TCREUR_Public/121120.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Tuesday, November 20, 2012, Vol. 13, No. 231

                            Headlines


C R O A T I A

HRVATSKA ELEKTROPRIVREDA: S&P Affirms 'BB-' Corp. Credit Rating


C Y P R U S

* CYPRUS: Moody's Reviews 'B3' Bond Ratings for Downgrade


F R A N C E

PAGESJAUNES GROUPE: Moody's Affirms 'B3' CFR/PDR; Outlook Stable
* FRANCE: Moody's Cuts Govt Bond Rating to Aa1, Keeps Neg Outlook


G E R M A N Y

KIRCHMEDIA GMBH: Deutsche Bank May Have to Pay Up to EUR1.5-Bil.


I R E L A N D

CORNERSTONE TITAN 2007-1: S&P Cuts Rating on Class D Notes to 'D'
INDEPENDENT NEWS: Plans to Ask Lenders to Write Off EUR100MM Debt
TALISMAN-3 FINANCE: S&P Cuts Ratings on 3 Note Classes to 'CC'
TOUGHER'S OIL: Has Two Weeks to Find Investor


I T A L Y

BANCA DELLE MARCHE: Moody's Reviews 'Ba1' Ratings for Downgrade
BANCA POPOLARE: Moody's Reviews 'D+' BFSR for Downgrade
CASSA DI RISPARMIO: Moody's Reviews 'Ba3' Rating for Downgrade


L U X E M B O U R G

BREEZE FINANCE: Fitch Affirms CCC Rating on EUR36.3MM Cl. B Bonds
CARGOLUX: OGBL Union Wants Government to Rescue Business
CRC BREEZE: Fitch Cuts Rating on EUR225MM Class A Bonds to 'B'
GEO TRAVEL: S&P Cuts Long-Term Corporate Credit Rating to 'B'


P O L A N D

CENTRAL EUROPEAN: Investor Concerned Over Company's Condition
CENTRAL EUROPEAN: S&P Cuts Corporate Credit Rating to 'CCC'
CIECH GROUP: Moody's Rates New Senior Secured Notes '(P)B2'
CIECH SA: S&P Assigns Prelim. 'B' Corporate Credit Rating


R U S S I A

RUSSIAN AGRICULTURAL: Fitch Puts 'B' Viability Rating on RWN
* KRASNODAR REGION: Fitch Rates RUB5.6-Bil. Domestic Bond 'BB+'


S E R B I A   &   M O N T E N E G R O

* SERBIA: Fitch Assigns 'BB-' Rating to US$750-Mil. Eurobond


S P A I N

FONCAIXA FTGENCAT: Moody's Cuts Ratings on 2 Note Classes to Caa1
FTPYME BANCAJA 3: S&P Raises Rating on Class C Notes to 'BB'


S W E D E N

SAS GROUP: Gets Nod From 8 Pilot/Crew Unions on New Labor Deal
SAS GROUP: S&P Cuts CCR to 'CCC+' on Restructuring Uncertainty


U N I T E D   K I N G D O M

ATH RESOURCES: Becap Fund Acquires Some of Banking Facilities
DECO 12 - UK 4: S&P Lowers Rating on Class D Notes to 'CCC-'
GLOBAL SHIP: Has US$8.3 Million Net Income in Third Quarter
MALL FUNDING: S&P Lowers Rating on Class A Notes to 'BB+'
METRIX FUNDING I: S&P Withdraws 'BB-' Ratings on 2 Note Classes

PHONES4U FINANCE: S&P Cuts Long-Term Corp. Credit Rating to 'B'
PIONEER POINT: Seeks Recognition of UK Proceedings
VICTORIA FUNDING: Fitch Affirms 'Csf' Rating on Class E Notes


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            *********


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C R O A T I A
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HRVATSKA ELEKTROPRIVREDA: S&P Affirms 'BB-' Corp. Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit and senior unsecured debt ratings on Hrvatska
Elektroprivreda d.d. (HEP), the 100% state-owned, vertically
integrated Croatian electricity utility. "At the same time, we
removed the ratings from CreditWatch, where they were placed with
negative implications on Oct. 3, 2012. The outlook is stable,"
S&P said.

"In addition, Standard & Poor's corrected a database entry error
related to HEP's Croatian kuna (HRK) 500 million and HRK700
million unsecured domestic bonds, which were previously
incorrectly described as secured. The debt ratings on the two
bonds are 'BB-'," S&P said.

"The affirmation reflects our view that HEP has resolved its
immediate funding gap, which was due to upcoming debt maturities
and our projected cash flow deficit in the context of its large
capital commitments. HEP's liquidity position has improved
following the placement of a five-year US$500 million bond
(swapped into euros) on Nov. 9, 2012. We understand that HEP will
use the proceeds to partly repay before maturity up to EUR163
million of long-term debt that is subject to restrictive
financial covenants. These covenants were breached (but waived)
as of June 30, 2012. The proceeds will also be used to repay
funds drawn under various short-term lines, while retaining the
majority of these facilities as back-up liquidity. The balance of
the proceeds will be used to fund investments in 2012 and,
partly, in 2013. In our opinion, the extension of debt maturities
and maintenance of headroom under back-up credit lines stabilizes
HEP's financial risk profile," S&P said.

"That said, we continue to view HEP's financial risk profile as
'highly leveraged,' due to our assessment of its liquidity
position as 'less than adequate.' HEP still has significant
maturities under amortizing loans, and we project negative free
operating cash flows (FOCF; after capital expenditures, net of
connection income) in the medium term," S&P said.

"The 'BB-' rating on HEP is based on its stand-alone credit
profile (SACP), which we assess at 'b', as well as on our opinion
that there is a 'high' likelihood that the government of the
Republic of Croatia (BBB-/Negative/A-3) would provide timely and
sufficient extraordinary support to HEP in the event of financial
distress," S&P said.

"In accordance with our criteria for government-related entities
(GREs), our view of a 'high' likelihood of extraordinary
government support is based on our assessment of HEP's," S&P
said:

    "Very important" role for the energy sector and the broader
    economy in Croatia; and
    "Strong" link with the Croatian government, which is the sole
    shareholder and is actively involved in defining HEP's
    strategy.

"In our opinion, HEP's financial standing and liquidity have
stabilized. We also anticipate that HEP will proactively and more
conservatively manage its liquidity position to avoid any further
liquidity pressures," S&P said.

"According to our GRE methodology, a potential downgrade of the
sovereign rating on Croatia by one notch will not affect the
rating on HEP, assuming no change in HEP's SACP. That said,
should we downgrade the sovereign, we will likely review HEP's
SACP for any potential implications arising from the factors
behind the sovereign downgrade," S&P said.

"An upward revision of HEP's SACP depends on continued
improvement in its liquidity profile to a level that we consider
"adequate" on a sustainable basis. We would take a positive view
of: the future timely prefunding of any committed investment
projects; the extension and diversification of debt maturities;
and the maintenance of sufficient headroom under back-up
liquidity facilities to cover unexpected cost overruns," S&P
said.

"Downward pressure on HEP's SACP could nevertheless develop if
HEP's financial risk profile were to deteriorate due to a
weakened liquidity position--for example, if the cash flow
deficit rises due to more ambitious investment levels than we
currently anticipate. Equally, the SACP could come under pressure
if the government resumes dividend payments. Downward pressure on
the
SACP could also come from a weakened business risk profile
resulting, for example, from a loss of retail market share due to
competition or negative political interference that could include
delayed or insufficient tariff increases. We would also consider
covenant breaches, which we view as unlikely at present, as
adverse for HEP's credit quality," S&P said.

"We anticipate that the state's implicit support of HEP will
continue for the foreseeable future. Any evidence of weaker
government support for HEP could lead us to revise our current
assessment of the likelihood of extraordinary state support that
we factor into the corporate credit rating," S&P said.


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C Y P R U S
===========


* CYPRUS: Moody's Reviews 'B3' Bond Ratings for Downgrade
---------------------------------------------------------
Moody's Investors Service has placed Cyprus's B3 government bond
ratings on review for possible downgrade.

The review for downgrade was triggered by two factors:

1. The slow pace of negotiations with the Troika and the
    resulting uncertainty regarding the likelihood and timing of
    a support package which raises liquidity risks.

2. Evidence that Cyprus's budget deficit will be significantly
    larger than expected, which further increases liquidity risks
    for the government.

The key difference between the drivers underlying the rating
action and Moody's previous actions on Cyprus is the increase in
the country's liquidity risk in a short period of time. This is a
new risk factor that was not present when Moody's downgraded
Cyprus' bond ratings to B3 from Ba3 in October 2012. The rating
action in October focused on the profound difficulties in the
Cypriot banking sector, which creates both a macroeconomic risk
and a solvency risk for the government.

RATINGS RATIONALE

Rationale for the Review for Downgrade

The first driver behind Moody's decision to place Cyprus's B3
ratings on review for downgrade is the slow pace of negotiations
with the Troika, which raises liquidity risks for the country.
Cyprus requested assistance in June, but negotiations only began
in mid-November. Given that politically controversial measures
such as significant changes in the structure of public
expenditures (like the linkage between public-sector wages and
inflation) and privatizations are high priorities for the Troika,
Moody's points to the risk that negotiations could potentially be
prolonged. Even if negotiations were to be concluded in 2012,
Moody's considers it unlikely that any assistance will be
disbursed in 2012 because of the length of time that it takes for
euro area national parliaments to agree to any new assistance
program. Moreover, the country's political and election calendar,
in particular Cyprus's presidential election due on February 17,
2013, materially raises the risk of a delay in agreeing the
conditionality and disbursement of assistance until late in the
first quarter of 2013.

The second key driver underlying Moody's review of Cyprus's
sovereign rating is the extent of deterioration in the country's
fiscal position in a short period of time, which is further
heightening liquidity risk given the government's limited market
access. The deterioration reflects a number of factors including
declining revenues, a sharp upturn in retirements over the course
of this year and the inclusion of debt servicing costs on loans
from the Russian government in the deficit numbers. The extent of
the deterioration is sufficiently material not just to pose
further challenges to the government's fiscal consolidation
program, but to materially heighten liquidity risk given the
government's very limited market access. Moody's notes that the
Cypriot government has been without international market access
for well over a year, but can still issue T-bills in its domestic
market. In 2011, the country received liquidity support from the
government of Russia, but public statements indicate that further
Russian support is likely to be linked to any Troika program. At
the same time, the weaker macroeconomic environment has taken its
toll on revenues, while the benefits stemming from expenditure
reductions have to some extent been offset by rising expenditure
on pensions and interest costs, as reflected by Moody's recent
upward revision of Cyprus's 2012 deficit forecast to 5.7% of GDP
from the previous estimate of 4.9%.

Factors to be Considered in the Review

The review of Cyprus's sovereign rating will focus on three
issues.

- Most immediately, Moody's will monitor the Cypriot
   government's ability to access short-term funding while the
   Troika negotiations continue. The rating agency expects that
   this access will remain sufficient for the government to meet
   its funding needs, but evidence to the contrary would likely
   lead to a substantial downward transition in the rating.

- Secondly, Moody's will monitor the progress and outcome of
   Cyprus's negotiations with the Troika.

- The rating agency will also factor in bank recapitalization
   needs, the key driver for the downgrade in October, in any
   agreed Memorandum of Understanding (MoU) against Moody's own
   central scenarios, which have been incorporated into 2013 debt
   calculations. Moody's central scenario assumes that the three
   largest Cypriot banks will require more than EUR8 billion in
   capital from the government.

What Could Move The Ratings Down/Up

Cyprus's rating could be downgraded if there is evidence that the
government's access to short-term funding will be insufficient to
meet its funding needs. The rating could also be downgraded if
the government fails to agree on a MoU with the Troika in a
timely fashion. Finally, the rating could be lowered if the MoU
incorporates banking sector recapitalization needs that are
materially higher than Moody's current estimates.

Cyprus's rating could be confirmed at its current level if an MoU
with the Troika is agreed in a timely fashion, and if banking
sector recapitalization needs are in line with Moody's current
estimates.

Upward movement in the rating is unlikely as long as debt levels
are projected to remain at very high levels. The magnitude of the
government's fiscal challenge is unlikely to decline materially
even following agreement on an MoU because of the sheer size of
the financial support needed for the banking sector.

The principal methodology used in this rating was Sovereign Bond
Ratings Methodology published in September 2008.



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F R A N C E
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PAGESJAUNES GROUPE: Moody's Affirms 'B3' CFR/PDR; Outlook Stable
----------------------------------------------------------------
Moody's Investors Service has changed the outlook on the ratings
of PagesJaunes Groupe S.A to stable from developing. Moody's has
also affirmed the company's B3 corporate family rating (CFR) and
probability of default rating (PDR) of PagesJaunes Groupe S.A,
and the rating of the EUR350 million senior secured notes due
2018 issued by PagesJaunes Finance & Co. S.C.A.

Ratings Rationale

"The change in outlook to stable from developing reflects the
agreement reached by the company with its lenders to the amend-
and-extend (A&E) request launched in May, leading to an
improvement in the company's debt maturity profile," says Tanya
Savkin, a Moody's Vice President -- Senior Analyst and lead
analyst for PagesJaunes. "However, the B3 rating continues to
incorporate concerns over the prospects of the business triggered
by the lack of year-on-year improvement, difficult prospects
facing the industry in the deteriorating macro-economic
environment as well as the company's liquidity and covenant
headroom post-refinancing."

PagesJaunes reached the required level of approval among its
lenders to partially prepay its debt maturing in November 2013
(c. EUR417 million) and extend c. EUR430 million of debt to
September 2015. The revised terms of the credit agreement also
include a dividend suspension (until net reported leverage falls
below 3.0x), scheduled debt amortization and a cash flow sweep
mechanism. The refinancing is expected to close at the end of
November.

However, the company continues to face the challenge of print
revenue decline in the increasingly uncertain macroeconomic
environment, despite the growing internet business (in particular
through mobile internet audience) and monetization of new
products. Although no marked deterioration accompanied the
company's performance during the first nine months of 2012,
PagesJaunes' revenue continued to decline, with a 2.4% year-on-
year decrease. Margins remained below last year both in internet
and print business due to the investment made to develop a
specialist sales channels to grow revenue from internet. The
company's reported gross operating margin (EBITDA before employee
profit sharing and share based payment) declined by 5% versus
prior year during the period. Moody's does not expect this trend
to reverse in the near-term.

The company's liquidity profile remains somewhat weak, given the
fully drawn revolving credit facility (RCF) (subject to scheduled
repayment and cancellation) and expected tight covenant headroom,
especially in the last quarter of 2013, when the leverage
covenant test level steps down. The RCF size will be reduced from
EUR281 million to EUR96 million in Q4 2012 and to EUR71 million
in Q4 2013 under the revised terms of the credit agreement.
Following its protracted bank negotiation process, Moody's
retains concerns about any future negotiations that may be
necessary with its creditors. Should the company seek to
refinance bank debt with more bonds, Moody's expects that this
would lead to a greater interest burden that would further weaken
free cash flow generation.

The stable outlook reflects Moody's expectation of relatively
stable operating performance with some slowdown in revenue
decline in 2013 but with continued pressure on margins.

Upward pressure on the rating could occur should stabilized
performance in PagesJaunes' revenue and EBITDA lead to adjusted
Gross debt/EBITDA falling sustainably and materially below 4.0x
and FCF / Debt increasing sustainably to at least 10%, while
maintaining a solid liquidity profile with no covenant headroom
pressure.

Downward pressure on the ratings could result from further
deterioration in operating performance, leading either to
adjusted Gross Debt/ EBITDA moving above 4.5x or free cash flow
generation becoming negative. A more weakened liquidity profile
including increased covenant pressure would also cause ratings
pressure.

The principal methodology used in rating PagesJaunes Groupe S.A.
and PagesJaunes Finance & Co. S.C.A. was the Global Publishing
Industry Methodology published in December 2011. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

PagesJaunes is the leading provider of local media advertising
and local website and digital marketing services, with the
majority of its operations (approximately 96% of 2011 total
revenue) in France and the remainder (approximately 4%) of
operations in Spain and Luxembourg. The company reported EUR1,102
million revenues in 2011. PagesJaunes is listed on the Paris
stock exchange with Mediannuaire Holding S.A. (MDH) as the main
shareholder with a 54.7% holding. MDH's shareholders are KKR
(80%) and Goldman Sachs Capital Partners (20%).


* FRANCE: Moody's Cuts Govt Bond Rating to Aa1, Keeps Neg Outlook
----------------------------------------------------------------
Moody's Investors Service has downgraded on Nov. 19, 2012,
France's government bond rating by one notch to Aa1 from Aaa. The
outlook remains negative.

The rating action follows Moody's decision on July 23, 2012 to
change to negative the outlooks on the Aaa ratings of Germany,
Luxembourg and the Netherlands. At the time, Moody's also
announced that it would assess France's Aaa sovereign rating and
its outlook, which had been changed to negative on 13 February
2012, to determine the impact of the elevated risk of a Greek
exit from the euro area, the growing likelihood of collective
support for other euro area sovereigns and stalled economic
growth. The rating action concludes this assessment.

Moody's decision to downgrade France's rating and maintain the
negative outlook reflects the following key interrelated factors:

1.) France's long-term economic growth outlook is negatively
affected by multiple structural challenges, including its
gradual, sustained loss of competitiveness and the long-standing
rigidities of its labour, goods and service markets.

2.) France's fiscal outlook is uncertain as a result of its
deteriorating economic prospects, both in the short term due to
subdued domestic and external demand, and in the longer term due
to the structural rigidities noted above.

3.) The predictability of France's resilience to future euro area
shocks is diminishing in view of the rising risks to economic
growth, fiscal performance and cost of funding. France's exposure
to peripheral Europe through its trade linkages and its banking
system is disproportionately large, and its contingent
obligations to support other euro area members have been
increasing. Moreover, unlike other non-euro area sovereigns that
carry similarly high ratings, France does not have access to a
national central bank for the financing of its debt in the event
of a market disruption.

At the same time, Moody's explains that France remains extremely
highly rated, at Aa1, because of the country's significant credit
strengths, which include (i) a large and diversified economy
which underpins France's economic resiliency, and (ii) a strong
commitment to structural reforms and fiscal consolidation, as
reflected in recent governmental announcements, which may, over
the medium term, mitigate some of the structural rigidities and
improve France's debt dynamics.

In a related rating action, Moody's has also downgraded the
ratings of Societe de Financement de l'Economie Fran‡aise (SFEF)
and Societe de Prise de Participation de l'Etat (SPPE) to Aa1
from Aaa. Furthermore, Moody's has affirmed the Prime-1 rating of
SPPE's euro-denominated commercial paper programme. The outlooks
on the ratings of the two entities remain negative. The senior
debt instruments issued by the two entities are backed by
unconditional and irrevocable guarantees from the French
government.

Ratings Rationale

The first driver underlying Moody's one-notch downgrade of
France's sovereign rating is the risk to economic growth, and
therefore to the government's finances, posed by the country's
persistent structural economic challenges. These include the
rigidities in labour and services markets, and low levels of
innovation, which continue to drive France's gradual but
sustained loss of competitiveness and the gradual erosion of its
export-oriented industrial base.

The rise in France's real effective exchange rate in recent years
contributes to this erosion of competitiveness, in particular
relative to Germany, the UK and the US. The challenge of
restoring price-competitiveness through wage moderation and cost
containment is made more difficult by France's membership of the
monetary union, which removes the adjustment mechanism that the
ability to devalue its own currency would provide.

Apart from elevated taxes and social contributions, the French
labour market is characterised by a high degree of segmentation
as a result of significant employment protection legislation for
permanent contracts. While notice periods and severance payments
are not significantly higher than they are in other European
countries, some parts of this legislation make dismissals
particularly difficult. This judicial uncertainty raises the
implicit cost of labour and creates disincentives to hire. In
addition, the definition of economic dismissal in France rules
out its use to improve a firm's competitiveness and
profitability.

Moreover, the regulation of the services market remains more
restrictive in France than it is in many other countries, as
reflected in the OECD Indicators of Product Market Regulation.
The subdued competition in the services sector also has a
negative effect on the purchasing power of households and the
input costs of enterprises. France additionally faces significant
non-price competitiveness issues that stem from low R&D intensity
compared to other EU countries.

Moody's recognises that the government recently announced
measures intended to address some of these structural challenges.
However, those measures alone are unlikely to be sufficiently
far-reaching to restore competitiveness, and Moody's notes that
the track record of successive French governments in effecting
such measures over the past two decades has been poor.

The second driver of the rating action is the elevated
uncertainty with respect to France's fiscal outlook. Moody's
acknowledges that the government's budget forecasts target a
reduction in the headline deficit to 0.3% of GDP by 2017 and a
balancing of the structural deficit by 2016. However, the rating
agency considers the GDP growth assumptions of 0.8% in 2013 and
2.0% from 2014 onwards to be overly optimistic. On top of rising
unemployment, France's consumption levels are being weighed down
by tax increases, subdued disposable income growth and a
correction in the housing market. Net exports are unlikely to
drive economic activity in light of reduced external demand, in
particular from euro area trading partners such as Italy and
Spain.

As a result, Moody's sees a continued risk of fiscal slippage and
of additional consolidation measures. Again, based on the track
record of successive governments in implementing fiscal
consolidation measures, Moody's will remain cautious when
assessing whether the consolidation effort is sufficiently deep
and sustained.

The third rating driver of Moody's downgrade of France's
sovereign rating is the diminishing predictability of the
country's resilience to future euro area shocks in view of the
rising risks to economic growth, fiscal performance and cost of
funding. In this context, France is disproportionately exposed to
peripheral European countries such as Italy through its trade
linkages and its banking system.

Moody's notes that French banks have sizable exposures to some
weaker euro area countries. As a result, despite their good loss-
absorption capacity, French banks remain vulnerable to a further
deepening of the crisis due to these exposures and their
significant -- albeit reduced -- reliance on wholesale market
funding. This vulnerability adds to the government's contingent
liabilities arising from the French banking system.

Moreover, France's credit exposure to the euro area debt crisis
has been growing due to the increased amount of euro area
resources that may be made available to support troubled
sovereigns and banks through the European Financial Stability
Facility (EFSF), the European Stability Mechanism (ESM) and the
facilities put in place by the European Central Bank (ECB). At
the same time, in case of need, France -- like other large and
highly rated euro area member states -- may not benefit from
these support mechanisms to the same extent, given that these
resources might have already been exhausted by then.

In light of the liquidity risks and banking sector risks in non-
core countries, Moody's perceives an elevated risk that at least
part of the contingent liabilities that relate to the support of
non-core euro area countries may actually crystallise for France.
The risk that greater collective support will be required for
weaker euro area sovereigns has been rising, most for notably
Spain, whose economy and government bond market are around twice
the combined size of those of Greece, Portugal and Ireland.
Highly rated member states like France are likely to bear a
disproportionately large share of this burden given their greater
ability to absorb the associated costs.

More generally, further shocks to sovereign and bank credit
markets would further undermine financial and economic stability
in France as well as in other euro area countries. The impact of
such shocks would be expected to be felt disproportionately by
more highly indebted governments such as France, and further
accentuate the fiscal and structural economic pressures noted
above. While the French government's debt service costs have been
largely contained to date, Moody's would not expect this to
remain the case in the event of a further shock. A rise in debt
service costs would further increase the pressure on the finances
of the French government, which, unlike other non-euro area
sovereigns that carry similarly high ratings, does not have
access to a national central bank that could assist with the
financing of its debt in the event of a market disruption.

The rating action on France's government bond rating was limited
to one notch given (i) the country's large and diversified
economy, which underpins France's economic resiliency, and (ii)
the government's commitment to structural reforms and fiscal
consolidation. The limited magnitude of today's rating action
also reflects an acknowledgment by Moody's of the French
government's ongoing work on a reform programme to improve the
country's competitiveness and long-term growth perspectives, with
key measures expected to be outlined in the National Pact for
Growth, Competitiveness and Employment. Moreover, on the fiscal
side, the European Treaty on the Stability, Coordination and
Governance of the Economic and Monetary Union (TSCG), known as
the "fiscal compact", will be implemented through the Organic Law
on Public Finance Planning and Governance.

RATIONALE FOR CONTINUED NEGATIVE OUTLOOK

Moody's decision to maintain a negative outlook on France's
government bond rating reflects the weak macroeconomic
environment, and the rating agency's view that the risks to the
implementation of the government's planned reforms remain
substantial. Moreover, Moody's currently also holds negative
outlooks on those Aaa-rated euro area sovereigns whose balance
sheets are expected to bear the main financial burden of support
via the operations of the EFSF, the ESM and the ECB. Apart from
France, these countries comprise Germany (Aaa negative), the
Netherlands (Aaa negative) and Austria (Aaa negative).

WHAT COULD MOVE THE RATING UP/DOWN

Moody's would downgrade France's government debt rating further
in the event of additional material deterioration in the
country's economic prospects or difficulties in implementing
reform. Substantial economic and financial shocks stemming from
the euro area debt crisis would also exert further downward
pressure on France's rating.

Given the current negative outlook on France's sovereign rating,
an upgrade is unlikely over the medium term. However, Moody's
would consider changing the outlook on France's sovereign rating
to stable in the event of a successful implementation of economic
reforms and fiscal measures that effectively strengthen the
growth prospects of the French economy and the government's
balance sheet. Upward pressure on France's rating could also
result from a significant improvement in the government's public
finances, accompanied by a reversal in the upward trajectory in
public debt.

COUNTRY CEILINGS

France's foreign- and local-currency bond and deposit ceilings
remain unchanged at Aaa. The short-term foreign-currency bond and
deposit ceilings remain Prime-1.

METHODOLOGY

The principal methodology used in determining France's ratings
was Sovereign Bond Ratings Methodology, published in September
2008.



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G E R M A N Y
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KIRCHMEDIA GMBH: Deutsche Bank May Have to Pay Up to EUR1.5-Bil.
----------------------------------------------------------------
Karin Matussek at Bloomberg News reports that a Munich court said
on Thursday Deutsche Bank AG may have to pay as much as
EUR1.5 billion (US$1.9 billion) in a case tied to the collapse of
the Kirch group of media companies.

Bloomberg relates that Judge Guido Kotschy said in a preliminary
assessment of the case that it is likely that Deutsche Bank and
former Chief Executive Officer Rolf Breuer will be found liable
in the lawsuit.  The judge said, Bloomberg cites, the damages
will range from EUR120 million to EUR1.5 billion.

The case is one of several lawsuits continuing after Leo Kirch's
July 2011 death that allege the bank secretly plotted to bring
about the demise of his media empire, Bloomberg says.  Part of
the conspiracy, they argue, was a 2002 interview on Bloomberg
Television in which Mr. Breuer said "everything that you can read
and hear" is that "the financial sector isn't prepared to provide
further" loans or equity to Kirch, according to Bloomberg.

The court scheduled another hearing for Dec. 14, Bloomberg
discloses.

Deutsche Bank rejected a possible settlement with the Kirch side
in March, Bloomberg recounts.

According to Bloomberg, a person with knowledge of the
negotiations said at that time, the lender and Mr. Kirch's heirs
discussed a possible EUR800 million settlement.  The Frankfurt-
based bank last year was said to have rejected a EUR775 million
settlement proposed by the Munich court, Bloomberg notes.

"The judge looks to have given a range with a sum that is
unacceptable to the Kirch side and includes a horror scenario for
Deutsche Bank, which is likely to help get them to settle,"
Bloomberg quotes Christian Muschick, an analyst with Silvia
Quandt Research in Frankfurt, as saying.  "The figure Deutsche
Bank was said to reject as a settlement earlier is pretty much in
the middle of the range, maybe that's where we'll end up after
all."

Judge Kotschy told the parties in October that the court was of
the preliminary opinion the Kirch side successfully showed Breuer
and Deutsche Bank intentionally wronged Kirch by obstructing the
restructuring of the group, Bloomberg relates.

                         About KirchMedia

Headquartered in Ismaning, Germany, KirchMedia GmbH --
http://www.kirchmedia.de/-- was the country's second largest
media company prior to its insolvency filing in June 2002.  The
firm's collapse, caused by a US$5.7 billion debt incurred during
an expansion drive, was Germany's biggest since World War II.
Taurus Holding is the former holding company for the Kirch
group.  The case is docketed under Case No. 14 HK O 1877/07 at
the Regional Court of Munich.



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


CORNERSTONE TITAN 2007-1: S&P Cuts Rating on Class D Notes to 'D'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Cornerstone Titan 2007-1 PLC's class C and D notes. "At the same
time, we have affirmed our 'D (sf)' rating on the class E notes.
Our ratings on the class A1, A2, and B notes are unaffected by
the rating actions," S&P said.

"The rating actions reflect our opinion on cash flow disruptions
in the transaction. As the October 2012 cash manager report
reflects, the class D, E, F, and G notes have deferred unpaid
interest. As of October 2012, the cumulative amount of deferred
interest under these classes stood at EUR2.5 million," S&P said.

S&P said it understands that the excess spread distributed to the
class X notes is not available to mitigate interest shortfalls
for the other classes of notes in this transaction. The issuer
relies on servicer advances to address timely payment of interest
on the notes. However, S&P noted, according to the transaction
documents, the back-up advance provider is not permitted to make
advances to cover interest shortfalls on the notes if such
shortfalls result from:

-- Extraordinary expenses payable to the transaction parties
    (for example, special servicing fees); or

-- The reduction of servicing advances (if any drawings are
    required, they are not allowed on the portion of the
    securitized loans that represents more than 90% of the
    securitized loans).

"We believe that it might be difficult to refinance individual
loans, and therefore we consider that the number of loans in
special servicing will likely increase within the next 18 months.
This, combined with impending lease rollovers and a declining
floating interest rate, may, in our view, exacerbate the risk of
cash flow disruptions to the senior classes of notes on future
payment dates. Our analysis indicates that the class B and C
notes may be at risk of interest shortfalls," S&P said.

                        RATING ACTIONS

"Our ratings address the timely payment of interest quarterly in
arrears, and the payment of principal no later than the legal
final maturity date in January 2017," S&P said.

"The rating actions have not resulted from a change in our
opinion on the default probability and likely recovery associated
with the remaining pool of loans backing the transaction," S&P
said.

"We have affirmed our 'D (sf)' rating on the class E notes
because this class of notes continues to experience interest
shortfalls," S&P said.

"We have lowered to 'D (sf)' from 'CCC- (sf)' our rating on the
class D notes because this class of notes experienced interest
shortfalls on the October 2012 payment date," S&P said.

"We have also lowered to 'CCC- (sf)' from 'B- (sf)' our rating on
the class C notes to reflect our opinion that they have become
more vulnerable to interest shortfalls," S&P said.

"Our existing ratings on the class A1, A2, and B notes already
factor in our view of liquidity risks associated with these
classes of notes. Therefore our ratings on these classes of notes
are unaffected by the rating actions," S&P said.

"We do not rate the class F and G notes," S&P said.

"We continue to monitor the situation. We are likely to take
further rating actions if the risk of interest shortfalls
increases," S&P said.

Cornerstone Titan 2007-1 is a European commercial mortgage-backed
securities (CMBS) transaction that closed in March 2007. It is
currently secured on 21 pan-European commercial real estate
loans.

            POTENTIAL EFFECTS OF PROPOSED CRITERIA CHANGES

"On Nov. 7, 2012, we published our updated criteria for European
CMBS securities. The criteria update refines the approach to
rating European CMBS transactions, and provides a more
transparent framework for analyzing the commercial real estate
assets and transaction structures commonly associated with
European CMBS. We expect that the criteria update will have a
moderate impact on outstanding ratings on European CMBS, based on
a sample of transactions we tested. The impact on investment-
grade ratings is likely to be greater than that on speculative-
grade ratings," S&P said.

"These criteria will be effective for all in-scope ratings from
Dec. 6, 2012, at which time we expect to place all the ratings
likely to be affected on CreditWatch. We expect to resolve any
rating changes within six months of the effective date of the
criteria," S&P said.

              STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

           http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class            Rating
           To               From

Cornerstone Titan 2007-1 PLC
EUR1.322 Billion Commercial Mortgage-Backed Floating-Rate Notes

Ratings Lowered

C         CCC-(sf)         B- (sf)
D         D (sf)           CCC-(sf)

Rating Affirmed

E         D (sf)

Ratings Unaffected

A1        A+ (sf)
A2        BB (sf)
B          B- (sf)


INDEPENDENT NEWS: Plans to Ask Lenders to Write Off EUR100MM Debt
-----------------------------------------------------------------
Conor Humphries at Reuters, citing Britain's Sunday Times,
reports that Independent News & Media plans to ask its lenders to
write off up to EUR100 million (US$127 million) of debt as part
of a wider overhaul.

The company on Friday said it will need urgent and substantial
restructuring in response to high levels of debt and tough
trading, Reuters relates.

According to Reuters, the newspaper reported that the company
hopes to secure agreement on the debt write-off with a consortium
of eight banks by early next year.

The report said that the restructuring will also include a rights
issue, a radical cost-cutting program, and the sale of the
company's South African unit, Reuters notes.

                  About Independent News & Media

Headquartered in Dublin, Ireland, Independent News & Media PLC
(ISE:IPD) -- http://www.inmplc.com/-- is engaged in printing and
publishing of metropolitan, national, provincial and regional
newspapers in Australia, India, Ireland, New Zealand, South
Africa and the United Kingdom.  It also has radio operations in
Australia and New Zealand, and outdoor advertising operations in
Australia, New Zealand, South-East Asia and across Africa.  The
Company also has online operations across each of its principal
markets.  The Company has three business segments: printing,
publishing, online and distribution of newspapers and magazines
and commercial printing; radio, and outdoor advertising.  INM
publishes over 200 newspaper and magazine titles, delivering a
combined weekly circulation of over 32 million copies with a
weekly audience of over 100 million consumers.  In March 2008, it
acquired The Sligo Champion.  During the year ended December 31,
2007, the Company acquired the remaining 50% interest in
Toowoomba Newspapers Pty Ltd.


TALISMAN-3 FINANCE: S&P Cuts Ratings on 3 Note Classes to 'CC'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Talisman-3 Finance PLC's class D, E, and F notes. "At the same
time, we have withdrawn our ratings on the class B and C notes
following their full redemption," S&P said.

Talisman-3 Finance is a commercial mortgage-backed securities
(CMBS) transaction that closed in 2006. It was initially secured
against 13 loans, 12 of which have since repaid. The remaining
loan in the pool is secured by multifamily housing (the Waterloo
loan) in Germany. The outstanding note balance has reduced to
EUR47,944.603 million from EUR689.9 million at closing. The
class A notes have fully repaid since closing and the remaining
notes mature in January 2015.

"The rating actions follow the sale of the properties securing
the Berlin and Dresden Loans. A final net recovery payment of
EUR43,091,640 was received allowing for the full redemption of
the class B and C notes. As a result, we have withdrawn our 'A
(sf)' ratings on Talisman-3 Finance's class B and C notes," S&P
said.

"The sale of these properties has resulted in a principal
shortfall on both the Berlin and Dresden loans. The total amount
of principal written off on these loans totals EUR20,744,603. The
principal losses will be applied to the class D, E, and F notes
on the January 2013 interest payment date. We have lowered our
ratings on these classes of notes to 'CC (sf)' from 'CCC- (sf)'.
We expect to take further rating actions on these classes of
notes once the principal losses have been applied to the notes,"
S&P said.

                  WATERLOO LOAN (100% OF THE POOL)

"The outstanding Waterloo Loan has a current loan principal
balance of EUR27,200,000. The loan is secured by 10 multifamily
housing buildings in Mannheim and Muenster, Germany and is due to
mature in January 2013.The loan has a current reported interest
coverage ratio of 1.89x and a loan-to-value ratio of 74.92%. The
most recent portfolio revaluation was in December 2009 by Cushman
and Wakefield for EUR36.3 million, marginally down from EUR36.7
million at issuance. Although we believe that a whole-loan
refinancing by 2013 may be difficult to achieve if market
conditions persist, we do not currently anticipate principal
losses on the loan," S&P said.

                         COUNTERPARTY RISK

"As we are not seeking to rate the notes above the counterparty
ratings, there is no associated counterparty risk," S&P said.

              POTENTIAL EFFECTS OF CRITERIA CHANGES

"On Nov. 7, 2012, we published our updated criteria for rating
European CMBS. The criteria update refines the approach to rating
European CMBS transactions, and provides a more transparent
framework for analyzing the commercial real estate assets and
transaction structures commonly associated with European CMBS. We
expect that the criteria update will have a moderate impact on
outstanding ratings on European CMBS, based on a sample of
transactions we tested. The impact on investment-grade ratings is
likely to be greater than that on speculative-grade ratings," S&P
said.

"These criteria will be effective for all in-scope ratings from
Dec. 6, 2012, at which time we expect to place all the ratings
likely to be affected on CreditWatch. We expect to resolve any
rating changes within 6 months of the effective date of the
criteria," S&P said.

RATINGS LIST

Class                        Rating
                     To                  From

Talisman-3 Finance PLC
EUR689.9 Million Commercial Mortgage-Backed Floating-Rate Notes

Ratings Lowered

D                    CC (sf)             CCC- (sf)
E                    CC (sf)             CCC- (sf)
F                    CC (sf)             CCC- (sf)

Ratings Withdrawn

B                    NR (sf)             A (sf)
C                    NR (sf)             A (sf)


TOUGHER'S OIL: Has Two Weeks to Find Investor
---------------------------------------------
Irish Independent reports that Tougher's Oil Distributors has
been given a two-week reprieve by a High Court judge before he
decides whether or not it has a reasonable prospect of survival
justifying further court protection.

The National Asset Management Agency, owed EUR53 million by the
company, had opposed an examiner being appointed to it, arguing
the business has no reasonable prospect of survival and
examinership would just mean more costs for the agency, Irish
Independent relates.

NAMA barrister Lyndon MacCann also raised issues about how
Michael McAteer of Grant Thornton was appointed interim examiner
to Tougher's by the High Court last month at the petition of the
company, Irish Independent notes.  Mr. MacCann, Irish Independent
cites, said NAMA was not informed of the intention to make that
application in breach of the NAMA Act 2009.

According to Irish Independent, Mr. MacCann said it was very
unlikely an investor would be found who would pay off the secured
creditors and then invest in the business.

Tougher's Oil Distributors is a company operating a chain of fuel
stations.



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


BANCA DELLE MARCHE: Moody's Reviews 'Ba1' Ratings for Downgrade
---------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade
Banca delle Marche's Ba1 long-term debt and deposit ratings and D
standalone bank financial strength rating (BFSR), equivalent to
ba2 standalone credit assessment. The bank's Not-Prime short-term
rating is unaffected by these rating announcements.

The decision to review the ratings for downgrade reflects Moody's
concern about the bank's deteriorating asset quality and the
adequacy of its provisions for these assets, against the backdrop
of a very challenging operating environment in Italy. The
concerns are further based on the bank's funding flexibility,
with a significant dependence in central bank funding possibly
being exacerbated by the maturity of its wholesale funding in
2014. The review will therefore focus on the bank's asset quality
development and its ability to build sufficient loan loss
provisions against non-performing assets, as well as its longer-
term funding plans.

Ratings Rationale

The banks' asset quality is weak and below average, with problem
loans as a percentage of gross loans at 14.3% at June 2012. In
particular, the bank's coverage of the different Italian problem-
loan categories is very weak and has been falling over recent
years. Following the capital increase of EUR180 million (about
10% of current total tangible common equity) in the first half of
2012, the bank's capital provides a sufficient buffer under
Moody's central scenario, but renders the bank vulnerable to
losses under the rating agency's adverse scenario. The bank's
Tier 1 ratio stood at 8.4% at June 2012, compared with a system
average of about 10%.

The bank is -- and has always been -- mainly retail funded; its
other funds currently come from the European Central Bank (about
10% as of June 2012). The rest stems from wholesale market
funding and Moody's believes that there is a risk that market
access will continue to be restricted and costly for an extended
period. As a result, uncertainty regarding when the bank will
again be able to fund itself regularly -- and on an economic
basis -- in the markets is an additional rating driver.

Macroeconomic data and the outlook for Italy was revised down
from Q2 2012 to now. Unemployment increased from 10.1% in May
2012 to 10.8% in September 2012 (as of ISTAT, the Italian
institute for statistics). According to Moody's most recent
forecast from November 2012, Italian GDP is expected to fall
between 2.0% and 3.0% in 2012 (instead of a 1-2% decline forecast
in April 2012), and between 1% and 0.0% in 2013 (rather than -
0.5% to +0.5% forecast in April 2012).

What Could Change The Rating Up/Down

As indicated by the review for downgrade, Moody's currently does
not expect any upward rating pressure. Downward rating pressure
on the bank's standalone credit assessment would primarily stem
from further asset quality deterioration, coupled with
insufficient profitability to allow an improvement in the
coverage ratio of its non-performing assets. The bank's Ba1 debt
and deposit ratings currently incorporate one notch of uplift due
to systemic (government) support, from the bank's standalone
credit strength. Therefore, any change in the BFSR will likely
have an impact on the deposit ratings.

LIST OF AFFECTED CREDIT RATINGS

  Bank Deposits Ba1 -- on review for downgrade

  Bank Financial Strength D -- on review for downgrade

  Baseline Credit Assessment ba2 -- on review for downgrade

  Adjusted Baseline Credit Assessment ba2 -- on review for
  downgrade

  Senior Unsecured -Dom Curr Ba1 -- on review for downgrade

  Subordinate -Dom Curr Ba3 -- on review for downgrade

  Jr Subordinate MTN -Dom Curr (P)B1 -- on review for downgrade

  Tier III MTN -Dom Curr (P)Ba3 -- on review for downgrade

Methodology Used

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

Banca della Marche is headquartered in Jesi, Italy.  As of June
2012, it had total assets of EUR23.9 billion.


BANCA POPOLARE: Moody's Reviews 'D+' BFSR for Downgrade
-------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the
Baa3/Prime-3 long and short-term debt and deposit ratings of
Banca Popolare di Milano (BPM) and the D+ standalone bank
financial strength rating (BFSR), equivalent to a standalone
credit assessment of ba1.

The review primarily reflects Moody's view that BPM's internal
capital generation is low and that its asset quality is
weakening, against the background of a weak economic environment.
The review will focus on the ability of BPM's new management to
improve the bank's financial flexibility.

Ratings Rationale

Moody's says that between 2011 and 2012, BPM's internal capital
generation capacity was weak, even when excluding considerable a
goodwill impairment of EUR696 million from the bank's net
results, against a continuing trend of deteriorating asset
quality.

In September 2012, the bank reported a high 31% annual increase
of gross problem loans to 10.7% of loans, with a low coverage of
loan-loss reserves, combined with continuing high concentrations
to the real-estate and corporate sectors. The bank's business
plan shows a planned reduction of its significant real-estate
concentration from 24% of loans in 2011 to a projected 21% of the
outstanding loans in 2015. In view of Moody's weak GDP growth
outlook for Italy, the deteriorating trend of BPM's asset quality
is likely to continue well into 2013, exerting pressure on the
bank's performance, even though the bank's new management seeks
to implement a business plan to improve the bank's financial
condition. During its review, Moody's will assess the extent to
which management is able to execute its plan in the face of
potential challenges both internally -- given the bank's
structural constraints to cost flexibility -- and externally,
given the macroeconomic headwinds.

Focus of the Review

During the review period Moody's will assess, among other things:

(1) How the bank addresses structural impediments to cost
     flexibility;

(2) How the bank remediates the deficiencies highlighted by the
     2011's regulatory inspection with respect to credit-risk
     management, IT and organization;

(3) The performance of the real-estate portfolio; and

(4) The impact on the bank's top-line profitability of low-cost
     ECB funding (EUR4.7 billion as of November 2012) and its
     investment in higher-yield instruments (i.e., Italian
     government bonds).

What Could Move The Ratings Up/Down

At present, there is no upwards pressure on the ratings, given
the review for downgrade. However, the following factors could
justify a confirmation of the ratings (1) material improvement in
the internal capital generation on a sustainable basis; and (2)
strengthening of the capital base (excluding the government
support of EUR500 million hybrid).

Conversely, a downgrade could result from (1) failure to
structurally strengthen the group's profitability by regaining
some cost flexibility; (2) unabated deteriorating asset-quality
trends; or (3) lower capital adequacy.

List of affected ratings:

- Senior unsecured debt and EMTN, and bank deposits: Baa3;
   (P)Baa3 / RuR down

- Short-term debt and deposit: P-3 / RuR down

- Subordinate debt and EMTN: Ba2; (P)Ba2 / RuR down

- Tier III EMTN: (P)Ba2 / RuR down

- Junior subordinate EMTN: (P)Ba3 / RuR down

- Preferred stock: B3(hyb) / RuR down

- Bank Financial Strength Rating: D+ / RuR down

- Baseline Credit Assessment: ba1 / RuR down

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


CASSA DI RISPARMIO: Moody's Reviews 'Ba3' Rating for Downgrade
--------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade
Cassa di Risparmio di Ferrara's (CR Ferrara) Ba3 long-term
deposit ratings and the D- standalone bank financial strength
rating (BFSR), equivalent to ba3 standalone credit assessment. CR
Ferrara's Not-Prime short-term rating is unaffected by this
rating action.

The decision to review the ratings for downgrade reflects Moody's
concern regarding (1) the ability of the management team to
restore CR Ferrara's profitability and ensure sufficient internal
capital generation against the backdrop of a very challenging
operating environment; (2) the bank's high stock of problem
loans; and (3) its funding flexibilities to reduce dependence on
central bank liquidity support. The review will therefore
primarily focus on whether -- in the current difficult operating
environment -- CR Ferrara's financial fundamentals can be
sufficiently improved in a short period of time to reduce the
risk of requiring external support.

Ratings Rationale

Relative to its Italian banking peers, CR Ferrara's asset quality
is amongst the worst, with problem loans as a percentage of gross
loans at 20.3%, as of December 2011. CR Ferrara's Tier 1 capital
(which stood at 8.1% at December 2011) remains vulnerable under
Moody's adverse scenario.

Given high loan-loss provisions, Moody's notes that CR Ferrara
has been loss-making for the last three years. In 2011 CR Ferrara
reported a reduced net loss of EUR22million (2010: net loss of
EUR58million, 2009: net loss of EUR78million), and while Moody's
expects its subsidiaries to be now mainly marginally loss-making,
its future profitability will depend mainly on credit-expenditure
costs. However, given its recently revised macroeconomic
forecasts, Moody's is concerned that the bank faces strong
headwinds in its restructuring program, and the review will focus
on the bank's progress versus its plans and its ability to adapt
its restructuring plans towards a harsher operating environment.
In Moody's view, CR Ferrara's management team, has been
relatively decisive in restructuring CR Ferrara. However, given
the ongoing financial crisis and the weak Italian operating
environment, Moody's notes that CR Ferrara has had to amend its
restructuring process.

CR Ferrara is a mainly retail funded institution; its other funds
currently stem from the European Central Bank, (about 23% at
December 2011), with the rest from wholesale market funding.
Moody's believes that there is a risk that market access will
continue to be restricted for an extended period. As a result,
uncertainty regarding when the bank will again be able to fund
itself regularly -- and on an economic basis --in the markets
adds uncertainty to the restructuring plan and is another credit
risk.

Moody's notes that CR Ferrara had undertaken an expansion
strategy outside its home region (total assets roughly doubled
between 2004-09), including the acquisition of a leasing and
factoring company and several newly established local retail
banks. Many of these institutions never reached break-even, and
since 2009 -- especially under new management -- CR Ferrara has
been refocusing on its core activities in its home territory. The
intention was initially to sell non-core assets and subsidiaries,
but with the crisis, this has been difficult and ultimately few
have been sold, many have been consolidated, or are in run-off.

What Could Change The Rating Up/Down

As indicated by the review for downgrade, Moody's currently does
not expect any upward rating pressure. Downward rating pressure
on the bank's standalone credit assessment would primarily be
driven by the banks success (or lack thereof) of its turnaround
plan, its ability to improve profitability and clean up its
balance sheet, thus protecting it against further asset quality
deterioration.

CR Ferrara's Ba3 deposit ratings do not currently incorporate any
uplift from systemic (government support), from the bank's
standalone credit strength. Therefore, any change in the BFSR
will likely have an impact on the deposit ratings.

Depending on Moody's assessment of the bank's financial
fundamentals, the rating agency says that CR Ferrara's ratings
might be downgraded by several notches.

List of Affected Credit Ratings

  Bank Deposits Ba3 -- on review for downgrade

  Bank Financial Strength D- -- on review for downgrade

  Baseline Credit Assessment ba3 -- on review for downgrade

  Adjusted Baseline Credit Assessment ba3 -- on review for
  downgrade

  Issuer Rating -Dom Curr Ba3 -- on review for downgrade

  Senior Unsecured MTN -Dom Curr (P)Ba3 -- on review for
  downgrade

  Subordinate MTN -Dom Curr (P)B1 -- on review for downgrade

  Jr Subordinate MTN -Dom Curr (P)B2 -- on review for downgrade

  Tier III MTN -Dom Curr (P)B1 -- on review for downgrade

Methodology Used

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

CR Ferrara is headquartered in Ferrara, Italy. As of December
2011, it had total assets of EUR7.3 billion.



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


BREEZE FINANCE: Fitch Affirms CCC Rating on EUR36.3MM Cl. B Bonds
-----------------------------------------------------------------
Fitch Ratings has affirmed Breeze Finance S.A.'s (Breeze 3) class
A and B bonds as follows:

  -- EUR222.3m class A (XS0294895999) affirmed at 'B+'; Outlook
     Negative
  -- EUR76.3m class B (XS0294895726) affirmed at 'CCC'

The affirmation reflects the transaction's stable performance in
2011 and 2012 in terms of revenue generation, as a result of much
improved wind conditions compared to 2009 and 2010 and solid
availability levels.

Historically, class A has proven to be relatively resilient, with
full debt service payments also met at the particularly testing
October 2010 payment date without the need to draw on the cash
reserve.  At the most recent payment date in October 2012, the
excess cash available after class A debt service was EUR2.5
million.

A positive development for the transaction is the German
parliament's resolution regarding the over-indebtedness provision
under the German insolvency law on November 9, 2012.  This
removes the risk that the Breeze 3 borrower may be forced into
insolvency due to formal balance sheet over-indebtedness.

The Negative Outlook however reflects, primarily, the risk of
operation and maintenance (O&M) costs materially exceeding
present projections.  Class A remains exposed to the risk of
shortfalls in cash available for debt service at the October
payment dates as a result of weak wind conditions during the
summer months, coupled with a decrease in availability and cost
increases due to the ageing of the wind turbines.  This may
result in drawings on the class A debt service reserve (class A
DSRA) to meet class A debt service in full.  As the replenishment
of class A's cash reserve is structurally subordinated to debt
service on class B, it is not expected that amounts drawn would
be paid back.

A total of EUR7.8 million of class B past debt service is
currently deferred. The transaction's historical performance
clearly suggests that a repayment in full of such class of bonds
by their scheduled maturity in 2027 is increasingly doubtful.
This could be achieved only if wind conditions in the future
where to consistently exceed the best year of performance so far.

Breeze 3 is a Luxembourg SPV that issued three classes of notes
on 19 April 2007 for an aggregate issuance amount of EUR455m to
finance the acquisition and completion of a portfolio of wind
farms located in Germany and France, as well as establishing
various reserve accounts.  The notes will be repaid from the cash
flow generated by the sale of the energy produced by the wind
farms, mainly under regulated tariffs.


CARGOLUX: OGBL Union Wants Government to Rescue Business
--------------------------------------------------------
Nicholas Comfort at Bloomberg News, citing Die Welt, reports that
the Luxembourg labor union OGBL said the government should act to
keep Cargolux from bankruptcy.

According to Bloomberg, the German newspaper said the company's
management estimates Cargolux needs EUR200 million equity.

Bloomberg notes that Welt, citing unidentified people familiar
with the matter, said Volga-Dnepr Group is in talks to supply
funds.

FlightGlobal reported on Nov. 16 that Qatar Airways is abandoning
its 35% shareholding in Cargolux after failing to push through
restructuring measures, Bloomberg relates.

Cargolux is a Luxembourg-based freight carrier.


CRC BREEZE: Fitch Cuts Rating on EUR225MM Class A Bonds to 'B'
--------------------------------------------------------------
Fitch Ratings has downgraded CRC Breeze Finance S.A.'s (Breeze 2)
class A and affirmed the class B bonds as follows:

  -- EUR226m class A (XS0253493349) downgraded to 'B' from 'B+';
     Outlook Stable
  -- EUR33m class B (XS0253496441) affirmed at 'CCC'

The downgrade of the class A bonds reflects the borrower's tight
liquidity position at the November payment dates.  A marginal
reduction in cash available for debt service as a result of low
energy production during the summer months or rising operating
and maintenance costs is a conceivable scenario, that may result
in the need to draw on the class A debt service reserve account
(class A DSRA) to meet class A debt service in full.

The wind yield in 2011 and 2012 to date improved compared to the
low wind experienced in 2009 and 2010.  However, the EUR973,000
excess cash available after servicing class A debt at the most
recent payment date in November 2012 is testament to the thin
cash cushion available for class A in case of a decline of
operating cash flows.  This compares to the EUR2.5 million of
cash available after class A debt service for Breeze 3 -- Breeze
2's closest comparable peer -- demonstrating Breeze 2's
relatively weaker financial position.

In addition, the DSRA in Breeze 2 remains partially funded. In
November 2009 -- a particularly weak wind year -- the reduction
in revenue resulted in Breeze 2's need to draw EUR2.2 million on
the class A DSRA leaving approximately EUR10.9 million available
for future withdrawals.  In contrast, Breeze 3's class A DSRA
remains fully funded despite experiencing a similar decline in
wind yield during the period.

Due to the class A DSRA's structural subordination to class B
debt service Breeze's class A debt reserve will not be
replenished as long as class B deferrals remain outstanding.  The
amount currently deferred on class B is EUR11.7 million and Fitch
does not expect that the borrower will be in the position to pay
back such amount, nor possible future additional deferred
amounts, unless energy production in the future consistently and
materially exceeds the historical average.

Fitch is aware that Breeze 2 is intending to improve the cash
flows available at November payment dates by anticipating the
payment of operating and maintenance costs from the summer period
to the winter period.  The company's pro-active management of
operations may prove helpful in mitigating the risk of future
cost pressures stemming from the increasing age of the turbines,
the expiry of manufacturer warranties and the weak financial
standing of maintenance providers.

The Stable Outlook reflects the German parliament's resolution
regarding the over-indebtedness provision under the German
insolvency law on the November 9, 2012.  This removes the risk
that the Breeze 2 borrower may be forced into insolvency due to
formal balance sheet over-indebtedness.

Fitch considers that further downside risk exists for class A
notes as a result of weak wind conditions, a decline in
availability beyond expectations or high cost increases reducing
cash available for debt service at the November payment date
leading to drawings on the class A DSRA.  A positive rating
action for class A could be the result of several years of strong
wind yield allowing class B deferrals to be repaid and class A
DSRA to be replenished and a demonstration of stable cost and
availability profile despite the aging of the turbines.

Breeze 2 is a Luxembourg special purpose vehicle that issued
three classes of notes on May 8, 2006 for an aggregate issuance
amount of EUR470 million to finance the acquisition and
completion of a portfolio of wind farms located in Germany and
France, as well as establishing various reserve accounts.  The
notes are scheduled to be repaid from the cash flow generated by
the sale of the energy produced by the wind farms, mainly under
regulated tariffs.


GEO TRAVEL: S&P Cuts Long-Term Corporate Credit Rating to 'B'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on online travel agent Geo Travel Finance
SCA Luxembourg (Odigeo) to 'B' from 'B+'. "We revised the outlook
to negative from stable," S&P said.

"At the same time, we lowered our issue rating on the group's
senior secured bank facilities to 'B+' from 'BB-'. The recovery
rating is unchanged at '2', indicating our expectations that
lenders would receive substantial (70%-90%) recovery in the event
of a payment default," S&P said.

"We also lowered our issue rating on Odigeo's senior unsecured
notes to 'CCC+' from 'B-'. The recovery rating is unchanged at
'6', indicating our expectation of negligible (0%-10%) recovery
in the event of a payment default," S&P said.

"The downgrade and outlook revision reflect our view that
Odigeo's EBITDA growth will likely be significantly lower than we
expected over the coming quarters. We base our view on the
group's weak performance in the second quarter of the fiscal year
ending March 31, 2013 (fiscal 2013), owing to deteriorating
economic conditions in Europe and continued pressure on the
travel sector. We don't expect any major improvement in the
difficult operating environment over 2013," S&P said.

"Our revised forecasts lead us to expect the group's covenant
headroom to tighten below 15% by fiscal year-end 2013, and
potentially further contract the following year. We have
therefore revised downward our assessment of Odigeo's liquidity
to 'less than adequate' from 'adequate,'" S&P said.

"We still believe the company's market position and the long-term
prospects for the online travel agent (OTA) sector remain sound.
However, under our revised base-case scenario for fiscal 2013, we
now expect net revenue growth in the low- to mid-single digits,
compared with our previous mid- to high-single digits forecast.
We further expect EBITDA growth to remain either flat or slightly
negative, on the back of anticipated margin contraction by more
than 100 basis points on fiscal 2012. We expect personnel costs
to be one of the drivers of this margin contraction, in view of
the company's strategy to expand its business. We also anticipate
a rise in marketing expenses compared with our initial estimates,
to support revenue growth and maintain current market shares on
the back of ongoing tough competition. This should place further
pressure on margins, in our view. As a result, if Odigeo's
operating performance doesn't materially improve, we believe
covenant headroom could tighten below our 15% threshold for
fiscal 2013, and further contract in fiscal 2014 to less than
10%. This would also be driven by the significant covenant step-
up embedded in the senior bank documentation," S&P said.

"In addition, we think it unlikely that Odigeo will deleverage in
line with our previous expectations to levels that we consider
commensurate with a 'B+' rating. At fiscal year-end 2012,
Odigeo's Standard & Poor's adjusted leverage ratio--including the
subordinated shareholder convertible bonds--was 6.1x (or
4.9x excluding the bonds). We believe that the group isn't likely
to meet our expectation of a leverage ratio decreasing to 5.5x
(including the subordinated convertible shareholder bonds) by
fiscal year-end 2013, considering our revised forecasts and based
on first-half results. We now forecast that Odigeo's adjusted
leverage ratio (including the subordinated convertible
shareholder bonds) will likely increase to about 6.3x (or 4.9x
excluding the bonds) by fiscal year-end 2013. The negative
outlook reflects our revised forecasts of stalling EBITDA growth
over the next 12 to 18 months, owing to challenging economic
conditions in Odigeo's main markets, which could place an
additional strain on the group's
tightening covenant headroom," S&P said.

"We could lower the ratings if Odigeo's operating performance
deteriorated further than we currently anticipate under our
revised base-case scenario. For example, if the group were unable
to increase its EBITDA above EUR110 million in fiscal 2014,
resulting in the likelihood of further covenant tightening.
Similarly, downward rating pressure could arise if free operating
cash flow falls considerably short of our expectations," S&P
said.

"We could revise the outlook to stable if we revised our
assessment of Odigeo's liquidity to 'adequate' from 'less than
adequate,' which would depend on headroom under its financial
covenants of at least 15% on a sustainable basis," S&P said.



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


CENTRAL EUROPEAN: Investor Concerned Over Company's Condition
-------------------------------------------------------------
Mark Kaufman and W&L Enterprises Ltd, owning approximately 9.5%
of Central European Distribution Corporation's outstanding common
stock, sent a letter to the members of the Board of Directors of
the CEDC.  According to Mr. Kaufman, he shared Roustam Tariko's
profound concern and deep frustration regarding the financial and
operating condition of CEDC.  Mr. Tariko is the beneficial owner
of approximately 19.5% of CEDC's outstanding common stock.

"Over the past year, CEDC has suffered a number of stunning and
inexcusable setbacks, including (1) having to restate financial
statements because of accounting errors, (2) failing to establish
any semblance of long-term leadership following the resignation
of its Chairman, Chief Executive Officer and President, (3)
missing two consecutive filing deadlines for its Form 10-Qs, (4)
violating a NASDAQ listing rule, (5) undergoing the suspension of
trading of its shares on the Warsaw Stock Exchange, (6)
disclosing potentially serious FCPA violations, and (7) failing
to solve a liquidity crisis that may result in a default under
the Company's indebtedness," Mr. Kaufman wrote.

". . . [A]s CEDC continues to lurch from crisis to crisis under
your leadership (or lack thereof), I . . . urge you in the
strongest terms to adopt a new attitude towards stewardship of
the company, to make an immediate change in the composition of
CEDC's board, and to engage directly with CEDC's major
stockholders," stated Mr. Kaufman.

A copy of the letter is available at http://is.gd/0dajK4

                             About CEDC

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

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

The Company's balance sheet at June 30, 2012, showed US$1.86
billion in total assets, US$1.68 billion in total liabilities,
US$29.55 million in temporary equity, and U$$158.10 million in
total stockholders' equity.

                             Liquidity

Certain credit and factoring facilities are coming due in 2012,
which the Company expects to renew.  Furthermore, the Company's
Convertible Senior Notes are due on March 15, 2013.  The
Company's current cash on hand, estimated cash from operations
and available credit facilities will not be sufficient to make
the repayment of principal on the Convertible Notes and, unless
the transaction with Russian Standard Corporation is completed
the Company may default on them.  The Company's cash flow
forecasts include the assumption that certain credit and
factoring facilities that are coming due in 2012 will be renewed
to manage working capital needs.  Moreover, the Company had a net
loss and significant impairment charges in 2011 and current
liabilities exceed current assets at June 30, 2012.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.

The transaction with Russian Standard Corporation is subject to
certain risks, including shareholder approval which may not be
obtained.  The Company's 2012 Annual Meeting of Stockholders,
which was postponed due to the need to restate the Company's
financial statements, is expected to be held as soon as
practicable.  The Company believes that if the transaction is
completed as scheduled, the Convertible Notes will be repaid by
their maturity date, which would substantially reduce doubts
about the Company's ability to continue as a going concern.

                           *     *     *

As reported by the TCR on Aug. 10, 2012, Standard & Poor's
Ratings Services kept on CreditWatch with negative implications
its 'CCC+' long-term corporate credit rating on U.S.-based
Central European Distribution Corp. (CEDC), the parent company of
Poland-based vodka manufacturer CEDC International sp. z o.o.

"The CreditWatch status reflects our view that uncertainties
remain related to CEDC's ongoing accounting review and that
CEDC's liquidity could further and substantially weaken if there
was a breach of covenants which could lead to the acceleration of
the payment of the 2016 notes, upon receipt of a written notice
of 25% or more of the noteholders," S&P said.

In the Oct. 9, 2012, edition of the TCR, 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.

"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.


CENTRAL EUROPEAN: S&P Cuts Corporate Credit Rating to 'CCC'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CCC' from 'CCC+'
its long-term corporate credit rating on U.S.-based Central
European Distribution Corp. (CEDC), the parent company of Poland-
based vodka manufacturer CEDC International sp. z o.o.

"At the same time, we lowered the issue rating on CEDC's senior
secured notes to 'CCC' from 'CCC+' and we lowered the issue
rating on the senior unsecured notes to 'CC' from 'CCC-'," S&P
said.

"All ratings remain on CreditWatch Negative where we originally
placed them on June 8, 2012," S&P said.

"The downgrade reflects our view that there are increasing
uncertainties regarding the refinancing of CEDC's convertible
notes due March 15, 2013. We understand the agreement that CEDC
signed in April 2012 with Russian Standard Corporation (Russian
Standard) to back the refinancing of its US$310 million
convertible notes (of which about US$270 million was outstanding
at the end of June 2012) is under re-negotiation," S&P said.

"The accounting review of the financial statements of CEDC,
announced on June 4, 2012, has concluded with restatements which
exceeded the threshold set in the refinancing agreement with
Russian Standard. In addition, CEDC filed its second-quarter 2012
results with some delay -- on Oct. 9, 2012 -- but then announced
on Nov. 10, 2012, that these results could no longer be relied
on.

CEDC also did not file its third-quarter 2012 results on time on
Nov. 9, 2012, and has announced that it currently targets filing
on Nov. 19, 2012," S&P said.

"These three events constitute a breach of some of the clauses of
the refinancing agreement. Therefore, at this stage, the
refinancing agreement does not hold, and, as per management
information, negotiations between CEDC and Russian Standard are
ongoing," S&P said.

"In our opinion, CEDC's persistent governance issues and material
internal control weaknesses are putting significant pressure on
its liquidity position. The recent events could lead to a failure
in the refinancing of the 2013 convertible notes, since at this
stage we understand that Russian Standard has no obligation to
support the refinancing. Without the support from Russian
Standard, we think that CEDC will likely default on these notes
at maturity on March 15, 2013.  We believe that CEDC's current
poor operating performance and weak standing in capital markets
will prevent the group from either repaying or refinancing the
notes," S&P said.

"CEDC's performance and metrics have weakened materially over the
past three years. EBITDA shrunk to $65 million in 2011 from more
than $200 million a few years ago, and the ratio of Standard &
Poor's adjusted debt to EBITDA exceeded 18x at the end of 2011,
and funds from operations (FFO) turned negative," S&P said.

"We see limited upside in the future, because vodka markets are
tough in Poland and Russia. Consumption is declining, while, at
the same time, customers switch from local vodkas (which is the
segment in which CEDC operates) to international spirits. In
Russia, CEDC's biggest market, there have been two excise duty
increases so far in 2012, and another 30% hike is scheduled for
Jan. 1, 2013. Excise duty increases more negatively affect the
local and typically cheaper vodkas. We therefore anticipate a
significant negative volume impact on CEDC's Russian activities
in the future," S&P said.

"The CreditWatch negative reflects our view that persistent
weaknesses in internal control and governance could render the
current negotiations on the refinancing of the looming
convertible notes unsuccessful. This would most likely lead to
CEDC's defaulting at maturity of the convertible notes on March
15, 2013," S&P said.

"We will continue to closely monitor CEDC's progress on the
refinancing of the convertible notes," S&P said.


CIECH GROUP: Moody's Rates New Senior Secured Notes '(P)B2'
-----------------------------------------------------------
Moody's Investors Service assigned a provisional (P)B2 rating to
the new EUR225 million of Senior Secured Notes to be issued by
Ciech Group Financing AB and due in 2019. Concurrently, Moody's
also assigned a (P)B2 corporate family rating (CFR) and
probability of default rating (PDR) to Ciech SA. The notes are
guaranteed by Ciech SA (Ciech) and certain of its subsidiaries
and benefit from a security package that covers over 85% of total
group assets. The outlook on all ratings is stable. Moody's has
assigned the provisional ratings pending the completion of the
refinancing transaction.

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

Ratings Rationale

Ciech Group Financing AB is issuing the notes, together with
PLN382 million of Polish Zloty notes and a PLN100 million
revolving credit facility, to refinance Ciech's existing
indebtedness. The assigned (P)B2 rating reflects the pari passu
ranking of the notes with the Polish Zloty notes and behind the
super-priority revolving credit facility.

The (P)B2 CFR factors in Ciech's solid position as the largest
regional producer of soda ash in Central Europe with production
facilities in Poland, Germany and Romania. Moody's positively
notes Ciech's low-cost production capabilities, as well as the
improved energy efficiency at the company's Polish facilities,
following recent investments. The company's competitive position
is supported by established supply relationships with leading
glass producers in the region and high transportation costs,
relative to the cost of production, which mitigate competitive
pressures from foreign suppliers and support solid operating
margins. However, the rating also recognizes risks associated
with the on-going divestment program of sizable non-core
businesses, that have significantly weaker operating and credit
characteristics, and Ciech's exposure to cyclical end markets
such as construction. Finally, the rating reflects the elevated
leverage and moderate historical operating cash flows although
balanced by the expectation that Ciech will continue to focus on
debt reduction and improving cash flow generation.

Ciech operates four soda ash and baking soda production
facilities located in Poland (2), Germany (1) and Romania (1)
making it the second-largest producer of soda ash in Europe by
capacity, after Solvay SA (Baa1 negative) and the largest
producer in Central Europe. Transportation costs can be
substantial and customers and suppliers are typically located in
close proximity to ensure cost-efficient production, thereby also
providing some barriers to entry.

Soda ash is primarily used in the production of glass for
construction, automotive and packaging end markets. Other
applications include detergents and soaps. Products in Ciech's
non-core business find their way into a variety of end markets
including paint, coatings or furniture. As such Ciech is exposed
to cyclicality, mitigated to a degree by a diversified customer
base and strong regional competitive positions in its core soda
business.

The soda ash market has seen some consolidation and recovered
following a downturn in 2009-10. It is expected to remain on a
modest growth trajectory (more so in Central Europe). The market
balance, however, remains sensitive to additional supply from
lower-cost Turkish producers that run trona-based production
processes. The rating assumes limited, if any, near-term pressure
on Ciech.

Energy represents the largest cost factor for soda ash
production, along other raw materials, such as limestone, brine
and anthracite. Ciech procures these mostly under long-term
contracts with pre-defined pricing formulas and benefits from
backwards integration into limestone, brine and energy (under a
sale and leaseback arrangement) at its German facility and into
energy at its Polish facilities. From 2013, Ciech will need to
procure emission certificates, particularly for its coal-fired
Polish facilities, which will require continued focus on energy
efficiency and environmental compliance.

Ciech retains a portfolio of non-core businesses including
Organic, Agrochemicals and Silicates & Glass, which together
accounted for 17% of company-adjusted EBITDA for the last twelve
months to September 2012. While Ciech is actively restructuring
and divesting these businesses, substantial execution risk exists
as the company may not find interested parties, suffer cost
overruns or incur unforeseen liabilities. In this context,
Moody's would particularly expect the recent divestment and
closure of Zachem to be executed as planned and within budget.

Free cash flow (FCF) generation has been somewhat limited given
moderate historical EBITDA/cash flow conversion, a high degree of
working capital volatility and significant capital expenditure
(capex). Moody's expects cash flow conversion to gradually
improve as Ciech divests low-margin businesses and reduces
restructuring costs while capex spending should reduce in 2013
following the completion of investment projects. However, Ciech
is expected to visibly invest from 2014 on to improve energy
efficiency at its Polish facilities.

The company remains leveraged following the transaction with
estimated adjusted Debt/EBITDA just below 4.0x, pro-forma, for
the last twelve months to September 2012. However, Moody's also
recognizes the debt reduction achieved by Ciech over the past
three years and expects the company to maintain its focus on
reducing leverage ahead of shareholder distributions.

Ciech falls under Moody's Government-Related Issuers: Methodology
Update, published July 2010, given the Polish government's
(37.9%) partial ownership of the company. As a result, Moody's
overlays the company's underlying credit strength with its joint
default analysis for government-related issuers (GRIs). In this
context, the assessment of Support is Low reflecting the relative
independence of Ciech in managing its operations. It also
recognizes the government's endorsement of Ciech's strategy,
which is intended to over time maximize the value of the company
and reflects the government's long-term aim to realise the
monetary value of its stake. The Dependency assessment of Low
reflects Ciech's relatively diversified revenue base with only
37% of 2011 revenues generated in Poland and minimal financial
linkages with the government. As a result, the rating does not
factor in explicit uplift to the b2 baseline credit assessment
and would also not be affected if the government were to reduce
its ownership.

Moody's views Ciech's liquidity as adequate. As of September
2012, the company had cash balances of PLN161 million and,
following the refinancing, will have an undrawn revolving credit
facility of PLN100 million. In addition, Ciech will receive EUR43
million from the sale of certain assets of its subsidiary Zachem
to BASF in the first half of 2013 following, amongst others,
regulatory approval. This should be sufficient to compensate for
swings in working capital and temporary capex peaks.

The stable outlook reflects Moody's expectation that Ciech will
successfully execute the restructuring and divestment of its non-
core businesses over time and regain its focus on the core soda
ash business while maintaining adequate liquidity.

What Could Change The Rating Up/Down

Positive rating pressure could develop if Ciech deleverages
further, supported by a successful execution of the restructuring
and divestment process, so that adjusted Debt/EBITDA decreases
below 3x and FCF/Debt increases above 5%.

Conversely, negative rating pressure could develop if any
deviations from Moody's outlined expectations occur, such as a
delay in the divestment process or a change in the competitive
dynamics of the soda business, leading to weaker operating
performance, with adjusted Debt/EBITDA reaching 4.5x and/or free
cash flow turning negative; or any liquidity pressures becoming
apparent.

The principal methodology used in rating Ciech SA and Ciech Group
Financing AB was the Global Chemical Industry Methodology
published in December 2009. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in
the U.S., Canada and EMEA published in June 2009 and the
Government-Related Issuers: Methodology Update published in July
2010.

Ciech SA, headquartered in Poland, is Europe's second-largest
soda ash producer, with a focus on Poland, Germany and Central
Europe. It also operates a number of non-core chemical businesses
that represent 17% of group EBITDA for the last twelve months to
September 2012. For the same period, the company generated
revenue and normalized EBITDA of PLN4.4 billion and PLN409
million, respectively. Ciech has been listed on the Warsaw Stock
Exchange since 2005 and its largest shareholder as of 29 August
2012 was the Polish State Treasury (37.9%).


CIECH SA: S&P Assigns Prelim. 'B' Corporate Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'B'
long-term corporate credit rating to Poland-headquartered soda
ash producer Ciech S.A. The outlook is stable.

"At the same time, we assigned our preliminary 'B' issue rating
to Ciech's EUR225 million senior secured notes. We are not rating
the company's Polish zloty (PLN) 382.3 million domestic notes and
PLN100 million revolving credit facility (RCF) due 2015," S&P
said.

"The issue rating on the EUR225 million notes is based on draft
documentation and is subject to our review of the final terms and
conditions. Any change to the final terms and conditions could
affect the ratings," S&P said.

"The preliminary ratings on Ciech reflect the company's capital
structure pro forma for the placement of the proposed EUR225
million and PLN382.3 million senior secured notes. Ciech will use
the funds to repay its existing debt. The preliminary ratings
also reflect our assessment of Ciech's business risk profile as
'weak' and its financial risk profile as 'aggressive,'" S&P said.

S&P's preliminary corporate credit rating on Ciech reflects its
stand-alone credit profile of 'b+', without any uplift for
extraordinary support from the government of the Republic of
Poland (foreign currency A-/Stable/A-2, local currency
A/Stable/A-1). Although the Polish government owns 39% of Ciech,
we view the likelihood of it providing timely and sufficient
extraordinary support to Ciech in the event of financial distress
as 'low,' as per our criteria on government-related entities.

S&P based its view of a 'low' likelihood of support on its
assessment of Ciech's:

-- 'Limited' role for the Polish government, reflecting S&P's
    view of Ciech's operations as non-strategic. Our view is
    underpinned by the privatization plan that the Polish
    Ministry of Treasury published in March 2012, in which Ciech
    was not included in the state's portfolio of strategic
    companies.

-- 'Limited' link with the government because S&P understands
    that the government may dispose of its stake in Ciech in the
    near term. In addition, there is a lack of a formal mechanism
    for the government to provide timely extraordinary support to
    Ciech. That said, the Polish government participated in
    Ciech's 2011 capital increase.

"In our view, Ciech's liquidity will remain 'adequate' post
refinancing and its soda ash business will continue to perform
satisfactorily in the fourth quarter of 2012 and in 2013,
notwithstanding the currently difficult economic climate in
Europe. We view an adjusted ratio of debt to EBITDA of up to 5x
as commensurate with the current rating," S&P said.

"Ratings upside could arise in 2013 if Ciech maintains
satisfactory profits in the soda ash business and achieves
adjusted debt to EBITDA of less than 4x on a sustainable basis.
Notably, an upgrade depends on Ciech effectively executing its
strategy of restructuring, disposing of non-core activities, and
reducing capex, which are key to our projection of the company
deleveraging in 2013," S&P said.

"Rating downside could arise if Ciech was unable to deleverage,
leading to adjusted debt to EBITDA of more than 5x. We envisage
that this could occur if margins in Ciech's soda ash business
were to deteriorate unexpectedly as a result of new capacity
additions and/or its inability to dispose of underperforming
activities," S&P said.



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


RUSSIAN AGRICULTURAL: Fitch Puts 'B' Viability Rating on RWN
------------------------------------------------------------
Fitch Ratings has placed Russian Agricultural Bank (RusAg) on
Rating Watch Negative (RWN).  The agency expects that any
downgrade of RusAg's 'BBB' Long-Term Issuer Default Ratings
(IDRs) is likely to be limited to one notch.

RATING ACTION RATIONALE, DRIVERS AND SENSITIVITIES: VIABILITY
RATING

The RWN on RusAg's 'b' Viability Rating (VR) reflects Fitch's
concerns about the bank's current asset quality and capital
positions.  These concerns are based on: i) the absence of any
disclosures from the bank on aggregate portfolio asset quality
metrics beyond end-2011; ii) the apparently very weak quality of
the bank's largest loans at end-Q312; iii) measures reportedly
planned and being discussed within the Russian government to
support the bank's capital, which in Fitch's view are likely to
be driven primarily by asset quality deterioration, and iv)
considerable uncertainty about whether the planned equity
injection will be sufficient to support the bank's solvency.  The
RWN also takes into account Fitch's long-stated concerns about
potential weaknesses in the bank's asset quality, and the
negative trends in reported loan impairment ratios up to end-
2011.

The limited information available to Fitch suggests that asset
quality may currently be significantly weaker than reported at
end-2011 (non-performing loans 12%, restructured 19%).  At end-
Q312, the largest 15 impaired loans (with payments overdue by 90
days or more) were all big enough to be among the largest 20
exposures in the overall portfolio (as of Q212), suggesting a
high proportion of impairment at the top end of the book.
However, the largest 20 loans accounted for a moderate 10% of the
total portfolio, making it difficult to extrapolate overall
portfolio quality from this sample with certainty.

At end-October 2012, RusAg's regulatory capital ratio was a
moderate 13.3%, meaning that the bank could have increased
impairment reserves to only 14% of the portfolio (from the actual
level of 10%) before breaching the minimum 10% capital ratio
requirement.  Fitch estimates that the reportedly planned equity
injection of RUB40 billion, to be made before end-2012, would
create capacity for the bank to increase reserves to
approximately 18% of the portfolio.  However, this may still
prove to be insufficient relative to the level of loan
impairment.

The VR could be downgraded if significant additional asset
quality deterioration, relative to previously reported levels, is
confirmed.  If the capital support required to sustain the bank's
solvency is substantial relative to the bank's current equity of
RUB140bn, the VR could be downgraded to 'f', indicating that the
bank has failed.  If the scale of asset quality deterioration
turns out to be moderate, and the planned equity injection is
sufficient to address this, downward pressure on the VR will be
reduced.

RATING ACTION RATIONALE, DRIVERS AND SENSITIVITIES: IDRS, SUPPORT
RATINGS, DEBT RATINGS

The RWN on RusAg's IDRs, Support Rating and debt ratings reflect
considerable uncertainty about whether the reported equity
injection will be sufficient to support RusAg's solvency, and a
lack of clarity about what other measures the Russian authorities
may take to assist the bank.  However, Fitch's base case
expectation is that sufficient support will ultimately be
forthcoming, and that the bank's problems will be addressed
without creditors incurring losses.

RusAg's 'BBB' Long-Term IDRs are currently aligned with the
Russian sovereign, and reflect Fitch's view that the bank will
likely be supported by the Russian authorities in case of need.
This reflects the bank's full government ownership, its policy
role, the track record of government support to date and the
moderate size of RusAg's balance sheet relative to the
government's available financial resources.

The reported RUB40 billion equity injection, for which an
amendment would be made to the 2012 federal budget, suggests that
the Russian authorities intend to provide support to the bank.
Other potential support measures, including further equity
injections and purchases of some of the bank's impaired loans by
other state-controlled entities, have reportedly also been
discussed at government level. However, there is currently little
clarity as to how, in what amount, and in what timeframe the
authorities are prepared to support the bank, beyond the initial
equity injection.

Any prolonged delay in the provision of necessary support, or the
adoption of recapitalization measures which Fitch deems
insufficient, could result in downward pressure on the IDRs,
although any downgrade would likely be limited to one notch to
'BBB-'.  A downgrade to sub-investment grade would only be
considered if there was a more significant weakening of
government support for the bank and/or any clear signs that
creditors may suffer losses as part of measures to strengthen the
bank's capitalization. Fitch currently views such scenarios as
unlikely.

If the Russian authorities announce measures to recapitalize
RusAg which are clearly sufficient relative to the bank's asset
quality problems, this would help support the ratings at their
current levels.

More broadly, Fitch will continue to review the Russian
government's support for state-owned banks, and whether this
support continues to be sufficiently strong to warrant aligning
the ratings of the banks with the Russian sovereign.  The 'BBB'
ratings of state-owned JSC VTB Bank and Vnesheconombank, like
RusAg, are driven by potential government support.  However, the
'BBB' rating of Sberbank of Russia is driven by its intrinsic
strength, reflected in its 'bbb' Viability Rating, and hence its
IDRs are not dependent on Fitch's view of state support.

Fitch has placed the following ratings of RusAg on RWN:

  -- Long-term IDR 'BBB'
  -- Short-term IDR 'F3'
  -- Local currency Long-term IDR 'BBB'
  -- Viability Rating 'b'
  -- National Long-term rating 'AAA(rus)'
  -- Support Rating '2'
  -- Support Rating Floor 'BBB'
  -- Senior unsecured Long-Term Rating 'BBB'
  -- Senior unsecured Short-Term Rating 'F3'
  -- Senior unsecured National Long-Term Rating 'AAA(rus)'
  -- Subordinated debt rating 'BBB-'


* KRASNODAR REGION: Fitch Rates RUB5.6-Bil. Domestic Bond 'BB+'
---------------------------------------------------------------
Fitch Ratings has assigned Krasnodar Region's RUB5.6 billion
domestic bond issue, due on November 9, 2017, within a total
registered bond issue (ISIN - RU000A0JTBA3) of RUB12 billion a
Long-term local currency rating of 'BB+' and a National Long-term
rating of 'AA(rus)'.

The region has Long-term local and foreign currency ratings of
'BB+' and a National Long-term rating of 'AA(rus)'.  The Long-
term ratings have Stable Outlooks.  The issuer's Short-term
foreign currency rating is 'B'.

The bond issue has fixed-rate step-down coupons.  The initial
coupon was set at 8.95% on November 15, 2012.  The principal will
be amortized by 30% of the initial bond issue value in May 2014
and May 2015 and by 10% of the initial bond issue value in
November 2015, May 2016, November 2016 and November 2017.  The
proceeds from the bond issue will be used to refinance maturing
debt and to fund the region's capital expenditure.



=====================================
S E R B I A   &   M O N T E N E G R O
=====================================


* SERBIA: Fitch Assigns 'BB-' Rating to US$750-Mil. Eurobond
------------------------------------------------------------
Fitch Ratings has assigned Serbia's US$750 million Eurobond, due
November 21, 2017, a 'BB-' rating.  The Eurobond has a coupon
rate of 5.25%.

The rating is in line with Serbia's Long-term foreign currency
Issuer Default Rating (IDR), which has a Negative Outlook.  The
Negative Outlook reflects the deterioration in the country's
fiscal and external financing position alongside likely weak
economic growth.



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


FONCAIXA FTGENCAT: Moody's Cuts Ratings on 2 Note Classes to Caa1
-----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of nine
classes of notes in three Spanish SME ABS transactions (FONCAIXA
FTGENCAT 3, FTA, FONCAIXA FTGENCAT 4, FTA and FONCAIXA FTGENCAT
5, FTA) originated by Caixabank (Baa3/P-3) due to insufficient
credit enhancement levels. At the same time, Moody's confirmed
the ratings of three classes of notes. The rating action
concludes the review initiated by Moody's on July 2, 2012. A
detailed list of affected ratings is available toward the end of
this press release.

Ratings Rationale

"We initially placed the notes on review because of the
application of the Spanish country ceiling, the need to assess
counterparty risk and the reassessment of needed credit
enhancement levels, in the context of increased volatility," says
Ludovic Thebault, a Moody's analyst and lead analyst for the
issuers. "Following our review, the downgrades reflect
insufficient levels of credit enhancement in the notes, given our
negative forecast for Spanish SME performance and our severe
downside scenarios for performance," adds Mr. Thebault.

As transaction performance and pool characteristics have remained
stable since the rating agency's portfolio assumptions revision
in June 2012, Moody's has maintained its default assumptions at
13.5%, 11% and 13.4%, respectively, of the portfolio current
balance for the respective three transactions.

However, Moody's has decreased its recovery rate assumptions for
all three deals to a 55% fixed recovery rate from a 65%
stochastic recovery rate. This change reflects the ongoing and
increasing difficulty in liquidating the real estate collateral
of the loans backed by a mortgage guarantee.

Moody's has also increased volatility levels in its default
scenarios for all three transactions. To reflect the instability
and deteriorating situation in Spain, the rating agency has
increased its volatility assumptions to 90%, 114% and 95%,
respectively.

Despite lower recovery and higher volatility expectations for the
transactions, Moody's confirmed the ratings of the Class A(G)
notes of FONCAIXA FTGENCAT 3, the Class D notes of FONCAIXA
FTGENCAT 4 and the Class A(S) notes of FONCAIXA FTGENCAT 5 as
credit enhancement levels were sufficient to off-set the lower
recovery rate and higher volatility assumptions. In particular,
the Class A(S) notes of FONCAIXA FTGENCAT 5 currently represent
6% of the total pool balance and are currently amortizing senior
to the other tranches. Moody's believes that it is extremely
unlikely that the Class A(S) notes will amortize pro rata with
the Class A(G) notes, given the distance to the pro rata trigger
and the amortization speed of the Class A(S) notes

-- PERFORMANCE

Historically, all three transactions have generally performed
better than Moody's Spanish SME delinquency index, and
performance has shown signs of stabilization over the last
months. Since the June 2012 review, delinquency levels in all
three transactions have remained below the Spanish index.
Delinquencies 90+ days now stand at 2.7% of current pool balance
in FONCAIXA FTGENCAT 3, 2% in FONCAIXA FTGENCAT 4, and 3% in
FONCAIXA FTGENCAT 5, versus 2.9%, 1.9% and 2.7%, respectively, in
May 2012.

-- SENSITIVITY ANALYSIS

Moody's analyzed various sensitivities of default rate and
volatility levels to test the robustness of its revised ratings.
In particular, if the revised levels of volatility were to be
increased by a further 19% (to 107.5%, 135.6% and 113.1%,
respectively), the rating of the senior tranche in each of the
three deals would remain unchanged. As such, Moody's analysis
encompasses the assessment of stressed scenarios.

-- OPERATIONAL AND COUNTERPARTY RISK

Since Moody's last rating action on 2 July 2012, the issuer
accounts were transferred to Barclays Bank PLC (A2/P-1) from
Caixabank, but Caixabank (Baa3/P-3) has remained swap
counterparty in all three transactions. The swaps provide
significant support to the notes by guaranteeing excess spread. A
downgrade of Caixabank may negatively affect the ratings of the
notes should the bank remain swap counterparty.

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 should not be negatively affected.

Methodologies

The methodologies used in these ratings were Moody's Approach to
Rating CDOs of SMEs in Europe published in February 2007,
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, and
Moody's Approach to Rating Granular SME Transactions in Europe,
Middle East and Africa published in June 2007.

Moody's used its excel-based cash flow model, Moody's ABSROM(TM),
as part of its quantitative analysis of the transaction. Moody's
ABSROM(TM) model enables users to model various features of a
standard European ABS transaction including: (i) the specifics of
the default distribution of the assets, their portfolio
amortization profile, yield or recoveries; and (ii) the specific
priority of payments, triggers, swaps and reserve funds on the
liability side of the ABS structure. Moody's ABSROM(TM) User
Guide is available on Moody's website and covers the model's
functionality as well as providing a comprehensive index of the
user inputs and outputs.

RATINGS LIST

Issuer: FONCAIXA FTGENCAT 3 Fondo de Titulizacion de Activos

    EUR449.3M A(G) Notes, Confirmed at A3 (sf); previously on
    Jul 2, 2012 Downgraded to A3 (sf) and Placed Under Review for
    Possible Downgrade

    EUR10.7M B Notes, Downgraded to Ba1 (sf); previously on
    Jul 2, 2012 A3 (sf) Placed Under Review for Possible
    Downgrade

    EUR7.8M C Notes, Downgraded to B1 (sf); previously on Jul 2,
    2012 Ba2 (sf) Placed Under Review for Possible Downgrade

    EUR6.5M D Notes, Downgraded to Caa1 (sf); previously on
    Jul 2, 2012 B3 (sf) Placed Under Review for Possible
    Downgrade

Issuer: FONCAIXA FTGENCAT 4 Fondo de Titulizacion de Activos

    EUR326M A (G) Notes, Downgraded to Baa1 (sf); previously on
    Jul 2, 2012 Downgraded to A3 (sf) and Placed Under Review for
    Possible Downgrade

    EUR9.6M B Notes, Downgraded to Ba3 (sf); previously on Jul 2,
    2012 Baa1 (sf) Placed Under Review for Possible Downgrade

    EUR7.2M C Notes, Downgraded to B2 (sf); previously on Jul 2,
    2012 Ba2 (sf) Placed Under Review for Possible Downgrade

    EUR6M D Notes, Confirmed at Caa1 (sf); previously on Jul 2,
    2012 Caa1 (sf) Placed Under Review for Possible Downgrade

Issuer: FONCAIXA FTGENCAT 5 Fondo de Titulizacion de Activos

    EUR513.1M A (S) Notes, Confirmed at A3 (sf); previously on
    Jul 2, 2012 Downgraded to A3 (sf) and Placed Under Review for
    Possible Downgrade

    EUR449.4M A (G) Notes, Downgraded to Baa2 (sf); previously on
    Jul 2, 2012 Downgraded to A3 (sf) and Placed Under Review for
    Possible Downgrade

    EUR21M B Notes, Downgraded to B1 (sf); previously on Jul 2,
    2012 Ba1 (sf) Placed Under Review for Possible Downgrade

    EUR16.5M C Notes, Downgraded to Caa1 (sf); previously on
    Jul 2, 2012 B3 (sf) Placed Under Review for Possible
    Downgrade


FTPYME BANCAJA 3: S&P Raises Rating on Class C Notes to 'BB'
------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
FTPYME Bancaja 3, Fondo de Titulizacion de Activos' (FTPYME
Bancaja 3's) class B and C notes. "At the same time, we have
affirmed our ratings on FTPYME Bancaja 3's A3(G) and D notes,"
S&P said.

"The rating actions follow our assessment of the transaction's
performance since our previous review of the underlying
portfolio's credit quality and capital structure in June 2011. We
have also applied our 2012 counterparty criteria, our criteria
for rating European small and midsize enterprise (SME)
securitizations, and our nonsovereign ratings criteria to this
transaction," S&P said.

"We have performed our credit and cash flow analysis using data
from the September 2012 trustee report. We have observed further
amortization of the class A3(G) notes in accordance with the
transaction documents. Based on the latest investor report, the
current pool factor has decreased to 6.52% compared with 9.64% in
June 2011. This has resulted in higher subordination for the
class A3(G), B, C, and D notes," S&P said.

"We have also observed a small increase to 1.58% from 1.38% in
cumulative defaults (which the transaction documents define as
loans in arrears for more than 18 months), and higher regional
concentration risk," S&P said.

"The number of loans has reduced to 421 from 2,455 at closing in
2004, with the top 10 obligors accounting for 25.24% of the
outstanding pool balance. We have taken this increased
concentration risk into account in our revised default
assumptions," S&P said.

"Geographically, obligors are located across 14 regions of Spain.
However, Valencia still accounts for about 55% of the outstanding
balance, which reflects FTPYME Bancaja 3's historical location
and origination activities," S&P said.

"The reserve fund now totals EUR1.4 million, which is less than
the required level of EUR5 million under the transaction
documents," S&P said.

"We subjected the capital structure to our cash flow analysis,
based on the methodology and assumptions outlined in our 2009
European SMEs criteria. We used the reported portfolio balance
that we considered to be performing, the reserve fund balance,
and the current weighted-average coupon. We also incorporated our
revised default and recovery rate assumptions into our cash flow
model, which we consider to be appropriate in light of the
transaction's past performance and Spain's current difficult
market conditions. We incorporated various cash flow stress
scenarios using various default patterns, interest rate
scenarios, and recovery timings," S&P said.

"In our analysis, we also assumed a stressed commingling loss
level of monthly interest and principal because the interest and
principal collections are transferred to the issuer's account
only once a month," S&P said.

"In our view, the increased credit enhancement due to the
amortization of the notes has helped to mitigate the risk of
higher defaults for the class A3(G) and B notes. We have also
observed a significant increase in available credit enhancement
for the class C notes, and have therefore raised to 'BB (sf)'
from 'B (sf)' our rating on this class of notes," S&P said.

"The effect of higher defaults, however, will make full repayment
of the class D notes unlikely because the current credit
enhancement for this class of notes is not commensurate with a
higher rating. We have therefore affirmed our 'CCC (sf)' rating
on the class D notes," S&P said.

"Although the results of our cash flow analysis suggest higher
ratings for the class A3(G) and B notes, we have affirmed our
'AA- (sf)' rating on the class A3(G) notes and raised to 'AA-
(sf)' our rating on the class B notes as a result of the
application of our nonsovereign ratings criteria. Under these
criteria, the highest rating we would assign to a structured
finance transaction is six notches above the investment-grade
rating on the country in which the securitized assets are
located. Since our rating on Spain is currently 'BBB-/A-3' with a
negative outlook, the maximum rating achievable in this
transaction is 'AA- (sf)'," S&P said.

"The transaction benefits from an interest-rate swap providing a
level of excess spread of 0.87% of the performing balance of the
loans. However, we do not give any credit to the swap in this
transaction as the swap counterparty is Caja de Ahorros de
Valencia, Castellon y Alicante (Bancaja), on which we withdrew
our rating in December 2008. Since no substitution of the swap
provider has taken place since, Bancaja became an ineligible swap
provider at the end of the remedy period that followed the rating
withdrawal," S&P said.

FTPYME Bancaja 3 closed in October 2004 and is collateralized by
loans granted to Spanish SMEs originated by Bancaja.

              STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

         http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class                  Rating
                To                      From

FTPYME Bancaja 3, Fondo de Titulizacion de Activos
EUR900 Million Floating-Rate Notes

Ratings Raised

B             AA- (sf)          A- (sf)
C             BB (sf)           B (sf)

Ratings Affirmed


A3(G)         AA- (sf)
D             CCC (sf)



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


SAS GROUP: Gets Nod From 8 Pilot/Crew Unions on New Labor Deal
--------------------------------------------------------------
Ola Kinnander at Bloomberg News reports that SAS Group's plans to
eliminate jobs and shrink the business won the backing of all
eight unions representing pilots and the bulk of cabin crew on
Monday, Nov. 19, as Scandinavia's biggest airline fights to stay
afloat.

The airline previously set a Sunday, Nov. 18, deadline to reach
deals with unions.

The Wall Street Journal's Anna Molin and Niclas Rolander relate
that the Danish union representing cabin-crew members, CAU, held
out the longest, but by midafternoon Monday agreed on a new deal.

Bloomberg, citing the unions, notes that the newly hatched deal
covers 600 Swedish cabin crew, freezing pay through 2014 and
lifting the retirement age to 65.  Spokeswoman Jennie
Zetterstroem told Bloomberg that terms accepted by the Swedish
cabin-crew group also include a tightening of travel and overtime
payments, though there are no regular salary cuts, and the union
is "very satisfied under the circumstances."

The Journal, in a separate report, cites that as part of the new
union agreements, pilots will take a pay cut corresponding to one
month's salary and be obliged to work 7% more days in a year.

SAS is targeting SEK3 billion (US$440 million) in cost reductions
as it seeks an extension of credit lines, Bloomberg discloses.
Majority of SAS' credit facilities extend through June 2013 and a
new credit deal will extend larger credit lines through the first
quarter of 2015, The Journal notes in a separate report.

"They must reach agreement with everybody or the banks won't
agree to the new credit facility," Kenneth Sivertsen, an analyst
at Arctic Securities in Oslo, said, as quoted by Bloomberg in a
Nov. 20 report.  "Presale of SAS tickets is dropping
dramatically, which means a cash hit, and suppliers of fuel and
food may start requesting payments upfront."

With the new union agreement, SAS's board has determined that the
conditions are now in place to implement its cost-savings plan
and get the credit facilities it needs, The Journal relays.  The
airline now needs parliamentary approval from Sweden and Norway,
its key shareholders along with Denmark, which is expected to be
a formality if SAS implements its plan, The Journal adds.

"This is the result of very hard work and a strong sense of
responsibility by union representatives, first and foremost," The
Journal quoted Chief Executive Rickard Gustafson as saying in
Copenhagen.  "This is a big day for SAS. Now we have laid a
foundation which we will continue to work on."

SAS AB -- http://www.sasgroup.net/-- is a Sweden-based company,
engaged in the air transport services.  It is a parent company
within SAS Group, which operates within two business areas.  The
Core SAS segment encompasses airline services in the Nordic
countries, as well as intercontinental flights through SAS
Scandinavian Airlines, as well regional airlines in Norway
through Wideroe and in Finland through Blue1.  The SAS Individual
Holdings segment comprises operations of Estonian Air, bmi, All
Cargo, Skyways, Air Greenland, Spirit and Trust.  SAS AB's fleet
encompasses ten planes.  In addition, the Company offers ground
handling services and technical maintenance for the aircraft, as
well as air freight solutions and cargo capacity on passenger
aircraft, purely cargo aircraft and cargo handling.  The Group is
also involved in the trainings within the technical aviation
field.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on Jan. 2,
2012, Moody's Investors Services maintained the Probability of
Default ratings and Long Term Corporate Family (foreign
currency) ratings of Caa1 on SAS AB at 'Caa1'.


SAS GROUP: S&P Cuts CCR to 'CCC+' on Restructuring Uncertainty
--------------------------------------------------------------
Standard and Poor's Rating Services said on Nov. 19, 2012, it
lowered to 'CCC+' from 'B-' its long-term corporate credit
rating on Sweden-based airline group SAS AB.  At the same time,
it placed the rating on CreditWatch with negative implications.

The downgrade and CreditWatch placement follow SAS' announcement
of its latest restructuring and refinancing plan.  "In our
opinion, there is uncertainty surrounding the plan and this has
damaged customer and supplier confidence in SAS.  We see a risk
that this could continue to adversely affect SAS' ticket
sales and increase its near-term liquidity risks," S&P said.

The group's major shareholders and banks have agreed to increase
the size of its revolving credit facility (RCF) to SEK3.5 billion
from SEK3.1 billion, and to extend the term to March 2015.
However, availability of the new RCF is subject to final
documentation, parliamentary approval, and a new restructuring
plan that partly depends on the support of labor unions.

SAS has managed to reach agreements in principle with the
majority of its labor unions.  "However, we believe that should
discussions with the final labor union prove unsuccessful and/or
protracted, the group would face a significant increase in near-
term liquidity risk.  This risk would be especially acute if
key suppliers tighten their payment terms, which would lead to
significant cash outflows from SAS.  Furthermore, demand in the
airline industry is highly correlated with customer confidence
and we see a risk that the uncertainty surrounding the
restructuring could lead to a material decrease in ticket
sales over the coming months. Therefore, in our opinion, it is
crucial for the group's ongoing survival that it executes its
plan in a timely manner," S&P said.

"Our current base-case credit scenario assumes that SAS is
successful in securing agreements with all of its labor unions.
However, we believe that market conditions will become
increasingly difficult for SAS in 2013, particularly taking into
consideration the damage that the ongoing restructuring has done
to its brand," S&P noted.

"We see significant downside risk to our current base case should
customer confidence deteriorate any further.  We have seen in the
past that airlines that lose customers' confidence in booking
their services lose a significant proportion of their ticket
sales in the short term," according to S&P.

The CreditWatch placement reflects the possibility of S&P
downgrading SAS further if it believes that it is unlikely to
finalize its restructuring and refinancing plan, or likely to
suffer from increased near-term liquidity risk or enter into
creditor protection.

"We aim to resolve the CreditWatch within the next three months,
once the restructuring and refinancing are finalized and we can
gauge the effect of the plan on SAS' credit quality," S&P said.
"We will assess the impact of the damage to SAS' brand, and the
effect of this damage on ticket sales, as well as the potentially
positive effect of the restructuring on SAS' cost position.



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


ATH RESOURCES: Becap Fund Acquires Some of Banking Facilities
-------------------------------------------------------------
Gareth Mackie at The Scotsman reports that ATH Resources on
Nov. 19 said a fund controlled by turnaround specialist Better
Capital had acquired some of its banking facilities.

Last month, the company's future was thrown into doubt after it
called in Deloitte to look at options including restructuring or
a sale of the business, the Scotsman recounts.

According to the Scotsman, ATH said its lenders, Clydesdale Bank
and HSBC, had sold some of its banking facilities to Becap Fund,
which is controlled by Jon Moulton's Better Capital.

The group had told investors last month that the value of their
shares could be wiped out under any restructuring, and while it
reiterated that warning, it said its new lender may be prepared
to inject new capital into the business following a review, the
Scotsman relates.

Better Capital said its fund had committed GBP15 million to the
"special purpose vehicle" used to acquire ATH's banking
facilities, the Scotsman notes.

ATH Resources is a Doncaster-based coal miner.  The company
employs more than 300 people at its five Scottish open cast
mines.


DECO 12 - UK 4: S&P Lowers Rating on Class D Notes to 'CCC-'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
DECO 12 - UK 4 PLC's class B to D notes. "At the same time, we
have affirmed our ratings on the class E and F notes. Our ratings
on the class A1 and A2 notes are unaffected by the rating
actions," S&P said.

DECO 12 - UK 4 closed in 2007. The loans were originated by
Deutsche Bank AG (London branch) and are secured by U.K.
properties.

"The rating actions follow the interest shortfalls on the class
D, E, and F notes on the October 2012 payment date. According to
the cash manager, interest shortfalls under the class D, E, and F
notes resulted from an appraisal reduction on the Borehamwood
loan, limiting the amount available to draw on the liquidity
facility for that loan. In addition, the liquidity facility
cannot be used to cover special servicing fees on the loans and
extraordinary fees/expenses incurred by the issuer are not able
to be absorbed by the class X notes," S&P said.

"In our opinion, extraordinary fees/expenses may increase in the
future, as loans are either enforced or put into receivership,
thereby incurring further costs and/or are subject to an
appraisal reduction factor. This would limit the amount available
that the liquidity facility can draw on an individual loan, which
could create increased interest shortfalls," S&P said.

"As a result of new valuations, the LMM Overseas and Group 7
Suffolk loans have both received appraisal reductions. At
present, both loans are paying interest in full. However, due to
the appraisal reductions, the liquidity facility may not be able
to cover future interest shortfalls, in particular on the LMM
Overseas loan due to its 169% appraisal reduction factor. In our
view, this increases the potential risk of shortfalls to the
higher classes of notes," S&P said.

"As a consequence of the factors, we have lowered our ratings on
the class B, C, and D notes to reflect the increased risk of cash
flow disruptions and potential interest shortfalls. We have
affirmed our ratings on the class E and F notes, which are
already rated 'D (sf)' due to continued interest shortfalls. The
ratings on the class A1 and A2 notes are unaffected by the rating
actions," S&P said.

"On Nov. 7, 2012, we published our updated criteria for rating
European commercial mortgage-backed securities. The criteria
update refines the approach to rating European CMBS transactions,
and provides a more transparent framework for analyzing the
commercial real estate assets and transaction structures commonly
associated with European CMBS. We expect that the criteria update
will have a moderate impact on outstanding ratings on European
CMBS, based on a sample of transactions we tested. The impact on
investment-grade ratings is likely to be greater than that on
speculative-grade ratings," S&P said.

"These criteria will be effective for all in-scope ratings from
Dec. 6, 2012, at which time we expect to place all the ratings
likely to be affected on CreditWatch. We expect to resolve any
rating changes within 6 months of the effective date of the
criteria," S&P said.

             STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

          http://standardandpoorsdisclosure-17g7.com

RATINGS LIST


Class              Rating
        To                   From

DECO 12 - UK 4 PLC
GBP672.884 Million Commercial Mortgage-Backed Floating-Rate Notes

Ratings Lowered

B       BBB (sf)             A- (sf)
C       B- (sf)              BB+ (sf)
D       CCC- (Sf)            B- (sf)

Ratings Affirmed

E       D (sf)
F       D (sf)

Ratings Unaffected

A1      A (sf)
A2      A (sf)


GLOBAL SHIP: Has US$8.3 Million Net Income in Third Quarter
-----------------------------------------------------------
Global Ship Lease, Inc., recorded net income of US$8.34 million
on US$39.45 million of time charter revenue for the three months
ended Sept. 30, 2012, compared with a net loss of US$935,000 on
US$38.67 million of time charter revenue for the same period
during the prior year.

For the nine months ended Sept. 30, 2012, Global Ship reported
net income of US$23.80 million on US$117.03 million of time
charter revenue, compared with a net loss of US$1.78 million on
$116.55 million of time charter revenue for the same period
during the prior year.

The Company's balance sheet at Sept. 30, 2012, showed US$907.84
million in total assets, US$549.46 million in total liabilities
and US$358.38 million in total stockholders' equity.

Ian Webber, chief executive officer of Global Ship Lease, stated,
"We generated strong results for the third quarter, despite
challenging conditions in the container shipping industry.  We
successfully maintained our entire fleet on charters during the
quarter including two charter renewals, enabling us to achieve
utilization of 99.2% and EBITDA of US$26.9 million.  With
contracted revenue for our 17 vessels of US$1.1 billion and an
average remaining charter term of 7.6 years, we are optimistic
about the outlook for our business."

Mr. Webber continued, "We repaid US$23 million of debt during the
third quarter, further strengthening our balance sheet.  Net bank
debt at September 30, 2012 was US$407.4 million and trailing 12
months Adjusted EBITDA was US$105.4 million giving a net bank
debt to Adjusted EBITDA ratio of 3.9. Due to continued pressure
on asset values, we proactively approached our bank group to
secure a waiver from our upcoming loan-to-value test due November
30, 2012. Our stable business model has enabled us to agree with
our lenders to suspend this requirement for a further two years.
With the new waiver in place, we have no exposure to the
volatility of asset values and will continue to deploy our strong
cash flow to aggressively repay debt.  Importantly, the Leverage
Ratio has no direct impact on our ability to generate stable
revenue and predictable cash flows."

A copy of the press release is available for free at:

                         http://is.gd/jVl8l9

                      About Global Ship Lease

London, England-based Global Ship Lease (NYSE: GSL, GSL.U and
GSL.WS) -- http://www.globalshiplease.com/-- is a containership
charter owner.  Incorporated in the Marshall Islands, Global Ship
Lease commenced operations in December 2007 with a business of
owning and chartering out containerships under long-term, fixed
rate charters to world class container liner companies.

Global Ship Lease owns 17 vessels with a total capacity of 66,297
TEU with a weighted average age at June 30, 2010, of 6.3 years.
All of the current vessels are fixed on long-term charters to CMA
CGM with an average remaining term of 8.6 years.  The Company has
contracts in place to purchase two 4,250 TEU newbuildings from
German interests for approximately $77 million each that are
scheduled to be delivered in the fourth quarter of 2010.  The
Company also has agreements to charter out these newbuildings to
Zim Integrated Shipping Services Limited for seven or eight years
at charterer's option.

As reported in the Dec. 1, 2012, edition of the TCR, Global Ship
Lease disclosed that it had entered into an agreement with its
lenders to waive until Nov. 30, 2012, the requirement under its
credit facility to conduct loan-to-value tests.  The credit
facility requires that loan-to-value, which is the ratio of
outstanding borrowings under the credit facility to the aggregate
charter-free market value of the secured vessels, cannot exceed
75%.


MALL FUNDING: S&P Lowers Rating on Class A Notes to 'BB+'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'BB+ (sf)' from
'BBB- (sf)' its credit rating on The Mall Funding PLC's class A
notes.

"The Mall Funding is a single-borrower secured loan transaction
backed by a portfolio of U.K. shopping centers. We initially
assigned ratings to this transaction when it closed in April
2005, when it had a securitized balance of GBP1.06 billion. A tap
issuance occurred in September 2006, increasing the number of
assets to 23 and the note balance to GBP1.435 billion. In 2010,
the transaction was restructured, extending the loan maturity to
2015 and legal final maturity to 2017. There are currently eight
remaining shopping centers with an aggregate senior loan balance
of GBP570 million," S&P said.

"We have taken the rating action in light of our view on the
continued challenges posed in the current U.K. commercial real
estate market, which have led to decline in net operating income
for the underlying assets in this transaction," S&P said.

"In July 2010, the noteholders agreed to the proposal for a
restructuring of the transaction, which resulted in a loan
extension to April 22, 2015 (from April 22, 2012), while keeping
the tail period unchanged at two years. Amortization targets and
loan-to-value (LTV) ratio covenants were introduced from 2012 and
so far both of these have been met through a number of sales--
most recently Castle Mall Shopping Centre in Norwich," S&P said.

"Since the restructuring, the retail sector has continued to
experience difficulties, with tenants coming under pressure from
the current economic conditions and a volatile trading
environment. Tenant incentive packages have increased as have
unit vacancy periods. Together, these factors have caused a
gradual decline in rental income across the portfolio of shopping
centers," S&P said.

"These factors are likely to put further pressure on the borrower
to maintain its required amortization targets and LTV ratio
trigger. We believe that, although the loan maturity in 2015
represents time to improve income and capital appreciation
through asset management initiatives, this will continue to be a
challenge in the current economic climate and refinance risk has
therefore increased," S&P said.

"Furthermore, in our opinion, the two-year tail period could add
further pressure to dispose of the assets in a limited timeframe.
Accordingly, we have lowered our rating on the class A notes to
'BB+ (sf)' from 'BBB- (sf)'," S&P said.

"The transaction originally closed in April 2005. The loan
backing this transaction financed a portfolio of 20 U.K. shopping
centers. In October 2006, following a tap issuance, three
additional assets were added to the portfolio. The Mall Funding
is one of the largest U.K. in-town shopping center investment
vehicles and is sponsored by Aviva Investors and Capital &
Regional PLC," S&P said.

         POTENTIAL EFFECTS OF PROPOSED CRITERIA CHANGES

"On Nov. 7, 2012, we published our updated criteria for European
commercial mortgage-backed securities (CMBS). The criteria update
refines the approach to rating European CMBS transactions, and
provides a more transparent framework for analyzing the
commercial real estate assets and transaction structures commonly
associated with European CMBS. We expect that the criteria update
will have a moderate impact on outstanding ratings on European
CMBS, based on a sample of transactions we tested. The impact on
investment-grade ratings is likely to be greater than that on
speculative-grade ratings," S&P said.

"These criteria will be effective for all in-scope ratings from
Dec. 6, 2012, at which time we expect to place all the ratings
likely to be affected on CreditWatch. We expect to resolve any
rating changes within six months of the effective date of the
criteria," S&P said.

           STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

           http://standardandpoorsdisclosure-17g7.com


METRIX FUNDING I: S&P Withdraws 'BB-' Ratings on 2 Note Classes
---------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its credit ratings on
Metrix Funding No. 1 PLC's class A1, A2, A3, B1, B2, B3, C1, and
C2 notes, and affirmed and withdrew its ratings on the class D1,
D2, E1, E2, and E3 notes.

"We have withdrawn our ratings on the class A1, A2, A3, B1, B2,
B3, C1, and C2 notes as they were fully amortized on the May and
August 2012 payment dates," S&P said.

"After this, and since the pool factor was less than 10%, the
issuer fully redeemed the remaining class D1, D2, E1, E2, and E3
notes on Nov. 13, 2012. The issuer fully paid down the principal
balance and accrued interest. Therefore, we have affirmed and
withdrawn our ratings on these classes of notes," 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

Metrix Funding No. 1 PLC
EUR863.47 Million, GBP682 Million, and US$1.274 Billion Floating-
Rate Notes

Ratings Withdrawn

A1         NR              AA- (sf)
A2         NR              AA- (sf)
A3         NR              AA- (sf)
B1         NR              A- (sf)
B2         NR              A- (sf)
B3         NR              A- (sf)
C1         NR              BB- (sf)
C2         NR              BB- (sf)

Ratings Affirmed and Withdrawn

D1         CCC (sf)
           NR              CCC (sf)

D2         CCC (sf)
           NR              CCC (sf)

E1         CCC- (sf)
           NR              CCC-(sf)

E2         CCC- (sf)
           NR              CCC-(sf)

E3         CCC- (sf)
           NR              CCC-(sf)

NR - Not rated.


PHONES4U FINANCE: S&P Cuts Long-Term Corp. Credit Rating to 'B'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'B' from 'B+' its
long-term corporate credit rating on U.K.-based mobile phone
retailer Phones4u Finance PLC (Phones4u). The outlook is stable.

"At the same time, we lowered our issue rating on Phones4u's
GBP125 million super senior revolving credit facility (RCF) to
'BB-' from 'BB'. We also lowered our issue rating on the
company's GBP430 million senior secured notes to 'B' from 'B+',"
S&P said.

"The downgrade reflects our view that Phones4u's gross operating
margin will continue to decline due to strong competition, and
increasing marketing and new store costs. The ongoing decline in
the margin is likely to pressure Phones4u's business and
financial risk profiles, which we currently assess as 'weak' and
'aggressive,'" S&P said.

"Phones4u achieved 11% year-on-year sales growth in the 12 months
to Sept. 30, 2012, driven by new store openings and increased
marketing investment. However, the company's Standard & Poor's-
adjusted EBITDA margin declined to 12.8%, from 15.0% in the same
period to Sept. 30, 2011. We forecast that in the full year to
Dec. 30, 2012 (financial 2012), reported EBITDA will be broadly
in line with 2011, at about GBP120 million," S&P said.

"While Phones4u's year-to-date sales growth of about 15% is
broadly line with our forecasts for financial 2012, flat earnings
and the declining operating margin have caused the company's
credit metrics to fall below our guidelines for a 'B+' rating.
This rating reflected our previous assumptions of both sales and
EBITDA margin growth, and consequently significant deleveraging
in terms of our lease-adjusted debt-to-EBITDA ratio. For
financial 2012, we now anticipate that Phone4u's adjusted debt to
EBITDA will be close to 5x, and funds from operations (FFO) to
debt will be slightly less than 15%, with both ratios being weak
for an 'aggressive' financial risk profile," S&P said.

"Phones4u has been unable to grow its earnings despite sales
growth on the back of its rapid store expansion strategy (it
opened about 70 new stores in 2012). This is because Phones4u
faces increasing price competition from its main competitor
Carphone Warehouse Europe (not rated), and from mobile network
operators such as Everything Everywhere (BBB-/Positive/A-3);
Vodafone Group PLC (A-/Stable/A-2); and O2, which is part of
Telefonica S.A. (BBB/Watch Neg/A-2)," S&P said.

"In our view, Phones4u should be able to generate positive
discretionary cash flow and offset ongoing margin pressure to
some degree through revenue growth on the back of new store
openings and continued demand for new mobile devices," S&P said.

"We could lower the rating if Phones4u does not achieve revenue
growth in the mid-single digits, or if its gross operating margin
continues to deteriorate, causing earnings to fall, adjusted debt
to EBITDA to sustainably exceed 5x, or discretionary cash flow to
turn negative. Ratings pressure may also arise if Phones4u adopts
more aggressive financial policies to fund shareholder
remuneration or if it increases capex significantly to expand
into new areas of business," S&P said.

"A positive rating action would be linked to stabilizing margins
and strong earnings growth, with adjusted debt to EBITDA falling
to less than 4x and FFO to debt rising to more than 20%," S&P
said.


PIONEER POINT: Seeks Recognition of UK Proceedings
--------------------------------------------------
Administrators of Pioneer Point Limited filed a Chapter 15
bankruptcy petition in Manhattan (Bankr. S.D.N.Y. Case No.
12-14615) to seek recognition of the company's administration
proceeding in the United Kingdom.

Formerly known as Empire (SPV) Limited, Pioneer is the owner of a
real estate development project in Ilford, England, consisting of
two towers containing approximately 290 residential units and
several ground floor commercial units.  Pioneer breached various
obligations to Landesbank Hessen-Thuringen Gironzentrale, which
was owed GBP108.2 million as of March 2012.  After talks for a
restatement of the facility broke down, Landesbank sought
appointment of administrators under the Insolvency Act 1986 of
the United Kingdom.

The administrators, namely Trevor Patrick O'Sullivan and David
John Dunckley, both from Grant Thornton UK LLP, filed the
Chapter 15 petition with a U.S. bankruptcy court to avoid and
resolve disputes with Global Design Strategies LLC.

Pursuant to an agreement dated Sept. 8, 2010, New York-based GDS
agreed to provide certain art and design consultancy services in
connection with the development of Pioneer's properties.  In
September, GDS tendered an invoice in the sum of GBP407,000.

The administrators are concerned that, within the context of any
future dispute with GDS, GDS may commence legal or arbitral
proceedings against Pioneer in New York pursuant to the GDS
Agreement which endows the courts of New York with exclusive
jurisdiction over any such disputes.

The administrators say that the cost of defending any legal or
arbitral proceedings in New York would be prohibitively expensive
as well as disruptive to their efforts in the U.K. proceeding to
rehabilitate Pioneer.

By granting recognition, the U.S. Bankruptcy Court would empower
the administrators to deal with any action or proceeding
commenced in the United States.


VICTORIA FUNDING: Fitch Affirms 'Csf' Rating on Class E Notes
-------------------------------------------------------------
Fitch Ratings has downgraded Victoria Funding (EMC III) plc's
commercial mortgage-backed notes due 2014 notes, as follows:

  -- GBP0.2m class D (XS0231023077) downgraded to 'BBBsf' from
     'Asf'; Outlook Negative
  -- GBP1.9m class E (XS0231024802) affirmed at 'Csf'; Recovery
     Estimate (RE) 30%

The downgrade of the class D notes reflects the short duration
until legal final maturity of the notes, in April 2014.  With
less than 18 months remaining, the agency has applied a 'BBBsf'
rating cap -- despite the low leverage of the class D notes -- in
order to reflect growing risk that unforeseen delays might
jeopardize recovery in time for bond maturity.  Meanwhile, the
reduction in the RE for the class E notes takes into
consideration further reductions in estimated net recoveries,
resulting from sharp market value declines, as a result of a
forced sale of the asset in a depressed investment market.

The collateral consists of a single Coventry-based tertiary
retail asset securing the sole loan in the pool, which is in
default.  Having failed to refinance the loan or sell the asset
prior to loan maturity (September 30, 2011), the borrower of the
Brisk loan went into bankruptcy in August 2012.  An
administrative receiver has been appointed and will be
considering what options it has in order to realise value from
the property.  As at the last interest payment date, loan
interest coverage was 1.36x, which will broaden the options
available.

However, interest due on the Brisk loan, which will increase as
penalty interest is applied, is likely to still result in the
class E notes failing to be serviced in full.  As this shortfall
falls on the class E notes, formal default of this instrument is
only a matter of time.  Given the depressed investment market and
the tertiary quality of the asset, Fitch expects a significant
loan loss to be borne exclusively by class E noteholders, as
reflected in the ratings.  The agency estimates a principal
recovery for this class in the region of 30%.



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


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

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

AUSTRIA
-------
CHRIST WATER TEC     8131204Q GR   -5754285.054  165995618.1
CHRIST WATER TEC     CWT EO        -5754285.054  165995618.1
CHRIST WATER TEC     CWTE IX       -5754285.054  165995618.1
CHRIST WATER TEC     CWT AV        -5754285.054  165995618.1
CHRIST WATER TEC     CRSWF US      -5754285.054  165995618.1
CHRIST WATER TEC     CWT PZ        -5754285.054  165995618.1
CHRIST WATER TEC     CWT EU        -5754285.054  165995618.1
CHRIST WATER-ADR     CRSWY US      -5754285.054  165995618.1
LIBRO AG             LBROF US      -110486313.8    174004185
LIBRO AG             LIB AV        -110486313.8    174004185
LIBRO AG             LIBR AV       -110486313.8    174004185
LIBRO AG             LB6 GR        -110486313.8    174004185
S&T SYSTEM I-ADR     STSQY US      -38841439.51  182832494.8
S&T SYSTEM INTEG     SYA GR        -38841439.51  182832494.8
S&T SYSTEM INTEG     SNTS IX       -38841439.51  182832494.8
S&T SYSTEM INTEG     SLSYF US      -38841439.51  182832494.8
S&T SYSTEM INTEG     SYAG IX       -38841439.51  182832494.8
S&T SYSTEM INTEG     SNT AV        -38841439.51  182832494.8
S&T SYSTEM INTEG     SYA EX        -38841439.51  182832494.8
S&T SYSTEM INTEG     SNT EO        -38841439.51  182832494.8
S&T SYSTEM INTEG     SNT EU        -38841439.51  182832494.8
S&T SYSTEM INTEG     SNTA PZ       -38841439.51  182832494.8
S&T SYSTEM INTEG     STSQF US      -38841439.51  182832494.8
S&T SYSTEM INTEG     SNTS ES       -38841439.51  182832494.8
SKYEUROPE            SKYP PW       -89480492.56  159076577.5
SKYEUROPE            SKY PW        -89480492.56  159076577.5
SKYEUROPE HLDG       SKY LI        -89480492.56  159076577.5
SKYEUROPE HLDG       SKY EO        -89480492.56  159076577.5
SKYEUROPE HLDG       SKY EU        -89480492.56  159076577.5
SKYEUROPE HLDG       SKYPLN EU     -89480492.56  159076577.5
SKYEUROPE HLDG       SKYA PZ       -89480492.56  159076577.5
SKYEUROPE HLDG       0619064D GR   -89480492.56  159076577.5
SKYEUROPE HLDG       SKYV IX       -89480492.56  159076577.5
SKYEUROPE HLDG       SKYPLN EO     -89480492.56  159076577.5
SKYEUROPE HLDG       SKY AV        -89480492.56  159076577.5
SKYEUROPE HLDG       SKURF US      -89480492.56  159076577.5
SKYEUROPE HOL-RT     SK1 AV        -89480492.56  159076577.5

BELGIUM
-------
AMERIKAANSE STOC     4163533Z BB   -1513887.956  225769572.9
ANTWERP GATEWAY      496769Z BB    -56441017.57  244539471.2
BIO ANALYTICAL R     3723198Z BB   -41974594.66  193574592.4
CHIQUITA FRESH B     3727690Z BB   -13035568.06  126531721.7
COMPAGIMMOBDU BR     3727538Z BB    -3827271.16  143566526.3
DOOSAN BENELUX S     3724234Z BB      -81416359  231093378.4
EXPLORER NV          4289181Z BB   -17703159.47  266681154.3
FINANCIETOREN NV     3729210Z BB   -42317802.71  777656536.7
IDEAL STANDARD I     4492755Z AV   -912413970.6   2064684812
IDEAL STANDARD I     0288212Z BB   -676607228.5   1580042243
IRUS ZWEIBRUCKEN     3738979Z BB   -12563627.16    113270540
JULIE LH BVBA        3739923Z BB   -32842124.57  159062205.9
KBC LEASE BELGIU     3723398Z BB    -36721028.1   2861898350
LAND VAN HOP NV      3727898Z BB   -141334.2956  138885001.8
NYNAS NV             3734766Z BB   -7050037.824  133049490.2
ORACLE BELGIUM B     4525199Z AV   -11669893.04  255041441.5
PHOTOVOLTECH NV      3557498Z BB   -37292670.76  125803177.8
SABENA SA            SABA BB       -85494497.66   2215341060
SAPPI EUROPE SA      3732894Z BB     -125372343  148685711.3
SOCIETE NATIONAL     3726762Z BB   -39045394.16  506987115.6
TELENET GRP HLDG     TNET QM       -928724199.6   5137146702
TELENET GRP HLDG     T4I TH        -928724199.6   5137146702
TELENET GRP HLDG     TNETUSD EU    -928724199.6   5137146702
TELENET GRP HLDG     TNET EU       -928724199.6   5137146702
TELENET GRP HLDG     TNET LI       -928724199.6   5137146702
TELENET GRP HLDG     TNETGBX EU    -928724199.6   5137146702
TELENET GRP HLDG     TLGHF US      -928724199.6   5137146702
TELENET GRP HLDG     TNET TQ       -928724199.6   5137146702
TELENET GRP HLDG     TNET BQ       -928724199.6   5137146702
TELENET GRP HLDG     TNET S1       -928724199.6   5137146702
TELENET GRP HLDG     TNETGBP EO    -928724199.6   5137146702
TELENET GRP HLDG     TNET EB       -928724199.6   5137146702
TELENET GRP HLDG     TNET GK       -928724199.6   5137146702
TELENET GRP HLDG     TNET EO       -928724199.6   5137146702
TELENET GRP HLDG     TNETGBX EO    -928724199.6   5137146702
TELENET GRP HLDG     T4I GR        -928724199.6   5137146702
TELENET GRP HLDG     TNET PZ       -928724199.6   5137146702
TELENET GRP HLDG     TNETUSD EO    -928724199.6   5137146702
TELENET GRP HLDG     TNET MT       -928724199.6   5137146702
TELENET GRP HLDG     3218105Q IX   -928724199.6   5137146702
TELENET GRP HLDG     TNET NQ       -928724199.6   5137146702
TELENET GRP HLDG     TNET IX       -928724199.6   5137146702
TELENET GRP HLDG     TNET BB       -928724199.6   5137146702
TELENET-STRP         TNETS BB      -928724199.6   5137146702
TELENET-UNS ADR      TLGHY US      -928724199.6   5137146702

BULGARIA
--------
PETROL AD            5PET BU       -28384533.15  365674871.9
PETROL AD            5PET GR       -28384533.15  365674871.9
PETROL AD            PETB PZ       -28384533.15  365674871.9
PETROL AD            5PET PZ       -28384533.15  365674871.9
PETROL AD            5PETEUR EU    -28384533.15  365674871.9
PETROL AD            PET BU        -28384533.15  365674871.9
PETROL AD            5PET EO       -28384533.15  365674871.9
PETROL AD            5PETEUR EO    -28384533.15  365674871.9
PETROL AD            5PET EU       -28384533.15  365674871.9

CROATIA
-------
BRODOGRADE INDUS     3MAJRA CZ     -117119941.8  803533466.7
CROATIA AIRLI-A1     CRALPA1 CZ    -7293960.057  285595600.8
CROATIA AIRLI-A2     CRALPA2 CZ    -7293960.057  285595600.8
CROATIA AIRLI-A3     CRALPA3 CZ    -7293960.057  285595600.8
CROATIA AIRLI-A4     CRALPA4 CZ    -7293960.057  285595600.8
CROATIA AIRLINES     CRALPA CZ     -7293960.057  285595600.8
CROATIA AIRLINES     CRALRA CZ     -7293960.057  285595600.8
MAGMA DD             MGMARA CZ     -14866765.08  104029164.6
OT OPTIMA TELEKO     2299892Z CZ   -84560317.57  103460989.1
OT-OPTIMA TELEKO     OPTERA CZ     -84560317.57  103460989.1

CYPRUS
------
CYPRUS AIRWA-RTS     CAIRR CY      -20708704.06  183851135.9
CYPRUS AIRWAYS       CAIRCYP EO    -20708704.06  183851135.9
CYPRUS AIRWAYS       CAIR EO       -20708704.06  183851135.9
CYPRUS AIRWAYS       CAIR EU       -20708704.06  183851135.9
CYPRUS AIRWAYS       CANR CY       -20708704.06  183851135.9
CYPRUS AIRWAYS       CAIRCYP EU    -20708704.06  183851135.9
CYPRUS AIRWAYS       CAIR CY       -20708704.06  183851135.9
CYPRUS AIRWAYS       CAIR PZ       -20708704.06  183851135.9
LIBRA GROUP PLC      LHG EU        -39648682.41  209021322.6
LIBRA GROUP PLC      LHGCYP EO     -39648682.41  209021322.6
LIBRA GROUP PLC      LHG EO        -39648682.41  209021322.6
LIBRA GROUP PLC      LHGCYP EU     -39648682.41  209021322.6
LIBRA GROUP PLC      LHG CY        -39648682.41  209021322.6
LIBRA HOLIDA-RTS     LBR CY        -39648682.41  209021322.6
LIBRA HOLIDA-RTS     LGWR CY       -39648682.41  209021322.6
LIBRA HOLIDAY-RT     3167808Z CY   -39648682.41  209021322.6
LIBRA HOLIDAYS       LHGR CY       -39648682.41  209021322.6
LIBRA HOLIDAYS G     LHG PZ        -39648682.41  209021322.6
LIBRA HOLIDAYS-P     LBHG PZ       -39648682.41  209021322.6
LIBRA HOLIDAYS-P     LBHG CY       -39648682.41  209021322.6

CZECH REPUBLIC
--------------
CKD PRAHA HLDG       297687Q GR    -89435858.16    192305153
CKD PRAHA HLDG       CKDPF US      -89435858.16    192305153
CKD PRAHA HLDG       CKDH CP       -89435858.16    192305153
CKD PRAHA HLDG       CKDH US       -89435858.16    192305153
CKD PRAHA HLDG       CDP EX        -89435858.16    192305153
SETUZA AS            SETUZA PZ     -61453764.17  138582273.6
SETUZA AS            SZA GR        -61453764.17  138582273.6
SETUZA AS            2994767Q EO   -61453764.17  138582273.6
SETUZA AS            2994755Q EU   -61453764.17  138582273.6
SETUZA AS            2994763Q EU   -61453764.17  138582273.6
SETUZA AS            SZA EX        -61453764.17  138582273.6
SETUZA AS            2994759Q EO   -61453764.17  138582273.6
SETUZA AS            SETUZA CP     -61453764.17  138582273.6
SETUZA AS            SETU IX       -61453764.17  138582273.6

DENMARK
-------
CARLSBERG IT A/S     4503891Z DC    -47938170.6  178077456.9
CIMBER STERLING      CIMBER DC     -5227729.374  192575897.9
CIMBER STERLING      CIMBE EO      -5227729.374  192575897.9
CIMBER STERLING      CIMBER BY     -5227729.374  192575897.9
CIMBER STERLING      CIMBE EU      -5227729.374  192575897.9
ELITE SHIPPING       ELSP DC       -27715991.74  100892900.3
FINANSIERINGSSEL     3977156Z DC   -2410332.543  110737536.3
GREEN WIND ENERG     G7W1 GR       -11320362.72  176234029.6
GREEN WIND ENERG     GW BY         -11320362.72  176234029.6
GREEN WIND ENERG     GW DC         -11320362.72  176234029.6
GREEN WIND ENERG     GW EO         -11320362.72  176234029.6
GREEN WIND ENERG     GW EU         -11320362.72  176234029.6
GREEN WIND ENERG     GW PZ         -11320362.72  176234029.6
GREEN WIND ENERG     GWEUR EO      -11320362.72  176234029.6
GREEN WIND ENERG     GWEUR EU      -11320362.72  176234029.6
HOLDINGSELSKABET     BODIL DC      -11320362.72  176234029.6
HOLDINGSELSKABET     BOHC IX       -11320362.72  176234029.6
JEUDAN III A/S       3986972Z DC   -85553475.79  272728794.6
NESTLE DANMARK A     3896690Z DC   -31272771.75    160779148
OBTEC                OBTEC DC      -17139908.33  134988548.1
OBTEC                OBT DC        -17139908.33  134988548.1
OBTEC-NEW SHARES     OBTECN DC     -17139908.33  134988548.1
OBTEC-OLD            OBTN DC       -17139908.33  134988548.1
OSTERFALLEDPARKE     3985676Z DC   -26063679.19  302533679.4
ROSKILDE BANK        ROSK DC       -532868894.9   7876688188
ROSKILDE BANK        RSKC IX       -532868894.9   7876688188
ROSKILDE BANK        ROSK EO       -532868894.9   7876688188
ROSKILDE BANK        RKI GR        -532868894.9   7876688188
ROSKILDE BANK        ROSKF US      -532868894.9   7876688188
ROSKILDE BANK        ROSBF US      -532868894.9   7876688188
ROSKILDE BANK        ROSK EU       -532868894.9   7876688188
ROSKILDE BANK        ROSK PZ       -532868894.9   7876688188
ROSKILDE BANK-RT     916603Q DC    -532868894.9   7876688188
ROSKILDE BAN-NEW     ROSKN DC      -532868894.9   7876688188
ROSKILDE BAN-RTS     ROSKT DC      -532868894.9   7876688188
SCANDINAVIAN BRA     SBS1 EO       -17139908.33  134988548.1
SCANDINAVIAN BRA     SBS1 BY       -17139908.33  134988548.1
SCANDINAVIAN BRA     SBSD PZ       -17139908.33  134988548.1
SCANDINAVIAN BRA     SBS1EUR EO    -17139908.33  134988548.1
SCANDINAVIAN BRA     SBS DC        -17139908.33  134988548.1
SCANDINAVIAN BRA     SBS1EUR EU    -17139908.33  134988548.1
SCANDINAVIAN BRA     SBSC IX       -17139908.33  134988548.1
SCANDINAVIAN BRA     SBS1 EU       -17139908.33  134988548.1
SUZLON WIND ENER     3985532Z DC   -50030922.82  151671948.3
TAKKER EUROPA AP     3972332Z DC   -124523598.1  163756144.6

FRANCE
------
3 SUISSES FRANCE     4724713Z FP   -77651653.29  330011633.6
ADP INGENIERIE S     4519911Z FP    -9312265.78  111844575.6
AIR COMMAND SYST     4470055Z FP   -24012413.92  236706831.5
AKERYS SERVICES      4685937Z FP   -22410493.42  137981683.2
ALCATEL-LUCENT E     3642975Z FP   -33252970.32  441703998.1
ALCATEL-LUCENT F     3647063Z FP   -794569718.3   4984960531
AL-KHATTIYA LEAS     4783713Z FP   -13423803.21  109623566.3
ALUMINIUM PECHIN     3650903Z FP   -469114028.7   1322244624
ATOS ORIGIN INTE     4519607Z FP   -15552541.61    353365367
AUTOMOBILES CITR     3648863Z FP   -298695778.9   1879542934
AUTOROUTES PARIS     ARR1 BQ       -251756893.2  10625026266
AUTOROUTES PARIS     ARR EO        -251756893.2  10625026266
AUTOROUTES PARIS     RK9 TH        -251756893.2  10625026266
AUTOROUTES PARIS     ARR EU        -251756893.2  10625026266
AUTOROUTES PARIS     ARR FP        -251756893.2  10625026266
AUTOROUTES PARIS     ARRGBX EU     -251756893.2  10625026266
AUTOROUTES PARIS     ARR IX        -251756893.2  10625026266
AUTOROUTES PARIS     ARR S1        -251756893.2  10625026266
AUTOROUTES PARIS     ARR QM        -251756893.2  10625026266
AUTOROUTES PARIS     ARR LI        -251756893.2  10625026266
AUTOROUTES PARIS     ARR TQ        -251756893.2  10625026266
AUTOROUTES PARIS     ARR EB        -251756893.2  10625026266
BELVEDERE - RTS      554451Q FP    -256191005.4  927737997.9
BELVEDERE - RTS      702036Q FP    -256191005.4  927737997.9
BELVEDERE SA         BVD EU        -256191005.4  927737997.9
BELVEDERE SA         BELV FP       -256191005.4  927737997.9
BELVEDERE SA         BELV NM       -256191005.4  927737997.9
BELVEDERE SA         BEVD IX       -256191005.4  927737997.9
BELVEDERE SA         BVD PW        -256191005.4  927737997.9
BELVEDERE SA         BED GR        -256191005.4  927737997.9
BELVEDERE SA         BVD EO        -256191005.4  927737997.9
BELVEDERE SA         BVD S1        -256191005.4  927737997.9
BELVEDERE SA         BVDRF US      -256191005.4  927737997.9
BELVEDERE SA         BED TH        -256191005.4  927737997.9
BELVEDERE SA         BVD FP        -256191005.4  927737997.9
BELVEDERE SA         BVD PZ        -256191005.4  927737997.9
BELVEDERE SA-NEW     BVDNV FP      -256191005.4  927737997.9
BELVEDERE SA-NEW     946529Q FP    -256191005.4  927737997.9
BELVEDERE SA-NEW     8198283Q FP   -256191005.4  927737997.9
BELVEDERE SA-RTS     BVDDS FP      -256191005.4  927737997.9
BROSTROM TANKERS     3641643Z FP   -115599.3207  311104377.9
BUT INTERNATIONA     3648871Z FP   -5859572.435   1100621152
CADES                211430Z FP       -1.16E+11  23006745556
CARCOOP FRANCE       4690569Z FP   -531951.7338  185621693.8
CARNAUDMETALB-N      JJNN FP       -239071932.4   6870067181
CARNAUDMETALB-N      84433Q FP     -239071932.4   6870067181
CARREFOUR HYPERM     3897338Z FP   -713257900.6   3939173302
CARRERE GROUP        CAR2 EO       -9829531.944    279906700
CARRERE GROUP        CRRHF US      -9829531.944    279906700
CARRERE GROUP        CRGP IX       -9829531.944    279906700
CARRERE GROUP        CAR2 EU       -9829531.944    279906700
CARRERE GROUP        CARG FP       -9829531.944    279906700
CARRERE GROUP        CAR FP        -9829531.944    279906700
CARRERE GROUP        CARF PZ       -9829531.944    279906700
CARRERE GROUP        XRR GR        -9829531.944    279906700
CDISCOUNT SA         4690913Z FP   -14710509.37    442569172
CMA CGM AGENCES      4746849Z FP   -8208944.552  191538369.1
CO PETROCHIMIQUE     4682369Z FP   -111509362.4  364674090.9
CROWN EUROPEAN H     3394476Q LI   -239071932.4   6870067181
CROWN EUROPEAN H     CAMBF US      -239071932.4   6870067181
CROWN EUROPEAN H     JJ FP         -239071932.4   6870067181
CROWN EUROPEAN H     1049Q LN      -239071932.4   6870067181
DESCAMPS SAS         4503139Z FP   -2912961.458  104843475.7
DOCTISSIMO           2916489Q EU   -1690819.009  135171143.2
DOCTISSIMO           0602303D GR   -1690819.009  135171143.2
DOCTISSIMO           DOC FP        -1690819.009  135171143.2
DOCTISSIMO           MDCF PZ       -1690819.009  135171143.2
DOCTISSIMO           MCOS IX       -1690819.009  135171143.2
DOCTISSIMO           2916493Q EO   -1690819.009  135171143.2
DOCTISSIMO           MDC FP        -1690819.009  135171143.2
EADS SECA            4706441Z FP   -44481565.35  121822000.7
EDENRED              QSV GR         -1310250942   5470394799
EDENRED              EDEN FP        -1310250942   5470394799
EDENRED              EDEN QM        -1310250942   5470394799
EDENRED              QSV TH         -1310250942   5470394799
EDENRED              EDEN S1        -1310250942   5470394799
EDENRED              EDEN TQ        -1310250942   5470394799
EDENRED              EDENUSD EO     -1310250942   5470394799
EDENRED              EDNMF US       -1310250942   5470394799
EDENRED              EDENUSD EU     -1310250942   5470394799
EDENRED              EDEN EO        -1310250942   5470394799
EDENRED              EDEN EU        -1310250942   5470394799
EDENRED              EDEN BQ        -1310250942   5470394799
EDENRED              EDEN EB        -1310250942   5470394799
EDENRED              EDEN IX        -1310250942   5470394799
EDENRED              EDEN PZ        -1310250942   5470394799
EDENRED-NEW          EDENV FP       -1310250942   5470394799
EDF EN OUTRE MER     4679713Z FP   -2598508.843  158364874.7
ETAM PRET A PORT     4682193Z FP   -18364165.43  175501799.4
FACONNABLE SA        226782Z FP    -19616230.99  136513429.3
FRANFINANCE LOCA     4689993Z FP   -69780982.12   1638852912
GEC 4 SAS            4518255Z FP   -91410336.97    541462091
GPN SA               4509659Z FP   -35080424.69    568887551
GRANDE PAROISSE      GAPA FP       -927267926.9    629287290
GRANDE PAROISSE      GDPXF US      -927267926.9    629287290
GRANDE PAROISSE      GDPA FP       -927267926.9    629287290
GROUPE MONITEUR      317840Z FP    -116707395.4  610106709.3
GROUPE PROGRES S     4734137Z FP   -106637565.8    154665494
HIPPO GESTION ET     4732841Z FP   -606512.6987  113032204.7
HITACHI EUROPE S     4681417Z FP   -9927515.772  110534051.7
HP ENTREPRISE SE     4698081Z FP   -97546439.37  116383810.4
I BASE               757542Z FP    -6019481.253  433636337.7
ING LEASE FRANCE     4699881Z FP   -51268061.49  363058830.9
ITM REGION PARIS     4681817Z FP   -49662079.76  124321085.9
JTEKT AUTOMOTIVE     4505819Z FP   -25670106.66  171962119.7
JTEKT AUTOMOTIVE     4504595Z FP   -17492036.59    163375360
JUNGHEINRICH FIN     4635025Z FP   -14429677.13  223424949.4
LAB DOLISOS          LADL FP       -27752176.19  110485462.4
LAB DOLISOS          DOLI FP       -27752176.19  110485462.4
MATUSSIERE & FOR     MTUSF US      -77896689.09  293868350.8
MATUSSIERE & FOR     1007765Q FP   -77896689.09  293868350.8
MEDCOST SA           MEDC NM       -1690819.009  135171143.2
MEDCOST SA           MEDC FP       -1690819.009  135171143.2
MEDCOST SA-NEW       MDCNV FP      -1690819.009  135171143.2
MILLIMAGES           8131905Q FP   -1006050.249  113454378.9
MILLIMAGES           MIL1 EU       -1006050.249  113454378.9
MILLIMAGES           MLMG IX       -1006050.249  113454378.9
MILLIMAGES           MIL1 PZ       -1006050.249  113454378.9
MILLIMAGES           MIL FP        -1006050.249  113454378.9
MILLIMAGES           MG6 GR        -1006050.249  113454378.9
MILLIMAGES           MIL S1        -1006050.249  113454378.9
MILLIMAGES           MIL1 EO       -1006050.249  113454378.9
MILLIMAGES           MLIGF US      -1006050.249  113454378.9
MILLIMAGES           MILI FP       -1006050.249  113454378.9
MILLIMAGES           MILF PZ       -1006050.249  113454378.9
MILLIMAGES - RTS     0134468D FP   -1006050.249  113454378.9
MILLIMAGES-RTS       MILDS FP      -1006050.249  113454378.9
MILLIMAGES-RTS       760037Q FP    -1006050.249  113454378.9
M-REAL ALIZAY SA     4670721Z FP   -19839749.29  142972373.7
MVCI HOLIDAYS FR     4524959Z FP   -106863949.8  221936730.6
NESTLE WATERS SU     3634879Z FP   -183402272.8  254740466.9
NESTLE WATERS SU     3634887Z FP    -11147903.4  186832176.9
NEXANS COPPER FR     4744809Z FP   -22662074.82  308626962.2
NEXTIRAONE           500526Z FP    -1983210.371  311827703.4
NORDEX FRANCE SA     4521679Z FP    -1596231.67  139011887.7
NOVASEP HOLDING      3736443Z FP   -217561272.1  476949466.1
NOVELIS FOIL FRA     4678593Z FP   -21912360.22  126180343.3
NRJ 12               4681713Z FP    -59306529.9  110796872.5
O-I MANUFACTURIN     226230Z FP    -101494197.2   1150890693
OROSDI               OROS EO       -51389802.68  181267113.2
OROSDI               OROS FP       -51389802.68  181267113.2
OROSDI               OROS EU       -51389802.68  181267113.2
OROSDI               OROS S1       -51389802.68  181267113.2
OROSDI               OROS PZ       -51389802.68  181267113.2
OROSDI-BACK          BACK IX       -51389802.68  181267113.2
OROSDI-BACK          ORBA FP       -51389802.68  181267113.2
OROSDI-RTS           ORODS FP      -51389802.68  181267113.2
PAGESJAUNES GRP      PAJGBP EO      -2572329208   1590596225
PAGESJAUNES GRP      PAJ EB         -2572329208   1590596225
PAGESJAUNES GRP      PAJ TQ         -2572329208   1590596225
PAGESJAUNES GRP      PAJUSD EU      -2572329208   1590596225
PAGESJAUNES GRP      PAJ QM         -2572329208   1590596225
PAGESJAUNES GRP      PAJ GK         -2572329208   1590596225
PAGESJAUNES GRP      QS3 TH         -2572329208   1590596225
PAGESJAUNES GRP      PAJUSD EO      -2572329208   1590596225
PAGESJAUNES GRP      PAJ PZ         -2572329208   1590596225
PAGESJAUNES GRP      QS3 GR         -2572329208   1590596225
PAGESJAUNES GRP      PAJ EO         -2572329208   1590596225
PAGESJAUNES GRP      PAJ BQ         -2572329208   1590596225
PAGESJAUNES GRP      PAJ IX         -2572329208   1590596225
PAGESJAUNES GRP      PAJ FP         -2572329208   1590596225
PAGESJAUNES GRP      PGJUF US       -2572329208   1590596225
PAGESJAUNES GRP      PAJ VX         -2572329208   1590596225
PAGESJAUNES GRP      PAJGBX EO      -2572329208   1590596225
PAGESJAUNES GRP      PAJ EU         -2572329208   1590596225
PAGESJAUNES GRP      PAJP IX        -2572329208   1590596225
PAGESJAUNES GRP      PAJ LI         -2572329208   1590596225
PAGESJAUNES GRP      PAJ NQ         -2572329208   1590596225
PAGESJAUNES GRP      PAJ S1         -2572329208   1590596225
PAGESJAUNES GRP      PAJGBX EU      -2572329208   1590596225
PEUGEOT CITROEN      3637183Z FP   -292685177.7  366568398.7
PRIDE FORAMER SA     271904Z FP    -25977905.48   1062588005
REGIE PUBLICITAI     4691033Z FP   -5262294.526  112402724.7
REGIONAL COMPAGN     3635823Z FP   -37389129.61  595811276.3
RESEAU FERRE FRA     224063Z FP     -1594878991  71610625888
RHODIA SA            RHDI GR       -72552001.48   7951699362
RHODIA SA            RHAY IX       -72552001.48   7951699362
RHODIA SA            2324015Q EO   -72552001.48   7951699362
RHODIA SA            3218857Q IX   -72552001.48   7951699362
RHODIA SA            RHAUSD EO     -72552001.48   7951699362
RHODIA SA            RHA QM        -72552001.48   7951699362
RHODIA SA            RHAGBX EO     -72552001.48   7951699362
RHODIA SA            RHA EU        -72552001.48   7951699362
RHODIA SA            RHAUSD EU     -72552001.48   7951699362
RHODIA SA            RHA BQ        -72552001.48   7951699362
RHODIA SA            RHDAF US      -72552001.48   7951699362
RHODIA SA            RHADF US      -72552001.48   7951699362
RHODIA SA            RHA EO        -72552001.48   7951699362
RHODIA SA            RHA VX        -72552001.48   7951699362
RHODIA SA            RHA S1        -72552001.48   7951699362
RHODIA SA            RHA PZ        -72552001.48   7951699362
RHODIA SA            RHAGBP EO     -72552001.48   7951699362
RHODIA SA            RHA GK        -72552001.48   7951699362
RHODIA SA            RHA EB        -72552001.48   7951699362
RHODIA SA            RHA FP        -72552001.48   7951699362
RHODIA SA            RHD GR        -72552001.48   7951699362
RHODIA SA            RHAGBX EU     -72552001.48   7951699362
RHODIA SA            RHA TQ        -72552001.48   7951699362
RHODIA SA            2324011Q EU   -72552001.48   7951699362
RHODIA SA            RHANR PZ      -72552001.48   7951699362
RHODIA SA            RHA IX        -72552001.48   7951699362
RHODIA SA            RHA NQ        -72552001.48   7951699362
RHODIA SA            RHDI TH       -72552001.48   7951699362
RHODIA SA - NEW      3156011Q FP   -72552001.48   7951699362
RHODIA SA - NEW      RHANV FP      -72552001.48   7951699362
RHODIA SA - NEW      2335921Q FP   -72552001.48   7951699362
RHODIA SA - NEW      8125782Q FP   -72552001.48   7951699362
RHODIA SA - NEW      3506266Q FP   -72552001.48   7951699362
RHODIA SA-ADR        RHAYY US      -72552001.48   7951699362
RHODIA SA-NON RE     RHANR FP      -72552001.48   7951699362
RHODIA SA-RIGHTS     RHADS FP      -72552001.48   7951699362
RHODIA SA-RIGHTS     653447Q FP    -72552001.48   7951699362
RODRIGUEZ GROUP      RGX GR        -91750912.54  173903830.1
RODRIGUEZ GROUP      ROD TQ        -91750912.54  173903830.1
RODRIGUEZ GROUP      ROD S1        -91750912.54  173903830.1
RODRIGUEZ GROUP      ROD PZ        -91750912.54  173903830.1
RODRIGUEZ GROUP      RRGZF US      -91750912.54  173903830.1
RODRIGUEZ GROUP      ROD EU        -91750912.54  173903830.1
RODRIGUEZ GROUP      RDGP IX       -91750912.54  173903830.1
RODRIGUEZ GROUP      ROD BQ        -91750912.54  173903830.1
RODRIGUEZ GROUP      ROD EO        -91750912.54  173903830.1
RODRIGUEZ GROUP      ROD FP        -91750912.54  173903830.1
SANDOZ SAS           3635111Z FP   -18996502.07  160259044.1
SDR CENTREST         117241Q FP    -132420129.5  252176017.2
SEAFRANCE SA         1707464Z FP   -1015379.945  247033398.8
SHEET ANCHOR FRA     4745417Z FP   -14101146.92  168600747.8
SIEMENS TRANSMIS     4678865Z FP   -19930279.05  315622985.4
SIEMENS VAI META     4634441Z FP   -5935043.753  301409565.6
SOC NICOISE REAL     4749097Z FP   -15642386.55  101088937.4
SOCIETE COMMERCI     4516647Z FP   -179862008.2   1576030746
SOCIETE D'AGENCE     4741441Z FP   -11128710.59  243411105.2
SOCIETE DES AUTO     SEAUF US      -251756893.2  10625026266
SOCIETE DES AUTO     ARRGBX EO     -251756893.2  10625026266
SOCIETE DES AUTO     ARR1 PZ       -251756893.2  10625026266
SOCIETE DES AUTO     ARRGBP EO     -251756893.2  10625026266
SOCIETE DES AUTO     ARR1 VX       -251756893.2  10625026266
SOCIETE DES AUTO     RK9 GR        -251756893.2  10625026266
SOCIETE DES AUTO     ARR BQ        -251756893.2  10625026266
SOCIETE DES-ADR      SEAUY US      -251756893.2  10625026266
SOGARA FRANCE        4674897Z FP   -62973.12595    362782264
SOLVAY PHARMA SA     4525911Z FP   -25551805.99  108445558.7
ST-ERICSSON GREN     4753017Z FP   -28457816.66  102361354.6
TEAM PARTNER-RTS     633323Q FP    -13557467.93    129831049
TEAM PARTNER-RTS     2841653Q FP   -13557467.93    129831049
TEAM PARTNERS        TPTRF US      -13557467.93    129831049
TEAM PARTNERS        TPGY IX       -13557467.93    129831049
TEAM PARTNERS        2347985Q EO   -13557467.93    129831049
TEAM PARTNERS        TIP FP        -13557467.93    129831049
TEAM PARTNERS        TIP PZ        -13557467.93    129831049
TEAM PARTNERS        2347981Q EU   -13557467.93    129831049
TEAM PARTNERS GR     TIPNV FP      -13557467.93    129831049
TEAM PARTNERS GR     TIPA FP       -13557467.93    129831049
TEAM PARTNERS GR     TPGP PZ       -13557467.93    129831049
TEAM PARTNERS GR     TPGP IX       -13557467.93    129831049
TEAM PARTNERS GR     TIPA EU       -13557467.93    129831049
TEAM PARTNERS GR     TIPDS FP      -13557467.93    129831049
TEAM PARTNERS GR     TIPA EO       -13557467.93    129831049
TEAM PARTNERS-N      TIPN FP       -13557467.93    129831049
TF1 VIDEO SASU       4516855Z FP   -14497962.96  104782781.8
THALES SECURITY      4701729Z FP   -426153529.7  822653430.4
THALES SERVICES      3636471Z FP   -68610758.53  645796540.3
THOMSON TELECOM      4516815Z FP   -35805908.77  528384056.4
THYSSENKRUPP SOF     4740929Z FP   -34703144.08    214714504
TRABET-TRAVAUX E     4782745Z FP   -1512762.505  110553204.9
TRANSOLVER SERVI     4521279Z FP   -36332151.84  199228520.9
TREVES               4722153Z FP   -50694749.81  386836995.6
TROUVAY CAUVIN       TVYCF US      -396977.8818  133986439.7
TROUVAY CAUVIN       ETEC FP       -396977.8818  133986439.7
TUILERIES FINANC     4701769Z FP   -3956839.937  125936634.2
VISTEON SYSTEMES     4699177Z FP   -156611406.8  305260373.5
YPSO FRANCE SAS      711227Z FP     -1351250200   4088652781
YVES ST LAURENT/     4633025Z FP   -82897369.68  390343397.3

GEORGIA
-------
DEVELICA DEUTSCH     D4B GR        -79827494.88   1139643575
DEVELICA DEUTSCH     DDE IX        -79827494.88   1139643575
DEVELICA DEUTSCH     DDE PZ        -79827494.88   1139643575
DEVELICA DEUTSCH     DDE PG        -79827494.88   1139643575
DEVELICA DEUTSCH     DDE LN        -79827494.88   1139643575

GERMANY
-------
AGOR AG              DOO S1        -482449.8788  144432986.2
AGOR AG              NDAGF US      -482449.8788  144432986.2
AGOR AG              DOO EU        -482449.8788  144432986.2
AGOR AG              DOOG IX       -482449.8788  144432986.2
AGOR AG              DOO GR        -482449.8788  144432986.2
AGOR AG              DOO EO        -482449.8788  144432986.2
AGOR AG              DOOD PZ       -482449.8788  144432986.2
AGOR AG-RTS          2301918Z GR   -482449.8788  144432986.2
ALNO AG              ANO EO        -73704044.41  211434051.7
ALNO AG              ANO S1        -73704044.41  211434051.7
ALNO AG              ANO PZ        -73704044.41  211434051.7
ALNO AG              ANO EU        -73704044.41  211434051.7
ALNO AG              ANO TH        -73704044.41  211434051.7
ALNO AG              ALNO IX       -73704044.41  211434051.7
ALNO AG              ANO GR        -73704044.41  211434051.7
ALNO AG - RTS        ANO2 GR       -73704044.41  211434051.7
ALNO AG-NEW          ANO1 GR       -73704044.41  211434051.7
ALNO AG-RTS          4123912Z GR   -73704044.41  211434051.7
ALNO AG-RTS          8174351Z GR   -73704044.41  211434051.7
ALNO AG-RTS          2259765Z GR   -73704044.41  211434051.7
BOSCH SOLAR THIN     2734946Z GR   -5092819.401  206942365.9
BROKAT AG            BRKAF US      -27134800.92  143511443.1
BROKAT AG            BROFQ US      -27134800.92  143511443.1
BROKAT AG            BKISF US      -27134800.92  143511443.1
BROKAT AG            BROAF US      -27134800.92  143511443.1
BROKAT AG -NEW       BRJ1 NM       -27134800.92  143511443.1
BROKAT AG -NEW       BRJ1 GR       -27134800.92  143511443.1
BROKAT AG-ADR        BROA US       -27134800.92  143511443.1
BROKAT TECH -ADR     BROAQ US      -27134800.92  143511443.1
BROKAT TECH AG       BRJ GR        -27134800.92  143511443.1
BROKAT TECH AG       BSA LN        -27134800.92  143511443.1
BROKAT TECH AG       BRJ NM        -27134800.92  143511443.1
BROKAT TECH-ADR      BRJA GR       -27134800.92  143511443.1
COGNIS GMBH          575202Z GR    -745013993.7   3306935972
COMMERZ REAL MOB     3988716Z GR   -4537893.206   2292335153
COMPASS GROUP DE     3896530Z GR   -45713969.85  408640427.9
CONERGY AG           CGYKUSD EO    -506044.0063  390918994.9
CONERGY AG           CGY EU        -506044.0063  390918994.9
CONERGY AG           CGY GR        -506044.0063  390918994.9
CONERGY AG           CGYKGBX EO    -506044.0063  390918994.9
CONERGY AG           CGY TQ        -506044.0063  390918994.9
CONERGY AG           CGYUSD EU     -506044.0063  390918994.9
CONERGY AG           CGYK S1       -506044.0063  390918994.9
CONERGY AG           CGYK IX       -506044.0063  390918994.9
CONERGY AG           CEYHF US      -506044.0063  390918994.9
CONERGY AG           CGYUSD EO     -506044.0063  390918994.9
CONERGY AG           CGYK EB       -506044.0063  390918994.9
CONERGY AG           CGYGBX EO     -506044.0063  390918994.9
CONERGY AG           CGYK BQ       -506044.0063  390918994.9
CONERGY AG           CGY BQ        -506044.0063  390918994.9
CONERGY AG           CGYK GR       -506044.0063  390918994.9
CONERGY AG           CGYK TQ       -506044.0063  390918994.9
CONERGY AG           CGYKUSD EU    -506044.0063  390918994.9
CONERGY AG           CGY PZ        -506044.0063  390918994.9
CONERGY AG           CGY EO        -506044.0063  390918994.9
CONERGY AG           CGY IX        -506044.0063  390918994.9
CONERGY AG           CGY NQ        -506044.0063  390918994.9
CONERGY AG           CGYK EU       -506044.0063  390918994.9
CONERGY AG           CGY EB        -506044.0063  390918994.9
CONERGY AG           CGY QM        -506044.0063  390918994.9
CONERGY AG           CGY TH        -506044.0063  390918994.9
CONERGY AG           CGYK EO       -506044.0063  390918994.9
CONERGY AG           CGYKGBP EO    -506044.0063  390918994.9
CONERGY AG           CGYK PZ       -506044.0063  390918994.9
CONERGY AG           CGYK TH       -506044.0063  390918994.9
CONERGY AG           CGYGBP EO     -506044.0063  390918994.9
CONERGY AG           CGYK QM       -506044.0063  390918994.9
CONERGY AG           CGY S1        -506044.0063  390918994.9
CONERGY AG -RTS      CGYB GR       -506044.0063  390918994.9
CONERGY AG-ALTAK     CGY2 GR       -506044.0063  390918994.9
CONERGY AG-RTS       9274362Z GR   -506044.0063  390918994.9
EDOB ABWICKLUNGS     ESC TH        -22323468.51  425598807.8
EDOB ABWICKLUNGS     ESC EO        -22323468.51  425598807.8
EDOB ABWICKLUNGS     ESCDF US      -22323468.51  425598807.8
EDOB ABWICKLUNGS     ESC GR        -22323468.51  425598807.8
EDOB ABWICKLUNGS     ESC EU        -22323468.51  425598807.8
EDOB ABWICKLUNGS     ESC BQ        -22323468.51  425598807.8
EDOB ABWICKLUNGS     ESC TQ        -22323468.51  425598807.8
EDOB ABWICKLUNGS     ESC PZ        -22323468.51  425598807.8
EM.TV & MERCHAND     ETV NM        -22067243.56  849175624.7
EM.TV & MERCHAND     ETV VX        -22067243.56  849175624.7
EM.TV & MERCHAND     ETVMF US      -22067243.56  849175624.7
EM.TV & MERCHAND     EMTVF US      -22067243.56  849175624.7
EM.TV & MERCHAND     ETV LN        -22067243.56  849175624.7
EM.TV & MERCHAND     985403Q GR    -22067243.56  849175624.7
EM.TV & MERC-NEW     ETV1 GR       -22067243.56  849175624.7
EM.TV & MERC-NEW     ETV1 NM       -22067243.56  849175624.7
EM.TV & MERC-RTS     ETV8 GR       -22067243.56  849175624.7
EM.TV & MERC-RTS     ETV8 NM       -22067243.56  849175624.7
ESCADA AG            ESCG IX       -22323468.51  425598807.8
ESCADA AG -PFD       ESC3 GR       -22323468.51  425598807.8
ESCADA AG-NEW        3069367Q GR   -22323468.51  425598807.8
ESCADA AG-NEW        835345Q GR    -22323468.51  425598807.8
ESCADA AG-NEW        ESCN GR       -22323468.51  425598807.8
ESCADA AG-NEW        ESCN EO       -22323468.51  425598807.8
ESCADA AG-NEW        ESCD GR       -22323468.51  425598807.8
ESCADA AG-NEW        ESCC GR       -22323468.51  425598807.8
ESCADA AG-NEW        ESCN EU       -22323468.51  425598807.8
ESCADA AG-RTS        ESCE GR       -22323468.51  425598807.8
ESCADA AG-SP ADR     ESCDY US      -22323468.51  425598807.8
GENERAL ELECTRIC     4501923Z GR   -547318343.8   8720530002
GUENTHER & SOHN      GUS PZ        -9612095.264    130075209
GUENTHER & SOHN      GUS EO        -9612095.264    130075209
GUENTHER & SOHN      GUS GR        -9612095.264    130075209
GUENTHER & SOHN      GUS EU        -9612095.264    130075209
KABEL DEUTSC-ADR     KBDHY US       -1921707863   3240567525
KABEL DEUTSCHLAN     KD8 TH         -1921707863   3240567525
KABEL DEUTSCHLAN     KD8 S1         -1921707863   3240567525
KABEL DEUTSCHLAN     KD8 EB         -1921707863   3240567525
KABEL DEUTSCHLAN     KD8 TQ         -1921707863   3240567525
KABEL DEUTSCHLAN     KD8 EU         -1921707863   3240567525
KABEL DEUTSCHLAN     KD8GBP EO      -1921707863   3240567525
KABEL DEUTSCHLAN     KD8 NR         -1921707863   3240567525
KABEL DEUTSCHLAN     KD8 GR         -1921707863   3240567525
KABEL DEUTSCHLAN     KD8 EO         -1921707863   3240567525
KABEL DEUTSCHLAN     KD8USD EU      -1921707863   3240567525
KABEL DEUTSCHLAN     KD8 PZ         -1921707863   3240567525
KABEL DEUTSCHLAN     KBDHF US       -1921707863   3240567525
KABEL DEUTSCHLAN     KD8 QM         -1921707863   3240567525
KABEL DEUTSCHLAN     KD8 IX         -1921707863   3240567525
KABEL DEUTSCHLAN     KD8 BQ         -1921707863   3240567525
KABEL DEUTSCHLAN     KD8USD EO      -1921707863   3240567525
KABEL DEUTS-CW10     DB7KWG GR      -1921707863   3240567525
KAUFRING AG          KFR GR        -19296489.56  150995473.8
KAUFRING AG          KAUG IX       -19296489.56  150995473.8
KAUFRING AG          KFR EU        -19296489.56  150995473.8
KAUFRING AG          KFR EO        -19296489.56  150995473.8
KAUFRING AG          KFR PZ        -19296489.56  150995473.8
MANIA TECHNOLOGI     MNI S1        -35060809.35  107465713.6
MANIA TECHNOLOGI     MIAVF US      -35060809.35  107465713.6
MANIA TECHNOLOGI     MNI1 EO       -35060809.35  107465713.6
MANIA TECHNOLOGI     MNI NM        -35060809.35  107465713.6
MANIA TECHNOLOGI     MNI1 EU       -35060809.35  107465713.6
MANIA TECHNOLOGI     MNI PZ        -35060809.35  107465713.6
MANIA TECHNOLOGI     MNI GR        -35060809.35  107465713.6
MANIA TECHNOLOGI     2260970Z GR   -35060809.35  107465713.6
MANIA TECHNOLOGI     MNIG IX       -35060809.35  107465713.6
MANIA TECHNOLOGI     MNI TH        -35060809.35  107465713.6
MATERNUS KLINI-N     MAK1 GR       -17249775.07    161290141
MATERNUS-KLINIKE     MAK GR        -17249775.07    161290141
MATERNUS-KLINIKE     MNUKF US      -17249775.07    161290141
MATERNUS-KLINIKE     MAK EO        -17249775.07    161290141
MATERNUS-KLINIKE     MAK S1        -17249775.07    161290141
MATERNUS-KLINIKE     MAK PZ        -17249775.07    161290141
MATERNUS-KLINIKE     MAK TH        -17249775.07    161290141
MATERNUS-KLINIKE     MAK EU        -17249775.07    161290141
MATERNUS-KLINIKE     MAKG IX       -17249775.07    161290141
NORDAG AG            DOO1 GR       -482449.8788  144432986.2
NORDAG AG-PFD        DOO3 GR       -482449.8788  144432986.2
NORDAG AG-RTS        DOO8 GR       -482449.8788  144432986.2
NORDENIA INTL AG     NOD GR        -74471727.44  729626481.3
NORDENIA INTL AG     NOD8 GR       -74471727.44  729626481.3
NORDSEE AG           533061Q GR    -8200551.142  194616922.6
NUERNB HYPO-RTS      NUE8 GR        -2104037124     5.86E+11
NUERNB HYPOTHEK      0478131D GR    -2104037124     5.86E+11
PFLEIDERER AG        PBVDF US      -97572495.87   1832488196
PFLEIDERER AG-BE     PFD GR        -97572495.87   1832488196
PFLEIDERER A-RTS     PFDB GR       -97572495.87   1832488196
PFLEIDERER-NEW       PFD1 GR       -97572495.87   1832488196
PFLEIDERER-REG       PFD4 EB       -97572495.87   1832488196
PFLEIDERER-REG       PFD4 EU       -97572495.87   1832488196
PFLEIDERER-REG       PFD4GBP EO    -97572495.87   1832488196
PFLEIDERER-REG       PFD4 TH       -97572495.87   1832488196
PFLEIDERER-REG       PFD4 NR       -97572495.87   1832488196
PFLEIDERER-REG       PFD4 TQ       -97572495.87   1832488196
PFLEIDERER-REG       PFD4GBX EO    -97572495.87   1832488196
PFLEIDERER-REG       PFDG IX       -97572495.87   1832488196
PFLEIDERER-REG       PFD4 S1       -97572495.87   1832488196
PFLEIDERER-REG       PFD4 EO       -97572495.87   1832488196
PFLEIDERER-REG       PFD4 PZ       -97572495.87   1832488196
PFLEIDERER-REG       PFD4 GR       -97572495.87   1832488196
PFLEIDERER-REG       PFD4 QM       -97572495.87   1832488196
PFLEIDERER-REG       PFD4GBX EU    -97572495.87   1832488196
PFLEIDERER-REG       PFD4 NQ       -97572495.87   1832488196
PFLEIDERER-REG       PFD4 BQ       -97572495.87   1832488196
PFLEIDERER-REG       PFEIF US      -97572495.87   1832488196
PRIMACOM AG          PRCG IX       -18656751.16  610380925.7
PRIMACOM AG          PRC2 GR       -18656751.16  610380925.7
PRIMACOM AG          PRC S1        -18656751.16  610380925.7
PRIMACOM AG          PRC NM        -18656751.16  610380925.7
PRIMACOM AG          PCAGF US      -18656751.16  610380925.7
PRIMACOM AG          PRC EU        -18656751.16  610380925.7
PRIMACOM AG          PRC GR        -18656751.16  610380925.7
PRIMACOM AG          PRC TH        -18656751.16  610380925.7
PRIMACOM AG          PRCG PZ       -18656751.16  610380925.7
PRIMACOM AG          PRC EO        -18656751.16  610380925.7
PRIMACOM AG-ADR      PCAGY US      -18656751.16  610380925.7
PRIMACOM AG-ADR      PCAG US       -18656751.16  610380925.7
PRIMACOM AG-ADR+     PCAG ES       -18656751.16  610380925.7
RAG ABWICKL-REG      ROSG PZ         -1744124.2  217776125.8
RAG ABWICKL-REG      ROS GR          -1744124.2  217776125.8
RAG ABWICKL-REG      ROS S1          -1744124.2  217776125.8
RAG ABWICKL-REG      ROS1 EO         -1744124.2  217776125.8
RAG ABWICKL-REG      ROS1 EU         -1744124.2  217776125.8
RAG ABWICKL-REG      RSTHF US        -1744124.2  217776125.8
RINOL AG             RILB S1          -1.171602  168095049.1
RINOL AG             RILB GR          -1.171602  168095049.1
RINOL AG             RIL GR           -1.171602  168095049.1
RINOL AG             RILB IX          -1.171602  168095049.1
RINOL AG             RNLAF US         -1.171602  168095049.1
RINOL AG             RILB EU          -1.171602  168095049.1
RINOL AG             RILB PZ          -1.171602  168095049.1
RINOL AG             RILB EO          -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
SINNLEFFERS AG       WHG GR        -4491635.615  453887060.1
SOLON AG FUE-NEW     SOO4 GR       -138663225.9  627116116.4
SOLON AG FUE-NEW     SOOJ GR       -138663225.9  627116116.4
SOLON AG FUE-NEW     SOO3 GR       -138663225.9  627116116.4
SOLON AG FUER SO     SOO GR        -138663225.9  627116116.4
SOLON AG FUER SO     SOOG IX       -138663225.9  627116116.4
SOLON AG FUE-RTS     2292896Z GR   -138663225.9  627116116.4
SOLON AG FU-MEW      532564Q GR    -138663225.9  627116116.4
SOLON SE             SOO1 PZ       -138663225.9  627116116.4
SOLON SE             SOON EU       -138663225.9  627116116.4
SOLON SE             SOO1 GR       -138663225.9  627116116.4
SOLON SE             SOO1USD EO    -138663225.9  627116116.4
SOLON SE             SOO1 TH       -138663225.9  627116116.4
SOLON SE             SGFRF US      -138663225.9  627116116.4
SOLON SE             SOO1 TQ       -138663225.9  627116116.4
SOLON SE             SOO1 S1       -138663225.9  627116116.4
SOLON SE             SNBZF US      -138663225.9  627116116.4
SOLON SE             SOO1 EO       -138663225.9  627116116.4
SOLON SE             SOON EO       -138663225.9  627116116.4
SOLON SE             SOO1 EU       -138663225.9  627116116.4
SOLON SE             SOO1 BQ       -138663225.9  627116116.4
SOLON SE             SOON GR       -138663225.9  627116116.4
SOLON SE             SOO1USD EU    -138663225.9  627116116.4
SOLON SE-RTS         3664247Z GR   -138663225.9  627116116.4
SPAR HANDELS-AG      773844Q GR    -442426239.7   1433020961
SPAR HANDELS-AG      SPHFF US      -442426239.7   1433020961
SPAR HAND-PFD NV     SPA3 GR       -442426239.7   1433020961
TA TRIUMPH-ACQ       TWNA GR       -124667889.5  375247226.8
TA TRIUMPH-ACQ       TWNA EU       -124667889.5  375247226.8
TA TRIUMPH-ADLER     TTZAF US      -124667889.5  375247226.8
TA TRIUMPH-ADLER     TWNG IX       -124667889.5  375247226.8
TA TRIUMPH-ADLER     TWN PZ        -124667889.5  375247226.8
TA TRIUMPH-ADLER     0292922D GR   -124667889.5  375247226.8
TA TRIUMPH-ADLER     TWN EU        -124667889.5  375247226.8
TA TRIUMPH-ADLER     TWN EO        -124667889.5  375247226.8
TA TRIUMPH-A-RTS     1018916Z GR   -124667889.5  375247226.8
TA TRIUMPH-NEW       TWN1 GR       -124667889.5  375247226.8
TA TRIUMPH-RT        TWN8 GR       -124667889.5  375247226.8
TA TRIUMPH-RTS       3158577Q GR   -124667889.5  375247226.8

GREECE
------
AG PETZETAKIS SA     PZETF US      -110812812.5  206429374.1
AG PETZETAKIS SA     PETZK EO      -110812812.5  206429374.1
AG PETZETAKIS SA     PETZK PZ      -110812812.5  206429374.1
AG PETZETAKIS SA     PTZ1 GR       -110812812.5  206429374.1
AG PETZETAKIS SA     PTZ GR        -110812812.5  206429374.1
AG PETZETAKIS SA     PETZK EU      -110812812.5  206429374.1
AG PETZETAKIS SA     PETZK GA      -110812812.5  206429374.1
ALAPIS HOLDING       3385874Q GA   -670700605.1  924332371.1
ALAPIS HOLDING I     V2R GR        -670700605.1  924332371.1
ALAPIS HOLDING I     VTERF US      -670700605.1  924332371.1
ALAPIS HOLDING I     FFE GR        -670700605.1  924332371.1
ALAPIS HOLDING I     ALAPIS EU     -670700605.1  924332371.1
ALAPIS HOLDING I     VETER GA      -670700605.1  924332371.1
ALAPIS HOLDIN-RT     ALAPISR GA    -670700605.1  924332371.1
ALAPIS REPO          ALAPL10 GA    -670700605.1  924332371.1
ALAPIS R-R           ALAPV10 GA    -670700605.1  924332371.1
ALAPIS SA            ALAPI EU      -670700605.1  924332371.1
ALAPIS SA            ALAPI EO      -670700605.1  924332371.1
ALAPIS SA            ALAPIS GA     -670700605.1  924332371.1
ALAPIS SA            FFEF GR       -670700605.1  924332371.1
ALAPIS SA            FFEB GR       -670700605.1  924332371.1
ALAPIS SA            ALAPIS PZ     -670700605.1  924332371.1
ALAPIS SA            APSHF US      -670700605.1  924332371.1
ASPIS BANK SA        ASEUF US      -46224213.41   3486115450
ASPIS BANK-RIGHT     365673Q GA    -46224213.41   3486115450
ASPIS BANK-RTS       ASPTR GA      -46224213.41   3486115450
ASPIS BANK-RTS       839325Q GA    -46224213.41   3486115450
ASPIS BANK-RTS       3558423Q GA   -46224213.41   3486115450
ASPIS MORT-RTS       ASPTD GA      -46224213.41   3486115450
ASPIS PRONIA GE      AISQF US      -189908329.1  896537349.7
ASPIS PRONIA GE      ASASK GA      -189908329.1  896537349.7
ASPIS PRONIA GE      ASASK EU      -189908329.1  896537349.7
ASPIS PRONIA GE      ASASK PZ      -189908329.1  896537349.7
ASPIS PRONIA GE      ASASK EO      -189908329.1  896537349.7
ASPIS PRONIA -PF     ASAPR GA      -189908329.1  896537349.7
ASPIS PRONIA-PF      APGV GR       -189908329.1  896537349.7
ASPIS PRONIA-PF      ASASP GA      -189908329.1  896537349.7
ASPIS PRONIA-RT      ASASKR GA     -189908329.1  896537349.7
ASPIS PRONOIA GE     APGG IX       -189908329.1  896537349.7
ASPIS PRONOIA GE     APG GR        -189908329.1  896537349.7
ASPIS PRON-PF RT     ASASPR GA     -189908329.1  896537349.7
ATLANTIC SUPERMA     ATLA GA       -76261648.16  315891294.2
ATLANTIC SUPERMA     ATLA1 EU      -76261648.16  315891294.2
ATLANTIC SUPERMA     ATLA1 EO      -76261648.16  315891294.2
ATLANTIC SUPERMA     ATLA PZ       -76261648.16  315891294.2
EDRASIS C. PSALL     EDRAR GA      -68424544.93  193206489.9
EDRASIS PSALIDAS     EDRA EU       -68424544.93  193206489.9
EDRASIS PSALIDAS     EDRA EO       -68424544.93  193206489.9
EDRASIS PSALIDAS     EPP GR        -68424544.93  193206489.9
EDRASIS PSALIDAS     EDRA GA       -68424544.93  193206489.9
EDRASIS PSALIDAS     EDRA PZ       -68424544.93  193206489.9
EDRASIS-AUCTION      EDRAE GA      -68424544.93  193206489.9
EMPEDOS SA           EMPED GA      -33637669.62  174742646.9
EMPEDOS SA-RTS       EMPEDR GA     -33637669.62  174742646.9
HELLAS ONLINE SA     BRAIN PZ      -4264723.817  411173224.1
HELLAS ONLINE SA     BRAIN EO      -4264723.817  411173224.1
HELLAS ONLINE SA     0394471Q GA   -4264723.817  411173224.1
HELLAS ONLINE SA     UN5 GR        -4264723.817  411173224.1
HELLAS ONLINE SA     BRAIN GA      -4264723.817  411173224.1
HELLAS ONLINE SA     BRAIN EU      -4264723.817  411173224.1
HELLAS ONLINE SA     HOL GA        -4264723.817  411173224.1
HELLAS ONLIN-RTS     HOLR GA       -4264723.817  411173224.1
KATSELIS SON-P R     KATPD GA      -84623057.15  115632796.2
KATSELIS SONS-PF     KATSP GA      -84623057.15  115632796.2
KATSELIS SONS-RT     KATKD GA      -84623057.15  115632796.2
LAMBRAKIS PR -RT     DOLD GA       -39671021.31  225710342.6
LAMBRAKIS PRESS      LMBKF US      -39671021.31  225710342.6
LAMBRAKIS PRESS      DOL EU        -39671021.31  225710342.6
LAMBRAKIS PRESS      LA3A GR       -39671021.31  225710342.6
LAMBRAKIS PRESS      DOL GA        -39671021.31  225710342.6
LAMBRAKIS PRESS      LA3 GR        -39671021.31  225710342.6
LAMBRAKIS PRESS      DOL PZ        -39671021.31  225710342.6
LAMBRAKIS PRESS      DOL EO        -39671021.31  225710342.6
LAMBRAKIS REPO       DOLL10 GA     -39671021.31  225710342.6
LAMBRAKIS R-R        DOLV10 GA     -39671021.31  225710342.6
LAMBRAKIS-AUC        DOLE GA       -39671021.31  225710342.6
LAVIPHARM SA         LAVI GA       -5006040.333  167080549.6
LAVIPHARM SA         LAVI EU       -5006040.333  167080549.6
LAVIPHARM SA         LAVI EO       -5006040.333  167080549.6
LAVIPHARM SA         LAVI PZ       -5006040.333  167080549.6
LAVIPHARM SA         LVP GR        -5006040.333  167080549.6
LAVIPHARM SA         BXA GR        -5006040.333  167080549.6
LAVIPHARM SA         LVIXF US      -5006040.333  167080549.6
LAVIPHARM SA-RTS     LAVID GA      -5006040.333  167080549.6
LAVIPHARM SA-RTS     LAVIR GA      -5006040.333  167080549.6
LAVIPHARM-AUC        LAVIE GA      -5006040.333  167080549.6
MAILLIS              MLISF US      -2041887.566  401387790.4
MAILLIS -RTS         MAIKR GA      -2041887.566  401387790.4
MAILLIS-SPON ADR     MJMSY US      -2041887.566  401387790.4
MARITIME CO LESB     MEKD CH       -7779986.972  235355419.9
MARITIME CO LESB     NELD GA       -7779986.972  235355419.9
MARITIME CO LESV     NEL PZ        -7779986.972  235355419.9
MARITIME CO LESV     MTMLF US      -7779986.972  235355419.9
MARITIME CO LESV     NEL EU        -7779986.972  235355419.9
MARITIME CO LESV     NEL GA        -7779986.972  235355419.9
MARITIME CO LESV     NEL EO        -7779986.972  235355419.9
MARITIME CO LESV     MCV GR        -7779986.972  235355419.9
MARITIME CO -RTS     2749585Q GA   -7779986.972  235355419.9
MARITIME COMPANY     NELE GA       -7779986.972  235355419.9
MARITIME COM-RTS     NELR GA       -7779986.972  235355419.9
MARITIME CO-RTS      5078509Q GA   -7779986.972  235355419.9
MARITIME LESV-RT     NELBR GA      -7779986.972  235355419.9
MJ MAILLIS S.A.      MJL GR        -2041887.566  401387790.4
MJ MAILLIS S.A.      MAIK PZ       -2041887.566  401387790.4
MJ MAILLIS S.A.      MAIK EU       -2041887.566  401387790.4
MJ MAILLIS S.A.      MAIK GA       -2041887.566  401387790.4
MJ MAILLIS S.A.      MAIK EO       -2041887.566  401387790.4
NAOUSSA SPIN -RT     NAOYD GA      -163114842.1  286539436.9
NAOUSSA SPIN-AUC     NAOYKE GA     -163114842.1  286539436.9
NAOUSSA SPINNING     NML GR        -163114842.1  286539436.9
NAOUSSA SPIN-RTS     NAOYKR GA     -163114842.1  286539436.9
NUTRIART S.A.        KTSEF US      -84623057.15  115632796.2
NUTRIART S.A.        KATSK GA      -84623057.15  115632796.2
NUTRIART SA          KATSK EO      -84623057.15  115632796.2
NUTRIART SA          KATSK PZ      -84623057.15  115632796.2
NUTRIART SA          NUTRIART GA   -84623057.15  115632796.2
NUTRIART SA          KATSK EU      -84623057.15  115632796.2
NUTRIART-RTS         3411089Q GA   -84623057.15  115632796.2
PETZET - PFD-RTS     PETZPD GA     -110812812.5  206429374.1
PETZETAKIS - RTS     PETZKD GA     -110812812.5  206429374.1
PETZETAKIS-AUC       PETZKE GA     -110812812.5  206429374.1
PETZETAKIS-PFD       PTZ3 GR       -110812812.5  206429374.1
PETZETAKIS-PFD       PETZP GA      -110812812.5  206429374.1
RADIO KORASSIDIS     KORA GA       -100972173.9  244951680.3
RADIO KORASSIDIS     RAKOF US      -100972173.9  244951680.3
RADIO KORASSIDIS     RKC GR        -100972173.9  244951680.3
RADIO KORASSI-RT     KORAD GA      -100972173.9  244951680.3
RADIO KORASS-RTS     KORAR GA      -100972173.9  244951680.3
T BANK               ASPT EU       -46224213.41   3486115450
T BANK               ASPT GA       -46224213.41   3486115450
T BANK               ASPT EO       -46224213.41   3486115450
T BANK               TBANK EU      -46224213.41   3486115450
T BANK               TBANK EO      -46224213.41   3486115450
T BANK               ASPT PZ       -46224213.41   3486115450
T BANK               TBANK GA      -46224213.41   3486115450
THEMELIODOMI         THEME GA      -55751173.78  232036822.6
THEMELIODOMI-AUC     THEMEE GA     -55751173.78  232036822.6
THEMELIODOMI-RTS     THEMER GA     -55751173.78  232036822.6
THEMELIODOMI-RTS     THEMED GA     -55751173.78  232036822.6
UNITED TEXTILES      NML1 GR       -163114842.1  286539436.9
UNITED TEXTILES      UTEX PZ       -163114842.1  286539436.9
UNITED TEXTILES      UTEX EO       -163114842.1  286539436.9
UNITED TEXTILES      NAOSF US      -163114842.1  286539436.9
UNITED TEXTILES      NAOYK GA      -163114842.1  286539436.9
UNITED TEXTILES      UTEX EU       -163114842.1  286539436.9
UNITED TEXTILES      UTEX GA       -163114842.1  286539436.9
VETERIN - RIGHTS     VETR GA       -670700605.1  924332371.1

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

IRELAND
-------
AIRPLANES HOLDIN     4461857Z ID   -16556589608  931628665.2
ALECTRA FINANCE      4505075Z ID   -59841094.81   1863021876
ARCADE PROPERTY      4461121Z ID   -271759845.9  854806905.5
ARDAGH GLASS FIN     3489820Z ID   -425719878.1   5124811840
ARNOTTS HOLDINGS     4462545Z ID   -345703659.3  169928201.7
AVAYA HOLDINGS L     4491803Z ID   -332334120.8  255019134.5
BALLYMORE PROPER     162707Z ID    -243143095.2  972399152.8
BIRCHFORD INVEST     3802508Z ID    -17025540.7  218278444.2
BPM IRELAND PLC      4471855Z ID   -4595598.259  844444461.6
CAMBER 4 PLC         3807980Z ID   -548127044.3  336912874.6
CAPEL DEVELOPMEN     3813016Z ID   -54774206.54  118764190.8
COMMUNICORP GROU     1027859Z ID   -28828642.17  309423497.3
CONOCOPHILLIPS I     4526671Z ID   -215725943.4  369716179.9
CONOCOPHILLIPS W     3894318Z ID   -176383297.5  403120095.3
DUOMO FUNDING PL     4462513Z ID   -35248.53659   1636451107
ELAN PHARMA INTE     4515071Z ID     -275500000   1657900032
ELLERSTON GEMS O     4781417Z ID   -4056787.085  195869209.7
EURCO FINANCE        3799980Z ID    -48643223.1  679126971.7
FOL INTERNATIONA     4513251Z ID   -43457938.48  343547754.8
FRESHWATER FINAN     699575Z ID    -251700725.1   1588010523
FRUIT OF THE LOO     4459361Z ID   -85434026.52  344655328.1
GS MULTI-CURRENC     4780921Z ID   -218031502.7   1766463253
INDEP NEWS & MED     INM LN        -257955932.2    715040181
INDEP NEWS & MED     INWS IX       -257955932.2    715040181
INDEP NEWS & MED     INM1 EU       -257955932.2    715040181
INDEP NEWS & MED     INWS ID       -257955932.2    715040181
INDEP NEWS & MED     INM1GBX EO    -257955932.2    715040181
INDEP NEWS & MED     INNS VX       -257955932.2    715040181
INDEP NEWS & MED     IPDC GK       -257955932.2    715040181
INDEP NEWS & MED     INM1GBX EU    -257955932.2    715040181
INDEP NEWS & MED     INM VX        -257955932.2    715040181
INDEP NEWS & MED     IPD PZ        -257955932.2    715040181
INDEP NEWS & MED     INNZF US      -257955932.2    715040181
INDEP NEWS & MED     INM1 EO       -257955932.2    715040181
INDEP NEWS & MED     INM1 NQ       -257955932.2    715040181
INDEP NEWS & MED     INWS PO       -257955932.2    715040181
INDEP NEWS & MED     INM1 EB       -257955932.2    715040181
INDEP NEWS & MED     INM PZ        -257955932.2    715040181
INDEP NEWS & MED     INP NZ        -257955932.2    715040181
INDEP NEWS & MED     INM ID        -257955932.2    715040181
INDEP NEWS & MED     IPD PO        -257955932.2    715040181
INDEP NEWS & MED     INWS LN       -257955932.2    715040181
INDEP NEWS & MED     INM1 TQ       -257955932.2    715040181
INDEP NEWS & MED     IPDC GR       -257955932.2    715040181
INDEP NEWS & MED     INM1 NR       -257955932.2    715040181
INDEP NEWS & MED     INM S1        -257955932.2    715040181
INDEP NEWS & MED     IPD GR        -257955932.2    715040181
INDEP NEWS &-F/P     INWF LN       -257955932.2    715040181
INDEP NEWS &-F/P     IPDC ID       -257955932.2    715040181
INDEP NEWS &-N/P     INDB ID       -257955932.2    715040181
INDEP NEWS &-N/P     INWN LN       -257955932.2    715040181
INDEP NEWS &-NEW     IPDA GR       -257955932.2    715040181
INDEP NEWS &-NEW     INWN ID       -257955932.2    715040181
INDEP NEWS-ADR       INNZY US      -257955932.2    715040181
INDEP NEWSPAPERS     IPNWF US      -257955932.2    715040181
INDEP NEWSPAPERS     QQIAF US      -257955932.2    715040181
INDEPENDENT-FPR      INMF ID       -257955932.2    715040181
INDEPENDENT-FPR      INMF LN       -257955932.2    715040181
INDEPENDENT-FPR      INMF PZ       -257955932.2    715040181
INDEPENDENT-NPR      INMN PZ       -257955932.2    715040181
INDEPENDENT-NPR      INMN ID       -257955932.2    715040181
INDEPENDENT-NPR      INMN LN       -257955932.2    715040181
IRISH NATIONWIDE     1020Z ID      -24460514.19  16215850688
LCH EUROPEAN POR     3809212Z ID   -91665071.77  296022574.1
LTR FINANCE NO 8     3816616Z ID   -8799339.829  323480874.1
MAINAU FUNDING L     4460161Z ID   -216846138.8   1309830017
MCAFEE IRELAND L     3809112Z ID   -39595362.44  515570024.5
MCINERNEY HLDGS      MK9 PO        -137972148.5  304108432.2
MCINERNEY HLDGS      MCI EO        -137972148.5  304108432.2
MCINERNEY HLDGS      MCI VX        -137972148.5  304108432.2
MCINERNEY HLDGS      MNEYF US      -137972148.5  304108432.2
MCINERNEY HLDGS      MCI LN        -137972148.5  304108432.2
MCINERNEY HLDGS      MK9 GR        -137972148.5  304108432.2
MCINERNEY HLDGS      MCIGBX EU     -137972148.5  304108432.2
MCINERNEY HLDGS      MCII IX       -137972148.5  304108432.2
MCINERNEY HLDGS      MCI IX        -137972148.5  304108432.2
MCINERNEY HLDGS      MCI EU        -137972148.5  304108432.2
MCINERNEY HLDGS      MCIGBP EO     -137972148.5  304108432.2
MCINERNEY HLDGS      MCIGBX EO     -137972148.5  304108432.2
MCINERNEY HLDGS      MCI ID        -137972148.5  304108432.2
MCINERNEY HLDGS      MK9C PZ       -137972148.5  304108432.2
MCINERNEY HLDGS      MCI PO        -137972148.5  304108432.2
MCINERNEY PROP-A     MYP LN        -137972148.5  304108432.2
MCINERNEY PROP-A     MCIYF US      -137972148.5  304108432.2
MCINERNEY PROP-A     MYP ID        -137972148.5  304108432.2
MCINERNEY -RT FP     MCIF LN       -137972148.5  304108432.2
MCINERNEY -RT FP     MCIF ID       -137972148.5  304108432.2
MCINERNEY -RT NP     MCIN LN       -137972148.5  304108432.2
MCINERNEY -RT NP     MCIN ID       -137972148.5  304108432.2
MCINERNEY-ADR        MNEYY US      -137972148.5  304108432.2
MYRMIDON CMBS PR     3819292Z ID   -106452050.5  274187079.5
NOBLE CARBON CRE     3643943Z ID   -19803913.97  122514177.1
NOVELL IRELAND S     3632507Z ID   -42302599.57    275653812
PAYZONE PLC          PAYZ EO       -138030903.2  510010035.3
PAYZONE PLC          PAYZ PZ       -138030903.2  510010035.3
PAYZONE PLC          PAYZ PG       -138030903.2  510010035.3
PAYZONE PLC          PAYZ LN       -138030903.2  510010035.3
PAYZONE PLC          PAYZ EU       -138030903.2  510010035.3
PAYZONE PLC          PAYZ IX       -138030903.2  510010035.3
PAYZONE PLC          4P6 GR        -138030903.2  510010035.3
QUINN GROUP LTD      166771Z ID    -228838127.1   2504412121
RHATIGAN COMMERC     3800004Z ID   -196980690.9  136107436.9
SALOME FUNDING P     747246Z ID    -1780227.756   2390329099
SCHWARZ PHARMA L     626603Z ID    -566486089.9  327913450.8
SHENDA IRELAND L     4781889Z ID     -147003552  222048024.6
SPENCER DOCK DEV     3813908Z ID      -87906519    773958702
START FUNDING NO     3816392Z ID   -8410425.946  624257073.1
SUSQUEHANNA EURO     4459081Z ID    -1252022268   5765502698
TAKEDA PHARMA IR     4460049Z ID   -553964898.1  178556098.5
TOPAZ ENERGY GRO     4508643Z ID   -20430096.67  574668196.2
UPC BROADBAND IR     3633179Z ID     -295261091  748962719.5
WATERFORD - RTS      WWWA GR       -505729895.2    820803256
WATERFORD - RTS      WWWB GR       -505729895.2    820803256
WATERFORD - RTS      WWWB ID       -505729895.2    820803256
WATERFORD - RTS      WWWA ID       -505729895.2    820803256
WATERFORD - RTS      508519Q LN    -505729895.2    820803256
WATERFORD - RTS      508523Q LN    -505729895.2    820803256
WATERFORD CRYSTA     4459209Z ID   -150440252.3  114111756.9
WATERFORD W-ADR      WATWY US      -505729895.2    820803256
WATERFORD WDGEWD     WATWF US      -505729895.2    820803256
WATERFORD WDGEWD     WATFF US      -505729895.2    820803256
WATERFORD WED-RT     WWWD ID       -505729895.2    820803256
WATERFORD WED-RT     WWWC ID       -505729895.2    820803256
WATERFORD WED-RT     WTFR LN       -505729895.2    820803256
WATERFORD WED-RT     586556Q LN    -505729895.2    820803256
WATERFORD WED-RT     WWWC GR       -505729895.2    820803256
WATERFORD WED-RT     WWWD GR       -505729895.2    820803256
WATERFORD WED-RT     586552Q LN    -505729895.2    820803256
WATERFORD WED-UT     WTFU VX       -505729895.2    820803256
WATERFORD WED-UT     WWW PO        -505729895.2    820803256
WATERFORD WED-UT     WWWD PZ       -505729895.2    820803256
WATERFORD WED-UT     WTFU LN       -505729895.2    820803256
WATERFORD WED-UT     WTFUGBX EO    -505729895.2    820803256
WATERFORD WED-UT     WWW GR        -505729895.2    820803256
WATERFORD WED-UT     WTFU EO       -505729895.2    820803256
WATERFORD WED-UT     WTFUGBX EU    -505729895.2    820803256
WATERFORD WED-UT     WTFU PO       -505729895.2    820803256
WATERFORD WED-UT     WTFU ID       -505729895.2    820803256
WATERFORD WED-UT     WTFU IX       -505729895.2    820803256
WATERFORD WED-UT     WTFU EU       -505729895.2    820803256
WATERFORD WE-RTS     WTFF ID       -505729895.2    820803256
WATERFORD WE-RTS     WTFN VX       -505729895.2    820803256
WATERFORD WE-RTS     WTFN ID       -505729895.2    820803256
WATERFORD WE-RTS     WTFN LN       -505729895.2    820803256
WATERFORD WE-RTS     WTFF LN       -505729895.2    820803256
WATERFORD-ADR UT     WFWA GR       -505729895.2    820803256
WATERFORD-ADR UT     WATFZ US      -505729895.2    820803256
WATERFORD-SUB        3001875Z ID   -505729895.2    820803256

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

ITALY
-----
AS ROMA SPA          ASRO IX       -66248672.26  227606539.7
AS ROMA SPA          ASR EB        -66248672.26  227606539.7
AS ROMA SPA          ASR PZ        -66248672.26  227606539.7
AS ROMA SPA          ASR QM        -66248672.26  227606539.7
AS ROMA SPA          ASR IX        -66248672.26  227606539.7
AS ROMA SPA          ASRAF US      -66248672.26  227606539.7
AS ROMA SPA          ASR EU        -66248672.26  227606539.7
AS ROMA SPA          ASR BQ        -66248672.26  227606539.7
AS ROMA SPA          ASR IM        -66248672.26  227606539.7
AS ROMA SPA          ASR TQ        -66248672.26  227606539.7
AS ROMA SPA          ASR EO        -66248672.26  227606539.7
AS ROMA SPA          RO9 GR        -66248672.26  227606539.7
AS ROMA SPA-RTS      ASRAA IM      -66248672.26  227606539.7
AUTOMOTIVE LIGHT     3895734Z IM   -8797909.782  165588007.5
CANTIERI DI PISA     4313125Z IM   -2611908.154  105466953.7
CIRIO FINANZIARI     CRO IM        -422095936.7   1583083044
CIRIO FINANZIARI     FIY GR        -422095936.7   1583083044
COGEME AXA           COGAXA IM     -77319804.75  102552226.7
COGEME AZXOBCV       COGOB IM      -77319804.75  102552226.7
COGEME SET SPA       COG EO        -77319804.75  102552226.7
COGEME SET SPA       COG EU        -77319804.75  102552226.7
COGEME SET SPA       COG IM        -77319804.75  102552226.7
COGEME SET SPA       COG PZ        -77319804.75  102552226.7
COGEME SET SPA       CRT GR        -77319804.75  102552226.7
COGEME SET SPA       COGM IX       -77319804.75  102552226.7
COIN SPA             965089Q GR    -154057598.5  800526929.5
COIN SPA             GUCIF US      -154057598.5  800526929.5
COIN SPA             GC IX         -154057598.5  800526929.5
COIN SPA/OLD         GC IM         -154057598.5  800526929.5
COIN SPA-RTS         GCAA IM       -154057598.5  800526929.5
COMPAGNIA ITALIA     CITU IX       -137726596.3  527372691.4
COMPAGNIA ITALIA     ICT IM        -137726596.3  527372691.4
COMPAGNIA ITALIA     CGLUF US      -137726596.3  527372691.4
CREDITO FONDIARI     CRF IM        -200209050.3   4213063202
CREDITO FOND-RTS     CRFSA IM      -200209050.3   4213063202
DIMA COSTRUZIONI     4526911Z IM    -14681477.1  426157772.4
DIMAFIN SPA          2727163Z IM   -63237953.95  270856564.4
FINMATICA SPA        FIN NM        -126380828.5  281244456.3
FINMATICA SPA        FMTAF US      -126380828.5  281244456.3
FINMATICA SPA        FIN IM        -126380828.5  281244456.3
FINMATICA SPA        FIT GR        -126380828.5  281244456.3
GABETTI AXA+W        GABAAW IM     -11268334.91    224454564
GABETTI PROPERTY     0617059D IM   -11268334.91    224454564
GABETTI PROPERTY     GABH EU       -11268334.91    224454564
GABETTI PROPERTY     GAB PZ        -11268334.91    224454564
GABETTI PROPERTY     GAB BQ        -11268334.91    224454564
GABETTI PROPERTY     GAB IM        -11268334.91    224454564
GABETTI PROPERTY     GBTTF US      -11268334.91    224454564
GABETTI PROPERTY     GABH EO       -11268334.91    224454564
GABETTI PROPERTY     GABH TQ       -11268334.91    224454564
GABETTI PROP-RTS     GABAXA IM     -11268334.91    224454564
GABETTI SPA          GABH IM       -11268334.91    224454564
GABETTI SPA          GABI IX       -11268334.91    224454564
GUERRINO PIVATO      4292565Z IM   -41218066.44  397216267.9
I VIAGGI DEL VEN     VVE EU        -209436890.3  202705179.9
I VIAGGI DEL VEN     VVE IM        -209436890.3  202705179.9
I VIAGGI DEL VEN     VVE TQ        -209436890.3  202705179.9
I VIAGGI DEL VEN     VVE EO        -209436890.3  202705179.9
I VIAGGI DEL VEN     VVE PZ        -209436890.3  202705179.9
I VIAGGI DEL VEN     IVGIF US      -209436890.3  202705179.9
I VIAGGI DEL VEN     VVE IX        -209436890.3  202705179.9
I VIAGGI DEL VEN     IV7 GR        -209436890.3  202705179.9
I VIAGGI-RTS         VVEAA IM      -209436890.3  202705179.9
INDUSTRIE FINCUO     4270053Z IM   -15676157.12  111118283.9
MAIRE TECNIM-ADR     MTRCY US      -18172040.27   3401620362
MAIRE TECNIMONT      MT1 EB        -18172040.27   3401620362
MAIRE TECNIMONT      MTCM PZ       -18172040.27   3401620362
MAIRE TECNIMONT      MT1USD EO     -18172040.27   3401620362
MAIRE TECNIMONT      MT1 S1        -18172040.27   3401620362
MAIRE TECNIMONT      MT1 EO        -18172040.27   3401620362
MAIRE TECNIMONT      MRTZF US      -18172040.27   3401620362
MAIRE TECNIMONT      MT1 TQ        -18172040.27   3401620362
MAIRE TECNIMONT      MT1 BQ        -18172040.27   3401620362
MAIRE TECNIMONT      MT1 NQ        -18172040.27   3401620362
MAIRE TECNIMONT      MT IX         -18172040.27   3401620362
MAIRE TECNIMONT      MT1 NR        -18172040.27   3401620362
MAIRE TECNIMONT      MT1 EU        -18172040.27   3401620362
MAIRE TECNIMONT      MT IM         -18172040.27   3401620362
MAIRE TECNIMONT      MT1 QM        -18172040.27   3401620362
MAIRE TECNIMONT      3OY GR        -18172040.27   3401620362
MAIRE TECNIMONT      MT1USD EU     -18172040.27   3401620362
MERIDIANA SPA        1163Z IM      -4645217.834  187285866.9
MONTE MARE GRADO     4359985Z IM   -535776.0315  100534744.7
NEXANS ITALIA SP     3636695Z IM   -19973174.81  139448244.4
OLCESE SPA           O IM          -12846689.89  179691572.8
OLCESE SPA-RTS       OAA IM        -12846689.89  179691572.8
OLCESE VENEZIANO     OLVE IM       -12846689.89  179691572.8
OMNIA SERVICE CE     3401139Z IM   -9159816.788  165737571.5
PARMALAT FINANZI     FICN AV       -18419396969   4120687886
PARMALAT FINANZI     PMLFF US      -18419396969   4120687886
PARMALAT FINANZI     PRF IM        -18419396969   4120687886
PARMALAT FINANZI     PAF GR        -18419396969   4120687886
PARMALAT FINANZI     PRFI VX       -18419396969   4120687886
PARMALAT FINANZI     PMT LI        -18419396969   4120687886
PARMALAT FINANZI     PARAF US      -18419396969   4120687886
PARMALAT FINA-RT     PRFR AV       -18419396969   4120687886
PRAMAC SPA           PRAM IX       -87225647.28  314935866.6
PRAMAC SPA           PRA IM        -87225647.28  314935866.6
PRAMAC SPA           PRA2 EU       -87225647.28  314935866.6
PRAMAC SPA           6PA GR        -87225647.28  314935866.6
PRAMAC SPA           PRAM PZ       -87225647.28  314935866.6
PRAMAC SPA           PRA2 EO       -87225647.28  314935866.6
RISANAMEN-RNC OP     RNROPA IM     -182584482.9   2453594767
RISANAMENTO -OPA     RNOPA IM      -182584482.9   2453594767
RISANAMENTO -RNC     RNR IM        -182584482.9   2453594767
RISANAMENTO SPA      RN PZ         -182584482.9   2453594767
RISANAMENTO SPA      RNGBX EO      -182584482.9   2453594767
RISANAMENTO SPA      RN IX         -182584482.9   2453594767
RISANAMENTO SPA      RN EO         -182584482.9   2453594767
RISANAMENTO SPA      RNGBX EU      -182584482.9   2453594767
RISANAMENTO SPA      RSMNF US      -182584482.9   2453594767
RISANAMENTO SPA      RN EU         -182584482.9   2453594767
RISANAMENTO SPA      RN TQ         -182584482.9   2453594767
RISANAMENTO SPA      RN BQ         -182584482.9   2453594767
RISANAMENTO SPA      RN IM         -182584482.9   2453594767
RISANAMENTO SPA      RN5 GR        -182584482.9   2453594767
RISANAMENTO SPA      RNGBP EO      -182584482.9   2453594767
RISANAMENTO-RTS      RNAA IM       -182584482.9   2453594767
RISANAMENTO-RTS      RNAXA IM      -182584482.9   2453594767
RISANAMENTO-RTS      RNAXO IM      -182584482.9   2453594767
SEAT PAGINE          PG1 EB        -741904802.3   3755632231
SEAT PAGINE          SP7A GR       -741904802.3   3755632231
SEAT PAGINE          PG1 NQ        -741904802.3   3755632231
SEAT PAGINE          SP7 GR        -741904802.3   3755632231
SEAT PAGINE          PG PZ         -741904802.3   3755632231
SEAT PAGINE          PG1USD EU     -741904802.3   3755632231
SEAT PAGINE          PG1 QM        -741904802.3   3755632231
SEAT PAGINE          SEEA LN       -741904802.3   3755632231
SEAT PAGINE          PG IM         -741904802.3   3755632231
SEAT PAGINE          283147Q IM    -741904802.3   3755632231
SEAT PAGINE          PG VX         -741904802.3   3755632231
SEAT PAGINE          PGI1 IX       -741904802.3   3755632231
SEAT PAGINE          SPGMF US      -741904802.3   3755632231
SEAT PAGINE          PG BQ         -741904802.3   3755632231
SEAT PAGINE          PG1 NR        -741904802.3   3755632231
SEAT PAGINE          PG1USD EO     -741904802.3   3755632231
SEAT PAGINE          PG1GBX EO     -741904802.3   3755632231
SEAT PAGINE          PG1 TQ        -741904802.3   3755632231
SEAT PAGINE          PG1GBP EO     -741904802.3   3755632231
SEAT PAGINE          PG1 EO        -741904802.3   3755632231
SEAT PAGINE          PG1 EU        -741904802.3   3755632231
SEAT PAGINE-ADR      SPGMY US      -741904802.3   3755632231
SEAT PAGINE-RSP      SPGBF US      -741904802.3   3755632231
SEAT PAGINE-RSP      PGR EO        -741904802.3   3755632231
SEAT PAGINE-RSP      PGR EU        -741904802.3   3755632231
SEAT PAGINE-RSP      PGR IX        -741904802.3   3755632231
SEAT PAGINE-RSP      PGR IM        -741904802.3   3755632231
SEAT PAGINE-RSP      PGR PZ        -741904802.3   3755632231
SEATPG AXA           PGAXA IM      -741904802.3   3755632231
SNIA BPD             SN GR         -141933895.2  150445252.4
SNIA BPD-ADR         SBPDY US      -141933895.2  150445252.4
SNIA SPA             SSMLF US      -141933895.2  150445252.4
SNIA SPA             SIAI IX       -141933895.2  150445252.4
SNIA SPA             SIAI PZ       -141933895.2  150445252.4
SNIA SPA             SN EO         -141933895.2  150445252.4
SNIA SPA             SN IM         -141933895.2  150445252.4
SNIA SPA             SN EU         -141933895.2  150445252.4
SNIA SPA             SNIB GR       -141933895.2  150445252.4
SNIA SPA             SNIXF US      -141933895.2  150445252.4
SNIA SPA             SBPDF US      -141933895.2  150445252.4
SNIA SPA             SN TQ         -141933895.2  150445252.4
SNIA SPA             SNIA GR       -141933895.2  150445252.4
SNIA SPA - RTS       SNAAW IM      -141933895.2  150445252.4
SNIA SPA- RTS        SNAXW IM      -141933895.2  150445252.4
SNIA SPA-2003 SH     SN03 IM       -141933895.2  150445252.4
SNIA SPA-CONV SA     SPBDF US      -141933895.2  150445252.4
SNIA SPA-DRC         SNR00 IM      -141933895.2  150445252.4
SNIA SPA-NEW         SN00 IM       -141933895.2  150445252.4
SNIA SPA-NON CON     SPBNF US      -141933895.2  150445252.4
SNIA SPA-RCV         SNR IM        -141933895.2  150445252.4
SNIA SPA-RCV         SNIVF US      -141933895.2  150445252.4
SNIA SPA-RIGHTS      SNAW IM       -141933895.2  150445252.4
SNIA SPA-RNC         SNRNC IM      -141933895.2  150445252.4
SNIA SPA-RNC         SNIWF US      -141933895.2  150445252.4
SNIA SPA-RTS         SNAA IM       -141933895.2  150445252.4
SNIA SPA-RTS         SNSO IM       -141933895.2  150445252.4
SOPAF SPA            SPF TQ        -24220971.66  153763906.2
SOPAF SPA            SPF EU        -24220971.66  153763906.2
SOPAF SPA            SPF IM        -24220971.66  153763906.2
SOPAF SPA            SOPAF US      -24220971.66  153763906.2
SOPAF SPA            SPF PZ        -24220971.66  153763906.2
SOPAF SPA            SPF BQ        -24220971.66  153763906.2
SOPAF SPA            SPF QM        -24220971.66  153763906.2
SOPAF SPA            SPF EB        -24220971.66  153763906.2
SOPAF SPA            SOCAF US      -24220971.66  153763906.2
SOPAF SPA            SPF EO        -24220971.66  153763906.2
SOPAF SPA            SSZ HK Equity -24220971.66  153763906.2
SOPAF SPA            SPFI IX       -24220971.66  153763906.2
SOPAF SPA-NEW 97     SPF97 IM      -24220971.66  153763906.2
SOPAF SPA-RNC        SPFN IM       -24220971.66  153763906.2
SOPAF SPA-RNC        SOPCF US      -24220971.66  153763906.2
SOPAF SPA-RT         SPFOB IM      -24220971.66  153763906.2
TECNODIFF ITALIA     TDIFF US      -89894162.82  152045757.5
TECNODIFF ITALIA     TDI NM        -89894162.82  152045757.5
TECNODIFF ITALIA     TEF GR        -89894162.82  152045757.5
TECNODIFF ITALIA     TDI IM        -89894162.82  152045757.5
TECNODIFF-RTS        TDIAOW NM     -89894162.82  152045757.5
TECNODIFFUSIONE      TDIAAW IM     -89894162.82  152045757.5
TISCALI - RTS        TISAAW IM       -167327246  362728538.3
TISCALI - RTS        TIQA GR         -167327246  362728538.3
TISCALI SPA          TIS TQ          -167327246  362728538.3
TISCALI SPA          TIS VX          -167327246  362728538.3
TISCALI SPA          TISGBX EO       -167327246  362728538.3
TISCALI SPA          TIS EO          -167327246  362728538.3
TISCALI SPA          TIS EU          -167327246  362728538.3
TISCALI SPA          TISN FP         -167327246  362728538.3
TISCALI SPA          TISGBP EO       -167327246  362728538.3
TISCALI SPA          TIS IX          -167327246  362728538.3
TISCALI SPA          TIQG IX         -167327246  362728538.3
TISCALI SPA          TISN IX         -167327246  362728538.3
TISCALI SPA          TIS EB          -167327246  362728538.3
TISCALI SPA          TIS FP          -167327246  362728538.3
TISCALI SPA          TIS IM          -167327246  362728538.3
TISCALI SPA          TISN VX         -167327246  362728538.3
TISCALI SPA          TISN IM         -167327246  362728538.3
TISCALI SPA          TIS NA          -167327246  362728538.3
TISCALI SPA          TISM IX         -167327246  362728538.3
TISCALI SPA          TSCXF US        -167327246  362728538.3
TISCALI SPA          TISGBX EU       -167327246  362728538.3
TISCALI SPA          TIQ1 GR         -167327246  362728538.3
TISCALI SPA          TISN NA         -167327246  362728538.3
TISCALI SPA          TIS QM          -167327246  362728538.3
TISCALI SPA          TIS NQ          -167327246  362728538.3
TISCALI SPA          TIS NR          -167327246  362728538.3
TISCALI SPA          TIS PZ          -167327246  362728538.3
TISCALI SPA          TIS BQ          -167327246  362728538.3
TISCALI SPA          TIQ GR          -167327246  362728538.3
TISCALI SPA- RTS     3391621Q GR     -167327246  362728538.3
TISCALI SPA- RTS     TISAXA IM       -167327246  362728538.3
VIA CAVOUR SRL       3997892Z IM   -2002622.441  173628397.1

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

LUXEMBOURG
----------
CARRIER1 INT-AD+     CONE ES          -94729000    472360992
CARRIER1 INT-ADR     CONEE US         -94729000    472360992
CARRIER1 INT-ADR     CONEQ US         -94729000    472360992
CARRIER1 INTL        CJN NM           -94729000    472360992
CARRIER1 INTL        CJNA GR          -94729000    472360992
CARRIER1 INTL        8133893Q GR      -94729000    472360992
CARRIER1 INTL SA     1253Z SW         -94729000    472360992
CARRIER1 INTL SA     CONEF US         -94729000    472360992
INTELSAT GLOBAL      0440101D US    -1168589952  17400967168
INTELSAT GLOBAL      I US           -1168589952  17400967168
INTELSAT INVESTM     ILMA GR        -1199357056  17465319424
INTELSAT SA          2237Z US       -1199357056  17465319424

NETHERLANDS
-----------
ALFRED C TOEPFER     4062117Z NA   -1843317.436   1689194175
ASITO DIENSTENGR     743813Z NA    -2494804.851  220704023.7
AVAST SOFTWARE B     0112793D US      -15842000    132342000
AVAST SOFTWARE N     AVST US          -15842000    132342000
AVG TECHNOLOGIES     0119253D US      -52030000    377521984
AVG TECHNOLOGIES     3164852Z NA      -52030000    377521984
AVG TECHNOLOGIES     AVG US           -52030000    377521984
AVG TECHNOLOGIES     1VA GR           -52030000    377521984
BAAN CO NV-ASSEN     BAANA NA      -7854715.264  609871188.9
BAAN COMPANY NV      BAAN NA       -7854715.264  609871188.9
BAAN COMPANY NV      BAAN IX       -7854715.264  609871188.9
BAAN COMPANY NV      BAAN EO       -7854715.264  609871188.9
BAAN COMPANY NV      BAAN PZ       -7854715.264  609871188.9
BAAN COMPANY NV      BAAN GR       -7854715.264  609871188.9
BAAN COMPANY NV      BNCG IX       -7854715.264  609871188.9
BAAN COMPANY NV      BAAVF US      -7854715.264  609871188.9
BAAN COMPANY NV      BAAN EU       -7854715.264  609871188.9
BAAN COMPANY-NY      BAANF US      -7854715.264  609871188.9
BELEGGINGSMAATSC     801105Z NA    -5070657.703  350267370.9
CENTRIC HOLDING      745383Z NA    -72753.24225  363069870.7
CEVA LOGISTICS       882197Z NA    -538665968.2   5318491121
CLATES HOLDING B     4043429Z NA   -34881.25205  221495950.5
COOPERATIE VOEDI     4378105Z NA   -216576.9882  680962157.8
EATON ELECTRIC B     2017671Z NA   -1841730.108  130591221.9
EUROCOMMERCE HOL     4174085Z NA   -1476.315022   1442058655
EUROPEAN MARITIM     4523543Z NA   -34803118.05  347300069.4
FERDINAND STINGE     4040837Z NA   -197826.2129   1420319834
HE INVESTMENTS B     3813216Z NA   -1780665.857    195483088
HUISVUILCENTRALE     4777713Z NA   -87789.23965   1412526184
IEOC EXPLORATION     4523879Z NA       -3196000    112429000
INFOR GLOBAL SOL     4778481Z NA   -332427172.9  500602423.6
ING RE DORTMUND/     3819456Z NA   -91900157.49  142290450.1
ING REIM DEVELOP     3811140Z NA   -231041485.9  383323356.5
KONINKLIJKE HASK     4037221Z NA   -69259.20141  230145390.9
KUIPER GROEP BV      3821988Z NA   -3688.420875  101931401.5
LIBERTY GL EU-A      UPC NA         -5505478850   5112616630
LINO MANAGEMENT      3774416Z NA   -330305248.1  752471513.7
MAAS INTERNATION     4174109Z NA   -104625.6021  163961580.9
MAGYAR TELECOM B     363945Z HB    -9411153.408  462039674.5
MITSUBISHI MOTOR     3893974Z NA   -236634746.2  588105612.9
MSREF ELBA BV        4043045Z NA   -89889.60183  584994172.5
MSREF VI KAIROS      4174205Z NA   -38313.60078    893956511
NIDERA HANDELSCO     3893886Z NA   -1347999.991   2303695933
NORFOLK HOLDINGS     779151Z NA    -199512.5928  813430683.8
RIVA NV              3797916Z NA   -852952.1165  111411542.1
SGS NEDERLAND HO     3896746Z NA   -742586.4558    148207265
SITA NEDERLAND B     874216Z NA    -312079.8969   2324948031
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     UPC VX         -5505478850   5112616630
UNITED PAN-EUROP     UPCOF US       -5505478850   5112616630
UNITED PAN-EUROP     UPCEF US       -5505478850   5112616630
UNITED PAN-EUROP     UPE1 GR        -5505478850   5112616630
UPC HOLDING BV       3590264Z NA   -12602392978  14238054163
VAN WEELDE BEHEE     4038885Z NA   -165002.3062  161800258.3
VOLKERWESSELS BO     4062101Z NA   -17683.20036  191596002.3
VWS TRANSPORTINF     4377249Z NA   -88578.90129  442019063.5
VWS VERKEER-EN I     4777577Z NA   -125486.7768  799874848.4
WE INTERNATIONAL     630199Z NA    -1220350.163   1011026941
ZINVEST FASHION      3775412Z NA   -296559.4047    180677208
ZWINGER OPCO 6 B     3821644Z NA   -106543158.2  627759193.8

NORWAY
------
AFRICA OFFSHORE      AOSA NO         -280249984    357512992
AKER BIOMARINE A     4508947Z NO   -97401201.46  100855655.1
AKER BUSINESS SE     4400969Z NO   -1678208.862  125911965.2
AKER ELEKTRO AS      4389353Z NO    -35218317.7  134077911.8
AKER FLOATING PR     AKFP BY          -16100000    765200000
AKER FLOATING PR     AKFP EO          -16100000    765200000
AKER FLOATING PR     AKFP PZ          -16100000    765200000
AKER FLOATING PR     AKFP EU          -16100000    765200000
AKER FLOATING PR     AKFP NO          -16100000    765200000
AKER FLOATING PR     AKNO IX          -16100000    765200000
AKER FLOATING PR     AKFPEUR EU       -16100000    765200000
AKER FLOATING PR     AKFPEUR EO       -16100000    765200000
AKER STORD A/S       4498875Z NO   -244831512.6  379117306.4
BAKERS AS            4527631Z NO   -2100773.812  130412660.1
BKK VARME AS         4445833Z NO   -4191315.792  139898061.1
CARGONET             81784Z NO     -73487095.94  128859900.5
CIA LA GOMERA AS     4401057Z NO   -14188999.46  111542577.2
GJENSIDIGE PENSJ     4447089Z NO   -211457.8665   1156109660
HEEGH AUTOLINERS     4389209Z NO   -13894016.15  253537334.9
HELI-ONE NORWAY      4632761Z NO   -27084593.22  759455442.9
ICA NORGE AS         4511499Z NO   -132832574.9  702347848.8
INFRATEK ENTREPR     4402489Z NO   -33504101.18  160698348.1
INTEROIL EXPLORA     IOX NO           -21010000    139828992
INTEROIL EXPLORA     IOX EO           -21010000    139828992
INTEROIL EXPLORA     IOX PZ           -21010000    139828992
INTEROIL EXPLORA     IOX BY           -21010000    139828992
INTEROIL EXPLORA     INOX NO          -21010000    139828992
INTEROIL EXPLORA     IOXEUR EU        -21010000    139828992
INTEROIL EXPLORA     IOX IX           -21010000    139828992
INTEROIL EXPLORA     IOXUSD EU        -21010000    139828992
INTEROIL EXPLORA     IROIF US         -21010000    139828992
INTEROIL EXPLORA     IOX EU           -21010000    139828992
INTEROIL EXPLORA     IOXEUR EO        -21010000    139828992
INTEROIL EXPLORA     IOXUSD EO        -21010000    139828992
INTEROIL EXPLORA     IOX SS           -21010000    139828992
MAN LAST OG BUSS     4521719Z NO   -5830520.283  123349772.5
MARINE SUBSEA AS     MSAS NO         -280249984    357512992
NCC CONSTRUCTION     4389745Z NO    -11284745.3  292548511.4
NCC ROADS AS         4401305Z NO   -11149611.36  135425117.2
NORSK STEIN AS       4394889Z NO   -697875.9235  232219055.8
PETRO GEO-SERV       PGS GR        -18066142.21  399710323.6
PETRO GEO-SERV       PGS VX        -18066142.21  399710323.6
PETRO GEO-SERV       265143Q NO    -18066142.21  399710323.6
PETRO GEO-SERV-N     PGSN NO       -18066142.21  399710323.6
PETRO GEO-SV-ADR     PGSA GR       -18066142.21  399710323.6
PETRO GEO-SV-ADR     PGOGY US      -18066142.21  399710323.6
PETROJACK AS         JACKEUR EO       -54932000    191586000
PETROJACK AS         JACKEUR EU       -54932000    191586000
PETROJACK AS         P3J GR           -54932000    191586000
PETROJACK AS         JACK EU          -54932000    191586000
PETROJACK AS         JACO IX          -54932000    191586000
PETROJACK AS         JACK NO          -54932000    191586000
PETROJACK AS         JACK PZ          -54932000    191586000
PETROJACK AS         POJKF US         -54932000    191586000
PETROJACK AS         JACK EO          -54932000    191586000
PETROJACK AS         JACK BY          -54932000    191586000
PETROMENA AS         PMENA PZ         -47299000    317747008
PETROMENA AS         PMENAEUR EU      -47299000    317747008
PETROMENA AS         PMENA NO         -47299000    317747008
PETROMENA AS         PMENAEUR EO      -47299000    317747008
PETROMENA AS         PMEN IX          -47299000    317747008
PETROMENA AS         PMENA EO         -47299000    317747008
PETROMENA AS         MENA NO          -47299000    317747008
PETROMENA AS         PR2 GR           -47299000    317747008
PETROMENA AS         PMENA EU         -47299000    317747008
PETROMENA AS         PMENF US         -47299000    317747008
PRATT & WHITNEY      4524487Z NO    -5820126.04  104689675.3
REC SCANCELL AS      4446473Z NO   -8437038.946  138751607.3
STOREBRAND EIEND     4443409Z NO   -40898583.73   1242265455
STOREBRAND EIEND     4288341Z NO   -174025923.7   4173823457
TDC AS               4287413Z NO   -83055192.99  129421953.7
THOMSON REUTERS      4777193Z NO    -2001541.28  208880572.6
TJUVHOLMEN UTVIK     4446353Z NO   -682369.4664  117274938.8
TRICO SHIPPING A     3651167Z NO   -132576808.1  504945402.2
TTS SENSE AS         4393841Z NO   -4559687.797  162046219.9
UTKILEN SHIPPING     4446161Z NO   -74871.02647    185813483
VNG NORGE AS         4513147Z NO   -54874780.65  162557987.4

POLAND
------
ANIMEX SA            ANX PW        -556805.8579  108090511.9
DSS                  DSS PW        -75172532.87  162767180.1
DSS                  DSS EU        -75172532.87  162767180.1
DSS                  DSS EO        -75172532.87  162767180.1
DSS-PDA              DSSA PW       -75172532.87  162767180.1
HBPOLSKA             HBWL PZ       -101164415.5  294857246.9
HBPOLSKA             HBPEUR EU     -101164415.5  294857246.9
HBPOLSKA             HBP EU        -101164415.5  294857246.9
HBPOLSKA             HBPEUR EO     -101164415.5  294857246.9
HBPOLSKA             HBW PW        -101164415.5  294857246.9
HBPOLSKA             HBP LI        -101164415.5  294857246.9
HBPOLSKA             HBP PW        -101164415.5  294857246.9
HBPOLSKA             HBP EO        -101164415.5  294857246.9
HBPOLSKA-PD-ALLT     HBPA PW       -101164415.5  294857246.9
KROSNO               KRS LI        -2241614.766  111838141.2
KROSNO               KRS PW        -2241614.766  111838141.2
KROSNO               KRS1EUR EU    -2241614.766  111838141.2
KROSNO               KROS IX       -2241614.766  111838141.2
KROSNO               KRS1EUR EO    -2241614.766  111838141.2
KROSNO SA            KROSNO PW     -2241614.766  111838141.2
KROSNO SA            KRS1 EO       -2241614.766  111838141.2
KROSNO SA            KRS1 EU       -2241614.766  111838141.2
KROSNO SA            KRS PZ        -2241614.766  111838141.2
KROSNO SA            KRNFF US      -2241614.766  111838141.2
KROSNO SA-RTS        KRSP PW       -2241614.766  111838141.2
KROSNO-PDA-ALLT      KRSA PW       -2241614.766  111838141.2
TOORA                TOR PZ        -288818.3897  147004954.2
TOORA                2916661Q EO   -288818.3897  147004954.2
TOORA                2916665Q EU   -288818.3897  147004954.2
TOORA                TOR PW        -288818.3897  147004954.2
TOORA-ALLOT CERT     TORA PW       -288818.3897  147004954.2

PORTUGAL
--------
ALBERTO MARTINS      4488947Z PL   -25419983.42  123491252.1
ALUGUER DE VEICU     4773793Z PL   -15934394.29  177189066.9
BRISAL AUTO-ESTR     3645215Z PL   -47450724.24  654534402.7
CENTRO HOSPITALA     3778196Z PL    -63194407.2  123417394.8
CO DAS ENERGIAS      3794880Z PL   -2540034.474  115717930.4
CP - COMBOIOS DE     1005Z PL       -3578303482   1640305326
ESTALEIROS NAVAI     4507307Z PL   -160990302.6  168996814.5
FORD LUSITANA SA     3648983Z PL   -7991062.856  135557902.7
HOSPITAL DE FARO     3789880Z PL   -18565498.19    440770232
HOSPITAL DO DIVI     3789932Z PL   -75359384.99  205468575.8
HOSPITAL GARCIA      3773160Z PL    -48058398.4  155137981.5
HP HEALTH CLUBS      3777952Z PL    -4243987.43  133613465.6
LOCACAO DE EQUIP     4772329Z PL   -1031872.211  425561447.8
METRO DO PORTO       4473963Z PL    -1539365046   3027538897
PORTUGALIA           1008Z PL      -6844075.929    199376769
RADIO E TELEVISA     1227Z PL      -740710264.5  506160206.4
REFER EP             1250Z PL       -1883502408   1735947433
REN TRADING SA       4167785Z PL   -2316007.028  231656542.3
SERVICO DE SAUDE     3790200Z PL   -142612999.3  625059071.4
SOCIEDADE DE TRA     1253Z PL      -368574770.4  153373893.3
SPORTING CLUBE D     SCPX PX Equit -43017532.72  246527336.3
SPORTING CLUBE D     SCDF EU       -43017532.72  246527336.3
SPORTING CLUBE D     SCG GR        -43017532.72  246527336.3
SPORTING CLUBE D     SCDF EO       -43017532.72  246527336.3
SPORTING CLUBE D     SCP1 PZ       -43017532.72  246527336.3
SPORTING CLUBE D     SCP PL        -43017532.72  246527336.3
SPORTING-SOC DES     SCDF PL       -43017532.72  246527336.3
SPORTING-SOC DES     SCPL IX       -43017532.72  246527336.3
SPORTING-SOC-RTS     SCPVS PL      -43017532.72  246527336.3
SPORTING-SOC-RTS     SCPDS PL      -43017532.72  246527336.3
TAP SGPS             TAP PL        -353957017.4   2789331398
TRANSGAS SA          3794668Z PL   -2181404.695  158648841.9
VALE DO LOBO - R     4764257Z PL   -43960329.17  466811617.2

ROMANIA
-------
ARCELORMITTAL        PTRO RO       -61080024.91  178667412.9
OLTCHIM RM VALCE     OLTCF US      -36885412.47  586251335.6
OLTCHIM SA RM VA     OLT EO        -36885412.47  586251335.6
OLTCHIM SA RM VA     OLTEUR EU     -36885412.47  586251335.6
OLTCHIM SA RM VA     OLTEUR EO     -36885412.47  586251335.6
OLTCHIM SA RM VA     OLT EU        -36885412.47  586251335.6
OLTCHIM SA RM VA     OLT PZ        -36885412.47  586251335.6
OLTCHIM SA RM VA     OLT RO        -36885412.47  586251335.6

RUSSIA
------
AKCIONERNOE-BRD      SOVP$ RU      -3777004.385  408412400.2
ALLIANCE RUSSIAN     ALRT RU       -15214295.76  144582050.8
AMO ZIL-CLS          ZILLG RU      -305861298.1  461943061.3
AMO ZIL-CLS          ZILL* RU      -305861298.1  461943061.3
AMO ZIL-CLS          ZILL RU       -305861298.1  461943061.3
AMO ZIL-CLS          ZILL RM       -305861298.1  461943061.3
AMTEL-POVOLZ-BRD     KIRT* RU      -936614.5492  142093264.3
AMTEL-POVOLZ-BRD     KIRT RU       -936614.5492  142093264.3
BALTIYSKY-$BRD       BALZ RU       -20907794.77  382497299.9
BALTIYSKY-$BRD       BALZ* RU      -20907794.77  382497299.9
BALTIYSKY-BRD        BALZ$ RU      -20907794.77  382497299.9
BUMMASH OJSC-BRD     BUMM RU       -44749637.35  160609608.1
BUMMASH OJSC-BRD     BUMM* RU      -44749637.35  160609608.1
CHELPIPE JSC         CHEP RU       -307706501.4   3817658407
CHELPIPE JSC         CHEP RM       -307706501.4   3817658407
CHELPIPE JSC         CHEP* RU      -307706501.4   3817658407
CHELPIPE JSC         CHEPG RU      -307706501.4   3817658407
CHELYAB-GDR 144A     8163533Z LI   -307706501.4   3817658407
CHELYAB--GDR REG     8135827Z LI   -307706501.4   3817658407
CHELYAB--GDR W/I     1CFA GR       -307706501.4   3817658407
CHELYAB--GDR W/I     CHEP LI       -307706501.4   3817658407
CHELYABINSK PIPE     CHEP$ RU      -307706501.4   3817658407
CRYOGENMASH-BRD      KRGM* RU      -124544745.1  207128408.6
CRYOGENMASH-BRD      KRGM RU       -124544745.1  207128408.6
CRYOGENMASH-PFD      KRGMP RU      -124544745.1  207128408.6
CRYOGENMASH-PFD      KRGMP* RU     -124544745.1  207128408.6
DAGESTAN ENERGY      DASBG RU       -29561959.6  232757864.4
DAGESTAN ENERGY      DASB* RU       -29561959.6  232757864.4
DAGESTAN ENERGY      DASB RM        -29561959.6  232757864.4
DAGESTAN ENERGY      DASB RU        -29561959.6  232757864.4
EAST-SIBERIA-BRD     VSNK* RU      -92283895.48  299864149.8
EAST-SIBERIA-BRD     VSNK RU       -92283895.48  299864149.8
EAST-SIBERIAN-BD     VSNK$ RU      -92283895.48  299864149.8
FINANCIAL LEASIN     FLKO* RU      -190902972.2  249901772.8
FINANCIAL LEASIN     FLKO RU       -190902972.2  249901772.8
FINANCIAL LEASIN     FLKO RM       -190902972.2  249901772.8
FINANCIAL LEASIN     137282Z RU    -190902972.2  249901772.8
GAZ                  GZAPF US      -292369069.3   1799241026
GAZ                  GAZA$ RU      -292369069.3   1799241026
GAZ-CLS              GAZA RM       -292369069.3   1799241026
GAZ-CLS              GAZA* RU      -292369069.3   1799241026
GAZ-CLS              GAZA RU       -292369069.3   1799241026
GAZ-CLS              GAZAG RU      -292369069.3   1799241026
GAZ-PFD              GAZAP* RU     -292369069.3   1799241026
GAZ-PFD              GAZAPG RU     -292369069.3   1799241026
GAZ-PFD              GAZAP RM      -292369069.3   1799241026
GAZ-PFD              GAZAPG$ RU    -292369069.3   1799241026
GAZ-PFD              GAZAP RU      -292369069.3   1799241026
GAZ-PREF             GAZAP$ RU     -292369069.3   1799241026
GAZ-US$ GTS          GAZAG$ RU     -292369069.3   1799241026
GRAZHDANSKIE SAM     GSSU RU       -152610999.2   1609476948
GUKOVUGOL            GUUG RU       -57835249.92  143665227.2
GUKOVUGOL            GUUG* RU      -57835249.92  143665227.2
GUKOVUGOL-PFD        GUUGP* RU     -57835249.92  143665227.2
GUKOVUGOL-PFD        GUUGP RU      -57835249.92  143665227.2
GURIEVSKY-BRD        GUMZ RU       -7147215.563  190801547.3
GURIEVSKY-BRD        GUMZ* RU      -7147215.563  190801547.3
HALS-DEVEL- GDR      86PN LI       -588515964.6   1446111954
HALS-DEVEL- GDR      86PN LN       -588515964.6   1446111954
HALS-DEVELOPMENT     HALS RM       -588515964.6   1446111954
HALS-DEVELOPMENT     HALSM RU      -588515964.6   1446111954
HALS-DEVELOPMENT     HALS LI       -588515964.6   1446111954
HALS-DEVELOPMENT     HALSG RU      -588515964.6   1446111954
HALS-DEVELOPMENT     HALS TQ       -588515964.6   1446111954
HALS-DEVELOPMENT     SYR GR        -588515964.6   1446111954
HALS-DEVELOPMENT     HALS* RU      -588515964.6   1446111954
HALS-DEVELOPMENT     HALS RU       -588515964.6   1446111954
IZHAVTO OAO          IZAV RU       -94100833.99  443610329.4
KIROV TIRE PLANT     KIRT$ RU      -936614.5492  142093264.3
M-INDUSTRIYA         SOMI RU       -1304109.982  267288804.8
MOSPROMSTROY-BRD     MPSM* RU      -15526364.63    270701638
MOSPROMSTROY-BRD     MPSM RU       -15526364.63    270701638
MOSPROMSTROY-PFD     MPSMP* RU     -15526364.63    270701638
MOSPROMSTROY-PFD     MPSMP RU      -15526364.63    270701638
NIZHEGORODSK-BRD     NASO* RU      -925605.4667  537182246.1
NIZHEGORODSK-BRD     NASO RU       -925605.4667  537182246.1
NIZHEGORODSKI-B      NASO$ RU      -925605.4667  537182246.1
NIZHEGORODS-P B$     NASOP$ RU     -925605.4667  537182246.1
NIZHEGORODS-PFD      NASOP RU      -925605.4667  537182246.1
NIZHEGORODS-PFD      NASOP* RU     -925605.4667  537182246.1
NIZHMASHZAVO-BRD     NMSZ* RU      -36667081.23  323938091.2
NIZHMASHZAVO-BRD     NMSZ RU       -36667081.23  323938091.2
NIZHMASHZAVOD-BD     NMSZ$ RU      -36667081.23  323938091.2
NIZHMASHZAVO-PFD     NMSZP RU      -36667081.23  323938091.2
NIZHMASHZAVO-PFD     NMSZP* RU     -36667081.23  323938091.2
NOVOSIBIRSK-BRD      NVMZ RU       -3734071.034  152583538.5
NOVOSIBIRSK-BRD      NVMZ* RU      -3734071.034  152583538.5
NOVOSIBIRSK-BRD      NVMZ$ RU      -3734071.034  152583538.5
OAO AMURMETALL       AMMT RU       -808724.9033  847661954.7
PENOPLEX-FINANS      PNPF RU       -839659.3715  147052027.7
PIK GROUP            PIKK* RU      -22928288.83   4135566932
PIK GROUP            PIKKG RU      -22928288.83   4135566932
PIK GROUP            PIKK RM       -22928288.83   4135566932
PIK GROUP            PIKK RU       -22928288.83   4135566932
PIK GROUP-GDR        PIK EB        -22928288.83   4135566932
PIK GROUP-GDR        PIK EU        -22928288.83   4135566932
PIK GROUP-GDR        PIK TQ        -22928288.83   4135566932
PIK GROUP-GDR        PIK IX        -22928288.83   4135566932
PIK GROUP-GDR        PIK1 EO       -22928288.83   4135566932
PIK GROUP-GDR        PIK LI        -22928288.83   4135566932
PIK GROUP-GDR        PKGPL US      -22928288.83   4135566932
PIK GROUP-GDR        PIQ2 GR       -22928288.83   4135566932
PIK GROUP-GDR        PIK1 QM       -22928288.83   4135566932
PROMTRACTOR-FINA     PTRF RU       -36499379.79  250671811.3
RUSPETRO OOO         0090464D LN      -40737000    522576000
RUSPETRO PLC         RPO QM           -40737000    522576000
RUSPETRO PLC         RPO NR           -40737000    522576000
RUSPETRO PLC         RPO EB           -40737000    522576000
RUSPETRO PLC         RPO TQ           -40737000    522576000
RUSPETRO PLC         RPO S1           -40737000    522576000
RUSPETRO PLC         RPO EO           -40737000    522576000
RUSPETRO PLC         RPO EU           -40737000    522576000
RUSPETRO PLC         RPO LN           -40737000    522576000
RUSPETRO PLC         RPO BQ           -40737000    522576000
RUSPETRO PLC         RUSPF US         -40737000    522576000
RUSPETRO PLC         7RP GR           -40737000    522576000
RUSPETRO PLC         RPO IX           -40737000    522576000
RUSPETROL OOO        5316091Z RU      -40737000    522576000
RUSSIAN TEXT-CLS     ALRTG RU      -15214295.76  144582050.8
RUSSIAN TEXT-CLS     ALRT* RU      -15214295.76  144582050.8
SEVERNAYA KAZNA      SVKB RU       -65841686.21    279147750
SEVERNAYA KAZNA      SVKB* RU      -65841686.21    279147750
SISTEMA HALS-GDR     HALS IX       -588515964.6   1446111954
SISTEMA-GDR 144A     SEMAL US      -588515964.6   1446111954
VAGONMASH JSC        VAGM RU       -6605021.709  112362549.3
VIMPEL SHIP-BRD      SOVP* RU      -3777004.385  408412400.2
VIMPEL SHIP-BRD      SOVP RU       -3777004.385  408412400.2
VOLGOGRAD KHIM       VHIM RU       -78745199.18  151620945.8
VOLGOGRAD KHIM       VHIM* RU      -78745199.18  151620945.8
VOLGOGRAD-BRD        VGSZ RU       -3980861.356  103387624.5
VOLGOGRAD-BRD        VGSZ* RU      -3980861.356  103387624.5
VYBORG SHIPY         VSYD RM       -4280194.283  115424615.3
VYBORG SHIPYARD      VSYDP RM      -4280194.283  115424615.3
VYBORG SHIPY-BRD     VSSZ* RU      -4280194.283  115424615.3
VYBORG SHIPY-BRD     VSSZ RU       -4280194.283  115424615.3
VYBORG SHIPY-CLS     VSYD RU       -4280194.283  115424615.3
VYBORG SHIPY-CLS     VSYDP RU      -4280194.283  115424615.3
VYBORG SHIPY-PFD     VSSZP RU      -4280194.283  115424615.3
VYBORG SHIPY-PFD     VSSZP* RU     -4280194.283  115424615.3
ZERNOVAYA KOMPAN     ONAST RU      -37627545.39  556944371.9
ZIL AUTO PLANT       ZILL$ RU      -305861298.1  461943061.3
ZIL AUTO PLANT-P     ZILLP RU      -305861298.1  461943061.3
ZIL AUTO PLANT-P     ZILLP* RU     -305861298.1  461943061.3
ZIL AUTO PLANT-P     ZILLP RM      -305861298.1  461943061.3

SLOVENIA
--------
ALPOS DD             APOG SV       -67352301.16  175199045.1
ALPOS DD             APOG EU       -67352301.16  175199045.1
ALPOS DD             APOG EO       -67352301.16  175199045.1
ALPOS DD             APOG PZ       -67352301.16  175199045.1
ZVON ENA HOLDING     ZVHR PZ       -304042298.7  774906694.2
ZVON ENA HOLDING     ZVHR SV       -304042298.7  774906694.2
ZVON ENA HOLDING     ZVHR EO       -304042298.7  774906694.2
ZVON ENA HOLDING     ZVHR EU       -304042298.7  774906694.2

SPAIN
-----
ACCOR HOTELES ES     4469903Z SM   -9411283.082  167434224.6
ACTUACIONES ACTI     AGR SM        -102380293.1  427580628.2
AGRUPACIO - RT       AGR/D SM      -102380293.1  427580628.2
AIRBUS MILITARY      4456697Z SM   -45606160.88   2811515603
ALSTOM WIND SLU      1009322Z SM    -57597211.2  524838434.6
AMCI HABITAT SA      AMC3 EO       -63136988.27  115854176.8
AMCI HABITAT SA      AMC1 EU       -63136988.27  115854176.8
AMCI HABITAT SA      AMC SM        -63136988.27  115854176.8
ATLANTIC COPPER      4512291Z SM   -83118965.83   1261645242
AURIGACROWN CAR      3791672Z SM   -9696329.512  319009666.2
BASF CONSTRUCTIO     4511259Z SM     -190337553  234576320.4
BEGAR CONSTRUCCI     4413073Z SM   -154094556.2  215035989.2
BIMBO SA             3632779Z SM   -22418992.16  200845624.4
BOUYGUES INMOBIL     3636247Z SM   -45767894.33  122822523.9
BRUESA CONSTRUCC     4283093Z SM   -19748712.07  423973306.5
CAIXARENTING SA      4500211Z SM   -7390432.998   1722091946
CELANESE CHEMICA     3643567Z SM   -22600721.15    102177604
CELAYA EMPARANZA     3642467Z SM   -19428468.87  176340504.9
CEREP INVESTMENT     3638887Z SM    -52616228.8  275537774.5
COPERFIL GROUP       704457Z SM    -3700858.975    403826723
DINOSOL SUPERMER     397409Z SM    -46517749.44   1134013519
FACTORIA NAVAL D     3748456Z SM   -19757690.28  218788440.5
FBEX PROMO INMOB     3745024Z SM   -820001.0305   1142937522
FERGO AISA -RTS      AISA/D SM     -102380293.1  427580628.2
FERGO AISA SA        AISA EU       -102380293.1  427580628.2
FERGO AISA SA        AISA EO       -102380293.1  427580628.2
FERGO AISA SA        AISA PZ       -102380293.1  427580628.2
FERGO AISA SA        AISA SM       -102380293.1  427580628.2
FMC FORET SA         3642299Z SM   -135792007.2  150683418.5
FORMICA SA           3748616Z SM   -24873736.89  101430971.6
GALERIAS PRIMERO     3281527Z SM   -2731015.072  124875853.4
GE POWER CONTROL     3744144Z SM   -25412232.52  973735754.8
GE REAL ESTATE I     2814684Z SM   -197396338.8    537048655
GENERAL MOTORS E     4286805Z SM   -323089753.8   2783002632
GLENCORE ESPANA      3752336Z SM   -17828297.05  238237965.8
HIDROCANTABRICO      4456745Z SM   -245397523.6    513745817
HOLCIM HORMIGONE     4376153Z SM   -34366354.11  133704111.2
HUNE PLATAFORMAS     4284309Z SM   -34729576.87  417379212.5
LA SIRENA ALIMEN     4375737Z SM   -80359344.11    223928579
MARTINSA FADESA      4PU GR         -4266039390   4958578344
MARTINSA FADESA      MTF SM         -4266039390   4958578344
MARTINSA FADESA      MTF EO         -4266039390   4958578344
MARTINSA FADESA      MTF EU         -4266039390   4958578344
MARTINSA FADESA      MFAD PZ        -4266039390   4958578344
MARTINSA FADESA      MTF1 LI        -4266039390   4958578344
MARTINSA-FADESA      MTF NR         -4266039390   4958578344
NYESA VALORES CO     NYE EO        -208568793.8  658498551.2
NYESA VALORES CO     BESS PZ       -208568793.8  658498551.2
NYESA VALORES CO     NYE EU        -208568793.8  658498551.2
NYESA VALORES CO     NYE SM        -208568793.8  658498551.2
NYESA VALORES CO     NYE TQ        -208568793.8  658498551.2
NYESA VALORES CO     BES EO        -208568793.8  658498551.2
NYESA VALORES CO     7NY GR        -208568793.8  658498551.2
NYESA VALORES CO     BES SM        -208568793.8  658498551.2
NYESA VALORES CO     BES EU        -208568793.8  658498551.2
NYESA VALORES CO     BES TQ        -208568793.8  658498551.2
PANRICO SAU          1087Z SM      -372238069.5   1219319614
PULLMANTUR SA        301590Z SM    -74071248.87  168349823.1
RANDSTAD EMPLEO      4285885Z SM    -27469291.1  318454508.5
REAL ZARAGOZA SA     4285533Z SM   -5769281.747  168572641.9
RENTA CORP           REN1USD EO    -40378516.38  216503337.5
RENTA CORP           REN SM        -40378516.38  216503337.5
RENTA CORP           REN1 TQ       -40378516.38  216503337.5
RENTA CORP           REN1USD EU    -40378516.38  216503337.5
RENTA CORP           RENS PZ       -40378516.38  216503337.5
RENTA CORP           REN1 EU       -40378516.38  216503337.5
RENTA CORP           REN1 EO       -40378516.38  216503337.5
RENTA CORP           REN1GBX EU    -40378516.38  216503337.5
RENTA CORP           RTACF US      -40378516.38  216503337.5
RENTA CORP           REN1GBX EO    -40378516.38  216503337.5
RENTA CORP           REN1GBP EO    -40378516.38  216503337.5
RENTA CORP REAL      REN/D SM      -40378516.38  216503337.5
RESIDENCIAL MARL     4498347Z SM   -8851230.872  106007591.2
REYAL URBIS SA       REY1 EU        -1160391779   4576859229
REYAL URBIS SA       REYU PZ        -1160391779   4576859229
REYAL URBIS SA       REY SM         -1160391779   4576859229
REYAL URBIS SA       REY1 IX        -1160391779   4576859229
REYAL URBIS SA       REY1 EO        -1160391779   4576859229
REYAL URBIS SA       REY EB         -1160391779   4576859229
SA DE SUPERMERCA     4373489Z SM   -24370843.85  162576231.9
SEDESA OBRAS Y S     4285693Z SM   -33624032.31    180977629
SHELL ESPANA SA      4514247Z SM   -62380994.38  292408739.1
SPANAIR              1174Z SM      -224915085.6  350111493.1
SUZLON WIND ENER     3809140Z SM   -2806837.606  127085865.7
TELEVISION AUTON     3772924Z SM   -114641099.5  119139075.3
TROPICAL TURISTI     3639071Z SM    -47219485.5  485271194.6
TYCO ELECTRONICS     2335265Z SM   -120872225.3  241227566.2
UNITEC UNION TIE     3801344Z SM   -23207409.48  131213302.5
URBANIZADORA SEV     4286693Z SM    -10314851.8    487333641
VIA OPERADOR PET     4510507Z SM   -19240934.52  114265353.9
XFERA MOVILE SA      1236Z SM      -93151786.57   1220956633

SWEDEN
------
ATTENDO AB           4452873Z SS   -58148252.61   1244996834
KAROLINEN FASTIG     4008644Z SS   -906745.1282  122777361.3
NOBINA               1099Z SS      -302162.7367  854969434.4
PANAXIA AB           PAXA EO       -13977223.06  102375741.8
PANAXIA AB           PAXAEUR EO    -13977223.06  102375741.8
PANAXIA AB           PAXA PZ       -13977223.06  102375741.8
PANAXIA AB           PAXA EU       -13977223.06  102375741.8
PANAXIA AB           PAXA BY       -13977223.06  102375741.8
PANAXIA AB           PAXAEUR EU    -13977223.06  102375741.8
PANAXIA AB           PAXA SS       -13977223.06  102375741.8
PANAXIA AB-NEW       PAXABT BY     -13977223.06  102375741.8
PANAXIA AB-NEW       PAXABT SS     -13977223.06  102375741.8
PANAXIA AB-RTS       PAXATR SS     -13977223.06  102375741.8
PANAXIA AB-RTS       PAXATR BY     -13977223.06  102375741.8
PANAXIA-NEW          8292193Q SS   -13977223.06  102375741.8
PANAXIA-RTS          8292189Q SS   -13977223.06  102375741.8
SWEDISH MA-RE RT     SWMASR SS     -267565377.7   2184130566
SWEDISH MAT-ADR      3053566Q US   -267565377.7   2184130566
SWEDISH MAT-ADR      SWMA GR       -267565377.7   2184130566
SWEDISH MATCH        SWD LI        -267565377.7   2184130566
SWEDISH MATCH AB     SWMAUSD EO    -267565377.7   2184130566
SWEDISH MATCH AB     SWMAF US      -267565377.7   2184130566
SWEDISH MATCH AB     SWMAGBX EO    -267565377.7   2184130566
SWEDISH MATCH AB     SWMAEUR EU    -267565377.7   2184130566
SWEDISH MATCH AB     SWMA BY       -267565377.7   2184130566
SWEDISH MATCH AB     SWMAGBX EU    -267565377.7   2184130566
SWEDISH MATCH AB     SWMA NR       -267565377.7   2184130566
SWEDISH MATCH AB     SWMAUSD EU    -267565377.7   2184130566
SWEDISH MATCH AB     SWMA IX       -267565377.7   2184130566
SWEDISH MATCH AB     SWM TH        -267565377.7   2184130566
SWEDISH MATCH AB     SWMA GK       -267565377.7   2184130566
SWEDISH MATCH AB     SWMDF US      -267565377.7   2184130566
SWEDISH MATCH AB     SWMA NQ       -267565377.7   2184130566
SWEDISH MATCH AB     SWMA SS       -267565377.7   2184130566
SWEDISH MATCH AB     SWMA TQ       -267565377.7   2184130566
SWEDISH MATCH AB     SWM GR        -267565377.7   2184130566
SWEDISH MATCH AB     SWMAEUR EO    -267565377.7   2184130566
SWEDISH MATCH AB     SWMA EU       -267565377.7   2184130566
SWEDISH MATCH AB     SWMA EO       -267565377.7   2184130566
SWEDISH MATCH AB     SWMA QM       -267565377.7   2184130566
SWEDISH MATCH AB     SWMA EB       -267565377.7   2184130566
SWEDISH MATCH AB     SWMA PZ       -267565377.7   2184130566
SWEDISH MATCH AB     SWM VX        -267565377.7   2184130566
SWEDISH MATCH AB     SWMA S1       -267565377.7   2184130566
SWEDISH MATCH AB     SWMA LI       -267565377.7   2184130566
SWEDISH MATCH AB     SWMAGBP EO    -267565377.7   2184130566
SWEDISH MATCH AB     SWMA BQ       -267565377.7   2184130566
SWEDISH MATCH- B     SWMWF US      -267565377.7   2184130566
SWEDISH MATCH-B      3033P US      -267565377.7   2184130566
SWEDISH MAT-RTS      SWMYR US      -267565377.7   2184130566
SWEDISH M-UN ADR     SWMAY US      -267565377.7   2184130566

SWITZERLAND
-----------
ETRION CORP          4QP GR            -1431000    449615008
ETRION CORP          PFCXF US          -1431000    449615008
ETRION CORP          ETX2EUR EU        -1431000    449615008
ETRION CORP          ETX2USD EO        -1431000    449615008
ETRION CORP          ETX2USD EU        -1431000    449615008
ETRION CORP          ETRXF US          -1431000    449615008
ETRION CORP          ETX2EUR EO        -1431000    449615008
ETRION CORP          ETX SS            -1431000    449615008
ETRION CORP          ETX CN            -1431000    449615008
ETRION CORP          ETX2SEK EO        -1431000    449615008
ETRION CORP          ETXSEK BY         -1431000    449615008
ETRION CORP          ETX2SEK EU        -1431000    449615008
PRETIUM INDUSTRI     PIIMF US          -1431000    449615008
VISUALAB INC         VSLBF US          -1431000    449615008
VISUALABS INC        VLI CN            -1431000    449615008

TURKEY
------
EGS EGE GIYIM VE     EGDIS TI      -7732135.103  147075077.7
EGS EGE GIYIM-RT     EGDISR TI     -7732135.103  147075077.7
GALATASARAY SPOR     GSRAY TI      -134837791.7  312345232.8
GALATASARAY SPOR     GALA IX       -134837791.7  312345232.8
GALATASARAY SPOR     GSRAYR TI     -134837791.7  312345232.8
GALATASARAY SPOR     GSY GR        -134837791.7  312345232.8
GALATASARAY SPOR     GATSF US      -134837791.7  312345232.8
GALATASARAY-NEW      GSRAYY TI     -134837791.7  312345232.8
IKTISAT FINAN-RT     IKTFNR TI     -46900666.64  108228233.6
IKTISAT FINANSAL     IKTFN TI      -46900666.64  108228233.6
KEREVITAS GIDA       KVTGF US      -17661319.95  159849621.7
KEREVITAS GIDA       KERVT TI      -17661319.95  159849621.7
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     -2128989.458   1841396734
ZORLU ENERJI ELE     ZORENR TI     -2128989.458   1841396734
ZORLU ENERJI ELE     ZRLUF US      -2128989.458   1841396734
ZORLU ENERJI ELE     ZOREN TI      -2128989.458   1841396734
ZORLU ENERJI ELE     ZORENY TI     -2128989.458   1841396734
ZORLU ENERJI-ADR     ZRLUY US      -2128989.458   1841396734
ZORLU ENERJI-RTS     0405413D TI   -2128989.458   1841396734

UKRAINE
-------
CHERNIGIVS MAN-M     CHIM UZ          -19979000    106551872
CHERNIGIVS M-GDR     CKU GR           -19979000    106551872
DNIP METAL-Y Z-D     DMZK UZ           -1689000    100894624
DNIPROVSKY IRON      DMKD UZ          -85795248   2345518080
DONETSKOBLENERGO     DOON UZ       -350758285.3  246202249.5
KRYMENERGO           KREN UZ       -34125639.53  127185486.6
LUGANSKOBLENERGO     LOEN UZ       -28469656.82  196711929.2
MARIUP-GDR REG S     MZVM IX       -11661586.28  260791838.5
MARIUP-GDR REG S     M9X GR        -11661586.28  260791838.5
MARIUPOL HEAVY M     MZVM UZ       -11661586.28  260791838.5
NAFTOKHIMIK PRIC     NAFP UZ       -25147613.11  203369540.7
NAFTOKHIMIK-GDR      N3ZA GR       -25147613.11  203369540.7
ODESSA OIL REFIN     ONPZ UZ         -333080256    155962496
RIVNEAZOT            RAZT UZ          -32846124    548777856
ZALK - PFTS          ZALK UZ          -94493504    126238624

UNITED KINGDOM
--------------
600 UK LTD           1282018Z LN   -731250.5356  123671540.8
ABBOTT MEAD VICK     648824Q LN    -1685854.552  168258996.3
ABF GRAIN PRODUC     1276922Z LN   -80622502.15  405377719.8
ACE INA SERVICES     1442282Z LN   -32838796.68  148703014.2
ACIS GROUP LTD       4159557Z LN   -29529317.19  122639068.7
ACORN CARE AND E     1238567Z LN    -70886168.8  120665053.6
ADVANCE DISPLAY      ADTP PZ        -2983757364   2562677211
AEA TECHNOLO-FPR     AATF PZ       -251542348.1  142002291.9
AEA TECHNOLO-FPR     AATF LN       -251542348.1  142002291.9
AEA TECHNOLOGY       EAETF US      -251542348.1  142002291.9
AEA TECHNOLOGY       AAT VX        -251542348.1  142002291.9
AEA TECHNOLOGY       AAT IX        -251542348.1  142002291.9
AEA TECHNOLOGY       AAT PO        -251542348.1  142002291.9
AEA TECHNOLOGY G     AATGBP EO     -251542348.1  142002291.9
AEA TECHNOLOGY G     AAT LN        -251542348.1  142002291.9
AEA TECHNOLOGY G     89A GR        -251542348.1  142002291.9
AEA TECHNOLOGY G     AEATF US      -251542348.1  142002291.9
AEA TECHNOLOGY G     AAT EU        -251542348.1  142002291.9
AEA TECHNOLOGY G     AAT PZ        -251542348.1  142002291.9
AEA TECHNOLOGY G     AAT EO        -251542348.1  142002291.9
AEA TECHNOLO-NPR     AATN LN       -251542348.1  142002291.9
AEA TECHNOLO-NPR     AATN PZ       -251542348.1  142002291.9
AFFINITI INTEGRA     1651064Z LN   -743208854.7    241654750
AGORA SHOPPING C     214766Z LN    -50700881.16  252334953.9
AIRBUS OPERATION     4435153Z LN   -718055101.2   3718998325
AIRTOURS PLC         AIR VX        -379721780.5   1817512774
AIRTOURS PLC         AIR LN        -379721780.5   1817512774
AIRTOURS PLC         ATORF US      -379721780.5   1817512774
ALIXPARTNERS LTD     2578482Z LN   -20704239.37  115351021.9
ALL3MEDIA HOLDIN     4500027Z LN   -349193464.9  845096523.8
ALLDAYS PLC          ALDYF US        -120493900  252232072.9
ALLDAYS PLC          317056Q LN      -120493900  252232072.9
ALLIANCE & LEICE     1603082Z LN   -362196734.3   3707298376
ALLIANCE ATLANTI     1774537Z LN   -15720815.81  102607041.1
ALPHA CREDIT GRP     2398Z LN      -128159653.1   6765166452
AMER BUS SYS         ARB LN          -497126976    121439000
AMEY PLC             AMY LN        -48862569.33  931527720.5
AMEY PLC             AMY VX        -48862569.33  931527720.5
AMEY PLC             AMEYF US      -48862569.33  931527720.5
AMEY PLC-ASSENT      AMYA LN       -48862569.33  931527720.5
AMEY PLC-NEW         AMYN LN       -48862569.33  931527720.5
ANGLESEY ALUMINI     3899138Z LN   -31293037.69  162854170.3
ANKER PLC            ANK LN        -21861359.81    115463159
ANKER PLC            ANK PO        -21861359.81    115463159
ANKER PLC            DW14 GR       -21861359.81    115463159
ANKER PLC - ASSD     ANKB LN       -21861359.81    115463159
ANKER PLC - ASSD     ANKC LN       -21861359.81    115463159
ANKER PLC-ASSD       ANKA LN       -21861359.81    115463159
ARCADIA PETROLEU     645232Z LN    -5023968.659  568408481.5
ARGENTA UNDERWRI     2619614Z LN   -2675706.338  115312566.9
ARRIVA NORTH WES     1320162Z LN   -1976907.097  100984405.8
ASCOT RACECOURSE     1965934Z LN   -15176036.03  272434311.7
ASHWELL PROPERTY     4165857Z LN   -192048023.3  200163088.3
ASPIRE HOUSING L     1820890Z LN   -76622621.06  145635258.6
ASTON VILLA FOOT     1768569Z LN   -147588325.5  132513030.7
ASTRIUM LTD          2568578Z LN   -147720838.8  465118265.6
AT KEARNEY HOLDI     4168565Z LN   -712649.2612  420870276.2
AUTOBAR GROUP LT     346661Z LN    -4152320.078  257142544.7
AUTOMATIC DATA P     2807722Z LN   -2691222.405  196460842.3
AUTOMOBILE ASSOC     1479490Z LN   -33757452.81   1402428072
AVAYA UK             1700688Z LN   -53845662.33    392389930
BAA PLC              BAAPF US      -305487309.1  20626980048
BAA PLC              BAAG IX       -305487309.1  20626980048
BAA PLC              549340Q CN    -305487309.1  20626980048
BAA PLC              BAA IX        -305487309.1  20626980048
BAA PLC              3682837Q AU   -305487309.1  20626980048
BAA PLC              BAA PO        -305487309.1  20626980048
BAA PLC              BAA GR        -305487309.1  20626980048
BAA PLC              BAA VX        -305487309.1  20626980048
BAA PLC - ASSD       BAAB LN       -305487309.1  20626980048
BAA PLC-ADR          BAAPY US      -305487309.1  20626980048
BAA PLC-ADR          BAAPY LI      -305487309.1  20626980048
BAA PLC-ASSD         BAAC LN       -305487309.1  20626980048
BAA PLC-ASSD         BAAD LN       -305487309.1  20626980048
BAA PLC-ASSD         BAAA LN       -305487309.1  20626980048
BAE SYSTEMS GLOB     1111359Z LN   -198002524.7  433422849.4
BAE SYSTEMS INTE     2344987Z LN    -76887342.6    435816042
BAE SYSTEMS PROP     1151751Z LN   -87647151.12  896957185.8
BANK OF SCOTLAND     1419810Z LN   -9546216.212  527915266.9
BARCHESTER HOLDC     4391889Z LN   -29571912.71   1847591976
BARRACUDA GROUP      3636Z LN      -395586366.9    328358578
BASINGHALL FINAN     1127799Z LN   -9318896.893   1118303697
BAT UK & EXPORT      4509491Z LN   -190548587.2  881692782.5
BCH GROUP PLC        BCH LN        -5728273.973  187993198.2
BDP HOLDINGS LTD     3796920Z LN   -5521777.438    114452852
BENTLEY MOTORS L     1376666Z LN   -511844321.8  792321913.9
BETFAIR LTD          83844Z LN     -26079415.01  461076110.5
BGE UK LTD           1653368Z LN   -31309521.84  451744849.3
BIRMINGHAM MAILB     1781057Z LN   -6608952.843  116466648.8
BIRSE CIVILS LTD     1333506Z LN   -3991231.995  184394918.2
BLACKWELL PUBLIS     80044Z LN     -1289834.531  223671685.3
BNB RECRUITMENT      BNB IX        -10242625.55    103637705
BNB RECRUITMENT      BNB PO        -10242625.55    103637705
BNB RECRUITMENT      BNB LN        -10242625.55    103637705
BNB RECRUITMENT      BNBRF US      -10242625.55    103637705
BNB RECRUITMENT      BQX GR        -10242625.55    103637705
BOLTON WANDERERS     1274042Z LN     -109297588  124148929.4
BOOKER PLC           1330Q GR      -59832893.13   1298182549
BOOKER PLC           BKERF US      -59832893.13   1298182549
BOOKER PLC           987188Q LN    -59832893.13   1298182549
BOOKER PLC-ADR       BKRUY US      -59832893.13   1298182549
BOOKER PLC-ADR       BOK$ LN       -59832893.13   1298182549
BOSTON MAYFLOWER     1845650Z LN   -38702577.78  104489726.5
BRADSTOCK GROUP      BSKGF US      -1855444.639  268563822.5
BRADSTOCK GROUP      BDK LN        -1855444.639  268563822.5
BRB RESIDUARY LT     2872503Z LN   -271034725.2  371470513.4
BRENT WALKER GRP     754087Q LN     -1774306283  867084131.8
BRENT WALKER GRP     BWKGF US       -1774306283  867084131.8
BRIT ENERGY LTD      523362Q LN     -5822867501   4921095750
BRIT ENERGY PLC      BHEGF US       -5822867501   4921095750
BRIT ENERGY PLC      555140Q VX     -5822867501   4921095750
BRIT ENERGY PLC      BGYEF US       -5822867501   4921095750
BRIT ENERGY PLC      BEN1 GR        -5822867501   4921095750
BRIT ENERGY-A        BENA GR        -5822867501   4921095750
BRIT ENERGY-ADR      BHEFF US       -5822867501   4921095750
BRITISH ENER-$US     BGYD AR        -5822867501   4921095750
BRITISH ENER-$US     BGYNYD AR      -5822867501   4921095750
BRITISH ENER-ADR     BGYNY US       -5822867501   4921095750
BRITISH ENER-BLK     BGYB AR        -5822867501   4921095750
BRITISH ENER-BLK     BGYNYB AR      -5822867501   4921095750
BRITISH ENER-C/E     BGYC AR        -5822867501   4921095750
BRITISH ENER-C/E     BGYNYC AR      -5822867501   4921095750
BRITISH ENER-CED     BGYNY AR       -5822867501   4921095750
BRITISH ENER-CED     BGY AR         -5822867501   4921095750
BRITISH ENERGY-A     BGYA VX        -5822867501   4921095750
BRITISH ENERGY-A     3012442Q LN    -5822867501   4921095750
BRITISH ENERGY-A     BHEAF US       -5822867501   4921095750
BRITISH ENERGY-A     BGYA PO        -5822867501   4921095750
BRITISH ENERGY-A     BGYGF US       -5822867501   4921095750
BRITVIC PLC          BVIC LN        -1427723.98   1647117616
BRITVIC PLC          BVI2 EO        -1427723.98   1647117616
BRITVIC PLC          BVIC EU        -1427723.98   1647117616
BRITVIC PLC          B6S GR         -1427723.98   1647117616
BRITVIC PLC          BVICGBP EO     -1427723.98   1647117616
BRITVIC PLC          BVIC BQ        -1427723.98   1647117616
BRITVIC PLC          BVIC5 EO       -1427723.98   1647117616
BRITVIC PLC          BVIC EO        -1427723.98   1647117616
BRITVIC PLC          BVICUSD EO     -1427723.98   1647117616
BRITVIC PLC          BVIC TQ        -1427723.98   1647117616
BRITVIC PLC          BVICPEN EU     -1427723.98   1647117616
BRITVIC PLC          BVIC S1        -1427723.98   1647117616
BRITVIC PLC          BVIC4 EO       -1427723.98   1647117616
BRITVIC PLC          BVICEUR EO     -1427723.98   1647117616
BRITVIC PLC          BTVCF US       -1427723.98   1647117616
BRITVIC PLC          BVICEUR EU     -1427723.98   1647117616
BRITVIC PLC          BVIC9 EO       -1427723.98   1647117616
BRITVIC PLC          BVIC8 EO       -1427723.98   1647117616
BRITVIC PLC          BVICPEN EO     -1427723.98   1647117616
BRITVIC PLC          B6S GK         -1427723.98   1647117616
BRITVIC PLC          BVIC EB        -1427723.98   1647117616
BRITVIC PLC          BVIC2 EO       -1427723.98   1647117616
BRITVIC PLC          BVIC NQ        -1427723.98   1647117616
BRITVIC PLC          BVIC6 EO       -1427723.98   1647117616
BRITVIC PLC          BVIC QM        -1427723.98   1647117616
BRITVIC PLC          BVIC3 EO       -1427723.98   1647117616
BRITVIC PLC          BVIC1 EO       -1427723.98   1647117616
BRITVIC PLC          BVIC PZ        -1427723.98   1647117616
BRITVIC PLC          BVICUSD EU     -1427723.98   1647117616
BRITVIC PLC          BVIC IX        -1427723.98   1647117616
BRITVIC PLC          BVIC VX        -1427723.98   1647117616
BRITVIC PLC          BVIC NR        -1427723.98   1647117616
BRITVIC PLC          BVIC7 EO       -1427723.98   1647117616
BRITVIC PLC-ADR      BTVCY US       -1427723.98   1647117616
BRIXTON GREAT WE     1242343Z LN   -24193317.48  164120047.9
BUNZL VENDING SE     1626514Z LN   -3627717.453    117295226
BURNDEN LEISURE      BDL LN        -92092299.62  136726201.7
CALSONIC KANSEI      2730264Z LN   -112686897.5    233439821
CALSONIC KANSEI      1541442Z LN   -38998494.18  298627314.6
CAPITAL HOME LOA     3809804Z LN   -15503258.05  16833730499
CARISBROOKE ANGL     3815488Z LN   -67887962.81  125396545.6
CARLISLE GROUP       506819Q LN    -11904428.42    203548565
CATTLES PLC          CTT EB        -599615492.2   3880885246
CATTLES PLC          CTT IX        -599615492.2   3880885246
CATTLES PLC          CTT LN        -599615492.2   3880885246
CATTLES PLC          CTTEUR EU     -599615492.2   3880885246
CATTLES PLC          CTTUSD EU     -599615492.2   3880885246
CATTLES PLC          CTT TQ        -599615492.2   3880885246
CATTLES PLC          CTT EU        -599615492.2   3880885246
CATTLES PLC          CZS GR        -599615492.2   3880885246
CATTLES PLC          CTTSEK EU     -599615492.2   3880885246
CATTLES PLC          CTTEUR EO     -599615492.2   3880885246
CATTLES PLC          CTT NQ        -599615492.2   3880885246
CATTLES PLC          CTTUSD EO     -599615492.2   3880885246
CATTLES PLC          CTTGBP EO     -599615492.2   3880885246
CATTLES PLC          CTTSEK EO     -599615492.2   3880885246
CATTLES PLC          CTT NR        -599615492.2   3880885246
CATTLES PLC          CTT PZ        -599615492.2   3880885246
CATTLES PLC          CHOXF US      -599615492.2   3880885246
CATTLES PLC          CTT EO        -599615492.2   3880885246
CATTLES PLC          CTT QM        -599615492.2   3880885246
CATTLES PLC          CTT PO        -599615492.2   3880885246
CATTLES PLC          CTT VX        -599615492.2   3880885246
CATTLES PLC          CTT BQ        -599615492.2   3880885246
CATTLES PLC-ADR      CHOXY US      -599615492.2   3880885246
CATTLES PLC-FPR      CTTF LN       -599615492.2   3880885246
CATTLES PLC-FPR      CTTF PZ       -599615492.2   3880885246
CATTLES PLC-NPR      CTTN LN       -599615492.2   3880885246
CATTLES PLC-NPR      CTTN IX       -599615492.2   3880885246
CATTLES PLC-NPR      CTTN PZ       -599615492.2   3880885246
CATTLES PLC-NPR      2843730Q EU   -599615492.2   3880885246
CATTLES PLC-NPR      2843726Q EO   -599615492.2   3880885246
CATTLES PLC-NPR      2843734Q EO   -599615492.2   3880885246
CATTLES PLC-NPR      CCTN PZ       -599615492.2   3880885246
CATTLES PLC-RFD      CTTR LN       -599615492.2   3880885246
CATTLES PLC-RFD      CTTR PZ       -599615492.2   3880885246
CATTLES PLC-RFD      CTTR IX       -599615492.2   3880885246
CEVA GROUP PLC       976811Z LN    -404835205.1   5085742264
CHANNEL 5 TELEVI     93306Z LN      -3955940.23  440416449.8
CHELSEA FOOTBALL     1508858Z LN   -645325606.2  325028457.3
CHILTERN RAILWAY     1691664Z LN   -18440739.08  143929126.6
CHRYSALIS GROUP      CHS EU        -16399845.81  124838262.3
CHRYSALIS GROUP      CHS PZ        -16399845.81  124838262.3
CHRYSALIS GROUP      CYGUF US      -16399845.81  124838262.3
CHRYSALIS GROUP      CHSEUR EU     -16399845.81  124838262.3
CHRYSALIS GROUP      CHS PO        -16399845.81  124838262.3
CHRYSALIS GROUP      CHSEUR EO     -16399845.81  124838262.3
CHRYSALIS GROUP      CHS EO        -16399845.81  124838262.3
CHRYSALIS GROUP      HR4 GR        -16399845.81  124838262.3
CHRYSALIS GROUP      5CY GR        -16399845.81  124838262.3
CHRYSALIS GROUP      CHSUSD EU     -16399845.81  124838262.3
CHRYSALIS GROUP      CHS VX        -16399845.81  124838262.3
CHRYSALIS GROUP      CLYSF US      -16399845.81  124838262.3
CHRYSALIS GROUP      CHSGBP EO     -16399845.81  124838262.3
CHRYSALIS GROUP      CHS LN        -16399845.81  124838262.3
CHRYSALIS GROUP      CHS IX        -16399845.81  124838262.3
CHRYSALIS GROUP      CHSUSD EO     -16399845.81  124838262.3
CLASSIC HOSPITAL     802723Z LN    -6453011.416  212249352.1
CLIPPER WINDPOWE     CWP EO          -168322000    436419008
CLIPPER WINDPOWE     CWP IX          -168322000    436419008
CLIPPER WINDPOWE     C2W GR          -168322000    436419008
CLIPPER WINDPOWE     CWP LN          -168322000    436419008
CLIPPER WINDPOWE     CWP PG          -168322000    436419008
CLIPPER WINDPOWE     CWPA LN         -168322000    436419008
CLIPPER WINDPOWE     CWP PZ          -168322000    436419008
CLIPPER WINDPOWE     CWP EU          -168322000    436419008
CLIPPER WINDPOWE     3470635Q LN     -168322000    436419008
CLIPPER WINDPOWE     CRPWF US        -168322000    436419008
COMMUNITY HOUSIN     4448257Z LN    -3215992.54  202983429.4
COMO HOLDINGS UK     3818576Z LN   -23709992.86  122013803.9
COMPASS GROU-OLD     1259Q LN      -668101173.9   2972459078
COMPASS GROUP        QOP GR        -668101173.9   2972459078
COMPASS GRP-ADR      CMSGY US      -668101173.9   2972459078
COMPASS GRP-ADR      CMSJY US      -668101173.9   2972459078
CONNECT UTILITIE     2112683Z LN   -6756036.693  135500422.8
CONVENIENCE FOOD     1555794Z LN   -76242510.77    781213617
COOLKEERAGH ESB      4471679Z LN    -21270460.2  308163645.9
CPI MORTARS LTD      1751696Z LN   -22518097.49  110009816.1
CROSBY GROUP PLC     237335Z LN    -122188674.2  211009635.6
CROWN BLUE LINE      1369234Z LN   -5491244.659  143228058.8
CSC METROCENTRE      1203663Z LN   -177523497.7    231888247
CUCINA LUX INVES     4503083Z LN   -332083965.3   3040705457
DANKA BUS SYSTEM     DNK LN          -497126976    121439000
DANKA BUS SYSTEM     3205291Q EO     -497126976    121439000
DANKA BUS SYSTEM     DNK VX          -497126976    121439000
DANKA BUS SYSTEM     DNK IX          -497126976    121439000
DANKA BUS SYSTEM     DNK PO          -497126976    121439000
DANKA BUS SYSTEM     DNK PZ          -497126976    121439000
DANKA BUS SYSTEM     3205283Q EO     -497126976    121439000
DANKA BUS SYSTEM     DANKF US        -497126976    121439000
DANKA BUS SYSTEM     3205287Q EU     -497126976    121439000
DANKA BUS-$US CE     DANKD AR        -497126976    121439000
DANKA BUS-ADR        DANKY US        -497126976    121439000
DANKA BUS-ADR        AP39 LI         -497126976    121439000
DANKA BUS-ADR        DB6 GR          -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
DARTY PLC            KESA QM       -154779892.4   1917418684
DARTY PLC            DRTYUSD EU    -154779892.4   1917418684
DARTY PLC            KESA5 EO      -154779892.4   1917418684
DARTY PLC            KESA IX       -154779892.4   1917418684
DARTY PLC            KESA2 EO      -154779892.4   1917418684
DARTY PLC            KESA EO       -154779892.4   1917418684
DARTY PLC            DRTY EO       -154779892.4   1917418684
DARTY PLC            KESA3 EO      -154779892.4   1917418684
DARTY PLC            KESA6 EO      -154779892.4   1917418684
DARTY PLC            DRTY QM       -154779892.4   1917418684
DARTY PLC            DRTY LN       -154779892.4   1917418684
DARTY PLC            KESA9 EO      -154779892.4   1917418684
DARTY PLC            DRTY EU       -154779892.4   1917418684
DARTY PLC            DRTYGBP EO    -154779892.4   1917418684
DARTY PLC            KE4 GR        -154779892.4   1917418684
DARTY PLC            DRTY IX       -154779892.4   1917418684
DARTY PLC            KESA TQ       -154779892.4   1917418684
DARTY PLC            KESAF US      -154779892.4   1917418684
DARTY PLC            KESA8 EO      -154779892.4   1917418684
DARTY PLC            KESA4 EO      -154779892.4   1917418684
DARTY PLC            DRTY TQ       -154779892.4   1917418684
DARTY PLC            DRTYEUR EO    -154779892.4   1917418684
DARTY PLC            KESA BQ       -154779892.4   1917418684
DARTY PLC            DRTYEUR EU    -154779892.4   1917418684
DARTY PLC            KESA NR       -154779892.4   1917418684
DARTY PLC            DRTYI GR      -154779892.4   1917418684
DARTY PLC            KESA NQ       -154779892.4   1917418684
DARTY PLC            DRTY EB       -154779892.4   1917418684
DARTY PLC            KE4 GK        -154779892.4   1917418684
DARTY PLC            DRTYUSD EO    -154779892.4   1917418684
DARTY PLC            DRTY FP       -154779892.4   1917418684
DARTY PLC            KES1 EO       -154779892.4   1917418684
DARTY PLC            KSA FP        -154779892.4   1917418684
DARTY PLC            KESA7 EO      -154779892.4   1917418684
DARTY PLC            KESA S1       -154779892.4   1917418684
DARTY PLC            KESA EB       -154779892.4   1917418684
DAVENHAM GROUP P     DAV EO        -57317833.22  114701147.6
DAVENHAM GROUP P     DAV EU        -57317833.22  114701147.6
DAVENHAM GROUP P     DAV PZ        -57317833.22  114701147.6
DAVENHAM GROUP P     DAH GR        -57317833.22  114701147.6
DAVENHAM GROUP P     DAV PG        -57317833.22  114701147.6
DAVENHAM GROUP P     DAH TH        -57317833.22  114701147.6
DAVENHAM GROUP P     DAV LN        -57317833.22  114701147.6
DAVENHAM GROUP P     DAVEUR EO     -57317833.22  114701147.6
DCK GROUP LTD        4006628Z LN   -23972516.74  108515833.6
DE LA RUE PLC        DLAR TQ       -72920095.83  652922700.1
DE LA RUE PLC        DLAREUR EU    -72920095.83  652922700.1
DE LA RUE PLC        DL1C GK       -72920095.83  652922700.1
DE LA RUE PLC        DLARUSD EO    -72920095.83  652922700.1
DE LA RUE PLC        DLAR LN       -72920095.83  652922700.1
DE LA RUE PLC        DL1 GR        -72920095.83  652922700.1
DE LA RUE PLC        DELRF US      -72920095.83  652922700.1
DE LA RUE PLC        DLAR EB       -72920095.83  652922700.1
DE LA RUE PLC        DLAR8 EO      -72920095.83  652922700.1
DE LA RUE PLC        DLAR BQ       -72920095.83  652922700.1
DE LA RUE PLC        DLAR NR       -72920095.83  652922700.1
DE LA RUE PLC        DLAR PZ       -72920095.83  652922700.1
DE LA RUE PLC        DLRUF US      -72920095.83  652922700.1
DE LA RUE PLC        DLAR1 EO      -72920095.83  652922700.1
DE LA RUE PLC        DLAR NQ       -72920095.83  652922700.1
DE LA RUE PLC        DLARCHF EU    -72920095.83  652922700.1
DE LA RUE PLC        DLAR4 EO      -72920095.83  652922700.1
DE LA RUE PLC        DLAR S1       -72920095.83  652922700.1
DE LA RUE PLC        DLARUSD EU    -72920095.83  652922700.1
DE LA RUE PLC        DLARF US      -72920095.83  652922700.1
DE LA RUE PLC        DL1A GR       -72920095.83  652922700.1
DE LA RUE PLC        DL1C GR       -72920095.83  652922700.1
DE LA RUE PLC        DLA EO        -72920095.83  652922700.1
DE LA RUE PLC        DLAR IX       -72920095.83  652922700.1
DE LA RUE PLC        DLAR7 EO      -72920095.83  652922700.1
DE LA RUE PLC        DL1B GR       -72920095.83  652922700.1
DE LA RUE PLC        DLAR QM       -72920095.83  652922700.1
DE LA RUE PLC        DLAREUR EO    -72920095.83  652922700.1
DE LA RUE PLC        DLAR EO       -72920095.83  652922700.1
DE LA RUE PLC        DLARCHF EO    -72920095.83  652922700.1
DE LA RUE PLC        DLAR VX       -72920095.83  652922700.1
DE LA RUE PLC        DLARGBP EO    -72920095.83  652922700.1
DE LA RUE PLC        DLAR9 EO      -72920095.83  652922700.1
DE LA RUE PLC        DLAR EU       -72920095.83  652922700.1
DE LA RUE PLC        DLAR5 EO      -72920095.83  652922700.1
DE LA RUE PLC        DLAR3 EO      -72920095.83  652922700.1
DE LA RUE PLC        DLAR PO       -72920095.83  652922700.1
DE LA RUE PLC        DLAR6 EO      -72920095.83  652922700.1
DE LA RUE PLC        DLAR2 EO      -72920095.83  652922700.1
DE LA RUE-ADR        DERUY US      -72920095.83  652922700.1
DE LA RUE-ADR        DLUEY US      -72920095.83  652922700.1
DE LA RUE-PREF       3115438Q EU   -72920095.83  652922700.1
DE LA RUE-PREF       DLAP PZ       -72920095.83  652922700.1
DE LA RUE-PREF       DLAP LN       -72920095.83  652922700.1
DE STEFANO INVES     3814768Z LN   -10968616.22    208612111
DIAMOND RESORT H     1710824Z LN   -36346087.76    199633867
DIAMOND RESORTS      1578906Z LN   -55241260.22  185000514.5
DISPOSABLE SOFT      1124335Z LN   -25554763.54  154077028.1
DONVAND LTD          2564906Z LN   -8746031.883  235830922.7
DRIVE ASSIST HOL     3641135Z LN   -129629293.2  804046536.3
DTZ DEBENHAM TIE     1637608Z LN   -65367918.17    431959182
E ON RUHRGAS UK      1671208Z LN   -203389128.9  397727814.9
E ON UK CHP LTD      2642428Z LN   -441420879.2  292251726.5
EASYNET GROUP        EZNGF US      -60380605.51  334049332.2
EASYNET GROUP        ESY PO        -60380605.51  334049332.2
EASYNET GROUP        ESY LN        -60380605.51  334049332.2
EASYNET GROUP        ESY VX        -60380605.51  334049332.2
EASYNET GROUP        EAY GR        -60380605.51  334049332.2
EASYNET GROUP-CV     91009Z LN     -60380605.51  334049332.2
EC HARRIS LLP        4448521Z LN   -16034293.72  122879662.7
EDF ENERGY 1 LTD     1201287Z LN   -173168019.1  373323626.4
EDF ENERGY CUSTO     LON LN        -998743443.7   5451617395
ELE INVTS LTD        ELCT US       -50659516.57  281969290.1
EMI GROUP -ASSD      EMIA LN        -2265916257   2950021937
EMI GROUP LTD        EMI LN         -2265916257   2950021937
EMI GROUP PLC        EMI VX         -2265916257   2950021937
EMI GROUP PLC        3020138Q GR    -2265916257   2950021937
EMI GROUP PLC        EMI IX         -2265916257   2950021937
EMI GROUP PLC        EMIPF US       -2265916257   2950021937
EMI GROUP PLC        EMI PO         -2265916257   2950021937
EMI GROUP PLC-B      1019425Q LN    -2265916257   2950021937
EMI GROUP-ADR        EMI$ LN        -2265916257   2950021937
EMI GROUP-ADR        EMIPY US       -2265916257   2950021937
EMI GROUP-ADR        38IS LN        -2265916257   2950021937
EQUINITI LTD         977621Z LN    -91870053.33  903061439.5
EQUITY INSURANCE     1284698Z LN    -29894777.4    147890791
ERM GROUP HOLDIN     3125976Z LN     -175924992    616248000
ERM-EUROPE LTD       1539482Z LN   -5766265.722  206231135.2
ESPORTA HEALTH &     1689624Z LN   -34019016.45  143720210.5
EUROPEAN HOME        EHR EU        -14328735.16  110864081.4
EUROPEAN HOME        EHR3 EO       -14328735.16  110864081.4
EUROPEAN HOME        FPAKF US      -14328735.16  110864081.4
EUROPEAN HOME        EHR5 EO       -14328735.16  110864081.4
EUROPEAN HOME        EHR6 EO       -14328735.16  110864081.4
EUROPEAN HOME        EHREUR EO     -14328735.16  110864081.4
EUROPEAN HOME        EHR LN        -14328735.16  110864081.4
EUROPEAN HOME        KLZ PO        -14328735.16  110864081.4
EUROPEAN HOME        EHR2 EO       -14328735.16  110864081.4
EUROPEAN HOME        KLZ VX        -14328735.16  110864081.4
EUROPEAN HOME        EHR PZ        -14328735.16  110864081.4
EUROPEAN HOME        EHR PO        -14328735.16  110864081.4
EUROPEAN HOME        EHR9 EO       -14328735.16  110864081.4
EUROPEAN HOME        EHR EO        -14328735.16  110864081.4
EUROPEAN HOME        EHR10 EO      -14328735.16  110864081.4
EUROPEAN HOME        EHREUR EU     -14328735.16  110864081.4
EUROPEAN HOME        EHR4 EO       -14328735.16  110864081.4
EUROPEAN HOME        EHR8 EO       -14328735.16  110864081.4
EUROPEAN HOME        EHR1 EO       -14328735.16  110864081.4
EUROPEAN HOME        EHR VX        -14328735.16  110864081.4
EUROPEAN HOME        EHR7 EO       -14328735.16  110864081.4
EUROPEAN HOME        EHRGBP EO     -14328735.16  110864081.4
EUROSTAR INTERNA     4379945Z LN    -2296294817  600452807.4
EXOVA PLC            4507835Z LN   -23478618.65  727804846.1
EXXONMOBIL MARIN     1196527Z LN   -10207264.01    337580273
FAIRLINE BOATS H     4498779Z LN   -13944238.58  114504852.8
FAREPAK PLC          FPK LN        -14328735.16  110864081.4
FINANCIAL SERVIC     2630281Z LN   -150518742.9  432118909.8
FIRST CHOICE HOL     1098394Z LN   -599861682.6  608849393.2
FITNESS FIRST GR     4501843Z LN   -959590355.8   1731530545
FLECTAT LTD          1160967Z LN   -53267356.38  102516976.5
FOOTBALL FOUNDAT     3958180Z LN   -1856870.101    108334858
FORD MOTOR CO LT     1291306Z LN   -198002524.7   4858077693
FORENSIC SCIENCE     2616518Z LN   -114373361.6  144478716.5
FOUR SEASONS HEA     1865450Z LN   -126472163.8  267951983.6
FRENCH CONNECTIO     1092170Z LN   -21270716.65  169362489.9
FUNDING CORP LTD     4157637Z LN   -28925795.68  201083535.3
FW FARNSWORTH LT     1293386Z LN   -44420065.35  102695080.1
GALA ELECTRIC CA     1228295Z LN    -1443271177   5858442731
GALIFORM CORPORA     1478794Z LN   -49876078.98  987241731.3
GALLAGHER UK LTD     4422897Z LN    -14056336.1  197494963.7
GAMESTEC LEISURE     1432626Z LN   -22918299.36  107315419.3
GARTLAND WHALLEY     GWB LN         -10986768.6  145352034.5
GE CALEDONIAN LT     2178340Z LN     -152040000    333438016
GENERAL MOTORS       1062338Z LN    -1258953111   1981116650
GGT GROUP PLC        500970Q LN      -156372272  408211200.9
GGT GROUP-ADR        GGTRY US        -156372272  408211200.9
GLADEDALE VENTUR     2209596Z LN   -40300529.62  104554687.5
GLAXOSMITHKLINE      1426Z LN      -9429285.587  13095256920
GLOBAL CROSSING      3629883Z LN   -353965082.8  492328850.3
GLOBAL RADIO SER     4171741Z LN   -62302229.74  181387133.2
GONDOLA GROUP LT     4499995Z LN   -284524422.8   1496226646
GONDOLA HOLD         913024Q GR    -368104339.6   1568916934
GONDOLA HOLD         GND VX        -368104339.6   1568916934
GONDOLA HOLDINGS     GND LN        -368104339.6   1568916934
GONDOLA HOLDINGS     GND IX        -368104339.6   1568916934
GONDOLA HOLD-NEW     GNDA LN       -368104339.6   1568916934
GONDOLA HOLD-NEW     GNDB LN       -368104339.6   1568916934
GOODRICH CONTROL     3631571Z LN     -203464797  600544111.2
GOODYEAR DUNLOP      3894550Z LN   -191322012.8    287023355
GRANT THORNTON U     961842Z LN    -87634636.95  389831122.7
HARMSWORTH PRINT     1552314Z LN   -17382531.76  325365175.8
HARMSWORTH PRINT     1719464Z LN   -46809590.17  171744856.2
HARMSWORTH QUAYS     1552378Z LN   -109747106.9  292508124.8
HAS ACCIDENT MAN     3815368Z LN   -71038252.12  266645094.8
HAYMARKET GROUP      4158941Z LN     -100498143  307693877.6
HENDERSON ADMINI     1296626Z LN   -14041029.43   1007142193
HESS INDONESIA P     1705776Z LN   -90105554.61  634894802.5
HMV GROUP -GDR       276960Q GR    -218490042.1  415846374.8
HMV GROUP -GDR       29362Z US     -218490042.1  415846374.8
HMV GROUP PLC        HMV1 EO       -218490042.1  415846374.8
HMV GROUP PLC        HMVMF US      -218490042.1  415846374.8
HMV GROUP PLC        HMV NQ        -218490042.1  415846374.8
HMV GROUP PLC        HMV4 EO       -218490042.1  415846374.8
HMV GROUP PLC        HMVUSD EU     -218490042.1  415846374.8
HMV GROUP PLC        HMV2 EO       -218490042.1  415846374.8
HMV GROUP PLC        HMVEUR EO     -218490042.1  415846374.8
HMV GROUP PLC        HMVUSD EO     -218490042.1  415846374.8
HMV GROUP PLC        HMVGBP EO     -218490042.1  415846374.8
HMV GROUP PLC        HMV IX        -218490042.1  415846374.8
HMV GROUP PLC        HMV10 EO      -218490042.1  415846374.8
HMV GROUP PLC        HMV3 EO       -218490042.1  415846374.8
HMV GROUP PLC        HMV BQ        -218490042.1  415846374.8
HMV GROUP PLC        HM4 GK        -218490042.1  415846374.8
HMV GROUP PLC        HM4 GR        -218490042.1  415846374.8
HMV GROUP PLC        HMV EB        -218490042.1  415846374.8
HMV GROUP PLC        HMV PZ        -218490042.1  415846374.8
HMV GROUP PLC        HMVEUR EU     -218490042.1  415846374.8
HMV GROUP PLC        HMV VX        -218490042.1  415846374.8
HMV GROUP PLC        HMV9 EO       -218490042.1  415846374.8
HMV GROUP PLC        HMV TQ        -218490042.1  415846374.8
HMV GROUP PLC        HMV S1        -218490042.1  415846374.8
HMV GROUP PLC        HMV8 EO       -218490042.1  415846374.8
HMV GROUP PLC        HMV EO        -218490042.1  415846374.8
HMV GROUP PLC        HMV7 EO       -218490042.1  415846374.8
HMV GROUP PLC        HMV5 EO       -218490042.1  415846374.8
HMV GROUP PLC        HMV QM        -218490042.1  415846374.8
HMV GROUP PLC        HMV PO        -218490042.1  415846374.8
HMV GROUP PLC        HMV EU        -218490042.1  415846374.8
HMV GROUP PLC        HMV LN        -218490042.1  415846374.8
HMV GROUP PLC        HMV NR        -218490042.1  415846374.8
HMV GROUP PLC        HMV6 EO       -218490042.1  415846374.8
HOLIDAY AUTOS IN     1155863Z LN   -47020142.86  391438531.3
HOMEFIELD PVT UK     4501835Z LN   -13668996.51  455224068.7
HOTEL CORP PLC       HHA TH        -234303120.5  370820493.6
HOTEL CORP PLC       HCP EU        -234303120.5  370820493.6
HOTEL CORP PLC       HCP LN        -234303120.5  370820493.6
HOTEL CORP PLC       HHA GR        -234303120.5  370820493.6
HOTEL CORP PLC       HCP PO        -234303120.5  370820493.6
HOTEL CORP PLC       HCPEUR EO     -234303120.5  370820493.6
HOTEL CORP PLC       HCP PZ        -234303120.5  370820493.6
HOTEL CORP PLC       HCP PG        -234303120.5  370820493.6
HOTEL CORP PLC       HCP EO        -234303120.5  370820493.6
HOTEL CORP-RFD       HCPA LN       -234303120.5  370820493.6
HOUSE FRASER-ADR     HOFSY US      -14410799.86  200149998.1
HOUSE FRASER-ADR     HSFRY US      -14410799.86  200149998.1
HOUSE OF FRASER      HSFRF US      -14410799.86  200149998.1
HOUSE OF FRASER      HOF VX        -14410799.86  200149998.1
HOUSE OF FRASER      HOF PO        -14410799.86  200149998.1
HOUSE OF FRASER      HOF PZ        -14410799.86  200149998.1
HOUSE OF FRASER      HOF LN        -14410799.86  200149998.1
HOUSE OF FRASER      HOF IX        -14410799.86  200149998.1
HUTCHISON 3G UK      265923Z LN     -2558478023  10215382954
HYDREX HOLDINGS      4156949Z LN   -150849963.2  145584295.2
IGLO FOODS GROUP     2332487Z LN   -536668915.5   4700658208
IKANO FINANCIAL      2599182Z LN   -11016514.34  150562302.2
INCISIVE MED-ASD     INMA LN       -35359948.83   1084526802
INCISIVE MEDIA       2290661Q PZ   -35359948.83   1084526802
INCISIVE MEDIA       997071Q GR    -35359948.83   1084526802
INCISIVE MEDIA       INM IX        -35359948.83   1084526802
INCISIVE MEDIA       INM PO        -35359948.83   1084526802
INCISIVE MEDIA       2292912Q VX   -35359948.83   1084526802
INCISIVE MEDIA       4030Z LN      -35359948.83   1084526802
INCISIVE MEDIA       2290657Q LN   -35359948.83   1084526802
INCOMMUNITIES GR     4508531Z LN   -76955719.31  411468753.5
INEOS GROUP HLDG     6623Z LN      -417958386.5  12037072140
INEOS MANUFACTUR     2170452Z LN   -6726362.412   1831309315
INEOS VINYLS UK      1072618Z LN   -15123027.48  219361852.2
INFORMA UK LTD       699186Z LN    -267015729.6   1019729118
INSPIRED GAMING      1181783Z LN   -87284373.38  396170831.1
INTELLIGENT FINA     1645352Z LN   -18029143.28  152828326.7
INTERFLOOR GROUP     317371Z LN    -6491968.079  102342688.7
INTERNATIONAL MA     2842386Z LN    -3474420.46  109056784.7
INTERNATIONAL RE     1074242Z LN   -43752001.08  114451373.2
IRANIAN OIL CO U     1380570Z LN   -137208702.6  280446335.8
JARVIS PLC           JRVSEUR EU    -64739862.73    130951086
JARVIS PLC           JRVS LN       -64739862.73    130951086
JARVIS PLC           JRVS4 EO      -64739862.73    130951086
JARVIS PLC           JRVS3 EO      -64739862.73    130951086
JARVIS PLC           JRVS EO       -64739862.73    130951086
JARVIS PLC           JVR GR        -64739862.73    130951086
JARVIS PLC           JRVS2 EO      -64739862.73    130951086
JARVIS PLC           JRVS1 EO      -64739862.73    130951086
JARVIS PLC           JVSPF US      -64739862.73    130951086
JARVIS PLC           JRVS IX       -64739862.73    130951086
JARVIS PLC           JRVS PZ       -64739862.73    130951086
JARVIS PLC           JRVS VX       -64739862.73    130951086
JARVIS PLC           JRVSEUR EO    -64739862.73    130951086
JARVIS PLC           JRVS9 EO      -64739862.73    130951086
JARVIS PLC           JRVS6 EO      -64739862.73    130951086
JARVIS PLC           JRV EO        -64739862.73    130951086
JARVIS PLC           JRVS5 EO      -64739862.73    130951086
JARVIS PLC           JRVS PO       -64739862.73    130951086
JARVIS PLC           JRVSGBP EO    -64739862.73    130951086
JARVIS PLC           JRVS EU       -64739862.73    130951086
JARVIS PLC           JRVS8 EO      -64739862.73    130951086
JARVIS PLC           JRVS7 EO      -64739862.73    130951086
JDR ENTERPRISES      3947788Z LN   -18283944.55  190661628.9
JESSOPS PLC          JSP LN        -42702018.35  112964060.4
JESSOPS PLC          JSP EO        -42702018.35  112964060.4
JESSOPS PLC          JSPEUR EO     -42702018.35  112964060.4
JESSOPS PLC          JSP IX        -42702018.35  112964060.4
JESSOPS PLC          JSP PZ        -42702018.35  112964060.4
JESSOPS PLC          JSP EU        -42702018.35  112964060.4
JESSOPS PLC          JSP PO        -42702018.35  112964060.4
JESSOPS PLC          JSPGBP EO     -42702018.35  112964060.4
JESSOPS PLC          JS4 GR        -42702018.35  112964060.4
JESSOPS PLC          JSPEUR EU     -42702018.35  112964060.4
JESSOPS PLC          JSP VX        -42702018.35  112964060.4
JP MCDOUGALL & C     1293298Z LN   -38788226.87  105778561.4
JVC EUROPE LTD       2667041Z LN   -2824766.239  131996942.9
KBC LEASE UK LTD     2682395Z LN   -182770025.2  231589490.3
KCA DEUTAG DRILL     2173132Z LN   -44273052.72  185361544.7
KERLING PLC          3537299Z LN   -6358587.289   2646257974
KESA ELECTRI-ADR     KESAY US      -154779892.4   1917418684
KESA ELECTRICALS     KESAEUR EO    -154779892.4   1917418684
KESA ELECTRICALS     KESAGBP EO    -154779892.4   1917418684
KESA ELECTRICALS     KESA VX       -154779892.4   1917418684
KESA ELECTRICALS     KESA PO       -154779892.4   1917418684
KESA ELECTRICALS     KESAI IX      -154779892.4   1917418684
KESA ELECTRICALS     KESA PZ       -154779892.4   1917418684
KESA ELECTRICALS     KESAUSD EU    -154779892.4   1917418684
KESA ELECTRICALS     KESAUSD EO    -154779892.4   1917418684
KESA ELECTRICALS     KES EO        -154779892.4   1917418684
KESA ELECTRICALS     KESAEUR EU    -154779892.4   1917418684
KESA ELECTRICALS     KESA LN       -154779892.4   1917418684
KESA ELECTRICALS     KESA EU       -154779892.4   1917418684
KESTREL HOLDINGS     4499515Z LN   -3577225.606  950172823.8
KILMARTIN HOLDIN     3589161Z LN   -32467784.16  576731039.1
KILMARTIN PROPER     534862Z LN     -37743228.9  444220212.7
KLEENEZE PLC         KLZ LN        -14328735.16  110864081.4
KODAK LTD            1275242Z LN   -180673404.9  661044368.6
LANCASTER INVEST     1575538Z LN   -54823340.19  121302849.6
LAND SECURITIES      1371626Z LN   -103330200.3   4796043425
LAPSENT LTD          203678Z LN    -26875940.03  200397842.7
LAST MINUTE NETW     1180895Z LN   -624958331.1    357173156
LEEDS SPORTING       LEDPF US       -73166148.8  143762193.7
LEEDS SPORTING       LES LN         -73166148.8  143762193.7
LEEDS UNITED PLC     889687Q GR     -73166148.8  143762193.7
LEEDS UNITED PLC     LDSUF US       -73166148.8  143762193.7
LEEDS UNITED PLC     LUFC LN        -73166148.8  143762193.7
LGC LTD              161695Z LN    -44759203.51  163172696.4
LHR AIRPORTS LTD     BAA LN        -305487309.1  20626980048
LINK FINANCIAL       3041Z LN      -77907330.21  237500167.3
LIONCOVER INSURA     1120431Z LN   -221632.1611  741441082.5
LLOYDS TSB EQUIP     1238423Z LN   -1919544.165  270438080.8
LLOYDS TSB EQUIP     1214495Z LN   -661481.4498  334557469.7
LOMBARD CORPORAT     1162975Z LN   -7309362.404  198951662.4
LONDON ELEC-ADR      3165952Q US   -998743443.7   5451617395
LONDON TOWN PLC      LTW PZ        -21897636.36  175672299.2
LONDON TOWN PLC      LTW EO        -21897636.36  175672299.2
LONDON TOWN PLC      LTW EU        -21897636.36  175672299.2
LONDON TOWN PLC      LOU GR        -21897636.36  175672299.2
LONDON TOWN PLC      LTW IX        -21897636.36  175672299.2
LONDON TOWN PLC      LTW LN        -21897636.36  175672299.2
LONDON TOWN PLC      LTWR LN       -21897636.36  175672299.2
LONDON TOWN PLC      LTW PG        -21897636.36  175672299.2
LONDON TOWN PLC      LTWX LN       -21897636.36  175672299.2
LONDON TOWN PLC      LTW PO        -21897636.36  175672299.2
LOTUS CARS LTD       1361858Z LN   -35114342.56  198253618.4
LOTUS GROUP INTE     144299Z LN    -36824866.02  207696437.1
M 2003 PLC           MTWOF US       -2203513803   7204891602
M 2003 PLC           203055Q LN     -2203513803   7204891602
M 2003 PLC-ADR       MTWOY US       -2203513803   7204891602
M 2003 PLC-ADR       MTWOE US       -2203513803   7204891602
MANCHESTER CITY      2348397Z LN   -585663648.2  853089281.3
MANSFORD HOLDING     253659Z LN    -4565898.062  650742111.3
MARCONI PLC          MNI LN         -2203513803   7204891602
MARCONI PLC          MY2 GR         -2203513803   7204891602
MARCONI PLC          MNI BB         -2203513803   7204891602
MARCONI PLC          203083Q VX     -2203513803   7204891602
MARCONI PLC          MONI BB        -2203513803   7204891602
MARCONI PLC          MRCQF US       -2203513803   7204891602
MARCONI PLC-ADR      MY2A GR        -2203513803   7204891602
MARCONI PLC-ADR      MONIE US       -2203513803   7204891602
MARCONI PLC-ADR      MRCQY US       -2203513803   7204891602
MARCONI PLC-ADR      QUQMON AU      -2203513803   7204891602
MARCONI PLC-ADR      MCONY US       -2203513803   7204891602
MARCONI PLC-ADR      MONI US        -2203513803   7204891602
MARCONI PLC-ADR      MONIY US       -2203513803   7204891602
MARCONI PLC-ADR      MCBA GR        -2203513803   7204891602
MAYBOURNE HOTELS     1824362Z LN   -7394692.715  356529270.5
MCINERNEY GROUP      1967014Z LN   -174737505.4  140489212.7
MEADOWHALL FINAN     3560793Z LN   -6035547.782   1318968635
MEDIAEDGE CIA UK     1912470Z LN   -30968632.67    193466296
MEDIMMUNE LTD        1596402Z LN     -246912279  292289144.3
MENZIES HOTELS H     4496419Z LN   -100398281.3  322775887.8
MENZIES HOTELS L     1136583Z LN   -13067356.23  180728283.4
MENZIES HOTELS O     2527986Z LN   -154664298.1  147542502.3
MERLIN ENTERTAIN     305364Z LN     -223818.382  152824734.8
MIDLAND EXPRESSW     583730Z LN    -96899629.27   1076416510
MILLENNIUM STADI     1727672Z LN   -19667498.58  154757357.6
MILLER HOMES LTD     2220892Z LN   -221920899.9  657431424.2
MONARCH HOLDINGS     4502027Z LN   -69668058.94  698208587.3
MOTO HOSPITALITY     1344378Z LN   -271958905.3  941107670.9
MOUCHEL GROUP PL     MCHL BQ       -62837312.61    491359437
MOUCHEL GROUP PL     MCHLEUR EU    -62837312.61    491359437
MOUCHEL GROUP PL     MCHLEUR EO    -62837312.61    491359437
MOUCHEL GROUP PL     MCHL PZ       -62837312.61    491359437
MOUCHEL GROUP PL     MCHL NQ       -62837312.61    491359437
MOUCHEL GROUP PL     MOUCF US      -62837312.61    491359437
MOUCHEL GROUP PL     MCHL EU       -62837312.61    491359437
MOUCHEL GROUP PL     MCHL TQ       -62837312.61    491359437
MOUCHEL GROUP PL     MCHL LN       -62837312.61    491359437
MOUCHEL GROUP PL     MCHL S1       -62837312.61    491359437
MOUCHEL GROUP PL     MCHL EB       -62837312.61    491359437
MOUCHEL GROUP PL     MCHLGBP EO    -62837312.61    491359437
MOUCHEL GROUP PL     MCHL IX       -62837312.61    491359437
MOUCHEL GROUP PL     MCHL QM       -62837312.61    491359437
MOUCHEL GROUP PL     MCHL NR       -62837312.61    491359437
MOUCHEL GROUP PL     MCHL VX       -62837312.61    491359437
MOUCHEL GROUP PL     MO6 GR        -62837312.61    491359437
MOUCHEL GROUP PL     MCHL EO       -62837312.61    491359437
MOUCHEL PARKMAN      MCHL PO       -62837312.61    491359437
MYTRAVEL GROUP       MT/S VX       -379721780.5   1817512774
MYTRAVEL GROUP       ARO2 GR       -379721780.5   1817512774
MYTRAVEL GROUP       MYTPF US      -379721780.5   1817512774
MYTRAVEL GROUP       MT/S LN       -379721780.5   1817512774
MYTRAVEL GROUP       3544280Q IX   -379721780.5   1817512774
MYTRAVEL GROUP       MT/S PO       -379721780.5   1817512774
MYTRAVEL GROUP P     1018144Q GR   -379721780.5   1817512774
MYTRAVEL GROUP P     MYTGF US      -379721780.5   1817512774
MYTRAVEL GROUP P     MT/ LN        -379721780.5   1817512774
MYTRAVEL GROUP P     MT/ VX        -379721780.5   1817512774
MYTRAVEL GROUP-A     MYTVF US      -379721780.5   1817512774
MYTRAVEL GROUP-A     2281919Q GR   -379721780.5   1817512774
MYTRAVEL TOUR OP     1190295Z LN    -1444587831   1560632416
NATIONS HEALTHCA     623142Z LN     -73694956.7  114365932.5
NCR LTD              3083521Z LN   -312454220.3  410209794.2
NDS GROUP HOLDIN     0112196D US     -720982016    649305984
NDS GROUP HOLDIN     NDSG US         -720982016    649305984
NESTLE UK LTD        1274562Z LN   -431385112.4   1655061910
NEW LOOK RETAIL      2711544Z LN   -463020028.6   2346673230
NEW STAR ASSET       3226447Q EO     -397718038  292972732.1
NEW STAR ASSET       3226431Q EU     -397718038  292972732.1
NEW STAR ASSET       3226435Q EO     -397718038  292972732.1
NEW STAR ASSET       3226443Q EO     -397718038  292972732.1
NEW STAR ASSET       NSAM IX         -397718038  292972732.1
NEW STAR ASSET       NSAM PZ         -397718038  292972732.1
NEW STAR ASSET       NSAM TQ         -397718038  292972732.1
NEW STAR ASSET       3226439Q EU     -397718038  292972732.1
NEW STAR ASSET       NSAA LN         -397718038  292972732.1
NEW STAR ASSET       NSAM LN         -397718038  292972732.1
NEW STAR ASSET       N6S GR          -397718038  292972732.1
NEW STAR ASSET       NSAM PO         -397718038  292972732.1
NEW STAR ASSET       NWSAF US        -397718038  292972732.1
NEWCASTLE UNITED     4380361Z LN   -102558583.4  184539911.8
NEWCASTLE UNITED     1060322Z LN   -112290583.6  186651205.2
NORBAIN GROUP LT     4007676Z LN   -15436972.45  108956420.2
NORTHERN FO-ASSD     NFDA LN       -70166103.48  924672036.4
NORTHERN FOODS       NFDS BQ       -70166103.48  924672036.4
NORTHERN FOODS       NFO GK        -70166103.48  924672036.4
NORTHERN FOODS       NFO GR        -70166103.48  924672036.4
NORTHERN FOODS       NFDS IX       -70166103.48  924672036.4
NORTHERN FOODS       NFDS EB       -70166103.48  924672036.4
NORTHERN FOODS       NFDS NR       -70166103.48  924672036.4
NORTHERN FOODS       NFDS EU       -70166103.48  924672036.4
NORTHERN FOODS       NTFOF US      -70166103.48  924672036.4
NORTHERN FOODS       NFDS PO       -70166103.48  924672036.4
NORTHERN FOODS       NFDSUSD EU    -70166103.48  924672036.4
NORTHERN FOODS       NFDSEUR EO    -70166103.48  924672036.4
NORTHERN FOODS       NFDSUSD EO    -70166103.48  924672036.4
NORTHERN FOODS       NFDS VX       -70166103.48  924672036.4
NORTHERN FOODS       NFDSGBP EO    -70166103.48  924672036.4
NORTHERN FOODS       NFDS TQ       -70166103.48  924672036.4
NORTHERN FOODS       NFDSEUR EU    -70166103.48  924672036.4
NORTHERN FOODS       NFDS LN       -70166103.48  924672036.4
NORTHERN FOODS       NFDS NQ       -70166103.48  924672036.4
NORTHERN FOODS       NFDS EO       -70166103.48  924672036.4
NORTHERN FOODS       NFDS PZ       -70166103.48  924672036.4
NORTHERN FOODS       NFDS QM       -70166103.48  924672036.4
NORTHERN FOODS       NFDS S1       -70166103.48  924672036.4
NORTHERN FOODS P     NFDR LN       -70166103.48  924672036.4
NORTHERN FOO-NEW     NFDN LN       -70166103.48  924672036.4
NORTHERN FOO-RFD     650060Q LN    -70166103.48  924672036.4
NOVAR ED&S LTD       1286578Z LN   -12362003.04    176723922
NOVELIS UK LTD       1295610Z LN   -29354907.35  167393334.2
NPIL HOLDCO LTD      3641071Z LN   -174437379.8  865144704.3
NPOWER GAS LTD       1689816Z LN   -381274433.9  500408294.4
NPOWER LTD           1185599Z LN   -399535772.9   3443512739
ODEON AND UCI CI     3489372Z LN   -9566081.035   1177725714
O-I MANUFACTURIN     1320610Z LN   -7063615.875  126090273.5
OPTIMUM CARE LTD     3951796Z LN    -23827846.5  131314548.6
ORANGE LTD           951641Q LN    -593935104.1   2902299502
ORANGE PLC           1460Q GR      -593935104.1   2902299502
ORANGE PLC           ORNGF US      -593935104.1   2902299502
ORANGE PLC-ADR       ORNGY US      -593935104.1   2902299502
ORANGE PLC-ADR       0212530D GR   -593935104.1   2902299502
ORANGE PLC-ADR       ORA$ LN       -593935104.1   2902299502
ORBIS PLC            RLP GR          -4168493.8  127701679.5
ORBIS PLC            OBS PZ          -4168493.8  127701679.5
ORBIS PLC            OBS PO          -4168493.8  127701679.5
ORBIS PLC            OBG PO          -4168493.8  127701679.5
ORBIS PLC            OBS LN          -4168493.8  127701679.5
ORBIS PLC            OBS IX          -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       -25106261.06  129310037.5
PARK GROUP PLC       PKG VX        -25106261.06  129310037.5
PARK GROUP PLC       PKG LN        -25106261.06  129310037.5
PARK GROUP PLC       PKGGBP EO     -25106261.06  129310037.5
PARK GROUP PLC       PKG PO        -25106261.06  129310037.5
PARK GROUP PLC       PKG EO        -25106261.06  129310037.5
PARK GROUP PLC       PKG EU        -25106261.06  129310037.5
PARK GROUP PLC       PRKG IX       -25106261.06  129310037.5
PARK GROUP PLC       PRKGF US      -25106261.06  129310037.5
PARK GROUP PLC       PKG PZ        -25106261.06  129310037.5
PARTNERSHIPS IN      551109Z LN    -14369275.52  130118066.9
PATIENTLINE PLC      PTL PZ        -54677284.64  124948245.8
PATIENTLINE PLC      PTL PO        -54677284.64  124948245.8
PATIENTLINE PLC      PTL IX        -54677284.64  124948245.8
PATIENTLINE PLC      2928903Q EU   -54677284.64  124948245.8
PATIENTLINE PLC      2928907Q EO   -54677284.64  124948245.8
PATIENTLINE PLC      PTL LN        -54677284.64  124948245.8
PATIENTLINE PLC      PTL VX        -54677284.64  124948245.8
PATIENTLINE PLC      2928899Q EO   -54677284.64  124948245.8
PD PORT SERVICES     1407442Z LN   -25765273.42  161208354.8
PD PORTCO LTD        3233785Z LN   -119608128.7   1023253296
PENDRAGON PREMIE     1858506Z LN   -9649115.162    154892542
PEUGEOT CITROEN      1974702Z LN   -72708407.45    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   -73518044.71  609139900.7
PLANNED MAINTENA     1344714Z LN   -57648953.97  148147314.6
PLUS HOUSING GRO     4015788Z LN   -10023120.58  371941616.5
PORTSMOUTH FOOTB     2253627Z LN   -93977761.27  177073811.1
POST OFFICE LTD      1542650Z LN   -810274769.8   1745713935
POWERCORP INTERN     4449033Z LN   -9367176.049  129787793.6
PREMIER PROPERTY     4006740Z LN   -154087010.7  766206481.6
PRESTBURY WENTWO     3814856Z LN   -84753043.56    659529899
PRINOVIS LIVERPO     2074147Z LN    -2988243.19  248605708.8
PRODUCTION SERVI     2278723Z LN   -2446188.672  198707226.6
PROSTRAKAN GROUP     PSK VX        -9666264.987  134080449.8
PROSTRAKAN GROUP     PSK IX        -9666264.987  134080449.8
PROSTRAKAN GROUP     PSK PO        -9666264.987  134080449.8
PROSTRAKAN GROUP     PSK LN        -9666264.987  134080449.8
PROSTRAKAN GROUP     PSKEUR EO     -9666264.987  134080449.8
PROSTRAKAN GROUP     PSKGBP EO     -9666264.987  134080449.8
PROSTRAKAN GROUP     PSK EU        -9666264.987  134080449.8
PROSTRAKAN GROUP     PSK PZ        -9666264.987  134080449.8
PROSTRAKAN GROUP     PSK S1        -9666264.987  134080449.8
PROSTRAKAN GROUP     PSKEUR EU     -9666264.987  134080449.8
PROSTRAKAN GROUP     PKNGF US      -9666264.987  134080449.8
PROSTRAKAN GROUP     PSK EO        -9666264.987  134080449.8
QHOTELS GROUP LT     759287Z LN      -184737716  699448824.7
QUINN BUILDING P     3949900Z LN   -103500752.8   1203590333
QUINN RADIATORS      1405898Z LN   -237606147.8  154925282.5
R&R ICE CREAM LT     3624280Z LN   -111988803.7  916794825.4
RANDSTAD EMPLOYM     1585810Z LN   -26968879.31    105042678
RAYTHEON SYSTEMS     1068610Z LN   -32601425.32    346298511
RBS MEZZANINE LT     2198564Z LN   -96650177.27  156895953.3
REGARD HOLDINGS      4157517Z LN   -2678709.275  159772566.2
REGUS LTD            273187Q LN    -46111832.15    367181111
REGUS PLC            2296Z LN      -46111832.15    367181111
REGUS PLC            REGSF US      -46111832.15    367181111
REGUS PLC            273195Q VX    -46111832.15    367181111
REGUS PLC            RGU GR        -46111832.15    367181111
REGUS PLC-ADS        REGSY US      -46111832.15    367181111
REGUS PLC-ADS        REGSV US      -46111832.15    367181111
REGUS PLC-ADS        REGS US       -46111832.15    367181111
REGUS PLC-ADS        RGUA GR       -46111832.15    367181111
RENTOKIL INITIAL     RTO EB          -265497954   2695753100
RENTOKIL INITIAL     RTOEUR EO       -265497954   2695753100
RENTOKIL INITIAL     RTO IX          -265497954   2695753100
RENTOKIL INITIAL     RTO NR          -265497954   2695753100
RENTOKIL INITIAL     RTO S1          -265497954   2695753100
RENTOKIL INITIAL     RTO1 GR         -265497954   2695753100
RENTOKIL INITIAL     RTO QM          -265497954   2695753100
RENTOKIL INITIAL     RKLIF US        -265497954   2695753100
RENTOKIL INITIAL     RTO BQ          -265497954   2695753100
RENTOKIL INITIAL     RTOUSD EO       -265497954   2695753100
RENTOKIL INITIAL     RTO LN          -265497954   2695753100
RENTOKIL INITIAL     RTO EU          -265497954   2695753100
RENTOKIL INITIAL     RTO TQ          -265497954   2695753100
RENTOKIL INITIAL     RTOGBP EO       -265497954   2695753100
RENTOKIL INITIAL     RTOPEN EU       -265497954   2695753100
RENTOKIL INITIAL     RTO PO          -265497954   2695753100
RENTOKIL INITIAL     RTO1 GK         -265497954   2695753100
RENTOKIL INITIAL     RTO NQ          -265497954   2695753100
RENTOKIL INITIAL     RTOPEN EO       -265497954   2695753100
RENTOKIL INITIAL     RTO GR          -265497954   2695753100
RENTOKIL INITIAL     RTO PZ          -265497954   2695753100
RENTOKIL INITIAL     RTO VX          -265497954   2695753100
RENTOKIL INITIAL     RTOUSD EU       -265497954   2695753100
RENTOKIL INITIAL     RTO1 EO         -265497954   2695753100
RENTOKIL INITIAL     RTO EO          -265497954   2695753100
RENTOKIL INITIAL     RTOG IX         -265497954   2695753100
RENTOKIL INITIAL     RTOKF US        -265497954   2695753100
RENTOKIL INITIAL     RTOEUR EU       -265497954   2695753100
RENTOKIL-SP ADR      RTOKY US        -265497954   2695753100
RENTOKIL-SP ADR      AP76 LI         -265497954   2695753100
REXAM BEVERAGE C     1120903Z LN   -15123027.48  118921563.6
ROAD MGMT CONS       1239Z LN      -24813.99918    315561166
ROSEMONT HOLDING     4391905Z LN   -34807182.85  158222622.5
ROSYTH ROYAL DOC     2184524Z LN   -38831265.46  176808921.7
ROYAL BANK LEASI     2177244Z LN   -96708288.01  12689075410
ROYAL MAIL HOLDI     3900202Z LN    -4979588987   9290852179
SAFFRON HOUSING      4448377Z LN     -3777866.1  124457507.9
SCOTTISH MEDIA       SSMR LN       -44693985.16  126240905.5
SCOTTISH MEDIA       SSM LN        -44693985.16  126240905.5
SCOTTISH MEDIA       1442Q GR      -44693985.16  126240905.5
SCOTTISH TELEV       SCTVF US      -44693985.16  126240905.5
SCOTTISHPOWER EN     2211292Z LN   -85593217.38   2705930566
SCOTTS CO UK LTD     1154459Z LN   -42301127.16  119882290.9
SETON HEALTHCARE     2290Z LN      -10585183.94  156822902.8
SEVERN VALE HOUS     4287717Z LN   -43910018.24  115584900.8
SFI GROUP PLC        SUF LN        -108067115.8  177647536.1
SFI GROUP PLC        SUYFF US      -108067115.8  177647536.1
SHEFFIELD UNITED     1275418Z LN   -17712590.52  101590746.2
SIMON CARVES LTD     1209367Z LN   -309426997.2  105356699.7
SKANDIA LIFE BUS     1451642Z LN   -16563612.78  132120692.5
SLP ENGINEERING      1855186Z LN    -32035150.2  111509874.7
SMG PLC              SMG LN        -44693985.16  126240905.5
SMG PLC              SMG PO        -44693985.16  126240905.5
SMG PLC-FUL PAID     SMGF LN       -44693985.16  126240905.5
SMG PLC-NIL PAID     SMGN LN       -44693985.16  126240905.5
SMITHS NEWS PLC      NWS6 EO       -82175781.01  424997909.9
SMITHS NEWS PLC      NWS S1        -82175781.01  424997909.9
SMITHS NEWS PLC      NWS2GBP EO    -82175781.01  424997909.9
SMITHS NEWS PLC      NWS9 EO       -82175781.01  424997909.9
SMITHS NEWS PLC      NWS PO        -82175781.01  424997909.9
SMITHS NEWS PLC      NWS2 TQ       -82175781.01  424997909.9
SMITHS NEWS PLC      NWS PZ        -82175781.01  424997909.9
SMITHS NEWS PLC      NWS10 EO      -82175781.01  424997909.9
SMITHS NEWS PLC      SMWPF US      -82175781.01  424997909.9
SMITHS NEWS PLC      NWS IX        -82175781.01  424997909.9
SMITHS NEWS PLC      NWS11 EO      -82175781.01  424997909.9
SMITHS NEWS PLC      NWS12 EO      -82175781.01  424997909.9
SMITHS NEWS PLC      NWS2 EO       -82175781.01  424997909.9
SMITHS NEWS PLC      NWS2EUR EO    -82175781.01  424997909.9
SMITHS NEWS PLC      NWS LN        -82175781.01  424997909.9
SMITHS NEWS PLC      NWS2EUR EU    -82175781.01  424997909.9
SMITHS NEWS PLC      NWS8 EO       -82175781.01  424997909.9
SMITHS NEWS PLC      SMWPY US      -82175781.01  424997909.9
SMITHS NEWS PLC      NWS1 BQ       -82175781.01  424997909.9
SMITHS NEWS PLC      NWS1GBP EO    -82175781.01  424997909.9
SMITHS NEWS PLC      NWS7 EO       -82175781.01  424997909.9
SMITHS NEWS PLC      NWS1 EU       -82175781.01  424997909.9
SMITHS NEWS PLC      NWS1 EO       -82175781.01  424997909.9
SMITHS NEWS PLC      NWS5 EO       -82175781.01  424997909.9
SMITHS NEWS PLC      NWS4 EO       -82175781.01  424997909.9
SMITHS NEWS PLC      NWS13 EO      -82175781.01  424997909.9
SMITHS NEWS PLC      NWS VX        -82175781.01  424997909.9
SONY COMPUTER EN     3893902Z LN     -533552800   1312733888
SONY UNITED KING     1591658Z LN    -1219147829   2550391748
SOUTH STAFFORDSH     4049781Z LN   -12127094.81  148602864.7
SOUTHERN CROSS       SCHEEUR EO    -456945463.9    226544692
SOUTHERN CROSS       SCHE EO       -456945463.9    226544692
SOUTHERN CROSS       SCHEUSD EU    -456945463.9    226544692
SOUTHERN CROSS       SCHE8 EO      -456945463.9    226544692
SOUTHERN CROSS       SCHE EU       -456945463.9    226544692
SOUTHERN CROSS       SCHE NQ       -456945463.9    226544692
SOUTHERN CROSS       SCHE PZ       -456945463.9    226544692
SOUTHERN CROSS       SOCHF US      -456945463.9    226544692
SOUTHERN CROSS       SCHE QM       -456945463.9    226544692
SOUTHERN CROSS       SCHE2 EO      -456945463.9    226544692
SOUTHERN CROSS       SCH3 EO       -456945463.9    226544692
SOUTHERN CROSS       SCHE7 EO      -456945463.9    226544692
SOUTHERN CROSS       SCHE VX       -456945463.9    226544692
SOUTHERN CROSS       SCH4 EO       -456945463.9    226544692
SOUTHERN CROSS       SCHE TQ       -456945463.9    226544692
SOUTHERN CROSS       SCHE3 EO      -456945463.9    226544692
SOUTHERN CROSS       SCHE S1       -456945463.9    226544692
SOUTHERN CROSS       SCHE LN       -456945463.9    226544692
SOUTHERN CROSS       SCHE NR       -456945463.9    226544692
SOUTHERN CROSS       SCHE5 EO      -456945463.9    226544692
SOUTHERN CROSS       SCHE6 EO      -456945463.9    226544692
SOUTHERN CROSS       F2Z TH        -456945463.9    226544692
SOUTHERN CROSS       SCHE BQ       -456945463.9    226544692
SOUTHERN CROSS       SCHE4 EO      -456945463.9    226544692
SOUTHERN CROSS       SCHEEUR EU    -456945463.9    226544692
SOUTHERN CROSS       SCHE EB       -456945463.9    226544692
SOUTHERN CROSS       SCH5 EO       -456945463.9    226544692
SOUTHERN CROSS       F2Z GR        -456945463.9    226544692
SOUTHERN CROSS       SCHE PO       -456945463.9    226544692
SOUTHERN CROSS       SCHE IX       -456945463.9    226544692
SOUTHERN CROSS       SCHEUSD EO    -456945463.9    226544692
SOUTHERN CROSS       SCHEGBP EO    -456945463.9    226544692
SOUTHERN ELECTRI     2635379Z LN     -102487682   1339407981
SPEAR GROUP HOLD     4470999Z LN   -91133585.59  140447896.6
SPEEDY SUPPORT S     1601730Z LN   -34304692.53  146096457.3
SQUARE ENIX LTD      1826770Z LN   -223995033.8  278955082.2
SR TECHNICS UK L     2900250Z LN   -143296142.1  116171355.3
STAGECOACH GROUP     SGC1PEN EU    -93023113.56   2711144845
STAGECOACH GROUP     SGC IX        -93023113.56   2711144845
STAGECOACH GROUP     SAGKF US      -93023113.56   2711144845
STAGECOACH GROUP     SGC1USD EU    -93023113.56   2711144845
STAGECOACH GROUP     SGCG PZ       -93023113.56   2711144845
STAGECOACH GROUP     SGC1EUR EO    -93023113.56   2711144845
STAGECOACH GROUP     SGC1EUR EU    -93023113.56   2711144845
STAGECOACH GROUP     SGC2 VX       -93023113.56   2711144845
STAGECOACH GROUP     SGC1USD EO    -93023113.56   2711144845
STAGECOACH GROUP     SGC1AUD EU    -93023113.56   2711144845
STAGECOACH GROUP     SGC S1        -93023113.56   2711144845
STAGECOACH GROUP     SGC1 EB       -93023113.56   2711144845
STAGECOACH GROUP     SGC1AUD EO    -93023113.56   2711144845
STAGECOACH GROUP     SGC1 TQ       -93023113.56   2711144845
STAGECOACH GROUP     SGC1GBP EO    -93023113.56   2711144845
STAGECOACH GROUP     SGC1 EU       -93023113.56   2711144845
STAGECOACH GROUP     SGC PO        -93023113.56   2711144845
STAGECOACH GROUP     SGC1 QM       -93023113.56   2711144845
STAGECOACH GROUP     SGC LN        -93023113.56   2711144845
STAGECOACH GROUP     SGC1 NQ       -93023113.56   2711144845
STAGECOACH GROUP     SGC1 NR       -93023113.56   2711144845
STAGECOACH GROUP     SGC1 BQ       -93023113.56   2711144845
STAGECOACH GROUP     SHP GR        -93023113.56   2711144845
STAGECOACH GROUP     SGC1PEN EO    -93023113.56   2711144845
STAGECOACH GROUP     SHP4 GR       -93023113.56   2711144845
STAGECOACH GROUP     SHP5 GR       -93023113.56   2711144845
STAGECOACH GROUP     SGC1 EO       -93023113.56   2711144845
STAGECOACH GROUP     SHP4 GK       -93023113.56   2711144845
STAGECOACH GRP-B     SGCB LN       -93023113.56   2711144845
STAGECOACH-NEW       SGCN LN       -93023113.56   2711144845
STAGECOA-SPN ADR     SAGKY US      -93023113.56   2711144845
STJAMES'S PLACE      4451825Z LN   -40027613.56  444219054.8
STV GROUP PLC        SMG VX        -44693985.16  126240905.5
STV GROUP PLC        STVG EO       -44693985.16  126240905.5
STV GROUP PLC        STVGEUR EU    -44693985.16  126240905.5
STV GROUP PLC        STVG VX       -44693985.16  126240905.5
STV GROUP PLC        STVGGBP EO    -44693985.16  126240905.5
STV GROUP PLC        STVG S1       -44693985.16  126240905.5
STV GROUP PLC        SMGPF US      -44693985.16  126240905.5
STV GROUP PLC        STVGEUR EO    -44693985.16  126240905.5
STV GROUP PLC        STVG EU       -44693985.16  126240905.5
STV GROUP PLC        STVG LN       -44693985.16  126240905.5
STV GROUP PLC        SMG PZ        -44693985.16  126240905.5
STV GROUP PLC        SMG IX        -44693985.16  126240905.5
SUN CHEMICAL LTD     2569274Z LN   -21504458.55  276424178.5
SUNDERLAND ASSOC     1274418Z LN   -30559441.44  144949782.5
SUNSAIL LTD          1092666Z LN   -37047891.81  193976501.7
SUNSEEKER INTERN     820741Z LN    -7756394.619  227371284.6
SWIFT TECHNICAL      4287133Z LN   -34723772.77  138665319.9
TATA CMMNCTNS UK     2534722Z LN   -43763935.47  114567535.7
TDL INFOMEDIA        3362Z LN      -25723860.05  136762955.6
TELEWEST COM-ADR     TWSTY US       -3702234581   7581020925
TELEWEST COM-ADR     TWSTD US       -3702234581   7581020925
TELEWEST COM-ADR     940767Q GR     -3702234581   7581020925
TELEWEST COM-ADR     TWT$ LN        -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     1646328Z LN   -287113015.3    868389208
TELEWEST COMMUNI     1608194Z LN   -113079709.6   9113744374
THALES CORPORATE     1083706Z LN   -65658884.46  829798983.7
THALES RAIL SIGN     2812334Z LN   -29298137.36    106623580
THALES TELECOMMU     1163839Z LN   -5826263.267  245379695.8
THORN EMI PLC        THNE FP        -2265916257   2950021937
THORN EMI-ADR        THN$ LN        -2265916257   2950021937
THORN EMI-ADR        TORNY US       -2265916257   2950021937
THORN EMI-CDR        THN NA         -2265916257   2950021937
THORN EMI-REGD       1772Q GR       -2265916257   2950021937
TIMES NEWSPAPERS     2343939Z LN   -719564696.3  649314828.6
TOPPS TILES PLC      TPT8 EO       -36503224.29  140534295.2
TOPPS TILES PLC      TPTJY US      -36503224.29  140534295.2
TOPPS TILES PLC      TPT EU        -36503224.29  140534295.2
TOPPS TILES PLC      TPT BQ        -36503224.29  140534295.2
TOPPS TILES PLC      TPT10 EO      -36503224.29  140534295.2
TOPPS TILES PLC      TPT2 EO       -36503224.29  140534295.2
TOPPS TILES PLC      TPT1 EO       -36503224.29  140534295.2
TOPPS TILES PLC      TPTEUR EU     -36503224.29  140534295.2
TOPPS TILES PLC      TPTGBP EO     -36503224.29  140534295.2
TOPPS TILES PLC      TPT PO        -36503224.29  140534295.2
TOPPS TILES PLC      TPT VX        -36503224.29  140534295.2
TOPPS TILES PLC      TPT7 EO       -36503224.29  140534295.2
TOPPS TILES PLC      TPTEUR EO     -36503224.29  140534295.2
TOPPS TILES PLC      TPT5 EO       -36503224.29  140534295.2
TOPPS TILES PLC      TPT3 EO       -36503224.29  140534295.2
TOPPS TILES PLC      TPT IX        -36503224.29  140534295.2
TOPPS TILES PLC      TPT EO        -36503224.29  140534295.2
TOPPS TILES PLC      TPT6 EO       -36503224.29  140534295.2
TOPPS TILES PLC      TPT LN        -36503224.29  140534295.2
TOPPS TILES PLC      TPT PZ        -36503224.29  140534295.2
TOPPS TILES PLC      TPT9 EO       -36503224.29  140534295.2
TOPPS TILES PLC      TPT S1        -36503224.29  140534295.2
TOPPS TILES PLC      TPT TQ        -36503224.29  140534295.2
TOPPS TILES PLC      TPT4 EO       -36503224.29  140534295.2
TOPPS TILES PLC      TPTJF US      -36503224.29  140534295.2
TOPPS TILES-NEW      TPTN LN       -36503224.29  140534295.2
TOTAL UK LTD         3897130Z LN   -61225906.13   2907445594
TRAVELEX HOLDING     2917958Z LN    -1345481723   2560468919
TRAVELODGE LTD       3471462Z LN   -515411329.9   1254613472
TRINITY MIRROR P     1511258Z LN   -138612680.8   1045091625
TUBE LINES FINAN     1241207Z LN   -2914999.962   2408518672
TUI UK LTD           1653824Z LN   -913811298.8   5088088830
TYCO HEALTHCARE      1066794Z LN    -13601743.4    333686519
UNILEVER UK CENT     1273034Z LN    -1509554086   6927634057
UNIQ PREPARED FO     1077122Z LN   -96788934.94  206496365.3
UNITED BISCUITS      3193858Z LN   -273729428.4   3257147468
UNIVERSAL LEASIN     2581586Z LN   -28690420.23  155128729.2
UNIVERSAL PICTUR     1083202Z LN   -42445816.82  120867289.2
UTC GROUP            UGR LN        -11904428.42    203548565
VINK HOLDINGS LT     4380233Z LN   -13477348.26  132005020.2
VIRGIN HOTELS GR     4288389Z LN   -30191249.31  109995632.6
VIRGIN MOB-ASSD      VMOC LN       -392165409.3  166070003.7
VIRGIN MOB-ASSD      VMOA LN       -392165409.3  166070003.7
VIRGIN MOBILE        VMOB LN       -392165409.3  166070003.7
VIRGIN MOBILE        VGMHF US      -392165409.3  166070003.7
VIRGIN MOBILE        VMOB PO       -392165409.3  166070003.7
VIRGIN MOBILE        VMOB VX       -392165409.3  166070003.7
VIRGIN MOBILE        UEM GR        -392165409.3  166070003.7
VIRGIN WINGS LTD     4500155Z LN   -410616776.7   5155268566
VOLUTION GROUP L     4453393Z LN   -44375617.45  212542790.8
VOYAGE GROUP LTD     4168725Z LN   -89543682.76    572205624
WARNER ESTATE        WRL GR         -80276070.4  344291592.8
WARNER ESTATE        WNER PZ        -80276070.4  344291592.8
WARNER ESTATE        WNEHF US       -80276070.4  344291592.8
WARNER ESTATE        WNER VX        -80276070.4  344291592.8
WARNER ESTATE        WNER EO        -80276070.4  344291592.8
WARNER ESTATE        WNER LN        -80276070.4  344291592.8
WARNER ESTATE        WNERGBP EO     -80276070.4  344291592.8
WARNER ESTATE        WNER PO        -80276070.4  344291592.8
WARNER ESTATE        WNER IX        -80276070.4  344291592.8
WARNER ESTATE        WNER EU        -80276070.4  344291592.8
WATSON & PHILIP      WTSN LN         -120493900  252232072.9
WEAVER VALE HOUS     3953220Z LN   -60271595.72  104022836.2
WESCOT TOPCO LTD     4007020Z LN   -28467510.91    115035189
WEST HAM UNITED      1275834Z LN   -60233495.23  174701255.1
WHELCO HOLDINGS      2741744Z LN   -1295249.714    100781831
WHITE HART LANE      2004631Z LN   -2707112.668  144247464.4
WIGHTLINK LTD        1385642Z LN   -15131435.92  231775265.6
WILLIAM HILL-W/I     605547Q US    -59180694.37   1343662688
WILLIAM HILL-W/I     101001Q LN    -59180694.37   1343662688
WINCANTON PL-ADR     WNCNY US      -429205125.4  907823159.4
WINCANTON PLC        WIN1 S1       -429205125.4  907823159.4
WINCANTON PLC        WIN IX        -429205125.4  907823159.4
WINCANTON PLC        WIN12 EO      -429205125.4  907823159.4
WINCANTON PLC        WIN LN        -429205125.4  907823159.4
WINCANTON PLC        WIN10 EO      -429205125.4  907823159.4
WINCANTON PLC        WIN1EUR EO    -429205125.4  907823159.4
WINCANTON PLC        WIN1 TQ       -429205125.4  907823159.4
WINCANTON PLC        WIN1EUR EU    -429205125.4  907823159.4
WINCANTON PLC        WIN1 EU       -429205125.4  907823159.4
WINCANTON PLC        WIN1 EO       -429205125.4  907823159.4
WINCANTON PLC        WIN1USD EU    -429205125.4  907823159.4
WINCANTON PLC        WIN PO        -429205125.4  907823159.4
WINCANTON PLC        WIN9 EO       -429205125.4  907823159.4
WINCANTON PLC        WIN6 EO       -429205125.4  907823159.4
WINCANTON PLC        WIN13 EO      -429205125.4  907823159.4
WINCANTON PLC        WIN1GBP EO    -429205125.4  907823159.4
WINCANTON PLC        WIN1 QM       -429205125.4  907823159.4
WINCANTON PLC        WIN4 EO       -429205125.4  907823159.4
WINCANTON PLC        WIN5 EO       -429205125.4  907823159.4
WINCANTON PLC        WIN11 EO      -429205125.4  907823159.4
WINCANTON PLC        WIN7 EO       -429205125.4  907823159.4
WINCANTON PLC        WNCNF US      -429205125.4  907823159.4
WINCANTON PLC        WIN1 BQ       -429205125.4  907823159.4
WINCANTON PLC        WIN1 EB       -429205125.4  907823159.4
WINCANTON PLC        WIN VX        -429205125.4  907823159.4
WINCANTON PLC        WIN1 NQ       -429205125.4  907823159.4
WINCANTON PLC        WIN PZ        -429205125.4  907823159.4
WINCANTON PLC        WIN1USD EO    -429205125.4  907823159.4
WINCANTON PLC        WIN8 EO       -429205125.4  907823159.4
WINDSOR TELEVISI     1475394Z LN   -249144874.4  319668047.9
WINTERTHUR FINAN     1353474Z LN    -5097471.01    146472274
XCHANGING UK LTD     1814130Z LN   -33399235.51  334395990.3
XSTRATA SERVICES     1975918Z LN   -96321998.22  192299104.1
YANG MING UK LTD     1756777Z LN   -38774828.18  293310550.5
YARLINGTON HOUSI     4435313Z LN   -18443811.91  276648958.8
YOUNG'S BLUECRES     1841386Z LN   -45872663.66  308087238.8
ZURICH EMPLOYMEN     1292298Z LN   -122911831.6  159138559.6


                            *********

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

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

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

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


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *