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        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, October 9, 2012, Vol. 13, No. 201

                            Headlines



B E L G I U M

DEXIA CREDIT: Fitch Affirms & Withdraws 'f' Viability Rating


F R A N C E

COMPAGNIE DE GEOPHYSIQUE: S&P Reinstates BB Rating on US$79M Debt
GROUPAMA SA: S&P Says Sale Won't Constrain UK Unit's Rating
GROUPAMA SA: Fitch Cuts Ratings on 3 Hybrid Instruments to B+


G E O R G I A

* GEORGIA: Fitch Says Power Transfer Has Positive Reflection


G E R M A N Y

PHOENIX PHARMAHANDEL: Fitch Affirms 'BB' LT Issuer Default Rating
S-CORE 2007-1: Moody's Cuts Ratings on Two Note Classes to 'Ca'
S-CORE 2008-1: Moody's Reviews 'Caa3' Rating for Downgrade
WILCO 2007-1: Fitch Cuts Rating on EUR42.45MM Notes to 'Bsf'


G R E E C E

ALPHA BANK: S&P Affirms 'CCC/C' Counterparty Credit Ratings
OMEGA NAVIGATION: Creditors Allowed to Search for Buyer
* GREECE: Fitch Updates Liquidity Gap for Covered Bonds


I T A L Y

COLOMBO SRL: S&P Withdraws 'BB' Rating on Class C Notes
WIND TELECOMUNICAZIONI: Moody's Affirms B1 CFR; Outlook Negative


L U X E M B O U R G

CONTOURGLOBAL POWER: Moody's Assigns 'B2' Corp. Family Rating


N E T H E R L A N D S

JUBILEE CDO IV: S&P Raises Rating on Class C Notes to 'BB+'
* NETHERLANDS: 553 Businesses Declared Bankrupt in September


P O L A N D

CENTRAL EUROPEAN: Moody's Cuts CFR/PDR to Caa2; Outlook Negative


P O R T U G A L

* PORTUGAL: Fitch Says Income Tax Hike to Hit RMBS Default Levels


R U S S I A

O'KEY GROUP: Fitch Affirms 'B+' Issuer Default Ratings
RASPADSKAYA: Evraz Stake Purchase No Impact on Moody's B1 Rating
ULYANOVSK REGION: Fitch Affirms 'BB-' Long-Term Currency Ratings


S P A I N

BANCAJA 7: Fitch Lowers Rating on Class D Notes to 'BBsf'
LICO LEASING: Moody's Reviews 'Ba3' Rating for Downgrade
* Moody's Takes Rating Actions on 4 Spanish Banking Groups
* SPAIN: To Make Payments to Creditors of Ailing Regions


U K R A I N E

FERREXPO PLC: Fitch Affirms 'B' Long-Term Issuer Default Rating


U N I T E D   K I N G D O M

ALPHA TOPCO: Moody's Reviews 'Ba3' Rating for Downgrade
BIG PICTURES: In Administration, TSM Tenon Seeks Buyer
CERES POWER: Mulls Liquidation After Failure to Secure Funds
JEMMA KIDD MAKE-UP: In Administration, Cuts 30 Jobs
LONDON & REGIONAL: Moody's Cuts Rating on Class C Notes to 'B3'

ROMIDA SPORTS: In Administration, Ceases Trading
SCHLEGEL AUTOMOTIVE: In Administration, Jobs at Risk
UNITED CARPETS: High Rent Forces Firm Into Administration


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            *********


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B E L G I U M
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DEXIA CREDIT: Fitch Affirms & Withdraws 'f' Viability Rating
------------------------------------------------------------
Fitch Ratings has affirmed Dexia's Long-term Issuer Default
Rating (IDR) at 'A+', Short-term IDR at 'F1+', Support Rating at
'1' and Support Rating Floor at 'A+'.  The Outlook is Negative.
At the same time, the agency has affirmed and withdrawn Dexia's
Viability Rating (VR) of 'f'.  Dexia's debt securities issued
under the states' funding guarantees have been affirmed at
'AA'/'F1+'.

Rating Action Rationale

Dexia's and Dexia Credit Local's (DCL) IDRs, Support Rating and
Support Rating Floor continue to reflects Fitch's opinion that
there would be an extremely high probability that the states of
France ('AAA'/Negative), and Belgium ('AA'/Negative), would
provide additional support to them, if required.

While the three states of France, Belgium and Luxembourg
('AAA'/Stable) have been involved in the successive support
package provided to Dexia in 2008 and 2011 (i.e. a capital
injection from various French and Belgian public entities in
2008, funding guarantees from the three states in 2008 and 2011),
France and Belgium are, in Fitch's view the most likely source of
additional support in case of need.  Dexia's and DCL's Support
Rating Floor are the same as those of systemically important
French banks and the Negative Outlooks on Dexia's and DCL's Long-
term IDRs continue to mirror that of the French state.

Dexia's VR, placed on 'f' in October 2011, indicates that the
bank would in Fitch's opinion have defaulted had it not received
extraordinary support.  The withdrawal of Dexia's VR reflects the
agency's view that Dexia, as an institution in run-off relying on
extraordinary support from the central banks and states guarantee
for its funding need, cannot be meaningfully analysed on a
standalone basis.

As a core subsidiary to DCL and line with Fitch's criteria, Dexia
Muncipal Agency's (DMA) Long-term IDR is aligned with that of its
sole shareholder and therefore has been affirmed at 'A+'.

RATING DRIVERS AND SENSITIVITIES - SUPPORT RATING AND SUPPORT
RATING FLOOR

Any negative rating action on France's ratings would lead to a
reduction in the French state's ability to provide support to
Dexia and would therefore result in a negative rating action on
Dexia's and DCL's Support Rating Floors and Support Ratings.  Any
decline in the states' willingness to support Dexia could also
result in a downgrade of the banks' Support Rating Floors and
Support Ratings.

RATING DRIVERS AND SENSITIVITIES - IDRs AND SENIOR DEBT

As Dexia's and DCL's Long-term IDRs and senior debt rating are
support driven they would be sensitive to any change in Dexia's
and DCL's Support Rating Floors (whose sensitivities are detailed
above).  The Negative Outlook on Dexia's Long-term IDR mirrors
that of the French state.

The 'A+' rating assigned to Dexia's senior debt reflects Fitch's
view that it is extremely unlikely that the European Commission
(EC) would apply 'burden sharing' to Dexia's senior creditors,
given the very negative impact on investor sentiment (and
therefore ultimately on bank funding costs) and wider
repercussions of such an unprecedented action.  In this context,
the July 2012 Memorandum of Understanding between Spain and the
Euro Group concerning the Spanish banking sector includes
proposed mandatory burden-sharing of losses by subordinated but
not by senior debt holders.

The senior debt rating is highly sensitive to any form of 'burden
sharing' that the EC could impose on senior bondholders among the
restructuring measures for Dexia following state aid received (a
final decision is expected in January 2013).

RATING DRIVERS AND SENSITIVITIES - SUBORDINATE DEBT AND HYBRID
SECURITIES

The ratings of Dexia's subordinated debt and hybrid securities
(issued by DCL and Dexia Funding Luxembourg) reflect the
substantial to exceptionally high levels of risk of potential
non-performance and losses which are not captured by Dexia's and
DCL's IDRs as the IDRs are entirely based on expcted state
support.

The 'CCC' ratings assigned to two DCL lower Tier 2 subordinated
debt (XS0307581883 and XS0284386306, with contractually mandatory
coupon payment) continue to reflect the substantial credit risk
caused by potential EC requirements as part of its 'burden
sharing' concept.  The 'C' ratings assigned to DCL (FR0010251421)
and Dexia Funding Luxembourg (XS0273230572) hybrid Tier 1
securities reflect the coupons missed as part of the first
restructuring plan, and the expected further coupon omission and
poor recovery rates.

Following the first round of state aid received in 2008, the EC
requested that Dexia pay coupons on its subordinated debt
instruments only if deemed contractually mandatory until the end
of 2011. Given the second round of state aid received in October
2011 and related on-going EC investigations, Dexia has decided to
extend this in 2012.  In Fitch's view, it is highly likely that
the EC will, at least, renew the coupon payment ban on
subordinated securities for the sake of the 'burden sharing'
principle.

The ratings of the subordinated debt and hybrid securities are
sensitive to the form of the burden sharing that will be imposed
by the EC.  In particular, the agency would consider a potential
debt restructuring that would result in losses for subordinated
bondholders as a "distressed debt exchange".

RATING DRIVERS AND SENSITIVITIES - GUARANTEED DEBT

The states of Belgium, France and Luxembourg provided Dexia with
a several but not joint guarantee in 2008 (EUR20 billion of
guaranteed debt outstanding at 1st October 2012, no new issue
under this guarantee) and a new similar one in 2011 (EUR51
billion outstanding at the same date).

The ratings assigned to the securities issued under the states'
guarantees (2008 and 2011) are aligned with the rating of the
Belgian sovereign given it is the lowest-rated guarantee
provider, the guarantee is several but not joint and Fitch rates
on a 'first-dollar loss' basis.  Each state is responsible for a
share of the overall guarantee (60.5% for Belgium, 36.5% for
France and 3% for Luxembourg).  The 2011 guarantee has only
received temporary approval from the EC for a maximum of EUR55
billion; the final decision to increase the final guarantee
amount to a maximum of EUR90 billion is expected for January 2013
when the restructuring plan will be agreed with the EC.

The ratings assigned to the securities issued under the
guarantees are sensitive to any rating action on the Belgian
sovereign.  The 'F1+' rating assigned to short-term securities
issued under the guarantee would be downgraded to 'F1' if
Belgium's Long-term IDR were to be downgraded below 'AA-'.

The rating actions are as follows:

Dexia:

  -- Long-term IDR: affirmed at 'A+'; Outlook Negative
  -- Short-term IDR: affirmed at 'F1+'
  -- Viability Rating: affirmed at 'f'; withdrawn
  -- Support Rating: affirmed at '1'
  -- Support Rating Floor: affirmed at 'A+'

DCL:

  -- Long-term IDR: affirmed at 'A+'; Outlook Negative
  -- Senior debt: affirmed at 'A+'
  -- Market linked notes: affirmed at 'A+emr'
  -- Subordinated debt: affirmed at 'CCC'
  -- Tier 1 hybrid securities: affirmed at 'C'
  -- Short-term IDR: affirmed at 'F1+'
  -- Commercial paper: affirmed at 'F1+'
  -- Support Rating: affirmed at '1'
  -- Support Rating Floor: affirmed at 'A+'
  -- State guaranteed debt: affirmed at 'AA/F1+'

Dexia Funding Luxembourg:

  -- Tier 1 hybrid securities: affirmed at 'C'

Dexia Municipal Agency:

  -- Long-term IDR: affirmed at 'A+'; Outlook Negative
  -- Support Rating: affirmed at '1'
  -- Covered bonds rated 'AAA'/Rating Watch Negative: unaffected
     by this rating action



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F R A N C E
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COMPAGNIE DE GEOPHYSIQUE: S&P Reinstates BB Rating on US$79M Debt
-----------------------------------------------------------------
Standard & Poor's Ratings Services reinstated its 'BB' issue
rating on the $79 million secured revolver facility issued by CGG
Veritas Services Holding (U.S.) Inc. and guaranteed by Compagnie
Generale de Geophysique - Veritas, due in January 2014, which was
withdrawn in error in January 2012. The rating is on CreditWatch
with negative implications. "We also reinstated the '2' recovery
rating on this instrument, which indicates our expectation of
substantial (70%-90%) recovery in the event of payment default,"
S&P said.

For the corporate credit rating rationale on Compagnie Generale
de Geophysique - Veritas (CGGV; BB-/Watch Neg/--), please see
S&P's most recent research update on CGGV, "Seismic Services
Company CGGV 'BB-' Ratings Placed On CreditWatch Negative On
Announcement Of Fugro Division Acquisition", published on Sept.
25, 2012.


GROUPAMA SA: S&P Says Sale Won't Constrain UK Unit's Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services placed Groupama Insurance Co.
Ltd. (Groupama UK) on CreditWatch with positive implications.

"Groupama S.A., Groupama UK's parent, has agreed to sell the
company's non-life insurance business to Ageas (UK) Ltd. (Ageas
UK). The CreditWatch placement reflects our expectation that once
the acquisition has officially completed the ratings on Groupama
UK will no longer be constrained by those on Groupama S.A.
(BB/Negative/--). Until completion, we understand that, based on
regulatory restrictions and contractual arrangements, Groupama
S.A. has limited ability to weaken the financial risk profile of
Groupama UK, and little incentive to do so," S&P said.

"The ratings on Groupama UK reflect our view of its good stand-
alone credit characteristics. These include its conservative
investment portfolio, a good and improving operating performance,
and a good competitive position. Partially offsetting these
strengths are the long-term uncertainty surrounding the insurer's
underperformance in its commercial motor and property accounts
and Groupama UK's concentration in the very competitive U.K.
motor insurance market, from which it derived 51% of its premiums
in 2011," S&P said.

"Additionally, there is some uncertainty regarding the continuity
of Groupama UK's broker relationships and commercial business
given the recent financial pressures at Groupama S.A. and
following the sale of part of the group's U.K. broking
operations. Groupama UK and the U.K. broking arm operate as a
distinct and independent business unit within the Groupama group.
The September 2012 agreement that Groupama S.A. signed with Ageas
UK covers the sale of the group's U.K. non-life insurance
business but excludes the broking services," S&P said.

"We expect to resolve our CreditWatch placement on approval of
the acquisition by the U.K.'s Financial Services Authority. If
the acquisition goes through, the rating on Groupama UK will be
based on our assessment of its stand-alone financial and business
characteristics. We currently expect to raise the ratings on
Groupama UK to the 'BBB' category when the transaction completes.
This is expected to take place during the fourth quarter of
2012," S&P said.

"In the event that the acquisition does not go through, we will
resolve the CreditWatch placement and the ratings on Groupama UK
will remain constrained by those on Groupama S.A.," S&P said.


GROUPAMA SA: Fitch Cuts Ratings on 3 Hybrid Instruments to B+
-------------------------------------------------------------
Fitch Ratings has downgraded its ratings on the three hybrid debt
instruments issued by Groupama SA from 'BB' to 'B+, 'B-' and
'CCC', respectively.  All hybrid debt issued by Groupama remains
on Rating Watch Negative.  The agency has also downgraded
Groupama S.A.'s and two of its core insurance subsidiaries,
Groupama GAN Vie and GAN Assurances' Insurer Financial Strength
(IFS) ratings to 'BB+' from 'BBB'.  The Outlook remains Negative.
The IFS rating of GAN Eurocourtage has also been downgraded to
'BB+' from 'BBB' with a Negative Rating Outlook.

The rating actions on the hybrid debt follows the disclosure by
Groupama of its intention not to pay the coupon on its Undated
Deeply Subordinated Notes (ISIN FR0010533414) due on October 22
for a consideration of EUR63 million, which Fitch considers as
non-performance.  Fitch notes Groupama has paid the most recent
coupon on its Undated Senior Subordinated Notes (ISIN
FR0010208751) in July although the company's Solvency 1 ratio at
that time would have entitled an optional deferral.  Groupama
also intends to pay the next coupon on its Dated Senior
Subordinated Notes (ISIN FR0010815464) due in late October 2012.
The maintained RWN on the subordinated debt instruments continues
to reflect Fitch's view of the risk of further coupon deferral.

The downgrade of Groupama's IFS ratings reflects Fitch concerns
that the decision not to pay the coupon on its hybrid debt could
negatively impact the company's reputation and that the group may
face further challenges to its financial condition going forward.
Fitch is also concerned that financial flexibility will diminish
as the agency believes that the group's access to financial
markets will become very constrained for the foreseeable future.

The key rating triggers that could result in a further downgrade
include further non-payment of coupons, deterioration of the
group's financial profile, especially in terms of solvency, as
well as its inability to translate measures aimed at improving
underwriting results into a sustainable strong performance in
non-life (combined ratio near 100%) and life (new business margin
near 1%).

The ratings actions are as follows:

Groupama S.A.

  -- IFS rating downgraded to 'BB+' from 'BBB'; Outlook Negative
     Long-term IDR downgraded to 'BB' from 'BBB-'; Outlook
     Negative
  -- Undated Senior Subordinated debt (ISIN FR0010208751)
     downgraded to 'B-' from 'BB'; maintained on RWN
  -- Dated Senior Subordinated debt (ISIN FR0010815464)
     downgraded to 'B+' from 'BB'; maintained on RWN
  -- Undated Deeply Subordinated Notes (ISIN FR0010533414)
     downgraded to 'CCC' from 'BB'; maintained on RWN

Groupama GAN Vie

  -- IFS rating downgraded to 'BB+' from 'BBB'; Outlook Negative

GAN Assurances

  -- IFS rating downgraded to 'BB+' from 'BBB'; Outlook Negative

GAN Eurocourtage

  -- IFS rating downgraded to 'BB+' from 'BBB'; Outlook Negative



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G E O R G I A
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* GEORGIA: Fitch Says Power Transfer Has Positive Reflection
------------------------------------------------------------
A peaceful transfer of power following Georgia's parliamentary
elections reflects positively on the country's institutions,
Fitch Ratings says, but may be partly offset by an increase in
policy uncertainty.

The poll held October 1 was a test of Georgia's capacity to hold
competitive elections. President Mikheil Saakashvili's concession
of defeat to Bidzina Ivanishvili's Georgian Dream coalition, and
his promise to work "in the frame of the constitution" as
president to help form a new government, suggest that Georgia
will witness its first peaceful change of government at an
election since 1991.  The lack of violence so far suggests that
that the process will be smooth, even after a heated campaign.

Mr. Saakashvili's United National Movement had held power since
the 2003 'Rose Revolution'.

Fitch upgraded Georgia to 'BB-' in December last year due to a
turnaround in its public finances and strong economic growth.  In
July 2011, parliament approved the Law on Economic Liberty, which
will take effect at the end of 2013.  It aims to limit the
consolidated deficit to 3% of GDP and government debt to 60% of
GDP, and limit consolidated budget spending to 30% of GDP.  This
should reduce the risk of deviation from sound fiscal policies.

A departure from sound policies or democratic norms could
potentially interrupt the pipeline of multilateral concessional
financing agreed following the conflict with Russia in 2008.
While Georgia has borrowed on international bond markets, these
flows, together with a precautionary Stand-By Arrangement with
the IMF, support public and external finances.  Georgian Dream's
unexpected victory may still create tests for the country's
democratic institutions.  Mr. Saakashvili is scheduled to remain
in post until presidential elections in October 2013 and any
tensions in his working relationship with Mr. Ivanishvili could
increase policy uncertainty.  Mr. Saakashvili said in a televised
address October 2 that Georgian Dream's views "were and still are
fundamentally unacceptable to me," but that UNM would respect the
election result as the majority verdict of the Georgian people in
a democratic vote.  Mr. Ivanishvili said that he would be able to
work with Mr. Saakashvili.

Bidzina Ivanishvili is a relatively recent entrant to Georgian
politics, and Georgian Dream, an alliance of six relatively
diverse parties, is also something of an unknown quantity.  Some
of its component parties have been involved in previous, short-
lived coalitions that aimed at unseating UNM.  If divisions
emerged within Georgian Dream this too could increase policy
uncertainty.

Nevertheless, Georgian Dream's broad pre-election policy
statements give no reason to assume that sudden changes in
economic, fiscal, or diplomatic policy are likely.  They have
said they will continue to aim for EU and Nato membership (while
having a dialogue with Russia); that they favor a 'small
government' and market-led economic model; that monetary policy
will be orientated towards increasing international currency
reserves; and that they will control increases in external debt
and keep the fiscal deficit to below 3% of GDP.

Thus, while detailed policy will evolve as the new cabinet is
appointed, at first glance there is no reason to assume that a
Georgian Dream government would reverse those structural reforms
enacted in recent years that have helped secure growth and
successfully attracted FDI.  However, there may be a greater
emphasis on spreading the benefits of economic growth to combat
still-high unemployment and poverty.



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G E R M A N Y
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PHOENIX PHARMAHANDEL: Fitch Affirms 'BB' LT Issuer Default Rating
-----------------------------------------------------------------
Fitch Ratings has affirmed Germany-based pharmaceuticals
wholesaler Phoenix Pharmahandel GmbH & Co. KG's Long-term Issuer
Default Rating (IDR) and senior unsecured rating at 'BB'.  The
Outlook is Stable.

Despite some pressure on the European wholesale markets, Phoenix
is performing according to Fitch's expectations for the current
rating level.  An improvement in debt protection measures over
the next few years is expected, helped by solid cash flow
generation and the absence of larger acquisitions and meaningful
dividends.

The ratings are supported by Phoenix's market leading positions
in the European pharmaceuticals wholesale markets, Phoenix's wide
geographical coverage -- which leaves it relatively resilient to
changes in healthcare systems in single countries, its integrated
business model which enhances Phoenix's profitability, and its
solid and relatively predictable cash flow generation, with low
capex requirements.  Negative ratings factors include Phoenix's
low EBITDA margin when compared to other industries, some sales
pressure as a result of cost containment policies from European
governments, as seen in the first half 2012.  Negative rating
factors also include some competitive pressure from pharmacy
acquisitions if European pharmacy markets continue liberalizing.
Fitch expects debt protection measures to improve by FYE2013/14
with the lease and ABS/factoring adjusted net debt/EBITDAR ratio
to be below 4x and EBITDAR net fixed charge cover to approach
3.5x.  The company has a financial policy to reduce net debt
further to reach a net debt/EBITDA ratio of 3x at FYE2013/14.  No
large acquisitions or meaningful dividends are planned by the
company over the next three years.

Phoenix is the market leader in the European pharmaceuticals
wholesale markets with 11 number one market positions and eight
number two or three market positions in the 23 countries it
operates in.  Such strong market positioning helps Phoenix to
benefit from economies of scale, while its pan-European coverage
helps it to be a partner of choice for big pharmaceutical
companies, which to some extent tend to reduce their number of
wholesalers and prefer those with operations in many European
countries.

The group's cash flow generation is helped by the regulated
markets it operates in.  70% to 80% of the group's wholesale
turnover is generated with prescription drugs, the prices of
which are regulated, thus ensuring relatively predictable sales
and EBITDA development.  Demand for medicines is also non-
discretionary.  After capex, EBITDAR conversion into FCF has been
high in FY11/12 at 38% and is expected by Fitch to remain above
25% going forward.

With an EBITDAR margin of 3.0% in FY11, enhanced by is presence
in retail pharmacies, Phoenix has, like many of its industry
peers, low profitability compared to other industries.  The low
level of profitability is however also linked to the relatively
low risk in its operating model and is connected to the profit
margin's relative stability and predictability.

Phoenix's cash flow generation is solid. Over the past four years
the company has consistently shown its ability to generate funds
from operations (FFO) of about EUR300m annually, or a FFO margin
of 1.4% to 1.8% of sales. FFO/sales is expected to increase over
time.

Phoenix's intention is to continue to acquire pharmacies in the
current market to profit from higher margins in the retail
segment. Size helps the company to leverage costs but also helps
it to be a partner of choice for big pharma.  As Phoenix's
competitors are also acquiring pharmacies there might be the risk
that Phoenix loses customers once pharmacy liberalization in a
country starts and Phoenix's wholesale competitors acquire
pharmacies in a larger scale.  Further liberalization of the
pharmacy markets in Germany and other key European markets is
however not likely.  The assigned ratings factor-in the company's
intention to pursue profitable and financially sound add-on
acquisitions (mainly pharmacies) within a pre-defined annual
budget of EUR20 million-EUR30 million.  Government's cost
containment is expected to have a negative impact on sales and
profitability over time.  The effect is expected by Fitch to be
somewhat mitigated by shifts in product mixes towards own label
products and efficiency enhancement programs.

What Could Trigger A Rating Action?

Positive: Future developments that may, individually or
collectively, lead to positive rating action include: Further
deleveraging resulting in net (lease, factoring and ABS-)
adjusted debt / EBITDAR to be below 3x and operating EBITDAR/net
fixed charge cover above 3.5x on a permanent basis.  This
translates into FFO adjusted net leverage below 3.3x and FFO
fixed charge coverage above 2.8x on a continued basis.

Negative: Future developments that may, individually or
collectively, lead to a negative rating action include:
Major debt-financed acquisitions or operational setbacks, which
result in net (lease, factoring and ABS-) adjusted debt/EBITDAR
above 4x and operating EBITDAR/net fixed charge cover below 3x on
a permanent basis.  This translates into FFO adjusted net
leverage above 4.5x and FFO fixed charge coverage below 2.2x.  A
negative rating action might also be considered if FCF/ EBITDAR
was below 25% on a continued basis.


S-CORE 2007-1: Moody's Cuts Ratings on Two Note Classes to 'Ca'
---------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of the
following notes issued by S-CORE 2007-1 GmbH:

    EUR91M A2 Notes, Downgraded to B3 (sf); previously on Feb 11,
    2011 Downgraded to Ba1 (sf)

    EUR8.85M B Notes, Downgraded to Ca (sf); previously on Feb
    11, 2011 Downgraded to Caa2 (sf)

    EUR9.6M C Notes, Downgraded to Ca (sf); previously on Feb 11,
    2011 Downgraded to Caa3 (sf)

S-core 2007-1 is a German SME CLO referencing a static portfolio
of 'schuldscheine' loans mostly with bullet maturities in 2014.
As per the July 2012 information report, Class A-1 notes have
been paid down to EUR78.57 million from amortizations and excess
spread. The outstanding portfolio totals EUR177.88 million of
portfolio assets, representing exposure to 49 loans.

Ratings Rationale

The rating actions are driven by recent additional defaults of
EUR 15 million and a lower expected mean recovery rate on
defaulted assets in the underlying pool.

Internal ratings assigned to the loan obligors by the originator
Deutsche Bank are used to determine their default probabilities.
These internal ratings are converted to Moody's rating scale
using a mapping. The average credit quality of the June 2012 pool
before application of stresses indicate a pool rating marginally
better than at last rating action.

S-CORE 2007 has experienced EUR17.0 million of defaults since
last rating action in February 2011. Reflecting the high default
rate in the pool and a corresponding reduction in excess spread
available to deleverage, the principal deficiency ledger (PDL)
has increased to EUR42.2 million from EUR28.2 million since last
rating action. As per the quarterly information reports available
since closing, total recoveries on defaulted assets amount to
EUR0.97 million. This works out to a very modest recovery rate of
2.35% on EUR41.2 million of defaults which occurred earlier than
2011, and less than 2% on cumulative defaults of EUR58.2 million
till date.

The current PDL of EUR42.2 million fully covers the principal
balances of Classes D, E and F, and a significant portion of
Class C principal. In addition assets in the current pool which
map to Ca/Caa3 credit quality amount to EUR6.9 million; were
these to default, Class B notes may not receive full principal
repayment.

In its base case analysis, Moody's stressed the mapped ratings by
one notch because (i) they are based on lagged financial data,
and (ii) the mapping is more than two years old. This yielded a
default probability consistent with an average B2 rating for the
collateral pool. Whereas at last rating action Moody's assumed
simulated recoveries with a mean of 15% on defaulted assets, the
rating actions are based on a low single digit mean recovery
assumption which is more in line with observed recoveries.

In the process of determining the final ratings, Moody's took
into account the results of the following sensitivity run:

1) Recovery rates of 0% and 5%.

These runs generated model results that are within one notch of
the base case result.

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as evidenced by uncertainties of
credit conditions in the general economy.

Sources of additional performance uncertainties include:

1) Reduced portfolio granularity: The performance of the
portfolio depends to a large extent on the credit conditions of a
few large obligors that are rated non investment grade,
especially when they experience a jump to default. The
realization of higher than anticipated default rate due to the
weakness of large obligors would negatively impact the ratings,
particularly given the pool's reduced granularity as a result of
large scheduled amortizations during the first half of 2012.

2) Recovery rates on defaults: Realized recoveries on defaults
will impact the amount of cash available for repayment of the
notes. Observed recoveries to date have been poor; any
significant improvement in recoveries in the future would have a
positive impact on the ability of the issuer to pay the amounts
due on the issued notes, in particular the senior classes.

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

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

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations. These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, and the potential for selection bias in
the portfolio. All information available to rating committees,
including macroeconomic forecasts, input from other Moody's
analytical groups, market factors, and judgments regarding the
nature and severity of credit stress on the transactions, may
influence the final rating decision.


S-CORE 2008-1: Moody's Reviews 'Caa3' Rating for Downgrade
-----------------------------------------------------------
Moody's Investors Service has placed on watch for possible
downgrade the ratings of the following notes issued by S-CORE
2008-1 GmbH:

    EUR385.45M A1 Notes, Aaa (sf) and Placed Under Review for
    Possible Downgrade; previously on July 08, 2008 Assigned Aaa
    (sf)

    EUR32.45M A2 Notes, A2 (sf) and Placed Under Review for
    Possible Downgrade; previously on Mar 30, 2011 Downgraded to
    A2 (sf)

    EUR7.95M B Notes, Baa3 (sf) and Placed Under Review for
    Possible Downgrade; previously on Mar 30, 2011 Downgraded to
    Baa3 (sf)

    EUR6.1M C Notes, Ba2 (sf) and Placed Under Review for
    Possible Downgrade; previously on Mar 30, 2011 Downgraded to
    Ba2 (sf)

    EUR7.9M D Notes, B3 (sf) and Placed Under Review for Possible
    Downgrade; previously on Mar 30, 2011 Downgraded to B3 (sf)

    EUR13.6M E Notes, Caa3 (sf) and Placed Under Review for
    Possible Downgrade; previously on Mar 30, 2011 Downgraded to
    Caa3 (sf)

S-core 2008-1 is a German SME CLO referencing a static portfolio
of 'schuldscheine' loans with bullet maturities in November 2012
and November 2014. As per the June 2012 information report, Class
A-1 notes have been paid down to EUR235.77 million from
amortizations and excess spread. The outstanding portfolio totals
EUR300.5 million, representing exposure to 139 loans. There have
been no additional defaults since the last rating action in
Mar 2011, and the principal deficiency ledger has a balance of
EUR1.8 million compared to cumulative defaults of EUR19.2
million.

Ratings Rationale

The outlook actions are driven by a lower than expected mean
recovery rate on defaulted assets in the underlying pool.

As per the quarterly information reports available since closing,
total recoveries on defaulted assets amount to EUR1.29 million.
This works out to a modest recovery rate of 6.7% on cumulative
defaults of EUR19.2 million. Whereas at last rating action
Moody's assumed simulated recoveries with a mean of 30% on
defaulted assets, the review for downgrade is based on the single
digit mean recovery observed to date.

Moody's targets to complete this review for downgrade in the next
few weeks, by which time it expects to 1) undertake fuller
analysis of the transaction's recovery rates on defaults, and 2)
analyze transaction performance based on the September 2012
information report when this becomes available.

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as evidenced by uncertainties of
credit conditions in the general economy.

Sources of additional performance uncertainties include:

1) Portfolio granularity: The performance of the portfolio
depends to a large extent on the credit conditions of a few large
obligors that are rated non investment grade, especially when
they experience a jump to default. The realization of higher than
anticipated default rate due to the weakness of larger obligors
would negatively impact the ratings.

2) Recovery rates on defaults: Realized recoveries on defaults
will impact the amount of cash available for repayment of the
notes. Observed recoveries to date have been modest; any
significant improvement in recoveries in the future would have a
positive impact on the ability of the issuer to pay the amounts
due on the issued notes, in particular the senior classes.

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

No additional cash flow, sensitivity analysis or stress scenarios
have been conducted as this rating action is based entirely on
the observed low recovery rates on the defaulted assets in the
collateral pool.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations. These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, and the potential for selection bias in
the portfolio. All information available to rating committees,
including macroeconomic forecasts, input from other Moody's
analytical groups, market factors, and judgments regarding the
nature and severity of credit stress on the transactions, may
influence the final rating decision.


WILCO 2007-1: Fitch Cuts Rating on EUR42.45MM Notes to 'Bsf'
------------------------------------------------------------
Fitch Ratings has downgraded WILCO 2007-1 GmbH's commercial
mortgage-backed floating-rate notes due 2024 as follows:

  -- EUR36.32m Class A: downgraded to 'AAsf' from 'AAAsf';
     Outlook Stable

  -- EUR42.45m Class B: downgraded to 'Bsf' from 'BBBsf'; Outlook
     Negative

The downgrades are driven by the significant re-letting risk
prevalent in the transaction.  All six outstanding loans are
secured by single assets, and four of them are let to individual
tenants, on leases with expiries ranging from less than a year to
8.8 years.

Fitch is particularly concerned about the three largest loans,
which account for over two-thirds of the current aggregate
outstanding principal balance.  All three loans share similar
characteristics in that they are scheduled to mature in 2013 and
are secured on single Amsterdam offices let to single tenants
with leases expiring in less than two years.

The agency believes that if any of these assets were to become
vacant, the refurbishment costs required to secure a re-letting
would be significant.  Without an income stream, the loan
sponsors would be forced to use funds from outside the
transaction to fund any capex work, along with all ongoing tax
and utility costs.

The sponsors may be willing to do this as the whole loan-to-value
ratios (LTV) on all six loans are between 44% and 71%, indicating
that significant equity remains.  However, Fitch believes a
distressed sale on a vacant asset could leave several of the
loans with LTVs close to 100%.  While the credit enhancement
offered by the class B note remains significant to project full
repayment in the majority of scenarios, the aforementioned
occupational risk is not commensurate with the highest rating for
the most senior class.  The Outlook on the class B notes is
Negative, reflecting that they are directly exposed to event
risks connected to the weakest loans.

Since the last rating action in October 2011, three loans have
repaid in full, with the funds flowing sequentially and reducing
the class A balance by EUR113.29 million.



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


ALPHA BANK: S&P Affirms 'CCC/C' Counterparty Credit Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC/C' long-term
and short-term counterparty credit ratings on Greece-based Alpha
Bank A.E. (Alpha). "We also affirmed our 'CC' issue rating on
Alpha's hybrid securities. The outlook is negative," S&P said.

"The rating action follows Alpha's announcement that it has
entered into exclusive negotiations with French banking group
Credit Agricole S.A. (CASA, A/Stable/A-1) to acquire Greece-based
Emporiki Bank (not rated)," S&P said.

"The affirmation reflects our opinion that, at the current rating
level, any potential adverse impact of the proposed transaction
on Alpha's financial and business profile would be mitigated by
our expectation of continued support for it from the Hellenic
Financial Stability Fund (HFSF). Consequently, acquiring Emporiki
would have a limited effect on our current overall assessment of
Alpha's creditworthiness," S&P said.

"In particular, we expect Alpha will likely continue to receive
enough capital support from HSFS, in addition to the EUR1.9
billion it has already received, to maintain an adequate
regulatory capital position even in a scenario where the
acquisition of Emporiki materializes. We also anticipate that
Alpha will continue to have access to extraordinary funding
facilities under European support mechanisms to satisfy its
potential liquidity needs, including any potential needs related
to the possible acquisition of Emporiki. We believe that buying
Emporiki could result in Alpha potentially requiring higher
external support than we previously estimated. This is because,
in our opinion, Emporiki has weaker asset quality than the
average for domestic peers, which could make Alpha more
vulnerable than these peers to the currently deteriorated Greek
economy and potentially lead to weakening of its financial
profile, including capital and risk position," S&P said.

"The negative outlook is based on the possibility that we could
lower the ratings on Alpha, if we believe it will default on its
obligations, as defined by our criteria. We could lower the
ratings on the bank if its access to the EU's extraordinary
liquidity support mechanisms, including the Emergency Lending
Assistance (ELA) discount facility at the European Central Bank
(unsolicited AAA/Stable/A-1+), is impaired for any reason. 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 banks' need for additional extraordinary liquidity
support from EU authorities," 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.


OMEGA NAVIGATION: Creditors Allowed to Search for Buyer
-------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that creditors of Omega Navigation Enterprises Inc. were
authorized by the bankruptcy judge to search for a buyer to take
the petroleum-tanker owner away from the current owner.

According to the report, Omega filed a Chapter 11 reorganization
plan drawing objection from the unsecured creditors' committee
and junior secured lenders.  The committee filed papers in U.S.
Bankruptcy Court in Houston seeking authority to negotiate with a
third party to buy the operation and sponsor an alternative
reorganization.  Although the bankruptcy judge didn't permit the
committee to propose a competing plan, she did allow the creditor
panel to search for a buyer or investor, using confidential
information given proper safeguards.  The committee is required
to disclose the identity of potential buyers to the company and
the lenders.

The report relates that the lenders and the creditors both
contend the company's plan violates bankruptcy law and can't be
approved. Filed in August, the company plan would be funded
partly with a new investment of about US$2.5 million by an entity
related to George Kassiot is, the chief executive officer.  In
return, his company would receive all the new stock.  Junior
secured lenders could buy one-third of the new equity if they too
make new contributions.  The committee faulted the company for
not testing the market to learn whether the current owner's new
investment would be large enough to justify retaining the equity.
A hearing to approve disclosure materials explaining the
company's plan was on the court's Oct. 1 calendar.  It was
postponed until Oct. 15.

                      About Omega Navigation

Athens, Greece-based Omega Navigation Enterprises Inc. and
affiliates, owner and operator of tankers carrying refined
petroleum products, filed for Chapter 11 protection (Bankr. S.D.
Tex. Lead Case No. 11-35926) on July 8, 2011, in Houston, Texas
in the United States.

Omega is an international provider of marine transportation
services focusing on seaborne transportation of refined petroleum
products.  The Debtors disclosed assets of US$527.6 million and
debt totaling US$359.5 million.  Together, the Debtors wholly own
a fleet of eight high-specification product tankers, with each
vessel owned by a separate debtor entity.

HSH Nordbank AG, as the senior lenders' agent, has first liens on
vessels to secure a US$242.7 million loan.  The lenders include
Bank of Scotland and Dresdner Bank AG.  The ships are encumbered
with US$36.2 million in second mortgages with NIBC Bank NV as
agent.  Before bankruptcy, Omega sued the senior bank lenders in
Greece contending they violated an agreement to grant a three
year extension on a loan that otherwise matured in April 2011.

An affiliate of Omega that manages the vessels didn't file, nor
did affiliates with partial ownership interests in other vessels.

Judge Karen K. Brown presides over the case.  Bracewell &
Giuliani LLP serves as counsel to the Debtors.  Jefferies &
Company, Inc., is the financial advisor and investment banker.

The Official Committee of Unsecured Creditors has tapped Winston
& Strawn as local counsel; Jager Smith as lead counsel; and First
International as financial advisor.


* GREECE: Fitch Updates Liquidity Gap for Covered Bonds
-------------------------------------------------------
Fitch Ratings has updated the liquidity gap and systemic risk
component assessment to "minimal discontinuity" from "very low"
for 11 covered bond pass-through programs.

There is no impact on the ratings of the programs or their
Discontinuity Caps (D-Caps), which for the seven programs in
France and the UK are assessed as D-Cap 8 (minimal discontinuity
risk) and for the four Greek programs are assessed as D-Cap 3
(moderate high risk).  Fitch has revised the component assessment
to "minimal discontinuity" for these programs in order to
differentiate between programs that should have no need to
liquidate cover assets under any scenario, such as pass through
programs, versus ones that have highly liquid assets to protect
investors against maturity mismatches in the event of an issuer
default, such as for most public sector programs.

French covered bonds:

  -- CM-CIC Home Loans FCT, mortgage covered bonds 'AAA'/Stable
  -- CMNE Home Loans FCT, mortgage covered bonds 'AAA'/Stable
  -- VMG Vauban Mobilisations Garanties, mortgage covered bonds
     'AAA'/Stable
  -- Zephyr Home Loans FCT, mortgage covered bonds 'AAA'/Stable

Greek covered bonds:

  -- Alpha Bank, mortgage covered bonds 'CCC+'
  -- Eurobank Ergasias S.A., mortgage covered bonds 'CCC+'
  -- National Bank of Greece S.A. - Programme II, mortgage
     covered bonds 'CCC+'
  -- Piraeus Bank, mortgage covered bonds 'CCC+'

UK covered bonds:

  -- Bank of Scotland Plc - Intelligent Finance, mortgage covered
     bonds 'AAA'/Stable
  -- Barclays Bank PLC, public sector covered bonds 'AAA'/Stable
  -- Clydesdale Bank PLC - No. 1 program, mortgage covered bonds
     'AAA'/Stable

A pass-through amortization profile does not guarantee a D-Cap of
8.  A D-Cap of 3 (moderate high risk) applies to the four Greek
covered bond programs despite their pass-through redemption
profile in the event of an issuer default, owing to potential
systemic challenges associated with the alternative management
component.

D-Caps determine the maximum rating notch uplift from the Long-
term Issuer Default Rating of the issuing financial institution
to the covered bond rating on a probability of default basis,
reflecting Fitch's view of the likelihood of a program defaulting
in the aftermath of an issuer default.  Apart from a D-Cap of 8,
D-Caps are based on the highest risk assessment of the following
components: asset segregation, liquidity gap and systemic risk,
alternative management (systemic and cover pool-specific) and
privileged derivatives.

D-Caps of 8 are assigned when programs have no liquidity gaps and
there is protection for interest payments, in line with Fitch's
criteria.  The assessments of all D-Caps components are published
for programs with a D-Cap of 8, but the highest risk assessment
does not drive the result unless Fitch expects that a weakness in
any of the components would compromise the overall minimal
discontinuity assessment for the program.



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


COLOMBO SRL: S&P Withdraws 'BB' Rating on Class C Notes
-------------------------------------------------------
Standard & Poor's Ratings Services withdrew its credit ratings on
the class A2, B, and C notes issued by Colombo S.r.l.

"The withdrawals follow our April 5, 2012 withdrawal of the long-
term and issue ratings on the Region of Emilia-Romagna, which
alone accounts for nearly 68% exposure to the underlying loan
portfolio," S&P said.

"Subsequently, in our opinion, there is insufficient information
of satisfactory quality to continue to rate and surveil the notes
in this transaction," S&P said.

"We have therefore withdrawn our ratings on the class A2, B, and
C notes. Colombo repaid the class A1 noteholders in full in
2010," S&P said.

"Colombo is a cash flow collateralized debt obligation (CDO)
transaction backed by a portfolio of loans to Italian regions,
provinces, municipalities and other public sector entities. The
transaction closed in August 2001," 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

Colombo S.r.l.
EUR394.449 Million Asset-Backed Floating-Rate Notes

Ratings Withdrawn

A2           NR              A (sf)/Watch Neg
B            NR              A- (sf)/Watch Neg
C            NR              BB (sf)/Watch Neg

NR-Not rated.


WIND TELECOMUNICAZIONI: Moody's Affirms B1 CFR; Outlook Negative
----------------------------------------------------------------
Moody's Investors Service has changed the rating outlook on Wind
Telecomunicazioni S.p.A. ("Wind" or "the company") to negative
from stable. At the same time, Moody's has affirmed the company's
B1 corporate family rating (CFR) and B1 probability of default
rating (PDR) as well as the Ba3 rating on the company's senior
secured bank facilities and senior secured notes due 2018 and the
B3 rating on the senior notes due 2017.

Concurrently, Moody's has assigned a Caa1 CFR and Caa1 PDR to
Wind Acquisition Holdings Finance S.p.A. ("WAHF") and affirmed
the Caa1 rating on the PIK notes due 2017 issued at the Wind
Acquisition Holdings Finance S.A. level. The rating outlook at
WAHF is also negative.

Ratings Rationale

Wind's B1 CFR continues to reflect the company's (i) solid market
share of the telecommunications services in Italy and its strong
competitive positioning vis-a-vis its main competitors, Telecom
Italia and Vodafone; (ii) diversified business model into mobile,
fixed line and broadband internet; and (iii) the company's stable
performance in 2011 and H1 2012 on the back of successful
campaigns to attract new subscribers and grow its data revenues.

At the same time, the B1 CFR reflects (i) Wind's high leverage
expected to be close to 4.6x debt to EBITDA (as adjusted by
Moody's and excluding the WAHF PIK notes); (ii) limited medium-
term de-leveraging prospects with weak free cash flow to debt
(iii) the uncertainty over future performance as the macro-
economic outlook in Italy is expected to continue to deteriorate
in the coming year (iv) the expected negative impact of
aggressive mobile termination rates (MTR) introduced in July
2012; and (v) the group's complex capital structure and the lack
of explicit potential support from its ultimate parent, the
Vimpelcom Ltd group (Ba3).

The assignment of a separate CFR and PDR at WAHF reflects the
structural ring-fencing between WAHF and Wind, with no cross-
default into Wind from WAHF. The Caa1 also reflects the fact that
the PIK notes are required to pay cash interest from 2014 and
that this cash payment, absent support from Vimpelcom, should
come from Wind upstreaming cash to WAHF. However, Moody's expects
that Wind will be restricted by its facilities agreement in
making upstream payments at that time. This increases the risk of
default at WAHF compared to the default probability of Wind. One
positive outcome would be for Vimpelcom to service this cash
interest requirement at WAHF although the current ratings assume
no support from the parent.

WAHF's Caa1 ratings also reflect Moody's expectation that in the
case of a default of Wind, WAHF would also default. In this case
there would be a very low or no recovery for the PIK.

The change of outlook to negative incorporates Moody's views on
the future performance of Wind which could be negatively impacted
by continued drops in ARPU and increased competitive pressures
which would erode the company's EBITDA margins. The outlook also
reflects the macro-economic conditions in which the company is
operating and expectations that the Italian economy, and with it
consumer spending, could contract in the coming year putting
pressure on the local telecommunications industry in general as
users look to reduce usage.

In the six months ended June 30, 2012, Wind reported marginal
declines in revenues and EBITDA of respectively -0.7% and -1.1%
vs. H1 2011 mainly driven by a substantial drop in ARPU (-5.5%
for Mobile ARPU) which was only partially mitigated by an
increase in subscriber numbers of 3.2%.

At the start of July 2012 Wind saw the introduction of a further
MTR cut to 2.5 cents from 5.3 cents, representing a 53% decline.
In January 2013 interconnect rates will decrease by a further 40%
to 1.5 cents. The combined impact of those cuts will drive a
substantial drop in ARPU in 2013 compared to 2012.

Although Wind has recently managed to mitigate MTR-led ARPU drops
by increasing its subscriber base, the company's competitive
advantage relies on aggressively low pricing and positioning
itself as the only value provider. Going forward, it remains
vulnerable to a competitive reaction from Vodafone and Telecom
Italia that could jeopardize Wind's subscriber growth efforts and
also its margins.

Wind's liquidity profile is weak despite the only debt maturity
in 2013 being EUR81 million due on the Ministry loan granted in
relation of the 2011 LTE auction. Beyond 2013, EUR125 million is
due in May 2014, and a further EUR81 million due in October and
EUR125 million in November of the same year. Meagre free cash
flow generation in relation to its debt means that Wind company
may need to enter into strict cash flow management in terms of
capex and working capital or require external funding over this
period to deal with these maturities.

Rating Outlook

The negative outlooks on both Wind and WAHF reflect Moody's
concerns over the economic environment it Italy, which could
pressure Wind's current profitability levels. In addition, the
outlooks reflect the potential risks associated with near-term
debt refinancing requirements.

What Could Change the Rating - Up

Given the uncertainty over the economic environment and the lack
of any material deleveraging expectations, there is limited
positive rating pressure. The rating outlooks could be stabilized
if Wind demonstrates sustained deleveraging or material positive
free cash flow generation. They could also be stabilized
following positive support demonstrated by Vimpelcom.

Upward ratings pressure on WAHF is limited by the high
probability of default on the PIK.

What Could Change the Rating - Down

The ratings could be downgraded should Wind's leverage rise
towards 5x. Downgrades could also occur if free cash flow
generation moves closer towards zero, if there were any
deterioration in the liquidity profile, or if there were no
evidence of either Wind or WAHF refinancing its debt well ahead
of maturities.

Negative ratings pressure on WAHF would develop in line with any
further negative pressure on Wind or if there remains no
solution, in the medium term, to service the 2014 cash interest
on the current PIK.

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



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


CONTOURGLOBAL POWER: Moody's Assigns 'B2' Corp. Family Rating
-------------------------------------------------------------
Moody's Investors Service assigned inaugural ratings to
ContourGlobal Power Holdings S.A. (Contour), including a
Corporate Family Rating (CFR) of B2, a Speculative Liquidity
Rating of SGL-3, and a B2 senior secured rating (LGD4 52%) to the
company's proposed $350 million five year term loan. The term
loan is unconditionally guaranteed by ContourGlobal L.P., the
ultimate parent company, and is also guaranteed by substantially
all of ContourGlobal L.P.'s first-tier subsidiaries. In addition,
the capital stock of the first-tier subsidiaries, representing
the equity ownership in the power projects, is pledged as
security. The rating outlook is stable.

Ratings Rationale

The B2 Corporate Family Rating reflects Contour's diverse and
largely contracted generating portfolio, with some projects
located in developing countries and exhibiting a high degree of
business risk. The rating is constrained by the significant
concentration of projected cash flow from just a few power
plants: the Maritsa coal plant in Bulgaria, the Arrubal and
Kramatorsk plants in Spain and the Ukraine respectively, and the
KivuWatt plant currently under construction in Rwanda. Moreover,
the rating takes into consideration Contour's continued expansion
in higher credit risk developing economies with non-existent
power markets.

Proceeds from the term loan are expected to be used to repay
approximately $60 million of non-recourse project debt with the
remainder available to fund future corporate growth
opportunities.

Contour owns and operates 25 power projects representing
approximately 2,518 MW of gross capacity operating in Europe,
Africa, the Caribbean, South America, and the United States.
Additionally, the company has five projects totaling 215 MW of
generating capacity under construction. The generating capacity
is a mix of coal, natural gas, wind, hydro, solar, biomass, and
fuel oil. Moody's views Contour's hedging program favorably as
plants generally have long-term PPA's with local utility
offtakers generally based on availability, rather than dispatch,
and the PPA's generally have adjustment clauses in place to
recover changes in fuel costs. In addition, Contour has long-term
fuel hedges and O&M service agreements in place at many of its
major projects.

In addition to traditional power generation, Contour also owns
several quad generation facilities through its CG Solutions
subsidiary, which generate electric, heat, cooling and CO2 for
Coca-Cola bottling plants in Europe and Africa.

Moody's anticipates that Contour's consolidated credit metrics
will be somewhat strong for the rating including cash from
operations before changes in working capital (cash flow) to debt
of about 9-14% and cash flow interest coverage of about 2.4-2.8x
over the medium-term. These metrics support the rating and help
offset some of the project specific risks.

Moody's main project level concerns are as follows:

1. Moody's calculates that Maritsa could contribute $30-50
million of distributions annually through 2017, representing 25-
40% of total project distributions to Contour. However, there is
uncertainty in the cash flows due to the high level of
receivables owed to Maritsa by the sole power-offtaker NEK, the
national Bulgarian utility. Maritsa has had high receivables
outstanding since before Contour acquired the project. As of
June 30, 2012, Maritsa's past due accounts receivables balance
was EUR65 million along with EUR15.5 million of current
receivables. Moody's calculates that this represents about 110
days of revenues. Moody's recognizes Contour's efforts to reduce
Maritsa's working capital through negotiations with NEK; however,
it is not clear when or how the problem will be resolved.

2. KivuWatt is a new plant under development in Rwanda that will
extract methane gas from Lake Kivu, transport it to land and use
it for natural-gas fired generation. Moody's believes
constructing a new technology, lake gas extraction project in a
developing country presents significant risks. Phase I of the
project involves floating a gas extraction barge to extract the
gas, constructing a pipeline to bring it onshore and building a
26 MW gas plant. This is expected to be online by the first
quarter of 2013 after some project delays. The total cost of
Phase I is $142 million. Phase II will install three additional
gas extraction barges and total additional generating capacity of
75 MW and could be online by 2015. The project has a PPA with
recovery of most costs of capacity and variable and fixed O&M.
Approximately 64% of the total construction cost has been spent
through mid August 2012 and actual spending has been at budgeted
levels. Contour provided US$55 million of guarantees to cover
cost overruns and potential debt buydown. Beginning in 2014,
KivuWatt is expected to provide about 8-10% of total projected
distributions to Contour.

3. Contour also has significant exposure to Spain and Ukraine
with its Arrubal and Kramatorsk plants. Both plants run well and
have provided fairly predictable cash flows. However, Moody's
notes the plants create significant exposure for Contour to these
countries difficult political environments. Moody's projects
Arrubal could provide about 10-28% and Kramatorsk could provide
about 3-8% of total distributions.

Liquidity

Moody's SGL-3 rating reflects Contour's adequate liquidity
profile. Moody's projects that Contour will generate sufficient
internal cash flows to meet its operating obligations but expect
external financing will be needed for growth capital
expenditures. Contour, as a holding company, only owns equity
interests in its operations at the project-level. The projects
are generally fully encumbered with debt and they might be
difficult to sell in a distressed situation due to the potential
involvement of local governments or utilities. Any sales would
also likely occur when market prices of similar projects are
depressed. The SGL-3 rating reflects Moody's expectation that
Contour will enter a $35 million bank revolving credit agreement
not long after term loan closing that will be used for short-term
funding needs related to acquisitions and project development.
Moody's expects the credit facility will be pari passu with the
term loan.

The term loan's maintenance covenants require an unconsolidated
interest coverage ratio of at least 1.5x and an unconsolidated
net leverage ratio of at most 5x initially and declining to 4x
beginning in March 31, 2015. Moody's projects that covenant
compliance could be tight in 2013 depending on Contour's ability
to bring new projects online and reduce working capital at
Maritsa.

Terms of the term loan require mandatory prepayment with 100% of
excess cash flow and therefore the financial performance of
Contour's portfolio will determine the degree of refinancing risk
in 2017.

The stable outlook reflects the expectation that Contour will
continue to finance its projects with a significant amount of
debt at the operating levels while generally running the projects
well and contractually hedging operating costs and revenues of
the projects. An upgrade of Contour could occur if it reduces
Maritsa's working capital, leading to improved distributions from
the project, if it is able to bring KivuWatt Phases I and II
online, and if it continues to exhibit a track record of
completing new projects on time and on budget. A downgrade could
occur if there is a deterioration in financial metrics; an
increased likelihood of financial covenant violations; further
delays or unsuccessful completion of the KivuWatt project, or
further increases in the accounts receivable balance at Maritsa.

Contour's term loan rating was determined using Moody's Loss
Given Default (LGD) methodology. Based on Contour's B2 CFR and a
B2 PDR, and based strictly on the priority of claims within
Contour parent, the LGD model suggests a rating of B2 (LGD4 52%)
for the term loan. Moody's included the planned credit facility
in the LGD though it did not impact the notching.

The methodology used in this rating was the Unregulated Utilities
and Power Companies published in August 2009.



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


JUBILEE CDO IV: S&P Raises Rating on Class C Notes to 'BB+'
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on Jubilee
CDO IV B.V.'s class A, B-1, B-2, and C notes. "At the same time,
we affirmed our ratings on the class D-1 and D-2 notes," S&P
said.

"The rating actions follow our assessment of the transaction's
performance using data from the latest available trustee report,
dated Aug. 20, 2012," S&P said.

"Jubilee CDO IV has been amortizing since the end of its re-
investment period in October 2010. Since our previous review of
the transaction on Aug. 4, 2011, the portfolio size has decreased
by 16.19% to EUR265.0 million from EUR316.2 million," S&P said.

"From our analysis, we have observed that EUR71.2 million of the
class A notes have paid down since our last rating action, which
in our view has helped increase the credit enhancements for all
classes of notes since we last took rating action. We have also
observed an increase in the weighted-average spread to 389 basis
points (bps) from 322 bps, as well as an improvement in
recoveries across all rating levels," S&P said.

"We subjected the capital structure to a cash flow analysis to
determine the break-even default rate for each rated class. In
our analysis, we used the reported portfolio balance that we
consider to be performing, the weighted-average spread, and the
weighted-average recovery rates that we considered appropriate.
We incorporated various cash flow stress scenarios using
alternative default patterns, levels, and timing for each
liability rating category, in conjunction with different interest
stress scenarios," S&P said.

"From our analysis, we have observed that the non-euro-
denominated assets currently comprise 23.19% of the portfolio.
These assets are hedged under a cross-currency swap agreement. In
our cash flow analysis, we considered scenarios where the hedging
counterparties do not perform and where the transaction is
therefore exposed to changes in currency rates," S&P said.

"In our opinion, the level of credit enhancement available to the
class A notes is consistent with a higher rating than previously
assigned, taking into account our credit and cash flow analyses
and the application of our 2012 counterparty criteria. We have
therefore raised our rating on the class A notes to 'AAA (sf)'
from 'AA (sf)'," S&P said.

"Our credit and cash flow analysis on the class B-1, B-2, and C
notes indicated that the level of available credit enhancement is
consistent with higher ratings than previously assigned. We have
therefore raised our ratings on the class B-1 and B-2 notes to
'A+ (sf)' from 'BBB+ (sf)' and raised our rating on the class C
notes to 'BB+ (sf)' from 'BB- (sf)'. As the updated ratings on
these three notes are currently lower than the ratings on any of
the counterparties in the transaction, they are not affected by
the application of our 2012 counterparty criteria," S&P said.

"We have affirmed our ratings on the class D-1 and D-2 notes
because our analysis indicates that the level of available credit
enhancement is consistent with the currently assigned ratings,"
S&P said.

"Our ratings on the class B-1, B-2, C, D-1, and D-2 notes were
constrained by the application of the largest obligor default
test, a supplemental stress test that we introduced in our 2009
criteria update for corporate collateralized debt obligations
(CDOs)," S&P said.

"Jubilee CDO IV is a cash flow collateralized loan obligation
(CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms. The transaction closed in
August 2004 and is managed by Alcentra Ltd.," 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

Jubilee CDO IV B.V.
EUR410 Million Secured Floating- and Fixed-Rate Notes

Class                 Rating
               To                From

Ratings Raised

A              AAA (sf)          AA (sf)
B-1            A+ (sf)           BBB+ (sf)
B-2            A+ (sf)           BBB+ (sf)
C              BB+ (sf)          BB- (sf)

Ratings Affirmed

D-1            CCC+ (sf)
D-2            CCC+ (sf)


* NETHERLANDS: 553 Businesses Declared Bankrupt in September
------------------------------------------------------------
According to Statistics Netherlands, in September, 553 businesses
and institutions (excluding one-man businesses) in the
Netherlands were declared bankrupt -- nearly 40 more than in
August.

The number of bankruptcies was also slightly higher than in
September 2011, when 527 businesses and institutions were
declared bankrupt, Statistics Netherlands notes.

The three-month moving average stood at 596 in September, down
from 611 in August, Statistics Netherlands discloses.  September
is the second month in a row in which the three-month moving
average fell, Statistics Netherlands states.

In the first nine months of 2012, nearly 5,539 businesses and
institutions went bankrupt, i.e 23 percent more than in the same
period of 2011, Statistics Netherlands says.



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


CENTRAL EUROPEAN: Moody's Cuts CFR/PDR to Caa2; Outlook Negative
----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating (CFR) and probability of default rating (PDR) of Central
European Distribution Corporation (CEDC) to Caa2 from Caa1.
Concurrently, Moody's has downgraded to Caa1 from B3 the rating
on the senior secured notes due in 2016 issued by CEDC Finance
Corporation International. This rating action concludes the
review initiated in March 2012. The outlook on the ratings is
negative.

Ratings Rationale

"The downgrade reflects delays in CEDC securing adequate
financing to repay its US$310 million of convertible notes due
March 2013 which are increasing Moody's concerns that the
definitive agreement for a strategic alliance between CEDC and
Russian Standard Corporation (Russian Standard) might not
conclude at the current terms," says Paolo Leschiutta, a Moody's
Vice President - Senior Credit Officer and lead analyst for CEDC.

Moody's notes that CEDC's definitive agreement for a strategic
alliance with Russian Standard, announced on April 23, 2012, is
subject to shareholders' approval, which the company was
originally expected to receive on June 29, 2012 but has not yet
obtained. The delay follows CEDC's announcement on June 4, 2012
that it had discovered some accounting irregularities at its
Russian division. The accounting irregularities mainly affect
CEDC's 2011 and 2010 financial accounts and delayed the release
of CEDC's second-quarter 2012 results and, consequently, a vote
by its shareholders on whether to approve the strategic alliance,
as well as the provision of financial support by Russian
Standard.

Although Moody's understands from the company that the release of
its second-quarter results might happen over the coming few days,
the ongoing uncertainties related to (1) the capability to
refinance the convertible bond maturity in a timely manner; (2)
the future capital structure of the group, and (3) CEDC's
operating performance so far this year indicate, in Moody's view,
a higher probability of default. Nonetheless, Moody's
acknowledges that Russian Standard has reiterated its commitment
to support CEDC after the latter disclosed the accounting
irregularities.

Under the current agreement, Russian Standard will provide
financial support to CEDC to repay its $310 million of senior
convertible notes due March 2013, which, at the current
conditions, will not result in any loss for existing bondholders.
However, the March 2013 maturity of the convertible notes is
approaching, and Moody's remains concerned about CEDC's
underlying operating profitability. Despite cash injections of
$100 million already received from Russian Standard, CEDC would
still be faced with significant short-term debt maturities if it
were to fail to obtain shareholders' approval over the coming
weeks, resulting in immediate pressure being exerted on the
company's ratings.

The negative outlook reflects the ongoing uncertainty related to
CEDC's future capital structure, including its refinancing plans,
and the ongoing difficulties experienced by the company in
Russia. In this context, Moody's notes that the majority of its
concerns about CEDC's liquidity would be alleviated by the
company successfully refinancing its notes with no losses for
bondholders. However, the company's key credit metrics are likely
to remain weak over the short term.

What Could Change The Rating Up/Down

Given the negative outlook, Moody's does not currently expect
upward rating pressure. However, the outlook on the rating could
stabilise if CEDC successfully receive shareholder's approval on
Russian Standard's financial support and addresses its
refinancing needs related to the $310 million of convertible
notes due March 2013.

A further negative action on the ratings could be triggered by
(1) a failure on the part of CEDC to demonstrate progress in
addressing its refinancing needs over the next few weeks; or (2)
any transaction that could qualify as a distressed exchange under
Moody's definitions, leading to potential losses for bondholders.
Moody's methodology for evaluating a distressed exchange
considers inter alia whether (1) the issuer is offering creditors
a new package of security or cash, and whether this amounts to a
diminished financial obligation relative to the original
obligation prescribed by the notes' indentures; and (2) the
exchange is being offered to allow the issuer to avoid a
bankruptcy or payment default.

For further details on this topic, please see our rating
implementation guidance "Moody's Approach to Evaluating
Distressed Exchanges", published in March 2009.

Downgrades:

  Issuer: Central European Distribution Corporation

     Probability of Default Rating, Downgraded to Caa2 from Caa1

     Corporate Family Rating, Downgraded to Caa2 from Caa1.

Issuer: CEDC Finance Corporation International

     Senior Secured Regular Bond, Downgraded to Caa1 (LGD3 - 38%)
     from B3.

The outlook on the ratings is negative.

Principal Methodology

The principal methodology used in rating CEDC was the Global
Alcoholic Beverage Rating Methodology published in September
2009. Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

Headquartered in Warsaw, Poland, CEDC is one of the largest vodka
producers in the world, with annual sales of around 33.2 million
nine-litre cases, mainly in Russia and Poland. Following
investments in Russia over the past two years and the
consolidation since February 2011 of Whitehall Group, an importer
and distributor of premium spirits and wine, CEDC generated net
revenues of around US$878 million during financial year-end
December 2011.



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


* PORTUGAL: Fitch Says Income Tax Hike to Hit RMBS Default Levels
-----------------------------------------------------------------
A proposed increase in Portuguese income tax would cut household
income and could have a knock-on effect on arrears and default
levels in the RMBS transactions.  The proposed tax hike would
increase the average rate of income tax to 11.8% from 9.8% and
introduce a 4% income tax surcharge for 2013.

The combination of the magnitude of the increase, the universal
nature and direct effect on net income means this is likely to
have a greater impact on performance than other austerity
measures, such as sales taxes and cuts in public sector spending,
Fitch Ratings says.

The possibility for further deterioration in performance is
reflected in Fitch's base case default assumption, which takes
into account the average market loan-to-value (LTV) and debt-to-
income (DTI) ratios and incorporates a cushion compared with
actual levels of default seen to date across transactions.

The exact impact is hard to measure, but by way of example, if
this were to push a borrower with a 75% LTV mortgage from a DTI
of 35% to a DTI of 45% it would increase our base case default
assumptions to 10% from 8.1%. We will continue to monitor the
actual impact and take action accordingly.

Transactions that are already failing to generate the necessary
excess revenue to provision against defaults are most exposed to
the increase in income tax.  The Lusitano 4, 5 and 6 transactions
are good examples.  In these transactions the reserve funds have
been heavily drawn (53.3%, 33.5% and 13.7% of their targets,
respectively) to provision for the pipeline of loans that are in
arrears by between 12 and 24 months.  The Lusitano transactions
were downgraded for performance reasons last month as part of a
review of 30 Portuguese RMBS transactions.

Fitch increased its loss assumptions for Portuguese mortgage
loans in August and has capped ratings at 'Asf'/Negative since
the sovereign was downgraded in November to 'BB+'/Negative to
reflect the increased risk from lower growth and a weaker
sovereign credit profile.



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


O'KEY GROUP: Fitch Affirms 'B+' Issuer Default Ratings
------------------------------------------------------
Fitch Ratings has assigned O'KEY LLC's prospective issuance of a
new bond under its of RUB8 billion program an expected foreign
and local currency senior unsecured rating of 'B+(exp)', and a
Long-term National Rating of 'A-(rus)(exp)'.  O'KEY Group S.A.'s
(O'KEY)Long-term foreign and local currency Issuer Default
Ratings (IDRs) have been affirmed at 'B+' and the National Long-
term rating at 'A-(rus)'.  The Outlooks on all ratings are
Stable. The notes are an unsecured instrument issued by O'KEY LLC
and guaranteed by Dorinda JSC.  These notes therefore rank junior
compared to O'KEY's secured debt instruments.

Fitch assumes that given the group's size, market position in the
Russian food retail market, the prospect of recoveries for
noteholders, given default, would likely be based on a "going
concern" basis.

In Fitch's bespoke recovery analysis for the company, a
distressed multiple of 6.0x and an embedded value (EV) of RUB30.5
billion are assumed.  Fitch's distressed EV analysis implies a
post-restructuring EBITDA of RUB5.6 billion,.

Based on Fitch's estimated enterprise valuation in a distressed
sale scenario the resulting recoveries on the proposed notes
equates to a Recovery Rating of 'RR1' (91% - 100% recovery given
default) although the assigned recovery is capped at 'RR4' (31%-
50% recovery prospects given default) given the Russian
jurisdiction based on the agency's country-specific treatment of
Recovery Ratings.  Therefore, there is no notching of the notes
from O'KEY's IDR.

Fitch expects O'KEY to access the capital market in order to
finance its aggressive expansion program in the coming years.

The final ratings on the planned notes are contingent upon the
receipt of final documents conforming to information already
received by Fitch.


RASPADSKAYA: Evraz Stake Purchase No Impact on Moody's B1 Rating
----------------------------------------------------------------
Moody's Investors Service said that the announcement that Evraz
plc (unrated) will acquire an indirect controlling interest in
Raspadskaya OAO (B1, stable) is credit neutral for Raspadskaya
and credit positive for Evraz Group S.A. (Ba3, stable). The
Transaction does not have immediate credit implications for the
rating or outlook of Raspadskaya or Evraz taking into
consideration the uncertainty of current industry conditions,
including weak steel demand and low coking coal prices. The
Transaction is expected to close by the end of 2012 and is
subject to the receipt of regulatory approvals, including
clearance by the Russian Federal Antimonopoly Service.

On October 4, 2012, Evraz plc announced that it had agreed to the
terms for the acquisition of an indirect controlling interest in
Raspadskaya OAO and its subsidiaries (the "Acquisition" or the
"Transaction"). Evraz plc agreed to purchase a 50% interest in
Corber Enterprises Limited ("Corber"), a company which holds an
82% interest in Raspadskaya. Evraz Group S.A. owns the other 50%
of Corber, which it acquired in 2004. Evraz plc is the parent of
Evraz Group S.A. (together, called "Evraz"). Following completion
of the Acquisition, Evraz will own 82% of Raspadskaya's shares.

The Acquisition is credit positive for Evraz Group S.A. for the
following reasons:

1. The Acquisition moves Evraz's self-sufficiency for coking coal
to about 130% from the current 69%. Raspadskaya has proved and
probable reserves of 1.3 billion tonnes;

2. Raspadskaya's cash costs for coking coal concentrate
(US$62/tonne in H1 2012) are among the lowest in the sector and
compare favorably to those of Evraz (US$79 in Q2 2012);

3. The Acquisition price of approximately US$800 million does not
involve any premium over the market price of Raspadskaya's shares
prior to the transaction;

4. The Transaction is structured such that the cash component
(US$202 million) represents just one-quarter of the of the total
purchase price. The cash consideration will be paid in four equal
installments from the first quarter of 2013 until the first
quarter of 2014, which will moderate its effect on the liquidity
of Evraz. Moreover, as Raspadskaya is being bought by Evraz plc
rather than Evraz Group S.A., where the covenants are tested, the
acquisition will not impact Evraz Group S.A.'s credit metrics,
unless the Transaction terms or structure change;

5. Evraz knows Raspadskaya quite well via its board
representation due to its former 41% indirect ownership and via
its customer-supplier relationships (in the first half of 2012,
Raspadskaya sold about 25% of its coking coal to Evraz);

6. The management of Evraz does not plan to buy out the minority
holders of Raspadskaya, which means no further cash outlays are
expected. Operationally, Raspadskaya will be managed as before
with no envisioned changes to its dividend policy or capex plans.

Having said that, Moody's notes that at the moment coking coal
prices are under pressure, being about 30% lower than in 2011,
and steel sector demand for coking coal is subdued, so it will
take quite a while before all the benefits of the Acquisition are
realized. The Transaction will add US$330 million of Corber's net
debt to Evraz plc's balance sheet.

The transaction is credit neutral for Raspadskaya, which will
continue to be managed by its former owner until at least year-
end 2013. No changes are expected to the company's dividend
program or capex plans. A change of control of Raspadskaya will
not trigger any liquidity event under its bilateral loan
agreements or LPNs. Evraz does not provide financial guarantees
to Raspadskaya and there is no historic evidence of financial
support to Raspadskaya.

Evraz is one of the largest vertically integrated steel, mining
and vanadium companies in Russia.  The company has a number of
investment projects underway to raise its iron ore and coal
output and to increase its steel-making capabilities. Raspadskaya
is one of Russia's largest coking coal producers with a coal
production volume of 6.3 million tonnes in 2011.


ULYANOVSK REGION: Fitch Affirms 'BB-' Long-Term Currency Ratings
----------------------------------------------------------------
Fitch Ratings has affirmed Ulyanovsk Region's Long-term foreign
and local currency ratings at 'BB-' and Short-term foreign
currency rating at 'B'.  The agency also affirmed the region's
National Long-term rating at 'A+(rus)'.  The Outlooks on the
Long-term ratings are Stable.

The affirmations reflect Fitch's expectation of the region's
budgetary performance stabilization, low direct risk and
contingent liabilities.  However, they also factor in weak socio-
economic profile of the region and modest self-financing capacity
for capital outlays leading to debt growth.

An improvement in the operating balance to about 10% of operating
revenue, coupled with moderate debt in line with Fitch's
expectations would lead to an upgrade.  Conversely, worsening
budgetary performance coupled with a sharp growth of debt leading
to significant deterioration of debt-coverage ratios would lead
to downgrade.

Fitch forecasts the region will maintain a stable operating
performance despite increasing operating expenditure pressure
with operating margins at about 3%-4% in 2012-2014 supported by
sound growth of tax revenue.  Operating balance will remain
satisfactory for debt servicing needs.  The region's operating
performance recovered in 2011, with operating balance increasing
to 4% of operating revenue, up from weak balance of 1.8% in 2010.
Operating revenue increased by 16.5%, while operating expenditure
increased by 13.8% in 2011.

The agency forecasts the region will have high deficit before
debt variation in 2012, at about 10% of total revenue.  This will
increase direct risk to a still low 22% of current revenue in
2012 (2011: 19%).  The region has modest self-financing capacity
for capital outlays and debt will continue to grow due to capital
expenditure financed via new borrowing.  However, Fitch forecasts
the direct risk will not exceed moderate 30% of current revenue.
Debt coverage ratio (direct risk/current balance) will be about
six to eight years, above the direct risk average maturity of
three years.

Fitch estimates the region's medium-term refinancing needs are
moderate.  The region has to refinance about RUB1 billion budget
loans in 4Q12 and RUB0.9 billion of bank loans in 2013.  This
amount is completely covered by unused committed RUB2 billion
credit lines open with Sberbank ('BBB'/Stable/'F3').  The region
has a refinancing peak in 2014, when it has to refinance about
RUB3 billion.  The agency expects that the region will roll-over
these loans with the bank.

The region's contingent risk is also low and solely composed of
the debt of the region's public-sector entities.  This totaled a
modest RUB469 million at year-end 2011 and is fully self-serviced
by the companies.

Ulyanovsk, in the centre of European Russia, is part of the
Privolzhskiy Federal District.  The local economy is modest in
size and per capita gross regional product contributed 0.5% of
national GDP in 2010 and accounted for 0.9% of the country's
population.



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


BANCAJA 7: Fitch Lowers Rating on Class D Notes to 'BBsf'
---------------------------------------------------------
Fitch Ratings has affirmed 23 and downgraded two tranches of
Bancaja 3-9, a series of Spanish RMBS.  The agency has also
removed 19 tranches from Rating Watch Negative (RWN).

The downgrades of the junior notes in Bancaja 4 and 7 are mainly
due to the weaker performance of the assets in the past 12 months
and the insufficient levels of credit support available.  The
removal of the RWN on notes rated above 'BBBsf' follows the
implementation of remedial actions on ineligible counterparties.
The role of account bank and paying agent has been transferred to
Barclays Bank Plc ('A'/Stable/'F1') from Banco Santander
('BBB+'/Negative/'F2') in all deals, in line with the transaction
documentation.  In Fitch's view, Barclays Bank Plc is deemed an
eligible counterparty to support ratings of structured finance
transactions of 'AA-sf'.

The Bancaja series features residential mortgage loans originated
and serviced by Caja de Ahorros de Valencia, Castellon, y
Alicante now integrated within Bankia ('BBB'/Negative/'F2') with
a very strong regional concentration in the Valencia region.

In Fitch's view, the worsening macroeconomic environment is
having an impact on borrower affordability across the
transactions.  As of August 2012, the portion of loans in arrears
by more than three months (3M+ arrears) rose to between 3.8% and
1.2% relative to the current portfolio balances compared with
2.6% and 0.6% 12 months ago.  The Negative Outlooks on the
majority of the junior and mezzanine notes reflects Fitch's
concern about the arrears trend and the general outlook for the
Spanish mortgage market.

Bancaja 4 experienced one of the steepest rises in arrear levels,
with the 3M+ ratio as of August 2012 rising to 1.5% compared to
0.6% 12 months ago.  As a result, the pro rata amortization
triggers (set at 2% of all loans arrears by more than three
months including defaults of the current portfolio), have now
been breached and the notes are paying down sequentially.  The
downgrade of the Class C notes is a direct reflection of the
weaker asset performance.

The Bancaja 7 transaction also experienced a rise in arrears,
albeit not as great as that observed in Bancaja 4, with the 3M+
arrears rising to 1.7% compared to 0.9% 12 months ago.  The
levels of credit enhancement available to the Class D notes was
deemed insufficient to withstand e 'BBBsf' stresses following
Fitch's updated assumptions captured in the latest Spanish RMBS
criteria (see 'EMEA Residential Mortgage Loss Criteria Addendum -
Spain' dated 24 July 2012). As a result, the class D note has
been downgraded to 'BBsf'.

The rating actions are as follows:

Bancaja 3, Fondo de Titualizacion de Activos:

  -- Class A (ISIN ES0312882006): affirmed at 'AA-sf'; Outlook
     Negative; off RWN
  -- Class B (ISIN ES0312882014): affirmed at 'AA-sf'; Outlook
     Negative; off RWN
  -- Class C (ISIN ES0312882022): affirmed at 'BBBsf'; Outlook
     Stable

Bancaja 4, Fondo de Titualizacion Hipotecaria:

  -- Class A (ISIN ES0312883004): affirmed at 'AA-sf'; Outlook
     Negative
  -- Class B (ISIN ES0312883012): affirmed at 'AA-sf'; Outlook
     Negative
  -- Class C (ISIN ES0312883020): downgraded to 'BBB+sf' from
     'A+sf'; Outlook Negative

Bancaja 5, Fondo de Titualizacion de Activos:

  -- Class A (ISIN ES0312884002): affirmed at 'AA-sf'; Outlook
     Negative; Off RWN
  -- Class B (ISIN ES0312884010): affirmed at 'AA-sf'; Outlook
     Negative; Off RWN
  -- Class C (ISIN ES0312884028): affirmed at 'A-sf'; Outlook
     revised to Negative from Stable

Bancaja 6, Fondo de Titualizacion de Activos:

  -- Class A2 (ISIN ESO312885017); affirmed at 'AA-sf'; Outlook
     Negative; Off RWN
  -- Class B (ISIN ESO312885025): affirmed at 'AA-sf'; Outlook
     Negative; Off RWN
  -- Class C (ISIN ESO312885033): affirmed at 'A-sf'; Outlook
     revised to Negative from Stable

Bancaja 7, Fondo de Titualizacion de Activos:

  -- Class A2 (ISINES0312886015): affirmed at 'AA-sf'; Outlook
     Negative; Off RWN
  -- Class B (ISIN ES0312886023): affirmed at 'AA-sf'; Outlook
     Negative; Off RWN
  -- Class C (ISINES0312886031): affirmed at 'A-sf'; Outlook
     Negative; Off RWN
  -- Class D (ISINES0312886049): downgraded to 'BBsf' from 'BBB-
     sf'; Outlook Negative

Bancaja 8, Fondo de Titulizacion de Activos:

  -- Class A (ISIN ES0312887005): affirmed at 'AA-sf'; Outlook
     Negative; Off RWN
  -- Class B (ISIN ES0312887013): affirmed at 'A+sf'; Outlook
     Negative; Off RWN
  -- Class C (ISIN ES0312887021): affirmed at 'BBB+sf'; Outlook
     Negative
  -- Class D (ISIN ES0312887039): affirmed at 'BB+sf'; Outlook
     Negative

Bancaja 9, Fondo de Titulizacion de Activos:

  -- Class A2 (ISIN ES0312888011): affirmed at 'AA-sf'; Outlook
     Negative; Off RWN
  -- Class B (ISIN ES0312888029): affirmed at 'Asf'; Outlook
     Negative; Off RWN
  -- Class C (ISIN ES0312888037): affirmed at 'BBsf'; Outlook
     Negative
  -- Class D (ISIN ES0312888045): affirmed at 'Bsf'; Outlook
     Negative
  -- Class E (ISIN ES0312888052): affirmed at 'CCsf'; Recovery
     Estimate of 0%


LICO LEASING: Moody's Reviews 'Ba3' Rating for Downgrade
--------------------------------------------------------
Moody's Investors Service assigned definitive ratings to ABS
notes issued by TdA Lico Leasing III, FTA:

   EUR78 million Bonos, Assigned A3 (sf)

Moody's has not assigned any rating to EUR59.0M Prestamo B.

TdA Lico Leasing III, FTA is a securitization of credit rights
(interest and principal, excluding the purchase option and VAT)
derived from financial lease contracts granted by Lico Leasing
(Ba3/NP; ratings under review for downgrade) to Spanish small and
medium size enterprises (SMEs) and self-employed individuals.

Lico Leasing is acting as Servicer of the loans while
Titulizacion de Activos S.G.F.T., S.A (TdA). is the Management
Company ("Gestora"). To mitigate any operational risk Link
Financial Group (NR) has been appointed at closing as the back-up
servicer. Link Financial Group will only step in at the
discretion of the management company which acts as a back-up
servicer facilitator and independent cash manager.

Ratings Rationale

The provisional pool of underlying assets comprised credit rights
derived, as of July 2012, from a portfolio of over 5,883 lease
contracts to 4,206 debtors. The contracts were mainly originated
between 2008 and 2012, with a weighted average seasoning of 1.8
years and a weighted average remaining term of 3.6 years. In
terms of underlying assets, most of the outstanding of the
portfolio finance vehicles. Geographically, the pool is located
mostly in Andalusia (19.4%), Catalonia (13.0%) and Galicia
(10.3%). At closing, there will be no loans with more than 30
days in arrears. As of July 2012 the provisional pool was
EUR149,030,497 of which a pool of EUR137,000,000 will be selected
at closing.

According to Moody's, the ratings take account of, among other
factors, (i) a loan-by-loan evaluation of the underlying
portfolio of loans; (ii) historical performance information;
(iii) the non-amortizing cash reserve (3.0% of the total pool);
(iv) the appointment of a back-up servicer and of a back-up
servicer facilitator at closing; and (v) the sound legal
structure of the transaction. More precisely, the notes benefit
from non amortizing cash reserve amounting overall to 3.0% of the
pool. This cash reserve serves as a liquidity cushion and as such
it is only available to cover interest shortfalls on the rated
notes and items senior thereto during the lifetime of the
transaction. Nevertheless, this liquidity cushion will be
available as credit enhancement when the notes are fully redeemed
or at final legal maturity.

Moody's notes this deal benefits from several credit strengths:
(i) granular portfolio with effective number of 1030; (ii) a well
diversified pool all over Spain; (iii) short weighted average
life of 1.9 years (iv) static structure; (v) no exposure to real
estate leasing; and (iv) an up-front funded reserve fund
representing 3% of the pool. Moody's notes that the transaction
features a number of credit weaknesses, including: (a) the
transaction is exposed to interest rate and basis risk; (b)
commingling risk as there is a non-investment grade trigger of
Ba2 on the account bank; (c) non-investment grade servicer; (d)
legal uncertainty associated with the leased asset recoveries
upon default of the originator; (e) sovereign risk. These
characteristics were reflected in Moody's analysis and ratings,
where several simulations tested the available 46.1% total credit
enhancement (i.e. notes subordination and reserve fund) for the
notes to cover potential shortfalls in interest or principal
envisioned in the transaction structure.

In its quantitative assessment, Moody's assumed an inverse normal
default distribution for this transaction due to the high
granularity of the portfolio. The rating agency derived the
default distribution, namely the mean default probability and its
related standard deviation, via the analysis of: (i) the
characteristics of the loan-by-loan portfolio information and the
historical vintage data; (ii) the potential fluctuations in the
macroeconomic environment during the lifetime of this
transaction; and (iii) the portfolio concentrations in terms of
industry sectors and single obligors. Moody's assumed the
cumulative default probability of the portfolio to be 8.05%
(equivalent to B1 proxy) with a coefficient of variation (i.e.
the ratio of standard deviation over mean default rate) of around
97%. The rating agency has assumed stochastic recoveries with a
mean recovery rate of 50% and a standard deviation of 20%. In
addition, Moody's has assumed prepayments to be around 10% per
year.

Moody's also tested other set of assumptions under its Parameter
Sensitivities analysis. For instance, if the assumed default
probability of 8.05% used in determining the initial rating was
changed to 11.3% and the recovery rate of 50.0% was changed to
40%, the model-indicated rating for the notes of A3(sf) would
have not changed.

The global V Score for this transaction is Medium/High, which is
in line with the score assigned for the Spanish SME sector and
representative of the volatility and uncertainty in the Spanish
SME sector. V-Scores are a relative assessment of the quality of
available credit information and of the degree of dependence on
various assumptions used in determining the rating. The main
sources of uncertainty in the analysis relate to the Analytical
Complexity and to the Back-up Servicer Arrangement. These
elements have been assigned a Medium/High and Medium V-Score
respectively, as opposed to Medium and Low assignments for the
sector V-Score, respectively. For more information, the V-Score
has been assigned accordingly to the report "V Scores and
Parameter Sensitivities in the EMEA Small-to-Medium Enterprise
ABS Sector" published in June 2009.

On August 21, 2012, Moody's released a Request for Comment
seeking market feedback on proposed adjustments to its modelling
assumptions. These adjustments are designed to account for the
impact of rapid and significant country credit deterioration on
structured finance transactions. If the adjusted approach is
implemented as proposed, the rating of the notes affected by the
rating action may be negatively affected. See "Approach to
Assessing the Impact of a Rapid Country Credit Deterioration on
Structured Finance Transactions",
(http://www.moodys.com/research/Approach-to-Assessing-the-Impact-
of-a-Rapid-Country-Credit--PBS_SF294880) for further details
regarding the implications of the proposed methodology changes on
Moody's ratings.

Moody's noted that on July 2, 2012, it released a Request for
Comment, in which the rating agency has requested market feedback
on potential changes to its rating implementation guidance for
the temporary use of cash in structured finance transactions. If
the revised rating implementation guidance is implemented as
proposed, the rating on the notes should not be negatively
affected. Please refer to Moody's Request for Comment, entitled
"The Temporary Use of Cash in Structured Finance Transactions:
Eligible Investment and Bank Guidelines: Request for Comment" for
further details regarding the implications of the proposed
methodology changes on Moody's ratings.

The methodologies used in this rating were Moody's Approach to
Rating Granular SME Transactions in Europe, Middle East and
Africa published in June 2007, and Refining the ABS SME Approach:
Moody's Probability of Default assumptions in the rating analysis
of granular Small and Mid-sized Enterprise portfolios in EMEA
published in March 2009.

Other Factors used in this rating are described in V Scores and
Parameter Sensitivities in the EMEA Small-to-Medium Enterprise
ABS Sector published in June 2009.

For rating this transaction Moody's used the following models:
(i) ABSROM to model the cash flows and determine the loss for
each tranche and (ii) CDOROM to determine the coefficient of
variation of the default definition applicable to this
transaction.

More specifically, Moody's ABSROM cash flow model evaluates all
default scenarios that are then weighted considering the
probabilities of such default scenarios as defined by the
transaction-specific default distribution. On the recovery side
Moody's assumes a stochastic (normal) recovery distribution which
is correlated to the default distribution. In each default
scenario, the corresponding loss for each class of notes is
calculated given the incoming cash flows from the assets and the
outgoing payments to third parties and noteholders. Therefore,
the expected loss for each tranche is the sum product of (i) the
probability of occurrence of each default scenario; and (ii) the
loss derived from the cash flow model in each default scenario
for each tranche. As such, Moody's analysis encompasses the
assessment of stressed scenarios.

Moody's used CDOROM to determine the coefficient of variation of
the default distribution for this transaction. The Moody's
CDOROM(TM) model is a Monte Carlo simulation which takes borrower
specific Moody's default probabilities as input. Each borrower
reference entity is modelled individually with a standard multi-
factor model incorporating intra- and inter-industry correlation.
The correlation structure is based on a Gaussian copula. In each
Monte Carlo scenario, defaults are simulated.

The ratings address the expected loss posed to investors by the
legal final maturity of the notes. In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal with respect to the Notes by legal final
maturity. Moody's ratings address only the credit risks
associated with the transaction. Other non-credit risks have not
been addressed but may have a significant effect on yield to
investors.


* Moody's Takes Rating Actions on 4 Spanish Banking Groups
----------------------------------------------------------
Moody's Investors Service has taken rating actions on the
subordinated and hybrid ratings of four Spanish banking groups,
which are owned by the government's Fund for Orderly Bank
Restructuring (FROB) and subject to restructuring, namely Bankia
and its parent Banco Financiero y de Ahorros (BFA), Catalunya
Banc, NCG Banco and Banco de Valencia S.A. (categorized as Group
1 institutions under the Memorandum of Understanding signed by
the euro area members on July 20, 2012). The senior subordinated
debt and the hybrid instruments of all four groups have been
downgraded to C reflecting the very high expected losses, as the
government plans to impose losses on holders of these
instruments.

At the same time, Moody's has downgraded the senior debt and
deposit ratings of Banco de Valencia to Caa1 (outlook developing)
from B3 (review for downgrade), to reflect the higher risk for
senior creditors arising from the fact that this entity will go
through an orderly resolution process as expressed in the Royal
Decree 24/2012.

The remaining debt ratings as well as the standalone credit
assessments of Group 1 banks remain on review for downgrade,
aligned with Moody's review for downgrade of Spain's Baa3
government bond rating. In concluding the review of Bankia, BFA,
Catalunya Banc and NCG Banco, Moody's will take into account the
conclusion of the review of Spain's sovereign rating as well as
the impact of the restructuring framework for these banks.

The rating actions are unrelated to the ongoing review of Spain's
sovereign rating by Moody's.

RATINGS RATIONALE

Subordinated Debt and Hybrid Ratings

Moody's downgrade of the subordinated debt and hybrid instruments
of these four banking groups (which are currently controlled by
the FROB) reflect the fact that losses will be imposed on
subordinated and hybrid creditors of Group 1 banks. The
restructuring framework contemplates that such "burden-sharing"
will be applied to banks that are deemed to require public-sector
capital.

Ratings at C are applied to debt instruments that are typically
in default, with little prospect for recovery of principal or
interest. The C rating also reflects an estimated recovery rate
of less than 35%, which is commensurate with the large discount
at which most of these instruments have been trading in the
secondary market.

BANCO DE VALENCIA

The three-notch downgrade of Banco de Valencia's standalone
credit assessment to ca follows the approval of Royal Decree
24/2012 on August 31, 2012, whereby those entities that are
currently subject to a restructuring process governed by article
7 of Royal Decree 9/2009 will be subject to orderly resolution.
Consistent with Moody's definitions, the lower standalone credit
assessments reflect the rating agency's view that Banco de
Valencia has highly speculative intrinsic, or standalone,
financial strength and is expected to avoid default through the
provision of extraordinary support, which the Spanish government
has committed to provide .

The one-notch downgrade of the senior debt and deposit ratings of
Banco de Valencia to Caa1 reflects (1) the further deterioration
of its standalone credit profile, as discussed above; (2)
uncertainty around the timing and process for orderly resolution;
and (3) whether future support will be needed and the
availability and degree of such potential support during the
resolution process. In recent months, Moody's believes that it
has become increasingly clear that the creditors of those Spanish
banks unable to meet the stricter regulatory requirements --
absent extraordinary support -- are exposed to increased
uncertainty and reduced predictability about the recovery of
principal and interest for the bank's outstanding debt.

For the industry-wide Spanish bank restructuring framework, the
above mentioned uncertainties are exacerbated by political
considerations and the involvement of the Eurogroup (comprising
the ECB, EBA, European Commission) and other supra-national
entities. Their involvement bolsters the Spanish sovereign's
otherwise limited ability to support banks, but the associated
terms and conditionality add complexity and uncertainty for
creditors. Whilst the Eurogroup has thus far shown a greater
inclination to share the burden of recapitalization only with
subordinated bondholders, the risk has increased that senior bond
holders of Spanish banks may similarly be subject to "burden-
sharing" if future support is required.

Moody's believes that the above-described uncertainties for Banco
de Valencia's senior creditors are appropriately reflected in
senior debt and deposit ratings in the Caa range.

MOODY'S COMMENTS ON EXISTING REVIEW OF SPANISH BANKS

In concluding the review process initiated on June 25, 2012 of
the debt ratings and standalone credit assessments of those banks
who were not identified as having capital shortfalls in the
evaluation performed by Oliver Wyman (Group 0 banks), Moody's
will take into account i) how the conclusion of the review of the
Spanish government's debt ratings may impact the standalone
credit strength and debt ratings of these banks; and ii) any
other developments that may affect the creditworthiness of these
banks, such as the mergers that are ongoing in a few cases.

Moody's expects to address the standalone credit assessments
along with the senior debt and deposit ratings of Group 1 banks
after Spanish authorities submit restructuring or resolution
plans for these entities to the European Commission. These plans
will allow Moody's to better assess the credit profile of the
banks post capital infusion, and in view of the potential
transfer of toxic assets to the government sponsored bad bank. In
addition, Moody's will take into account the conclusion of the
review of Spain's sovereign rating.

The conclusion of the ratings review of the three rated banks
falling into Groups 2 and 3 (Banco Popular Espanol rated
Ba1/D/ba2/NP, review for downgrade; Ibercaja Banco and Liberbank
both rated Ba2/D-/ba3/NP, review for downgrade), i.e. for whom a
capital shortfall has been identified in last week's publication,
will take into consideration the recapitalization or
restructuring plans that these institutions will need to present
in October. The review conclusion will also incorporate the level
of the sovereign rating and any impact this may have on these
banks' standalone and supported credit profiles. If any of these
three banks are considered unable to meet capital shortfalls from
private means (Group 2) the rating actions would likely be taken
shortly after their placement in this group is confirmed and
restructuring plans are submitted. Moody's would expect
subordinated debt and hybrid ratings of any Group 2 bank to
reflect the very high likelihood that the Spanish government will
impose losses on these instruments, consistent with the actions o
Oct. 5 on Group 1 banks.

For Group 3 firms, the rating reviews will be concluded later in
2012 or in 2013, after the details of the recapitalization plans
are disclosed. Moody's will examine the prospects for successful
implementation of such plans, the impact on the banks' credit
profile if implemented as planned, the structure and amount of
any external support, as well as the potential crystallization of
losses for shareholders and junior creditors of the bank. Moody's
will assess any "burden-sharing" exercises with regards to
whether they constitute distressed exchanges, and thus default
events, under Moody's definition.

In some instances, the ratings may remain on review where ongoing
merger or restructuring procedures prevent sufficient visibility
to conclude on the final ratings.

WHAT COULD MOVE THE RATINGS UP/DOWN

The execution of the restructuring or resolution plans will
likely improve the affected banks' standalone credit strength.
The initiatives included in these plans could lead to upgrades of
standalone credit assessments, which could also affect debt and
deposit ratings. Increased clarity about the banks' standalone
strength post-restructuring and/or an increase in the extent,
likelihood or predictability of support could also have positive
rating implications.

Conversely, if any of the four banks enters liquidation with
little prospect for recovery of principal and interest, the
standalone credit assessments will likely fall to 'c' and senior
debt and deposit ratings will decline to Caa or lower.

For Banco de Valencia specifically, the outlook on the senior
debt and deposit ratings is developing, indicating that they
could move in either direction during the resolution. Upwards
pressure on these ratings could develop if Banco de Valencia is
acquired by a stronger peer that assumes the then-outstanding
obligations. However, Moody's says that further downwards
pressure could result if a liquidation of Banco de Valencia was
executed in a manner that reduced the prospects for the recovery
of principal and interest on its outstanding debt.

RESEARCH REFERENCES

Research reports:

- Moody's Rating Symbols and Definitions, 31 Aug 2012

- Banking System Outlook: Spain, 17 Aug 2012

- Spanish Banks Restructuring Plan Is Credit Negative for Junior
   Bondholders, 16 Jul 2012

- Announcement: Moody's comments on timing for assessing the
   impact of Spain's downgrade on Spanish banks' ratings,
   June 19, 2012

- Key Drivers of Spanish Bank Rating Actions, May 17, 2012

- Spain's New Initiative, While Supportive, Leaves Banks
   Vulnerable to Rising Loan Delinquencies, May 14, 2012

Websites:

- Moody's Bank Ratings 2012

- European Credits Under Pressure

LIST OF AFFECTED RATINGS

Downgrades:

  Issuer: Bancaja Capital, S.A. Unipersonal

     Pref. Stock Non-cumulative Preferred Stock, Downgraded to C
     from Ca

  Issuer: Bancaja Emisiones, S.A. Unipersonal

     Junior Subordinated Regular Bond/Debenture, Downgraded to C
     from Caa1

  Issuer: Banco De Valencia S.A.

     Subordinate Regular Bond/Debenture, Downgraded to C from
     Caa2

     Senior Unsecured Deposit Rating, Downgraded to Caa1, Caa1
     from B3, B3

  Issuer: Banco Financiero y de Ahorros

     Junior Subordinated Regular Bond/Debenture, Downgraded to C
     from Ca

     Multiple Seniority Medium-Term Note Program (Junior
     Subordinate and Subordinate), Downgraded to (P)C from
     (P)Caa3

     Subordinate Regular Bond/Debenture, Downgraded to C from
     Caa3

  Issuer: Bankia

    Multiple Seniority Medium-Term Note Program (Junior
    Subordinate and Subordinate), Downgraded to (P)C from a range
    of (P)Caa1 to (P)B3

  Issuer: Caixa Catalunya Preferential Issuance Ltd.

    Pref. Stock Non-cumulative Preferred Stock, Downgraded to C
    from Caa3

  Issuer: Caixa Galicia Preferentes, S.A.

    Pref. Stock Non-cumulative Preferred Stock, Downgraded to C
    from Caa3

  Issuer: Caja Madrid Finance Preferred, S.A.

    Pref. Stock Non-cumulative Preferred Stock, Downgraded to C
    from Ca

  Issuer: Catalunya Banc SA

    Multiple Seniority Medium-Term Note Program (Junior
    Subordinate and Subordinate), Downgraded to (P)C from (P)B3

    Subordinate Regular Bond/Debenture, Downgraded to C from B3

  Issuer: Caymadrid International Ltd.

    Multiple Seniority Medium-Term Note Program (Junior
    Subordinate and Subordinate), Downgraded to (P)C from (P)B3

  Issuer: NCG Banco S.A.

    Junior Subordinated Regular Bond/Debenture, Downgraded to C
    from Caa1

    Subordinate Regular Bond/Debenture, Downgraded to C from B3

Issuer: BVA Preferentes, S.A.

    Pref. Stock Non-cumulative Preferred Stock, Downgraded to C
    from Ca

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


* SPAIN: To Make Payments to Creditors of Ailing Regions
--------------------------------------------------------
According to Bloomberg News' Esteban Duarte, El Mundo said that
Spain's Budget Ministry will make payments directly to financial,
commercial creditors of regions requesting money from EUR18
billion rescue fund.

Bloomberg relates that El Mundo said the deputy minister for
public administration, Antonio Beteta, was scheduled to explain
the mechanism yesterday in Parliament.

Regions including Catalonia, Andalusia, Valencia are seeking
loans from rescue fund, Bloomberg discloses.



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


FERREXPO PLC: Fitch Affirms 'B' Long-Term Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has affirmed UK-incorporated Ukrainian iron ore
pellets producer Ferrexpo Plc's (Ferrexpo) Long-term foreign
currency Issue Default Rating (IDR) at 'B', and its Short-term
foreign currency IDR at 'B'.  The Outlook on the Long-term
foreign currency IDR is Stable.  In addition, Ferrexpo Finance
plc.'s guaranteed notes issue (GNs) senior unsecured rating was
affirmed at 'B' with a Recovery Rating (RR) of 'RR4'.

Ferrexpo's ratings are constrained by Ukraine's sovereign rating
and Country Ceiling of 'B'/Stable, and an adjustment to the
sovereign rating may lead to a rating action on Ferrexpo.

The ratings are supported by Ferrexpo's extensive iron ore
reserve base with reserves of over 40 years, and the expected
increase to its production capacity to 12,000 tpa of pellets by
2014 from the ramp-up of the Yeristova mine.  Cash costs rose
markedly to US$60 per tonne in H112 due to higher Ukrainian
energy tariffs, inflation and oil costs, but Fitch notes that the
increase in production of its own ore should yield some scale and
substitution benefits over the coming years (given the higher
iron content of the new production), which should translate into
improved cash costs of below US$50 per tonne over the medium-
term.

The company is considered to be cost-competitive among global
peers, with average cash costs currently in the higher-second
quartile of global iron ore producers.  This favorable cost
position, specifically related to transport costs to central
Europe, provides some financial flexibility in a possible
protracted commodity price downturn scenario.  The ratings also
reflect Ferrexpo's favorable geographic location and its access
to Black Sea ports.

The ratings however remain constrained by the concentration of
sales in a single commodity, iron ore pellets, which exposes the
company to fluctuations in commodity prices and cyclical demand
factors, a key factor in weaker profitability in the half-year to
end-June-2012.  The company also remains reliant on one key
mining asset in Ukraine, and is exposed to high end-user
concentration of sales with four key customers accounting for the
majority of total sales volumes in 2011.  Furthermore, the
company's relatively limited scale of operations (with EBITDAR
below USD1bn) constrains financial flexibility, particularly in
the event of a further industry downturn, although Fitch takes
some comfort that flexibility exists in the execution of the
planned five-year capital expenditure program.

In H112, Ferrexpo reported weaker revenue growth, mainly as a
result of a sharp decline in global iron ore prices, with
revenues weakening 15% yoy to US$731 million, from US$855 million
at H111.  Fitch expects iron ore spot iron prices to average
around US$95 per tonne over the remainder of 2012, in line with
the agency's long-term price assumption of US$90 per tonne.  In
the short term Chinese stock levels and underlying demand
expectations will be the dominant influence on prices.

Longer-term price falls are expected as substantial new iron ore
production capacity in Australia and Brazil commences over 2013-
2015, although some deferral of planned projects is possible.
This will translate into Ferrexpo's EBITDA coming under
increasing pressure in 2012 and 2013, with gross leverage
forecast to weaken to above 2.5x in 2012 before recovering
annually thereafter.  Over the medium-term, increasing output
will be the main driver of revenue growth in a declining price
environment.

Ferrexpo remains significantly exposed to domestic mining cost
inflation in Ukraine (notably rising electricity and gas prices)
and exchange rate fluctuations, although the company's low cost
position mitigates this threat over the next two years to end-
2014.

Ferrexpo is a Swiss-headquartered iron ore producer with
production assets located in Ukraine. The company produces iron
ore pellets used in the manufacture of steel and is the largest
exporter in the CIS region.  The company's resource base is one
of the largest iron ore deposits globally and it produced
approximately 9.7m tonnes of iron ore pellets in 2011.

What Could Trigger A Rating Action?

Negative: Future developments that may, individually or
collectively, lead to a negative rating action include:

  -- FFO net leverage is sustained above 2x over the medium-term
  -- The Ukrainian sovereign rating is downgraded
  -- EBITDA margins are sustained below 18%.

Positive: Future developments that may, individually or
collectively, lead to a positive rating action include:

  -- The Ukrainian sovereign rating is upgraded to a cap of up to
     'B+'
  -- The company maintains strong liquidity and sustains FFO net
     leverage below 1x over the medium term.
  -- A reduction in key customer concentration and an increase in
     scale and diversification would also be considered rating
     positive.



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


ALPHA TOPCO: Moody's Reviews 'Ba3' Rating for Downgrade
-------------------------------------------------------
Moody's Investors Service has placed the ratings (Ba3 CFR/B1 PDR)
of Alpha Topco Limited under review for downgrade. Alpha Topco is
the holding company of the group of companies that hold the
rights to commercially exploit the Federation Internationale de
l'Automobile (FIA) Formula One (F1) World Championship. The FIA
is the governing body for world motor sport. The Ba3 bank loan
rating of Alpha Topco's subsidiary, Delta 2 (Lux) S.a.r.l. (Delta
2) has also been placed under review for downgrade.

Ratings Rationale

Moody's decision to place the ratings under review for downgrade
follows the announcement that Alpha Topco has launched a process
to amend and extend the existing US$2.2 billion of bank
facilities at Delta 2. The transaction also involves raising
US$1 billion through the issuance of new structurally
subordinated private high yield debt. Proceeds from the issuance
are expected to be distributed to Alpha Topco's parent company,
Delta Topco Limited. Should the transaction be concluded as
announced, Alpha Topco group's expected Debt/EBITDA ratio for
2012 (as calculated by Moody's) would increase materially to
around 6.1x (compared to Moody's previous expectation of a ratio
in the region of 4.2-4.6x).

The review, which Moody's expects to conclude swiftly, will focus
on a detailed evaluation of the new capital and leverage
structure, including in particular any changes to the limitations
on distribution from the group as consolidated at the Alpha Topco
level and the evolution of leverage over time. Given the
anticipated material increase in leverage and the agency's
expectation that Alpha Topco's leverage will increase in 2013,
Moody's anticipates that Alpha Topco's Ba3 CFR might well be
downgraded by more than one notch, should the transaction be
concluded successfully. The impact on the bank facility's Ba3
rating could be less severe, if Moody's rating committee
concludes that the new high yield debt provides a loss absorption
buffer for the bank facility.

Alpha Topco's ratings were assigned by evaluating factors that
Moody's considers relevant to the credit profile of the issuer,
such as the company's (i) business risk and competitive position
compared with others within the industry; (ii) capital structure
and financial risk; (iii) projected performance over the near to
intermediate term; and (iv) management's track record and
tolerance for risk. Moody's compared these attributes against
other issuers both within and outside Alpha Topco's core industry
and believes Alpha Topco's ratings are comparable to those of
other issuers with similar credit risk. Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.
Alpha Topco Limited, a Jersey company, is the holding company for
the group of companies that exploit the commercial rights to the
FIA F1 Championship. The company is indirectly majority-owned by
funds advised by CVC Capital Partners Limited.


BIG PICTURES: In Administration, TSM Tenon Seeks Buyer
------------------------------------------------------
Colin Daniels at Digital Spy reports that Big Pictures has gone
into administration.

The Guardian reported that accountancy firm TSM Tenon was
appointed to sell the company's assets by the high court on
September 27 and all staff have been made redundant, according to
Digital Spy.

Digital Spy relates that the company had been experiencing
financial difficulties for some time.  The report relates that
Darryn Lyons resigned from Big Pictures five months ago but
remained chairman of the board.

Digital Spy notes that Mr. Lyons, who took part in Celebrity Big
Brother last year, is rumored to have bid for the agency's
archive, which consists of over 5 million photographs of
celebrities.  Getty Images is also said to have bid for the
archive, the report relates.

Big Pictures is a British paparazzi agency founded by Darryn
Lyons.


CERES POWER: Mulls Liquidation After Failure to Secure Funds
------------------------------------------------------------
Reuters reports that Ceres Power Holdings Plc said it has not
been able to secure the funds it needs to run its operations and
that it would continue to explore options, including a wind down
of the business.

According to Reuters, Ceres said the other options it was looking
at included a sale of the business or cancellation of its
listing.

It had GBP10.2 million (US$16.39 million) in cash as of June 30,
and has previously said it needed to raise money by the end of
September, Reuters relates.

"Despite extensive efforts it has been unsuccessful in securing
sufficient funding for the business going forward," Reuters
quotes Ceres as saying in a statement.

Ceres Power Holdings Plc is a British clean technology firm.


JEMMA KIDD MAKE-UP: In Administration, Cuts 30 Jobs
---------------------------------------------------
Richard Kay at Mail Online reports that Jemma Kidd-owned business
Jemma Kidd Make-Up Ltd has been placed into administration after
it ran up debts of more than GBP2 million.

Ms. Kidd set up the business with close friend Grace Fodor, the
star of the BBC business programme Be Your Own Boss.

The report notes that in 2008, the first signs of financial
strain began to show.  After losing money when Jemma's range of
lipsticks, eye-shadows and foundations was discontinued at Boots,
and with surplus stock past its sell-by date in warehouses, they
reached crisis point, the report recalls.

The business was put into administration and its 30 staff made
redundant, according to the report.

"Unfortunately, the business has suffered from a decline in sales
and we are currently seeking a potential buyer," the report
quoted an unnamed spokesman for administrators RSM Tenon as
saying.


LONDON & REGIONAL: Moody's Cuts Rating on Class C Notes to 'B3'
---------------------------------------------------------------
Moody's Investors Service has downgraded the following Notes
issued by London & Regional Debt Securitisation No. 2 plc (LORDS
2) (amounts reflecting initial outstanding):

    GBP190M A Notes, Downgraded to A2 (sf); previously on Dec 21,
    2011 Downgraded to Aa2 (sf)

    GBP16M B Notes, Downgraded to Ba2 (sf); previously on Dec 21,
    2011 Downgraded to Baa2 (sf)

    GBP50M C Notes, Downgraded to B3 (sf); previously on Dec 21,
    2011 Downgraded to B1 (sf)

Ratings Rationale

The downgrade action reflects Moody's increased loss expectation
for the pool since its last review. This is primarily due to an
increase in the refinancing risk for the securitized loan
resulting from (i) a further downward adjustment to the portfolio
value which translates into a loan-to-value (LTV) ratio of 130%
for the whole loan at its maturity date in October 2013, (ii) the
dormant refinancing market, especially for highly leveraged
loans, and (iii) the uncertainty with respect to the path and
timing for a recovery of the lending market in the UK.

The key parameters in Moody's analysis are the default
probability of the securitized loans (both during the term and at
maturity) as well as Moody's value assessment for the properties
securing these loans. Moody's derives from those parameters a
loss expectation for the securitized pool.

Based on Moody's reassessment of the underlying property values,
the securitized loan's LTV is 90.5%. This compares with Moody's
LTV of 81% at the prior review and a current underwriter LTV of
57.3% based on 2006 valuations. There is also GBP104.4 million B-
loan which takes Moody's whole loan LTV to 130% compared to 117%
at its last review. The downward adjustment of Moody's value is
mainly due to the short lease profile for many of the smaller
secondary quality properties within the portfolio and an
expectation that the portfolio's cash flows will decrease over
the next few years due to further upcoming lease breaks or
expiries and an already increasing vacancy rate.

Given the high total leverage and the expectation that the
property lending markets will not have recovered by the loan's
maturity date in October 2013, Moody's expects that the loan will
default on its maturity date. Moody's A2(sf) rating on the Class
A assumes that if the loan fails to repay at maturity, all
principal recovery proceeds from disposals would be allocated to
the Class A Notes in priority to the B-loan and the Class B and C
Notes.

In general, Moody's analysis reflects a forward-looking view of
the likely range of commercial real estate collateral performance
over the medium term. From time to time, Moody's may, if
warranted, change these expectations. Performance that falls
outside an acceptable range of the key parameters such as
property value or loan refinancing probability for instance, may
indicate that the collateral's credit quality is stronger or
weaker than Moody's had anticipated when the related securities
ratings were issued. Even so, a deviation from the expected range
will not necessarily result in a rating action nor does
performance within expectations preclude such actions. There may
be mitigating or offsetting factors to an improvement or decline
in collateral performance, such as increased subordination levels
due to amortization and loan re- prepayments or a decline in
subordination due to realized losses.

Primary sources of assumption uncertainty are the current
stressed macro-economic environment and continued weakness in the
occupational and lending markets. Moody's anticipates (i) delayed
recovery in the lending market persisting through 2013, while
remaining subject to strict underwriting criteria and heavily
dependent on the underlying property quality, (ii) strong
differentiation between prime and secondary properties, with
further value declines expected for non-prime properties, and
(iii) occupational markets will remain under pressure in the
short term and will only slowly recover in the medium term in
line with anticipated economic recovery. Overall, Moody's central
global macroeconomic scenario is for a material slowdown in
growth in 2012 for most of the world's largest economies fuelled
by fiscal consolidation efforts, household and banking sector
deleveraging and persistently high unemployment levels. Moody's
expects a mild recession in the Euro area.

Moody's Portfolio Analysis

London & Regional Debt Securitisation No. 2 plc closed in July
2006 and represents the securitization of one commercial mortgage
loan advanced to a borrower which is part of the London &
Regional Group. The securitized loan is the senior portion of a
senior/ junior loan structure and is currently secured by a
portfolio of 24 properties located throughout the UK. The
portfolio exhibits average concentration in terms of property
type with 36% of the portfolio (by underwriter's market value)
secured by office properties, 25% by hotel, 27% by leisure
(mainly nightclubs and casino) properties and the remaining 12%
by retail/mixed-use properties. Sixty-eight percent of the
portfolio is located in the Greater London area. There is a
strong bifurcation between the quality of the assets in the
portfolio. The top three properties - the Trafalgar Square
(Hilton) Hotel, the Leicester Square Casino and the Green Park
(Hilton) Hotel - which contribute 38% to the U/W value are prime
properties. On the other hand most of the other 21 assets are
secondary properties as a result of either their location or
quality or the tenancy and remaining lease term.

The borrower has the flexibility to sell properties. The specific
criteria for disposals include, inter alia, no event of default
is outstanding and the net disposal proceeds must at least equal
the allocated loan amount plus 10% release premium for each
property and certain additional amounts. During 2007, the
borrower sold a total of three properties the proceeds of which
were allocated on a pro-rata basis to the junior (B-Loan) and the
senior securitized debt (A-Loan) followed by a pro-rata
allocation to the noteholders. The A-Loan currently amounts to
GBP237.7 million and the B-Loan to GBP104.4 million. The A-Loan
is interest-only, while the B-Loan amortizes via cash sweep. The
interest coverage ratio (ICR) on the A-Loan as per July 2012 was
1.6x and 1.1x on the B-Loan.

A weakness of the transaction is that there is no clear trigger
to switch the pro-rata application of payments between the three
Classes of Notes to sequential. In the pre-enforcement payment
waterfall, principal is applied sequentially but at the same
time, there is pro-rata rule which is not part of the pre-
enforcement waterfall and according to which pre-payments are
allocated pro-rata. It is not explicitly outlined how principal
receipts after a loan default would be allocated. Nevertheless,
Moody's has assumed that in case of a loan default at maturity,
even if there is no enforcement but rather a consensual sale
during a standstill period, the proceed from property sales would
be applied to the three Classes of Notes sequentially.

The portfolio's cash flows are diversified with 98 distinct
tenants representing a number of industries. The weighted average
lease term to the earlier of break or expiry is nine years
however, this is skewed by the three largest assets which
contribute 38.5% to the rental income and which have lease
maturities between 2024 and 2030. Until legal final maturity of
the Notes, leases with respect to 35% of the rental income is
either expiring or having a break option. Furthermore ten out of
the 24 properties only have a remaining lease term of two years
or less (until earlier of break or maturity) and five of these
are single tenanted properties. Given the challenging
occupational market especially for secondary properties in terms
of location and quality, Moody's expect that the vacancy rate
will increase and the portfolio's cash flows will decrease over
the next couple of years. The vacancy rate is already on the rise
-- as of July 2012 it was 12% compared to 7% in October 2011 and
2% at closing.

Based on its latest assessment of the portfolio, Moody's
estimates the portfolio value to be GBP263 million at refinancing
of the loan which implies a haircut of 36.7% to the U/W value as
per closing and results in a whole loan LTV ratio of
approximately 130%. Based on (i) the large whole loan size of GBP
342 million and its leverage, (ii) the exposure of the portfolio
to specialized property types such as leisure and hotel, and
(iii) the expected state of the lending market, Moody's expects
that the loan will default on its maturity date. The fixed-to-
floating swap under the transaction is co-terminus with the loan
maturity date therefore no swap breakage cost is expected if the
loans defaults at maturity and is worked out.

Based on the transaction documents, Moody's understanding is that
upon a default of the loan at its maturity date, the noteholders,
in particular the holders of the Class A Notes, would have
sufficient control over the work-out of the loan and be able to
instruct the borrower security trustee to take enforcement
action. However, as evidenced by London & Regional Group's LORDS
1 transaction where the securitized loan will not be repaid on
its October 2012 maturity date, the sponsor will likely initiate
a restructuring of the loan and a borrower led sale of the assets
if the LORDS 2 loan is cannot be repaid.

Compared with some other single-borrower transactions in EMEA,
Moody's expected loss on the securitized loan is significant (5%-
25%). A loss would likely only crystallize towards the end of the
transaction term given the default risk of the loan at its
maturity date and the anticipated work-out strategy for the loan.
With a Moody's note-to-value (NTV) ratio of 90%, the Class C
Notes as the most junior notes, are most exposed to the increased
refinancing risk of the portfolio; hence, were downgraded to B3.
Moody's estimates the NTV ratio as 67% for the Class A Notes and
as 73% for the Class B Notes at maturity of the underlying loan.

The principal methodology used in this rating was Moody's
Approach to Real Estate Analysis for CMBS in EMEA: Portfolio
Analysis (MoRE Portfolio) published in April 2006.

Other factors used in this rating are described in European CMBS:
2012 Central Scenarios published in February 2012.

The updated assessment is a result of Moody's on-going
surveillance of commercial mortgage backed securities (CMBS)
transactions. Moody's prior assessment is summarized in a press
release dated December 21, 2011. The last Performance Overview
for this transaction was published on September 12, 2012.

In rating this transaction, Moody's used both MoRE Portfolio and
MoRE Cash Flow to model the cash-flows and determine the loss for
each tranche. MoRE Portfolio evaluates a loss distribution by
simulating the defaults and recoveries of the underlying
portfolio of loans using a Monte Carlo simulation. This portfolio
loss distribution, in conjunction with the loss timing calculated
in MoRE Portfolio is then used in MoRE Cash Flow, where for each
loss scenario on the assets, the corresponding loss for each
class of notes is calculated taking into account the structural
features of the notes. As such, Moody's analysis encompasses the
assessment of stressed scenarios.

Moody's ratings are determined by a committee process that
considers both quantitative and qualitative factors. Therefore,
the rating outcome may differ from the model output.


ROMIDA SPORTS: In Administration, Ceases Trading
------------------------------------------------
Henryk Zientek at Huddersfield Daily Examiner reports that Romida
Sports has ceased trading after administrators were called into
the business due to combination of the rain-sodden summer and
cricket being eclipsed by other sporting events.

Buyers are now being sought for all or part of the family
business, according to Huddersfield Daily Examiner.

The report notes that the Manchester office of financial services
firm PKF is looking for a buyer for the business as a whole or as
separate units.

"Whil[e] efforts were made by Romida over the last few weeks to
turn the business around and secure investment, the management
took the decision to appoint administrators . . . .  The stores
have ceased trading," the report quoted administrator Kerry
Bailey, a partner in PKF's corporate recovery team as saying.

Romida Sports is a cricket goods retailer.  It is a family
business, which is based at Rochdale and has stores at Wakefield
Road in Brighouse and at Liverpool and Leatherhead, Surrey.


SCHLEGEL AUTOMOTIVE: In Administration, Jobs at Risk
----------------------------------------------------
Edward Devlin at Insider Media Limited reports that hundreds of
jobs are at risk after Schlegel Automotive Europe Ltd entered
administration.

Situl Raithatha of Leicester restructuring firm Springfields was
appointed administrator of Schlegel Automotive Europe on Oct. 4,
2012.

The report notes that the appointment of the administrator became
necessary as a result of instability in the business and
financial position, causing a significant downturn in trade and
the consequential impact on cashflow, Springfields said.

Insider Media Limited says that a number of redundancies have
been made at the business following the administration.

"A detailed assessment is being carried out as to the viability
of continuing to trade the business whilst a buyer is sought . .
. .  The co-operation of employees, customers and suppliers will
be key over the coming days. Regrettably, a significant number of
redundancies have been necessary due in particular to the loss of
volume which accounted for a substantial portion of the company's
turnover. . . .  We are continuing the process of liaising with
the trade unions and other stakeholders and are hopeful that a
buyer can be found," the report quoted Mr. Raithatha as saying.

The report discloses that specialist agent Edward Symmons has
been instructed to assist the administrator.

Leicestershire-based Schlegel Automotive Europe Ltd is a
manufacturer of car-sealing systems to the automotive industry is
based in Coalville and employed approximately 350 staff.  It was
established in 1958.  Schlegel is a strategic supplier to major
original equipment manufacturers and suppliers in Europe, Japan
and South America.


UNITED CARPETS: High Rent Forces Firm Into Administration
---------------------------------------------------------
Yorkshire Post reports that tough conditions on the high street
forced carpet and bed retailer United Carpets to put its main
trading arm into a controversial pre-pack administration, leaving
landlords out of pocket.

Stock market-listed chain revealed the company had put United
Carpets (Northern) Ltd into administration to escape onerous
leases, according to Yorkshire Post.  The report relates that the
plc then immediately bought its 72 stores, two warehouses in
Doncaster and Derbyshire and most of its assets back from
administrators Begbies Traynor.

Bramley-based United has 420 staff, and chief executive Paul Eyre
said the deal has "secured the majority of the jobs," the report
notes.  But it warned stores may have to close where it cannot
negotiate better rent deals, the report relates.

Yorkshire Post says that United operates mainly through a
franchise model, but many of these have struggled as consumers
slash spending on 'big ticket' items.  The report relates that
some 18 of its stores are owned, and 54 are franchised. Many are
in 'secondary' locations, which have suffered from weak footfall.

Shares in United have been suspended since late August when it
announced 14 store closures, rent negotiations and delayed the
publishing of its accounts, the report notes.

With an increasing number of its franchised and owned stores
loss-making, the company had been trying to agree "substantial
rent reductions" with landlords, but this proved fruitless, the
report adds.



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


* 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 * * *