TCREUR_Public/110405.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, April 5, 2011, Vol. 12, No. 67

                            Headlines



G E R M A N Y

BELUGA GROUP: 10th Subsidiary Files for Insolvency Protection
PFLEIDERER AG: Creditors Extend Standstill Agreement Until May 9


G R E E C E

NATIONAL BANK: S&P Cuts LT Counterparty Credit Rating to 'B+'


H U N G A R Y

HARKANYI GYOGYFURDO: On Verge of Bankruptcy; Owes HUF350 Million


I C E L A N D

SKIPTI HF: Inks Debt Repayment Deal with Creditors


I R E L A N D

ALLIED IRISH: Needs EUR13.3 Billion in Extra Capital
CELTIC RESIDENTIAL: S&P Cuts Rating on Class B Notes to 'BB- (sf)'
EIRCOM GROUP: Workers Back EUR92-Mil. Labor Savings Plan
ELVA FUNDING: S&P Raises Rating on Various Notes to 'BBB-'
* UK: Administrators Required to Give Notice of Insolvency Sales


N E T H E R L A N D S

NEPTUNO CLO: S&P Affirms Rating on Class E Notes at 'CCC- (sf)'


P O R T U G A L

COMBOIS DE PORTUGAL: S&P Cuts LT Corporate Credit Rating to 'B+'
METROPOLITANO DE LISBOA: S&P Cuts LT Corp. Credit Rating to 'B+'
REDE FERROVIARIA: S&P Lowers Long-Term Corporate Rating to 'B+'


S E R B I A   &   M O N T E N E G R O

ATLAS BANK: Moody's Changes Outlook on 'B1' Rating to Stable


S P A I N

BANCO SANTANDER: S&P Downgrades Subordinated Debt Rating to 'BB+'
FONDO DE TITULIZATION: S&P Lowers Ratings on Class C Notes to 'BB'
MADRID RMBS: S&P Affirms Rating on Class E Notes at 'D (sf)'
TDA 23 FTA: Moody's Lowers Rating on Class C Notes to 'Ba1 (sf)'
SAAB AUTOMOBILE: Survival Hinges on Additional Financing


U N I T E D   K I N G D O M

ASHTEAD GROUP: Moody's Changes 'B1' Rating Outlook to Positive
DIXONS RETAIL: Fitch Affirms Issuer Default Ratings at 'B'
FISH HOUSE: In Administration; FRP Seeks Potential Buyers
PERSEUS PLC: S&P Downgrades Rating on Class C Notes to 'B (sf)'
PLYMOUTH ARGYLE: Creditors Likely to Get 1 Pence in the Pound

SOFAS UK: In Administration; Mulls Alternative Options


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            *********


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G E R M A N Y
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BELUGA GROUP: 10th Subsidiary Files for Insolvency Protection
-------------------------------------------------------------
Katerina Kerr at IFW reports that The Elsflether Maritime Research
Centre, a subsidiary of troubled shipping company Beluga Group,
began insolvency proceedings at a court in Bremen, Germany, on
March 25, 2011.

IFW says the Centre is the 10th Beluga subsidiary to file for
insolvency protection following the discovery of "material
irregularities" relating to revenues and liquidity.

The Elsflether facility was launched through a public-private
partnership between Beluga and the University of Applied Sciences
in Wilhelmshaven, IFW relates.

Beluga holds a 51% share in the Centre, set up to research
maritime logistics, communication technology, ship technology and
maritime environmental protection.

Beluga Chartering GmbH filed for insolvency in the Bremen District
Court on March 16, 2011, while Beluga Shipping GmbH followed suit
on March 18.  Insolvency attorney Edgar Gronda of the law firm
Schultze & Braun has been appointed Insolvency Administrator in
both cases.  Both Beluga entities filed for insolvency protection
because of financial irregularities in their published figures,
according to IFW.  Following the discovery of irregularities,
Beluga's main shareholder, Oaktree Capital, which has a 49.5%
stake, filed fraud charges against Beluga CEO Niels Stolberg, who
has a 48% share in the company.  Mr. Stolberg has denied the
charges.

Beluga Group is Bremen, Germany-based shipping company.


PFLEIDERER AG: Creditors Extend Standstill Agreement Until May 9
----------------------------------------------------------------
Pfleiderer AG disclosed that the boards of all its creditors have
approved the extension of the standstill agreement until May 9,
2011.  This allows for the contractual implementation in binding
form of the key points of the Group's financial restructuring that
were at first agreed upon with its creditors' negotiating
committee on March 18, 2011.  Among other things, the new
standstill agreement provides for the suspension of interest
payments and capital repayments.

The restructuring concept aims to achieve a significant reduction
in the Pfleiderer Group's debt and a return to an appropriate and
sound equity base.  It stipulates that Pfleiderer AG will receive
further loans of EUR100 million from the banks and funds involved,
which will secure the Group's financing while it implements its
financial restructuring.

The concept's key points include a contribution from the banks and
other creditors in the form of the waiver of a significant
proportion of their credit receivables.  The hybrid bond of
Pfleiderer AG, which is classified as equity, is to be exchanged
after being cut for a minority equity interest in the company.
The package also calls for a massive reduction in share capital
followed by a capital increase in which the creditors can
participate and acquire a majority stake.  In this way, the
company is to receive a cash injection of EUR100 million. The
existing shareholders of Pfleiderer AG are to receive subscription
rights for a small part of the targeted capital increase.  In
addition, the issue of an option bond is also planned.  The exact
details of the capital measures that the company will recommend
have not yet been decided upon.

The implementation of the concept is subject to the legal
conclusion of the relevant agreements, the approval of the
company's Annual Shareholders' Meeting for the planned capital
measures, and the approval of the holders of the hybrid bond.

Following the successful completion of negotiations with the
creditors on the restructuring concept and the key points of the
financing, Ernst Pelzer has decided to take on a new position
outside the Pfleiderer Group.  He has therefore resigned from the
Executive Board of Pfleiderer AG as of March 31, 2011.

Hanno C. Fiedler, Chairman of the Supervisory Board stated:
"Through his activities, Mr. Pelzer has made a significant
contribution to the operational and financial restructuring of the
Pfleiderer Group.  We thank Mr. Pelzer for his great commitment
and his successful efforts for our company."

Headquartered in Neumarkt, Germany, Pfleiderer AG --
http://www.pfleiderer.com/-- is a producer and supplier of
engineered wood products.  It acts as a partner for wood trade
outlets, interior designers, the building and do-it-yourself
trade, and the furniture industry in more than 80 countries
worldwide.  The Company offers a range of base products, such as
raw chipboard and particleboard, tongue and groove board, medium-
density fiberboard and high- density fiberboard, and surfaced
products, such as melamine-faced chipboard, high-pressure
laminates and post-forming elements, laminate flooring and a range
of films and surfacings.  The Company operates through three
geographical segments: Western Europe, including Germany and
Sweden; Eastern Europe, consisting of Poland and Russia, and North
America, comprised of Canada and the United States.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 27,
2010, Fitch Ratings downgraded Pfleiderer AG's Long-term Issuer
Default Rating to 'CC' from 'B-' and removed it from Rating Watch
Negative.  It also downgraded the Short-term IDR to 'C' from
'B'.  The subordinated hybrid bond was affirmed at 'C' with a
Recovery Rating of 'RR6'.  The rating action followed Pfleiderer
signaling during its analyst conference on November 11, 2010, that
there might be a potential breach of a covenant at the end of
Q410.


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G R E E C E
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NATIONAL BANK: S&P Cuts LT Counterparty Credit Rating to 'B+'
-------------------------------------------------------------
Standard & Poor's Ratings Services said it has lowered its long-
term counterparty credit rating on National Bank of Greece S.A.
(NBG) to 'B+' from 'BB+' and its long-term counterparty credit
rating on NBG's strategically important Bulgarian subsidiary,
United Bulgarian Bank A.D. (UBB), to 'B+' from 'BB'.

In addition, Standard & Poor's has lowered its long-term
counterparty credit ratings to 'B+' from 'BB' on the other three
Greek banks it rates -- EFG Eurobank Ergasias S.A. (EFG), Alpha
Bank A.E. (Alpha), and Piraeus Bank S.A. (Piraeus).

"All of the 'B+' long-term and 'B' short-term counterparty credit
ratings on the Greek banks and UBB remain on CreditWatch with
negative implications, where they were placed on Dec. 3, 2010,
with the exception of our 'CCC-' ratings on the banks' hybrids,"
S&P said.

According to S&P, "These rating actions follow our recent two-
notch downgrade of Greece (Hellenic Republic, BB-/Watch Neg/B) and
the revision of our Banking Industry Country Risk Assessment
(BICRA) for Greece to Group 7 from Group 5.  In this context, our
rating actions on the individual banks primarily reflect our view
of:

     * The ongoing deterioration of the economic and operating
       environment in Greece, which we believe is likely to weaken
       the business and financial profiles of the four Greek banks
       we rate;

     * Further asset quality deterioration in the banks' domestic
       loan books, on the back of a more adverse economic
       environment in Greece than we had previously incorporated
       into our ratings;

     * The overall declining profitability we anticipate, mainly
       due to pressured revenue generation and growing impairment
       charges;

     * The banks' high exposure to the Greek government's
       weakening creditworthiness, through their large portfolios
       of Greek government debt, which we estimate represent 90%-
       220% of total adjusted capital (TAC) for the four Greek
       banks (with Alpha having the lowest exposure).  In our
       opinion, these large government debt portfolios expose the
       banks to the increasing likelihood of a government debt
       restructuring; and

     * The sensitivity of the Greek banks' deposit bases to
       perceived or real pressures in Greece's sovereign
       creditworthiness, which may trigger renewed pressures on
       the banks' domestic retail funding due to potentially
       sizable outflows of deposits."

"Our ratings on the Greek banks incorporate our view that the
Greek authorities -- in the EU framework -- are "supportive" of
the country's financial system.  Consequently, our assessment of
the stand-alone credit profiles (SACPs) of Greek institutions
takes into account what we consider to be the benefits of being a
bank in a regulated and supervised environment, with access to
extraordinary liquidity, such as that provided under the Greek
government's support package and by the European Central Bank,"
S&P said.

                               NBG

"The lowering of our long-term rating on NBG primarily reflects
our view of the heightened economic and industry risks in NBG's
home banking market, posed by developments in Greece's sovereign
creditworthiness.  Our ratings on NBG reflect our opinion of NBG's
funding imbalances, which increased rapidly in 2010; higher credit
risk with respect to Western European standards; and
weakening financial and asset quality performance. The ratings are
supported by our view of NBG's dominant position in the Greek
market and its increased geographic diversification," S&P said.

