TCREUR_Public/111227.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, December 27, 2011, Vol. 12, No. 256

                            Headlines



A U S T R I A

ALIZEE BANK: Austria's Financial Regulator Takes Control


F I N L A N D

PERTTI PALMROTH: Declared Insolvent; Mulls Appeal


F R A N C E

LEJABY: Lyon Court Commences Liquidation Procedure


G E R M A N Y

PULS 2006-1: Moody's Cuts Rating on EUR26.5-Mil. B Notes to 'Ca'
SOLAR MILLENNIUM: Solarhybrid Still Interested in U.S. Projects


G R E E C E

T BANK: Fitch Withdraws 'D' Long-Term Issuer Default Rating


I R E L A N D

CORSAIR LIMITED: Moody's Cuts Rating on Series 11 Notes to 'Ca'
DUNCANNON CRE: Fitch Affirms 'C' Ratings on Seven Note Classes
EIRCOM GROUP: ST Telemedia Withdraws Debt Restructuring Proposal
ERC IRELAND: Moody's Cuts Corporate Family Rating to 'Caa3'
PROVENTUS EUROPEAN: Fitch Affirms 'CC' Ratings on 2 Note Classes

SHEFFIELD CDO: Moody's Confirms 'Ca' Ratings on 3 Note Classes


K A Z A K H S T A N

AGRARIAN CREDIT: Moody's Affirms 'Ba2' Issuer Ratings


L A T V I A

LATVIJAS KRAJBANKA: Declared Insolvent by Latvian Court


L U X E M B O U R G

INTELSAT SA: Offers to Exchange 7 1/4% Senior Notes Due 2019


N E T H E R L A N D S

CLASSIC I: Moody's Cuts Rating on Series 2003-1 Notes to 'Ba1'


P O L A N D

PBG SA: Moody's Assigns 'B2' Probability of Default Rating


P O R T U G A L

CAIXA ECONOMICA: Fitch Lowers Individual Rating to 'D/E'


R U S S I A

AB FINANCE: Moody's Withdraws E+ Bank Financial Strength Rating
INSURANCE GROUP: Fitch Maintains Watch Neg. on 'BB' IFS Rating
MAGNITOGORSKI IRON: Moody's Affirms 'Ba3' Corporate Family Rating
MECHEL OAO: Moody's Changes 'B1' CFR Outlook to Negative
SVIAZ-BANK: Fitch Assigns 'BB' Rating to Senior Unsecured Bonds

U N I T E D   K I N G D O M

BLACKS LEISURE: Sale Talks Ongoing; Deal Expected in January
INDUS PLC: Fitch Affirms Rating on Class Notes at 'Csf'
LA SENZA: Set to Enter Into Administration
OLDHAM FM: Proposes Company Voluntary Arrangement


X X X X X X X X

* Fitch Takes Various Rating Actions on Eurozone Bank Units
* Hundreds of European Banks Rush to Grasp Lifeline
* Large Companies with Insolvent Balance Sheets


                            *********


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A U S T R I A
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ALIZEE BANK: Austria's Financial Regulator Takes Control
--------------------------------------------------------
Boris Groendahl at Bloomberg News reports that the Austrian
Financial Market Authority took control of Alizee Bank AG by
assigning a state supervisor charged with protecting creditors'
interests.

According to Bloomberg, FMA, Austria's financial regulator, said
in an e-mailed statement that it assigned on Thursday assigned
Dorotea Rebmann as state supervisor to Alizee to "safeguard the
financial interests of creditors and the assets entrusted to the
company."

A state supervisor is assigned if "there is a risk to the ability
of a credit institution to serve its liabilities to creditors."

Alizee confirmed the appointment in an e-mailed statement, adding
that it didn't mean the bank lacked liquidity, Bloomberg notes.
The bank, as cited by Bloomberg, said that it plans to raise
fresh capital soon.

The bank had assets of EUR41 million (US$53.5 million) at the end
of last year, according to its annual report, Bloomberg
discloses.  Its net loss widened to EUR2.25 million in 2010, from
EUR1.36 million a year earlier, Bloomberg relates.

Based in Vienna, Alizee Bank AG is a specialized lender to solar
and wind-power projects.


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F I N L A N D
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PERTTI PALMROTH: Declared Insolvent; Mulls Appeal
-------------------------------------------------
STT reports that Pertti Palmroth was declared insolvent on
Thursday.

According to STT, the company said it would appeal the district
court ruling before an appeals court.

Pertti Palmroth is a Finnish shoe and apparel maker.  The company
employs about 120 people, with factories in Tampere and Virrat
and eight shops.


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F R A N C E
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LEJABY: Lyon Court Commences Liquidation Procedure
--------------------------------------------------
SeeNews reports that the commercial court of Lyon on Thursday
launched liquidation procedures for Lejaby.

The court authorized the company to continue activity until
January 20, SeeNews relates.

Lejaby is a French lingerie maker.  It is a unit of Austrian
sector company Palmers.


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G E R M A N Y
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PULS 2006-1: Moody's Cuts Rating on EUR26.5-Mil. B Notes to 'Ca'
----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of these
notes issued by PULS 2006-1 plc:

Issuer: PULS CDO 2006-1 PLC

   -- EUR39.1M A1 Notes, Downgraded to Caa1 (sf); previously on
      Jun 29, 2011 Downgraded to Ba3 (sf)

   -- EUR96M A2A Notes, Downgraded to Baa3 (sf); previously on
      Jun 29, 2011 Downgraded to A3 (sf)

   -- EUR24M A2B Notes, Downgraded to Caa3 (sf); previously on
      Jun 29, 2011 Downgraded to B3 (sf)

   -- EUR26.5M B Notes, Downgraded to Ca (sf); previously on
      Aug 20, 2010 Downgraded to Caa3 (sf)

PULS 2006-1 plc, issued in July 2006, is a German SME CLO backed
by senior unsecured debt issued by primarily German small and
medium-sized enterprises (SMEs).

Ratings Rationale

The rating actions are driven by continuing and worse than
expected credit deterioration observed in the underlying pool.
The deterioration is reflected in an increase in the number of
defaults and the number of obligors on the watchlist maintained
by the portfolio manager.

Defaults and impairments in the transaction increased to 15
obligors, totalling EUR86 million (approximately 33% of the
initial pool), compared to 13 obligors, totalling EUR71 million
(approximately 27% of the initial portfolio) in last rating
action. Due to the length of the German workout process the
defaulted obligations have not returned recoveries to date,
except for 3 obligors. Deterioration in the portfolio is also
indicated by the watchlist maintained and reported by the
portfolio manager who monitors the individual issuers in the
portfolio. EUR34.7 million of the portfolio are currently on this
credit watch list verses EUR12 million last time, with further
EUR10 million of assets placed in potentially credit impaired
category. Assuming all credit impaired category defaulted, the
overcollateralization ratios for Class A-1, Class A-2A and Class
A-2B would be 115.2%, 159% and 115.2%, respectively. If further
defaults on the credit watch list category are assumed, the
overcollateralization ratios for Class A-1, Class A-2A and Class
A-2B would be reduced to 85.1%, 117.5% and 85.1%, respectively.

The trustee reports an increase in the Principal Deficiency
Ledger (PDL) from approximately EUR59.2 million at time of last
rating action to approximately EUR73.9 million. The PDL is a
measure representing the cumulative nominal amount of defaults in
a transaction. It is cured by the sequential redemption of the
notes from excess available funds until the PDL has been reduced
to zero. However, the excess spread in the transaction is limited
and it is unlikely that substantial portions of the PDL will be
paid down. The transaction has approximately 1.5 years to the
scheduled maturity.

The two largest sector concentrations are in the Real Estate with
approx 22.8% and Beverage, Food & Tobacco with 14.6%.
Approximately 71.3% of the performing portfolio is subordinated
debt. The portfolio's diversity has reduced due to defaults and
full and partial early amortizations at par. Currently the eight
largest obligors comprises of approximately 50% of the current
portfolio. After excluding amortized, insolvent and credit
impaired obligors, the number of portfolio obligors is 27.

In its analysis, Moody's applied stressed assumptions as per its
standard methodology. This includes a 30% stress to the
probability of defaults of each obligor, forward looking
stresses, as well as an increased inter-asset correlation of 5%
in order to reflect the borrower concentration in a single
country. In addition, for any subordinated debts, Moody's assumes
a zero recovery rate due to the subordinated position of the
loans in the obligors' capital structure.

As a base case, Moody's took into account the high downside risk
related to the concentration of the portfolio. Moody's analyzed
the underlying collateral pool to have a performing par of
EUR142.9 million, a stressed weighted average default probability
to legal maturity (July 2016) of 29.5% (consistent with the
default probability level of a Caa1 rating), and a weighted
average recovery rate of 0% for the subordinated debts, and 30%
for the senior unsecured debts. 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.

In reaching its ratings decisions, Moody's also incorporated the
qualitative information on individual obligors' performance
provided by Capital Securities Group AG as financial advisor in
the latest investor report.

Moody's notes as well that this portfolio shows high
concentration levels, as the top eight obligors represent close
to 52.6% of the pool, with the lowest mapped ratings at C/Ca. In
order to measure the risk associated with such low granularity,
Moody's conducted several sensitivity analyses , including the
application of stresses applicable to concentrated pools with non
publicly rated issuers, as outlined in Moody's Methodology,
"Updated approach to the usage of credit estimates in rated
transactions" (October 2009). In addition, obligations that are
in the credit watch listing are analyzed assuming ratings between
Caa and C. Moody's views the concentration risk in this
transaction as very material in the light of elevated refinancing
difficulties likely to be faced by an increasing number of the
weaker obligors over the coming years to scheduled maturity.

The action relies on financial data received annually for a
majority of obligors in the pool from the end of 2009. This
financial data was used in the RiskCalc model, an econometric
model developed by Moody's KMV in order to assess the credit
quality of obligors in the pool. The results obtained from the
RiskCalc model have been translated to Moody's rating scale and
adjusted by in order to reflect reliance on stale financial data,
poor pool performance and lack of granularity. Moody's also
incorporated information provided by the manager in the latest
investor report to account for more recent information on the
performance of the underlying obligors.

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as evidenced by uncertainties of
credit conditions in the general economy and the large
concentration of speculative-grade debt maturing in during 2013,
which may create challenges for obligors to refinance. Specific
sources of additional performance uncertainties for PULS 2006-1
plc include

Sources of additional performance uncertainties include:

1) Low portfolio granularity: The performance of the portfolio
   depends to a large extent on the credit conditions of a few
   large obligors that are rated non investment grade, especially
   when they experience jump to default. Due to the pool's lack
   of granularity, Moody's supplement its base case scenario with
   individual scenario analysis. The realization of higher than
   anticipated default rate due to the weakness of large obligors
   would negatively impact the ratings.

2) There is the potential for elevated refinancing difficulty
   particularly among obligors with weaker credit quality. The
   emergence of increased refinancing difficulty at the time of
   maturity would negatively impact the notes.

In addition, as noted in Moody's comment 'Rising Severity of Euro
Area Sovereign Crisis Threatens Credit Standing of All EU
Sovereigns' (28 November 2011), the risk of sovereign defaults or
the exit of countries from the Euro area is rising. As a result,
Moody's could lower the maximum achievable rating for structured
finance transactions with meaningful exposure to some of these
countries.

The methodologies used in this rating were "Moody's Approach to
Rating CDOs of SMEs in Europe" published in February 2007, and
"Moody's Approach to Rating Collateralized Loan Obligations"
published in June 2011.

In rating this transaction, Moody's used CDOROM to simulate the
default scenarios for each assets in the portfolio. Losses on the
portfolio derived from those scenarios have then been applied as
an input in the cash flow model to determine the loss for each
tranche. In each scenario, the corresponding loss for each class
of notes is calculated given the incoming cash flows from the
assets and the outgoing payments to third parties and
noteholders. By repeating this process and averaging over the
number of simulations, an estimate of the expected loss borne by
the notes is derived. As such, Moody's analysis encompasses the
assessment of stressed scenarios.

In addition to the quantitative factors that are explicitly
modelled, 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, 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.


SOLAR MILLENNIUM: Solarhybrid Still Interested in U.S. Projects
---------------------------------------------------------------
Stefan Nicola and Justin Doom at Bloomberg News report that
Solarhybrid AG remains "very interested" in buying the U.S.
projects of Solar Millennium AG, which filed for insolvency.

According to Bloomberg, Chief Financial Officer Albert Klein on
Thursday said that Solarhybrid, a Brilon, Germany-based renewable
energy developer, is talking with authorities about permission
and grid connections and with utilities about power-purchase
agreements related to the Solar Millennium projects it's seeking
to purchase.

"We will only invest and spend our money if we can be sure that
the plants will be built," Bloomberg quotes Mr. Klein as saying.

Solar Trust of America LLC, an Oakland, California-based joint
venture majority owned by Solar Millennium, on Thursday that the
insolvency won't affect its Oct. 6 agreement to sell Solarhybrid
its U.S. project pipeline, including its 1-gigawatt plant under
development in Blythe, California, Bloomberg notes.

As reported by the Troubled Company Reporter-Europe on Dec. 23,
2011, Bloomberg News related that Solar Millennium AG filed for
insolvency, citing slow progress in selling U.S. projects and a
failure to reach an agreement to bring in investors to the
Ibersol project in Spain.

Solar Millennium AG is an Erlangen-based solar company.  It had
focused on developing solar-thermal plants in Europe and the U.S.


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G R E E C E
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T BANK: Fitch Withdraws 'D' Long-Term Issuer Default Rating
-----------------------------------------------------------
Fitch Ratings has downgraded Greece-based T Bank, S.A.'s (T Bank)
Long-term Issuer Default Rating (IDR) to 'D' from 'B-' and
revised the Support Rating Floor (SRF) to 'NF' from 'B-' and
removed them from Rating Watch Negative (RWN).  Simultaneously,
all of the bank's ratings have been withdrawn and Fitch will no
longer provide ratings or analytical coverage of T Bank.

The rating action follows the Bank of Greece's (BoG) December 17
announcement of its decision to revoke T Bank's banking license
and put the bank into liquidation proceedings due to the bank's
inability to restore its capital adequacy and failed attempts to
merge with its majority shareholder, Hellenic Postbank (Postbank;
unrated).

As prescribed by Greek Law 3601/2007 (amended by recent Law
4021/2011), BoG has conducted an auction process by which all of
T Bank's deposits, employment contracts and assets (loans and
securities) have been transferred to Postbank.  As a result of
this process, Postbank will be assuming the continuation of T
Bank's banking activities and the funding gap between the
transferred assets and liabilities will be covered by the
Hellenic Deposit and Investment Guarantee Fund.  T Bank's
subordinated debt and preference shares have not been
transferred, thus being subject to the liquidation proceedings.

T Bank was a small retail and SME banking group with roots as a
specialized mortgage bank. At end-H111, it was 32.9%-owned by
Postbank. Postbank, founded in 1900 as part of the Hellenic Post
office, is Greece's seventh-largest bank and focuses on retail
banking.  Postbank's majority owner is the Greek state, with a
34% stake.

The rating actions are as follows:

  -- Long-term IDR: downgraded to 'D' from 'B-';
     removed from RWN; withdrawn
  -- Short-term IDR: downgraded to 'D' from 'B';
     removed from RWN; withdrawn
  -- Viability Rating: affirmed at 'f', withdrawn
  -- Individual Rating: affirmed at 'F'; withdrawn
  -- Support Rating: affirmed at '5'; withdrawn
  -- Support Rating Floor: revised to 'NF' from 'B-';
     removed from RWN; withdrawn
  -- Subordinated debt: affirmed at 'C'; withdrawn
  -- Preferred stock: affirmed at 'C'; withdrawn


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CORSAIR LIMITED: Moody's Cuts Rating on Series 11 Notes to 'Ca'
---------------------------------------------------------------
Moody's Investors Service has downgraded the rating of these
notes issued by Corsair (Jersey) No.4 Limited:

Issuer: Corsair (Jersey) No 4 Limited - Series 11

   -- US$100M Series 11 Floating Rate Step-down Secured Portfolio
      CLN, Downgraded to Ca (sf); previously on Mar 2, 2010
      Downgraded to Caa2 (sf)

This transaction is a static synthetic CDO comprised of a 20%
corporate pool and an 80% ABS pool of consumer and student loans.
The subordination of this series is approximately 0.56% with a
thickness of only 0.3%.

Ratings Rationale

Moody's explained that the rating action taken is the result of
the current realised loss suffered by Series 11. Following the
credit events called on Syncora Guarantee Inc. and Ambac
Assurance Corporation, roughly half the tranche size has suffered
a loss.

Given the magnitude of the current realised loss, the rating on
Series 11 remains commensurate with the Moody's expected
recoveries for the notes, as outlined in the paper titled
"Moody's Approach to Rating Structured Finance Securities in
Default" published in November 2009.

The principal methodology used in this rating was "Moody's
Approach to Rating SF CDOs" published in November 2010.

No cash flow analysis or stress scenarios have been conducted as
the rating was directly derived from the amount of realised
losses provided by the calculation agent.

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.


DUNCANNON CRE: Fitch Affirms 'C' Ratings on Seven Note Classes
--------------------------------------------------------------
Fitch Ratings has taken rating actions on Duncannon CRE CDO I
p.l.c, as follows:

  -- Class X (XS0311199367 ): Upgraded to 'BBsf', Outlook Stable
  -- Class RCF(XS0311199870): Upgraded to 'Bsf', Rating Outlook
     Stable
  -- Class A (XS0311199524): Upgraded to 'Bsf', Outlook Stable
  -- Class B (XS0311200710 ): Affirmed at 'CCsf'
  -- Class C-1 (XS0311202500): Affirmed at 'Csf'
  -- Class C-2 (XS0311203813): Affirmed at 'Csf'
  -- Class D-1 (XS0311204464): Affirmed at 'Csf'
  -- Class D-2 (XS0311204621 ): Affirmed at 'Csf'
  -- Class D-3 (XS0311204977 ): Affirmed at 'Csf'
  -- Class E-1 (XS0311206329): Affirmed at 'Csf'
  -- Class E-2 (XS0311206592 ): Affirmed at 'Csf'

The transaction is a cash flow securitization of primarily CMBS
mezzanine assets and commercial real estate B loans.  The rating
actions follow an annual review of the transaction.  Fitch notes
that credit enhancement has increased since the last review in
January 2011 due to the manager purchasing the structure's senior
notes at a discount and subsequently cancelling them.  The
transaction is still in its reinvestment period and although the
manager has not actively sold assets, it has deployed redemptions
to reinvestment as and when received.

The class X note ranks pari passu with the class A note and RCF
and is paid senior in the priorities of payment.  The issuer pays
an amount per period, which comprises an interest and principal
element, with the principal outstanding amortizing by a pre-
defined principal payment schedule.  The upgrade is driven by the
fact that the Class X note benefits from increased credit
enhancement in addition to a defined amortization schedule (due
to amortize and finally repay in September 2013).

The class A and RCF notes upgrades are based on the fact that
both notes benefit from 45% credit enhancement.  However, this is
based on a portfolio which has a weighted average rating of
'B'/'B-' and has a 'CCC+' and below bucket which makes up around
37% of the portfolio.

The Class B notes have been affirmed at 'CCCsf' as credit
enhancement has increased marginally.  However, the notes are
more exposed to the 'CCC+' and below rated assets.

The Class C-1 notes have positive credit enhancement but the
notes are entirely exposed to 'CCC+ 'and below rated notes. As
such, some form of default seems probable.

The Class C-2 and below notes have decreasing levels of credit
enhancement and are increasingly exposed to lower credit quality
assets, As such, there are exceptionally high levels of credit
risk.


EIRCOM GROUP: ST Telemedia Withdraws Debt Restructuring Proposal
----------------------------------------------------------------
Ciaran Hancock at The Irish Times reports that Eircom Group's
Singapore-based shareholder ST Telemedia has withdrawn its debt-
restructuring proposal and resigned its representatives from the
various boards and committees of the group's companies.

The move follows the decision by first-lien lenders to the
company, who are owed about EUR2.6 billion, to reject STT's
latest proposal to restructure Eircom's EUR3.7 billion net debt,
the Irish Times relates.

This would seem to indicate that the Singaporean company, which
owns 65% of Eircom, has decided to cut its ties with the company,
the Irish Times states.  However, sources indicated on Friday
that STT might yet seek to re-enter the process, the Irish Times
notes.

According to the Irish Times, the board of Eircom said it would
proceed with "detailed discussions" with the first lien co-
ordinating committee (FLC) regarding its proposal to restructure
the company's balance sheet.

This involves the lenders taking full control of the business,
accepting a haircut on their debt and extending the maturity of
the loans out to 2017 from 2014 currently, the Irish Times
states.

A takeover of Eircom by the lenders is expected to be implemented
either through an examinership in Ireland or via a scheme of
arrangement in Britain, the Irish Times states.

A spokesman for the lenders, as cited by the Irish Times, said
their focus was to restructure Eircom's balance sheet so the
management plan to invest in a fibre rollout could be implemented
as a "matter of urgency".

                             Waiver

As reported by the Troubled Company Reporter-Europe on Dec. 20,
2011, The Irish Times related that ERC Ireland Holdings, the
parent of the heavily indebted Eircom, confirmed on Dec. 15 that
it received an extension on a waiver of breaches of the covenants
on its EUR2.6 billion of senior debt.  ERC was given a new
deadline of January 31 to comply with the terms of the covenants
or restructure its debts, the Irish Times disclosed.  An existing
debt waiver expired on Dec. 15, the Irish Times noted.

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


ERC IRELAND: Moody's Cuts Corporate Family Rating to 'Caa3'
-----------------------------------------------------------
Moody's Investors Service has downgraded to Caa3 from Caa2 the
corporate family rating (CFR) of ERC Ireland Finance Ltd, an
indirect parent company of eircom Group Ltd. Concurrently,
Moody's has downgraded ERCIF's probability of default rating
(PDR) to Ca from Caa3.

Moody's has also downgraded these ratings:

  (i) ERCIF's EUR350 million worth of senior unsecured notes due
      in 2016 to C from Ca

(ii) ERC Ireland Holdings Ltd's ("ERCIH") EUR350 million second-
      lien term loan to C from Ca

(iii) ERCIH's EUR3.3 billion senior secured facility to Caa2 from
      Caa1

The outlook on the ratings is negative.

Ratings Rationale

"[The] rating action reflects Moody's concerns that the potential
recovery prospects for eircom's creditors could be lower than
previously anticipated by the rating agency, owing to the
continuing macroeconomic weakness in Ireland and the
deteriorating outlook for the business," says Ivan Palacios, a
Moody's Vice President -- Senior Analyst and lead analyst for
eircom.

The weak underlying fundamentals of the Irish economy and the low
visibility of an economic recovery over the near-to-medium term
are affecting consumer confidence, which is translating into a
deteriorating operating performance for telecom operators such as
eircom. In addition, the company's operating performance is being
affected by the intense competition in the market and the impact
of regulation. In fact, eircom's estimated results for the month
of October 2011 as disclosed publicly by the company show a
significant decline in performance compared with the
corresponding periods in 2010. Moody's would expect eircom to
report a continued decline in EBITDA in the coming 12 months.

"The expectation of lower recoveries for its creditors is
exacerbated by the very slow progress that the company and its
lenders are making with regard to its balance-sheet remediation
plan," explains Mr. Palacios. "The delay in concluding this
process in the midst of an uncertain economic environment is
eroding eircom's credit profile in Moody's opinion, as the
visibility of critical decisions about the future strategy of the
company is limited pending a final resolution of the
restructuring process," adds Mr. Palacios.

Debt restructuring discussions between eircom and its lenders are
ongoing, and the company has recently received an extension of
the covenant waiver for its breach of the senior debt/EBITDA
covenant until January 31, 2012. The company is currently in
receipt of three proposals (one from one of its incumbent
shareholders, STT, one from the co-ordinating committee of the
first lien lenders and the other from an ad hoc committee of
certain holders of facility D under the Senior Facilities
Agreement). Details of each proposal remain confidential, but it
is Moody's expectation that none of them will involve a material
equity injection that could rebalance eircom's currently
unsustainable capital structure or improve the recovery prospects
for the company's creditors.

The downgrade of the CFR to Caa3 reflects Moody's belief that a
consensual outcome regarding the restructuring of eircom's debt
should be achieved, resulting in a group loss given default of
around 35%. The downgrade to C from Ca of the EUR350 million
worth of senior unsecured notes due in 2016 and the EUR350
million second-lien term loan Ca reflects their expected recovery
being less than 30%.

The negative outlook reflects the residual uncertainty regarding
the possibility that a consensual agreement may not be achieved
or could be further postponed, potentially leading to lower group
recoveries.

What Could Change the Ratings Up/Down

Moody's would consider downgrading the ratings if eircom's
discussions with lenders were to conclude with a debt
restructuring involving a larger-than-expected discount on debt
components of the company's capital structure.

Upward pressure on the ratings is unlikely over the short term,
given the negative outlook. However, Moody's could upgrade the
ratings if the final debt instrument recovery rates were higher
than those embedded in the current rating levels.

Principal Methodology

The principal methodology used in rating ERC Ireland Finance Ltd
was the Global Telecommunications Industry Methodology published
in December 2010. Other methodologies used include Loss Given
Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009.

ERCIF (previously known as BCM Ireland Finance Ltd) and ERCIH
(previously known as BCM Ireland Holdings Ltd) are holding
companies of eircom, the principal provider of fixed-line
telecommunications services in Ireland and, following its
acquisition of Meteor, the third-largest mobile operator in the
country. In the year ended June 30, 2010, eircom generated
revenues of EUR1.82 billion and adjusted EBITDA (as reported by
the company) of EUR679 million. The company has not yet reported
its full-year audited results for the year ended June 30, 2011.


PROVENTUS EUROPEAN: Fitch Affirms 'CC' Ratings on 2 Note Classes
----------------------------------------------------------------
Fitch Ratings has taken various rating actions on Proventus
European ABS CDO P.L.C, as follows:

  -- Class A (XS0283671716): affirmed at 'BBsf', Outlook Negative
  -- Class B (XS0283673415): downgraded to 'B-sf' from 'Bsf',
      Outlook Negative
  -- Class C (XS0283674223): downgraded to 'CCCsf' from 'Bsf'
  -- Class D (XS0283674819): affirmed at 'CCCsf'
  -- Class E (XS0283675626): affirmed at 'CCsf'
  -- Class F (XS0283676434): affirmed at 'CCsf'

The transaction is a synthetic securitization of primarily
mezzanine structured finance assets.

The rating actions follow an annual review of the transaction.
Fitch notes that credit enhancement has increased since the last
review in January 2011 due to the removal of assets from the
reference portfolio.  The reference portfolio has decreased to
EUR1.5 billion from EUR2 billion.  However the decrease in the
portfolio leaves the senior notes more exposed to collateral that
is rated 'CCC+' or below, which was the driver for the negative
rating action on the classes B and C notes.

The portfolio, as it currently stands, predominately references
prime RMBS collateral (52%) with the second largest contributor
being CMBS (17%).  Netherlands and the UK being the most
represented regions (52.61% combined).  24% of the country
exposures are peripheral European countries (Ireland, Italy,
Portugal and Spain).

The transaction is still in its replenishment period and as such
the manager may continue to reference new assets up until the
expiry of the replenishment period in March 2014 provided any
breaches of the portfolio's eligibility criteria are maintained
or improved by any such inclusions.


SHEFFIELD CDO: Moody's Confirms 'Ca' Ratings on 3 Note Classes
--------------------------------------------------------------
Moody's Investors Service has upgraded the rating of these notes
issued by Sheffield CDO, Ltd.:

Issuer: Sheffield CDO, Ltd.

   -- US$7.06MM Class S Senior Secured Floating Rate Notes due
      2046 (currently US$2,985,266.49 outstanding), Upgraded to
      Aaa (sf); previously on Jun 24, 2011 Aa3 (sf) Placed Under
      Review for Possible Upgrade

   -- US$105.25MM Class A-1 Senior Secured Floating Rate Notes
      due 2046, Upgraded to Baa2 (sf); previously on Jun 24, 2011
      Ba3 (sf) Placed Under Review for Possible Upgrade

   -- US$60MM Class A-1D Delayed Draw Senior Secured Floating
      Rate Note due 2046, Upgraded to Baa2 (sf); previously on
      Jun 24, 2011 Ba3 (sf) Placed Under Review for Possible
      Upgrade

   -- EUR25.2MM Class A-2 Senior Secured Floating Rate Notes due
      2046, Upgraded to Ba2 (sf); previously on Jun 24, 2011 Caa2
      (sf) Placed Under Review for Possible Upgrade

   -- US$43MM Class B Senior Secured Floating Rate Notes due
      2046, Upgraded to B3 (sf); previously on Jun 24, 2011 Caa3
      (sf) Placed Under Review for Possible Upgrade

   -- US$22MM Class C Deferrable Interest Secured Floating Rate
      Notes due 2046, Confirmed at Ca (sf); previously on Jun 24,
      2011 Ca (sf) Placed Under Review for Possible Upgrade

   -- US$17.25MM Class D Deferrable Interest Secured Floating
      Rate Notes due 2046, Confirmed at Ca (sf); previously on
      Jun 24, 2011 Ca (sf) Placed Under Review for Possible
      Upgrade

   -- US$20MM Class T Combination Notes due 2046, Confirmed at Ca
      (sf); previously on Jun 24, 2011 Ca (sf) Placed Under
      Review for Possible Upgrade

This transaction is a managed cash flow collateralized debt
obligation (CDO) backed predominantly by a portfolio of US CLOs
of the 2005, 2006 and 2007 vintages.

Ratings Rationale

Moody's explained that the rating action taken is the result of
the overall credit improvement of the portfolio following the
completion of Moody's review of US-CLOs, which the rating agency
initiated on June 22, 2011 in relation to its global CLO
methodology update. For further information please refer to the
press release "Moody's completes U.S. CLO rating sweep (and
global CLO rating sweep), upgrades 2,867 tranches" released on 16
December 2011. Based on the latest trustee report, CLO Securities
currently held in the portfolio total about US$ 181 million,
accounting for approximately 77% of the collateral balance
excluding defaulted securities.

As a result of the delevering and the decrease in the number of
defaulted securities in the portfolio, the overcollateralization
ratios have increased since the rating action in October 2009. As
of the latest trustee report dated October 31, 2011, the Class
A/B and Class C overcollateralization ratios are reported at
91.48%% and 82.16%, respectively, versus October 2009 levels of
75.67% and 68.65%, respectively.

In the last rating action on October 27, 2009, Moody's took into
consideration the risk of the transaction experiencing an event
of default when downgrading the Class S notes to Aa3(sf) from
Aaa(sf). At that time, there was an increased risk of the Class
A-1 and Class A-1D notes experiencing a non-payment of interest
based on the then Ba3(sf) rating. Further, an event of default
may also occur in the event that the Senior Adjusted
Overcollateralization Ratio were to fall below 100% on any
measurement date. Moody's notes that in October 2009, due to an
inaccurate calculation, this ratio was considered to be 155%, as
stated in the October 2009 press release. This ratio was in fact
111% at the time of the last rating action and has since
increased to 129%. The correct ratio has now been included in the
analysis of the notes.

In the process of determining the final rating, Moody's took into
account the results of a number of sensitivity analyses:

1) Defaulted all Caa Referenced Entities - To test the deal
   sensitivity to the lowest rated entities of the portfolio, all
   Caa exposures amounting to a little over 8% of the reference
   pool, were ran as defaulted. This run generated results that
   were lower than those modeled under the base case by up to 2
   notches.

2) Additional notching - Moody's considered a model run where all
   CLO assets in the portfolio are stressed by two notches. This
   run generated results that were lower than those modeled under
   the base case by up to 4 notches.

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, which could negatively impact the
ratings of the notes, 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 in the
underlying CLO portfolios which may create challenges for issuers
to refinance. CLO notes' performance may also be impacted either
positively or negatively 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 principal methodology used in this rating was "Moody's
Approach to Rating SF CDOs" published in November 2010.

In rating this transaction, Moody's supplemented the model runs
by using CDOROM to simulate the default and recovery scenario for
each assets in the portfolio. Losses on the portfolio derived
from those scenarios have then been applied as an input in the
Moody's EMEA Cash-Flow model to determine the loss for each
tranche. In each scenario, the corresponding loss for each class
of notes is calculated given the incoming cash flows from the
assets and the outgoing payments to third parties and
noteholders. By repeating this process and averaging over the
number of simulations, an estimate of the expected loss borne by
the notes is derived. The Moody's CDOROM(TM) relies on a Monte
Carlo simulation which takes the Moody's default probabilities as
input. Each asset in the portfolio is modelled individually with
a standard multi-factor model reflecting Moody's asset
correlation assumptions. The correlation structure implemented in
CDOROM is based on a Gaussian copula. As such, Moody's analysis
encompasses the assessment of stressed scenarios.

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.


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


AGRARIAN CREDIT: Moody's Affirms 'Ba2' Issuer Ratings
-----------------------------------------------------
Moody's Investors Service has affirmed these ratings of Agrarian
Credit Corporation (Kazakhstan): the Ba2 long-term and Not-Prime
short-term local and foreign currency issuer ratings.

Moody's affirmation of Agrarian Credit Corporation's ratings is
based on the company's audited financial statements for 2010
prepared under IFRS, and its unaudited reports under local GAAP
as at Q3 2011.

Ratings Rationale

"Moody's affirmation of Agrarian Credit Corporation's ratings,
with a stable outlook, reflects the company's solid capital
buffer and the rating agency's assessment of strong probability
of government support in the event of need," says Maxim
Bogdashkin, a Moody's Assistant Vice-President and lead analyst
for the company.

Despite the growing level of problem loans (90+ days overdue
loans accounted for 15.7% of total loans as at Q3 2011), Agrarian
Credit Corporation's capital cushion remains strong, with the
ratio of shareholder's equity to total assets exceeding 50%. The
company's loan loss reserves of almost 10% of total loans also
provide additional protection against potential losses from its
non-performing loans.

At the same time, Moody's notes that due to its specific single-
industry mandate Agrarian Credit Corporation's ratings remain
constrained by concentration of its loan portfolio on the
agriculture sector, which is perceived risky by Moody's. Given
that Agrarian Credit Corporation's mandate targets social and
developmental rather than business goals, the company's longer-
term credit quality also significantly depends on government
support in the form of continuous funding and equity injections.

Moody's continues to incorporate strong probability of government
support into Agrarian Credit Corporation's ratings because of its
100% government ownership and existing track record of capital
and funding support over the past several years.

Principal Methodologies

The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
and Government-Related Issuers: Methodology Update published in
July 2010.

Headquartered in Astana, Kazakhstan, Agrarian Credit Corporation
reported total assets of KZT100.8 billion (US$682 million) under
unaudited local GAAP as of Q3 2011. The company recorded a net
profit of KZT915 million (US$6.2 million) in the first three
quarters of 2011.


===========
L A T V I A
===========


LATVIJAS KRAJBANKA: Declared Insolvent by Latvian Court
-------------------------------------------------------
Aaron Eglitis at Bloomberg News, citing the Baltic News Service,
reports that Latvijas Krajbanka AS, the lender suspended by bank
regulators on Nov. 21, was declared insolvent by a Latvian court
on Friday.

The Riga-based newswire disclosed that Janis Brazovskis, the
deputy head of the bank regulator, said the bank's liabilities
exceeded assets by about LVL100 million (US$187.7 million),
Bloomberg relates.

According to Bloomberg, Mr. Brazovskis, as cited by BNS, said
that the lender is missing about LVL167 million in capital, owes
about LVL335 million  to the deposit guarantee fund and has
outstanding debts of about LVL200 million to other creditors.

Headquartered in Riga, Latvia, AS Latvijas Krajbanka provides
commercial banking services to businesses and private individuals
in Latvia and the markets of the Commonwealth of Independent
States.  As of Dec. 31, 2009, AS Latvijas Krajbanka had 115
customer service centers and 190 automated teller machines.  AS
Latvijas Krajbanka is a subsidiary of AS banka Snoras.


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


INTELSAT SA: Offers to Exchange 7 1/4% Senior Notes Due 2019
------------------------------------------------------------
Intelsat Jackson Holdings S.A. filed with the U.S. Securities and
Exchange Commission a Form S-4 registration statement relating to
an offer to exchange any of Intelsat Jackson Holdings S.A.'s 7
1/4% Senior Notes due 2019 for newly issued 7 1/4% Senior Notes
due 2019, and to exchange any of Intelsat Jackson Holdings S.A.'s
7 1/2% Senior Notes due 2021 for newly issued 7 1/2% Senior Notes
due 2021.  The new notes will be issued under an indenture dated
as of April 5, 2011.  This offer will expire at 5:00 p.m., New
York City time, on [    ], 2012, unless the Company extends the
offer.

There is no existing public market for the original notes, and
there is currently no public market for the new notes to be
issued in the exchange offer.

A full-text copy of the prospectus is available for free at:

                        http://is.gd/QMoTKB

                          About Intelsat

Intelsat S.A., formerly Intelsat, Ltd., provides fixed-satellite
communications services worldwide through a global communications
network of 54 satellites in orbit as of Dec. 31, 2009, and ground
facilities related to the satellite operations and control, and
teleport services.  It had US$2.5 billion in revenue in 2009.

Washington D.C.-based Intelsat Corporation, formerly known as
PanAmSat Corporation, is a fully integrated subsidiary of
Intelsat S.A., its indirect parent.  Intelsat Corp. had US$7.70
billion in assets against US$4.86 billion in debts as of Dec. 31,
2010.

The Company reported a net loss of US$432.35 million on US$1.93
billion of revenue for the nine months ended Sept. 30, 2011,
compared with a net loss of US$392.69 million on US$1.90 billion
of revenue for the same period during the prior year.

The Company reported a net loss of US$507.77 million on
US$2.54 billion of revenue for the year ended Dec. 31, 2010,
compared with a net loss of US$782.06 million on US$2.51 billion
of revenue during the prior year.

The Company's balance sheet at Sept. 30, 2011, showed US$17.59
billion in total assets, US$18.28 billion in total liabilities,
US$698.94 million total Intelsat S.A. shareholders' deficit, and
US$1.90 million in noncontrolling interest.

                           *    *     *

Luxembourg-based Intelsat S.A. carries 'B' issuer credit ratings
from Standard & Poor's.  It has 'Caa1' corporate family and
probability of default ratings from Moody's Investors Service.


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


CLASSIC I: Moody's Cuts Rating on Series 2003-1 Notes to 'Ba1'
--------------------------------------------------------------
Moody's Investors Service has downgraded the rating of these
notes issued by CLASSIC I (Netherlands) B.V.:

Issuer: CLASSIC I (Netherlands) B.V. Series 2003-1 EUR 75,000,000
Secured Fixed Rate Asset-Backed Notes due 24 July 2013

   -- Series 2003-1 EUR75,000,000 Secured Fixed Rate Asset-Backed
      Notes due 24 July 2013, Downgraded to Ba1; previously on
      Oct 7, 2011 Baa3 Placed Under Review for Possible Downgrade

This transaction represents the repackaging of a Hungarian
Forints denominated mortgage bond issued by FHB Mortgage Bank Co.
Plc. The issuer entered into a currency swap at close, under
which it passes HUF collateral interest and principal to
Commerzbank AG (originally Dresdner Bank AG) who in turn pays the
EUR interest and principal due under the notes.

Ratings Rationale

Moody's explained that the rating action taken is the result of
the downgrade to Ba1 of the FHB Mortgage Bank Co. Plc. Covered
Bond rating on December 20, 2011.

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, which could negatively impact the
ratings of the notes, as evidenced by 1) uncertainties of credit
conditions in the general economy and 2) more specifically, any
uncertainty associated with the underlying credits in the
transaction could have a direct impact on the repackaged
transaction.

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

Moody's quantitative analysis of Repacks is designed to estimate
the expected loss "EL" borne by the Repack investor, given the
transaction structure, the Collateral and any other credit risks
arising under the transaction. To this end, Moody's relies on an
EL analysis in which Moody's identifies and attach probabilities
to events that might give rise to losses to Repack noteholders.

Moody's EL calculation assesses the probability and severity of
each possible loss-inducing event happening at discrete
(typically one-year) intervals through the life of the
transaction. The EL for each of these time points can then be
aggregated to provide a weighted-average EL for the rated notes.

No additional cash flow analysis or stress scenarios have been
conducted as the rating was directly derived from the rating of
the collateral and the swap counterparty.


===========
P O L A N D
===========


PBG SA: Moody's Assigns 'B2' Probability of Default Rating
----------------------------------------------------------
Moody's Investors Service has assigned PBG S.A., a Polish
construction company listed on the Warsaw Stock Exchange, a
first-time corporate family rating (CFR) and probability of
default rating (PDR) of B2. The outlook on the ratings is stable.

Rating Rationale

The B2 CFR reflects PBG's leading position in the Polish
construction market, a market characterized by language and
cultural barriers to entry, which while not insuperable, do
provide a level of protection from external competition. Foreign
competitors have demonstrated that they are more likely to
partner with Polish firms when tendering for business rather than
compete on their own. Despite its relative size advantage amongst
domestic players, the scale of PBG's business, as measured by
total revenues, remains relatively small in comparison to its
global rated peers.

PBG's more highly specialized business segments also provide some
protection from competition, leading to better gross margins in
those sectors such as natural gas and water. On the other hand,
the complicated and highly technical nature of some of its
projects increases the company's business risk. PBG's
profitability, as measured by its EBITA margin, hovers at around
12% and is high compared to its rated peers, many of whom operate
in less protected markets. The rating is also supported by PBG's
healthy order backlog of around twenty months that underpins its
near-term revenue stream.

The company's rating is constrained by the execution and
integration risk attached to the major acquisition of an up to
66% stake in Rafako. The rating assumes that the Rafako
acquisition will close as expected in the short-term and that the
company has committed long-term sources of funding to that
effect. Going forward, Rafako is expected to account for a
material share of group revenues and EBITA. Previously, PBG had
only minimal direct involvement in the power generation sector of
the construction industry. This risk is mitigated to some extent
by PBG's track record in managing the integration of the many
acquisitions that it has made over the past six years and which
have contributed to strong growth.

PBG's financial strength is limited. The company's leverage,
measured by adjusted debt/EBITDA (as adjusted by Moody's), has
been maintained at 4.3x throughout 2010 and the first three
quarters of 2011, but is forecast to rise over the next two
quarters due to the incremental debt being raised to finance
increased working capital requirements and the acquisition of
Rafako. The company intends to reduce this additional debt by
applying the company's positive free cash flow and disposal of
certain non-core assets over the course of 2012, but in the
meantime PBG's financial flexibility is more limited.

A further constraining factor on the rating is PBG's liquidity
risk profile. The company's maintenance of an adequate liquidity
risk profile depends on its ability to extend the maturities of
its revolving credit facilities (RCFs), which are renewed on an
annual basis according to local market practice, and its keeping
sufficient headroom under financial covenants. Furthermore, wide
swings in working capital requirements and the need to maintain
bank lines for performance bonds that are sufficient for its
trading needs place additional stress on the adequacy of PBG's
liquidity profile. The sizeable increase in working capital
during 2011 arose largely from the performance of water and road
contracts for EU-sponsored projects. As these contracts run off,
working capital is expected to return to more normal, lower
levels.

PBG's stable rating outlook also reflects Moody's expectation
that the company will (i) perform in accordance with its business
plan, preserving its current operating margins and keeping
adjusted leverage comfortably below 5.0x; and (ii) demonstrate
visible progress in its strategy to extend the maturity of its
debt capital structure. The stable outlook also incorporates
Moody's assumption that PBG will continue to retain access to
sufficient funding and that its RCFs will be renewed on an
ongoing basis without leading to liquidity concerns.

Upward pressure on the rating could occur as the company
successfully manages the acquisition of Rafako and reduces
adjusted leverage to below 4.0x and at the same time is
successful in improving its liquidity profile through lengthening
the maturities of its debt and significantly reducing its
reliance on annual rollovers of its revolving credit facilities.

Downward pressure on the rating could occur should (i) the order
backlog shrink to around 1.0x revenue; (ii) its liquidity profile
deteriorate; or (iii) the company's Debt/EBITDA ratio (as defined
by Moody's) rise above 5.0x.

The principal methodology used in rating PBG S.A. was the Global
Construction Methodology published in November 2010. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

PBG S.A. is a leading publicly quoted specialist construction
company, listed on the Warsaw stock exchange. The company
reported PLN3.2 billion (approximately US$1.1 billion) in
revenues in the twelve months to September 30, 2011.


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


CAIXA ECONOMICA: Fitch Lowers Individual Rating to 'D/E'
--------------------------------------------------------
Fitch Ratings has affirmed Caixa Economica Montepio Geral's
Issuer Default Rating at 'BB' with a Negative Outlook and
downgraded its Viability Rating (VR) to 'b' from 'bb-' and
removed it from Rating Watch Negative.

The rating actions conclude Fitch's review of the bank following
the downgrade of Portugal's sovereign rating to 'BB+' from 'BBB-'
with a Negative Outlook.

The affirmation of Montepio's Long-term IDR, which remains at its
Support Rating Floor, is based on Fitch's assessment of available
sovereign and/or international support.  The Negative Outlook
mirrors the Outlook on the Portuguese sovereign's IDR.
Montepio's IDR and Support Rating Floor (SRF) might only be
downgraded if Portugal was downgraded by more than one notch.

The downgrade of Montepio's VR reflects its deteriorating credit
risk profile arising from its domestic loan book and Portuguese
sovereign debt, declining profitability due to integration costs
and higher loan impairment charges, and continued pressure on its
funding and liquidity.

While Montepio's regulatory core capital ratio was already nearly
compliant with Bank of Portugal's higher requirements at end-Q311
(core tier 1: 8.9% at end-Q311), Fitch believes that the bank may
be pressured to further strengthen capital to take account of
fair valuing its sovereign exposure (177% of equity at end-Q311)
and higher regulatory requirements in 2012.  The bank's Fitch
core capital/risk-weighted assets ratio was 7.5% in 9M11.  While
Montepio continues to count on support from its major shareholder
(Associacao Mutualista) as evidenced by regular capital
injections, should this be insufficient or difficult to obtain,
Montepio could ultimately have recourse to the EUR12 billion
backstop capital facility available for the Portuguese banking
system under the IMF/EU support program.

While Montepio expects cost synergies from Finibanco's
acquisition to arise in 2012, Fitch believes that its performance
will continue to be weighed down by revenue pressure and higher
credit costs as the Portuguese economy deepens in recession.
Montepio's credit at risk (as per Bank of Portugal's definition)
was 6.8% at end-Q311.

Montepio is highly reliant on funds from the European Central
Bank (11% total assets at end-Q311). Given Portuguese banks'
inability to raise funds in the funding markets and expected
limited retail deposits growth, this is likely to remain high at
Montepio (if not intensify) to help meet large funding needs
until 2013. Available unencumbered ECB eligible assets (4% of
total assets at end-Q311) and capacity to increase potential
liquid assets mitigate liquidity risks.

Montepio benefits from a sound domestic retail franchise, which
supports a stable deposit base, and from being part of a mutual
system, particularly in terms of regular capital injections from
members of the Associacao Mutualista.

In accordance with Fitch's criteria on 'Rating Bank Regulatory
Capital and Similar Securities' (dated December 15, 2011), the
banks' subordinated debt has also been downgraded to a level one
notch below the bank's new VR.

Montepio was the sixth largest Portuguese bank by total assets at
end-H111 with market shares of around 6% for loans and retail
deposits.

The ratings actions are as follows:

Montepio Geral:

  -- Long-term IDR affirmed at 'BB', Outlook Negative
  -- Short-term IDR affirmed at 'B'
  -- Viability Rating downgraded to 'b' from 'bb-';
     removed from RWN
  -- Individual Rating: Downgraded to 'D/E' from 'C/D';
     removed from RWN
  -- Support Rating affirmed at '3'
  -- Support Rating Floor affirmed at 'BB'
  -- Senior unsecured debt long-term rating affirmed at 'BB'
  -- Senior unsecured debt short-term rating affirmed at 'B'
  -- Subordinated debt downgraded to 'B-' from 'BB-';
     removed from RWN


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


AB FINANCE: Moody's Withdraws E+ Bank Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service has withdrawn these ratings of AB
Finance: standalone bank financial strength rating (BFSR) of E+,
mapping to B3 on the long-term scale, and the long- and short-
term local and foreign currency deposit ratings of B3/Not Prime.
Prior to this withdrawal, AB Finance's BFSR and long-term deposit
ratings were under review with direction uncertain.

Ratings Rationale

Moody's has withdrawn the ratings following finalization of AB
Finance's reorganization in the form of its acquisition by Bank
Pushkino (Russia).

Moody's notes that the review with direction uncertain on AB
Finance's ratings reflected the possibility that the credit
quality of the resultant bank could have been higher, lower or
could have remained unchanged depending on Moody's assessment of
the effect of the acquisition. However, due to the lack of
adequate information about the acquirer and about the resultant
bank, Moody's was unable to conclude its ratings review prior to
the ratings withdrawal.

AB Finance had no outstanding debt rated by Moody's at the time
of the withdrawal.

Headquartered in Moscow, Russia, AB Finance reported total assets
of RUB11.2 billion (US$369 million) under audited IFRS as of
YE2010. The bank's net profit totalled RUB6 million (US$200,000)
in 2010.


INSURANCE GROUP: Fitch Maintains Watch Neg. on 'BB' IFS Rating
--------------------------------------------------------------
Fitch Ratings has maintained Insurance Group MSK's (IG MSK) 'BB'
Insurer Financial Strength (IFS) rating and 'AA-(rus)' National
IFS rating on Rating Watch Negative (RWN).

Fitch believes that IG MSK has become increasingly dependent on
capital support as the insurer's standalone financial profile has
substantially weakened following the merger with CJSC Spasskie
Vorota (SV) in April 2011.  At the same time, the recent de-
risking of IG MSK's balance sheet has to some extent reduced,
although not removed, the uncertainty over the probability of IG
MSK's support by majority indirect owner Bank VTB ('BBB'/Stable).

The RWN reflects the continuing uncertainty, in Fitch's view,
over the potential support that would be available to IG MSK from
its majority indirect owner, Bank VTB.  Fitch notes that the
level of IG MSK's strategic importance to Bank VTB is relatively
low at present due to the insurer's weak operating performance,
limited level of integration within the group and immaterial
weight in the group's total assets.  The agency also believes
that there is a limited probability of synergies coming from the
potential merger between Bank VTB's 100%-owned bancassurance
subsidiary VTB Insurance ('BBB-'/Stable) and IG MSK, as these two
companies follow different business models.

The bank has not yet made any public commitment to support IG
MSK, but, according to information received by Fitch, plans to
develop a medium-term strategy for all insurance subsidiaries,
including IG MSK and VTB Insurance by Q212.  If this strategy
does not imply a strong level of support for IG MSK, the
insurer's International IFS rating is likely to be downgraded by
one or two notches to reflect the weakening of the standalone
position.  Conversely, if Fitch views that IG MSK is likely to
become strategically more important to Bank VTB and the group
commits to rebuild the company's risk-based capital position to a
strong level, IG MSK's ratings are likely to be affirmed with a
Stable Outlook.

The weakening of IG MSK's standalone profile followed major
deterioration of the insurer's profitability and risk-adjusted
capital after the merger with SV.  Fitch expected that the merger
was likely to have negative implications for IG MSK due to the
increasing exposure of the portfolio to highly competitive motor
lines, relatively high execution risks and SV's weaker standalone
financial profile.  However, Fitch's negative expectations were
exceeded as SV's motor portfolio experienced major reserving
deficiencies, which were disclosed by IG MSK after the merger.
The agency's concerns are partially offset by the fact that IG
MSK does not face regulatory solvency risk or an immediate
liquidity shortage.

Positively, Fitch notes the de-risking of IG MSK's balance sheet,
which followed the sale of the insurer's 12% holding in Bank of
Moscow ('BBB-'/Stable) to Bank VTB and subsequent almost full
settlement of the insurer's financial debt in December 2011 (debt
leverage amounted to 64% at end-9M11).  At the same time, Fitch
notes that this de-risking has not offset the recent weakening of
IG MSK's capital strength.

The acquisition of IG MSK's stake in Bank of Moscow was not
necessary for Bank VTB as it had consolidated 80% of Bank of
Moscow and became eligible for the support package extended to
Bank of Moscow by the state before the deal with IG MSK.
However, the agency notes that IG MSK's financial debt was
largely of an intra-group nature, which means that the de-risking
should not be considered as pure capital support from Bank VTB.

Bank VTB has established full operational control over IG MSK
through the changes in the insurer's board and management team,
but continues to share ownership in IG MSK with unaffiliated
significant minority shareholders, which appear to be close to
the former management team of Bank of Moscow.  Fitch understands
that Bank VTB will be interested in gaining significant majority
ownership in IG MSK, whatever the future strategy of the insurer
will be, and expects to achieve this goal in 2012.


MAGNITOGORSKI IRON: Moody's Affirms 'Ba3' Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service changed the rating outlook of
Magnitogorsk Iron & Steel Works (MMK) to stable from positive.
All the company's ratings were affirmed, including its Ba3
corporate family rating (CFR) and Ba3 probability of default
rating. A number of developments make an upgrade of MMK's ratings
unlikely over the next six to 12 months so a stable rating
outlook is more appropriate. These developments include pressure
on steel prices and demand and declining capacity utilization
just as some of MMK's new projects in Russia and Turkey are
completed. Additionally, the debt reduction that Moody's had
anticipated as the company's multi-year capital investment
program wound down is now less likely due to (1) Moody's
expectation of reduced operating cash flow in the near-term and
(2) in the long-term, by the investments associated with Flinders
Mines Limited should MMK successfully complete that Australian
acquisition, which was announced on November 25, 2011. The
consideration for Flinders is approximately US$540 million and
the transaction is expected to close in March 2012.

Ratings Rationale

Despite the change in outlook, MMK has a number of strengths that
should enable it to weather a downturn reasonably well so Moody's
affirmed its Ba3 CFR for the company. MMK is an efficient and
low-cost steelmaker and is therefore resilient to a downturn as
demonstrated by its performance in the 2008-2009 financial
crisis. Its strong Russian market share for high-end steel
products such as galvanized and coated flat-rolled steel enhances
revenues. Its new Mill 5000 will strengthen its position in thick
plate and large diameter pipe, products that diversify MMK's
customer base. In addition, it has completed its expansion in
Turkey, which should give it a strong platform from which to
serve the Turkish and Middle East markets.

However, these strengths are offset by MMK's five years to date
of negative free cash flow and resulting increase in debt, which
has made the debt to EBITDA ratio approximately 3.0x as of
September 30, 2011. This is the highest leverage of the four
largest rated Russian steel companies. Also, MMK has not seen a
significant rebound in its operating income since the 2008-09
financial crisis: operating income of US$577 million for the LTM
ended September 30, 2011 is at 46% of what is was in 2008 and its
operating margin was 5.8% for the first nine months of 2011. In
part, lower profitability has been caused by rising costs for
coal and iron ore over the last two years, as MMK is not self-
sufficient for either, although it has been working to increase
its self-sufficiency.

The stable rating outlook reflects the company's efficient
operations, anticipated near-term boost to output and sales due
to recently-completed projects, and attractive mix of products
and end markets served. Although not likely in the near-term, the
outlook or the rating could be revised upward if the company
raises EBIT margin above 8%, lowers gross debt/EBITDA to less
than 2x on a sustainable basis, is expected to have recurring
free cash flow, and maintains good liquidity. The rating could
come under pressure if steel market conditions deteriorate such
that, on a forward-looking basis, the company's EBIT slips below
US$400 million, gross debt to EBITDA exceeds 3.5x, free cash flow
is projected to be negative, or liquidity relative to debt
maturing within one year gets tight.

The principal methodology used in rating Magnitogorsk Iron &
Steel Works was the Global Steel Industry Methodology published
in May 2009.

MMK is one of the largest steel companies in Russia and is also
backwardly integrated into scrap processing and the mining of
coal and iron ore. Its principal assets are an integrated steel
plant in Magnitogorsk in the Southern Urals region and an
electric arc furnace and steelmaking facilities in Turkey (MMK
Metalurji). MMK primarily produces flat-rolled steel and
currently sells approximately 10.5 million metric tons of
finished steel products annually. In the 12 months ended 30
September 2011, MMK had revenues of US$9 billion. MMK is majority
controlled by Mr. Viktor Rashnikov, who holds an 87.3% stake in
the company.


MECHEL OAO: Moody's Changes 'B1' CFR Outlook to Negative
--------------------------------------------------------
Moody's Investors Service changed the rating outlook for Mechel
OAO to negative from stable in response to the company's
disclosure that it was close to tripping a financial covenant in
its debt agreements that limits net debt to 3.5x EBITDA, as
defined. The company also announced that, as a means of
controlling cash outflows and the need for increased debt, it
will scale back its capital expenditures, keep a close eye on
working capital, and emphasize the sale of products with higher
turns and higher margins. However, its leverage covenant steps
down to 3.0x at the end of 2012 (based on FY2012 financial
results) and market conditions for iron ore, coal and steel are
weakening, so there may be an extended period of uncertainty
surrounding Mechel's ability to meet its covenants and press
ahead with its investment program.

Ratings Rationale

Mechel's B1 corporate family rating reflects (i) its aggressive
capital structure, with relatively high leverage and modest cash
flow metrics, which will take some time to improve; (ii) the
group's ongoing refinancing risk and reliance on the renewal or
extension of working capital funding as well as long-term credit
lines for financing its multi-year investment program; (iii) the
substantial level of capex and the risks of delays and cost
overruns associated with its numerous improvement and growth
projects; (iv) the cost and technical challenges associated with
the further development of the Elga coal deposit; and (v) the
group's ownership concentration, which could lead to shareholder
friendly financial strategies. The rating also incorporates the
fact that the economic, operating and legal framework in Russia
is still in development.

The rating positively reflects: (i) Mechel's role as a leading
domestic steel and coal producer, with strong positions in key
industries, including specialty steel and ferroalloy production;
(ii) the group's ownership of the largest coal reserve base in
Russia; (iii) a favorable business profile, the result of a high
degree of vertical integration, which ensures stable production
and, to some extent, preserves operating margins; (iv) the
strategic location of the group's key assets, close to the major
steel-consuming markets, as well as the ownership and control of
essential infrastructure including ports and rolling stock, which
provide guaranteed access to export markets; (v) the diversity of
its mining operations with no significant concentration on any
single mine, which mitigates the risks of interruption in coal
production; and (vi) good disclosure and adequate corporate
governance, supported by the group's NYSE listing.

Moody's negative rating outlook reflects the covenant compliance
and liquidity concerns noted above, most notably the combination
of a high degree of refinancing risk and high capex, some of
which is discretionary, related to Mechel's numerous mining and
steel projects, as well as the variability of the metals and
mining business, whose recent strength may be threatened by a
slowing global economy. Mechel's ratings could be revised
downwards if a cushion is not created for its debt covenants
(3.0x net debt to EBITDA being the primary covenant), liquidity
worsens or refinancing risk heightens, or the prospect for
achievement of positive free cash flow within the next two
quarters is put at risk either by the company's actions or by
external factors. The outlook could be changed to stable if
Mechel negotiates a cushion and some financial flexibility with
regards to its debt covenants and right-sizes its capital
spending so that it approximates internal cash flow generation,
while sustaining or improving its operating and credit metrics.
The rating could be upgraded once free cash flow is sustainably
positive and the ratio of adjusted debt to EBITDA is less than
2.5x.

The principal methodology used in rating Mechel OAO was the
Global Mining Industry Methodology published in May 2009.

Mechel OAO is a vertically integrated mining and metals company.
Its business comprises four segments: mining, steel, ferroalloys
and power. The group produces coal, iron ore concentrate, nickel,
and steel rebar, wire rod, carbon flat-rolled, and engineered
steel. Mechel's products are sold domestically and
internationally with approximately 60% sold in Russia and the
CIS. The group's subsidiaries are located in 13 regions of Russia
and in Kazakhstan, Ukraine, Romania, Bulgaria, Lithuania and the
USA. Mechel owns three trade ports and a transport operator. In
the first 9 months of 2011, Mechel reported revenue of US$9.6
billion (38% increase year-over year) and EBITDA of US$1.85
billion (32% increase year-over-year). Mechel is majority owned
by CEO Mr. Zyuzin, who controls 66.76% of the voting shares.
After the 2004 initial public offering, the group has 33.24% free
float.


SVIAZ-BANK: Fitch Assigns 'BB' Rating to Senior Unsecured Bonds
---------------------------------------------------------------
Fitch Ratings has assigned Sviaz-Bank's 10-year RUB5 billion
issue of senior unsecured bonds, due December 9, 2021 a final
Long-term local currency rating of 'BB' and a National Long-term
rating of 'AA-(rus)'.

The rate of the first two semi-annual coupons has been set at
8.5%. The bonds have a put option on December 24, 2012.

The bank's has a Long-term Issuer Default Rating (IDR) of 'BB'
with a Stable Outlook, Short-term IDR of 'B', Viability Rating of
'b+', a National Long-term rating of 'AA-(rus)' with Stable
Outlook and a Support Rating of '3'.

Sviaz-Bank is a mid-sized Russian bank fully owned by
Vnesheconombank (VEB; 'BBB'/Stable) and is the 25th largest bank
in Russia.


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


BLACKS LEISURE: Sale Talks Ongoing; Deal Expected in January
------------------------------------------------------------
BBC News reports that Blacks Leisure has said that talks over the
sale of the business are continuing.

In an update, Blacks said a number of parties had made offers for
the whole of or parts of the group, although it did not expect an
offer for its shares, BBC relates.  It added that it continued to
hold talks with some of the parties, and it hoped to finalize a
sale in January, BBC notes.

"Based on the level of indicative offers received, it is most
unlikely that any value will be attributable to the ordinary
shares," BBC quotes Black as saying.

There has been speculation that Blacks' assets may be sold
through a so-called "pre-pack" administration deal, whereby a
buyer snaps up assets immediately after the struggling firm has
gone into administration, BBC says.

Blacks reported a GBP16 million loss for the first half of its
financial year and last month warned that its annual results
would be worse than expected, BBC relates.

Blacks Leisure is an outdoor clothing and equipment retailer.
The company operates about 300 shops under the Blacks and Millets
brands.


INDUS PLC: Fitch Affirms Rating on Class Notes at 'Csf'
-------------------------------------------------------
Fitch Ratings has downgraded Indus (Eclipse 2007-1) plc's class B
notes and affirmed all other note classes as follows:

  -- GBP594.7m class A (XS0294756449) affirmed at 'BBBsf';
     Outlook Stable

  -- GBP47.0m class B (XS0294757173) downgraded to 'Bsf' from
     'BBsf'; Outlook Stable

  -- GBP52.9m class C (XS0294757256) affirmed at 'CCCsf';
     assigned Recovery Estimate (RE) 50%

  -- GBP52.4m class D (XS0294757504) affirmed at 'CCsf';
     assigned RE0%

  -- GBP9.9m class E (XS0294757686) affirmed at 'Csf';
     assigned RE0%

The affirmation of the class A notes is primarily driven by the
sequential pay down of the capital structure and the bar-belled
quality of the remaining loan portfolio.  Fitch considers that
the bulk of principal outstanding on the five largest loans (79%
of the outstanding loan pool) will be collected, which underpins
the Stable Outlooks on the class A and B notes.  However, several
of the smaller loans are significantly weaker and risk incurring
heavy losses.  This is compounded by senior ranking swap amounts
increasing to GBP88 million from GBP67 million at the time of the
last rating action.  Fitch expects losses on the class E, D and
possibly also C notes.

In the past 12 months, five loans (44% of the portfolio) reached
their scheduled maturity dates.  Only one repaid in full (Grafton
Estate Portfolio; a small ticket low-leverage loan backed by high
quality assets in central London).  The four loans that failed to
repay (all had Fitch loan-to-value (LTV) ratios in excess of
100%) are currently being worked out by the servicer or special
servicer.  Two of those (Adelphi and Greater London Portfolio
loans) are exposed to swap termination costs due to the existence
of long-dated derivatives.  Such costs have undoubtedly hampered
the borrowers' ability to obtain refinancing.

Adelphi, the largest loan in the pool at 28%, is secured on a
multi-let office property in London's West End.  Almost half of
passing rent is derived from the Secretary of State, although on
a lease with two years remaining.  The loan matured in October
2011 and while Fitch estimates a securitized LTV of 108%
(including the swap mark-to-market), the agency believes
properties in prestigious London locations remain reasonably
liquid, which should facilitate a sale.  Should this expectation
waver, the Outlooks on the notes may weaken.


LA SENZA: Set to Enter Into Administration
------------------------------------------
BBC News reports that La Senza has said that it intends to enter
administration.

The company blamed "trading conditions" and "the overall macro
environment" for its decision, BBC notes.

According to BBC, an administrator will now be chosen within 10
days, in accordance with the UK Insolvency Act.

The company said it continued to trade as normal, and there have
been no unplanned redundancies or store closures, BBC relates.

La Senza, as cited by BBC, said that it continued to work with
accountants KPMG "to explore all options to safeguard the future
of the company and its employees."

La Senza is a UK lingerie chain.  The retailer has some 2,600 UK
staff at 146 stores and 18 concessions.  The firm also has 13
franchises internationally, from Iceland to Latvia.


OLDHAM FM: Proposes Company Voluntary Arrangement
-------------------------------------------------
How-Do reports that Oldham radio station 96.2 The Revolution has
been forced to reschedule its debts.

The business, which is registered as Oldham FM, proposed a
company voluntary arrangement (CVA) which allows a firm to reduce
its debts without going into administration, How-Do relates.  It
requires the consent of at least 75% of creditors, notes.

According to How-Do, accountancy firm MCR said creditors met on
December 13 and approved the plan.

It would not reveal the level of debt or the agreed rate of
repayment, How-Do says.

The Oldham radio station is owned by Steve Penk.


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


* Fitch Takes Various Rating Actions on Eurozone Bank Units
-----------------------------------------------------------
Fitch Ratings has taken various rating actions on certain
subsidiaries of large eurozone banks located in central and
eastern Europe, Russia, Turkey and Kazakhstan.

The rating actions reflect the impact on various of the
subsidiary banks' ratings of a potential weakening in the
availability of support from parent banks following recent
negative rating actions on the parent banks' Long-term Issuer
Default Ratings (IDR).

The affected banks are:

Yapi ve Kredi Bankasi A.S. (Turkey), Bank Pekao SA (Poland), ZAO
UniCredit Bank (Russian Federation) and ATF Bank JSC
(Kazakhstan), whose ultimate parent, Unicredit S.p.A's IDR was
downgraded to 'A-'/Rating Watch Negative (RWN) on December 20,
2011.  Of these banks, Bank Pekao SA's 'A-'/Stable IDR is driven
by its intrinsic strength (as reflected in its 'a-' Viability
Rating) and is hence unaffected by the rating actions taken on
the parent.

Banka Koper d.d. (Slovenia), CIB Bank Zrt (Hungary) and Vseobecna
Uverova Banka (Slovakia), whose ultimate parent Intesa Sanpaolo's
'A' IDR was placed on RWN on December 20, 2011 (see 'Fitch Places
7 Italian Banking Groups on RWN Following Sovereign Action' at
www.fitchratings.com)

Kereskedelmi es Hitelbank Zrt (K&H Bank Zrt; Hungary),
Ceskoslovenska Obchodni Banka a.s. (CSOB; Czech Republic) and
Kredyt Bank (Poland), whose ultimate parent KBC Bank's 'A' IDR
was placed on RWN on December 20, 2011.

Bank Zachodni WBK S.A. (Poland), whose ultimate parent Banco
Santander's 'AA-' IDR was placed on RWN on December 20, 2011 (see
'Fitch Places 8 Spanish Banks on RWN Following Sovereign Action'
at www.fitchratings.com)

Komercni Banka (Czech Republic), whose ultimate parent, Societe
Generale's Outlook on its 'A+' IDR was revised to Negative from
Stable on December 20, 2011.

The rating actions are:

Yapi ve Kredi Bankasi A.S.

  -- Long-term foreign currency IDR: affirmed at 'BBB-'; Outlook
     stable
  -- Long-term local currency IDR: 'BBB', placed on RWN
  -- Short-term foreign currency IDR: affirmed at 'F3'
  -- Short-term local currency IDR: affirmed at 'F3'
  -- National Long-term rating: affirmed at 'AAA(tur)'; Stable
     Outlook
  -- Viability Rating: 'bbb-', unaffected
  -- Individual Rating: 'C', unaffected
  -- Support Rating: affirmed at '2'
  -- Senior unsecured debt: affirmed at 'BBB-'

Bank Pekao SA

  -- Long-term foreign currency IDR: 'A-', unaffected
  -- Short-term foreign currency IDR: 'F2', unaffected
  -- Viability Rating: 'a-', unaffected
  -- Individual Rating: 'B/C', unaffected
  -- Support Rating: downgraded to '2' from '1', off RWN

ZAO UniCredit Bank

  -- Long-term foreign currency IDR: 'BBB+', placed on RWN
  -- Short-term foreign currency IDR: 'F2', placed on RWN
  -- Long-term local currency IDR: 'BBB+', placed on RWN
  -- Short-term local currency IDR: 'F2', placed on RWN
  -- National Long-term Rating: 'AAA(rus)', placed on RWN
  -- Viability Rating: 'bb+', unaffected
  -- Individual Rating: 'C/D', unaffected
  -- Support Rating: affirmed at '2'

ATF Bank JSC

  -- Long-term foreign currency IDR: 'BBB', placed on RWN
  -- Short-term foreign currency IDR: 'F3', placed on RWN
  -- Long-term local currency IDR: 'BBB', placed on RWN
  -- National Long-term Rating: downgraded to 'AA+'(kaz) from
     'AAA'(kaz), placed on RWN
  -- Viability Rating: 'b-', unaffected
  -- Individual Rating: 'D/E', unaffected
  -- Support Rating: '2', placed on RWN
  -- Senior unsecured debt: downgraded to 'AA+ (kaz)' from
     'AAA(kaz)', placed on RWN
  -- Senior unsecured debt: 'BBB', placed on RWN
  -- Subordinated debt: downgraded to 'AA(kaz)' from 'AA+(kaz)',
     placed on RWN
  -- Subordinated debt: 'BBB-', placed on RWN

Banka Koper d.d.

  -- Long-term foreign currency IDR: 'A-', placed on RWN
  -- Short-term foreign currency IDR: 'F2', placed on RWN
  -- Viability Rating: 'bb+', unaffected
  -- Individual Rating: 'C/D', unaffected
  -- Support Rating: '1', placed on RWN

CIB Bank Zrt

  -- Long-term foreign currency IDR: 'A-', placed on RWN
  -- Short-term foreign currency IDR: 'F2', placed on RWN
  -- Viability Rating: 'b+', unaffected
  -- Individual Rating: 'D/E', unaffected
  -- Support Rating: '1', placed on RWN

Vseobecna Uverova Banka

  -- Long-term foreign currency IDR: 'A-', placed on RWN
  -- Short-term foreign currency IDR: 'F2', placed on RWN
  -- Support Rating: '1', placed on RWN

Kereskedelmi es Hitelbank Zrt (K&H Bank Zrt)

  -- Long-term foreign currency IDR: 'A-'; Placed on RWN
  -- Short-term foreign currency IDR: affirmed at 'F2'
  -- Viability Rating: 'bb-', unaffected
  -- Individual Rating: 'D', unaffected
  -- Support Rating: '1'; placed on RWN

Kredyt Bank

  -- Long-term foreign currency IDR: 'A-', RWE maintained
  -- Short-term foreign currency IDR: 'F2', RWE maintained
  -- Viability Rating: 'bb+', unaffected
  -- Individual Rating: 'C/D', unaffected
  -- Support Rating: '1', RWN maintained

Ceskoslovenska Obchodni Banka a.s. (CSOB)

  -- Long-term foreign currency IDR: 'A-', placed on RWN
  -- Short-term foreign currency IDR: affirmed at 'F2'
  -- Viability Rating: 'bbb+', unaffected
  -- Individual Rating: 'C', unaffected
  -- Support Rating: '1', placed on RWN

Bank Zachodni WBK S.A.

  -- Long-term foreign currency IDR: 'A+', placed on RWN
  -- Short-term foreign currency IDR: 'F1', placed on RWN
  -- Viability Rating: 'bbb', unaffected
  -- Individual Rating: 'C', unaffected
  -- Support Rating: affirmed at '1'

Komercni Banka

  -- Long-term foreign currency IDR: affirmed at 'A', Outlook
     revised to Negative from Stable
  -- Short-term foreign currency IDR: affirmed at 'F1'
  -- Viability Rating: 'bbb+', unaffected
  -- Individual Rating: 'C', unaffected
  -- Support Rating: affirmed at '1'


* Hundreds of European Banks Rush to Grasp Lifeline
---------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that hundreds of euro-
zone lenders took out EUR489.19 billion (US$640 billion) in low-
interest loans from the European Central Bank, as the currency
area extended a massive financial lifeline to its struggling
banking industry.


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

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

AUSTRIA
-------
CHRIST WATER TEC     8131204Q GR   -5754285.054  165995618.1
CHRIST WATER TEC     CWT AV        -5754285.054  165995618.1
CHRIST WATER TEC     CWTE IX       -5754285.054  165995618.1
CHRIST WATER TEC     CWT EU        -5754285.054  165995618.1
CHRIST WATER TEC     CWT EO        -5754285.054  165995618.1
CHRIST WATER TEC     CRSWF US      -5754285.054  165995618.1
CHRIST WATER TEC     CWT PZ        -5754285.054  165995618.1
CHRIST WATER-ADR     CRSWY US      -5754285.054  165995618.1
KA FINANZ AG         3730Z AV      -9072224.934  22043329918
LIBRO AG             LBROF US      -110486313.8    174004185
LIBRO AG             LB6 GR        -110486313.8    174004185
LIBRO AG             LIBR AV       -110486313.8    174004185
LIBRO AG             LIB AV        -110486313.8    174004185
S&T SYSTEM I-ADR     STSQY US      -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     SYA EX        -31284693.65  200208144.5
S&T SYSTEM INTEG     SYA GR        -31284693.65  200208144.5
S&T SYSTEM INTEG     SNT EO        -31284693.65  200208144.5
S&T SYSTEM INTEG     SNT AV        -31284693.65  200208144.5
S&T SYSTEM INTEG     STSQF US      -31284693.65  200208144.5
S&T SYSTEM INTEG     SNTS ES       -31284693.65  200208144.5
S&T SYSTEM INTEG     SNTA PZ       -31284693.65  200208144.5
S&T SYSTEM INTEG     SYAG IX       -31284693.65  200208144.5
S&T SYSTEM INTEG     SNT EU        -31284693.65  200208144.5
SKYEUROPE            SKY PW        -89480492.56  159076577.5
SKYEUROPE            SKYP PW       -89480492.56  159076577.5
SKYEUROPE HLDG       SKY AV        -89480492.56  159076577.5
SKYEUROPE HLDG       SKYPLN EO     -89480492.56  159076577.5
SKYEUROPE HLDG       SKY LI        -89480492.56  159076577.5
SKYEUROPE HLDG       SKY EO        -89480492.56  159076577.5
SKYEUROPE HLDG       SKYPLN EU     -89480492.56  159076577.5
SKYEUROPE HLDG       SKURF US      -89480492.56  159076577.5
SKYEUROPE HLDG       SKYV IX       -89480492.56  159076577.5
SKYEUROPE HLDG       SKY EU        -89480492.56  159076577.5
SKYEUROPE HLDG       S8E GR        -89480492.56  159076577.5
SKYEUROPE HLDG       SKYA PZ       -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
TELENET GRP HLDG     TNETUSD EO    -346984203.1   4652950529
TELENET GRP HLDG     3218105Q IX   -346984203.1   4652950529
TELENET GRP HLDG     TNETGBX EO    -346984203.1   4652950529
TELENET GRP HLDG     TNET IX       -346984203.1   4652950529
TELENET GRP HLDG     TNETUSD EU    -346984203.1   4652950529
TELENET GRP HLDG     TNET NQ       -346984203.1   4652950529
TELENET GRP HLDG     T4I GR        -346984203.1   4652950529
TELENET GRP HLDG     TNET BB       -346984203.1   4652950529
TELENET GRP HLDG     TNET S1       -346984203.1   4652950529
TELENET GRP HLDG     TNET EB       -346984203.1   4652950529
TELENET GRP HLDG     TNET TQ       -346984203.1   4652950529
TELENET GRP HLDG     TNET MT       -346984203.1   4652950529
TELENET GRP HLDG     TNETGBX EU    -346984203.1   4652950529
TELENET GRP HLDG     TNET LI       -346984203.1   4652950529
TELENET GRP HLDG     TNET EU       -346984203.1   4652950529
TELENET GRP HLDG     TNETGBP EO    -346984203.1   4652950529
TELENET GRP HLDG     TNET PZ       -346984203.1   4652950529
TELENET GRP HLDG     TNET BQ       -346984203.1   4652950529
TELENET GRP HLDG     TNET QM       -346984203.1   4652950529
TELENET GRP HLDG     TLGHF US      -346984203.1   4652950529
TELENET GRP HLDG     TNET GK       -346984203.1   4652950529
TELENET GRP HLDG     TNET EO       -346984203.1   4652950529
TELENET-STRP         TNETS BB      -346984203.1   4652950529
TELENET-UNS ADR      TLGHY US      -346984203.1   4652950529
UNIVERSAL MUSIC      3738307Z BB   -12191533.66  143700285.8

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

CZECH REPUBLIC
--------------
CKD PRAHA HLDG       297687Q GR    -89435858.16    192305153
CKD PRAHA HLDG       CKDH US       -89435858.16    192305153
CKD PRAHA HLDG       CKDH CP       -89435858.16    192305153
CKD PRAHA HLDG       CKDPF US      -89435858.16    192305153
CKD PRAHA HLDG       CDP EX        -89435858.16    192305153
CSA AS               1000Z CP      -127978073.4    432492914
SETUZA AS            2994763Q EU   -61453764.17  138582273.6
SETUZA AS            SETU IX       -61453764.17  138582273.6
SETUZA AS            2994759Q EO   -61453764.17  138582273.6
SETUZA AS            2994767Q EO   -61453764.17  138582273.6
SETUZA AS            SETUZA CP     -61453764.17  138582273.6
SETUZA AS            SETUZA PZ     -61453764.17  138582273.6
SETUZA AS            2994755Q EU   -61453764.17  138582273.6
SETUZA AS            SZA EX        -61453764.17  138582273.6
SETUZA AS            SZA GR        -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      CIMBER DC     -5227729.374  192575897.9
CIMBER STERLING      CIMBE EO      -5227729.374  192575897.9
CIMBER STERLING      CIMBE EU      -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     GW EO         -11320362.72  176234029.6
GREEN WIND ENERG     GW PZ         -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     G7W1 GR       -11320362.72  176234029.6
GREEN WIND ENERG     GW EU         -11320362.72  176234029.6
GREEN WIND ENERG     GW BY         -11320362.72  176234029.6
GREEN WIND ENERG     GWEUR EO      -11320362.72  176234029.6
GREEN WIND ENERG     GWEUR EU      -11320362.72  176234029.6
HOLDINGSELSKABET     BOHC IX       -11320362.72  176234029.6
HOLDINGSELSKABET     BODIL DC      -11320362.72  176234029.6
ISS GLOBAL A/S       241863Z DC    -9544026.554   7765217403
LAURITZEN TANKER     3979732Z DC   -4428758.299  209128194.8
NATURGAS FYN DIS     3984844Z DC   -2862743.662    194651527
NESTLE DANMARK A     3896690Z DC   -31272771.75    160779148
OBTEC                OBT DC        -14819231.96  148553764.3
OBTEC                OBTEC DC      -14819231.96  148553764.3
OBTEC-NEW SHARES     OBTECN DC     -14819231.96  148553764.3
OBTEC-OLD            OBTN DC       -14819231.96  148553764.3
ORESUNDSBRO KONS     1015Z SS      -583944155.3   3614975702
OSTERFALLEDPARKE     3985676Z DC   -26063679.19  302533679.4
OW SUPPLY & TRAD     3986892Z DC     -4299263.6  165798948.6
REITAN SERVICEHA     3984284Z DC   -1371178.576    127192706
ROSKILDE BANK        ROSK DC       -532868840.9   7876687324
ROSKILDE BANK        ROSK EU       -532868840.9   7876687324
ROSKILDE BANK        ROSK PZ       -532868840.9   7876687324
ROSKILDE BANK        RKI GR        -532868840.9   7876687324
ROSKILDE BANK        ROSKF US      -532868840.9   7876687324
ROSKILDE BANK        ROSBF US      -532868840.9   7876687324
ROSKILDE BANK        ROSK EO       -532868840.9   7876687324
ROSKILDE BANK        RSKC IX       -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     SBS1EUR EU    -14819231.96  148553764.3
SCANDINAVIAN BRA     SBS DC        -14819231.96  148553764.3
SCANDINAVIAN BRA     SBS1 BY       -14819231.96  148553764.3
SCANDINAVIAN BRA     SBS1 EU       -14819231.96  148553764.3
SCANDINAVIAN BRA     SBSC IX       -14819231.96  148553764.3
SCANDINAVIAN BRA     SBS1 EO       -14819231.96  148553764.3
SCANDINAVIAN BRA     SBSD PZ       -14819231.96  148553764.3
SCANDINAVIAN BRA     SBS1EUR EO    -14819231.96  148553764.3
SCHAUMANN PROP       SCHAU EO      -101428498.9  298588010.2
SCHAUMANN PROP       SCHAUEUR EU   -101428498.9  298588010.2
SCHAUMANN PROP       SCHAUP EU     -101428498.9  298588010.2
SCHAUMANN PROP       SCHAUP DC     -101428498.9  298588010.2
SCHAUMANN PROP       SCHAUP PZ     -101428498.9  298588010.2
SCHAUMANN PROP       SCHAUEUR EO   -101428498.9  298588010.2
SCHAUMANN PROP       SCHAU EU      -101428498.9  298588010.2
SCHAUMANN PROP       SCHAU BY      -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             ATA S1        -5534100.115  138494402.9
ATARI SA             IFGA GR       -5534100.115  138494402.9
ATARI SA             IFGA TH       -5534100.115  138494402.9
ATARI SA             ATA BQ        -5534100.115  138494402.9
ATARI SA             ATA PZ        -5534100.115  138494402.9
ATARI SA             ATA TQ        -5534100.115  138494402.9
ATARI SA             ATA EO        -5534100.115  138494402.9
ATARI SA             ATA EU        -5534100.115  138494402.9
ATARI SA             ATA QM        -5534100.115  138494402.9
ATARI SA             ATA EB        -5534100.115  138494402.9
ATARI SA             ATANV FP      -5534100.115  138494402.9
ATARI SA             ATA FP        -5534100.115  138494402.9
ATARI-NEW            3715502Q FP   -5534100.115  138494402.9
AUTOMOBILES CITR     3648863Z FP   -298695778.9   1879542934
BELVEDERE - RTS      702036Q FP    -254721370.9   1019397736
BELVEDERE - RTS      554451Q FP    -254721370.9   1019397736
BELVEDERE SA         BVDRF US      -254721370.9   1019397736
BELVEDERE SA         BELV FP       -254721370.9   1019397736
BELVEDERE SA         BELV NM       -254721370.9   1019397736
BELVEDERE SA         BVD S1        -254721370.9   1019397736
BELVEDERE SA         BVD EO        -254721370.9   1019397736
BELVEDERE SA         BVD FP        -254721370.9   1019397736
BELVEDERE SA         BVD PZ        -254721370.9   1019397736
BELVEDERE SA         BVD EU        -254721370.9   1019397736
BELVEDERE SA         BEVD IX       -254721370.9   1019397736
BELVEDERE SA         BVD PW        -254721370.9   1019397736
BELVEDERE SA         BED TH        -254721370.9   1019397736
BELVEDERE SA         BED GR        -254721370.9   1019397736
BELVEDERE SA-NEW     8198283Q FP   -254721370.9   1019397736
BELVEDERE SA-NEW     946529Q FP    -254721370.9   1019397736
BELVEDERE SA-NEW     BVDNV FP      -254721370.9   1019397736
BELVEDERE SA-RTS     BVDDS FP      -254721370.9   1019397736
BENP LILLEBONNE      4507291Z FP   -14494480.15  341710346.6
CADES                211430Z FP       -1.16E+11  23006745556
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        CARG FP       -9829531.944    279906700
CARRERE GROUP        CAR2 EO       -9829531.944    279906700
CARRERE GROUP        CAR FP        -9829531.944    279906700
CARRERE GROUP        CAR2 EU       -9829531.944    279906700
CARRERE GROUP        CRRHF US      -9829531.944    279906700
CARRERE GROUP        CRGP IX       -9829531.944    279906700
CARRERE GROUP        XRR GR        -9829531.944    279906700
CARRERE GROUP        CARF PZ       -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
CSF                  3635887Z FP   -66127486.72   3311857250
DESCAMPS SAS         4503139Z FP   -2912961.458  104843475.7
EADS SECA            4706441Z FP   -38679556.91  142045208.8
EDENRED              EDEN EB        -1395452285   5596512266
EDENRED              EDEN FP        -1395452285   5596512266
EDENRED              EDENUSD EO     -1395452285   5596512266
EDENRED              QSV TH         -1395452285   5596512266
EDENRED              EDEN TQ        -1395452285   5596512266
EDENRED              QSV GR         -1395452285   5596512266
EDENRED              EDEN IX        -1395452285   5596512266
EDENRED              EDEN PZ        -1395452285   5596512266
EDENRED              EDEN BQ        -1395452285   5596512266
EDENRED              EDNMF US       -1395452285   5596512266
EDENRED              EDEN S1        -1395452285   5596512266
EDENRED              EDEN EO        -1395452285   5596512266
EDENRED              EDENUSD EU     -1395452285   5596512266
EDENRED              EDEN QM        -1395452285   5596512266
EDENRED              EDEN EU        -1395452285   5596512266
EDF EN FRANCE        4686529Z FP   -4085423.459  508820792.6
EDF EN OUTRE MER     4679713Z FP   -2598508.843  158364874.7
FRANFINANCE LOCA     4689993Z FP   -69780982.12   1638852912
GRANDE PAROISSE      GDPA FP       -927267926.9    629287290
GRANDE PAROISSE      GDPXF US      -927267926.9    629287290
GRANDE PAROISSE      GAPA FP       -927267926.9    629287290
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     IFG EU        -5534100.115  138494402.9
INFOGRAMES - REG     IFG FP        -5534100.115  138494402.9
INFOGRAMES - REG     IFG EO        -5534100.115  138494402.9
INFOGRAMES - REG     IFOE IX       -5534100.115  138494402.9
INFOGRAMES - REG     IFG TQ        -5534100.115  138494402.9
INFOGRAMES E-NEW     IFGN FP       -5534100.115  138494402.9
INFOGRAMES ENT       IFG PZ        -5534100.115  138494402.9
INFOGRAMES ENT       IFGNR FP      -5534100.115  138494402.9
INFOGRAMES ENT       2986980Q EU   -5534100.115  138494402.9
INFOGRAMES ENT       IFGEF US      -5534100.115  138494402.9
INFOGRAMES ENT       IFG GR        -5534100.115  138494402.9
INFOGRAMES ENT       IFOY IX       -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     4504595Z FP   -17492036.59    163375360
JTEKT AUTOMOTIVE     4505819Z FP   -14610384.74    211911630
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     1007765Q FP   -77896689.09  293868350.8
MATUSSIERE & FOR     MTUSF US      -77896689.09  293868350.8
MVCI HOLIDAYS FR     4524959Z FP   -112193151.3  233381369.4
NESTLE WATERS SU     3634879Z FP   -166540192.4  357871830.8
NESTLE WATERS SU     3634887Z FP     -100198554  212766860.3
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 FP       -51389802.68  181267113.2
OROSDI               OROS S1       -51389802.68  181267113.2
OROSDI               OROS EU       -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
OROSDI-RTS           ORODS FP      -51389802.68  181267113.2
PAGESJAUNES GRP      PAJGBX EU      -3184867284   1167307980
PAGESJAUNES GRP      PAJP IX        -3184867284   1167307980
PAGESJAUNES GRP      PAJ EU         -3184867284   1167307980
PAGESJAUNES GRP      PAJGBP EO      -3184867284   1167307980
PAGESJAUNES GRP      PAJ BQ         -3184867284   1167307980
PAGESJAUNES GRP      PAJ PZ         -3184867284   1167307980
PAGESJAUNES GRP      PAJUSD EU      -3184867284   1167307980
PAGESJAUNES GRP      PAJ EO         -3184867284   1167307980
PAGESJAUNES GRP      PAJ LI         -3184867284   1167307980
PAGESJAUNES GRP      PAJGBX EO      -3184867284   1167307980
PAGESJAUNES GRP      PAJ GK         -3184867284   1167307980
PAGESJAUNES GRP      PAJ IX         -3184867284   1167307980
PAGESJAUNES GRP      PAJ NQ         -3184867284   1167307980
PAGESJAUNES GRP      PAJ QM         -3184867284   1167307980
PAGESJAUNES GRP      PAJ EB         -3184867284   1167307980
PAGESJAUNES GRP      PGJUF US       -3184867284   1167307980
PAGESJAUNES GRP      QS3 GR         -3184867284   1167307980
PAGESJAUNES GRP      PAJ S1         -3184867284   1167307980
PAGESJAUNES GRP      PAJUSD EO      -3184867284   1167307980
PAGESJAUNES GRP      PAJ FP         -3184867284   1167307980
PAGESJAUNES GRP      PAJ VX         -3184867284   1167307980
PAGESJAUNES GRP      PAJ TQ         -3184867284   1167307980
PAGESJAUNES GRP      QS3 TH         -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     -1594878991  71610625888
RHODIA SA            RHA VX        -72552001.48   7951699362
RHODIA SA            RHDI GR       -72552001.48   7951699362
RHODIA SA            RHAUSD EU     -72552001.48   7951699362
RHODIA SA            RHAGBP EO     -72552001.48   7951699362
RHODIA SA            RHA QM        -72552001.48   7951699362
RHODIA SA            RHAY IX       -72552001.48   7951699362
RHODIA SA            RHAGBX EU     -72552001.48   7951699362
RHODIA SA            RHA IX        -72552001.48   7951699362
RHODIA SA            RHA EU        -72552001.48   7951699362
RHODIA SA            RHDAF US      -72552001.48   7951699362
RHODIA SA            RHAGBX EO     -72552001.48   7951699362
RHODIA SA            RHA BQ        -72552001.48   7951699362
RHODIA SA            3218857Q IX   -72552001.48   7951699362
RHODIA SA            2324011Q EU   -72552001.48   7951699362
RHODIA SA            RHADF US      -72552001.48   7951699362
RHODIA SA            RHA EO        -72552001.48   7951699362
RHODIA SA            RHA NQ        -72552001.48   7951699362
RHODIA SA            RHA FP        -72552001.48   7951699362
RHODIA SA            RHD GR        -72552001.48   7951699362
RHODIA SA            RHA PZ        -72552001.48   7951699362
RHODIA SA            RHAUSD EO     -72552001.48   7951699362
RHODIA SA            RHA TQ        -72552001.48   7951699362
RHODIA SA            RHA S1        -72552001.48   7951699362
RHODIA SA            RHA EB        -72552001.48   7951699362
RHODIA SA            RHANR PZ      -72552001.48   7951699362
RHODIA SA            2324015Q EO   -72552001.48   7951699362
RHODIA SA            RHDI TH       -72552001.48   7951699362
RHODIA SA            RHA GK        -72552001.48   7951699362
RHODIA SA - NEW      3156011Q FP   -72552001.48   7951699362
RHODIA SA - NEW      RHANV FP      -72552001.48   7951699362
RHODIA SA - NEW      8125782Q FP   -72552001.48   7951699362
RHODIA SA - NEW      3506266Q FP   -72552001.48   7951699362
RHODIA SA - NEW      2335921Q 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      RDGP IX        -38195223.8    238732565
RODRIGUEZ GROUP      ROD BQ         -38195223.8    238732565
RODRIGUEZ GROUP      ROD EU         -38195223.8    238732565
RODRIGUEZ GROUP      ROD EO         -38195223.8    238732565
RODRIGUEZ GROUP      RGX GR         -38195223.8    238732565
RODRIGUEZ GROUP      ROD S1         -38195223.8    238732565
RODRIGUEZ GROUP      RRGZF US       -38195223.8    238732565
RODRIGUEZ GROUP      ROD PZ         -38195223.8    238732565
RODRIGUEZ GROUP      ROD TQ         -38195223.8    238732565
RODRIGUEZ GROUP      ROD FP         -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        2347985Q EO   -13557467.93    129831049
TEAM PARTNERS        TPGY IX       -13557467.93    129831049
TEAM PARTNERS        TIP PZ        -13557467.93    129831049
TEAM PARTNERS        2347981Q EU   -13557467.93    129831049
TEAM PARTNERS        TIP FP        -13557467.93    129831049
TEAM PARTNERS        TPTRF US      -13557467.93    129831049
TEAM PARTNERS GR     TPGP IX       -13557467.93    129831049
TEAM PARTNERS GR     TIPNV FP      -13557467.93    129831049
TEAM PARTNERS GR     TPGP PZ       -13557467.93    129831049
TEAM PARTNERS GR     TIPA EO       -13557467.93    129831049
TEAM PARTNERS GR     TIPA FP       -13557467.93    129831049
TEAM PARTNERS GR     TIPDS FP      -13557467.93    129831049
TEAM PARTNERS GR     TIPA EU       -13557467.93    129831049
TEAM PARTNERS-N      TIPN FP       -13557467.93    129831049
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       TVYCF US      -396977.8818  133986439.7
TROUVAY CAUVIN       ETEC FP       -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
-------
PEARL HOLDING        3622Z LN      -133833007.2  968234065.8
DEVELICA DEUTSCH     DDE PZ        -79827494.88   1139643575
DEVELICA DEUTSCH     DDE LN        -79827494.88   1139643575
DEVELICA DEUTSCH     DDE IX        -79827494.88   1139643575
DEVELICA DEUTSCH     D4B GR        -79827494.88   1139643575
DEVELICA DEUTSCH     DDE PG        -79827494.88   1139643575

GERMANY
-------
AGOR AG              DOO GR        -482449.8788  144432986.2
AGOR AG              NDAGF US      -482449.8788  144432986.2
AGOR AG              DOO EU        -482449.8788  144432986.2
AGOR AG              DOOG IX       -482449.8788  144432986.2
AGOR AG              DOOD PZ       -482449.8788  144432986.2
AGOR AG              DOO EO        -482449.8788  144432986.2
AGOR AG              DOO S1        -482449.8788  144432986.2
AGOR AG-RTS          2301918Z GR   -482449.8788  144432986.2
ALNO AG              ANO EU        -99557307.47  237120255.4
ALNO AG              ANO GR        -99557307.47  237120255.4
ALNO AG              ANO EO        -99557307.47  237120255.4
ALNO AG              ANO PZ        -99557307.47  237120255.4
ALNO AG              ALNO IX       -99557307.47  237120255.4
ALNO AG              ANO S1        -99557307.47  237120255.4
ALNO AG              ANO TH        -99557307.47  237120255.4
ALNO AG - RTS        ANO2 GR       -99557307.47  237120255.4
ALNO AG-NEW          ANO1 GR       -99557307.47  237120255.4
ALNO AG-RTS          4123912Z GR   -99557307.47  237120255.4
ALNO AG-RTS          8174351Z GR   -99557307.47  237120255.4
ALNO AG-RTS          2259765Z GR   -99557307.47  237120255.4
ATRONIC INTERNAT     504688Z GR    -30668737.79  163495101.6
BROKAT AG            BKISF US      -27139603.03  143536830.1
BROKAT AG            BROFQ US      -27139603.03  143536830.1
BROKAT AG            BROAF US      -27139603.03  143536830.1
BROKAT AG            BRKAF US      -27139603.03  143536830.1
BROKAT AG -NEW       BRJ1 NM       -27139603.03  143536830.1
BROKAT AG -NEW       BRJ1 GR       -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 NM        -27139603.03  143536830.1
BROKAT TECH AG       BRJ GR        -27139603.03  143536830.1
BROKAT TECH AG       BSA LN        -27139603.03  143536830.1
BROKAT TECH-ADR      BRJA GR       -27139603.03  143536830.1
CBB HOLDING AG       CUBDF US      -42994818.04  904723627.8
CBB HOLDING AG       COB2 EO       -42994818.04  904723627.8
CBB HOLDING AG       COBG IX       -42994818.04  904723627.8
CBB HOLDING AG       COB GR        -42994818.04  904723627.8
CBB HOLDING AG       COBG PZ       -42994818.04  904723627.8
CBB HOLDING AG       COB2 EU       -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      -206867792.1   1418435822
DORT ACTIEN-BRAU     944167Q GR    -12689156.29  117537053.7
DORT ACTIEN-RTS      DAB8 GR       -12689156.29  117537053.7
EDOB ABWICKLUNGS     ESC TH        -22323468.51  425598807.8
EDOB ABWICKLUNGS     ESC TQ        -22323468.51  425598807.8
EDOB ABWICKLUNGS     ESC PZ        -22323468.51  425598807.8
EDOB ABWICKLUNGS     ESC EU        -22323468.51  425598807.8
EDOB ABWICKLUNGS     ESC GR        -22323468.51  425598807.8
EDOB ABWICKLUNGS     ESC EO        -22323468.51  425598807.8
EDOB ABWICKLUNGS     ESCDF US      -22323468.51  425598807.8
EDOB ABWICKLUNGS     ESC BQ        -22323468.51  425598807.8
EM.TV & MERCHAND     ETV LN        -22067243.56  849175624.7
EM.TV & MERCHAND     ETVMF US      -22067243.56  849175624.7
EM.TV & MERCHAND     985403Q GR    -22067243.56  849175624.7
EM.TV & MERCHAND     ETV NM        -22067243.56  849175624.7
EM.TV & MERCHAND     EMTVF US      -22067243.56  849175624.7
EM.TV & MERCHAND     ETV VX        -22067243.56  849175624.7
EM.TV & MERC-NEW     ETV1 NM       -22067243.56  849175624.7
EM.TV & MERC-NEW     ETV1 GR       -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        3069367Q GR   -22323468.51  425598807.8
ESCADA AG-NEW        ESCC GR       -22323468.51  425598807.8
ESCADA AG-NEW        835345Q GR    -22323468.51  425598807.8
ESCADA AG-NEW        ESCN GR       -22323468.51  425598807.8
ESCADA AG-NEW        ESCD 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 EU        -9612095.264    130075209
GUENTHER & SOHN      GUS EO        -9612095.264    130075209
GUENTHER & SOHN      GUS GR        -9612095.264    130075209
GUENTHER & SOHN      GUS PZ        -9612095.264    130075209
KABEL DEUTSCHLAN     KD8USD EO      -2191296158   2637700879
KABEL DEUTSCHLAN     KD8 TH         -2191296158   2637700879
KABEL DEUTSCHLAN     KD8GBP EO      -2191296158   2637700879
KABEL DEUTSCHLAN     KD8 EU         -2191296158   2637700879
KABEL DEUTSCHLAN     KD8 TQ         -2191296158   2637700879
KABEL DEUTSCHLAN     KD8 S1         -2191296158   2637700879
KABEL DEUTSCHLAN     KD8 EB         -2191296158   2637700879
KABEL DEUTSCHLAN     KD8 BQ         -2191296158   2637700879
KABEL DEUTSCHLAN     KD8 NR         -2191296158   2637700879
KABEL DEUTSCHLAN     KD8USD EU      -2191296158   2637700879
KABEL DEUTSCHLAN     KD8 QM         -2191296158   2637700879
KABEL DEUTSCHLAN     KBDHF US       -2191296158   2637700879
KABEL DEUTSCHLAN     KD8 IX         -2191296158   2637700879
KABEL DEUTSCHLAN     KD8 EO         -2191296158   2637700879
KABEL DEUTSCHLAN     KD8 GR         -2191296158   2637700879
KABEL DEUTSCHLAN     KD8 PZ         -2191296158   2637700879
KABEL DEUTS-CW10     DB7KWG GR      -2191296158   2637700879
KAUFRING AG          KFR EU        -19296489.56  150995473.8
KAUFRING AG          KFR GR        -19296489.56  150995473.8
KAUFRING AG          KAUG IX       -19296489.56  150995473.8
KAUFRING AG          KFR EO        -19296489.56  150995473.8
KAUFRING AG          KFR PZ        -19296489.56  150995473.8
KION GROUP GMBH      834769Z GR    -534551768.5   7697629095
MAERKLIN             730904Z GR    -8321071.921  115821977.5
MANIA TECHNOLOGI     MIAVF US      -35060809.35  107465713.6
MANIA TECHNOLOGI     2260970Z GR   -35060809.35  107465713.6
MANIA TECHNOLOGI     MNI PZ        -35060809.35  107465713.6
MANIA TECHNOLOGI     MNI S1        -35060809.35  107465713.6
MANIA TECHNOLOGI     MNI1 EU       -35060809.35  107465713.6
MANIA TECHNOLOGI     MNI1 EO       -35060809.35  107465713.6
MANIA TECHNOLOGI     MNI TH        -35060809.35  107465713.6
MANIA TECHNOLOGI     MNIG IX       -35060809.35  107465713.6
MANIA TECHNOLOGI     MNI NM        -35060809.35  107465713.6
MANIA TECHNOLOGI     MNI GR        -35060809.35  107465713.6
MATERNUS KLINI-N     MAK1 GR       -16430126.25  184373499.3
MATERNUS-KLINIKE     MAK EO        -16430126.25  184373499.3
MATERNUS-KLINIKE     MAK S1        -16430126.25  184373499.3
MATERNUS-KLINIKE     MAK TH        -16430126.25  184373499.3
MATERNUS-KLINIKE     MAK GR        -16430126.25  184373499.3
MATERNUS-KLINIKE     MNUKF US      -16430126.25  184373499.3
MATERNUS-KLINIKE     MAK PZ        -16430126.25  184373499.3
MATERNUS-KLINIKE     MAKG IX       -16430126.25  184373499.3
MATERNUS-KLINIKE     MAK EU        -16430126.25  184373499.3
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     NOD GR        -74471727.44  729626481.3
NORDENIA INTL AG     NOD8 GR       -74471727.44  729626481.3
NORDSEE AG           533061Q GR    -8200551.142  194616922.6
PRIMACOM AG          PRC NM        -18656751.16  610380925.7
PRIMACOM AG          PRC S1        -18656751.16  610380925.7
PRIMACOM AG          PRC GR        -18656751.16  610380925.7
PRIMACOM AG          PRC EU        -18656751.16  610380925.7
PRIMACOM AG          PRC TH        -18656751.16  610380925.7
PRIMACOM AG          PRCG PZ       -18656751.16  610380925.7
PRIMACOM AG          PRCG IX       -18656751.16  610380925.7
PRIMACOM AG          PCAGF US      -18656751.16  610380925.7
PRIMACOM AG          PRC EO        -18656751.16  610380925.7
PRIMACOM AG          PRC2 GR       -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      ROS1 EU         -1744124.2  217776125.8
RAG ABWICKL-REG      ROS GR          -1744124.2  217776125.8
RAG ABWICKL-REG      ROSG PZ         -1744124.2  217776125.8
RAG ABWICKL-REG      ROS S1          -1744124.2  217776125.8
RAG ABWICKL-REG      RSTHF US        -1744124.2  217776125.8
RAG ABWICKL-REG      ROS1 EO         -1744124.2  217776125.8
RINOL AG             RNLAF US         -1.171602  168095049.1
RINOL AG             RILB EO          -1.171602  168095049.1
RINOL AG             RIL GR           -1.171602  168095049.1
RINOL AG             RILB GR          -1.171602  168095049.1
RINOL AG             RILB EU          -1.171602  168095049.1
RINOL AG             RILB IX          -1.171602  168095049.1
RINOL AG             RILB PZ          -1.171602  168095049.1
RINOL AG             RILB S1          -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      JLSDF US      -6153256.267  127546738.8
SANDER (JIL) AG      SAD GR        -6153256.267  127546738.8
SANDER (JIL)-PRF     2916157Q EU   -6153256.267  127546738.8
SANDER (JIL)-PRF     2916161Q EO   -6153256.267  127546738.8
SANDER (JIL)-PRF     SAD3 PZ       -6153256.267  127546738.8
SANDER (JIL)-PRF     SAD3 GR       -6153256.267  127546738.8
SINNLEFFERS AG       WHG GR        -4491635.615  453887060.1
SPAR HANDELS-AG      773844Q GR    -442426239.7   1433020961
SPAR HANDELS-AG      SPHFF US      -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 PZ        -124531131.9  313411495.3
TA TRIUMPH-ADLER     TWN GR        -124531131.9  313411495.3
TA TRIUMPH-ADLER     TWN EO        -124531131.9  313411495.3
TA TRIUMPH-ADLER     TTZAF US      -124531131.9  313411495.3
TA TRIUMPH-ADLER     TWN EU        -124531131.9  313411495.3
TA TRIUMPH-ADLER     TWNG IX       -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

GREECE
------
AG PETZETAKIS SA     PETZK GA      -110812812.5  206429374.1
AG PETZETAKIS SA     PTZ GR        -110812812.5  206429374.1
AG PETZETAKIS SA     PZETF US      -110812812.5  206429374.1
AG PETZETAKIS SA     PETZK EU      -110812812.5  206429374.1
AG PETZETAKIS SA     PETZK EO      -110812812.5  206429374.1
AG PETZETAKIS SA     PETZK PZ      -110812812.5  206429374.1
AG PETZETAKIS SA     PTZ1 GR       -110812812.5  206429374.1
ASPIS BANK SA        ASEUF US      -46224213.41   3486115450
ASPIS BANK-RIGHT     365673Q GA    -46224213.41   3486115450
ASPIS BANK-RTS       ASPTR GA      -46224213.41   3486115450
ASPIS BANK-RTS       3558423Q GA   -46224213.41   3486115450
ASPIS BANK-RTS       839325Q GA    -46224213.41   3486115450
ASPIS MORT-RTS       ASPTD GA      -46224213.41   3486115450
ASPIS PRONIA GE      ASASK EU      -189908329.1  896537349.7
ASPIS PRONIA GE      ASASK GA      -189908329.1  896537349.7
ASPIS PRONIA GE      ASASK PZ      -189908329.1  896537349.7
ASPIS PRONIA GE      AISQF US      -189908329.1  896537349.7
ASPIS PRONIA GE      ASASK EO      -189908329.1  896537349.7
ASPIS PRONIA -PF     ASAPR GA      -189908329.1  896537349.7
ASPIS PRONIA-PF      ASASP GA      -189908329.1  896537349.7
ASPIS PRONIA-PF      APGV GR       -189908329.1  896537349.7
ASPIS PRONIA-RT      ASASKR GA     -189908329.1  896537349.7
ASPIS PRONOIA GE     APGG IX       -189908329.1  896537349.7
ASPIS PRONOIA GE     APG GR        -189908329.1  896537349.7
ASPIS PRON-PF RT     ASASPR GA     -189908329.1  896537349.7
ATLANTIC SUPERMA     ATLA1 EO      -76261648.16  315891294.2
ATLANTIC SUPERMA     ATLA1 EU      -76261648.16  315891294.2
ATLANTIC SUPERMA     ATLA PZ       -76261648.16  315891294.2
ATLANTIC SUPERMA     ATLA GA       -76261648.16  315891294.2
EDRASIS C. PSALL     EDRAR GA      -38819673.91  215888637.7
EDRASIS PSALIDAS     EDRA GA       -38819673.91  215888637.7
EDRASIS PSALIDAS     EDRA PZ       -38819673.91  215888637.7
EDRASIS PSALIDAS     EDRA EU       -38819673.91  215888637.7
EDRASIS PSALIDAS     EPP GR        -38819673.91  215888637.7
EDRASIS PSALIDAS     EDRA EO       -38819673.91  215888637.7
EDRASIS-AUCTION      EDRAE GA      -38819673.91  215888637.7
EMPEDOS SA           EMPED GA      -33637669.62  174742646.9
EMPEDOS SA-RTS       EMPEDR GA     -33637669.62  174742646.9
HELLAS ONLINE SA     0394471Q GA   -21686953.82  480123795.6
HELLAS ONLINE SA     HOL GA        -21686953.82  480123795.6
HELLAS ONLINE SA     UN5 GR        -21686953.82  480123795.6
HELLAS ONLINE SA     BRAIN PZ      -21686953.82  480123795.6
HELLAS ONLINE SA     BRAIN EO      -21686953.82  480123795.6
HELLAS ONLINE SA     BRAIN EU      -21686953.82  480123795.6
HELLAS ONLINE SA     BRAIN GA      -21686953.82  480123795.6
HELLAS ONLIN-RTS     HOLR GA       -21686953.82  480123795.6
KATSELIS SON-P R     KATPD GA       -37103990.3  167678703.3
KATSELIS SONS-PF     KATSP GA       -37103990.3  167678703.3
KATSELIS SONS-RT     KATKD GA       -37103990.3  167678703.3
LAMBRAKIS PR -RT     DOLD GA       -14479840.43  280712996.2
LAMBRAKIS PRESS      LA3 GR        -14479840.43  280712996.2
LAMBRAKIS PRESS      DOL PZ        -14479840.43  280712996.2
LAMBRAKIS PRESS      DOL GA        -14479840.43  280712996.2
LAMBRAKIS PRESS      LMBKF US      -14479840.43  280712996.2
LAMBRAKIS PRESS      DOL EO        -14479840.43  280712996.2
LAMBRAKIS PRESS      DOL EU        -14479840.43  280712996.2
LAMBRAKIS REPO       DOLL10 GA     -14479840.43  280712996.2
LAMBRAKIS R-R        DOLV10 GA     -14479840.43  280712996.2
LAMBRAKIS-AUC        DOLE GA       -14479840.43  280712996.2
MAILLIS              MLISF US      -54904198.09  438679485.9
MAILLIS -RTS         MAIKR GA      -54904198.09  438679485.9
MAILLIS-SPON ADR     MJMSY US      -54904198.09  438679485.9
MJ MAILLIS S.A.      MAIK EU       -54904198.09  438679485.9
MJ MAILLIS S.A.      MJL GR        -54904198.09  438679485.9
MJ MAILLIS S.A.      MAIK PZ       -54904198.09  438679485.9
MJ MAILLIS S.A.      MAIK GA       -54904198.09  438679485.9
MJ MAILLIS S.A.      MAIK EO       -54904198.09  438679485.9
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       -37103990.3  167678703.3
NUTRIART S.A.        KATSK GA       -37103990.3  167678703.3
NUTRIART SA          KATSK EO       -37103990.3  167678703.3
NUTRIART SA          KATSK PZ       -37103990.3  167678703.3
NUTRIART SA          NUTRIART GA    -37103990.3  167678703.3
NUTRIART SA          KATSK EU       -37103990.3  167678703.3
NUTRIART-RTS         3411089Q GA    -37103990.3  167678703.3
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       PETZP GA      -110812812.5  206429374.1
PETZETAKIS-PFD       PTZ3 GR       -110812812.5  206429374.1
RADIO KORASSIDIS     KORA GA       -100972173.9  244951680.3
RADIO KORASSIDIS     RKC GR        -100972173.9  244951680.3
RADIO KORASSIDIS     RAKOF US      -100972173.9  244951680.3
RADIO KORASSI-RT     KORAD GA      -100972173.9  244951680.3
RADIO KORASS-RTS     KORAR GA      -100972173.9  244951680.3
SATO OFFICE AND      SATOK EO      -1304553.012  103403982.3
SATO OFFICE AND      SATOK GA      -1304553.012  103403982.3
SATO OFFICE AND      SATOK EU      -1304553.012  103403982.3
SATO OFFICE AND      SATOK PZ      -1304553.012  103403982.3
SATO SA - RIGHTS     SATOKD GA     -1304553.012  103403982.3
SATO SA-AUC          SATOKE GA     -1304553.012  103403982.3
SATO SA-PFD          SATOP GA      -1304553.012  103403982.3
T BANK               TBANK GA      -46224213.41   3486115450
T BANK               ASPT EO       -46224213.41   3486115450
T BANK               TBANK EO      -46224213.41   3486115450
T BANK               ASPT EU       -46224213.41   3486115450
T BANK               ASPT GA       -46224213.41   3486115450
T BANK               TBANK EU      -46224213.41   3486115450
T BANK               ASPT PZ       -46224213.41   3486115450
THEMELIODOMI         THEME GA      -55751173.78  232036822.6
THEMELIODOMI-AUC     THEMEE GA     -55751173.78  232036822.6
THEMELIODOMI-RTS     THEMED GA     -55751173.78  232036822.6
THEMELIODOMI-RTS     THEMER GA     -55751173.78  232036822.6
UNITED TEXTILES      NML1 GR       -163114842.1  286539436.9
UNITED TEXTILES      UTEX GA       -163114842.1  286539436.9
UNITED TEXTILES      NAOYK GA      -163114842.1  286539436.9
UNITED TEXTILES      UTEX EU       -163114842.1  286539436.9
UNITED TEXTILES      UTEX EO       -163114842.1  286539436.9
UNITED TEXTILES      NAOSF US      -163114842.1  286539436.9
UNITED TEXTILES      UTEX PZ       -163114842.1  286539436.9

HUNGARY
-------
BADEL 1862 DD        BD62RA CZ     -18974967.32  134189914.2
BRODOGRADE INDUS     3MAJRA CZ     -5021629.797  841433084.3
MAGMA DD             MGMARA CZ     -6945891.192  118172308.3
OT OPTIMA TELEKO     2299892Z CZ   -83651540.39  109270884.7
OT-OPTIMA TELEKO     OPTERA CZ     -83651540.39  109270884.7
HUNGARIAN TELEPH     HUGC IX          -73723992    827192000
HUNGARIAN TELEPH     HUC EX           -73723992    827192000
INVITEL HOLD-ADR     0IN GR           -73723992    827192000
INVITEL HOLD-ADR     INVHY US         -73723992    827192000
INVITEL HOLD-ADR     IHO US           -73723992    827192000
INVITEL HOLDINGS     3212873Z HB      -73723992    827192000

ICELAND
-------
AVION GROUP          B1Q GR          -223780368   2277882368
EIMSKIPAFELAG HF     HFEIMEUR EU     -223780368   2277882368
EIMSKIPAFELAG HF     HFEIM IR        -223780368   2277882368
EIMSKIPAFELAG HF     HFEIM PZ        -223780368   2277882368
EIMSKIPAFELAG HF     HFEIMEUR EO     -223780368   2277882368
EIMSKIPAFELAG HF     AVION IR        -223780368   2277882368
EIMSKIPAFELAG HF     HFEIM EU        -223780368   2277882368
EIMSKIPAFELAG HF     HFEIM EO        -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      -335300000   1882000000
JAMES HARDIE IND     HAH NZ          -335300000   1882000000
JAMES HARDIE IND     600241Q GR      -335300000   1882000000
JAMES HARDIE IND     HAH AU          -335300000   1882000000
JAMES HARDIE NV      JHXCC AU        -335300000   1882000000
JAMES HARDIE-ADR     JHINY US        -335300000   1882000000
JAMES HARDIE-ADR     JHX US          -335300000   1882000000
JAMES HARDIE-CDI     JHA TH          -335300000   1882000000
JAMES HARDIE-CDI     JHX AU          -335300000   1882000000
JAMES HARDIE-CDI     JHA GR          -335300000   1882000000
JAMES HARDIE-CDI     JHIUF US        -335300000   1882000000
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      MNEYF US      -137972148.5  304108432.2
MCINERNEY HLDGS      MK9C PZ       -137972148.5  304108432.2
MCINERNEY HLDGS      MCI ID        -137972148.5  304108432.2
MCINERNEY HLDGS      MCI PO        -137972148.5  304108432.2
MCINERNEY HLDGS      MK9 GR        -137972148.5  304108432.2
MCINERNEY HLDGS      MCII IX       -137972148.5  304108432.2
MCINERNEY HLDGS      MCIGBX EU     -137972148.5  304108432.2
MCINERNEY HLDGS      MCIGBP EO     -137972148.5  304108432.2
MCINERNEY HLDGS      MCIGBX EO     -137972148.5  304108432.2
MCINERNEY HLDGS      MCI IX        -137972148.5  304108432.2
MCINERNEY HLDGS      MK9 PO        -137972148.5  304108432.2
MCINERNEY HLDGS      MCI VX        -137972148.5  304108432.2
MCINERNEY HLDGS      MCI EU        -137972148.5  304108432.2
MCINERNEY HLDGS      MCI EO        -137972148.5  304108432.2
MCINERNEY HLDGS      MCI LN        -137972148.5  304108432.2
MCINERNEY PROP-A     MYP LN        -137972148.5  304108432.2
MCINERNEY PROP-A     MCIYF US      -137972148.5  304108432.2
MCINERNEY PROP-A     MYP ID        -137972148.5  304108432.2
MCINERNEY -RT FP     MCIF 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 EU       -138030903.2  510010035.3
PAYZONE PLC          PAYZ LN       -138030903.2  510010035.3
PAYZONE PLC          4P6 GR        -138030903.2  510010035.3
PAYZONE PLC          PAYZ PG       -138030903.2  510010035.3
PAYZONE PLC          PAYZ EO       -138030903.2  510010035.3
PAYZONE PLC          PAYZ PZ       -138030903.2  510010035.3
PAYZONE PLC          PAYZ IX       -138030903.2  510010035.3
PENNYGOLD TRADIN     4459561Z ID   -77668624.17   1296718702
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      WWWB ID       -505729895.2    820803256
WATERFORD - RTS      WWWB GR       -505729895.2    820803256
WATERFORD - RTS      WWWA GR       -505729895.2    820803256
WATERFORD - RTS      WWWA ID       -505729895.2    820803256
WATERFORD - RTS      508519Q LN    -505729895.2    820803256
WATERFORD - RTS      508523Q LN    -505729895.2    820803256
WATERFORD CRYSTA     4459209Z ID   -150440252.3  114111756.9
WATERFORD W-ADR      WATWY US      -505729895.2    820803256
WATERFORD WDGEWD     WATWF US      -505729895.2    820803256
WATERFORD WDGEWD     WATFF US      -505729895.2    820803256
WATERFORD WED-RT     WTFR LN       -505729895.2    820803256
WATERFORD WED-RT     586556Q LN    -505729895.2    820803256
WATERFORD WED-RT     WWWC ID       -505729895.2    820803256
WATERFORD WED-RT     WWWC GR       -505729895.2    820803256
WATERFORD WED-RT     586552Q LN    -505729895.2    820803256
WATERFORD WED-RT     WWWD GR       -505729895.2    820803256
WATERFORD WED-RT     WWWD ID       -505729895.2    820803256
WATERFORD WED-UT     WTFU LN       -505729895.2    820803256
WATERFORD WED-UT     WTFUGBX EU    -505729895.2    820803256
WATERFORD WED-UT     WTFU EO       -505729895.2    820803256
WATERFORD WED-UT     WWWD PZ       -505729895.2    820803256
WATERFORD WED-UT     WTFU ID       -505729895.2    820803256
WATERFORD WED-UT     WTFU VX       -505729895.2    820803256
WATERFORD WED-UT     WTFU EU       -505729895.2    820803256
WATERFORD WED-UT     WWW GR        -505729895.2    820803256
WATERFORD WED-UT     WTFUGBX EO    -505729895.2    820803256
WATERFORD WED-UT     WTFU PO       -505729895.2    820803256
WATERFORD WED-UT     WWW PO        -505729895.2    820803256
WATERFORD WED-UT     WTFU IX       -505729895.2    820803256
WATERFORD WE-RTS     WTFF LN       -505729895.2    820803256
WATERFORD WE-RTS     WTFN LN       -505729895.2    820803256
WATERFORD WE-RTS     WTFF ID       -505729895.2    820803256
WATERFORD WE-RTS     WTFN 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 QM        -63822544.66  148818665.4
AS ROMA SPA          ASR EB        -63822544.66  148818665.4
AS ROMA SPA          ASR IX        -63822544.66  148818665.4
AS ROMA SPA          RO9 GR        -63822544.66  148818665.4
AS ROMA SPA          ASR EU        -63822544.66  148818665.4
AS ROMA SPA          ASR PZ        -63822544.66  148818665.4
AS ROMA SPA          ASRAF US      -63822544.66  148818665.4
AS ROMA SPA          ASRO IX       -63822544.66  148818665.4
AS ROMA SPA          ASR EO        -63822544.66  148818665.4
AS ROMA SPA          ASR IM        -63822544.66  148818665.4
AS ROMA SPA          ASR TQ        -63822544.66  148818665.4
AS ROMA SPA          ASR BQ        -63822544.66  148818665.4
AS ROMA SPA-RTS      ASRAA IM      -63822544.66  148818665.4
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     FIY GR        -422095936.7   1583083044
CIRIO FINANZIARI     CRO IM        -422095936.7   1583083044
COGEME AXA           COGAXA IM     -33723621.33  159115245.5
COGEME AZXOBCV       COGOB IM      -33723621.33  159115245.5
COGEME SET SPA       COG EU        -33723621.33  159115245.5
COGEME SET SPA       COG EO        -33723621.33  159115245.5
COGEME SET SPA       CRT GR        -33723621.33  159115245.5
COGEME SET SPA       COGM IX       -33723621.33  159115245.5
COGEME SET SPA       COG PZ        -33723621.33  159115245.5
COGEME SET SPA       COG IM        -33723621.33  159115245.5
COIN SPA             965089Q GR    -154057598.5  800526929.5
COIN SPA             GC IX         -154057598.5  800526929.5
COIN SPA             GUCIF US      -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        FIN NM        -126380828.5  281244456.3
FINMATICA SPA        FIN IM        -126380828.5  281244456.3
FINMATICA SPA        FIT GR        -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 IX        -209436890.3  202705179.9
I VIAGGI DEL VEN     VVE EO        -209436890.3  202705179.9
I VIAGGI DEL VEN     VVE IM        -209436890.3  202705179.9
I VIAGGI DEL VEN     IV7 GR        -209436890.3  202705179.9
I VIAGGI DEL VEN     VVE TQ        -209436890.3  202705179.9
I VIAGGI DEL VEN     IVGIF US      -209436890.3  202705179.9
I VIAGGI DEL VEN     VVE EU        -209436890.3  202705179.9
I VIAGGI DEL VEN     VVE PZ        -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          KRS EU        -42106279.58  830980118.2
KERSELF SPA          3533882Z IM   -42106279.58  830980118.2
KERSELF SPA          KRS EO        -42106279.58  830980118.2
KERSELF SPA          KRSI PZ       -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        MEF EB         -30409445.9  416708236.2
MERIDIANA FLY        EEZ IM         -30409445.9  416708236.2
MERIDIANA FLY        EEZ PZ         -30409445.9  416708236.2
MERIDIANA FLY        EEZ QM         -30409445.9  416708236.2
MERIDIANA FLY        E7N GR         -30409445.9  416708236.2
MERIDIANA FLY        EFLYF US       -30409445.9  416708236.2
MERIDIANA FLY        EEZ EU         -30409445.9  416708236.2
MERIDIANA FLY        MEF BQ         -30409445.9  416708236.2
MERIDIANA FLY        MEF IM         -30409445.9  416708236.2
MERIDIANA FLY        EEZ TQ         -30409445.9  416708236.2
MERIDIANA FLY        MEF IX         -30409445.9  416708236.2
MERIDIANA FLY        EEZ EO         -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     PRFI VX       -18419396969   4120687886
PARMALAT FINANZI     PAF GR        -18419396969   4120687886
PARMALAT FINANZI     PRF IM        -18419396969   4120687886
PARMALAT FINANZI     FICN AV       -18419396969   4120687886
PARMALAT FINANZI     PARAF US      -18419396969   4120687886
PARMALAT FINANZI     PMLFF US      -18419396969   4120687886
PARMALAT FINANZI     PMT LI        -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
RISANAMEN-RNC OP     RNROPA IM     -101777998.2   2959152553
RISANAMENTO -OPA     RNOPA IM      -101777998.2   2959152553
RISANAMENTO -RNC     RNR IM        -101777998.2   2959152553
RISANAMENTO SPA      RN EU         -101777998.2   2959152553
RISANAMENTO SPA      RN IX         -101777998.2   2959152553
RISANAMENTO SPA      RN5 GR        -101777998.2   2959152553
RISANAMENTO SPA      RN IM         -101777998.2   2959152553
RISANAMENTO SPA      RN TQ         -101777998.2   2959152553
RISANAMENTO SPA      RN EO         -101777998.2   2959152553
RISANAMENTO SPA      RN BQ         -101777998.2   2959152553
RISANAMENTO SPA      RN PZ         -101777998.2   2959152553
RISANAMENTO SPA      RSMNF US      -101777998.2   2959152553
RISANAMENTO SPA      RNGBX EO      -101777998.2   2959152553
RISANAMENTO SPA      RNGBP EO      -101777998.2   2959152553
RISANAMENTO SPA      RNGBX EU      -101777998.2   2959152553
RISANAMENTO-RTS      RNAXA IM      -101777998.2   2959152553
RISANAMENTO-RTS      RNAXO IM      -101777998.2   2959152553
RISANAMENTO-RTS      RNAA IM       -101777998.2   2959152553
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             SBPDF US      -141933895.2  150445252.4
SNIA SPA             SIAI IX       -141933895.2  150445252.4
SNIA SPA             SNIB GR       -141933895.2  150445252.4
SNIA SPA             SNIA GR       -141933895.2  150445252.4
SNIA SPA             SIAI PZ       -141933895.2  150445252.4
SNIA SPA             SNIXF US      -141933895.2  150445252.4
SNIA SPA             SN EU         -141933895.2  150445252.4
SNIA SPA             SN EO         -141933895.2  150445252.4
SNIA SPA             SN TQ         -141933895.2  150445252.4
SNIA SPA             SSMLF US      -141933895.2  150445252.4
SNIA SPA             SN IM         -141933895.2  150445252.4
SNIA SPA - RTS       SNAAW IM      -141933895.2  150445252.4
SNIA SPA- RTS        SNAXW IM      -141933895.2  150445252.4
SNIA SPA-2003 SH     SN03 IM       -141933895.2  150445252.4
SNIA SPA-CONV SA     SPBDF US      -141933895.2  150445252.4
SNIA SPA-DRC         SNR00 IM      -141933895.2  150445252.4
SNIA SPA-NEW         SN00 IM       -141933895.2  150445252.4
SNIA SPA-NON CON     SPBNF US      -141933895.2  150445252.4
SNIA SPA-RCV         SNR IM        -141933895.2  150445252.4
SNIA SPA-RCV         SNIVF US      -141933895.2  150445252.4
SNIA SPA-RIGHTS      SNAW IM       -141933895.2  150445252.4
SNIA SPA-RNC         SNRNC IM      -141933895.2  150445252.4
SNIA SPA-RNC         SNIWF US      -141933895.2  150445252.4
SNIA SPA-RTS         SNSO IM       -141933895.2  150445252.4
SNIA SPA-RTS         SNAA IM       -141933895.2  150445252.4
SVILUPPO COMPART     3895994Z IM   -3410478.946  384012735.9
TECNODIFF ITALIA     TDI IM        -89894162.82  152045757.5
TECNODIFF ITALIA     TDIFF US      -89894162.82  152045757.5
TECNODIFF ITALIA     TDI NM        -89894162.82  152045757.5
TECNODIFF ITALIA     TEF GR        -89894162.82  152045757.5
TECNODIFF-RTS        TDIAOW NM     -89894162.82  152045757.5
TECNODIFFUSIONE      TDIAAW IM     -89894162.82  152045757.5
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          TIQ GR        -158576909.6  500626222.7
TISCALI SPA          TISN FP       -158576909.6  500626222.7
TISCALI SPA          TIS EU        -158576909.6  500626222.7
TISCALI SPA          TIS FP        -158576909.6  500626222.7
TISCALI SPA          TIQ1 GR       -158576909.6  500626222.7
TISCALI SPA          TISN NA       -158576909.6  500626222.7
TISCALI SPA          TIS EO        -158576909.6  500626222.7
TISCALI SPA          TISN IX       -158576909.6  500626222.7
TISCALI SPA          TISGBP EO     -158576909.6  500626222.7
TISCALI SPA          TIS NR        -158576909.6  500626222.7
TISCALI SPA          TISGBX EO     -158576909.6  500626222.7
TISCALI SPA          TIS PZ        -158576909.6  500626222.7
TISCALI SPA          TIS TQ        -158576909.6  500626222.7
TISCALI SPA          TIS VX        -158576909.6  500626222.7
TISCALI SPA          TIS BQ        -158576909.6  500626222.7
TISCALI SPA          TIS NQ        -158576909.6  500626222.7
TISCALI SPA          TIS QM        -158576909.6  500626222.7
TISCALI SPA          TISN IM       -158576909.6  500626222.7
TISCALI SPA          TISN VX       -158576909.6  500626222.7
TISCALI SPA          TSCXF US      -158576909.6  500626222.7
TISCALI SPA          TIS IM        -158576909.6  500626222.7
TISCALI SPA          TISGBX EU     -158576909.6  500626222.7
TISCALI SPA          TIS IX        -158576909.6  500626222.7
TISCALI SPA          TIQG IX       -158576909.6  500626222.7
TISCALI SPA          TIS EB        -158576909.6  500626222.7
TISCALI SPA          TISM IX       -158576909.6  500626222.7
TISCALI SPA          TIS NA        -158576909.6  500626222.7
TISCALI SPA- RTS     TISAXA IM     -158576909.6  500626222.7
TISCALI SPA- RTS     3391621Q GR   -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

JERSEY
------
REAL ESTATE OP-O     REO LN         -1109604236   1668437669
REAL ESTATE OP-O     REO VX         -1109604236   1668437669
REAL ESTATE OP-O     REO EO         -1109604236   1668437669
REAL ESTATE OP-O     REO IX         -1109604236   1668437669
REAL ESTATE OP-O     REO EU         -1109604236   1668437669
REAL ESTATE OP-O     REOGBP EO      -1109604236   1668437669
REAL ESTATE OP-O     REO ID         -1109604236   1668437669
REAL ESTATE OP-O     REA GR         -1109604236   1668437669
REAL ESTATE OP-O     REO PZ         -1109604236   1668437669

LUXEMBOURG
----------
ARCELORMITTAL FL     3912244Z LX    -1024313669   3328008487
CARRIER1 INT-AD+     CONE ES          -94729000    472360992
CARRIER1 INT-ADR     CONEQ US         -94729000    472360992
CARRIER1 INT-ADR     CONE US          -94729000    472360992
CARRIER1 INT-ADR     CONEE US         -94729000    472360992
CARRIER1 INTL        CJN NM           -94729000    472360992
CARRIER1 INTL        8133893Q GR      -94729000    472360992
CARRIER1 INTL        CJNA GR          -94729000    472360992
CARRIER1 INTL SA     1253Z SW         -94729000    472360992
CARRIER1 INTL SA     CONEF US         -94729000    472360992
INTELSAT             ILMA GR         -697038976  17592367104
INTELSAT SA          2237Z US        -697038976  17592367104
OXEA SARL            3682535Z LX   -78371220.13   1013737294
OXEA SARL            3682535Z GR   -78371220.13   1013737294
KOMBINAT ALUMINI     KAPG ME       -134316538.3  389788810.3

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 EO       -7854715.264  609871188.9
BAAN COMPANY NV      BAAN EU       -7854715.264  609871188.9
BAAN COMPANY NV      BAAVF US      -7854715.264  609871188.9
BAAN COMPANY NV      BAAN GR       -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      BNCG IX       -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 TQ        -575434603   1479005959
SPYKER CARS NV       SPYK IX         -575434603   1479005959
SPYKER CARS NV       SPYKR NA        -575434603   1479005959
SPYKER CARS NV       SPYKR QM        -575434603   1479005959
SPYKER CARS NV       SPYKR BQ        -575434603   1479005959
SPYKER CARS NV       SPYKR EB        -575434603   1479005959
SPYKER CARS NV       SPYKR EU        -575434603   1479005959
SPYKER CARS NV       SPYKR EO        -575434603   1479005959
STICHTING PENSIO     4498027Z NA   -19254451.13  566611058.3
STICHTING PENSIO     4489595Z NA    -7065546415  43409019837
SWEDISH AUTOMOBI     SWAN EU         -575434603   1479005959
SWEDISH AUTOMOBI     SWAN EB         -575434603   1479005959
SWEDISH AUTOMOBI     SWAN EO         -575434603   1479005959
SWEDISH AUTOMOBI     SPYKF US        -575434603   1479005959
SWEDISH AUTOMOBI     L9I GR          -575434603   1479005959
SWEDISH AUTOMOBI     SWAN BQ         -575434603   1479005959
SWEDISH AUTOMOBI     SPYKR PZ        -575434603   1479005959
SWEDISH AUTOMOBI     SWAN TQ         -575434603   1479005959
SWEDISH AUTOMOBI     SWAN NA         -575434603   1479005959
SWEDISH AUTOMOBI     L9I TH          -575434603   1479005959
SWEDISH AUTOMOBI     SWAN QM         -575434603   1479005959
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     UPC VX         -5505478850   5112616630
UNITED PAN-EUROP     UPCOF US       -5505478850   5112616630
UNITED PAN-EUROP     UPE1 GR        -5505478850   5112616630
UNITED PAN-EUROP     UPCEF US       -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 EU           -7700000    816200000
AKER FLOATING PR     AKFP PZ           -7700000    816200000
AKER FLOATING PR     AKFPEUR EO        -7700000    816200000
AKER FLOATING PR     AKNO IX           -7700000    816200000
AKER FLOATING PR     AKFPEUR EU        -7700000    816200000
AKER FLOATING PR     AKFP BY           -7700000    816200000
AKER FLOATING PR     AKFP NO           -7700000    816200000
AKER STORD A/S       4498875Z NO   -150475117.7  783619889.1
BKK VARME AS         4445833Z NO   -8164053.946  143462133.6
CAMILLO EITZEN C     CECO NO          -63803000    141950000
CAMILLO EITZEN C     CECO EU          -63803000    141950000
CAMILLO EITZEN C     CECO EO          -63803000    141950000
CAMILLO EITZEN C     CECOEUR EO       -63803000    141950000
CAMILLO EITZEN C     CECO BY          -63803000    141950000
CAMILLO EITZEN C     CECO IX          -63803000    141950000
CAMILLO EITZEN C     CECOEUR EU       -63803000    141950000
CAMILLO EITZEN C     CEIZF US         -63803000    141950000
CAMILLO EITZEN C     CECOUSD EO       -63803000    141950000
CAMILLO EITZEN C     EZN GR           -63803000    141950000
CAMILLO EITZEN C     CECOUSD EU       -63803000    141950000
CAMILLO EITZEN C     CECO PZ          -63803000    141950000
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     INOX NO          -52024000    190674000
INTEROIL EXPLORA     IOX BY           -52024000    190674000
INTEROIL EXPLORA     IOXEUR EO        -52024000    190674000
INTEROIL EXPLORA     IROIF US         -52024000    190674000
INTEROIL EXPLORA     IOX PZ           -52024000    190674000
INTEROIL EXPLORA     IOXEUR EU        -52024000    190674000
INTEROIL EXPLORA     IOXUSD EU        -52024000    190674000
INTEROIL EXPLORA     IOX IX           -52024000    190674000
INTEROIL EXPLORA     IOX EU           -52024000    190674000
INTEROIL EXPLORA     IOX NO           -52024000    190674000
INTEROIL EXPLORA     IOXUSD EO        -52024000    190674000
INTEROIL EXPLORA     IOX EO           -52024000    190674000
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 GR        -18066142.21  399710323.6
PETRO GEO-SERV       PGS VX        -18066142.21  399710323.6
PETRO GEO-SERV       265143Q NO    -18066142.21  399710323.6
PETRO GEO-SERV-N     PGSN NO       -18066142.21  399710323.6
PETRO GEO-SV-ADR     PGSA GR       -18066142.21  399710323.6
PETRO GEO-SV-ADR     PGOGY US      -18066142.21  399710323.6
PETROJACK AS         POJKF US         -54932000    191586000
PETROJACK AS         P3J GR           -54932000    191586000
PETROJACK AS         JACKEUR EU       -54932000    191586000
PETROJACK AS         JACO IX          -54932000    191586000
PETROJACK AS         JACK EO          -54932000    191586000
PETROJACK AS         JACK PZ          -54932000    191586000
PETROJACK AS         JACKEUR EO       -54932000    191586000
PETROJACK AS         JACK BY          -54932000    191586000
PETROJACK AS         JACK NO          -54932000    191586000
PETROJACK AS         JACK EU          -54932000    191586000
PETROMENA AS         PMENAEUR EU      -47299000    317747008
PETROMENA AS         PMENA EO         -47299000    317747008
PETROMENA AS         PMENAEUR EO      -47299000    317747008
PETROMENA AS         PMENF US         -47299000    317747008
PETROMENA AS         PMENA EU         -47299000    317747008
PETROMENA AS         PMENA NO         -47299000    317747008
PETROMENA AS         PMEN IX          -47299000    317747008
PETROMENA AS         PMENA PZ         -47299000    317747008
PETROMENA AS         PR2 GR           -47299000    317747008
PETROMENA AS         MENA NO          -47299000    317747008
SECURITAS DIRECT     4394201Z NO   -531628.2745  124746344.1
SEVAN MARINE ASA     SEVAN QM        -173000000    962300032
SEVAN MARINE ASA     SEVAN BY        -173000000    962300032
SEVAN MARINE ASA     SEVAN EB        -173000000    962300032
SEVAN MARINE ASA     SEMA NO         -173000000    962300032
SEVAN MARINE ASA     SEVAN EU        -173000000    962300032
SEVAN MARINE ASA     SEVAN TQ        -173000000    962300032
SEVAN MARINE ASA     SVAN IX         -173000000    962300032
SEVAN MARINE ASA     SEVAN NO        -173000000    962300032
SEVAN MARINE ASA     SEVANGBX EO     -173000000    962300032
SEVAN MARINE ASA     SEVAN SS        -173000000    962300032
SEVAN MARINE ASA     SEVANEUR EO     -173000000    962300032
SEVAN MARINE ASA     4SM GR          -173000000    962300032
SEVAN MARINE ASA     SEVAN PZ        -173000000    962300032
SEVAN MARINE ASA     SEVAN NQ        -173000000    962300032
SEVAN MARINE ASA     SEVANUSD EU     -173000000    962300032
SEVAN MARINE ASA     SEVANUSD EO     -173000000    962300032
SEVAN MARINE ASA     SEVAN EO        -173000000    962300032
SEVAN MARINE ASA     SEVANGBX EU     -173000000    962300032
SEVAN MARINE ASA     SEVAN NR        -173000000    962300032
SEVAN MARINE ASA     SVMRF US        -173000000    962300032
SEVAN MARINE ASA     SEVAN GK        -173000000    962300032
SEVAN MARINE ASA     SEVANEUR EU     -173000000    962300032
SEVAN MARINE ASA     SEVAN S1        -173000000    962300032
SEVAN MARINE ASA     SEVANGBP EO     -173000000    962300032
SEVAN MARINE-ADR     SVMRY US        -173000000    962300032
SEVAN MARINE-RTS     3328565Z NO     -173000000    962300032
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
------
ANIMEX SA            ANX PW        -556805.8579  108090511.9
EXBUD SA             EXBUD PW      -8720557.632  315268316.8
EXBUD SA-GDR         EXBDYP US     -8720557.632  315268316.8
EXBUD SKANSKA SA     EXB PW        -8720557.632  315268316.8
EXBUD SKANSKA SA     EXBUF US      -8720557.632  315268316.8
EXBUD-REG S GDR      EXBZF US      -8720557.632  315268316.8
EXBUD-REG S GDR      291864Q GR    -8720557.632  315268316.8
EXBUD-REG S GDR      EXB EX        -8720557.632  315268316.8
EXBUD-REG S GDR      EXBD LI       -8720557.632  315268316.8
EXBUD-REG S GDR      EXBG LX       -8720557.632  315268316.8
KROSNO               KROS IX        -2241615.44  111838141.2
KROSNO               KRS1EUR EO     -2241615.44  111838141.2
KROSNO               KRS LI         -2241615.44  111838141.2
KROSNO               KRS1EUR EU     -2241615.44  111838141.2
KROSNO               KRS PW         -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            KRS PZ         -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                TOR PZ        -288818.3897  147004954.2
TOORA                2916665Q EU   -288818.3897  147004954.2
TOORA                TOR PW        -288818.3897  147004954.2
TOORA                2916661Q EO   -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 DE LISBOA      1009Z PL      -477385988.2   5358774447
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     SCP1 PZ       -65884328.13  251276323.4
SPORTING CLUBE D     SCPX PX       -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     SCDF EO       -65884328.13  251276323.4
SPORTING CLUBE D     SCDF EU       -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        -353957017.4   2789331398
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     OLTEUR EO     -89344240.83  511515508.8
OLTCHIM SA RM VA     OLT PZ        -89344240.83  511515508.8
OLTCHIM SA RM VA     OLTEUR EU     -89344240.83  511515508.8
OLTCHIM SA RM VA     OLT RO        -89344240.83  511515508.8
OLTCHIM SA RM VA     OLT EU        -89344240.83  511515508.8
OLTCHIM SA RM VA     OLT EO        -89344240.83  511515508.8
RAFO SA              RAF RO        -457922310.7  356796459.3
DUVANSKA             DIVR SG       -46938765.41  107525048.4

RUSSIA
------
AKCIONERNOE-BRD      SOVP$ RU      -85016196.39  320054180.8
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          ZILLG RU      -204894835.3    401284636
AMO ZIL-CLS          ZILL RU       -204894835.3    401284636
BALTIYSKY-$BRD       BALZ RU       -880437.5619  345435790.7
BALTIYSKY-$BRD       BALZ* RU      -880437.5619  345435790.7
BALTIYSKY-BRD        BALZ$ RU      -880437.5619  345435790.7
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      DASB RU        -29561959.6  232757864.4
DAGESTAN ENERGY      DASB RM        -29561959.6  232757864.4
DAGESTAN ENERGY      DASB* RU       -29561959.6  232757864.4
DAGESTAN ENERGY      DASBG 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    -166377933.6  282903505.9
FINANCIAL LEASIN     FLKO RM       -166377933.6  282903505.9
FINANCIAL LEASIN     FLKO* RU      -166377933.6  282903505.9
FINANCIAL LEASIN     FLKO RU       -166377933.6  282903505.9
GAZ                  GAZA$ RU      -584751226.4   1478925024
GAZ                  GZAPF US      -584751226.4   1478925024
GAZ-CLS              GAZA RU       -584751226.4   1478925024
GAZ-CLS              GAZA* RU      -584751226.4   1478925024
GAZ-CLS              GAZAG RU      -584751226.4   1478925024
GAZ-CLS              GAZA RM       -584751226.4   1478925024
GAZ-FINANS           GAZF RU       -56134.51262  232319905.4
GAZ-PFD              GAZAP RU      -584751226.4   1478925024
GAZ-PFD              GAZAP* RU     -584751226.4   1478925024
GAZ-PFD              GAZAPG$ RU    -584751226.4   1478925024
GAZ-PFD              GAZAP RM      -584751226.4   1478925024
GAZ-PFD              GAZAPG RU     -584751226.4   1478925024
GAZ-PREF             GAZAP$ RU     -584751226.4   1478925024
GAZ-US$ GTS          GAZAG$ RU     -584751226.4   1478925024
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       -588515964.6   1446111954
HALS-DEVELOPMENT     HALS* RU      -588515964.6   1446111954
HALS-DEVELOPMENT     HALS RU       -588515964.6   1446111954
HALS-DEVELOPMENT     HALS LI       -588515964.6   1446111954
HALS-DEVELOPMENT     HALSG RU      -588515964.6   1446111954
HALS-DEVELOPMENT     HALS RM       -588515964.6   1446111954
HALS-DEVELOPMENT     HALS TQ       -588515964.6   1446111954
HALS-DEVELOPMENT     SYR GR        -588515964.6   1446111954
HALS-DEVELOPMENT     HALSM RU      -588515964.6   1446111954
IZHAVTO OAO          IZAV RU       -94100833.99  443610329.4
KAMSKAYA GORNAYA     2806239Z RU   -527803788.8   1311868884
KOMPANIYA GL-BRD     GMST RU       -1933849.288   1120076905
KOMPANIYA GL-BRD     GMST* RU      -1933849.288   1120076905
KUZNETSOV-BRD        MTSTP RU      -15938417.51  331074749.5
KUZNETSOV-BRD        MTSTP* RU     -15938417.51  331074749.5
KUZNETSOV-BRD        MTST RU       -15938417.51  331074749.5
KUZNETSOV-BRD        MTST* RU      -15938417.51  331074749.5
M-INDUSTRIYA         SOMI RU       -1304109.982  267288804.8
MURMANSKAYA-PFD      MUGSP* RU     -22867336.59  135442629.9
MURMANSKAYA-PFD      MUGSPG RU     -22867336.59  135442629.9
MURMANSKAYA-PFD      MUGSP RU      -22867336.59  135442629.9
MURMANSKAY-CLS       MUGS RU       -22867336.59  135442629.9
MURMANSKAY-CLS       MUGS* RU      -22867336.59  135442629.9
MURMANSKAY-CLS       MUGSG RU      -22867336.59  135442629.9
NIZHMASHZAVO-BRD     NMSZ RU       -24657843.58  316480680.1
NIZHMASHZAVO-BRD     NMSZ* RU      -24657843.58  316480680.1
NIZHMASHZAVOD-BD     NMSZ$ RU      -24657843.58  316480680.1
NIZHMASHZAVO-PFD     NMSZP RU      -24657843.58  316480680.1
NIZHMASHZAVO-PFD     NMSZP* RU     -24657843.58  316480680.1
PENOPLEX-FINANS      PNPF RU       -839659.3715  147052027.7
PIK GROUP            PIKKG RU      -65334860.95   4000687446
PIK GROUP            PIKK* RU      -65334860.95   4000687446
PIK GROUP            PIKK RM       -65334860.95   4000687446
PIK GROUP            PIKK RU       -65334860.95   4000687446
PIK GROUP-GDR        PIK1 EO       -65334860.95   4000687446
PIK GROUP-GDR        PIK TQ        -65334860.95   4000687446
PIK GROUP-GDR        PIQ2 GR       -65334860.95   4000687446
PIK GROUP-GDR        PIK EB        -65334860.95   4000687446
PIK GROUP-GDR        PIK1 QM       -65334860.95   4000687446
PIK GROUP-GDR        PKGPL US      -65334860.95   4000687446
PIK GROUP-GDR        PIK LI        -65334860.95   4000687446
PIK GROUP-GDR        PIK IX        -65334860.95   4000687446
PIK GROUP-GDR        PIK EU        -65334860.95   4000687446
PROMTRACTOR-FINA     PTRF RU       -27519567.06  259128529.5
RUSSIAN TEXT-CLS     ALRT* RU       -13189410.9  138268688.3
RUSSIAN TEXT-CLS     ALRTG RU       -13189410.9  138268688.3
RYBINSKKABEL         RBKZD RU      -8532246.151  108539172.8
SEVERNAYA KAZNA      SVKB RU       -65841686.21    279147750
SEVERNAYA KAZNA      SVKB* RU      -65841686.21    279147750
SEVKABEL-FINANS      SVKF RU       -83036.46173  102680373.6
SISTEMA HALS-GDR     HALS IX       -588515964.6   1446111954
SISTEMA-GDR 144A     SEMAL US      -588515964.6   1446111954
URAL PLANT OF PR     UZPOA RU      -53649612.07  191579960.2
URALMASHPLAN-BRD     URAM* RU      -18423442.83  687183030.3
URALMASHPLAN-BRD     URAM RU       -18423442.83  687183030.3
URALMASHPLAN-PFD     URAMP* RU     -18423442.83  687183030.3
URALMASHPLAN-PFD     URAMP RU      -18423442.83  687183030.3
URALSKIJ ZAVOD T     URAM$ RU      -18423442.83  687183030.3
URGALUGOL-BRD        YRGL RU        -21554314.6  139319389.8
URGALUGOL-BRD        YRGL* RU       -21554314.6  139319389.8
URGALUGOL-BRD-PF     YRGLP RU       -21554314.6  139319389.8
VIMPEL SHIP-BRD      SOVP* RU      -85016196.39  320054180.8
VIMPEL SHIP-BRD      SOVP RU       -85016196.39  320054180.8
VOLGOGRAD KHIM       VHIM* RU      -55617131.41  157514787.8
VOLGOGRAD KHIM       VHIM RU       -55617131.41  157514787.8
WILD ORCHID ZAO      DOAAN RU      -11716087.47  106082784.6
ZERNOVAYA KOMPAN     ONAST RU      -9609529.901  673952471.2
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

SLOVENIA
--------
ISTRABENZ            ITBG PZ       -3710053.919   1192276746
ISTRABENZ            ITBG EO       -3710053.919   1192276746
ISTRABENZ            ITBG EU       -3710053.919   1192276746
ISTRABENZ            ITBG SV       -3710053.919   1192276746
SLOVENSKE ENERGE     SES EO        -9037077.304  220365107.8
SLOVENSKE ENERGE     SES SK        -9037077.304  220365107.8
SLOVENSKE ENERGE     1SES01A PZ    -9037077.304  220365107.8
SLOVENSKE ENERGE     SES02 SK      -9037077.304  220365107.8
SLOVENSKE ENERGE     SES02 EO      -9037077.304  220365107.8
SLOVENSKE ENERGE     SES EU        -9037077.304  220365107.8
SLOVENSKE ENERGE     SES02 EU      -9037077.304  220365107.8

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       -17516668.77  159378294.6
AMCI HABITAT SA      AMC SM        -17516668.77  159378294.6
AMCI HABITAT SA      AMC1 EU       -17516668.77  159378294.6
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 EU        -57871829.5  772519224.5
FERGO AISA SA        AISA SM        -57871829.5  772519224.5
FERGO AISA SA        AISA EO        -57871829.5  772519224.5
FERGO AISA SA        AISA PZ        -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      MTF EU         -3783069373   5985477633
MARTINSA FADESA      MTF EO         -3783069373   5985477633
MARTINSA FADESA      MTF1 LI        -3783069373   5985477633
MARTINSA FADESA      MTF SM         -3783069373   5985477633
MARTINSA FADESA      4PU GR         -3783069373   5985477633
MARTINSA FADESA      MFAD PZ        -3783069373   5985477633
MARTINSA-FADESA      MTF NR         -3783069373   5985477633
NYESA VALORES CO     NYE EU        -208568793.8  658498551.2
NYESA VALORES CO     BES EU        -208568793.8  658498551.2
NYESA VALORES CO     7NY GR        -208568793.8  658498551.2
NYESA VALORES CO     BES SM        -208568793.8  658498551.2
NYESA VALORES CO     BES TQ        -208568793.8  658498551.2
NYESA VALORES CO     BESS PZ       -208568793.8  658498551.2
NYESA VALORES CO     NYE EO        -208568793.8  658498551.2
NYESA VALORES CO     NYE TQ        -208568793.8  658498551.2
NYESA VALORES CO     BES EO        -208568793.8  658498551.2
NYESA VALORES CO     NYE SM        -208568793.8  658498551.2
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           REN1 EO       -55365883.37  289916358.5
RENTA CORP           REN1 EU       -55365883.37  289916358.5
RENTA CORP           RTACF US      -55365883.37  289916358.5
RENTA CORP           REN1USD EU    -55365883.37  289916358.5
RENTA CORP           REN1GBX EU    -55365883.37  289916358.5
RENTA CORP           REN1 TQ       -55365883.37  289916358.5
RENTA CORP           REN1GBX EO    -55365883.37  289916358.5
RENTA CORP           RENS PZ       -55365883.37  289916358.5
RENTA CORP           REN1GBP EO    -55365883.37  289916358.5
RENTA CORP           REN SM        -55365883.37  289916358.5
RENTA CORP           REN1USD EO    -55365883.37  289916358.5
RENTA CORP REAL      REN/D SM      -55365883.37  289916358.5
REYAL URBIS SA       REY1 EO       -623464702.1   5520924982
REYAL URBIS SA       REY1 EU       -623464702.1   5520924982
REYAL URBIS SA       REY SM        -623464702.1   5520924982
REYAL URBIS SA       REYU PZ       -623464702.1   5520924982
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     -271007467.7   2011731785
SWEDISH MAT-ADR      3053566Q US   -271007467.7   2011731785
SWEDISH MAT-ADR      SWMA GR       -271007467.7   2011731785
SWEDISH MATCH        SWD LI        -271007467.7   2011731785
SWEDISH MATCH AB     SWMA LI       -271007467.7   2011731785
SWEDISH MATCH AB     SWMAF US      -271007467.7   2011731785
SWEDISH MATCH AB     SWM GR        -271007467.7   2011731785
SWEDISH MATCH AB     SWMA BY       -271007467.7   2011731785
SWEDISH MATCH AB     SWMA SS       -271007467.7   2011731785
SWEDISH MATCH AB     SWM TH        -271007467.7   2011731785
SWEDISH MATCH AB     SWMA S1       -271007467.7   2011731785
SWEDISH MATCH AB     SWM VX        -271007467.7   2011731785
SWEDISH MATCH AB     SWMAGBX EU    -271007467.7   2011731785
SWEDISH MATCH AB     SWMA QM       -271007467.7   2011731785
SWEDISH MATCH AB     SWMAEUR EO    -271007467.7   2011731785
SWEDISH MATCH AB     SWMA NQ       -271007467.7   2011731785
SWEDISH MATCH AB     SWMAUSD EU    -271007467.7   2011731785
SWEDISH MATCH AB     SWMA PZ       -271007467.7   2011731785
SWEDISH MATCH AB     SWMA EO       -271007467.7   2011731785
SWEDISH MATCH AB     SWMA IX       -271007467.7   2011731785
SWEDISH MATCH AB     SWMAUSD EO    -271007467.7   2011731785
SWEDISH MATCH AB     SWMA GK       -271007467.7   2011731785
SWEDISH MATCH AB     SWMAGBX EO    -271007467.7   2011731785
SWEDISH MATCH AB     SWMDF US      -271007467.7   2011731785
SWEDISH MATCH AB     SWMA EB       -271007467.7   2011731785
SWEDISH MATCH AB     SWMA NR       -271007467.7   2011731785
SWEDISH MATCH AB     SWMA EU       -271007467.7   2011731785
SWEDISH MATCH AB     SWMA TQ       -271007467.7   2011731785
SWEDISH MATCH AB     SWMAEUR EU    -271007467.7   2011731785
SWEDISH MATCH AB     SWMAGBP EO    -271007467.7   2011731785
SWEDISH MATCH- B     SWMWF US      -271007467.7   2011731785
SWEDISH MATCH-B      3033P US      -271007467.7   2011731785
SWEDISH MAT-RTS      SWMYR US      -271007467.7   2011731785
SWEDISH M-UN ADR     SWMAY US      -271007467.7   2011731785

TURKEY
------
EGS EGE GIYIM VE     EGDIS TI      -7732135.103  147075077.7
EGS EGE GIYIM-RT     EGDISR TI     -7732135.103  147075077.7
GALATASARAY SPOR     GSRAY TI      -60853995.53  162318106.6
GALATASARAY SPOR     GALA IX       -60853995.53  162318106.6
GALATASARAY SPOR     GATSF US      -60853995.53  162318106.6
GALATASARAY SPOR     GSY GR        -60853995.53  162318106.6
GALATASARAY-NEW      GSRAYY TI     -60853995.53  162318106.6
IKTISAT FINAN-RT     IKTFNR TI     -46900666.64  108228233.6
IKTISAT FINANSAL     IKTFN TI      -46900666.64  108228233.6
KEREVITAS GIDA       KVTGF US      -4733324.134    126789352
KEREVITAS GIDA       KERVT TI      -4733324.134    126789352
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
ZORLU ENERJI ELE     ZOREN TI       -34869788.4   1701390881
ZORLU ENERJI ELE     ZORENM TI      -34869788.4   1701390881
ZORLU ENERJI ELE     ZRLUF US       -34869788.4   1701390881
ZORLU ENERJI-ADR     ZRLUY US       -34869788.4   1701390881
ZORLU ENERJI-RTS     ZORENR TI      -34869788.4   1701390881

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       -213294468.1  341124537.1
LUGANSKGAS           LYGZ UZ       -25247035.77    123851487
LUGANSKOBLENERGO     LOEN UZ       -28469656.82  196711929.2
MARIUP-GDR REG S     MZVM IX       -11661586.28  260791838.5
MARIUP-GDR REG S     M9X GR        -11661586.28  260791838.5
MARIUPOL HEAVY M     MZVM UZ       -11661586.28  260791838.5
NAFTOKHIMIK PRIC     NAFP UZ       -13086749.74  365512618.1
NAFTOKHIMIK-GDR      N3ZA GR       -13086749.74  365512618.1
ODESSA OIL REFIN     ONPZ UZ       -178447037.2  314744675.5
RIVNEAZOT            RAZT UZ       -27233614.57    417932243
ZALK - PFTS          ZALK UZ       -78409529.93  130383564.8

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       -178235284.9  194979073.8
AEA TECHNOLO-FPR     AATF LN       -178235284.9  194979073.8
AEA TECHNOLOGY       AAT PO        -178235284.9  194979073.8
AEA TECHNOLOGY       AAT VX        -178235284.9  194979073.8
AEA TECHNOLOGY       AAT IX        -178235284.9  194979073.8
AEA TECHNOLOGY       EAETF US      -178235284.9  194979073.8
AEA TECHNOLOGY G     AEATF US      -178235284.9  194979073.8
AEA TECHNOLOGY G     AATGBP EO     -178235284.9  194979073.8
AEA TECHNOLOGY G     AAT EO        -178235284.9  194979073.8
AEA TECHNOLOGY G     AAT PZ        -178235284.9  194979073.8
AEA TECHNOLOGY G     AAT LN        -178235284.9  194979073.8
AEA TECHNOLOGY G     AAT EU        -178235284.9  194979073.8
AEA TECHNOLOGY G     89A GR        -178235284.9  194979073.8
AEA TECHNOLO-NPR     AATN LN       -178235284.9  194979073.8
AEA TECHNOLO-NPR     AATN PZ       -178235284.9  194979073.8
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         AIR LN        -379721780.5   1817512774
AIRTOURS PLC         AIR VX        -379721780.5   1817512774
AIRTOURS PLC         ATORF US      -379721780.5   1817512774
ALCATEL-LUCENT T     2645055Z LN   -8743499.127  423399404.1
ALIXPARTNERS LTD     2578482Z LN   -20704239.37  115351021.9
ALLDAYS PLC          317056Q LN      -120493900  252232072.9
ALLDAYS PLC          ALDYF US        -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             AMEYF US      -48862569.33  931527720.5
AMEY PLC             AMY LN        -48862569.33  931527720.5
AMEY PLC             AMY VX        -48862569.33  931527720.5
AMEY PLC-ASSENT      AMYA LN       -48862569.33  931527720.5
AMEY PLC-NEW         AMYN LN       -48862569.33  931527720.5
ANGLESEY ALUMINI     1363682Z LN   -92021199.08  162854170.3
ANGLESEY ALUMINI     3899138Z LN   -31293037.69  162854170.3
ANKER PLC            ANK LN        -21861359.81    115463159
ANKER PLC            DW14 GR       -21861359.81    115463159
ANKER PLC            ANK PO        -21861359.81    115463159
ANKER PLC - ASSD     ANKB LN       -21861359.81    115463159
ANKER PLC - ASSD     ANKC 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            2758822Q EO   -380391564.8   3021695633
BIFFA PLC            3567279Q GR   -380391564.8   3021695633
BIFFA PLC            2758798Q EO   -380391564.8   3021695633
BIFFA PLC            BIFF IX       -380391564.8   3021695633
BIFFA PLC            2758794Q EU   -380391564.8   3021695633
BIFFA PLC            BIFAF US      -380391564.8   3021695633
BIFFA PLC            2758818Q EU   -380391564.8   3021695633
BIFFA PLC            2758806Q EO   -380391564.8   3021695633
BIFFA PLC            2758802Q EO   -380391564.8   3021695633
BIFFA PLC            BIFF PZ       -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      BNBRF US      -10242625.55    103637705
BNB RECRUITMENT      BQX GR        -10242625.55    103637705
BNB RECRUITMENT      BNB IX        -10242625.55    103637705
BNB RECRUITMENT      BNB LN        -10242625.55    103637705
BNB RECRUITMENT      BNB PO        -10242625.55    103637705
BOLTON WANDERERS     1274042Z LN     -109297588  124148929.4
BOOKER PLC           987188Q LN    -59832893.13   1298182549
BOOKER PLC           1330Q GR      -59832893.13   1298182549
BOOKER PLC           BKERF US      -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     BWKGF US       -1774306283  867084131.8
BRENT WALKER GRP     754087Q LN     -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      BGYEF US       -5822867501   4921095750
BRIT ENERGY PLC      555140Q VX     -5822867501   4921095750
BRIT ENERGY PLC      BEN1 GR        -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     BGYB AR        -5822867501   4921095750
BRITISH ENER-BLK     BGYNYB AR      -5822867501   4921095750
BRITISH ENER-C/E     BGYNYC AR      -5822867501   4921095750
BRITISH ENER-C/E     BGYC AR        -5822867501   4921095750
BRITISH ENER-CED     BGY AR         -5822867501   4921095750
BRITISH ENER-CED     BGYNY AR       -5822867501   4921095750
BRITISH ENERGY-A     BHEAF US       -5822867501   4921095750
BRITISH ENERGY-A     BGYA VX        -5822867501   4921095750
BRITISH ENERGY-A     3012442Q LN    -5822867501   4921095750
BRITISH ENERGY-A     BGYGF US       -5822867501   4921095750
BRITISH ENERGY-A     BGYA PO        -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      2730264Z LN   -112686897.5    233439821
CALSONIC KANSEI      1541442Z LN   -38998494.18  298627314.6
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 EO        -599615492.2   3880885246
CATTLES PLC          CTTEUR EO     -599615492.2   3880885246
CATTLES PLC          CHOXF US      -599615492.2   3880885246
CATTLES PLC          CTT EB        -599615492.2   3880885246
CATTLES PLC          CTT PO        -599615492.2   3880885246
CATTLES PLC          CTT TQ        -599615492.2   3880885246
CATTLES PLC          CTTGBP EO     -599615492.2   3880885246
CATTLES PLC          CTT BQ        -599615492.2   3880885246
CATTLES PLC          CTT NR        -599615492.2   3880885246
CATTLES PLC          CTT QM        -599615492.2   3880885246
CATTLES PLC          CTT IX        -599615492.2   3880885246
CATTLES PLC          CTT EU        -599615492.2   3880885246
CATTLES PLC          CTTEUR EU     -599615492.2   3880885246
CATTLES PLC          CTTSEK EO     -599615492.2   3880885246
CATTLES PLC          CTT VX        -599615492.2   3880885246
CATTLES PLC          CTT LN        -599615492.2   3880885246
CATTLES PLC          CTT NQ        -599615492.2   3880885246
CATTLES PLC          CTTUSD EO     -599615492.2   3880885246
CATTLES PLC          CZS GR        -599615492.2   3880885246
CATTLES PLC          CTT PZ        -599615492.2   3880885246
CATTLES PLC          CTTUSD EU     -599615492.2   3880885246
CATTLES PLC          CTTSEK EU     -599615492.2   3880885246
CATTLES PLC-ADR      CHOXY US      -599615492.2   3880885246
CATTLES PLC-FPR      CTTF PZ       -599615492.2   3880885246
CATTLES PLC-FPR      CTTF LN       -599615492.2   3880885246
CATTLES PLC-NPR      CTTN LN       -599615492.2   3880885246
CATTLES PLC-NPR      2843734Q EO   -599615492.2   3880885246
CATTLES PLC-NPR      CTTN PZ       -599615492.2   3880885246
CATTLES PLC-NPR      2843726Q EO   -599615492.2   3880885246
CATTLES PLC-NPR      CTTN IX       -599615492.2   3880885246
CATTLES PLC-NPR      CCTN PZ       -599615492.2   3880885246
CATTLES PLC-NPR      2843730Q EU   -599615492.2   3880885246
CATTLES PLC-RFD      CTTR IX       -599615492.2   3880885246
CATTLES PLC-RFD      CTTR LN       -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      CHSGBP EO     -16399845.81  124838262.3
CHRYSALIS GROUP      CHS PZ        -16399845.81  124838262.3
CHRYSALIS GROUP      CYGUF US      -16399845.81  124838262.3
CHRYSALIS GROUP      CHS PO        -16399845.81  124838262.3
CHRYSALIS GROUP      CHS EO        -16399845.81  124838262.3
CHRYSALIS GROUP      CHS LN        -16399845.81  124838262.3
CHRYSALIS GROUP      CHS EU        -16399845.81  124838262.3
CHRYSALIS GROUP      HR4 GR        -16399845.81  124838262.3
CHRYSALIS GROUP      CHSEUR EO     -16399845.81  124838262.3
CHRYSALIS GROUP      CHSUSD EO     -16399845.81  124838262.3
CHRYSALIS GROUP      CHSUSD EU     -16399845.81  124838262.3
CHRYSALIS GROUP      CHSEUR EU     -16399845.81  124838262.3
CHRYSALIS GROUP      CLYSF US      -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 MUSIC      1082762Z LN   -5036846.092  103320003.7
CLIPPER WINDPOWE     CWP EU          -168322000    436419008
CLIPPER WINDPOWE     3470635Q LN     -168322000    436419008
CLIPPER WINDPOWE     C2W GR          -168322000    436419008
CLIPPER WINDPOWE     CWP EO          -168322000    436419008
CLIPPER WINDPOWE     CRPWF US        -168322000    436419008
CLIPPER WINDPOWE     CWP PG          -168322000    436419008
CLIPPER WINDPOWE     CWP LN          -168322000    436419008
CLIPPER WINDPOWE     CWPA LN         -168322000    436419008
CLIPPER WINDPOWE     CWP PZ          -168322000    436419008
CLIPPER WINDPOWE     CWP IX          -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      CMSGY US      -668101173.9   2972459078
COMPASS GRP-ADR      CMSJY 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     DNK VX          -497126976    121439000
DANKA BUS SYSTEM     DNK IX          -497126976    121439000
DANKA BUS SYSTEM     3205291Q EO     -497126976    121439000
DANKA BUS SYSTEM     DANKF US        -497126976    121439000
DANKA BUS SYSTEM     3205287Q EU     -497126976    121439000
DANKA BUS SYSTEM     DNK PO          -497126976    121439000
DANKA BUS SYSTEM     3205283Q EO     -497126976    121439000
DANKA BUS SYSTEM     DNK PZ          -497126976    121439000
DANKA BUS-$US CE     DANKD AR        -497126976    121439000
DANKA BUS-ADR        DB6 GR          -497126976    121439000
DANKA BUS-ADR        DANKY US        -497126976    121439000
DANKA BUS-ADR        DANKE US        -497126976    121439000
DANKA BUS-ADR        AP39 LI         -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 EU        -57317833.22  114701147.6
DAVENHAM GROUP P     DAH GR        -57317833.22  114701147.6
DAVENHAM GROUP P     DAV PG        -57317833.22  114701147.6
DAVENHAM GROUP P     DAH TH        -57317833.22  114701147.6
DAVENHAM GROUP P     DAVEUR EO     -57317833.22  114701147.6
DAVENHAM GROUP P     DAV PZ        -57317833.22  114701147.6
DAVENHAM GROUP P     DAV LN        -57317833.22  114701147.6
DAVENHAM GROUP P     DAV EO        -57317833.22  114701147.6
DCK GROUP LTD        4006628Z LN   -23972516.74  108515833.6
DE LA RUE PLC        DLAR EO       -16987630.01  637036125.4
DE LA RUE PLC        DL1B GR       -16987630.01  637036125.4
DE LA RUE PLC        DLAR1 EO      -16987630.01  637036125.4
DE LA RUE PLC        DLARF US      -16987630.01  637036125.4
DE LA RUE PLC        DLARCHF EO    -16987630.01  637036125.4
DE LA RUE PLC        DLAR6 EO      -16987630.01  637036125.4
DE LA RUE PLC        DLAR7 EO      -16987630.01  637036125.4
DE LA RUE PLC        DLA EO        -16987630.01  637036125.4
DE LA RUE PLC        DL1 GR        -16987630.01  637036125.4
DE LA RUE PLC        DLAR PZ       -16987630.01  637036125.4
DE LA RUE PLC        DLAR EU       -16987630.01  637036125.4
DE LA RUE PLC        DLRUF US      -16987630.01  637036125.4
DE LA RUE PLC        DLAR3 EO      -16987630.01  637036125.4
DE LA RUE PLC        DL1C GR       -16987630.01  637036125.4
DE LA RUE PLC        DLAREUR EU    -16987630.01  637036125.4
DE LA RUE PLC        DLAR NQ       -16987630.01  637036125.4
DE LA RUE PLC        DL1C GK       -16987630.01  637036125.4
DE LA RUE PLC        DLAR S1       -16987630.01  637036125.4
DE LA RUE PLC        DLAR4 EO      -16987630.01  637036125.4
DE LA RUE PLC        DLAR LN       -16987630.01  637036125.4
DE LA RUE PLC        DELRF US      -16987630.01  637036125.4
DE LA RUE PLC        DLAR5 EO      -16987630.01  637036125.4
DE LA RUE PLC        DLAR PO       -16987630.01  637036125.4
DE LA RUE PLC        DLARGBP EO    -16987630.01  637036125.4
DE LA RUE PLC        DLAR QM       -16987630.01  637036125.4
DE LA RUE PLC        DLAR VX       -16987630.01  637036125.4
DE LA RUE PLC        DLARUSD EU    -16987630.01  637036125.4
DE LA RUE PLC        DLARCHF EU    -16987630.01  637036125.4
DE LA RUE PLC        DLAR NR       -16987630.01  637036125.4
DE LA RUE PLC        DL1A GR       -16987630.01  637036125.4
DE LA RUE PLC        DLAREUR EO    -16987630.01  637036125.4
DE LA RUE PLC        DLAR2 EO      -16987630.01  637036125.4
DE LA RUE PLC        DLAR EB       -16987630.01  637036125.4
DE LA RUE PLC        DLARUSD EO    -16987630.01  637036125.4
DE LA RUE PLC        DLAR TQ       -16987630.01  637036125.4
DE LA RUE PLC        DLAR BQ       -16987630.01  637036125.4
DE LA RUE PLC        DLAR IX       -16987630.01  637036125.4
DE LA RUE PLC        DLAR8 EO      -16987630.01  637036125.4
DE LA RUE PLC        DLAR9 EO      -16987630.01  637036125.4
DE LA RUE-ADR        DERUY US      -16987630.01  637036125.4
DE LA RUE-ADR        DLUEY US      -16987630.01  637036125.4
DE LA RUE-PREF       3115438Q EU   -16987630.01  637036125.4
DE LA RUE-PREF       DLAP LN       -16987630.01  637036125.4
DE LA RUE-PREF       DLAP PZ       -16987630.01  637036125.4
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        ESY PO        -60380605.51  334049332.2
EASYNET GROUP        ESY LN        -60380605.51  334049332.2
EASYNET GROUP        EAY GR        -60380605.51  334049332.2
EASYNET GROUP        EZNGF US      -60380605.51  334049332.2
EASYNET GROUP        ESY VX        -60380605.51  334049332.2
EASYNET GROUP-CV     91009Z LN     -60380605.51  334049332.2
ECONOMIST NEWSPA     6888Z LN      -2941080.267  399071232.6
EDF ENERGY 1 LTD     1201287Z LN   -185411355.3  354815290.3
EMI GROUP -ASSD      EMIA LN        -2265916257   2950021937
EMI GROUP LTD        EMI LN         -2265916257   2950021937
EMI GROUP PLC        EMIPF US       -2265916257   2950021937
EMI GROUP PLC        3020138Q GR    -2265916257   2950021937
EMI GROUP PLC        EMI IX         -2265916257   2950021937
EMI GROUP PLC        EMI PO         -2265916257   2950021937
EMI GROUP PLC        EMI VX         -2265916257   2950021937
EMI GROUP PLC-B      1019425Q LN    -2265916257   2950021937
EMI GROUP-ADR        EMI$ LN        -2265916257   2950021937
EMI GROUP-ADR        EMIPY US       -2265916257   2950021937
EMI GROUP-ADR        38IS LN        -2265916257   2950021937
ENERGY POWER RES     510443Z LN    -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        EHREUR EO     -14328735.16  110864081.4
EUROPEAN HOME        EHR1 EO       -14328735.16  110864081.4
EUROPEAN HOME        EHR10 EO      -14328735.16  110864081.4
EUROPEAN HOME        EHR PO        -14328735.16  110864081.4
EUROPEAN HOME        EHR4 EO       -14328735.16  110864081.4
EUROPEAN HOME        EHR9 EO       -14328735.16  110864081.4
EUROPEAN HOME        FPAKF US      -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        EHR EU        -14328735.16  110864081.4
EUROPEAN HOME        EHREUR EU     -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        KLZ PO        -14328735.16  110864081.4
EUROPEAN HOME        KLZ VX        -14328735.16  110864081.4
EUROPEAN HOME        EHR VX        -14328735.16  110864081.4
EUROPEAN HOME        EHR EO        -14328735.16  110864081.4
EUROPEAN HOME        EHR2 EO       -14328735.16  110864081.4
EUROPEAN HOME        EHRGBP EO     -14328735.16  110864081.4
EUROPEAN HOME        EHR8 EO       -14328735.16  110864081.4
EUROSTAR INTERNA     4379945Z LN    -2296294817  600452807.4
EXOVA PLC            4507835Z LN   -23478618.65  727804846.1
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
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 LN        -284524422.8   1496226646
GONDOLA HOLDINGS     GND IX        -284524422.8   1496226646
GONDOLA HOLD-NEW     GNDA LN       -284524422.8   1496226646
GONDOLA HOLD-NEW     GNDB 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
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
HEALTHCARE LOCUM     HLO LN        -21208439.25  262213430.8
HEALTHCARE LOCUM     HECUF US      -21208439.25  262213430.8
HEALTHCARE LOCUM     HLO IX        -21208439.25  262213430.8
HEALTHCARE LOCUM     HLO EU        -21208439.25  262213430.8
HEALTHCARE LOCUM     HLO PZ        -21208439.25  262213430.8
HEALTHCARE LOCUM     H4U TH        -21208439.25  262213430.8
HEALTHCARE LOCUM     HLO PG        -21208439.25  262213430.8
HEALTHCARE LOCUM     HLOEUR EO     -21208439.25  262213430.8
HEALTHCARE LOCUM     HLOGBP EO     -21208439.25  262213430.8
HEALTHCARE LOCUM     H4U GR        -21208439.25  262213430.8
HEALTHCARE LOCUM     HLO EO        -21208439.25  262213430.8
HEALTHCARE LOCUM     HLOGBX EO     -21208439.25  262213430.8
HEREFORDSHIRE HO     1945190Z LN   -2634668.462    110312423
HESS INDONESIA P     1705776Z LN   -56622019.25  582889084.6
HMV GROUP -GDR       276960Q GR    -92987530.85  883465014.8
HMV GROUP -GDR       29362Z US     -92987530.85  883465014.8
HMV GROUP PLC        HMVUSD EU     -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        HMVMF US      -92987530.85  883465014.8
HMV GROUP PLC        HMVGBP EO     -92987530.85  883465014.8
HMV GROUP PLC        HM4 GK        -92987530.85  883465014.8
HMV GROUP PLC        HMV3 EO       -92987530.85  883465014.8
HMV GROUP PLC        HMV NR        -92987530.85  883465014.8
HMV GROUP PLC        HMVEUR EU     -92987530.85  883465014.8
HMV GROUP PLC        HMV PO        -92987530.85  883465014.8
HMV GROUP PLC        HMV NQ        -92987530.85  883465014.8
HMV GROUP PLC        HMV EB        -92987530.85  883465014.8
HMV GROUP PLC        HMVUSD EO     -92987530.85  883465014.8
HMV GROUP PLC        HMV S1        -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        HMV IX        -92987530.85  883465014.8
HMV GROUP PLC        HMV EU        -92987530.85  883465014.8
HMV GROUP PLC        HMV BQ        -92987530.85  883465014.8
HMV GROUP PLC        HMV4 EO       -92987530.85  883465014.8
HMV GROUP PLC        HMV9 EO       -92987530.85  883465014.8
HMV GROUP PLC        HMV EO        -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        HMV TQ        -92987530.85  883465014.8
HMV GROUP PLC        HMV1 EO       -92987530.85  883465014.8
HMV GROUP PLC        HMV2 EO       -92987530.85  883465014.8
HMV GROUP PLC        HMV10 EO      -92987530.85  883465014.8
HMV GROUP PLC        HMV QM        -92987530.85  883465014.8
HMV GROUP PLC        HMV LN        -92987530.85  883465014.8
HMV GROUP PLC        HM4 GR        -92987530.85  883465014.8
HMV GROUP PLC        HMV VX        -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     HOFSY US      -14410799.86  200149998.1
HOUSE FRASER-ADR     HSFRY US      -14410799.86  200149998.1
HOUSE OF FRASER      HSFRF US      -14410799.86  200149998.1
HOUSE OF FRASER      HOF VX        -14410799.86  200149998.1
HOUSE OF FRASER      HOF IX        -14410799.86  200149998.1
HOUSE OF FRASER      HOF LN        -14410799.86  200149998.1
HOUSE OF FRASER      HOF PO        -14410799.86  200149998.1
HOUSE OF FRASER      HOF PZ        -14410799.86  200149998.1
HUTCHISON 3G UK      1870250Z LN   -10150197192  10089105316
HUTCHISON 3G UK      265923Z LN     -2558478023  10215382954
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           JRVS4 EO      -64739862.73    130951086
JARVIS PLC           JRVS9 EO      -64739862.73    130951086
JARVIS PLC           JRVS EU       -64739862.73    130951086
JARVIS PLC           JRVS3 EO      -64739862.73    130951086
JARVIS PLC           JRVS8 EO      -64739862.73    130951086
JARVIS PLC           JRV EO        -64739862.73    130951086
JARVIS PLC           JRVS VX       -64739862.73    130951086
JARVIS PLC           JRVS2 EO      -64739862.73    130951086
JARVIS PLC           JRVS5 EO      -64739862.73    130951086
JARVIS PLC           JRVS LN       -64739862.73    130951086
JARVIS PLC           JVR GR        -64739862.73    130951086
JARVIS PLC           JRVS PO       -64739862.73    130951086
JARVIS PLC           JRVSEUR EU    -64739862.73    130951086
JARVIS PLC           JRVS EO       -64739862.73    130951086
JARVIS PLC           JRVS6 EO      -64739862.73    130951086
JARVIS PLC           JRVSGBP EO    -64739862.73    130951086
JARVIS PLC           JRVS IX       -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           JRVSEUR EO    -64739862.73    130951086
JARVIS PLC           JRVS7 EO      -64739862.73    130951086
JDR ENTERPRISES      3947788Z LN   -18283944.55  190661628.9
JESSOPS PLC          JSP EU        -42702018.35  112964060.4
JESSOPS PLC          JSP IX        -42702018.35  112964060.4
JESSOPS PLC          JS4 GR        -42702018.35  112964060.4
JESSOPS PLC          JSPEUR EU     -42702018.35  112964060.4
JESSOPS PLC          JSPGBP EO     -42702018.35  112964060.4
JESSOPS PLC          JSP EO        -42702018.35  112964060.4
JESSOPS PLC          JSP LN        -42702018.35  112964060.4
JESSOPS PLC          JSP PO        -42702018.35  112964060.4
JESSOPS PLC          JSPEUR EO     -42702018.35  112964060.4
JESSOPS PLC          JSP PZ        -42702018.35  112964060.4
JESSOPS PLC          JSP VX        -42702018.35  112964060.4
JS BLOOR SWINDON     1568906Z LN   -5329885.206  110390972.1
JVC EUROPE LTD       2667041Z LN   -2824766.239  131996942.9
KAZAKHGO-GDR         KZGQ IX          -88561000    241726000
KAZAKHGO-GDR         KZGI LI          -88561000    241726000
KAZAKHGO-GDR         KZQGI IX         -88561000    241726000
KAZAKHGO-GDR         KZG LI           -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
KESA ELECTRI-ADR     KESAY US      -14782918.31   2826187121
KESA ELECTRICALS     KESAUSD EO    -14782918.31   2826187121
KESA ELECTRICALS     KESA VX       -14782918.31   2826187121
KESA ELECTRICALS     KE4 GK        -14782918.31   2826187121
KESA ELECTRICALS     KSA FP        -14782918.31   2826187121
KESA ELECTRICALS     KESAGBP EO    -14782918.31   2826187121
KESA ELECTRICALS     KESA2 EO      -14782918.31   2826187121
KESA ELECTRICALS     KESA3 EO      -14782918.31   2826187121
KESA ELECTRICALS     KESA6 EO      -14782918.31   2826187121
KESA ELECTRICALS     KESAUSD EU    -14782918.31   2826187121
KESA ELECTRICALS     KES EO        -14782918.31   2826187121
KESA ELECTRICALS     KESA LN       -14782918.31   2826187121
KESA ELECTRICALS     KESA BQ       -14782918.31   2826187121
KESA ELECTRICALS     KESA5 EO      -14782918.31   2826187121
KESA ELECTRICALS     KESA EU       -14782918.31   2826187121
KESA ELECTRICALS     KESAEUR EO    -14782918.31   2826187121
KESA ELECTRICALS     KESA TQ       -14782918.31   2826187121
KESA ELECTRICALS     KESA NQ       -14782918.31   2826187121
KESA ELECTRICALS     KESA EB       -14782918.31   2826187121
KESA ELECTRICALS     KESA QM       -14782918.31   2826187121
KESA ELECTRICALS     KESAI IX      -14782918.31   2826187121
KESA ELECTRICALS     KESA4 EO      -14782918.31   2826187121
KESA ELECTRICALS     KES1 EO       -14782918.31   2826187121
KESA ELECTRICALS     KESAF US      -14782918.31   2826187121
KESA ELECTRICALS     KESA PZ       -14782918.31   2826187121
KESA ELECTRICALS     KESA PO       -14782918.31   2826187121
KESA ELECTRICALS     KESA IX       -14782918.31   2826187121
KESA ELECTRICALS     KESA EO       -14782918.31   2826187121
KESA ELECTRICALS     KESA S1       -14782918.31   2826187121
KESA ELECTRICALS     KE4 GR        -14782918.31   2826187121
KESA ELECTRICALS     KESA8 EO      -14782918.31   2826187121
KESA ELECTRICALS     KESA9 EO      -14782918.31   2826187121
KESA ELECTRICALS     KESA NR       -14782918.31   2826187121
KESA ELECTRICALS     KESAEUR EU    -14782918.31   2826187121
KESA ELECTRICALS     KESA7 EO      -14782918.31   2826187121
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     LUFC LN        -73166148.8  143762193.7
LEEDS UNITED PLC     889687Q GR     -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     1238423Z LN   -1919544.165  270438080.8
LLOYDS TSB EQUIP     1214495Z LN   -661481.4498  334557469.7
LOGICA INTERNATI     2562234Z LN   -174392477.1  205240612.1
LOMBARD CORPORAT     1131527Z LN    -8573468.83  205568221.6
LOMBARD CORPORAT     1162975Z LN   -7309362.404  198951662.4
LONDON ORGANISIN     2707808Z LN   -111194464.2  319902766.9
LONDON TOWN PLC      LTWX LN       -21897636.36  175672299.2
LONDON TOWN PLC      LTW LN        -21897636.36  175672299.2
LONDON TOWN PLC      LTW PG        -21897636.36  175672299.2
LONDON TOWN PLC      LTW PO        -21897636.36  175672299.2
LONDON TOWN PLC      LTW EU        -21897636.36  175672299.2
LONDON TOWN PLC      LTW PZ        -21897636.36  175672299.2
LONDON TOWN PLC      LTWR LN       -21897636.36  175672299.2
LONDON TOWN PLC      LTW IX        -21897636.36  175672299.2
LONDON TOWN PLC      LTW EO        -21897636.36  175672299.2
LONDON TOWN PLC      LOU GR        -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          MNI LN         -2203513803   7204891602
MARCONI PLC          MNI BB         -2203513803   7204891602
MARCONI PLC          MRCQF US       -2203513803   7204891602
MARCONI PLC          203083Q VX     -2203513803   7204891602
MARCONI PLC          MONI BB        -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      MCONY US       -2203513803   7204891602
MARCONI PLC-ADR      MONIY US       -2203513803   7204891602
MARCONI PLC-ADR      QUQMON AU      -2203513803   7204891602
MARCONI PLC-ADR      MCBA GR        -2203513803   7204891602
MARCONI PLC-ADR      MY2A GR        -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   -47350900.32   1078461202
MOUCHEL GROUP PL     MCHL TQ        -23499332.3  510247739.7
MOUCHEL GROUP PL     MCHL S1        -23499332.3  510247739.7
MOUCHEL GROUP PL     MCHL NQ        -23499332.3  510247739.7
MOUCHEL GROUP PL     MCHLEUR EU     -23499332.3  510247739.7
MOUCHEL GROUP PL     MCHL QM        -23499332.3  510247739.7
MOUCHEL GROUP PL     MCHL EU        -23499332.3  510247739.7
MOUCHEL GROUP PL     MCHL IX        -23499332.3  510247739.7
MOUCHEL GROUP PL     MCHLGBP EO     -23499332.3  510247739.7
MOUCHEL GROUP PL     MO6 GR         -23499332.3  510247739.7
MOUCHEL GROUP PL     MCHL EB        -23499332.3  510247739.7
MOUCHEL GROUP PL     MCHLEUR EO     -23499332.3  510247739.7
MOUCHEL GROUP PL     MCHL LN        -23499332.3  510247739.7
MOUCHEL GROUP PL     MCHL EO        -23499332.3  510247739.7
MOUCHEL GROUP PL     MCHL BQ        -23499332.3  510247739.7
MOUCHEL GROUP PL     MCHL NR        -23499332.3  510247739.7
MOUCHEL GROUP PL     MCHL VX        -23499332.3  510247739.7
MOUCHEL GROUP PL     MCHL PZ        -23499332.3  510247739.7
MOUCHEL GROUP PL     MOUCF US       -23499332.3  510247739.7
MOUCHEL PARKMAN      MCHL PO        -23499332.3  510247739.7
MYTRAVEL GROUP       MT/S VX       -379721780.5   1817512774
MYTRAVEL GROUP       MYTPF US      -379721780.5   1817512774
MYTRAVEL GROUP       MT/S LN       -379721780.5   1817512774
MYTRAVEL GROUP       3544280Q IX   -379721780.5   1817512774
MYTRAVEL GROUP       ARO2 GR       -379721780.5   1817512774
MYTRAVEL GROUP       MT/S PO       -379721780.5   1817512774
MYTRAVEL GROUP P     MT/ LN        -379721780.5   1817512774
MYTRAVEL GROUP P     1018144Q GR   -379721780.5   1817512774
MYTRAVEL GROUP P     MT/ VX        -379721780.5   1817512774
MYTRAVEL GROUP P     MYTGF US      -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   -463020028.6   2346673230
NEW STAR ASSET       3226431Q EU     -397718038  292972732.1
NEW STAR ASSET       NSAA LN         -397718038  292972732.1
NEW STAR ASSET       NSAM PZ         -397718038  292972732.1
NEW STAR ASSET       NSAM LN         -397718038  292972732.1
NEW STAR ASSET       N6S GR          -397718038  292972732.1
NEW STAR ASSET       NSAM IX         -397718038  292972732.1
NEW STAR ASSET       3226439Q EU     -397718038  292972732.1
NEW STAR ASSET       NSAM TQ         -397718038  292972732.1
NEW STAR ASSET       3226435Q EO     -397718038  292972732.1
NEW STAR ASSET       NSAM PO         -397718038  292972732.1
NEW STAR ASSET       3226447Q EO     -397718038  292972732.1
NEW STAR ASSET       NWSAF US        -397718038  292972732.1
NEW STAR ASSET       3226443Q EO     -397718038  292972732.1
NEWCASTLE UNITED     1060322Z LN   -112290583.6  186651205.2
NEWCASTLE UNITED     4380361Z LN   -102558583.4  184539911.8
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       NFDSEUR EU    -70166103.48  924672036.4
NORTHERN FOODS       NFDS VX       -70166103.48  924672036.4
NORTHERN FOODS       NFDS PO       -70166103.48  924672036.4
NORTHERN FOODS       NFDS EB       -70166103.48  924672036.4
NORTHERN FOODS       NFDSUSD EU    -70166103.48  924672036.4
NORTHERN FOODS       NFDSUSD EO    -70166103.48  924672036.4
NORTHERN FOODS       NFDS QM       -70166103.48  924672036.4
NORTHERN FOODS       NFO GR        -70166103.48  924672036.4
NORTHERN FOODS       NFDS LN       -70166103.48  924672036.4
NORTHERN FOODS       NFDS IX       -70166103.48  924672036.4
NORTHERN FOODS       NFDSGBP EO    -70166103.48  924672036.4
NORTHERN FOODS       NFDSEUR EO    -70166103.48  924672036.4
NORTHERN FOODS       NTFOF US      -70166103.48  924672036.4
NORTHERN FOODS       NFDS PZ       -70166103.48  924672036.4
NORTHERN FOODS       NFDS TQ       -70166103.48  924672036.4
NORTHERN FOODS       NFDS EU       -70166103.48  924672036.4
NORTHERN FOODS       NFDS EO       -70166103.48  924672036.4
NORTHERN FOODS       NFO GK        -70166103.48  924672036.4
NORTHERN FOODS       NFDS S1       -70166103.48  924672036.4
NORTHERN FOODS       NFDS NQ       -70166103.48  924672036.4
NORTHERN FOODS       NFDS BQ       -70166103.48  924672036.4
NORTHERN FOODS       NFDS NR       -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 AND UCI CI     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           951641Q LN    -593935104.1   2902299502
ORANGE PLC           1460Q GR      -593935104.1   2902299502
ORANGE PLC           ORNGF US      -593935104.1   2902299502
ORANGE PLC-ADR       ORNGY US      -593935104.1   2902299502
ORANGE PLC-ADR       ONG GR        -593935104.1   2902299502
ORANGE PLC-ADR       ORA$ LN       -593935104.1   2902299502
ORBIS PLC            RLP GR          -4168493.8  127701679.5
ORBIS PLC            OBS IX          -4168493.8  127701679.5
ORBIS PLC            OBG PO          -4168493.8  127701679.5
ORBIS PLC            OBS PO          -4168493.8  127701679.5
ORBIS PLC            OBS LN          -4168493.8  127701679.5
ORBIS PLC            OBS PZ          -4168493.8  127701679.5
ORBIS PLC            ORBSF US        -4168493.8  127701679.5
OUTDOOR GROUP LT     1318338Z LN   -34424941.75  127535038.5
PARK FOOD GROUP      PKFD LN       -41823480.77  252651267.4
PARK GROUP PLC       PKG LN        -41823480.77  252651267.4
PARK GROUP PLC       PKG EU        -41823480.77  252651267.4
PARK GROUP PLC       PRKGF US      -41823480.77  252651267.4
PARK GROUP PLC       PKG EO        -41823480.77  252651267.4
PARK GROUP PLC       PKG VX        -41823480.77  252651267.4
PARK GROUP PLC       PKG PO        -41823480.77  252651267.4
PARK GROUP PLC       PKG PZ        -41823480.77  252651267.4
PARK GROUP PLC       PKGGBP EO     -41823480.77  252651267.4
PARK GROUP PLC       PRKG IX       -41823480.77  252651267.4
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 LN        -54677284.64  124948245.8
PATIENTLINE PLC      PTL PO        -54677284.64  124948245.8
PATIENTLINE PLC      PTL IX        -54677284.64  124948245.8
PATIENTLINE PLC      PTL VX        -54677284.64  124948245.8
PATIENTLINE PLC      2928907Q EO   -54677284.64  124948245.8
PATIENTLINE PLC      2928899Q EO   -54677284.64  124948245.8
PATIENTLINE PLC      PTL PZ        -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         PLGL LI          -88561000    241726000
POLYUS G-GDR         KZG TQ           -88561000    241726000
POLYUS G-GDR         KAZAY US         -88561000    241726000
POLYUS G-GDR         KXZ GR           -88561000    241726000
POLYUS G-GDR         POLG LI          -88561000    241726000
POLYUS G-GDR         POLG TQ          -88561000    241726000
POLYUS G-GDR         KXZ1 GR          -88561000    241726000
POLYUS G-GDR         PLGL TQ          -88561000    241726000
POLYUS G-GDR         PLZLY US         -88561000    241726000
POLYUS GOLD INTE     653479Z KZ       -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     PSKEUR EO     -9666264.987  134080449.8
PROSTRAKAN GROUP     PSK S1        -9666264.987  134080449.8
PROSTRAKAN GROUP     PSK VX        -9666264.987  134080449.8
PROSTRAKAN GROUP     PKNGF US      -9666264.987  134080449.8
PROSTRAKAN GROUP     PSKEUR EU     -9666264.987  134080449.8
PROSTRAKAN GROUP     PSK LN        -9666264.987  134080449.8
PROSTRAKAN GROUP     PSK PO        -9666264.987  134080449.8
PROSTRAKAN GROUP     PSK IX        -9666264.987  134080449.8
PROSTRAKAN GROUP     PSK EU        -9666264.987  134080449.8
PROSTRAKAN GROUP     PSK EO        -9666264.987  134080449.8
PROSTRAKAN GROUP     PSK PZ        -9666264.987  134080449.8
PROSTRAKAN GROUP     PSKGBP EO     -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
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            2296Z LN      -46111832.15    367181111
REGUS PLC            REGSF US      -46111832.15    367181111
REGUS PLC            RGU GR        -46111832.15    367181111
REGUS PLC            273195Q VX    -46111832.15    367181111
REGUS PLC-ADS        REGSY US      -46111832.15    367181111
REGUS PLC-ADS        REGS US       -46111832.15    367181111
REGUS PLC-ADS        REGSV US      -46111832.15    367181111
REGUS PLC-ADS        RGUA GR       -46111832.15    367181111
RENAULT RETAIL G     1569882Z LN   -939316.5822  148920952.8
RENTOKIL INITIAL     RTOUSD EU       -142674955   3045660413
RENTOKIL INITIAL     RTO NR          -142674955   3045660413
RENTOKIL INITIAL     RTO1 GK         -142674955   3045660413
RENTOKIL INITIAL     RTOPEN EO       -142674955   3045660413
RENTOKIL INITIAL     RTOEUR EO       -142674955   3045660413
RENTOKIL INITIAL     RTOPEN EU       -142674955   3045660413
RENTOKIL INITIAL     RTO EU          -142674955   3045660413
RENTOKIL INITIAL     RTOUSD EO       -142674955   3045660413
RENTOKIL INITIAL     RTO S1          -142674955   3045660413
RENTOKIL INITIAL     RKLIF US        -142674955   3045660413
RENTOKIL INITIAL     RTOEUR EU       -142674955   3045660413
RENTOKIL INITIAL     RTO QM          -142674955   3045660413
RENTOKIL INITIAL     RTO VX          -142674955   3045660413
RENTOKIL INITIAL     RTO TQ          -142674955   3045660413
RENTOKIL INITIAL     RTO IX          -142674955   3045660413
RENTOKIL INITIAL     RTO1 EO         -142674955   3045660413
RENTOKIL INITIAL     RTO PO          -142674955   3045660413
RENTOKIL INITIAL     RTO EO          -142674955   3045660413
RENTOKIL INITIAL     RTO PZ          -142674955   3045660413
RENTOKIL INITIAL     RTOGBP EO       -142674955   3045660413
RENTOKIL INITIAL     RTO EB          -142674955   3045660413
RENTOKIL INITIAL     RTO LN          -142674955   3045660413
RENTOKIL INITIAL     RTO1 GR         -142674955   3045660413
RENTOKIL INITIAL     RTO GR          -142674955   3045660413
RENTOKIL INITIAL     RTOKF US        -142674955   3045660413
RENTOKIL INITIAL     RTO BQ          -142674955   3045660413
RENTOKIL INITIAL     RTOG IX         -142674955   3045660413
RENTOKIL INITIAL     RTO NQ          -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    -4979588987   9290852179
SAFFRON HOUSING      4448377Z LN     -3777866.1  124457507.9
SAMPFORD UNDERWR     1230791Z LN   -18964953.58  150532675.1
SCOTTISH MEDIA       SSM LN        -36632758.71    143156965
SCOTTISH MEDIA       1442Q GR      -36632758.71    143156965
SCOTTISH MEDIA       SSMR 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       SKP EO        -133034755.3  130464035.4
SKYEPHARMA PLC       SKP PZ        -133034755.3  130464035.4
SKYEPHARMA PLC       SKP BQ        -133034755.3  130464035.4
SKYEPHARMA PLC       SKP7 EO       -133034755.3  130464035.4
SKYEPHARMA PLC       SKP PO        -133034755.3  130464035.4
SKYEPHARMA PLC       SKPGBP EO     -133034755.3  130464035.4
SKYEPHARMA PLC       SKP VX        -133034755.3  130464035.4
SKYEPHARMA PLC       SKP4 EO       -133034755.3  130464035.4
SKYEPHARMA PLC       SKP TQ        -133034755.3  130464035.4
SKYEPHARMA PLC       SKP IX        -133034755.3  130464035.4
SKYEPHARMA PLC       SKP1 EO       -133034755.3  130464035.4
SKYEPHARMA PLC       SKP2 EO       -133034755.3  130464035.4
SKYEPHARMA PLC       SKP6 EO       -133034755.3  130464035.4
SKYEPHARMA PLC       SK8C GR       -133034755.3  130464035.4
SKYEPHARMA PLC       SKP3 EO       -133034755.3  130464035.4
SKYEPHARMA PLC       SKP5 EO       -133034755.3  130464035.4
SKYEPHARMA PLC       SKP10 EO      -133034755.3  130464035.4
SKYEPHARMA PLC       SKP LN        -133034755.3  130464035.4
SKYEPHARMA PLC       SKYEF US      -133034755.3  130464035.4
SKYEPHARMA PLC       SK8A GR       -133034755.3  130464035.4
SKYEPHARMA PLC       SKP1 VX       -133034755.3  130464035.4
SKYEPHARMA PLC       SKP8 EO       -133034755.3  130464035.4
SKYEPHARMA PLC       SKPEUR EO     -133034755.3  130464035.4
SKYEPHARMA PLC       SKP EU        -133034755.3  130464035.4
SKYEPHARMA PLC       SKP9 EO       -133034755.3  130464035.4
SKYEPHARMA PLC       SKPEUR EU     -133034755.3  130464035.4
SKYEPHARMA -SUB      2976665Z LN   -133034755.3  130464035.4
SKYEPHARMA-ADR       SKYPY US      -133034755.3  130464035.4
SKYEPHARMA-ADR       SKYEY US      -133034755.3  130464035.4
SKYEPHARMA-ADR       SK8 GR        -133034755.3  130464035.4
SKYEPHARMA-ADR       SKYE US       -133034755.3  130464035.4
SKYEPHARMA-ADR       AP80 LI       -133034755.3  130464035.4
SKYEPHARMA-ADR       SK8N GR       -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 VX       -133034755.3  130464035.4
SKYEPHAR-RTS N/P     SKPN LN       -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      NWS1 EU       -97977003.31  345035294.1
SMITHS NEWS PLC      NWS PZ        -97977003.31  345035294.1
SMITHS NEWS PLC      NWS1GBP EO    -97977003.31  345035294.1
SMITHS NEWS PLC      NWS9 EO       -97977003.31  345035294.1
SMITHS NEWS PLC      NWS2EUR EO    -97977003.31  345035294.1
SMITHS NEWS PLC      NWS12 EO      -97977003.31  345035294.1
SMITHS NEWS PLC      SMWPF US      -97977003.31  345035294.1
SMITHS NEWS PLC      NWS2 TQ       -97977003.31  345035294.1
SMITHS NEWS PLC      SMWPY US      -97977003.31  345035294.1
SMITHS NEWS PLC      NWS1 EO       -97977003.31  345035294.1
SMITHS NEWS PLC      NWS7 EO       -97977003.31  345035294.1
SMITHS NEWS PLC      NWS IX        -97977003.31  345035294.1
SMITHS NEWS PLC      NWS PO        -97977003.31  345035294.1
SMITHS NEWS PLC      NWS2 EO       -97977003.31  345035294.1
SMITHS NEWS PLC      NWS S1        -97977003.31  345035294.1
SMITHS NEWS PLC      NWS13 EO      -97977003.31  345035294.1
SMITHS NEWS PLC      NWS4 EO       -97977003.31  345035294.1
SMITHS NEWS PLC      NWS2GBP EO    -97977003.31  345035294.1
SMITHS NEWS PLC      NWS8 EO       -97977003.31  345035294.1
SMITHS NEWS PLC      NWS VX        -97977003.31  345035294.1
SMITHS NEWS PLC      NWS1 BQ       -97977003.31  345035294.1
SMITHS NEWS PLC      NWS5 EO       -97977003.31  345035294.1
SMITHS NEWS PLC      NWS6 EO       -97977003.31  345035294.1
SMITHS NEWS PLC      NWS11 EO      -97977003.31  345035294.1
SMITHS NEWS PLC      NWS LN        -97977003.31  345035294.1
SMITHS NEWS PLC      NWS2EUR EU    -97977003.31  345035294.1
SMITHS NEWS PLC      NWS10 EO      -97977003.31  345035294.1
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       SCHEUSD EO    -456945463.9    226544692
SOUTHERN CROSS       SCHE7 EO      -456945463.9    226544692
SOUTHERN CROSS       SCHE PO       -456945463.9    226544692
SOUTHERN CROSS       SCHE PZ       -456945463.9    226544692
SOUTHERN CROSS       SCHE EB       -456945463.9    226544692
SOUTHERN CROSS       SCHEEUR EU    -456945463.9    226544692
SOUTHERN CROSS       SCHE5 EO      -456945463.9    226544692
SOUTHERN CROSS       SCHE2 EO      -456945463.9    226544692
SOUTHERN CROSS       SOCHF US      -456945463.9    226544692
SOUTHERN CROSS       SCHE TQ       -456945463.9    226544692
SOUTHERN CROSS       SCHE3 EO      -456945463.9    226544692
SOUTHERN CROSS       SCHE BQ       -456945463.9    226544692
SOUTHERN CROSS       F2Z TH        -456945463.9    226544692
SOUTHERN CROSS       SCHE4 EO      -456945463.9    226544692
SOUTHERN CROSS       SCHE EO       -456945463.9    226544692
SOUTHERN CROSS       SCHEUSD EU    -456945463.9    226544692
SOUTHERN CROSS       SCHE6 EO      -456945463.9    226544692
SOUTHERN CROSS       F2Z GR        -456945463.9    226544692
SOUTHERN CROSS       SCHE IX       -456945463.9    226544692
SOUTHERN CROSS       SCHE NQ       -456945463.9    226544692
SOUTHERN CROSS       SCHE EU       -456945463.9    226544692
SOUTHERN CROSS       SCHEEUR EO    -456945463.9    226544692
SOUTHERN CROSS       SCH3 EO       -456945463.9    226544692
SOUTHERN CROSS       SCHE VX       -456945463.9    226544692
SOUTHERN CROSS       SCHE LN       -456945463.9    226544692
SOUTHERN CROSS       SCHEGBP EO    -456945463.9    226544692
SOUTHERN CROSS       SCH4 EO       -456945463.9    226544692
SOUTHERN CROSS       SCHE NR       -456945463.9    226544692
SOUTHERN CROSS       SCHE QM       -456945463.9    226544692
SOUTHERN CROSS       SCH5 EO       -456945463.9    226544692
SOUTHERN CROSS       SCHE S1       -456945463.9    226544692
SOUTHERN CROSS       SCHE8 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
SQUARE ENIX LTD      1826770Z LN   -223995033.8  278955082.2
SR TECHNICS UK L     2900250Z LN   -87572452.23  179843123.8
STAGECOACH GROUP     SGC1GBP EO    -158544626.7   2695903851
STAGECOACH GROUP     SHP GR        -158544626.7   2695903851
STAGECOACH GROUP     SGC1 QM       -158544626.7   2695903851
STAGECOACH GROUP     SGC1PEN EU    -158544626.7   2695903851
STAGECOACH GROUP     SGC S1        -158544626.7   2695903851
STAGECOACH GROUP     SGC1USD EU    -158544626.7   2695903851
STAGECOACH GROUP     SGC IX        -158544626.7   2695903851
STAGECOACH GROUP     SGC1 EU       -158544626.7   2695903851
STAGECOACH GROUP     SGC1EUR EO    -158544626.7   2695903851
STAGECOACH GROUP     SGC1 BQ       -158544626.7   2695903851
STAGECOACH GROUP     SGC1 NR       -158544626.7   2695903851
STAGECOACH GROUP     SHP4 GK       -158544626.7   2695903851
STAGECOACH GROUP     SGC1 EB       -158544626.7   2695903851
STAGECOACH GROUP     SHP5 GR       -158544626.7   2695903851
STAGECOACH GROUP     SGC1 NQ       -158544626.7   2695903851
STAGECOACH GROUP     SGC LN        -158544626.7   2695903851
STAGECOACH GROUP     SGC2 VX       -158544626.7   2695903851
STAGECOACH GROUP     SGC1 TQ       -158544626.7   2695903851
STAGECOACH GROUP     SGC1 EO       -158544626.7   2695903851
STAGECOACH GROUP     SGC PO        -158544626.7   2695903851
STAGECOACH GROUP     SGC1AUD EO    -158544626.7   2695903851
STAGECOACH GROUP     SGC1AUD EU    -158544626.7   2695903851
STAGECOACH GROUP     SGCG PZ       -158544626.7   2695903851
STAGECOACH GROUP     SGC1USD EO    -158544626.7   2695903851
STAGECOACH GROUP     SGC1EUR EU    -158544626.7   2695903851
STAGECOACH GROUP     SAGKF US      -158544626.7   2695903851
STAGECOACH GROUP     SGC1PEN EO    -158544626.7   2695903851
STAGECOACH GROUP     SHP4 GR       -158544626.7   2695903851
STAGECOACH GRP-B     SGCB LN       -158544626.7   2695903851
STAGECOACH SERVI     1584258Z LN   -27470918.93  305042241.9
STAGECOACH-NEW       SGCN LN       -158544626.7   2695903851
STAGECOA-SPN ADR     SAGKY US      -158544626.7   2695903851
STV GROUP PLC        SMG IX        -36632758.71    143156965
STV GROUP PLC        STVG EU       -36632758.71    143156965
STV GROUP PLC        STVGGBP EO    -36632758.71    143156965
STV GROUP PLC        SMG VX        -36632758.71    143156965
STV GROUP PLC        SMGPF US      -36632758.71    143156965
STV GROUP PLC        STVG VX       -36632758.71    143156965
STV GROUP PLC        STVG EO       -36632758.71    143156965
STV GROUP PLC        STVGEUR EU    -36632758.71    143156965
STV GROUP PLC        STVG LN       -36632758.71    143156965
STV GROUP PLC        STVGEUR EO    -36632758.71    143156965
STV GROUP PLC        SMG PZ        -36632758.71    143156965
STV GROUP PLC        STVG S1       -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     940767Q GR     -3702234581   7581020925
TELEWEST COM-ADR     TWT$ LN        -3702234581   7581020925
TELEWEST COM-ADR     TWSTY US       -3702234581   7581020925
TELEWEST COMM        TWT VX         -3702234581   7581020925
TELEWEST COMM        604296Q GR     -3702234581   7581020925
TELEWEST COMM        TWSTF US       -3702234581   7581020925
TELEWEST COMM        715382Q LN     -3702234581   7581020925
TELEWEST COMMUNI     1608194Z LN   -459786702.9   9163459022
TELEWEST COMMUNI     1646328Z LN   -322407498.9  794173871.1
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      TPT EO        -39843958.08  122386142.5
TOPPS TILES PLC      TPT7 EO       -39843958.08  122386142.5
TOPPS TILES PLC      TPT9 EO       -39843958.08  122386142.5
TOPPS TILES PLC      TPT EU        -39843958.08  122386142.5
TOPPS TILES PLC      TPTJY US      -39843958.08  122386142.5
TOPPS TILES PLC      TPT6 EO       -39843958.08  122386142.5
TOPPS TILES PLC      TPT8 EO       -39843958.08  122386142.5
TOPPS TILES PLC      TPT S1        -39843958.08  122386142.5
TOPPS TILES PLC      TPTGBP EO     -39843958.08  122386142.5
TOPPS TILES PLC      TPT4 EO       -39843958.08  122386142.5
TOPPS TILES PLC      TPT LN        -39843958.08  122386142.5
TOPPS TILES PLC      TPT PZ        -39843958.08  122386142.5
TOPPS TILES PLC      TPT3 EO       -39843958.08  122386142.5
TOPPS TILES PLC      TPT5 EO       -39843958.08  122386142.5
TOPPS TILES PLC      TPTJF US      -39843958.08  122386142.5
TOPPS TILES PLC      TPT VX        -39843958.08  122386142.5
TOPPS TILES PLC      TPT TQ        -39843958.08  122386142.5
TOPPS TILES PLC      TPTEUR EO     -39843958.08  122386142.5
TOPPS TILES PLC      TPT BQ        -39843958.08  122386142.5
TOPPS TILES PLC      TPT1 EO       -39843958.08  122386142.5
TOPPS TILES PLC      TPT2 EO       -39843958.08  122386142.5
TOPPS TILES PLC      TPTEUR EU     -39843958.08  122386142.5
TOPPS TILES PLC      TPT PO        -39843958.08  122386142.5
TOPPS TILES PLC      TPT IX        -39843958.08  122386142.5
TOPPS TILES PLC      TPT10 EO      -39843958.08  122386142.5
TOPPS TILES-NEW      TPTN LN       -39843958.08  122386142.5
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
UNILEVER UK CENT     1273034Z LN    -1928848885   6056871052
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      VMOA LN       -392165409.3  166070003.7
VIRGIN MOB-ASSD      VMOC LN       -392165409.3  166070003.7
VIRGIN MOBILE        UEM GR        -392165409.3  166070003.7
VIRGIN MOBILE        VGMHF US      -392165409.3  166070003.7
VIRGIN MOBILE        VMOB VX       -392165409.3  166070003.7
VIRGIN MOBILE        VMOB LN       -392165409.3  166070003.7
VIRGIN MOBILE        VMOB PO       -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        WNEHF US      -41311778.07  373214358.7
WARNER ESTATE        WNER EO       -41311778.07  373214358.7
WARNER ESTATE        WNER LN       -41311778.07  373214358.7
WARNER ESTATE        WNER EU       -41311778.07  373214358.7
WARNER ESTATE        WRL GR        -41311778.07  373214358.7
WARNER ESTATE        WNER PZ       -41311778.07  373214358.7
WARNER ESTATE        WNER VX       -41311778.07  373214358.7
WARNER ESTATE        WNER PO       -41311778.07  373214358.7
WARNER ESTATE        WNER IX       -41311778.07  373214358.7
WARNER ESTATE        WNERGBP EO    -41311778.07  373214358.7
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
WIGHTLINK LTD        1385642Z LN   -15131435.92  231775265.6
WINCANTON PL-ADR     WNCNY US      -290434318.5   1037176004
WINCANTON PLC        WIN1 EB       -290434318.5   1037176004
WINCANTON PLC        WIN1 BQ       -290434318.5   1037176004
WINCANTON PLC        WIN7 EO       -290434318.5   1037176004
WINCANTON PLC        WIN1GBP EO    -290434318.5   1037176004
WINCANTON PLC        WIN5 EO       -290434318.5   1037176004
WINCANTON PLC        WIN8 EO       -290434318.5   1037176004
WINCANTON PLC        WIN9 EO       -290434318.5   1037176004
WINCANTON PLC        WIN1USD EU    -290434318.5   1037176004
WINCANTON PLC        WIN6 EO       -290434318.5   1037176004
WINCANTON PLC        WIN13 EO      -290434318.5   1037176004
WINCANTON PLC        WIN PZ        -290434318.5   1037176004
WINCANTON PLC        WIN IX        -290434318.5   1037176004
WINCANTON PLC        WIN1 S1       -290434318.5   1037176004
WINCANTON PLC        WIN12 EO      -290434318.5   1037176004
WINCANTON PLC        WIN1 EO       -290434318.5   1037176004
WINCANTON PLC        WIN4 EO       -290434318.5   1037176004
WINCANTON PLC        WIN1 TQ       -290434318.5   1037176004
WINCANTON PLC        WIN1USD EO    -290434318.5   1037176004
WINCANTON PLC        WNCNF US      -290434318.5   1037176004
WINCANTON PLC        WIN VX        -290434318.5   1037176004
WINCANTON PLC        WIN1EUR EU    -290434318.5   1037176004
WINCANTON PLC        WIN1 EU       -290434318.5   1037176004
WINCANTON PLC        WIN PO        -290434318.5   1037176004
WINCANTON PLC        WIN10 EO      -290434318.5   1037176004
WINCANTON PLC        WIN LN        -290434318.5   1037176004
WINCANTON PLC        WIN1 NQ       -290434318.5   1037176004
WINCANTON PLC        WIN1EUR EO    -290434318.5   1037176004
WINCANTON PLC        WIN1 QM       -290434318.5   1037176004
WINCANTON PLC        WIN11 EO      -290434318.5   1037176004
WINDSOR TELEVISI     1475394Z LN   -232297665.7  340517582.8
WINTERTHUR FINAN     1353474Z LN    -5097471.01    146472274
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, Ivy B.
Magdadaro, Frauline S. Abangan and Peter A. Chapman, Editors.

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

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

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

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


                 * * * End of Transmission * * *