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        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, May 10, 2011, Vol. 12, No. 91

                            Headlines


C Z E C H   R E P U B L I C

ODEVNI PODNIK: Losses Rise to CZK408.4 Million in 2010


G E R M A N Y

ALBA GROUP: Moody's Assigns 'B3' Rating to EUR203MM Senior Notes


I R E L A N D

CORK MEDICAL: KPMG Appointed as Liquidator Following Closure
SEAGATE TECHNOLOGY: Fitch Affirms Issuer Default Rating at 'BB+'
TOYTOWN FILMS: Late Founder's Husband Gets Windfall After Wind-Up


N E T H E R L A N D S

EUROCREDIT CDO: S&P Lifts Ratings on 3 Classes of Notes to 'B+'
SENSATA TECHNOLOGIES: To Refinance All Existing Indebtedness
SENSATA TECHNOLOGIES: Moody's Raises Corp. Family Rating to 'B1'
SKYLINE 2007: Moody's Comments on Skyline 2007 B.V., Dutch CMBS


N O R W A Y

NORSKE SKOGINDUSTRIER: Moody's Keeps 'B2' Corporate Family Rating


R U S S I A

KHAKASSIA: Fitch Affirms Long-Term Currency Ratings at 'BB-'
* KIROV REGION: Fitch Affirms Long-Term Currency Ratings at 'B'


S W E D E N

SAAB AUTOMOBILE: Hawtai Dismisses Doubts Over Rescue Deal


T U R K E Y

MERINOS HALI: Fitch Affirms 'B' Long-Term Issuer Default Ratings


U K R A I N E

ACORN STONE: Goes Into Voluntary Liquidation
AGROTON PUBLIC: Fitch Assigns 'B-' LT Issuer Default Ratings
RAIFFEISEN BANK: Moody's Changes Outlook on 'D-' BFSR to Stable
SIMCLAR GROUP: Founder Likely to be Called as a Witness
UKRSIBBANK: Moody's Cuts Bank Financial Strength Rating to 'E+'


U N I T E D   K I N G D O M

FOCUS DIY: B&Q Acquires 31 Stores for GBP23 Million
GEKO DIRECT: In Liquidation; 85 Workers Lose Jobs
GENERAL MOTORS: Expects European Unit to Break Even This Year
MANCHESTER HOSIERY: Goes Into Administration, Assets for Sale
MG ROVER: Phoenix Four Agree Not to Serve as Directors


X X X X X X X X

* S&P's Global Corporate Defaults Tally Has Five in 1st Quarter
* Large Companies with Insolvent Balance Sheets


                            *********


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


ODEVNI PODNIK: Losses Rise to CZK408.4 Million in 2010
------------------------------------------------------
Odevni podnik's losses grew to CZK408.4 million last year from
CZK362.8 million in 2009, and its net turnover reached CZK471.1
million in 2010, CTK reports, citing a report of OP's receiver
made public in the insolvency register.

According to CTK, a total of 555 creditors have registered claims
on OP, demanding CZK2.15 billion in total from the company.

OP ended serial production at end-April last year, CTK relates.
The last functioning part of the company is production of tailor-
made clothing, CTK notes.

CTK relates that in the first quarter of 2011, OP posted a loss of
more than CZK52 million.  Turnover reached CZK48.4 million in the
period.

OP, which used to be the largest textile company in the Czech
Republic, was declared insolvent in January last year, CTK
recounts.  The company was originally declared bankrupt in
May 2010, as nobody submitted a reorganization plan, but the
bankruptcy was cancelled in December following a complaint of OP's
largest creditor Ceska sporitelna, CTK states.

Many of OP's creditors believe the company's insolvency can only
be resolved by bankruptcy and not by reorganization, CTK notes.
According to CTK, they said no OP creditor will want to submit a
reorganization plan and the company will end up in bankruptcy.

Odevni podnik is a Czech textile company.


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


ALBA GROUP: Moody's Assigns 'B3' Rating to EUR203MM Senior Notes
----------------------------------------------------------------
Moody's Investors Service has assigned a B3 definitive rating to
the EUR203 million 8% senior notes due in 2018 issued by ALBA
Group plc & Co. KG.  ALBA Group's B1 corporate family rating (CFR)
and probability of default rating (PDR) remain unchanged.  The
outlook on the ratings is stable.

RATINGS RATIONALE

The B1 CFR recognizes ALBA Group's long track record of operations
and well-established position as a leading regional waste and
recycling operator in Germany.  The rating also reflects the
group's diverse operations across the whole value chain of waste
management and recycling activities, which limits its reliance on
any particular market or business line.  At the same time, the
rating reflects the competitive nature of the markets in which
ALBA Group operates, its limited scale and the group's high
financial leverage (initially calculated by Moody's at around 4.6x
on a debt/EBITDA basis, although expected to decrease as required
by bank covenants).  The group's credit quality is further
constrained by the ALBA Group's structurally low margin, in
particular in the case of the low value added steel and metals
trading business, as well as the cyclicality of its key markets.

Moody's expects that ALBA Group's operating cash flows will
continue to be underpinned by long-term contracts with
municipalities and a good track record of co-operation with
industrial customers on a short-term contract basis.  While ALBA
Group benefits from a well-developed infrastructure network and
long-standing relationships with its suppliers and customers,
Moody's believes that the waste and raw materials trading markets
do not have any significant barriers to entry and thus the group
has limited pricing power.  The rating agency notes that these
markets have improved since the onset of the financial crisis,
although the current prospects for the waste market in Germany,
and Europe overall, remain somewhat subdued given the
macroeconomic slowdown.

ALBA Group is currently in the process of a reorganization and
aims to conclude a Domination and Profit and Loss Transfer
Agreement ("DPLTA") with Interseroh SE ("Interseroh"), a company
currently 75.003% owned by ALBA Group (with the remainder in free
float).  Moody's understands that given that it has more than 75%
of the voting rights, ALBA Group will be able to approve the
agreement at the general meeting scheduled for May 17, 2011,
although the completion of the reorganization may be delayed.  As
long as this process is pending finalization and subject to a
number of steps -- including a possible court decision in the
event that the minority shareholders contest the agreement --
Interseroh and its subsidiaries will not be a part of the
restricted group and the company will not be required to
distribute all its profits to ALBA Group.  Moody's believes that
the probability that the DPLTA may not be executed is fairly
small.  In any case, the rating agency has considered that the
assigned ratings could be maintained in the event this process is
not executed as currently envisaged by management.

In Moody's view, ALBA Group's current liquidity is sufficient to
support its business operations.  However, the rating agency notes
that the group remains exposed to working capital fluctuations,
particularly associated with its trading activities.  The group's
liquidity is supported by a EUR100 million revolving credit
facility (RCF) maturing in 2013.  Moody's notes that this amount
is available in equal parts to ALBA Group and Interseroh and that
ALBA Group intends to take the necessary corporate measures to
roll in the Interseroh's facility into ALBA Group's facilities
upon completion of the reorganisation process.  Amortization of
the term loans is limited, although the rating agency notes that
covenant headroom may tighten over time.

The current stable outlook reflects Moody's view that (i) ALBA
Group's capital structure is reasonably resilient to downside
sensitivities; (ii) the group should generate sufficient free cash
flows to support its debt service, and (iii) the group will
maintain an adequate liquidity profile.  Upward pressure on the
rating would require ALBA Group to (i) achieve a solid cash flow
generation on a sustainable basis, so that leverage were to trend
consistently below 3.0x (Moody's adjusted); and (ii) demonstrate a
record of managing working capital needs of the consolidated
group.  Conversely, downward rating pressure could develop if (i)
the group were unable to demonstrate a trajectory of de-leveraging
below 4.5x on a debt/EBITDA basis (Moody's adjusted) in the short
term; and (ii) liquidity concerns were to arise.

The B3 rating assigned to the Notes reflects that they will rank
pari passu with the senior secured facilities (term loans and RCF)
but they will not benefit from the same security package. The
Notes will initially have the benefit of guarantees from parent
companies as well as from certain subsidiaries of ALBA Group,
excluding Interseroh and its subsidiaries.  For the fiscal year
ended (FYE) December 31, 2010, these represented 87% of total
assets (80% of total revenue or 130% of total EBITDA). Upon
completion of the reorganization, as Interseroh becomes part of
the restricted group, the Notes will also benefit from guarantees
from Interseroh and certain subsidiaries of the company.
Consequently, and based on the 2010 year-end financial
information, the company and the guarantors will represent 87% of
total assets (74% of total revenue or 99% of total EBITDA).
Proceeds of the Notes issuance will be used to refinance a portion
of the existing debt within the ALBA Group.

ALBA Group's ratings were assigned by evaluating factors that
Moody's considers relevant to the credit profile of the issuer,
such as the company's (i) business risk and competitive position
compared with others within the industry; (ii) capital structure
and financial risk; (iii) projected performance over the near to
intermediate term; and (iv) management's track record and
tolerance for risk. Moody's compared these attributes against
other issuers both within and outside ALBA Group's core industry
and believes ALBA Group's ratings are comparable to those of other
issuers with similar credit risk.  Other methodologies used
include Loss Given Default for Speculative Grade Issuers in the
US, Canada, and EMEA, published June 2009.

ALBA Group plc & Co. KG, headquartered in Berlin, is a holding
company for a group focused on waste management, recycling and
environmental services.  ALBA Group currently owns a 75.003% share
in the capital stock of Interseroh SE, a Cologne-based recycling
and raw materials trading company, with the remaining 24.997%
being publicly held.  Axel and Eric Schweitzer, the sons of ALBA
Group's founder, each indirectly own 50% of the capital of ALBA
Group.  The group reported consolidated revenues of EUR2.7 billion
for FYE Dec. 31, 2010.


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I R E L A N D
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CORK MEDICAL: KPMG Appointed as Liquidator Following Closure
------------------------------------------------------------
Barry Roche at The Irish Times reports that KPMG has been
appointed as liquidator to Cork Medical Centre, which closed in
March with the loss of 73 jobs, just five months after opening
with the promise of creating up to 500 staff positions.

According to The Irish Times, more than 60 people attended a
creditors meeting for the Cork Medical Centre on Thursday, where
they learned that the hospital had closed with unsecured
liabilities of over EUR5 million, including EUR3.5 million owed to
the company behind the project, Sheehan Medical Ltd.

Among those who attended Thursday's meeting at the Rochestown Park
Hotel in Cork were former staff who are owed over EUR150,000 in
unpaid wages, while it also emerged Thursday that the Revenue
Commissioners are owed EUR242,000 in unpaid levies and duties, The
Irish Times discloses.

The Irish Times relates that former staff welcomed the appointment
and said they hoped the liquidator would be able to investigate
what had happened that had led to the closure of the Mahon
facility so soon after it opened.

Cork Medical Centre was a EUR90 million private hospital in Cork.


SEAGATE TECHNOLOGY: Fitch Affirms Issuer Default Rating at 'BB+'
----------------------------------------------------------------
Fitch Ratings has affirmed these ratings on Seagate Technology plc
and its subsidiaries:

Seagate

   -- Issuer Default Rating (IDR) at 'BB+';

   -- Secured first lien credit facility at 'BBB-'.

Seagate HDD Cayman (Seagate HDD)

   -- IDR at 'BB+';

   -- Secured first lien credit facility at 'BBB-';

   -- Senior unsecured debt at 'BB+'.

Seagate Technology International (STI)

   -- IDR at 'BB+';

   -- Secured second lien notes at 'BBB-'.

Furthermore, Fitch has assigned a 'BB+' rating to Seagate's
proposed issuance of US$600 million of senior unsecured notes due
2021.  The net proceeds will be used for general corporate
purposes, which may include capital expenditures and/or the
repayment of outstanding debt.

The Rating Outlook is Stable.

Approximately US$3.3 billion of total debt is affected by Fitch's
action, including the company's undrawn US$350 million secured
revolving credit facility but excluding the proposed debt
issuance.

The ratings and Stable Outlook reflect:

   -- Fitch's expectations that Seagate's operating margin and
      cash flow will strengthen in the second half of calendar
      2010 due to new cost-effective hard disk drives (HDD) and
      stable to slightly positive industry supply and demand.

   -- Seagate's solid liquidity supported by nearly US$2.5 billion
      of cash, generally positive annual free cash flow (FCF), an
      undrawn US$350 million senior secured revolving credit
      facility due 2015 and staggered debt maturities.

   -- Broad product portfolio with leading revenue market share in
      the enterprise and overall HDD industry.

   -- The company's scale and vertically integrated model, which
      reduces per-unit manufacturing costs.

   -- Continued growth of digital rich media by consumers and
      enterprise storage requirements, which bode favorably for
      longer term HDD unit demand.

Fitch's rating concerns consist of:

   -- Substantial volatility in earnings and FCF due to cyclical
      demand and significant fixed costs;

   -- Consistent declines in average selling prices for HDDs due
      to intense competition and low switching costs;

   -- Deteriorating credit metrics due to Seagate's pre-funding of
      US$559 million of notes due October 2011 via a US$750
      million debt offering in December 2010 and challenging
      industry conditions, including comparable HDD products
      across the industry and declining consumer PC demand, both
      of which have adversely affected profitability.

   -- Risk of technology substitution from NAND flash and solid
      state drives (SSD) led by increasing consumer interest in
      flash-based tablets at the expense of notebooks with HDDs;

   -- Event risk associated with the adoption of aggressive
      shareholder friendly activities, primarily debt-financed
      share repurchases.

   -- Seagate's ability to sustain a time to market advantage
      critical to achieving market share gains and maintaining
      overall profitability, given formidable competition from
      Western Digital Corp. (WDC).

The ratings may be upgraded in the event of:

   -- If the volatility of Seagate's profit margins and FCF
      materially decline as a result of proposed industry
      consolidation.

   -- If Seagate gains meaningful market share without adversely
      affecting profitability following WDC's pending acquisition
      of Hitachi Global Storage Technologies (HGST).

   -- If Seagate develops a highly differentiated SSD product that
      provides a sustainable competitive advantage, thereby
      strengthening long-term revenue growth and profitability.

The ratings may be downgraded in the event of:

   -- If Seagate's SSD products are uncompetitive and the cost per
      gigabyte differential between HDD and SSD narrows
      significantly, resulting in greater than expected
      cannibalization of HDD shipments.

   -- If Seagate's enterprise market share materially erodes due
      to more formidable competition from WDC following its
      acquisition of HGST.

   -- If the company pursue more aggressive financial policies,
      such as sizable debt-financed share repurchases.

Total liquidity as of April 1, 2011 was nearly US$2.9 billion,
consisting of US$2.5 billion of cash, the vast majority of which
is readily accessible without adverse tax considerations, and an
undrawn US$350 million senior secured first lien credit facility
due in 2015.  Lastly, positive, but pressured, FCF of US$319
million in the latest 12 months (LTM) ended April 1, 2011 also
sustains liquidity.  Fitch forecasts FCF of US$200 million-US$225
million in fiscal 2011 ending June 30, 2011.

Obligations under the credit agreement are secured by first-
priority liens granted by Seagate, Seagate HDD and other direct
and indirect material subsidiaries of Seagate located in the U.S.,
the Cayman Islands, Northern Ireland, Singapore and The
Netherlands on substantially all tangible and intangible assets,
subject to certain exceptions.

Financial covenants in the credit agreement consist of a minimum
fixed charge coverage of 1.5 times (x) and a maximum net leverage
ratio of 1.5x. In addition, the facility requires minimum
liquidity of US$500 million.

As a result of debt pre-funding and challenging industry
conditions, leverage (total debt/operating EBITDA) increased to
1.6x as of April 1, 2011 from 0.8x in the year-ago period.
Interest coverage (operating EBITDA/gross interest expense)
declined to nearly 10x in the LTM ended April 1, 2011 compared
with 15x last year.  Fitch anticipates modest deterioration in
credit metrics in the next three months given industry challenges
until new more cost efficient products are introduced in the
second half of calendar 2011.

Fitch estimates total debt is approximately US$2.9 billon,
consisting of:

   -- US$559 million of 6.375% senior notes due October 2011
      (Seagate HDD);

   -- US$416 million of 10% senior secured second-priority notes
      due April 2014 (STI);

   -- US$600 million of 6.8% senior notes due October 2016
     (Seagate HDD);

   -- US$750 million of 7.75% senior notes due December 2018
      (Seagate HDD);

   -- US$600 million of 6.875% senior notes due May 2020 (Seagate
      HDD)


TOYTOWN FILMS: Late Founder's Husband Gets Windfall After Wind-Up
-----------------------------------------------------------------
Ailish O'Hora at Irish Independent reports that convicted killer
Eamonn Lillis has bagged EUR353,508 following the liquidation of
the TV production firm founded by his late wife, Celine Cawley.

According to Irish Independent, documents filed at the Companies
Office show that after creditors were paid off, Toytown Films had
a balance of EUR707,016, with more than EUR350,000 going to Mr.
Lillis, who was a joint shareholder in the firm, and the remainder
going to Ms. Cawley's estate.

Toytown Films was placed in voluntary liquidation three months
after Mr. Lillis killed his wife with a brick on the patio of
their home in Howth, Co Dublin, in 2008, Irish Independent
recounts.

The windfall comes as the Cawley family prepares for a legal
battle to stop Mr. Lillis from benefitting from the properties he
jointly owned with his wife, Irish Independent relates.

Details of the windfall were set to be heard in the High Court
yesterday, if an expected hearing proceeds, Irish Independent
discloses.

Mr. Lillis is legally prevented from inheriting any of his wife's
assets because he was convicted of killing her, Irish Independent
discloses.  However, he claims he is entitled to half of the
properties they held in joint ownership, Irish Independent states.

Ms. Cawley's sister Susanna and brother Christopher, who are joint
administrators of the estate, were expected to argue that the
properties should go to the couple's only child, Georgia, who
recently turned 18, Irish Independent says.

The properties include the family home in Howth worth an estimated
EUR1.5 million, an apartment in Sutton, Dublin, and a holiday home
in France, according to Irish Independent.


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


EUROCREDIT CDO: S&P Lifts Ratings on 3 Classes of Notes to 'B+'
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Eurocredit CDO IV B.V.'s class A-1, A-2, B-1, B-2, C-1, and C-2
notes.  "At the same time, we raised and then withdrew
our rating on the class R combination notes, and raised our
ratings on the class Q and S combination notes," S&P stated.

"Since our last review of the class A-1 to C-2 notes in December
2009, we have noticed a general improvement in the credit quality
of the underlying portfolio.  For instance, based on notional
amounts, our analysis shows that assets we consider as defaulted
in our analysis have decreased since our last review.  From the
information available to us, we note that this reduction is
due to a combination of factors such as a number of obligors in
the portfolio emerging with a higher rating following debt
restructuring, the repayment of some portions of the loans
provided to these obligors and the sale of certain assets.  In
addition, we have observed a reduction in the notional amount of
assets rated within the 'CCC' category.  In our view, these
developments have resulted in a reduction in calculated portfolio
default rates," S&P stated.

"At the same time, the class A-1 notes have continued to amortize
as the transaction entered its second year of amortization.  From
the latest available trustee report of March 2011, we note that
class A-1 has amortized by an additional 19% since our last
review," S&P related.

S&P continued, "At the time of our December 2009 review, we noted
from the trustee report that the class C par value test was
failing.  Since then, we have noticed an improvement in the
results of this test.  According to the latest available trustee
report, all of the overcollateralization tests are passing, and no
deferred payments on junior classes were outstanding on the last
payment date of February 2011."

"Our review of the transaction also included the application of
our updated counterparty criteria that became effective in January
2011," S&P noted.

"Based on our analysis, we consider that the level of credit
enhancement available to the class A-1 to C-2 notes, and
consequently the class Q, R, and S combination notes, is now
consistent with higher ratings than previously assigned.  We have
therefore raised our ratings on these classes," S&P stated.

"At the same time, we have withdrawn our rating on the class R
combination notes following receipt of information from the
trustee in April 2011 that the class R combination notes split
back into their original components in January 2011," S&P added.

Eurocredit CDO IV is a cash flow collateralized loan obligation
(CLO) transaction that securitizes loans and bonds to speculative-
grade corporate borrowers.  The transaction closed in November
2004 and is managed by Intermediate Capital Managers Ltd.

Ratings List

Class                 Rating[1]
            To                     From

Eurocredit CDO IV B.V.
EUR355.5 Million Fixed- and Floating-Rate Notes

Ratings Raised

A-1         AA (sf)                A (sf)
A-2         A+ (sf)                BBB (sf)
B-1         BBB- (sf)              BB- (sf)
B-2         BBB- (sf)              BB- (sf)
C-1         B+ (sf)                CCC+ (sf)
C-2         B+ (sf)                CCC+ (sf)
Combination notes
Q           B+ (sf)                CCC+ (sf)
R           B+ (sf)                CCC+ (sf)
S           B+ (sf)                CCC+ (sf)

Rating Withdrawn

Combination notes
R           NR                     B+ (sf)

[1]The ratings on the class A-1 and A-2 notes address the timely
payment of interest and ultimate repayment of principal.
The ratings on the class B and C notes address the ultimate
payment of interest and ultimate repayment of principal.
The rating on the Q combination notes addresses the ultimate
payment of interest (1.5%) and ultimate payment of principal.
The ratings on the class S and R combination notes address the
ultimate repayment of principal only.


SENSATA TECHNOLOGIES: To Refinance All Existing Indebtedness
------------------------------------------------------------
Sensata Technologies Holding N.V. announced a series of financing
transactions by its wholly-owned subsidiary, Sensata Technologies
B.V., designed to refinance substantially all of its existing
indebtedness.  These transactions include:

   * A proposed private offering of up to US$600 million in
     aggregate principal amount of new senior notes;

   * A proposed new senior secured credit facility that will
     provide Sensata with an up to US$1,200 million term loan
     facility and an up to US$250 million revolving credit
     facility; and

   * The commencement of cash tender offers and consent
     solicitations by the Company with respect to all of its
     outstanding debt securities.

The proceeds from the New Credit Facility, the New Senior Notes
and cash on hand will be used to (i) repay all of the amounts
currently outstanding under the Company's existing term loans, 8%
Senior Notes due 2014 and its 9% Senior Subordinated Notes due
2016, (ii) pay all accrued interest on such indebtedness and
related redemption premiums, as applicable, up to but not
including the Applicable Payment Date; and (iii) pay all fees and
expenses in connection with these refinancing transactions.  The
exact terms, amounts and timing of the New Senior Notes and the
New Credit Facility will depend upon market conditions and other
factors.

In connection with the tender offers, the Company is soliciting
the consents of the holders of the Notes to proposed amendments to
each indenture governing the Notes.  The principal purpose of the
Consent Solicitations and the Proposed Amendments is (i) to
eliminate substantially all of the restrictive covenants; (ii) to
eliminate or modify certain events of default; and (iii) to
eliminate or modify related provisions contained in the indentures
governing the Notes.  In order for the Proposed Amendments to be
effective with respect to an applicable series of Notes, holders
of at least a majority of the outstanding aggregate principal
amount of such series of Notes must consent to the Proposed
Amendments.  Holders who tender Notes are obligated to consent to
the Proposed Amendments and holders may not deliver consents
without tendering the related Notes.

Each holder who validly tenders and does not subsequently validly
withdraw its Notes and delivers and does not subsequently validly
revoke its consent to the Proposed Amendments with respect to such
Notes prior to 5:00 p.m., New York City time, on May 11, 2011,
unless extended, will receive (i) with respect to the Dollar Notes
accepted for purchase by the Company, Total Consideration of
US$1,022.50 per US$1,000 principal amount of such Notes, which
includes US$992.50 as the Tender Offer Consideration and US$30.00
as a Consent Payment, and (ii) with respect to the Euro Notes
accepted for purchase by the Company, Total Consideration of
EUR1,048.75 per EUR1,000 principal amount of such Notes, which
includes EUR1,018.75 as the Tender Offer Consideration and
EUR30.00 as a Consent Payment.  In addition, accrued interest up
to, but not including, the Applicable Payment Date of the Notes
will be paid in cash on all validly tendered and accepted Notes.

Each of the tender offers is scheduled to expire at 11:59 p.m.,
New York City time, on May 25, 2011, unless extended.  Tendered
Notes may be withdrawn and consents may be revoked at any time
prior to 5:00 p.m., New York City time, on May 11, 2011, unless
extended, but not thereafter.  Holders who validly tender their
Notes and deliver their consents after the Consent Date will
receive only the Tender Offer Consideration applicable to those
Notes and will not be entitled to receive a Consent Payment if
such Notes are accepted for purchase pursuant to the tender
offers.

The Company reserves the right, at any time or times following the
Consent Date but prior to the Expiration Date, to accept for
purchase all of the Dollar or the Euro Notes validly tendered
prior to the Early Acceptance Time.  If the Company exercises this
option, it will pay the Total Consideration for the Dollar Notes
or the Euro Notes, as applicable, accepted for purchase at the
Early Acceptance Time on a date promptly following the Early
Acceptance Time.  The Company will also pay on the Early Payment
Date accrued and unpaid interest up to, but not including, the
Early Payment Date on the Notes accepted for purchase at the Early
Acceptance Time.  The Company currently expects that the Early
Payment Date will be May 12, 2011.

Subject to the terms and conditions of the tender offers and
consent solicitations, the Company will, following the Expiration
Date, accept for purchase all the Dollar Notes or the Euro Notes
validly tendered prior to the Expiration Date.  The Company will
pay the applicable Total Consideration or Tender Offer
Consideration, as the case may be, for the Dollar Notes and the
Euro Notes accepted for purchase at the Final Acceptance Time on a
date promptly following the Final Acceptance Time.  The Company
will also pay on the Final Payment Date accrued and unpaid
interest up to, but not including, the Final Payment Date on the
Notes accepted for purchase at the Final Acceptance Time.  The
Company currently expects that the Final Payment Date will be
May 26, 2011.

The consummation of each tender offer and consent solicitation is
conditioned upon, among other things, (i) the Company's receipt of
the proceeds from its offering of New Senior Notes and the
completion of its New Credit Facility, (ii) the receipt of the
consents of holders of at least a majority of the outstanding
aggregate principal amount of the Dollar Notes and the Euro Notes,
as applicable, to the Proposed Amendments and (iii) the execution
of the respective supplemental indenture giving effect to the
Proposed Amendments.

If any of the conditions are not satisfied, the Company may
terminate the tender offers and consent solicitations and return
the tendered Notes.  The Company has the right to waive any of the
foregoing conditions with respect to any series of Notes and to
consummate any or both of the tender offers and consent
solicitations.  The Company also has the right, in its sole
discretion, to terminate the tender offers or the consent
solicitations at any time, subject to applicable law.  Neither
tender offer is conditioned upon or subject to the completion of
the other tender offer.

None of Sensata's or the Company's board of directors, the dealer
managers and solicitation agents or any other person makes any
recommendation as to whether holders of Notes should tender their
Notes or deliver the related consents, and no one has been
authorized to make such a recommendation.

Barclays Capital Inc. and Morgan Stanley & Co. Incorporated will
act as dealer managers and solicitation agents for the tender
offers and consent solicitations.  With respect to the Dollar
Notes, Global Bondholder Services Corporation is the information
agent and depositary for the tender offers and consent
solicitations.  With respect to the Euro Notes, Lucid Issuer
Services Limited is the information agent and tender agent for the
tender offers and consent solicitations.  Questions regarding the
tender offers or consent solicitations may be directed to Barclays
Capital Inc. at +1 (800) 438-3242 (U.S. toll-free) or +1 (212)
528-7581 (collect) or Morgan Stanley & Co. Incorporated at +1
(800) 624-1808 (U.S. toll-free) or +1 (212) 761-1057 (collect).
Requests for the Offer Documents with respect to the Dollar Notes
may be directed to Global Bondholder Services Corporation at +1
(866) 952-2200 (U.S. toll-free) or +1 (212) 430-3774 (banks and
brokers only).  Requests for the Offer Documents with respect to
the Euro Notes should be directed to Lucid Issuer Services Limited
at +44 (20) 7704-0880.

                           About Sensata

Almelo, Netherlands-based Sensata Technologies B.V. --
http://www.sensata.com/-- Sensata Technologies B.V. is a global
designer, manufacturer, and marketer of customized and highly-
engineered sensors and control products.  Sensata is a wholly-
owned subsidiary of Sensata Technologies Holding, N.V.  Its
sensors segment accounts for approximately 60% of the company's
2009 revenues, and supplies sensors and transducers to the
commercial, industrial and automotive markets.  Revenue for the
LTM period ended 9/30/10 approximated US$1.5 billion.

The Company's balance sheet at March 31, 2011 showed US$3.39
billion in total assets, US$2.49 billion in total liabilities, and
US$895.09 million in total shareholders' equity.

                           *     *     *

In October 2010, Moody's Investors Service said that Sensata
Technologies' 'B2' Corporate Family Rating and positive outlook
remain unchanged following the announcement of its public holding
company, Sensata Technologies Holding N.V., that it has reached a
definitive agreement to acquire the "Automotive on Board" sensors
business of Honeywell International for US$140 million in cash.

Moody's last rating action on Sensata was Aug. 26, 2010, when
the company's Corporate Family and Probability of Default ratings
were upgraded to B2 from B3 and the ratings outlook was changed to
positive.

As reported by the TCR on March 1, 2011, Standard & Poor's Ratings
Services raised the ratings on sensors and controls manufacturer
Sensata Technologies B.V., including the corporate credit rating,
to 'BB-' from 'B+'.  The outlook is stable.  "The rating actions
reflect further improvements in Sensata's credit measures and the
continuing ownership reduction of its majority owner, private
equity firm Bain Capital, which S&P believes provides further
indication that the company is likely to maintain a less-
aggressive financial policy," said Standard & Poor's credit
analyst Dan Picciotto.  "S&P believes operating trends for 2011
remain favorable and that the company has demonstrated good
profitability through the economic downturn and into the upturn."


SENSATA TECHNOLOGIES: Moody's Raises Corp. Family Rating to 'B1'
----------------------------------------------------------------
Moody's Investors Service raised its ratings for Sensata
Technologies B.V., Corporate Family and Probability of Default
ratings to B1 from B2.  At the same time, Moody's has assigned a
Ba3 rating to Sensata's proposed new US$250 million senior secured
revolving credit facility due 2016, a Ba3 rating to the company's
planned US$1.2 billion senior secured term loan B due 2018, and a
B3 rating to the company's proposed US$600 million senior
unsecured notes due 2019.  The B1 rating on the company's existing
senior secured term loan B due 2013, the B1 rating assigned to the
senior secured revolving credit facility due 2012, and the Caa1
ratings on the company's senior unsecured notes due 2014 and 2016
will be withdrawn at the close of the refinancing.  Moody's also
upgraded the company's Speculative Grade Liquidity ("SGL") rating
to SGL-1 from SGL-2.  The rating outlook is positive.

These ratings have been assigned:

   -- $250 million senior secured revolving credit facility due
      2016, Ba3 (LGD3, 34%);

   -- $1.2 billion senior secured term loan B due 2018, Ba3 (LGD3,
      34%);

   -- $600 million senior unsecured notes due 2019, B3 (LGD5,
      88%).

These ratings/assessments have been upgraded:

   -- Corporate family rating to B1 from B2;

   -- Probability of default rating to B1 from B2;

   -- Speculative grade liquidity rating to SGL-1 from SGL-2.

These ratings will be withdrawn at the close of the transaction:

   -- Senior secured revolving credit facility due April 27, 2012,
      B1 (LGD3, 37%);

   -- Senior secured term loan B due April 27, 2013, B1 (LGD3,
      37%);

   -- Senior unsecured notes due April 1, 2014, Caa1 (LGD5, 85%).

   -- Senior subordinated unsecured notes due May 1, 2016, Caa1
      (LGD6, 93%).

The ratings outlook is positive.

RATINGS RATIONALE

The upgrade of the company's CFR to B1 reflects the strong year
over year and sequential improvement in Sensata's operating and
financial performance resulting in a strengthening credit metrics
profile.  In addition, the rating reflects the issuer's leading
market position and the expectation for further improvement in its
credit metrics.  Moody's believes that Sensata's market share and
margins are somewhat insulated by the switching costs related to
their products which are typically contracted or designed into
long-term product platforms.

The positive rating outlook indicates Moody's anticipation for
continued improvement in Sensata's credit metrics as the company
benefits from increased demand from its end markets as well as a
leaner cost structure, particularly with its manufacturing base
increasingly in lower-cost locales.  The global automotive
industry, which represents slightly over half of Sensata's total
revenues and is the main driver of the company's sensors business,
has seen solid increases in production since the trough of the
recession.  North American production has continued to improve at
a faster pace than that of Europe, which could temper the pace of
Sensata's continued rapid growth, as European automotive remains
the company's largest end-market, although the company continues
to increase its presence in the growing Asian automotive market.
Sensata's controls business, which provides circuit breakers and
motor and compressor protectors, has also seen sequential
improvements (not as much as its sensors business due to its main
end markets being commercial and residential construction).

The upgrade to Sensata's SGL rating to SGL-1 from SGL-2
incorporates the company's robust cash positions and expectation
for strong positive free cash flow generation, full revolver
availability on the new upsized revolver, as well as increased
covenant cushion under the company's new credit facility.
Additionally, the proposed transaction will significantly lengthen
the company's debt maturity profile.  Moody's believes that the
company will continue to maintain a very good liquidity profile
over the next twelve months.

The rating could be upgraded if year-over-year and sequential
operating results continue to improve, and the company continues
to reduce debt.

The positive ratings outlook could return to stable if the
company's deleveraging trends were to end and if leverage was
expected to be sustained above 4.5 times.  Debt-funded
acquisitions that result in an increase in leverage could also
weigh on the credit profile and result in a stabilization of the
outlook or a ratings downgrade.  A change in dividend policy that
resulted in a weakening of the company's balance sheet could also
create ratings pressure.

The principal methodology used in rating Sensata was the Global
Manufacturing Industry Methodology, published December 2010.
Other methodologies used include Loss Given Default for
Speculative Grade Issuers in the US, Canada, and EMEA, published
June 2009.

Sensata Technologies B.V., incorporated under the laws of The
Netherlands and with U.S. headquarters in Attleboro,
Massachusetts, is a global designer, manufacturer, and marketer of
customized and highly-engineered sensors and control products.
Revenues for the LTM period ended March 31, 2011 totaled
approximately US$1.6 billion.


SKYLINE 2007: Moody's Comments on Skyline 2007 B.V., Dutch CMBS
---------------------------------------------------------------
Moody's Investors Service has commented on the performance of the
transaction Skyline 2007 B.V. (amounts reflect initial
outstandings):

   -- EUR2,539.5 million Senior Class A Notes, currently rated
      Aaa (sf);

   -- EUR162.0 million Mezzanine Class B Notes, currently rated
      Aa1 (sf);

   -- EUR133.5 million Mezzanine Class C Notes, currently rated
      Aa2 (sf);

   -- EUR121.5 million Junior Class D Notes, currently rated Baa2
      (sf); and

   -- EUR43.5 million Junior Class E Notes, currently rated Ba2
      (sf).

Moody's does not rate the Class F of Notes.

The key parameters in Moody's analysis are the default probability
of the securitized loans, both during the term and at maturity,
and 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 of
the parameters, the loss expectation for the pool has remained
relatively stable compared to Moody's assessment at closing of the
transaction.  As a consequence, the current credit enhancement for
the rated classes of Notes is sufficient to maintain the existing
ratings.

The Notes are backed by a pool of currently 1,163 commercial
mortgage loans granted to 571 borrowers totaling approximately
EUR2,460 million and secured by a well diversified pool of 4,425
properties.  The properties are located throughout The
Netherlands.  The loans have been originated and are serviced by
FGH Bank N.V ("FGH"), fully owned subsidiary of Rabobank (Aaa, P-
1).  Since closing and to the January 2011 IPD, EUR1,232 million
of repayment and prepayment receipts have been reinvested in new
loans.  Additionally, a total of EUR1,584 million of loans have
been repurchased and replaced with new ones.  However, following a
breach of the substitution conditions in February 2011, no further
replenishment of the portfolio is possible.  Consequently,
repayment and prepayment receipts (EUR46 million) and repurchases
without substitution (EUR494 million) over the quarter to the
April 2011 IPD have lead to a reduction of the principal balance
of the Class A of Notes by EUR540 million.  Continuing loan
repayments and prepayments will further increase the credit
enhancement available to all rated classes of Notes.

The portfolio did not experience any losses or defaults since
closing.  Levels of quarterly payment arrears have increased since
2009, but the balance of loans in arrears by more than 90 days has
never exceeded 0.30% of the total balance outstanding.  This
relatively good performance may partially reflect the fact that
more than EUR 2 billion of loans have been repurchased by FGH
before these loans could reach refinancing stage.  However, in
view of the current levels of arrears in the securitized pool and
the history of losses in FGH's loan books, the 0.60% excess margin
in the transaction provides substantial protection to the rated
classes of Notes against the risk of a deterioration of the
performance of the loans.  The reserve account and subordination
provide further credit enhancement.

Moody's will continue to monitor the performance of the
transaction and will focus its surveillance on the future levels
of arrears, defaults and losses, and also the speed of redemption
of the Notes from repayments, prepayments and loan repurchasing.

The principal methodology used was "Moody's Approach to Real
Estate Analysis for CMBS in EMEA: Portfolio Analysis (MoRE
Portfolio)" published April 2006.  Other methodology and factors
considered can be found in "Update on Moody's Real Estate Analysis
for CMBS Transactions in EMEA" published June 2005.

The updated assessment is a result of Moody's ongoing surveillance
of commercial mortgage backed securities (CMBS) transactions.  The
last Performance Overview for this transaction was published on
Jan. 27, 2011.


===========
N O R W A Y
===========


NORSKE SKOGINDUSTRIER: Moody's Keeps 'B2' Corporate Family Rating
-----------------------------------------------------------------
Moody's noted the results announcement for Q1 2011 of Norske
Skogindustrier's, rated B2 CFR, B3 PDR, negative outlook, which is
largely in line with Moody's expectation.  While EBITDA generation
is somewhat below Q4 2010 levels, driven by rising input costs,
Moody's acknowledges that significantly higher pricing levels for
newsprint products negotiated will only show their full impact
from Q2 2011 onwards.

However, despite improvements in operating performance and cash
flow generation expected for Q2 2011, Moody's cautions that the
rating remains under significant pressure and could be subject to
downgrade rating actions, should the company not be able to
resolve its refinancing needs within the next few weeks.

Norske Skog's mounting refinancing issues are a key constraint for
the current rating.  Over the next 12 months, the group faces debt
maturities of approx. NOK5.9 billion, compared with available cash
resources of approx. NOK3.9 billion as of March 2011 and expected
low, though positive free cash flow generation.  Norske Skog has
over the past few months disposed of further assets, with proceeds
of roughly NOK500 million earmarked for debt repayments.  Moody's
calculates, however, the need for at least additional NOK1.5
billion of proceeds to be raised on the back of further asset
disposals or capital market activity, to safeguard the group's
liquidity position.  Furthermore, the current rating also expects
Norske Skog to arrange for sufficient back-up facilities to
support the business through the cycle.

Should Norske Skog succeed in raising additional proceeds and
implementing sufficient liquidity headroom, this would reduce
pressure on the rating.  Moody's notes, however, that Norske Skog
would need to further improve its operating profitability and cash
generation ability also after 2011.  This might be challenging
given a continued difficult business environment characterized by
a secular demand decline trend for newsprint products as well as
pressure from high and still rising input costs, which require
Norske Skog and its peers to continuously adjust capacity to
preserve recently rebuilt pricing power.

The principal methodology used in rating Norske Skogindustrier ASA
was the Global Paper and Forest Products Industry Methodology,
published September 2009.  Other methodologies used include Loss
Given Default for Speculative Grade Issuers in the US, Canada, and
EMEA, published June 2009.

Norske Skogindustrier ASA, with headquarters in Lysaker, Norway,
is among the world's leading newsprint producers with production
in Europe, Australasia, South America and Asia.  The company also
produces magazine paper in Europe.  In 2010, Norske Skog recorded
sales of around NOK19 billion (approximately EUR2.4 billion).


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


KHAKASSIA: Fitch Affirms Long-Term Currency Ratings at 'BB-'
------------------------------------------------------------
Fitch Ratings has affirmed the Republic of Khakassia's Long-term
foreign and local currency ratings at 'BB-', with Stable Outlooks,
and its Short-term foreign currency rating at 'B'.  The agency
also affirmed the region's National Long-term rating at 'A+(rus)'
with Stable Outlook.

The ratings reflect the modest scale of the republic's economy,
its high taxpayer concentration and contingent liabilities
stemming from public sector enterprises.  The ratings also factor
in the republic's satisfactory budget performance and modest
direct risk.  An increase in budget size accompanied by a
restoration of operating margin to above 10%, and maintenance of
manageable debt burden would be rating positive.  Downward rating
pressure would arise from any inability to control its operating
expenditure for two years in row leading to close to zero margins
and a significant increase of direct risk.

The republic has a modest economy, with per capita gross regional
product (GRP) equal to 54% of the national average in 2009.  The
region's economy grew 3% in 2010 after the minor decline of 2.5%
in 2009.  The region's administration expects GRP growth to
average 3%-4% in 2011-2013, with growth being underpinned by the
increase in industrial output.

Despite the modest scale of the economy, the republic has a strong
tax base, which is highly concentrated.  Taxes accounted for 69%
of operating revenue in 2010 and the ten largest taxpayers
contributed 49% to the republic's tax revenue.  However, the
companies are spread across various industries, which mitigate the
risk of sudden tax revenue shocks.  This was reflected by the
republic's strong resilience to the crisis in 2008-2009 compared
with most other Russian regions.

The region's budgetary performance, though satisfactory in 2010,
deteriorated from the previous year.  The operating balance
accounted for 5.4% of operating revenue in 2010 due to a decline
of current transfers from the federal budget.  Fitch believes the
operating margin will return to 8%-10% in 2011-2013 supported by
stricter control over operating expenditure in the medium-term.

The new administration decided to carry out a more proactive
investment policy in the region.  As a result, its direct risk
increased in 2010, but remained modest at 17% of current revenue.
The republic's debt portfolio is well-structured, while the
maturity profile is rather smooth.  The republic claims it does
not plan any significant increase to its debt in the medium-term.
Fitch expects the direct risk will not exceed 25% of current
revenue in 2011-2013.

The republic's contingent liabilities are composed of guarantees
and the debt of public sector entities.  As of beginning of 2011,
the region had no guarantees.  The republic's broader public
sector is not extensive.  The only significant risk stems from the
republic's mortgage agency, which is not able to service its
RUB400 million debt.  The republic is participating in
negotiations concerning debt restructuring, but has never made any
payments towards the agency's obligations.  The mortgage agency
possesses assets (apartments for sale), which mostly cover its
debt liabilities.

Khakassia is located in south-west Siberia.  Its GRP accounts for
0.2% of national GDP, and the republic's population is 0.4% of the
national population.


* KIROV REGION: Fitch Affirms Long-Term Currency Ratings at 'B'
---------------------------------------------------------------
Fitch Ratings has revised the Russian region of Kirov's rating
Outlooks to Positive from Stable and affirmed its Long-term
foreign and local currency ratings at 'B', National Long-term
rating at 'BBB+(rus)' and Short-term foreign currency rating at
'B'.

The Positive Outlook reflects the rebound of Kirov's operating
performance after a temporary deterioration in 2009, as well as
Fitch's expectation of maintenance of the region's operating
performance in 2011, and a gradual decrease in the region's direct
risk in the medium term.  However, the ratings also factor in the
high proportion of short-term debt that will roll over in 2011,
which creates refinancing risk for the region.

Fitch notes that maintenance of the budgetary performance with
operating margin close to 2010 level and a reduction in the high
refinancing risk due to decreasing exposure to short-term bank
loans would be positive for the ratings.

The region's operating balance was restored to 6.8% of operating
revenue in 2010 after deterioration in 2009.  A large increase in
taxes accompanied by tight control of operating expenditure
underpinned the restoration of budgetary performance in 2010.
Fitch expects budgetary performance to further improve with the
operating margin reaching 7%-8% in 2011-2013.

The region's direct risk, which includes bank loans and budgetary
loans granted by the Federal government, remained low in 2010, at
18.5% of current revenue.  The main concern is the short-term
nature of bank loans, which represent a significant proportion of
the direct risk.  This exposes the region to high refinancing
risk. As of April 1, 2011, the region had to repay RUB3.97 billion
of bank loans in 2011, or 70% of its direct risk.  The remaining
direct risk is made up of several loans from the federal budget,
which have a longer maturity profile and have to be repaid during
2012-2015.

Fitch does not expect any problems with refinancing bank loans
this year due to easy access to capital markets and low interest
rates.  However, the short-term nature of the bank loans remains a
concern and could cause refinancing risk if the financial markets
become less favorable.  Fitch expects a modest decline in the
region's direct risk and, particularly, reduction of the short-
term bank loans in the region's risk structure by 2013.  The debt
coverage ratio is also likely to improve to below two years.

During 2008-2010, the region actively used guarantees to support
the local economy under adverse conditions.  As of the beginning
of 2011, they had increased to RUB2.6 billion from RUB1.4 billion
in 2008, exposing the region to contingent risk.  The improvement
of economic conditions meant the region decided not to provide new
guarantees to local companies in 2011, which means its indirect
liabilities have stabilized.

The region's economic profile is weaker than that of the average
Russian region.  The per capita gross regional product accounted
for 67% of the national median in 2009.  After a 9% decline in
2009, the region's economy demonstrated GRP growth of 4% in 2010,
(close to national average).  The administration forecasts the
annual economic growth will average 3% in 2011-2013.

The Kirov region is located in the European part of Russia, 900
kilometers east of Moscow.  The region accounted for 1% of
Russia's population and 0.5% of its GDP in 2009.


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


SAAB AUTOMOBILE: Hawtai Dismisses Doubts Over Rescue Deal
---------------------------------------------------------
According to Agence France-Presse, Saab Automobile's new partner
Hawtai defended itself against claims reportedly made by a top
Swedish diplomat that raised doubts about the Chinese automaker's
ability to salvage the Swedish car brand.

In a deal unveiled on Tuesday, Hawtai is set to inject EUR150
million (US$223 million) into cash-strapped Saab through a
partnership including joint ventures in manufacturing, technology
and distribution, AFP discloses.

AFP relates that the Swedish daily Svenska Dagbladet on Thursday
said Stockholm's ambassador to China had warned the foreign
ministry that Hawtai may have inflated its output data and had
changed chief executives several times in recent years.

