TCREUR_Public/120424.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, April 24, 2012, Vol. 13, No. 81

                            Headlines



D E N M A R K

SPAREKASSEN OESTJYLLAND: Sparekassen Kronjylland to Take Over


F R A N C E

CMA CGM: France's Sovereign Investment Fund May Take Stake


G E R M A N Y

DEUTSCHE PFANDBRIEFBANK: Moody's Issues Summary Credit Opinion


G R E E C E

* GREECE: ABN Amro Won't Take Part in Debt Restructuring


I R E L A N D

DEPFA BANK: Moody's Issues Summary Credit Opinion
EIRCOM GROUP: Posts EUR.49BB Pre-Tax Loss in Year Ended June 2011
MR BINMAN: Dillon Waste Buys Firm Out of Receivership
* IRELAND: Restructuring Process Suggested for Credit Unions


I T A L Y

DEXIA CREDIOP: Moody's Cuts Sr. Debt & Deposit Ratings to 'B2'


L U X E M B O U R G

BERNARD L. MADOFF: Trustee Files US Suit to Halt Luxembourg Case


N E T H E R L A N D S

AEG POWER: S&P Affirms 'B-' Corp. Credit Rating; Outlook Stable
LEVERAGED FINANCE II: S&P Raises Rating on Class IV Notes to 'B-'


P O L A N D

HYDROBUDOWA POLSKA: Poznan Court Rejects Bankruptcy Motion


R U S S I A

AVIANOVA: Declared Bankrupt by Moscow Arbitration Tribunal
CARGO JFC: Sberbank Registers US$47.4 Million in Debt
RUSSIAN NIZHNIY: Fitch Raises Long-Term Currency Ratings to 'BB-'


S P A I N

* SPAIN: Banks May Need More Cushion Against Property Risk


T U R K E Y

TURK EKONOMI: Fitch Affirms Viability Rating at 'bb+'


U K R A I N E

BAZIS BANK: Goes Into Administration for Six Months


U N I T E D   K I N G D O M

AQUASCUTUM: Cooper & Stollbrand May Bid for Firm
BARION FUNDING: S&P Lowers Ratings on 2 Debt Tranches to 'B+'
DUNFERMLINE PRESS: Bought Out of Receivership by Management
GEMGARTO 2012-1: S&P Assigns 'BB' Rating to Class B2 Notes
INEOS GROUP: Moody's Rates New Senior Secured Notes '(P)B1'

KILLBY & GAYFORD: In Administration, Gets Late Payment Complains
NEWGATE FUNDING: S&P Lowers Rating on Class Db Notes to 'B-'


X X X X X X X X

* S&P Global Default Tally at 28 as of April 19
* Large Companies with Insolvent Balance Sheets


                            *********


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D E N M A R K
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SPAREKASSEN OESTJYLLAND: Sparekassen Kronjylland to Take Over
-------------------------------------------------------------
Gelu Sulugiuc at Bloomberg News reports that Denmark's regional
banking crisis claimed another two lenders over the weekend,
adding to three failures last year, as local lenders stepped in
to buy up their insolvent peers.

According to Bloomberg, the government said on Sunday that
Sparekassen Kronjylland A/S will take over the healthy parts of
Sparekassen Oestjylland A/S.  The merger will come under
Denmark's consolidation package, protecting creditors from
losses, Bloomberg says.

The Business and Growth Ministry said late on Sunday that
separately, Den Jyske Sparekasse will take over all of Spar
Salling Sparekasse, Bloomberg recounts.  It said that while
depositors will be protected, subordinate guarantee capital and
the state's hybrid holdings will suffer losses, Bloomberg notes.

The Financial Stability Co. said on Sunday that Sparekassen
Kronjylland, based in the Danish city of Randers, will take over
deposits worth DKK3.9 billion (US$690 million) and loans worth
DKK3.4 billion, Bloomberg relates.

Denmark's state resolution agency, the Financial Stability Co.,
will absorb the unhealthy remnants of Sparekassen Oestjylland's
business, Bloomberg states.

Hammel, Denmark-based Sparekassen Oestjylland had state-backed
loans and guarantees of more than DKK1 billion, Bloomberg says,
citing Financial Stability Co.


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F R A N C E
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CMA CGM: France's Sovereign Investment Fund May Take Stake
----------------------------------------------------------
Mark Deen at Bloomberg News, citing Le Journal du Dimanche,
reports that France's sovereign investment fund, known as FSI,
may take a stake in CMA CGM SA.

According to Bloomberg, the newspaper said that CMA CGM is
seeking EUR150 million (US$198 million) in capital after
incurring a EUR23 million loss last year.

Bloomberg notes that the report said CMA CGM has about EUR4
billion in debt and EUR11 billion in annual sales.

As reported by the Troubled Company Reporter-Europe on March 9,
2012, The Financial Times related that CMA CGM planned asset
sales to raise cash and asked its banks to reschedule debt
payments for this year and next.  Rodolphe Saade, the Marseilles-
based company's executive director, told the FT that the company
had outlined the request for a debt restructuring to its bankers
at a meeting on March 6 where it had given details of its 2011
performance.

France-based CMA CGM -- http://www.cma-cgm.com/-- ships freight
PDQ.  The marine transportation company is one of the world's
leading container carriers.  Through subsidiaries it operates a
fleet of about 370 vessels that serve more than 400 ports around
the globe, and it maintains a network of about 650 facilities in
about 150 countries.  In addition to hauling containers by sea,
CMA CGM provides logistics services, arranging the transportation
of containerized freight by river, road, and rail.  The company's
tourism division arranges cruises and other travel services.
Jacques Saade founded the company in 1978.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on March 15,
2012, Moody's Investors Service downgraded CMA CGM's corporate
family rating (CFR) to B3 from B2, and the probability of default
rating (PDR) to Caa1 from B2. Concurrently, Moody's downgraded to
Caa2 from Caa1 CMA CGM S.A.'s EUR325 million and US$475 million
worth of senior unsecured notes maturing in 2019 and 2017,
respectively.  All the company's ratings remain on review for
further downgrade.


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


DEUTSCHE PFANDBRIEFBANK: Moody's Issues Summary Credit Opinion
--------------------------------------------------------------
Moody's Investors Service issued a summary credit opinion on
Deutsche Pfandbriefbank AG and includes certain regulatory
disclosures regarding its ratings. The release does not
constitute any change in Moody's ratings or rating rationale for
Deutsche Pfandbriefbank AG.

Moody's current ratings on Deutsche Pfandbriefbank AG and its
affiliates are:

Senior Unsecured (domestic and foreign currency) ratings of A3

Senior Unsecured MTN Program (domestic currency) ratings of (P)A3

Long Term Bank Deposits (domestic and foreign currency) ratings
of A3

Bank Financial Strength ratings of E+

Subordinate (domestic currency) ratings of B2

Subordinate MTN Program(domestic currency) ratings of (P)B2

Commercial Paper (domestic currency) ratings of P-1

Short Term Bank Deposits (domestic and foreign currency) ratings
of P-1

Short Term Deposit Note/CD Program (domestic currency) ratings of
P-1

Other Short Term (domestic currency) ratings of (P)P-1

DEPFA Deutsche Pfandbriefbank AG -- merged into Hypo Real Estate
Bank AG in 2009 which was renamed to Deutsche Pfandbriefbank AG
in 2009

Senior Unsecured MTN Program (domestic currency) ratings of (P)A3

Subordinate MTN Program (domestic currency) ratings of (P)B2

BACKED Senior Unsecured (domestic and foreign currency) ratings
of A3

BACKED Senior Unsecured MTN Program (domestic currency) ratings
of (P)A3

BACKED Subordinate MTN Program (domestic currency) ratings of
(P)B2

DEPFA Finance N.V.

BACKED Senior Unsecured MTN Program (domestic currency) ratings
of (P)A3

Westfaelische Hypothekenbank AG -- merged into Hypo Real Estate
Bank AG in 2003 which was renamed to Deutsche Pfandbriefbank AG
in 2009

Senior Unsecured MTN Program (domestic currency) ratings of (P)A3

Subordinate (domestic currency) ratings of B2

Subordinate MTN Program (domestic currency) ratings of (P)B2

BACKED Senior Unsecured (domestic currency) ratings of A3

BACKED Subordinate (domestic currency) ratings of B2

Hypo Real Estate Bank International AG -- merged into Hypo Real
Estate Bank AG in 2008 which was renamed to Deutsche
Pfandbriefbank AG in 2009

Senior Unsecured MTN Program (domestic and foreign currency)
ratings of (P)A3

Subordinate MTN Program (domestic currency) ratings of (P)B2

BACKED Senior Unsecured (domestic currency) ratings of A3

BACKED Subordinate (domestic currency) ratings of B2

Rating Rationale

The low E+ BFSR assigned to pbb Deutsche Pfandbrief AG (pbb),
which maps to a baseline credit assessment (BCA) of b1, reflects
its intrinsic financial weaknesses in the absence of government
support. According to Moody's, pbb is likely to face challenges
in restoring its profitability and repairing its funding
franchise, especially in terms of access to the unsecured debt
markets. In contrast, the positive outlook on the BFSR reflects
Moody's recognition of the value of pbb's established commercial
real-estate finance business, the recovery of which should enable
pbb to deliver on its business plan.

The A3 senior unsecured debt and deposit ratings of pbb reflect
Moody's continued expectation of a very high probability of
systemic support. Moody's fully recognizes the strong systemic
support that has been evolving since the group first experienced
distress and needed financial assistance in late September 2008
and the role it has played in restoring pbb's capital and
liquidity position. The uplift that Moody's factors into the A3
debt and deposit ratings under Moody's joint default analysis
(JDA) methodology is seven notches above pbb's B1 standalone
credit strength. The subordinated debt rating of pbb is B2 and
the short-term rating is Prime-1. The outlook on all these
ratings is stable.

Rating Outlook

As Moody's considers that the A3 rating level for senior
unsecured debt and deposits accurately reflects the German
government's support towards pbb, the outlook is stable on the A3
senior unsecured debt and deposit ratings. The outlook on the
BFSR is positive, reflecting Moody's recognition of the value of
pbb's established commercial real-estate finance business. If
this business line continues to recover, it would enable pbb to
deliver on its business plan.

What Could Change the Rating - Up

Upward pressure on the E+ BFSR could materialize in the event of
(i) a recovery of pbb's business franchise as a specialized
lender for commercial real-estate and public investment finance;
(ii) evidence of sustainable profits; and (iii) the group's
ability to re-establish an independent funding franchise.

Upward pressure on the group's senior debt and deposit ratings is
unlikely, given that any upward migration of the BFSR is likely
to be gradual and would therefore narrow the currently
extraordinary level of support uplift incorporated into the
ratings.

What Could Change the Rating - Down

Downward pressure on the E+ BFSR could be triggered by (i) a
failure to restore pbb's business franchise; (ii) renewed
setbacks due to higher-than-anticipated credit losses in pbb's
core business areas; and (iii) difficulties in tapping the
unsecured debt markets.

Downward pressure on the A3 ratings could result from (i) a
further downgrade of the E+ BFSR; (ii) substantial support
becoming less than Moody's currently expects, or any sooner-than-
warranted exit strategy of the German government; and/or (iii) a
gradual decrease of pbb's systemic importance.

The methodologies used in these ratings were: "Bank Financial
Strength Ratings: Global Methodology" published in February 2007,
and "Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: Global Methodology" published in March 2012.


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


* GREECE: ABN Amro Won't Take Part in Debt Restructuring
--------------------------------------------------------
Maarten van Tartwijk and Archie van Riemsdijk at Dow Jones
Newswires report that the Netherlands' ABN Amro Bank NV said on
April 18 it won't participate in Greece's debt restructuring,
making it one of the few major creditors to back out of the deal.

According to Dow Jones, a spokesman said that ABN Amro won't
participate because it is still unclear why it was put on a list
of banks that had to take part in the debt restructuring.  The
deadline to participate in the deal was April 18, Dow Jones
notes.

The bank, which holds EUR1.3 billion of corporate bonds that are
backed by the Greek government, has argued that the list was
inconsistent because peers that hold similar debt weren't put on
the list, Dow Jones relates.

Last year, ABN Amro, which was nationalized by the Dutch state
during the financial crisis in 2008, wrote down EUR880 million on
its Greek bonds, comprising loans to public transport and utility
companies, Dow Jones recounts.

The overall participation rate in Greece's debt restructuring was
put around 97%, which cleared the way for a new EUR130 billion
bailout package for the country, Dow Jones discloses.  The deal
called for bondholders to give up 53.5% of the principal by
swapping old Greek bonds with new ones valued at less than half
of their value, carrying lower interest rates and longer
maturities, Dow Jones says.


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


DEPFA BANK: Moody's Issues Summary Credit Opinion
-------------------------------------------------
Moody's Investors Service issued a summary credit opinion on
DEPFA Bank plc and includes certain regulatory disclosures
regarding its ratings. The release does not constitute any change
in Moody's ratings or rating rationale for DEPFA Bank plc and its
affiliates.

Moody's current ratings on DEPFA Bank plc and its affiliates are:

Senior Unsecured (domestic and foreign currency) ratings of Baa3

Senior Unsecured MTN Program (domestic currency) ratings of
(P)Baa3

Long Term Bank Deposits (domestic and foreign currency) ratings
of Baa3

Bank Financial Strength ratings of E+

Subordinate (domestic currency) ratings of B3

Subordinate MTN Program (domestic currency) ratings of (P)B3

Short Term Bank Deposits (domestic and foreign currency) ratings
of P-3

Hypo Public Finance Bank

Senior Unsecured (domestic and foreign currency) ratings of Baa3

Long Term Bank Deposits (domestic and foreign currency) ratings
of Baa3

Short Term Bank Deposits (domestic and foreign currency) ratings
of P-3

BACKED Senior Unsecured (foreign currency) ratings of Baa3

BACKED Long Term Bank Deposits (foreign currency) ratings of Baa3

BACKED Long Term Issuer rating of Baa3

DEPFA ACS Bank

Long Term Bank Deposits (domestic and foreign currency) ratings
of Baa3

Bank Financial Strength ratings of E+

Short Term Bank Deposits (domestic and foreign currency) ratings
of P-3

DEPFA Bank Plc New York Branch

Long Term Bank Deposits (domestic and foreign currency) ratings
of Baa3

Long Term Deposit Note/CD Program (domestic currency) ratings of
Baa3

Short Term Bank Deposits (domestic and foreign currency) ratings
of P-3

DEPFA Funding II LP

BACKED Junior Subordinate (foreign currency) ratings of Ca, (hyb)

DEPFA Funding III LP

BACKED Preferred Stock Non-cumulative (foreign currency) ratings
of Ca, (hyb)

DEPFA FUNDING IV LP

BACKED Preferred Stock Non-cumulative (foreign currency) ratings
of Ca, (hyb)

RATINGS RATIONALE

The standalone bank financial strength rating (BFSR) of E+
assigned to both Depfa Bank Plc and Depfa ACS, mapping to a
baseline credit assessment (BCA) of b2, reflects the intrinsic
financial weaknesses of the banks without government support.

The ratings of these two banks are constrained by their impaired
funding franchise and uncertain future as going concerns and take
into account their largely matched funding profiles as well as
adequate capitalization. Neither of the banks are allowed to
pursue new business following the ruling of the EU Commission,
but Depfa Bank Plc remains the servicer of transferred assets on
behalf of FMS Wertmanagement (FMSW, Aaa/P-1, stable outlook),
while at the same time managing a smooth run-off of the remaining
asset base. Depfa ACS will maintain and manage the ACS cover pool
along with all existing covered bonds. As Depfa Bank Plc and its
subsidiary Depfa ACS will remain closely interconnected, their
BFSRs are aligned.

The Baa3 senior unsecured debt and long-term deposit ratings of
Depfa Bank Plc - as well as the Baa3 long-term ratings of Depfa
ACS Bank - reflect Moody's expectation of a very high probability
of systemic support. Moody's fully recognizes the strong systemic
support that has been evolving since the group first experienced
distress and needed financial assistance in late September 2008.
The uplift, which had been factored into the Baa3 debt and
deposit ratings under Moody's joint default analysis (JDA)
methodology, is five notches from the banks' BCA of b2.

In Moody's opinion, Depfa Bank Plc and Depfa ACS are adequately
positioned at the lower end of the investment-grade range. The
stable outlook reflects Moody's view that the banks will be
adequately equipped with capital and liquidity to sustain a
smooth run-down of their business.

Rating Outlook

The outlook on all ratings is stable. Moody's is of the opinion
that the Baa3 rating level for senior unsecured debt and long-
term deposits accurately reflects the German government's support
for Depfa Bank Plc and Depfa ACS Bank.

What Could Change the Rating - Up

For Depfa Bank Plc and Depfa ACS Bank, the restoration of the
franchises and the achievement of meaningful profitability on a
standalone basis is considered highly unlikely, offering limited
scope for upward rating pressure on the E+ BFSR. As a result,
there is no upward pressure on the long-term ratings.

What Could Change the Rating - Down

Downward pressure could be exerted on the banks' E+ BFSRs as a
result of any further underperformance and eroding capital,
albeit neither is currently expected. However, a degree of rating
transition risk remains for the Baa3 long-term ratings. Moody's
is not ruling out the possibility that an investor for the
remaining business could be found at a later stage. Depending on
the new owner's financial condition and commitment, Moody's notes
that such a development could result in rating changes in either
direction. A downgrade of senior unsecured and the long-term
deposit ratings of Depfa Bank Plc -- as well as the ratings of
Depfa ACS Bank -- could result from (i) a BFSR downgrade or (ii)
less support than currently expected by the German government.

Principal Methodologies

The methodologies used in these ratings were "Bank Financial
Strength Ratings: Global Methodology" published in February 2007,
and "Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: Global Methodology" published in March 2012.


EIRCOM GROUP: Posts EUR.49BB Pre-Tax Loss in Year Ended June 2011
-----------------------------------------------------------------
Ciara Hancock and Mary Carolan at The Irish Times reports that
Eircom Group made a pretax loss of EUR1.49 billion in the year to
the end of June 2011, while its revenue declined by 8% to
EUR1.68 billion.

The figures were revealed in a report to the High Court by
interim examiner Michael McAteer of Grant Thornton, who on
April 18 had his appointment confirmed by Mr. Justice Peter
Kelly, the Irish Times relates.

The company has yet to produce its statutory accounts for the
year to the end of June 2011 and this is the first time these
figures, which are unaudited, have been aired in public, the
Irish Times notes.

The sizeable fluctuation in profitability is attributed to non-
cash charges arising from goodwill impairments relating to the
previous acquisitions of the fixed and mobile business, the Irish
Times states.

The examiner's report shows that Eircom's revenue declined from
EUR1.82 billion in 2010, the Irish Times discloses.  Its earnings
before interest, tax, depreciation and amortization were
unchanged last year at EUR649 million, the Irish Times says.

However, it moved from an operating profit in fiscal 2010 of
EUR292 million to a loss of EUR1.2 billion last year, the Irish
Times notes.

An after-tax profit of EUR47 million in 2010 became a loss of
EUR1.49 billion last year, the Irish Times says.

The report states Eircom's total borrowings were EUR4.116
billion, the Irish Times discloses.

The group breached its covenants with senior lenders on June 30
last year and its loans were called in on March 28, 2012, with
the company seeking the protection of the court via examinership,
the Irish Times recounts.

Meanwhile, Donal O'Donovan at Independent.ie reports that the
Commercial Court in Dublin was told on April 18 Mr. McAteer
rejected attempts from investors to cherry-pick the best parts of
the business after it filed for insolvency last month.  The court
heard that Mr. McAteer rejected the offers because he believed a
break-up of Eircom would damage its long-term survival prospects,
Independent.ie discloses.  Despite the scale of borrowings, the
examinership process looks set to complete in record time,
Independent.ie says.  Mr. Justice Peter Kelly said on April 18
that a second hearing on May 18 could clear the way for final
confirmation of a plan to emerge from bankruptcy as early as
May 24, Independent.ie relates.  A rapid examinership process is
likely because Eircom and its top lenders have already agreed a
scheme to write off EUR1.8 billion of debt and to hand ownership
of the business to the secured lenders, Independent.ie says.

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


MR BINMAN: Dillon Waste Buys Firm Out of Receivership
-----------------------------------------------------
Limerick Leader reports that receivers of Mr Binman confirmed
that Dillon Waste and Recycling has acquired the firm out of
receivership.

The acquisition relates to Mr Binman only which has customers in
Limerick, Kerry, Clare, Cork and Galway and that it does not
relate to Clearpoint and O'Mearas (Mr Binman Clonmel), which
continue to trade as normal in receivership, Kieran Wallace and
Padraic Monaghan of KPMG said in a joint statement, according to
Limerick Leader.

Limerick Leader relates that the statement said: "The acquired
entity will continue to trade under the successful brand, Mr
Binman.  Brian Dillon will take up the role as Managing Director
of the company." "The acquired entity will continue to trade
under the successful brand, Mr Binman. Brian Dillon will take up
the role as Managing Director of the company," the statement
added, the report notes.

Mr Binman, whose headquarters are at Luddenmore, Grange, was
placed in receivership last October.


* IRELAND: Restructuring Process Suggested for Credit Unions
------------------------------------------------------------
According to the Irish Times' Colm Keena, the Commission on
Credit Unions recommended in a report published on April 18 that
the credit union movement should be subjected to a four year
restructuring process.

The Irish Times relates that Commission chairman Prof Donal
McKillop told a press conference a new Restructuring Board should
be established to facilitate the process but it would not be the
board's function to "shepherd" individual credit unions that were
small or in difficulty, into "an arranged marriage" with other
credit unions.

According to the Irish Times, Mr. McKillop said that an
operational team working on the ground would act as a catalyst
for the restructuring of the credit union movement.

This team would identify strong credit unions that could act as
anchors to which other credit unions could become amalgamated,
and offer advice and funding on such matters as upgrading
processes and systems, the Irish Times discloses.  He said that
the decision to engage in the process would be up to each credit
union, the Irish Times states.

Legislation incorporating the main recommendations of the
commission is to be published in late June, as agreed with the
EU-ECB-IMF troika, the Irish Times notes.


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I T A L Y
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DEXIA CREDIOP: Moody's Cuts Sr. Debt & Deposit Ratings to 'B2'
--------------------------------------------------------------
Moody's Investors Service has downgraded Dexia Crediop S.p.A.'s
long-term senior debt and deposit ratings by two notches to B2
from Ba3. The downgrade to B2 directly follows Moody's concurrent
downgrade of Dexia Crediop's standalone bank financial strength
rating (BFSR) to E (mapping to caa1 on the long-term scale) from
E+/b2. Both rating actions follow Moody's downgrade of Dexia
Credit Local (DCL) to Baa2/E, as the controlling owner of Dexia
Crediop.

Furthermore, the rating for the senior subordinated MTN program
was downgraded to (P)B3 from (P)B1 and Crediop Overseas Bank
Limited's backed senior unsecured debt was downgraded to B2 from
Ba3. The outlook is stable on all of Dexia Crediop's ratings.

The rating actions conclude the review for downgrade of Dexia
Crediop's BFSR and long and short-term senior and subordinated
ratings -- and its fully backed subsidiary Crediop Overseas Bank
Limited -- initiated on November 10, 2011.

RATINGS RATIONALE

-- DOWNGRADE OF DEXIA CREDIOP'S BFSR

The downgrade of Dexia Crediop's standalone BFSR mainly reflects
(i) the significant challenges to the viability of Dexia
Crediop's business model as a public-sector lender and potential
limited ability to pursue business opportunities in light of
funding constraints; (ii) the funding challenges for Dexia
Crediop in the Italian market, which results in a significant
dependence of the entity on group funding provided by DCL as well
as central bank funding; and (iii) the concentration risks in its
loan and securities portfolio to the Italian public sector,
combined with a very high leverage of total assets-to-equity. The
ongoing restructuring of DCL whose current and future viability
as a run-off structure strongly relies on external support is
likely to continue to severely constrain the ability of Dexia
Crediop to leverage its business franchise in the Italian market.

-- DOWNGRADE OF DEXIA CREDIOP'S SENIOR DEBT AND DEPOSIT RATINGS

The downgrade of the long-term deposit and debt ratings was
primarily driven by the downgrade of Dexia Crediop's standalone
BFSR. The B2 ratings continue to incorporate Moody's assessment
of a moderate probability of parental support in case of need,
which results in a two-notch uplift from Dexia Crediop's caa1
standalone credit strength.

Moody's says that likelihood of parental support for Dexia
Crediop stems from its strong interlinks with its parent, DCL,
through its operational and funding support. The parent's
capacity to continue providing support to its subsidiary on a
standalone basis is limited, as DCL's standalone rating is at the
same level of its subsidiary. However, Moody's believes that
systemic support incorporated into the parent's Baa2 debt and
deposit ratings should also be factored in the ratings of the
group's foreign subsidiaries, including Dexia Crediop, as long as
DCL is allowed to downstream some of that government support to
other group entities such as Dexia Crediop.

-- DOWNGRADE OF DEXIA CREDIOP'S SUBORDINATED MTN

The ratings for Dexia Crediop's plain vanilla subordinated MTN
debt is equal to the bank's standalone credit strength, adjusted
for parental support, minus one notch, and therefore it was
downgraded to (P)B3 from (P)B1 previously. Subsequently, Moody's
has withdrawn this rating for its own business reasons.

WHAT WOULD MOVE THE RATINGS UP/DOWN

An upgrade of Dexia Crediop's standalone rating is currently
unlikely given the ongoing significant pressures. An improvement
of the bank's standalone BFSR could be driven by (i) a
sustainable improvement of the bank's liquidity imbalances; (ii)
a return to normalized access to wholesale funding and broader
diversification of its funding sources; and (iii) a significant
reduction in its borrower credit-risk concentrations.

Downward pressure would be exerted on Dexia Crediop's caa1
standalone credit strength because of (i) further deterioration
of its liquidity position; (ii) greater-than-expected
deterioration in asset quality, especially impairments on one of
its large exposures; or (iii) greater or faster deterioration of
its franchise, particularly in light of the actual group's
restructuring process.

The bank's debt and deposit ratings are linked to the standalone
credit strength of caa1; any lower standalone rating within the
caa category would likely affect these ratings. Additionally,
signs of a lower probability of support from its parent bank
could also lead to a downgrade of Dexia Crediop's deposit and
debt ratings.

Principal Methodologies

The methodologies used in these ratings were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: Global Methodology published in March 2012.


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


BERNARD L. MADOFF: Trustee Files US Suit to Halt Luxembourg Case
----------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the trustee for Bernard L. Madoff Investment
Securities Inc. filed a lawsuit April 19 in a New York bankruptcy
court to prevent an investor in a Madoff feeder fund from suing
him in a court in Luxembourg.

According to the report, the dispute involves the liquidators for
Access Management Luxembourg SA, who were sued in the District
Court of Luxembourg by the liquidators of Luxalpha SICA V. The
Luxalpha liquidators contend their investors weren't aware that
investments with Access were turned over to Madoff.  The Access
liquidators filed what's known as a third-party complaint against
Madoff to recover what could be billions in damages owing to
Luxalpha, according to papers filed in bankruptcy court by Irving
Picard, the Madoff trustee.

The report relates Mr. Picard wants the bankruptcy judge in New
York to enjoin the Access liquidators by compelling them to stop
the suit in Luxembourg against the Madoff firm.  Mr. Picard says
the so-called automatic stay in U.S. bankruptcy law extends to
actions taken anywhere in the world.

Mr. Rochelle recounts that Mr. Picard sued Access in November
2010 along with other defendants.  The suit was removed to the
district court, with some claims dismissed against some of the
defendants.

The new lawsuit is Picard v. Access Management Luxembourg SA (In
re Bernard L. Madoff Investment Securities LLC), 12-01563, U.S.
Bankruptcy Court, Southern District of New York (Manhattan).

                      About Bernard L. Madoff

Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff
orchestrated the largest Ponzi scheme in history, with losses
topping US$50 billion.  On Dec. 15, 2008, the Honorable Louis A.
Stanton of the U.S. District Court for the Southern District of
New York granted the application of the Securities Investor
Protection Corporation for a decree adjudicating that the
customers of BLMIS are in need of the protection afforded by the
Securities Investor Protection Act of 1970.  The District Court's
Protective Order (i) appointed Irving H. Picard, Esq., as trustee
for the liquidation of BLMIS, (ii) appointed Baker & Hostetler
LLP as his counsel, and (iii) removed the SIPA Liquidation
proceeding to the Bankruptcy Court (Bankr. S.D.N.Y. Adv. Pro. No.
08-01789) (Lifland, J.).  Mr. Picard has retained AlixPartners
LLP as claims agent.

On April 13, 2009, former BLMIS clients filed an involuntary
Chapter 7 bankruptcy petition against Bernard Madoff (Bankr.
S.D.N.Y. 09-11893).  The case is before Hon. Burton Lifland.  The
petitioning creditors -- Blumenthal & Associates Florida General
Partnership, Martin Rappaport Charitable Remainder Unitrust,
Martin Rappaport, Marc Cherno, and Steven Morganstern -- assert
US$64 million in claims against Mr. Madoff based on the balances
contained in the last statements they got from BLMIS.

On April 14, 2009, Grant Thornton UK LLP as receiver placed
Madoff Securities International Limited in London under
bankruptcy protection pursuant to Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. 09-16751).

The Chapter 15 case was later transferred to Manhattan.  In June
2009, Judge Lifland approved the consolidation of the Madoff SIPA
proceedings and the bankruptcy case.

Judge Denny Chin of the U.S. District Court for the Southern
District of New York on June 29, 2009, sentenced Mr. Madoff to
150 years of life imprisonment for defrauding investors in United
States v. Madoff, No. 09-CR-213 (S.D.N.Y.)

As of Feb. 17, 2012 and in the 38 months since his appointment,
the SIPA Trustee has recovered or entered into agreements to
recover more than $9 billion, representing roughly 52% of the
roughly US$17.3 billion in principal estimated to have been lost
in the Ponzi scheme by BLMIS customers who filed claims.  The
recoveries exceed prior restitution efforts related to Ponzi
schemes both in terms of dollar value and percentage of stolen
funds recovered.  Pro rata distributions from the Customer Fund
to BLMIS customers whose claims have been allowed by the SIPA
Trustee totaled US$325.7 million.

Mr. Picard has filed 1,000 lawsuits seeking US$100 billion from
banks such as HSBC Holdings Plc and JPMorgan Chase & Co.  The
trustee has seen more than US$28 billion of his claims tossed by
district judges.


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


AEG POWER: S&P Affirms 'B-' Corp. Credit Rating; Outlook Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Netherlands-based AEG Power Solutions B.V. to stable from
developing. "At the same time, we affirmed our 'B-' long-term
corporate credit rating on AEG Power Solutions," S&P said.

"The outlook revision follows the termination by 3W Power S.A.'s
board of the transaction agreement related to the public takeover
bid by Luxembourg-registered Andrem Power S.C.A., the acquisition
vehicle of private equity investor Nordic Capital Fund VII. 3W
Power is the ultimate parent of AEG Power Solutions. The
termination followed the decision by the German Federal
Supervisory Authority (BaFin) to prohibit the public tender offer
by Andrem, dated April 5, 2012," S&P said.

"BaFin stated in its order that it found that Andrem's offer
document was not in compliance with certain provisions of German
law. One of the issues specified by BaFin related to the impact
of AEG Power Solutions' significant downward revision of its
forecasts for 2012 on the structuring of the material adverse
change (MAC) provision of the takeover offer," S&P said.

"3W Power issued the trading update on March 13, 2012, stating
the guidance for 2012 revenues in the range of EUR430 million to
EUR460 million with an EBITDA margin in the range of 9%-11%. We
estimate that this guidance results in revenues of up to EUR70
million lower than those targeted by the Agenda 2012 strategic
project, alongside reduced profitability," S&P said.

"On the basis of the revised forecasts, we assess that AEG Power
Solutions' credit metrics under our base-case credit scenario in
the next 12 months will be lower than we had previously
anticipated, but will remain commensurate with the rating. Under
our base-case scenario, we believe that regulatory pressures
relating to renewable energy in developed markets such as
Germany, combined with pricing pressure in emerging markets such
as India, are restricting the opportunity for AEG Power Solutions
to improve its profitability and cash generation in the near
term," S&P said.

"The stable outlook reflects our view that AEG Power Solutions'
credit ratios will remain within the range commensurate with the
'B-' rating, despite weakening due to renewable energy-related
regulations and pricing pressure in AEG Power Solutions' main
markets in the next 12 months," S&P said.

"We could consider raising the rating if AEG Power Solutions'
business position strengthened over the medium term. Such
strengthening would be evident from a material increase in the
company's contract base, stable revenues, and higher operating
profitability. An upgrade would likely depend on FFO to debt
being comfortably in the teens and sustained positive FOCF," S&P
said.

"Alternatively, we could lower the rating if economic conditions
weaken and/or if debt-financed activities adversely affect
earnings, liquidity and, subsequently, credit measures, resulting
in significantly negative FOCF and FFO to debt of materially less
than 10% for a prolonged time," S&P said.


LEVERAGED FINANCE II: S&P Raises Rating on Class IV Notes to 'B-'
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
all classes of notes in Leveraged Finance Europe Capital II B.V.

"The rating actions follow our credit and cash flow analysis of
the transaction using data from the latest available trustee
report, dated Feb. 24, 2012. We have taken into account recent
developments in the transaction and reviewed the transaction
under our applicable corporate collateralized debt obligation
(CDO) and counterparty criteria," S&P said.

"The trustee report shows that the class III and IV par value
tests are currently not passing. It also shows, however, that the
reported weighted-average spread earned on the collateral pool
has increased to 3.4% from 3.1% since our last transaction
update, and that the aggregate collateral balance increased to
EUR176 million from EUR166 million. This, together with the
partial redemption of the class I-A and I-B notes, has resulted
in higher credit enhancement available to all classes of notes,"
S&P said.

"In our analysis, we note that the portfolio's weighted-average
maturity has reduced by approximately 0.2 years. This has
resulted in a reduction in scenario default rates across all
rating levels calculated by our CDO Evaluator model, compared
with our previous transaction review," S&P said.

"However, at the same time, our analysis shows that the
percentage of assets that we consider as defaulted (i.e., debt
obligations of obligors rated 'CC', 'SD' [selective default], or
'D') has increased since our previous review. Defaulted assets
currently amount to EUR4.5 million (or 2.5% of the total
portfolio amount). This compares with EUR3.0 million of defaulted
assets when we last took rating action. In line with our
corporate CDO criteria, we have included these assets in our cash
flow analysis at the lower of their reported market value and our
recovery assumptions," S&P said.

"We have subjected the transaction's capital structure to a cash
flow analysis to determine the break-even default rate for each
rated class at each rating level. In our analysis, we used the
EUR171.3 million portfolio balance that we consider to be
performing (i.e., of assets rated 'CCC-' or above), the reported
weighted-average spread of 3.4%, and the weighted-average
recovery rates that we considered to be appropriate. We
incorporated various cash flow stress scenarios using our
standard default patterns, levels, and timings for each rating
category assumed for each class of notes, in conjunction with
different interest rate scenarios," S&P said.

"Based on the analysis, we now consider that the credit
enhancement available to all classes of notes is commensurate
with higher ratings than previously assigned, and we have raised
our ratings accordingly," S&P said.

"Approximately 3.6% of the assets in the transaction's portfolio
are non-euro-denominated. To mitigate the risk of foreign-
exchange-related losses, the issuer has entered into swap
agreements for 2.9% of the assets, and the remaining portion of
non-euro assets is currently unhedged," S&P said.

"Under our 2010 counterparty criteria, our analysis of the
swap counterparties and the associated documentation indicates
that they cannot support a rating higher than 'AA- (sf)'. To
assess the potential impact on our ratings, we have assumed that
the transaction does not benefit from the swaps and that all the
non-euro assets are exposed to foreign-exchange-related losses,"
S&P said.

"We concluded that, in this scenario, the class I-A and class I-B
notes would still be able to achieve ratings higher than those
currently assigned. Thus, we have raised our ratings on these
classes of notes. Under our 2010 counterparty criteria, the
ratings on the other classes of notes are supported by the
ratings on the swap counterparties, and except for the stress
applied to the unhedged assets, we have not applied any further
foreign-exchange-related losses to these notes," S&P said.

Leveraged Finance Europe Capital II is a cash flow collateralized
loan obligation (CLO) transaction that securitizes loans to
speculative-grade corporate firms. The transaction closed in
September 2003 and is managed by BNP Paribas.

           STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.

The Standard & Poor's 17g-7 Disclosure Report included in this
credit rating report is available at:

     http://standardandpoorsdisclosure-17g7.com/1111528.pdf

RATING LIST

Class           Rating                Rating
                To                    From

Leveraged Finance Europe Capital II B.V.
EUR187.2 Million Fixed- and Floating-Rate Secured Notes

Ratings Raised

I-A             AA+ (sf)              AA (sf)
I-B             AA+ (sf)              AA (sf)
II              BBB+ (sf)             BB+ (sf)
III             B+ (sf)               CCC+ (sf)
IV              B- (sf)               CCC- (sf)


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


HYDROBUDOWA POLSKA: Poznan Court Rejects Bankruptcy Motion
----------------------------------------------------------
According to Bloomberg News' Piotr Bujnicki, Judge Joanna
Ciesielska-Borowiec said by phone on Monday that a court in
Poznan, western Poland, rejected a motion to declare Hydrobudowa
Polska SA bankrupt because the creditor who filed it didn't pay
full court fees.

Judge Ciesielska-Borowiec declined to name the creditor,
Bloomberg notes.

Hydrobudowa is a unit of Polish building group PBG SA.


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


AVIANOVA: Declared Bankrupt by Moscow Arbitration Tribunal
----------------------------------------------------------
RIA Novosti, citing RAPSI news agency, reports that a Moscow
Arbitration Tribunal declared Avianova airline bankrupt and
launched six-month bankruptcy proceedings to settle creditors'
claims.

According to RIA Novosti, a representative of the indebted
airline earlier told the court that Avianova had total debts of
RUR586 million (US$20 million), assets of RUR701,000 on its
accounts, equipment worth RUR3.35 million and receivables of
RUR16.1 million rubles.

Avianova flights were suspended in October 10 and Russia's
aviation watchdog annulled its flight operating certificate in
January 2012, RIA Novosti recounts.

Avianova's problems arose from a conflict between two major
shareholders, Alfa Group's Russian investment company A1 and U.S.
Indigo Partners investment fund, RIA Novosti discloses.

Avianova was a low cost airline based in Moscow, Russia


CARGO JFC: Sberbank Registers US$47.4 Million in Debt
-----------------------------------------------------
Fresh Plaza reports that the St. Petersburg and Leningrad Region
Commercial Court has registered Sberbank's lawsuit against Cargo
JFC -- part of the JFC group -- to recover US$47.4 million of
debt.

The trial date has yet to be set, Fresh Plaza notes.  JFC, the
head company of the group, has been brought into the case as
third party, Fresh Plaza states. It went into administration in
March, Fresh Plaza recounts.

According to JFC, Cargo JFC, like Bonanza International, whose
bankruptcy case is scheduled for hearing next month, acted as
borrowers under a syndicated loan facility of up to US$88 million
and RUR1.5 billion (US$51 million), Fresh Plaza discloses.

The loan agreement was approved by an extraordinary meeting of
JFC shareholders on March 9, 2011, Fresh Plaza recounts.  The
loan arrangers included Raiffeisenbank, Sberbank, Amsterdam Trade
Bank, UniCredit Bank and Banque Societe Generale Vostok, Fresh
Plaza says.

According to Fresh Plaza, Raiffeisenbank and Sberbank have
requested a commercial court to have their claims entered into
the JFC schedule of creditors.  The court records have not yet
specified the debt amount that these creditors want to be
included in the registry, Fresh Plaza notes.

The St. Petersburg and Leningrad Regional Commercial Court will
handle on May 15 Bonanza International's, application for own
bankruptcy, Fresh Plaza discloses.  Bonanza International is a
member of JFC.

The applicant has been ordered to provide its latest accounting
balance sheet and an appraisal report on its assets' value should
one be available, Fresh Plaza states.


RUSSIAN NIZHNIY: Fitch Raises Long-Term Currency Ratings to 'BB-'
-----------------------------------------------------------------
Fitch Ratings has upgraded the Russian Nizhniy Novgorod Region's
Long-term foreign and local currency ratings to 'BB-' from 'B+'
and affirmed the region's Short-term rating at 'B'.  The agency
has also upgraded the region's National Long-term rating to
'A+(rus)' from 'A(rus)'.  The Outlooks on the Long-term ratings
are Stable.  The rating action also affects Nizhniy Novgorod's
four outstanding domestic bonds of RUB14.953 billion.

The upgrade reflects the rebound of Nizhniy Novgorod's operating
performance after a temporary sharp deterioration in 2009, as
well as Fitch's expectation of a stable and sound operating
performance of the region in 2012-2013.  However, the ratings
also factor in expected direct risk increase and still high
short-term debt refinancing needs.

Fitch notes that further positive rating action would be subject
to sustained sound operating performance with margins above 10%
and stabilization of direct risk below 40% of current revenue,
coupled with a reduction in refinancing pressure due to the
lengthening of the region's debt maturity profile.  Increased
refinancing risk due to increasing proportion of short-term bank
loans accompanied by weak debt coverage metrics (direct risk to
current balance) would lead to downward rating pressure.

In 2011 the region's budgetary performance continued its
recovery.  Operating balance reached 13% of operating revenue
(11% in 2010) and deficit before debt variation declined to 5.6%
of total revenue compared to 9.7% a year earlier.  Fitch expects
the operating performance to stabilize in 2012-2013, with an
operating margin in the range of 11%-12%.  The region plans high
capital spending in 2012, which will cause the budget deficit to
increase to 9% of total revenue.

The region's debt remains moderate by international standards. At
end-2011 the region's direct risk reached RUB37 billion, up from
RUB26 billion a year earlier.  In relative terms, direct risk
increased to 41% of current revenue.  However, a high proportion
of short-term bank loans mean refinancing needs are high.  The
region has to refinance RUB18.8 billion (or 51% of total direct
risk), including RUB12.9 billion of short-term bank loans in
2012.

Fitch expects net direct risk (direct risk net of outstanding
cash) to increase by about 20% yoy in 2012.  The direct risk will
stay moderate at about 42% of current revenue.  The region plans
to issue a RUB8 billion domestic bond in 2012 to cover maturing
bonds and the budget deficit.  The new bond issue will have a
five-year maturity, which will lengthen the region's average debt
maturity profile.

Nizhniy Novgorod is located in the central part of the Russian
Federation.  The region has a strong and diversified economy.
Its gross regional product (GRP) is among the top-15 in Russia.


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


* SPAIN: Banks May Need More Cushion Against Property Risk
----------------------------------------------------------
According to Reuters' Robert Hetz, a report by Spanish property
consultancy RR de Acuna said that Spanish banks may need to set
aside more money to cover exposure to a bust property market
because they still have to recognize billions of euros in loans
to non-viable companies

Spain has ordered its battered banking sector to reinforce
balance sheets as a correction in the housing market continues
and the central bank forecasts lenders will need some
EUR53.8 billion (US$70.7 billion) to cushion against bad debt,
Reuters relates.

But Thursday's report said that may not be enough, Reuters notes.

"Banks are not recognizing all of their risk. Many of their
debtors are property companies with negative equity who can't
even pay the interest on their debt," Fernando R. Rodriguez de
Acuna, chairman of the consultancy, told Reuters by telephone.

There are at least 21,000 "zombie companies" in Spain that owe
banks EUR126 billion, Mr. Rodriguez, as cited by Reuters, said,
basing his estimates on recent data from Spanish mercantile
records.

He said the banks were covered for only 67.5% of that risk,
leaving EUR40 billion of exposure if all the companies filed for
bankruptcy, Reuters relates.

Spanish banks are carrying their biggest burden of bad loans
since 1994, according to data on April 18 that fuelled doubts as
to whether the country's ailing lenders can survive without
outside help, Reuters notes.

RR de Acuna's study includes loans for property assets to
businesses that are not registered as real estate companies,
Reuters discloses.

Many Spanish banks have refinanced property sector debt in
exchange for assets, but many of the assets are now worth less
than the money owed on them, Reuters says.


===========
T U R K E Y
===========


TURK EKONOMI: Fitch Affirms Viability Rating at 'bb+'
-----------------------------------------------------
Fitch Ratings has affirmed Turkey's Finansbank A.S., Denizbank
T.A.S. and Turk Ekonomi Bankasi A.S.'s (TEB) Long-term (LT)
foreign currency Issuer Default Ratings (IDR) at 'BBB-'.
Russia's CJSC Dexia Bank's (a subsidiary of Denizbank) LT IDR has
also been affirmed at 'BBB-'.  The ratings have a Stable Outlook.

The three Turkish banks are second-tier institutions, majority
owned by foreign shareholders. Finansbank and Denizbank's LT
foreign currency IDRs are underpinned by their intrinsic
financial strength, as reflected by their 'bbb-' Viability
Ratings (VRs).  TEB's IDRs are driven by potential support from
its majority shareholder, BNP Paribas (BNPP; 'A+'/Stable), given
TEB's slightly lower VR ('bb+').

Finansbank and Denizbank's VRs are supported by their solid
credit metrics, reflected in adequate capital levels, sound risk
management and credit underwriting capabilities, solid
profitability, expanded franchises and stable deposit funding.
TEB's lower VR reflects its lower profitability relative to
peers, some pressure on cost efficiency ratios and a slightly
weaker franchise.

Fitch expects GDP growth in Turkey to slow considerably in 2012,
and this is likely to exert moderate negative pressure on banks'
asset quality and performance as loan books season across the
sector.  Furthermore, the banks face competitive challenges in
defending and gaining market shares from the handful of larger
banks which dominate the sector.

Finansbank is a larger second-tier bank in Turkey, with a 4.4%
deposit market share (Denizbank and TEB each have 3.1% according
to unconsolidated Q311 sector figures).  Finansbank and TEB are
pursuing an expansion-driven strategy, targeting, in particular,
the high margin consumer and SME segments, where credit demand
remains strong.  Denizbank currently also plans to continue its
expansion in 2012, mainly in the retail segments, although growth
will be mainly aimed at protecting market share, and strategy is
likely to be reviewed after the bank's expected sale.

The three banks continued to perform soundly in 2011, although in
common with the rest of the sector, performance has been
negatively affected by margin compression, driven by historically
low interest rates and high reserve requirements.  Performance
indicators at Finansbank, Denizbank and TEB vary somewhat,
reflecting differences in business mix, funding structure and
asset quality indicators.  Profitability is highest at Denizbank,
where the operating ROAE reached 22% in 2011, but Finansbank
follows closely with 21%. At TEB, this indicator lagged behind,
at 12%.

Impaired loan ratios at Denizbank (2.8% at end-2011) and TEB
(2.7%) are in line with the sector average of 2.7%.  The ratio is
higher at Finansbank (5.5%), reflecting its retail focus. For
each of the banks, impaired loan reserve coverage is reasonable,
averaging 78%.  Capital adequacy ratios are sound, with Fitch
core capital/weighted risks ratios at end-2011 of 13%
(Finansbank), 11.4% (Denizbank) and 11.6% (TEB).

The three banks' loans/deposits ratios stood at around 120% at
end-2011, above the sector average of 101%.  However, retail
deposits provide the bulk of funding for the three banks and
parent funding is minimal, as the banks have been able to access
other sources of wholesale funding.

Finansbank's LT IDRs are six notches above those of its owner,
the National Bank of Greece ('NBG', 'B-'/Stable), which holds a
95% stake. This large differential reflects Fitch's view that
there is limited contagion risk for Finansbank from NBG.
Finansbank has no material asset exposure to NBG, or to Greece
generally; its borrowings from NBG are limited to subordinated
debt issues; and NBG has not sought to withdraw capital or
liquidity from its subsidiary.  Finansbank's domestic franchise
has not been materially affected by NBG's problems, deposit
growth was well above the sector average in 2011 and wholesale
funding access has been maintained.

In Fitch's view, Dexia ('A+'/Negative/VR 'f'), which holds a
99.8% stake in Denizbank, is likely to remain supportive of its
subsidiary prior to sale, notwithstanding its own weak financial
position.  Denizbank's LT local currency IDR and Support Rating
continue to reflect this potential support, although the Rating
Watch Negative on these ratings reflects the potential for them
to be downgraded should the bank be sold to a more lowly-rated
owner.

TEB almost doubled in size in February 2011 when it merged with
Fortis Bank A.S., a move driven by BNPP's decision to consolidate
its banking assets in Turkey.  Both BNPP and TEB's local Turkish
partner, the Colakoglu Group, are supportive of growth and would
be likely to provide further capital if required.  TEB is viewed
as a strategic investment for both of its core shareholders.
BNPP and Colakoglu jointly control TEB Holding, which holds a 55%
stake in TEB, and BNPP separately holds an additional 40% stake
in the bank.

Upside potential for Finansbank and Denizbank's ratings is
limited in the near term, given that these banks' VRs are already
above those of the Turkish sovereign's LT IDRs ('BB+'/Stable),
and the banks' LT IDRs are at the Turkish Country Ceiling ('BBB-
').  The banks' VRs could be downgraded if asset quality
deteriorates markedly as loan books season and GDP growth slows,
although this is currently not Fitch's base case expectation.

TEB's LT IDRs are constrained by Turkish country risks, and could
only be upgraded if Turkey's sovereign ratings and Country
Ceiling go up.  TEB's VR could be upgraded to the level of
Finansbank and Denizbank if management is able to demonstrate
that integration of the merged banks is delivering the expected
synergies and improvement in franchise, resulting in better
efficiency and greater self sufficiency in funding.

CJSC Dexia Bank's LT foreign currency IDR is aligned with that of
Denizbank given the high level of integration between the two
banks, and CJSC Dexia Bank's small size relative to its parent.
However, CJSC Dexia Bank could suffer a multi-notch downgrade,
once Denizbank's owners change, should these decide to sell the
Russian subsidiary.

The rating actions are as follows:

Finansbank:

  -- Long-term foreign and local currency IDRs: affirmed at 'BBB'
     with Stable Outlook
  -- Short-term foreign and local currency IDRs: affirmed at 'F3'
  -- Viability Rating: affirmed at 'bbb-'
  -- Support Rating: affirmed at '3'
  -- National Rating: affirmed at 'AAA(tur)' with Stable Outlook
  -- Support Rating Floor: affirmed at 'BB-'
  -- Senior unsecured long-term debt: affirmed at 'BBB-'

Denizbank:

  -- Long-term foreign currency IDR: affirmed at 'BBB-' with
     Stable Outlook
  -- Long-term local currency IDR: 'BBB', maintained on Rating
     Watch Negative
  -- Short-term foreign and local currency IDRs: affirmed at 'F3'
  -- Viability Rating: affirmed at 'bbb-'
  -- Support Rating: '2' maintained on Rating Watch Negative
  -- National Rating: affirmed at 'AAA(tur)' with Stable Outlook

Turk Ekonomi Bankasi:

  -- Long-term foreign currency IDR: affirmed at 'BBB-' with
     Stable Outlook
  -- Long-term local currency IDR: affirmed at 'BBB' with Stable
     Outlook
  -- Short-term foreign and local currency IDRs: affirmed at 'F3'
  -- National Long-term rating: affirmed at 'AAA(tur)' with
     Stable Outlook
  -- Viability Rating: affirmed at 'bb+'
  -- Support Rating: affirmed at '2'
  -- Subordinated loan participation notes: affirmed at 'BBB-'

CJSC Dexia Bank:

  -- Long-term foreign and local currency IDR: affirmed at 'BBB-'
     with Stable Outlook
  -- Short-term foreign and local currency IDR: affirmed at 'F3'
  -- National Long-term rating: affirmed at 'AA+(rus)' with
     Stable Outlook
  -- Support Rating: affirmed at '2'


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


BAZIS BANK: Goes Into Administration for Six Months
---------------------------------------------------
Ukrainian News reports that the National Bank of Ukraine has
taken the Bazis bank, a small bank based in Kharkiv, into
administration.

"The National Bank of Ukraine's resolution No. 168 of 20.04.2012
installed a temporary administration at the Bazis public joint-
stock bank," said a statement obtained by the news agency.

The National Bank of Ukraine took the bank into administration
for six months (from April 23 to October 23, 2012), according to
Ukrainian News.

The report notes that Anna Hontar, an employee of the National
Bank of Ukraine, has been appointed as the temporary
administrator of the bank.  The report relays that in the absence
of Hontar, Svitlana Krasylnykova will act as the interim
administrator of the bank.

The report discloses that the National Bank of Ukraine also
imposed a moratorium on meeting claims from the Bazis bank's
creditors for 3 months (from April 23 to July 23, 2012).

As Ukrainian News earlier reported, the Bazis bank is controlled
by Arsen Avakov, who is the head of the Kharkiv regional chapter
of the Batkivschyna All-Ukrainian Association party and a former
governor of the Kharkiv region.

The Kharkiv regional prosecutor's office filed a criminal case
against Avakov on January 26 on suspicion of involvement in
illegal alienation of 55 hectares of land in 2009 by officials of
the Kharkiv regional administration and the regional division of
the State Committee on Land Resources, Ukrainian News recalls.

Ukrainian News says that the assets of the Bazis bank were valued
at UAH 123.9 million as of Jan. 1, 2012, when its loans to
clients and its clients' loan debts amounted to UAH 822.1 million
and its equity capital amounted to UAH 107.9 million.

The bank finished 2011 with a loss of UAH 55.919 million.
The Investor Fund company (Kharkiv) owns a 73.18% stake in the
Bazis bank, Ukrainian News adds.


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


AQUASCUTUM: Cooper & Stollbrand May Bid for Firm
------------------------------------------------
Men Media Business reports that James Eden, the entrepreneur who
runs clothing manufacturer Cooper & Stollbrand is showing his
faith in British-made goods by preparing a bid for Aquascutum.

Mr. Eden said he believes his track record shows he can sustain a
successful UK-based manufacturing operation, according to Men
Media Business.  The report relates that Mr. Eden expects to
table an offer within days.

The report notes that Mr. Eden is reportedly facing competition

Aquascutum is a British clothing label known for its trench
coats.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on April 19,
2012, Bloomberg News said that Aquascutum was placed into
administration by owner Harold Tillman a day after he
sold fashion chain Jaeger Group Ltd.  According to Bloomberg, an
e-mailed statement by administrators FRP Advisory LLP said that
Aquascutum was making "significant losses."


BARION FUNDING: S&P Lowers Ratings on 2 Debt Tranches to 'B+'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
all of Barion Funding Ltd.'s super senior and junior senior
notes. "At the same time, we affirmed our credit ratings on the
fast pay and slow pay income notes," S&P said.

"The rating actions follow the application of our updated
criteria for CDOs of pooled structured finance assets, as well as
our assessment of credit deterioration in the transaction
portfolio. We have assessed the transaction's performance using
data from the latest available trustee report and our cash flow
analysis, and taking into account recent transaction
developments," S&P said.

"The Barion portfolio comprises approximately 68% structured
finance securities, of which nearly 30% of the performing balance
comprises European and U.S. residential mortgage-backed
securities (RMBS). The remaining portion of the structured
finance pool mainly comprises tranches that were initially rated
'AAA (sf)' on their respective issue dates. The remainder of the
portfolio is mainly exposed to subordinated debt issued by
financial institutions," S&P said.

"Our analysis indicates that there has been an overall
deterioration in the general credit quality of the underlying
assets in the portfolio since our previous review. For example,
approximately 26% of the assets in the portfolio were rated 'AAA'
at our previous review in September 2010, verses 10% under the
current portfolio according to our analysis. In addition, assets
rated in the 'CCC' category (i.e., 'CCC+', 'CCC', or 'CCC-') have
increased since our previous review. Currently, 16% of the
underlying assets are rated in the 'CCC' category according to
our analysis, verses 10% at our previous review. Overall, the
current weighted-average rating on the assets in the portfolio is
in the 'A' category, down from 'AA' at our previous review," S&P
said.

"We subjected the capital structure to a cash flow analysis based
on the updated methodology and assumptions as outlined by our
criteria, to determine the break-even default rate (BDR) for each
rated class of notes. At the same time, we conducted an updated
credit analysis based on our updated assumptions, to determine
the scenario default rate (SDR) at each rating level, which we
then compared against its respective BDR. In our analysis, we
used the reported portfolio balance that we considered to be
performing, the weighted-average spread, and the weighted-average
recovery rates that we considered to be appropriate. We
incorporated various cash flow stress scenarios using our
standard default patterns, levels, and timings for each rating
category assumed for all classes of notes, in conjunction with
different interest rate stress scenarios," S&P said.

"In our view, the impact of our updated assumptions for pools of
structured finance assets has also been a factor in 's rating
actions. Based on these assumptions, our analysis shows that all
tranches now face higher assumed losses and liquidity
constraints, which has led to a fall in the BDR for each tranche
in the transaction. Moreover, our updated methodology has led to
a significant increase in the probabilities of default that the
transaction can expect at each rating level, resulting in higher
SDR levels than at our previous review. For example, our analysis
indicates that the SDR at the 'AA+' rating level increases to
28.3% from 14.06% at our previous review," S&P said.

"Part of our analysis also included a 'look-through' analysis of
the underlying U.S. RMBS securities currently held in the Barion
portfolio, to assess the current and expected future losses in
the transaction. We then used this information to determine the
default and recovery assumptions in our analysis of the Barion
liabilities," S&P said.

"In our view, the credit deterioration witnessed in the
underlying portfolio, combined with our updated assumptions, has
meant that that the notes issued by Barion Funding are unable to
maintain their current rating levels. Therefore, we have lowered
our ratings on the super senior and junior senior notes to levels
that we consider commensurate with current credit enhancement
levels," S&P said.

"We have affirmed our 'CCC- (sf)' ratings on the fast pay and
slow pay income notes because our analysis indicates that these
tranches are unable to withstand our credit and cash flow
stresses at any higher than their current rating levels," S&P
said.

"None of the ratings on the notes was constrained by either the
largest obligor or industry default test--two supplemental stress
tests we introduced as part of our updated criteria," S&P said.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

     http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class             Rating           Rating
                  To               From

Barion Funding Ltd.

RATINGS LOWERED

EUR802,950,000 Super Senior
                  AA+ (sf)         AAA (sf)

GBP303,571,551.84 Super Senior
                  AA+ (sf)         AAA (sf)

US$2,523,559,979.55 Super Senior
                  AA+ (sf)         AAA (sf)

US $191.06 Million Junior Senior
Series 2010-1 Tranche 1 Tier 4
                  AA+ (sf)         AAA (sf)

US $165 Million Junior Senior
Series 2010-2 Tranche 1 Tier 6
                  AA- (sf)         AAA (sf)

US $165 Million Junior Senior
Series 2010-3 Tranche 1 Tier 8
                  A+ (sf)          AA+ (sf)

US$110 Million Junior Senior
Series 2010-4 Tranche 1 Tier 10
                  BBB+ (sf)        AA (sf)

US$110 Million Junior Senior
Series 2010-5 Tranche 1 Tier 12
                  BBB+ (sf)        A+ (sf)

EUR15 Million Junior Senior
Senior 2010-6 Tranche 1 Tier 14
                  BBB (sf)         A+ (sf)

US$70 Million Junior Senior
Senior 2010-7 Tranche 1 Tier 16
                  BB+ (sf)         BBB+ (sf)

US$50 Million Junior Senior
Senior 2010-8 Tranche 1 Tier 18
                  BB+ (sf)         BBB+ (sf)

US$50 Million Junior Senior
Senior 2010-9 Tranche 1 Tier 20
                  BB+ (sf)         BBB- (sf)

US$50 Million Junior Senior
Senior 2010-10 Tranche 1 Tier 22
                  BB- (sf)         BB+ (sf)

US$50 Million Junior Senior
Senior 2010-11 Tranche 1 Tier 24
                  B+ (sf)          BB+ (sf)

US$35 Million Junior Senior
Senior 2010-12 Tranche 1 Tier 26
                  B+ (sf)          BB+ (sf)

RATINGS AFFIRMED

EUR28.291 Million Tier 1
Fast Pay Income Notes
                  CCC- (sf)

GBP5.783 Million Tier 1
Fast Pay Income Notes
                  CCC- (sf)

US$33.233 Million Tier 1
Fast Pay Income Notes
                  CCC- (sf)

US$3.808 Million Tier 1
Fast Pay Income Notes
                  CCC- (sf)

EUR19.875 Million Tier 1
Slow Pay Income Notes
                  CCC- (sf)

GBP16.509 Million Tier 1
Slow Pay Income Notes
                  CCC- (sf)

JPY1.191 Billion Tier 1
Slow Pay Income Notes
                  CCC- (sf)

US$216.44 Million Tier 1
Slow Pay Income Notes
                  CCC- (sf)

US$3.88 Million Tier 1
Slow Pay Income Notes
                  CCC- (sf)

US$5.394 Million Tier 1
Slow Pay Income Notes
                  CCC- (sf)

US$5.394 Million Tier 1
Slow Pay Income Notes
                  CCC- (sf)


DUNFERMLINE PRESS: Bought Out of Receivership by Management
-----------------------------------------------------------
BBC News reports that The Dunfermline Press newspaper group has
been bought over by its management after being placed in
receivership.

The company has had its finances and its GBP25 million debt
restructured, with the titles split off from the estate of its
late owner, Deirdre Romanes.

A statement by the owners said no trade suppliers or staff
contracts are affected.

The new owners, called Romanes Media Group, followed the
appointment of receivers Bruce Cartwright and Matthew Hammond of
PricewaterhouseCoopers to the media group's holding company.

Fife-based Dunfermline Press has 20 titles, including the
Greenock Telegraph and Helensburgh Advertiser.  It also owns
local papers in England and a small radio station in
Dunbartonshire.


GEMGARTO 2012-1: S&P Assigns 'BB' Rating to Class B2 Notes
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its credit ratings to
Gemgarto 2012-1 PLC's class A1, M1, M2, B1, and B2 notes.

Gemgarto 2012-1 is the first transaction to securitize collateral
originated under Kensington Mortgage Company Ltd.'s (a wholly-
owned subsidiary of Investec Bank PLC) revised underwriting
framework.

"The collateral pool consists of first-lien U.K. nonconforming
residential (80.16%) and buy-to-let (19.84%) mortgage loans
originated in or after 2010. Of the collateral, 96.20% initially
pay interest at a fixed rate and 3.80% have their interest rate
capped. There are no self-certified loans in the pool and the
weighted-average indexed current loan-to-value ratio is 74.35%,"
S&P said.

"On the closing date, Gemgarto 2012-1 issued mortgage-backed
class A1, M1, M2, B1, and B2 notes. At the same time, it issued
unrated class R1, R2, R3 notes. We understand that the issuer
used the proceeds from the class R1, R2, R3 notes, among other
things, to fund the reserve fund to 2.5% of the collateralized
note balance at closing, and will redeem them using residual
interest income," S&P said.

"The structure benefits from a partially-funded reserve fund and
yield reserve fund, which is fully funded at closing. The issuer
may use principal to pay revenue shortfalls or trap into a
liquidity reserve fund to cover future shortfalls subject to
certain conditions which are outlined in the transaction
documents," S&P said.

"At closing, Gemgarto 2012-1 entered into a fixed-for-floating
interest rate swap agreement. Under this agreement, it pays a
fixed rate in exchange for receiving three-month sterling LIBOR.
Furthermore, two interest rate caps are in place with differing
notionals, maturities, and strike rates. The issuer may use
proceeds from these caps to pay revenue shortfalls or otherwise
trap in a cap reserve fund to cover future revenue shortfalls,"
S&P said.

S&P's analysis indicates these key risks:

* "Our analysis assumes a recessionary period, during which we
   assume a proportion of the pool defaults. It is probable in
   our view that loans with higher yields, reflecting a greater
   risk profile are more likely to default first. Our analysis
   accounts for this spread compression by assuming that, for
   each rating level, the highest yielding proportion of the
   pool, equal to the WAFF of each rating level defaults, leaving
   a residual pool with a lower yield in place," S&P said.

* "There remains some uncertainty about the outlook for the U.K.
   economy, and the future movements in economic growth and
   unemployment rates. As we observe that unemployment rates
   correlate with delinquencies and defaults, first-time buyers
   and less seasoned loans are particularly vulnerable. These
   risks are incorporated into our credit analysis and reflected
   in the weighted-average foreclosure frequency and weighted-
   average loss severity," S&P said.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.

The Standard & Poor's 17g-7 Disclosure Report included in this
credit rating report is available at:

      http://standardandpoorsdisclosure-17g7.com/1111528.pdf

RATINGS LIST

Gemgarto 2012-1 PLC
GBP240 Million Mortgage-Backed Floating-Rate Notes And  GBP6.5
Million
Non-Mortgage Backed Notes

Class          Rating           Amount
                                (mil. GBP)

A1             AAA (sf)            201.6
M1             A+ (sf)               3.6
M2             A (sf)                6.0
B1             BBB (sf)             13.2
B2             BB (sf)              15.6
R1             NR                    3.6
R2             NR                    2.4
R3             NR                    0.5

NR-Not rated.


INEOS GROUP: Moody's Rates New Senior Secured Notes '(P)B1'
-----------------------------------------------------------
Moody's Investors Service has changed the outlook on all of
Ineos's ratings to positive from stable. Concurrently, the rating
agency has assigned a provisional B1 rating to the new senior
secured notes maturing in 2020 and to the new cov-lite Term Loan
B.

These provisional ratings on the new debt instruments reflect
Moody's preliminary credit opinion regarding the transaction
only. Upon a conclusive review of the final documentation,
Moody's will endeavor to assign definitive ratings to the new
notes and Term Loan B. A definitive rating may differ from a
provisional rating.

In addition, subject to completion of the announced refinancing,
Moody's would take the following actions on the existing debt:

(a) The ratings on the existing senior secured notes would be
downgraded to B1 from Ba3. This is to reflect their weaker
recovery rate due to the increased amount of total senior secured
debt, while the security/collateral package has remained
substantially unchanged and the amount of junior debt has reduced
following the refinancing of the second lien debt;

(b) The ratings on the bank facilities refinanced in full would
be withdrawn;

(c) The existing senior unsecured notes would keep their current
Caa1 rating, as it already takes into account their structurally
and contractually subordinated position in the capital structure.

Rating Rationale -- POSITIVE OUTLOOK

Moody's decision to change Ineos's B2 corporate family rating
outlook to positive reflects the expected improvement in the
company's financial profile upon completion of the announced
refinancing. Specifically, the refinancing addresses some of
Moody's main concerns regarding the high vulnerability of Ineos's
current capital structure in case of a downturn, especially given
the tight financial covenants attached to all the outstanding
bank facilities and the several other restrictive covenants that
lenders imposed on Ineos during the recent severe recession.

Moody's expects that the refinancing will allow Ineos to (1)
achieve a much higher degree of financial flexibility and (2)
further improve its debt maturity profile:

1.) Enhanced financial flexibility would result from (a) the
removal of maintenance financial covenants, which, if not met
every quarter -- and in the absence of a lender's approved waiver
-- could trigger an event of default and immediate repayment of
all debt outstanding (including the notes, given the cross-
default clauses); and (b) the removal of the current margin
ratchet feature of Ineos's bank debt, which would lead to
escalating funding costs in case of higher leverage ratios.

2.) The debt maturity profile would be extended further to
Ineos's repayment in full of the bank revolver facility due in
2013, the term loan due in 2014 and the second-lien tranche due
in 2015. Moody's says that these repayments would remove Ineos's
refinancing risk in 2013 and 2014, and reduce it substantially in
2015, when the first senior secured notes become due. Moody's
notes that these positive developments, while removing or
materially reducing previous concerns, will allow Ineos's
management to better focus on the further development of the core
business strategy, which has in the past been partially
constrained by several restrictive covenants of the senior
facility agreement.

However, Moody's explains that the rating remains constrained by
the high amount of Ineos's financial debt, both in absolute terms
and relative to Ineos's EBITDA, and in spite of some material
debt reduction already achieved in 2011 with the use of the cash
proceeds resulting from the sale of 50% of the refining division
to Petrochina to form a new joint venture. In particular, Moody's
notes that financial debt will increase further as a result of
the announced refinancing in view of Ineos's plans to replace the
revolver facility with a cash overfund in excess of EUR600
million, to be created by issuing more debt than the amount that
is strictly needed to refinance the outstanding bank facilities
and cover transaction costs. The rating agency is concerned that
this additional debt would result in much higher financial
charges, thereby reducing the positive deleveraging impact of the
Petrochina deal closed last year.

Nevertheless, the risks associated with Ineos's higher debt
level, its higher associated costs and the removal of the
revolver facility as a committed external source of liquidity,
are more than adequately offset by the materially reduced
refinancing risks over the coming years, as well as by the cash
overfund mechanism, which would allow Ineos's liquidity to remain
excellent even without the revolver facility. In particular,
Moody's expects that the cash overfund created with the
refinancing will have the same purpose as the revolver, i.e. to
mainly fund working-capital-related swings and cash
collateralization of letters of credit and guarantees. At the
same time, the advantage of the cash overfund over the revolver
would be greater and more direct control over liquidity when
urgently needed in a downturn, as opposed to the previous
situation when Ineos had to pass strict financial covenants tests
in order to be able to continuously use its revolver facility.
Moody's believes that the size of the cash overfund, together
with the continuous availability of the EUR1.2 billion under the
outstanding securitization facility (which will only expire in
December 2014), will be more than adequate to address liquidity
needs associated with working capital over the coming several
quarters. At the same time, Ineos's ability to continue to
generate robust operating cash flows will provide sufficient
headroom to accommodate a more ambitious capital expenditures
plan than in the past, especially considering several organic
growth projects that Ineos intends to execute in 2012 and 2013.
However, despite a possible material increase in capex over the
coming quarters, Moody's believes that Ineos will continue to
generate positive free cash flow and would retain sufficient
flexibility to reduce or postpone capex, if this were needed to
address an unforeseen deterioration in the operating environment
leading to bottom-of-cycle profitability.

Moody's sees limited potential for the incremental improvement in
the operating performance in the near term, given the better-
than-anticipated results achieved in Q1 2012 after the difficult
final quarter of 2011, and considering that the North American
O&P division, which has been key to driving Ineos's profitability
in the previous quarters, is already running at high utilization
rates and enjoying top-of-cycle margins.

WHAT COULD MOVE THE RATING UP/DOWN

Moody's would consider upgrading Ineos's rating in the event of a
material reduction in the gross amount of debt, leading to an
improved leverage, with a Net debt/EBITDA ratio below 4x. This
would also imply the maintenance of a strong liquidity profile,
with no or limited erosion in the cash buffer created via the
refinancing. An upgrade of the rating would also require Ineos to
display an Interest coverage ratio comfortably above 2.75x, and
to display an RCF/Debt ratio above 10% on a sustained basis.

Negative rating pressure, although unlikely at this stage, could
emerge in the event of the group suffering a material
deterioration in operating performance, leading to (i) a
sustained weakness in cash flow generation with RCF/Debt reduced
to the low single digits; (ii) weaker debt coverage metrics with
Net Debt/Leverage ratio above 5x. Moreover, the ratings could
also come under negative pressure in the event of sustained
negative free cash flow generation weakening the liquidity
profile.

Methodology Used

The methodologies used in these ratings were Global Chemical
Industry published in December 2009, and Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

Ineos Group Holdings S.A. was established in 1998 via a
management buy-out of the former BP petrochemicals asset in
Antwerp, which was led by Mr. Ratcliffe, Chairman of Ineos Group
Holdings SA. The group has subsequently grown through a series of
acquisitions and at the end of 2005 acquired Innovene Inc., a
100% subsidiary of BP, in a US$9 billion buy-out, transforming
Ineos into one of the world's largest chemical companies
(measured by turnover). In 2011, Ineos reported a turnover of
EUR17.6 billion and an EBITDA (excluding the discontinued
refining division) of EUR1.71 billion.


KILLBY & GAYFORD: In Administration, Gets Late Payment Complains
----------------------------------------------------------------
Luke Cross at H&V news reports that Killby & Gayford went into
administration, with business services firm BDO appointed as its
administrator.

It is understood to have employed 300 staff, according to H&V
news.  The report relates that recent accounts showed the company
had a GBP77.5 million turnover in 2010, with pre-tax profit of
GBP1.9 million.

H&V news notes that the company was subject to a management buy-
out in 2007 with a team led by then managing director Chris
Chivers.

H&V news relays that Emma Bridges, from credit firm Top Service,
said her company had been monitoring Killby & Gayford for months,
with complaints about late payment from 28 different customers.
The report relates that Ms. Bridges said Top Service has had
about 80 different reports of slow payments over the last 12
months.

"We could see these payment terms getting longer and longer,
which led to monitoring the company really closely, which in turn
led to contacting the courts and being able to pick up that they
filed for administration this morning and have since confirmed
that BDO has been appointed," the report quoted Ms. Bridge as
saying.

The report adds that Ms. Bridge said there had also been nearly
GBP107,000 of county court judgments, from February to April,
which included one over GBP25,000 on April 12.

Killby & Gayford is a historic contractor.  It specialized in
high quality jobs, predominantly in the restoration and
refurbishment market. Its projects have included 10 Downing
Street.  Along with its head office in Clapham Common, K&G has a
regional office and joinery works in Billericay, Essex.


NEWGATE FUNDING: S&P Lowers Rating on Class Db Notes to 'B-'
------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in Newgate Funding PLC's series 2007-1 following the
application of its updated U.K. residential mortgage-backed
securities (RMBS) criteria and its 2010 counterparty criteria.

Specifically, S&P:

- lowered and removed from CreditWatch negative its ratings on
    the class Ba, Bb, Cb, and Db notes;

- affirmed and removed from CreditWatch negative its ratings on
   the class A2, A3, Ma, and Mb notes; and

- affirmed its ratings on the class E and F notes, as well as
   the class Q excess spread deferrable notes.

"Newgate 2007-1 is a U.K. nonconforming RMBS transaction with
collateral consisting of a pool of first-ranking mortgages over
freehold and leasehold owner-occupied properties. Based on loan-
level data provided for February 2012, the collateral pool
consists of 22.6% first-time buyer loans and 55.7% self-certified
loans," S&P said.

"In our opinion, the collateral pool has exhibited relatively
stable performance in recent periods, with total delinquencies
falling moderately to 34.99% from 37.72%, and 90+ day arrears
declining to 26.13% from 27.02% since our last review in July
2010. Cumulative losses currently stand at 3.30%," S&P said.

"However, the build-up of credit enhancement has been limited due
to the high percentage of interest-only loans (78.08%) and the
low prepayment rate (currently 4.39%). This has led to slower
deleveraging of the Newgate 2007-1 collateral pool and
consequently a limited build-up of credit enhancement--
particularly for the junior classes of notes as the transaction
is currently amortizing sequentially. Although the transaction is
able to amortize pro-rata, the current 90+ day delinquency level
of 26.74% is greater than the pro-rata trigger of 20%. We have
considered the likelihood of the transaction amortizing pro-rata
at some point in the future in our cash analysis," S&P said.

"Our credit and cash flow analysis of the transaction
incorporates the application of our U.K. RMBS criteria. In this
transaction, our updated credit adjustments result in a lower
weighted-average foreclosure frequency (WAFF), but a higher
weighted-average loss severity (WALS). This has led to an overall
increase in the required credit coverage for this transaction,"
S&P said.

"In our view, the increased credit enhancement available for the
class A2, A3, Ma, and Mb notes is sufficient to offset the
increase in required credit coverage. After applying our updated
cash flow stresses, cash flow results for these notes were
commensurate with their current rating levels. We have therefore
affirmed and removed from CreditWatch negative our ratings on
these notes, where we placed them on Dec. 12, 2011," S&P said.

"However, the increase in credit enhancement for the class Ba,
Bb, Cb, and Db notes has not risen sufficiently enough to
mitigate the increase in required credit coverage. Consequently,
upon application of our updated cash flow stresses, these notes
were unable to achieve ratings commensurate with their current
respective rating levels. We have therefore lowered and removed
from CreditWatch negative our ratings on these classes of notes,
where we placed them on Dec. 12, 2011 following our U.K. RMBS
criteria update," S&P said.

"We have affirmed our ratings on the class E, F, and Q notes
based on the results of our credit and cash flow analyses, and
our view that these classes of notes are unlikely to default
within the next 12 months. The Q note is an excess spread
deferrable note, which is rated to ultimate interest and
principal," S&P said.

"The liquidity facility agreement is not in line with our 2010
counterparty criteria. As such, the highest potential rating on
the notes is capped at the issuer credit rating on the liquidity
facility provider - in this case, Barclays Bank PLC (A+/Stable/A-
1)," S&P said.

"We also consider credit stability in our analysis, to determine
whether or not an issuer, or security, has a high likelihood of
experiencing adverse changes in the credit quality of its pool
when we apply moderate stresses," S&P said.

"However, the scenarios that we considered under moderate stress
conditions did not result in the ratings deteriorating below the
maximum projected deterioration that we would associate with each
relevant rating level, as outlined in our credit stability
criteria," S&P said.

Newgate Funding 2007-1 is a U.K. non-conforming RMBS transaction
that securitizes self-certified and first-time buyer mortgages
originated by Mortgages 1 Ltd.

           STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.

The Standard & Poor's 17g-7 Disclosure Report included in this
credit rating report is available at:

      http://standardandpoorsdisclosure-17g7.com/1111528.pdf

RATINGS LIST

Class                 Rating
            To                    From

Newgate Funding PLC
EUR162.8 Million, GBP406.95 Million, US$132 Million Mortgage-
Backed and Excess Spread Floating-Rate Notes Series 2007-1

Ratings Lowered and Removed From CreditWatch Negative

Ba          BB (sf)               A- (sf)/Watch Neg
Bb          BB (sf)               A- (sf)/Watch Neg
Cb          B (sf)                BBB- (sf)/Watch Neg
Db          B- (sf)               B+ (sf)/Watch Neg

Ratings Affirmed and Removed From CreditWatch Negative

A2          A+ (sf)               A+ (sf)/Watch Neg
A3          A+ (sf)               A+ (sf)/Watch Neg
Ma          A+ (sf)               A+ (sf)/Watch Neg
Mb          A+ (sf)               A+ (sf)/Watch Neg

Ratings Affirmed

E           B- (sf)
F           B- (sf)
Q           CCC (sf)


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


* S&P Global Default Tally at 28 as of April 19
-----------------------------------------------
Two rating actions pushed Standard & Poor's 2012 global corporate
default tally to 28 issuers, said an article published April 19
by Standard & Poor's Global Fixed Income Research, titled "Global
Corporate Default Update (April 12 - 18, 2012)."

On April 12, 2012, Standard & Poor's Ratings Services lowered its
ratings on Dallas-based Reddy Ice Holdings Inc. to 'D', after the
company announced that it has voluntarily filed for relief under
Chapter 11 of the U.S. Bankruptcy Code and has secured
commitments for $70 million in debtor-in-possession financing
from Macquarie Bank Ltd.

On April 18, 2012, Standard & Poor's lowered its long- and short-
term issuer credit ratings on Residential Capital LLC (ResCap) to
'SD' (selective default). ResCap, the troubled mortgage
subsidiary of Ally Financial Inc., failed to make a scheduled
interest payment on its senior unsecured notes, which will mature
in April 2013, opting instead to use the 30-day grace period that
the debt's indenture allows.

Of the total defaulters this year, 18 were based in the U.S.,
five in the emerging markets, three in Europe, and two in the
other developed region (Australia, Canada, Japan, and New
Zealand).  In comparison, last year, only 11 issuers - six based
in the U.S., two in New Zealand, one in Europe, one in Canada,
and one in the emerging markets - defaulted during the same
period (through April 18).

"So far this year, missed payments accounted for 11 defaults,
bankruptcy filings accounted for six, distressed exchanges were
responsible for four, and four defaulters were confidential,"
said Diane Vazza, head of Standard & Poor's Global Fixed Income
Research. "Of the remaining defaults, one was the result of a
notice of acceleration by the issuer's lender, one was due to the
company's placement under regulatory supervision, and the last
was due to a judicial organization filing."


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

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

AUSTRIA
-------
CHRIST WATER TEC     CWT EO       -5754285.05  165995618.1
CHRIST WATER TEC     CWT EU       -5754285.05  165995618.1
CHRIST WATER TEC     CWTE IX      -5754285.05  165995618.1
CHRIST WATER TEC     CRSWF US     -5754285.05  165995618.1
CHRIST WATER TEC     CWT PZ       -5754285.05  165995618.1
CHRIST WATER TEC     CWT AV       -5754285.05  165995618.1
CHRIST WATER TEC     8131204Q GR  -5754285.05  165995618.1
CHRIST WATER-ADR     CRSWY US     -5754285.05  165995618.1
KA FINANZ AG         3730Z AV     -9072224.93  22043329918
LIBRO AG             LIBR AV       -110486314    174004185
LIBRO AG             LIB AV        -110486314    174004185
LIBRO AG             LBROF US      -110486314    174004185
LIBRO AG             LB6 GR        -110486314    174004185
S&T SYSTEM I-ADR     STSQY US     -38841439.5  182832494.8
S&T SYSTEM INTEG     STSQF US     -38841439.5  182832494.8
S&T SYSTEM INTEG     SLSYF US     -38841439.5  182832494.8
S&T SYSTEM INTEG     SNT EO       -38841439.5  182832494.8
S&T SYSTEM INTEG     SYA EX       -38841439.5  182832494.8
S&T SYSTEM INTEG     SNTS IX      -38841439.5  182832494.8
S&T SYSTEM INTEG     SNT AV       -38841439.5  182832494.8
S&T SYSTEM INTEG     SYA GR       -38841439.5  182832494.8
S&T SYSTEM INTEG     SNTS ES      -38841439.5  182832494.8
S&T SYSTEM INTEG     SNTA PZ      -38841439.5  182832494.8
S&T SYSTEM INTEG     SNT EU       -38841439.5  182832494.8
S&T SYSTEM INTEG     SYAG IX      -38841439.5  182832494.8
SKYEUROPE            SKYP PW      -89480492.6  159076577.5
SKYEUROPE            SKY PW       -89480492.6  159076577.5
SKYEUROPE HLDG       SKYPLN EO    -89480492.6  159076577.5
SKYEUROPE HLDG       SKY EO       -89480492.6  159076577.5
SKYEUROPE HLDG       SKURF US     -89480492.6  159076577.5
SKYEUROPE HLDG       SKY EU       -89480492.6  159076577.5
SKYEUROPE HLDG       SKY AV       -89480492.6  159076577.5
SKYEUROPE HLDG       SKYPLN EU    -89480492.6  159076577.5
SKYEUROPE HLDG       SKYA PZ      -89480492.6  159076577.5
SKYEUROPE HLDG       SKY LI       -89480492.6  159076577.5
SKYEUROPE HLDG       SKYV IX      -89480492.6  159076577.5
SKYEUROPE HLDG       S8E GR       -89480492.6  159076577.5
SKYEUROPE HOL-RT     SK1 AV       -89480492.6  159076577.5

BELGIUM
-------
AMERIKAANSE STOC     4163533Z BB  -1513887.96  225769572.9
ANTWERP GATEWAY      496769Z BB   -51947070.5  266390692.5
BIO ANALYTICAL R     3723198Z BB  -41974594.7  193574592.4
CHIQUITA FRESH B     3727690Z BB  -13035568.1  126531721.7
COMPAGIMMOBDU BR     3727538Z BB  -3827271.16  143566526.3
DOOSAN BENELUX S     3724234Z BB    -81416359  231093378.4
EXPLORER NV          4289181Z BB  -17703159.5  266681154.3
FINANCIETOREN NV     3729210Z BB  -42317802.7  777656536.7
IRUS ZWEIBRUCKEN     3738979Z BB  -12563627.2    113270540
JULIE LH BVBA        3739923Z BB  -32842124.6  159062205.9
KBC LEASE BELGIU     3723398Z BB  -23567202.8   2856170076
KIA MOTORS BELGI     3729658Z BB  -40305545.6  136441397.8
LAND VAN HOP NV      3727898Z BB  -141334.296  138885001.8
SABENA SA            SABA BB      -85494497.7   2215341060
SAPPI EUROPE SA      3732894Z BB   -119299290  158958659.1
SOCIETE NATIONAL     3726762Z BB  -39045394.2  506987115.6
TELENET GRP HLDG     T4I GR        -346984203   4652950529
TELENET GRP HLDG     TNET NQ       -346984203   4652950529
TELENET GRP HLDG     TNET BQ       -346984203   4652950529
TELENET GRP HLDG     TLGHF US      -346984203   4652950529
TELENET GRP HLDG     TNETGBP EO    -346984203   4652950529
TELENET GRP HLDG     TNETGBX EU    -346984203   4652950529
TELENET GRP HLDG     TNET S1       -346984203   4652950529
TELENET GRP HLDG     TNET MT       -346984203   4652950529
TELENET GRP HLDG     TNET EO       -346984203   4652950529
TELENET GRP HLDG     TNETUSD EO    -346984203   4652950529
TELENET GRP HLDG     TNET IX       -346984203   4652950529
TELENET GRP HLDG     TNET TQ       -346984203   4652950529
TELENET GRP HLDG     TNETGBX EO    -346984203   4652950529
TELENET GRP HLDG     TNET GK       -346984203   4652950529
TELENET GRP HLDG     TNET PZ       -346984203   4652950529
TELENET GRP HLDG     TNET EU       -346984203   4652950529
TELENET GRP HLDG     TNETUSD EU    -346984203   4652950529
TELENET GRP HLDG     TNET EB       -346984203   4652950529
TELENET GRP HLDG     TNET LI       -346984203   4652950529
TELENET GRP HLDG     3218105Q IX   -346984203   4652950529
TELENET GRP HLDG     TNET BB       -346984203   4652950529
TELENET GRP HLDG     TNET QM       -346984203   4652950529
TELENET-STRP         TNETS BB      -346984203   4652950529
TELENET-UNS ADR      TLGHY US      -346984203   4652950529

CROATIA
-------
BADEL 1862 DD        BD62RA CZ    -18974967.3  134189914.2
BRODOGRADE INDUS     3MAJRA CZ     -5021629.8  841433084.3
MAGMA DD             MGMARA CZ    -14866765.1  104029164.6
OT OPTIMA TELEKO     2299892Z CZ  -83651540.4  109270884.7
OT-OPTIMA TELEKO     OPTERA CZ    -83651540.4  109270884.7

CYPRUS
------
LIBRA HOLIDA-RTS     LBR CY       -39648682.4  209021322.6
LIBRA HOLIDA-RTS     LGWR CY      -39648682.4  209021322.6
LIBRA HOLIDAY-RT     3167808Z CY  -39648682.4  209021322.6
LIBRA HOLIDAYS       LHGR CY      -39648682.4  209021322.6
LIBRA HOLIDAYS G     LHG PZ       -39648682.4  209021322.6
LIBRA HOLIDAYS G     LHGCYP EO    -39648682.4  209021322.6
LIBRA HOLIDAYS G     LHG EU       -39648682.4  209021322.6
LIBRA HOLIDAYS G     LHG CY       -39648682.4  209021322.6
LIBRA HOLIDAYS G     LHG EO       -39648682.4  209021322.6
LIBRA HOLIDAYS G     LHGCYP EU    -39648682.4  209021322.6
LIBRA HOLIDAYS-P     LBHG CY      -39648682.4  209021322.6
LIBRA HOLIDAYS-P     LBHG PZ      -39648682.4  209021322.6

CZECH REPUBLIC
--------------
CKD PRAHA HLDG       CKDH US      -89435858.2    192305153
CKD PRAHA HLDG       297687Q GR   -89435858.2    192305153
CKD PRAHA HLDG       CKDPF US     -89435858.2    192305153
CKD PRAHA HLDG       CDP EX       -89435858.2    192305153
CKD PRAHA HLDG       CKDH CP      -89435858.2    192305153
SETUZA AS            2994767Q EO  -61453764.2  138582273.6
SETUZA AS            SZA GR       -61453764.2  138582273.6
SETUZA AS            SETU IX      -61453764.2  138582273.6
SETUZA AS            SETUZA PZ    -61453764.2  138582273.6
SETUZA AS            2994755Q EU  -61453764.2  138582273.6
SETUZA AS            2994759Q EO  -61453764.2  138582273.6
SETUZA AS            SETUZA CP    -61453764.2  138582273.6
SETUZA AS            2994763Q EU  -61453764.2  138582273.6
SETUZA AS            SZA EX       -61453764.2  138582273.6

DENMARK
-------
AB-B NEW             ABBN DC       -101428499  298588010.2
AKADEMISK BOLDK      ABB DC        -101428499  298588010.2
CARLSBERG IT A/S     4503891Z DC  -47938170.6  178077456.9
CIMBER STERLING      CIMBE EU     -5227729.37  192575897.9
CIMBER STERLING      CIMBER BY    -5227729.37  192575897.9
CIMBER STERLING      CIMBER DC    -5227729.37  192575897.9
CIMBER STERLING      CIMBE EO     -5227729.37  192575897.9
ELITE SHIPPING       ELSP DC      -27715991.7  100892900.3
FINANSIERINGSSEL     3977156Z DC  -2410332.54  110737536.3
GREEN WIND ENERG     GW BY        -11320362.7  176234029.6
GREEN WIND ENERG     GWEUR EO     -11320362.7  176234029.6
GREEN WIND ENERG     GW EU        -11320362.7  176234029.6
GREEN WIND ENERG     GW DC        -11320362.7  176234029.6
GREEN WIND ENERG     GWEUR EU     -11320362.7  176234029.6
GREEN WIND ENERG     GW PZ        -11320362.7  176234029.6
GREEN WIND ENERG     GW EO        -11320362.7  176234029.6
GREEN WIND ENERG     G7W1 GR      -11320362.7  176234029.6
GREEN WIND ENERG     G7W GR       -11320362.7  176234029.6
HOLDINGSELSKABET     BOHC IX      -11320362.7  176234029.6
HOLDINGSELSKABET     BODIL DC     -11320362.7  176234029.6
ISS GLOBAL A/S       241863Z DC   -9544026.55   7765217403
JEUDAN III A/S       3986972Z DC  -58410839.7  261303346.9
NESTLE DANMARK A     3896690Z DC  -31272771.8    160779148
OBTEC                OBTEC DC       -14819232  148553764.3
OBTEC                OBT DC         -14819232  148553764.3
OBTEC-NEW SHARES     OBTECN DC      -14819232  148553764.3
OBTEC-OLD            OBTN DC        -14819232  148553764.3
OSTERFALLEDPARKE     3985676Z DC  -26063679.2  302533679.4
ROSKILDE BANK        ROSK EO       -532868841   7876687324
ROSKILDE BANK        RSKC IX       -532868841   7876687324
ROSKILDE BANK        ROSKF US      -532868841   7876687324
ROSKILDE BANK        ROSBF US      -532868841   7876687324
ROSKILDE BANK        RKI GR        -532868841   7876687324
ROSKILDE BANK        ROSK PZ       -532868841   7876687324
ROSKILDE BANK        ROSK EU       -532868841   7876687324
ROSKILDE BANK        ROSK DC       -532868841   7876687324
ROSKILDE BANK-RT     916603Q DC    -532868841   7876687324
ROSKILDE BAN-NEW     ROSKN DC      -532868841   7876687324
ROSKILDE BAN-RTS     ROSKT DC      -532868841   7876687324
SCANDINAVIAN BRA     SBSD PZ        -14819232  148553764.3
SCANDINAVIAN BRA     SBS DC         -14819232  148553764.3
SCANDINAVIAN BRA     SBS1EUR EO     -14819232  148553764.3
SCANDINAVIAN BRA     SBS1 BY        -14819232  148553764.3
SCANDINAVIAN BRA     SBS1 EU        -14819232  148553764.3
SCANDINAVIAN BRA     SBS1 EO        -14819232  148553764.3
SCANDINAVIAN BRA     SBS1EUR EU     -14819232  148553764.3
SCANDINAVIAN BRA     SBSC IX        -14819232  148553764.3
SCHAUMANN PROP       SCHAUP PZ     -101428499  298588010.2
SCHAUMANN PROP       SCHAUP EU     -101428499  298588010.2
SCHAUMANN PROP       SCHAU BY      -101428499  298588010.2
SCHAUMANN PROP       SCHAUEUR EO   -101428499  298588010.2
SCHAUMANN PROP       SCHAU EO      -101428499  298588010.2
SCHAUMANN PROP       SCHAUP DC     -101428499  298588010.2
SCHAUMANN PROP       SCHAU EU      -101428499  298588010.2
SCHAUMANN PROP       SCHAUEUR EU   -101428499  298588010.2
SUZLON WIND ENER     3985532Z DC  -50030922.8  151671948.3

FRANCE
------
3 SUISSES FRANCE     4724713Z FP  -77651653.3  330011633.6
AIR COMMAND SYST     4470055Z FP  -24012413.9  236706831.5
AKERYS SERVICES      4685937Z FP  -8561729.53  141611798.1
ALCATEL-LUCENT E     3642975Z FP  -33252970.3  441703998.1
ALCATEL-LUCENT F     3647063Z FP   -794569718   4984960531
AL-KHATTIYA LEAS     4783713Z FP  -13423803.2  109623566.3
ALPHABET FRANCE      4680817Z FP  -12390663.9  408442413.7
ALUMINIUM PECHIN     3650903Z FP   -469114029   1322244624
ATOS ORIGIN INTE     4519607Z FP  -15552541.6    353365367
AUTOMOBILES CITR     3648863Z FP   -298695779   1879542934
BELVEDERE - RTS      554451Q FP    -254721371   1019397736
BELVEDERE - RTS      702036Q FP    -254721371   1019397736
BELVEDERE SA         BVD FP        -254721371   1019397736
BELVEDERE SA         BELV NM       -254721371   1019397736
BELVEDERE SA         BVD S1        -254721371   1019397736
BELVEDERE SA         BED GR        -254721371   1019397736
BELVEDERE SA         BVD PW        -254721371   1019397736
BELVEDERE SA         BEVD IX       -254721371   1019397736
BELVEDERE SA         BVD PZ        -254721371   1019397736
BELVEDERE SA         BVDRF US      -254721371   1019397736
BELVEDERE SA         BELV FP       -254721371   1019397736
BELVEDERE SA         BED TH        -254721371   1019397736
BELVEDERE SA         BVD EU        -254721371   1019397736
BELVEDERE SA         BVD EO        -254721371   1019397736
BELVEDERE SA-NEW     8198283Q FP   -254721371   1019397736
BELVEDERE SA-NEW     946529Q FP    -254721371   1019397736
BELVEDERE SA-NEW     BVDNV FP      -254721371   1019397736
BELVEDERE SA-RTS     BVDDS FP      -254721371   1019397736
BENP LILLEBONNE      4507291Z FP  -14494480.2  341710346.6
CARCOOP FRANCE       4690569Z FP  -531951.734  185621693.8
CARI SAS             4509915Z FP  -10848329.9  182415382.5
CARREFOUR HYPERM     3897338Z FP   -713257901   3939173302
CARRERE GROUP        CARF PZ      -9829531.94    279906700
CARRERE GROUP        CAR FP       -9829531.94    279906700
CARRERE GROUP        XRR GR       -9829531.94    279906700
CARRERE GROUP        CAR2 EO      -9829531.94    279906700
CARRERE GROUP        CAR2 EU      -9829531.94    279906700
CARRERE GROUP        CARG FP      -9829531.94    279906700
CARRERE GROUP        CRRHF US     -9829531.94    279906700
CARRERE GROUP        CRGP IX      -9829531.94    279906700
CDISCOUNT            4690913Z FP  -92485.8114  331210839.3
CMA CGM AGENCES      4746849Z FP  -8208944.55  191538369.1
CO PETROCHIMIQUE     4682369Z FP   -111509362  364674090.9
CSF                  3635887Z FP  -60315179.7   3042333890
DESCAMPS SAS         4503139Z FP  -2912961.46  104843475.7
EADS SECA            4706441Z FP  -38679556.9  142045208.8
EDENRED              EDNMF US     -1395452285   5596512266
EDENRED              QSV GR       -1395452285   5596512266
EDENRED              QSV TH       -1395452285   5596512266
EDENRED              EDEN TQ      -1395452285   5596512266
EDENRED              EDEN S1      -1395452285   5596512266
EDENRED              EDENUSD EO   -1395452285   5596512266
EDENRED              EDEN QM      -1395452285   5596512266
EDENRED              EDEN FP      -1395452285   5596512266
EDENRED              EDEN EU      -1395452285   5596512266
EDENRED              EDEN EO      -1395452285   5596512266
EDENRED              EDEN EB      -1395452285   5596512266
EDENRED              EDEN PZ      -1395452285   5596512266
EDENRED              EDENUSD EU   -1395452285   5596512266
EDENRED              EDEN BQ      -1395452285   5596512266
EDENRED              EDEN IX      -1395452285   5596512266
EDENRED-NEW          EDENV FP     -1395452285   5596512266
EDF EN OUTRE MER     4679713Z FP  -2598508.84  158364874.7
ETAM PRET A PORT     4682193Z FP  -18364165.4  175501799.4
FACONNABLE SA        226782Z FP     -19616231  136513429.3
FRANFINANCE LOCA     4689993Z FP  -69780982.1   1638852912
GEC 4 SAS            4518255Z FP    -91410337    541462091
GPN SA               4509659Z FP  -35080424.7    568887551
GRANDE PAROISSE      GDPXF US      -927267927    629287290
GRANDE PAROISSE      GDPA FP       -927267927    629287290
GRANDE PAROISSE      GAPA FP       -927267927    629287290
GROUPE MONITEUR      317840Z FP    -116707395  610106709.3
GROUPE PROGRES S     4734137Z FP   -106637566    154665494
HITACHI EUROPE S     4681417Z FP  -9927515.77  110534051.7
HP ENTREPRISE SE     4698081Z FP  -97546439.4  116383810.4
I BASE               757542Z FP   -6019481.25  433636337.7
ING LEASE FRANCE     4699881Z FP  -51268061.5  363058830.9
ISOCHEM SA           3540732Z FP  -9029087.45  100025367.9
ITM REGION PARIS     4681817Z FP  -49662079.8  124321085.9
JTEKT AUTOMOTIVE     4504595Z FP  -17492036.6    163375360
JTEKT AUTOMOTIVE     4505819Z FP  -25670106.7  171962119.7
JUNGHEINRICH FIN     4635025Z FP  -14429677.1  223424949.4
LAB DOLISOS          LADL FP      -27752176.2  110485462.4
LAB DOLISOS          DOLI FP      -27752176.2  110485462.4
LENOVO FRANCE SA     4710049Z FP  -1944677.44  137134536.2
MATUSSIERE & FOR     MTUSF US     -77896689.1  293868350.8
MATUSSIERE & FOR     1007765Q FP  -77896689.1  293868350.8
M-REAL ALIZAY SA     4670721Z FP  -19839749.3  142972373.7
MVCI HOLIDAYS FR     4524959Z FP   -106863950  221936730.6
NESTLE WATERS SU     3634887Z FP   -100198554  212766860.3
NESTLE WATERS SU     3634879Z FP   -183402273  254740466.9
NEXANS COPPER FR     4744809Z FP  -22662074.8  308626962.2
NEXTIRAONE           500526Z FP   -1983210.37  311827703.4
NORDEX FRANCE SA     4521679Z FP  -1596231.67  139011887.7
NOVELIS FOIL FRA     4678593Z FP  -21912360.2  126180343.3
NRJ 12               4681713Z FP  -41481124.2  112522117.5
OROSDI               OROS FP      -51389802.7  181267113.2
OROSDI               OROS EO      -51389802.7  181267113.2
OROSDI               OROS S1      -51389802.7  181267113.2
OROSDI               OROS EU      -51389802.7  181267113.2
OROSDI               OROS PZ      -51389802.7  181267113.2
OROSDI-BACK          ORBA FP      -51389802.7  181267113.2
OROSDI-BACK          BACK IX      -51389802.7  181267113.2
OROSDI-RTS           ORODS FP     -51389802.7  181267113.2
PAGESJAUNES GRP      PAJ NQ       -3184867284   1167307980
PAGESJAUNES GRP      PAJGBX EO    -3184867284   1167307980
PAGESJAUNES GRP      PAJ LI       -3184867284   1167307980
PAGESJAUNES GRP      PAJ TQ       -3184867284   1167307980
PAGESJAUNES GRP      PAJ IX       -3184867284   1167307980
PAGESJAUNES GRP      PAJ QM       -3184867284   1167307980
PAGESJAUNES GRP      PAJ S1       -3184867284   1167307980
PAGESJAUNES GRP      PAJGBX EU    -3184867284   1167307980
PAGESJAUNES GRP      PAJGBP EO    -3184867284   1167307980
PAGESJAUNES GRP      PAJ VX       -3184867284   1167307980
PAGESJAUNES GRP      PAJP IX      -3184867284   1167307980
PAGESJAUNES GRP      PAJ FP       -3184867284   1167307980
PAGESJAUNES GRP      PAJ BQ       -3184867284   1167307980
PAGESJAUNES GRP      PAJ GK       -3184867284   1167307980
PAGESJAUNES GRP      PAJUSD EU    -3184867284   1167307980
PAGESJAUNES GRP      QS3 TH       -3184867284   1167307980
PAGESJAUNES GRP      PAJ EB       -3184867284   1167307980
PAGESJAUNES GRP      PAJ EO       -3184867284   1167307980
PAGESJAUNES GRP      PAJUSD EO    -3184867284   1167307980
PAGESJAUNES GRP      QS3 GR       -3184867284   1167307980
PAGESJAUNES GRP      PGJUF US     -3184867284   1167307980
PAGESJAUNES GRP      PAJ EU       -3184867284   1167307980
PAGESJAUNES GRP      PAJ PZ       -3184867284   1167307980
PEUGEOT CITROEN      3637183Z FP   -292685178  366568398.7
PITNEY BOWES         4634633Z FP  -11785422.8  184422748.8
REGIE PUBLICITAI     4691033Z FP  -5262294.53  112402724.7
REGIONAL COMPAGN     3635823Z FP  -37389129.6  595811276.3
RESEAU FERRE FRA     224063Z FP   -1594878991  71610625888
RHODIA SA            RHD GR       -72552001.5   7951699362
RHODIA SA            RHAGBP EO    -72552001.5   7951699362
RHODIA SA            RHA IX       -72552001.5   7951699362
RHODIA SA            RHDI TH      -72552001.5   7951699362
RHODIA SA            RHA GK       -72552001.5   7951699362
RHODIA SA            RHA EB       -72552001.5   7951699362
RHODIA SA            RHA S1       -72552001.5   7951699362
RHODIA SA            RHA VX       -72552001.5   7951699362
RHODIA SA            RHA TQ       -72552001.5   7951699362
RHODIA SA            2324011Q EU  -72552001.5   7951699362
RHODIA SA            RHANR PZ     -72552001.5   7951699362
RHODIA SA            RHADF US     -72552001.5   7951699362
RHODIA SA            RHAY IX      -72552001.5   7951699362
RHODIA SA            3218857Q IX  -72552001.5   7951699362
RHODIA SA            RHA EU       -72552001.5   7951699362
RHODIA SA            RHA NQ       -72552001.5   7951699362
RHODIA SA            2324015Q EO  -72552001.5   7951699362
RHODIA SA            RHA EO       -72552001.5   7951699362
RHODIA SA            RHAUSD EU    -72552001.5   7951699362
RHODIA SA            RHA QM       -72552001.5   7951699362
RHODIA SA            RHDAF US     -72552001.5   7951699362
RHODIA SA            RHAGBX EU    -72552001.5   7951699362
RHODIA SA            RHDI GR      -72552001.5   7951699362
RHODIA SA            RHA PZ       -72552001.5   7951699362
RHODIA SA            RHA BQ       -72552001.5   7951699362
RHODIA SA            RHA FP       -72552001.5   7951699362
RHODIA SA            RHAUSD EO    -72552001.5   7951699362
RHODIA SA            RHAGBX EO    -72552001.5   7951699362
RHODIA SA - NEW      2335921Q FP  -72552001.5   7951699362
RHODIA SA - NEW      8125782Q FP  -72552001.5   7951699362
RHODIA SA - NEW      3156011Q FP  -72552001.5   7951699362
RHODIA SA - NEW      3506266Q FP  -72552001.5   7951699362
RHODIA SA - NEW      RHANV FP     -72552001.5   7951699362
RHODIA SA-ADR        RHAYY US     -72552001.5   7951699362
RHODIA SA-NON RE     RHANR FP     -72552001.5   7951699362
RHODIA SA-RIGHTS     653447Q FP   -72552001.5   7951699362
RHODIA SA-RIGHTS     RHADS FP     -72552001.5   7951699362
RODRIGUEZ GROUP      ROD BQ       -38195223.8    238732565
RODRIGUEZ GROUP      ROD S1       -38195223.8    238732565
RODRIGUEZ GROUP      ROD FP       -38195223.8    238732565
RODRIGUEZ GROUP      ROD TQ       -38195223.8    238732565
RODRIGUEZ GROUP      ROD EO       -38195223.8    238732565
RODRIGUEZ GROUP      RGX GR       -38195223.8    238732565
RODRIGUEZ GROUP      ROD PZ       -38195223.8    238732565
RODRIGUEZ GROUP      RDGP IX      -38195223.8    238732565
RODRIGUEZ GROUP      ROD EU       -38195223.8    238732565
RODRIGUEZ GROUP      RRGZF US     -38195223.8    238732565
SANDOZ SAS           3635111Z FP  -18996502.1  160259044.1
SDR CENTREST         117241Q FP    -132420130  252176017.2
SEAFRANCE            1707464Z FP  -1015379.95  247033398.8
SHEET ANCHOR FRA     4745417Z FP  -14101146.9  168600747.8
SIEMENS VAI META     4634441Z FP  -78630983.3  175225384.5
SOC NICOISE REAL     4749097Z FP  -15642386.6  101088937.4
SOCIETE COMMERCI     4516647Z FP   -179862008   1576030746
SOCIETE D'AGENCE     4741441Z FP  -11128710.6  243411105.2
SOCIETE DE CHAUF     4722937Z FP  -11549371.7  107340406.8
SOGARA FRANCE        4674897Z FP   -62973.126    362782264
SOLVAY PHARMA SA     4525911Z FP    -25551806  108445558.7
ST-ERICSSON GREN     4753017Z FP  -28457816.7  102361354.6
TEAM PARTNER-RTS     633323Q FP   -13557467.9    129831049
TEAM PARTNER-RTS     2841653Q FP  -13557467.9    129831049
TEAM PARTNERS        2347981Q EU  -13557467.9    129831049
TEAM PARTNERS        TIP FP       -13557467.9    129831049
TEAM PARTNERS        TPTRF US     -13557467.9    129831049
TEAM PARTNERS        TPGY IX      -13557467.9    129831049
TEAM PARTNERS        2347985Q EO  -13557467.9    129831049
TEAM PARTNERS        TIP PZ       -13557467.9    129831049
TEAM PARTNERS GR     TIPA FP      -13557467.9    129831049
TEAM PARTNERS GR     TPGP IX      -13557467.9    129831049
TEAM PARTNERS GR     TIPNV FP     -13557467.9    129831049
TEAM PARTNERS GR     TIPA EO      -13557467.9    129831049
TEAM PARTNERS GR     TIPA EU      -13557467.9    129831049
TEAM PARTNERS GR     TIPDS FP     -13557467.9    129831049
TEAM PARTNERS GR     TPGP PZ      -13557467.9    129831049
TEAM PARTNERS-N      TIPN FP      -13557467.9    129831049
TF1 VIDEO SASU       4516855Z FP   -1279245.4  166278795.5
THALES SECURITY      4701729Z FP   -426153530  822653430.4
THALES SERVICES      3636471Z FP  -68610758.5  645796540.3
THOMSON TELECOM      4516815Z FP  -35805908.8  528384056.4
THYSSENKRUPP SOF     4740929Z FP  -34703144.1    214714504
TRANSOLVER SERVI     4521279Z FP  -38102696.9    161124216
TREVES               4722153Z FP  -50694749.8  386836995.6
TROUVAY CAUVIN       TVYCF US     -396977.882  133986439.7
TROUVAY CAUVIN       ETEC FP      -396977.882  133986439.7
TUILERIES FINANC     4701769Z FP  -3956839.94  125936634.2
VISTEON SYSTEMES     4699177Z FP   -156611407  305260373.5
YVES ST LAURENT/     4633025Z FP  -82897369.7  390343397.3

GEORGIA
-------
DEVELICA DEUTSCH     DDE PG       -79827494.9   1139643575
DEVELICA DEUTSCH     DDE PZ       -79827494.9   1139643575
DEVELICA DEUTSCH     D4B GR       -79827494.9   1139643575
DEVELICA DEUTSCH     DDE IX       -79827494.9   1139643575
DEVELICA DEUTSCH     DDE LN       -79827494.9   1139643575

GERMANY
-------
AGOR AG              DOOD PZ      -482449.879  144432986.2
AGOR AG              NDAGF US     -482449.879  144432986.2
AGOR AG              DOO GR       -482449.879  144432986.2
AGOR AG              DOO S1       -482449.879  144432986.2
AGOR AG              DOO EU       -482449.879  144432986.2
AGOR AG              DOOG IX      -482449.879  144432986.2
AGOR AG              DOO EO       -482449.879  144432986.2
AGOR AG-RTS          2301918Z GR  -482449.879  144432986.2
ALNO AG              ANO TH       -99557307.5  237120255.4
ALNO AG              ALNO IX      -99557307.5  237120255.4
ALNO AG              ANO GR       -99557307.5  237120255.4
ALNO AG              ANO EO       -99557307.5  237120255.4
ALNO AG              ANO EU       -99557307.5  237120255.4
ALNO AG              ANO PZ       -99557307.5  237120255.4
ALNO AG              ANO S1       -99557307.5  237120255.4
ALNO AG - RTS        ANO2 GR      -99557307.5  237120255.4
ALNO AG-NEW          ANO1 GR      -99557307.5  237120255.4
ALNO AG-RTS          4123912Z GR  -99557307.5  237120255.4
ALNO AG-RTS          8174351Z GR  -99557307.5  237120255.4
ALNO AG-RTS          2259765Z GR  -99557307.5  237120255.4
BOSCH SOLAR THIN     2734946Z GR   -5092819.4  206942365.9
BROKAT AG            BRKAF US       -27139603  143536830.1
BROKAT AG            BROAF US       -27139603  143536830.1
BROKAT AG            BROFQ US       -27139603  143536830.1
BROKAT AG            BKISF US       -27139603  143536830.1
BROKAT AG -NEW       BRJ1 GR        -27139603  143536830.1
BROKAT AG -NEW       BRJ1 NM        -27139603  143536830.1
BROKAT AG-ADR        BROA US        -27139603  143536830.1
BROKAT TECH -ADR     BROAQ US       -27139603  143536830.1
BROKAT TECH AG       BRJ GR         -27139603  143536830.1
BROKAT TECH AG       BRJ NM         -27139603  143536830.1
BROKAT TECH AG       BSA LN         -27139603  143536830.1
BROKAT TECH-ADR      BRJA GR        -27139603  143536830.1
COGNIS GMBH          575202Z GR    -745013994   3306935972
COGNIS HOLDING G     635952Z GR   -1587896974   2850475613
COMMERZ REAL MOB     3988716Z GR  -4537893.21   2292335153
COMPASS GROUP DE     3896530Z GR  -45713969.9  408640427.9
DFS DEUTSCHE FLU     1070Z GR      -206867792   1418435822
EDOB ABWICKLUNGS     ESC TQ       -22323468.5  425598807.8
EDOB ABWICKLUNGS     ESC GR       -22323468.5  425598807.8
EDOB ABWICKLUNGS     ESC EU       -22323468.5  425598807.8
EDOB ABWICKLUNGS     ESC BQ       -22323468.5  425598807.8
EDOB ABWICKLUNGS     ESCDF US     -22323468.5  425598807.8
EDOB ABWICKLUNGS     ESC PZ       -22323468.5  425598807.8
EDOB ABWICKLUNGS     ESC TH       -22323468.5  425598807.8
EDOB ABWICKLUNGS     ESC EO       -22323468.5  425598807.8
EM.TV & MERCHAND     EMTVF US     -22067243.6  849175624.7
EM.TV & MERCHAND     ETVMF US     -22067243.6  849175624.7
EM.TV & MERCHAND     ETV VX       -22067243.6  849175624.7
EM.TV & MERCHAND     985403Q GR   -22067243.6  849175624.7
EM.TV & MERCHAND     ETV LN       -22067243.6  849175624.7
EM.TV & MERCHAND     ETV NM       -22067243.6  849175624.7
EM.TV & MERC-NEW     ETV1 NM      -22067243.6  849175624.7
EM.TV & MERC-NEW     ETV1 GR      -22067243.6  849175624.7
EM.TV & MERC-RTS     ETV8 NM      -22067243.6  849175624.7
EM.TV & MERC-RTS     ETV8 GR      -22067243.6  849175624.7
ESCADA AG            ESCG IX      -22323468.5  425598807.8
ESCADA AG -PFD       ESC3 GR      -22323468.5  425598807.8
ESCADA AG-NEW        ESCD GR      -22323468.5  425598807.8
ESCADA AG-NEW        835345Q GR   -22323468.5  425598807.8
ESCADA AG-NEW        ESCN GR      -22323468.5  425598807.8
ESCADA AG-NEW        ESCC GR      -22323468.5  425598807.8
ESCADA AG-NEW        ESCN EU      -22323468.5  425598807.8
ESCADA AG-NEW        ESCN EO      -22323468.5  425598807.8
ESCADA AG-NEW        3069367Q GR  -22323468.5  425598807.8
ESCADA AG-RTS        ESCE GR      -22323468.5  425598807.8
ESCADA AG-SP ADR     ESCDY US     -22323468.5  425598807.8
GENERAL ELECTRIC     4501923Z GR   -547318344   8720530002
GUENTHER & SOHN      GUS GR       -9612095.26    130075209
GUENTHER & SOHN      GUS EU       -9612095.26    130075209
GUENTHER & SOHN      GUS EO       -9612095.26    130075209
GUENTHER & SOHN      GUS PZ       -9612095.26    130075209
KABEL DEUTSCHLAN     KD8 QM       -2191296158   2637700879
KABEL DEUTSCHLAN     KD8 S1       -2191296158   2637700879
KABEL DEUTSCHLAN     KD8 GR       -2191296158   2637700879
KABEL DEUTSCHLAN     KD8GBP EO    -2191296158   2637700879
KABEL DEUTSCHLAN     KD8 EB       -2191296158   2637700879
KABEL DEUTSCHLAN     KD8 IX       -2191296158   2637700879
KABEL DEUTSCHLAN     KD8 EO       -2191296158   2637700879
KABEL DEUTSCHLAN     KD8USD EO    -2191296158   2637700879
KABEL DEUTSCHLAN     KD8 TH       -2191296158   2637700879
KABEL DEUTSCHLAN     KD8USD EU    -2191296158   2637700879
KABEL DEUTSCHLAN     KD8 BQ       -2191296158   2637700879
KABEL DEUTSCHLAN     KD8 PZ       -2191296158   2637700879
KABEL DEUTSCHLAN     KD8 TQ       -2191296158   2637700879
KABEL DEUTSCHLAN     KD8 EU       -2191296158   2637700879
KABEL DEUTSCHLAN     KBDHF US     -2191296158   2637700879
KABEL DEUTSCHLAN     KD8 NR       -2191296158   2637700879
KAUFRING AG          KFR EO       -19296489.6  150995473.8
KAUFRING AG          KAUG IX      -19296489.6  150995473.8
KAUFRING AG          KFR GR       -19296489.6  150995473.8
KAUFRING AG          KFR PZ       -19296489.6  150995473.8
KAUFRING AG          KFR EU       -19296489.6  150995473.8
KION GROUP GMBH      834769Z GR    -534551769   7697629095
MANIA TECHNOLOGI     MNI1 EU      -35060809.4  107465713.6
MANIA TECHNOLOGI     MNI1 EO      -35060809.4  107465713.6
MANIA TECHNOLOGI     2260970Z GR  -35060809.4  107465713.6
MANIA TECHNOLOGI     MNI PZ       -35060809.4  107465713.6
MANIA TECHNOLOGI     MNI GR       -35060809.4  107465713.6
MANIA TECHNOLOGI     MNIG IX      -35060809.4  107465713.6
MANIA TECHNOLOGI     MNI TH       -35060809.4  107465713.6
MANIA TECHNOLOGI     MNI NM       -35060809.4  107465713.6
MANIA TECHNOLOGI     MIAVF US     -35060809.4  107465713.6
MANIA TECHNOLOGI     MNI S1       -35060809.4  107465713.6
MATERNUS KLINI-N     MAK1 GR      -16175112.4  172308589.5
MATERNUS-KLINIKE     MAK EU       -16175112.4  172308589.5
MATERNUS-KLINIKE     MAK S1       -16175112.4  172308589.5
MATERNUS-KLINIKE     MAKG IX      -16175112.4  172308589.5
MATERNUS-KLINIKE     MAK PZ       -16175112.4  172308589.5
MATERNUS-KLINIKE     MAK EO       -16175112.4  172308589.5
MATERNUS-KLINIKE     MAK GR       -16175112.4  172308589.5
MATERNUS-KLINIKE     MNUKF US     -16175112.4  172308589.5
MATERNUS-KLINIKE     MAK TH       -16175112.4  172308589.5
NORDAG AG            DOO1 GR      -482449.879  144432986.2
NORDAG AG-PFD        DOO3 GR      -482449.879  144432986.2
NORDAG AG-RTS        DOO8 GR      -482449.879  144432986.2
NORDENIA INTL AG     NOD GR       -74471727.4  729626481.3
NORDENIA INTL AG     NOD8 GR      -74471727.4  729626481.3
NORDSEE AG           533061Q GR   -8200551.14  194616922.6
PFLEIDERER AG        PBVDF US     -97572495.9   1832488196
PFLEIDERER AG-BE     PFD GR       -97572495.9   1832488196
PFLEIDERER A-RTS     PFDB GR      -97572495.9   1832488196
PFLEIDERER-NEW       PFD1 GR      -97572495.9   1832488196
PFLEIDERER-REG       PFD4 PZ      -97572495.9   1832488196
PFLEIDERER-REG       PFD4 EO      -97572495.9   1832488196
PFLEIDERER-REG       PFD4 GR      -97572495.9   1832488196
PFLEIDERER-REG       PFD4GBP EO   -97572495.9   1832488196
PFLEIDERER-REG       PFDG IX      -97572495.9   1832488196
PFLEIDERER-REG       PFD4 EU      -97572495.9   1832488196
PFLEIDERER-REG       PFEIF US     -97572495.9   1832488196
PFLEIDERER-REG       PFD4 TQ      -97572495.9   1832488196
PFLEIDERER-REG       PFD4 BQ      -97572495.9   1832488196
PFLEIDERER-REG       PFD4 QM      -97572495.9   1832488196
PFLEIDERER-REG       PFD4 NQ      -97572495.9   1832488196
PFLEIDERER-REG       PFD4 EB      -97572495.9   1832488196
PFLEIDERER-REG       PFD4GBX EU   -97572495.9   1832488196
PFLEIDERER-REG       PFD4 NR      -97572495.9   1832488196
PFLEIDERER-REG       PFD4 TH      -97572495.9   1832488196
PFLEIDERER-REG       PFD4GBX EO   -97572495.9   1832488196
PFLEIDERER-REG       PFD4 S1      -97572495.9   1832488196
PRIMACOM AG          PRC EO       -18656751.2  610380925.7
PRIMACOM AG          PRC EU       -18656751.2  610380925.7
PRIMACOM AG          PRC GR       -18656751.2  610380925.7
PRIMACOM AG          PRCG PZ      -18656751.2  610380925.7
PRIMACOM AG          PRC2 GR      -18656751.2  610380925.7
PRIMACOM AG          PRC TH       -18656751.2  610380925.7
PRIMACOM AG          PCAGF US     -18656751.2  610380925.7
PRIMACOM AG          PRCG IX      -18656751.2  610380925.7
PRIMACOM AG          PRC S1       -18656751.2  610380925.7
PRIMACOM AG-ADR      PCAGY US     -18656751.2  610380925.7
PRIMACOM AG-ADR      PCAG US      -18656751.2  610380925.7
PRIMACOM AG-ADR+     PCAG ES      -18656751.2  610380925.7
RAG ABWICKL-REG      ROSG PZ       -1744124.2  217776125.8
RAG ABWICKL-REG      ROS1 EU       -1744124.2  217776125.8
RAG ABWICKL-REG      RSTHF US      -1744124.2  217776125.8
RAG ABWICKL-REG      ROS1 EO       -1744124.2  217776125.8
RAG ABWICKL-REG      ROS GR        -1744124.2  217776125.8
RAG ABWICKL-REG      ROS S1        -1744124.2  217776125.8
RINOL AG             RILB IX        -1.171602  168095049.1
RINOL AG             RILB GR        -1.171602  168095049.1
RINOL AG             RILB S1        -1.171602  168095049.1
RINOL AG             RILB EU        -1.171602  168095049.1
RINOL AG             RNLAF US       -1.171602  168095049.1
RINOL AG             RIL GR         -1.171602  168095049.1
RINOL AG             RILB EO        -1.171602  168095049.1
RINOL AG             RILB PZ        -1.171602  168095049.1
ROSENTHAL AG         2644179Q GR   -1744124.2  217776125.8
ROSENTHAL AG-ACC     ROS4 GR       -1744124.2  217776125.8
ROSENTHAL AG-ADR     RSTHY US      -1744124.2  217776125.8
ROSENTHAL AG-REG     ROSG IX       -1744124.2  217776125.8
SANDER (JIL) AG      SAD GR       -6153256.27  127546738.8
SANDER (JIL) AG      JLSDF US     -6153256.27  127546738.8
SANDER (JIL)-PRF     2916157Q EU  -6153256.27  127546738.8
SANDER (JIL)-PRF     SAD3 PZ      -6153256.27  127546738.8
SANDER (JIL)-PRF     2916161Q EO  -6153256.27  127546738.8
SANDER (JIL)-PRF     SAD3 GR      -6153256.27  127546738.8
SINNLEFFERS AG       WHG GR       -4491635.62  453887060.1
SOLON AG FUE-NEW     SOO4 GR       -138663226  627116116.4
SOLON AG FUE-NEW     SOOJ GR       -138663226  627116116.4
SOLON AG FUE-NEW     SOO3 GR       -138663226  627116116.4
SOLON AG FUER SO     SOO GR        -138663226  627116116.4
SOLON AG FUER SO     SOOG IX       -138663226  627116116.4
SOLON AG FUE-RTS     2292896Z GR   -138663226  627116116.4
SOLON AG FU-MEW      532564Q GR    -138663226  627116116.4
SOLON SE             SOO1 S1       -138663226  627116116.4
SOLON SE             SOO1 TQ       -138663226  627116116.4
SOLON SE             SNBZF US      -138663226  627116116.4
SOLON SE             SOO1USD EO    -138663226  627116116.4
SOLON SE             SGFRF US      -138663226  627116116.4
SOLON SE             SOO1 TH       -138663226  627116116.4
SOLON SE             SOO1 GR       -138663226  627116116.4
SOLON SE             SOO1 PZ       -138663226  627116116.4
SOLON SE             SOO1 BQ       -138663226  627116116.4
SOLON SE             SOON EU       -138663226  627116116.4
SOLON SE             SOO1 EO       -138663226  627116116.4
SOLON SE             SOO1USD EU    -138663226  627116116.4
SOLON SE             SOON GR       -138663226  627116116.4
SOLON SE             SOO1 EU       -138663226  627116116.4
SOLON SE             SOON EO       -138663226  627116116.4
SOLON SE-RTS         3664247Z GR   -138663226  627116116.4
SPAR HANDELS-AG      773844Q GR    -442426240   1433020961
SPAR HANDELS-AG      SPHFF US      -442426240   1433020961
SPAR HAND-PFD NV     SPA3 GR       -442426240   1433020961
TA TRIUMPH-ACQ       TWNA EU       -124531132  313411495.3
TA TRIUMPH-ACQ       TWNA GR       -124531132  313411495.3
TA TRIUMPH-ADLER     TWNG IX       -124531132  313411495.3
TA TRIUMPH-ADLER     TWN PZ        -124531132  313411495.3
TA TRIUMPH-ADLER     TWN EO        -124531132  313411495.3
TA TRIUMPH-ADLER     TTZAF US      -124531132  313411495.3
TA TRIUMPH-ADLER     TWN GR        -124531132  313411495.3
TA TRIUMPH-ADLER     TWN EU        -124531132  313411495.3
TA TRIUMPH-A-RTS     1018916Z GR   -124531132  313411495.3
TA TRIUMPH-NEW       TWN1 GR       -124531132  313411495.3
TA TRIUMPH-RT        TWN8 GR       -124531132  313411495.3
TA TRIUMPH-RTS       3158577Q GR   -124531132  313411495.3
UNITYMEDIA GMBH      560459Z GR    -290585562   5747686306

GREECE
------
AG PETZETAKIS SA     PETZK EO      -110812813  206429374.1
AG PETZETAKIS SA     PETZK PZ      -110812813  206429374.1
AG PETZETAKIS SA     PTZ1 GR       -110812813  206429374.1
AG PETZETAKIS SA     PETZK EU      -110812813  206429374.1
AG PETZETAKIS SA     PZETF US      -110812813  206429374.1
AG PETZETAKIS SA     PETZK GA      -110812813  206429374.1
AG PETZETAKIS SA     PTZ GR        -110812813  206429374.1
ASPIS BANK SA        ASEUF US     -46224213.4   3486115450
ASPIS BANK-RIGHT     365673Q GA   -46224213.4   3486115450
ASPIS BANK-RTS       839325Q GA   -46224213.4   3486115450
ASPIS BANK-RTS       3558423Q GA  -46224213.4   3486115450
ASPIS BANK-RTS       ASPTR GA     -46224213.4   3486115450
ASPIS MORT-RTS       ASPTD GA     -46224213.4   3486115450
ASPIS PRONIA GE      ASASK EO      -189908329  896537349.7
ASPIS PRONIA GE      ASASK GA      -189908329  896537349.7
ASPIS PRONIA GE      AISQF US      -189908329  896537349.7
ASPIS PRONIA GE      ASASK EU      -189908329  896537349.7
ASPIS PRONIA GE      ASASK PZ      -189908329  896537349.7
ASPIS PRONIA -PF     ASAPR GA      -189908329  896537349.7
ASPIS PRONIA-PF      ASASP GA      -189908329  896537349.7
ASPIS PRONIA-PF      APGV GR       -189908329  896537349.7
ASPIS PRONIA-RT      ASASKR GA     -189908329  896537349.7
ASPIS PRONOIA GE     APG GR        -189908329  896537349.7
ASPIS PRONOIA GE     APGG IX       -189908329  896537349.7
ASPIS PRON-PF RT     ASASPR GA     -189908329  896537349.7
ATLANTIC SUPERMA     ATLA PZ      -76261648.2  315891294.2
ATLANTIC SUPERMA     ATLA GA      -76261648.2  315891294.2
ATLANTIC SUPERMA     ATLA1 EU     -76261648.2  315891294.2
ATLANTIC SUPERMA     ATLA1 EO     -76261648.2  315891294.2
EDRASIS C. PSALL     EDRAR GA     -44478533.2    197684163
EDRASIS PSALIDAS     EDRA GA      -44478533.2    197684163
EDRASIS PSALIDAS     EDRA EO      -44478533.2    197684163
EDRASIS PSALIDAS     EDRA EU      -44478533.2    197684163
EDRASIS PSALIDAS     EPP GR       -44478533.2    197684163
EDRASIS PSALIDAS     EDRA PZ      -44478533.2    197684163
EDRASIS-AUCTION      EDRAE GA     -44478533.2    197684163
EMPEDOS SA           EMPED GA     -33637669.6  174742646.9
EMPEDOS SA-RTS       EMPEDR GA    -33637669.6  174742646.9
HELLAS ONLINE SA     UN5 GR       -21686953.8  480123795.6
HELLAS ONLINE SA     BRAIN EO     -21686953.8  480123795.6
HELLAS ONLINE SA     BRAIN PZ     -21686953.8  480123795.6
HELLAS ONLINE SA     BRAIN EU     -21686953.8  480123795.6
HELLAS ONLINE SA     HOL GA       -21686953.8  480123795.6
HELLAS ONLINE SA     BRAIN GA     -21686953.8  480123795.6
HELLAS ONLINE SA     0394471Q GA  -21686953.8  480123795.6
HELLAS ONLIN-RTS     HOLR GA      -21686953.8  480123795.6
KATSELIS SON-P R     KATPD GA     -49566085.5  144463865.8
KATSELIS SONS-PF     KATSP GA     -49566085.5  144463865.8
KATSELIS SONS-RT     KATKD GA     -49566085.5  144463865.8
LAMBRAKIS PR -RT     DOLD GA      -14479840.4  280712996.2
LAMBRAKIS PRESS      DOL PZ       -14479840.4  280712996.2
LAMBRAKIS PRESS      LMBKF US     -14479840.4  280712996.2
LAMBRAKIS PRESS      LA3 GR       -14479840.4  280712996.2
LAMBRAKIS PRESS      DOL GA       -14479840.4  280712996.2
LAMBRAKIS PRESS      DOL EU       -14479840.4  280712996.2
LAMBRAKIS PRESS      DOL EO       -14479840.4  280712996.2
LAMBRAKIS REPO       DOLL10 GA    -14479840.4  280712996.2
LAMBRAKIS R-R        DOLV10 GA    -14479840.4  280712996.2
LAMBRAKIS-AUC        DOLE GA      -14479840.4  280712996.2
MAILLIS              MLISF US     -54904198.1  438679485.9
MAILLIS -RTS         MAIKR GA     -54904198.1  438679485.9
MAILLIS-SPON ADR     MJMSY US     -54904198.1  438679485.9
MJ MAILLIS S.A.      MAIK EO      -54904198.1  438679485.9
MJ MAILLIS S.A.      MAIK GA      -54904198.1  438679485.9
MJ MAILLIS S.A.      MAIK EU      -54904198.1  438679485.9
MJ MAILLIS S.A.      MAIK PZ      -54904198.1  438679485.9
MJ MAILLIS S.A.      MJL GR       -54904198.1  438679485.9
NAOUSSA SPIN -RT     NAOYD GA      -163114842  286539436.9
NAOUSSA SPIN-AUC     NAOYKE GA     -163114842  286539436.9
NAOUSSA SPINNING     NML GR        -163114842  286539436.9
NAOUSSA SPIN-RTS     NAOYKR GA     -163114842  286539436.9
NUTRIART S.A.        KATSK GA     -49566085.5  144463865.8
NUTRIART S.A.        KTSEF US     -49566085.5  144463865.8
NUTRIART SA          KATSK EO     -49566085.5  144463865.8
NUTRIART SA          NUTRIART GA  -49566085.5  144463865.8
NUTRIART SA          KATSK PZ     -49566085.5  144463865.8
NUTRIART SA          KATSK EU     -49566085.5  144463865.8
NUTRIART-RTS         3411089Q GA  -49566085.5  144463865.8
PETZET - PFD-RTS     PETZPD GA     -110812813  206429374.1
PETZETAKIS - RTS     PETZKD GA     -110812813  206429374.1
PETZETAKIS-AUC       PETZKE GA     -110812813  206429374.1
PETZETAKIS-PFD       PETZP GA      -110812813  206429374.1
PETZETAKIS-PFD       PTZ3 GR       -110812813  206429374.1
RADIO KORASSIDIS     KORA GA       -100972174  244951680.3
RADIO KORASSIDIS     RKC GR        -100972174  244951680.3
RADIO KORASSIDIS     RAKOF US      -100972174  244951680.3
RADIO KORASSI-RT     KORAD GA      -100972174  244951680.3
RADIO KORASS-RTS     KORAR GA      -100972174  244951680.3
SATO OFFICE AND      SATOK GA     -1304553.01  103403982.3
SATO OFFICE AND      SATOK EO     -1304553.01  103403982.3
SATO OFFICE AND      SATOK PZ     -1304553.01  103403982.3
SATO OFFICE AND      SATOK EU     -1304553.01  103403982.3
SATO SA - RIGHTS     SATOKD GA    -1304553.01  103403982.3
SATO SA-AUC          SATOKE GA    -1304553.01  103403982.3
SATO SA-PFD          SATOP GA     -1304553.01  103403982.3
T BANK               ASPT PZ      -46224213.4   3486115450
T BANK               ASPT EO      -46224213.4   3486115450
T BANK               TBANK EU     -46224213.4   3486115450
T BANK               TBANK GA     -46224213.4   3486115450
T BANK               TBANK EO     -46224213.4   3486115450
T BANK               ASPT GA      -46224213.4   3486115450
T BANK               ASPT EU      -46224213.4   3486115450
THEMELIODOMI         THEME GA     -55751173.8  232036822.6
THEMELIODOMI-AUC     THEMEE GA    -55751173.8  232036822.6
THEMELIODOMI-RTS     THEMER GA    -55751173.8  232036822.6
THEMELIODOMI-RTS     THEMED GA    -55751173.8  232036822.6
UNITED TEXTILES      UTEX GA       -163114842  286539436.9
UNITED TEXTILES      NAOSF US      -163114842  286539436.9
UNITED TEXTILES      UTEX PZ       -163114842  286539436.9
UNITED TEXTILES      NML1 GR       -163114842  286539436.9
UNITED TEXTILES      UTEX EO       -163114842  286539436.9
UNITED TEXTILES      UTEX EU       -163114842  286539436.9
UNITED TEXTILES      NAOYK GA      -163114842  286539436.9

HUNGARY
-------
HUNGARIAN TELEPH     HUC EX         -73723992    827192000
HUNGARIAN TELEPH     HUGC IX        -73723992    827192000
INVITEL HOLD-ADR     IHO US         -73723992    827192000
INVITEL HOLD-ADR     0IN GR         -73723992    827192000
INVITEL HOLD-ADR     INVHY US       -73723992    827192000
INVITEL HOLDINGS     3212873Z HB    -73723992    827192000

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

IRELAND
-------
ALECTRA FINANCE      4505075Z ID  -59841094.8   1863021876
ARCADE PROPERTY      4461121Z ID   -271759846  854806905.5
ARDAGH GLASS FIN     3489820Z ID   -425719878   5124811840
ARNOTTS HOLDINGS     4462545Z ID   -345703659  169928201.7
AVAYA HOLDINGS L     4491803Z ID   -332334121  255019134.5
BALLYMORE PROPER     162707Z ID    -243143095  972399152.8
BIRCHFORD INVEST     3802508Z ID  -17025540.7  218278444.2
BOSPHORUS CAPITA     3807620Z ID  -532646.282  116191328.6
CAMBER 4 PLC         3807980Z ID   -548127044  336912874.6
CAPEL DEVELOPMEN     3813016Z ID  -54774206.5  118764190.8
CARRICKMINES MAN     3799108Z ID  -1594145.03  116839693.5
CELTIC ROADS GRO     4527583Z ID  -1252723.18  159235423.8
COMMUNICORP GROU     1027859Z ID  -28828642.2  309423497.3
CONOCOPHILLIPS I     4526671Z ID   -215725943  369716179.9
CONOCOPHILLIPS W     3894318Z ID   -176383298  403120095.3
DUOMO FUNDING PL     4462513Z ID  -35248.5366   1636451107
ELAN PHARMA INTE     4515071Z ID   -217568726   1820901782
ELLERSTON GEMS O     4781417Z ID  -4056787.09  195869209.7
EURCO FINANCE        3799980Z ID  -48643223.1  679126971.7
FOL INTERNATIONA     4513251Z ID  -43457938.5  343547754.8
FRUIT OF THE LOO     4459361Z ID  -85434026.5  344655328.1
GS MULTI-CURRENC     4780921Z ID   -218031503   1766463253
HELSINGOR LTD        3814256Z ID  -12727809.4  125762030.8
IRISH NATIONWIDE     1020Z ID     -24460514.2  16215850688
JAMES HARDIE -CD     JHXCD AU      -335300000   1882000000
JAMES HARDIE IND     726824Z NA    -335300000   1882000000
JAMES HARDIE IND     600241Q GR    -335300000   1882000000
JAMES HARDIE IND     HAH AU        -335300000   1882000000
JAMES HARDIE IND     HAH NZ Equity -335300000   1882000000
JAMES HARDIE NV      JHXCC AU      -335300000   1882000000
JAMES HARDIE-ADR     JHX US        -335300000   1882000000
JAMES HARDIE-ADR     JHX SP Equity -335300000   1882000000
JAMES HARDIE-ADR     JHINY US      -335300000   1882000000
JAMES HARDIE-CDI     JHA TH        -335300000   1882000000
JAMES HARDIE-CDI     JHIUF US      -335300000   1882000000
JAMES HARDIE-CDI     JHX AU        -335300000   1882000000
JAMES HARDIE-CDI     JHA GR        -335300000   1882000000
LCH EUROPEAN POR     3809212Z ID  -91665071.8  296022574.1
LTR FINANCE NO 8     3816616Z ID  -8799339.83  323480874.1
MAINAU FUNDING L     4460161Z ID   -216846139   1309830017
MCAFEE IRELAND L     3809112Z ID  -39595362.4  515570024.5
MCINERNEY HLDGS      MCII IX       -137972149  304108432.2
MCINERNEY HLDGS      MCIGBX EU     -137972149  304108432.2
MCINERNEY HLDGS      MCI ID        -137972149  304108432.2
MCINERNEY HLDGS      MCI PO        -137972149  304108432.2
MCINERNEY HLDGS      MCI LN        -137972149  304108432.2
MCINERNEY HLDGS      MCI IX        -137972149  304108432.2
MCINERNEY HLDGS      MK9 GR        -137972149  304108432.2
MCINERNEY HLDGS      MCI EO        -137972149  304108432.2
MCINERNEY HLDGS      MK9 PO        -137972149  304108432.2
MCINERNEY HLDGS      MCIGBP EO     -137972149  304108432.2
MCINERNEY HLDGS      MCI VX        -137972149  304108432.2
MCINERNEY HLDGS      MNEYF US      -137972149  304108432.2
MCINERNEY HLDGS      MCIGBX EO     -137972149  304108432.2
MCINERNEY HLDGS      MCI EU        -137972149  304108432.2
MCINERNEY HLDGS      MK9C PZ       -137972149  304108432.2
MCINERNEY PROP-A     MYP ID        -137972149  304108432.2
MCINERNEY PROP-A     MCIYF US      -137972149  304108432.2
MCINERNEY PROP-A     MYP LN        -137972149  304108432.2
MCINERNEY -RT FP     MCIF LN       -137972149  304108432.2
MCINERNEY -RT FP     MCIF ID       -137972149  304108432.2
MCINERNEY -RT NP     MCIN ID       -137972149  304108432.2
MCINERNEY -RT NP     MCIN LN       -137972149  304108432.2
MCINERNEY-ADR        MNEYY US      -137972149  304108432.2
MYRMIDON CMBS PR     3819292Z ID   -106452051  274187079.5
NOBLE CARBON CRE     3643943Z ID    -19803914  122514177.1
NOVELL IRELAND S     3632507Z ID  -42302599.6    275653812
PAYZONE PLC          PAYZ PZ       -138030903  510010035.3
PAYZONE PLC          PAYZ EU       -138030903  510010035.3
PAYZONE PLC          PAYZ LN       -138030903  510010035.3
PAYZONE PLC          PAYZ EO       -138030903  510010035.3
PAYZONE PLC          PAYZ PG       -138030903  510010035.3
PAYZONE PLC          PAYZ IX       -138030903  510010035.3
PAYZONE PLC          4P6 GR        -138030903  510010035.3
QUINN GROUP LTD      166771Z ID    -228838127   2504412121
RHATIGAN COMMERC     3800004Z ID   -150605071  218524413.7
SALOME FUNDING P     747246Z ID   -1780227.76   2390329099
SCHWARZ PHARMA L     626603Z ID    -566486090  327913450.8
SHENDA IRELAND L     4781889Z ID   -159818173  180891354.4
SPENCER DOCK DEV     3813908Z ID    -87906519    773958702
START FUNDING NO     3816392Z ID  -8410425.95  624257073.1
SUSQUEHANNA EURO     4459081Z ID  -1252022268   5765502698
TAKEDA PHARMA IR     4460049Z ID   -553964898  178556098.5
TOPAZ ENERGY GRO     4508643Z ID  -20430096.7  574668196.2
UPC BROADBAND IR     3633179Z ID   -295261091  748962719.5
WATERFORD - RTS      WWWA ID       -505729895    820803256
WATERFORD - RTS      508519Q LN    -505729895    820803256
WATERFORD - RTS      WWWA GR       -505729895    820803256
WATERFORD - RTS      WWWB GR       -505729895    820803256
WATERFORD - RTS      WWWB ID       -505729895    820803256
WATERFORD - RTS      508523Q LN    -505729895    820803256
WATERFORD CRYSTA     4459209Z ID   -150440252  114111756.9
WATERFORD W-ADR      WATWY US      -505729895    820803256
WATERFORD WDGEWD     WATFF US      -505729895    820803256
WATERFORD WDGEWD     WATWF US      -505729895    820803256
WATERFORD WED-RT     WTFR LN       -505729895    820803256
WATERFORD WED-RT     586552Q LN    -505729895    820803256
WATERFORD WED-RT     WWWC GR       -505729895    820803256
WATERFORD WED-RT     WWWC ID       -505729895    820803256
WATERFORD WED-RT     WWWD ID       -505729895    820803256
WATERFORD WED-RT     WWWD GR       -505729895    820803256
WATERFORD WED-RT     586556Q LN    -505729895    820803256
WATERFORD WED-UT     WTFU LN       -505729895    820803256
WATERFORD WED-UT     WTFUGBX EU    -505729895    820803256
WATERFORD WED-UT     WTFU EO       -505729895    820803256
WATERFORD WED-UT     WTFU PO       -505729895    820803256
WATERFORD WED-UT     WWWD PZ       -505729895    820803256
WATERFORD WED-UT     WTFUGBX EO    -505729895    820803256
WATERFORD WED-UT     WWW GR        -505729895    820803256
WATERFORD WED-UT     WWW PO        -505729895    820803256
WATERFORD WED-UT     WTFU ID       -505729895    820803256
WATERFORD WED-UT     WTFU IX       -505729895    820803256
WATERFORD WED-UT     WTFU EU       -505729895    820803256
WATERFORD WED-UT     WTFU VX       -505729895    820803256
WATERFORD WE-RTS     WTFN ID       -505729895    820803256
WATERFORD WE-RTS     WTFN VX       -505729895    820803256
WATERFORD WE-RTS     WTFF LN       -505729895    820803256
WATERFORD WE-RTS     WTFF ID       -505729895    820803256
WATERFORD WE-RTS     WTFN LN       -505729895    820803256
WATERFORD-ADR UT     WATFZ US      -505729895    820803256
WATERFORD-ADR UT     WFWA GR       -505729895    820803256
WATERFORD-SUB        3001875Z ID   -505729895    820803256

ITALY
-----
AS ROMA SPA          ASR IM       -63822544.7  148818665.4
AS ROMA SPA          ASR EB       -63822544.7  148818665.4
AS ROMA SPA          ASRO IX      -63822544.7  148818665.4
AS ROMA SPA          ASR BQ       -63822544.7  148818665.4
AS ROMA SPA          RO9 GR       -63822544.7  148818665.4
AS ROMA SPA          ASR TQ       -63822544.7  148818665.4
AS ROMA SPA          ASR QM       -63822544.7  148818665.4
AS ROMA SPA          ASR IX       -63822544.7  148818665.4
AS ROMA SPA          ASR PZ       -63822544.7  148818665.4
AS ROMA SPA          ASR EO       -63822544.7  148818665.4
AS ROMA SPA          ASRAF US     -63822544.7  148818665.4
AS ROMA SPA          ASR EU       -63822544.7  148818665.4
AS ROMA SPA-RTS      ASRAA IM     -63822544.7  148818665.4
AUTOMOTIVE LIGHT     3895734Z IM  -8797909.78  165588007.5
CANTIERI DI PISA     4313125Z IM  -2611908.15  105466953.7
CIRIO FINANZIARI     CRO IM        -422095937   1583083044
CIRIO FINANZIARI     FIY GR        -422095937   1583083044
COGEME AXA           COGAXA IM    -33723621.3  159115245.5
COGEME AZXOBCV       COGOB IM     -33723621.3  159115245.5
COGEME SET SPA       CRT GR       -33723621.3  159115245.5
COGEME SET SPA       COG EU       -33723621.3  159115245.5
COGEME SET SPA       COG EO       -33723621.3  159115245.5
COGEME SET SPA       COG PZ       -33723621.3  159115245.5
COGEME SET SPA       COGM IX      -33723621.3  159115245.5
COGEME SET SPA       COG IM       -33723621.3  159115245.5
COIN SPA             GC IX         -154057599  800526929.5
COIN SPA             965089Q GR    -154057599  800526929.5
COIN SPA             GUCIF US      -154057599  800526929.5
COIN SPA/OLD         GC IM         -154057599  800526929.5
COIN SPA-RTS         GCAA IM       -154057599  800526929.5
COMPAGNIA ITALIA     ICT IM        -137726596  527372691.4
COMPAGNIA ITALIA     CITU IX       -137726596  527372691.4
COMPAGNIA ITALIA     CGLUF US      -137726596  527372691.4
CREDITO FONDIARI     CRF IM        -200209050   4213063202
CREDITO FOND-RTS     CRFSA IM      -200209050   4213063202
DIMA COSTRUZIONI     4526911Z IM  -14681477.1  426157772.4
DIMAFIN SPA          2727163Z IM    -63237954  270856564.4
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
FINMATICA SPA        FIN NM        -126380829  281244456.3
FINMATICA SPA        FMTAF US      -126380829  281244456.3
FINMATICA SPA        FIT GR        -126380829  281244456.3
FINMATICA SPA        FIN IM        -126380829  281244456.3
GUERRINO PIVATO      4292565Z IM  -41218066.4  397216267.9
I VIAGGI DEL VEN     VVE EO        -209436890  202705179.9
I VIAGGI DEL VEN     IV7 GR        -209436890  202705179.9
I VIAGGI DEL VEN     VVE EU        -209436890  202705179.9
I VIAGGI DEL VEN     IVGIF US      -209436890  202705179.9
I VIAGGI DEL VEN     VVE TQ        -209436890  202705179.9
I VIAGGI DEL VEN     VVE IM        -209436890  202705179.9
I VIAGGI DEL VEN     VVE PZ        -209436890  202705179.9
I VIAGGI DEL VEN     VVE IX        -209436890  202705179.9
I VIAGGI-RTS         VVEAA IM      -209436890  202705179.9
INDUSTRIE FINCUO     4270053Z IM  -15676157.1  111118283.9
KERSELF              KERS IX      -42106279.6  830980118.2
KERSELF SPA          3533882Z IM  -42106279.6  830980118.2
KERSELF SPA          KRS EO       -42106279.6  830980118.2
KERSELF SPA          KRSI PZ      -42106279.6  830980118.2
KERSELF SPA          KRS IM       -42106279.6  830980118.2
KERSELF SPA          KRS EU       -42106279.6  830980118.2
KERSELF SPA          KRS TQ       -42106279.6  830980118.2
KERSELF-RT           KRSAA IM     -42106279.6  830980118.2
KERSELF-RTS          KERSAA IM    -42106279.6  830980118.2
KERSELF-RTS          KRSRI IX     -42106279.6  830980118.2
MERIDIANA FLY        E7N GR       -30409445.9  416708236.2
MERIDIANA FLY        MEF BQ       -30409445.9  416708236.2
MERIDIANA FLY        EFLYF US     -30409445.9  416708236.2
MERIDIANA FLY        EEZ EU       -30409445.9  416708236.2
MERIDIANA FLY        EEZ EO       -30409445.9  416708236.2
MERIDIANA FLY        MEF IM       -30409445.9  416708236.2
MERIDIANA FLY        EEZ QM       -30409445.9  416708236.2
MERIDIANA FLY        EEZ TQ       -30409445.9  416708236.2
MERIDIANA FLY        EEZ IM       -30409445.9  416708236.2
MERIDIANA FLY        MEF EB       -30409445.9  416708236.2
MERIDIANA FLY        MEF IX       -30409445.9  416708236.2
MERIDIANA FLY        EEZ PZ       -30409445.9  416708236.2
MERIDIANA FLY SP     MEFAXA IM    -30409445.9  416708236.2
MERIDIANA SPA        1163Z IM     -4645217.83  187285866.9
MONTE MARE GRADO     4359985Z IM  -535776.032  100534744.7
NEXANS ITALIA SP     3636695Z IM  -19973174.8  139448244.4
OLCESE SPA           O IM         -12846689.9  179691572.8
OLCESE SPA-RTS       OAA IM       -12846689.9  179691572.8
OLCESE VENEZIANO     OLVE IM      -12846689.9  179691572.8
OMNIA SERVICE CE     3401139Z IM  -9159816.79  165737571.5
RISANAMEN-RNC OP     RNROPA IM     -101777998   2959152553
RISANAMENTO -OPA     RNOPA IM      -101777998   2959152553
RISANAMENTO -RNC     RNR IM        -101777998   2959152553
RISANAMENTO SPA      RN TQ         -101777998   2959152553
RISANAMENTO SPA      RNGBX EO      -101777998   2959152553
RISANAMENTO SPA      RN EO         -101777998   2959152553
RISANAMENTO SPA      RNGBP EO      -101777998   2959152553
RISANAMENTO SPA      RN PZ         -101777998   2959152553
RISANAMENTO SPA      RN BQ         -101777998   2959152553
RISANAMENTO SPA      RN IM         -101777998   2959152553
RISANAMENTO SPA      RN5 GR        -101777998   2959152553
RISANAMENTO SPA      RSMNF US      -101777998   2959152553
RISANAMENTO SPA      RN IX         -101777998   2959152553
RISANAMENTO SPA      RNGBX EU      -101777998   2959152553
RISANAMENTO SPA      RN EU         -101777998   2959152553
RISANAMENTO-RTS      RNAA IM       -101777998   2959152553
RISANAMENTO-RTS      RNAXO IM      -101777998   2959152553
RISANAMENTO-RTS      RNAXA IM      -101777998   2959152553
SNIA BPD             SN GR         -141933895  150445252.4
SNIA BPD-ADR         SBPDY US      -141933895  150445252.4
SNIA SPA             SN EO         -141933895  150445252.4
SNIA SPA             SIAI IX       -141933895  150445252.4
SNIA SPA             SNIXF US      -141933895  150445252.4
SNIA SPA             SNIB GR       -141933895  150445252.4
SNIA SPA             SBPDF US      -141933895  150445252.4
SNIA SPA             SN IM         -141933895  150445252.4
SNIA SPA             SSMLF US      -141933895  150445252.4
SNIA SPA             SN EU         -141933895  150445252.4
SNIA SPA             SNIA GR       -141933895  150445252.4
SNIA SPA             SN TQ         -141933895  150445252.4
SNIA SPA             SIAI PZ       -141933895  150445252.4
SNIA SPA - RTS       SNAAW IM      -141933895  150445252.4
SNIA SPA- RTS        SNAXW IM      -141933895  150445252.4
SNIA SPA-2003 SH     SN03 IM       -141933895  150445252.4
SNIA SPA-CONV SA     SPBDF US      -141933895  150445252.4
SNIA SPA-DRC         SNR00 IM      -141933895  150445252.4
SNIA SPA-NEW         SN00 IM       -141933895  150445252.4
SNIA SPA-NON CON     SPBNF US      -141933895  150445252.4
SNIA SPA-RCV         SNR IM        -141933895  150445252.4
SNIA SPA-RCV         SNIVF US      -141933895  150445252.4
SNIA SPA-RIGHTS      SNAW IM       -141933895  150445252.4
SNIA SPA-RNC         SNRNC IM      -141933895  150445252.4
SNIA SPA-RNC         SNIWF US      -141933895  150445252.4
SNIA SPA-RTS         SNSO IM       -141933895  150445252.4
SNIA SPA-RTS         SNAA IM       -141933895  150445252.4
TECNODIFF ITALIA     TDI IM       -89894162.8  152045757.5
TECNODIFF ITALIA     TDIFF US     -89894162.8  152045757.5
TECNODIFF ITALIA     TDI NM       -89894162.8  152045757.5
TECNODIFF ITALIA     TEF GR       -89894162.8  152045757.5
TECNODIFF-RTS        TDIAOW NM    -89894162.8  152045757.5
TECNODIFFUSIONE      TDIAAW IM    -89894162.8  152045757.5
TISCALI - RTS        TISAAW IM     -157400373  432673140.9
TISCALI - RTS        TIQA GR       -157400373  432673140.9
TISCALI SPA          TIQG IX       -157400373  432673140.9
TISCALI SPA          TIS IM        -157400373  432673140.9
TISCALI SPA          TISN VX       -157400373  432673140.9
TISCALI SPA          TISN IM       -157400373  432673140.9
TISCALI SPA          TIS EB        -157400373  432673140.9
TISCALI SPA          TISM IX       -157400373  432673140.9
TISCALI SPA          TISN NA       -157400373  432673140.9
TISCALI SPA          TIQ1 GR       -157400373  432673140.9
TISCALI SPA          TSCXF US      -157400373  432673140.9
TISCALI SPA          TISGBX EO     -157400373  432673140.9
TISCALI SPA          TIS PZ        -157400373  432673140.9
TISCALI SPA          TIS VX        -157400373  432673140.9
TISCALI SPA          TIS EU        -157400373  432673140.9
TISCALI SPA          TIQ GR        -157400373  432673140.9
TISCALI SPA          TIS TQ        -157400373  432673140.9
TISCALI SPA          TISN FP       -157400373  432673140.9
TISCALI SPA          TIS QM        -157400373  432673140.9
TISCALI SPA          TISN IX       -157400373  432673140.9
TISCALI SPA          TIS NQ        -157400373  432673140.9
TISCALI SPA          TIS BQ        -157400373  432673140.9
TISCALI SPA          TIS FP        -157400373  432673140.9
TISCALI SPA          TISGBP EO     -157400373  432673140.9
TISCALI SPA          TIS EO        -157400373  432673140.9
TISCALI SPA          TIS IX        -157400373  432673140.9
TISCALI SPA          TIS NA        -157400373  432673140.9
TISCALI SPA          TIS NR        -157400373  432673140.9
TISCALI SPA          TISGBX EU     -157400373  432673140.9
TISCALI SPA- RTS     TISAXA IM     -157400373  432673140.9
TISCALI SPA- RTS     3391621Q GR   -157400373  432673140.9
VIA CAVOUR SRL       3997892Z IM  -2002622.44  173628397.1

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

LUXEMBOURG
----------
CARRIER1 INT-AD+     CONE ES        -94729000    472360992
CARRIER1 INT-ADR     CONEE US       -94729000    472360992
CARRIER1 INT-ADR     CONE US        -94729000    472360992
CARRIER1 INT-ADR     CONEQ US       -94729000    472360992
CARRIER1 INTL        8133893Q GR    -94729000    472360992
CARRIER1 INTL        CJNA GR        -94729000    472360992
CARRIER1 INTL        CJN NM         -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 GR  -78371220.1   1013737294
OXEA SARL            3682535Z LX  -78371220.1   1013737294

NETHERLANDS
-----------
ADAMAR AMSTERDAM     4049157Z NA  -5255668.95  108793149.3
ALFRED C TOEPFER     4062117Z NA  -1843317.44   1689194175
ASITO DIENSTENGR     743813Z NA   -2494804.85  220704023.7
AVG TECHNOLOGIES     3164852Z NA   -129072000    296555008
AVG TECHNOLOGIES     0119253D US   -129072000    296555008
AVG TECHNOLOGIES     AVG US        -129072000    296555008
BAAN CO NV-ASSEN     BAANA NA     -7854715.26  609871188.9
BAAN COMPANY NV      BAAN PZ      -7854715.26  609871188.9
BAAN COMPANY NV      BAAN EO      -7854715.26  609871188.9
BAAN COMPANY NV      BNCG IX      -7854715.26  609871188.9
BAAN COMPANY NV      BAAVF US     -7854715.26  609871188.9
BAAN COMPANY NV      BAAN NA      -7854715.26  609871188.9
BAAN COMPANY NV      BAAN IX      -7854715.26  609871188.9
BAAN COMPANY NV      BAAN GR      -7854715.26  609871188.9
BAAN COMPANY NV      BAAN EU      -7854715.26  609871188.9
BAAN COMPANY-NY      BAANF US     -7854715.26  609871188.9
BASELL BENELUX B     4048469Z NA  -49594551.2    221005725
BELEGGINGSMAATSC     801105Z NA    -5070657.7  350267370.9
CENTRIC HOLDING      745383Z NA   -72753.2423  363069870.7
CEVA GROUP PLC       976811Z NA    -538665968   5318491121
CEVA LOGISTICS       882197Z NA    -538665968   5318491121
CLATES HOLDING B     4043429Z NA  -34881.2521  221495950.5
COOPERATIE VOEDI     4378105Z NA  -216576.988  680962157.8
ENGEL EAST EUROP     E3N TH       -1890705.16  104714303.7
ENGEL EAST EUROP     EEE IX       -1890705.16  104714303.7
ENGEL EAST EUROP     EEE1 EU      -1890705.16  104714303.7
ENGEL EAST EUROP     EEE1 PZ      -1890705.16  104714303.7
ENGEL EAST EUROP     EEE1EUR EO   -1890705.16  104714303.7
ENGEL EAST EUROP     EEE LN       -1890705.16  104714303.7
ENGEL EAST EUROP     E3N GR       -1890705.16  104714303.7
ENGEL EAST EUROP     ENGLF US     -1890705.16  104714303.7
ENGEL EAST EUROP     EEE1 PG      -1890705.16  104714303.7
ENGEL EAST EUROP     EEE1 EO      -1890705.16  104714303.7
EUROCOMMERCE HOL     4174085Z NA  -1476.31502   1442058655
EUROPEAN MARITIM     4523543Z NA  -34803118.1  347300069.4
FERDINAND STINGE     4040837Z NA  -197826.213   1420319834
HE INVESTMENTS B     3813216Z NA  -1780665.86    195483088
HUISVUILCENTRALE     4777713Z NA  -87789.2397   1412526184
INFOR GLOBAL SOL     4778481Z NA   -332427173  500602423.6
ING RE DORTMUND/     3819456Z NA  -91900157.5  142290450.1
ING REIM DEVELOP     3811140Z NA   -231041486  383323356.5
KONINKLIJKE HASK     4037221Z NA  -69259.2014  230145390.9
KUIPER GROEP BV      3821988Z NA  -3688.42088  101931401.5
LIBERTY GL EU-A      UPC NA       -5505478850   5112616630
LINO MANAGEMENT      3774416Z NA   -302140891  797339200.3
MAAS INTERNATION     4174109Z NA  -104625.602  163961580.9
MSREF ELBA BV        4043045Z NA  -89889.6018  584994172.5
MSREF VI KAIROS      4174205Z NA  -38313.6008    893956511
NIDERA HANDELSCO     3893886Z NA  -1347999.99   2303695933
NORFOLK HOLDINGS     779151Z NA   -199512.593  813430683.8
RHEIN PAPIER HOL     4040349Z NA  -2301763.25   1089890804
RIVA NV              3797916Z NA  -852952.117  111411542.1
SGS NEDERLAND HO     3896746Z NA  -742586.456    148207265
SITA NEDERLAND B     874216Z NA   -312079.897   2324948031
SPYKER CARS NV       SPYKR EO      -575434603   1479005959
SPYKER CARS NV       SPYKR TQ      -575434603   1479005959
SPYKER CARS NV       SPYKR EB      -575434603   1479005959
SPYKER CARS NV       SPYKR BQ      -575434603   1479005959
SPYKER CARS NV       SPYKR EU      -575434603   1479005959
SPYKER CARS NV       SPYKR NA      -575434603   1479005959
SPYKER CARS NV       SPYKR QM      -575434603   1479005959
SPYKER CARS NV       SPYK IX       -575434603   1479005959

SWEDEN
------
SWEDISH AUTOMO-A     0122265D NA   -575434603   1479005959
SWEDISH AUTOMOBI     SWAN EB       -575434603   1479005959
SWEDISH AUTOMOBI     SPYKF US      -575434603   1479005959
SWEDISH AUTOMOBI     SWAN EO       -575434603   1479005959
SWEDISH AUTOMOBI     SWAN NA       -575434603   1479005959
SWEDISH AUTOMOBI     SPYKR PZ      -575434603   1479005959
SWEDISH AUTOMOBI     L9I TH        -575434603   1479005959
SWEDISH AUTOMOBI     SWAN EU       -575434603   1479005959
SWEDISH AUTOMOBI     SWAN BQ       -575434603   1479005959
SWEDISH AUTOMOBI     SWAN QM       -575434603   1479005959
SWEDISH AUTOMOBI     SWAN IX       -575434603   1479005959
SWEDISH AUTOMOBI     SWAN TQ       -575434603   1479005959
SWEDISH AUTOMOBI     L9I GR        -575434603   1479005959
UNITED PAN -ADR      UPEA GR      -5505478850   5112616630
UNITED PAN-A ADR     UPCOY US     -5505478850   5112616630
UNITED PAN-EUR-A     UPC LN       -5505478850   5112616630
UNITED PAN-EUR-A     UPC LI       -5505478850   5112616630
UNITED PAN-EUROP     UPCEF US     -5505478850   5112616630
UNITED PAN-EUROP     UPC VX       -5505478850   5112616630
UNITED PAN-EUROP     UPCOF US     -5505478850   5112616630
UNITED PAN-EUROP     UPE1 GR      -5505478850   5112616630
VAN WEELDE BEHEE     4038885Z NA  -165002.306  161800258.3
VOLKERWESSELS BO     4062101Z NA  -17683.2004  191596002.3
VWS TRANSPORTINF     4377249Z NA  -88578.9013  442019063.5
VWS VERKEER-EN I     4777577Z NA  -125486.777  799874848.4
W2005 W2007 CARN     3824100Z NA  -84388271.4  326039139.2
WE INTERNATIONAL     630199Z NA   -1220350.16   1011026941
ZINVEST FASHION      3775412Z NA  -296559.405    180677208
ZWINGER OPCO 6 B     3821644Z NA   -106543158  627759193.8

NORWAY
------
AFRICA OFFSHORE      AOSA NO       -280249984    357512992
AKER BIOMARINE A     4508947Z NO  -97401201.5  100855655.1
AKER BUSINESS SE     4400969Z NO  -276097.061  106851345.1
AKER ELEKTRO AS      4389353Z NO  -35218317.7  134077911.8
AKER FLOATING PR     AKFP EU         -7700000    816200000
AKER FLOATING PR     AKFP NO         -7700000    816200000
AKER FLOATING PR     AKFPEUR EO      -7700000    816200000
AKER FLOATING PR     AKFP PZ         -7700000    816200000
AKER FLOATING PR     AKFPEUR EU      -7700000    816200000
AKER FLOATING PR     AKFP EO         -7700000    816200000
AKER FLOATING PR     AKNO IX         -7700000    816200000
AKER FLOATING PR     AKFP BY         -7700000    816200000
AKER STORD A/S       4498875Z NO   -244831513  379117306.4
BAKERS AS            4527631Z NO  -2100773.81  130412660.1
BKK VARME AS         4445833Z NO  -4191315.79  139898061.1
CAMILLO EITZEN C     CECOUSD EU     -63803000    141950000
CAMILLO EITZEN C     CECO BY        -63803000    141950000
CAMILLO EITZEN C     CECO PZ        -63803000    141950000
CAMILLO EITZEN C     CECO EO        -63803000    141950000
CAMILLO EITZEN C     CECOEUR EO     -63803000    141950000
CAMILLO EITZEN C     CECOUSD EO     -63803000    141950000
CAMILLO EITZEN C     EZN GR         -63803000    141950000
CAMILLO EITZEN C     CECOEUR EU     -63803000    141950000
CAMILLO EITZEN C     CEIZF US       -63803000    141950000
CAMILLO EITZEN C     CECO IX        -63803000    141950000
CAMILLO EITZEN C     CECO EU        -63803000    141950000
CAMILLO EITZEN C     CECO NO        -63803000    141950000
CARGONET             81784Z NO    -5722680.02  160691742.7
CIA LA GOMERA AS     4401057Z NO  -14188999.5  111542577.2
GJENSIDIGE PENSJ     4447089Z NO  -211457.867   1156109660
HEEGH AUTOLINERS     4389209Z NO  -13894016.2  253537334.9
ICA NORGE AS         4511499Z NO   -132832575  702347848.8
INTEROIL EXPLORA     IOXEUR EU      -12690000    172800992
INTEROIL EXPLORA     IOX BY         -12690000    172800992
INTEROIL EXPLORA     IROIF US       -12690000    172800992
INTEROIL EXPLORA     IOX NO         -12690000    172800992
INTEROIL EXPLORA     INOX NO        -12690000    172800992
INTEROIL EXPLORA     IOX IX         -12690000    172800992
INTEROIL EXPLORA     IOX PZ         -12690000    172800992
INTEROIL EXPLORA     IOX EU         -12690000    172800992
INTEROIL EXPLORA     IOX EO         -12690000    172800992
INTEROIL EXPLORA     IOXEUR EO      -12690000    172800992
INTEROIL EXPLORA     IOXUSD EO      -12690000    172800992
INTEROIL EXPLORA     IOXUSD EU      -12690000    172800992
JASON SHIPPING A     JSHIP NO       -63803000    141950000
JASON SHIPPING A     JSHIP EO       -63803000    141950000
JASON SHIPPING A     JSHIPUSD EO    -63803000    141950000
JASON SHIPPING A     JSHIPUSD EU    -63803000    141950000
JASON SHIPPING A     JSHIP BY       -63803000    141950000
JASON SHIPPING A     JSHIPEUR EU    -63803000    141950000
JASON SHIPPING A     JSHIPEUR EO    -63803000    141950000
JASON SHIPPING A     JSHIP EU       -63803000    141950000
MAN LAST OG BUSS     4521719Z NO  -5830520.28  123349772.5
MARINE SUBSEA AS     MSAS NO       -280249984    357512992
NCC CONSTRUCTION     4389745Z NO  -12248477.7  312455787.6
NCC ROADS AS         4401305Z NO  -11149611.4  135425117.2
NORSK STEIN AS       4394889Z NO  -697875.924  232219055.8
PETRO GEO-SERV       PGS GR       -18066142.2  399710323.6
PETRO GEO-SERV       265143Q NO   -18066142.2  399710323.6
PETRO GEO-SERV       PGS VX       -18066142.2  399710323.6
PETRO GEO-SERV-N     PGSN NO      -18066142.2  399710323.6
PETRO GEO-SV-ADR     PGOGY US     -18066142.2  399710323.6
PETRO GEO-SV-ADR     PGSA GR      -18066142.2  399710323.6
PETROJACK AS         JACO IX        -54932000    191586000
PETROJACK AS         JACK EU        -54932000    191586000
PETROJACK AS         P3J GR         -54932000    191586000
PETROJACK AS         POJKF US       -54932000    191586000
PETROJACK AS         JACK NO        -54932000    191586000
PETROJACK AS         JACK PZ        -54932000    191586000
PETROJACK AS         JACK EO        -54932000    191586000
PETROJACK AS         JACK BY        -54932000    191586000
PETROJACK AS         JACKEUR EO     -54932000    191586000
PETROJACK AS         JACKEUR EU     -54932000    191586000
PETROMENA AS         PMENA NO       -47299000    317747008
PETROMENA AS         PMEN IX        -47299000    317747008
PETROMENA AS         PMENA EU       -47299000    317747008
PETROMENA AS         PMENA EO       -47299000    317747008
PETROMENA AS         PMENF US       -47299000    317747008
PETROMENA AS         PMENAEUR EU    -47299000    317747008
PETROMENA AS         PMENA PZ       -47299000    317747008
PETROMENA AS         PR2 GR         -47299000    317747008
PETROMENA AS         MENA NO        -47299000    317747008
PETROMENA AS         PMENAEUR EO    -47299000    317747008
PRATT & WHITNEY      4524487Z NO  -5820126.04  104689675.3
REC SCANCELL AS      4446473Z NO  -8437038.95  138751607.3
SEVAN MARINE ASA     SVMRF US      -173000000    962300032
SEVAN MARINE ASA     SEVAN BY      -173000000    962300032
SEVAN MARINE ASA     SEVANEUR EU   -173000000    962300032
SEVAN MARINE ASA     SEVAN PZ      -173000000    962300032
SEVAN MARINE ASA     SEVANUSD EO   -173000000    962300032
SEVAN MARINE ASA     SEVAN EU      -173000000    962300032
SEVAN MARINE ASA     SEVANUSD EU   -173000000    962300032
SEVAN MARINE ASA     SEVANEUR EO   -173000000    962300032
SEVAN MARINE ASA     SEVAN GK      -173000000    962300032
SEVAN MARINE ASA     SEVAN SS      -173000000    962300032
SEVAN MARINE ASA     SEVAN EO      -173000000    962300032
SEVAN MARINE ASA     SVAN IX       -173000000    962300032
SEVAN MARINE ASA     SEVANGBX EU   -173000000    962300032
SEVAN MARINE ASA     4SM GR        -173000000    962300032
SEVAN MARINE ASA     SEVAN EB      -173000000    962300032
SEVAN MARINE ASA     SEVAN NR      -173000000    962300032
SEVAN MARINE ASA     SEVANGBP EO   -173000000    962300032
SEVAN MARINE ASA     SEVAN QM      -173000000    962300032
SEVAN MARINE ASA     SEVAN NQ      -173000000    962300032
SEVAN MARINE ASA     SEVAN NO      -173000000    962300032
SEVAN MARINE ASA     SEVAN S1      -173000000    962300032
SEVAN MARINE ASA     SEVANGBX EO   -173000000    962300032
SEVAN MARINE ASA     SEVAN TQ      -173000000    962300032
SEVAN MARINE ASA     SEMA NO       -173000000    962300032
SEVAN MARINE-ADR     SVMRY US      -173000000    962300032
SEVAN MARINE-RTS     3328565Z NO   -173000000    962300032
SEVAN-NEW            SEVANN NO     -173000000    962300032
SINGAPORE OFFSHO     4422313Z NO  -62203.0437  104161346.4
STOREBRAND EIEND     4443409Z NO  -40898583.7   1242265455
STOREBRAND EIEND     4288341Z NO   -174025924   4173823457
TDC AS               4287413Z NO    -83055193  129421953.7
TRICO SHIPPING A     3651167Z NO   -132576808  504945402.2
TTS SENSE AS         4393841Z NO  -8795315.49  159296793.9
UTKILEN SHIPPING     4446161Z NO  -74871.0265    185813483
VNG NORGE AS         4513147Z NO  -54874780.7  162557987.4

POLAND
------
ANIMEX SA            ANX PW       -556805.858  108090511.9
KROSNO               KROS IX      -2241615.44  111838141.2
KROSNO               KRS LI       -2241615.44  111838141.2
KROSNO               KRS PW       -2241615.44  111838141.2
KROSNO               KRS1EUR EU   -2241615.44  111838141.2
KROSNO               KRS1EUR EO   -2241615.44  111838141.2
KROSNO SA            KRS PZ       -2241615.44  111838141.2
KROSNO SA            KRNFF US     -2241615.44  111838141.2
KROSNO SA            KRS1 EO      -2241615.44  111838141.2
KROSNO SA            KRS1 EU      -2241615.44  111838141.2
KROSNO SA            KROSNO PW    -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        -288818.39  147004954.2
TOORA                TOR PW        -288818.39  147004954.2
TOORA                2916661Q EO   -288818.39  147004954.2
TOORA                2916665Q EU   -288818.39  147004954.2
TOORA-ALLOT CERT     TORA PW       -288818.39  147004954.2

PORTUGAL
--------
ALBERTO MARTINS      4488947Z PL  -25419983.4  123491252.1
ALUGUER DE VEICU     4773793Z PL  -15934394.3  177189066.9
BRISAL AUTO-ESTR     3645215Z PL  -47450724.2  654534402.7
CENTRO HOSPITALA     3778196Z PL  -63194407.2  123417394.8
CO DAS ENERGIAS      3794880Z PL  -2540034.47  115717930.4
CP - COMBOIOS DE     1005Z PL     -3201667702   2260472073
ESTALEIROS NAVAI     4507307Z PL  -99568225.9  221542111.7
FORD LUSITANA SA     3648983Z PL  -7991062.86  135557902.7
HOSPITAL DE FARO     3789880Z PL  -18565498.2    440770232
HOSPITAL DO DIVI     3789932Z PL    -75359385  205468575.8
HOSPITAL GARCIA      3773160Z PL  -48058398.4  155137981.5
HP HEALTH CLUBS      3777952Z PL  -4243987.43  133613465.6
LOCACAO DE EQUIP     4772329Z PL  -1031872.21  425561447.8
LYCATELCOM LDA       4281821Z PL  -8577510.56  109410577.8
METRO DO PORTO       4473963Z PL  -1539365046   3027538897
PORTUGALIA           1008Z PL     -6844075.93    199376769
RADIO E TELEVISA     1227Z PL      -740710265  506160206.4
REFER-REDE FERRO     1250Z PL     -1883502408   1735947433
REN TRADING SA       4167785Z PL  -2316007.03  231656542.3
SERVICO DE SAUDE     3790200Z PL   -142612999  625059071.4
SOCIEDADE DE REN     3776676Z PL    -16169671  124492842.5
SOCIEDADE DE TRA     1253Z PL      -368574770  153373893.3
SPORTING CLUBE D     SCDF EU      -65884328.1  251276323.4
SPORTING CLUBE D     SCG GR       -65884328.1  251276323.4
SPORTING CLUBE D     SCPX PX      -65884328.1  251276323.4
SPORTING CLUBE D     SCP1 PZ      -65884328.1  251276323.4
SPORTING CLUBE D     SCDF EO      -65884328.1  251276323.4
SPORTING CLUBE D     SCP PL       -65884328.1  251276323.4
SPORTING-SOC DES     SCPL IX      -65884328.1  251276323.4
SPORTING-SOC DES     SCDF PL      -65884328.1  251276323.4
SPORTING-SOC-RTS     SCPDS PL     -65884328.1  251276323.4
SPORTING-SOC-RTS     SCPVS PL     -65884328.1  251276323.4
TAP SGPS             TAP PL        -353957017   2789331398
TRANSGAS SA          3794668Z PL   -2181404.7  158648841.9
VALE DO LOBO - R     4764257Z PL  -43960329.2  466811617.2

ROMANIA
-------
ARCELORMITTAL        PTRO RO      -61080024.9  178667412.9
OLTCHIM RM VALCE     OLTCF US     -89344240.8  511515508.8
OLTCHIM SA RM VA     OLTEUR EU    -89344240.8  511515508.8
OLTCHIM SA RM VA     OLT EO       -89344240.8  511515508.8
OLTCHIM SA RM VA     OLTEUR EO    -89344240.8  511515508.8
OLTCHIM SA RM VA     OLT PZ       -89344240.8  511515508.8
OLTCHIM SA RM VA     OLT EU       -89344240.8  511515508.8
OLTCHIM SA RM VA     OLT RO       -89344240.8  511515508.8
RAFO SA              RAF RO        -457922311  356796459.3

RUSSIA
------
AKCIONERNOE-BRD      SOVP$ RU     -85016164.6  320054212.6
ALLIANCE RUSSIAN     ALRT RU      -15214295.8  144582050.8
AMO ZIL              ZILL RM       -204894835    401284636
AMO ZIL-CLS          ZILL RU       -204894835    401284636
AMO ZIL-CLS          ZILLG RU      -204894835    401284636
AMO ZIL-CLS          ZILL* RU      -204894835    401284636
AMTEL-POVOLZ-BRD     KIRT RU      -936614.549  142093264.3
AMTEL-POVOLZ-BRD     KIRT* RU     -936614.549  142093264.3
BALTIYSKY-$BRD       BALZ RU      -880437.562  345435790.7
BALTIYSKY-$BRD       BALZ* RU     -880437.562  345435790.7
BALTIYSKY-BRD        BALZ$ RU     -880437.562  345435790.7
CRYOGENMASH-BRD      KRGM* RU       -22826264  214573431.2
CRYOGENMASH-BRD      KRGM RU        -22826264  214573431.2
CRYOGENMASH-PFD      KRGMP* RU      -22826264  214573431.2
CRYOGENMASH-PFD      KRGMP RU       -22826264  214573431.2
DAGESTAN ENERGY      DASB RU      -29561959.6  232757864.4
DAGESTAN ENERGY      DASB* RU     -29561959.6  232757864.4
DAGESTAN ENERGY      DASB RM      -29561959.6  232757864.4
DAGESTAN ENERGY      DASBG RU     -29561959.6  232757864.4
EAST-SIBERIA-BRD     VSNK* RU     -92283895.5  299864149.8
EAST-SIBERIA-BRD     VSNK RU      -92283895.5  299864149.8
EAST-SIBERIAN-BD     VSNK$ RU     -92283895.5  299864149.8
FINANCIAL LEASIN     137282Z RU    -166377934  282903505.9
FINANCIAL LEASIN     FLKO RU       -166377934  282903505.9
FINANCIAL LEASIN     FLKO RM       -166377934  282903505.9
FINANCIAL LEASIN     FLKO* RU      -166377934  282903505.9
GAZ                  GAZA$ RU      -584751226   1478925024
GAZ                  GZAPF US      -584751226   1478925024
GAZ-CLS              GAZA* RU      -584751226   1478925024
GAZ-CLS              GAZA RM       -584751226   1478925024
GAZ-CLS              GAZA RU       -584751226   1478925024
GAZ-CLS              GAZAG RU      -584751226   1478925024
GAZ-FINANS           GAZF RU      -56134.5126  232319905.4
GAZ-PFD              GAZAP* RU     -584751226   1478925024
GAZ-PFD              GAZAP RU      -584751226   1478925024
GAZ-PFD              GAZAP RM      -584751226   1478925024
GAZ-PFD              GAZAPG$ RU    -584751226   1478925024
GAZ-PFD              GAZAPG RU     -584751226   1478925024
GAZ-PREF             GAZAP$ RU     -584751226   1478925024
GAZ-US$ GTS          GAZAG$ RU     -584751226   1478925024
GRAZHDANSKIE SAM     GSSU RU      -47604998.4   1353823920
GUKOVUGOL            GUUG RU      -57835249.9  143665227.2
GUKOVUGOL            GUUG* RU     -57835249.9  143665227.2
GUKOVUGOL-PFD        GUUGP* RU    -57835249.9  143665227.2
GUKOVUGOL-PFD        GUUGP RU     -57835249.9  143665227.2
HALS-DEVEL- GDR      86PN LI       -588515965   1446111954
HALS-DEVELOPMENT     HALS RM       -588515965   1446111954
HALS-DEVELOPMENT     HALS TQ       -588515965   1446111954
HALS-DEVELOPMENT     HALS* RU      -588515965   1446111954
HALS-DEVELOPMENT     HALSG RU      -588515965   1446111954
HALS-DEVELOPMENT     HALSM RU      -588515965   1446111954
HALS-DEVELOPMENT     HALS LI       -588515965   1446111954
HALS-DEVELOPMENT     SYR GR        -588515965   1446111954
HALS-DEVELOPMENT     HALS RU       -588515965   1446111954
IZHAVTO OAO          IZAV RU        -94100834  443610329.4
KHANTY MANSIYSK      HMSR RU      -7454032.63  143409366.2
KIROV TIRE PLANT     KIRT$ RU     -936614.549  142093264.3
KOMPANIYA GL-BRD     GMST RU      -1933849.29   1120076905
KOMPANIYA GL-BRD     GMST* RU     -1933849.29   1120076905
KUZNETSOV-BRD        MTST RU      -15938417.5  331074749.5
KUZNETSOV-BRD        MTSTP* RU    -15938417.5  331074749.5
KUZNETSOV-BRD        MTSTP RU     -15938417.5  331074749.5
KUZNETSOV-BRD        MTST* RU     -15938417.5  331074749.5
M-INDUSTRIYA         SOMI RU      -1304109.98  267288804.8
MURMANSKAY           MUGS RM      -22867336.6  135442629.9
MURMANSKAYA-PFD      MUGSP RU     -22867336.6  135442629.9
MURMANSKAYA-PFD      MUGSP RM     -22867336.6  135442629.9
MURMANSKAYA-PFD      MUGSP* RU    -22867336.6  135442629.9
MURMANSKAYA-PFD      MUGSPG RU    -22867336.6  135442629.9
MURMANSKAY-CLS       MUGS* RU     -22867336.6  135442629.9
MURMANSKAY-CLS       MUGSG RU     -22867336.6  135442629.9
MURMANSKAY-CLS       MUGS RU      -22867336.6  135442629.9
NIZHMASHZAVO-BRD     NMSZ RU      -24657843.6  316480680.1
NIZHMASHZAVO-BRD     NMSZ* RU     -24657843.6  316480680.1
NIZHMASHZAVOD-BD     NMSZ$ RU     -24657843.6  316480680.1
NIZHMASHZAVO-PFD     NMSZP RU     -24657843.6  316480680.1
NIZHMASHZAVO-PFD     NMSZP* RU    -24657843.6  316480680.1
PENOPLEX-FINANS      PNPF RU      -839659.372  147052027.7
PIK GROUP            PIKK RM        -65334861   4000687446
PIK GROUP            PIKK* RU       -65334861   4000687446
PIK GROUP            PIKKG RU       -65334861   4000687446
PIK GROUP            PIKK RU        -65334861   4000687446
PIK GROUP-GDR        PIK1 QM        -65334861   4000687446
PIK GROUP-GDR        PIQ2 GR        -65334861   4000687446
PIK GROUP-GDR        PKGPL US       -65334861   4000687446
PIK GROUP-GDR        PIK TQ         -65334861   4000687446
PIK GROUP-GDR        PIK LI         -65334861   4000687446
PIK GROUP-GDR        PIK IX         -65334861   4000687446
PIK GROUP-GDR        PIK EB         -65334861   4000687446
PIK GROUP-GDR        PIK EU         -65334861   4000687446
PIK GROUP-GDR        PIK1 EO        -65334861   4000687446
PROMTRACTOR-FINA     PTRF RU      -27519567.1  259128529.5
RUSSIAN TEXT-CLS     ALRTG RU     -15214295.8  144582050.8
RUSSIAN TEXT-CLS     ALRT* RU     -15214295.8  144582050.8
SEVERNAYA KAZNA      SVKB* RU     -65841686.2    279147750
SEVERNAYA KAZNA      SVKB RU      -65841686.2    279147750
SEVKABEL-FINANS      SVKF RU      -83036.4617  102680373.6
SISTEMA HALS-GDR     HALS IX       -588515965   1446111954
SISTEMA-GDR 144A     SEMAL US      -588515965   1446111954
URAL PLANT OF PR     UZPOA RU     -53649612.1  191579960.2
URALMASHPLAN-BRD     URAM* RU     -18423442.8  687183030.3
URALMASHPLAN-BRD     URAM RU      -18423442.8  687183030.3
URALMASHPLAN-PFD     URAMP* RU    -18423442.8  687183030.3
URALMASHPLAN-PFD     URAMP RU     -18423442.8  687183030.3
URALSKIJ ZAVOD T     URAM$ RU     -18423442.8  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     -85016164.6  320054212.6
VIMPEL SHIP-BRD      SOVP RU      -85016164.6  320054212.6
VOLGOGRAD KHIM       VHIM RU      -55617131.4  157514787.8
VOLGOGRAD KHIM       VHIM* RU     -55617131.4  157514787.8
WILD ORCHID ZAO      DOAAN RU     -11716087.5  106082784.6
ZERNOVAYA KOMPAN     ONAST RU      -9609529.9  673952471.2
ZIL AUTO PLANT       ZILL$ RU      -204894835    401284636
ZIL AUTO PLANT-P     ZILLP RM      -204894835    401284636
ZIL AUTO PLANT-P     ZILLP RU      -204894835    401284636
ZIL AUTO PLANT-P     ZILLP* RU     -204894835    401284636

SERBIA
------
DUVANSKA             DIVR SG      -46938765.4  107525048.4

SLOVENIA
--------
ISTRABENZ            ITBG EU      -3710053.92   1192276746
ISTRABENZ            ITBG EO      -3710053.92   1192276746
ISTRABENZ            ITBG SV      -3710053.92   1192276746
ISTRABENZ            ITBG PZ      -3710053.92   1192276746
SLOVENSKE ENERGE     1SES01A PZ    -9037077.3  220365107.8
SLOVENSKE ENERGE     SES02 SK      -9037077.3  220365107.8
SLOVENSKE ENERGE     SES EO        -9037077.3  220365107.8
SLOVENSKE ENERGE     SES02 EO      -9037077.3  220365107.8
SLOVENSKE ENERGE     SES02 EU      -9037077.3  220365107.8
SLOVENSKE ENERGE     SES SK        -9037077.3  220365107.8
SLOVENSKE ENERGE     SES EU        -9037077.3  220365107.8
ZVON ENA HOLDING     ZVHR PZ       -304042299  774906694.2
ZVON ENA HOLDING     ZVHR EO       -304042299  774906694.2
ZVON ENA HOLDING     ZVHR SV       -304042299  774906694.2
ZVON ENA HOLDING     ZVHR EU       -304042299  774906694.2

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
AIRBUS MILITARY      4456697Z SM  -25409217.8   2875949470
AMCI HABITAT SA      AMC1 EU      -17516668.8  159378294.6
AMCI HABITAT SA      AMC SM       -17516668.8  159378294.6
AMCI HABITAT SA      AMC3 EO      -17516668.8  159378294.6
ATLANTIC COPPER      4512291Z SM  -83118965.8   1261645242
AURIGACROWN CAR      3791672Z SM  -9696329.51  319009666.2
BASF CONSTRUCTIO     4511259Z SM   -190337553  234576320.4
BIMBO SA             3632779Z SM  -6894386.12  162399487.1
BOSCH SISTEMAS D     4505475Z SM   -295419978  205556877.2
BOUYGUES INMOBIL     3636247Z SM  -13608696.3  203210905.9
CAIXARENTING SA      4500211Z SM     -7390433   1722091946
CELAYA EMPARANZA     3642467Z SM  -19428468.9  176340504.9
COPERFIL GROUP       704457Z SM   -3700858.98    403826723
DINOSOL SUPERMER     397409Z SM   -46517749.4   1134013519
ELECTRODOMESTICO     1035184Z SM   -120690331  100540325.2
FABRICAS AGRUPAD     3638319Z SM    -28683705    205880655
FACTORIA NAVAL D     3748456Z SM  -91596638.8  155617881.8
FBEX PROMO INMOB     3745024Z SM  -820001.031   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
FMC FORET SA         3642299Z SM   -135792007  150683418.5
GALERIAS PRIMERO     3281527Z SM  -2731015.07  124875853.4
GE POWER CONTROL     3744144Z SM  -25412232.5  973735754.8
GE REAL ESTATE I     2814684Z SM  -47072259.9  609515984.5
GENERAL MOTORS E     4286805Z SM   -323089754   2783002632
GLENCORE ESPANA      3752336Z SM  -17828297.1  238237965.8
HIDROCANTABRICO      4456745Z SM   -245397524    513745817
HOLCIM HORMIGONE     4376153Z SM  -34366354.1  133704111.2
HUNE PLATAFORMAS     4284309Z SM  -34729576.9  417379212.5
LA SIRENA ALIMEN     4375737Z SM  -60779557.1  206592562.2
MARTINSA FADESA      MFAD PZ      -3783069373   5985477633
MARTINSA FADESA      4PU GR       -3783069373   5985477633
MARTINSA FADESA      MTF1 LI      -3783069373   5985477633
MARTINSA FADESA      MTF EU       -3783069373   5985477633
MARTINSA FADESA      MTF EO       -3783069373   5985477633
MARTINSA FADESA      MTF SM       -3783069373   5985477633
MARTINSA-FADESA      MTF NR       -3783069373   5985477633
NYESA VALORES CO     BES EU        -208568794  658498551.2
NYESA VALORES CO     BESS PZ       -208568794  658498551.2
NYESA VALORES CO     NYE TQ        -208568794  658498551.2
NYESA VALORES CO     BES TQ        -208568794  658498551.2
NYESA VALORES CO     NYE EO        -208568794  658498551.2
NYESA VALORES CO     7NY GR        -208568794  658498551.2
NYESA VALORES CO     NYE EU        -208568794  658498551.2
NYESA VALORES CO     BES EO        -208568794  658498551.2
NYESA VALORES CO     BES SM        -208568794  658498551.2
NYESA VALORES CO     NYE SM        -208568794  658498551.2
PANRICO SL           1087Z SM      -372238070   1219319614
PLANES E INVERSI     3795524Z SM  -72863651.9  220131915.6
PULLMANTUR SA        301590Z SM   -74071248.9  168349823.1
RANDSTAD EMPLEO      4285885Z SM  -58273106.5  432173483.1
REAL ZARAGOZA SA     4285533Z SM  -26642893.2  155342765.2
RENTA CORP           REN1GBP EO   -55365883.4  289916358.5
RENTA CORP           REN1 TQ      -55365883.4  289916358.5
RENTA CORP           REN1GBX EU   -55365883.4  289916358.5
RENTA CORP           REN1USD EO   -55365883.4  289916358.5
RENTA CORP           RTACF US     -55365883.4  289916358.5
RENTA CORP           REN SM       -55365883.4  289916358.5
RENTA CORP           REN1 EO      -55365883.4  289916358.5
RENTA CORP           REN1 EU      -55365883.4  289916358.5
RENTA CORP           RENS PZ      -55365883.4  289916358.5
RENTA CORP           REN1USD EU   -55365883.4  289916358.5
RENTA CORP           REN1GBX EO   -55365883.4  289916358.5
RENTA CORP REAL      REN/D SM     -55365883.4  289916358.5
RESIDENCIAL MARL     4498347Z SM  -8851230.87  106007591.2
REYAL URBIS SA       REY1 EU       -623464702   5520924982
REYAL URBIS SA       REYU PZ       -623464702   5520924982
REYAL URBIS SA       REY SM        -623464702   5520924982
REYAL URBIS SA       REY1 EO       -623464702   5520924982
SA DE SUPERMERCA     4373489Z SM  -24370843.9  162576231.9
SOGECABLE MEDIA      3638359Z SM  -2904934.27  176131882.6
SPANAIR              1174Z SM      -224915086  350111493.1
SUPERMERCADOS CH     3635999Z SM  -49108101.2  430829438.2
SUPERMERCADOS CO     4285781Z SM  -6271873.08  110251382.6
TELEVISION AUTON     3772924Z SM   -114641100  119139075.3
TROPICAL TURISTI     3639071Z SM  -47219485.5  485271194.6
TYCO ELECTRONICS     2335265Z SM   -120872225  241227566.2
UNITEC UNION TIE     3801344Z SM  -23207409.5  131213302.5
VIA OPERADOR PET     4510507Z SM  -19240934.5  114265353.9

SWITZERLAND
-----------
ATTENDO AB           4452873Z SS  -58148252.6   1244996834
KAROLINEN FASTIG     4008644Z SS  -906745.128  122777361.3
SWEDISH MA-RE RT     SWMASR SS     -271007468   2011731785
SWEDISH MAT-ADR      3053566Q US   -271007468   2011731785
SWEDISH MAT-ADR      SWMA GR       -271007468   2011731785
SWEDISH MATCH        SWD LI        -271007468   2011731785
SWEDISH MATCH AB     SWMA NQ       -271007468   2011731785
SWEDISH MATCH AB     SWMDF US      -271007468   2011731785
SWEDISH MATCH AB     SWMAEUR EO    -271007468   2011731785
SWEDISH MATCH AB     SWMA IX       -271007468   2011731785
SWEDISH MATCH AB     SWMAUSD EO    -271007468   2011731785
SWEDISH MATCH AB     SWM VX        -271007468   2011731785
SWEDISH MATCH AB     SWMA EU       -271007468   2011731785
SWEDISH MATCH AB     SWM GR        -271007468   2011731785
SWEDISH MATCH AB     SWMA EO       -271007468   2011731785
SWEDISH MATCH AB     SWMAGBX EU    -271007468   2011731785
SWEDISH MATCH AB     SWMAGBX EO    -271007468   2011731785
SWEDISH MATCH AB     SWMAF US      -271007468   2011731785
SWEDISH MATCH AB     SWMA BY       -271007468   2011731785
SWEDISH MATCH AB     SWMA EB       -271007468   2011731785
SWEDISH MATCH AB     SWMA QM       -271007468   2011731785
SWEDISH MATCH AB     SWMA LI       -271007468   2011731785
SWEDISH MATCH AB     SWMA GK       -271007468   2011731785
SWEDISH MATCH AB     SWMA S1       -271007468   2011731785
SWEDISH MATCH AB     SWMAEUR EU    -271007468   2011731785
SWEDISH MATCH AB     SWM TH        -271007468   2011731785
SWEDISH MATCH AB     SWMAGBP EO    -271007468   2011731785
SWEDISH MATCH AB     SWMA TQ       -271007468   2011731785
SWEDISH MATCH AB     SWMA SS       -271007468   2011731785
SWEDISH MATCH AB     SWMA NR       -271007468   2011731785
SWEDISH MATCH AB     SWMAUSD EU    -271007468   2011731785
SWEDISH MATCH AB     SWMA PZ       -271007468   2011731785
SWEDISH MATCH- B     SWMWF US      -271007468   2011731785
SWEDISH MATCH-B      3033P US      -271007468   2011731785
SWEDISH MAT-RTS      SWMYR US      -271007468   2011731785
SWEDISH M-UN ADR     SWMAY US      -271007468   2011731785

TURKEY
------
EGS EGE GIYIM VE     EGDIS TI      -7732135.1  147075077.7
EGS EGE GIYIM-RT     EGDISR TI     -7732135.1  147075077.7
IKTISAT FINAN-RT     IKTFNR TI    -46900666.6  108228233.6
IKTISAT FINANSAL     IKTFN TI     -46900666.6  108228233.6
KEREVITAS GIDA       KERVT TI     -4733324.13    126789352
KEREVITAS GIDA       KVTGF US     -4733324.13    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     ZORENM TI    -34869788.4   1701390881
ZORLU ENERJI ELE     ZOREN 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      -75129759.8  474776539.2
CHERNIGIVS MAN-M     CHIM UZ      -8728378.49  105244397.8
CHERNIGIVS M-GDR     CKU GR       -8728378.49  105244397.8
DONETSKOBLENERGO     DOON UZ       -213294468  341124537.1
LUGANSKGAS           LYGZ UZ      -25247035.8    123851487
LUGANSKOBLENERGO     LOEN UZ      -28469656.8  196711929.2
MARIUP-GDR REG S     MZVM IX      -11661586.3  260791838.5
MARIUP-GDR REG S     M9X GR       -11661586.3  260791838.5
MARIUPOL HEAVY M     MZVM UZ      -11661586.3  260791838.5
NAFTOKHIMIK PRIC     NAFP UZ      -13086749.7  365512618.1
NAFTOKHIMIK-GDR      N3ZA GR      -13086749.7  365512618.1
ODESSA OIL REFIN     ONPZ UZ       -178447037  314744675.5
RIVNEAZOT            RAZT UZ      -27233614.6    417932243
ZALK - PFTS          ZALK UZ      -78409529.9  130383564.8

UNITED KINGDOM
--------------
3I PLC               2346795Z LN  -40072013.1  518266360.4
600 UK LTD           1282018Z LN  -731250.536  123671540.8
ABBOTT MEAD VICK     648824Q LN   -1685854.55  168258996.3
ABF GRAIN PRODUC     1276922Z LN  -80622502.2  405377719.8
ACE INA SERVICES     1442282Z LN  -32838796.7  148703014.2
ACIS GROUP LTD       4159557Z LN  -29529317.2  122639068.7
ACORN CARE AND E     1238567Z LN  -70886168.8  120665053.6
ADVANCE DISPLAY      ADTP PZ      -2983757364   2562677211
AEA TECHNOLO-FPR     AATF PZ       -178235285  194979073.8
AEA TECHNOLO-FPR     AATF LN       -178235285  194979073.8
AEA TECHNOLOGY       AAT IX        -178235285  194979073.8
AEA TECHNOLOGY       AAT VX        -178235285  194979073.8
AEA TECHNOLOGY       EAETF US      -178235285  194979073.8
AEA TECHNOLOGY       AAT PO        -178235285  194979073.8
AEA TECHNOLOGY G     AAT EU        -178235285  194979073.8
AEA TECHNOLOGY G     89A GR        -178235285  194979073.8
AEA TECHNOLOGY G     AAT EO        -178235285  194979073.8
AEA TECHNOLOGY G     AEATF US      -178235285  194979073.8
AEA TECHNOLOGY G     AAT PZ        -178235285  194979073.8
AEA TECHNOLOGY G     AATGBP EO     -178235285  194979073.8
AEA TECHNOLOGY G     AAT LN        -178235285  194979073.8
AEA TECHNOLO-NPR     AATN LN       -178235285  194979073.8
AEA TECHNOLO-NPR     AATN PZ       -178235285  194979073.8
AFFINITI INTEGRA     1651064Z LN   -743208855    241654750
AGORA SHOPPING C     214766Z LN   -44716668.3  244995279.1
AIRBUS OPERATION     4435153Z LN   -311815000   3454910195
AIRTOURS PLC         ATORF US      -379721781   1817512774
AIRTOURS PLC         AIR VX        -379721781   1817512774
AIRTOURS PLC         AIR LN        -379721781   1817512774
ALIXPARTNERS LTD     2578482Z LN  -20704239.4  115351021.9
ALLDAYS PLC          317056Q LN    -120493900  252232072.9
ALLDAYS PLC          ALDYF US      -120493900  252232072.9
ALLIANCE & LEICE     1603082Z LN   -362196734   3707298376
ALLIANCE ATLANTI     1774537Z LN  -15720815.8  102607041.1
AMER BUS SYS         ARB LN        -497126976    121439000
AMEY PLC             AMY VX       -48862569.3  931527720.5
AMEY PLC             AMY LN       -48862569.3  931527720.5
AMEY PLC             AMEYF US     -48862569.3  931527720.5
AMEY PLC-ASSENT      AMYA LN      -48862569.3  931527720.5
AMEY PLC-NEW         AMYN LN      -48862569.3  931527720.5
ANGLESEY ALUMINI     3899138Z LN  -31293037.7  162854170.3
ANKER PLC            DW14 GR      -21861359.8    115463159
ANKER PLC            ANK LN       -21861359.8    115463159
ANKER PLC            ANK PO       -21861359.8    115463159
ANKER PLC - ASSD     ANKB LN      -21861359.8    115463159
ANKER PLC - ASSD     ANKC LN      -21861359.8    115463159
ANKER PLC-ASSD       ANKA LN      -21861359.8    115463159
APPERLEY REALISA     3951420Z LN  -32792784.9  184057205.1
ARCADIA PETROLEU     645232Z LN   -5023968.66  568408481.5
ARGENTA UNDERWRI     2619614Z LN  -2675706.34  115312566.9
ARRIVA NORTH WES     1320162Z LN   -1976907.1  100984405.8
ASCOT RACECOURSE     1965934Z LN    -15176036  272434311.7
ASHWELL PROPERTY     4165857Z LN   -192048023  200163088.3
ASPIRE HOUSING L     1820890Z LN  -76622621.1  145635258.6
ASTON VILLA FOOT     1768569Z LN   -147588326  132513030.7
ASTRIUM LTD          2568578Z LN  -89709175.4  452530872.6
AT KEARNEY HOLDI     4168565Z LN  -712649.261  420870276.2
AUTOMOBILE ASSOC     1479490Z LN  -33757452.8   1402428072
AVAYA UK             1700688Z LN  -53845662.3    392389930
BAE SYSTEMS GLOB     1111359Z LN   -198002525  433422849.4
BAE SYSTEMS INTE     2344987Z LN  -76887342.6    435816042
BAE SYSTEMS PROP     1151751Z LN  -87647151.1  896957185.8
BANK OF SCOTLAND     1419810Z LN  -9546216.21  527915266.9
BARCHESTER HOLDC     4391889Z LN  -29571912.7   1847591976
BARRACUDA GROUP      3636Z LN      -395586367    328358578
BASINGHALL FINAN     1127799Z LN  -9318896.89   1118303697
BAT UK & EXPORT      4509491Z LN   -190548587  881692782.5
BCH GROUP PLC        BCH LN       -5728273.97  187993198.2
BDP HOLDINGS LTD     3796920Z LN  -5521777.44    114452852
BENTLEY MOTORS L     1376666Z LN   -511844322  792321913.9
BETFAIR LTD          83844Z LN      -26079415  461076110.5
BGE UK LTD           1653368Z LN  -31309521.8  451744849.3
BIFFA LTD            BIFF LN       -380391565   3021695633
BIFFA PLC            2758806Q EO   -380391565   3021695633
BIFFA PLC            2758822Q EO   -380391565   3021695633
BIFFA PLC            3567279Q GR   -380391565   3021695633
BIFFA PLC            2758802Q EO   -380391565   3021695633
BIFFA PLC            2758794Q EU   -380391565   3021695633
BIFFA PLC            2758818Q EU   -380391565   3021695633
BIFFA PLC            BIFF IX       -380391565   3021695633
BIFFA PLC            BIFAF US      -380391565   3021695633
BIFFA PLC            2758798Q EO   -380391565   3021695633
BIFFA PLC            BIFF PZ       -380391565   3021695633
BIRMINGHAM MAILB     1781057Z LN  -6608952.84  116466648.8
BIRSE CIVILS LTD     1333506Z LN     -3991232  184394918.2
BLACK & EDGINGTO     BLE LN        -133034755  130464035.4
BLACKWELL PUBLIS     80044Z LN    -1289834.53  223671685.3
BNB RECRUITMENT      BNB LN       -10242625.6    103637705
BNB RECRUITMENT      BNB PO       -10242625.6    103637705
BNB RECRUITMENT      BNBRF US     -10242625.6    103637705
BNB RECRUITMENT      BNB IX       -10242625.6    103637705
BNB RECRUITMENT      BQX GR       -10242625.6    103637705
BOLTON WANDERERS     1274042Z LN   -109297588  124148929.4
BOOKER PLC           987188Q LN   -59832893.1   1298182549
BOOKER PLC           BKERF US     -59832893.1   1298182549
BOOKER PLC           1330Q GR     -59832893.1   1298182549
BOOKER PLC-ADR       BOK$ LN      -59832893.1   1298182549
BOOKER PLC-ADR       BKRUY US     -59832893.1   1298182549
BOSTON MAYFLOWER     1845650Z LN  -38702577.8  104489726.5
BRADSTOCK GROUP      BSKGF US     -1855444.64  268563822.5
BRADSTOCK GROUP      BDK LN       -1855444.64  268563822.5
BRB RESIDUARY LT     2872503Z LN   -300504690  399749459.7
BRENT WALKER GRP     754087Q LN   -1774306283  867084131.8
BRENT WALKER GRP     BWKGF US     -1774306283  867084131.8
BRIT BROADCAST       1517Z LN      -690133931   5734507056
BRIT ENERGY LTD      523362Q LN   -5822867501   4921095750
BRIT ENERGY PLC      BGYEF US     -5822867501   4921095750
BRIT ENERGY PLC      BHEGF 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-$US     BGYNYD AR    -5822867501   4921095750
BRITISH ENER-$US     BGYD 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     BGYNY AR     -5822867501   4921095750
BRITISH ENER-CED     BGY AR       -5822867501   4921095750
BRITISH ENERGY-A     BGYA PO      -5822867501   4921095750
BRITISH ENERGY-A     BGYA VX      -5822867501   4921095750
BRITISH ENERGY-A     BGYGF US     -5822867501   4921095750
BRITISH ENERGY-A     BHEAF US     -5822867501   4921095750
BRITISH ENERGY-A     3012442Q LN  -5822867501   4921095750
BRIXTON GREAT WE     1242343Z LN  -24193317.5  164120047.9
BTG INTERNATIONA     2815068Z LN  -4253521.92  408338104.2
BUNZL VENDING SE     1626514Z LN  -3627717.45    117295226
BURNDEN LEISURE      BDL LN       -92092299.6  136726201.7
CALSONIC KANSEI      1541442Z LN  -38998494.2  298627314.6
CALSONIC KANSEI      2730264Z LN   -112686898    233439821
CANARY WHARF FIN     1198063Z LN   -133871013   4239121844
CAPITAL HOME LOA     3809804Z LN  -15503258.1  16833730499
CARISBROOKE ANGL     3815488Z LN  -67887962.8  125396545.6
CARLISLE GROUP       506819Q LN   -11904428.4    203548565
CATTLES PLC          CTTGBP EO     -599615492   3880885246
CATTLES PLC          CTT PO        -599615492   3880885246
CATTLES PLC          CTTEUR EU     -599615492   3880885246
CATTLES PLC          CTTSEK EO     -599615492   3880885246
CATTLES PLC          CTTUSD EO     -599615492   3880885246
CATTLES PLC          CTT EO        -599615492   3880885246
CATTLES PLC          CTT EB        -599615492   3880885246
CATTLES PLC          CTT EU        -599615492   3880885246
CATTLES PLC          CTTSEK EU     -599615492   3880885246
CATTLES PLC          CTT NQ        -599615492   3880885246
CATTLES PLC          CTT PZ        -599615492   3880885246
CATTLES PLC          CTT LN        -599615492   3880885246
CATTLES PLC          CTT TQ        -599615492   3880885246
CATTLES PLC          CTT QM        -599615492   3880885246
CATTLES PLC          CTT VX        -599615492   3880885246
CATTLES PLC          CTTUSD EU     -599615492   3880885246
CATTLES PLC          CTT BQ        -599615492   3880885246
CATTLES PLC          CHOXF US      -599615492   3880885246
CATTLES PLC          CTTEUR EO     -599615492   3880885246
CATTLES PLC          CTT NR        -599615492   3880885246
CATTLES PLC          CZS GR        -599615492   3880885246
CATTLES PLC          CTT IX        -599615492   3880885246
CATTLES PLC-ADR      CHOXY US      -599615492   3880885246
CATTLES PLC-FPR      CTTF PZ       -599615492   3880885246
CATTLES PLC-FPR      CTTF LN       -599615492   3880885246
CATTLES PLC-NPR      CCTN PZ       -599615492   3880885246
CATTLES PLC-NPR      CTTN IX       -599615492   3880885246
CATTLES PLC-NPR      CTTN PZ       -599615492   3880885246
CATTLES PLC-NPR      2843730Q EU   -599615492   3880885246
CATTLES PLC-NPR      CTTN LN       -599615492   3880885246
CATTLES PLC-NPR      2843734Q EO   -599615492   3880885246
CATTLES PLC-NPR      2843726Q EO   -599615492   3880885246
CATTLES PLC-RFD      CTTR LN       -599615492   3880885246
CATTLES PLC-RFD      CTTR PZ       -599615492   3880885246
CATTLES PLC-RFD      CTTR IX       -599615492   3880885246
CHANNEL 5 TELEVI     93306Z LN    -3955940.23  440416449.8
CHELSEA FOOTBALL     1508858Z LN   -645325606  325028457.3
CHILTERN RAILWAY     1691664Z LN  -18440739.1  143929126.6
CHRYSALIS GROUP      CHS VX       -16399845.8  124838262.3
CHRYSALIS GROUP      CHSEUR EU    -16399845.8  124838262.3
CHRYSALIS GROUP      CHS PO       -16399845.8  124838262.3
CHRYSALIS GROUP      5CY GR       -16399845.8  124838262.3
CHRYSALIS GROUP      CHSUSD EO    -16399845.8  124838262.3
CHRYSALIS GROUP      CHSGBP EO    -16399845.8  124838262.3
CHRYSALIS GROUP      CYGUF US     -16399845.8  124838262.3
CHRYSALIS GROUP      CHS LN       -16399845.8  124838262.3
CHRYSALIS GROUP      HR4 GR       -16399845.8  124838262.3
CHRYSALIS GROUP      CLYSF US     -16399845.8  124838262.3
CHRYSALIS GROUP      CHSUSD EU    -16399845.8  124838262.3
CHRYSALIS GROUP      CHS IX       -16399845.8  124838262.3
CHRYSALIS GROUP      CHS EO       -16399845.8  124838262.3
CHRYSALIS GROUP      CHSEUR EO    -16399845.8  124838262.3
CHRYSALIS GROUP      CHS EU       -16399845.8  124838262.3
CHRYSALIS GROUP      CHS PZ       -16399845.8  124838262.3
CHRYSALIS MUSIC      1082762Z LN  -5036846.09  103320003.7
CLASSIC HOSPITAL     802723Z LN   -6453011.42  212249352.1
CLIPPER WINDPOWE     CWP PG        -168322000    436419008
CLIPPER WINDPOWE     CWP LN        -168322000    436419008
CLIPPER WINDPOWE     CRPWF US      -168322000    436419008
CLIPPER WINDPOWE     CWP EO        -168322000    436419008
CLIPPER WINDPOWE     CWP EU        -168322000    436419008
CLIPPER WINDPOWE     CWP PZ        -168322000    436419008
CLIPPER WINDPOWE     CWPA LN       -168322000    436419008
CLIPPER WINDPOWE     C2W GR        -168322000    436419008
CLIPPER WINDPOWE     3470635Q LN   -168322000    436419008
CLIPPER WINDPOWE     CWP IX        -168322000    436419008
COMMUNITY HOUSIN     4448257Z LN  -3215992.54  202983429.4
COMO HOLDINGS UK     3818576Z LN  -23709992.9  122013803.9
COMPASS GROU-OLD     1259Q LN      -668101174   2972459078
COMPASS GROUP        QOP GR        -668101174   2972459078
COMPASS GRP-ADR      CMSJY US      -668101174   2972459078
COMPASS GRP-ADR      CMSGY US      -668101174   2972459078
CONNECT M77/GSO      2028763Z LN  -30886645.6  222325514.3
CONNECT UTILITIE     2112683Z LN  -5647965.72  124871701.7
CONVENIENCE FOOD     1555794Z LN  -76242510.8    781213617
COOLKEERAGH ESB      4471679Z LN  -21270460.2  308163645.9
CPI MORTARS LTD      1751696Z LN  -22518097.5  110009816.1
CPW NETWORK SERV     2118451Z LN  -54148853.2    125285969
CROSBY GROUP PLC     237335Z LN    -122188674  211009635.6
CROWN BLUE LINE      1369234Z LN  -5491244.66  143228058.8
CSC METROCENTRE      1203663Z LN   -177523498    231888247
CUCINA LUX INVES     4503083Z LN   -332083965   3040705457
DANKA BUS SYSTEM     3205283Q EO   -497126976    121439000
DANKA BUS SYSTEM     DANKF US      -497126976    121439000
DANKA BUS SYSTEM     DNK PO        -497126976    121439000
DANKA BUS SYSTEM     3205287Q EU   -497126976    121439000
DANKA BUS SYSTEM     DNK IX        -497126976    121439000
DANKA BUS SYSTEM     DNK VX        -497126976    121439000
DANKA BUS SYSTEM     DNK PZ        -497126976    121439000
DANKA BUS SYSTEM     3205291Q EO   -497126976    121439000
DANKA BUS SYSTEM     DNK LN        -497126976    121439000
DANKA BUS-$US CE     DANKD AR      -497126976    121439000
DANKA BUS-ADR        AP39 LI       -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-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 PG       -57317833.2  114701147.6
DAVENHAM GROUP P     DAV LN       -57317833.2  114701147.6
DAVENHAM GROUP P     DAV EU       -57317833.2  114701147.6
DAVENHAM GROUP P     DAVEUR EO    -57317833.2  114701147.6
DAVENHAM GROUP P     DAV EO       -57317833.2  114701147.6
DAVENHAM GROUP P     DAH GR       -57317833.2  114701147.6
DAVENHAM GROUP P     DAH TH       -57317833.2  114701147.6
DAVENHAM GROUP P     DAV PZ       -57317833.2  114701147.6
DCK GROUP LTD        4006628Z LN  -23972516.7  108515833.6
DE LA RUE PLC        DLAR TQ        -16987630  637036125.4
DE LA RUE PLC        DLARUSD EO     -16987630  637036125.4
DE LA RUE PLC        DLAR8 EO       -16987630  637036125.4
DE LA RUE PLC        DL1A GR        -16987630  637036125.4
DE LA RUE PLC        DLAR NR        -16987630  637036125.4
DE LA RUE PLC        DLAR NQ        -16987630  637036125.4
DE LA RUE PLC        DL1 GR         -16987630  637036125.4
DE LA RUE PLC        DLARF US       -16987630  637036125.4
DE LA RUE PLC        DLAR PO        -16987630  637036125.4
DE LA RUE PLC        DLAR QM        -16987630  637036125.4
DE LA RUE PLC        DLAR1 EO       -16987630  637036125.4
DE LA RUE PLC        DLAR EO        -16987630  637036125.4
DE LA RUE PLC        DLARCHF EU     -16987630  637036125.4
DE LA RUE PLC        DLAR EU        -16987630  637036125.4
DE LA RUE PLC        DLARCHF EO     -16987630  637036125.4
DE LA RUE PLC        DLRUF US       -16987630  637036125.4
DE LA RUE PLC        DLARUSD EU     -16987630  637036125.4
DE LA RUE PLC        DLARGBP EO     -16987630  637036125.4
DE LA RUE PLC        DL1C GR        -16987630  637036125.4
DE LA RUE PLC        DLAR9 EO       -16987630  637036125.4
DE LA RUE PLC        DLAREUR EO     -16987630  637036125.4
DE LA RUE PLC        DLAR PZ        -16987630  637036125.4
DE LA RUE PLC        DLAR VX        -16987630  637036125.4
DE LA RUE PLC        DLAR6 EO       -16987630  637036125.4
DE LA RUE PLC        DLAR5 EO       -16987630  637036125.4
DE LA RUE PLC        DL1C GK        -16987630  637036125.4
DE LA RUE PLC        DLAR7 EO       -16987630  637036125.4
DE LA RUE PLC        DLA EO         -16987630  637036125.4
DE LA RUE PLC        DLAR S1        -16987630  637036125.4
DE LA RUE PLC        DLAR4 EO       -16987630  637036125.4
DE LA RUE PLC        DLAR3 EO       -16987630  637036125.4
DE LA RUE PLC        DLAR LN        -16987630  637036125.4
DE LA RUE PLC        DELRF US       -16987630  637036125.4
DE LA RUE PLC        DLAR EB        -16987630  637036125.4
DE LA RUE PLC        DLAREUR EU     -16987630  637036125.4
DE LA RUE PLC        DLAR IX        -16987630  637036125.4
DE LA RUE PLC        DL1B GR        -16987630  637036125.4
DE LA RUE PLC        DLAR2 EO       -16987630  637036125.4
DE LA RUE PLC        DLAR BQ        -16987630  637036125.4
DE LA RUE-ADR        DERUY US       -16987630  637036125.4
DE LA RUE-ADR        DLUEY US       -16987630  637036125.4
DE LA RUE-PREF       3115438Q EU    -16987630  637036125.4
DE LA RUE-PREF       DLAP LN        -16987630  637036125.4
DE LA RUE-PREF       DLAP PZ        -16987630  637036125.4
DE STEFANO INVES     3814768Z LN  -10968616.2    208612111
DIAMOND RESORT H     1710824Z LN  -36346087.8    199633867
DIAMOND RESORTS      1578906Z LN  -55241260.2  185000514.5
DISPOSABLE SOFT      1124335Z LN  -25554763.5  154077028.1
DONVAND LTD          2564906Z LN  -8746031.88  235830922.7
DRIVE ASSIST HOL     3641135Z LN   -129629293  804046536.3
DTZ DEBENHAM TIE     1637608Z LN  -65367918.2    431959182
E ON RUHRGAS UK      1671208Z LN   -203389129  397727814.9
E ON UK CHP LTD      2642428Z LN   -441420879  292251726.5
EASYNET GROUP        EAY GR       -60380605.5  334049332.2
EASYNET GROUP        ESY VX       -60380605.5  334049332.2
EASYNET GROUP        ESY PO       -60380605.5  334049332.2
EASYNET GROUP        EZNGF US     -60380605.5  334049332.2
EASYNET GROUP        ESY LN       -60380605.5  334049332.2
EASYNET GROUP-CV     91009Z LN    -60380605.5  334049332.2
EC HARRIS LLP        4448521Z LN  -16034293.7  122879662.7
ECONOMIST NEWSPA     6888Z LN     -2941080.27  399071232.6
EDF ENERGY 1 LTD     1201287Z LN   -173168019  373323626.4
EMI GROUP -ASSD      EMIA LN      -2265916257   2950021937
EMI GROUP LTD        EMI LN       -2265916257   2950021937
EMI GROUP PLC        3020138Q GR  -2265916257   2950021937
EMI GROUP PLC        EMI VX       -2265916257   2950021937
EMI GROUP PLC        EMI PO       -2265916257   2950021937
EMI GROUP PLC        EMI IX       -2265916257   2950021937
EMI GROUP PLC        EMIPF US     -2265916257   2950021937
EMI GROUP PLC-B      1019425Q LN  -2265916257   2950021937
EMI GROUP-ADR        EMIPY US     -2265916257   2950021937
EMI GROUP-ADR        38IS LN      -2265916257   2950021937
EMI GROUP-ADR        EMI$ LN      -2265916257   2950021937
ENERGY POWER RES     510443Z LN   -93963662.9  168611857.1
EQUINITI LTD         977621Z LN   -91870053.3  903061439.5
EQUITY INSURANCE     1284698Z LN  -17694968.8  178126828.2
ERM GROUP HOLDIN     3125976Z LN   -163200612    627934170
ERM-EUROPE LTD       1539482Z LN  -5766265.72  206231135.2
ESPORTA HEALTH &     1689624Z LN  -34019016.5  143720210.5
EUROPEAN HOME        EHR9 EO      -14328735.2  110864081.4
EUROPEAN HOME        EHR8 EO      -14328735.2  110864081.4
EUROPEAN HOME        FPAKF US     -14328735.2  110864081.4
EUROPEAN HOME        EHR EO       -14328735.2  110864081.4
EUROPEAN HOME        EHR10 EO     -14328735.2  110864081.4
EUROPEAN HOME        EHR LN       -14328735.2  110864081.4
EUROPEAN HOME        EHREUR EO    -14328735.2  110864081.4
EUROPEAN HOME        EHREUR EU    -14328735.2  110864081.4
EUROPEAN HOME        KLZ VX       -14328735.2  110864081.4
EUROPEAN HOME        KLZ PO       -14328735.2  110864081.4
EUROPEAN HOME        EHR4 EO      -14328735.2  110864081.4
EUROPEAN HOME        EHR EU       -14328735.2  110864081.4
EUROPEAN HOME        EHR PZ       -14328735.2  110864081.4
EUROPEAN HOME        EHR5 EO      -14328735.2  110864081.4
EUROPEAN HOME        EHR6 EO      -14328735.2  110864081.4
EUROPEAN HOME        EHR7 EO      -14328735.2  110864081.4
EUROPEAN HOME        EHRGBP EO    -14328735.2  110864081.4
EUROPEAN HOME        EHR2 EO      -14328735.2  110864081.4
EUROPEAN HOME        EHR1 EO      -14328735.2  110864081.4
EUROPEAN HOME        EHR PO       -14328735.2  110864081.4
EUROPEAN HOME        EHR3 EO      -14328735.2  110864081.4
EUROPEAN HOME        EHR VX       -14328735.2  110864081.4
EUROSTAR INTERNA     4379945Z LN  -2296294817  600452807.4
EXOVA PLC            4507835Z LN  -23478618.7  727804846.1
EXXONMOBIL MARIN     1196527Z LN    -10207264    337580273
FAIRLINE BOATS H     4498779Z LN  -13944238.6  114504852.8
FAREPAK PLC          FPK LN       -14328735.2  110864081.4
FINANCIAL SERVIC     2630281Z LN   -167558381  246856182.8
FIRST CHOICE HOL     1098394Z LN   -599861683  608849393.2
FITNESS FIRST GR     4501843Z LN   -831355754   1655609515
FLECTAT LTD          1160967Z LN  -53267356.4  102516976.5
FLYBE LTD            6621Z LN      -118366562  450450527.2
FOOTBALL FOUNDAT     3958180Z LN   -1856870.1    108334858
FORD MOTOR CO LT     1291306Z LN   -198002525   4858077693
FOUR SEASONS HEA     1865450Z LN   -126472164  267951983.6
FRENCH CONNECTIO     1092170Z LN  -21270716.7  169362489.9
FUNDING CORP LTD     4157637Z LN  -28925795.7  201083535.3
FW FARNSWORTH LT     1293386Z LN  -44420065.4  102695080.1
GALIFORM CORPORA     1478794Z LN    -49876079  987241731.3
GALLAGHER UK LTD     4422897Z LN  -14056336.1  197494963.7
GAMESTEC LEISURE     1432626Z LN  -22918299.4  107315419.3
GARTLAND WHALLEY     GWB LN       -10986768.6  145352034.5
GE CALEDONIAN LT     2178340Z LN   -162433001    291389984
GENERAL MOTORS       1062338Z LN  -1258953111   1981116650
GETRONICS UK LTD     1446978Z LN  -21428395.7  105267195.7
GGT GROUP PLC        500970Q LN    -156372272  408211200.9
GGT GROUP-ADR        GGTRY US      -156372272  408211200.9
GLADEDALE VENTUR     2209596Z LN  -40300529.6  104554687.5
GLAXOSMITHKLINE      1426Z LN     -9429285.59  13095256920
GLOBAL CROSSING      3629883Z LN   -353965083  492328850.3
GLOBAL RADIO SER     4171741Z LN  -62302229.7  181387133.2
GONDOLA GROUP LT     4499995Z LN   -284524423   1496226646
GONDOLA HOLD         913024Q GR    -284524423   1496226646
GONDOLA HOLD         GND VX        -284524423   1496226646
GONDOLA HOLDINGS     GND LN        -284524423   1496226646
GONDOLA HOLDINGS     GND IX        -284524423   1496226646
GONDOLA HOLD-NEW     GNDB LN       -284524423   1496226646
GONDOLA HOLD-NEW     GNDA LN       -284524423   1496226646
GOODRICH CONTROL     3631571Z LN   -203464797  600544111.2
GRANT THORNTON U     961842Z LN     -87634637  389831122.7
HARMSWORTH PRINT     1552314Z LN  -17382531.8  325365175.8
HARMSWORTH PRINT     1719464Z LN  -46809590.2  171744856.2
HARMSWORTH QUAYS     1552378Z LN   -109747107  292508124.8
HAS ACCIDENT MAN     3815368Z LN  -71038252.1  266645094.8
HAYMARKET GROUP      4158941Z LN   -100498143  307693877.6
HEALTHCARE LOCUM     HLO LN       -21208439.3  262213430.8
HEALTHCARE LOCUM     HLO PZ       -21208439.3  262213430.8
HEALTHCARE LOCUM     HECUF US     -21208439.3  262213430.8
HEALTHCARE LOCUM     H4U TH       -21208439.3  262213430.8
HEALTHCARE LOCUM     HLOEUR EO    -21208439.3  262213430.8
HEALTHCARE LOCUM     HLO PG       -21208439.3  262213430.8
HEALTHCARE LOCUM     HLOGBX EO    -21208439.3  262213430.8
HEALTHCARE LOCUM     HLO EO       -21208439.3  262213430.8
HEALTHCARE LOCUM     H4U GR       -21208439.3  262213430.8
HEALTHCARE LOCUM     HLOGBP EO    -21208439.3  262213430.8
HEALTHCARE LOCUM     HLO EU       -21208439.3  262213430.8
HEALTHCARE LOCUM     HLO IX       -21208439.3  262213430.8
HENDERSON ADMINI     1296626Z LN  -14041029.4   1007142193
HESS INDONESIA P     1705776Z LN  -90105554.6  634894802.5
HMV GROUP -GDR       276960Q GR    -168338747  557259301.8
HMV GROUP -GDR       29362Z US     -168338747  557259301.8
HMV GROUP PLC        HMV NQ        -168338747  557259301.8
HMV GROUP PLC        HMVEUR EO     -168338747  557259301.8
HMV GROUP PLC        HMV7 EO       -168338747  557259301.8
HMV GROUP PLC        HMV PZ        -168338747  557259301.8
HMV GROUP PLC        HMV5 EO       -168338747  557259301.8
HMV GROUP PLC        HMV QM        -168338747  557259301.8
HMV GROUP PLC        HMV EO        -168338747  557259301.8
HMV GROUP PLC        HM4 GK        -168338747  557259301.8
HMV GROUP PLC        HMV BQ        -168338747  557259301.8
HMV GROUP PLC        HMV NR        -168338747  557259301.8
HMV GROUP PLC        HMVEUR EU     -168338747  557259301.8
HMV GROUP PLC        HMV1 EO       -168338747  557259301.8
HMV GROUP PLC        HMV2 EO       -168338747  557259301.8
HMV GROUP PLC        HMVUSD EU     -168338747  557259301.8
HMV GROUP PLC        HMV PO        -168338747  557259301.8
HMV GROUP PLC        HMV VX        -168338747  557259301.8
HMV GROUP PLC        HMV10 EO      -168338747  557259301.8
HMV GROUP PLC        HM4 GR        -168338747  557259301.8
HMV GROUP PLC        HMV EU        -168338747  557259301.8
HMV GROUP PLC        HMV LN        -168338747  557259301.8
HMV GROUP PLC        HMVUSD EO     -168338747  557259301.8
HMV GROUP PLC        HMV S1        -168338747  557259301.8
HMV GROUP PLC        HMV3 EO       -168338747  557259301.8
HMV GROUP PLC        HMV IX        -168338747  557259301.8
HMV GROUP PLC        HMVGBP EO     -168338747  557259301.8
HMV GROUP PLC        HMV9 EO       -168338747  557259301.8
HMV GROUP PLC        HMV4 EO       -168338747  557259301.8
HMV GROUP PLC        HMV6 EO       -168338747  557259301.8
HMV GROUP PLC        HMV8 EO       -168338747  557259301.8
HMV GROUP PLC        HMV EB        -168338747  557259301.8
HMV GROUP PLC        HMV TQ        -168338747  557259301.8
HMV GROUP PLC        HMVMF US      -168338747  557259301.8
HOLIDAY AUTOS IN     1155863Z LN  -47020142.9  391438531.3
HOMEFIELD PVT UK     4501835Z LN  -13668996.5  455224068.7
HOUSE FRASER-ADR     HOFSY US     -14410799.9  200149998.1
HOUSE FRASER-ADR     HSFRY US     -14410799.9  200149998.1
HOUSE OF FRASER      HOF IX       -14410799.9  200149998.1
HOUSE OF FRASER      HOF PO       -14410799.9  200149998.1
HOUSE OF FRASER      HOF LN       -14410799.9  200149998.1
HOUSE OF FRASER      HSFRF US     -14410799.9  200149998.1
HOUSE OF FRASER      HOF VX       -14410799.9  200149998.1
HOUSE OF FRASER      HOF PZ       -14410799.9  200149998.1
HUTCHISON 3G UK      265923Z LN   -2558478023  10215382954
HYDREX HOLDINGS      4156949Z LN   -150849963  145584295.2
IG GROUP LTD         4502843Z LN  -1681700671    208248450
IKANO FINANCIAL      2599182Z LN  -11016514.3  150562302.2
INCOMMUNITIES GR     4508531Z LN  -82624663.3  408730011.6
INEOS GROUP HLDG     6623Z LN      -583710740  15449555292
INEOS MANUFACTUR     2170452Z LN  -6726362.41   1831309315
INEOS VINYLS UK      1072618Z LN  -15123027.5  219361852.2
INFORMA UK LTD       699186Z LN    -267015730   1019729118
INSPIRED GAMING      1181783Z LN  -87284373.4  396170831.1
INTELLIGENT FINA     1645352Z LN  -18029143.3  152828326.7
INTERFLOOR GROUP     317371Z LN   -6491968.08  102342688.7
INTERNATIONAL MA     2842386Z LN  -3474420.46  109056784.7
INTERNATIONAL RE     1074242Z LN  -43752001.1  114451373.2
IRANIAN OIL CO U     1380570Z LN   -137208703  280446335.8
JARVIS PLC           JRVSEUR EO   -64739862.7    130951086
JARVIS PLC           JVR GR       -64739862.7    130951086
JARVIS PLC           JRVS LN      -64739862.7    130951086
JARVIS PLC           JRV EO       -64739862.7    130951086
JARVIS PLC           JRVS IX      -64739862.7    130951086
JARVIS PLC           JRVS7 EO     -64739862.7    130951086
JARVIS PLC           JRVS8 EO     -64739862.7    130951086
JARVIS PLC           JRVS4 EO     -64739862.7    130951086
JARVIS PLC           JRVS EO      -64739862.7    130951086
JARVIS PLC           JRVS PO      -64739862.7    130951086
JARVIS PLC           JRVS6 EO     -64739862.7    130951086
JARVIS PLC           JVSPF US     -64739862.7    130951086
JARVIS PLC           JRVS PZ      -64739862.7    130951086
JARVIS PLC           JRVS VX      -64739862.7    130951086
JARVIS PLC           JRVSEUR EU   -64739862.7    130951086
JARVIS PLC           JRVS9 EO     -64739862.7    130951086
JARVIS PLC           JRVSGBP EO   -64739862.7    130951086
JARVIS PLC           JRVS EU      -64739862.7    130951086
JARVIS PLC           JRVS3 EO     -64739862.7    130951086
JARVIS PLC           JRVS2 EO     -64739862.7    130951086
JARVIS PLC           JRVS1 EO     -64739862.7    130951086
JARVIS PLC           JRVS5 EO     -64739862.7    130951086
JDR ENTERPRISES      3947788Z LN  -18283944.6  190661628.9
JESSOPS PLC          JSP EO       -42702018.4  112964060.4
JESSOPS PLC          JSPGBP EO    -42702018.4  112964060.4
JESSOPS PLC          JSP PZ       -42702018.4  112964060.4
JESSOPS PLC          JSP IX       -42702018.4  112964060.4
JESSOPS PLC          JSP EU       -42702018.4  112964060.4
JESSOPS PLC          JSPEUR EU    -42702018.4  112964060.4
JESSOPS PLC          JS4 GR       -42702018.4  112964060.4
JESSOPS PLC          JSPEUR EO    -42702018.4  112964060.4
JESSOPS PLC          JSP PO       -42702018.4  112964060.4
JESSOPS PLC          JSP VX       -42702018.4  112964060.4
JESSOPS PLC          JSP LN       -42702018.4  112964060.4
JP MCDOUGALL & C     1293298Z LN  -38788226.9  105778561.4
JVC EUROPE LTD       2667041Z LN  -2824766.24  131996942.9
KAZAKHGO-GDR         KZG LI         -88561000    241726000
KAZAKHGO-GDR         KZGI LI        -88561000    241726000
KAZAKHGO-GDR         KZQGI IX       -88561000    241726000
KAZAKHGO-GDR         KZGQ IX        -88561000    241726000
KAZAKHGOLD- 144A     768834Z LI     -88561000    241726000
KAZAKHGOLD GP LT     KGZ HK         -88561000    241726000
KAZAKHGOLD-REG T     KZGT LI        -88561000    241726000
KAZAKHGOLD-REGS      3683241Q LI    -88561000    241726000
KCA DEUTAG DRILL     2173132Z LN  -44273052.7  185361544.7
KESA ELECTRI-ADR     KESAY US     -14782918.3   2826187121
KESA ELECTRICALS     KESAUSD EU   -14782918.3   2826187121
KESA ELECTRICALS     KESAEUR EO   -14782918.3   2826187121
KESA ELECTRICALS     KESAUSD EO   -14782918.3   2826187121
KESA ELECTRICALS     KSA FP       -14782918.3   2826187121
KESA ELECTRICALS     KESA PO      -14782918.3   2826187121
KESA ELECTRICALS     KESA6 EO     -14782918.3   2826187121
KESA ELECTRICALS     KESAGBP EO   -14782918.3   2826187121
KESA ELECTRICALS     KESA2 EO     -14782918.3   2826187121
KESA ELECTRICALS     KESA3 EO     -14782918.3   2826187121
KESA ELECTRICALS     KESA BQ      -14782918.3   2826187121
KESA ELECTRICALS     KES EO       -14782918.3   2826187121
KESA ELECTRICALS     KESA IX      -14782918.3   2826187121
KESA ELECTRICALS     KESA LN      -14782918.3   2826187121
KESA ELECTRICALS     KESA7 EO     -14782918.3   2826187121
KESA ELECTRICALS     KESA QM      -14782918.3   2826187121
KESA ELECTRICALS     KESAF US     -14782918.3   2826187121
KESA ELECTRICALS     KESAEUR EU   -14782918.3   2826187121
KESA ELECTRICALS     KESA NR      -14782918.3   2826187121
KESA ELECTRICALS     KES1 EO      -14782918.3   2826187121
KESA ELECTRICALS     KESA EO      -14782918.3   2826187121
KESA ELECTRICALS     KESA4 EO     -14782918.3   2826187121
KESA ELECTRICALS     KE4 GK       -14782918.3   2826187121
KESA ELECTRICALS     KESAI IX     -14782918.3   2826187121
KESA ELECTRICALS     KESA PZ      -14782918.3   2826187121
KESA ELECTRICALS     KE4 GR       -14782918.3   2826187121
KESA ELECTRICALS     KESA S1      -14782918.3   2826187121
KESA ELECTRICALS     KESA EB      -14782918.3   2826187121
KESA ELECTRICALS     KESA NQ      -14782918.3   2826187121
KESA ELECTRICALS     KESA EU      -14782918.3   2826187121
KESA ELECTRICALS     KESA TQ      -14782918.3   2826187121
KESA ELECTRICALS     KESA VX      -14782918.3   2826187121
KESA ELECTRICALS     KESA5 EO     -14782918.3   2826187121
KESA ELECTRICALS     KESA8 EO     -14782918.3   2826187121
KESA ELECTRICALS     KESA9 EO     -14782918.3   2826187121
KESTREL HOLDINGS     4499515Z LN  -3577225.61  950172823.8
KEW GREEN HOTELS     1031803Z LN  -16234267.9    219908068
KIA MOTORS UK LT     1985990Z LN  -26939256.9    365863465
KILMARTIN HOLDIN     3589161Z LN  -32467784.2  576731039.1
KILMARTIN PROPER     534862Z LN   -37743228.9  444220212.7
KLEENEZE PLC         KLZ LN       -14328735.2  110864081.4
KODAK LTD            1275242Z LN   -180673405  661044368.6
LANCASTER INVEST     1575538Z LN  -54823340.2  121302849.6
LAND SECURITIES      1371626Z LN   -103330200   4796043425
LAPSENT LTD          203678Z LN     -26875940  200397842.7
LAST MINUTE NETW     1180895Z LN   -624958331    357173156
LEEDS SPORTING       LES LN       -73166148.8  143762193.7
LEEDS SPORTING       LEDPF US     -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
LGC LTD              161695Z LN   -44759203.5  163172696.4
LINK FINANCIAL       3041Z LN     -63296738.9  226722478.9
LIONCOVER INSURA     1120431Z LN  -221632.161  741441082.5
LLOYDS TSB CORPO     2045779Z LN  -7210252.41  310036480.9
LLOYDS TSB EQUIP     1214495Z LN   -661481.45  334557469.7
LLOYDS TSB EQUIP     1238423Z LN  -1919544.17  270438080.8
LOMBARD CORPORAT     1162975Z LN   -7309362.4  198951662.4
LONDON TOWN PLC      LTW PZ       -21897636.4  175672299.2
LONDON TOWN PLC      LTW EU       -21897636.4  175672299.2
LONDON TOWN PLC      LTW EO       -21897636.4  175672299.2
LONDON TOWN PLC      LTW IX       -21897636.4  175672299.2
LONDON TOWN PLC      LTW PG       -21897636.4  175672299.2
LONDON TOWN PLC      LOU GR       -21897636.4  175672299.2
LONDON TOWN PLC      LTWR LN      -21897636.4  175672299.2
LONDON TOWN PLC      LTWX LN      -21897636.4  175672299.2
LONDON TOWN PLC      LTW PO       -21897636.4  175672299.2
LONDON TOWN PLC      LTW LN       -21897636.4  175672299.2
LOTUS CARS LTD       1361858Z LN  -35114342.6  198253618.4
LOTUS GROUP INTE     144299Z LN     -36824866  207696437.1
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
MANCHESTER CITY      2348397Z LN   -234766220  728747414.2
MANSFORD HOLDING     253659Z LN   -4565898.06  650742111.3
MARCONI PLC          MY2 GR       -2203513803   7204891602
MARCONI PLC          MNI BB       -2203513803   7204891602
MARCONI PLC          MNI LN       -2203513803   7204891602
MARCONI PLC          MONI BB      -2203513803   7204891602
MARCONI PLC          MRCQF US     -2203513803   7204891602
MARCONI PLC          203083Q VX   -2203513803   7204891602
MARCONI PLC-ADR      MONI US      -2203513803   7204891602
MARCONI PLC-ADR      QUQMON AU    -2203513803   7204891602
MARCONI PLC-ADR      MY2A GR      -2203513803   7204891602
MARCONI PLC-ADR      MCONY US     -2203513803   7204891602
MARCONI PLC-ADR      MONIY US     -2203513803   7204891602
MARCONI PLC-ADR      MRCQY US     -2203513803   7204891602
MARCONI PLC-ADR      MCBA GR      -2203513803   7204891602
MARCONI PLC-ADR      MONIE US     -2203513803   7204891602
MAYBOURNE HOTELS     1824362Z LN  -7394692.72  356529270.5
MCINERNEY GROUP      1967014Z LN   -174737505  140489212.7
MEADOWHALL FINAN     3560793Z LN  -6035547.78   1318968635
MEDIAEDGE CIA UK     1912470Z LN  -30968632.7    193466296
MEDIMMUNE LTD        1596402Z LN   -246912279  292289144.3
MENZIES HOTELS H     4496419Z LN   -100398281  322775887.8
MENZIES HOTELS L     1136583Z LN  -13067356.2  180728283.4
MENZIES HOTELS O     2527986Z LN   -154664298  147542502.3
MERLIN ENTERTAIN     305364Z LN   -223818.382  152824734.8
MIDLAND EXPRESSW     583730Z LN   -96899629.3   1076416510
MILK LINK PROCES     1970766Z LN  -8333038.24  106208608.9
MILLENNIUM STADI     1727672Z LN  -19667498.6  154757357.6
MILLER HOMES LTD     2220892Z LN  -31021993.8    983811413
MNAIP LTD            2018815Z LN  -8594175.01  140270204.8
MONARCH HOLDINGS     4502027Z LN  -69668058.9  698208587.3
MOTO HOSPITALITY     1344378Z LN  -47350900.3   1078461202
MOUCHEL GROUP PL     MCHL TQ      -23499332.3  510247739.7
MOUCHEL GROUP PL     MO6 GR       -23499332.3  510247739.7
MOUCHEL GROUP PL     MOUCF US     -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     MCHL EO      -23499332.3  510247739.7
MOUCHEL GROUP PL     MCHLGBP EO   -23499332.3  510247739.7
MOUCHEL GROUP PL     MCHL EB      -23499332.3  510247739.7
MOUCHEL GROUP PL     MCHL IX      -23499332.3  510247739.7
MOUCHEL GROUP PL     MCHL NR      -23499332.3  510247739.7
MOUCHEL GROUP PL     MCHLEUR EO   -23499332.3  510247739.7
MOUCHEL GROUP PL     MCHL PZ      -23499332.3  510247739.7
MOUCHEL GROUP PL     MCHL VX      -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 BQ      -23499332.3  510247739.7
MOUCHEL GROUP PL     MCHL LN      -23499332.3  510247739.7
MOUCHEL GROUP PL     MCHL EU      -23499332.3  510247739.7
MOUCHEL PARKMAN      MCHL PO      -23499332.3  510247739.7
MYTRAVEL GROUP       MYTPF US      -379721781   1817512774
MYTRAVEL GROUP       3544280Q IX   -379721781   1817512774
MYTRAVEL GROUP       MT/S PO       -379721781   1817512774
MYTRAVEL GROUP       MT/S VX       -379721781   1817512774
MYTRAVEL GROUP       ARO2 GR       -379721781   1817512774
MYTRAVEL GROUP       MT/S LN       -379721781   1817512774
MYTRAVEL GROUP P     MYTGF US      -379721781   1817512774
MYTRAVEL GROUP P     1018144Q GR   -379721781   1817512774
MYTRAVEL GROUP P     MT/ LN        -379721781   1817512774
MYTRAVEL GROUP P     MT/ VX        -379721781   1817512774
MYTRAVEL GROUP-A     2281919Q GR   -379721781   1817512774
MYTRAVEL GROUP-A     MYTVF US      -379721781   1817512774
MYTRAVEL TOUR OP     1190295Z LN  -1444587831   1560632416
NATIONS HEALTHCA     623142Z LN   -73694956.7  114365932.5
NCR LTD              3083521Z LN   -312454220  410209794.2
NDS GROUP HOLDIN     0112196D US   -720982016    649305984
NESTLE UK LTD        1274562Z LN   -431385112   1655061910
NEW LOOK RETAIL      2711544Z LN   -463020029   2346673230
NEW STAR ASSET       3226431Q EU   -397718038  292972732.1
NEW STAR ASSET       NSAM IX       -397718038  292972732.1
NEW STAR ASSET       NSAM TQ       -397718038  292972732.1
NEW STAR ASSET       3226447Q EO   -397718038  292972732.1
NEW STAR ASSET       NSAM PZ       -397718038  292972732.1
NEW STAR ASSET       N6S GR        -397718038  292972732.1
NEW STAR ASSET       3226435Q EO   -397718038  292972732.1
NEW STAR ASSET       3226439Q EU   -397718038  292972732.1
NEW STAR ASSET       NSAM LN       -397718038  292972732.1
NEW STAR ASSET       NSAA LN       -397718038  292972732.1
NEW STAR ASSET       NSAM PO       -397718038  292972732.1
NEW STAR ASSET       NWSAF US      -397718038  292972732.1
NEW STAR ASSET       3226443Q EO   -397718038  292972732.1
NEWCASTLE UNITED     4380361Z LN   -102558583  184539911.8
NEWCASTLE UNITED     1060322Z LN   -112290584  186651205.2
NORBAIN GROUP LT     4007676Z LN  -15436972.5  108956420.2
NORTHERN FO-ASSD     NFDA LN      -70166103.5  924672036.4
NORTHERN FOODS       NFDS TQ      -70166103.5  924672036.4
NORTHERN FOODS       NFDSGBP EO   -70166103.5  924672036.4
NORTHERN FOODS       NFDSEUR EO   -70166103.5  924672036.4
NORTHERN FOODS       NFDS NR      -70166103.5  924672036.4
NORTHERN FOODS       NFDS EB      -70166103.5  924672036.4
NORTHERN FOODS       NFDSEUR EU   -70166103.5  924672036.4
NORTHERN FOODS       NFDS LN      -70166103.5  924672036.4
NORTHERN FOODS       NFDS PZ      -70166103.5  924672036.4
NORTHERN FOODS       NFDS VX      -70166103.5  924672036.4
NORTHERN FOODS       NFDS PO      -70166103.5  924672036.4
NORTHERN FOODS       NFDS BQ      -70166103.5  924672036.4
NORTHERN FOODS       NFDS EU      -70166103.5  924672036.4
NORTHERN FOODS       NFDS NQ      -70166103.5  924672036.4
NORTHERN FOODS       NFDS IX      -70166103.5  924672036.4
NORTHERN FOODS       NFDS S1      -70166103.5  924672036.4
NORTHERN FOODS       NFO GK       -70166103.5  924672036.4
NORTHERN FOODS       NFDS EO      -70166103.5  924672036.4
NORTHERN FOODS       NTFOF US     -70166103.5  924672036.4
NORTHERN FOODS       NFDSUSD EO   -70166103.5  924672036.4
NORTHERN FOODS       NFO GR       -70166103.5  924672036.4
NORTHERN FOODS       NFDS QM      -70166103.5  924672036.4
NORTHERN FOODS       NFDSUSD EU   -70166103.5  924672036.4
NORTHERN FOODS P     NFDR LN      -70166103.5  924672036.4
NORTHERN FOO-NEW     NFDN LN      -70166103.5  924672036.4
NORTHERN FOO-RFD     650060Q LN   -70166103.5  924672036.4
NOVAR ED&S LTD       1286578Z LN    -12362003    176723922
NOVELIS UK LTD       1295610Z LN  -29354907.4  167393334.2
NPIL HOLDCO LTD      3641071Z LN   -174437380  865144704.3
NPOWER GAS LTD       1689816Z LN   -381274434  500408294.4
NPOWER LTD           1185599Z LN   -399535773   3443512739
ODEON AND UCI CI     3489372Z LN   -380122740  961975815.4
O-I MANUFACTURIN     1320610Z LN  -7063615.88  126090273.5
OPTIMUM CARE LTD     3951796Z LN  -23827846.5  131314548.6
ORANGE LTD           951641Q LN    -593935104   2902299502
ORANGE PLC           1460Q GR      -593935104   2902299502
ORANGE PLC           ORNGF US      -593935104   2902299502
ORANGE PLC-ADR       ONG GR        -593935104   2902299502
ORANGE PLC-ADR       ORA$ LN       -593935104   2902299502
ORANGE PLC-ADR       ORNGY US      -593935104   2902299502
ORBIS PLC            OBS LN        -4168493.8  127701679.5
ORBIS PLC            OBS PO        -4168493.8  127701679.5
ORBIS PLC            OBS PZ        -4168493.8  127701679.5
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            ORBSF US      -4168493.8  127701679.5
OUTDOOR GROUP LT     1318338Z LN  -31903137.7    118192441
PARK FOOD GROUP      PKFD LN      -41823480.8  252651267.4
PARK GROUP PLC       PKG PO       -41823480.8  252651267.4
PARK GROUP PLC       PRKG IX      -41823480.8  252651267.4
PARK GROUP PLC       PRKGF US     -41823480.8  252651267.4
PARK GROUP PLC       PKG EU       -41823480.8  252651267.4
PARK GROUP PLC       PKG EO       -41823480.8  252651267.4
PARK GROUP PLC       PKG LN       -41823480.8  252651267.4
PARK GROUP PLC       PKGGBP EO    -41823480.8  252651267.4
PARK GROUP PLC       PKG VX       -41823480.8  252651267.4
PARK GROUP PLC       PKG PZ       -41823480.8  252651267.4
PARTNERSHIPS IN      551109Z LN   -14369275.5  130118066.9
PATIENTLINE PLC      PTL IX       -54677284.6  124948245.8
PATIENTLINE PLC      2928903Q EU  -54677284.6  124948245.8
PATIENTLINE PLC      PTL PZ       -54677284.6  124948245.8
PATIENTLINE PLC      PTL PO       -54677284.6  124948245.8
PATIENTLINE PLC      2928899Q EO  -54677284.6  124948245.8
PATIENTLINE PLC      2928907Q EO  -54677284.6  124948245.8
PATIENTLINE PLC      PTL LN       -54677284.6  124948245.8
PATIENTLINE PLC      PTL VX       -54677284.6  124948245.8
PD PORT SERVICES     1407442Z LN  -25765273.4  161208354.8
PENDRAGON PREMIE     1858506Z LN  -9649115.16    154892542
PEUGEOT CITROEN      1974702Z LN  -72708407.5    266912249
PHS GROUP HOLDIN     3173182Z LN   -211011146   1915467185
PHS GROUP PLC        592449Z LN    -211011146   1915467185
PIPEX UK LTD         3956092Z LN  -94417178.6  115954049.3
PLACES FOR PEOPL     1914158Z LN  -56178390.8    585147920
PLANNED MAINTENA     1344714Z LN    -57648954  148147314.6
PLUS HOUSING GRO     4015788Z LN  -10023120.6  371941616.5
POLYUS G-GDR         KXZ1 GR        -88561000    241726000
POLYUS G-GDR         POLG TQ        -88561000    241726000
POLYUS G-GDR         PLZLY US       -88561000    241726000
POLYUS G-GDR         PLGL IX        -88561000    241726000
POLYUS G-GDR         POLG LI        -88561000    241726000
POLYUS G-GDR         PLGL LI        -88561000    241726000
POLYUS G-GDR         PLGL QM        -88561000    241726000
POLYUS G-GDR         PLGL EB        -88561000    241726000
POLYUS G-GDR         KXZ GR         -88561000    241726000
POLYUS G-GDR         KZG TQ         -88561000    241726000
POLYUS G-GDR         KAZAY US       -88561000    241726000
POLYUS G-GDR         PLGL TQ        -88561000    241726000
PORTSMOUTH FOOTB     2253627Z LN  -93977761.3  177073811.1
POST OFFICE LTD      1542650Z LN   -810274770   1745713935
POWERCORP INTERN     4449033Z LN  -9367176.05  129787793.6
PPG METRO 500 LT     2224564Z LN  -1594659.46  127340505.5
PREMIER PROPERTY     4006740Z LN   -154087011  766206481.6
PRESTBURY WENTWO     3814856Z LN  -84753043.6    659529899
PRINOVIS LIVERPO     2074147Z LN  -2988243.19  248605708.8
PRODUCTION SERVI     2278723Z LN  -66744030.7  507657733.9
PROSTRAKAN GROUP     PSK IX       -9666264.99  134080449.8
PROSTRAKAN GROUP     PKNGF US     -9666264.99  134080449.8
PROSTRAKAN GROUP     PSKEUR EO    -9666264.99  134080449.8
PROSTRAKAN GROUP     PSK VX       -9666264.99  134080449.8
PROSTRAKAN GROUP     PSK EU       -9666264.99  134080449.8
PROSTRAKAN GROUP     PSK S1       -9666264.99  134080449.8
PROSTRAKAN GROUP     PSK PO       -9666264.99  134080449.8
PROSTRAKAN GROUP     PSK EO       -9666264.99  134080449.8
PROSTRAKAN GROUP     PSKEUR EU    -9666264.99  134080449.8
PROSTRAKAN GROUP     PSK PZ       -9666264.99  134080449.8
PROSTRAKAN GROUP     PSK LN       -9666264.99  134080449.8
PROSTRAKAN GROUP     PSKGBP EO    -9666264.99  134080449.8
QHOTELS GROUP LT     759287Z LN    -184737716  699448824.7
QUINN BUILDING P     3949900Z LN  -85682901.6   1320302420
QUINN RADIATORS      1405898Z LN  -84009968.8  297557563.9
R&R ICE CREAM LT     3624280Z LN   -119415790  995648642.4
RANDSTAD EMPLOYM     1585810Z LN  -26968879.3    105042678
RAYTHEON SYSTEMS     1068610Z LN  -32601425.3    346298511
RBS MEZZANINE LT     2198564Z LN  -96650177.3  156895953.3
RED BEE MEDIA LT     1953086Z LN  -5917906.03  233315140.7
RED FOOTBALL JOI     3277951Z LN   -101906192   1372452972
REGARD HOLDINGS      4157517Z LN  -2678709.28  159772566.2
REGUS LTD            273187Q LN   -46111832.2    367181111
REGUS PLC            2296Z LN     -46111832.2    367181111
REGUS PLC            RGU GR       -46111832.2    367181111
REGUS PLC            REGSF US     -46111832.2    367181111
REGUS PLC            273195Q VX   -46111832.2    367181111
REGUS PLC-ADS        REGSY US     -46111832.2    367181111
REGUS PLC-ADS        REGSV US     -46111832.2    367181111
REGUS PLC-ADS        REGS US      -46111832.2    367181111
REGUS PLC-ADS        RGUA GR      -46111832.2    367181111
RENTOKIL INITIAL     RTO1 GK       -142674955   3045660413
RENTOKIL INITIAL     RTO QM        -142674955   3045660413
RENTOKIL INITIAL     RTO PO        -142674955   3045660413
RENTOKIL INITIAL     RTOPEN EU     -142674955   3045660413
RENTOKIL INITIAL     RTOG IX       -142674955   3045660413
RENTOKIL INITIAL     RTO1 GR       -142674955   3045660413
RENTOKIL INITIAL     RTOEUR EU     -142674955   3045660413
RENTOKIL INITIAL     RTO EB        -142674955   3045660413
RENTOKIL INITIAL     RTO S1        -142674955   3045660413
RENTOKIL INITIAL     RKLIF US      -142674955   3045660413
RENTOKIL INITIAL     RTO TQ        -142674955   3045660413
RENTOKIL INITIAL     RTO PZ        -142674955   3045660413
RENTOKIL INITIAL     RTO VX        -142674955   3045660413
RENTOKIL INITIAL     RTO EU        -142674955   3045660413
RENTOKIL INITIAL     RTO LN        -142674955   3045660413
RENTOKIL INITIAL     RTO NR        -142674955   3045660413
RENTOKIL INITIAL     RTOEUR EO     -142674955   3045660413
RENTOKIL INITIAL     RTOKF US      -142674955   3045660413
RENTOKIL INITIAL     RTO1 EO       -142674955   3045660413
RENTOKIL INITIAL     RTOGBP EO     -142674955   3045660413
RENTOKIL INITIAL     RTO GR        -142674955   3045660413
RENTOKIL INITIAL     RTOUSD EU     -142674955   3045660413
RENTOKIL INITIAL     RTOPEN EO     -142674955   3045660413
RENTOKIL INITIAL     RTO NQ        -142674955   3045660413
RENTOKIL INITIAL     RTO IX        -142674955   3045660413
RENTOKIL INITIAL     RTOUSD EO     -142674955   3045660413
RENTOKIL INITIAL     RTO EO        -142674955   3045660413
RENTOKIL INITIAL     RTO BQ        -142674955   3045660413
RENTOKIL-SP ADR      AP76 LI       -142674955   3045660413
RENTOKIL-SP ADR      RTOKY US      -142674955   3045660413
REXAM BEVERAGE C     1120903Z LN  -15123027.5  118921563.6
ROSEMONT HOLDING     4391905Z LN  -34807182.9  158222622.5
ROSYTH ROYAL DOC     2184524Z LN  -47774646.7  159339969.3
ROYAL BANK LEASI     2177244Z LN    -96708288  12689075410
ROYAL MAIL HOLDI     3900202Z LN  -4979588987   9290852179
SAFFRON HOUSING      4448377Z LN   -3777866.1  124457507.9
SCOTTISH MEDIA       SSMR LN      -36632758.7    143156965
SCOTTISH MEDIA       SSM LN       -36632758.7    143156965
SCOTTISH MEDIA       1442Q GR     -36632758.7    143156965
SCOTTISH TELEV       SCTVF US     -36632758.7    143156965
SCOTTISHPOWER EN     2211292Z LN  -85593217.4   2705930566
SCOTTS CO UK LTD     1154459Z LN  -42301127.2  119882290.9
SEGRO FINANCE PU     2320833Z LN  -1254907.48  270979842.3
SETON HEALTHCARE     2290Z LN     -10585183.9  156822902.8
SEVERN VALE HOUS     4287717Z LN  -43910018.2  115584900.8
SFI GROUP PLC        SUF LN        -108067116  177647536.1
SFI GROUP PLC        SUYFF US      -108067116  177647536.1
SHEFFIELD UNITED     1275418Z LN  -17712590.5  101590746.2
SIMON CARVES LTD     1209367Z LN   -309426997  105356699.7
SKANDIA LIFE BUS     1451642Z LN  -16563612.8  132120692.5
SKYEPHARMA PLC       SKP10 EO      -133034755  130464035.4
SKYEPHARMA PLC       SK8A GR       -133034755  130464035.4
SKYEPHARMA PLC       SK8C GR       -133034755  130464035.4
SKYEPHARMA PLC       SKP6 EO       -133034755  130464035.4
SKYEPHARMA PLC       SKP IX        -133034755  130464035.4
SKYEPHARMA PLC       SKP VX        -133034755  130464035.4
SKYEPHARMA PLC       SKPGBP EO     -133034755  130464035.4
SKYEPHARMA PLC       SKP EU        -133034755  130464035.4
SKYEPHARMA PLC       SKP PO        -133034755  130464035.4
SKYEPHARMA PLC       SKP5 EO       -133034755  130464035.4
SKYEPHARMA PLC       SKP1 VX       -133034755  130464035.4
SKYEPHARMA PLC       SKP PZ        -133034755  130464035.4
SKYEPHARMA PLC       SKP3 EO       -133034755  130464035.4
SKYEPHARMA PLC       SKP9 EO       -133034755  130464035.4
SKYEPHARMA PLC       SKP LN        -133034755  130464035.4
SKYEPHARMA PLC       SKYEF US      -133034755  130464035.4
SKYEPHARMA PLC       SKP TQ        -133034755  130464035.4
SKYEPHARMA PLC       SKP1 EO       -133034755  130464035.4
SKYEPHARMA PLC       SKPEUR EU     -133034755  130464035.4
SKYEPHARMA PLC       SKP BQ        -133034755  130464035.4
SKYEPHARMA PLC       SKP2 EO       -133034755  130464035.4
SKYEPHARMA PLC       SKPEUR EO     -133034755  130464035.4
SKYEPHARMA PLC       SKP7 EO       -133034755  130464035.4
SKYEPHARMA PLC       SKP EO        -133034755  130464035.4
SKYEPHARMA PLC       SKP8 EO       -133034755  130464035.4
SKYEPHARMA PLC       SKP4 EO       -133034755  130464035.4
SKYEPHARMA -SUB      2976665Z LN   -133034755  130464035.4
SKYEPHARMA-ADR       SKYE US       -133034755  130464035.4
SKYEPHARMA-ADR       SK8 GR        -133034755  130464035.4
SKYEPHARMA-ADR       SKYPY US      -133034755  130464035.4
SKYEPHARMA-ADR       AP80 LI       -133034755  130464035.4
SKYEPHARMA-ADR       SK8N GR       -133034755  130464035.4
SKYEPHARMA-ADR       SKYEY US      -133034755  130464035.4
SKYEPHAR-RTS F/P     SKPF VX       -133034755  130464035.4
SKYEPHAR-RTS F/P     SKPF LN       -133034755  130464035.4
SKYEPHAR-RTS N/P     SKPN VX       -133034755  130464035.4
SKYEPHAR-RTS N/P     SKPN LN       -133034755  130464035.4
SLP ENGINEERING      1855186Z LN  -32035150.2  111509874.7
SMG PLC              SMG PO       -36632758.7    143156965
SMG PLC              SMG LN       -36632758.7    143156965
SMG PLC-FUL PAID     SMGF LN      -36632758.7    143156965
SMG PLC-NIL PAID     SMGN LN      -36632758.7    143156965
SMITHS NEWS PLC      NWS1 EU      -97977003.3  345035294.1
SMITHS NEWS PLC      NWS7 EO      -97977003.3  345035294.1
SMITHS NEWS PLC      NWS5 EO      -97977003.3  345035294.1
SMITHS NEWS PLC      NWS IX       -97977003.3  345035294.1
SMITHS NEWS PLC      NWS6 EO      -97977003.3  345035294.1
SMITHS NEWS PLC      NWS11 EO     -97977003.3  345035294.1
SMITHS NEWS PLC      NWS PO       -97977003.3  345035294.1
SMITHS NEWS PLC      NWS2 EO      -97977003.3  345035294.1
SMITHS NEWS PLC      NWS S1       -97977003.3  345035294.1
SMITHS NEWS PLC      NWS13 EO     -97977003.3  345035294.1
SMITHS NEWS PLC      NWS4 EO      -97977003.3  345035294.1
SMITHS NEWS PLC      NWS2GBP EO   -97977003.3  345035294.1
SMITHS NEWS PLC      NWS8 EO      -97977003.3  345035294.1
SMITHS NEWS PLC      NWS VX       -97977003.3  345035294.1
SMITHS NEWS PLC      NWS PZ       -97977003.3  345035294.1
SMITHS NEWS PLC      NWS1 BQ      -97977003.3  345035294.1
SMITHS NEWS PLC      NWS1GBP EO   -97977003.3  345035294.1
SMITHS NEWS PLC      NWS9 EO      -97977003.3  345035294.1
SMITHS NEWS PLC      NWS2EUR EO   -97977003.3  345035294.1
SMITHS NEWS PLC      NWS12 EO     -97977003.3  345035294.1
SMITHS NEWS PLC      SMWPF US     -97977003.3  345035294.1
SMITHS NEWS PLC      NWS10 EO     -97977003.3  345035294.1
SMITHS NEWS PLC      NWS LN       -97977003.3  345035294.1
SMITHS NEWS PLC      NWS2 TQ      -97977003.3  345035294.1
SMITHS NEWS PLC      SMWPY US     -97977003.3  345035294.1
SMITHS NEWS PLC      NWS2EUR EU   -97977003.3  345035294.1
SMITHS NEWS PLC      NWS1 EO      -97977003.3  345035294.1
SONY COMPUTER EN     3893902Z LN   -527371384   1289099673
SONY DADC UK LTD     4007652Z LN  -758038.371  131666251.9
SONY UNITED KING     1591658Z LN  -1219147829   2550391748
SOUTH STAFFORDSH     4049781Z LN  -12127094.8  148602864.7
SOUTHERN CROSS       SCHE PZ       -456945464    226544692
SOUTHERN CROSS       SCHE LN       -456945464    226544692
SOUTHERN CROSS       SCH4 EO       -456945464    226544692
SOUTHERN CROSS       SCHE EO       -456945464    226544692
SOUTHERN CROSS       SCHEGBP EO    -456945464    226544692
SOUTHERN CROSS       SCHEUSD EO    -456945464    226544692
SOUTHERN CROSS       SCHE6 EO      -456945464    226544692
SOUTHERN CROSS       SCHE4 EO      -456945464    226544692
SOUTHERN CROSS       SCHE TQ       -456945464    226544692
SOUTHERN CROSS       SCHE2 EO      -456945464    226544692
SOUTHERN CROSS       SCHE VX       -456945464    226544692
SOUTHERN CROSS       SCHE5 EO      -456945464    226544692
SOUTHERN CROSS       SCHE IX       -456945464    226544692
SOUTHERN CROSS       SCHE NR       -456945464    226544692
SOUTHERN CROSS       SCHE QM       -456945464    226544692
SOUTHERN CROSS       SCHE S1       -456945464    226544692
SOUTHERN CROSS       SCHEEUR EU    -456945464    226544692
SOUTHERN CROSS       SCH5 EO       -456945464    226544692
SOUTHERN CROSS       SCHE EB       -456945464    226544692
SOUTHERN CROSS       SCHE EU       -456945464    226544692
SOUTHERN CROSS       SCHE8 EO      -456945464    226544692
SOUTHERN CROSS       F2Z GR        -456945464    226544692
SOUTHERN CROSS       SCHEUSD EU    -456945464    226544692
SOUTHERN CROSS       SCHEEUR EO    -456945464    226544692
SOUTHERN CROSS       SCHE BQ       -456945464    226544692
SOUTHERN CROSS       SCHE PO       -456945464    226544692
SOUTHERN CROSS       SCHE7 EO      -456945464    226544692
SOUTHERN CROSS       SCH3 EO       -456945464    226544692
SOUTHERN CROSS       SOCHF US      -456945464    226544692
SOUTHERN CROSS       SCHE3 EO      -456945464    226544692
SOUTHERN CROSS       SCHE NQ       -456945464    226544692
SOUTHERN CROSS       F2Z TH        -456945464    226544692
SOUTHERN ELECTRI     2635379Z LN   -259913242   1437660480
SPEAR GROUP HOLD     4470999Z LN  -91133585.6  140447896.6
SPEEDY SUPPORT S     1601730Z LN  -34304692.5  146096457.3
SQUARE ENIX LTD      1826770Z LN   -223995034  278955082.2
SR TECHNICS UK L     2900250Z LN   -143296142  116171355.3
STAGECOACH GROUP     SAGKF US      -158544627   2695903851
STAGECOACH GROUP     SHP4 GR       -158544627   2695903851
STAGECOACH GROUP     SGC1USD EU    -158544627   2695903851
STAGECOACH GROUP     SGC1AUD EU    -158544627   2695903851
STAGECOACH GROUP     SGC1PEN EO    -158544627   2695903851
STAGECOACH GROUP     SGC PO        -158544627   2695903851
STAGECOACH GROUP     SGC1AUD EO    -158544627   2695903851
STAGECOACH GROUP     SGC1 EB       -158544627   2695903851
STAGECOACH GROUP     SGC S1        -158544627   2695903851
STAGECOACH GROUP     SGC1 NR       -158544627   2695903851
STAGECOACH GROUP     SGCG PZ       -158544627   2695903851
STAGECOACH GROUP     SGC1 BQ       -158544627   2695903851
STAGECOACH GROUP     SGC1 NQ       -158544627   2695903851
STAGECOACH GROUP     SGC1 QM       -158544627   2695903851
STAGECOACH GROUP     SGC1EUR EO    -158544627   2695903851
STAGECOACH GROUP     SHP5 GR       -158544627   2695903851
STAGECOACH GROUP     SGC1EUR EU    -158544627   2695903851
STAGECOACH GROUP     SGC2 VX       -158544627   2695903851
STAGECOACH GROUP     SGC1GBP EO    -158544627   2695903851
STAGECOACH GROUP     SGC1PEN EU    -158544627   2695903851
STAGECOACH GROUP     SGC1 EU       -158544627   2695903851
STAGECOACH GROUP     SHP GR        -158544627   2695903851
STAGECOACH GROUP     SGC IX        -158544627   2695903851
STAGECOACH GROUP     SGC1 TQ       -158544627   2695903851
STAGECOACH GROUP     SGC1 EO       -158544627   2695903851
STAGECOACH GROUP     SGC1USD EO    -158544627   2695903851
STAGECOACH GROUP     SGC LN        -158544627   2695903851
STAGECOACH GROUP     SHP4 GK       -158544627   2695903851
STAGECOACH GRP-B     SGCB LN       -158544627   2695903851
STAGECOACH-NEW       SGCN LN       -158544627   2695903851
STAGECOA-SPN ADR     SAGKY US      -158544627   2695903851
STJAMES'S PLACE      4451825Z LN  -40027613.6  444219054.8
STV GROUP PLC        STVGEUR EU   -36632758.7    143156965
STV GROUP PLC        STVG LN      -36632758.7    143156965
STV GROUP PLC        STVGGBP EO   -36632758.7    143156965
STV GROUP PLC        SMG VX       -36632758.7    143156965
STV GROUP PLC        STVG EO      -36632758.7    143156965
STV GROUP PLC        STVG VX      -36632758.7    143156965
STV GROUP PLC        STVGEUR EO   -36632758.7    143156965
STV GROUP PLC        STVG EU      -36632758.7    143156965
STV GROUP PLC        SMG PZ       -36632758.7    143156965
STV GROUP PLC        SMG IX       -36632758.7    143156965
STV GROUP PLC        STVG S1      -36632758.7    143156965
STV GROUP PLC        SMGPF US     -36632758.7    143156965
SUN CHEMICAL LTD     2569274Z LN  -21504458.6  276424178.5
SUNDERLAND ASSOC     1274418Z LN  -30559441.4  144949782.5
SUNSAIL LTD          1092666Z LN  -37047891.8  193976501.7
SUNSEEKER INTERN     820741Z LN   -7756394.62  227371284.6
SWIFT TECHNICAL      4287133Z LN  -34723772.8  138665319.9
TATA CMMNCTNS UK     2534722Z LN  -32378969.2  118690215.5
TDL INFOMEDIA        3362Z LN     -25723860.1  136762955.6
TELEWEST COM-ADR     TWT$ LN      -3702234581   7581020925
TELEWEST COM-ADR     TWSTD US     -3702234581   7581020925
TELEWEST COM-ADR     940767Q GR   -3702234581   7581020925
TELEWEST COM-ADR     TWSTY US     -3702234581   7581020925
TELEWEST COMM        TWSTF US     -3702234581   7581020925
TELEWEST COMM        715382Q LN   -3702234581   7581020925
TELEWEST COMM        604296Q GR   -3702234581   7581020925
TELEWEST COMM        TWT VX       -3702234581   7581020925
TELEWEST COMMUNI     1608194Z LN   -113079710   9113744374
TELEWEST COMMUNI     1646328Z LN   -287113015    868389208
THALES CORPORATE     1083706Z LN  -65658884.5  829798983.7
THALES RAIL SIGN     2812334Z LN  -29298137.4    106623580
THALES TELECOMMU     1163839Z LN  -5826263.27  245379695.8
THAMES WATER FIN     1615Z LN     -48749918.5   4474513723
THORN EMI PLC        THNE FP      -2265916257   2950021937
THORN EMI-ADR        TORNY US     -2265916257   2950021937
THORN EMI-ADR        THN$ LN      -2265916257   2950021937
THORN EMI-CDR        THN NA       -2265916257   2950021937
THORN EMI-REGD       1772Q GR     -2265916257   2950021937
TIMES NEWSPAPERS     2343939Z LN   -653746580  603467606.2
TOPPS TILES PLC      TPT5 EO      -39843958.1  122386142.5
TOPPS TILES PLC      TPT3 EO      -39843958.1  122386142.5
TOPPS TILES PLC      TPT BQ       -39843958.1  122386142.5
TOPPS TILES PLC      TPT1 EO      -39843958.1  122386142.5
TOPPS TILES PLC      TPT2 EO      -39843958.1  122386142.5
TOPPS TILES PLC      TPT PO       -39843958.1  122386142.5
TOPPS TILES PLC      TPT8 EO      -39843958.1  122386142.5
TOPPS TILES PLC      TPT IX       -39843958.1  122386142.5
TOPPS TILES PLC      TPT PZ       -39843958.1  122386142.5
TOPPS TILES PLC      TPT LN       -39843958.1  122386142.5
TOPPS TILES PLC      TPT4 EO      -39843958.1  122386142.5
TOPPS TILES PLC      TPT EO       -39843958.1  122386142.5
TOPPS TILES PLC      TPT7 EO      -39843958.1  122386142.5
TOPPS TILES PLC      TPT9 EO      -39843958.1  122386142.5
TOPPS TILES PLC      TPT10 EO     -39843958.1  122386142.5
TOPPS TILES PLC      TPTEUR EU    -39843958.1  122386142.5
TOPPS TILES PLC      TPT EU       -39843958.1  122386142.5
TOPPS TILES PLC      TPT TQ       -39843958.1  122386142.5
TOPPS TILES PLC      TPTJY US     -39843958.1  122386142.5
TOPPS TILES PLC      TPT6 EO      -39843958.1  122386142.5
TOPPS TILES PLC      TPTGBP EO    -39843958.1  122386142.5
TOPPS TILES PLC      TPTEUR EO    -39843958.1  122386142.5
TOPPS TILES PLC      TPT S1       -39843958.1  122386142.5
TOPPS TILES PLC      TPT VX       -39843958.1  122386142.5
TOPPS TILES PLC      TPTJF US     -39843958.1  122386142.5
TOPPS TILES-NEW      TPTN LN      -39843958.1  122386142.5
TOTAL UK LTD         3897130Z LN  -61225906.1   2907445594
TRAVELEX HOLDING     2917958Z LN  -1345481723   2560468919
TRAVELODGE LTD       3471462Z LN   -515411330   1254613472
TRINITY MIRROR P     1511258Z LN   -138612681   1045091625
TUBE LINES FINAN     1241207Z LN  -2914999.96   2408518672
TUI UK LTD           1653824Z LN   -913811299   5088088830
TYCO HEALTHCARE      1066794Z LN  -13601743.4    333686519
UNILEVER UK CENT     1273034Z LN  -1509554086   6927634057
UNIQ PREPARED FO     1077122Z LN  -96788934.9  206496365.3
UNIVERSAL LEASIN     2581586Z LN  -28690420.2  155128729.2
UNIVERSAL PICTUR     1083202Z LN  -42445816.8  120867289.2
UTC GROUP            UGR LN       -11904428.4    203548565
VANCO UK LTD         2784982Z LN    -56556541  114635709.2
VINK HOLDINGS LT     4380233Z LN  -13477348.3  132005020.2
VIRGIN HOTELS GR     4288389Z LN  -30191249.3  109995632.6
VIRGIN MOB-ASSD      VMOA LN       -392165409  166070003.7
VIRGIN MOB-ASSD      VMOC LN       -392165409  166070003.7
VIRGIN MOBILE        VMOB PO       -392165409  166070003.7
VIRGIN MOBILE        VMOB LN       -392165409  166070003.7
VIRGIN MOBILE        VGMHF US      -392165409  166070003.7
VIRGIN MOBILE        VMOB VX       -392165409  166070003.7
VIRGIN MOBILE        UEM GR        -392165409  166070003.7
VIRGIN WINGS LTD     4500155Z LN   -410616777   5155268566
VODAFONE UK CONT     1909662Z LN  -36036445.4  241077469.5
VOLUTION GROUP L     4453393Z LN  -44375617.5  212542790.8
VOYAGE GROUP LTD     4168725Z LN  -89543682.8    572205624
WALES & WEST UTI     3688061Z LN   -784167197   2080276139
WARNER ESTATE        WNER IX      -41311778.1  373214358.7
WARNER ESTATE        WNER EO      -41311778.1  373214358.7
WARNER ESTATE        WNER EU      -41311778.1  373214358.7
WARNER ESTATE        WRL GR       -41311778.1  373214358.7
WARNER ESTATE        WNER PZ      -41311778.1  373214358.7
WARNER ESTATE        WNEHF US     -41311778.1  373214358.7
WARNER ESTATE        WNER VX      -41311778.1  373214358.7
WARNER ESTATE        WNER LN      -41311778.1  373214358.7
WARNER ESTATE        WNER PO      -41311778.1  373214358.7
WARNER ESTATE        WNERGBP EO   -41311778.1  373214358.7
WATSON & PHILIP      WTSN LN       -120493900  252232072.9
WEAVER VALE HOUS     3953220Z LN  -60271595.7  104022836.2
WEETABIX LTD-A       WTB OF        -397652100  909970808.9
WEETABIX LTD-A       WEEBF US      -397652100  909970808.9
WESCOT TOPCO LTD     4007020Z LN  -28467510.9    115035189
WEST HAM UNITED      1275834Z LN  -60233495.2  174701255.1
WHELCO HOLDINGS      2741744Z LN  -1295249.71    100781831
WHITE HART LANE      2004631Z LN  -5246329.46  130633347.5
WIGHTLINK LTD        1385642Z LN  -15131435.9  231775265.6
WINCANTON PL-ADR     WNCNY US      -290434319   1037176004
WINCANTON PLC        WIN11 EO      -290434319   1037176004
WINCANTON PLC        WIN4 EO       -290434319   1037176004
WINCANTON PLC        WIN1GBP EO    -290434319   1037176004
WINCANTON PLC        WIN LN        -290434319   1037176004
WINCANTON PLC        WIN1 TQ       -290434319   1037176004
WINCANTON PLC        WIN13 EO      -290434319   1037176004
WINCANTON PLC        WIN1 EU       -290434319   1037176004
WINCANTON PLC        WIN1USD EO    -290434319   1037176004
WINCANTON PLC        WIN1EUR EO    -290434319   1037176004
WINCANTON PLC        WIN IX        -290434319   1037176004
WINCANTON PLC        WIN1 QM       -290434319   1037176004
WINCANTON PLC        WIN1 S1       -290434319   1037176004
WINCANTON PLC        WNCNF US      -290434319   1037176004
WINCANTON PLC        WIN PZ        -290434319   1037176004
WINCANTON PLC        WIN1EUR EU    -290434319   1037176004
WINCANTON PLC        WIN12 EO      -290434319   1037176004
WINCANTON PLC        WIN6 EO       -290434319   1037176004
WINCANTON PLC        WIN1 BQ       -290434319   1037176004
WINCANTON PLC        WIN VX        -290434319   1037176004
WINCANTON PLC        WIN1USD EU    -290434319   1037176004
WINCANTON PLC        WIN1 EO       -290434319   1037176004
WINCANTON PLC        WIN10 EO      -290434319   1037176004
WINCANTON PLC        WIN PO        -290434319   1037176004
WINCANTON PLC        WIN1 NQ       -290434319   1037176004
WINCANTON PLC        WIN5 EO       -290434319   1037176004
WINCANTON PLC        WIN8 EO       -290434319   1037176004
WINCANTON PLC        WIN9 EO       -290434319   1037176004
WINCANTON PLC        WIN1 EB       -290434319   1037176004
WINCANTON PLC        WIN7 EO       -290434319   1037176004
WINDSOR TELEVISI     1475394Z LN   -249144874  319668047.9
WINTERTHUR FINAN     1353474Z LN  -5097471.01    146472274
XCHANGING UK LTD     1814130Z LN  -33399235.5  334395990.3
XSTRATA SERVICES     1975918Z LN  -96321998.2  192299104.1
YANG MING UK LTD     1756777Z LN  -38774828.2  293310550.5
YARLINGTON HOUSI     4435313Z LN  -18443811.9  276648958.8
YOUNG'S BLUECRES     1841386Z LN  -46554226.4  279057376.4
ZURICH EMPLOYMEN     1292298Z LN   -122911832  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 * * *