TCREUR_Public/110315.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, March 15, 2011, Vol. 12, No. 52

                            Headlines



A U S T R I A

HOLZINDUSTRIE HAUPL: In Liquidation; Auction Set for End of May


B U L G A R I A

ALLIANZ BANK: Fitch Affirms Individual Rating at 'D'


C Z E C H   R E P U B L I C

SAZKA AS: Is in Bankruptcy, Board Member Says


F R A N C E

COMPAGNIE GENERALE: Fitch Upgrades Hybrid Bond Rating to 'BB+'
NATIXIS SA: S&P Publishes 'D' Rating to Total Return Notes


G E R M A N Y

ARCANDOR AG: Bankruptcy Complaints "Groundless," Ex-CEO Says
EUROHYPO AG: Fitch Downgrades Subordinated Debt Rating to 'BB+'


H U N G A R Y

MAGYAR TELECOM: Moody's Affirms 'B2' Corporate Family Rating


I R E L A N D
COLLIGO FUNDING: Moody's Cuts Ratings on Various Notes to 'Caa1'
* Moody's Downgrades Ratings on 50 Tranches From 17 Irish RMBS


I T A L Y

BANCASAI SPA: S&P Cuts Counterparty Credit Ratings to 'BB+/B'
SESTANTE FINANCE: S&P Cuts Rating on Class B Notes to 'BB (sf)'


L U X E M B O U R G

INTELSAT SA: Incurs US$507.77 Million Net Loss in 2010


N E T H E R L A N D S

ABN AMRO: S&P Raises Ratings on Junior Subordinated Debt to 'B'


P O L A N D

CENTRAL EUROPEAN: S&P Downgrades Corporate Credit Rating to 'B'


R U S S I A

INSURANCE GROUP: Fitch Maintains 'BB' Insurer Strength Rating
MOBILE TELESYSTEMS: S&P Affirms 'BB' Corporate Credit Rating
SISTEMA JSFC: S&P Gives Negative Outlook; Affirms 'BB' Rating
SOTSGORBANK OJSC: Moody's Reviews 'E+' Financial Strength Rating


S P A I N

CTH: Seeks Negotiation with Creditors to Avert Administration
OBRASCON HUARTE: Moody's Affirms 'Ba2' Corporate Family Rating
OBRASCON HUARTE: Fitch Assigns 'BB-' Rating to Unsecured Bonds


S W I T Z E R L A N D

CROWN FOREX: Judge Allows Feds to Join US$84 Mil. Fraud Suit


T U R K E Y

EUROBANK TEKFEN: Moody's Gives Negative Outlook on 'D-' Rating


U N I T E D   K I N G D O M

BENNETTS: Hopes of Rescue Plan Following Administration
GLOBAL SHIP: Reports US$1.22 Million Net Income in 4th Quarter
HIGHWOOD BREWERY: Goes Into Liquidation; 50 Jobs Lost
JJB SPORTS: JD Sports Backs Out of Takeover Plan
JJB SPORTS: Eyes GBP65 Million Proposed Equity Capital Raising

LICK UK: Top Copy Unit Enters Insolvency Proceedings
NATTRASS: Goes Into Administration Due to Fall of Revenues
ODDBINS: To Shut Down Shops Under Rescue Plan
TOM WOODS: Goes Into Receivership, Owes GBP2 Million
WREN EXTRA: Proceeds with Company Voluntary Arrangement


X X X X X X X X

* S&P's Global Corporate Default Tally Remains at Three in 2011
* Large Companies with Insolvent Balance Sheets




                            *********


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


HOLZINDUSTRIE HAUPL: In Liquidation; Auction Set for End of May
---------------------------------------------------------------
Timber Trades Journal reports that Austrian sawmiller
Holzindustrie Haupl GmbH is being liquidated after several
"difficult" years.

"After a difficult period of several years and various futile
attempts to find an entrepreneur to continue the company, the
liquidator Dr. Martin Stossier from Wels has now drawn a line and
ordered the auction of machinery and all operational and business
fittings," TTJ quotes Andreas Roucka, managing director of auction
firm Karner & Dechow, as saying.  "As Haupl has invested massively
in production over the last few years, great demand is anticipated
from all over the world."

An auction will take place at the end of May, with a detailed
asset list and photos available to view at www.karner-dechow.at
from March 16, TTJ reports.

Holzindustrie Haupl GmbH, whose Web site cites the company as
having an annual sawn timber capacity of more than 1 million m3,
was once a leading operator in the European sawmilling sector with
200 employees and a EUR72 million annual turnover.  The company
was founded in 1860 and 90% of its products were exported to some
30 countries.


===============
B U L G A R I A
===============


ALLIANZ BANK: Fitch Affirms Individual Rating at 'D'
----------------------------------------------------
Fitch Ratings has affirmed Allianz Bank Bulgaria AD's Long-term
Issuer Default Rating at 'BBB+' with a Negative Outlook, Short-
term IDR at 'F2', Individual Rating at 'D' and Support Rating at
'2'.  The bank's Long-term IDR is capped by Bulgaria's Country
Ceiling of 'BBB+', and the Negative Outlook reflects that on
Bulgaria's sovereign ratings (Long-term foreign currency IDR 'BBB-
'; Long-term local currency IDR 'BBB').

ABB's IDRs and Support Rating are driven by the high probability
of support if needed from Allianz SE (rated 'AA-'/Stable), as long
as it remains ABB's major shareholder.  Allianz SE has insurance
activities in many Central and East European countries.  However,
the banking operations of Allianz SE in the region have declined
in recent months, following the sales of majority-owned banks in
Hungary (in June 2010) and Poland (in November 2010), due to poor
performance.

Fitch believes that ABB will be supported by Allianz SE if needed
as long as the current shareholder structure continues.  Despite
the recent disposals in CEE, Allianz SE does not presently appear
to have plans to sell ABB.

The bank's Individual Rating reflects a relatively liquid balance
sheet and limited refinancing risk, but also deterioration in
asset quality, weak recent financial performance and a small
franchise.  ABB is a small bank in Bulgaria, the 12th-largest by
total assets at end-Q310.

ABB's operating profitability weakened during 2010 despite
reasonable loan growth mainly due to material loan impairment
charges (LICs, 81% of the pre-impairment operating profit at end-
2010).  Although Fitch expects LICs to remain high in 2011, these
should moderate as the economy in Bulgaria gradually stabilizes.

The loans past-due by 90 days/gross loans increased to 6.6% at
end-2010 (4.3% at end-2009), but this compared favorably to the
Bulgarian banking sector (12% at end-2010).  Market risks are
contained and are mainly related to interest rate exposures.

Customer funding accounted for 88% of ABB's total funding at end-
2010.  Refinancing risk is manageable while liquidity is supported
by a healthy, albeit increasing, loans/customer deposits ratio
(84%) and a portfolio of government bonds (11.2% of total assets
at end-2010).  ABB's capitalization is adequate given the bank's
risk profile with Fitch core capital and Tier 1 capital ratios of
14.6% at end-2010.


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


SAZKA AS: Is in Bankruptcy, Board Member Says
---------------------------------------------
Krystof Chamonikolas at Bloomberg News reports that Roman
Jecminek, board member of Sazka AS, said in an interview for Mlada
Fronta Dnes that the company is in bankruptcy and cannot take more
loans.

According to Bloomberg, Mr. Jecminek told the Prague-based
newspaper that Sazka should declare bankruptcy to speed up
restructuring and prevent further damage to its credibility.

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


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


COMPAGNIE GENERALE: Fitch Upgrades Hybrid Bond Rating to 'BB+'
--------------------------------------------------------------
Fitch Ratings has upgraded France-based Compagnie Generale des
Etablissements Michelin's and Compagnie Financiere Michelin's
Long-term Issuer Default Ratings and senior unsecured ratings to
'BBB' from 'BBB-'.  The Outlooks on the Long-term IDRs are
Positive.  Fitch has also upgraded both entities' Short-term IDRs
to 'F2' from 'F3' and Michelin's hybrid bond rating to 'BB+' from
'BB'.  CFM is the group's finance arm and the intermediate holding
entity for Michelin's non-domestic operations.

The upgrades reflects Fitch's view that Michelin's performance
demonstrated resilience throughout the sharp downturn in the
global vehicle and tyre markets in 2008/2009, with funds from
operations increasing continuously over the past three years.  On
the back of the high-margin tyre replacements business segment,
which represents about three-quarters of Michelin's sales, and
with the strong recovery of the highly cyclical and relatively
low-margin original equipment automotive business, the company
achieved 20.8% year on year sales growth and 13.4% unit volume
growth during fiscal year 2010 resulting in a 15.9% EBITDAR
margin.  This is expected to remain stable over the coming years.
The strong recovery in 2010 and a successful EUR1.2 billion rights
issue also significantly improved Michelin's adjusted net leverage
to 1.1x from 2.2x at FYE09, while total adjusted gross debt
declined to 1.9x at FYE10 from 2.9x at FYE09.

The Positive Outlook reflects Fitch's expectations that Michelin's
operating margin could rise sustainably to 10% or more in the
short to medium term, notably as a result of investments in
productive capabilities in China and India, as well as the fact
that free cash flow could grow significantly after 2011.  In line
with Michelin, Fitch expects unit sales to grow by at least 6.5%
in 2011 and by 3.5% per annum thereafter.

Fitch's primary concerns are the impact of rising raw material
prices and the aggressive pricing pressures from original
equipment manufacturers in the OE tyre markets.  Rubber, which is
Michelin's primary cost component, doubled in price in 2010,
partly due to revived strong demand from emerging markets and as a
result of poor rubber plantation harvests in Southeast Asia.  This
was mitigated by Michelin's strong reputation and brand
recognition, which allows the company to adjust tyre prices to
match the increasing cost of raw materials (especially rubber and
metals).  As at FYE10, 75% of Michelin's additional costs of
EUR1.5 billion, had been mitigated by tyre price adjustments in
2010 and 2011, as well as implementing raw material indexation
clauses.  However, rubber prices are expected to increase further
(16.3% during January 2011 vs end-December 2010).  Fitch believes
that a lag in price adjustments to raw material cost increases
during 2011may lead to negative pressure on Michelin's 2011
profitability, but from 2012 onwards, notably thanks to the raw
material indexation clauses, Fitch considers it is likely Michelin
will achieve an EBIT margin target of 10% or more.

Michelin intends to spend EUR1.35 billion between 2011 and 2015 on
a tyre production plant in China.  Although this capex can be
considered discretionary, competitive pressures from peers, many
of whom have expressed similar intentions, may force Michelin to
act.  FCF may decline to negative levels in 2011 as a result of
the exceptionally high capex of EUR1.6 billion in 2011, dividend
payment, and lag in price adjustments to raw material price
increases.  Michelin has provided similar guidance for 2011, with
positive FCF expected between 2011 and 2015.  Fitch expects FCF to
return to above 5% of sales in the medium term.


NATIXIS SA: S&P Publishes 'D' Rating to Total Return Notes
----------------------------------------------------------
Standard & Poor's Ratings Services published its current 'D' issue
rating and provided the rating transitions on the EUR169,000,000
Total Return Notes due 2013 issued in January 2007 by French bank
Natixis S.A. (A+/Stable/A-1; then called IXIS Corporate &
Investment Bank).  The TRNs are linked to an amount of
US$220,000,000 Class S Floating-Rate Notes issued by Tensyr
Limited.

Due to an administrative error, the issue rating on the TRNs was
not entered into S&P's rating database when originally assigned,
and as a result was neither published nor updated.

The publishing of the issue rating on the TRNs does not affect
S&P's counterparty credit or other issue ratings on Natixis.

S&P is also providing below the rating history on the TRNs, as it
should have been published.  The issue rating on the TRNs is
largely based on the creditworthiness of the Tensyr Class S notes.
Accordingly, the rating transitions below reflect the
deterioration in the creditworthiness of the Tensyr Class S notes.

                         Rating History

* Natixis S.A. EUR169,000,000 Total Return Notes linked to
  US$220,000,000 Class S Floating-Rate Notes issued by Tensyr
  Limited


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


ARCANDOR AG: Bankruptcy Complaints "Groundless," Ex-CEO Says
------------------------------------------------------------
Niklas Magnusson at Bloomberg News, citing Frankfurter Allgemeine
Sonntagszeitung, reports that Thomas Middelhoff, the former chief
executive officer of Arcandor AG, said any complaints made against
him regarding the bankruptcy of the company are "completely
groundless and absurd."

Mr. Middelhoff said that under his management, there would not
have been a bankruptcy, Bloomberg reports, citing the German
newspaper.

As reported by the Troubled Company Reporter-Europe on Feb 22,
2011, Bloomberg News, citing Financial Times Deutschland, said
that German insolvency administrator Klaus Hubert Goerg filed a
second suit for exaggerated business expenses and too high bonuses
against Mr. Middelhoff.

                        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: Fitch Downgrades Subordinated Debt Rating to 'BB+'
---------------------------------------------------------------
Fitch Ratings has downgraded Germany-based EUROHYPO AG's and its
100%-owned Luxembourg-based subsidiary EUROHYPO Europaeische
Hypothekenbank SA's Long-term Issuer Default Ratings to 'A-' from
'A' and removed them from Rating Watch Negative.  The Outlook is
Stable.  The agency has also downgraded EUROHYPO's subordinated
debt rating to 'BB+' from 'A-' and removed it from RWN.

The downgrade of the IDRs follows EUROHYPO's announcement that the
profit it had targeted for 2011 will be delayed into 2012, which
decreases the likelihood that the bank can successfully restore
financial strength in the short term.  The downgrade of the
subordinated debt rating reflects Fitch's view that the new German
bank resolution regime considerably lowers the likelihood of full
support for subordinated debt holders in banks that could be faced
with resolution.

At the same time, Fitch has affirmed EUROHYPO's and EUROHYPO Lux's
Short-term IDRs at 'F1' and their Support Ratings at '1'.
EUROHYPO's Support Rating Floor is also affirmed at 'A-'.

EUROHYPO's ratings are based on support and therefore the rating
actions reflect Fitch's view of how further support, should it be
required, is likely to flow into the bank.  The Long-term IDR was
previously based on potential support from EUROHYPO's parent bank,
Commerzbank AG ('A+'/'F1+') and is now at its Support Rating
Floor.  This reflects Fitch's view that the German authorities
will now most likely need to find a way of resolving EUROHYPO
separately from Commerzbank.

The European Commission requires Commerzbank to sell EUROHYPO by
end-2014.  In Fitch's view, the slow progress in turning EUROHYPO
around increases the medium-term likelihood of a restructuring of
EUROHYPO in connection with the new German bank resolution regime.
In the meantime, EUROHYPO still benefits from a declaration of
backing (Patronatserklaerung) from Commerzbank, expressing its
commitment that it will ensure that EUROHYPO can meet its
obligations.  In addition, the profit and loss transfer agreement
between Commerzbank and EUROHYPO is still in place.  EUROHYPO
draws on Commerzbank's resources for a substantial part of its
unsecured funding.

Fitch's view that support for EUROHYPO from the German authorities
remains highly probable is based on the bank's size and EUROHYPO's
importance for the German Pfandbrief market.  EUROHYPO is
Germany's largest Pfandbrief issuer.  Any changes in Fitch's view
on external support would trigger further rating actions.
EUROHYPO Lux's Support Rating is driven by institutional support
from EUROHYPO due to EURHYPO Lux's strategic importance to
EUROHYPO as it provides access to an alternative funding source
for its public sector lending business (Lettre de Gage Publique)
and is strongly integrated within the group.

The 'CCC' rating of hybrid securities issued by EUROHYPO's Capital
Funding Trust I and II has been affirmed and removed from RWN.

The rating actions are:

EUROHYPO:

  -- Long-term IDR: downgraded to 'A-' from 'A', removed from RWN,
     Outlook Stable

  -- Short-term IDR: affirmed at 'F1'

  -- Support Rating: affirmed at '1'

  -- Support Rating Floor: affirmed at 'A-'

  -- Senior unsecured debt: downgraded to 'A-' from 'A', removed
     from RWN

  -- Subordinated debt: downgraded to 'BB+' from 'A-', removed
     from RWN

EUROHYPO Lux:

  -- Long-term IDR: downgraded to 'A-' from 'A', removed from RWN,
     Outlook Stable

  -- Short-term IDR: affirmed at 'F1'

  -- Support Rating: affirmed at '1'

  -- EUROHYPO Capital Funding Trust I/II preferred stock
     (XS0169058012, DE000A0DZJZ7): affirmed at 'CCC', removed from
     RWN


=============
H U N G A R Y
=============


MAGYAR TELECOM: Moody's Affirms 'B2' Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service affirmed Magyar Telecom B.V.'s B2
corporate family rating with a negative outlook and placed the B1
rating on its outstanding EUR270 million senior secured notes due
2016 on review for possible downgrade.

The review follows Invitel's announcement of (i) a request for
consent from holders of the notes to allow for a tap issuance of
up to EUR80 million and (ii) a tender offer to refinance its
outstanding EUR69 million senior floating-rate-notes (FRN) due
2013 using the proceeds from the tap issuance.

Upon successful completion of the consent process and repayment of
the senior FRNs, Invitel's debt structure would be comprised of
senior secured notes only (in the amount of approximately EUR350
million) and as such, the rating of the secured notes will not
benefit from any uplift from the presence of more junior debt
within Invitel's capital structure.  Hence Moody's would expect to
downgrade the senior secured notes to B2 (in-line with the CFR)
following completion of the transaction.

In addition, Moody's notes that the consent process will allow
Invitel to use the remaining proceeds from the sale of Invitel
International and part of Fibernet's assets for general corporate
purposes including business acquisitions beyond the 365-day limit
under the existing senior secured notes.

The affirmation of the CFR and negative outlook reflect the
improvement in the company's maturity profile that would result
from the successful completion of the transaction, while at the
same time incorporate the continuing challenges that Invitel faces
in its business.  Moody's changed the outlook on Invitel's ratings
to negative from stable on Feb. 2, 2011.

Headquartered in Budaors, Hungary, Invitel is the second-largest
fixed-line telecommunications provider in Hungary.  Invitel is
100% owned by Mid-Europa Partners.


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


COLLIGO FUNDING: Moody's Cuts Ratings on Various Notes to 'Caa1'
----------------------------------------------------------------
Moody's Investors Service has downgraded to Caa1 these classes of
notes issued by Colligo Funding Limited (amounts reflecting
initial outstandings):

  -- USUS$1,324,781,216 Class A1 Notes, Downgraded to Caa1 (sf)
and
     Remains On Review for Possible Downgrade; previously on Feb
     14, 2011 Baa3 (sf) Placed Under Review for Possible Downgrade

  -- USUS$1,324,781,216 Class A2 Notes, Downgraded to Caa1 (sf)
and
     Remains On Review for Possible Downgrade; previously on Feb
     14, 2011 Baa3 (sf) Placed Under Review for Possible Downgrade

  -- USUS$1,324,781,216 Class A3 Notes, Downgraded to Caa1 (sf)
and
     Remains On Review for Possible Downgrade; previously on Feb
     14, 2011 Baa3 (sf) Placed Under Review for Possible Downgrade

Moody's has not assigned a rating to the Subordinated Commercial
Mortgage Backed Variable Rate Notes due 2027.  The rating of the
Class A1, A2 and A3 Notes were placed on review for possible
downgrade on Feb. 14, 2011.

                        Ratings Rationale

The rating action is a result of the downgrade of the bank deposit
ratings of Anglo Irish Bank Corporation Limited.  On March 3,
2011, Moody's downgraded Anglo Irish's bank deposit ratings to
Caa1/Not-Prime and kept the ratings on review for possible
downgrade.  Anglo Irish's unguaranteed senior debt rating of Caa1
has been on review for possible downgrade since Feb. 11, 2011.
For further information on the rating action taken by Moody's
Financial Institutions Group on Anglo Irish please refer to
"Moody's downgrades bank deposit ratings of Anglo Irish and Irish
Nationwide to Caa1/N-P" published on March 3, 2011.

Colligo Funding Limited is a CMBS transaction backed by USUS$
denominated loans which originally closed in May 2008 and was
subject to a restructuring in February 2009.  In this transaction,
Anglo Irish is involved as originator, servicer, borrower-level
interest rate swap counterparty, issuer-level interest rate swap
counterparty, liquidity facility provider, account bank and lender
of further advances.

As Moody's stated in previous press releases with the latest from
Feb. 14, 2011, the Senior Notes of the Issuer maintain credit-
linkage to Anglo Irish in respect of its involvement as various
transaction counterparty listed above and also as the Account Bank
where approximately 51% of the outstanding balance of the Senior
Notes as per Jan. 31, 2011 interest payment date (IPD) was
deposited as cash collateral.  The cash which is still deposited
with Anglo Irish is to be distributed to the Senior Notes on the
next three IPDs.

The Senior Notes remain on review for possible downgrade pending
the review action on Anglo Irish's senior unsecured and bank
deposit ratings.

Moody's prior rating action on the Colligo Funding Limited
transaction is summarized in a Press Release dated Feb. 14, 2011,
while Moody's full review of the transaction is summarized in a
Press Release dated Nov. 22, 2010.  The last Performance Overview
for this transaction was published on Oct. 22, 2010.  Please see
the ratings tab on the issuer / entity page on moodys.com for the
last rating action and the ratings history.

Moody's Investors Service did not receive or take into account a
third-party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past six months.


* Moody's Downgrades Ratings on 50 Tranches From 17 Irish RMBS
--------------------------------------------------------------
Moody's Investors Service downgraded the ratings of 50 tranches in
17 prime Irish residential mortgage-backed securities.  Moody's
maintains the ratings on 16 tranches on review for possible
downgrade pending the conclusion of Moody's review of its ratings
on Irish banks and the implementation of a variety of proposals by
the transactions' sponsors including, the implementation of
structural changes to mitigate operational risks and/or increasing
credit enhancement.

                        Ratings Rationale

The rating actions are due principally to the weak and rapidly
deteriorating performance of the collateral as a result of the
weakened macro-economic environment and the increased operational
risks linked to the weaker credit quality of Irish banks acting as
key transaction parties.  On Feb. 11, 2011, Moody's announced that
top-rated notes of Irish RMBS transactions would suffer multi-
notch downgrades as a result of rating actions taken on most of
the Irish bank ratings.

The difference in the magnitude of rating actions on the senior
notes of the various Irish RMBS is due to the significant
difference in the amount of credit enhancement available within
each transaction to withstand Moody's updated loss assumptions.
Moody's downgraded seventeen of the senior notes from Aaa (sf) to
the A (sf) range, nine senior notes to the Aa (sf) range, six
senior notes to the Baa (sf) range and one to Ba2 (sf).  The
downgrade of the senior notes in Wolfhound 2008-1 to Ba2 (sf) from
Aaa (sf) reflects the low credit enhancement at 9.3% of note
balance compared to a revised loss assumption of 8.0% of current
pool balance.

Among the mezzanine and junior notes, Moody's has downgraded
sixteen tranches to below investment grade.

As previously expressed in a Moody's press release dated
Dec. 2, 2010, Moody's believe that due to Ireland's increasingly
uncertain economic situation and pending rating actions on the
banking sector in Ireland, Aaa (sf) ratings are not currently
achievable in Ireland for most structured finance transactions,
independent of the credit enhancement available.  Aa1(sf) is
currently achievable for transactions that can sustain high
stressed scenarios, thanks to a combination of very high level of
credit enhancement and low exposure to operational risks.

                Key Collateral Assumptions Revised

Moody's increased its lifetime expected loss assumptions to a
range of 3.5% to 13.0% of the current pool balance for the Irish
RMBS reviewed.  The prior range was 0.6% to 8.0% of the original
balance.  In setting its collateral loss assumptions Moody's
considered arrears and potential loss severities in light of the
composition of the collateral portfolio.

As of December 2010, the 90 plus days arrears in Moody's rated
transactions have gradually increased to 5.7% of pool balance from
2.9% from a year earlier, as shown in Moody's latest indices for
Irish RMBS published mid January.  Moody's anticipates further
deterioration in the performance of Irish pools of residential
mortgage loans.  Please see the Special Comment entitled "Key
credit drivers of Irish mortgage borrower default" published on
1st December 2010 for a detailed discussion of the evolution of
the economic stress on Irish borrowers.

The rating agency expects arrears levels to continue to rise
through 2011 and to remain at elevated levels for several years.
Increasing unemployment and lower incomes arising from the
austerity measures will continue to hurt borrowers' ability to
fulfill their financial obligations.  Irish borrowers would also
be affected negatively by interest rate increase as mortgage loans
are predominantly floating rate.  In addition to higher arrears,
loss severities will rise as the proportion of loans in negative
equity increases, the range is currently 7% to 60% depending on
the transaction.  Losses will also increase as a result of the
oversupply of housing, lack of refinancing causing fewer sales and
a further decline in house prices, expected to be equal to
approximately 45% decline from peak to trough in the base case.
In Moody's view lenders will continue to avoid recognizing these
losses by offering more loan modifications going forward,
reflecting lenders' and regulator's limited appetite to enforce on
highly delinquent loans.

Many of the pools in the RMBS rated by us have above-average risk
features compared to the Irish mortgage market.  Moody's notes
that 12 of the 18 transactions have weighted average indexed loan-
to-value ratios of greater than 100 percent.  Since mortgages for
buy-to-let properties are riskier than mortgages for owner-
occupied properties, the collateral portfolios with high
concentrations of BTL, such as Fastnet Securities 8 Ltd, saw the
biggest increases in expected loss assumptions.

Moody's revised the MILAN Credit Enhancement assumptions
considering the likely performance of pools during severe stress
scenarios including restructuring of government debt, systemic
banking crisis and more severe version of the current austerity
plan.  MILAN CE have been revised and are now ranging from 17.5%
to 40%.

                         Operational Risks

Following the recent downgrade of Irish banks to mostly below
investment grade levels, operational risk exposure is a key
consideration in determining the ultimate rating levels achievable
on each Irish RMBS transaction.

Specifically, Moody's assessed the risk of a disruption in the
performance of one of the key transaction parties.  The rating
agency evaluated the credit worthiness of the key entities in each
transaction that act as the servicer, cash manager, or account
bank.  Moody's also considered the strength of the structural
features, such as back-up arrangements, that help provide for a
successor in the event of a disruption.

The degree of linkage of ratings of the senior tranches of the
Irish RMBS ratings with the credit quality of the key transaction
parties vary from moderate to high depending on the strength of
operational risks mitigants that are in place in each the various
transactions.  Some of the Irish RMBS ratings remain on review for
possible downgrade pending the implementation of restructurings
proposed by sponsors and Moody's review of Irish bank ratings.

              Key Rating Rationale Per Transactions

                Moody's Rated Celtic Transactions
              (CELTIC No. 9, 10, 11, 12, 13 and 16)

Ulster Bank Ireland (A2/P-1) originated these transactions between
November 2005 and April 2010.  The main driver for the downgrades
of the most senior notes in Celtic 11 (Aa1 (sf)), Celtic 12 (Aa2
(sf)), Celtic 13 (Aa2 (sf)) and Celtic 16 (Aa2 (sf)) was Moody's
view that Aaa (sf) is not achievable in the current environment
because of the exposure of these transactions to systemic country
risk and the impact of sovereign and banking stress in Ireland in
severe stress scenarios.  Celtic 9 and Celtic 10 had multi-notch
downgrades to their senior notes to A3 (sf) and Baa2 (sf),
respectively, mainly as a result of the worsening performance of
their portfolios.

* Operational Risk -- Ulster Bank Ireland is the servicer and cash
  manager for all transactions.

* Key Collateral Assumptions -- Moody's has increased its expected
  loss assumptions (EL) considering that the 90 plus days arrears
  levels have doubled on the Celtic transactions originated prior
  to 2010.  Since Celtic 11 and Celtic 13 are among the better
  performers of the Celtic series (90 plus days arrears levels of
  4.3% and 5% of current balance, respectively), their loss
  assumptions are lower than other Celtic transactions.  Celtic
  16, although a relatively new transaction, has a very high
  proportion on non-owner occupied loans 66% and therefore a
  higher expected loss assumption.  Moody's revised the MILAN Aaa
  CE assumptions (MILAN) for all the transactions to incorporate
  additional stress scenarios to take into account systemic
  country risk and the impact of sovereign and banking stress in
  Ireland.

* Celtic 9, EL revised to 2.9% of original balance (5.5% of
  current balance), MILAN to 24%

* Celtic 10, EL revised to 3.7% of original balance (6% of current
  balance), MILAN to 24%

* Celtic 11, EL revised to 2.7% of original balance (4% of current
  balance), MILAN to 20%

* Celtic 12, EL revised to 4.6% of original balance (6.5% of
  current balance), MILAN to 26%

* Celtic 13, EL revised to 3.6% of original balance (4.5% of
  current balance), MILAN to 22.5%

* Celtic 16, EL revised to 12.7% of original balance (13% of
  current balance), MILAN to 39%.

                   EMERALD MORTGAGES No. 4

EBS Building Society (Ba2, under review for possible downgrade)
originated this RMBS transaction.  Weak collateral performance is
the main driver of the rating downgrade for the senior notes to
Baa1 (sf) and the multi-notch downgrade on the mezzanine and
junior notes.

* Operational Risk -- EBS Building Society is the servicer and
  cash manager for this transaction and is in the process of
  amending the transaction documentation to incorporate back-up
  arrangements.

* Key Collateral Assumptions -- Moody's has increased its expected
  loss assumption (EL) to 2.6% of the original balance of the
  loans (4% of current balance) as a result of the worse-than-
  expected performance of the pool.  Currently reports show 5% of
  the pool with arrears levels of 90 plus days (15% up from one
  year ago), including 2% of the current balance, which are 360
  plus days in arrears.  Moody's revised the MILAN Aaa CE
  assumption (MILAN) to 20% to incorporate additional stress
  scenarios to take into account systemic country risk and the
  impact of sovereign and banking stress in Ireland.

MOODY'S RATED FASTNET TRANSACTIONS (FASTNET No. 2, 4, 5, 7 and 8)

Irish Life & Permanent plc (Ba2, under review for possible
downgrade) originated these transactions.  The high linkage to
Irish Life & Permanent as the servicer and cash manager is the
main driver in the ratings downgrade for the senior notes in
Fastnet 4 to A1 (sf), under review for possible downgrade; Fastnet
5 A1 (sf), under review for possible downgrade; Fastnet 7 A3 (sf)
under review; and Fastnet 8 A1 (sf), under review for possible
downgrade.  Moody's downgraded the senior notes in Fastnet 2 to A3
(sf), under review for possible downgrade, primarily for
performance reasons.  However, all the senior notes in these
transactions remain on review for possible downgrade pending the
outcome of a proposal by the issuers to mitigate operational risk
and Moody's review of the ratings of Irish banks.

* Operational Risk -- Currently, no back-up arrangements are in
  place for either the servicing or cash management.  Irish Life &
  Permanent plc informed Moody's that it is in the process of
  amending the transaction documentation to introduce back-up
  parties and other structural features to address operational
risk concerns.

* Key Collateral Assumptions - Moody's has increased its expected
  loss assumptions (EL) in all five of these Fastnet transactions
  as a result of their weak performance.  Moody's believes that
  Fastnet 7 and Fastnet 8 will suffer the greatest level of losses
  of the Fastnet transactions as they both have weighted average
  indexed LTVs of greater than 100%.  Moody's revised the MILAN
  Aaa CE assumptions (MILAN) for all five Fastnet transactions.
  Fastnet 4 has the lowest credit enhancement assumption as a
  result of the significantly lower weighted average indexed LTV
  of the portfolio (75% compared to 118% in Fastnet 8).  Fastnet 7
  and 8 have the highest credit enhancement assumptions as a
  result of the high level of non-owner occupied loans in the
  portfolio (over 70% in both pools at close).

* Fastnet 2, EL revised to 3.2% of original balance (5% of current
  balance), MILAN to 22.5%

* Fastnet 4, EL revised to 2.8% of original balance (3.5% of
  current balance), MILAN to 17.5%

* Fastnet 5, EL revised to 5.2% of original balance (6% of current
  balance), MILAN to 24%

* Fastnet 7, EL revised to 12.3% of original balance (13% of
  current balance), MILAN to 40%

* Fastnet 8, EL revised to 12.6% of original balance (13% of
  current balance), MILAN to 39%.

                        Kildare Securities

ICS Building Society (Deposit Rating Baa3, under review for
possible downgrade/P-3, under review for possible downgrade),
which is a subsidiary of Bank of Ireland (Ba1, under review for
possible downgrade), originated this transaction.  The main driver
for the multi-notch downgrade of the senior note to A3 (sf), under
review for possible downgrade, is the strong degree of linkage
between the transaction and ICS Building Society.  Therefore the
senior notes remain on review pending the outcome of Moody's
review of Irish banks as they are sensitive to a downgrade of the
ratings of ICS Building Society.

* Operational Risk -- ICS Building Society is both the servicer
  and cash manager and there are no back-up arrangements in place.

* Key Collateral Assumptions -- Moody's has increased its expected
  loss assumption (EL) in this transaction to 2.4% of original
  balance (4% of current balance).  This assumption is at the
  lower end of the range for the revised EL of the Irish RMBS as a
  result of the comparatively low level of arrears (3.1% of
  current balance that is 90 plus days in arrears compared with
  5.7% for the Irish Prime RMBS index).  Moody's increased the
  MILAN Aaa CE assumption (MILAN) for this transaction to 20% in
  order to incorporate additional stress scenarios to take into
  account systemic country risk and the impact of sovereign and
  banking stress in Ireland.

            MOODY'S RATED PHOENIX FUNDING TRANSACTIONS
                     (Phoenix No. 2, 3, and 4)

KBC Bank Ireland plc (Baa3/P-3 a subsidiary of KBC Bank N.V.
(Aa3/P-1)) originated these transactions.  The main driver for the
downgrades in Phoenix 3 and 4 is expected performance as
demonstrated by the significant increase in arrears levels (at
least 7% of their current portfolios are 30 days plus in arrears).
The sponsor of the transactions has informed Moody's that for all
three transactions they will increase credit enhancement and
implement structural changes to mitigate operational risk.  The
current rating levels incorporate the benefit of those
restructuring and the ratings remain on review pending the
implementation of these changes.

* Operational Risk -- KBC Bank Ireland plc is the servicer and
  cash manager for all three of these Phoenix transactions.  There
  are no back up servicers nor back up cash managers in place,
  though Phoenix 3 and 4 do have rating triggers for appointing
  substitute parties.  KBC Ireland plc informed Moody's that it is
  in the process of amending the transaction documentation to
  address operational risk concerns.

* Key Collateral Assumptions -- Moody's has increased its expected
  loss assumptions (EL) in all three transactions as a result of
  worse-than-expected performance in all three pools.  Phoenix 2
  has the highest expected loss assumption of these transactions
  as it has the highest level of 90 days plus in arrears (7% of
  current balance versus 6.2% in Phoenix 3 and 3.5% in Phoenix 4)
  and also has the highest weighted average indexed LTV (117%).
  Moody's revised the MILAN Aaa CE assumptions (MILAN) for all the
  transactions taking into consideration the fact that all three
  transactions have at least 20% of buy-to-let loans in their
  respective pools and the additional stress scenarios to take
  into account systemic country risk.

* Phoenix 2, EL revised to 7.2% of original balance (8.0% of
  current balance), MILAN to 32%

* Phoenix 3, EL revised to 6.3% of original balance (7.0% of
  current balance), MILAN to 28%

* Phoenix 4, EL revised to 6.6% of original balance (7.0% of
  current balance), MILAN to 28%.

            WOLFHOUND TRANSACTIONS (2008-1, and No. 2)

Bank of Scotland Ireland (not rated, a subsidiary of Bank of
Scotland plc (Aa3)) originated these transactions.  Moody's has
downgraded the senior notes in both transactions due to
performance concerns and the lack of sufficient enhancement needed
to withstand both severe and expected loss scenarios given the
combination of high arrears levels and the portfolio composition
(over 15% of BTL in both pools).

* Operational Risk -- Bank of Scotland plc is the servicer and
  cash manager for these transactions.

* Key Collateral Assumptions -- Moody's has increased its expected
  loss assumptions (EL) for both transactions due to weak
  collateral performance.  Moody's revised the MILAN Aaa CE
  assumptions (MILAN) for both transactions because of the level
  of BTL loans in both pools (over 15%) and the additional stress
  scenarios to take into account systemic country risk.

* Wolfhound 2008-1, EL revised to 7.6% of original balance (8%
  current balance), MILAN to 33%

* Wolfhound No2, EL revised to 7.8% of original balance (8%
  current balance), MILAN to 33%.

Moody's Investors Service did not receive or take into account a
third-party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past six months.


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


BANCASAI SPA: S&P Cuts Counterparty Credit Ratings to 'BB+/B'
-------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long- and
short-term counterparty credit ratings on Italy-based BancaSai SpA
to 'BB+/B' from 'BBB-/A-3'.  At the same time, S&P maintained the
ratings on CreditWatch with negative implications, where they had
originally been placed on Dec. 1, 2010.

The rating actions follow a similar rating action S&P took earlier
on BancaSai's parent, Italian composite insurer Fondiaria-SAI Spa.
According to S&P's group rating methodology, S&P cap the ratings
on BancaSai, which S&P considers as a strategically important
subsidiary, at one notch below those on its parent.  In addition,
S&P factor into the long-term rating one notch of uplift above
BancaSai's stand-alone credit profile.  S&P's assessment
of BancaSai's SACP remains unchanged.

S&P expects to resolve the CreditWatch within the next month,
based on the resolution of S&P's CreditWatch on the parent.  A
change in the ratings on Fondiaria-SAI would prompt a similar
rating action on BancaSai, as a strategically important
subsidiary.


SESTANTE FINANCE: S&P Cuts Rating on Class B Notes to 'BB (sf)'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit rating on
Sestante Finance S.r.l.'s series 5 class B notes.  At the same
time, S&P kept its rating on the class A notes on CreditWatch
negative.

The lowering of the rating on the class B notes follows S&P's
review of this transaction in light of the recent performance of
the underlying asset pool.  Since closing, the transaction has
experienced a steep increase in quarterly defaults, while
delinquencies have only slightly decreased over the past few
quarters.

S&P placed the rating on the class A notes on CreditWatch negative
on Jan. 18, when its updated counterparty criteria became
effective.  As S&P has not received any notification of changes to
the documentation, S&P has kept the rating on this class on
CreditWatch negative.

Sestante Finance's series 5 closed in June 2008 and is an Italian
residential mortgage-backed securities transaction that
securitizes a pool of Meliorbanca SpA-originated mortgage loans
secured over residential properties in Italy.

As of the end of the latest collection period in December 2010,
mortgage loans in arrears for more than 90 days are 6.28% of the
pool, down from 6.78% in September 2010, and the cumulative gross
defaults are 12.52%, up from 11.77%.

As a result of the relatively high level of arrears and the
related steady transition of loans to default, the reserve fund is
fully depleted.

Sestante Finance's series 5 requires excess spread and eventually
the reserve fund, which is currently fully depleted, to cover the
full balance of defaulted mortgage loans.  Due to the lack of
available excess spread, at the last interest payment date in
December 2010, the amount of unpaid principal deficiency ledger
recorded by the transaction was about EUR17.7 million.

The downgrade of the class B notes is a result of the rise in the
default level related to this structural feature of the
transaction.  When the cumulative default rates in Sestante
Finance's series 5 reach 17.5% of the outstanding amount at
closing, Sestante Finance has to defer interest on the class B
notes and use the cash to return the balance of the PDL to zero.

S&P's ratings analysis took into consideration the likelihood that
interest on the class B notes will be deferred as a result of this
structural feature.  S&P believes that while the deferral trigger
will not be breached in the short- to medium-term, the risk has
increased that the cumulative default trigger will be breached,
and accordingly S&P has lowered and removed from CreditWatch
negative the rating on the class B notes.

                          Ratings List

                     Sestante Finance S.r.l.
    EUR325.48 Million Asset-Backed Floating-Rate Notes Series 5

       Rating Lowered and Removed From CreditWatch Negative

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

             Rating Remaining on CreditWatch Negative

                   Class    Rating
                   -----    ------
                   A        AA (sf)/Watch Neg


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


INTELSAT SA: Incurs US$507.77 Million Net Loss in 2010
------------------------------------------------------
Intelsat S.A. filed its annual report with the U.S. Securities and
Exchange Commission reporting a net loss of US$507.77 million on
US$2.54 billion of revenue for the year ended Dec. 31, 2010,
compared with a net loss of US$782.06 million on US$2.51 billion
of revenue during the prior year.

The Company also reported a net loss of US$115.07 million on
US$643.97 million of revenue for the three months ended Dec. 31,
2010, compared with a net loss of US$96.94 million on US$620.82
million of revenue for the same period during the prior year.

Intelsat CEO Dave McGlade stated, "Our fourth quarter 2010 revenue
growth of 4 percent capped a solid second half of 2010.  Our
Government business grew 14 percent in the quarter and 16 percent
for 2010.  Our Network Services and Media businesses were solid
despite the effects of the two satellite anomalies that occurred
in the first half of 2010.  During the year, we increased and
improved capacity for future growth as new satellites entered
service, including Intelsat 14, Intelsat 16 and Intelsat 25, and
we built backlog through long-term agreements with strategic
accounts in each of our customer sets.  Our contracted backlog
grew to US$9.8 billion at Dec. 31, 2010, providing visibility and
stability of future cash flows."

The Company's balance sheet at Dec. 31, 2010 showed US$17.59
billion in total assets, US$18.29 billion in total liabilities,
and US$698.94 million in total Intelsat S.A shareholder's deficit.

A full-text copy of the annual report on Form 10-K is available
for free at http://ResearchArchives.com/t/s?74d6

                          About Intelsat

Intelsat S.A., formerly Intelsat, Ltd., provides fixed-satellite
communications services worldwide through a global communications
network of 54 satellites in orbit as of Dec. 31, 2009, and ground
facilities related to the satellite operations and control, and
teleport services.  It had US$2.5 billion in revenue in 2009.

Luxembourg-based Intelsat S.A. carries 'B' issuer credit ratings
from Standard & Poor's.  It has 'Caa1' corporate family and
probability of default ratings from Moody's Investors Service.

Washington D.C.-based Intelsat Corporation, formerly known as
PanAmSat Corporation, is a fully integrated subsidiary of Intelsat
S.A., its indirect parent.  Intelsat Corp. had US$7.70 billion in
assets against US$4.86 billion in debts as of Dec. 31, 2010.


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


ABN AMRO: S&P Raises Ratings on Junior Subordinated Debt to 'B'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised its
junior subordinated debt ratings on the GBP149 million Upper Tier
2 securities issued by Dutch bank ABN AMRO Bank N.V. to 'B' from
'CC'.  In a related action, S&P affirmed its 'B' junior
subordinated rating on the bank's EUR1 billion Tier 1 instrument.
This rating action does not affect its counterparty credit ratings
on ABN AMRO.

The upgrade follows ABN AMRO's announcement on March 4, 2011, of
improved underlying results for the full-year 2010 and about its
future dividend policy and targeted plans to pay an ordinary share
dividend.  The 'B' ratings on this instrument and on the Tier 1
securities reflect S&P's view that some significant risk of
deferral on the next coupon dates in March 2012 and 2013 remain
because of a European Commission ban.

"S&P now believe that ABN AMRO has a greater chance of having the
financial capacity and the EC's potential approval to pay an
ordinary share dividend in the coming 12 months than S&P assessed
in September 2010, when the bank launched its tender offer on the
Upper Tier 2 instrument that S&P considered as a distressed
exchange under its criteria," said Standard & Poor's credit
analyst Elisabeth Grandin.

Under the terms of the Tier 1 and Upper Tier 2 issues, an ordinary
share dividend payment on the bank or its holding company would
push coupon payments on those issues in the upcoming 12-month
period.

On Aug. 16, 2010, ABN AMRO communicated that the EC had imposed a
ban on coupon payment for its Tier 1 and Tier 2 instruments,
unless there was a legal obligation to do so.  Indeed, the bank
paid the Feb. 17, 2011, coupon on its GBP149 million Upper Tier 2
instrument (initial amount of GBP750 million before the
September 2010 tender offer) and the March 10, 2011, coupon on the
EUR1 billion Tier 1 instrument.  Both coupons were triggered by a
dividend payment on ordinary shares by the former ABN AMRO Bank
holding company that took place in April 2010.  ABN AMRO stated
that the EC ban should apply to the subsequent coupon dates up to
2013, unless the bank is legally obliged to pay.

The EC in July 2010 temporarily prolonged its approval of
additional support to Fortis Bank Nederland and ABN AMRO (now
merged into ABN AMRO) and since then neither the EC nor ABN
AMRO have not made any announcements about the outcome of the
State Aid investigation.  In consultation with its shareholder,
the Dutch State, ABN AMRO has communicated an ordinary share
dividend policy that targets a dividend payout of 40% of reported
annual profit.  This proposed policy is subject to the outcome of
the State Aid investigation.


===========
P O L A N D
===========


CENTRAL EUROPEAN: S&P Downgrades Corporate Credit Rating to 'B'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
long-term corporate credit rating on U.S.-based Central European
Distribution Corp., the parent company of Poland-based vodka
manufacturer CEDC International sp. z o.o., to 'B' from 'B+'.  The
outlook is stable.

At the same time, S&P has lowered its issue rating on CEDC's
USUS$380 million and EUR430 million senior secured notes due 2016
to 'B' from 'B+', and have lowered its issue rating on CEDC's
USUS$310 million senior unsecured convertible notes due 2013 to
'CCC+' from 'B-'.

"The downgrade reflects S&P's view of CEDC's weak 2010 operating
performance, the deterioration of its credit metrics, and its
belief that deleveraging will likely be delayed by at least a
year," said Standard & poor's credit analyst Florence Devevey.

CEDC reported EBITDA of US$144 million in 2010, down from
USUS$216 million in 2009 (pro forma).  Consequently, net debt to
EBITDA (as per the covenant definition) reached almost 6.5x at
end-December 2010, significantly exceeding the 5.0x level set
in the covenant of the company's Polish zloty (PLN)330 million
(USUS$112 million) credit facility, of which only PLN130 million
(USUS$44 million) was drawn at end-February 2011.  Standard &
Poor's-adjusted leverage was about 7.5x at end-December 2010 (pro
forma for the recent minority buyout).  While S&P previously
anticipated that CEDC would likely reduce leverage (adjusted by
Standard & Poor's) to 5.0x in 2011, S&P now believe that CEDC will
unlikely deleverage to this level before year-end 2012.

The rating on CEDC also reflects the company's business risk
profile, which S&P views as "fair" according to its criteria,
given limited product and geographic diversification, and
significant exposure to the Russian market.  Additional rating
constraints are CEDC's high leverage and strong exposure to
exchange rate fluctuations.  These risks are partially mitigated,
in S&P's view, by CEDC's position as the largest vodka
manufacturer in Central Europe and its well-established regional
brands, which enable substantial free operating cash flow
generation.

The stable outlook reflects S&P's belief that CEDC's performance
will likely start recovering in 2011, as well as its view of
CEDC's robust cash generation capacity and management's declared
focus on deleveraging," said Ms.  Devevey.  "Rating stability also
depends on CEDC's re-establishment of its debt metrics in 2011 to
close to 6x for adjusted debt to EBITDA and to more than 2x for
EBITDA interest coverage."

A downgrade would be possible if CEDC were unable to successfully
address its covenant issues by, for example, resetting them or
arranging alternative financing.  S&P could also lower the rating
if CEDC were unable to generate positive free cash flow in 2011 or
if it failed to deleverage to the level S&P mention above.

In S&P's opinion, the potential for an upgrade is currently
limited due to CEDC's high leverage and its uncertainty regarding
a significant recovery in the Russian market and the impact of the
company's marketing initiatives in Poland.


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


INSURANCE GROUP: Fitch Maintains 'BB' Insurer Strength Rating
-------------------------------------------------------------
Fitch Ratings is maintaining Insurance Group MSK's Insurer
Financial Strength rating of 'BB' and National IFS rating of 'AA-
(rus)' on Rating Watch Negative.

The rating action follows the sale of 25% plus one share of
Metropolitan Insurance Group, a vehicle holding 94.5% of IG MSK,
to JSC Bank VTB ('BBB'/Stable) by the City of Moscow
('BBB'/Positive).  This transaction formed part of a larger deal
when VTB acquired a 46.48% stake in Bank of Moscow ('BBB-'/RWN)
from the City of Moscow at the end of February.

The RWN takes into account the uncertainty relating to IG MSK's
strategic importance to the new shareholder, VTB.  Although VTB's
share is currently a minority one, it may grow organically if VTB
obtains its targeted control over Bank of Moscow, indirect
shareholder of IG MSK.  The RWN also continues to reflect Fitch's
view that the scheduled merger of IG MSK and CJSC Spasskie Vorota
may increase IG MSK's dependence on its shareholders capital
support due to the weaker financial profile of Spasskie Vorota.

If VTB gains control over IG MSK, as a supplement to the targeted
control over Bank of Moscow, resolution of the RWN on IG MSK will
depend on VTB's strategic decision on the further management of IG
MSK.  If VTB remains a minority shareholder of IG MSK, resolution
of the RWN will continue to depend on Fitch's assessment of the
relative weakening of IG MSK's financial profile upon merger and
on any rating actions on Bank of Moscow.

Fitch notes that VTB already has a 100%-owned insurance
subsidiary, LLC IC VTB Insurance ('BB'/Positive), a medium-sized
non-life company with a focus on the parent bancassurance channel.
IG MSK is a large non-life insurer.  It also writes part of the
premiums through parent Bank of Moscow, but its strategy is
different from that of VTB Insurance and has been increasingly
focused on the independent growth in the retail segment through
non-affiliated distribution channels.  Realization of this
strategy was supported by the mergers of IG MSK with MSK-Standard
in Q110 and Spasskie Vorota, scheduled for Q111.

Fitch also notes that IG MSK's underwriting performance was weaker
than VTB Insurance's in 2009-2010 due to the differences in the
business mix, level of exposure to the challenges of the local
operating environment during the crisis and the idiosyncratic
risks of IG MSK, realized at the merger with MSK-Standard.  As
there are both strengths and weaknesses in IG MSK's operational
profile compared with VTB Insurance, there is rationale for
various strategic decisions, which could be made by VTB in
relation to IG MSK.

IG MSK had gross assets of RUB31 billion at end-9M10 and gross
written premiums of RUB8 billion in 9M10.  Spasskie Vorota had
gross assets of RUB12.4 billion at end-9M10 and GWP of RUB6.5
billion in 9M10.  VTB Insurance had gross assets of RUB4.2 billion
at end-9M10 and GWP of RUB4.1 billion in 9M10.


MOBILE TELESYSTEMS: S&P Affirms 'BB' Corporate Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'BB' long-
term corporate credit rating and related debt ratings on Russian
telecoms operator Mobile TeleSystems (OJSC).  S&P removed the
ratings from CreditWatch, where they were placed with negative
implications on Jan. 26, 2011.  The outlook is negative.

The affirmation follows the announcement by MTS that its wholly
owned subsidiary Mobile TeleSystems Finance S.A. (not rated)
received the requisite consents from noteholders to remove from
the documentation on its USUS$400 million notes, due January 2012,
the restrictive covenants and events of default related to the
existence and nonpayment of an arbitral award against MTS Finance.

MTS has also previously received such consent from the holders of
the USUS$750 million notes, issued by MTS International Funding
Limited, and obtained waivers from banks to avoid acceleration of
its other debt liabilities.  "This leads us to believe that the
risk of technical default is no longer applicable to any of MTS'
debt liabilities," said Standard & Poor's credit analyst Alexander
Griaznov.

"Nevertheless, S&P is revising the outlook on MTS to negative,
reflecting S&P's view of MTS' very aggressive corporate
governance," said Mr. Griaznov.  S&P understands that MTS Finance
has not paid a USUS$210 million final arbitral award made on Jan.
5, 2011, in favor of Nomihold Securities Inc. (not rated) against
MTS Finance.  S&P believes that by not paying the award for its
subsidiary, MTS put pressure on its bondholders, exposing them to
the risk of technical default on the notes.

S&P views the nonpayment of the final arbitral award and the risk
of a technical default as indications of very aggressive corporate
governance practices at MTS, which therefore are not commensurate
with a higher rating.  A higher rating could have been otherwise
achievable based on S&P's assessment of the company's business
risk profile as "satisfactory" and its view of its moderate
leverage and strong cash flow generation.  S&P also believe that
Sistema (JSFC) (BB/Negative/--), as MTS' majority shareholder,
being fully aware of the situation, did not use its control over
MTS to prevent the default of MTS' subsidiary.  This leads us to
align the ratings and outlook on MTS and Sistema.

"Any negative developments that S&P believes would put in question
the legal ability of MTS to make payments on its bonds, or further
moves that S&P viewed as demonstrating aggressive corporate
governance, could lead us to lower the rating, said Mr. Griaznov.


SISTEMA JSFC: S&P Gives Negative Outlook; Affirms 'BB' Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Russian telecoms holding company Sistema (JSFC) to
negative from stable, while affirming the 'BB' long-term corporate
credit rating on the company and related debt ratings.

The outlook revision comes in tandem with S&P's decision to assign
a negative outlook to Sistema's majority-owned subsidiary, Mobile
TeleSystems OJSC (MTS, BB/Negative/--), which allowed its finance
subsidiary, Mobile TeleSystems Finance S.A. (not rated), to
default after not paying an arbitration award on March 5, 2011.

"In S&P's view, Sistema did not use its control over MTS to
prevent the default by MTS Finance.  This leads us to believe that
Sistema and MTS apply similar very aggressive corporate governance
practices and that the credit ratings on both companies should
consequently be aligned," said Standard & Poor's credit analyst
Alexander Griaznov.

The rating on Sistema is constrained by Standard & Poor's Ratings
Services' view of the company's aggressive financial policy, with
a strong focus on business growth, a predisposition to
acquisitions, and the cash consumption of many of its growth-
oriented business segments.  In addition, Sistema has launched
capital-intensive construction of a nationwide mobile
telecommunications network in India, which in S&P's view could
limit the company's potential to generate cash.

The continuing strong performance of Sistema's core assets,
improving revenue and asset diversity, and the company's tangible
progress in streamlining operations support the rating.

The negative outlook on Sistema primarily reflects that on MTS.
If S&P lower the rating on MTS because of corporate governance
considerations, S&P would likely lower the rating on Sistema.

A negative rating action could follow if Sistema were to increase
leverage again to levels similar to those at year-end 2009 due to
acquisitions or financial policy decisions.

S&P could revise the outlook to stable in the event of a similar
rating action on MTS.


SOTSGORBANK OJSC: Moody's Reviews 'E+' Financial Strength Rating
----------------------------------------------------------------
Moody's Investors Service has placed these ratings of Sotsgorbank
on review for possible downgrade: E+ bank financial strength
rating, B3 long-term local and foreign currency long-term deposit
ratings and Baa2.ru national scale rating.

                        Ratings Rationale

Moody's said that the review of Sotsgorbank's ratings for a
possible downgrade reflects the substantially increased liquidity
risk and uncertainty regarding the bank's franchise.  Moody's
added that it is also concerned about the quality and reliability
of the information available regarding the bank's situation.

Moody's said that it noted that the Central Bank of Russia, which
is currently carrying out an on-site inspection of the bank, so
far has not approved the appointment of the bank's new CEO
following Sotsgorbank's acquisition by a group of individuals in
October, 2010.  Furthermore, Sotsgorbank's name has recently
received negative publicity in the Russian business media
regarding the bank's ownership structure and possible CBR
sanctions.  Under such circumstances the rating agency said that
it believes there is a risk that the bank's liquidity position may
weaken if it experiences significant deposit outflows.  Moody's
also said that the outcome of the ongoing CBR inspection, and any
consequences from this remain unknown.

Moody's said that its review will focus on the bank's liquidity
position and its ability to maintain its franchise strength.  The
ratings of the bank will probably be downgraded if it becomes
unable to refinance most of its retiring obligations in the near-
term.  Conversely, the ratings may be confirmed if the bank
maintains acceptable liquidity and if the uncertainties about its
franchise viability are eased over the next few months.

Moody's last rating action on Sotsgorbank was implemented on 06
April 2009, when these ratings were assigned: B3/Not Prime long-
term and short-term foreign and local currency deposit ratings, an
E+ BFSR, and a Baa2.ru NSR.  A stable outlook was assigned to the
bank's BFSR and deposit ratings.

Headquartered in Moscow, Russia, Sotsgorbank reported total assets
of USUS$456 million and shareholders' equity of USUS$67 million as
of year-end 2010, according to the bank's statutory financial
statements.


=========
S P A I N
=========


CTH: Seeks Negotiation with Creditors to Avert Administration
-------------------------------------------------------------
Aggregates Business Europe reports that CTH has applied to the
business court to try and start negotiation with its creditors in
a bid to avoid going into administration.

CTH is an aggregates company based in Spain.  The group has four
plants in Huarte, Olite and Ablitas in Spain and one in Portugal
and employs 150 people, according to Aggregates Business Europe.


OBRASCON HUARTE: Moody's Affirms 'Ba2' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has affirmed the Ba2 corporate family
rating and probability of default rating of Obrascon Huarte Lain
S.A., as well as its existing senior unsecured instrument ratings.
At the same time, Moody's has assigned a provisional (P) Ba2/LGD3
rating to the proposed new EUR500 million senior unsecured notes.
A definitive rating will be assigned to the notes upon review of
final documentation and completion of the transaction.  Outlook on
the ratings remains negative.

                        Ratings Rationale

The proposed bond issuance will be used to refinance OHL's EUR422
million bond due in 2012, thereby improving its debt maturity
profile.

The provisional (P)Ba2/LGD3 instrument ratings for the proposed
senior notes (due 2018 according to indicative exchange terms)
reflect their senior unsecured status and pari passu ranking with
a large majority of OHL's existing and future obligations.

Moody's recognises that OHL has managed to address a number of
concerns embedded in the negative outlook, achieving sales of
EUR4.9 billion and EBITDA of EUR1 billion for 2010 and significant
year-on-year growth in operating margins, EBITDA and EBIT.  The
main growth driver was the group's concession business, which at
EUR1.5 billion sales and EUR747 million EBITDA, reported growth of
32.1% and 71.3% over the prior year.  International construction
activity became the leading segment in terms of sales, accounting
for 37% of the total.

However, OHL's recourse business has weakened and remains under
stress in the current economic environment.  Domestic construction
activity saw a 23% reduction in sales and a 30% drop at the EBITDA
level, driven by lower activity levels due to the substantial cuts
in government spending, while international construction activity
remained flat in terms of revenues, in line with Moody's
expectations.  Overall, the construction business showed a drop in
sales of 10.4%.  Going forward, Moody's expects that the decline
in domestic construction will be offset by a growing international
recourse business, which presented a y-o-y increase of 24% in its
order book.

OHL reported higher than expected recourse debt of EUR1.17 billion
as at Dec. 31, 2010 up from EUR731 million as at end-2009,
resulting in a reported recourse debt/recourse EBITDA ratio of
3.5x.  The increase was due to (i) investments in concession
companies, (ii) working capital fluctuations due to the reduction
in commercial financing as a consequence of the drop of the
domestic construction activity and (iii) delayed payments by some
international customers.  Nevertheless, the company expects to
reduce recourse debt in the coming months, through the sale of
non-core assets and an improvement in collections.  Net reported
debt/EBITDA stood at 4.4x, improving from 4.6x reported last as of
end-2009.

The Ba2 CFR continues to take into account OHL's (i) portfolio of
businesses, through which it balances cyclical construction
activities with more predictable concession-generated revenues;
and (ii) its gradually decreasing exposure to the Spanish economy,
with its involvement in international construction projects and a
growing portfolio of Latin American infrastructure assets.  At the
same time, the rating factors in: (i) the potential for volatility
in the cyclical construction industry; and (ii) the challenges OHL
faces in controlling its expanding international activities.  The
outlook remains negative given the significant decline in domestic
construction activity during 2010 and higher than expected
recourse debt as at December.

Upward pressure on the rating could develop if net consolidated
debt/EBITDA (as adjusted by Moody's) falls well below 5x and gross
recourse debt/recourse EBITDA (as reported by OHL) moves to below
3.5x on a sustained basis.

The Ba2 rating could come under pressure if OHL's net consolidated
debt/EBITDA ratio (as adjusted by Moody's) increases above 5.5x
and the company's gross recourse debt/recourse EBITDA ratio (as
reported by OHL) rises above 4.0x on a sustained basis.

Moody's previous rating action on OHL was implemented on
Sept. 21, 2010, when the company's CFR, PDR and senior unsecured
ratings were downgraded to Ba2 from Ba1 with a negative outlook.

Headquartered in Madrid, OHL is one of Spain's leading
construction and concession operators, involved in environmental,
development and industrial activities.  For 2010, OHL reported
sales of EUR4.9 billion and EBITDA of EUR1 billion.


OBRASCON HUARTE: Fitch Assigns 'BB-' Rating to Unsecured Bonds
--------------------------------------------------------------
Fitch Ratings has assigned Obrascon Huarte Lain's prospective
EUR500 million seven-year unsecured bond an expected 'BB-(exp)'
rating.  The expected rating is in line with OHL's senior
unsecured 'BB-' rating.  OHL's Issuer Default Rating is 'BB-' with
a Negative Outlook.

The final rating is contingent upon the receipt of final
documentation conforming to information already received by the
agency.

The bond will be used to refinance up to EUR421.6 million of the
existing 2012 bonds, with the remainder being used to pay down
part of the bilateral debt drawndown.  The new bond is mildly
positive for OHL's ratings, extending existing bond debt
maturities by five years.  The bond documentation includes
negative pledge and change of control clauses, with recourse
subsidiaries of the group allowed to procure additional
indebtedness only if the recourse net interest coverage ratio
remains above 2.5x.

OHL'S recently announced FY10 results confirmed at a de-
consolidated level net debt/EBITDAR of 3.5x (adjusted for non-
recourse debt and ring-fenced concession cash flows), just within
Fitch's guidelines for a 'BB-' IDR.

The FY10 results confirmed both the resilience of the
international construction business (revenues increased 0.4%) in
FY10 in an uncertain international environment and the difficult
Spanish construction market (revenues down 22.6%).  As a result,
recourse EBITDA rose only slightly to EUR337.4 million (versus
EUR323.4 million at FYE09).  The group's recourse liquidity
position improved to EUR1.3 billion, including undrawn committed
facilities (EUR792 million) and cash available (EUR520 million).
However, on a deconsolidated basis, OHL remains over-leveraged.
Leverage (Fitch adjusted recourse-adjusted net debt/EBITDAR) at
3.5x at FYE10 is still considered relatively high risk for
construction industry players, as tolerance to debt is low due to
significant operational risks such as cyclical demand, thin profit
margins and the possibility of project delays and cost overruns.

The Negative Outlook indicates that a downgrade could potentially
occur if the company underperforms Fitch's current expectations,
including a material increase in leverage and reduced covenant
headroom.  Fitch will be meeting OHL's management in the next few
weeks to review the group's forecasts, and in particular the
measures it intends to take to reduce recourse debt at parent
company level.

OHL's ability to de-leverage also appears to remain constrained by
still weak non-concession construction markets, although OHL has
reported strong order book growth in international construction in
the last three months of trading to end-February 2011.


=====================
S W I T Z E R L A N D
=====================


CROWN FOREX: Judge Allows Feds to Join US$84 Mil. Fraud Suit
------------------------------------------------------------
Bankruptcy Law360 reports that a judge in Minnesota gave federal
prosecutors a green light Thursday to intervene in a U.S.
Commodity Futures Trading Commission civil suit accusing the
principals and subsidiaries of Crown Forex SA of perpetrating an
US$84 million foreign exchange scheme.

Crown Forex SA -- http://www.crownforex.com/-- was a Bassecourt,
Switzerland-based company that offered trading on 13 currency
pairs + gold and silver.

Swiss markets regulator FINMA entered a bankruptcy ruling took
over the Company on Dec. 9, 2008, and entered a ruling to
liquidate the Company on Feb. 23, 2009, following a money
laundering investigation.  The regulator declared the Company
bankrupt on May 29, 2009.


===========
T U R K E Y
===========


EUROBANK TEKFEN: Moody's Gives Negative Outlook on 'D-' Rating
--------------------------------------------------------------
Moody's Investors Service has changed the outlook on Eurobank
Tekfen A.S.'s D- bank financial strength rating to negative from
stable.  At the same time, the long-term global local-currency
deposit rating of Eurobank Tekfen A.S. was downgraded to Ba3 from
Ba2, thereby removing the parental support previously incorporated
into the ratings.  The long-term rating now carries a negative
outlook in line with the outlook of the BFSR.

The rating action concludes the review for possible downgrade of
the GLC rating, which Moody's initiated on Dec. 20, 2010.

                        Ratings Rationale

The outlook on Eurobank Tekfen's BFSR was changed to negative for
these reasons:

I.  The bank's very small franchise might face considerable
challenges as it expands in the highly competitive environment in
Turkey, with some uncertainty over Turkish banks' profitability
prospects in the medium-term.  The success of the bank's expansion
will depend on its ability to achieve growth with appropriate
risk-adjusted returns.  The time it takes for the bank to realise
these returns (or a lack of them) could further weaken the bank's
profitability and efficiency into 2012.

II.  The bank has a moderate reliance on funding from its Greek
majority owner EFG Eurobank Ergasias (Ba3/Non-Prime/E+ with
negative(m) outlook), combined with some balance-sheet exposures
to EFG in the form of deposit placements, in turn collateralized
by EFG funds.  As of Q3 2010 unaudited, interim financials, funds
provided by EFG represented approximately net 10% and gross 22% of
Eurobank Tekfen's balance-sheet total.  Hence, the bank is
currently a net borrower from its parent.  Also, Moody's
understands that any potential net placement by Eurobank Tekfen at
its parent will be subject to the local regulatory limits for
total intergroup lending for a maximum of 20% of capital.  Moody's
acknowledges Eurobank Tekfen's financial flexibility in view of
the short duration of its lending portfolio as well as its
adequate alternative funding sources.

III.  The bank has an increasing loans to core-deposit ratio, as a
result of its expansion strategy.  As of Q3 2010 the ratio remains
comfortable at 90%, in line with that of the system's.  However,
as the bank's growth continues, its overall funding profile might
become more vulnerable as it may rely on its parent EFG to a
lesser extent, given the parent's increased funding and liquidity
challenges.

The downgrade of Eurobank Tekfen's GLC rating reflects the removal
of parental support and follows the downgrade of EFG Eurobank
Ergasias's BFSR to E+ from D and of its GLC rating to Ba3 from
Ba1.  EFG, through a 70% ownership, is the majority owner of
Eurobank Tekfen.  Given the challenges that the parent is
currently faced with, Moody's believes that EFG has only very
limited capability to provide support to Eurobank Tekfen, in case
of need.

Nevertheless, Moody's note that both shareholders -- including
Turkish Tekfen Group (unrated) with a 30% stake -- share an
interest in the smooth operation of the bank, as evidenced by the
recent announcement of a combined capital injection and conversion
of a portion of Tier 2 capital.  Based on the projected balance-
sheet composition, the bank anticipates a resulting Tier 1 ratio
of approximately 16-18%, as per BDDK standards.  Adjusted for the
full risk weight of the bank's portfolio of Ba2 rated Turkish
government securities, Moody's adjusted Tier 1 ratio should range
between 10-13%, which is considered a sound capitalization level
for the bank.

Due to the removal of parental support, Eurobank Tekfen's ratings
no longer benefits from any rating uplift and hence the outlook on
its long-term ratings follow the outlook of the BFSR.

Currently there is no upward pressure on the rating.  The outlook
could revert to stable if there is (i) a sustained trend of
improving core earnings that does not significantly increase the
bank's risk profile, combined with satisfactory capital levels;
and (ii) material improvements in asset quality, franchise value
and funding diversification.

Eurobank Tefken's ratings could come under further downward
pressure if there is (i) a deterioration in its liquidity or
funding position, and/or any pressures on EFG's liquidity and
capital that had adverse implications for Eurobank Tekfen; (ii) a
continual weakening of the bank's core earnings, or reductions in
capital; and (iii) further increases in non-performing loans that
would impose any risk on the bank's solvency.

The most recent rating action on Eurobank Tekfen A.S. was
implemented on Dec. 20, 2010, when Moody's placed the Ba2 long-
term GLC deposit rating under review for possible downgrade.

Headquartered in Istanbul, Turkey, Eurobank Tekfen A.S. had total
assets (audited) of TRY4.1 billion (USUS$2.7 billion) under BRSA,
at the end of December 2009.


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


BENNETTS: Hopes of Rescue Plan Following Administration
-------------------------------------------------------
Diss Express reports that Bennetts Managing Director Mike Jones
has spoken about hopes of a rescue after the firm, which has an
outlet in Diss, went into administration.

As reported in the Troubled Company Reporter-Europe on March 14,
2011, Norwich Evening News24 said Bennetts has gone into
administration, putting hundreds of jobs at risk.  The report
related that Bennetts has called in administrators PKF.

"The Directors and staff have worked extremely hard over the last
two years, harder than at any other time in our history, in an
effort to address the particular challenges that the economic
climate has presented this being primarily due to the lack of
consumer confidence.  We are hopeful that (administrators) PKF can
find a suitable rescue package with all due speed in order to
preserve as many jobs as possible, so that we can commence trading
again with our loyal customers," Diss Express quotes Mr. Jones as
saying.

Diss Express says that a note on the door of the Diss Victoria
Road store reads: "Phillip Long, Stephen Holgate and Matt Howard
have been appointed joint administrators of Bennetts (Retail)
Limited as of 5:00 p.m., Marxh 10, 2011.  Diss Express relates
that the note also directed any enquiries to administrators PKF
(UK) LLP.

David Merrygold, corporate recovery partner of PKF stated: "We are
already in discussions with a number of parties and hopeful that
we will conclude a sale of the business within the next two
weeks," Diss Express adds.

Headquartered in Norfolk Bennetts is an independent electrical
retailer.  The electrical company has its head office in Bowthorpe
and has 14 stores across the country, including outlets in
Norwich, Costessey, Great Yarmouth, Holt, Cromer, King's Lynn,
Diss and Dereham.


GLOBAL SHIP: Reports US$1.22 Million Net Income in 4th Quarter
--------------------------------------------------------------
Global Ship Lease, Inc., reported net income of US$1.22 million on
US$40.03 million of time charter revenue for the three months
ended Dec. 31, 2010, compared with net income of US$12.35 million
on US$39.88 million of time charter revenue for the same period
during the prior year.

The Company also reported a net loss of US$3.97 million on
US$158.84 million of time charter revenue for the year ended
Dec. 31, 2010, compared with net income of US$42.37 million on
US$148.71 million of time charter revenue during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed US$981.02
million in total assets, US$656.46 million in total liabilities
and US$324.56 million in stockholders' equity.

Ian Webber, Chief Executive Officer of Global Ship Lease, stated,
"2010 was a year of significant progress for Global Ship Lease.
We achieved almost 100% utilization of our vessels and posted
record revenues.  We proactively converted our contractual
obligation to acquire two 4,250 TEU vessels in December 2010 into
purchase options under which we have the ability to purchase one
vessel in December 2011 and the other in January 2012.  Finally,
we paid down US$55.4 million of debt during the year.  These steps
improve our financial flexibility going forward."

A full-text copy of the press release announcing the financial
results is available for free at:

               http://ResearchArchives.com/t/s?74e0

                     About Global Ship Lease

London-based Global Ship Lease (NYSE: GSL, GSL.U and GSL.WS)
-- http://www.globalshiplease.com/-- is a containership charter
owner. Incorporated in the Marshall Islands, Global Ship Lease
commenced operations in December 2007 with a business of owning
and chartering out containerships under long-term, fixed rate
charters to world class container liner companies.

Global Ship Lease owns 17 vessels with a total capacity of 66,297
TEU with a weighted average age at June 30, 2010, of 6.3 years.
All of the current vessels are fixed on long-term charters to CMA
CGM with an average remaining term of 8.6 years.  The Company has
contracts in place to purchase two 4,250 TEU newbuildings from
German interests for approximately US$77 million each that are
scheduled to be delivered in the fourth quarter of 2010.  The
Company also has agreements to charter out these newbuildings to
Zim Integrated Shipping Services Limited for seven or eight years
at charterer's option.

