TCREUR_Public/110726.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 26, 2011, Vol. 12, No. 146

                            Headlines



B E L A R U S

* BELARUS: Moody's Downgrades Government Bond Ratings to 'B3'


F R A N C E

PAGESJAUNES GROUPE: Fitch Says Profit Warning No Impact on Ratings


G E R M A N Y

WALTER BAU: Administrator Can't Impound 2nd Jet, Thailand PM Says


G R E E C E

ANTENNA GROUP: S&P Affirms 'B' Long-term Corporate Credit Rating
* GREECE: EU Leaders Unveil New Aid; Banks Back Bond Exchange


I R E L A N D

ALLIED IRISH: Reports Tentative Results of Notes Tender Offer
ANGLO IRISH: AIB Begins Probe Into Potential Fraud
BANK OF IRELAND: In Talks with Potential Equity Investors
BANK OF IRELAND: DBRS Downgrades Subordinated Debt Ratings to 'D'
KILDARE SECURITIES: Moody's Downgrades Rating on RMBS Deals

MCINERNEY GROUP: Faces Receivership; Court Rejects Rescue Plan
QUINN GROUP: Bankruptcy Hearing for Russian Unit Set for August


I T A L Y

ARES FINANCE: S&P Lowers Ratings on Two Classes of Notes to 'D'
ATLANTE FINANCE: Moody's Lowers Rating on C Certificate to 'B3'


L U X E M B O U R G

HARVEST CLO: Moody's Upgrades Rating on Class E Notes to 'Caa1'


N E T H E R L A N D S

NORTH WESTERLY: Moody's Upgrades Rating on Class D Notes to 'Ba3'


S W E D E N

SAAB AUTOMOBILE: Unit's Bankruptcy Averted Following Debt Deal


U N I T E D   K I N G D O M

BUSINESS MORTGAGE: Moody's Junks Ratings on Four Classes of Notes
CLINTON CARDS: Restructuring of 800-Store UK Portfolio Likely
KEYDATA GROUP: ICG to Pay GBP326-Mil. in Compensation Claims
LICK GROUP: Liquidation Confirmed; Machinery Up for Sale
MAX TWO: S&P Keeps 'B-' Foreign Currency Rating on EUR100MM Notes

NEWS OF THE WORLD: Demise to Impact Newspaper Wholesalers
SUREFRAME WINDOWS: Closes Doors After 50 Years in Business
* UK: Number of Firms in Critical Condition Up Slightly in 2Q2011


X X X X X X X X

* Large Companies with Insolvent Balance Sheet




                            *********


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B E L A R U S
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* BELARUS: Moody's Downgrades Government Bond Ratings to 'B3'
-------------------------------------------------------------
Moody's Investors Service has downgraded to B3 from B2 the
foreign- and local-currency government bond ratings of Belarus.
The country's foreign-currency bond ceiling has been downgraded to
B3 from B1 and the foreign-currency bank deposit ceiling to Caa1
from B3. All these ratings remain on review for further possible
downgrade, pending an assessment of the likelihood of the
government securing additional external financing and implementing
policies to repair macro-economic distortions. In addition,
Moody's has downgraded the local-currency bond and bank deposit
ceilings to Ba3 from Ba1.

The rating action was prompted by:

1) The limited external assistance received thus far to bridge the
   country's balance-of-payments gap.

2) The impact of foreign exchange shortages, the significant
   devaluation of the Belarusian ruble and a likely growth
   downturn on the health of the banking system.

3) Continued concerns over the political and economic fallout of
   external liquidity constraints.

RATIONALE FOR DOWNGRADE

The main and most immediate driver of the one-notch downgrade of
Belarus is Moody's assessment that reduced support from Russia
will jeopardize Belarus's external accounts. The country's growth
model rests on high credit growth fuelling domestic investment and
generating near-full employment, with government transfers
elevating household incomes. This model can only be sustained as
long as external assistance is inexpensive and plentiful. In the
past, Russian external financial assistance and subsidized oil
imports have helped fund Belarus's high GDP growth (7% per annum
on average over the past decade), while supporting the country's
balance of payments. However, disagreements over energy prices and
privatization in Belarus have led to a fraying of relations
between the countries and lowered the dependability of Russia as a
source of external financial assistance. The funding of
approximately US$3 billion promised to Belarus by the Eurasian
Economic Community over the next three years will not be
sufficient to bridge the country's balance-of-payments gap.

The second factor underlying Moody's rating action is the impact
that foreign exchange shortages, currency devaluation and lower
future growth will have on the liquidity and solvency profile of
the country's banks. Asset quality is expected to come under
significant pressure in the next two years, and this will in turn
erode the banks' capital buffers. Of greater concern in the
immediate future is the recent trend of foreign currency deposit
outflow. Since the beginning of the year, retail depositors have
withdrawn approximately US$650 million from foreign currency
deposits, which is equivalent to around 16% of the total foreign
currency deposits in the banking system. As of July 1, 2011,
Belarus's official foreign exchange reserves stood at US$1.7
billion. The inclusion of gold and Special Drawing Rights (SDRs)
raise the country's total official international reserves to US$4
billion. Moody's believes that continued foreign exchange
shortages raise the risk of restrictions on withdrawals of
foreign-currency deposits from Belarusian banks, hence the
downgrade of the foreign currency bank deposit ceiling to Caa1.

The third concern behind Moody's decision to downgrade Belarus is
the likely political and economic fallout of the external
liquidity constraint. Although past credit expansion has allowed
Belarus's industrial output and GDP to grow in double digits in
the first half of 2011, Moody's expects growth to decelerate as
monetary tightening, foreign exchange constraints and devaluation
take their toll on domestic demand. In the absence of consistent,
affordable external financial support, Belarus's state-directed,
domestic demand-led growth will likely slow over the medium term.

Even if external financing were to be obtained, it is likely to be
conditional upon a reduction in social programs (if from the IMF)
or, at the least, a broad privatization program (if from Russia).
Either could disrupt the country's record of socio-political
stability, which is preserved by high growth and government
control over key sectors of the economy.

Structural reforms would require Belarus's authorities to allow
real incomes to adjust downwards, probably very severely, in order
to allow the country to transition from credit-fuelled growth to
growth based on increases in productivity and competitiveness.
With currency devaluation and consequent inflation already denting
purchasing power, a reduction in real incomes and social spending
may test the political quiescence of the Belarusian population.

On the other hand, if the prospect of political upheaval were to
keep authorities from reducing social spending, then macro-
economic distortions will persist and medium-term economic and
financial risks would be heightened.

These problems were foreshadowed in Moody's previous one-notch
downgrade of Belarus's ratings to B2 in March 2011. At the time,
Moody's assigned a negative outlook to the rating to reflect its
concern that Belarus would find it hard to (a) bridge its external
financing gap and (b) implement policies to improve long-term
macroeconomic prospects Moody's more pessimistic forecast
scenarios now look more likely and are incorporated into the
further downgrade to B3.

RATIONALE FOR CONTINUED REVIEW FOR DOWNGRADE

Looking ahead, Moody's estimates that Belarus's 2011 current
account deficit will fall to around US$5 billion, and the 2012
deficit may be even lower, reflecting the impact of devaluation.
However, official reserve assets of around US$4 billion, including
gold and SDRs, are still not sufficient to meet the country's
external financing requirements. In the absence of significant
foreign exchange inflows in the near term -- either via IMF
assistance or rapid privatization -- Belarus's balance-of-payments
problems will persist and materially worsen credit metrics.

Moody's ratings review will therefore assess the likelihood of
Belarus obtaining international funding to bridge the balance-of-
payments gap in 2011 and 2012. It will also evaluate the capacity
of the country to introduce the structural reforms that are needed
to transform its growth model and reduce its dependence on
external financing.

WHAT COULD CHANGE THE RATING UP/DOWN

A downgrade could be triggered by Belarus's failure to obtain
additional external funding this year or by a worsening political
situation that would imperil policy actions to address macro-
economic stress.

However, if Belarus were to successfully obtain funding this year,
avoid a deep and prolonged downturn while authorities take steps
to correct the structural distortions in the economy, then the
country's credit metrics could improve to levels that would
warrant an upgrade in the future. Domestic politics and relations
with external creditors would also shape Moody's assessment when
considering a rating change.

PREVIOUS RATING ACTION & METHODOLOGY USED

The previous rating action on Belarus was implemented on 29 March
2011 when Moody's downgraded the government's bond rating to B2
from B1, and the foreign currency bond and ceilings to B1 and B3
(from Ba3 and B2), respectively. At the time, the local currency
bond and bank deposit ceilings were also downgraded to Ba1 from
Baa3.

The principal methodology used in determining the rating of
Belarus was "Moody's Sovereign Bond Methodology", which was
published in September 2008 and can be found on www.moodys.com.

Moody's adopts all necessary measures so that the information it
uses in assigning a rating is of sufficient quality and from
sources Moody's considers to be reliable including, when
appropriate, independent third-party sources. However, Moody's is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.

The date on which some ratings were first released goes back to a
time before Moody's ratings were fully digitized and accurate data
may not be available. Consequently, Moody's provides a date that
it believes is the most reliable and accurate based on the
information that is available to it.


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F R A N C E
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PAGESJAUNES GROUPE: Fitch Says Profit Warning No Impact on Ratings
------------------------------------------------------------------
Fitch Ratings says that PagesJaunes Groupe S.A.'s (PagesJaunes,
rated 'B+'/Negative) profit warning for the financial year 2011
will not have a near-term impact on the company's ratings or
Outlook.

PagesJaunes has announced that it has lowered its sales' guidance
for 2011 by EUR20 million. While the revision to the profit
outlook departs from the stabilization in performance announced by
management at the start of 2011, Fitch notes that the issues
surrounding the trading profit guidance change are due to the
sales force strikes in June. This will impact PagesJaunes' results
for the second half of the year but is considered a one-off event.

Despite these events, free cash flow generation for 2011 is still
expected to remain positive although margin for maneuver is
reducing. Fitch expects the group's gross debt to EBITDA leverage
to be slightly higher at around 4.4x in FY11 compared with 4.1x,
but is still within the present rating parameters.

Ratings pressure could occur should the group's cash generation
capacity be impaired in a more definitive manner and credit
metrics deteriorate outside of Fitch's expectations. This includes
gross debt to EBITDA above 5.0x, negative post-dividend free cash
flow and eroding sales and EBITDA excluding the strikes' impact


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G E R M A N Y
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WALTER BAU: Administrator Can't Impound 2nd Jet, Thailand PM Says
-----------------------------------------------------------------
Bangkok Post reports that Thailand's outgoing Prime Minister
Abhisit Vejjajiva said Monday that a reported comment by a German
insolvency administrator that he was considering impounding a
second jet used by His Royal Highness Crown Prince Maha
Vajiralongkorn is totally out of line.

The German tabloid Bild am Sonntag reported that the Crown Prince
had the second plane flown over to Munich to replace the first one
after it was impounded by the court, according to Bangkok Post.

The news agency relates that Mr. Abhisit said there were no
grounds to impound the second aircraft.

Attorney General Chullasingh Vasantasingh had already explained
that the second jet is the Crown Prince's personal property and
has nothing to do with the government, Bangkok Post says.

Bangkok Post notes that the Office of the Attorney General is
preparing to appeal against the German court's ruling that the
impounded Boeing 737 belonging to the Crown Prince could be
released only upon the deposit of a EUR20 million (THB846 million)
bank guarantee.

As reported in the Troubled Company Reporter-Europe on July 15,
2011, BBC News said German administrators of Walter Bau AG have
impounded a jet used by Thailand's Crown Prince Vajiralongkorn, in
a dispute over an unpaid debt from 20 years ago.  The
administrators said Thailand's government has refused to pay a
bill of more than EUR30 million (US$43 million) to a now-defunct
German construction firm.  BBC News related that a spokesman for
Munich airport said the Boeing 737 was seized by court order, and
will remain grounded.

The action, according to Bangkok Post, was based on a decision in
2009 of the United Nations Commission on International Trade Law
for Thailand to pay Walter Bau more than EUR30 million for
breaching a bilateral investment treaty between Germany and
Thailand.  Bangkok Post noted that the UN court found that the
Thai government breached the terms of a toll road concession
operated by a venture partly owned by Walter Bau.  Mr. Schneider,
as cited by Bangkok Post, said the seizure followed repeated
refusals by the Thai government to pay money it owes the company.

Mr. Abhisit said the Office of the Attorney-General is in the
process of appealing to the Southern District Court of New York,
which last year ruled in favor of Walter Bau and ordered Thailand
to pay compensation to the firm, Bangkok Post relates.
Mr. Abhisit said the government will submit the appeal on July 29.

                      About Walter Bau

Headquartered in Augsburg, Germany, Walter Bau AG --
http://www.walter-bau.de/-- is a construction management and
construction technology group in Europe.  It principal
activities include turnkey construction, building planning and
construction, civil engineering, utility constructions, traffic
infrastructure construction, and real estate.  Walter Bau once
ranked number fourth in the local construction market behind
Hochtief, Bilfinger Berger and Strabag.

Walter Bau declared insolvency in February 2005 after creditor
banks refused to approve its restructuring plan.  This denied
the company access to a EUR1.5 billion credit line.  In his
report to the creditors, Mr. Schneider blamed the group's demise
to management errors and the downturn in the construction
industry.


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G R E E C E
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ANTENNA GROUP: S&P Affirms 'B' Long-term Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook to negative
from stable on Greece-based TV broadcaster Antenna Group S.A. "At
the same time, we affirmed our 'B' long-term corporate credit
rating on the group. Simultaneously, we withdrew all our ratings
on Antenna, at the group's request," S&P related.

"The outlook revision mainly reflects our view that the
uncertainties linked to the sovereign debt of Antenna's home
country Greece could ultimately lead to worse than expected
domestic economic and advertising markets over the next 12
to 18 months. Greece's economy is currently contracting at a
significant pace, and we believe the situation could deteriorate,
depending on the outcome of current negotiations on Greece's
sovereign debt maturities with other countries in the eurozone and
international financial institutions. Such a deterioration could
hamper the group's effort to restore meaningful profitability and
stem cash burn, despite the combined effects of a reported
increase in audience and TV advertising market share and of a cut
of about one-third of its cost base in 2010. We therefore believe
that if such a scenario materialized, it could result in a
progressive weakening of Antenna's liquidity position, which,
while remaining adequate in our view, is the main rating support,"
S&P stated.

"The withdrawal of all our ratings has been made at the group's
request. At the time of the withdrawal, it is our understanding
that the group had no rated debt outstanding," S&P said.

"We believe Antenna's cash balances and short-term investments
remain the main support for its liquidity position and ratings,
despite Standard & Poor's view that a Greek sovereign default is
possible in the short to medium term. While the group's liquidity
sources currently significantly exceed its gross debt, we believe
that any deterioration of the country's economic prospects
compared with our current expectations could hinder the group's
ability to restore profitability and could materially reduce
negative free cash flow generation. We currently anticipate that
the Greek advertising market will continue to fall about 20% in
2011," S&P added.


* GREECE: EU Leaders Unveil New Aid; Banks Back Bond Exchange
-------------------------------------------------------------
Simon Kennedy and Jonathan Stearns at Bloomberg News report that
after eight hours of talks in Brussels, leaders announced EUR159
billion (US$229 billion) of new aid for Greece on Thursday and
cajoled bondholders into footing part of the bill.

According to Bloomberg, the EU leaders also empowered their
EUR440 billion rescue fund to buy debt across stressed euro
nations after a market rout sparked concern the crisis was
spreading.  The fund can also aid troubled banks and offer credit-
lines to repel speculators, Bloomberg notes.

The Greek financing package will consist of EUR109 billion from
the euro region and the International Monetary Fund, Bloomberg
discloses.  Bloomberg relates that the leaders' communique said
financial institutions will contribute EUR50 billion after
agreeing to a series of bond exchanges and buybacks that will also
cut Greece's debt load.

Separately, Bloomberg News' Rebecca Christie reports that banks
pledged to participate in a bond exchange and debt buyback program
as part of a new rescue package for Greece as European leaders
sought to halt the spread of the region's sovereign debt crisis.

According to Bloomberg, the Institute of International Finance
said in a statement on Thursday that the role of banks, insurers
and other private investors will provide financing of EUR54
billion (US$77.6 billion) to Greece from mid-2011 to mid-2014,
building to a total of EUR135 billion through 2020.

The plan followed weeks of discussions among banking officials in
Rome, Paris and Berlin as well as meetings with European Union
leaders during an emergency summit in Brussels on Thursday,
Bloomberg relates.  It is part of a broader effort to draw a line
under the escalating debt crisis that began with Greece and
threatens to engulf Spain and Italy, Bloomberg notes.

The agreement to swap privately held bonds into 15- and 30- year
debt where the principal is "almost completely collateralized"
will remove the risk of the euro region collapsing, Bloomberg
quotes analysts at Sanford C. Bernstein & Co. led by Dirk
Hoffmann-Becking as saying in a note to clients on Friday.

Bloomberg notes that the IIF said the target participation rate by
private investors is 90%.  As a result of the program, the average
maturity of privately held Greek debt will extend from six years
to 11 years, Bloomberg states.   The IIF, as cited by Bloomberg,
said that the stock of debt will be reduced by EUR13.5 billion
through the bond exchange program, "and potentially much more
through a debt buyback program that is to be defined by the
official sector."


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I R E L A N D
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ALLIED IRISH: Reports Tentative Results of Notes Tender Offer
-------------------------------------------------------------
Allied Irish Banks, p.l.c., previously announced that it was
inviting all holders of the Bank's Notes to (i) tender any and all
of the Notes for purchase by the Bank for cash, and (ii) consent
to certain modifications of the terms of the Notes.

The AIB Offer was made upon the terms and subject to the
conditions contained in the tender and consent memorandum.

In conjunction with the invitation to tender any and all of the
Notes, the Bank invited holders of each Series of Notes to
consider, and, if thought fit, pass, the relevant Extraordinary
Resolution in relation to certain modifications of the terms of
each Series of the Notes as further described in the Tender and
Consent Memorandum.

The Bank announced the provisional aggregate nominal amount of
each Series of Notes validly tendered pursuant to the relevant AIB
Offer:

                                           Provisional Aggregate
                                             Nominal Amount of
Notes Description                         Notes Validly Tendered
-----------------                         ----------------------
EUR400,000,000 Subordinated Callable
Step-Up Floating Rate Notes due 2015          EUR47,936,000

GBP700,000,000 Callable Dated Subordinated
Fixed to Floating Rate Notes due July 2023    GBP35,350,000

EUR419,070,000 10.75 per cent.
Subordinated Notes due 2017                  EUR208,705,000

If the Bank accepts the Notes validly tendered for purchase, the
Bank expects that the tender offer and related consent invitation
launched on May 13, 2011, in respect of eighteen series of
securities issued by the Bank, AIB UK 1 LP, AIB UK 2 LP and AIB UK
3 LP will generate approximately EUR2.0bn of Core Tier 1 capital
following completion of the AIB Offer.

As soon as reasonably practicable after conclusion of the Meetings
on Friday, July 22, 2011, the Bank expects to announce whether (i)
it accepts for purchase Notes validly tendered in the relevant AIB
Offer and the aggregate nominal amount (if any) of Notes of each
Series accepted for purchase, and (ii) the Extraordinary
Resolutions in relation to the Notes have been passed.

Payment of the Purchase Price in respect of Notes validly tendered
in the relevant AIB Offer and accepted for purchase is expected to
be made on July 25, 2011.

                  About Allied Irish Banks, p.l.c.

Allied Irish Banks, p.l.c. -- http://www.aibgroup.com/-- is a
major commercial bank based in Ireland.  It has an extensive
branch network across the country, a head office in Dublin and a
capital markets operation based in the International Financial
Services Centre in Dublin.  AIB also has retail and corporate
businesses in the UK, offices in Europe and a subsidiary company
in the Isle of Man and Jersey (Channel Islands).

Since the onset of the global and Irish financial crisis, AIB's
relationship with the Irish Government has changed significantly.

As at Dec. 31, 2010, the Government, through the National Pension
Reserve Fund Commission ("NPRFC"), held 49.9% of the ordinary
shares of the Company (the share of the voting rights at
shareholders' general meetings), 10,489,899,564 convertible non-
voting ("CNV") shares and 3.5 billion 2009 Preference Shares.  On
April 8, 2011, the NPRFC converted the total outstanding amount of
CNV shares into 10,489,899,564 ordinary shares of AIB, thereby
increasing its holding to 92.8% of the ordinary share capital.

In addition to its shareholders' interests, the Government's
relationship with AIB is reflected through formal and informal
oversight by the Minister and the Department of Finance and the
Central Bank of Ireland, representation on the Board of Directors
(three non-executive directors are Government nominees),
participation in NAMA, and otherwise.

As reported by the TCR on May 31, 2011, KPMG, in Dublin, Ireland,
noted that there are a number of material economic, political and
market risks and uncertainties that impact the Irish banking
system, including the Company's continued ability to access
funding from the Eurosystem and the Irish Central Bank to meet its
liquidity requirements, that raise substantial doubt about the
Company's ability to continue as a going concern.

The Company reported a net loss of EUR10.16 billion on
EUR1.84 billion of interest income for 2010, compared with a net
loss of EUR2.33 billion on $2.87 billion of interest income for
2009.

The Company's balance sheet at Dec. 31, 2010, showed
EUR145.2 billion in total assets, EUR140.9 billion in total
liabilities, and stockholders' equity of EUR4.3 billion.


ANGLO IRISH: AIB Begins Probe Into Potential Fraud
--------------------------------------------------
Geoff Percival at Irish Examiner reports that AIB has begun an
investigation into potential instances of fraud relating to the
deposit book of Anglo Irish Bank, which it acquired earlier this
year.

Irish Examiner relates that in a short statement issued on Sunday,
the bank said that it started the investigation following a recent
customer inquiry and was quick to add that whether or not it finds
any proof of fraudulent activity having occurred, that none of its
customers will suffer any financial loss.

According to Irish Examiner, it added that the bank is currently
collaborating closely with Anglo Irish Bank on the investigation
and that the Garda Bureau of Fraud Investigation and the Central
Bank have been informed.

It is thought, however, that the probe is focusing on a relatively
small number of funds and that the amount of money involved is
relatively minor, Irish Examiner notes.

AIB acquired EUR8.6 billion worth of Anglo Irish Bank deposits
back in February as part of the wind-down process of Anglo and
Irish Nationwide (the latter's deposit book transferring to Irish
Life & Permanent), Irish Examiner recounts.

As reported by the Troubled Company Reporter-Europe on July 1,
2011, BreakingNews.ie related that The European Commission cleared
a bailout plan for Anglo Irish Bank and the Irish Nationwide
Building Society.  BreakingNews.ie disclosed that the proposal,
which was submitted for approval in January, provides for the
merger of the two troubled institutions and their winding down
over the next 10 years.  Anglo Irish and Irish Nationwide jointly
received EUR34.7 billion in capital injections from the State to
cover losses on property loans, BreakingNews.ie noted.

Anglo Irish Bank Corp PLC -- http://www.angloirishbank.com/--
operates in three core areas: business lending, treasury and
private banking.  The Bank's non-retail business is made up of
more than 11,000 commercial depositors spanning commercial
entities, charities, public sector bodies, pension funds, credit
unions and other non-bank financial institutions.  The Company's
retail deposits comprise demand, notice and fixed term deposit
accounts from personal savers with maturities of up to two years.
Non-retail deposits are sourced from commercial entities,
charities, public sector bodies, pension funds, credit unions and
other non-bank financial institutions.  In addition, at Sept. 30,
2008, its non-retail deposits included deposits from Irish
Life Assurance plc.  The Private Bank offers tailored products and
solutions for high net worth clients and operates the Bank's
lending business in Ireland and the United Kingdom.


BANK OF IRELAND: In Talks with Potential Equity Investors
---------------------------------------------------------
Conor Keane at Irish Examiner reports that Bank of Ireland Plc
could remain the only major Irish bank not under state control, if
talks with international investors interested in taking a multi-
million euro stake in the lender come to fruition.

According to Irish Examiner, a successful deal could save the
Exchequer up to EUR1.5 billion as the state has underwritten a
EUR1.91 billion share sale through which the bank is endeavoring
to persuade mostly retail investors to buy new shares in the
troubled lender.

In an unusual move on Saturday afternoon the Department of Finance
disclosed that it was involved in negotiations with potential
investors, Irish Examiner relates.  The negotiations continued
into Sunday, Irish Examiner recounts.

"The State is in discussions with potential equity investors in
Bank of Ireland in relation to a possible material investment in
the bank.  As at the time of this announcement, these discussions
continue and may or may not lead to a transaction.  It is not
possible to say anything further at this time in relation to the
ongoing discussions," Irish Examiner quotes a departmental
spokesman as saying in an emailed statement.

Separately, Dara Doyle at Bloomberg News reports that Finance
Minister Michael Noonan said the state agreed to sell a
EUR1.12 billion stake in Bank of Ireland to a group of unnamed
investors.  According to Bloomberg, Mr. Noonan said in a statement
on Sunday that the private sector's stake in the bank will be a
minimum of 68% following a share sale this week.

Headquartered in Dublin, Bank of Ireland --
http://www.bankofireland.com/-- provides a range of banking and
other financial services.  These include checking and deposit
services, overdrafts, term loans, mortgages, business and
corporate lending, international asset financing, leasing,
installment credit, debt factoring, foreign exchange facilities,
interest and exchange rate hedging instruments, executor, trustee,
life assurance and pension and investment fund management, fund
administration and custodial services and financial advisory
services, including mergers and acquisitions and underwriting.
The Company organizes its businesses into Retail Republic of
Ireland, Bank of Ireland Life, Capital Markets, UK Financial
Services and Group Centre.  It has operations throughout Ireland,
the United Kingdom, Europe and the United States.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on July 25,
2011, DBRS Inc. downgraded the ratings of certain subordinated
debt issued by The Governor and Company of the Bank of Ireland to
"D" from "C".  The downgrade follows the execution of the Group's
note exchange offer.


BANK OF IRELAND: DBRS Downgrades Subordinated Debt Ratings to 'D'
-----------------------------------------------------------------
DBRS Inc. has downgraded the ratings of certain subordinated debt
issued by The Governor and Company of the Bank of Ireland to "D"
from "C".  The downgrade follows the execution of the Group's note
exchange offer.

Almost all of these instruments have been extinguished.  The
default status for the exchanged or purchased and now-extinguished
notes reflect DBRS's view that bondholders were offered limited
options, which is considered a default under DBRS policy, as
discussed in DBRS's press release dated June 13, 2011.

However, the holders of the Dated Subordinated Notes due Sept 2015
(ISIN CA062786AA67) issued by Bank of Ireland have until August 8,
2011 to tender their notes and vote on the extraordinary
resolutions as put forth by the Bank of Ireland.  As such, the
rating of this security remains at "C", Under Review with Negative
Implications, where they were placed on October 1, 2010, pending
the finalization of the exchange results.  Previously, DBRS
maintained one rating on its website for all Dated Subordinated
Debt issued by the Bank of Ireland.  To reflect that this security
remains outstanding, DBRS has individually listed this security on
its Web site.

Moreover, holders of certain subordinated instruments of the Bank
of Ireland rejected the proposed extraordinary resolutions
included in the exchange offer; as such, the ratings of these
instruments will remain at "C", Under Review with Negative
Implications, where they were placed on October 1, 2010.  Similar
to the aforementioned notes, to reflect the results of the
exchange offer, DBRS has individually listed each subordinate bond
that remains outstanding on its website.


KILDARE SECURITIES: Moody's Downgrades Rating on RMBS Deals
-----------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 30
tranches of 14 Irish residential mortgage-backed securities (RMBS)
transactions.

RATINGS RATIONALE

The rating action reflects: 1) the decline in the credit quality
of the Irish government's sovereign debt as indicated in Moody's
downgrade of the rating of its debt to Ba1 from Baa3 of on
July 12, 2011; 2) the failure by relevant counterparties to either
comply with trigger breaches or to implement in a timely fashion
proposed structural changes to mitigate the risk of disruption in
the performance of major transaction parties and 3) the increased
likelihood of severe events, which means that Moody's expects that
Irish RMBS transactions will no longer retain or achieve a rating
higher than A1(sf), which is six notches above the government's
rating.

- HIGHEST RATING FOR MOST IRISH RMBS TRANSACTIONS IS A1(sf)

Moody's revision to A1(sf) of the maximum achievable rating for
Irish RMBS transactions from its prior level of Aa2(sf), reflects
the continued weakness in the Irish economy and the challenges the
government is facing in implementing its fiscal consolidation
plan. In particular, there is a growing possibility that Ireland
will need further official financing before being able to access
the market. The maximum rating achievable for Irish structured
finance transactions reflects the rating level beyond which
structural features or credit enhancement cannot fully mitigate
the impact of highly severe events and the level of uncertainty
around them in the context of the extreme weakening of sovereign
financial strength. The consequences of these events, include
possible changes in the terms or enforcement of certain debt
contracts that could overwhelm the benefits of credit enhancement
and structural mitigants. Moody's explained the relationship
between sovereign ratings and structured finance ratings in a
special report, "Assessing the Impact of the Eurozone Sovereign
Debt Crisis on Structured Finance Transactions", published in
April 2011.

Moody's has therefore downgraded to A1(sf) 20 tranches in 9
transactions that it had rated above this maximum achievable
rating. These tranches include senior notes in 6 Celtic
transactions (Celtic 11,12,13,14, 15 and 16) and senior notes in 3
Phoenix transactions (Phoenix 2,3 and 4).

- INCREASED COLLATERAL RISK

The risk of Irish mortgages has been steadily increasing and will
continue to do so. Delinquency rates have increased systematically
over the past year and 90-plus arrears in Irish Prime RMBS rose to
7.6% in April 2011 from 4.6% in April 2010. Redemption rates
declined to 3.6% in April 2011 from 4.7% in April 2010 while
realized losses are still very low because of legal and regulatory
disincentives to foreclosure on properties. Last March 2011,
Moody's increased lifetime loss assumptions for all Irish RMBS
transactions in consideration of rapidly deteriorating asset
performance. The extent of ongoing deterioration will determine if
further increases in lifetime loss assumptions are appropriate.

As a result of the increasing risk of Irish mortgages in light of
the weakening Irish economy and the declining credit quality of
the Irish sovereign debt, the credit enhancement for some
transactions is not sufficient to withstand the higher risk of
severe events.

Moody's has concluded that the credit enhancement of class A notes
in Celtic 9 (11.6%) is not commensurate with the current rating of
this note in consideration of the greater sovereign risk and the
performance of this transaction to date. Therefore, Moody's has
downgraded to Baa1(sf) from A3(sf) the senior notes issued by
Celtic 9.

RMBS senior tranches may retain A1(sf) only if they benefit from
high credit enhancement, ranging from 20% to 25%, and have low
performance disruption risk, as described below.

- INCREASING RISK OF PERFORMANCE DISRUPTION AND COMMINGLING RISK

In line with rating guidance entitled "Global Structured Finance
Operational Risk Guidelines: Moody's Approach to Analyzing
Performance Disruption Risk", published in March 2011, Moody's has
taken rating actions to reflect the adverse impact of the
potential deterioration of credit quality of transaction parties
in Irish RMBS.

The deterioration of the credit quality of Irish banks led to many
of the rating actions on Irish RMBS. Servicers of most Irish RMBS
are Irish banks, the rating of many of which had fallen to non-
investment grade in March. The transactions' calculation agents
and cash managers are either Irish banks or other European or
American banks. In assessing the impact of the potential
deterioration of transaction parties, Moody's addresses the credit
quality of the parties together with mitigants of their risk,
including the amount of liquidity and back-up servicing
arrangements.

The finalization of many of the rating actions on RMBS depends on
proposals to strengthen the mitigants. In March 2011 Moody's had
downgraded 50 tranches in 17 prime Irish RMBS and maintained on
review for downgrade the ratings of 16 tranches in nine
transactions pending the implementation of a variety of proposals
put forward by transaction sponsors to address performance
disruption risk. Thus far, Moody' has received final drafts and
definitive timelines for implementation for the following
transactions: Emerald 5, Fastnet 3, Fastnet 5, Fastnet 6 and
Fastnet 7. Moody's maintains on review the senior ratings in these
transactions and expects to conclude the review within the next
month. Moody's has downgraded the senior notes in the remaining 4
transactions because Moody's has not received any short term
implementation plan so far as discussed in detail further below.

The adequacy of the mitigants depends on the amount of liquidity
as well as back-up arrangements. For transactions that have
adequate liquidity and have servicers rated Baa3 or above, the
senior notes can retain A1(sf) ratings, subject to minimum credit
enhancement tests described above. Transactions serviced by Irish
banks that have non-investment grade ratings but benefit from
certain features can retain ratings of A1(sf), again subject to
credit enhancement tests. These features include having a back up
servicer in place, independent cash managers, sufficient
liquidity, and so-called "estimates" language in the transaction
documents, which would allow continuity of note payment if the
servicer fails to produce a servicing report. In the case of
transactions without sufficient mitigants to payment disruption
risk and with a servicer rated below investment grade, the highest
senior debt ratings would be Baa1(sf) and below because of Moody's
conclusion that the risk of performance disruption is not
consistent with single-A ratings. The rating action also takes
into account increased commingling risk in transactions with a
non-prime issuer account bank.

Emerald Mortgages No. 5 Limited

Moody's maintains the senior notes of this transaction on review
because an appointment of a backup servicer is in process. In
February 2011, EBS Ltd. ("EBS", Ba2/NP) restructured Emerald to
mitigate the performance disruption risk in the transaction. The
Issuer had appointed Deutsche Bank AG, London Branch(Aa3/(P)P-1),
as back-up cash manager and Ulster Bank Ireland Limited (A2 / P-1,
both on review for downgrade) as issuer account bank. Moody's
placed on review for downgrade the senior notes, pending the
appointment of a back-up servicer at that time. EBS has notified
Moody's that the appointment process is due to be completed in
August.

Fastnet Transactions (2, 3, 4, 5, 6, 7 and 8)

The progress in addressing performance disruption risk varies
across these transactions. Irish Life & Permanent plc ("IL&P",
Ba2/NP) acts in various roles in these transactions and is the key
transaction party that presents performance disruption risk.
Moody's has received proposals to restructure some of the
transactions.

In Fastnet 3 and Fastnet 6, progress is happening quickly, and
Moody's maintains on review the ratings of the senior notes
pending finalization of a back-up servicing arrangement. The
issuer account bank is BNP Paribas Securities Service, London
Branch ("BNPSL", Aa2 on review for downgrade/P-1), guaranteed by
BNP Paribas ("BNP", Aa2 on review for downgrade/P-1). BNPSL is
also the back-up cash manager and BNP is the back-up servicer
facilitator. There is enough liquidity in the transactions, and
cash manager is able to make payments independently from the
receipt of servicer reports during a servicing disruption. In
February 2011, Moody's assigned A1(sf) ratings, under review for
possible downgrade to Fastnet 3 and Fastnet 6, pending the
appointment of a back-up servicer. Moody's has been notified that
a back-up servicer has been found and that the parties will sign
final documents within the next few weeks.

In Fastnet 5 and Fastnet 7, mitigants will soon be in place, and
Moody's therefore maintains on review the rating of the senior
notes pending finalization of the mitigation plans. IL&P still
acts as the issuer account bank and mortgage administrator.
Moody's has received draft documents with regards to the
introduction of servicer report estimation language, the
appointment of a third-party issuer account bank, back-up
servicer, bank-up servicer facilitator and back-up cash manager.
The Issuers' agent has notified Moody's that the parties will sign
final documents within the next month.

Fastnet 2 and Fastnet 4 have not yet succeeded in putting
mitigants into place, and Moody's has downgraded to Baa2(sf) the
senior notes of both transactions. There is no back-up servicer,
back-up servicer facilitator or back-up cash manager in these
transactions. The restructure proposals do not include the
introduction of servicer report estimation language and the
appointment of a back-up servicer facilitator. In addition,
Moody's has not received a definitive timeline for the
implementation of the amendments. The high linkage in these
transactions to IL&P has therefore prompted Moody's downgrade.

In Fastnet 8, Moody's is concerned about payment continuity in
case of servicer disruption and has therefore downgraded to
Baa1(sf) the notes issued by Fastnet 8. The issuer account bank is
BNP Paribas ("BNP", Aa2 on review for downgrade/P-1). The trustee
will appoint a back-up servicer, but there will be no back-up cash
manager or back-up servicer facilitator. The cash management
agreement does not contemplate estimation language.

Kildare Securities Limited

Moody's is concerned about the linkage with ICS in this
transaction increasing both operational risk and credit
commingling exposure. Moody's has therefore downgraded the notes
issued by Kildare Securities Limited to Baa1(sf). ICS Building
Society ("ICS", Ba1/NP) acts as the issuer account bank, GIC
account bank and servicer. There is no back-up servicer, back-up
servicer facilitator or back-up cash manager in the transaction.
Although the trustee has notified Moody's that it will move the
GIC account to a third party, the issuer account will remain with
ICS.

RATING METHODOLOGIES

The determination of the highest achievable ratings and minimum
credit enhancement requirements described above complement the
applicable principal methodologies for each asset class.

The principal methodology used in this rating was Moody's Approach
to Rating RMBS in Europe, Middle East, and Africa, published in
October 2009.


MCINERNEY GROUP: Faces Receivership; Court Rejects Rescue Plan
--------------------------------------------------------------
Barry O'Halloran and Mary Carolan at The Irish Times report that
receivers to take control of McInerney on behalf of three banks
owed EUR113 million after the Supreme Court on Friday ruled
against a rescue plan for the business backed by US private equity
fund Oaktree Capital.

The ruling ends the process that began last August when the High
Court appointed Bill O'Riordan of PricewaterhouseCoopers as
examiner to five of the group's Irish firms, and lifts the
protection from creditors given to the business at that point, The
Irish Times notes.

As a result, three banks -- Anglo Irish, Bank of Ireland and KBC
-- are to appoint receivers, said to be accountancy firm KPMG, to
the firms, The Irish Times states.  The banks had proposed to
regain their debt through a 10-year receivership, during which the
companies' sites would be developed and the houses sold, The Irish
Times recounts.

Meanwhile, the board of their parent, McInerney Holdings plc, will
go ahead with an extraordinary general meeting on Friday, where it
will ask shareholders to place that entity in liquidation, The
Irish Times discloses.  Its British and Spanish operations have
been sold and the proceeds used to pay other bank debts, The Irish
Times says.

According to The Irish Times, the rescue plan involved an offer of
EUR25 million from Oaktree to the banks in final settlement of the
debt.  The US fund was prepared to invest up to EUR54 million,
including the bank settlement, in the Irish business, which it
believed had a long-term future, The Irish Times states.

                          About McInerney

McInerney Holdings plc -- http://www.mcinerneyholdings.eu/-- is a
home builder and regional home builder in the North and Midlands
of England.  It also undertakes commercial and leisure projects in
Ireland, United Kingdom and Spain.  It operates in Ireland, the
United Kingdom and Spain.  The main trading activities of the
Company's Irish home building business during the year ended
December 31, 2008, consisted of construction of private houses,
trading in developed sites and land, development of residential
land for third-parties and in joint-ventures, and contracting for
third-parties.  The Company's commercial property development
division, Hillview Developments Ltd (Hillview), develops
industrial units in the Greater Dublin area.  Hillview completed
1,223 square meters of industrial units as of December 31, 2008.
Its Spanish division, Alanda Group, is developing freehold
apartment schemes.  As of December 31, 2008, the Company completed
1,359 private and contracting residential units in Ireland, the
United Kingdom and Spain.


QUINN GROUP: Bankruptcy Hearing for Russian Unit Set for August
---------------------------------------------------------------
Simon Carswell at The Irish Times reports that a Moscow court has
adjourned until next month a hearing to declare bankrupt a Russian
company within the international property group of the family of
businessman Sean Quinn.

According to The Irish Times, the Moscow court of arbitration will
hear the bankruptcy petition from the company, Finansstroy, on
August 24 after ruling on Friday that it had insufficient
documentation to proceed with the case at the scheduled hearing.

Anglo Irish Bank and the Quinns are battling for control of the
family's international group which has properties in Russia,
Ukraine, Turkey and India worth an estimated EUR500 million, The
Irish Times discloses.

Legal proceedings between the two sides have been taken in
Ireland, Sweden, Cyprus and Russia, The Irish Times recounts.

The Irish Times says the family is seeking to have Finansstroy
made bankrupt and to appoint their own insolvency practitioner to
the company, which has valuable properties in Russia, including
the Kutuzoff office block in an upmarket area of Moscow.

The bank is owed about EUR2.9 billion by the family and has
appointed a receiver to take control of companies in Ireland and
Sweden behind the properties, The Irish Times discloses.
Anglo secured the appointment of a bankruptcy receiver to the
group's main international company, Quinn Investments Sweden, in a
Stockholm court on July 5, The Irish Times recounts.

Quinn Group ROI Ltd. controls its cement, building materials,
glass and other manufacturing businesses in Ireland and Britain
through its ownership of Quinn Group, an operating entity
registered in Northern Ireland.


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


ARES FINANCE: S&P Lowers Ratings on Two Classes of Notes to 'D'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
ARES FINANCE 2 S.A.'s class D and E notes to 'D (sf)'.

The maturity date of the notes is July 22, 2011. The rating
actions follow the receipt of notice from ARES FINANCE 2
confirming that it will not fully repay its class D and E notes.
"We have been informed too that the maturity date of the notes has
been extended to July 22, 2015," S&P said.

"Our ratings on the notes are our opinions of the issuer's ability
to meet interest payment obligations on a timely basis and
principal obligations on the original scheduled note maturity date
(July 22, 2011). Accordingly, we have lowered our ratings on these
notes to 'D (sf)'," S&P related.

ARES FINANCE 2 is a commercial mortgage-backed securities (CMBS)
transaction that securitizes a pool of secured and unsecured
nonperforming loans (NPLs) originated in Italy by Banca Nazionale
del Lavoro SpA (AA-/Negative/A-1+).

Ratings List

                   Rating
Class       To               From

ARES FINANCE II S.A.
EUR684.9 Million Asset-Backed Floating-Rate Notes

Ratings Lowered

D           D (sf)           CCC (sf)

E           D (sf)           CCC (sf)


ATLANTE FINANCE: Moody's Lowers Rating on C Certificate to 'B3'
---------------------------------------------------------------
Moody's Investors Service has downgraded the class A, B and C
notes issued by Atlante Finance Srl.

RATINGS RATIONALE

The rating action reflects: (i) deterioration in the performance
of the underlying collateral portfolio, in particular the
commercial portion of the portfolio; (ii) increased concentration
among top borrowers, most of which have exposure to commercial
real estate; and (iii) the reduction in credit enhancement due to
poor performance. The rating action also concludes the rating
review of the transaction, following the implementation on 2 March
2011 of Moody's rating guidance entitled "Global Structured
Finance Operational Risk Guidelines: Moody's Approach to Analyzing
Performance Disruption Risk."

-- OPERATIONAL RISK

Moody's placed the senior and mezzanine notes of the transaction
on downgrade review because of the lack of a back-up servicer
facilitator while the servicer Unipol Banca is rated Baa2/P-
2/D+/Negative. Moody's believes that the current structure is now
consistent with the ratings of the class A and B notes, following
their downgrade to Aa1(sf) and A1(sf), respectively.

-- COLLATERAL PERFORMANCE

Atlante Finance Srl is a repackaging of Grecale ABS Srl, a
securitization transaction closed in May 2006 which purchased a
mixed-pool portfolio of mortgage loans made to Italian commercial,
residential and public sector borrowers. Following a sharp rise in
defaults over the past 18 months, the cumulative default rate now
stands at 10.5% of the original portfolio balance, compared with
4.4% at year-end 2009. Commercial borrowers in particular have
contributed to the sharp increase in defaults, with the cumulative
default rate reaching approximately 13.7% over the original
commercial pool balance as at the end of March 2011. Residential
borrowers also showed weaker performance compared to the Italian
RMBS index. The residential borrower cumulative default rate in
March 2011 stood at 5.4%, while the Italian RMBS index rate was
2.0% in February 2011. The performance of the public sector loan
portfolio has been in line with expectations as no default has
occurred since closing.

Cumulative recoveries measured as a percentage of cumulative
defaults, stood at 23% as at March 2011. All defaulted loans are
backed by mortgages either commercial or residential properties.
Moody's believes that the low recovery rate can be attributed to
the extended period of time it takes to fully recover a defaulted
loan in the Italian market. This time to full recovery can
typically be anywhere up to six years.

-- BORROWER CONCENTRATION

The top borrower of the underlying collateral contributes 6.8% to
the outstanding portfolio. The top five borrowers reach 20.0% and
the top 10 borrowers reach 30.0% levels. This compares with 4.4%
for the top borrower, 17.6% for the top five borrowers and 26.0%
for the top 10 borrowers in the initial portfolio. In addition,
the majority of the top borrowers are active in the building and
construction sector. Moody's considers this sector to be riskier
relative to other industries. Moody's assumed a stressed default
probability equivalent to Caa2 rating on these large exposures.

-- CREDIT ENHANCEMENT

Credit enhancement in this transaction increased for the class A
and B notes to 33.0% and 28.0%, respectively, from the original
16.5% and 14.5%. For class C, credit enhancement dropped to 2.0%
from the original 5.0%. In the case of Atlante Finance, Moody's
calculated the current credit enhancement as being the available
subordination adjusted for the performing pool balance and the
under-collateralization caused by the unpaid principal deficiency
ledger (PDL). As of March 2011, the unpaid PDL stood at EUR82.8
million, or 13.8% of the outstanding note balance.

-- KEY REVISED ASSUMPTIONS: CUMULATIVE DEFAULT, VOLATILITY AND
   RECOVERY RATE

Moody's has increased its lifetime default expectation for the
Atlante Finance collateral portfolio, factoring in: (i) the poor
collateral performance to date; and (ii) any likely performance
deterioration of the pool in the current cycle. In doing so,
Moody's took into account the transactions' exposure to the real
estate sector, either through security in the form of a mortgage
or debtors operating in real estate.

Given the three different types of borrower and the negative
outlook on these sectors, Moody's has maintained its default
probability assumption in the low-single-B range for commercial
debtors; the Ba-range for residential borrowers; and the Baa-range
for public sector borrowers. Moody's currently estimates the
remaining weighted average life of the portfolio to be six years.

These revised assumptions have translated into a rise in the
cumulative mean default assumption equal to 20.3% of the current
portfolio balance (equivalent to the mid B rating category). This
assumption on future defaults implies a revised cumulative mean
default calculation for the entire life of the transaction of
17.6% of the original portfolio balance (13.7% at closing in
2006).

The low granularity of the portfolio together with the
concentration in the building and real estate sector led Moody's
to use a Monte Carlo simulation to derive the gross default
distribution. Furthermore, Moody's could not allocate
approximately 44.6% of the borrowers (the majority being
residential borrowers) to a specific industry based on Moody's
Industry Allocation using NACE Rev 1.1. Moody's took this into
consideration by allocating these borrowers into one single
industry, therefore increasing the stress of the transaction's
volatility. The Monte Carlo simulation resulted in a coefficient
of variation of 52%.

Moody's reduced its recovery rate assumption to 60% from 81% at
closing. The standard deviation to model stochastic recoveries was
determined at 20%. Moody's further increased the correlation
between defaults and severity to better capture the fact that some
of the securities are commercial real estate properties with more
volatile market prices compared to residential property. Moody's
also assumed an additional recovery rate of 40% for loans already
defaulted which are part of the unpaid PDL.

Moody's assumes a constant prepayment rate (CPR) of 10%.

-- SENSITIVITIES TO CONCENTRATION RISK

Given the portfolio concentration in terms of borrower size,
Moody's also analyzed the impact of a sudden default of the
performing portfolios' top exposures. The defaults of the top
exposures would lead to: (ii) an significant increase in the
unpaid PDL; (ii) an increase of the average pool quality; and
(iii) a reduction of the credit enhancement. In the following
analysis Moody's tested the impact of different recovery rates
ranging between 40% to 60% on defaulted loans in the unpaid PDL.
For instance, the quantitative/model-indicated rating outcome of
the class A notes was between Aa2(sf) and Aaa(sf), of the class B
notes between Baa1(sf) and Aa2(sf) and of class C notes between
Ca(sf) and Caa2(sf).

TRANSACTION DETAILS

Atlante Finance Srl is a repackaging of Grecale ABS Srl, which
purchased a portfolio of loans to commercial, residential and
public sector borrowers in May 2006 with the majority of the loans
being originated by Unipol Banca (Baa2/P-2/D+/Negative). In March
2011, the performing portfolio consisted of 4,228 loans to 4,069
borrowers. The weight of the sub-portfolios has changed to 55%
from 63% for commercial borrowers, to 41% from 34% for residential
borrowers and to 4% from 3% for public sector borrowers. Most of
the loans were originated between 1986 and 2006. The weighted
average remaining term of the portfolio is 12.1 years. The
concentration of the loans in the building and real estate sector
according to Moody's industry classification was 32.9% as of March
2011.

Moody's initially used its CMBS methodology to analyze the
collateral portfolio of Atlante Finance Srl. Given the
heterogeneity of the underlying sub-portfolios and with the
majority of the borrowers being small and medium-sized Italian
companies, Moody's used Moody's approach to Rating CDOs of SMEs in
Europe, published in February 2007 as principal methodology in
this rating action.

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

List of ratings affected:

Issuer: Atlante Finance Srl

   -- EUR1202.5M A Certificate, Downgraded to Aa1 (sf); previously
      on Mar 2, 2011 Aaa (sf) Placed Under Review for Possible
      Downgrade

   -- EUR28.8M B Certificate, Downgraded to A1 (sf); previously on
      Mar 2, 2011 Aa3 (sf) Placed Under Review for Possible
      Downgrade

   -- EUR136.8M C Certificate, Downgraded to B3 (sf); previously
      on May 30, 2006 Definitive Rating Assigned Baa3 (sf)


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


HARVEST CLO: Moody's Upgrades Rating on Class E Notes to 'Caa1'
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of these notes
issued by Harvest CLO I S.A.:

Issuer: Harvest CLO I S.A.

   -- EUR13.6M Class B-1 Senior Fixed Rate Notes due 2017,
      Upgraded to Aa3 (sf); previously on Jun 22, 2011 A1 (sf)
      Placed Under Review for Possible Upgrade

   -- EUR31.4M Class B-2 Senior Floating Rate Notes due 2017,
      Upgraded to Aa3 (sf); previously on Jun 22, 2011 A1 (sf)
      Placed Under Review for Possible Upgrade

   -- EUR32.5M Class C Senior Subordinated Deferrable Floating
      Rate Notes due 2017, Upgraded to Baa3 (sf); previously on
      Jun 22, 2011 Ba1 (sf) Placed Under Review for Possible
      Upgrade

   -- EUR22.5M Class D Senior Subordinated Deferrable Floating
      Rate Notes due 2017, Upgraded to Ba3 (sf); previously on Jun
      22, 2011 B3 (sf) Placed Under Review for Possible Upgrade

   -- EUR11.5M Class E Senior Subordinated Deferrable Floating
      Rate Notes due 2017, Upgraded to Caa1 (sf); previously on
      Jun 22, 2011 Caa3 (sf) Placed Under Review for Possible
      Upgrade

   -- EUR6M Class Q Combination Notes due 2017, Upgraded to Ba3
      (sf); previously on Jun 22, 2011 B3 (sf) Placed Under Review
      for Possible Upgrade

   -- EUR4M Class U Combination Notes due 2017, Upgraded to B2
      (sf); previously on Jun 22, 2011 B3 (sf) Placed Under Review
      for Possible Upgrade

The ratings of the Combination Notes address the repayment of the
Rated Balance on or before the legal final maturity. For Classes
Q, the 'Rated Balance' is equal at any time to the principal
amount of the Combination Note on the Issue Date increased by the
Rated Coupon of six-month EURIBOR per annum respectively, accrued
on the Rated Balance on the preceding payment date minus the
aggregate of all payments made from the Issue Date to such date,
either through interest or principal payments. For Classes U,
which do not accrue interest, the 'Rated Balance' is equal at any
time to the principal amount of the Combination Note on the Issue
Date minus the aggregate of all payments made from the Issue Date
to such date, either through interest or principal payments. The
Rated Balance may not necessarily correspond to the outstanding
notional amount reported by the trustee.

RATINGS RATIONALE

Harvest CLO I S.A., issued in April 2004, is a single currency
Collateralised Loan Obligation ("CLO") backed by a portfolio of
mostly high yield European and US loans. The portfolio is managed
by 3i Debt Management Investments Ltd. This transaction has passed
its reinvestment period and is now amortizing. It is predominantly
composed of senior secured loans.

According to Moody's, the rating actions taken on the notes are
primarily a result of applying Moody's revised CLO assumptions
described in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011.

The actions reflect key changes to the modeling assumptions, which
incorporate (1) a removal of the temporary 30% default probability
macro stress implemented in February 2009, (2) increased BET
liability stress factors as well as (3) change to a fixed recovery
rate modeling framework. Additional changes to the modeling
assumptions include (1) standardizing the modeling of collateral
amortization profile, (2) changing certain credit estimate
stresses aimed at addressing time lags in receiving information
required for credit estimate updates, and (3) adjustments to the
equity cash-flows haircuts applicable to combination notes.

Portfolio metrics have been largely stable since the last rating
action in May 2011. Moody's notes that EUR34.3 million of assets
have repaid since then.

Due to the impact of revised and updated key assumptions
referenced in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011, key model inputs used by
Moody's in its analysis, such as the portfolio par amount, WARF,
diversity score, and weighted average recovery rate, may be
different from the trustee's reported numbers. In its base case,
Moody's analyzed the underlying collateral pool to have a
performing par and principal proceeds balance of EUR348.8 million,
a weighted average default probability of 36.78% (consistent with
a WARF of 3678), a weighted average recovery rate upon default of
41.4%, and a diversity score of 31. The default probability is
derived from the credit quality of the collateral pool and Moody's
expectation of the remaining life of the collateral pool. The
average recovery rate to be realized on future defaults is based
primarily on the seniority of the assets in the collateral pool.
For a Aaa liability target rating, Moody's assumed that 85% of the
portfolio exposed to senior secured corporate assets would recover
50% upon default, while the remainder non first-lien loan
corporate assets would recover 10%. In each case, historical and
market performance trends and collateral manager latitude for
trading the collateral are also relevant factors. These default
and recovery properties of the collateral pool are incorporated in
cash flow model analysis where they are subject to stresses as a
function of the target rating of each CLO liability being
reviewed.

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as evidenced by 1) uncertainties of
credit conditions in the general economy and 2) the large
concentration of speculative-grade debt maturing between 2012 and
2014 which may create challenges for issuers to refinance. CDO
notes' performance may also be impacted by 1) the manager's
investment strategy and behavior and 2) divergence in legal
interpretation of CDO documentation by different transactional
parties due to embedded ambiguities.

Sources of additional performance uncertainties are:

1) Deleveraging: The main source of uncertainty in this
   transaction is whether delevering from unscheduled principal
   proceeds will continue and at what pace. Delevering may
   accelerate due to high prepayment levels in the loan market
   and/or collateral sales by the manager, which may have
   significant impact on the notes' ratings.

2) Long-dated assets: The presence of assets that mature beyond
   the CLO's legal maturity date exposes the deal to liquidation
   risk on those assets. Moody's assumes an asset's terminal value
   upon liquidation at maturity to be equal to the lower of an
   assumed liquidation value (depending on the extent to which the
   asset's maturity lags that of the liabilities) and the asset's
   current market value.

The principal methodology used in this rating was "Moody's
Approach to Rating Collateralized Loan Obligations" published in
June 2011.

Moody's modeled the transaction using the Binomial Expansion
Technique, as described in Section 2.3.2.1 of the "Moody's
Approach to Rating Collateralized Loan Obligations" rating
methodology published in June 2011.

The cash flow model used for this transaction, whose description
can be found in the methodology listed above, is Moody's EMEA
Cash-Flow model.

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

Moody's also notes that around 73% of the collateral pool consists
of debt obligations whose credit quality has been assessed through
Moody's credit estimates. Large single exposures to obligors
bearing a credit estimate have been subject to a stress applicable
to concentrated pools as per the report titled "Updated Approach
to the Usage of Credit Estimates in Rated Transactions" published
in October 2009.


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


NORTH WESTERLY: Moody's Upgrades Rating on Class D Notes to 'Ba3'
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of these notes
issued by North Westerly CLO III B.V.:

Issuer: North Westerly CLO III B.V.

   -- EUR290M Class A Senior Floating Rate Notes due 2022
      (currently EUR279,760,628.09 outstanding), Upgraded to Aa1
      (sf); previously on Jun 22, 2011 Aa2 (sf) Placed Under
      Review for Possible Upgrade

   -- EUR32M Class B Deferrable Interest Floating Rate Notes due
      2022, Upgraded to Baa1 (sf); previously on Jun 22, 2011 Baa2
      1(sf) Placed Under Review for Possible Upgrade

   -- EUR17M Class C Deferrable Interest Floating Rate Notes due
      2022, Upgraded to Ba1 (sf); previously on Jun 22, 2011 Ba2
      (sf) Placed Under Review for Possible Upgrade

   -- EUR15.5M Class D Deferrable Interest Floating Rate Notes due
      2022, Upgraded to Ba3 (sf); previously on Jun 22, 2011 B1
      (sf) Placed Under Review for Possible Upgrade

   -- EUR14.5M Class E Deferrable Interest Floating Rate Notes due
      2022, Upgraded to B1 (sf); previously on Jun 22, 2011 Caa2
      (sf) Placed Under Review for Possible Upgrade

   -- EUR6M Class R Combination Notes due 2022, Upgraded to Ba1
      (sf); previously on Jun 22, 2011 B1 (sf) Placed Under Review
      for Possible Upgrade

   -- EUR10M Class P Combination Notes due 2022, Upgraded to Ba2
      (sf); previously on Jun 22, 2011 B2 (sf) Placed Under Review
      for Possible Upgrade

The ratings of the Combination Notes address the repayment of the
Rated Balance on or before the legal final maturity. For Classes
R, the 'Rated Balance' is equal at any time to the principal
amount of the Combination Note on the Issue Date increased by the
Rated Coupon of 0.25% per annum respectively, accrued on the Rated
Balance on the preceding payment date minus the aggregate of all
payments made from the Issue Date to such date, either through
interest or principal payments. For Class P, which does not have
Rated Coupon, the 'Rated Balance' is equal at any time to the
principal amount of the Combination Note on the Issue Date minus
the aggregate of all payments made from the Issue Date to such
date, either through interest or principal payments. The Rated
Balance may not necessarily correspond to the outstanding notional
amount reported by the trustee.

RATINGS RATIONALE

North Westerly CLO III B.V., issued in August 2006, is a single
currency Collateralised Loan Obligation ("CLO") backed by a
portfolio of mostly high yield European loans. The portfolio is
managed by NIBC Bank N.V. This transaction will be in reinvestment
period until October 2012. It is predominantly composed of senior
secured loans.

According to Moody's, the rating actions taken on the notes are
primarily a result of applying Moody's revised CLO assumptions
described in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011.

The actions reflect key changes to the modeling assumptions, which
incorporate (1) a removal of the temporary 30% default probability
macro stress implemented in February 2009, (2) increased BET
liability stress factors as well as (3) change to a fixed recovery
rate modeling framework. Additional changes to the modeling
assumptions include (1) standardizing the modeling of collateral
amortization profile, and (2) changing certain credit estimate
stresses aimed at addressing time lags in receiving information
required for credit estimate updates

Moody's also notes that this action also reflects improvements of
the transaction performance since the last rating action.
Improvement in the credit quality is observed through a decrease
in the proportion of securities from issuers rated Caa1 and below.
In particular, as of the latest trustee report dated May 2011,
securities rated Caa or lower make up approximately 8.54% of the
underlying portfolio versus 13.48% in October 2009. Additionally,
there is no defaulted security currently in the underlying
portfolio. The overcollateralization ratios of the rated notes
have also improved since the rating action in December 2009. The
Class A, Class B, Class C, Class D and Class E
overcollateralization ratios are reported at 136.53%, 122.52%,
116.18%, 110.95% and 106.47%, respectively, versus October 2009
levels of 129.22%, 116.10%, 110.16%, 105.25%, and 100.73%,
respectively, and all related overcollateralization tests are
currently in compliance. Moody's also notes that the Class E Notes
are no longer deferring interest and that all previously deferred
interest has been paid in full.

Trustee reported WARF has increased from 2845 to 2932 from October
2009 to May 2011. The change in reported WARF understates the
actual credit quality improvement because of the technical
transition related to rating factors of European corporate credit
estimates, as announced in the press release published by Moody's
on 1 September 2010.

Due to the impact of revised and updated key assumptions
referenced in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011, key model inputs used by
Moody's in its analysis, such as the portfolio par amount, WARF,
diversity score, and weighted average recovery rate, may be
different from the trustee's reported numbers. In its base case,
Moody's analyzed the underlying collateral pool to have a
performing par and principal proceeds balance of EUR387 million,
defaulted par of zero, a weighted average default probability of
24.65% (consistent with a WARF of 3135), a weighted average
recovery rate upon default of 45.41%, and a diversity score of 35.
The default probability is derived from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The average recovery rate to be realized on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating, Moody's
assumed that 89% of the portfolio exposed to senior secured
corporate assets would recover 50% upon default, while the
remainder non first-lien loan corporate assets would recover 10%.
In each case, historical and market performance trends and
collateral manager latitude for trading the collateral are also
relevant factors. These default and recovery properties of the
collateral pool are incorporated in cash flow model analysis where
they are subject to stresses as a function of the target rating of
each CLO liability being reviewed.

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as evidenced by 1) uncertainties of
credit conditions in the general economy and 2) the large
concentration of speculative-grade debt maturing between 2012 and
2014 which may create challenges for issuers to refinance. CDO
notes' performance may also be impacted by 1) the manager's
investment strategy and behavior and 2) divergence in legal
interpretation of CDO documentation by different transactional
parties due to embedded ambiguities.

Sources of additional performance uncertainties are:

1) Weighted average life: The notes' ratings are sensitive to the
   weighted average life assumption of the portfolio, which may be
   extended due to the manager's decision to reinvest into new
   issue loans or other loans with longer maturities and/or
   participate in amend-to-extend offerings. Moody's tested for a
   possible extension of the actual weighted average life in its
   analysis.

2) Other collateral quality metrics: The deal is allowed to
   reinvest and the manager has the ability to deteriorate the
   collateral quality metrics' existing cushions against the
   covenant levels. Moody's analyzed the impact of assuming lower
   of reported and covenanted values for weighted average rating
   factor, weighted average spread, weighted average coupon, and
   diversity score. However, as part of the base case, Moody's
   considered spread level higher than the covenant level due to
   the large difference between the reported and covenant levels.

The principal methodology used in this rating was "Moody's
Approach to Rating Collateralized Loan Obligations" published in
June 2011.

Moody's modeled the transaction using the Binomial Expansion
Technique, as described in Section 2.3.2.1 of the "Moody's
Approach to Rating Collateralized Loan Obligations" rating
methodology published in June 2011.

The cash flow model used for this transaction, whose description
can be found in the methodology listed above, is Moody's CDOEdge
model.

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

Moody's also notes that around 83% of the collateral pool consists
of debt obligations whose credit quality has been assessed through
Moody's credit estimates. Large single exposures to obligors
bearing a credit estimate have been subject to a stress applicable
to concentrated pools as per the report titled "Updated Approach
to the Usage of Credit Estimates in Rated Transactions" published
in October 2009.


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


SAAB AUTOMOBILE: Unit's Bankruptcy Averted Following Debt Deal
--------------------------------------------------------------
Anna Ringstrom and Greg Roumeliotis at Reuters report that
Saab Automobile on Friday appeared to have fended off a demand for
one of its units to be declared bankrupt when it reached a
settlement with a supplier.

Car production at Saab, rescued from bankruptcy in early 2010 by
Netherlands-based Swedish Automobile, ground to a standstill in
April because suppliers who had not been paid refused to deliver
the necessary components, Reuters recounts.

"We got fed up when they never got back to us.  This is a great
deal of money for us," Lars Thunberg, chairman of the SwePart
Verktyg AB company which filed the application for bankruptcy,
told Reuters.

SwePart is owed about SEK5.9 million Swedish (US$934,000) for
tools, Reuters says, citing the bankruptcy filing released by the
Vanersborg district court in west Sweden.  Saab's production plant
is in Trollhatten, in the same region, Reuters discloses.  The
bankruptcy filing was against Saab Automobile Tools AB, Reuters
notes.

According to Reuters, SwePart said in the document that "More than
one week has passed from the summons and payment has not yet been
made.  Saab Automobile should therefore be considered insolvent."

Swedish Automobile said later on Friday it had reached an
agreement on payment terms with the supplier, Reuters relates.

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


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


BUSINESS MORTGAGE: Moody's Junks Ratings on Four Classes of Notes
-----------------------------------------------------------------
Moody's Investors Service has taken these rating actions on Notes
issued by Business Mortgage Finance No. 4, 5, 6 and 7 plc (amounts
reflecting original Note amounts):

Issuer: Business Mortgage Finance 4 PLC (BMF 4)

   -- GBP41.25M M Notes, Downgraded to Baa2 (sf); previously on
      Nov 18, 2009 Downgraded to A3 (sf)

   -- GBP15M B Notes, Downgraded to B3 (sf); previously on Nov 18,
      2009 Downgraded to B1 (sf)

Issuer: Business Mortgage Finance 5 PLC

   -- GBP27M Class M1 Notes, Downgraded to Ba3 (sf); previously on
      Sep 16, 2009 Downgraded to A3 (sf)

   -- EUR36.5M Class M2 Notes, Downgraded to Ba3 (sf); previously
      on Sep 16, 2009 Downgraded to A3 (sf)

   -- GBP12M Class B1 Notes, Downgraded to Caa1 (sf); previously
      on Sep 16, 2009 Downgraded to B1 (sf)

   -- EUR11.5M Class B2 Notes, Downgraded to Caa1 (sf); previously
      on Sep 16, 2009 Downgraded to B1 (sf)

Issuer: Business Mortgage Finance 6 PLC (BMF 6)

   -- GBP106M Class A1 Notes, Downgraded to Aa2 (sf); previously
      on Sep 30, 2009 Downgraded to Aa1 (sf)

   -- EUR400.7M Class A2 Notes, Downgraded to Aa2 (sf); previously
      on Sep 30, 2009 Downgraded to Aa1 (sf)

   -- GBP38M Class M1 Notes, Downgraded to B1 (sf); previously on
      Sep 30, 2009 Downgraded to Ba1 (sf)

   -- EUR55.6M Class M2 Notes, Downgraded to B1 (sf); previously
      on Sep 30, 2009 Downgraded to Ba1 (sf)

   -- EUR39.1M Class B2 Notes, Downgraded to Caa3 (sf); previously
      on Sep 30, 2009 Downgraded to B3 (sf)

   -- Detachable A1 Coupons Notes, Downgraded to Aa2 (sf);
      previously on Sep 30, 2009 Downgraded to Aa1 (sf)

   -- Detachable A2 Coupons Notes, Downgraded to Aa2 (sf);
      previously on Sep 30, 2009 Downgraded to Aa1 (sf)

Issuer: Business Mortgage Finance 7 PLC (BMF 7)

   -- GBP187.5M Class A1 Notes, Downgraded to Aa2 (sf); previously
      on Sep 30, 2009 Downgraded to Aa1 (sf)

   -- GBP38.65M Class M1 Notes, Downgraded to Ba3 (sf); previously
      on Sep 30, 2009 Downgraded to Baa3 (sf)

   -- EUR5M Class M2 Notes, Downgraded to Ba3 (sf); previously on
      Sep 30, 2009 Downgraded to Baa3 (sf)

   -- GBP12.375M Class B1 Notes, Downgraded to Caa2 (sf);
      previously on Sep 30, 2009 Downgraded to B2 (sf)

   -- Detachable A1 Coupons Notes, Downgraded to Aa2 (sf);
      previously on Sep 30, 2009 Downgraded to Aa1 (sf)

In total, approximately GBP853M of CMBS bonds were affected by the
downgrade actions. Moody's does not rate the Classes C of Notes
issued by BMF 4, 5, 6 and 7. The actions taken are due to Moody's
revising its expected loss assessments for the four transactions,
and take into account Moody's updated central scenarios as
described in Moody's Special Report "EMEA CMBS: 2011 Central
Scenarios".

RATINGS RATIONALE

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

The analysis that led to the rating actions was based on an
updated poolcut for each transaction and the recent performance
history of each loan. The rating actions were prompted by the
following factors: (i) the higher than expected arrears,
litigation and repossession levels; (ii) the diminution in all
four transactions of the credit enhancement provided by the
reserve funds; and (iii) Moody's concerns regarding the current
situation of the real estate market in a continuing challenging
economic backdrop for small businesses across the country.

Moody's rating action on the Class A Detachable Coupons of BMF 6
and 7 is due to the expectation that scenarios in which the
ratings of the Class A Notes would be impacted would also impact
on the payment promise towards the Class A Detachable Coupons.

MOODY'S PORTFOLIO ANALYSIS

BMF 4, 5, 6 and 7 represent true-sale securitizations by UK lender
Commercial First of four pools of loans mainly granted to
individuals and secured by first-ranking mortgages over mixed-use
commercial properties.

The most common property type in each of the pools is a mixed-use
commercial property, with a commercial use unit on the ground
floor, and a flat or maisonette for residential use situated
directly above it. However, the types of properties in the pools
are diverse and comprise various sorts of commercial uses,
including retail units, offices, hotels, light industrial property
and farmland. The properties securing the loans in the pools are
also well diversified in terms of location across the UK.

Except for the Notes in BMF 4 that are all denominated in GBP, the
floating rate Notes have been issued in both EUR and GBP, while
the underlying loans are 100% GBP denominated. The transactions
have (i) hedging to mitigate basis risk, interest rate risk, and
for the transactions with EUR tranches, cross-currency risk; (ii)
liquidity facilities; and (iii) cash reserve funds. The
transactions are now amortizing principal sequentially. However
pro-rata amortization of the Notes is permitted when certain
performance-related tests are met.

Since closing of the transactions, Moody's has observed increases
in the rates of arrears in the pools, as well as in the proportion
of loans that are reported as being in litigation and the number
of property repossession cases. Cumulative losses have partially
been absorbed by excess spread, however over the last two years
excess cash flows were generally insufficient to cover losses
fully in any of the transactions. The un-absorbed losses were met
by deductions to the reserve funds ensuring that no principal
deficiency balances have been recorded on any class of Notes so
far. As of May 2011 the reserve fund of BMF 6 represented only
0.5% of the current balance of the Notes. A proportion of the
loans that are in arrears are still paying at least part of their
installment, which explains why excess spread has been able to
absorb losses while delinquency rates have been significant.

For more information about the pools and recent performance,
please refer to the last Performance Overviews published on
July 5, 2011.

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.

The updated assessment is a result of Moody's on-going
surveillance of commercial mortgage backed securities (CMBS)
transactions. The last Performance Overviews for these
transactions were published on July 5, 2011.


CLINTON CARDS: Restructuring of 800-Store UK Portfolio Likely
-------------------------------------------------------------
Claer Barrett at The Financial Times reports that property
landlords are becoming increasingly worried that Clinton Cards is
preparing to restructure its 800-store UK portfolio as the
timetable to refinance its GBP55 million revolving credit facility
is extended.

According to the FT, the company had expected to refinance the
facility with lenders Barclays and RBS by the end of its financial
year on July 31, but now does not expect to do so until September,
adding to concerns about the sustainability of its business model
following a collapse in profitability.

Clinton Cards has more stores in shopping malls than any other
retailer, the FT discloses. This means that any restructuring,
which landlords expect to include calls for rent reductions and
store closures, would affect the listed property sector far more
than recent collapses of high street retail chains such as
Habitat, Jane Norman and Oddbins, the FT notes.

"Clinton is one of the most difficult situations on the high
street generally, its business model is challenged and it has an
awful lot of units," the FT quotes one major shopping center
landlord as saying.  "Historically, card shops paid the highest
rents in the business, but with e-cards and Facebook, people have
found other ways of saying happy birthday."

Property advisers to listed landlords including Land Securities,
British Land, Hammerson and Capital Shopping Centres confirm that
tension is mounting, the FT notes.  "Of all the retailers, Clinton
is causing landlords the most worry," a landlord, as cited by the
FT.  Another said he was expecting a "cap in hand exercise" to
reduce the firm's GBP80 million annual rent bill, the FT notes.

Clinton Cards is a greetings card retailer.


KEYDATA GROUP: ICG to Pay GBP326-Mil. in Compensation Claims
------------------------------------------------------------
Philip Stafford at The Financial Times reports that IG Group, the
spreadbetting company, has hit out at an unexpected levy it was
forced to pay as part of a cost of compensating investors who lost
money in the collapse of Keydata, the structured product provider.

According to the FT, the London-based group was given a bill for
GBP4 million in January as its share of a GBP326 million levy
required of financial services groups by the Financial Services
Compensation Scheme to fund compensation claims from customers of
defaulting investment firms.

The issue was brought to the fore by Keydata, which left nearly
30,000 investors out of pocket after the investment group was put
into administration in 2009, the FT recounts.  However the GBP326
million levy on the investment industry was so large the FSCS had
to pass most of the costs on to fund managers, leaving many fund
managers angry, the FT says.

The FT relates that IG called on the FSCS to be more transparent
and said it had asked the Financial Services Authority, which runs
the scheme, whether it was appropriate for companies such as IG,
who act as a broker, to be included in the same compensation
category as investment firms who deal as agent and give advice.

As reported by the Troubled Company Reporter-Europe, Dan
Schwarzmann and Mark Batten of PricewaterhouseCoopers LLP were
appointed joint administrators of Keydata on June 8, 2009.  The
appointment was made based on an application to court by the FSA
on insolvency grounds.

Keydata Investment Services Ltd. designs, distributes and
administers structured investment products.  Keydata operates from
three locations, being London, Glasgow and Reading and administers
its own products as well as portfolios for third parties.


LICK GROUP: Liquidation Confirmed; Machinery Up for Sale
--------------------------------------------------------
Adam Hooker at PrintWeek reports that the liquidation of Lick
Group has been confirmed, with the company's machinery auctioned
Monday, July 25.

As reported in the Troubled Company Reporter-Europe on June 30,
2011, PrintWeek said Lick Group will be placed in liquidation with
The P&A Partnership, the Sheffield-based insolvency practitioner
which handled the liquidation of Lick Group subsidiaries Lick
Digital and Top Copy.  The P&A Partnership confirmed that a
meeting of creditors had been set for July 13, at which the
company would be liquidated.

Earlier in June, PrintWeek recalled, Lick Group's staff were
reportedly sent home, while former managing director Linden Kitson
resigned as a director on Companies House.

PrintWeek says it has been forwarded an e-mail from asset
consultants Charterfields offering the company's kit for sale as
"a single parcel".

According to the report, the e-mail stated that the sale has been
instructed by the liquidator of Lick Digital and Top Copy, which
went into liquidation in March, as well as Lick Group.

Viewings can be made by appointment for Monday (25 July) and bids
for the equipment must be returned by July 29, PrintWeek adds.

Lick UK, which traded as Lick Group, went into administration on
April 7, 2010.  Insolvency practitioner BWC Business Solutions was
appointed as administrator.

Lick UK is a direct mail company.  The group also includes Lick
Online, Lick Direct and Lick Agency.  According to PrintWeek's
2009 top 500, Lick UK had a turnover of GBP3.7 million and
employed 72 staff.


MAX TWO: S&P Keeps 'B-' Foreign Currency Rating on EUR100MM Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services is keeping its 'B-' long-term
foreign-currency issue rating on the EUR100 million senior secured
notes (the notes) due 2024 issued by the Jersey-based wind power
special purpose vehicle Max Two Ltd. on CreditWatch with negative
implications, where it was placed on March 21, 2011.

"The notes remain on CreditWatch because we have not yet received
an updated auditor's opinion on MTL's financial situation, given
that the 2010 audited financial statements are not yet available.
Our review of the audited statements is a necessary condition for
the resolution of the CreditWatch status (see 'Wind Project Max
Two Rating Reinstated Then Lowered To 'B-' On Underperformance;
Placed On Watch Neg,' published March 21, 2011)," S&P related.

"We expect to receive the audited statements by the end of this
month, together with information on the operational performance of
the wind farm projects during the first half of the year," S&P
said.

"The CreditWatch placement reflects the fact that we have not yet
received audited financial statements for 2010 confirming the
project's status as a going concern, although we understand that
this is the case," S&P related.

"We aim to resolve the CreditWatch placement on receipt of both
the audited financial statements and the independent auditor's
opinion, which we expect to receive by the end of this month. If
the auditor's opinion raises concerns about the going-concern
status of the project, then this may lead to us lower the issue
rating on the project. If, however, positive or neutral opinions
are received, then we are likely to revise the outlook to stable,"
S&P added.


NEWS OF THE WORLD: Demise to Impact Newspaper Wholesalers
---------------------------------------------------------
Alistair Gray at The Financial Times reports that the sudden
demise of the News of the World has prompted fresh questions about
the prospects for Britain's newspaper wholesalers, the
distributors who act as middlemen between publishers and
retailers.

Shares in Smiths News, which dominates the market along with John
Menzies, have dropped by a 10th since News International announced
the closure of the tabloid, the FT relates.  The sell-off brings
losses for the year to 31.5%, the FT says.

It comes in spite of assurances from Smiths News that "significant
buyer substitution" and the group's "flexible cost base" would
mean the closure would have only a "minimal financial impact" on
its business, the FT notes.

The overall effect may well have been positive for the
distributors, whose contracts with publishers protect them from
promotional price cuts, the FT discloses.  But given that
distributors are paid on the basis of cover prices as well as the
volume of sales, the specific titles to which former News of the
World readers switch will be important, according to the FT.

The closure comes at a tough time for what is a relatively high-
volume but low-margin business, the FT states.

News of the World was a national newspaper published in the United
Kingdom from 1843 to 2011. It was the biggest selling English
language newspaper in the world.


SUREFRAME WINDOWS: Closes Doors After 50 Years in Business
----------------------------------------------------------
Blackburn Citizen reports that Sureframe Windows Ltd has closed
down after nearly 50 years in business.  The company has closed
its doors and eight members of staff have lost their jobs.

The report relates that administrators have been appointed to
liquidate the firm's assets, as the Oxford Street UPVC and
conservatory showroom was closed up.

Suppliers and customers have been sent letters to inform them that
outstanding bills, and customer deposits, will be handled as part
of the process, the report notes.

According to Blackburn Citizen, Manchester-based Insolvency firm
Lines Henry said they were in the process of placing the company
in liquidation.  Administrator Neil Henry said the firm was sad to
bring their proud history to a close, but that they had been
finding there was not enough business to stay afloat, the report
notes.

Sureframe Windows Ltd -- http://www.sureframewindows.co.uk/-- is
a manufacturer and installer of windows, doors, garage Doors, GRP
flat roofs, conservatories, porches and canopies.


* UK: Number of Firms in Critical Condition Up Slightly in 2Q2011
-----------------------------------------------------------------
Kristy Dorsey at The Scotsman reports that business distress
levels in Scotland eased during the second quarter, but the number
of firms in critical condition rose slightly, indicating that
problems still remain across large parts of the economy.

According to The Scotsman, figures out on Monday from rescue and
recovery specialist Begbies Traynor show that the total number of
Scottish businesses in some degree of financial stress fell to
6,039, down 4% on the same period a year earlier.  UK-wide,
distressed numbers reached 99,194, up 1.4%, The Scotsman
discloses.

The Scotsman relates that Ken Pattullo, Scottish managing partner
for Begbies, said: "We welcome any statistics that show Scotland's
businesses are faring better than other parts of the UK.  That
said. . . there were 336 instances of critical business distress,
up by 1%, and it remains a really tough climate for most
businesses."


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


* 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 * * *