TCREUR_Public/110705.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Tuesday, July 5, 2011, Vol. 12, No. 131

                            Headlines



A U S T R I A

A-TEC INDUSTRIES: Receives Five Binding Offers


B E L A R U S

BANK MOSCOW: Moody's Reviews 'B1' Deposit Rating for Downgrade


F R A N C E

BELVEDERE SA: Nimes Commercial Court Grants Creditor Protection
TYROL ACQUISITION: S&P Gives 'B' Long-term Corporate Credit Rating


G R E E C E

* GREECE: European Finance Ministers Authorize Loan Payout


I R E L A N D

COLLIGO FUNDING: Moody's Confirms 'Caa1 (sf)' Ratings on Notes
DURGMAN ENTERTAINMENT: High Court Appoints Provisional Liquidators
PIERSE CONSTRUCTION: ODCE Gets Liquidator's Report on Collapse
WHELAN GROUP: Liquidator Launches Legal Action v. Nama Over Fees
WILLOW NO. 2: Moody's Cuts Rating on US$50MM Repack Notes to 'Ba1'


K A Z A K H S T A N

SOUTH OIL LLP: Fitch Assigns 'B' Issuer Default Ratings


L U X E M B O U R G

TMD FRICTION: S&P Lifts Rating to 'B+' on Improved Performance


N E T H E R L A N D S

ABN AMRO: Fitch Lifts Rating on Tier 2 Subordinated Debt to 'BB-'
NORIT HOLDING: Moody's Affirms B1 CFR; Lowers First Lien Rating
NORIT HOLDINGS: S&P Keeps Preliminary 'B+' Corp. Credit Rating
* POLAND: Corporate Bankruptcies Down 14% to 307


R O M A N I A

RCS & RDS: S&P Affirms 'B' Long-term Corporate Credit Rating


R U S S I A

DALCOMBANK: Fitch Upgrades Individual Rating to 'D/E'
NIZHNEKAMSKNEFTEKHIM OJSC: Moody's Upgrades National Scale Rating
NIZHNEKAMSKNEFTEKHIM OJSC: Moody's Upgrades CFR to 'Ba3' From 'B1'


S P A I N

ABENGOA SA: S&P Affirms Long-Term Corporate Credit Rating at 'B+'
CAJASOL: Fitch Affirms 'BB' Rating on Preferred Stock
TDA 25: S&P Affirms Ratings on Three Classes of Notes at 'D'
VALENCIA HIPOTECARIO: Moody's Cuts Rating on C Certificate to Caa2


T U R K E Y

ALBARAKA TURK: S&P Affirms 'BB/B' Counterparty Credit Ratings


U K R A I N E

* REPUBLIC OF CRIMEA: S&P Affirms 'B-' Issuer Credit Rating


U N I T E D   K I N G D O M

ASSETCO PLC: Nears GBP10MM Rescue Deal; In Takeover Talks
CAKE BAKE: Goes Into Administration Due to Financial Difficulties
COAKLEY BUS: Faces Suit Over Alleged Breach of Child Support Act
EUROPEAN MEDIATION: Court Orders Wind Up After Insolvency Probe
FOCUS (DIY): Landgard UK Chief Quits Following Administration

HALDANES STORES: Administrators Close Three Remaining Stores
HOMEFORM GROUP: Customers May Not Get Money Back in Administration
JANE NORMAN: Middle East Stores' Future in Limbo
L.D. RESTAURANTS: Court Appoints Interim Liquidators
LEHMAN BROTHERS: Europe Unit, Citi Settle Over US$2.5-Bil. Assets

MCWILLIAMS HOMES: Placed Into Receivership, Goes Bankrupt
PLYMOUTH ARGYLE: MP Takes Up Staff's Plight in Commons
PROBATE SOLUTIONS: Court Orders Wind Up After Insolvency Probe
ROYAL BANK: Fitch Affirms 'CC' Rating on Tier 1 Securities
SOUTHERN CROSS: Four Seasons to Take Over Care Homes

WEBMANIA: Falls Into Liquidation Due to Credit Card Fraud


X X X X X X X X

* S&P Takes Rating Actions on 23 European Synthetic CDO Tranches
* NBC Bookseller's Filing Raises S&P's 2011 Default Tally to 18
* Large Companies with Insolvent Balance Sheet




                            *********


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


A-TEC INDUSTRIES: Receives Five Binding Offers
----------------------------------------------
Zoe Schneeweiss at Bloomberg News, citing Format magazine, reports
that A-Tec Industries AG received five binding bids by the June 30
deadline.

According to Bloomberg, the Vienna-based magazine said that in
addition to central European private-equity company Penta
Investments Ltd., Essar Group of India, French private equity firm
Astorg Partners, an unidentified London-based financial investor
and a Chinese "industry giant," have made offers.

Bloomberg notes that the report said A-Tec's supervisory board
will examine the bids on July 5 and a buyer is likely to be voted
on at a shareholder meeting in mid-August.  Format, as cited by
the Bloomberg, said that the sale will have to raise at least
EUR225 million (US$326 million) and must be paid by the end of
September.

On Oct. 22, 2010, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that A-Tec sought court clearance to
reorganize debt after losing access to its line of credit because
of an Australian power-station project's financial difficulties.
Bloomberg disclosed A-Tec said in an Oct. 20 statement that it had
filed for self-administered reorganization proceedings at the
Vienna Commercial Court and appointed trustees for bondholders.
The company has a EUR798 million (US$1.11 billion) revolving
credit facility and EUR302 million in outstanding bonds, according
to Bloomberg data.

A-TEC Industries AG engages in plant construction, drive
technology, machine tools, and minerals and metals businesses in
Europe and internationally.  The company is based in Vienna,
Austria.


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B E L A R U S
=============


BANK MOSCOW: Moody's Reviews 'B1' Deposit Rating for Downgrade
--------------------------------------------------------------
Moody's Investors Service has placed the B1 long-term local
currency deposit rating of Bank Moscow-Minsk on review for
downgrade. This rating action has no effect on the bank's other
ratings.

RATINGS RATIONALE

The review for downgrade on BMM's B1 long-term local currency
deposit rating follows Moody's review for downgrade -- established
on June 28, 2011 -- of JSC Bank of Moscow's standalone D- BFSR.
The standalone D- BFSR of Bank of Moscow is currently used as an
anchor for parental support.

BMM's long-term local currency deposit rating factors in (i) its
B2 standalone credit strength (mapped from the BFSR), and (ii)
Moody's assessment of a moderate probability of support from its
parent, BOM in the event of a stress situation. Moody's assessment
of the support probability is based on BMM's 100% ownership by
BOM, its strategic fit to BOM's operations, as well as BOM's
business diversification and cross-selling opportunities as a
result of its parental affiliation. As a result, BMM's long-term
local currency deposit rating receives a one-notch uplift to B1
from the bank's B2 standalone credit strength, and therefore the
B1 long-term local currency deposit rating is likely to be
downgraded if the parent's BFSR is downgraded.

Moody's noted that BMM's E+ standalone BFSR continues to reflect
the considerable downside risks reflected in the potential
deterioration of the operating environment which would in turn
affect the Belarusian banking system. Moody's believes that the
system's financial fundamentals are likely to come under pressure
in the near to medium term, following the recent worsening of the
country's macroeconomic environment.

PREVIOUS RATING ACTIONS AND PRINCIPAL METHODOLOGIES

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

Headquartered in Minsk, Belarus, BMM reported total assets of
US$633 million and equity of US$73 million, according to the
bank's audited IFRS financial report at year-end 2010.


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


BELVEDERE SA: Nimes Commercial Court Grants Creditor Protection
---------------------------------------------------------------
David Whitehouse at Bloomberg News reports that Belvedere SA said
a commercial court in Nimes in southeastern France has granted the
company creditor protection.

According to Bloomberg, the company said in a statement that it
will enter talks with its creditors.

As reported by the Troubled Company Reporter-Europe on June 9,
2011, Bloomberg News said Belvedere filed for pre-insolvency
protection in 2008 after breaching the floating rate note covenant
by repurchasing more of its stock than terms allowed.

Belvedere SA -- http://www.belvedere.fr/-- is a France-based
company engaged in the production and distribution of beverages.
The Company's range of products includes vodka and spirits, wines,
and other beverages, under such brands as Sobieski, William Peel,
Marie Brizard, Danzka and others.  Belvedere SA operates through
its subsidiaries, including Belvedere Czeska, Belvedere
Scandinavia, Belvedere Baltic, Belvedere Capital Management,
Sobieski SARL and Sobieski USA, among others.  It is present in a
number of countries, such as Poland, Lithuania, Bulgaria, Denmark,
France, Spain, Russia, Ukraine, the United States and others.  In
addition, the Company holds a minority stake in Abbaye de
Talloires, involved in the hotel and wellness center.


TYROL ACQUISITION: S&P Gives 'B' Long-term Corporate Credit Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' preliminary
long-term corporate credit rating to Tyrol Acquisition 1 SAS, the
ultimate holding of France-based TDF group, a broadcasting and
telecom infrastructure company. The outlook is stable.

The preliminary rating is based on the assumption of an 85%
success rate of the ongoing amendment process through which the
group is seeking to extend existing bank debt maturities and on
the assumption of the successful issuance of two new term loan
tranches for a combined EUR250 million maturing in 2016.

"The rating reflects our assessment of a 'highly leveraged'
financial risk profile, based on the group's very aggressive
capital structure, our anticipation of modest free cash flow
generation over the next three years, still significant
requirements for scheduled amortization of the not-extended
debt, and a heavy maturity wall in 2016. These weaknesses are
mitigated by our assessment of a 'strong' business risk profile,
which balances the group's strong positions in the French and
German broadcast and telecom infrastructure businesses, our
favorable credit view of the industry in spite of a continued
decline in analogue TV revenues and ongoing restructuring costs to
adapt to shifting demand patterns," S&P related.

"The issue rating on the first lien bank debt facilities is 'B',
in line with the corporate credit rating. The recovery rating is
'3', indicating our expectation of meaningful (50%-70%) recovery
in the event of a payment default. In addition, we have assigned a
recovery rating of '6' to the second lien bank debt, indicating
our expectation of negligible (0%-10%) recovery prospects for
lenders, with an issue rating two notches below the corporate
rating on TA1 SAS at 'CCC+'. The recovery and issue ratings are
underpinned by our valuation of the group as a going concern," S&P
said.

"The stable outlook assumes that TDF will maintain adequate
liquidity under our criteria, which likely will require new
refinancing initiatives to be successfully implemented by the end
of calendar year 2011 in order to materially strengthen TDF's
liquidity position and remove risks of cash shortfall after
calendar 2012," S&P noted.

"The stable outlook also reflects our anticipation that TDF will
manage to partly offset the decline from its analogue TV profits
with growth in digital TV, telecom, and other businesses, report
unadjusted EBITDA before restructuring of close to EUR600 million
in the year ending March 31, 2012, and at least stabilize EBITDA
before restructuring thereafter, while restructuring costs reach a
peak in calendar 2012 and then sharply decline, paving the way
for significant free cash flow improvement," S&P stated.

"Failure to maintain adequate liquidity could lead to a downgrade,
as could a material increase in leverage compared with our base-
case rating assumptions. Given the group's strong business risk
profile, we could consider an upgrade over the medium term, but
this would likely require improving deleveraging and cash
generation prospects," S&P said.


===========
G R E E C E
===========


* GREECE: European Finance Ministers Authorize Loan Payout
----------------------------------------------------------
James G. Neuger and Jonathan Stearns at Bloomberg News report that
Europe pulled Greece back from the brink of default, gaining time
to hammer out a formula for ending the debt crisis.

Bloomberg relates that European finance ministers authorized an
EUR8.7 billion (US$12.6 billion) loan payout to Greece by mid-
July, basing a second three-year bailout package on talks to
corral banks into maintaining their Greek debt holdings.

According to Bloomberg, Standard & Poor's on Sunday said a
proposed debt rollover plan for Greece may still put the country
in "effective default".

Europe's agreement on July 2 to make the payout climaxed a pivotal
week for Greece and the euro, providing a respite from the
political tensions, clashes with central bankers and jousting with
investors that have dogged the crisis-fighting effort, Bloomberg
discloses.  The finance chiefs gather this week to tackle Greece's
long-term lifeline, Bloomberg notes.


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


COLLIGO FUNDING: Moody's Confirms 'Caa1 (sf)' Ratings on Notes
--------------------------------------------------------------
Moody's Investors Service has confirmed the ratings of these
classes of notes issued by Colligo Funding Limited (amounts
reflecting initial outstandings):

   -- US$1,324.78M Class A1 Notes, Confirmed at Caa1 (sf);
previously on Mar 10, 2011 Downgraded to Caa1 (sf) and Remained On
Review for Possible Downgrade

   -- US$1,324.78M Class A2 Notes, Confirmed at Caa1 (sf);
previously on Mar 10, 2011 Downgraded to Caa1 (sf) and Remained On
Review for Possible Downgrade

   -- US$1,324.78M Class A3 Notes, Confirmed at Caa1 (sf);
previously on Mar 10, 2011 Downgraded to Caa1 (sf) and Remained On
Review for Possible Downgrade

Moody's has not assigned a rating to the Subordinated Commercial
Mortgage Backed Variable Rate Notes due 2027. The Class A1, Class
A2 and Class A3 Notes rank pari-passu to each other and amounts
are allocated on a pro-rata basis; the Notes have different
interest payment dates and pay semi-annually on a rolling basis,
i.e. every two months there is an interest payment date of the
transaction.

RATINGS RATIONALE

The rating action is a result of the rating actions taken by
Moody's on Anglo Irish Bank Corporation Limited. On June 24, 2011,
Moody's downgraded the long-term unguaranteed senior unsecured
debt rating of Anglo Irish to Caa2, from Caa1. The outlook is
negative. At the same time, the long-term bank deposit rating was
confirmed at Caa1 with a negative outlook. For further information
on the rating actions taken by Moody's Financial Institutions
Group on Anglo Irish please refer to " Moody's downgrades senior
debt ratings of Anglo Irish and Irish Nationwide one notch to Caa2
" published on June 24, 2011.

Moody's had previously on March 10, 2011, downgraded the Senior
Notes to Caa1 from Baa3 and kept the Notes on review for further
possible downgrade. The rating action concludes the review of the
Notes.

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

The Senior Notes of the Issuer maintain credit-linkage to Anglo
Irish in respect of its involvement as various transaction
counterparty listed above and also as the Account Bank where the
cash collateral in relation to the issuer- and borrower-level
swaps as well as the liquidity stand-by draw of US$123 million is
currently deposited. The Senior Notes have been subject to a
substantial paydown whereby the total outstanding balance has
reduced from US$1.383 billion in January 2011 to US$669.9 million
as of the interest payment date (IPD) in May 2011. According to
the servicer, there is currently US$49.9 million deposited with
Anglo Irish which will be used to repay the Class A1 and Class A2
Notes over the next two IPDs.

Despite the significant deleveraging of the Notes, Moody's views
the credit risk of the Senior Notes as highly linked to Anglo
Irish due to its involvement as transaction counterparty, and more
specifically due to its plans to further deleverage the
transaction. Further deleveraging via loan repurchases is expected
to increase the level of cash collateral that would be deposited
with Anglo Irish over the coming IPDs. Moody's notes that the
ratings of the Senior Notes remain sensitive to further changes to
the ratings of Anglo Irish which are on negative outlook.

RATING METHODOLOGY

The principal methodology used in this rating 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.

Moody's prior rating action on the Colligo Funding Limited
transaction is summarized in a Press Release dated 10 March 2011
while Moody's full review of the transaction is summarized in a
Press Release dated November 22, 2010. The last Performance
Overview for this transaction was published on October 22, 2010.

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


DURGMAN ENTERTAINMENT: High Court Appoints Provisional Liquidators
------------------------------------------------------------------
Tim Healy and Allison Bray at Independent.ie report that the High
Court on July 1 appointed provisional liquidators to Durgman
Entertainment Ltd.

Independent.ie relates that Mr. Justice Roderick Murphy was told
that the company was insolvent and unable to pay a EUR1.2 million
debt to one of its creditors.  He also heard that three directors
of the company threatened to transfer the assets to a new company
to avoid a court order requiring them to pay a EUR1.2 million
debt, Independent.ie says.

As a result, Independent.ie relates, Eamonn Galavan of Clonroche,
Enniscorthy, Co. Wexford, is to bring contempt proceedings in the
Commercial Court against directors Bernard Doyle, Evan Doyle, and
Eoin Doyle.

According to Independent.ie, the contempt application arises out
of the directors' alleged failure to abide by a court order
granted on March 3, 2010, that Durgman and two related companies
purchased EUR1.2 million worth of shares from a company owned by
Mr. Galavan.

Independent.ie relates that Mr. Galavan claimed in an affidavit
that an appeal was lodged against the order on March 16, 2010, but
no steps have since been taken to prosecute it.

The petition to appoint Hughes Blake accountants was made on an
ex-parte (one side only) basis by Gary McCarthy, for Mr. Galavan,
Independent.ie notes.

Durgman Entertainment Ltd. operates the four-star BrookLodge and
Wells Spa in Aughrim, Co Wicklow.


PIERSE CONSTRUCTION: ODCE Gets Liquidator's Report on Collapse
--------------------------------------------------------------
According to The Sunday Business Post Online's Gavin Daly, the
Director of Corporate Enforcement has received a liquidator's
report on the events that led to the collapse of the Pierse
Construction group last year with a deficit of more than EUR200
million.

The report was sent to the Office of the Director of Corporate
Enforcement (ODCE) by Simon Coyle of Mazars, who was appointed
liquidator to Pierse last November, the report relates.

Mr. Coyle was appointed after the firm abandoned attempts to enter
examinership.  Receivers were later appointed by Bank of Ireland
and Bank of Scotland (Ireland), the news agency recounts.

Pierse was one of the largest building firms in the country, but
collapsed with a deficit of EUR212 million, including EUR50
million owed to sub-contractors, the report discloses.

The group, as cited by the news agency, said it was owed more than
EUR30 million and had encountered serious cashflow problems as a
result.  However, Mr. Justice Peter Kelly said in the High Court
last year that a EUR200 million debt did not arise overnight and
allegations had been made by creditors of insolvent trading at
Pierse, the Post.ie relates.

He also referred to loans of more than EUR70 million between
companies in the Pierse group, and ordered Mr. Coyle to
investigate the company's activities for the 18 months leading up
to the liquidation, the Post.ie discloses.

As liquidator, Mr. Coyle is obliged to provide the ODCE with a
report on how Pierse became insolvent and whether the actions of
the firm's directors may have led to the insolvency, the Post.ie
notes.

On the basis of his report, the ODCE will decide whether or not
Mr. Coyle must apply to restrict the directors of the company, the
Post.ie states.

Pierse Construction is based in Ireland.


WHELAN GROUP: Liquidator Launches Legal Action v. Nama Over Fees
----------------------------------------------------------------
Gavin Daly at The Sunday Business Post Online reports that
Carl Dillon, the liquidator appointed to insolvent Whelan last
year, is suing the National Asset Management Agency for hundreds
of thousands of euro in fees he claims he is owed from the group's
liquidation.

Mr. Dillon, managing partner of accountancy firm Moore Stephens
Nathans, has launched a legal action against Nama in relation to
work he did at the Whelan quarry and building group, the report
relates.

Mr. Dillon was appointed liquidator to five companies in the group
in December last year after it abandoned an attempt at
examinership, the report recounts.  However, Nama installed a
receiver at the group in a bid to recoup EUR50 million that it
owed to Anglo Irish Bank, the news agency discloses.  Because Nama
has taken control of all the group's assets, Dillon had a limited
function as liquidator, the report notes.  He is thought to be
seeking around EUR250,000 in fees, the report says.

Nama is understood to be contesting the claim, which was lodged
with the courts in recent days, the news agency states.

Whelan is a quarry and building group.


WILLOW NO. 2: Moody's Cuts Rating on US$50MM Repack Notes to 'Ba1'
------------------------------------------------------------------
Moody's Investors Service has downgraded the rating of notes
issued by Willow No.2 (Ireland) PLC. The notes affected by the
rating action are:

Issuer: Willow No. 2

   -- Series 35 USD 50,000,000 Secured Limited Recourse Notes due
      2011, Downgraded to Ba1 and Placed Under Review for Possible
      Downgrade; previously on Jan 25, 2011 Downgraded to Baa2

RATINGS RATIONALE

This transaction represents a repackaging of a US$50 million loan
entered into between the JSCB Bank of Moscow and Barclays Bank.
The Issuer uses the proceeds from the Notes issuance to enter into
a novation agreement, receiving all rights due to the lender in
respect of US$50 million of its commitment under the loan. Any
interest and principal amount received under the loan by the
Issuer is then paid to noteholders.

The rating on the Notes is a pass-through of the rating of the
JSCB Bank of Moscow as borrower of the loan. Noteholders are
exposed to the credit risk of JSCB Bank of Moscow and therefore
the rating moves in lock-step. The rating action is a response to
the downgrade to Ba1 under review for possible downgrade from Baa2
of JSCB Bank of Moscow.

The principal methodology used in this rating was "Moody's
Approach to Rating Repackaged Securities" published in April 2010.

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


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


SOUTH OIL LLP: Fitch Assigns 'B' Issuer Default Ratings
-------------------------------------------------------
Fitch Ratings has assigned Kazakhstan-based South Oil LLP
Long-term foreign currency and local currency Issuer Default
Ratings of 'B' and a National Long-term rating of 'BB(kaz)'. The
agency has simultaneously assigned South Oil's planned KZT1bn
local bonds issue an expected local currency senior unsecured
rating of 'B'(exp) and expected national senior unsecured rating
of 'BB(kaz)(exp)'. All the ratings have been placed on Rating
Watch Negative (RWN).

The RWN reflects the fact that based on 2010 IFRS financials,
South Oil is likely to have breached financial covenants
stipulated in the guarantee agreement in relation to the loan
provided to South Oil's related party and guaranteed by South Oil.
The company intends to obtain a waiver from the bank and to
renegotiate the level of the financial covenants. Fitch will
resolve the RWN once the company obtains a waiver from the bank
and anticipates a Stable Outlook.

South Oil's ratings incorporate the company's small scale of
operations and Fitch's expectations that the company will continue
to successfully implement its production expansion strategy. Fitch
believes that although the company's strategy is exposed to
execution risk, this is mitigated by its track record of output
growth and the fact that the second of its two main assets is
already at the production stage.

The ratings also take into account the fact that South Oil's
operational profile compares well with that of its similarly rated
peers. The company benefits from a relatively high reserve
replacement rate, solid reserves life and adequate cost structure.

In addition, the ratings consider South Oil's strong financial
metrics, demonstrated by its high profitability and coverage
ratios and relatively low leverage-related ratios. The company
compares well with its oil and gas counterparts rated in the 'B'
rating category based on its 2010 EBITDAR margin of 60.9%, FFO
adjusted leverage of 0.9x and CFO interest coverage of 9.9x.

Fitch expects South Oil to maintain solid cash flow generation
over 2011-2012 due to favorable oil market fundamentals and
anticipated production growth. The company's cash flow from
operations/capex ratio was above 1x during 2008-2010 and Fitch
anticipates that this trend will persist in 2011-2012. Although
Fitch forecasts the company's leverage-related ratios to increase
over the next three years given Fitch's conservative oil price
deck (US$75/bbl for 2011 and US$65/bbl for 2012) and the expected
impact of cost inflation on the company's profitability, these
ratios will still remain comparable to those of its similarly
rated peers.

At the same time, Fitch views South Oil's liquidity as weak given
the company's reliance on short-term, mostly secured debt to fund
its growth strategy, low cash position and Fitch's expectation
that the company will remain free cash flow (after capex and
dividends) negative over 2011-2012. Short-term debt accounted for
80% of total debt at end-2010, with 20% of the remaining debt
falling due within 1-2 years. The company's cash position of
KZT290.6 million at end-2010 was insufficient to cover its short-
term maturities of KZT9.4 billion. In addition, Fitch does not
view South Oil's dividend payments as conservative, which
contribute to the company's negative free cash flow.

Fitch also notes the evolving nature of South Oil's corporate
governance standards, which are weaker than those established by
some of its Kazakh competitors, which have either tapped
international capital markets or undergone an IPO. Fitch believes
that the company's plans to enter capital markets are likely to
become a driver of its corporate governance enhancement.


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


TMD FRICTION: S&P Lifts Rating to 'B+' on Improved Performance
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Luxembourg-based automotive supplier TMD Friction
Group S.A. to 'B+' from 'B'. The outlook is stable.

"At the same time, we raised our issue-level ratings on the TMD's
senior secured notes to 'B+' from 'B'. The recovery ratings on the
debt remain unchanged at '4'," S&P said.

The upgrade primarily reflects TMD's continued improvement in
operating performance, leading to better EBITDA margins and cash
flow generation. "We expect this improvement to be sustained over
the coming quarters in a recovering market environment, as TMD
will keep benefitting from the operational restructuring efforts
that it has rolled out over the past few years," S&P related.

"We expect TMD to maintain an EBITDA margin of close to 10% in
2011 and reach an adjusted funds from operations (FFO)-to-debt
ratio of around 20%. We anticipate that free operating cash flow
(FOCF) will be at break even for 2011 despite improving
performance. This is because capital expenditures are to increase
in support of further production capacity expansion, and working
capital is likely to increase due to revenue growth and increased
raw material prices," S&P said.

"The 'B+' rating reflects our revised assessment of the group's
business risk profile as weak -- we previously viewed it as
vulnerable -- while we still view TMD's financial risk profile as
aggressive," S&P stated.

"The stable outlook reflects our belief that in 2011 TMD will
maintain a solid operating performance, leading to an adjusted
EBITDA margin of close to 10% and an FFO-to debt-ratio of above
20%, thanks to relatively favorable market demand and the positive
effects of the group's operational restructuring," S&P said.

"We could consider a downgrade if FFO to debt were to fall below
15% and if trading conditions were to deteriorate, whether due to
lower volumes, lower prices, or rising raw material costs. The
ratings could likewise come under pressure if the group's
liquidity position were to deteriorate significantly from current
levels, notably because TMD has no financial flexibility other
than its existing cash balance. The rating could also be affected
if cash were withdrawn by the equity sponsor, although this is
subject to limitations according to the secured notes
documentation," S&P said.

"While unlikely at this stage, we could raise the ratings if TMD
developed a stronger-than-anticipated performance over time, and a
longer track record of profitable operations, as well as a
moderate financial policy," S&P added.


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


ABN AMRO: Fitch Lifts Rating on Tier 2 Subordinated Debt to 'BB-'
-----------------------------------------------------------------
Fitch Ratings has upgraded ABN AMRO Bank N.V.'s Individual Rating
to 'C' from 'D'. Fitch has also affirmed ABN AMRO's Long-term
Issuer Default Rating at 'A+', Short-term IDR at 'F1+', Support
Rating at '1' and Support Rating Floor at 'A+'. At the same time,
the agency has upgraded ABN AMRO's XS0244754254 Upper Tier 2
perpetual subordinated notes to 'BB-' from 'B+' and the
XS0246487457 Tier 1 perpetual capital securities to 'BB-' from
'B'; and removed both securities from Rating Watch Negative.

The upgrade of ABN AMRO's Individual Rating is driven by the
material progress realized in the merger process between ABN AMRO
and Fortis Bank (Nederland), resulting in reduced operational
risk. It also reflects improvement in the bank's funding profile
and its increasing, albeit still moderate, operating
profitability.

The Individual Rating continues to incorporate ABN AMRO's strong
franchise in the Netherlands and its solid capitalization (core
Tier 1 capital ratio of 11.3% at end-March 2011). It also
considers the remaining challenges in completing the integration
process and rebuilding some of the businesses it had to give up
for competition reasons. The targeted cost/income ratio of 60%-65%
by 2012 (71.5% in 2010), which is rather high when compared to
better performing peers, could be challenged by lower-than-
anticipated revenue generation. In addition, ABN AMRO's Individual
Rating factors in some reliance on the capital markets for the
bank's funding needs, as demonstrated by a loan-to-deposit ratio
of 137% at end-2010.

As a consequence of the rating action, the notching between ABN
AMRO's Individual Rating, reflecting its unsupported
creditworthiness, and its Long-term IDR has reduced but the
standalone strength of the bank remains lower than that implied by
the expected support from the Dutch state in case of need. This is
reflected in the fact that the ABN AMRO's Long-term IDR is at its
Support Rating Floor of 'A+'. The very high probability that the
Dutch state ('AAA'/Stable) would provide support to the bank in
case of need derives from the bank's systemic importance to the
domestic economy, its ownership structure (100% of ABN AMRO's
ordinary shares are held by the state) and the Dutch authorities'
track record in rescuing the national troubled, systemically
important banks.

The upgrade of the XS0244754254 Upper Tier 2 perpetual
subordinated notes and XS0246487457 Tier 1 perpetual capital
securities reflects the bank's improving standalone strength.
These securities were placed on RWN pending the conclusion of the
European Commission (EC) state aid investigation. While the EC has
required the bank not to pay coupons on its Tier 1 and Tier 2
instruments, it also recently agreed on a dividend policy which
will enable the bank to pay ordinary share dividends. As both
instruments have a 'dividend pusher', it is Fitch's understanding
that payment of coupons on these securities will become
contractually mandatory if ABN AMRO pays ordinary dividends
exceeding EUR100 million and thus the RWN has been resolved.

ABN AMRO, the result of the merger on July 1, 2010 between the
state-owned ABN AMRO and FBN, is the third-largest Dutch bank by
total assets. It ranks third in the Netherlands in retail banking
and has leadership position in commercial banking, private banking
and in some global niche activities. The Dutch state has announced
that it is considering privatizing the bank, probably through an
IPO, although not earlier then 2014 when ABN AMRO would have
demonstrated a long enough track record of standalone operations.

The rating actions are:

ABN AMRO

   -- Long-term IDR: affirmed at 'A+'; Outlook Stable

   -- Short-term IDR: affirmed at 'F1+'

   -- Support Rating: affirmed at '1'

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

   -- Individual Rating: upgraded to 'C' from 'D'

   -- Long-term senior unsecured notes: affirmed at 'A+'

   -- Government guaranteed debt: affirmed at 'AAA'

   -- Short-term senior unsecured notes: affirmed at 'F1+'

   -- Subordinated debt: affirmed at 'A'

   -- Commercial paper: affirmed at 'F1+'

   -- Upper Tier 2 subordinated debt (XS0244754254): upgraded to
      'BB-' from 'B+', off RWN

   -- Non-innovative Tier 1 subordinated debt (XS0246487457):
      upgraded to 'BB-' from 'B', off RWN

   -- Covered bonds: unaffected at 'AAA'

ABN AMRO Funding USA LLC

   -- Short-term senior unsecured notes: affirmed at 'F1+'


NORIT HOLDING: Moody's Affirms B1 CFR; Lowers First Lien Rating
---------------------------------------------------------------
Moody's Investors Service lowered the first lien senior secured
debt rating of Norit Holdings BV to B1 from Ba3, affirmed the
company's B1 corporate family and probability of default ratings
and withdrew the B3 rating on the second lien term loan of Norit's
subsidiary, Norit Americas Holdings Inc. The ratings outlook
remains stable.

RATINGS RATIONALE

The rating action is driven by a change in financial market
conditions, which has caused Norit to cancel the proposed US$110
million second lien debt offering by Norit Americas with a
concomitant reduction in the distribution to Norit's private
equity sponsors. While Norit's pro-forma adjusted leverage will
reduce by just over one turn, to about 4.1x (all metrics
incorporate Moody's standard accounting adjustments), the
corporate family rating has been affirmed as Moody's believes the
company may seek to increase its leverage again once market
conditions improve. Norit's planned first lien senior secured
revolver (US$50 million) and term loans (US$338 million of US and
Euro tranches) remain unchanged. As these instruments now comprise
the company's sole class of debt, the first lien instrument
ratings have been equalized with the corporate family rating.

Norit's B1 corporate family rating reflects its leading global
market position in a diverse set of end markets for its main
product, activated carbon, and its good geographic and customer
diversity, but with high expected adjusted leverage, small scale
(revenue of US$339 million) and a narrow product profile. The
company serves relatively stable end markets (such as water
treatment, gas and air purification and the food and beverage
sector). As well, Norit generates good recurring revenues from its
blue chip and well-established customer base (including large soft
drink manufacturers, coal-based electric utilities and auto
manufacturers). Activated carbon, is non-cyclical and its demand
is non-discretionary and growing. Demand growth is largely driven
by environmental regulation and Norit is positioned to capitalize
on this trend given its meaningful exposure to the North American
market where the majority of growth is occurring. Despite elevated
commodity costs, the company's strong profitability, evidenced by
an EBITDA margin in excess of 20%, should expand further in
Moody's opinion supported by high margin mercury removal activity
and modest price increases.

The stable outlook reflects Moody's expectation that Norit 's
leverage could eventually increase to finance additional
shareholder returns but that growing demand for activated carbon
should enable Norit to generate free cash flow and sustain its
adjusted Debt/ EBITDA at a level that remains supportive of its B1
CFR.

Upward rating action could be considered should Norit improve its
adjusted Debt/ EBITDA comfortably under 4x and sustain its
adjusted EBITDA/ Interest Expense above 3x while increasing its
scale towards US$500 million in annual revenues. Downward rating
pressure could arise if Norit's Debt/ EBITDA was sustained above
5.5x and free cash flow was likely to remain negative over an
extended period.

The principal methodology used in rating Norit Holdings BV was the
Global Chemical Industry Methodology, published December 2009.
Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA, published June 2009.

Headquartered in Amersfoort, The Netherlands, and with
administrative offices in Marshall, Texas, Norit Holdings BV is a
leading global producer of activated carbon products utilized in a
diverse range of end-markets. The company is majority-owned by
Doughty Hanson & Co., a private equity firm based in Europe.
Revenues for the last twelve months ended March 31, 2011 were
US$339 million.


NORIT HOLDINGS: S&P Keeps Preliminary 'B+' Corp. Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its preliminary
ratings on Norit Americas Holding Inc.'s proposed US$110 million
second-lien term loan. Standard & Poor's preliminary 'B+'
corporate credit rating on parent company Norit Holdings B.V.
remains unchanged, and the outlook remains stable. "At the same
time, our preliminary 'BB-' issue ratings and preliminary '2'
recovery ratings on Norit Holding B.V.'s proposed US$230 million
first-lien term loan and EUR75 million first-lien term loan also
remain unchanged," S&P stated.

The rating actions follow a change in the company's proposed
financing plan: Norit Americas Holding Inc. does not intend to go
ahead with its previously proposed second-lien offering of US$110
million. Consequently, Norit Holding B.V. is reducing its
distribution to its shareholders to US$304 million from the
previously planned US$412 million. The company will repurchase
pay-in-kind preference capital to facilitate the distribution.

"We believe the financing change does not meaningfully affect
leverage ratios, liquidity, or credit quality. We expect Norit's
ratio of funds from operations to total debt to remain in the 10%
to 12% range for 2011. We adjust debt to include the present value
of operating leases, asset retirement liabilities, and pay-in-kind
preference capital. Although we consider preference capital to
be debt-like in our calculations, we recognize the flexibility
that the absence of mandated cash interest payments and the lack
of near-dated maturities afford the company," S&P related.

The preliminary ratings on Norit reflect the company's fair
business risk profile, including Norit's leading positions in a
value-added global niche for activated carbon, offset by a highly
leveraged financial profile including very aggressive financial
policies. Norit's activated carbon products are generally critical
inputs into its customers' products and processes, with demand
driven by the high value proposition, existing and pending
legislation, and by a growing awareness of environmental issues.

Incorporated in The Netherlands and based in Marshall, Texas,
Norit is the largest global producer of activated carbon, a market
valued at about US$1.5 billion globally. The company generated
about half of its US$339 million revenues for the 12 months ended
March 31, 2011, in the U.S. The company sells its products across
the globe and caters to diversified end-user segments.
Applications for its products include the removal of pollutants
and impurities from water, air, and other liquids and gases.
Customers, including power generating plants, food and beverage
producers, and automobile producers, use Norit's products to meet
pollution regulations. Norit Americas and Norit Holding B.V., are
owned by private equity firm Doughty Hanson & Co. and by Euroland
Investments B.V.

Ratings List

Norit Holding B.V.
Corporate credit rating           B+(prelim)/Stable/--
Senior secured                    BB-(prelim)
Recovery rating                  2(prelim)

Ratings Withdrawn
                                  To                      From
Norit Americas Holding Inc.
US$110 mil. second-lien term loan NR                      B-
(prelim)
  Recovery rating                 NR
6(prelim)


* POLAND: Corporate Bankruptcies Down 14% to 307
------------------------------------------------
Poland AM, citing Dziennik Gazeta Prawna, reports that from the
beginning of the year, 307 Polish firms went bankrupt, a 14%
decrease from last year when 358 firms went bankrupt over the same
period.

The daily cited the latest report by economic intelligence agency
Dun & Bradstreet, Poland AM discloses.  Another business
information provider, Coface, has this year's number at 333
bankruptcies so far, Poland AM notes.  Both reports show a
downward trend in the number of firms going bust, Poland AM
states.

Poland AM relates that Tomasz Starzyk, analyst at Dun &
Bradstreet, said the crisis has eliminated the weakest competitors
from the market.  According to Poland AM, Mr. Starzyk told DGP
that "We predict around 600-620 bankruptcies for the whole year.
In 2010 there were 669 bankruptcies and a year before the number
was 691."

Bankruptcies in the construction industry increased by 13% due to
liquidity troubles and uncertainty about investment, especially in
infrastructure, Poland AM discloses.


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


RCS & RDS: S&P Affirms 'B' Long-term Corporate Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit rating on Romania-headquartered quadruple-play
telecommunications and pay-TV services provider RCS & RDS S.A. S&P
subsequently withdrew the rating at the issuer's request.

At the time of the withdrawal, the outlook on RCS & RDS was stable
and the company had no rated debt outstanding.


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


DALCOMBANK: Fitch Upgrades Individual Rating to 'D/E'
-----------------------------------------------------
Fitch Ratings has upgraded Dalcombank's Individual Rating to 'D/E'
from 'E'. All DCB's other ratings are unaffected.

The upgrade of DCB's Individual Rating largely reflects the bank's
improved capitalization after a significant RUB1 billion equity
injection (equal to 72% of pre-injection equity) received from
JSFC Sistema ('BB-'/Positive) in June 2011, as well as an
improvement in the operating environment that should ease asset
quality pressure and thus support DCB's profitability. However,
the Individual Rating is constrained by limited internal capital
generation due to significant credit costs and relatively low
operating efficiency.

Following the recent capital injection, regulatory total capital
adequacy ratio increased to 15.8% from a modest 10.3% at end-5M11.
The resulting loss absorption capacity of 14.4% exceeds both loans
overdue more than 90 days (9.5% of gross loans) and rolled-over
exposures (1.7%). However, credit costs remain high, with loan
impairment charges absorbing almost 91% of 2010 pre-impairment
operating profit under IFRS.

Liquidity could be vulnerable given DCB's significant reliance on
retail deposits (76% of total liabilities at end-Q111). Highly
liquid assets (defined as cash, securities repoable with Central
Bank of Russia and short-term interbank placements) were an
adequate 24% of total assets at end-Q111. Given the somewhat long-
term nature of the loan book, the bank will probably need to keep
a significant liquidity cushion, which will weigh on
profitability.

DCB is a small-sized bank operating primarily in the far eastern
regions of Russia. It focuses on lending to SMEs and retail
customers. JSFC Sistema owns almost 25% of DCB directly and is
also the majority shareholder of Moscow Bank for Reconstruction
and Development ('B+'/ Positive), which in turn owns 75% of DCB.

Dalcombank

   -- Long-term foreign currency IDR: 'B+', Outlook Positive;
      unaffected

   -- Short-term IDR: 'B'; unaffected

   -- Individual Rating: upgraded to 'D/E' from 'E'

   -- Support Rating: '4'; unaffected

   -- National Long-term rating: 'A-(rus)', Outlook Positive;
      unaffected


NIZHNEKAMSKNEFTEKHIM OJSC: Moody's Upgrades National Scale Rating
-----------------------------------------------------------------
Moody's Interfax Rating Agency has upgraded to Aa3.ru from A2.ru
the national scale rating of Nizhnekamskneftekhim. This follows
Moody's upgrade of the company's baseline credit assessment to 14
from 15, which would map to a B1 rating on Moody's global ratings
scale. The BCA forms one of the four rating inputs in accordance
with Moody's methodology for government-related issuers. The other
rating inputs -- support, dependence and the rating of NKNK's
major shareholder, the Republic of Tatarstan (Russia), currently
rated Ba1, stable -- remain unchanged. The outlook on the ratings
is stable.

RATINGS RATIONALE

"[The] rating action was prompted by several positive
developments, including NKNK's improved standing in the
polypropylene, polystyrene and polyethylene markets following the
addition of new capacity in 2009, and a significant increase in
rubber sales volumes thanks to direct contracts with tyre
manufacturers," says Julia Pribytkova, Moody's lead analyst for
NKNK. In addition, the upgrade reflects (i) a reduction in the
proportion of the company's output made up of lower added-value
products (higher added-value plastics and specialty rubbers now
constitute up to 77% of revenue from main product groups); (ii)
significant savings on energy costs, achieved by NKNK deploying
its own power generation unit, which covers up to 25% of the
company's energy requirements; and (iii) an improved financial
profile, characterized by stronger profitability, coverage and
leverage metrics (adjusted debt/EBITDA of 1.0x as of end-2010),
and increased free cash flow generation over the past two years.

NKNK, majority owned and fully controlled by Tatarstan government-
related entities Svyazinvestneftekhim (SINEK, Ba1, stable) and
TAIF, provides a significant source of tax revenue for the
republic's budget. The government strategically prioritises the
petrochemical industry as key for the region's economic
development. NKNK is the major regional consumer of naphta, which
constitutes 38% of its feedstock and is sourced from TAIF --NK, a
sister company within the TAIF group.

"NKNK's strategy envisages investment over the next three years of
approximately EUR351 million into the elimination of bottlenecks
in the existing production process and increases in production
capacity of particular products," explains Ms. Pribytkova. "Given
NKNK's cash generation capacity and liquidity profile, as well its
strategy of organic growth, we do not expect any material increase
in leverage during this period."

The stable outlook reflects Moody's expectation for NKNK to
sustain its strong debt coverage profile supported by improved
profitability, moderating CAPEX commitments and proactive
liquidity management.

In view of NKNK's credit fundamentals and the positioning of its
Aa3.ru ratings following the recent upgrade, Moody's does not
anticipate any upward pressure to develop in the foreseeable
future. Further improvements in the operating and financial
profile would have to be assessed in the context of the company's
high geographic concentration and limitations imposed by the
single-site location of its operations. Furthermore, an upward
rating migration within the Ba category would also be constrained
by the credit profile of the region (Tatarstan rated Ba1/stable),
as NKNK enjoys strong regional economic linkages.

Sustained weakness in profitability, leading to lower-than-
expected cash flow generation and a deteriorating liquidity
profile including concerns over the company's ability to remain in
compliance with financial covenants would exert negative pressure
on NKNK's BCA. Negative developments at the level of the
Government of Tatarstan, and/or TAIF group would cause Moody's to
reassess its GRI assumptions, that currently provide a one notch
uplift to NKNK's corporate family rating.

The principal methodology used in rating OJSC Nizhnekamskneftekhim
was the Global Chemical Industry Methodology, published December
2009.

Based in Nizhnekamsk in the Russian Republic of Tatarstan (Ba1,
stable), NKNK is one of the country's key producers of rubbers,
plastics, monomers and other petrochemicals. The company has a
significant global market share in selected products, such as
isoprene rubber (31% of global consumption), which is used in tyre
manufacturing. NKNK's 10 core production units are located on one
site. In 2010, the company reported sales of RUB96.52 billion
(around EUR2.40 billion) and adjusted EBITDA of RUB16.79 billion
(EUR0.41 billion). Around half the company's revenue was derived
from export activities.

Moody's Interfax Rating Agency's National Scale Ratings are
intended as relative measures of creditworthiness among debt
issues and issuers within a country, enabling market participants
to better differentiate relative risks. NSRs differ from Moody's
global scale ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".ru" for Russia. For further information
on Moody's approach to national scale ratings, please refer to
Moody's Rating Implementation Guidance published in August 2010
entitled "Mapping Moody's National Scale Ratings to Global Scale
Ratings."

ABOUT MOODY'S AND MOODY'S INTERFAX

Moody's Interfax Rating Agency specializes in credit risk analysis
in Russia. MIRA is a joint-venture between Moody's Investors
Service, a leading provider of credit ratings, research and
analysis covering debt instruments and securities in the global
capital markets, and the Interfax Information Services Group.
Moody's Investors Service is a subsidiary of Moody's Corporation.


NIZHNEKAMSKNEFTEKHIM OJSC: Moody's Upgrades CFR to 'Ba3' From 'B1'
-----------------------------------------------------------------
Moody's Investors Service has upgraded to Ba3 from B1 the
corporate family rating, probability of default rating and senior
unsecured rating of Nizhnekamskneftekhim. This follows Moody's
upgrade of the company's baseline credit assessment to 14 from 15,
which would map to a B1 rating on Moody's global ratings scale.
The BCA forms one of the four rating inputs in accordance with
Moody's methodology for government-related issuers. The other
rating inputs -- support, dependence and the rating of NKNK's
major shareholder, the Republic of Tatarstan (Russia), currently
rated Ba1, stable -- remain unchanged. The outlook on the ratings
is stable.

RATINGS RATIONALE

"[The] rating action was prompted by several positive
developments, including NKNK's improved standing in the
polypropylene, polystyrene and polyethylene markets following the
addition of new capacity in 2009, and a significant increase in
rubber sales volumes thanks to direct contracts with tyre
manufacturers," says Julia Pribytkova, Moody's lead analyst for
NKNK. In addition, the upgrade reflects (i) a reduction in the
proportion of the company's output made up of lower added-value
products (higher added-value plastics and specialty rubbers now
constitute up to 77% of revenue from main product groups); (ii)
significant savings on energy costs, achieved by NKNK deploying
its own power generation unit, which covers up to 25% of the
company's energy requirements; and (iii) an improved financial
profile, characterized by stronger profitability, coverage and
leverage metrics (adjusted debt/EBITDA of 1.0x as of end-2010),
and increased free cash flow generation over the past two years.

NKNK, majority owned and fully controlled by Tatarstan government-
related entities Svyazinvestneftekhim (Ba1, stable) and TAIF,
provides a significant source of tax revenue for the republic's
budget. The government strategically prioritises the petrochemical
industry as key for the region's economic development. NKNK is the
major regional consumer of naphta, which constitutes 38% of its
feedstock and is sourced from TAIF --NK, a sister company within
the TAIF group.

"NKNK's strategy envisages investment over the next three years of
approximately EUR351 million into the elimination of bottlenecks
in the existing production process and increases in production
capacity of particular products," explains Ms. Pribytkova. "Given
NKNK's cash generation capacity and liquidity profile, as well its
strategy of organic growth, we do not expect any material increase
in leverage during this period."

The stable outlook reflects Moody's expectation for NKNK to
sustain its strong debt coverage profile supported by improved
profitability, moderating CAPEX commitments and proactive
liquidity management.

In view of NKNK's credit fundamentals and the positioning of its
Ba3 ratings following the recent upgrade, Moody's does not
anticipate any upward pressure to develop in the foreseeable
future. Further improvements in the operating and financial
profile would have to be assessed in the context of the company's
high geographic concentration and limitations imposed by the
single-site location of its operations. Furthermore, an upward
rating migration within the Ba category would also be constrained
by the credit profile of the region (Tatarstan rated Ba1/stable),
as NKNK enjoys strong regional economic linkages.

Sustained weakness in profitability, leading to lower-than-
expected cash flow generation and a deteriorating liquidity
profile including concerns over the company's ability to remain in
compliance with financial covenants would exert negative pressure
on NKNK's BCA. Negative developments at the level of the
Government of Tatarstan, and/or TAIF group would cause Moody's to
reassess its GRI assumptions, that currently provide a one notch
uplift to NKNK's corporate family rating.

The principal methodology used in this rating was the Global
Chemical Industry Methodology, published December 2009.

Based in Nizhnekamsk in the Russian Republic of Tatarstan (Ba1,
stable), NKNK is one of the country's key producers of rubbers,
plastics, monomers and other petrochemicals. The company has a
significant global market share in selected products, such as
isoprene rubber (31% of global consumption), which is used in tyre
manufacturing. NKNK's 10 core production units are located on one
site. In 2010, the company reported sales of RUB96.52 billion
(around EUR2.40 billion) and adjusted EBITDA of RUB16.79 billion
(EUR0.41 billion). Around half the company's revenue was derived
from export activities.


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


ABENGOA SA: S&P Affirms Long-Term Corporate Credit Rating at 'B+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit rating on Spain-headquartered engineering and
construction, technology, and energy group Abengoa S.A. The
outlook is stable.

The affirmation follows Abengoa's announcement of the disposals of
its IT subsidiary Telvent Git and some transmission assets. These
disposals are consistent with the group's focused strategy on
environmentally sustainable industries and its business objective
of selling assets to recycle capital. Although the disposal
proceeds slightly improve the group's liquidity as they are to be
held as cash, the disposal of cash-generating assets with no
corresponding paydown of debt results in a slight worsening of the
group's financial profile in the short term.

"The affirmation reflects our unchanged assessment of Abengoa's
business risk profile as fair and its financial risk profile as
aggressive. Although the Telvent Git division generated free cash
flow, we do not believe that it enhanced Abengoa's overall
business risk profile due to its volatility and lack of synergies
with the rest of the group's operations. In addition, the proceeds
from the disposals provide incremental headroom for Abengoa to
finance the equity portion of its planned investments over the
next three years," S&P stated.

Reported ratios will benefit in 2011 from the contribution of the
disposed activities for part of the year. "Without this
contribution, we estimate that Standard & Poor's-adjusted debt
would rise above 11x EBITDA in 2011, on a consolidated basis. In
the year ended Dec. 31, 2010, we calculate that debt to
EBITDA improved to 9.6x from 10.1x in the prior year," S&P said.

"In our view, Abengoa will gradually improve its consolidated
leverage ratios from their post-disposal peak through growth in
revenues and profitability. This is despite the fact that, in our
opinion, the group will likely not generate positive free
operating cash flows before 2015 due to its significant capex
program and the immaturity of its project portfolio. At the
current rating level, we anticipate that the group will restore
adjusted debt to EBITDA to less than 10x in the short term," S&P
related.

"We could lower the rating on Abengoa if the improvement that we
anticipate in adjusted debt to EBITDA proved slow to materialize.
The rating could also come under pressure if the group's operating
profitability on its nonsolar businesses were to weaken further,"
S&P said.

Rating upside remains dependant on a strengthening cash flow
contribution from the main divisions, providing a clearer path to
overall free cash flow generation and debt reduction at the
consolidated group level.


CAJASOL: Fitch Affirms 'BB' Rating on Preferred Stock
-----------------------------------------------------
Fitch Ratings has affirmed Banca Civica Group's (BCG) and its
constituent entities' (Monte de Piedad y Caja de Ahorros San
Fernando de Guadalajara, Huelva, Jerez y Sevilla (Cajasol); Caja
de Ahorros y Monte de Piedad de Navarra (CAN); Caja General de
Canarias (Caja Canarias); Caja de Ahorros Municipal de Burgos
(Caja Burgos) and Banca Civica, S.A. (BC)) ratings.

At the same time, Fitch has withdrawn BCG's, Cajasol's, CAN's,
Caja Canarias' and Caja Burgos's ratings, following BCG's
reorganisation and the transfer of the cajas' assets and
liabilities into BC.

Cajasol, CAN, Caja Canarias and Caja Burgos' debt issues have been
transferred to BC and their ratings are now based on BC's IDRs,
and are also provided below. The impact, if any, from this rating
action, on CAN's covered bonds will be detailed in a separate
comment.

BC's ratings reflect the integration risks and the need to
materialize synergies. The bank will continue to have high
exposure to the construction/real estate sectors and equity
investments. Nonetheless, BC will also be well capitalized, given
the need to increase core capital regulatory ratios to 10% by
Q311, as required by Spain's government. It will also be
geographically diversified, with sound regional franchises,
fragmented loans, innovative management, ample loan impairment
reserves and adequate liquidity.

Although the Outlook on the Long-Term IDR is Stable, BC's ratings
could be downgraded if there is significant deterioration in asset
quality or if the integration is not managed successfully, with a
longer restructuring process than anticipated. Ultimately, these
factors will put further pressure on the already tight
profitability. A further rebalancing of its funding towards
customer deposits would support the group's credit profile.

BC received all of BCG's constituent entities assets and
liabilities except the on-balance sheet social welfare fund. BC
was the 10th-largest Spanish banking group by assets at end-2010,
with a market share of 3% of loans.

The rating actions are:

BC:

  -- Long-term IDR: affirmed at 'BBB+', Outlook Stable

  -- Short-term IDR: affirmed at 'F2'

  -- Individual Rating: affirmed at 'C'

  -- Support Rating: affirmed at '3'

  -- Support Rating Floor: affirmed at 'BB+'

BCG:

  -- Long-term IDR: affirmed at 'BBB+', Outlook Stable; rating
     withdrawn

  -- Short-term IDR: affirmed at 'F2'; rating withdrawn

  -- Individual Rating: affirmed at 'C'; rating withdrawn

  -- Support Rating: affirmed at '3'; rating withdrawn

  -- Support Rating Floor: affirmed at 'BB+'; rating withdrawn

CAN:

  -- Long-term IDR: affirmed at 'BBB+', Outlook Stable; rating
     withdrawn

  -- Short-term IDR: affirmed at 'F2'; rating withdrawn

  -- State-guaranteed debt: affirmed at 'AA+' and transferred to
     BC

  -- Subordinated debt: affirmed at 'BBB' and transferred to BC

Caja Canarias:

  -- Long-term IDR: affirmed at 'BBB+', Outlook Stable; rating
     withdrawn

  -- Short-term IDR: affirmed at 'F2'; rating withdrawn

  -- Senior unsecured debt: affirmed at 'BBB+' and transferred to
     BC

  -- State-guaranteed debt: affirmed at 'AA+' and transferred to
     BC

  -- Subordinated debt: affirmed at 'BBB' and transferred to BC

Caja Burgos:

  -- Long-term IDR: affirmed at 'BBB+', Outlook Stable; rating
     withdrawn

  -- Short-term IDR: affirmed at 'F2'; rating withdrawn

  -- State-guaranteed debt: affirmed at 'AA+' and transferred to
     BC

Cajasol:

  -- Long-term IDR: affirmed at 'BBB+', Outlook Stable; rating
     withdrawn

  -- Short-term IDR: affirmed at 'F2'; rating withdrawn

  -- State-guaranteed debt: affirmed at 'AA+' and transferred to
     BC

  -- Upper tier 2 subordinated debt: affirmed at 'BBB-' and
     transferred to BC

  -- Preferred stock: affirmed at 'BB' and transferred to BC


TDA 25: S&P Affirms Ratings on Three Classes of Notes at 'D'
------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
its credit rating on TDA 25, Fondo de Titulizacion de Activos'
class A notes. "At the same time, we affirmed our ratings on the
class B, C, and D notes," S&P said.

"The rating action on the class A notes reflects the transaction's
poor performance, including increased levels of arrears and
defaults, combined with what we believe to be an insufficient
level of recoveries. The rating actions on the class B, C, and D
notes reflect our view that they remain unlikely to pay interest
following the depletion of the reserve fund and breach of
interest-deferral triggers," S&P said.

As of the end of May 2011, the number of loans in arrears for 90
or more days, but not yet considered as defaulted (defined as 12
months in arrears in this transaction), had risen to 6.7%. The
level of defaulted loans has also increased in the past year to
14.27% from 10.92% on a cumulative basis over the original
portfolio balance. "We see this increase as an indication of the
weakening performance of the outstanding notes in this
transaction," S&P related.

"Due to the high level of defaults in the securitized pool, our
rating on the class A notes depends substantially on the amount of
recoveries. Our analysis indicates that the level of recoveries in
this transaction is low. We have requested further recoveries
information but we are still waiting for new information," S&P
stated.

"Pending receipt of this information, we have placed on
CreditWatch negative our rating on the class A notes. If we do not
receive satisfactory information, we may lower our rating on this
class of notes to a level commensurate with the current level of
defaults," S&P said.

Due to insufficient excess spread to cover defaults, in
September 2008, the issuer fully drew the reserve fund, which has
remained at zero since then. "Accordingly, on Oct. 24, 2008, we
lowered our ratings on the class B, C, and D notes to BBB, BB, and
B to reflect our view that the levels of credit enhancement were
insufficient to maintain the previous ratings," S&P related.

Furthermore, a common feature in Spanish residential mortgage-
backed securities (RMBS) transactions is that if the level of
cumulative defaulted loans (generally defined as the current level
of cumulative defaults over the original balance of the notes
issued) is equal to or greater than a certain percentage of the
issued amount, the priority of payments changes. This results in
the diversion of interest payments from the affected class of
notes to amortize the most senior class of notes. In this case,
triggers for the class B, C, and D notes were breached in 2009 and
all interest has been deferred to the class A notes since then.
Considering this, we lowered our ratings to 'D (sf)' on these
classes of notes in June, September, and December 2009," S&P
stated.

"We have affirmed our rating on class B, C, and D notes because
they are still not paying interest and we do not expect them to do
so in the future," S&P said.

TDA 25 securitizes a portfolio of prime Spanish residential
mortgages granted by Banco Gallego, S.A. and Union de Credito para
la Financiacion Mobiliaria e Inmobiliaria, Credifimo, E.F.C.,
S.A.U., which also service the loans. The transaction closed in
July 2006.

Ratings List

Class                  Rating
             To                       From

TDA 25, Fondo de Titulizacion de Activos
EUR310.054 Million Residential Mortgage-Backed Floating-Rate Notes

Rating Placed on CreditWatch Negative

A            A+ (sf)/Watch Neg        A+ (sf)

Ratings Affirmed

B            D (sf)
C            D (sf)
D            D (sf)


VALENCIA HIPOTECARIO: Moody's Cuts Rating on C Certificate to Caa2
------------------------------------------------------------------
Moody's Investors Service has downgraded all ratings of all the
notes issued by Valencia Hipotecario 5 FTA.

The ratings of the notes were placed on review for possible
downgrade in February 2011 due to the worse than expected
performance of the collateral.

RATINGS RATIONALE

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

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

Portfolio Expected Loss:

Moody's has reassessed its lifetime loss expectation taking into
account the collateral performance to date, as well as the current
macroeconomic environment in Spain. In May 2011, cumulative write-
offs rose to 1.96% of the original pool balance. The share of 90+
day arrears stood at 2.20% of current pool balance. Moody's
expects the portfolio credit performance to be under stress, as
Spanish unemployment remains elevated. The rating agency believes
that the anticipated tightening of Spanish fiscal policies is
likely to weigh on the recovery in the Spanish labor market and
constrain future Spanish households finances. Moody's also has
concerns over the timing and degree of future recoveries in a
weaker Spanish housing market. On the basis of Moody's negative
sector outlook for Spanish RMBS, the rating agency has updated the
portfolio expected loss assumption to 4.45% of original pool
balance up from 2.75%.

MILAN Aaa CE:

Moody's has assessed the loan-by-loan information to determine the
MILAN Aaa CE. Moody's has increased its MILAN Aaa CE assumptions
for 17.0%, up from 8.60% at closing. The increase in the MILAN Aaa
CE reflects the exposure to broker origination, non Spanish
nationals (15%) and the concentration in coastal areas and second
homes (11%). In addition 7.35% of the portfolio corresponds to
commercial properties. Credit enhancement under the Class A
(including subordination and reserve fund) is 10.35%.

Operational Risk:

The rating of Banco de Valencia (Ba1/NP) is on review for possible
downgrade. Banco de Valencia is the servicer in this transaction.
Moody's notes that operational risk in this transactions is not
mitigated as there is no back-up servicer. The operational risk is
not a driver of the rating action on the notes. Moody's notes that
the reserve fund is not at target level and that no other sources
of liquidity are available in the transaction. A severe downgrade
of the servicer and additional draw-downs on the reserve fund will
impact further the ratings of the senior notes. The absence of
liquidity in the transactions could impair the ability of the
Issuer to make timely payment of interest on the notes,
particularly in case of a servicing transfer.

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

TRANSACTION FEATURES

Valencia Hipotecario 5 closed in December 2008. The transaction is
backed by a portfolio of first-ranking mortgage loans originated
by Bancaja secured on residential properties located in Spain, for
an overall balance at closing of EUR500 million. The securitized
mortgage portfolio benefits from a relatively low weighted average
LTV, currently about 65.92%. The pool is fairly exposed to the
Mediterranean coast. 7.35% of the portfolio corresponds to
commercial properties.

Reserve fund: The reserve fund is almost at its target level
(60%). It represents 2.61% of the current outstanding amount of
the A, B, C and D notes.

Commingling: All of the payments under the loans in this pool are
collected by the servicer under a direct debit scheme into the
collection accounts held at Banco de Valencia (Ba1/NP under review
for possible downgrade) and then are transferred to the treasury
account held at Banco Popular Espanol (A2 /P-1) every two days.
Then transfer to Banco Cooperativo (A1/P-1) every three months.
The commingling risk has been taken into account in the review of
the transaction.

Swap: According to the swap agreement entered into between the
Fondo and JP Morgan Chase (Aa3 / P-1), on each payment date:

* The swap counterparty will pay the index reference rate of the
  notes.

* The Fondo will pay a weighted average of the 12-month Euribor
  over the past months for each of the groups, whereby the weights
  are fixed for each month on the closing date.

This payment is aimed at replicating the amount of interest
corresponding to the index reference rates that the Fondo receives
for each of the groups between payment dates. The notional will be
the outstanding amount of the loans included in each of the two
groups excluding all loans with arrears of more than 18 months.

RATING METHODOLOGIES

The principal methodology used in this transaction is Moody's
Approach to Rating RMBS in Europe, Middle East, and Africa
published in October 2009. Other methodologies used in rating this
action were Moody's Updated Methodology for Rating Spanish RMBS
published in July 2008, Cash Flow Analysis in EMEA RMBS: Testing
Structural Features with the MARCO Model (Moody's Analyser of
Residential Cash Flows) published in January 2006 and Revising
Default/Loss Assumptions Over the Life of an ABS/RMBS Transaction
published in December 2008.

Moody's also took into account its Rating Implementation Guidance
"Global Structured Finance Operational Risk Guidelines: Moody's
Approach to Analyzing Performance Disruption Risk" published in
April 2011.

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

LIST OF RATINGS ACTIONS

Issuer: VALENCIA HIPOTECARIO 5 FONDO DE TITULIZACION DE ACTIVOS

   -- EUR468M A Certificate, Downgraded to A2 (sf); previously on
      Feb 8, 2011 Aaa (sf) Placed Under Review for Possible
      Downgrade

   -- EUR5M B Certificate, Downgraded to Ba1 (sf); previously on
      Feb 8, 2011 Aa1 (sf) Placed Under Review for Possible
      Downgrade

   -- EUR27M C Certificate, Downgraded to Caa2 (sf); previously on
      Feb 8, 2011 Ba3 (sf) Placed Under Review for Possible
      Downgrade


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


ALBARAKA TURK: S&P Affirms 'BB/B' Counterparty Credit Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services revised to negative from stable
its outlook on Turkey-based bank Albaraka Turk Katilim Bankasi AS.
"At the same time, we affirmed our 'BB/B' long- and short-term
counterparty credit ratings on the bank," S&P said.

"The outlook revision follows Albaraka Turk's pursuit of what we
consider as an ambitious growth strategy since 2007. The bank's
efforts to grow lending have led its loan book to more than double
in absolute terms in the past three years. The new lending,
especially in 2010, resulted mostly from loans in the construction
sector, including to residential project developers, a segment we
view to be high risk. At the end of 2010, the construction sector
accounted for about 27% of Albaraka Turk's funded customer loans,
and a high 32% of on- and off-balance-sheet credit risk. In
addition, this fast growth has surpassed the bank's capital
generation over the same period and led to weakening in the
regulatory capital ratio and in our the risk-adjusted capital
(RAC) ratio, our measure of banks' capital. At year-end 2010,
Albaraka Turk's regulatory capital ratio stood at 14.1%, compared
to 21.7% at year-end 2007, far below ratios for Turkish banks. At
5.5% before diversification adjustments, our estimated RAC ratio
at year-end 2010 versus 6.2% at year end-2009 also illustrates the
bank's deteriorating capital, which continues to lag behind
levels at domestic peers," S&P related.

"The bank's current asset quality metrics are adequate, in our
view. They compare well with peers, based on its ratio of
nonperforming loans (NPL) to gross loans at 2.9% on March 31,
2011. NPL continued to rise in 2010, however, increasing by 12% in
absolute terms. We believe that Albaraka Turk's rapid growth could
push up the number of problematic loans as new loans season,
especially if the Turkish economy's current brisk growth
slackens," S&P stated.

"The negative outlook reflects the possibility that we could
downgrade Albaraka Turk during the coming year, because of our
negative view of its lending strategy and the subsequent pressure
on its capital and future asset quality," S&P noted.

"Although we understand that the bank aims to keep loan growth in
2011 below 15%, we are concerned about the current composition of
its loan book and the high share of unseasoned loans that will
drive future asset quality. We expect the bank's core operational
performance to continue to provide support for ratings over the
medium term," S&P said.

"We could lower the ratings on Albaraka Turk if it continues what
we view as its negative lending strategy and fails to shore up its
balance sheet and capitalization. An upgrade would hinge on the
bank's RAC ratio exceeding 7%, diversification of its loan book by
industry, accompanied by decreasing exposure to riskier segments,
and less ambitious balance sheet growth," S&P added.


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


* REPUBLIC OF CRIMEA: S&P Affirms 'B-' Issuer Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
Autonomous Republic of Crimea, in southern Ukraine (foreign
currency B+/Stable/B; local currency BB-/Stable/B; Ukraine
national scale 'uaAA-') to positive from stable. "At the same
time, we affirmed the 'B-' long-term issuer credit rating and
raised the Ukraine national scale rating to 'uaBBB' from
'uaBBB-'," S&P said.

"The outlook revision reflects our view that Crimea will
experience revenue growth and maintain a modest debt burden," S&P
related.

The ratings reflect Crimea's lack of revenue predictability and
generally low financial flexibility on the revenue and expenditure
sides, in the volatile and underfunded Ukrainian system of
interbudgetary relations; its low wealth levels; and high
expenditure needs. Concentration of important excise payments
on one taxpayer put further pressure on the ratings.

"These weaknesses are mitigated by our expectations that Crimea's
debt and debt service will remain modest over the next few years.
Other supporting factors are Crimea's favorable location on the
Black Sea coast, which we expect to support economic development
in the region in the longer term. The positive outlook reflects
our expectation that Crimea will enjoy economic and budget revenue
growth, supported by its favorable location, and will borrow only
medium term in 2011-2013, resulting in debt service of less than
3%-4% of operating revenues," S&P said.

"Should the republic report stronger-than-expected revenues and
financial performance, higher cash levels, and lower debt and debt
service than we expect under our base-case scenario, it could lead
us to take positive rating actions," S&P related.

However, setbacks in tax-revenue collection and subsidies that
lead to worsening finances and weaker-than-expected financial
performance and liquidity could result in a revision of the
outlook back to stable, especially if Crimea displays a more
aggressive borrowing policy in the medium term or accumulates
short-term debt resulting in debt service exceeding 5%-6% in
2011-2013.


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


ASSETCO PLC: Nears GBP10MM Rescue Deal; In Takeover Talks
---------------------------------------------------------
The Telegraph reports that AssetCo plc is closing in on a GBP10
million rescue deal.

According to the Telegraph, AssetCo is facing winding-up petitions
from creditors but is now understood to be in advanced discussions
with Bahraini investment group Arcapita about a 4 pence-per-share
takeover.

The company said last month that winding-up hearings should be
postponed so it could press ahead with a potential rescue deal,
the Telegraph recounts.  American company Seacor Holdings is also
believed to have held takeover talks with AssetCo, the Telegraph
notes.

Assetco PLC -- http://www.assetco.com/-- is a United Kingdom-
based holding company.  The Company is engaged in the provision of
management services to the emergency services market.  It is also
engaged in automotive engineering, the provision of asset
management services and the supply of specialist equipment to the
emergency services market.  The Company operates in one segment,
the Fire and Rescue Services.  The Fire and Rescue Services
segment provides management services to the fire and rescue
market.  Its subsidiaries include AssetCo Emergency Limited,
AssetCo Managed Services (ROI) Limited, AssetCo Bermuda Limited,
AssetCo Resource Limited, Simentra Limited, Supply 999 Limited,
AssetCo Municipal Limited and AssetCo Managed Services Limited.
In January 2010, the vehicle assembly business of UV Modular
Limited (UVM) was discontinued.  In September 2009, the Company
disposed its subsidiary, Auto Electrical Services (Manchester)
Limited.


CAKE BAKE: Goes Into Administration Due to Financial Difficulties
-----------------------------------------------------------------
Ben Bouckley at FoodManufacture.co.uk reports that the Cake Bake
Company has entered administration after it encountered severe
financial difficulties.

Insolvency practitioner SFP said it was appointed as administrator
on June 21, and said that cash flow difficulties and a "recent
technical issue" (that remains undefined) had led to the temporary
stoppage of production, according to FoodManufacture.co.uk.

"The margins are tighter than ever in the food industry, so a
business' survival can be severely impacted by unforeseen
financial problems, as was the case for The Cake Bake Company,"
the report quoted SFP Group Partner Simon Plant as saying.  "We
have been speaking to various interested parties and so far, the
response has been encouraging. As a result, we anticipate that we
will source a buyer in the near future," he added.

Headquartered in Kent, Cake Bake Company, is a nationwide
manufacturer and supplier of baked goods.  It also supplies
supermarkets and independents across the UK.


COAKLEY BUS: Faces Suit Over Alleged Breach of Child Support Act
----------------------------------------------------------------
Chris Clements at Hamilton Advertiser reports that Coakley Bus and
Coach Ltd has been accused of breaching the Child Support Act by
failing to comply with a deductions of earnings order.

In a case called at Hamilton Sheriff Court last week, Hamilton
Advertiser relates, it is alleged the company committed the
offence, relating to a former employee Edward Rae last year.

Although no representatives of the company were in court last
Wednesday, defence solicitors lodged a not guilty plea to the
charge, the report says.

According to Hamilton Advertiser, the firm denied failing to
comply with a deductions of earnings order, in relation to
Mr. Rae, between Aug. 19 and Oct. 19, 2010.

Hamilton Advertiser notes that the charge alleges Coakley Bus and
Coach were required to deduct GBP62.39 a week from Mr. Rae's
earnings in respect of child maintenance.  It is also alleged that
the order was issued to the company, formerly based at Newhut Road
in Braidhurst Industrial Estate, on June 26, 2010.

Sheriff Thomas Millar granted an unopposed Crown motion to
continue a notional diet until July 20, the report adds.

The extra time, says Hamilton Advertiser, would allow prosecutors
to seek clarification over the liquidation of the firm.

Coakley Bus and Coach Ltd is a bus company based in Lanarkshire.
The company went into liquidation in June 2011 with the loss of
55 jobs.


EUROPEAN MEDIATION: Court Orders Wind Up After Insolvency Probe
---------------------------------------------------------------
European Mediation Services Limited, based in Kidderminster, and
Probate Solutions Worldwide Wills and Trusts Limited, which traded
from premises in Lincoln, were both wound up in the High Court
last month following an investigation by The Insolvency Service.
Both companies were in common ownership.

European was a claims management business created to pursue claims
under the Consumer Credit Act 1974 on behalf of individuals who
had been mis-sold timeshares or property in Spain; although its
business subsequently expanded to include other forms of recovery
under the Act. In return, 'European' received either a fixed
advance fee or a success-based commission.

Even though the company director of European's failed to co-
operate fully with the Company Investigations team or deliver up
all of its trading records, it was established that European had:

     -- failed to account for monies recovered on behalf of its
        clients;

     -- failed to keep adequate trading records, making it
        impossible to fully account for the receipt and payment
        of almost GBP500,000; and

     -- failed to declare insolvency.

Furthermore, during the course of the investigation, the director
caused European to cease trading without taking any steps to
regulate its affairs.

Probate Solutions Worldwide Wills and Trusts Limited, known as
Probate was the second company wound up.  Probate was marketed a
franchise-style opportunity inviting individuals to learn how to
take legal instructions from members of the public for the
preparation of a range of legal products including wills and power
of attorney.

The investigation found that 'Probate's' business model was very
similar to that of other companies previously investigated and
wound up in the public interest in 2007 and 2008. Also that
'Probate' had adopted many of the practices the court had
previously found objectionable. In particular, that misleading and
inaccurate statements were made to prospective franchisees during
the recruitment process, particularly in relation to potential
earnings.

The Insolvency Service investigation found that 'Probate' failed:

     -- to keep accurate accounting records and as a result cash
        receipts and payments could not be accounted for;

     -- failed to prepare accounts as required to by law; and


     -- that it was abandoned by the director during the course
        of the investigation.

European Mediation Services Limited was incorporated on March 28,
2007 and its registered office is at 2a Exchequergate, Lincoln.
Probate Solutions Worldwide Wills and Trusts Limited was
incorporated on Feb. 11, 2008, and its registered office is at
Dairy Cottage, Main Road, Milford, Staffordshire.

The wind up petitions were presented under s.124A of the
Insolvency Act 1986 on March 15, 2011, and the Winding-up Orders
were made on June 15, 2011.


FOCUS (DIY): Landgard UK Chief Quits Following Administration
-------------------------------------------------------------
Matthew Appleby at HorticultureWeek reports that Landgard United
Kingdom Managing Director Richard Egerton resigns after Focus
(DIY) debt exposure revelations as suppliers find creditors are
unlikely to recover losses.

Mr. Egerton has become a high-profile victim of the collapse of
DIY/garden centre chain Focus after he left the plant supplier,
which is owed more than GBP2.5 million by Focus, according to
HorticultureWeek.  The reports relates that non-executive chairman
Jim Floor confirmed Mr. Egerton was in the process of resigning
after the German owners realized the size of the Focus debt --
some GBP2.5 million.

Mr. Floor, who is stepping in as commercial director to run
Landgard UK day to day, added: "The shareholders and chief
executive have pledged 100% support for the UK business.
Unfortunately, Mr. Egerton has resigned," HorticultureWeek
discloses.

A new report from administrators at Ernst & Young shows hundreds
of trade creditors across the UK are expected to be GBP60 million
out of pocket, while Her Majesty Revenue & Customs will take a
GBP7 million hit, HorticultureWeek notes.

The report by Simon Allport, Tom Jack and Alan Hudson shows that
when Focus collapsed in May its private equity owner Cerberus was
owed GBP214.7 million, HorticultureWeek says.  Ernst & Young said
the creditors were unlikely to recover any of their losses,
HorticultureWeek relates.

HorticultureWeek notes that the Focus owed these gardening
suppliers:

   -- Bayer Garden owed GBP170,000
   -- De Ree UK owed GBP213,000
   -- Deroma UK owed GBP257,000
   -- Doff Portland owed GBP37,000
   -- Draper Tools owed GBP217,000
   -- Einhell owed GBP465,000
   -- Fiskars UK owed GBP476,000
   -- Fiskars Brands UK owed GBP421,000
   -- Forest Garden owed GBP599,000
   -- Garden Centre Plants owed GBP134,000
   -- Gardman owed GBP299,000
   -- Haemmerlin owed GBP44,000
   -- Highland Heathers owed GBP44,000
   -- Hozelock owed GBP1 million
   -- Husqvarna owed GBP2 million
   -- Landgard (Trading Account) owed GBP223,000
   -- Landgard UK owed GBP1.5 million
   -- Li-Lo Leisure owed GBP405,000
   -- Meredith Nurseries owed GBP1.5 million
   -- Mr. Fothergill's owed GBP146,000
   -- Plant Sarus owed GBP281,000
   -- Plant Sarus (Trading Account) owed GBP126,000
   -- Proteam owed GBP2.7 million
   -- Scotts Company UK owed GBP5.9 million
   -- Sinclair owed GBP46,000

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.


HALDANES STORES: Administrators Close Three Remaining Stores
------------------------------------------------------------
Petah Marian at just-food.com reports that the administrators of
insolvent UK grocery operator Haldanes Stores on June 30 announced
the closure of its three remaining stores.

According to just-food.com, joint administrators Brendan Guilfoyle
and Chris White of The P&A Partnership said that all 26 stores in
Scotland and England have now ceased trading and all employees of
the remaining three stores in Tattershall, Wigton and Crieff have
been made redundant.

Haldanes Stores entered administration on June 22, just-food.com
recounts.  The company's CEO blamed The Co-operative Group for its
financial problems, attributing its issues to the larger rival's
apparent unwillingness to renegotiate contracts on the stores,
which Haldanes acquired in 2009, just-food.com discloses.

Haldanes Stores is a UK grocery operator.


HOMEFORM GROUP: Customers May Not Get Money Back in Administration
------------------------------------------------------------------
Tara Evans at thisismoney.co.uk reports that customers of Moben
Kitchens and its sister brands are still waiting to find out if
they will lose thousands of pounds after parent group HomeForm
Group said it may have to go into administration.

As reported in the Troubled Company Reporter-Europe on June 29,
2011, Men Media said a Tameside business is among three suppliers
which have stepped in to offer their services to customers of
HomeForm Group, which said it is about to go into administration.
HomeForm, the Old Trafford-based parent company of Moben Kitchens,
Dolphin Bathrooms, Sharps Bathrooms and KitchensDirect, has filed
a notice of intention to appoint an administrator, according to
Men Media.  The report noted that directors said they were close
to securing a deal safeguarding the future of the Sharps and
KitchensDirect businesses, potentially through a pre-pack
administration, and have instructed advisers to find a buyer for
Moben and Dolphin.

Until it is officially confirmed that a company cannot fulfill its
orders, customers are unlikely to be able to successfully approach
their credit or debit card companies for help under consumer
protection schemes -- those who paid by cash or cheque have no
protection, according to thisismoney.co.uk.


JANE NORMAN: Middle East Stores' Future in Limbo
------------------------------------------------
Elizabeth Broomhall at arabianbusiness.com reports that Jane
Norman has not confirmed whether its Middle East stores will close
or not after the company went into administration.

In the Gulf the global firm employs more than 50 people across
seven stores in partnership with Majid Al Futtaim Fashions, which
is currently awaiting further instruction, according to
arabianbusiness.com.

"Majid Al Futtaim is seeking clarity on the Jane Norman situation
in the UK," said a spokesperson for Majid Al Futtaim in a
statement, adding that "at present" its stores remained open for
business, arabianbusiness.com notes.

As reported in the Troubled Company Reporter-Europe on June 28,
2011, Express & Star said reports that Jane Norman has fallen into
administration putting up to 1,600 jobs at risk.  Accountancy firm
Zolfo Cooper hopes to find a buyer for the stricken retailer,
which closed its 90 stores, according to Express & Star.

arabianbusiness.com discloses that a third of its 94 UK stores
have already been sold to Scottish retailer The Edinburgh Woollen
Mill, which has the option to buy a further 28 stores.  The
remaining shops in the UK will be closed, the report relates.

arabianbusiness.com says that in the Middle East the firm's stores
include one in Bahrain, three in Saudi Arabia and three in
Dubai -- the future of which remains uncertain.

Jane Norman specializes in selling to women between the ages of 16
and 25.


L.D. RESTAURANTS: Court Appoints Interim Liquidators
----------------------------------------------------
The Courier reports that L.D. Restaurants (Number Two) Ltd,
operator of The Glass Pavilion restaurant, was placed in interim
liquidation after a petition to Dundee Sheriff Court by HMRC
seeking to wind up the company.  The company failed to respond to
the winding-up notice last month and the petition was granted by a
sheriff, the report says.

Accountant Graeme Cameron Smith of Henderson Loggie in Panmure
Street has been appointed interim liquidator.

It is understood, however, that the firm transferred the operation
of the restaurant to another company at the beginning of the year,
the report notes.

"It is quite an unusual situation in that the restaurant is still
operating but the company to which I have been appointed is
apparently no longer operating the restaurant," The Courier quotes
Mr. Smith as saying.  "I haven't been able to contact the
directors yet but it appears the operation of the restaurant was
transferred in January.  At the moment, all I can say is that we
are investigating and are hoping to meet with the directors soon."

The Courier relates that Mr. Smith added that until he met with
the company's directors, he was unable to say what the extent of
the debt to HMRC was or who the new owners were.

L.D. Restaurants (Number Two) Ltd operates The Glass Pavilion
restaurant in Broughty Ferry, Dundee, Scotland.


LEHMAN BROTHERS: Europe Unit, Citi Settle Over US$2.5-Bil. Assets
-----------------------------------------------------------------
Citigroup has struck a deal with the European arm of Lehman
Brothers Inc. to release more than US$2.5 billion worth of assets
held in its custody business, Reuters reported on June 29.

The settlement, negotiated with the administrators of Lehman's
European estate PriceWaterhouseCoopers, means these assets can be
added to the pool of what will eventually make its way back to
creditors and returned to clients, the report related.

Citi will immediately begin to transfer Lehman Brothers
International or LBIE's custody assets, PWC said, according to
the report.

The deal also means Citi and LBIE will release each other from
all claims and liabilities, PWC added, Reuters quoted.

"This is by far the largest single deal we have undertaken and
easily the most complex to negotiate and then structure, given
the sheer scale of the legacy relationship between Citigroup and
LBIE," said Paul Copley, a restructuring partner at PWC.

Citi has held onto LBIE's custody assets since Lehman Brothers
filed for bankruptcy in September 2008, while it assessed its
exposure to the Europe part of the business and other entities
globally, the two parties said.

Before Lehman's collapse, the firm had entered into a whole
series of stock lending, trading and derivatives transactions
with Citi, which also acted as an agent for third parties and was
a custodian for LBIE in various countries, the report related.

Under the settlement Citi will be paid custodian fees, "to
reflect the complexity of the Lehman estate and the custody
positions," PWC said.

"We have worked closely with the administrators of LBIE and their
team for many months to ensure that the arrangements between
Citigroup and LBIE were resolved amicably and in a manner which
fairly reflected the interests of both parties," Citi said in a
statement.

"This is a landmark deal," The Wall Street Journal quoted Paul
Copley, a PwC restructuring partner who led the settlement for
LBIE, as saying.  "This is by far the largest single deal we have
undertaken and easily the most complex to negotiate and then
structure, given the sheer scale of the legacy relationship
between Citigroup and LBIE," Mr. Copley said.

                    About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
disclosed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009 or
more than a year after LBHI and its other affiliates filed their
bankruptcy cases.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant to
the provisions of the Securities Investor Protection Act (Case No.
08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on Sept. 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on Sept. 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


MCWILLIAMS HOMES: Placed Into Receivership, Goes Bankrupt
---------------------------------------------------------
BBC News reports that McWilliams Homes, which was placed into
receivership by Anglo Irish Bank, has been declared bankrupt with
debts of almost GBP25 million.

BBC News notes that Anglo Irish Bank lent hundreds of millions of
pounds to NI developers who were unable to repay their loans.

McWilliams Homes' last set of accounts were for 2008 when the
company reported a pre-tax loss of over GBP6 million, according to
BBC News.  The report relates that the value of its land bank had
collapsed by GBP10 million in the same year.

In 2005, BBC News recalls, McWilliams Homes secured approval for a
GBP90 million residential development of over 550 houses close to
the centre of Letterkenny in Ballymacool.

BBC News discloses that a significant number of builders and
developers from County Derry paid huge sums for sites in Donegal
during the Irish property bubble.  The report relates that the
value of those sites has typically fallen by 80%.


PLYMOUTH ARGYLE: MP Takes Up Staff's Plight in Commons
------------------------------------------------------
thisisplymouth.co.uk reports that a city Member of Parliament is
to lobby the Football League in Westminster in a battle for
Plymouth Argyle's unpaid workers.

Staff at Home Park have barely been paid this year after the debt-
crippled Pilgrims plunged into administration, according to
thisisplymouth.co.uk.

thisisplymouth.co.uk notes that a takeover deal is scheduled to be
completed by August 6, but the prospective owners are yet to
commit to paying backdated or current wages in full.

But now Plymouth Moor View MP Alison Seabeck is taking their
struggle to Parliament, thisisplymouth.co.uk says.  Ms. Seabeck
has secured an adjournment debate in Westminster, promising to
call for change in the way football is governed.

thisisplymouth.co.uk notes that Argyle's players have had loans
from their union, the Professional Footballers' Association (PFA),
but non-playing staff have had to rely on donations from fans.

Meanwhile, thisisplymouth.co.uk says that a deal to sell off Home
Park and other club-owned land assets to preferred bidder Bishop
International Limited was expected to be confirmed on July 1.  But
lead administrator Brendan Guilfoyle said legal issues had delayed
conditional contracts being signed until July 4, the report
relates.

thisisplymouth.co.uk discloses that the Football League, who have
the final say on the deal, and The Football Conference League are
both probing the proposed ownership structure.  It would see
acting Argyle chairman Peter Ridsdale assume ownership of the
football club itself and Bishop International become landlords and
developers, the report adds.

                   About Plymouth Argyle

Plymouth Argyle Football Club, commonly known as Argyle, or by
their nickname, The Pilgrims, is an English professional football
club based in Central Park, Plymouth.  It plays in Football League
One, the third division of the English football league system.


PROBATE SOLUTIONS: Court Orders Wind Up After Insolvency Probe
--------------------------------------------------------------
European Mediation Services Limited, based in Kidderminster, and
Probate Solutions Worldwide Wills and Trusts Limited, which traded
from premises in Lincoln, were both wound up in the High Court
last month following an investigation by The Insolvency Service.
Both companies were in common ownership.

European was a claims management business created to pursue claims
under the Consumer Credit Act 1974 on behalf of individuals who
had been mis-sold timeshares or property in Spain; although its
business subsequently expanded to include other forms of recovery
under the Act. In return, European received either a fixed advance
fee or a success-based commission.

Even though the company director of European's failed to co-
operate fully with the Company Investigations team or deliver up
all of its trading records, it was established that European had:

     -- failed to account for monies recovered on behalf of its
        clients;

     -- failed to keep adequate trading records, making it
        impossible to fully account for the receipt and payment
        of almost GBP500,000; and

     -- failed to declare insolvency.

Furthermore, during the course of the investigation, the director
caused 'European' to cease trading without taking any steps to
regulate its affairs.

Probate Solutions Worldwide Wills and Trusts Limited, known as
'Probate' was the second company wound up.  'Probate' was marketed
a franchise-style opportunity inviting individuals to learn how to
take legal instructions from members of the public for the
preparation of a range of legal products including wills and power
of attorney.

The investigation found that 'Probate's' business model was very
similar to that of other companies previously investigated and
wound up in the public interest in 2007 and 2008. Also that
'Probate' had adopted many of the practices the court had
previously found objectionable. In particular, that misleading and
inaccurate statements were made to prospective franchisees during
the recruitment process, particularly in relation to potential
earnings.

The Insolvency Service investigation found that 'Probate' failed:

     -- to keep accurate accounting records and as a result cash
        receipts and payments could not be accounted for;

     -- failed to prepare accounts as required to by law; and


     -- that it was abandoned by the director during the course
        of the investigation.

European Mediation Services Limited was incorporated on March 28,
2007 and its registered office is at 2a Exchequergate, Lincoln.
Probate Solutions Worldwide Wills and Trusts Limited was
incorporated on Feb. 11, 2008, and its registered office is at
Dairy Cottage, Main Road, Milford, Staffordshire.

The wind up petitions were presented under s.124A of the
Insolvency Act 1986 on March 15, 2011, and the Winding-up Orders
were made on June 15, 2011.


ROYAL BANK: Fitch Affirms 'CC' Rating on Tier 1 Securities
----------------------------------------------------------
Fitch Ratings has upgraded The Royal Bank of Scotland Group's and
The Royal Bank of Scotland Plc's Individual Ratings to 'C' from
'C/D'. Their other ratings have been affirmed at Long-term Issuer
Default 'AA-', Short-term IDR 'F1+', Support '1' and Support
Rating Floor AA-'. The Outlooks on the Long-term IDRs are Stable.
The agency has also affirmed the ratings of the subordinated debt
and hybrid securities.

The upgrade of the Individual Ratings reflects RBSG's significant
progress in implementing its strategic plan, significant
improvements in its funding and liquidity profile and stabilizing
asset quality. However, the Individual Ratings continue to reflect
the risks associated with its much reduced but still sizable non-
core assets, negative profitability, downside risks to asset
quality and strategic constraints arising from being 83% owned by
the UK government.

Fitch believes that RBSG is well positioned to pursue its
strategic plan. Notable progress has already been made in
reshaping the balance sheet, embracing a stronger risk culture and
improving risk management tools. RBSG's non-core assets more than
halved to GBP125 billion (excluding derivatives) between end-2008
and end-Q111 and Fitch believes that the group is on track to
reduce its non-core assets to less than GBP100 billion by end-
2011. However, execution risk, while reduced, is still material
given the scale of the task, macro-uncertainties, regulatory
challenges, and potential government interference.

Asset quality problems appear to have peaked but significant
downside risks still exist given the uncertain operating
environment and continuing problems in the Irish portfolio.
Single-name and sector concentrations built up through legacy
weaker risk management, particularly commercial real estate,
remain a concern.

Reliance on wholesale funding has been significantly reduced
through de-leveraging and increase in customer deposits.
Maturities were extended, while short-term refinancing risks
reduced through successful term issuances in 2010. In the first
four months of 2011, RBSG issued GBP14 billion of securities out
of a full year target of GBP20 billion. RBSG had GBP151 billion of
available liquidity at end-Q111 (in line with its GBP150 billion
long-term target) which fully covered its short-term wholesale
funding (excluding derivative collateral) of GBP145 billion.
Although reducing the remaining non-core portfolio is still
pivotal to RBSG's strategic plan, Fitch notes that the improvement
in RBSG's funding profile has eased the time pressure for further
de-leveraging, thus allowing for a greater degree of operational
flexibility in the work out of the non-core book.

Capital ratios are strong and Fitch believes the group is
relatively well positioned to absorb additional regulatory
requirements assuming a return to sustainable profitability. RBSG
reported a significantly improved operating result in Q111 as its
Global Banking and Markets division had a strong start to the
year. However, Fitch expects payment protection insurance charges
(GBP850 to be taken in Q211) to delay a return to profitability
until 2012.

The affirmation of the Long- and Short-term IDRs, Support Rating
Floors and Support Ratings reflects the extraordinary level of
tangible support for the group from the UK government. The Stable
Outlook on RBSG's Long-term IDR reflects that on the UK sovereign
ratings. While Fitch believes government support remains very high
for systemically important UK banks, there is growing political
will in the UK and internationally to explore ways to reduce the
implicit state support of systemically important banks. This
represents a potential threat to Support Rating Floors of
systemically important UK banks as well as the IDRs and debt
ratings that are support dependent. RBSG's IDRs are at the Support
Rating Floors and therefore could be affected by this development.

The ratings of hybrid capital securities reflect the European
Commission's required two-year coupon deferral or the existence of
"must pay" features. The securities, which are currently deferring
coupons, are rated 'CC', while hybrid securities where Fitch
believes payments cannot be prevented have been affirmed at 'BB-'.

The ratings actions are:

The Royal Bank of Scotland Group plc (RBSG)

   -- Long-term IDR: affirmed at 'AA-'; Outlook Stable

   -- Senior unsecured debt: affirmed at 'AA-'

   -- Senior unsecured market linked securities affirmed at
      'AA-emr'

   -- Short-term IDR: affirmed at 'F1+'

   -- Commercial paper: affirmed at 'F1+'

   -- Individual Rating: upgraded to 'C' from 'C/D'

   -- Support Rating: affirmed at '1'

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

   -- Dated subordinated bonds: affirmed at 'A'

   -- Preference shares (US7800978790, US780097AE13, XS0121856859)
      affirmed at 'BB-'

   -- Innovative Tier 1 (US780097AH44): affirmed at 'BB-'

   -- All other rated preference shares and Tier 1 securities
      affirmed at 'CC'

The Royal Bank of Scotland plc (RBS)

   -- Long-term IDR: affirmed at 'AA-'; Outlook Stable

   -- Senior unsecured debt: affirmed at 'AA-'

   -- Senior unsecured market linked securities affirmed at
      'AA-emr'

   -- Short-term IDR: affirmed at 'F1+'

   -- Commercial paper: affirmed at 'F1+';

   -- Individual Rating: upgraded to 'C' from 'C/D'

   -- Support Rating: affirmed at '1'

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

   -- Guaranteed senior long-term debt affirmed at 'AAA'

   -- Guaranteed senior short-term debt affirmed at 'F1+'

   -- Mortgage covered bonds are unaffected by the action

   -- Dated subordinated bonds (XS0201065496): affirmed at 'A'

   -- All other dated (lower Tier 2) subordinated bonds affirmed
      at 'A+'

   -- Upper Tier 2 securities: affirmed at 'BB-'

National Westminster Bank plc (NatWest)

   -- Long-term IDR: affirmed at 'AA-'; Outlook Stable

   -- Senior unsecured debt: affirmed at 'AA-'

   -- Short-term IDR: affirmed at 'F1+'

   -- Support Rating: affirmed at '1'

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

   -- Dated subordinated bonds: affirmed at 'A+

   -- Upper Tier 2 securities: affirmed at 'BB-'

Royal Bank of Scotland International Limited

   -- Long-term IDR: affirmed at 'AA-'; Outlook Stable

   -- Short-term IDR: affirmed at 'F1+'

Royal Bank of Scotland NV

   -- Long-term IDR: affirmed at 'AA-'; Outlook Stable

   -- Senior unsecured debt: affirmed at 'AA-'

   -- Senior unsecured market linked securities affirmed at
      'AA-emr'

   -- Short-term IDR: affirmed at 'F1+'

   -- Commercial paper and short-term debt: affirmed at 'F1+'

   -- Support Rating: affirmed at '1'

   -- Guaranteed senior short-term debt affirmed at 'F1+'

   -- Dated subordinated bonds: affirmed at 'A+'

RBS Holdings USA Inc

   -- Commercial paper: affirmed at 'F1+'

Citizens Financial Group, Inc

   -- Long-term IDR: affirmed at 'A+'; Outlook Stable

   -- Short-term IDR: affirmed at 'F1'

   -- Support Rating: affirmed at '1'

   -- Individual Rating 'B/C' is unaffected by the action

RBS Citizens, NA

   -- Long-term IDR: affirmed at 'A+'; Outlook Stable

   -- Short-term IDR: affirmed at 'F1'

   -- Long-term deposits: affirmed at 'AA-'

   -- Short-term deposits: affirmed at 'F1+'

   -- Senior unsecured debt: affirmed at 'A+'

   -- Subordinated debt: affirmed at 'A'

   -- Support Rating: affirmed at '1'

   -- Individual Rating 'B/C' is unaffected by the action

Citizens Bank of Pennsylvania:

   -- Long-term IDR: affirmed at 'A+'; Outlook Stable

   -- Short-term IDR: affirmed at 'F1'

   -- Long-term deposits: affirmed at 'AA-'

   -- Short-term deposits: affirmed at 'F1+'

   -- Support Rating: affirmed at '1'

   -- Individual Rating 'B/C' is unaffected by the action

Ulster Bank Ltd:

   -- Long-term IDR: affirmed at 'A+'; Outlook Stable

   -- Short-term IDR: affirmed at 'F1+'

   -- Individual Rating: affirmed at 'E'

   -- Support Rating: affirmed at '1'

Ulster Bank Ireland Limited:

   -- Long-term IDR: affirmed at 'A+'; Outlook Stable

   -- Short-term IDR: affirmed at 'F1+'

   -- Individual Rating: affirmed at 'E'

   -- Support Rating: affirmed at '1'

   -- Senior unsecured long term notes: affirmed at 'A+'

   -- Senior unsecured short term notes: affirmed at 'F1+'

   -- Commercial paper: affirmed at 'F1+'

   -- Subordinated debt: affirmed at 'A'

Ulster Bank Finance plc:

   -- Commercial paper: affirmed at 'F1+'


SOUTHERN CROSS: Four Seasons to Take Over Care Homes
----------------------------------------------------
Simon Mundy at The Financial Times reports that Pete Calveley, the
chief executive of rival operator Four Seasons, said
underperforming care homes slated for closure by Southern Cross
will be kept open under new management.

The FT relates that the Southern Cross had mooted the possible
closure of "a significant number" of the 45 homes that it leased
from Four Seasons, labeling them commercially unviable.

However, Four Seasons now wants to take over the operations, the
FT says, citing Mr. Calveley.  "We've been around all 45 and have
no intention of closing any of them," Mr. Calveley, as cited by
the FT, said.

According to the FT, Southern Cross said that 132 homes had been
"identified for possible closure because they all needed
considerable investment to meet the standards required of a
modern-day care home".

After an agreement last month, the company's restructuring is
being overseen by a committee chaired by the landlords' advisers,
AlixPartners, and consisting of two Southern Cross representatives
and four of the landlords, the FT recounts.  Mr. Calveley, a
member of the committee, said that it was likely to reach a long-
term agreement by the end of this month, the FT notes.

The FT says the committee will need to placate smaller landlords;
given that Southern Cross is no longer paying its rent in full,
any of these could apply to have the company wound up.

One landlord, represented by Vector Property Group, was persuaded
by other landlords to withdraw a winding-up petition, the FT
discloses.

However, Mr. Calveley, as cited by the FT, said that further
petitions were unlikely: "Everything that's happening . . . is
very constructive."

Southern Cross Healthcare provides residential and nursing care to
more than 31,000 residents cared for by 45,000 staff in 750
locations.  It also operates homes that specialize in treating
people with dementia, mental health problems and learning
disabilities.


WEBMANIA: Falls Into Liquidation Due to Credit Card Fraud
----------------------------------------------------------
York Press reports that WebMania, a York-based web design
business, has gone into liquidation after credit card fraud left
it hundreds of thousands of pounds in debt.  Andy Clay, director
at Begbies Traynor's York office, has been appointed liquidator.

York Press says WebMania was left with GBP250,000 of debt when it
went into liquidation, including owing GBP44,133 in redundancy
claims, GBP21,672 to business creditors and GBP119,453 to HM
Revenue and Customs.

"WebMania saw sales falling and tried to reduce costs. Sales began
to improve and the director thought the business was recovering,
but in fact it had become a victim of third party fraudulent
credit card transactions which were subsequently reclaimed by the
merchant providers, severely damaging cash flow," York Press
quotes Mr. Clay as saying.


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


* S&P Takes Rating Actions on 23 European Synthetic CDO Tranches
----------------------------------------------------------------
Standard & Poor's Ratings Services took credit rating actions on
23 European synthetic collateralized debt obligation tranches.

Specifically, S&P:

    * Raised and removed from CreditWatch positive its ratings on
      16 tranches;

    * Lowered and removed from CreditWatch negative its ratings on
      six tranches; and

    * Removed its rating on one tranche from CreditWatch negative.

"The rating actions are part of our regular monthly review of
synthetic CDOs. The actions incorporate, among other things, the
effect of recent rating migration within reference portfolios and
recent credit events on several corporate entities," S&P said.

"Where losses in a portfolio have already exceeded the available
credit enhancement or where, in our opinion, it is highly likely
that this will occur once final valuations are known, we have
lowered our ratings to 'CC' because we consider the likelihood
that the noteholders will not receive their full principal to be
high, but has not yet happened," S&P said.

"For those transactions where our September 2009 criteria (see
'Update To Global Methodologies And Assumptions For Corporate Cash
Flow And Synthetic CDOs,' published on Sept. 17, 2009) are not
applicable, we have run our analysis on the appropriate Evaluator
models (versions 2.7 and 4.1). For the transactions where the
September 2009 criteria are applicable, our analysis has been run
on Evaluator version 5.1," S&P stated.

The rating actions and the CreditWatch updates follow two reviews.
The first review was of the CreditWatch placements made on
June 19, 2011.

"For the second review, we run SROC (synthetic rated
overcollateralization) for scenarios that project the current
portfolio 90 days into the future, assuming no asset rating
migration," S&P said.

"For the transactions run on version 5.1, we have also run the top
obligor and industry test SROCs at the current rating level. The
'largest obligor default test' assesses whether a CDO tranche has
sufficient credit enhancement to withstand specified combinations
of underlying asset defaults based on the ratings on the assets.
The 'largest industry default test' assesses whether the CDO
tranche rated 'AAA' to 'AA-' has sufficient credit enhancement to
withstand the default of all obligors in the transaction's largest
industry," S&P related.

"In addition to the supplemental tests, and the Monte Carlo
default simulation results, we may consider certain factors such
as credit stability and rating sensitivity to modeling parameters
when assigning ratings to CDO tranches. We assess these factors
case-by-case and may adjust the ratings to a rating level that is
different to that indicated by the quantitative results alone,"
S&P said.

"For any tranches which the updated counterparty criteria is
applicable to, where our ratings pass SROC and all the applicable
supplemental tests but are higher than one rating level above the
ICR of the lowest-rated counterparty to which they are exposed, we
have kept them on CreditWatch Negative," S&P noted.

                            What is SROC?

"One of the main steps in our rating analysis is the review of the
credit quality of the securitized assets. SROC is one of the tools
we use for this purpose when rating and surveilling ratings
assigned to most synthetic CDO tranches. SROC is a measure of the
degree by which the credit enhancement (or attachment point) of a
tranche exceeds the stressed loss rate assumed for a given rating
scenario. It is comparable across different tranches of the same
rating," S&P said.

Changes in SROC capture any developments in the major influences
on a tranche's creditworthiness: The credit quality of a reference
portfolio, improvement or deterioration of ratings in the
reference portfolio, credit events, and time decay. "When SROC is
100%, we believe there is exactly sufficient credit enhancement to
maintain the rating on a tranche," S&P said.

"When SROC is less than 100%, it indicates that the current credit
enhancement may not be sufficient to maintain the current tranche
rating, in our opinion. If the SROC is less than 100%, but the 90
day projection indicates that the SROC would return to a level
above 100% at that time, we usually maintain the rating at its
current level and it remains on CreditWatch negative. However,
where there is a difference of several notches in the rating level
at which the SROC is passing and the level at which SROC passes in
90 days, rather than maintaining its current rating and keeping
the CreditWatch negative placement, we may decide to lower the
rating and keep it on CreditWatch negative. If, on the other hand,
the projection indicates that the SROC would remain below 100%, we
may lower the rating subject to our criteria (see 'Related
Criteria And Research')," S&P said.

"If the current SROC of a tranche would be greater than 100% at a
higher rating level than the current rating, we may upgrade
subject to our criteria (see 'Related Criteria And Research'),"
S&P added.

A full list of rating actions is accessible for free at:

http://www.standardandpoors.com/prot/ratings/articles/en/us/?asset
ID=1245309910480


* NBC Bookseller's Filing Raises S&P's 2011 Default Tally to 18
---------------------------------------------------------------
U.S.-based bookseller NBC Acquisition Corp. filed a voluntary
petition under Chapter 11 of the U.S. Bankruptcy Code last week to
implement its restructuring plan.  This raises the 2011 global
corporate default tally to 18, said an article published Friday by
Standard & Poor's Global Fixed Income Research, titled "Global
Corporate Default Update (June 24 - 29, 2011) (Premium)."

Of the total, 11 issuers were based in the U.S., two each were
based in Canada and New Zealand, and one each was based in the
Czech Republic, France, and Russia.  By comparison, 45 global
corporate issuers had defaulted by this time in 2010.  Of these
defaulters, 32 were U.S.-based issuers, two were European issuers,
four were from the emerging markets, and seven were in the
other developed region (Australia, Canada, Japan, and New
Zealand).

Seven of this year's defaults were due to missed interest or
principal payments and six were due to distressed exchanges--both
among the top reasons for default in 2010.  Of the remaining five,
three issuers defaulted after they filed for bankruptcy, another
had its banking license revoked by its country's central bank, and
the fourth was forced into liquidation as a result of regulatory
action.  Of the defaults in 2010, 28 defaults resulted from missed
interest or principal payments, 25 resulted from Chapter 11 and
foreign bankruptcy filings, 23 from distressed exchanges, three
from receiverships, one from regulatory directives, and one from
administration.

Standard & Poor's baseline projection for the U.S. corporate
trailing 12-month speculative-grade default rate for March 2012 is
1.6%.  A total of 24 issuers would need to default from April 2011
to March 2012 to reach the forecast.  The projection of 1.6% is
another 0.86-percentage-point (or another 35%) decline from the
2.46% default rate in March 2011.  "This rate of decline would be
sharp, but slower than the decline over the past 16 months.
Improved lending conditions and a lower cost of capital are
keeping our default expectations relatively upbeat in the next 12
months.  We are seeing stronger credit quality, as reflected in
fewer downgrades and lower negative bias," S&P said.

"In addition to our baseline projection, we forecast the default
rate in our optimistic and pessimistic scenarios.  In our
optimistic default rate forecast scenario, the economy and the
financial markets improve more than expected.  As a result, we
would expect the default rate to be 1.2% (18 defaults in the next
12 months)."

"On the other hand, if the economic recovery stalls and the
financial markets deteriorate -- which is our pessimistic scenario
-- we expect the default rate to be 3.3% (50 defaults) by March
2012. We base our forecasts on quantitative and qualitative
factors that we consider, including, but not limited to, Standard
& Poor's proprietary default model for the U.S. corporate
speculative-grade bond market.  We update our outlook for the U.S.
issuer-based corporate speculative-grade default rate each quarter
after analyzing the latest economic data and expectations."


* Large Companies with Insolvent Balance Sheet
----------------------------------------------

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

AUSTRIA
-------
CHRIST WATER TEC          CWT PZ   -5754285.054  165995618.1
CHRIST WATER TEC          CWT EU   -5754285.054  165995618.1
CHRIST WATER TEC          CWT EO   -5754285.054  165995618.1
CHRIST WATER TEC          CWT AV   -5754285.054  165995618.1
CHRIST WATER TEC        CRSWF US   -5754285.054  165995618.1
CHRIST WATER TEC     8131204Q GR   -5754285.054  165995618.1
CHRIST WATER TEC         CWTE IX   -5754285.054  165995618.1
CHRIST WATER-ADR        CRSWY US   -5754285.054  165995618.1
KA FINANZ AG            3730Z AV   -359597349.9  30679270533

BELGIUM
-------
ANTWERP GATEWAY       496769Z BB   -32782691.86  277992457.9
BALTA SARL           3679528Z BB   -213655263.9  956320938.3
BNP PARIBAS PERS     3746820Z BB   -772235.6749   1849392464
CARGILL OIL PACK     3726474Z BB   -7488366.268    169328054
COMPAGIMMOBDU BR     3727538Z BB   -5867835.156  164809982.4
EON BELGIUM NV       3730258Z BB   -8101077.851  251156828.9
ESKO-GRAPHICS NV     4787937Z BB   -6715619.333    185307390
EXPLORER NV          4289181Z BB   -11594573.86  281605390.1
FINANCIETOREN NV     3729210Z BB   -51909129.52  888377024.7
IRUS ZWEIBRUCKEN     3738979Z BB   -17020632.96  106188034.9
KIA MOTORS BELGI     3729658Z BB   -84207043.53  162372182.7
KOREAN MOTOR CO      4161341Z BB   -6368236.209  149093852.6
LE FOYER BRUXELL     3729226Z BB   -2010007.275  146190935.1
PETROPLUS REFINI     3431339Z BB   -4108700.351  123751460.5
SAPPI EUROPE SA      3732894Z BB   -134605597.7    160456915
SCARLET BELGIUM      4171157Z BB   -28951978.94  137456538.4
SCARLETT BUSINES     3724850Z BB   -71847152.77    130053838
SOCIETE NATIONAL     3726762Z BB   -39045394.16  506987115.6
ST GOBAIN SEKURI     3737571Z BB   -5584181.048  111065610.4
TI GROUP AUTOMOT     3903298Z BB   -42078648.86  140322030.3
UNIVERSAL MUSIC      3738307Z BB   -12191533.66  143700285.8

CYPRUS
------
LIBRA HOLIDA-RTS          LBR CY   -39648682.41  209021322.6
LIBRA HOLIDA-RTS         LGWR CY   -39648682.41  209021322.6
LIBRA HOLIDAY-RT     3167808Z CY   -39648682.41  209021322.6
LIBRA HOLIDAYS           LHGR CY   -39648682.41  209021322.6
LIBRA HOLIDAYS         LHGCYP EO   -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 PZ   -39648682.41  209021322.6
LIBRA HOLIDAYS G          LHG EU   -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            CDP EX   -89435858.16    192305153
CKD PRAHA HLDG           CKDH CP   -89435858.16    192305153
CKD PRAHA HLDG        297687Q GR   -89435858.16    192305153
CKD PRAHA HLDG           CKDH US   -89435858.16    192305153
CKD PRAHA HLDG          CKDPF US   -89435858.16    192305153
CSA AS                  1000Z CP   -127978073.4    432492914

DENMARK
-------
AB-B NEW                 ABBN DC   -101428498.9  298588010.2
AKADEMISK BOLDK           ABB DC   -101428498.9  298588010.2
BRIGHTPOINT EURO     4506883Z DC   -18616347.98  189113937.7
CARLSBERG IT A/S     4503891Z DC   -47250912.74  105417004.1
GREEN WIND ENERG         G7W1 GR   -11320362.72  176234029.6
GREEN WIND ENERG        GWEUR EU   -11320362.72  176234029.6
GREEN WIND ENERG           GW EU   -11320362.72  176234029.6
GREEN WIND ENERG        GWEUR EO   -11320362.72  176234029.6
GREEN WIND ENERG           GW BY   -11320362.72  176234029.6
GREEN WIND ENERG           GW EO   -11320362.72  176234029.6
GREEN WIND ENERG           GW DC   -11320362.72  176234029.6
GREEN WIND ENERG           GW PZ   -11320362.72  176234029.6
GREEN WIND ENERG          G7W GR   -11320362.72  176234029.6
HOLDINGSELSKABET         BOHC IX   -11320362.72  176234029.6
HOLDINGSELSKABET        BODIL DC   -11320362.72  176234029.6
ISS GLOBAL A/S        241863Z DC   -9544026.554   7765217403
LAURITZEN TANKER     3979732Z DC   -4428758.299  209128194.8
NATURGAS FYN DIS     3984844Z DC   -2862743.662    194651527
NESTLE DANMARK A     3896690Z DC   -31272771.75    160779148
OBTEC                     OBT DC   -17033505.31  153701216.6
OBTEC                   OBTEC DC   -17033505.31  153701216.6
OBTEC-NEW SHARES       OBTECN DC   -17033505.31  153701216.6
OBTEC-OLD                OBTN DC   -17033505.31  153701216.6
ORESUNDSBRO KONS        1015Z SS   -583944155.3   3614975702
OSTERFALLEDPARKE     3985676Z DC   -26063679.19  302533679.4
OW SUPPLY & TRAD     3986892Z DC     -4299263.6  165798948.6
REITAN SERVICEHA     3984284Z DC   -1371178.576    127192706
ROSKILDE BANK            ROSK EU   -532868840.9   7876687324
ROSKILDE BANK            ROSK EO   -532868840.9   7876687324
ROSKILDE BANK            ROSK DC   -532868840.9   7876687324
ROSKILDE BANK           ROSKF US   -532868840.9   7876687324
ROSKILDE BANK           ROSBF US   -532868840.9   7876687324
ROSKILDE BANK             RKI GR   -532868840.9   7876687324
ROSKILDE BANK            RSKC IX   -532868840.9   7876687324
ROSKILDE BANK            ROSK PZ   -532868840.9   7876687324
ROSKILDE BANK-RT      916603Q DC   -532868840.9   7876687324
ROSKILDE BAN-NEW        ROSKN DC   -532868840.9   7876687324
ROSKILDE BAN-RTS        ROSKT DC   -532868840.9   7876687324
SCANDINAVIAN BRA         SBS1 EU   -17033505.31  153701216.6
SCANDINAVIAN BRA         SBS1 BY   -17033505.31  153701216.6
SCANDINAVIAN BRA         SBSD PZ   -17033505.31  153701216.6
SCANDINAVIAN BRA      SBS1EUR EU   -17033505.31  153701216.6
SCANDINAVIAN BRA      SBS1EUR EO   -17033505.31  153701216.6
SCANDINAVIAN BRA          SBS DC   -17033505.31  153701216.6
SCANDINAVIAN BRA         SBSC IX   -17033505.31  153701216.6
SCANDINAVIAN BRA         SBS1 EO   -17033505.31  153701216.6
SCHAUMANN PROP          SCHAU EO   -101428498.9  298588010.2
SCHAUMANN PROP       SCHAUEUR EU   -101428498.9  298588010.2
SCHAUMANN PROP         SCHAUP EU   -101428498.9  298588010.2
SCHAUMANN PROP       SCHAUEUR EO   -101428498.9  298588010.2
SCHAUMANN PROP          SCHAU BY   -101428498.9  298588010.2
SCHAUMANN PROP         SCHAUP DC   -101428498.9  298588010.2
SCHAUMANN PROP          SCHAU EU   -101428498.9  298588010.2
SCHAUMANN PROP         SCHAUP PZ   -101428498.9  298588010.2
THOMAS COOK AIRL     3898802Z DC   -7865159.883  245287857.5

FRANCE
------
3 SUISSES FRANCE     4724713Z FP   -151969329.6    262408720
ACERINOX FRANCE      4748633Z FP   -4970414.587  106673210.6
AIR COMMAND SYST     4470055Z FP   -6291815.312  178932425.9
AIRCELLE               61830Q FP   -482411082.6   1055907987
AKERYS SERVICES      4685937Z FP   -8561729.525  141611798.1
ALCATEL-LUCENT E     3642975Z FP   -46648079.19  510672247.2
ALCATEL-LUCENT F     3647063Z FP   -566942548.5   4810123614
AL-KHATTIYA LEAS     4783713Z FP    -8522159.06  132815959.7
ALUMINIUM PECHIN     3650903Z FP   -555865265.6   1121216347
ARIANESPACE           211530Z FP   -51743991.45   3354710780
ARVINMERITOR CVS     4783681Z FP   -37407842.42  114987020.9
ATARI                    IFOE PZ   -10078799.92    116178599
ATARI EUROPE SAS     4503835Z FP   -98950211.55  135876466.5
ATARI SA                ATANV FP   -10078799.92    116178599
ATARI SA                  ATA EB   -10078799.92    116178599
ATARI SA                  ATA TQ   -10078799.92    116178599
ATARI SA                 IFGA TH   -10078799.92    116178599
ATARI SA                  ATA QM   -10078799.92    116178599
ATARI SA                  ATA EO   -10078799.92    116178599
ATARI SA                  ATA EU   -10078799.92    116178599
ATARI SA                  ATA FP   -10078799.92    116178599
ATARI SA                  ATA S1   -10078799.92    116178599
ATARI SA                  ATA PZ   -10078799.92    116178599
ATARI SA                 IFGA GR   -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   -242409144.5  831869150.8
BELVEDERE - RTS       702036Q FP   -242409144.5  831869150.8
BELVEDERE SA              BED GR   -242409144.5  831869150.8
BELVEDERE SA            BVDRF US   -242409144.5  831869150.8
BELVEDERE SA              BVD EU   -242409144.5  831869150.8
BELVEDERE SA             BELV NM   -242409144.5  831869150.8
BELVEDERE SA             BELV FP   -242409144.5  831869150.8
BELVEDERE SA              BVD PZ   -242409144.5  831869150.8
BELVEDERE SA              BVD S1   -242409144.5  831869150.8
BELVEDERE SA             BEVD IX   -242409144.5  831869150.8
BELVEDERE SA              BVD FP   -242409144.5  831869150.8
BELVEDERE SA              BED TH   -242409144.5  831869150.8
BELVEDERE SA              BVD EO   -242409144.5  831869150.8
BELVEDERE SA-NEW        BVDNV FP   -242409144.5  831869150.8
BELVEDERE SA-NEW      946529Q FP   -242409144.5  831869150.8
BELVEDERE SA-NEW     8198283Q FP   -242409144.5  831869150.8
BELVEDERE SA-RTS        BVDDS FP   -242409144.5  831869150.8
BLUESTAR SILICON     4684089Z FP   -44931214.32  388699826.4
CADES                 211430Z FP      -1.32E+11   9983888303
CARREFOUR HYPERM     3897338Z FP     -419813693   4772178623
CARREFOUR IMPORT     4519455Z FP   -41015523.06  355888577.4
CARRERE GROUP            CARF PZ   -9829531.944    279906700
CARRERE GROUP             CAR FP   -9829531.944    279906700
CARRERE GROUP            CAR2 EO   -9829531.944    279906700
CARRERE GROUP             XRR GR   -9829531.944    279906700
CARRERE GROUP           CRRHF US   -9829531.944    279906700
CARRERE GROUP            CARG FP   -9829531.944    279906700
CARRERE GROUP            CRGP IX   -9829531.944    279906700
CARRERE GROUP            CAR2 EU   -9829531.944    279906700
CDISCOUNT            4690913Z FP   -92485.81144  331210839.3
CELINE SA            3636031Z FP   -6546413.145    108306445
CMA CGM AGENCES      4746849Z FP   -7380117.985  187789703.7
CO PETROCHIMIQUE     4682369Z FP   -79561628.19  444321642.5
COMPAGNIE IMMOBI         CIMB S1   -18851260.64  237751743.8
COMPAGNIE IMMOBI         CIMB EU   -18851260.64  237751743.8
COMPAGNIE IMMOBI         CIMB EO   -18851260.64  237751743.8
COMPAGNIE IMMOBI         CIMB FP   -18851260.64  237751743.8
COMPAGNIE IMMOBI         CIMB PZ   -18851260.64  237751743.8
CONSTRUCTIONS ME     4513671Z FP   -52488041.58  342215596.8
CSF                  3635887Z FP   -66127486.72   3311857250
EADS SECA            4706441Z FP   -38679556.91  142045208.8
EDENRED                 EDNMF US    -1395452285   5596512266
EDENRED                  EDEN S1    -1395452285   5596512266
EDENRED                  EDEN IX    -1395452285   5596512266
EDENRED                  EDEN EO    -1395452285   5596512266
EDENRED                  EDEN QM    -1395452285   5596512266
EDENRED                   QSV TH    -1395452285   5596512266
EDENRED                  EDEN TQ    -1395452285   5596512266
EDENRED                  EDEN EU    -1395452285   5596512266
EDENRED                  EDEN BQ    -1395452285   5596512266
EDENRED               EDENUSD EU    -1395452285   5596512266
EDENRED               EDENUSD EO    -1395452285   5596512266
EDENRED                   QSV GR    -1395452285   5596512266
EDENRED                  EDEN PZ    -1395452285   5596512266
EDENRED                  EDEN EB    -1395452285   5596512266
EDENRED                  EDEN FP    -1395452285   5596512266
EDF EN FRANCE        4686529Z FP   -4085423.459  508820792.6
EMPAIN GRAHAM DV         EMGD FP   -18851260.64  237751743.8
FAURECIA SIEGES      4516727Z FP     -107383922  418368440.6
FRANFINANCE LOCA     4689993Z FP   -69780982.12   1638852912
GCE CAR LEASE        4702065Z FP   -15076730.52  127403745.1
GROUPE PROGRES S     4734137Z FP   -165060841.9  123458910.5
HP ENTREPRISE SE     4698081Z FP   -97546439.37  116383810.4
HUREL-DUBOIS             HDUN FP   -482411082.6   1055907987
I BASE                757542Z FP   -11937366.64  400192956.6
INFOGRAMES - REG          IFG EU   -10078799.92    116178599
INFOGRAMES - REG          IFG FP   -10078799.92    116178599
INFOGRAMES - REG          IFG TQ   -10078799.92    116178599
INFOGRAMES - REG          IFG EO   -10078799.92    116178599
INFOGRAMES - REG         IFOE IX   -10078799.92    116178599
INFOGRAMES E-NEW         IFGN FP   -10078799.92    116178599
INFOGRAMES ENT          IFGNR FP   -10078799.92    116178599
INFOGRAMES ENT       2986980Q EU   -10078799.92    116178599
INFOGRAMES ENT            IFG GR   -10078799.92    116178599
INFOGRAMES ENT       2986984Q EO   -10078799.92    116178599
INFOGRAMES ENT          IFGEF US   -10078799.92    116178599
INFOGRAMES ENT            IFG PZ   -10078799.92    116178599
INFOGRAMES ENT           IFOY IX   -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
ING LEASE FRANCE     4699881Z FP   -37113844.73  449284947.7
ISOCHEM SA           3540732Z FP   -9354435.203  103629611.4
ITM REGION PARIS     4681817Z FP   -55189016.54  164350503.2
JACQUOT ET CO        4721473Z FP   -25605144.44  101591294.6
JTEKT AUTOMOTIVE     4504595Z FP   -3346144.849  163732017.6
JTEKT AUTOMOTIVE     4505819Z FP   -14610384.74    211911630
JUNGHEINRICH FIN     4635025Z FP   -25640222.02  213268780.2
KEOLIS LYON          4745585Z FP   -38514248.01  123798829.1
LABORDE GESTION      4518583Z FP   -29334260.26  113954857.8
LENOVO FRANCE SA     4710049Z FP   -1944677.438  137134536.2
MECACORP             3248019Z FP   -11233087.25    215393216
MILLIMAGES           8131905Q FP   -1006050.249  113454378.9
MILLIMAGES                MG6 GR   -1006050.249  113454378.9
MILLIMAGES                MIL FP   -1006050.249  113454378.9
MILLIMAGES                MIL S1   -1006050.249  113454378.9
MILLIMAGES               MIL1 PZ   -1006050.249  113454378.9
MILLIMAGES               MILI FP   -1006050.249  113454378.9
MILLIMAGES               MIL1 EU   -1006050.249  113454378.9
MILLIMAGES              MLIGF US   -1006050.249  113454378.9
MILLIMAGES               MLMG IX   -1006050.249  113454378.9
MILLIMAGES               MIL1 EO   -1006050.249  113454378.9
MILLIMAGES               MILF PZ   -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   -112193151.3  233381369.4
NESTLE WATERS SU     3634887Z FP     -100198554  212766860.3
NESTLE WATERS SU     3634879Z FP   -166540192.4  357871830.8
NEXANS COPPER FR     4744809Z FP   -17792261.14  230912236.6
NORDEX FRANCE SA     4521679Z FP   -6460150.538  206115454.1
NOVELIS FOIL FRA     4678593Z FP   -7951381.035  121719315.4
NOVEXEL SA            504169Z FP   -362303.7226  107272250.4
NRJ 12               4681713Z FP   -26021206.57  110030743.5
OROSDI                   OROS FP   -35006822.54  151870593.9
OROSDI                   OROS S1   -35006822.54  151870593.9
OROSDI                   OROS EU   -35006822.54  151870593.9
OROSDI                   OROS PZ   -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 TQ    -2879375517   1159140984
PAGESJAUNES GRP           PAJ LI    -2879375517   1159140984
PAGESJAUNES GRP           QS3 TH    -2879375517   1159140984
PAGESJAUNES GRP           PAJ IX    -2879375517   1159140984
PAGESJAUNES GRP           PAJ NQ    -2879375517   1159140984
PAGESJAUNES GRP           PAJ VX    -2879375517   1159140984
PAGESJAUNES GRP           PAJ EO    -2879375517   1159140984
PAGESJAUNES GRP        PAJUSD EU    -2879375517   1159140984
PAGESJAUNES GRP           PAJ S1    -2879375517   1159140984
PAGESJAUNES GRP        PAJGBX EO    -2879375517   1159140984
PAGESJAUNES GRP           PAJ PZ    -2879375517   1159140984
PAGESJAUNES GRP          PAJP IX    -2879375517   1159140984
PAGESJAUNES GRP        PAJGBX EU    -2879375517   1159140984
PAGESJAUNES GRP           PAJ BQ    -2879375517   1159140984
PAGESJAUNES GRP           PAJ EU    -2879375517   1159140984
PAGESJAUNES GRP           PAJ EB    -2879375517   1159140984
PAGESJAUNES GRP           PAJ FP    -2879375517   1159140984
PAGESJAUNES GRP           PAJ QM    -2879375517   1159140984
PAGESJAUNES GRP           PAJ GK    -2879375517   1159140984
PAGESJAUNES GRP           QS3 GR    -2879375517   1159140984
PAGESJAUNES GRP        PAJUSD EO    -2879375517   1159140984
PAGESJAUNES GRP         PGJUF US    -2879375517   1159140984
PAGESJAUNES GRP        PAJGBP EO    -2879375517   1159140984
PEUGEOT CITROEN      3637183Z FP   -268215289.1  319403481.8
PITNEY BOWES         4634633Z FP   -11785422.82  184422748.8
REGICOM SAS          4507595Z FP   -6588558.571  118746498.2
REGIONAL COMPAGN     3635823Z FP   -11262048.65  587139828.4
RESEAU FERRE FRA      224063Z FP    -1967529685  70147358617
RHODIA SA              RHAGBP EO   -381974407.2   6805245174
RHODIA SA                 RHA QM   -381974407.2   6805245174
RHODIA SA                 RHA TQ   -381974407.2   6805245174
RHODIA SA                 RHA PZ   -381974407.2   6805245174
RHODIA SA              RHAUSD EU   -381974407.2   6805245174
RHODIA SA                 RHA GK   -381974407.2   6805245174
RHODIA SA                 RHA BQ   -381974407.2   6805245174
RHODIA SA                 RHA EU   -381974407.2   6805245174
RHODIA SA            2324011Q EU   -381974407.2   6805245174
RHODIA SA                RHDI TH   -381974407.2   6805245174
RHODIA SA               RHANR PZ   -381974407.2   6805245174
RHODIA SA            2324015Q EO   -381974407.2   6805245174
RHODIA SA                 RHA S1   -381974407.2   6805245174
RHODIA SA               RHADF US   -381974407.2   6805245174
RHODIA SA                 RHA EB   -381974407.2   6805245174
RHODIA SA                 RHA FP   -381974407.2   6805245174
RHODIA SA                 RHD GR   -381974407.2   6805245174
RHODIA SA              RHAUSD EO   -381974407.2   6805245174
RHODIA SA                 RHA IX   -381974407.2   6805245174
RHODIA SA            3218857Q IX   -381974407.2   6805245174
RHODIA SA                RHAY IX   -381974407.2   6805245174
RHODIA SA                 RHA VX   -381974407.2   6805245174
RHODIA SA              RHAGBX EO   -381974407.2   6805245174
RHODIA SA                 RHA NQ   -381974407.2   6805245174
RHODIA SA              RHAGBX EU   -381974407.2   6805245174
RHODIA SA               RHDAF US   -381974407.2   6805245174
RHODIA SA                 RHA EO   -381974407.2   6805245174
RHODIA SA                RHDI GR   -381974407.2   6805245174
RHODIA SA - NEW         RHANV FP   -381974407.2   6805245174
RHODIA SA - NEW      3506266Q FP   -381974407.2   6805245174
RHODIA SA - NEW      3156011Q FP   -381974407.2   6805245174
RHODIA SA - NEW      8125782Q FP   -381974407.2   6805245174
RHODIA SA - NEW      2335921Q FP   -381974407.2   6805245174
RHODIA SA-ADR           RHAYY US   -381974407.2   6805245174
RHODIA SA-NON RE        RHANR FP   -381974407.2   6805245174
RHODIA SA-RIGHTS        RHADS FP   -381974407.2   6805245174
RHODIA SA-RIGHTS      653447Q FP   -381974407.2   6805245174
RL INVEST SAS        4700369Z FP    -10116500.7  135799857.9
RODIGUEZ GROUP            RGX GR   -71997955.94  457127473.1
RODRIGUEZ GROUP           ROD PZ   -71997955.94  457127473.1
RODRIGUEZ GROUP         RRGZF US   -71997955.94  457127473.1
RODRIGUEZ GROUP           ROD S1   -71997955.94  457127473.1
RODRIGUEZ GROUP           ROD FP   -71997955.94  457127473.1
RODRIGUEZ GROUP           ROD EU   -71997955.94  457127473.1
RODRIGUEZ GROUP           ROD TQ   -71997955.94  457127473.1
RODRIGUEZ GROUP           ROD BQ   -71997955.94  457127473.1
RODRIGUEZ GROUP           ROD EO   -71997955.94  457127473.1
RODRIGUEZ GROUP          RDGP IX   -71997955.94  457127473.1
SANDOZ SAS           3635111Z FP    -1282402.54  218147098.3
SHEET ANCHOR FRA     4745417Z FP    -16938893.1  192023042.9
SIDEL CONVEYING      4715393Z FP   -57759126.57    147204049
SIEMENS VAI META     4634441Z FP   -20388005.42  327731000.4
SOBIESKI                  BVD PW   -242409144.5  831869150.8
SOC NICOISE REAL     4749097Z FP   -1097320.937    110912358
SOCIETE COMMERCI     4516647Z FP   -179862008.2   1576030746
SOCIETE D'AGENCE     4741441Z FP   -3996843.897  267209404.9
SOCIETE DE CHAUF     4722937Z FP   -4377603.343  122968839.4
STORA ENSO CORBE     4697593Z FP   -932413.9939  163080772.7
SU3 SAS              4686497Z FP   -11118401.88    105002034
TEAM PARTNER-RTS      633323Q FP   -13557467.93    129831049
TEAM PARTNER-RTS     2841653Q FP   -13557467.93    129831049
TEAM PARTNERS        2347981Q EU   -13557467.93    129831049
TEAM PARTNERS             TIP PZ   -13557467.93    129831049
TEAM PARTNERS           TPTRF US   -13557467.93    129831049
TEAM PARTNERS        2347985Q EO   -13557467.93    129831049
TEAM PARTNERS             TIP FP   -13557467.93    129831049
TEAM PARTNERS            TPGY IX   -13557467.93    129831049
TEAM PARTNERS GR        TIPNV FP   -13557467.93    129831049
TEAM PARTNERS GR         TPGP IX   -13557467.93    129831049
TEAM PARTNERS GR         TPGP PZ   -13557467.93    129831049
TEAM PARTNERS GR         TIPA EO   -13557467.93    129831049
TEAM PARTNERS GR         TIPA FP   -13557467.93    129831049
TEAM PARTNERS GR        TIPDS FP   -13557467.93    129831049
TEAM PARTNERS GR         TIPA EU   -13557467.93    129831049
TEAM PARTNERS-N          TIPN FP   -13557467.93    129831049
TEMBEC SAINT-GAU     4505331Z FP    -31086610.9  134549191.4
TF1 DROITS AUDIO     4693449Z FP   -3474598.563  183868113.7
TF1 VIDEO SASU       4516855Z FP   -27543205.52  171163653.7
THALES SECURITY      4701729Z FP   -152200107.1    872804574
THYSSENKRUPP SOF     4740929Z FP   -18052289.45  299682634.2
TRANSOLVER SERVI     4521279Z FP   -42555455.72  222111417.8
TREVES               4722153Z FP   -4152264.244  390940679.2
TUILERIES FINANC     4701769Z FP   -3956839.937  125936634.2
UCALEASE SA          3635807Z FP   -1041989.142  150621028.5
VALEO VISION SAS     4518479Z FP     -102634627  273699726.4
VISTEON SYSTEMES     4699177Z FP   -88538390.04  275246899.5
YVES ST LAURENT/     4633025Z FP   -82897369.68  390343397.3

GEORGIA
-------
DEVELICA DEUTSCH          DDE PG   -79827494.88   1139643575
DEVELICA DEUTSCH          DDE IX   -79827494.88   1139643575
DEVELICA DEUTSCH          DDE PZ   -79827494.88   1139643575
DEVELICA DEUTSCH          D4B GR   -79827494.88   1139643575
DEVELICA DEUTSCH          DDE LN   -79827494.88   1139643575
PEARL HOLDING           3622Z LN   -133833007.2  968234065.8

GERMANY
-------
AGOR AG                  DOOD PZ   -482449.8788  144432986.2
AGOR AG                   DOO GR   -482449.8788  144432986.2
AGOR AG                 NDAGF US   -482449.8788  144432986.2
AGOR AG                   DOO EU   -482449.8788  144432986.2
AGOR AG                   DOO EO   -482449.8788  144432986.2
AGOR AG                   DOO S1   -482449.8788  144432986.2
AGOR AG                  DOOG IX   -482449.8788  144432986.2
AGOR AG-RTS          2301918Z GR   -482449.8788  144432986.2
ALNO AG                   ANO EU   -73119134.74  198564619.3
ALNO AG                  ALNO IX   -73119134.74  198564619.3
ALNO AG                   ANO GR   -73119134.74  198564619.3
ALNO AG                   ANO S1   -73119134.74  198564619.3
ALNO AG                   ANO EO   -73119134.74  198564619.3
ALNO AG                   ANO PZ   -73119134.74  198564619.3
ALNO AG                   ANO TH   -73119134.74  198564619.3
ALNO AG - RTS            ANO2 GR   -73119134.74  198564619.3
ALNO AG-NEW              ANO1 GR   -73119134.74  198564619.3
ALNO AG-RTS          4123912Z GR   -73119134.74  198564619.3
ALNO AG-RTS          8174351Z GR   -73119134.74  198564619.3
ALNO AG-RTS          2259765Z GR   -73119134.74  198564619.3
ATRONIC INTERNAT      504688Z GR   -30668737.79  163495101.6
CBB HOLDING AG           COBG PZ   -42994818.04  904723627.8
CBB HOLDING AG           COB2 EO   -42994818.04  904723627.8
CBB HOLDING AG           COBG IX   -42994818.04  904723627.8
CBB HOLDING AG           COB2 EU   -42994818.04  904723627.8
CBB HOLDING AG            COB GR   -42994818.04  904723627.8
CBB HOLDING AG          CUBDF US   -42994818.04  904723627.8
CBB HOLDING-NEW          COB3 GR   -42994818.04  904723627.8
CBB HOLDING-NEW          COB1 GR   -42994818.04  904723627.8
CBB HOLD-NEW 97          COB2 GR   -42994818.04  904723627.8
COGNIS GMBH           575202Z GR   -745013993.7   3306935972
COGNIS HOLDING G      635952Z GR    -1587896974   2850475613
COMPASS GROUP DE     3896530Z GR   -45713969.85  408640427.9
DFS DEUTSCHE FLU        1070Z GR   -362698323.5   1370382283
EDOB ABWICKLUNGS          ESC BQ   -22323468.51  425598807.8
EDOB ABWICKLUNGS          ESC PZ   -22323468.51  425598807.8
EDOB ABWICKLUNGS          ESC EU   -22323468.51  425598807.8
EDOB ABWICKLUNGS        ESCDF US   -22323468.51  425598807.8
EDOB ABWICKLUNGS          ESC GR   -22323468.51  425598807.8
EDOB ABWICKLUNGS          ESC TH   -22323468.51  425598807.8
EDOB ABWICKLUNGS          ESC EO   -22323468.51  425598807.8
EDOB ABWICKLUNGS          ESC TQ   -22323468.51  425598807.8
ESCADA AG                ESCG IX   -22323468.51  425598807.8
ESCADA AG -PFD           ESC3 GR   -22323468.51  425598807.8
ESCADA AG-NEW        3069367Q GR   -22323468.51  425598807.8
ESCADA AG-NEW         835345Q GR   -22323468.51  425598807.8
ESCADA AG-NEW            ESCN GR   -22323468.51  425598807.8
ESCADA AG-NEW            ESCN EU   -22323468.51  425598807.8
ESCADA AG-NEW            ESCN EO   -22323468.51  425598807.8
ESCADA AG-NEW            ESCC GR   -22323468.51  425598807.8
ESCADA AG-NEW            ESCD GR   -22323468.51  425598807.8
ESCADA AG-RTS            ESCE GR   -22323468.51  425598807.8
ESCADA AG-SP ADR        ESCDY US   -22323468.51  425598807.8
GENERAL ELECTRIC     4501923Z GR   -547318343.8   8720530002
GUENTHER & SOHN           GUS GR   -9612095.264    130075209
GUENTHER & SOHN           GUS PZ   -9612095.264    130075209
GUENTHER & SOHN           GUS EU   -9612095.264    130075209
GUENTHER & SOHN           GUS EO   -9612095.264    130075209
KABEL DEUTSCHLAN       KD8USD EU    -2162144517   2994909053
KABEL DEUTSCHLAN       KD8GBP EO    -2162144517   2994909053
KABEL DEUTSCHLAN          KD8 TH    -2162144517   2994909053
KABEL DEUTSCHLAN       KD8USD EO    -2162144517   2994909053
KABEL DEUTSCHLAN          KD8 EB    -2162144517   2994909053
KABEL DEUTSCHLAN          KD8 PZ    -2162144517   2994909053
KABEL DEUTSCHLAN          KD8 BQ    -2162144517   2994909053
KABEL DEUTSCHLAN          KD8 IX    -2162144517   2994909053
KABEL DEUTSCHLAN        KBDHF US    -2162144517   2994909053
KABEL DEUTSCHLAN          KD8 QM    -2162144517   2994909053
KABEL DEUTSCHLAN          KD8 EO    -2162144517   2994909053
KABEL DEUTSCHLAN          KD8 GR    -2162144517   2994909053
KABEL DEUTSCHLAN          KD8 NR    -2162144517   2994909053
KABEL DEUTSCHLAN          KD8 TQ    -2162144517   2994909053
KABEL DEUTSCHLAN          KD8 EU    -2162144517   2994909053
KABEL DEUTSCHLAN          KD8 S1    -2162144517   2994909053
KABEL DEUTS-CW10       DB7KWG GR    -2162144517   2994909053
KAUFRING AG               KFR GR   -19296489.56  150995473.8
KAUFRING AG              KAUG IX   -19296489.56  150995473.8
KAUFRING AG               KFR EO   -19296489.56  150995473.8
KAUFRING AG               KFR EU   -19296489.56  150995473.8
KAUFRING AG               KFR PZ   -19296489.56  150995473.8
MAERKLIN              730904Z GR   -8321071.921  115821977.5
MANIA TECHNOLOGI          MNI GR   -35060809.35  107465713.6
MANIA TECHNOLOGI          MNI S1   -35060809.35  107465713.6
MANIA TECHNOLOGI          MNI NM   -35060809.35  107465713.6
MANIA TECHNOLOGI          MNI PZ   -35060809.35  107465713.6
MANIA TECHNOLOGI     2260970Z GR   -35060809.35  107465713.6
MANIA TECHNOLOGI         MNIG IX   -35060809.35  107465713.6
MANIA TECHNOLOGI          MNI TH   -35060809.35  107465713.6
MANIA TECHNOLOGI         MNI1 EU   -35060809.35  107465713.6
MANIA TECHNOLOGI        MIAVF US   -35060809.35  107465713.6
MANIA TECHNOLOGI         MNI1 EO   -35060809.35  107465713.6
MATERNUS KLINI-N         MAK1 GR   -15243503.87  167434744.6
MATERNUS-KLINIKE         MAKG IX   -15243503.87  167434744.6
MATERNUS-KLINIKE          MAK TH   -15243503.87  167434744.6
MATERNUS-KLINIKE          MAK S1   -15243503.87  167434744.6
MATERNUS-KLINIKE          MAK GR   -15243503.87  167434744.6
MATERNUS-KLINIKE          MAK EO   -15243503.87  167434744.6
MATERNUS-KLINIKE        MNUKF US   -15243503.87  167434744.6
MATERNUS-KLINIKE          MAK PZ   -15243503.87  167434744.6
MATERNUS-KLINIKE          MAK EU   -15243503.87  167434744.6
NORDAG AG                DOO1 GR   -482449.8788  144432986.2
NORDAG AG-PFD            DOO3 GR   -482449.8788  144432986.2
NORDAG AG-RTS            DOO8 GR   -482449.8788  144432986.2
NORDSEE AG            533061Q GR   -8200551.142  194616922.6
PRIMACOM AG              PRC2 GR   -18656751.16  610380925.7
PRIMACOM AG             PCAGF US   -18656751.16  610380925.7
PRIMACOM AG              PRCG PZ   -18656751.16  610380925.7
PRIMACOM AG               PRC NM   -18656751.16  610380925.7
PRIMACOM AG               PRC S1   -18656751.16  610380925.7
PRIMACOM AG              PRCG IX   -18656751.16  610380925.7
PRIMACOM AG               PRC GR   -18656751.16  610380925.7
PRIMACOM AG               PRC EU   -18656751.16  610380925.7
PRIMACOM AG               PRC TH   -18656751.16  610380925.7
PRIMACOM AG               PRC EO   -18656751.16  610380925.7
PRIMACOM AG-ADR          PCAG US   -18656751.16  610380925.7
PRIMACOM AG-ADR         PCAGY US   -18656751.16  610380925.7
PRIMACOM AG-ADR+         PCAG ES   -18656751.16  610380925.7
RAG ABWICKL-REG         RSTHF US     -1744124.2  217776125.8
RAG ABWICKL-REG           ROS GR     -1744124.2  217776125.8
RAG ABWICKL-REG           ROS S1     -1744124.2  217776125.8
RAG ABWICKL-REG          ROS1 EO     -1744124.2  217776125.8
RAG ABWICKL-REG          ROSG PZ     -1744124.2  217776125.8
RAG ABWICKL-REG          ROS1 EU     -1744124.2  217776125.8
RINOL AG                 RILB GR      -1.171602  168095049.1
RINOL AG                 RILB EO      -1.171602  168095049.1
RINOL AG                 RILB EU      -1.171602  168095049.1
RINOL AG                RNLAF US      -1.171602  168095049.1
RINOL AG                 RILB S1      -1.171602  168095049.1
RINOL AG                 RILB IX      -1.171602  168095049.1
RINOL AG                  RIL GR      -1.171602  168095049.1
RINOL AG                 RILB PZ      -1.171602  168095049.1
ROSENTHAL AG         2644179Q GR     -1744124.2  217776125.8
ROSENTHAL AG-ACC         ROS4 GR     -1744124.2  217776125.8
ROSENTHAL AG-ADR        RSTHY US     -1744124.2  217776125.8
ROSENTHAL AG-REG         ROSG IX     -1744124.2  217776125.8
TA TRIUMPH-ACQ           TWNA EU   -124531131.9  313411495.3
TA TRIUMPH-ACQ           TWNA GR   -124531131.9  313411495.3
TA TRIUMPH-ADLER          TWN PZ   -124531131.9  313411495.3
TA TRIUMPH-ADLER         TWNG IX   -124531131.9  313411495.3
TA TRIUMPH-ADLER          TWN EO   -124531131.9  313411495.3
TA TRIUMPH-ADLER          TWN EU   -124531131.9  313411495.3
TA TRIUMPH-ADLER        TTZAF US   -124531131.9  313411495.3
TA TRIUMPH-ADLER          TWN GR   -124531131.9  313411495.3
TA TRIUMPH-A-RTS     1018916Z GR   -124531131.9  313411495.3
TA TRIUMPH-NEW           TWN1 GR   -124531131.9  313411495.3
TA TRIUMPH-RT            TWN8 GR   -124531131.9  313411495.3
TA TRIUMPH-RTS       3158577Q GR   -124531131.9  313411495.3
UNITYMEDIA GMBH       560459Z GR   -270220797.7   5970190663

GREECE
------
AG PETZETAKIS SA        PETZK GA   -110812812.5  206429374.1
AG PETZETAKIS SA        PETZK EU   -110812812.5  206429374.1
AG PETZETAKIS SA         PTZ1 GR   -110812812.5  206429374.1
AG PETZETAKIS SA        PETZK EO   -110812812.5  206429374.1
AG PETZETAKIS SA        PZETF US   -110812812.5  206429374.1
AG PETZETAKIS SA          PTZ GR   -110812812.5  206429374.1
AG PETZETAKIS SA        PETZK PZ   -110812812.5  206429374.1
ASPIS PRONIA GE         ASASK EO   -189908329.1  896537349.7
ASPIS PRONIA GE         ASASK GA   -189908329.1  896537349.7
ASPIS PRONIA GE         ASASK EU   -189908329.1  896537349.7
ASPIS PRONIA GE         AISQF US   -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         ASASP GA   -189908329.1  896537349.7
ASPIS PRONIA-PF          APGV GR   -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        ATLA1 EU   -76261648.16  315891294.2
ATLANTIC SUPERMA        ATLA1 EO   -76261648.16  315891294.2
ATLANTIC SUPERMA         ATLA PZ   -76261648.16  315891294.2
ATLANTIC SUPERMA         ATLA GA   -76261648.16  315891294.2
HELLAS ONLINE SA        BRAIN EU   -4430063.774  511329902.7
HELLAS ONLINE SA          UN5 GR   -4430063.774  511329902.7
HELLAS ONLINE SA        BRAIN PZ   -4430063.774  511329902.7
HELLAS ONLINE SA         HOLR GA   -4430063.774  511329902.7
HELLAS ONLINE SA        BRAIN GA   -4430063.774  511329902.7
HELLAS ONLINE SA        BRAIN EO   -4430063.774  511329902.7
HELLAS ONLINE SA          HOL GA   -4430063.774  511329902.7
KATSELIS SON-P R        KATPD GA   -25687516.15  172013976.2
KATSELIS SONS-PF        KATSP GA   -25687516.15  172013976.2
KATSELIS SONS-RT        KATKD GA   -25687516.15  172013976.2
KOUMBAS INSUR-RT        KOUMD GA   -75721751.36    117427553
KOUMBAS RTS             KOUMR GA   -75721751.36    117427553
KOUMBAS SYNERGY         KOUMF US   -75721751.36    117427553
KOUMBAS SYNERGY          KOUM GA   -75721751.36    117427553
KOUMBAS SYNERGY          KOUM EO   -75721751.36    117427553
KOUMBAS SYNERGY          KOUM EU   -75721751.36    117427553
KOUMBAS SYNERGY          KOUM PZ   -75721751.36    117427553
MAILLIS                 MLISF US   -32997634.63  450971683.2
MAILLIS -RTS            MAIKR GA   -32997634.63  450971683.2
MAILLIS-SPON ADR        MJMSY US   -32997634.63  450971683.2
MJ MAILLIS S.A.           MJL GR   -32997634.63  450971683.2
MJ MAILLIS S.A.          MAIK EO   -32997634.63  450971683.2
MJ MAILLIS S.A.          MAIK EU   -32997634.63  450971683.2
MJ MAILLIS S.A.          MAIK PZ   -32997634.63  450971683.2
MJ MAILLIS S.A.          MAIK GA   -32997634.63  450971683.2
NAOUSSA SPIN -RT        NAOYD GA   -163114842.1  286539436.9
NAOUSSA SPIN-AUC       NAOYKE GA   -163114842.1  286539436.9
NAOUSSA SPINNING          NML GR   -163114842.1  286539436.9
NAOUSSA SPIN-RTS       NAOYKR GA   -163114842.1  286539436.9
NUTRIART S.A.           KATSK GA   -25687516.15  172013976.2
NUTRIART S.A.           KTSEF US   -25687516.15  172013976.2
NUTRIART SA             KATSK PZ   -25687516.15  172013976.2
NUTRIART SA          NUTRIART GA   -25687516.15  172013976.2
NUTRIART SA             KATSK EO   -25687516.15  172013976.2
NUTRIART SA             KATSK EU   -25687516.15  172013976.2
NUTRIART-RTS         3411089Q GA   -25687516.15  172013976.2
PETZET - PFD-RTS       PETZPD GA   -110812812.5  206429374.1
PETZETAKIS - RTS       PETZKD GA   -110812812.5  206429374.1
PETZETAKIS-AUC         PETZKE GA   -110812812.5  206429374.1
PETZETAKIS-PFD           PTZ3 GR   -110812812.5  206429374.1
PETZETAKIS-PFD          PETZP GA   -110812812.5  206429374.1
UNITED TEXTILES         NAOYK GA   -163114842.1  286539436.9
UNITED TEXTILES          UTEX GA   -163114842.1  286539436.9
UNITED TEXTILES         NAOSF US   -163114842.1  286539436.9
UNITED TEXTILES          UTEX PZ   -163114842.1  286539436.9
UNITED TEXTILES          UTEX EU   -163114842.1  286539436.9
UNITED TEXTILES          NML1 GR   -163114842.1  286539436.9
UNITED TEXTILES          UTEX EO   -163114842.1  286539436.9

HUNGARY
-------
HUNGARIAN TELEPH         HUGC IX      -73723992    827192000
HUNGARIAN TELEPH          HUC EX      -73723992    827192000
INVITEL HOLD-ADR        INVHY US      -73723992    827192000
INVITEL HOLD-ADR          IHO US      -73723992    827192000
INVITEL HOLD-ADR          0IN GR      -73723992    827192000
INVITEL HOLDINGS     3212873Z HB      -73723992    827192000
OT OPTIMA TELEKO     2299892Z CZ   -83005841.81  114547056.6
OT-OPTIMA TELEKO       OPTERA CZ   -83005841.81  114547056.6

ICELAND
-------
AVION GROUP               B1Q GR     -223780368   2277882368
EIMSKIPAFELAG HF     HFEIMEUR EU     -223780368   2277882368
EIMSKIPAFELAG HF        HFEIM EO     -223780368   2277882368
EIMSKIPAFELAG HF        AVION IR     -223780368   2277882368
EIMSKIPAFELAG HF        HFEIM EU     -223780368   2277882368
EIMSKIPAFELAG HF        HFEIM IR     -223780368   2277882368
EIMSKIPAFELAG HF     HFEIMEUR EO     -223780368   2277882368
EIMSKIPAFELAG HF        HFEIM PZ     -223780368   2277882368

IRELAND
-------
ACS AIRCRAFT FIN     4491555Z ID   -23037147.35  130480079.7
AEGON GLOBAL INS      646937Z ID     -154161392   4095368960
AIRPLANES FINANC     4460505Z ID   -409209710.7  271483850.7
AIRPLANES HOLDIN     4461857Z ID   -11914729314  926979003.1
ALECTRA FINANCE      4505075Z ID   -1989626.617   1906282726
ARCADE PROPERTY      4461121Z ID   -271759845.9  854806905.5
ARDAGH GLASS FIN     3489820Z ID   -425719878.1   5124811840
BIRCHFORD INVEST     3802508Z ID   -16642154.58  213363186.2
BOSPHORUS CAPITA     3807620Z ID   -547691.4495  119473277.7
CAMBER 4 PLC         3807980Z ID   -568246202.1  358571055.8
CAPEL DEVELOPMEN     3813016Z ID   -54774206.54  118764190.8
CARRICKMINES MAN     3799108Z ID   -1594145.025  116839693.5
CELTIC ROADS GRO     4527583Z ID   -5475772.455  178943648.9
COMMUNICORP GROU     1027859Z ID   -20885498.48  307073603.1
CONOCOPHILLIPS I     4526671Z ID   -215725943.4  369716179.9
CONOCOPHILLIPS W     3894318Z ID   -182259475.6  264157541.2
DEPFA IRELAND HO     4458641Z ID   -7759253.483  392619649.6
DEVONDALE LTD        4290189Z ID   -20812563.17  187190412.1
DUOMO FUNDING PL     4462513Z ID   -805845.5444   1772244292
ELLERSTON GEMS O     4781417Z ID   -4056787.085  195869209.7
EQUANT NETWORK S     4462057Z ID   -135695147.2  315888703.9
ERC IRELAND PREF     3687845Z ID   -692655112.5   7282011141
EURCO FINANCE        3799980Z ID    -48643223.1  679126971.7
FOL INTERNATIONA     4513251Z ID   -43457938.48  343547754.8
FORTIS PROPRIETA     4781289Z ID    -1335113419   6891744243
FRESHWATER FINAN      699575Z ID   -251700725.1   1588010523
FRUIT OF THE LOO     4459361Z ID   -96376389.16    391436785
GENERAL FINANCE      3807584Z ID   -3451729.765    140460867
GS MULTI-CURRENC     4780921Z ID   -218031502.7   1766463253
HELSINGOR LTD        3814256Z ID   -964944.8669  123961503.3
JAMES HARDIE IND          HAH NZ     -450100000   1971800064
JAMES HARDIE IND      600241Q GR     -450100000   1971800064
JAMES HARDIE IND          HAH AU     -450100000   1971800064
JAMES HARDIE IND      726824Z NA     -450100000   1971800064
JAMES HARDIE NV         JHXCC AU     -450100000   1971800064
JAMES HARDIE-ADR        JHINY US     -450100000   1971800064
JAMES HARDIE-ADR          JHX US     -450100000   1971800064
JAMES HARDIE-CDI        JHIUF US     -450100000   1971800064
JAMES HARDIE-CDI          JHX AU     -450100000   1971800064
JAMES HARDIE-CDI          JHA GR     -450100000   1971800064
JAMES HARDIE-CDI          JHA TH     -450100000   1971800064
LCH EUROPEAN POR     3809212Z ID   -91665071.77  296022574.1
LTR FINANCE NO 8     3816616Z ID   -15113152.02    537522513
MAINAU FUNDING L     4460161Z ID   -216846138.8   1309830017
MCINERNEY HLDGS          MK9C PZ   -137972148.5  304108432.2
MCINERNEY HLDGS           MCI PO   -137972148.5  304108432.2
MCINERNEY HLDGS           MK9 GR   -137972148.5  304108432.2
MCINERNEY HLDGS           MCI IX   -137972148.5  304108432.2
MCINERNEY HLDGS           MCI ID   -137972148.5  304108432.2
MCINERNEY HLDGS           MCI LN   -137972148.5  304108432.2
MCINERNEY HLDGS           MCI VX   -137972148.5  304108432.2
MCINERNEY HLDGS        MCIGBP EO   -137972148.5  304108432.2
MCINERNEY HLDGS           MCI EO   -137972148.5  304108432.2
MCINERNEY HLDGS           MCI EU   -137972148.5  304108432.2
MCINERNEY HLDGS           MK9 PO   -137972148.5  304108432.2
MCINERNEY HLDGS          MCII IX   -137972148.5  304108432.2
MCINERNEY HLDGS        MCIGBX EO   -137972148.5  304108432.2
MCINERNEY HLDGS         MNEYF US   -137972148.5  304108432.2
MCINERNEY HLDGS        MCIGBX EU   -137972148.5  304108432.2
MCINERNEY PROP-A          MYP LN   -137972148.5  304108432.2
MCINERNEY PROP-A        MCIYF US   -137972148.5  304108432.2
MCINERNEY PROP-A          MYP ID   -137972148.5  304108432.2
MCINERNEY -RT FP         MCIF ID   -137972148.5  304108432.2
MCINERNEY -RT FP         MCIF LN   -137972148.5  304108432.2
MCINERNEY -RT NP         MCIN ID   -137972148.5  304108432.2
MCINERNEY -RT NP         MCIN LN   -137972148.5  304108432.2
MCINERNEY-ADR           MNEYY US   -137972148.5  304108432.2
NOVELL IRELAND S     3632507Z ID   -26753771.46  278570269.2
PAYZONE PLC              PAYZ EU   -138030903.2  510010035.3
PAYZONE PLC              PAYZ LN   -138030903.2  510010035.3
PAYZONE PLC              PAYZ IX   -138030903.2  510010035.3
PAYZONE PLC               4P6 GR   -138030903.2  510010035.3
PAYZONE PLC              PAYZ PG   -138030903.2  510010035.3
PAYZONE PLC              PAYZ PZ   -138030903.2  510010035.3
PAYZONE PLC              PAYZ EO   -138030903.2  510010035.3
PENNYGOLD TRADIN     4459561Z ID   -77668624.17   1296718702
PROVIDENCE RESOU        PVDRF US   -31729163.16  134629066.1
PROVIDENCE RESOU          PRP PG   -31729163.16  134629066.1
PROVIDENCE RESOU          PRR IX   -31729163.16  134629066.1
PROVIDENCE RESOU          PRP PZ   -31729163.16  134629066.1
PROVIDENCE RESOU     3660853Q IX   -31729163.16  134629066.1
PROVIDENCE RESOU       PRPGBP EO   -31729163.16  134629066.1
PROVIDENCE RESOU          PRP EU   -31729163.16  134629066.1
PROVIDENCE RESOU          PRP ID   -31729163.16  134629066.1
PROVIDENCE RESOU          PZQ PO   -31729163.16  134629066.1
PROVIDENCE RESOU          PRP EO   -31729163.16  134629066.1
PROVIDENCE RESOU          PVR LN   -31729163.16  134629066.1
PROVIDENCE RE-UT          PZQ GR   -31729163.16  134629066.1
PROVIDENCE-F/P           PRPF ID   -31729163.16  134629066.1
PROVIDENCE-N/P           PRPN ID   -31729163.16  134629066.1
RELIANCE FLAG TE     4511819Z ID   -159697376.3  246001416.2
RHATIGAN COMMERC     3800004Z ID   -39741717.89  278421666.4
RSA SECURITY IRE     3816252Z ID   -1896032.195  131465362.8
SALOME FUNDING P      747246Z ID   -1780227.756   2390329099
SCHWARZ PHARMA L      626603Z ID   -526134390.5  385006654.6
SENSORMATIC EURO     4524375Z ID   -19479895.67  105183548.8
SHENDA IRELAND L     4781889Z ID   -56704637.63  284795299.1
STRATUS TECHNOLO     4290381Z ID   -91695882.47    143373676
SUSQUEHANNA EURO     4459081Z ID    -1252022268   5765502698
TAKEDA PHARMA IR     4460049Z ID   -553964898.1  178556098.5
THIRD BELFRY PRO     3817252Z ID   -1737958.351  208828916.9
UDARAS EITLIOCHT     4461649Z ID   -38554945.52  228382904.9
UPC BROADBAND IR     3633179Z ID   -199665756.1  699692511.4
VIRIDIAN ENERGY      4462489Z ID   -41409800.11  209871994.6
WARNER CHILCOT-A         WCRX US      -62817000   5154945024
WARNER CHILCOT-A         G3LA TH      -62817000   5154945024
WARNER CHILCOT-A         G3LA GR      -62817000   5154945024
WARNER CHILCOT-A          G3L GR      -62817000   5154945024
WATERFORD - RTS          WWWA GR   -505729895.2    820803256
WATERFORD - RTS       508523Q LN   -505729895.2    820803256
WATERFORD - RTS       508519Q LN   -505729895.2    820803256
WATERFORD - RTS          WWWA ID   -505729895.2    820803256
WATERFORD - RTS          WWWB ID   -505729895.2    820803256
WATERFORD - RTS          WWWB GR   -505729895.2    820803256
WATERFORD CRYSTA     4459209Z ID   -150440252.3  114111756.9
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         WWWC GR   -505729895.2    820803256
WATERFORD WED-RT         WWWD GR   -505729895.2    820803256
WATERFORD WED-RT         WTFR LN   -505729895.2    820803256
WATERFORD WED-RT      586556Q LN   -505729895.2    820803256
WATERFORD WED-RT      586552Q LN   -505729895.2    820803256
WATERFORD WED-RT         WWWC ID   -505729895.2    820803256
WATERFORD WED-RT         WWWD ID   -505729895.2    820803256
WATERFORD WED-UT         WTFU ID   -505729895.2    820803256
WATERFORD WED-UT          WWW PO   -505729895.2    820803256
WATERFORD WED-UT         WWWD PZ   -505729895.2    820803256
WATERFORD WED-UT         WTFU LN   -505729895.2    820803256
WATERFORD WED-UT      WTFUGBX EU   -505729895.2    820803256
WATERFORD WED-UT         WTFU EO   -505729895.2    820803256
WATERFORD WED-UT         WTFU VX   -505729895.2    820803256
WATERFORD WED-UT      WTFUGBX EO   -505729895.2    820803256
WATERFORD WED-UT         WTFU EU   -505729895.2    820803256
WATERFORD WED-UT         WTFU PO   -505729895.2    820803256
WATERFORD WED-UT          WWW GR   -505729895.2    820803256
WATERFORD WED-UT         WTFU IX   -505729895.2    820803256
WATERFORD WE-RTS         WTFN VX   -505729895.2    820803256
WATERFORD WE-RTS         WTFF LN   -505729895.2    820803256
WATERFORD WE-RTS         WTFN LN   -505729895.2    820803256
WATERFORD WE-RTS         WTFF ID   -505729895.2    820803256
WATERFORD WE-RTS         WTFN 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   -47443431.51  175225926.3

ITALY
-----
ALCOA TRASFORMAZ     4506523Z IM   -200396353.5  504699192.2
AS ROMA SPA               ASR IX   -37429933.27  183644985.3
AS ROMA SPA               ASR EB   -37429933.27  183644985.3
AS ROMA SPA               ASR EU   -37429933.27  183644985.3
AS ROMA SPA             ASRAF US   -37429933.27  183644985.3
AS ROMA SPA               ASR PZ   -37429933.27  183644985.3
AS ROMA SPA               ASR QM   -37429933.27  183644985.3
AS ROMA SPA              ASRO IX   -37429933.27  183644985.3
AS ROMA SPA               ASR IM   -37429933.27  183644985.3
AS ROMA SPA               ASR EO   -37429933.27  183644985.3
AS ROMA SPA               ASR TQ   -37429933.27  183644985.3
AS ROMA SPA               RO9 GR   -37429933.27  183644985.3
AS ROMA SPA-RTS         ASRAA IM   -37429933.27  183644985.3
AUTOMOTIVE LIGHT     3895734Z IM   -8797909.782  165588007.5
BECROMAL SPA         3138961Z IM   -4638581.798  168296959.8
BIANCHI VENDING       764212Z IM   -27419598.89  118828596.1
BMG CASTEL ROMAN     4209433Z IM   -1512040.428  241462130.6
CABLELETTRA SPA      4507547Z IM   -83494555.41  223468834.1
CANTIERI DI PISA     4313125Z IM   -2611908.154  105466953.7
COIN SPA                GUCIF US   -154057598.5  800526929.5
COIN SPA                   GC IX   -154057598.5  800526929.5
COIN SPA              965089Q GR   -154057598.5  800526929.5
COIN SPA/OLD               GC IM   -154057598.5  800526929.5
COIN SPA-RTS             GCAA IM   -154057598.5  800526929.5
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  227622587.6
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  578214151.7
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          IV7 GR   -209436890.3  202705179.9
I VIAGGI DEL VEN          VVE PZ   -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 DEL VEN          VVE EU   -209436890.3  202705179.9
I VIAGGI DEL VEN        IVGIF US   -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 SPA           1163Z IM   -4645217.834  187285866.9
METECNO INDUSTRI     4004204Z IM   -5834935.843    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
OMNIA SERVICE CE     3401139Z IM   -9159816.788  165737571.5
PARMALAT FINANZI          PAF GR   -18419396969   4120687886
PARMALAT FINANZI        PMLFF US   -18419396969   4120687886
PARMALAT FINANZI        PARAF US   -18419396969   4120687886
PARMALAT FINANZI         PRFI VX   -18419396969   4120687886
PARMALAT FINANZI          PRF IM   -18419396969   4120687886
PARMALAT FINANZI          PMT LI   -18419396969   4120687886
PARMALAT FINANZI         FICN AV   -18419396969   4120687886
PARMALAT FINA-RT         PRFR AV   -18419396969   4120687886
PLASTIC COMPONEN     4489891Z IM   -4874668.899  477291693.5
RISANAMEN-RNC OP       RNROPA IM     -201736420   3007075334
RISANAMENTO -OPA        RNOPA IM     -201736420   3007075334
RISANAMENTO -RNC          RNR IM     -201736420   3007075334
RISANAMENTO SPA         RNGBX EU     -201736420   3007075334
RISANAMENTO SPA            RN EO     -201736420   3007075334
RISANAMENTO SPA            RN TQ     -201736420   3007075334
RISANAMENTO SPA            RN IX     -201736420   3007075334
RISANAMENTO SPA            RN PZ     -201736420   3007075334
RISANAMENTO SPA            RN EU     -201736420   3007075334
RISANAMENTO SPA         RSMNF US     -201736420   3007075334
RISANAMENTO SPA           RN5 GR     -201736420   3007075334
RISANAMENTO SPA         RNGBP EO     -201736420   3007075334
RISANAMENTO SPA         RNGBX EO     -201736420   3007075334
RISANAMENTO SPA            RN IM     -201736420   3007075334
RISANAMENTO-RTS         RNAXA IM     -201736420   3007075334
RISANAMENTO-RTS         RNAXO IM     -201736420   3007075334
RISANAMENTO-RTS          RNAA IM     -201736420   3007075334
SD SICILIA DISCO     4346005Z IM   -57205.25336  162107130.8
SNIA BPD                   SN GR   -141933895.2  150445252.4
SNIA BPD-ADR            SBPDY US   -141933895.2  150445252.4
SNIA SPA                SNIXF US   -141933895.2  150445252.4
SNIA SPA                   SN EO   -141933895.2  150445252.4
SNIA SPA                SBPDF US   -141933895.2  150445252.4
SNIA SPA                   SN TQ   -141933895.2  150445252.4
SNIA SPA                 SIAI IX   -141933895.2  150445252.4
SNIA SPA                 SNIB GR   -141933895.2  150445252.4
SNIA SPA                   SN EU   -141933895.2  150445252.4
SNIA SPA                   SN IM   -141933895.2  150445252.4
SNIA SPA                 SNIA GR   -141933895.2  150445252.4
SNIA SPA                SSMLF US   -141933895.2  150445252.4
SNIA SPA                 SIAI PZ   -141933895.2  150445252.4
SNIA SPA - RTS          SNAAW IM   -141933895.2  150445252.4
SNIA SPA- RTS           SNAXW IM   -141933895.2  150445252.4
SNIA SPA-2003 SH         SN03 IM   -141933895.2  150445252.4
SNIA SPA-CONV SA        SPBDF US   -141933895.2  150445252.4
SNIA SPA-DRC            SNR00 IM   -141933895.2  150445252.4
SNIA SPA-NEW             SN00 IM   -141933895.2  150445252.4
SNIA SPA-NON CON        SPBNF US   -141933895.2  150445252.4
SNIA SPA-RCV              SNR IM   -141933895.2  150445252.4
SNIA SPA-RCV            SNIVF US   -141933895.2  150445252.4
SNIA SPA-RIGHTS          SNAW IM   -141933895.2  150445252.4
SNIA SPA-RNC            SNIWF US   -141933895.2  150445252.4
SNIA SPA-RNC            SNRNC IM   -141933895.2  150445252.4
SNIA SPA-RTS             SNAA IM   -141933895.2  150445252.4
SNIA SPA-RTS             SNSO IM   -141933895.2  150445252.4
TISCALI - RTS          TISAAW IM   -122928118.5  490469420.1
TISCALI - RTS            TIQA GR   -122928118.5  490469420.1
TISCALI SPA              TIQ1 GR   -122928118.5  490469420.1
TISCALI SPA            TISGBX EU   -122928118.5  490469420.1
TISCALI SPA               TIS PZ   -122928118.5  490469420.1
TISCALI SPA              TISN IM   -122928118.5  490469420.1
TISCALI SPA               TIS NR   -122928118.5  490469420.1
TISCALI SPA               TIS VX   -122928118.5  490469420.1
TISCALI SPA              TISN NA   -122928118.5  490469420.1
TISCALI SPA               TIS EO   -122928118.5  490469420.1
TISCALI SPA               TIS TQ   -122928118.5  490469420.1
TISCALI SPA               TIS QM   -122928118.5  490469420.1
TISCALI SPA               TIS IX   -122928118.5  490469420.1
TISCALI SPA               TIS NA   -122928118.5  490469420.1
TISCALI SPA              TIQG IX   -122928118.5  490469420.1
TISCALI SPA               TIS FP   -122928118.5  490469420.1
TISCALI SPA            TISGBX EO   -122928118.5  490469420.1
TISCALI SPA             TSCXF US   -122928118.5  490469420.1
TISCALI SPA               TIQ GR   -122928118.5  490469420.1
TISCALI SPA              TISN VX   -122928118.5  490469420.1
TISCALI SPA               TIS NQ   -122928118.5  490469420.1
TISCALI SPA              TISM IX   -122928118.5  490469420.1
TISCALI SPA               TIS IM   -122928118.5  490469420.1
TISCALI SPA               TIS EU   -122928118.5  490469420.1
TISCALI SPA              TISN FP   -122928118.5  490469420.1
TISCALI SPA               TIS EB   -122928118.5  490469420.1
TISCALI SPA            TISGBP EO   -122928118.5  490469420.1
TISCALI SPA              TISN IX   -122928118.5  490469420.1
TISCALI SPA- RTS     3391621Q GR   -122928118.5  490469420.1
TISCALI SPA- RTS       TISAXA IM   -122928118.5  490469420.1
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    -1024313669   3328008487
INTELSAT                 ILMA GR     -697038976  17592367104
INTELSAT SA             2237Z US     -697038976  17592367104
OXEA SARL            3682535Z GR   -78371220.13   1013737294
OXEA SARL            3682535Z LX   -78371220.13   1013737294
ADAMAR AMSTERDAM     4049157Z NA   -8231529.767    119709372
ALFRED C TOEPFER     4062117Z NA   -1843317.436   1689194175
APPLIED POWER EU     4035061Z NA    -90774.2002  187921627.7
ASITO DIENSTENGR      743813Z NA   -2494804.851  220704023.7

NETHERLANDS
-----------
BAAN CO NV-ASSEN        BAANA NA   -7854715.264  609871188.9
BAAN COMPANY NV          BAAN EU   -7854715.264  609871188.9
BAAN COMPANY NV         BAAVF US   -7854715.264  609871188.9
BAAN COMPANY NV          BAAN PZ   -7854715.264  609871188.9
BAAN COMPANY NV          BAAN GR   -7854715.264  609871188.9
BAAN COMPANY NV          BNCG IX   -7854715.264  609871188.9
BAAN COMPANY NV          BAAN EO   -7854715.264  609871188.9
BAAN COMPANY NV          BAAN IX   -7854715.264  609871188.9
BAAN COMPANY NV          BAAN NA   -7854715.264  609871188.9
BAAN COMPANY-NY         BAANF US   -7854715.264  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
CEVA LOGISTICS        882197Z NA   -310987042.7   5613530996
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  273422076.5
EUROPEAN MARITIM     4523543Z NA   -34803118.05  347300069.4
FERDINAND STINGE     4040837Z NA   -64181.50377   1187653657
FONDEL METALS BV     4039013Z NA   -2368075.248  110363800.6
GE CAPITAL FUNDI     4489315Z NA   -2707532.277    194574148
HAAG WONEN HOLDI     3824276Z NA   -137909.3086  144576751.1
HE INVESTMENTS B     3813216Z NA   -1780665.857    195483088
HUISVUILCENTRALE     4777713Z NA   -29300.25172   1202976227
INFOR GLOBAL SOL     4778481Z NA   -421566515.6    436226285
ING RE DORTMUND/     3819456Z NA   -91900157.49  142290450.1
ING REIM DEVELOP     3811140Z NA   -231041485.9  383323356.5
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   -614016.7407   1656741217
NORFOLK HOLDINGS      779151Z NA   -199512.5928  813430683.8
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   2324948031
SPYKER CARS NV          SPYKR PZ   -154336469.5   1337361332
SPYKER CARS NV           SPYK IX   -154336469.5   1337361332
SPYKER CARS NV          SPYKR QM   -154336469.5   1337361332
SPYKER CARS NV          SPYKR TQ   -154336469.5   1337361332
SPYKER CARS NV          SPYKR EU   -154336469.5   1337361332
SPYKER CARS NV          SPYKR BQ   -154336469.5   1337361332
SPYKER CARS NV          SPYKR EB   -154336469.5   1337361332
SPYKER CARS NV          SPYKR EO   -154336469.5   1337361332
SPYKER CARS NV          SPYKR NA   -154336469.5   1337361332
SPYKER CARS NV            L9I GR   -154336469.5   1337361332
SPYKER CARS NV          SPYKF US   -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         UPE1 GR    -5505478850   5112616630
UNITED PAN-EUROP          UPC VX    -5505478850   5112616630
UNITED PAN-EUROP        UPCEF US    -5505478850   5112616630
UNITED PAN-EUROP        UPCOF US    -5505478850   5112616630
UPC HOLDING BV       3590264Z NA   -12164702941  13901661309
VAN WEELDE BEHEE     4038885Z NA   -119995.7037  173030811.6
VOLKERWESSELS BO     4062101Z NA   -17683.20036  191596002.3
VWS VERKEER-EN I     4777577Z NA   -47438.50279  719093765.2
W2005 W2007 CARN     3824100Z NA   -107841645.8    362615031
WE INTERNATIONAL      630199Z NA   -1220350.163   1011026941
WILMAR EDIBLE OI     3817520Z NA   -3976944.095  218912594.8
WIM BOSMAN HOLDI     3782032Z NA   -45372.13742  224136098.5
WONINGSTICHTING      4039389Z NA   -430291.2087   1714985995
ZWINGER OPCO 6 B     3821644Z NA   -106543158.2  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   -706038.7351  834496819.2
HEEGH AUTOLINERS     4389209Z NO   -11654362.38  277390994.9
INTEROIL EXPLORA       IOXEUR EU      -71383000    195320000
INTEROIL EXPLORA          IOX NO      -71383000    195320000
INTEROIL EXPLORA          IOX PZ      -71383000    195320000
INTEROIL EXPLORA       IOXUSD EO      -71383000    195320000
INTEROIL EXPLORA        IROIF US      -71383000    195320000
INTEROIL EXPLORA          IOX EU      -71383000    195320000
INTEROIL EXPLORA       IOXEUR EO      -71383000    195320000
INTEROIL EXPLORA          IOX IX      -71383000    195320000
INTEROIL EXPLORA         INOX NO      -71383000    195320000
INTEROIL EXPLORA          IOX BY      -71383000    195320000
INTEROIL EXPLORA          IOX EO      -71383000    195320000
INTEROIL EXPLORA       IOXUSD EU      -71383000    195320000
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    124517344
NORSK STEIN AS       4394889Z NO   -2509971.202  184248999.1
OSLO FORSIKRING      4415089Z NO    -6494996.57    158542606
PETRO GEO-SERV        265143Q NO   -18066142.21  399710323.6
PETRO GEO-SERV            PGS VX   -18066142.21  399710323.6
PETRO GEO-SERV            PGS GR   -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 BY      -54932000    191586000
PETROJACK AS             JACK PZ      -54932000    191586000
PETROJACK AS          JACKEUR EU      -54932000    191586000
PETROJACK AS             JACO IX      -54932000    191586000
PETROJACK AS              P3J GR      -54932000    191586000
PETROJACK AS            POJKF US      -54932000    191586000
PETROJACK AS             JACK EO      -54932000    191586000
PETROJACK AS             JACK EU      -54932000    191586000
PETROJACK AS          JACKEUR EO      -54932000    191586000
PETROJACK AS             JACK NO      -54932000    191586000
PETROMENA AS              PR2 GR      -47299000    317747008
PETROMENA AS            PMENA PZ      -47299000    317747008
PETROMENA AS         PMENAEUR EO      -47299000    317747008
PETROMENA AS            PMENF US      -47299000    317747008
PETROMENA AS         PMENAEUR EU      -47299000    317747008
PETROMENA AS            PMENA EO      -47299000    317747008
PETROMENA AS            PMENA EU      -47299000    317747008
PETROMENA AS            PMENA NO      -47299000    317747008
PETROMENA AS             MENA NO      -47299000    317747008
PETROMENA AS             PMEN IX      -47299000    317747008
SECURITAS DIRECT     4394201Z NO   -531628.2745  124746344.1
SKRETTING AS         4473771Z NO   -3730844.426  499611269.4
STOREBRAND EIEND     4443409Z NO   -69476764.19   1408585975
STOREBRAND EIEND     4288341Z NO   -236066034.1   4427606061
TDC AS               4287413Z NO   -95917885.43  128911202.9
TRICO SHIPPING A     3651167Z NO   -132576808.1  504945402.2
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
------
TOORA                     TOR PW   -288818.3897  147004954.2
TOORA                2916661Q EO   -288818.3897  147004954.2
TOORA                2916665Q EU   -288818.3897  147004954.2
TOORA                     TOR PZ   -288818.3897  147004954.2
TOORA-ALLOT CERT         TORA PW   -288818.3897  147004954.2

PORTUGAL
--------
AGUAS DO ZEZERE      3646223Z PL   -9497007.861  387261027.5
ALBERTO MARTINS      4488947Z PL   -26137998.21  126979395.5
CENTRO HOSPITALA     3778196Z PL   -45060064.62  149709016.7
CO DAS ENERGIAS      3794880Z PL   -2540034.474  115717930.4
COFINA                   COFI PL   -13400332.44    274876811
COFINA                  COFSI IX   -13400332.44    274876811
COFINA                  CFASF US   -13400332.44    274876811
COFINA SGPS SA           COFI EO   -13400332.44    274876811
COFINA SGPS SA           COFI TQ   -13400332.44    274876811
COFINA SGPS SA           COFI QM   -13400332.44    274876811
COFINA SGPS SA           CFNX PX   -13400332.44    274876811
COFINA SGPS SA            CFN PL   -13400332.44    274876811
COFINA SGPS SA           COFI EB   -13400332.44    274876811
COFINA SGPS SA           CFN1 PZ   -13400332.44    274876811
COFINA SGPS SA           COFI EU   -13400332.44    274876811
CP - COMBOIOS DE        1005Z PL    -3201667702   2260472073
EMPRESA PUBLICA      3646447Z PL   -18489638.67  302885151.7
ESTALEIROS NAVAI     4507307Z PL   -23829401.88  315386385.8
FERREIRAS & MAGA     4281437Z PL   -14115717.84  103226790.2
GALERIA PARQUE N     4772673Z PL    -6221557.01  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   -227787277.2   3216337049
PARQUE DA PAMPIL     4770625Z PL   -1932626.439  135631078.1
PARQUE EOLICO DE     4772521Z PL   -1450277.362  131706562.9
PORTUGALIA              1008Z PL   -4086512.545  263103585.3
RADIO E TELEVISA        1227Z PL   -874020727.2  739530129.4
REFER-REDE FERRO        1250Z PL    -1817222591  941624235.3
SERVICO DE SAUDE     3790200Z PL   -171447869.9  656234458.2
SOCIEDADE DE REN     3776676Z PL   -16609193.89  127876798.7
SOCIEDADE DE TRA        1253Z PL   -382109051.3  119848180.8
SPORTING CLUBE D         SCP1 PZ   -65884328.13  251276323.4
SPORTING CLUBE D         SCDF EO   -65884328.13  251276323.4
SPORTING CLUBE D          SCG GR   -65884328.13  251276323.4
SPORTING CLUBE D          SCP PL   -65884328.13  251276323.4
SPORTING CLUBE D         SCPX PX   -65884328.13  251276323.4
SPORTING CLUBE D         SCDF EU   -65884328.13  251276323.4
SPORTING-SOC DES         SCPL IX   -65884328.13  251276323.4
SPORTING-SOC DES         SCDF PL   -65884328.13  251276323.4
SPORTING-SOC-RTS        SCPVS PL   -65884328.13  251276323.4
SPORTING-SOC-RTS        SCPDS PL   -65884328.13  251276323.4
TAP SGPS                  TAP PL   -293253615.6   2901200999
VALE DO LOBO - R     4764257Z PL   -19458755.77  553819869.1
VISTA ALEGRE ATL     4281717Z PL   -11415079.06  119980938.8

ROMANIA
-------
ARCELORMITTAL            PTRO RO   -61080024.91  178667412.9
OLTCHIM RM VALCE        OLTCF US   -89344240.83  511515508.8
OLTCHIM SA RM VA          OLT PZ   -89344240.83  511515508.8
OLTCHIM SA RM VA          OLT RO   -89344240.83  511515508.8
OLTCHIM SA RM VA          OLT EO   -89344240.83  511515508.8
OLTCHIM SA RM VA       OLTEUR EU   -89344240.83  511515508.8
OLTCHIM SA RM VA          OLT EU   -89344240.83  511515508.8
OLTCHIM SA RM VA       OLTEUR EO   -89344240.83  511515508.8
RAFO SA                   RAF RO   -457922310.7  356796459.3
ROMPETROL RAFINA          RRC RO       -4103436   1885975424
ROMPETROL RAFINA          RRC EO       -4103436   1885975424
ROMPETROL RAFINA          RRC EU       -4103436   1885975424
ROMPETROL RAFINA       RRCEUR EO       -4103436   1885975424
ROMPETROL RAFINA       RRCEUR EU       -4103436   1885975424
ROMPETROL RAFINA          RRC PZ       -4103436   1885975424

RUSSIA
------
AKCIONERNOE-BRD         SOVP$ RU   -79749277.74  135830690.8
ALLIANCE RUSSIAN         ALRT RU    -13189410.9  138268688.3
AMO ZIL                  ZILL RM   -115900565.7    368611137
AMO ZIL-CLS             ZILL* RU   -115900565.7    368611137
AMO ZIL-CLS             ZILLG RU   -115900565.7    368611137
AMO ZIL-CLS              ZILL RU   -115900565.7    368611137
BUMMASH OJSC-BRD        BUMM* RU   -8393701.106  181897611.9
BUMMASH OJSC-BRD         BUMM RU   -8393701.106  181897611.9
DAGESTAN ENERGY          DASB RU   -41669399.94  184251142.2
DAGESTAN ENERGY          DASB RM   -41669399.94  184251142.2
DAGESTAN ENERGY         DASBG RU   -41669399.94  184251142.2
DAGESTAN ENERGY         DASB* RU   -41669399.94  184251142.2
EAST-SIBERIA-BRD         VSNK RU   -27891692.64  256817419.9
EAST-SIBERIA-BRD        VSNK* RU   -27891692.64  256817419.9
EAST-SIBERIAN-BD        VSNK$ RU   -27891692.64  256817419.9
FINANCIAL LEASIN      137282Z RU   -97179352.98  323537045.5
FINANCIAL LEASIN         FLKO RM   -97179352.98  323537045.5
FINANCIAL LE-BRD         FLKO RU   -97179352.98  323537045.5
FINANCIAL LE-BRD        FLKO* RU   -97179352.98  323537045.5
GAZ-FINANS               GAZF RU   -56134.51262  232319905.4
IZHAVTO OAO              IZAV RU    -19693756.7  474754687.9
KAMSKAYA GORNAYA     2806239Z RU   -527803788.8   1311868884
KOMPANIYA GL-BRD        GMST* RU   -12705935.35   1168280317
KOMPANIYA GL-BRD         GMST RU   -12705935.35   1168280317
M-INDUSTRIYA             SOMI RU   -1091260.252  261721440.8
MZ ARSENAL-$BRD         ARSE* RU   -17937177.88    215191909
MZ ARSENAL-$BRD          ARSE RU   -17937177.88    215191909
MZ ARSENAL-BRD          ARSE$ RU   -17937177.88    215191909
OAO SIBNEFTEGAZ          SIGA RU   -8733178.141  757597617.2
PENOPLEX-FINANS          PNPF RU   -754086.9373  140176163.3
PIK GROUP                PIKK RM   -65334860.95   4000687446
PIK GROUP               PIKK* RU   -65334860.95   4000687446
PIK GROUP               PIKKG RU   -65334860.95   4000687446
PIK GROUP                PIKK RU   -65334860.95   4000687446
PIK GROUP-GDR             PIK IX   -65334860.95   4000687446
PIK GROUP-GDR            PIQ2 GR   -65334860.95   4000687446
PIK GROUP-GDR            PIK1 EO   -65334860.95   4000687446
PIK GROUP-GDR             PIK EB   -65334860.95   4000687446
PIK GROUP-GDR             PIK LI   -65334860.95   4000687446
PIK GROUP-GDR            PIK1 QM   -65334860.95   4000687446
PIK GROUP-GDR           PKGPL US   -65334860.95   4000687446
PIK GROUP-GDR             PIK EU   -65334860.95   4000687446
PIK GROUP-GDR             PIK TQ   -65334860.95   4000687446
PROMTRACTOR-FINA         PTRF RU   -22844527.96  271197988.2
RUSSIAN TEXT-CLS        ALRTG RU    -13189410.9  138268688.3
RUSSIAN TEXT-CLS        ALRT* RU    -13189410.9  138268688.3
RYBINSKKABEL            RBKZD RU   -8532245.618  108539181.3
SEVKABEL-FINANS          SVKF RU   -83036.46173  102680373.6
SISTEMA HALS             HALS RU     -568359936   1210651008
SISTEMA HALS            HALS* RU     -568359936   1210651008
SISTEMA HALS             HALS RM     -568359936   1210651008
SISTEMA HALS            HALSM RU     -568359936   1210651008
SISTEMA HALS            HALSG RU     -568359936   1210651008
SISTEMA HALS-GDR         HALS IX     -568359936   1210651008
SISTEMA HALS-GDR         HALS LI     -568359936   1210651008
SISTEMA HALS-GDR          SYR GR     -568359936   1210651008
SISTEMA HALS-GDR         HALS TQ     -568359936   1210651008
SISTEMA-GDR 144A        SEMAL US     -568359936   1210651008
SISTEMA-GDR 144A         86PN LI     -568359936   1210651008
URGALUGOL-BRD            YRGL RU   -20765964.53  115490879.4
URGALUGOL-BRD           YRGL* RU   -20765964.53  115490879.4
URGALUGOL-BRD-PF        YRGLP RU   -20765964.53  115490879.4
VACO-BRD                VASO* RU   -27108676.04  934073954.9
VACO-BRD                 VASO RU   -27108676.04  934073954.9
VACO-PFD                VASOP RU   -27108676.04  934073954.9
VACO-PFD               VASOP* RU   -27108676.04  934073954.9
VASO                    1001Q RU   -27108676.04  934073954.9
VASO-$                  1002Q RU   -27108676.04  934073954.9
VASO-$PFD BRD          VASOP$ RU   -27108676.04  934073954.9
VASO-Q LIST             VASO$ RU   -27108676.04  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   -11716087.47  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* RU   -115900565.7    368611137
ZIL AUTO PLANT-P        ZILLP RM   -115900565.7    368611137
ZIL AUTO PLANT-P        ZILLP RU   -115900565.7    368611137

SERBIA
-------
DUVANSKA                 DIVR SG   -32792314.86  122255596.4

SLOVENIA
--------
ISTRABENZ                ITBG EO   -3710053.919   1192276746
ISTRABENZ                ITBG SV   -3710053.919   1192276746
ISTRABENZ                ITBG PZ   -3710053.919   1192276746
ISTRABENZ                ITBG EU   -3710053.919   1192276746

SPAIN
-----
AMCI HABITAT SA          AMC3 EO   -24580874.45  194758143.4
AMCI HABITAT SA           AMC SM   -24580874.45  194758143.4
AMCI HABITAT SA          AMC1 EU   -24580874.45  194758143.4
AURIGACROWN CAR      3791672Z SM   -9696329.512  319009666.2
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  203210905.9
CAIXARENTING SA      4500211Z SM   -13655312.55   1651010629
CAJA DE AHORROS       929362Z SM   -361326816.2  37311046644
CELAYA EMPARANZA     3642467Z SM   -19428468.87  176340504.9
CONFORAMA ESPANA     3771496Z SM   -7499882.185  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  358279281.1
FABRICAS AGRUPAD     3638319Z SM   -32596694.58  286240670.7
FBEX PROMO INMOB     3745024Z SM   -820001.0305   1142937522
FIAT GROUP AUTOM     4511067Z SM   -30064519.13  367730368.2
FMC FORET SA         3642299Z SM   -28605523.78  225458069.6
GALERIAS PRIMERO     3281527Z SM   -2731015.072  124875853.4
GE POWER CONTROL     3744144Z SM   -25412232.52  973735754.8
GENERAL MOTORS E     4286805Z SM   -323089753.8   2783002632
GLENCORE ESPANA      3752336Z SM   -24493084.81    140668008
HIDROCANTABRICO      4456745Z SM   -213762090.5  376644969.1
INITEC ENERGIA S     3637759Z SM   -1230006.429  256846609.3
ISOFOTON SA          1039291Z SM     -401482382  218392769.3
JAZZ TELECOM SA      3646927Z SM   -639496600.9    784724811
LA SIRENA ALIMEN     4375737Z SM   -45848483.56  200881094.4
LEVANTINA Y ASOC      993382Z SM    -47134829.4  798577836.1
MAGNETI MARELLI      3643903Z SM   -6218714.533  169480205.1
MARTINSA FADESA          MFAD PZ    -3316202978   7060944147
MARTINSA FADESA           4PU GR    -3316202978   7060944147
MARTINSA FADESA           MTF EO    -3316202978   7060944147
MARTINSA FADESA          MTF1 LI    -3316202978   7060944147
MARTINSA FADESA           MTF EU    -3316202978   7060944147
MARTINSA FADESA           MTF SM    -3316202978   7060944147
MARTINSA-FADESA           MTF NR    -3316202978   7060944147
NYESA VALORES CO          NYE EU   -99766729.91  812943907.9
NYESA VALORES CO          BES EO   -99766729.91  812943907.9
NYESA VALORES CO          NYE EO   -99766729.91  812943907.9
NYESA VALORES CO          NYE SM   -99766729.91  812943907.9
NYESA VALORES CO          BES EU   -99766729.91  812943907.9
NYESA VALORES CO         BESS PZ   -99766729.91  812943907.9
NYESA VALORES CO          BES TQ   -99766729.91  812943907.9
NYESA VALORES CO          NYE TQ   -99766729.91  812943907.9
NYESA VALORES CO          7NY GR   -99766729.91  812943907.9
NYESA VALORES CO          BES SM   -99766729.91  812943907.9
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  370434699.9
REAL ZARAGOZA SA     4285533Z SM    -26642893.2  155342765.2
REYAL URBIS SA           REY1 EU   -425677105.6   5777458693
REYAL URBIS SA           REY1 EO   -425677105.6   5777458693
REYAL URBIS SA            REY SM   -425677105.6   5777458693
REYAL URBIS SA           REYU PZ   -425677105.6   5777458693
SA DE SUPERMERCA     4373489Z SM   -24370843.85  162576231.9
SIDERURGICA SEVI     3755616Z SM   -6175305.125  255962721.9
SOGECABLE MEDIA      3638359Z SM   -3018000.191  182987292.3
SPANAIR                 1174Z SM   -592075778.7  449250970.6
SUPERMERCADOS CH     3635999Z SM   -49108101.19  430829438.2
SUPERMERCADOS CO     4285781Z SM   -6271873.083  110251382.6
TELEVISION AUTON     3772924Z SM   -148813632.8  119454851.8
TIP TRAILERS ESP     3804444Z SM   -11109283.92  130713925.8
TROPICAL TURISTI     3639071Z SM   -25374266.69    535701945
TWINS ALIMENTACI     4381793Z SM   -49677879.17  298164942.5
TYCO ELECTRONICS     2335265Z SM     -120345346  343202188.9
UNITEC UNION TIE     3801344Z SM   -23207409.48  131213302.5
UNIVERSAL MUSIC      3748312Z SM   -113641266.3  100627411.6
VIA OPERADOR PET     4510507Z SM   -22002322.05  129961207.4

SWEDEN
------
KAROLINEN FASTIG     4008644Z SS   -906745.1282  122777361.3
PHADIA AB             842347Z SS   -140406774.4   2127579095
STENA RECYCLING      4011316Z SS   -10675550.11  346046832.8
SWEDISH MA-RE RT       SWMASR SS   -213512979.5   2124668074
SWEDISH MAT-ADR          SWMA GR   -213512979.5   2124668074
SWEDISH MAT-ADR      3053566Q US   -213512979.5   2124668074
SWEDISH MATCH             SWD LI   -213512979.5   2124668074
SWEDISH MATCH AB      SWMAEUR EU   -213512979.5   2124668074
SWEDISH MATCH AB         SWMA GK   -213512979.5   2124668074
SWEDISH MATCH AB         SWMA PZ   -213512979.5   2124668074
SWEDISH MATCH AB      SWMAUSD EO   -213512979.5   2124668074
SWEDISH MATCH AB         SWMA NR   -213512979.5   2124668074
SWEDISH MATCH AB         SWMA TQ   -213512979.5   2124668074
SWEDISH MATCH AB         SWMA LI   -213512979.5   2124668074
SWEDISH MATCH AB         SWMA SS   -213512979.5   2124668074
SWEDISH MATCH AB         SWMA EB   -213512979.5   2124668074
SWEDISH MATCH AB      SWMAGBP EO   -213512979.5   2124668074
SWEDISH MATCH AB         SWMA NQ   -213512979.5   2124668074
SWEDISH MATCH AB      SWMAGBX EO   -213512979.5   2124668074
SWEDISH MATCH AB      SWMAUSD EU   -213512979.5   2124668074
SWEDISH MATCH AB         SWMA IX   -213512979.5   2124668074
SWEDISH MATCH AB         SWMA EU   -213512979.5   2124668074
SWEDISH MATCH AB         SWMA QM   -213512979.5   2124668074
SWEDISH MATCH AB         SWMA EO   -213512979.5   2124668074
SWEDISH MATCH AB          SWM VX   -213512979.5   2124668074
SWEDISH MATCH AB         SWMA BY   -213512979.5   2124668074
SWEDISH MATCH AB          SWM GR   -213512979.5   2124668074
SWEDISH MATCH AB        SWMAF US   -213512979.5   2124668074
SWEDISH MATCH AB        SWMDF US   -213512979.5   2124668074
SWEDISH MATCH AB         SWMA S1   -213512979.5   2124668074
SWEDISH MATCH AB      SWMAEUR EO   -213512979.5   2124668074
SWEDISH MATCH AB      SWMAGBX EU   -213512979.5   2124668074
SWEDISH MATCH- B        SWMWF US   -213512979.5   2124668074
SWEDISH MATCH-B         3033P US   -213512979.5   2124668074
SWEDISH MAT-RTS         SWMYR US   -213512979.5   2124668074
SWEDISH M-UN ADR        SWMAY US   -213512979.5   2124668074

TURKEY
------
BESIKTAS FUTBOL         BJKAS TI   -94748145.95  140991569.3
BESIKTAS FUTBOL           BWX GR   -94748145.95  140991569.3
BESIKTAS FUTBOL        BJKASY TI   -94748145.95  140991569.3
BESIKTAS FUTBOL        BJKASM TI   -94748145.95  140991569.3
BESIKTAS FUTBOL         BKTFF US   -94748145.95  140991569.3
EGS EGE GIYIM VE        EGDIS TI   -7732135.103  147075077.7
EGS EGE GIYIM-RT       EGDISR TI   -7732135.103  147075077.7
GALATASARAY SPOR          GSY GR   -4380459.912  184132637.7
GALATASARAY SPOR        GATSF US   -4380459.912  184132637.7
GALATASARAY SPOR         GALA IX   -4380459.912  184132637.7
GALATASARAY SPOR        GSRAY TI   -4380459.912  184132637.7
GALATASARAY-NEW        GSRAYY TI   -4380459.912  184132637.7
IKTISAT FINAN-RT       IKTFNR TI   -46900666.64  108228233.6
IKTISAT FINANSAL        IKTFN TI   -46900666.64  108228233.6
KEREVITAS GIDA          KVTGF US    -4054982.47  114054263.4
KEREVITAS GIDA          KERVT TI    -4054982.47  114054263.4
MUDURNU TAVUKC-N       MDRNUN TI    -64935052.1  160420187.4
MUDURNU TAVUKCUL        MDRNU TI    -64935052.1  160420187.4
SIFAS                   SIFAS TI    -15439194.7    130608104

UKRAINE
-------
AZOVZAGALMASH MA         AZGM UZ   -42249438.53  336677635.6
DONETSKOBLENERGO         DOON UZ   -214112885.3  396954757.6
LUGANSKGAS               LYGZ UZ   -25247035.77    123851487
LUGANSKOBLENERGO         LOEN UZ   -28261772.82  197883850.6
MARIUP-GDR REG S          M9X GR   -11661586.28  260791838.5
MARIUP-GDR REG S         MZVM IX   -11661586.28  260791838.5
MARIUPOL HEAVY M         MZVM UZ   -11661586.28  260791838.5
NAFTOKHIMIK PRIC         NAFP UZ    -22522408.4  344629436.5
NAFTOKHIMIK-GDR          N3ZA GR    -22522408.4  344629436.5
ODESSA OIL REFIN         ONPZ UZ   -111365037.3  482408330.5
ZALK - PFTS              ZALK UZ   -43917605.26  146530718.8

UNITED KINGDOM
--------------
3I PLC               2346795Z LN   -40072013.14  518266360.4
600 UK LTD           1282018Z LN   -731250.5356  123671540.8
A & L CF DECEMBE     1449258Z LN   -1168298.788    717098206
ABF GRAIN PRODUC     1276922Z LN   -124487759.2    399205741
ACCIDENT EXCHANG     1927374L LN   -33094543.84  273916447.7
ACE INA SERVICES     1442282Z LN   -56846654.06  155841457.8
ACIS GROUP LTD       4159557Z LN   -29529317.19  122639068.7
ACORN CARE AND E     1238567Z LN    -70886168.8  120665053.6
ACROMAS HOLDINGS     3109266Z LN    -2744136431  11102400350
AEA TECHNOLO-FPR         AATF LN   -254011230.2  116074481.7
AEA TECHNOLO-FPR         AATF PZ   -254011230.2  116074481.7
AEA TECHNOLOGY            AAT PO   -254011230.2  116074481.7
AEA TECHNOLOGY            AAT VX   -254011230.2  116074481.7
AEA TECHNOLOGY          EAETF US   -254011230.2  116074481.7
AEA TECHNOLOGY            AAT IX   -254011230.2  116074481.7
AEA TECHNOLOGY            AEY GR   -254011230.2  116074481.7
AEA TECHNOLOGY G          AAT LN   -254011230.2  116074481.7
AEA TECHNOLOGY G       AATGBP EO   -254011230.2  116074481.7
AEA TECHNOLOGY G          AAT EO   -254011230.2  116074481.7
AEA TECHNOLOGY G          AAT PZ   -254011230.2  116074481.7
AEA TECHNOLOGY G          89A GR   -254011230.2  116074481.7
AEA TECHNOLOGY G          AAT EU   -254011230.2  116074481.7
AEA TECHNOLO-NPR         AATN LN   -254011230.2  116074481.7
AEA TECHNOLO-NPR         AATN PZ   -254011230.2  116074481.7
AFFINITI INTEGRA     1651064Z LN   -641336281.2  234937228.8
AGA RANGEMASTER      4160101Z LN   -135154885.9    370549810
AGORA SHOPPING C      214766Z LN   -21850071.32  248692721.6
AIRTOURS PLC            ATORF US   -379721780.5   1817512774
AIRTOURS PLC              AIR LN   -379721780.5   1817512774
AIRTOURS PLC              AIR VX   -379721780.5   1817512774
ALAN DICK & CO H     2941227Z LN   -146634457.4  106441879.6
ALBANY ASSISTANC     1679512Z LN    -6889320.76  136534194.9
ALBANY VEHICLE R     1775873Z LN   -6397402.932  178963029.1
ALCATEL-LUCENT T     2645055Z LN   -8743499.127  423399404.1
ALIXPARTNERS LTD     2578482Z LN   -20704239.37  115351021.9
ALLIANCE & LEICE     1603082Z LN   -362196734.3   3707298376
ALLIANZ MANAGEME     4160221Z LN    -60281459.6  149113920.3
ALTON TOWERS RES     4496763Z LN   -10652990.57  233239679.4
AMER BUS SYS              ARB LN     -497126976    121439000
ANGLESEY ALUMINI     3899138Z LN   -31293037.69  162854170.3
ANGLESEY ALUMINI     1363682Z LN   -92021199.08  162854170.3
ANKER PLC                DW14 GR   -21861359.81    115463159
ANKER PLC                 ANK LN   -21861359.81    115463159
ANKER PLC                 ANK PO   -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
APPERLEY REALISA     3951420Z LN   -32792784.91  184057205.1
APPLE RETAIL UK      1237895Z LN   -16281873.04  233983518.8
ARGENTA UNDERWRI     2619614Z LN    -1752171.43  135965410.7
ASHWELL PROPERTY     4165857Z LN   -192048023.3  200163088.3
ASPIRE HOUSING L     1820890Z LN   -76622621.06  145635258.6
ASTRIUM LTD          2568578Z LN   -83582811.42  443414715.3
AT KEARNEY HOLDI     4168565Z LN   -712649.2612  420870276.2
ATKINS (WS) PLC        ATKGBP EO   -167977705.2   1532560636
ATKINS (WS) PLC           6W2 GK   -167977705.2   1532560636
ATKINS (WS) PLC         WATKF US   -167977705.2   1532560636
ATKINS (WS) PLC           ATK EO   -167977705.2   1532560636
ATKINS (WS) PLC           ATK QM   -167977705.2   1532560636
ATKINS (WS) PLC           ATK BQ   -167977705.2   1532560636
ATKINS (WS) PLC         WATKY US   -167977705.2   1532560636
ATKINS (WS) PLC           ATK TQ   -167977705.2   1532560636
ATKINS (WS) PLC           ATK NR   -167977705.2   1532560636
ATKINS (WS) PLC           ATK S1   -167977705.2   1532560636
ATKINS (WS) PLC           ATK EB   -167977705.2   1532560636
ATKINS (WS) PLC           ATK EU   -167977705.2   1532560636
ATKINS (WS) PLC           6W2 GR   -167977705.2   1532560636
ATKINS (WS) PLC           ATK VX   -167977705.2   1532560636
ATKINS (WS) PLC           ATK LN   -167977705.2   1532560636
ATKINS (WS) PLC        ATKEUR EO   -167977705.2   1532560636
ATKINS (WS) PLC           ATK PZ   -167977705.2   1532560636
ATKINS (WS) PLC           ATK NQ   -167977705.2   1532560636
ATKINS (WS) PLC           ATK PO   -167977705.2   1532560636
ATKINS (WS) PLC           ATK IX   -167977705.2   1532560636
ATKINS (WS) PLC        ATKEUR EU   -167977705.2   1532560636
ATP OIL & GAS UK     1885966Z LN   -60472161.29  263293265.1
AUTOMOBILE ASSOC     1479490Z LN   -52415369.19   2231197485
AVAYA UK             1700688Z LN   -28200251.54  331855473.3
AVIVA CENTRAL SE     4503755Z LN   -118366561.9  856513593.7
AVIVA EMPLOYMENT     1749312Z LN    -1680147587  169329942.7
BAE SYSTEMS INTE     2344987Z LN   -27179921.77  518682274.2
BAE SYSTEMS LAND     1069210Z LN   -74963208.91  373186409.6
BAE SYSTEMS LAND     1111359Z LN   -532890637.3  384593854.4
BAE SYSTEMS PROP     1151751Z LN   -87647151.12  896957185.8
BAE SYSTEMS SURF     1979118Z LN   -459281987.9  278902868.6
BANNER HOMES WES     1434946Z LN   -2194672.776    103230794
BARCHESTER HOLDC     4391889Z LN   -29571912.71   1847591976
BARRACUDA GROUP         3636Z LN   -395586366.9    328358578
BASINGHALL FINAN     1127799Z LN   -9913804.539  605593711.5
BAT CHINA LTD        1281226Z LN   -242792796.6  103934859.5
BAT UK & EXPORT      4509491Z LN   -349911284.7   2485988824
BDP HOLDINGS LTD     3796920Z LN   -4078321.526  113196276.2
BENTLEY MOTORS L     1376666Z LN   -161438838.6  949891659.2
BETFAIR LTD            83844Z LN   -18103010.97  446483786.1
BEZIER ACQUISITI      610152Z LN   -57556435.01  153054878.1
BGE UK LTD           1653368Z LN   -34093758.69  497857124.3
BIFFA LTD                BIFF LN   -380391564.8   3021695633
BIFFA PLC            3567279Q GR   -380391564.8   3021695633
BIFFA PLC            2758822Q EO   -380391564.8   3021695633
BIFFA PLC            2758806Q EO   -380391564.8   3021695633
BIFFA PLC            2758798Q EO   -380391564.8   3021695633
BIFFA PLC            2758818Q EU   -380391564.8   3021695633
BIFFA PLC            2758802Q EO   -380391564.8   3021695633
BIFFA PLC            2758794Q EU   -380391564.8   3021695633
BIFFA PLC                BIFF PZ   -380391564.8   3021695633
BIFFA PLC               BIFAF US   -380391564.8   3021695633
BIFFA PLC                BIFF IX   -380391564.8   3021695633
BIRDS EYE IGLO       2332487Z LN   -427711801.4   3363661535
BIRSE CIVILS LTD     1333506Z LN   -17529759.02  148612506.4
BLACK & EDGINGTO          BLE LN   -124570092.3  130962299.8
BLUEWATER OPERAT     1685912Z LN   -21362577.22    115391731
BLUEWATER UK LTD     1719216Z LN   -41317209.46  139131490.7
BMI                     1113Z LN   -216730247.2  520473243.2
BNB RECRUITMENT           BQX GR   -10242625.55    103637705
BNB RECRUITMENT           BNB PO   -10242625.55    103637705
BNB RECRUITMENT           BNB IX   -10242625.55    103637705
BNB RECRUITMENT         BNBRF US   -10242625.55    103637705
BNB RECRUITMENT           BNB LN   -10242625.55    103637705
BODYCOTE HEAT TR      620598Z LN   -8532256.336  101101483.7
BOLTON WANDERERS     1274042Z LN   -51607913.21  134186447.2
BOSTON MAYFLOWER     1845650Z LN   -38702577.78  104489726.5
BOVIS LEND LEASE     2540850Z LN   -447807.1747  128240779.6
BP EXPLORATION A     1085738Z LN   -11474454.61   1521107023
BP SHIPPING          1281618Z LN   -33953796.77  422714181.4
BRADSTOCK GROUP         BSKGF US   -1855444.639  268563822.5
BRADSTOCK GROUP           BDK LN   -1855444.639  268563822.5
BRB RESIDUARY LT     2872503Z LN   -300504689.6  399749459.7
BRICKAGENT LTD       1194055Z LN   -6815890.411    330168624
BRIT BROADCAST          1517Z LN   -582276768.4   4439917375
BRIT ENERGY LTD       523362Q LN    -5822867501   4921095750
BRIT ENERGY PLC          BEN1 GR    -5822867501   4921095750
BRIT ENERGY PLC         BHEGF US    -5822867501   4921095750
BRIT ENERGY PLC         BGYEF US    -5822867501   4921095750
BRIT ENERGY PLC       555140Q VX    -5822867501   4921095750
BRIT ENERGY-A            BENA GR    -5822867501   4921095750
BRIT ENERGY-ADR         BHEFF US    -5822867501   4921095750
BRITISH ENER-$US         BGYD AR    -5822867501   4921095750
BRITISH ENER-$US       BGYNYD AR    -5822867501   4921095750
BRITISH ENER-ADR        BGYNY US    -5822867501   4921095750
BRITISH ENER-BLK       BGYNYB AR    -5822867501   4921095750
BRITISH ENER-BLK         BGYB AR    -5822867501   4921095750
BRITISH ENER-C/E       BGYNYC AR    -5822867501   4921095750
BRITISH ENER-C/E         BGYC AR    -5822867501   4921095750
BRITISH ENER-CED          BGY AR    -5822867501   4921095750
BRITISH ENER-CED        BGYNY AR    -5822867501   4921095750
BRITISH ENERGY-A         BGYA PO    -5822867501   4921095750
BRITISH ENERGY-A     3012442Q LN    -5822867501   4921095750
BRITISH ENERGY-A        BHEAF US    -5822867501   4921095750
BRITISH ENERGY-A        BGYGF US    -5822867501   4921095750
BRITISH ENERGY-A         BGYA VX    -5822867501   4921095750
BRITISH TRANSPOR     4015740Z LN   -283990419.8  154845540.2
BRIXTON GREAT WE     1242343Z LN   -24193317.48  164120047.9
BT SWITZERLAND L     1924382Z LN   -33792470.09  108013506.1
BTG INTERNATIONA     2815068Z LN   -15299768.54  384925017.9
BUNZL VENDING SE     1626514Z LN   -3627717.453    117295226
BURNDEN LEISURE           BDL LN   -34303346.66  148833324.3
CALSONIC KANSEI      1541442Z LN   -38998494.18  298627314.6
CALSONIC KANSEI      2730264Z LN   -112686897.5    233439821
CANARY WHARF FIN     1198063Z LN   -133871013.2   4239121844
CARILLION CONSTR     1328554Z LN   -62296373.48   2641870601
CARILLION SERVIC     1692592Z LN   -6947459.591  181597321.7
CARISBROOKE ANGL     3815488Z LN   -67887962.81  125396545.6
CATTLES PLC               CZS GR   -599615492.2   3880885246
CATTLES PLC               CTT PZ   -599615492.2   3880885246
CATTLES PLC             CHOXF US   -599615492.2   3880885246
CATTLES PLC            CTTSEK EO   -599615492.2   3880885246
CATTLES PLC               CTT EU   -599615492.2   3880885246
CATTLES PLC            CTTEUR EU   -599615492.2   3880885246
CATTLES PLC            CTTUSD EO   -599615492.2   3880885246
CATTLES PLC               CTT LN   -599615492.2   3880885246
CATTLES PLC            CTTUSD EU   -599615492.2   3880885246
CATTLES PLC               CTT VX   -599615492.2   3880885246
CATTLES PLC            CTTGBP EO   -599615492.2   3880885246
CATTLES PLC               CTT BQ   -599615492.2   3880885246
CATTLES PLC               CTT NR   -599615492.2   3880885246
CATTLES PLC            CTTEUR EO   -599615492.2   3880885246
CATTLES PLC               CTT QM   -599615492.2   3880885246
CATTLES PLC               CTT IX   -599615492.2   3880885246
CATTLES PLC               CTT TQ   -599615492.2   3880885246
CATTLES PLC               CTT EO   -599615492.2   3880885246
CATTLES PLC               CTT NQ   -599615492.2   3880885246
CATTLES PLC               CTT PO   -599615492.2   3880885246
CATTLES PLC               CTT EB   -599615492.2   3880885246
CATTLES PLC            CTTSEK EU   -599615492.2   3880885246
CATTLES PLC-ADR         CHOXY US   -599615492.2   3880885246
CATTLES PLC-FPR          CTTF PZ   -599615492.2   3880885246
CATTLES PLC-FPR          CTTF LN   -599615492.2   3880885246
CATTLES PLC-NPR          CTTN LN   -599615492.2   3880885246
CATTLES PLC-NPR          CTTN PZ   -599615492.2   3880885246
CATTLES PLC-NPR      2843734Q EO   -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          CCTN PZ   -599615492.2   3880885246
CATTLES PLC-RFD          CTTR PZ   -599615492.2   3880885246
CATTLES PLC-RFD          CTTR IX   -599615492.2   3880885246
CATTLES PLC-RFD          CTTR LN   -599615492.2   3880885246
CENTRICA NORWAY      2715576Z LN   -80242474.89  583750056.8
CENTRICA SHB LTD     1619386Z LN   -17242062.52   1058303961
CHANNEL 5 TELEVI       93306Z LN   -61651242.02  459075420.3
CHELSEA FOOTBALL     1508858Z LN   -594070533.6  390331439.9
CHRYSALIS GROUP        CHSUSD EO   -16399845.81  124838262.3
CHRYSALIS GROUP           CHS EO   -16399845.81  124838262.3
CHRYSALIS GROUP           HR4 GR   -16399845.81  124838262.3
CHRYSALIS GROUP           CHS EU   -16399845.81  124838262.3
CHRYSALIS GROUP        CHSEUR EU   -16399845.81  124838262.3
CHRYSALIS GROUP        CHSUSD EU   -16399845.81  124838262.3
CHRYSALIS GROUP        CHSGBP EO   -16399845.81  124838262.3
CHRYSALIS GROUP         CYGUF US   -16399845.81  124838262.3
CHRYSALIS GROUP        CHSEUR EO   -16399845.81  124838262.3
CHRYSALIS GROUP           CHS PO   -16399845.81  124838262.3
CHRYSALIS GROUP           CHS LN   -16399845.81  124838262.3
CHRYSALIS GROUP         CLYSF US   -16399845.81  124838262.3
CHRYSALIS GROUP           CHS PZ   -16399845.81  124838262.3
CHRYSALIS GROUP           CHS VX   -16399845.81  124838262.3
CHRYSALIS GROUP           5CY GR   -16399845.81  124838262.3
CHRYSALIS GROUP           CHS IX   -16399845.81  124838262.3
CITY INN LTD         2196980Z LN   -58757237.01  347215498.4
CLIPPER WINDPOWE          CWP EU     -168322000    436419008
CLIPPER WINDPOWE     3470635Q LN     -168322000    436419008
CLIPPER WINDPOWE          C2W GR     -168322000    436419008
CLIPPER WINDPOWE          CWP PG     -168322000    436419008
CLIPPER WINDPOWE          CWP IX     -168322000    436419008
CLIPPER WINDPOWE         CWPA LN     -168322000    436419008
CLIPPER WINDPOWE          CWP LN     -168322000    436419008
CLIPPER WINDPOWE          CWP PZ     -168322000    436419008
CLIPPER WINDPOWE          CWP EO     -168322000    436419008
CLIPPER WINDPOWE        CRPWF US     -168322000    436419008
CODEMASTERS SOFT     1522434Z LN   -139317421.8    165497678
COLAS RAIL LTD       4515415Z LN   -7305847.237  121887967.1
COMMERCIAL VEHIC     1575514Z LN   -19637.28046    146760852
COMMUNITY HOUSIN     4448257Z LN    -14511411.3  202470921.6
COMO HOLDINGS UK     3818576Z LN   -23709992.86  122013803.9
CONNECT M77/GSO      2028763Z LN   -30886645.59  222325514.3
CONNECT UTILITIE     2112683Z LN   -3401577.872  137324627.2
CONVENIENCE FOOD     1555794Z LN   -22712290.27  762249431.8
COOLKEERAGH ESB      4471679Z LN   -52669832.08  317763242.1
CORAL ESTATES LT     1077210Z LN   -2705934.021  167720044.9
COTT BEVERAGES L      605912Z LN   -16895546.47  184391857.8
COTT RETAIL BRAN     4499739Z LN    -15275862.4  184176726.3
CPI MORTARS LTD      1751696Z LN   -24785356.36  119460176.9
CROSBY GROUP PLC      237335Z LN   -110125991.6  336586360.4
CROSS KEYS HOMES     2008711Z LN   -123895266.7  168685502.5
CROWN BLUE LINE      1369234Z LN   -4505817.837  108693619.6
CSC METROCENTRE      1203663Z LN   -177523497.7    231888247
CUCINA LUX INVES     4503083Z LN   -332083965.3   3040705457
DANE HOUSING GRO     1773129Z LN   -27596778.77  113099606.8
DANKA BUS SYSTEM     3205287Q EU     -497126976    121439000
DANKA BUS SYSTEM     3205283Q EO     -497126976    121439000
DANKA BUS SYSTEM          DNK PZ     -497126976    121439000
DANKA BUS SYSTEM          DNK IX     -497126976    121439000
DANKA BUS SYSTEM          DNK PO     -497126976    121439000
DANKA BUS SYSTEM        DANKF US     -497126976    121439000
DANKA BUS SYSTEM     3205291Q EO     -497126976    121439000
DANKA BUS SYSTEM          DNK LN     -497126976    121439000
DANKA BUS SYSTEM          DNK VX     -497126976    121439000
DANKA BUS-$US CE        DANKD AR     -497126976    121439000
DANKA BUS-ADR             DB6 GR     -497126976    121439000
DANKA BUS-ADR           DANKY US     -497126976    121439000
DANKA BUS-ADR            AP39 LI     -497126976    121439000
DANKA BUS-ADR           DANKE US     -497126976    121439000
DANKA BUS-BLK CE        DANKB AR     -497126976    121439000
DANKA BUS-C/E CE        DANKC AR     -497126976    121439000
DANKA BUS-CEDEAR         DANK AR     -497126976    121439000
DCK GROUP LTD        4006628Z LN   -23972516.74  108515833.6
DELTA 3 UK LTD       4087083Z LN    -2278970462   8024284919
DERBY TELEGRAPH      1289578Z LN   -1870558.999  120329230.3
DHL EXPRESS UK L     1564450Z LN   -588968969.9  178269906.1
DIAMOND RESORT H     1710824Z LN   -33182092.85  203141679.9
DIAMOND RESORTS      1578906Z LN   -53932408.74    189968468
DIGNITY PLC            DTYGBP EO    -7483559.99  645145234.1
DIGNITY PLC               DTY LN    -7483559.99  645145234.1
DIGNITY PLC             DGNYF US    -7483559.99  645145234.1
DIGNITY PLC               DTY EU    -7483559.99  645145234.1
DIGNITY PLC               DTY EB    -7483559.99  645145234.1
DIGNITY PLC               DTY EO    -7483559.99  645145234.1
DIGNITY PLC            DTYUSD EU    -7483559.99  645145234.1
DIGNITY PLC               DN8 GR    -7483559.99  645145234.1
DIGNITY PLC               DTY NQ    -7483559.99  645145234.1
DIGNITY PLC            DTYEUR EO    -7483559.99  645145234.1
DIGNITY PLC               DTY QM    -7483559.99  645145234.1
DIGNITY PLC               DTY PZ    -7483559.99  645145234.1
DIGNITY PLC              DN8A GR    -7483559.99  645145234.1
DIGNITY PLC              DN8B GR    -7483559.99  645145234.1
DIGNITY PLC               DTY IX    -7483559.99  645145234.1
DIGNITY PLC               DTY BQ    -7483559.99  645145234.1
DIGNITY PLC               DTY VX    -7483559.99  645145234.1
DIGNITY PLC            DTYUSD EO    -7483559.99  645145234.1
DIGNITY PLC               DTY PO    -7483559.99  645145234.1
DIGNITY PLC               DTY S1    -7483559.99  645145234.1
DIGNITY PLC               DTY NR    -7483559.99  645145234.1
DIGNITY PLC               DTY TQ    -7483559.99  645145234.1
DIGNITY PLC            DTYEUR EU    -7483559.99  645145234.1
DIGNITY PLC              DN8A GK    -7483559.99  645145234.1
DISNEY MAGIC CO      1182559Z LN    -5415863.48    393500085
DISPOSABLE SOFT      1124335Z LN   -25554763.54  154077028.1
DONCASTERS PLC          2248Z LN   -317308195.4   1941958348
DONCASTERS-ADR        295664Q US   -317308195.4   1941958348
DRIVE ASSIST HOL     3641135Z LN   -97603977.94  738866338.9
DTZ DEBENHAM TIE     1637608Z LN   -65367918.17    431959182
E ON RUHRGAS UK      1671208Z LN     -182307521  370250605.6
E ON UK CHP LTD      2642428Z LN   -475664052.2  262876104.5
EASYJET AIRLINE      2828740Z LN   -48690159.99   3487432812
EASYNET GROUP             ESY LN   -60380605.51  334049332.2
EASYNET GROUP             ESY PO   -60380605.51  334049332.2
EASYNET GROUP             EAY GR   -60380605.51  334049332.2
EASYNET GROUP           EZNGF US   -60380605.51  334049332.2
EASYNET GROUP             ESY VX   -60380605.51  334049332.2
EASYNET GROUP-CV       91009Z LN   -60380605.51  334049332.2
ECONOMIST NEWSPA        6888Z LN   -2941080.267  399071232.6
EDF ENERGY 1 LTD     1201287Z LN   -185411355.3  354815290.3
ELECTROLUX PLC       2830657Z LN   -35611895.33  621721997.2
EMCOR GROUP UK P      376717Z LN   -3523625.215  201259239.8
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        3020138Q GR    -2265916257   2950021937
EMI GROUP PLC           EMIPF US    -2265916257   2950021937
EMI GROUP PLC             EMI VX    -2265916257   2950021937
EMI GROUP PLC             EMI IX    -2265916257   2950021937
EMI GROUP PLC             EMI PO    -2265916257   2950021937
EMI GROUP PLC-B      1019425Q LN    -2265916257   2950021937
EMI GROUP-ADR            38IS LN    -2265916257   2950021937
EMI GROUP-ADR           EMIPY US    -2265916257   2950021937
EMI GROUP-ADR            EMI$ LN    -2265916257   2950021937
ENERGY POWER RES      510443Z LN   -93963662.92  168611857.1
EQUINITI LTD          977621Z LN   -93668087.43  951504738.1
EQUITY INSURANCE     1284698Z LN    -17694968.8  178126828.2
ERM-EUROPE LTD       1539482Z LN   -6189230.383  168410403.4
ESPORTA HEALTH &     1689624Z LN   -15075296.84  156183034.4
EUROPEAN HOME          EHREUR EU   -14328735.16  110864081.4
EUROPEAN HOME             EHR EU   -14328735.16  110864081.4
EUROPEAN HOME           FPAKF US   -14328735.16  110864081.4
EUROPEAN HOME          EHRGBP EO   -14328735.16  110864081.4
EUROPEAN HOME             KLZ PO   -14328735.16  110864081.4
EUROPEAN HOME             KLZ VX   -14328735.16  110864081.4
EUROPEAN HOME             EHR PO   -14328735.16  110864081.4
EUROPEAN HOME          EHREUR EO   -14328735.16  110864081.4
EUROPEAN HOME             EHR VX   -14328735.16  110864081.4
EUROPEAN HOME             EHR EO   -14328735.16  110864081.4
EUROPEAN HOME             EHR PZ   -14328735.16  110864081.4
EUROPEAN HOME             EHR LN   -14328735.16  110864081.4
EUROSTAR INTERNA     4379945Z LN    -2612284156  558131218.9
EXXONMOBIL MARIN     1196527Z LN   -11436778.26  350633878.1
FAIRLINE BOATS H     4498779Z LN   -13944238.58  114504852.8
FAREPAK PLC               FPK LN   -14328735.16  110864081.4
FIAT GROUP AUTOM     3899922Z LN   -7664234.882  421296185.4
FINANCIAL SERVIC     2630281Z LN   -167558381.3  246856182.8
FIRST CHOICE HOL     1098394Z LN   -599861682.6  608849393.2
FIRST MANCHESTER     1651368Z LN   -24200051.04  144244194.9
FITNESS FIRST CL     1734144Z LN   -4542316.813  262997348.7
FITNESS FIRST GR     4501843Z LN   -831355754.2   1655609515
FLUKE PRECISION      1429402Z LN   -991319.9558  125904210.3
FLYBE LTD               6621Z LN   -118366561.9  450450527.2
FORD MOTOR CO LT     1291306Z LN   -493779397.8   5534240380
FOUR SEASONS HEA     1865450Z LN     -103869946    365540616
FUNDING CORP LTD     4157637Z LN   -28925795.68  201083535.3
FW FARNSWORTH LT     1293386Z LN   -38614609.29  102562597.5
GALA GROUP LTD         19374Z LN    -1443271177   5876950503
GALIFORM CORPORA     1478794Z LN    -47866839.4  904819053.8
GAMESTEC LEISURE     1432626Z LN   -26296700.79  146168301.5
GARTLAND WHALLEY          GWB LN    -10986768.6  145352034.5
GDF SUEZ MARKETI     4502811Z LN   -34122449.42  563945963.1
GE CALEDONIAN LT     2178340Z LN   -54963000.56  439227996.7
GE CAPITAL EQUIP     2563466Z LN    -3085527.46  119650545.9
GE MONEY SECURED     1194559Z LN   -118319538.8  890770764.4
GENERAL MOTORS       1062338Z LN   -912103488.1   2014993677
GLAXOSMITHKLINE         1426Z LN   -14428237.79  13870592118
GLEESON DEVELOPM     3950756Z LN      -65495092  111803622.2
GLOBAL CROSSING      3629883Z LN   -353965082.8  492328850.3
GLOBAL RADIO SER     4171741Z LN   -66177933.43  124610180.3
GO-AHEAD GRO-ADR        GHGUY US   -22138864.97   1524307576
GO-AHEAD GROUP         GOGGBP EO   -22138864.97   1524307576
GO-AHEAD GROUP            GOG VX   -22138864.97   1524307576
GO-AHEAD GROUP            GOG TQ   -22138864.97   1524307576
GO-AHEAD GROUP            GOG IX   -22138864.97   1524307576
GO-AHEAD GROUP         GOGUSD EU   -22138864.97   1524307576
GO-AHEAD GROUP            GOG PZ   -22138864.97   1524307576
GO-AHEAD GROUP            GOG EU   -22138864.97   1524307576
GO-AHEAD GROUP         GOGEUR EU   -22138864.97   1524307576
GO-AHEAD GROUP            GOG NQ   -22138864.97   1524307576
GO-AHEAD GROUP            GOG S1   -22138864.97   1524307576
GO-AHEAD GROUP            G9X GR   -22138864.97   1524307576
GO-AHEAD GROUP            GOG PO   -22138864.97   1524307576
GO-AHEAD GROUP          GHGUF US   -22138864.97   1524307576
GO-AHEAD GROUP            GOG LN   -22138864.97   1524307576
GO-AHEAD GROUP            GOG BQ   -22138864.97   1524307576
GO-AHEAD GROUP            GOG NR   -22138864.97   1524307576
GO-AHEAD GROUP            GOG EO   -22138864.97   1524307576
GO-AHEAD GROUP            G9X GK   -22138864.97   1524307576
GO-AHEAD GROUP            GOG QM   -22138864.97   1524307576
GO-AHEAD GROUP         GOGUSD EO   -22138864.97   1524307576
GO-AHEAD GROUP         GOGEUR EO   -22138864.97   1524307576
GO-AHEAD GROUP            GOG EB   -22138864.97   1524307576
GONDOLA GROUP LT     4499995Z LN   -284524422.8   1496226646
GOODRICH CONTROL     3631571Z LN   -204049997.3  694498740.9
GOODYEAR DUNLOP      3894550Z LN   -191322012.8    287023355
GRAINGER FINANCE     1850494Z LN   -22474336.95   1950379725
GRANT THORNTON U      961842Z LN    -53048686.7    407603310
GREEN (E) & PART          GEP LN   -32392901.23  196106689.5
HALDEX CONCENTRI     4160093Z LN   -29953316.08  111499657.3
HARMSWORTH PRINT     1552314Z LN   -10886430.88  200919014.7
HARMSWORTH PRINT     1719464Z LN   -20627005.31  199220095.8
HARMSWORTH QUAYS     1552378Z LN   -104222080.4  297855927.3
HAS ACCIDENT MAN     3815368Z LN   -15457607.26  491008239.2
HAYMARKET GROUP      4158941Z LN     -100498143  307693877.6
HELPHIRE FINANCE     1704464Z LN   -6187093.256  120517778.6
HESS INDONESIA P     1705776Z LN   -56622019.25  582889084.6
HOGG ROBINSON GR          HRG LN   -25479764.27  756214238.4
HOGG ROBINSON GR       HRGEUR EU   -25479764.27  756214238.4
HOGG ROBINSON GR          HRG EU   -25479764.27  756214238.4
HOGG ROBINSON GR        HOGGF US   -25479764.27  756214238.4
HOGG ROBINSON GR          HRG EO   -25479764.27  756214238.4
HOGG ROBINSON GR          DQX GR   -25479764.27  756214238.4
HOGG ROBINSON GR          HRG VX   -25479764.27  756214238.4
HOGG ROBINSON GR       HRGEUR EO   -25479764.27  756214238.4
HOGG ROBINSON GR          HRG S1   -25479764.27  756214238.4
HOGG ROBINSON GR          HRG PZ   -25479764.27  756214238.4
HOGG ROBINSON GR          HRG IX   -25479764.27  756214238.4
HOGG ROBINSON GR       HRGGBP EO   -25479764.27  756214238.4
HOLIDAY AUTOS IN     1155863Z LN   -52099341.51  222704774.4
HOME RETAIL GROU     1897678Z LN   -70921714.17  750699513.1
HOUSE FRASER-ADR        HOFSY US   -14410799.86  200149998.1
HOUSE FRASER-ADR        HSFRY US   -14410799.86  200149998.1
HOUSE OF FRASER           HOF PZ   -14410799.86  200149998.1
HOUSE OF FRASER           HOF VX   -14410799.86  200149998.1
HOUSE OF FRASER           HOF PO   -14410799.86  200149998.1
HOUSE OF FRASER         HSFRF US   -14410799.86  200149998.1
HOUSE OF FRASER           HOF LN   -14410799.86  200149998.1
HOUSE OF FRASER           HOF IX   -14410799.86  200149998.1
HUTCHISON 3G UK       265923Z LN    -2558478023  10215382954
HUTCHISON 3G UK      1870250Z LN   -10150197192  10089105316
HYDREX HOLDINGS      4156949Z LN   -150849963.2  145584295.2
IG GROUP LTD         4502843Z LN    -1592321157  220229260.6
IKANO FINANCIAL      2599182Z LN   -11016514.34  150562302.2
INCOMMUNITIES GR     4508531Z LN   -49295282.29  378434758.9
INEOS GROUP HLDG        6623Z LN   -798534470.8  15936006904
INEOS MANUFACTUR     2170452Z LN   -6726362.412   1831309315
INEOS VINYLS UK      1072618Z LN   -236733123.8  260899630.2
INFORMA UK LTD        699186Z LN   -288113629.1   1264298680
INN ON THE PARK      1111959Z LN   -7177632.816  136376673.9
INSPIRED GAMING      1181783Z LN   -87284373.38  396170831.1
INTELLIGENT FINA     1645352Z LN   -15789097.29  146432108.1
INTELLIGENT PROC     1897878Z LN   -16714344.93  183346516.4
INTERFLOOR GROUP      317371Z LN   -4692809.598  114809869.5
INTERNATIONAL RE     1074242Z LN   -43218061.61  121397915.9
INTERNATIONAL TR     1647720Z LN   -2256724.849  114588447.6
IRANIAN OIL CO U     1380570Z LN    -88170857.4  370135921.5
JARVIS PLC               JRVS EU   -64739862.73    130951086
JARVIS PLC            JRVSGBP EO   -64739862.73    130951086
JARVIS PLC               JRVS PZ   -64739862.73    130951086
JARVIS PLC                JVR GR   -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 LN   -64739862.73    130951086
JARVIS PLC            JRVSEUR EU   -64739862.73    130951086
JARVIS PLC               JRVS EO   -64739862.73    130951086
JARVIS PLC              JVSPF US   -64739862.73    130951086
JDR ENTERPRISES      3947788Z LN     -6557452.2    161501211
JESSOPS PLC               JSP VX   -42702018.35  112964060.4
JESSOPS PLC            JSPEUR EU   -42702018.35  112964060.4
JESSOPS PLC               JS4 GR   -42702018.35  112964060.4
JESSOPS PLC               JSP PO   -42702018.35  112964060.4
JESSOPS PLC               JSP EO   -42702018.35  112964060.4
JESSOPS PLC            JSPEUR EO   -42702018.35  112964060.4
JESSOPS PLC               JSP IX   -42702018.35  112964060.4
JESSOPS PLC               JSP LN   -42702018.35  112964060.4
JESSOPS PLC            JSPGBP EO   -42702018.35  112964060.4
JESSOPS PLC               JSP EU   -42702018.35  112964060.4
JESSOPS PLC               JSP PZ   -42702018.35  112964060.4
JS BLOOR SWINDON     1568906Z LN   -6114543.554  105908043.2
JVC EUROPE LTD       2667041Z LN   -2824766.239  131996942.9
KELLOGG MANAGEME     1739336Z LN   -5288683.744  348135786.3
KEW GREEN HOTELS     1031803Z LN   -1599263.515  287896510.3
KIA MOTORS UK LT     1985990Z LN    -34025454.6  315596502.8
KIER DEVELOPMENT       86900Z LN   -2166596.478    236323651
KILMARTIN HOLDIN     3589161Z LN   -32467784.16  576731039.1
KILMARTIN PROPER      534862Z LN    -37743228.9  444220212.7
KLEENEZE PLC              KLZ LN   -14328735.16  110864081.4
KNIGHTSTONE HOUS     4158133Z LN   -15308739.92  279866238.1
KODAK LTD            1275242Z LN   -180673404.9  661044368.6
KOP FOOTBALL HOL     3315203Z LN   -214487094.9  590218957.6
KOP FOOTBALL LTD      901297Z LN   -105207451.9  474568063.7
LAING O'ROURKE S     1963302Z LN   -16954145.38  143873589.8
LANCASTER INVEST     1575538Z LN   -49629875.36  118967854.4
LAPSENT LTD           203678Z LN   -26875940.03  200397842.7
LAST MINUTE NETW     1180895Z LN   -422618140.3  473430973.8
LATIMER GROUP LT     4089809Z LN   -397652099.9  909970808.9
LEGAL & GENERAL      1575290Z LN   -8846197.262  126569938.1
LGC LTD               161695Z LN   -44759203.51  163172696.4
LINK FINANCIAL          3041Z LN   -63296738.93  226722478.9
LIONCOVER INSURA     1120431Z LN   -221632.1611  741441082.5
LLOYDS TSB CORPO     2045779Z LN   -7210252.406  310036480.9
LLOYDS TSB EQUIP     1214495Z LN   -661481.4498  334557469.7
LLOYDS TSB EQUIP     1238423Z LN   -1919544.165  270438080.8
LOGICA INTERNATI     2562234Z LN   -204054196.2  183833558.7
LOMBARD CORPORAT     1162975Z LN   -7309362.404  198951662.4
LOMBARD CORPORAT     1131527Z LN   -12385559.45  212891317.9
LOMBARD VEHICLE      1503522Z LN   -1267689.428  354373524.8
LONDON ORGANISIN     2707808Z LN   -111194464.2  319902766.9
LONDON TOWN PLC           LTW EO   -21897636.36  175672299.2
LONDON TOWN PLC          LTWR LN   -21897636.36  175672299.2
LONDON TOWN PLC           LTW LN   -21897636.36  175672299.2
LONDON TOWN PLC           LOU GR   -21897636.36  175672299.2
LONDON TOWN PLC          LTWX LN   -21897636.36  175672299.2
LONDON TOWN PLC           LTW PG   -21897636.36  175672299.2
LONDON TOWN PLC           LTW EU   -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 PZ   -21897636.36  175672299.2
L'OREAL UK LTD       1294866Z LN   -38243907.35  469320156.2
LOTUS CARS LTD       1361858Z LN   -7107957.891  164348111.9
LOTUS GROUP INTE      144299Z LN   -6401594.745  177891981.7
LYNN WIND FARM L     3953012Z LN   -10085817.46  285246974.4
MAKRO SELF SERVI     1373618Z LN   -164720222.7  400641220.4
MANCHESTER CITY      2348397Z LN   -67944775.11  542937877.7
MANSFORD HOLDING      253659Z LN   -4565898.062  650742111.3
MAPELEY STEPS CO     1914846Z LN   -44982581.48  112862516.8
MARSH SERVICES L     1701416Z LN   -523772036.4  121325725.9
MAYBOURNE HOTELS     1824362Z LN   -7342720.585  243776690.2
MBDA UK LTD          1720864Z LN    -24824098.4   1872164454
MCINERNEY GROUP      1967014Z LN   -39888859.48  221805262.1
MCINERNEY HOMES      1688792Z LN   -40656839.54  139495247.7
MEDIAEDGE CIA UK     1912470Z LN    -43196912.2  117183919.6
MEDIMMUNE LTD        1596402Z LN   -18333665.25  353092399.2
MENZIES HOTELS H     4496419Z LN   -4625874.656  352267990.8
MENZIES HOTELS O     2527986Z LN   -26869545.88  137849610.2
MIDDLESEX CABLE      1598242Z LN   -170219219.9  108664527.9
MIDLAND EXPRESSW      583730Z LN   -21453585.64   1190959618
MILLENNIUM STADI     1727672Z LN   -10005942.39  176877728.5
MILLER HOMES         2220892Z LN   -31021993.81    983811413
MNAIP LTD            2018815Z LN   -8594175.012  140270204.8
MONARCH HOLDINGS     4502027Z LN    -65326834.3  774720668.6
MOTO HOSPITALITY     1344378Z LN   -151994623.3   1110023228
MYTRAVEL GROUP           MT/S VX   -379721780.5   1817512774
MYTRAVEL GROUP          MYTPF US   -379721780.5   1817512774
MYTRAVEL GROUP           MT/S LN   -379721780.5   1817512774
MYTRAVEL GROUP           MT/S PO   -379721780.5   1817512774
MYTRAVEL GROUP       3544280Q IX   -379721780.5   1817512774
MYTRAVEL GROUP           ARO2 GR   -379721780.5   1817512774
MYTRAVEL GROUP P          MT/ VX   -379721780.5   1817512774
MYTRAVEL GROUP P        MYTGF US   -379721780.5   1817512774
MYTRAVEL GROUP P     1018144Q GR   -379721780.5   1817512774
MYTRAVEL GROUP-A        MYTVF US   -379721780.5   1817512774
MYTRAVEL GROUP-A     2281919Q GR   -379721780.5   1817512774
MYTRAVEL TOUR OP     1190295Z LN    -1403641162   2477169600
NACCO MATERIALS      1141567Z LN   -7118433.514  147004693.9
NATIONAL AUSTRAL     2191908Z LN   -381192.6999  369122665.5
NATIONS HEALTHCA      623142Z LN   -72928597.94  110273248.2
NCR LTD              3083521Z LN   -221436502.9  354267221.2
NESTLE UK LTD        1274562Z LN   -441369183.5   1411557990
NEW LINX HOUSING     1801057Z LN   -12040509.71  233111422.6
NEW LOOK RETAIL      2711544Z LN   -400438791.5   2225635874
NEW STAR ASSET           NSAM PO     -397718038  292972732.1
NEW STAR ASSET           NSAM LN     -397718038  292972732.1
NEW STAR ASSET           NSAM IX     -397718038  292972732.1
NEW STAR ASSET           NSAA LN     -397718038  292972732.1
NEW STAR ASSET       3226439Q EU     -397718038  292972732.1
NEW STAR ASSET           NSAM TQ     -397718038  292972732.1
NEW STAR ASSET           NSAM PZ     -397718038  292972732.1
NEW STAR ASSET          NWSAF US     -397718038  292972732.1
NEW STAR ASSET       3226443Q EO     -397718038  292972732.1
NEW STAR ASSET       3226431Q EU     -397718038  292972732.1
NEW STAR ASSET            N6S GR     -397718038  292972732.1
NEW STAR ASSET       3226435Q EO     -397718038  292972732.1
NEW STAR ASSET       3226447Q EO     -397718038  292972732.1
NEWCASTLE UNITED     4380361Z LN   -84704702.71  255597482.6
NEWCASTLE UNITED     1060322Z LN   -95555794.95  260472311.5
NIKKO PRINCIPAL       815703Z LN   -162068875.3  256750134.5
NORBAIN GROUP LT     4007676Z LN   -15436972.45  108956420.2
NORTHERN ELEC FI       28944Z US   -1130359.983    408059954
NORTHERN ELECTRI     1160759Z LN   -1130359.983    408059954
NORTHERN FO-ASSD         NFDA LN   -70166103.48  924672036.4
NORTHERN FOODS           NFDS VX   -70166103.48  924672036.4
NORTHERN FOODS           NFDS PO   -70166103.48  924672036.4
NORTHERN FOODS            NFO GK   -70166103.48  924672036.4
NORTHERN FOODS           NFDS EO   -70166103.48  924672036.4
NORTHERN FOODS           NFDS NR   -70166103.48  924672036.4
NORTHERN FOODS            NFO GR   -70166103.48  924672036.4
NORTHERN FOODS           NFDS QM   -70166103.48  924672036.4
NORTHERN FOODS           NFDS BQ   -70166103.48  924672036.4
NORTHERN FOODS           NFDS NQ   -70166103.48  924672036.4
NORTHERN FOODS           NFDS EB   -70166103.48  924672036.4
NORTHERN FOODS        NFDSGBP EO   -70166103.48  924672036.4
NORTHERN FOODS           NFDS EU   -70166103.48  924672036.4
NORTHERN FOODS          NTFOF US   -70166103.48  924672036.4
NORTHERN FOODS           NFDS S1   -70166103.48  924672036.4
NORTHERN FOODS        NFDSUSD EU   -70166103.48  924672036.4
NORTHERN FOODS        NFDSEUR EO   -70166103.48  924672036.4
NORTHERN FOODS           NFDS IX   -70166103.48  924672036.4
NORTHERN FOODS           NFDS TQ   -70166103.48  924672036.4
NORTHERN FOODS           NFDS LN   -70166103.48  924672036.4
NORTHERN FOODS        NFDSUSD EO   -70166103.48  924672036.4
NORTHERN FOODS        NFDSEUR EU   -70166103.48  924672036.4
NORTHERN FOODS           NFDS PZ   -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
NOVAR ED&S LTD       1286578Z LN   -51664317.66  171098635.4
NOVELIS UK LTD       1295610Z LN   -29354907.35  167393334.2
NPIL HOLDCO LTD      3641071Z LN   -174437379.8  865144704.3
NPOWER GAS LTD       1689816Z LN     -466594411  568335416.1
NPOWER LTD           1185599Z LN   -352930656.8   4019259247
NPOWER NORTHERN      1779169Z LN   -251096564.1   2185949264
NTL COMMUNICATIO     1773729Z LN   -301208075.9  954738393.1
NTL MIDLANDS LTD     1579698Z LN   -1174963.948  459374901.9
OAKHILL GROUP LT     4499435Z LN   -10360362.13  225866415.8
ODEON & UCI CINE     3489372Z LN   -343984749.9   1063234218
O-I MANUFACTURIN     1320610Z LN   -15447837.01  127695517.6
OPTIMUM CARE LTD     3951796Z LN    -23827846.5  131314548.6
ORBIS PLC                 OBS PO     -4168493.8  127701679.5
ORBIS PLC                 OBS IX     -4168493.8  127701679.5
ORBIS PLC                 OBS PZ     -4168493.8  127701679.5
ORBIS PLC                 RLP GR     -4168493.8  127701679.5
ORBIS PLC                 OBS LN     -4168493.8  127701679.5
ORBIS PLC               ORBSF US     -4168493.8  127701679.5
ORBIS PLC                 OBG PO     -4168493.8  127701679.5
ORION ELECTRIC U     1513394Z LN   -9086918.607  140787898.2
OUTDOOR GROUP LT     1318338Z LN   -34424941.75  127535038.5
PARAGON SECOND F     2634515Z LN   -791215.0998   2719029923
PARK FOOD GROUP          PKFD LN   -46896921.68  229105534.5
PARK GROUP PLC          PRKGF US   -46896921.68  229105534.5
PARK GROUP PLC            PKG EO   -46896921.68  229105534.5
PARK GROUP PLC            PKG VX   -46896921.68  229105534.5
PARK GROUP PLC            PKG EU   -46896921.68  229105534.5
PARK GROUP PLC           PRKG IX   -46896921.68  229105534.5
PARK GROUP PLC            PKG PZ   -46896921.68  229105534.5
PARK GROUP PLC            PKG PO   -46896921.68  229105534.5
PARK GROUP PLC         PKGGBP EO   -46896921.68  229105534.5
PARK GROUP PLC            PKG LN   -46896921.68  229105534.5
PARSONS BRINCKER     4496363Z LN   -4691186.744  159531362.7
PARTKESTREL LTD      1486546Z LN   -90325648.32   1585961788
PATIENTLINE PLC           PTL IX   -54677284.64  124948245.8
PATIENTLINE PLC           PTL PO   -54677284.64  124948245.8
PATIENTLINE PLC           PTL PZ   -54677284.64  124948245.8
PATIENTLINE PLC           PTL VX   -54677284.64  124948245.8
PATIENTLINE PLC      2928903Q EU   -54677284.64  124948245.8
PATIENTLINE PLC      2928907Q EO   -54677284.64  124948245.8
PATIENTLINE PLC           PTL LN   -54677284.64  124948245.8
PATIENTLINE PLC      2928899Q EO   -54677284.64  124948245.8
PD PORT SERVICES     1407442Z LN   -10969629.43  162071623.9
PEGASUS RETIREME     1025323Z LN    -14474980.9  110180845.6
PENDRAGON PREMIE     1858506Z LN   -9882654.702  157562986.3
PENNINE HOUSING      1892438Z LN   -173655254.2  138682867.1
PEUGEOT CITROEN      1974702Z LN    -75918857.1  186001199.9
PHONOGRAPHIC PER     1296410Z LN   -7333794.897  201686757.6
PHS GROUP HOLDIN     3173182Z LN     -155785961   1761269364
PHS GROUP PLC         592449Z LN     -211011146   1915467185
PIL UK LTD           1194711Z LN   -42514912.95    100686482
PIPEX UK LTD         3956092Z LN   -94180733.77  183398680.1
PLACES FOR PEOPL     1914158Z LN   -10355226.52  535789315.1
PLANNED MAINTENA     1344714Z LN    -26609460.7  106403319.2
PORTSMOUTH FOOTB     2253627Z LN   -93977761.27  177073811.1
POST OFFICE LTD      1542650Z LN   -810274769.8   1745713935
POWERCORP INTERN     2075155Z LN   -9861916.228    120277629
PPG METRO 500 LT     2224564Z LN   -28999808.24  139145845.8
PREMIER OIL ONS      1992742Z LN     -104423997  811581976.4
PREMIUM AIRCRAFT     1295466Z LN   -31667987.25  104369715.9
PRESTBURY WENTWO     3814856Z LN   -193029639.3  625471206.9
PRINOVIS LIVERPO     2074147Z LN   -23730499.87  280965576.9
PRIORY EDUCATION     4453681Z LN   -861445.5338  213349151.9
PRODUCTION SERVI     2278723Z LN   -106295710.9  522254840.1
PROSTRAKAN GROUP          PSK PZ   -9666264.987  134080449.8
PROSTRAKAN GROUP          PSK IX   -9666264.987  134080449.8
PROSTRAKAN GROUP       PSKEUR EU   -9666264.987  134080449.8
PROSTRAKAN GROUP          PSK EU   -9666264.987  134080449.8
PROSTRAKAN GROUP       PSKGBP EO   -9666264.987  134080449.8
PROSTRAKAN GROUP          PSK S1   -9666264.987  134080449.8
PROSTRAKAN GROUP        PKNGF US   -9666264.987  134080449.8
PROSTRAKAN GROUP          PSK EO   -9666264.987  134080449.8
PROSTRAKAN GROUP          PSK PO   -9666264.987  134080449.8
PROSTRAKAN GROUP       PSKEUR EO   -9666264.987  134080449.8
PROSTRAKAN GROUP          PSK VX   -9666264.987  134080449.8
PROSTRAKAN GROUP          PSK LN   -9666264.987  134080449.8
QUINN BUILDING P     3949900Z LN   -22116104.71   1257547028
QUINN RADIATORS      1405898Z LN   -38929824.49  280654750.5
R&R ICE CREAM LT     3624280Z LN   -119415790.4  995648642.4
RAVEN HOUSING TR     4155997Z LN   -1384128.565  165155995.7
RBS MEZZANINE LT     2198564Z LN   -31627066.42  866060198.2
REAL ESTATE OP-O          REO EO    -1158383413   1692537506
REAL ESTATE OP-O       REOGBP EO    -1158383413   1692537506
REAL ESTATE OP-O          REO LN    -1158383413   1692537506
REAL ESTATE OP-O          REO IX    -1158383413   1692537506
REAL ESTATE OP-O          REO VX    -1158383413   1692537506
REAL ESTATE OP-O          REO ID    -1158383413   1692537506
REAL ESTATE OP-O          REO EU    -1158383413   1692537506
REAL ESTATE OP-O          REO PZ    -1158383413   1692537506
REAL ESTATE OP-O          REA GR    -1158383413   1692537506
RED FOOTBALL JOI     3277951Z LN   -101906192.3   1372452972
REDCASTLE 214 OX     1195151Z LN   -5844657.853  274975930.1
REDROW HOMES SOU     1797057Z LN   -45356044.32  102538083.4
REDROW HOMES SOU     1797065Z LN   -47639268.23  233726422.1
REGARD HOLDINGS      4157517Z LN   -2678709.275  159772566.2
RENAULT RETAIL G     1569882Z LN   -939316.5822  148920952.8
RENTOKIL INITIAL          RTO LN   -195196189.7   2808673659
RENTOKIL INITIAL       RTOPEN EO   -195196189.7   2808673659
RENTOKIL INITIAL       RTOUSD EU   -195196189.7   2808673659
RENTOKIL INITIAL          RTO GR   -195196189.7   2808673659
RENTOKIL INITIAL          RTO PZ   -195196189.7   2808673659
RENTOKIL INITIAL          RTO PO   -195196189.7   2808673659
RENTOKIL INITIAL       RTOGBP EO   -195196189.7   2808673659
RENTOKIL INITIAL          RTO VX   -195196189.7   2808673659
RENTOKIL INITIAL         RTO1 GK   -195196189.7   2808673659
RENTOKIL INITIAL          RTO QM   -195196189.7   2808673659
RENTOKIL INITIAL          RTO EB   -195196189.7   2808673659
RENTOKIL INITIAL       RTOEUR EU   -195196189.7   2808673659
RENTOKIL INITIAL       RTOPEN EU   -195196189.7   2808673659
RENTOKIL INITIAL          RTO NQ   -195196189.7   2808673659
RENTOKIL INITIAL          RTO S1   -195196189.7   2808673659
RENTOKIL INITIAL          RTO IX   -195196189.7   2808673659
RENTOKIL INITIAL          RTO BQ   -195196189.7   2808673659
RENTOKIL INITIAL          RTO NR   -195196189.7   2808673659
RENTOKIL INITIAL        RTOKF US   -195196189.7   2808673659
RENTOKIL INITIAL         RTOG IX   -195196189.7   2808673659
RENTOKIL INITIAL          RTO EU   -195196189.7   2808673659
RENTOKIL INITIAL       RTOUSD EO   -195196189.7   2808673659
RENTOKIL INITIAL         RTO1 GR   -195196189.7   2808673659
RENTOKIL INITIAL          RTO EO   -195196189.7   2808673659
RENTOKIL INITIAL          RTO TQ   -195196189.7   2808673659
RENTOKIL INITIAL       RTOEUR EO   -195196189.7   2808673659
RENTOKIL INITIAL        RKLIF US   -195196189.7   2808673659
RENTOKIL-SP ADR          AP76 LI   -195196189.7   2808673659
RENTOKIL-SP ADR         RTOKY US   -195196189.7   2808673659
RIO TINTO LONDON     1313074Z LN   -11248111.34  837785373.2
ROBINS & DAY LTD     1280922Z LN   -36729873.15  136233088.2
ROSEMONT HOLDING     4391905Z LN   -31339191.24  171491776.4
ROSYTH ROYAL DOC     2184524Z LN   -51250390.37  170932412.7
ROYAL BANK LEASI     2177244Z LN   -39584779.74  12845267029
ROYAL MAIL HOLDI     3900202Z LN   -10344178409   9705181654
SAFFRON HOUSING      4448377Z LN     -3777866.1  124457507.9
SAIPEM UK LTD        1472234Z LN   -34531089.55  391340190.7
SALAMANDER ENERG     2706372Z LN   -29541804.54  683160550.3
SAMPFORD UNDERWR     1230791Z LN   -18964953.58  150532675.1
SCOTTISH MEDIA            SSM LN   -30869684.96  154348424.8
SCOTTISH MEDIA          1442Q GR   -30869684.96  154348424.8
SCOTTISH MEDIA           SSMR LN   -30869684.96  154348424.8
SCOTTISH TELEV          SCTVF US   -30869684.96  154348424.8
SCOTTISH WIDOWS      1265663Z LN   -10131728.42  433671573.2
SCOTTISHPOWER EN     2211292Z LN   -388472480.2   2874992270
SCOTTS CO UK LTD     1154459Z LN   -31443592.79  119553562.6
SEGRO FINANCE PU     2320833Z LN   -1254907.484  270979842.3
SELWOOD HOUSING      1933982Z LN    -5609259.85  165098338.1
SEVERN VALE HOUS     4287717Z LN   -44717000.15  142537265.7
SHEFFIELD UNITED     1275418Z LN   -17603955.28  111039465.6
SIMON CARVES LTD     1209367Z LN   -153213598.1  103106141.1
SKANDIA LIFE BUS     1451642Z LN   -1945833.316  191394739.6
SKYEPHARMA PLC           SK8C GR   -124570092.3  130962299.8
SKYEPHARMA PLC            SKP BQ   -124570092.3  130962299.8
SKYEPHARMA PLC            SKP EU   -124570092.3  130962299.8
SKYEPHARMA PLC           SKP1 VX   -124570092.3  130962299.8
SKYEPHARMA PLC            SKP TQ   -124570092.3  130962299.8
SKYEPHARMA PLC         SKPGBP EO   -124570092.3  130962299.8
SKYEPHARMA PLC            SKP IX   -124570092.3  130962299.8
SKYEPHARMA PLC            SKP VX   -124570092.3  130962299.8
SKYEPHARMA PLC            SKP PZ   -124570092.3  130962299.8
SKYEPHARMA PLC           SK8A GR   -124570092.3  130962299.8
SKYEPHARMA PLC         SKPEUR EO   -124570092.3  130962299.8
SKYEPHARMA PLC            SKP EO   -124570092.3  130962299.8
SKYEPHARMA PLC            SKP PO   -124570092.3  130962299.8
SKYEPHARMA PLC         SKPEUR EU   -124570092.3  130962299.8
SKYEPHARMA PLC          SKYEF US   -124570092.3  130962299.8
SKYEPHARMA PLC            SKP LN   -124570092.3  130962299.8
SKYEPHARMA -SUB      2976665Z LN   -124570092.3  130962299.8
SKYEPHARMA-ADR          SKYEY US   -124570092.3  130962299.8
SKYEPHARMA-ADR           SKYE US   -124570092.3  130962299.8
SKYEPHARMA-ADR          SKYPY US   -124570092.3  130962299.8
SKYEPHARMA-ADR            SK8 GR   -124570092.3  130962299.8
SKYEPHARMA-ADR           AP80 LI   -124570092.3  130962299.8
SKYEPHARMA-ADR           SK8N GR   -124570092.3  130962299.8
SKYEPHAR-RTS F/P         SKPF LN   -124570092.3  130962299.8
SKYEPHAR-RTS F/P         SKPF VX   -124570092.3  130962299.8
SKYEPHAR-RTS N/P         SKPN VX   -124570092.3  130962299.8
SKYEPHAR-RTS N/P         SKPN LN   -124570092.3  130962299.8
SLP ENGINEERING      1855186Z LN    -32035150.2  111509874.7
SMG PLC                   SMG LN   -30869684.96  154348424.8
SMG PLC                   SMG PO   -30869684.96  154348424.8
SMG PLC-FUL PAID         SMGF LN   -30869684.96  154348424.8
SMG PLC-NIL PAID         SMGN LN   -30869684.96  154348424.8
SMITHS NEWS PLC           NWS S1   -96686010.48    285345604
SMITHS NEWS PLC           NWS LN   -96686010.48    285345604
SMITHS NEWS PLC         SMWPF US   -96686010.48    285345604
SMITHS NEWS PLC       NWS2EUR EU   -96686010.48    285345604
SMITHS NEWS PLC          NWS1 EU   -96686010.48    285345604
SMITHS NEWS PLC          NWS1 EO   -96686010.48    285345604
SMITHS NEWS PLC          NWS2 EU   -96686010.48    285345604
SMITHS NEWS PLC       NWS2EUR EO   -96686010.48    285345604
SMITHS NEWS PLC           NWS VX   -96686010.48    285345604
SMITHS NEWS PLC       NWS1GBP EO   -96686010.48    285345604
SMITHS NEWS PLC           NWS PO   -96686010.48    285345604
SMITHS NEWS PLC           NWS IX   -96686010.48    285345604
SMITHS NEWS PLC       NWS2GBP EO   -96686010.48    285345604
SMITHS NEWS PLC          NWS1 BQ   -96686010.48    285345604
SMITHS NEWS PLC          NWS2 EO   -96686010.48    285345604
SMITHS NEWS PLC          NWS2 TQ   -96686010.48    285345604
SMITHS NEWS PLC         SMWPY US   -96686010.48    285345604
SMITHS NEWS PLC           NWS PZ   -96686010.48    285345604
SOMERSTON HOTELS     1231735Z LN   -35575589.67  108704983.3
SOMERSTON HOTELS     1167535Z LN   -51211253.55  508558934.5
SONY COMPUTER EN     3893902Z LN   -270582841.2   1433817117
SONY UNITED KING     1591658Z LN   -784050234.3   2342876447
SOUTH STAFFORDSH     4049781Z LN   -7077930.307  130208179.7
SOUTHERN CROSS           SCHE IX   -456857315.8  226500989.9
SOUTHERN CROSS        SCHEUSD EO   -456857315.8  226500989.9
SOUTHERN CROSS        SCHEEUR EU   -456857315.8  226500989.9
SOUTHERN CROSS        SCHEEUR EO   -456857315.8  226500989.9
SOUTHERN CROSS            F2Z GR   -456857315.8  226500989.9
SOUTHERN CROSS           SCHE QM   -456857315.8  226500989.9
SOUTHERN CROSS           SCHE PZ   -456857315.8  226500989.9
SOUTHERN CROSS           SCHE NQ   -456857315.8  226500989.9
SOUTHERN CROSS           SCHE EB   -456857315.8  226500989.9
SOUTHERN CROSS        SCHEUSD EU   -456857315.8  226500989.9
SOUTHERN CROSS           SCHE EO   -456857315.8  226500989.9
SOUTHERN CROSS           SCHE S1   -456857315.8  226500989.9
SOUTHERN CROSS           SCHE TQ   -456857315.8  226500989.9
SOUTHERN CROSS           SCHE EU   -456857315.8  226500989.9
SOUTHERN CROSS           SCHE BQ   -456857315.8  226500989.9
SOUTHERN CROSS            F2Z TH   -456857315.8  226500989.9
SOUTHERN CROSS          SOCHF US   -456857315.8  226500989.9
SOUTHERN CROSS           SCHE VX   -456857315.8  226500989.9
SOUTHERN CROSS           SCHE LN   -456857315.8  226500989.9
SOUTHERN CROSS           SCHE PO   -456857315.8  226500989.9
SOUTHERN CROSS           SCHE NR   -456857315.8  226500989.9
SOUTHERN CROSS        SCHEGBP EO   -456857315.8  226500989.9
SOUTHERN ELECTRI     2635379Z LN   -259913242.1   1437660480
SPEAR GROUP HOLD     4470999Z LN   -91133585.59  140447896.6
SPEEDY 1 LTD         3722238Z LN   -464739433.2   1384529500
SPEEDY SUPPORT S     1601730Z LN   -34304692.53  146096457.3
SQUARE ENIX LTD      1826770Z LN   -155713036.9  185670555.6
SR TECHNICS UK L     2900250Z LN   -77404908.99  164414742.8
STAGECOACH SERVI     1584258Z LN   -27470918.93  305042241.9
STARBUCKS COFFEE     1156111Z LN    -43279602.2  213295057.7
STV GROUP PLC            STVG EU   -30869684.96  154348424.8
STV GROUP PLC            STVG VX   -30869684.96  154348424.8
STV GROUP PLC            STVG EO   -30869684.96  154348424.8
STV GROUP PLC             SMG IX   -30869684.96  154348424.8
STV GROUP PLC         STVGGBP EO   -30869684.96  154348424.8
STV GROUP PLC         STVGEUR EO   -30869684.96  154348424.8
STV GROUP PLC         STVGEUR EU   -30869684.96  154348424.8
STV GROUP PLC            STVG LN   -30869684.96  154348424.8
STV GROUP PLC             SMG PZ   -30869684.96  154348424.8
STV GROUP PLC            STVG S1   -30869684.96  154348424.8
STV GROUP PLC             SMG VX   -30869684.96  154348424.8
STV GROUP PLC           SMGPF US   -30869684.96  154348424.8
SUN CHEMICAL LTD     2569274Z LN   -21504458.55  276424178.5
SUNDERLAND ASSOC     1274418Z LN   -20522907.95  131617422.5
SUNSAIL LTD          1092666Z LN   -46608014.99  194329796.1
SW NO 1 LTD          1266351Z LN     -141200260    138566867
SWIFT TECHNICAL      4287133Z LN   -13473129.82  118980095.9
SWISS RE SERVICE     1209591Z LN   -43306880.78  327991637.9
TATA CMMNCTNS UK     2534722Z LN   -32378969.15  118690215.5
TAYLOR WIMPEY UK     1096922Z LN   -63897271.12   5389915426
TDL INFOMEDIA           3362Z LN   -4103374.146  172206907.7
TELEWEST COMMUNI     1646328Z LN   -322407498.9  794173871.1
TELEWEST COMMUNI     1608194Z LN   -459786702.9   9163459022
THALES CORPORATE     1083706Z LN   -39356881.83  696177878.8
THAMES WATER FIN        1615Z LN   -48749918.54   4474513723
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
TIGER ASPECT PRO     1819690Z LN    -1811042.92  108420699.7
TIMES NEWSPAPERS     2343939Z LN   -648843186.8  663564537.7
TOPAZ ENERGY LTD     4156397Z LN   -486865.8029  201580164.4
TOPPS TILES PLC           TPT BQ   -37156577.81  134888367.5
TOPPS TILES PLC         TPTJY US   -37156577.81  134888367.5
TOPPS TILES PLC        TPTEUR EO   -37156577.81  134888367.5
TOPPS TILES PLC           TPT PO   -37156577.81  134888367.5
TOPPS TILES PLC           TPT PZ   -37156577.81  134888367.5
TOPPS TILES PLC           TPT IX   -37156577.81  134888367.5
TOPPS TILES PLC        TPTGBP EO   -37156577.81  134888367.5
TOPPS TILES PLC           TPT EO   -37156577.81  134888367.5
TOPPS TILES PLC        TPTEUR EU   -37156577.81  134888367.5
TOPPS TILES PLC           TPT VX   -37156577.81  134888367.5
TOPPS TILES PLC           TPT EU   -37156577.81  134888367.5
TOPPS TILES PLC           TPT TQ   -37156577.81  134888367.5
TOPPS TILES PLC           TPT S1   -37156577.81  134888367.5
TOPPS TILES PLC           TPT LN   -37156577.81  134888367.5
TOPPS TILES PLC         TPTJF US   -37156577.81  134888367.5
TOPPS TILES-NEW          TPTN LN   -37156577.81  134888367.5
TRANSACTION SYST     1724584Z LN   -12727180.44  250347935.1
TRAVELEX HOLDING     2917958Z LN    -1298945101   2546701094
TRAVELODGE LTD       3471462Z LN   -391596042.3   1326034289
TRINITY MIRROR C     1871386Z LN   -53485246.17  204376308.9
TRINITY MIRROR M     1871370Z LN   -140843056.8  448783505.1
TRINITY MIRROR P     1511258Z LN   -123528659.2  920027091.7
TRINITY MIRROR S     1512242Z LN   -3205761.051  531281737.1
TSE DEVELOPMENT      2087531Z LN   -251391473.8  571968273.4
TUBE LINES FINAN     1241207Z LN   -2914999.962   2408518672
TUI UK LTD           1653824Z LN   -371582799.9   4848194651
TYCO HEALTHCARE      1066794Z LN   -12776603.56  314861589.2
UK POWER NETWORK     1195095Z LN   -7426844.716  332722643.3
UNIGATE PLC             UNGAF US   -34143742.45  284687094.6
UNIGATE PLC             UNGPF US   -34143742.45  284687094.6
UNIGATE PLC              UNIG LN   -34143742.45  284687094.6
UNIGATE PLC             1577Q GR   -34143742.45  284687094.6
UNIGATE PLC-ADR         UNGAY US   -34143742.45  284687094.6
UNILEVER UK CENT     1273034Z LN    -1928848885   6056871052
UNIQ PLC                  UGE GR   -34143742.45  284687094.6
UNIQ PLC                UNQPF US   -34143742.45  284687094.6
UNIQ PLC                 UNIQ PZ   -34143742.45  284687094.6
UNIQ PLC                 UNIQ EO   -34143742.45  284687094.6
UNIQ PLC                 UNIQ EU   -34143742.45  284687094.6
UNIQ PLC              UNIQEUR EO   -34143742.45  284687094.6
UNIQ PLC                 UNIQ LN   -34143742.45  284687094.6
UNIQ PLC                UNIQF US   -34143742.45  284687094.6
UNIQ PLC              UNIQGBP EO   -34143742.45  284687094.6
UNIQ PLC                 UNIQ PO   -34143742.45  284687094.6
UNIQ PLC                 UNIQ IX   -34143742.45  284687094.6
UNIQ PLC                 UNIQ VX   -34143742.45  284687094.6
UNIQ PLC                 UGE1 GR   -34143742.45  284687094.6
UNIQ PLC              UNIQEUR EU   -34143742.45  284687094.6
UNIQ PREPARED FO     1077122Z LN     -120661558  355622471.3
UNITED BISCUITS      3193858Z LN   -326896245.3   3316769414
UNITED UTILITIES     1209903Z LN   -27701160.37  179120252.9
UNIVERSAL PICTUR     1083202Z LN   -66200436.83  242851864.9
UPP NOTTINGHAM L     1958934Z LN   -13938890.46  168152521.5
UPS LTD              1503290Z LN   -128358198.9  422072199.6
VALE OF AYLESBUR     4006932Z LN   -73416860.01  100856530.6
VANCO UK LTD         2784982Z LN   -19948188.55  101300528.2
VINK HOLDINGS LT     4380233Z LN   -13477348.26  132005020.2
VIRGIN HOTELS GR     4288389Z LN   -30191249.31  109995632.6
VIRGIN MOB-ASSD          VMOC LN   -392165409.3  166070003.7
VIRGIN MOB-ASSD          VMOA LN   -392165409.3  166070003.7
VIRGIN MOBILE            VMOB LN   -392165409.3  166070003.7
VIRGIN MOBILE            VMOB PO   -392165409.3  166070003.7
VIRGIN MOBILE             UEM GR   -392165409.3  166070003.7
VIRGIN MOBILE           VGMHF US   -392165409.3  166070003.7
VIRGIN MOBILE            VMOB VX   -392165409.3  166070003.7
VIRGIN WINGS LTD     4500155Z LN   -347033067.8   5365071310
VODAFONE UK CONT     1909662Z LN    -52004914.2    193624994
VOYAGE GROUP LTD     4168725Z LN   -89543682.76    572205624
WALES & WEST UTI     3688061Z LN   -784167196.7   2080276139
WARNER ESTATE            WNER EO    -8021407.27  430482190.2
WARNER ESTATE         WNERGBP EO    -8021407.27  430482190.2
WARNER ESTATE            WNER EU    -8021407.27  430482190.2
WARNER ESTATE            WNER PO    -8021407.27  430482190.2
WARNER ESTATE            WNER LN    -8021407.27  430482190.2
WARNER ESTATE            WNER IX    -8021407.27  430482190.2
WARNER ESTATE            WNER VX    -8021407.27  430482190.2
WARNER ESTATE           WNEHF US    -8021407.27  430482190.2
WARNER ESTATE             WRL GR    -8021407.27  430482190.2
WARNER ESTATE            WNER PZ    -8021407.27  430482190.2
WARNER MUSIC UK      1075906Z LN   -32488758.53  106000497.9
WEAVER VALE HOUS     3953220Z LN   -60271595.72  104022836.2
WEETABIX LTD-A          WEEBF US   -397652099.9  909970808.9
WEETABIX LTD-A      WTB OF Equity  -397652099.9  909970808.9
WESCOT TOPCO LTD     4007020Z LN   -18742009.49  116071906.1
WEST HAM UNITED      1275834Z LN   -32153419.01  217336047.4
WESTBURY HOTEL L     1214607Z LN   -4252380.749  239855108.5
WHITE YOUNG GREE          WHY PZ   -32392901.23  196106689.5
WHITE YOUNG GREE       WHYEUR EU   -32392901.23  196106689.5
WHITE YOUNG GREE          WHY LN   -32392901.23  196106689.5
WHITE YOUNG GREE          WHY VX   -32392901.23  196106689.5
WHITE YOUNG GREE          WHY EU   -32392901.23  196106689.5
WHITE YOUNG GREE       WHYGBP EO   -32392901.23  196106689.5
WHITE YOUNG GREE       WHYEUR EO   -32392901.23  196106689.5
WHITE YOUNG GREE          WHY EO   -32392901.23  196106689.5
WHITE YOUNG GREE          WHY PO   -32392901.23  196106689.5
WHITE YOUNG-NEW          WHYN LN   -32392901.23  196106689.5
WIGHTLINK LTD        1385642Z LN   -15131435.92  231775265.6
WINCANTON PL-ADR        WNCNY US   -162158252.9   1389119000
WINCANTON PLC            WIN1 EU   -162158252.9   1389119000
WINCANTON PLC             WIN PO   -162158252.9   1389119000
WINCANTON PLC            WIN1 EO   -162158252.9   1389119000
WINCANTON PLC            WIN1 TQ   -162158252.9   1389119000
WINCANTON PLC             WIN VX   -162158252.9   1389119000
WINCANTON PLC           WNCNF US   -162158252.9   1389119000
WINCANTON PLC            WIN1 NQ   -162158252.9   1389119000
WINCANTON PLC            WIN1 BQ   -162158252.9   1389119000
WINCANTON PLC            WIN1 S1   -162158252.9   1389119000
WINCANTON PLC             WIN PZ   -162158252.9   1389119000
WINCANTON PLC         WIN1GBP EO   -162158252.9   1389119000
WINCANTON PLC         WIN1USD EU   -162158252.9   1389119000
WINCANTON PLC         WIN1EUR EO   -162158252.9   1389119000
WINCANTON PLC            WIN1 QM   -162158252.9   1389119000
WINCANTON PLC         WIN1EUR EU   -162158252.9   1389119000
WINCANTON PLC         WIN1USD EO   -162158252.9   1389119000
WINCANTON PLC             WIN LN   -162158252.9   1389119000
WINCANTON PLC             WIN IX   -162158252.9   1389119000
WINCANTON PLC            WIN1 EB   -162158252.9   1389119000
WINDSOR TELEVISI     1475394Z LN   -232297665.7  340517582.8
WYG PLC                   WHY IX   -32392901.23  196106689.5
WYG PLC                WYGEUR EO   -32392901.23  196106689.5
WYG PLC                   WYG EU   -32392901.23  196106689.5
WYG PLC                WYGGBP EO   -32392901.23  196106689.5
WYG PLC                   WYG PZ   -32392901.23  196106689.5
WYG PLC                   WYG EO   -32392901.23  196106689.5
WYG PLC                WYGEUR EU   -32392901.23  196106689.5
WYG PLC                   WYG LN   -32392901.23  196106689.5
XAFINITY HOLDING     4168309Z LN      -18683833  243588520.5
XCHANGING UK LTD     1814130Z LN    -27188853.3  285255216.3
XSTRATA SERVICES     1975918Z LN   -88056666.54    169405671
YARLINGTON HOUSI     4435313Z LN   -18443811.91  276648958.8
YOUNG'S BLUECRES     1841386Z LN   -46554226.38  279057376.4
ZURICH EMPLOYMEN     1292298Z LN   -128495966.5  133351472.5


                            *********

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 * * *