TCREUR_Public/120619.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, June 19, 2012, Vol. 13, No. 121



BANK OF CYPRUS: Moody's Cuts Rating on Covered Bonds to 'Ba3'
CYPRUS ORGANISATION: Moody's Cuts Corporate Family Rating to 'B1'


HELLENIC BANK: Moody's Withdraws 'Caa2' Deposit Ratings


NOKIA: Must Stabilize Revenue to Keep 'BB+' Rating, Fitch Says
NOKIA OYJ: Moody's Cuts Long-Term Sr. Unsecured Ratings to 'Ba1'


CREDIT MUTUEL: Moody's Lowers Bank Finc'l Strength Rating to 'D+'
GROUPE BPCE: Moody's Lowers Bank Finc'l. Strength Rating to 'D'
ODDO & CIE: Moody's Lowers Bank Finc'l Strength Rating to 'D+'


PRIME 2006-1: Fitch Downgrades Ratings on Two Note Classes to 'C'


ATLANTIC HOMECARE: High Court Confirms Appointment of Examiner
AWAS AVIATION: Moody's Rates US$360-Mil. Term Loan '(P)Ba2'
GALWAY GLASS: Placed in Voluntary Liquidation


AEROPORTI DI ROMA: Moody's Confirms Debt Ratings at 'Ba2'


BTA BANK: Begins Debt Restructuring Talks with Steering Committee


KBC BANK: Moody's Lowers Bank Finc'l. Strength Rating to 'D+'
SNS REAAL: Moody's Lowers Subordinated Debt Rating to 'Ba2'


PBG SA: Poznan Court Appoints Administrator to Aprivia Unit


HIDROELECTRICA SA: Files for Insolvency; June 20 Hearing Set


PROBUSINESSBANK: Moody's Changes Outlook on 'B2' Ratings to Neg.


CORPORACION DE RESERVAS: Moody's Cuts Long-Term Ratings to 'Ba1'
SANTANDER TOTTA: Fitch Says Viability Rating is Unaffected at BB-


YUKSEL INSAAT: Fitch Lowers Senior Unsecured Rating to 'B-'

U N I T E D   K I N G D O M

BRADFORD BULLS: Close to Administration Over Unpaid Tax
CHILTON WASTE: Raymond Brown Acquires Firm Out of Bankruptcy
D J ELLIS: Enters Into Administration, Cuts 38 Jobs
PETERS CATHEDRAL: Goes Into Administration, Cuts 400 Jobs
RANGERS FOOTBALL: Charles Green Completes Purchase of Assets

TINDALE & STANTON: Enters Administration, Cuts Jobs
* UK: Insolvency Service Warns Elderly on GBP28M Investment Scams


* Large Companies with Insolvent Balance Sheets



BANK OF CYPRUS: Moody's Cuts Rating on Covered Bonds to 'Ba3'
Moody's Investors Service has downgraded covered bonds issued by
Bank of Cyprus Public Company Limited (BoC) by one notch. BoC's
covered bonds backed by Cypriot mortgage loans (BoC's Cypriot
Pool CB) have been downgraded to Ba3 from Ba2, and its covered
bonds backed by Greek mortgage loans (BoC's Greek Pool CB) have
been downgraded to B1 from Ba3. These rating actions were
prompted by rating actions on the respective issuer ratings,
whose ratings remain on review for downgrade. The above covered
bonds therefore also remain on review for downgrade.

Furthermore, Moody's has placed on review for downgrade the
covered bonds issued by Cypriot Popular Bank (CPB), prompted by
the review of the issuer ratings. The covered bonds backed by
Cypriot mortgage loans (CPB's Cypriot Pool CB) are now rated B1
on review for downgrade and those backed by Greek mortgage loans
(CPB's Greek Pool CB) are now rated B2 on review for downgrade.

Ratings Rationale

On June 12, 2012, Moody's took rating actions on several Cypriot

BoC's issuer rating was downgraded by one notch to B2 and placed
on review for further downgrade. Accordingly, the covered bond
ratings of BoC's Cypriot Pool CB have been downgraded to Ba3 from
Ba2, and the covered bonds of BoC's Greek Pool CB have been
downgrade to B1 from Ba3. The review placements of the covered
bonds reflect the reviews of the issuers' ratings.

CPB's issuer rating has been placed on review for downgrade.
Consequently, its covered bonds have been placed on review for
downgrade; they are now rated B1 on review for downgrade for
CPB's Cypriot Pool CB, and B2 on review for downgrade for CPB's
Greek Pool CB.

Cypriot covered bonds backed by Cypriot assets continue to be
rated two notches above the respective issuers. Those backed by
Greek assets continue to be rated one notch above the respective

The TPIs assigned to these transaction is Very Improbable.
Moody's TPI framework does not constrain the rating.

The ratings assigned by Moody's address the expected loss posed
to investors. Moody's ratings address only the credit risks
associated with the transaction. Other non-credit risks have not
been addressed, but may have a significant effect on yield to

Key Rating Assumptions/Factors

Covered bond ratings are determined after applying a two-step
process: an expected loss analysis and a TPI framework analysis.

EXPECTED LOSS: Moody's determines a rating based on the expected
loss on the bond. The primary model used is Moody's Covered Bond
Model (COBOL), which determines expected loss as (i) a function
of the issuer's probability of default (measured by the issuer's
rating); and (ii) the stressed losses on the cover pool assets
following issuer default.

The cover pool losses are an estimate of the losses Moody's
currently models if the relevant issuer defaults. Cover pool
losses can be split between market risk and collateral risk.
Market risk measures losses as a result of refinancing risk and
risks related to interest-rate and currency mismatches (these
losses may also include certain legal risks). Collateral risk
measures losses resulting directly from the credit quality of the
assets in the cover pool. Collateral risk is derived from the
collateral score.

The cover pool losses of BoC's Cypriot Pool CB are 48.7%, with
market risk of 37.2% and collateral risk of 11.5%. The collateral
score for this program is currently 17.2%. The over-
collateralization in this cover pool is 9.7%, of which 5.0% is
provided on a "committed" basis. The minimum over-
collateralization level that is consistent with the Ba3 rating
target is 0% (numbers in present value terms). Therefore, Moody's
is not relying on over- collateralization that "uncommitted" in
its expected loss analysis.

The cover pool losses of BoC's Greek Pool CB are 54.1%, with
market risk of 48.1% and collateral risk of 6.0%. The collateral
score for this program is currently 8.9%. The over-
collateralization in this cover pool is 17.7%, of which 17.6%
over-collateralisation is provided on a "committed" basis. The
minimum over-collateralization level that is consistent with the
B1 rating target is 0% (numbers in present value terms, with the
exception of the "committed" over-collateralization). Therefore,
Moody's is not relying on over-collateralization that is
"uncommitted" in its expected loss analysis.

The cover pool losses of CPB's Cypriot Pool CB are 53.3%, with
market risk of 39.3% and collateral risk of 14.1%. The collateral
score for this program is currently 21.0%. The over-
collateralization in this cover pool is 11.4%, of which 6.0% is
provided on a "committed" basis. The minimum over-
collateralization level that is consistent with the B2 rating
target is 0% (numbers in present value terms, with the exception
of the "committed" over-collateralization). Therefore, Moody's is
not relying on over-collateralization that is "uncommitted" in
its expected loss analysis.

The cover pool losses of CPB's Greek Pool CB are 54.0%, with
market risk of 47.9% and collateral risk of 6.1%. The collateral
score for this program is currently 9.1%. The over-
collateralization in this cover pool is 16.1%, of which 16.0% is
provided on a "committed" basis. The minimum over-
collateralization level that is consistent with the B2 rating
target is 0% (numbers in present value terms with the exception
of the "committed" over-collateralization). Therefore, Moody's is
not relying on over-collateralization that is "uncommitted" in
its expected loss analysis.

All numbers in this section are based on the most recent
Performance Overviews with the exception of the levels of over-
collateralization consistent with the relevant rating target,
which are based on Moody's most recent modelling based on data,
as per March 31, 2012.

TPI FRAMEWORK: Moody's assigns a "timely payment indicator"
(TPI), which indicates the likelihood that timely payment will be
made to covered bondholders following issuer default. The effect
of the TPI framework is to limit the covered bond rating to a
certain number of notches above the issuer's rating.

Sensitivity Analysis

The robustness of a covered bond rating largely depends on the
issuer's credit strength.

The TPI Leeway measures the number of notches by which the
issuer's rating may be downgraded before the covered bonds are
downgraded under the TPI framework.

The TPIs assigned to the above programs are Very Improbable.
Their TPI Leeways are therefore limited, and any downgrade of the
issuers' ratings might lead to a downgrade of the covered bonds.

A multiple-notch downgrade of the covered bonds might occur in
certain limited circumstances, such as (i) a sovereign downgrade
negatively affecting both the issuer's senior unsecured rating
and the TPI; (ii) a multiple-notch downgrade of the issuer; or
(iii) a material reduction of the value of the cover pool.

As the euro area crisis continues, the ratings of covered bonds
remain exposed to the uncertainties of credit conditions in the
general economy. The deteriorating creditworthiness of euro area
sovereigns as well as the weakening credit profile of the global
banking sector could negatively impact the ratings of covered

Rating Methodology

The principal methodology used in these ratings was "Moody's
Approach to Rating Covered Bonds" published in March 2010.

CYPRUS ORGANISATION: Moody's Cuts Corporate Family Rating to 'B1'
Moody's Investors Service has downgraded the corporate family
rating (CFR) of Cyprus Organisation for the Storage and
Management of Oil Stocks ("KODAP") to B1 from Ba2 and placed the
rating on review for further possible downgrade.

Ratings Rationale

The downgrade of KODAP's CFR follows the action initiated by
Moody's on Cyprus's government bond ratings, which were
downgraded to Ba3 from Ba1 on 13 June 2012 and placed on review
for further possible downgrade.

The link between the rating of KODAP and that of the sovereign is
based on its status as government-related issuer (GRI), its
strategic importance to Cyprus and the very strong government
support that is incorporated within its rating. The rating of
KODAP also considers its standalone credit profile and legal
characteristics, including its bylaws and/or its public law
nature, as well as Moody's assumption that KODAP will remain a
key instrument for the government's strategic oil reserves
policy, as the entity responsible for maintaining compulsory
strategic reserves of petroleum products in Cyprus in accordance
with EU regulations. KODAP operates under the close supervision
of the Cypriot government and enjoys governmental support under a
clear and specific framework established by law.

However, Moody's positions KODAP's rating at B1, i.e. one notch
below that of the Government of Cyprus. Moody's applies this
rating differential partly to reflect the lack of explicit
guarantee from the Cypriot government, even though the State
assumes residual responsibility for any liability at liquidation,
which can only be decided by Order of the Council of Ministers.
Additionally, despite the very high likelihood of support by the
government, given its close links with this GRI, Moody's one-
notch differentiation between the company's rating and the
Governments of Cyprus's sovereign rating reflects (i) a degree of
uncertainty regarding the timely provision of support in the
event of need; and/or (ii) a modest degree of risk that, over the
rating horizon and in potential stress scenarios that
simultaneously affect various entities requiring support, a more
selective approach to the provision of support might be
considered by the government.

In the case of KODAP, Moody's applies a credit-substitution
approach that considers the company's particular funding and
business model. Therefore, the rating agency does not publish a
granular analysis of typical GRI factors for KODAP (i.e. covering
support, dependence, a BCA and the sovereign rating).

Although Moody's does not expect that the current rating review
will affect the very high support assumption for KODAP (which is
reflected in the credit substitution approach), the review will
assess whether a differentiation of more than one notch between
the sovereign and KODAP would be appropriate to reflect the
absence of a guarantee by the sovereign and the stand-alone
credit profile of KODAP compared to the credit strength of the

The review process will also consider any change in the
underlying credit strength of KODAP and the extent to which it
will continue to manage its liquidity profile to avoid a
deterioration beyond Moody's expectations or any liquidity
concerns arising otherwise, given KODAP's exposure to domestic

In the absence of a change in the nature and standalone profile
of KODAP or the perceived strength of underlying sovereign
support, a further downgrade in the rating of KODAP would most
likely be driven by a downgrade in the rating of Cyprus. In view
of the action, and the recent action on the sovereign rating, no
positive rating pressure is currently envisaged in the short-term
for KODAP.

KODAP's ratings were assigned by evaluating factors that Moody's
considers relevant to the credit profile of the issuer, such as
the company's (i) business risk and competitive position compared
with others within the industry; (ii) capital structure and
financial risk; (iii) projected performance over the near to
intermediate term; and (iv) management's track record and
tolerance for risk. Moody's compared these attributes against
other issuers both within and outside KODAP's core industry and
believes KODAP's ratings are comparable to those of other issuers
with similar credit risk. Other methodologies used include the
Government-Related Issuers methodology published in July 2010.

KODAP, domiciled in Nicosia, Cyprus, is the organisation
responsible for maintaining compulsory strategic reserves of
petroleum products in Cyprus equivalent to a minimum of 90 days
of national consumption. In 2010, KODAP reported revenues of
EUR23.8 million and a net surplus of EUR6.4 million.


HELLENIC BANK: Moody's Withdraws 'Caa2' Deposit Ratings
Moody's Investors Service has withdrawn the Caa2 long-term and
Not Prime short-term deposit ratings assigned to the Greek branch
of Hellenic Bank Public Company Ltd. At the time of the
withdrawal, the long-term deposit rating had a negative outlook.

Moody's assigned a B1 long-term deposit rating to Hellenic Bank's
Greek branch on March 14, 2012, which was downgraded to Caa2 on
June 12, 2012 following Moody's lowering of Greece's country
ceiling -- the highest rating that can be assigned to a domestic
debt issuer -- to Caa2, as outlined in the special comment "Greek
country ceiling reflects heightened risk of euro area exit",
published on June 1, 2012.

Ratings Rationale

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

Headquartered in Nicosia, Cyprus, Hellenic Bank Public Company
Ltd (B1 deposits, on review for downgrade; BFSR E+/BCA b2, on
review for downgrade) reported consolidated total assets of
EUR8.6 billion as of March 2012.


NOKIA: Must Stabilize Revenue to Keep 'BB+' Rating, Fitch Says
The continued troubles facing Nokia were highlighted by its
announcement that its Q212 devices and services operating margin
will be less than the negative 3% of Q112, and of additional
restructuring charges, Fitch Ratings says.

This will lead to a precarious combination of a depleted cash
balance without an end in sight to the declining cash flows, a
situation that the company will need to rectify soon.

Given the strategic challenges facing the company, these trends
are not particularly surprising.  Fitch has previously said that
the company must demonstrate that it is capable of stabilizing
revenue and generating positive low-single-digit operating
margins if its rating is to be affirmed at 'BB+'.  Nokia's
announcement suggests that the company has moved further away
from this position over the last two months. Developments
relating to Windows 8 and a new suite of products appear crucial.

The company's rating is supported by its strong net cash
position, which was EUR4.9 billion at end-Q112. We expected the
additional restructuring charges, together with some further
margin declines, to erode the company's cash cushion to a certain
extent. These were factored into our downgrade to 'BB+' on 24
April. However, continued strongly negative operating cash flow
generation is not consistent with the current rating level as it
puts too much pressure on this cash cushion.

The company needs to return to generating positive operational
cash flow in order to offset the removal of the support that the
cash cushion, which is going to be reduced by the pending
restructuring charges, previously gave the rating.  If we are not
convinced that the company can succeed in delivering this, we
will take a negative rating action.

The company plans to cut the Devices and Services annualized opex
run rate to EUR3 billion by end-2013, from EUR5.35 billion in
2010.  While Fitch recognizes that these savings are credit
positive and will help the company return to positive operational
cash flow, Nokia needs to stop the revenue declines.  Although
the cost-cutting provides some relief, ultimately the company
needs to demonstrate that its products are attractive to
consumers and can enable it to win back market share.  Nokia's
comments about its Q2 performance suggest that the company is not
yet on this path.

NOKIA OYJ: Moody's Cuts Long-Term Sr. Unsecured Ratings to 'Ba1'
Moody's Investors Service has downgraded the long-term senior
unsecured ratings of Nokia Oyj to Ba1 from Baa3 and its short-
term senior unsecured ratings to Not-Prime from Prime-3.
Concurrently, Moody's has assigned a Ba1 corporate family rating
(CFR) and a probability of default rating (PDR) to the company.
The outlook on all ratings remains negative.

Ratings Rationale

"The rating action reflects our view that Nokia's far-reaching
restructuring plan -- which involves drastically downsizing its
infrastructure by focusing its direct marketing on fewer markets,
streamlining support functions and reducing investments in
certain R&D projects in order to realize additional fixed cost
savings of up to EUR1.3 billion by the end of 2013 -- delineates
a scale of earnings pressure and cash consumption that is larger
than we had previously assumed," says Wolfgang Draack, a Moody's
Senior Vice President and lead analyst for Nokia.

Despite the downgrade, Moody's regards Nokia's commitment to
decisive restructuring as positive and necessary to return the
group to profitability. A return to profitability also depends on
Nokia successfully transitioning its range of smartphones to the
new Windows operating system and stabilizing its feature phone

On Thursday, June 14, Nokia announced its intention to continue
investing in its priority businesses, but also to downsize
ancillary activities to better align its fixed cost in Devices &
Services (D&S) to lower revenues. Management is seeking to reduce
operating expenses by approximately 44% by the end of 2013 from
the 2010 level. This compares with revenues in the segment that
fell to EUR21.1 billion for the last twelve months from EUR29.1
billion which represents a 28% decline, with revenue growth not
yet in sight. Nokia estimates that its two restructuring plans
announced to date have a cumulative cash cost of EUR1.7 billion
of which EUR450 million has already been paid out by the end of
Q1/2012. However, Moody's cautions that, if Nokia's revenues do
not stabilize soon, it may need to carry out additional

For Nokia to return to growth in this segment, it will primarily
require the Lumia smartphones, which are selling in several
versions and many markets, to gain traction in the smartphone
market. Indeed, in Moody's view, the attractiveness of the Lumia
range should be boosted by the introduction of the Windows 8
operating system for mobile devices, to be launched in the second
half of 2012. The recently launched Asha full touch-screen model
should support demand for feature phones and raise average
selling prices, although Nokia may sell fewer units of mobile
phones as the distribution networks are being scaled down and the
overall feature phone market continues to decline as customers
migrate to smartphones with lower price points.

Moody's now expects Nokia's non-International Financial Reporting
Standards (IFRS) operating margins in its Devices & Services
segment to fall to the negative mid-single digits in percentage
terms (from -3% assumed so far) in the next one or two quarters,
with material improvement starting in the second half of 2012
driven by rising sales of the group's new Lumia smartphone range
and realized cost savings. Nokia's high gross and net cash
balances should remain strong during its product transition to
Windows-based devices, with the group's net reported cash likely
to remain above EUR3.0 billion.

Moody's notes that Nokia has maintained a strong liquidity
position and capital structure. At the end of March 2012, Nokia,
including 100% of the Nokia Siemens Networks (NSN) communications
equipment partnership with Siemens (Aa3 stable), had
approximately EUR9.8 billion of cash and marketable securities,
around twice its reported financial debt. Nokia ended the first
quarter of 2012 with EUR4.9 billion of net cash. For its
liquidity needs, Nokia also has a reliable EUR1.5 billion
revolving credit facility due in 2016, which does not contain
financial covenants.

In addition to the pressure on its own operations, Moody's notes
that Nokia may have to contribute additional capital or funding
to NSN if the company's restructuring costs start to exceed its
cash flow from operations.

Structural Considerations

In its Loss Given Default (LGD) approach, Moody's decided not to
rate the structurally preferred operating liabilities of
subsidiaries above Nokia's debt instruments. The senior unsecured
debt of Nokia was rated at the level of the CFR, instead of a
notch below, because of (i) the investment-grade nature of
Nokia's financing structure, with virtually all financial debt
raised by the parent company on a pari-passu, senior unsecured
basis; (ii) Moody's assumption that more than half of the group's
liquidity, balances of cash and equivalents are unencumbered and
directly accessible by Nokia Oyj without delay; and (iii) the
fact that the majority of intellectual property rights are held,
and more than 40% of group revenues are recorded, by the parent
company, which itself has only small amounts of external assets,
however. If cash held at, and directly accessible by, the parent
company declines materially below Nokia's financial debt, Moody's
may differentiate its rating of Nokia's senior debt instruments
from the CFR.

The negative outlook on Nokia's Ba1 ratings reflect the low
visibility with regard to (i) the trend for Nokia's market share
in smartphones and whether there is customer acceptance of the
Lumia range of devices; (ii) demand and margin potential for the
group's feature phones in emerging markets; and (iii) Nokia's
future net cash flows, which are adversely affected by pricing
pressure, marketing incentives and restructuring expenditures,
although this is partially mitigated by royalty collections,
platform payments from Microsoft and potential disposal proceeds.

What Could Change The Rating Up/Down

Given that the rating outlook is negative, there is currently
limited potential for an upgrade of Nokia's ratings. However,
Moody's could upgrade the rating to investment grade if (i)
Windows devices make meaningful gains in the smartphone market;
(ii) Nokia's revenues start to grow again and it achieves an
operating margin (-4.0% for the last 12 months to March 2012, as
adjusted by Moody's) in the mid-single digits in percentage
terms; and (iii) the group maintains an adjusted net cash
position (approximately EUR2.4 billion as per the end of March
2011, as adjusted by Moody's).

Moody's would stabilize Nokia's outlook if (i) the Lumia family
of devices gains meaningful market share and the Smart Devices
segment returns to non-IFRS operating profit; (ii) the sales
volumes of Mobile Phones segment at least stabilizes and its
margin contribution returns to the double digits in percentage
terms; and (iii) the group's cash consumption falls to marginal

Moody's would consider downgrading Nokia's rating further if (i)
there is evidence that the Lumia product family is failing to
gain momentum, due, for instance, to a slowdown in customer take-
up; (ii) the non-IFRS operating margin of the group's Devices &
Services segment declines further below -5% and fails to improve
in the second half of 2012; or (iii) Nokia's cash consumption
remains high, and is not materially reduced over the coming
quarters such that the group's reported level of net cash does
not trend below EUR3.0 billion (EUR4.9 billion at end of March
2012). The bulk of this cash consumption will be accounted for by
EUR740 million of dividends paid in the second quarter of 2012
and restructuring cash costs at both Nokia and NSN.

Affected Ratings


  Issuer: Nokia Finance International B.V.

    US$4000M Senior Unsecured Commercial Paper, Downgraded to NP
    from P-3

  Issuer: Nokia Oyj

     Issuer Rating, Downgraded to Ba1 from Baa3

     US$4000M Senior Unsecured Commercial Paper, Downgraded to NP
     from P-3

     US$4000M Senior Unsecured Commercial Paper, Downgraded to NP
     from P-3

     EUR5000M Senior Unsecured Medium-Term Note Program,
     Downgraded to (P)NP from (P)P-3

     EUR5000M Senior Unsecured Medium-Term Note Program,
     Downgraded to (P)Ba1 from (P)Baa3

     US$1000M 5.375% Senior Unsecured Regular Bond/Debenture May
     15, 2019, Downgraded to Ba1 from Baa3

     US$500M 6.625% Senior Unsecured Regular Bond/Debenture May
     15, 2039, Downgraded to Ba1 from Baa3

     EUR1250M 5.5% Senior Unsecured Regular Bond/Debenture Feb 4,
     2014, Downgraded to Ba1 from Baa3

     EUR500M 6.75% Senior Unsecured Regular Bond/Debenture Feb 4,
     2019, Downgraded to Ba1 from Baa3


  Issuer: Nokia Oyj

     Probability of Default Rating, Assigned Ba1

     Corporate Family Rating, Assigned Ba1

     US$1000M 5.375% Senior Unsecured Regular Bond/Debenture May
     15, 2019, Assigned a range of LGD4, 63 %

     US$500M 6.625% Senior Unsecured Regular Bond/Debenture May
     15, 2039, Assigned a range of LGD4, 63 %

     EUR1250M 5.5% Senior Unsecured Regular Bond/Debenture Feb 4,
     2014, Assigned a range of LGD4, 63 %

     EUR500M 6.75% Senior Unsecured Regular Bond/Debenture Feb 4,
     2019, Assigned a range of LGD4, 63 %

Principal Methodology

The principal methodology used in these ratings was Global
Communications Equipment Industry published in June 2008.

Headquartered in Espoo, Finland, Nokia Oyj is a large
manufacturer of mobile communication devices and a leading
supplier of telecommunication network systems. Its net sales in
2011 amounted to approximately EUR38.7 billion and to EUR7.4
billion in the first quarter of 2012.


CREDIT MUTUEL: Moody's Lowers Bank Finc'l Strength Rating to 'D+'
Moody's Investors Service has taken the following rating action
on the standalone credit assessment of Credit Mutuel Arkea: BFSR
downgraded to D+ (mapping to a standalone credit assessment of
baa3) from C-/baa1.

At the same time, the Aa3 long-term debt and deposit ratings were
confirmed, incorporating both the strength of the broader Credit
Mutuel group (unrated) and three notches of potential systemic
support. The Prime-1 short-term ratings were unaffected. The
outlook is stable on all ratings.

The lowering of the standalone credit assessment reflects Moody's
reassessment of Credit Mutuel Arkea's standalone financial
strength, driven by (i) its high -- albeit reducing -- structural
reliance on wholesale funding, which renders the bank susceptible
to loss of investor confidence in the highly uncertain current
European operating environment; (ii) Moody's anticipation of
continued pressure on profitability resulting from the weakening
macro-economic environment in France; and (iii) the deteriorating
asset quality of the bank's domestic and peripheral euro area

The confirmation of the long-term ratings reflects Moody's view
that the risks to Credit Mutuel Arkea's standalone credit profile
are offset by the Credit Mutuel group's retail-oriented and
domestically focused business profile, its adequate capital base
and the strength of its domestic franchise. These factors, taken
together, underpin the adjusted standalone credit assessment of
a3 and the confirmation of the Aa3 long-term debt and deposit
ratings in the upper range of the French peer group.

Moody's notes several mitigating factors that have limited the
extent of the downgrade. These include (i) the sustainability of
the earnings base at Credit Mutuel Arkea given its strong
domestic retail franchise and the limited exposures to countries
undergoing more severe stress, (ii) the likelihood of resilient
earnings for domestic retail activities as Moody's expects the
French economy to continue to fare relatively better than many
other euro area member states, and (iii) the sound loss-
absorption capacity of Credit Mutuel Arkea -- and more broadly
the Credit Mutuel group.

This action concludes the review on the bank's BFSR and long-term
debt and deposit ratings initiated on February 15, 2012.

A list of the Affected Ratings, which identifies each affected
issuer, is available at:



Moody's says that despite the considerable improvements in
deposit funding and the lengthening of the maturity profile of
wholesale funding, in the highly uncertain current European
operating environment Credit Mutuel Arkea remains exposed to a
loss of investor confidence. This is underpinned by the still
large proportion of short-term funding and more generally, by the
absolute amounts of wholesale funding. Moody's also notes that
the bank's liquid assets comprise a large proportion of private
loans and own securitisations, which, despite being eligible for
central bank funding, are not easily sold in private markets or
likely subject to significant discount.

In case of market disruption, the institution would have to
operate a moderate reduction in loan production, which could be
detrimental to its franchise. This, together with the lower size
and quality of the liquid asset pool compared to some banks, are
the primary drivers for Moody's analysis of the bank's high
exposure to a loss of investor confidence.


Similar to other European banks, Credit Mutuel Arkea will likely
face further downward pressures on its pre-provision
profitability, reflecting the weakening of macroeconomic
conditions in France and a rise in funding costs. However, given
that the bank is primarily focused on domestic retail activities,
Moody's expects it to be less affected than its peers that
typically maintain larger exposures to peripheral euro area
member states, whose local economies are currently experiencing
severe stress.


The group is mainly exposed to the French economy, with some
degree of diversification to the rest of Europe. Although France
remains one of the stronger economies in the euro area, Moody's
expects that weakening economic conditions will lead to mounting
negative pressures on the overall asset quality of Credit Mutuel
Arkea. This, in turn, would reduce its overall profitability
through higher provisioning costs.

Credit Mutuel Arkea -- and the Credit Mutuel group as a whole --
maintains large exposures to the French housing market, which is
showing signs of overheating. Domestic house prices have
increased significantly in the last decade, partly on the back of
cyclical factors which Moody's believes are unlikely to continue
to support the domestic market going forward. As a result, the
rating agency expects that house prices will remain under
pressure in the short to medium term, as evidenced by the recent
reversal in house prices in some regions. Set against this, the
highly supportive social safety net, the cap on debt
affordability and the limited proportion of variable-rate
mortgages in France are factors that continue to support a low
probability of default. Credit Mutuel Arkea also has large
exposures to domestic small and medium enterprises (SMEs), which
Moody's believes to be particularly vulnerable to the current
macroeconomic cycle. For these reasons, asset quality will likely
deteriorate in the short to medium term.

A further significant deterioration in the public finances or the
economies of these peripheral euro area member states has the
potential to exert negative pressure on the standalone financial
strength of Credit Mutuel Arkea.


Moody's considers Credit Mutuel Arkea's franchise to be strong,
especially in the Brittany region where the bank has a market
share of around 25%. However, the bank's cooperative networks are
concentrated in three regions and diversification can only be
achieved through the acquisition or development of activities
outside of its cooperative perimeter. Moody's notes that the
development of a number of new businesses -- such as white
labelling -- should be positive for the bank's franchise and
earnings streams in the longer term. However, in the short term,
efficiency is likely to be constrained by investment costs (e.g.,
in IT platforms) until new businesses have reached a critical

In addition, although the bank's growth strategy has delivered
some geographical diversification, credit risk remains
concentrated in regions where its cooperative networks operate.
The limited geographical diversification coupled with the
mounting risks of a further deterioration of the macro-economic
environment are more compatible with a standalone BFSR of D+.


The magnitude of the rating actions has been limited by several
mitigating factors, including the sustainability of the earnings
base at Credit Mutuel Arkea given its strong domestic retail
franchises and the limited exposures to countries undergoing more
severe stress. In addition, the strong franchises of Credit
Mutuel Arkea -- and indeed the Credit Mutuel group -- is not
affected by any deleveraging. Although the French economy is
clearly affected by the deterioration in the macroeconomic
environment, Moody's expects it to continue to fare relatively
well compared to some other euro area member states, which is
likely to result in rather resilient earnings for domestic retail
activities. Further, Credit Mutuel Arkea -- and more broadly the
Credit Mutuel group -- has a sound loss-absorption capacity that
is underpinned by the solid capital base and the good recurring
earnings generation capacity. In addition, the Credit Mutuel
Arkea group has significantly reduced its reliance on short-term
wholesale funding needs and is continuing to grow its deposit
bases. Moody's also notes that Credit Mutuel Arkea has maintained
access to capital markets, albeit at higher prices than in the


Despite the weakening in the standalone financial strength of
Credit Mutuel Arkea, Moody's confirmed its long-term ratings
based on Credit Mutuel group's retail-oriented and domestically
focused business profile, its adequate capital base and the
strength of its domestic franchise.

Credit Mutuel Arkea is the refinancing vehicle and the holding
company of non-cooperative members of the Credit Mutuel Arkea
group, a sub-group of the Credit Mutuel group. Given that Credit
Mutuel Arkea is part of the cooperative perimeter of the Credit
Mutuel group, Moody's expects a very high probability of support
from other cooperative group members, leading to an adjusted
standalone credit assessment of a3 for Credit Mutuel Arkea.

Furthermore, Moody's continues to assume a very high probability
of systemic support for the Credit Mutuel group, reflecting its
very high importance to the French economy and the national
systems of payment. This systemic support is attributed to the
individual rated members of the group given the strong
cooperative support mechanism underpinned by French law.


The stable outlooks on all ratings express Moody's view that
currently foreseen risks to creditors are now reflected in these
ratings. Nevertheless, negative rating momentum could develop if
conditions deteriorate beyond current expectations. Specifically,
Moody's has factored into the ratings an increased risk of an
exit of Greece from the euro area, but this is currently not
Moody's central scenario. If a Greek exit became Moody's central
scenario, further rating actions on European banks could well be


The standalone financial strength of the bank could be enhanced
by a continued reduction in its wholesale funding needs and an
improvement in the size and quality of its liquid assets.
Additionally, in the case of Credit Mutuel Arkea, a strengthening
of its franchise, either by increasing the geographical
diversification or significant development of its white-labelling
activities as well as successfully managing down its legacy
investment book would all be considered credit positive.

Downward pressure on the bank's standalone financial strength
could develop from (i) a weakening in the bank's profitability,
chiefly due to a deterioration in asset quality or a material
increase in the cost of funding; (ii) a material deterioration in
the French housing or SME markets, which the bank is inherently
exposed to, or some of the bank's largest exposures; (iii) a
weakening liquidity positioning, resulting from an increasing
reliance on market funding or from a deterioration in size or
quality of the liquidity buffer; and (iv) an increasing risk
profile, notably resulting from Credit Mutuel Arkea's consumer
lending activities.

Credit Mutuel Arkea's long-term ratings could be upgraded in the
event of an improvement in the financial strength of the Credit
Mutuel group. Conversely, its long-term ratings could be
negatively impacted by (i) a further deterioration of the
intrinsic financial strength of the group and its constituent
members; and / or (ii) Moody's assessment of a reduced
probability of group or systemic support.

The methodologies used in this 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.

GROUPE BPCE: Moody's Lowers Bank Finc'l. Strength Rating to 'D'
Moody's Investors Service has downgraded the standalone bank
financial strength rating (BFSR) of BPCE, the central institution
and main issuing entity of Groupe BPCE (unrated), to D (mapping
to a standalone credit assessment of ba2) from C-/baa2.
Concurrently, this prompted the downgrade of BPCE's long-term
debt and deposit ratings by two notches to A2 from Aa3. The long-
term ratings now incorporate three notches of cooperative support
(previously one notch), resulting in an adjusted standalone
credit assessment of baa2 and a further three notches of systemic
support (previously four notches), in line with Moody's systemic
support assumptions incorporated into the ratings of other large,
systemically important French banking groups.

In addition, Moody's has downgraded by either one or two notches
to A2 the long-term debt and deposit ratings of four of BPCE's
subsidiaries: Natixis, Cr‚dit Foncier de France (CFF), Banque
Palatine (BP) and Locindus. The standalone BFSRs of these
entities were also lowered by either one or two notches, except
that of Locindus, which remains on review due to bank-specific

This press release concludes the reviews of the French banking
groups placed on review for downgrade on 15 February 2012, with
the exception of BNP Paribas, Credit Agricole, Societe Generale
and their subsidiaries, which will be concluded together with the
reviews for other global firms with large capital markets

A list of the Affected Credit Ratings, which identifies each
affected issuer is available at:

The outlooks on all long-term debt ratings and the BFSR are
stable, with the exception of CFF which has a negative outlook on
the BFSR. The Prime-1 short-term ratings of BPCE and all of its
subsidiaries were unaffected by the rating action. Dated
subordinated debt securities were downgraded following the
removal of systemic support from such debt. Furthermore, Moody's
has downgraded or confirmed the ratings of a number of hybrid
debt instruments issued by these entities.

Moody's says that the drivers behind BPCE's weakening credit
profile are:

(i) BPCE and the entire Groupe BPCE are structurally reliant on
wholesale funding, particularly short-term funding sources, which
Moody's considers as a key credit weakness because of the
increased risk of possible disruptions amidst the adverse and
uncertain current environment;

(ii) Reduced economic activity and higher funding costs are
exerting downward pressure on BPCE's pre-provision income; and,

(iii) BPCE and the rest of the group are mainly exposed to the
French economy. Moody's expects that weakening economic
conditions in France could impact the group's overall asset
quality, particularly in relation to its SME exposures.

These considerations resulted in a lowering of BPCE's standalone
credit strength by three notches to ba2, which is partly
compensated by three notches of cooperative support, reflecting
the strength of Groupe BPCE as a whole. A further three-notch
rating uplift from Moody's assumption of very high systemic
support (if needed), results in long-term ratings of A2.

The rating actions conclude the review of these institutions'
BFSRs (except that of Locindus which remains under review for
downgrade), and their long-term debt and deposit ratings
initiated on February 15, 2012.

RATINGS RATIONALE -- Standalone Credit Assessments

The rating actions reflect Moody's view that BPCE and the entire
group face considerable challenges in weakening operating and
funding environments. As a result, BPCE's standalone BFSR was
downgraded to D from C- and its adjusted standalone credit
assessment -- which includes cooperative support and thus the
overall strength of Groupe BPCE -- was lowered to baa2 from baa1.
This reflects a combination of adverse factors that are likely to
impact the group's performance going forward.

FIRST DRIVER -- Reliance On Wholesale Funding

Based on audited 2011 financials, Groupe BPCE had a loan-to-
deposit ratio of 143%, reflecting its high reliance on wholesale
funding. The group has a significant amount of short- and long-
term debt outstanding, with high maturity concentrations over the
next 18 months. In addition, the liquidity buffer does not fully
cover the short-term borrowings, including these maturities
falling due. In case of market disruption, the group would have
to adjust its loan production, which could be detrimental to its
franchise. Despite this, Moody's notes that Groupe BPCE has
maintained access to capital markets in recent quarters,
characterised by restricted conditions, and that it has made
progress towards refinancing its long-term debt due to mature
this year. The rating agency considers that the high reliance on
confidence sensitive wholesale funding is a key credit weakness,
because this funding source is susceptible to investors'
confidence that can change unexpectedly. For these reasons,
Moody's believes that the group remains vulnerable to liquidity
and refinancing risk in the current challenging market
conditions, due to its funding structure and comparatively weak
liquidity position.

SECOND DRIVER -- Negative Pressure on Pre-Provision Income

Similar to other European banks, Groupe BPCE is experiencing
downwards pressures on pre-provision income, because of reduced
economic activity and higher funding costs. However, Moody's
notes that the group's core activities, comprising commercial
banking and insurance, have continued to deliver steady results
and that the negative pressure on profits is partly off-set by
post-merger efficiencies, supplemented by further cost-saving
initiatives underway. However, results are still weak compared
with those of its French peers. Lower earnings reduce the group's
capital generation capacity, making it more challenging for the
group to absorb unforeseen losses without potentially eroding

THIRD DRIVER -- Deteriorating Asset Quality

The group is mainly exposed to the French economy, with some
degree of diversification to the rest of Europe and beyond.
Although France remains one of the stronger economies in the euro
area, Moody's expects that weakening economic conditions will
lead to mounting negative pressures on the group's overall asset
quality. This, in turn, would reduce the overall capital
generation capacity through higher provisioning costs. Moody's
notes that the group is relatively exposed to the SME sector,
which it believes is sensitive to the current weakening economic
conditions, relative to other market segments. For this reason,
Moody's expects that asset-quality deterioration will emerge in
the coming quarters.

Groupe BPCE has experienced some asset-quality issues in recent
quarters, due to the sizeable Greek bond holdings primarily held
within its subsidiary CFF. However, according to the firm's
audited accounts for 2011 and quarterly result for Q1 2012, these
exposures have been written down to around 22% of their nominal
value. Moody's says that the residual exposures to weak European
countries such as Italy remain material, but manageable overall,
totalling EUR3.9 billion and corresponding to around 9% of the
group's Tier 1 capital.

Mitigating Factors

Moody's notes that several mitigating factors have limited the
magnitude of the downgrades. Firstly, Groupe BPCE is reducing its
wholesale funding requirements through deleveraging actions and
it has maintained access to capital markets, albeit at higher
prices than in the past. Secondly, the group has a strong
franchise in France that continues to prove resilient, thereby
providing a certain degree of earnings stability. Lastly, the
group has continued to generate earnings in recent quarters,
albeit lower than in the previous year, allowing the group to
strengthen its capital position, improving its ability to absorb
unexpected losses.


As the central institution and main issuing entity of the group,
BPCE mainly consolidates Natixis, CFF, Banque Palatine and
Locindus and it does not fully benefit from the creditworthiness
of the broader Groupe BPCE. The standalone credit assessment only
captures a small portion of the credit strength of the large
retail banking business through Natixis's 20% participation in
the two networks of regional banks (Banques Populaires and
Caisses d'Epargne). These networks, which form the basis of the
cooperative group, in turn own 100% of BPCE. For this reason,
BPCE is primarily wholesale-funded, making it very vulnerable to
fluctuations in market sentiment. Moody's says that the downgrade
of BPCE's standalone credit assessment reflects this factor, but
also captures the broader weakening operating environment in
France and other European countries in which BPCE operates
through its subsidiaries, as well as the relatively high risk
profile of some of its investment banking operations (booked
within Natixis).


Natixis's standalone credit assessment was lowered to D/ba2 from
D+/baa3 to reflect the bank's vulnerability to the weakening
operating environment. Moody's expects Natixis's asset-quality
profile to deteriorate in the next few quarters, as it is exposed
to some cyclical sectors, such as commercial real estate and
energy, which are vulnerable to the current difficult operating
environment, leading to higher provisioning charges. In addition,
lower economic activity in the regions in which Natixis operates
will exert additional downwards pressure on its earnings.

Moody's notes that Natixis's business mix covers a wide range of
activities, some of which generate steady income streams; as
such, its earnings are less volatile than more traditional
corporate and investment banks. However, the bank faces
challenges in relation to the transition to an 'originate-to-
distribute' business model, with a greater focus on existing
clients of Groupe BPCE and in relation to the implementation of
the deleveraging plan, which carries execution risk.


The downgrade of CFF's BFSR to D-/ba3 from D/ba2 is due to
pressure on the asset side, primarily reflecting Moody's
assessment of increasing risk of rating migration in its RMBS
portfolio -- totalling around EUR12 billion, or 8% of its total
assets according to audited FYE 2011 financials -- which could
affect the bank's modest capitalization. CFF is a specialized
real-estate lender that is almost entirely wholesale funded.
However, it endeavors to match its funding with its asset profile
and therefore loan origination volumes depend on the bank's
ability to access the capital markets.

Moody's says that the outlook on the BFSR is negative to reflect
the potential for erosion in CFF's franchise, reduced
profitability and execution risk resulting from the
implementation of its deleveraging plan. This could result in
losses on the assets sold at a time when asset prices are


The downgrade of Banque Palatine's BFSR to D+/baa3 with stable
outlook from C-/baa2 reflects the bank's vulnerability to the
weak operating environment, due to its focus on large SMEs and
high single-borrower concentrations.

RATINGS RATIONALE -- Debt & Deposit Ratings

The downgrade of BPCE and the aforementioned subsidiaries' long-
term debt and deposit ratings reflects (i) the lowering of the
banks' standalone credit assessments; (ii) the assessment of a
weakening credit profile of Groupe BPCE, providing cooperative
support if required, which results in an adjusted standalone
credit assessment of baa2 (baa1 previously); and (iii) Moody's
view that assumptions for potential systemic support should be
brought into line with other large, systemically important French
banks, at three notches of uplift, instead of the previous four


The stable outlooks on the long-term ratings express Moody's view
that currently foreseen risks to creditors are now reflected in
these ratings. Nevertheless, negative rating momentum could
develop if conditions deteriorate beyond current expectations.
Specifically, Moody's has factored into the ratings an increased
risk of an exit of Greece from the euro area, but this is
currently not Moody's central scenario. If a Greek exit became
Moody's central scenario, further rating actions on European
banks could well be needed.

RATINGS RATIONALE -- Subordinated Debt And Hybrids Ratings

The downgrades of BPCE's subordinated Medium-Term Note Program's
rating to (P)Baa3 from (P)A1 and its junior subordinated rating
to (P)Ba1 from (P)Baa2 reflect the removal of systemic support
from these instruments. In Moody's view, systemic support in many
European countries, including France, is no longer sufficiently
predictable and reliable going forward to warrant incorporating
systemic-support driven uplift into these debt ratings. For the
same reason, Natixis's subordinated debt was downgraded to Baa3
from A1.

The ratings on BPCE's cumulative and non-cumulative preference
stocks were downgraded to Ba2 (hyb) from Baa3 (hyb),
corresponding to three notches below the adjusted standalone
credit assessment of baa2, from two previously. In addition, the
ratings on non-cumulative preference stocks issued by Natixis and
its other specialised issuing vehicles was confirmed at Ba2
(hyb), three notches below Natixis's adjusted standalone credit
assessment of baa2, from four notches previously. Moody's
considers that the current rating differentials better reflect
the risk carried by these securities, further to the full
repayment of government financial support in 2011.

What Could Change Ratings Up/Down

Upgrades of the banks' ratings are unlikely in the near term,
given the negative factors characterizing the operating
environment in which these entities operate. A limited amount of
upwards rating pressure could develop if Groupe BPCE as a whole
improves its credit profile and resilience to the prevailing
operating conditions.

Higher standalone credit assessments might be achievable if BPCE
and its subsidiaries demonstrate a significant improvement in
their credit-rating drivers, particularly liquidity, asset
quality, profitability and capital.

The long-term ratings of BPCE and its subsidiaries carry stable
outlooks. However, ratings may decline further if (i) economic
conditions were to worsen beyond current expectations, for
example in France, leading to materially weaker asset-quality
profiles, impaired profitability and weaker capitalization
levels; or (ii) restricted funding access were to prevent the
group from refinancing its operations.

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.

ODDO & CIE: Moody's Lowers Bank Finc'l Strength Rating to 'D+'
Moody's Investors Service has downgraded Oddo & Cie's standalone
bank financial strength rating (BFSR) by one notch to D+ from C-
and lowered the corresponding standalone credit assessment to ba1
from baa2. This prompted the downgrade of the long-term debt and
deposit ratings by two notches to Ba1. The outlook is stable and
the short-term rating was lowered to Not Prime from Prime-2.

The key drivers for the downgrades are (i) weakened profitability
and vulnerability to further downward pressure on revenues due to
exposure to capital markets through its brokerage and asset-
management businesses; and (ii) Moody's reassessment of the
inherent vulnerabilities of its capital markets-oriented
businesses, which, amidst the highly uncertain current European
operating environment, render the bank susceptible to changes in
client confidence, which could in turn weaken its risk profile.

Moody's notes several mitigating factors. These include (i)
substantial reserves of liquid assets relative to its size, which
means that Oddo can withstand a lack of access to market funding
for well over 12 months, without a material impact on its
business; (ii) sizeable capital resources which provide a
substantial buffer against potential unexpected losses; and (iii)
low vulnerability to asset-quality deterioration due to a
relatively small loan book.

The rating actions on Oddo's BFSR and long-term debt and deposit
ratings conclude the review initiated on February 15, 2012.

A list of the Affected Credit Ratings, which identifies each
affected issuer, is available at:

Ratings Rationale

The lowering of the BFSR and the long-term rating was primarily
driven by the following considerations.

FIRST DRIVER -- Weakened Profitability

Moody's says that Oddo's core profitability has weakened sharply
in recent years. This is a function of difficult business
conditions that principally affect its asset management,
brokerage and investment banking operations. Although Oddo has
integrated several opportunistic acquisitions -- most recently
Banque d'Orsay and Banque Robeco -- so far, these have not
significantly boosted profitability beyond generating one off
gains. Higher funding costs have also affected the group's metal-
trading business, for example. The group has targeted a reduction
in its cost base to adapt to the more difficult environment;
however, despite a recent improvement, the benefits from this
initiative will require time to take effect and in the meantime
earnings will likely remain weak, in Moody's view.

SECOND DRIVER -- Capital Markets Businesses are Sensitive
                  to Client Confidence

Moody's has reassessed its view of the risks inherent to capital
market businesses. As a result, Moody's considers that Oddo's
capital markets franchises are intrinsically more sensitive to
changes in client confidence than retail-based operations. Whilst
the recent acquisitions have bolstered its asset-management and
private banking activities, inflows and hence fees are also
likely to be sensitive to customer sentiment and product
performance. Oddo's activities are far smaller than those of the
global capital markets players; however, Moody's considers that
Oddo's activities in this area introduce a level of complexity
and dynamism into the group's risk profile that counterparties
find difficult to monitor, given the limited public disclosure of
the performance of these activities. Moody's therefore believes
that amidst the highly uncertain current European operating
environment, which renders the bank susceptible to changes in
investor confidence, the vulnerability and confidence sensitivity
of Oddo's franchise has increased.

Mitigating Factors

Moody's notes certain mitigating factors. Firstly, Oddo has
substantial reserves of liquid assets relative to its size, with
cash and short-term deposits of EUR756 million according to
audited 2011 financials (one third of its non-derivative assets)
and does not engage in meaningful maturity transformation, having
an excess of short-term assets over its wholesale liabilities
(notably EUR150 million of senior debt maturing in October 2013).
The loan book is small and illiquid assets are financed with the
bank's own equity. As such, it can withstand a lack of access to
market funding for well over 12 months, without a material impact
on its business.

Secondly, it has substantial capital resources, with a Tier 1
ratio of 16% according to audited 2011 financials, and a leverage
ratio (non-derivative tangible assets-to-tangible equity) of 13x.
This provides a substantial buffer against potential unexpected

Thirdly, its loan book is relatively small, and it insures some
of its trading counterparty risk; this implies that it has low
vulnerability to asset-quality deterioration.

RATINGS RATIONALE -- Debt & Deposit Ratings

The long-term debt and deposit ratings were downgraded by two
notches to Ba1, in line with the BCA. The ratings purely reflect
the firm's intrinsic creditworthiness, and in the absence of
parental or government support, which Moody's considers unlikely
to materialize given Oddo's small scale and low systemic

Rationale For Stable Outlook

The stable outlooks on all ratings express Moody's view that
currently foreseen risks to creditors are now reflected in these
ratings. Nevertheless, negative rating momentum could develop if
conditions deteriorate beyond current expectations. Specifically,
Moody's has factored into the ratings an increased risk of an
exit of Greece from the euro area, but this is currently not
Moody's central scenario. If a Greek exit became Moody's central
scenario, further rating actions on European banks could well be

RATINGS RATIONALE -- Subordinated Debt

The ratings on the dated subordinated obligations of Oddo were
downgraded by two notches to Ba2, one notch below the standalone
credit assessment.

What Could Move The Ratings Up /Down

The outlook on the long-term ratings is stable. Upward pressure
on Oddo's BFSR and standalone credit assessment could arise from
(i) heightened diversification and scale in key franchises;
and/or (ii) a reduction in volatility of earnings over time. An
upgrade of the BFSR would result in an upgrade of the deposit /
debt ratings.

Downwards pressure on Oddo's BFSR and standalone credit
assessment could be triggered by:

- An inability to improve efficiency and profitability metrics
   in the medium term;

- Material weakening in key franchises;

- Any substantial outflow of client funds and/or an attrition of
   private or institutional clients;

- A weakened ability to generate earnings from its franchises,
   e.g. in asset management, as a result of a continued poor
   performance of stock markets or a change in the regulatory or
   competitive landscape;

- Evidence of an increase in risk appetite or weakness in risk
   controls; and/or

- An acquisition leading to a material reduction in capital
   ratios or an increased risk profile.

A lowering of the standalone credit assessment would lead to a
downgrade of the long-term ratings, in the absence of increased
assumptions for potential external support.


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.


PRIME 2006-1: Fitch Downgrades Ratings on Two Note Classes to 'C'
Fitch Ratings has affirmed PRIME 2006-1 Funding Limited
Partnership's class A, B and E notes and downgraded the class C
and D notes as follows:

  -- EUR100,651,724 Class A notes (ISIN: XS0278567994): affirmed
     at 'Bsf'; Outlook Negative

  -- EUR15,000,000 Class B notes (ISIN: XS0278569776): affirmed
     at 'CCCsf'; assigned RE30%

  -- EUR20,000,000 Class C notes (ISIN: XS0278570519): downgraded
     to 'Csf' from 'CCsf'; assigned RE0%

  -- EUR13,900,000 Class D notes (ISIN: XS0278571756): downgraded
     to 'Csf' from 'CCsf'; assigned RE0%

  -- EUR13,000,000 Class E notes (ISIN: XS0278572135): affirmed
     at 'Csf'; assigned RE0%

The downgrades reflect the three additional principal deficiency
ledger (PDL) events that have occurred since the last performance
review in July 2011.  The total outstanding PDL balance rose to
EUR35.5 million from EUR27.8 million at last review, lowering the
credit protection available to the notes.  Given the
transaction's scheduled maturity in July 2013, default on the
class C, D and E notes appears inevitable, which is the reason
for the downgrade of the class C and D notes and the affirmation
of the class E notes.

Fitch notes the high single obligor concentration within the
transaction.  The pool has become even more concentrated compared
to the last review as a result of the additional PDL reducing the
performing pool balance.  The largest exposure accounts for 10%
of the performing portfolio amount and the top five obligors for
53%, which makes this transaction the most concentrated among
German mezzanine SME CLOs.

The reduced credit protection for the class A notes could only
provide for a default of the two largest obligors.  The class B
notes could only sustain a default of the largest obligor.  In
Fitch's view, the current ratings of these notes reflect this
situation, which led to their affirmation.  The other rated
classes do not have sufficient credit protection to provide for
default of the largest obligor.

Due to the subordinated nature of the securitized loan
instruments, Fitch expects no recoveries.

Given the bullet maturities, Fitch regards refinancing risk as a
key risk in this transaction.  All of the loans are bullet loans
maturing on the same day in July 2013.  Fitch expects weaker
borrowers to have difficulties re-financing loans at maturity,
which could lead to additional defaults.  This risk is reflected
in the Negative Outlook on the class A notes.  Fitch is in
contact with the transaction arranger and will review any
available information on the repayment and refinancing plans of
the borrowers.

Fitch assigns Recovery Estimates (REs) to all notes rated 'CCCsf'
or below. REs are forward-looking, taking into account Fitch's
expectations for principal repayments on a distressed structured
finance security.

The transaction is a cash securitization of subordinated loans to
German medium-sized enterprises. Currently, approximately two-
thirds of the loans feature a loss participation mechanism, and
the remainder incorporates a deferral option for fixed annual
interest.  The portfolio companies were selected by the
originating banks HSH Nordbank AG ('A-'/Stable/'F1'), Landesbank
Baden-Wuerttemberg ('A+'/Stable/'F1+') and Haspa
Beteiligungsgesellschaft fuer den Mittelstand mbH (NR).


ATLANTIC HOMECARE: High Court Confirms Appointment of Examiner
Tim Healy at Irish Independent reports that the High Court has
confirmed the appointment of an examiner to the Atlantic Homecare
after a judge was told there had been two expressions of interest
in investing in it.

Earlier this month, Mr. Justice Brian McGovern appointed Declan
McDonald of PricewaterhouseCoopers as interim examiner after he
was told most of the chain's 13 stores were trading at a loss,
Irish Independent relates.

According to Irish Independent, the court heard however that the
company, part of the Grafton Group, had a reasonable prospect of
survival if a scheme was put in place which would include the
closure of five of the stores and cutting staff numbers from 348
to 234.

The plan also involved renegotiating with landlord about rents
which were the company's biggest liability and most of which were
subject to "upward only" reviews, Irish Independent says.

The petition for examinership was made on behalf of the directors
of the company which, although it had an accumulated loss of
EUR21 million for the last five years, had continued to trade
with the support of other companies within the Grafton Group, in
particular Woodies DIY, Irish Independent discloses.

Mr. Justice McGovern confirmed Mr. McDonald as examiner saying he
was satisfied from what had been outlined to him that the company
had a reasonable prospect of survival, Irish Independent notes.

Atlantic Homecare is a DIY store chain.

AWAS AVIATION: Moody's Rates US$360-Mil. Term Loan '(P)Ba2'
Moody's Investors Service has assigned a provisional long-term
rating of (P)Ba2 to the US$360 million Term Loan (Loan) of AWAS
Aviation Capital Limited (AWAS), due 2018. The Ba3 corporate
family rating and the existing Ba2 rating on the 2016 term loan
and senior secured notes of AWAS were affirmed. The outlook on
all ratings is stable.

The (P)Ba2 rating is contingent upon AWAS' success in placing the
proposed Loan. Moody's issues provisional ratings in advance of
the final sale of securities and these ratings reflect Moody's
preliminary credit opinion regarding the transaction only. Upon a
conclusive review of the final versions of all the documents and
legal opinions, Moody's will endeavor to assign a definitive
rating on the Loan. A definitive rating may differ from a
provisional rating. The provisional rating assumes confirmation
that the final set of documentation does not differ from the
draft documentation.

Ratings Rationale

The Loan will be secured by perfected security interests on the
aircraft as well as security assignments of the leases, and
pledges of the ownership interests of the aircraft owning
entities. The Loan is guaranteed by AWAS on a senior unsecured
basis and, in addition, the Loan is guaranteed by the AWAS
subsidiaries that own assets pledged in support of the Loan on a
senior secured basis. AWAS will use the proceeds of the debt
issuance to repay the current drawdown on its warehouse facility,
to pre-fund future deliveries of aircraft and for general
corporate purposes.

The (P)Ba2 rating assigned to the Loan is one notch above the Ba3
corporate family rating of AWAS, based upon the facility's terms
that meaningfully lower secured creditors' risk of loss. Based on
the draft terms and conditions of the Loan, these include a
maximum loan-to-value (LTV) covenant of 74.4% (initial LTV is
69.4%) that is to be determined semi-annually, as well as the
high quality of the underlying collateral. The weighted average
age of the initial pool of aircraft is one year, the weighted
average remaining lease term in the initial pool is just over 8
years, and the collateral comprises solely of narrow-body
aircraft. The term loan will be secured by 12 aircraft that are
on lease to 10 lessees globally. The collateral securing the Loan
will also be subject to concentration limits relating to aircraft
type (wide- or narrow-body) and model.

The (P)Ba2 rating also reflects the use by AWAS of secured
recourse debt in its capital structure. After incorporating the
proceeds of the Notes, secured recourse debt will represent
approximately 44% of AWAS' total indebtedness. If AWAS were to
substantially increase the proportion of secured recourse debt
with features and terms similar to the proposed transaction and
the existing facilities, the ratings for all such secured
recourse debt would likely converge with the firm's corporate
family rating because the differentiation among creditors would
be less significant. If secured recourse funding as a proportion
of AWAS' total funding structure remains at similar levels, then
an upgrade of the Notes would likely occur only as a result of an
upgrade of the Ba3 corporate family rating.

The rating of the Notes also incorporates the fundamental credit
characteristics of AWAS. These factors include AWAS' strong, and
improved, capital levels relative to many peers operating in the
aircraft leasing sector, the overall balance among its portfolio
risk exposures (geographic, aircraft type and model, and
customer), and its experienced management team. As constraints,
the rating also reflects AWAS' monoline business model and
associated low revenue diversification, the operating and
financial risks relating to its strategy to aggressively grow its
commercial aircraft fleet, and the company's high reliance on
secured funding that limits its operational and financial

The stable outlook reflects the good progress that the company
has made in delivering on its growth strategy, as well as the
challenge the company could face to successfully place its
upcoming deliveries if global demand factors were to weaken.

What Could Change the Rating Up/Down

Positive pressure on the ratings would require further evidence
that the company can successfully deliver on its growth strategy
while maintaining the low leverage; and evidence, through
consistent strong financial performance, that growth has been
effectively managed without straining management capacity or
liquidity resources.

Downward pressure would result from difficulties in placing the
relatively large number of aircraft that the company will receive
in the next two years, a material decline in profitability from
historic levels, an increase in leverage to more than 2.5x, or a
meaningful deterioration in the company's liquidity profile.

The principal methodology used in this rating was Finance Company
Global Rating Methodology published in March 2012.

AWAS Aviation Capital Limited, headquartered in Dublin, Ireland,
is a commercial aircraft leasing company.

GALWAY GLASS: Placed in Voluntary Liquidation
Lorraine O'Hanlon at the Galway Independent reports that a
liquidator has been appointed to Independent TD Noel Grealish's
Briarhill-based company Galway Glass Centre Ltd.

The Galway Independent relates that Deputy Grealish said he had
made the voluntary decision to wind up Galway Glass Centre Ltd
following the downturn of the construction industry, which has
resulted in "very difficult trading conditions over an extended
period of time".

"Over the last number of years, I have invested personal savings
to keep the company afloat . . . unfortunately, as trading
conditions continued to deteriorate, I took the advice of my
accountants to wind up the company and call a creditors'
meeting," the report quotes Deputy Grealish as saying.

"After 25 years in business, I strongly regretted this difficult
decision, which resulted in six staff being let go, including two
members of my own family. I am working with my accountants to
discharge all liabilities of the company," said Deputy Grealish.

The report says the meeting took place on June 6 at the Carlton
Hotel but no creditors attended.

Paul Mee of Mazars Tierney has now been appointed liquidator, the
Galway Independent reports.


AEROPORTI DI ROMA: Moody's Confirms Debt Ratings at 'Ba2'
Moody's Investors Service has confirmed the Ba2 debt ratings of
Aeroporti di Roma S.p.A. (ADR) and of ADR's affiliate, Romulus
Finance srl. The outlook assigned to the ratings is positive.
This concludes the review for downgrade initiated by Moody's on
December 16, 2011.

Ratings Rationale

The rating action follows ADR's recent announcement that it has
finalized a refinancing package including a revolving credit
facility of EUR100 million and a term loan facility of EUR400
million (both maturing in February 2015). ADR is to use both
facilities -- in addition to cash available to the company on a
dedicated restricted account amounting to EUR75.4 million as of
the end of May 2012 -- to refinance its February 2013 debt
maturities, which include a EUR100 million revolving credit
facility and a EUR500 million bond.

In Moody's view, this development contributes to the mitigation
of the short-term refinancing risk previously weighing on ADR's
rating. However, Moody's continues to consider the achievement of
a satisfactory regulatory settlement as critical in the context
of the company's financial profile and the visibility of its
funding strategy in the intermediate term. Therefore, whilst
positive, Moody's does not consider the announcement alone as
sufficient to support a rating upgrade, hence the rating agency's
confirmation of ADR's rating at the current Ba2 level.

The ratings affected by the action are:

Aeroporti di Roma S.p.A.:

Senior secured bank loan facility -- confirmed at Ba2

Romulus Finance srl:

EUR500 million of 4.94% senior secured bonds due in 2013 --
confirmed at Ba2

EUR175 million of senior secured floating-rate notes due in 2015
-- confirmed at Ba2

EUR200 million of senior secured floating-rate notes due in 2015
-- confirmed at Ba2

GBP215 million of 5.441% senior secured bonds due in 2023 --
confirmed at Ba2

With regard to the finalization of a rate-charging framework
applicable to ADR, Moody's notes that the company has made some
progress over recent months. This is mainly related to the
finalization of the first consultations with the Italian Civil
Aviation Authority (ENAC) on planned investments for the period
2012-2044 and ongoing discussions with the relevant political
authorities in respect of a proposed tariff framework aimed at
ensuring clarity and stability. However, Moody's also notes that
a final regulatory settlement has not been achieved and that the
process would require several additional administrative steps,
including approval from the relevant political authorities, which
could potentially result in further delays.

The lack of a final regulatory settlement and the associated
inability to raise charges - which have been frozen for more than
ten years - has constrained ADR's financial position such that it
cannot undertake the increased capital expenditure in the Rome
airport system to enable it to deal with further expected traffic
growth. ADR's current credit rating is at a level that allows
only maintenance investments and limits the financial flexibility
of the company, particularly by requiring it to sweep surplus
cash to cash-collateralize debt obligations and seek debt
creditors' consent to any debt refinancing.

Moody's views ADR's fundamental business and financial profile as
generally one of an investment-grade company, in light of the
quality of its assets and the history of its traffic performance.
However, the current rating reflects the risks pertaining to ADR,
given the lack of a satisfactory settlement on regulatory
charges. In Moody's view, continued delays in ADR achieving a
final regulatory settlement will result in the continuation of
refinancing risk over the intermediate term, particularly in the
context of (i) the current macroeconomic and financial pressures
in Italy; and (ii) ADR's sizeable maturities concentrated at the
beginning of 2015, which include the revolving and term
facilities discussed above and two bonds totalling EUR375
million, due in February 2015.

The positive outlook assigned to the ratings recognizes (i) the
developments related to ADR's finalization of a refinancing
package that covers its 2013 debt maturities; and (ii) the recent
progress ADR has made in respect of the discussions related to
the finalization of a regulatory settlement.

What Could Change The Rating Up/Down

Upward rating changes could arise if ADR achieves a satisfactory
regulatory settlement, expected to result in a material increase
in tariffs, partially offset by increased capital expenditure
commitments, together with a satisfactory plan to address future
debt maturities.

Conversely, negative rating pressure could develop as a result of
continued delays and uncertainties related to the finalization of
a satisfactory regulatory settlement, which would lead to a lack
of stabilization of the company's finances and the continuation
of refinancing risk over the intermediate term.

Principal Methodology

The principal methodology used in rating ADR was "Operational
Airports Outside of the United States", published May 2008.

Aeroporti di Roma has a concession to operate the Rome airport
system until 2044. For the year ended December 2011, ADR reported
total assets of EUR2.6 billion and total revenues of EUR623


BTA BANK: Begins Debt Restructuring Talks with Steering Committee
Sarka Halas at Dow Jones Newswires reports that BTA Bank JSC,
said Friday it has begun formal discussions with the steering
committee of its creditors on the proposed restructuring of
US$4.98 billion of its debt.

The bank's advisers presented a draft of its preliminary
restructuring proposal to the steering committee during meetings
held June 12 and 13 in London, Dow Jones relates.

According to Dow Jones, the bank and the steering committee will
also hold due diligence meetings in Almaty this week and discuss
an agreed term sheet over the following two weeks.

BTA defaulted on a US$166 million bond coupon in January and the
steering committee was formed in February to represent
stakeholders in the bank's second restructuring since a state
takeover three years ago, Dow Jones recounts.

                          About BTA Bank

BTA Bank AO (BTA Bank JSC), formerly Bank TuranAlem AO -- is a Kazakhstan-based financial institution,
which is involved in the provision of banking and financial
products for private and corporate clients.


KBC BANK: Moody's Lowers Bank Finc'l. Strength Rating to 'D+'
Moody's Investors Service has downgraded KBC Bank's standalone
Bank Financial Strength Rating (BFSR) to D+ (mapping to a
standalone credit assessment of baa3) from C-/baa1. This prompted
the downgraded of KBC Bank's long-term debt and deposit ratings
by two notches to A3 from A1, and the short-term rating to Prime-
2 from Prime-1. The outlook is stable.

Prompted by the rating action on KBC Bank, Moody's has also
downgraded KBC Group's long-term debt and deposit ratings by two
notches to Baa1 from A2. Its short-term rating was lowered to
Prime-2 from Prime-1. The outlook is stable.

These downgrades were triggered by:

(i) KBC Bank's higher sensitivity to the deteriorating European
macro-economic environment, due its exposures to markets
experiencing material stress, notably Ireland and Hungary. The
losses stemming from these exposures are likely to continue to
weigh on the bank's profits;

(ii) The unfavorable market and economic conditions, which in
Moody's view could constrain KBC Group's ability to meet the
requirement of the European Commission under its restructuring
plan to deleverage and repay part of the core capital securities
held by the Belgian Federal and Flemish Regional Governments by
the end of 2013; and

(iii) The higher than expected sensitivity of part of the bank's
funding to market pressures.

Moody's notes several mitigating factors that have limited the
extent of the downgrades. These include (i) Moody's anticipation
that KBC would generate sufficient revenues to cover potential
losses generated by its exposures in Ireland and Hungary, (ii)
Moody's expectation that in case of difficulty, KBC would be able
to limit the repayment of state aid to an amount that would allow
it to preserve adequate solvency both at KBC Bank and KBC
Insurance, (iii) the likelihood that in the increasingly
pressurized European operating environment, the EC would likely
prove flexible if the group is unable to comply with the agreed
repayment conditions and (iv) KBC Bank's robust liquidity.

In addition to the above rating actions, Moody's has downgraded
KBC Bank's subordinated debt by five notches to Ba1 from A2,
following the removal of systemic support for these securities.
Moody's has also downgraded the cumulative Perpetual Debt
Securities issued by KBC Bank by one notch to Ba2 (hyb) from Ba1
(hyb), as a reflection of the lower standalone credit strength of
the bank and confirmed the Ba3 (hyb) rating of the non-cumulative
Trust Preferred Securities issued by KBC Bank Funding Trust II,
III and IV. The outlook is stable on these subordinated debt and

Moody's has also downgraded KBC Bank Ireland (KBCI)'s long-term
bank deposit and debt ratings to Ba1 from Baa3 and the short-term
bank deposit rating to Not-Prime from Prime-3. The guaranteed
Prime-1 commercial paper rating is downgraded to Prime-2 in line
with the downgrade to Prime-2 of the short-term rating of KBC
Bank N.V. (the guarantor). The outlook on KBCI's deposit and debt
ratings is negative. The standalone BFSR of D-/ba3 (which has a
negative outlook) was not on review and has not been affected by
the rating action.

The actions on KBC Bank's BFSR and the long-term debt and deposit
ratings of KBC Bank, KBC Group and KBCI conclude the reviews
initiated on February 15, 2012. The action on the subordinated
debt instruments concludes the review of those ratings initiated
on November 29, 2011.

A list of the Affected Ratings, which identifies each affected
issuer, is available at:

Ratings Rationale

The lowering of KBC Bank's standalone credit strength reflects
the following drivers.

FIRST DRIVER -- Exposure to the Irish and Hungarian Markets

KBC Bank's loan portfolios in Ireland and Hungary account for
around 11% and 3.7% of the bank's total lending book,
respectively, based on Moody's estimates. Since 2010, these
portfolios have driven a large portion of the credit costs
incurred by the group. Moody's says that losses could continue to
increase in the current fragile macro-economic environment,
exerting pressure on the bank's overall earnings.

Regarding the Hungarian loan book, Moody's acknowledges that the
losses generated in 2011 were inflated by one-off provisions
triggered by a change in legislation in the country that
recognized the lenders' responsibilities in foreign-exchange
losses incurred by the households that had contracted residential
mortgages denominated in foreign currencies. Moody's also
recognizes that KBC Bank's loan book in Hungary is out-performing
those of the bank's main local peers and that the profit
generated locally has covered the losses generated in 2011.

SECOND DRIVER -- Constraints Related to the Commitment to
                 Deleverage and Repay State Aid

As part of the agreement reached with the European Commission in
November 2009 on its restructuring plan, further revised in 2011
and 2012, KBC Group is committed to (i) completing its divestment
program; and (ii) repaying EUR4.2 billion out of the residual
EUR6.5 billion government-held hybrid securities, by the end of

The unfavorable market and economic conditions may constrain
KBC's ability to meet these targets, and Moody's believes that
some capital losses on the remaining disposals are likely. KBC's
ability to repay state aid by the end of 2013 hinges on its
capacity to complete the planned divestments and to generate
sufficient earnings over the coming quarters. The rating agency
continues to believe that in the current environment, KBC's
performance could be volatile and subject to (i) further
pressures exerted by the deteriorating operating environments
both in the domestic and foreign markets; and (ii) the impact of
high market-spread volatility on both the valuation of its legacy
CDOs and on the effectiveness of its interest-rate hedging
strategy. Moody's notes that should KBC Bank be unable to meet
the conditions imposed by the European Commission, there might be
negative implications for the group's credit profile, in
particular if the Commission were to set further compensation
measures for state aid provided in 2008/2009. In turn, this could
negatively affect KBC's diversification or franchise, in Moody's

THIRD DRIVER -- Higher-Than-Expected Sensitivity of a Portion of
                Funding Sources

While KBC Bank's core deposit base has remained stable, Moody's
understands that the bank experienced some outflows of funds from
international institutional investors during Q4 2011. This caused
a slight deterioration in its loan-to-deposit ratio to 103% from
the mid-90% range. Moody's understands that the situation has
since stabilized (as of the beginning of Q1 2012) and the lost
funding recovered slightly during that quarter, but nonetheless
highlighted an element of confidence-sensitive funding.

Mitigating Factors

Moody's notes several mitigating factors that have limited the
extent of the downgrades.

Moody's anticipates that the bank would generate significant
revenues from its core businesses that can help absorb potential
losses that could be generated by its exposures in Ireland and
Hungary. Nonetheless, further deterioration of these operations
may impact KBC Bank's ability to repay state capital as currently

Regarding state aid, Moody's assumes that in case of difficulty,
KBC would limit the repayment to an amount that would allow it to
preserve adequate solvency both at KBC Bank and KBC Insurance.
Moody's also anticipates that in the increasingly pressurized
environment, the European Commission would likely prove flexible
if the group would is unable to comply with the conditions agreed
upon due, to adverse market and/or economic conditions.

The liquidity of KBC Bank has remained robust, despite the
outflow of a portion of institutional funding. As at the end of
March 2012, the bank appears able to withstand further wholesale
outflows as well as the loss of some deposits. As of the same
date, KBC Bank's net short-term wholesale funding was comfortably
covered by unencumbered central bank eligible assets.

RATINGS RATIONALE -- Debt & Deposit Ratings

The downgrade of KBC Bank's debt and deposit ratings follows the
lowering of the bank's standalone credit assessment to baa3 from
baa1. These ratings continue to incorporate a very high
probability of systemic support being forthcoming from the
Belgian Government (Aa3, negative) if needed, resulting in three
notches of uplift from its baa3 standalone rating.

The downgrade of KBC Group's debt and deposit ratings was
triggered by the lowering of KBC Bank's long-term ratings. KBC
Group's debt and deposit ratings continue to be positioned one
notch below that of KBC Bank, and reflect (i) the structural
subordination of the holding company relative to bank creditors;
(ii) the sound profile of the group's insurance business (a
sister company to KBC Bank); and (iii) the absence of double

Rationale for Stable Outlook

The stable outlooks on all ratings express Moody's view that
currently foreseen risks to creditors are now reflected in these
ratings. Nevertheless, negative rating momentum could develop if
conditions deteriorate beyond current expectations. Specifically,
Moody's has factored into the ratings an increased risk of an
exit of Greece from the euro area, but this is currently not
Moody's central scenario. If a Greek exit became Moody's central
scenario, further rating actions on European banks could well be

RATINGS RATIONALE - Subordinated and Hybrid Debt

The downgrade of KBC Bank's subordinated debt ratings to Ba1
reflects Moody's view that systemic support is less likely to be
extended to subordinated instruments going forward. It was also
triggered by the downgrade of the bank's BFSR.

The downgrade of the cumulative Perpetual Debt Securities issued
by KBC Bank to Ba2 (hyb) was triggered by the lowering of the
bank's standalone credit strength and is positioned two notches
below KBC Bank's adjusted standalone credit assessment
(equivalent to the bank's standalone credit assessment in the
absence of parental and cooperative support).

The rating of the non-cumulative Trust Preferred Securities
issued by KBC Bank Funding Trust II, III and IV was confirmed at
Ba3 (hyb), i.e. three notches below KBC Bank's adjusted
standalone credit assessment.

All the above ratings carry a stable outlook.


The downgrade of KBCI's long-term bank deposit and debt ratings
to Ba1 and the downgrade of the short-term deposit rating to Not-
Prime is driven by the downgrade of the standalone rating of its
parent KBC Bank N.V. to D+ /baa3. Since KBCI's debt and deposit
ratings benefit from an assumption of parental support from KBC
Bank N.V. being forthcoming if needed, the lower ability to
support -- as indicated by the weakening standalone credit
profile of KBC Bank NV -- has resulted in lower debt and deposit
ratings for KBCI.

KBCI now benefits from only two notches of rating uplift from
parental support. This continues to incorporate Moody's
assumption of a very high level of parental support from KBC Bank
N.V. that results in the uplift from the bank's D-/ba3 standalone
BFSR. The outlook on KBCI's Ba1 senior ratings is negative, in
line with the negative outlook on the standalone rating of KBCI.

The downgrade of the guaranteed Prime-1 commercial paper rating
to Prime-2 is in line with the downgrade to Prime-2 of the short-
term rating of KBC Bank N.V. (the guarantor). The standalone BFSR
of D-/ba3 (which has a negative outlook) was not on review and
has not been impacted by the ratings actions.

What Could Move The Ratings Up/Down

Upwards pressure could develop on KBC Bank's BFSR if there is
sufficient evidence of a strong and sustainable recovery in the
bank's net profit. This would likely stem from a decrease in
credit costs and legacy issues, and would increase KBC Bank's
capacity to repay the outstanding capital securities held by the
Belgian Federal government and the Flemish region.

Downward pressure may be exerted on KBC Bank's BFSR from (i)
further material deterioration in the performance of its loan
books in Ireland or in the CEE (beyond Moody's current
expectations); (ii) an increase in corporate defaults worldwide,
which could trigger further losses on CDOs; (iii) further market-
spread widening, which would negatively affect the valuation of
CDOs and decrease the effectiveness of the bank's interest-rate
hedging strategy; (iv) other pressures on returns that could
hamper KBC's ability to repay state aid without compromising its
capital, diversification or franchise; and/or (v) a deterioration
in the bank's liquidity position.

KBC Bank's senior ratings would be downgraded as a result of a
downgrade of the BFSR. Similarly, the ratings could be lowered in
the event of a multi-notch downgrade of the rating of the
Government of Belgium (Aa3, negative outlook), or Moody's
perception of a reduced likelihood of systemic support .

KBC Group's ratings could be downgraded as a result of a
downgrade of KBC Bank's senior ratings.

An upgrade of KBCI's deposit and senior debt rating is highly
unlikely given the downgrade and the negative outlook. Upward
pressure on KBCI's standalone BFSR would likely require a
substantial increase in sticky retail and commercial deposits,
such that the reliance on its parent falls, combined with a
sustained reduction in impairment charges. A significant capital
injection from its parent that substantially increases the
capital levels would also be positive for the BFSR. The
development of higher-than-expected provisioning as a result of a
deterioration in asset quality or a deterioration in the bank's
franchise could lead to downward pressure on the BFSR.

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.

SNS REAAL: Moody's Lowers Subordinated Debt Rating to 'Ba2'
Moody's Investors Service has downgraded the insurance financial
strength ratings (IFSRs) of SNS REAAL Group's main insurance
operations, REAAL Schadeverzekeringen N.V. and SRLEV N.V., to
Baa1 from A3, and the senior debt rating of SNS REAAL N.V., the
holding company of the Group, to Baa3 from Baa2. Moody's assigned
a stable outlook to these ratings.

The rating action concludes the review for downgrade initiated on
February 16, 2012 and follows the downgrade of SNS Bank ratings


Insurance Financial Strength Ratings

Moody's says that the downgrades of the IFSRs of REAAL
Schadeverzekeringen and SRLEV to Baa1 from A3 primarily reflect
the weakening credit profile of SNS Bank (downgraded to Baa2
deposits; D+ BFSR/BCA ba1, from Baa1 deposits; D+ BFSR/BCA baa3)
and the significant contagion risks between the insurance and the
banking operations of the SNS REAAL Group, notably as a result of
capital and franchise inter-linkages.

Moody's says that in the last three years, some capital has been
up-streamed from the insurance operations to the holding company,
and subsequently down-streamed to the banking operations.
Although these capital transfers have had a limited negative
impact on the financial strength of the insurance operations so
far, Moody's believes that this demonstrates the constraint that
the banking operations represent on the insurance operations'
capitalisation. Furthermore, in Moody's opinion, more capital
transfers could occur in stress scenarios.

The rating agency notes that although the insurance operations
are increasingly financed autonomously through direct issuances
from SRLEV N.V., the financial flexibility of SNS REAAL's
insurance operations remains intrinsically linked to the Group
and the banking operations' financial flexibility. In stress
scenarios, Moody's also believes that any potential weakening of
SNS REAAL's banking operations would further constrain the
financial flexibility of the Group and its insurance operations.

Commenting further on contagion risks, Moody's also notes the
franchise linkages between SNS REAAL Group's insurance and
banking operations. As a result, and despite the relative
stability of the stand-alone profile of SNS REAAL's insurance
operations, Moody's considers the ratings of these entities
cannot deviate significantly from the rating of the Group's
banking operations.

The stable outlook on REAAL Schadeverzekeringen and SRLEV's IFSRs
reflects both the expected resilience of their stand-alone
financial profile and the stable outlook on SNS Bank ratings.

According to Moody's, further deterioration of SNS Bank's credit
profile could pose further negative rating implications for REAAL
Schadeverzekeringen and SRLEV. A depletion of capital resources,
as evidenced for example by a significant upstream of capital to
the Group holding company, either to support the capitalization
of the bank or the repayment of the hybrids issued to the
Foundation and the Dutch government, without replacing it to a
significant degree by high-quality capital (e.g. retained
earnings or new equity), or deterioration in underlying earnings
would also place negative pressure on the standalone rating
profiles of the insurance entities.

Senior Debt Rating of SNS REAAL Holding Company

Moody's downgraded the senior debt rating of SNS REAAL N.V. to
Baa3 from Baa2, and assigned a stable outlook to this rating. The
downgrade of the rating reflects the deterioration of the credit
strength of the banking and insurance operating companies. The
stable outlook on SNS REAAL N.V.'s ratings reflects the outlooks
on both insurance and banking operations.

The Baa3 senior debt rating of SNS REAAL continues to reflect the
combination of (i) the credit strengths of the banking and
insurance operations of SNS REAAL; (ii) the specific benefit
derived from the diversification afforded by its banking and
insurance activities; (iii) the systemic support that would be
available to the banking units and the resulting benefits
attributable to the holding operations; and (iv) the structural
subordination of the revenues that the Group receives in the form
of dividends from operating companies.

Moody's says that a further downgrade of the insurance ratings
and/or of the bank ratings would likely result in a downgrade of
the holding company ratings.

The short-term MTN rating of SNS REAAL N.V. was also downgraded
to (P)P-3 from (P)P-2, reflecting the downgrade of the long term
senior debt rating.

SNS REAAL Holding Company Subordinated Debt Rating

Moody's downgraded the subordinated debt rating of SNS REAAL N.V.
to Ba2 from Baa3, and assigned a stable outlook to this rating.

The two-notch downgrade reflects both the downgrade of SNS
REAAL's senior debt rating and the removal of systemic support
from subordinated debts issued by Dutch banks and banking holding

SRLEV and SNS REAAL's Hybrid Securities

Moody's downgraded to Baa3(hyb) from Baa2(hyb) the debt rating of
the EUR400 million Tier 2 Notes due 2041 and of the CHF105
million perpetual Tier 2 notes issued by SRLEV N.V., reflecting
the one notch downgrade of SRLEV's IFSR. Moody's also downgraded
to Ba3(hyb) from Ba2(hyb) the rating of the EUR250 million 6.258%
capital securities issued by SNS REAAL N.V., reflecting the one
notch downgrade of SNS REAAL's senior debt rating. These ratings
were assigned a negative outlook to reflect the low to moderate
risk of a coupon skip requested by the European Commission (EC),
as the securities allows SRLEV and SNS REAAL to defer interest
payments at any time.

Although Moody's notes that the EC has not requested that SNS
REAAL defers any coupon on its hybrid securities, including those
allowing for optional deferral, when it approved the capital
support provided by the Dutch State to the Group in 2008, Moody's
believes that this political risk will persist as long as the
Group has not fully repaid the State Aid.


The following ratings have been downgraded and assigned a stable

REAAL Schadeverzekeringen N.V.
  -- insurance financial strength rating to Baa1 from A3

  -- insurance financial strength rating to Baa1 from A3

  -- senior unsecured debt rating to Baa3 from Baa2

  -- subordinated debt rating to Ba2 from Baa3

The following rating has been downgraded:

  -- senior unsecured MTN rating to (P)Baa3 from (P)Baa2

  -- subordinated MTN rating to (P)Ba2 from (P)Baa3

  -- short-term MTN rating to (P)Prime-3 from (P)Prime-2

The following ratings have been downgraded and assigned a
negative outlook:

SNS REAAL N.V. EUR250 million 6.258% capital securities
(XS0310904155) -- preferred stock rating to Ba3(hyb) from

SRLEV N.V. EUR400 million Tier 2 Notes (XS0616936372) --
subordinated debt rating to Baa3(hyb) from Baa2(hyb)

SRLEV N.V.CHF105 million (CH0130249581) -- perpetual junior
subordinated debt rating to Baa3(hyb) from Baa2(hyb)


The methodologies used in these ratings were Moody's Global
Rating Methodology for Property and Casualty Insurers published
in May 2010, Moody's Global Rating Methodology for Life Insurers
published in May 2010 and Moody's Guidelines for Rating Insurance
Hybrid Securities and Subordinated Debt published in January

SNS REAAL is a bancassurance group headquartered in Utrecht, the
Netherlands. Focusing on the Dutch market, it reported total
income of EUR6.1 billion in 2011 and had shareholders' equity of
EUR5.4 billion as of 31 December 2011.

REAAL Verzekeringen, headquartered in Utrecht, the Netherlands,
had total assets of EUR54.3 billion and reported shareholders'
equity (including minority interest) of EUR4.4 billion as of 31
December 2011.


PBG SA: Poznan Court Appoints Administrator to Aprivia Unit
Polska Agencja Prasowa reports that the circuit court in Poznan
appointed a temporary insolvency administrator for its PBG SA
unit Aprivia.

According to PAP, court spokesperson Joanna Ciesielska-Borowiec
said the court decided to secure the debtor's assets by
appointing a temporary insolvency administrator.

Aprivia's parent PBG and its sister company Hydrobudowa Polska
secured court bankruptcy protection for debt restructuring last
week, PAP relates.

PBG along with its units Hydrobudowa Polska and Aprivia filed
motions for bankruptcy, seeking debt restructuring, on June 4 in
connection with prolonged negotiations with banks over terms of
bridge financing and the deteriorating liquidity situation of the
companies, PAP discloses.

PBG SA is Poland's third largest builder.


HIDROELECTRICA SA: Files for Insolvency; June 20 Hearing Set
Andra Timu at Bloomberg News reports that Romania's Economy
Ministry said in an e-mailed statement Hidroelectrica SA filed
for insolvency last week, without mentioning the reason.

The first court hearing on Hidroelectrica's request was set for
June 20, Mediafax news service, as cited by Bloomberg, said on
Monday, citing a court document.

The government pledged to the International Monetary Fund and the
European Union to renegotiate some bilateral contracts of
Hidroelectrica with some companies such as Alro SA, which are
under investigation by the EU's competition regulation for
possible state aid on selling power at below-market prices,
Bloobmerg relates.

Romania plans to sell a 10% stake in Hidroelectrica this year,
Bloomberg discloses.

Hidroelectrica SA is Romania's state-owned hydro-power generator.


PROBUSINESSBANK: Moody's Changes Outlook on 'B2' Ratings to Neg.
Moody's Investors Service has changed to negative from stable the
outlook on the B2 long-term local and foreign-currency deposit
ratings of ProbusinessBank. The E+ standalone bank financial
strength rating (BFSR), and B2/Not Prime long-term and short-term
bank deposit ratings were affirmed. The outlook on E+ BFSR
remains stable. The outlook on the bank's (P)B2 senior unsecured
and (P)B3 subordinated foreign currency debt ratings was also
changed to negative from stable.

Ratings Rationale

The change in the outlook on ProbusinessBank's ratings to
negative from stable reflects Moody's view of an increased
vulnerability of the bank to a potential significant
deterioration in the Russian operating environment. Moody's
believes that the mounting negative pressure and recently
increased market volatility renders ProbusinessBank's capital
base more vulnerable, given the bank's weak capital adequacy and
high market risk appetite.

Moody's considers ProbusinessBank's historically low capital
adequacy level to be the major rating constraint. In 2011 and
2010, the bank reported a further reduction of its capital
adequacy ratios. In accordance with ProbusinessBank's IFRS
consolidated financial report as at YE2011, the Tier 1 capital
adequacy ratio (Basel I) declined to 7.28% (YE2010: 7.77% and
2009: 9.42%) and the Total capital adequacy ratio declined to
10.07% (2010: 11.12% and 2009: 12.37%). At the same time, market
risk appetite remained high: (i) investments in property
development accounted for 99% of the bank's Tier 1 capital; and
(ii) investments in equities accounted for 115% of the bank's
Tier 1 capital.

Although the above-mentioned concerns are mitigated by
ProbusinessBank's currently strong recurring earning income
generated from its unsecured consumer lending portfolio, under
Moody's stress-test scenarios ProbusinessBank's capital cushion
proves to be less resilient to potential adverse shocks compared
to other B2 Moody's-rated peers. In Moody's view, the recently
increased concerns regarding the potential deterioration in the
Russian operating environment increases the probability of such
adverse shocks and, thus, justify the negative outlook on the
bank's debt and deposit ratings.

What Could Change The Ratings Up/Down

Moody's notes that a sustained improvement in ProbusinessBank's
capital adequacy level -- combined with a reduction in market
risk appetite -- could exert upward pressure on the bank's
ratings. Conversely, any impairment of the bank's assets, leading
to further deterioration of the bank's already low capital
adequacy, could exert downward pressure on the ratings.

Principal Methodologies

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

Headquartered in Moscow, Russia, ProbusinessBank reported audited
IFRS total assets of RUB143.8 billion (US$4.5 billion),
shareholder equity of RUB12.4 billion (US$387 million) and net
income of RUB2.1 million (US$65 million) at YE2011.


CORPORACION DE RESERVAS: Moody's Cuts Long-Term Ratings to 'Ba1'
Moody's Investors Service has downgraded the long-term ratings of
Corporacion de Reservas Estrategicas (CORES) and Administrador de
Infraestructuras Ferroviarias (Adif) by three notches to Ba1 from
Baa1. Concurrently, Moody's will withdraw both entities issuer
ratings and has assigned Ba1 corporate family rating (CFR) and
Ba1 probability of default rating (PDR). In addition, Moody's has
downgraded the short-term rating of Adif to Not-Prime from Prime-

Moody's has also placed on review for further downgrade the long-
term ratings of the two entities, in line with the review for
downgrade initiated on the sovereign ratings. The review process
is expected to conclude within a maximum timeframe of three
months. A full list of all affected ratings is provided towards
the end of this press release.

The actions follow the weakening of the Spanish government's
creditworthiness, as captured by Moody's downgrade of Spain's
government bond ratings to Baa3 from A3 on June 13, 2012, and the
initiation of a review for further downgrade.

Ratings Rationale

Despite the lack of explicit government guarantees, the link
between the ratings of these companies and that of the sovereign
is based on their status as government-related entities (GRIs),
their strategic importance to Spain and the very strong
government support that is incorporated within their ratings. The
ratings of CORES and Adif also consider the entities' standalone
credit profiles and legal characteristics, including their bylaws
and/or their public-law status, as well as Moody's assumption
that these entities will remain key instruments for the Spanish
government's public sector management, its railroad
infrastructure policy and its strategic oil reserves policy.

Moody's three-notch downgrade of CORES and Adif to Ba1 positions
their ratings one notch below that of Spain, partly to reflect
the lack of explicit guarantees from the Spanish government, but
also the relative weakness in their underlying credit profiles
compared with the credit strength of the sovereign. Additionally,
despite the very high likelihood of support by the government
given its close links with these GRIs, Moody's one-notch
differentiation between the two companies' ratings and the
sovereign rating reflects (i) a degree of uncertainty regarding
the timely provision of support in the event of need; and/or (ii)
a modest degree of risk that, over the rating horizon and in
potential stress scenarios that simultaneously affect various
issuers requiring support, a more selective approach to the
provision of support might be considered by the government.

Moody's applies a credit-substitution approach for both CORES and
Adif that considers the companies' particular funding and
business models. Therefore, the rating agency does not publish a
granular analysis of typical GRI factors (i.e., covering support,
dependence, a baseline credit assessment (BCA) and the sovereign

Moody's remains concerned about CORES's liquidity risk. Although
CORES has covered its refinancing requirements throughout 2012,
the company has debt maturities of around EUR600 million in 2013.
At this point, it is not clear how CORES plans to refinance this

Adif does not have any significant debt maturities over the next
12 months, but needs to continue to fund its investment programme
through existing bank loans.

Rationale for Review for Downgrade

Moody's decision to place the ratings on review for downgrade
follows the review process for Spain's sovereign rating and
reflects the rating agency's view that risks remain regarding the
Spanish government's finances.

What Could Change The Ratings Up/Down

In the absence of a change in the nature and standalone profiles
of these entities, or in the perceived strength of the underlying
sovereign support, Moody's expects the ratings of CORES or Adif
to be primarily driven by Spain's sovereign rating.

Moody's cautions that these entities do not benefit from explicit
guarantees from the Spanish government. Therefore, the rating
agency could further widen the gap between the ratings of these
GRIs versus those of the sovereign in response to any indication
of a change in (i) the government's willingness or ability to
intervene in a timely manner to support these GRIs in the event
of need; and/or (ii) its propensity to support or encourage a
more selective approach and thereby differentiate the rank order
of support needs among all potential calls on government funding.

Downward pressure on the rating of CORES could also develop if
its liquidity profile deteriorates beyond Moody's expectations,
or if the company's headroom (as reflected in the ratio measuring
asset coverage of debt) weakens materially. Similarly, downward
pressure on the rating of Adif could develop if Moody's becomes
concerned about the company's liquidity risk profile.

In view of the action, and the review process of the ratings,
Moody's does not currently envisage any positive short-term
ratings pressure for CORES or Adif.



  Issuer: Administrador de Infraestruct. Ferroviarias

     Issuer Rating, Downgraded to NP from P-2

     Issuer Rating, Downgraded to Ba1 from Baa1; Placed Under
     Review for further Possible Downgrade

  Issuer: Corp. Reser. Estrategicas Prod. Petroliferos

     Issuer Rating, Downgraded to Ba1 from Baa1; Placed Under
     Review for further Possible Downgrade

     EUR1500M Senior Unsecured Medium-Term Note Program,
     Downgraded to (P)Ba1 from (P)Baa1; Placed Under Review for
     further Possible Downgrade

     EUR500M 4.5% Senior Unsecured Regular Bond/Debenture Apr 23,
     2018, Downgraded to Ba1 from Baa1; Placed Under Review for
     further Possible Downgrade


  Issuer: Administrador de Infraestruct. Ferroviarias

     Probability of Default Rating, Assigned Ba1

     Corporate Family Rating, Assigned Ba1

  Issuer: Corp. Reser. Estrategicas Prod. Petroliferos

     Probability of Default Rating, Assigned Ba1

     Corporate Family Rating, Assigned Ba1

Outlook Actions:

  Issuer: Administrador de Infraestruct. Ferroviarias

     Outlook, Changed To Rating Under Review From Negative

  Issuer: Corp. Reser. Estrategicas Prod. Petroliferos

     Outlook, Changed To Rating Under Review From Negative

Principal Methodology

The principal methodology used in these ratings was Government-
Related Issuers: Methodology Update published in July 2010.

Both companies are headquartered in Madrid, Spain. CORES is the
organization responsible for managing the strategic oil reserves
and controlling compulsory reserves (petroleum products and
natural gas) in Spain. By law, all companies authorized to
distribute oil products in Spain -- both operators and importers
-- must be members of CORES and pay it monthly fees or risk
losing their licence.

Adif benefits from a special legal status as an Entidad Publica
Empresarial, reflecting its 100% state ownership and critical
importance as a major part of the country's transport
infrastructure. Adif exhibits a strong business risk profile,
primarily derived from its natural monopoly position as the
national railway infrastructure manager. It is responsible for
(i) owning and managing Spain's railway infrastructure, including
tracks, stations and freight terminals on behalf of the
government; (ii) managing rail traffic; (iii) distributing
capacity to rail operators; and (iv) collecting fees for
infrastructure, station and freight terminal use.

SANTANDER TOTTA: Fitch Says Viability Rating is Unaffected at BB-
Fitch Ratings has downgraded Santander Totta SGPS's and its bank
subsidiary, Banco Santander Totta SA's Long-term Issuer Default
Ratings (IDR) to 'BBB-' from 'BBB'.  The Long-term IDRs have a
Negative Outlook.  The agency has also affirmed the two
institutions' Short-term IDR at 'F3' and Support Ratings at '2'.

Fitch believes there still to be a high probability that
Santander Totta and Banco Santander Totta would be supported by
Banco Santander, if needed, and this drives their Long-term IDRs
which are one notch higher than the Portuguese sovereign Long-
term IDR ('BB+'/Negative).

However, Banco Santander's propensity and ultimate ability to
provide full and timely support to Santander Totta and Banco
Santander Totta is likely to be linked to banking sector and
sovereign risks in Portugal, which are closely correlated.  The
ratings of the two banks are therefore sensitive to a further
downgrade of the sovereign downgrade and/or of the parent bank.

In accordance with Fitch's criteria on 'Rating Bank Regulatory
Capital and Similar Securities', Banco Santander Totta SA's
preference shares have been downgraded to 'BB-' from 'BB+', being
capped at the level assigned to equivalent securities issued by
the parent.

Santander Totta's Viability Rating (VR) of 'bb-' is unaffected by
this rating action.  However, the rating could come under
downward pressure in case of further deterioration in the
operating environment and/or more rapid deterioration of asset

Santander Totta is a Portuguese holding company ultimately owned
by Banco Santander.  Banco Santander Totta SA is its main
subsidiary and is Portugal's fourth largest bank.

The ratings actions are as follows:

Santander Totta:

  -- Long-term IDR downgraded to 'BBB-' from 'BBB',
     Outlook Negative
  -- Short-term IDR affirmed at 'F3'
  -- Viability Rating unaffected at 'bb-'
  -- Support Rating affirmed at '2'

Banco Santander Totta S.A.:

  -- Long-term IDR downgraded to 'BBB-' from 'BBB',
     Outlook Negative
  -- Short-term IDR affirmed at 'F3'
  -- Viability Rating unaffected at 'bb-'
  -- Support Rating affirmed at '2'
  -- Senior debt downgraded to 'BBB-' from 'BBB'
  -- Commercial paper and short-term debt affirmed at 'F3'
  -- Preference shares downgraded to 'BB-' from 'BB+'


YUKSEL INSAAT: Fitch Lowers Senior Unsecured Rating to 'B-'
Fitch Ratings has downgraded Ankara-based construction company
Yuksel Insaat A.S.'s (YI) Long-term foreign currency Issuer
Default Rating (IDR) and senior unsecured rating to 'B-' from 'B'
and placed all ratings on Rating Watch Negative (RWN).  The
agency has also downgraded YI's US$200 million outstanding notes
maturing in 2015 to 'B-' from 'B' rating with a Recovery Rating
of 'RR4' and placed the rating on RWN.

The downgrade reflects the increase in group leverage to more
than 4.0x Fitch adjusted gross debt/EBITDAR (5.3x FYE 2011),
which caused YI to exceed the 4:1 leverage bond covenant at the
end of 2011. This does not imply a default for the company.
However, it restricts YI from incurring additional debt.  Fitch
believes that this limits YI's financial flexibility, facing
possible short-term liquidity needs.  Even if most of the
investment plans are already completed for 2012, Fitch believes
that USD63m cash balance as of end-May (USD108m FYE11), does not
provide a comfortable liquidity cushion against possible economic
downturns, delays in advance payments, increasing WC needs or for
additional capex needs.

YI's 2011 results showed stable profitability on the back of
depreciating TRY despite losing businesses in Libya.  Despite the
tougher operating environment within the region, YI managed to
maintain operating EBITDA margin at 9.3% at the end of 2011 (9.6%
FYE10).  However, Fitch believes that the restriction against
incurring additional debt could also limit YI's ability to take
on additional projects that require upfront cash investments.
Fitch notes that YI could continue taking on additional projects
which provide advance payments and support its order book.

Fitch believes that asset/investment sales and additional capital
injections would be needed to significantly reduce debt. In
addition, a successful deleveraging plan would be needed to for
the RWN to be resolved and the ratings affirmed.  Any failure in
the deleveraging plan or providing additional capital injection
from shareholders could put further pressure on Yuksel's credit
profile and result in negative rating action.

Fitch also notes that YI's ratings continue to reflect its
position as one of the main construction companies in Turkey,
focusing on infrastructure construction contracts for mostly
government entities across Turkey and the MENA region.  YI has a
long track record of project execution and on-time delivery as
well as a cautious approach to bidding.  The company's strategy
is to focus on projects in oil and gas-producing countries with
budget surpluses and clear investment programs.  YI is therefore
well positioned to benefit from the expected growth in energy
demand as well as a need for infrastructure across many of its
and markets (notably in the Gulf region) where YI has a well
established presence.

In August 2011, Fitch revised Yuksel Insaat's Outlook to Negative
from Stable.  The change reflected Fitch's expectation that
increased debt and revenues margin pressure would lead to an
increase in Fitch-adjusted group leverage to about 5x gross
debt/EBITDA in 2011.

U N I T E D   K I N G D O M

BRADFORD BULLS: Close to Administration Over Unpaid Tax
BBC News reports that Bradford Bulls could be forced to go into
administration within a fortnight after being hit by a winding-up
order over unpaid tax.

The club owe Her Majesty's Revenue & Customs (HMRC) GBP90,000 in
payroll tax, plus GBP250,000 in VAT from the sale of the stadium,
according to BBC News.

BBC News notes that the Bulls need more than GBP1 million to
survive to the end of the season, despite recently raising
GBP500,000 through fan pledges, gate receipts and an auction.
The report relates that it now has two weeks to raise funds or
find new investment.

BBC News notes that the club has offered to pay off the VAT debt,
which has been outstanding since the end of January, at a rate of
GBP50,000 a month, and director Stephen Coulby said the club
remained intent on avoiding administration.

In April, BBC News notes that fans responded to an urgent call to
donate funds, raising about GBP500,000 and it was claimed another
GBP500,000 would pay off current liabilities.

However, the report notes that Mr. Coulby said: "Had the actual
position been as we understood it to be, that is to say a
requirement for GBP1 million, half of which had already been
raised through the sterling efforts of supporters, it would not
have been a problem . . . .  Regrettably, other matters have
recently been brought to our attention, which have widened the
funding gap but we are still intent on avoiding administration
and its consequences if at all possible."

Insolvency firm The P&A Partnership was brought in last month to
review the club's finances, BBC News says.

"HMRC is threatening to wind up Bradford Bulls Holdings Ltd and,
under these circumstances, the directors have had no alternative
but to file a notice of intention to appoint administrators to
protect the club. . . . This pro-active decision gives the club a
breathing space to find partners to invest in the club. . . . It
doesn't mean that the club will necessarily enter administration.
The club has two weeks to find additional funds - this may mean a
number of investors coming together to save the club," BBC News
quoted Brendan Guilfoyle of BBC Radio Leeds as saying.

CHILTON WASTE: Raymond Brown Acquires Firm Out of Bankruptcy
Amy North at reports that Hampshire skip hire and
recycling company Raymond Brown Minerals & Recycling purchased
Chilton Waste Services from administrators BDO through a pre-pack
administration agreement on May 25, 2012.

The purchase is expected to strengthen Raymond Brown's presence
in the South East and includes Chilton Waste Services' trade,
plant and equipment plus its 13-acre freehold site, according to

The report notes that following the acquisition Chilton continues
to operate as normal but under the Raymond Brown name.  The 33
staff previously employed by Chilton have also transferred, the
report relates.

Speaking to, Kelvin White, managing director of
the Raymond Brown Group, said claimed that one of the reasons
that Chilton entered into administration was the loss of a
contract with a Berkshire local authority.

D J ELLIS: Enters Into Administration, Cuts 38 Jobs
Isle of Thanet Gazette reports that D J Ellis Construction
Limited entered into administration cutting 38 jobs in the

David Elliott and Simon Paterson of Moore Stephens LLP have been
appointed administrators.

"The company was well respected within the Thanet area, but in
common with many companies in the construction sector, suffered a
bad debt that it was unable to recover from. . . . While it has
not proved possible to save the existing business, it is hoped
that there will be sufficient recoveries made to allow a dividend
to be paid to creditors in due course," the report quoted Mr.
Elliott as saying.

The report notes that Darren Ellis, who set up the company, left
as a director and a shareholder last year and has no involvement
with the firm.

PETERS CATHEDRAL: Goes Into Administration, Cuts 400 Jobs
The Northern Echo reports that based Peters Cathedral Bakers Ltd
-- trading as Peters Bakery -- called in administrators blaming
the tough retail environment and rising energy and commodity
prices for its failure.

Family-run Peters Bakery will continue to trade while attempts
take place to find a buyer, but administrators KPMG warned that
it was expecting a number of redundancies to be confirmed "in the
coming days," according to The Northern Echo.

The Northern Echo notes that administrators said the company's
most recent financial statements show it had a turnover of more
than GBP12 million and 403 employees.

"The challenging retail environment on the high street is
exacerbated by rising commodity and energy prices squeezing
margins in this sector . . . .  These factors, along with reduced
volumes with its wholesale customers, has led to the failure of
this 46 year old family business," the report quoted Mark Firmin,
KPMG's Northern head of Restructuring and joint administrator, as

Peters Bakery has been based in Durham City for more than 40
years. It opened its first shop, in the Belmont area, in 1966 and
is now based in a 50,000 sq ft state-of-the-art bakery on
Dragonville Industrial Estate.

RANGERS FOOTBALL: Charles Green Completes Purchase of Assets
BBC Scotland reports that Charles Green has completed his
purchase of Rangers' assets in a deal worth GBP5.5 million.

The announcement came shortly after former manager Walter Smith
announced a last-minute bid for the Ibrox club, which is to go
into liquidation, BBC Scotland relates.

In a press conference at Ibrox, Mr. Green offered to make Mr.
Smith the club's new chairman, BBC Scotland discloses.

Rangers is to enter liquidation after creditors refused a deal to
allow it to emerge from administration, BBC Scotland notes.

BBC Scotland understands Mr. Smith's bid is worth GBP6 million,
which is half-a-million pounds more than Mr. Green's group paid
for the club's assets.

The Rangers Supporters Trust has urged fans not to renew season
tickets in a bid to put pressure on Mr. Green to sell to
Mr. Smith's consortium, BBC Scotland states.

According to BBC, a statement from the Trust said Mr. Smith's bid
was the only one that would ensure the Rangers family stayed

Mr. Smith, as cited by BBC, said he would be assisted in his bid
by Jim McColl, Douglas Park and "other prominent Scottish

Rangers was forced into administration on February 14 by HM
Revenue and Customs (HMRC) over unpaid taxes of about GBP14
million incurred during current owner Craig Whyte's tenure, BBC
Scotland recounts.

The club was also being pursued for up to another GBP75 million
by the tax authority over its use of Employee Benefit Trusts
(EBTs) to pay dozens of players over the past decade, BBC
Scotland notes.

The scale of debt claimed by HMRC allowed it to vote down a
Company Voluntary Arrangement (CVA) which would have seen all
creditors accept a pennies in the pound deal for what they were
owed, BBC Scotland says.

Charles Green's consortium has agreed to buy Rangers assets for
GBP5.5 million The CVA, proposed by administrators Duff and
Phelps and the Charles Green consortium, was formally voted down
at a meeting at Ibrox on Thursday, BBC Scotland relates.

Rangers will now be placed in the hands of joint liquidators from
BDO, BBC Scotland says.

The Charles Green-led consortium confirmed hours after the vote
that it had completed the purchase of the business and assets of
Rangers under a previously agreed binding deal for GBP5.5
million, BBC Scotland discloses.

Mr. Green, as cited by BBC Scotland, said he had been appointed
CEO and will sit on the company or plc board, with Malcolm Murray
as chairman.

According to BBC Scotland, he said investors in his consortium
included Chris Morgan, a UK-based businessman representing family
trusts; Glenmuir, the Scottish clothing company; Ian Hart a
Glasgow-based businessman; Alessandro Celano of Blue Pitch
Holdings and Zeus Capital.

But Mr. Hart has since issued a statement in which he denied
being involved in the consortium -- and said he would be
supporting Douglas Park, who is part of Walter Smith's bid, BBC
Scotland notes.

                  About Rangers Football Club

Rangers Football Club PLC --
-- is a United Kingdom-based company engaged in the operation of
a professional football club.  The Company has launched its own
Internet television station,  The station combines
the use of Internet television programming alongside traditional
Web-based services.  Services offered include the streaming of
home matches and on-demand streaming of domestic and European
games, which include dedicated pre-match, half-time and post-
match commentary.  The Company will produce dedicated news
magazine and feature programs, while the fans can also access a
library of classic European, Old Firm and Scottish Premier League
(SPL) action.  Its own dedicated television studio at Ibrox
provides onsite production, editing and encoding facilities to
produce content for distribution on all media platforms.

TINDALE & STANTON: Enters Administration, Cuts Jobs
The Northern Echo reports that Tindale & Stanton has collapsed
into administration for the second time in less than a year.

The company is being traded by John Russell and Andy Wood from
The P&A Partnership in Sheffield, who were also appointed as
administrators to the pie firm's sister company Yorkshire-based
Bakery Products, according to The Northern Echo.

The report relates that both businesses are owned by Arthur
Harris, who bought Tindale & Stanton in November with the
intention to turn around the ailing business.  The Northern Echo
notes Bakery Products has ceased to trade with the loss of about
100 jobs in Scarborough but administrators are continuing to
trade Tindale & Stanton's factory in Burnopfield, County Durham
and two Howards Bakery shops in Harrogate while a buyer is

"We have kept Bakery Products going all week in a bid to find a
buyer for it as a going concern," the report quoted Mr. Wood as
saying.  "Regrettably that has not been possible and we were left
with no choice other than to close the bakery. I would like to
thank those staff who have helped us to keep trading in difficult
circumstances," he added, the report notes.

Tindale & Stanton is a North-East pie maker.

* UK: Insolvency Service Warns Elderly on GBP28M Investment Scams
The Insolvency Service is warning older people and their carers
to watch out for bogus retail and investment schemes aimed at
them, as figures show 78 rogue companies that raked in over
GBP28 million from the public have been shut down in England and
Wales in the last three years alone.

Between them, the companies, which represent around one in ten of
over 800 companies wound up by The Insolvency Service in the
three years between April 2009 and March 2012, scammed close to
2,000 investors. Information obtained by The Insolvency Service
has shown that the oldest person was 92.

Forty-nine of the companies sold plots of land for 'building'
that either didn't exist or were on protected green belt land;
four sold wine stocks that did not yield any profits, and
nineteen sold other forms of investment. Six sold retail products
that were either unsuitable or at highly inflated prices,
including burglar alarms, mobility scooters, 'heritage' coins and

The Insolvency Service is being supported by three charities Age
UK, Alzheimer's Society and Action on Elder Abuse, to warn the
public about these scams, on the same day that campaign actions
to highlight World Elder Abuse Awareness Day are taking place.

The warning, also aimed at friends and families of older people,
stresses that such scams typically employ the telephone
equivalent of 'door-stepping.' They phone older people and often
refuse to come off the phone until they have closed a sale.

The retail scams often involve pressurised selling of an unwanted
product to an older person, or a product at a grossly inflated
price, carried out during a home visit or through doorstep

Business Minister Norman Lamb said: "These scams are especially
bad as they target some of the most vulnerable members in our
society. Older people have grown up trusting other people. To
take advantage of this trust, and then exploit it is both
manipulative and deceitful.  I support the work Insolvency
Service and its partners are doing to warn older people, and
would urge people to be vigilant when approached to make
investments out of the blue."

Robert Burns, Head of Investigation and Enforcement for The
Insolvency Service said:

"We have observed a number of companies targeting older people in
recent months. These scams are particularly unpleasant because
they target the most susceptible members of society, older people
who may be unsure how to seek advice or afraid to say "no". They
can destroy lives at a time when those targeted should be taking
a break from worry and enjoying life after working hard.

"Victims are paying for something and getting nothing. The worst
aspect is the callousness with which the fraudsters go about
their business; ignoring the obvious fact that that because of
their age, most victims will never be able to make good their

"Not one of the landbanking companies we have investigated and
wound up has seen a profit for the investor. If you are cold-
called, don't be afraid to say 'no thank you'. If in doubt, you
should take time to research the company and get some independent

"Today is World Elder Abuse Awareness Day and we would urge all
friends, carers and family members to be vigilant and look out
for the older members of their family to ensure that they are not
scammed by rogue businessmen."

Michelle Mitchell, Charity Director General at Age UK, said:

"Scammers will often see vulnerable older people as an easy
target. Scams can take place on the doorstep; by phone, on the
internet or through the post and the sad fact is that if
something sounds too good to be true then it probably is. If you
feel under pressure to commit, then just step away because any
reputable company will allow you time to think an offer over.

"Anyone can be taken in by a scam so people shouldn't be
embarrassed to report a crime. If you feel you are or have been a
victim speak to the police, a family member or friend.

"Age UK have produced two free information guides 'Avoiding
Scams' and 'Staying Safe' which provide practical steps to ensure
older people are able to protect themselves against this type of
crime in their home and on their doorstep."

Alzheimer's Society is also campaigning against the financial
abuse of people with dementia.

Jeremy Hughes, Chief Executive of Alzheimer's Society said:

"There are currently 800,000 people living with dementia in the
UK. Many are older people and easy targets for con artists. It is
disgusting that these scams specifically target the most
vulnerable in our society. Con artists are dealing another blow
to people who may already be struggling financially due to the
huge cost of care. Everyone from banks to the general public
needs to work together to stop these scams and help protect those
who need it most."

Gary FitzGerald, Chief Executive of Action on Elder Abuse, said:

"Research tells us that over 342,000 older people face abuse in
our communities every day. They are too often seen as an easy
target by unscrupulous people out to make 'easy money' and it is
therefore crucially important that we are all vigilant in their
defence. Families play an important part in helping older people
to protect themselves against fraudsters, and a little bit of
planning ahead can make all the difference."

Companies that rip-off older people have always been around, but
it's more difficult to track today as the fraudsters continually
change the commodities they're selling. Older people also find
the whole sales pitch very confusing. Quite often the fraudsters
return saying that extra investment will secure even better


* Large Companies with Insolvent Balance Sheets

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

DUVANSKA             DIVR SG      -46938765.4  107525048.4

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

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

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

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

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

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

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  Go to 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 * * *