TCREUR_Public/120807.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, August 7, 2012, Vol. 13, No. 156

                            Headlines



F R A N C E

ALCATEL-LUCENT: Moody's Affirms 'B2' CFR; Outlook Negative


B U L G A R I A

VIVACOM AD: Creditors to Buy Business for EUR130 Million


G E R M A N Y

ADAM OPEL: May Write Down Peugeot Investment; In Union Talks
PERFECTENERGY INTERNATIONAL: BDO China Raises Going Concern Doubt


G R E E C E

PIRAEUS BANK: Moody's Affirms 'Caa2' Deposit & Debt Ratings
PIRAEUS BANK: S&P Affirms 'CCC/C' Counterparty Credit Ratings
* GREECE: Agrees to Strengthen Policy & Comply with Bailout Terms


H U N G A R Y

JEANS CLUB: Put Up for Liquidation; August 13 Bid Deadline Set
* HUNGARY: Moody's Says Banking System Outlook Remains Negative


I R E L A N D

ALLIED IRISH: S&P Affirms 'BB/B' Counterparty Credit Ratings
LANSAS DEV'T: Council Denies Planning & Retention Permission
MAZARIN FUNDING: S&P Cuts Ratings on 4 Note Tranches to 'CCC-'


I T A L Y

BANCA CARIGE: S&P Lowers Issuer Credit Rating to 'BB+'
* ITALY: Moody's Says RMBS Performance Stable in May 2012


K A Z A K H S T A N

EURASIAN BANK: Moody's Affirms 'E+' BFSR; Outlook Negative


L U X E M B O U R G

EUROPROP SA: S&P Retains 'B' Rating on Class F Notes
SCHRODER GAIA: Faces Liquidation Following Redemptions


P O L A N D

CENTRAL EUROPEAN: Commences Consent Solicitation to Obtain Waiver
CENTRAL EUROPEAN: M. Kaufman Asked to be Appointed as Director


S W E D E N

GENERAL MOTORS: Spyker Files $3-Bil Suit Over Saab Bankruptcy
NOBINA AB: Moody's Lowers PDR to 'Ca/LD' After Payment Default
NOBINA AB: S&P Lowers Corporate Credit Rating to 'SD'
SAAB AUTO: Spyker Files $3-Bil. Suit Against General Motors


S P A I N

BANCA CIVICA: S&P Raises Short-term Ratings From 'BB/B'
BANKINTER EMISIONES: S&P Lifts Ratings on Preference Shares to B
CAIXA BANK: Fitch Affirms 'BB' Rating on Upper Tier 2 Sub. Debt
CAMPOFRIO FOOD: S&P Affirms 'BB-' Credit Rating; Outlook Negative
FTPYME BANCAJA: Fitch Affirms 'CCC' Rating on Class D Notes

LA CAIXA: S&P Lowers Ratings to 'BB+/B'; Off Negative Watch
* SPAIN: In No Rush to Request European Bailout, Fin-Min Says


U N I T E D   K I N G D O M

BAA FUNDING: Fitch Affirms Rating on High-Yield Bond at 'BB+'
BELLATRIX PLC: S&P Affirms 'D' Rating on Class E CMBS Notes
CREDIT SUISSE: Fitch Assigns 'BB+' Rating to US$1.725-Bil. Notes
CUMBRIA PARK: Barnes Deal Buys Firm Out of Administration
ELLI INVESTMENTS: S&P Assigns 'B-' LT Corporate Credit Rating

EPIC PLC: S&P Retains 'BB' Rating on Class F CMBS Notes
HEINE GERICKE: UK Unit Falls Into Administration
JJB SPORTS: Shareholders May Opt for Major Restructuring
MOUCHEL GROUP: Chairman to Get GBP400,000 Bonus Under Rescue Deal
ROTARY LIMITED: In Administration, 60 Jobs at Risk

SAMUEL COOKE: Former Owners Seeks to Buy Firm
* UK: Corporate Insolvencies Up 1.5% in Second Quarter 2012


X X X X X X X X

* Moody's Says Investors More Cautious on European Insurers
* Moody's Says EMEA RMBS Performance Stable in First Half 2012
* Large Companies with Insolvent Balance Sheets


                            *********


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F R A N C E
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ALCATEL-LUCENT: Moody's Affirms 'B2' CFR; Outlook Negative
----------------------------------------------------------
Moody's Investors Service has affirmed Alcatel-Lucent's B2
corporate family rating (CFR) and B2 probability of default
rating (PDR). Concurrently, Moody's has affirmed the senior debt
ratings at B3, with a loss given default assessment of 5 (LGD5,
75%), and the ratings on two convertible bonds issued by Lucent
Technologies, Inc., before its 2006 merger with Alcatel, and
guaranteed by Alcatel-Lucent on a subordinated basis at Caa1
(LGD5, 77%), The outlook for the ratings was changed to negative
from stable.

Ratings Rationale

"The change in the outlook for Alcatel-Lucent's debt ratings was
driven by our expectation that, in 2012, the company will not be
able to cut its cash consumption materially below the 2011 level
of EUR620 million as adjusted," says Wolfgang Draack, a Moody's
Senior Vice President and lead analyst for Alcatel-Lucent. "This
inability to reduce cash burn reflects (1) a contraction in
Alcatel-Lucent's revenues of more than 10% (on a comparable
basis) in first half 2012 and the likelihood of a further decline
during the remainder of the year; and (2) continued weakness in
the company's gross profit margins requiring renewed
restructuring efforts, which will lead to substantial severance
payments over the next 18 months," adds Mr. Draack. As a result
the ratings are now very weakly positioned within the category.

Given the above, Moody's considers that there is increasing
uncertainty about Alcatel-Lucent's ability to achieve positive
free cash flow. The rating agency notes that the company has been
consuming cash from operations since the 2006 merger between
Alcatel and Lucent Technologies, Inc. and that cash burn of
EUR650 million as adjusted in first half 2012 was actually EUR130
million above that for the previous year.

Alcatel-Lucent's cash flow is usually back-ended, so that
typically the only cash-generative quarter of any one year is Q4.
For 2012, Moody's expects that again Q4 free cash flow will
exceed materially the cash consumption of the third quarter for a
positive inflow over second half 2012. Moreover, the rating
agency notes that Alcatel-Lucent has implemented new cost-saving
measures, which are aimed at generating additional cost savings
of EUR750 million by the end of 2013. However, although these may
eventually strengthen the company's operating cash flows, Moody's
cautions that its past efforts have been largely absorbed by
price pressure in the market, which continues unabated given
similar cost-cutting measures by competitors. Also, despite
increasing communication traffic flows, there is currently no
visibility with regard to a recovery in demand for
telecommunication equipment.

Alcatel-Lucent's liquidity needs over the next 12 months include
continued substantial cash consumption from operations and
restructuring and a June 2013 put option for the company's USD765
million (EUR635 million) of Series B convertible bonds. While
these liquidity needs are well covered by a EUR5.0 billion
balance of cash and short-term securities, Moody's notes that
Alcatel-Lucent is constrained by its operating cash needs
(estimated by the rating agency to amount to 3% of sales, or
around EUR500 million) and around EUR1.2 billion of cash held in
countries in which the company is subject to exchange controls.
Moreover, Moody's notes that Alcatel-Lucent's cash reserves are
finite and that, in the medium term, the company also faces
upcoming debt maturities of around EUR460 million in April 2014
and a EUR1.0 billion convertible bond (Oceane) due in January
2015.

Alcatel-Lucent's liquidity could be bolstered by increased
royalty collections, such as those resulting from the company's
agreement with RPX or from own efforts, or proceeds from
potential business exits, but overall its options for further
asset monetization appear to be decreasing. Alcatel-Lucent's
undrawn EUR837 million revolving credit facility expires in April
2013. Given the scale of Alcatel-Lucent's cash consumption and
the company's upcoming debt maturities, Moody's considers that
cash and short-term securities balances amounting to EUR5.0
billion are not as comfortable as they appear at first glance.

The negative outlook on Alcatel-Lucent's rating reflects the
company's ongoing cash burn relative to its substantial, but
finite, liquidity. With an outlook for a soft market and
declining sales in 2012, Moody's considers that Alcatel-Lucent's
management will be challenged to cut costs fast enough to
effectively curb cash consumption and to realize opportunities
for asset monetization.

What Could Change The Ratings Up/Down

Negative pressure on the B2 rating would increase if (1) Alcatel-
Lucent incurs a material operating loss as adjusted by the
company in 2012 and its profitability fails to trend towards the
mid-single-digits in percentage terms thereafter; (2) the company
fails to generate positive free cash flow in second half 2012 (it
achieved adjusted free cash flow of EUR100 million in second half
2011) and it does not reduce its cash consumption over the course
of 2013; or (3) its cash and cash equivalents decline below one
third of gross adjusted debt (56% at the end of second quarter
2012). However, rating pressure could ease and the outlook on the
rating stabilize if Alcatel-Lucent achieves sizable proceeds from
disposals or royalty collections and there is good visibility
with regard to an end to cash burn.

Although currently unlikely, upward rating pressure would require
Alcatel-Lucent to (1) generate positive free cash flow on a last-
12-months basis; (2) sustain sales growth; and (3) achieve an
operating margin in the mid-single digits in percentage terms.

Principal Methodology

The principal methodology used in rating Alcatel-Lucent was
Global Communications Equipment Industry Methodology, published
in June 2008. Other methodologies used include Loss Given Default
for Speculative-Grade Non-Financial Companies in the US, Canada
and EMEA, published in June 2009.

Headquartered in Paris, France, Alcatel-Lucent is one of the
world leaders in providing advanced solutions for
telecommunications systems and equipment to service providers,
enterprises and governments. The company reported sales of EUR6.8
billion in first half 2012.



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


VIVACOM AD: Creditors to Buy Business for EUR130 Million
--------------------------------------------------------
Elizabeth Konstantinova at Bloomberg News, citing Capital
newspaper, reports that Russia's VTB Capital Plc and Sofia-based
Corporate Commercial Bank AD reached an agreement with the
creditors of Vivacom AD to buy the company for EUR130 million and
pay debts worth EUR588 million.

According to Bloomberg, Capital, citing unidentified people, said
that Vivacom creditors, which include Deutsche Bank AG, UBS AG
and UniCredit SpA, along with Royal Bank of Scotland Group Plc,
have agreed to write off 64% of the company's EUR1.6 billion
debt.  The newspaper said that the transaction is complicated and
may take several months to complete, Bloomberg notes.

Vivacom AD is Bulgaria's second biggest telecommunications
company in terms of clients.



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G E R M A N Y
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ADAM OPEL: May Write Down Peugeot Investment; In Union Talks
------------------------------------------------------------
Tim Higgins at Bloomberg News reports that General Motors Co.,
which acquired a 7% stake in PSA Peugeot Citroen in March, said
it may have to write down its investment as the European auto
market heads toward its fifth straight annual sales decline.

According to Bloomberg, GM said on Thursday in a filing with the
U.S. Securities and Exchange Commission that the amount at which
GM is carrying the investment in Paris-based Peugeot exceeded its
fair value at June 30.  The Detroit-based automaker said it plans
to hold the investment until the value recovers, Bloomberg notes.

The Peugeot alliance, under which GM paid about EUR320 million
(US$423 million) for its stake, is supposed to help through
cooperation for purchasing and vehicle development, Bloomberg
states.

The U.S. automaker is also trying to revamp its Opel unit in
Germany as the company tries to stem losses in the region,
Bloomberg discloses.

According to Bloomberg, Vice Chairman Steve Girsky, who became
chairman of Opel's board in November and is interim leader of
GM's European operations, is heading a plan to improve the
business by investing in new models, revising its brand strategy,
reducing costs and leveraging the Peugeot alliance.

"We haven't moved fast enough to fix the things we can control,"
Bloomberg quotes Mr. Girksy as saying in a statement Aug. 2 about
Europe.  "We have a clear plan how to change that."

GM wants to close an assembly plant in Bochum, Germany, and has
been talking with union leaders about doing so, Bloomberg
discloses.

Bloomberg relates that Chief Executive Officer Dan Akerson told
analysts Aug. 2 that Opel management continues to talk with
German unions about issues such as productivity, cost and
capacity.

"We expect to have a comprehensive agreement in place sometime
this fall," Mr. Girksy, as cited by Bloomberg, said.

Adam Opel GmbH -- http://www.opel.com/-- is General Motors
Corp.'s German wholly owned subsidiary.  Opel started making cars
in 1899.  Opel makes passenger cars (including the Astra, Corsa,
and Vectra) and light commercial vehicles (Combo and Movano).
Its high-performance VXR range includes souped-up versions of
Opel models like the Meriva minivan, the Corsa hatchback, and the
Astra sports compact.  Opel is GM's largest subsidiary outside
North America.


PERFECTENERGY INTERNATIONAL: BDO China Raises Going Concern Doubt
-----------------------------------------------------------------
BDO China Shu Lun Pan Certified Public Accountants LLP, in
Shanghai, China, expressed substantial doubt about Perfectenergy
International Limited's ability to continue as a going concern,
following the Company's results for the eleven months ended
Sept. 30, 2011.

The independent auditors noted that the Company has suffered
recurring losses from operations and has negative working
capital.

The Company reported a net loss of US$7.63 million on US$50.33
million of revenues for the eleven months ended Sept. 30, 2011,
compared with a net loss of US$2.73 million on US$74.60 million
of revenues for the fiscal year ended Oct. 31, 2010.

The Company's balance sheet at Sept. 30, 2011, showed
US$35.26 million in total assets, US$32.35 million in total
liabilities, and stockholders' equity of US$2.91 million.

A copy of the Form 10-K is available for free at:

                       http://is.gd/3TpqPL

Based in Shanghai, China, Perfectenergy International Limited was
formed as a Nevada corporation in 2005.  It conducts operations
through its wholly owned subsidiary, Perfectenergy International
Limited, a private British Virgin Islands corporation
("Perfectenergy BVI"), and Perfectenergy BVI's three wholly owned
subsidiaries (i) Perfectenergy (Shanghai) Limited, a company
organized under the laws of the People's Republic of China
("Perfectenergy Shanghai"), (ii) Perfectenergy GmbH, a German
corporation ("Perfectenergy GmbH"), and (iii) Perfectenergy
Solar-Tech (Shanghai) Ltd., a company organized under the laws of
the People's Republic of China ("Perfectenergy Solar-Tech").

Perfectenergy BVI, through Perfectenergy Shanghai and
Perfectenergy Solar-Tech, is principally engaged in the research,
development, manufacturing, and sale of solar cells, solar
modules, and photovoltaic systems.

The Company conducts sales in Europe through Perfectenergy GmbH,
which was formed in Germany on Nov. 9, 2007, located at Tannenweg
8-10, 53757 Sankt Augustin, Germany.  The principal function of
Perfectenergy GmbH is marketing, installation, and other after-
sales services for the Company's PV products.



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G R E E C E
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PIRAEUS BANK: Moody's Affirms 'Caa2' Deposit & Debt Ratings
-----------------------------------------------------------
Moody's Investors Service has affirmed Piraeus Bank's Caa2
deposit and debt ratings, with negative outlook, and withdrawn
the Agricultural Bank of Greece's (ATE Bank) Caa2 deposit and
debt ratings. These actions follow Piraeus Bank's acquisition of
the healthy assets and liabilities of the Agricultural Bank of
Greece, which is undergoing liquidation.

Ratings Rationale

On July 27, 2012, Piraeus Bank announced the acquisition by
absorption of ATE Bank's healthy assets within the consolidation
framework defined by the Bank of Greece (BoG) and the Hellenic
Financial Stability Fund (HFSF), a framework which aims to
improve the financial stability of the Greek banking system.
Piraeus Bank acquired EUR21.4 billion of total liabilities and
EUR14.7 billion of total assets. The difference of EUR6.7 billion
will be covered by the HFSF in the form of bonds issued by the
European Financial Stability Facility (EFSF). Piraeus Bank will
also receive EUR0.5 billion of additional EFSF bonds from the
HFSF to account for the capital needs of the acquired assets and
to maintain its overall capital adequacy ratio above the 8%
regulatory minimum.

Moody's notes that this transaction has some credit positive
elements for Piraeus Bank, such as a more favorable funding and
loan book profile and enhanced franchise value. However, the
rating agency notes that these credit positives are offset by
integration and implementation risks, a higher cost base (despite
higher revenues), and the adverse operating environment in
Greece, which continues to pressure asset quality and liquidity.
As a result, Moody's has affirmed Piraeus Bank's ratings.

The legal entity Agricultural Bank of Greece S.A. and its
remaining balance sheet went into liquidation -- including a
EUR250 million subordinated bond -- following the withdrawal of
its banking license by the BoG. Moody's has withdrawn the deposit
and debt ratings assigned to the bank and its funding subsidiary
ABG Finance International plc, to reflect the withdrawal of its
banking license. The rating assigned to the bank's subordinated
debt was downgraded to C from Ca prior to withdrawal, which
reflects the higher expected losses that investors are likely to
sustain on these securities.

The Specific Rating Changes implemented are:

Piraeus Bank S.A., Piraeus Group Finance plc, and Piraeus Group
Capital Limited:

- Standalone bank financial strength rating (BFSR) affirmed at
   E, mapping to a baseline credit assessment (BCA) of caa3

- Long-term deposit and senior unsecured debt ratings affirmed
   at Caa2

- Backed (government-guaranteed) senior unsecured ratings
   affirmed at Caa2

- Subordinated debt ratings affirmed at Ca

- Preferred stock (Hybrid Tier 1) affirmed at Ca(hyb)

- Short-term deposit ratings affirmed at Not-prime

All the above ratings, except the standalone BFSR, carry a
negative outlook.

Agricultural Bank of Greece SA and ABG Finance International plc:

- Standalone BFSR withdrawn at E, mapping to a BCA of caa3

- Long-term deposit and senior unsecured debt ratings withdrawn
   at Caa2

- Subordinated debt ratings downgraded to C from Ca, and to be
   subsequently withdrawn

- Short-term deposit ratings withdrawn at Not-prime

All the above ratings, except the standalone BFSR and
subordinated debt ratings of C, carried a negative outlook prior
to withdrawal

The principal methodology used in these ratings was Moody's
Consolidated Global Bank Rating Methodology, published in June
2012.

Both banks are headquartered in Athens, Greece. Piraeus Bank
reported pro-forma total assets of EUR52.1 billion (including
EUR4.7 billion capital advance from the HFSF) as of March 2012.
ATE Bank reported total assets of EUR26.5 billion as of September
2011.


PIRAEUS BANK: S&P Affirms 'CCC/C' Counterparty Credit Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC/C' long- and
short-term counterparty credit ratings on Greece-based Piraeus
Bank S.A. (Piraeus). The outlook is negative.

"At the same time, we affirmed our 'CC' issue ratings on the debt
securities issued by Piraeus Group Capital Ltd. and by Piraeus
Group Finance PLC and guaranteed by Piraeus," S&P said.

"The affirmation follows Piraeus' announcement on July 27, 2012,
that it will absorb EUR14.7 billion of assets and EUR21.4 billion
of liabilities from the Agricultural Bank of Greece (ABG; not
rated), for a consideration of EUR95 million. We understand that
the Hellenic Financial Stability Fund (HFSF) has disbursed EUR6.7
billion to cover the difference between the assets and
liabilities. In addition, the HFSF will contribute a further
EUR500 million in capital injections to Piraeus, so that the bank
can maintain a total capital adequacy ratio above 8%. The
affirmation reflects our opinion that, at the current rating, the
operation will likely have a limited impact on our assessment of
Piraeus' financial profile. This is because the terms of the
agreement substantially mitigate the potential risk arising from
it. Under the announced terms, we understand the HFSF is largely
financing the operation and Piraeus is absorbing the best part of
ABG's assets and all of its customer deposits," S&P said.

"We anticipate that the impact of the transaction on our
assessment of the bank's capital and earnings is limited," S&P
said.

"Our rating on Piraeus factors in our opinion that the HFSF will
commit further capital to Piraeus in addition to the EUR4.7
billion provided in May to enable the bank to comply with
regulatory capital requirements," S&P said.

"We do not consider that the ABG transaction will affect our
assessment of the bank's liquidity position, based on the
European Council's statement that Greek banks will continue to
receive financial support. Such support should allow the bank to
maintain eligible collateral for discounting through European
liquidity support mechanisms, including Emergency Liquidity
Assistance (ELA) set up at the Bank of Greece, even if the
relevant ratings on Greek sovereign debt were lowered to 'D',"
S&P said.

"The negative outlook reflects the possibility that we could
downgrade Piraeus if we believed it would default on its
obligations, as defined by our criteria. We could lower the
ratings on the bank if access to liquidity support from
extraordinary mechanisms set up by EU authorities, including the
ELA discount facility, was impaired for any reason. This is
because this support currently underpins the bank's capacity to
meet its financing requirements. In this context, we also note
that persistently high pressure on Greek banks' retail funding
bases may lead to further deposit outflows, which could in our
opinion increase the need for banks to receive additional
extraordinary liquidity support from European authorities. Should
Piraeus' access to EU liquidity support deteriorate, we would
conclude that the bank is likely to default, as defined under our
criteria," S&P said.

"We could also lower the ratings if we believed the bank was
likely to default as a result of any developments associated with
a substantial impairment of its solvency. This could happen if,
for any reason, Greek banks could not access external capital
support, or if we considered such support insufficient to allow
the banks to continue meeting regulatory capital requirements
once the potentially further large losses on their holdings of
Greek government bonds are recognized. A default could also occur
from potentially sizable credit impairments arising from
lending," S&P said.


* GREECE: Agrees to Strengthen Policy & Comply with Bailout Terms
-----------------------------------------------------------------
Marcus Bensasson at Bloomberg News reports that Greece and its
international creditors agreed on the need to strengthen policy
efforts to support the economy and comply with its bailout terms
after nearly two weeks of meetings in Athens.

Representatives from the so-called troika of the European
Commission, European Central Bank and International Monetary Fund
met with Greek Finance Minister Yannis Stournaras in Athens on
Sunday at the conclusion of the meetings, Bloomberg relates.  The
talks will determine whether Greece continues receiving funds
from the country's EUR240 billion (US$297 billion) of rescue
packages, Bloomberg notes.

Greek Prime Minister Antonis Samaras on Aug. 1 wrenched agreement
from the two party leaders supporting his coalition government on
the need to determine EUR11.5 billion of budget cuts for 2013 and
2014 to keep the international rescue funds flowing, Bloomberg
recounts.  That package must be completed by early September,
before a meeting of finance ministers from the 17-nation euro
area, a Greek Finance Ministry official, who asked not to be
named, said after Sunday's meeting, Bloomberg notes.

The country, Bloomberg says, risks running out of money without
the disbursement of EUR4.2 billion that was initially due in June
as the first installment of a EUR31 billion transfer.



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H U N G A R Y
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JEANS CLUB: Put Up for Liquidation; August 13 Bid Deadline Set
--------------------------------------------------------------
MTI-Econews reports that business daily Napi Gazdasag said on
Monday the assets of Jeans Club have been put up for liquidation
for HUF2.17 billion.

According to MTI-Econews, the deadline for submitting bids for
the company's real estate, vehicles and equipment with liquidator
Duna Libra is Aug. 13.

Jeans Club had liabilities of more than HUF8.35 billion at the
end of 2010, MTI-Econews discloses.  Its biggest creditor was CIB
Bank, MTI-Econews notes.

Jeans Club is a Hungarian clothing company.


* HUNGARY: Moody's Says Banking System Outlook Remains Negative
---------------------------------------------------------------
The outlook on Hungary's banking system remains negative, says
Moody's Investors Service in a new Banking System Outlook
published on Aug. 3. The key drivers of the outlook are (i) a
persistently weak operating environment; (ii) further
deterioration in asset quality; and (ii) continued pressure on
profitability, funding and capitalization.

The new report is entitled "Banking System Outlook: Hungary".

"We expect Hungarian banks to face a weak operating environment
in the next 12-18 months. Hungary's economy continues to
deteriorate, as its high dependence on exports and capital
inflows exposes the country to the euro area's weak growth
prospects," explains Simone Zampa, a Moody's Vice President and
Senior analyst.

"Combined with other challenges for banks in Hungary, including a
series of government measures which are detrimental to banks'
profitability, high unemployment and fairly high household
indebtedness (particularly in foreign-currency), the weak
operating environment will continue to limit domestic demand for
credit, and banks' ability and willingness to lend," adds Ms.
Zampa.

Moody's says that the pressures within the operating environment
will cause the banks' asset quality to deteriorate further over
the outlook period. Adverse exchange-rate dynamics, a large loan
portfolio denominated in Swiss francs, weak macro-conditions,
increasing business bankruptcies and a construction slump
indicate mounting pressure on problem loans. According to the
Hungarian National Bank, the level of problem loans in banks'
portfolios is expected to rise to around 15% in early 2013 from
13.1% at the end 2011 for the retail sector, and to around 22% in
2013 from 17.4% at the end of 2011 for the corporate sector.

Moody's also notes that over the outlook period, Hungarian banks'
funding and liquidity profiles will remain weak and exposed to
market sentiment given the large FX funding needs to refinance
the large foreign-currency loan book in the system.

The Hungarian banking system has one of the weakest loan-to-
deposit ratios amongst the CEE6 countries (Czech Republic,
Poland, Slovakia, Romania, Hungary and Slovenia) and thus relies
on wholesale markets for about 50% of its total funding [sources:
Financial Supervisory Authority of Hungary, Moody's
calculations]. Many foreign-owned banks rely on FX funding
facilities from their parent banks to refinance their FX
portfolios; this exposes banks to significant rollover risk in
the currently challenging funding environment.

Following a first year of overall losses for the system, recorded
in 2011, Moody's believes Hungarian banks' overall profitability
will remain very weak over the coming quarters, with a large
number of banks reporting losses. The key drivers that will
likely continue to weigh on the banks' operations are (i) the
significant tax burden, (ii) the increasing loan loss charges
reflecting economic pressures, (iii) deleveraging, which also
constrains revenue-generating capacity, and (iv) lower net
interest margins because healthy portfolios with good margins
have been repaid under the 2011 FX mortgage scheme and cost of
funding has increased.



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ALLIED IRISH: S&P Affirms 'BB/B' Counterparty Credit Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB/B' long- and
short-term counterparty credit ratings on Ireland-based Allied
Irish Banks PLC (AIB). The outlook remains negative.

"In addition, we affirmed the 'BB/B' long- and short-term
counterparty credit ratings on AIB's wholly owned U.K.
subsidiary, AIB Group (U.K.) PLC. The outlook also remains
negative," S&P said.

"We have revised our assessment of AIB's stand-alone credit
profile (SACP) down by one notch to 'b+' from 'bb-'," S&P said.

"The revised SACP reflects our updated assessment of AIB's
capital and earnings. AIB reported a pretax loss of EUR1.3
billion in the first half of 2012 and we expect AIB to remain
loss making through 2013. We now take the view that AIB's capital
ratio, as measured under Standard & Poor's risk-adjusted (RAC)
framework, will be below 4% by the end of 2013. We had previously
assumed that it would remain above the 5% threshold that we set
for a 'moderate' assessment of capital and earnings. We have
therefore revised our assessment of AIB's capital and earnings to
'weak'," S&P said.

"In accordance with our criteria, we now incorporate two notches
for government support into the long-term counterparty credit
rating on AIB, compared to one before, which has resulted in the
affirmation of the ratings on AIB," S&P said.

"We note that AIB's regulatory capitalization--its reported Core
Tier 1 ratio was 17.3% at June 30, 2012--is much stronger than
our preferred RAC measure, and we expect AIB to remain
comfortably above the 10.5% regulatory minima for Irish banks
through 2013," S&P said.

"There are two primary reasons for the large difference between
our capital analysis and AIB's regulatory capital. First, within
our calculation of total adjusted capital, we exclude EUR3.3
billion of preference shares issued by AIB to the Irish
government and we also exclude EUR3.7 billion of tax loss
carryforwards. On this basis, we estimate that total adjusted
capital at June 30, 2012 was just under EUR7 billion, which
compares to reported regulatory Core Tier 1 capital of EUR14.0
billion. Second, within our calculation of risk-weighted assets
we apply more conservative risk weightings to reflect our view of
economic risk within Ireland. As a result, we estimate that AIB's
RAC was just over 5.0% at this date. Taking into account our
expectation of further losses by AIB over the coming 18 months,
and even allowing for the ongoing reduction in its balance sheet,
we project that AIB's RAC will be in the 3.5%-4.0% range by end-
2013," S&P said.

"AIB's reported pretax loss of EUR1.3 billion in the first half
of 2012 follows heavy losses in full-year 2011. AIB received
significant capital support from the Irish government (Republic
of Ireland, BBB+/Negative/A-2) in 2011 as part of an industrywide
recapitalization. In common with Irish peers, AIB remains loss
making at a pre-provision level, which in part reflects its
deposit margin compression, high level of nonperforming loans,
and fees related to its participation in the government's
Eligible Liabilities Guarantee (ELG) Scheme. We assume that the
many pressures on AIB's preprovision earnings will only gradually
abate," S&P said.

"In addition, provisions for loan impairments remained elevated
in the first half of 2012 at EUR890 million (or a loss rate of
1.84%), albeit well down on EUR2,961 million reported in the same
period in 2011. AIB has stated that it assumes 2011 will be the
peak year for impairments, which we agree with, but we assume
that loan impairments will remain elevated across most of AIB's
loan portfolios for the remainder of this year and next," S&P
said.

"We take some comfort from the fact that AIB's new management is
making progress to improve AIB's balance sheet profile. Customer
deposits grew by a reported EUR2.9 billion in the first half of
2012 and now represent a reported 52% of total funding, up from
47% at year-end. AIB's reported loan-to-deposit ratio of 125% is
now close to the regulatory target of no more than 122.5% set
last year. Like Irish peers, however, AIB continues to rely
heavily on monetary authorities -- EUR25 billion at June 30,
2012, albeit down from EUR31 billion at year-end. Regulatory
risk-weighted assets fell by 4% in the first half, which in our
view demonstrates the progress which AIB has made with its de-
leveraging plans to date," S&P said.

"The ratings on AIB reflect our view of its 'bb' anchor,
'adequate' business position, 'weak' capital and earnings,
'adequate' risk position, 'average' funding, and 'moderate'
liquidity, as our criteria define these terms. The SACP is 'b+',"
S&P said.

"The long-term counterparty credit rating is two notches higher
than the SACP, reflecting our view that AIB has 'high' systemic
importance in Ireland, and the Irish government is 'supportive'
of the banking sector, as defined by our criteria. We note that
AIB has additional capital flexibility in its state-owned
preference shares and contingent capital. We do not view AIB as a
government-related entity, even though it is more than 99% owned
by the government, because the government has said that it
intends to eventually return the bank to private ownership," S&P
said.

"The negative outlook reflects our view that AIB's new management
team still faces considerable challenges to return the bank to
profitability in the context of subdued credit demand, high
deposit competition, and a weak economic environment, including a
weak housing market, in Ireland. Our ratings reflect our
expectation that AIB will make progress over the coming year to
improve net interest margins, control costs, and adequately
manage asset quality," S&P said.

"We could lower the ratings if, by our measures, capital erodes
by more than we expect thus leading us to revise our assessment
of capital and earnings to 'very weak' from 'weak'. The negative
outlook also reflects the negative outlook on the long-term
rating on the Irish sovereign because, in line with our criteria,
a one-notch downgrade of the long-term rating on Ireland would
lead us to reduce the number of notches of government support
that we factor into the ratings on AIB to one from two," S&P
said.

"We could revise the outlook on AIB to stable if we revised that
on Ireland to stable, and if we see evidence that AIB's
capitalization is stabilizing, asset quality metrics are steadily
improving, and that the bank's reliance on monetary authorities
is materially reducing," S&P said.


LANSAS DEV'T: Council Denies Planning & Retention Permission
------------------------------------------------------------
Tess Felder at Kilkenny People reports that Kilkenny County
Council has denied the planning and retention permission to Lansa
Developments for the estate Callan Manor.

Lansa Developments is in receivership.

Retention permission was also sought for a change to the site
boundary, which is now located inside a religious shrine,
according to Kilkenny People.

"There are still a number of issues of serious concern with
regard to the standard of construction and the material changes
from the development granted under the parent permission," the
council found, according to the report.

Kilkenny People notes that the council also said that the
"excessive hard landscaping," lack of soft landscaping, and
proposals to add ramped access with handrails at various
locations would "result in a visually poor development at this
location, which has been carried out in a piecemeal fashion."

It ruled that the units as constructed do not fully comply with
regulations for fire safety, conservation of fuel and energy, and
access and use, the report adds.


MAZARIN FUNDING: S&P Cuts Ratings on 4 Note Tranches to 'CCC-'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
all of Mazarin Funding Ltd.'s junior senior notes. These rating
actions include the correction of an administrative error on the
series 2010-21 junior senior notes. "At the same time, we have
affirmed all of our 'A-1+ (sf)' short-term ratings on the
commercial paper (CP) programs and repurchase agreement notes. We
have also affirmed all of our 'CCC- (sf)' ratings on the fast and
slow pay income notes," S&P said.

"The rating actions follow our analysis of Mazarin Funding's
performance under our 2012 criteria for collateralized debt
obligations (CDOs) of pooled structured finance (SF) assets, and
the application of our 2012 counterparty criteria. We have based
our analysis on the latest available data and our cash flow
analysis, taking into account recent developments," S&P said.

"Mazarin Funding is an HSBC-sponsored operating company that
securitizes a portfolio of predominantly structured finance
securities and financial institution debt. The Mazarin Funding
portfolio comprises approximately 78.0% structured finance
securities, of which 21.5% of the performing balance comprises
European and U.S. residential mortgage-backed securities (RMBS).
The remaining portion of the structured finance pool mainly
comprises European and U.S. commercial backed securities (CMBS;
22.13% of the performing balance), U.S. CDOs of corporate
securities (14.23% of the performing balance), consumer and
commercial asset-backed securities (16.91%), and student loan
securitizations (3.09%). The remainder of the portfolio is mainly
exposed to subordinated debt issued by financial institutions,
with a small exposure to European corporate securitizations," S&P
said.

"Our analysis indicates that the overall credit quality of the
underlying assets in the portfolio has deteriorated since our
previous review on Sept. 17, 2010. For example, we consider
approximately 16% of the assets in the current portfolio to be
rated 'AAA', compared with 27% at our previous review. In
particular, our analysis shows that the migration of the ratings
on the assets in the underlying portfolio has been most visible
in the structured finance portion of the pool, particularly among
the RMBS and CMBS," S&P said.

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

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

"The impact of our updated methodology and assumptions for pools
of structured finance assets has also been a factor in 's rating
actions. Based on these assumptions, our analysis shows that all
classes of notes in Mazarin Funding now face higher assumed
losses and liquidity constraints, which caused the BDR to fall
for each class of notes. Moreover, our updated methodology caused
us to consider a significantly increased probability of default
at each rating level, resulting in higher SDR levels than at our
previous review. For example, our analysis indicates that the SDR
at the 'AAA' rating level has increased to 32.24%, from 13.81% at
our previous review," S&P said.

                        RATING ACTIONS

"Mazarin Funding is a vehicle resulting from the restructuring of
a structured investment vehicle (SIV). Similar to traditional
SIVs, the super senior liabilities comprise CP issued from euro
and U.S. dollar programs," S&P said.

"In addition or as an alternative to CP, Mazarin Funding can fund
its super senior liabilities via short-term repurchase
agreements," S&P said.

"The Mazarin Funding vehicle is supported by a liquidity
facility, which is sized to cover the lesser of the senior debt
and notional of all non-defaulted assets in the portfolio. In our
analysis of the super senior liabilities, we have given credit to
the liquidity facility provided by HSBC Bank PLC (AA-/Stable/A-
1+)," S&P said.

"In light of the reliance on the liquidity facility provided by
HSBC Bank, we have affirmed our 'A-1+ (sf)' short-term credit
ratings on the U.S. dollar CP programs and repurchase agreement
notes, which represent the super senior obligations of the
issuer," S&P said.

"For the series 2010-1 to series 2010-6 junior senior notes, our
cash flow analysis indicates that, due to the deleveraging of the
repurchase agreement notes, our ratings are able to attain higher
levels than currently assigned. However, in our view, this
transaction has significant exposure to the liquidity facility
provided by HSBC Bank as counterparty. And so, following the
application of our 2012 counterparty criteria, our ratings on
these notes do not benefit from any elevation above our issuer
credit rating on HSBC Bank. We have therefore lowered to 'AA-
(sf)' our credit ratings on these notes," S&P said.

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

"These actions also include the correction of an error on the
series 2010-21 junior senior notes. At our previous review, we
erroneously assigned a 'B+ (sf)' rating to these notes, instead
of the 'B- (sf)' rating stated in our accompanying ratings list
for the media release. Based on our most recent assessment, we
have  lowered to 'CCC- (sf)' our rating on these notes, thereby
correcting our previous error," S&P said.

"At the same time, we have affirmed our 'CCC- (sf)' ratings on
the fast and slow pay income notes because our analysis indicates
that these classes of notes are unable to withstand our credit
and cash flow stresses at any level higher than our current
ratings," S&P said.

"As part of our analysis, we tested the Mazarin Funding's capital
structure against our largest obligor and industry default test--
two supplemental stress tests in our 2012 criteria for CDOs of
pooled SF assets. Our evaluation of the results indicates that
none of the rating actions on the notes are affected by our
supplemental stress tests," S&P said.

             STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

        http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class                     Rating
                  To                From

Mazarin Funding Ltd.

RATINGS LOWERED

$200MM Floating-Rate Junior Senior Tranche 1 Tier 4 Series 2010-1
                  AA- (sf)          AA+ (sf)

$320MM Floating-Rate Junior Senior Tranche 1 Tier 6 Series 2010-2
                  AA- (sf)          AA+ (sf)

$270MM Floating-Rate Junior Senior Tranche 1 Tier 8 Series 2010-3
                  AA- (sf)          AA+ (sf)

$320MM Floating-Rate Jr. Senior Tranche 1 Tier 10 Series 2010-4
                  AA- (sf)          AA+ (sf)

$320MM Floating-Rate Jr. Senior Tranche 1 Tier 12 Series 2010-5
                  AA- (sf)          AA+ (sf)

$180MM Floating-Rate Jr. Senior Tranche 1 Tier 14 Series 2010-6
                  AA- (sf)          AA+ (sf)

$320MM Floating-Rate Jr. Senior Tranche 1 Tier 16 Series 2010-7
                  A+ (sf)          AA+ (sf)

$160MM Floating-Rate Jr. Senior Tranche 1 Tier 18 Series 2010-8
                  A (sf)            AA (sf)

$160MM Floating-Rate Jr. Senior Tranche 1 Tier 20 Series 2010-9
                  BBB+ (sf)         AA- (sf)

$160MM Floating-Rate Jr. Senior Tranche 1 Tier 22 Series 2010-10
                  BBB (sf)          A+ (sf)

$80MM Floating-Rate Jr. Senior Tranche 1 Tier 24 Series 2010-11
                  BBB- (sf)         A+ (sf)

$80MM Floating-Rate Jr. Senior Tranche 1 Tier 26  Series 2010-12
                  BB+ (sf)          BBB+ (sf)

$80MM Floating-Rate Jr. Senior Tranche 1 Tier 28 Series 2010-13
                  BB+ (sf)          BBB+ (sf)

$80MM Floating-Rate Jr. Senior Tranche 1 Tier 30 Series 2010-14
                  BB (sf)           BBB (sf)

$80MM Floating-Rate Jr. Senior Tranche 1 Tier 32 Series 2010-15
                  B+ (sf)           BB+ (sf)

$80MM Floating-Rate Jr. Senior Tranche 1 Tier 34 Series 2010-16
                  B+ (sf)           BB+ (sf)

$80MM Floating-Rate Jr. Senior Tranche 1 Tier 36 Series 2010-17
                  B- (sf)           BB- (sf)

$80MM Floating-Rate Jr. Senior Tranche 1 Tier 38 Series 2010-18
                  CCC- (sf)         B+ (sf)

$45MM Floating-Rate Jr. Senior Tranche 1 Tier 40 Series 2010-19
                  CCC- (sf)         B+ (sf)

$40MM Floating-Rate Jr. Senior Tranche 1 Tier 42 Series 2010-20
                  CCC- (sf)         B+ (sf)

$15MM Floating-Rate Jr. Sr. Tranche 1 Tier 44 Series 2010-21[1]
                  CCC- (sf)         B- (sf)

RATINGS AFFIRMED

Up To $50 Billion U.S. Dollar Commercial Paper
                  A-1+ (sf)

Up To $50 billion Euro Commercial Paper
                  A-1+ (sf)

Up To $8,318 Million Repurchase Agreement
                  A-1+ (sf)

EUR83.959 Million Tier 1 Fast Pay Income Notes
                  CCC- (sf)

$11.301 Million Tier 1 Fast Pay Income Notes
                  CCC- (sf)

GBP17.165 Million Tier 1 Fast Pay Income Notes
                  CCC- (sf)

$98.63 Million Tier 1 Fast Pay Income Notes
                  CCC- (sf)

$642.342 Million Tier 1 Slow Pay Income Notes
                  CCC- (sf)

$11.512 Million Tier 1 Slow Pay Income Notes
                  CCC- (sf)

$16.006 Million Tier 1 Slow Pay Income Notes
                  CCC- (sf)

$16.006 Million Tier 1 Slow Pay Income Notes
                  CCC- (sf)

EUR58.988 Million Tier 1 Slow Pay Income Notes
                  CCC- (sf)

GBP49.001 Million Tier 1 Slow Pay Income Notes
                  CCC- (sf)

JPY3.533 Billion Tier 1 Slow Pay Income Notes
                  CCC- (sf)

[1]This rating action corrects an earlier administrative error.



=========
I T A L Y
=========


BANCA CARIGE: S&P Lowers Issuer Credit Rating to 'BB+'
------------------------------------------------------
Standard & Poor's Ratings Services has taken rating actions on 32
Italian financial institutions. "These include affirming our
counterparty credit ratings on 15 entities, lowering our ratings
on 15, removing the ratings on four from CreditWatch negative,
and revising the outlook on one," S&P said.

"The rating actions reflect our view of increased credit risk for
the Italian economy and its banks. They follow our revision of
our economic risk score for Italy, one of the main components of
our Banking Industry Country Risk Assessment (BICRA), to '5' from
'4'. We have maintained our BICRA for Italy at group '4' and our
industry risk score at '4'," S&P said.

"With Italy facing a potentially deeper and more prolonged
recession than we had originally anticipated, we think Italian
banks' vulnerability to credit risk in the economy is rising. In
this context, the combined effect of mounting problem assets and
reduced coverage of loan loss reserves makes banks more
vulnerable to the impact of higher credit losses particularly in
the event of deterioration in the collateral values of assets,"
S&P said.

"In our opinion, a more severe recession will likely push up the
stock of Italian banks' problem assets in 2012 and 2013 to levels
higher than we previously expected and high relative to the
stocks in other banking systems in Europe. At the same time, the
banks' coverage of problem assets through provisioning, which was
already low by international standards because of the banks'
extensive use of tangible collateral in their assessment of
provisioning needs, has fallen further over the past few years,"
S&P said.

"We will publish individual research updates on the banks
identified below, including a list of ratings on affiliated
entities, as well as the ratings by debt type--senior,
subordinated, junior subordinated, and preferred stock," S&P
said.

RATINGS LIST
The ratings listed are issuer credit ratings unless otherwise
stated.

Ratings Affirmed


Banca Fideuram                            BBB+/Negative/A-2

Banca Mediocredito del Friuli-Venezia Giulia SpA
                                          BBB/Negative/A-3

Banco Popolare Societa Cooperativa SCRL
Credito Bergamasco                        BBB-/Negative/A-3
Banca Aletti & C. SpA

Credito Emiliano SpA                      BBB/Negative/A-2

Intesa Sanpaolo SpA                       BBB+/Negative/A-2
Banca IMI SpA

Istituto Centrale delle Banche Popolari Italiane SpA
CartaSi SpA                               BBB-/Negative/A-3

Istituto per il Credito Sportivo          BBB+/Negative/A-2

Mediobanca SpA                            BBB+/Negative/A-2

MedioCredito Centrale SpA                 BBB-/Negative/A-3

UniCredit SpA                             BBB+/Negative/A-2
UniCredit Leasing SpA

Downgraded
                      To                  From

Banca Carige SpA
                      BB+/Negative/B      BBB-/Negative/A-3

Banca di Credito Cooperativo di Conversano S.c.r.l
                      BB+/Negative/B      BBB-/Negative/A-3

Banca Popolare dell'Alto Adige
                      BBB-/Negative/A-3   BBB/Negative/A-2

Banca Popolare dell'Emilia Romagna S.C.
                      BB+/Negative/B      BBB/Negative/A-2


Banca Popolare di Vicenza ScpA
                      BB+/Negative/B      BBB-/Negative/A-3

Dexia Crediop SpA
                      B+/Negative/B       BB-/Negative/B

Eurofidi Scpa
                      BB+/Negative/B      BBB-/Negative/A-3

Iccrea Holding SpA
Iccrea Banca SpA
Iccrea BancaImpresa SpA
                      BBB-/Negative/A-3   BBB/Negative/A-2

Unione di Banche Italiane Scpa
                      BBB/Negative/A-2    BBB+/Negative/A-2

Downgraded; CreditWatch Action

Agos-Ducato SpA       BBB-/Negative/A-3   BBB/Watch Neg/A-2

Banca Monte dei Paschi di Siena SpA
                      BBB-/Negative/A-3   BBB/Watch Neg/A-2

Banca Popolare di Milano SCRL
Banca Akros SpA
                      BB+/Negative/B      BBB-/Watch Neg/A-3

Outlook Action

FGA Capital SpA       BBB-/Negative/A-3   BBB-/Stable/A-3


CreditWatch Action; Ratings Withdrawn

                  Withdrawn   To               From
Cassa di Risparmio della Provincia di Teramo SpA
                  N.R.        B/Negative/B     B/Watch Neg/B

NB. This list does not include all ratings affected.


* ITALY: Moody's Says RMBS Performance Stable in May 2012
---------------------------------------------------------
The performance of the Italian residential mortgage-backed
securities (RMBS) market remained stable in the three-month
period leading up to May 2012, according to the latest indices
published by Moody's Investors Service.

The 60+ day delinquencies index increased slightly to 2.14% in
May 2012 from 2.10% in May 2011 while a stabilization can be seen
in 90+ day delinquencies, currently standing at 0.59% in May 2012
compared to 0.52% a year earlier. The overall cumulative default
index rose quite significantly to 2.75% in May 2012 from 2.08% a
year earlier, representing an approximate 5.4% quarter-over-
quarter increase. In the same period, constant default rates
(CDR), which measure annualized periodic default rates, decreased
by around 26% year on year.

The prepayment rate index continued its decline, standing at
3.81% in May 2012. This represents a 50% drop compared with the
previous year.

Moody's outlook for Italian RMBS is negative (see "European ABS
and RMBS Outlooks: June 2012 Update", June 2012). GDP will
contract by 2.0% in 2012, after increasing only 0.4% in 2011 (see
"Credit Opinion: Italy, Government of", July 2012). Unemployment
will rise to 10.0% in 2012 from 8.5% in 2011. More people losing
jobs will increase delinquencies (see "European ABS and RMBS
Outlooks: June 2012 Update", June 2012). Italian house prices
will continue to fall in 2013 (see "European ABS and RMBS
Outlooks: June 2012 Update", June 2012). Falling house prices
increases losses on foreclosed properties (see "Sharp Fall in
Residential Housing Transactions Credit Negative for Italian
Residential Mortgage Loans", Special report published on 18 July
2012).

As of July 2012, 30 of the 122 outstanding transactions had a
reserve fund below their target level. Six of these had
completely drawn their reserves, reporting an unpaid principal
deficiency ledger.

In May 2012, the total outstanding pool balance of the Italian
RMBS market was EUR105.38 billion, compared with EUR109.1 billion
a year earlier, representing a 3.4% year-on-year decrease. The
decrease can be attributed to the fact that although 26
transactions have closed in the last year with a total volume of
EUR26 billion, seven transactions have been terminated, including
Cordusio RMBS Securitisation S.r.l. - Series 2008, which has the
highest original volume issued in the Italian market at around
EUR23 billion.

On July 26, 2012 Moody's downgraded 7 notes out of 2 transactions
issued by Eurohome (Italy) Mortgages S.r.l. and Eurohome
Mortgages 2007-1. The downgrades were due to worse than expected
performance.

Moody's Investors Service has downgraded to A2(sf) the ratings of
257 securities across 169 Italian asset-backed and residential
mortgage-backed securities (ABS and RMBS) following the decision
to lower the Italian country ceiling to A2, in connection with
the rating agency's downgrade of Italy's government bond ratings
to Baa2 from A3 on July 13, 2012. Moody's has also placed on
review for downgrade the ratings of 83 Italian ABS and RMBS
securities (senior and subordinated notes) and confirmed the
ratings of four Italian RMBS securities

Currently 64 tranches in the Italian RMBS transactions are under
review for downgrade.

Additional information regarding the number of outstanding deals,
number of outstanding rated tranches, the average pool factor and
the average of Moody's performance expectations are now available
in the summary sheet of the Italian leasing Index report.



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


EURASIAN BANK: Moody's Affirms 'E+' BFSR; Outlook Negative
----------------------------------------------------------
Moody's Investors Service has affirmed Eurasian Bank's standalone
E+ bank financial strength rating (BFSR), equivalent to a b1
standalone credit assessment and the B1 long-term foreign-
currency deposit ratings. Moody's has also affirmed Eurasian
Bank's Not Prime short-term foreign-currency bank deposit rating,
B1 local-currency senior unsecured debt rating and B2 local-
currency subordinated debt rating. The outlook on the long-term
deposit and debt ratings remains negative.

Moody's affirmation of Eurasian Bank's ratings with a negative
outlook is based on the bank's audited financial statements for
2011 prepared under IFRS, and its first quarter 2012 unaudited
results prepared under local GAAP.

Ratings Rationale

"The affirmation of Eurasian Bank's ratings reflects the progress
that Eurasian Bank achieved over the past two years, especially
in improving profitability and asset quality metrics," says Maxim
Bogdashkin, a Moody's Assistant Vice-President and lead analyst
for the bank. "At the same time, Moody's maintains a negative
outlook on Eurasian Bank's ratings as a result of still weak
capital adequacy and persistent pressure on the bank's capital,
which stems from high credit risk concentration and asset growth
that is not sufficiently offset by revenue generation. Moody's
concerns related to these factors are further amplified by the
economic environment in Kazakhstan, which remains challenging for
local banks and might lead to further asset quality deterioration
in the medium term," adds Mr. Bogdashkin.

Eurasian Bank's return-on-average-equity has increased to 21.0%
in 2011, compared with 2.2% in 2010 and a loss in 2009. This
positive development to a large extent stems from Eurasian Bank's
business diversification to retail lending via its subsidiary
ProstoKredit (formerly Societe Generale's retail arm in
Kazakhstan), and in the improved performance of Eurasian Bank's
corporate loans.

Overall, the bank's asset quality is now above the Kazakhstan
average, with the level of impaired loans (defined as loans that
are overdue by more than 90 days and a part of restructured
loans) decreasing to 10.5% as at YE2011 compared with 16.2% as at
YE2010 and coverage of impaired loans by loan loss reserves
improved to 86% as at YE2011, compared with 56% as at YE2010.
According to local regulatory filings, the bank's capital
adequacy remained weak even after the shareholders' capital
injections of KZT6 billion that took place in June 2012. The
total capital adequacy ratio accounted for only 12.6% as at end-
June 2012. According to Moody's scenario analysis, Eurasian
Bank's capital will be marginally adequate under the rating
agency's central scenario, but is likely to be insufficient if
the asset quality worsens beyond Moody's expectations.

Eurasian Bank's modest capital buffers are under further pressure
as a result of the bank's high credit risk concentration, with
exposure to the 20 largest borrowers accounting for around 3x of
Tier 1 capital as at end-June 2012, down from over 4x of Tier 1
capital as at YE2010. The high credit risk concentration
continues to render Eurasian Bank susceptible to the performance
of the few largest borrowers and remains one of the largest
concentrations among Eurasian Bank's peers.

The positive effect of improved profitability on Eurasian Bank's
capital has been negated by 20% credit growth in 2011 and further
12% credit growth over the first five months of 2012, and Moody's
expects this trend to persist in the medium future.

Moody's believes that the challenging credit conditions in
Kazakhstan remain another constraining factor. Kazakhstani banks
continue to suffer from the high indebtedness of the real sector
and the lack of credit demand. The latter intensifies competition
for good borrowers, and may result in either margin contraction
or weaker asset quality as a result of a loosening of
underwriting standards.

Moody's notes that in the medium term, preserving Eurasian Bank's
risk profile in its current status -- particularly maintaining
high credit risk concentration whilst avoiding strengthening the
capital base -- may result in a downgrade of the bank's ratings.
Conversely, a change in the outlook to stable will be contingent
on Eurasian Bank's ability to balance credit risk exposure with
capital adequacy levels and to maintain strong internal revenue
generation and an adequate liquidity position.

The principal methodology used in this rating was Moody's
Consolidated Global Bank Rating Methodology published in June
2012.

Headquartered in Almaty, Kazakhstan, Eurasian bank reported under
IFRS total assets of KZT369 billion (US$2.5 billion) and
shareholders' equity of KZT31.9 billion (US$215 million). Net
profit for 2011 was KZT6 billion (US$41 million).



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


EUROPROP SA: S&P Retains 'B' Rating on Class F Notes
----------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
EuroProp (EMC VI) S.A.'s class A and B notes. "The rating actions
do not affect our ratings on the class C to F notes," S&P said.

Danske Bank A/S (A-/Stable/A-2) provides liquidity support in
this transaction.

"On May 30, 2012, we lowered our ratings on Danske Bank A/S to
'A-/Stable/A-2' from 'A/Negative/A-1'," S&P said.

"The replacement framework included in the liquidity facility
agreement states that, if we lower our short-term rating on the
liquidity facility provider (in this case, Danske Bank A/S) below
'A-1', it must replace itself within 30 calendar days. Under the
terms of the liquidity facility agreement, the issuer may request
a standby drawing, if the liquidity facility provider fails to
replace itself, as a remedy," S&P said.

"In accordance with our 2012 counterparty criteria, if a rating
on a counterparty falls below the minimum eligible counterparty
rating for a specific obligation and the downgrade is not
remedied, then we would, in the absence of other mitigating
factors, lower our ratings on supported securities
to that of the issuer credit rating on the counterparty," S&P
said.

"The downgrade of Danske Bank A/S below the minimum eligible
counterparty rating was not remedied. As a result, following the
application of our 2012 counterparty criteria, we have lowered
our ratings on the class A and B notes to 'A- (sf)', which is the
maximum rating that Danske Bank A/S can now support," S&P said.

           POTENTIAL EFFECTS OF PROPOSED CRITERIA CHANGES

"We have taken the rating actions based on our criteria for
rating European commercial mortgage-backed securities (CMBS).
However, these criteria are under review," S&P said.

"As highlighted in the Nov. 8 Advance Notice Of Proposed Criteria
Change, we expect to publish a request for comment (RFC)
outlining our proposed criteria changes for rating European CMBS
transactions," S&P said.

"On June 4, we published a request for comment (RFC) outlining
our proposed criteria changes for CMBS Global Property Evaluation
Methodology. The proposed criteria do not significantly change
Standard & Poor's longstanding approach to deriving property net
cash flow (S&P NCF) and value (S&P Value). We therefore
anticipate limited impact for European outstanding ratings when
the updated CMBS Global Property Evaluation Methodology criteria
are finalized," S&P said.

"However, because of its global scope, the proposed CMBS Global
Property Evaluation Methodology does not include certain market-
specific adjustments. An application of these criteria to
European transactions will therefore be published when we release
our updated rating criteria," S&P said.

"Until such time that we adopt new criteria for rating European
CMBS, we will continue to rate and surveil these transactions
using our existing criteria," S&P said.

             STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

      http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

                 Rating
Class       To            From

EuroProp (EMC VI) S.A.
EUR489.775 Million Commercial Mortgage-Backed Floating-Rate Notes

Ratings Lowered

A    A- (sf)        AA (sf)
B    A- (sf)        A (sf)

Ratings Unaffected

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


SCHRODER GAIA: Faces Liquidation Following Redemptions
------------------------------------------------------
HedgeWeek, citing Citywire Global, reports that Schroders and
Sloane Robinson have decided to liquidate the Schroder GAIA
Sloane Robinson Emerging Markets fund following a sustained
period of redemptions.

The fund launched on the GAIA platform in June 2010, Citywire
Global recounts.

Schroders apparently said that the fund's assets had peaked at
US$390 million in May 2011, Hedgeweek relates.  However,
following a period of redemptions, assets have fallen to
US$85 million, with more redemptions anticipated in the near
future, Hedgeweek notes.  According to Hedgeweek, one of the
issues with alternative UCITS funds, as Sloane Robinson are
discovering, is that weekly liquidity profiles offered under
UCITS have the potential to create a more volatile AUM, compared
to offshore Cayman structures.

"Schroders has consulted Sloane Robinson LLP and they agree that
the trend of redemptions is likely to continue and that the fund
has become unviable. After careful analysis and review, the Board
of Directors of Schroder GAIA has decided, in the best interests
of the shareholders, to liquidate the fund," Hedgeweek quotes a
statement issued by Schroders as saying.

Sloane Robinson is aiming to complete the portfolio liquidation
by today, August 8, Hedgeweek says.

Schroder GAIA Sloane Robinson Emerging Markets fund is based in
Luxembourg.



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


CENTRAL EUROPEAN: Commences Consent Solicitation to Obtain Waiver
-----------------------------------------------------------------
Central European Distribution Corporation is soliciting consents
from holders of the US$380,000,000 principal amount of 9.125%
Senior Secured Notes due 2016 and EUR430,000,000 principal amount
of 8.875% Senior Secured Notes due 2016 issued by CEDC Finance
Corporation International, Inc., and guaranteed by CEDC to obtain
a limited waiver with respect to the reporting covenants
contained in the indenture for the Notes.

CEDC currently anticipates that it may not be able to timely file
its quarterly report on Form 10-Q for the financial quarter ended
June 30, 2012, with the United States Securities and Exchange
Commission.  Accordingly, the Consent Solicitation is being made
to obtain a waiver up to and including Nov. 12, 2012, of any and
all Defaults and Events of Default, and the consequences thereof,
that may have occurred or may occur under Section 4.14 (Reports)
of the Indenture including any Default that would result if CEDC
fails to file its 2nd Quarter Form 10-Q.

CEDC is offering to pay a consent fee of $2.50 in cash for each
US$1,000 in principal amount of its 9.125% Notes for which it has
received and accepted consents and EUR2.50 in cash for each
EUR1,000 in principal amount of its 8.875% Notes for which it has
received and accepted consents.  The consent fee will only be
payable in the event that CEDC fails to file with the SEC the 2nd
Quarter Form 10-Q by Aug. 14, 2012.

The Consent Solicitation will expire at 5:00 p.m., New York City
time, on Aug. 10, 2012, unless extended.  Holders of the Notes
who validly deliver consents to the Waiver prior to the Consent
Deadline and do not validly revoke those consents will receive
the applicable consent fee described above if CEDC receives
validly delivered consents that are not validly revoked from the
holders of not less than a majority in aggregate principal amount
of the outstanding Notes, provided that the Consent Solicitation
has not been terminated prior to the Consent Deadline and the
Waiver becomes operative as per its terms as described in the
Consent Solicitation Statement.  Holders may deliver their
consents at any time before the Consent Deadline.  Holders may
revoke their consents as described in the Consent Solicitation
Statement dated Aug. 2, 2012.  If CEDC files its 2nd Quarter Form
10-Q by Aug. 14, 2012, no consent fee will be payable.

The record date for determining the holders who are entitled to
consent is Aug. 1, 2012.  The Waiver will become effective
following receipt by Deutsche Trustee Company Limited, as
trustee, of certification by CEDC that the Requisite Consents
have been received.

CEDC has retained Houlihan Lokey and Knight as solicitation
agents for the consent solicitation.  Questions concerning the
terms of the consent solicitation should be directed to Houlihan
Lokey (Attn: Liability Management Group, +1 (212) 497-7864 or
liability_mgmt@hl.com) or Knight (Attn: Liability Management
Group, +44 (207) 997-7742 or liabilitymanagement@knight.com).

CEDC has also retained D.F. King & Co., Inc., to serve as its
Information and Tabulation Agent for the Consent Solicitation.
Requests for documents should be directed to cedc@dfking.com or
in the US on +1-212-269-5550 or (800) 549-6746 (toll free) or in
Europe on +44-207-920-9700.

        Update on Financial Restatement and Annual Meeting

CEDC is currently reviewing its financial statements and has
commenced an internal investigation regarding CEDC's retroactive
trade rebates and related accounting issues.  As the review is
not yet complete, CEDC anticipates that it may be unable to file
its 2nd Quarter Form 10-Q with the SEC by Aug. 14, 2012, the due
date under SEC regulations.  CEDC intends to file its amended
periodic reports including the restated financial statements and
its 2nd Quarter Form 10-Q with the SEC as soon as practicable.

In addition, the board of directors of CEDC, along with senior
management, continue to review the timing of CEDC's 2012 Annual
Meeting of Stockholders previously scheduled to be held on
June 29, 2012, in light of the need to restate its accounts and
expects to hold its 2012 Annual Meeting of Stockholders as soon
as practicable after completing the internal investigation.

                            About CEDC

Mt. Laurel, New Jersey-based Central European Distribution
Corporation is one of the world's largest vodka producers and
Central and Eastern Europe's largest integrated spirit beverages
business with its primary operations in Poland, Russia and
Hungary.

The Company's balance sheet at March 31, 2012, showed
US$2.033 billion in total assets, US$1.674 billion in total
liabilities, and stockholders' equity of US$358.45 million.

According to the regulatory filing, "[C]ertain credit and
factoring facilities are coming due in 2012, which the Company
expects to renew.  Furthermore, our Convertible Senior Notes are
due on March 15, 2013.  Our current cash on hand, estimated cash
from operations and available credit facilities will not be
sufficient to make the repayment on Convertible Notes and, unless
the transaction with Russian Standard Corporation is completed as
scheduled, the Company may default on them.  The Company's cash
flow forecasts include the assumption that certain credit and
factoring facilities that are coming due in 2012 will be renewed
to manage working capital needs.  Moreover, the Company had a net
loss and significant impairment charges in 2011 and current
liabilities exceed current assets at March 31, 2012.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern unless the transaction with Russian
Standard is completed as scheduled."

Ernst & Young Audit sp. z o.o., in Warsaw, Poland, expressed
substantial doubt about Central European's ability to continue as
a going concern, following the Company's results for the fiscal
year ended Dec. 31, 2011.  The independent auditors noted that
certain of the Company's credit and factoring facilities are
coming due in 2012 and will need to be renewed to manage its
working capital needs.


CENTRAL EUROPEAN: M. Kaufman Asked to be Appointed as Director
--------------------------------------------------------------
Mark Kaufman sent a letter to Roustam Tariko, non-executive
chairman of the Board of Directors of Central European
Distribution Corporation, and N. Scott Fine, lead director of the
Company.  Mr. Kaufman proposed to be appointed as director
following William S. Shanahan's resignation from the Board.

"Since my appointment to the Russian Oversight Committee, I have
had the opportunity to make a preliminary assessment of the
Russian operations of CEDC," Mr. Kaufman wrote.  "There is room
for significant improvement.  Considering the stakes are high for
CEDC, I believe that no time should be wasted and new nominations
should focus on those with solid operational backgrounds and a
strong knowledge of the wine and spirit industry."

According to Mr. Kaufman, his appointment to the Board will also
help to facilitate and improve communication from the bottom
upward in the Company at a time when the Board urgently needs a
real-time and comprehensive understanding of the actual
operational situation in Russia.

Mr. Kaufman previously reported beneficial ownership of 6,960,250
common shares of the Company or a 9.6% equity stake as of
Aug. 18, 2011.

A copy of the amended Schedule 13 filing is available for free
at: http://is.gd/Ihr3ns

                              About CEDC

Mt. Laurel, New Jersey-based Central European Distribution
Corporation is one of the world's largest vodka producers and
Central and Eastern Europe's largest integrated spirit beverages
business with its primary operations in Poland, Russia and
Hungary.

The Company's balance sheet at March 31, 2012, showed
US$2.033 billion in total assets, US$1.674 billion in total
liabilities, and stockholders' equity of US$358.45 million.

According to the regulatory filing, "[C]ertain credit and
factoring facilities are coming due in 2012, which the Company
expects to renew.  Furthermore, our Convertible Senior Notes are
due on March 15, 2013.  Our current cash on hand, estimated cash
from operations and available credit facilities will not be
sufficient to make the repayment on Convertible Notes and, unless
the transaction with Russian Standard Corporation is completed as
scheduled, the Company may default on them.  The Company's cash
flow forecasts include the assumption that certain credit and
factoring facilities that are coming due in 2012 will be renewed
to manage working capital needs.  Moreover, the Company had a net
loss and significant impairment charges in 2011 and current
liabilities exceed current assets at March 31, 2012.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern unless the transaction with Russian
Standard is completed as scheduled."

Ernst & Young Audit sp. z o.o., in Warsaw, Poland, expressed
substantial doubt about Central European's ability to continue as
a going concern, following the Company's results for the fiscal
year ended Dec. 31, 2011.  The independent auditors noted that
certain of the Company's credit and factoring facilities are
coming due in 2012 and will need to be renewed to manage its
working capital needs.


===========
S W E D E N
===========


GENERAL MOTORS: Spyker Files $3-Bil Suit Over Saab Bankruptcy
-------------------------------------------------------------
Katarina Gustafsson and Jeff Bennett, writing for The Wall Street
Journal, report that Dutch auto group Spyker NV sued General
Motors Company on Monday in a U.S. District Court in Detroit:

  -- seeking US$3 billion in damages; and

  -- accusing GM of forcing Swedish auto maker Saab Automobile
     AB into bankruptcy last year.

Spyker acquired Saab from GM in January 2010 for US$74 million in
cash and US$326 million in preferred shares.  At the time, GM was
emerging from its own bankruptcy proceedings and it had been
looking to shutter or unload the Swedish brand along with other
divisions as part of that process.  WSJ notes that despite the
sale, GM retained rights to technology and patents used in the
engineering of Saab vehicles.  GM had given Saab a license to use
these technologies and opposed sharing that same technology with
any other auto makers.

Saab halted production in March 2011 when it ran out of cash to
pay its component providers.  Saab had been wrestling with
liquidity issues due to its lower volumes and slowing sales
environment in Europe.

According to WSJ, Spyker alleged in the lawsuit that GM blocked
Spyker's attempt to sell Saab to Chinese investors because GM
executives worried that new investor -- China Youngman Automobile
Group Co. -- would have access to GM technology and compete
against the U.S. auto maker in China, one of its most important
foreign markets.

"GM deliberately pushed Saab over the cliff," Spyker Chief
Executive Officer Victor Muller said on Monday, according to WSJ.
Mr. Muller said the $3 billion in damages being sought reflects
the estimated future value of Saab if Youngman had been allowed
to buy the Swedish auto maker and invest in it.

According to WSJ, a GM spokesman called the suit "completely
without merit" and said the company would defend itself in court.

WSJ says Spyker may find it difficult to prove that GM's alleged
resistance to the sale was the only reason Saab went under.

"Spkyer's lawsuit against GM is an uphill battle at best," WSJ
quotes Anthony Michael Sabino, a business professor at St. John's
University in New York, as saying. "Frankly, GM can easily defend
itself by just saying 'look at the economy, look at the
recession, look at Saab's sales figures.'"

WSJ recounts that Saab Automobile's liquidators in April 2012
sold the bulk of the assets of the bankrupt Swedish company to a
Chinese-Japanese backed electric vehicles start-up called
National Electric Vehicle Sweden AB, or NEVS.  NEVS is 51% owned
by Hong Kong-based National Modern Energy Holdings Ltd., a
developer of alternative-energy plants in China, and 49% by Sun
Investment LLC, a Japanese investment firm. They aim to develop
premium electric vehicles for the Chinese market.

            About Saab Automobile AB and Saab Cars N.A.

Saab Automobile AB is a Swedish car manufacturer owned by Dutch
automobile manufacturer Swedish Automobile NV, formerly Spyker
Cars NV.  Saab Automobile AB, Saab Automobile Tools AB and Saab
Powertain AB filed for bankruptcy on Dec. 19, 2011, after running
out of cash.

On Jan. 30, 2012, more than 40 U.S.-based Saab dealerships filed
an involuntary Chapter 11 petition for Saab Cars North America,
Inc. (Bankr. D. Del. Case No. 12-10344).  The petitioners,
represented by Wilk Auslander LLP, assert claims totaling $1.2
million on account of "unpaid warranty and incentive
reimbursement and related obligations" or "parts and warranty
reimbursement."  Leonard A. Bellavia, Esq., at Bellavia Gentile &
Associates, in New York, signed the Chapter 11 petition on behalf
of the dealers.

The dealers want the vehicle inventory and the parts business to
be sold, free of liens from Ally Financial Inc. and Caterpillar
Inc., and "to have an appropriate forum to address the claims of
the dealers," Leonard A. Bellavia said in an e-mail to Bloomberg
News.

Saab Cars N.A. is the U.S. sales and distribution unit of Swedish
car maker Saab Automobile AB.  Saab Cars N.A. named in December
an outside administrator, McTevia & Associates, to run the
company as part of a plan to avoid immediate liquidation
following its parent company's bankruptcy filing.

On Feb. 24, 2012, the Court granted Saab Cars NA relief under
Chapter 11 of the Bankruptcy Code.

Donlin, Recano & Company, Inc., was retained as claims and
noticing agent to Saab Cars NA in the Chapter 11 case.

On March 9, 2012, the U.S. Trustee formed an official Committee
of Unsecured Creditors and appointed these members: Peter Mueller
Inc., IFS Vehicle Distributors, Countryside Volkwagen, Saab of
North Olmstead, Saab of Bedford, Whitcomb Motors Inc., and
Delaware Motor Sales, Inc.  The Committee tapped Wilk Auslander
LLP as general bankruptcy counsel, and Polsinelli Shughart as its
Delaware counsel.

                        About General Motors

With its global headquarters in Detroit, Michigan, General Motors
Company (NYSE:GM, TSX: GMM) -- http://www.gm.com/-- is one of
the world's largest automakers, traces its roots back to 1908.
GM employs 208,000 people in every major region of the world and
does business in more than 120 countries.  GM and its strategic
partners produce cars and trucks in 30 countries, and sell and
service these vehicles through the following brands: Baojun,
Buick, Cadillac, Chevrolet, GMC, Daewoo, Holden, Isuzu, Jiefang,
Opel, Vauxhall, and Wuling.  GM's largest national market is
China, followed by the United States, Brazil, the United Kingdom,
Germany, Canada, and Italy.  GM's OnStar subsidiary is the
industry leader in vehicle safety, security and information
services.

General Motors Co. was formed to acquire the operations of
General Motors Corp. through a sale under 11 U.S.C. Sec. 363
following Old GM's bankruptcy filing.  The U.S. government once
owned as much as 60.8% stake in New GM on account of the
financing it provided to the bankrupt entity.  The deal was
closed July 10, 2009, and Old GM changed its name to Motors
Liquidation Co.

General Motors Corp. and three of its affiliates filed for
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 09-50026) on
June 1, 2009.  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin,
Esq.,and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges
LLP, assist the Debtors in their restructuring efforts.  Al Koch
at AP Services, LLC, an affiliate of AlixPartners, LLP, serves as
the Chief Executive Officer for Motors Liquidation Company.  GM
is also represented by Jenner & Block LLP and Honigman Miller
Schwartz and Cohn LLP as counsel.  Cravath, Swaine, & Moore LLP
is providing legal advice to the GM Board of Directors.  GM's
financial advisors are Morgan Stanley, Evercore Partners and the
Blackstone Group LLP.  Garden City Group is the claims and notice
agent of the Debtors.

The U.S. Trustee appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Unsecured
Creditors Holding Asbestos-Related Claims.  Lawyers at Kramer
Levin Naftalis & Frankel LLP served as bankruptcy counsel to the
Creditors Committee.  Attorneys at Butzel Long served as counsel
on supplier contract matters.  FTI Consulting Inc. served as
financial advisors to the Creditors Committee.  Elihu Inselbuch,
Esq., at Caplin & Drysdale, Chartered, represented the Asbestos
Committee.  Legal Analysis Systems, Inc., served as asbestos
valuation analyst.

The Bankruptcy Court entered an order confirming the Debtors'
Second Amended Joint Chapter 11 Plan on March 29, 2011.  The Plan
was declared effect on March 31, 2011.


NOBINA AB: Moody's Lowers PDR to 'Ca/LD' After Payment Default
-------------------------------------------------------------
Moody's Investors' Service has downgraded Nobina AB's probability
of default rating (PDR) to Ca/LD ("limited default") from Ca and
the corporate family rating (CFR) to Caa3 from Caa2, following a
payment default. The rating outlook remains negative.

Downgrades:

  Issuer: Nobina AB

     Corporate Family Rating, Downgraded to Caa3 from Caa2

Adjustment:

  Issuer: Nobina AB

     Probability of Default Rating, Adjusted to Ca/LD from Ca

Ratings Rationale

The rating action follows Nobina's announcement on August 1, 2012
that it has agreed with virtually all of the holders of the EUR85
million senior secured notes to defer interest and principal due
on 1 August by about 3 months. This delayed disbursement of
contractually obligated payments constitutes a payment default in
Moody's view. The EUR85 million senior secured notes are not
rated by Moody's. Moody's understands that the temporary deferral
will provide Nobina with additional time to negotiate a
restructuring of the outstanding senior secured notes with its
bondholders. The temporary deferral follows a failed exchange
offer for its senior secured notes that was initially announced
on 02 July 2012 and for which Nobina did not achieve the minimum
acceptance level of 98.5% of all bondholders.

The non-payment of principal constitutes a "limited default"
under Moody's terminology, despite the fact that noteholders'
consent has been obtained for the temporary deferral of
outstanding senior notes.

The Caa3 CFR incorporates Moody's expectation that the blended
recovery rate for financial liabilities of Nobina should remain
relatively high and range expectedly above two thirds of face
value. However the downgrade to Caa3 from Caa2 also reflects that
the recovery could be negatively affected by the increasing risks
that the company would fail to agree on a debt restructuring with
its creditors. It reflects an increased risk of debt impairment
within the capital structure, given the company's persistent high
leverage and the growing uncertainty regarding Nobina's viability
as a going concern in its current structure. The recovery for
creditors might also be affected by the fact that Nobina's fleet
of buses is almost all leased, not owned, and the amount of
unencumbered assets is marginal.

Moody's considers Nobina's financial leverage might be untenable
considering the erosion of equity capital because of historical
losses, a high amount of finance leases (SEK3,401 million at
May 31, 2012) and operating leases (lease adjustment of SEK1,476
million in fiscal year 2011-12) which Moody's considers to be
debt-like obligations, and the modest free cash flow generation
in relation to debt. At May 31, 2012, the company had
unrestricted cash on balance sheet of only SEK90 million. Moody's
notes that the group has access to a SEK300 million 364-day
accounts receivable financing arrangement and a short-term SEK50
million bank line with a first full draw-down made on June 1,
2012. For the 12-month period ending May 31, 2012, the group had
adjusted debt/EBITDA of 7.1x and free cash flow (FCF)/debt of
4.3%. Moreover, Moody's remains concerned that the group's tight
liquidity situation might start to impair its competitive
position.

What Would Change The Rating -- Down

Further negative rating pressure could arise in case of failure
to agree rapidly on a debt restructuring which could lead to a
bankruptcy filing.

What Would Change The Rating -- Up

Upward rating pressure would require a successful restructuring
of the deferred EUR85 million of senior secured notes.

Other factors considered in Nobina's Ca rating are (1) the
company's position as the largest Nordic bus transportation group
with a significant proportion of business with local Scandinavian
communities that have relatively high revenue visibility and
predictability due to limited transportation volume exposure; (2)
the group's track record of generating positive free cash flow,
albeit modest in relation to outstanding debt; (3) the group's
limited scale with revenues and profit generation being
concentrated on the Swedish market; and (4) the compression in
the group's credit metrics in fiscal year 2011-12, with first
signs of improvement in its profit margins in Q1 2012-13
(reported operating margin 3.5% in Q1 2012-13 compared to 3.3% in
Q1 2011-12).

Nobina's ratings were assigned by evaluating factors that Moody's
considers relevant to the credit profile of the issuer, such as
the company's (1) business risk and competitive position compared
with others within the industry; (2) capital structure and
financial risk; (3) projected performance over the near to
intermediate term; and (4) management's track record and
tolerance for risk. Moody's compared these attributes against
other issuers both within and outside Nobina AB's core industry
and believes Nobina AB's ratings are comparable to those of other
issuers with similar credit risk.

Nobina AB is the largest Nordic bus transportation company,
operating in Sweden, Norway, Finland and Denmark. Its revenues
for fiscal year 2011-12 (ending 29 February) totaled SEK7.1
billion and were mostly generated from public bus services in
Sweden. This reflects the more advanced stage of the deregulation
in this country, where almost all local and regional bus services
have been tendered since 1989, in contrast to the situation in
Norway and Finland, where less than 50% of the traffic has been
tendered so far. In Sweden, the public bus transportation needs
of Contractual Public Transportation Associations (CPTAs) are put
up for tender via a competitive bidding process and the tenor of
such contracts is typically five to eight years. The majority of
contracts are priced with cost indexation levels adjusted on a
monthly (Denmark), quarterly (Sweden, Finland) or annual basis
(Norway).


NOBINA AB: S&P Lowers Corporate Credit Rating to 'SD'
-----------------------------------------------------
Standard & Poor's Ratings Services lowered to 'SD' (Selective
Default) from 'CC' its long-term corporate credit ratings on
Sweden-based bus services provider Nobina AB and its subordinate
holding company Nobina Europe Holding AB.

"At the same time, we lowered to 'D' (Default) from 'CC' our
issue rating on the senior secured notes issued by Nobina's
finance subsidiary Nobina Europe AB. The recovery rating on the
notes is '4', indicating our expectation of average (30%-50%)
recovery for senior secured lenders in the event of a payment
default," S&P said.

"The downgrades follow Nobina's announcement of the deferral of
interest and principal repayments due on its EUR85 million senior
secured notes on Aug. 1, 2012, until Oct. 31, 2012. We view the
deferral, and Nobina's inability to meet its original obligations
under the notes in full and on time, as a default under our
criteria," S&P said.

"We understand that Nobina is in advanced discussions with
noteholders regarding an exchange offer to refinance the notes
and has received support from almost all noteholders for an
exchange. We understand from the company that discussions on the
final terms of this refinancing remain ongoing," S&P said.

"Under the proposed refinancing, if Nobina has cash exceeding a
certain threshold, a 9.125% coupon will be paid in cash on the
new notes. However, if cash balances are below the threshold, the
coupon will be 11.125% payment in kind. In addition, under the
terms of the new notes, noteholders will benefit from a cash
sweep, subject to certain conditions, which will replace the
existing amortization feature," S&P said.

"We aim to reassess our ratings on Nobina following the
successful completion of the proposed refinancing," S&P said.


SAAB AUTO: Spyker Files $3-Bil. Suit Against General Motors
-----------------------------------------------------------
Katarina Gustafsson and Jeff Bennett, writing for The Wall Street
Journal, report that Dutch auto group Spyker NV sued General
Motors Company on Monday in a U.S. District Court in Detroit:

     -- seeking US$3 billion in damages; and
     -- accusing GM of forcing Swedish auto maker Saab Automobile
        AB into bankruptcy last year.

Spyker acquired Saab from GM in January 2010 for US$74 million in
cash and US$326 million in preferred shares.  At the time, GM was
emerging from its own bankruptcy proceedings and it had been
looking to shutter or unload the Swedish brand along with other
divisions as part of that process.  WSJ notes that despite the
sale, GM retained rights to technology and patents used in the
engineering of Saab vehicles.  GM had given Saab a license to use
these technologies and opposed sharing that same technology with
any other auto makers.

Saab halted production in March 2011 when it ran out of cash to
pay its component providers.  Saab had been wrestling with
liquidity issues due to its lower volumes and slowing sales
environment in Europe.

According to WSJ, Spyker alleged in the lawsuit that GM blocked
Spyker's attempt to sell Saab to Chinese investors because GM
executives worried that new investor -- China Youngman Automobile
Group Co. -- would have access to GM technology and compete
against the U.S. auto maker in China, one of its most important
foreign markets.

"GM deliberately pushed Saab over the cliff," Spyker Chief
Executive Officer Victor Muller said on Monday, according to WSJ.
Mr. Muller said the $3 billion in damages being sought reflects
the estimated future value of Saab if Youngman had been allowed
to buy the Swedish auto maker and invest in it.

According to WSJ, a GM spokesman called the suit "completely
without merit" and said the company would defend itself in court.

WSJ says Spyker may find it difficult to prove that GM's alleged
resistance to the sale was the only reason Saab went under.

"Spkyer's lawsuit against GM is an uphill battle at best," WSJ
quotes Anthony Michael Sabino, a business professor at St. John's
University in New York, as saying. "Frankly, GM can easily defend
itself by just saying 'look at the economy, look at the
recession, look at Saab's sales figures.'"

WSJ recounts that Saab Automobile's liquidators in April 2012
sold the bulk of the assets of the bankrupt Swedish company to a
Chinese-Japanese backed electric vehicles start-up called
National Electric Vehicle Sweden AB, or NEVS.  NEVS is 51% owned
by Hong Kong-based National Modern Energy Holdings Ltd., a
developer of alternative-energy plants in China, and 49% by Sun
Investment LLC, a Japanese investment firm. They aim to develop
premium electric vehicles for the Chinese market.

                        About General Motors

With its global headquarters in Detroit, Michigan, General Motors
Company (NYSE:GM, TSX: GMM) -- http://www.gm.com/-- is one of
the world's largest automakers, traces its roots back to 1908.
GM employs 208,000 people in every major region of the world and
does business in more than 120 countries.  GM and its strategic
partners produce cars and trucks in 30 countries, and sell and
service these vehicles through the following brands: Baojun,
Buick, Cadillac, Chevrolet, GMC, Daewoo, Holden, Isuzu, Jiefang,
Opel, Vauxhall, and Wuling.  GM's largest national market is
China, followed by the United States, Brazil, the United Kingdom,
Germany, Canada, and Italy.  GM's OnStar subsidiary is the
industry leader in vehicle safety, security and information
services.

General Motors Co. was formed to acquire the operations of
General Motors Corp. through a sale under 11 U.S.C. Sec. 363
following Old GM's bankruptcy filing.  The U.S. government once
owned as much as 60.8% stake in New GM on account of the
financing it provided to the bankrupt entity.  The deal was
closed July 10, 2009, and Old GM changed its name to Motors
Liquidation Co.

General Motors Corp. and three of its affiliates filed for
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 09-50026) on
June 1, 2009.  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin,
Esq.,and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges
LLP, assist the Debtors in their restructuring efforts.  Al Koch
at AP Services, LLC, an affiliate of AlixPartners, LLP, serves as
the Chief Executive Officer for Motors Liquidation Company.  GM
is also represented by Jenner & Block LLP and Honigman Miller
Schwartz and Cohn LLP as counsel.  Cravath, Swaine, & Moore LLP
is providing legal advice to the GM Board of Directors.  GM's
financial advisors are Morgan Stanley, Evercore Partners and the
Blackstone Group LLP.  Garden City Group is the claims and notice
agent of the Debtors.

The U.S. Trustee appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Unsecured
Creditors Holding Asbestos-Related Claims.  Lawyers at Kramer
Levin Naftalis & Frankel LLP served as bankruptcy counsel to the
Creditors Committee.  Attorneys at Butzel Long served as counsel
on supplier contract matters.  FTI Consulting Inc. served as
financial advisors to the Creditors Committee.  Elihu Inselbuch,
Esq., at Caplin & Drysdale, Chartered, represented the Asbestos
Committee.  Legal Analysis Systems, Inc., served as asbestos
valuation analyst.

The Bankruptcy Court entered an order confirming the Debtors'
Second Amended Joint Chapter 11 Plan on March 29, 2011.  The Plan
was declared effect on March 31, 2011.

            About Saab Automobile AB and Saab Cars N.A.

Saab Automobile AB is a Swedish car manufacturer owned by Dutch
automobile manufacturer Swedish Automobile NV, formerly Spyker
Cars NV.  Saab Automobile AB, Saab Automobile Tools AB and Saab
Powertain AB filed for bankruptcy on Dec. 19, 2011, after running
out of cash.

On Jan. 30, 2012, more than 40 U.S.-based Saab dealerships filed
an involuntary Chapter 11 petition for Saab Cars North America,
Inc. (Bankr. D. Del. Case No. 12-10344).  The petitioners,
represented by Wilk Auslander LLP, assert claims totaling $1.2
million on account of "unpaid warranty and incentive
reimbursement and related obligations" or "parts and warranty
reimbursement."  Leonard A. Bellavia, Esq., at Bellavia Gentile &
Associates, in New York, signed the Chapter 11 petition on behalf
of the dealers.

The dealers want the vehicle inventory and the parts business to
be sold, free of liens from Ally Financial Inc. and Caterpillar
Inc., and "to have an appropriate forum to address the claims of
the dealers," Leonard A. Bellavia said in an e-mail to Bloomberg
News.

Saab Cars N.A. is the U.S. sales and distribution unit of Swedish
car maker Saab Automobile AB.  Saab Cars N.A. named in December
an outside administrator, McTevia & Associates, to run the
company as part of a plan to avoid immediate liquidation
following its parent company's bankruptcy filing.

On Feb. 24, 2012, the Court granted Saab Cars NA relief under
Chapter 11 of the Bankruptcy Code.

Donlin, Recano & Company, Inc., was retained as claims and
noticing agent to Saab Cars NA in the Chapter 11 case.

On March 9, 2012, the U.S. Trustee formed an official Committee
of Unsecured Creditors and appointed these members: Peter Mueller
Inc., IFS Vehicle Distributors, Countryside Volkwagen, Saab of
North Olmstead, Saab of Bedford, Whitcomb Motors Inc., and
Delaware Motor Sales, Inc.  The Committee tapped Wilk Auslander
LLP as general bankruptcy counsel, and Polsinelli Shughart as its
Delaware counsel.



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


BANCA CIVICA: S&P Raises Short-term Ratings From 'BB/B'
-------------------------------------------------------
Standard & Poor's Ratings Services raised to 'AA+' from 'A+' and
removed from CreditWatch positive its credit ratings on Banca
Civica S.A.'s Spanish mortgage covered bonds ('cedulas
hipotecarias'). "We subsequently withdrew these ratings,
following the transfer of Banca Civica's assets and liabilities
to CaixaBank S.A. (BBB/Negative/A-2). We also affirmed our 'A-'
ratings and subsequently withdrew our ratings on all issuances of
Banca Civica's public-sector covered bonds ('cedulas
territoriales'). We then affirmed our 'AA+' ratings on
CaixaBank's Spanish mortgage covered bonds, which include the
issuances transferred from Banca Civica. The outlook is
negative," S&P said.

"The rating actions follow CaixaBank's legal completion of its
acquisition of Banca Civica. We have lowered our long-term rating
on CaixaBank to 'BBB' from 'BBB+' and affirmed our 'A-2' short-
term rating. The outlook on CaixaBank is negative. We have also
raised our long- and short-term ratings on Banca Civica to
'BBB/A-2' from 'BB/B' and removed them from CreditWatch positive,
where we placed them on March 30, 2012. We subsequently withdrew
all of our ratings on Banca Civica," S&P said.

"The covered bonds transferred from Banca Civica to CaixaBank are
senior secured debt issuances. According to our criteria for
rating covered bonds, we view the covered bond ratings as issue
ratings that are linked to that on the issuer. Following our
review, we have raised to 'AA+' from 'A+', removed from
CreditWatch positive, and subsequently withdrawn our ratings on
Banca Civica's mortgage covered bonds, to reflect our rating
actions taken on Banca Civica. We have also affirmed the 'A-'
ratings on Banca Civica's public-sector covered bonds and
consequently withdrawn the ratings as S&P does not rate
CaixaBank's public-sector covered bonds," S&P said.

"The mortgage covered bond ratings that we have affirmed  include
both the ratings on the issuances from CaixaBank and Banca
Civica. Under our covered bonds rating criteria, we evaluate the
maximum potential rating on a covered bond program as the bank's
issuer credit rating (ICR) plus the maximum number of notches of
ratings uplift. The maximum number of notches of uplift above the
ICR results from our assessment and classification of the
program's asset-liability mismatch (ALMM) risk and the program
categorization," S&P said.

"When determining the program categorization, we consider
primarily our view of the jurisdiction of a program and its
ability to access external financing or monetize the cover pool.
Finally, we assign the covered bonds to one of three distinct
categories. Under our criteria, to achieve the maximum potential
number of notches of uplift, the available credit enhancement
needs to be commensurate with the target credit enhancement," S&P
said.

"Following our analysis, and given our view of the Spanish legal
framework, we have categorized CaixaBank's mortgage covered bonds
in category '1' and determined a 'low' ALMM classification. Under
our criteria, this combination enables us to assign to the
covered bonds a maximum potential ratings uplift of seven notches
above our long-term ICR on CaixaBank," S&P said.

"Based on these criteria and the application of our credit and
cash flow stresses from the latest information we received from
the issuer, we have assessed that the overcollateralization
available to support CaixaBank's mortgage covered bonds can
sustain the maximum potential seven-notch ratings uplift above
the 'BBB' long-term ICR on CaixaBank," S&P said.

"Therefore, we have affirmed our 'AA+' long-term ratings on
CaixaBank's mortgage covered bond program and related series to
reflect this maximum ratings uplift of seven notches," S&P said.

"Our outlook is negative as any further rating action on
CaixaBank would directly affect the ratings assigned to the
mortgage covered bonds issued by the bank, all else being equal,"
S&P said.

"Our ratings on CaixaBank's mortgage covered bonds follow our
analysis of the issuer's asset and cash flow information as of
July 2012," S&P said.

RATINGS LIST

                         Rating            Rating
Program/                 To                From
Country: Covered bond type

RATINGS RAISED, REMOVED FROM CREDITWATCH POSITIVE, AND WITHDRAWN

Banca Civica S.A.

                         AA+               A+/Watch Positive
                         NR

Spain: Mortgage Covered Bonds (Cedulas Hipotecarias)

RATINGS AFFIRMED AND WITHDRAWN

Banca Civica S.A.

                         A- /Negative      A-/Negative
                         NR

Spain: Public-Sector Covered Bonds (Cedulas Territoriales)

RATINGS AFFIRMED; NEGATIVE OUTLOOK

CaixaBank S.A.

                         AA+/Negative      AA+/Negative

Spain: Mortgage Covered Bonds (Cedulas Hipotecarias)

NR-Not rated.


BANKINTER EMISIONES: S&P Lifts Ratings on Preference Shares to B
----------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'B' from 'C' its
issue ratings on preference shares issued by Bankinter Emisiones,
S.A. Unipersonal and guaranteed by Bankinter S.A. (Bankinter;
BB+/Negative/B).

"The rating action follows the bank's announcement on Aug. 1,
2012, that it had completed its July 18, 2012, tender offer
launched on its outstanding hybrid capital and dated subordinated
debt securities. This action doesn't affect the counterparty
credit ratings on Bankinter or any other debt issue rating," S&P
said.

"In our previous publication on July 27, 2012, we said that we
considered Bankinter's proposed offer to exchange its Tier 1
preference shares for new ordinary shares to be a 'distressed
exchange' under our criteria, and we accordingly lowered to 'C'
the issue rating on the preference shares. We also stated that we
would review our issue rating on any securities subject to the
offer that hadn't been purchased upon completion," S&P said.

"On Aug. 1, 2012, Bankinter announced it had completed its offer
and that it had accepted a total amount of about EUR107 million
tendered for exchange under the offer. Following the settlement
of the purchase, the remaining outstanding amount of preference
shares is about EUR61 million," S&P said.

"We have reviewed our issue ratings on the securities that
weren't purchased after the completion of the tender offer, and
have decided, based on our criteria, to raise the ratings to 'B',
in line with the pre-tender offer ratings," S&P said.

"In accordance with our criteria, our issue ratings on the
preference shares are derived from Bankinter's stand-alone credit
profile, which we assess at 'bb+'," S&P said.

RATINGS LIST

Upgrade
                          To                From

Bankinter Emisiones, S.A. Unipersonal
Preference Shares*        B                 C

*Guaranteed by Bankinter S.A.


CAIXA BANK: Fitch Affirms 'BB' Rating on Upper Tier 2 Sub. Debt
---------------------------------------------------------------
Fitch Ratings has affirmed CaixaBank, S.A.'s and Banca Civica,
S.A.'s Long-term Issuer Default Ratings (IDR) at 'BBB' and
Viability Rating (VR) at 'bbb'.  At the same time, following the
completion of Banca Civica's merger with CaixaBank, Banca
Civica's ratings have been withdrawn and its debt issues
transferred to CaixaBank as it ceased to exist.  CaixaBank's IDR
is driven by its VR and is also on its Support Rating Floor
(SRF).

Caja de Ahorros y Pensiones de Barcelona's (La Caixa; CaixaBank's
main shareholder with a 81.2% stake at end-H112) Long-term IDR
and VR have been downgraded to 'BBB-' from 'BBB' and to 'bbb-'
from 'bbb', respectively.  Fitch has removed these ratings from
Rating Watch Negative (RWN) upon completion of the review
announced in February 2012.

The Outlook on CaixaBank's and La Caixa's Long-Term IDRs is
Negative, reflecting expectations for a prolonged recession in
Spain.  This creates a negative operating environment for Spanish
companies and could dampen dividend flow from investments into La
Caixa.  The Negative Outlook on CaixaBank also reflects
integration risks associated with the merger, as Banca Civica
represents around 20% of new group's total assets.

RATING ACTION RATIONALE AND DRIVERS - CAIXABANK'S IDRS AND VR
The affirmation of CaixaBank's IDRs and VR reflects Fitch's view
that it is capable of absorbing Banca Civica, without additional
capital needs, thanks to its relatively high pre-merger capital
base, good and recurrent pre-provision operating profit and the
ability to boost capital through the conversion until 2015 of
EUR3.8bn mandatory convertible bonds.  Banca Civica was an
underperforming bank. Substantial fair value adjustments were
made upon the first-time consolidation to improve impaired loan
and other assets coverage levels, which include meeting the
government's higher coverage level for real estate exposures.

CaixaBank's IDRs and VR reflect its leading retail banking
franchise in Spain, which supports recurring earnings, improved
impairment coverage levels, a large and stable deposit base, good
liquidity and adequate capital levels. The ratings of the merged
group also reflect the weight of the difficult operating
environment, the collapse of the real estate market, weakened
counterparty/investor confidence in Spain and its banking sector
and risk concentration from equity investments (69% of Fitch core
capital (FCC)).

The integration of Banca Civica will depress the enlarged group's
FCC/weighted risks ratio.  Fitch estimates this will reach about
8.3% (based on pro-forma end-2011 figures), down from a pre-
merger 11%.  However, the enlarged group holds hybrids (EUR3.8bn
mandatory convertible bonds and EUR977m convertible preference
shares) which can be converted to boost core capital.  Thus,
Fitch's eligible capital/weighted risks ratio, which provides a
secondary measure of bank capitalization, should remain sound at
around 10.8%.

CaixaBank's pro-forma end-H112 impaired/total loans ratio reached
7.2% and loan loss coverage was 69% which is better than the
system average.  This is explained by lower-than-average lending
to the development real estate sector.  For the enlarged group,
this type of lending is around 13% of total loans, compared to a
sector average of about 17%.

CaixaBank is exposed to market risk mainly through its equity
investments. Fitch estimated that the market value for the bulk
of these is below book value at end-H112.  Excluding those in the
available-for-sale portfolio, Fitch estimates unrealized losses
(net of taxes) would represent just about 5% of the estimated
equity of the enlarged group.  However, Fitch does not anticipate
impairments on these stakes, which are held for long-term
investment purposes.  In Fitch's view there is a potential loss
in the equity accounted earnings from Repsol, S.A. ( 'BBB-
'/Negative) This loss would arise if the expropriation of
Repsol's investment in Argentina's YPF S.A. force a sizeable
write down of this investment in Repsol's books.  Fitch believes
CaixaBank has sufficient capital to manage such equity accounted
loss if indeed it were required.

RATING ACTION RATIONALE AND DRIVERS - LA CAIXA'S IDRS AND VR
La Caixa's VR and IDRs have been downgraded and removed from RWN.
Fitch completed its full review of the entity and concluded that
the risk profile, while closely correlated with that of
CaixaBank, merits more of a standalone analysis.  The agency
concluded that La Caixa faces a dilution of its stake in
CaixaBank (to an estimated 61% by end-2015 when all hybrids will
have been converted), double leverage indicators are considered
to fall somewhere between the moderate to high range, and its
capacity to generate cash flows through dividend upstreaming or
from the sale of assets has weakened compared with previous
expectations.  This is occasioned by Spain's weak economic
environment.

La Caixa's IDRs are largely driven by the risk profile of its
main asset, CaixaBank. La Caixa has around EUR8 billion of debt
outstanding. Maturities are well spread.  Only EUR0.65 billion
falls due prior to end-2014.  The bulk of the outstanding balance
will mature in 2019 and 2020.  Nevertheless, Fitch estimates the
bank's double leverage ratio to be between 120% and 130%, which
is considered as somewhere between moderate and high.  Debt
service/repayment will depend on a combination of dividends
received from CaixaBank and a portfolio of equities, proceeds
from asset sales and additional borrowings.  The equity stakes
are held by another holding subsidiary and largely comprise
stakes in Gas Natural ('BBB+'/RWN) and Abertis ('A-'/RWN).  La
Caixa will continue to be supervised by the Bank of Spain on a
consolidated basis.

RATING SENSITIVITIES CAIXABANK AND LA CAIXA- IDRs and VR
CaixaBank's VR is sensitive to an even more protracted and deeper
recessionary environment in Spain than currently assumed, an
unanticipated liquidity shock and unforeseen problems in the
integration process of Banca Civica.  Integration should proceed
well given that CaixaBank's experienced management team has a
proven track record of organic and acquisition-led growth of its
franchise since the early 1990s.  Its ratings are also sensitive
to additional impairments which might be taken on CaixaBank's
equity stakes. Holding such equities is considered a negative
rating driver for both La Caixa and CaixaBank.

Potential for upgrading CaixaBank's VR is limited in the
foreseeable future given the poor operating environment.  This is
reflected in the Negative Outlook on the Long-term IDR.

La Caixa's Long-term IDR and VR are sensitive to any rating
action on CaixaBank as well as signs of reduction in future
dividend upstreaming, thus hampering cash flow generation
required to service debt repayments.  Ratings are also sensitive
to any requirement to write down equity investments.

RATING DRIVERS AND SENSITIVITIES - SUPPORT RATING AND SRF
CaixaBank's Support Rating and SRF reflect Fitch's view that
there is a high probability that support from the Spanish
authorities would be forthcoming, if required.  This is because
of the bank's systemic importance.

The Support Rating and SRF are sensitive to a potential downgrade
of the Spanish sovereign ratings or to a change in Fitch's
assumptions regarding the authorities' propensity to support
CaixaBank.

La Caixa's Support Rating and SRF reflect that it is a holding
company and that support from the Spanish authorities cannot be
relied upon in case of need.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES
Subordinated debt and other hybrid capital issued by CaixaBank
and La Caixa are all notched down from their respective VRs, in
accordance with Fitch's assessment of each instrument's
respective non-performance and relative loss severity risks.
These vary considerably.  Their ratings are primarily sensitive
to any change in the VRs of CaixaBank and La Caixa.

The rating actions are as follows:

CaixaBank:

  -- Long-term IDR: affirmed at 'BBB', Outlook Negative
  -- Short-term IDR: affirmed at 'F2'
  -- VR: affirmed at 'bbb'
  -- Support Rating: affirmed at '2'
  -- Support Rating Floor: affirmed at 'BBB'
  -- Senior unsecured debt long-term rating: affirmed at 'BBB'
  -- Senior unsecured debt short-term rating and commercial
     paper: affirmed at 'F2'
  -- Subordinated debt: affirmed at 'BBB-'
  -- Preference shares: affirmed at 'B+'

Banca Civica:

  -- Long-term IDR: affirmed at 'BBB', Outlook Negative,
     withdrawn
  -- Short-term IDR: upgraded to 'F2' from 'F3', removed from
     Rating Watch Positive (RWP), withdrawn
  -- VR: affirmed at 'bbb' and withdrawn
  -- Support Rating: upgraded to '2' from '3', removed from RWP,
     withdrawn
  -- Support Rating Floor: revised to 'BBB' from 'BB+', removed
     from RWP, withdrawn
  -- Subordinated debt: affirmed at 'BBB-', transferred to
     CaixaBank
  -- Upper tier 2 subordinated debt: affirmed at 'BB',
     transferred to CaixaBank
  -- Preferred stock: affirmed at 'B+', transferred to CaixaBank
  -- State-guaranteed debt: affirmed at 'BBB', transferred to
     CaixaBank

La Caixa:

  -- Long-term IDR: downgraded to 'BBB-' from 'BBB', removed from
     RWN, Outlook Negative
  -- Short-term IDR: downgraded to 'F3' from 'F2', removed from
     RWN
  -- VR: downgraded to 'bbb-' from 'bbb', removed from RWN
  -- Support Rating: affirmed at '5'
  -- Support Rating Floor affirmed at 'No floor'
  -- Senior unsecured debt long-term rating: downgraded to 'BBB-'
     from 'BBB', removed from RWN
  -- Subordinated debt: downgraded to 'BB+' from 'BBB-', removed
     from RWN
  -- State-guaranteed debt: affirmed at 'BBB'


CAMPOFRIO FOOD: S&P Affirms 'BB-' Credit Rating; Outlook Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Spanish
meat processor Campofrio Food Group S.A. (CFG) to negative from
stable and affirmed its 'BB-' long-term corporate credit rating
on the company.

"At the same time, we affirmed our 'BB-' issue rating on the
group's EUR500 million unsecured bond due in 2016. The recovery
rating on this bond is unchanged at '4' indicating our estimate
of 30%-50% recovery for bondholders in the event of a default,"
S&P said.

"The outlook revision reflects our view that CFG might not be
able to restore its profitability in 2012 or 2013. This is
because input prices remain at record high levels and consumer
spending is constrained by the persistently weak economic
environment, high unemployment, and austerity measures in Europe.
In our view, these factors would cause the leverage ratio (debt
to EBITDA) to remain higher than 4.5x, which is not commensurate
with our 'BB-' rating. The company's exposure to the Kingdom of
Spain (BBB+/Negative/A-2) also weighs moderately on our
assessment," S&P said.

"CFG's absolute EBITDA declined by 7.6% and the EBITDA margin by
130 basis points in the first half of 2012, which we believe the
company might find difficult to recover. We understand that CFG
is renegotiating prices with retailers to pass on some price
increases, as meat and energy costs remain high. However, we
believe CFG may be unable to pass on the majority of the input
cost inflation due to weak economic conditions, high
unemployment, and austerity measures, including an upcoming
increase in value-added tax in Spain," S&P said.

"Our base-case scenario for 2012 and 2013 encompasses these
assumptions," S&P said:

    "Top-line growth of 4%-5% for CFG in 2012, including 1%
    organic growth and a contribution from Italy-based Fiorucci,
    which CFG acquired in April 2011. Thereafter, we forecast
    about 1% of organic sales growth annually, reflecting CFG's
    strong local brands and innovation capacity. This growth rate
    is slightly lower than the 1.3% recorded in the first half of
    2012 because economic conditions have worsened," S&P said.

    "For 2012, an EBITDA margin of about 8.5%, after our
    adjustments. We anticipate limited improvement thereafter
    because we foresee only moderate headroom for price increases
    and no material reduction of CFG's main input costs. We
    believe that Fiorucci's operating margins will remain below
    that of the group for at least the next 12-18 months," S&P
    said.

    "Capital expenditure including about EUR50 million of annual
    maintenance capital expenditure and about EUR120 million of
    discretionary spending over the next three years, since the
    company is redefining its manufacturing process," S&P said.

    "Limited shareholder returns, including no dividend payments
    in 2012 and limited amounts thereafter, and very modest share
    buybacks, with no material deviation from the EUR2.3 million
    spent in 2011," S&P said.

    Limited acquisitions.

"Under these assumptions, we calculate that CFG's annual free
cash flow will decline, but stay positive, which remains a key
factor for the 'BB-' rating. We also estimate that CFG's leverage
ratio will be about 4.6x by the end of 2012, an increase from
4.5x as of June 30, 2012, and 4.2x at year-end 2011. We don't
anticipate a significant improvement in 2013," S&P said.

"The negative outlook reflects that we could lower the rating if
the group's profitability and debt metrics do not improve," S&P
said.

"Specifically, we could lower the rating if adjusted debt
leverage does not reduce to lower than 4.5x in 2013, on a
sustainable basis, from the 4.6x that we project for the end of
2012. A downgrade could also follow if the EBITDA margin doesn't
improve to about 9%. This could result from the group's inability
to pass on input cost increases to customers or a material
deterioration in the economic environment in Europe. We could
also lower the rating on CFG if the sovereign rating on Spain
were lowered by several notches. This is because more than 50% of
the group's EBITDA comes from its Southern Europe division, which
includes primarily Spain," S&P said.

"We could revise the outlook to stable if CFG restored its EBITDA
margins to about 9% in 2013, while keeping organic sales growth
in positive territory, leading to a sustainable adjusted leverage
ratio lower than 4.5x. A revision of the outlook to stable also
hinges on CFG maintaining sufficient liquidity to pay down its
upcoming debt and meet working capital needs without access to
external funds, since liquidity in Spain is drying up," S&P said.


FTPYME BANCAJA: Fitch Affirms 'CCC' Rating on Class D Notes
-----------------------------------------------------------
Fitch Ratings has maintained FTPYME Bancaja 3 FTA's class A3 (G)
and B notes on Rating Watch Negative (RWN) and affirmed the class
C and D notes as follows:

  -- Class A3 (G) (ISIN ES0304501028): 'AA-sf'; maintained on RWN
  -- Class B (ISIN ES0304501036): 'AA-sf'; maintained on RWN
  -- Class C (ISIN ES0304501044): affirmed at 'Bsf'; Outlook
     revised to Negative from Stable
  -- Class D (ISIN ES0304501051): affirmed at 'CCCsf'; assigned
     RE of 50%

The RWN on the class A3 (G) and B notes reflects their material
exposure to Banco Santander S.A ('BBB+'/Negative/'F2') which acts
as the account bank for the transaction.  Fitch expects the
implementation of remedial actions in the near term based on
correspondence received from the transaction parties.

There has been a sharp increase in 90-day+ arrears since the last
review in December and amount to 9.5% of the outstanding
portfolio balance as of June.  The transaction has a default
definition of 18 months overdue and most of the arrears are
currently in the 180-360 day arrears bucket.  Fitch expects a
rise in defaults in the near term as some of these arrears roll
into default.  Current defaults account for 12% of the
outstanding portfolio balance; however the volume dropped
marginally since the last review due to recoveries.  The reserve
fund is significantly underfunded at EUR1.6 million compared with
a required amount of EUR5.0 million.

Nevertheless, the credit enhancement on class A3 (G) and B has
significantly built up due to deleveraging and the notes have
sufficient credit protection against further portfolio
deterioration.  The affirmation of the class C note reflects the
notes' ability to withstand Fitch's stresses on default
probability and recoveries at the 'Bsf' level.  The Outlook has
been revised to Negative from Stable due to the rising 90+
delinquencies and concentration, both at the obligor and industry
level.

The affirmation of the class D notes reflects the note's
subordinated position in the capital structure and the
transaction's performance.  Furthermore, the tranche is
vulnerable to obligor concentration as a default of any of the
top obligors would wipe out the reserve fund and expose the
tranche to potential losses.  Fitch assigned a recovery estimate
(RE) of 50% to the tranche based on its mean loss expectation for
the portfolio.

The portfolio has amortized to 7% of its initial balance and as a
result the concentration levels are gradually increasing.  The
top borrower constitutes 4.5% of the portfolio while top 20
borrowers make up 37%.  About 40% of the portfolio is
concentrated in the real estate and construction sectors.  98% of
the assets are secured on property collateral and the weighted
average recovery rate on worked out loans is about 40% as of
June.


LA CAIXA: S&P Lowers Ratings to 'BB+/B'; Off Negative Watch
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term rating
on CaixaBank to 'BBB' from 'BBB+' and affirmed its 'A-2' short-
term rating on Caixabank. "We also lowered our long- and short-
term ratings on its parent company la Caixa to 'BB+/B' from 'BBB-
/A-3'. We removed all the ratings from CreditWatch negative,
where they were placed on April 30, 2012," S&P said.

The outlook on the ratings on CaixaBank and la Caixa is negative.

"We also raised our long- and short-term ratings on Banca Civica
to 'BBB/A-2' from 'BB/B' and removed them from CreditWatch
positive, where they were placed on March 30, 2012. We
subsequently withdrew all our ratings on Banca Civica," S&P said.

"The rating actions follow the legal completion of Banca Civica's
acquisition by CaixaBank. In our view, the integration of the
acquired entity weakens CaixaBank's financial profile at a time
when the economic and operating conditions in Spain remain poor.
We think that the risk embedded in the acquired portfolio is
comparatively higher than that in CaixaBank's own loan book. Even
if CaixaBank takes sizable credit impairments to cover the
potential losses which may materialize from the acquired
portfolio, we take the view that its risk profile has been
elevated by the consolidation of the comparatively riskier loan
book from Civica," S&P said.

"We also take the view that, based on the final terms of the
deal, the acquisition of Civica has a negative impact on
CaixaBank's consolidated solvency position, as the integration of
the acquired risk weighted assets is not matched by an equivalent
enhancement of the bank's capital base and will dilute, in our
view, CaixaBank's capital position in the short to medium term,"
S&P said.

"We analyze CaixaBank and its controlling holding company, la
Caixa, on a consolidated basis, using la Caixa's consolidated
financial information, in accordance with our criteria. We
consider CaixaBank to be the group's core operating entity. We
rate la Caixa two notches below CaixaBank's long-term rating to
reflect the structural subordination of la Caixa's creditors to
those of CaixaBank. Consequently, the downgrade of la Caixa
follows the same action on CaixaBank," S&P said.

"The action on Banca Civica equalizes our ratings on the entity
with those on CaixaBank, in which it is now fully integrated. We
withdrew all our ratings on Civica at the issuer's request, as
the entity's assets and liabilities are now fully consolidated
within CaixaBank," S&P said.

"The negative outlook reflects the possibility of a downgrade if
CaixaBank's organic capital generation proves insufficient to
progressively restore its capital ratios and if its solvency
falls to a level that we would consider as weak, under our
criteria. In this context, we believe that poor operating
conditions in Spain will continue to restrict the bank's
profitability to moderate levels over the coming 18 months. If
the bank's loss absorption capacity declines more than
anticipated on the back of rising pressure on its revenue, or if
credit losses exceed the levels we currently factor into the
ratings resulting in a decline of CaixaBank's risk-adjusted
capital (RAC) ratio to levels that we would not consider moderate
under our criteria we could lower the ratings on CaixaBank," S&P
said.

"A downgrade would also be possible if the bank's asset quality
deteriorated faster than we currently anticipate and at levels
closer to the domestic banking sector average," S&P said.

"We could revise the outlook to stable if CaixaBank proves able
to preserve its financial profile through the downturn and if
domestic economic and industry banking conditions in Spain
improve," S&P said.

"The negative outlook on la Caixa mirrors that on CaixaBank. Any
negative action on CaixaBank's ratings would trigger a similar
action on la Caixa," S&P said.


* SPAIN: In No Rush to Request European Bailout, Fin-Min Says
-------------------------------------------------------------
Jonathan House and Ilan Brat at The Wall Street Journal report
that senior Spanish officials are holding out the possibility
that the government might need to ask Europe for a financial
bailout, but gave no indication that such a decision was
imminent.

According to the Journal, Finance Minister Luis de Guindos said
in an interview published Sunday that Spain is in no rush to
request a European bailout and can afford to wait until more
information regarding a possible European assistance program
comes to light.

Spanish Prime Minister Mariano Rajoy opened the door on Friday to
requesting support from the euro-zone bailout fund to help ease
Spain's deepening financial crisis, the Journal relates.

The Journal notes that Mr. de Guindos said in an interview
published in the Spanish daily newspaper ABC Spain's government
has covered 70% of its 2012 financing needs and expects to wait
until the European Central Bank sketches out its new program to
help bring down borrowing costs for peripheral European countries
before considering whether to request aid.

In recent days, Spanish officials have begun to concede in
private that without such ECB action, the government could be
forced to ask for aid from the fund, according to the Journal.

The government has a comfortable cash position, but needs money
on hand to meet large debt redemptions in October, the Journal
discloses.  It also has to provide financial support for its
regions, which are facing a worsening liquidity squeeze, the
Journal states.

According to the Journal, investor concerns over the euro zone's
fourth-largest economy have intensified since Mr. Rajoy's
government asked for as much as EUR100 billion (US$124 billion)
in European Union aid in June to help clean up the country's
ailing banks.

In the interview published Sunday, Mr. de Guindos, as cited by
the Journal, said Spain's government would unveil a raft of
measures related to the financial sector on Aug. 24.  He said
that they would include approving detailed measures it plans to
carry out to accept the banking-sector bailout, and spelling out
the workings of a so-called bad bank for the sector's bad real-
estate assets, the Journal recounts.

The government, the Journal says, will also change how Spain's
own banking-bailout fund works and issue new regulations relating
to the sale of complex financial products.



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


BAA FUNDING: Fitch Affirms Rating on High-Yield Bond at 'BB+'
-------------------------------------------------------------
Fitch Ratings has affirmed BAA Funding Limited's (BAA Funding or
the issuer) bonds issued under its debt issuance program and BAA
(SH) Plc's (BAA (SH) or the HoldCo) high-yield bond, as follows:

  -- Class A bonds: affirmed at 'A-', Outlook Stable
  -- Class B bonds: affirmed at 'BBB', Outlook Stable
  -- BAA (SH) high-yield bond: affirmed at 'BB+', Outlook Stable

The affirmations reflect BAA (SP) Limited's (BAA (SP), the
borrower and the owner of both Heathrow and Stansted airports)
stable performance and Fitch's assessment of its ability to
service and refinance its issuer-borrower and Holdco debt.  They
also reflect the different structural support available to both
the issuer's and Holdco's creditors.

BAA (SP) continued to demonstrate resilient operating performance
during 2011 and H112, with Heathrow airport handling record
passenger (pax) numbers of 69.4m in 2011.  Furthermore, it
handled over 70m pax on a 12-month rolling basis in each of
March, April, May and June 2012, supported by its role as
London's premier business airport as well as connecting traffic
using the airport's hubbing facilities.  The airport is currently
operating at full runway capacity and, while this will constrain
its ability to grow pax, the excess demand for take-off and
landing slots provides comfort as to Heathrow's resilience
against downside risk, and Fitch sees its resilience as being
more important than growth prospects from a credit perspective.

Stansted's pax is largely made up of leisure traffic, and
therefore correlated to economic conditions.  It has continued to
fall as the UK economy has weakened.  However, pax declines over
recent periods have slowed, and it is hoped that the airport will
again experience growth over the coming years.  In any case, it
only comprises around 10% of BAA (SP's) revenue and asset base,
so its poor performance is more than off-set by Heathrow's
resilience.

The current regulatory period, Q5, has proven difficult for both
airports given the harsh economic developments over the period,
and both experienced much weaker trading conditions than those
assumed by the Civil Aviation Authority (CAA, the UK airport
regulator) in its regulatory determination, set before the onset
of the 2008-10 financial crisis.  Nevertheless, BAA (SP) has
managed to maintain positive EBITDA growth through Q5, primarily
as a result of tariff increases as allowed for under regulation,
increases in retail revenues per pax, and its strong management
of operating costs.

Both airports' financial performance over the next five years
will be influenced by the regulatory environment in place for the
next regulatory period, Q6, commencing in 2014, and the
assumptions made by the CAA in reaching its Q6 determination for
each airport.  Although neither is yet certain, the Civil
Aviation Bill currently being read by the UK Parliament is likely
to be passed into law in the coming months, and Fitch views the
proposals made in the Bill to be broadly neutral for BAA (SP) and
its airports.  With respect to the regulator's assumptions, Fitch
takes comfort from the regulator's duty of care -- expected to be
maintained under the new framework -- to ensure that regulated
airport operators can finance themselves.

Although Fitch believes that Heathrow's operating performance
should remain stable, and Stansted's should start to improve over
the coming years, Fitch has reflected further pax volume declines
in its rating case.  It has also assumed that the regulator's Q6
determination for the weighted average cost of capital for each
airport is the same as its determination for each airport in Q5
(6.2% for Heathrow, 7.5% for Stansted), and that RPI reverts to a
2% trend in the medium term.  Fitch forecasts that in this
scenario, the company should be able to maintain post-maintenance
and tax interest cover ratios (PMICR) for each class of debt at
levels above Fitch's current rating thresholds - 1.5x-1.6x for a
'A-' rating of class A debt, 1.2x-1.3x for a 'BBB' rating of
class B debt and 1.1x-1.15x for a 'BB+' rating of BAA (SH) debt.
Furthermore, the average dividend/interest cover ratio at the BAA
(SH) level is also in excess of the 3.0x that Fitch considers
appropriate for a 'BB+' rating at HoldCo level.

All BAA (SP), BAA Funding and BAA (SH) debt is in the form of
interest-only bullets, and the company will face ongoing
significant refinancing risk, albeit that maturities arising over
the next two years are fully covered.  In Fitch's opinion, this
is mitigated by the company's relatively smooth refinancing
schedule, the company's access to capital markets as demonstrated
by its numerous bond issuances over the past 18 months, the
committed liquidity support it has currently renewed, as well as
the quality of the assets it owns.

Fitch continues to monitor closely the company's index-linked
debt exposure, which has increased over recent years via a
portfolio of index linked swaps (ILS).  The agency remains
comfortable that the company's exposure to index-linked debt is
appropriate for a company such as it with highly inflation-
correlated revenue and will monitor closely BAA (SP)'s exposure
to index-linked debt and use of ILS to ensure it remains
comfortable.

Fitch still expects that BAA (SP) will ultimately be required to
sell Stansted airport following its most recent unsuccessful
appeal of the Competition Commission's 2009 ruling in July 2012.
However, the ratings are primarily driven by the performance of
Heathrow and the financial metrics are fairly insensitive to most
Stansted sale scenarios.

The UK government is shortly expected to publish an aviation
policy white paper, outlining its policy in this area.  It is
widely recognized that London's heavily capacity-constrained
airport transport system will, if unaddressed, constrain the
city's prospects for economic growth, and Fitch understands the
government is currently considering a number of options including
the expansion of existing runway infrastructure, the more
efficient use of existing airport infrastructure by building
direct high-speed rail links between airports to create a
'virtual hub', and the building of a brand new international hub
airport.  The long-term impacts on Heathrow's viability of the
options are significant and varying.  Nevertheless, in Fitch's
view, BAA (SP) should have sufficient time and resources to
respond to each scenario without putting its debt structure at
risk.

Regardless of BAA (SP)'s financial performance, Fitch is unlikely
to consider a positive rating action while there is still
significant uncertainty as to the regulatory environment and the
government's aviation policy.  The agency would consider a
negative rating action if regulatory developments with respect to
Q6 are deemed punitive towards the company and its airports, if
BAA (SP)'s control of revenue, operating expenditure or capital
expenditure weakens such that PMICR projections are adversely
affected, or if it faces increased difficulty in accessing
capital markets to refinance its debt obligations.

As well as the company's index-linked exposure, Fitch will
continue to monitor closely the passage of the Civil Aviation
Bill through Parliament and the CAA's determination for Q6, as
well as the potential sale of Stansted, the general operating
performance of the two airports and developments with respect to
the governments aviation policy for London and the south east
England over time.


BELLATRIX PLC: S&P Affirms 'D' Rating on Class E CMBS Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
BELLATRIX (ECLIPSE 2005-2) PLC's class D and E notes.

"The rating actions follow our review of the credit quality of
the three remaining underlying loans in the pool," S&P said.

"BELLATRIX (ECLIPSE 2005-2) is a U.K. commercial mortgage-backed
securities (CMBS) transaction that was arranged by Barclays Bank
PLC (A+/Negative/A-1) in August 2005. The transaction was
originally backed by 13 loans secured on 39 predominantly office
properties located across the U.K., with a high concentration in
Greater London. Only three loans remain outstanding in the
transaction, Oxford St, Cavendish Square, and Rivermead Court. As
of the April 2012 interest payment date, the aggregate
outstanding securitized balance has reduced to GBP16,586,100. The
transaction's legal final maturity date is in January 2017," S&P
said.

    THE OXFORD STREET LOAN (43% OF THE SECURITIZED LOAN POOL)

The loan has an outstanding balance of GBP7.2 million and matures
in April 2013.

"The loan is backed by a mixed-use property (consisting of a
multi-storey car park with a restaurant on the ground floor)
located in Central Manchester. The asset is fully occupied by two
unrated tenants on long leases that expire in 2025," S&P said.

In April 2012, the servicer reported a projected interest
coverage ratio (ICR) of 2.40x and a loan-to-value (LTV) ratio of
56%, based on a valuation dated November 2011.

"Taking into account our review of the loan, we do not currently
anticipate principal losses on this loan," S&P said.

THE CAVENDISH SQUARE LOAN (35% OF THE SECURITIZED LOAN POOL)

The loan has an outstanding balance of GBP5.8 million and matures
in April 2013.

The loan is backed by an asset of good quality located in the
West End in Central London. The property is fully let to a single
tenant until 2020.

In April 2012, the servicer reported a projected interest
coverage ratio (ICR) of 1.38x and a loan-to-value (LTV) ratio of
75%, based on a valuation dated March 2005.

"Taking into account our review of the loan, we do not currently
anticipate principal losses on this loan," S&P said.

THE RIVERMEAD COURT LOAN (22% OF THE SECURITIZED LOAN POOL)

The loan has an outstanding balance of GBP4.1 million and matures
in April 2014.

The loan is backed by two adjoining office buildings located at
the Kenn Business Park entrance in Clevedon, North Somerset. The
property is 83% occupied by a single tenant until 2020, with a
break option in 2017.

In April 2012, the servicer reported a projected interest
coverage ratio (ICR) of 1.54x and a loan-to-value (LTV) ratio of
65%, based on a valuation dated May 2005.

"Taking into account our review of the loan, we consider that the
risk of principal losses in 2014 has increased in light of the
difficult commercial real-estate market and lending conditions,
which could further depress property values," S&P said.

                        COUNTERPARTY RISK

"Our review confirms that, based on our 2012 counterparty
criteria, the counterparties can support the ratings up to the
current levels," S&P said.

"Taking into consideration our review of the three remaining
loans in the transaction, we consider that the amount of credit
enhancement available to the class D notes remains adequate to
absorb the amount of losses that the underlying assets would
suffer under a 'A' stress scenario. As a consequence, we have
affirmed our 'A (sf)' rating on the class D notes," S&P said.

"Given that the class E notes experienced losses in November
2010, we have affirmed our 'D (sf)' rating on this class of
notes," S&P said.

         POTENTIAL EFFECTS OF PROPOSED CRITERIA CHANGES

"We have taken the rating actions based on our criteria for
rating European CMBS. However, these criteria are under review,"
S&P said.

"As highlighted in the Nov. 8 Advance Notice Of Proposed Criteria
Change, our review may result in changes to the methodology and
assumptions we use when rating European CMBS, and consequently,
it may affect both new and outstanding ratings on European CMBS
transactions," S&P said.

"On June 4, we published a request for comment outlining our
proposed criteria changes for CMBS Global Property Evaluation
Methodology. The proposed criteria do not significantly change
Standard & Poor's longstanding approach to deriving property net
cash flow and value. We therefore anticipate limited impact for
European outstanding ratings when the updated CMBS Global
Property Evaluation Methodology criteria are finalized," S&P
said.

"However, because of its global scope, the proposed CMBS Global
Property Evaluation Methodology does not include certain market-
specific adjustments. An application of these criteria to
European transactions will therefore be published when we release
our updated rating criteria," S&P said.

"Until such time that we adopt new criteria for rating European
CMBS, we will continue to rate and monitor these transactions
using our existing criteria," S&P said.

             STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

      http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class          Rating

BELLATRIX (ECLIPSE 2005-2) PLC
GBP393.69 Million Commercial Mortgage-Backed Floating Rate Notes

Ratings Affirmed

D              A (sf)
E              D (sf)


CREDIT SUISSE: Fitch Assigns 'BB+' Rating to US$1.725-Bil. Notes
----------------------------------------------------------------
Fitch Ratings has published the 'BB+' long-term rating assigned
to the US$1.725 billion Tier 1 Buffer Capital Notes (ISIN
XS0810846617) issued by Credit Suisse Group (Guernsey) II and
guaranteed on a subordinated basis by Credit Suisse Group AG
(CSG; 'A'/Stable/'F1').

Rating Action Rationale

The notes are rated five notches below CSG's 'a' Viability
Rating, in line with Fitch's criteria for "Rating Bank Regulatory
Capital and Similar Securities" published on December 15, 2011.
Under these criteria, Tier 1 notes with fully discretionary
coupon omission and going concern loss absorption are notched
twice from the Viability Rating for loss severity and three times
for non-performance risk.

The notes contain triggers for conversion into ordinary shares if
CSG's consolidated regulatory Common Equity Tier 1 (CET1) ratio
falls below 7% or if a viability event occurs.  Payment of
interest on the Tier 1 instrument is fully discretionary.  As the
rating of the notes is notched off the guarantor's Viability
Rating, the ratings of the notes are sensitive to changes in
CSG's Viability Rating.


CUMBRIA PARK: Barnes Deal Buys Firm Out of Administration
---------------------------------------------------------
News & Star News reports that Father-and-son business team Brian
and Dean Barnes has acquired Cumbria Park Hotel in Stanwix,
Carlisle, out of administration after paying just short of
GBP850,000 - nearly GBP1 million shy of its original price tag.

Mr. Barnes senior, originally from South Africa, said it would
join its other Cumbrian enterprise, the Lonsdale House Hotel in
Ulverston, according to News & Star News.

"We are retaining all the staff, keeping it going and looking at
really driving up the weddings, functions and meetings markets,"
the report quoted Mr. Barnes as saying.

News & Star News notes that the sale follows months of
uncertainty for long-standing owners the Lowther family, who ran
the three-star hotel in Scotland Road for more than 40 years.

It went into receivership in May with the bank owed GBP1 million
and thousands in other liabilities, the report notes.  News &
Star News relates that it had been run by Brian and Tricia
Lowther, who are still making sense of what it means for their
financial position.

The hotel was sold by real estate advisers Colliers International
on the instructions of receivers Baker Tilly.


ELLI INVESTMENTS: S&P Assigns 'B-' LT Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' long-term
corporate credit rating (CCR) to Elli Investments Ltd., the
parent company of U.K.-based health care group Four Seasons
Healthcare (Jersey) Holdings Ltd. (FSHC). The outlook is stable.

"At the same time, we assigned our 'BB-' issue rating to the
GBP40 million super senior revolving credit facility (RCF) issued
by Elli Finance (UK) PLC. The recovery rating on the RCF is '1+',
indicating our expectation of full (100%) recovery in the event
of a payment default," S&P said.

"In addition, we assigned our 'B+' issue rating to the GBP350
million senior secured notes issued by Elli Finance (UK). The
recovery rating on the senior secured notes is '1', indicating
our expectation of very high (90%-100%) recovery in the event of
a payment default," S&P said.

"Finally, we assigned our 'B-' issue rating to the GBP175 million
senior unsecured notes issued by Elli Investments. The recovery
rating on the senior unsecured notes is '4', indicating our
expectation of average (30%-50%) recovery in the event of a
payment default," S&P said.

"The CCR reflects our view of FSHC's relatively aggressive
capital structure following the leveraged buyout by private
equity group Terra Firma," S&P said.

"We assess FSHC's financial risk profile as 'highly leveraged,'
reflecting our estimate that FSHC's Standard & Poor's-adjusted
net debt-to-EBITDA ratio will be about 8.5x by Dec. 31, 2012. Our
estimate includes financial debt of GBP525 million; a shareholder
loan of GBP219 million; and about GBP510 million of obligations
under operating leases," S&P said.

"We estimate that FSHC will achieve adjusted EBITDA of at least
GBP140 million in 2012 and 2013. This will cover by 1.6x-1.7x
annual cash interest payments of about GBP53 million and an
operating lease interest adjustment of about GBP40 million,
supported by positive free operating cash flow (FOCF)," S&P said.

"We assess FSHC's business risk profile as 'fair.' We base our
view on FSHC's exposure to changes in the U.K. health and social
care fee reimbursement system, because payments from both the
National Health Service and local authorities account for the
majority of FSHC's revenues. In our opinion, the flow of funds to
public services will remain restricted for the next 12-18 months
as the government curbs its expenditure. This will put pressure
on both the volumes and fees of FSHC and other health care and
social care operators and will challenge their profitability,
especially in an environment of rising cost inflation," S&P said.

"These negative factors are partially offset by FSHC's position
as the largest operator of care homes for the elderly in the
U.K., with a focus on providing high-dependency services, which
command higher fees and should prove more resilient to volume
pressure," S&P said.

"In our view, FSHC will sustain broadly positive underlying
revenue growth over the next 12 months. We also assume that the
company will maintain its operating performance, despite the
potentially negative effect of the U.K. government's public
spending cuts and the integration of the less profitable Southern
Cross Healthcare (Southern Cross) business that FSHC took over in
November 2011," S&P said.

"Moreover, to maintain the rating, we believe that the company
should be able to generate at least neutral FOCF in 2012,
becoming positive from 2013, while not expanding its borrowing
base. We view adjusted EBITDA interest coverage of more than 1.5x
and cash balances of at least GBP20 million as commensurate with
the 'B-' rating," S&P said.

"We could take a negative rating action if adjusted debt to
EBITDA interest coverage drops to less than 1.5x, or if FSHC is
unable to generate positive FOCF from 2013. Such deterioration
could arise from either adverse trading conditions, higher
capital investments than we estimate, or from further debt-
financed acquisitions," S&P said.

"We would likely take a positive rating action if the company
successfully integrates Southern Cross into its group operations,
delivers improvements in operating efficiencies and cash flow
generation, and demonstrates an ability to maintain EBITDA cash
interest coverage of more than 2x," S&P said.


EPIC PLC: S&P Retains 'BB' Rating on Class F CMBS Notes
-------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on the class A and B
notes issued by Epic (More London) PLC. "Our ratings on the class
C to F notes in this transaction remain unaffected by the rating
actions," S&P said.

The Royal Bank Of Scotland PLC (A/Stable/A-1) provides liquidity
support in this transaction.

"The liquidity facility documents in this transaction do not
incorporate a replacement framework in line with our 2012
counterparty criteria," S&P said.

"Our 2012 counterparty criteria generally caps our rating on
supported securities at the issuer credit rating (ICR) on the
counterparty if the terms of agreement with the counterparty do
not incorporate replacement mechanisms or equivalent remedies,
and if there are no other mitigating factors," S&P said.

"On Jan. 31, 2012, we placed our ratings on the class A and B
notes on CreditWatch negative, after we lowered our long-term
rating to 'A' from 'A+' on the liquidity facility provider, The
Royal Bank Of Scotland PLC (A/Stable/A-1)," S&P said.

"In line with our 2012 counterparty criteria, we have lowered to
'A (sf)' our ratings on the class A and B notes in line with our
'A' long-term rating on The Royal Bank of Scotland as liquidity
facility provider," S&P said.

A single loan, secured on six properties in the More London
commercial scheme, Central London, backs this transaction.

         POTENTIAL EFFECTS OF PROPOSED CRITERIA CHANGES

"We have taken the rating actions based on our criteria for
rating European CMBS. However, these criteria are under review,"
S&P said.

"As highlighted in the Nov. 8 Advance Notice Of Proposed Criteria
Change, our review may result in changes to the methodology and
assumptions we use when rating European CMBS, and consequently,
it may affect both new and outstanding ratings on European CMBS
transactions," S&P said.

"On June 4, we published a request for comment (RFC) outlining
our proposed criteria changes for CMBS Global Property Evaluation
Methodology. The proposed criteria do not significantly change
Standard & Poor's longstanding approach to deriving property net
cash flow (S&P NCF) and value (S&P Value). We therefore
anticipate limited impact for European outstanding ratings when
the updated CMBS Global Property Evaluation Methodology criteria
are finalized," S&P said.

"However, because of its global scope, the proposed CMBS Global
Property Evaluation Methodology does not include certain market-
specific adjustments. An application of these criteria to
European Transactions will therefore be published when we release
our updated rating criteria," S&P said.

"Until such time that we adopt new criteria for rating European
CMBS, we will continue to rate and monitor these transactions
using our existing criteria," S&P said.

             STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

      http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class                 Rating
              To                  From

EPIC (More London) PLC
GBP670 Million Commercial Mortgage-Backed Floating-Rate Notes

Ratings Lowered and Removed From CreditWatch Negative

A              A (sf)             A+ (sf)/Watch Neg
B              A (sf)             A+ (sf)/Watch Neg

Ratings Unaffected

C              BBB+ (sf)
D              BBB (sf)
E              BB+ (sf)
F              BB (sf)


HEINE GERICKE: UK Unit Falls Into Administration
------------------------------------------------
The Telegraph reports that the double-dip recession claimed the
UK arm of German motorbike clothing retailer Hein Gericke,
forcing it into administration.

The company has seen sales slide in recent years as the economic
climate worsened, administrators Moorfields Corporate Recovery
said, according to The Telegraph.

The report relates that Moorfields said it is looking to sell the
business, which is separate from its German parent company, and
its stores are open as usual until a buyer is found.

"While the ongoing economic pressures have affected sales in
recent years I am confident the business model has a lot of
potential, with a dedicated customer base and staff who are
obviously passionate about working for the company," the report
quoted Simon Thomas, joint administrator at Moorfields, as
saying.

Hein Gericke was a German biker who opened a motorcycle shop in
Germany in the 1970s, which within a few years had developed into
the country's largest motorcycle dealership in Germany.  The
company has 49 UK shops, a head office in Harrogate, North
Yorkshire, and is thought to employ around 200 staff.


JJB SPORTS: Shareholders May Opt for Major Restructuring
--------------------------------------------------------
Louisa Peacock at The Telegraph reports that JJB Sports' leading
shareholders could force through a major restructuring of the
retailer after losing patience with management over the company's
poor performance.

According to the Telegraph, analysts said that up to 80 of the
store's 180 shops could be shut down -- affecting thousands of
jobs -- as shareholders look to take a more active role in
turning around a "company in crisis" following a string of profit
warnings.

Invesco, a US fund manager that owns 34% of JJB's equity, is
understood to have proposed to buy the sports retailer's
outstanding debt from Lloyds Banking Group in a move to seize
control, the Telegraph discloses.  The idea was discussed at a
board meeting and is one of many options said to be on the table
to revive the struggling retailer, the Telegraph notes.

Another could see Dick's Sporting Goods -- the American retailer
that in April ploughed GBP20 million into JJB in return for a 3%
stake -- bring forward a further emergency investment of around
GBP20 million, originally scheduled for next year, the Telegraph
says.

Investors are fed up with the slow turnaround progress at the
company, which has avoided administration twice and last month
admitted it needed a further cash injection, according to the
Telegraph.

JJB has 4,000 staff and is controlled by five shareholders,
including Harris Associates and Crystal Amber, which hold 76% of
the shares, the Telegraph discloses.

The Telegraph relates that one investor said it was "premature"
to talk about a debt buy-out.

"Investors wouldn't want to take control for any other reason
than a radical restructuring, which could lead to closing
unprofitable stores and laying off staff.  You could be looking
at up to 80 stores closing, there are quite a few that aren't
performing," the Telegraph quotes Neil Saunders, retail analyst
at Conlumino, as saying.

JJB Sports plc is a sports retailer supplying branded sports and
leisure clothing, footwear and accessories.


MOUCHEL GROUP: Chairman to Get GBP400,000 Bonus Under Rescue Deal
-----------------------------------------------------------------
Louisa Peacock at The Telegraph reports that David Shearer, the
chairman of crisis-hit Mouchel, stands to pocket a GBP400,000
bonus for his work in restructuring the company, as shareholders
are set to receive just 1p per share.

According to the Telegraph, a document circulated to investors
showed under the debt-for-equity rescue deal, which was announced
last week and practically wipes out shareholder investment in
return for cutting the company's huge debts, Mr. Shearer will be
paid a total of GBP650,000.

The circular revealed on page 35 of 56 pages that should the
capital restructuring not go ahead, and Mouchel changes control
only by the end of 2012, Mr. Shearer will win no less than a
GBP250,000 bonus, instead of the GBP400,000 currently in the
pipeline, the Telegraph notes.

Mr. Shearer, a turnaround specialist who led the successful
restructuring of house builder Crest Nicholson, was appointed
Mouchel's chairman on January 9, the Telegraph recounts.

Mouchel, which manages motorway traffic through roadside screens
that can enforce temporary speed limits, has been badly affected
by public spending cuts because two-thirds of its clients are
local authorities, the Telegraph discloses.  It has also been hit
by debt-fuelled takeovers before the financial crisis, the
Telegraph notes.

The company faces default on its loans on August 31 unless
shareholders agree to the rescue deal at a meeting scheduled
later this month, the Telegraph says.

Under the deal, Royal Bank of Scotland, Lloyds Banking Group and
Barclays will take an 80% stake in the company in return for
writing off GBP87 million of debt, according to the Telegraph.
This will leave Mouchel with GBP60 million of debt, the Telegraph
states.

The management team led by Grant Rumbles, chief executive of
Mouchel, will take the remaining 20% of the company, which
employs 8,500 staff, the Telegraph says.

The rescue deal is set to secure the future of Mouchel and the
jobs and pensions of its workforce, although if shareholders
reject the proposals then the company will be placed into
administration, according to the Telegraph.

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


ROTARY LIMITED: In Administration, 60 Jobs at Risk
--------------------------------------------------
Belfast Telegraph reports that Rotary Limited has been placed
into administration, putting 60 jobs at risk.

Rotary Limited, which was founded in the 1950s by the Jennings
family in Mallusk, has followed its Australian parent company,
Hastie, into financial difficulties, according to Belfast
Telegraph.

Belfast Telegraph notes that the Dublin branch of the company was
placed into receivership last week.

The report says that around 2,700 people were instantly stood
down in Australia after the Australian Stock Exchange-listed
Hastie Group folded in May.

FTI Consulting was appointed as administrator.

Rotary Limited is registered in Northern Ireland and is the
parent company of 12 UK subsidiaries.  Rotary has worked on the
new home of the BBC in Manchester's Salford Quays, and includes
supermarkets Morrisons and Waitrose among its clients.


SAMUEL COOKE: Former Owners Seeks to Buy Firm
---------------------------------------------
Burnley Express reports that Stephen Cooke, a Burnley businessman
whose family founded Samuel Cooke & Co., which went into
administration, has launched a consortium bid to try and save it.

The first stage of the bid has been submitted to administrators
KPMG and a decision on whether it has been successful is expected
to be reached in the coming weeks, according to Burnley Express.

Burnley Express notes that Mr. Cooke, who is managing director of
CPL Consultants, a legal advice and consultancy company, in
Burnley, said he wanted to take over the firm for the sake of his
family's legacy, employees and the town.

Burnley Express notes that forty-six workers based in Padiham and
52 at Barrowford lost their jobs when the company went into
administration.

Samuel Cooke & Co. was founded in 1845 and became one of the UK's
largest independently-owned fuel distributors.


* UK: Corporate Insolvencies Up 1.5% in Second Quarter 2012
-----------------------------------------------------------
BBC News reports that the number of firms going into insolvency
in England and Wales continued to rise in the second quarter of
the year.

The Insolvency Service said the number of firms going into
receivership, administration or a company voluntary arrangement
rose by 1.5% from the first quarter, to 1,310, BBC relates.

That means company insolvencies were 6% up on a year ago, BBC
notes.

The number of such corporate insolvencies in the second quarter
of 2012 was inflated by 156 companies in the Southern Cross group
of care homes being declared insolvent in June, BBC discloses.

Of these, 104 appear in the figures for the second quarter,
according to BBC.

Without them, there would have been 1,206 corporate failures, a
drop of 7% from the first quarter and a 2% fall from a year ago,
BBC states.



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


* Moody's Says Investors More Cautious on European Insurers
-----------------------------------------------------------
Investors continued to have a more negative view of the global
insurance sector relative to Moody's ratings in the second
quarter of 2012, as indicated by Moody's Global Insurance CDS
Index, or MDYGIX, the rating agency says in a new report, "Q2
Insurance CDS Spreads Widen; European Insurers in Focus."

The median CDS-implied ratings gap of companies in the index
narrowed slightly during the quarter, to end it at negative 2.4
notches, compared with negative 2.5 notches at the end of the
first. Trends were mixed across the different insurance sectors,
although no sector showed significant movement.

"CDS spreads widened for both investment and below-investment-
grade firms in the second quarter," says Senior Vice President
Scott Robinson, "as investors' concerns about economic decline in
Europe and even a break-up of the euro area continued to weigh on
the credit markets." The European insurance sector, he notes,
continued to have the most negative CDS-implied ratings gap.

The report examines two Europe-based companies: Assicurazioni
Generali S.p.A (Generali, senior unsecured debt Baa2, negative),
headquartered in Italy and Allianz SE (Allianz, senior unsecured
debt Aa3, negative), based in Germany. Generali's CDS spread
widened from 269 basis points at the end of the first quarter to
427 basis points at the end of the second. This movement was in
line with that of the Italian sovereign due largely to the firm's
exposure to Italian government and bank bonds.

Allianz's CDS spread widened from 104 to 148 basis points between
quarters. Similarly, this change was consistent with that of the
German sovereign, and reflects the company's exposure to the
peripheral euro area, most notably Italy. For both insurers,
investors' concerns about a weakening operating environment also
have played a role.


* Moody's Says EMEA RMBS Performance Stable in First Half 2012
--------------------------------------------------------------
The performance of EMEA residential mortgage-backed securities
(RMBS) markets remained stable across most countries in the first
half of 2012, according to the latest indices published by
Moody's Investors Service.

One of the largest prime RMBS markets, the Netherlands, followed
a stable trend and remained the best performing market in EMEA.
The UK RMBS market remained stable, despite recording a growing
trend in its cumulative losses ratio. The German and French RMBS
markets continued their relatively stable trend, while the South
African RMBS market showed several positive trends. The
performance of Italian and Spanish RMBS markets worsened in terms
of realization of defaults. Irish and Greek RMBS markets
continued to deteriorate year-over-year.

In the 12-month period leading up to April 2012, most EMEA RMBS
markets recorded a decrease in their outstanding pool balance.
The Greek and Spanish RMBS markets recorded the most significant
outstanding pool balance decrease, with a 19.9% and 14.6% drop,
respectively. The Dutch (NHG) RMBS market recorded the most
significant increase in the outstanding pool balance in April
2012, with a 27.3% increase to EUR42.67 billion.

In the 12-month period leading up to April 2012, the 60-90 days
delinquency ratio remained below 1.00% for most EMEA RMBS
markets, with the exception of Greece and Ireland, which remained
the worst performing countries in terms of the 60-90 day
delinquency rate. Greek RMBS market recorded the highest 60-90
day delinquency rate at 2.20% in April 2012. The Irish RMBS
market's increasing 60-90 day delinquency rate slowed down,
remaining stable at 2.01% in April 2012. The Dutch NHG RMBS and
German RMBS markets remained the best performing EMEA markets in
terms of 60-90 day delinquency rates. Both markets recorded the
lowest 60-90 day delinquency rate in April 2012 at 0.16% and
0.17%, respectively. The South African and French RMBS markets
recorded the most significant decrease in 60-90 day delinquency
rates in April 2012. The South African RMBS market's 60-90 day
delinquency rate recorded a decrease to 0.32% in April 2012, from
0.64% in April 2011. However, during this period four
transactions were completely refinanced, which significantly
affected the overall performance of the South African RMBS
market. The 60-90 day delinquency rate of the French RMBS market
decreased to 0.51% in April 2012, from 0.85% in April 2011. This
decrease was significantly influenced by the level of
delinquencies of CIF ASSETS 2001-1, whose loans that benefit from
payment holidays are now reported as having deferred installments
instead of being in arrears.

Moody's outlook for the collateral performance of RMBS
transactions is (i) negative for Greece, Ireland, Italy, Portugal
and Spain and UK non-conforming transactions; and (ii) stable for
prime assets in the UK, the Netherlands, France and Germany (see
"European ABS and RMBS Outlooks: June 2012 Update", June 2012).

The performance of prime assets in UK, Netherlands, France and
Germany has been broadly stable over the past year and Moody's
does not expect that conditions in these countries will lead to a
material rise in defaults and losses. However, conditions have
deteriorated from December 2011 when Moody's published outlooks.
The rating agency now expects 2012-13 economic growth to be
slower and unemployment rates to be higher across most
jurisdictions.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

LUXEMBOURG
----------
CARRIER1 INT-AD+     CONE ES        -94729000    472360992
CARRIER1 INT-ADR     CONEE US       -94729000    472360992
CARRIER1 INT-ADR     CONE US        -94729000    472360992
CARRIER1 INT-ADR     CONEQ US       -94729000    472360992
CARRIER1 INTL        8133893Q GR    -94729000    472360992
CARRIER1 INTL        CJNA GR        -94729000    472360992
CARRIER1 INTL        CJN NM         -94729000    472360992
CARRIER1 INTL SA     1253Z SW       -94729000    472360992
CARRIER1 INTL SA     CONEF US       -94729000    472360992
INTELSAT             ILMA GR       -697038976  17592367104
INTELSAT SA          2237Z US      -697038976  17592367104
OXEA SARL            3682535Z GR  -78371220.1   1013737294
OXEA SARL            3682535Z LX  -78371220.1   1013737294

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

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

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

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

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

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

RUSSIA
------
AKCIONERNOE-BRD      SOVP$ RU     -85016164.6  320054212.6
ALLIANCE RUSSIAN     ALRT RU      -15214295.8  144582050.8
AMO ZIL              ZILL RM       -204894835    401284636
AMO ZIL-CLS          ZILL RU       -204894835    401284636
AMO ZIL-CLS          ZILLG RU      -204894835    401284636
AMO ZIL-CLS          ZILL* RU      -204894835    401284636
AMTEL-POVOLZ-BRD     KIRT RU      -936614.549  142093264.3
AMTEL-POVOLZ-BRD     KIRT* RU     -936614.549  142093264.3
BALTIYSKY-$BRD       BALZ RU      -880437.562  345435790.7
BALTIYSKY-$BRD       BALZ* RU     -880437.562  345435790.7
BALTIYSKY-BRD        BALZ$ RU     -880437.562  345435790.7
CRYOGENMASH-BRD      KRGM* RU       -22826264  214573431.2
CRYOGENMASH-BRD      KRGM RU        -22826264  214573431.2
CRYOGENMASH-PFD      KRGMP* RU      -22826264  214573431.2
CRYOGENMASH-PFD      KRGMP RU       -22826264  214573431.2
DAGESTAN ENERGY      DASB RU      -29561959.6  232757864.4
DAGESTAN ENERGY      DASB* RU     -29561959.6  232757864.4
DAGESTAN ENERGY      DASB RM      -29561959.6  232757864.4
DAGESTAN ENERGY      DASBG RU     -29561959.6  232757864.4
EAST-SIBERIA-BRD     VSNK* RU     -92283895.5  299864149.8
EAST-SIBERIA-BRD     VSNK RU      -92283895.5  299864149.8
EAST-SIBERIAN-BD     VSNK$ RU     -92283895.5  299864149.8
FINANCIAL LEASIN     137282Z RU    -166377934  282903505.9
FINANCIAL LEASIN     FLKO RU       -166377934  282903505.9
FINANCIAL LEASIN     FLKO RM       -166377934  282903505.9
FINANCIAL LEASIN     FLKO* RU      -166377934  282903505.9
GAZ                  GAZA$ RU      -584751226   1478925024
GAZ                  GZAPF US      -584751226   1478925024
GAZ-CLS              GAZA* RU      -584751226   1478925024
GAZ-CLS              GAZA RM       -584751226   1478925024
GAZ-CLS              GAZA RU       -584751226   1478925024
GAZ-CLS              GAZAG RU      -584751226   1478925024
GAZ-FINANS           GAZF RU      -56134.5126  232319905.4
GAZ-PFD              GAZAP* RU     -584751226   1478925024
GAZ-PFD              GAZAP RU      -584751226   1478925024
GAZ-PFD              GAZAP RM      -584751226   1478925024
GAZ-PFD              GAZAPG$ RU    -584751226   1478925024
GAZ-PFD              GAZAPG RU     -584751226   1478925024
GAZ-PREF             GAZAP$ RU     -584751226   1478925024
GAZ-US$ GTS          GAZAG$ RU     -584751226   1478925024
GRAZHDANSKIE SAM     GSSU RU      -47604998.4   1353823920
GUKOVUGOL            GUUG RU      -57835249.9  143665227.2
GUKOVUGOL            GUUG* RU     -57835249.9  143665227.2
GUKOVUGOL-PFD        GUUGP* RU    -57835249.9  143665227.2
GUKOVUGOL-PFD        GUUGP RU     -57835249.9  143665227.2
HALS-DEVEL- GDR      86PN LI       -588515965   1446111954
HALS-DEVELOPMENT     HALS RM       -588515965   1446111954
HALS-DEVELOPMENT     HALS TQ       -588515965   1446111954
HALS-DEVELOPMENT     HALS* RU      -588515965   1446111954
HALS-DEVELOPMENT     HALSG RU      -588515965   1446111954
HALS-DEVELOPMENT     HALSM RU      -588515965   1446111954
HALS-DEVELOPMENT     HALS LI       -588515965   1446111954
HALS-DEVELOPMENT     SYR GR        -588515965   1446111954
HALS-DEVELOPMENT     HALS RU       -588515965   1446111954
IZHAVTO OAO          IZAV RU        -94100834  443610329.4
KHANTY MANSIYSK      HMSR RU      -7454032.63  143409366.2
KIROV TIRE PLANT     KIRT$ RU     -936614.549  142093264.3
KOMPANIYA GL-BRD     GMST RU      -1933849.29   1120076905
KOMPANIYA GL-BRD     GMST* RU     -1933849.29   1120076905
KUZNETSOV-BRD        MTST RU      -15938417.5  331074749.5
KUZNETSOV-BRD        MTSTP* RU    -15938417.5  331074749.5
KUZNETSOV-BRD        MTSTP RU     -15938417.5  331074749.5
KUZNETSOV-BRD        MTST* RU     -15938417.5  331074749.5
M-INDUSTRIYA         SOMI RU      -1304109.98  267288804.8
MURMANSKAY           MUGS RM      -22867336.6  135442629.9
MURMANSKAYA-PFD      MUGSP RU     -22867336.6  135442629.9
MURMANSKAYA-PFD      MUGSP RM     -22867336.6  135442629.9
MURMANSKAYA-PFD      MUGSP* RU    -22867336.6  135442629.9
MURMANSKAYA-PFD      MUGSPG RU    -22867336.6  135442629.9
MURMANSKAY-CLS       MUGS* RU     -22867336.6  135442629.9
MURMANSKAY-CLS       MUGSG RU     -22867336.6  135442629.9
MURMANSKAY-CLS       MUGS RU      -22867336.6  135442629.9
NIZHMASHZAVO-BRD     NMSZ RU      -24657843.6  316480680.1
NIZHMASHZAVO-BRD     NMSZ* RU     -24657843.6  316480680.1
NIZHMASHZAVOD-BD     NMSZ$ RU     -24657843.6  316480680.1
NIZHMASHZAVO-PFD     NMSZP RU     -24657843.6  316480680.1
NIZHMASHZAVO-PFD     NMSZP* RU    -24657843.6  316480680.1
PENOPLEX-FINANS      PNPF RU      -839659.372  147052027.7
PIK GROUP            PIKK RM        -65334861   4000687446
PIK GROUP            PIKK* RU       -65334861   4000687446
PIK GROUP            PIKKG RU       -65334861   4000687446
PIK GROUP            PIKK RU        -65334861   4000687446
PIK GROUP-GDR        PIK1 QM        -65334861   4000687446
PIK GROUP-GDR        PIQ2 GR        -65334861   4000687446
PIK GROUP-GDR        PKGPL US       -65334861   4000687446
PIK GROUP-GDR        PIK TQ         -65334861   4000687446
PIK GROUP-GDR        PIK LI         -65334861   4000687446
PIK GROUP-GDR        PIK IX         -65334861   4000687446
PIK GROUP-GDR        PIK EB         -65334861   4000687446
PIK GROUP-GDR        PIK EU         -65334861   4000687446
PIK GROUP-GDR        PIK1 EO        -65334861   4000687446
PROMTRACTOR-FINA     PTRF RU      -27519567.1  259128529.5
RUSSIAN TEXT-CLS     ALRTG RU     -15214295.8  144582050.8
RUSSIAN TEXT-CLS     ALRT* RU     -15214295.8  144582050.8
SEVERNAYA KAZNA      SVKB* RU     -65841686.2    279147750
SEVERNAYA KAZNA      SVKB RU      -65841686.2    279147750
SEVKABEL-FINANS      SVKF RU      -83036.4617  102680373.6
SISTEMA HALS-GDR     HALS IX       -588515965   1446111954
SISTEMA-GDR 144A     SEMAL US      -588515965   1446111954
URAL PLANT OF PR     UZPOA RU     -53649612.1  191579960.2
URALMASHPLAN-BRD     URAM* RU     -18423442.8  687183030.3
URALMASHPLAN-BRD     URAM RU      -18423442.8  687183030.3
URALMASHPLAN-PFD     URAMP* RU    -18423442.8  687183030.3
URALMASHPLAN-PFD     URAMP RU     -18423442.8  687183030.3
URALSKIJ ZAVOD T     URAM$ RU     -18423442.8  687183030.3
URGALUGOL-BRD        YRGL* RU     -21554314.6  139319389.8
URGALUGOL-BRD        YRGL RU      -21554314.6  139319389.8
URGALUGOL-BRD-PF     YRGLP RU     -21554314.6  139319389.8
VIMPEL SHIP-BRD      SOVP* RU     -85016164.6  320054212.6
VIMPEL SHIP-BRD      SOVP RU      -85016164.6  320054212.6
VOLGOGRAD KHIM       VHIM RU      -55617131.4  157514787.8
VOLGOGRAD KHIM       VHIM* RU     -55617131.4  157514787.8
WILD ORCHID ZAO      DOAAN RU     -11716087.5  106082784.6
ZERNOVAYA KOMPAN     ONAST RU      -9609529.9  673952471.2
ZIL AUTO PLANT       ZILL$ RU      -204894835    401284636
ZIL AUTO PLANT-P     ZILLP RM      -204894835    401284636
ZIL AUTO PLANT-P     ZILLP RU      -204894835    401284636
ZIL AUTO PLANT-P     ZILLP* RU     -204894835    401284636

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

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

SPAIN
-----
ACTUACIONES ACTI     AGR SM       -57871829.5  772519224.5
ADT ESPANA SERVI     3632899Z SM  -26498520.4  149454497.1
AGRUPACIO - RT       AGR/D SM     -57871829.5  772519224.5
AIRBUS MILITARY      4456697Z SM  -25409217.8   2875949470
AMCI HABITAT SA      AMC1 EU      -17516668.8  159378294.6
AMCI HABITAT SA      AMC SM       -17516668.8  159378294.6
AMCI HABITAT SA      AMC3 EO      -17516668.8  159378294.6
ATLANTIC COPPER      4512291Z SM  -83118965.8   1261645242
AURIGACROWN CAR      3791672Z SM  -9696329.51  319009666.2
BASF CONSTRUCTIO     4511259Z SM   -190337553  234576320.4
BIMBO SA             3632779Z SM  -6894386.12  162399487.1
BOSCH SISTEMAS D     4505475Z SM   -295419978  205556877.2
BOUYGUES INMOBIL     3636247Z SM  -13608696.3  203210905.9
CAIXARENTING SA      4500211Z SM     -7390433   1722091946
CELAYA EMPARANZA     3642467Z SM  -19428468.9  176340504.9
COPERFIL GROUP       704457Z SM   -3700858.98    403826723
DINOSOL SUPERMER     397409Z SM   -46517749.4   1134013519
ELECTRODOMESTICO     1035184Z SM   -120690331  100540325.2
FABRICAS AGRUPAD     3638319Z SM    -28683705    205880655
FACTORIA NAVAL D     3748456Z SM  -91596638.8  155617881.8
FBEX PROMO INMOB     3745024Z SM  -820001.031   1142937522
FERGO AISA -RTS      AISA/D SM    -57871829.5  772519224.5
FERGO AISA SA        AISA EU      -57871829.5  772519224.5
FERGO AISA SA        AISA SM      -57871829.5  772519224.5
FERGO AISA SA        AISA EO      -57871829.5  772519224.5
FERGO AISA SA        AISA PZ      -57871829.5  772519224.5
FMC FORET SA         3642299Z SM   -135792007  150683418.5
GALERIAS PRIMERO     3281527Z SM  -2731015.07  124875853.4
GE POWER CONTROL     3744144Z SM  -25412232.5  973735754.8
GE REAL ESTATE I     2814684Z SM  -47072259.9  609515984.5
GENERAL MOTORS E     4286805Z SM   -323089754   2783002632
GLENCORE ESPANA      3752336Z SM  -17828297.1  238237965.8
HIDROCANTABRICO      4456745Z SM   -245397524    513745817
HOLCIM HORMIGONE     4376153Z SM  -34366354.1  133704111.2
HUNE PLATAFORMAS     4284309Z SM  -34729576.9  417379212.5
LA SIRENA ALIMEN     4375737Z SM  -60779557.1  206592562.2
MARTINSA FADESA      MFAD PZ      -3783069373   5985477633
MARTINSA FADESA      4PU GR       -3783069373   5985477633
MARTINSA FADESA      MTF1 LI      -3783069373   5985477633
MARTINSA FADESA      MTF EU       -3783069373   5985477633
MARTINSA FADESA      MTF EO       -3783069373   5985477633
MARTINSA FADESA      MTF SM       -3783069373   5985477633
MARTINSA-FADESA      MTF NR       -3783069373   5985477633
NYESA VALORES CO     BES EU        -208568794  658498551.2
NYESA VALORES CO     BESS PZ       -208568794  658498551.2
NYESA VALORES CO     NYE TQ        -208568794  658498551.2
NYESA VALORES CO     BES TQ        -208568794  658498551.2
NYESA VALORES CO     NYE EO        -208568794  658498551.2
NYESA VALORES CO     7NY GR        -208568794  658498551.2
NYESA VALORES CO     NYE EU        -208568794  658498551.2
NYESA VALORES CO     BES EO        -208568794  658498551.2
NYESA VALORES CO     BES SM        -208568794  658498551.2
NYESA VALORES CO     NYE SM        -208568794  658498551.2
PANRICO SL           1087Z SM      -372238070   1219319614
PLANES E INVERSI     3795524Z SM  -72863651.9  220131915.6
PULLMANTUR SA        301590Z SM   -74071248.9  168349823.1
RANDSTAD EMPLEO      4285885Z SM  -58273106.5  432173483.1
REAL ZARAGOZA SA     4285533Z SM  -26642893.2  155342765.2
RENTA CORP           REN1GBP EO   -55365883.4  289916358.5
RENTA CORP           REN1 TQ      -55365883.4  289916358.5
RENTA CORP           REN1GBX EU   -55365883.4  289916358.5
RENTA CORP           REN1USD EO   -55365883.4  289916358.5
RENTA CORP           RTACF US     -55365883.4  289916358.5
RENTA CORP           REN SM       -55365883.4  289916358.5
RENTA CORP           REN1 EO      -55365883.4  289916358.5
RENTA CORP           REN1 EU      -55365883.4  289916358.5
RENTA CORP           RENS PZ      -55365883.4  289916358.5
RENTA CORP           REN1USD EU   -55365883.4  289916358.5
RENTA CORP           REN1GBX EO   -55365883.4  289916358.5
RENTA CORP REAL      REN/D SM     -55365883.4  289916358.5
RESIDENCIAL MARL     4498347Z SM  -8851230.87  106007591.2
REYAL URBIS SA       REY1 EU       -623464702   5520924982
REYAL URBIS SA       REYU PZ       -623464702   5520924982
REYAL URBIS SA       REY SM        -623464702   5520924982
REYAL URBIS SA       REY1 EO       -623464702   5520924982
SA DE SUPERMERCA     4373489Z SM  -24370843.9  162576231.9
SOGECABLE MEDIA      3638359Z SM  -2904934.27  176131882.6
SPANAIR              1174Z SM      -224915086  350111493.1
SUPERMERCADOS CH     3635999Z SM  -49108101.2  430829438.2
SUPERMERCADOS CO     4285781Z SM  -6271873.08  110251382.6
TELEVISION AUTON     3772924Z SM   -114641100  119139075.3
TROPICAL TURISTI     3639071Z SM  -47219485.5  485271194.6
TYCO ELECTRONICS     2335265Z SM   -120872225  241227566.2
UNITEC UNION TIE     3801344Z SM  -23207409.5  131213302.5
VIA OPERADOR PET     4510507Z SM  -19240934.5  114265353.9

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

TURKEY
------
EGS EGE GIYIM VE     EGDIS TI      -7732135.1  147075077.7
EGS EGE GIYIM-RT     EGDISR TI     -7732135.1  147075077.7
IKTISAT FINAN-RT     IKTFNR TI    -46900666.6  108228233.6
IKTISAT FINANSAL     IKTFN TI     -46900666.6  108228233.6
KEREVITAS GIDA       KERVT TI     -4733324.13    126789352
KEREVITAS GIDA       KVTGF US     -4733324.13    126789352
MUDURNU TAVUKC-N     MDRNUN TI    -64935052.1  160420187.4
MUDURNU TAVUKCUL     MDRNU TI     -64935052.1  160420187.4
SIFAS                SIFAS TI     -15439194.7    130608104
TUTUNBANK            TUT TI       -4024959602   2643810457
YASARBANK            YABNK TI     -4024959602   2643810457
ZORLU ENERJI ELE     ZORENM TI    -34869788.4   1701390881
ZORLU ENERJI ELE     ZOREN TI     -34869788.4   1701390881
ZORLU ENERJI ELE     ZRLUF US     -34869788.4   1701390881
ZORLU ENERJI-ADR     ZRLUY US     -34869788.4   1701390881
ZORLU ENERJI-RTS     ZORENR TI    -34869788.4   1701390881

UKRAINE
-------
AZOVZAGALMASH MA     AZGM UZ      -75129759.8  474776539.2
CHERNIGIVS MAN-M     CHIM UZ      -8728378.49  105244397.8
CHERNIGIVS M-GDR     CKU GR       -8728378.49  105244397.8
DONETSKOBLENERGO     DOON UZ       -213294468  341124537.1
LUGANSKGAS           LYGZ UZ      -25247035.8    123851487
LUGANSKOBLENERGO     LOEN UZ      -28469656.8  196711929.2
MARIUP-GDR REG S     MZVM IX      -11661586.3  260791838.5
MARIUP-GDR REG S     M9X GR       -11661586.3  260791838.5
MARIUPOL HEAVY M     MZVM UZ      -11661586.3  260791838.5
NAFTOKHIMIK PRIC     NAFP UZ      -13086749.7  365512618.1
NAFTOKHIMIK-GDR      N3ZA GR      -13086749.7  365512618.1
ODESSA OIL REFIN     ONPZ UZ       -178447037  314744675.5
RIVNEAZOT            RAZT UZ      -27233614.6    417932243
ZALK - PFTS          ZALK UZ      -78409529.9  130383564.8

UNITED KINGDOM
--------------
3I PLC               2346795Z LN  -40072013.1  518266360.4
600 UK LTD           1282018Z LN  -731250.536  123671540.8
ABBOTT MEAD VICK     648824Q LN   -1685854.55  168258996.3
ABF GRAIN PRODUC     1276922Z LN  -80622502.2  405377719.8
ACE INA SERVICES     1442282Z LN  -32838796.7  148703014.2
ACIS GROUP LTD       4159557Z LN  -29529317.2  122639068.7
ACORN CARE AND E     1238567Z LN  -70886168.8  120665053.6
ADVANCE DISPLAY      ADTP PZ      -2983757364   2562677211
AEA TECHNOLO-FPR     AATF PZ       -178235285  194979073.8
AEA TECHNOLO-FPR     AATF LN       -178235285  194979073.8
AEA TECHNOLOGY       AAT IX        -178235285  194979073.8
AEA TECHNOLOGY       AAT VX        -178235285  194979073.8
AEA TECHNOLOGY       EAETF US      -178235285  194979073.8
AEA TECHNOLOGY       AAT PO        -178235285  194979073.8
AEA TECHNOLOGY G     AAT EU        -178235285  194979073.8
AEA TECHNOLOGY G     89A GR        -178235285  194979073.8
AEA TECHNOLOGY G     AAT EO        -178235285  194979073.8
AEA TECHNOLOGY G     AEATF US      -178235285  194979073.8
AEA TECHNOLOGY G     AAT PZ        -178235285  194979073.8
AEA TECHNOLOGY G     AATGBP EO     -178235285  194979073.8
AEA TECHNOLOGY G     AAT LN        -178235285  194979073.8
AEA TECHNOLO-NPR     AATN LN       -178235285  194979073.8
AEA TECHNOLO-NPR     AATN PZ       -178235285  194979073.8
AFFINITI INTEGRA     1651064Z LN   -743208855    241654750
AGORA SHOPPING C     214766Z LN   -44716668.3  244995279.1
AIRBUS OPERATION     4435153Z LN   -311815000   3454910195
AIRTOURS PLC         ATORF US      -379721781   1817512774
AIRTOURS PLC         AIR VX        -379721781   1817512774
AIRTOURS PLC         AIR LN        -379721781   1817512774
ALIXPARTNERS LTD     2578482Z LN  -20704239.4  115351021.9
ALLDAYS PLC          317056Q LN    -120493900  252232072.9
ALLDAYS PLC          ALDYF US      -120493900  252232072.9
ALLIANCE & LEICE     1603082Z LN   -362196734   3707298376
ALLIANCE ATLANTI     1774537Z LN  -15720815.8  102607041.1
AMER BUS SYS         ARB LN        -497126976    121439000
AMEY PLC             AMY VX       -48862569.3  931527720.5
AMEY PLC             AMY LN       -48862569.3  931527720.5
AMEY PLC             AMEYF US     -48862569.3  931527720.5
AMEY PLC-ASSENT      AMYA LN      -48862569.3  931527720.5
AMEY PLC-NEW         AMYN LN      -48862569.3  931527720.5
ANGLESEY ALUMINI     3899138Z LN  -31293037.7  162854170.3
ANKER PLC            DW14 GR      -21861359.8    115463159
ANKER PLC            ANK LN       -21861359.8    115463159
ANKER PLC            ANK PO       -21861359.8    115463159
ANKER PLC - ASSD     ANKB LN      -21861359.8    115463159
ANKER PLC - ASSD     ANKC LN      -21861359.8    115463159
ANKER PLC-ASSD       ANKA LN      -21861359.8    115463159
APPERLEY REALISA     3951420Z LN  -32792784.9  184057205.1
ARCADIA PETROLEU     645232Z LN   -5023968.66  568408481.5
ARGENTA UNDERWRI     2619614Z LN  -2675706.34  115312566.9
ARRIVA NORTH WES     1320162Z LN   -1976907.1  100984405.8
ASCOT RACECOURSE     1965934Z LN    -15176036  272434311.7
ASHWELL PROPERTY     4165857Z LN   -192048023  200163088.3
ASPIRE HOUSING L     1820890Z LN  -76622621.1  145635258.6
ASTON VILLA FOOT     1768569Z LN   -147588326  132513030.7
ASTRIUM LTD          2568578Z LN  -89709175.4  452530872.6
AT KEARNEY HOLDI     4168565Z LN  -712649.261  420870276.2
AUTOMOBILE ASSOC     1479490Z LN  -33757452.8   1402428072
AVAYA UK             1700688Z LN  -53845662.3    392389930
BAE SYSTEMS GLOB     1111359Z LN   -198002525  433422849.4
BAE SYSTEMS INTE     2344987Z LN  -76887342.6    435816042
BAE SYSTEMS PROP     1151751Z LN  -87647151.1  896957185.8
BANK OF SCOTLAND     1419810Z LN  -9546216.21  527915266.9
BARCHESTER HOLDC     4391889Z LN  -29571912.7   1847591976
BARRACUDA GROUP      3636Z LN      -395586367    328358578
BASINGHALL FINAN     1127799Z LN  -9318896.89   1118303697
BAT UK & EXPORT      4509491Z LN   -190548587  881692782.5
BCH GROUP PLC        BCH LN       -5728273.97  187993198.2
BDP HOLDINGS LTD     3796920Z LN  -5521777.44    114452852
BENTLEY MOTORS L     1376666Z LN   -511844322  792321913.9
BETFAIR LTD          83844Z LN      -26079415  461076110.5
BGE UK LTD           1653368Z LN  -31309521.8  451744849.3
BIFFA LTD            BIFF LN       -380391565   3021695633
BIFFA PLC            2758806Q EO   -380391565   3021695633
BIFFA PLC            2758822Q EO   -380391565   3021695633
BIFFA PLC            3567279Q GR   -380391565   3021695633
BIFFA PLC            2758802Q EO   -380391565   3021695633
BIFFA PLC            2758794Q EU   -380391565   3021695633
BIFFA PLC            2758818Q EU   -380391565   3021695633
BIFFA PLC            BIFF IX       -380391565   3021695633
BIFFA PLC            BIFAF US      -380391565   3021695633
BIFFA PLC            2758798Q EO   -380391565   3021695633
BIFFA PLC            BIFF PZ       -380391565   3021695633
BIRMINGHAM MAILB     1781057Z LN  -6608952.84  116466648.8
BIRSE CIVILS LTD     1333506Z LN     -3991232  184394918.2
BLACK & EDGINGTO     BLE LN        -133034755  130464035.4
BLACKWELL PUBLIS     80044Z LN    -1289834.53  223671685.3
BNB RECRUITMENT      BNB LN       -10242625.6    103637705
BNB RECRUITMENT      BNB PO       -10242625.6    103637705
BNB RECRUITMENT      BNBRF US     -10242625.6    103637705
BNB RECRUITMENT      BNB IX       -10242625.6    103637705
BNB RECRUITMENT      BQX GR       -10242625.6    103637705
BOLTON WANDERERS     1274042Z LN   -109297588  124148929.4
BOOKER PLC           987188Q LN   -59832893.1   1298182549
BOOKER PLC           BKERF US     -59832893.1   1298182549
BOOKER PLC           1330Q GR     -59832893.1   1298182549
BOOKER PLC-ADR       BOK$ LN      -59832893.1   1298182549
BOOKER PLC-ADR       BKRUY US     -59832893.1   1298182549
BOSTON MAYFLOWER     1845650Z LN  -38702577.8  104489726.5
BRADSTOCK GROUP      BSKGF US     -1855444.64  268563822.5
BRADSTOCK GROUP      BDK LN       -1855444.64  268563822.5
BRB RESIDUARY LT     2872503Z LN   -300504690  399749459.7
BRENT WALKER GRP     754087Q LN   -1774306283  867084131.8
BRENT WALKER GRP     BWKGF US     -1774306283  867084131.8
BRIT BROADCAST       1517Z LN      -690133931   5734507056
BRIT ENERGY LTD      523362Q LN   -5822867501   4921095750
BRIT ENERGY PLC      BGYEF US     -5822867501   4921095750
BRIT ENERGY PLC      BHEGF US     -5822867501   4921095750
BRIT ENERGY PLC      555140Q VX   -5822867501   4921095750
BRIT ENERGY PLC      BEN1 GR      -5822867501   4921095750
BRIT ENERGY-A        BENA GR      -5822867501   4921095750
BRIT ENERGY-ADR      BHEFF US     -5822867501   4921095750
BRITISH ENER-$US     BGYNYD AR    -5822867501   4921095750
BRITISH ENER-$US     BGYD AR      -5822867501   4921095750
BRITISH ENER-ADR     BGYNY US     -5822867501   4921095750
BRITISH ENER-BLK     BGYB AR      -5822867501   4921095750
BRITISH ENER-BLK     BGYNYB AR    -5822867501   4921095750
BRITISH ENER-C/E     BGYNYC AR    -5822867501   4921095750
BRITISH ENER-C/E     BGYC AR      -5822867501   4921095750
BRITISH ENER-CED     BGYNY AR     -5822867501   4921095750
BRITISH ENER-CED     BGY AR       -5822867501   4921095750
BRITISH ENERGY-A     BGYA PO      -5822867501   4921095750
BRITISH ENERGY-A     BGYA VX      -5822867501   4921095750
BRITISH ENERGY-A     BGYGF US     -5822867501   4921095750
BRITISH ENERGY-A     BHEAF US     -5822867501   4921095750
BRITISH ENERGY-A     3012442Q LN  -5822867501   4921095750
BRIXTON GREAT WE     1242343Z LN  -24193317.5  164120047.9
BTG INTERNATIONA     2815068Z LN  -4253521.92  408338104.2
BUNZL VENDING SE     1626514Z LN  -3627717.45    117295226
BURNDEN LEISURE      BDL LN       -92092299.6  136726201.7
CALSONIC KANSEI      1541442Z LN  -38998494.2  298627314.6
CALSONIC KANSEI      2730264Z LN   -112686898    233439821
CANARY WHARF FIN     1198063Z LN   -133871013   4239121844
CAPITAL HOME LOA     3809804Z LN  -15503258.1  16833730499
CARISBROOKE ANGL     3815488Z LN  -67887962.8  125396545.6
CARLISLE GROUP       506819Q LN   -11904428.4    203548565
CATTLES PLC          CTTGBP EO     -599615492   3880885246
CATTLES PLC          CTT PO        -599615492   3880885246
CATTLES PLC          CTTEUR EU     -599615492   3880885246
CATTLES PLC          CTTSEK EO     -599615492   3880885246
CATTLES PLC          CTTUSD EO     -599615492   3880885246
CATTLES PLC          CTT EO        -599615492   3880885246
CATTLES PLC          CTT EB        -599615492   3880885246
CATTLES PLC          CTT EU        -599615492   3880885246
CATTLES PLC          CTTSEK EU     -599615492   3880885246
CATTLES PLC          CTT NQ        -599615492   3880885246
CATTLES PLC          CTT PZ        -599615492   3880885246
CATTLES PLC          CTT LN        -599615492   3880885246
CATTLES PLC          CTT TQ        -599615492   3880885246
CATTLES PLC          CTT QM        -599615492   3880885246
CATTLES PLC          CTT VX        -599615492   3880885246
CATTLES PLC          CTTUSD EU     -599615492   3880885246
CATTLES PLC          CTT BQ        -599615492   3880885246
CATTLES PLC          CHOXF US      -599615492   3880885246
CATTLES PLC          CTTEUR EO     -599615492   3880885246
CATTLES PLC          CTT NR        -599615492   3880885246
CATTLES PLC          CZS GR        -599615492   3880885246
CATTLES PLC          CTT IX        -599615492   3880885246
CATTLES PLC-ADR      CHOXY US      -599615492   3880885246
CATTLES PLC-FPR      CTTF PZ       -599615492   3880885246
CATTLES PLC-FPR      CTTF LN       -599615492   3880885246
CATTLES PLC-NPR      CCTN PZ       -599615492   3880885246
CATTLES PLC-NPR      CTTN IX       -599615492   3880885246
CATTLES PLC-NPR      CTTN PZ       -599615492   3880885246
CATTLES PLC-NPR      2843730Q EU   -599615492   3880885246
CATTLES PLC-NPR      CTTN LN       -599615492   3880885246
CATTLES PLC-NPR      2843734Q EO   -599615492   3880885246
CATTLES PLC-NPR      2843726Q EO   -599615492   3880885246
CATTLES PLC-RFD      CTTR LN       -599615492   3880885246
CATTLES PLC-RFD      CTTR PZ       -599615492   3880885246
CATTLES PLC-RFD      CTTR IX       -599615492   3880885246
CHANNEL 5 TELEVI     93306Z LN    -3955940.23  440416449.8
CHELSEA FOOTBALL     1508858Z LN   -645325606  325028457.3
CHILTERN RAILWAY     1691664Z LN  -18440739.1  143929126.6
CHRYSALIS GROUP      CHS VX       -16399845.8  124838262.3
CHRYSALIS GROUP      CHSEUR EU    -16399845.8  124838262.3
CHRYSALIS GROUP      CHS PO       -16399845.8  124838262.3
CHRYSALIS GROUP      5CY GR       -16399845.8  124838262.3
CHRYSALIS GROUP      CHSUSD EO    -16399845.8  124838262.3
CHRYSALIS GROUP      CHSGBP EO    -16399845.8  124838262.3
CHRYSALIS GROUP      CYGUF US     -16399845.8  124838262.3
CHRYSALIS GROUP      CHS LN       -16399845.8  124838262.3
CHRYSALIS GROUP      HR4 GR       -16399845.8  124838262.3
CHRYSALIS GROUP      CLYSF US     -16399845.8  124838262.3
CHRYSALIS GROUP      CHSUSD EU    -16399845.8  124838262.3
CHRYSALIS GROUP      CHS IX       -16399845.8  124838262.3
CHRYSALIS GROUP      CHS EO       -16399845.8  124838262.3
CHRYSALIS GROUP      CHSEUR EO    -16399845.8  124838262.3
CHRYSALIS GROUP      CHS EU       -16399845.8  124838262.3
CHRYSALIS GROUP      CHS PZ       -16399845.8  124838262.3
CHRYSALIS MUSIC      1082762Z LN  -5036846.09  103320003.7
CLASSIC HOSPITAL     802723Z LN   -6453011.42  212249352.1
CLIPPER WINDPOWE     CWP PG        -168322000    436419008
CLIPPER WINDPOWE     CWP LN        -168322000    436419008
CLIPPER WINDPOWE     CRPWF US      -168322000    436419008
CLIPPER WINDPOWE     CWP EO        -168322000    436419008
CLIPPER WINDPOWE     CWP EU        -168322000    436419008
CLIPPER WINDPOWE     CWP PZ        -168322000    436419008
CLIPPER WINDPOWE     CWPA LN       -168322000    436419008
CLIPPER WINDPOWE     C2W GR        -168322000    436419008
CLIPPER WINDPOWE     3470635Q LN   -168322000    436419008
CLIPPER WINDPOWE     CWP IX        -168322000    436419008
COMMUNITY HOUSIN     4448257Z LN  -3215992.54  202983429.4
COMO HOLDINGS UK     3818576Z LN  -23709992.9  122013803.9
COMPASS GROU-OLD     1259Q LN      -668101174   2972459078
COMPASS GROUP        QOP GR        -668101174   2972459078
COMPASS GRP-ADR      CMSJY US      -668101174   2972459078
COMPASS GRP-ADR      CMSGY US      -668101174   2972459078
CONNECT M77/GSO      2028763Z LN  -30886645.6  222325514.3
CONNECT UTILITIE     2112683Z LN  -5647965.72  124871701.7
CONVENIENCE FOOD     1555794Z LN  -76242510.8    781213617
COOLKEERAGH ESB      4471679Z LN  -21270460.2  308163645.9
CPI MORTARS LTD      1751696Z LN  -22518097.5  110009816.1
CPW NETWORK SERV     2118451Z LN  -54148853.2    125285969
CROSBY GROUP PLC     237335Z LN    -122188674  211009635.6
CROWN BLUE LINE      1369234Z LN  -5491244.66  143228058.8
CSC METROCENTRE      1203663Z LN   -177523498    231888247
CUCINA LUX INVES     4503083Z LN   -332083965   3040705457
DANKA BUS SYSTEM     3205283Q EO   -497126976    121439000
DANKA BUS SYSTEM     DANKF US      -497126976    121439000
DANKA BUS SYSTEM     DNK PO        -497126976    121439000
DANKA BUS SYSTEM     3205287Q EU   -497126976    121439000
DANKA BUS SYSTEM     DNK IX        -497126976    121439000
DANKA BUS SYSTEM     DNK VX        -497126976    121439000
DANKA BUS SYSTEM     DNK PZ        -497126976    121439000
DANKA BUS SYSTEM     3205291Q EO   -497126976    121439000
DANKA BUS SYSTEM     DNK LN        -497126976    121439000
DANKA BUS-$US CE     DANKD AR      -497126976    121439000
DANKA BUS-ADR        AP39 LI       -497126976    121439000
DANKA BUS-ADR        DB6 GR        -497126976    121439000
DANKA BUS-ADR        DANKY US      -497126976    121439000
DANKA BUS-ADR        DANKE US      -497126976    121439000
DANKA BUS-BLK CE     DANKB AR      -497126976    121439000
DANKA BUS-C/E CE     DANKC AR      -497126976    121439000
DANKA BUS-CEDEAR     DANK AR       -497126976    121439000
DAVENHAM GROUP P     DAV PG       -57317833.2  114701147.6
DAVENHAM GROUP P     DAV LN       -57317833.2  114701147.6
DAVENHAM GROUP P     DAV EU       -57317833.2  114701147.6
DAVENHAM GROUP P     DAVEUR EO    -57317833.2  114701147.6
DAVENHAM GROUP P     DAV EO       -57317833.2  114701147.6
DAVENHAM GROUP P     DAH GR       -57317833.2  114701147.6
DAVENHAM GROUP P     DAH TH       -57317833.2  114701147.6
DAVENHAM GROUP P     DAV PZ       -57317833.2  114701147.6
DCK GROUP LTD        4006628Z LN  -23972516.7  108515833.6
DE LA RUE PLC        DLAR TQ        -16987630  637036125.4
DE LA RUE PLC        DLARUSD EO     -16987630  637036125.4
DE LA RUE PLC        DLAR8 EO       -16987630  637036125.4
DE LA RUE PLC        DL1A GR        -16987630  637036125.4
DE LA RUE PLC        DLAR NR        -16987630  637036125.4
DE LA RUE PLC        DLAR NQ        -16987630  637036125.4
DE LA RUE PLC        DL1 GR         -16987630  637036125.4
DE LA RUE PLC        DLARF US       -16987630  637036125.4
DE LA RUE PLC        DLAR PO        -16987630  637036125.4
DE LA RUE PLC        DLAR QM        -16987630  637036125.4
DE LA RUE PLC        DLAR1 EO       -16987630  637036125.4
DE LA RUE PLC        DLAR EO        -16987630  637036125.4
DE LA RUE PLC        DLARCHF EU     -16987630  637036125.4
DE LA RUE PLC        DLAR EU        -16987630  637036125.4
DE LA RUE PLC        DLARCHF EO     -16987630  637036125.4
DE LA RUE PLC        DLRUF US       -16987630  637036125.4
DE LA RUE PLC        DLARUSD EU     -16987630  637036125.4
DE LA RUE PLC        DLARGBP EO     -16987630  637036125.4
DE LA RUE PLC        DL1C GR        -16987630  637036125.4
DE LA RUE PLC        DLAR9 EO       -16987630  637036125.4
DE LA RUE PLC        DLAREUR EO     -16987630  637036125.4
DE LA RUE PLC        DLAR PZ        -16987630  637036125.4
DE LA RUE PLC        DLAR VX        -16987630  637036125.4
DE LA RUE PLC        DLAR6 EO       -16987630  637036125.4
DE LA RUE PLC        DLAR5 EO       -16987630  637036125.4
DE LA RUE PLC        DL1C GK        -16987630  637036125.4
DE LA RUE PLC        DLAR7 EO       -16987630  637036125.4
DE LA RUE PLC        DLA EO         -16987630  637036125.4
DE LA RUE PLC        DLAR S1        -16987630  637036125.4
DE LA RUE PLC        DLAR4 EO       -16987630  637036125.4
DE LA RUE PLC        DLAR3 EO       -16987630  637036125.4
DE LA RUE PLC        DLAR LN        -16987630  637036125.4
DE LA RUE PLC        DELRF US       -16987630  637036125.4
DE LA RUE PLC        DLAR EB        -16987630  637036125.4
DE LA RUE PLC        DLAREUR EU     -16987630  637036125.4
DE LA RUE PLC        DLAR IX        -16987630  637036125.4
DE LA RUE PLC        DL1B GR        -16987630  637036125.4
DE LA RUE PLC        DLAR2 EO       -16987630  637036125.4
DE LA RUE PLC        DLAR BQ        -16987630  637036125.4
DE LA RUE-ADR        DERUY US       -16987630  637036125.4
DE LA RUE-ADR        DLUEY US       -16987630  637036125.4
DE LA RUE-PREF       3115438Q EU    -16987630  637036125.4
DE LA RUE-PREF       DLAP LN        -16987630  637036125.4
DE LA RUE-PREF       DLAP PZ        -16987630  637036125.4
DE STEFANO INVES     3814768Z LN  -10968616.2    208612111
DIAMOND RESORT H     1710824Z LN  -36346087.8    199633867
DIAMOND RESORTS      1578906Z LN  -55241260.2  185000514.5
DISPOSABLE SOFT      1124335Z LN  -25554763.5  154077028.1
DONVAND LTD          2564906Z LN  -8746031.88  235830922.7
DRIVE ASSIST HOL     3641135Z LN   -129629293  804046536.3
DTZ DEBENHAM TIE     1637608Z LN  -65367918.2    431959182
E ON RUHRGAS UK      1671208Z LN   -203389129  397727814.9
E ON UK CHP LTD      2642428Z LN   -441420879  292251726.5
EASYNET GROUP        EAY GR       -60380605.5  334049332.2
EASYNET GROUP        ESY VX       -60380605.5  334049332.2
EASYNET GROUP        ESY PO       -60380605.5  334049332.2
EASYNET GROUP        EZNGF US     -60380605.5  334049332.2
EASYNET GROUP        ESY LN       -60380605.5  334049332.2
EASYNET GROUP-CV     91009Z LN    -60380605.5  334049332.2
EC HARRIS LLP        4448521Z LN  -16034293.7  122879662.7
ECONOMIST NEWSPA     6888Z LN     -2941080.27  399071232.6
EDF ENERGY 1 LTD     1201287Z LN   -173168019  373323626.4
EMI GROUP -ASSD      EMIA LN      -2265916257   2950021937
EMI GROUP LTD        EMI LN       -2265916257   2950021937
EMI GROUP PLC        3020138Q GR  -2265916257   2950021937
EMI GROUP PLC        EMI VX       -2265916257   2950021937
EMI GROUP PLC        EMI PO       -2265916257   2950021937
EMI GROUP PLC        EMI IX       -2265916257   2950021937
EMI GROUP PLC        EMIPF US     -2265916257   2950021937
EMI GROUP PLC-B      1019425Q LN  -2265916257   2950021937
EMI GROUP-ADR        EMIPY US     -2265916257   2950021937
EMI GROUP-ADR        38IS LN      -2265916257   2950021937
EMI GROUP-ADR        EMI$ LN      -2265916257   2950021937
ENERGY POWER RES     510443Z LN   -93963662.9  168611857.1
EQUINITI LTD         977621Z LN   -91870053.3  903061439.5
EQUITY INSURANCE     1284698Z LN  -17694968.8  178126828.2
ERM GROUP HOLDIN     3125976Z LN   -163200612    627934170
ERM-EUROPE LTD       1539482Z LN  -5766265.72  206231135.2
ESPORTA HEALTH &     1689624Z LN  -34019016.5  143720210.5
EUROPEAN HOME        EHR9 EO      -14328735.2  110864081.4
EUROPEAN HOME        EHR8 EO      -14328735.2  110864081.4
EUROPEAN HOME        FPAKF US     -14328735.2  110864081.4
EUROPEAN HOME        EHR EO       -14328735.2  110864081.4
EUROPEAN HOME        EHR10 EO     -14328735.2  110864081.4
EUROPEAN HOME        EHR LN       -14328735.2  110864081.4
EUROPEAN HOME        EHREUR EO    -14328735.2  110864081.4
EUROPEAN HOME        EHREUR EU    -14328735.2  110864081.4
EUROPEAN HOME        KLZ VX       -14328735.2  110864081.4
EUROPEAN HOME        KLZ PO       -14328735.2  110864081.4
EUROPEAN HOME        EHR4 EO      -14328735.2  110864081.4
EUROPEAN HOME        EHR EU       -14328735.2  110864081.4
EUROPEAN HOME        EHR PZ       -14328735.2  110864081.4
EUROPEAN HOME        EHR5 EO      -14328735.2  110864081.4
EUROPEAN HOME        EHR6 EO      -14328735.2  110864081.4
EUROPEAN HOME        EHR7 EO      -14328735.2  110864081.4
EUROPEAN HOME        EHRGBP EO    -14328735.2  110864081.4
EUROPEAN HOME        EHR2 EO      -14328735.2  110864081.4
EUROPEAN HOME        EHR1 EO      -14328735.2  110864081.4
EUROPEAN HOME        EHR PO       -14328735.2  110864081.4
EUROPEAN HOME        EHR3 EO      -14328735.2  110864081.4
EUROPEAN HOME        EHR VX       -14328735.2  110864081.4
EUROSTAR INTERNA     4379945Z LN  -2296294817  600452807.4
EXOVA PLC            4507835Z LN  -23478618.7  727804846.1
EXXONMOBIL MARIN     1196527Z LN    -10207264    337580273
FAIRLINE BOATS H     4498779Z LN  -13944238.6  114504852.8
FAREPAK PLC          FPK LN       -14328735.2  110864081.4
FINANCIAL SERVIC     2630281Z LN   -167558381  246856182.8
FIRST CHOICE HOL     1098394Z LN   -599861683  608849393.2
FITNESS FIRST GR     4501843Z LN   -831355754   1655609515
FLECTAT LTD          1160967Z LN  -53267356.4  102516976.5
FLYBE LTD            6621Z LN      -118366562  450450527.2
FOOTBALL FOUNDAT     3958180Z LN   -1856870.1    108334858
FORD MOTOR CO LT     1291306Z LN   -198002525   4858077693
FOUR SEASONS HEA     1865450Z LN   -126472164  267951983.6
FRENCH CONNECTIO     1092170Z LN  -21270716.7  169362489.9
FUNDING CORP LTD     4157637Z LN  -28925795.7  201083535.3
FW FARNSWORTH LT     1293386Z LN  -44420065.4  102695080.1
GALIFORM CORPORA     1478794Z LN    -49876079  987241731.3
GALLAGHER UK LTD     4422897Z LN  -14056336.1  197494963.7
GAMESTEC LEISURE     1432626Z LN  -22918299.4  107315419.3
GARTLAND WHALLEY     GWB LN       -10986768.6  145352034.5
GE CALEDONIAN LT     2178340Z LN   -162433001    291389984
GENERAL MOTORS       1062338Z LN  -1258953111   1981116650
GETRONICS UK LTD     1446978Z LN  -21428395.7  105267195.7
GGT GROUP PLC        500970Q LN    -156372272  408211200.9
GGT GROUP-ADR        GGTRY US      -156372272  408211200.9
GLADEDALE VENTUR     2209596Z LN  -40300529.6  104554687.5
GLAXOSMITHKLINE      1426Z LN     -9429285.59  13095256920
GLOBAL CROSSING      3629883Z LN   -353965083  492328850.3
GLOBAL RADIO SER     4171741Z LN  -62302229.7  181387133.2
GONDOLA GROUP LT     4499995Z LN   -284524423   1496226646
GONDOLA HOLD         913024Q GR    -284524423   1496226646
GONDOLA HOLD         GND VX        -284524423   1496226646
GONDOLA HOLDINGS     GND LN        -284524423   1496226646
GONDOLA HOLDINGS     GND IX        -284524423   1496226646
GONDOLA HOLD-NEW     GNDB LN       -284524423   1496226646
GONDOLA HOLD-NEW     GNDA LN       -284524423   1496226646
GOODRICH CONTROL     3631571Z LN   -203464797  600544111.2
GRANT THORNTON U     961842Z LN     -87634637  389831122.7
HARMSWORTH PRINT     1552314Z LN  -17382531.8  325365175.8
HARMSWORTH PRINT     1719464Z LN  -46809590.2  171744856.2
HARMSWORTH QUAYS     1552378Z LN   -109747107  292508124.8
HAS ACCIDENT MAN     3815368Z LN  -71038252.1  266645094.8
HAYMARKET GROUP      4158941Z LN   -100498143  307693877.6
HEALTHCARE LOCUM     HLO LN       -21208439.3  262213430.8
HEALTHCARE LOCUM     HLO PZ       -21208439.3  262213430.8
HEALTHCARE LOCUM     HECUF US     -21208439.3  262213430.8
HEALTHCARE LOCUM     H4U TH       -21208439.3  262213430.8
HEALTHCARE LOCUM     HLOEUR EO    -21208439.3  262213430.8
HEALTHCARE LOCUM     HLO PG       -21208439.3  262213430.8
HEALTHCARE LOCUM     HLOGBX EO    -21208439.3  262213430.8
HEALTHCARE LOCUM     HLO EO       -21208439.3  262213430.8
HEALTHCARE LOCUM     H4U GR       -21208439.3  262213430.8
HEALTHCARE LOCUM     HLOGBP EO    -21208439.3  262213430.8
HEALTHCARE LOCUM     HLO EU       -21208439.3  262213430.8
HEALTHCARE LOCUM     HLO IX       -21208439.3  262213430.8
HENDERSON ADMINI     1296626Z LN  -14041029.4   1007142193
HESS INDONESIA P     1705776Z LN  -90105554.6  634894802.5
HMV GROUP -GDR       276960Q GR    -168338747  557259301.8
HMV GROUP -GDR       29362Z US     -168338747  557259301.8
HMV GROUP PLC        HMV NQ        -168338747  557259301.8
HMV GROUP PLC        HMVEUR EO     -168338747  557259301.8
HMV GROUP PLC        HMV7 EO       -168338747  557259301.8
HMV GROUP PLC        HMV PZ        -168338747  557259301.8
HMV GROUP PLC        HMV5 EO       -168338747  557259301.8
HMV GROUP PLC        HMV QM        -168338747  557259301.8
HMV GROUP PLC        HMV EO        -168338747  557259301.8
HMV GROUP PLC        HM4 GK        -168338747  557259301.8
HMV GROUP PLC        HMV BQ        -168338747  557259301.8
HMV GROUP PLC        HMV NR        -168338747  557259301.8
HMV GROUP PLC        HMVEUR EU     -168338747  557259301.8
HMV GROUP PLC        HMV1 EO       -168338747  557259301.8
HMV GROUP PLC        HMV2 EO       -168338747  557259301.8
HMV GROUP PLC        HMVUSD EU     -168338747  557259301.8
HMV GROUP PLC        HMV PO        -168338747  557259301.8
HMV GROUP PLC        HMV VX        -168338747  557259301.8
HMV GROUP PLC        HMV10 EO      -168338747  557259301.8
HMV GROUP PLC        HM4 GR        -168338747  557259301.8
HMV GROUP PLC        HMV EU        -168338747  557259301.8
HMV GROUP PLC        HMV LN        -168338747  557259301.8
HMV GROUP PLC        HMVUSD EO     -168338747  557259301.8
HMV GROUP PLC        HMV S1        -168338747  557259301.8
HMV GROUP PLC        HMV3 EO       -168338747  557259301.8
HMV GROUP PLC        HMV IX        -168338747  557259301.8
HMV GROUP PLC        HMVGBP EO     -168338747  557259301.8
HMV GROUP PLC        HMV9 EO       -168338747  557259301.8
HMV GROUP PLC        HMV4 EO       -168338747  557259301.8
HMV GROUP PLC        HMV6 EO       -168338747  557259301.8
HMV GROUP PLC        HMV8 EO       -168338747  557259301.8
HMV GROUP PLC        HMV EB        -168338747  557259301.8
HMV GROUP PLC        HMV TQ        -168338747  557259301.8
HMV GROUP PLC        HMVMF US      -168338747  557259301.8
HOLIDAY AUTOS IN     1155863Z LN  -47020142.9  391438531.3
HOMEFIELD PVT UK     4501835Z LN  -13668996.5  455224068.7
HOUSE FRASER-ADR     HOFSY US     -14410799.9  200149998.1
HOUSE FRASER-ADR     HSFRY US     -14410799.9  200149998.1
HOUSE OF FRASER      HOF IX       -14410799.9  200149998.1
HOUSE OF FRASER      HOF PO       -14410799.9  200149998.1
HOUSE OF FRASER      HOF LN       -14410799.9  200149998.1
HOUSE OF FRASER      HSFRF US     -14410799.9  200149998.1
HOUSE OF FRASER      HOF VX       -14410799.9  200149998.1
HOUSE OF FRASER      HOF PZ       -14410799.9  200149998.1
HUTCHISON 3G UK      265923Z LN   -2558478023  10215382954
HYDREX HOLDINGS      4156949Z LN   -150849963  145584295.2
IG GROUP LTD         4502843Z LN  -1681700671    208248450
IKANO FINANCIAL      2599182Z LN  -11016514.3  150562302.2
INCOMMUNITIES GR     4508531Z LN  -82624663.3  408730011.6
INEOS GROUP HLDG     6623Z LN      -583710740  15449555292
INEOS MANUFACTUR     2170452Z LN  -6726362.41   1831309315
INEOS VINYLS UK      1072618Z LN  -15123027.5  219361852.2
INFORMA UK LTD       699186Z LN    -267015730   1019729118
INSPIRED GAMING      1181783Z LN  -87284373.4  396170831.1
INTELLIGENT FINA     1645352Z LN  -18029143.3  152828326.7
INTERFLOOR GROUP     317371Z LN   -6491968.08  102342688.7
INTERNATIONAL MA     2842386Z LN  -3474420.46  109056784.7
INTERNATIONAL RE     1074242Z LN  -43752001.1  114451373.2
IRANIAN OIL CO U     1380570Z LN   -137208703  280446335.8
JARVIS PLC           JRVSEUR EO   -64739862.7    130951086
JARVIS PLC           JVR GR       -64739862.7    130951086
JARVIS PLC           JRVS LN      -64739862.7    130951086
JARVIS PLC           JRV EO       -64739862.7    130951086
JARVIS PLC           JRVS IX      -64739862.7    130951086
JARVIS PLC           JRVS7 EO     -64739862.7    130951086
JARVIS PLC           JRVS8 EO     -64739862.7    130951086
JARVIS PLC           JRVS4 EO     -64739862.7    130951086
JARVIS PLC           JRVS EO      -64739862.7    130951086
JARVIS PLC           JRVS PO      -64739862.7    130951086
JARVIS PLC           JRVS6 EO     -64739862.7    130951086
JARVIS PLC           JVSPF US     -64739862.7    130951086
JARVIS PLC           JRVS PZ      -64739862.7    130951086
JARVIS PLC           JRVS VX      -64739862.7    130951086
JARVIS PLC           JRVSEUR EU   -64739862.7    130951086
JARVIS PLC           JRVS9 EO     -64739862.7    130951086
JARVIS PLC           JRVSGBP EO   -64739862.7    130951086
JARVIS PLC           JRVS EU      -64739862.7    130951086
JARVIS PLC           JRVS3 EO     -64739862.7    130951086
JARVIS PLC           JRVS2 EO     -64739862.7    130951086
JARVIS PLC           JRVS1 EO     -64739862.7    130951086
JARVIS PLC           JRVS5 EO     -64739862.7    130951086
JDR ENTERPRISES      3947788Z LN  -18283944.6  190661628.9
JESSOPS PLC          JSP EO       -42702018.4  112964060.4
JESSOPS PLC          JSPGBP EO    -42702018.4  112964060.4
JESSOPS PLC          JSP PZ       -42702018.4  112964060.4
JESSOPS PLC          JSP IX       -42702018.4  112964060.4
JESSOPS PLC          JSP EU       -42702018.4  112964060.4
JESSOPS PLC          JSPEUR EU    -42702018.4  112964060.4
JESSOPS PLC          JS4 GR       -42702018.4  112964060.4
JESSOPS PLC          JSPEUR EO    -42702018.4  112964060.4
JESSOPS PLC          JSP PO       -42702018.4  112964060.4
JESSOPS PLC          JSP VX       -42702018.4  112964060.4
JESSOPS PLC          JSP LN       -42702018.4  112964060.4
JP MCDOUGALL & C     1293298Z LN  -38788226.9  105778561.4
JVC EUROPE LTD       2667041Z LN  -2824766.24  131996942.9
KAZAKHGO-GDR         KZG LI         -88561000    241726000
KAZAKHGO-GDR         KZGI LI        -88561000    241726000
KAZAKHGO-GDR         KZQGI IX       -88561000    241726000
KAZAKHGO-GDR         KZGQ IX        -88561000    241726000
KAZAKHGOLD- 144A     768834Z LI     -88561000    241726000
KAZAKHGOLD GP LT     KGZ HK         -88561000    241726000
KAZAKHGOLD-REG T     KZGT LI        -88561000    241726000
KAZAKHGOLD-REGS      3683241Q LI    -88561000    241726000
KCA DEUTAG DRILL     2173132Z LN  -44273052.7  185361544.7
KESA ELECTRI-ADR     KESAY US     -14782918.3   2826187121
KESA ELECTRICALS     KESAUSD EU   -14782918.3   2826187121
KESA ELECTRICALS     KESAEUR EO   -14782918.3   2826187121
KESA ELECTRICALS     KESAUSD EO   -14782918.3   2826187121
KESA ELECTRICALS     KSA FP       -14782918.3   2826187121
KESA ELECTRICALS     KESA PO      -14782918.3   2826187121
KESA ELECTRICALS     KESA6 EO     -14782918.3   2826187121
KESA ELECTRICALS     KESAGBP EO   -14782918.3   2826187121
KESA ELECTRICALS     KESA2 EO     -14782918.3   2826187121
KESA ELECTRICALS     KESA3 EO     -14782918.3   2826187121
KESA ELECTRICALS     KESA BQ      -14782918.3   2826187121
KESA ELECTRICALS     KES EO       -14782918.3   2826187121
KESA ELECTRICALS     KESA IX      -14782918.3   2826187121
KESA ELECTRICALS     KESA LN      -14782918.3   2826187121
KESA ELECTRICALS     KESA7 EO     -14782918.3   2826187121
KESA ELECTRICALS     KESA QM      -14782918.3   2826187121
KESA ELECTRICALS     KESAF US     -14782918.3   2826187121
KESA ELECTRICALS     KESAEUR EU   -14782918.3   2826187121
KESA ELECTRICALS     KESA NR      -14782918.3   2826187121
KESA ELECTRICALS     KES1 EO      -14782918.3   2826187121
KESA ELECTRICALS     KESA EO      -14782918.3   2826187121
KESA ELECTRICALS     KESA4 EO     -14782918.3   2826187121
KESA ELECTRICALS     KE4 GK       -14782918.3   2826187121
KESA ELECTRICALS     KESAI IX     -14782918.3   2826187121
KESA ELECTRICALS     KESA PZ      -14782918.3   2826187121
KESA ELECTRICALS     KE4 GR       -14782918.3   2826187121
KESA ELECTRICALS     KESA S1      -14782918.3   2826187121
KESA ELECTRICALS     KESA EB      -14782918.3   2826187121
KESA ELECTRICALS     KESA NQ      -14782918.3   2826187121
KESA ELECTRICALS     KESA EU      -14782918.3   2826187121
KESA ELECTRICALS     KESA TQ      -14782918.3   2826187121
KESA ELECTRICALS     KESA VX      -14782918.3   2826187121
KESA ELECTRICALS     KESA5 EO     -14782918.3   2826187121
KESA ELECTRICALS     KESA8 EO     -14782918.3   2826187121
KESA ELECTRICALS     KESA9 EO     -14782918.3   2826187121
KESTREL HOLDINGS     4499515Z LN  -3577225.61  950172823.8
KEW GREEN HOTELS     1031803Z LN  -16234267.9    219908068
KIA MOTORS UK LT     1985990Z LN  -26939256.9    365863465
KILMARTIN HOLDIN     3589161Z LN  -32467784.2  576731039.1
KILMARTIN PROPER     534862Z LN   -37743228.9  444220212.7
KLEENEZE PLC         KLZ LN       -14328735.2  110864081.4
KODAK LTD            1275242Z LN   -180673405  661044368.6
LANCASTER INVEST     1575538Z LN  -54823340.2  121302849.6
LAND SECURITIES      1371626Z LN   -103330200   4796043425
LAPSENT LTD          203678Z LN     -26875940  200397842.7
LAST MINUTE NETW     1180895Z LN   -624958331    357173156
LEEDS SPORTING       LES LN       -73166148.8  143762193.7
LEEDS SPORTING       LEDPF US     -73166148.8  143762193.7
LEEDS UNITED PLC     LUFC LN      -73166148.8  143762193.7
LEEDS UNITED PLC     889687Q GR   -73166148.8  143762193.7
LEEDS UNITED PLC     LDSUF US     -73166148.8  143762193.7
LGC LTD              161695Z LN   -44759203.5  163172696.4
LINK FINANCIAL       3041Z LN     -63296738.9  226722478.9
LIONCOVER INSURA     1120431Z LN  -221632.161  741441082.5
LLOYDS TSB CORPO     2045779Z LN  -7210252.41  310036480.9
LLOYDS TSB EQUIP     1214495Z LN   -661481.45  334557469.7
LLOYDS TSB EQUIP     1238423Z LN  -1919544.17  270438080.8
LOMBARD CORPORAT     1162975Z LN   -7309362.4  198951662.4
LONDON TOWN PLC      LTW PZ       -21897636.4  175672299.2
LONDON TOWN PLC      LTW EU       -21897636.4  175672299.2
LONDON TOWN PLC      LTW EO       -21897636.4  175672299.2
LONDON TOWN PLC      LTW IX       -21897636.4  175672299.2
LONDON TOWN PLC      LTW PG       -21897636.4  175672299.2
LONDON TOWN PLC      LOU GR       -21897636.4  175672299.2
LONDON TOWN PLC      LTWR LN      -21897636.4  175672299.2
LONDON TOWN PLC      LTWX LN      -21897636.4  175672299.2
LONDON TOWN PLC      LTW PO       -21897636.4  175672299.2
LONDON TOWN PLC      LTW LN       -21897636.4  175672299.2
LOTUS CARS LTD       1361858Z LN  -35114342.6  198253618.4
LOTUS GROUP INTE     144299Z LN     -36824866  207696437.1
M 2003 PLC           MTWOF US     -2203513803   7204891602
M 2003 PLC           203055Q LN   -2203513803   7204891602
M 2003 PLC-ADR       MTWOE US     -2203513803   7204891602
M 2003 PLC-ADR       MTWOY US     -2203513803   7204891602
MANCHESTER CITY      2348397Z LN   -234766220  728747414.2
MANSFORD HOLDING     253659Z LN   -4565898.06  650742111.3
MARCONI PLC          MY2 GR       -2203513803   7204891602
MARCONI PLC          MNI BB       -2203513803   7204891602
MARCONI PLC          MNI LN       -2203513803   7204891602
MARCONI PLC          MONI BB      -2203513803   7204891602
MARCONI PLC          MRCQF US     -2203513803   7204891602
MARCONI PLC          203083Q VX   -2203513803   7204891602
MARCONI PLC-ADR      MONI US      -2203513803   7204891602
MARCONI PLC-ADR      QUQMON AU    -2203513803   7204891602
MARCONI PLC-ADR      MY2A GR      -2203513803   7204891602
MARCONI PLC-ADR      MCONY US     -2203513803   7204891602
MARCONI PLC-ADR      MONIY US     -2203513803   7204891602
MARCONI PLC-ADR      MRCQY US     -2203513803   7204891602
MARCONI PLC-ADR      MCBA GR      -2203513803   7204891602
MARCONI PLC-ADR      MONIE US     -2203513803   7204891602
MAYBOURNE HOTELS     1824362Z LN  -7394692.72  356529270.5
MCINERNEY GROUP      1967014Z LN   -174737505  140489212.7
MEADOWHALL FINAN     3560793Z LN  -6035547.78   1318968635
MEDIAEDGE CIA UK     1912470Z LN  -30968632.7    193466296
MEDIMMUNE LTD        1596402Z LN   -246912279  292289144.3
MENZIES HOTELS H     4496419Z LN   -100398281  322775887.8
MENZIES HOTELS L     1136583Z LN  -13067356.2  180728283.4
MENZIES HOTELS O     2527986Z LN   -154664298  147542502.3
MERLIN ENTERTAIN     305364Z LN   -223818.382  152824734.8
MIDLAND EXPRESSW     583730Z LN   -96899629.3   1076416510
MILK LINK PROCES     1970766Z LN  -8333038.24  106208608.9
MILLENNIUM STADI     1727672Z LN  -19667498.6  154757357.6
MILLER HOMES LTD     2220892Z LN  -31021993.8    983811413
MNAIP LTD            2018815Z LN  -8594175.01  140270204.8
MONARCH HOLDINGS     4502027Z LN  -69668058.9  698208587.3
MOTO HOSPITALITY     1344378Z LN  -47350900.3   1078461202
MOUCHEL GROUP PL     MCHL TQ      -23499332.3  510247739.7
MOUCHEL GROUP PL     MO6 GR       -23499332.3  510247739.7
MOUCHEL GROUP PL     MOUCF US     -23499332.3  510247739.7
MOUCHEL GROUP PL     MCHL S1      -23499332.3  510247739.7
MOUCHEL GROUP PL     MCHL NQ      -23499332.3  510247739.7
MOUCHEL GROUP PL     MCHL EO      -23499332.3  510247739.7
MOUCHEL GROUP PL     MCHLGBP EO   -23499332.3  510247739.7
MOUCHEL GROUP PL     MCHL EB      -23499332.3  510247739.7
MOUCHEL GROUP PL     MCHL IX      -23499332.3  510247739.7
MOUCHEL GROUP PL     MCHL NR      -23499332.3  510247739.7
MOUCHEL GROUP PL     MCHLEUR EO   -23499332.3  510247739.7
MOUCHEL GROUP PL     MCHL PZ      -23499332.3  510247739.7
MOUCHEL GROUP PL     MCHL VX      -23499332.3  510247739.7
MOUCHEL GROUP PL     MCHLEUR EU   -23499332.3  510247739.7
MOUCHEL GROUP PL     MCHL QM      -23499332.3  510247739.7
MOUCHEL GROUP PL     MCHL BQ      -23499332.3  510247739.7
MOUCHEL GROUP PL     MCHL LN      -23499332.3  510247739.7
MOUCHEL GROUP PL     MCHL EU      -23499332.3  510247739.7
MOUCHEL PARKMAN      MCHL PO      -23499332.3  510247739.7
MYTRAVEL GROUP       MYTPF US      -379721781   1817512774
MYTRAVEL GROUP       3544280Q IX   -379721781   1817512774
MYTRAVEL GROUP       MT/S PO       -379721781   1817512774
MYTRAVEL GROUP       MT/S VX       -379721781   1817512774
MYTRAVEL GROUP       ARO2 GR       -379721781   1817512774
MYTRAVEL GROUP       MT/S LN       -379721781   1817512774
MYTRAVEL GROUP P     MYTGF US      -379721781   1817512774
MYTRAVEL GROUP P     1018144Q GR   -379721781   1817512774
MYTRAVEL GROUP P     MT/ LN        -379721781   1817512774
MYTRAVEL GROUP P     MT/ VX        -379721781   1817512774
MYTRAVEL GROUP-A     2281919Q GR   -379721781   1817512774
MYTRAVEL GROUP-A     MYTVF US      -379721781   1817512774
MYTRAVEL TOUR OP     1190295Z LN  -1444587831   1560632416
NATIONS HEALTHCA     623142Z LN   -73694956.7  114365932.5
NCR LTD              3083521Z LN   -312454220  410209794.2
NDS GROUP HOLDIN     0112196D US   -720982016    649305984
NESTLE UK LTD        1274562Z LN   -431385112   1655061910
NEW LOOK RETAIL      2711544Z LN   -463020029   2346673230
NEW STAR ASSET       3226431Q EU   -397718038  292972732.1
NEW STAR ASSET       NSAM IX       -397718038  292972732.1
NEW STAR ASSET       NSAM TQ       -397718038  292972732.1
NEW STAR ASSET       3226447Q EO   -397718038  292972732.1
NEW STAR ASSET       NSAM PZ       -397718038  292972732.1
NEW STAR ASSET       N6S GR        -397718038  292972732.1
NEW STAR ASSET       3226435Q EO   -397718038  292972732.1
NEW STAR ASSET       3226439Q EU   -397718038  292972732.1
NEW STAR ASSET       NSAM LN       -397718038  292972732.1
NEW STAR ASSET       NSAA LN       -397718038  292972732.1
NEW STAR ASSET       NSAM PO       -397718038  292972732.1
NEW STAR ASSET       NWSAF US      -397718038  292972732.1
NEW STAR ASSET       3226443Q EO   -397718038  292972732.1
NEWCASTLE UNITED     4380361Z LN   -102558583  184539911.8
NEWCASTLE UNITED     1060322Z LN   -112290584  186651205.2
NORBAIN GROUP LT     4007676Z LN  -15436972.5  108956420.2
NORTHERN FO-ASSD     NFDA LN      -70166103.5  924672036.4
NORTHERN FOODS       NFDS TQ      -70166103.5  924672036.4
NORTHERN FOODS       NFDSGBP EO   -70166103.5  924672036.4
NORTHERN FOODS       NFDSEUR EO   -70166103.5  924672036.4
NORTHERN FOODS       NFDS NR      -70166103.5  924672036.4
NORTHERN FOODS       NFDS EB      -70166103.5  924672036.4
NORTHERN FOODS       NFDSEUR EU   -70166103.5  924672036.4
NORTHERN FOODS       NFDS LN      -70166103.5  924672036.4
NORTHERN FOODS       NFDS PZ      -70166103.5  924672036.4
NORTHERN FOODS       NFDS VX      -70166103.5  924672036.4
NORTHERN FOODS       NFDS PO      -70166103.5  924672036.4
NORTHERN FOODS       NFDS BQ      -70166103.5  924672036.4
NORTHERN FOODS       NFDS EU      -70166103.5  924672036.4
NORTHERN FOODS       NFDS NQ      -70166103.5  924672036.4
NORTHERN FOODS       NFDS IX      -70166103.5  924672036.4
NORTHERN FOODS       NFDS S1      -70166103.5  924672036.4
NORTHERN FOODS       NFO GK       -70166103.5  924672036.4
NORTHERN FOODS       NFDS EO      -70166103.5  924672036.4
NORTHERN FOODS       NTFOF US     -70166103.5  924672036.4
NORTHERN FOODS       NFDSUSD EO   -70166103.5  924672036.4
NORTHERN FOODS       NFO GR       -70166103.5  924672036.4
NORTHERN FOODS       NFDS QM      -70166103.5  924672036.4
NORTHERN FOODS       NFDSUSD EU   -70166103.5  924672036.4
NORTHERN FOODS P     NFDR LN      -70166103.5  924672036.4
NORTHERN FOO-NEW     NFDN LN      -70166103.5  924672036.4
NORTHERN FOO-RFD     650060Q LN   -70166103.5  924672036.4
NOVAR ED&S LTD       1286578Z LN    -12362003    176723922
NOVELIS UK LTD       1295610Z LN  -29354907.4  167393334.2
NPIL HOLDCO LTD      3641071Z LN   -174437380  865144704.3
NPOWER GAS LTD       1689816Z LN   -381274434  500408294.4
NPOWER LTD           1185599Z LN   -399535773   3443512739
ODEON AND UCI CI     3489372Z LN   -380122740  961975815.4
O-I MANUFACTURIN     1320610Z LN  -7063615.88  126090273.5
OPTIMUM CARE LTD     3951796Z LN  -23827846.5  131314548.6
ORANGE LTD           951641Q LN    -593935104   2902299502
ORANGE PLC           1460Q GR      -593935104   2902299502
ORANGE PLC           ORNGF US      -593935104   2902299502
ORANGE PLC-ADR       ONG GR        -593935104   2902299502
ORANGE PLC-ADR       ORA$ LN       -593935104   2902299502
ORANGE PLC-ADR       ORNGY US      -593935104   2902299502
ORBIS PLC            OBS LN        -4168493.8  127701679.5
ORBIS PLC            OBS PO        -4168493.8  127701679.5
ORBIS PLC            OBS PZ        -4168493.8  127701679.5
ORBIS PLC            RLP GR        -4168493.8  127701679.5
ORBIS PLC            OBS IX        -4168493.8  127701679.5
ORBIS PLC            OBG PO        -4168493.8  127701679.5
ORBIS PLC            ORBSF US      -4168493.8  127701679.5
OUTDOOR GROUP LT     1318338Z LN  -31903137.7    118192441
PARK FOOD GROUP      PKFD LN      -41823480.8  252651267.4
PARK GROUP PLC       PKG PO       -41823480.8  252651267.4
PARK GROUP PLC       PRKG IX      -41823480.8  252651267.4
PARK GROUP PLC       PRKGF US     -41823480.8  252651267.4
PARK GROUP PLC       PKG EU       -41823480.8  252651267.4
PARK GROUP PLC       PKG EO       -41823480.8  252651267.4
PARK GROUP PLC       PKG LN       -41823480.8  252651267.4
PARK GROUP PLC       PKGGBP EO    -41823480.8  252651267.4
PARK GROUP PLC       PKG VX       -41823480.8  252651267.4
PARK GROUP PLC       PKG PZ       -41823480.8  252651267.4
PARTNERSHIPS IN      551109Z LN   -14369275.5  130118066.9
PATIENTLINE PLC      PTL IX       -54677284.6  124948245.8
PATIENTLINE PLC      2928903Q EU  -54677284.6  124948245.8
PATIENTLINE PLC      PTL PZ       -54677284.6  124948245.8
PATIENTLINE PLC      PTL PO       -54677284.6  124948245.8
PATIENTLINE PLC      2928899Q EO  -54677284.6  124948245.8
PATIENTLINE PLC      2928907Q EO  -54677284.6  124948245.8
PATIENTLINE PLC      PTL LN       -54677284.6  124948245.8
PATIENTLINE PLC      PTL VX       -54677284.6  124948245.8
PD PORT SERVICES     1407442Z LN  -25765273.4  161208354.8
PENDRAGON PREMIE     1858506Z LN  -9649115.16    154892542
PEUGEOT CITROEN      1974702Z LN  -72708407.5    266912249
PHS GROUP HOLDIN     3173182Z LN   -211011146   1915467185
PHS GROUP PLC        592449Z LN    -211011146   1915467185
PIPEX UK LTD         3956092Z LN  -94417178.6  115954049.3
PLACES FOR PEOPL     1914158Z LN  -56178390.8    585147920
PLANNED MAINTENA     1344714Z LN    -57648954  148147314.6
PLUS HOUSING GRO     4015788Z LN  -10023120.6  371941616.5
POLYUS G-GDR         KXZ1 GR        -88561000    241726000
POLYUS G-GDR         POLG TQ        -88561000    241726000
POLYUS G-GDR         PLZLY US       -88561000    241726000
POLYUS G-GDR         PLGL IX        -88561000    241726000
POLYUS G-GDR         POLG LI        -88561000    241726000
POLYUS G-GDR         PLGL LI        -88561000    241726000
POLYUS G-GDR         PLGL QM        -88561000    241726000
POLYUS G-GDR         PLGL EB        -88561000    241726000
POLYUS G-GDR         KXZ GR         -88561000    241726000
POLYUS G-GDR         KZG TQ         -88561000    241726000
POLYUS G-GDR         KAZAY US       -88561000    241726000
POLYUS G-GDR         PLGL TQ        -88561000    241726000
PORTSMOUTH FOOTB     2253627Z LN  -93977761.3  177073811.1
POST OFFICE LTD      1542650Z LN   -810274770   1745713935
POWERCORP INTERN     4449033Z LN  -9367176.05  129787793.6
PPG METRO 500 LT     2224564Z LN  -1594659.46  127340505.5
PREMIER PROPERTY     4006740Z LN   -154087011  766206481.6
PRESTBURY WENTWO     3814856Z LN  -84753043.6    659529899
PRINOVIS LIVERPO     2074147Z LN  -2988243.19  248605708.8
PRODUCTION SERVI     2278723Z LN  -66744030.7  507657733.9
PROSTRAKAN GROUP     PSK IX       -9666264.99  134080449.8
PROSTRAKAN GROUP     PKNGF US     -9666264.99  134080449.8
PROSTRAKAN GROUP     PSKEUR EO    -9666264.99  134080449.8
PROSTRAKAN GROUP     PSK VX       -9666264.99  134080449.8
PROSTRAKAN GROUP     PSK EU       -9666264.99  134080449.8
PROSTRAKAN GROUP     PSK S1       -9666264.99  134080449.8
PROSTRAKAN GROUP     PSK PO       -9666264.99  134080449.8
PROSTRAKAN GROUP     PSK EO       -9666264.99  134080449.8
PROSTRAKAN GROUP     PSKEUR EU    -9666264.99  134080449.8
PROSTRAKAN GROUP     PSK PZ       -9666264.99  134080449.8
PROSTRAKAN GROUP     PSK LN       -9666264.99  134080449.8
PROSTRAKAN GROUP     PSKGBP EO    -9666264.99  134080449.8
QHOTELS GROUP LT     759287Z LN    -184737716  699448824.7
QUINN BUILDING P     3949900Z LN  -85682901.6   1320302420
QUINN RADIATORS      1405898Z LN  -84009968.8  297557563.9
R&R ICE CREAM LT     3624280Z LN   -119415790  995648642.4
RANDSTAD EMPLOYM     1585810Z LN  -26968879.3    105042678
RAYTHEON SYSTEMS     1068610Z LN  -32601425.3    346298511
RBS MEZZANINE LT     2198564Z LN  -96650177.3  156895953.3
RED BEE MEDIA LT     1953086Z LN  -5917906.03  233315140.7
RED FOOTBALL JOI     3277951Z LN   -101906192   1372452972
REGARD HOLDINGS      4157517Z LN  -2678709.28  159772566.2
REGUS LTD            273187Q LN   -46111832.2    367181111
REGUS PLC            2296Z LN     -46111832.2    367181111
REGUS PLC            RGU GR       -46111832.2    367181111
REGUS PLC            REGSF US     -46111832.2    367181111
REGUS PLC            273195Q VX   -46111832.2    367181111
REGUS PLC-ADS        REGSY US     -46111832.2    367181111
REGUS PLC-ADS        REGSV US     -46111832.2    367181111
REGUS PLC-ADS        REGS US      -46111832.2    367181111
REGUS PLC-ADS        RGUA GR      -46111832.2    367181111
RENTOKIL INITIAL     RTO1 GK       -142674955   3045660413
RENTOKIL INITIAL     RTO QM        -142674955   3045660413
RENTOKIL INITIAL     RTO PO        -142674955   3045660413
RENTOKIL INITIAL     RTOPEN EU     -142674955   3045660413
RENTOKIL INITIAL     RTOG IX       -142674955   3045660413
RENTOKIL INITIAL     RTO1 GR       -142674955   3045660413
RENTOKIL INITIAL     RTOEUR EU     -142674955   3045660413
RENTOKIL INITIAL     RTO EB        -142674955   3045660413
RENTOKIL INITIAL     RTO S1        -142674955   3045660413
RENTOKIL INITIAL     RKLIF US      -142674955   3045660413
RENTOKIL INITIAL     RTO TQ        -142674955   3045660413
RENTOKIL INITIAL     RTO PZ        -142674955   3045660413
RENTOKIL INITIAL     RTO VX        -142674955   3045660413
RENTOKIL INITIAL     RTO EU        -142674955   3045660413
RENTOKIL INITIAL     RTO LN        -142674955   3045660413
RENTOKIL INITIAL     RTO NR        -142674955   3045660413
RENTOKIL INITIAL     RTOEUR EO     -142674955   3045660413
RENTOKIL INITIAL     RTOKF US      -142674955   3045660413
RENTOKIL INITIAL     RTO1 EO       -142674955   3045660413
RENTOKIL INITIAL     RTOGBP EO     -142674955   3045660413
RENTOKIL INITIAL     RTO GR        -142674955   3045660413
RENTOKIL INITIAL     RTOUSD EU     -142674955   3045660413
RENTOKIL INITIAL     RTOPEN EO     -142674955   3045660413
RENTOKIL INITIAL     RTO NQ        -142674955   3045660413
RENTOKIL INITIAL     RTO IX        -142674955   3045660413
RENTOKIL INITIAL     RTOUSD EO     -142674955   3045660413
RENTOKIL INITIAL     RTO EO        -142674955   3045660413
RENTOKIL INITIAL     RTO BQ        -142674955   3045660413
RENTOKIL-SP ADR      AP76 LI       -142674955   3045660413
RENTOKIL-SP ADR      RTOKY US      -142674955   3045660413
REXAM BEVERAGE C     1120903Z LN  -15123027.5  118921563.6
ROSEMONT HOLDING     4391905Z LN  -34807182.9  158222622.5
ROSYTH ROYAL DOC     2184524Z LN  -47774646.7  159339969.3
ROYAL BANK LEASI     2177244Z LN    -96708288  12689075410
ROYAL MAIL HOLDI     3900202Z LN  -4979588987   9290852179
SAFFRON HOUSING      4448377Z LN   -3777866.1  124457507.9
SCOTTISH MEDIA       SSMR LN      -36632758.7    143156965
SCOTTISH MEDIA       SSM LN       -36632758.7    143156965
SCOTTISH MEDIA       1442Q GR     -36632758.7    143156965
SCOTTISH TELEV       SCTVF US     -36632758.7    143156965
SCOTTISHPOWER EN     2211292Z LN  -85593217.4   2705930566
SCOTTS CO UK LTD     1154459Z LN  -42301127.2  119882290.9
SEGRO FINANCE PU     2320833Z LN  -1254907.48  270979842.3
SETON HEALTHCARE     2290Z LN     -10585183.9  156822902.8
SEVERN VALE HOUS     4287717Z LN  -43910018.2  115584900.8
SFI GROUP PLC        SUF LN        -108067116  177647536.1
SFI GROUP PLC        SUYFF US      -108067116  177647536.1
SHEFFIELD UNITED     1275418Z LN  -17712590.5  101590746.2
SIMON CARVES LTD     1209367Z LN   -309426997  105356699.7
SKANDIA LIFE BUS     1451642Z LN  -16563612.8  132120692.5
SKYEPHARMA PLC       SKP10 EO      -133034755  130464035.4
SKYEPHARMA PLC       SK8A GR       -133034755  130464035.4
SKYEPHARMA PLC       SK8C GR       -133034755  130464035.4
SKYEPHARMA PLC       SKP6 EO       -133034755  130464035.4
SKYEPHARMA PLC       SKP IX        -133034755  130464035.4
SKYEPHARMA PLC       SKP VX        -133034755  130464035.4
SKYEPHARMA PLC       SKPGBP EO     -133034755  130464035.4
SKYEPHARMA PLC       SKP EU        -133034755  130464035.4
SKYEPHARMA PLC       SKP PO        -133034755  130464035.4
SKYEPHARMA PLC       SKP5 EO       -133034755  130464035.4
SKYEPHARMA PLC       SKP1 VX       -133034755  130464035.4
SKYEPHARMA PLC       SKP PZ        -133034755  130464035.4
SKYEPHARMA PLC       SKP3 EO       -133034755  130464035.4
SKYEPHARMA PLC       SKP9 EO       -133034755  130464035.4
SKYEPHARMA PLC       SKP LN        -133034755  130464035.4
SKYEPHARMA PLC       SKYEF US      -133034755  130464035.4
SKYEPHARMA PLC       SKP TQ        -133034755  130464035.4
SKYEPHARMA PLC       SKP1 EO       -133034755  130464035.4
SKYEPHARMA PLC       SKPEUR EU     -133034755  130464035.4
SKYEPHARMA PLC       SKP BQ        -133034755  130464035.4
SKYEPHARMA PLC       SKP2 EO       -133034755  130464035.4
SKYEPHARMA PLC       SKPEUR EO     -133034755  130464035.4
SKYEPHARMA PLC       SKP7 EO       -133034755  130464035.4
SKYEPHARMA PLC       SKP EO        -133034755  130464035.4
SKYEPHARMA PLC       SKP8 EO       -133034755  130464035.4
SKYEPHARMA PLC       SKP4 EO       -133034755  130464035.4
SKYEPHARMA -SUB      2976665Z LN   -133034755  130464035.4
SKYEPHARMA-ADR       SKYE US       -133034755  130464035.4
SKYEPHARMA-ADR       SK8 GR        -133034755  130464035.4
SKYEPHARMA-ADR       SKYPY US      -133034755  130464035.4
SKYEPHARMA-ADR       AP80 LI       -133034755  130464035.4
SKYEPHARMA-ADR       SK8N GR       -133034755  130464035.4
SKYEPHARMA-ADR       SKYEY US      -133034755  130464035.4
SKYEPHAR-RTS F/P     SKPF VX       -133034755  130464035.4
SKYEPHAR-RTS F/P     SKPF LN       -133034755  130464035.4
SKYEPHAR-RTS N/P     SKPN VX       -133034755  130464035.4
SKYEPHAR-RTS N/P     SKPN LN       -133034755  130464035.4
SLP ENGINEERING      1855186Z LN  -32035150.2  111509874.7
SMG PLC              SMG PO       -36632758.7    143156965
SMG PLC              SMG LN       -36632758.7    143156965
SMG PLC-FUL PAID     SMGF LN      -36632758.7    143156965
SMG PLC-NIL PAID     SMGN LN      -36632758.7    143156965
SMITHS NEWS PLC      NWS1 EU      -97977003.3  345035294.1
SMITHS NEWS PLC      NWS7 EO      -97977003.3  345035294.1
SMITHS NEWS PLC      NWS5 EO      -97977003.3  345035294.1
SMITHS NEWS PLC      NWS IX       -97977003.3  345035294.1
SMITHS NEWS PLC      NWS6 EO      -97977003.3  345035294.1
SMITHS NEWS PLC      NWS11 EO     -97977003.3  345035294.1
SMITHS NEWS PLC      NWS PO       -97977003.3  345035294.1
SMITHS NEWS PLC      NWS2 EO      -97977003.3  345035294.1
SMITHS NEWS PLC      NWS S1       -97977003.3  345035294.1
SMITHS NEWS PLC      NWS13 EO     -97977003.3  345035294.1
SMITHS NEWS PLC      NWS4 EO      -97977003.3  345035294.1
SMITHS NEWS PLC      NWS2GBP EO   -97977003.3  345035294.1
SMITHS NEWS PLC      NWS8 EO      -97977003.3  345035294.1
SMITHS NEWS PLC      NWS VX       -97977003.3  345035294.1
SMITHS NEWS PLC      NWS PZ       -97977003.3  345035294.1
SMITHS NEWS PLC      NWS1 BQ      -97977003.3  345035294.1
SMITHS NEWS PLC      NWS1GBP EO   -97977003.3  345035294.1
SMITHS NEWS PLC      NWS9 EO      -97977003.3  345035294.1
SMITHS NEWS PLC      NWS2EUR EO   -97977003.3  345035294.1
SMITHS NEWS PLC      NWS12 EO     -97977003.3  345035294.1
SMITHS NEWS PLC      SMWPF US     -97977003.3  345035294.1
SMITHS NEWS PLC      NWS10 EO     -97977003.3  345035294.1
SMITHS NEWS PLC      NWS LN       -97977003.3  345035294.1
SMITHS NEWS PLC      NWS2 TQ      -97977003.3  345035294.1
SMITHS NEWS PLC      SMWPY US     -97977003.3  345035294.1
SMITHS NEWS PLC      NWS2EUR EU   -97977003.3  345035294.1
SMITHS NEWS PLC      NWS1 EO      -97977003.3  345035294.1
SONY COMPUTER EN     3893902Z LN   -527371384   1289099673
SONY DADC UK LTD     4007652Z LN  -758038.371  131666251.9
SONY UNITED KING     1591658Z LN  -1219147829   2550391748
SOUTH STAFFORDSH     4049781Z LN  -12127094.8  148602864.7
SOUTHERN CROSS       SCHE PZ       -456945464    226544692
SOUTHERN CROSS       SCHE LN       -456945464    226544692
SOUTHERN CROSS       SCH4 EO       -456945464    226544692
SOUTHERN CROSS       SCHE EO       -456945464    226544692
SOUTHERN CROSS       SCHEGBP EO    -456945464    226544692
SOUTHERN CROSS       SCHEUSD EO    -456945464    226544692
SOUTHERN CROSS       SCHE6 EO      -456945464    226544692
SOUTHERN CROSS       SCHE4 EO      -456945464    226544692
SOUTHERN CROSS       SCHE TQ       -456945464    226544692
SOUTHERN CROSS       SCHE2 EO      -456945464    226544692
SOUTHERN CROSS       SCHE VX       -456945464    226544692
SOUTHERN CROSS       SCHE5 EO      -456945464    226544692
SOUTHERN CROSS       SCHE IX       -456945464    226544692
SOUTHERN CROSS       SCHE NR       -456945464    226544692
SOUTHERN CROSS       SCHE QM       -456945464    226544692
SOUTHERN CROSS       SCHE S1       -456945464    226544692
SOUTHERN CROSS       SCHEEUR EU    -456945464    226544692
SOUTHERN CROSS       SCH5 EO       -456945464    226544692
SOUTHERN CROSS       SCHE EB       -456945464    226544692
SOUTHERN CROSS       SCHE EU       -456945464    226544692
SOUTHERN CROSS       SCHE8 EO      -456945464    226544692
SOUTHERN CROSS       F2Z GR        -456945464    226544692
SOUTHERN CROSS       SCHEUSD EU    -456945464    226544692
SOUTHERN CROSS       SCHEEUR EO    -456945464    226544692
SOUTHERN CROSS       SCHE BQ       -456945464    226544692
SOUTHERN CROSS       SCHE PO       -456945464    226544692
SOUTHERN CROSS       SCHE7 EO      -456945464    226544692
SOUTHERN CROSS       SCH3 EO       -456945464    226544692
SOUTHERN CROSS       SOCHF US      -456945464    226544692
SOUTHERN CROSS       SCHE3 EO      -456945464    226544692
SOUTHERN CROSS       SCHE NQ       -456945464    226544692
SOUTHERN CROSS       F2Z TH        -456945464    226544692
SOUTHERN ELECTRI     2635379Z LN   -259913242   1437660480
SPEAR GROUP HOLD     4470999Z LN  -91133585.6  140447896.6
SPEEDY SUPPORT S     1601730Z LN  -34304692.5  146096457.3
SQUARE ENIX LTD      1826770Z LN   -223995034  278955082.2
SR TECHNICS UK L     2900250Z LN   -143296142  116171355.3
STAGECOACH GROUP     SAGKF US      -158544627   2695903851
STAGECOACH GROUP     SHP4 GR       -158544627   2695903851
STAGECOACH GROUP     SGC1USD EU    -158544627   2695903851
STAGECOACH GROUP     SGC1AUD EU    -158544627   2695903851
STAGECOACH GROUP     SGC1PEN EO    -158544627   2695903851
STAGECOACH GROUP     SGC PO        -158544627   2695903851
STAGECOACH GROUP     SGC1AUD EO    -158544627   2695903851
STAGECOACH GROUP     SGC1 EB       -158544627   2695903851
STAGECOACH GROUP     SGC S1        -158544627   2695903851
STAGECOACH GROUP     SGC1 NR       -158544627   2695903851
STAGECOACH GROUP     SGCG PZ       -158544627   2695903851
STAGECOACH GROUP     SGC1 BQ       -158544627   2695903851
STAGECOACH GROUP     SGC1 NQ       -158544627   2695903851
STAGECOACH GROUP     SGC1 QM       -158544627   2695903851
STAGECOACH GROUP     SGC1EUR EO    -158544627   2695903851
STAGECOACH GROUP     SHP5 GR       -158544627   2695903851
STAGECOACH GROUP     SGC1EUR EU    -158544627   2695903851
STAGECOACH GROUP     SGC2 VX       -158544627   2695903851
STAGECOACH GROUP     SGC1GBP EO    -158544627   2695903851
STAGECOACH GROUP     SGC1PEN EU    -158544627   2695903851
STAGECOACH GROUP     SGC1 EU       -158544627   2695903851
STAGECOACH GROUP     SHP GR        -158544627   2695903851
STAGECOACH GROUP     SGC IX        -158544627   2695903851
STAGECOACH GROUP     SGC1 TQ       -158544627   2695903851
STAGECOACH GROUP     SGC1 EO       -158544627   2695903851
STAGECOACH GROUP     SGC1USD EO    -158544627   2695903851
STAGECOACH GROUP     SGC LN        -158544627   2695903851
STAGECOACH GROUP     SHP4 GK       -158544627   2695903851
STAGECOACH GRP-B     SGCB LN       -158544627   2695903851
STAGECOACH-NEW       SGCN LN       -158544627   2695903851
STAGECOA-SPN ADR     SAGKY US      -158544627   2695903851
STJAMES'S PLACE      4451825Z LN  -40027613.6  444219054.8
STV GROUP PLC        STVGEUR EU   -36632758.7    143156965
STV GROUP PLC        STVG LN      -36632758.7    143156965
STV GROUP PLC        STVGGBP EO   -36632758.7    143156965
STV GROUP PLC        SMG VX       -36632758.7    143156965
STV GROUP PLC        STVG EO      -36632758.7    143156965
STV GROUP PLC        STVG VX      -36632758.7    143156965
STV GROUP PLC        STVGEUR EO   -36632758.7    143156965
STV GROUP PLC        STVG EU      -36632758.7    143156965
STV GROUP PLC        SMG PZ       -36632758.7    143156965
STV GROUP PLC        SMG IX       -36632758.7    143156965
STV GROUP PLC        STVG S1      -36632758.7    143156965
STV GROUP PLC        SMGPF US     -36632758.7    143156965
SUN CHEMICAL LTD     2569274Z LN  -21504458.6  276424178.5
SUNDERLAND ASSOC     1274418Z LN  -30559441.4  144949782.5
SUNSAIL LTD          1092666Z LN  -37047891.8  193976501.7
SUNSEEKER INTERN     820741Z LN   -7756394.62  227371284.6
SWIFT TECHNICAL      4287133Z LN  -34723772.8  138665319.9
TATA CMMNCTNS UK     2534722Z LN  -32378969.2  118690215.5
TDL INFOMEDIA        3362Z LN     -25723860.1  136762955.6
TELEWEST COM-ADR     TWT$ LN      -3702234581   7581020925
TELEWEST COM-ADR     TWSTD US     -3702234581   7581020925
TELEWEST COM-ADR     940767Q GR   -3702234581   7581020925
TELEWEST COM-ADR     TWSTY US     -3702234581   7581020925
TELEWEST COMM        TWSTF US     -3702234581   7581020925
TELEWEST COMM        715382Q LN   -3702234581   7581020925
TELEWEST COMM        604296Q GR   -3702234581   7581020925
TELEWEST COMM        TWT VX       -3702234581   7581020925
TELEWEST COMMUNI     1608194Z LN   -113079710   9113744374
TELEWEST COMMUNI     1646328Z LN   -287113015    868389208
THALES CORPORATE     1083706Z LN  -65658884.5  829798983.7
THALES RAIL SIGN     2812334Z LN  -29298137.4    106623580
THALES TELECOMMU     1163839Z LN  -5826263.27  245379695.8
THAMES WATER FIN     1615Z LN     -48749918.5   4474513723
THORN EMI PLC        THNE FP      -2265916257   2950021937
THORN EMI-ADR        TORNY US     -2265916257   2950021937
THORN EMI-ADR        THN$ LN      -2265916257   2950021937
THORN EMI-CDR        THN NA       -2265916257   2950021937
THORN EMI-REGD       1772Q GR     -2265916257   2950021937
TIMES NEWSPAPERS     2343939Z LN   -653746580  603467606.2
TOPPS TILES PLC      TPT5 EO      -39843958.1  122386142.5
TOPPS TILES PLC      TPT3 EO      -39843958.1  122386142.5
TOPPS TILES PLC      TPT BQ       -39843958.1  122386142.5
TOPPS TILES PLC      TPT1 EO      -39843958.1  122386142.5
TOPPS TILES PLC      TPT2 EO      -39843958.1  122386142.5
TOPPS TILES PLC      TPT PO       -39843958.1  122386142.5
TOPPS TILES PLC      TPT8 EO      -39843958.1  122386142.5
TOPPS TILES PLC      TPT IX       -39843958.1  122386142.5
TOPPS TILES PLC      TPT PZ       -39843958.1  122386142.5
TOPPS TILES PLC      TPT LN       -39843958.1  122386142.5
TOPPS TILES PLC      TPT4 EO      -39843958.1  122386142.5
TOPPS TILES PLC      TPT EO       -39843958.1  122386142.5
TOPPS TILES PLC      TPT7 EO      -39843958.1  122386142.5
TOPPS TILES PLC      TPT9 EO      -39843958.1  122386142.5
TOPPS TILES PLC      TPT10 EO     -39843958.1  122386142.5
TOPPS TILES PLC      TPTEUR EU    -39843958.1  122386142.5
TOPPS TILES PLC      TPT EU       -39843958.1  122386142.5
TOPPS TILES PLC      TPT TQ       -39843958.1  122386142.5
TOPPS TILES PLC      TPTJY US     -39843958.1  122386142.5
TOPPS TILES PLC      TPT6 EO      -39843958.1  122386142.5
TOPPS TILES PLC      TPTGBP EO    -39843958.1  122386142.5
TOPPS TILES PLC      TPTEUR EO    -39843958.1  122386142.5
TOPPS TILES PLC      TPT S1       -39843958.1  122386142.5
TOPPS TILES PLC      TPT VX       -39843958.1  122386142.5
TOPPS TILES PLC      TPTJF US     -39843958.1  122386142.5
TOPPS TILES-NEW      TPTN LN      -39843958.1  122386142.5
TOTAL UK LTD         3897130Z LN  -61225906.1   2907445594
TRAVELEX HOLDING     2917958Z LN  -1345481723   2560468919
TRAVELODGE LTD       3471462Z LN   -515411330   1254613472
TRINITY MIRROR P     1511258Z LN   -138612681   1045091625
TUBE LINES FINAN     1241207Z LN  -2914999.96   2408518672
TUI UK LTD           1653824Z LN   -913811299   5088088830
TYCO HEALTHCARE      1066794Z LN  -13601743.4    333686519
UNILEVER UK CENT     1273034Z LN  -1509554086   6927634057
UNIQ PREPARED FO     1077122Z LN  -96788934.9  206496365.3
UNIVERSAL LEASIN     2581586Z LN  -28690420.2  155128729.2
UNIVERSAL PICTUR     1083202Z LN  -42445816.8  120867289.2
UTC GROUP            UGR LN       -11904428.4    203548565
VANCO UK LTD         2784982Z LN    -56556541  114635709.2
VINK HOLDINGS LT     4380233Z LN  -13477348.3  132005020.2
VIRGIN HOTELS GR     4288389Z LN  -30191249.3  109995632.6
VIRGIN MOB-ASSD      VMOA LN       -392165409  166070003.7
VIRGIN MOB-ASSD      VMOC LN       -392165409  166070003.7
VIRGIN MOBILE        VMOB PO       -392165409  166070003.7
VIRGIN MOBILE        VMOB LN       -392165409  166070003.7
VIRGIN MOBILE        VGMHF US      -392165409  166070003.7
VIRGIN MOBILE        VMOB VX       -392165409  166070003.7
VIRGIN MOBILE        UEM GR        -392165409  166070003.7
VIRGIN WINGS LTD     4500155Z LN   -410616777   5155268566
VODAFONE UK CONT     1909662Z LN  -36036445.4  241077469.5
VOLUTION GROUP L     4453393Z LN  -44375617.5  212542790.8
VOYAGE GROUP LTD     4168725Z LN  -89543682.8    572205624
WALES & WEST UTI     3688061Z LN   -784167197   2080276139
WARNER ESTATE        WNER IX      -41311778.1  373214358.7
WARNER ESTATE        WNER EO      -41311778.1  373214358.7
WARNER ESTATE        WNER EU      -41311778.1  373214358.7
WARNER ESTATE        WRL GR       -41311778.1  373214358.7
WARNER ESTATE        WNER PZ      -41311778.1  373214358.7
WARNER ESTATE        WNEHF US     -41311778.1  373214358.7
WARNER ESTATE        WNER VX      -41311778.1  373214358.7
WARNER ESTATE        WNER LN      -41311778.1  373214358.7
WARNER ESTATE        WNER PO      -41311778.1  373214358.7
WARNER ESTATE        WNERGBP EO   -41311778.1  373214358.7
WATSON & PHILIP      WTSN LN       -120493900  252232072.9
WEAVER VALE HOUS     3953220Z LN  -60271595.7  104022836.2
WEETABIX LTD-A       WTB OF        -397652100  909970808.9
WEETABIX LTD-A       WEEBF US      -397652100  909970808.9
WESCOT TOPCO LTD     4007020Z LN  -28467510.9    115035189
WEST HAM UNITED      1275834Z LN  -60233495.2  174701255.1
WHELCO HOLDINGS      2741744Z LN  -1295249.71    100781831
WHITE HART LANE      2004631Z LN  -5246329.46  130633347.5
WIGHTLINK LTD        1385642Z LN  -15131435.9  231775265.6
WINCANTON PL-ADR     WNCNY US      -290434319   1037176004
WINCANTON PLC        WIN11 EO      -290434319   1037176004
WINCANTON PLC        WIN4 EO       -290434319   1037176004
WINCANTON PLC        WIN1GBP EO    -290434319   1037176004
WINCANTON PLC        WIN LN        -290434319   1037176004
WINCANTON PLC        WIN1 TQ       -290434319   1037176004
WINCANTON PLC        WIN13 EO      -290434319   1037176004
WINCANTON PLC        WIN1 EU       -290434319   1037176004
WINCANTON PLC        WIN1USD EO    -290434319   1037176004
WINCANTON PLC        WIN1EUR EO    -290434319   1037176004
WINCANTON PLC        WIN IX        -290434319   1037176004
WINCANTON PLC        WIN1 QM       -290434319   1037176004
WINCANTON PLC        WIN1 S1       -290434319   1037176004
WINCANTON PLC        WNCNF US      -290434319   1037176004
WINCANTON PLC        WIN PZ        -290434319   1037176004
WINCANTON PLC        WIN1EUR EU    -290434319   1037176004
WINCANTON PLC        WIN12 EO      -290434319   1037176004
WINCANTON PLC        WIN6 EO       -290434319   1037176004
WINCANTON PLC        WIN1 BQ       -290434319   1037176004
WINCANTON PLC        WIN VX        -290434319   1037176004
WINCANTON PLC        WIN1USD EU    -290434319   1037176004
WINCANTON PLC        WIN1 EO       -290434319   1037176004
WINCANTON PLC        WIN10 EO      -290434319   1037176004
WINCANTON PLC        WIN PO        -290434319   1037176004
WINCANTON PLC        WIN1 NQ       -290434319   1037176004
WINCANTON PLC        WIN5 EO       -290434319   1037176004
WINCANTON PLC        WIN8 EO       -290434319   1037176004
WINCANTON PLC        WIN9 EO       -290434319   1037176004
WINCANTON PLC        WIN1 EB       -290434319   1037176004
WINCANTON PLC        WIN7 EO       -290434319   1037176004
WINDSOR TELEVISI     1475394Z LN   -249144874  319668047.9
WINTERTHUR FINAN     1353474Z LN  -5097471.01    146472274
XCHANGING UK LTD     1814130Z LN  -33399235.5  334395990.3
XSTRATA SERVICES     1975918Z LN  -96321998.2  192299104.1
YANG MING UK LTD     1756777Z LN  -38774828.2  293310550.5
YARLINGTON HOUSI     4435313Z LN  -18443811.9  276648958.8
YOUNG'S BLUECRES     1841386Z LN  -46554226.4  279057376.4
ZURICH EMPLOYMEN     1292298Z LN   -122911832  159138559.6


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets.  A company may establish reserves on its
balance sheet for liabilities that may never materialize.  The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland
USA.  Valerie U. Pascual, Marites O. Claro, Rousel Elaine T.
Fernandez, Joy A. Agravante, Ivy B. Magdadaro, Frauline S.
Abangan and Peter A. Chapman, Editors.

Copyright 2012.  All rights reserved.  ISSN 1529-2754.

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

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

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


                 * * * End of Transmission * * *