TCREUR_Public/110412.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 12, 2011, Vol. 12, No. 72

                            Headlines


C R O A T I A

AGROKOR DD: S&P Places 'B' Corp. Credit Rating on Watch Negative


C Y P R U S

SNK VENUS: Liquidation Hearings Set for May and June


E S T O N I A

KOGER & PARTNERID: Files for Bankruptcy Protection


F R A N C E

BIOCORAL INC: Michael T. Studer CPA Raises Going Concern Doubt


G E R M A N Y

1860 MUNICH: Jordanian Investor to Save Club from Insolvency
HEAT MEZZANINE: Moody's Cuts Rating on Class B notes to 'C (sf)'
* GERMANY: Corporate Insolvencies Down 1.7% in January 2011


G R E E C E

* GREECE: Debt Restructuring Not an Option, EU Official Says
* S&P Rates 28 Tranches in Greek Deals After Greece's 'BB-' Rating


I C E L A N D

LANDSBANKI: Liquidation Proceeds May Cover Depositor Claims
LANDSBANKI ISLANDS: Icelanders Reject Icesave Agreement


I R E L A N D

TOTAL FITNESS: In Voluntary Liquidation; Put Up for Sale


I T A L Y

BANCASAI SPA: S&P Maintains 'BB+/B-' Counterparty Credit Rating


K A Z A K H S T A N

KAZAKHTELECOM JSC: Fitch Affirms LT Issuer Default Ratings at 'BB'


L U X E M B O U R G

LECTA SA: Moody's Upgrades Corporate Family Rating to 'B1'


N E T H E R L A N D S

IFCO SYSTEMS: S&P Raises Corporate Credit Rating to 'BBB'


R O M A N I A

* ROMANIA: Faces Fewer Insolvency Requests This Year


T U R K E Y

TURKIYE GARANTI: Moody's Assigns Provisional '(P)Ba1' Rating


U N I T E D   K I N G D O M

BOPARAN HOLDINGS: S&P Assigns 'B+' LT Corporate Credit Rating
COUGAR LEISURE: RBS to Take More Than GBP5-Mil. Hit on Loans
DUNDEE FOOTBALL: Expects to Exit Administration by End of Season
FASHION FAST: Woolworths Woes Trigger Firm's Collapse
HERCULES ECLIPSE: Moody's Cuts Rating on Class B Notes to 'B1(sf)'

HMV GROUP: Music Companies in Talks to Secure Future
INTERNATIONAL FINANCE: Fitch Affirms Long-Term IDR at 'BB+'
MAXWELLTOWN BUILDERS: Placed in Liquidation; Ceases Trading
TURBO ALPHA II: Moody's Assigns 'Caa1' Corporate Family Rating
WILSON'S HAULAGE: In Liquidation; Owes GBP160,000 to HMRC

* UK: BoE Seeks Official to Take Charge of Special Resolution Unit


X X X X X X X X

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


                            *********


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C R O A T I A
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AGROKOR DD: S&P Places 'B' Corp. Credit Rating on Watch Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services said it placed its 'B' long-
term corporate credit rating on Croatia-based food manufacturer
and retailer Agrokor d.d. on CreditWatch with negative
implications.

"The CreditWatch placement reflects the potentially negative
effect of Agrokor's planned acquisition of a 23% interest in
Slovenia-based Mercator and our uncertainty about further
investments in the company," said Standard & Poor's credit analyst
Anton Geyze.

The successful bidder will be announced by April 15, 2011.

"We believe the transaction is unlikely to materially influence
Agrokor's debt-protection metrics if successful, but potential
additional investments might require material debt financing,"
said Mr. Geyze.  "If the transaction materializes, we could affirm
or lower the rating on Agrokor, depending on the share it
ultimately purchases in Mercator, the financing structure, the
combined entity's liquidity position after the transaction, and
Agrokor's financial policy on liquidity and leverage."

Agrokor's liquidity position has improved over the past two years,
but remains weak as the company continues to depend on rolling
over its short-term debt and has limited headroom under financial
covenants.  "In our view, the company has limited financial
flexibility for acquisitions at the current rating level.  The
adjusted leverage ratio for the year to Sept. 30, 2010, (adjusted
debt to EBITDA of 4.8x) was very close to the 5.0x level we
consider commensurate with the current rating level.  We
understand that Agrokor's management expects significant cost
synergies with Mercator and potential disposal proceeds, which
might facilitate deleveraging if Agrokor attains a controlling
stake," S&P related.

"Previously, we expected Agrokor to increase headroom under the
covenants and keep the share of its short-term debt at less than
30%, which would be in line with the current ratings.  There is a
risk that the share of short-term debt might increase in the near
term if the company uses bridge financing for the acquisition or
consolidates Mercator's short-term debt.  Moreover, because
Agrokor has limited headroom under its covenants, the Mercator
acquisition might require it to obtain waivers.  Integration costs
in conjunction with the acquisition highlight covenant compliance
as a potential area of credit weakness," S&P noted.

"Agrokor continues to demonstrate an acquisitive stance, in our
view, while its private ownership prevents it from raising equity
in public markets and makes it reliant on debt financing.
Previously, Agrokor was involved in negotiations to acquire a
stake in Turkish retailer Migros and Russian retailer Lenta, but
the transactions did not proceed," according to S&P.

"The rating on Agrokor reflects our view of its "fair" business
risk profile and "highly leveraged" financial risk profile.  The
business risk profile is constrained by Agrokor's limited,
although improving, geographic diversification, which is largely
exposed to developing economies.  The business risk profile is
supported by Agrokor's entrenched market positions in Croatian
food retail and several key food segments, such as ice cream,
frozen foods, beverages, and edible oils," S&P noted.

The rating is constrained by the group's "highly leveraged"
financial risk profile.  This results from Agrokor's "weak"
liquidity position and aggressive financial policy, reflected in
Agrokor's historical acquisitive stance and funding of growth
through short-term debt.  "The company's liquidity management
reduces the group's financial flexibility, in our view, and this
is demonstrated by Agrokor's dependence on bank refinancing of its
short-term borrowings and limited leeway on financial covenants,"
S&P said.

"We expect to resolve the CreditWatch within the next three
months, during which time we plan to obtain more information on
the size of Agrokor's investment in Mercator and the related
financing structure," S&P continued.

Any rating action will also be subject to clarification about
Agrokor's financial policy, including details of its investment
and disposal plans, liquidity management, and particularly
covenant compliance and target leverage levels.


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C Y P R U S
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SNK VENUS: Liquidation Hearings Set for May and June
----------------------------------------------------
Nigel Howart at Cyprus Property News reports that buyers of
properties built by SNK Venus Home Developers Ltd and SNK
Exclusive Properties Ltd are advised that liquidation proceedings
against the companies will be heard in May and June at the Larnaca
District Court.

SNK Venus Home Developers is a leading developer on the south east
coast of Cyprus.


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E S T O N I A
=============


KOGER & PARTNERID: Files for Bankruptcy Protection
--------------------------------------------------
Ott Ummelas at Bloomberg News reports that AS Koger & Partnerid
filed for bankruptcy protection, citing the effects of economic
recession and difficulties with state tenders.

According to Bloomberg, Koger said in an e-mailed statement that
the company filed a request on Thursday with Harju County court to
reorganize its liabilities.  The company added that the biggest
creditors have agreed to begin restructuring proceedings,
Bloomberg relates.  It didn't name any creditors, Bloomberg notes.

Kroger said the effect of the economic crisis on construction has
been bigger than expected, Bloomberg recounts.  Kroger, as cited
by Bloomberg, said "As a company fully based on Estonian capital,
we did not have a buffer similar to international companies to
finance long-term losses."

Koger, Bloomberg says, didn't disclose its debts or assets.  The
company said Koger Projektijuhtimise AS, owned by businessman
Andres Koger, will assume all liabilities of the group, while
small shareholders have withdrawn, according to Bloomberg.

AS Koger & Partnerid is a construction company based in Tallinn,
Estonia.  The company employs about 50 people.


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


BIOCORAL INC: Michael T. Studer CPA Raises Going Concern Doubt
--------------------------------------------------------------
Biocoral, Inc., filed on March 31, 2011, its annual report on
Form 10-K for the fiscal year ended Dec. 31, 2010.

Michael T. Studer CPA P.C., in Freeport, New York, expressed
substantial doubt about Biocoral's ability to continue as a going
concern.  Mr. Studer noted that the Company had net losses of
approximately US$703,300 and US$452,600 in 2010 and 2009,
respectively.  "The Company had a working capital deficiency of
approximately US$2,125,700 and US$1,585,300, at Dec. 31, 2010, and
2009, respectively.  The Company also had a stockholders' deficit
of approximately US$4,734,700 and US$4,040,800 at Dec. 31, 2010,
and 2009, respectively."

The Company reported a net loss of US$703,272 on US$307,655 of
sales for 2010, compared with a net loss of US$452,592 on
US$425,055 of sales for 2009.

At Dec. 31, 2010, the Company's balance sheet showed US$1.5
million in total assets, US$6.2 million in total liabilities, and
a stockholders' deficit of US$4.7 million.

A complete text of the Form 10-K is available for free at:

                       http://is.gd/o6iPNm

Headquartered in La Garenne Colombes, France, Biocoral, Inc.
-- http://www.biocoral.com/-- was incorporated under the laws of
the State of Delaware on May 4, 1992.  Biocoral is a holding
company that conducts its operations primarily through its wholly-
owned European subsidiaries.  The Company's operations consist
primarily of research and development and manufacturing and
marketing of patented high technology biomaterials, bone
substitute materials made from coral, and other orthopedic, oral
and maxillo-facial products, including products marketed under the
trade name of Biocoral.  Most of the Company's operations are
conducted from Europe.  The Company has obtained regulatory
approvals to market its products throughout Europe, Canada and
certain other countries.  The Company owns various patents for its
products which have been registered and issued in the United
States, Canada, Japan, Australia and various countries throughout
Europe.  However, the Company has not applied for the regulatory
approvals needed to market its products in the United States.


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


1860 MUNICH: Jordanian Investor to Save Club from Insolvency
------------------------------------------------------------
Monsters and Critics.com, citing a report from the Sueddeutsche
Zeitung (SZ) daily, says that Jordanian investor, Hasan Abdullah
Ismaik, plans to save German football club 1860 Munich from
insolvency and lead the entity back into the top flight.

According to Monsters and Critics.com, the SZ said Mr. Ismaik is
ready to invest around EUR33 million (US$47 million) into the
ailing second division club.

Mr. Ismaik will reportedly acquire 49% of the club shares for
EUR13 million and is ready to come up with an additional sum of up
to EUR20 million to bring the club back into the Bundesliga,
Monsters and Critics.com reports.

Club officials have so far not confirmed the issue, saying only
that involvement of a big investor was one option, Monsters and
Critics.com relates.  Mr. Ismaik would be the first investor from
the Middle East in German football, Monsters and Critics.com
notes.

The 1860 club won the Bundesliga title in 1996, but has been in
financial trouble for decades.  They were forced into the lower
leagues in 1982 and need EUR10 million swiftly to avoid insolvency
and relegation into the amateur leagues again.


HEAT MEZZANINE: Moody's Cuts Rating on Class B notes to 'C (sf)'
----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of two
classes of notes issued by H.E.A.T. Mezzanine.  The notes affected
by the rating action are:

Issuer: H.E.A.T Mezzanine S.A. - Compartment 3 Notes

   -- EUR233M A Notes, Downgraded to Caa3 (sf); previously on
      September 3, 2010 Downgraded to B3 (sf)

   -- EUR31M B Notes, Downgraded to C (sf); previously on
      September 3, 2010 Downgraded to Ca (sf)

H.E.A.T Compartment 3 is a transaction collateralized by a static
portfolio of German SME mezzanine loans.  On the last payment date
(October 2010), Class A was paid down by a total EUR2.03 million
from excess spread proceeds and scheduled amortization payments
and currently has EUR215.8 million of notional outstanding.

                        Ratings Rationale

The transaction has suffered two defaults worth EUR15 million
since last monitoring in September 2010 (6.7% of the pool at last
monitoring).  Once the most recent insolvency is considered under
the terms of the transaction as a Principal Deficiency Event (PDE)
the transaction will have experienced EUR 106 million of PDEs
(33.8% of the initial pool) since closing in February 2007.

The main driver of the downgrade is the recent insolvency of
company no. 58 with a notional of EUR 12 million, which was not
included in the obligors stressed at last monitoring.  By removing
this asset from the pool, the Class A is now under-collateralized
and reliant on future excess spread, recovery or restructuring
benefits to build par.  Based on the information provided in the
latest report dated Feb. 3, 2011, there are a further four
companies Moody's considers likely to experience a PDE and seven
more companies that retain an elevated level of default risk for a
total amount of EUR21 million and EUR23.5 million respectively.

Due to the very low OC ratios on the notes, default scenarios were
not simulated.  Analysis was based on loss given default analysis
various default and recovery scenarios.  Reflecting this, the
ratings on Class A remain commensurate with the Moody's expected
recoveries for the notes, as outlined in the paper titled "Moody's
Approach to Rating Structured Finance Securities in Default"
(November 2009).

In addition to the performing pool of obligors, Moodys gave credit
to proceeds received from early terminations, held in the recovery
account to be released in to the waterfall on the scheduled
maturity (February 22, 2014), for an amount equal to EUR 13.2
million.  In its base case, Moody's did not give credit to
potential recoveries or restructuring benefits accruing from the
amended transaction documents in connection with the noteholder
consent as of October, 2010.

Moody's completed its analysis by further sensitivity runs,
including various additional jump to default stresses for weaker
obligors in the pool and corresponding haircuts to the available
excess spread resulting from further defaults in the pool.
Moody's notes as well that the pool remains highly concentrated,
with the performing pool containing 44 obligors with the top five
obligors amounting to 26.0% of the pool.

Sources of additional performance uncertainties include:

   1) Low portfolio granularity: The performance of the portfolio
      depends to a large extent on the credit conditions of a few
      large obligors that are rated non investment grade,
      especially when they experience jump to default.  Due to the
      pool's lack of granularity, Moody's supplements its base
      case scenario with individual scenario analysis.

   2) Potential for elevated refinancing difficulty regarding the
      subordinated debt instruments in this portfolio,
      particularly among obligors with weaker credit quality.

   3) Recoveries: recoveries so far have been low on this
      portfolio, but an amendment to the transaction to enable
      restructurings in 2010 could lead to higher than expected
      recoveries in future.

The principal methodologies used in rating the notes are "Moody's
Approach to Rating Structured Finance Securities in Default"
published in November 2009,"Moody's Approach to Rating
Collateralized Loan Obligations" published in August 2009,
"Moody's Approach to Rating Corporate Collateralized Synthetic
Obligations" published in September 2009, and "Moody's Approach to
Rating CDOs of SMEs in Europe" published in February 2007.

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 6 months.


* GERMANY: Corporate Insolvencies Down 1.7% in January 2011
-----------------------------------------------------------
RTTNews, citing Federal Statistical Office, reports that German
insolvency courts recorded 12,800 insolvencies in January this
year, which was 1.7% less than in January last year.

According to RTTNews, the total number of corporate insolvencies
fell 9.5% year-on-year to 2,304, while insolvencies of consumers
rose 2.3%.

The estimated outstanding claims of creditors amounted to EUR2.1
billion during the month, RTTNews discloses.  This was less than
last year's EUR3.1 billion, RTTNews notes.


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G R E E C E
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* GREECE: Debt Restructuring Not an Option, EU Official Says
------------------------------------------------------------
Xinhua reports that the European Union's top economic official on
Saturday ruled out the possibility of restructuring Greece's debt.

"We do exclude restructuring," Xinhua quotes European Commissioner
for Economic and Monetary Affairs Olli Rehn as saying while
answering questions at a press conference held after an informal
meeting of EU finance ministers.  "We have a solid plan and we are
working on the basis of that plan and it is based on careful
analysis of debt sustainability."

The EU endorsed a EUR110 billion bailout package for Greece last
year to help the country fight a debt crisis, Xinhua recounts.
But some analysts say the debt-to-GDP ratio of Greece is too high
and insolvency is inevitable, Xinhua notes.  Xinhua relates that
the analysts said the EU should consider a debt reduction for
Greece and the possibility of restructuring.


* S&P Rates 28 Tranches in Greek Deals After Greece's 'BB-' Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
28 tranches in 15 Greek asset-backed securities (ABS) and
residential mortgage-backed securities (RMBS) transactions.

Specifically, S&P:

    * Lowered to 'BBB+' from 'A' and kept on CreditWatch negative
      S&P's ratings on 15 tranches in nine RMBS transactions;

    * Put on CreditWatch negative a single 'BBB+' rated tranche in
      one RMBS transaction;

    * Put on CreditWatch negative five 'BBB' rated tranches in
      four RMBS transactions and one 'BBB' rated tranche in a
      single SME CLO (small and midsize enterprise collateralized
      loan obligation) transaction; and

    * Lowered to 'BBB+' from 'A' and kept on CreditWatch negative
      S&P's ratings on three tranches in three ABS transactions
      and a further three tranches in three SME CLO transactions.

"These rating actions have resulted from our revised assessment of
Greek country risk in structured finance transactions backed by
Greek assets, which in turn follows our recent downgrade of the
Hellenic Republic to 'BB-'," S&P related.

                  Increased Country Risk Assessment
                      for the Hellenic Republic

"We analyze country risk when assigning structured finance
ratings.  In this analysis, we consider how a broad range of
political, legal, economic, and industry factors may affect the
performance of structured finance transactions and their ratings,"
S&P related.

"We currently consider that a growing risk to Greece's budgetary
position is present, highlighted by what we view as the likely
budgetary deterioration in 2010.  In particular, government
revenues have been underperforming budgetary expectations, most
recently in the current quarter," S&P stated.

"In our view, prospects for enhanced tax collections remain
uncertain, due both to the impact of weaker domestic demand and
persisting inefficiencies in tax administration," S&P noted.

"Our current assessment of country risk for the Hellenic Republic
is that weak economic growth prospects, together with potential
additional fiscal measures to be taken, may adversely affect the
performance of Greek structured finance transactions," S&P
continued.

                       Maximum Achievable Greek
                     Structured Finance Ratings

"When rating a securitization above the foreign currency rating on
the sovereign in which the assets are located, our premise is that
the structured finance obligation would continue to perform in a
stress scenario where the government has defaulted on its
obligations," S&P stated.

"While we believe that this would be the case for structured
finance transactions backed by Greek assets that we rate, we also
consider that risks affecting these transactions have increased
materially due to heightened country risk, which, in part, is
reflected in the 'BB-/Watch Neg' long-term rating on the Hellenic
Republic.  As a result, the likelihood that these transactions
could experience an unusually large adverse change in credit
quality has also increased, in our view," according to S&P.

"Therefore, we are limiting the maximum achievable rating for
structured finance transactions backed by Greek assets to
'BBB+/Watch Neg'.  As a consequence, we are today lowering to
'BBB+' our ratings on all Greek ABS and RMBS notes rated 'A' or
'A-' and have kept these ratings on CreditWatch negative
(additionally, we have placed a single 'BBB+' rated tranche and
five 'BBB' rated tranches on CreditWatch negative)," S&P stated.

"We may make further adjustments to the maximum achievable
structured finance rating if there is a change in our view of
country risk or, in some cases, a change to the sovereign credit
rating on the Hellenic Republic," S&P related.

"The current negative CreditWatch placement on the ratings on the
Hellenic Republic reflects the possibility of a further downgrade
by one or two notches if there is evidence of budgetary
deterioration, reflected in a significant worsening of Greece's
fiscal position in 2010 relative to the government's target or in
underperformance with respect to the government's 2011 budgetary
targets," S&P stated .

The effect on structured finance transactions backed by Greek
assets from any future downgrade of the sovereign credit rating
might come from a combination of factors that are hard to predict
at this point.  "We will review our assessment of country risk and
the impact on structured finance transactions if the sovereign
credit rating on the Hellenic Republic changes," S&P noted.

              Effect of Greek Personal Bankruptcy Law
                      on Securitizations

"We have also concluded our analysis on the impact that Law
3869/2010 on the restructuring of debts of overindebted households
(personal bankruptcy) may have on our ratings on transactions
backed by Greek assets.  The Greek Parliament passed the law on
July 28, 2010 and published it in the Government Gazette on
Aug. 3, 2010," S&P related.

The law provides for the restructuring or partial discharge of
debts of "natural persons" in cases where the borrower is unable
to pay his or her debts when due.  "Our reading of the law is this
would apply both where there is a permanent and a threatened
inability to pay and would apply only where no fraud is involved,'
S&P noted.

S&P continued, "Our analysis of the law's potential effect on
Greek assets' default levels, recovery amounts, and time to
recovery indicates that this law does not affect the ratings on
outstanding notes in any transactions, in our opinion."


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LANDSBANKI: Liquidation Proceeds May Cover Depositor Claims
-----------------------------------------------------------
Omar R. Valdimarsson at Bloomberg News reports that the Icelandic
government said in an e-mailed statement on April 10 that proceeds
from the liquidation of Landsbanki Islands hf may cover 100% of
British and Dutch depositor claims.

"Hence, the Netherlands and the U.K. will receive a refund of the
funds spent to compensate depositors, regardless of the judicial
process which will now be launched," Bloomberg quotes Finance
Ministry spokeswoman Rosa Bjork Brynjolfsdottir as saying in the
statement.

                     About Landsbanki Islands

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

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


LANDSBANKI ISLANDS: Icelanders Reject Icesave Agreement
-------------------------------------------------------
Omar R. Valdimarsson at Bloomberg News reports that Icelanders
rejected a depositor claims accord with the U.K. and Netherlands,
forcing an international court battle that the island's government
said will probably last a year.

According to Bloomberg, the National Electorate Commission on
Sunday said that a final count showed 59.7% of voters said no to
the so-called Icesave agreement, while 40.1% said yes, with voter
turnout estimated at 75%.

"I fear a court case very much," Bloomberg quotes Prime Minister
Johanna Sigurdardottir as saying in an interview with broadcaster
RUV, immediately after the first results were published.  "We
will, of course, defend Iceland's interests vigorously in this
matter."

The government had hoped an Icesave deal would restore investor
and diplomatic relations and end the financial isolation that has
stalled Iceland's resurrection from its 2008 banking collapse,
Bloomberg discloses.  The failure of Landsbanki Islands hf, which
offered the high-yielding Icesave accounts over the internet,
threatened to leave 350,000 British and Dutch depositors in the
lurch, Bloomberg recounts.  They were repaid by their governments,
which are now turning to the Icelandic state for compensation,
Bloomberg notes.

                          Legal Action

Bloomberg relates that Dutch Finance Minister Jan Kees de Jager on
Sunday said Iceland has to meet its international obligations and
the Netherlands will ultimately get back the money it is owed.
Mr. De Jager, as cited by Bloomberg, said the Iceland vote was
"disappointing."

The "time for negotiation is over," Bloomberg quotes Mr. De Jager
as saying.  "Now the court will decide on this."

Iceland's negotiating committee in December estimated the latest
Icesave accord would cost the state about ISK47 billion (US$419
million), while the remaining debt will be covered using the
proceeds of Landsbanki assets, Bloomberg states.  On March 2, it
published an estimate setting the cost to the state at ISK32
billion.  That's less than a third of the cost of the Icesave
accord rejected by 93% of voters a year ago, Bloomberg notes.
Britain is lending Iceland GBP2.35 billion (US$3.85 billion) to
help it repay the depositor losses, while the Netherlands is
lending GBP1.3 billion (US$1.9 billion), Bloomberg discloses.

Separately, Rupert Neate at The Telegraph reports that the UK
Government is preparing to take Iceland to court to demand it
repay every penny of the GBP2.3 billion Britain lost when the
Icelandic banking system collapsed.

According to The Telegraph, Treasury Chief Secretary Danny
Alexander said Britain would pursue Iceland through the European
courts in order to recoup the money the Government paid out in
compensation to British savers when the Icelandic bank Icesave
collapsed in 2008.  Mr. Alexander, as cited by The Telegraph, said
the Government had no choice but to take legal action after the
Icelandic people voted against a long-term repayment plan.

"It's obviously disappointing. It seems the people of Iceland have
rejected what was a negotiated settlement," The Telegraph quotes
Mr. Alexander as saying on the BBC's Andrew Marr show on Sunday.

"We had an obligation to people in this country who'd saved with
those banks.  We have an obligation now to get that money back and
we will continue to pursue that until we do.

"There is a legal process going on and we will carry on through
these processes.  There is a very substantial amount of money
involved -- billions of pounds."

Britain will lodge a complaint against Iceland at the European
Free Trade Association in Luxembourg, The Telegraph discloses.

However, it will be at least a year until the dispute reaches the
court, The Telegraph notes.

                     About Landsbanki Islands

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

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


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TOTAL FITNESS: In Voluntary Liquidation; Put Up for Sale
--------------------------------------------------------
Richael O'Brien at InsolvencyJournal.ie reports that David Van
Dessel of kavanaghfennell has been appointed liquidator of the
Total Fitness Gym chain.

Citing the Directors' Estimated Statement of Affairs which was
presented at the Meeting of Creditors, InsolvencyJournal.ie says
Centre Operators Limited, the company behind the gyms, has an
overall deficit of EUR18 million.  This includes over
EUR1.6 million in gym membership owed to 11,150 customers,
according to InsolvencyJournal.ie.  These customers are now
unsecured creditors within the liquidation, InsolvencyJournal.ie
notes.

The Company's biggest debt is a guarantee of EUR10 million in
respect of its UK Parent Company, owed to Barclay's bank,
InsolvencyJournal.ie discloses.  There are also debts outstanding
to the Revenue Commissioners (EUR1.2 million), Fingal County
Council (EUR115,000), and the employees of the company
(EUR149,000), InsolvencyJournal.ie discloses.  The biggest asset
of the company is an intercompany loan of EUR7 million, but the
directors believe this debt to be dormant and that they are
unlikely to realize any of this figure, InsolvencyJournal.ie
notes. The liquidator will be making his own assessment of that
debt, InsolvencyJournal.ie states.

According to InsolvencyJournal.ie, the company is no longer
trading, however, the liquidator is exploring all avenues,
including the possibility of selling the gyms, as a "going
concern".  A valuer has been appointed, and is in the process of
assessing the value of the assets held by the company,
InsolvencyJournal.ie relates.  The liquidator is currently
advertising the business and assets for sale, InsolvencyJournal.ie
says.

The liquidator has been in contact with employees, and is
currently preparing the relevant employee forms which will allow
them to claim their entitlements from the social fund, according
to InsolvencyJournal.ie.  Members who paid for their membership
may also reclaim the amount from their financial institutions if
they paid with debit or credit cards, InsolvencyJournal.ie notes.

As reported by the Troubled Company Reporter-Europe on March 22,
2011, Total Fitness, as cited by The Irish Times, said it was
loss-making.  The company said that a "major factor" in this were
rents "significantly higher than market value," according to The
Irish Times.  The statement added that the company had attempted
unsuccessfully to renegotiate the rents with its landlord, The
Irish Times noted.

Dublin-based Total Fitness employed 95 full-time workers and a
further 20 workers on a part-time basis.  The gym operated out of
three Dublin locations; Castleknock, Malahide Road, and Sandyford.


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


BANCASAI SPA: S&P Maintains 'BB+/B-' Counterparty Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services commented on its CreditWatch
placement of Italy-based BancaSai SpA.  The long- and short-term
'BB+/B' counterparty credit ratings on BancaSai remain on
CreditWatch with negative implications, where they had originally
been placed on Dec. 1, 2010.

"We are keeping BancaSai on CreditWatch negative following a
similar action earlier today on its parent, Italian composite
insurer Fondiaria-SAI SpA.  Under our group rating methodology, we
cap the ratings on BancaSai, which we consider as a strategically
important subsidiary, at one notch below those on its parent," S&P
said.

"In addition, we factor into the long-term rating one notch of
uplift above BancaSai's stand-alone credit profile (SACP) to
reflect Fondiaria-SAI's ongoing funding support of BancaSai.  Our
assessment of BancaSai's SACP remains unchanged.  Deterioration in
Fondiaria-SAI's financial profile could, however, potentially lead
it to reduce its funding support of BancaSai, which would
weigh on our assessment of BancaSai's SACP," S&P related.

"We expect to resolve the CreditWatch within two months, based on
the resolution of our CreditWatch on the parent.  A change in the
ratings on Fondiaria-SAI would prompt a similar rating action on
BancaSai, as a strategically important subsidiary.  In the case of
a two-notch downgrade of Fondiaria-SAI, we would lower the long-
term rating on BancaSai by two notches and its SACP by one notch,"
S&P added.


===================
K A Z A K H S T A N
===================


KAZAKHTELECOM JSC: Fitch Affirms LT Issuer Default Ratings at 'BB'
------------------------------------------------------------------
Fitch Ratings has affirmed Kazakhtelecom JSC's (Kaztel) Long-term
foreign and local currency Issuer Default Ratings (IDR) at 'BB',
Short-term foreign currency IDR at 'B' and National Long-term
rating at 'A(kaz)'.  The Outlooks on the Long-term ratings are
Stable.

The affirmation reflects the improvement in Kaztel's cash flow
generation and credit metrics in FY10 following the sale of a 51%
stake in its GSM-standard mobile subsidiary, Mobile Telecom-
Service LLP (MTS) as well as its reduced refinancing risk
following the refinancing of its US$350 million syndicated loan
due in July 2010 with long-term (five to 10-year) borrowings in
late-2009.

The ratings reflect Kaztel's strong market position and financial
performance, modest leverage, improved cash flow generation and
maturity profile.  However, they also reflect the significant
regulatory uncertainty and the strategic challenges it faces to
stabilize its profitability margins and retain competitiveness in
the most profitable urban areas.

The Stable Outlook is underpinned by Kaztel's strong EBITDA
generation, albeit lower in 2010, with an organic EBITDA margin
(adjusted for MTS) down to 35.3% at FY10 from 40.1% at FY09 after
the completion of cost-cutting measures.  However, Fitch remains
concerned that operating margins may decline further in the mid
term as the tariffs on Kaztel's fixed-line business may continue
to come under pressure due to regulatory intervention and the
mobile segment may also face more competition.  Furthermore,
broadband growth may come from rural areas, where pricing and
operational profitability is expected to be lower.  Therefore,
Fitch believes that the company's ability to maintain margins at
this level is unproven.

The company's current gross leverage, if sustained at
approximately 1x, is strong for the current rating level and may
warrant positive rating action.  Furthermore, a reduction in
foreign currency risk (nearly all of its debt is denominated in or
linked to foreign currencies), sustainable high organic EBITDA
margin of above 30% and healthy free cash flow (FCF) generation --
on the back of a lower capex to sales ratio would be considered a
rating positive.  Factors constraining the ratings may include
potential liquidity constraints as a result of possible
restrictions to Kaztel's access to cash in local banks, as well as
steep margin erosion, combined with an excessive ramp-up in capex.
Fitch remains concerned about a rise in future capex due to
regulatory pressures to expand network coverage in sparsely-
populated regions.

Fitch rates Kaztel on a standalone basis and does not factor in
any support due to indirect government ownership, although there
is evidence that the government has provided indirect support
through state-owned banks in the past.

Kaztel's total debt/EBITDA (including associate dividends) dipped
to 1.2x at FY10 from 1.4x at FY09, due to the MTS disposal and
rising EBITDA due to significantly higher associate dividends
(KZT23,026 at FY10 versus KZT12,740 at FY09).  Following capex
reduction to 23% in 2010 and 26% of revenue in 2009 from 42.3% in
2008, Kaztel's historically negative FCF turned positive,
reporting KZT38.9 billion in 2010 and KZT23.2 billion in 2009.
The MTS disposal also generated US$76 million in cash for Kaztel,
boosting cash balances.

At end-2010, liquidity (cash of KZT58.4 million), deposits and the
next 12 months' forecast positive FCF was strong, and comfortably
covered short-term maturities, if not constrained by possible
restrictions of access to cash kept in local banks.  Fitch further
notes that Kaztel's cash is mainly deposited with Kazakh banks
that have substantially lower ratings than Kaztel.  Although the
risk that Kaztel's cash would be blocked has reduced with the
improvement of the banks' liquidity since H208, Kaztel's potential
access to this cash remains a concern.  As a result, in assessing
Kaztel's credit profile, Fitch placed greater emphasis on Kaztel's
gross rather than net leverage.

Fitch aims to visit and review the company by July 2011 at the
latest after it has received a detailed management update on the
company's overall strategy following the MTS disposal, the
regulatory scheme, Kaztel's forecasted revenues, operating
margins, cash generation performance and expected key financial
metrics at end-FY11.


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


LECTA SA: Moody's Upgrades Corporate Family Rating to 'B1'
----------------------------------------------------------
Moody's Investors Service has upgraded the Corporate Family Rating
and Probability of Default Rating of Lecta S.A. to B1 from B2.
Concurrently, Moody's upgraded the rating for the EUR598 million
senior secured floating rate notes due 2014 to B1 from B2 and the
rating for the EUR150 million senior unsecured floating rate notes
due 2014 to B3 from Caa1.  The outlook on the ratings remains
stable.

                        Ratings Rationale

"The upgrade of the CFR to B1 reflects the relatively robust
operating performance and cash generation demonstrated by Lecta
during the recent challenging quarters.  Despite a significant
contraction in demand for coated fine paper in 2009 and high input
costs which impacted producers in 2010, Lecta was able to
gradually enhance profitability on 2009 levels on the back of
strong pricing execution and prudent cost management with credit
metrics now positioning the company solidly in the B1 category",
says Anke Rindermann, Moody's lead analyst for the European paper
industry.  As 2011 unfolds, higher average prices compared to
2010, in addition to a further gradual demand increase should help
producers to mitigate the effect of still elevated input costs.
At the same time, however, Moody's cautions that the industry
remains exposed to the secular demand decline trend for paper that
continues unabated and requires producers to further implement
capacity rationalizations to avoid a rebuild of pricing power.

As a result of Lecta's robust performance and solid cash flow
generation, credit metrics could be improved towards the
requirements for the B1 rating category as indicated by RCF/Debt
above 10% per September 2010.  Moody's in particular recognizes
that Lecta generated a substantial amount of free cash flow over
the last two years despite considerable payouts for restructuring
measures, which allowed the company to build up a sizeable cash
position of EUR271 million as of September 2010.  While Moody's
would expect some of the working capital releases to be reversed
as volumes continue to recover, Lecta's liquidity position should
remain solid, reflecting Moody's expectation of continued positive
free cash flow generation, access to the currently unused EUR60
million revolving credit facility without conditionality language
and no debt maturities before 2014.  Nevertheless, the group's
leverage as defined by Moody's adjusted Debt/EBITDA of 6.2x (net
debt/EBITDA, as adjusted by Moody's, of 4.3x) remains elevated for
a company operating in a commoditized and cyclical industry.

The stable outlook mirrors Moody's expectation of Lecta to at
least sustain current profitability levels and a continuation of
positive free cash flow generation, which should yield a further
gradual deleveraging in net debt terms.  In addition, the stable
outlook does not consider any sizeable cash distribution towards
shareholders, which however to Moody's understanding is reasonably
restricted by the bond documentation.

More fundamentally, the B1 rating positively takes into account
Lecta's (i) leading market position in its core south European
markets of coated fine paper, (ii) the favorable product mix in
higher-margin coated fine and specialty paper grades, as well as
(iii) the proximity to customers, which allows production and
shipping flexibly and lowers transportation costs, in addition to
overall lean overhead functions.

At the same time, the rating remains constrained by (i) Lecta's
highly leveraged capital structure in particular in light of the
inherent cyclicality of the paper industry as well as the
company's low vertical integration, (ii) the fact that it is owned
by a private equity fund imposing the risk that the currently
achieved capital structure will not be sustainable, (iii) its
small absolute scale as evidenced in a revenue base of around
EUR1.5 billion as per LTM September 2010, and its regional
concentration and segmental focus on coated fine paper.

Further upwards pressure would require a track record of improved
profitability levels as indicated by EBITDA margins in the low to
mid teens, enabling in turn a further deleverage of Debt/EBITDA
moving to below 4.5 times while Moody's would also expect a
continuation of positive free cash flow generation.

The rating could come under downward pressure should Lecta's
profitability decline as indicated by EBITDA margins materially
below 10% (as per September 2010: 9.7%), cash coverage as measured
by RCF / Debt to below 10% (as per September 2010: 12.9%) or free
cash flow generation turning negative

Downgrades:

   Issuer: Lecta S.A.

   -- Senior Secured Regular Bond/Debenture, Downgraded to LGD3,
      48% from LGD3, 47%

Upgrades:

   Issuer: Lecta S.A.

   -- Probability of Default Rating, Upgraded to B1 from B2

   -- Corporate Family Rating, Upgraded to B1 from B2

   -- Senior Secured Regular Bond/Debenture, Upgraded to B1 from
      B2

   -- Senior Unsecured Regular Bond/Debenture, Upgraded to B3,
      LGD5, 76% from Caa1, LGD5, 77%

   -- Senior Unsecured Regular Bond/Debenture, Upgraded to B3,
      LGD5, 76% from Caa1, LGD5, 77%

The principal methodologies used in this rating were Global Paper
and Forest Products Industry published in September 2009, and Loss
Given Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009.

Lecta, with legal headquarters in Luxembourg, is a leading coated
fine paper manufacturer in Spain, Italy and France.  The company
also has a specialty paper division and a distribution business in
Spain, Portugal, France and Argentina.  Lecta reported sales of
around EUR1.5 billion for the last twelve months ending September
2010.  Lecta is controlled by private equity fund CVC.


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


IFCO SYSTEMS: S&P Raises Corporate Credit Rating to 'BBB'
---------------------------------------------------------
Standard & Poor's Ratings Services said it had raised its long-
term corporate credit rating on IFCO Systems N.V. (IFCO), a
Netherlands-based service provider of reusable plastic containers
and pallet-management services, to 'BBB' from 'BB-'.  "At the same
time, we removed the rating from CreditWatch with positive
implications, where it was placed on Nov. 16, 2010.  The outlook
is stable.  In addition, we raised the issue rating on IFCO's
EUR200 million notes due 2016 to 'BBB' from 'BB-', and removed the
recovery rating of '4'.  This rating action follows the successful
acquisition of the majority of shares in IFCO by Australia-based
Brambles Ltd. (BBB+/Stable/--), a global player in pallet and
container pooling services.  The ratings on Brambles were
unaffected," S&P related.

"The upgrade reflects our view that the standalone credit profile
of IFCO has improved from its previous 'BB-' level, largely due to
its new ownership structure, and because its new parent Brambles
has stronger credit quality," Standard & Poor's credit analyst
Craig Parker said.  "The rating outlook on IFCO reflects the
current rating outlook on Brambles.  We would expect that if
the rating on Brambles were raised or lowered, the IFCO ratings
would move in unison, albeit maintaining the existing one-notch
differential."

Although S&P notes that Brambles now effectively owns IFCO and has
access to IFCO's cash flow, and will retain all of the cash flow
generated from July 1, 2010, the ratings are not equalized. The
reasons for not equalizing the ratings include:

    * Brambles has indicated that it is not planning to provide a
      guarantee to support the existing creditors at IFCO.

    * "We expect the IFCO business to continue to operate in its
      current business structure and not share the Brambles name.
      However, we expect that over time the respective reusable
      plastic container (RPC) businesses of IFCO and Brambles will
      be integrated and operate as key division of the Brambles
      group," S&P related.

    * "We believe that the IFCO acquisition is strategically
      important to Brambles' long-term intentions to grow its RPC
      business, and we expect improved returns as the businesses
      are successfully integrated.  However, these operating
      efficiencies and margin improvements will emerge over time,"
      S&P added.

"IFCO's position as the only recycled-pallet provider with a
nationwide presence in the U.S. will also provide Brambles with
further growth opportunities in the medium term, in our view," S&P
stated.


=============
R O M A N I A
=============


* ROMANIA: Faces Fewer Insolvency Requests This Year
----------------------------------------------------
romania-insider.com reports that the number of insolvency requests
in Romania will continue to drop this year, after it started to
decrease in January and February, according to Andrei Cionca of
the Casa de Insolventa Transilvania.

"The number of insolvency procedures in the first two months of
this year went down by 20%, compared to the same period of 2010.
For this year, I estimate the requests for insolvency will
continue on this trend, down 20%," romania-insider.com quotes
Mr. Cionca as saying.

After two years of crisis, romania-insider.com reports, the
companies which were in trouble have either ceased activity or
managed to restructure their activity.  Only 4% of the companies
in insolvency in Romania are also under a reorganization process
-- some 900 companies in total, romania-insider.com notes.


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


TURKIYE GARANTI: Moody's Assigns Provisional '(P)Ba1' Rating
------------------------------------------------------------
Moody's Investors Service has assigned a first-time provisional
(P)Ba1 foreign-currency senior unsecured debt rating to the
Eurobond issuance (the notes) by Turkiye Garanti Bankasi A.S.
(Garanti).  The outlook on the rating is positive.

                        Ratings Rationale

Moody's foreign currency debt ratings are subject to the foreign
currency bond ceiling.  As a result, even though Garanti's global
local currency (GLC) deposit rating of Baa1 is higher than the
foreign currency bond ceiling for Turkey, Garanti's foreign
currency senior unsecured debt rating is constrained by and thus
equal to this ceiling.

The debt issuance is being offered under Rule 144A, Regulation S.
The terms and conditions of the notes include (among others) a
negative pledge and a cross-default clause.  The notes will be
unconditional, unsubordinated and unsecured obligations and will
rank pari passu with all Garanti's other senior unsecured
obligations.  The rating of the notes is in line with Garanti's
senior unsecured foreign-currency debt rating.  Any subsequent
foreign-currency senior unsecured bonds issued by Garanti would
also be rated Ba1.

The principal methodologies used in this rating were 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.

The rating of the notes is provisional and represents Moody's
preliminary opinion only.  Upon a conclusive review of the
documentation, Moody's will endeavor to assign a definitive rating
to the notes.  A definitive rating may differ from a provisional
rating.  A rating is not a recommendation to purchase, sell or
invest in any securities.

Moody's previous rating action on Garanti was implemented on
Jan. 8, 2010, when Moody's upgraded the foreign-currency deposit
rating to Ba3 from B1 with a positive outlook.

Garanti is headquartered in Istanbul, Turkey, and at the end of
December 2010 had total assets of US$87.5 billion.


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


BOPARAN HOLDINGS: S&P Assigns 'B+' LT Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B+' long-
term corporate credit rating to U.K.-based food processing group
Boparan Holdings Ltd. (Boparan).  The outlook is stable.

"At the same time, we assigned a 'B+' issue rating to Boparan's
GBP695 million senior unsecured notes.  The recovery rating on the
notes is '3', indicating our expectation of meaningful (50%-70%)
recovery in the event of a payment default," explained S&P.

The ratings on Boparan reflect the group's highly leveraged
capital structure following its acquisition of Northern Foods PLC,
a leading U.K.-based own label and packaged food supplier.  This
includes Boparan's proposed GBP695 million senior notes issue due
2018, and the raising of GBP40 million of senior revolving credit.
It also includes an additional GBP130 million of loan notes at
Boparan Holdco Ltd., which is a super parent of the rated entity,
following the merger of Boparan and Amber Foods Ltd.  The proposed
notes are unsecured with a bullet maturity in 2018.

"The ratings are constrained by Boparan's financial leverage,
which we view as high," said Standard & Poor's credit analyst
Hina Shoeb.  "In our opinion, the group is exposed to integration
risks from its sizable acquisition.  Further constraining the
ratings are the group's dependency on the U.K. and Ireland for a
significant portion of sales, and its moderate presence in the
branded and higher value-added packaged food segment.  These
financial and business risks are partly mitigated by Boparan's
well-established relationship with key customers such as Tesco PLC
(A-/Stable/A-2), Marks & Spencer PLC (BBB-/Stable/A-3), and J
Sainsbury PLC (not rated), primarily in the U.K."

"We think these customer relationships should be enhanced by the
acquisition of Northern Foods, which also supplies to these major
U.K. food retailers, and we believe that the combined group should
have good market positions and operating scale efficiencies in its
niche food processing businesses.  We estimate that the combined
group should generate pro forma revenues of about GBP2.1 billion
for the year to July 2011 and fully adjusted EBITDA of about
GBP180 million," S&P stated.

"We believe that even under a conservative view of future growth
prospects, Boparan should be able to service its highly leveraged
debt structure.  We base this view on the group's track record of
resilient growth and profitability, underpinned by a business
model that we consider well adapted to the dynamics of the
processed food industry," S&P noted.

"The ratings could come under pressure if unexpected adverse
operating developments--such as a temporary spike in primary food
costs -- cause Boparan's EBITDA cash interest coverage to slip
below 1.5x.  The ratings could also come under pressure if the
group's free operating cash flow turns negative as the result of
operating shortfalls, higher levels of investment than we
currently anticipate, or a margin squeeze.  Equally, we could
consider a positive rating action if Boparan's leverage (including
the loan notes) moves below a level of 4.0x, which we currently
consider remote," S&P added.


COUGAR LEISURE: RBS to Take More Than GBP5-Mil. Hit on Loans
------------------------------------------------------------
Morning Advertiser reports that The Royal Bank of Scotland looks
set to suffer a shortfall of more than GBP5 million in respect of
its loans to Cougar Leisure, the bar group that went into
administration in January.

According to Morning Advertiser, a report by administrator Begbies
Traynor states that GBP6.8 million was outstanding when its
appointment was made and the current shortfall is valued at GBP5.1
million, with none of the venues' leases sold to date.

Cougar was created in July 2008 from Herald Inns & Bars, in the
wake of a pre-pack administration, Morning Advertiser recounts.
At that time, it had 25 sites and RBS was owed GBP100 million,
Morning Advertiser notes.

"The company initially traded profitably over a period of two
years, and a number of sites were disposed of.  This enabled the
indebtedness due to the Bank of Scotland to be reduced," Morning
Advertiser quotes Nigel Atkinson, of Begbies Traynor, as saying.

"Disposals continued in 2010 and it was hoped that once all
disposals were concluded, the company would be solvently wound up.
By November 2010, there were six sites remaining and they were
producing insufficient trading margin to cover overheads," Mr.
Atkinson said.

"The directors concluded that the company could not continue to
trade outside of an insolvency procedure," according to Mr.
Atkinson.

The administrator chose to cease trading at four bars because it
was "very uncertain whether these sites could trade with a surplus
once payment of rent is taken into account".

Christie+Co was brought in to market the venues, with the money
raised, minus the cost of realizations, to be paid to RBS, Morning
Advertiser recounts.

The report, filed on March 8, relates that sales of two sites --
Brannigans in Blackpool and Sprint in Manchester -- were expected
to be completed within three and six weeks respectively, Morning
Advertiser relates.

Headquartered in Lancashire, Cougar Leisure was a bar operator.


DUNDEE FOOTBALL: Expects to Exit Administration by End of Season
----------------------------------------------------------------
The Press & Journal reports that Dundee Football Club is on target
to emerge out of administration by the end of the season.

According to The Press & Journal, administrators PKF have advised
although the deadline for appeals against the creditors voluntary
arrangement passed on March 11, there remain legal and financial
technicalities to be addressed.

The Press & Journal relates that PKF corporate recovery partner
and joint administrator Bryan Jackson said: "Although it may have
appeared the administration was at an end when the period for
appealing the CVA was over, there have been a number of key issues
which have had to be dealt with over the last few weeks.

"Dundee FC Supporters Society (DFCSS) and I have been liaising
with (Dens Park owner) John Bennett, over the waiver of his share
options to enable the supporters trust to acquire these shares and
we are grateful to John for agreeing to do this.

"Until the share options issue was resolved I was unable to access
the funds raised by the supporters' trust to start paying
dividends to creditors.

"But I can confirm all of these stages are now nearing completion"

Dundee Football Club -- http://www.thedees.co.uk/-- is a Scottish
football club.

                               *     *     *

As reported in the Troubled Company Reporter-Europe on October 18,
2010, Agence France-Presse said Dundee Football Club was
placed into administration on Oct. 14, 2010, after failing to
pay a GBP365,000 (US$583,525) tax bill.  The report related that
Dundee had no option but to accept administration after being
unable to negotiate the payment and the process was finally
confirmed on.


FASHION FAST: Woolworths Woes Trigger Firm's Collapse
-----------------------------------------------------
RoadTransport.com reports that the administrators of insolvent
Fashion Fast Logistics have pinpointed the 2008 collapse of
Woolworths as the trigger for the firm's financial downfall, which
left it with a GBP606,172 deficiency.

RoadTransport.com relates that joint administrators Steve Currie
and Robert Young of Begbies Traynor said the demise of the retail
giant between late 2008 and early 2009 left the company with a
"large, bad debt."  Mr. Currie and Mr. Young were appointed as
joint administrators to the fashion delivery business on Jan. 27,
2011.

The company then went on to suffer a number of other setbacks,
including a further five bad debts, RoadTransport.com discloses
citing a statement of administrator's proposals.

Fashion Fast Logistics is a privately owned fashion processing and
logistics company based in Stoke-on-Trent, U.K.


HERCULES ECLIPSE: Moody's Cuts Rating on Class B Notes to 'B1(sf)'
------------------------------------------------------------------
Moody's Investors Service has downgraded the Class A Notes and
Class B Notes issued by Hercules (Eclipse 2006-4) plc (amount
reflects initial outstandings):

   -- GBP666M Class A Notes, Downgraded to Baa1 (sf); previously
      on Mar 2, 2011 Aa2 (sf) Placed Under Review for Possible
      Downgrade

   -- GBP43.95M Class B Notes, Downgraded to B1 (sf); previously
      on Jun 10, 2009 Downgraded to Baa2 (sf)

Moody's does not rate the Class C, Class D and Class E Notes
issued by Hercules (Eclipse 2006-4) plc.

The Class A Notes were previously placed on review for possible
downgrade due to Moody's initial assessment of the transaction
under Moody's methodology "Global Structured Finance Operational
Risk Guidelines: Moody's Approach to Analyzing Performance
Disruption Risk" published on March 2, 2011.  Moody's operational
risk guidelines stipulate the highest achievable rating if certain
operational risk factors are present which could disrupt payments
to investors.  In the case of Hercules (Eclipse 2006-4) plc, the
operational risk results from having an unrated servicer combined
with uncertainty about the cash manager's access to the liquidity
facility if the servicer defaults.  A single-A rating is the
maximum achievable rating if the transaction's cash manager is
investment-grade rated (like in this transaction) and the payment
disruption would exceed two note interest payment dates.  The
Class A Notes of Hercules (Eclipse 2006-4) plc are therefore no
longer on review for downgrade due to operational risk since the
current rating is now below the rating-cap that could be imposed
due to operational risk.

                        Ratings Rationale

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

The rating downgrade of the Class A and Class B Notes is driven by
Moody's revised assessment of i) the expected default probability
of the loans especially at maturity, (ii) the expected slow
recovery over the next years of the property values securing the
underlying collateral, (iii) the expected slow recovery of the
commercial real estate lending market over the next years and (iv)
the negative implications of the current reductions of local
authorities fees on the UK healthcare property market and the
deterioration of the credit quality of the tenant in respect of
the Ashbourne Portfolio A Loan (9% of the current pool balance).

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

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

                   Moody's Portfolio Analysis

The underlying loan pool consists of seven loans with a total
balance of GBP793 million as of the January 2011 Note payment
date.  Since closing of the transaction in December 2006, there
were no major prepayments or repayments.  As of January 2011, the
property types by U/W market value are retail (43%), office (41%),
nursing homes (12%) and mixed and other uses (4%).  All properties
are located in the UK with the largest proportion in the Greater
London area (46% by U/W market value).  As of January 2011, all
loans are current and none of the loans is on the servicer's
watchlist or in special servicing.  Three loans have B-loans
outside of the transaction.  One loan, the Ashbourne Portfolio A
Loan, is a syndicated loan.

The Chapelfield Loan (27% of the current pool balance) is secured
by a secondary shopping centre located in Norwich, East Anglia.
Moody's loan-to-value at the loan's scheduled maturity date in
April 2016 is approximately 114%.  Compared to its last review,
Moody's has significantly increased its refinancing default risk
assumption.  Moody's expects high losses for this loan.

The second largest loan, River Court (26% of the current pool
balance), has a Moody's whole loan LTV of approximately 86% at its
scheduled maturity date in October 2016.  The B-loan, which is not
securitized, currently represents 13% of the whole loan.  The
property securing the loan is the headquarter building of Goldman
Sachs International (rated A1 by Moody's), which is contributing
97% of the total annual rent.  The remaining 3% are contributed by
Boots UK (not rated by Moody's).  In Moody's view, there is an
increased default risk for the loan during its term.  Currently
the loan relies on the rental payments of Boots in order to meet
the whole loan interest payments (the current whole loan ICR is
1.09x).  The likelihood of a default during the term might occur
at the lease expiry date, one year ahead of the loan maturity
date, of Boots and a subsequent non-renewal.  Overall, Moody's
expected loss for the loan is moderate given its 78% senior loan
LTV at maturity.

The Cannon Bridge Loan (20% of the current pool balance) is
secured by an office property located in Central London.  Since
Moody's last review, the loan has been restructured and extended
until January 2015 from its previous maturity date in July 2011.
Following the completion of the restructuring in March 2010 the
loan was removed from special servicing.  Currently the servicer
uses funds from escrow accounts to meet the whole loan interest
payments.  However, starting on the loan payment date in July 2011
a lower interest rate will apply and commencing in March 2013
additional rental cash flows of GBP1.6 million are generated by a
tenant after a three year rent free period.  This will most likely
decrease the default risk during the loan term.  Given Moody's
whole loan LTV of 106% at the new maturity date in 2015, Moody's
is expecting high losses for the loan.

The Ashbourne Portfolio A Loan, the fourth largest loan in the
pool (9% of the current pool balance), has a Moody's whole loan
LTV of approximately 162% (senior loan LTV of approximately 68%)
at its scheduled maturity date in October 2015.  The securitized
debt represents the 50% pari passu ranking portion of the super
senior tranche of a whole loan.  The remaining 50% is securitized
in Equinox (Eclipse 2006-1) plc.  The subordinated, non-
securitized tranches currently represent 56% of the whole loan.
The loan is secured by 90 nursing homes across the UK.  In its re-
assessment Moody's took into account (i) the negative implication
of the current reductions of local authorities fees on the UK
healthcare property market and (ii) uncertainties about the
stability of the rental income in relation with the perceived
deterioration of the credit quality of the three operating
tenants, whose lease obligations are guaranteed by Ashbourne
Holdings Ltd., part of Southern Cross Healthcare Group.  Following
the re-assessment, Moody's loss expectations for the loan has
increased significantly compared to the last assessment in July
2009.

The remaining three loans account for 18% of the current loan pool
balance and have their scheduled maturity dates either in 2015 or
2016.  While Moody's expects moderate losses for the Booker Loan
(8% of the current pool balance) and the Welbeck Loan (4% of the
current pool balance), Moody's expected loss for the Endeavour
Loan (6% of the current pool balance) is high, given the
combination of high refinancing risk based on Moody's LTV of 93%
at the loan's maturity date in 2016 and the secondary nature of
the mixed use and office properties securing the loan.

Moody's expects a substantial amount of losses on the securitized
portfolio, stemming mainly from the increased refinancing risk and
performance of the property values.  Moody's weighted average
whole loan refinancing LTV is 101%.  Given the default risk
profile and the anticipated work-out strategy for potentially
defaulting loans, the expected losses are likely to crystallize
only towards the end of the transaction term.  The current
subordination levels of 19% for the Class A, and 13% for Class B
provide some protection against these expected losses.  However,
the likelihood of higher than expected losses on the portfolio has
increased substantially, which results in today's rating action.

                        Rating Methodology

The principal methodology used in this rating was "Update on
Moody's Real Estate Analysis for CMBS Transactions in EMEA"
published in June 2005.

Moody's Investors Service received and took into account a third
party due diligence report on the underlying assets or financial
instruments in this transaction and the due diligence report had a
neutral impact on the rating.

The updated assessment is a result of Moody's on-going
surveillance of commercial mortgage backed securities (CMBS)
transactions.  Moody's prior review is summarized in a Press
Release dated June 10, 2009.  The last Performance Overview for
this transaction was published on Jan. 24, 2011.


HMV GROUP: Music Companies in Talks to Secure Future
----------------------------------------------------
The Telegraph reports that Sony, Universal, EMI and Warner Music
are in talks to help secure the future of the HMV Group by
offering to supply CDs without upfront payments.

According to The Telegraph, the music companies are discussing
providing a selection of non-chart music on a sale or return
basis.  The Telegraph says the move could cut GBP10 million to
GBP15 million off HMV's capital requirements as it negotiates
future funding with its banks.

About 60% of HMV's music stock is back catalogue, but it is
discussing taking only a portion of these older releases on sale
or return, a system common in the books market, The Telegraph
notes.

Sales of back catalogue CDs are important to both HMV and the
music companies as they are the most profitable titles and face
less competition from the supermarkets than chart hits, The
Telegraph discloses.

As reported by the Troubled Company Reporter-Europe on April 6,
2011, The Financial Times reports said that HMV issued its fifth
profit alert since last September, warning that trading
difficulties would cause profits to drop to about GBP30
million for the year.  HMV, which has been struggling to reduce
its GBP130 million debt burden, also confirmed that it had struck
an agreement with lenders to push back tests over its banking
covenants, the FT disclosed.  "While negotiations regarding
amended facilities continue, the group is pleased to report that
its lenders have agreed to move the measurement period for all
relevant financial covenant tests from the 12 months ending
April 30, 2011, to the 12 months ending July 2, 2011," the FT
quoted HMV as saying.

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


INTERNATIONAL FINANCE: Fitch Affirms Long-Term IDR at 'BB+'
-----------------------------------------------------------
Fitch Ratings has affirmed International Personal Finance Plc's
(IPF) Long-term Issuer Default Rating (IDR) at 'BB+', with Stable
Outlook, Short-term IDR at 'B' and its senior unsecured debt at
'BB+'.

IPF's ratings reflect its high margins, strong cash flow and
capital generation, robust risk management, and modest leverage.
The ratings also reflect IPF's demonstrated ability to rapidly
restructure operations in a market with major problems, such as
Hungary in 2009, as well as the improved outlook for its key
markets.  IPF's ratings also take into account the credit,
operational and regulatory risks arising from unsecured home-
collected lending in emerging markets, its relatively modest
business scale and geographical diversification, reliance on
wholesale funding, and the structural FX risks from its
international operations.

Upward rating potential is limited in the short term, but could
emerge over the medium to longer term from increased scale and
geographical diversification that would, potentially,
counterbalance some of the operational and regulatory risks
inherent in IPF's business model.  Downward rating pressure would
arise from a material increase in leverage or from a major
deterioration in performance and asset quality within IPF's key
markets.

2010 was a year of transition from recession to growth for the
group.  Receivables increased by 8% in 2010 while revenues
increased by 11% over the same period.  Impairment charges fell by
2.3 percentage points to 27.6% of revenues in 2010.  Profits
before tax increased by 43% in absolute terms to GBP88 million
(49% excluding exceptional items).  2010 was the first year when
all geographical markets, including Romania, were profitable.
Hungarian operations, the hardest hit in 2009, led the strong
performance in established Central European markets.

Significant arrears and impairment charges are part of IPF's
business model but Fitch considers IPF to be well remunerated for
its risk through high margins.  Furthermore, Fitch notes that IPF
is continuously strengthening its risk management and controls,
which allows it to keep arrears and impairment charges within the
target range.  IPF's provisioning and write-off process is
centralized and based on actuarial behavioral and scoring models
with a high degree of accuracy.  Loans are fully written off after
12 weeks of non-payment.

Leverage is modest; debt/tangible equity reduced to 1.0x at end-
2010 from 1.3x at end-2009.  Tangible equity represented a
substantial 53% of receivables at end-2010, up from 47% at end-
2009.  Given the short-term nature of receivables (average
maturity around five months), a slowdown in lending would release
substantial cash and allow IPF to further reduce gearing in a
relatively short period of time, if needed.

The company is reliant on wholesale funding.  Following the
completion of refinancing in 2010, IPF lengthened the maturity of
its borrowings and replaced a substantial portion of bank
financing with bond funding, albeit at increased financing costs.
Committed debt facilities totaled GBP479.6 million at end-2010
including adequate headroom of GBP175.3 million.

IPF was established as a separate company in July 2007 after de-
merging from Provident Financial Plc ('BBB'/Stable).  It is listed
in London and focuses on small, unsecured home-collected loans in
emerging markets.


MAXWELLTOWN BUILDERS: Placed in Liquidation; Ceases Trading
-----------------------------------------------------------
Craig Robertson at Dumfries Standard reports that Maxwelltown
Builders Limited has ceased to trade with debts of nearly
GBP700,000.  A liquidator has been appointed to deal with the
affairs of the company following a creditors meeting on Monday.

Dumfries Standard relates that a report presented to the meeting
lists 103 creditors with claims totalling GBP920,661.

Dumfries Standard says plots of land owed by the company are worth
and estimated GBP250,000, leaving a deficit in its accounts of
GBP671,000.

The largest of the creditors is listed as Lloyds Bank Corporate
Market with a debt of GBP560,389, according to Dumfries Standard.

Maxwelltown Builders is a luxury house builder.


TURBO ALPHA II: Moody's Assigns 'Caa1' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service said that it withdrew the ratings of
Turbo Beta Plc (the previous indirect parent company of KCA Deutag
Drilling Group Limited).  Concurrently, Moody's has assigned a
Caa1 corporate family rating (CFR) and a probability of default
rating (PDR) of Caa2/LD to Turbo Alpha II Ltd (now the top
operating company of the group).  It also maintained the B3 rating
on the Senior Facilities of Turbo Alpha Ltd. All ratings have been
placed under review for upgrade.

                        Ratings Rationale

The change in PDR to Caa2/LD follows the successful completion on
March 30, 2011 of a restructuring, including equitizing mezzanine
debt. Moody's expects to remove the "/LD" suffix after
approximately three business days.

A new holding company funded by Pamplona and the mezzanine
lenders, KCAD Holdings I, acquired the shares of Turbo Alpha II on
March 30, 2011 through a pre-pack administration.  Turbo Beta
(previously the holding company for Turbo Alpha II) is no longer a
member of the KCA Deutag group and the sole recourse of the
mezzanine lenders is against Turbo Beta.  The mezzanine lenders
have no recourse against any of the assets of KCAD Holdings I,
Turbo Alpha II or any other member of the KCA Deutag group.

Additionally, Pamplona Capital Management and Mezzanine Lenders
being the new shareholders have injected US$550 million of new
equity into Turbo Alpha II Ltd., the holding company of KCA
Deutag, of which US$300 million will be used to pay down senior
debt.  The ratings have been placed under review for possible
upgrade as these actions will reduce leverage.  Moody's will
conclude the review upon confirmation of the revised capital
structure, as well as its resulting liquidity profile and updated
strategic plan.  Moody's also notes that on a completion of the
review the rating of the Senior Facilities at Turbo Alpha Ltd is
likely to become aligned with the CFR.

The withdrawal of ratings of Turbo Beta Plc and assignment of a
new CFR and PDR at the same rating level at Turbo Alpha II Ltd
solely reflects the liquidation of Turbo Beta Plc as a result of
the restructuring/default.

Moody's last rating action on Turbo Beta Plc was on Aug. 13, 2010,
when the rating agency downgraded the corporate family rating and
the probability of default rating of Turbo Beta Plc and the
US$1.625 billion Senior Facilities of Turbo Alpha Ltd.  The
ratings were also placed on review for further possible downgrade.

The principal methodologies used in this rating were Global
Oilfield Services Rating Methodology published in December 2009,
and Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.

Registered in England/Wales, UK, Turbo Alpha II Ltd. is a holding
company for KCA Deutag, a provider of onshore and offshore
drilling services as well as engineering services to both IOCs and
NOCs in international markets.  Its ultimate owner is a consortium
led by Pamplona Capital Management and several former Mezzanine
Debt Holders.  In 2009, Turbo Alpha II Ltd. reported consolidated
revenues of around US$1.6 billion.


WILSON'S HAULAGE: In Liquidation; Owes GBP160,000 to HMRC
---------------------------------------------------------
Joanna Bourke at RoadTransport.com reports that HM Revenue &
Customs (HMRC) bills, topping GBP160,000, have pushed Wilson's
Haulage & Storage Ltd into liquidation.

RoadTransport.com says the company's creditors have voted in favor
of winding up the business because its liabilities meant it could
not continue to trade.  As a result, Gareth David Rusling and John
Russell of The P&A Partnership were appointed joint liquidators of
the company on March 22, 2011.

At the time of collapse, RoadTransport.com discloses, Wilson's
Haulage & Storage had assets of GBP145,565.  However, after
preferential creditors were paid, there were limited funds to pay
unsecured claimants.

According to RoadTransport.com, HMRC was not willing to delay
payment of the GBP161,873 Wilson's owed and elected for the firm
to enter liquidation.  The company leaves a deficiency of
GBP315,204.

Based in Grantham, U.K., Wilson's Haulage & Storage Ltd is a
trucking company.  The company has an O-licence for 20 vehicles
and 20 trailers.


* UK: BoE Seeks Official to Take Charge of Special Resolution Unit
------------------------------------------------------------------
Craig Stirling at Bloomberg News reports that the Bank of England
advertised for an official to take charge of its Special
Resolution Unit to monitor and manage failing financial
institutions in what it described as a "high profile and
influential role."

According to Bloomberg, the successful candidate will need
expertise in areas such as financial mergers and acquisitions,
bank capital, accountancy, or insolvency or restructuring.

The official will lead the unit responsible for stepping in to
manage and restructure failing banks, and will formulate policy
with the Financial Services Authority and the Treasury, and with
international organizations, Bloomberg says.


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


* S&P's Global Default Tally Rises to Four
------------------------------------------
After seven consecutive weeks without a global corporate default,
Perkins & Marie Callender's Inc. missed an interest payment on its
senior unsecured notes last week, said an article published April
8 by Standard & Poor's.  The article, which is titled "Global
Corporate Default Update (April 1-7, 2011) (Premium)," says that
this raises the 2011 global corporate default tally to four
issuers.

Three of this year's defaults were based in the U.S., and one was
based in the Czech Republic.  By comparison, 29 global corporate
issuers had defaulted by this time in 2010 (20 U.S.-based issuers,
one European issuer, two issuers from the emerging markets, and
six in the other developed region, which consists of Australia,
Canada, Japan, and New Zealand).

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

"Following a year of record-setting highs in terms of global
corporate default statistics, 2010 provided the markets with a
noticeable reversal," said Diane Vazza, head of Standard & Poor's
Global Fixed Income Research group.  In 2010, 81 global corporate
issuers defaulted, down from the record high of 265 in 2009.

None of the 81 defaulters began the year rated investment grade.
The debt amount affected by these defaults fell to US$95.7
billion, also considerably lower than in 2009.


* 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.


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