"We haven't received any (complaints) through official channels,"
Gao Hongjun, Hawtai's head of public relations and communications,
told AFP.  He said it was "impossible" to exaggerate corporate
figures as they were made public by official auto industry groups,
AFP notes.

As for stability in the company's upper echelons, Mr. Gao, as
cited by AFP, said top executives had not left the firm, but had
simply been sent to lead newly established subsidiaries such as an
engine-making company as Hawtai expanded.

The report submitted by Swedish ambassador Lars Freden also
alleged that though Hawtai has existed for 10 years, it had
produced cars under its own brand name for only about a year --
suggesting it was unprepared to help Saab, according to AFP.  Mr.
Gao said Hawtai, which used to make cars for South Korea's
Hyundai, had started offering sports utility vehicles under its
own brand in 2004, AFP notes.

As reported by the Troubled Company Reporter-Europe on April 21,
2011, Global Insolvency said that Saab urgently needs fresh funds
to pay its suppliers and resume production.  Production came to a
halt in recent weeks because of parts shortages after some
suppliers stopped deliveries, Global Insolvency recounted.  Global
Insolvency related that on April 15, the Swedish government
granted the car maker approval to sell its property and set
several conditions for the NDO to allow Saab to release its
collateral.  The conditions were mainly related to the expected
price and the potential buyer, Global Insolvency stated.

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


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


MERINOS HALI: Fitch Affirms 'B' Long-Term Issuer Default Ratings
----------------------------------------------------------------
Fitch Ratings has revised Turkey-based Merinos Hali Sanayi ve
Ticaret A.S.'s Long-term foreign and local currency Issuer Default
Ratings (IDR) to Positive from Negative and affirmed them at 'B'.
Fitch has also upgraded Merinos' National Long-term rating to
'BBB+ (tur)' from 'BBB (tur)'; the outlook is positive.

The Positive Outlook reflects an improved sales environment and
improvement in operating margins in 2010, which Fitch believes is
sustainable.  The revision also captures Merinos' growing foreign
exchange revenue from its geographically diversified exports and
its leading and slowly increasing to 40% share of the local
branded machine-made carpet market.  Fitch views this diversified
revenue base, combined with Merinos' expansive sales and
distribution network through its own dealership network, as a
positive rating factor.

The Positive Outlook also reflects reduced medium-term refinancing
risk, following the repayment of a EUR60 million credit-linked
note (CLN).  The group refinanced the CLN through higher free cash
flow (FCF) generation and a TRY50m bond issuance.

The company's FY10 EBITDAR margin increased to 19.5% from 14.7% in
FY09 due to higher economies of scale and cost saving efforts,
despite higher raw material prices.  This may indicate another
solid operating performance in 2011, barring any significant raw
material price increase.  In addition, Greenfield operations in
Russia have helped bolster exports and the company generated a 43%
revenue increase at FY10.

Positive FCF in the past three years, higher operating margins in
FY10 and significant working capital inflows, have eased Fitch's
liquidity concerns.  Merinos' export revenue covers its interim
FX-denominated interest payments, reducing concerns about its
already reduced FX exposure.  Merinos' operating profitability
track record is sound.  Its ability to raise additional debt
funding or service higher levels of debt will remain a function of
its healthy cash generation.

Net debt to EBITDA improved to 1.9x at FYE10 from over 5x at FYE09
while FFO adjusted net leverage dipped below 1.5x at FYE10.  FFO
interest coverage also doubled from a year ago, boosting the
company's financial flexibility.

A rating upgrade could occur if FFO adjusted net leverage was to
fall below 1x and FCF continued to be positive.  Returning
leverage to FY09 levels, especially driven by working capital
needs, a material negative impact on cash flows and a contraction
of EBITDA margins below 17% would be considered negative for the
ratings.

Merinos is one of the world's top three machine-made carpet
manufacturers in terms of installed capacity, commanding around
40% of the fragmented Turkish market.  The company also produces
polypropylene and acrylic yarn.  Merinos is 60%-owned by Erdemoglu
Holding, with the rest held by Erdemoglu family members.
Erdemoglu Holding and the family also have interests in another
carpet manufacturer, Dinarsu, and a household furniture company
within the Erdemoglu group of companies.


=============
U K R A I N E
=============


ACORN STONE: Goes Into Voluntary Liquidation
--------------------------------------------
Chris Hopper at Lancashire Telegraph reports that Acorn Stone
Merchants has laid off all 10 staff after bosses put it into
voluntary liquidation.

According to the report, experts from Manchester-based chartered
accountancy firm CLB Coopers are picking through the company's
assets in the hope of raising about GBP400,000.

Among those up for grabs is a freehold site including a showroom
and a workshop on the Lomeshaye industrial estate, Lancashire
Telegraph notes.

Lancashire Telegraph says CLB Coopers is also marketing a
leasehold showroom nearby, cutting equipment, vehicles and stock
of stone.

Acorn Stone Merchants is a Nelson-based stone merchant.


AGROTON PUBLIC: Fitch Assigns 'B-' LT Issuer Default Ratings
------------------------------------------------------------
Fitch Ratings has assigned Agroton Public Limited Long-term
foreign and local currency Issuer Default Ratings (IDR) of 'B-'.
Fitch has also assigned a National Long-term rating of 'BBB(ukr)'.
The Outlook is Stable.

The Long-term IDRs reflect Agroton's above-average business risks,
due to the strong cyclicality and seasonality of agricultural
commodities, its weak free cash flow profile as a result of the
large amount of capital tied up in working capital, its reliance
on one geographical area in Ukraine and its small size, as
illustrated by reported net sales and EBITDA for fiscal year
ending December 2010 of US$97.1 million and US$38.5 million
(before exceptional items), respectively.  These factors are
mitigated by the long-term growth prospects for the agricultural
sector in Ukraine and Agroton's high output yields relative to
peers and independent farmers.

The ratings also take into account the diversification provided by
the livestock division, which mitigates factors such as the
volatility in crop production volumes and yields derived from
factors which are outside management control, namely adverse
weather conditions, cost inflation and/or a sudden decline in
selling prices.  Agroton's large storage capacity (almost 100% of
total grain production), also mitigates sudden changes in selling
prices, as it allows the company to sell grain at more convenient
prices throughout the year.  However, if the company holds large
inventory positions, this translates into slim cash flow from
operations (CFO; after changes in working capital).  Historically,
CFO has been negative, ranging from zero in 2009 to minus US$11
million in 2010.

The group's financial risk is considered high for the rating
level, as the capital tied up in inventories and the expansion
plan are likely to translate into negative free cash flows over
the next two to three years.  Fitch acknowledges the high degree
of flexibility in the capital spending program, which provides a
cushion against unfavorable market trends.  Furthermore,
management's commitment to maintain a maximum total debt/EBITDA
ratio of 2.0x (throughout the year) and inventories that can be
liquidated with relative ease should the need arise, underpins the
group's financial flexibility.

The ratings also reflect Fitch's expectation of a conservative
financial policy, maintaining adequate liquidity reserves while
minimizing refinancing risk in the longer term.  Moreover, the
group has accessed equity capital, by way of two equity issues in
November 2009 and November 2010, raising US$90 million in
aggregate, which was used to repay existing debt and fund working
capital in the business.  Fitch also acknowledges that the company
demonstrates better corporate governance procedures relative to
other Ukrainian peers, including two independent directors on the
board and no related-party transactions.

A negative rating action could result if Agroton was unable to
maintain cash on balance sheet plus inventories (as a percentage
of total debt) above 80%, or if funds from operations (FFO)
adjusted leverage remains above 3.5x (lease-adjusted gross
leverage above 3.0x), both over a two-year rolling period.

Although Fitch does not anticipate a positive rating action in the
near term, broad guidelines for a 'B' local-currency IDR include
the combination of achieving larger scale, the ability to fund
future capex by internally-generated cash flows, and FFO adjusted
leverage between 1.5-2.0x (on a rolling two-year basis), equating
to 1.2x-1.6x lease-adjusted gross leverage.  Further rating uplift
on the 'B-' foreign-currency IDR is constrained by lack of
sizeable export revenues.  Fitch notes that Agroton plans to start
exporting directly in H211.


RAIFFEISEN BANK: Moody's Changes Outlook on 'D-' BFSR to Stable
---------------------------------------------------------------
Moody's Investors Service has changed the outlook on the
standalone D- bank financial strength rating (BFSR) of Raiffeisen
Bank Aval (RBA)from negative to stable.  Concurrently, Moody's has
affirmed all other ratings of the bank: Ba1 long-term local
currency bank deposit rating, B3 long-term foreign currency bank
deposit rating, Not Prime short-term local and foreign currency
deposit rating, Ba1 domestic currency debt rating and Aa1.ua
National Scale Rating (NSR).  All global scale ratings and the
BFSR carry a stable outlook, whilst the NSR carries no specific
outlook.

The rating actions follow Moody's assessment of RBA's audited
financial statements for 2010, prepared under IFRS.

Ratings Rationale

Moody's says the change of the outlook on RBA's ratings is driven
by stabilization of the bank's asset quality indicators and
improvements in its profitability in 2010, which, combined with
healthy revenue generation, adequate provisioning and regulatory
capitalization, should ensure that RBA remains well capitalized in
the medium term.

"Non-performing loans, which showed deterioration during 2009-2010
and reached 33% at year-end 2010, although weighed down by
significant loan book contraction, are close to their peak.
Therefore, Moody's expects RBA's asset quality to improve
gradually in 2011.  Any upward trend will be aided by a gradually
reviving regional economy and resumed loan growth," says Yaroslav
Sovgyra, a Moody's Vice-President -- Senior Credit Officer and
lead analyst for the bank.

Moody's also notes that RBA's capitalization ratio and reserve
coverage appear sufficient to absorb potential losses, even under
stress scenarios.  The bank reported a Tier 1 ratio and total
capital adequacy ratio of 13.4% and 20.8%, respectively, as of
year-end 2010.

Notwithstanding the stable rating outlook, Moody's notes risks
constraining RBA's rating.  The main challenge to RBA's asset
quality is its foreign-currency-denominated loan portfolio.  Many
borrowers, particularly in the retail sector, are unhedged with
regard to the currency risk on these loans.  Although the
Ukrainian hryvnia has been rather stable since its devaluation in
late 2008/early 2009, Moody's cautions that the event risks that
stem from the foreign-currency exposures will remain for several
years, given the long-dated maturity of the existing mortgage
portfolio.  The rating agency also notes risks stemming from
relatively high single-name and industry concentration, and -- in
particular -- material exposure to construction and real estate
loans.  This asset class quickly deteriorated against the
background of a weakening Ukrainian property market, and continues
to face downward pressure despite the upward trend in the national
economy.

RBA's deposit rating of Ba1 receives a two-notch rating uplift
from the bank's Ba3 base line credit assessment due to parental
support considerations.  "Moody's judges the probability of
parental support from the bank's owner -- Raiffeisen Bank
International AG (RBI, rated A1/Prime-1/D+, positive outlook on
the D+ BFSR) -- as 'very high' in the event of a stress situation,
based on RBI's 96.2% ownership of RBA, and a track record of
liquidity and capital support during the global financial crisis,"
Mr. Sovgyra explains.

RBA's D- BFSR has limited upside potential in the near term.
However, in the longer term, improvements in the bank's asset
quality and profitability indicators, as well as steady build-up
of new high-quality loans could exert upward pressure on the
bank's ratings.  The bank's local currency deposit rating is
likely to move in line with its BFSR, while the foreign currency
deposit rating is constrained by the country ceiling for Ukraine,
and can be upgraded only if Moody's upgrades this country ceiling.

Moody's also notes that negative pressure could be exerted on
RBA's BFSR and local currency deposit rating following a
substantial deterioration of asset quality beyond current levels
and a significant increase in provisioning volumes.

Previous Rating Actions and Principal Methodologies:

The previous rating action on RBA was implemented on Oct. 12,
2010, when Moody's changed to stable from negative the outlook on
the bank's foreign currency debt rating following the change in
outlook on Ukraine's sovereign ceilings.

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

Headquartered in Kiev, Ukraine, RBA reported audited IFRS total
assets, equity and net income of UAH56.8 billion (US$7.13
billion), UAH7.2 billion and UAH84.3 million, respectively at
year-end 2010.


SIMCLAR GROUP: Founder Likely to be Called as a Witness
-------------------------------------------------------
Mark Williamson at The Herald Scotland reports that Simclar Group
Founder Sam Russell faces a courtroom confrontation with
liquidators seeking the recovery of GBP3 million worth of
dividends paid by an electronics firm he closed amid controversy
in 2007.

According to The Herald Scotland, a judge has ruled that the facts
surrounding the payments by Simclar Ayrshire should be considered
in an open court hearing scheduled for next April.

The Herald Scotland says the decision by Lord Hodge will result in
the actions of Mr. Russell and other key players coming under
intense scrutiny in proceedings that are scheduled to last eight
days.   Mr. Russell, the report notes, is likely to be called as a
witness.

Depending on the outcome of the civil case, says The Herald
Scotland, Mr. Russell and his Dunfermline-based Simclar Group may
be required to pay at least part of the GBP3 million sought by the
liquidators.

The Herald Scotland discloses that Mr. Russell is one of the
defenders in an action which experts from PricewaterhouseCoopers
have brought against the businessman and his Dunfermline-based
Simclar contract manufacturing business.

According to The Herald Scotland, two other former directors of
Simclar Ayrshire, Ian Durie and Stephen Donnelly, are also
defenders in the action.  This concerns events leading up to the
decision to put the Simclar group's Ayrshire subsidiary into
administration in 2007, which was followed by the company going
into liquidation.

                         About Simclar Group

Headquartered in Dunfermline, Scotland, The Simclar Group --
http://www.simclar.com/-- is a global solutions provider,
offering complete manufacturing and fulfillment services to
customers.


UKRSIBBANK: Moody's Cuts Bank Financial Strength Rating to 'E+'
---------------------------------------------------------------
Moody's Investors Service has downgraded UkrSibbank's long-term
local currency bank deposit rating to Ba2 from Ba1 and standalone
bank financial strength rating (BFSR) to E+ from D-.  The bank's
BFSR now maps to B2 on the long-term scale.

Concurrently, Moody's has affirmed UkrSibbank's other ratings as
follows: B3 long-term foreign currency bank deposit rating, Not
Prime short-term local and foreign currency deposit rating, B1
foreign currency debt rating and Aa1.ua National Scale Rating
(NSR).  The BFSR and all global-scale ratings carry a stable
outlook, while the NSR carries no specific outlook.

The rating actions follow Moody's assessment of UkrSibbank's
audited financial statements for 2010, prepared under IFRS.

Ratings Rationale

The rating action is driven by Moody's continued concerns over the
bank's profitability, asset quality and capital adequacy.
UkrSibbank has been loss making for three consecutive years, and
reported a net loss under IFRS of UAH3.1 billion (US$396 million)
for 2010.  Moody's expects UkrSibbank's return to profitability to
take time, as the bank's revenue generation capacity has been
significantly eroded by the rapidly growing cost of risk and
shrinking business volumes.  The bank is expected to return to
profitability on a pre-provision basis in 2011, and to break-even
on a post-provision basis in 2012.  Gradual improvement in overall
operating conditions in Ukraine and resumption of lending are also
expected to support the bank's recovery.

"The deterioration of UkrSibbank's financial profile stems
primarily from the ongoing impairment of the loan book," says
Yaroslav Sovgyra, a Moody's Vice-President -- Senior Credit
Officer and lead analyst for the bank.  At YE2010, UkrSibbank's
problem loans amounted to 43.8% of its gross loan book while loan
loss reserves amounted to 29.6%.  In addition, 14.7% of the bank's
loans were restructured (in accordance with the bank's IFRS
report).  In Moody's opinion, many of these restructured loans
would be past due or impaired as at YE2010, if not restructured.

UkrSibbank's high level of foreign currency lending represents
another critical challenge to the rating -- 80% of total loans
were foreign-currency-denominated as at YE2010.  Many borrowers,
particularly in the retail sector, are unhedged with regard to the
currency risk on their loans.  Although the Ukrainian hryvnia has
been rather stable since its devaluation in late 2008/early 2009,
Moody's notes that the event risks stemming from the foreign
currency exposures will remain for several years, given the long-
dated maturity of the existing mortgage portfolio.

Moody's decision to downgrade UkrSibbank's local currency deposit
rating and BFSR is also linked to concerns regarding current
capitalization levels.  Based on the IFRS report for YE2010, the
bank's Tier 1 and total capital adequacy (CAR) ratios stood at
6.91% and 10.34%, respectively.

While UkrSibbank would remain adequately capitalized under Moody's
anticipated scenario, the bank would need to raise capital in
order to face a worse-than-anticipated scenario.  Furthermore, the
bank currently does not generate sufficient earnings to cover
potential capital needs and so would require fresh capital from
its shareholder.  Nonetheless, Moody's notes that the bank remains
adequately capitalized under Ukrainian regulatory norms, with a
capital adequacy ratio (N2) close to 21% as at YE2010.

Moody's adds that, notwithstanding the downgrade, UkrSibbank
retains a robust franchise as the fifth-largest bank in Ukraine
with an extensive territorial coverage and a good customer reach.
Moody's also recognizes improvements made in the bank's risk
profile as reflected in reduced loan book concentrations.

UkrSibbank's Ba2 deposit rating now receives a three-notch rating
uplift from the bank's revised standalone B2 on the long-term
scale, due to parental support considerations.  "Moody's assesses
the probability of parental support from the bank's owner, BNP
Paribas (BNPP, rated Aa2/Prime-1/B-, stable outlook), in the event
of a stress situation as "very high", based on BNPP's 99.99%
ownership of UkrSibbank, and the shareholder's track record of
liquidity and capital support during the global financial crisis,"
Mr. Sovgyra explains.  In 2010, BNP Paribas increased its stake in
the bank from 81.42% to 99.99%, and injected around UAH 3 billion
of Tier 1 capital.

Headquartered in Kiev, Ukraine, UkrSibbank reported total
consolidated assets and total capital of UAH42.5 billion (US$5.3
billion) and UAH2 billion (US$256 million) respectively, in
accordance with IFRS, at YE2010.  The bank reported a net loss of
UAH3.1 billion or US$396 million.

Previous Rating Actions:

The previous rating action on UkrSibbank was implemented on
Oct. 12, 2010, when Moody's changed to stable from negative the
outlook on the bank's long-term foreign currency deposit and debt
ratings following the change in outlook on Ukraine's sovereign
ceilings.


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


FOCUS DIY: B&Q Acquires 31 Stores for GBP23 Million
---------------------------------------------------
H&V News reports that owner of B&Q has bought 31 stores from
stricken chain Focus DIY for GBP23 million after the company fell
into administration.  The report relates that Kingfisher, which
also owns the Screw Fix brand, said it plans to refit the vacant
properties and open them as new B&Q stores later in the year.

Ernst & Young, which has been appointed as administrator to Focus
DIY, said the remaining 144 stores will continue to trade as
normal, according to H&V News.

H&V News discloses that the stores will continue to run as Focus
DIY until July, when they will be shut down and conversions will
begin.  The report notes that administrators are still looking for
a buyer for the remaining stores.

Kingfisher said the purchased stores have 700 staff in total who
will not be transferred to the new B&Q stores but are welcome to
apply for positions, H&V News says.

Focus DIY was founded by Bill Archer in 1987, with six stores in
the Midlands and the north of England.  The company now has 178
stores in England, Scotland and Wales, and employs more than 3,900
staff.


GEKO DIRECT: In Liquidation; 85 Workers Lose Jobs
-------------------------------------------------
Mobile News reports that Geko Direct has gone into liquidation
after experiencing cash-flow issues that meant it was unable to
pay wages to its 85 staff last month.

In a statement issued to Mobile News, Geko managing director Dave
Carter confirmed the closure of the Telford-based dealer.

"The current economic situation is making business incredibly
tough to win and the banks are simply not helping as they used
to," Mobile News quotes Mr. Carter as saying.

"I would like to pay tribute to everyone who has worked at Geko
and to thank them for their support during this difficult time.
It is a very sad day."

Geko Direct is an independent business to business mobile
specialist.  The company had 85 employees across locations in
Birmingham, Stoke-on-Trent and Telford.


GENERAL MOTORS: Expects European Unit to Break Even This Year
-------------------------------------------------------------
Neil Hodgson at Daily Post reports that General Motors expects its
European arm to break even this year.

The US auto group went into administration in 2009 but opted to
retain GM Europe (GME), including its Ellesmere Port Vauxhall
Astra plant, rather than dispose of it in a cost cutting drive,
Daily Post recounts.

Daily Post relates that first quarter results released Thursday by
GM showed a more than tripling of profits for the group, and a
continuing trend of falling losses in Europe, which should lead to
break even by the year end.

GME's results improved by GBP363 million on an earnings before
interest and tax-adjusted (EBIT) basis, compared with the same
quarter last year, and the group said it achieved a "significant
milestone" by delivering break-even results on that basis, Daily
Post discloses.

"Based on current plans, GME is targeting to achieve break-even
results on an EBIT-adjusted basis before restructuring for the
entire year," Daily Post quotes the group as saying.

According to Daily Post, Ellesmere Port employs 2,000 staff
producing the Astra and Astra Sports Tourer models, and GME
president Nick Reilly told LDP Business in a conference call from
Germany Thursday: "Ellesmere Port is doing very well and working
flat out to meet demand for the Sports Tourer, which is going
extremely well."  Mr. Reilly added that a new three-door hatchback
Astra will be produced later this year in Europe and said,
depending on its success, it could drive up demand for Ellesmere
Port's five-door version, Daily Post notes.

Group net first-quarter income rose to approximately GBP1.94
billion, against GBP545 million the year earlier, making it GM's
fifth consecutive profitable quarter, Daily Post relates.

Total revenues rose to approximately GBP22 billion from GBP19
billion last year, Daily Post states.

                       About General Motors

With its global headquarters in Detroit, Michigan, General Motors
Company -- http://www.gm.com/-- is one of the world's largest
automakers.  GM employs 205,000 people in every major region of
the world and does business in some 157 countries.  GM and its
strategic partners produce cars and trucks in 31 countries, and
sell and service these vehicles through the following brands:
Buick, Cadillac, Chevrolet, FAW, GMC, Daewoo, Holden, Jiefang,
Opel, Vauxhall and Wuling.  GM's largest national market is China,
followed by the United States, Brazil, Germany, the United
Kingdom, Canada, and Italy.  GM's OnStar subsidiary is the
industry leader in vehicle safety, security and information
services.

General Motors Co. is 60.8% owned by the U.S. Government.  It was
formed to acquire the operations of General Motors Corporation
through a sale under 11 U.S.C. Sec. 363 following Old GM's
bankruptcy filing.  The deal was closed on July 10, 2009, and Old
GM changed its name to Motors Liquidation Co.  Old GM remains
subject to a pending Chapter 11 reorganization case before the
U.S. Bankruptcy Court for the Southern District of New York.

New GM has a 'BB-' corporate credit rating from Standard & Poor's
and a 'BB-' issuer default rating from Fitch.

                     About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts.  Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, serves as the
Chief Executive Officer for Motors Liquidation Company.  GM is
also represented by Jenner & Block LLP and Honigman Miller
Schwartz and Cohn LLP as counsel.  Cravath, Swaine, & Moore LLP is
providing legal advice to the GM Board of Directors.  GM's
financial advisors are Morgan Stanley, Evercore Partners and the
Blackstone Group LLP.  Garden City Group is the claims and notice
agent of the Debtors.

The U.S. Trustee has appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Unsecured Creditors
Holding Asbestos-Related Claims.  Lawyers at Kramer Levin Naftalis
& Frankel LLP serve as bankruptcy counsel to the Creditors
Committee.  Attorneys at Butzel Long serve as counsel regarding
supplier contract matters.  FTI Consulting, Inc., serves as
financial advisors to the Creditors Committee.  Elihu Inselbuch,
Esq., at Caplin & Drysdale, Chartered, represents the Asbestos
Committee.  Legal Analysis Systems, Inc., serves as asbestos
valuation analyst.


MANCHESTER HOSIERY: Goes Into Administration, Assets for Sale
-------------------------------------------------------------
thisisleicestershire.co.uk reports that Manchester Hosiery Ltd of
Queens Road has gone into administration, putting 54 jobs at risk.

Efforts are now being made to sell the company, according to
thisisleicestershire.co.uk.

thisisleicestershire.co.uk notes that Martin Smith and Nicki
Hawksley, of Midlands business advisers Dains LLP, have been
appointed as joint administrators to manage the affairs of the
company.  The administrators team is assessing ongoing and future
work orders to determine whether it is viable to carry on trading
while a buyer is sought for the business and its assets.

"The company sells its products to a range of customers both in
the UK and abroad.  It employs 54 people and had an annual
turnover of GBP1.8 million.  The appointment followed a review of
the company's financial position, which Dains had been instructed
to carry out by the board.  The company has suffered cash flow
problems and made a loss during 2010, despite reducing the
workforce and cutting overheads during the year.  The board
expressed regret at making such a decision, conceded there were no
other viable options and are hopeful a purchaser will be found,"
the administrators said in a statement obtained by the news
agency.

Manchester Hosiery Ltd of Queens Road, Hinckley, is a hosiery
company.


MG ROVER: Phoenix Four Agree Not to Serve as Directors
------------------------------------------------------
BBC News reports that the directors who ran the MG Rover group
when it collapsed have been disqualified as directors.

Peter Beale, Nick Stephenson, John Edwards and John Towers --
known as the Phoenix Four -- have voluntarily agreed a ban for
between three and six years, according to BBC News.

BBC News notes that the disqualifications by the Department of
Business, Innovation and Skills, follow a "lengthy and complex
investigation" into MG's collapse.  The report relates that the
men said they do not accept any allegations of wrong-doing.

The directors of Phoenix Venture Holdings Ltd bought MG Rover, in
Birmingham, for GBP10 in 2000 and paid themselves GBP40 million in
pay and pensions, BBC News recalls.  The report notes that MG
Rover collapsed in 2005 with debts of GBP1.3 billion and with the
loss of 6,000 jobs.

BBC News discloses that its then directors were widely accused of
enriching themselves whilst mismanaging the company.  This view
was supported in an independent report in 2009.

BBC News notes that the former directors of Phoenix Venture
Holdings (PVH) and MG Rover Group have now agreed not to hold any
company directorships for up to six years.   The report relates
that in March this year, the four resigned as directors of PVH and
its associated companies.


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


* S&P's Global Corporate Defaults Tally Has Five in 1st Quarter
---------------------------------------------------------------
Globally, five companies (four public and one confidentially
rated) defaulted in the first quarter of 2011, said an article
published May 6 by Standard & Poor's Global Fixed Income Research,
titled "Quarterly Default Update And Rating Transitions
(Premium)."

The volume of rated debt affected by defaulters in the first
quarter was US$3.62 billion, and the U.S. accounted for US$3.41
billion (94%) of the total.  Of the five defaults in first-quarter
2011, four were domiciled in the U.S., and one was based in the
Czech Republic.  For details about the defaults in the first
quarter, see "First-Quarter 2011 Default Synopses (Premium)," also
published May 6.

Globally, credit market conditions continue to improve.  The
quarterly default rate for speculative-grade-rated corporate
entities fell to 0.16% at the end of first-quarter 2011, compared
with 0.59% in the fourth quarter of 2010 and 0.98% in first-
quarter 2010.

"On a trailing-12-month basis, the global speculative-grade
default rate as of March 2011 was 2.1%, down from 8.4% at the same
time this past year and a high of 10% in November 2009," said
Diane Vazza, head of Standard & Poor's Global Fixed Income
Research.  "The default rate is now at its lowest point since
August 2008, the last reading prior to the collapse of Lehman
Brothers and the ensuing recession in the U.S."

Overall, credit quality has, in our view, continued to stabilize
over the past 18 months, though the number of downgrades has
increased slightly across all regions.  The downgrade-to-upgrade
ratio rose to 1.1% in first-quarter 2011 from 0.64% in the fourth
quarter of 2010, but it's still close to the parity level of 1%.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                            *********

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

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

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

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


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *