TCREUR_Public/121204.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, December 4, 2012, Vol. 13, No. 241



VOLKSBANKEN VERBUND: Fitch Affirms 'bb-' Viability Rating


COMMERZBANK AG: Moody's Says Realignment Poses Credit Risks
QIMONDA AG: Administrators Put Patent Portfolio Up for Sale
UNITYMEDIA HESSEN: Moody's Rates US$845MM Sr. Sec. Notes '(P)Ba3'
UNITYMEDIA HESSEN: S&P Rates US$1-Bil. Sr. Secured Notes 'BB-'


* GREECE: Additional Aid Hinges on Buyback Offer


HUNGARIAN EXPORT: Fitch Assigns 'BB+' LT Issuer Default Rating
MALEV HUNGARIAN: Jobbik Files Complaint Over Liquidation


ALLIED IRISH: Boasts of Substantial Progress in Restructuring
ALLIED IRISH: Mortgage Bank Raises EUR500MM from Bond Issue
RMF EURO IV: Moody's Upgrades Rating on Class V Notes to 'Ba1'
TALISMAN-5 FINANCE: S&P Cuts Ratings on 2 Note Classes to 'CCC-'
WINDERMERE X: S&P Cuts Ratings on 2 Note Classes to 'D'


BANCA MONTE: New Repayment Terms for State Bailout Loan Proposed
PIAGGIO & C: S&P Cuts Long-Term Corp. Credit Rating to 'BB-'


CONDENSATE JSC: Fitch Assigns 'B-' LT Issuer Default Rating
DEVELOPMENT BANK: S&P Puts Stand-Alone Credit Profile at 'b+'
SAMRUK-KAZYNA: S&P Assesses Stand-Alone Credit Profile at 'b+'


TELCO UAB: S&P Affirms 'B-' Corp. Credit Rating; Outlook Positive


APERAM: S&P Cuts Long-Term Corporate Credit Rating to 'B+'
HELLERMANNTYTON ALPHA: S&P Assigns 'B+' LT Corp. Credit Rating


HARBOURMASTER PRO-RATA 2: S&P Says 'CCC'-Rated Assets Decreased


CENTRAL EUROPEAN: Asks Russian Standard to Make a Purchase Offer
CENTRAL EUROPEAN: S&P Cuts LT Corporate Credit Rating to 'CCC+'


BAIKALSK PULP: Creditors Opt to Open Bankruptcy Proceedings
DELTACREDIT BANK: Fitch Assigns 'bb' Viability Rating
GLOBEXBANK: Fitch Rates RUB5-Bil. Sr. Unsecured Bonds 'BB(EXP)'
MOSCOW UNITED: S&P Puts 'BB-' Corp. Rating on Watch Positive

* CHELYABINSK OBLAST: S&P Affirms 'BB+' Issuer Credit Rating
* CHELYABINKS REGION: Fitch Assigns 'BB+' LT Currency Ratings


ABENGOA SA: Moody's Changes Outlook on 'B1' CFR to Negative
BANCO DE VALENCIA: Fitch Amends Watch on 'BB-' IDRs to Positive
WHITE TOWER: Fitch Affirms 'Csf' Rating on Class E Notes


GATEGROUP HOLDING: Moody's Changes Outlook on B1 CFR to Stable


TC ZIRAAT: Fitch Upgrades Viability Rating to 'BBB-' From 'BB+'
VESTEL ELEKCTRONIK: S&P Affirms 'B-' Corp. Credit Rating

U N I T E D   K I N G D O M

ASTON MARTIN: Moody's Reviews 'B3' CFR/PDR for Downgrade
CELF LOAN V: S&P Says Proportion of 'CCC'-Rated Assets Increased
COMET: Set to Close Remaining 195 Stores Before Christmas
CORNERSTONE TITAN: S&P Lowers Rating on Class F Notes to 'CCC-'
HBOS PLC: Former Executives Face Probe Over 2008 Collapse

HELLERMANNTYTON ALPHA: Moody's Assigns 'B1' CFR; Outlook Stable
MEZZVEST INVESTMENTS: S&P Withdraws 'CCC-' Ratings on 2 Notes
OBEL LTD: Administrator Takes Control of The Obel
PUNCH TAVERNS: Moody's Cuts Ratings on Two Note Classes to Caa3


* Large Companies with Insolvent Balance Sheets



VOLKSBANKEN VERBUND: Fitch Affirms 'bb-' Viability Rating
Fitch Ratings has affirmed Erste Group Bank AG's (Erste),
Raiffeisen Bank International AG's (RBI), UniCredit Bank Austria
AG's (Bank Austria) and Volksbanken Verbund's (VB-Verbund) Long-
term Issuer Default Ratings (IDR) at 'A'.  The Outlook on all
Long-term IDRs remains Stable.

In addition, the agency has affirmed the Viability Ratings (VR)
of Erste at 'a-', RBI at 'bbb', Bank Austria at 'bbb+' and VB-
Verbund at 'bb-'.

RATING ACTION RATIONALE - IDRs, Support Ratings and Support
Rating Floors

The affirmation of the banks' IDRs at their Support Rating Floor
of 'A' reflects Fitch's opinion that it is extremely likely that
the four banks would receive support from the Austrian
authorities if required given their systemic importance for the
Austrian financial sector and the Austrian economy.

All four banks have meaningful domestic deposit market shares,
ranging from 7% at VB-Verbund to 19% at Erste.  RBI itself does
not have a large domestic deposit franchise but is an integral
part of Raiffeisen Banking Group (RBG), Austria's largest banking

Fitch has also affirmed VB-Verbund's central institution,
Oesterreichische Volksbanken Aktiengesellschaft AG's (OeVAG)
Long-term IDR at 'A'.  VB-Verbund is not a legal entity itself
but a cooperative grouping of member banks, including OeVAG. As
such, Fitch has assigned OeVAG "group" ratings under Fitch's
rating criteria for banking structures backed by mutual support
mechanisms.  Fitch does not assign a VR to OeVAG.

The Stable Outlook on the banks' IDR mirrors the Stable Outlook
on Austria's 'AAA' sovereign rating, last affirmed on 9 November


Erste's, RBI's and Bank Austria's VRs reflect the banks' broad
regional diversification in Central and Eastern Europe (CEE),
mitigating negative developments in single markets, solid pre-
impairment profitability and improved funding and capital
positions.  The VRs also take into account still worsening asset
quality in many CEE countries - albeit at a slower pace than in
2009/2010.  In addition, the VR reflects contracting core
revenues, largely due to continued sluggish loan growth in CEE
and pressure on the banks' net interest margin (NIM), a trend
which is however partly mitigated by the banks' renewed focus on
cost management.

Erste's credit exposure to and revenue from more stable markets
like Austria, the Czech Republic and Slovakia account for a
higher proportion of the total compared to peers.  Moreover,
Erste's loan book is more granular and better diversified by
sectors than those of its peers.  In addition, Erste's deposit
franchises in these three markets, notably in the Czech Republic,
are strong which benefits the bank's overall balance sheet
liquidity.  All these factors support Erste's VR (at 'a-') which
remains higher than the VRs of both Bank Austria ('bbb+') and RBI

RBI's VR is based on the bank's sound domestic corporate lending
franchise, solid pre-impairment profitability and ample -- albeit
narrowing -- net interest margin which benefits from RBI's
regional diversification.  The bank's VR also takes into account
RBI's high proportion of participation capital in its capital
base and consequently its below-average Fitch core capital ratio.

Bank Austria's VR reflects a geographically well-diversified
revenue base, resilient operating profitability despite a still
fragile operating environment in much of CEE and adequate core
capitalization.  The VR also takes into account Bank Austria's
still-deteriorating asset quality and sizeable CEE net funding

VB-Verbund's VR reflects the progress made in repositioning the
group to focus on domestic retail operations.  It disposed of
several of its riskier assets in 2011 and during H112, notably
its CEE operations (excluding VB Romania) and some real estate
activities.  VB-Verbund's asset base is now of acceptable
quality, and lumpy loan and securities impairments observed in
the past are now less likely.  The exception to this is VB
Romania, where asset quality could potentially deteriorate
although restructuring efforts are currently underway.

Support Rating Floors

A weakened ability by the Austrian state to support its large
banks (signalled by a change in the sovereign rating) or lower
willingness to provide support (e.g., as a result of legislative
changes) could lead to a downgrade of the banks' support-driven

Fitch has stated that it expects sovereign support for banks to
weaken over time in many developed economies.  If the agency
changes its view about the propensity of the Austrian authorities
to provide support for major Austrian banks, this would lead to
downward pressure on the banks' IDRs, Support Rating and Support
Rating Floor.


Erste's, RBI's and Bank Austria's VRs are predominantly sensitive
to worse-than-expected asset quality deterioration in CEE and to
a lesser extent in their Austrian home market.  Fitch expects
non-performing loan ratios in most CEE markets to peak in late
2013 and the banks' VRs are sensitive to this view.  A further
contraction of the banks' NIM, either due to increasing funding
costs or inability to continue re-pricing their asset base,
significantly affecting their earnings base, would also be
negative for the banks' VRs.

In addition, Erste's VR remains sensitive to macroeconomic
developments in some of its currently underperforming key
markets, notably Romania, Hungary and Croatia where Erste's
proportion of lending exposure is higher than peers.

RBI's VR is currently constrained by the below-average quality of
its capital base which includes a considerable share of
government (EUR1.75 billion) and commercial (EUR0.75 billion)
hybrid (participation) capital.  Consequently, a sustained
improvement of RBI's Fitch Core Capital ratio could lead to an
upgrade of RBI's VR.  RBI is more exposed to CEE markets than its
domestic peers (with CEE loans accounting for around 71% of total
loans at end-Q312) and is therefore disproportionately sensitive
to developments in CEE.

In addition to the VR sensitivities described above, Bank
Austria's VR could be affected by a significant downgrade of the
VR of its parent bank, UniCredit S.p.A. (UniCredit, 'A-'/
Negative/'a-').  Due to Bank Austria's close operational
integration into UniCredit, a significant deterioration at
UniCredit, which Fitch does currently not consider likely, could
ultimately also affect Bank Austria, e.g. through intragroup
lending transactions.

VB-Verbund's VR is primarily sensitive to further significant
extraordinary capital measures during OeVAG's restructuring
process. Additional external capital support measures or the
inability to repay government participation and common share
capital over time would be negative for the ratings.  In
addition, should the deleveraging process (including its Romanian
operations) result in material losses for the group, then VB-
Verbund's VR could be downgraded.

The VR could be upgraded if the 'new' VB-Verbund successfully
repositions itself to focus primarily on domestic retail
operations whilst avoiding material credit losses.  Clear
sustainable improvements in the group's capital and financial
positions would also be ratings-positive.

A report entitled '2013 Outlook: Austrian Banks' will be
published in the coming weeks.


Subordinated debt and other hybrid capital issued by Erste are
all notched down from the VRs of Erste in accordance with Fitch's
assessment of each instrument's respective non-performance and
relative loss severity risk profiles, which vary considerably.
Their ratings are primarily sensitive to any change in the VR of


Government-guaranteed debt ratings are sensitive to changes in
the Republic of Austria's sovereign rating ('AAA'/Stable).

The rating actions are as follows:

Erste Group Bank AG

  -- Long-term IDR: affirmed at 'A'; Outlook Stable
  -- Short-term IDR: affirmed at F1'
  -- Viability Rating: affirmed at 'a-'
  -- Support Rating: affirmed at '1'
  -- Support Rating Floor: affirmed at 'A'
  -- Senior unsecured notes: affirmed at 'A'/'F1'
  -- Lower Tier 2 debt: affirmed at 'BBB+'
  -- Upper Tier 2 debt: affirmed at 'BBB-'
  -- EUR6bn guaranteed debt issuance program: affirmed at 'AAA'
     and 'F1+'
  -- Erste Finance (Delaware) LLC: US$10 billion commercial paper
     program, guaranteed by Erste: affirmed at 'F1'

Raiffeisen Bank International AG

  -- Long-term IDR: affirmed at 'A'; Outlook Stable
  -- Short-term IDR: affirmed at F1'
  -- Viability Rating: affirmed at 'bbb'
  -- Support Rating: affirmed at '1'
  -- Support Rating Floor: affirmed at 'A'

UniCredit Bank Austria AG

  -- Long-term IDR: affirmed at 'A'; Outlook Stable
  -- Short-term IDR: affirmed at F1'
  -- Viability Rating: affirmed at 'bbb+'
  -- Support Rating: affirmed at '1'
  -- Support Rating Floor: affirmed at 'A'
  -- Senior unsecured notes: affirmed at 'A'

Volksbanken Verbund

  -- Long-term IDR: affirmed at 'A'; Stable Outlook
  -- Short-term IDR: affirmed at 'F1'
  -- Viability Rating: affirmed at 'bb-'
  -- Support Rating: affirmed at '1'
  -- Support Rating Floor: affirmed at 'A'


  -- Long-term IDR: affirmed at 'A'; Stable Outlook
  -- Short-term IDR: affirmed at 'F1'
  -- Support Rating affirmed at '1'
  -- Support Rating Floor: affirmed at 'A'
  -- Government guaranteed bonds affirmed at 'AAA'
  -- Market Linked Securities: affirmed at 'Aemr'
  -- Senior unsecured notes: affirmed at 'A'/'F1'

The other VB-Verbund member banks' Long-term IDRs have been
affirmed at 'A' with Stable Outlook and Short-term IDRs at 'F1'.
These ratings are "group" ratings assigned under Fitch's rating
criteria for banking structures backed by mutual support
mechanisms and are sensitive to a downgrade of VB-Verbund's
Support Rating Floor.  The full list of VB-Verbund member banks
is as follows:

Bank fuer Aerzte und freie Berufe AG

  -- Volksbank Weinviertel e.Gen.
  -- Gaertnerbank, rGmbH
  -- Volksbank Tullnerfeld eG
  -- Volksbank Bad Goisern eingetragene Genossenschaft
  -- Volksbank Osttirol rGmbH
  -- Volksbank Oetscherland eG
  -- Volksbank Fels am Wagram e.Gen.
  -- Volksbank Krems-Zwettl AG
  -- Volksbank Laa eGen
  -- Volksbank Marchfeld e.Gen.
  -- Volksbank, Gewerbe- und Handelsbank Kaernten AG
  -- VOLKSBANK fuer den Bezirk Weiz rGmbH
  -- Volksbank Tirol Innsbruck-Schwaz AG
  -- Volksbank Altheim-Braunau rGmbH
  -- Volksbank Feldkirchen, rGmbH
  -- Volksbank Schaerding eG
  -- Volksbank Steirisches Salzkammergut, rGmbH
  -- Volksbank Wien AG
  -- Volksbank Enns- und Paltental rGmbH
  -- Volksbank Bad Hall e.Gen.
  -- Volksbank Linz-Wels-Muehlviertel AG
  -- Volksbank Gmuend eingetragene Genossenschaft
  -- Allgemeine Bausparkasse rGmbH
  -- Volksbank Alpenvorland e.Gen.
  -- Waldviertler Volksbank Horn rGmbH
  -- Volksbank Ost rGmbH
  -- Volksbank Kufstein eG
  -- Volksbank Ried im Innkreis eG
  -- Volksbank Enns-St. Valentin eG
  -- Volksbank Friedburg rGmbH
  -- Oesterreichische Apothekerbank eG
  -- Volksbank Voecklamarkt-Mondsee rGmbH
  -- Volksbank Gailtal eG
  -- Volksbank Niederoesterreich Sued eG
  -- Volksbank Oberndorf rGmbH
  -- Volksbank Obersdorf-Wolkersdorf-Deutsch-Wagram e.Gen.
  -- Volksbank Muerztal-Leoben e.Gen
  -- Volksbank Eferding-Grieskirchen rGmbH
  -- Volksbank fuer die Sued- und Weststeiermark rGmbH
  -- Volksbank Donau-Weinland rGmbH
  -- Volksbank Salzburg eG
  -- Volksbank Almtal e.Gen.
  -- Volksbank Aichfeld-Murboden rGmbH
  -- Volksbank Kaernten Sued e.Gen.
  -- Volksbank Niederoesterreich-Mitte e.G.
  -- Volksbank Sued-Oststeiermark e.Gen.
  -- Volksbank Suedburgenland rGmbH
  -- VB Factoring Bank AG
  -- Volksbank-Quadrat Bank AG


COMMERZBANK AG: Moody's Says Realignment Poses Credit Risks
Commerzbank AG's new group strategy for its core businesses will
heighten short-term credit risks for its retail banking
activities, says Moody's Investors Service in a new Credit Focus
report published on December 3, 2012. The plans, announced on
November 9, 2012, involve substantial investment to remedy the
shortcomings in the group's current structure, IT systems and
processes. However, although the short-term risks are skewed to
the downside, the adjustments could yield credit-positive
developments for some of the bank's core segments in the medium
to longer term, contingent on market and operating conditions.

The new report is entitled "Credit Focus: Commerzbank Group: Low
Visibility Ahead of Major Business Realignment Heightens Short-
Term Credit Risks".

Commerzbank's (deposits A3, negative; BFSR D+/BCA baa3, negative)
new group strategy for its core businesses involves a plan to
invest EUR2 billion (thereof 50% allocated towards the retail
operations) over four years to address shortcomings in the
group's current structure, IT systems and processes. Moody's says
that based on these investments and strategic readjustments,
Commerzbank aims to improve its relative market position and core

Over time, Commerzbank will also address the disproportionate
allocation of capital resources to non-core areas. In this
context, as of September 2012, Commerzbank's non-core assets
(NCA) absorbed 34.5% of the group's total average capital
employed. Of Commerzbank's most important segments Mittelstand
(MSB) is the engine of stability and profitability and private
customers (PC) is the worse-performing, whilst NCA encompasses
the high-risk legacy assets of Commerzbank's earlier business
ventures. Commerzbank's future franchise stability and earnings
will principally depend on these three segments' performance.

Moody's says that Commerzbank's retail banking activities, have
underperformed those of most of its peers, despite the extra
scale provided by the Dresdner Bank acquisition in 2009. Moody's
says that there are two key credit factors (1) the context of the
strategic adjustments; and (2) the new deliverables and their
associated credit risk.


Moody's believes that Commerzbank is under pressure to invest in
its technology in order to maintain its position in Germany's
increasingly fierce competitive landscape. Apart from adverse
market-related factors, low clarity in Commerzbank's market
positioning and its earlier risk culture had added to the
pressures that triggered the various profound structural changes
announced during 2012.


Whilst Moody's views the targets as reasonable in principle, the
transition period will occur in challenging operating conditions.
The additional investments will burden the income statement
further in the near term, and bear risks for the medium term if
the set targets of a larger client base, higher wallet-shares and
better efficiencies are not met. Moody's therefore notes that the
ultimate success of the new core bank strategy remains uncertain
at this stage, which is reflected in the negative outlook
assigned to Commerzbank's ratings.

QIMONDA AG: Administrators Put Patent Portfolio Up for Sale
EE Times reports that the insolvency administrator of Qimonda AG
has put the patent portfolio of the now defunct German memory
chip maker up for sale.

EE Times relates that the administrator said this includes the
patent administration, exploitation and licensing of more than
7,500 patents and patent applications worldwide. The protected
inventions relate to semiconductor, computer and communications

"The patent portfolio is the result of decades of outstanding
world-class R&D work," the report quotes Qimonda insolvency
administrator Michael Jaffe, as saying.  "Given the increasing
importance of patents for the competition in the global high-tech
industry the Qimonda portfolio provides a unique opportunity for
the purchaser to significantly improve its level of protection."

                         About Qimonda AG

Qimonda AG (NYSE: QI) -- was a global
memory supplier with a diversified DRAM product portfolio.  The
Company generated net sales of EUR1.79 billion in financial year
2008 and had -- prior to its announcement of a repositioning of
its business -- roughly 12,200 employees worldwide, of which
1,400 were in Munich, 3,200 in Dresden and 2,800 in Richmond, Va.

Qimonda AG commenced insolvency proceedings in a local court in
Munich, Germany, on Jan. 23, 2009.  On June 15, 2009, QAG filed
a petition (Bankr. E.D. Va. Case No. 09-14766) for relief under
Chapter 15 of the U.S. Bankruptcy Code.

Qimonda North America Corp., an indirect and wholly owned
subsidiary of QAG, is the North American sales and marketing
subsidiary of QAG.  QNA is also the parent company of Qimonda
Richmond LLC.  QNA and QR sought Chapter 11 protection (Bankr.
D. Del. Case No. 09-10589) on Feb. 20, 2009.  Mark D. Collins,
Esq., Michael J. Merchant, Esq., and Lee E. Kaufman, Esq., at
Richards Layton & Finger PA, in Wilmington Delaware; and Mark
Thompson, Esq., Morris J. Massel, Esq., and Terry Sanders, Esq.,
at Simpson Thacher & Bartlett LLP, in New York City, represented
the Debtors as counsel.  Roberta A. DeAngelis, the United States
Trustee for Region 3, appointed seven creditors to serve on an
official committee of unsecured creditors.  Jones Day and Ashby &
Geddes represented the Committee.  In its bankruptcy petition,
Qimonda Richmond, LLC, estimated more than US$1 billion in assets
and debts.  The information, the Chapter 11 Debtors said, was
based on QR's financial records which are maintained on a
consolidated basis with QNA.

In September 2011, the Chapter 11 Debtors won confirmation of
their Chapter 11 liquidation plan which projects that unsecured
creditors with claims between US$33 million and US$35 million
would have a recovery between 6.1% and 11.1%.  No secured claims
of significance remained.

UNITYMEDIA HESSEN: Moody's Rates US$845MM Sr. Sec. Notes '(P)Ba3'
Moody's Investors Service assigned a (P)Ba3 rating to the US$845
million, and also to EUR-denominated senior secured notes being
issued by Unitymedia Hessen GmbH & Co. KG ('Unitymedia Hessen')
and Unitymedia NRW GmbH ('Unitymedia NRW'), subsidiaries of
Unitymedia KabelBW GmbH ('UM-KBW').

The amount of EUR-denominated notes is yet to be finalized.
Proceeds of the issuance will be used to re-finance the existing
US$845 million and part of the EUR1430 million of 2017 senior
secured notes at Unitymedia Hessen and Unitymedia NRW.

The ratings assume that the amounts tendered will essentially
match the new debt being issued. This transaction leads to a
marginal increase in UM KBW's gross reported debt, but also
extends the average life of the debt. The (P)Ba3 rating on the
proposed notes reflects the fact that they will be effectively
pari-passu with the existing senior secured notes (rated Ba3) at
Unitymedia Hessen and Unitymedia NRW. The rating for the senior
secured notes is one notch higher than the group CFR due to the
presence of unsecured debt in the capital structure which is
rated at B3.

UM-KBW is an indirect subsidiary of Liberty Global Inc. ('LGI';
rated Ba3/ Stable).


No later than March 31, 2013, the new Notes will be secured by
the same collateral that secures the UM-KBW's existing senior
secured notes, and with the same ranking. Prior to the collateral
grant date, the Notes will remain unsecured.

Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect Moody's preliminary
credit opinion regarding the transaction only. Upon a conclusive
review of the final documentation as well as once the final
security is put in place, Moody's will endeavor to assign a
definitive rating to the Senior Secured Notes being issued by UM-
KBW. A definitive rating may differ from a provisional rating.

On November 29, 2012, UM-KBW launched a call notice and a
simultaneous tender offer to purchase any and all of its US$845
million senior secured notes (due 2017) at 108.306%; to be
financed by the new US$845 million senior secured notes.
Depending on the size of the new euro-denominated senior secured
notes, UM-KBW will launch a partial tender and call on its 2017
EUR1430 million senior secured notes. Pro-forma the transaction,
UM-KBW estimates that its reported total covenant debt to
'adjusted' annualized EBITDA will be 4.7x.

The B1 CFR for UM-KBW incorporates (i) the scale benefits and the
future growth potential of the combined group; and (ii) Moody's
expectation of moderate cost synergies combined with the
potential negative impact of concessions (leading to increased
competition for delivery of basic cable TV services to multi-
dwelling units) imposed by the Federal Cartel Office at the time
of KBW's acquisition by LGI.

The rating also factors in the (i) still significant Moody's
adjusted leverage of UM-KBW; and (ii) the relatively high capex
requirements (27% of 2011 sales on a combined basis) and interest
costs which significantly limit the company's free cash flow

UM-KBW's B1 CFR is strongly positioned in the rating category.
The stable outlook is based on Moody's expectation that the solid
operating momentum will be maintained.

What Could Change the Rating -- Up

UM-KBW's CFR could come under upward pressure with a visible
improvement in its free cash flow generation with its leverage on
a Gross Debt to EBITDA basis (as adjusted by Moody's) trending
towards 5.0x on a sustained basis.

What Could Change the Rating -- Down

Negative pressure is likely in case of an increase in leverage
towards 6.0x Gross Debt to EBITDA (as adjusted by Moody's) and/or
material negative free cash flow on a sustained basis.

The principal methodology used in rating Unitymedia NRW GmbH and
Unitymedia Hessen GmbH & Co. KG was the Global Cable Television
Industry Methodology published in July 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.

UM KBW is the second largest cable operator in Germany by
subscribers. The company generated revenues and 'adjusted'
reported EBITDA of EUR1.6 billion and EUR964 million respectively
in 2011 on a pro-forma basis.

UNITYMEDIA HESSEN: S&P Rates US$1-Bil. Sr. Secured Notes 'BB-'
Standard & Poor's Ratings Services assigned its 'BB-' issue
ratings to the US$1 billion senior secured notes and EUR500
million senior secured notes issued by Unitymedia Hessen GmbH &
Co. KG and Unitymedia NRW GmbH. The issuers are operating
subsidiaries of German Cable Operator Unitymedia KabelBW GmbH
(Unitymedia; B+/Stable/--)

"The recovery rating on the senior secured notes is '2',
indicating our expectation of substantial (70%-90%) recovery
prospects for secured lenders in the event of a payment default.
However, we continue to see coverage of the senior secured notes
at the low end of the range, with no headroom for additional
senior secured issuance," S&P said.

"The issue and recovery ratings on Unitymedia's existing senior
secured notes (issued by Unitymedia Hessen and Unitymedia NRW)
remain unchanged at 'BB-' and '2'. The issue and recovery ratings
on the existing senior notes also remain unchanged at 'B-' and
'6'," S&P said.

"We understand that the proceeds of the senior secured notes will
be used to repurchase the existing senior secured dollar-
denominated notes maturing in 2017 and part of the euro-
denominated notes maturing in the same year. We anticipate that
the total amount of senior secured debt will remain about the
same," S&P said.

"Our issue and recovery ratings on the senior secured notes
reflect our assessment of Unitymedia as a going concern, owing to
its resilient and profitable utility-like cable TV operations in
Germany, its 'satisfactory' business risk profile, its valuable
cable network and customer base, and high barriers to entry in
the consolidated cable industry. In addition, we consider that
recovery prospects for the senior secured notes are supported by
the notes' relatively comprehensive security package, with
network assets pledged," S&P said.

"Our simulated default scenario assumes a default would occur in
2017, when the remaining euro-denominated senior secured notes
and the group's revolving credit facilities mature. We believe
this scenario would occur due to excessive leverage as a result
of operating underperformance. We envisage EBITDA falling to
about EUR600 million in the hypothetical year of default, with a
stressed enterprise value of about EUR3.45 billion," S&P said.

"From our stressed enterprise value of EUR3.45 billion, we deduct
priority liabilities of about EUR330 million, comprising
administrative expenses, the existing EUR80 million super senior
revolver (assumed fully drawn in 2017), and other priority
liabilities related to finance leases. This leaves approximately
EUR3.1 billion of value remaining for senior secured
noteholders," S&P said.

"We envisage about EUR4.4 billion of senior secured debt
outstanding at default (including six months' prepetition
interest), indicating substantial (70%-90%) recovery prospects
for these lenders, albeit at the low end of this range. We would
therefore expect negligible (0%-10%) recovery prospects for
senior noteholders, reflected in our recovery rating of '6' on
the existing senior notes," S&P said.


New Rating

Unitymedia Hessen GmbH & Co. KG
New Rating

Unitymedia Hessen GmbH & Co. KG
Senior Secured
  EUR500 mil bnds due 01/15/2023        BB-
   Recovery Rating                      2
  US$1 bil bnds due 01/15/2023          BB-
   Recovery Rating                      2

Unitymedia NRW GmbH
Senior Secured
  US$1 bil bnds due 01/15/2023          BB-
   Recovery Rating                      2
  EUR500 mil bnds due 01/15/2023        BB-
   Recovery Rating                      2


* GREECE: Additional Aid Hinges on Buyback Offer
Maria Petrakis & Emma Charlton at Bloomberg News report that
Greece offered EUR10 billion (US$13 billion) to buy back bonds
issued earlier this year as the bailed-out nation attempts to cut
a debt load that may threaten future international aid.

Success of the buyback is crucial to releasing aid that's been
frozen since June, Bloomberg notes.  The offer was part of a
package of measures approved by euro-area finance ministers last
week to cut the nation's debt to 124% of gross domestic product
in 2020 from a projected 190% in 2014, Bloomberg discloses.

According to Bloomberg, Athens-based Public Debt Management
Agency said that investors who join the buyback will receive
payment in six- month bills from the European Financial Stability

The International Monetary Fund set the 2020 debt-cut target as a
condition for continuing to fund a third of Greece's bailout
program, Bloomberg says.  IMF Managing Director Christine Lagarde
said after the euro-area finance ministers' meeting that the fund
will examine the results of the buyback before deciding whether
to approve disbursement of additional aid, Bloomberg relates.


HUNGARIAN EXPORT: Fitch Assigns 'BB+' LT Issuer Default Rating
Fitch Ratings has assigned Hungarian Export Import Bank (Hexim) a
Long-term Issuer Default Rating (IDR) of 'BB+' with a Negative
Outlook.  Fitch has not assigned a Viability Rating to Hexim
given the bank's policy role and limited scope of purely
commercial activities.  At the same time Fitch has assigned
Hexim's EUR2 billion global medium-term note (MTN) program an
expected Long-term senior unsecured debt rating of 'BB+'(exp).

Fitch notes that there is no assurance that notes issued in the
future under the program will be assigned a rating, or that the
rating assigned to a specific issue under the program will have
the same rating as the program rating.


Hexim's IDRs, program rating, Support Rating and Support Rating
Floor (SRF) are based on potential support from the Republic of
Hungary in light of the bank's policy role and its close
integration with the sovereign.  The ratings also reflect Hexim's
sole state ownership, the state's surety covering (and limiting)
the bank's on- and off-balance sheet liabilities, Hexim's
moderate size (even after planned growth) and the interest make-
up mechanism by which the Hungarian central budget compensates
potential losses made by the bank.  The Negative Outlook on
Hexim's Long-term IDR reflects that on the sovereign.

The state guarantee for on-balance sheet liabilities have
recently been increased to HUF1,200 billion (from HUF320
billion), while the guarantee for off-balance sheet liabilities
is expected to be raised to HUF350 billion from 2013 (from the
current HUF80 billion).  Together, both revised amounts will
represent a moderate contingent liability of about 5.3% of
forecast 2012 GDP.  The bank's total borrowings (HUF182 billion)
and committed off-balance sheet obligations (HUF78 billion) at
end-Q312 were equal to about 0.9% of forecast 2012 GDP.


The bank and the program's ratings would be downgraded if the
sovereign's credit profile, and hence its ability to provide
support is weakened.  Fitch is of the opinion that the state's
strong propensity to support Hexim is unlikely to be revised in
the foreseeable future.

In assessing the state's commitment to the bank, Fitch will also
monitor the timeliness of capital injections in light of the
planned significant increase of Hexim's balance sheet.  However,
this is unlikely to impact the bank's ratings as long as its
obligations remain fully guaranteed by the Hungarian state.

Eximbank is a small specialized Hungarian credit institution
directly controlled by the Hungarian State through the Ministry
for National Economy.  The bank's sole role is to promote,
facilitate and finance export trade.

The rating actions are as follows:


  -- Long-term IDR assigned at 'BB+'; Outlook Negative
  -- Short-term IDR assigned at 'B'
  -- Support Rating assigned at '3'
  -- Support Rating Floor assigned at 'BB+'
  -- Senior foreign currency unsecured debt Long- and Short-term
     ratings assigned at 'BB+'(exp) and 'B(exp)'

MALEV HUNGARIAN: Jobbik Files Complaint Over Liquidation
-------------------------------------------------------- reports that radical nationalist party Jobbik is
filing a complaint with Hungary's chief public prosecutor
regarding the liquidation of former national carrier Malev,
Jobbik MP Szilvia Bertha said. relates that Ms. Bertha said Jobbik believes the
entire liquidation procedure was illegal. An inventory was not
made and the airline's books were not closed, making the
liquidation "nonsense and illegal", Ms. Bertha, as cited by, added.

Ms. Bertha noted that Malev's ground services and maintenance
units had been sold, but it was not revealed at what price, the
report relays.

Malev Hungarian Airlines Rt. -- was
Hungary's national carrier.


ALLIED IRISH: Boasts of Substantial Progress in Restructuring
Allied Irish Banks related in a press release that substantial
progress has been made in the second half of 2012 in
restructuring the bank and implementing Allied Irish Bank,
P.L.C's revised strategy and cost efficiency initiatives to
ensure a reduction in the bank's operating cost base of EUR0.4
billion by 2014.  The core business environment remains
challenging although there is continued evidence of

Non-core deleveraging of EUR17 billion has been achieved to the
end of October 2012, which is 83% of the Central Bank of
Ireland's end 2013 deleveraging target of EUR20.5 billion.
Overall cumulative discounts are within PCAR capital assumptions.

The design and build phase of Allied's Mortgage Arrears
Resolution Strategy is now through the pilot phase and its
Mortgage and SME arrears strategies have been finalized.  Allied
has a dedicated unit working with customers in difficulty and it
expects to make significant progress in the implementation of
solutions for customers in difficulty in the next 6-12 months.

Internally, the bank's new organizational structure has been
implemented, allowing staff to better engage with and support
AIB's business and retail customers while enabling the bank to
implement necessary cost reduction measures.

Over 1,000 staff have departed AIB under the Voluntary Severance
Programme, which includes an Early Retirement Scheme, with 1,700
staff expected to have departed by the end of December 2012.  The
minimum target of 2,500 voluntary staff departures is expected to
be achieved by 2014.
In consultation with AIB's staff and Unions it is implementing
the Pay & Benefits changes announced in June.  These announced
measures include up to 15% pay cuts at senior levels, pay freezes
at more junior levels and the transfer of all staff who are
members of a Defined Benefit Pension scheme to a Defined
Contribution Scheme.
Forty-five sub-office closures and 6 branch amalgamations in the
Republic of Ireland will have been completed by end November, and
8 branches and 4 sub-offices will have closed in AIB UK by the
end of December.  An additional 16 branches are expected to close
in the Republic of Ireland in 2013.  Additional services are
being offered through An Post in affected areas.

Trading & Funding Update

Continued management focus on Net Interest Margin (NIM) has led
to a reduction in overall pricing of AIB's deposits in both the
Irish and UK markets which, coupled with ongoing repricing of its
loan assets has had a positive effect in arresting the decline in
NIM. A further positive effect of product repricing is expected
to flow through in 2013.  However, the continued lower interest
rate environment remains challenging, impacting yields earned on
capital and free funds and the pace of deposit repricing.

The cost of the Eligible Liabilities Guarantee (ELG) is trending
lower year on year as the quantum of covered liabilities
continues to reduce following the withdrawal of AIB UK from the
scheme in August 2012.  Liabilities covered by ELG stood at
EUR32 billion at end of October compared to EUR40 billion at end
December 2011.  AIB is prepared for the expiry of the ELG.

Customer accounts continue to increase notwithstanding outflows
of EUR1.4bn as a result of the announced closure of AIB's
operations in Isle of Man and Channel Islands.  Balances have
increased across all business segments and AIB UK's withdrawal
from the ELG has had a negligible overall effect on deposit

Ongoing progress in deleveraging and growth in customer accounts
has seen continued improvement in the loan to deposit ratio which
reduced below 120% at the end of October (including loans held
for sale) from 125% at end of June.  Arising from these balance
sheets movements our reliance on ECB funding has continued to
reduce since end June.

AIB notes the recent improvement in market sentiment towards
Irish issuers.  The bank will re-engage with the market in a
balanced and measured manner which is consistent with its
strategy to ensure viable funding levels whilst building
confidence with external investors.

AIB notes Fitch's recent revision of the outlook on AIB Group's
long term Issuer Default Rating from negative to stable.  This is
the first positive revision for AIB in almost four years and is
reflective of further signs of economic stabilisation.
AIB is ahead year to date, of both its SME lending target of
EUR3.5bn set by the Government and its internal new mortgage
lending target of EUR1 billion.  AIB has sanctioned 23,040 credit
facilities to SME customers to the value of EUR3.4 billion and
EUR1.1 billion in lending to 5,922 mortgage customers in the year
to date to September.  However, new customer lending demand
remains muted in the current challenging economic environment and
therefore overall credit growth is limited.

The intense focus on cost reduction and the benefits of the cost
initiatives will predominantly be reflected in the 2013 cost
base, reflecting timing and implementation of our cost saving

Asset Quality

Bad debt provisions for 2012 will materially reduce from elevated
levels in 2011.  Arrears in AIB's Irish Mortgage and SME
portfolios have increased, however the pace of increase in
criticised loans is slowing.  Although economic conditions remain
challenging, we have seen signs of a stabilisation in underlying
economic indicators, including house prices.  AIB has materially
accelerated the rate of engagement with customers in difficulty
and are now providing forbearance and restructuring options to
customers to ensure sustainable repayment schedules. c. 70% of
mortgage customers with revised terms are adhering to the new
conditions.  The outlook for 2013 and beyond will be influenced
by the domestic and international economic environment, however,
AIB expects bad debt provisions to continue to trend lower year
on year and to return to more normalised levels over time.


AIB remains well capitalised, notwithstanding the continued
impact of overall losses which is partially offset by a reduction
in Risk Weighted Assets driven by a reduced balance sheet size.
AIB continue to assess the impact of Basel III on capital ratios
and are actively evaluating and developing a number of mitigating
actions to protect regulatory capital.

                      About Allied Irish Banks

Allied Irish Banks, p.l.c. -- is a
major commercial bank based in Ireland.  It has an extensive
branch network across the country, a head office in Dublin and a
capital markets operation based in the International Financial
Services Centre in Dublin.  AIB also has retail and corporate
businesses in the UK, offices in Europe and a subsidiary company
in the Isle of Man and Jersey (Channel Islands).

Since the onset of the global and Irish financial crisis, AIB's
relationship with the Irish Government has changed significantly.

As at Dec. 31, 2010, the Government, through the National Pension
Reserve Fund Commission ("NPRFC"), held 49.9% of the ordinary
shares of the Company (the share of the voting rights at
shareholders' general meetings), 10,489,899,564 convertible non-
voting ("CNV") shares and 3.5 billion 2009 Preference Shares.  On
April 8, 2011, the NPRFC converted the total outstanding amount
of CNV shares into 10,489,899,564 ordinary shares of AIB, thereby
increasing its holding to 92.8% of the ordinary share capital.

In addition to its shareholders' interests, the Government's
relationship with AIB is reflected through formal and informal
oversight by the Minister and the Department of Finance and the
Central Bank of Ireland, representation on the Board of Directors
(three non-executive directors are Government nominees),
participation in NAMA, and otherwise.

The Company reported a loss of EUR2.29 billion in 2011, a loss of
EUR10.16 billion in 2010, and a loss of EUR2.33 billion in 2009.

Allied Irish's consolidated statement of financial position for
the year ended Dec. 31, 2011, showed EUR136.65 billion in total
assets, EUR122.18 billion in total liabilities and EUR14.46
billion in shareholders' equity.

Allied Irish's balance sheet at June 30, 2012, showed EUR129.85
billion in total assets, EUR116.59 billion in total liabilities
and EUR13.26 billion in total shareholders' equity.

ALLIED IRISH: Mortgage Bank Raises EUR500MM from Bond Issue
AIB Mortgage Bank (AIBMB) agreed a EUR500 million 3-year secured
ACS bond issue under its EUR20 billion Mortgage Covered
Securities Programme.  AIBMB is a wholly owned subsidiary of
Allied Irish Banks, p.l.c. (AIB).  This is the first public ACS
issue since June 2007 and marks AIB's second return to the
funding markets in 2012 following the issuance of GBP395 million
Sterling Prime RMBS in May.  ACS bonds are not guaranteed by the
Irish State.  This 3-year deal was priced at a spread over mid-
swaps of 270 basis points and was over 4 times oversubscribed.

The total order book was c. EUR2.3 billion with in excess of 170
international investors reflecting a well diversified geographic
profile.  Over 95% of demand came from outside Ireland.

The final sizing of the transaction, notwithstanding the level of
demand, is consistent with AIB's stated strategy to engage with
the market in a balanced and measured manner with a series of
well placed, well timed, appropriately structured and priced
transactions, to ensure viable funding levels while building
confidence with external investors.

                      About Allied Irish Banks

Allied Irish Banks, p.l.c. -- is a
major commercial bank based in Ireland.  It has an extensive
branch network across the country, a head office in Dublin and a
capital markets operation based in the International Financial
Services Centre in Dublin.  AIB also has retail and corporate
businesses in the UK, offices in Europe and a subsidiary company
in the Isle of Man and Jersey (Channel Islands).

Since the onset of the global and Irish financial crisis, AIB's
relationship with the Irish Government has changed significantly.

As at Dec. 31, 2010, the Government, through the National Pension
Reserve Fund Commission ("NPRFC"), held 49.9% of the ordinary
shares of the Company (the share of the voting rights at
shareholders' general meetings), 10,489,899,564 convertible non-
voting ("CNV") shares and 3.5 billion 2009 Preference Shares.  On
April 8, 2011, the NPRFC converted the total outstanding amount
of CNV shares into 10,489,899,564 ordinary shares of AIB, thereby
increasing its holding to 92.8% of the ordinary share capital.

In addition to its shareholders' interests, the Government's
relationship with AIB is reflected through formal and informal
oversight by the Minister and the Department of Finance and the
Central Bank of Ireland, representation on the Board of Directors
(three non-executive directors are Government nominees),
participation in NAMA, and otherwise.

The Company reported a loss of EUR2.29 billion in 2011, a loss of
EUR10.16 billion in 2010, and a loss of EUR2.33 billion in 2009.

Allied Irish's consolidated statement of financial position for
the year ended Dec. 31, 2011, showed EUR136.65 billion in total
assets, EUR122.18 billion in total liabilities and EUR14.46
billion in shareholders' equity.

Allied Irish's balance sheet at June 30, 2012, showed EUR129.85
billion in total assets, EUR116.59 billion in total liabilities
and EUR13.26 billion in total shareholders' equity.

RMF EURO IV: Moody's Upgrades Rating on Class V Notes to 'Ba1'
Moody's Investors Service has upgraded the ratings of the
following notes issued by RMF Euro CDO IV PLC:

Issuer: RMF Euro CDO IV PLC

    EUR310.2M Class I Senior Secured Floating Rate Notes, due
2022, Upgraded to Aaa (sf); previously on Jul 10, 2012 Aa1 (sf)
Placed Under Review for Possible Upgrade

    EUR39.3M Class II Senior Secured Floating Rate Notes, due
2022, Upgraded to Aa1 (sf); previously on Jul 10, 2012 A1 (sf)
Placed Under Review for Possible Upgrade

    EUR15.3M Class III Deferrable Mezzanine Floating Rate Notes,
due 2022, Upgraded to A1 (sf); previously on Jul 10, 2012 A3 (sf)
Placed Under Review for Possible Upgrade

    EUR21.6M Class IV-A Deferrable Mezzanine Floating Rate Notes,
due 2022, Upgraded to Baa2 (sf); previously on Jul 10, 2012 Baa3
(sf) Placed Under Review for Possible Upgrade

    EUR3.5M Class IV-B Deferrable Mezzanine Fixed Rate Notes, due
2022, Upgraded to Baa2 (sf); previously on Jul 10, 2012 Baa3 (sf)
Placed Under Review for Possible Upgrade

    EUR12.6M Class V Deferrable Mezzanine Floating Rate Notes,
due 2022, Upgraded to Ba1 (sf); previously on Jul 10, 2012 Ba2
(sf) Placed Under Review for Possible Upgrade

RMF Euro CDO IV PLC, issued in May 2006, is a single currency
Collateralised Loan Obligation ("CLO") backed by a portfolio of
mostly high yield European loans. The portfolio is managed by
Pemba Credit Advisers. This transaction is currently in its
amortization period as of May 23, 2012. It is predominantly
composed of senior secured loans.


According to Moody's, the rating actions taken on the notes are a
result of the benefit of Moody's modelling assumptions for
transactions in the amortization period and resilient performance
since the last rating action in July 2011. This deal was reviewed
in conjunction with a correction to the rating model Moody's used
for this transaction. Moody's corrected the rating model and put
the ratings of the above tranches on review for upgrade on
July 10, 2012.

In consideration of the reinvestment restrictions applicable
during the amortization period, and therefore the limited ability
to effect significant changes to the current collateral pool,
Moody's analyzed the deal assuming a higher likelihood that the
collateral pool characteristics will continue to maintain a
positive buffer relative to certain covenant requirements. In
particular, the deal is assumed to benefit from higher spread
compared to the last rating action in July 2011. Moody's notes
that between July 2011 and October 2012 the weighted average
spread increased to 4.02% from 3.29%. In addition, the reported
WARF has decreased to 2858 from 3010, while the current number of
securities in the underlying portfolio rated Caa or lower,
decrease to 12.45% from 13.62% in July 2011.

Moody's notes that the Class I notes have been paid down by
approximately 6.3% or EUR19.5 million since inception. The
reported overcollateralization ("OC") ratios of the rated notes
have remained stable since the rating action in October 2011. The
Class I/II, Class III, Class IV and Class V overcollateralization
ratios are reported at 123.25%, 117.79%, 109.81% and 106.19%,
respectively, versus July 2011 levels of 123.67%, 118.33%,
110.51% and 106.96%, respectively. All coverage tests are
currently in compliance. Moody's computed OC levels have also
remain stable since last action.

Due to the impact of revised and updated key assumptions
referenced in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011, key model inputs used by
Moody's in its analysis, such as the portfolio par amount, WARF,
diversity score, and weighted average recovery rate, may be
different from the trustee's reported numbers. In its base case,
Moody's analyzed the underlying collateral pool to have a
performing par and principal proceeds balance of EUR415 million,
defaulted par of EUR1.7 million, a weighted average default
probability of 21.38% (consistent with a WARF of 2985), a
weighted average recovery rate upon default of 46.11% for a Aaa
liability target rating, a diversity score of 40 and a weighted
average spread of 3.78%. The default probability is derived from
the credit quality of the collateral pool and Moody's expectation
of the remaining life of the collateral pool. The average
recovery rate to be realized on future defaults is based
primarily on the seniority of the assets in the collateral pool.
For a Aaa liability target rating, Moody's assumed that 95% of
the portfolio exposed to senior secured corporate assets would
recover 50% upon default, while the remainder non first-lien loan
corporate assets would recover 10%. In each case, historical and
market performance trends and collateral manager latitude for
trading the collateral are also relevant factors. These default
and recovery properties of the collateral pool are incorporated
in cash flow model analysis where they are subject to stresses as
a function of the target rating of each CLO liability being

The WARF calculation used in the previous rating action was
derived as a weighted average of the default probability of each
asset's rating and remaining life, rather than the weighted
average of the default probability of each asset's rating at 10
years as called for in methodology. Due to an administrative
oversight, the interest received from available short-term cash
was not previously modelled. The rating action reflects the
adjustment in the WARF calculation and the adjustment in the
timing of when interest is received from available short-term

In the process of determining the final ratings, Moody's took
into account the results of a number of sensitivity analyses:

(1) Deterioration of credit quality to address the refinance and
sovereign risks -- Approximately 23% of the obligors in the
portfolio are rated B3 and below with their loans maturing
between 2014 and 2016, which may create challenges for those
obligors to refinance. Approximately 9% of the portfolio is
exposed to obligors located in Ireland, Spain and Italy. Moody's
considered a scenario where the WARF was increased to be 3470 by
forcing the credit quality on 25% of such exposure to Ca. This
scenario generated model outputs that were two notches lower than
the base case results.

(2) Lower Weighted Average Recovery Rate and Diversity Score
Levels - Moody's also tested the sensitivity of the rated
tranches to certain key parameters, Moody's modelled a lower
weighted average recovery rate of 40% as well as a lower
diversity score of 35. This scenario generated model outputs that
were one to two notch lower than the base case results.

Sources of additional performance uncertainties are described

1) Deleveraging: The main source of uncertainty in this
transaction is the pace of amortization of the underlying
portfolio. Pace of amortization could vary significantly subject
to market conditions and this may have a significant impact on
the notes' ratings. In particular, amortization could accelerate
as a consequence of high levels of prepayments in the loan market
or collateral sales by the Collateral Manager or be delayed by
rising loan amend-and-extent restructurings. Fast amortization
would usually benefit the ratings of the notes.

2) Moody's also notes that around 49% of the collateral pool
consists of debt obligations whose credit quality has been
assessed through Moody's credit estimates. Large single exposures
to obligors bearing a credit estimate have been subject to a
stress applicable to concentrated pools as per the report titled
"Updated Approach to the Usage of Credit Estimates in Rated
Transactions" published in October 2009.

3) Recovery of defaulted assets: Market value fluctuations in
defaulted assets reported by the trustee and those assumed to be
defaulted by Moody's may create volatility in the deal's
overcollateralization levels. Further, the timing of recoveries
and the manager's decision to work out versus sell defaulted
assets create additional uncertainties. Moody's analyzed
defaulted recoveries assuming the lower of the market price and
the recovery rate in order to account for potential volatility in
market prices. Realization of higher than expected recoveries
would positively impact the ratings of the notes.

The principal methodology used in this rating was "Moody's
Approach to Rating Collateralized Loan Obligations" published in
June 2011.

Moody's modelled the transaction using the Binomial Expansion
Technique, as described in Section of the "Moody's
Approach to Rating Collateralized Loan Obligations" rating
methodology published in June 2011.

The cash flow model used for this transaction, whose description
can be found in the methodology listed above, is Moody's CDOEdge

This model was used to represent the cash flows and determine the
loss for each tranche. The cash flow model evaluates all default
scenarios that are then weighted considering the probabilities of
the binomial distribution assumed for the portfolio default rate.
In each default scenario, the corresponding loss for each class
of notes is calculated given the incoming cash flows from the
assets and the outgoing payments to third parties and
noteholders. Therefore, the expected loss or EL for each tranche
is the sum product of (i) the probability of occurrence of each
default scenario; and (ii) the loss derived from the cash flow
model in each default scenario for each tranche.

As such, Moody's analysis encompasses the assessment of stressed

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

On August 21, 2012, Moody's released a Request for Comment
seeking market feedback on proposed adjustments to its modelling
assumptions. These adjustments are designed to account for the
impact of rapid and significant country credit deterioration on
structured finance transactions. If the adjusted approach is
implemented as proposed, the rating of the notes affected by the
rating action may be negatively affected.

TALISMAN-5 FINANCE: S&P Cuts Ratings on 2 Note Classes to 'CCC-'
Standard & Poor's Ratings Services lowered its credit ratings on
all classes of notes in Talisman-5 Finance PLC. "At the same
time, we have also removed from CreditWatch negative our ratings
on the class A and B notes," S&P said.

"The transaction closed in December 2006 and was originated by
ABN AMRO N.V. It is backed by notes issued by a special-purpose
entity incorporated in Ireland with limited liability, and FCC
Talisman, a French compartmentalized debt-mutual fund. At
closing, the issuer used the proceeds of the note issuance to
acquire a portfolio of six commercial real estate loans secured
by 48 commercial properties and 2,354 residential units located
across Germany and Finland. The issuer also acquired notes issued
by FCC Talisman, which are ultimately secured on a single loan
backed by nine commercial properties in France. There are
currently five loans remaining, two of which are in special
servicing," S&P said.

The rating actions follow S&P's review of the:

    Credit quality of the remaining underlying loans in the pool
    and reflect the rating agency's view of the effect of losses
    to the junior notes on the credit enhancement available to
    the senior notes; and

    The issuer's counterparty risk.

                           BIRD LOAN

"The Bird loan is secured by an industrial
warehouses/distribution unit, which has been split into a number
of commercial units, located in a light industrial park in the
Berlin suburb of Spandau. Spandau lies approximately 10
kilometers west of Berlin's city center. The loan failed to
mature on the maturity date in July 2011 and is currently in
special servicing. The current loan-to-value (LTV) ratio, based
on a EUR23 million (as of May 2010) reported market value for the
asset, is 104%. At present, no interest is being paid under the
loan as funds have been held back to cover future payments, in
particular capex to be spent on the property," S&P said.

"In August 2012, the special servicer agreed a sale agreement
with a purchaser for a purchase price reported at EUR10.6 million
compared with a remaining securitized loan balance of EUR24
million. This represents an anticipated principal loss estimated
at EUR14 million on the January 2013 interest payment date," S&P

                           FISH LOAN

"The Fish loan is secured by a two-building multi-let office
property located in the Hammberbook district of Hamburg, just
south-west of the city center. Building one consists of nine
floors of approximately 18,000 square meters of accommodation,
while building two consists of seven stories of approximately
12,000 square meters of accommodation," S&P said.

"The loan is due to mature in July 2013. In November 2012, the
loan was transferred to special servicing after a breach of its
LTV ratio covenant. Based on a recent revaluation of EUR45.2
million compared with a current securitized loan balance of
EUR60.2 million, the LTV ratio is at 133%. At present, interest
payments are made in full. However, as an appraisal reduction was
triggered under the loan, the amount of liquidity facility
available to cover any future interest shortfalls under the loan,
resulting from temporary cash flow disruption, will be limited,"
S&P said.

"Taking into account our review of the loan and the latest
reported market value, we consider that the loan is exposed to
principal losses," S&P said.

                           REMAINING LOANS

"In our opinion, the remaining three loans in the pool have shown
stable credit performance. We do not anticipate principal losses
for these loans," S&P said.

"The Monkey loan is backed by a single mixed use office/hotel
property, located in the south of Munich on Erlenhofpark Business
Park and matures in July 2013. The loan has a current interest
coverage ratio (ICR) of 1.89x and a reported LTV ratio of 63%
based on a value of EUR69 million in August 2010. The four-star
Holiday Inn constitutes 34% of rental income and is the largest
business hotel in the area. The other main tenant is NETMA
(NATO), accounting for 40% of rent roll. This is a federal backed
agency, which has a break option in 2015, but with a penalty for
exercising this option of one year's rent," S&P said.

"The Penguin loan is secured against nine buildings consisting of
60,000 square meters of secondary office space located around the
outer Parisian suburbs and matures in October 2013. It is a five-
year partially amortizing loan, which has shown strong credit
performance with a current ICR of 10.48x and has a reported LTV
ratio of 59% based on a value of EUR90.2 million in October
2011," S&P said.

"The Reindeer loan is secured against a portfolio of retail
properties in Finland and matures in October 2013. It has shown
stable credit performance with a current ICR of 2.38x and has a
reported LTV ratio of 58% based on a value of EUR81.5 million in
September 2010. The portfolio consists of 20 properties located
throughout Finland in the cities/regions of Lappeenranta (seven
assets), Helsinki (four assets), Jyvaskyla (three assets),
Hameenlinna (two assets), Kirkkonummi, Kemi, Rauma, Jarvenpaa,
Kouvola, and Jamsa. The retail properties were built between 1989
and 2000 and the total net lettable area occupied by all the
properties is 66,429 square meters," S&P said.

                            RATING ACTIONS

"Taking into account our review of the loans, we consider that
the risk of refinancing difficulties and principal losses has
increased. We do not see this risk as imminent for the class A
notes, the rating on which is constrained by the issuer credit
rating (ICR) on The Royal Bank of Scotland PLC (A/Stable/A-1) as
liquidity facility provider," S&P said.

"We consider that the risk of principal losses for the Bird and
Fish loans has increased. Consequently, we consider that the
class B and C notes' creditworthiness has deteriorated. We
believe that the available credit enhancement to the notes is no
longer sufficient to support their current rating levels. We have
therefore lowered our ratings on the class B and C notes to 'BBB+
(sf)' and 'B- (sf)'," S&P said.

"Based on our short-term expectation of potential principal
losses in this transaction as a result of the sale of the Bird
loan, we have lowered our ratings on the class D and E notes to
'CCC- (sf)'," S&P said.

                          COUNTERPARTY RISK

"On Jan. 31, 2012, we placed on CreditWatch negative our ratings
on the class A and B notes following our Nov. 29, 2011 downgrade
to 'A' from 'A+' of our long-term rating on The Royal Bank of
Scotland PLC, the liquidity facility provider for Talisman-5
Finance. The maximum rating achievable for this transaction under
our 2012 counterparty criteria cannot be higher than our long-
term rating on the liquidity facility provider--The Royal Bank of
Scotland," S&P said.

"As a result of the lowering of our short-term rating on The
Royal Bank Of Scotland, we have lowered to 'A (sf)' from 'A+
(sf)' and removed from CreditWatch negative our rating on the
class A notes," S&P said.

"We have also removed from CreditWatch negative our rating on the
class B notes, as this is no longer constrained to the ICR on the
liquidity facility provider," S&P said.


"On Nov. 7, 2012, we published our updated criteria for rating
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.


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:


Class                  Rating
                  To             From

Talisman-5 Finance PLC
EUR544.25 Million Commercial Mortgage-Backed Floating-Rate Notes

Ratings Lowered and Removed From CreditWatch Negative

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

Ratings Lowered

C                B- (sf)          BBB+ (sf)
D                CCC- (sf)        B- (sf)
E                CCC- (sf)        B- (sf)

WINDERMERE X: S&P Cuts Ratings on 2 Note Classes to 'D'
Standard & Poor's Ratings Services lowered to 'D(sf)' its credit
ratings on Windermere X CMBS Ltd.'s class E and F notes. "Our
ratings on the class A, B, C, and D notes remain unaffected by
the rating actions," S&P said.

"Our ratings in Windermere X CMBS address timely payment of
interest and payment of principal not later than the legal final
maturity date in October 2019. 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.

"On Sept. 26, 2012, we received a special notice stating that the
sale of the asset backing the Woolworth Boenen loan had completed
for EUR5.85 million compared with a remaining loan balance of
EUR46.4 million," S&P said.

"On the October 2012 interest payment date, the recovery proceeds
received under the Woolworth Boenen loan were applied in
accordance with the facility agreement first toward unpaid
interest and various expenses including swap breakage costs,
sale-related, and legal costs. As no recovery proceeds were
allocated to principal repayments, a loss of EUR46.5 million was
allocated to the class E and F notes. As a result, the class F
notes have been written-off entirely and the class E notes have
experienced partial losses. We have therefore lowered to 'D (sf)'
our ratings on these classes of notes," S&P said.

Windermere X CMBS is a 2007-vintage transaction backed by nine
remaining loans secured by commercial real estate properties in
Germany, France, the Netherlands, Italy, and Switzerland.


"On Nov. 7, 2012, we published our updated criteria for rating
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.


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:


Class              Rating
           To               From

Windermere X CMBS Ltd.
EUR1.497 Billion Commercial Mortgage-Backed Floating-Rate Notes

Ratings Lowered

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

Ratings Unaffected

A          A+ (sf)
B          A+ (sf)
C          A- (sf)
D          BB+ (sf)


BANCA MONTE: New Repayment Terms for State Bailout Loan Proposed
Rachel Sanderson at The Financial Times reports that Italian
lawmakers have proposed new repayment terms for a state bailout
loan for Banca Monte dei Paschi di Siena, intended to make it
less likely that Italy will be forced to take a stake in the
country's third-largest lender by assets.

In the bailout agreement, the bank is due to sell the Italian
government EUR3.9 billion in bonds this year, the FT discloses.
A little more than half would be used to replace existing
government-owned bonds with the rest slated to cover a capital
shortfall that led to the bank's core tier-one ratio falling
below the level required by regulators, the FT notes.

According to the FT, under the terms of a proposal put forward by
lawmakers, Monte dei Paschi would be able to pay interest on the
loans through a combination of cash, shares issued at market
value and other structured products, such as contingent capital.

Crucially, the deal requires approval from the European
Commission on whether all or part of the agreement constitutes
state aid, the FT says.  Joaquin Almunia, EU competition
commissioner, last week said the situation was being looked into,
the FT relates.

If agreed, the proposal gives the bank's chairman Alessandro
Profumo and chief executive Fabrizio Viola greater flexibility to
prevent the state having to take a substantial share in the bank,
the FT states.

Monte dei Paschi had initially requested EUR3.4 billion in state
aid but increased that to EUR3.9 billion on concerns it may take
a larger than expected hit from derivative exposure to about
EUR25 billion held in Italian Treasury debt, according to the FT.
The bank is also due to renegotiate EUR1.9 billion of existing
state loans taken out in the teeth of the financial crisis, the
FT notes.

Banca Monte dei Paschi di Siena SpA -- is
an Italy-based company engaged in the banking sector.  It
provides traditional banking services, asset management and
private banking, including life insurance, pension funds and
investment trusts.  In addition, it offers investment banking,
including project finance, merchant banking and financial
advisory services.  The Company comprises more than 3,000
branches, and a structure of channels of distribution.  Banca
Monte dei Paschi di Siena Group has subsidiaries located
throughout Italy, Europe, America, Asia and North Africa.  It has
numerous subsidiaries, including Mps Sim SpA, MPS Capital
Services Banca per le Imprese SpA, MPS Banca Personale SpA, Banca
Toscana SpA, Monte Paschi Ireland Ltd. and Banca MP Belgio SpA.

PIAGGIO & C: S&P Cuts Long-Term Corp. Credit Rating to 'BB-'
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Italian manufacturer of scooters,
motorcycles, and light transportation vehicles Piaggio &C. SpA to
'BB-' from 'BB'. The outlook is stable.

"We also lowered our issue rating on Piaggio's senior unsecured
notes to 'BB-' from 'BB'. The '3' recovery rating on these notes
is unchanged, indicating our expectation of meaningful (50%-70%)
recovery in the event of a payment default," S&P said.

"The downgrade primarily reflects our opinion that at year-end
2012, Piaggio's credit metrics will be weaker than we previously
expected and not commensurate with our guidelines for a 'BB'
rating. In addition, the weak economic conditions in Europe,
particularly in Southern Europe, that we foresee next year are
unlikely to support a recovery in these metrics in 2013," S&P

"The rating reflects our view of Piaggio's 'fair' business risk
and 'aggressive' financial risk profiles, according to our
criteria. We assess Piaggio's management and governace as fair,"
S&P said.

"The stable outlook reflects our expectation over the next year
that Piaggio should be able to achieve credit metrics that we
view as in line with the 'BB-' rating level, namely funds from
operations to debt in the range of 15%-20%. We also factor in
continued tough economic conditions in Europe and sales growth in
India and Vietnam marginally below the projections that the group
included in its three-year business plan presented in December
2011," S&P said.

"We could revise the outlook to negative or lower the rating on
Piaggio if sales again dropped by about 8% next year, with a
contraction in the operating margin, and in turn weakening cash
flow generation pushed up debt and resulted in deteriorated
credit metrics to below the level we see as consistent with the
current ratings," S&P said.

"We could assign a positive outlook or raise the rating if the
financial risk profile improved through healthy cash flow
generation that Piaggio uses to reduce the debt. Sound cash flow
generation could stem from increased unit sales and revenues, on
the back of a sustained rebound in demand in Europe or strong
growth in countries outside Europe. Concurrently, we would
anticipate FFO to debt at 25% or higher," S&P said.


CONDENSATE JSC: Fitch Assigns 'B-' LT Issuer Default Rating
Fitch Ratings has published Kazakhstan's JSC Condensate
(Condensate) Long-term foreign currency Issuer Default Rating
(IDR) of 'B-'.  The Outlook is Stable.

Condensate is a small, privately owned single-site refinery
located in the north-west (NW) Kazakhstan region, with the annual
capacity of 600,000 tons of gas condensate.  It produces heavy
distillate fuel and gasoil.  In 2011 it had revenues of KZT36.8
billion (US$248 million) and EBITDA of KZT9.2 billion.  It does
not currently have any debt, but plans to borrow up to US$160
million for a refinery upgrade program.  At the same time,
competition is likely to increase due to National Company
KazMunaiGaz's (NC KMG, BBB/Stable) upgrade of three Kazakh
refineries.  Fitch expects that leverage will reach 4x by 2015.


Small Single-Site Operations

Condensate's ratings are capped in the mid-to-low B rating
category because of its small size and single site operations.
Condensate's refinery has annual refining capacity of 600,000
tons of gas condensate, which mainly produces heavy distillate
fuel and gasoil.  Its actual refining throughput in 2011 was
lower due to the use of crude oil as the primary feedstock.
Condensate also owns crude and oil products rail terminals and
depots for loading 2,000 m3 of oil products per day and crude and
oil products pipelines from the refinery site to the depots. In
2011, Condensate generated revenues of KZT36.8 billion, a 73%
increase yoy, and EBITDA of KZT9.2 billion.

Diversified Suppliers

Until 2010, Condensate was fully dependent upon Karachaganak
Petroleum Operating BV, the operator of the Karachaganak gas
condensate field in NW Kazakhstan, for its unstable gas
condensate supplies.  From 2011, Condensate has purchased its
feedstock -- crude oil and gas condensate -- from Kazakh and
Russian oil companies.

Single Off-Taker

Condensate is also dependent on Great Eastern Oil Limited, a UK
company, for almost all its finished products sales.
Condensate's accounts do not list Great Eastern Oil as a related
party.  However, only very limited detail regarding the control
or operations of this company is available, and this lack of
clarity weakens Condensate's credit profile. Nonetheless, the
relationship is longstanding. Prior to 2011, Condensate had two
offtakers -- Milford Haven Trading Limited (UK) and Great Eastern
Oil Limited.  Milford Haven Trading Limited accounted for 33%,
82%, 87% and 6% of Condensate's revenues in 2010, 2009, 2008 and
2007 respectively and Great Eastern Oil Limited for 67% and 2% in
2010 and 2009 respectively and 81% in 2007.  Fitch considers
Condensate's high customer concentration a key rating
constraining factor.

Increasing Leverage Due to Debt-Funded Capex

Condensate plans to upgrade the refinery to produce Euro-5
quality diesel fuel and gasoline with octane rating of 95 and
higher (Phase 1, US$126 million) and increase diesel fuel
production by 175,000 tons (Phase 2, US$80 million), for the
total cost of US$206 million.  This would allow Condensate to
improve profitability by increasing sales of higher value-added
products (gasoline and diesel fuel with octane rating of 95 and
higher) on the local market, which are currently imported from
Russia.  Condensate estimates that the construction of the Phase
1, which entails installation of pre-fabricated US-made equipment
to remove sulphur from finished products, will be completed in
Q414; Phase 2 will be completed in Q415.  Condensate plans to
raise US$160 million in debt to finance the refinery upgrade in
bank loans from local banks and on bond markets.  Based on its
conservative rating case assumptions, Fitch expects Condensate's
leverage to increase to about 4x from non-existing levels at end-
2011 and coverage in the range of 3x by 2015.

Intensifying Domestic Competition

State-owned NC KMG is planning to spend US$5.4 billion over 2012-
2016 upgrading its Atyrau, Pavlodar and Shymkent refineries,
Kazakhstan's three largest.  Currently, the Atyrau refinery, the
closest to NW Kazakhstan region, produces gasoline with the
octane rating of 92 or lower.  After the completion of the
upgrade program, NC KMG will be producing more value-added
products compliant with Euro-4 and Euro-5 quality standards and
will be competing more intensely with Condensate's oil products.
Furthermore, while Condensate does not current have a retail
presence, NC KMG owns a large retail network in NW Kazakhstan.

Weak Corporate Governance

Condensate is privately owned and has large related party
transactions.  Fitch views its corporate governance standards as
weaker than that of larger Kazakh and Russian peers.

The rating actions are as follows.

JSC Condensate

  -- Long-term foreign currency Issuer Default Rating (IDR) of
     'B-', with a Stable Outlook
  -- Short-term foreign currency Issuer Default Rating of 'B'
  -- Long-term local currency IDR of 'B-', with a Stable Outlook
  -- National Long-term rating of 'B+(kaz)', with a Stable
  -- Local currency senior unsecured rating of 'B-'
  -- National senior unsecured of 'B+(kaz)'


Positive: Future developments that could lead to positive rating
actions include:

  -- The successful completion of the refinery upgrade program
     in 2014-2015.  Fitch expects that post upgrade Condensate
     will generate additional revenues and margins from sales of
     higher value-added oil products.
  -- Further clarity about the creditworthiness and ownership of
     Great Eastern Oil Limited.

Negative: Future developments that could lead to negative rating
action include:

  -- Condensate's failure to complete or significant delays in
     completion of the refinery upgrade program that could
     jeopardize its financial profile.
  -- Condensate's FFO gross adjusted leverage at above 4.0x on
     sustained basis.
  -- Liquidity problems such as Condensate's failure to secure
     and maintain credit facilities to complete the refinery
     upgrade program.


Sufficient Liquidity for Upgrade Phase 1
Currently, Condensate does not have any debt outstanding.  In
2011 it repaid its KZT3 billion bond in full, ahead of maturity
date.  Its liquidity at September 30, 2012 was made up of cash
balances and short-term deposits of about US$45 million.  o
finance the refinery upgrade, Halyk Bank of Kazakhstan ('BB-
'/Stable) agreed to provide Condensate with a 7.5-year US$130
million credit line for at interest rates of 11% in KZT or 9% in
USD, with 2.5 years of grace period.  Condensate also has plans
to issue KZT bonds.

DEVELOPMENT BANK: S&P Puts Stand-Alone Credit Profile at 'b+'
Standard & Poor's Ratings Services affirmed its foreign and local
currency counterparty credit ratings on the state-owned
Development Bank of Kazakhstan at 'BBB+/A-2'. The national scale
rating is 'kzAAA'. The outlook is stable.

"The ratings on DBK are equalized with the ratings on its sole
owner, the Republic of Kazakhstan, based on our assessment that
there is an 'almost certain' likelihood that the government would
provide timely and extraordinary support sufficient to service
all debt, should the need arise. Our assessment of the likelihood
of extraordinary support is based on our view of," S&P said:

    DBK's "integral" link to the government, demonstrated by the
    state's 100% ownership and regular injections into the bank's
    capital. The government continues to be closely involved in
    defining DBK's strategy through state-owned holding company
    Samruk-Kazyna (BBB+/Stable/A-2) and the Ministry of Industry
    and New Technology (MINT). The government has four
    representatives on the board of directors of DBK including
    the deputy prime minister, who chairs the board.

    DBK's "critical" public policy role as the primary vehicle
    for providing long-term credit to the nonextractive sectors
    of the Kazakh economy, the expansion of which is one of the
    government's main aims. DBK is to play a key role in
    implementing the government's medium-term strategic
    development plan. In recent years, it has offset dwindling
    project financing from commercial banks. In view of
    substantial development needs in Kazakhstan's infrastructure
    and manufacturing sectors, we believe DBK will continue to
    play a vital role.

"The monitoring of the bank's activities is done by both Samruk-
Kazyna and MINT. Oversight of DBK shifted to MINT from Samruk-
Kazyna in November 2011. The transfer is part of the government's
medium-term strategic development plan, for which MINT is
responsible. MINT serves as trust manager of DBK. That said,
Samruk-Kazyna remains the sole owner of DBK and any change in
strategy or operations are subject to approval by Samruk-Kazyna,"
S&P said.

"Capital injections from the government have supported the bank
in the past. In September 2009, the government increased DBK's
capital by 181% for the purpose of both the government's program
for industrial and innovation development and the launch of its
anti-crisis program. DBK's strategy includes provisions that, if
its debt-to-equity ratio reaches a certain maximum and the
capital adequacy ratio reaches a certain minimum, this will serve
as a guaranteed trigger for the government to inject more capital
into DBK. DBK also gets support from the government through
budget loans, as well as loans (including subordinated loans) on
favorable terms from Samruk-Kazyna. That said, the government
does not guarantee any of DBK's obligations," S&P said.

"DBK's stand-alone credit profile (SACP) is 'b+', reflecting the
bank's anchor of 'bb-', as well as its 'adequate' business
position, 'strong' capital and earnings, 'moderate' risk
position, 'below average' funding, and 'adequate' liquidity, as
our criteria define these terms. The bank's SACP balances our
view of the extremely high credit risk and weak governance and
transparency in Kazakhstan, as well as DBK's heavy reliance on
wholesale funding, against the bank's strong capital and
liquidity positions," S&P said.

"The stable outlook on DBK reflects our outlook on Kazakhstan. It
also reflects our opinion that we are unlikely to change our
assessment of DBK's role in the economy as 'critical' and its
link with the government as "integral". We would likely raise or
lower the ratings on DBK if we raised or lowered the ratings on
the sovereign," S&P said.

"We expect strong ongoing government support for DBK by way of a
long-term commitment to increase the bank's capital. We do not
anticipate any changes in policy or the regulatory framework that
would weaken the bank's key role in the government's development
plans. However, a deviation from DBK's role in government policy,
or signs of weakening government support, would result in
downward ratings pressure," S&P said.

SAMRUK-KAZYNA: S&P Assesses Stand-Alone Credit Profile at 'b+'
Standard & Poor's Ratings Services affirmed its long- and short-
term local and foreign currency credit ratings on Kazakhstan-
based government-related entity Samruk-Kazyna at 'BBB+/A-2'. The
outlook is stable.

"Under our criteria for rating government-related entities, the
ratings on Samruk-Kazyna are equalized with those on Kazakhstan
(foreign currency BBB+/Stable/A-2; local currency BBB+/Stable/A-
2; Kazakhstan national scale 'kzAAA'). This reflects our view of
an 'almost certain' likelihood of the government providing timely
extraordinary support sufficient to service all debt, if needed.
Our assessment is based on our view of Samruk-Kazyna's 'critical'
role as the main operator for the government's off-budget
financial and economic activities and the company's 'integral'
link with the government," S&P said.

"Samruk-Kazyna is a 100% state-owned holding company that
consolidates almost all of Kazakhstan's state-owned enterprises
and manages them for the government. Its role underpins our view
of the entity's strategic importance," S&P said.

Samruk-Kazyna is highly integrated with the government. It plays
a pivotal role as a vehicle for implementing the government's
Development Plan 2020, which is aimed at industrialization and
economic diversification, and takes a controlling role in public-
sector companies. As an overseer, it is empowered to monitor all
borrowing for every company in the fund on behalf of the
government. It also controls financial flows between the
companies and the government. Samruk-Kazyna's investments and
financing decisions reflect government policy and the
government's direct input via Samruk-Kazyna's board of directors.

"We assess Samruk-Kazyna's stand-alone credit profile (SACP) at
'b+'. Key weaknesses for the SACP are the relatively low stand-
alone credit quality of its assets, the concentrated nature of
the portfolio, and the overall high and increasing level of
consolidated group debt. At June 30, 2012, the group had US$41.3
billion debt, compared to US$6.1 billion EBITDA in the first half
of 2012 and US$0.9 billion negative free operating cash flow
(FOCF), under our methodology," S&P said.

"We assess the SACP of Samruk-Kazyna's largest asset, state-owned
oil and gas company, KazMunayGas (KMG), at 'b+', due to its high
leverage. Samruk-Kazyna also continues to be heavily exposed to
the still-weak Kazakh financial sector, which was responsible for
about 24% of the parent-level portfolio as of June 30, 2011
(including bank stakes, loans, and deposits). The company has
high investment needs at the parent and subsidiary level.
Meanwhile, parent-level income is very volatile for the size of
its portfolio and debt levels. We expect that most of Samruk-
Kazyna's ongoing investments, including the support package for
BTA Bank, will be funded by the government," S&P said.

"Unlike other holding companies, Samruk-Kazyna has limited
flexibility to sell assets to cover its debt service needs,
because most of its assets are strategic and unlisted. Its
investments are largely covered by ongoing financing from the
government. Kazakhstan's budget law includes provisions to make
annual capital injections to the fund. Samruk-Kazyna's SACP
reflects our expectation that the company will continue to
receive regular government support in the form of long-term loans
and capital injections, including funds for the second
restructuring of local lender, BTA Bank. It also reflects the
fact that most parent-level debt is due to the government or
subsidiaries, and our view that debt to other parties (including
China Development Bank loan, bonds, and guarantees on certain
subsidiaries' debt) is likely to stay manageable relative to the
size of portfolio," S&P said.

"The Kazakh government's plan to hold a 'people's IPO' campaign
is part of a program to develop the domestic capital markets and
diversify economic activity. This is unlikely to affect the
ownership structure of Samruk-Kazyna or change its 'critical'
policy role or 'integral' link with the government, in our view,"
S&P said.

"We assess Samruk-Kazyna's parent-level liquidity as 'adequate',
due to its large cash reserves, long-term debt profile, and
ongoing support from the state. At June 30, 2012, the holding
company had cash and short-term bank deposits of 3.7x debt due
within one year. At the consolidated level, cash reserves covered
only 96% of short-term debt, but short-term debt included $5.2
billion of BTA Bank debt. If we exclude this, the coverage is
1.64x. Still, the group's consolidated liquidity and the holding
company's liquidity are significantly exposed to the Kazakh
banking sector, which remains weak, and large investment
ambitions at the subsidiary level, which results in negative
FOCF," S&P said.

"The stable outlook reflects our outlook on the long-term rating
on Kazakhstan and our view that Samruk-Kazyna's 'critical' role
in the economy and 'integral' link with the government is
unlikely to change. We expect that most of Samruk-Kazyna's
investments will be funded by the government, including Samruk-
Kazyna's cash support to BTA Bank. The conversion of Samruk-
Kazyna's deposit with BTA Bank into equity is neutral for our
assessment of credit quality because we had always considered
these deposits as support for the bank. We expect that any
support for KMG, with a view to the potential expansion of state
ownership in oil and gas fields, would also be funded by the
government," S&P said.

"We would raise or lower the ratings on Samruk-Kazyna if the
ratings on the Republic of Kazakhstan were raised or lowered. Any
signs of weakening sovereign support, either because Samruk-
Kazyna's policy role changes or its link with the government
weakens, may change our assessment of Samruk-Kazyna's role for
and link with the government. This would result in downward
pressure on the rating," S&P said.

"Downside pressure on the SACP could arise from debt to third
parties materially increasing, relative to the size of the
portfolio, or if Samruk-Kazyna's ongoing investments were not
supported by government funding. We could revise the SACP upward
if we saw improved performance at Samruk-Kazyna's key
subsidiaries, a track record of moderate investing policy at the
subsidiary level, and/or government support to the key
subsidiaries' investment plans and refinancing," S&P said.


TELCO UAB: S&P Affirms 'B-' Corp. Credit Rating; Outlook Positive
Standard & Poor's Ratings Services revised its outlook on
Lithuania-headquartered mobile telecommunications operator UAB
Bite Lietuva (Bite) to positive from stable.

"At the same time, Standard & Poor's affirmed its 'B-' long-term
corporate credit rating on Bite and its 100% owner Bite Finance
International B.V., its 'CCC+' rating on Bite Finance
International's outstanding subordinated notes, and its 'B-'
rating on the group's EUR172 million senior secured notes," S&P

"The outlook revision reflects the continual profitability
improvements achieved by Bite, particularly in Latvia, and a
subsequent revision of our base-case assessment of the company's
profitability and credit metrics for the next 12 months," S&P

"The ratings on Bite reflect Standard & Poor's assessment of its
financial risk profile as 'highly leveraged', its business risk
profile as 'weak', and its management and governance as 'fair'.
We revised our assessment of the company's business risk profile
to 'weak' from 'vulnerable' after recent profitability
improvements and market share gains in Latvia," S&P said.

"The positive outlook reflects the possibility of a one-notch
upgrade in the next 12 months if Bite refinances its debt
maturing in 2014 in the first half of 2013 and the company's
EBITDA margin remains at the current level, with adjusted debt to
EBITDA remaining below 4x," S&P said.

"We could revise the outlook to stable if we thought refinancing
was unlikely to be secured before midyear 2013, or in case of
negative business developments, for instance if the EBITDA margin
weakened to below 25% or revenues declined significantly.
Downward rating pressure could build in the second half of 2013
if no refinancing were secured," S&P said.


APERAM: S&P Cuts Long-Term Corporate Credit Rating to 'B+'
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Luxembourg-based stainless steel
producer Aperam to 'B+' from 'BB-'. The outlook is negative.

"We also lowered our ratings on the US$500 million senior notes
due 2016 and 2018 issued by Aperam to 'B+'. The recovery rating
on the notes is unchanged at '4', indicating our expectation of
average (30%-50%) recovery for noteholders in the event of a
payment default," S&P said.

"The downgrade reflects our expectation that Aperam will post a
much weaker adjusted funds from operations (FFO)-to-debt ratio in
2012 compared with 2011 because of a steep decline in EBITDA. The
adjusted FFO-to-debt ratio is close to 9% under our base case for
2012, corresponding with debt to EBITDA of above 6x, well below
the 15%-20% range that we saw as commensurate with a 'BB-'
rating," S&P said.

"The downgrade also reflects our view that Aperam's liquidity
remains 'less than adequate,' as our criteria define the term.
The group still has to extend its main US$800 million borrowing
base facility maturing in March 2014," S&P said.

"We have revised our 2012 forecast for Aperam's EBITDA down to
about US$200 million from our previous forecast of US$300 million
and 2011's actual figure of US$356 million," S&P said.

"This decline is primarily driven by lower stainless steel prices
in Europe. Aperam reported a double-digit drop in selling prices
for the first nine months of 2012, while volume decline was
limited at about 3%. We think the European stainless steel
industry will continue to face tough conditions in 2013 due to
the existing structural over-capacity, which we do not expect to
fall anytime soon following the merger of two other European
stainless steel producers Outokumpu (not rated) and Inoxum (not
rated)," S&P said.

Steady competition from imports and our forecast of a lack of
significant recovery in key end-markets, will likely result in
limited growth in demand for stainless steel in Europe in 2013.

"We expect the increase in Brazil's import duty to 25% from 14%
to have a positive but limited impact on Aperam's earnings in
2013. Aperam is the only stainless steel producer in Brazil and
this should enable it to gain marginally higher domestic market
share, in our view," S&P said.

"The negative outlook reflects the possibility of a downgrade in
the next 12 months, if EBITDA does not recover significantly next
year and leverage remains above 6x. This could happen in a more
protracted unfavorable stainless steel pricing environment in
Europe, or if demand for stainless steel falls in case of
worsening macroeconomic developments. Significant negative
discretionary cash flow could also trigger a negative rating
action. Other negative factors that could lead to a downgrade
include liquidity deterioration which could come from Aperam's
failure to extend its base facility before March 2013. We see our
adjusted debt-to-EBITDA ratio of 5.0x in 2013, improving to 4.5x
in 2014, as commensurate with the current rating level," S&P

"We might revise the outlook to stable, if we saw an improvement
in Aperam's EBITDA, on the back of higher pricing discipline in
Europe and clear upside in Brazil as a result of recently agreed
tariff imports. Adoption of long-term anti-dumping measures in
Brazil would also be positive in providing longer-term
visibility. For the outlook to stabilize, we would also expect a
timely borrowing base extension and covenant headroom stability
or improvement," S&P said.

HELLERMANNTYTON ALPHA: S&P Assigns 'B+' LT Corp. Credit Rating
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating to Luxembourg-based cable management
solutions provider HellermannTyton Alpha S.a.r.l. (HTA) and its
operating company HellermannTyton Beta S.a.r.l. (HTB). The
outlook is stable.

"At the same time, we have assigned our 'B+' issue rating to the
proposed EUR215 million senior secured notes to be issued by
HellermannTyton Finance PLC, a fully owned subsidiary of HTA. The
notes have a recovery rating of '3', indicating our expectation
of meaningful (50%-70%) recovery in the event of a payment
default. The issue and recovery ratings are subject to our review
of the final documentation," S&P said.

"The ratings are based on our expectation that the proposed
refinancing of the HellermannTyton group will be completed over
the coming weeks, in accordance with the preliminary
documentation made available to us by the group and its majority
shareholder, U.K.-based private equity company Doughty Hanson
(not rated)," S&P said.

"The ratings on HTA are primarily constrained by our view of the
company's 'aggressive' financial profile and our assessment of
the company's financial policy as 'aggressive', based on HTA's
private-equity ownership. We understand that Doughty Hanson
financed its acquisition of the group mainly through preferred
equity certificates (PECs) and cumulative preference shares
(CPS). These securities now amount to about EUR216 million and
EUR133 million, and are on HTA's books. Despite our view that
these PECs and CPS have certain equity characteristics, don't
require cash dividends, and are subordinate to the group's debt,
we treat them like debt according to our criteria," S&P said.

"We forecast that after HTA issues the proposed bond, its total
debt, after our adjustments, will be about EUR540 million
including the PECs and CPS. This translates into our estimate of
a ratio of adjusted debt to EBITDA of about 5x at year-end 2013
(about 2x excluding the PECs and CPS, or just over 3x adding
only the CPS). We forecast the ratio of adjusted funds from
operations (FFO) to adjusted debt at slightly below 15% for 2013
(about 35% excluding the PECs and CPS, or about 20% excluding
only the PECs)," S&P said.

"The main support for the group's financial risk profile is our
view of the group's adequate liquidity and our expectation of
positive -- albeit moderate -- free cash flow generation," S&P

"In our view, the ratings are supported by the group's business
risk profile, which we regard as 'fair' under our criteria. Our
assessment reflects the group's strong EBITDA margins of 18% on
average over the past six years, which show the companies'
resilience through the downturn. For 2012 and 2013 we expect the
EBITDA margin to be about 19%. Our business risk assessment is
further supported by the company's strong market position across
several countries, with high barriers to entry thanks to its
strong customer base and well-invested asset base. In addition,
we anticipate that, globally, the group will benefit from ongoing
growth prospects in the electrical and automotive industry,
mainly driven by technological trends and further globalization,"
S&P said.

"These factors are mitigated, however by HellermannTyton's
exposure to volatile end markets like the automotive industry and
the company's relatively small size," S&P said.

"The stable outlook reflects our view that the HellermannTyton
group will maintain its operating performance, with a reported
EBITDA margin of about 19%, resulting in further improvements of
its credit metrics in 2012 and 2013. It also reflects our
forecast of continued solid free cash flow generation, which
should help the group maintain an 'adequate' liquidity profile.
Under our base-case scenario, we expect the group's fully
adjusted debt-to-EBITDA ratio to improve to about 5x by the end
of 2013, a level we consider to be in line with the current
rating," S&P said.

"We currently see no rating upside over the next 12 months given
the capital structure," S&P said.

"Although equally unlikely, we could lower the rating if the
group's credit metrics deteriorated following a significant
shortfall in cash flow generation compared with our forecasts.
This could be caused by a severe global recession, leading to a
sizable decrease in revenue. Another downside rating risk could
arise if the group were to adopt a more shareholder-friendly
financial policy, in view of its private-equity owner. We have
not anticipated any drawdowns on the EUR80 million RCF in our
base-case forecasts until 2013, rather a generation of positive
free cash flow. Consequently, a drawdown would move the target
ratio of debt to EBITDA to more than 5x and lead to a downgrade,"
S&P said.


HARBOURMASTER PRO-RATA 2: S&P Says 'CCC'-Rated Assets Decreased
Standard & Poor's Ratings Services raised its credit ratings on
Harbourmaster Pro-Rata CLO 2 B.V.'s A1 variable funding note
(VFN) and class A1 notes to 'AAA (sf)'.

"The rating actions follow our assessment of the transaction's
performance and takes into account recent developments in the
transaction," S&P said.

"For our review of the transaction's performance, we used data
from the trustee report dated Oct. 8, 2012, in addition to our
cash flow analysis. We have considered recent developments in the
transaction and have applied our 2012 counterparty criteria, as
well as our cash flow criteria," S&P said.

"From our analysis, we have observed a positive rating migration
in the credit quality of the portfolio since we last reviewed the
transaction. For example, we have observed a decrease in the
proportion of assets that we consider to be rated in the 'CCC'
category ('CCC+', 'CCC', and 'CCC-') to 8.03% from 14.26%. At the
same time, we have observed a decrease in the proportion of
defaulted assets (those rated 'CC', 'SD' [selective default],
and 'D') to 3.13% from 4.33%," S&P said.

"Our analysis indicates that credit enhancement for the class A1
notes and the weighted-average spread earned on the collateral
pool have increased since we last reviewed the transaction," S&P

"Our analysis also indicates that the weighted-average maturity
of the portfolio since our last transaction update has decreased,
which has led to a reduction in our scenario default rates (SDR)
for all rating categories," S&P said.

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

"At closing, Harbourmaster Pro-Rata CLO 2 entered into swap
transactions to mitigate currency risks in the transaction," S&P

"We consider that the documentation for these derivatives does
not fully reflect our counterparty criteria. We conducted our
cash flow analysis assuming that the transaction does not benefit
from the support of swap and option," S&P said.

"In addition, about 13.13% of the assets are in European Economic
and Monetary Union (EMU or eurozone) countries that we rate
'BBB+' or lower: the Republic of Italy (BBB+/Negative/A-2;
unsolicited), the Kingdom of Spain (BBB-/Negative/A-3), and the
Republic of Ireland (BBB+/Negative/A-2). In line with our
criteria for nonsovereign ratings that exceed EMU sovereign
ratings, we only give benefit of up to 10% of the aggregate
collateral balance to the assets in countries rated 'BBB+' or
lower," S&P said.

"We have determined that, under this scenario, the available
credit enhancement for the A1 VFN and the class A1 notes is
commensurate with a 'AAA (sf)' rating," S&P said.

"We have also applied the largest obligor default test, a
supplemental stress test that we introduced as part of our
criteria update. The test aims to measure the effect on ratings
of defaults of a specified number of the largest obligors in the
portfolio with particular ratings, assuming 5% recoveries. In
addition, we applied the largest industry default test, another
of our supplemental stress tests. The ratings on the A1 VFN and
the class A1 notes are not constrained by the results of these
supplemental stress tests," S&P said.


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:


Class              Rating
             To              From

Harbourmaster Pro-Rata CLO 2 B.V.
EUR641 Million Fixed- and Floating-Rate Notes

Ratings Raised

A1 VFN       AAA (sf)        AA (sf)
A1           AAA (sf)        AA (Sf)


CENTRAL EUROPEAN: Asks Russian Standard to Make a Purchase Offer
Central European Distribution Corporation responded to the
letters of Mark Kaufman dated Nov. 14, 2012, and Nov. 19, 2012,
wherein the Company reiterates its commitment to all its

Mr. Kaufman, CEDC's second largest shareholder, in his letters,
expressed his profound concern and deep frustration regarding the
financial and operating condition of CEDC.

In reply, CEDC urged Russian Standard Corporation, its largest
stakeholder, to make an offer to buy the Company.

"[I]f Russian Standard wants total control of CEDC to the
exclusion of other stakeholders, Russian Standard should make an
offer to buy the Company or step up with a definitive and binding
offer to help the Company through its financing issues."

With regard to the issue of Mr. Kaufman's non-inclusion on the
Board of Directors, CEDC said: "You were an accomplished
executive and owner of the Whitehall spirits business in Russia
that was sold to CEDC - that does not necessarily make you an
ideal candidate to be an independent director of CEDC at this
time.  That was the judgment of the Nominating Committee, the
Special Committee, and the Board (including our Chairman,
Mr. Tariko), and we would ask you to respect that judgment."

CEDC said it shares Mr. Kaufman's concern and frustration about
its share price performance and the lack of progress in securing
the Russian Standard funding commitments.  "Indeed, we ask you to
help us to either bring Russian Standard back to the table or
support CEDC as it considers its alternatives," CEDC relates.

CEDC intends to have its Annual Meeting as soon as the SEC
finalizes its review of CEDC's preliminary proxy statement.

A copy of CEDC's November 21 letter is available for free at:


Mr. Kaufman said in a regulatory filing that he noted the letter
dated Nov. 21, 2012, from the Special Committee of CEDC's Board
of Directors in response to his November 19 Letter.  Mr. Kaufman
added he will not have any response to the November 21 Letter,
despite its numerous inaccuracies and misstatements.  He stands
by the November 19 Letter, and continues to urge CEDC and its
Board of Directors to engage actively with CEDC's stockholders
and other stakeholders, and with Russian Standard and all other
financial and strategic partners available to CEDC.

                             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

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 Sept. 30, 2012, showed
US$1.98 billion in total assets, US$1.73 billion in total
liabilities, US$29.44 million in temporary equity, and US$210.78
million in total stockholders' equity.


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 LT Corporate Credit Rating to 'CCC+'
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Bermuda-registered emerging markets TV
broadcaster Central European Media Enterprises Ltd. (CME) to
'CCC+' from 'B-'. The outlook is negative.

"We also lowered to 'CCC+' from 'B-' the issue ratings on the
EUR240 million (EUR170 million before the EUR70 million of tap
issue) senior secured notes due 2017 issued by CME's subsidiary
CET 21 spol.s.r.o. (CET21; not rated). We lowered to 'CCC' from
'CCC+' the issue rating on the US$21 million senior secured
convertible notes still outstanding due 2013, and the EUR479
million (EUR375 million before the EUR104 million tap issue)
notes due 2016 issued by CME. At the same time we withdrew the
rating on the EUR87.5 million notes due 2014, which were repaid
using the proceeds from the EUR104 million add-on notes," S&P

"The rating action reflects our revised assessment that CME's
capital structure may be unsustainable over the next two years
owing to our opinion of the group's significant debt burden and
persistent weakness of advertising spending and absence of growth
potential in CME's main markets. It also reflects our view that
risks of a distressed exchange offer -- that we deem tantamount
to a default, according to our criteria -- over the next 12
months have materially increased following our revised
expectations of substantially greater than expected negative free
cash flow over the next few quarters. In addition, we think that
sources of liquidity may fall short of funding the normal course
of business in 2013. Finally, the rating action incorporates our
opinion that the current 49.9% ownership of the group by Time
Warner does not provide sufficient comfort to offset the
increasing above-mentioned liquidity and default risks at this
point," S&P said.

"The negative outlook mainly reflects our view that CME may
contemplate a distressed exchange offer over the next 12 months,
and that its liquidity position could prove insufficient to meet
its funding needs over the period unless the group's operating
performance materially improves. Our opinion is based on our
expectation of US$80 million of negative FOCF in 2012 and around
US$40 million in 2013, and of insufficient liquidity to absorb
the operational requirements the company will face in the first
half of 2013 or to offer adequate protection in case of more
prolonged challenging trading conditions," S&P said.

"We could lower the ratings if CME were to consider debt-
restructuring measures that we would deem tantamount to a default
under our criteria. We could also downgrade CME if we perceive a
faster-than-anticipated deterioration in CME's liquidity over the
coming months mainly resulting from higher-than-expected cash
burn. A negative rating action is also likely over the coming
months if CME is not able to take action to allow it to restore
an adequate liquidity position, such as an equity increase,
public or private, or asset disposal," S&P said.

"We could raise the ratings if CME managed to stabilize liquidity
at a level significantly above our expectations over the next few
quarters. We might also consider a positive rating action if Time
Warner were to provide timely and sufficient financial support to
materially strengthen CME's liquidity position," S&P said.


BAIKALSK PULP: Creditors Opt to Open Bankruptcy Proceedings
Itar-Tass reports that creditors of the Baikalsk Pulp and Paper
Mill at their meeting have made a decision to open bankruptcy
proceedings in the enterprise.

The Baikalsk Pulp and Paper Mill was a major source of pollution
of Lake Baikal, Itar-Tass discloses.  The plant was closed in
2009 after new expensive waste water treatment equipment made the
factory unprofitable after the global economic downturn,
Itar-Tass recounts.

"The issue of the mill's transfer to bankruptcy proceedings will
be considered by the Arbitration Court of the Irkutsk Region on
December 19.  The current external manager, Alexander Ivanov, is
planned to be vested with the authority of the bankruptcy
manager," Itar-Tass quotes a BPPM representative as saying.

Mr. Ivanov's candidacy, which earlier caused serious criticism
from Basic Element structures, was approved almost unanimously,
Itar-Tass says, citing a mill representative.

The external management procedure has been in effect at the BPPM
since December 2010, and by the decision of the latest creditors'
meeting and the decision of the Irkutsk Arbitration Court it was
extended until December 22, 2012, Itar-Tass discloses.  It was
planned that after that the mediators will extend the procedure
further so that BPPM, according to the external administration
plan, could pay off its debts by mid-2013, Itar-Tass notes.

DELTACREDIT BANK: Fitch Assigns 'bb' Viability Rating
Fitch Ratings has assigned Russia-based DeltaCredit Bank (Delta)
a Long-term Issuer Default Rating (IDR) of 'BBB+' with a Stable


Delta's IDRs and Support Ratings are driven by potential support
the bank may receive from its ultimate parent, France's Societe
Generale (SG; 'A+'/Negative; 82.4% stake in Rosbank
('BBB+'/Stable) which in turn owns 100% of Delta) and constrained
by the Russian Country Ceiling of 'BBB+'.  In Fitch's view, SG
would have a strong propensity to support the bank, given its
controlling stake; SG's strategic commitment to the Russian
market; the bank's still small size relative to the SG group
(limiting the burden of any support required); and the
significant contagion risks for SG's broader Central and Eastern
European franchise from any default of its Russian banks.

The bank's Long-term IDRs could be downgraded if Russia's Country
Ceiling ('BBB+') was downgraded, or if there was a multi-notch
downgrade of SG or a marked reduction in the strategic importance
of the Russian market for SG, none of which Fitch currently
anticipates.  The ratings could be upgraded if Russia's sovereign
rating ('BBB') and Country Ceiling were upgraded.

Delta's VR reflects significant, albeit gradually reducing,
dependence on parent funding, potentially significant interest
rate risk, in particular if funding diversification results in
liabilities becoming more short-term; and the sensitivity of the
bank's business to performance of the Russian property market and
cyclical economy.  On the positive side, the VR factors in
Delta's moderate appetite for growth; good track record of asset
quality including through the Q408-H109 financial crisis;
reasonable profitability; and healthy capital position.

Delta is a medium-sized Russian mortgage mono-liner (4% market
share in mortgages at end-H112) with considerable experience in
this business.  It has rather conservative lending policies,
reflected for example, in the moderate average loan size of
RUB2.5 million and average downpayment of above 30% (minimum of
15%).  Recovery experience is also robust.  As a result, loans 90
days overdue (non-performing loans; NPLs) were a low 0.6% of end-
H112 loan book, while foreclosed properties on the balance sheet
equalled only about 0.2% of end-H112 gross loans.  Notably, NPLs
and foreclosed volumes did not exceed 2% of gross loans even at
the peak of the end-Q408-Q109 financial crisis.  Ultimate losses
have been negligible since the bank is able to foreclose and sell
most properties within its LTV thresholds.

Delta is mostly funded by SG (49% of end-Q312 liabilities) and
Rosbank (11%).  Management ambitiously expects to reduce the
dependence on parent funding to a moderate 25% by end-2015 by
replacing it with local bonds and funding from international
financial institutions (IFIs).  Refinancing risk is currently not
significant since the repayments on third-party debt in the near
term are moderate (RUB4.3bn in aggregate) compared with undrawn
credit lines and guarantee commitments from the parent, IFIs and
Russian Central Bank amounting to RUB31.7bn at end-Q312.

Delta's so far moderate exposure to interest rate risk may
increase if the parent's funding, which broadly matches the loan
book (average maturity of six years) in terms of maturity, is
partially replaced with shorter-term local bonds.  This could
make Delta's currently healthy 5.5% net interest margin sensitive
to interest rate increases.

Delta is strongly capitalized with a Fitch core capital ratio of
27.5% at end-H112. Its regulatory capitalization, although a much
lower 14.3% at 1 November (due to higher risk-weighting of
mortgages under regulatory accounting standards compared to
Basel) is nevertheless sufficient to withstand over 9% of credit
losses.  Pre-impairment profits (currently about 4% of the
average loan book) provide an additional safety margin.  Earnings
may be distributed to the more weakly capitalized Rosbank (RUB1
billion of dividends paid in H112, which was 45% of Delta's 2011
profits), but capital withdrawals to the detriment of Delta's
business and growth plans (20% for the coming couple of years)
are unlikely.

Further sound performance and reduced parent funding dependence,
without leading to markedly higher structural balance sheet
risks, could lead to an upgrade of the VR.  Downside pressure on
Delta's VR, although unlikely in the medium term, could stem from
potential weakening of its asset quality driven by a marked
deterioration of operating environment.

The rating actions are as follows:

DeltaCredit Bank

  -- Long-term foreign and local currency IDRs: assigned 'BBB+';
     Stable Outlook
  -- Short-term foreign currency IDR: assigned 'F2'
  -- Support Rating: assigned '2'
  -- National Long-term rating: assigned 'AAA(rus)'; Stable
  -- Viability Rating: assigned 'bb';
  -- Senior unsecured debt: assigned 'BBB+'/'AAA(rus)'

GLOBEXBANK: Fitch Rates RUB5-Bil. Sr. Unsecured Bonds 'BB(EXP)'
Fitch Ratings has assigned GLOBEXBANK's (GB) RUB5 billion Series
BO-07 three-year senior unsecured bonds an expected ratings of
Long-term local currency 'BB(EXP)' and National Long-term of 'AA-

The expected issue date is December 4, 2012.  The bonds will have
a maturity of three years with a put option on December 6, 2013.

GB is 99.99% owned by Vnesheconombank (VEB; 'BBB'/ Stable), and
on a standalone basis, ranked by total assets as the 28th-largest
bank in Russia at end-Q312.

GB's ratings are:

  -- Long-term Issuer Default Rating (IDR) 'BB', Stable Outlook
  -- Short-term IDR 'B'
  -- Viability Rating 'b'
  -- National Long-term rating 'AA-(rus)', Stable Outlook
  -- Support Rating '3'

Standard & Poor's Ratings Services placed on CreditWatch with
positive implications its 'BB-' long-term corporate credit rating
on Russian power distribution company Interregional Distributive
Grid Co. of Center JSC (IDGC of Center). The 'ruAA-' Russia
national scale rating on IDGC of Center was also placed on
CreditWatch positive.

"We have affirmed the 'B' short-term corporate credit rating on
the company," S&P said.

"The CreditWatch placement follows an announcement that the
Federal Tariff Service of Russia (FTS), which sets allowed
tariffs for Russian electricity distribution network entities,
has established medium-term tariff regulation parameters for IDGC
of Center for 2012-2017. We understand the revised tariffs came
into force on Nov. 1, 2012, which, in our view, reduces
regulatory uncertainties. Nevertheless, we note that
implementation of regulatory tariffs remains subject to political
intervention, and we continue to see a risk that the government
may attempt to adjust tariffs downward in the future to reach
social goals. However, we think that the approved tariff
increases could allow us to reassess the company's financial risk
profile upward, provided that it maintains adequate liquidity and
maturity profiles," S&P said.

"We note that the previous attempts to implement a more
predictable, transparent, and less politicized regulatory
framework failed. For example, the company fully implemented a
new long-term regulatory asset-based regime based on these
principles as recently as January 2011. However, the government
has intervened in the regulatory process a number of times since
its adoption, in an attempt to contain rising electricity prices.
These interventions impaired the long-term benefits of the new
tariff regime, in our view. Moreover, until earlier this month,
it was unclear whether the new tariff regime would remain in
place for electricity distribution grids or whether there would
be a step-down to the previously used short-term cost-plus
system," S&P said.

"Resolution of the CreditWatch placement will incorporate our
view of how new tariffs will affect our projections, including
financial profile, future cash flows, and profitability," S&P

"We aim to resolve the CreditWatch placement within the next 90
days, after meeting with the company and analyzing updated
information on liquidity, financial policies, operations,
strategies, and borrowing plans. We will also assess the credit
supportiveness of the new regulatory framework, and the
likelihood that it will be implemented and effective in its
current form," S&P said.

"We might raise the stand-alone credit profile by one notch to
'bb-' and, consequently, our long-term corporate credit rating to
'BB' (in line with our criteria for government-related entities)
if we consider that the updated forecasts result in a stronger
financial risk profile. This assumes no deterioration in the
company's liquidity position," S&P said.

"We could affirm ratings with a stable outlook if, having
incorporated the updated assumptions into our forecast, we expect
no improvement in the financial risk profile of the company or if
we deem the regulatory framework less reliable than proposed. A
potential deterioration in maturity and liquidity profiles would
also weigh on the ratings," S&P said.

MOSCOW UNITED: S&P Puts 'BB-' Corp. Rating on Watch Positive
Standard & Poor's Ratings Services placed its 'BB-' long-term
corporate credit rating on Moscow United Electric Grid Co.
(MOESK) on CreditWatch with positive implications. The 'ruAA-'
Russia national scale rating on MOESK was also placed on
CreditWatch positive.

"The CreditWatch placement follows an announcement that the
Federal Tariff Service of Russia (FTS), which sets allowed
tariffs for Russian electricity distribution network entities,
has established medium-term tariff regulation parameters for
MOESK for 2012-2017. We understand the revised tariffs came into
force on Nov. 1, 2012, which, in our view, reduces regulatory
uncertainties. Nevertheless, we note that implementation of
regulatory tariffs remains subject to political intervention, and
we continue to see a risk that the government may attempt to
adjust tariffs downward in the future to reach social goals.
However, we think that the approved tariff increases could allow
us to reassess the company's financial risk profile upward,
provided that it maintains adequate liquidity and maturity
profiles," S&P said.

"We note that the previous attempts to implement a more
predictable, transparent, and less politicized regulatory
framework failed. For example, the company fully implemented a
new long-term regulatory asset-based regime based on these
principles as recently as January 2011. However, the government
has intervened in the regulatory process a number of times since
its adoption, in an attempt to contain rising electricity prices.
These interventions impaired the long-term benefits of the new
tariff regime, in our view. Moreover, until earlier this month,
it was unclear whether the new tariff regime would still be in
place for electricity distribution grids or whether there would
be a step-down to the previously used short-term cost-plus
system," S&P said.

"Resolution of the CreditWatch placement will incorporate our
view of how new tariffs will affect our projections, including
financial profile, future cash flows and profitability," S&P

"We aim to resolve the CreditWatch placement within the next 90
days, after meeting with the company and analyzing its updated
information on liquidity, financial policies, operations,
strategies, and borrowing plans. We will also assess the credit
supportiveness of the new regulatory framework, and the
likelihood that it will be implemented and effective in its
current form," S&P said.

"We might raise the stand-alone credit profile by one notch to
'bb-' and, consequently, our long-term corporate credit rating to
'BB' (in line with our criteria for government-related entities)
if we consider that the updated forecasts result in a stronger
financial risk profile. This assumes no deterioration in the
company's liquidity position," S&P said.

"We could affirm ratings with a stable outlook if, having
incorporated the updated assumptions into our forecast, we expect
no improvement in the company's financial risk profile or if we
deem the regulatory framework less reliable than proposed. A
potential deterioration in maturity and liquidity profiles would
also weigh on the ratings," S&P said.

* CHELYABINSK OBLAST: S&P Affirms 'BB+' Issuer Credit Rating
Standard & Poor's Ratings Services affirmed its 'BB+' long-term
issuer credit and 'ruAA+' Russia national scale ratings on
Chelyabinsk Oblast, an industrial region in Russia's Urals
Federal District. The outlook is stable.

"The ratings on Chelyabinsk Oblast reflect our view of its low
budgetary flexibility and predictability under Russia's
developing and unbalanced system of interbudgetary relations.
Economic concentration on metallurgy and exposure to a single
taxpayer, which leads to revenue volatility, and a lack of
reliable medium-term financial and capital planning, which is
common for most Russian peers, also constrain the ratings. The
oblast's sound budgetary performance, low debt burden, and a
positive liquidity position support the ratings," S&P said.

"The stable outlook reflects our view that Chelyabinsk Oblast's
modest revenue growth and the need to increase operating spending
in 2013-2015 will be mitigated by management's conservative
financial policies and will result in a continuously sound
budgetary performance, low debt, and a positive liquidity
position," S&P said.

"We could take a negative rating action within the next 12 months
if weaker-than-forecast tax revenues and loosened control over
operating expenditures--in line with our downside scenario--lead
to a deterioration of the oblast's budgetary performance. Our
downside scenario assumes deficits after capital accounts of
about 7% of total revenues and increasing borrowing needs that
could bring tax-supported debt above 30% of consolidated
operating revenues in 2013-2015," S&P said.

"We could take a positive rating action if higher-than-forecast
revenues and the management's adherence to strict fiscal
discipline resulted in consistently sound budgetary performance
and led to a structural consolidation of the oblast's liquidity
position, with the view to reducing the oblast's exposure to
financial and cash volatility in line with our upside scenario.
However, ratings upside is unlikely for the next 12 months, in
our view," S&P said.

* CHELYABINKS REGION: Fitch Assigns 'BB+' LT Currency Ratings
Fitch Ratings has assigned Russia's Chelyabinsk Region Long-term
foreign and local currency ratings of 'BB+', a Short-term foreign
currency rating of 'B', and a National Long-term rating of
'AA(rus)'.  The Outlooks for the Long-term ratings are Positive.
The agency also assigned Long-term foreign and local currency
ratings of 'BB+(exp)' and a National Long-term rating of
'AA(rus)(exp)' to OJSC Southern Urals Civil Construction and
Mortgage Corporation's expected RUB2.5 billion domestic bond
issue, which is guaranteed by the region.

The ratings and Positive Outlooks reflect the region's strong
economy, sound budgetary performance and very low indebtedness.
However, the ratings also take into account the concentration of
the region's tax base and expected growth of contingent

Fitch notes that the maintenance of total indebtedness at below
20% of current revenue coupled with a sound budgetary performance
that maintains debt serving ratios in line with Fitch's
expectations over two consecutive years would lead to an upgrade.

The agency expects the Chelyabinsk region to demonstrate a sound
budgetary performance in 2012-2014 with margins at above 10%
(2011: 9.1%) and a minor surplus before debt variation by 2014.
A sharp deterioration in the prices of metals and related
products on international markets would lead to the stagnation of
the region's tax revenue. However, Fitch expects that in this
scenario the region will cut capex and will not sharply increase
its direct risk stock.

At 1 October 2012 the region's direct risk amounted to RUB3
billion or less than 5% of projected current revenue.  Fitch
expects the region's direct risk to increase to about RUB6
billion by end-2012. In relative terms direct risk will remain
very low at about 7% of current revenue in 2012-2014.  Debt
coverage ratio (direct risk / current balance) will remain strong
at below one year.

Fitch expects the growth of indirect risk in the form of
guarantees issued by Chelyabinsk region to be above RUB11 billion
in 2012-2014.  Nonetheless net overall risk will be low at below
15% of current revenue.  The total amount of outstanding
guarantees issued by the region increased to RUB6.7 billion in
2011 (2009: RUB0.1 billion).  The amount will further grow and
exceed RUB11 billion by end-2012 due to the guarantees issued in
support of OJSC Southern Urals Civil Construction and Mortgage

Despite increased capex in 2011 at 22% of total expenditure, the
region sustained a sound self-financing capacity.  The region's
current balance and capital revenue covered about 70% of capex.
Fitch expects the region to further improve its self-financing
capacity in the medium term as capex will fall to less than 20%
of total expenditure, but in absolute terms will remain high at
about RUB20 billion per annum.

Chelyabinsk region's has a strong industrial economy, supporting
wealth indicators above the national median.  The region is home
to well-developed metallurgical and machine-building industries.
However economic growth in the region is slowing down as it
suffered a 14.5% yoy dip in crisis-hit 2009.  Fitch expects the
local economy to grow at less than 3% yoy in 2012-2014.  The
region's tax revenue is moderately concentrated as the 10 largest
taxpayers accounted for about 30% of proceeds in 2010-2011.

Chelyabinsk region is located in the South Urals region of Russia
on the notional boundary of Europe and Asia.  The region
accounted for 1.7% of national GDP in 2010 and for 2.4% of the


ABENGOA SA: Moody's Changes Outlook on 'B1' CFR to Negative
Moody's Investors Service has changed to negative from stable the
outlook on the B1 corporate family rating (CFR), probability of
default rating (PDR) and senior unsecured debt instrument ratings
of Abengoa S.A. and the senior unsecured debt instrument ratings
of Abengoa Finance S.A.U.

Outlook Actions:

  Issuer: Abengoa Finance, S.A.U.

    Outlook, Changed To Negative From Stable

  Issuer: Abengoa S.A.

    Outlook, Changed To Negative From Stable


"The change of outlook to negative was prompted by our
expectation that Abengoa's adjusted leverage will materially
exceed 7.0x consolidated net debt/EBITDA through at least 2012,
which is higher than we previously expected," says Kathrin
Heitmann, Moody's lead analyst for Abengoa. Moody's notes that
Abengoa had consolidated leverage of 8.5x as adjusted at 30 June
2012, and as reported gross corporate debt/EBITDA of 6.0x (3.4x
on a net debt basis) at September 30, 2012. In the rating
agency's view, a reduction in these levels will largely depend on
the company's ability to release cash from working capital and to
reduce net consolidated debt in the fourth quarter.

In Moody's view, Abengoa's current high consolidated leverage,
including non-recourse debt, reduces the company's financial
flexibility and increases its vulnerability to weakening economic

The negative outlook reflects the risk that Abengoa's currently
weak credit metrics for the B1 rating category, as a result of
the high gross debt leverage of its corporate as well as
concession activities, might not improve sufficiently in 2013.
Weaker prospects and profits for Abengoa's biofuels segment, the
risk of higher-than-expected capital expenditure (capex) and
persistent macroeconomic uncertainty more than offset the effect
of the company's planned reduction in net recourse debt and
continued growth in EBITDA in its concession activities.

Under its committed capex plan, Abengoa expects to invest
approximately EUR3.0 billion on a consolidated basis in the
period Q4 2012-2014. Abengoa will inject equity of EUR652 million
(22%) into these projects, with the remainder to be funded by
committed project finance and equity contributions from partners.
The clear majority will be spent on concentrated solar power
plants, with the company's two solar projects in the USA alone
accounting for more than half of the investment volume. Even if
Abengoa's EBITDA continues to experience double-digit growth in
percentage terms, the company's high capex is likely to push
group (including the consolidated concessions) leverage net of
cash well above 6.0x in the next 12-18 months. The high leverage
nevertheless recognizes the limited-recourse nature of more than
half of Abengoa's debt and the contractual nature of cash flows
from its concessions.

In addition, the negative outlook considers that Abengoa's
liquidity profile could come under pressure if the company fails
to secure access to capital markets and bank lending in the
future. Abengoa faces corporate debt maturities of EUR520 million
in 2013, EUR977 million in 2014 and EUR945 million in 2015 as per
30 September 2012. The company benefits from a large recourse
cash balance of EUR2.25 billion at 30 September 2012; however, to
a significant extent, this reflects the company's drawings under
its syndicated loans, and is also fed by negative working capital
driven by high advance payments.

The B1 CFR reflects (1) Abengoa's high leverage, both on a
corporate and consolidated level; (2) the persistent weak
macroeconomic environment affecting Spain, where the company is
domiciled and generates approximately 29% of its revenues, and
austerity measures implemented by the government; (3) the high
proportion of the company's engineering and construction (E&C)
projects that require significant equity contributions (55% of
E&C revenues in 2011); (4) the company's need for continued
regulatory support with regard to its innovation, solar energy
generation or power transmission activities; (5) the company's
exposure to emerging markets; and the (6) technical challenges
the E&C segment faces to complete advanced installations on time
and on budget.

However, more positively, the B1 CFR also reflects (1) Abengoa's
consistent long-term trend track record of growth and
profitability; (2) the diversity of its businesses, both in terms
of industry and geography, with limited correlation; (3) the
value embedded in its concession portfolio, funded with limited
recourse and subject to active asset rotation, with Moody's
expectation that the company would use proceeds to reduce net
debt; and (4) management's strategy to enter into new concessions
only once project finance (and partner equity) is firmly


Moody's would consider to downgrade Abengoa's ratings if the
company's earnings strength were to deteriorate as a result of
poor project execution or changes in the operating environment,
such as reductions in regulatory support for renewable energies
without a mitigating reduction in Abengoa's debt level.

More generally, a failure to reduce leverage would exert negative
pressure on the ratings, such that (1) Abengoa's reported net
corporate debt/EBITDA moves materially above 3.0x (September
2012: 3.4x) and its reported gross corporate debt/EBITDA fails to
move below 5.5x in the intermediate term; (2) Moody's-adjusted
net debt/EBITDA does not decrease comfortably below 7.0x (June
2012: 8.5x) for the group as a whole; or (3) the company's
liquidity profile comes under increasing stress.

In the event of any of the above, Moody's would take account of
the quality of Abengoa's investments, its financial strategy and
the maturity of its concession portfolio.

Conversely, Moody's could upgrade the ratings if (1) Abengoa
demonstrated resilience to economic pressures and cuts in
regulatory support in its core markets; (2) Moody's-adjusted net
debt/EBITDA fell below 6.0x for the group as a whole; and (3) the
reported debt/EBITDA of Abengoa's corporate activities were
sustained below 4.5x.


The principal methodology used in rating Abengoa S.A. and Abengoa
Finance S.A.U. was the Global Heavy Manufacturing Rating
Methodology published in November 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.

Abengoa S.A. is a vertically integrated environment and energy
group whose activities range from engineering & construction and
utility-type operation (via concessions) of solar energy plants,
electricity transmission networks and water treatment plants to
industrial production activities such as biofuels and metal
recycling. Headquartered in Seville, Spain, Abengoa generated
EUR7.1 billion in revenues in 2011, of which 73% came from
outside Spain.

BANCO DE VALENCIA: Fitch Amends Watch on 'BB-' IDRs to Positive
Fitch Ratings has revised Banco de Valencia's (BValencia) Long-
and Short-term Issuer Default Ratings (IDR) of 'BB-' and 'B'
respectively to Rating Watch Positive (RWP) from Rating Watch
Negative (RWN).  At the same time the agency has revised the
bank's Support Rating (SR) of '3' to RWP from RWN.  Its Support
Rating Floor (SRF) has been removed from RWN and its Viability
Rating (VR) has been affirmed at 'f'.  BValencia's subordinated
debt and Preference Share ratings have been affirmed at 'C'.

BValencia's IDRs and SR were placed on RWP following the
announcement made by BValencia's majority shareholder, the Fund
for Orderly Bank Restructuring (FROB), on November 27, 2012 that
it had reached agreement with (CaixaBank, S.A. (CaixaBank, VR
'bbb') regarding its acquisition of BValencia for a token amount
of one euro.

According to details provided by the EC statement published on
November 27, 2012, BValencia will cease to exist as an
independent entity and will be fully integrated into CaixaBank.
Rating action taken by Fitch is based on these assumptions. The
RWPs assigned to BValencia's ratings reflect Fitch's opinion that
the proposed transaction is positive for BValencia as it will be
integrated into a more highly rated group. CaixaBank's Long-term
IDR of 'BBB' is based on its intrinsic strength, hence its VR.
BValencia's SR and SRF are currently based on state-support; once
the bank is acquired by CaixaBank, Fitch would expect support to
be forthcoming from its parent.

The acquisition is conditional on various factors, notably:
EUR4.5bn of fresh capital being injected into the bank by FROB;
the transfer out of BValencia of troubled real estate assets to
the Sociedad de Gestion de Activos Procedentes de la
Restructuracion Bancaria (Sareb); the burden sharing by the
existing preference shareholders and subordinated debt holders
and the regulatory approvals being received by the European
Competency Board.  The acquisition is expected to be completed by
Q113 although full integration may take a little longer, possibly
subsequent to six months in the future.

BValencia's sale agreement also includes an asset protection
scheme (APS) granted to CaixaBank. FROB will absorb 72.5% of any
losses arising from BValencia's SME and off-balance sheet risk
(mainly guarantees) portfolios over a 10-year period, should
current reserves set aside to cover risks on these portfolios
prove inadequate.

BValencia's VR has been affirmed at 'f'.  Fitch believes the
entity has failed and would have defaulted had it not received
extraordinary external support from the FROB.

BValencia's IDRs and SR are sensitive to completion of the
acquisition by CaixaBank.  Once the acquisition is completed,
Fitch will resolve the rating watches and BValencia's IDRs will
be aligned with those of Caixabank.  IDRs assigned to BValencia
will only remain in place until such time as BValencia ceases to
exist as a legal entity.  Should this be the case, BValencia's
IDRs, SR and SRF will be withdrawn.

The Negative Outlook on CaixaBank's Long-term IDR of 'BBB'
currently factors in both the Negative Outlook on the Spanish
sovereign ratings, and potential pressure arising from the
integration of Banca Civica earlier in 2012.  In Fitch's view,
these risks are currently manageable.  Once information is
available, Fitch will review the impact of the BValencia
acquisition on CaixaBank's ratings.  Based on a preliminary
analysis, the impact does not appear to pose any sizeable
concerns given apparently favourable acquisition terms.  However,
Fitch will undertake a more exhaustive review once fuller details
become available.

Upon completion of the acquisition by CaixaBank, BValencia's VR
will be withdrawn at 'f'.

BValencia's subordinated debt and preference shares have been
affirmed at 'C'.  These instruments form part of the pre-
acquisition loss sharing agreement, as per the Memorandum of
Understanding signed between Spain and the Eurogroup in July
2012, supported by Royal Decree Law 24/2012.  Upon completion of
the burden sharing, the ratings of BValencia's subordinated debt
and preference shares will be withdrawn in accordance with
Fitch's criteria for distressed debt exchanges.

The rating actions are as follows:


  -- Long-term IDR: 'BB-' revised to RWP from RWN
  -- Short-term IDR: 'B' revised to RWP from RWN
  -- Viability Rating: affirmed at 'f'
  -- Support Rating: '3' revised to RWP from RWN
  -- Support Rating Floor: 'BB-' removed from RWN
  -- Subordinated debt: affirmed at 'C'
  -- Preference shares: affirmed at 'C'

WHITE TOWER: Fitch Affirms 'Csf' Rating on Class E Notes
Fitch Ratings has downgraded White Tower 2007-1's class A and E
notes and affirmed all other notes due 2015, as follows:

  -- EUR36.9m class A (XS0300055620): downgraded to 'Asf' from
     'AA-sf'; off Rating Watch Negative; Outlook Stable
  -- EUR19.7m class B (XS0300056198): affirmed at 'Bsf'; Outlook
  -- EUR19.5m class C (XS0300056271): affirmed at 'CCsf';
     Recovery Estimate (RE) 10%
  -- EUR19.4m class D (XS0300056354): affirmed at 'CCsf'; RE0%
  -- EUR11.7m class E (XS0300056511): affirmed at 'Csf'; RE0%

The downgrade of the class A notes reflects concerns about the
leasing profile of the collateral supporting the one remaining
loan, the Spanish Loan (Heron City).  Although the arbitration
between the landlord and Cinesa, the cinema operator and main
tenant, is now complete, resulting in the retention of Cinesa on
the same lease terms and conditions, net operating income for the
center continues to decline.

The Heron City loan is secured by a single leisure-oriented
shopping center located on the outskirts of Barcelona.  The
property's largest tenants are Cinesa, a large multiplex cinema
operator, and Virgin Active, an international gym operator, which
together account for 53.3% of current passing rent.  The asset
has not been revalued since December 2011, when the reported
loan-to-value ratio (LTV) increased to 173% from circa 128%
(based on a December 2010 valuation), representing a 56% market
value decline since loan origination.

The center targets a young demographic, making it particularly
exposed to the very high levels of youth unemployment in Spain.
The level of occupancy has continued to decline to 84.5% from 86%
at the last rating action and rental arrears also continue to
increase, now standing at EUR1.5 million.

The Heron City loan passed its scheduled maturity date in
December 2011 and the borrower has negotiated with the special
servicer for a six-month renewable standstill agreement.  The
standstill periods envisage certain conditions precedents,
designed to enhance the value of the asset. Many of the asset
management requirements relate to the leisure units within the
center, in particular the bowling alley and cinema space.  The
completion of the Cinesa condition precedent for the first
standstill period, i.e. maintaining its position within the
center, has significantly reduced the risk of rental income
decline in the near term.  However, uncertainty remains
surrounding the successful conversion and leasing of the bowling
alley to a supermarket operator.  The second standstill period,
which is planned to start in January 2013, is contingent upon
planning authorizations and lease completion.

Fitch is concerned by the Heron City asset's poor prospects of
sustained income generation and, given the recent performance and
worsening economic conditions in Spain, restricting the
borrower's ability to refinance or sell the asset by the October
2015 maturity.


GATEGROUP HOLDING: Moody's Changes Outlook on B1 CFR to Stable
Moody's Investors Service has changed the outlook on the ratings
of gategroup Holding AG to stable from positive.


The stabilisation of the outlook reflects Moody's view that it is
unlikely to upgrade gategroup's ratings in the near term. This in
turn reflects the weaker than expected operating profitability of
the company during the first nine months of 2012 combined with a
weaker macroeconomic outlook for 2013-14 which is expected to
affect global air traffic and passenger airlines.

At 30 September 2012, gategroup reported an 11% year-on-year
growth in revenue at c. CHF2.2 billion due to a combination of
volume increase (both organic and acquisitions), price pass-
throughs to customers and foreign exchange movements. Revenue
growth, however, has not fully translated into profit increase
due to a drop in profitability in its Airline Solutions Europe
division, higher restructuring charges and financing costs . This
was driven by an adverse mix of service change, such as the
decline of traditional short haul in favor of low-fare carrier
model, start-up costs of new businesses as well as some
reinvestment into growth. As a result normalized EBITDA (before
restructuring costs) declined to c. CHF142 million from c. CHF156
million during the same period in the prior year with
corresponding decline in normalized EBITDA margin to 6.3% from
7.7%. Additionally, operating profit was affected by higher
restructuring charges (not included in normalized EBITDA) of c.
CHF13 million (compared to c. CHF4 million during the same period
last year).

To offset the weakness in its European division the company
launched a number of initiatives to achieve CHF30 million of cost
savings during the course of 2013 related to labor driven
savings, back office streamlining and portfolio optimization.
Moody's does not expect normalized EBITDA margin improvement in
2012. The profitability in 2013 is expected to stay vulnerable,
subject to the success of cost savings measures and further
restructuring measures which may be required as well as further
cost pressures from the airlines. Positively, Moody's expects
gategroup to benefit from the recent acquisitions and new
business gains.

The concerns about airline industry development should be seen in
the context of more conservative macroeconomic forecast recently
undertaken by Moody's. Moreover, Moody's remains concerned about
the customer concentration of gategroup given the consolidation
trend prevalent in the airline industry, as well as its
geographical diversification, which, although improved in Asia
Pacific through the acquisition of Skygourmet, remains focused on
Europe and the US (together, 79% of YTD September 2012 revenue).

The company's liquidity remains good, including c. CHF241 million
cash on balance sheet and fully undrawn CHF120 million (EUR100
million) revolving credit facility.

What Could Change the Rating - Up

Any positive pressure on the ratings would require Gross Adjusted
Debt / EBITDA to fall towards 3.5x, free cash flow to stay
positive, and (EBITDA - Capex) / Interest expense ratio to be
sustained well above 2.0x. Additionally, Moody's will consider
the extent to which the company has increased its geographical
and customer diversification.

What Could Change the Rating - Down

Negative rating pressure could develop if Gross Adjusted
Debt/EBITDA rises towards 4.5x on a sustained basis, free cash
flow turns negative or (EBITDA -- Capex) / Interest expense ratio
falls towards 1.5x on a sustained basis. A material deterioration
in the liquidity position of the company or a sizeable debt
funded acquisition would also be negative for the company's

The principal methodology used in rating gategroup Holding AG and
gategroup Finance (Luxembourg) S.A. was the Global Business &
Consumer Service Industry Rating Methodology published in October
2010. Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

Headquartered in Zurich, gategroup Holding AG is the leading
independent airline caterer and hospitality and logistic services
provider in the world.


TC ZIRAAT: Fitch Upgrades Viability Rating to 'BBB-' From 'BB+'
Fitch Ratings has upgraded T.C. Ziraat Bankasi A.S., Turkiye Halk
Bankasi A.S. (Halkbank) and Turkiye Vakiflar Bankasi T.A.O.'s
(Vakifbank) Viability Ratings (VR) to 'bbb-' from 'bb+'.
Vakifbank's subordinated debt rating has also been upgraded to
'BB+' from 'BB'.

Fitch had upgraded these banks Long-term and Short-term Issuer
Default Ratings (IDRs), National Long-term Ratings, Support
Ratings and Support Rating Floors following the upgrade of the
Republic of Turkey's Long-term foreign currency and local
currency IDRs on 5 November 2012 (see 'Fitch Upgrades Nine
Turkish Banks Following Sovereign Upgrade' dated 13 November 2012
at  Fitch stated in that release that the
agency would also review Ziraat, Halkbank and Vakifbank's VRs,
and also added that any change in Vakifbank's VR would likely
result in a change in subordinated debt rating.  In the next few
weeks, Fitch also intends to review the VRs and IDRs of the four
largest privately-owned banks, namely Turkiye Is Bankasi A.S.,
Turkiye Garanti Bankasi A.S., Akbank T.A.S. and Yapi ve Kredi
Bankasi A.S.

The upgrades of the VRs reflect the reduced near-term risks for
the Turkish economy, which has achieved a 'soft landing' in 2012
and is set to return to higher growth rates from 2013, and the
reduction in sovereign risk, which is reflected in the upgrade of
Turkey to an investment grade rating.  The sovereign credit
profile is important for the stand-alone assessment of the state-
owned banks given their exposure to the domestic economy
including significant investments in government debt (in
particular in the case of Ziraat) and close association with the
authorities, which could result in more limited access to funding
in case of heightened sovereign stress (foreign borrowings have
become more significant for Halkbank and Vakifbank compared with
Ziraat, but are still moderate which is reflected in a
loan/deposit ratio of around 100%).

The VRs also consider the banks' broad and stable franchises,
their generally sound management and governance, and their solid
financial metrics in terms of capitalization, asset quality,
performance, liquidity and funding, which are comparable with
other banks rated 'bbb-' both domestically and internationally.
The still moderate level of systemic risks and imbalances in the
broader Turkish banking system is also a supporting factor for
the ratings.

Ziraat's VR is supported by its extensive retail franchise.  The
bank is a market leader in consumer lending and agriculture
loans, and its strong funding profile, stemming from its core
deposit base, is a key strength and underpins the liquidity
position.  Ziraat's asset quality, with an impaired loans ratio
of 2.6% at end-Q312, is marginally better than the banking system
average of 2.9%.  Its Fitch Core Capital ratio, at 16.3% at end-
Q312, is one of the strongest in the system. Performance is
solid, supported by high loan spreads, although the asset mix,
with a still high proportion of government securities, weighs
somewhat on margins.

Halkbank's VR is supported by its sustained strong core
profitability, driven by better margins, solid efficiency and
lower credit impairment charges than at most peers.  The bank's
solid asset quality, especially given its traditional focus in
the SME segment, is a considerable rating strength.  Customer
deposits are the main funding source and Halkbank enjoys stable
state deposits as well as certain guarantees from the state on
its external borrowings.  The Fitch Core Capital ratio was a
solid 13.0% at end-Q312.

Vakifbank's VR is supported by its established franchise in
commercial banking, and its expansion into SME and retail lending
has been reasonably managed to date.  Operating performance,
although somewhat lagging immediate peers, is solid, and
supported by strong loan yields.  Reported asset quality is
slightly weaker than immediate peers, with an impaired loan ratio
of 3.3% at end-Q312, but this in part reflects the absence of
write-offs/sales, and is supported by a high specific loan loss
coverage ratio of 94%, among the highest in the system.  Customer
deposits are the main source of funding and core state deposits
(that may be exclusively deposited to the state banks under the
bank's definition) comprise 16% of these.  The Fitch Core Capital
ratio was a solid 12.9% at end-Q312.

Rating Sensitivities

The VRs could be upgraded in case of further improvements in the
operating environment and the continued reduction of sovereign
risk, reflected in another upgrade of Turkey's ratings.  However,
the latter is not currently anticipated.  The VRs could be
downgraded if weaker economic performance or mismanagement of
ongoing loan growth leads to a deterioration of asset quality,
performance and capitalization.

VESTEL ELEKCTRONIK: S&P Affirms 'B-' Corp. Credit Rating
Standard & Poor's Ratings Services revised its outlook on Turkish
brown and white goods manufacturer Vestel Elektronik Sanayi Ve
Ticaret A.S. (Vestel) to stable from positive and affirmed the
corporate credit rating at 'B-'.

"We revised the outlook to stable from positive because we no
longer expect that Vestel will generate meaningfully positive
free operating cash flow in 2012 and 2013, which we previously
considered an important mitigant to the company's weak
liquidity," S&P said.

"We now project that Vestel will report an at least twofold
decline in Standard & Poor's adjusted EBITDA for 2012, because of
negative foreign exchange dynamics and weakening trading
conditions," S&P said.

The 'B-' rating reflects S&P's assessment of Vestel's business
risk profile as "weak" and its financial risk profile as "highly

"Vestel's business risk profile is constrained by its volatile
operating performance, reflecting its exposure to uneven
macroeconomic conditions in Turkey and Europe, working-capital
swings, and volatility in foreign exchange rates. It also
reflects the high competitiveness of the LCD (liquid-crystal
display) TV market, where Vestel has to compete against larger
and financially stronger global players, such as Samsung
Electronics (A/Positive/A-1), LG Electronics Inc. (BBB-/Stable/--
), or Sony Corp. (BBB/Negative/A-2). These weaknesses are only
partially mitigated by Vestel's positioning as Europe's largest
B-brands producer of LCD TVs, with a rising market share and
increasing scale. We also assess Vestel's management and
governance as 'fair,'" S&P said.

"The company's financial profile is constrained by its high
reliance on short-term funding, volatile debt leverage, and weak
FOCF. These risks are only partly offset by support demonstrated
by the shareholder, which, in our view, is a financially stronger
entity than Vestel," S&P said.

"The stable outlook reflects our expectation that Vestel's
adjusted debt leverage will exceed 7x at the end of 2012 because
of the drop in EBITDA and will reduce to about 4x at the end of
2013 thanks to improvements in profitability. It also reflects
our assumption that Vestel's key lending banks will continue
rolling over the short-term credit facilities they provide to the
company," S&P said.

"We could raise the rating if Vestel were to demonstrate a
meaningful turnaround in its operating performance, including a
positive profitability trend and positive FOCF. Upside could also
be driven by an improvement in Vestel's liquidity position,
because of an extension of the maturity profile," S&P said.

"We could lower the rating on Vestel if its profitability were to
remain at weak levels for a prolonged period of time, resulting
in strongly negative FOCF. A negative rating action could also
follow further weakening of Vestel's liquidity position, for
example, if we saw more risk that key lenders would not roll over
Vestel's short-term debt maturities," S&P said.

U N I T E D   K I N G D O M

ASTON MARTIN: Moody's Reviews 'B3' CFR/PDR for Downgrade
Moody's Investors Service has placed the B3 corporate family
rating (CFR) and the B3 probability of default rating (PDR) of
Aston Martin Holdings (UK) Limited ("Aston Martin") as well as
the B3 rating of the senior secured notes issued by Aston Martin
Capital Limited, Jersey, under review for downgrade.

Ratings Rationale

"The review was prompted by a significant deterioration in Aston
Martin's liquidity profile as per end September 2012, caused by a
much weaker cash generation and operating performance in the
third quarter than anticipated by the company and compared to
Moody's expectations" says Falk Frey, Moody's analyst for
European Automotive manufacturer. "A high negative free cash flow
in Q3 2012 has materially reduced Aston Martin's cash
availability prior to the upcoming interest payment of GBP14
million due in January 2013", Mr. Frey added.

Moody's understands that Aston Martin is in an advanced stage to
secure a capital increase which, if it would materialize, should
have a material positive impact on Aston Martin's liquidity

For the first nine months of 2012 Aston Martin reported a decline
in revenues by 19.0% to GBP305 million, mainly driven by a 19.5%
decline in volume sales to 2,520 vehicles from 3,132 vehicles in
the first nine months 2011. In addition, the model mix regarding
the proportion of V12 sales in the nine months falling to 56% in
2012 as compared to 61.8%, whilst V8 volumes increased to 36.6%
in 2012 as compared to 29.9% in 2011 resulting in a reduction in
operating profit by GBP7.3 million to an operating loss of GBP3.6
million. Consequently and due to the delay of the new Vanquish
model, Aston Martin has revised its outlook for the fiscal year
results downwards and now expects full year adjusted EBITDA to be
below 2011 levels of GBP76.2 million (prior to any adjustments by
Moody's) compared to the previous expectation of a higher EBITDA
level in 2012 when compared with 2011.

Aston Martin's liquidity profile deteriorated materially in the
third quarter 2012 given a negative free cash flow as defined by
Moody's of approximately GBP27 million in that quarter.
Consequently, cash on balance sheet has been reduced to GBP24.8
million as of 30 September. However, together with the GBP20
million drawn under the revolving credit facility after the end
of the quarter and working capital releases in the fourth quarter
of 2012 as expected by the management, those funds should enable
Aston Martin to pay its interest due in January 2013.

The review will mainly but not exclusively focus on (i) the
outcome of the current discussion to secure a capital increase
and its possible impact on Aston Martin's capital structure and
liquidity profile as well as (ii) the company's ability to turn
around its operating performance and cash flow generation based
on higher volume sales driven also by a strong demand for its new
model launches Vanquish and DB9.


The inability of the company to raise equity and materially
improve its liquidity profile within the next couple of weeks
would most likely result in a downgrade of Aston Martin's ratings
that might not be limited to one notch.

As the rating is under review for downgrade, an upgrade of the
ratings is currently unlikely. However, the ratings could come
under upward pressure should Aston Martin's capital structure and
liquidity position materially improve and the company at the same
time be able to turn around its operating performance and cash
flow generation evidenced by the ability to generate a
sustainable free cash flow and improve its leverage ratio of
adjusted debt/EBITDA below 6.0x on a sustainable basis.

Aston Martin's B3 corporate family rating continues to reflect:
(i) Limited size and financial strengths compared to some direct
peers that are part of a larger group of European car
manufacturers; (ii) its relatively narrow product line focusing
on high end luxury sports cars with the exception of the Cygnet
model as well as (iii) its sizable foreign exchange risk given
its fixed cost base in UK compared to a sizable share of revenues
generated from exports to Europe and the US and (iv) the
operational risks related to the production of all models in one
single plant in UK.

However, Aston Martin's rating also reflects certain positives:
(i) the company's strong brand name and pricing position in the
luxury car segment; (ii) its lean organization with a high degree
of flexibility in its cost structure demonstrated by a solid
reported profitability through the recent economic crisis as well
as (iii) a solid product pipeline with continued model renewals
expected for the next couple of years as well as derivatives
given its highly flexible production through a common

On Review for Possible Downgrade:

  Issuer: Aston Martin Capital Limited

    Senior Secured Regular Bond/Debenture, Placed on Review for
Possible Downgrade, currently B3

  Issuer: Aston Martin Holdings (UK) Limited

     Probability of Default Rating, Placed on Review for Possible
Downgrade, currently B3

     Corporate Family Rating, Placed on Review for Possible
Downgrade, currently B3

Outlook Actions:

  Issuer: Aston Martin Capital Limited

    Outlook, Changed To Rating Under Review From Stable

  Issuer: Aston Martin Holdings (UK) Limited

    Outlook, Changed To Rating Under Review From Stable

The principal methodology used in rating Aston Martin Holdings
(UK) Ltd and Aston Martin Capital Ltd was the Global Automobile
Manufacture Industry Methodology published in June 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.

Aston Martin, domiciled in Gaydon, UK is a car manufacturer
focused on the high luxury sports car segment. The company offers
a range of eight models and generated sales of GBP435 million for
the twelve months ended September 30, 2012 and an EBITDA of
approx. GBP58 million (prior to any adjustments by Moody's) from
the sale of 3,749 cars.

CELF LOAN V: S&P Says Proportion of 'CCC'-Rated Assets Increased
Standard & Poor's Ratings Services raised its credit ratings on
CELF Loan Partners V Ltd.'s class A, C, and D notes. "At the same
time, we have affirmed our rating on the class B notes," S&P

"The rating actions follow our assessment of the transaction's
performance using data from the latest available trustee report
in addition to our credit and cash flow analysis. We have taken
into account recent developments in the transaction and reviewed
it under our relevant criteria for structures of this type," S&P

"We have noted the partial redemption of the class A notes in
2012. The credit enhancement has increased across all rated
classes of notes, compared with our last analysis," S&P said.

"Following our analysis, we have observed that the proportion of
assets that we rate in the 'CCC' category (i.e., rated 'CCC+',
'CCC', or 'CCC-') has increased to 12.71% of the remaining pool,
from 8.34% as of our last review. Over the same period, the
percentage of defaulted assets has decreased to 2.20% of the
remaining pool from 6.23%. The transaction now has a shorter
weighted-average life and higher weighted-average spread," S&P

"We subjected the transaction's capital structure to a cash flow
analysis to determine the break-even default rate for each rated
class at each rating level. We incorporated a number of cash flow
stress scenarios, using various default patterns, in conjunction
with different interest-rate and foreign-exchange stress
scenarios. As a result of our analysis, we have raised our
ratings on the class A notes to 'AA+ (sf)', on the class C notes
to 'A- (sf)', and on the class D notes to 'BBB+ (sf)'. We have
affirmed our 'A+ (sf)' rating on the class B notes as the credit
enhancement is still commensurate with the current rating," S&P

"Deutsche Bank AG (A+/Negative/A-1) acts as an account bank and
custodian in the transaction. In our view, the counterparty is
appropriately rated to support the ratings on these notes," S&P

"CELF Loan Partners V entered into a number of derivatives
agreements to mitigate currency risks in the transaction. We
consider that the documentation for these derivatives does not
fully comply with our 2012 criteria. Therefore, in our cash flow
analysis for scenarios above 'A+', we assumed no benefit from
the currency options," S&P said.

"CELF Loan Partners V is a cash flow collateralized loan
obligation (CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms. The transaction closed in June
2008 and is managed by CELF Advisors LLP," S&P said.


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:


Class                     Rating
                  To               From

CELF Loan Partners V Ltd.
EUR243.154 Million, GBP70.465 Million, US$108.470 Million
Floating-Rate Notes

Ratings Raised

A-1               AA+ (sf)         AA- (sf)
A-2               AA+ (sf)         AA- (sf)
A-3               AA+ (sf)         AA- (sf)
C                 A- (sf)          BBB+ (sf)
D-1               BBB+ (sf)        BBB- (sf)
D-2               BBB+ (sf)        BBB- (sf)

Rating Affirmed

B-1               A+ (sf)
B-2               A+ (sf)

COMET: Set to Close Remaining 195 Stores Before Christmas
Christopher Thompson at The Financial Times reports that Comet is
set to close all its remaining 195 stores before Christmas with
the loss of 4,600 jobs.

According to the FT, Deloitte, Comet's administrator, said it
would begin shutting 125 branches imminently, while about 70 will
be left open until their remaining stock is sold.

"We remain in discussions with a small number of interested
parties and hope that a positive outcome can still be achieved,"
the FT quotes Chris Farrington, joint administrator, as saying.

"Unfortunately, in the absence of a firm offer for the whole of
the business, it has become necessary to begin making plans in
case a sale is not concluded .  . .   we would envisage stores to
begin closing in December."

Deloitte added that offers for parts of Comet would also be
considered, the FT relates.

The closures would mean a cumulative loss of about 6,600 jobs
since Comet, which had 236 stores, went into administration
earlier this month after it ran out of cash in the run-up to
Christmas, the FT notes.

Comet is an electronic retailer.

CORNERSTONE TITAN: S&P Lowers Rating on Class F Notes to 'CCC-'
Standard & Poor's Ratings Services lowered its credit ratings on
Cornerstone Titan 2005-1 PLC's class C, X, D, E, and F notes. "At
the same time, we have removed from CreditWatch negative our
ratings on the class C and X notes. Subsequently, we have
withdrawn our rating on the class X notes," S&P said.

"Our ratings in Cornerstone Titan 2005-1 address timely payment
of interest, payable quarterly in arrears, and payment of
principal not later than the legal final maturity date (in July
2014)," S&P said.

"The class D, E, and F notes experienced interest shortfalls on
the October interest payment date. We understand that although
the borrowers met their interest payment obligations, there was
not enough money available to cover in full interest due under
the class D, E and F notes. The class F notes are subject to an
available fund cap (AFC). The AFC reduces interest payable to
the class F notes to the amount of cash available (remaining
after servicing senior-ranked classes of notes) if the mismatch
results from loan repayments," S&P said.

"We have not lowered to 'D (sf)' our ratings on the class D and E
notes because the existing interest shortfall remains minor, in
our view, and might be repaid. In the case of the class F notes,
as the difference between the interest due and the interest
payable is extinguished under the transaction documents, we have
given credit to the AFC in our analysis and have not lowered our
rating to 'D (sf)'," S&P said.

"However, based on the latest metrics reported for the
transaction, the class E and F notes could be at risk of
principal losses. We have therefore lowered our ratings on the
class E and F notes to 'CCC- (sf)'. We may lower our ratings
further on the class D, E, and F notes to 'D (sf)' if they
continue to experience interest shortfalls or become more
vulnerable to principal losses," S&P said.

"Based on our rating definitions, we believe our ratings are no
longer commensurate with the risks that the class C and X notes
face as the transaction nears its July 2014 legal maturity date.
We have therefore lowered to 'A (sf)' from 'AA- (sf)' our ratings
on the class C and X notes," S&P said.

"We have also removed from CreditWatch negative our ratings on
the class C and X notes, where we had placed them following the
lowering to 'A-/A-1' from 'AA-/A-1+' of our ratings on Barclays
Bank PLC. Barclays Bank (A+/Negative/A-1) acted as the liquidity
facility provider for Cornerstone Titan 2005-1," S&P said.

"As a result of the downgrade of Barclays Bank's short-term
rating, a liquidity facility standby drawing has occurred. These
funds are now held in the standby liquidity facility account,
which is operated by Elavon Financial Services Ltd. (AA-
/Stable/A-1+). Under our 2012 counterparty criteria, the ratings
on these notes are not constrained by the ratings on any of the
counterparties as the transaction documentation complies with our
current criteria," S&P said.

"As a result of our downgrade of the class X notes, we have
withdrawn this rating in accordance with our criteria for rating
interest-only securities. For interest-only securities that
reference either the entire asset pool of a transaction or an
amortization schedule or formula, we maintain their current
ratings until all principal- and interest-paying classes rated
'AA-' or higher have been retired or lowered below that rating
level--at which time we will withdraw these interest-only
ratings," S&P said.

Cornerstone Titan 2005-1 is a commercial mortgage-backed
securities (CMBS) transaction, which closed in October 2005. The
transaction was originally secured by nine loans. Since closing,
seven loans have fully repaid. Two loans are remaining, which are
secured on two U.K. commercial properties. Both loans have failed
to repay at loan maturity and are currently in special servicing.


"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

"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.


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:


Class                     Rating
                   To                 From

Cornerstone Titan 2005-1 PLC
GBP592.043 Million Commercial Mortgage-Backed Floating- and
Variable-Rate Notes

Rating Lowered and Removed From CreditWatch Negative

C                  A (sf)            AA- (sf)/Watch Neg

Ratings Lowered

D                  B+ (sf)           BB+ (sf)
E                  CCC- (sf)         B+ (sf)
F                  CCC- (sf)         B- (sf)

Rating Lowered, Removed From CreditWatch Negative, and Withdrawn

X                  A (sf)            AA- (sf)/Watch Neg
                   NR                A (sf)

HBOS PLC: Former Executives Face Probe Over 2008 Collapse
Scott Reid at The Scotsman reports that two former chief
executives of HBOS and an ex-chairman were set to appear this
week before lawmakers conducting an inquiry into the bank's near
collapse in 2008.

Sir James Crosby, chief executive between 2001 and 2005, and
Andy Hornby, who was the boss of HBOS from 2006 until 2008, were
set to be quizzed yesterday, Dec. 3, by the parliamentary
commission on banking standards, the Scotsman relates.  Lord
Stevenson, HBOS chairman between 2001 and 2009, was set to appear
the following day, the Scotsman notes.  Andrew Tyrie, the Tory MP
who chairs the commission, said on Nov. 28 that he wanted to
examine why HBOS failed and what lessons can be learnt to prevent
future banking failures.

"Two of these men were on the bridge when HBOS failed, when
public money was needed to rescue it and when trust in our
banking system -- both within the industry and amongst the public
-- collapsed almost completely," the Scotsman quotes Mr. Tyrie as

"The decisions taken during this period, and before, had severe
consequences for financial stability, for the economy as a whole
and for every person in the country.

"We will want to know how and why HBOS failed and what lessons
can be learnt to prevent any future failures from having such a
dire impact."

According to the Scotsman, Lord Turnbull, a member of the HBOS
panel which took initial evidence, said its work was almost
complete: "With so little information in the public domain, and
with the FSA [Financial Services Authority] report not due until
after the commission has finished its work, it is proving a
useful exercise."

The commission has appointed another barrister -- Rory Phillips
QC -- as counsel to act as a specialist adviser to the commission
with a power to examine witnesses, the Scotsman discloses.

HBOS plc is a banking and insurance company in the United
Kingdom, a wholly owned subsidiary of the Lloyds Banking Group
having been taken over in January 2009.  It is the holding
company for Bank of Scotland plc, which operates the Bank of
Scotland and Halifax brands in the UK, as well as HBOS Australia
and HBOS Insurance & Investment Group Limited, the group's
insurance division.  The group became part of Lloyds Banking
Group through a takeover by Lloyds TSB January 19, 2009.

HELLERMANNTYTON ALPHA: Moody's Assigns 'B1' CFR; Outlook Stable
Moody's Investors Service has assigned a B1 Corporate Family
rating and a B1 probability of default rating to HellermannTyton
Alpha S.a.r.l as well as a provisional (P)B2 rating to EUR215
million of senior secured guaranteed notes to be issued by
HellermannTyton Finance PLC, a UK-based finance vehicle,
guaranteed by HellermannTyton Alpha Sarl. The outlook on all
ratings is stable.

The assignment of a definitive rating on the EUR215 million
senior secured guaranteed notes is subject to a review of the
associated documentation.

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

Ratings Rationale

The B1 corporate family rating is mainly supported by (i)
HellermannTyton's strong market positions in the cable management
solutions market, (ii) the company's good margin levels both as
measured by EBITDA margin and Return on Assets, (iii) the
relatively high barriers to entry to HellermannTyton's markets
through the capital intensity of the business, the long-standing
customer relationship of the group, the very broad based products
portfolio (70,000 SKUs) and the technological content of certain
of its products, (iv) the absence of major customer concentration
with the 15 largest customers accounting for approximately 33% of
group turnover, (v) the group's ability to generate Free Cash
Flow in different economic environments, (vi) the group's
relatively moderate leverage as illustrated by an estimated pro-
forma adjusted Debt/EBITDA ratio of around 2.6x, and (vii) the
group's experienced management team.

The rating of HellermannTyton remains constrained by (i) the
group's relatively small size with revenues of EUR474 million in
2011, (ii) a geographical concentration on developed economies
with Europe and the Americas accounting for 56% and 24% of
turnover respectively notwithstanding that the company has
limited exposure to Southern Europe and some of the turnover
realized in Europe is ultimately exported by customers of
HellermannTyton to emerging markets, (iii) the group's exposure
to cyclical end industries, (iv) the company's capital intensity
due to the high automation level of its production asset base
notwithstanding that HellermannTyton's capital expenditures have
been significantly above depreciation levels over the last three
years to 30 September 2012, (v) the group's relatively high
operating leverage partly due to the group's large sales force
although it has to be noted that the company has a strong track
record in reducing costs during period of economic weakness.

HellermannTyton's liquidity profile pro-forma of the refinancing
will be adequate. The company will have EUR31 million of cash &
marketable securities on balance sheet and access to an undrawn
EUR80 million revolving credit facility pro-forma of the closing
of the refinancing. Alongside the group's expected operating cash
flow generation (pre-Working capital) this should be more than
sufficient to fund all operating needs of the group mainly
consisting of working cash (estimated at approximately 3% of
revenues), working capital requirements and capex. The company's
revolver will include one net leverage financial covenant with
ample headroom at closing of the transaction.

The stable outlook reflects Moody's expectation that
HellermannTyton's operating performance and cash flow generation
will remain in line with the historical performance of the last
three years (until the last twelve months to 30 September 2012)
in the short to medium term. The stable outlook also assumes that
the capital structure of the group will not be leveraged up from
current levels through more aggressive financial policies and
external growth initiatives. Finally the stable outlook assumes
that the company will maintain a sound liquidity profile going

The provisional (P)B2 rating assigned to the proposed EUR215
million senior secured guaranteed bonds, which is one notch below
the corporate family rating, reflects the relatively large size
of the EUR80 million super senior revolving credit facility
compared to the overall indebtedness of the group pro-forma of
the proposed refinancing.

Moody's would consider upgrading the rating if HellermannTyton
could reduce leverage as measured by Debt/EBITDA to below 2.5x on
a sustainable basis (around 2.6x pro-forma of the refinancing) as
well as maintaining FCF/Debt in the mid single digits.

Negative pressure on the rating would develop if Debt/EBITDA
would increase above 3.5x on a sustainable basis and / or if free
cash flow generation would become negative leading to a
deterioration of the liquidity position of the group.

The principal methodology used in rating HellermannTyton Alpha
S..r.l and HellermannTyton Finance PLC was the Global
Manufacturing Industry Methodology published in December 2010.
Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

Established in 1930, HellermannTyton is a global leading
manufacturer and distributor of cable management systems and
solutions including fastening, identifying, insulating,
protecting, organizing, routing and connectivity. The company
operates 11 manufacturing plants, employs over 3,000 people,
generated revenues of EUR474 million and an EBITDA of EUR93
million in 2011.

HellermannTyton is owned by UK-based private equity firm Doughty
Hanson, which acquired the business from Spirent in 2006 in a
primary LBO.

MEZZVEST INVESTMENTS: S&P Withdraws 'CCC-' Ratings on 2 Notes
Standard & Poor's Ratings Services affirmed its credit ratings on
Mezzvest Investments I, Ltd. 's class A-1, A-2, B, C, and D
notes. "We subsequently withdrew the ratings at the issuer's
request," S&P said.

"The rating actions follow our assessment of the transaction's
performance. We have used data from the trustee report dated
Sept. 30, 2012, performed our credit analysis, and considered
recent transaction developments. We have also applied our 2012
counterparty criteria and our 2009 cash flow criteria," S&P said.

"Based on the credit analysis performed, we concluded that the
ratings on the notes were commensurate with their ratings at the
time of withdrawal," S&P said.

"Based on the September trustee report data, we observed
increased concentration of assets in the pool, which increases
the risk of higher losses if one of the largest obligors
defaults. We also observed that more than 25% of the pool balance
is rated in the lowest speculative-grade category (i.e., 'CCC+',
'CCC' and 'CCC-'). The current recovery rates are lower than
those in the last review in June 2011," S&P said.

"However, because the notes have amortized and a cash balance of
more than EUR50 million was available as of the September
reports, credit enhancement has increased for all classes of
notes, commensurate with the current ratings on the notes," S&P

"We have analyzed the counterparties' exposure to the transaction
and concluded that the exposure is currently sufficiently limited
that it does not affect the ratings," S&P said.

Mezzvest Investments I is a cash flow corporate loan
collateralized loan obligation (CLO) that securitizes loans to
primarily speculative-grade corporate firms.


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:


Mezzvest Investments I, Ltd.
EUR700 Million Secured Floating-Rate Variable Funding Facilities
And Secured
Floating-Rate Facilities

Ratings Affirmed and Withdrawn
Class                     Rating
                 To                  From

A-1              NR                  BB+ (sf)
A-2              NR                  BB+ (sf)
B                NR                  B- (sf)
C                NR                  CCC- (sf)
D                NR                  CCC- (sf)

OBEL LTD: Administrator Takes Control of The Obel
Victoria O'Hara at Belfast Telegraph reports that administrators
have been appointed to take control of the tallest building in
Ireland, The Obel.

According to Belfast Telegraph, administrators have been
appointed to Obel Ltd., Obel Offices Ltd. and Donegall Quay Ltd.
The three firms control the residential complex, Belfast
Telegraph discloses.

The main firm, Donegall Quay, is unable to pay debts to the
former Bank of Scotland Ireland (BoSI) -- believed to be more
than GBP51 million, Belfast Telegraph says, citing BBC.

BoSI has been shut down by its parent company, Lloyds Banking
Group, Belfast Telegraph relates.  Lloyds sold GBP1.47 billion of
BoSI loans to an investment company for just GBP149 million,
equating to a 90% loss, Belfast Telegraph notes.

The Obel complex was launched onto the market in 2005 during the
property boom as a mixed-use development at Belfast's Donegall
Quay, Belfast Telegraph recounts.

PUNCH TAVERNS: Moody's Cuts Ratings on Two Note Classes to Caa3
Moody's Investors Service has downgraded the ratings of notes
issued by Punch Taverns Finance plc ("Punch A") and Punch Taverns
Finance B Limited ("Punch B").

Issuer: Punch Taverns Finance plc

    GBP270M A1(R) Notes, Downgraded to Baa3 (sf); previously on
Apr 5, 2011 Downgraded to Baa1 (sf)

    GBP300M A2(R) Notes, Downgraded to Baa3 (sf); previously on
Apr 5, 2011 Downgraded to Baa1 (sf)

    GBP200M M1 Notes, Downgraded to B1 (sf); previously on
Apr 5, 2011 Downgraded to Ba1 (sf)

    GBP400M M2(N) Notes, Downgraded to B1 (sf); previously on
Apr 5, 2011 Downgraded to Ba1 (sf)

    GBP140M B1 Notes, Downgraded to Caa1 (sf); previously on
Apr 5, 2011 Downgraded to Ba3 (sf)

    GBP150M B2 Notes, Downgraded to Caa1 (sf); previously on
Apr 5, 2011 Downgraded to Ba3 (sf)

    GBP175M B3 Notes, Downgraded to Caa1 (sf); previously on
Apr 5, 2011 Downgraded to Ba3 (sf)

    GBP215M C(R) Notes, Downgraded to Caa3 (sf); previously on
Apr 5, 2011 Downgraded to B3 (sf)

Issuer: Punch Taverns Finance B Limited

    GBP201M A3 Notes, Downgraded to Ba2 (sf); previously on
Apr 5, 2011 Downgraded to Baa3 (sf)

    GBP220M A6 Notes, Downgraded to Ba2 (sf); previously on
Apr 5, 2011 Downgraded to Baa3 (sf)

    GBP250M A7 Notes, Downgraded to Ba2 (sf); previously on
Apr 5, 2011 Downgraded to Baa3 (sf)

    GBP250M A8 Notes, Downgraded to Ba2 (sf); previously on
Apr 5, 2011 Downgraded to Baa3 (sf)

    GBP77.5M B1 Notes, Downgraded to B3 (sf); previously on
Apr 5, 2011 Downgraded to Ba3 (sf)

    GBP125M B2 Note, Downgraded to B3 (sf); previously on
Apr 5, 2011 Downgraded to Ba3 (sf)

    GBP125M C Notes, Downgraded to Caa3 (sf); previously on
Apr 5, 2011 Downgraded to B3 (sf)

The A3 (sf) ratings of the liquidity facilities in both
transactions are unaffected by the action.

Moody's does not rate the Class D1 Notes issued by Punch A. The
ratings of the Class A2(R) Notes, Class M2(N) Notes and Class B3
Notes of Punch A are based on the underlying rating of the notes
and are no longer based on the financial guarantee policy
provided by AMBAC Assurance UK Limited (rating withdrawn). The
ratings of the Class A7 and Class A8 Notes of Punch B are based
on the underlying rating of the notes and are no longer based on
the financial guarantee insurance policy issued by MBIA UK
Insurance Limited (B3).

Punch A and Punch B represent whole-business securitizations
(WBS) of portfolios of 2,604 and 1,850 leased pubs (as of Q4
2012) respectively, located across the UK. Punch A closed in
March 1998 and has been subject to tap issuances in October 2000,
November 2003 and July 2007 whereas Punch B closed in November
2002 and was restructured in August 2005.


The downgrade of the Notes reflects Moody's concerns on the
deteriorating operating conditions in the UK pub industry and the
persistently high leverage of the underlying securitizations.
Moody's believes that the parent company's (Punch Taverns plc)
plans to sell the non-core pubs in the underlying portfolios (32%
of the portfolio in Punch A; 39% of the portfolio in Punch B by
number of pubs) carries execution risk and will likely not be
sufficient to manage the required debt repayment over time.
Further, Moody's believes that the total leverage in the
transactions will increase in the near term as the parent company
plans to utilize a portion of the disposal proceeds for investing
into the core estate to stimulate growth in the long term rather
than prepaying debt.

With a current underlying EBITDA of GBP145 million in Punch A and
GBP91 million in Punch B for FY 2012, the debt service coverage
ratio (DSCR) in both securitizations would have been below the
default covenant (1.25x) had the parent company not provided
external cash support. During the financial year, total support
amounted to GBP79 million compared with approximately GBP69
million in the previous year (+14%). Excluding the support to the
portfolios' EBITDA, the DSCR for the quarter ended in Q4 2012 and
for the rolling four quarters would have been 1.08x for Punch A
whilst the same ratios would have been 1.07x and 1.04x
respectively for Punch B.

Moody's expects that the cash flows from the portfolios will
decline further in 2013, by approximately 7% from the trailing
twelve month (TTM) EBITDA as of Q4 2012 and stabilize in 2013. As
in its previous analysis, Moody's expects that an event of
default will materialize under the Issuer-Borrower loan agreement
in each of the transactions if and when the parent company stops
its support. In the parent company's view, restructuring of both
securitizations is required to avoid covenant defaults and
deliver value to their stakeholders. Importantly, the parent
company views both transactions, which securitizes substantially
all their pub estate, as over levered, unsustainable and in need
of significant amendments. Moody's understands that the aim of
the company is to achieve a consensual restructuring with their
various stakeholders. At this time, the timing and terms of a
likely restructuring are unknown to Moody's.

Primary sources of assumption uncertainty in relation to the
rating actions are (a) the current stressed macro-economic
environment and (b) the viability of the UK pub industry which
drive the operations of the borrowers in both transactions.
Moody's assessment of these whole business securitizations relies
on the structural and legal integrity of the transactions; in
particular its assumption that the borrowers could be replaced by
alternative operators in case of insolvency or default under
their obligations. A deviation from this scenario whereby the
assets and businesses of the borrowers would be liquidated in a
shorter term or any other amendments to the current structures
which would result in a change of the economic benefit to the
noteholders will require Moody's to review its rating of the


During FY 2012, the borrower under the Punch A portfolio sold 272
pubs (9% of the portfolio) and the total portfolio EBITDA
(excluding parent support) declined by 9% to GBP145 million. A
total of GBP49 million of debt (3%) was repaid in the financial
year and as of end of Q4 2012, GBP105 million was held as cash
within the securitization. As for Punch B, the borrower sold 189
pubs during the past year and the total portfolio EBITDA
(excluding parent support) declined by 9% to GBP91 million. A
total of GBP39 million of debt (4%) was repaid in the financial
year and as of end of Q4 2012, GBP69 million was held as cash
within the securitization.

While the parent company was able to achieve the book value on
the disposals to-date, its target to dispose of c. 400 non-core
pubs per annum over the next 3-4 years remain questionable to
Moody's. Moody's is cautious with respect to achievement of
certain price targets and the timing of the future disposals due
to the increasing number of pub sales in the market combined with
the lack of available funding for interested purchasers. As part
of the company's strategy to drive growth in the core estate,
among other initiatives, the parent company plans to spend
approximately GBP 40 million (100k per pub) per annum over the
next five years. Moody's understands that the return on such
investments exceed the required hurdles. However, the long term
positive effects are uncertain to Moody's especially considering
the changing business risk profile for some of the tenants who
will focus on increasing food sales. The pubs should become more
resilient to the declining beer sales and improve their value
proposition over time, but at the same time will be exposed to
more price-elasticity and direct competition with the restaurant

Given the adverse cash flow profiles of the pub portfolios
combined with the weak credit strength of the pub operator,
Moody's put considerable weight on the leverage of the notes when
determining its ratings. In Moody's opinion, the current value of
the pub portfolio in Punch A is approximately GBP1.35 billion and
in Punch B is GBP861.6 million. The 11-13% haircuts to the book
values of the portfolios stem from Moody's expectation of further
cash flow declines to approximately GBP135 million for the Punch
A portfolio and GBP86 million for the Punch B portfolio, and the
overall weak state of the UK pub sector together with the low
level of transactional activity. The downgrade of all notes takes
into account the leverage of the notes including the senior
ranking swap mark-to-market (MtM) exposures associated with the
floating rate notes in the transactions. In most of its
scenarios, however, Moody's does not assume the full MtM would
crystallize. In Moody's opinion and in light of the pending
restructuring, the likelihood of principal losses for the junior
notes in both securitization have increased since Moody's last


The principal methodology used in these ratings was Moody's
Approach to UK Whole Business Securitisations published in
October 2000.

In this approach, a sustainable annual free cash flow is derived
over the medium to long term horizon of the transaction, and then
multipliers are applied to such cash flows in order to reach the
debt which could be issued at the targeted long-term rating level
for the Notes. In addition, Moody's looks at various haircuts on
the pub values and consider different levels of swap MtM. As
such, Moody's analysis encompasses cash flow analysis and stress

The updated assessment is a result of Moody's on-going
surveillance of commercial mortgage backed securities (CMBS)
transactions. Moody's prior assessment is summarized in a press
release dated 5 April 2011. The last Performance Overview for the
affected transactions were published on June 19, 2012.


* Large Companies with Insolvent Balance Sheets

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

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

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

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

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 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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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

                 * * * End of Transmission * * *