"We lowered our long-term rating on NBG in line with that on the
other Greek banks we rate given that the deterioration we have
observed in NBG's financial profile has, in our view, been broadly
in line with that of its peers, whereas we previously incorporated
into our rating greater resilience than that of peers.
Specifically, we have seen NBG's asset quality deteriorate quickly
and funding imbalances accumulate on its balance sheet.  We
anticipate continued growth in NBG's problem assets in 2011,
mainly driven by faster deterioration in the bank's domestic loan
book.  In our opinion, by year-end 2011, problem assets (which
include problem loans past due by more than 90 days, before
write-offs) could reach about 15% of the bank's consolidated loan
book.  We have factored into our ratings on NBG our belief that
the bank will likely maintain positive, though very moderate,
consolidated operating profitability in 2011, mainly benefitting
from positive results at its foreign subsidiaries--particularly at
Turkish subsidiary Finansbank (not rated)--offsetting negative
performance in Greece.  We regard positively NBG's successful
rights issue a few months ago, which boosted capitalization
materially.  We estimate a total risk-adjusted capital (RAC) ratio
before diversification of 8.2% at year-end 2010.  This ratio is
below the regulatory measures, however, owing to the higher
weighting that we assign under our RAC framework to some of NBG's
loan portfolios, and because we exclude from our calculation of
adjusted total equity (ATE) all hybrid instruments with a
12-month look-back period issued by banks in the speculative-grade
rating category.  For NBG, this means that about EUR910 million in
hybrids are not eligible to be included in our ATE calculation.
Despite the enhancement in 2010, we still believe that NBG's
solvency does not immunize the bank from what we see as heightened
risks related to Greece's economic and operating environment," S&P
stated.

                              UBB

"In our downgrade of UBB today, we have removed the one-notch
uplift over our SACP assessment that we had previously
incorporated into our rating on UBB to account for potential
additional parent support.  We have also lowered our SACP
assessment by one notch, to 'b+' from 'bb-', to reflect UBB's
reliance on funding support from NBG," S&P related.

"Consequently, our rating on UBB now reflects our assessment of
its SACP and does not incorporate any uplift for potential
additional parental support, even though there are no indications
that NBG's stance toward support for UBB has diminished.  We are
concerned, however, that if NGB faces significantly increased
pressure on its own financial profile, it could withdraw existing
support for its Bulgarian subsidiary," S&P noted.

                                EFG

"The lowering of our long-term rating on EFG primarily reflects
our view of the heightened economic and industry risks in EFG's
home banking market, posed by developments in Greece's sovereign
creditworthiness.  At their current level, the ratings factor in
our opinion of EFG's high credit risk profile compared with that
of its Western European peers; significant exposure to
Southeastern European markets; imbalances in its funding profile,
which increased rapidly in 2010; deteriorating financial and asset
quality performance; and moderate capitalization.  The ratings are
supported by our view of EFG's strong management team and sound
franchise in its domestic market," S&P stated.

"We believe that competition among Greek banks to attract retail
funding will remain harsh in 2011 in a difficult operating
environment, thus maintaining the cost of funding at persistently
high levels.  Coupled with declining business volumes in EFG's
domestic market, this will, in our view, reduce the bank's loss
absorption capacity at a time when we believe that the cost of
risk is set to increase further owing to deteriorating asset
quality.  Our current ratings on EFG incorporate the possibility
that the bank may report operating losses in 2011, though we
anticipate that any such losses would remain at fairly manageable
levels of about 35 basis points (bp) of adjusted total assets.  In
our opinion, EFG's problem assets (which include problem
loans past due by more than 90 days, before write-offs) will
likely continue growing in 2011; we factor into the ratings the
possibility of problem assets accounting for about 17% of EFG's
credit portfolio at year-end 2011.  We estimate that EFG's year-
end 2010 RAC ratio before diversification will likely be about
5.5%, a level that we view as weak.  We also estimate that the
expected capital gains from the completion of EFG's transaction in
Poland, which we believe the bank will realize by year-end 2011,
could represent about 70 bp of EFG's risk-weighted assets
according to our RAC framework.  Given their relatively moderate
impact, these gains would not materially change our view of EFG's
solvency position," S&P stated.

                                ALPHA

"The lowering of our long-term rating on Alpha primarily reflects
our view of the heightened economic and industry risks in Alpha's
home banking market, posed by developments in Greece's sovereign
creditworthiness.  The ratings now reflect our view of Alpha's
higher credit risk profile compared with that of its Western
European peers; greater vulnerability to a weaker economic
environment than previously, which is likely to negatively affect
the bank's profitability and asset quality; funding imbalances,
which increased rapidly in 2010; and risks arising from exposure
to Southeastern European markets.  The ratings on Alpha are
supported by our view of the bank's valuable franchise in
its domestic market and increasingly diversified business
profile," S&P said.

"We anticipate that Alpha's asset quality is likely to deteriorate
further in 2011, on the back of what we see as ongoing
deterioration of the bank's operating environment in Greece.
According to our estimates, Alpha's total problem assets (which
include problem loans past due by more than 90 days, before write-
offs) could represent about 13% of its consolidated credit
portfolio at year-end 2011.  Growth in problem assets is also, in
our view, likely to lead to higher credit provisions this year,
which could end up exceeding the bank's loss absorption capacity.
We have incorporated into our ratings on Alpha the possibility
that the bank may report operating losses in 2011, though we
anticipate that any such losses would be manageable, representing
about 20 bp of adjusted total assets.  We estimate the bank's RAC
ratio before diversification at 6.7% as of year-end 2010. We
believe that, at this level, Alpha's solvency does not immunize
the bank from what we see as heightened risks related to Greece's
economic and operating environment.  Although we view Alpha as
being less exposed than its domestic peers to Greek government
bonds, its portfolio of government debt accounts for a still
meaningful 0.9x the bank's TAC as of year-end 2010, according to
our estimates," S&P noted.

                              PIRAEUS

"The lowering of our long-term rating on Piraeus primarily
reflects our view of the heightened economic and industry risks in
Piraeus' home banking market, posed by developments in Greece's
sovereign creditworthiness.  The ratings also factor in our view
of Piraeus' higher credit risk profile compared with that
of its Western European peers; exposure to Southeastern European
markets; funding imbalances, which increased rapidly in 2010; and
vulnerability to a weaker economic environment in Greece than in
the past few years, which we believe will likely weigh on its
performance and asset quality.  The ratings on Piraeus remain
supported by our view of the bank's good domestic market
position, successful strategy, and focused management," S&P noted.

"In our view, further deterioration in Piraeus' credit portfolio
is likely to push up credit losses in 2011 to levels exceeding the
bank's loss absorption capacity.  At the same time, we believe
that declining business volumes and a still high cost of funding
will likely constrain Piraeus' revenue stream.  Given the negative
operating environment we anticipate in Greece, we are factoring
into our ratings on Piraeus the possibility that the bank may
report operating losses in 2011.  We believe, however, that their
impact on solvency will remain manageable; our current ratings on
Piraeus incorporate our estimate that, in such a scenario, net
operating losses would not exceed about 35 bp of average adjusted
assets in 2011.  We estimate that Piraeus' RAC ratio
before diversification was 5.9% at year-end 2010. In the first few
months of 2011, the bank successfully completed a capital
increase; the total equity raised should, in our opinion, enable
Piraeus to increase its RAC ratios by about 150 bp.  Nevertheless,
we still believe that Piraeus' solvency does not immunize the bank
from the heightened risks related to Greece's economic and
operating environment," S&P added.

                            CREDITWATCH

"The negative CreditWatch implications on all of our ratings on
the four Greek banks mirror those on our sovereign ratings on
Greece, indicating the likelihood of a further downgrade of the
banks in the event of another sovereign downgrade," according to
S&P.

"We could also lower the ratings on the Greek banks if we believe
that the vulnerabilities in their financial profiles to a negative
operating environment and frail market confidence translate into a
weakening of their financials beyond what we currently anticipate.
Specifically, we could lower our ratings on the Greek banks if we
believe that deposit outflows could occur of such a magnitude that
measures beyond ECB support might need to be considered to contain
the impact on these banks' liquidity position," S&P said.

"We could also lower our ratings on the Greek banks if, in
contrast to our current belief, meaningful operating losses
materially impair the banks' capital bases, or if asset quality
deteriorates more than we currently anticipate.  We believe that
public perception of an increased likelihood of government debt
restructuring could have a negative effect on private sector
borrowers' willingness to pay their debts, particularly in the
context of the Greek private sector's comparatively weak payment
culture with respect to Western European standards," S&P noted.

The negative CreditWatch listing of UBB primarily reflects that of
its parent, NBG.  "Our CreditWatch resolution of UBB will
therefore depend on that of NBG, but also on our analysis of UBB's
contingency plans to replace funding from its parent if such
support were withdrawn," S&P said.


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H U N G A R Y
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HARKANYI GYOGYFURDO: On Verge of Bankruptcy; Owes HUF350 Million
----------------------------------------------------------------
Budapest Business Journal, citing regional daily Uj Dunantuli
Naplo, reports that Harkanyi Gyogyfurdo Zrt is on the verge of
bankruptcy after it piled up unpaid debts of HUF350 million.

According to BBJ, the paper said that the company got into a
liquidity crunch after it made a substantial loan to the town of
Harkany, which it has been unable to recover.  Harkanyi Gyogyfurdo
is valued at about HUF6 billion, BBJ discloses.

BBJ relates that Tibor Schwarz, the company's recently appointed
chief executive, said Harkanyi Gyogyfurdo is currently undergoing
a major restructuring in a bid to put the company back on a solid
financial footing.

Harkanyi Gyogyfurdo Zrt is majority owned by the local council.
It is the largest spa in Baranya county.


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I C E L A N D
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SKIPTI HF: Inks Debt Repayment Deal with Creditors
--------------------------------------------------
Skipti hf. has signed an agreement with its creditors.  One part
of the agreement is a payment of ISK16.7 billion in total on the
company's loans.  In 2010, Skipti paid ISK5.1 billion on its
loans, so in the past months Skipti has paid a total of ISK21.8
billion on its loans.  From the collapse of the Icelandic economy,
Skipti has paid a total of ISK27 billion on its loans.  The
payment of ISK16.7 billion on the company's loans at this time
will reduce Skipti's syndicated loan agreement from ISK41.4
billion to ISK24.7 billion.  No debts are being written off, and
payments on all of Skipti's loans remain current.

Negotiations have been in progress for some time on Skipti's
paying down its loans faster than provided for in the original
loan agreements.  Skipti's liquidity position has been very
strong; at the end of 2010, the company held approximately
ISK20 billion in cash.

Following the economic collapse in Iceland, Skipti's debts
increased significantly, as in the case of most other Icelandic
companies.  The cash that Skipti is paying now was mostly obtained
through the sale of the company's foreign assets.

Skipti -- http://www.skipti.com/-- owns and operates companies in
the telecommunications industry and information technology.  The
main function of Skipti is to provide professional and cost-
effective services to its subsidiaries.


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I R E L A N D
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ALLIED IRISH: Needs EUR13.3 Billion in Extra Capital
----------------------------------------------------
Allied Irish Banks, p.l.c. notes the announcements made on
March 31, 2011, by the Central Bank of Ireland and the Minister
for Finance.

Following completion of the Prudential Capital Assessment Review
(PCAR) and the Prudential Liquidity Assessment Review (PLAR), the
CBI requires AIB to raise equity capital of EUR9.1 billion in
addition to the requirement of around EUR4.2 billion deferred from
February 2011.  Of the total increased capital requirement of
EUR13.3 billion, an amount of EUR1.4 billion may be in the form of
contingent capital.

The Board of AIB fully appreciates the continued strong support of
the Irish Government to the bank and its commitment to ensure that
all of the capital required by AIB will be raised.  This support
reaffirms AIB's central position in the Irish banking landscape.
AIB will continue to work with the State to determine the optimum
sequence to generate the committed capital in line with the
proposals in the Minister's speech.

The significant amount of capital to be raised by the bank is
designed to definitively assure all stakeholders, including
depositors, other customers, staff and investors, that AIB will
continue to be a systemic part of the Irish banking sector.

"The very strong capital base that results will enable AIB to
provide long term support to its customers and play an active role
in the recovery of the Irish economy.  We are developing
initiatives that ensure customers' needs are facilitated and help
businesses and home owners under stress."

"The increased capital base will accelerate the bank's own
recovery and return to profitability so that we can reward
taxpayers for their investment in AIB."

In addition to the commitments announced on Thursday, the
Government has reconfirmed that all deposits remain fully
guaranteed by the State under the deposit guarantee scheme and the
ELG scheme.

The capital requirement for AIB has been determined by PCAR base
and stress case scenarios.  These scenarios test the bank's
capability to absorb future losses in adverse and extreme
conditions but are not forecasts of future performance. The
assumptions and methodology driving the scenarios have been
outlined today by the CBI in its announcement.  These industry
wide assumptions and methodology drive capital requirements that
are set at levels intended to restore confidence in the resilience
of AIB and the other banks tested, even in extremely adverse and
unlikely future conditions.  The minimum core tier one capital
ratio required for banks will be 10.5% in the base case and 6% in
the stress case.

AIB's specific and incurred but not reported (IBNR) balance sheet
provisions were around EUR5.2 billion and around EUR2.1 billion
respectively at Dec. 31, 2010.  These provisions include a bad
debt charge of around EUR4.5 billion in 2010. (These figures
exclude both provisions and charges related to NAMA loans, which
have been separately provided for in line with previously
announced discounts).

The PCAR stress testing was carried out by BlackRock Solutions on
behalf of the CBI.  The approach to determine the bank's capital
requirement included (in both base and stress scenarios) the
combined effect of these:

   * An assessment of operating performance and losses that
     may emerge over the 2011 - 2013 three year period

   * An overlay from bringing forward an element of losses in
     the years after 2013 back in to the 2011 - 2013 period

   * A further overlay buffer for other future losses, events
     or shocks over the entire lifetime of loans.

In addition, BlackRock also used these modelling assumptions:

   * Irish residential mortgages

     - AIB's arrears profile has been averaged with the
       overall industry

     - negative equity, not unemployment, as the main driver
       of default.

     - assumed widescale repossessions and forced sales, which
       are not the practices in Ireland or many other countries,
       resulting in highly elevated model loss rate.

   * Commercial real estate

     - minimal recovery in real estate prices

     - modelled rental income declines do not recognize
       sustainable income / cashflow from actual lease
       agreements.

Accounting rules prohibit AIB and other banks making provisions
for future expected losses.  However, as required by the CBI and
using the same macro economic data as used by BlackRock, AIB
submitted its own expectation of 2011 - 2013 loan losses.
Naturally, this expectation was materially less than the outcome
of the PCAR exercise (copy available at http://www.centralbank.ie/
), given the key differences between the methodology and
assumptions used by AIB and the above described approach adopted
by BlackRock.

Combined provisions and pro-forma core tier one capital at Dec. 31
2010, following required recapitalization would be c. EUR26
billion.  The core tier one ratio at the same date would be
c. 21%.

The Board of AIB considers these provisions and reserves will
represent a highly prudent and resilient base from which the bank
will support its customers and economic revival.

The CBI also announced that following completion of its PCAR, AIB
is required to reduce its loan to deposit ratio to 122.5% by the
end of 2013.

    Proposed combination with Educational Building Society

As announced by the Minister on March 31, it is intended that AIB
will be combined with EBS, subject to State aid and any regulatory
approvals required.  AIB welcomes this proposal and will update
the market in due course as details are finalized and developed
further.

AIB plans to make presentations to analysts and media on April 12,
2011, which will incorporate commentary on the bank's 2010
preliminary results to be announced that day.  These presentations
will also provide an update on AIB's strategic review of its
business and restructuring plans.

                        About Allied Irish Banks

Allied Irish Banks, p.l.c., together with its subsidiaries --
http://www.aibgroup.com/-- conducts retail and commercial banking
business in Ireland.  It also provides corporate lending and
capital markets activities from its head office at Bankcentre and
from Dublin's International Financial Services Centre.  The Group
also has overseas branches in the United States, Germany, France
and Australia, among other locations.  The business of AIB Group
is conducted through four operating divisions: AIB Bank Republic
of Ireland division, Capital Markets division, AIB Bank UK
division, and Central & Eastern Europe division.  In February
2008, the Group acquired the AmCredit mortgage business in the
Baltic states of Latvia, Lithuania and Estonia.  In September
2008, the Group also acquired a 49.99% shareholding in BACB.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Jan. 20,
2011, Standard & Poor's Ratings Services raised its ratings on the
lower Tier 2 subordinated debt issued by Allied Irish Banks PLC
(AIB; BBB/Watch Neg/A-2), which had been subject to the exchange
offer, to 'CCC' from 'D'.  The 'BBB/A-2' counterparty credit
ratings on AIB remain on CreditWatch with negative implications,
where they were placed on Nov. 26, 2010.

"This 'CCC' rating reflects the fact that AIB will need to raise
further equity capital before end-February, that it may require
further capital as a result of the PCAR stress test, and our view
that there is a clear and present risk that these instruments
could be subject to further restructuring-like action in order to
achieve it," said Standard & Poor's credit analyst Nigel
Greenwood.

The ratings on AIB were placed on CreditWatch with negative
implications on Nov. 26, 2010, pending the outcome of a sovereign
rating review.  S&P views the fortunes of the Irish sovereign as
intertwined with those of the banking system, and a downgrade of
the sovereign may impact its ratings on AIB.


CELTIC RESIDENTIAL: S&P Cuts Rating on Class B Notes to 'BB- (sf)'
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Celtic Residential Irish Mortgage Securitisation No. 9 PLC and
Celtic Residential Irish Mortgage Securitisation No. 10 PLC's
class A2 and B notes.  "At the same time, we have removed the
ratings on Celtic 9's class B notes and Celtic 10's class A2 and B
notes from CreditWatch negative," S&P noted.  The rating on Celtic
9's class A2 notes remain on CreditWatch negative for counterparty
reasons.

On July 9, 2010, S&P placed its ratings on Celtic 9 and Celtic
10's class A2 and B notes on CreditWatch negative due to
deteriorating performance and house price declines in Ireland.

On Oct. 21, 2010, S&P lowered and kept on CreditWatch negative our
ratings on Celtic 9 and Celtic 10's class A2 and B notes due to
continuing performance deterioration.

On Jan. 18, 2011, S&P again updated the CreditWatch status on
Celtic 9 and Celtic 10's class A2 notes when its updated
counterparty criteria became effective.

"We have conducted further credit and cash flow analyses since our
most recent rating action. Later stage arrears appear to be
building up.  This, in our view, indicates that few loans come out
of arrears once they become delinquent and few loans leave the
pool through foreclosure.  Conditional Prepayment Rates (CPR)
levels are at an historical low, given credit conditions and the
lack of activity in the housing market.  We will continue to
monitor the CPR level in both transactions," S&P said.

"It is our understanding that the servicer -- Ulster Bank Ireland
Ltd. -- is working with borrowers to reduce the monthly payment
burden through forbearance arrangements.  Despite this, we
continue to see sharp increases in arrears, notably in the later
stage buckets.  In Celtic 9, 90+ day delinquencies increased to
11.71% from 9.72% since our last review and in Celtic 10, 90+ day
delinquencies increased to 10.91% from 8.61%," S&P noted.

Using indexed valuations, approximately 33% of the Celtic 9 pool
and over 50% of the Celtic 10 pool has a loan-to-value ratio above
90%.  National house prices are now 38% below their peak at the
end of 2006.  "We expect house prices to decline further between
2011 and 2012," S&P stated.

Total arrears in Celtic 10 are now greater than in Celtic 9,
despite being a younger pool.  In S&P's opinion, this is due to a
greater proportion of loans in Celtic 10 being originated when
house prices were at their peak, leading to a higher concentration
of loans in negative equity.

"Following our analysis, we have lowered our ratings on these
notes to levels that, in our opinion, are commensurate with their
levels of credit enhancement.  Additionally, these ratings are no
longer on CreditWatch negative for credit reasons," S&P said

The rating on Celtic 10's class A2 note were on CreditWatch
negative for credit and counterparty reasons.  As the rating on
this class is now at a level that can be supported by the current
rating on the supporting counterparties, the rating is no longer
on CreditWatch negative for counterparty reasons.

Celtic 9's class A2 notes remain on CreditWatch negative solely
for counterparty reasons.  S&P intends to resolve this CreditWatch
negative placement before the transition date of July 18, 2011.

Celtic 9 and 10 are Irish residential mortgage-backed securities
(RMBS) transactions with loans originated by Ulster Bank Ireland.
Celtic 9 closed in November 2005 and Celtic 10 in August 2006.

Ratings list:

Class                Rating
           To                   From

Ratings Lowered and Removed From CreditWatch Negative

Celtic Residential Mortgage Securitisation No. 9 Ltd.
EUR1,750 Million Residential Mortgage-Backed Floating-Rate Notes

B          BB (sf)              BBB (sf)/Watch Neg

Celtic Residential Mortgage Securitisation No. 10 Ltd.
EUR1,790 Million Residential Mortgage-Backed Floating-Rate Notes

A2         BBB+ (sf)            A (sf)/Watch Neg
B          BB- (sf)             BB+ (sf)/Watch Neg

Ratings Lowered and Remaining On CreditWatch Negative

Celtic Residential Mortgage Securitisation No. 9 Ltd.
EUR1,750 Million Residential Mortgage-Backed Floating-Rate Notes

A2         A (sf)/Watch Neg     AA- (sf)/Watch Neg


EIRCOM GROUP: Workers Back EUR92-Mil. Labor Savings Plan
--------------------------------------------------------
Ciaran Hancock at The Irish Times reports that Eirom staff have
voted in favor of a recovery package that is designed to achieve
labor savings of EUR92 million.

According to The Irish Times, the plan will involve pay cuts of
10%, reduced working hours, and more than 1,000 job cuts.

The Irish Times relates that members of the Communications Workers
Union voted in favor of the package by 1,908 votes to 1,388.
There were two spoilt votes, according to the report.

"Workers at Eircom have yet again demonstrated their commitment to
securing a sustainable future for the company by agreeing a very
difficult package of measures," The Irish Times quotes general
secretary of the Communications Workers Union Steve Fitzpatrick as
saying.

Mr. Fitzpatrick told The Irish Times that Eircom, which has a net
debt of EUR3.8 billion, would now have to resolve issues
surrounding its financial position.

"We expect management and shareholders to honor their side of the
bargain and come up with the badly needed investment for the
business," Mr. Fitzpatrick, as cited by The Irish Times, said.

Eircom has cut its workforce by 1,791 since March 2009.  It had
7,170 workers at the end of December 2010, The Irish Times
discloses.

The Irish Times notes that Mr. Fitzpatrick said the Communications
Workers Union and its sister unions would begin talks with Eircom
management within next week on the implementation of the plan.

On March 11, 2011, the Troubled Company Reporter-Europe, citing
The Irish Times, reported that Eircom workers were told by their
union leaders that the group could be taken over by its lenders if
they do not agree to implement the EUR92 million in labor savings
outlined in its rescue plan.  The Irish Times related that the CWU
leadership said it had been made clear to the union that Eircom's
shareholders -- Singapore STT and the employee Esot -- would only
invest in the business if they were confident of making a return
on their money.  It has been suggested that STT and the Esot might
invest up to EUR300 million in Eircom as part of the restructuring
of the business, according to The Irish Times.  Eircom wants the
restructuring measures fully implemented by July 1, The Irish
Times stated.

The Troubled Company Reporter-Europe also noted that The Irish
Times said Eircom signaled, in November 2010, that it could breach
its banking covenants within 12 months.  Ratings agency Moody's
suggested a breach could come by the end of June, The Irish Times
noted.

Headquartered in Dublin, Ireland, Eircom Group --
http://www.eircom.ie/-- is an Irish telecommunications company,
and former state-owned incumbent.  It is currently the largest
telecommunications operator in the Republic of Ireland and
operates primarily on the island of Ireland, with a point of
presence in Great Britain.


ELVA FUNDING: S&P Raises Rating on Various Notes to 'BBB-'
----------------------------------------------------------
Standard & Poor's Ratings Services raised to 'BBB- (sf)' from 'BB+
(sf)' its credit rating on Elva Funding PLC's EUR34.8 million
secured credit-linked variable-rate notes series 2007-14.

"The rating action follows an upward revision to the credit
enhancement for these notes, which is now sufficient, in our
opinion, to support a 'BBB- (sf)' rating.  The synthetic rated
overcollateralization (SROC) achieved at the 'BBB-' rating level
is 101.0615%, which meets the required cushion of 75 basis
points for a investment-grade single tranche synthetic
collateralized debt obligation, in accordance with our
surveillance criteria," S&P said.

"Additionally, the obligor concentration test is satisfied and the
tranche exhibits a good rating stability when we submit the
portfolio to our sensitivity analysis," S&P noted.


* UK: Administrators Required to Give Notice of Insolvency Sales
----------------------------------------------------------------
Robert Hutton at Bloomberg News reports that administrators of
insolvent U.K. companies will be required to give notice to
creditors if they're planning to sell assets at less than full
value.  The move is aimed at stopping owners from going bust to
avoid debts, the report notes.

Bloomberg relates that Business Minister Ed Davey announced the
change on Thursday, saying he wanted to stop "phoenix" companies,
where creditors find that a person who owes them money has
declared insolvency, then bought back assets and gone back into
business.

"Where such sales are at undervalue, creditors get less than they
should," Bloomberg quotes Mr. Davey as saying in an e-mailed
statement released by his department in London.  "Competitors who
pay their debts in full also suffer.  I want to make sure that
creditors have a fair chance to have their voice heard.  I also
want to enable others to scrutinize such transactions after the
event to ensure that deals being struck are fair in the
circumstances."

According to Bloomberg, Mr. Davey said that the notice period
would give creditors time to object to the administrators, or go
to court if necessary.


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


NEPTUNO CLO: S&P Affirms Rating on Class E Notes at 'CCC- (sf)'
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Neptuno CLO II B.V.'s class A, B, C, and D notes.  At the same
time, S&P affirmed its rating on the class E notes.

"Since our last rating action in December 2009, we have noticed an
improvement in the credit quality of the underlying portfolio,"
S&P said.

"Our analysis shows that assets we consider to be rated in the
'CCC' category have decreased.  Currently, 6.58% of the
portfolio's performing balance is rated in this category under our
analysis.  In addition, the proportion of investment-grade assets
has increased.  Currently, 11.82% of the portfolio's
performing balance consists of assets with investment-grade
ratings," S&P noted.

"These factors combined have led to an improvement in our scenario
default rates at each rating level, thereby lowering our expected
default probabilities," S&P said.

"At the same time, we have observed an increase in the balance of
performing assets plus principal cash, which, in our view, has
helped improve the credit enhancement available to all classes of
notes," S&P continued.

"We note, however, that the weighted-average spread reported under
the latest trustee report is lower than the value at our last
review, and we have factored this into our ratings analysis," S&P
noted.

According to S&P, "Based on our analysis, we consider that the
level of credit enhancement available to the class A, B, C, and D
notes is now consistent with higher ratings than previously
assigned.  We have therefore raised our ratings on
these classes."

"We have affirmed our 'CCC- (sf)' rating on the class E notes as
we still believe that noteholders are vulnerable to non-payment,"
S&P added.

Neptuno CLO II is a cash flow collateralized loan obligation (CLO)
transaction that securitizes loans to primarily speculative-grade
corporate borrowers.  The transaction closed in December 2007 and
is managed by Caja de Ahorros y Monte de Piedad de Madrid.

Ratings list

Class               Rating
            To                 From

Neptuno CLO II B.V.
EUR450 Million Senior
Secured Floating-Rate
Notes

Ratings Raised

A           A+ (sf)            A (sf)
B           A- (sf)            BBB (sf)
C           BB+ (sf)           B+ (sf)
D           B+ (sf)            CCC- (sf)

Rating Affirmed

E           CCC- (sf)


===============
P O R T U G A L
===============


COMBOIS DE PORTUGAL: S&P Cuts LT Corporate Credit Rating to 'B+'
----------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit rating on Portuguese state-owned railway operator
Comboios de Portugal, E.P.E (CP) to 'B+' from 'BB'.  At the same
time, the issue ratings on CP's unguaranteed debt were lowered to
'B+' from 'BB'.

The issue ratings on the debt that is guaranteed by the Republic
of Portugal are unchanged at 'BBB-'.  All the ratings, except
those on the guaranteed debt, remain on CreditWatch, where they
were placed with negative implications on April 28, 2010.

"The rating actions follow our revision of CP's stand-alone credit
profile (SACP) to 'ccc' from 'b-', owing to the further
deterioration of CP's liquidity," according to S&P.

"We believe CP could face a funding gap in the third quarter of
2011, when about EUR260 million of bank loans fall due," said
Standard & Poor's credit analyst Juliana Gallo.  "CP's mounting
refinancing challenges for 2011 and a lack of visibility regarding
funding and contingency plans heighten near-term pressures on the
ratings."

"We assess CP's financial risk profile as highly leveraged.  We
consider that the deteriorating funding conditions in Portugal
have reduced CP's ability to tap the markets and to renew its
credit facilities, thereby creating potential dependence on the
government's financial support to meet its debt maturities," S&P
said.

Nevertheless, S&P continues to assess the likelihood of
extraordinary support for CP as "very high".  "This assessment is
predicated on our assumption that necessary support will be
provided on a timely basis and ahead of the point at which the
funding is needed. Our assessment of a 'very high' likelihood of
government support is based on our assessment on CP's 'very
important' role for the Portuguese government as virtually the
only passenger rail transport provider in Portugal; and "very
strong" link with the government, given CP's 100% state
ownership," S&P related.

"The CreditWatch negative status reflects that we could lower the
ratings again if CP and the government do not present a viable
plan to meet CP's refinancing needs.  We will reassess the
company's SACP and the likelihood of support within 30-60 days,"
according to S&P.

The extent that the government proactively makes necessary
arrangements ahead of CP's near-term financing needs may cause S&P
to reconsider the SACP and the likelihood of extraordinary
support.

"The resolution of the CreditWatch will incorporate an assessment
of the actions CP and its owner take, together with the funding
and contingency plans for CP in light of ongoing political and
capital market developments," said Ms. Gallo.  "During the review,
we will also examine the mechanisms and timeline of the funding
plan and reevaluate the execution risks.  If we consider the
execution risk to have risen to a level that is no longer
consistent with a "very high" likelihood of support, we would
likely lower our assessment of the likelihood of government
support for CP, resulting in downward revision of the ratings."

Furthermore, additional weakening of the financial and economic
conditions in Portugal could further reduce the government's
ability to provide extraordinary support to distressed GREs.  "If
we believed this to be the case, we could lower our assessment of
the likelihood of extraordinary government support to CP," S&P
said.

"We aim to resolve the CreditWatch within the next two months and
ahead of the debt maturities.  As a result of our review, we could
lower the rating on CP further.  Conversely, we could affirm the
ratings on CP if our assessment of the likelihood of extraordinary
government support remains unchanged and if the government were to
find a viable solution to the company's refinancing risks," S&P
added.


METROPOLITANO DE LISBOA: S&P Cuts LT Corp. Credit Rating to 'B+'
----------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit and nonguaranteed issue ratings on Portuguese
state-owned subway company Metropolitano de Lisboa, E.P.E. to 'B+'
from 'BB'.  The issue rating on the debt that is guaranteed by the
Republic of Portugal (BBB-/Negative/A-3) is unchanged at
'BBB-'.  All ratings on Metro, except that on the guaranteed debt,
remain on CreditWatch, where they were originally placed with
negative implications on Dec. 3, 2010.

"The rating actions follow our downward revision of Metro's stand-
alone credit profile (SACP) to 'ccc' from 'b-'," S&P said.

"Our downgrade of Metro reflects a further deterioration in debt
service coverage ratios as it approaches a large debt repayment
due in July 2011," said Standard & Poor's credit analyst
Lorenzo Pareja.  "We believe sizable refinancing needs for next
three quarters, the lack of visibility regarding funding, and
unspecific contingency plans continue to jeopardize Metro's credit
fundamentals."

"We continue to view Metro's financial strategy, which has led to
large refinancing requirements and an overwhelming reliance on
financial markets, insufficient in times of financial turbulence.
Since our last rating action on March 4, the central government
has not, in our view, substantially reduced Metro's exposure to
shaky financial markets.  Metro continues to rely on nonguaranteed
credit lines or guaranteed long-term bonds to cover its 2011
refinancing needs.  Still, given current market pressure on both
the guarantor--the Republic of Portugal--and the Portuguese
banking system, the probability that Metro encounters difficulties
to place all guaranteed bonds or maintain its credit lines is, in
our opinion, not negligible.  With the July due date of its debt
repayments approaching, we see an increasing probability that
Metro will need extraordinary support from the government this
year," S&P stated.

"We consider Metro to be a government-related entity (GRE). In
accordance with our criteria for GREs, we currently believe there
is a very high likelihood that the Portuguese government would
provide timely and sufficient extraordinary support to Metro, in
the event of financial distress," S&P noted.

"The downgrade does not affect our issue ratings on Metro's long-
term financial obligations that are either government guaranteed
or insured by monoline insurer Assured Guaranty Municipal Corp.
(AA+/Stable/--)," S&P related.

"The CreditWatch negative status reflects our likely reassessment
and possible revision, within one month, of Metro's SACP and our
view of the 'very high' likelihood of government support to Metro
if needed," said Mr. Pareja.

If the company and the government do not present a solution to the
company's refinancing needs, S&P could lower Metro's ratings
further.

"The degree to which the Portuguese government pro-actively makes
necessary arrangements ahead of the July 2011 financing due date
may make us reconsider the SACP and the likelihood of support.  We
will continue to monitor the steps being taken by Metro and the
government and will adjust our assessment as appropriate to
reflect those actions.  The resolution of the CreditWatch
listing will follow our assessment of the government and Metro's
actions taken to cover its refinancing needs, together with the
funding and contingency plans for Metro in light of ongoing
political and capital market developments.  In our review, we will
also examine the mechanisms and timeline by which this
funding would be provided and will gauge execution risk on these
plans.  If we deem at any point that this execution risk has risen
to a level that would no longer be consistent with a 'very high'
likelihood of government support, we could lower our view of this
likelihood of support.  This would then lead to a downgrade of
Metro," S&P related.

In S&P's view, additional weakening in the financial and economic
conditions in Portugal could further reduce the government's
ability to provide extraordinary support to distressed GREs, and
as a result, S&P could lower our assessment of the likelihood of
extraordinary government support for Metro.

"Conversely, we could affirm the ratings on Metro if our
assessment of the likelihood of extraordinary government support
were to remain unchanged and if the government finds a durable
solution to the company's refinancing risks," S&P added.


REDE FERROVIARIA: S&P Lowers Long-Term Corporate Rating to 'B+'
---------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit and non-guaranteed issue ratings on Portuguese
state-owned railway infrastructure manager Rede Ferroviaria
Nacional REFER, E.P.E. to 'B+' from 'BB'.  The issue rating
on the debt that is guaranteed by the Republic of Portugal is
unchanged at 'BBB-'.

All ratings on REFER, except that on the guaranteed debt, remain
on CreditWatch, where they were originally placed with negative
implications on Dec. 3, 2010.

The rating actions follow S&P's revision of REFER's stand-alone
credit profile to 'ccc' from 'b-'.  This revision reflects further
deterioration in REFER's liquidity and a funding gap in
April 2011, when REFER needs to repay a EUR300 million guaranteed
loan (on April 11).

"We believe that the mounting refinancing challenges for 2011,
especially in April, and the lack of visibility regarding funding
and contingency plans, heighten near-term pressure on the
ratings," said Standard & Poor's credit analyst Juliana Gallo.

S&P assesses REFER's financial risk profile as highly leveraged.
S&P considers that the deteriorating funding conditions in the
Republic of Portugal (BBB-/Negative/A-3) have reduced REFER's
ability to tap the markets and to renew its credit facilities.
"This has created a significant potential dependence on the
Portuguese government's financial support to meet REFER's April
2011 debt maturity and thereby avoid a default," added Ms. Gallo.

"We continue to assess the likelihood of extraordinary government
support to REFER as 'very high'.  This assessment is predicated on
our assumption that necessary support will be provided on a timely
basis and ahead of the point at which the funding is needed," S&P
said.  S&P's assessment of a "very high" likelihood of government
support is based on our assessment on REFER's:

    * "Very important" role for the Portuguese government, given
      REFER's natural-monopoly position as the manager of
      Portugal's national rail infrastructure.

    * "Very strong" link with the Portuguese government, given
      REFER's 100% state ownership and its strong legal status as
      a public entity, which prevents bankruptcy and
      privatization.

"There is a possibility of us lowering the ratings further if
REFER and the government do not find a solution to REFER's
imminent refinancing needs.  We aim to review the CreditWatch
placement, and to reassess REFER's SACP and the likelihood of
government support, within the next week.  As a result of our
review, we could lower the rating on REFER further," S&P said.

"The degree to which the government proactively makes necessary
arrangements in anticipation of the April 11 loan maturity could
cause us to reassess the SACP and the likelihood of support.  We
will continue to monitor the actions taken by REFER and the
government and we will adjust our assessments of government
support to reflect those actions," according to S&P.

S&P's review of the CreditWatch placement will incorporate an
assessment of the aforementioned actions, together with REFER's
and government's funding and contingency plans for REFER in light
of ongoing political and capital market developments.  The review
will also examine the mechanisms and timeline by which potential
funding will be provided and will gauge the execution risk in
these plans.  "If we deem execution risk to have risen to a level
that we consider to be no longer commensurate with the current
likelihood of support, we could lower the likelihood of support.
This would result in a downgrade," S&P noted.

Furthermore, additional weakening in the financial and economic
conditions in Portugal could further reduce the government's
ability to provide extraordinary support to distressed GREs.  "If
we believed this to be the case, we could lower our assessment of
the likelihood of extraordinary government support to REFER," S&P
pointed out.

Conversely, S&P could affirm the ratings on REFER if its
assessment of the likelihood of extraordinary government support
were to remain unchanged and if the government were to find a
durable solution to the company's refinancing risks.


=====================================
S E R B I A   &   M O N T E N E G R O
=====================================


ATLAS BANK: Moody's Changes Outlook on 'B1' Rating to Stable
------------------------------------------------------------
Moody's Investors Service has changed to stable from negative the
outlook on the B1 long-term foreign-currency deposit rating of
Atlas Bank AD Podgorica (previously "Atlasmont Banka a.d.
Podgorica").  Moody's notes that Atlas Bank's E+ standalone bank
financial strength rating (BFSR) -- mapping to B2 on Moody's long-
term scale -- has not been affected by today's action.  The
outlook on all ratings is now stable.

The outlook change on the B1 rating follows the announcement on
March 30, 2011, by Moody's Sovereign Risk Group that it changed
the outlook on Montenegro's B1 foreign-currency deposit ceiling to
stable from negative.

Rating Rationale

Atlas Bank's B1 foreign-currency deposit rating is derived from
its B2 baseline credit assessment (BCA) and the moderate
probability of support imputed from Montenegro's Ba3 foreign-
currency bond rating, resulting in a one-notch uplift from the B2
BCA, and placing it at the same level as the country's foreign-
currency deposit ceiling. Whereas previously constrained by the
negative outlook of the country ceiling, Atlas Bank's foreign-
currency deposit rating now carries a stable outlook, in line with
the changed outlook for the ceiling.

Previous Rating Actions & Methodology Used

The most recent rating action on Atlas Bank was implemented on 30
April 2009, when Moody's changed the outlook on Atlas Bank's B1
foreign-currency deposit rating to negative from stable.

The principal methodologies used in rating this issuer are Moody's
"Bank Financial Strength Ratings: Global Methodology", published
in February 2007; and "Incorporation of Joint-Default Analysis
into Moody's Bank Ratings: A Refined Methodology", published in
March 2007.

Headquartered in Podgorica, Montenegro, Atlas Bank had total
assets of EUR182.3 million as of December 2010.


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


BANCO SANTANDER: S&P Downgrades Subordinated Debt Rating to 'BB+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it had lowered its long-
term counterparty ratings to 'BBB-' from 'BBB' on Banco Santander
Totta, S.A. (Santander Totta), Caixa Geral de Depositos S.A.
(CGD), Banco Espirito Santo, S.A. (BES) and its core subsidiary
Banco Espirito Santo de Investimento, S.A. (BESI), Banco BPI S.A.
(BPI) and its core subsidiary Banco Portugues de Investimento S.A.
"At the same time, we removed the long-term ratings from
CreditWatch and affirmed the 'A-3' short-term ratings," S&P said.
The outlook is negative.

"We are maintaining the 'BBB-/A-3' long- and short-term ratings on
Banco Comercial Portugues, S.A. (Millennium bcp) on CreditWatch
with negative implications, according to S&P.

"As a result of these actions, all our ratings on Portuguese
financial institutions are now at the same level as that on the
Republic of Portugal (BBB-/Negative/A-3).  None of our ratings on
these banks incorporates any uplift from parent or government
support over our assessments of their stand-alone credit
profiles," S&P said.

S&P stated that "The downgrades of the four banks and their core
subsidiaries follow the weakening we see in the creditworthiness
of the sovereign, as reflected in our one-notch downgrade of the
Republic of Portugal, and reflect our view that financial
institutions should only in rare circumstances be rated above the
sovereign of their country of domicile.  This is because:

    * Given financial institutions' highly leveraged balance
      sheets and high exposure to liquidity risks, we believe that
      it is unlikely that any of the Portuguese financial
      institutions that we rate will overcome the financial
      difficulties associated with a sovereign under stress, in
      particular the likely intense liquidity pressures that
      normally occur.

    * Like any other sovereign, Portugal has regulatory and
      supervisory powers through which it can influence the
      behavior of banks under its jurisdiction.

    * Portuguese financial institutions benefit, in our view, from
      the Portuguese authorities'--in the EU framework--supportive
      stance toward their financial system, which, among others,
      facilitates banks' access to extraordinary liquidity, such
      as that provided by the European Central Bank.  It would
      therefore generally be difficult to justify de-linking the
      benefits of such a supportive framework for banks from the
      creditworthiness of the sovereign backing that framework.

    * Portuguese banks have a level of direct exposure to the
      sovereign and other public sector entities that we consider
      to be material when compared with their capital bases.

"The impact of the tougher economic and financial environment on
the banks' creditworthiness was already incorporated in our rating
actions on these banks earlier this week," S&P noted.

S&P continued, "Our affirmation of the short-term ratings on the
banks at 'A-3' follows the typical correlation of our short-term
and long-term ratings scales."

The negative outlooks on the ratings on Santander Totta, CGD, BES
and its core subsidiary BESI, and BPI and its core subsidiary
Banco Portugues de Investimento reflect the possibility of a
further downgrade to investment grade should the sovereign be
downgraded again.  "A negative outlook implies a greater than one
in three possibility of a downgrade over the next two years.
Specifically, this could happen if, in our view, the economy
weakens beyond our current expectations and/or a political impasse
undermines the effective implementation of Portugal's adjustment
program, leading to significant policy slippages," S&P said.
Standard & Poor's believes that the outlook for Portugal's GDP
performance is highly uncertain and will depend as much on the
resilience of the export sector as on domestic policy decisions.

"Conversely, all things being equal, an outlook revision to stable
on Portugal would likely lead to a similar action on the banks, as
it would reflect our view of an overall healthier economic and
financial outlook for the country and therefore for its financial
system," S&P added.

"Our ratings on Millennium bcp were not directly affected by the
one notch downgrade of Portugal as this bank was already rated
below the sovereign at 'BBB-/A-3'," S&P related.

"The ratings on Millennium bcp remain on CreditWatch with negative
implications based on the possibility of a downgrade in the short
term if we see that the bank is unable to design and implement a
plan to strengthen its financial profile, narrowing the gap with
its domestic peers.  In our view, Millennium bcp's financial
profile is weaker than that of its peers (notably its funding,
asset quality, risk exposure, and capitalization), which makes it
more vulnerable to the currently difficult operating environment,"
S&P added.

