TCREUR_Public/110329.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 29, 2011, Vol. 12, No. 62

                            Headlines



C Z E C H   R E P U B L I C

SAZKA AS: CEO Ales Husak Files Insolvency Proposal


G E R M A N Y

BELUGA GROUP: German Prosecutors Raid Beluga Shipping Offices
DECO SERIES: Moody's Cuts Rating on Class F Notes to 'Caa3 (sf)'
KABEL BW: S&P Assigns 'B+' Long-Term Corporate Credit Rating
KIRCH HOLDING: Deutsche Bank Wanted to Do Business, Kirch Says


H U N G A R Y

OTP BANK: S&P Raises Counterparty Credit Ratings From 'BB+/B'
KAUPTHING BANK: Court Cuts Jail Sentences for Two Former Brokers


I R E L A N D

BELGARD MOTORS: Court Makes Landmark Judgment on Floating Charges
SHAMROCK CAPITAL: Moody's Lifts Rating on 2007-07 Notes to Caa3
TBS INTERNATIONAL: To Issue Non-Transferrable Subscription Rights


I T A L Y

BANCA UBAE: Fitch Downgrades Individual Rating to 'D'
COMPAGNIA FINANZIARIA: Fitch Cuts Rating on Class C Notes to 'BB+'
FONDIARIA - SAI: Fitch Downgrades Insurer Strength Rating to 'BB+'
UNO FINANCE: Fitch Downgrades Rating on Class C Notes to 'BB-sf'


L U X E M B O U R G

INTELSAT SA: Units Commence Tender Offers & Consent Solicitations
INTELSAT SA: Unit Intends to Offer US$2.65 Billion of Sr. Notes


N E T H E R L A N D S

HOLLAND MORTGAGE: Moody's Confirms Ba2 Ratings on E Certificates


S P A I N

BBVA 6: Moody's Confirms Rating on Class C Bond at 'Ca (sf)'
HIPOCAT 10: S&P Affirms Ratings on Two Classes of Notes to 'D'
TDA 26: Moody's Downgrades Rating on Class 1-D Notes to 'C (sf)'


S W E D E N

SAAB AUTOMOBILE: CEO to Step Down; Mulls Capital Raising


S W I T Z E R L A N D

FERREXPO AG: Moody's Assigns 'B3' Rating to US$500 Mil. Notes


U N I T E D   K I N G D O M

AMEY LAGAN: S&P Downgrades Rating on Senior Secured Bonds to 'BB'
BRITISH ARAB: Fitch Downgrades LT Issuer Default Rating to 'BB'
HMV GROUP: Gets Approach From Hilco; Mulls Strategic Options
ODDBINS PROPERTIES: Seeks Court Protection From Creditors
OXUS GOLD: Ceases Mining Operations in Uzbekistan

PUNCH TAVERNS: Bondholders Seek Debt-for-Equity Swap
PUNCH TAVERNS: S&P Keeps Low-B Ratings on CreditWatch Negative
TITAN EUROPE: Fitch Downgrades Rating on Class E Notes to 'B-'


X X X X X X X X

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




                            *********



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


SAZKA AS: CEO Ales Husak Files Insolvency Proposal
--------------------------------------------------
CTK, citing server Aktualne.cz, reports that Sazka chief executive
officer and board chairman Ales Husak on Friday filed for the
Company's insolvency.

The court thus can decide about Sazka's insolvency any time, CTK
says.  Originally it was to make the decision on April 21, CTK
notes.

According to CTK, earlier on Friday Mr. Husak said he would wait
with his decision on filing for insolvency until the Municipal
Court issues a verdict on Sazka's agreement with the company
Gladiolus.  Under the draft agreement on loan and cooperation with
Gladiolus that was set up by Penta and E-Invest, two possible
investors in Sazka, the lottery operator will get a CZK2.5 billion
loan and its assets will be held as collateral for the loan, CTK
discloses.  The Municipal Court did not, however, decide on the
agreement on Friday, CTK relates.

The court appointed members of an interim creditor committee of
Sazka CTK recounts.  The members are the firms Moranda, Siderius,
KKCG Structured Finance, GTECH Corporation and Ceska sporitelna,
according to CTK.  The court also appointed Josef Cupka as
preliminary administrator of Sazka, CTK states.  According to CTK,
the Prague court's spokeswoman Martina Lhotakova said that the
main task of the committee is to analyze Sazka's loan agreement
with the company Gladiolus.  The committee has to submit its
stance to the court in five days, CTK says.  The same duty was
imposed by the court on Mr. Cupka, CTK notes.

The Municipal Court on Friday did not issue a decision on an
injunction or insolvency for Sazka, CTK notes.

The first insolvency petition against Sazka was filed by
entrepreneur Radovan Vitek in January, CTK recounts.  Mr. Vitek's
claims on Sazka have been recently taken over by the group PPF,
which has thus become Sazka's major creditor, CTK relates.  Sazka
overdue debts to 26 different creditors reached CZK1.37 billion as
of March 10, CTK says, citing the insolvency register.

Separately, CTK reports that Mr. Husak said in discussion program
Questions on Czech TV that he decided to file the insolvency
proposal because there was no other step he could take, but he
still prefers the company's reorganization over bankruptcy.  He
said fight for Sazka continues, it remains to be seen how its
ownership structure will change and who of the creditors will
lose, CTK notes.

"We could not have taken any other step but this one but we will
keep on fighting," CTK quotes Mr. Husak as saying in Questions,
adding that he was signing the insolvency proposal with tears in
his eyes.

One of the points in the fight for Sazka is how and to what extent
its ownership structure will change, CTK says.  According to CTK,
the company's board and management will struggle that sports
associations that are Sazka's shareholders keep as high a share in
Sazka as possible.

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


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


BELUGA GROUP: German Prosecutors Raid Beluga Shipping Offices
-------------------------------------------------------------
Marine Log reports that the public prosecutors at Bremen, Germany,
on March 23 raided the offices of insolvent Beluga Shipping.
Marine Log, citing media reports, relates that a day long search,
apparently yielded more documentation relevant to the
investigation launched two weeks ago against ex-chief executive
officer Niels Stolberg and other Beluga officials.

Marine Log discloses that Beluga Travel Lounge, another Beluga
Group unit, reportedly filed for insolvency on March 23.
According to Marine Log, the in-house travel agency specialized in
trips to the Beluga School for Life, which was established by
Mr. Stolberg to aid tsunami orphans in Thailand.

How this project will fare without support from Beluga is unclear,
Marine Log notes.  However, the Weser Kurier newspaper said that
Wille Lemke, a former Senator and a sports advisor to the UN, is
promising to make efforts to find alternate funding for both the
School for Life and Beluga College, a maritime-oriented
educational establishment in Bremen, Marine Log adds.

Beluga Chartering GmbH filed for insolvency in the Bremen District
Court on March 16, 2011, while Beluga Shipping GmbH followed suit
March 18.  Insolvency attorney Edgar Gronda of the law firm
Schultze & Braun has been appointed Insolvency Administrator in
both cases.

Beluga Group is Bremen, Germany-based shipping company.


DECO SERIES: Moody's Cuts Rating on Class F Notes to 'Caa3 (sf)'
----------------------------------------------------------------
Moody's Investors Service has downgraded these classes of Notes
issued by Deco Series 2005-Pan Europe 1 p.l.c. (amounts reflect
initial outstandings):

  -- EUR50M Class E Notes, Downgraded to Baa3 (sf); previously on
     Sep 18, 2009 Downgraded to A3 (sf)

  -- EUR40M Class F Notes, Downgraded to Caa3 (sf); previously on
     Sep 18, 2009 Downgraded to B2 (sf)

At the same time, Moody's Investors Service has affirmed the Aaa
(sf) rating of Class B and C Notes and the Aa3 (sf) rating of
Class D Notes issued by Deco Series 2005-Pan Europe 1 p.l.c.  The
rating action takes Moody's updated central scenarios into
account, as described in Moody's Special Report "EMEA CMBS: 2011
Central Scenarios".

                        Ratings Rationale

The key parameters in Moody's analysis are the default probability
of the securitized loans (both during the term and at maturity) as
well as Moody's value assessment for the properties securing these
loans.  Moody's derive from those parameters a loss expectation
for the securitized pool.

Based on Moody's revised assessment of these parameters, the loss
expectation for the remaining pool, which now consists of three
loans (compared to seven at closing) has increased significantly
since the last review in September 2009.

The rating affirmation of the Class B, C and D Notes is mainly
driven by (i) current credit enhancement levels and (ii) low note-
to-value level.

The downgrade on Class E, and F Notes is mainly caused by (i)
Moody's increased refinancing default risk and loss assessment for
the remaining loans in the pool; and (ii) lease rollover risk
affecting the Deutsche Post and Gewerbepark loan.

The overall default probability of the remaining underlying loans
as assessed by Moody's has increased compared to the last review
due to a re-assessment of the refinancing risk.  Moody's weighted
average whole loan-to-value (LTV) ratio is considerable at 115%.
All three remaining loans mature in 2012 with no existing options
to extend.  As Moody's expects limited increase in commercial
property values in the next two years, these loans will be highly
leveraged at their respective maturity dates in 2012.

The ratings of the Classes of Notes are sensitive to the
performance of the Deutsche Post and Gewerbepark loan and the
success of the borrower to renew upcoming lease expiries or re-let
vacated areas.  Deterioration of rental cash flows would lead to
higher default probability during the term and a lower property
value.  In addition, a more adverse lease profile will further
increase the refinancing risk.

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

                    Moody's Portfolio Analysis

As of the January 2011 interest payment date, the transaction's
total pool balance was EUR107.8 million down by 88% since closing.
This is mainly due to the repayment of the largest loan at closing
in April 2007 (Centro loan).  As three more loans prepaid in full,
three loans remain which are secured by 40 properties and mainly
in use as office (44%) and multifamily (33%).  All three loans
mature in 2012.

Whereas the prepayment of any other loan would result in a 50/50%
allocation of proceeds, the prepayment proceeds of the Centro loan
were applied 75% sequential and 25% pro-rata to the Notes.  The
transaction structure provides for the allocation of amortization
and prepayment proceeds to the Notes switching from currently
modified pro-rata to fully sequential subject to certain triggers
that have not been hit to date.  A switch will occur once, amongst
others, once the outstanding Notes balance has been reduced to 10%
of the initial Note balance at closing date (i.e.  either one of
outstanding loans needs to repay).

As of the last IPD, all of the remaining three loans in the
portfolio were current and none of the loans are in special
servicing or have defaulted since closing.  None of the loans are
on the servicer's watch list.

The largest loan is the Deutsche Post loan (44% of the pool) which
is secured by an office portfolio located in Germany (Berlin and
Cologne).  The portfolio consists of seven properties which are
let to approximately 138 tenants with the top-3 contributing
approximately 76% of total rental income.  The current reported
whole loan debt service coverage ratio is 1.22x (as of January
2011) with the surplus cash flow being trapped as the largest
tenant doesn't comply with the rating requirements set at closing.
The current balance EUR1.2 million is placed in a reserve account
for any future loan and property payment requirements.  The lease
rollover for this loan is modest evidenced by a weighted average
lease to expiry or break of 4.2 years.  Based on the underwriter's
market value as per 2005 valuation the whole and A-Loan LTV are
78% and 75% respectively.  Moody's current property value of
EUR45.8 million, representing a whole loan LTV of 107%, considers
the (i) secondary quality of the properties; and (ii) some
potential rental income deterioration resulting from the existing
lease expiry profile (approximately 15% of the rental income
expires or breaks in the next three years).  Moody's has given
only limited benefit to the current cash trapping.

The AWOBAG loan (35% of the pool) which matures in July 2012 is
secured by a multifamily portfolio located in Kiel (43% by rental
income) and Potsdam (57% by rental income), Germany.  Based on the
valuation as of closing date, the current U/W whole loan and
securitized LTV are 83% and 78% respectively.  The loan performs
inline with Moody's expectations as the whole loan projected DSCR
is 1.55x as per January 2011 IPD.  The vacancy of the total
portfolio remains modest at 7.2% (by area).  However, the Kiel
portfolio with a vacancy level of approximately 12% clearly
underperforms compared to the Potsdam portfolio (2.5%) possibly
due to some ongoing refurbishments.  The properties of the Kiel
and Potsdam portfolios are considered by Moody's as below average
and average quality respectively.  Given the Moody's whole LTV
ratio of 115%, there is a high risk that this loan will not repay
as scheduled on its maturity date in July 2012.  In its
refinancing risk analysis Moody's also took into consideration (i)
the size of the whole loan; (ii) the low exit debt yield; and
(iii) the average quality of the assets.

The smallest loan is the Gewerbepark loan (22% of the pool).  This
loan is secured by a purpose built industrial/ distribution and
office facility located in north-eastern part of Switzerland.  The
property comprises approximately 25,500 square meters of lettable
area of which 83% is occupied by 60 tenants.  The top-3 tenants
contribute 87% of rental income as per January IPD.  The current
reported whole loan DSCR is 1.67x with the surplus cash flow being
trapped following the exit of the initial vendor's net income
guarantee.  The balance (currently EUR1.0 million) is placed in a
reserve account available for any future loan and property payment
requirements.  This partially mitigates the existing adverse lease
profile for this loan evidenced by a short WA lease to expiry or
break of 3.7 years.  This profile is driven by the largest tenant
(66% of rental income) which has a lease maturity in 2014.  Given
the high Moody's whole LTV ratio of 130%, there is a high
likelihood that this loan will not repay as scheduled on its
maturity date in April 2012.  In its refinancing risk analysis
Moody's also took into consideration (i) the modest size of the
whole loan; (ii) the adverse lease profile coupled with the
existing high vacancy of 17%; and (iii) the good quality of the
purpose built asset.  Moody's has given only limited benefit to
the current cash trapping.

Refinancing Risk: All three loans have their maturity in 2012
while the legal final maturity of the Notes is in July 2014.
Moody's considers the properties securing the loans overall to be
of average quality.  Moody's adjustment of the refinancing risk
assessment is primarily due to its current expectations that
commercial real estate lending will remain scarce over the next
two to three years.  As highlighted in the Moody's Special Report
"EMEA CMBS: 2011 Central Scenarios, Moody's assumes that CRE
lending will slowly resume over the coming years but it will
remain subject to strict underwriting criteria and depend heavily
on the quality of the underlying properties.  European non-prime
property values are still under pressure given the scarcity of
financing for this market segment and hence a meaningful recovery
of non-prime property values is not expected before 2012/13.
Given the average quality of the property portfolio coupled with
the refinancing profile of this transaction, Moody's believes that
this transaction is particularly exposed to the recovery of the
lending market over the next two to three years.  Taking into
account the legal final maturity of the Notes in July 2014,
Moody's currently assumes an orderly work-out of these loans (i.e.
no fire sales of the properties) following loan maturity in 2012.
However, the risk of potential sales at distressed prices during
the tail period has increased since Moody's last review.

Portfolio Loss Exposure: Moody's expects a high amount of losses
on the securitized portfolio, stemming mainly from the performance
and the refinancing profile of the securitized portfolio.  Given
the default risk profile and the anticipated work-out strategy for
defaulted and potentially defaulting loans, these expected losses
are likely to crystallize only towards the end of the transaction
term.

                       Rating Methodology

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.

The updated assessment is a result of Moody's on-going
surveillance of commercial mortgage backed securities
transactions.  The last Performance Overview for this transaction
was published on March 16, 2011.


KABEL BW: S&P Assigns 'B+' Long-Term Corporate Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B+' long-
term corporate credit rating to German cable TV operator Kabel BW
Erste Beteiligungsgesellschaft mbH.  The outlook is stable.

At the same time, S&P assigned a 'BB' issue rating to the proposed
EUR100 million revolving credit facility issued by Kabel Baden-
Wurttemberg GmbH & Co. KG, two notches above the corporate credit
rating on KBW.  The recovery rating on this facility is '1',
indicating S&P's expectation of very high (90-100%) recovery
prospects in the event of a payment default.

S&P assigned a 'B+' issue rating to the proposed EUR1.57 billion
senior secured notes, issued by KBW and by Kabel Baden-Wurttemberg
GmbH & Co. KG.  The recovery rating on these notes is '3',
indicating S&P's expectation of meaningful (50-70%) recovery
prospects for senior secured noteholders in the event of a payment
default.

S&P also assigned a 'B-' issue rating to the proposed senior
unsecured EUR680 million issued by Musketeer GmbH, a KBW holding
company.  The recovery rating on these notes is '6', indicating
S&P's expectation of negligible (0-10%) recovery in the event of a
payment default.

The issue ratings on the two sets of proposed notes are based on
preliminary information and subject to S&P's satisfactory review
of the final notes' documentations.  In the event of any changes
to the amount or terms of the RCF and notes, S&P could further
review and change the issue ratings.

"The very aggressive financial policies, in S&P's view, of KBW and
its prospective new owner international cable operator Liberty
Global, and KBW's likely high financial leverage over the next
three years constrain the rating on KBW," said Standard & Poor's
credit analyst Guillaume Trentin.

Liberty Global Inc. (LGI; B+/Stable/--) has entered into a
purchase agreement to acquire full ownership of KBW.

KBW also faces ongoing competition from various technology
platforms such as satellite TV, digital terrestrial TV, and
Internet-based TV.  The latter could become a serious challenger
in the medium term, in S&P's opinion.  In addition, significant
subscriber acquisition costs and fierce competition for broadband
Internet and telephony services from fixed-line and mobile network
telecom operators, high interest expenses, and continued sizable
annual network investments are likely to limit KBW's free
operating cash flow generation over the next three years.

KBW's rating derives support, however, from the company's stable
and very profitable utility-like CATV business and solid EBITDA
growth potential, primarily through a further increasing number of
triple-play subscribers and modest price increases for basic cable
TV services.  In addition, S&P expects moderate revenue growth
potential from new pay-TV services, such as video on demand and
the provision of mobile voice and broadband services.  Also
underpinning the rating is KBW's ownership of an extensive and
fully DOCSIS3.0 upgraded cable network.  It allows the company to
offer superior price-performance broadband Internet offerings to
customers as well as significantly higher data upload and download
speeds compared with digital subscriber line bundles from telecom
operators using traditional copper cable networks.

Other rating positives are KBW's proposed long-term capital
structure, with no major debt maturities over the next six years,
anticipated adequate liquidity position at closing of the deal,
and S&P's expectations of continued positive, though modest, free
operating cash flow generation.

KBW's rating is partly influenced by the rating on its owner LGI.
This primarily reflects S&P's expectations that LGI will exert
full control over KBW's corporate strategy and financial policy,
following the acquisition's completion.  S&P views LGI's financial
policy as very aggressive.

LGI's acquisition of KBW is subject to approval by the relevant
regulatory authorities.  S&P understands that until such approval
is obtained, international private equity group EQT still controls
KBW operations and financial policy.  Furthermore, S&P understands
that if the deal does not receive regulatory approval by Dec. 31,
2011, Aldermanbury Investments Limited, a subsidiary of JP Morgan
Chase & Co, would take ownership of KBW and then have 12 months to
sell it and return the equity proceeds to LGI.  Importantly, S&P
understands this ownership change would not trigger the change of
control clause under the proposed notes.

"The stable outlook on KBW reflects S&P's expectation that it will
gradually reduce adjusted leverage in the next two to three
years," said Mr. Trentin.

In S&P's opinion, the Standard & Poor's adjusted debt-to-EBITDA
ratio will likely gradually decline to close to 5x by 2014.  S&P
also anticipate that KBW will generate positive FOCF and post
steady EBITDA growth through the uptake of triple-play services.
Furthermore, S&P expects that KBW will maintain adequate
liquidity, including at least 15% covenant headroom.

The outlook also incorporates S&P's view that LGI is likely to
increase its FOCF while maintaining adequate liquidity.  Still,
LGI will remain highly leveraged in the wake of its KBW
acquisition and its continued very aggressive financial policy
(including debt funded acquisitions and a substantial share buy-
back program).

S&P could consider a positive rating action on KBW primarily if it
achieved debt to EBITDA below 5x and if S&P perceived that LGI
also restores rating upside potential.  S&P believes that LGI's
potential rating upside could strengthen if it established a track
record of a moderate financial policy, meaningfully increased its
FOCF; and improved its adjusted leverage metrics.

Conversely, a negative rating action might be possible if KBW
failed to deliver EBITDA and cash flow generation in line with its
current business plan.  If this occurs, it could potentially
result in adjusted leverage remaining sustainably above 6x, a
weakening of KBW's liquidity position, or covenant headroom that
would be less than adequate, under S&P's criteria.


KIRCH HOLDING: Deutsche Bank Wanted to Do Business, Kirch Says
--------------------------------------------------------------
Karin Matussek at Bloomberg News reports that Leo Kirch, in his
first court appearance in a nine-year-old dispute with Deutsche
Bank AG, said the lender in 2001 "surprisingly" contacted him
about doing business with his media group.

Mr. Kirch, 84, testified at a Munich appeals court hearing on
Friday in a EUR2 billion (US$2.8 billion) lawsuit against the bank
and its former chief executive officer, Rolf Breuer.

Mr. Kirch's feud with the Frankfurt-based bank stems from a
February 2002 Bloomberg television interview in which Mr. Breuer
said, "everything that you can read and hear" is that "the
financial sector isn't prepared to provide further" loans or
equity to Kirch," according to Bloomberg.  Four months later Kirch
Holding GmbH filed the country's biggest bankruptcy since World
War II, Bloomberg recounts.

"Breuer requested information from us and said he needs to know
everything," Bloomberg quotes Mr. Kirch as saying in a statement
read to the court on his behalf.  "There was no doubt that he
meant the complete Deutsche Bank Kirch group."

Mr. Kirch lost the case in a lower court in 2009 and then
appealed, Bloomberg discloses.  The lower tribunal hadn't taken
any evidence, Bloomberg notes.  The court will recall him at
another date, Bloomberg states.

Mr. Kirch is seeking to establish that negotiations with Deutsche
Bank in 2001 and early 2002 reached a point under German law that
allows a plaintiff rights similar to breach-of-contract claims,
Bloomberg states.  Mr. Breuer told the court in February that
Mr. Kirch took the initiative and asked former German Chancellor
Helmut Kohl to help arrange the meeting, Bloomberg recounts.

Bloomberg relates that after hearing the witnesses on Friday,
Presiding Judge Guido Kotschy said the court isn't likely to find
that Kirch has a contractual-like claim, adding this was a
preliminary assessment.  According to Bloomberg, the judge said
that doesn't mean the suit is unfounded.  The court will recall
Mr. Kirch at another date, Bloomberg says.

Kirch Holding GmbH was a German media company.


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


OTP BANK: S&P Raises Counterparty Credit Ratings From 'BB+/B'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its long-
and short-term counterparty credit ratings on Hungary-based OTP
Bank PLC and its core subsidiary OTP Mortgage Bank (together
referred to as OTP) to 'BBB-/A-3' from 'BB+/B'.  The outlook on
both entities is negative.

"The upgrade reflects S&P's view that OTP's business and financial
profile has demonstrated strong resilience to what S&P considers
to be a fairly severe economic recession across most of the
markets in which it operates," said Standard & Poor's credit
analyst Magar Kouyoumdjian.  For example, the bank has managed to
absorb elevated impairment charges as well as punitive new bank
taxes while still posting positive profits throughout the economic
crisis.  Furthermore, S&P has noted signs that economic prospects
are improving in OTP's key markets, and that there has been a
material positive turnaround in the group's performance in Russia
and Ukraine in 2010, with likely sustainability in 2011.

The ratings on OTP are supported by its strong domestic retail
franchise, particularly its solid granular retail deposit base,
and leading position in residential mortgage loans.  OTP's
earnings and business diversification in the area of consumer,
small and midsize enterprise financing, and in certain parts of
Central and Eastern Europe are also positive for the ratings.  The
ratings also benefit from OTP's strong pre-provisioning earnings,
which in S&P's view have helped it steer through the crisis.

Constraining rating factors include OTP's ongoing asset quality
and earnings pressure.  OTP is exposed to heightened credit risk
from its pre-crisis, rapidly expanded loan portfolios,
particularly its foreign currency-denominated domestic mortgages
and those in some of its Eastern European subsidiaries.

The negative outlook reflects that on the Republic of Hungary.  If
S&P were to lower the sovereign credit rating, S&P would also take
a similar action on OTP.  S&P expects the bank to remain
resilient, despite the depressed environment, through its loss-
absorption capacity, which S&P views as adequate.  The ratings
already incorporate the likely ongoing pressure on asset quality
and earnings from the impact of the economic slowdown in Hungary
and countries in CEE where OTP has material investments.  A
significant adverse deviation from the likely continued pressure
on asset quality (which S&P views as impairment charges exceeding
4% of total loans and NPLs increasing to more than 17%), or any
deterioration in OTP's good liquidity position, could also lead to
a downgrade.

The prospects for an outlook revision to stable are dependent on
the sovereign outlook, although a positive rating action on the
sovereign would not automatically result in a similar action on
OTP.  This would also depend on the normalization of impairment
charges (at below 1% of loans) leading to an improvement in
earnings and capital, as well as in the operating environment.


KAUPTHING BANK: Court Cuts Jail Sentences for Two Former Brokers
----------------------------------------------------------------
Omar R. Valdimarsson at Bloomberg News reports that Iceland's
Supreme Court cut by two months jail sentences for two former
brokers at Kaupthing Bank hf. to six months.

Bloomberg relates that the Supreme Court said in a verdict
published late Thursday on its Web site that Daniel Thordarson and
Stefnir Agnarsson were found guilty of manipulating six offers to
purchase bonds issued by Exista hf in the period Jan. 25, 2008, to
Feb. 22, 2008, to boost the value of, and demand for, the
securities.  The two had been sentenced to eight months jail by
the District Court of Reykjavik on Dec. 9, Bloomberg discloses.

According to Bloomberg, the Supreme Court cut the sentences after
it found that the transactions, though illegal, hadn't affected
the value of money-market funds owned by Kaupthing.

                      About Kaupthing Bank

Headquartered in Reykjavik, Kaupthing Bank --
http://www.kaupthing.com/-- is Iceland's largest bank and among
the Nordic region's 10 largest banking groups.  With operations in
more than a dozen countries, the bank offers a range of services
including retail banking, corporate finance, asset management,
brokerage, private banking, treasury, and private wealth
management.  Kaupthing was created by the 2003 merger of
Bunadarbanki and Kaupthing Bank.  In October 2008, the Icelandic
government assumed control of Kaupthing Bank after taking similar
measures with rivals Landsbanki and Glitnir.

As reported by the Troubled Company Reporter-Europe, on Nov. 30,
2008, Olafur Gardasson, assistant for Kaupthing Bank hf., filed a
petition under Chapter 15 of title 11 of the United States Code in
the United States Bankruptcy Court for the Southern District of
New York commencing the Debtor's Chapter 15 case ancillary to the
Icelandic Proceeding and seeking recognition for the Icelandic
Proceeding as a "foreign main proceeding" under the Bankruptcy
Code and relief in aid of the Icelandic Proceeding.


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


BELGARD MOTORS: Court Makes Landmark Judgment on Floating Charges
-----------------------------------------------------------------
InsolvencyJournal.ie reports that the High Court on Friday issued
a landmark judgment in relation to the crystallization of floating
charges in the Belgard Motors liquidation.

According to InsolvencyJournal.ie, this is the first time that the
Irish Courts have determined the issue of the validity of a
crystallized floating charge by a Bank.

InsolvencyJournal.ie relates that the official liquidator, Tom
Kavanagh of kavanaghfennell, sought directions from the High Court
in relation to whether crystallized floating charges had been
converted to fixed charge over assets of around EUR2 million.  The
High Court decided that the crystallized floating charges cannot
rank ahead of the preferential creditors, InsolvencyJournal.ie
discloses.

The High Court is due to hear the matter again on April 15, 2011,
allowing the liquidator and the bank this time to consider an
appeal to the decision.

As reported by the Troubled Company Reporter-Europe on Dec. 9,
2009, Irish Independent said the company, which laid off 37 people
earlier in 2009, was insolvent with debts of more than EUR17
million.

Belgard Motors Group was a Tallaght-based motor company.  Its
business includes a Porsche dealership.


SHAMROCK CAPITAL: Moody's Lifts Rating on 2007-07 Notes to Caa3
---------------------------------------------------------------
Moody's Investors Service has taken these rating actions on notes
issued by Shamrock Capital P.L.C., a CDO referencing a portfolio
of emerging markets corporate and sovereign entities

Issuer: Shamrock Capital P.L.C. (ORB Emerging Market CDO)

  -- SKK253.125M Series 2007-09 Floating Rate Portfolio Credit
     Linked Notes due 2012 ("Class D Notes"), Upgraded to Baa1
      (sf); previously on Jun 18, 2010 Upgraded to Baa3 (sf)

  -- EUR19.5M Series 2007-05 Floating Rate Portfolio Credit Linked
     Notes due 2012 ("Class E Notes"), Upgraded to Ba1 (sf);
     previously on Jun 18, 2010 Upgraded to Ba3 (sf)

  -- EUR13.5M Series 2007-06 Floating Rate Portfolio Credit Linked
     Notes due 2012 ("Class F Notes"), Upgraded to B3 (sf);
     previously on Jun 18, 2010 Upgraded to Caa2 (sf)

  -- EUR7.5M Series 2007-07 Floating Rate Portfolio Credit Linked
     Notes due 2012 ("Class G Notes"), Upgraded to Caa3 (sf);
     previously on Mar 31, 2009 Downgraded to Ca (sf)

                        Ratings Rationale

Moody's explained that the rating actions were driven by the
relatively stable reference portfolio quality in combination with
the shortening time to maturity.  The weighted average rating
factor of the portfolio is 1224 (approximately Ba2) compared to
1157 at the previous rating action in June 2010.  The transaction
matures in June 2012.  Recoveries are fixed at 40% for names in
the pool that suffer credit events.  The top three reference pool
industry concentrations are Banking (18%), Metals and Mining (14%)
and Telecommunications (13%).

The upgrade of the Series 2007-7 notes was driven by Moody's
belief that this tranche is likely be repaid in full when it
matures.  Moody's conducted sensitivity analysis including a
scenario of multiple defaults in the reference pool resulting in
tranche writedowns.  Given the shorter time to maturity, losses to
these tranches within the next year are likely to be remote.
Moody's noted that the ratings of the Series 2007-1 and 2007-2
notes remain unchanged because of the credit quality of their
collateral which is rated B3 and has a negative outlook.

Moody's also performed sensitivity analysis consisting in modeling
Moody's market implied rating in place of the corporate
fundamental rating to derive the default probability of each
corporate name in the reference portfolio.  Moody's market implied
ratings are derived from observable CDS spread on each corporate
name and mapped to Moody's rating scale.  The gap between a Market
implied rating and a Moody's corporate fundamental rating is an
indicator of the extent of the divergence of credit view between
Moody's and the market on each referenced name in the CSO
portfolio.  This run generated results that were no more than two
notches away from the assigned ratings.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of rating committee
considerations.  These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, and
specific documentation features.  All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, may influence the final rating decision.

Moody's analysis for this transaction is based on the CDOROM(TM).
This model is available on moodys.com under Products and Solutions
-- Analytical models, upon return of a signed free license
agreement.

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.

Due to the impact of revised and updated key assumptions
referenced in "Moody's Approach to Rating Corporate Collateralized
Synthetic Obligations", key model inputs used by Moody's in its
analysis may be different from the manager/arranger's reported
numbers.  In particular, rating assumptions for all publicly rated
corporate credits in the underlying portfolio have been adjusted
for "Review for Possible Downgrade", "Review for Possible
Upgrade", or "Negative Outlook".

Moodys did not run a separate loss and cash flow analysis other
than the one already done using the CDOROM model.

Moody's analysis of corporate CSOs is subject to uncertainties,
the primary sources of which includes complexity, governance and
leverage.  Although the CDOROM model capture many of the dynamics
of the Corporate CSO structure, it remains a simplification of the
complex reality.  Of greatest concern are (a) variations over time
in default rates for instruments with a given rating, (b)
variations in recovery rates for instruments with particular
seniority/security characteristics and (c) uncertainty about the
default and recovery correlations characteristics of the reference
pool.  Similarly on the legal/structural side, the legal analysis
although typically based in part on opinions (and sometimes
interpretations) of legal experts at the time of issuance, is
still subject to potential changes in law, case law and the
interpretations of courts and (in some cases) regulatory
authorities.  Although the impact of these decisions is mitigated
by structural constraints, anticipating the quality of these
decisions necessarily introduces some level of uncertainty in
Moody's assumptions.  Given the tranched nature of Corporate CSO
liabilities, rating transitions in the reference pool may have
leveraged rating implications for the ratings of the Corporate CSO
liabilities, thus leading to a high degree of volatility.  All
else being equal, the volatility is likely to be higher for more
junior or thinner liabilities.  The base case scenario modeled
fits into the central macroeconomic scenario predicted by Moody's
of a sluggish recovery scenario of the corporate universe.  Should
macroeconomics conditions evolves towards a more severe scenario
such as a double dip recession, the CSO rating will likely be
downgraded to an extent depending on the expected severity of the
worsening conditions.

The base case scenario modeled fits into the central macroeconomic
scenario predicted by Moody's of a sluggish recovery scenario of
the corporate universe.  Should macroeconomics conditions evolves
towards a more severe scenario such as a double dip recession, the
CSO rating will likely be downgraded to an extent depending on the
expected severity of the worsening conditions.


TBS INTERNATIONAL: To Issue Non-Transferrable Subscription Rights
-----------------------------------------------------------------
In an amended Form S-1 filing with the U.S. Securities and
Exchange Commission, TBS International plc said that it is
distributing to eligible holders of the Company's Class A and
Class B ordinary shares one non-transferable subscription right to
subscribe for the Company's Series A Preference Shares for each
ordinary share held at 5:00 p.m., New York City time, on Feb. 7,
2011, the record date for the rights offering.  Each 100
subscription rights entitle a holder to subscribe for one Series A
Preference Share at a subscription price of $100 per Series A
Preference Share.  Each Series A Preference Share initially will
be convertible into 25.0 Class A ordinary shares, subject to
adjustments to reflect semiannual increases in liquidation value
and stock splits and reclassifications.  As of the record date for
the rights offering, 18,102,021 of the Company's Class A ordinary
shares and 13,200,305 of the Company's Class B ordinary shares
were outstanding.  Holders of these shares on the record date are
eligible to receive the subscription rights.

The Company is conducting this rights offering in connection with
the restructuring of the Company's various credit facilities.  As
a condition to the restructuring of the Company's credit
facilities, the Company's lenders have required three significant
shareholders who also are key members of the Company's management
to agree to provide up to U US$10.0 million of new equity in the
form of Series B Preference Shares.  In partial satisfaction of
this requirement, on Jan. 28, 2011, these significant shareholders
purchased an aggregate of 30,000 of the Company's Series B
Preference Shares at US$100 per share directly from the Company in
a private placement.  In addition, they agreed to purchase up to
an additional aggregate of 70,000 of the Company's Series B
Preference Shares at US$100 per share directly from the Company in
one or more private placements, but the number of additional
shares that they will be required to purchase from the Company
will be reduced, share for share, by the number of Series A
Preference Shares purchased by subscription rights holders in this
rights offering.

The aggregate purchase of Series A Preference Shares offered in
this rights offering, when aggregated with the purchase of Series
B Preference Shares by the Company's significant shareholders,
will be at least US$10.0 million.  If all of the rights offered
are exercised, the aggregate subscription price in the rights
offering would be US$18,895,000, after taking into account that
the Company's significant shareholders each have agreed not to
exercise the subscription rights issued with respect to ordinary
shares beneficially owned by them.

The Company's Class A ordinary shares are quoted on the Nasdaq
Global Select Market under the symbol "TBSI."  The closing price
of the Company's Class A ordinary shares on March 22, 2011, as
reported by Nasdaq, was US$2.09 per share.  The Company has not
listed, and do not expect to list for trading, the subscription
rights or the Company's Class B ordinary shares, Series A
Preference Shares or Series B Preference Shares.

                   About TBS International plc

Dublin, Ireland-based TBS International plc (NASDAQ: TBSI)
-- http://www.tbsship.com/-- provides worldwide shipping
solutions to a diverse client base of industrial shippers through
its Five Star Service: ocean transportation, projects, operations,
port services and strategic planning.  The TBS shipping network
operates liner, parcel and dry bulk services, supported by a fleet
of multipurpose tweendeckers and handysize/handymax bulk carriers,
including specialized heavy-lift vessels and newbuild tonnage.
TBS has developed its franchise around key trade routes between
Latin America and China, Japan and South Korea, as well as select
ports in North America, Africa, the Caribbean and the Middle East.

The Company reported a net loss of US$247.76 million on US$411.83
million of total revenue for the year ended Dec. 31, 2010,
compared with a net loss of US$67.04 million on US$302.51 million
of total revenue during the prior year.

The Company's balance sheet at Dec. 31, 2010, showed
US$686.32 million in total assets, US$389.45 million in total
liabilities and US$296.87 million in total stockholders' equity.

PricewaterhouseCoopers LLP expressed substantial doubt about the
Company's ability to continue as a going concern.  PwC believes
that the Company will not be in compliance with the financial
covenants under its credit facilities during 2011, which under the
agreements would make the debt callable.  According to PwC, this
has created uncertainty regarding the Company's ability to fulfill
its financial commitments as they become due.

As reported in the TCR on Feb. 8, 2011, TBS International on
Jan. 31, 2011, announced that it had entered into amendments to
its credit facilities with all of its lenders, including AIG
Commercial Equipment, Commerzbank AG, Berenberg Bank and Credit
Suisse and syndicates led by Bank of America, N.A., The Royal Bank
of Scotland plc and DVB Group Merchant Bank (the "Credit
Facilities").  The amendments restructure the Company's debt
obligations by revising the principal repayment schedules under
the Credit Facilities, waiving any existing defaults, revising the
financial covenants, including covenants related to the Company's
consolidated leverage ratio, consolidated interest coverage ratio
and minimum cash balance, and modifying other terms of the Credit
Facilities.

The Company currently expects to be in compliance with all
financial covenants and other terms of the amended Credit
Facilities through maturity.

As a condition to the restructuring of the Company's credit
facilities, three significant shareholders who also are key
members of TBS' management agreed on Jan. 25, 2011, to provide up
to USUS$10 million of new equity in the form of Series B
Preference Shares and deposited funds in an escrow account to
facilitate satisfaction of this obligation.  In partial
satisfaction of this obligation, on Jan. 28, 2011, these
significant shareholders purchased an aggregate of 30,000 of the
Company's Series B Preference Shares at US$100 per share directly
from TBS in a private placement.


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


BANCA UBAE: Fitch Downgrades Individual Rating to 'D'
-----------------------------------------------------
Fitch Ratings has downgraded Banca UBAE's Long-term Issuer Default
Rating to 'BB' from 'BB+' and its Individual Rating to 'D' from
'C/D' and maintained both ratings on Rating Watch Negative.  The
agency has affirmed Banca UBAE's Short-term IDR at 'B' and Support
Rating at '5'.

The downgrades reflect Fitch's view that the outlook for the
bank's profitability has deteriorated given the ongoing turmoil in
Libya, where the bank's main shareholder, the Libyan Foreign Bank
is based, and concerns that the sanctions imposed against Libya
are likely to affect Banca UBAE's performance in the medium term.
Fitch expects to resolve the RWN once the medium-term prospects
for the bank become clearer.

On March 12, following the imposition of sanctions against Libya
by the United Nations and the European Union, the Bank of Italy
placed Banca UBAE under special administration, dissolving its
board of directors and appointing two administrators.  As a
result, the bank's corporate governance is now headed by these
administrators, and Libyan-related parties are no longer involved
in the running of the bank.  According to a press statement
released by the Bank of Italy, the bank is continuing to operate
normally.

Banca UBAE's ratings are underpinned by Fitch's expectation that
liquidity will remain adequate.  The bank's liquidity benefits
from a high proportion of liquid assets, reflecting the investment
of deposits, predominantly from Libyan entities, which have been
frozen as a result of sanctions.  The bank's ratings already
factor in credit exposure to more volatile markets, and could be
affirmed if it successfully manages the current turmoil in Libya
and volatility in several other Mediterranean Arab markets.

The bank's ratings would likely be downgraded if the bank's
franchise in its core markets outside Libya declined
significantly, the heightened volatility in some of the markets
the bank is exposed to led to material credit losses, or if the
bank did not maintain its adequate liquidity profile.


COMPAGNIA FINANZIARIA: Fitch Cuts Rating on Class C Notes to 'BB+'
------------------------------------------------------------------
Fitch Ratings has affirmed Compagnia Finanziaria 1 S.r.l. Series
2007-1's (Compagnia Finanziaria 2007-1) class A notes and
downgraded the class B and C notes:

  -- EUR216.26m class A floating-rate notes: affirmed at 'AAAsf';
     Outlook revised to Negative from Stable; assigned Loss
     Severity Rating of 'LS-1';

  -- EUR95.05m class B floating-rate notes: downgraded to 'A-sf'
     from 'Asf'; Outlook Negative; assigned 'LS-3';

  -- EUR47.54m class C floating-rate notes: downgraded to 'BB+sf'
     from 'A-sf'; Outlook Negative; assigned 'LS-3';

The rating actions reflect Fitch's expectations about the future
performance of the transaction and the credit enhancement
available to the rated notes.

As of January 2011, the Fitch cumulative default ratio stood at
5.95% against a base case of 3.50%, and the Fitch cumulative loss
ratio was 5.30% compared to a base case of 2.87%.  As a
consequence, the principal deficiency ledger balance reached
EUR18.4 million at the end of January 2011.

However, as of January 2011, the CE for the notes has increased to
50.7%, 28.8% and 18.0% for the class A, B and C notes
respectively, due to the progressive amortization of the notes,
which started in January 2010.  Fitch compared the available CE
with its pool performance base-case expectations, which includes
net losses in excess of 9% of the residual pool.

On the interest payment date ending in January 2010 there was a
shortfall of EUR10.29 million in the transaction cash reserve,
mainly due to the significant level of defaulted receivables
experienced in that quarterly collection period (EUR18.07
million).  Since this IPD, the cash reserve has been zero because
of the increasing amounts of defaults in the portfolio.

Fitch is continuing to monitor the situation regarding the
transaction's servicers, Carifin Italia S.p.A. and Plusvalore
S.p.A., which are part of Gruppo Delta S.p.A., which was placed
under special administration by the Bank of Italy in May 2009.
The Bank of Italy and the other Italian and foreign banks
currently providing Delta with credit lines are discussing a
restructuring plan for the group.  On 18 February 2011, Delta
placed Carifin and Plusvalore in voluntary winding-up due to its
ongoing debt restructuring.  However, the servicers are still
operating their business as normal.

The agency takes some comfort from the fact that a back-up
servicer, Unicredit Credit Management Bank SpA. (UGC, rated 'RSS1-
'/'CSS1-'), was appointed at closing.  UGC has already carried out
monitoring and analysis activities to be ready to step in if the
servicers are replaced.  In addition, UGC has cooperated with the
Bank of Italy in constructing the restructuring plan, further
disclosure of which is expected by the end of March.

Fitch will closely monitor the development of the events involving
Delta and its subsidiaries to better evaluate their potential
implications (if any) on the deal.

Compagnia Finanziaria 2007-1 is the second securitization of
consumer and personal loans receivables originated in Italy by
Carifin and Plusvalore, following Compagnia Finanzaria 1 S.r.l.
which was paid in full on Dec. 9, 2009.


FONDIARIA - SAI: Fitch Downgrades Insurer Strength Rating to 'BB+'
------------------------------------------------------------------
Fitch Ratings has downgraded Italian insurance company Fondiaria -
SAI's and its main subsidiary, Milano Assicurazioni's Insurer
Financial Strength ratings to 'BB+' from 'BBB-'.  The agency is
maintaining the ratings on Rating Watch Negative.

The downgrade reflects FonSAI group's EUR929 million loss reported
for FY10, which was worse than expected, as well as uncertainty,
in Fitch's opinion, over the execution of the group's turnaround
plan.  Although the planned, underwritten, capital increase of
EUR800m represents a clear benefit for the group, Fitch considers
that there are considerable challenges facing management in
implementing its new business plans, including sluggish economic
growth.

Fitch also understands that Credit Suisse (Long-term IDR 'AA-')
and Unicredito Italiano (Unicredit, Long-term IDR 'A') have fully
underwritten both FonSAI and Milano's capital increases and that
after the capital increase, Unicredit will hold 6.6% of FonSAI's
shares.  The planned increase is subject to Consob's (the Italian
stock market regulator) approval.  In a linked transaction,
FonSAI's existing 41.6% shareholder, Premafin, will reduce its
stake in FonSAI to no less than 35%.

The agency considers that the capital raising operation may
restrict FonSAI Group's future financial flexibility because it
will be harder for it to seek fresh capital, if it was needed, in
the short term.

The resolution of the RWN will depend on the completion of FonSAI
and Milano's capital increases.  Failure to achieve the planned
capital increases would result in a downgrade of the ratings,
which is likely to be more than one notch.  Successful completion
of the capital increases is likely to result in FonSAI's ratings
being affirmed at the current level.

Should the turnaround plan be executed successfully, resulting in
enhanced profitability and capitalization, it is likely that the
ratings would be upgraded.  However, in Fitch's opinion, there is
still significant uncertainty about the extent to which this will
be achieved.

FonSAI is the parent company and main operating entity of the
second-largest domestic insurance group in Italy, with
consolidated gross written premiums of EUR12.9 billion in 2010.
The group, created by the merger between Fondiaria and SAI in late
2002, holds leading positions in the Italian non-life market
through FonSAI and its 60% ownership of the other main operating
entity, Milano.  The group's presence in the life sector is more
limited than non-life but increasing, following a bancassurance
joint venture with Banco Popolare.


UNO FINANCE: Fitch Downgrades Rating on Class C Notes to 'BB-sf'
----------------------------------------------------------------
Fitch Ratings has affirmed Uno Finance S.r.l.'s class A notes and
downgraded the class B and C notes:

  -- Class A EUR111.1m notes affirmed at 'AAAsf'; Outlook
     Negative; assigned Loss Severity 'LS-1'

  -- Class B EUR37.7m notes downgraded to 'BBB-sf' from 'BBBsf';
     Outlook Negative; assigned 'LS-4'

  -- Class C EUR23.3m notes downgraded to 'BB-sf' from 'BBsf'
     Outlook Negative; assigned 'LS-5'

The rating actions reflect Fitch's expectations about the future
performance of the transaction and the credit enhancement
available to the notes.

The Fitch cumulative default ratio has been higher than the base
case since January 2009 and as of March 2011 was 8.46% compared to
a base case of 3.87%.  Similarly, the Fitch cumulative loss ratio,
which takes all transaction recoveries into consideration, has
been higher than Fitch's expectations since the interest payment
date in December 2009.  As of March 2011, the loss ratio was 7.8%,
i.e.  4.33% higher than the base case (3.47%).  As a result, the
principal deficiency ledger balance increased to EUR29.2 million
as of March 2011.

However, the CE levels as a percentage of the rated notes have
been increasing from March 2010, due to the amortization of the
rated notes.  As of March 2011, the available CE for the class A
notes was 44%, 25% for the class B notes and 13% for the class C
notes.  Fitch compared the available CE with its pool performance
base-case expectations, which includes net losses in excess of 9%
of the residual pool.

The transaction includes a cash reserve account available to the
issuer and providing CE.  On the December 2009 IPD, the CRA had a
shortfall of EUR10 million, mainly due to the significant level of
defaulted receivables experienced in that quarterly collection
period (EUR15.9 million).  The CRA has subsequently been zero.

Fitch is also continuing to monitor the situation regarding the
transaction's servicers, Carifin Italia S.p.A. (not rated) and
Plusvalore S.p.A. (not rated), both part of Gruppo Delta S.p.A.,
which was placed under special administration by the Bank of Italy
in May 2009.  The Bank of Italy and the other Italian and foreign
banks currently providing Delta with credit lines are discussing a
restructuring plan for the group.  On 18 February 2011, Delta
placed Carifin and Plusvalore in voluntary winding-up due to its
ongoing debt restructuring.  However, the servicers are still
operating their business as normal.

The agency takes some comfort from the fact that a back-up
servicer, Unicredit Credit Management Bank S.p.A. (rated 'RSS1-
'/'CSS1-'), was appointed at closing.  UGC has already carried out
monitoring and analysis activities to be ready to step in if the
servicers are replaced.  In addition, UGC has cooperated with the
Bank of Italy in constructing the restructuring plan, further
disclosure of which is expected by the end of March.

Fitch will closely monitor the development of the events involving
Delta and its subsidiaries to better evaluate their potential
implications (if any) on the deal.

16 Uno Finance is the third issuance of consumer and personal
receivables originated in Italy by Carifin and Plusvalore.


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


INTELSAT SA: Units Commence Tender Offers & Consent Solicitations
-----------------------------------------------------------------
Intelsat S.A. announced that its subsidiary, Intelsat Jackson
Holdings S.A., has commenced tender offers and consent
solicitations for two series of outstanding senior notes, its
subsidiary, Intelsat Intermediate Holding Company S.A. has
commenced a tender offer and consent solicitation for one series
of outstanding senior notes and its subsidiary, Intelsat
Subsidiary Holding Company S.A. has commenced tender offers and
consent solicitations for three series of outstanding senior
notes.  Each tender offer and consent solicitation is being made
independently of the other offers and consent solicitations.

Intelsat Jackson's tender offers to purchase for cash any and all
of its outstanding US$55.0 million aggregate principal amount of
9 1/4% Senior Notes due 2016 and any and all of its outstanding
US$284.6 million aggregate principal amount of 11 1/2% Senior
Notes due 2016 are subject to the terms and conditions set forth
in the Offer to Purchase and Consent Solicitation Statement, dated
March 21, 2011 relating thereto.

In connection with the Intelsat Jackson Tender Offers, Intelsat
Jackson is also soliciting the consent of the holders of the
Intelsat Jackson Notes to certain proposed amendments to the
indentures governing those notes, among other things, to eliminate
substantially all of the restrictive covenants, certain events of
default and certain other provisions contained in the applicable
indentures.

Intermediate Holdco's tender offer to purchase for cash any and
all of its outstanding US$481.0 million aggregate principal amount
at maturity of 9 1/2% Senior Discount Notes due 2015 is subject to
the terms and conditions set forth in Intermediate Holdco's Offer
to Purchase and Consent Solicitation Statement dated March 21,
2011 relating thereto.

In connection with the Intermediate Holdco Tender Offer,
Intermediate Holdco is also soliciting the consent of the holders
of the Intermediate Holdco Notes to certain proposed amendments to
the indenture governing the Intermediate Holdco Notes, among other
things, to eliminate substantially all of the restrictive
covenants, certain events of default and certain other provisions
contained in that indenture.

Intelsat Sub Holdco's tender offers to purchase for cash any and
all of its outstanding US$625.3 million aggregate principal amount
of 8 1/2% Senior Notes due 2013, any and all of its outstanding
US$681.0 million aggregate principal amount of 8 7/8% Senior Notes
due 2015 and any and all of its outstanding US$400.0 million
aggregate principal amount of 8 7/8% Senior Notes due 2015, Series
B are subject to the terms and conditions set forth in the Offer
to Purchase and Consent Solicitation Statement, dated March 21,
2011 relating thereto.

In connection with the Intelsat Sub Holdco Tender Offers, Intelsat
Sub Holdco is also soliciting the consent of the holders of the
Intelsat Sub Holdco Notes to certain proposed amendments to the
indentures governing such notes, among other things, to eliminate
substantially all of the restrictive covenants, certain events of
default and certain other provisions contained in the applicable
indentures.

                          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.


The Company reported 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'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.


INTELSAT SA: Unit Intends to Offer US$2.65 Billion of Sr. Notes
---------------------------------------------------------------
Intelsat S.A. announced that its subsidiary, Intelsat Jackson
Holdings S.A., intends to offer US$2.65 billion aggregate
principal amount of senior notes, consisting of senior notes due
2019, senior notes due 2021 and senior notes due 2023.

Intelsat Jackson's obligations under the notes will be guaranteed
by certain of its parent and subsidiary companies.  Part of the
net proceeds from the sale of the notes are expected to be
contributed or loaned to Intelsat Jackson's direct subsidiary,
Intelsat Intermediate Holding Company S.A., which will use such
funds and cash on hand to purchase any and all of its outstanding
US$481.0 million aggregate principal amount at maturity of 9 1/2%
Senior Discount Notes due 2015 that are validly tendered in
connection with Intermediate Holdco's tender offer and consent
solicitation today and to pay related fees and expenses.

In addition, part of the net proceeds from the sale of the notes
are expected to be contributed or loaned to Intelsat Jackson's
indirect subsidiary, Intelsat Subsidiary Holding Company S.A.,
which will use those funds and cash on hand to purchase any and
all of its outstanding US$625.3 million aggregate principal amount
of 8 1/2% Senior Notes due 2013, any and all of its outstanding
US$681.0 million aggregate principal amount of 8 7/8% Senior Notes
due 2015 and any and all of its outstanding US$400.0 million
aggregate principal amount of 8 7/8% Senior Notes due 2015, Series
B, in each case, that are validly tendered in connection with
Intelsat Sub Holdco's tender offers and consent solicitations and
to pay related fees and expenses.

The remainder of the net proceeds from the sale of the notes are
expected to be used by Intelsat Jackson to purchase any and all of
its outstanding US$55.0 million aggregate principal amount of 9
1/4% Senior Notes due 2016 and any and all of its outstanding
US$284.6 million aggregate principal amount of 11 1/2% Senior
Notes due 2016, in each case, that are validly tendered in
connection with Intelsat Jackson's tender offers and consent
solicitations, and for general corporate purposes, which could
include the repayment, redemption, retirement or repurchase in the
open market of other indebtedness of Intelsat S.A. or its
subsidiaries.

The consummation of the offering of the notes is conditioned upon
receiving the requisite amount of irrevocable tenders and consents
pursuant to each of the tender offers.

                          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.


The Company reported 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'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.


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


HOLLAND MORTGAGE: Moody's Confirms Ba2 Ratings on E Certificates
----------------------------------------------------------------
Moody's Investors Service has confirmed the ratings of all notes
issued by Holland Mortgage Backed Series (HERMES) XIII B.V. and
Holland Mortgage Backed Series XIV B.V., previously placed under
review for possible downgrade.  A list of the affected notes is
provided at the end of this press release.

The ratings were placed on review for possible downgrade in
December 2010 due to worse-than expected collateral performance.

                        Ratings Rationale

The rating announcement concludes the review and takes into
consideration the worse-than-expected performance of the
collateral as well as the levels of credit enhancement available
to absorb the future projected losses on the respective
portfolios.  It also reflects Moody's stable sector outlook for
Dutch RMBS and the improvement of the macro-economic environment
in the Netherlands.

Portfolio Expected Loss:

Moody's has reassessed its lifetime loss expectation for HERMES
XIII and XIV taking into account the worse collateral performance
to date as well as the current macroeconomic environment in the
Netherlands.  Moody's has increased its lifetime loss expectations
to 0.9% of the original portfolio balance from 0.5% at closing for
both HERMES XIII and HERMES XIV.

MILAN Aaa CE:

Moody's has assessed the loan-by-loan information for HERMES XIII
and HERMES XIV to determine the MILAN Aaa CE.  Moody's has
slightly revised its MILAN Aaa CE assumptions to 5.5% in HERMES
XIII and 5.0% in HERMES XIV, up from closing assumptions of 5.1%,
and 4.6% respectively.  The class A1 and A2 notes in Hermes XIII
benefit from 8.4% credit enhancement.  Class A1 and class A2 notes
in Hermes XIV benefit from 8.5% credit enhancement.

Notwithstanding the increase in assumptions, Moody's has taken no
rating action in the two transactions due to the current level of
credit enhancement sufficiently supporting the current ratings of
the notes.

                      Transaction Features

  -- Holland Mortgage Backed Series (HERMES) XIII B.V.  closed in
     March 2007.  Loans more than 90 days in arrears correspond to
     1.09% of the current portfolio balance, while cumulative
     losses amount 0.15% of the original portfolio balance.  The
     pool factor stands at 73.0%.

  -- Holland Mortgage Backed Series (HERMES) XIV B.V closed in
     September 2007. Loans more than 90 days in arrears correspond
     to 1.22% of the current portfolio balance, while cumulative
     losses amount to 0.10% of the original portfolio balance. The
     pool factor stands at 79.9%.

Set-off : Moody's also assessed the set-off risk on savings and
current accounts as well as the life insurance policy exposure
using a conservative assumption on the distribution in terms of
credit quality and exposure to counterparties of insurance
companies.

Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes (September 2039 and November
2039 respectively).  Moody's ratings address only the credit risks
associated with the transaction.  Other non-credit risks have not
been addressed, but may have a significant effect on yield to
investors.

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.

                     List of Affected Notes

Issuer: Holland Mortgage Backed Series (Hermes) XIII B.V.

  -- EUR36.4M E Certificate, Confirmed to Ba2 (sf); previously on
     Dec 24, 2010 Ba2 (sf) Placed Under Review for Possible
     Downgrade

Issuer: HOLLAND MORTGAGE BACKED SERIES (HERMES) XIV B.V.

  -- EUR54M C Certificate, Confirmed to A1 (sf); previously on Dec
     24, 2010 A1 (sf) Placed Under Review for Possible Downgrade

  -- EUR14M D Certificate, Confirmed to Baa2 (sf); previously on
     Dec 24, 2010 Baa2 (sf) Placed Under Review for Possible
     Downgrade

  -- EUR18M E Certificate, Confirmed to Ba2 (sf); previously on
     Dec 24, 2010 Ba2 (sf) Placed Under Review for Possible
     Downgrade


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


BBVA 6: Moody's Confirms Rating on Class C Bond at 'Ca (sf)'
------------------------------------------------------------
Moody's Investors Service has confirmed the long-term credit
ratings of these notes issued by BBVA 6 FTPYME, FTA (BBVA 6
FTPYME), Spanish SME ABS:

  -- EUR1,201.9 million A1 bond, confirmed at Aa3 (sf); previously
     on 10 November 2010 Aa3 (sf), placed under review for
     possible downgrade

  -- EUR50.3 million B bond, confirmed at B1 (sf); previously on
     10 November 2010 B1(sf), placed under review for possible
     downgrade

  -- EUR32.3 million C bond, confirmed at Ca (sf); previously on
     10 November 2010 Ca (sf), placed under review for possible
     downgrade

The rating of the class A2(G) notes, Aa2 (sf), was not on review
for possible downgrade as it benefits from the guarantee of the
Government of Spain (Aa2) for interest and principal payments.
However, Moody's has determined that the expected loss associated
with class A2(G) notes without the Spanish Government guarantee is
consistent with a Aa3(sf) rating.

                        Ratings Rationale

In November 2010, Moody's placed on review for possible downgrade
the ratings of the A1, B and C notes because of performance
concerns.  As of February 2011, the reserve fund is fully
depleted, cumulative write offs have reached 4.5% of the original
pool balance and the amortization deficit stands at EUR25 million,
representing 6.2% of the rated notes balance.  The state guarantee
has been used for several payment dates to make some principal
payments on the A2(G) notes.

Despite these performance concerns, recent decline in
delinquencies, increasing inflows of recoveries on written off
loans and increase in credit enhancement resulted in the
confirmation of the notes ratings.  The interest deferral on class
C notes, which is likely to occur this year, will also be
beneficial to the senior tranches.

Moody's analysis also took into account the credit quality of the
underlying SME loan portfolio.  Based on this, the rating agency
determined: (i) its cumulative default and recovery rate; and (ii)
its volatility assumption.  The analysis also took into account
the transaction structure, as assessed under Moody's cash flow
analysis.  The expected cumulative default-rate and volatility
assumptions are the two key parameters that the rating agency uses
to calibrate its default distribution curve, which in turn is
included in the cash flow model used to rate European ABS
transactions.

                           Performance

Historically, this transaction has under-performed Moody's Spanish
SME delinquency index ("Spanish SME January 2011 Indices", March
2011).  As of January 2011, 90- to 360-day delinquencies
represented 2.5% of the current pool balance, compared with an
index average of 1.9%.  However, performance has improved markedly
over the past year with 90-360 day delinquencies dropping to 1.9%
in February 2011 compared with 4.9% in February 2010.  Since
closing in 2007, cumulative write-offs for the transaction have
reached 4.5% of the original pool balance, close to the class C
5.0% interest deferral trigger level.

   Key Revised Assumptions: Cumulative Default and Volatility

Moody's has reassessed its lifetime default expectation for BBVA 6
FTPYME's collateral pool.  This factored in the weak collateral
performance to date and any likely performance deterioration of
the pool in the current down cycle.  In doing so, the rating
agency took into account the transaction's exposure to the real-
estate market (28.9% of the current pool).

Moody's assumes a default probability for SME debtors operating in
the real-estate sector to be equivalent to a rating in the single-
B range.  This takes into account the rating agency's outlook for
the Spanish real-estate sector.  Moody's also assumes the default
probability of non-real-estate debtors to be in the low Ba range
and estimates the remaining weighted-average life of the portfolio
to be 2.4 years.  Consequently, these revised assumptions have
translated into a rise in the cumulative mean default assumption
for the current portfolio, equal to 12.2% of the current portfolio
balance.  This default assumption corresponds to an equivalent
rating of B2 over the portfolio weighted average life.  This
implies a revised cumulative mean default for the entire
transaction (since closing) equal to 10.0% of the original
portfolio balance, compared with 8.4% revised in July 2009 and
2.5% at closing.

Given the pool's relative granularity (with an effective number of
507), Moody's used a Monte Carlo simulation to derive the gross
default distribution.  As a result of the simulation, the
coefficient of variation has been left unchanged at 45%, compared
to its last revision in July 2009.  The prepayment rate was also
left unchanged at 5%.

Moody's increased the average recovery-rate assumption to 50% (a
stochastic recovery rate), compared with 45% assumed in July 2009.
This revised assumption takes into consideration the fact that 55%
of the portfolio benefits from a mortgage guarantee and factors in
an analysis of the real-estate collateral's nature and value.  In
addition, in its analysis, Moody's assumes that at least EUR9.3
million out of 55.4 million of outstanding defaults as of February
2011 would be recovered.

In its modelling of the transaction, Moody's took into
consideration the anticipated capital structure following the
March 2011 payment date, including the amortization of the A1
notes and updated credit enhancement levels.

Overall, deleveraging and increasing recoveries have offset the
increase in default probability.  The senior notes also benefit
from the transaction's structural features, such as the excess
spread guaranteed through the swap and the interest deferral
triggers on class B and C notes.

Moody's analyzed various sensitivities of cumulative default rates
to test the robustness of the current ratings.  For instance, the
rating agency observed that the quantitative/model-indicated
rating outcome for all the classes would remain consistent with
the confirmed ratings if the mean default rate were to increase by
33% at 16.2% while the recovery rate would be reduced by 10% at
45%.

As a result of this analysis, Moody's confirmed the ratings of all
classes of notes of BBVA 6 FTPYME.

                           Transaction

BBVA 6 FTPYME is a securitization of loans granted to small and
medium size companies in Spain, closed in June 2007.  BBVA (Aa2/P-
1) is the originator of the loans.  In January 2011, the portfolio
comprised 3,361 loans.  Most of the loans were originated between
2005 and 2007.

Moody's used its excel based cash flow model, Moody's ABSROM(TM),
as part of its quantitative analysis of the transaction.  Moody's
ABSROM(TM) model enables users to model various features of a
standard European ABS transaction including: (i) the specifics of
the default distribution of the assets, their portfolio
amortization profile, yield or recoveries; and (ii) the specific
priority of payments, triggers, swaps and reserve funds on the
liability side of the ABS structure.  Moody's ABSROM(TM) User
Guide is available on Moody's website and covers the model's
functionality as well as providing a comprehensive index of the
user inputs and outputs.  MOODY'S CDOROMv2.8(TM) was used to
estimate the default distribution.

Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes.  The rating agency's
ratings address only the credit risks associated with the
transaction.  Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors.


HIPOCAT 10: S&P Affirms Ratings on Two Classes of Notes to 'D'
--------------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
Hipocat 10, Fondo de Titulizacion de Activos and Hipocat 11, Fondo
de Titulizacion de Activos.

Specifically, S&P has:

* Lowered its ratings on Hipocat 10's class A2, A3, and B notes,
  and kept classes A2 and A3 on CreditWatch negative due to its
  updated counterparty criteria;

* Affirmed its ratings on Hipocat 10's class C and D notes, and
  left the ratings on the class A4 notes unchanged, but kept them
  on CreditWatch negative due to its updated counterparty
  criteria; and

* Affirmed its ratings on Hipocat 11's class A2, A3, B, C, and D
  notes.

In July 2010, S&P placed or kept its ratings in six Hipocat
Spanish RMBS deals on CreditWatch negative because of reporting
issues that resulted from, what S&P understood, incorrectly
reported cumulative defaults in two of the Hipocat transactions by
the trustee.

Since July 2010, S&P has had several conversations with the
trustee and the originator: S&P has gone with them through the
detailed information that they provided and have received written
confirmation on the accuracy of the data that they have given to
us.  Following these discussions and confirmation, S&P were able
to conclude that the error was limited to Hipocat 10 and 11, and
that the rest of the Hipocat deals that S&P rate are not affected.
As a result, S&P understands that the updated performance
information S&P has received is correct, and S&P is able to run
its credit and cash flow models with the updated data from the
trustee.

The rating actions follow a credit review of the Hipocat 10 and 11
transactions and are due to a combination of negative factors and
stresses on the transactions.

The performance deterioration and special characteristics of the
assets securitized--with a level of defaulted loans (defined as
loans in arrears for more than 18 months) over the total
outstanding balance of the pool of 1.11% in Hipocat 10 and 1.74%
in Hipocat 11, both in January 2011--are not offset by a potential
increase in credit enhancement; This is because, despite the
seasoning of these transactions, in both cases the reserve funds
have fully been depleted.

Moreover, both transactions are experiencing a lack of
amortization in the most senior notes.  In the case of Hipocat 10,
the class A4 notes are not affected and all the amounts due to be
paid are being held in an amortization account until April 2012,
which will be the final legal maturity of these notes.

These transactions include a deferral-of-interest trigger for the
subordinated notes, based on cumulative defaults as a percentage
of the initial collateral balance.  The current cumulative default
levels and trigger levels (both as a percentage of the initial
collateral balance), taking into account the updated information
that S&P has received from the trustee so far, are:

                            HIPOCAT 10

Current cumulative default level: 9.01% on the January 2011
payment date, up from 6.59% a year before.

Trigger levels: Class B (11%) and class C (7%).

The trigger for the class C notes has been hit since the April
2010 payment date and because of this, interest on this class is
deferred until after the amortization of principal, and as a
consequence the notes have defaulted.

The trigger for the class B notes has not been hit yet, but given
the increasing trend of cumulative defaults, in S&P's opinion it
is likely that it will be hit in the near future.

                            HIPOCAT 11

Current cumulative default level: 14.79% on the January 2011
payment date, up from 10.25% a year before.

Trigger levels: Class B (13.20%) and class C (8.90%).

The trigger for both the class C and B notes have been hit since
the January 2010 and October 2010 payment dates, respectively.
Because of this, interests on these classes have been deferred
until after the amortization of principal, and as a consequence
the notes have defaulted.

Taking into account the portfolios' credit deterioration and
applying its cash flow analysis to the outstanding capital
structure, S&P has taken the rating actions on the affected
classes.

The two transactions' collateral pools comprise the first draws of
credit lines granted to individuals to buy a residential property.
The first draw ranks pari passu with subsequent draws, which can
increase the amount drawn up to a maximum amount that represents
80% of the original property value at loan origination.
Additionally, if the performance of the borrower is strong enough
and none of his products with CatalunyaCaixa is in arrears, this
product may have a principal and payment holiday option of 12
consecutive months, with a maximum period of 36 months.  S&P has
stressed these features in its analysis.

On Jan. 18, 2011, S&P updated the CreditWatch status of the
ratings on these classes of notes when its updated counterparty
criteria became effective.

The class A2, A3, and A4 notes in Hipocat 10 will remain on
CreditWatch negative for counterparty reasons.

Regarding exposure to heightened counterparty risk, some existing
transaction documentation may no longer satisfy S&P's counterparty
criteria.  S&P will review this documentation and S&P intend to
resolve this element of the CreditWatch placement before the
criteria's transition date of July 18, 2011.

Hipocat 10 and 11 are Spanish residential mortgage-backed
securities transactions that securitize loans originated by
CatalunyaCaixa, a Spanish savings bank whose home market is
established in the Catalunya region.  The transactions closed in
July 2006 and March 2007, respectively.

                          Ratings List

          Hipocat 10, Fondo de Titulizacion de Activos
  EUR1.526 Billion Residential Mortgage-Backed Floating-Rate Notes

                        Ratings Affirmed

                       Class       Rating
                       -----       ------
                       C           D (sf)
                       D           D (sf)

               Rating Kept on Creditwatch Negative

                           Rating
                           ------
     Class       To                       From
     -----       --                       ----
     A4          AAA (sf)/Watch Neg       AAA (sf)/Watch Neg

        Ratings Lowered and Kept on Creditwatch Negative

                           Rating
                           ------
     Class       To                       From
     -----       --                       ----
     A2          AA (sf)/Watch Neg        AAA (sf)/Watch Neg
     A3          AA (sf)/Watch Neg        AAA (sf)/Watch Neg

                         Rating Lowered

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

          Hipocat 11, Fondo de Titulizacion de Activos
  EUR1.628 Billion Residential Mortgage-Backed Floating-Rate Notes

     Ratings Affirmed and Removed From Creditwatch Negative

                           Rating
                           ------
     Class       To                       From
     -----       --                       ----
     A2          BBB-(sf)                 BBB-(sf)/Watch Neg
     A3          BBB-(sf)                 BBB-(sf)/Watch Neg

                        Ratings Affirmed

                       Class       Rating
                       -----       ------
                       B           D (sf)
                       C           D (sf)
                       D           D (sf)


TDA 26: Moody's Downgrades Rating on Class 1-D Notes to 'C (sf)'
----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
rating of Classes 1-B, 1-C and 1-D notes and has confirmed the
rating of the Class 1-A2 issued by TdA 26 Mixto FTA, Grupo I.  A
detailed list of the rating actions is provided at the end of this
press release.

The ratings of all rated notes were placed on review for possible
downgrade in November 2009 due to the worse than expected
performance of the collateral.

                        Ratings Rationale

The rating action concludes the review and takes into
consideration the worse-than-expected performance of the
collateral.  It also reflects Moody's negative sector outlook for
Spanish RMBS and the weakening of the macro-economic environment
in Spain, including high unemployment rates.

The ratings of the notes take into account the credit quality of
the underlying mortgage loan pools, from which Moody's determined
the MILAN Aaa Credit Enhancement (MILAN Aaa CE) and the lifetime
losses (expected loss), as well as the transaction structure and
any legal considerations as assessed in Moody's cash flow
analysis.  The expected loss and the Milan Aaa CE are the two key
parameters used by Moody's to calibrate its loss distribution
curve, used in the cash flow model to rate European RMBS
transactions.

Portfolio Expected Loss:

Moody's has reassessed its lifetime loss expectation taking into
account the collateral performance to date, as well as the current
macroeconomic environment in Spain.  In January 2011, cumulative
write-offs rose to 0.76% of the original pool balance.  The share
of 90+ day arrears stood at 0.58% of current pool balance.  The
reserve funds is fully funded.  Moody's expects the portfolio
credit performance to be under stress, as Spanish unemployment
remains elevated.  The rating agency believes that the anticipated
tightening of Spanish fiscal policies is likely to weigh on the
recovery in the Spanish labor market and constrain future Spanish
households finances.  Moody's also has concerns over the timing
and degree of future recoveries in a weaker Spanish housing
market.  On the basis of Moody's negative sector outlook for
Spanish RMBS, the rating agency has updated the portfolio expected
loss assumption to 1.05% of original pool balance, up from 0.37%

MILAN Aaa CE:

Moody's has assessed the loan-by-loan information to determine the
MILAN Aaa CE.  Moody's has increased its MILAN Aaa CE assumptions
to 6.0%, up from 3.0% at closing.  The increase in the MILAN Aaa
CE reflects the exposure to broker origination, non Spanish
nationals and the concentration in coastal areas.  In addition 13%
of the portfolio correspond to second homes.  Moody's believes
that loans backed by vacation homes or not owner occupied are
riskier than loans taken for the acquisition of primary residence.
In addition, 6% of the portfolio correspond to self employed.

Despite the increase in the portfolio expected loss and MILAN Aaa
CE assumption Moody's has confirmed the rating of the Class A
notes in consideration of the credit enhancement available for
this note.  As of the last payment date the credit enhancement
under the Class A notes (including subordination and reserve fund)
increased to 7.45%.  At the time the rating was reviewed, the
model output indicated that Class A would have maintained its
current rating if the expected loss was as high as 2.60%, assuming
a MILAN Aaa CE at 8.50%, and all other factors being constant.

Operational Risk:

Banco Guipuzcoano (not rated) and Banca March (Baa1/P-2) are the
servicers in this transaction.  Banco Guipuzcoano has been
acquired by Banco Sabadell (A3/P-2).  Moody's notes that
operational risk in these transactions is only partially mitigated
as there is no trigger in place to appoint a back-up servicer.
The operational risk is not a driver of the rating action on the
notes.  However, a severe downgrade of the servicer into the
Baa3/Ba range will impact the ratings of the senior notes.  The
fully funded reserve fund at 1.53% provides sufficient liquidity
support in the structure.  In addition, another source of
liquidity in the transaction is the interest rate swap.

The rating addresses the expected loss posed to investors by the
legal final maturity of the notes.  In Moody's opinion, the
structure allows for timely payment of interest and principal with
respect of the notes by the legal final maturity.  Moody's ratings
only address the credit risk associated with the transaction.
Other non-credit risks have not been addressed, but may have a
significant effect on yield to investors.

                      Transaction Features

TdA 26 Mixto Grupo I closed in July 2006.  The transactions is
backed by portfolios of first-ranking mortgage loans originated by
Banca March and Banco Guipuzcoano secured on residential
properties located in Spain, for an overall balance at closing of
EUR 825 million.  The securitized mortgage portfolio benefit from
a relatively low weighted average LTV, currently about 52%.  The
pool is fairly exposed to the Mediterranean coast.  13% of the
portfolio correspond to second homes.

Reserve fund: The reserve fund is currently at its target.

Swap: Another source of liquidity in the transaction is the
interest rate swap.  According to the swap agreement entered into
between the Fondo and HSBC Bank Plc and Credit Agricole ("swap
counterparties"), on each payment date:

* The fondo will pay the interest actually received from the loans

* Swap counterparties will pay 3 months Euribor plus the weighted
  average coupon plus 55 bps over a notional of equal to the
  outstanding amount of the notes

Commingling: All of the payments under the loans in Banco
Guipuzcoano pool are collected by the servicer under a direct
debit scheme and transferred to the reinvestments accounts held at
Banco Sabadell (A3/P-2) every two days.  Collections are then
transferred to the treasury account held at Banco Santander
(Aa2/P-1) every three months.  All of the payments under the loans
in Banca March pool are collected by the servicer under a direct
debit scheme and transferred to the collection accounts held at
Banco Santander on a weekly basis.  Collections are then
transferred to the treasury account held at Banco Santander every
month.  The commingling risk has been taken into account in the
review of the transaction.

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.

                     List of Ratings Actions

Issuer: TdA 26 Mixto Grupo I FONDO DE TITULIZACION DE ACTIVOS

  -- EUR636.4M 1-A2 Notes, Confirmed Aaa (sf); previously on
     November 30, 2009 Aaa (sf) Placed Under Review for Possible
     Downgrade

  -- EUR18.2 M 1-B Notes, Downgraded to A1 (sf); previously on
     November 30, 2009 Aa3 (sf) Placed Under Review for Possible
     Downgrade

  -- EUR5.4M 1-C Notes, Downgraded to Ba3 (sf); previously on
     November 30, 2009 Baa1 (sf) Placed Under Review for Possible
     Downgrade

  -- EUR6.2M 1-D Notes, Downgraded to C (sf); previously on
     November 30, 2009 Ca (sf) Placed Under Review for Possible
     Downgrade


===========
S W E D E N
===========


SAAB AUTOMOBILE: CEO to Step Down; Mulls Capital Raising
--------------------------------------------------------
Andrew Ward at The Financial Times reports that Saab Automobile is
facing fresh upheaval after its chief executive said he was
stepping down and the company's owner announced plans to raise
fresh capital to help keep the struggling Swedish carmaker afloat.

According to the FT, Victor Muller, the Dutch entrepreneur who
saved Saab from bankruptcy last year, said he would take over as
interim chief executive until a replacement was found for Jan Ake
Jonsson, who has led the company for the past six years.

Both men insisted there had been no falling out, but analysts said
the loss of such an experienced executive, who had been with Saab
for 40 years, was a further blow to the company as it struggles
for survival, the FT notes.

The FT relates that Saab's Amsterdam-listed parent, Spyker Cars,
on Friday reported a full-year net loss of EUR218 million on sales
of EUR819 million for 2010 after buying the Swedish carmaker from
General Motors last year.

According to the FT, Mr. Muller, who controls about 35% of Spyker,
said Saab remained on course for profitability in 2012 and voiced
frustration over the widespread skepticism about his chances of
success.  He said the decision to raise EUR13.6 million (GBP19.2
million) through the issue of new shares and the conversion of a
EUR9.5 million loan from his own investment company into equity
were prudent measures to reduce debt rather than a sign of renewed
financial crisis, the FT states.

Mr. Muller, as cited by the FT, said Mr. Jonsson informed him of
his plan to step down last year, citing family reasons, and the
company hoped to announce a successor "very shortly".

Spyker revealed it had EUR185 million remaining to be drawn from
the EUR400 million loan provided last year by the European
Investment Bank, guaranteed by the Swedish government, to help
save Saab from collapse, the FT recounts.

The FT relates that Mr. Muller said he expected Vladimir Antonov,
the Russian entrepreneur, to return to Spyker as a big investor
"sooner or later" after he was forced to sell his shares last year
amid Swedish concern over alleged ties to organized crime.
Mr. Antonov has denied any such ties and pledged to reinvest in
Spyker after recently agreeing to buy the Dutch company's boutique
sports car business, the FT notes.

With an annual production of up to 126,000 cars, Saab's current
models include the 9-3 (available as a convertible or sport
sedan), the luxury 9-5 sedan (also available in a sport wagon),
and the seven-passenger 9-7X SUV.  As it prepared to separate from
General Motors, Saab filed for bankruptcy protection in February
2009.  A year later, in February 2010, GM sold Saab to Dutch
sports car maker Spyker Cars for about US$400 million in cash and
stock.


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


FERREXPO AG: Moody's Assigns 'B3' Rating to US$500 Mil. Notes
-------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B3 rating
to Ferrexpo Finance plc's new US$500 million 5-year Senior
Unsecured Guaranteed notes, guaranteed by Ferrexpo AG and Ferrexpo
Plc and under suretyship of Ferrexpo Poltava GOK Corporation.  All
other ratings of the group remain unchanged.  The outlook on all
ratings is stable.

                        Ratings Rationale

The new US$500 million 5-years Senior Unsecured Guaranteed Notes
will rank pari passu with all existing senior, unsecured and
unsubordinated indebtedness of the group.  The one-notch
differential to the corporate family rating reflects the presence
of 1) senior secured debt at the main operating subsidiary level
(Ferrexpo Poltava) and 2) a senior secured US$350 million pre-
export finance facility at Ferrexpo Finance Plc level.  Ferrexpo
Poltava, however, also including its available undrawn revolving
credit facilities -- Moody's assumes 75% drawn in its rating
methodology -- has a relatively modest amount of debt, compared to
the overall Group debt level.  Furthermore, it is also important
to specify that the pre-export finance facility's security package
actually consists of assignments to lenders of export sales
contracts, whose sales volumes are relatively modest compared to
the overall sales volumes of the Group.

The considered senior unsecured guaranteed notes will benefit from
a surety agreement from Ferrexpo Poltava GOK Corporation.  The
enforceability of the surety agreement provided carries risks
associated with the developing nature of the Ukrainian Legislation
and the short history of Ukrainian Commercial Law.  The new notes
will be used by Ferrexpo to fund organic developments at mining
deposits adjacent to its existing mining reserves.

The assignment of a definitive rating to the new US$500 million
Senior Unsecured Guaranteed Notes is subject to a review of the
final associated documentation.  Moody's issues provisional
ratings in advance of the final issue of securities, and these
ratings only represent Moody's preliminary opinion.  Upon a
conclusive review of the transaction and associated documentation,
Moody's will endeavor to assign definitive ratings to the
securities.  A definitive rating may differ from a provisional
rating.

While Moody's does not anticipate positive rating pressure at this
stage.  A diversification of the group's mining assets both in
terms of metals exposure and geographical location and the
consolidation of the solid financial structure achieved in 2010
over the next quarters could lead to positive rating pressure over
time.

The rating could be downgraded if a sharp deterioration in the
operating cash flow generation of the group and / or a more
aggressive financial policy would lead to a deterioration in CFO -
Dividends / Debt sustainably below 15% and to sustainably negative
FCF / Net debt and / or to a material deterioration in the
liquidity profile of the group.  A material increase in dividend
payout or share buybacks could also lead to negative pressure on
the ratings.

The last rating action on Ferrexpo Plc was on Sept. 28, 2010, when
Moody's assigned a new B2 Corporate Family rating to Ferrexpo Plc
and a stable outlook to the rating.

Ferrexpo Plc, headquartered in Switzerland and incorporated in the
UK, is an iron ore pellet producer with all its mining and
processing assets located in Ukraine.  Ferrexpo has the fourth
largest iron ore reserves worldwide behind Vale, Rio Tinto and BHP
Billiton with access to approximately 1.5 billion tonnes of JORC
proved and probable reserves included in approximately 6.9 billion
of resources at an average ore grade of 30% Fe.  Ferrexpo is the
6th largest pellet producer behind Cliffs, Vale, Samarco Metinvest
and LKAB.  In 2010 the group generated sales of US$1.3 billion and
an EBITDA of US$585 million.


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


AMEY LAGAN: S&P Downgrades Rating on Senior Secured Bonds to 'BB'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term issue
ratings on an index-linked senior secured bond issued by U.K.-
based special-purpose vehicle Amey Lagan Roads Financial PLC to
'BB' from 'BB+'.  At the same, S&P also lowered the ratings on a
European Investment Bank (EIB, AAA/Stable/A-1+) loan issued to
ProjectCo to 'BB' from 'BB+'.  The outlook on both issue ratings
remains stable.

The downgrades reflect S&P's view that the project's financial
profile will likely weaken further than S&P originally expected.
This is a result of payments due during the March 2012 to
March 2014 period in respect of a margin step-up in the EIB loan
agreement.  The EIB fully exercised its right to increase the
margin on its loan due to successive downgrades of Ambac Assurance
U.K.  Ltd. (NR).  However, in order to mitigate the margin
increase's immediate financial impact, the EIB agreed to defer
payment of the step-up amounts to March 2012.  The deferred
amounts are payable, in addition to ongoing debt service amounts
(including the current margin step-up), in five semi-annual
installments from March 2012 to March 2014.  Accordingly, S&P
expects the projected contractual minimum Debt Service Cover Ratio
(DSCR) will decrease further to 1.06x, from the 1.10x S&P expected
previously, and 1.18x at financial close.  The average is expected
to remain at 1.20x, although S&P does not currently expect the
annual ratio to reach this level until 2027.

A revised financial model, reflecting the end of construction
works and commencement of full operations, is currently being
prepared.  Although the level of the DSCRs projected in the
revised model may vary from those referred to, S&P does not expect
the difference to be material.

The current working relationship between ProjectCo and Roads
Service appears, in S&P's opinion, to be cordial.  However, S&P
believes that the relationship will come under increasing
pressure, and may deteriorate, as these issues are addressed:
Final completion is yet to be achieved.  Although ProjectCo is
working toward a March 2011 target, in S&P's opinion there appears
to be a significant amount of work yet to be completed related
primarily to the submission of outstanding documentation.
ProjectCo has been incurring penalties of approximately 10% of the
availability fee since the contractual completion date of Jan. 18,
2011.  These are ultimately to be passed on to the Construction
Joint Venture, comprising Lagan Construction Ltd. and Ferrovial
Agroman (Ireland) Ltd.

Compounding this situation, further documentation with respect to
changes during construction is still outstanding.

A claim for delays and costs resulting from archaeological work
during construction by CJV and ProjectCo has been rejected by
Roads Service.  At issue is whether the archaeological works were
"foreseeable", the risk of which is borne by ProjectCo/CJV, or
"unforeseeable", the risk of which is borne by the Northern
Ireland Department for Regional Development.  Resolution via the
contractual dispute provisions, involving a third-party expert,
now seems likely in S&P's opinion.  Should agreement still not be
reached, then litigation may ensue.

A large number of defects in existing structures, effectively
inherited by ProjectCo under the concession "Taking Over
Certificates", have yet to be rectified as outstanding
construction snags, and routine maintenance, are ongoing.

The debt comprises GBP144.963 million in index-linked guaranteed
secured bonds, including GBP24 million in variation bonds, due
2037, and GBP120.963 in index-linked guaranteed loan facilities
from the EIB, due 2035.  The proceeds of both the bonds and the
loan were on-lent to the concession company and used to design,
build, finance, and operate three contiguous upgrading, widening,
and new construction highway schemes to the south and west of
Belfast in Northern Ireland.  By employing an availability-based
payment mechanism, ProjectCo is insulated from traffic risk.  The
project includes a high proportion of existing roads and
structures which, in S&P's view, increase lifecycle risk above
that of a pure new-build road.

The bonds retain an unconditional and irrevocable guarantee
provided by monoline insurer Ambac Assurance U.K. Ltd. (not rated)
of payment of scheduled interest and principal.  According to
S&P's criteria, the rating on a monoline-insured debt issue should
reflect the higher of the rating on the monoline (where such a
rating exists) or the Standard & Poor's Underlying Rating.  In
this case, the rating on the bonds reflects the SPUR as Ambac
Assurance U.K.  Ltd. is not rated.

The senior secured debt has a recovery rating of '2', indicating
S&P's expectation of substantial recovery of principal (70%-90%)
in the event of a payment default.  To date, however, there has
been limited experience regarding default or loss in this sector.

The senior debt facilities benefit from a strong security package,
covenants, and contractual features for compensation on
termination that are standard in U.K. public finance
infrastructure transactions.  Although consistent with the
standard U.K. Highways Agency approach, there will be no
compensation for termination caused by a ProjectCo default.

The ratings may be lowered, or the outlook revised to negative,
if: there is a material deterioration in the relationship between
ProjectCo and Roads Service, such as a significant increase in
penalty points awarded, and/or remedial or warning notices issued;
and/or there is a further weakening of the project's financial
profile.

Alternatively, S&P may raise the ratings, or change the outlook to
positive, if the project's financial profile strengthens, such as
from demonstrable material cost savings at ProjectCo or a waiver
or lowering of the step-up margin by the EIB on its loan.

                          Ratings List

                           Downgraded

                   Amey Lagan Roads Financial PLC

                           Senior Secured

                                        To               From
                                        --               ----
  GBP146.423 mil 2.267% gtd sr secd     BB/Stable        BB+/Stable
  (incl GBP24 mil variation bnds) bnds
  due 12/13/2037
  Underlying Rating (SPUR)              BB(SPUR)/Stable  BB+(SPUR)/Stable
   Recovery Rating                      2                2
  Monoline Insurer                      Ambac Assurance U.K. Ltd.

GBP121.055 mil EIB index linked gtd sr BB/Stable        BB+/Stable
  secd bank ln due 09/30/2035
  Underlying Rating (SPUR)              BB(SPUR)/Stable  BB+(SPUR)/Stable
   Recovery Rating                      2                2
  Monoline Insurer                      Ambac Assurance U.K. Ltd.


BRITISH ARAB: Fitch Downgrades LT Issuer Default Rating to 'BB'
---------------------------------------------------------------
Fitch Ratings has downgraded British Arab Commercial Bank's
Long-term Issuer Default Rating to 'BB' from 'BBB-' and maintained
it on Rating Watch Negative.  The agency has also downgraded
BACB's Short-term IDR to 'B' from 'F3'.  The Individual Rating was
downgraded to 'D' from 'C' and maintained on RWN.  The Support
Rating remains unchanged at '5'.

The downgrades and RWNs reflect Fitch's view that the outlook for
BACB's profitability has deteriorated as a result of the turmoil
in Libya ('BB'/RWN).  BACB normally generates a substantial part
of its profits from Libya-related trade finance operations.  In
addition, the sanctions imposed against certain Libyan individuals
and institutions are affecting the bank's ability to carry out its
business.  In common with all other UK banks, BACB is subject to
the obligations arising under the various sanctions orders, but as
confirmed in a license issued by HM Treasury, BACB itself is not a
sanctioned entity.  Compliance with the obligations increases the
bank's operational burden, especially in view of its Libyan focus.
Fitch expects to resolve the RWN once the medium-term prospects
for the bank and its franchise become clearer.

Following the imposition of sanctions on certain Libyan
institutions, BACB has, at the request of the UK Financial
Services Authority, become operationally independent from any
Libyan influence for the duration of the sanctions.  As a result,
all Libyan individuals at the bank, including Libyan directors,
connected with institutions under sanction, are no longer involved
in the running of the bank.  At the FSA's request, BACB's
management has appointed an independent third party (Grant
Thornton UK LLP) to ensure transactions are assessed and approved
as being in compliance with the obligations arising under the
sanctions.  The bank is continuing to operate normally and
continuing its trade finance operations with other countries in
the Middle East and North Africa region, although volumes have
been impacted by the recent instability in this region.

Liquidity is sound and Fitch expects it to remain so.  The bank's
liquidity benefits from a high proportion of liquid assets,
comprising highly-rated securities and interbank placements.  This
reflects the investment of deposits, predominantly from Libyan
entities, which have been frozen as a result of sanctions.  There
are also some deposits from banks, government and quasi-government
entities that make up BACB's customer base in the MENA region.
The bank's ratings already factor in credit exposure to more
volatile markets and could be affirmed if it successfully manages
the current turmoil in Libya and volatility in several other
Mediterranean Arab markets.

Downward pressure on the ratings could arise if there was further
and prolonged reduction in business volumes and damage to the
bank's franchise; if the heightened volatility in some of the
markets the bank is exposed to led to material credit losses, or
if the bank did not maintain its sound liquidity profile.

BACB is a niche London-based bank.  It provides short-term trade
finance to wholesale customers in MENA markets.  Other areas of
activity include project and term lending, international payments
and treasury.  BACB is 83.5%-owned by Libyan Foreign Bank, which
is in turn wholly-owned by the Central Bank of Libya.  The other
shareholders are the Banque Exterieure d'Algerie and the Banque
Centrale Populaire of Morocco.


HMV GROUP: Gets Approach From Hilco; Mulls Strategic Options
------------------------------------------------------------
David Altaner at Bloomberg News, citing Sky News, reports that HMV
Group Plc has been approached by, among others, Hilco U.K. Ltd., a
specialist in distressed retailers.

"The board confirms it is exploring strategic options in respect
of Waterstone's and HMV Canada," Bloomberg quotes HMV as saying in
a statement.  "There can be no certainty that any transaction will
be concluded.  The board also confirms that no discussions are
taking place with respect to an offer for the group."

HMV is negotiating with lenders after saying it probably won't
meet some covenant tests next month Bloomberg discloses.  Sales
have been dropping as Internet retailers and supermarkets compete
for a share of the declining CD and DVD markets, Bloomberg
relates.

According to Bloomberg, HMV on Friday said its banks "continue to
be supportive."

United Kingdom-based HMV Group plc is engaged in retailing of pre-
recorded music, video, electronic games and related entertainment
products under the HMV and Fopp brands, and the retailing of books
principally under the Waterstone's brand.  The Company operates in
four segments: HMV UK & Ireland, HMV International, HMV Live and
Waterstone's.  HMV International consists of HMV Canada, HMV Hong
Kong and HMV Singapore.  Waterstone's is a bookseller, which
operates through 314 stores and a transactional Web site for the
sale of both physical and e-books for download.  The Company has
operations in seven countries, with principal markets being the
United Kingdom and Canada.  Its retail businesses operate through
417 stores in the United Kingdom, Canada, Hong Kong and Singapore.
On Jan. 29, 2010, the Company completed the acquisition of MAMA
Group Plc.  Its subsidiaries include HMV Canada Inc, HMV Guernsey
Limited, HMV Hong Kong Limited and HMV (IP) Limited.


ODDBINS PROPERTIES: Seeks Court Protection From Creditors
---------------------------------------------------------
John Glover at Bloomberg News, citing the Sunday Times, reports
that Oddbins Properties Ltd. asked a court for protection from its
creditors to gain time to hold a meeting to decide its future.

According to Bloomberg, the newspaper said that creditors on March
31 will vote on whether to approve a so-called company voluntary
arrangement under which they will receive about 21% of their
claims, compared with 7% if the company goes into administration.

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.


OXUS GOLD: Ceases Mining Operations in Uzbekistan
-------------------------------------------------
The Associated Press reports that Oxus Gold said it had
effectively ceased operations in Uzbekistan and is now preparing
for a legal battle to challenge a government audit it says is
being conducted in bad faith.

The AP relates that Oxus representatives said they are responding
to the audit by refusing to continue managing the lucrative
Amantaytau Goldfields venture, in which the company holds a
50% stake.

The dispute, according to the report, could leave the Uzbekistan's
lucrative gold industry under near-total government control and
will further worsen the country's investment climate.

According to the AP, Oxus said Amantaytau Goldfields, which it
controls jointly with the Uzbek government, could be forced into
liquidation.  That could potentially lead to a government buyout
under unfavorable terms, the AP adds.

Oxus Gold plc (AIM: OXS.L) is the only publicly listed gold mining
company with primary operations inside the Republic of Uzbekistan.
Founded in 1996, Oxus was listed on London's Alternative
Investment Market (AIM) in 2001 and is currently producing
significant quantities of both gold and silver from its 50% stake
in the Amantaytau Goldfields JV.


PUNCH TAVERNS: Bondholders Seek Debt-for-Equity Swap
----------------------------------------------------
Anousha Sakoui at The Financial Times reports that bondholders to
Punch Taverns' struggling tenanted pub business are seeking ways
to fight their corner in the wake of last week's decision to spin
off the managed pub business as a separate company.

The FT relates that more than 100 bondholders tuned into a call on
Thursday by six leading investors -- including M&G, Aviva and
Legal & General -- who own more than 50% of the bonds in each of
the two vehicles.

The FT says part of the bondholders' plan is to ask Deutsche Bank,
the trustee of the securitizations, to halt the sale of pubs from
the estate, which is providing cash to keep the vehicles from
default.

Ian Dyson, Punch chief executive, wants to keep hold of the keys
to some 5,000 tenanted pubs, believing there is long-term value
for shareholders, the FT relates.  The company plans to enter into
talks with bondholders following the demerger, the FT discloses.

According to the FT, the leading group of bondholders, however,
believe a debt-for-equity swap is needed.  The GMB, the union for
tied tenants, say the only real solution to the company is to
convert the debt to equity in a combined pub business, the FT
notes.

The tenanted businesses are backed by two funding vehicles, Punch
A & B, the FT states.

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


PUNCH TAVERNS: S&P Keeps Low-B Ratings on CreditWatch Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services kept on CreditWatch negative
its credit ratings on Punch Taverns Finance PLC's (Punch A) class
A, M, B, C, and D notes, Punch Taverns Finance B Ltd.'s
(Punch B) class A, B, and C notes, and Spirit Issuer PLC's class A
notes.

This CreditWatch update follows the release by Punch Taverns PLC
(the ultimate holding company of the aforementioned three
securitizations) of the outcome of its comprehensive review of the
group's strategy, operating performance, and capital structure.
The principal announcements are:

There will be a demerger of Spirit from Punch Taverns PLC, via the
creation of two independent public companies.  Punch Taverns
expects this to be completed before the end of the summer and each
entity will have separate and distinct management.  Approximately
100-150 tenanted pubs currently in the Spirit securitization will
likely be converted back to a managed format.  The leased business
will be downsized to a core of about 3,000 pubs, from
approximately 5,200 at present.  Punch Taverns expects to achieve
this over a five-year period.  Punch Taverns will continue to
support both the tenanted and managed estates in the short term
via parent company cash, which S&P understands will be split
roughly evenly between the two.

S&P originally placed its ratings on these notes on CreditWatch
negative in December 2010, pending the conclusion of the group's
strategic review and its subsequent assessment.  S&P has kept
these ratings on CreditWatch negative, because S&P will need to
obtain additional information for its further assessment.  This
will include, among other things:

Additional information on the short-term performance of the two
divisions.  In S&P's view, this may affect the implementation of
the strategic review; What will happen to the remaining leased
pubs in the Spirit securitization.  There are currently
approximately 550 leased pubs, of which 100-150 are to be
converted to a managed format.  This leaves approximately 400-450
pubs unaccounted for.  S&P would want to understand what is
proposed in relation to these pubs also; How the proceeds from the
announced deleveraging of the leased estate will likely be
employed.  S&P understands that Punch Taverns expects to use asset
disposal proceeds in one of four ways--investing in capital
expenditure, repaying the bonds, making secondary market
repurchases, or possibly acquiring additional pubs.  S&P's current
rating on Punch A's class A notes is backstopped by a valuation
analysis.  As such, if the proceeds are allocated to lower-ranking
bonds in a way that S&P believes would adversely impact the
support afforded to the class A notes, this could lead to negative
rating action.  Additionally, S&P will further examine if the
current level of uncertainty at the ultimate parent company level
is commensurate with such a high investment-grade rating.
Depending on the circumstances, S&P believes it is possible that
this could involve a downgrade of several notches;

Additional information on the impact of the split on operating
margins of the existing business, especially pertaining to
contract-renewal situations and increased central services costs;
Given what S&P believes is the uncertainty around the composition
of management teams going forward, whether any evidence suggests
that new leadership has any material differing views from what was
set forth in the announcement; S&P's further understanding of the
demerger costs incorporated into the GBP30 million estimate
provided; and

Information on what issues may be raised with bondholders.  When
referring to the Punch A and Punch B securitizations, the
presentation suggests that Punch Taverns expects to hold dialogue
with bondholders.  In S&P's view, this could indicate that
bondholder consent may be required to implement some of the
changes contemplated by the strategic review.

If negotiations with bondholders lead to an offer where
bondholders would receive less value than the original promise, or
if there are changes in maturity profile or variations in the
interest rate paid without receiving adequate compensation in its
view, S&P could view this as a "distressed offer", and as such, a
default under its "Rating Implications Of Exchange Offers And
Similar Restructurings" criteria, published May 12, 2009.  In
S&P's view, based on its current information, the most vulnerable
debt would be the subordinate tranches of the Punch A and Punch B
securitizations.  If, in S&P's view, a distressed offer is
announced or otherwise anticipated, S&P would likely lower the
affected ratings to reflect the risk of the expected
restructuring.  In these circumstances, S&P would generally lower
the rating to 'CC', and it would ordinarily carry a negative
rating outlook.

In S&P's view, the outcome of the strategic review is more
positive for the managed estate.  Overall, on the basis of S&P's
current information, S&P believes that the Spirit estate is less
likely to be adversely affected by the conclusions of the
strategic review--especially given that it has to date had better-
performing assets and no current requirement for parent company
support.

Conversely, S&P believes that Punch A and Punch B will likely be
more vulnerable to negative rating action.  In particular, S&P
note that without the parent support, the free cash flow of Punch
B falls to below 1x.  S&P would expect to resolve the CreditWatch
placements by the end of May.

                           Ratings List

              Ratings Kept on Creditwatch Negative

                    Punch Taverns Finance PLC
   GBP2.65 Billion Asset-Backed Fixed- and Floating-Rate Notes

                  Class      Rating
                  -----      ------
                  A1(R)      AA (sf)/Watch Neg
                  A2(R)      AA (sf)/Watch Neg
                  M1         BBB (sf)/Watch Neg
                  M2(N)      BBB (sf)/Watch Neg
                  B1         BB (sf)/Watch Neg
                  B2         BB (sf)/Watch Neg
                  B3         BB (sf)/Watch Neg
                  C(R)       BB- (sf)/Watch Neg
                  D1         B+ (sf)/Watch Neg

                   Punch Taverns Finance B Ltd.
   GBP1.574 Billion Fixed- and Floating-Rate Asset-Backed Notes

                  Class      Rating
                  -----      ------
                  A3         BBB (sf)/Watch Neg
                  A6         BBB (sf)/Watch Neg
                  A7         BBB (sf)/Watch Neg
                  A8         BBB (sf)/Watch Neg
                  B1         BB- (sf)/Watch Neg
                  B2         BB- (sf)/Watch Neg
                  C          B+ (sf)/Watch Neg

                        Spirit Issuer PLC
  GBP1.25 Billion Fixed- and Floating-Rate Asset-Backed Debenture

                  Class      Rating
                  -----      ------
                  A1         BB+ (sf)/Watch Neg
                  A2         BB+ (sf)/Watch Neg
                  A3         BB+ (sf)/Watch Neg
                  A4         BB+ (sf)/Watch Neg
                  A5         BB+ (sf)/Watch Neg


TITAN EUROPE: Fitch Downgrades Rating on Class E Notes to 'B-'
--------------------------------------------------------------
Fitch Ratings has downgraded Titan Europe 2007-1 Limited's notes:

  -- GBP42.15m class B secured floating-rate notes due 2017:
     Downgraded to 'BBB' from 'A+'; Outlook Negative

  -- GBP42m class C secured floating-rate notes due 2017:
     Downgraded to 'BB+' from 'BBB+; Outlook Negative

  -- GBP58m class D secured floating-rate notes due 2017:
     Downgraded to 'BB-' from 'BBB'; Outlook Negative

  -- GBP60m class E secured floating-rate notes due 2017:
     Downgraded to 'B-' from 'BB-'; Outlook Negative

Titan Europe 2007-1 (NHP) is a securitization of 294 nursing homes
and three residential properties owned by NHP, which are let on
long leases to third-party operators active in the UK healthcare
sector (in particular Southern Cross, which accounts for 86.5% of
annual rent).

The downgrade primarily reflects the worse than expected
operational performance of the principal tenant (Southern Cross),
and the ongoing decline in market value of the portfolio securing
the GBP1,172 million Libra Whole Loan, of which the Libra loan is
the senior securitized tranche.  The Negative Outlooks reflects
the uncertainty over the outcome and length of the already
protracted restructuring process, concerns with regards to the
stability of rental income following recent reports that Southern
Cross has entered discussions with landlords with the intention of
renegotiating rents, set against a backdrop of falling occupancy
rates and increased government spending cuts.

The Libra Whole Loan has been in default since November 2008.  The
borrower, special servicer and the lenders subsequently entered
into a standstill agreement, whereby the special servicer and the
lenders agreed to suspend their rights to take action against the
borrower.  The aim of the standstill agreement is to enable
discussions about consensual restructuring to continue.  This has
been extended several times and is next scheduled to expire on 15
April 2011.

In January 2010, the reported ICR and DSCR (interest only) on a
whole loan basis stood at 0.77x, mainly due to the charges of
default interest (an additional 200bps), the payment of which has
been deferred to April 2011.  While the rated notes are currently
paying all scheduled interest due, the servicers' reported ICR of
1.48x on the senior Libra loan assumes a pro rata distribution of
the swap payments between the senior and junior loan.  Given that
swap payments on the Libra Whole Loan rank senior to the Fitch
rated notes, a slight downward adjustment in rent could make this
transaction increasingly vulnerable to a drawdown on the servicer
advance facility to service interest payments.

The Libra Whole Loan has been in continuous breach of its LTV
covenant (92.7%) since September 2008.  An updated revaluation of
the portfolio carried out in December 2010 resulted in a 6.7%
decline in value year-on-year and a 38% or 43% decline (depending
on whether purchaser costs of 1.75% or 5.75% are adopted) since
closing.  The decline in market value of the portfolio combined
with the out-of-the-money position of the forward swap (GBP123.7
million) as of the January 2011 IPD, result in an increased whole
loan reported LTV of 156.7%.  Servicer reporting is based on the
higher market value of GBP827.2 million, which only assumes
purchaser costs of 1.75%.  Fitch believes that given the decreased
marketability of a portfolio of this size, it is likely that the
portfolio will be disposed of in batches rather than sold as a
whole and would therefore be subject to full purchaser costs of
5.75%, which would result in higher reported LTVs than those of
the servicer.  Fitch's assessment of the portfolio's MV is more
conservative than that of the valuer's, given the portfolio's
heavy reliance on local authority funding and general exposure to
higher cost pressures, coupled with the weakening credit quality
of the principal tenant and its increasing rent burden.  Fitch
estimates a current LTV at the securitized loan level of circa
100%, which implies a 10% discount to the valuer's reported MV.

Given the large mark-to-market on the swap, which would become
payable in an enforcement scenario, Fitch is of the opinion that
the transaction will remain in standstill for the time being and
the sales process will be delayed until rent negotiations between
Southern Cross and landlords are finalized.  The outstanding tail
period of six years provides some cushion to delaying the sales
process to a point where (assuming swap rates do not fall further)
the MTM on the swap is reduced to a more affordable level and any
recoveries through an enforcement process would be more likely to
repay the notes.


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


* S&P's Global Corporate Default Tally Remains at Three
-------------------------------------------------------
The 2011 global corporate default tally remains at three issuers,
marking the fifth consecutive week without a global corporate
default, said an article published March 25 by Standard & Poor's
Global Fixed Income Research, titled "Global Corporate Default
Update (March 18 - 24, 2011) (Premium)."  This is the longest gap
between defaults since June 2007, when no companies defaulted in a
six-week period.

Two of this year's defaults were based in the U.S., and one was
based in the Czech Republic.  By comparison, 22 global corporate
issuers had defaulted by this time last year (16 U.S.-based
issuers, one European issuer, two issuers based in the emerging
markets, and three issuers based in the other developed region
consisting of Australia, Canada, Japan, and New Zealand).

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

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

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


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *