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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Tuesday, August 2, 2011, Vol. 12, No. 151

                            Headlines



A U S T R I A

A-TEC INDUSTRIES: Pakistani Investor Joins Bidding Race


C Y P R U S

MARFIN POPULAR: Moody's Cuts Deposit & Debt Ratings to 'Ba2'


G E R M A N Y

EDSCHA AG: U.S. Unit Wins Confirmation of Liquidating Plan
ESSENTIAL PUBLIC: Fitch Affirms Rating on Class E Notes at 'B+sf'
EUROHOME MORTGAGES: Fitch Affirms 'Csf' Ratings on 3 Note Classes
HEIDELBERGER DRUCK: Moody's Assigns Caa1 Rating to EUR304MM Notes
PB DOMICILE: Fitch Affirms Rating on Class E Notes at 'BBsf'

PROVIDE BLUE: Fitch Affirms Ratings on Class E Notes at 'BBsf'
WALTER BAU: Thai Prince to Use Personal Funds to Recover Plane


G R E E C E

NAT'L BANK OF GREECE: Fitch Maintains Long-term 'B-' IDR


H U N G A R Y

NEOCITY HUNGARY: Backers Under Liquidation


I R E L A N D

EIRCOM GROUP: Expects Earnings to Fall by Up to 20%
EXETER BLUE: Fitch Affirms Rating on Class E Notes at 'BBsf'
IRISH LIFE: Shareholder Group Challenges Recapitalization
* IRELAND: CB Imposes Lending Restrictions on Ailing Credit Unions


I T A L Y

BANCA MONTE: Moody's Upgrades Bank Financial Strength Rating to D+


K A Z A K H S T A N

KAZINVESTBANK: Moody's Downgrades Deposit Ratings to 'B3'


L U X E M B O U R G

MOSSI & GHISOLFI: Fitch Assigns BB Long-Term Issuer Default Rating


N E T H E R L A N D S

PUMA CLO: S&P Withdraws 'BB-' Rating on Class E Notes


P O R T U G A L

* PORTUGAL: Draws Up Labor Reform Proposal to Secure Bailout Funds


R U S S I A

CREDIT BANK: Moody's Assigns 'B1' Rating to Upcoming Notes


S P A I N

CAJA DE AHORROS: Fitch Affirms Long-Term IDR at 'BB+'


U K R A I N E

OTP BANK: Moody's Affirms 'D-' Bank Financial Strength Rating


U N I T E D   K I N G D O M

CLINTON CARDS: Starbucks Managing Director Set to Become CEO
COMET: Buyer Pool Shrinks as Parent Wants Buyer to Keep Firm
FESTIVAL GROUP: G1 Group Buys Firm's Pubs for GBP30 Million
HIGHLAND ACCESS: To Appoint UHY Hacker Young as Liquidator
HSE GROUP: Enters Into Administration, Six Units Cease Trading

JANE NORMAN: 500 Jobs at Risk as Firm Concessions Set to Fold
LOFT SHOP: Ceases Trading; Lays Off 40 Workers
PARTRIDGE AND PEAR TREE: Goes Into Liquidation; Closes Shop
PROMINENT CMBS: S&P Lowers Rating on Class D Notes to 'B+'
SWIFT ACCESS: GT Access Acquires Firm, Retains Stroke Employees

VON ESSEN: Hotel Verta Goes Into Administration, Seeks New Owners
* UK: Number of Firms Facing 'Critical' Financial Problems Rises
* UNITED KINGDOM: Number of Midlands Administration Drop 30% in Q2


X X X X X X X X

* Large Companies with Insolvent Balance Sheet


                            *********



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A U S T R I A
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A-TEC INDUSTRIES: Pakistani Investor Joins Bidding Race
-------------------------------------------------------
According to Bloomberg News' Boris Groendahl, daily newspaper
Oesterreich, citing banking sources, reported on Monday that
Pakistani investor Alshair Fiyaz is the third bidder for A-Tec
Industries AG.

Bloomberg relates that Vienna-based Oesterreich said Mr. Fiyaz's
investment company ALFI joined Czech Penta Investments and hedge
fund Springwater in bidding for A-Tec.

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

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


===========
C Y P R U S
===========


MARFIN POPULAR: Moody's Cuts Deposit & Debt Ratings to 'Ba2'
------------------------------------------------------------
Moody's Investors Service has downgraded the deposit and debt
ratings of Marfin Popular Bank Public Co. Ltd. (MPB) to Ba2/Not
Prime, from Baa3/Prime-3, and Bank of Cyprus Public Co Ltd. (BoC)
to Ba1/Not Prime from Baa2/Prime-2.

At the same time, Moody's confirmed the deposit and debt ratings
of Hellenic Bank Public Co. Ltd. at Ba1.

The outlook on the ratings of all three banks is negative.

The rating actions conclude the review for possible downgrade
Moody's initiated on May 13, 2011.

Ratings Rationale

The main factors driving the rating actions are:

1. High exposures to Greek government bonds (GGBs), amounting to
   approximately 95% of Tier 1 capital for MPB and 55% for BoC.
   These exposures will subject the banks to economic losses and
   reductions in capitalization levels under the terms of the
   current Greek sovereign-debt exchange, albeit to different
   degrees. With GGB holdings equivalent to 17% of Tier 1 capital,
   Hellenic is less exposed than its rated peers.

2. Significant lending exposure to the Greek private sector, which
   will also likely cause a further rise in the banks' non-
   performing assets and, as a result, weaken profitability.

3. Challenges to sustain their current funding and liquidity
   profiles in the context of high levels of uncertainty in the
   region.

The rating actions also factor in the reduced capacity of the
Government of Cyprus to extend systemic support to the banking
system, reflected in the recent downgrade of Cyprus to Baa1, from
A2, counterbalanced by the EU announcement last week indicating
that the European Financial Stability Facility (EFSF) is able to
finance bank recapitalizations via loans to governments in non-
program countries.

CAPACITY TO ABSORB LOSSES ON GREEK GOVERNMENT EXPOSURES

The primary driver underpinning the rating actions is the high
level of direct GGB exposures. In Moody's view, all rated Cypriot
banks are likely to take part in the current Greek debt exchange.
Accordingly, despite recent measures to increase shock absorption
capacity, evidenced by increases in aggregate Tier 1 ratios to
around 12.0% in 2011 from 7.8% in 2008, and plans to further
increase capital levels in the second half of 2011, these GGB
exposures render capital levels vulnerable to material reductions.

The debt exchange recently proposed by the Institute of
International Finance (IIF) calculates that instruments will be
priced to generate a 21% net present value (NPV) loss, based on a
9% discount rate. As this discount rate is below market rates,
Moody's believes that losses will likely be greater when a higher
discount rate is applied to future interest and debt repayments.

Although the debt exchange would have a material impact on the
tier 1 ratios of MPB, and BoC to a lesser extent, Moody's primary
concern is that their ability to deal with any further
deterioration in operating conditions under a stress scenario is
now weakened. Specifically, Moody's recognizes that the risk of
further potential losses on Greek sovereign debt holdings beyond
the current debt exchange cannot be ruled out. Looking further
ahead, the EU program and proposed debt exchanges will increase
the likelihood that Greece will be able to stabilize and
eventually reduce its overall debt burden. However, Greece will
still face significant solvency challenges: its debt burden will
remain in excess of 100% of GDP for many years and it will still
face very significant implementation risks to its fiscal and
economic reforms. Historical experience shows that small sovereign
restructurings have often been followed by larger defaults.

LENDING EXPOSURE TO THE GREEK PRIVATE SECTOR

In conjunction with direct exposures to the Greek government, high
lending exposure to the Greek private sector will also likely
cause a further rise in the banks' non-performing assets and, as a
result, weaken their profitability. Currently, lending to the
Greek private sector accounts for an estimated 46% of gross loans
at MPB and 35% at BoC. With private sector lending equivalent to
18% of gross loans, Hellenic is less exposed than its rated peers.

Moody's expects credit conditions in Greece to deteriorate,
exerting further pressure on the asset quality of banks' Greek
portfolios. These developments will likely lead to higher loan
loss provisions and lower profitability, with operations in Greece
reporting losses on aggregate for the three rated banks.

FUNDING AND LIQUIDITY CHALLENGES

The challenge of sustaining current funding profiles, in the
context of higher levels of uncertainty in the region, is the
third driver behind the rating actions. Despite experiencing
deposit inflows since the Greek crisis began, Cypriot banks'
relatively high reliance on deposits from foreign corporate
entities -- accounting for around one third of total deposits for
the three rated banks -- exposes these banks to potential negative
shifts in market confidence and the risk of deposit outflows.
Additionally, whilst the market's initial reaction to the Greek
plan was positive, Moody's is concerned that a market
destabilizing event stemming from Greece could disturb market
confidence in Cyprus. This remains a key short-term risk for
Cypriot banks.

Moreover, although Moody's assesses the Cypriot banks' capacity to
absorb deposit withdrawals as moderate to high, given that
regulatory requirements require high liquidity reserve
requirements against foreign currency deposits, deposit outflows
could still trigger a disruptive deleveraging process that would
have negative implications for the economy and the banking system.

HELLENIC RATINGS CONFIRMED

The confirmation of Hellenic Bank's Ba1 deposit ratings is based
on Moody's view that this rating level sufficiently captures the
current credit risks stemming from the bank's comparatively
smaller exposure to Greece. Hellenic's GGB holdings amount to 17%
of Tier 1, while lending to the Greek private sector amounts to
roughly 18% of gross loans.

NEGATIVE OUTLOOK

The negative outlook on the banks' ratings reflects the high level
of uncertainty surrounding credit developments in Greece and the
impact this could have on the banks' overall credit risk.

The negative outlook also reflects the weak operating conditions
in Cyprus. On July 11, 2011, as a result of an accidental
discharge of stored explosives at a Cypriot naval base, the
largest power station in Cyprus was severely damaged. This has
caused ongoing power supply issues, leading Moody's to reduce its
forecasts for Cyprus' economic growth to 0% in 2011 and 1% in
2012. Moody's expects this weaker economic activity to weigh on
banks' asset quality and performance.

SYSTEMIC SUPPORT CONSIDERATIONS

The rating actions also take into account the recent reduced
capacity of the Government of Cyprus to extend systemic support to
the banking system, as reflected in the recent downgrade of Cyprus
to Baa1, from A2, counterbalanced by the EU announcement last week
that the European Financial Stability Facility (EFSF) will be
permitted to finance bank recapitalizations via loans to
governments in non-program countries.

THE SPECIFIC RATINGS CHANGES ARE:

Marfin Popular Bank Public Co Ltd:

-- Deposit and senior debt ratings of Ba2/Not Prime, from
    Baa3/P-3;

-- Subordinated debt rating of Ba3, from Ba1;

-- Standalone BFSR of E+ (mapping to B2 on the long-term rating
    scale), from D-/Ba3;

-- The outlook on all the bank's ratings is negative.

Egnatia Finance plc (the funding subsidiary of Marfin Popular
Bank):

-- Senior unsecured debt ratings of (P) Ba2, from (P) Baa3;

-- Subordinated debt ratings of (P) Ba3, from (P) Ba1;

-- The outlook on all the bank's ratings is negative.

Bank of Cyprus Public Co Ltd:

-- Deposit and senior debt ratings of Ba1/NP, from Baa2/ P-2;

-- Subordinated debt rating of (P) Ba2, from (P) Baa3;

-- Junior subordinated notes rating of (P) B1 (hyp),
    from (P) Ba2 (hyp);

-- Standalone BFSR of D- (mapping to Ba3 on the long-term rating
    scale), from D+/ Ba1;

-- The outlook on all the bank's ratings is negative.

Hellenic Bank Public Co Ltd

-- Deposit and senior debt ratings confirmed at Ba1;

-- Standalone BFSR confirmed at D- (mapping to Ba3 on the long-
    term rating scale);

-- The outlook on all the bank's ratings is negative.

MOODY'S METHODOLOGIES

The principal methodologies used in this rating were Bank
Financial Strength Ratings: Global Methodology published in
February 2007, and Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: A Refined Methodology published in March
2007. Please see the Credit Policy page on www.moodys.com for a
copy of these methodologies.

Headquartered in Nicosia, Cyprus, Marfin Popular Bank Public
Company Ltd reported total consolidated assets of EUR40.5 billion
as of March 2011.

Headquartered in Nicosia, Cyprus, Bank of Cyprus Public Co Ltd
reported total consolidated assets of EUR41.7 billion as of March
2011.

Headquartered in Nicosia, Cyprus, Hellenic Bank Public Co Ltd
reported total consolidated assets of EUR8.3 billion as of March
2011.


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


EDSCHA AG: U.S. Unit Wins Confirmation of Liquidating Plan
----------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that former auto-parts maker Edscha North America Inc.
persuaded a bankruptcy judge in Illinois at a hearing July 28 to
sign a confirmation order approving the liquidating Chapter 11
plan proposed by the company and the official creditors'
committee.

According to the report, the disclosure statement showed the
company as having about US$1.76 million cash, with US$683,000
earmarked for payment to unsecured creditors with claims totaling
US$12.4 million giving them about 6% recovery on their claims.
The Pension Benefit Guaranty Corp. will receive US$694,000 cash on
account of its US$11.8 million claim.  Secured creditors were
already paid in part from sales of assets.

Germany-based Edscha AG manufactures door hinges, convertible
roofs and driver controls for major carmakers.  It was previously
owned by buyout firm Carlyle Group.

Edscha AG filed for insolvency for its European operations on
Feb. 2, 2009.  At the time, it cited "massive declining trends" in
the auto industry and difficulty in obtaining financing.  The
debts incurred by the company's leveraged buyout through Carlyle
in late 2002 "was not responsible" for the insolvency filing, but
the massive slump in car sales.  The insolvency of Edscha followed
a 50% drop in some of the company's businesses during the fourth
quarter of 2008.

U.S. affiliate, Edscha North America Inc., ceased operating in
June 2009 and filed for Chapter 11 reorganization (Bankr. N.D.
Ill. Case No. 09-39055) in October 2009, listing assets of
US$6.44 million and liabilities of US$672.4 million in its Chapter
11 petition.  The U.S. unit said it won't be feasible to propose a
plan until a sale of assets in Mexico concludes.  The sale was
approved by the judge in April 201.


ESSENTIAL PUBLIC: Fitch Affirms Rating on Class E Notes at 'B+sf'
-----------------------------------------------------------------
Fitch Ratings has taken various actions on Essential Public
Infrastructure Capital II GmbH's (EPIC II's) notes:

   -- EUR227,164 class A+: downgraded to 'AAsf' from 'AAAsf',
      Outlook Stable; Loss Severity (LS) rating of LS-1

   -- EUR45,000,000 class A: affirmed at 'A+sf'; Outlook Stable;
      LS-3

   -- EUR9,000,000 class B: affirmed at 'BBB+sf'; Outlook Stable;
      LS-4

   -- EUR9,000,000 class C: affirmed at 'BBBsf'; Outlook Stable;
      LS-4

   -- EUR9,000,000 class D: affirmed at 'BBsf'; Outlook Stable;
      LS-4

   -- EUR6,750,000 class E: affirmed at 'B+sf'; Outlook Stable;
      LS-4

The downgrade of Class A+ reflects an insufficient level of credit
enhancement (CE) of the class to support the current rating.

There has been negative portfolio migration since the last rating
action in September 2009. Speculative grade reference entities
have increased to 50% of the current portfolio compared to 23% at
the last rating action. The portfolio weighted average rating is
'BBB-*/BB+*' compared to 'BBB-*' in 2009. Also, the reference
portfolio is highly concentrated with the top eight issuers
comprising approximately 50% of the portfolio.

The affirmation of the class A through E notes is based on the
sufficient level of CE to maintain the current ratings.
Furthermore, Fitch expects the CE levels to increase as the
transaction ends its replenishment period in July 2011.

The current portfolio comprises 40 loans from 33 obligors with
only two loans in the construction phase. Both loans in the
construction phase are rated 'BB+*'/Stable. Fitch notes that loans
in construction phase have higher default risk and lower recovery
rates as compared to loans in operation phase.

The notes' ratings are linked to the credit quality of the
certificates of indebtedness (Schuldscheine) issued by KfW
('AAA'/Stable/'F1+'). Therefore, if KfW was downgraded below
'AAA'/'F1+', any note rated higher would be downgraded
accordingly.

Fitch has assigned an Issuer Report Grade (IRG) of "Poor", (one
star) to the issuer based on the provided reports. The reports do
not meet several standards for a higher grade including
information on identifiers of the collateral assets.


EUROHOME MORTGAGES: Fitch Affirms 'Csf' Ratings on 3 Note Classes
-----------------------------------------------------------------
Fitch Ratings has affirmed Eurohome Mortgages 2007-1 plc, a pan-
European RMBS transaction:

   -- Class A (ISIN XS0309227279) affirmed at 'BBsf'; Outlook
      Negative Outlook; Loss Severity Rating 'LS-2'

   -- Class B (ISIN XS0309230497) affirmed at 'CCCsf'; Recovery
      Rating 'RR6'

   -- Class C (ISIN XS0309232196) affirmed at 'CCsf'; Recovery
      Rating 'RR6'

   -- Class D (ISIN XS0309232600) affirmed at 'Csf'; Recovery
      Rating 'RR6'

   -- Class E (ISIN XS0309233244) affirmed at 'Csf'; Recovery
      Rating 'RR6'

   -- Class X (ISIN XS0309234309) affirmed at 'Csf'; Recovery
      Rating 'RR6'

The transaction comprises DB Mutui and Toppimo, two Deutsche Bank
platforms of loans with highly adverse characteristics. The
performance of the underlying assets in this transaction remains a
concern. As of March 2011, the portion of loans in arrears with at
least three missed payments (including terminated loans) made up
19.8% of the German portfolio and 25.5% of the Italian portfolio.
Meanwhile, the volume of period defaults from the Italian portion
of the portfolio, defined as loans in arrears by more than 12
months, has decreased over the past 12 months compared to levels
seen in the period leading up to 2010 from 2.3% of the outstanding
balance to 0.7%. Despite the decline, period defaults remain above
the level of gross excess spread generated by the transaction. As
a result, the current outstanding principal deficiency ledger
continues to increase and as of the May 2011 interest payment date
it made up 100% of the class D and E notes and 60.3% of the class
C notes.

The German portion of the portfolio continues to recognize loans
as terminated, defined as loans that are more than 120 days past
due. As of May 2011, the volume of such loans made up 16.0% of the
portfolio. Fitch understands that there are 96 properties which
have been sold either to private sale or public auction. However,
no losses have been recognized as yet, as the servicer continues
to collect partial recoveries from the borrowers. To date, five
loans have seen full completion of the foreclosure process and a
negligible amount of losses has been recognized on these loans.
Based on its market value decline assumptions for Germany and the
high loan-to-value ratios of the underlying assets, Fitch expects
further losses to be realized in future payment dates and this
expectation is also reflected in the ratings assigned to the
notes.

To date, the issuer has not generated any recoveries from
defaulted loans in the Italian portfolio. Fitch has been informed
that there are currently EUR11 million worth of loans that are
undergoing legal action, EUR1.9 million have already been sold in
auction and are awaiting payments and EUR8.6 million are still to
be sold via auction. Fitch understands that recoveries are not
expected in the transaction until 2012.

The timing of recoveries on defaulted loans remains uncertain, and
is reflected in the current ratings of the notes. In its analysis
of two portions of the portfolio, Fitch has applied its market
value decline assumptions for Italy and Germany. The agency has
also conducted sensitivity analysis to derive the level of
recoveries on the Italian portfolio at which the class A credit
enhancement would no longer be sufficient to withstand the 'BBsf'
stresses. The analysis showed that the level of recoveries on the
current outstanding defaults would have to be well below levels
derived for Fitch 'AAAsf' expectations, which is why the agency
was able to affirm the current ratings. A further downgrade of the
class A notes would be triggered by a rise in period defaults to
levels seen throughout 2009 and H110 and no recovery flow, and is
reflected in the Negative Outlook on the class A notes which is
maintained.

The ratings maintained on the mezzanine, junior and
uncollateralized notes reflect Fitch's view that the level of
expected recoveries from the defaulted and terminated loans may
not be sufficient to clear the outstanding principal deficiency
ledger, and hence will most probably lead to their default. The
low recovery expectations for these notes are also reflected in
the 'RR6' recovery ratings, which have been maintained.


HEIDELBERGER DRUCK: Moody's Assigns Caa1 Rating to EUR304MM Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a definitive Caa1 rating to
the EUR304 million senior unsecured notes (due in 2018) issued by
Heidelberger Druckmaschinen AG. The B2 Corporate Family Rating of
Heidelberger Druck remains unchanged. The outlook on the ratings
is positive.

Ratings Rationale

Moody's definitive rating assignments on the debt obligations are
in line with the provisional ratings assigned as outlined in
Moody's previous press release, which provides further details on
the rating rationale. The final terms of the notes are in line
with the drafts reviewed for the provisional rating assignment.

The B2 CFR reflects the company's relatively high leverage
(adjusted debt/EBITDA of 6.3x, which however is better than the
7.3x expected at the time of the rating assignment) as per
March 2011, with still comparatively low levels of profitability
and free cash flow generation. However, following a major cyclical
downturn in the last two years, the company is now showing first
signs of performance improvements which should lead to a gradually
improving leverage in the course of the next financial year. While
the relatively weak initial credit metrics are a constraining
factor on Heidelberger Druck's rating, Moody's also notes the
company's strong business profile, with leading market positions
and a diversified geographic footprint, which places Heidelberger
Druck in a position to benefit from an improving market
environment and partially mitigates the high leverage.

Assignments:

   Issuer: Heidelberger Druckmaschinen AG

   -- EUR304M 9.25% Senior Unsecured Regular Bond/Debenture Apr
      15, 2018, Assigned Caa1

The positive outlook on the rating reflects Moody's expectation
that, going forward, Heidelberger Druck is likely to benefit from
an improving market environment that should support a rebound in
revenues and profitability and thus allow the company to reduce
its leverage to levels commensurate with the B1 rating category,
as exemplified by a leverage of debt/EBITDA sustainably below
5.0x, while free cash flow should remain in positive territory and
strengthen further. To support an upgrade, Moody's would also
expect the global economy and market for print equipment to show
at that time evidence of further growth.

Moody's would consider changing the outlook on the B2 rating to
stable if Heidelberger Druck would fail to reduce its leverage
towards 5.0x within 12 to 18 months after the initial rating
assignment.

The principal methodology used in this rating was Global Heavy
Manufacturing Rating Methodology published in November 2009. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Based in Heidelberg, Germany, Heidelberger Druck is the leading
manufacturer of sheetfed offset printing presses with revenues of
approximately EUR2.6 billion as per financial year end March 2011.
Heidelberger Druck supplies equipment for sheetfed offset printing
as well as associated upstream and downstream activities, services
and consumables to printing companies, primarily in the
advertising and packaging printing segment.


PB DOMICILE: Fitch Affirms Rating on Class E Notes at 'BBsf'
------------------------------------------------------------
Fitch Ratings has affirmed PB Domicile 2006-1 PLC, a synthetic
German RMBS transaction. The Outlooks on all notes are Stable.

The ratings reflect the good performance of PB Domicile 2006-1 and
the rated tranches' build-up in credit enhancement levels. The
transaction comprises residential mortgage loans originated by
Deutsche Postbank AG ('A+'/Stable/'F1+').

The outstanding balance of credit events was 1.4% (EUR35m) of the
initial pool balance on the last payment date in May 2011. Losses
of only 0.09% (EUR2.4m) of the initial pool balance have been
realized to date, and cleared using synthetic excess spread which
is provided by Deutsche Postbank AG. The excess spread received by
the issuer is up to an amount of 0.57% per annum of the performing
collateral balance, most of which was released back to Deutsche
Postbank AG.

Fitch's expectations of the underlying assets' future performance
in this transaction have not changed since the last review. The
agency is of the opinion that the excess spread available will be
sufficient to cover future losses before being allocated to the
rated notes beginning with class E notes. Given the moderately
increasing credit enhancement levels and stable asset performance,
Fitch has maintained its Stable Outlook on all tranches.

The rating actions are:

   -- Class A1+ (ISIN DE000A0GYFH9): affirmed at 'AAAsf'; Outlook
      Stable; Loss Severity Rating 'LS-1'

   -- Class A2+ (ISIN DE000A0GYGU0): affirmed at 'AAAsf'; Outlook
      Stable; Loss Severity Rating 'LS-3'

   -- Class B (ISIN DE000A0GYFJ5): affirmed at 'AAsf'; Outlook
      Stable; Loss Severity Rating 'LS-3'

   -- Class C (ISIN DE000A0GYFK3): affirmed at 'Asf'; Outlook
      Stable; Loss Severity Rating 'LS-3'

   -- Class D (ISIN DE000A0GYFL1): affirmed at 'BBBsf'; Outlook
      Stable; Loss Severity Rating 'LS-3'

   -- Class E (ISIN DE000A0GYFM9): affirmed at 'BBsf'; Outlook
      Stable; Loss Severity Rating 'LS-5'


PROVIDE BLUE: Fitch Affirms Ratings on Class E Notes at 'BBsf'
--------------------------------------------------------------
Fitch Ratings has affirmed Provide Blue 2005-1 and Provide Blue
2005-2, two synthetic German RMBS transactions.

The affirmations reflect the sufficient build-up in credit
enhancement seen to date on most of the rated tranches in the two
transactions, allowing them to withstand their respective stress
scenarios. The transactions comprise residential mortgage loans
originated by BHW Bausparkasse AG, and have reported stable
arrears levels over the past 12 months.

The outstanding balance of credit events stood at 1.4% (2005-1)
and 1.5% (2005-2) of the initial pool balances on the last payment
date. As of the last four quarterly interest payment dates, an
average of EUR1.2 million and EUR3.2 million credit events
occurred for Provide Blue 2005-1 and Provide Blue 2005-2,
respectively. To date, realized losses amount to only 0.30% and
0.26% of the initial pool balances of Provide Blue 2005-1 and
Provide Blue 2005-2 respectively.

Realized losses resulting from defaulted loans are allocated to
the threshold amount first and then to the notes starting from the
most junior tranche. The EUR1.4 million threshold amount for
Provide Blue 2005-1 has been fully utilized and a total allocated
loss of EUR3.4 million was reported for the unrated class F notes
in May 2011. This amount equates to 28% of the original note
balance. Provide Blue 2005-2 reported a total allocated loss of
EUR10 million to the outstanding initial threshold amount of
EUR21.2 million.

The three-month-plus arrears levels for both transactions are
stable at around 1% of the current pool balance. This is well
below levels seen in other German transactions. Nevertheless Fitch
expects further losses to be allocated to both transactions, which
will negatively affect the credit support available. Given the
speed at which losses have been allocated to the class F notes of
Provide Blue 2005-2, Fitch believes that this tranche may see full
loss allocation by 2013, at which stage losses will be assigned to
the class E notes. For this reason the agency has revised its
Outlook on the class E notes to Negative from Stable.

The rating actions are:

Provide Blue 2005-1 PLC:

   -- Class D (ISIN DE000A0E6NX2): affirmed at 'BBBsf'; Stable
      Outlook; Loss Severity Rating 'LS-3'

   -- Class E (ISIN DE000A0E6NY0): affirmed at 'BBsf'; Stable
      Outlook; Loss Severity Rating 'LS-3'

Provide Blue 2005-2 PLC:

   -- Senior Credit Default Swap: affirmed at 'AAAsf'; Stable
      Outlook; Loss Severity Rating 'LS-1'

   -- Class A+ (ISIN DE000A0GHZR1): affirmed at 'AAAsf'; Stable
      Outlook; Loss Severity Rating 'LS-1'

   -- Class B (ISIN DE000A0GHZS9): affirmed at 'AAsf'; Stable
      Outlook; Loss Severity Rating 'LS-3'

   -- Class C (ISIN DE000A0GHZT7): affirmed at 'Asf'; Stable
      Outlook; Loss Severity Rating 'LS-3'

   -- Class D (ISIN DE000A0GHZU5): affirmed at 'BBBsf'; Stable
      Outlook; Loss Severity Rating 'LS-3'

   -- Class E (ISIN DE000A0GHZV3): affirmed at 'BBsf'; Outlook
      revised to Negative from Stable; Loss Severity Rating 'LS-4'


WALTER BAU: Thai Prince to Use Personal Funds to Recover Plane
--------------------------------------------------------------
Supunnabul Suwannakij at Bloomberg News reports that Thailand's
Crown Prince Maha Vajiralongkorn will use his personal funds to
recover an airplane that was seized by German liquidators in
Munich last month as part of a bankruptcy dispute.

Walter Bau AG said last month that Werner Schneider, the company's
insolvency administrator, seized a Boeing 737 belonging to the
crown prince on July 11 to force payment on a EUR30 million
(US$43.2 million) claim against the Thai state, Bloomberg
recounts.

The crown prince "has no connection with the dispute between the
Thai government and Walter Bau, and didn't cause the dispute,"
Bloomberg quotes the crown prince's secretariat as saying in a
statement released on Sunday.  "To avoid any impact to the good
relationship between Thailand and Germany and to end the dispute
on good terms and in an expeditious manner, the crown prince will
provide his personal funds to end the dispute."

A 2009 decision by the United Nations Commission on International
Trade Law, or Uncitral, ordered Thailand to pay Walter Bau more
than EUR30 million for breaching a bilateral investment treaty
between Germany and Thailand, Bloomberg discloses.  The order
found that Thailand's government breached the terms of a toll road
concession operated by a venture partly owned by Walter Bau,
Bloomberg states.

Bloomberg notes that the crown prince's statement said a Berlin
court ruled on July 20 that Thailand must deposit EUR20 million to
secure the release of the aircraft.

According to Bloomberg, Werner Schneider said on July 13 that the
insolvency administrator took action after Thailand ignored its
requests for payment, which received assistance from the German
government.  The crown prince's statement didn't say how much will
be paid, Bloomberg notes.

                         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.


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


NAT'L BANK OF GREECE: Fitch Maintains Long-term 'B-' IDR
--------------------------------------------------------
Fitch Ratings has maintained six Greek banks' Long-term Issuer
Default Ratings (IDR) at 'B-' with a Rating Watch Negative (RWN)
following the recent Summit decision by euro area leaders.

The six banks' Long-term IDRs remain on their Support Rating
Floors (SRF) and continue to reflect Fitch's assumption that
international support from the IMF/EU/ECB in respect of Greek
banks' liquidity requirements, recapitalization and re-financing
will remain in place during Greece's debt restructuring/re-
financing plan. Various statements, although unofficial, made by
euro area heads of state and the ECB lead Fitch to reach this
conclusion.

The banks affected are National Bank of Greece (NBG), EFG Eurobank
Ergasias (Eurobank) Alpha Bank (Alpha), Piraeus Bank (Piraeus),
Agricultural Bank of Greece (ATEbank) and T Bank S.A.

"Fitch understands that Greek banks' continued extraordinary
access to liquidity, either through the Bank of Greece or the ECB
will remain if Greece is downgraded to 'Restricted Default' and
that this reduces the risk of bank default," says Cristina
Torrella, Senior Director in Fitch's financial institutions group.
"However, the Rating Watch Negative on their ratings reflect the
downside risk if there is no firm and official international
commitment to support banks and/or there are changes to the
assumptions underpinning Fitch's judgment on support," adds Ms
Torrella.

At the same time, Fitch has downgraded all six Greek banks'
Viability Ratings (VR) to 'f' from 'ccc' to reflect the fact that
banks would have defaulted if a new bail-out program had not been
agreed, of which banks' continued access to liquidity is of
particular relevance.

Fitch will maintain the VR at 'f' for a short period of time. The
likely deterioration of Greek banks' loan books asset quality and
ultimately profitability, risk of further deposit outflows,
reliance on ECB funding, and the exact impact on the four largest
banks' capital, as a result of their participation in Greece's
debt restructuring/refinancing plan, still represent significant
challenges for Greek banks and as such, their ratings are likely
to remain deeply sub-investment grade for some time.

The rating actions are:

NBG

   -- Long-term IDR at 'B-'; RWN maintained

   -- Short-term IDR at 'B'; RWN maintained

   -- Viability Rating downgraded to 'f' from 'ccc'

   -- Individual Rating downgraded to 'F' from 'E'

   -- Support Rating affirmed at '5'

   -- Support Rating Floor at 'B-'; RWN maintained

   -- Senior notes at 'B-/RR4'; RWN maintained

   -- Hybrid capital affirmed at 'C'

   -- State-guaranteed issues at 'B-'; RWN maintained

Eurobank

   -- Long-term IDR at 'B-'; RWN maintained

   -- Short-term IDR at 'B'; RWN maintained

   -- Viability Rating downgraded to 'f' from 'ccc'

   -- Individual Rating downgraded to 'F' from 'E'

   -- Support Rating affirmed at '5'

   -- Support Rating Floor at 'B-'; RWN maintained

   -- Senior notes at 'B-/RR4'; RWN maintained

   -- Market-Linked Senior notes at 'B-emr'/RR4'; RWN maintained

   -- Commercial paper at 'B'; RWN maintained

   -- Subordinated notes affirmed at 'C'/'RR6'

   -- Hybrid capital affirmed at 'C'

   -- State-guaranteed issues at 'B-'; RWN maintained

   -- Short-term state-guaranteed issues at 'B', RWN maintained

Alpha

   -- Long-term IDR at 'B-'; RWN maintained

   -- Short-term IDR at 'B'; RWN maintained

   -- Viability Rating downgraded to 'f' from 'ccc'

   -- Individual Rating downgraded to 'F' from 'E'

   -- Support Rating affirmed at '5'

   -- Support Rating Floor at 'B-'; RWN maintained

   -- Senior notes at 'B-'/'RR4'; RWN maintained

   -- Market-Linked Senior notes at 'B-emr'/'RR4'; RWN maintained

   -- Subordinated notes affirmed at 'C'/'RR6'

   -- Junior subordinated notes affirmed at 'C'

   -- Hybrid capital affirmed at 'C'

   -- State-guaranteed issues at 'B-'; RWN maintained

   -- Short-term state-guaranteed issues at 'B', RWN maintained

   -- Commercial paper program at 'B', RWN maintained

Piraeus

   -- Long-term IDR at 'B-'; RWN maintained

   -- Short-term IDR at 'B'; RWN maintained

   -- Viability Rating downgraded to 'f' from 'ccc'

   -- Individual Rating downgraded to 'F' from 'E'

   -- Support Rating affirmed at '5'

   -- Support Rating Floor at 'B-'; RWN maintained

   -- Senior notes at 'B-'/'RR4'; RWN maintained

   -- Commercial paper at 'B'; RWN maintained

   -- State-guaranteed issues at 'B-'; RWN maintained

ATEbank

   -- Long-term IDR at 'B-'; RWN maintained

   -- Short-term IDR at 'B'; RWN maintained

   -- Viability Rating downgraded to 'f' from 'ccc'

   -- Individual Rating downgraded to 'F' from 'E'

   -- Support Rating affirmed at '5'

   -- Support Rating Floor at 'B-'; RWN maintained

   -- State-guaranteed issues at 'B-'; RWN maintained

T Bank

   -- Long-term IDR at 'B-'; RWN maintained

   -- Short-term IDR at 'B'; RWN maintained

   -- Viability Rating downgraded to 'f' from 'ccc'

   -- Individual Rating downgraded to 'F' from 'E'

   -- Support Rating affirmed at '5'

   -- Support Rating Floor at 'B-'; RWN maintained

   -- Subordinated notes affirmed at 'C'

   -- Hybrid capital affirmed at 'C'

The rating impact, if any, from the above rating actions on Greek
banks' subsidiaries, securitization transactions and covered bonds
will be detailed in separate comments.

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Viability Ratings and the prospect of external support
is reflected in Fitch's Support Ratings. Collectively these
ratings drive Fitch's Long- and Short-term IDRs.

=============
H U N G A R Y
=============


NEOCITY HUNGARY: Backers Under Liquidation
------------------------------------------
According to realdeal.hu, ingatlanhirek.hu reported that some
companies behind an Israeli firm called Neocity, which built the
premium-category residential park in Budapest's Csillaghegy
(District III), are under liquidation.

realdeal.hu relates that ingatlanhirek.hu, citing the firm's Web
site, said all apartments have been sold, but submitted reports do
not reveal the development's revenue or where it went.

Neocity Hungary Kft. has carried out several developments under
the brand name Natura Project in and near Budapest since 2007.
The total value of the developments was over HUF8.6 billion
(approximately EUR32 million), realdeal.hu discloses.


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


EIRCOM GROUP: Expects Earnings to Fall by Up to 20%
---------------------------------------------------
Ciaran Hancock at The Irish Times reports that Eircom Group's
management has predicted that the company's earnings could fall by
up to 20% over the next two years due to competitive pressures,
customer losses and lower average mobile spend by subscribers.
This emerged on Friday as the company began talks with a committee
representing first lien senior lenders, The Irish Times relates.

Eircom's management presented their business plan with the
lenders, who are owed EUR3.65 billion, The Irish Times.

Sources familiar with the plan told The Irish Times that it
includes a forecast that Eircom's EBITDA (earnings before
interest, tax, depreciation and amortization) will decline to
about EUR550 million in the 12 months to the end of June 2012 and
to about EUR510 million in the following year.

Eircom posted EBITDA of EUR669 million in the year to the end of
June 2010, the latest year for which accounts are available, The
Irish Times discloses.

Its 2011 results will be released in late August and are expected
to show EBITDA for the year of about EUR640 million, The Irish
Times states.

The Irish Times says the coordinating committee is likely to balk
at this and it is understood that some form of debt-for-equity
swap could form part of the negotiations.

The talks kicked off on Friday and are at a preliminary stage, The
Irish Times notes.  According to The Irish Times, sources have
indicated that they could last for some months and there will be
many moving parts.

Eircom has yet to breach its financial covenants but this is
expected to happen in late August when its full-year results are
released, The Irish Times states.

Eircom's shareholders -- Singapore-based STT and the employee
share Esot -- could provide a so-called "equity cure" by injecting
capital into the business, The Irish Times says.  This would avoid
a default, the report notes, but sources have indicated that such
a move is unlikely in the absence of a deal on the outstanding
debt.

Instead, some form of debt writedown is likely to be agreed, The
Irish Times states.  In parallel with this, the existing
shareholders could also inject capital into the business, possibly
EUR300 million or more, The Irish Times discloses.

Eircom on Friday said that Gleacher Shacklock would be its sole
representative in its talks with the committee of lenders, The
Irish Times recounts.  This role had previously been shared with
JP Morgan, The Irish Times notes.

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


EXETER BLUE: Fitch Affirms Rating on Class E Notes at 'BBsf'
------------------------------------------------------------
Fitch Ratings has revised the Outlooks on Exeter Blue, a managed
securitization of public private partnership/public finance
initiative (PPP/PFI) and project finance loans mainly located in
Western Europe and North America:

   -- EUR31.875m class A affirmed at 'AAAsf'; Outlook revised to
      Negative from Stable; Loss Severity (LS) rating of LS-2

   -- EUR31.875m class B affirmed at 'AAsf'; Outlook revised to
      Negative from Stable; LS-2

   -- EUR26.5625m class C affirmed at 'Asf'; Outlook revised to
      Negative from Stable; LS-3

   -- EUR10.625m class D affirmed at 'BBBsf'; Outlook revised to
      Negative from Stable; LS-3

   -- EUR8.5m class E: affirmed at 'BBsf'; Outlook revised to
      Negative from Stable; LS-3

The revision reflects Fitch's concerns about further deterioration
of the portfolio's quality which may lead to the downgrade of the
notes. The weighted average rating of the reference portfolio
(including defaulted asset) is 'BB+*' compared to 'BBB-*' in 2008.
Also, the percentage of assets with recovery rates of 70% and
lower have worsened to 18% from 4% in 2008. Furthermore, the
current portfolio contains one defaulted loan which has an
estimated recovery rate of 60%.

The affirmations reflect sufficient levels of credit enhancement
for the current ratings. Also, the class A through E notes
indirectly benefit from excess spread. Principal losses on the
subordinated notes (which are not rated) may be cured and the
senior notes may be partially or fully restored to the original
credit enhancement levels due to excess spread.

Currently, there are a total of 51 loans from 51 obligors in the
portfolio. The reference portfolio has significant concentration
in the PPP/PFI and transport sectors, of 39% and 29% respectively.
Also, the reference portfolio is highly concentrated with the top
five obligors comprising approximately 23% of the portfolio.
Furthermore, eight loans which represent 24% of the portfolio are
still in the construction phase. Fitch notes that loans in
construction phase have higher default risk and lower recovery
rates as compared to loans in the operation phase.

Fitch has assigned an Issuer Report Grade (IRG) of "Satisfactory"
(three stars) to the issuer based on the provided reports. The
reports do not meet several standards for a higher grade including
information on counterparty rating and identifiers of the
collateral assets.


IRISH LIFE: Shareholder Group Challenges Recapitalization
---------------------------------------------------------
Laura Slattery at The Irish Times reports that a group of
dissident shareholders in Irish Life & Permanent have hired Dublin
law firm Hamilton Turner to make a High Court challenge to the
recapitalization of the bank by the State, which will wipe out the
value of their shareholdings.

According to The Irish Times, a letter from Hamilton Turner to
shareholders suggests that the shareholders will challenge both
the decision of Minister for Finance Michael Noonan to make the
order to inject EUR2.7 billion into the bank and the
constitutionality of the 2010 legislation that allowed him to do
so.

Under the Credit Institutions (Stabilisation) Act, shareholders
have five working days to oppose the High Court order secured by
Mr. Noonan last Tuesday to recapitalize the bank, The Irish Times
notes.  The Irish Times relates that Hamilton Turner warns there
is "no guarantee" that a successful challenge would "result in
further value in the shares being created".

However, the firm submits that the Minister may wish to settle the
case instead of taking the risk that the recapitalization order is
set aside or the legislation declared unconstitutional, The Irish
Times says.

Headquartered in Dublin, Irish Life & Permanent plc --
http://www.irishlifepermanent.ie/-- is a provider of personal
financial services to the Irish market.  Its business segments
include banking, which provides retail banking services; insurance
and investment, which includes individual and group life assurance
and investment contracts, pensions and annuity business written in
Irish Life Assurance plc and Irish Life International, and the
investment management business written in Irish Life Investment
Managers Limited; general insurance, which includes property and
casualty insurance carried out through its associate, Allianz-
Irish Life Holdings plc, and other, which includes a number of
small business units.


* IRELAND: CB Imposes Lending Restrictions on Ailing Credit Unions
------------------------------------------------------------------
Caroline Madden at The Irish Times reports that the Central Bank
has imposed lending restrictions on Ireland's most troubled credit
unions due to concerns over rising levels of arrears and impaired
assets.

The move follows a warning from credit union regulator
James O'Brien last month that an increasing number of credit
unions could be heading into financial difficulty, The Irish Times
relates.

According to The Irish Times, in the latest agreement between
Ireland and its EU-IMF creditors, the Government said "immediate
steps" are being taken to deal with weaknesses in the most
troubled credit unions, "including restrictions on their
operations where appropriate."

The Irish Times notes that a spokeswoman for the Central Bank said
all credit unions are required to apply "enhanced scrutiny" to all
new loan applications.

In the memorandum of understanding published on Friday, which was
only slightly amended after Ireland passed its third EU-IMF review
earlier this month, the Irish Government said it is implementing a
strategy to "underpin the solvency and viability" of the credit
union sector, The Irish Times recounts.

"Commencing in the fourth quarter, we will take all measures
necessary to restructure the sector and address difficulties in
individual credit unions while minimizing any fiscal cost," The
Irish Times quotes the Government as saying.

This restructuring process will take account of the interim report
of the Commission of Credit Unions, established by the Government
to review the future of the credit union movement, The Irish Times
states.


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


BANCA MONTE: Moody's Upgrades Bank Financial Strength Rating to D+
------------------------------------------------------------------
Moody's Investors Service has upgraded the long and short-term
deposit ratings of Banca Monte Parma SpA to A2 and Prime-1 from
Baa3 and Prime-3, respectively. At the same time, its standalone
bank financial strength rating (BFSR) was upgraded to D+, mapping
to Baa3 on the long-term scale, from D (which mapped to Ba2). The
upgrades reflect the completion of Monte Parma's acquisition by
Intesa Sanpaolo SpA (Intesa Sanpaolo, rated Aa3 on review for
downgrade/P-1/C+) on July 26, 2011, which now owns a controlling
stake of 60.8% of the bank's ordinary shares.

The outlook on all ratings is now stable. This rating action
concludes the review for possible upgrade initiated on October 20,
2010.

RATINGS RATIONALE

BFSR UPGRADE REFLECTS IMPROVED CAPITALISATION AND BENEFITS FROM
BEING PERT OF ITALY'S LEADING BANKING GROUP

The upgrade of the BFSR reflects the expected improvement in the
bank's capital adequacy, and the immediate benefits from being an
integral part of Italy's leading banking group.

Intesa Sanpaolo has agreed to subscribe, proportionally to its
stake in the bank, Monte Parma's planned capital increase of
EUR75million, which is due for completion in the coming months.
Moody's says that it expects that through this capital increase,
and other potential measures, that Intesa Sanpaolo will ensure
that Monte Parma achieves satisfactory capital adequacy ratios.

Further, Moody's views the transaction positively as Monte Parma
has become part of a stronger and larger banking group, and thus
gains access to the latter's greater resources and economies of
scale. This should immediately mean that the bank is better able
to serve its customers and so enhance its business franchise. In
addition, the merger with Intesa Sanpaolo strengthens Monte
Parma's position in its home region of Parma, in the North of
Italy. The stable outlook on the BFSR reflects Moody's expectation
that further potential benefits, leading to improvement in the
bank's currently weak profitability and efficiency, are likely to
materialize only in the medium term.

Moody's says that Monte Parma's D+ BFSR is underpinned by (i) the
bank's good franchise in the Parma Province, with market shares
for deposits and lending of around 13%; (ii) the planned capital
increase; (iii) the bank's strategy to focus on traditional retail
banking; and (iv) benefits deriving from being part of a large
group.

UPGRADE OF LONG AND SHORT-TERM DEPOSIT RATINGS

The upgrade of Monte Parma's long and short-term deposit ratings
to A2/Prime 1 reflects (i) the higher D+ BFSR; and (ii) a very
high expectation of parental support in line with other Intesa
Sanpaolo group subsidiaries. This results in a four-notch uplift
from the Baa3 mapping of the bank's D+ BFSR, and is underpinned by
the expected tight integration within the larger banking group and
the strong strategic fit of Monte Parma for Intesa Sanpaolo.

A moderate downgrade of Intesa Sanpaolo's long-term deposit
rating, which is currently on review for possible downgrade as a
result of the review for possible downgrade of the Republic of
Italy's Aa2 bond rating, would have no impact on Monte Parma's
long and short-term deposit ratings. As a result, the outlook on
these ratings is stable.

TRIGGERS FOR A RATING UPGRADE/DOWNGRADE

Monte Parma's BFSR could be moderately upgraded following a
successful integration into the Intesa Sanpaolo group, leading to
significant improvement in profitability, efficiency and asset
quality. An upgrade of the BFSR would be unlikely to result in a
upgrade of the long-term deposit ratings.

The BFSR could be downgraded if the bank's franchise value weakens
and if asset quality fails to improve. A downgrade of the BFSR
could result in a downgrade of the bank's long and short-term
ratings.

The following ratings were upgraded:

Banca Monte Parma:

-- long-term deposits upgraded to A2 from Baa3;

-- short-term deposits upgraded to Prime-1 from Prime-3;

-- bank financial strength rating, upgraded to D+ from D

METHODOLOGIES USED

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

Banca Monte Parma SpA is headquartered in Parma, Italy. At
December 2010, it had total assets of EUR3.0 billion.


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


KAZINVESTBANK: Moody's Downgrades Deposit Ratings to 'B3'
---------------------------------------------------------
Moody's Investors Service has downgraded these ratings of
Kazinvestbank (KIB), following deterioration in the bank's credit
risk profile over the past 12 to 18 months:

  -- Long-term local and foreign-currency deposit ratings
     downgraded to B3 from B2

  -- Long-term local-currency subordinated debt rating downgraded
     to Caa1 from B3

The standalone E+ bank financial strength rating (BFSR) was
affirmed; however, it now maps to B3 on the long-term rating
scale, rather than B2. The outlook on all the ratings is stable.
Moody's re-assessment of the bank's credit standing within the E+
BFSR category is largely based on KIB's audited financial
statements for 2010 prepared under IFRS, as well as KIB's
statutory unaudited reports for H1 2011.

Ratings Rationale

The downgrade of KIB's ratings reflects the deterioration in the
bank's credit risk profile over the past 12 to 18 months, as well
as the ongoing negative pressure on its financial fundamentals.
Moody's has therefore remapped the E+ BFSR to B3 on the long-term
scale to better capture the bank's credit standing.

The factors prompting KIB's ratings downgrade are, among other
things (i) significantly weakened asset quality, as the level of
the bank's overdue loans more than doubled in 2010, at 31.8% of
the gross loans at year-end 2010; (ii) poor financial performance,
as KIB reported a net loss of USD18.4 million in 2010 under its
audited IFRS financial statements, leading to an annualized ROAA
of -4.02%; and (iii) subdued demand for bank loans is likely to
further squeeze the bank's margins and constrain its financial
performance and franchise value, at least in the near-term.

Moody's also notes that KIB's ratings and their outlook benefit
from acceptable liquidity and shareholders support provided to the
bank. According to KIB, its shareholders, including EBRD and CVCI,
are planning to increase the bank's capital by US$30 million in H2
2011. About US$3 million of this amount has already been injected,
while the remaining funds are expected to be provided in August-
September and December. This capital increase, if materialized,
will bring up the equity-to-assets ratio to around 16-17%,
allowing the bank to cover further loan portfolio impairment
costs.

Principal Methodologies

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

Headquartered in Almaty, Kazakhstan, KIB reported total audited
IFRS consolidated assets and net loss of US$419.4 million and
US$18.3 million, respectively, at year-end 2010.


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


MOSSI & GHISOLFI: Fitch Assigns BB Long-Term Issuer Default Rating
------------------------------------------------------------------
Fitch Ratings has assigned Mossi & Ghisolfi International SA (M&G
International) a Long-term Issuer Default Rating (IDR) of 'BB',
with a Stable Outlook. Fitch has also assigned an expected rating
of 'BB(exp)' to the prospective US$500 million senior unsecured
notes to be issued by M&G Finance Corporation and guaranteed by
M&G International. The final rating is contingent on the receipt
of final documents conforming to information already received.

The ratings reflect M&G's strong market position in the
polyethylene terephthalate (PET) sector and its solid market
shares in the North and South American markets. In particular,
Fitch considers as a strength, M&G's lower-than-sector-average
cyclicality resulting from its policy of long-term contracts which
provides some protection against volume declines during a
downturn. The above industry average size of the group's operating
facilities and its modern production capacity support the
company's low-cost position and offer some protection against
margin erosion. Fitch also views positively M&G International's
strong presence in Brazil and Mexico, which offers higher long-
term growth potential vs. the more mature US market. However, the
agency considers risk factors to be the limited diversification of
the group in terms of products and geographies, as well as the
high customer concentration.

Fitch considers that M&G International's financial profile is a
major constraint to its rating. In particular, debt and interest
coverage metrics are in line with the mid-to-low end of the 'BB'
category. Based on its conservative estimates, the agency expects
the FFO net leverage ratio to increase to a peak of 4.4x in 2013
from 3.1x at December 2010 as a consequence of investment in the
new PET and PTA (Terephthalic acid) plants (totalling circa US$700
million). This level of leverage would not be in line with the
'BB' rating level, thus leaving limited financial flexibility.
However, the agency expects significant and fast deleveraging as
soon as the new plants are up and running and cost benefits
materialize. In calculating its leverage ratios, Fitch did not
include in its debt calculation the EUR128 million hybrid bonds
that were bought back by the shareholder, M&G Finanziaria, based
on management indications that this part of debt will not be
repaid by M&G International and will be offset against other
intra-group credits. The remaining part of the hybrid bond that is
still held by third parties (EUR72 million) was considered as full
debt, without applying any equity credit to it.

Fitch considers the execution risk of the new plants to be quite
high considering the PET plant's large size and the group's
relatively lower expertise in the construction and management of
PTA plants. In addition, the long build time implies a long time
lag between the capex significant cash out-flows and the benefits
in terms of improved EBITDA margins. A significant improvement in
the trading conditions and operating cash flow generation,
allowing the company to finance the new investment plan
maintaining FFO net leverage below 3.0x, could drive a positive
rating action. By contrast, a deterioration in the trading
conditions and/or cost overruns for the new capex that lead to FFO
net leverage above 4.5x, would likely drive a negative rating
action.

Fitch also considers that corporate governance is below average,
mainly due to significant related party transactions not
necessarily driven by operating requirements. The agency considers
that the numerous transactions between M&G International and other
companies in the M&G group reduce the overall transparency and
represent a risk factor. Combined with the high financial
leverage, corporate governance was a significant rating factor. In
addition, the current level of corporate governance could prove an
obstacle to an upgrade to an investment grade rating, although the
agency noted that certain covenants included in the prospective
bond documentation should limit new related party transactions in
the future.


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


PUMA CLO: S&P Withdraws 'BB-' Rating on Class E Notes
-----------------------------------------------------
Standard & Poor's Ratings Services withdrew its credit ratings in
Puma CLO I B.V.

The rating action follows confirmation from the transaction's
collateral administrator that the issuer used proceeds from the
liquidation of the collateral portfolio to fully repay the rated
notes on July 19, 2011. "We understand that repayment of the notes
followed the exercise of the subordinated noteholders' redemption
option under the terms and conditions of the notes," S&P related.

Puma CLO I is a collateralized loan obligation (CLO) that closed
in 2008 and invested primarily in European leveraged loans.

Ratings List

Class                   Rating
                To                   From

Puma CLO I B.V.
EUR293 Million Floating-Rate Notes

Ratings Withdrawn

A               NR                   AA+ (sf)
B               NR                   AA- (sf)
C               NR                   BBB+ (sf)
D               NR                   BB+ (sf)
E               NR                   BB- (sf)

NR--Not rated.


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


* PORTUGAL: Draws Up Labor Reform Proposal to Secure Bailout Funds
------------------------------------------------------------------
Barry Hatton at The Associated Press reports that Portugal's five-
week-old government took its first major proposal for labor reform
to Parliament on Thursday, seeking approval for a reduction in
compensation entitlements for laid-off workers.

The proposal is part of a long list of measures Portugal pledged
to adopt in return for a EUR78 billion (US$112 billion) bailout
that spared it from bankruptcy and was part of European efforts to
contain the continent's debt crisis, AP discloses.

Portugal's European partners and the International Monetary Fund
granted the bailout on condition it cuts public debt and takes
steps to make its ailing economy more competitive, AP relates.

Lisbon, AP says, is committed to a strict calendar of measures
subject to quarterly reviews by outside monitors.  Bailout funds
could be withheld if targets are not met, AP notes.

According to AP, employers say the cut in compensation will help
reduce unemployment, currently at a record 12.4%, by allowing
companies to recruit workers without committing to potentially
large future payouts.


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


CREDIT BANK: Moody's Assigns 'B1' Rating to Upcoming Notes
----------------------------------------------------------
Moody's Investors Service has assigned a provisional (P) long-term
foreign currency senior debt rating of (P)B1 to the upcoming Loan
Participation Notes to be issued by CBOM Finance p.l.c.,
incorporated under the laws of Ireland, for the sole purpose of
providing a loan to Credit Bank of Moscow (Russia). The outlook
for the provisional rating is stable.

The definitive rating will be assigned upon review of the final
documentation for the transaction which is not expected to be
materially different from draft documentation already reviewed.

Ratings Rationale

Moody's says that the (P)B1 rating assigned to the Notes is based
on the fundamental credit quality of the underlying obligor,
Credit Bank of Moscow ("CBM"), rated B1/Not Prime/E+ (stable
outlook). The provisional rating assigned to the Notes does not
benefit from any support from the bank's shareholders or the
Russian financial authorities. The rating reflects the status of
the loan received by CBM from CBOM Finance p.l.c. which will rank
at least 'pari passu' in right of payment with all other unsecured
and unsubordinated obligations of CBM, except as otherwise
provided by mandatory provisions of applicable law.

The rating assigned by Moody's is in line with CBM's global
foreign currency debt rating of B1, which is, in turn, based on
the bank's standalone E+ bank financial strength rating (BFSR)
which maps to B1 on the long-term scale. CBM's BFSR is constrained
by the bank's modest market positions, high appetite for credit
growth, significant exposure to market risk which renders
profitability volatile and potentially vulnerable liquidity which
is dependent on volatile sources. More positively, the BFSR
reflects CBM's established market positions in certain niches that
generate stable income, reasonable efficiency and historically
adequate capitalisation supported by the shareholder, Mr. Roman
Avdeev.

Principal Methodologies

The principal methodologies used in this rating were Bank
Financial Strength Ratings: Global Methodology published in
February 2007, and Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: A Refined Methodology published in March
2007. Please see the Credit Policy page on www.moodys.com for a
copy of these methodologies.

Headquartered in Moscow, Russia, CBM reported total (audited)
assets of RUB166 billion (US$5.4 billion) according to IFRS at YE-
2010.


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


CAJA DE AHORROS: Fitch Affirms Long-Term IDR at 'BB+'
-----------------------------------------------------
Fitch Ratings has affirmed Caja de Ahorros del Mediterraneo's
(CAM) Issuer Default Ratings (IDR) at Long-term 'BB+' and Short-
term 'B'. Fitch has also downgraded CAM's Viability Rating to 'f'
from 'ccc' to reflect Fitch's opinion that CAM has failed under
the agency's definitions and criteria.

Following a corporate reorganization, CAM's ratings have all been
withdrawn and Fitch has assigned ratings to the newly-formed Banco
CAM, S.A. Unipersonal (Banco CAM). On July 22, 2011 the vast
majority of CAM's assets and liabilities (except the on-balance
sheet Social Welfare Fund) were transferred to Banco CAM. CAM's
debt and debt ratings have been transferred to Banco CAM. Banco
CAM's IDRs have been placed on Rating Watch Positive (RWP) to
reflect the potential for it to be acquired by a stronger entity,
which should benefit all debtholders if it were to happen.

The rating actions in respect of Banco CAM's and CAM's Viability
Ratings follow the regulatory intervention by the Bank of Spain on
July 22, 2011. The Spanish State's Fund for Orderly Bank
Restructuring (FROB) has taken control of CAM and Banco CAM,
having replaced their board of directors and management as
temporary administrator. The FROB has agreed to inject EUR2.8
billion of capital into Banco CAM and has extended a EUR3 billion
liquidity line to the bank.

The Bank of Spain has announced that following the
recapitalization of Banco CAM, a competitive procedure for its
sale will be initiated. Banco CAM's Long-term IDR is at its
Support Rating Floor reflecting the support of the Spanish
authorities. The rating watches assigned to Banco CAM's IDRs and
senior debt ratings will be resolved once a solution for Banco CAM
has been established. Sale to a higher rated acquirer could lead
to an upgrade of these ratings.

Banco CAM's dated subordinated debt of 'BB' and Upper Tier 2
instruments of 'CC' have been placed on Rating Watch Evolving
(RWE). The watches reflect Fitch's view that these instruments
could be upgraded if the bank is sold to a higher rated acquirer,
but also consider that they could be at greater risk of non-
performance or burden sharing (and hence a downgrade) if a sale
does not occur. The rating assigned to the bank's preference
shares of 'C' reflects a higher overall risk of non-performance.
However, the rating has been placed on RWP as risks could be
alleviated in the event of the bank's sale to a higher rated
acquirer.

Banco CAM's state-guaranteed debt securities are rated 'AA+' in
line with the Spanish sovereign rating.

Banco CAM is significantly exposed to the Spanish real estate
sector and its asset quality indicators are worse than those of
its peers, although coverage has improved due to an accelerated
recognition of EUR1.9bn in asset impairments, charged against
equity as of end-2010. Banco CAM also has high funding and
liquidity pressures, given its reliance on market funding sources
and deposit competition in Spain and the entity's refinancing
needs.

Banco CAM focuses on retail banking and is Spain's eighth-largest
banking group by total end-2010 assets, with a market share of
around 3% of loans.

The rating actions are:

CAM

   -- Long-term IDR: affirmed at 'BB+'; rating withdrawn

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

   -- Viability Rating: downgraded to 'f' from 'ccc', rating
      withdrawn

   -- Individual Rating: downgraded to 'F' from 'E', rating
      withdrawn

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

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

   -- Long-term Senior Debt: 'BB+', placed on RWP and transferred
      to Banco CAM

   -- Short-term Senior debt: 'B', placed on RWP and transferred
      to Banco CAM

   -- Subordinated debt: 'BB', placed on RWE and transferred to
      Banco CAM

   -- Upper Tier 2 subordinated debt: 'CC', placed on RWE and
      transferred to Banco CAM

   -- Preference shares: 'C', placed on RWP and transferred to
      Banco CAM

   -- State-guaranteed notes: affirmed at 'AA+' and transferred to
      Banco CAM

Banco CAM

   -- Long-term IDR: rated 'BB+'; RWP

   -- Short-term IDR: rated 'B'; RWP

   -- Viability Rating: rated 'f'

   -- Support Rating: rated '3'; RWP

   -- Support Rating Floor: rated 'BB+'; RWP


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


OTP BANK: Moody's Affirms 'D-' Bank Financial Strength Rating
-------------------------------------------------------------
Moody's Investors Service has affirmed the standalone D- bank
financial strength rating (BFSR), the Ba1/Not Prime long-term and
short-term local currency bank deposit ratings, B3/Not Prime long-
term and short-term foreign currency bank deposit ratings and
Aa1.ua National Scale Deposit Rating of OTP Bank (Ukraine) (OTPU).
The outlook on the BFSR was changed to stable from negative, while
outlook on local currency deposit ratings has changed to negative
from stable.

The affirmation follows Moody's assessment of OTPU's audited
financial statements for 2010, prepared under IFRS.

Ratings Rationale

According to Moody's, the change in the outlook on OTPU's BFSR to
stable from negative reflects improvement in asset quality as well
as a track record of sustainable performance amidst challenging
credit conditions in Ukraine.

In 2010, OTPU sold over UAH4 billion (US$510 million) of problem
loans (over 15% of the gross portfolio) to related- and third-
party factoring companies. The bank's discounts on the sale of
toxic assets were well covered by provisions created in 2009 and
2010, and thus OTPU recorded no further losses from the
aforementioned transactions. As a result of this clean-up
exercise, the portfolio of those assets exhibiting evidence of
impairment declined to 51% as of 31 December 2010 (2009: 62%).
Significantly, 90+ days overdue loans decreased to manageable
level of 13% in 2010 (2009: over 20%), and were 100% covered by
provisions.

Given the historically low cost of parental funding, a core source
for OTPU's business activity, the bank displayed healthy net
interest margin of 6.8% in 2010 (2009: 7.5%). Thus, despite
continuing provision charges, the bank reported positive results
in 2010 with modest return on assets (RoA) of 1.4% and return on
equity (RoE) of 9%. Together with a 17% decline in total assets,
OTPU's profitability supported a healthy Tier 1 capital adequacy
ratio (CAR) of 15% and a total CAR of 31%. Moody's does not expect
to witness a rapid recovery of the bank's profitability going
forward, given limited lending opportunities in Ukraine against
the background of intense competition in the corporate sector and
a regulatory ban that prohibits retail FX lending.

OTPU's Ba1 deposit ratings incorporate Moody's assessment of a
very high probability of parental support from OTP Bank (Hungary),
and consequently receive a two-notch uplift from OTPU's Ba3
standalone credit strength. Moody's assessment of a very high
probability of parental support is based on (i) OTPU's significant
operational integration, (ii) the strong strategic fit of OTPU
with OTP Bank Group, as Ukraine is one of three strategic foreign
markets for the group, and (iii) the parent's demonstrated
willingness to provide ongoing capital and liquidity support. At
the same time, there remains the risk that the Ukrainian market
could lose its attractiveness, such that OTPU may be considered
non-strategic at a future date.

The negative outlook on the deposit ratings of OTPU reflects the
negative pressure on the Baa3 standalone credit strength of OTP
Bank (Hungary), the bank's support provider. The rating agency
notes that if parental financial fundamentals face further
deterioration, leading to reassessment of standalone credit
strength to Ba1, OTPU's deposit rating is likely to be adjusted to
Ba2.

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

Previous Rating Actions And Principal Methodologies

The principal methodologies used in this rating were Bank
Financial Strength Ratings: Global Methodology published in
February 2007, and Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: A Refined Methodology published in March
2007. Please see the Credit Policy page on www.moodys.com for a
copy of these methodologies.

Headquartered in Kyiv, Ukraine, OTPU reported total audited IFRS
assets of UAH25 billion (US$3.1 billion) and net profit of UAH344
million (US$43.2 million) as at December 31, 2010.


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


CLINTON CARDS: Starbucks Managing Director Set to Become CEO
------------------------------------------------------------
Claer Barrett at The Financial Times reports that Clinton Cards
has embarked on the biggest shake up of its board in its 43-year
history as the Lewin family, the company's founders and majority
shareholders, accepted that external help is needed to turn round
the struggling business.

The FT relates that on Friday, Don Lewin, the company's 78 year
old chairman and chief executive, announced that he will step back
to become life president from next March.  Darcy Willson-Rymer,
managing director of coffee chain Starbucks' UK operation, is set
to become chief executive in October, the FT discloses.

With its revenues under attack from supermarkets, cheaper rivals
like Card Factory and online card personalization sites, a
collapse in profitability has led to concerns from landlords that
a restructuring is on the cards to reduce the GBP80 million annual
rent bill on its 800-store UK portfolio, the FT notes.

Last week, the retailer extended the refinancing timetable for a
GBP55 million revolving credit facility with lenders Barclays and
RBS to the end of September, having previously hoped to complete
the deal by the end of its financial year on July 31, the FT
recounts.

Clinton Cards is a greetings card retailer.


COMET: Buyer Pool Shrinks as Parent Wants Buyer to Keep Firm
------------------------------------------------------------
Kathy Gordon at Dow Jones Newswires reports that Kesa Electricals
PLC won't consider selling its struggling unit Comet to anyone who
would place it into administration, shrinking the pool of
potential acquirers that likely includes several specialist
liquidators.

Kesa Electricals said it is considering all options, including a
sale of the embattled business, which lost EUR10 million in fiscal
2011, but a person close to the company said Kesa Electricals will
not consider a sale unless the new owner plans to run Comet as a
going concern, according to Dow Jones Newswires.  The report
relates that this means that several restructuring specialists
that have reportedly expressed interest, such as GA Europe, Hilco
and Gordon Brothers, are likely to be out of the running given
their precedent in liquidations.

Dow Jones Newswires notes that private equity group OpCapita
remains as a strong contender for the chain.  Gordon Brothers is
working with OpCapita in an advisory capacity looking at Comet's
inventory to allow OpCapita to raise sufficient working capital to
run the business, an unnamed person familiar with the situation
told Dow Jones Newswires in an interview.

Dow Jones Newswires notes that OpCapita could face competition in
the form of John Weight, a former Kingfisher PLC executive and the
head of turnaround company Weight Partners, who is also reported
to have made an offer for the company.

Dow Jones Newswires relays that time is running out for Kesa
Electricals to seek a buyer for Comet after the company's largest
shareholder, activist investor Knight Vinke which holds 19.3% of
the group, wrote an open letter to Kesa Electricals earlier this
month saying that it must resolve the situation by its Annual
General Meeting in September and get an acceptable price.  First
round bids were due last week according to a person close to the
company, the report notes.

If a sale can't be made, Kesa Electricals said it will hold onto
Comet and turn it around by slimming down and overhauling its 250-
store portfolio, and cutting costs while refocusing on service in
the hope of returning to profit, Dow Jones Newswires adds.

Comet is Kesa Electricals PLC's electrical chain in United
Kingdom.


FESTIVAL GROUP: G1 Group Buys Firm's Pubs for GBP30 Million
-----------------------------------------------------------
BBC News reports that Glasgow nightclub owner Stefan King through
his G1 Group has acquired several Edinburgh large pubs and a hotel
owned by Festival Group, which was forced into receivership, for
around GBP30 million.

BBC News notes that G1 Group has acquired:

   -- Biddy Mulligan's in the Grassmarket,
   -- The Three Sisters in the Cowgate,
   -- the Bank Hotel and Bar on the Royal Mile, and
   -- the Murrayfield Hotel

Greig Cameron at Scottish Business News relates that G1 Group is
forming a new division, called EH1, which will see Festival Group
owner Kenny Waugh continue to be heavily involved in the running
of the company's properties bought G1 Group in the Scottish
capital.  The report relates that the move will see 147 staff
become G1 Group employees while Mr. Waugh will be chairman of EH1
and sit on the board of G1 Group Holdings.

"I've been keen to work with Kenny for some time and I am pleased
to be able to join him in strengthening Edinburghs leisure market.
No one knows the citys bars, hotels and clubs better than him and
to have his in-depth knowledge and experience at board level will
be of enormous benefit," Scottish Business News quoted Stefan
King, managing director of G1 Group, as saying.

Meanwhile, BBC News notes that Festival Group, which included
ScotBet, was sold by administrators last week, protecting 175
jobs.

BBC News relates that Festival Group's The Hudson Hotel, along
with its associated nightclub, Bacaro, has been sold to Saltire
Taverns Limited.

"I am very pleased to be able to announce the successful sale of
these five businesses.  175 jobs have been protected and the
businesses themselves will be able to benefit from investment from
the two new owners," BBC News quoted Blair Nimmo, joint
administrator and head of restructuring for KPMG in Scotland as
saying.


HIGHLAND ACCESS: To Appoint UHY Hacker Young as Liquidator
----------------------------------------------------------
Vertikal.net reports that Highland Access Ltd has appointed an
insolvency practitioner, Nick Hancock of UHY Hacker Young-
Manchester, to liquidate the business.

According to the report, the company, which previously traded as
the Highland Group, has written to creditors with an apparent plan
to file for voluntary liquidation and yet also suggests that
creditors will be left with unpaid debts.

A creditors meeting has been scheduled for August 3 at the
premises of UHY Hacker Young, at St James Building, 79 Oxford
Street, in Manchester M1 6HT.

Vertikal.net notes that the two owners and directors of the
company, David Gordon and Peter Howell, have also set up two other
companies with similar names in the last 12 months or so,
including Highland Hire Ltd which was registered on June 10, 2011.

Highland Access Ltd is a Stockport, Cheshire, UK-based vehicle
mounted aerial lift rental company.


HSE GROUP: Enters Into Administration, Six Units Cease Trading
--------------------------------------------------------------
Hanna Sharpe at Business Sale reports that HSE Group has entered
administration with six of the company's seven subsidiaries
ceasing to trade.

Business Sale relates that administrators from FRP Advisory have
been brought in to handle the company's administration and the
subsidiaries affected.  The units that ceased trading included:

   -- Platignum Environmental,
   -- HSE Facilities Management,
   -- Elite Lighting Solutions,
   -- Elite Control Solutions,
   -- HSE Technical Services, and
   -- HSE Environmental Services.

Business Sale, citing Building.co.uk, discloses that
representatives from FRP said that they are holding talks with
trade partners to try to minimize contract disruption and sell on
the businesses' assets.

The report notes that the seventh company, HSE Building Services,
is thought to be nearing a management buy-out deal, which could
save around 120 jobs and sustain the company's name.  Business
Sale relates that the building services arm was set up 18 months
ago and has run successfully as a mechanical and electrical fit-
out business.

An unnamed HSE Building representative said that a rescue buy-out
is likely to be tied up "by the end of the week," the report
notes.  "We are continuing to trade normally and we have the
support of all our clients and suppliers," Business Sale quoted
that representative as saying.

HSE Group is a London-based building company.


JANE NORMAN: 500 Jobs at Risk as Firm Concessions Set to Fold
-------------------------------------------------------------
The Scotsman reports that almost 500 retail staff face losing
their jobs after talks to save Jane Norman concessions in
Debenhams reportedly broke down.

The 95 concessions were not part of the sales agreement made with
Edinburgh Woollen Mill, owned by entrepreneur Philip Day, which
bought the brand and 33 stores from administration, according to
The Scotsman.

As reported in the Troubled Company Reporter-Europe on June 28,
2011, Express & Star said reports that Jane Norman has fallen into
administration putting up to 1,600 jobs at risk.  Accountancy firm
Zolfo Cooper hopes to find a buyer for the stricken retailer,
which closed its 90 stores, according to Express & Star.
arabianbusiness.com disclosed that a third of its 94 UK stores
have already been sold to Scottish retailer The Edinburgh Woollen
Mill, which has the option to buy a further 28 stores.  The
remaining shops in the UK will be closed, the report related.

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


LOFT SHOP: Ceases Trading; Lays Off 40 Workers
----------------------------------------------
The Littlehampton Gazette reports that dozens of jobs have been
lost after The Loft Shop went into liquidation.  Approximately 40
people were made redundant when the company ceased trading, the
report says.

The Loft Shop had been in financial difficulties for more than a
year, The Littlehampton Gazette reports.

However, a former employee who is now out of work claimed that the
directors has re-opened a similar business, this time in
Chichester, without rehiring any of the former staff, according to
The Littlehampton Gazette.

"This has been a real kick in the teeth for everybody," the report
quotes the 31-year-old former employee, as saying.  "We had been
in difficulty for about two years, since the credit crunch began
to build. But you always think you're going to survive, that your
business will somehow make it through."

The Littlehampton Gazette relates that the former employee added
that staff had been doubtful about the company's future following
"secret" board meetings behind closed doors.

"Everyone in the warehouse just felt ignored by the directors. The
question is, how can a business, who have gone into liquidation,
be allowed to re-open another store, trading in the same name.
It's nuts."

According to the report, Director Peter Stedman, who was in charge
of The Loft Shop's 19 stores, is now managing a new store,
Kaystead Ltd, in Chichester.  Mr. Stedman insisted that he, and
the other directors of the company, had done nothing wrong by
starting this store, the report says.

"I am very sorry for all the staff who have lost their jobs. I am
in the same boat. I have lost 30 years' redundancy pay. I am
sincerely sorry for all the trouble this has caused."

The Loft Shop Ltd is a home-improvement company.  The company has
its headquarters and a distribution centre at the Wick site and
operates 19 stores across the UK.


PARTRIDGE AND PEAR TREE: Goes Into Liquidation; Closes Shop
-----------------------------------------------------------
North Devon Journal reports that designer fabric shop Partridge
and Pear Tree has closed down after going into liquidation.

North Devon Journal notes that Partridge and Pear Tree has been in
the town for about five years.

Owner Paula Dormer will instead run her business from her home
near High Bickington, the report says.

"This was not a decision I took lightly as we have a large
customer base and both the retail and online business have been
performing well, given the current economic climate," the report
quotes Ms. Dormer as saying.  "But personal circumstances beyond
my control mean the company has been left with no option but to
cease trading."


PROMINENT CMBS: S&P Lowers Rating on Class D Notes to 'B+'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Prominent CMBS Conduit No. 2 Ltd.'s class A, B, C, and D notes and
affirmed its ratings on the class E and F notes.

"The rating actions reflect our view of the effect of losses to
the lower notes, and of the credit enhancement available to the
upper notes," S&P said.

The data in this article are based on the April 2011 interest
payment date report.

                          Cavendish Loan

The Cavendish loan (11.5% of the total loan pool) is the smallest
loan in the pool. On June 30, 2011, we received a special notice
confirming that the co-owners of the Scott Co-Ownership group (the
borrower) has been subject to the appointment of a receiver with
respect to its assets, including the properties securing the
Cavendish loan. This has resulted in a bankruptcy credit event
occurring in respect of this loan. This has also meant that the
swap counterparty will not be exercising its discretion to
terminate the credit default swap in respect of the loan as it
initially intended to.

The loan is secured on 15 Halifax Bank branches throughout the
U.K., with leases expiring in May and July 2025 -- about 14 years
remaining on the lease term. "We anticipate that there will be a
loss on this loan that will result in losses to the junior notes,"
S&P said.

                         Ambassador Loan

The third-largest loan in the pool (20.4% of the total pool
balance) is the Ambassador loan. This loan has been designated as
"impaired/high-risk" by the servicer, Bank of Scotland PLC. The
servicer has confirmed that an internal review has been undertaken
due to current market conditions, and it has taken a view that
this loan is high-risk. The servicer has ordered a new valuation
and is awaiting the results of this. "We anticipate that a loan-
to-value (LTV) ratio breach will occur when the new valuation is
received, as the current whole-loan LTV ratio is 85.2%, which is
at the covenant level. If an LTV ratio covenant breach occurs and
is not cured, this would constitute an event of default. We
anticipate that the servicer will not call an event of default,"
S&P related.

The Ambassador loan is secured by a mixed-use portfolio comprising
12 retail assets and four office assets across the U.K. The
properties are 99% let and tenants include Debenhams, Waitrose,
and NatWest. The loan is due to mature in October 2013, about six
years before legal final maturity. The weighted-average lease
length is 9.15 years and the securitized current loan balance is
GBP90.93 million. Despite the anticipated LTV ratio breach, the
loan is performing. The interest coverage ratio (ICR) is 1.45x for
the senior loan and 1.21x for the whole loan, against a covenant
of 1.15x.

"We anticipate that the loan will not be able to refinance in
October 2013, as the LTV ratio will be too high. We expect that
the servicer will not enforce the loan until loan maturity in
2013. We anticipate a loss on this loan and we believe that this
will result in a loss on the junior notes," S&P related.

                       Roade One Loan

The Roade One loan is the fourth-largest in the pool (18% of the
total pool balance) and is secured by a portfolio of 19 mixed-use
assets across the U.K. The loan is due to mature in October 2013.
It is currently on the servicer's delinquency list, as a new
valuation received by the servicer has resulted in an LTV ratio
covenant breach. The current LTV ratio is 122.2%, against an LTV
ratio covenant of 81%.

A breach of the LTV ratio covenant is an event of default. The
servicer has confirmed that it is assessing its options in
relation to such a breach, and it has not waived the LTV ratio
breach. Apart from the LTV ratio breach, the loan is performing in
terms of interest payments. This is an interest-only loan and the
current ICR is 1.28x.

"We expect that this loan will also fail to refinance in October
2013 due to its high LTV ratio, and that the loan will be enforced
at loan maturity. We would expect the properties to be sold during
the tail period, but at a loss. We anticipate that losses will
affect the junior notes and erode credit enhancement to the senior
notes," S&P related.

                         Remaining Loans

The remaining two loans in the portfolio account for 50.0% of the
total pool balance. Of these:

    The Colombina loan (27.8% of the total pool balance) is the
    largest loan in the pool and is secured on the Millbank Tower
    in London. The loan is due to mature in April 2014. The
    current ICR is 1.74x and the LTV ratio is 63.5%. Performance
    of the loan has been stable since closing.

    The Lavincino loan (22.2% of the total pool balance) is
    secured on Hereford House, Marble Arch, London. This is
    Primark's flagship store and it is the largest tenant,
    contributing 52% to the total rental income for the property.
    The loan matures in December 2013 and the weighted-average
    lease length is 14.73 years. The securitized ICR is currently
    1.57x, the debt service coverage ratio is 1.46x, and the LTV
    ratio is relatively low at 59%.

Performance of this loan has also been stable since closing.

"The rating actions reflect our view of the continued refinancing
difficulties in the current market. We believe that ultimate
losses may affect the rated notes. We also consider that the
credit quality of these notes has deteriorated, in view of the
factors. We have therefore lowered our ratings on the A, B, C, and
D notes in this transaction. We have affirmed our ratings on the
class E and F notes because we have already taken the expected
losses into account in previous rating actions," S&P related.

Ratings List

Prominent CMBS Conduit No. 2 Ltd.
GBP454.3 Million Commercial Mortgage-Backed Floating-Rate Notes

Class              Rating
            To                  From

Ratings Lowered

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

Ratings Affirmed

E           B (sf)
F           B- (sf)


SWIFT ACCESS: GT Access Acquires Firm, Retains Stroke Employees
---------------------------------------------------------------
Vertikal.net reports that UK-based powered access rental company
GT Access Ltd has acquired the assets of Swift Access for an
undisclosed sum.  Swift Access went into administration on
July 22.

The deal includes Swift Access' only depot in Stoke and 149
machines (mainly scissors) that will now form part of an expanding
GT Access fleet that totals 550 machines, according to
Vertikal.net.  The report relates that all the staff and services
at the Stoke depot will be retained and extends GT Access'
coverage from its existing four depots in Bromsgrove, Telford,
Gloucester and Hereford.

"This deal extends our geographic coverage and adds a sizeable
amount of platforms to our fleet," said Jonathan Till of GT
Access.  We will be investing in about 25 Genie booms to give a
more balanced range of equipment available from the Stoke depot,"
the report quoted GT Access Managing Director Jonathan Till as
saying.

Swift Access is based in Stoke.


VON ESSEN: Hotel Verta Goes Into Administration, Seeks New Owners
-----------------------------------------------------------------
Caterersearch.com reports that Hotel Verta, the new-build London
property launched by Von Essen in September 2010, has been placed
into administration.

Ernst & Young have been appointed to run the 70-bedroom hotel,
which will continue to trade as normal, according to
Caterersearch.com.  The report relates that new owners are now
being sought for the business, which was developed at a cost of
GBP50 million, alongside the London Heliport in Battersea.

Andrew Thomason remains in position as the hotel's general
manager.

Caterersearch.com discloses that Hotel Verta was one of four
properties that did not form part of the administration of Von
Essen Hotels in April.  The report relates that alongside the
Forbury in Reading, Llangoed Hall in Powys and Hunstrete House,
near Bath, it continued to be owned by Von Essen's founder Andrew
Davis.

However, Hunstrete House, which was operated under license by Von
Essen, was placed into creditor's voluntary liquidation, in May,
and closed, Caterersearch.com discloses.  The Georgian country
house hotel was said to have been a loss-making business for
several years, the report relates.

Caterersearch.com notes that there is no news yet regarding the
sale of the portfolio of 27 Von Essen country hotels in the UK and
one on France.  Deadline for the bids has already passed.
Christie + Co are handling the sale.

As reported in the Troubled Company Reporter-Europe on April 25,
2011, BBC News said the holding company of the von Essen hotel
chain has appointed accountants Ernst & Young as administrators.
SoGlos.com related that von Essen is reported to have debts of
more than GBP25 million.  SoGlos.com noted that while
administrators have been appointed and the portfolio of hotels are
expected to be sold off either as a group or as individual
properties, the hotels are all expected to continue to trade as
usual.  "It is business as normal for the hotels and customers of
von Essen Hotels can continue to enjoy their stay," The Northern
Echo quoted Angela Swarbrick, joint administrator, as saying.

von Essen hotel chain owns 28 luxury hotels in the UK and France.


* UK: Number of Firms Facing 'Critical' Financial Problems Rises
----------------------------------------------------------------
Insolvency specialist Begbies Traynor said that a fall in
'significant' financial problems indicate vulnerable businesses in
the U.K. are making the transition from 'significant' to
'critical' problems.

Begbies Traynor's Red Flag Alert, which monitors a series of
indicators of company distress, shows a 12% increase to 5,179 U.K.
companies which experienced 'critical' financial distress in Q2
2011 compared to 4,620 companies in Q1 2011.

Julie Palmer, partner at Begbies Traynor, said "Many struggling
companies made use of the Revenue's Time to Pay Scheme yet a high
proportion of businesses have failed to achieve a full turnaround
and are now trying to seek time to pay arrangements for a second
time - or else apply for the scheme whilst using dividends as a
form of remuneration rather than paying HMRC.

"The austerity measures mean the Government is finding it
difficult to give second chances or extend its support to business
owners that have chosen to use their money for another purpose and
as a result, the number of winding up petitions issued by HMRC in
Q2 2011 has more than doubled since Q1."

Although banks remain supportive of struggling customers, there
are an increasing number of companies that cannot continue without
significant new investment as costs cannot be reduced any further
and sales demand weakens.

Ric Traynor, Executive Chairman of Begbies Traynor Group, said:

"The figures for Q2 2011 show the number of UK companies facing
'critical' problems has increased since last quarter.  The fall in
'significant' problems is an apparent glimmer of good news, but we
believe this is indicative of weaker businesses actively moving
from 'significant' to 'critical' financial problems - and
ultimately to insolvency, as well as seasonal factors which
typically impact on the Q1 figures.

"In addition, HMRC is taking a more robust stance. As the level of
support from the Revenue is gradually decreased, it is
increasingly evident that businesses using the scheme are now
struggling to cope with current trading conditions."

Ric Traynor concluded:

"The increased costs being placed upon consumers are likely to
have an impact on non food retailers and recent weeks have seen
the effect of reduced high street demand with a number of well
known retailers entering administration. We believe this distress
is likely to continue ahead of the pre-Christmas shopping period,
which traditionally starts in early October."

Sector Analysis

The financial distress across sectors is variable, with clear
winners and losers, with Other (Non Food) manufacturing, utilities
and print and packaging all showing an improving picture.

However, sectors reliant on discretionary spending such as Travel
& Tourism have faced a steady increase in critical distress in Q2
2011, despite the long Easter break and extra bank holidays which
would have usually been beneficial to trading.  A significant
proportion of the population are being squeezed by inflationary
pressures and concerns over the security of their employment and
are therefore being extremely cautious with their spending, which
is beginning to have a real impact on travel and tourism related
businesses, particularly the UK hotel market which has seen a 47%
increase in critical problems since the last quarter.

Consumer spending is already depressed and the impact of
significant utility bill rises, combined with the increasing cost
of fuel, is likely to have further serious consequences for any
businesses dependent on discretionary spending.

The malaise within the property sector shows no sign of
improvement with quarter on quarter critical problems up by a
substantial 42%. This distress is affecting both residential and
commercial real estate, with recent surveys predicting that
property prices will not return to 2007 prices until the next
decade.

The squeeze on marketing budgets and the structural changes in the
media sector are showing through in terms of increased levels of
critical problems - up 33% year on year and 21% quarter on
quarter. At the heart of this is overcapacity, particularly in the
printed media sector, where publications are chasing shrinking
advertising revenues. The move towards online and social media
channels has accelerated the problems, as advertisers typically
benefit from lower costs.

A surprising increase of 24% in year on year critical problems
within the food and beverage manufacturing sector, are indicative
of reduced margins within supermarket supply chains, combined with
higher input costs which cannot be passed on to customers.


* UNITED KINGDOM: Number of Midlands Administration Drop 30% in Q2
------------------------------------------------------------------
thebusinessdesk.com reports that a new research suggests
administration in the Midlands appear to be on the decline.

In the second quarter of 2011, 79 companies fell into
administration across the region, a drop of 30% compared with the
2010 Q2 figure of 113, according to thebusinessdesk.com.

The report relates that this number also fell when compared with
Q1 2011, down from 91 companies.

A similar year-on-year trend emerged from other English regions in
the research, conducted by accountants Baker Tilly, which showed a
16% fall in London, a 23% drop in the South East, and 9% decline
in administration, the report adds.


===============
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.


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