TCREUR_Public/111018.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Tuesday, October 18, 2011, Vol. 12, No. 206

                            Headlines



F I N L A N D

ELCOTEQ INC: Creditors Argue Over Venue of Bankruptcy Case


G E R M A N Y

DEUTSCHE HYPOTHEKENBANK: Moody's Cuts Bank Fin'l. Rating to 'D'
FRESENIUS MEDICAL: Moody's Assigns 'Ba2' Rating to EUR100MM Notes


G R E E C E

DRYSHIPS INC: Enters Into 3 More Well Contracts for Eirik Raude


I R E L A N D

ADAGIO II: Moody's Raises Rating on Class E Notes to 'B1'
AER ARANN: Scraps Almost 300 Flights at Southend Airport
ALLIED IRISH: Wants New Chief Exec to Avail of Incentive Plan
ANGLO IRISH: State to Get EUR12BB Bailout Restructuring Savings
BANK OF IRELAND: Agrees Sale of Non-Core Loans at 9% Discount

QUINN GROUP: Lenders Agree on Terms of New Debt Deal with Anglo
QUEEN STREET IV: S&P Assigns Prelim. BB- Rating to US$75MM Notes


L U X E M B O U R G

AVONDALE SECURITIES: S&P Affirms BB+ Ratings on Two Note Classes
MILLICOM INT'L.: Moody's Changes Outlook on Ba1 CFR to Positive
NORDDEUTSCHE LANDESBANK: Moody's Cuts Bank Fin'l. Rating to 'D+'


N E T H E R L A N D S

BOYNE VALLEY: Moody's Raises Rating on Class E Notes to 'B1'
DALRADIAN EUROPEAN: Moody's Raises Rating on Class E Notes to B1
E-MAC PROGRAM: S&P Lowers Rating on Class E Notes to 'B (sf)'
EUROLOAN CLO 1: S&P Says 'CCC'-Rated Assets Decreased to 4.25%


P O R T U G A L

NOVA FINANCE: Moody's Cuts Rating on EUR644-Mil. Notes to 'Ba2'


R U S S I A

SOVCOMFLOT JSC: Moody's Downgrades Issuer Rating to 'Ba1'
SOVCOMFLOT JSC: Moody's Cuts NSR Rating Due to 'Ba1' GSR Rating


S P A I N

SANTANDER PUBLICO: Moody's Cuts Rating on EUR37MM Notes to 'Ba1'


U N I T E D   K I N G D O M

CATALYST HEALTHCARE: Moody's Raises 2040 Bonds Rating From 'Ba1'
EVENT HOSPITALITY: Trading Standard Officers Probe Director
MOUCHEL GROUP: Interim Chairman Steps Down Amid Debt Talks
NEWCASTLE BUILDING: Moody's Withdraws 'D-' BFSR
NOAH'S ARK: Placed Into Voluntary Liquidation

RAPPORT CREATIVE: Placed Into Liquidation
ROYAL BANK: "Most Vulnerable Bank in Europe," Credit Suisse Says
* UK: Insolvency Service Winds Up 61 Companies for Breaches


X X X X X X X X

* Bank of Ireland & Lloyds to Put Worst of Debt Crisis Behind
* Weil Gotshal's Relocates London Office
* Large Companies with Insolvent Balance Sheets




                            *********


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F I N L A N D
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ELCOTEQ INC: Creditors Argue Over Venue of Bankruptcy Case
----------------------------------------------------------
Dow Jones' DBR Small Cap reports that creditors of struggling
Finnish electronics manufacturer Elcoteq SE are trying to force
its Texas subsidiary into Chapter 11 bankruptcy protection,
triggering a dispute over where the case should proceed.

An involuntary Chapter 11 petition (Bankr. W.D. Tex. Case No. 11-
31675) was filed against El Paso, Texas-based Elcoteq, Inc., dba
Elcoteq Americas, on Aug. 31, 2011.  Judge H. Christopher Mott
oversees the case.  Plasticos Promex U.S.A., Inc., owed
US$242,125; Textape Incorporated, owed US$34,118; and Pallets and
Crates International, owed US$19,929, filed the petition.
Corey W. Haugland, Esq., at James & Haugland, P.C., represents the
petitioning creditors.


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G E R M A N Y
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DEUTSCHE HYPOTHEKENBANK: Moody's Cuts Bank Fin'l. Rating to 'D'
---------------------------------------------------------------
Moody's Investors Service has downgraded the standalone bank
financial strength rating (BFSR) of Deutsche Hypothekenbank AG
(DH) to D from D+, now mapping to Ba2 on the long-term rating
scale from Ba1 previously, and placed on review for downgrade the
Prime-1 short-term rating. The outlook for DH's D standalone BFSR
remains negative.

The downgrade reflects Moody's view that DH's loss-absorption
capacity is modest in the context of its risk profile, given that
its core businesses of commercial real-estate and public-sector
finance are vulnerable to market downturns. These credit risks may
continue to exert pressure on DH's leveraged business model,
because the credit costs can fluctuate widely in its cyclical,
international commercial real-estate lending business.

At the same time, DH's A1 senior unsecured debt and deposit
ratings, its Baa1 senior subordinated debt rating, and its
Baa3(hyb) rating for capital notes issued by Charlottenburg
Capital International S.ar.l. & Cie SECS (non-cumulative preferred
stock) remain on review for downgrade. The ongoing review -- part
of Moody's wider review of the ratings for 12 public-sector banks
in Germany announced on July 1, 2011 -- focuses on (i) the support
assumptions that are factored into the long-term ratings of DH in
the context of the weakening support environment in Germany; and
(ii) will also take into consideration the lower D BFSR.

The lowering of DH's BFSR -- together with the lowering today of
the BFSR of its parent bank (NORD/LB) -- implies that the expected
downgrade of DH's long-term ratings is likely to be either two or
three notches. Please refer to the press release "Moody's reviews
ratings of German Landesbanken" dated
July 1, 2011

RATINGS RATIONALE

STANDALONE RATING CONSTRAINED BY VULNERABLE BUSINESS PROFILE AND
WEAK EARNINGS

The downgrade was driven by several considerations, including (i)
DH's higher-than-expected vulnerability to market movements,
caused by its sizeable derivative positions, which are part of its
public-sector lending operations; (ii) its weak risk-adjusted
earnings power, which is unlikely to improve in the foreseeable
future; and (iii) sustained weak capitalization and limited loss-
absorption capacity, which might result in the need for additional
capital support in a deteriorating economic environment.

In combination, these risk drivers may continue to exert pressure
on DH's leveraged business model, because the credit costs in its
cyclical, international commercial real estate lending business
can fluctuate strongly. Additionally, DH may face funding
constraints for its senior unsecured funding requirements in
adverse market conditions, which Moody's acknowledges is mitigated
by DH's integration into NORD/LB's group treasury operations.

The negative outlook on the D BFSR reflects the longer-than-
anticipated recovery of DH's earnings profile and capital
generation capacity, as well as the risks posed by the
persistently volatile market environment for public-sector finance
business lines.

The review for downgrade of the Prime-1 short-term rating is
driven by the higher downgrade potential expected for DH's senior
unsecured debt and deposit ratings.

METHODOLOGY USED

The methodologies used in these rating actions 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.

Domiciled in Hanover, Germany, DH had total assets of EUR34
billion as of June 30, 2011, and reported a net profit of EUR11
million for the six months to June.


FRESENIUS MEDICAL: Moody's Assigns 'Ba2' Rating to EUR100MM Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a definite Ba2 rating to
the EUR100 million of floating-rate senior unsecured notes issued
by FMC Finance VIII S.A., a finance company wholly owned by
Fresenius Medical Care AG & Co. KGaA.  The assigned rating carries
a loss-given default assessment of LGD5-76%. FMC's Ba1 corporate
family rating(CFR) remains unchanged. The outlook on the ratings
is stable.

RATINGS RATIONALE

"[The] rating action reflects that FMC's new debt obligations are
in line with the ratings we assigned to the company's USD960
million of bonds issued in September 2011," says Alex Verbov, a
Moody's Vice President - Senior Analyst and lead analyst for FMC.
(Please see Moody's previous press release dated September 7,
2011, which provides further details on the rating rationale and
ranking of the instrument.) Moody's definitive rating assignments
on the debt obligations are in line with the provisional ratings
assigned and the final terms of the notes are in line with the
drafts reviewed for the provisional rating assignment.

The stable outlook reflects Moody's expectation that (i)
reimbursement changes in the US will have a limited negative
impact on FMC; (ii) the company will limit its material
acquisition activity over next 12-18 months; and (iii) there will
be continued improvements in the company's liquidity profile.

WHAT COULD CHANGE THE RATING DOWN/UP

In Moody's view, downward rating pressure could arise as a result
of (i) unfavorable reimbursement changes in core markets or
changes in payer mix, affecting the company's profit generation;
(ii) an increase in financial leverage, evidenced by a debt/EBITDA
ratio sustainably above 3.5x and a cash flow from operations
(CFO)/debt ratio below 15%; (iii) failure to ensure adequate
funding to cover short-term debt maturities as well as pending
acquisitions; or (iv) material litigation.

Given the strategy of FMC to grow the business externally, an
upgrade of the rating is currently unlikely. A rating upgrade
would require changes in the financial policy of FMC, such that it
targets a sustainably lower external growth, and in the company's
management of short-term liquidity. In addition, to achieve a
rating upgrade, FMC would need to (i) enhance its regional
diversification, which could be challenging in the medium term;
(ii) maintain profitability at current levels (i.e. an EBIT margin
in the high teens in percentage terms); and (iii) use positive
free cash flow to reduce debt, which would contribute to gradual
improvements in the company's leverage, including debt/EBITDA
moving towards 3.0x and CFO/debt approaching 20%.

FMC is the world's leading provider of dialysis products and
dialysis services, with 2010 revenues of USD12 billion. The
company is a vertically integrated player with operations as a
dialysis service provider, a dialysis product manufacturer for its
own dialysis clinics and a supplier of dialysis products to
external dialysis service providers. FMC is controlled by
Fresenius SE & Co. KGaA (rated Ba1, stable), which owns slightly
more than 30% of the company but controls 100% of the general
partner of FMC, given FMC's legal status as a
Kommanditgesellschaft auf Aktien (KGaA; partnership limited by
shares).

FMC 's ratings were assigned by evaluating factors that Moody's
considers relevant to the credit profile of the issuer, such as
the company's (i) business risk and competitive position compared
with others within the industry; (ii) capital structure and
financial risk; (iii) projected performance over the near to
intermediate term; and (iv) management's track record and
tolerance for risk. Moody's compared these attributes against
other issuers both within and outside FMC 's core industry and
believes FMC 's ratings are comparable to those of other issuers
with similar credit risk. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009. Please see the
Credit Policy page on www.moodys.com for a copy of this
methodology.


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DRYSHIPS INC: Enters Into 3 More Well Contracts for Eirik Raude
---------------------------------------------------------------
Ocean Rig UDW Inc. entered into drilling contracts for three
additional wells offshore West Africa, with two independent oil
operators based in the UK and the USA respectively, for the semi-
submersible rig Eirik Raude.  The total revenue backlog, excluding
mobilization cost, to complete the three wells program is
estimated at US$96 million for a period of approximately 175 days.
The new contracts will commence in direct continuation after the
completion of the existing Tullow contract around mid-October.

George Economou, Chairman and CEO commented, "We continue to
execute on our strategy increasing our backlog.  With two high-
spec harsh weather UDW semi-submersibles available for employment
in 2012 we are uniquely positioned to secure long-term contracts
in a strengthening rate environment."

                         About DryShips Inc.

Based in Greece, DryShips Inc. -- http://www.dryships.com/--
-- owns and operates drybulk carriers and offshore oil
deep water drilling units that operate worldwide.  As of
Sept. 10, 2010, DryShips owns a fleet of 40 drybulk carriers
(including newbuildings), comprising 7 Capesize, 31 Panamax and 2
Supramax, with a combined deadweight tonnage of over 3.6 million
tons and 6 offshore oil deep water drilling units, comprising of 2
ultra deep water semisubmersible drilling rigs and 4 ultra deep
water newbuilding drillships.

DryShips's common stock is listed on the NASDAQ Global Select
Market where it trades under the symbol "DRYS".

On Nov. 25, 2010, DryShips Inc. entered into a waiver letter
for its US$230.0 million credit facility dated Sept. 10, 2007,
as amended, extending the waiver of certain covenants through
Dec. 31, 2010.

In its audit report on the Company's financial statements for the
year ended Dec. 31, 2010, Deloitte, Hadjipavlou Sofianos &
Cambanis S.A., noted that the Company's inability to comply with
financial covenants under its original loan agreements as of
Dec. 31, 2009, its negative working capital position and other
matters raise substantial doubt about its ability to continue as a
going concern.

The Company's balance sheet at June 30, 2011, showed
US$7.86 billion in total assets, US$4.03 billion in total
liabilities, and US$3.83 billion in total equity.


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ADAGIO II: Moody's Raises Rating on Class E Notes to 'B1'
---------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
ratings of the following notes issued by Adagio II CLO Plc:

Issuer: Adagio II CLO Plc

  Class A-1 Senior Floating Rate Notes due 2021, Upgraded to Aaa
  (sf); previously on Jun 22, 2011 Aa1 (sf) Placed Under Review
  for Possible Upgrade

  Class A-2B Senior Floating Rate Notes due 2021, Upgraded to Aa1
  (sf); previously on Jun 22, 2011 Aa2 (sf) Placed Under Review
  for Possible Upgrade

  Class B Senior Floating Rate Notes due 2021, Upgraded to A2
  (sf); previously on Jun 22, 2011 Baa1 (sf) Placed Under Review
  for Possible Upgrade

  Class C-1 Senior Subordinated Deferrable Floating Rate Notes
  due 2021, Upgraded to Baa3 (sf); previously on Jun 22, 2011
  Ba2 (sf) Placed Under Review for Possible Upgrade

  Class C-2 Senior Subordinated Deferrable Fixed Rate Notes due
  2021, Upgraded to Baa3 (sf); previously on Jun 22, 2011
  Ba2 (sf) Placed Under Review for Possible Upgrade

  Class D-1 Senior Subordinated Deferrable Floating Rate Notes
  due 2021, Upgraded to Ba2 (sf); previously on Jun 22, 2011 B3
  (sf) Placed Under Review for Possible Upgrade

  Class D-2 Senior Subordinated Deferrable Fixed Rate Notes due
  2021, Upgraded to Ba2 (sf); previously on Jun 22, 2011 B3 (sf)
  Placed Under Review for Possible Upgrade

  Class E Senior Subordinated Deferrable Floating Rate Notes due
  2021, Upgraded to B1 (sf); previously on Jun 22, 2011 Caa3 (sf)
  Placed Under Review for Possible Upgrade

RATINGS RATIONALE

Adagio II CLO Plc, issued in December 2005, is a multi-currency
Collateralised Loan Obligation ("CLO") backed by a portfolio of
mostly high yield European loans. The portfolio is managed by AXA
Investment Managers. This transaction will be in reinvestment
period until 15 January 2013. It is predominantly composed of
senior secured loans.

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

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

Moody's notes that an input was inadvertently omitted from the
rating model at the last rating action in December 2009. The cash
balance modeled was lower than the actual cash balance at that
time. Had the actual cash balance been considered the model would
have indicated a lower expected loss for each of the classes of
notes. This could have led to higher ratings for certain classes
of notes. This input is now included in the ratings of the notes.

The Class A/B, Class C, Class D and Class E overcollateralization
ratios are reported at 124.5%, 114.9%, 110.0% and 106.4%,
respectively, versus November 2009 levels of 124.4%, 114.8%,
109.9% and 106.3%, respectively, and all related
overcollateralization tests are currently in compliance. None of
the classes are currently deferring any interest.

Reported WARF has increased from 2,522 to 2,924 between November
2009 and August 2011. However, this reported WARF overstates the
actual deterioration in credit quality because of the technical
transition related to rating factors of European corporate credit
estimates, as announced in the press release published by Moody's
on 1 September 2010. Additionally, defaulted securities total
about EUR 4.1million of the underlying portfolio compared to
EUR10.7 million in November 2009.

Due to the impact of revised and updated key assumptions
referenced in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011, key model inputs used by
Moody's in its analysis, such as the portfolio par amount, WARF,
diversity score, and weighted average recovery rate, may be
different from the trustee's reported numbers. In its base case,
Moody's analyzed the underlying collateral pool to have a
performing par and principal proceeds balance of EUR 346,9
million, defaulted par of EUR 4.1million, a weighted average
default probability of 23.76% (consistent with a WARF of 2,970), a
weighted average recovery rate upon default of 45.09% for a Aaa
liability target rating, a diversity score of 30 and a weighted
average spread of 2.99%. The default probability is derived from
the credit quality of the collateral pool and Moody's expectation
of the remaining life of the collateral pool. The average recovery
rate to be realized on future defaults is based primarily on the
seniority of the assets in the collateral pool. For a Aaa
liability target rating, Moody's assumed that 87.7% of the
portfolio exposed to senior secured corporate assets would recover
50% upon default, while the remainder non first-lien loan
corporate assets would recover 10%. In each case, historical and
market performance trends and collateral manager latitude for
trading the collateral are also relevant factors. These default
and recovery properties of the collateral pool are incorporated in
cash flow model analysis where they are subject to stresses as a
function of the target rating of each CLO liability being
reviewed.

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as evidenced by 1) uncertainties of
credit conditions in the general economy 2) the large
concentration of speculative-grade debt maturing between 2012 and
2015 which may create challenges for issuers to refinance. CLO
notes' performance may also be impacted by 1) the manager's
investment strategy and behavior and 2) divergence in legal
interpretation of CDO documentation by different transactional
parties due to embedded ambiguities.

Sources of additional performance uncertainties are described
below:

1) Moody's notes that around 62% of the collateral pool consists
of debt obligations whose credit quality has been assessed through
Moody's credit estimates.

2) Other collateral quality metrics: The deal is allowed to
reinvest subject to passing a model based reinvestment test and
the manager has the ability to deteriorate the collateral quality
metrics due to the existing cushions of this model based
reinvestment test versus the covenant levels. As part of the base
case, Moody's considered the weighted average spread consistent
with the midway spread levels due to the large difference between
the reported and covenant levels and a diversity score worse than
the actual diversity score.

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

4) The deal has significant exposure to non-EUR denominated assets
which are hedged by an FX macro swap. Volatilities in foreign
exchange rate will have a direct impact on interest and principal
proceeds available to the transaction, which may affect the
expected loss of rated tranches.

5) Recovery of defaulted assets: Market value fluctuations in
defaulted assets reported by the trustee and those assumed to be
defaulted by Moody's may create volatility in the deal's
overcollateralization levels. Further, the timing of recoveries
and the manager's decision to work out versus sell defaulted
assets create additional uncertainties. Moody's analyzed defaulted
recoveries assuming the lower of the market price and the recovery
rate in order to account for potential volatility in market
prices.

The principal methodology used in this rating was Moody's Approach
to Rating Collateralized Loan Obligations, published in June 2011.
Please see the Credit Policy page on www.moodys.com for a copy of
this methodology.

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

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

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


AER ARANN: Scraps Almost 300 Flights at Southend Airport
--------------------------------------------------------
Steve Hackwell at Southend Standard reports that cash-strapped Aer
Arann has scrapped almost 300 flights to and from Southend
Airport.

According to Southend Standard, bosses at Aer Arann say they
cannot afford to run the twice-daily service between Southend and
Galway, Ireland, this winter.

The decision means all passengers expecting to fly to the Irish
city between between October 31 and April 1 will instead be handed
a refund and an apology, Southend Standard states.

"We sincerely regret having to make this decision and we
particularly regret the impact this will have on our customers,"
Southend Standard quotes Paul Schutz, the airline's chief
executive, as saying.  "The reality, however, is that we are not
yet a year out of examinership and not in a position to continue
to operate routes that are not commercially viable."

It is not yet clear whether the airline will resume flights on
April 1, but Mr. Schutz said he was hopeful, Southend Standard
notes.

It started operating the routes to Galway and Waterford in March,
announcing ambitions to cater for up to 300,000 passengers a year,
Southend Standard recounts.

However, the airline was already in financial strife after being
put into examinership -- an Irish law which allows firms to trade
their way out of trouble -- in August 2010, Southend Standard
notes.

It had racked up losses of EUR6 million in seven months and was in
danger of running out of cash when Stobart Air, which owns
Southend Airport, stepped in to bail it out last October, Southend
Standard discloses.

Aer Arann provides scheduled passenger transportation service to
more than 25 destinations, primarily in Ireland and the UK but
also in Northern France.  It offers regional flights on behalf of
Aer Lingus, too.  Most of its flights originate from Cork, Dublin,
or Galway.


ALLIED IRISH: Wants New Chief Exec to Avail of Incentive Plan
-------------------------------------------------------------
Simon Carswell at The Irish Times reports that Allied Irish Banks
has asked the Department of Finance to allow its new chief
executive to join any future incentive pay plan agreed for senior
bankers by the Government linked to a recovery of bank bailout
funds for the State.

The bank, which is 99.8% owned by the State, submitted a pay
proposal to the department on Friday for the role of chief
executive, a position it hopes to fill in the coming weeks, The
Irish Times relates.

The bank, which, with its new subsidiary EBS, has taken EUR20.7
billion from the State, has agreed to abide by the Government's
pay cap for bankers by seeking to pay the candidate the EUR500,000
limit, The Irish Times discloses.

According to The Irish Times, a spokesman for the department
confirmed that the bank had submitted a proposal for the pay
arrangements for the candidate.

An AIB spokesman said that a recommendation on the chief
executive's pay had been submitted to the department for
consideration, The Irish Times notes.

The shortlist has been narrowed to two candidates -- David Duffy,
a former executive at Dutch bank ING Baring, and Brendan McDonagh,
former head of HSBC?s North American business, The Irish Times
discloses.

The bank's preferred candidate is Mr. Duffy whose immediate
availability to take up the role is believed to have played a
factor in his selection by the lender, according to The Irish
Times.

                About Allied Irish Banks, p.l.c.

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

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

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

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

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

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


ANGLO IRISH: State to Get EUR12BB Bailout Restructuring Savings
---------------------------------------------------------------
Laura Noonan at Irish Independent reports that the maximum
benefits to the State from restructuring Anglo Irish Bank's
bailout is EUR12 billion -- even though the interest bill is EUR17
billion.

This is because EUR5.2 billion goes back to the State under the
existing arrangements, Irish Independent says.

The news comes as executives from Anglo continue to crunch the
numbers on options to restructure the bailout without adversely
impacting the bank's capital position, Irish Independent notes.

According to Irish Independent, Finance Minister Michael Noonan is
pushing Europe to allow a restructuring of the EUR30 billion "IOU"
or promissory note that was created by the State to bail out Anglo
and Irish Nationwide.  The terms of the IOU mean the State must
pay the banks about EUR3 billion until 2023, and lower amounts
until 2031, Irish Independent says.

The total bill comes to EUR47.4 billion because the State must pay
interest at a rate of 5.8% on the IOUs outstanding, Irish
Independent discloses.

Irish Independent has learned, however, that while the interest
bill under the current arrangement would come to a problematic
EUR17.4 billion, more than EUR5.2 billion of this would actually
go back to the State.

This is because Anglo takes its IOUs to the Central Bank of
Ireland and exchanges them for liquidity, or cash, Irish
Independent states.

                     Irish Nationwide Merger

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

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


BANK OF IRELAND: Agrees Sale of Non-Core Loans at 9% Discount
-------------------------------------------------------------
Simon Carswell at The Irish Times reports that Bank of Ireland has
agreed the sale of about EUR5 billion of loans that it has deemed
non-core -- about half of the targeted total in the non-core
division to be disposed of by 2013 -- at a discount of 9% of their
face value.

According to The Irish Times, the bank said the transactions would
have "no adverse impact" on its capital reserves and a "neutral
impact" on the lender's core tier one capital ratio.

The bank said in a statement that total proceeds from the disposal
of about EUR5 billion in assets amounted to EUR4.54 billion, The
Irish Times discloses.

The bank, as cited by The Irish Times, said that the capital
losses on the disposals were lower than the discounts assumed in
the Central Bank capital and liquidity stress tests in March.

Bank of Ireland is 15% State-owned and has received EUR4.2 billion
in capital from the Government, The Irish Times discloses.

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

                          *     *     *

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


QUINN GROUP: Lenders Agree on Terms of New Debt Deal with Anglo
---------------------------------------------------------------
Simon Carswell at The Irish Times reports that Anglo Irish Bank
and lenders to the Quinn Group have agreed the terms of a deal to
lower the debt on the business to EUR475 million from EUR760
million.

The changes, which will be voted on by creditors, reduce the
group's annual interest bill to EUR40 million from EUR60 million,
The Irish Times discloses.  The Quinn Group is the industrial
conglomerate formerly owned by Sean Quinn and his family.

The fresh restructuring means that Anglo, a 75% shareholder, will
have more debt to be paid off before recouping value from the
recovery of the group, The Irish Times notes.

In the new deal, Anglo has agreed to waive a veto stopping the
sale the Irish businesses within five years, The Irish Times
discloses.  An existing veto protecting the group's 1,100 Irish
jobs has been amended, preventing any buyer of these businesses
laying off more than 10% of staff, The Irish Times states.

The group owes EUR1.3 billion to banks and bondholders, while
Anglo is owed almost EUR2.9 billion by the Quinn family, according
to The Irish Times.

In the original restructuring in April, Anglo and the lenders
moved EUR511 million of the debt -- known as the "tranche C" debt
-- from the manufacturing company to the shareholder firm taken
over by Anglo and the lenders, The Irish Times recounts.

This was to be repaid from the sale of Quinn assets, including
hotels, and from future earnings in the manufacturing business,
The Irish Times says.

The remaining EUR760 million -- the "tranche A" debt -- was left
with the manufacturing company, The Irish Times discloses.

Anglo and the lenders have now agreed to put to a vote a proposal
to reduce the tranche A debt to EUR475 million and increase the
tranche C debt to EUR796 million, The Irish Times notes.

Creditors will vote on a "company voluntary arrangement", which if
approved by 75% by value, will bind all creditors to the deal, The
Irish Times discloses.  The vote will take place within the next
three weeks, The Irish Times states.

About 10 creditors out of a group of between 50 and 60 hold more
than 75% of the debt, The Irish Times relates.  They include fund
investors in distressed debt, Strategic Value Partners and Silver
Point Capital, and banks Barclays, KBC and Danske, according to
The Irish Times.

The deal must be agreed by the end of the month as it is linked to
the sale of Quinn Insurance, previously in the group, to US
insurer Liberty Mutual and Anglo, The Irish Times says.

As reported by the Troubled Company Reporter-Europe on Sept. 15,
2011, Irish Examiner related that the Quinn family began legal
proceedings against Anglo earlier this year in which they
challenged the appointment of the receiver appointed over their
shares in some of the Quinn Group companies in Ireland, Irish
Examiner disclosed.  They are also taking action in Cyprus
challenging Anglo's appointment of a receiver over shares in a
number of Cypriot companies, Irish Examiner noted.

The Quinn Group -- http://www.quinn-group.com/-- is a business
group headquartered in Derrylin, County Fermanagh, Northern
Ireland.  The privately owned group has ventured into cement and
concrete products, container glass, general insurance, radiators,
plastics, hotels and real estate.


QUEEN STREET IV: S&P Assigns Prelim. BB- Rating to US$75MM Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned a preliminary credit
rating of 'BB- (sf)' to the US$75 million principal-at-risk notes
to be issued by Queen Street IV Capital Ltd., sponsored by Munich
Reinsurance Co. (Munich Re; AA-/Stable/--).

The notes issued will be exposed to major North Atlantic hurricane
risk in selected states within the U.S. between April 2012 and
March 2015 and major European windstorms between November 2011 and
March 2015. Queen Street IV Capital is an Irish special-purpose
private limited company.

Munich Re will be the counterparty to the risk transfer contract.
It is the principal operating company, as well as the ultimate
holding company for a group of affiliated companies (the Munich Re
Group).

AIR Worldwide Corp. (AIR) provided the risk analysis for this
transaction and will act as the event calculation agent. Following
a qualifying event, AIR will calculate an index value. The index
value for U.S. hurricane peril will be based on industry losses
reported by Property Claims Services (PCS) and predetermined
payout factors by state. The index value for the European
windstorm peril will be based on industry losses reported by
PERILS AG and predetermined payout factors by country.

The proceeds from the sale of the notes will be invested according
to the investment guidelines in preselected U.S. Treasury money
market funds with ratings of 'AAAm' at the time of closing.


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


AVONDALE SECURITIES: S&P Affirms BB+ Ratings on Two Note Classes
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed and removed from
CreditWatch negative its credit ratings on Avondale Securities
S.A.'s class A-1 and A-2 notes. This follows the same action taken
on the support sponsor, Bank of Ireland (BOI), on July 11, 2011.

"On July 11, we affirmed and removed from CreditWatch negative our
'BB+' long-term counterparty credit rating on BOI (see 'Various
Rating Actions Taken On Irish Banks; Off Watch Neg')," S&P
related.

The ratings on the class A-1 and A-2 notes are weak-linked to the
rating on BOI due to the support agreement obligating BOI to meet,
under certain conditions, payments due on the notes, and potential
tax liabilities, as well as BOI's servicing of the policies.

"Due to an administrative error, we did not revise our ratings on
both tranches of debt in Avondale Securities when we updated our
rating on BOI in July. The rating actions are to correct this
error," S&P related.

Ratings List

Avondale Securities S.A.
EUR400 Million Floating-Rate Emergence Offset Notes

Class                   Rating
         To                           From

Ratings Affirmed and Removed From CreditWatch Negative

A-1      BB+ (sf)                     BB+ (sf)/Watch Neg
         BB+ (sf)/Watch Neg (SPUR)    BBB+ (sf)/Watch Neg (SPUR)
A-2      BB+ (sf)                     BB+ (sf)/Watch Neg


MILLICOM INT'L.: Moody's Changes Outlook on Ba1 CFR to Positive
---------------------------------------------------------------
Moody's has changed the outlook on Millicom International Cellular
S.A.'s Ba1 corporate family rating (CFR) to positive from stable.

RATINGS RATIONALE

The positive outlook reflects: (i) the group's continuing track
record of strong growth and operating performance; (ii) the good
visibility for future organic growth; (iii) the continuing
progress towards a better balance of profits and cash flow
generated between the various regions; and (iv) the group's strong
credit metrics and disciplined financial policy.

Moody's notes that Millicom has been able to pursue double-digit
revenue growth in recent quarters, thanks to strong customer
growth and by managing ARPU trends through successful penetration
of data-services. Millicom's strong positions in most of its
markets have provided it with a clear competitive advantage in
that respect. "Value-added" services have become a key component
of the group's business strategy and Moody's notes their gradually
growing contribution to the group's business mix, in particular in
the relatively more mature markets of Latin America.

Financial metrics for the group remain solid within the Ba1 rating
category and Moody's expects the group to continue to balance
shareholder remuneration and selective business acquisitions at
the lower end of its publicly stated targets of 1.0x to 2.0x
leverage, net of group cash.

Further positive pressure on the rating could develop if: (i) the
company's adjusted leverage is sustainably managed below 1.5x;
(ii) its free cash flow to debt ratio remains sustainably around
20%; and (iii) the company retains a strong liquidity position,
both consolidated and at the holding company level.

An upgrade would also require: (i) the group to maintain its
strong market positions; (ii) an appropriate balance of risk
across the countries in which Millicom operates, with a good level
of geographical diversification of cash flows; and (iii) continued
track record with regard to the company's financial policy.

Finally, the ratings incorporate Moody's assumption that any
future holding company debt would remain limited, given the need
to service such debt through upstreaming of cashflows from
countries with a mixed sovereign risk profile.

Downward pressure on the rating could develop as a result of: (i)
leverage that is sustainably above 2.0x following a deterioration
in Millicom's operating performance; (ii) a material debt-funded
acquisition; (iii) higher-than-anticipated shareholder
remuneration; or (iv) a combination of the above. Any visible
increase in risk in any of the countries in which Millicom
operates or in the company's liquidity profile could also exert
pressure on the rating.

The principal methodology used in rating Millicom International
Cellular S.A. was the Global Telecommunications Industry
Methodology published in December 2010.


NORDDEUTSCHE LANDESBANK: Moody's Cuts Bank Fin'l. Rating to 'D+'
----------------------------------------------------------------
Moody's Investors Service has downgraded the standalone bank
financial strength rating (BFSR) of Norddeutsche Landesbank
(NORD/LB) to D+ from C- and has changed the outlook on the BFSR to
stable from negative. NORD/LB's Aa2 long-term ratings remain on
review for downgrade.

NORD/LB's BFSR downgrade was driven by several factors, including
its exposures to the cyclical global shipping and commercial real-
estate sectors and its secondary-market investments that pose
considerable market risk to its core franchise. In combination,
these credit risks could cause higher-than-expected earnings
volatility, which in turn might impair NORD/LB's capacity to
absorb losses.

NORD/LB's Aa2 issuer, senior unsecured debt and deposit ratings,
its A3 subordinated debt rating and the Baa2(hyb) rating for
certain non-cumulative preferred stock (Tier-1) hybrid instruments
also remain on review for downgrade. The ongoing review of these
ratings -- part of Moody's wider review of the ratings for 12
public-sector banks in Germany, announced on 1 July 2011 --
focuses on (i) the support assumptions that are factored into the
long-term ratings of NORD/LB in the context of the weakening
support environment in Germany; and (ii) will also take into
consideration the lower D+ BFSR. The lowering of the BFSR today
implies that the expected downgrade of the long-term ratings is
likely to be either two or three notches. Please refer to the
press release "Moody's reviews ratings of German Landesbanken"
dated 1 July 2011.

The following ratings remain unaffected by the rating action (i)
NORD/LB's Prime-1 short-term rating; and (ii) the Aa1 ratings of
NORD/LB and Norddeutsche Landesbank Luxembourg S.A. (NLBL) debt
that remain covered by the former grandfathering rules.

In addition, Moody's has downgraded the BFSR of NLBL -- the
Luxembourg-based subsidiary -- to D+ from C- and placed the Prime-
1 short-term rating on review for downgrade. NLBL's Aa3 senior
unsecured debt and deposit ratings remain on review for downgrade,
in line with the review placement of the parent's long-term
ratings.

RATINGS RATIONALE

VOLATILE EARNINGS POWER WEIGHS ON NORD/LB'S STANDALONE RATING

The downgrade of the standalone BFSR of NORD/LB to D+ from C- --
which reflects a two-notch re-mapping on the long-term scale to
Baa3 from Baa1 previously -- was driven by several considerations,
including (i) NORD/LB's higher-than-expected vulnerability to
market movements, caused by its sizeable bond holdings and CDS
("protection sold") positions referenced to European financial
institutions; (ii) the persistent challenges from its large,
cyclical, highly volatile asset-based finance exposures, including
shipping and commercial real estate that make NORD/LB more
vulnerable to deterioration in the economic environment; and (iii)
its still vulnerable capital position, even after taking into
account capital measures that were announced in April 2011 to
strengthen NORD/LB's regulatory capital ratios ahead of EBA stress
tests.

In combination, these risk drivers may continue to cause higher-
than-expected earnings volatility that -- in adverse conditions --
has the potential to impair NORD/LB's loss-absorbing capacity.
Although NORD/LB has proven to be more resilient to date than many
of its fellow Landesbanken during the crisis, its ability to
generate adequate risk-adjusted earnings was repeatedly affected
by highly volatile valuation results and occasional losses on
investments. According to the rating agency, NORD/LB's relatively
high vulnerability to strong market movements is no longer
consistent with the previous C- standalone financial strength
rating that had carried a negative outlook since mid-2009.

The stable outlook on the D+ BFSR takes account of the planned
capital measures and the bank's fair earnings power at the pre-
provision income level. Moody's therefore expects that -- in an
adverse scenario -- NORD/LB will likely be able to absorb a
relatively large portion of (stressed) losses in its income
statement.

NLBL BFSR DOWNGRADED AND ALIGNED WITH THE PARENT BANK

The BFSR downgrade to D+ -- now mapping to Baa3 on the long-term
rating scale, from Baa1 previously -- is based on Moody's decision
to align this rating with the BFSR of its parent bank, NORD/LB.

The downgrade reflects (i) the close operational integration of
NLBL's business in NORD/LB group, which includes risk and
liquidity management; (ii) NLBL's limited strategic and financial
autonomy; and (iii) the bank's current dependence on funding
support from its parent. Moody's will no longer apply a standalone
BFSR to NLBL, and as a result, the subsidiary's BFSR will now move
in tandem with that of the parent bank. The outlook on this rating
is stable, in line with the stable outlook on NORD/LB's D+ BFSR.

METHODOLOGY USED

The methodologies used in these rating actions 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.

Domiciled in Hanover, Germany, NORD/LB had total assets of EUR218
billion as of June 30, 2011, and reported a net profit of EUR215
million for the six months to June.

Domiciled in Luxembourg, NLBL had total assets of EUR18 billion as
of June 30, 2011, and reported a net profit of EUR17 million for
the six months to June.


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


BOYNE VALLEY: Moody's Raises Rating on Class E Notes to 'B1'
------------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
ratings of the following notes issued by Boyne Valley B.V.:

Issuer: Boyne Valley B.V.

Class A-2b Senior Floating Rate Notes due 2022, Upgraded to
Aaa (sf); previously on Jun 22, 2011 Aa1 (sf) Placed Under
Review for Possible Upgrade

Class B Senior Floating Rate Notes due 2022, Upgraded to Aa1
(sf); previously on Jun 22, 2011 A1 (sf) Placed Under Review for
Possible Upgrade

Class C-1 Deferrable Interest Floating Rate Notes due 2022-1,
Upgraded to Baa1 (sf); previously on Jun 22, 2011 Ba1 (sf)
Placed Under Review for Possible Upgrade

Class C-2 Deferrable Interest Fixed Rate Notes due 2022,
Upgraded to Baa1 (sf); previously on Jun 22, 2011 Ba1 (sf)
Placed Under Review for Possible Upgrade

Class D Deferrable Interest Floating Rate Notes due 2022,
Upgraded to Ba1 (sf); previously on Jun 22, 2011 B1 (sf) Placed
Under Review for Possible Upgrade

Class E Deferrable Interest Floating Rate Notes due 2022-1,
Upgraded to B1 (sf); previously on Jun 22, 2011 Caa1 (sf) Placed
Under Review for Possible Upgrade

Class P Combination Notes due 2022, Upgraded to Baa1 (sf);
previously on Jun 22, 2011 Ba1 (sf) Placed Under Review for
Possible Upgrade

Class S Combination Notes due 2022, Upgraded to A3 (sf);
previously on Jun 22, 2011 Ba1 (sf) Placed Under Review for
Possible Upgrade

Class R Combination Notes due 2022, Upgraded to Baa1 (sf);
previously on Jun 22, 2011 Ba2 (sf) Placed Under Review for
Possible Upgrade

The ratings of the Combination Notes address the repayment of the
Rated Balance on or before the legal final maturity. For Class R,
the 'Rated Balance' is equal at any time to the principal amount
of the Combination Note on the Issue Date increased by the Rated
Coupon of 45% of Euribor paid per annum, accrued on the Rated
Balance on the preceding payment date minus the aggregate of all
payments made from the Issue Date to such date, either through
interest or principal payments. For Classes P,Q and T, the 'Rated
Balance' is equal at any time to the principal amount of the
Combination Note on the Issue Date minus the aggregate of all
payments made from the Issue Date to such date, either through
interest or principal payments. The Rated Balance may not
necessarily correspond to the outstanding notional amount reported
by the trustee.

RATINGS RATIONALE

Boyne Valley, issued in December 2005, is a single currency
Collateralised Loan Obligation ("CLO") backed by a portfolio of
mostly high yield European leveraged loans. The portfolio is
managed by GSO Capital Partners International LLP. This
transaction will be in reinvestment period until February 12,
2012. It is predominantly composed of senior secured loans.

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

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

Moody's also notes that this action also reflects improvements of
the transaction performance since the last rating action.

The overcollateralization ratios of the rated notes have improved
since the rating action in November 2009. The Class B, Class C and
Class D overcollateralization ratios are reported at 135.8%,
117.3% and 112%, respectively, versus September 2009 levels of
133.6%, 115.5% and 110.4%, respectively and all related
overcollateralization tests are currently in compliance.

Reported WARF has increased from 2402 to 2913 between September
2009 and August 2011.  The change in reported WARF understates the
actual credit quality improvement because of the technical
transition related to rating factors of European corporate credit
estimates, as announced in the press release published by Moody's
on September 1, 2010. According to Moody's data, the proportion of
assets with a credit risk consistent with Moody's Caa rating level
constitutes only 4.8% compared to 13.4% in September 2009. In
addition, the Trustee does not report any defaults as per August
2011 report compared to EUR16.7 million of defaulted assets held
in September 2009.

Due to the impact of revised and updated key assumptions
referenced in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011, key model inputs used by
Moody's in its analysis, such as the portfolio par amount, WARF,
diversity score, and weighted average recovery rate, may be
different from the trustee's reported numbers. In its base case,
Moody's analyzed the underlying collateral pool to have a
performing par and principal proceeds balance of EUR390.7 million,
defaulted par of EUR1.2 million, a weighted average default
probability of 20.09% (consistent with a WARF of 2829), a weighted
average recovery rate upon default of 46.38% for a Aaa liability
target rating, a diversity score of 38 and a weighted average
spread of 3.32%. The default probability is derived from the
credit quality of the collateral pool and Moody's expectation of
the remaining life of the collateral pool. The average recovery
rate to be realized on future defaults is based primarily on the
seniority of the assets in the collateral pool. For a Aaa
liability target rating, Moody's assumed that 90.95% of the
portfolio exposed to senior secured corporate assets would recover
50% upon default, while the remainder non first-lien loan
corporate assets would recover 10%. In each case, historical and
market performance trends and collateral manager latitude for
trading the collateral are also relevant factors. These default
and recovery properties of the collateral pool are incorporated in
cash flow model analysis where they are subject to stresses as a
function of the target rating of each CLO liability being
reviewed.

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as evidenced by 1) uncertainties of
credit conditions in the general economy and 2) the large
concentration of speculative-grade debt maturing between 2012 and
2015 which may create challenges for issuers to refinance. CLO
notes' performance may also be impacted by 1) the manager's
investment strategy and behavior and 2) divergence in legal
interpretation of CDO documentation by different transactional
parties due to embedded ambiguities

The deal is allowed to reinvest and the manager has the ability to
deteriorate the collateral quality metrics' existing cushions
against the covenant levels. Although the remaining reinvestment
period is now limited to less than four months, Moodys
supplemented its base case by modelling a lower weighted average
spread consistent with the midpoint between the current and
covenanted levels, and analyzed the impact of modelling a lower
diversity score of 36.

Sources of additional performance uncertainties are described
below:

1) Moody's also notes that around 65.3% of the collateral pool
consists of debt obligations whose credit quality has been
assessed through Moody's credit estimates.

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

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

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

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

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


DALRADIAN EUROPEAN: Moody's Raises Rating on Class E Notes to B1
----------------------------------------------------------------
Moody's Investors Service announced that it has taken rating
actions on the following notes issued by Dalradian European CLO
III B.V.:

Issuer: Dalradian European CLO III B.V.

  EUR67.5M Class A2 Senior Secured Floating Rate Notes due 2023,
  Upgraded to Aaa (sf); previously on Jun 22, 2011 Aa1 (sf) Placed
  Under Review for Possible Upgrade

  EUR36M Class B Deferrable Secured Floating Rate Notes due 2023,
  Upgraded to A1 (sf); previously on Jun 22, 2011 A3 (sf) Placed
  Under Review for Possible Upgrade

  EUR27M Class C Deferrable Secured Floating Rate Notes due 2023,
  Upgraded to Baa2 (sf); previously on Jun 22, 2011 Ba2 (sf)
  Placed Under Review for Possible Upgrade

  EUR28.125M Class D Deferrable Secured Floating Rate Notes due
  2023, Upgraded to Ba2 (sf); previously on Jun 22, 2011 B3 (sf)
  Placed Under Review for Possible Upgrade

  EUR16.875M Class E Deferrable Secured Floating Rate Notes due
  2023, Upgraded to B1 (sf); previously on Jun 22, 2011 Caa3 (sf)
  Placed Under Review for Possible Upgrade

  EUR8M Class W Combination Notes due 2023, Upgraded to Ba1 (sf);
  previously on Jun 22, 2011 Ba3 (sf) Placed Under Review for
  Possible Upgrade

  EUR6.5M Class X Combination Notes due 2023, Downgraded to Ba3
  (sf); previously on Jun 22, 2011 Baa2 (sf) Placed Under Review
  for Possible Upgrade

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

RATINGS RATIONALE

Dalradian European CLO III B.V., issued in March 2007, is a multi-
currency Collateralised Loan Obligation ("CLO") backed by a
portfolio of mostly high yield European loans. The portfolio is
managed by Elgin Capital LLP, a wholly owned subsidiary of N M
Rothschild & Sons Limited. This transaction will be in
reinvestment period until April 2013. It is predominantly composed
of senior secured loans.

According to Moody's, the rating actions taken on the notes are
mostly a result of applying Moody's revised CLO assumptions
described in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011. The actions also reflect a
modest increase in the transaction's overcollateralization ratios
since the rating action in August 2009, and corrected inputs
regarding the initial 6-month EURIBOR and 6-month GBP LIBOR levels
used in Moody's models for the last rating action in August 2009.

The actions reflect key changes to the modeling assumptions, which
incorporate (1) a removal of the temporary 30% default probability
macro stress implemented in February 2009, (2) increased BET
liability stress factors as well as (3) change to a fixed recovery
rate modeling framework. Additional changes to the modeling
assumptions include (1) standardizing the modeling of collateral
amortization profile, (2) changing certain credit estimate
stresses aimed at addressing the lack of forward looking
indicators as well as time lags in receiving information required
for credit estimate updates, and (3) adjustments to the equity
cash-flows haircuts applicable to combination notes.
Today's actions also reflect the correction of a numerical input
with respect to the initial 6-month EURIBOR and 6-month GBP LIBOR
rates used in the models at the time of the last rating action in
August 2009 (as mentioned above). Had this not occurred, the
rating of EUR6.5 million Combination X note may have been up to
four notches lower at that time. The numerical input described
above had no material impact on the ratings of any other notes
issued under this transaction because their ratings were much less
sensitive to initial interest rates assumptions.
The overcollateralization ratios of the rated notes have improved
since the rating action in August 2009. The Senior Class , Class
B, and Class C overcollateralization ratios are reported in
July 2011 at 146.18%, 127.82% and 116.82%, respectively, versus
June 2009 levels of 139.66%, 123.65% and 113.86%, respectively.
Reported WARF has increased from 2,564.64 to 2876.53 between June
2009 and July 2011. However, this reported WARF overstates the
actual deterioration in credit quality because of the technical
transition related to rating factors of European corporate credit
estimates, as announced in the press release published by Moody's
on September 1, 2010. Additionally, defaulted securities total
about EUR28.73 million of the underlying portfolio compared to EUR
43.66 million in June 2009.

Due to the impact of revised and updated key assumptions
referenced in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011, key model inputs used by
Moody's in its analysis, such as the portfolio par amount, WARF,
diversity score, and weighted average recovery rate, may be
different from the trustee's reported numbers. In its base case,
Moody's analyzed the underlying collateral pool to have a
performing par and principal proceeds balance of EUR360.409
million, defaulted par of EUR28.725 million, a weighted average
default probability of 19.725% (consistent with a WARF of 2977), a
weighted average recovery rate upon default of 44% for a Aaa
liability target rating, a diversity score of 36 and a weighted
average spread of 2.85%. The default probability is derived from
the credit quality of the collateral pool and Moody's expectation
of the remaining life of the collateral pool. The average recovery
rate to be realized on future defaults is based primarily on the
seniority of the assets in the collateral pool. For a Aaa
liability target rating, Moody's assumed that 85% of the portfolio
exposed to senior secured corporate assets would recover 50% upon
default, while the remainder non first-lien loan corporate assets
would recover 10%. In each case, historical and market performance
trends and collateral manager latitude for trading the collateral
are also relevant factors. These default and recovery properties
of the collateral pool are incorporated in cash flow model
analysis where they are subject to stresses as a function of the
target rating of each CLO liability being reviewed.

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as evidenced by 1) uncertainties of
credit conditions in the general economy, and 2) the large
concentration of speculative-grade debt maturing between 2012 and
2015 which may create challenges for issuers to refinance. CLO
notes' performance may also be impacted by 1) the manager's
investment strategy and behavior and 2) divergence in legal
interpretation of CDO documentation by different transactional
parties due to embedded ambiguities.

Sources of additional performance uncertainties are described
below:

1) Moody's also notes that around 64% of the collateral pool
consists of debt obligations whose credit quality has been
assessed through Moody's credit estimates. Large single exposures
to obligors bearing a credit estimate have been subject to a
stress applicable to concentrated pools as per the report titled
"Updated Approach to the Usage of Credit Estimates in Rated
Transactions" published in October 2009.

2) Recovery of defaulted assets: Market value fluctuations in
defaulted assets reported by the trustee and those assumed to be
defaulted by Moody's may create volatility in the deal's
overcollateralization levels. Further, the timing of recoveries
and the manager's decision to work out versus sell defaulted
assets create additional uncertainties. Moody's analyzed defaulted
recoveries assuming the lower of the market price and the recovery
rate in order to account for potential volatility in market
prices.

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

4)The deal has significant exposure to non-EUR denominated assets.
Volatilities in foreign exchange rate will have a direct impact on
interest and principal proceeds available to the transaction,
which may affect the expected loss of rated tranches

5) Other collateral quality metrics: The deal is allowed to
reinvest and the manager has the ability to deteriorate the
collateral quality metrics' existing cushions against the covenant
levels. Moody's analyzed the impact of assuming the worse of
reported and covenanted values for weighted average rating factor,
weighted average spread, weighted average coupon, and diversity
score.

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

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

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

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


E-MAC PROGRAM: S&P Lowers Rating on Class E Notes to 'B (sf)'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class C, D, and E notes in E-MAC Program B.V. Compartment NL 2006-
III (E-MAC NL 2006-III). "At the same time, we affirmed our
ratings on the class A2 and B notes," S&P related.

"The rating actions follow our credit and cash flow analysis of
the most recent transaction information that we have received,"
S&P said.

"Our credit analysis incorporates our standard Dutch criteria (see
'Dutch RMBS Market Overview And Criteria', published on Dec. 16,
2005)," S&P related.

"In addition, we incorporate credit stability as an important
factor in our rating opinions. We consider whether we believe that
an issuer or security has a high likelihood of experiencing
unusually large adverse changes in credit quality under conditions
of moderate stress (see 'Methodology: Credit Stability Criteria,'
published on May 3, 2010)," S&P said.

"For Dutch transactions, we adjust our weighted-average loss
severities (WALS) by applying a 5% decrease in house prices and
giving full credit to the house price index (HPI). If there has
been an upward trend in arrears, we adjust our weighted-average
foreclosure frequency (WAFF) by projecting arrears based on
historical data," S&P said.

"We have projected an additional 0.27% of 120+ day arrears, as we
have seen an upward trend in long-term arrears over the past
year," S&P said.

"Our rating decisions for this transaction are driven by the
incorporation of credit stability in our credit and cash flow
analysis," S&P related.

This transaction is structured such that the reserve fund can
amortize after a few years if 90+ day arrears are lower than 2% of
the outstanding collateral balance.

The reserve fund started amortizing in July 2010; it is currently
at EUR2,517,131 and will continue amortizing to a floor of
EUR1,600,000. For the class A2, B, C, and D notes, the reduction
in credit enhancement provided by the reserve fund is more than
offset by the deleveraging of the transaction since closing.

"Our WAFF and WALS for the pool have increased for each rating
level since closing, due to an increase in the calculated
weighted-average loan-to-foreclosure value (WALTFV) to 95.31%, and
an increase in arrears to 1.22%. In our view, the subsequent
increase in required credit coverage is mitigated by the available
credit enhancement for the class A2 and B notes. Also, these notes
pass our cash flow stresses at their current ratings. Therefore,
we have affirmed our ratings on the class A2 and B notes," S&P
said.

"The increase in required credit coverage is not mitigated by the
increase in credit enhancement levels for the class C and D notes,
and these notes are unable to maintain their current ratings under
our cash flow scenarios. Therefore, we have lowered the rating on
the class C notes to 'BBB (sf)' and the class D notes to 'BB-
(sf)'," S&P said.

The class E note is an excess spread note, and is currently paying
down in line with the amortization of the reserve fund. "This note
is unable to maintain its current rating under our cash flow
stresses due to the fact that if 90+ day arrears increase above
2%, then the reserve fund would need to be topped up to
EUR10,800,000 before any excess spread could be used to pay down
the class E principal. Therefore, we have lowered our rating on
the class E notes to 'B (sf)'," S&P related.

                        Counterparty Criteria

"We do not consider the swap agreements for E-MAC NL 2006-III to
be in line with our 2010 counterparty criteria. Rather, the swap
counterparty's swap agreement reflects replacement language in
line with previous counterparty criteria. Therefore, under our
criteria, the highest potential rating on the notes in this
transaction is equal to the issuer credit rating on the swap
provider, Credit Suisse International, plus one notch," S&P said.

"Our analysis indicates that the notes are unable to maintain
their current ratings without credit being given to the swap. In
light of this, on June 17, 2011, we lowered to 'AA- (sf)' our
ratings on the class A and B notes in E-MAC NL 2006-III, to
reflect our rating on Credit Suisse International (A+/Stable/A-1),
plus one notch (see 'Ratings List Resolving European Structured
Finance Counterparty CreditWatch Placements --
June 17, 2011 Review')," S&P related.

Ratings List

Class               Rating
            To                  From

E-MAC Program B.V. Compartment NL 2006-III
EUR803.2 Million Residential Mortgage-Backed Floating-Rate Notes

Ratings Lowered

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

Ratings Affirmed

A2          AA- (sf)
B           AA- (sf)


EUROLOAN CLO 1: S&P Says 'CCC'-Rated Assets Decreased to 4.25%
--------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'AAA (sf)' from 'A-
(sf)' and removed from CreditWatch positive its credit rating on
Euroloan CLO 1 B.V.'s class A1 notes.

"The rating actions follow our assessment of the transaction's
Performance -- using data from the latest available trustee report
dated Aug. 31, 2011, and a cash flow analysis. We have taken into
account recent developments in the transaction and reviewed the
transaction under our 2010 counterparty criteria (see
'Counterparty and Supporting Obligations Methodology and
Assumptions,' published Dec. 6, 2010)," S&P related.

"Since we took rating action on the transaction in May 2010 (see
'Transaction Update: Euroloan CLO 1 B.V.,' published May 28,
2010), the issuer has used principal and interest proceeds to pay
down the class A1 notes. As a result, the notes' total principal
balance has reduced to EUR16.2 million from EUR165.7
million, and the class A1 notes' credit enhancement has increased
to 90.02% from 49.85%," S&P said.

"In addition, we have observed an improvement in the portfolio's
credit quality. For example, defaulted assets have decreased to 0%
from 3.60% of the portfolio, and assets rated in the 'CCC'
category (i.e., 'CCC+', 'CCC', or 'CCC-') have decreased to 4.25%
from 25.79% of the portfolio," S&P said.

"We subjected the capital structure to a cash flow analysis to
determine the break-even default rate for class A1 notes. In our
analysis, we used the reported portfolio balance that we
considered to be performing, the current weighted-average spread,
and the weighted-average recovery rates that we considered to be
appropriate. We incorporated various cash flow stress scenarios,
using alternative default patterns, levels, and timings for each
liability rating category, in conjunction with different interest
stress scenarios," S&P related.

"From our analysis, 24.07% of the performing assets are non-euro-
denominated, which are hedged under specific asset-swap
agreements. Our cash flow analysis also considered scenarios where
the currency swap counterparty does not perform and, as a result,
the transaction is exposed to changes in currency rates," S&P
said.

"Our credit and cash flow analyses indicate that the credit
enhancement available to the class A1 notes is now at a level that
is commensurate with a higher rating than we previously assigned.
We have therefore raised to 'AAA (sf)' from 'A- (sf)' and removed
from CreditWatch positive our rating on these notes," S&P stated.

"Our rating on the class A1 notes was not constrained by the
application of the largest obligor default test, a supplemental
stress test that we introduced in our 2009 criteria update for
corporate collateralized debt obligations (CDOs) (see 'Update To
Global Methodologies And Assumptions For Corporate Cash Flow
And Synthetic CDOs,' published Sept. 17, 2009)," S&P stated.

Euroloan CLO 1 is a static cash flow collateralized loan
obligation (CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms. The transaction closed in
October 2008 and has a legal maturity date of Jan. 28, 2029.


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


NOVA FINANCE: Moody's Cuts Rating on EUR644-Mil. Notes to 'Ba2'
---------------------------------------------------------------
Moody's Investors Service has downgraded notes issued by (i) Nova
Finance 4, a Portuguese consumer loan asset-backed securities
(ABS) transaction; (ii) Douro SME Series 1; and (iii) Chaves SME
CLO No. 1 (Chaves SME 1). At the same time, Moody's confirmed the
Baa1(sf) rating of the class A notes in Chaves SME 1. Both Douro
SME Series 1 and Chaves SME 1 are Portuguese SME ABS transactions.
This rating action concludes the review of the deals, which had
been pending while Moody's reviewed the ratings on the Portuguese
banks acting as originators and servicers in the three
transactions. Moody's took rating actions on these Portuguese
banks on October 7, 2011.

The rating action does not affect the class B notes issued by
Douro SME Series 1, which are guaranteed by the European
Investment Fund (EIF). The rating of these notes remains on review
for downgrade pending the conclusion of the review of the
guarantee mechanism upon a servicer disruption. For Chaves SME 1,
the rating action also concludes the review initiated by Moody's
on May 12, 2011 in response to the borrower notification event.

RATINGS RATIONALE

The rating action reflects Moody's expectation of increased
operational risk and/or commingling and set-off risk following the
downgrade of the originators and servicers in the three affected
Portuguese ABS transactions.

(1) Nova Finance 4

The rating action on the class A notes takes into account the
increased commingling risk and potential risk that borrowers set
off their deposits against outstanding loans. Moody's assumed
three months of collections to be potentially lost due to
commingling risk. In addition, Moody's assumed that 7% of the pool
would be exposed to set-off risk in an originator insolvency
scenario, as the rating agency was not provided with the actual
figure by the originator. Moody's downgraded the originator, Banco
Comercial Portugues (BCP), to Ba3/NP from Ba1/NP on  October 7,
2011. The commingling and set-off assumptions combined with the
new rating of BCP resulted in the downgrade of the class A notes
to Ba2 (sf) from Baa3 (sf).

(2) Douro SME Series 1

Moody's action on the class A notes reflects the increased
operational risk triggered by the loss of Banco BPI investment
grade rating. Moody's downgraded the originator, Banco BPI, to
Ba2/NP from Baa3/P-3 on October 7, 2011. The structure does not
provide for operational risk mitigants, such as a back-up
servicing agreement and sufficient liquidity to offset the
increased operational risk that resulted in the downgrade of the
class A notes to Baa1 (sf) from A3 (sf).

(3) Chaves SME CLO No. 1

The rating action on Chaves SME CLO No. 1 is driven by recent
transaction amendments, which removed the requirement to notify
individual borrowers when the rating of Banco Portugues de
Negocios, S.A. (BPN) fell below Baa3 on April 6, 2011. Moody's
further downgraded the bank's rating to B3 on October 7, 2011,
which increased the linkage between the rating of BPN and the
rated notes in this transaction. In particular, Moody's has taken
into consideration the additional potential losses due to
commingling risk (three months of collections) and set-off risk
(around 6%) following a potential insolvency of BPN, the
probability of which has increased as a result of the bank's
downgrade. While the increase in credit enhancement levels, on the
back of portfolio amortization, offsets rising commingling risk
for the class A notes, it does not do so for the class B notes. As
a result, Moody's has confirmed the rating of the class A notes at
Baa1(sf) and has downgraded the rating of the class B notes to Ba2
(sf) from Ba1 (sf).

RATINGS LIST

Issuer: NOVA Finance No. 4 Limited

EUR644M A Notes, Downgraded to Ba2 (sf); previously on Jul 15,
2011 Downgraded to Baa3 (sf) and Remained On Review for Possible
Downgrade

Issuer: SAGRES Sociedade de Titularizacao de Creditos, S.A. (Douro
SME Series 1)

EUR445M A Notes, Downgraded to Baa1 (sf); previously on Jul 15,
2011 Downgraded to A3 (sf) and Remained On Review for Possible
Downgrade

Issuer: Chaves SME CLO No. 1

EUR527.55M A Notes, Confirmed at Baa1 (sf); previously on
Jul 15, 2011 Downgraded to Baa1 (sf) and Remained On Review for
Possible Downgrade

EUR21M B Notes, Downgraded to Ba2 (sf); previously on May 12,
2011 Downgraded to Ba1 (sf) and Placed Under Review for Possible
Downgrade

PRINCIPAL METHODOLOGIES

The methodologies used in rating Douro SME Series 1 and Chaves SME
CLO No. 1 were Moody's Approach to Rating CDOs of SMEs in Europe
published in February 2007, Refining the ABS SME Approach: Moody's
Probability of Default assumptions in the rating analysis of
granular Small and Mid-sized Enterprise portfolios in EMEA
published in March 2009 and Moody's Approach to Rating Granular
SME Transactions in Europe, Middle East and Africa published in
June 2007. The methodology used in rating Nova Finance 4 was
Moody's Approach to Rating Consumer Loan ABS Transactions,
published in July 2011. Please see the Credit Policy page on
www.moodys.com for a copy of these methodologies.
Other factors used in this rating are described in "Global
Structured Finance Operational Risk Guidelines: Moody's Approach
to Analyzing Performance Disruption Risk", published in June 2011.

The lead analyst and rating office for each of the transactions
affected are generally different from the contact and office
listed at the end of this press release. For each transaction, the
lead analyst name and the rating office is available on the issuer
page on www.moodys.com.


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


SOVCOMFLOT JSC: Moody's Downgrades Issuer Rating to 'Ba1'
---------------------------------------------------------
Moody's Investors Service has downgraded to Ba1 from Baa3 (i) the
issuer rating of Sovcomflot JSC (SCF); and (ii) the senior
unsecured rating assigned to the USD800 million Eurobond issued by
SCF Capital Limited, which is a 100% indirect subsidiary of SCF.
SCF guarantees the Eurobond. At the same time, Moody's has
assigned a corporate family rating (CFR) and probability of
default rating to SCF of Baa3. The outlook on all ratings is
negative.

RATINGS RATIONALE

The downgrades reflect the deterioration in SCF's operating
performance and financial metrics on the back of (i) ongoing
weakness in the global tanker shipping market; and (ii) SCF's
continued significant investment in the expansion of its fleet.
This has led to a weakening in SCF's standalone profile, which
Moody's has reflected by raising the company's baseline credit
assessment (BCA) to 12 (mapping to Ba2) from 11 (mapping to Ba1).
In particular, debt/EBITDA rose to 5.6x at the end of H1 2011from
5.0x at year-end 2010, RCF/net debt and EBIT/interest expense
declined to, respectively, 13.7% and 2.1x from 16.1% and 2.7x.
These latest financial metrics are no longer commensurate with the
Ba1 credit profile. Moody's does not expect any meaningful
improvement in SCF's financial metrics to occur before year-end
2012 at the earliest. Improvement in the company's metrics will be
subject to tanker shipping market conditions improving.
In tandem with the downgrade of the issuer rating to Ba1, Moody's
assigned a CFR to SCF of Baa3. As SCF is a 100% state-owned
company, Moody's applies its Government-Related Issuer (GRI)
rating methodology in determining SCF's CFR. According to this
methodology, the rating is driven by a combination of: (i) SCF's
BCA of 12 (mapping to Ba2); (ii) the Baa1 local currency rating of
the Russian government; (iii) the low dependence between SCF and
the government; and (iv) the strong probability of government
support.

Moody's continues to assess the default dependence between the
Russian government and SCF as being low. This assessment is based
on the fact that: (i) a large proportion of SCF's revenues come
from non-Russia related business, with most of the company's
clients being large international oil companies; and (ii) SCF's
fleet is located mostly abroad.

Also, Moody's continues to assess the probability of support from
the government as being strong due to: (i) SCF's unique
positioning for servicing strategic off-shore developments in the
Russian Arctic and Far East; (ii) government control, with four
out of the nine board members being officials in the government or
state agencies and SCF's CEO being appointed by the government;
(iii) SCF's presence in the list of strategic companies; and (iv)
Moody's assumption that at least 75% plus one share in SCF will
remain under state ownership over the next 12-18 months. With
respect to the latter point, Moody's notes that the privatization
of 25% minus one share of SCF, which might take place in 2012,
would not necessarily change the ratings agency's assumption of
strong government support, provided that all the other GRI inputs
remain unchanged.

To assess SCF's credit quality on a standalone basis as expressed
through the BCA, Moody's applied its "Global Shipping Industry
Rating Methodology", published in December 2009. A BCA of 12
(mapping to Ba2), is in line with the indication provided by the
methodology grid outcome and factors in SCF's: (i) diversified
business profile, with 35% of EBIT being derived from gas
transportation and offshore businesses that, unlike the
conventional tanker market, are not experiencing a downturn (ii)
sustainable operating cash flow generation due to limited exposure
to the spot market, with around 46% of the company's revenues
being secured under long-term contracts; (ii) strong asset base,
with the fleet market value being 1.8x higher than total debt as
of June 2011; (iv) solid liquidity, with cash and available
medium-term facilities comfortably covering its short-term debt
maturities; and (v) lengthy debt maturity profile, with 87% of
debt maturing beyond 2012.

However, these positive factors are partially offset by: (i)
negative free cash flow generation resulting from the company's
significant investment in the expansion of its fleet; (ii) the
weak positioning of SCF in its BCA category due to continuing
deterioration of its three-year average financial metrics; and
(iii) Moody's expectation that any meaningful recovery in SCF's
financial profile will not start before 2012 at the earliest.
Moody's notes that both SCF's issuer rating and the senior
unsecured rating assigned to SCF Capital's Eurobond issuance, are
one notch below the CFR. This difference reflects the structural
and contractual subordination of the bond to secured debt, which
comprises 67% of the SCF group's total debt at Q2 2011.
The negative outlook reflects uncertainty over the pace of
recovery in SCF's standalone credit profile. The CFR could be
downgraded by one notch if there is no evidence that the company's
financial metrics have started recovering by year-end 2012, such
that its debt/EBITDA and (FFO + interest expense)/interest expense
ratios are trending towards 5.0x and above 3.75x, respectively
(compared with 5.5x and 3.2x, respectively, expected at year-end
2011). Since SCF's good liquidity profile is an important
supportive factor, a material weakening of its liquidity profile
would exert downward pressure on the rating.

Upward pressure on the BCA could occur if the company reduced its
debt/EBITDA ratio solidly below 4.5x and increased FFO interest
coverage above 4.0x on a sustainable basis.

PRINCIPAL METHODOLOGY

The principal methodology used in rating Sovcomflot JSC was the
Global Shipping Industry Methodology published in December 2009.
Other methodologies used include the Government-Related Issuers
methodology published in July 2010.

Sovcomflot is the leading Russian energy shipping group, servicing
approximately 25% of all seaborne hydrocarbons exports from
Russia. SCF is 100% state-owned. At June 30, 2011, its LTM
revenues were US$1.37 billion. The company ranks in the world's
top five energy-shipping players by deadweight tonnage (DWT), with
a fleet of 148 vessels in operation (as of June 2011), of which
four are chartered in, for a total of 11.6 million DWT. In
addition, 17 ordered buildings of total 1.8 million DWT are to be
delivered in 2012-14.


SOVCOMFLOT JSC: Moody's Cuts NSR Rating Due to 'Ba1' GSR Rating
---------------------------------------------------------------
Moody's Interfax Rating Agency has downgraded the long-term
national scale issuer rating (NSR) of Sovcomflot JSC (SCF) to
Aa1.ru from Aaa.ru. Moody's Interfax is majority-owned by Moody's
Investors Service (MIS). The outlook on the rating is negative.

RATINGS RATIONALE

The downgrade of SCF's NSR issuer rating follows the downgrade of
SCF's global scale issuer rating to Ba1 from Baa3 by MIS.

The negative outlook reflects uncertainty over the pace of
recovery in SCF's standalone credit profile. The rating could be
downgraded by one notch if there is no evidence that the company's
financial metrics have started recovering by year-end 2012, such
that its debt/EBITDA and (FFO + interest expense)/interest expense
ratios are trending towards 5.0x and above 3.75x, respectively
(compared with 5.5x and 3.2x, respectively, expected at year-end
2011). Since SCF's good liquidity profile is an important
supportive factor, a material weakening of its liquidity profile
would exert downward pressure on the rating.

Upward pressure on SCF's baseline credit assessment (BCA) could
occur if the company reduced its debt/EBITDA ratio solidly below
4.5x and increased FFO interest coverage above 4.0x on a
sustainable basis.

PRINCIPAL METHODOLOGY

The principal methodology used in rating Sovcomflot JSC was the
Global Shipping Industry Methodology published in December 2009.
Other methodologies used include the Government-Related Issuers
Methodology Update published in July 2010.

Sovcomflot is the leading Russian energy shipping group, servicing
approximately 25% of all seaborne hydrocarbons exports from
Russia. SCF is 100% state-owned. At June 30, 2011, its LTM
revenues were US$1.37 billion. The company ranks in the world's
top five energy-shipping players by deadweight tonnage (DWT), with
a fleet of 148 vessels in operation (as of June 2011), of which
four are chartered in, for a total of 11.6 million DWT. In
addition, 17 ordered buildings of total 1.8 million DWT are to be
delivered in 2012-14.

Moody's Interfax Rating Agency'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 ".ru" for Russia. For further information
on Moody's approach to national scale ratings, please refer to
Moody's Rating Implementation Guidance published in August 2010
entitled "Mapping Moody's National Scale Ratings to Global Scale
Ratings".

ABOUT MOODY'S AND MOODY'S INTERFAX

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


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


SANTANDER PUBLICO: Moody's Cuts Rating on EUR37MM Notes to 'Ba1'
----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings on the
following classes of notes issued by Fondo de Titulizacion de
Activos Santander Publico 1 (Santander Publico 1):

EUR1813M A Notes, Downgraded to A3 (sf) and Remains On Review
for Possible Downgrade; previously on Mar 16, 2011 Aaa (sf)
Placed Under Review for Possible Downgrade

EUR37M B Notes, Downgraded to Ba1 (sf) and Remains On Review for
Possible Downgrade; previously on Mar 16, 2011 A2 (sf) Placed
Under Review for Possible Downgrade

RATINGS RATIONALE

The rating action reflects the low credit enhancement of each
tranche in relation to the updated credit assessment of the
portfolio quality and concentration issues. The ratings of the
Series A and B notes remain on review for downgrade pending the
conclusion of the downgrade reviews of the Government of Spain
(Aa2/P-1), and a number of Spanish sub-sovereign entities, which
have been on review since July 28, 2011. The result of these
reviews could potentially trigger a revision of the credit
estimate and Q scores of the entities in the pool.

PORTFOLIO CREDIT QUALITY

As a result of amortization (the pool factor is now 23%),
Santander Publico 1's portfolio concentrations have evolved
significantly since closing. Currently, the pool includes exposure
to 623 Spanish public debtors, mainly city councils (59%),
regional/provincial councils (19.2%) and universities (14.4%). The
portfolio has high levels of concentration with the top obligor
representing 6.6% of the pool; the top 10 obligors, 34.2%; and the
top 20 obligors, 49%. This breakdown translates into an effective
number of borrowers of 55. Only one entity, which represents 0.8%
of the pool, is publicly rated by Moody's. Moody's assessed the
creditworthiness of the top 5 exposures, which together represent
more than 3% of the pool, through credit estimates that the rating
agency updated in July 2011. Moody's assessed the creditworthiness
of the majority of the remaining borrowers using Q scores, which
it updated in June 2011. For the 3.1% of the pool where neither
credit estimates nor Q scores were available, Moody's assumed a
credit quality of Ba2. Based on these updated data, Moody's has
assumed an average credit quality of A3 and a weighted average
life (WAL) of 2.8 years for the pool.

As credit estimates and Q scores do not carry credit indicators,
such as ratings reviews and outlooks, Moody's performed several
stress tests. In the rating agency's base-case scenario, it
downgraded all credit estimates by two notches, which resulted in
an average adjusted credit quality of Baa1 (vs A3 before the two
notch downgrade on credit estimates). Moreover, the quasi-
sovereign and sovereign profile of the majority of the debtors,
who are all domiciled in Spain, leads to a 100% correlation
assumption in Moody's model. The rating agency assumed a 45%
recovery rate on defaulted assets, in order to model the possible
restructuring of defaulted loans.

In the application of the "Updated Approach to the Usage of Credit
Estimates in Rated Transactions" (October 2009), Moody's performed
a number of sensitivity analyses, including "jump-to-default"
tests. When downgrading either of the two senior exposures to
Caa2, the rating agency concluded that the model output for the
senior tranche would not be affected by more than one notch
compared to the base-case scenario. This indicates that the
available credit enhancement and credit quality of the portfolio
on the senior tranches are resilient to standard stresses. The
sensitivity of the Series B notes to such stresses justified their
downgrade below investment grade given the low credit enhancement
of 3.3% and the large borrowers concentrations.

STRUCTURE

This transaction is a static securitization of a portfolio of
loans to Spanish public entities, which closed in December 2004.
The closing loan portfolio of EUR1,850 million has substantially
amortized to its current size of EUR420 million. The Class A and B
notes benefit from credit enhancement of approximately 7.3% and
3.3% respectively, including a EUR13.9 million reserve fund. The
reserve fund has amortized down to its minimum level on the back
of the transaction's good performance to date. After having
amortized pro rata, the Class A and B notes will amortize
sequentially when the balance of the Class B notes has reached
EUR9.2 million, which Moody's expects to happen in Q3 2013 or
earlier if performance were to deteriorate.

PERFORMANCE

The performance of Santander Publico 1 expressed in terms of 90+
day delinquencies and cumulative artificial write-offs (loans more
than 12 months in arrears) has been very good since closing. Since
December 2004 and until the last reporting date in January 2011,
90+ day delinquencies never exceeded 0.3% of current balance and
written-off loans totalled only EUR0.13 million.

PRINCIPAL METHODOLOGIES

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

Moody's used its excel-based cash flow model, Moody's ABSROM(TM),
as part of its quantitative analysis of the transaction. Moody's
ABSROM(TM) model enables users to model various features of a
standard European ABS transaction including: (i) the specifics of
the default distribution of the assets, their portfolio
amortization profile, yield or recoveries; and (ii) the specific
priority of payments, triggers, swaps and reserve funds on the
liability side of the ABS structure. Moody's ABSROM(TM) User Guide
is available on Moody's website and covers the model's
functionality as well as providing a comprehensive index of the
user inputs and outputs. MOODY'S CDOROMv2.8(TM) was used to
estimate the default distribution.


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


CATALYST HEALTHCARE: Moody's Raises 2040 Bonds Rating From 'Ba1'
----------------------------------------------------------------
Moody's Investors Service has upgraded to Baa3 from Ba1 the
underlying rating of the GBP218.05 million of index-linked
guaranteed secured bonds due in 2040 (the Bonds) issued by
Catalyst Healthcare (Manchester) Financing plc (the Issuer).
Concurrently, Moody's has also upgraded the GBP175 million
guaranteed secured loan provided to the Issuer by the European
Investment Bank (the EIB Debt). The outlook is positive.
The Issuer is a financing conduit established in 2004 to on-lend
the proceeds of the Bonds and the EIB Debt to Catalyst Healthcare
(Manchester) Limited. Catalyst was formed to take over and upgrade
an existing hospital estate in the centre of Manchester, England,
which now forms a 1,470-bed hospital. The project is being
procured and paid for by the Central Manchester University
Hospitals NHS Foundation Trust (the Trust).

RATINGS RATIONALE

"The upgrade reflects the issuance of the final completion
certificate on May 23, 2011, the resolution of outstanding legacy
issues, an improvement in the relationship between the project
participants, and the improvement in the performance of hard and
soft facilities management," says Declan O'Brien, an Analyst in
Moody's Infrastructure Finance Group.

The Bonds and the EIB Debt benefit from an unconditional and
irrevocable guarantee of scheduled principal and interest by Ambac
Assurance UK Limited (Ambac). However, given that Ambac's
insurance financial strength rating was withdrawn on April 7,
2011, the rating on the Bonds and EIB Debt is currently determined
by the underlying rating.

The Baa3 underlying rating reflects (i) construction completion,
although some construction variations remain; (ii) the project's
stable revenue stream; (iii) improved service performance in
respect of hard and soft facilities management; (iv) the
challenging relationship between the Issuer and the Trust which is
likely to see Warning Notices issued periodically; (v) high
leverage, which reduces the Issuer's ability to withstand
unexpected stress; (vi) certain structural features that mitigate
the risk of high leverage; (vii) Moody's assumption of a high
probability of recovery in the event of project termination; and
(viii) the credit strength of the Trust.

Moody's would consider upgrading the underlying rating if the
Issuer were to demonstrate a significant continuous improvement in
service delivery and resolve of all the construction variations
and deductions issues.

Conversely, Moody's would consider downgrading the underlying
rating if the project were to suffer a revenue shortfall or
performance failure that could not easily be accommodated within
the available contractual protections.

PREVIOUS RATING ACTION & PRINCIPAL METHODOLOGY

Please see ratings tab on the issuer/entity page on Moodys.com for
the last Credit Rating Action and the rating history.
The principal methodology used in rating the Bonds was the
"Operating Risk in Privately Financed Public Infrastructure
(PFI/PPP/P3) Projects" rating methodology, published December
2007.


EVENT HOSPITALITY: Trading Standard Officers Probe Director
-----------------------------------------------------------
Steve Bradley at Birmingham Mail reports that Event Hospitality
Limited director Chris Abbotts is being investigated by Birmingham
trading standards officers following complaints against two other
firms he runs.  Mr. Abbotts wound up his firm Event Hospitality in
June, the report says.

The Mail was contacted by an unhappy Event Hospitality Limited
customer, and has spoken to others left dissatisfied after booking
trips to the V Festival and concerts by Bon Jovi with the firm.

According to the report, trading standards officers at Birmingham
City Council are investigating now concerns raised about two other
companies run by the 52-year-old -? namely Abbotts Travel and
Abbotts Sports Travel.

"We've received a number of enquiries regarding Abbotts Travel and
Abbotts Sports Travel which we are looking into," a spokeswoman
told the Mail.  "As always we would advise consumers to go via
authorised suppliers and to not part with any money if they have
concerns."

The Mail relates that Labour MP Madeleine Moon said she became
concerned about Mr. Abbotts' firm Event Hospitality after one of
her constituents said he had been left out of pocket after booking
tickets.

The Mail quotes Mr. Abbotts' solicitor Christopher Axford, of
London-based firm Druces, as saying, that "Mr. Abbotts approached
us regarding a concern he had over the actions and advice provided
by the liquidator of a company he owned, Event Hospitality Limited
(now in liquidation), being Butcher Woods."

"Mr. Abbotts has been trying to reach agreement with the
liquidator for the company's creditors, of whom there are very
few, to be paid in full and for the company to be either dissolved
on a solvent basis, or for the liquidation to be a solvent one.

"Mr. Abbotts has been frustrated by the response of the liquidator
to this suggested route, and we have been instructed to take
action in the courts to have the liquidation stayed so that one of
the solvent routes can be adopted, and are writing to Butcher
Woods in connection with the advice they have provided and their
actions thus far," Mr. Axford told the Mail.


MOUCHEL GROUP: Interim Chairman Steps Down Amid Debt Talks
----------------------------------------------------------
Mark Wembridge at The Financial Times reports that David Sugden,
the interim chairman of Mouchel Group plc, has quit after only
four days in the job.

Mr. Sugden, who had been a non-executive director at the group
since January, took over as chairman from Bo Lerenius on a
temporary basis last Thursday, the FT relates.  He resigned on
Sunday after deciding that he could not continue in the job on a
stop-gap basis, the FT discloses.

According to the FT, Sir Michael Lyons, senior independent
director and former chairman of the BBC Trust, will step in as the
next interim chairman until a permanent replacement can be found.

Mouchel, as cited by the FT, said Mr. Sugden's resignation
"follows further discussions with the board and other key parties
about the best way to secure the group's future".

On Oct. 6, Mouchel announced an GBP8.6 million profit downgrade as
a result of an overly optimistic view of some local authority
contracts and a GBP4.3 million accounting error made by a client's
actuaries, the FT recounts.  The setback led to the resignation of
Richard Cuthbert, chief executive, on the same day that Mr.
Lerenius left the group, the FT notes.

Mouchel, the FT says, will breach banking covenants unless it can
come to a deal with lenders -- Lloyds, Royal Bank of Scotland and
Barclays.

They have appointed KPMG as independent advisers as they seek to
understand more fully Mouchel's problems, and the group has pushed
back the date that it will report its full-year results by a month
to Nov. 30, the FT discloses.

Mouchel is saddled with GBP87 million of debt and is scheduled to
repay GBP30 million to its banks in March, the FT states.  Its
covenants include a pledge for debt to be no higher than 2.44
times the company's underlying earnings before interest, tax,
depreciation and amortization, which are estimated to come in at
GBP34 million for the full year, according to the FT.

The company is now attempting to persuade its banks to loosen the
terms of its covenants to give management breathing room to find a
solution, which could involve a sale of all or parts of the
business, the FT discloses.

Mouchel Group plc -- http://www.mouchel.com/-- is a consulting
and business services company supporting clients in developing and
managing their infrastructure assets.  The Company operates in
three segments: Government Services, Regulated Industries and
Highways.


NEWCASTLE BUILDING: Moody's Withdraws 'D-' BFSR
-----------------------------------------------
Moody's Investors Service has withdrawn the Ba3/non-Prime deposit
ratings as well as D- Bank Financial Strength Rating (BFSR) of
Newcastle Building Society.

RATINGS RATIONALE

Moody's has withdrawn the ratings for its own business reasons.
For more information please refer to the Moody's Investors
Service's Policy for Withdrawal of Credit Ratings, available on
its Web site, www.moodys.com.

Newcastle Building Society is based in Newcastle, UK with total
assets of GBP4.4billion as of year-end 2010.


NOAH'S ARK: Placed Into Voluntary Liquidation
---------------------------------------------
Tristan Harris at The Bromsgrove Standard reports that Noah's Ark
Trust has been placed into voluntary liquidation.  Mark Bowen of
MB Insolvency has been called in to the Noah's Ark Trust and the
Worcester-based charity's activities have ceased, the report says.

The organization, which operated across the whole of
Worcestershire, has 14 employees and had an annual turnover of
almost GBP500,000. With the charity being placed in liquidation,
the staff members have been made redundant.

"Unfortunately the charity has been hit hard by the recession and,
despite recently announcing a staff restructure and the launching
of the 'Help us to keep the Ark afloat' appeal, it has been unable
to raise enough vital funds to keep the service going," the report
quotes Mr. Bowen as saying.

"The board of trustees has determined the charity is no longer
able to survive and activities have ceased."
Families, who are currently receiving, or were due to receive,
support from the bereavement team will no longer be able to do so.

"We will be working closely with employees affected by this
decision to ensure that they receive the support they need during
this difficult time and to assist them with their claims for
redundancy and other compensatory payments," added Mr Bowen.

Noah's Ark Trust is a bereavement charity which provided help and
support for children, young people and their families after the
death of mum, dad or someone close.


RAPPORT CREATIVE: Placed Into Liquidation
-----------------------------------------
The Drum reports that Rapport Creative has been placed into
liquidation after 22 years in business.

The agency, which was run by directors Andy Porter and Robert
Dillon, is understood to have had two other members of staff at
the time of closing, the report says.

The Drum relates that Mr. Porter appears to have relaunched the
agency as Veracity Digital a week after the company's closure.

The new agency, registered at Enterprise House in Bromborough, is
using the same number as Rapport.  CreditSafe said the new company
was established on September 5.

Rapport Creative is a creative advertising and digital agency
based in Chelshire, UK.


ROYAL BANK: "Most Vulnerable Bank in Europe," Credit Suisse Says
----------------------------------------------------------------
Harry Wilson at Irish Independent reports that analysts at
Credit Suisse said Royal Bank of Scotland is the "most vulnerable"
bank in Europe and could be forced to raise
GBP17 billion in new money to shore up its capital ratios, more
than any other major European lender.

According to Irish Independent, the UK state-backed bank is
already 83% owned by the taxpayer and would likely face full
nationalization under the scenario set out by Credit Suisse, which
estimates RBS might face a capital shortfall of GBP16.9 billion in
a new round of Europe-wide industry stress tests.

"RBS appears to be the most vulnerable although the company has
said that the methodology, especially the calculation of trading
income, is especially harsh for them," Irish Independent quotes
Credit Suisse as saying.

RBS declined to comment on the Credit Suisse note.

Irish Independent notes that a source close to RBS described the
Credit Suisse report as an "outlier" and other analysts say the
bank is unlikely to need a new capital injection.

                            About RBS

The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks.  The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing.  On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO).  In July 2008, the company disposed of its entire
interest in Global Voice Group Ltd.


* UK: Insolvency Service Winds Up 61 Companies for Breaches
-----------------------------------------------------------
Sixty-one companies believed to be under the control of a foreign
resident director which filed false and misleading information and
failed to co-operate with investigators have been wound up in the
High Court following an investigation by Company Investigations of
the Insolvency Service.

The winding up orders were all made on Oct. 4, 2011.  None of the
companies were represented at court.

The investigation found that all of the companies are somehow
connected with a Mr. Rainer Von Holst and Ms. Ann Von Holst who
run a business offering English companies to German clients when
"bankruptcy or commercial difficulties threaten."

The case against the Companies was not based on anything they had
done in the course of trading and in fact most, if not all, the
companies appeared to be dormant. The investigation uncovered a
serious lack of transparency as to who controlled the companies
with the named directors proving entirely unresponsive.

Commenting on the case, Geoff Hanna, an Investigation manager,
said, "This action was based on a serious disregard for the laws
which govern all limited liability companies; laws which are
intended to ensure that limited liability is not abused and that
members of the public can contact the companies and regulators can
obtain information. We will not allow the reputation of the UK
corporate regime to be tarnished by allowing such abuses to
continue with impunity."

The grounds for winding up the companies included:

   -- Incorrect particulars filed at Companies House;
   -- Breaches of the Companies Act 2006;
   -- Lack of transparency; and
   -- Failure to co-operate with the investigators.

At one time all 61 companies had their registered office address
at 4 Priory Road, Kenilworth, Warwickshire.  The same address was
also used by the directors and company secretaries of the
companies.  There was no evidence they had any right to use the
address and had no presence there. The companies were in breach of
the requirements to keep certain statutory records at their
registered offices.

There have been breaches of the requirement in the Companies Act
2006 to have a natural person as a director.

The 4 Priory Road, Kenilworth address did not lead to those in
control of the companies and there was no other means of
contacting the companies or finding out who controlled them.

Responses received by investigators from Ranier Von Holst and Ann
Von Holst were inconsistent; ranging from querying the
investigators' entitlement to information, to claiming it would
take ?some time' to collate the information, to alleging that the
enquiries would be passed to ?those responsible' without
specifying whom. In the event no documents were ever produced to
the investigators.

The petitions to wind up these companies in the public interest
were presented to the High Court under s.124A of the Insolvency
Act 1986 on various dates between May 6 and May 21, 2011.

A full list of the companies, their dates of incorporation and
registered office addresses can be found at:

       http://www.wired-gov.net/wg/wg-news-1.nsf/lfi/421598


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


* Bank of Ireland & Lloyds to Put Worst of Debt Crisis Behind
-------------------------------------------------------------
Fears that Greece and other highly indebted countries may default
on their debts have hit banks across the Eurozone and United
Kingdom in recent months.  Earlier this week, investors finally
received signals from the European Commission that solutions to
the debt crisis are on the way with a possible round of bank
recapitalizations.  According to The Wall Street Journal analysts
warn, however, that recapitalizations could "dilute shareholders
and result in governments holding large swathes of the banking
sector."  The Bedford Report examines the outlook for companies in
the Foreign Banking Sector and provides stock analysis on The Bank
of Ireland and Lloyds Banking Group PLC. Access to the full
company reports can be found at:

       http://www.bedfordreport.com/IRE
       http://www.bedfordreport.com/LYG

German Chancellor Angela Merkel and French President Nicolas
Sarkozy put bank recapitalization at the top of the priority list
in an Oct. 9 declaration in Berlin that triggered a flurry of
consultations in European capitals.  Meanwhile, European Central
Bank chief Jean-Claude Trichet said that European banks and
supervisors, including the EBA, should do everything they can to
address the need for recapitalization and banks shouldn't be
reluctant to accept state help when needed.

European Commission President Jose Manuel Barroso told the
European parliament that the region "must urgently strengthen the
banks."  He said European Union member governments, the European
Central Bank and the European Commission must coordinate efforts
to recapitalize banks through private and state injections,
provide full transparency on the sovereign debt exposures at all
systemically important banks and introduce temporary, higher
capital requirements after accounting for those government bond
holdings.  Banks falling short on capital under the measures
should be barred by regulators from paying dividends or employee
bonuses, Barroso said.

The Bedford Report releases investment research on the Foreign
Banking Sector so investors can stay ahead of the crowd and make
the best investment decisions to maximize their returns.  Take a
few minutes to register with us free at
http://www.bedfordreport.com/and get exclusive access to our
numerous analyst reports and industry newsletters.

The Commission also asked for a "prudent valuation of all
sovereign debt, whether in the banking book or the trading book"
of banks.  The international body recently complained that many
banks were not taking adequate writedowns on bonds that they plan
to hold until they mature.

Barroso also called for a permanent bailout fund, the European
Stability Mechanism, to come into force in mid-2012, one year
ahead of schedule.  The stability mechanism, in contrast to the
current bailout fund, requires private investors to take losses on
government bonds if a nation needs to write off some of its debt
load.


* Weil Gotshal's Relocates London Office
----------------------------------------
Weil Gotshal's London office has relocated to 110 Fetter Lane,
London EC4A 1AY on October 3, 2011.

The office's telephone (including extension numbers), fax and DX
details will remain the same:

          Tel: +44 20 7903 1000
          Fax: +44 20 7903 0990
           DX 124402 London/City


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

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

AUSTRIA
-------
CHRIST WATER TEC     CWTE IX      -5754285.054  165995618.1
CHRIST WATER TEC     8131204Q GR  -5754285.054  165995618.1
CHRIST WATER TEC     CWT EU       -5754285.054  165995618.1
CHRIST WATER TEC     CWT PZ       -5754285.054  165995618.1
CHRIST WATER TEC     CRSWF US     -5754285.054  165995618.1
CHRIST WATER TEC     CWT AV       -5754285.054  165995618.1
CHRIST WATER TEC     CWT EO       -5754285.054  165995618.1
CHRIST WATER-ADR     CRSWY US     -5754285.054  165995618.1
KA FINANZ AG         3730Z AV     -9072224.934  22043329918
LIBRO AG             LIBR AV      -110486313.8    174004185
LIBRO AG             LIB AV       -110486313.8    174004185
LIBRO AG             LB6 GR       -110486313.8    174004185
LIBRO AG             LBROF US     -110486313.8    174004185
S&T SYSTEM I-ADR     STSQY US     -31284693.65  200208144.5
S&T SYSTEM INTEG     SYA GR       -31284693.65  200208144.5
S&T SYSTEM INTEG     SNTS ES      -31284693.65  200208144.5
S&T SYSTEM INTEG     STSQF US     -31284693.65  200208144.5
S&T SYSTEM INTEG     SYA EX       -31284693.65  200208144.5
S&T SYSTEM INTEG     SNT EU       -31284693.65  200208144.5
S&T SYSTEM INTEG     SYAG IX      -31284693.65  200208144.5
S&T SYSTEM INTEG     SLSYF US     -31284693.65  200208144.5
S&T SYSTEM INTEG     SNTS IX      -31284693.65  200208144.5
S&T SYSTEM INTEG     SNTA PZ      -31284693.65  200208144.5
S&T SYSTEM INTEG     SNT EO       -31284693.65  200208144.5
S&T SYSTEM INTEG     SNT AV       -31284693.65  200208144.5
SKYEUROPE            SKY PW       -89480492.56  159076577.5
SKYEUROPE            SKYP PW      -89480492.56  159076577.5
SKYEUROPE HLDG       SKYA PZ      -89480492.56  159076577.5
SKYEUROPE HLDG       SKURF US     -89480492.56  159076577.5
SKYEUROPE HLDG       SKYPLN EU    -89480492.56  159076577.5
SKYEUROPE HLDG       SKYV IX      -89480492.56  159076577.5
SKYEUROPE HLDG       SKY EU       -89480492.56  159076577.5
SKYEUROPE HLDG       SKY AV       -89480492.56  159076577.5
SKYEUROPE HLDG       SKY EO       -89480492.56  159076577.5
SKYEUROPE HLDG       SKY LI       -89480492.56  159076577.5
SKYEUROPE HLDG       SKYPLN EO    -89480492.56  159076577.5
SKYEUROPE HLDG       S8E GR       -89480492.56  159076577.5
SKYEUROPE HOL-RT     SK1 AV       -89480492.56  159076577.5

BELGIUM
-------
ANTWERP GATEWAY      496769Z BB    -51947070.5  266390692.5
BALTA SARL           3679528Z BB  -213655263.9  956320938.3
BIO ANALYTICAL R     3723198Z BB  -41974594.66  193574592.4
COMPAGIMMOBDU BR     3727538Z BB  -5867835.156  164809982.4
EON BELGIUM NV       3730258Z BB  -8101077.851  251156828.9
EXPLORER NV          4289181Z BB  -11594573.86  281605390.1
FINANCIETOREN NV     3729210Z BB  -42317802.71  777656536.7
IRUS ZWEIBRUCKEN     3738979Z BB  -12563627.16    113270540
JULIE LH BVBA        3739923Z BB  -25317190.48  175772641.2
KIA MOTORS BELGI     3729658Z BB  -40305545.64  136441397.8
KOREAN MOTOR CO      4161341Z BB  -6368236.209  149093852.6
LAND VAN HOP NV      3727898Z BB  -141334.2956  138885001.8
SABENA SA            SABA BB      -85494497.66   2215341060
SAPPI EUROPE SA      3732894Z BB  -119299289.7  158958659.1
SCARLET BELGIUM      4171157Z BB  -28951978.94  137456538.4
SCARLETT BUSINES     3724850Z BB  -71847152.77    130053838
SOCIETE NATIONAL     3726762Z BB  -39045394.16  506987115.6
UNIVERSAL MUSIC      3738307Z BB  -12191533.66  143700285.8

CROATIA
-------
BADEL 1862 DD        BD62RA CZ    -14314922.98  136681894.4
MAGMA DD             MGMARA CZ    -6945891.192  118172308.3
OT OPTIMA TELEKO     2299892Z CZ  -83005841.81  114547056.6
OT-OPTIMA TELEKO     OPTERA CZ    -83005841.81  114547056.6

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       LHGCYP EO    -39648682.41  209021322.6
LIBRA HOLIDAYS       LHGCYP EU    -39648682.41  209021322.6
LIBRA HOLIDAYS       LHGR CY      -39648682.41  209021322.6
LIBRA HOLIDAYS G     LHG CY       -39648682.41  209021322.6
LIBRA HOLIDAYS G     LHG EO       -39648682.41  209021322.6
LIBRA HOLIDAYS G     LHG PZ       -39648682.41  209021322.6
LIBRA HOLIDAYS G     LHG EU       -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       CKDH US      -89435858.16    192305153
CKD PRAHA HLDG       CDP EX       -89435858.16    192305153
CKD PRAHA HLDG       CKDPF US     -89435858.16    192305153
CKD PRAHA HLDG       CKDH CP      -89435858.16    192305153
CKD PRAHA HLDG       297687Q GR   -89435858.16    192305153
CSA AS               1000Z CP     -127978073.4    432492914
SETUZA AS            2994767Q EO  -61453764.17  138582273.6
SETUZA AS            SETUZA PZ    -61453764.17  138582273.6
SETUZA AS            SZA GR       -61453764.17  138582273.6
SETUZA AS            SETU IX      -61453764.17  138582273.6
SETUZA AS            SETUZA CP    -61453764.17  138582273.6
SETUZA AS            2994763Q EU  -61453764.17  138582273.6
SETUZA AS            2994755Q EU  -61453764.17  138582273.6
SETUZA AS            2994759Q EO  -61453764.17  138582273.6
SETUZA AS            SZA EX       -61453764.17  138582273.6

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
CIMBER STERLING      CIMBE EU     -5227729.374  192575897.9
CIMBER STERLING      CIMBER DC    -5227729.374  192575897.9
CIMBER STERLING      CIMBE EO     -5227729.374  192575897.9
CIMBER STERLING      CIMBER BY    -5227729.374  192575897.9
ELITE SHIPPING       ELSP DC      -27715991.74  100892900.3
FINANSIERINGSSEL     3977156Z DC  -2410332.543  110737536.3
GREEN WIND ENERG     G7W1 GR      -11320362.72  176234029.6
GREEN WIND ENERG     GW EO        -11320362.72  176234029.6
GREEN WIND ENERG     GW BY        -11320362.72  176234029.6
GREEN WIND ENERG     G7W GR       -11320362.72  176234029.6
GREEN WIND ENERG     GW DC        -11320362.72  176234029.6
GREEN WIND ENERG     GWEUR EO     -11320362.72  176234029.6
GREEN WIND ENERG     GW PZ        -11320362.72  176234029.6
GREEN WIND ENERG     GWEUR EU     -11320362.72  176234029.6
GREEN WIND ENERG     GW EU        -11320362.72  176234029.6
HOLDINGSELSKABET     BOHC IX      -11320362.72  176234029.6
HOLDINGSELSKABET     BODIL DC     -11320362.72  176234029.6
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                OBTEC DC     -16220512.31    156484311
OBTEC                OBT DC       -16220512.31    156484311
OBTEC-NEW SHARES     OBTECN DC    -16220512.31    156484311
OBTEC-OLD            OBTN DC      -16220512.31    156484311
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        RSKC IX      -532868840.9   7876687324
ROSKILDE BANK        ROSBF US     -532868840.9   7876687324
ROSKILDE BANK        ROSK PZ      -532868840.9   7876687324
ROSKILDE BANK        ROSK DC      -532868840.9   7876687324
ROSKILDE BANK        ROSK EU      -532868840.9   7876687324
ROSKILDE BANK        ROSKF US     -532868840.9   7876687324
ROSKILDE BANK        ROSK EO      -532868840.9   7876687324
ROSKILDE BANK        RKI GR       -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     SBSC IX      -16220512.31    156484311
SCANDINAVIAN BRA     SBS1EUR EU   -16220512.31    156484311
SCANDINAVIAN BRA     SBSD PZ      -16220512.31    156484311
SCANDINAVIAN BRA     SBS1 BY      -16220512.31    156484311
SCANDINAVIAN BRA     SBS DC       -16220512.31    156484311
SCANDINAVIAN BRA     SBS1EUR EO   -16220512.31    156484311
SCANDINAVIAN BRA     SBS1 EU      -16220512.31    156484311
SCANDINAVIAN BRA     SBS1 EO      -16220512.31    156484311
SCHAUMANN PROP       SCHAUP EU    -101428498.9  298588010.2
SCHAUMANN PROP       SCHAUP DC    -101428498.9  298588010.2
SCHAUMANN PROP       SCHAUP PZ    -101428498.9  298588010.2
SCHAUMANN PROP       SCHAU BY     -101428498.9  298588010.2
SCHAUMANN PROP       SCHAU EO     -101428498.9  298588010.2
SCHAUMANN PROP       SCHAUEUR EO  -101428498.9  298588010.2
SCHAUMANN PROP       SCHAUEUR EU  -101428498.9  298588010.2
SCHAUMANN PROP       SCHAU EU     -101428498.9  298588010.2

FRANCE
------
3 SUISSES FRANCE     4724713Z FP  -151969329.6    262408720
ACERINOX FRANCE      4748633Z FP  -4970414.587  106673210.6
AIR COMMAND SYST     4470055Z FP  -24012413.92  236706831.5
AIRCELLE             61830Q FP    -627210407.1   1037716117
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  -469114028.7   1322244624
ARIANESPACE          211530Z FP   -51743991.45   3354710780
ATARI                IFOE PZ      -5534100.115  138494402.9
ATARI SA             IFGA GR      -5534100.115  138494402.9
ATARI SA             ATA EB       -5534100.115  138494402.9
ATARI SA             ATA QM       -5534100.115  138494402.9
ATARI SA             ATA FP       -5534100.115  138494402.9
ATARI SA             ATA EU       -5534100.115  138494402.9
ATARI SA             IFGA TH      -5534100.115  138494402.9
ATARI SA             ATA S1       -5534100.115  138494402.9
ATARI SA             ATA TQ       -5534100.115  138494402.9
ATARI SA             ATA PZ       -5534100.115  138494402.9
ATARI SA             ATA BQ       -5534100.115  138494402.9
ATARI SA             ATANV FP     -5534100.115  138494402.9
ATARI SA             ATA EO       -5534100.115  138494402.9
ATARI-NEW            3715502Q FP  -5534100.115  138494402.9
AUTOMOBILES CITR     3648863Z FP  -298695778.9   1879542934
BELVEDERE            BVD PW       -242409144.5  831869150.8
BELVEDERE - RTS      554451Q FP   -242409144.5  831869150.8
BELVEDERE - RTS      702036Q FP   -242409144.5  831869150.8
BELVEDERE SA         BVD PZ       -242409144.5  831869150.8
BELVEDERE SA         BVD EO       -242409144.5  831869150.8
BELVEDERE SA         BED TH       -242409144.5  831869150.8
BELVEDERE SA         BELV NM      -242409144.5  831869150.8
BELVEDERE SA         BVDRF US     -242409144.5  831869150.8
BELVEDERE SA         BEVD IX      -242409144.5  831869150.8
BELVEDERE SA         BELV FP      -242409144.5  831869150.8
BELVEDERE SA         BVD FP       -242409144.5  831869150.8
BELVEDERE SA         BED GR       -242409144.5  831869150.8
BELVEDERE SA         BVD EU       -242409144.5  831869150.8
BELVEDERE SA         BVD S1       -242409144.5  831869150.8
BELVEDERE SA-NEW     BVDNV FP     -242409144.5  831869150.8
BELVEDERE SA-NEW     8198283Q FP  -242409144.5  831869150.8
BELVEDERE SA-NEW     946529Q FP   -242409144.5  831869150.8
BELVEDERE SA-RTS     BVDDS FP     -242409144.5  831869150.8
BENP LILLEBONNE      4507291Z FP  -14494480.15  341710346.6
BOURBON SA           GBBUSD EO       -1.24E+11   5086583847
BOURBON SA           GBB PZ          -1.24E+11   5086583847
BOURBON SA           GBB EO          -1.24E+11   5086583847
BOURBON SA           GBB EU          -1.24E+11   5086583847
BOURBON SA           GBB GK          -1.24E+11   5086583847
BOURBON SA           BOUBF US        -1.24E+11   5086583847
BOURBON SA           GSH GR          -1.24E+11   5086583847
BOURBON SA           GBBGBX EU       -1.24E+11   5086583847
BOURBON SA           GBB BQ          -1.24E+11   5086583847
BOURBON SA           GBBGBP EO       -1.24E+11   5086583847
BOURBON SA           GBBUSD EU       -1.24E+11   5086583847
BOURBON SA           GBB FP          -1.24E+11   5086583847
BOURBON SA           GPBN IX         -1.24E+11   5086583847
BOURBON SA           GBB S1          -1.24E+11   5086583847
BOURBON SA           GBB EB          -1.24E+11   5086583847
BOURBON SA           3320185Z FP     -1.24E+11   5086583847
BOURBON SA           GBBGBX EO       -1.24E+11   5086583847
BOURBON SA           GBB NQ          -1.24E+11   5086583847
BOURBON SA           GBB IX          -1.24E+11   5086583847
BOURBON SA           GSH TH          -1.24E+11   5086583847
BOURBON SA           GBB TQ          -1.24E+11   5086583847
BOURBON SA           GBB LI          -1.24E+11   5086583847
BOURBON SA           GBB QM          -1.24E+11   5086583847
BOURBON SA - NEW     3510282Q FP     -1.24E+11   5086583847
BOURBON SA - NEW     GBBNV FP        -1.24E+11   5086583847
BOURBON SA - NEW     8130287Q FP     -1.24E+11   5086583847
BOURBON SA - RTS     8446802Z FP     -1.24E+11   5086583847
BOURBON SA/NEW       879958Q FP      -1.24E+11   5086583847
CADES                211430Z FP      -1.32E+11   9983888303
CARCOOP FRANCE       4690569Z FP  -531951.7338  185621693.8
CARI SAS             4509915Z FP  -10848329.91  182415382.5
CARREFOUR HYPERM     3897338Z FP    -419813693   4772178623
CARREFOUR IMPORT     4519455Z FP  -41015523.06  355888577.4
CARRERE GROUP        CARF PZ      -9829531.944    279906700
CARRERE GROUP        CARG FP      -9829531.944    279906700
CARRERE GROUP        CRRHF US     -9829531.944    279906700
CARRERE GROUP        CAR2 EO      -9829531.944    279906700
CARRERE GROUP        XRR GR       -9829531.944    279906700
CARRERE GROUP        CRGP IX      -9829531.944    279906700
CARRERE GROUP        CAR FP       -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 FP      -18851260.64  237751743.8
COMPAGNIE IMMOBI     CIMB S1      -18851260.64  237751743.8
COMPAGNIE IMMOBI     CIMB EO      -18851260.64  237751743.8
COMPAGNIE IMMOBI     CIMB EU      -18851260.64  237751743.8
COMPAGNIE IMMOBI     CIMB PZ      -18851260.64  237751743.8
CSF                  3635887Z FP  -66127486.72   3311857250
DESCAMPS SAS         4503139Z FP  -2912961.458  104843475.7
EADS SECA            4706441Z FP  -38679556.91  142045208.8
EDENRED              EDEN S1       -1395452285   5596512266
EDENRED              EDEN QM       -1395452285   5596512266
EDENRED              EDNMF US      -1395452285   5596512266
EDENRED              EDEN EU       -1395452285   5596512266
EDENRED              EDEN BQ       -1395452285   5596512266
EDENRED              EDEN PZ       -1395452285   5596512266
EDENRED              EDEN EO       -1395452285   5596512266
EDENRED              EDEN IX       -1395452285   5596512266
EDENRED              QSV GR        -1395452285   5596512266
EDENRED              EDEN FP       -1395452285   5596512266
EDENRED              EDENUSD EU    -1395452285   5596512266
EDENRED              QSV TH        -1395452285   5596512266
EDENRED              EDEN TQ       -1395452285   5596512266
EDENRED              EDENUSD EO    -1395452285   5596512266
EDENRED              EDEN EB       -1395452285   5596512266
EDF EN FRANCE        4686529Z FP  -4085423.459  508820792.6
EDF EN OUTRE MER     4679713Z FP  -2598508.843  158364874.7
EMPAIN GRAHAM DV     EMGD FP      -18851260.64  237751743.8
FRANFINANCE LOCA     4689993Z FP  -69780982.12   1638852912
GRANDE PAROISSE      GAPA FP      -927267926.9    629287290
GRANDE PAROISSE      GDPA FP      -927267926.9    629287290
GRANDE PAROISSE      GDPXF US     -927267926.9    629287290
GROUPE BOURBON       BOUR FP         -1.24E+11   5086583847
GROUPE BOURBON       GPBJF US        -1.24E+11   5086583847
GROUPE MONITEUR      317840Z FP   -116707395.4  610106709.3
GROUPE PROGRES S     4734137Z FP  -165060841.9  123458910.5
HP ENTREPRISE SE     4698081Z FP  -97546439.37  116383810.4
HUREL-DUBOIS         HDUN FP      -627210407.1   1037716117
I BASE               757542Z FP   -11937366.64  400192956.6
INFOGRAMES - REG     IFOE IX      -5534100.115  138494402.9
INFOGRAMES - REG     IFG TQ       -5534100.115  138494402.9
INFOGRAMES - REG     IFG EU       -5534100.115  138494402.9
INFOGRAMES - REG     IFG FP       -5534100.115  138494402.9
INFOGRAMES - REG     IFG EO       -5534100.115  138494402.9
INFOGRAMES E-NEW     IFGN FP      -5534100.115  138494402.9
INFOGRAMES ENT       IFGNR FP     -5534100.115  138494402.9
INFOGRAMES ENT       IFOY IX      -5534100.115  138494402.9
INFOGRAMES ENT       IFGEF US     -5534100.115  138494402.9
INFOGRAMES ENT       IFG PZ       -5534100.115  138494402.9
INFOGRAMES ENT       2986980Q EU  -5534100.115  138494402.9
INFOGRAMES ENT       IFG GR       -5534100.115  138494402.9
INFOGRAMES ENT       2986984Q EO  -5534100.115  138494402.9
INFOGRAMES ENTMT     IFG VX       -5534100.115  138494402.9
INFOGRAMES ENTMT     IFGRF US     -5534100.115  138494402.9
INFOGRAMES- RTS      IFGDS FP     -5534100.115  138494402.9
INFOGRAMES-NEW       IFGNV FP     -5534100.115  138494402.9
INFOGRAMES-RTS       3133246Q FP  -5534100.115  138494402.9
ING LEASE FRANCE     4699881Z FP  -49994620.93  363520475.8
ISOCHEM SA           3540732Z FP  -9354435.203  103629611.4
ITM REGION PARIS     4681817Z FP  -49662079.76  124321085.9
JACQUOT ET CO        4721473Z FP  -25605144.44  101591294.6
JTEKT AUTOMOTIVE     4505819Z FP  -14610384.74    211911630
JTEKT AUTOMOTIVE     4504595Z FP  -17492036.59    163375360
JUNGHEINRICH FIN     4635025Z FP  -14429677.13  223424949.4
LAB DOLISOS          DOLI FP      -27752176.19  110485462.4
LAB DOLISOS          LADL FP      -27752176.19  110485462.4
LENOVO FRANCE SA     4710049Z FP  -1944677.438  137134536.2
MATUSSIERE & FOR     MTUSF US     -77896689.09  293868350.8
MATUSSIERE & FOR     1007765Q FP  -77896689.09  293868350.8
MILLIMAGES           MLIGF US     -1006050.249  113454378.9
MILLIMAGES           MIL S1       -1006050.249  113454378.9
MILLIMAGES           MIL1 EO      -1006050.249  113454378.9
MILLIMAGES           MILF PZ      -1006050.249  113454378.9
MILLIMAGES           MG6 GR       -1006050.249  113454378.9
MILLIMAGES           MILI FP      -1006050.249  113454378.9
MILLIMAGES           8131905Q FP  -1006050.249  113454378.9
MILLIMAGES           MIL1 PZ      -1006050.249  113454378.9
MILLIMAGES           MLMG IX      -1006050.249  113454378.9
MILLIMAGES           MIL FP       -1006050.249  113454378.9
MILLIMAGES           MIL1 EU      -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  -22662074.82  308626962.2
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  -41481124.19  112522117.5
OROSDI               OROS EU      -51389802.68  181267113.2
OROSDI               OROS FP      -51389802.68  181267113.2
OROSDI               OROS S1      -51389802.68  181267113.2
OROSDI               OROS PZ      -51389802.68  181267113.2
OROSDI               OROS EO      -51389802.68  181267113.2
OROSDI-BACK          ORBA FP      -51389802.68  181267113.2
OROSDI-BACK          BACK IX      -51389802.68  181267113.2
PAGESJAUNES GRP      PAJ BQ        -3184867284   1167307980
PAGESJAUNES GRP      PAJGBX EU     -3184867284   1167307980
PAGESJAUNES GRP      PAJ EO        -3184867284   1167307980
PAGESJAUNES GRP      PAJ TQ        -3184867284   1167307980
PAGESJAUNES GRP      PAJUSD EO     -3184867284   1167307980
PAGESJAUNES GRP      PAJ PZ        -3184867284   1167307980
PAGESJAUNES GRP      PAJ VX        -3184867284   1167307980
PAGESJAUNES GRP      PAJ EB        -3184867284   1167307980
PAGESJAUNES GRP      QS3 TH        -3184867284   1167307980
PAGESJAUNES GRP      PAJ NQ        -3184867284   1167307980
PAGESJAUNES GRP      PAJ LI        -3184867284   1167307980
PAGESJAUNES GRP      PGJUF US      -3184867284   1167307980
PAGESJAUNES GRP      PAJ FP        -3184867284   1167307980
PAGESJAUNES GRP      PAJGBX EO     -3184867284   1167307980
PAGESJAUNES GRP      PAJ QM        -3184867284   1167307980
PAGESJAUNES GRP      PAJ IX        -3184867284   1167307980
PAGESJAUNES GRP      PAJ S1        -3184867284   1167307980
PAGESJAUNES GRP      PAJGBP EO     -3184867284   1167307980
PAGESJAUNES GRP      PAJUSD EU     -3184867284   1167307980
PAGESJAUNES GRP      PAJ GK        -3184867284   1167307980
PAGESJAUNES GRP      PAJ EU        -3184867284   1167307980
PAGESJAUNES GRP      QS3 GR        -3184867284   1167307980
PAGESJAUNES GRP      PAJP IX       -3184867284   1167307980
PEUGEOT CITROEN      3637183Z FP  -268215289.1  319403481.8
PITNEY BOWES         4634633Z FP  -11785422.82  184422748.8
REGIE PUBLICITAI     4691033Z FP  -5262294.526  112402724.7
REGIONAL COMPAGN     3635823Z FP  -11262048.65  587139828.4
RESEAU FERRE FRA     224063Z FP    -1967529685  70147358617
RHODIA SA            RHA BQ       -72552001.48   7951699362
RHODIA SA            RHDI TH      -72552001.48   7951699362
RHODIA SA            RHA EB       -72552001.48   7951699362
RHODIA SA            RHAGBP EO    -72552001.48   7951699362
RHODIA SA            2324015Q EO  -72552001.48   7951699362
RHODIA SA            RHADF US     -72552001.48   7951699362
RHODIA SA            RHANR PZ     -72552001.48   7951699362
RHODIA SA            RHD GR       -72552001.48   7951699362
RHODIA SA            RHAGBX EU    -72552001.48   7951699362
RHODIA SA            RHA VX       -72552001.48   7951699362
RHODIA SA            2324011Q EU  -72552001.48   7951699362
RHODIA SA            RHA TQ       -72552001.48   7951699362
RHODIA SA            RHA FP       -72552001.48   7951699362
RHODIA SA            RHDAF US     -72552001.48   7951699362
RHODIA SA            RHAGBX EO    -72552001.48   7951699362
RHODIA SA            RHAUSD EO    -72552001.48   7951699362
RHODIA SA            RHA S1       -72552001.48   7951699362
RHODIA SA            RHAY IX      -72552001.48   7951699362
RHODIA SA            RHA NQ       -72552001.48   7951699362
RHODIA SA            RHA IX       -72552001.48   7951699362
RHODIA SA            RHA GK       -72552001.48   7951699362
RHODIA SA            3218857Q IX  -72552001.48   7951699362
RHODIA SA            RHA QM       -72552001.48   7951699362
RHODIA SA            RHA PZ       -72552001.48   7951699362
RHODIA SA            RHA EO       -72552001.48   7951699362
RHODIA SA            RHAUSD EU    -72552001.48   7951699362
RHODIA SA            RHDI GR      -72552001.48   7951699362
RHODIA SA            RHA EU       -72552001.48   7951699362
RHODIA SA - NEW      3506266Q FP  -72552001.48   7951699362
RHODIA SA - NEW      8125782Q FP  -72552001.48   7951699362
RHODIA SA - NEW      RHANV FP     -72552001.48   7951699362
RHODIA SA - NEW      2335921Q FP  -72552001.48   7951699362
RHODIA SA - NEW      3156011Q FP  -72552001.48   7951699362
RHODIA SA-ADR        RHAYY US     -72552001.48   7951699362
RHODIA SA-NON RE     RHANR FP     -72552001.48   7951699362
RHODIA SA-RIGHTS     RHADS FP     -72552001.48   7951699362
RHODIA SA-RIGHTS     653447Q FP   -72552001.48   7951699362
RL INVEST SAS        4700369Z FP  -21424084.29    103412643
RODRIGUEZ GROUP      ROD FP        -38195223.8    238732565
RODRIGUEZ GROUP      RRGZF US      -38195223.8    238732565
RODRIGUEZ GROUP      ROD TQ        -38195223.8    238732565
RODRIGUEZ GROUP      ROD BQ        -38195223.8    238732565
RODRIGUEZ GROUP      ROD PZ        -38195223.8    238732565
RODRIGUEZ GROUP      ROD EO        -38195223.8    238732565
RODRIGUEZ GROUP      ROD S1        -38195223.8    238732565
RODRIGUEZ GROUP      ROD EU        -38195223.8    238732565
RODRIGUEZ GROUP      RGX GR        -38195223.8    238732565
RODRIGUEZ GROUP      RDGP IX       -38195223.8    238732565
SANDOZ SAS           3635111Z FP  -18996502.07  160259044.1
SDR CENTREST         117241Q FP   -132420129.5  252176017.2
SEAFRANCE            1707464Z FP  -1015379.945  247033398.8
SHEET ANCHOR FRA     4745417Z FP   -16938893.1  192023042.9
SIDEL CONVEYING      4715393Z FP  -57759126.57    147204049
SIEMENS VAI META     4634441Z FP  -78630983.34  175225384.5
SOC NICOISE REAL     4749097Z FP  -6176043.591  112289722.4
SOCIETE COMMERCI     4516647Z FP  -179862008.2   1576030746
SOCIETE D'AGENCE     4741441Z FP  -3996843.897  267209404.9
SOCIETE DE CHAUF     4722937Z FP  -11549371.73  107340406.8
STE DU 67 BD DU      4686753Z FP  -550297.9006  103136595.7
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        TIP FP       -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        TPGY IX      -13557467.93    129831049
TEAM PARTNERS        2347981Q EU  -13557467.93    129831049
TEAM PARTNERS GR     TIPDS FP     -13557467.93    129831049
TEAM PARTNERS GR     TPGP PZ      -13557467.93    129831049
TEAM PARTNERS GR     TIPA FP      -13557467.93    129831049
TEAM PARTNERS GR     TIPA EO      -13557467.93    129831049
TEAM PARTNERS GR     TIPA EU      -13557467.93    129831049
TEAM PARTNERS GR     TIPNV FP     -13557467.93    129831049
TEAM PARTNERS GR     TPGP IX      -13557467.93    129831049
TEAM PARTNERS-N      TIPN FP      -13557467.93    129831049
TF1 VIDEO SASU       4516855Z FP  -1279245.403  166278795.5
THALES SECURITY      4701729Z FP  -426153529.7  822653430.4
THOMSON TELECOM      4516815Z FP  -35805908.77  528384056.4
THYSSENKRUPP SOF     4740929Z FP  -18052289.45  299682634.2
TRANSOLVER SERVI     4521279Z FP  -38102696.91    161124216
TREVES               4722153Z FP  -70096913.54  394781399.9
TROUVAY CAUVIN       ETEC FP      -396977.8818  133986439.7
TROUVAY CAUVIN       TVYCF US     -396977.8818  133986439.7
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  -149790335.3  304741135.7
YVES ST LAURENT/     4633025Z FP  -82897369.68  390343397.3

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

GERMANY
-------
AGOR AG              DOO S1       -482449.8788  144432986.2
AGOR AG              NDAGF US     -482449.8788  144432986.2
AGOR AG              DOO EU       -482449.8788  144432986.2
AGOR AG              DOOD PZ      -482449.8788  144432986.2
AGOR AG              DOO GR       -482449.8788  144432986.2
AGOR AG              DOOG IX      -482449.8788  144432986.2
AGOR AG              DOO EO       -482449.8788  144432986.2
AGOR AG-RTS          2301918Z GR  -482449.8788  144432986.2
ALNO AG              ANO S1       -73119134.74  198564619.3
ALNO AG              ANO EU       -73119134.74  198564619.3
ALNO AG              ANO GR       -73119134.74  198564619.3
ALNO AG              ANO TH       -73119134.74  198564619.3
ALNO AG              ANO EO       -73119134.74  198564619.3
ALNO AG              ANO PZ       -73119134.74  198564619.3
ALNO AG              ALNO IX      -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          8174351Z GR  -73119134.74  198564619.3
ALNO AG-RTS          2259765Z GR  -73119134.74  198564619.3
ALNO AG-RTS          4123912Z GR  -73119134.74  198564619.3
ATRONIC INTERNAT     504688Z GR   -30668737.79  163495101.6
BROKAT AG            BRKAF US     -27139603.03  143536830.1
BROKAT AG            BKISF US     -27139603.03  143536830.1
BROKAT AG            BROAF US     -27139603.03  143536830.1
BROKAT AG            BROFQ US     -27139603.03  143536830.1
BROKAT AG -NEW       BRJ1 GR      -27139603.03  143536830.1
BROKAT AG -NEW       BRJ1 NM      -27139603.03  143536830.1
BROKAT AG-ADR        BROA US      -27139603.03  143536830.1
BROKAT TECH -ADR     BROAQ US     -27139603.03  143536830.1
BROKAT TECH AG       BRJ GR       -27139603.03  143536830.1
BROKAT TECH AG       BSA LN       -27139603.03  143536830.1
BROKAT TECH AG       BRJ NM       -27139603.03  143536830.1
BROKAT TECH-ADR      BRJA GR      -27139603.03  143536830.1
CBB HOLDING AG       COB GR       -42994818.04  904723627.8
CBB HOLDING AG       COBG IX      -42994818.04  904723627.8
CBB HOLDING AG       COBG PZ      -42994818.04  904723627.8
CBB HOLDING AG       COB2 EU      -42994818.04  904723627.8
CBB HOLDING AG       COB2 EO      -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
DORT ACTIEN-BRAU     944167Q GR   -12689156.29  117537053.7
DORT ACTIEN-RTS      DAB8 GR      -12689156.29  117537053.7
EDOB ABWICKLUNGS     ESC TQ       -22323468.51  425598807.8
EDOB ABWICKLUNGS     ESC EU       -22323468.51  425598807.8
EDOB ABWICKLUNGS     ESC PZ       -22323468.51  425598807.8
EDOB ABWICKLUNGS     ESC GR       -22323468.51  425598807.8
EDOB ABWICKLUNGS     ESC TH       -22323468.51  425598807.8
EDOB ABWICKLUNGS     ESC BQ       -22323468.51  425598807.8
EDOB ABWICKLUNGS     ESC EO       -22323468.51  425598807.8
EDOB ABWICKLUNGS     ESCDF US     -22323468.51  425598807.8
EM.TV & MERCHAND     985403Q GR   -22067243.56  849175624.7
EM.TV & MERCHAND     ETV VX       -22067243.56  849175624.7
EM.TV & MERCHAND     EMTVF US     -22067243.56  849175624.7
EM.TV & MERCHAND     ETV NM       -22067243.56  849175624.7
EM.TV & MERCHAND     ETVMF US     -22067243.56  849175624.7
EM.TV & MERCHAND     ETV LN       -22067243.56  849175624.7
EM.TV & MERC-NEW     ETV1 GR      -22067243.56  849175624.7
EM.TV & MERC-NEW     ETV1 NM      -22067243.56  849175624.7
EM.TV & MERC-RTS     ETV8 NM      -22067243.56  849175624.7
EM.TV & MERC-RTS     ETV8 GR      -22067243.56  849175624.7
ESCADA AG            ESCG IX      -22323468.51  425598807.8
ESCADA AG -PFD       ESC3 GR      -22323468.51  425598807.8
ESCADA AG-NEW        ESCN EU      -22323468.51  425598807.8
ESCADA AG-NEW        ESCC 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        ESCD GR      -22323468.51  425598807.8
ESCADA AG-NEW        ESCN GR      -22323468.51  425598807.8
ESCADA AG-NEW        ESCN EO      -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 EO       -9612095.264    130075209
GUENTHER & SOHN      GUS PZ       -9612095.264    130075209
GUENTHER & SOHN      GUS EU       -9612095.264    130075209
KABEL DEUTSCHLAN     KD8 BQ        -2357298804   2892306039
KABEL DEUTSCHLAN     KD8 QM        -2357298804   2892306039
KABEL DEUTSCHLAN     KD8 TH        -2357298804   2892306039
KABEL DEUTSCHLAN     KD8 IX        -2357298804   2892306039
KABEL DEUTSCHLAN     KD8 PZ        -2357298804   2892306039
KABEL DEUTSCHLAN     KD8USD EU     -2357298804   2892306039
KABEL DEUTSCHLAN     KD8 EU        -2357298804   2892306039
KABEL DEUTSCHLAN     KD8GBP EO     -2357298804   2892306039
KABEL DEUTSCHLAN     KD8 NR        -2357298804   2892306039
KABEL DEUTSCHLAN     KD8 GR        -2357298804   2892306039
KABEL DEUTSCHLAN     KBDHF US      -2357298804   2892306039
KABEL DEUTSCHLAN     KD8 S1        -2357298804   2892306039
KABEL DEUTSCHLAN     KD8 EO        -2357298804   2892306039
KABEL DEUTSCHLAN     KD8USD EO     -2357298804   2892306039
KABEL DEUTSCHLAN     KD8 EB        -2357298804   2892306039
KABEL DEUTSCHLAN     KD8 TQ        -2357298804   2892306039
KABEL DEUTS-CW10     DB7KWG GR     -2357298804   2892306039
KAUFRING AG          KFR EO       -19296489.56  150995473.8
KAUFRING AG          KFR PZ       -19296489.56  150995473.8
KAUFRING AG          KFR EU       -19296489.56  150995473.8
KAUFRING AG          KFR GR       -19296489.56  150995473.8
KAUFRING AG          KAUG IX      -19296489.56  150995473.8
MAERKLIN             730904Z GR   -8321071.921  115821977.5
MANIA TECHNOLOGI     MNIG IX      -35060809.35  107465713.6
MANIA TECHNOLOGI     MNI GR       -35060809.35  107465713.6
MANIA TECHNOLOGI     MIAVF US     -35060809.35  107465713.6
MANIA TECHNOLOGI     MNI PZ       -35060809.35  107465713.6
MANIA TECHNOLOGI     MNI NM       -35060809.35  107465713.6
MANIA TECHNOLOGI     2260970Z GR  -35060809.35  107465713.6
MANIA TECHNOLOGI     MNI TH       -35060809.35  107465713.6
MANIA TECHNOLOGI     MNI1 EO      -35060809.35  107465713.6
MANIA TECHNOLOGI     MNI1 EU      -35060809.35  107465713.6
MANIA TECHNOLOGI     MNI S1       -35060809.35  107465713.6
MATERNUS KLINI-N     MAK1 GR       -14418459.3  182876466.8
MATERNUS-KLINIKE     MNUKF US      -14418459.3  182876466.8
MATERNUS-KLINIKE     MAK EU        -14418459.3  182876466.8
MATERNUS-KLINIKE     MAK S1        -14418459.3  182876466.8
MATERNUS-KLINIKE     MAK EO        -14418459.3  182876466.8
MATERNUS-KLINIKE     MAK PZ        -14418459.3  182876466.8
MATERNUS-KLINIKE     MAK TH        -14418459.3  182876466.8
MATERNUS-KLINIKE     MAK GR        -14418459.3  182876466.8
MATERNUS-KLINIKE     MAKG IX       -14418459.3  182876466.8
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
NORDENIA INTL AG     NOD8 GR      -74471727.44  729626481.3
NORDENIA INTL AG     NOD GR       -74471727.44  729626481.3
NORDSEE AG           533061Q GR   -8200551.142  194616922.6
PRIMACOM AG          PRC2 GR      -18656751.16  610380925.7
PRIMACOM AG          PRC TH       -18656751.16  610380925.7
PRIMACOM AG          PRC S1       -18656751.16  610380925.7
PRIMACOM AG          PRCG PZ      -18656751.16  610380925.7
PRIMACOM AG          PRC EU       -18656751.16  610380925.7
PRIMACOM AG          PRCG IX      -18656751.16  610380925.7
PRIMACOM AG          PRC EO       -18656751.16  610380925.7
PRIMACOM AG          PRC GR       -18656751.16  610380925.7
PRIMACOM AG          PCAGF US     -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 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
RAG ABWICKL-REG      ROS GR         -1744124.2  217776125.8
RINOL AG             RILB IX         -1.171602  168095049.1
RINOL AG             RILB EU         -1.171602  168095049.1
RINOL AG             RNLAF US        -1.171602  168095049.1
RINOL AG             RIL GR          -1.171602  168095049.1
RINOL AG             RILB GR         -1.171602  168095049.1
RINOL AG             RILB EO         -1.171602  168095049.1
RINOL AG             RILB S1         -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
SANDER (JIL) AG      SAD GR       -6153256.267  127546738.8
SANDER (JIL) AG      JLSDF US     -6153256.267  127546738.8
SANDER (JIL)-PRF     2916157Q EU  -6153256.267  127546738.8
SANDER (JIL)-PRF     SAD3 PZ      -6153256.267  127546738.8
SANDER (JIL)-PRF     SAD3 GR      -6153256.267  127546738.8
SANDER (JIL)-PRF     2916161Q EO  -6153256.267  127546738.8
SINNLEFFERS AG       WHG GR       -4491635.615  453887060.1
SPAR HANDELS-AG      SPHFF US     -442426239.7   1433020961
SPAR HANDELS-AG      773844Q GR   -442426239.7   1433020961
SPAR HAND-PFD NV     SPA3 GR      -442426239.7   1433020961
TA TRIUMPH-ACQ       TWNA GR      -124531131.9  313411495.3
TA TRIUMPH-ACQ       TWNA EU      -124531131.9  313411495.3
TA TRIUMPH-ADLER     TWN EO       -124531131.9  313411495.3
TA TRIUMPH-ADLER     TWN PZ       -124531131.9  313411495.3
TA TRIUMPH-ADLER     TTZAF US     -124531131.9  313411495.3
TA TRIUMPH-ADLER     TWNG IX      -124531131.9  313411495.3
TA TRIUMPH-ADLER     TWN EU       -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     -290585562   5747686306
UNITYMEDIA HESSE     2808647Z GR    -290585562   5747686306

GREECE
------
AG PETZETAKIS SA     PTZ GR       -110812812.5  206429374.1
AG PETZETAKIS SA     PETZK EU     -110812812.5  206429374.1
AG PETZETAKIS SA     PETZK GA     -110812812.5  206429374.1
AG PETZETAKIS SA     PTZ1 GR      -110812812.5  206429374.1
AG PETZETAKIS SA     PETZK PZ     -110812812.5  206429374.1
AG PETZETAKIS SA     PZETF US     -110812812.5  206429374.1
AG PETZETAKIS SA     PETZK EO     -110812812.5  206429374.1
ASPIS PRONIA GE      ASASK PZ     -189908329.1  896537349.7
ASPIS PRONIA GE      ASASK EO     -189908329.1  896537349.7
ASPIS PRONIA GE      ASASK EU     -189908329.1  896537349.7
ASPIS PRONIA GE      ASASK GA     -189908329.1  896537349.7
ASPIS PRONIA GE      AISQF US     -189908329.1  896537349.7
ASPIS PRONIA -PF     ASAPR GA     -189908329.1  896537349.7
ASPIS PRONIA-PF      APGV GR      -189908329.1  896537349.7
ASPIS PRONIA-PF      ASASP GA     -189908329.1  896537349.7
ASPIS PRONIA-RT      ASASKR GA    -189908329.1  896537349.7
ASPIS PRONOIA GE     APGG IX      -189908329.1  896537349.7
ASPIS PRONOIA GE     APG GR       -189908329.1  896537349.7
ASPIS PRON-PF RT     ASASPR GA    -189908329.1  896537349.7
ATLANTIC SUPERMA     ATLA GA      -76261648.16  315891294.2
ATLANTIC SUPERMA     ATLA PZ      -76261648.16  315891294.2
ATLANTIC SUPERMA     ATLA1 EU     -76261648.16  315891294.2
ATLANTIC SUPERMA     ATLA1 EO     -76261648.16  315891294.2
EMPEDOS SA           EMPED GA     -33637669.62  174742646.9
EMPEDOS SA-RTS       EMPEDR GA    -33637669.62  174742646.9
HELLAS ONLINE SA     HOLR GA      -15570102.08  531120397.7
HELLAS ONLINE SA     BRAIN PZ     -15570102.08  531120397.7
HELLAS ONLINE SA     BRAIN EO     -15570102.08  531120397.7
HELLAS ONLINE SA     UN5 GR       -15570102.08  531120397.7
HELLAS ONLINE SA     BRAIN EU     -15570102.08  531120397.7
HELLAS ONLINE SA     BRAIN GA     -15570102.08  531120397.7
HELLAS ONLINE SA     HOL GA       -15570102.08  531120397.7
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
MAILLIS              MLISF US     -46071971.98  484719898.6
MAILLIS -RTS         MAIKR GA     -46071971.98  484719898.6
MAILLIS-SPON ADR     MJMSY US     -46071971.98  484719898.6
MJ MAILLIS S.A.      MAIK EU      -46071971.98  484719898.6
MJ MAILLIS S.A.      MAIK GA      -46071971.98  484719898.6
MJ MAILLIS S.A.      MAIK PZ      -46071971.98  484719898.6
MJ MAILLIS S.A.      MJL GR       -46071971.98  484719898.6
MJ MAILLIS S.A.      MAIK EO      -46071971.98  484719898.6
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.        KTSEF US     -25687516.15  172013976.2
NUTRIART S.A.        KATSK GA     -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
RADIO KORASSIDIS     RKC GR       -100972173.9  244951680.3
RADIO KORASSIDIS     RAKOF US     -100972173.9  244951680.3
RADIO KORASSIDIS     KORA GA      -100972173.9  244951680.3
RADIO KORASSI-RT     KORAD GA     -100972173.9  244951680.3
RADIO KORASS-RTS     KORAR GA     -100972173.9  244951680.3
THEMELIODOMI         THEME GA     -55751173.78  232036822.6
THEMELIODOMI-AUC     THEMEE GA    -55751173.78  232036822.6
THEMELIODOMI-RTS     THEMER GA    -55751173.78  232036822.6
THEMELIODOMI-RTS     THEMED GA    -55751173.78  232036822.6
UNITED TEXTILES      NAOYK GA     -163114842.1  286539436.9
UNITED TEXTILES      NAOSF US     -163114842.1  286539436.9
UNITED TEXTILES      UTEX GA      -163114842.1  286539436.9
UNITED TEXTILES      UTEX EU      -163114842.1  286539436.9
UNITED TEXTILES      UTEX PZ      -163114842.1  286539436.9
UNITED TEXTILES      UTEX EO      -163114842.1  286539436.9
UNITED TEXTILES      NML1 GR      -163114842.1  286539436.9

HUNGARY
-------
HUNGARIAN TELEPH     HUC EX          -73723992    827192000
HUNGARIAN TELEPH     HUGC IX         -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

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

IRELAND
-------
ACS AIRCRAFT FIN     4491555Z ID  -23037147.35  130480079.7
AEGON GLOBAL INS     646937Z ID     -154161392   4095368960
AIRPLANES FINANC     4460505Z ID    -475086961  263082549.3
AIRPLANES HOLDIN     4461857Z ID  -16556589608  931628665.2
ALECTRA FINANCE      4505075Z ID  -59841094.81   1863021876
ARCADE PROPERTY      4461121Z ID  -271759845.9  854806905.5
ARDAGH GLASS FIN     3489820Z ID  -425719878.1   5124811840
ARNOTTS HOLDINGS     4462545Z ID  -345703659.3  169928201.7
AVAYA HOLDINGS L     4491803Z ID  -208021348.3  112505345.4
BALLYMORE PROPER     162707Z ID   -243143095.2  972399152.8
BIRCHFORD INVEST     3802508Z ID   -17025540.7  218278444.2
BOSPHORUS CAPITA     3807620Z ID  -547691.4495  119473277.7
CAMBER 4 PLC         3807980Z ID  -548127044.3  336912874.6
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  -28828642.17  309423497.3
CONOCOPHILLIPS I     4526671Z ID  -215725943.4  369716179.9
CONOCOPHILLIPS W     3894318Z ID  -199958224.4  344111929.9
DEPFA IRELAND HO     4458641Z ID  -7759253.483  392619649.6
DUOMO FUNDING PL     4462513Z ID  -805845.5444   1772244292
ELAN PHARMA INTE     4515071Z ID  -217568725.6   1820901782
ELLERSTON GEMS O     4781417Z ID  -4056787.085  195869209.7
EQUANT NETWORK S     4462057Z ID    -146075974  304925852.2
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
IRISH NATIONWIDE     1020Z ID     -24460514.19  16215850688
JAMES HARDIE IND     726824Z NA     -454500000   1960600064
JAMES HARDIE IND     HAH AU         -454500000   1960600064
JAMES HARDIE IND     600241Q GR     -454500000   1960600064
JAMES HARDIE IND     HAH NZ         -454500000   1960600064
JAMES HARDIE NV      JHXCC AU       -454500000   1960600064
JAMES HARDIE-ADR     JHINY US       -454500000   1960600064
JAMES HARDIE-ADR     JHX US         -454500000   1960600064
JAMES HARDIE-CDI     JHX AU         -454500000   1960600064
JAMES HARDIE-CDI     JHA TH         -454500000   1960600064
JAMES HARDIE-CDI     JHA GR         -454500000   1960600064
JAMES HARDIE-CDI     JHIUF US       -454500000   1960600064
LCH EUROPEAN POR     3809212Z ID  -91665071.77  296022574.1
LEASEPLAN FINANC     1179Z NA     -14450149.08   8220952390
LTR FINANCE NO 8     3816616Z ID  -15113152.02    537522513
MAINAU FUNDING L     4460161Z ID  -216846138.8   1309830017
MCINERNEY HLDGS      MCIGBX EU    -137972148.5  304108432.2
MCINERNEY HLDGS      MCI EO       -137972148.5  304108432.2
MCINERNEY HLDGS      MCI PO       -137972148.5  304108432.2
MCINERNEY HLDGS      MNEYF US     -137972148.5  304108432.2
MCINERNEY HLDGS      MCI ID       -137972148.5  304108432.2
MCINERNEY HLDGS      MCI LN       -137972148.5  304108432.2
MCINERNEY HLDGS      MCIGBP EO    -137972148.5  304108432.2
MCINERNEY HLDGS      MCI VX       -137972148.5  304108432.2
MCINERNEY HLDGS      MK9 PO       -137972148.5  304108432.2
MCINERNEY HLDGS      MCI EU       -137972148.5  304108432.2
MCINERNEY HLDGS      MK9C PZ      -137972148.5  304108432.2
MCINERNEY HLDGS      MCII IX      -137972148.5  304108432.2
MCINERNEY HLDGS      MCIGBX EO    -137972148.5  304108432.2
MCINERNEY HLDGS      MCI IX       -137972148.5  304108432.2
MCINERNEY HLDGS      MK9 GR       -137972148.5  304108432.2
MCINERNEY PROP-A     MYP ID       -137972148.5  304108432.2
MCINERNEY PROP-A     MYP LN       -137972148.5  304108432.2
MCINERNEY PROP-A     MCIYF US     -137972148.5  304108432.2
MCINERNEY -RT FP     MCIF LN      -137972148.5  304108432.2
MCINERNEY -RT FP     MCIF ID      -137972148.5  304108432.2
MCINERNEY -RT NP     MCIN LN      -137972148.5  304108432.2
MCINERNEY -RT NP     MCIN ID      -137972148.5  304108432.2
MCINERNEY-ADR        MNEYY US     -137972148.5  304108432.2
MYRMIDON CMBS PR     3819292Z ID  -76324372.07  313019507.2
NOVELL IRELAND S     3632507Z ID  -26753771.46  278570269.2
PAYZONE PLC          PAYZ EO      -138030903.2  510010035.3
PAYZONE PLC          PAYZ IX      -138030903.2  510010035.3
PAYZONE PLC          PAYZ PG      -138030903.2  510010035.3
PAYZONE PLC          PAYZ EU      -138030903.2  510010035.3
PAYZONE PLC          4P6 GR       -138030903.2  510010035.3
PAYZONE PLC          PAYZ PZ      -138030903.2  510010035.3
PAYZONE PLC          PAYZ LN      -138030903.2  510010035.3
PENNYGOLD TRADIN     4459561Z ID  -77668624.17   1296718702
PROVIDENCE RESOU     PRR IX       -31729163.16  134629066.1
PROVIDENCE RESOU     PVDRF US     -31729163.16  134629066.1
PROVIDENCE RESOU     PRP PG       -31729163.16  134629066.1
PROVIDENCE RESOU     PRP ID       -31729163.16  134629066.1
PROVIDENCE RESOU     PRP PZ       -31729163.16  134629066.1
PROVIDENCE RESOU     PRP EO       -31729163.16  134629066.1
PROVIDENCE RESOU     3660853Q IX  -31729163.16  134629066.1
PROVIDENCE RESOU     PZQ PO       -31729163.16  134629066.1
PROVIDENCE RESOU     PVR LN       -31729163.16  134629066.1
PROVIDENCE RESOU     PRP EU       -31729163.16  134629066.1
PROVIDENCE RESOU     PRPGBP EO    -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
QUINN GROUP LTD      166771Z ID   -228838127.1   2504412121
RELIANCE FLAG TE     4511819Z ID  -132410401.4  259945642.6
RHATIGAN COMMERC     3800004Z ID    -150605071  218524413.7
SALOME FUNDING P     747246Z ID   -1780227.756   2390329099
SCHWARZ PHARMA L     626603Z ID   -527103751.5  385715998.9
SHENDA IRELAND L     4781889Z ID  -164635178.9  186343517.3
SPENCER DOCK DEV     3813908Z ID     -87906519    773958702
SUSQUEHANNA EURO     4459081Z ID   -1252022268   5765502698
TAKEDA PHARMA IR     4460049Z ID  -553964898.1  178556098.5
TOPAZ ENERGY GRO     4508643Z ID  -20430096.67  574668196.2
UDARAS EITLIOCHT     4461649Z ID  -38554945.52  228382904.9
UPC BROADBAND IR     3633179Z ID    -295261091  748962719.5
WATERFORD - RTS      508523Q LN   -505729895.2    820803256
WATERFORD - RTS      WWWA ID      -505729895.2    820803256
WATERFORD - RTS      WWWA GR      -505729895.2    820803256
WATERFORD - RTS      WWWB GR      -505729895.2    820803256
WATERFORD - RTS      WWWB ID      -505729895.2    820803256
WATERFORD - RTS      508519Q LN   -505729895.2    820803256
WATERFORD CRYSTA     4459209Z ID  -150440252.3  114111756.9
WATERFORD W-ADR      WATWY US     -505729895.2    820803256
WATERFORD WDGEWD     WATFF US     -505729895.2    820803256
WATERFORD WDGEWD     WATWF US     -505729895.2    820803256
WATERFORD WED-RT     WWWD GR      -505729895.2    820803256
WATERFORD WED-RT     586552Q LN   -505729895.2    820803256
WATERFORD WED-RT     WTFR LN      -505729895.2    820803256
WATERFORD WED-RT     WWWD ID      -505729895.2    820803256
WATERFORD WED-RT     WWWC ID      -505729895.2    820803256
WATERFORD WED-RT     WWWC GR      -505729895.2    820803256
WATERFORD WED-RT     586556Q LN   -505729895.2    820803256
WATERFORD WED-UT     WWW PO       -505729895.2    820803256
WATERFORD WED-UT     WTFU LN      -505729895.2    820803256
WATERFORD WED-UT     WTFU PO      -505729895.2    820803256
WATERFORD WED-UT     WTFU EU      -505729895.2    820803256
WATERFORD WED-UT     WTFU EO      -505729895.2    820803256
WATERFORD WED-UT     WWWD PZ      -505729895.2    820803256
WATERFORD WED-UT     WWW GR       -505729895.2    820803256
WATERFORD WED-UT     WTFU VX      -505729895.2    820803256
WATERFORD WED-UT     WTFUGBX EU   -505729895.2    820803256
WATERFORD WED-UT     WTFUGBX EO   -505729895.2    820803256
WATERFORD WED-UT     WTFU IX      -505729895.2    820803256
WATERFORD WED-UT     WTFU ID      -505729895.2    820803256
WATERFORD WE-RTS     WTFF ID      -505729895.2    820803256
WATERFORD WE-RTS     WTFF LN      -505729895.2    820803256
WATERFORD WE-RTS     WTFN LN      -505729895.2    820803256
WATERFORD WE-RTS     WTFN VX      -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 PZ       -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          ASRAF US     -37429933.27  183644985.3
AS ROMA SPA          ASRO IX      -37429933.27  183644985.3
AS ROMA SPA          ASR EB       -37429933.27  183644985.3
AS ROMA SPA          ASR IM       -37429933.27  183644985.3
AS ROMA SPA          ASR QM       -37429933.27  183644985.3
AS ROMA SPA          ASR EU       -37429933.27  183644985.3
AS ROMA SPA          ASR BQ       -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
BIANCHI VENDING      764212Z IM   -27419598.89  118828596.1
CABLELETTRA SPA      4507547Z IM  -83494555.41  223468834.1
CANTIERI DI PISA     4313125Z IM  -2611908.154  105466953.7
CANTIERI NAVALI      4427873Z IM  -26985562.28  101874594.4
CIRIO FINANZIARI     CRO IM       -422095936.7   1583083044
CIRIO FINANZIARI     FIY GR       -422095936.7   1583083044
COIN SPA             GUCIF US     -154057598.5  800526929.5
COIN SPA             965089Q GR   -154057598.5  800526929.5
COIN SPA             GC IX        -154057598.5  800526929.5
COIN SPA/OLD         GC IM        -154057598.5  800526929.5
COIN SPA-RTS         GCAA IM      -154057598.5  800526929.5
COMPAGNIA ITALIA     CITU IX      -137726596.3  527372691.4
COMPAGNIA ITALIA     CGLUF US     -137726596.3  527372691.4
COMPAGNIA ITALIA     ICT IM       -137726596.3  527372691.4
CONBIPEL SPA         2241259Z IM  -8880034.854  222164742.3
CREDITO FONDIARI     CRF IM       -200209050.3   4213063202
CREDITO FOND-RTS     CRFSA IM     -200209050.3   4213063202
DEGI FRANCIACORT     4360437Z IM   -471251.996  253375581.9
DIMA COSTRUZIONI     4526911Z IM   -14681477.1  426157772.4
DIMAFIN SPA          2727163Z IM  -63237953.95  270856564.4
ELETTRA PRODUZIO     3995020Z IM  -2325645.288    227506350
EQUIPOLYMERS SRL     4224221Z IM  -77501046.37  227622587.6
EUROFLY SPA          EEZ IX        -30409445.9  416708236.2
EUROFLY SPA -RTS     EEZAXA IM     -30409445.9  416708236.2
EUROFLY SPA-RTS      EURAXA IM     -30409445.9  416708236.2
FC INTERNAZIONAL     1185Z IM     -10874536.45  713790943.1
FINMATICA SPA        FIT GR       -126380828.5  281244456.3
FINMATICA SPA        FIN IM       -126380828.5  281244456.3
FINMATICA SPA        FIN NM       -126380828.5  281244456.3
FINMATICA SPA        FMTAF US     -126380828.5  281244456.3
FORUM GRAN SASSO     4032509Z IM  -5954613.651  163924566.4
FUNIVIE FOLGARID     4325137Z IM  -3839728.226  199413338.6
GRUPPO FINI SPA      4514671Z IM  -1791897.636  101060963.7
GUERRINO PIVATO      4292565Z IM  -41218066.44  397216267.9
I VIAGGI DEL VEN     VVE IM       -209436890.3  202705179.9
I VIAGGI DEL VEN     VVE PZ       -209436890.3  202705179.9
I VIAGGI DEL VEN     IVGIF US     -209436890.3  202705179.9
I VIAGGI DEL VEN     VVE IX       -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     VVE EO       -209436890.3  202705179.9
I VIAGGI DEL VEN     IV7 GR       -209436890.3  202705179.9
I VIAGGI-RTS         VVEAA IM     -209436890.3  202705179.9
INDUSTRIE FINCUO     4270053Z IM  -15676157.12  111118283.9
INTERSIDER ACCIA     4268893Z IM  -5355062.509  156885353.6
INTRALOT ITALIA      2884343Z IM  -2665603.223  118040362.9
IP MAESTRALE 4 S     4407001Z IM  -1364553.628  613867867.9
KERSELF              KERS IX      -42106279.58  830980118.2
KERSELF SPA          3533882Z IM  -42106279.58  830980118.2
KERSELF SPA          KRSI PZ      -42106279.58  830980118.2
KERSELF SPA          KRS EO       -42106279.58  830980118.2
KERSELF SPA          KRS EU       -42106279.58  830980118.2
KERSELF SPA          KRS TQ       -42106279.58  830980118.2
KERSELF SPA          KRS IM       -42106279.58  830980118.2
KERSELF-RT           KRSAA IM     -42106279.58  830980118.2
KERSELF-RTS          KERSAA IM    -42106279.58  830980118.2
KERSELF-RTS          KRSRI IX     -42106279.58  830980118.2
MAC METALLURGICA     4290637Z IM  -13970053.88  192912284.9
MERIDIANA FLY        EEZ PZ        -30409445.9  416708236.2
MERIDIANA FLY        MEF EB        -30409445.9  416708236.2
MERIDIANA FLY        MEF IX        -30409445.9  416708236.2
MERIDIANA FLY        EEZ IM        -30409445.9  416708236.2
MERIDIANA FLY        MEF IM        -30409445.9  416708236.2
MERIDIANA FLY        EEZ EO        -30409445.9  416708236.2
MERIDIANA FLY        EEZ EU        -30409445.9  416708236.2
MERIDIANA FLY        EEZ TQ        -30409445.9  416708236.2
MERIDIANA FLY        EEZ QM        -30409445.9  416708236.2
MERIDIANA FLY        MEF BQ        -30409445.9  416708236.2
MERIDIANA FLY        EFLYF US      -30409445.9  416708236.2
MERIDIANA FLY        E7N GR        -30409445.9  416708236.2
MERIDIANA FLY SP     MEFAXA IM     -30409445.9  416708236.2
MERIDIANA SPA        1163Z IM     -4645217.834  187285866.9
MONTE MARE GRADO     4359985Z IM  -535776.0315  100534744.7
MV AGUSTA MOTOR      3898906Z IM  -10856011.42  258767112.5
NEXANS ITALIA SP     3636695Z IM  -19973174.81  139448244.4
OCV ITALIA SRL       4455649Z IM  -7833657.759  212272084.3
OLCESE SPA           O IM         -12846689.89  179691572.8
OLCESE SPA-RTS       OAA IM       -12846689.89  179691572.8
OLCESE VENEZIANO     OLVE IM      -12846689.89  179691572.8
OMNIA SERVICE CE     3401139Z IM  -9159816.788  165737571.5
PARMALAT FINANZI     PMLFF US     -18419396969   4120687886
PARMALAT FINANZI     PAF GR       -18419396969   4120687886
PARMALAT FINANZI     PARAF US     -18419396969   4120687886
PARMALAT FINANZI     FICN AV      -18419396969   4120687886
PARMALAT FINANZI     PRFI VX      -18419396969   4120687886
PARMALAT FINANZI     PMT LI       -18419396969   4120687886
PARMALAT FINANZI     PRF IM       -18419396969   4120687886
PARMALAT FINA-RT     PRFR AV      -18419396969   4120687886
PLASTIC COMPONEN     4489891Z IM  -4874668.899  477291693.5
REGGIANE CRANES      4428649Z IM  -56111781.34  352789095.4
SANTA CROCE 2010     3994268Z IM  -4287041.203  120271258.3
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             SNIA GR      -141933895.2  150445252.4
SNIA SPA             SN IM        -141933895.2  150445252.4
SNIA SPA             SNIXF US     -141933895.2  150445252.4
SNIA SPA             SN EU        -141933895.2  150445252.4
SNIA SPA             SIAI IX      -141933895.2  150445252.4
SNIA SPA             SNIB GR      -141933895.2  150445252.4
SNIA SPA             SN TQ        -141933895.2  150445252.4
SNIA SPA             SIAI PZ      -141933895.2  150445252.4
SNIA SPA             SN EO        -141933895.2  150445252.4
SNIA SPA             SSMLF US     -141933895.2  150445252.4
SNIA SPA             SBPDF US     -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         SNIVF US     -141933895.2  150445252.4
SNIA SPA-RCV         SNR IM       -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
SVILUPPO COMPART     3895994Z IM  -3410478.946  384012735.9
TECNODIFF ITALIA     TDIFF US     -89894162.82  152045757.5
TECNODIFF ITALIA     TEF GR       -89894162.82  152045757.5
TECNODIFF ITALIA     TDI IM       -89894162.82  152045757.5
TECNODIFF ITALIA     TDI NM       -89894162.82  152045757.5
TECNODIFF-RTS        TDIAOW NM    -89894162.82  152045757.5
TECNODIFFUSIONE      TDIAAW IM    -89894162.82  152045757.5
TEREX ITALIA SRL     4514535Z IM  -65352037.06  187112594.8
TISCALI - RTS        TISAAW IM    -158576909.6  500626222.7
TISCALI - RTS        TIQA GR      -158576909.6  500626222.7
TISCALI SPA          TISGBX EO    -158576909.6  500626222.7
TISCALI SPA          TISGBP EO    -158576909.6  500626222.7
TISCALI SPA          TIS EO       -158576909.6  500626222.7
TISCALI SPA          TISN NA      -158576909.6  500626222.7
TISCALI SPA          TIQ1 GR      -158576909.6  500626222.7
TISCALI SPA          TIS EB       -158576909.6  500626222.7
TISCALI SPA          TISM IX      -158576909.6  500626222.7
TISCALI SPA          TISN IX      -158576909.6  500626222.7
TISCALI SPA          TIS IM       -158576909.6  500626222.7
TISCALI SPA          TSCXF US     -158576909.6  500626222.7
TISCALI SPA          TISN VX      -158576909.6  500626222.7
TISCALI SPA          TISN IM      -158576909.6  500626222.7
TISCALI SPA          TIQG IX      -158576909.6  500626222.7
TISCALI SPA          TIS IX       -158576909.6  500626222.7
TISCALI SPA          TIS NA       -158576909.6  500626222.7
TISCALI SPA          TIS QM       -158576909.6  500626222.7
TISCALI SPA          TIS BQ       -158576909.6  500626222.7
TISCALI SPA          TISN FP      -158576909.6  500626222.7
TISCALI SPA          TIS NQ       -158576909.6  500626222.7
TISCALI SPA          TIS VX       -158576909.6  500626222.7
TISCALI SPA          TIS TQ       -158576909.6  500626222.7
TISCALI SPA          TIS PZ       -158576909.6  500626222.7
TISCALI SPA          TIQ GR       -158576909.6  500626222.7
TISCALI SPA          TIS NR       -158576909.6  500626222.7
TISCALI SPA          TISGBX EU    -158576909.6  500626222.7
TISCALI SPA          TIS FP       -158576909.6  500626222.7
TISCALI SPA          TIS EU       -158576909.6  500626222.7
TISCALI SPA- RTS     3391621Q GR  -158576909.6  500626222.7
TISCALI SPA- RTS     TISAXA IM    -158576909.6  500626222.7
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
CARRIER1 INT-AD+     CONE ES         -94729000    472360992
CARRIER1 INT-ADR     CONEQ US        -94729000    472360992
CARRIER1 INT-ADR     CONEE US        -94729000    472360992
CARRIER1 INT-ADR     CONE US         -94729000    472360992
CARRIER1 INTL        CJNA GR         -94729000    472360992
CARRIER1 INTL        8133893Q GR     -94729000    472360992
CARRIER1 INTL        CJN NM          -94729000    472360992
CARRIER1 INTL SA     CONEF US        -94729000    472360992
CARRIER1 INTL SA     1253Z SW        -94729000    472360992
INTELSAT             ILMA GR        -697038976  17592367104
INTELSAT SA          2237Z US       -697038976  17592367104
OXEA SARL            3682535Z LX  -78371220.13   1013737294
OXEA SARL            3682535Z GR  -78371220.13   1013737294

NETHERLANDS
-----------
ADAMAR AMSTERDAM     4049157Z NA  -5256671.097  108813893.8
ALFRED C TOEPFER     4062117Z NA  -1843317.436   1689194175
ASITO DIENSTENGR     743813Z NA   -2494804.851  220704023.7
BAAN CO NV-ASSEN     BAANA NA     -7854715.264  609871188.9
BAAN COMPANY NV      BAAN EU      -7854715.264  609871188.9
BAAN COMPANY NV      BNCG IX      -7854715.264  609871188.9
BAAN COMPANY NV      BAAVF US     -7854715.264  609871188.9
BAAN COMPANY NV      BAAN IX      -7854715.264  609871188.9
BAAN COMPANY NV      BAAN NA      -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      BAAN EO      -7854715.264  609871188.9
BAAN COMPANY-NY      BAANF US     -7854715.264  609871188.9
BASELL BENELUX B     4048469Z NA  -49594551.15    221005725
BELEGGINGSMAATSC     801105Z NA   -5070657.703  350267370.9
CENTRIC HOLDING      745383Z NA   -72753.24225  363069870.7
CEVA GROUP PLC       976811Z NA   -538665968.2   5318491121
CEVA LOGISTICS       882197Z NA   -538665968.2   5318491121
CLATES HOLDING B     4043429Z NA  -34881.25205  221495950.5
COENTUNNEL CO BV     3823892Z NA  -42087507.72  316350701.9
COOPERATIE VOEDI     4378105Z NA  -216576.9882  680962157.8
EON BENELUX LEVE     4173461Z NA  -21561715.64  273422076.5
EUROCOMMERCE HOL     4174085Z NA  -1476.315022   1442058655
EUROPEAN MARITIM     4523543Z NA  -34803118.05  347300069.4
FERDINAND STINGE     4040837Z NA  -197826.2129   1420319834
FONDEL METALS BV     4039013Z NA  -2368075.248  110363800.6
HE INVESTMENTS B     3813216Z NA  -1780665.857    195483088
HUISVUILCENTRALE     4777713Z NA  -87789.23965   1412526184
INFOR GLOBAL SOL     4778481Z NA  -332427172.9  500602423.6
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    -302140891  797339200.3
MAAS INTERNATION     4174109Z NA  -104625.6021  163961580.9
MITSUBISHI MOTOR     3893974Z NA  -377506741.2  526604236.4
MSREF ELBA BV        4043045Z NA  -89889.60183  584994172.5
MSREF VI KAIROS      4174205Z NA  -38313.60078    893956511
NIDERA HANDELSCO     3893886Z NA  -1347999.991   2303695933
NORFOLK HOLDINGS     779151Z NA   -199512.5928  813430683.8
RHEIN PAPIER HOL     4040349Z NA  -2301763.247   1089890804
RIVA NV              3797916Z NA  -852952.1165  111411542.1
SGS NEDERLAND HO     3896746Z NA  -742586.4558    148207265
SITA NEDERLAND B     874216Z NA   -312079.8969   2324948031
SPYKER CARS NV       SPYKR EB     -154336469.5   1337361332
SPYKER CARS NV       SPYKR NA     -154336469.5   1337361332
SPYKER CARS NV       SPYKR BQ     -154336469.5   1337361332
SPYKER CARS NV       SPYK IX      -154336469.5   1337361332
SPYKER CARS NV       SPYKR QM     -154336469.5   1337361332
SPYKER CARS NV       SPYKR EO     -154336469.5   1337361332
SPYKER CARS NV       SPYKR EU     -154336469.5   1337361332
SPYKER CARS NV       SPYKR TQ     -154336469.5   1337361332
STICHTING PENSIO     4498027Z NA  -19254451.13  566611058.3
STICHTING PENSIO     4489595Z NA   -7065546415  43409019837
SWEDISH AUTOMOBI     SWAN EU      -154336469.5   1337361332
SWEDISH AUTOMOBI     SWAN BQ      -154336469.5   1337361332
SWEDISH AUTOMOBI     SWAN TQ      -154336469.5   1337361332
SWEDISH AUTOMOBI     SWAN EO      -154336469.5   1337361332
SWEDISH AUTOMOBI     SWAN EB      -154336469.5   1337361332
SWEDISH AUTOMOBI     SPYKR PZ     -154336469.5   1337361332
SWEDISH AUTOMOBI     SWAN NA      -154336469.5   1337361332
SWEDISH AUTOMOBI     SWAN QM      -154336469.5   1337361332
SWEDISH AUTOMOBI     SPYKF US     -154336469.5   1337361332
SWEDISH AUTOMOBI     L9I TH       -154336469.5   1337361332
SWEDISH AUTOMOBI     L9I GR       -154336469.5   1337361332
TATE & LYLE NETH     3634775Z NA  -2595894.422  104534416.9
TOYOTA MATERIAL      4062173Z NA  -525179.3964  103144175.2
TRAVELPORT GLOBA     4501611Z NA  -3622780.496  320789835.8
UNITED PAN -ADR      UPEA GR       -5505478850   5112616630
UNITED PAN-A ADR     UPCOY US      -5505478850   5112616630
UNITED PAN-EUR-A     UPC LI        -5505478850   5112616630
UNITED PAN-EUR-A     UPC LN        -5505478850   5112616630
UNITED PAN-EUROP     UPCOF US      -5505478850   5112616630
UNITED PAN-EUROP     UPCEF US      -5505478850   5112616630
UNITED PAN-EUROP     UPC VX        -5505478850   5112616630
UNITED PAN-EUROP     UPE1 GR       -5505478850   5112616630
UPC HOLDING BV       3590264Z NA  -12164702941  13901661309
VAN WEELDE BEHEE     4038885Z NA  -165002.3062  161800258.3
VOLKERWESSELS BO     4062101Z NA  -17683.20036  191596002.3
VWS TRANSPORTINF     4377249Z NA  -88578.90129  442019063.5
VWS VERKEER-EN I     4777577Z NA  -125486.7768  799874848.4
W2005 W2007 CARN     3824100Z NA  -107841645.8    362615031
WE INTERNATIONAL     630199Z NA   -1220350.163   1011026941
WILMAR EDIBLE OI     3817520Z NA  -3976944.095  218912594.8
ZINVEST FASHION      3775412Z NA  -296559.4047    180677208
ZWINGER OPCO 6 B     3821644Z NA  -106543158.2  627759193.8

NORWAY
------
AFRICA OFFSHORE      AOSA NO        -238595008    399271008
AKER BIOMARINE A     4508947Z NO  -91258656.74  103294723.7
AKER ELEKTRO AS      4389353Z NO   -35218317.7  134077911.8
AKER FLOATING PR     AKFP EO          -7700000    816200000
AKER FLOATING PR     AKFP BY          -7700000    816200000
AKER FLOATING PR     AKNO IX          -7700000    816200000
AKER FLOATING PR     AKFP NO          -7700000    816200000
AKER FLOATING PR     AKFP EU          -7700000    816200000
AKER FLOATING PR     AKFPEUR EU       -7700000    816200000
AKER FLOATING PR     AKFPEUR EO       -7700000    816200000
AKER FLOATING PR     AKFP PZ          -7700000    816200000
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     IOX BY          -71383000    195320000
INTEROIL EXPLORA     IOX NO          -71383000    195320000
INTEROIL EXPLORA     IROIF US        -71383000    195320000
INTEROIL EXPLORA     IOX EU          -71383000    195320000
INTEROIL EXPLORA     IOX PZ          -71383000    195320000
INTEROIL EXPLORA     IOXEUR EU       -71383000    195320000
INTEROIL EXPLORA     IOXUSD EO       -71383000    195320000
INTEROIL EXPLORA     IOX IX          -71383000    195320000
INTEROIL EXPLORA     IOXEUR EO       -71383000    195320000
INTEROIL EXPLORA     INOX NO         -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
MARINE SUBSEA AS     MSAS NO        -238595008    399271008
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       PGS VX       -18066142.21  399710323.6
PETRO GEO-SERV       265143Q NO   -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     PGSA GR      -18066142.21  399710323.6
PETRO GEO-SV-ADR     PGOGY US     -18066142.21  399710323.6
PETROJACK AS         JACKEUR EO      -54932000    191586000
PETROJACK AS         JACK BY         -54932000    191586000
PETROJACK AS         JACK EU         -54932000    191586000
PETROJACK AS         P3J GR          -54932000    191586000
PETROJACK AS         JACK EO         -54932000    191586000
PETROJACK AS         JACO IX         -54932000    191586000
PETROJACK AS         JACK PZ         -54932000    191586000
PETROJACK AS         JACK NO         -54932000    191586000
PETROJACK AS         JACKEUR EU      -54932000    191586000
PETROJACK AS         POJKF US        -54932000    191586000
PETROMENA AS         PMEN IX         -47299000    317747008
PETROMENA AS         PMENA NO        -47299000    317747008
PETROMENA AS         PMENA EU        -47299000    317747008
PETROMENA AS         PR2 GR          -47299000    317747008
PETROMENA AS         MENA NO         -47299000    317747008
PETROMENA AS         PMENA PZ        -47299000    317747008
PETROMENA AS         PMENA EO        -47299000    317747008
PETROMENA AS         PMENAEUR EO     -47299000    317747008
PETROMENA AS         PMENF US        -47299000    317747008
PETROMENA AS         PMENAEUR EU     -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
------
KROSNO               KROS IX       -2241615.44  111838141.2
KROSNO               KRS PW        -2241615.44  111838141.2
KROSNO               KRS1EUR EU    -2241615.44  111838141.2
KROSNO               KRS1EUR EO    -2241615.44  111838141.2
KROSNO               KRS LI        -2241615.44  111838141.2
KROSNO SA            KRS PZ        -2241615.44  111838141.2
KROSNO SA            KROSNO PW     -2241615.44  111838141.2
KROSNO SA            KRS1 EU       -2241615.44  111838141.2
KROSNO SA            KRNFF US      -2241615.44  111838141.2
KROSNO SA            KRS1 EO       -2241615.44  111838141.2
KROSNO SA-RTS        KRSP PW       -2241615.44  111838141.2
KROSNO-PDA-ALLT      KRSA PW       -2241615.44  111838141.2
TOORA                2916661Q EO  -288818.3897  147004954.2
TOORA                2916665Q EU  -288818.3897  147004954.2
TOORA                TOR PZ       -288818.3897  147004954.2
TOORA                TOR PW       -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   -63194407.2  123417394.8
CO DAS ENERGIAS      3794880Z PL  -2540034.474  115717930.4
CP - COMBOIOS DE     1005Z PL      -3201667702   2260472073
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 DO DIVI     3789932Z PL   -38574192.3  217870602.5
HOSPITAL GARCIA      3773160Z PL   -48058398.4  155137981.5
LOCACAO DE EQUIP     4772329Z PL  -1031872.211  425561447.8
LYCATELCOM LDA       4281821Z PL  -8577510.562  109410577.8
METRO DO PORTO       4473963Z PL   -1539365046   3027538897
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     -366661049.9  152577542.7
SPORTING CLUBE D     SCDF EU      -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     SCP1 PZ      -65884328.13  251276323.4
SPORTING CLUBE D     SCPX PX      -65884328.13  251276323.4
SPORTING CLUBE D     SCDF EO      -65884328.13  251276323.4
SPORTING-SOC DES     SCDF PL      -65884328.13  251276323.4
SPORTING-SOC DES     SCPL IX      -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 RO       -89344240.83  511515508.8
OLTCHIM SA RM VA     OLT PZ       -89344240.83  511515508.8
OLTCHIM SA RM VA     OLTEUR EO    -89344240.83  511515508.8
OLTCHIM SA RM VA     OLT EU       -89344240.83  511515508.8
OLTCHIM SA RM VA     OLTEUR EU    -89344240.83  511515508.8
OLTCHIM SA RM VA     OLT EO       -89344240.83  511515508.8
RAFO SA              RAF RO       -457922310.7  356796459.3

RUSSIA
------
AKCIONERNOE-BRD      SOVP$ RU     -72210975.94  456200360.2
ALLIANCE RUSSIAN     ALRT RU       -13189410.9  138268688.3
AMO ZIL              ZILL RM      -204894835.3    401284636
AMO ZIL-CLS          ZILL RU      -204894835.3    401284636
AMO ZIL-CLS          ZILL* RU     -204894835.3    401284636
AMO ZIL-CLS          ZILLG RU     -204894835.3    401284636
CRYOGENMASH-BRD      KRGM* RU     -22826263.97  214573431.2
CRYOGENMASH-BRD      KRGM RU      -22826263.97  214573431.2
CRYOGENMASH-PFD      KRGMP* RU    -22826263.97  214573431.2
CRYOGENMASH-PFD      KRGMP RU     -22826263.97  214573431.2
DAGESTAN ENERGY      DASBG RU      -29561959.6  232757864.4
DAGESTAN ENERGY      DASB RM       -29561959.6  232757864.4
DAGESTAN ENERGY      DASB RU       -29561959.6  232757864.4
DAGESTAN ENERGY      DASB* RU      -29561959.6  232757864.4
EAST-SIBERIA-BRD     VSNK* RU     -92283895.48  299864149.8
EAST-SIBERIA-BRD     VSNK RU      -92283895.48  299864149.8
EAST-SIBERIAN-BD     VSNK$ RU     -92283895.48  299864149.8
FINANCIAL LEASIN     137282Z RU   -127155421.5  341759794.6
FINANCIAL LEASIN     FLKO RU      -127155421.5  341759794.6
FINANCIAL LEASIN     FLKO* RU     -127155421.5  341759794.6
FINANCIAL LEASIN     FLKO RM      -127155421.5  341759794.6
GAZ-FINANS           GAZF RU      -56134.51262  232319905.4
GUKOVUGOL            GUUG RU      -57835249.92  143665227.2
GUKOVUGOL            GUUG* RU     -57835249.92  143665227.2
GUKOVUGOL-PFD        GUUGP RU     -57835249.92  143665227.2
GUKOVUGOL-PFD        GUUGP* RU    -57835249.92  143665227.2
HALS-DEVEL- GDR      86PN LI        -588515968   1446112000
HALS-DEVELOPMENT     HALS TQ        -588515968   1446112000
HALS-DEVELOPMENT     SYR GR         -588515968   1446112000
HALS-DEVELOPMENT     HALS* RU       -588515968   1446112000
HALS-DEVELOPMENT     HALS LI        -588515968   1446112000
HALS-DEVELOPMENT     HALS RU        -588515968   1446112000
HALS-DEVELOPMENT     HALS RM        -588515968   1446112000
HALS-DEVELOPMENT     HALSM RU       -588515968   1446112000
HALS-DEVELOPMENT     HALSG RU       -588515968   1446112000
IZHAVTO OAO          IZAV RU      -94100833.99  443610329.4
KAMSKAYA GORNAYA     2806239Z RU  -527803788.8   1311868884
KOMPANIYA GL-BRD     GMST RU      -2412499.797   1202818434
KOMPANIYA GL-BRD     GMST* RU     -2412499.797   1202818434
KUZNETSOV-BRD        MTSTP RU     -11247039.53  390269032.2
KUZNETSOV-BRD        MTSTP* RU    -11247039.53  390269032.2
KUZNETSOV-BRD        MTST* RU     -11247039.53  390269032.2
KUZNETSOV-BRD        MTST RU      -11247039.53  390269032.2
M-INDUSTRIYA         SOMI RU      -1304109.982  267288804.8
MURMANSKAYA-PFD      MUGSP RU     -26491726.33  140103923.5
MURMANSKAYA-PFD      MUGSPG RU    -26491726.33  140103923.5
MURMANSKAYA-PFD      MUGSP* RU    -26491726.33  140103923.5
MURMANSKAY-CLS       MUGS* RU     -26491726.33  140103923.5
MURMANSKAY-CLS       MUGSG RU     -26491726.33  140103923.5
MURMANSKAY-CLS       MUGS RU      -26491726.33  140103923.5
NIZHEGORODSK-BRD     NASO RU      -24264468.23  426748912.4
NIZHEGORODSK-BRD     NASO* RU     -24264468.23  426748912.4
NIZHEGORODSKI-B      NASO$ RU     -24264468.23  426748912.4
NIZHEGORODS-P B$     NASOP$ RU    -24264468.23  426748912.4
NIZHEGORODS-PFD      NASOP RU     -24264468.23  426748912.4
NIZHEGORODS-PFD      NASOP* RU    -24264468.23  426748912.4
NIZHMASHZAVO-BRD     NMSZ* RU     -11553901.84  372915429.4
NIZHMASHZAVO-BRD     NMSZ RU      -11553901.84  372915429.4
NIZHMASHZAVOD-BD     NMSZ$ RU     -11553901.84  372915429.4
NIZHMASHZAVO-PFD     NMSZP* RU    -11553901.84  372915429.4
NIZHMASHZAVO-PFD     NMSZP RU     -11553901.84  372915429.4
OAO SIBNEFTEGAZ      SIGA RU      -8733178.141  757597617.2
PENOPLEX-FINANS      PNPF RU      -839659.3715  147052027.7
PIK GROUP            PIKK RU      -65334860.95   4000687446
PIK GROUP            PIKK* RU     -65334860.95   4000687446
PIK GROUP            PIKKG RU     -65334860.95   4000687446
PIK GROUP            PIKK RM      -65334860.95   4000687446
PIK GROUP-GDR        PIQ2 GR      -65334860.95   4000687446
PIK GROUP-GDR        PIK EU       -65334860.95   4000687446
PIK GROUP-GDR        PIK1 QM      -65334860.95   4000687446
PIK GROUP-GDR        PIK1 EO      -65334860.95   4000687446
PIK GROUP-GDR        PIK LI       -65334860.95   4000687446
PIK GROUP-GDR        PIK EB       -65334860.95   4000687446
PIK GROUP-GDR        PIK TQ       -65334860.95   4000687446
PIK GROUP-GDR        PKGPL US     -65334860.95   4000687446
PIK GROUP-GDR        PIK IX       -65334860.95   4000687446
PROMTRACTOR-FINA     PTRF RU      -27519567.06  259128529.5
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
SEVERNAYA KAZNA      SVKB RU      -53030865.11  292154903.1
SEVERNAYA KAZNA      SVKB* RU     -53030865.11  292154903.1
SEVKABEL-FINANS      SVKF RU      -83036.46173  102680373.6
SISTEMA HALS-GDR     HALS IX        -588515968   1446112000
SISTEMA-GDR 144A     SEMAL US       -588515968   1446112000
URGALUGOL-BRD        YRGL* RU     -10942680.75  149416034.2
URGALUGOL-BRD        YRGL RU      -10942680.75  149416034.2
URGALUGOL-BRD-PF     YRGLP RU     -10942680.75  149416034.2
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      -72210975.94  456200360.2
VIMPEL SHIP-BRD      SOVP* RU     -72210975.94  456200360.2
VOLGOGRAD KHIM       VHIM* RU     -46674128.45  156690406.4
VOLGOGRAD KHIM       VHIM RU      -46674128.45  156690406.4
WILD ORCHID ZAO      DOAAN RU     -11716087.47  106082784.6
ZIL AUTO PLANT       ZILL$ RU     -204894835.3    401284636
ZIL AUTO PLANT-P     ZILLP RU     -204894835.3    401284636
ZIL AUTO PLANT-P     ZILLP RM     -204894835.3    401284636
ZIL AUTO PLANT-P     ZILLP* RU    -204894835.3    401284636

SERBIA
------
DUVANSKA             DIVR SG      -46938765.41  107525048.4

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

SPAIN
-----
ACTUACIONES ACTI     AGR SM        -57871829.5  772519224.5
ADT ESPANA SERVI     3632899Z SM   -26498520.4  149454497.1
AGRUPACIO - RT       AGR/D SM      -57871829.5  772519224.5
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
ATLANTIC COPPER      4512291Z SM  -15995873.26   1016941910
AURIGACROWN CAR      3791672Z SM  -9696329.512  319009666.2
BASF CONSTRUCTIO     4511259Z SM  -175550365.3  296395765.4
BIMBO SA             3632779Z SM  -6894386.116  162399487.1
BOSCH SISTEMAS D     4505475Z SM  -295419977.8  205556877.2
BOUYGUES INMOBIL     3636247Z SM  -13608696.28  203210905.9
CAIXARENTING SA      4500211Z SM  -7390432.998   1722091946
CAJA DE AHORROS      929362Z SM   -361326816.2  37311046644
CELAYA EMPARANZA     3642467Z SM  -19428468.87  176340504.9
COPERFIL GROUP       704457Z SM   -3700858.975    403826723
DTZ IBERICA ASES     1658Z SM     -130770583.4    611187363
ELECTRODOMESTICO     1035184Z SM  -89882980.98  104386627.5
EXPO-AN SA           569882Z SM   -14692346.37  324154549.3
FABRICAS AGRUPAD     3638319Z SM  -28683704.97    205880655
FACTORIA NAVAL D     3748456Z SM  -91596638.83  155617881.8
FBEX PROMO INMOB     3745024Z SM  -820001.0305   1142937522
FERGO AISA -RTS      AISA/D SM     -57871829.5  772519224.5
FERGO AISA SA        AISA PZ       -57871829.5  772519224.5
FERGO AISA SA        AISA EU       -57871829.5  772519224.5
FERGO AISA SA        AISA SM       -57871829.5  772519224.5
FERGO AISA SA        AISA EO       -57871829.5  772519224.5
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
GE REAL ESTATE I     2814684Z SM  -47072259.92  609515984.5
GENERAL MOTORS E     4286805Z SM  -323089753.8   2783002632
GLENCORE ESPANA      3752336Z SM  -24493084.81    140668008
HIDROCANTABRICO      4456745Z SM  -245397523.6    513745817
HUNE PLATAFORMAS     4284309Z SM  -34729576.87  417379212.5
ISOFOTON SA          1039291Z SM    -401482382  218392769.3
JAZZ TELECOM SA      3646927Z SM  -739593798.9    803977667
LA SIRENA ALIMEN     4375737Z SM   -60779557.1  206592562.2
LEVANTINA Y ASOC     993382Z SM   -289550685.8  672488470.2
MAGNETI MARELLI      3643903Z SM  -6218714.533  169480205.1
MARTINSA FADESA      MTF1 LI       -3883366101   6592778504
MARTINSA FADESA      MFAD PZ       -3883366101   6592778504
MARTINSA FADESA      MTF EU        -3883366101   6592778504
MARTINSA FADESA      MTF SM        -3883366101   6592778504
MARTINSA FADESA      4PU GR        -3883366101   6592778504
MARTINSA FADESA      MTF EO        -3883366101   6592778504
MARTINSA-FADESA      MTF NR        -3883366101   6592778504
NYESA VALORES CO     NYE TQ       -99766729.91  812943907.9
NYESA VALORES CO     NYE EU       -99766729.91  812943907.9
NYESA VALORES CO     BES SM       -99766729.91  812943907.9
NYESA VALORES CO     BESS PZ      -99766729.91  812943907.9
NYESA VALORES CO     7NY GR       -99766729.91  812943907.9
NYESA VALORES CO     BES EU       -99766729.91  812943907.9
NYESA VALORES CO     BES TQ       -99766729.91  812943907.9
NYESA VALORES CO     NYE SM       -99766729.91  812943907.9
NYESA VALORES CO     BES EO       -99766729.91  812943907.9
NYESA VALORES CO     NYE EO       -99766729.91  812943907.9
ORANGE CATALUNYA     4365565Z SM  -25422547.72  113962331.9
PANRICO SL           1087Z SM     -372238069.5   1219319614
PLANES E INVERSI     3795524Z SM   -72863651.9  220131915.6
PULLMANTUR SA        301590Z SM   -84915226.97  196732982.8
RANDSTAD EMPLEO      4285885Z SM  -58273106.53  432173483.1
REAL ZARAGOZA SA     4285533Z SM   -26642893.2  155342765.2
RENTA CORP           REN1GBP EO   -55365883.37  289916358.5
RENTA CORP           RENS PZ      -55365883.37  289916358.5
RENTA CORP           REN1GBX EU   -55365883.37  289916358.5
RENTA CORP           REN1GBX EO   -55365883.37  289916358.5
RENTA CORP           REN1USD EO   -55365883.37  289916358.5
RENTA CORP           RTACF US     -55365883.37  289916358.5
RENTA CORP           REN1 EO      -55365883.37  289916358.5
RENTA CORP           REN1 EU      -55365883.37  289916358.5
RENTA CORP           REN1USD EU   -55365883.37  289916358.5
RENTA CORP           REN1 TQ      -55365883.37  289916358.5
RENTA CORP           REN SM       -55365883.37  289916358.5
RENTA CORP REAL      REN/D SM     -55365883.37  289916358.5
REYAL URBIS SA       REY1 EU      -699015340.8   5992489048
REYAL URBIS SA       REY SM       -699015340.8   5992489048
REYAL URBIS SA       REYU PZ      -699015340.8   5992489048
REYAL URBIS SA       REY1 EO      -699015340.8   5992489048
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     -172531031.3  375809287.4
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  -29242607.48  104149119.2
TROPICAL TURISTI     3639071Z SM  -25374266.69    535701945
TYCO ELECTRONICS     2335265Z SM  -143512076.6  258441853.6
UNITEC UNION TIE     3801344Z SM  -23207409.48  131213302.5
VIA OPERADOR PET     4510507Z SM  -22002322.05  129961207.4
VILLAVINAS SL        3790664Z SM  -4071759.503  112727175.1

SWEDEN
------
ATTENDO AB           4452873Z SS  -58148252.61   1244996834
CARLSBERG SVERIG     4008900Z SS  -7398371.724  324772773.9
KAROLINEN FASTIG     4008644Z SS  -906745.1282  122777361.3
PHADIA AB            842347Z SS   -140406774.4   2127579095
SWEDISH MA-RE RT     SWMASR SS    -284909084.5   2094817513
SWEDISH MAT-ADR      SWMA GR      -284909084.5   2094817513
SWEDISH MAT-ADR      3053566Q US  -284909084.5   2094817513
SWEDISH MATCH        SWD LI       -284909084.5   2094817513
SWEDISH MATCH AB     SWMA PZ      -284909084.5   2094817513
SWEDISH MATCH AB     SWMAUSD EO   -284909084.5   2094817513
SWEDISH MATCH AB     SWMAEUR EO   -284909084.5   2094817513
SWEDISH MATCH AB     SWMA EO      -284909084.5   2094817513
SWEDISH MATCH AB     SWMA EU      -284909084.5   2094817513
SWEDISH MATCH AB     SWM VX       -284909084.5   2094817513
SWEDISH MATCH AB     SWMAEUR EU   -284909084.5   2094817513
SWEDISH MATCH AB     SWM TH       -284909084.5   2094817513
SWEDISH MATCH AB     SWMA NQ      -284909084.5   2094817513
SWEDISH MATCH AB     SWMA IX      -284909084.5   2094817513
SWEDISH MATCH AB     SWMAGBP EO   -284909084.5   2094817513
SWEDISH MATCH AB     SWMA BY      -284909084.5   2094817513
SWEDISH MATCH AB     SWMA NR      -284909084.5   2094817513
SWEDISH MATCH AB     SWMA QM      -284909084.5   2094817513
SWEDISH MATCH AB     SWMA S1      -284909084.5   2094817513
SWEDISH MATCH AB     SWMA EB      -284909084.5   2094817513
SWEDISH MATCH AB     SWMA LI      -284909084.5   2094817513
SWEDISH MATCH AB     SWMAGBX EO   -284909084.5   2094817513
SWEDISH MATCH AB     SWM GR       -284909084.5   2094817513
SWEDISH MATCH AB     SWMAF US     -284909084.5   2094817513
SWEDISH MATCH AB     SWMAGBX EU   -284909084.5   2094817513
SWEDISH MATCH AB     SWMA SS      -284909084.5   2094817513
SWEDISH MATCH AB     SWMAUSD EU   -284909084.5   2094817513
SWEDISH MATCH AB     SWMA TQ      -284909084.5   2094817513
SWEDISH MATCH AB     SWMDF US     -284909084.5   2094817513
SWEDISH MATCH AB     SWMA GK      -284909084.5   2094817513
SWEDISH MATCH- B     SWMWF US     -284909084.5   2094817513
SWEDISH MATCH-B      3033P US     -284909084.5   2094817513
SWEDISH MAT-RTS      SWMYR US     -284909084.5   2094817513
SWEDISH M-UN ADR     SWMAY US     -284909084.5   2094817513

TURKEY
------
BESIKTAS FUTBOL      BKTFF US     -94748145.95  140991569.3
BESIKTAS FUTBOL      BJKAS TI     -94748145.95  140991569.3
BESIKTAS FUTBOL      BJKASM TI    -94748145.95  140991569.3
BESIKTAS FUTBOL      BJKASY TI    -94748145.95  140991569.3
BESIKTAS FUTBOL      BWX GR       -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     GATSF US     -4380459.912  184132637.7
GALATASARAY SPOR     GSRAY TI     -4380459.912  184132637.7
GALATASARAY SPOR     GSY GR       -4380459.912  184132637.7
GALATASARAY SPOR     GALA IX      -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     -2039534.235  117975034.3
KEREVITAS GIDA       KERVT TI     -2039534.235  117975034.3
MUDURNU TAVUKC-N     MDRNUN TI     -64935052.1  160420187.4
MUDURNU TAVUKCUL     MDRNU TI      -64935052.1  160420187.4
SIFAS                SIFAS TI      -15439194.7    130608104
TUTUNBANK            TUT TI        -4024959602   2643810457
YASARBANK            YABNK TI      -4024959602   2643810457

UKRAINE
-------
AZOVZAGALMASH MA     AZGM UZ      -75129759.84  474776539.2
CHERNIGIVS MAN-M     CHIM UZ      -8728378.486  105244397.8
CHERNIGIVS M-GDR     CKU GR       -8728378.486  105244397.8
DONETSKOBLENERGO     DOON UZ      -214112885.3  396954757.6
LUGANSKGAS           LYGZ UZ      -25247035.77    123851487
LUGANSKOBLENERGO     LOEN UZ      -28366834.81  198146239.7
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      -15635678.75    306266218
NAFTOKHIMIK-GDR      N3ZA GR      -15635678.75    306266218
ODESSA OIL REFIN     ONPZ UZ      -178447037.2  314744675.5
RIVNEAZOT            RAZT UZ      -27233614.57    417932243
ZALK - PFTS          ZALK UZ      -78409529.93  130383564.8
POLYUS GOLD INTE     653479Z UZ      -88561000    241726000
KION GROUP GMBH      834769Z GR   -534551768.5   7697629095

UNITED KINGDOM
--------------
3I PLC               2346795Z LN  -40072013.14  518266360.4
600 UK LTD           1282018Z LN  -731250.5356  123671540.8
ABBOTT MEAD VICK     648824Q LN   -1685854.552  168258996.3
ABF GRAIN PRODUC     1276922Z LN  -80622502.15  405377719.8
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
ADVANCE DISPLAY      ADTP PZ       -2983757364   2562677211
AEA TECHNOLO-FPR     AATF PZ        -112607939  201762583.9
AEA TECHNOLO-FPR     AATF LN        -112607939  201762583.9
AEA TECHNOLOGY       AAT PO         -112607939  201762583.9
AEA TECHNOLOGY       EAETF US       -112607939  201762583.9
AEA TECHNOLOGY       AAT VX         -112607939  201762583.9
AEA TECHNOLOGY       AAT IX         -112607939  201762583.9
AEA TECHNOLOGY G     AAT PZ         -112607939  201762583.9
AEA TECHNOLOGY G     89A GR         -112607939  201762583.9
AEA TECHNOLOGY G     AAT EU         -112607939  201762583.9
AEA TECHNOLOGY G     AAT EO         -112607939  201762583.9
AEA TECHNOLOGY G     AAT LN         -112607939  201762583.9
AEA TECHNOLOGY G     AATGBP EO      -112607939  201762583.9
AEA TECHNOLO-NPR     AATN LN        -112607939  201762583.9
AEA TECHNOLO-NPR     AATN PZ        -112607939  201762583.9
AFFINITI INTEGRA     1651064Z LN  -743208854.7    241654750
AGA RANGEMASTER      4160101Z LN  -135154885.9    370549810
AGORA SHOPPING C     214766Z LN   -44716668.29  244995279.1
AIRTOURS PLC         ATORF US     -379721780.5   1817512774
AIRTOURS PLC         AIR LN       -379721780.5   1817512774
AIRTOURS PLC         AIR VX       -379721780.5   1817512774
ALCATEL-LUCENT T     2645055Z LN  -8743499.127  423399404.1
ALIXPARTNERS LTD     2578482Z LN  -20704239.37  115351021.9
ALLDAYS PLC          ALDYF US       -120493900  252232072.9
ALLDAYS PLC          317056Q LN     -120493900  252232072.9
ALLIANCE & LEICE     1603082Z LN  -362196734.3   3707298376
ALLIANZ MANAGEME     4160221Z LN  -25811484.64  191970654.7
ALTON TOWERS RES     4496763Z LN  -10652990.57  233239679.4
AMER BUS SYS         ARB LN         -497126976    121439000
AMEY PLC             AMY VX       -48862569.33  931527720.5
AMEY PLC             AMEYF US     -48862569.33  931527720.5
AMEY PLC             AMY LN       -48862569.33  931527720.5
AMEY PLC-ASSENT      AMYA LN      -48862569.33  931527720.5
AMEY PLC-NEW         AMYN LN      -48862569.33  931527720.5
ANGLESEY ALUMINI     3899138Z LN  -31293037.69  162854170.3
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
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  -90555016.55  456797651.8
AT KEARNEY HOLDI     4168565Z LN  -712649.2612  420870276.2
ATP OIL & GAS UK     1885966Z LN  -60472161.29  263293265.1
AUDIT COMMISSION     3954964Z LN  -117444297.5  140317611.7
AUTOMOBILE ASSOC     1479490Z LN  -33757452.81   1402428072
AVAYA UK             1700688Z LN  -28200251.54  331855473.3
AVIVA CENTRAL SE     4503755Z LN  -118366561.9  856513593.7
AVIVA EMPLOYMENT     1749312Z LN   -1672441720    168553324
BAE SYSTEMS INTE     2344987Z LN  -77756535.83  440742839.3
BAE SYSTEMS LAND     1069210Z LN  -74963208.91  373186409.6
BAE SYSTEMS LAND     1111359Z LN  -200240896.5  438322592.3
BAE SYSTEMS PROP     1151751Z LN  -87647151.12  896957185.8
BAE SYSTEMS SURF     1979118Z LN  -459281987.9  278902868.6
BANK OF SCOTLAND     1419810Z LN  -10880522.24  570678372.7
BARCHESTER HOLDC     4391889Z LN  -29571912.71   1847591976
BARRACUDA GROUP      3636Z LN     -395586366.9    328358578
BASINGHALL FINAN     1127799Z LN  -9318896.893   1118303697
BAT CHINA LTD        1281226Z LN  -242792796.6  103934859.5
BAT UK & EXPORT      4509491Z LN  -349911284.7   2485988824
BCH GROUP PLC        BCH LN       -5728273.973  187993198.2
BDP HOLDINGS LTD     3796920Z LN  -5521777.438    114452852
BENTLEY MOTORS L     1376666Z LN  -161438838.6  949891659.2
BETFAIR LTD          83844Z LN    -26079415.01  461076110.5
BGE UK LTD           1653368Z LN  -34093758.69  497857124.3
BIFFA LTD            BIFF LN      -380391564.8   3021695633
BIFFA PLC            2758798Q EO  -380391564.8   3021695633
BIFFA PLC            BIFF IX      -380391564.8   3021695633
BIFFA PLC            BIFAF US     -380391564.8   3021695633
BIFFA PLC            2758802Q EO  -380391564.8   3021695633
BIFFA PLC            2758822Q EO  -380391564.8   3021695633
BIFFA PLC            2758818Q EU  -380391564.8   3021695633
BIFFA PLC            3567279Q GR  -380391564.8   3021695633
BIFFA PLC            2758806Q EO  -380391564.8   3021695633
BIFFA PLC            BIFF PZ      -380391564.8   3021695633
BIFFA PLC            2758794Q EU  -380391564.8   3021695633
BIRMINGHAM MAILB     1781057Z LN  -6608952.843  116466648.8
BIRSE CIVILS LTD     1333506Z LN  -17529759.02  148612506.4
BLACK & EDGINGTO     BLE LN       -133034755.3  130464035.4
BLACK HORSE FINA     2603342Z LN  -769429.5864   1628936017
BLACKWELL PUBLIS     80044Z LN    -1289834.531  223671685.3
BMI                  1113Z LN     -216730247.2  520473243.2
BNB RECRUITMENT      BNB LN       -10242625.55    103637705
BNB RECRUITMENT      BNB IX       -10242625.55    103637705
BNB RECRUITMENT      BNB PO       -10242625.55    103637705
BNB RECRUITMENT      BQX GR       -10242625.55    103637705
BNB RECRUITMENT      BNBRF US     -10242625.55    103637705
BOLTON WANDERERS     1274042Z LN    -109297588  124148929.4
BOOKER PLC           BKERF US     -59832893.13   1298182549
BOOKER PLC           987188Q LN   -59832893.13   1298182549
BOOKER PLC           1330Q GR     -59832893.13   1298182549
BOOKER PLC-ADR       BOK$ LN      -59832893.13   1298182549
BOOKER PLC-ADR       BKRUY US     -59832893.13   1298182549
BOSTON MAYFLOWER     1845650Z LN  -38702577.78  104489726.5
BP EXPLORATION A     1085738Z LN  -11474454.61   1521107023
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
BRENT WALKER GRP     754087Q LN    -1774306283  867084131.8
BRENT WALKER GRP     BWKGF US      -1774306283  867084131.8
BRICKAGENT LTD       1194055Z LN  -7097524.821  348579284.1
BRIT BROADCAST       1517Z LN     -690133931.4   5734507056
BRIT ENERGY LTD      523362Q LN    -5822867501   4921095750
BRIT ENERGY PLC      BHEGF US      -5822867501   4921095750
BRIT ENERGY PLC      BEN1 GR       -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     BGYNY AR      -5822867501   4921095750
BRITISH ENER-CED     BGY AR        -5822867501   4921095750
BRITISH ENERGY-A     BGYGF US      -5822867501   4921095750
BRITISH ENERGY-A     BHEAF US      -5822867501   4921095750
BRITISH ENERGY-A     BGYA VX       -5822867501   4921095750
BRITISH ENERGY-A     BGYA PO       -5822867501   4921095750
BRITISH ENERGY-A     3012442Q LN   -5822867501   4921095750
BRITISH TRANSPOR     4015740Z LN  -363269422.4  158334015.9
BRIXTON GREAT WE     1242343Z LN  -24193317.48  164120047.9
BTG INTERNATIONA     2815068Z LN  -4253521.919  408338104.2
BUNZL VENDING SE     1626514Z LN  -3627717.453    117295226
BURNDEN LEISURE      BDL LN       -92092299.62  136726201.7
CALSONIC KANSEI      1541442Z LN  -38998494.18  298627314.6
CALSONIC KANSEI      2730264Z LN  -112686897.5    233439821
CANARY WHARF FIN     1198063Z LN  -133871013.2   4239121844
CAPITAL HOME LOA     3809804Z LN  -15503258.05  16833730499
CARILLION SERVIC     1692592Z LN  -6947459.591  181597321.7
CARISBROOKE ANGL     3815488Z LN  -67887962.81  125396545.6
CARLISLE GROUP       506819Q LN   -11904428.42    203548565
CATTLES PLC          CTT TQ       -599615492.2   3880885246
CATTLES PLC          CHOXF US     -599615492.2   3880885246
CATTLES PLC          CZS GR       -599615492.2   3880885246
CATTLES PLC          CTTSEK EU    -599615492.2   3880885246
CATTLES PLC          CTTSEK EO    -599615492.2   3880885246
CATTLES PLC          CTT LN       -599615492.2   3880885246
CATTLES PLC          CTTEUR EO    -599615492.2   3880885246
CATTLES PLC          CTT QM       -599615492.2   3880885246
CATTLES PLC          CTT NR       -599615492.2   3880885246
CATTLES PLC          CTT EO       -599615492.2   3880885246
CATTLES PLC          CTT EB       -599615492.2   3880885246
CATTLES PLC          CTTUSD EU    -599615492.2   3880885246
CATTLES PLC          CTT IX       -599615492.2   3880885246
CATTLES PLC          CTT PZ       -599615492.2   3880885246
CATTLES PLC          CTT PO       -599615492.2   3880885246
CATTLES PLC          CTTGBP EO    -599615492.2   3880885246
CATTLES PLC          CTT NQ       -599615492.2   3880885246
CATTLES PLC          CTT BQ       -599615492.2   3880885246
CATTLES PLC          CTT EU       -599615492.2   3880885246
CATTLES PLC          CTTUSD EO    -599615492.2   3880885246
CATTLES PLC          CTTEUR EU    -599615492.2   3880885246
CATTLES PLC          CTT VX       -599615492.2   3880885246
CATTLES PLC-ADR      CHOXY US     -599615492.2   3880885246
CATTLES PLC-FPR      CTTF LN      -599615492.2   3880885246
CATTLES PLC-FPR      CTTF PZ      -599615492.2   3880885246
CATTLES PLC-NPR      CTTN IX      -599615492.2   3880885246
CATTLES PLC-NPR      2843726Q EO  -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      CCTN PZ      -599615492.2   3880885246
CATTLES PLC-RFD      CTTR LN      -599615492.2   3880885246
CATTLES PLC-RFD      CTTR IX      -599615492.2   3880885246
CATTLES PLC-RFD      CTTR PZ      -599615492.2   3880885246
CHANNEL 5 TELEVI     93306Z LN     -3955940.23  440416449.8
CHELSEA FOOTBALL     1508858Z LN  -645325606.2  325028457.3
CHRYSALIS GROUP      HR4 GR       -16399845.81  124838262.3
CHRYSALIS GROUP      CHSUSD EU    -16399845.81  124838262.3
CHRYSALIS GROUP      CHS PZ       -16399845.81  124838262.3
CHRYSALIS GROUP      CHS EU       -16399845.81  124838262.3
CHRYSALIS GROUP      CHSUSD EO    -16399845.81  124838262.3
CHRYSALIS GROUP      CYGUF US     -16399845.81  124838262.3
CHRYSALIS GROUP      CHSEUR EO    -16399845.81  124838262.3
CHRYSALIS GROUP      CHSGBP EO    -16399845.81  124838262.3
CHRYSALIS GROUP      CHS EO       -16399845.81  124838262.3
CHRYSALIS GROUP      5CY GR       -16399845.81  124838262.3
CHRYSALIS GROUP      CHS VX       -16399845.81  124838262.3
CHRYSALIS GROUP      CHS IX       -16399845.81  124838262.3
CHRYSALIS GROUP      CHS LN       -16399845.81  124838262.3
CHRYSALIS GROUP      CHSEUR EU    -16399845.81  124838262.3
CHRYSALIS GROUP      CHS PO       -16399845.81  124838262.3
CHRYSALIS GROUP      CLYSF US     -16399845.81  124838262.3
CHRYSALIS MUSIC      1082762Z LN  -5036846.092  103320003.7
CLIPPER WINDPOWE     CWP PZ         -168322000    436419008
CLIPPER WINDPOWE     CWPA LN        -168322000    436419008
CLIPPER WINDPOWE     CWP EO         -168322000    436419008
CLIPPER WINDPOWE     CRPWF US       -168322000    436419008
CLIPPER WINDPOWE     CWP EU         -168322000    436419008
CLIPPER WINDPOWE     C2W GR         -168322000    436419008
CLIPPER WINDPOWE     CWP PG         -168322000    436419008
CLIPPER WINDPOWE     CWP IX         -168322000    436419008
CLIPPER WINDPOWE     CWP LN         -168322000    436419008
CLIPPER WINDPOWE     3470635Q LN    -168322000    436419008
COMMERCIAL VEHIC     1575514Z LN  -19637.28046    146760852
COMMUNITY HOUSIN     4448257Z LN   -14511411.3  202470921.6
COMO HOLDINGS UK     3818576Z LN  -23709992.86  122013803.9
COMPASS GROU-OLD     1259Q LN     -668101173.9   2972459078
COMPASS GROUP        QOP GR       -668101173.9   2972459078
COMPASS GRP-ADR      CMSJY US     -668101173.9   2972459078
COMPASS GRP-ADR      CMSGY US     -668101173.9   2972459078
CONNECT M77/GSO      2028763Z LN  -30886645.59  222325514.3
CONNECT UTILITIE     2112683Z LN  -5647965.724  124871701.7
CONVENIENCE FOOD     1555794Z LN  -76242510.77    781213617
COOLKEERAGH ESB      4471679Z LN  -52669832.08  317763242.1
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
CPW NETWORK SERV     2118451Z LN  -58330905.18  134962119.3
CROSBY GROUP PLC     237335Z LN   -122188674.2  211009635.6
CROSS KEYS HOMES     2008711Z LN  -123895266.7  168685502.5
CROWN BLUE LINE      1369234Z LN  -5491244.659  143228058.8
CSC METROCENTRE      1203663Z LN  -177523497.7    231888247
CUCINA LUX INVES     4503083Z LN  -332083965.3   3040705457
DANE HOUSING GRO     1773129Z LN  -34728487.36  131110255.8
DANKA BUS SYSTEM     DNK LN         -497126976    121439000
DANKA BUS SYSTEM     DANKF US       -497126976    121439000
DANKA BUS SYSTEM     DNK VX         -497126976    121439000
DANKA BUS SYSTEM     DNK PO         -497126976    121439000
DANKA BUS SYSTEM     DNK PZ         -497126976    121439000
DANKA BUS SYSTEM     DNK IX         -497126976    121439000
DANKA BUS SYSTEM     3205287Q EU    -497126976    121439000
DANKA BUS SYSTEM     3205283Q EO    -497126976    121439000
DANKA BUS SYSTEM     3205291Q EO    -497126976    121439000
DANKA BUS-$US CE     DANKD AR       -497126976    121439000
DANKA BUS-ADR        DB6 GR         -497126976    121439000
DANKA BUS-ADR        AP39 LI        -497126976    121439000
DANKA BUS-ADR        DANKE US       -497126976    121439000
DANKA BUS-ADR        DANKY 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
DAVENHAM GROUP P     DAV PZ       -57317833.22  114701147.6
DAVENHAM GROUP P     DAV EO       -57317833.22  114701147.6
DAVENHAM GROUP P     DAV EU       -57317833.22  114701147.6
DAVENHAM GROUP P     DAV PG       -57317833.22  114701147.6
DAVENHAM GROUP P     DAH GR       -57317833.22  114701147.6
DAVENHAM GROUP P     DAVEUR EO    -57317833.22  114701147.6
DAVENHAM GROUP P     DAH TH       -57317833.22  114701147.6
DAVENHAM GROUP P     DAV LN       -57317833.22  114701147.6
DCK GROUP LTD        4006628Z LN  -23972516.74  108515833.6
DE STEFANO INVES     3814768Z LN  -10968616.22    208612111
DELTA 3 UK LTD       4087083Z LN   -2278970462   8024284919
DHL EXPRESS UK L     1564450Z LN  -588968969.9  178269906.1
DIAMOND RESORT H     1710824Z LN  -36346087.76    199633867
DIAMOND RESORTS      1578906Z LN  -55241260.22  185000514.5
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  -129629293.2  804046536.3
DTZ DEBENHAM TIE     1637608Z LN  -65367918.17    431959182
E ON RUHRGAS UK      1671208Z LN  -205306824.5  401477872.3
E ON UK CHP LTD      2642428Z LN  -475664052.2  262876104.5
EASYNET GROUP        EAY GR       -60380605.51  334049332.2
EASYNET GROUP        ESY PO       -60380605.51  334049332.2
EASYNET GROUP        EZNGF US     -60380605.51  334049332.2
EASYNET GROUP        ESY LN       -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
EMI GROUP -ASSD      EMIA LN       -2265916257   2950021937
EMI GROUP LTD        EMI LN        -2265916257   2950021937
EMI GROUP PLC        EMI VX        -2265916257   2950021937
EMI GROUP PLC        EMIPF US      -2265916257   2950021937
EMI GROUP PLC        EMI PO        -2265916257   2950021937
EMI GROUP PLC        3020138Q GR   -2265916257   2950021937
EMI GROUP PLC        EMI IX        -2265916257   2950021937
EMI GROUP PLC-B      1019425Q LN   -2265916257   2950021937
EMI GROUP-ADR        EMI$ LN       -2265916257   2950021937
EMI GROUP-ADR        38IS LN       -2265916257   2950021937
EMI GROUP-ADR        EMIPY US      -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 GROUP HOLDIN     3125976Z LN  -163200611.7    627934170
ERM-EUROPE LTD       1539482Z LN  -6211608.917  222158884.2
ESPORTA HEALTH &     1689624Z LN  -15075296.84  156183034.4
EUROPEAN HOME        EHR EU       -14328735.16  110864081.4
EUROPEAN HOME        EHR PO       -14328735.16  110864081.4
EUROPEAN HOME        EHR4 EO      -14328735.16  110864081.4
EUROPEAN HOME        EHR1 EO      -14328735.16  110864081.4
EUROPEAN HOME        EHR9 EO      -14328735.16  110864081.4
EUROPEAN HOME        FPAKF US     -14328735.16  110864081.4
EUROPEAN HOME        EHRGBP EO    -14328735.16  110864081.4
EUROPEAN HOME        EHR8 EO      -14328735.16  110864081.4
EUROPEAN HOME        EHR LN       -14328735.16  110864081.4
EUROPEAN HOME        EHR PZ       -14328735.16  110864081.4
EUROPEAN HOME        EHR7 EO      -14328735.16  110864081.4
EUROPEAN HOME        EHR3 EO      -14328735.16  110864081.4
EUROPEAN HOME        EHR5 EO      -14328735.16  110864081.4
EUROPEAN HOME        EHR6 EO      -14328735.16  110864081.4
EUROPEAN HOME        EHR10 EO     -14328735.16  110864081.4
EUROPEAN HOME        KLZ PO       -14328735.16  110864081.4
EUROPEAN HOME        KLZ VX       -14328735.16  110864081.4
EUROPEAN HOME        EHREUR EO    -14328735.16  110864081.4
EUROPEAN HOME        EHR VX       -14328735.16  110864081.4
EUROPEAN HOME        EHREUR EU    -14328735.16  110864081.4
EUROPEAN HOME        EHR EO       -14328735.16  110864081.4
EUROPEAN HOME        EHR2 EO      -14328735.16  110864081.4
EUROSTAR INTERNA     4379945Z LN   -2296294817  600452807.4
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
FINANCIAL SERVIC     2630281Z LN  -167558381.3  246856182.8
FIRST CHOICE HOL     1098394Z LN  -599861682.6  608849393.2
FIRST MANCHESTER     1651368Z LN  -1085204.011  152518055.1
FIRST SOUTH YORK     1575010Z LN  -17765193.06  105951310.3
FITNESS FIRST CL     1734144Z LN  -4542316.813  262997348.7
FITNESS FIRST GR     4501843Z LN  -831355754.2   1655609515
FLECTAT LTD          1160967Z LN  -53637033.56  103228447.6
FLUKE PRECISION      1429402Z LN  -991319.9558  125904210.3
FLYBE LTD            6621Z LN     -118366561.9  450450527.2
FOOTBALL FOUNDAT     3958180Z LN  -1856870.101    108334858
FORD MOTOR CO LT     1291306Z LN  -493779397.8   5534240380
FOUR SEASONS HEA     1865450Z LN    -103869946    365540616
FUJIFILM IMAGING     2113899Z LN  -9049513.414  101994398.3
FUNDING CORP LTD     4157637Z LN  -28925795.68  201083535.3
FW FARNSWORTH LT     1293386Z LN  -44420065.35  102695080.1
GALA GROUP LTD       19374Z LN     -1443271177   5876950503
GALIFORM CORPORA     1478794Z LN  -49876078.98  987241731.3
GAMESTEC LEISURE     1432626Z LN  -22918299.36  107315419.3
GARTLAND WHALLEY     GWB LN        -10986768.6  145352034.5
GE CALEDONIAN LT     2178340Z LN  -162433000.9    291389984
GE MONEY SECURED     1194559Z LN  -86537323.69  719721515.9
GENERAL MOTORS       1062338Z LN   -1083369252   1738332123
GETRONICS UK LTD     1446978Z LN  -21428395.69  105267195.7
GGT GROUP PLC        500970Q LN     -156372272  408211200.9
GGT GROUP-ADR        GGTRY US       -156372272  408211200.9
GLAXOSMITHKLINE      1426Z LN     -9429285.587  13095256920
GLOBAL CROSSING      3629883Z LN  -353965082.8  492328850.3
GLOBAL RADIO SER     4171741Z LN  -58536057.18  145897320.9
GONDOLA GROUP LT     4499995Z LN  -284524422.8   1496226646
GONDOLA HOLD         913024Q GR   -284524422.8   1496226646
GONDOLA HOLD         GND VX       -284524422.8   1496226646
GONDOLA HOLDINGS     GND IX       -284524422.8   1496226646
GONDOLA HOLDINGS     GND LN       -284524422.8   1496226646
GONDOLA HOLD-NEW     GNDB LN      -284524422.8   1496226646
GONDOLA HOLD-NEW     GNDA LN      -284524422.8   1496226646
GOODRICH CONTROL     3631571Z LN    -203464797  600544111.2
GRAINGER FINANCE     1850494Z LN  -22474336.95   1950379725
GRANT THORNTON U     961842Z LN   -87634636.95  389831122.7
GREEN (E) & PART     GEP LN       -32392901.23  196106689.5
HALDEX CONCENTRI     4160093Z LN  -29953316.08  111499657.3
HARMSWORTH PRINT     1552314Z LN  -17382531.76  325365175.8
HARMSWORTH PRINT     1719464Z LN  -46809590.17  171744856.2
HARMSWORTH QUAYS     1552378Z LN  -109747106.9  292508124.8
HAYMARKET GROUP      4158941Z LN    -100498143  307693877.6
HEREFORDSHIRE HO     1945190Z LN  -2634668.462    110312423
HESS INDONESIA P     1705776Z LN  -56622019.25  582889084.6
HMV GROUP -GDR       29362Z US    -92987530.85  883465014.8
HMV GROUP -GDR       276960Q GR   -92987530.85  883465014.8
HMV GROUP PLC        HMV PO       -92987530.85  883465014.8
HMV GROUP PLC        HMV10 EO     -92987530.85  883465014.8
HMV GROUP PLC        HMVUSD EO    -92987530.85  883465014.8
HMV GROUP PLC        HMV2 EO      -92987530.85  883465014.8
HMV GROUP PLC        HM4 GK       -92987530.85  883465014.8
HMV GROUP PLC        HMV1 EO      -92987530.85  883465014.8
HMV GROUP PLC        HMV LN       -92987530.85  883465014.8
HMV GROUP PLC        HMV NR       -92987530.85  883465014.8
HMV GROUP PLC        HM4 GR       -92987530.85  883465014.8
HMV GROUP PLC        HMV VX       -92987530.85  883465014.8
HMV GROUP PLC        HMV9 EO      -92987530.85  883465014.8
HMV GROUP PLC        HMV IX       -92987530.85  883465014.8
HMV GROUP PLC        HMV4 EO      -92987530.85  883465014.8
HMV GROUP PLC        HMVUSD EU    -92987530.85  883465014.8
HMV GROUP PLC        HMV NQ       -92987530.85  883465014.8
HMV GROUP PLC        HMV EO       -92987530.85  883465014.8
HMV GROUP PLC        HMV QM       -92987530.85  883465014.8
HMV GROUP PLC        HMV PZ       -92987530.85  883465014.8
HMV GROUP PLC        HMVEUR EO    -92987530.85  883465014.8
HMV GROUP PLC        HMV5 EO      -92987530.85  883465014.8
HMV GROUP PLC        HMV7 EO      -92987530.85  883465014.8
HMV GROUP PLC        HMV EB       -92987530.85  883465014.8
HMV GROUP PLC        HMV TQ       -92987530.85  883465014.8
HMV GROUP PLC        HMV BQ       -92987530.85  883465014.8
HMV GROUP PLC        HMVMF US     -92987530.85  883465014.8
HMV GROUP PLC        HMVEUR EU    -92987530.85  883465014.8
HMV GROUP PLC        HMV S1       -92987530.85  883465014.8
HMV GROUP PLC        HMV3 EO      -92987530.85  883465014.8
HMV GROUP PLC        HMV EU       -92987530.85  883465014.8
HMV GROUP PLC        HMV6 EO      -92987530.85  883465014.8
HMV GROUP PLC        HMV8 EO      -92987530.85  883465014.8
HMV GROUP PLC        HMVGBP EO    -92987530.85  883465014.8
HOLIDAY AUTOS IN     1155863Z LN  -52099341.51  222704774.4
HOME RETAIL GROU     1897678Z LN  -70921714.17  750699513.1
HOMEFIELD PVT UK     4501835Z LN  -13668996.51  455224068.7
HOUSE FRASER-ADR     HSFRY US     -14410799.86  200149998.1
HOUSE FRASER-ADR     HOFSY US     -14410799.86  200149998.1
HOUSE OF FRASER      HOF PO       -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 LN       -14410799.86  200149998.1
HOUSE OF FRASER      HSFRF US     -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   -1681700671    208248450
IGLO FOODS GROUP     2332487Z LN  -427711801.4   3363661535
IKANO FINANCIAL      2599182Z LN  -11016514.34  150562302.2
INCOMMUNITIES GR     4508531Z LN   -89005973.7  440297257.7
INEOS GROUP HLDG     6623Z LN     -583710740.2  15449555292
INEOS MANUFACTUR     2170452Z LN  -6726362.412   1831309315
INEOS VINYLS UK      1072618Z LN  -236733123.8  260899630.2
INFORMA UK LTD       699186Z LN   -267015729.6   1019729118
INN ON THE PARK      1111959Z LN  -20164779.75  213273261.3
INSPIRED GAMING      1181783Z LN  -87284373.38  396170831.1
INTELLIGENT FINA     1645352Z LN  -18232958.48  154556014.8
INTELLIGENT PROC     1897878Z LN  -16714344.93  183346516.4
INTERFLOOR GROUP     317371Z LN   -6491968.079  102342688.7
INTERNATIONAL RE     1074242Z LN  -43752001.08  114451373.2
INTERNATIONAL TR     1647720Z LN  -2256724.849  114588447.6
INTEROUTE COMMUN     214906Z LN   -100076490.6  843548864.4
IRANIAN OIL CO U     1380570Z LN   -88170857.4  370135921.5
JARVIS PLC           JRVS EO      -64739862.73    130951086
JARVIS PLC           JRV EO       -64739862.73    130951086
JARVIS PLC           JRVS5 EO     -64739862.73    130951086
JARVIS PLC           JRVS6 EO     -64739862.73    130951086
JARVIS PLC           JRVS9 EO     -64739862.73    130951086
JARVIS PLC           JRVS4 EO     -64739862.73    130951086
JARVIS PLC           JRVS PO      -64739862.73    130951086
JARVIS PLC           JRVS7 EO     -64739862.73    130951086
JARVIS PLC           JRVS1 EO     -64739862.73    130951086
JARVIS PLC           JRVS PZ      -64739862.73    130951086
JARVIS PLC           JVSPF US     -64739862.73    130951086
JARVIS PLC           JRVS EU      -64739862.73    130951086
JARVIS PLC           JRVS VX      -64739862.73    130951086
JARVIS PLC           JRVS IX      -64739862.73    130951086
JARVIS PLC           JRVSEUR EO   -64739862.73    130951086
JARVIS PLC           JRVSEUR EU   -64739862.73    130951086
JARVIS PLC           JRVSGBP EO   -64739862.73    130951086
JARVIS PLC           JRVS8 EO     -64739862.73    130951086
JARVIS PLC           JRVS LN      -64739862.73    130951086
JARVIS PLC           JVR GR       -64739862.73    130951086
JARVIS PLC           JRVS2 EO     -64739862.73    130951086
JARVIS PLC           JRVS3 EO     -64739862.73    130951086
JDR ENTERPRISES      3947788Z LN  -18283944.55  190661628.9
JESSOPS PLC          JS4 GR       -42702018.35  112964060.4
JESSOPS PLC          JSPGBP EO    -42702018.35  112964060.4
JESSOPS PLC          JSP PO       -42702018.35  112964060.4
JESSOPS PLC          JSP VX       -42702018.35  112964060.4
JESSOPS PLC          JSPEUR EU    -42702018.35  112964060.4
JESSOPS PLC          JSP LN       -42702018.35  112964060.4
JESSOPS PLC          JSP IX       -42702018.35  112964060.4
JESSOPS PLC          JSP EU       -42702018.35  112964060.4
JESSOPS PLC          JSP PZ       -42702018.35  112964060.4
JESSOPS PLC          JSP EO       -42702018.35  112964060.4
JESSOPS PLC          JSPEUR EO    -42702018.35  112964060.4
JS BLOOR SWINDON     1568906Z LN  -5329885.206  110390972.1
JVC EUROPE LTD       2667041Z LN  -2824766.239  131996942.9
KAZAKHGO-GDR         KZG LI          -88561000    241726000
KAZAKHGO-GDR         KZGI LI         -88561000    241726000
KAZAKHGO-GDR         KZGQ IX         -88561000    241726000
KAZAKHGO-GDR         KZQGI IX        -88561000    241726000
KAZAKHGOLD- 144A     768834Z LI      -88561000    241726000
KAZAKHGOLD GP LT     KGZ HK          -88561000    241726000
KAZAKHGOLD-REG T     KZGT LI         -88561000    241726000
KAZAKHGOLD-REGS      3683241Q LI     -88561000    241726000
KELLOGG MANAGEME     1739336Z LN  -5288683.744  348135786.3
KESTREL HOLDINGS     4499515Z LN  -3577225.606  950172823.8
KEW GREEN HOTELS     1031803Z LN  -16234267.92    219908068
KIA MOTORS UK LT     1985990Z LN   -34025454.6  315596502.8
KIER DEVELOPMENT     86900Z LN    -6527759.314  275699248.6
KILMARTIN HOLDIN     3589161Z LN  -32467784.16  576731039.1
KILMARTIN PROPER     534862Z LN    -37743228.9  444220212.7
KLEENEZE PLC         KLZ LN       -14328735.16  110864081.4
KODAK LTD            1275242Z LN  -180673404.9  661044368.6
LAMBERT FENCHURC     LMF LN       -1453050.041   1826806853
LANCASTER INVEST     1575538Z LN  -54823340.19  121302849.6
LAND SECURITIES      1371626Z LN  -103330200.3   4796043425
LAPSENT LTD          203678Z LN   -26875940.03  200397842.7
LAST MINUTE NETW     1180895Z LN  -588292610.9  572322264.9
LATIMER GROUP LT     4089809Z LN  -397652099.9  909970808.9
LAZARD & CO SERV     2575394Z LN  -3197910.908  103653546.3
LEEDS SPORTING       LEDPF US      -73166148.8  143762193.7
LEEDS SPORTING       LES LN        -73166148.8  143762193.7
LEEDS UNITED PLC     889687Q GR    -73166148.8  143762193.7
LEEDS UNITED PLC     LUFC LN       -73166148.8  143762193.7
LEEDS UNITED PLC     LDSUF US      -73166148.8  143762193.7
LEGAL & GENERAL      1575290Z LN  -1113055.576  157485589.7
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  -174392477.1  205240612.1
LOMBARD CORPORAT     1162975Z LN  -7309362.404  198951662.4
LOMBARD CORPORAT     1131527Z LN   -8573468.83  205568221.6
LONDON ORGANISIN     2707808Z LN  -111194464.2  319902766.9
LONDON TOWN PLC      LTWR LN      -21897636.36  175672299.2
LONDON TOWN PLC      LTW PG       -21897636.36  175672299.2
LONDON TOWN PLC      LTW PO       -21897636.36  175672299.2
LONDON TOWN PLC      LTW LN       -21897636.36  175672299.2
LONDON TOWN PLC      LTWX LN      -21897636.36  175672299.2
LONDON TOWN PLC      LTW PZ       -21897636.36  175672299.2
LONDON TOWN PLC      LTW EU       -21897636.36  175672299.2
LONDON TOWN PLC      LOU GR       -21897636.36  175672299.2
LONDON TOWN PLC      LTW EO       -21897636.36  175672299.2
LONDON TOWN PLC      LTW IX       -21897636.36  175672299.2
L'OREAL UK LTD       1294866Z LN  -38243907.35  469320156.2
LOTUS CARS LTD       1361858Z LN  -35114342.56  198253618.4
LOTUS GROUP INTE     144299Z LN   -36824866.02  207696437.1
LYNN WIND FARM L     3953012Z LN  -12411782.18  259118026.8
M 2003 PLC           MTWOF US      -2203513803   7204891602
M 2003 PLC           203055Q LN    -2203513803   7204891602
M 2003 PLC-ADR       MTWOE US      -2203513803   7204891602
M 2003 PLC-ADR       MTWOY US      -2203513803   7204891602
MAKRO SELF SERVI     1373618Z LN  -164720222.7  400641220.4
MANCHESTER CITY      2348397Z LN  -234766219.8  728747414.2
MANSFORD HOLDING     253659Z LN   -4565898.062  650742111.3
MAPELEY STEPS CO     1914846Z LN  -44982581.48  112862516.8
MARCONI PLC          MRCQF US      -2203513803   7204891602
MARCONI PLC          MONI BB       -2203513803   7204891602
MARCONI PLC          203083Q VX    -2203513803   7204891602
MARCONI PLC          MNI BB        -2203513803   7204891602
MARCONI PLC          MNI LN        -2203513803   7204891602
MARCONI PLC          MY2 GR        -2203513803   7204891602
MARCONI PLC-ADR      MONIE US      -2203513803   7204891602
MARCONI PLC-ADR      MONI US       -2203513803   7204891602
MARCONI PLC-ADR      MRCQY US      -2203513803   7204891602
MARCONI PLC-ADR      MY2A GR       -2203513803   7204891602
MARCONI PLC-ADR      QUQMON AU     -2203513803   7204891602
MARCONI PLC-ADR      MCONY US      -2203513803   7204891602
MARCONI PLC-ADR      MCBA GR       -2203513803   7204891602
MARCONI PLC-ADR      MONIY US      -2203513803   7204891602
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  -174737505.4  140489212.7
MEDIAEDGE CIA UK     1912470Z LN  -30968632.67    193466296
MEDIMMUNE LTD        1596402Z LN  -18333665.25  353092399.2
MENZIES HOTELS H     4496419Z LN  -100398281.3  322775887.8
MENZIES HOTELS O     2527986Z LN  -61896569.44    159951232
MIDDLESEX CABLE      1598242Z LN  -170219219.9  108664527.9
MIDLAND EXPRESSW     583730Z LN   -21453585.64   1190959618
MILK LINK PROCES     1970766Z LN  -8969327.852  114318428.2
MILLENNIUM STADI     1727672Z LN  -21509367.87  169250447.4
MILLER HOMES         2220892Z LN  -31021993.81    983811413
MNAIP LTD            2018815Z LN  -8594175.012  140270204.8
MONARCH HOLDINGS     4502027Z LN  -69668058.94  698208587.3
MOTO HOSPITALITY     1344378Z LN  -276920533.6  958277274.1
MYTRAVEL GROUP       3544280Q IX  -379721780.5   1817512774
MYTRAVEL GROUP       MT/S LN      -379721780.5   1817512774
MYTRAVEL GROUP       MYTPF US     -379721780.5   1817512774
MYTRAVEL GROUP       MT/S VX      -379721780.5   1817512774
MYTRAVEL GROUP       MT/S PO      -379721780.5   1817512774
MYTRAVEL GROUP       ARO2 GR      -379721780.5   1817512774
MYTRAVEL GROUP P     MYTGF US     -379721780.5   1817512774
MYTRAVEL GROUP P     MT/ VX       -379721780.5   1817512774
MYTRAVEL GROUP P     1018144Q GR  -379721780.5   1817512774
MYTRAVEL GROUP-A     2281919Q GR  -379721780.5   1817512774
MYTRAVEL GROUP-A     MYTVF US     -379721780.5   1817512774
MYTRAVEL TOUR OP     1190295Z LN   -1444587831   1560632416
NACCO MATERIALS      1141567Z LN  -7118433.514  147004693.9
NATIONS HEALTHCA     623142Z LN    -73694956.7  114365932.5
NCR LTD              3083521Z LN  -316495672.6    356199007
NESTLE UK LTD        1274562Z LN  -431385112.4   1655061910
NEW LINX HOUSING     1801057Z LN  -12040509.71  233111422.6
NEW LOOK RETAIL      2711544Z LN  -400438791.5   2225635874
NEW STAR ASSET       NSAM LN        -397718038  292972732.1
NEW STAR ASSET       NWSAF US       -397718038  292972732.1
NEW STAR ASSET       3226431Q EU    -397718038  292972732.1
NEW STAR ASSET       NSAA LN        -397718038  292972732.1
NEW STAR ASSET       NSAM IX        -397718038  292972732.1
NEW STAR ASSET       NSAM PO        -397718038  292972732.1
NEW STAR ASSET       N6S GR         -397718038  292972732.1
NEW STAR ASSET       3226439Q EU    -397718038  292972732.1
NEW STAR ASSET       NSAM PZ        -397718038  292972732.1
NEW STAR ASSET       3226447Q EO    -397718038  292972732.1
NEW STAR ASSET       3226443Q EO    -397718038  292972732.1
NEW STAR ASSET       NSAM TQ        -397718038  292972732.1
NEW STAR ASSET       3226435Q EO    -397718038  292972732.1
NEWCASTLE UNITED     4380361Z LN  -102558583.4  184539911.8
NEWCASTLE UNITED     1060322Z LN  -112290583.6  186651205.2
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 PZ      -70166103.48  924672036.4
NORTHERN FOODS       NFDS LN      -70166103.48  924672036.4
NORTHERN FOODS       NFDSEUR EU   -70166103.48  924672036.4
NORTHERN FOODS       NFDS NR      -70166103.48  924672036.4
NORTHERN FOODS       NFDS S1      -70166103.48  924672036.4
NORTHERN FOODS       NFDS BQ      -70166103.48  924672036.4
NORTHERN FOODS       NFDS EO      -70166103.48  924672036.4
NORTHERN FOODS       NFDSGBP EO   -70166103.48  924672036.4
NORTHERN FOODS       NFDS TQ      -70166103.48  924672036.4
NORTHERN FOODS       NFDS NQ      -70166103.48  924672036.4
NORTHERN FOODS       NFDSUSD EO   -70166103.48  924672036.4
NORTHERN FOODS       NFDS IX      -70166103.48  924672036.4
NORTHERN FOODS       NFDSEUR EO   -70166103.48  924672036.4
NORTHERN FOODS       NFDS VX      -70166103.48  924672036.4
NORTHERN FOODS       NTFOF US     -70166103.48  924672036.4
NORTHERN FOODS       NFDS QM      -70166103.48  924672036.4
NORTHERN FOODS       NFDS EU      -70166103.48  924672036.4
NORTHERN FOODS       NFO GR       -70166103.48  924672036.4
NORTHERN FOODS       NFDSUSD EU   -70166103.48  924672036.4
NORTHERN FOODS       NFO GK       -70166103.48  924672036.4
NORTHERN FOODS       NFDS EB      -70166103.48  924672036.4
NORTHERN FOODS       NFDS PO      -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  -12362003.04    176723922
NOVELIS UK LTD       1295610Z LN  -29354907.35  167393334.2
NPIL HOLDCO LTD      3641071Z LN  -174437379.8  865144704.3
NPOWER GAS LTD       1689816Z LN  -381274433.9  500408294.4
NPOWER LTD           1185599Z LN  -399535772.9   3443512739
NPOWER NORTHERN      1779169Z LN    -477727478   2222376018
NTL COMMUNICATIO     1773729Z LN  -301208075.9  954738393.1
NTL MIDLANDS LTD     1579698Z LN  -1174963.948  459374901.9
ODEON & UCI CINE     3489372Z LN    -380122740  961975815.4
O-I MANUFACTURIN     1320610Z LN  -7063615.875  126090273.5
OPTIMUM CARE LTD     3951796Z LN   -23827846.5  131314548.6
ORANGE PLC           ORNGF US     -593935104.1   2902299502
ORANGE PLC           951641Q LN   -593935104.1   2902299502
ORANGE PLC           1460Q GR     -593935104.1   2902299502
ORANGE PLC-ADR       ORA$ LN      -593935104.1   2902299502
ORANGE PLC-ADR       ORNGY US     -593935104.1   2902299502
ORANGE PLC-ADR       ONG GR       -593935104.1   2902299502
ORBIS PLC            ORBSF US       -4168493.8  127701679.5
ORBIS PLC            OBG PO         -4168493.8  127701679.5
ORBIS PLC            OBS LN         -4168493.8  127701679.5
ORBIS PLC            RLP GR         -4168493.8  127701679.5
ORBIS PLC            OBS IX         -4168493.8  127701679.5
ORBIS PLC            OBS PZ         -4168493.8  127701679.5
ORBIS PLC            OBS PO         -4168493.8  127701679.5
OUTDOOR GROUP LT     1318338Z LN  -34424941.75  127535038.5
PARK FOOD GROUP      PKFD LN      -33281188.01  114623958.4
PARK GROUP PLC       PKG EO       -33281188.01  114623958.4
PARK GROUP PLC       PKG PZ       -33281188.01  114623958.4
PARK GROUP PLC       PKG VX       -33281188.01  114623958.4
PARK GROUP PLC       PKGGBP EO    -33281188.01  114623958.4
PARK GROUP PLC       PKG PO       -33281188.01  114623958.4
PARK GROUP PLC       PRKGF US     -33281188.01  114623958.4
PARK GROUP PLC       PKG EU       -33281188.01  114623958.4
PARK GROUP PLC       PKG LN       -33281188.01  114623958.4
PARK GROUP PLC       PRKG IX      -33281188.01  114623958.4
PARSONS BRINCKER     4496363Z LN  -4691186.744  159531362.7
PARTKESTREL LTD      1486546Z LN  -90325648.32   1585961788
PATIENTLINE PLC      2928903Q EU  -54677284.64  124948245.8
PATIENTLINE PLC      PTL PZ       -54677284.64  124948245.8
PATIENTLINE PLC      PTL IX       -54677284.64  124948245.8
PATIENTLINE PLC      2928899Q EO  -54677284.64  124948245.8
PATIENTLINE PLC      2928907Q EO  -54677284.64  124948245.8
PATIENTLINE PLC      PTL LN       -54677284.64  124948245.8
PATIENTLINE PLC      PTL VX       -54677284.64  124948245.8
PATIENTLINE PLC      PTL PO       -54677284.64  124948245.8
PD PORT SERVICES     1407442Z LN  -10969629.43  162071623.9
PENDRAGON PREMIE     1858506Z LN  -9740093.803  156352977.7
PENNINE HOUSING      1892438Z LN  -173655254.2  138682867.1
PEUGEOT CITROEN      1974702Z LN  -72708407.45    266912249
PHONOGRAPHIC PER     1296410Z LN  -7333794.897  201686757.6
PHS GROUP HOLDIN     3173182Z LN    -211011146   1915467185
PHS GROUP PLC        592449Z LN     -211011146   1915467185
PIPEX UK LTD         3956092Z LN  -118990464.5  384147753.3
PLACES FOR PEOPL     1914158Z LN  -56178390.75    585147920
PLANNED MAINTENA     1344714Z LN  -57648953.97  148147314.6
PLUS HOUSING GRO     4015788Z LN  -10023120.58  371941616.5
POLYUS G-GDR         POLG TQ         -88561000    241726000
POLYUS G-GDR         POLG LI         -88561000    241726000
POLYUS G-GDR         KZG TQ          -88561000    241726000
POLYUS G-GDR         PLZLY US        -88561000    241726000
POLYUS G-GDR         KXZ GR          -88561000    241726000
POLYUS G-GDR         PLGL LI         -88561000    241726000
POLYUS G-GDR         KAZAY US        -88561000    241726000
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 PROPERTY     4006740Z LN  -154087010.7  766206481.6
PRESTBURY WENTWO     3814856Z LN  -84753043.56    659529899
PRINOVIS LIVERPO     2074147Z LN  -23730499.87  280965576.9
PRODUCTION SERVI     2278723Z LN  -66744030.72  507657733.9
PROSTRAKAN GROUP     PSK LN       -9666264.987  134080449.8
PROSTRAKAN GROUP     PSKGBP EO    -9666264.987  134080449.8
PROSTRAKAN GROUP     PKNGF US     -9666264.987  134080449.8
PROSTRAKAN GROUP     PSK S1       -9666264.987  134080449.8
PROSTRAKAN GROUP     PSKEUR EU    -9666264.987  134080449.8
PROSTRAKAN GROUP     PSK PZ       -9666264.987  134080449.8
PROSTRAKAN GROUP     PSK EO       -9666264.987  134080449.8
PROSTRAKAN GROUP     PSK EU       -9666264.987  134080449.8
PROSTRAKAN GROUP     PSK IX       -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
QHOTELS GROUP LT     759287Z LN     -184737716  699448824.7
QUINN BUILDING P     3949900Z LN  -85682901.55   1320302420
QUINN RADIATORS      1405898Z LN  -84009968.77  297557563.9
R&R ICE CREAM LT     3624280Z LN  -119415790.4  995648642.4
RAVEN HOUSING TR     4155997Z LN  -1384128.565  165155995.7
RAYTHEON SYSTEMS     1068610Z LN  -32601425.32    346298511
RBS MEZZANINE LT     2198564Z LN  -31627066.42  866060198.2
REAL ESTATE OP-O     REO LN        -1301115843   1804307307
REAL ESTATE OP-O     REOGBP EO     -1301115843   1804307307
REAL ESTATE OP-O     REO EU        -1301115843   1804307307
REAL ESTATE OP-O     REO VX        -1301115843   1804307307
REAL ESTATE OP-O     REA GR        -1301115843   1804307307
REAL ESTATE OP-O     REO PZ        -1301115843   1804307307
REAL ESTATE OP-O     REO IX        -1301115843   1804307307
REAL ESTATE OP-O     REO EO        -1301115843   1804307307
REAL ESTATE OP-O     REO ID        -1301115843   1804307307
RED BEE MEDIA LT     1953086Z LN  -5917906.033  233315140.7
RED FOOTBALL JOI     3277951Z LN  -101906192.3   1372452972
REDCASTLE 214 OX     1195151Z LN  -203269.4356  262332395.9
REGARD HOLDINGS      4157517Z LN  -2678709.275  159772566.2
REGUS LTD            273187Q LN   -46111832.15    367181111
REGUS PLC            RGU GR       -46111832.15    367181111
REGUS PLC            2296Z LN     -46111832.15    367181111
REGUS PLC            273195Q VX   -46111832.15    367181111
REGUS PLC            REGSF US     -46111832.15    367181111
REGUS PLC-ADS        REGS US      -46111832.15    367181111
REGUS PLC-ADS        REGSY US     -46111832.15    367181111
REGUS PLC-ADS        RGUA GR      -46111832.15    367181111
REGUS PLC-ADS        REGSV US     -46111832.15    367181111
RENAULT RETAIL G     1569882Z LN  -939316.5822  148920952.8
RENTOKIL INITIAL     RTO LN         -142674955   3045660413
RENTOKIL INITIAL     RTO TQ         -142674955   3045660413
RENTOKIL INITIAL     RTOPEN EO      -142674955   3045660413
RENTOKIL INITIAL     RTOUSD EO      -142674955   3045660413
RENTOKIL INITIAL     RTO EO         -142674955   3045660413
RENTOKIL INITIAL     RTO NQ         -142674955   3045660413
RENTOKIL INITIAL     RTOKF US       -142674955   3045660413
RENTOKIL INITIAL     RTO1 GK        -142674955   3045660413
RENTOKIL INITIAL     RTO BQ         -142674955   3045660413
RENTOKIL INITIAL     RTOPEN EU      -142674955   3045660413
RENTOKIL INITIAL     RTO1 GR        -142674955   3045660413
RENTOKIL INITIAL     RTO NR         -142674955   3045660413
RENTOKIL INITIAL     RTO PZ         -142674955   3045660413
RENTOKIL INITIAL     RTOGBP EO      -142674955   3045660413
RENTOKIL INITIAL     RTO VX         -142674955   3045660413
RENTOKIL INITIAL     RTO IX         -142674955   3045660413
RENTOKIL INITIAL     RTO PO         -142674955   3045660413
RENTOKIL INITIAL     RKLIF US       -142674955   3045660413
RENTOKIL INITIAL     RTOEUR EU      -142674955   3045660413
RENTOKIL INITIAL     RTO S1         -142674955   3045660413
RENTOKIL INITIAL     RTOUSD EU      -142674955   3045660413
RENTOKIL INITIAL     RTO EB         -142674955   3045660413
RENTOKIL INITIAL     RTO QM         -142674955   3045660413
RENTOKIL INITIAL     RTO EU         -142674955   3045660413
RENTOKIL INITIAL     RTO1 EO        -142674955   3045660413
RENTOKIL INITIAL     RTO GR         -142674955   3045660413
RENTOKIL INITIAL     RTOEUR EO      -142674955   3045660413
RENTOKIL INITIAL     RTOG IX        -142674955   3045660413
RENTOKIL-SP ADR      RTOKY US       -142674955   3045660413
RENTOKIL-SP ADR      AP76 LI        -142674955   3045660413
RIO TINTO LONDON     1313074Z LN  -11248111.34  837785373.2
ROBINS & DAY LTD     1280922Z LN  -36729873.15  136233088.2
ROSEMONT HOLDING     4391905Z LN  -34807182.85  158222622.5
ROSYTH ROYAL DOC     2184524Z LN  -51250390.37  170932412.7
ROYAL BANK LEASI     2177244Z LN  -96708288.01  12689075410
ROYAL MAIL HOLDI     3900202Z LN  -10344178409   9705181654
SAFFRON HOUSING      4448377Z LN    -3777866.1  124457507.9
SAMPFORD UNDERWR     1230791Z LN  -18964953.58  150532675.1
SCOTTISH MEDIA       1442Q GR     -36632758.71    143156965
SCOTTISH MEDIA       SSMR LN      -36632758.71    143156965
SCOTTISH MEDIA       SSM LN       -36632758.71    143156965
SCOTTISH TELEV       SCTVF US     -36632758.71    143156965
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
SETON HEALTHCARE     2290Z LN     -10585183.94  156822902.8
SEVERN VALE HOUS     4287717Z LN  -43910018.24  115584900.8
SFI GROUP PLC        SUF LN       -108067115.8  177647536.1
SFI GROUP PLC        SUYFF US     -108067115.8  177647536.1
SHEFFIELD UNITED     1275418Z LN  -17712590.52  101590746.2
SIMON CARVES LTD     1209367Z LN  -309426997.2  105356699.7
SKANDIA LIFE BUS     1451642Z LN  -1945833.316  191394739.6
SKYEPHARMA PLC       SKPEUR EU    -133034755.3  130464035.4
SKYEPHARMA PLC       SKP VX       -133034755.3  130464035.4
SKYEPHARMA PLC       SKP1 EO      -133034755.3  130464035.4
SKYEPHARMA PLC       SKP2 EO      -133034755.3  130464035.4
SKYEPHARMA PLC       SK8C GR      -133034755.3  130464035.4
SKYEPHARMA PLC       SKP1 VX      -133034755.3  130464035.4
SKYEPHARMA PLC       SKP7 EO      -133034755.3  130464035.4
SKYEPHARMA PLC       SKP6 EO      -133034755.3  130464035.4
SKYEPHARMA PLC       SKPGBP EO    -133034755.3  130464035.4
SKYEPHARMA PLC       SKP IX       -133034755.3  130464035.4
SKYEPHARMA PLC       SKP8 EO      -133034755.3  130464035.4
SKYEPHARMA PLC       SKP4 EO      -133034755.3  130464035.4
SKYEPHARMA PLC       SKP9 EO      -133034755.3  130464035.4
SKYEPHARMA PLC       SKP EO       -133034755.3  130464035.4
SKYEPHARMA PLC       SKP TQ       -133034755.3  130464035.4
SKYEPHARMA PLC       SKPEUR EO    -133034755.3  130464035.4
SKYEPHARMA PLC       SKP PZ       -133034755.3  130464035.4
SKYEPHARMA PLC       SKP10 EO     -133034755.3  130464035.4
SKYEPHARMA PLC       SKP3 EO      -133034755.3  130464035.4
SKYEPHARMA PLC       SKP5 EO      -133034755.3  130464035.4
SKYEPHARMA PLC       SKP LN       -133034755.3  130464035.4
SKYEPHARMA PLC       SK8A GR      -133034755.3  130464035.4
SKYEPHARMA PLC       SKP PO       -133034755.3  130464035.4
SKYEPHARMA PLC       SKP EU       -133034755.3  130464035.4
SKYEPHARMA PLC       SKP BQ       -133034755.3  130464035.4
SKYEPHARMA PLC       SKYEF US     -133034755.3  130464035.4
SKYEPHARMA -SUB      2976665Z LN  -133034755.3  130464035.4
SKYEPHARMA-ADR       SKYE US      -133034755.3  130464035.4
SKYEPHARMA-ADR       SK8N GR      -133034755.3  130464035.4
SKYEPHARMA-ADR       SKYEY US     -133034755.3  130464035.4
SKYEPHARMA-ADR       AP80 LI      -133034755.3  130464035.4
SKYEPHARMA-ADR       SK8 GR       -133034755.3  130464035.4
SKYEPHARMA-ADR       SKYPY US     -133034755.3  130464035.4
SKYEPHAR-RTS F/P     SKPF VX      -133034755.3  130464035.4
SKYEPHAR-RTS F/P     SKPF LN      -133034755.3  130464035.4
SKYEPHAR-RTS N/P     SKPN LN      -133034755.3  130464035.4
SKYEPHAR-RTS N/P     SKPN VX      -133034755.3  130464035.4
SLP ENGINEERING      1855186Z LN   -32035150.2  111509874.7
SMG PLC              SMG PO       -36632758.71    143156965
SMG PLC              SMG LN       -36632758.71    143156965
SMG PLC-FUL PAID     SMGF LN      -36632758.71    143156965
SMG PLC-NIL PAID     SMGN LN      -36632758.71    143156965
SMITHS NEWS PLC      NWS2 EO      -96686010.48    285345604
SMITHS NEWS PLC      NWS1 EU      -96686010.48    285345604
SMITHS NEWS PLC      NWS2GBP EO   -96686010.48    285345604
SMITHS NEWS PLC      NWS8 EO      -96686010.48    285345604
SMITHS NEWS PLC      NWS13 EO     -96686010.48    285345604
SMITHS NEWS PLC      NWS S1       -96686010.48    285345604
SMITHS NEWS PLC      NWS2EUR EO   -96686010.48    285345604
SMITHS NEWS PLC      NWS7 EO      -96686010.48    285345604
SMITHS NEWS PLC      NWS10 EO     -96686010.48    285345604
SMITHS NEWS PLC      NWS11 EO     -96686010.48    285345604
SMITHS NEWS PLC      NWS2 EU      -96686010.48    285345604
SMITHS NEWS PLC      NWS2 TQ      -96686010.48    285345604
SMITHS NEWS PLC      SMWPF US     -96686010.48    285345604
SMITHS NEWS PLC      NWS2EUR EU   -96686010.48    285345604
SMITHS NEWS PLC      NWS IX       -96686010.48    285345604
SMITHS NEWS PLC      NWS4 EO      -96686010.48    285345604
SMITHS NEWS PLC      SMWPY US     -96686010.48    285345604
SMITHS NEWS PLC      NWS1GBP EO   -96686010.48    285345604
SMITHS NEWS PLC      NWS PZ       -96686010.48    285345604
SMITHS NEWS PLC      NWS9 EO      -96686010.48    285345604
SMITHS NEWS PLC      NWS12 EO     -96686010.48    285345604
SMITHS NEWS PLC      NWS LN       -96686010.48    285345604
SMITHS NEWS PLC      NWS VX       -96686010.48    285345604
SMITHS NEWS PLC      NWS1 BQ      -96686010.48    285345604
SMITHS NEWS PLC      NWS1 EO      -96686010.48    285345604
SMITHS NEWS PLC      NWS PO       -96686010.48    285345604
SMITHS NEWS PLC      NWS6 EO      -96686010.48    285345604
SMITHS NEWS PLC      NWS5 EO      -96686010.48    285345604
SONY COMPUTER EN     3893902Z LN  -527371383.9   1289099673
SONY DADC UK LTD     4007652Z LN  -758038.3706  131666251.9
SONY UNITED KING     1591658Z LN   -1219147829   2550391748
SOUTH STAFFORDSH     4049781Z LN  -12127094.81  148602864.7
SOUTHERN CROSS       SCHE2 EO     -456945463.9    226544692
SOUTHERN CROSS       SCHE PZ      -456945463.9    226544692
SOUTHERN CROSS       SCHEGBP EO   -456945463.9    226544692
SOUTHERN CROSS       SOCHF US     -456945463.9    226544692
SOUTHERN CROSS       SCHE3 EO     -456945463.9    226544692
SOUTHERN CROSS       SCHE EO      -456945463.9    226544692
SOUTHERN CROSS       SCH5 EO      -456945463.9    226544692
SOUTHERN CROSS       SCHEUSD EU   -456945463.9    226544692
SOUTHERN CROSS       SCHEUSD EO   -456945463.9    226544692
SOUTHERN CROSS       SCHE EU      -456945463.9    226544692
SOUTHERN CROSS       SCHE S1      -456945463.9    226544692
SOUTHERN CROSS       SCHE4 EO     -456945463.9    226544692
SOUTHERN CROSS       SCHE8 EO     -456945463.9    226544692
SOUTHERN CROSS       SCHE PO      -456945463.9    226544692
SOUTHERN CROSS       F2Z TH       -456945463.9    226544692
SOUTHERN CROSS       SCHE6 EO     -456945463.9    226544692
SOUTHERN CROSS       SCHE BQ      -456945463.9    226544692
SOUTHERN CROSS       SCH3 EO      -456945463.9    226544692
SOUTHERN CROSS       SCHE7 EO     -456945463.9    226544692
SOUTHERN CROSS       SCHE EB      -456945463.9    226544692
SOUTHERN CROSS       SCH4 EO      -456945463.9    226544692
SOUTHERN CROSS       SCHEEUR EU   -456945463.9    226544692
SOUTHERN CROSS       SCHE VX      -456945463.9    226544692
SOUTHERN CROSS       SCHE LN      -456945463.9    226544692
SOUTHERN CROSS       SCHE NQ      -456945463.9    226544692
SOUTHERN CROSS       SCHE IX      -456945463.9    226544692
SOUTHERN CROSS       SCHE TQ      -456945463.9    226544692
SOUTHERN CROSS       SCHEEUR EO   -456945463.9    226544692
SOUTHERN CROSS       SCHE NR      -456945463.9    226544692
SOUTHERN CROSS       F2Z GR       -456945463.9    226544692
SOUTHERN CROSS       SCHE QM      -456945463.9    226544692
SOUTHERN CROSS       SCHE5 EO     -456945463.9    226544692
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
SPIRIT PUB CO PL     SPRT EU      -797310760.5   3657116792
SPIRIT PUB CO PL     SPRT NR      -797310760.5   3657116792
SPIRIT PUB CO PL     SPRT EO      -797310760.5   3657116792
SPIRIT PUB CO PL     SPRT QM      -797310760.5   3657116792
SPIRIT PUB CO PL     SPRT TQ      -797310760.5   3657116792
SPIRIT PUB CO PL     SPRT IX      -797310760.5   3657116792
SPIRIT PUB CO PL     SPRT BQ      -797310760.5   3657116792
SPIRIT PUB CO PL     SPRT EB      -797310760.5   3657116792
SPIRIT PUB CO PL     S7I GR       -797310760.5   3657116792
SPIRIT PUB CO PL     SPRT PZ      -797310760.5   3657116792
SPIRIT PUB CO PL     SPRT LN      -797310760.5   3657116792
SQUARE ENIX LTD      1826770Z LN  -223995033.8  278955082.2
SR TECHNICS UK L     2900250Z LN  -87572452.23  179843123.8
STAGECOACH SERVI     1584258Z LN  -27470918.93  305042241.9
STV GROUP PLC        STVG EU      -36632758.71    143156965
STV GROUP PLC        SMGPF US     -36632758.71    143156965
STV GROUP PLC        STVGGBP EO   -36632758.71    143156965
STV GROUP PLC        STVG LN      -36632758.71    143156965
STV GROUP PLC        SMG VX       -36632758.71    143156965
STV GROUP PLC        STVGEUR EU   -36632758.71    143156965
STV GROUP PLC        STVG VX      -36632758.71    143156965
STV GROUP PLC        SMG PZ       -36632758.71    143156965
STV GROUP PLC        STVG S1      -36632758.71    143156965
STV GROUP PLC        STVG EO      -36632758.71    143156965
STV GROUP PLC        STVGEUR EO   -36632758.71    143156965
STV GROUP PLC        SMG IX       -36632758.71    143156965
SUN CHEMICAL LTD     2569274Z LN  -21504458.55  276424178.5
SUNDERLAND ASSOC     1274418Z LN  -30559441.44  144949782.5
SUNSAIL LTD          1092666Z LN  -37047891.81  193976501.7
SW NO 1 LTD          1266351Z LN  -127509303.4  140986934.8
SWIFT TECHNICAL      4287133Z LN  -34723772.77  138665319.9
TATA CMMNCTNS UK     2534722Z LN  -32378969.15  118690215.5
TDL INFOMEDIA        3362Z LN     -25723860.05  136762955.6
TELEWEST COM-ADR     TWSTD US      -3702234581   7581020925
TELEWEST COM-ADR     TWT$ LN       -3702234581   7581020925
TELEWEST COM-ADR     TWSTY US      -3702234581   7581020925
TELEWEST COM-ADR     940767Q GR    -3702234581   7581020925
TELEWEST COMM        TWSTF US      -3702234581   7581020925
TELEWEST COMM        715382Q LN    -3702234581   7581020925
TELEWEST COMM        TWT VX        -3702234581   7581020925
TELEWEST COMM        604296Q GR    -3702234581   7581020925
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        THN$ LN       -2265916257   2950021937
THORN EMI-ADR        TORNY US      -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  -653746579.6  603467606.2
TOPPS TILES PLC      TPT5 EO      -37156577.81  134888367.5
TOPPS TILES PLC      TPT3 EO      -37156577.81  134888367.5
TOPPS TILES PLC      TPT LN       -37156577.81  134888367.5
TOPPS TILES PLC      TPT VX       -37156577.81  134888367.5
TOPPS TILES PLC      TPTJY US     -37156577.81  134888367.5
TOPPS TILES PLC      TPT6 EO      -37156577.81  134888367.5
TOPPS TILES PLC      TPTJF US     -37156577.81  134888367.5
TOPPS TILES PLC      TPT7 EO      -37156577.81  134888367.5
TOPPS TILES PLC      TPT PO       -37156577.81  134888367.5
TOPPS TILES PLC      TPT S1       -37156577.81  134888367.5
TOPPS TILES PLC      TPT EO       -37156577.81  134888367.5
TOPPS TILES PLC      TPT4 EO      -37156577.81  134888367.5
TOPPS TILES PLC      TPT2 EO      -37156577.81  134888367.5
TOPPS TILES PLC      TPT1 EO      -37156577.81  134888367.5
TOPPS TILES PLC      TPT TQ       -37156577.81  134888367.5
TOPPS TILES PLC      TPTEUR EU    -37156577.81  134888367.5
TOPPS TILES PLC      TPTGBP EO    -37156577.81  134888367.5
TOPPS TILES PLC      TPT9 EO      -37156577.81  134888367.5
TOPPS TILES PLC      TPT10 EO     -37156577.81  134888367.5
TOPPS TILES PLC      TPT IX       -37156577.81  134888367.5
TOPPS TILES PLC      TPTEUR EO    -37156577.81  134888367.5
TOPPS TILES PLC      TPT PZ       -37156577.81  134888367.5
TOPPS TILES PLC      TPT EU       -37156577.81  134888367.5
TOPPS TILES PLC      TPT BQ       -37156577.81  134888367.5
TOPPS TILES PLC      TPT8 EO      -37156577.81  134888367.5
TOPPS TILES-NEW      TPTN LN      -37156577.81  134888367.5
TOTAL UK LTD         3897130Z LN  -61225906.13   2907445594
TRAVELEX HOLDING     2917958Z LN   -1298945101   2546701094
TRAVELODGE LTD       3471462Z LN  -515411329.9   1254613472
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  -297696548.3  510522326.8
TUBE LINES FINAN     1241207Z LN  -2914999.962   2408518672
TUI UK LTD           1653824Z LN  -913811298.8   5088088830
TYCO HEALTHCARE      1066794Z LN   -13601743.4    333686519
UNIGATE PLC          UNIG LN      -34143742.45  284687094.6
UNIGATE PLC          1577Q GR     -34143742.45  284687094.6
UNIGATE PLC          UNGAF US     -34143742.45  284687094.6
UNIGATE PLC          UNGPF US     -34143742.45  284687094.6
UNIGATE PLC-ADR      UNGAY US     -34143742.45  284687094.6
UNILEVER UK CENT     1273034Z LN   -1928848885   6056871052
UNIQ PLC             UNIQEUR EU   -34143742.45  284687094.6
UNIQ PLC             UNIQEUR EO   -34143742.45  284687094.6
UNIQ PLC             UNIQ PO      -34143742.45  284687094.6
UNIQ PLC             UGE1 GR      -34143742.45  284687094.6
UNIQ PLC             UNIQ EO      -34143742.45  284687094.6
UNIQ PLC             UNIQGBP EO   -34143742.45  284687094.6
UNIQ PLC             UNIQ LN      -34143742.45  284687094.6
UNIQ PLC             UNIQ EU      -34143742.45  284687094.6
UNIQ PLC             UNIQF US     -34143742.45  284687094.6
UNIQ PLC             UNIQ PZ      -34143742.45  284687094.6
UNIQ PLC             UNIQ IX      -34143742.45  284687094.6
UNIQ PLC             UNQPF US     -34143742.45  284687094.6
UNIQ PLC             UGE GR       -34143742.45  284687094.6
UNIQ PLC             UNIQ VX      -34143742.45  284687094.6
UNIQ PLC-ASSD        UNIA LN      -34143742.45  284687094.6
UNIQ PREPARED FO     1077122Z LN    -120661558  355622471.3
UNITED BISCUITS      3193858Z LN  -326896245.3   3316769414
UNIVERSAL LEASIN     2581586Z LN  -28690420.23  155128729.2
UNIVERSAL PICTUR     1083202Z LN  -66200436.83  242851864.9
UPS LTD              1503290Z LN  -128358198.9  422072199.6
UTC GROUP            UGR LN       -11904428.42    203548565
VALE OF AYLESBUR     4006932Z LN  -73416860.01  100856530.6
VANCO UK LTD         2784982Z LN     -56556541  114635709.2
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 VX      -392165409.3  166070003.7
VIRGIN MOBILE        VMOB PO      -392165409.3  166070003.7
VIRGIN MOBILE        VMOB LN      -392165409.3  166070003.7
VIRGIN MOBILE        VGMHF US     -392165409.3  166070003.7
VIRGIN MOBILE        UEM GR       -392165409.3  166070003.7
VIRGIN WINGS LTD     4500155Z LN  -410616776.7   5155268566
VODAFONE UK CONT     1909662Z LN  -36036445.35  241077469.5
VOYAGE GROUP LTD     4168725Z LN  -89543682.76    572205624
WALES & WEST UTI     3688061Z LN  -784167196.7   2080276139
WARNER ESTATE        WNER PO      -17991567.99  433564660.8
WARNER ESTATE        WNER PZ      -17991567.99  433564660.8
WARNER ESTATE        WNER LN      -17991567.99  433564660.8
WARNER ESTATE        WNER EO      -17991567.99  433564660.8
WARNER ESTATE        WNERGBP EO   -17991567.99  433564660.8
WARNER ESTATE        WNER VX      -17991567.99  433564660.8
WARNER ESTATE        WNEHF US     -17991567.99  433564660.8
WARNER ESTATE        WRL GR       -17991567.99  433564660.8
WARNER ESTATE        WNER EU      -17991567.99  433564660.8
WARNER ESTATE        WNER IX      -17991567.99  433564660.8
WARNER MUSIC UK      1075906Z LN  -30035535.27  103148268.1
WATSON & PHILIP      WTSN LN        -120493900  252232072.9
WEAVER VALE HOUS     3953220Z LN  -60271595.72  104022836.2
WEETABIX LTD-A       WEEBF US     -397652099.9  909970808.9
WEETABIX LTD-A       WTB OF       -397652099.9  909970808.9
WESCOT TOPCO LTD     4007020Z LN  -28467510.91    115035189
WEST HAM UNITED      1275834Z LN  -60233495.23  174701255.1
WESTBURY HOTEL L     1214607Z LN  -541051.7845  357290768.3
WHELCO HOLDINGS      2741744Z LN  -1295249.714    100781831
WHITE YOUNG GREE     WHY EO       -32392901.23  196106689.5
WHITE YOUNG GREE     WHYEUR EO    -32392901.23  196106689.5
WHITE YOUNG GREE     WHYGBP EO    -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 PZ       -32392901.23  196106689.5
WHITE YOUNG GREE     WHY PO       -32392901.23  196106689.5
WHITE YOUNG GREE     WHY EU       -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     -171883729.9   1378925175
WINCANTON PLC        WIN4 EO      -171883729.9   1378925175
WINCANTON PLC        WIN1EUR EO   -171883729.9   1378925175
WINCANTON PLC        WIN1 EO      -171883729.9   1378925175
WINCANTON PLC        WIN PZ       -171883729.9   1378925175
WINCANTON PLC        WIN1GBP EO   -171883729.9   1378925175
WINCANTON PLC        WIN1 EB      -171883729.9   1378925175
WINCANTON PLC        WIN7 EO      -171883729.9   1378925175
WINCANTON PLC        WIN12 EO     -171883729.9   1378925175
WINCANTON PLC        WIN IX       -171883729.9   1378925175
WINCANTON PLC        WIN1 NQ      -171883729.9   1378925175
WINCANTON PLC        WIN1 EU      -171883729.9   1378925175
WINCANTON PLC        WIN6 EO      -171883729.9   1378925175
WINCANTON PLC        WIN11 EO     -171883729.9   1378925175
WINCANTON PLC        WIN8 EO      -171883729.9   1378925175
WINCANTON PLC        WIN1 TQ      -171883729.9   1378925175
WINCANTON PLC        WIN9 EO      -171883729.9   1378925175
WINCANTON PLC        WIN10 EO     -171883729.9   1378925175
WINCANTON PLC        WIN13 EO     -171883729.9   1378925175
WINCANTON PLC        WIN1 BQ      -171883729.9   1378925175
WINCANTON PLC        WIN1USD EO   -171883729.9   1378925175
WINCANTON PLC        WIN1 S1      -171883729.9   1378925175
WINCANTON PLC        WIN LN       -171883729.9   1378925175
WINCANTON PLC        WIN VX       -171883729.9   1378925175
WINCANTON PLC        WIN1 QM      -171883729.9   1378925175
WINCANTON PLC        WIN5 EO      -171883729.9   1378925175
WINCANTON PLC        WIN1USD EU   -171883729.9   1378925175
WINCANTON PLC        WIN PO       -171883729.9   1378925175
WINCANTON PLC        WIN1EUR EU   -171883729.9   1378925175
WINCANTON PLC        WNCNF US     -171883729.9   1378925175
WINDSOR TELEVISI     1475394Z LN  -232297665.7  340517582.8
WINTERTHUR FINAN     1353474Z LN   -5097471.01    146472274
WYG PLC              WYG2 EO      -32392901.23  196106689.5
WYG PLC              WYG5 EO      -32392901.23  196106689.5
WYG PLC              WYG3 EO      -32392901.23  196106689.5
WYG PLC              WYG6 EO      -32392901.23  196106689.5
WYG PLC              WYG EU       -32392901.23  196106689.5
WYG PLC              WYGGBP EO    -32392901.23  196106689.5
WYG PLC              WYG4 EO      -32392901.23  196106689.5
WYG PLC              WYG7 EO      -32392901.23  196106689.5
WYG PLC              WYG8 EO      -32392901.23  196106689.5
WYG PLC              WHY IX       -32392901.23  196106689.5
WYG PLC              WYG PZ       -32392901.23  196106689.5
WYG PLC              WYG EO       -32392901.23  196106689.5
WYG PLC              WYG1 EO      -32392901.23  196106689.5
WYG PLC              WYGEUR EU    -32392901.23  196106689.5
WYG PLC              WYG LN       -32392901.23  196106689.5
WYG PLC              WYGEUR EO    -32392901.23  196106689.5
XAARJET LTD          2697648Z LN  -3938911.173  102239864.3
XCHANGING UK LTD     1814130Z LN  -33399235.51  334395990.3
XSTRATA SERVICES     1975918Z LN  -88056666.54    169405671
YANG MING UK LTD     1756777Z LN  -39140424.52  296076088.5
YARLINGTON HOUSI     4435313Z LN  -18443811.91  276648958.8
YOUNG'S BLUECRES     1841386Z LN  -46554226.38  279057376.4
ZURICH EMPLOYMEN     1292298Z LN  -122911831.6  159138559.6


                            *********

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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