As reported in the Troubled Company Reporter on May 25, 2010,
PricewaterhouseCoopers expressed substantial doubt about the
Company's ability to continue as a going concern, following the
Company's results for 2009.  The independent auditors noted of the
uncertainty related to the financial situation of the Company's
charterer, CMA CGM.  "If CMA CGM is unable to accomplish a
financial restructuring and ceases doing business or otherwise
fails to perform its obligations under the Company's charters,
Global Ship Lease's business, financial position and results of
operations would be materially adversely affected as it is
probable that, should the Company be able to find replacement
charters, these would be at significantly lower daily rates and
for shorter durations than currently in place.  In this situation
there would be significant uncertainty about the Company's ability
to continue as a going concern."


HIGHWOOD BREWERY: Goes Into Liquidation; 50 Jobs Lost
-----------------------------------------------------
BBC News reports that The Highwood Brewery has gone into
liquidation with the loss of 50 jobs.  The report says Highwood
Brewery, which made the Tom Wood range of beers, has ceased
trading and is up for sale.

BBC News relates that Charles Ranby-Gorwood from liquidator CRG
Insolvency said there had been five expressions of interest in
buying the brewery, valued at GBP600,000.

The liquidators are hopeful any buyer would re-employ staff and
continue brewing the Tom Wood brand of beer, BBC News reports.

Although no brewing has taken place recently, the plant is
equipped and ready to be used if bought.

"There have already been expressions of interest for the brewing
plant, which may enable a future for the Tom Wood's brands of
beers, although no decisions have been made by the liquidator as
offers are now being requested," BBC News quotes Mr. Ranby-Gorwood
as saying.  "As around 50 jobs have been lost by the closure of
the company, if a purchaser can be found that could offer a future
for some of these former employees, then it would be beneficial."

The Highwood Brewery is North Lincolnshire's biggest brewing
business.  The business was set up by Tom Wood in 1995 on the
family-owned farm.


JJB SPORTS: JD Sports Backs Out of Takeover Plan
------------------------------------------------
Rory Gallivan at ShareCast reports that JD Sports Fashion has
decided not to make an offer for its rival JJB Sports.

According to ShareCast, JD said it had asked JJB for details of a
proposed restructuring of JJB's property portfolio through a
company voluntary arrangement, but that it "received no further
information whatsoever from JJB Sports."

On the basis of the information it could garner from JJB's public
announcements, JD decided not to make an offer, ShareCast notes.

ShareCast relates that JJB said it "welcomes" the clarification
from JD Sports saying it "will enable the Company to continue to
focus exclusively on delivering its standalone restructuring plan
with the support of its stakeholders."

It added: "The board considered JD Sports' indicative proposal to
be highly conditional and lacking sufficient certainty to be
deliverable."

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.


JJB SPORTS: Eyes GBP65 Million Proposed Equity Capital Raising
--------------------------------------------------------------
Rhys Jones at London South East reports that JJB Sports plc
expects to raise around GBP65 million (US$104 million) through a
proposed equity capital raising to help it avoid going into
administration.

"The company currently expects the quantum of the proposed equity
capital raising to be around 65 million pounds and is in
constructive discussions with its major shareholders in relation
to their continued support," JJB said in a statement obtained by
London South East.  "As announced on March 11, 2011, the company
currently expects to provide further details of its revised
business plan, anticipated funding requirements and proposed
financing arrangements on or around March 15, 2011," the statement
added.

London South East notes that JJB Sports needs creditors, including
landlords and shareholders, to back its second company voluntary
arrangement in as many years or it will likely go into
administration, threatening 6,300 jobs.

Meanwhile, the report says, rival UK sportswear retailer JD Sports
Fashion on Friday said it would not bid for JJB Sports.

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.


LICK UK: Top Copy Unit Enters Insolvency Proceedings
----------------------------------------------------
PrintWeek reports that Top Copy has entered into insolvency
proceedings.  Top Copy, along with Lick Digital, comprises part of
the Lick UK, which traded as Lick Group.

According to PrintWeek, Paul Land, managing partner TLP Chartered
Accountants, said that "as of yet Top Copy has not been
liquidated."

"Efforts to revive the loss-making company have proved
ineffective, despite material inward investment, resulting in the
decision to seek professional advice as to the viability of the
company," PrintWeek quotes Mr. Land as saying.  "Lick is committed
to ongoing customer care and service, despite the demise of Top
Copy and underlined their commitment to business as usual."

Mr. Land, as cited by PrintWeek, disclosed that Lick Group
acquired the Leeds-based business in 2009 from Prime Active
Capital, which at the time was "recognized as being both sub-scale
and loss making."

PrintWeek relates that Unite regional officer Steve Hart said
there are 11 redundancies with the potential of jobs [at Lick]
should Lick take over some of Top Copy.

"Unfortunately our members are the victims and will have to claim
their redundancy notice pay and holiday pay from the state. The
union are in contact with them and will do all it can to help,"
Mr. Hard told PrintWeek.

Lick UK, which traded as Lick Group, went into administration on
April 7, 2010.  Insolvency practitioner BWC Business Solutions was
appointed as administrator.

Lick UK is a direct mail company.  The group also includes Lick
Online, Lick Direct and Lick Agency.  According to PrintWeek's
2009 top 500, Lick UK had a turnover of GBP3.7 million and
employed 72 staff.


NATTRASS: Goes Into Administration Due to Fall of Revenues
----------------------------------------------------------
YorkshirePost reports that Nattrass Construction has gone into
administration after a fall in revenues and rise in outgoings
caused the company to fail.  The report relates that the director
of the company has called in administrator Begbies Traynor that is
trading the firm to ensure it fulfils all its current contracts.

No redundancies among the eight employees are planned at this
stage, according to YorkshirePost.

"The company suffered from a drop in revenues immediately after
investing in two large pieces of plant, and the combined effects
of the fall in business and rise in outgoings caused the failure."
We are actively trading the business, and ensuring all contracts
are delivered, but at the same time we are seeking a buyer for the
company and its assets," Yorkshire quotes Joint administrator
Andrew MacKenzie as saying.

Headquartered in Ampleforth, Nattrass Construction specializes in
piling and drilling work for construction projects.


ODDBINS: To Shut Down Shops Under Rescue Plan
---------------------------------------------
Zoe Wood at guardian.co.uk reports that Oddbins has confirmed
plans to shut a third of its shops and to ask the owners of the 89
outlets that stay open for lower rents.

According to guardian.co.uk, the retailer said a company voluntary
arrangement, a legal agreement with landlords designed to slash
store rent costs, was part of a rescue plan being drawn up with
the help of restructuring experts at Spectrum Corporate Finance
and Deloitte.  It has been in talks to bring in a new investor to
shore up its finances and is expected to announce the outcome this
week, guardian.co.uk says.

Oddbins managing director Simon Baile, as cited by guardian.co.uk,
said that the core business was profitable but challenging trading
conditions meant "it cannot continue in its current form".

Oddbins sells wine, spirits and other related products.  The Head
Office is in Wimbledon, London and the company has over 227
branches spread across the UK, Ireland and France.


TOM WOODS: Goes Into Receivership, Owes GBP2 Million
----------------------------------------------------
This is Lincolnshire reports that Tom Woods Beer has gone into
receivership and has called in liquidators with reported debts of
GBP2 million.

The brewery, which was known for brews such as Jolly Ploughman and
Harvest Bitter, had been a possibility for participants in the
Lincoln Campaign for Real Ale branch's LocAle scheme, which aims
to get pubs serving beer from within 25 miles, according to this
is Lincolnshire.  However, the report relates that it yet may be
again after insolvency expert Charles Ranby-Gorwood claimed five
people had already shown interest in buying the brew plant.

"That may enable a future for the Tom Woods brands of beer,
although no decisions have been made by the liquidator as offers
are now being requested.  If a purchaser can be found who could
offer a future for some of the 50 former employees, then it would
be beneficial," this is Lincolnshire quotes Mr. Ranby-Gorwood as
saying.

Headquartered in Melton High Wood Farm in North Lincolnshire,
Tom Woods Beer is a county brewery.


WREN EXTRA: Proceeds with Company Voluntary Arrangement
-------------------------------------------------------
Wren Extra Care Group plc has entered into a Company Voluntary
Arrangement ("CVA").

As announced on Oct. 5, 2010, LPA receivers were appointed to Wren
Estates Ltd, a subsidiary company within the group.  Also as
previously announced on Oct. 6, 2010 LPA receivers were appointed
to Warlingham Developments Ltd ("WD") and Warlingham Developments
Two Ltd ("WD2"), which are not group companies but companies with
which Wren Estates Ltd has profit share arrangements.  In both
instances the Group has fully co-operated with the LPA receivers
GVA Grimley Ltd.  The Group has not as yet been notified of the
intentions of either of the LPA receivers or of sums due to its
main lender.

Further to these announcements, the Royal Bank of Scotland, the
Company's bankers, have now instructed GVA Grimley to embark on a
program of disposing of the properties of the principal trading
subsidiary, Wren Estates Ltd.  These actions will leave the Group
with no assets to continue trading with and with a shortfall on
the bank's security after the realisation and sale of the
assets.

As a result the Directors of Wren have decided that the only
option available to the Company to potentially preserve some value
for stakeholders is to immediately proceed with a CVA.  It is
hoped that this CVA will provide protection for creditors while
offering some prospect to shareholders of preserving some value
for their investment.

A CVA is a formal procedure introduced by Part 1 of the Insolvency
Rules 1986 which enables a company to agree with its creditors a
composition in satisfaction of its debts.  The CVA is approved
either if (1) it has been agreed by both the meeting of creditors
and the meeting of members or (2) it has been approved by
creditors only, subject to a member's right to apply to court
within 28 days of (i) the day on which the decision was taken by
the creditors' meeting or (ii) where the decision of the members
was taken on a later day, that day.

The CVA Proposals have been posted to the Company by Antony Batty
of Antony Batty & Co, licensed insolvency practitioners and the
creditors and members meetings are to be held on Friday, March 11,
2011.  Copies of the documents are available from Antony Batty and
Co at 3 Field Court, Gray's Inn, London WC1R 5EF.

Wren Extra Care Group plc is the property development group and
specialist retirement home developer of Extra Care facilities.


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


* S&P's Global Corporate Default Tally Remains at Three in 2011
---------------------------------------------------------------
The 2011 global corporate default tally remains at three issuers
after no issuers defaulted this week, said an article published
March 11 by Standard & Poor's, titled "Global Corporate Default
Update (March 4 - 10, 2011) (Premium)."

Two of these defaults were based in the U.S. and one was based in
the Czech Republic.  By comparison, 19 global corporate issuers
defaulted at this time last year (15 U.S.-based issuers and one
each based in Argentina, 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 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.


* 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 USUS$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 USUS$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 USUS$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *