TCREUR_Public/120131.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, January 31, 2012, Vol. 13, No. 22

                            Headlines



A R M E N I A

ACBA CJSC: Fitch Withdraws 'BB-' Long-Term Issuer Default Rating


B U L G A R I A

MKB UNIONBANK: Fitch Says 'B+' on Viability Rating Not Affected


F R A N C E

CREDIT FONCIER: Moody's Keeps 'Ba2' StandAlone Credit Strength
VTB BANK: Moody's Withdraws 'D-' Bank Financial Strength Rating
* Founder of French Breast Implant Maker Under Investigation


G E R M A N Y

CORNERSTONE TITAN: Fitch Cuts Ratings on Two Note Classes to 'D'
FRESENIUS MEDICAL: Moody's Rates US$1,800MM Unsec. Notes at 'Ba2'
TITAN EUROPE: Fitch Lowers Ratings on Two Note Classes to 'Dsf'


H U N G A R Y

MALEV ZRT: Special Status May Aid Reorganization


I C E L A N D

LANDSBANKI ISLANDS: Iceland Foods Has Two Serious Contenders


I R E L A N D

TREASURY HOLDINGS: Feb. 21 Hearing Set for NAMA Legal Dispute


L A T V I A

LATVIAN MORTGAGE: Gets Temporary Approval for Public Aid


L U X E M B O U R G

CODERE FINANCE: Moody's Assigns (P)B2 Rating to US$250-Mil. Notes


N E T H E R L A N D S

FAXTOR ABS: Fitch Says Partial Repurchase Won't Affect Ratings
GREEN APPLE: Fitch Downgrades Rating on Class C Notes to 'BB+sf'
SKYLINE 2007: Fitch Affirms Rating on Class E Notes at 'CCCsf'


R U S S I A

EVRAZ GROUP: Moody's Upgrades CFR to 'Ba3'; Outlook Stable
SUKHOI CIVIL: Fitch Affirms Issuer Default Rating at 'BB'


S P A I N

CABLEUROPA S.A.U.: Moody's Affirms 'B2' Corporate Family Rating
SPANAIR SA: Special Committee to Handle Suspension of Operations


S W I T Z E R L A N D

PETROPLUS HOLDINGS: Klesch Group Monitors Assets, Mulls Buyout
PETROPLUS HOLDINGS: Moody's Cuts PDR to 'D' on Insolvency Filings


U N I T E D   K I N G D O M

AC WILLIAMS: In Liquidation; Assets Auctioned Off
ALPHA TELECOM: Ceases Trading; Starts Liquidation Process
ARINZA STAR: In Administration, Business Still Trading
COVE MARINE: Goes Into Voluntary Liquidation
DOLCIS LTD: Jacobson Group Buys Firm Out of Administration

GALA CORAL: Fitch Affirms Issuer Default Rating at 'B'
KINGDOM BAKERS: Goes Into Receivership, 135 Jobs at Risk
STERLINGMAX I: Fitch Affirms Rating on Class B Notes at 'CCCsf'
SULTAN PROPERTIES: In Administration, Owes GBP25 Million
* SCOTLAND: Insolvency Service Sees More Building Firm Failures


X X X X X X X X

* EUROPE: Law Firm Expects More Shipowners to File for Chapter 11
* Centerbridge's Gallogly Sees 'Steady' Opportunity in Europe
* Large Companies with Insolvent Balance Sheets


                            *********


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A R M E N I A
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ACBA CJSC: Fitch Withdraws 'BB-' Long-Term Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has affirmed and withdrawn the ratings of Armenia's
CJSC ACBA-Credit Agricole Bank (ACBA), including its Long-term
Issuer Default Rating (IDR) of 'BB-' with a Stable Outlook.

Fitch has withdrawn the ratings as ACBA has chosen to stop
participating in the rating process.  Therefore, Fitch will no
longer have sufficient information to maintain the ratings.
Accordingly, the agency will no longer provide ratings or
analytical coverage for the bank.

The following ratings have been affirmed and withdrawn:

  -- Long-term IDR: affirmed at 'BB-', Outlook Stable; withdrawn
  -- Short-term IDR: affirmed at 'B'; withdrawn
  -- Viability Rating: affirmed at 'b+'; withdrawn
  -- Support Rating: affirmed at '3', withdrawn


===============
B U L G A R I A
===============


MKB UNIONBANK: Fitch Says 'B+' on Viability Rating Not Affected
---------------------------------------------------------------
Fitch Ratings has maintained MKB Unionbank AD (MKBU)'s Long-term
Issuer Default Rating (IDR), Short-term IDR and Support Rating on
Rating Watch Negative (RWN).  The bank's Viability Rating is not
affected.

MKBU is majority owned (94%) by MKB Bank Zrt. Hungary (MKB,
Support Rating '2'/RWN). MKB is owned by Germany's Bayersiche
Landesbank (BayernLB; 'A+'/Stable).  MKBU's ratings are based on
potential support from its ultimate parent group, BayernLB.

Fitch has maintained MKBU's Long-term IDR at 'BBB+', despite the
downgrade of Hungary's Country Ceiling to 'BBB' from 'A-' on 9
January 2012.  This reflects Fitch's view that BayernLB could
still continue to make support available to MKBU even if transfer
and convertibility restrictions in Hungary cause MKBU's direct
parent, MKB, to default.  At the same time, any further marked
downgrade of Hungary's Country Ceiling, and hence increase in
default risk at MKB, would put downward pressure on MKBU's
ratings.

The RWN on MKBU and MKB's ratings continues to reflect Fitch's
opinion of a possible divestment of the MKB group by BayernLB.
BayernLB is in negotiations with the European Commission (EC) in
respect to a restructuring plan for BayernLB (related to the
state support received in the weak of the global financial
crisis) which may have implications on the central and east
European operations of BayernLB.  Fitch will reassess potential
support for MKBU and MKB as more details about the restructuring
plan and BayernLB's strategy with respect to the MKB group arise.
An ultimate sale of the MKB group could result in a multi-notch
downgrade of MKBU should a new owner be significantly less able
to provide support.

The rating actions on MKBU are as follows:

  -- Long-term Issuer Default Rating: 'BBB+'; maintained on RWN
  -- Short-term Issuer Default Rating: 'F2'; maintained on RWN
  -- Viability Rating: 'b+'; unaffected
  -- Support Rating: '2'; maintained on RWN


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


CREDIT FONCIER: Moody's Keeps 'Ba2' StandAlone Credit Strength
--------------------------------------------------------------
Moody's Investors Service has assigned domestic and foreign long-
term senior unsecured ratings of Aa3 to Credit Foncier de France
(CFF). The outlook on these ratings is stable.

Ratings Rationale

CFF's Aa3 senior unsecured ratings and the stable outlook are
aligned with CFF's existing bank deposit ratings.

CFF's Aa3 long-term ratings benefit from eight notches of rating
uplift from its Ba2 standalone credit strength, due to its
affiliation to Groupe BPCE. The strong solidarity mechanisms in
place within the group, underpinned by the French banking law,
require BPCE -- as the group's central institution -- to ensure
the liquidity and solvency of all the affiliated members. The
stable outlook on CFF's Aa3 long-term ratings is in line with
that of BPCE and reflects (i) Moody's view of expected mutual
support from Groupe BPCE; and (ii) the indirect high probability
of systemic support from the French state -- through its parent
BPCE -- if needed.

WHAT COULD CHANGE THE RATING UP/DOWN

CFF's long-term ratings might be upgraded if Moody's believes
that the creditworthiness of Groupe BPCE (which provides support
to CFF, if needed) has improved.

CFFs long-term ratings would likely be downgraded as a result of
(i) significant deterioration in the creditworthiness of Groupe
BPCE; and/or (ii) a weakening of the group's solidarity
mechanisms, or a change in CFF's affiliation status (in turn,
leading to a re-assessment of the probability of mutualist
support); and/or (iii) a change in Moody's assessment of the
probability of systemic support, which would be provided to
Groupe BPCE and, in turn, to CFF.

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


VTB BANK: Moody's Withdraws 'D-' Bank Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service has withdrawn these ratings of VTB Bank
(France) (VTBF): D- Bank Financial Strength rating; Baa3 long-
term local- and foreign-currency deposit ratings; P-3 short-term
local and foreign currency deposits rating. Besides, Moody's
Investors Service has withdrawn its P-3 short-term local currency
debt rating on the bank's CD program.

Prior to this withdrawal, VTBF's BFSR mapped to Ba3 on the long-
term scale and carried a stable outlook.

Ratings Rationale

Moody's has withdrawn the rating for its own business reasons.

The rating withdrawal does not reflect a change in the bank's
creditworthiness.

Headquartered in Paris, France, VTBF reported total assets of
EUR1.4 billion at YE2010, according to the bank's annual report.


* Founder of French Breast Implant Maker Under Investigation
------------------------------------------------------------
Dow Jones' DBR Small Cap reports that the founder of a French
company that made faulty breast implants sold across the world
was put under formal investigation for unintentional injury by a
Marseille investigating magistrate in a case causing widespread
angst among women.


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


CORNERSTONE TITAN: Fitch Cuts Ratings on Two Note Classes to 'D'
----------------------------------------------------------------
Fitch Ratings has downgraded Cornerstone Titan 2007-1 plc, as
follows:

  -- EUR380.7m class A1 (XS0288055436) downgraded to 'AAsf' from
     'AAAsf'; Outlook Stable

  -- EUR316.2m class A2 (XS0288055600) downgraded to 'BBsf' from
     'Asf'; Outlook Negative

  -- EUR 71.3m class B (XS0262561946) downgraded to 'Bsf' from
     'BBB-sf'; Outlook Negative

  -- EUR 41.9m class C (XS0288057218) downgraded to 'CCCsf' from
     'BBsf'; RE60%

  -- EUR 92.3m class D (XS0288057648) downgraded to 'CCsf' from
     'CCCsf'; RE0%

  -- EUR56.5m class E (XS0288058885) downgraded to 'Csf' from
     'CCCsf'; 'RE0%

  -- EUR10.9m class F (XS0288059420) downgraded to 'Dsf' from
     'CCsf'; RE0%

  -- EUR0m class G (XS0288060196) downgraded to 'Dsf' from 'Csf'

The downgrades reflect the continued deterioration of the
underlying collateral since the last rating action in March 2011.
The agency believes that losses will now likely hit the remaining
class C to E notes.  All principal proceeds have been allocated
to the notes sequentially since 2009.  Although the Class A1
notes will be redeemed at a faster pace, future losses will
partly erode the increased subordination.  Furthermore, advance
rates are affected adversely by collateral depreciation as
highlighted by recent revaluations, contributing to the downgrade
of the most senior tranche.

Only one of the 16 loans that were originally due to mature over
the last 12 months repaid (Cayenne).  The others either defaulted
at their maturities or were extended (Diesel, Munster, and Star).
Fitch expects this trend to continue given the high leverage of
most of the remaining loan portfolio, combined with the secondary
nature and short lease profile of the collateral.

The multi-family housing portfolio securing the Loews loan was
sold in September 2011 with EUR17.8 million of losses (including
swap breakage costs) allocated to the notes at the January 2012
interest payment date.  Sales of properties securing the DT
Berlin and Solstice loans resulted in further losses of around
EUR20 million.  The principal loss allocated to the class F and G
notes resulted in the downgrade of the notes to 'Dsf'.  Fitch
expects that junior noteholders will incur more losses over time.

Six updated valuations were reported throughout 2011, five of
which resulted in substantial increases in leverage.  Fitch's WA
LTV increased to 132% from 117% one year ago.  The most
significant value declines were reported for the assets securing
two of the larger loans: The Xanadu (29% of securitized balance)
and German Retail Portfolio III (9% of securitized balance)
loans' market values declined by 45% and 53%, respectively.
Fitch believes that this is further evidence of the continued
increase of secondary yields and that recovery proceeds will be
limited by lack of investor demand for impaired assets.  The
collateral profile makes the enforcement of the majority of the
loans over the coming years very likely.  Given market
conditions, this will put further pressure on achievable sale
prices across the portfolio. This risk has been incorporated in
the agency's analysis.

Cornerstone Titan 2007-1 was originally a securitization of 32
commercial mortgage loans originated by Credit Suisse and Capmark
Bank Europe, with an aggregate balance of EUR1.32 billion.  Since
closing, seven loans have repaid in full and three with losses,
leaving 22 loans outstanding with a combined balance of EUR970
million.


FRESENIUS MEDICAL: Moody's Rates US$1,800MM Unsec. Notes at 'Ba2'
-----------------------------------------------------------------
Moody's Investors Service has assigned a definite Ba2 rating to
the following proposed bond issuances of finance companies wholly
owned by Fresenius Medical Care AG & Co. KGaA: in total around
US$1800 million worth of senior unsecured notes issued by
Fresenius Medical Care US Finance II, Inc. and FMC Finance VIII
S.A. The FME's Ba1 Corporate Family Rating (CFR) remains
unchanged. The ratings outlook is stable.

FME, together with Fresenius Medical Care Deutschland GmbH and
the intermediate holding company Fresenius Medical Holdings, Inc.
guarantees the notes, a structure which is in line with
outstanding bonds. The senior unsecured notes are expected to be
used to finance the acquisition of Liberty Dialysis holdings Inc,
to refinance existing debt and for general corporate purposes.

Ratings Rationale

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

FME's Ba1 Corporate Family Rating (CFR) is supported by (i) its
absolute scale, vertical integration and a very strong market
position as a leading global provider of dialysis products and
private dialysis services; (ii) continued favorable industry
growth trends and recurring noncyclical nature of its revenues;
(iii) high profitability levels; and (iv) good financial
flexibility. The rating is constrained by (i) FME's relatively
high adjusted financial leverage of around 3.6x (Moody's
definition)on a proforma basis including the effect of FME's
recent acquisitions; (ii) the company's exposure to tightening
healthcare budgets, potential regulatory changes, changes in the
payer mix or government investigations , which could have an
impact on the FME's profitability; (iii)a pure-play focus on the
dialysis market, albeit operating through the whole value chain;
(iv) high regional concentration on the key US market; (v) a
recently increasing appetite for acquisitions to complement
organic growth, which are to a large degree debt financed
resulting in continued reliance on access to capital markets; and
(vi) a financial policy which at times of increased acquisition
activity can lead to short term liquidity pressures.

The issuance of the proposed notes primarily provides funding for
the recently announced acquisition of Liberty Dialysis Holdings
Inc., which marks the largest of a series of transactions
completed in 2011. The acquisition is valued at US$1.7 billion
and expected to close in Q1 2012, as previously announced.

Assignments:

   Issuer: Fresenius Medical Care US Finance II, Inc

   -- Senior Unsecured Regular Bond/Debenture, Assigned Ba2,
      LGD5, 71%

   Issuer: FMC Finance VIII S.A. (Luxembourg)

   -- Senior Unsecured Regular Bond/Debenture, Assigned Ba2,
      LGD5, 71%

The Ba2 (LGD5, 71%) rating for the proposed issuance of over
US$1800 million worth of senior unsecured notes is rated two
notches below the Baa3 (LGD 2, 20%) rating for the group's US$3.9
billion worth of senior credit facilities and one notch below
FME's Ba1 CFR.

While following the issuance of the proposed bonds Moody's LGD
model would support an upgrade of the Senior Secured bank credit
facilities by one notch (i.e. to Baa2), Moody's decided to keep
this rating unchanged at Baa3. This is supported by the currently
weak positioning of the Ba1 corporate family rating due to the
elevated leverage following recent debt-financed acquisition
activity, as well as relatively short maturity of the existing
bank lines which come due in 2013 and would therefore require
refinancing over next 12 months with currently limited visibility
as to the exact amounts and the sustainable split of secured
versus unsecured debt going forward.

The credit facilities, guaranteed on a senior basis by major
intermediary holding and selected operating companies, are
secured by a share pledge of some of the group's operating
subsidiaries and importantly by a springing lien on substantially
all assets, which becomes effective if FME's senior secured debt
rating deteriorate below the Ba3 category. The ratings of the
senior unsecured notes, on the other hand, reflect the effective
subordination of these instruments to the extent of the value of
the collateral securing the US$ 3.9 billion credit facilities.

Moody's also notes that while the senior unsecured notes benefit
from downstream guarantees of FME as well as from upstream
guarantees by Fresenius Medical Care Deutschland GmbH and
Fresenius Medical Care Holdings Inc., the latter is an
intermediary holding company with limited direct cash generation.

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

Given the strategy of FME to grow the business externally an
upgrade of the rating is currently unlikely. A rating upgrade
would require a change in the financial policy of FME towards
lower external growth and a change in the management of short
term liquidity. In addition it would require enhanced regional
diversification, which appears somewhat challenging in the medium
term, profitability at current levels (EBIT-margin in the high
teens) and the generation of positive free cash flow applied to
debt reduction contributing to gradual improvements in leverage
towards 3.0 times debt/EBITDA and CFO/ debt approaching 20%.

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

FME is the world's leading provider of dialysis products and
dialysis services, with LTM 2011 revenues of US$12.6 billion as
of end of September 2011. The company is a vertically integrated
player with operations as a dialysis service provider, a dialysis
product manufacturer for its own dialysis clinics and a supplier
of dialysis products to external dialysis service providers. FME
is controlled by Fresenius SE & Co. KGaA (rated Ba1, stable),
which owns slightly more than 30% of the company but controls
100% of the general partner of FME, given FME's legal status as a
Kommanditgesellschaft auf Aktien (KGaA; partnership limited by
shares).


TITAN EUROPE: Fitch Lowers Ratings on Two Note Classes to 'Dsf'
---------------------------------------------------------------
Fitch Ratings has downgraded Titan Europe 2007-2 Limited's class
F and G commercial mortgage-backed notes as follows:

  -- EUR18.5m class F (XS0302919641) downgraded to 'Dsf' from
     'CCsf'; Recovery Estimate RE0%

  -- EUR0.0m class G (XS0302920730) downgraded to 'Dsf' from
     'CCsf'

The downgrade reflects the allocation of non-accruing interest
(NAI) amounts to the two note tranches at the January 2012
interest payment date.  This follows the completion of the
workout process for the defaulted Portier loan.

In October 2011, EUR113.1 million of net recoveries from the sale
of the Portier German multifamily housing portfolio were applied
towards the partial redemption of the class A notes.  In January
2012, a further EUR1 million was recovered, increasing the total
recovery amount to 89% of Portier's securitized A-note balance.
This resulted in EUR14 million of NAI (effectively the loss on
the Portier A-note) being applied to the junior notes, writing
off the entire class G and EUR2.7 million (12.9%) of class F.


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H U N G A R Y
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MALEV ZRT: Special Status May Aid Reorganization
------------------------------------------------
Zoltan Simon at Bloomberg News, citing the Official Gazette,
reports that Hungary's government gave Malev Zrt., the country's
unprofitable state-owned airline, the special status of a
"strategically extraordinarily important company."

According to Bloomberg, the granting of the status shields the
company from bankruptcy proceedings that may be initiated by
creditors against the indebted airline.

In a separate report, Bloomberg's Mr. Simon notes that the
Development Ministry said Hungary's government granting Malev the
special status of a "strategically extraordinarily important
company" may help the company's reorganization.

The ministry said that the status was granted in line with a
government goal of maintaining an airline with Budapest as its
base, Bloomberg relates.

Malev Zrt. is the flag carrier and principal airline of Hungary.


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I C E L A N D
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LANDSBANKI ISLANDS: Iceland Foods Has Two Serious Contenders
------------------------------------------------------------
Andrea Felsted and Daniel Schaefer at The Financial Times report
that BC Partners and Bain Capital, both private equity groups,
may be the only serious contenders for Iceland Foods when second-
round bids are submitted today.

BC Partners has been given the go-ahead by its investment
committee to make an offer, and is thought likely to submit a
bid, the FT discloses.  Bain Capital has also been looking at
Iceland Foods put up for sale for GBP1.5 billion last year, the
FT notes.

According to the FT, three people familiar with the situation
said that Wm Morrison's interest in the frozen food specialist is
waning.

Certain sources, as cited by the FT, said that Dalton Philips,
Morrison's chief executive, is nervous about the risk involved in
taking on a 750-store chain in the current climate, particularly
after Tesco's surprise profit warning this month.

Malcolm Walker, chief executive and founder of Iceland Foods, who
made a GBP1 billion offer for the business 18 months ago, is not
expected to submit a bid by this evening's deadline, the FT
notes.

People close to the auction remain optimistic about the level of
interest that Iceland Foods will generate, according to the FT.

But, if interest is lower than expected, Mr. Walker -- who with
management owns 23% of the group -- would be in a strong position
to negotiate a buy-out, the FT states.  He is still keen to
acquire the chain but is not thought to want to pay more than his
last offer, the FT says.

Under the terms of his pre-emption rights, Mr. Walker has 42 days
to match any offer accepted by the resolution committee of
Landsbanki, the majority shareholder in Iceland Foods, the FT
discloses.

The process could yet go to a third round of bidding, the FT
notes.

According to the FT, even if Morrison does not bid, it is still
expected to be interested in picking up some Iceland stores, as
it develops its convenience store business.

Expectations have been rising that its interest has waned, since
Asda also pulled out of the race, the FT states.

                    About Landsbanki Islands

Landsbanki Islands hf, also commonly known as Landsbankinn in
Iceland, is an Icelandic bank.  The bank offered online savings
accounts under the "Icesave" brand.  On October 7, 2008, the
Icelandic Financial Supervisory Authority took control of
Landsbanki and two other major banks.

Landsbanki filed for Chapter 15 protection on Dec. 9, 2008
(Bankr. S.D. N.Y. Case No.: 08-14921).  Gary S. Lee, Esq., at
Morrison & Foerster LLP, represents the Debtor.  When it filed
for protection from its creditors, it listed assets and debts of
more than US$1 billion each.


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TREASURY HOLDINGS: Feb. 21 Hearing Set for NAMA Legal Dispute
-------------------------------------------------------------
Ciaran Hancock and Mary Carolan at The Irish Times reports that
Treasury Holdings' legal challenge to a decision on Wednesday by
the National Asset Management Agency to appoint receivers to a
portfolio of property assets will be heard on Feb. 21.

The President of the High Court, Mr. Justice Nicholas Kearns, on
Thursday set four days aside for the hearing, the Irish Times
discloses.

In the meantime, David Hughes of PricewaterhouseCoopers and
Luke Charleton of Ernst Young have been appointed as receivers,
the Irish Times relates.

It is understood there is an agreement by the receivers not to
take steps to sell assets before the case has been heard, the
Irish Times notes.

According to the Irish Times, the legal proceedings were
initiated last week by Treasury and 22 related companies after
NAMA told the company that it intended to appoint joint receivers
to assets in Ireland to enforce its securities.

The assets include properties in Dublin such as the PwC head
office in Spencer Dock, the Alto Vetro building on Barrow Street,
and the Central Park office complex near Leopardstown, where
Vodafone and Tullow Oil have bases, the Irish Times discloses.

Treasury claims the actions of NAMA could have a domino effect
within the group, threatening its survival in circumstances where
it employs 300 people here and 100 outside Ireland, the Irish
Times states.  The company, as cited by the Irish Times, said
discussions with two investors -- Australian investment bank
Macquarie and real estate investor Hines -- were at a relatively
advanced but sensitive stage.

Treasury Holdings is owned by Richard Barrett and John Ronan.


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L A T V I A
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LATVIAN MORTGAGE: Gets Temporary Approval for Public Aid
--------------------------------------------------------
Europolitics reports that the European Commission granted
temporary clearance, on January 26, to public support granted to
the state-owned Latvian Mortgage and Land Bank (Latvijas Hipoteku
un zemes banka).

According to Europolitics, the measures include a
recapitalisation of EUR70.2 million, granted in March 2010, an
additional recapitalisation, a standby liquidity facility,
guarantees to international creditors of the commercial segment
of MLB and liquidity support for the solvent liquidation of bad
assets. These different subsidies must contribute to the
restructuring of MLB, initially a mixed development and
commercial bank, which is being transformed into a pure
development bank, the report relays.

Europolitics says the EU executive nevertheless decided to open
an in-depth investigation to obtain more certainty on the
deadlines envisaged for the sale of commercial activities and to
collect additional information on the liquidation of activities
that cannot be sold in the short term.  It wishes to ensure that
aid granted to the bank is limited to a minimum, that sufficient
measures have been taken to limit distortions of competition and
that MLB's economic activities, if continued after the sale, are
viable.  The Commission, says Europolitics, also intends to
examine more closely the compatibility of the bank's development
activities with state aid rules, focusing its assessment on the
fact that loans granted by MLB in this context could not be
obtained from commercial banks.

"The Commission supports the bank in this process but needs to
gather the necessary information to ensure that the aid granted
to MLB's commercial activities is compatible with state aid rules
on restructuring," Europolitics quotes Competition Commissioner
Joaquin Almunia as saying.


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


CODERE FINANCE: Moody's Assigns (P)B2 Rating to US$250-Mil. Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B2 rating
and a loss given default assessment of LGD4 (61%) to the proposed
issuance of US$250 million worth of senior notes due in 2019 by
Codere Finance (Luxembourg) S.A. Concurrently, Moody's has
changed the outlook on Codere S.A.'s B1 corporate family rating
(CFR) and all other ratings to negative from stable.

Codere intends to use the proceeds of this offering to finance
the purchase of an additional 35.8% stake in Mexican gaming hall
operator ICELA, pay transaction fees and for general corporate
purposes.

Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect the rating agency's
preliminary credit opinion regarding the transaction only. Upon a
conclusive review of the final documentation, Moody's will
endeavor to assign a definitive rating to the group's proposed
US$250 million worth of senior notes. The definitive rating may
differ from the provisional rating.

Ratings Rationale

Moody's has assigned a (P)B2 rating to Codere's proposed issuance
of US$250 million worth of senior notes due in 2019. The new
notes will rank pari-passu with the existing EUR760 million worth
of 8.25% senior notes due in 2015. The one-notch differential
between the (P)B2 rating of the notes and Codere's B1 CFR
reflects (i) these notes' structural and contractual
subordination to other obligations in Codere's capital structure
(including secured debt at operating subsidiaries and trade
payables); and (ii) their contractual subordination to the EUR120
million revolving credit facility (of which only EUR60 million is
a credit line), as established in the intercreditor agreement.

"The change in outlook on Codere's B1 rating to negative from
stable reflects the weakening in the group's credit metrics
following its debt-financed acquisition of an additional stake in
ICELA and Moody's expectation that its ratios will remain weak
for the rating category for the next 12 to 18 months," says Iv n
Palacios, a Moody's Vice President -- Senior Analyst and lead
analyst for Codere.

Moody's estimates that Codere's adjusted debt/EBITDA will weaken
to around 4.5x in 2012. This expectation reflects not only the
likely impact on Codere of the new bond issuance to fund the
ICELA transaction, but also the expected increase in Moody's debt
adjustment for capitalized operating leases resulting from the
full consolidation of ICELA and the Caliente joint operating
companies (Opcos).

"Codere has exhausted its financial flexibility at the current
rating level, while visibility in terms of operating performance
for 2012 is relatively low," explains Mr. Palacios. "This lack of
visibility is also reflected by the two downward revisions of the
group's EBITDA guidance for YE2011 announced during that year."

"We expect that the operating environment for Codere will remain
challenging in 2012, primarily driven by the impact of the
smoking ban in all enclosed public spaces in Argentina to be
implemented in the Province of Buenos Aires during the first half
of 2012," continues Mr. Palacios. "This expectation is also based
on the very weak macroeconomic environment in Spain and Italy,
which could be further affected by the fiscal consolidation
policies that the respective governments are implementing,
including austerity measures that could have an impact on
consumer confidence, and changes in tax structures of certain
gaming products," adds Mr. Palacios.

The acquisition of an additional stake in ICELA enables Codere to
become the majority owner of the leading Mexican gaming operator
in terms of the number of gaming halls. This stake also confers
Codere the ownership of the gaming licenses and improves the
geographical diversification of the portfolio, in that it
increases the group's Mexican operations such that it reduces its
reliance on Argentina. However, Moody's notes that following the
transaction, Codere will be fully consolidating ICELA, an asset
of which it owns 84.8%; therefore, Codere will experience some
cash flow leakage to minority shareholders.

The issuance of the US$250 million of notes due in 2019 will help
Codere to mitigate the foreign exchange risk of the group, in
which the vast majority of debt is denominated in euros, while
around 80% of its EBITDA (before central expenses and
eliminations) is generated in Latin America, where the currencies
are more correlated to the US dollar.

Moody's observes that the terms of the US dollar-denominated
notes are less restrictive than those included in the existing
euro-denominated notes due in 2015. For example, the new notes
allow for a material amount of secured debt at the subsidiary
level (the greater of US$400 million or 100% of the group's
consolidated cash flow) and have a lower limitation on debt
incurrence (fixed-charge coverage ratio of 2.25x). However,
Moody's derives comfort from the fact that the more restrictive
covenants of the existing notes will continue to govern Codere's
financial policy until the euro-denominated notes are repaid or
refinanced.

In addition, the new notes include a portability feature such
that in the event of an initial public offering (IPO) or sale of
part of Codere's Latin American business, the US dollar-
denominated notes could be assumed by the group's Latin American
holding company. In Moody's view, this portability feature adds
an element of complexity and uncertainty for the US dollar-
denominated noteholders, as the Latin American holding company
could be an entity with a weaker business risk profile (smaller
size and lower geographical diversification) than the current
Codere. However, Moody's expects that the Latin American holding
company would have stronger credit metrics, given that leverage
will be 0.25x lower than that of Codere as required by the bond
indenture. At this stage, the rating does not assume the
completion of this transaction. If the potential IPO or partial
sale of Codere's Latin American business is concluded, Moody's
will reassess the rating and will likely assign a new CFR at the
Latin American holding company level.

Moody's also notes that the new US dollar-denominated notes
mature in 2019, after the maturity of the EUR531 million payment
in kind (PIK) loan (due in December 2015) of Masampe Holding
B.V., a special purpose vehicle that holds a controlling stake in
Codere and is, in turn, owned by members of the Martinez Sampedro
family. The PIK loan was issued outside the Codere restricted
group and has no direct claim on the restricted group other than
through its equity holding. However, this instrument represents
an overhang for Codere given that a default on the PIK loan could
trigger the Change of Control clause under the group's bonds and
the subsequent refinancing of its capital structure, which would
entail a buyback of the notes at 101%.

Codere's B1 CFR reflects the company's position as one of the
leading gaming operators in Latin America (primarily Argentina
and Mexico), Italy and Spain, and its stable operating
performance derived from diversification in terms of business
lines, gaming assets and geographies, which in recent years has
allowed the group to offset the relative weakness of its Spanish
operations with the stronger performance of its Latin American
and Italian businesses. The rating also reflects the company's
exposure to emerging markets risk.

The negative rating outlook on Codere's B1 CFR reflects that the
group has exhausted its financial flexibility at the current
rating level and that further downward pressure could potentially
result from any (i) deterioration in the group's operating
performance; (ii) large debt-financed acquisitions; and/or (iii)
pressures on the group's liquidity profile.

WHAT COULD CHANGE THE RATING UP/DOWN

Moody's would consider downgrading Codere's ratings if the group
were to continue to exhibit weak debt protection measures for the
rating category, such as adjusted debt/EBITDA of around 4.5x,
whether as a result of operational underperformance or large
debt-financed acquisitions. Downward pressure could also be
exerted on the rating if the group were to experience a
significant reduction in liquidity or if its financial covenants
were to come under stress.

Upward pressure on Codere's rating is unlikely given the negative
outlook. However, Moody's could change the rating outlook back to
stable if a strong operating performance enables Codere to
improve its credit metrics such that adjusted debt/EBITDA trends
towards 4.0x and below, while maintaining positive free cash flow
generation. Future upward pressure on the rating is likely to be
constrained by (i) Codere's appetite for expansion; (ii) the
increasing proportion of cash flows that the group generates in
emerging markets; (iii) the weak macroeconomic environment in
Spain and Italy; and (iv) the presence of a PIK loan at the
shareholder level.

Principal Methodology

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

Codere is a multinational gaming operator engaged in the
management of gaming machines, machine halls, bingo halls, horse
racing tracks, casinos and sports betting locations in Latin
America, Italy and Spain. As of September 2011, Codere managed
56,572 gaming machines, 191 gaming halls (including machine
halls, bingo halls with machines, machine halls at racetracks and
casinos), 780 sports betting locations and three horse racing
tracks. In the 12 months ended September 2011, Codere generated
operating revenue of EUR1.3 billion and EBITDA of EUR278 million.


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


FAXTOR ABS: Fitch Says Partial Repurchase Won't Affect Ratings
--------------------------------------------------------------
Fitch Ratings says that Faxtor ABS 2005-1 B.V.'s ratings will not
be impacted as a result of the recent partial repurchase of the
class A1 notes.

Under the terms of the buyback, the repurchase of EUR29.4 million
of the class A1 notes has been undertaken at a discounted
purchase price.  The repurchased notes have subsequently been
cancelled, thereby increasing the available credit enhancement to
all rated notes.  The repurchase was funded using cash available
in the principal collection account.  As of January 2012,
approximately EUR22 million is available in the principal
collection account

Following the end of the reinvestment period in February 2011,
all proceeds in the principal collection account are distributed
to noteholders.  Due to the funding of the repurchase of the
class A1 notes, the amount of principal proceeds available for
immediate distribution to the remaining noteholders will be
substantially reduced.  However, at the same time, noteholders
will benefit from an increase in credit enhancement due to the
relative increase of assets compared with liabilities in the
structure.

Currently the class A3, A4, B and additional coverage tests are
breaching their limits.  Fitch notes that all coverage test
ratios will improve as a result of the repurchase. Consequently,
the amount of interest required to be diverted on future payment
dates to the senior notes to cure the coverage tests may be
reduced.

The notes' ratings are as follows:

  -- EUR140.3m Class A1 (XS0235143970): 'BBBsf'; Outlook Stable
  -- EUR10.0m Class A-2E (XS0235144358): 'BBsf'; Outlook Stable
  -- EUR10.0m Class A-2F (XS0235144945): 'BBsf'; Outlook Stable
  -- EUR20.0m Class A-3 (XS0235146056): 'Bsf'; Outlook Negative
  -- EUR18.6m Class A-4 (XS0235146569): 'CCsf'
  -- EUR14.0m Class B (XS0235147617): 'CCsf'


GREEN APPLE: Fitch Downgrades Rating on Class C Notes to 'BB+sf'
----------------------------------------------------------------
Fitch Ratings has downgraded Green Apple 2008-I B.V.'s class A
and C and affirmed the class B notes, as follows:

  -- Class A (ISIN XS0406581495): downgraded from 'AAAsf'' to
     'AAsf'; Outlook Stable; off Rating Watch Negative (RWN)

  -- Class B (ISIN XS0406581735): affirmed at BBB+sf'; Outlook
     Stable; off RWN

  -- Class C (ISIN XS0406582030): downgraded from 'BBB-sf'' to
     'BB+sf'; Outlook Stable; off RWN

The transaction encompasses 100% Nationale Hypotheek Garantie
(NHG)-backed mortgages loans originated by Argenta Spaarbank N.V.
(not rated).  Following the update of Fitch's criteria for rating
RMBS transactions backed by NHG mortgages, Argenta has decided
not to restructure the transaction.  The ratings assigned are
based on the original structure, the current credit enhancement
levels of the transaction and the additional information provided
by Argenta.

Fitch was provided with static default data by vintage, split
between standard loans and loans backed by the NHG, for the
entire Argenta loan book.  This data showed that both NHG and
non-NHG loans had significantly outperformed the market average
from 1999 to 2011 and were well below Fitch's base case default
assumptions.  Based on this data, Fitch applied a 25% decrease to
the base default probabilities of all NHG loans.  Furthermore,
the Stichting Waarborgfond Eigen Woningen (WEW, administrator of
the NHG) provided Fitch with a list of claims which Argenta made
to the WEW between 2006 and 2011.  Fitch used this historical
data to determine a compliance ratio for Argenta, which was
determined to be slightly better than the market average
compliance ratio observed by Fitch.

Argenta is not rated by Fitch and because the deposit set-off is
not capped, the agency has accounted for deposit set-off risks in
rating scenarios above Fitch's internal credit opinion of
Argenta.  There is a higher risk of the notes being downgraded
due to the uncapped deposit set-off in the transaction.

Information on the insurance providers was not available on a
loan-by-loan basis.  However, based on the original transaction
information, Fitch assumed that less than 1% of the insurance
loans (54.3% of the pool) in the mortgage portfolio have Argenta
as the policy provider.  In case of insolvency of the insurance
policy provider, there is a higher likelihood courts could allow
borrowers to set-off against their mortgage amounts owed to them
under the insurance policies if the policy was provided by the
same entity.  In its analysis, Fitch assumed 25% of set-off
likelihood should any of the insurance providers fail.  The
additional credit enhancement needed in order to cover this risk
was incorporated in the cash flow modelling analysis.

The agency also considered the risk of the loss of funds due to
commingling or disruption of payments and accounted for this in
the transactions by assuming a loss of one month's collections in
its cash flow analysis.

To analyze the credit enhancement levels, Fitch evaluated the
collateral using its default model, details of which can be found
in the reports entitled "EMEA Residential Mortgage Loss
Criteria", dated 16 August 2011, "EMEA RMBS Criteria Addendum -
Netherlands" and "EMEA RMBS Criteria Addendum - Netherlands -
NHG-Backed", both dated 6 July 2011.  The agency assessed the
transaction cash flows using default and loss severity
assumptions indicated by the default model under various
structural stresses including prepayment speeds and interest rate
scenarios.  The cash flow tests showed that each class of notes
could withstand loan losses at a level corresponding to the
related stress scenario without incurring any principal loss or
interest shortfall and can retire principal by the legal final
maturity.


SKYLINE 2007: Fitch Affirms Rating on Class E Notes at 'CCCsf'
--------------------------------------------------------------
Fitch Ratings has affirmed Skyline 2007 B.V. as follows:

  -- EUR1,524.2m class A (NL0000886935) affirmed at 'Asf'; Stable
     Outlook

  -- EUR162.0m class B (XS0304009847) affirmed at 'BBBsf'; Stable
     Outlook

  -- EUR133.5m class C (XS0304022279) affirmed at 'BBsf';
     Negative Outlook

  -- EUR121.5m class D (XS0304022436) affirmed at 'Bsf'; Negative
     Outlook

  -- EUR43.5m class E (XS0304022865) affirmed at CCCsf ; Recovery
     Estimate RE20%

The rating action reflects the transaction's stable performance
since the last rating action in February 2011.  Approximately 34%
of the note issuance has been redeemed since the end of the
replenishment period in April 2011. Of this EUR1 billion
repayment, 86.7% is accounted for by the seller repurchasing
EUR867 million of these loans.  This was compulsory after further
advances had been granted to these borrowers.  Consequently these
loans had to be bought out of the transaction.  In addition to
this repayment, EUR55 million of scheduled and EUR93 million of
unscheduled principal payments have also been made, accounting
for the remaining 13.3% of note redemption.

As all principal proceeds have been applied to the notes
sequentially, available credit enhancement has improved across
the structure.  Several mechanisms are also in place to protect
the notes from potential future losses.  The EUR24 million
reserve account, subordinated to class E, has been built up to
EUR31 million in January 2012 via excess spread.  The swap
agreement guarantees an excess margin of 0.6%. Additional excess
spread can be trapped in principal deficiency ledgers once loan-
level losses are occurring.

Despite the substantial class A note balance reduction, the
weighted average loan-to-value ratio (LTV) remains almost
unchanged at 70.2%. Factors partly off-setting deleveraging
includes the prepayment of low-LTV loans and the revaluation of
collateral (secondary Dutch real estate).  The pool composition
by asset type also remains largely unchanged, with the collateral
consisting of either office (37.1%), residential (21%), retail
(20.4%) industrial (14.6%) or other assets (6.9%).  The debt
service coverage ratio, which peaked at 2.4x in 2009, has
stabilized at approximately 2x.

Delinquent loans historically accounted for 0.4% to 3.3% of the
portfolio balance.  The figures exclude a one-off escalation in
January 2010 when a surge in short-term arrears increased the
total delinquencies to 9.1%. In January 2012, 1.9% of the pool
was in arrears.  No loan defaults have been reported since
closing in July 2007.


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


EVRAZ GROUP: Moody's Upgrades CFR to 'Ba3'; Outlook Stable
----------------------------------------------------------
Moody's Investors Service has upgraded the corporate family
rating (CFR) of Evraz Group S.A. to Ba3 from B1. The outlook of
the rating was changed to stable from positive. Concurrently, the
senior unsecured rating of Evraz's notes was upgraded to B1
(LGD5, 73%) from B2.

Ratings Rationale

The upgrade reflects the improving performance and financial
metrics of Evraz over the last two years, in particular its
stable and solid free cash flow, which has consistently yielded a
ratio of free cash flow to debt of 18% or more even in the
challenging year of 2009. This has enabled Evraz to steadily
reduce debt; as of June 30, 2011, the company's debt, including
Moody's adjustments, was US$7.6 billion (2.7x EBITDA), which is
26% less than its debt as of December 31, 2008. This has been
accomplished over a time when steel markets have not been
especially strong, which speaks to the company's low cost
operations. At a time of rising raw material costs, the stability
of its profit margins has been aided by its self-sufficiency for
iron ore and 60% self-sufficiency for coking coal. Evraz has been
investing, and is continuing to invest, in coal and iron ore
assets to strengthen its cost structure. These upstream
investments, plus the importation of its own low-cost slabs to
the US, should make it resilient to either raw material pressures
or steel demand weakness. Moody's additionally notes that steel
market conditions for Evraz's long products in Russia, where it
is the market leader, have held up better than in other regions.
And, Moody's notes the improvements Evraz has made to its debt
maturity profile and liquidity over the last two years.

Evraz's Ba3 CFR is supported by its strong market share in long
steel products, cost-efficient asset base, vertical integration
into iron ore and coal, and end-market and global
diversification. These attributes have made the company a stable
performer over the last few years, especially in terms of
generating stable and solid free cash flow, which has enabled it
to steadily reduce debt. As a result, all its credit metrics have
moved in a positive direction. Moody's expects the company's good
profitability and stability to hold in 2012 even if the markets
for steel and related raw materials weaken. The company targets
financial leverage, measured by net debt/12-month EBITDA, to less
than 2.5x (2.2 as of June 30, 2011).

The rating remains constrained by somewhat high leverage and weak
debt protection measures, the potential for relatively high
levels of capital investments as the company moves to increase
its output of coal and iron ore and expands or upgrades its
steel-making assets, and the cyclicality of the steel industry,
which has weakened globally since mid-2011 and may remain soft
for most of 2012. In addition, the rating considers the fact that
the economic, operating and legal framework in Russia is still in
development.

The stable rating outlook reflects the company's solid operating
performance, the relative robustness of its primary end-markets,
and a strong liquidity profile with manageable debt maturities
over the next year. Evraz's corporate family rating could be
upgraded if it were to sustainably achieve gross leverage of less
than 2.0x, continue to generate positive free cash flow, and
maintain its good short-term liquidity position. Evraz's rating
could come under pressure if its gross leverage exceeds 3.0x or
its ratio of free cash flow to debt is below 5% for what is
expected to be a sustained period of time, if it embarks on a
program of high dividends or share buybacks, or if its liquidity
sources are not able to fund debt maturing over the next 12
months.

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

Evraz Group is one of the largest vertically integrated steel
companies in Russia (by volume and assets) and also has assets in
Europe, North America, South Africa and Ukraine. In 2010, Evraz
produced 16.3 million tonnes of crude steel (16.8 million tonnes
in 2011) and 14.7 million tonnes of rolled products (15.2 million
tonnes in 2011), had revenue of US$13.4 billion, and generated
reported EBITDA of US$2.4 billion.

Evraz's principal assets are steel plants in Russia, Europe,
North America, South Africa and Ukraine, and, located
predominantly in Russia, iron ore and coal mining facilities as
well as logistics and trading assets. It is essentially 100%
self-sufficient for iron ore and 60% self-sufficient for coking
coal. It has a number of investment projects underway to raise
its output of iron ore and coal and to increase its steel-making
capabilities.

Lanebrook Ltd and its affiliates hold 75.1% of the share capital
of the group. The rest of the share capital is free float.


SUKHOI CIVIL: Fitch Affirms Issuer Default Rating at 'BB'
---------------------------------------------------------
Fitch Ratings has affirmed Sukhoi Civil Aircraft JSC's (SCAC)
Long-term Issuer Default Ratings (IDR) at 'BB' with a Stable
Outlook.

In line with Fitch's parent subsidiary linkage methodology,
SCAC's ratings are driven by its strong links to its ultimate
majority shareholder, the Russian government ('BBB'/Stable).  The
Stable Outlook reflects Fitch's Stable Outlook on the Russian
Federation's ratings.  Due to its shareholding, Fitch expects
SCAC to continue to receive support from the Russian state via
additional equity injections over and above what has already been
contributed.  Any waning, or perceived waning, of that support,
is likely to see SCAC's ratings further notched down from those
of the sovereign.

Other factors influencing SCAC's ratings include the likely
continued strong local demand for the company's product, the
presence of French-based engine manufacturer SNECMA as a risk-
sharing partner on the Sukhoi Super Jet 100 (SSJ 100) program and
the positive free cash flow generation capabilities of the SSJ
100 program beyond 2014.

As of June 30, 2011, SCAC had external gross debt of
approximately US$1.5 billion, of which approximately half was
short term.  Unrestricted cash and cash equivalents were US$64
million. SCAC's 2017 RUB5 billion bond has a September 2012 put
option, the December 2013 RUB3 billion bond has a December 2012
put option, while the two April 2014 bonds (totalling RUB6
billion) have April 2012 put options.  Fitch understands further
debt of up to US$1 billion will be issued in 2012 and 2013 to
refinance maturing debt and provide capital for the company's
production ramp-up of the SSJ 100.

Established in 2000, SCAC is engaged in the development and
production of civil aviation aircraft. At present, the Russian
state controls 75% - 1 share of SCAC, following a 25% plus one
share stake sale to Alenia Aeronautica (a 100% subsidiary of
Finmeccanica, rated 'BBB-'/Negative) in 2009.  The company's
product range currently consists solely of the SSJ 100 aircraft,
a regional jet which is available in two sizes, offering 87 and
103 seats.  Work on the SSJ 100 began in 2001, the first test
flight took place in 2008 and the first commercial delivery took
place in Q211.  To date, six SSJ 100 aircraft have been
delivered. Given the start-up nature of the company, SCAC's
stand-alone credit profile is weak, and will continue to be so in
the short to medium term.  As production ramps-up over the next
three years, Fitch does not expect SCAC to generate material free
cash flow in that period, and the company will continue to remain
reliant on state support to fund its operations.

The rating actions are as follows:

  -- Long-term IDR affirmed at 'BB'; Outlook Stable
  -- Short-term IDR affirmed at 'B'
  -- Long-term local currency IDR affirmed at 'BB'; Outlook
     Stable
  -- Short-term local currency IDR affirmed at 'B'
  -- Foreign currency senior unsecured rating affirmed at 'BB'
  -- Local currency senior unsecured rating affirmed at 'BB'
  -- National Long-term rating affirmed at 'AA-(rus)'; Outlook
     Stable
  -- National Short-term rating affirmed at 'F1+(rus)'

Approximately RUB14 billion of public debt is outstanding.


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


CABLEUROPA S.A.U.: Moody's Affirms 'B2' Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B1 rating
to the US$400 million worth of senior secured notes due in 2018
to be issued by Nara Cable Funding Limited (Nara), a special
purpose vehicle that will on-lend the funds to Cableuropa S.A.U.
(ONO). Concurrently, Moody's has affirmed ONO's B2 corporate
family rating (CFR) and all other ratings. The outlook on all
ratings is stable.

The proceeds of Nara's announced issuance of US$400 million worth
of senior secured notes will be on-lent to Cableuropa, S.A.U.
under a new tranche of its EUR3.6 billion senior facilities
agreement. ONO will then use the notes to prepay and cancel an
equivalent amount of senior bank debt. The new notes will rank
pari passu with ONO's existing senior secured facilities and
senior secured notes.

Moody's issues provisional instrument ratings in advance of the
final sale of securities and these ratings reflect the rating
agency's preliminary credit opinion regarding the transaction
only. Upon a conclusive review of the final documentation,
Moody's will endeavor to assign a definitive rating to the notes.
The definitive rating may differ from the provisional rating.

Ratings Rationale

The (P)B1 rating that Moody's has assigned to the new notes is
one notch higher than ONO's B2 CFR, reflecting the impact of the
presence of junior debt in the company's capital structure. This
primarily comprises EUR460 million worth of senior subordinated
notes due in 2019 issued by ONO Finance II Plc.

Moody's notes that the proposed bond issuance is the fifth
measure of a broader refinancing plan, which was initiated in
May 2010, when ONO refinanced its existing bank facility with new
forward-start facilities due in 2013. This was then followed with
the issuance of (i) a EUR700 million senior secured bond in
October 2010; (ii) EUR460 million worth of senior subordinated
notes in January 2011; and (iii) a further EUR300 million worth
of senior secured notes in August 2011.

ONO's debt repayment requirements in 2013 will remain around
EUR1.8 billion after this transaction. Although this is still a
large amount, it is well below the EUR3.5 billion in debt
repayments that the company faced 18 months ago. In Moody's view,
ONO's substantial effort in reducing its debt maturity wall will
help the company ease the refinancing of the remaining amounts
outstanding under its senior bank facility.

ONO's B2 CFR reflects the company's position as Spain's largest
cable operator and leading alternative provider of
telecommunications, broadband and internet and pay-TV services
and its resilient performance despite the challenging
macroeconomic environment in the country. The rating also
reflects the large refinancing requirements in 2013, balanced by
the company's efforts to reduce this debt maturity wall.

The stable outlook reflects Moody's expectation that ONO will
deliver on its business plan with no deterioration in its
financial profile. The stable outlook also assumes that ONO will
deal with the refinancing of the remaining bank debt at least 12
months ahead of its maturity in June 2013.

WHAT COULD CHANGE THE RATING UP/DOWN

Upward pressure on the rating will hinge on ONO's ability to
successfully refinance on affordable terms the circa EUR1.8
billion of outstanding amounts under its senior credit
facilities, while continuing with its deleveraging efforts, such
that debt/EBITDA (as adjusted by Moody's) trends below 5.0x and
the company generates growing positive free cash flow. However,
Moody's notes that further weakening of the macroeconomic
environment in Spain could constrain upward pressure on the
rating. The uncertain macroeconomic environment limits visibility
as regards (i) the expected evolution of ONO's top line, EBITDA
and free cash flow generation through the company's business
plan; and (ii) the company's ability to secure the required
financing at affordable rates.

Downward rating pressure could arise as a result of (i) a failure
by ONO to deliver operational performance that is in line with
Moody's estimates; (ii) the re-emergence of liquidity concerns,
if ONO fails to proactively address the refinancing of its 2013
debt maturities by mid-2012; or (iii) a material deterioration of
the macroeconomic environment in Spain.

Principal Methodology

The principal methodology used in rating ONO was the Global Cable
Television Industry Methodology published in July 2009. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Headquartered in Madrid, Cableuropa, S.A.U. (ONO) is Spain's
largest cable operator and leading alternative provider of
telecommunications, broadband and internet and pay-TV services.
It is the only cable operator with national coverage. In FY 2010,
ONO reported revenues of around EUR1.5 billion and EBITDA of
EUR725 million.


SPANAIR SA: Special Committee to Handle Suspension of Operations
----------------------------------------------------------------
David Roman at Dow Jones Newswires reports that the government of
Spain's Catalonia region said Sunday it has created a special
committee to handle the suspension of operations by local airline
Spanair, which is likely to file for bankruptcy in coming days.

According to Dow Jones, the committee will coordinate the
response to any difficulties faced by travelers with air tickets
issued by the Barcelona-based company, after the sudden grounding
of its fleet, effective late Friday, led to the cancellation of
more than 200 flights and left over 22,000 passengers stranded.

Meanwhile, Spanish authorities Sunday continued efforts to
minimize disruptions to air traffic, and said they have assisted
200 Spanair clients who were to board suspended flights out of
Africa, helping them to make alternative arrangements, Dow Jones
relates.

According to Dow Jones, Spain's Public Works Minister Ana Pastor
said on Saturday that the government may slap Spanair with about
EUR9 million (US$11.9 million) in fines and cancel its airline
license due to the sudden cancellation of flights and failure to
assist passengers.

The Public Works ministry, which supervises the transport sector,
said Spanair is required to assist customers and reimburse
cancelled tickets, Dow Jones notes. The company has announced it
plans to do refund most customers, Dow Jones discloses.

As reported by the Troubled Company Reporter-Europe on Jan. 30,
2012, Spanair ceased operations after Qatar Airways Ltd. halted
takeover talks and the regional government refused to provide
further funding.  The carrier, as cited by Bloomberg, said in an
e-mailed statement that the final flight landed at about 10:00
p.m. on Friday, citing "a lack of financial visibility for the
coming months."  "We were in a very advanced process of finding a
financial partner, but we were notified by the regional
government that it couldn't finance our operations anymore and
that Qatar wouldn't invest," Bloomberg quoted Chairman Ferran
Soriano as saying on state-owned TVE.  Closing operations was
"the most prudent and safe" decision.  The Spanish airline, which
has more than 2,000 employees, is looking at options "including
seeking protection from creditors or filing for bankruptcy,"
though no decision has yet been made, Bloomberg quoted
spokeswoman Sandra Melendez as saying on Saturday.  SAS, which
sold 80% of the airline in March 2009 and now holds 11%, said in
a statement it will write down the value of its remaining stake
by SEK1.7 billion (US$252 million), Bloomberg disclosed.

Spanair SA is the fifth-largest airline by passengers in Spain.
Founded in 1986, operated from 15 Spanish airports and had routes
to Europe, Africa and the Middle East.  The airline carried 12.56
million passengers in 2011


=====================
S W I T Z E R L A N D
=====================


PETROPLUS HOLDINGS: Klesch Group Monitors Assets, Mulls Buyout
--------------------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that Swiss chemical
company Klesch Group is monitoring the proceedings surrounding
insolvent refiner Petroplus Holdings AG, with an eye towards
possible acquisitions, a Klesch spokesman said.

Meanwhile, the report relates that a French prosecutor has
launched an investigation into the insolvency filing by the local
unit of Swiss-based refiner Petroplus Holdings AG.

                   About Petroplus Holdings

Based in Zug, Switzerland, Petroplus Holdings AG is Europe's
largest independent oil refiner.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on Jan. 20,
2012, Standard & Poor's Ratings Services lowered its long-term
issuer credit ratings on Switzerland-based refiner Petroplus
Holding AG to 'CC' from 'CCC+'.  "At the same time, we lowered
our long-term issue ratings on senior unsecured notes totaling
US$1.6 billion and a US$150 million convertible bond issued by
finance subsidiary Petroplus Finance Ltd. (Bermuda) to 'C' from
'CCC'.  The recovery ratings of '5' on all rated instruments
remain unchanged," S&P said.


PETROPLUS HOLDINGS: Moody's Cuts PDR to 'D' on Insolvency Filings
-----------------------------------------------------------------
Moody's Investors Service has downgraded the probability of
default rating (PDR) of Petroplus Holdings AG to D from Caa3 and
its corporate family rating (CFR) to Ca from Caa2. The ratings
assigned to the US$1.6 billion senior unsecured bonds issued by
Petroplus Finance Limited were downgraded to C from Caa3. The
outlook is negative.

Petroplus Holdings AG

  Corporate Family Rating -- Ca
  Probability of Default Rating -- D

Petroplus Finance Limited (Bermuda)

  Senior unsecured ratings -- C

Outlook is negative.

Ratings Rationale

The action reflects the announcement by Petroplus that it has
failed to obtain the agreement of its banks to reopen the credit
lines needed to maintain its operations and meet its financial
obligations, and decided to file for insolvency proceedings
following the decision of the lenders to accelerate its Revolving
Credit Facility (RCF).

The negotiations held by Petroplus with the lenders under its RCF
over the past few weeks with a view to securing more permanent
working capital funding arrangements have not been successful. As
a result, the lenders have served notices of acceleration of the
RCF, which constitutes an event of default under the US$1.6
billion senior unsecured bonds issued by Petroplus Finance
Limited. Petroplus' Board of Directors has resolved to file for
insolvency or composition proceedings in Switzerland and similar
steps are being taken by Petroplus' subsidiaries.

The downgrade of the PDR to D reflects the fact that Petroplus
Refining & Marketing Ltd, which owns the Coryton refinery and is
a guarantor of the senior notes, applied for and was granted an
administration order in the UK. As a result, the US$1.6 billion
aggregate principal amount of outstanding senior notes of
Petroplus Finance Ltd. have accelerated. At the same time, the
downgrade of Petroplus' CFR to Ca reflects the group's recovery
prospects, taking into account the collateral held by the banks
as well as the subordinated unsecured position of the
bondholders, which is expected to result in low recovery and is
reflected in the downgrade of the senior unsecured notes to C.

The principal methodology used in rating Petroplus Holdings AG
was the Global Refining and Marketing Rating Methodology
published in December 2009. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in
the U.S., Canada and EMEA published in June 2009.


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


AC WILLIAMS: In Liquidation; Assets Auctioned Off
-------------------------------------------------
AM-Online.com reports that classic cars are among the assets of
Renault dealer AC Williams which administrators are planning to
auction.

The Lincolnshire group represented Renault at two sites in
Grantham and Ancaster, both of which closed after it went into
administration just before Christmas with the loss of 23 jobs,
the report relates.

According to AM-Online.com, the entire assets of the business was
being sold online on Jan. 26 for receivers Begbies Traynor by
industrial auctioneers CJM Asset Management, including machinery,
equipment and tools alongside the collection of Renault motors
which include a fully restored 1972 Alpine Renault A110 rally
car, a 1994 Renault Megane rally car, a 1982 Alpine Renault A310
sports coupe and number plate 'STL 1'.

Also being auctioned off are 11 vans, two Scenics, a recovery
truck, a car transporter trailer and GBP50,000 worth of garage
equipment, the report adds.


ALPHA TELECOM: Ceases Trading; Starts Liquidation Process
---------------------------------------------------------
Mobile magazine reports that Alpha Telecom has ceased trading and
started a liquidation process, after customers had been
complaining of a lack of service for more than a week.

"It is with great regret that the company Onyx Innovation UK Ltd
trading as Alpha Telecom has ceased to trade and will shortly be
put into liquidation. We sincerely apologise for the
inconvenience this may have caused. Further information will be
supplied in due course," the company said in a note posted in its
Web site.

Mobile magazine relates that customers had been complaining about
a lack of service from Alpha Telecom for some time and said they
were unable to contact the company's customer service helpline.
Alpha Telecom had previously said the business was experiencing
'technical difficulties' but assured customers these would be
resolved promptly, the report relays.

Alpha Telecom launched an MVNO called Alpha Mobile with Vodafone
last August, targeting consumers with prepaid Sims and unlimited
call time.


ARINZA STAR: In Administration, Business Still Trading
------------------------------------------------------
Breaking Travel News reports that John Whitfield of the Global
Restructuring Advisory practice at financial advisory and
investment banking firm Duff & Phelps has been appointed
administrator of Arinza Star Hotels.

Mr. Whitfield is currently reviewing the financial position of
the company with a view to completing a sale of the two hotels,
according to Breaking Travel News.  The report relates that the
businesses trading at each hotel are independent of the company.

"The two hotels are open for business and trading as usual under
the current management.  Any queries regarding functions and
bookings should be directed to the respective hotel in the first
instance.  The Joint Administrators' intention is to undertake a
comprehensive review of both hotels, meanwhile, both management
teams continue to trade their businesses," the report quoted
Mr. Whitfield as saying.

Arinza Star Hotels owns two properties -- The Mill Hotel based in
Croston, Lancashire and The Miraj Hotel and Leisure Club located
in Ashbourne, Derbyshire.


COVE MARINE: Goes Into Voluntary Liquidation
--------------------------------------------
Dorset Echo reports that Cove Marine Ltd is going into voluntary
liquidation due to the economic downturn and the impact of
enforced closure during the Olympics.

The directors' of Cove Marine, which provided new boat sales and
services, have 'regretfully' announced that the company is in
liquidation.

"The well publicised economic downturn has had a profound effect
on the sale of new boats, with sales of new boats down 75 per
cent from its peak across the industry," the report quotes a
company spokesman as saying.  "To add to this already difficult
situation, we are also suffering the consequences of a severe
reduction in the number of boats stored in the yard of the
Portland Marina and the closure of the marina to business for
three months during the Olympics."

The liquidation of Cove Marine Ltd in no way affects Cove Yacht
Brokerage Ltd which is a completely separate company and
continues to trade profitably from its Weymouth harbourside and
Portland Marina offices, Dorset Echo reports.

Cove Marine Ltd is a marine services company on Portland.


DOLCIS LTD: Jacobson Group Buys Firm Out of Administration
----------------------------------------------------------
Men Media Business News reports that the Jacobson Group has
bought Dolcis Limited out of administration.

Jacobson Group acquired Dolcis Limited from Barratts Priceless,
and aims to relaunch it in time for the spring 2013 season,
according to Men Media Business News.

The report notes that advisers who worked on the deal included
Reuben Berg and Keith Kennedy of Manchester law firm Berg.

As reported in the Troubled Company Reporter-Europe on Feb. 18,
2008, Dolcis Ltd.'s joint administrators completed the sale of
the company's brand and its retail stock together with a number
of retail stores to Stylo Barratt Shoes Ltd. for an undisclosed
sum on Feb. 14, 2008.  Dolcis appointed Brian Green, Allan Graham
and Howard Smith of KPMG as joint administrators on Jan. 21,
2008.

Headquartered in Coventry, England, Dolcis Ltd. --
http://www.dolcis.co.uk/-- retails shoes.  It has 65 high
street branches across the U.K., in addition to these there are
also over 150 Dolcis concessions primarily within Bay Trading
and Envy stores.


GALA CORAL: Fitch Affirms Issuer Default Rating at 'B'
------------------------------------------------------
Fitch Ratings has affirmed UK gaming company Gala Coral Group
Ltd's (Gala) Long-term Issuer Default Rating (IDR) at 'B' with a
Negative Outlook.  The agency has also affirmed Gala Group
Finance's senior secured notes due 2018 at 'BB-', with a Recovery
Rating of 'RR2' and Gala Electric Casino's plc senior notes due
2019 at 'CCC', with a Recovery Rating of 'RR6'.

The affirmation reflects Fitch's view that despite weaker than
expected performance during FY11 (to September 11) with the
company reporting lower yoy revenues and EBITDA the year
represented a transitional period for the company following the
re-launch strategy announced in FY10 at the time of the new CEO's
appointment.  The continuation of this strategy should allow
earnings to stabilize in 2012 and possibly recover moderately.
However, weaker trading conditions and a competitive market mean
the execution risks remain high, which is reflected in the
Negative Outlook.

Following a year of vacancies in senior management, a full
management team is now in place.  The company now benefits from
new senior hires at Coral and Remote and the appointment of a new
trading director who previously enjoyed success in managing the
odds at William Hill.  In over-the-counter (OTC) betting William
Hill's gross win margin enjoys a premium compared to the market.

Coral, the company's main business (66% of FY11 EBITDA) should
benefit from a permanent CEO following a year during which it
lost market share to Ladbrokes and William Hill and suffered
another fall in performance in FY11 due to the VAT increase and
poor weather.  This, as well as the decision to increase certain
cost items following years of underinvestment, affected the
profits.  In FY12 the company should see some uplift provided by
the roll-out of a number of strategic initiatives, further shop
additions, the Euro 2012 football championships and an extra week
of trading (due to the timing of their year end).

Encouraging results are emerging from bingo (25% of FY11 EBITDA),
which appears to have turned the corner. The decline in
admissions has been stemmed and both spend per head and EBITDA
increased in FY11.  A change in strategy at Casinos (10% of FY11
EBITDA) has resulted in higher drop per head in the last half of
FY11, although EBITDA still declined due to higher costs and a
GBP2m hit from high rollers.  These results give some indication
that with the correct management and strategy in place, the
company is capable of recovering.  Fitch expects, however, that
continued management focus and investment will be required in
order to return to growth in FY12.

Gala is planning to spend approximately GBP100 million in capex
in FY12 more than double the level spent in FY11.  Only 25% of
this is for maintenance purposes whilst the bulk will be directed
at initiatives from which management expects actual profit
returns.  As a result Fitch expects Gala may post negative free
cash flow (FCF) and see its cash flow cover (required to be above
1x) covenant tighten.  However Gala has a maximum capex limit
(GBP80 million for FY11 and GBP110 million for FY12 onwards) and
any unspent amount can be carried over to the next year, which
for FY12 means approximately GBP40 million. This amount can be
excluded from the cash flow cover calculations.

The company benefits from ample liquidity headroom.  At FYE11,
Gala had GBP108 million in available cash (after deducting
restricted cash) and GBP76 million available under the GBP100
million revolving credit facility.  With the exception of FY12,
when the higher capex will likely lead to negative FCF, Fitch
forecasts positive FCF over FY13-FY15.  Finally, the agency notes
that, with the exception of the ring-fenced GBP354 million PropCo
debt outstanding due in 2014, the company has no debt maturity
pressure until 2018.

Fitch points out that turning around the company's fortunes in a
sustainable manner still requires efforts beyond the current
financial year and little margin for error exists under the
current 'B' rating.

In particular, failure to improve the performance of Coral and to
maintain the performance of Bingo and Casino in FY12 could be
causes of a downgrade. Additionally, since net lease-adjusted
leverage (calculated including the PropCo debt), remains high at
6.7x in FY11, should Fitch be concerned that this metric would
not improve closer to 6.0x by FYE13, this would likely lead to a
downgrade.

A stabilization of the Outlook could result from evidence that
the encouraging trading performance reported so far for Q411 and
Q112 is sustainable and the capex plan yielding tangible results.


KINGDOM BAKERS: Goes Into Receivership, 135 Jobs at Risk
--------------------------------------------------------
Martin Williams at The Herald reports that Kingdom Bakers has
gone into receivership placing 135 jobs at risk at the process.

Kingdom Bakers has ceased trading and could be sold as a going
concern, according to The Herald.  The report relates that RSM
Tenon, who have been appointed joint receivers, said the 135
staff, who were told to go home, were at risk of redundancy.

The Herald notes that RSM Tenon said severe cash-flow problems,
the cessation of production, and pressure from creditors meant
"the only option" was to place the 27-year-old business in
receivership.

"We will be meeting with the staff.  Anyone interested in
acquiring the business as a going concern, should get in touch
with us as quickly as possible. There has been an interest
expressed but whether this is in buying as a going concern or an
interest in the assets, we are not clear as yet.  If we cannot
sell it as a going concern, then we are in a position to sell the
name, the assets and the facility and we would hope there would
be interest in that," the report quoted Joint Receiver Tom
MacLennan as saying.

The Bank of Scotland holds a bond and a security interest over
all the assets of the bakery company, The Herald notes.

Established in 1984, Kingdom Bakers, which was known as Fife
Bakers and Confectioners until 1994, had been four months overdue
with its 2010 accounts.


STERLINGMAX I: Fitch Affirms Rating on Class B Notes at 'CCCsf'
---------------------------------------------------------------
Fitch Ratings has affirmed Sterlingmax I MBS Ltd.'s notes, as
follows:

  -- EUR43.2m class A-2 (ISIN XS0177867503): affirmed at 'BBsf',
     Outlook Negative

  -- EUR9.8m class B (ISIN XS0177868063): affirmed at 'CCCsf'

The affirmation reflects the increased CE available to the class
A-2 and B notes due to the deleveraging of the transaction.  This
added protection offsets the deterioration in portfolio credit
quality since the last review in February 2011.  The 'CCCsf' and
below bucket has increased to 24% of the portfolio notional,
compared to 18% one year ago.  CMBS represents 50% of the
portfolio notional, followed by RMBS and whole-business
securitizations (WBS), which account for 37% and 13%,
respectively.

Fitch believes that a material risk for the transaction is that
the underlying structured finance assets' maturity may extend
beyond their reported weighted average life.  Fitch incorporated
this extension risk into its analysis of the portfolio.

The over-collateralization (OC) test has been failing since late
2009.  As the credit quality of the portfolio has migrated lower,
the significant haircuts for low-quality assets in the
calculation have pushed the OC test results continuously lower.
This has caused any interest proceeds left over after the payment
of class D interest to be used for the sequential repayment of
principal on the notes.

On the November 2010 payment date, an interest shortfall occurred
on the class B notes triggering an event of default for the
transaction.  However, no acceleration notice has been issued.
According to the transaction documents, the noteholders can allow
the class B notes to become deferrable thereby cancelling the
event of default.  However, while the event of default is
continuing and after an acceleration notice has been issued, the
controlling class, currently the class A-2 noteholders, can
enforce the transaction and instruct the trustee to liquidate the
portfolio, thus exposing all noteholders to market value risks.

The Negative Outlook on the class A-2 notes reflects the
uncertainty around the potential exposure to market value risk as
well as Fitch's outlook for the performance of most of the
portfolio assets.

Sterlingmax I MBS Ltd is a true sale securitization of mortgage-
backed securities.  The issuer was incorporated as a
collateralized debt obligation to issue approximately GBP150
million floating rate notes and to invest the proceeds in a
portfolio of UK CMBS and UK RMBS and synthetic CMBS and RMBS.
The collateral is managed by CIBC-World Markets with advisory
services provided by Collineo Asset Management GmbH.


SULTAN PROPERTIES: In Administration, Owes GBP25 Million
--------------------------------------------------------
BBC News reports that Sultan Properties has been placed into
administration.

Sultan Properties last filed accounts for the year ending March
2008, according to BBC News.  The report relates that the
administrator's report indicates that the firm owes the Bank of
Ireland around GBP25 million.

BBC News discloses that the administrator's report does not go
into detail about what happened at the firm stating only that
"the company failed to meet the requirements of the secured
lender in relation to the monies advanced to fund the company".

BBC News notes that the firm is linked to a shopping center in
Greater Manchester which was placed into receivership in 2010.
The report relates that the Wheafsheaf Centre in Rochdale was
owned by a trust which was in turn controlled by Sultan
Properties.

KPMG, which was appointed as receiver to the shopping center, is
also acting as administrator to the property firm, BBC News
discloses.

The report notes that Mr. McCann's main business, Wonderland
Promotions, is unaffected.

In 2007, BBC News discloses that Sultan Properties joint venture
was one of three developers short-listed to redevelop Rochdale
town center.  The report relates that Sultan was not awarded the
contract and subsequently launched a legal action claiming
mistakes had been made in the selection process.

As a result, the process was re-run in 2009 but Sultan lost out
again, BBC News says.

The Wheafsheaf Centre is still open and the administrator said it
will be marketed for sale "in due course," the report adds.


* SCOTLAND: Insolvency Service Sees More Building Firm Failures
---------------------------------------------------------------
The Press Association reports that the Insolvency Service said
many Scottish construction businesses will fail this year due to
a "domino effect" in the sector.

Citing new figures from the Insolvency Service, The Press
Association discloses that 138 businesses in the construction
sector went under in the first three quarters of 2011, compared
with 158 for the whole of 2010 and just 72 in 2009.

The Press Association relates that insolvency trade body R3 said
the statistics show that the sector remains vulnerable with "deep
rooted, serious difficulties" four years after the start of the
recession.

The body said the collapse of Harte Construction demonstrates the
problems, the news agency notes.

"The Harte Construction collapse is indicative of a domino effect
within the sector. Several smaller clients of Harte's failed
resulting in cumulative bad debts for the company which, coupled
with the downturn in the sector, resulted in the business
failing," the report quotes John Hall, Scottish council member
with R3, as saying.  "In particular there has been a rise in
failures of SME sub-contractors and so we are witnessing a
reduction in the number of smaller firms that service the
construction sector."

According to the report, Mr. Hall said there have not been many
major corporate failures in construction but rather many smaller
firms have failed, leading to a knock-on effect on their clients
who end up with bad debts.


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


* EUROPE: Law Firm Expects More Shipowners to File for Chapter 11
-----------------------------------------------------------------
Michelle Wiese Bockmann at Bloomberg News reports that law firm
Cadwalader, Wickersham & Taft LLP said European shipowners will
increasingly seek bankruptcy protection in the U.S. in 2012 as
they attempt to retain control of their fleets while negotiating
with lenders.

According to Bloomberg, Gregory Petrick, a partner at the firm,
said at a conference in London on Thursday that filing for
Chapter 11 protection in U.S. courts means no receivers are
appointed to run a company and reaching agreement with banks is
easier.  Mr. Petrick, as cited by Bloomberg, said that a company
needs agreement from half the creditors representing two-thirds
of its borrowings to ratify any debt reorganization arising from
a Chapter 11 filing.

"Those advantages owners have discovered, and we expect to see
increasing moves to Chapter 11 filings for European-based
shipping companies," Bloomberg quotes Mr. Petrick as saying.  "It
gives the owner breathing room to ride out the cycle."

Owners are seeking to avoid insolvency as a global excess of
dry-bulk vessels, tankers and container ships cuts earnings and
drains cash flows, Bloomberg discloses.

Mr. Petrick said that more than 13 shipping companies worldwide
reorganized operations in the U.S. in the past 18 months or filed
for bankruptcy protection, Bloomberg relates.  He said that
financial pressures on shipowners are rising, Bloomberg notes.

According to Bloomberg, Mr. Petrick said that European banks that
fund about 75% of the global shipping-loan portfolio of more than
US$500 billion have less control in U.S. bankruptcy cases.


* Centerbridge's Gallogly Sees 'Steady' Opportunity in Europe
-------------------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that Mark Gallogly,
co-founder and managing principal of Centerbridge Partners, on
Thursday offered a cautious outlook for distressed opportunities
in Europe, speaking at the Dow Jones Private Equity Analyst
conference in New York.


* 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, Ivy B. Magdadaro, Frauline S.
Abangan and Peter A. Chapman, Editors.

Copyright 2012.  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 Peter Chapman at 240/629-3300.


                 * * * End of Transmission * * *