Ratings list:

Downgraded; CreditWatch/Outlook Action
                                        To               From

Banco Santander Totta, S.A.

Long-Term Counterparty Credit      BBB-/Negative   BBB/Watch Neg
Rating

Short-Term Counterparty Credit     A-3             A-3
Rating

Long-Term Certificate Of Deposit   BBB-            BBB/Watch Neg

Short-Term Certificate Of Deposit  A-3             A-3

Senior Unsecured                   BBB-            BBB/Watch Neg

Subordinated                       BB+             BBB-/Watch Neg

Commercial Paper                   A-3             A-3


BST International Bank, Inc./Totta & Acores Financing Ltd.

Preference Stock(1)                BB-             BB/Watch Neg


Totta Ireland PLC

Commercial Paper(1)                A-3             A-3


Caixa Geral de Depositos S.A.

Long-Term Counterparty Credit      BBB-/Negative   BBB/Watch Neg
Rating

Short-Term Counterparty Credit     A-3             A-3
Rating

Long-Term Certificate Of Deposit   BBB-            BBB/Watch Neg

Short-Term Certificate Of Deposit  A-3             A-3

Senior Unsecured                   BBB-            BBB/Watch Neg

Subordinated                       BB+             BBB-/Watch Neg

Junior Subordinated                BB-             BB/Watch Neg


Caixa Geral Finance Ltd.

Preference Stock(2)                BB-             BB/Watch Neg


Caixa Geral de Depositos Finance

Subordinated(2)                    BB+             BBB-/Watch Neg

Junior Subordinated(2)             BB-             BB/Watch Neg


CGD North America Finance LLC

Commercial Paper(2)                A-3             A-3


Banco Espirito Santo, S.A.

Long-Term Counterparty Credit      BBB-/Negative   BBB/Watch Neg
Rating

Short-Term Counterparty Credit     A-3             A-3
Rating

Long-Term Certificate Of Deposit   BBB-            BBB/Watch Neg

Short-Term Certificate Of Deposit  A-3             A-3

Senior Unsecured                   BBB-            BBB/Watch Neg

Subordinated                       BB+             BBB-/Watch Neg

Commercial Paper                   A-3             A-3


Banco Espirito Santo de Investimento, S.A.
Long-Term Counterparty Credit      BBB-/Negative   BBB/Watch Neg
Rating

Short-Term Counterparty Credit     A-3             A-3
Rating

Long-Term Certificate Of Deposit   BBB-            BBB/Watch Neg

Short-Term Certificate Of Deposit  A-3             A-3

Junior Subordinated                BB-             BB/Watch Neg


BES Finance Ltd.

Senior Unsecured(3)                BBB-            BBB/Watch Neg

Subordinated(3)                    BB+             BBB-/Watch Neg

Junior Subordinated(3)             BB-             BB/Watch Neg

Preference Stock(3)                BB-             BB/Watch Neg


Espirito Santo Investment PLC

Senior Unsecured(4)                BBB-            BBB/Watch Neg


Banco Espirito Santo North America Capital Corp.

Commercial Paper(3)                A-3             A-3


Espirito Santo PLC

Commercial Paper(3)                A-3             A-3

Banco BPI S.A.

Long-Term Counterparty Credit      BBB-/Negative   BBB/Watch Neg
Rating

Short-Term Counterparty Credit     A-3             A-3
Rating

Long-Term Certificate Of Deposit   BBB-            BBB/Watch Neg

Short-Term Certificate Of Deposit  A-3             A-3

Senior Unsecured                   BBB-            BBB/Watch Neg

Subordinated                       BB+             BBB-/Watch Neg


Banco Portugues de Investimento S.A.

Long-Term Counterparty Credit      BBB-/Negative   BBB/Watch Neg
Rating

Short-Term Counterparty Credit     A-3             A-3
Rating

Long-Term Certificate Of Deposit   BBB-            BBB/Watch Neg

Short-Term Certificate Of Deposit  A-3             A-3


BPI Capital Finance Ltd.

Preference Stock(5)                BB-             BB/Watch Neg


Banco BPI Cayman Ltd.

Commercial Paper(5)                A-3             A-3


CreditWatch/Outlook Action (Ratings still on CreditWatch Negative)
Banco Comercial Portugues, S.A.
Counterparty Credit Rating                     BBB-/Watch Neg/A-3
Certificates Of Deposit                        BBB-/Watch Neg/A-3
Senior Unsecured                               BBB-/Watch Neg
Commercial Paper                               A-3/Watch Neg

BCP Finance Bank Ltd.
Senior Unsecured(6)                            BBB-/Watch Neg
Subordinated(6)                                BB+/Watch Neg
Commercial Paper(6)                            A-3/Watch Neg

BCP Finance Co.
Preference Stock(6)                            B+/Watch Neg

(1) Guaranteed by Banco Santander Totta, S.A.
(2) Guaranteed by Caixa Geral de Depositos S.A.
(3) Guaranteed by Banco Espirito Santo, S.A.
(4) Guaranteed by Banco Espirito Santo de Investimento, S.A.
(5) Guaranteed by Banco BPI S.A.
(6) Guaranteed by Banco Comercial Portugues, S.A.


FONDO DE TITULIZATION: S&P Lowers Ratings on Class C Notes to 'BB'
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on all classes of notes in
BBVA RMBS 4 Fondo de Titulizacion de Activos and BBVA RMBS
5 Fondo de Titulizacion de Activos.

"The downgrades have resulted from our assessment of the likely
impact on the BBVA RMBS 4 and 5 transactions of a combination of
collateral credit quality deterioration and falling house prices,"
S&P said.

"The fast growth we have observed in cumulative defaults in both
transactions has not subsided since our last credit review in
September 2010 when we placed all notes in these transactions on
CreditWatch negative.  Since then, we have seen cumulative
defaults increase to 2.53% in BBVA RMBS 4 and to 1.92% in BBVA
RMBS 5.  This, coupled with the house price correction seen in
Spain since 2008 that has led to elevated weighted-average loan-
to-value (LTV) ratios in the pools, has increased our loss
expectations for the pools," S&P said.

For the class C notes, the current levels of cumulative defaults
are still below the interest-deferral triggers of 5.0% (in BBVA
RMBS 4) and 10.3% (in BBVA RMBS 5) of the initial mortgages'
balance, as set by the transaction documents.  "In our opinion
neither BBVA RMBS 4 nor BBVA RMBS 5 will postpone interest on the
junior classes of notes in the next 12 months," S&P noted.

However, both transactions aim to fully provision for defaulted
loans but available excess spread has been insufficient to cover
such amounts.  As a consequence, the cash reserve is fully
depleted for BBVA RMBS 4 and at 42% of its target value for
BBVA RMBS 5.

Both portfolios contain loans that offer the borrowers the option
to move forward or postpone the maturity date, defer a specific
number of installments, have a balloon payment, or change from a
fixed-rate to a floating-rate index.  "We stressed all of these
potential flexibilities in our analysis," S&P said.

The collateral pool backing BBVA RMBS 4 is more seasoned than in
BBVA RMBS 5.  "On average, loans in BBVA RMBS 4 were originated
longer before the peak in Spanish house prices and, in our
opinion, this transaction will likely suffer lower loss severities
than BBVA RMBS 5.  In addition, BBVA RMBS 4 has seen greater
deleveraging since closing compared with BBVA RMBS 5," S&P
related.

By contrast, in S&P's opinion BBVA RMBS 5 will likely experience
greater loss severity because most of the underlying loans were
originated near the peak of Spanish house prices.  In addition,
the BBVA RMBS 5 pool has a larger percentage of loans with higher
weighted-average LTV ratios.  "Our rating actions on the notes in
this transaction reflect our assessment of this additional risk,"
S&P explained.

"To reflect this deteriorating portfolio credit quality, we have
lowered our ratings on all the notes in BBVA RMBS 4 and 5 to
rating levels which, in our view, are commensurate with the
current credit enhancement.  Our ratings on all the classes of
notes are consequently no longer on CreditWatch negative for
credit reasons," S&P continued.

The class A1, A2, and A3 notes in BBVA RMBS 4 and the class A
notes in BBVA RMBS 5, which were on CreditWatch negative for
counterparty reasons in addition to credit reasons, are no longer
on CreditWatch for counterparty reasons because the ratings on
these notes are now at a level that can be supported by the
current rating on the supporting counterparties under S&P's
counterparty criteria.

BBVA RMBS 4 closed in November 2007 and BBVA RMBS 5 closed in May
2008.  They securitize portfolios of residential mortgages
originated and serviced by Banco Bilbao Vizcaya S.A.

Ratings list:

Class              Rating
            To               From

Ratings Lowered and Removed From CreditWatch Negative

BBVA RMBS 4 Fondo de Titulizacion de Activos
EUR4.9 Billion Residential Mortgage-Backed Floating-Rate Notes

A1          AA (sf)          AAA (sf)/Watch Neg
A2          AA (sf)          AAA (sf)/Watch Neg
A3          AA (sf)          AAA (sf)/Watch Neg
B           A- (sf)          A (sf)/Watch Neg
C           BB (sf)          BBB (sf)/Watch Neg

BBVA RMBS 5 Fondo de Titulizacion de Activos
EUR5 Billion Residential Mortgage-Backed Floating-Rate Notes

A           A (sf)           AAA (sf)/Watch Neg
B           BBB- (sf)        A (sf)/Watch Neg
C           BB (sf)          BBB- (sf)/Watch Neg


MADRID RMBS: S&P Affirms Rating on Class E Notes at 'D (sf)'
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
MADRID RMBS II, Fondo de Titulizacion de Activos' class B, C, D,
and E notes.  "At the same time, we removed from CreditWatch
negative our ratings on classes B and C.  The ratings on the class
A2 and A3 notes are unchanged following our credit review, but
these notes remain on CreditWatch negative for counterparty
reasons," S&P said.

"Collateral performance of the underlying portfolio backing MADRID
RMBS II has stabilized since our last review," S&P said.  The
percentage of loans in arrears for more than 90 days, but not yet
considered as defaulted, has grown more slowly in the past seven
months.  The level of defaulted loans in the portfolio has
reduced, to 8.75% in January 2011 from 10.23% in February 2010.
However, the level of defaults in the transaction is still higher
than many similar rated transactions in the market.

"This transaction defines defaults as arrears greater than six
months, which is more conservative than in most other Spanish
residential mortgage-backed securities (RMBS) transactions that we
rate.  The level of defaulted loans has decreased significantly
since a year and a half ago, due to several factors.  One factor
to highlight is a plan implemented by Caja de Ahorros y Monte de
Piedad de Madrid (Caja Madrid; A-/Stable/A-2)) in January 2009, to
prevent and reduce arrears not only in securitized loans, but in
the bank's whole book," S&P said.

The transaction structure has an interest-deferral trigger system,
which is based on the current level of defaults (net of
recoveries).  Interest on the notes is deferred if loans in
default (net of recoveries) exceed 18.3% of the initial balance of
the mortgages for class B, 13.2% for class C, 9.4% for class D,
and 8% for class E.  "Given that the outstanding level of defaults
over the original balance is 4.90%, we consider that interest on
the class B, C, and D notes will not be deferred in the near
future," S&P added.

MADRID RMBS II fully drew on its reserve fund on the February 2009
interest payment date.  "Since May 2010, MADRID RMBS II has
partially replenished the fund, and, as a consequence, credit
enhancement for the notes has increased since our last review,"
S&P noted.

The level of the cash reserve has grown due to several reasons,
including the plan that Caja Madrid implemented in 2009.  The
deficit of amortization -- the note principal that is not
amortizing as scheduled -- peaked in May 2009, and the deficit
reduced from quarter to quarter (about EUR18 million quarterly),
until the deficit was eliminated and the reserve fund started to
replenish.

"We had placed the ratings on classes B and C on CreditWatch
negative on Sept. 16, 2010.  However, as a result of the
stabilization we have observed in the collateral performance and
the partial replenishment of the cash reserve, and after applying
our cash flow stresses to the outstanding capital structure, we
have affirmed and removed from CreditWatch negative our ratings
on the class B and C notes," S&P said.

"Additionally, we have affirmed our 'CCC (sf)' rating on the class
D notes, as we expect that interest on the class D notes will not
be deferred and therefore will not default in the near future.
Our rating on the class E notes is also affirmed at 'D (sf)', due
to our view that these notes may miss further payments in our
stressed scenarios," S&P stated.

"Following our credit analysis, our ratings on MADRID RMBS II's
class A2 and A3 notes are unchanged.  They are therefore no longer
on CreditWatch negative for credit reasons but remain on
CreditWatch negative for counterparty reasons," S&P explained.

"Specifically, some of the existing transaction documents may no
longer adequately mitigate counterparty risk in line with our
updated counterparty criteria.  Therefore, on Jan. 18, 2011, we
updated the CreditWatch negative status of our ratings on the
class A2 and A3 notes for additional counterparty reasons when our
updated counterparty criteria became effective.  We will review
this documentation and we intend to resolve the CreditWatch
placements before the transition date of July 18, 2011," S&P
added.

MADRID RMBS II, which was issued in December 2006, is backed by a
portfolio of residential mortgage loans secured over properties in
Spain.  Caja Madrid originated and services the loans.

RATINGS LIST

Class                 Rating
             To                     From

MADRID RMBS II, Fondo de Titulizacion de Activos
EUR1.8 Billion Mortgage-Backed Floating-Rate Notes

Ratings Remaining on Creditwatch Negative

A2           AA (sf)/Watch Neg
A3           AA (sf)/Watch Neg

Ratings Affirmed and Removed From Creditwatch Negative

B            BB (sf)                BB (sf)/Watch Neg
C            B (sf)                 B (sf)/Watch Neg

Ratings Affirmed

D            CCC (sf)
E            D (sf)


TDA 23 FTA: Moody's Lowers Rating on Class C Notes to 'Ba1 (sf)'
----------------------------------------------------------------
Moody's Investors Service has downgraded the rating of Class A and
C notes and has confirmed the rating of the B notes issued by TdA
23 FTA.  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 rating action
also considers the credit quality of Banco Guipuzcoano (Not Rated)
Caixa d'Estalvis de Catalunya, Tarragona i Manresa
("CatalunyaCaixa") (Ba1/NP) and Banca March (Baa1/P-2) acting as
servicers in the transaction.

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 1.99% of the original pool balance.  The share
of 90+ day arrears stood at 1.43% of current pool balance.  The
reserve funds has been drawn and currently stands at 90% of the
target level.  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 1.10%
of original pool balance up from 0.45%.

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
for 7.50%, up from 4.00% 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, 13% of the portfolio correspond to self employed.
Credit enhancement under the Class A (including subordination and
reserve fund) is 8.85%.

Operational Risk:

Caixa Tarragona is now part of Caixa d'Estalvis de Catalunya,
Tarragona i Manresa ("CatalunyaCaixa") (Ba1/NP).  The new entity,
CatalunyaCaixa, has been operative since July 1, 2010.  Moody's
was informed that the servicing of Caixa Tarragona's mortgage
portfolio is to be transferred to Caixa Catalunya's servicing
platform.  Banco Guipuzcoano (Not Rated) was acquired by Banco
Sabadell (A3/P-2). Banca March is Baa1/P-2.  Moody's takes into
consideration the credit quality of the entities in today's rating
action.  Moody's notes that this transaction is exposed to
operational risk as a portion of the portfolio is serviced by a
lowly rated servicer and there is no back-up servicer in place. As
a result, the operational risk is the driver of the rating action
on Class A notes.  Moody's notes that this is a multi-servicer
transaction, which partly mitigates servicer disruption risk. If a
servicer were to default, the fondo could use the principal
received from any of the other two servicers to make timely
payment of interest under the notes (single waterfall).  For this
reason, today's rating action on the senior notes is limited to
one notch.

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 23 closed in March 2005.  The transactions is backed by
portfolios of first-ranking mortgage loans originated by Banca
March, Banco Guipuzcoano and Caixa Tarragona and secured on
residential properties located in Spain, for an overall balance at
closing of EUR860 million.  The securitized mortgage portfolio
benefit from a relatively low weighted average LTV, currently
about 55%.  The pool is fairly exposed to the Mediterranean coast.
13% of the portfolio correspond to second homes and 14% are non
owner occupied.

Reserve fund: The rapidly increasing levels of defaulted loans
ultimately resulted in draws to the reserve fund.  The reserve
fund is currently at 90% of its target.  The reserve fund is
currently equal to 2.57 % of the note balance.

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 (N.R) pool are collected by the servicer under a
direct debit scheme and transferred to the reinvestments account
held at Banco Guipuzcoano (Guaranteed by Banco Sabadell A3/P-2) on
a weekly basis.  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 (Baa1/P-2) pool are
collected by the servicer under a direct debit scheme and
transferred to the reinvestments accounts held at Banca March on a
weekly basis.  Collections are then transferred to the treasury
account held at Banco Santander (Aa2/P-1) every three months. The
trigger to find a suitable rated guarantor or substitute on the
reinvestment accounts has been hit in both servicers.  Moody's
have been informed that both entities are currently looking for a
suitable rated guarantor or substitute.  The commingling risk has
been taken into account in the review of the transaction.

For details on the deal structure, please refer to the TdA 23 FTA
new issue reports.  Reports is available on www.moodys.com

The principal methodologies used in this rating were Moody's
Updated Methodology for Rating Spanish RMBS published in July
2008, Cash Flow Analysis in EMEA RMBS: Testing Features with the
MARCO Model (Moody's Analyser of Residential Cash Flows) published
in January 2006, Moody's Approach to Automated Valuation Models in
Rating UK RMBS published in August 2008, A Framework for Stressing
House Prices in RMBS Transactions in EMEA published in July 2008
and Global Structured Finance Operational Risk Guidelines: Moody's
Approach to Analyzing Performance Disruption Risk published in
March 2011.

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 23 Fondo de Titulizacion de Activos

   * EUR837.2M A Notes, Downgraded to Aa1 (sf); previously on Nov
     30, 2009 Aaa (sf) Placed Under Review for Possible Downgrade;

   * EUR16.3 M B Notes, Confirmed A2 (sf); previously on Nov 30,
     2009 A2 (sf) Placed Under Review for Possible Downgrade; and

   * EUR6.5M C Notes, Downgraded to Ba1 (sf); previously on Nov.
     30, 2009 Baa3 (sf) Placed Under Review for Possible
     Downgrade.


SAAB AUTOMOBILE: Survival Hinges on Additional Financing
--------------------------------------------------------
Global Insolvency, citing Dow Jones Daily Bankruptcy Review,
reports that Spyker Cars NV Friday said its funding situation was
tight as its Saab Automobile unit continued to burn cash faster
than expected, and it warned that the Swedish auto maker's future
was in doubt if it couldn't secure additional financing.

Global Insolvency relates that in its annual report published
Friday, Spyker reiterated it was in talks to improve its financing
and said it was confident it would happen.  But how and from whom
Spyker intends to get the required cash remains unclear, Global
Insolvency notes.

According to Global Insolvency, Chief Executive Victor Muller may
get Russian investor and former Spyker shareholder Vladimir
Antonov back on board to provide fresh funds.  Mr. Antonov's
involvement with the Dutch car maker was terminated last year at
the insistence of General Motors Co. as a condition of its sale of
Saab to Spyker, Global Insolvency recounts.

Spyker, as cited by Global Insolvency, said that it was in need of
additional cash because the problems at Saab were bigger than
expected.  It cautioned that the issues would lead to a negative
cash flow in 2011 and that "the continuity of the group will
become uncertain" if the financial situation didn't improve,
Global Insolvency relates.

Saab last year didn't meet its sales targets because restructuring
took longer than expected, Global Insolvency recounts.  Many of
Saab's facilities were shut down when Spyker bought the company,
complicating efforts to restart production, sales and
distribution, Global Insolvency discloses.

Global Insolvency notes that Spyker said it was closely monitoring
its cash position and that "to strengthen working capital in the
short term, management is raising liquidity from current
shareholders and other available sources."

The Dutch car maker, which recently announced a EUR13.6 million
capital hike, added that it was in advanced talks on possible
financing deals, according to Global Insolvency.

CEO Muller said Thursday that he was in talks with a number of
banks on a EUR500 million loan, Global Insolvency relates.
However, he said this money would be used mainly to repay the debt
Spyker owes the European Investment Bank, which provided the cash
to fund Saab's business plan, Global Insolvency notes.

According to Global Insolvency, Mr. Antonov has voiced interest in
providing financial support and said last week that he applied to
become an owner of Saab.  The Swedish government still has to
decide whether it will allow Antonov's Converse Group to become a
shareholder, Global Insolvency says.  A decision is expected
within a few weeks, Global Insolvency states.

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.


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


ASHTEAD GROUP: Moody's Changes 'B1' Rating Outlook to Positive
--------------------------------------------------------------
Moody's Investors Service has changed the outlook on the ratings
of Ashtead Group Plc, including its 'B1' corporate family rating
to positive from negative.

The change in rating outlook was prompted by Moody's expectation
that the company should show improved operating performance and
credit metrics as a result of increasing demand, particularly in
its core US market.  It also reflects the improvement in the
company's debt maturity profile through the extension of its bank
facility.

"The change in outlook to positive from negative incorporates
Moody's expectation that improved market conditions are likely to
result in key credit metrics, particularly EBIT to interest
expense, increasing over the medium term," says Douglas Crawford,
Moody's lead analyst for Ashtead.

The positive outlook is supported by Ashtead's improved adjusted
leverage (3.1x at January 31, 2011, down from a maximum of 3.7x at
April 30, 2010).  Reported net leverage of 2.8x is now back within
the company's 2-3x target range through the cycle.

Moody's acknowledges the company's performance through the
downturn, with capital expenditure reduced and free cash flow
(after equipment disposals) used to pay down debt.  However,
Moody's remains concerned that the average age of its equipment
fleet is now close to previous cyclical peaks at 50 months; and
the rating agency expects negative free cash flow next year as the
company significantly reinvests in rental fleet to reduce the
average age and add capacity to meet anticipated higher rental
demand.

Ashtead's liquidity is primarily through its new US$1.4 billion
ABL facility maturing in 2016, that has refinanced its ABL due
2013.  Reliance on an asset-based loan for liquidity introduces
specific liquidity concerns, although the company's liquidity
profile is currently solid.  Ashtead has indicated that, following
the full redemption on 28 April 2011 of the US$250 million 2015
senior secured Notes (issued by Ashtead Holdings Plc), excess
availability on the ABL will be around US$475 million -- in line
with the availability at January 2010.  ABL availability is
largely dependent on asset valuations.  Used equipment values fell
by about 30% during the downturn, and have since partially
recovered.  Further recovery should improve availability, which
Moody's anticipates should reach over US$500 million during 2011.
Moody's also notes that the renewed ABL has reduced margins
compared to its previous 2013 facility, with leverage and fixed
charge covenants applicable if excess availability falls to 12% of
the facility size (i.e. US$168 million vs US$150 million for the
2013 facility).

The rating on the outstanding US$550 million 2016 senior secured
Notes (issued by Ashtead Capital Inc) has been maintained at B2,
despite the planned redemption of the 2015 Notes.  The B2 rating
is one notch higher than that derived through Moody's LGD model,
reflecting the positive trends shown by the change in rating
outlook from negative to positive.  If the outlook were
subsequently to revert to stable, then the 2016 Notes could be
downgraded to B3.  Commensurately, an upgrade of the CFR by one
notch may not lead to an upgrade of the 2016 Notes.

Ashtead's ratings could potentially be upgraded if adjusted
leverage falls below 3x, with EBIT/Interest above 2x, while
maintaining availability under the ABL above US$500 million.
Ratings could be downgraded if availability under the ABL falls
towards US$400 million; if adjusted leverage rises towards 4x; if
free cash flow is significantly below the company's guidance; or
if a recovery in the US construction markets is delayed such that
the company is not soon able to reverse the progressive aging of
its fleet.  Rating action may also be taken if the company embarks
on a material debt-funded acquisition.

The principal methodologies used in this rating were Global
Equipment and Automobile Rental Industry published in December
2010, and Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.

Moody's previous rating action on Ashtead was implemented on
May 21, 2009, when the rating agency downgraded the corporate
family rating to B1 from Ba3 and kept the outlook on negative.

Ashtead is a UK-listed equipment rental company, with operations
in the US and UK. Total revenue as at January 31, 2011, on a last-
12-months (LTM) basis was GBP915 million.  The company is listed
on the London Stock Exchange, with a market capitalization of
around GBP1 billion.


DIXONS RETAIL: Fitch Affirms Issuer Default Ratings at 'B'
----------------------------------------------------------
Fitch Ratings has revised UK-based electrical retailer Dixons
Retail plc's (Dixons) Outlook to Negative from Positive.  The
agency has affirmed Dixons' Long-term and Short-term Issuer
Default Ratings (IDR) at 'B' and its senior unsecured rating at
'B+' with a Recovery Rating of 'RR3'.

The Outlook revision reflects Dixons' trading update on
March 30, 2011.  The company expects that underlying profits
before tax (excluding the operations in Spain) for the financial
year to 30 April 2011 (FYE11) will be around GBP85 million (FYE10:
GBP90.5 million), down from a range of GBP100 million to GBP110
million previously guided in its Christmas trading statement in
January 2011.  The reduction in profit is due to the difficult
European consumer environment, particularly in the UK & Ireland
(42% of Dixons' FY10 underlying profits), which has deteriorated
since its Christmas update.

Fitch will continue to monitor Dixons' liquidity, debt and
interest coverage covenant compliance.  Dixons' liquidity is
currently adequate, with access to a GBP360 million revolving
credit facility (RCF) maturing in August 2013, which is sufficient
to cover the company's peak working capital usage throughout the
year. Fitch is assuming that credit insurers and suppliers will
continue to support the company.

Net debt is expected to be around GBP250 million at FYE11, up from
previous guidance of GBP215 million in January 2011.  Liquidity is
adequate, with the main maturity being the GBP160 million 6.125%
2012 bonds due to mature on Nov. 15, 2012.  The company expects to
redeem the bonds with proceeds from the disposal of the Jonkoping
warehouse in Sweden and from the group's cash resources.

Dixons' credit metrics have deteriorated more than Fitch's
expectations.  The European retail climate, particularly in the UK
is not expected to improve before 2012.  Conversely, the company's
Nordic operations remain robust.  Dixons' lease-adjusted net
debt/EBITDAR is expected to deteriorate to 5.4x in FYE11 compared
to 5.3x in FYE10.  Group EBIT margin is expected to marginally
decrease to 1.4% in FYE11 from 1.5% in FYE10.

Fitch notes that the company is responding to the challenging
consumer environment with a four-step action plan.  This includes
exiting its stores in Spain, reducing capital expenditure to
GBP160 million in FYE12 and GBP150 million per year thereafter,
focusing on cash generation and managing cost reduction
initiatives more aggressively.


FISH HOUSE: In Administration; FRP Seeks Potential Buyers
---------------------------------------------------------
Chris Stevens and Ian Vickers, partners at FRP Advisory LLP, the
specialist restructuring, recovery and insolvency firm, were
appointed on March 31, 2011 as Joint Administrators to boutique
hotel and restaurant The Fish House Chilgrove Limited, and Joint
Receivers of the freehold property, from which the business
operates.

The Fish House, based in Chilgrove, West Sussex, employs 30 full-
time staff.  Facilities include a bar, a restaurant with 100
covers, and a hotel featuring 15 deluxe rooms and spa facilities.

Commenting on the administration, Chris Stevens said: "The Fish
House is a popular destination for visitors from both within and
beyond Sussex.  We will continue to trade the business with a view
to selling it as a going concern.  This will help to safeguard
employees' jobs and enable the business to seek to honor all
current bookings."

If patrons wish to contact the managing agents, they can do so by
calling The Fish House directly on Tel: 01243 519 444.


PERSEUS PLC: S&P Downgrades Rating on Class C Notes to 'B (sf)'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Perseus (European Loan Conduit No. 22) PLC's class B and C notes.
"The downgrades follow our review of the Major Belle loan after
receipt of the notice in March that the loan has been accelerated.
The special servicer has subsequently appointed receivers to sell
the property securing the loan," S&P said.

The Major Belle loan is the smallest loan in the Perseus
transaction.  The loan defaulted on its maturity date in
October 2010 and has a current whole loan balance of GBP31.2
million, and a senior loan balance of GBP22.6 million.  An office
tower built in the 1970s, situated in a secondary location on the
southern fringe of Birmingham, secures the loan. Reported
occupancy stands at 85% and consists of 17 tenants on 26 leases.
The leases have a weighted-average unexpired term of approximately
three years.

"We have revised downward our view of the recoverable proceeds
from this loan to take account of the potentially lower recovery
value associated with a forced sale at this time, and the
increased costs that will likely result from the loan's
acceleration.  These costs include capital expenditure likely
to be required to refurbish the building.  Added to these factors,
we have also considered the lack of available financing in the
real estate market together with the recent performance of the
micro-market," S&P said.

"We understand that properties for sale in a similar location and
with similar specification in Birmingham have not attracted
material interest due to negative rental growth, large incentive
packages needed to attract prospective tenants, and investor
preference for long-dated prime assets.  As a result, we
believe that this loan may incur losses.  We have thus lowered our
ratings on the class B and C junior notes accordingly," S&P noted.

Following the paydown of the Columbus Court loan, two other loans
remain in the pool in addition to the Major Belle loan: The
Mapeley and Yate loans.

These loans are performing in line with our rating expectations.

Perseus ELOC 22 is a true sale commercial mortgage-backed
securities (CMBS) transaction, which closed in December 2005.
Three loans secured on properties in the U.K. currently back the
transaction.  The outstanding principal balance of the transaction
is now GBP128.2 million.  Morgan Stanley Bank International
originated all of the underlying loans between December 2004 and
December 2005.

Ratings list

                     Rating
Class       To                    From

Perseus (European Loan Conduit No. 22) PLC
GBP514.538 Million Commercial Mortgage-Backed Floating-Rate Notes

Ratings Lowered

B           BBB (sf)              A+ (sf)
C           B (sf)                BB (sf)


PLYMOUTH ARGYLE: Creditors Likely to Get 1 Pence in the Pound
-------------------------------------------------------------
The Herald's Edd Moore reports that businesses owed money by
Plymouth Argyle are set to be offered a settlement of just 1 pence
in the pound.

The club is searching for new owners after plunging into
administration last month with debts of GBP13 million, The Herald
relates.

According to The Herald, the vast majority of that is owed to 220
companies, large and small, who were hit by the financial
mismanagement of Argyle's former board.  Other unsecured creditors
include Argyle's 5,241 season ticket holders and 989 shareholders,
The Herald discloses.

The Herald says administrators are hoping to announce details of a
creditors' meeting via a dedicated Web site at the end of this
week, where its Company Voluntary Arrangement will be presented.

Money owed to football-related creditors -- including staff and
player wages -- and cash secured against assets must be repaid in
full, The Herald states.  But lead administrator Brendan Guilfoyle
on Friday night said only a nominal sum would be offered to other
creditors, The Herald recounts.  That is likely to be just 1 pence
for every pound owed or potentially less, The Herald notes.  If
fewer than 75% agree to the deal, the 125-year old club could be
forced out of business, according to The Herald.

Over GBP5 million of the GBP9 million-plus of unsecured debt is
owed to former directors and their associates, The Herald states.
That includes GBP2 million of mortgages controlled by former
executive chairman Keith Todd and ex-chairman Sir Roy Gardner,
though a dispute over the security of that cash is ongoing
according to The Herald.

South East-based property developer Paul Buttivant, backed
financially by a major European firm, is expected to make a firm
swoop this week, The Herald relates.

Plymouth Argyle Football Club, commonly known as Argyle, or by
their nickname, is an English professional Association football
club based in Central Park, Plymouth.


SOFAS UK: In Administration; Mulls Alternative Options
------------------------------------------------------
Stuart Maddison and Robert Lewis of PwC were appointed joint
administrators of Sofas UK Limited, trading as EasyLiving
Furniture, on March 30, 2011.

Stuart Maddison, joint administrator and partner at PwC, said:
"The company has suffered as a result of declining consumer
confidence and spending patterns due to the ongoing economic
challenges in the UK.  Due to recent difficulties in meeting the
company's financial obligations, and having explored alternative
options, the company has been placed into administration in order
to protect the business.

"In the short term, the administrators will undertake a swift
review of trading across the stores while they assess the options
available.  Once the review has been conducted, the administrators
will communicate the outcome to staff and customers as quickly and
as efficiently as possible."

Sofas UK Limited, based in Swindon, is a supplier of home
furniture with 20 stores across southern England employing around
150 people.


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


* 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 * * *