFDSEUR EU    -70166103.48  924672036.4
NORTHERN FOODS       NFDSEUR EO    -70166103.48  924672036.4
NORTHERN FOODS       NFDSUSD EO    -70166103.48  924672036.4
NORTHERN FOODS       NFDS NQ       -70166103.48  924672036.4
NORTHERN FOODS       NFDSGBP EO    -70166103.48  924672036.4
NORTHERN FOODS       NFDS PO       -70166103.48  924672036.4
NORTHERN FOODS       NFDS VX       -70166103.48  924672036.4
NORTHERN FOODS       NFDS EU       -70166103.48  924672036.4
NORTHERN FOODS       NFO GK        -70166103.48  924672036.4
NORTHERN FOODS       NFDS EB       -70166103.48  924672036.4
NORTHERN FOODS       NFDS LN       -70166103.48  924672036.4
NORTHERN FOODS       NFO GR        -70166103.48  924672036.4
NORTHERN FOODS       NFDS TQ       -70166103.48  924672036.4
NORTHERN FOODS       NTFOF US      -70166103.48  924672036.4
NORTHERN FOODS       NFDS EO       -70166103.48  924672036.4
NORTHERN FOODS P     NFDR LN       -70166103.48  924672036.4
NORTHERN FOO-NEW     NFDN LN       -70166103.48  924672036.4
NORTHERN FOO-RFD     650060Q LN    -70166103.48  924672036.4
NPIL HOLDCO LTD      3641071Z LN   -174437379.8  865144704.3
OAKHILL GROUP LT     4499435Z LN   -10360362.13  225866415.8
OCADO GROUP PLC      OCDO BQ       -53016960.71  225261865.5
OCADO GROUP PLC      OCDO EO       -53016960.71  225261865.5
OCADO GROUP PLC      OCDO PZ       -53016960.71  225261865.5
OCADO GROUP PLC      0OC GR        -53016960.71  225261865.5
OCADO GROUP PLC      OCDO LN       -53016960.71  225261865.5
OCADO GROUP PLC      OCDOEUR EU    -53016960.71  225261865.5
OCADO GROUP PLC      OCDO EB       -53016960.71  225261865.5
OCADO GROUP PLC      OCDO IX       -53016960.71  225261865.5
OCADO GROUP PLC      OCDO EU       -53016960.71  225261865.5
OCADO GROUP PLC      OCDO QM       -53016960.71  225261865.5
OCADO GROUP PLC      0OC GK        -53016960.71  225261865.5
OCADO GROUP PLC      OCDO TQ       -53016960.71  225261865.5
ODEON & UCI CINE     3489372Z LN   -343984723.6   1063234218
OPTIMUM CARE LTD     3951796Z LN    -23827846.5  131314548.6
ORANGE PLC           951641Q LN      -593935051   2902299502
ORANGE PLC           ORNGF US        -593935051   2902299502
ORANGE PLC           1460Q GR        -593935051   2902299502
ORANGE PLC-ADR       ONG GR          -593935051   2902299502
ORANGE PLC-ADR       ORNGY US        -593935051   2902299502
ORANGE PLC-ADR       ORA$ LN         -593935051   2902299502
ORBIS PLC            OBS PZ        -4168498.479  127701679.5
ORBIS PLC            ORBSF US      -4168498.479  127701679.5
ORBIS PLC            RLP GR        -4168498.479  127701679.5
ORBIS PLC            OBS IX        -4168498.479  127701679.5
ORBIS PLC            OBS PO        -4168498.479  127701679.5
ORBIS PLC            OBG PO        -4168498.479  127701679.5
ORBIS PLC            OBS LN        -4168498.479  127701679.5
PARK FOOD GROUP      PKFD LN       -46896921.68  229105534.5
PARK GROUP PLC       PKG PO        -46896921.68  229105534.5
PARK GROUP PLC       PKG EO        -46896921.68  229105534.5
PARK GROUP PLC       PKG LN        -46896921.68  229105534.5
PARK GROUP PLC       PKG PZ        -46896921.68  229105534.5
PARK GROUP PLC       PKGGBP EO     -46896921.68  229105534.5
PARK GROUP PLC       PRKGF US      -46896921.68  229105534.5
PARK GROUP PLC       PRKG IX       -46896921.68  229105534.5
PARK GROUP PLC       PKG VX        -46896921.68  229105534.5
PARK GROUP PLC       PKG EU        -46896921.68  229105534.5
PARSONS BRINCKER     4496363Z LN   -4691186.744  159531362.7
PATIENTLINE PLC      2928907Q EO   -54677284.64  124948245.8
PATIENTLINE PLC      PTL IX        -54677284.64  124948245.8
PATIENTLINE PLC      2928903Q EU   -54677284.64  124948245.8
PATIENTLINE PLC      PTL LN        -54677284.64  124948245.8
PATIENTLINE PLC      PTL PZ        -54677284.64  124948245.8
PATIENTLINE PLC      PTL PO        -54677284.64  124948245.8
PATIENTLINE PLC      2928899Q EO   -54677284.64  124948245.8
PATIENTLINE PLC      PTL VX        -54677284.64  124948245.8
PHS GROUP HOLDIN     3173182Z LN     -155785961   1761269364
PIPEX UK LTD         3956092Z LN   -94180727.94  183398680.1
PREMIER OIL ONS      1992742Z LN     -104423997  811581976.4
PRESTBURY WENTWO     3814856Z LN   -193029716.8  625471206.9
PRIORY EDUCATION     4453681Z LN   -861445.5338  213349151.9
PRODUCTION SERVI     2278723Z LN   -106295704.3  522254787.5
PROSTRAKAN GROUP     PSK PZ        -12569003.96  123595205.6
PROSTRAKAN GROUP     PSKGBP EO     -12569003.96  123595205.6
PROSTRAKAN GROUP     PSK PO        -12569003.96  123595205.6
PROSTRAKAN GROUP     PSK EO        -12569003.96  123595205.6
PROSTRAKAN GROUP     PSK VX        -12569003.96  123595205.6
PROSTRAKAN GROUP     PSKEUR EO     -12569003.96  123595205.6
PROSTRAKAN GROUP     PSK IX        -12569003.96  123595205.6
PROSTRAKAN GROUP     PSK LN        -12569003.96  123595205.6
PROSTRAKAN GROUP     PSK EU        -12569003.96  123595205.6
PROSTRAKAN GROUP     PSKEUR EU     -12569003.96  123595205.6
PROSTRAKAN GROUP     PKNGF US      -12569003.96  123595205.6
QUINN BUILDING P     3949900Z LN   -22116104.71   1257546934
R&R ICE CREAM LT     3624280Z LN   -75945545.76  746915430.6
RAVEN HOUSING TR     4155997Z LN   -1384128.593  165155996.8
REAL ESTATE OP-O     REOGBP EO      -1185295424   1731859191
REAL ESTATE OP-O     REO VX         -1185295424   1731859191
REAL ESTATE OP-O     REO LN         -1185295424   1731859191
REAL ESTATE OP-O     REO EO         -1185295424   1731859191
REAL ESTATE OP-O     REO ID         -1185295424   1731859191
REAL ESTATE OP-O     REO IX         -1185295424   1731859191
REAL ESTATE OP-O     REA GR         -1185295424   1731859191
REAL ESTATE OP-O     REO EU         -1185295424   1731859191
REAL ESTATE OP-O     REO PZ         -1185295424   1731859191
REGARD HOLDINGS      4157517Z LN   -2678709.275  159772566.2
REGUS LTD            273187Q LN    -46111835.37    367181111
REGUS PLC            2296Z LN      -46111835.37    367181111
REGUS PLC            REGSF US      -46111835.37    367181111
REGUS PLC            RGU GR        -46111835.37    367181111
REGUS PLC            273195Q VX    -46111835.37    367181111
REGUS PLC-ADS        REGSV US      -46111835.37    367181111
REGUS PLC-ADS        REGS US       -46111835.37    367181111
REGUS PLC-ADS        REGSY US      -46111835.37    367181111
REGUS PLC-ADS        RGUA GR       -46111835.37    367181111
RENAULT RETAIL G     1569882Z LN   -939316.5822  148920952.8
RENTOKIL INITIAL     RTO GR        -93968267.73   2931869901
RENTOKIL INITIAL     RTOG IX       -93968267.73   2931869901
RENTOKIL INITIAL     RKLIF US      -93968267.73   2931869901
RENTOKIL INITIAL     RTO1 GK       -93968267.73   2931869901
RENTOKIL INITIAL     RTO NR        -93968267.73   2931869901
RENTOKIL INITIAL     RTO VX        -93968267.73   2931869901
RENTOKIL INITIAL     RTO NQ        -93968267.73   2931869901
RENTOKIL INITIAL     RTO PO        -93968267.73   2931869901
RENTOKIL INITIAL     RTOEUR EO     -93968267.73   2931869901
RENTOKIL INITIAL     RTOUSD EU     -93968267.73   2931869901
RENTOKIL INITIAL     RTOGBP EO     -93968267.73   2931869901
RENTOKIL INITIAL     RTO TQ        -93968267.73   2931869901
RENTOKIL INITIAL     RTO IX        -93968267.73   2931869901
RENTOKIL INITIAL     RTOUSD EO     -93968267.73   2931869901
RENTOKIL INITIAL     RTO1 GR       -93968267.73   2931869901
RENTOKIL INITIAL     RTO LN        -93968267.73   2931869901
RENTOKIL INITIAL     RTOKF US      -93968267.73   2931869901
RENTOKIL INITIAL     RTO EU        -93968267.73   2931869901
RENTOKIL INITIAL     RTO PZ        -93968267.73   2931869901
RENTOKIL INITIAL     RTO EB        -93968267.73   2931869901
RENTOKIL INITIAL     RTO EO        -93968267.73   2931869901
RENTOKIL INITIAL     RTO QM        -93968267.73   2931869901
RENTOKIL INITIAL     RTOEUR EU     -93968267.73   2931869901
RENTOKIL INITIAL     RTO BQ        -93968267.73   2931869901
RENTOKIL-SP ADR      AP76 LI       -93968267.73   2931869901
RENTOKIL-SP ADR      RTOKY US      -93968267.73   2931869901
ROSEMONT HOLDING     4391905Z LN   -31339191.24  171491776.4
ROYAL MAIL HOLDI     3900202Z LN   -10344178409   9705181654
SAATCHI & SA-ADR     SSA US        -119260804.2  705060824.5
SAATCHI & SA-ADR     SSI$ LN       -119260804.2  705060824.5
SAATCHI & SAATCH     188190Q GR    -119260804.2  705060824.5
SAATCHI & SAATCH     SSI LN        -119260804.2  705060824.5
SAATCHI & SAATCH     SSATF US      -119260804.2  705060824.5
SAFFRON HOUSING      4448377Z LN     -3777866.1  124457507.9
SCOTTISH MEDIA       SSM LN        -61797602.82  173123066.5
SCOTTISH MEDIA       SSMR LN       -61797602.82  173123066.5
SCOTTISH MEDIA       1442Q GR      -61797602.82  173123066.5
SCOTTISH TELEV       SCTVF US      -61797602.82  173123066.5
SETON HEALTHCARE     2290Z LN      -10585179.82  156822902.8
SFI GROUP PLC        SUYFF US      -108067115.8  177647536.1
SFI GROUP PLC        SUF LN        -108067115.8  177647536.1
SHEFFIELD UNITED     1275418Z LN   -17603958.58  111039465.6
SKYEPHARMA PLC       SKP VX        -119704799.7  123295943.6
SKYEPHARMA PLC       SKYEF US      -119704799.7  123295943.6
SKYEPHARMA PLC       SK8A GR       -119704799.7  123295943.6
SKYEPHARMA PLC       SKP PZ        -119704799.7  123295943.6
SKYEPHARMA PLC       SKP IX        -119704799.7  123295943.6
SKYEPHARMA PLC       SKPEUR EU     -119704799.7  123295943.6
SKYEPHARMA PLC       SKPGBP EO     -119704799.7  123295943.6
SKYEPHARMA PLC       SKPEUR EO     -119704799.7  123295943.6
SKYEPHARMA PLC       SKP EU        -119704799.7  123295943.6
SKYEPHARMA PLC       SKP BQ        -119704799.7  123295943.6
SKYEPHARMA PLC       SKP EO        -119704799.7  123295943.6
SKYEPHARMA PLC       SKP PO        -119704799.7  123295943.6
SKYEPHARMA PLC       SKP TQ        -119704799.7  123295943.6
SKYEPHARMA PLC       SKP1 VX       -119704799.7  123295943.6
SKYEPHARMA PLC       SK8C GR       -119704799.7  123295943.6
SKYEPHARMA PLC       SKP LN        -119704799.7  123295943.6
SKYEPHARMA -SUB      2976665Z LN   -119704799.7  123295943.6
SKYEPHARMA-ADR       SKYEY US      -119704799.7  123295943.6
SKYEPHARMA-ADR       SK8 GR        -119704799.7  123295943.6
SKYEPHARMA-ADR       AP80 LI       -119704799.7  123295943.6
SKYEPHARMA-ADR       SKYPY US      -119704799.7  123295943.6
SKYEPHARMA-ADR       SKYE US       -119704799.7  123295943.6
SKYEPHARMA-ADR       SK8N GR       -119704799.7  123295943.6
SKYEPHAR-RTS F/P     SKPF VX       -119704799.7  123295943.6
SKYEPHAR-RTS F/P     SKPF LN       -119704799.7  123295943.6
SKYEPHAR-RTS N/P     SKPN LN       -119704799.7  123295943.6
SKYEPHAR-RTS N/P     SKPN VX       -119704799.7  123295943.6
SMG PLC              SMG LN        -61797602.82  173123066.5
SMG PLC              SMG PO        -61797602.82  173123066.5
SMG PLC-FUL PAID     SMGF LN       -61797602.82  173123066.5
SMG PLC-NIL PAID     SMGN LN       -61797602.82  173123066.5
SMITHS NEWS PLC      NWS PO        -95712237.17  277933611.8
SMITHS NEWS PLC      NWS IX        -95712237.17  277933611.8
SMITHS NEWS PLC      NWS VX        -95712237.17  277933611.8
SMITHS NEWS PLC      NWS2 TQ       -95712237.17  277933611.8
SMITHS NEWS PLC      NWS2EUR EO    -95712237.17  277933611.8
SMITHS NEWS PLC      NWS LN        -95712237.17  277933611.8
SMITHS NEWS PLC      NWS1 BQ       -95712237.17  277933611.8
SMITHS NEWS PLC      SMWPY US      -95712237.17  277933611.8
SMITHS NEWS PLC      NWS2 EO       -95712237.17  277933611.8
SMITHS NEWS PLC      SMWPF US      -95712237.17  277933611.8
SMITHS NEWS PLC      NWS2GBP EO    -95712237.17  277933611.8
SMITHS NEWS PLC      NWS PZ        -95712237.17  277933611.8
SMITHS NEWS PLC      NWS2EUR EU    -95712237.17  277933611.8
SMITHS NEWS PLC      NWS1 EO       -95712237.17  277933611.8
SMITHS NEWS PLC      NWS2 EU       -95712237.17  277933611.8
SMITHS NEWS PLC      NWS1GBP EO    -95712237.17  277933611.8
SMITHS NEWS PLC      NWS1 EU       -95712237.17  277933611.8
SONY COMPUTER EN     3893902Z LN   -270582841.2   1433817117
SOUTH STAFFORDSH     4049781Z LN   -7077930.307  130208179.7
SPEAR GROUP HOLD     4470999Z LN   -91133585.59  140447896.6
STV GROUP PLC        SMGPF US      -61797602.82  173123066.5
STV GROUP PLC        SMG VX        -61797602.82  173123066.5
STV GROUP PLC        STVG EU       -61797602.82  173123066.5
STV GROUP PLC        SMG IX        -61797602.82  173123066.5
STV GROUP PLC        STVG LN       -61797602.82  173123066.5
STV GROUP PLC        SMG PZ        -61797602.82  173123066.5
STV GROUP PLC        STVG EO       -61797602.82  173123066.5
STV GROUP PLC        STVGGBP EO    -61797602.82  173123066.5
STV GROUP PLC        STVGEUR EO    -61797602.82  173123066.5
STV GROUP PLC        STVGEUR EU    -61797602.82  173123066.5
STV GROUP PLC        STVG VX       -61797602.82  173123066.5
SWIFT TECHNICAL      4287133Z LN   -13473129.82  118980095.9
TDL INFOMEDIA        3362Z LN      -4103374.146  172206907.7
TELEWEST COM-ADR     TWT$ LN        -3702234581   7581020925
TELEWEST COM-ADR     940767Q GR     -3702234581   7581020925
TELEWEST COM-ADR     TWSTD US       -3702234581   7581020925
TELEWEST COM-ADR     TWSTY US       -3702234581   7581020925
TELEWEST COMM        604296Q GR     -3702234581   7581020925
TELEWEST COMM        TWSTF US       -3702234581   7581020925
TELEWEST COMM        TWT VX         -3702234581   7581020925
TELEWEST COMM        715382Q LN     -3702234581   7581020925
THORN EMI PLC        THNE FP        -2265916257   2950021937
THORN EMI-ADR        TORNY US       -2265916257   2950021937
THORN EMI-ADR        THN$ LN        -2265916257   2950021937
THORN EMI-CDR        THN NA         -2265916257   2950021937
THORN EMI-REGD       1772Q GR       -2265916257   2950021937
TI AUTOMOTIVE-A      6525Z LN      -298787496.1   1730489867
TOPAZ ENERGY LTD     4156397Z LN   -486865.8029  201580141.5
TOPPS TILES PLC      TPT LN        -45137310.56    168068056
TOPPS TILES PLC      TPT IX        -45137310.56    168068056
TOPPS TILES PLC      TPTEUR EO     -45137310.56    168068056
TOPPS TILES PLC      TPTJY US      -45137310.56    168068056
TOPPS TILES PLC      TPTGBP EO     -45137310.56    168068056
TOPPS TILES PLC      TPT PO        -45137310.56    168068056
TOPPS TILES PLC      TPT EO        -45137310.56    168068056
TOPPS TILES PLC      TPTJF US      -45137310.56    168068056
TOPPS TILES PLC      TPT EU        -45137310.56    168068056
TOPPS TILES PLC      TPT PZ        -45137310.56    168068056
TOPPS TILES PLC      TPT TQ        -45137310.56    168068056
TOPPS TILES PLC      TPT VX        -45137310.56    168068056
TOPPS TILES PLC      TPT BQ        -45137310.56    168068056
TOPPS TILES PLC      TPTEUR EU     -45137310.56    168068056
TOPPS TILES-NEW      TPTN LN       -45137310.56    168068056
UNIGATE PLC          UNGPF US      -21397232.94  474779161.6
UNIGATE PLC          UNIG LN       -21397232.94  474779161.6
UNIGATE PLC          1577Q GR      -21397232.94  474779161.6
UNIGATE PLC          UNGAF US      -21397232.94  474779161.6
UNIGATE PLC-ADR      UNGAY US      -21397232.94  474779161.6
UNIQ PLC             UNIQEUR EO    -21397232.94  474779161.6
UNIQ PLC             UGE GR        -21397232.94  474779161.6
UNIQ PLC             UNIQ LN       -21397232.94  474779161.6
UNIQ PLC             UNIQ PZ       -21397232.94  474779161.6
UNIQ PLC             UNIQF US      -21397232.94  474779161.6
UNIQ PLC             UNIQ EO       -21397232.94  474779161.6
UNIQ PLC             UNQPF US      -21397232.94  474779161.6
UNIQ PLC             UNIQ VX       -21397232.94  474779161.6
UNIQ PLC             UNIQ PO       -21397232.94  474779161.6
UNIQ PLC             UNIQ EU       -21397232.94  474779161.6
UNIQ PLC             UNIQEUR EU    -21397232.94  474779161.6
UNIQ PLC             UNIQ IX       -21397232.94  474779161.6
UNIQ PLC             UNIQGBP EO    -21397232.94  474779161.6
UNITED BISCUITS      3193858Z LN   -326896245.3   3316769620
UTC GROUP            UGR LN        -11904426.45    203548565
VALE OF AYLESBUR     4006932Z LN   -73416860.01  100856530.6
VINK HOLDINGS LT     4380233Z LN   -13477348.26  132005020.2
VIRGIN HOTELS GR     4288389Z LN   -30191249.31  109995639.2
VIRGIN MOB-ASSD      VMOA LN       -392165437.6  166070003.7
VIRGIN MOB-ASSD      VMOC LN       -392165437.6  166070003.7
VIRGIN MOBILE        VMOB LN       -392165437.6  166070003.7
VIRGIN MOBILE        UEM GR        -392165437.6  166070003.7
VIRGIN MOBILE        VMOB VX       -392165437.6  166070003.7
VIRGIN MOBILE        VMOB PO       -392165437.6  166070003.7
VIRGIN MOBILE        VGMHF US      -392165437.6  166070003.7
VIRGIN WINGS LTD     4500155Z LN   -347033067.8   5365071310
VOYAGE GROUP LTD     4168725Z LN   -89543682.76    572205624
WARNER ESTATE        WNER PZ        -8021407.27  430482190.2
WARNER ESTATE        WNER IX        -8021407.27  430482190.2
WARNER ESTATE        WNER VX        -8021407.27  430482190.2
WARNER ESTATE        WRL GR         -8021407.27  430482190.2
WARNER ESTATE        WNER EO        -8021407.27  430482190.2
WARNER ESTATE        WNER LN        -8021407.27  430482190.2
WARNER ESTATE        WNERGBP EO     -8021407.27  430482190.2
WARNER ESTATE        WNER PO        -8021407.27  430482190.2
WARNER ESTATE        WNEHF US       -8021407.27  430482190.2
WARNER ESTATE        WNER EU        -8021407.27  430482190.2
WATSON & PHILIP      WTSN LN         -120493900  252232072.9
WEAVER VALE HOUS     3953220Z LN   -60271595.72  104022836.2
WEETABIX LTD-A       WEEBF US      -397652099.9  909970808.9
WEETABIX LTD-A       WTB OF        -397652099.9  909970808.9
WESCOT TOPCO LTD     4007020Z LN   -18742009.49  116071906.1
WINCANTON PL-ADR     WNCNY US      -162158252.9   1389119000
WINCANTON PLC        WIN1USD EO    -162158252.9   1389119000
WINCANTON PLC        WIN LN        -162158252.9   1389119000
WINCANTON PLC        WIN1USD EU    -162158252.9   1389119000
WINCANTON PLC        WIN1 EO       -162158252.9   1389119000
WINCANTON PLC        WIN1EUR EU    -162158252.9   1389119000
WINCANTON PLC        WNCNF US      -162158252.9   1389119000
WINCANTON PLC        WIN1EUR EO    -162158252.9   1389119000
WINCANTON PLC        WIN1 EU       -162158252.9   1389119000
WINCANTON PLC        WIN1GBP EO    -162158252.9   1389119000
WINCANTON PLC        WIN1 EB       -162158252.9   1389119000
WINCANTON PLC        WIN VX        -162158252.9   1389119000
WINCANTON PLC        WIN1 TQ       -162158252.9   1389119000
WINCANTON PLC        WIN PO        -162158252.9   1389119000
WINCANTON PLC        WIN1 NQ       -162158252.9   1389119000
WINCANTON PLC        WIN PZ        -162158252.9   1389119000
WINCANTON PLC        WIN IX        -162158252.9   1389119000
WINCANTON PLC        WIN1 QM       -162158252.9   1389119000
WINCANTON PLC        WIN1 BQ       -162158252.9   1389119000
XAFINITY HOLDING     4168309Z LN      -18683833  243588520.5
YARLINGTON HOUSI     4435313Z LN   -18443811.91  276648958.8


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Psyche A. Castillon, Julie Anne G. Lopez,
Ivy B. Magdadaro, Frauline S. Abangan and Peter A. Chapman,
Editors.

Copyright 2011.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *