TCREUR_Public/121218.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 18, 2012, Vol. 13, No. 251

                            Headlines



A U S T R I A

WIENERBERGER AG: S&P Affirms 'BB/B' Corporate Credit Ratings


B E L A R U S


BELARUSBANK: Fitch Affirms 'b-' Viability Rating


B E L G I U M

AGEAS HYBRID: Fitch Affirms 'BB+' Rating on Hybrid Capital


B U L G A R I A

FIRST INVESTMENT: Fitch Keeps 'BB-' Issuer Default Rating


C R O A T I A

* CROATIA: Rules Out IMF Loan Following Rating Downgrade
* CROATIA: S&P Lowers Sovereign Credit Ratings to 'BB+/B'


G E R M A N Y

DEUTSCHE PFANDBRIEFBANK: Moody's Cuts Sr. Debt Ratings to 'Caa1'
ENTERPRISE NETWORKS: S&P Cuts Corporate Credit Rating to 'CCC+'


H U N G A R Y

FHB MORTGAGE: Moody's Reviews 'Ba1' Bond Rating for Downgrade


I R E L A N D

ALPSTAR CLO 1: S&P Affirms 'CCC+' Rating on Class E Notes
BANK OF IRELAND: Balks at Bank Guarantee Extension
BANK OF IRELAND: S&P Expects to Rate Sub. Debt Issue at 'B'
DECO SERIES 2005: Fitch Cuts Rating on Class H Notes to 'CCCsf'
MAGNOLIA FINANCE: Moody's Affirms 'C' Rating on US$18MM Notes

OPERA FINANCE: S&P Lowers Rating on Class D Notes to 'CCC'


I T A L Y

BANCA MONTE: Wins Temporary EU Approval for Recapitalization
FONDIARIA-SAI: S&P Raises Counterparty Credit Rating From 'BB'
SOCIETA ITALIANA: S&P Raises Counterparty Credit Rating From 'BB'
UNIPOL BANCA: S&P Affirms 'BB/B' Counterparty Credit Ratings
UNIPOL GRUPPO: S&P Affirms 'BB+' Counterparty Credit Rating

* ITALY: Fitch Says Outlook for Large Banks Remains Negative


K A Z A K H S T A N

CENTRAL ASIA: Fitch Affirms 'BB-' National Long Term Rating
KAZKOMMERTS-POLICY: S&P Cuts Counterparty Credit Rating to 'B'


L A T V I A

LATVIJAS KRAJBANKA: Auction Set for Clients' Securities Today


N E T H E R L A N D S

CLONDALKIN INDUSTRIES: Moody's Cuts PDR to 'Caa1'; Outlook Neg.
GLOBAL SENIOR I: Fitch Affirms 'BBsf' Rating on Fund Notes


P O L A N D

BANK MILLENNIUM: Moody's Cuts Long-Term Deposit Rating to 'Ba2'
CENTRAL EUROPEAN: Hires A&M as Restructuring Advisor
CENTRAL EUROPEAN: Rejects Shareholder Proposal to Provide Capital


R U S S I A

BANK PERESVET: Moody's Assigns 'E+' BFSR; Outlook Stable
NORILSK NICKEL: Fitch Says Shareholder Deal Impact Uncertain
TERRITORIAL GENERATION: Fitch Withdraws 'CC' Long-Term IDR
* IRKUTSK OBLAST: S&P Raises LT Issuer Credit Rating to 'BB+'


S P A I N

CAJA INGENIEROS: Fitch Affirms 'BB+sf' Rating on Class C Notes
EMPRESAS HIPOTECARIO 5: Fitch Affirms 'C' Rating on Class D Notes
TDA CAJAMAR 2: Fitch Affirms 'BBsf' Rating on Class D Tranche


T U R K E Y

TURKIYE SINAI: Fitch Hikes LT Issuer Default Rating From 'BB+'


U K R A I N E

FERREXPO PLC: S&P Cuts Long-Term Corporate Credit Rating to 'B'
UKRAINIAN RAILWAYS: S&P Affirms Corp. Rating; Outlook Stable


U N I T E D   K I N G D O M

ASTON MARTIN: S&P Affirms 'B+' Long-Term Corp. Credit Rating
HEATHROW FINANCE: Fitch Assigns 'BB+' Rating to GBP275MM Bond
HMV GROUP: Apollo Eyes Takeover After Covenant Breach Warning


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            *********


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


WIENERBERGER AG: S&P Affirms 'BB/B' Corporate Credit Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term
and 'B' short-term corporate credit ratings on Austria-based
building material product manufacturer Wienerberger AG. "We also
affirmed our ratings on Wienerberger Finance Service Gmbh," S&P
said.

"At the same time, we affirmed our 'BB' issue rating on
Wienerberger's unsecured bonds (EUR100 million due July 2018,
EUR200 million due August 2015, and EUR250 million due July
2014), and our 'B' issue rating on Wienerberger's hybrid bond,"
S&P said.

"Following these actions, we withdrew all the above ratings at
the issuer's request," S&P said.

"At the time of the withdrawal, the ratings reflected our view of
Wienerberger's business risk profile as 'satisfactory' and
financial risk profile as 'significant.' We based our assessments
on our view of Wienerberger's significant exposure to cyclical
depressed residential construction end markets, high geographic
concentration in Europe, and volatile cash-flow-driven credit
metrics. However, we also took into account what we see as the
group's leading market positions in Europe; solid industrial
network; and meaningful barriers to entry in local markets owing
to the uneconomical nature of the long-distance transportation of
Wienerberger's products," S&P said.

"At the time of withdrawal, we viewed the group's credit metrics
as weak for the rating due to its recent acquisition of Pipelife
and weak organic performance. However, in the absence of further
significant deterioration in the trading environment, we forecast
that Wienerberger's credit metrics would improve by the end of
financial year 2013, to levels commensurate with a 'BB' rating,
including funds from operations to debt of about 20%," S&P said.



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B E L A R U S
=============


BELARUSBANK: Fitch Affirms 'b-' Viability Rating
------------------------------------------------
Fitch Ratings has affirmed seven Belarusian banks' Long-term
Issuer Default Ratings (IDRs). Belarusbank (BBK), Belinvestbank
(BIB), BPS-Sberbank (BPS), Belgazprombank (BGPB) and Bank BelVEB
OJSC (BelVEB), VTB Bank (Belarus) CJSC (VTBB) have been affirmed
at 'B-' and the Outlooks have been revised to Stable from
Negative.  CJSC BTA Bank (BTAB) has been affirmed at 'CCC'.

VTBB and BTAB's ratings have been affirmed and withdrawn as the
banks have chosen to stop participating in the rating process.
Therefore, Fitch will no longer have sufficient information to
maintain the ratings.  Accordingly, the agency will no longer
provide ratings or analytical coverage of VTBB and BTAB.

Rating Action Rationale

The revision of the Outlooks to Stable from Negative reflects the
stabilization of the Belarus banking system and the broader
economy in 2012.  This has somewhat reduced downside risks for
banks' stand-alone profiles and the sovereign's creditworthiness,
lowering the probability of downgrades of banks' Viability
Ratings and IDRs.  At the same time, macroeconomic stability is
rather fragile and the credit profile of the Belarus sovereign
remains weak, meaning that renewed downward pressure on banks'
ratings in the near to medium term cannot be ruled out.

The Belarusian economy has recovered somewhat after the severe
stress of 2011 which resulted in an almost threefold devaluation
of the BYR and 109% inflation.  During 2012, the BYR has been
stable and inflation fell to 18% in 10M12, enabling the National
Bank of Belarus (NBRB) to reduce the refinancing rate to 30% from
a peak of 45%.  Foreign exchange reserves were flat at around
US$8 billion.

However, still rapid credit growth in 2012 (28% to end-Q312) and
real wage increases have fuelled domestic demand, resulting in
the trade balance turning negative in H212 after recording a
surplus in H112.  This, combined with sizable foreign debt
repayments in 2013, in particular to the IMF, could put renewed
pressure on the BYR.  Furthermore, and despite the credit
expansion, GDP growth slowed to 2.2% yoy in 10M12 from 5.3% in
2011.  The combination of weak external finances, slowing growth
and still high interest rates indicate bleak prospects for the
economy in 2013.

RATING DRIVERS: IDRS, SUPPORT RATINGS AND SUPPORT RATING FLOORS

The Long-term IDRs of BBK and BIB are underpinned by Fitch's view
of the high propensity of the Belarusian authorities to support
the banks, in case of need.  Fitch's view on support for BBK is
driven by the bank's state ownership, high systemic importance,
its policy role and the track record of support to date.  BBK
accounts for a large 40% and 41%, respectively, of system assets
and deposits, and its loan book primarily comprises lending under
state programs (72% of the portfolio at end-3Q12) which are
ultimately funded by the government.  In Q411, BBK received a
substantial BYR13 trillion (US$1.5 billion) equity injection from
the government.

Fitch's view on potential support for BIB is driven by its state
ownership and significant systemic importance (market shares of
6% of both assets and deposits).  However, the bank has somewhat
less of a policy role (program loans accounted for 26% of the
portfolio at end-Q312) and has received only a small equity
injection in early 2012.  That said, its Fitch Core Capital was a
reasonable 15% at end-3Q12, and an equity injection is planned
for 2013.

The Long-term IDRs of BPS (owned by Sberbank of Russia; 'BBB'),
BGPB (OAO Gazprom; 'BBB'), BelVEB (Vnesheconombank; 'BBB') and
VTBB (Bank VTB; 'BBB') are underpinned by what Fitch views as the
high propensity of their Russian owners to provide support if
needed. However, the ratings are constrained by high Belarusian
transfer and convertibility risks.  BelVEB and BGPB have already
received parental support in the form of equity injections and
subordinated loans in 2011 and 2012, increasing their loss
absorption capacity and ability to grow.  BPS's and VTBB's
capital ratios are close to minimum requirements; meaning equity
injections may be required to support growth.

BTAB's 'CCC' Long-term IDR and 'ccc' Viability Rating (VR) are
driven by its weak stand-alone profile. BTAB is currently not
compliant with minimum regulatory capital requirements (EUR13
million against EUR25 million required), but like other non-
compliant Belarusian banks, benefits from a waiver from NBRB
until end-2012 which is likely to be extended for another year.
The bank's franchise is narrow and asset quality potentially
vulnerable, however capital ratios are currently relatively high.

RATING DRIVERS: VIABILITY RATINGS

Belarusian banks' VRs continue to be closely correlated with the
sovereign credit profile due to (1) the likelihood that any
further deterioration of the sovereign's financial position would
be accompanied by heightened macroeconomic weaknesses, which
would also be negative for banks; (2) the economy's high state
ownership, and the dependence of many borrowers on government
support; and (3) banks' high direct exposure to the sovereign
resulting from FX swaps with the NBRB and holdings of government
debt.

Each of the rated banks, with the exception of VTBB, reported
Fitch Core Capital ratios of above 10% at end-Q312, reflecting
capital injections from shareholders, solid pre-impairment profit
in 9M12 and moderate loan impairment recognition to date.  Non-
performing loan ratios (exposures overdue by 90 days) are mostly
still low single digits, although in Fitch's view, asset quality
of Belarusian banks remains potentially weak due to recent rapid
growth, structural weaknesses in the economy, loan restructuring
and the long tenors and interest rate subsidies on many loans,
which may conceal impairment.  That said, still positive economic
growth, state support for the public sector and high inflation
have eased debt burdens.

Belarus banks turned profitable in 2012 after losses in 2011.
Major drivers of better performance were wider margins resulting
from high interest rates, solid cost control and the reduced
negative impact of hyperinflation accounting as inflation slowed.
Most banks have channelled a sizable proportion of pre-impairment
profit into reserves.  Deposits have remained largely stable
throughout 2012, supporting banks' liquidity, and third party
foreign debt is low, meaning refinancing risk is minimal.

RATING SENSITIVITIES

Belarusian banks' ratings could once more come under downward
pressure in case of renewed deterioration in macroeconomic
stability, economic performance and the sovereign credit profile.
Further stabilization in these areas would reduce downside risk
to the ratings.

The rating actions are as follows:

BBK and BIB

  -- Long-term IDR: affirmed at 'B-'; Outlook revised to Stable
     from Negative
  -- Short-term IDR: affirmed at 'B'
  -- Viability Rating: affirmed at 'b-'
  -- Support Rating: affirmed at '5'
  -- Support Rating Floor: affirmed at 'B-'

BPS-Sberbank, BGPB, BelVEB and VTBB

  -- Long-term IDR: affirmed at 'B-'; Outlook revised to Stable
     from Negative
  -- Short-term IDR: affirmed at 'B'
  -- Viability Rating: affirmed at 'b-'
  -- Support Rating: affirmed at '5'
  -- VTBB's ratings have been withdrawn.

BTAB

  -- Long-term IDR: affirmed at 'CCC'; withdrawn
  -- Short-term IDR: affirmed at 'C'; withdrawn
  -- Viability Rating: affirmed at 'ccc'; withdrawn
  -- Support Rating: affirmed at '5'; withdrawn



=============
B E L G I U M
=============


AGEAS HYBRID: Fitch Affirms 'BB+' Rating on Hybrid Capital
----------------------------------------------------------
Fitch Ratings has affirmed AG Insurance's Insurer Financial
Strength (IFS) rating at 'A+' and Long-term Issuer Default Rating
(IDR) at 'A'.  Fitch has also affirmed the Long- and Short-term
IDRs of the Ageas holding companies: ageas SA/NV, ageas N.V. and
Ageas Insurance International N.V. at 'BBB+' and 'F2'.  The
Outlooks on the IFS rating and the Long-term IDRs have been
revised to Stable from Negative.

Fitch has also affirmed Ageas Insurance Company (Asia) Ltd.'s
(AICA) 'A-' IFS rating and 'BBB+' Long-term IDRs, both with
Stable Outlooks.  Milleniumbcp-Ageas operating entities' (MBCPA)
IFS ratings have been affirmed at 'BBB-' with Negative Outlook.

AG Insurance's ratings continue to be supported by its strong
capital adequacy, moderate debt leverage and leading business
position in Belgium.  Fitch expects AG Insurance's solvency to
remain solid and that no exceptional dividend will be paid in the
foreseeable future.  These strengths are offset by the company's
lack of geographic diversification.  AG Insurance reported a
profit of EUR288 million at September 30, 2012 from a EUR441
million loss in 2011.  Poor profitability levels in 2011 were
mainly due to a one-off EUR1.2bn gross impairment on Greek
government bonds and to a lesser extent on equity investments.
Operating profitability is good and line with expectations with a
combined ratio reaching 98.8% in the first nine months of 2012.

The revision of the Outlook indicates that AG Insurance's
financial and business profile is fully in line with the rating
range.  Key rating triggers that could lead to a downgrade
include poor profitability or the inability to maintain solvency
at the historical level, around 200% of the regulatory minimum.
An upgrade of the ratings is unlikely in the medium term, given
the company's financial and business profile, in particular its
lack of geographical diversification.

The ratings of the Ageas holding companies continue to take into
account that they have more cash than needed to repay their debt.
Nevertheless, Fitch believes that the holding companies continue
to face litigation risk as a consequence of the restructuring of
the Ageas group, which is reflected by their IDRs being two
notches lower than that of AG Insurance.  Following the merger of
ageas N.V. with ageas SA/NV, the rating of the holding company
ageas N.V. has been affirmed and withdrawn.

AICA's ratings reflect its sound capitalization, moderate market
position and satisfactory operating performance.  While AICA has
reduced the duration gap associated with an asset and liability
mismatch, its statutory solvency capital position remains
sensitive to interest rates movement.  However, Fitch considers
that AICA's risk-based capitalization is consistent with its
current ratings.  Key rating triggers that could lead to an
upgrade of AICA's ratings include strengthening in its
distribution capability.  With the rising importance of AICA to
the group in Asia, positive rating adjustment could be considered
if, in Fitch's view, the company's strategic status within the
Ageas Group improves.  On the other hand, a decline in the local
solvency ratio to a level below 220% over a sustained period
could lead to a downgrade.

MBCPA's ratings incorporate some benefit from Ageas Group's
ratings and ongoing and expected future operational and financial
support.  Majority owner Ageas has clearly stated that it
continues to view MBCPA as a strategic investment and a long-term
partnership and that together with Millennium bcp, owner of the
remaining 49% of MBCPA, it would ensure the protection of
existing policyholders should this be necessary.  The most likely
reason for a downgrade would be a downgrade of the Portuguese
sovereign rating.  A reduction in the level of implied support
from the majority owner, Ageas, could also result in a downgrade.

The ratings actions are as follows:
AG Insurance

  -- IFS rating affirmed at 'A+'; Outlook revised to Stable from
     Negative
  -- Long-term IDR affirmed at 'A'; Outlook revised to Stable
     from Negative

Ocidental-Companhia Portuguesa de Seguros de Vida S.A.

  -- IFS rating affirmed at 'BBB-'; Outlook Negative

Ocidental-Companhia Portuguesa de Seguros S.A.

  -- IFS rating affirmed at 'BBB-'; Outlook Negative

Medis - Companhia Portuguesa de Seguros de Saude S.A.

  -- IFS rating affirmed at 'BBB-'; Outlook Negative

Ageas Insurance Company (Asia) Ltd

  -- IFS rating affirmed at 'A-'; Stable Outlook
  -- Long-term IDR affirmed at 'BBB+'; Stable Outlook

Ageas Capital (Asia) Ltd

  -- senior unsecured rating affirmed at 'BBB+'

ageas SA/NV

  -- Long-term IDR affirmed at 'BBB+'; Outlook revised to Stable
     from Negative
  -- Short-term IDR affirmed at 'F2'

ageas N.V.

  -- Long-term IDR affirmed at 'BBB+'; Outlook revised to Stable
     from Negative; rating withdrawn
  -- Short-term IDR affirmed at 'F2'; rating withdrawn

Ageas Insurance International

  -- Long-term IDR affirmed at 'BBB+'; Outlook revised to Stable
     from Negative
  -- Short-term IDR affirmed at 'F2'

ageas Finance N.V.

  -- Senior unsecured affirmed at 'BBB'

Ageas Hybrid Financing

  -- Hybrid capital instruments affirmed at 'BB+'

Ageasfinlux SA

  -- Hybrid capital instruments affirmed at 'BB'



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


FIRST INVESTMENT: Fitch Keeps 'BB-' Issuer Default Rating
---------------------------------------------------------
Fitch Ratings has affirmed First Investment Bank AD's (FIBank)
Long-term Issuer Default Rating (IDR) at 'BB-' with a Stable
Outlook.  At the same time, Fitch has downgraded FIBank's
Viability Rating (VR) to 'b-' from 'b'.

RATING ACTION RATIONALE AND DRIVERS: IDRS, SUPPORT RATING AND
SUPPORT RATING FLOOR

The affirmation of FIBank's IDRs are based on Fitch's view that
there continues to be a moderate probability of support from the
Bulgarian authorities in case of need, which is reflected in the
Support Rating of '3' and Support Rating Floor (SRF) of 'BB-'.
Bulgaria's Long-term foreign currency IDR is 'BBB-' with a Stable
Outlook.

Following earlier discussions with the Bulgarian National Bank,
Fitch understands that the propensity of the authorities to
support FIBank, as a systemically important bank, remains strong.
FIBank's market shares in assets, especially corporate loans, and
retail deposits continue to increase.  At end-H112, FIBank was
the fourth-largest bank in Bulgaria with an 8% market share in
total assets, and the second-largest retail deposit taker with a
14% market share.

In assessing support, Fitch also considers the Bulgarian
authorities' ability to support FIBank.  The agency views
favorably the country's low government debt (Fitch forecasts this
to stand at 18.5% of GDP at end-2012), significant available
fiscal reserves (6.8% of GDP at end-May 2012) and the relatively
small size of FIBank's balance sheet (total assets at 7.6% of GDP
at end-2011).  Fitch also notes that 80% of FIBank's customer
accounts are covered by deposit insurance, and the bank's
uninsured liabilities, with respect to which the authorities'
would take the decision on support, comprised a low 23% of total
liabilities (about 1.7% of GDP) at end-H112.  In addition, 83% of
these uninsured liabilities are customer deposits, which Fitch
understands have been placed primarily by domestic clients.

At the same time, weaknesses in the bank's corporate governance
and potentially high related party and relationship lending, in
Fitch's view, could give rise to somewhat greater uncertainty
about the authorities' readiness to support the bank in all
circumstances.

RATING SENSITIVITIES: IDRS, SUPPORT RATING AND SUPPORT RATING
FLOOR

The IDRs, Support Rating and SRF are sensitive to any change in
Fitch's view of the Bulgarian authorities' willingness or ability
to support FIBank in case of need.  The ratings could be
downgraded in case of any prolonged delay in providing
assistance, should this be clearly needed, or if the Bulgarian
sovereign ratings are downgraded.  A marked change in FIBank's
liability structure to include more wholesale funding could also
increase uncertainty with respect to support and result in a
downgrade.  An upgrade of FIBank's ratings is unlikely in the
foreseeable future.

RATING ACTION RATIONALE AND DRIVERS: VR

The downgrade of the VR to 'b-' reflects further deterioration in
reported asset quality, and weaker reserve coverage and therefore
capitalization.  The VR considers weaknesses in corporate
governance, weak underlying asset quality, potentially high
related party and relationship lending, high loan concentrations
and weak performance.  However, the VR also considers FIBank's
broad and to date stable deposit base.

The reported regulatory non-performing (NPL) ratio, which
incorporates 90+ days overdue and loss loans, increased to 8% at
end-H112 compared to 5.8% at end-2011 and 4.2% at end-2010. This
ratio was still notably lower than for the banking system as a
whole (16.9% at end-H112).  However, in Fitch's view, FIBank's
underlying asset quality may be significantly weaker.  Watch
loans (overdue by 30-90 days) are a quite stable 7%-9% of the
portfolio (7.4% at end-H112) and Fitch calculates recognized
income on individually impaired loans as 11% of total interest
income in H112. Furthermore, the ratio of renegotiated and
restructured loans to total loans is high, although some
restructured loans may already be classified as NPLs and some
renegotiations may not necessarily reflect a deterioration in
loan quality.

In Fitch's view, FIBank's loan book is highly concentrated, with
exposures to the largest 20 borrowers equal to 3.4x Fitch core
capital (FCC) at end-H112.  Amortization of these loans is very
limited, and some borrowers have been granted additional
facilities, further increasing concentrations.  Within the
largest borrowers, there are already some signs of deterioration,
with some exposures showing delays in repayment and others
classified in categories lower than 'standard'.  Three loans,
EUR55 million each, granted for the acquisition of a metals plant
in Q211 equated to 71% of the bank's equity at end-H111.  This
remains a concern for Fitch.

In Fitch's view, the risk of related party and relationship
lending is high, given the two founding shareholders' interest in
capital-intensive projects in the tourist industry, incomplete
disclosure of the shareholder structure, and the quite high-risk
nature of some loan exposures.

Reserve coverage of NPLs had fallen to 39% at end-H112 from 67%
at end-2010, with unreserved NPLs equal to 46% of equity
(unreserved NPLs and watch loans together exceeded equity).
Fitch is therefore concerned about the quality of capital, while
the Tier 1 and total capital ratios, at 10.8% and 12.9%
respectively, at end-H112, were only slightly above the
regulatory required and/or recommended minimums.  Pre-impairment
profit is moderate, and net of accrued interest was negligible in
H112, limiting the bank's ability to strengthen its solvency
through internal capital generation.

The VR is supported by FIBank's strong retail deposit franchise,
the virtual absence of refinancing risk and the bank's currently
comfortable liquidity.  At the same time, Fitch notes that the
relatively high rates that FIBank has paid to date for its
customer funding significantly constrain margins and performance.
Furthermore, a marked deterioration in asset quality could lead
to greater instability in the deposit base.

RATING SENSITIVITIES: VR

The VR could be downgraded further in case of continued
deterioration in FIBank's loan performance and underlying asset
quality, resulting in increased pressure on the bank's
capitalisation.  The VR could be upgraded if the bank is
recapitalised.  However, Fitch does not expect this given the
absence of equity injections in recent years.

The rating actions are as follows:

  -- Long-term IDR: affirmed at 'BB-', Outlook Stable
  -- Short-term IDR: affirmed at 'B'
  -- Viability Rating: downgraded to 'b-' from 'b'
  -- Support Rating: affirmed at '3'
  -- Support Rating Floor: affirmed at 'BB-'



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C R O A T I A
=============


* CROATIA: Rules Out IMF Loan Following Rating Downgrade
--------------------------------------------------------
Jasmina Kuzmanovic at Bloomberg News reports that Croatia Prime
Minister Zoran Milanovic said Croatia won't seek a loan from the
International Monetary Fund after Standard & Poor's cut the
country's sovereign-debt rating to junk.

According to Bloomberg, Central bank Governor Boris Vujcic said
on Dec. 16 Croatia should continue to borrow both abroad and
domestically, adding there is no need for the release of foreign-
currency reserves to aid borrowing.

"We believe we can do it alone," Bloomberg quotes Mr. Milanovic
as saying on Sunday.   "The situation is difficult, but not
catastrophic, and it will prompt us to look at our decisions."

The Adriatic Sea nation is struggling to return to growth after
the economy shrank in four consecutive quarters, Bloomberg
discloses.  The government on Nov. 19 said the budget deficit
will widen as the Cabinet repays debt and begins contributing to
EU coffers after its entry in July 2013, Bloomberg recounts.

Bloomberg relates that Finance Minister Slavko Linic said after
the rating cut that Croatia may seek cooperation with the IMF and
abandon debt sales abroad next year to avoid rising borrowing
costs.


* CROATIA: S&P Lowers Sovereign Credit Ratings to 'BB+/B'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its long- and short-
term sovereign credit ratings on Croatia to 'BB+/B' from 'BBB-/A-
3'. The outlook is stable.

"The T&C assessment remains 'BBB+'. We assigned a recovery rating
of '4', reflecting our view of a 30%-50% recovery in the event of
default," S&P said.

"The downgrade reflects our view that structural and fiscal
reforms implemented so far have been insufficient to foster
economic growth and place public finances on a more-sustainable
path. Because Croatia's economy is highly euroized, with a semi-
fixed exchange rate regime, we consider flexible labor and
product markets and the maintenance of external and fiscal
buffers to be of greater importance to offset possible external
shocks than for sovereigns with floating exchange rate regimes.
In our opinion, labor and product market flexibility in Croatia
is lacking. Policy inertia and opposition from vested interests
that benefit from long-entrenched entitlements have contributed
to wage and price rigidities, the low participation rate, and
loss of economic competitiveness," S&P said.

"Croatia's public sector employs about one-third of the
workforce. The budget is dominated by personnel and social
expenditure: together nearly three-quarters of central government
spending, leaving little room for public investment. Given the
strength of incumbents inside and outside the public sector,
Croatia's unsustainably high entitlement spending--in light of
economic drift, low labor participation, and population aging--
will be politically challenging to cut back, in our view. As a
consequence, we no longer consider Croatia to possess the
economic flexibility and policy resolve of an investment-grade
sovereign," S&P said.

"Revenue-based fiscal consolidation, driven by a 2% increase in
the VAT rate and improved tax collection, saw the fiscal position
improve modestly in 2012 compared to 2011. Nevertheless, the
recently adopted supplementary budget for 2012 underlines the
challenge the government faces in adhering to its own spending
plans for the wage bill, subsidies, and social transfers: all
were revised upward. The government's medium-term fiscal
framework indicates a continued preference for revenue-based
budgetary consolidation rather than current expenditure cuts to
meet what we view as unambitious fiscal goals. This includes the
widening deficit in 2013, a deviation from the previous
government plans and from our expectations, and growing nominal
expenditure, based on what we believe to be overly optimistic
growth assumptions. We see risks of expenditure slippages despite
amendments to the collective bargaining agreements with trade
unions, which the government expects will deliver 0.6% of GDP in
savings on the wage bill during 2013," S&P said.

"Since 2009, the Croatian economy has been either in recession or
stagnant. We estimate about a 2% contraction for 2012, despite a
strong tourism season. Private-sector deleveraging, high
unemployment, rising inflation, low credit growth, and a VAT
increase are all weighing on domestic demand. During 2013, we
expect the economy to stagnate, and then recover only gradually
to trend growth of 2% by 2015, well below the pre-crisis
average," S&P said.

"We believe that the government's growth program -- mainly
increasing investment by state-owned enterprises, backed by
external funding from international financial institutions -- may
temporarily boost domestic demand. In our opinion, however, this
will be offset by weak private demand, given high unemployment
and unfavorable credit conditions. The growth program is also
likely to exacerbate high external vulnerabilities, pushing up
investment and external debt," S&P said.

"At just under 200% of current account receipts (CARs), Croatia's
net external liability position is already substantial, albeit it
marginally declined from 2009, as the current account deficit has
dropped to less than 1% of GDP (excluding errors and omissions).
While the current account is expected to remain close to balance
in 2012-2013, the economy will continue to depend heavily on
external financing to rollover the high stock of liabilities to
nonresidents. External debt service (including the rolling over
of short-term debt) is about 75% of CARs. Foreign banks account
for 90% of bank assets in Croatia and external bank financing has
contracted moderately in 2012, although we expect external bank
support to remain strong," S&P said.

"The stable outlook balances our expectation of Croatia's EU
accession, which would see the country benefit from EU structural
and cohesion funds and higher foreign direct investment, against
our view of limited prospects for major growth- and
competitiveness-enhancing reforms," S&P said.

"Strong progress in reducing economic imbalances, particularly
the reliance on external financing, and the implementation of
growth-enhancing structural reforms could lead us to consider
raising the ratings," S&P said.

"Conversely, we could consider lowering the ratings if the
government fails to reduce the structural rigidities in the
economy, external imbalances widen, or there is significant
deviation from budgetary targets, which could increase the risk
of sudden deterioration in the economy's funding position," S&P
said.


=============
G E R M A N Y
=============


DEUTSCHE PFANDBRIEFBANK: Moody's Cuts Sr. Debt Ratings to 'Caa1'
----------------------------------------------------------------
Moody's Investors Service has downgraded the long-term debt and
deposit ratings of Deutsche Pfandbriefbank AG (pbb) to Baa2 from
A3, its ratings for senior subordinated debt to Caa1 from B2, and
the bank's short-term ratings to Prime-2 from Prime-1. The rating
actions were prompted by the lowering of pbb's standalone credit
assessment to b3 from b1, within the E+ standalone bank financial
strength ratings (BFSR) category. At the same time, Moody's
confirmed the E+ BFSR. The outlook on all ratings is negative.

The lowering of pbb's standalone credit assessment was driven by
(1) uncertainty as to whether the bank can re-establish itself as
a viable commercial franchise against the background of subdued
business activity in 2012 and the challenges it is currently
facing to reduce its cost base and improve recurring
profitability; (2) confidence sensitivity of the bank's funding
base, in particular with respect to senior unsecured funding, and
its susceptibility to shocks given the bank's reliance on whole-
sale funding; and (3) the bank's modest economic capitalization
and high sensitivity to losses under stress in the context of its
regional exposure concentrations, in particular its sizeable
exposures to weaker euro area countries.

The long-term debt ratings continue to benefit from seven notches
of systemic support uplift, indicating Moody's expectation of the
continued (implicit) commitment of the German government, as the
sole owner of pbb, to further support Germany's second-largest
covered bond issuer during times of persistent market disruption.

The rating actions conclude the review for downgrade, initiated
on July 3, 2012, of pbb's BFSR and long-term and short-term
deposit and senior unsecured debt ratings, as well as the bank's
subordinated debt ratings.

RATINGS RATIONALE

According to Moody's, the rating actions reflect multiple
pressures on pbb's leveraged business model in the context of the
persistent adverse operating environment and the conditionality
that came with the state aid that pbb received in prior years --
especially the requirement to complete privatization by 2015. In
Moody's view, the deadline for privatization poses considerable
uncertainties for bondholders.

PRESSURE ON THE STANDALONE PROFILE CONTINUES AMIDST THE
CHALLENGING OPERATING ENVIRONMENT

The lowering of pbb's standalone credit assessment was driven by
the following three factors:

Firstly, Moody's believes there is uncertainty as to whether pbb
has the ability to re-establish a viable business franchise,
which is a prerequisite for a successful privatization by 2015,
as required by the European Commission (EC). The level of
business activity remains behind the bank's schedule as a result
of lower funding volumes in 2011. pbb's profits have been under
rising pressure, mainly driven by lower interest income due to
the decreasing asset base.

Moody's says that it expects further challenges to profitability
starting from Q4 2013, when fee income of more than EUR100
million per annum is expected to fall away because these revenues
relate to service contracts with FMS Wertmanagement (Aaa,
negative), which are due to expire in September 2013. Moody's
does not expect the bank's cost base to be fully flexible once
this contract expires.

Secondly, Moody's considers pbb's funding base to be susceptible
to market shocks in a deteriorating market environment, given its
reliance on whole-sale funding. The rating agency says that it
recognizes pbb's recent success in accessing the market for
senior unsecured debt by issuing EUR750 million three-year
securities in Q3 2012, which reflects a vital improvement of its
funding franchise. Moody's also notes pbb's ability to obtain
funding beyond 2015 by issuing promissory notes that are
protected by the deposit protection fund of Germany's private-
sector banks. However, Moody's considers access to additional
sources of senior unsecured funding to be vital, also given the
size of pbb's balance sheet. These funds are susceptible to
market shocks and the bank will need to prove its ability to
obtain them beyond the date for the planned privatization in
2015.

Thirdly, based on Moody's findings from stress testing earnings
and capital, pbb remains vulnerable to capital pressures that
could arise from cyclical and/or unexpected credit losses, given
the uncertain environment and pressures from the euro area
sovereign debt crisis. This vulnerability results from pbb's
leveraged business model that focuses on commercial real estate
and public investment finance, with a significant exposure to
euro area peripheral countries. The total exposure to sovereigns,
local authorities and other public-sector entities in these
countries was EUR7.8 billion as of September 30, 2012, which
amounts to more than 2.5x Tier 1 capital. The potential for
unexpected losses from these exposures -- combined with the
bank's limited capital generation -- may stipulate a potential
capital short-fall in a deteriorating economic environment in the
medium term.

The vulnerability to a more adverse economic environment is
captured by the negative outlook on the standalone BFSR.

ASSUMPTIONS OF VERY HIGH SUPPORT FROM THE GERMAN GOVERNMENT
REMAIN UNCHANGED, BUT 2015 PRIVATISATION DEADLINE REPRESENTS
UNCERTAINTY

Moody's continues to factor a very high probability of support
from the German government (Aaa, negative) into pbb's Baa2/Prime-
2 senior unsecured debt and deposit ratings, as reflected in the
seven-notch uplift. This takes into account (1) the bank's full
ownership by the German government; and (2) the bank's high
systemic relevance as the second-largest covered bond issuer in
Germany. Whilst the implementation of the bank resolution regime
-- as part of the German Bank Restructuring Act in January 2011
-- allows for more flexibility to impose losses on all debt
classes, imposing losses on senior debt holders at pbb would
likely trigger significant disruptions in the capital markets. At
the same time, Moody's says that the approaching deadline for a
privatization to be completed by 2015 involves some uncertainty
for bondholders, given that non-compliance with EC conditionality
may have considerable consequences for pbb's future in its
current set-up. Such uncertainty combined with the continued
pressures on the standalone credit profile are reflected in the
negative outlook on the long-term rating.

SUBORDINATED DEBT

The downgrade of pbb's dated subordinated debt ratings to Caa1
from B2 reflects the lowering of the bank's standalone credit
strength. The subordinated debt rating is one notch below pbb's
b3 standalone credit assessment, and also carries a negative
outlook.

WHAT COULD MOVE THE RATING -- UP/DOWN

Upwards pressure on the E+ BFSR is limited, as indicated by its
negative outlook. A higher standalone BFSR would be subject to
(1) a full recovery of pbb's business franchise as a specialized
lender for commercial real-estate and public investment finance,
with adequate cost structures and sustainable profits; (2) higher
(economic) capitalization; and (3) maintained access to senior
unsecured funding with maturities beyond 2015.

Upwards pressure on the group's senior debt and deposit ratings
is unlikely, and would be subject to a significantly higher
standalone credit assessment or explicit support from the German
government, neither of which is currently expected.

Downwards pressure on the standalone E+ BFSR could be triggered
if (1) pbb fails to restore its business franchise, in particular
if the cost-to-income dynamics worsens; (2) pbb is unable to re-
establish an independent funding franchise for unsecured debt
with sufficiently long maturities, allowing for a duration of the
bank's financing structure commensurate with its long-term asset
profile; and (3) the bank faces renewed capital pressures and/or
fails to maintain adequate regulatory capital ratios during the
phase-in period for higher capital levels under Basel III.
Further pressure could result from renewed setbacks due to
higher-than-anticipated credit losses in pbb's core business
areas, or unforeseen contagion effects from the euro area
sovereign crisis that may have adverse implications for both of
the bank's core lines of business.

Downwards pressure on the Baa2 ratings could result from any of
the following (1) a further downgrade of the BFSR; (2) any
weakening of the prospects of future support for pbb, or any
sooner-than-warranted exit strategy of the German government;
and/or (3) a gradual decrease of pbb's systemic importance.

PRINCIPAL METHODOLOGIES

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


ENTERPRISE NETWORKS: S&P Cuts Corporate Credit Rating to 'CCC+'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Germany-headquartered provider of
enterprise communications-related technology and solutions,
Enterprise Networks Holdings B.V. (ENH), to 'CCC+' from 'B-'. The
outlook is negative.

"In addition, we are lowering our issue rating on the senior
secured debt issued by EN Germany Holdings B.V. to 'CCC+' from
'B-'. The recovery rating remains unchanged at '4'. At the same
time, we are removing all the ratings from CreditWatch where they
were placed with negative implications on Sept. 4, 2012," S&P
said.

"The downgrade primarily reflects our opinion that ENH will
continue to generate negative free cash flow in fiscal year 2013,
based on our expectations of continually subdued industry demand,
high competitive pressure on gross margins, and further
significant restructuring cash outflows. In addition, we foresee
limited covenant headroom, potentially well below 15%, over the
coming quarters and therefore continue to assess the group's
liquidity profile as weak, under our criteria. These covenants
apply only to the company's EUR40 million revolving credit
facility, and not to its senior secured notes. We understand that
the group's shareholders have so far not publicly committed to
any future liquidity support to ENH, which is why we do not
factor in any shareholder support into our liquidity assessment
and ratings at this stage," S&P said.

"ENH is a joint venture between the former enterprise
communications business of Siemens AG (A+/Stable/A-1+; 49%
ownership) and assets from private equity investor The Gores
Group (not rated; 51%). As of June 30, 2012, the group reported
gross debt of EUR270 million," S&P said.

"In our base-case assessment, we forecast continued, albeit
meaningfully reduced negative free operating cash flow (FOCF;
defined as cash flow from operations after capital expenditures
and interest paid) of about minus EUR30 million to EUR40 million
in fiscal 2013. This compares with negative FOCF of between minus
EUR110 million and EUR120 million in fiscal 2012, and negative
EUR113 million in fiscal 2011. In our view, the group's gross
margin improvement, working capital reduction, and cost-cutting
initiatives, as well as a reduction in capital expenditures, will
be insufficient to achieve break-even FOCF in fiscal 2013 in
light of weak near-term industry demand prospects and continued
fierce competitive pressure," S&P said.

"For the nine months ended June 30, 2012, ENH reported a year-on-
year decline in revenue of 2.1% and gross profit of 4.6%. In
addition, the group's reported EBITDA (after restructuring
expenses and excluding income from finance leases) remained
largely unchanged at negative EUR11 million. FOCF was
significantly negative at about EUR159 million, down from
negative EUR131 million. Furthermore, the group's cash balance
declined to EUR137 million as of June 30, 2012, from EUR246
million as of the fiscal year ended Sept. 30, 2011, despite
having fully drawn its EUR40 million revolving credit facility.
We expect moderately positive FOCF in the fourth quarter of
fiscal 2012, primarily helped by working capital reductions and
higher EBITDA in light of seasonally higher fourth-quarter
sales," S&P said.

"The rating on ENH reflects Standard & Poor's assessment of the
company's business risk profile as 'weak' and its financial risk
profile as 'highly leveraged,'" S&P said.

"The group's business risk profile is constrained, in our view,
by the company's relatively weak operating margins, volatile
customer demand, and significant competitive pressures from
larger industry players such as Cisco Systems Inc. (A+/Stable/A-
1+), Microsoft Corp. (AAA/Stable/--), Alcatel-Lucent
(B/Negative/B), and Avaya Inc. (B-/Stable/--), in the dynamic and
volatile enterprise communications market. These factors are
partly offset by ENH's large and diverse customers and its
position as a leading provider of communications systems,
applications, and services for enterprise customers, with leading
market shares in Europe, particularly Germany, and Brazil," S&P
said.

"The financial risk profile primarily reflects our anticipation
of negative FOCF generation in the medium term and ENH's weak
liquidity profile and very high leverage ratios, based on
Standard & Poor's-adjusted gross debt figures," S&P said.

"The negative outlook reflects the possibility of a further
downgrade in the next 12 months if ENH cannot meaningfully
improve its FOCF generation and liquidity profile, or if we
forecast that a covenant breach could be likely. This scenario
could unfold, in our view, if the group's revenues continued to
decline in fiscal 2013 as a result of weak industry demand and
if, at the same time, the group is unable to improve its gross
and EBITDA margin from fiscal 2012 levels, owing to fierce
competitive pressure and insufficient cost-cutting measures," S&P
said.

"Although not expected at this stage, we could also lower the
ratings if we perceived an increased likelihood that ENH and its
owners might consider capital transactions that would qualify as
a distressed debt-exchange offer under our criteria," S&P said.

"We could raise the ratings if ENH's owners provided the group
with significant additional funding and if we forecast covenant
headroom of at least 15% under our base-case scenario.
Furthermore, prospects of about break-even FOCF generation could
stabilize the ratings," S&P said.


=============
H U N G A R Y
=============


FHB MORTGAGE: Moody's Reviews 'Ba1' Bond Rating for Downgrade
-------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the
ratings of the following covered bonds issued under Hungarian
law, following Moody's review of the respective issuer ratings:

- Mortgage covered bonds issued by OTP Jelzalogbank Zrt. (OTP):
   Baa3 placed on review for downgrade, previously downgraded to
   Baa3 from Baa1 on November 29, 2011, and

- Mortgage covered bonds issued by FHB Mortgage Bank Co. Plc.
   (FHB): Ba1 placed on review for downgrade, previously
   downgraded to Ba1 from Baa3 on December 20, 2011.

Ratings Rationale

The rating action on OTP's covered bonds was prompted by the
rating action taken by Moody's Financial Institutions Group on
the Ba1 senior unsecured debt rating of OTP NyRt. While the
issuer of the covered bonds is OTP, Moody's uses the senior
unsecured rating of OTP Bank NyRt, the parent bank of OTP, as the
"issuer rating" for its covered bond analysis as OTP NyRt
provides a full, irrevocable and unconditional guarantee of OTP's
obligations.

The rating action on FHB's covered bonds was prompted by the
rating action taken by Moody's Financial Institutions Group on
the Ba3 long-term deposit rating.

Both OTP NyRt's senior unsecured debt rating and FHB's long-term
deposit rating were placed on review on 12 December 2012. The
review was prompted by Moody's view that the ongoing adverse
environment in which the banks operate has the potential to cause
further erosion of the banks' standalone credit risk profiles.
For further information please refer to the press release
"Moody's reviews ratings of seven Hungarian banks for downgrade"
published on December 12, 2012.

KEY RATING ASSUMPTIONS/FACTORS

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

EXPECTED LOSS: Moody's determines a rating based on the expected
loss on the bond. The primary model used is Moody's Covered Bond
Model (COBOL), which determines expected loss as (1) a function
of the issuer's probability of default (measured by the issuer's
rating); and (2) the stressed losses on the cover pool assets
following issuer default.

For OTP the cover pool losses are 50.6%. This is an estimate of
the losses Moody's currently models if the issuer defaults. Cover
pool losses can be split between market risk of 33.6% and
collateral risk of 17.0%. Market risk measures losses as a result
of refinancing risk and risks related to interest-rate and
currency mismatches (these losses may also include certain legal
risks). Collateral risk measures losses resulting directly from
the credit quality of the assets in the cover pool. Collateral
risk is derived from the collateral score, which for OTP is
currently 25.3%.

The over-collateralization in OTP's cover pool is 19.3 %, of
which the issuer currently provides 0% on a "committed" basis.
The minimum OC level that is consistent with the Baa3 rating
target is 0%.

For FHB the cover pool losses are 41.8%. This is an estimate of
the losses Moody's currently models if the issuer defaults. Cover
pool losses can be split between market risk of 29.2% and
collateral risk of 12.7%. Market risk measures losses as a result
of refinancing risk and risks related to interest-rate and
currency mismatches (these losses may also include certain legal
risks). Collateral risk measures losses resulting directly from
the credit quality of the assets in the cover pool. Collateral
risk is derived from the collateral score, which for FHB is
currently 18.9%.

The over-collateralization in FHB's cover pool is 22.9 %, of
which the issuer currently provides 13.0% on a "committed" basis.
The minimum OC level that is consistent with the Ba1 rating
target is 0%.

For further details on cover pool losses, collateral risk, market
risk, collateral score and TPI Leeway across covered bond
programs rated by Moody's please refer to "Moody's EMEA Covered
Bonds Monitoring Overview", published quarterly. All numbers in
this section are based on the most recent Performance Overview
based on data, as per 30 September 2012.

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

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

Moody's has assigned a TPI of Very Improbable for OTP's and FHB's
covered bonds.

SENSITIVITY ANALYSIS

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

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

The TPI assigned to OTP's and FHB's covered bonds is Very
Improbable. The TPI Leeway for both covered bonds is limited, and
thus any downgrade of the issuer ratings may lead to a downgrade
of the covered bonds.

A multiple-notch downgrade of the covered bonds might occur in
certain limited circumstances, such as (1) a sovereign downgrade
negatively affecting both the issuer's senior unsecured rating
and the TPI; (2) a multiple-notch downgrade of the issuer; or (3)
a material reduction of the value of the cover pool.

Rating Methodology

The principal methodology used in these rating was "Moody's
Approach to Rating Covered Bonds" published in July 2012.



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


ALPSTAR CLO 1: S&P Affirms 'CCC+' Rating on Class E Notes
---------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Alpstar CLO 1 PLC's class A2, B, C1, and C2 notes. "At the same
time, we have affirmed our ratings on the class A1, D, and E
notes," S&P said.

"The rating actions follow our assessment of the transaction's
performance based on the Nov. 8. 2012 trustee report data, our
credit and cash flow analysis, and considering recent transaction
developments. We have also applied our 2012 counterparty criteria
and our 2009 cash flow criteria update for corporate
collateralized debt obligations (CDOs)," S&P said.

"Since our previous review of the transaction on Nov. 8, 2011, we
have observed further deleveraging of the class A1 notes, which
has resulted in an increase in the credit enhancement for all
classes of notes. The weighted-average spread earned on the
collateral pool has also increased to 3.91% from 3.35% since our
previous review. We have observed that there are now no assets
that we consider to be rated below 'CCC-' ('CC', 'SD', and 'D')
in the pool. However, the proportion of assets rated in the 'CCC'
category ('CCC+', 'CCC', or 'CCC-') has increased (in notional
and percentage terms). All par coverage tests comply with the
required trigger under the transaction documents," S&P said.

"We have subjected the capital structure to our cash flow
analysis, based on the methodology and assumptions outlined in
our 2009 cash flow collateralized debt obligation (CDO) criteria
to determine the break-even default rate (BDR) at each rating
level. We used the reported portfolio balance that we considered
to be performing, the principal cash balance, the weighted-
average spread, and the weighted-average recovery rates that we
considered to be appropriate. We have also taken into
consideration that Alpstar CLO 1 ended its reinvestment period on
April 25, 2012," S&P said.

"We incorporated various cash flow stress scenarios, using
various default patterns, levels, and timings for each liability
rating category, in conjunction with different interest rate
stress scenarios. To help assess the credit risk of the
collateral pool, we used CDO Evaluator 6.0.1 to generate SDRs
(scenario default rates) at each rating level. We then compared
these SDRs with their respective BDRs," S&P said.

"Taking into account the observations outlined above--we consider
the level of credit enhancement available to the class A1 and D
notes in this transaction to be commensurate with their current
ratings. We have therefore affirmed our ratings on these classes
of notes," S&P said.

"In addition, our cash flow analysis now supports higher ratings
than previously assigned to the class A2, B, C1, and C2 notes. We
have therefore raised our ratings on these classes of notes," S&P
said.

"Although the results of our cash flow analysis above suggest
higher ratings for the class E notes, we have affirmed our 'CCC+
(sf)' rating on these notes based on the maximum ratings
achievable under the largest obligor default test," S&P said.

"The largest obligor test is a supplemental stress test that we
introduced in our 2009 cash flow CDO criteria. This test
addresses event and model risk that might be present in the
transaction and assesses whether a CDO tranche has sufficient
credit enhancement (not counting excess spread) to withstand
specified combinations of underlying asset defaults based on the
ratings on the underlying assets, with a flat recovery of 5%,"
S&P said.

"Based on our counterparty analysis, we concluded that the
transaction documentation for the derivative counterparties does
not entirely comply with our 2012 counterparty criteria. We have
analyzed the transaction's exposure to the derivative
counterparty--Bank of America N.A. (A/Negative/A-1) and concluded
that the derivative exposure is currently sufficiently limited,
so as not to affect the ratings that we have assigned. The bank
account documentation complies with our 2012 counterparty
criteria," S&P said.

Alpstar CLO 1 is a cash flow corporate loan collateralized loan
obligation (CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms.

             STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

           http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class                     Rating
                To                       From

Alpstar CLO 1 PLC
EUR330 Million Secured Fixed- and Floating-Rate Notes

Ratings Raised

A2              AA+ (sf)                 AA- (sf)
B               A+ (sf)                  A (sf)
C1              BBB+ (sf)                BBB- (sf)
C2              BBB+ (sf)                BBB- (sf)

Ratings Affirmed

A1              AAA (sf)
D               BB+ (sf)
E               CCC+ (sf)


BANK OF IRELAND: Balks at Bank Guarantee Extension
--------------------------------------------------
Jamie Smyth at The Financial Times reports that Bank of Ireland
said it is "frustrated" by Dublin's decision to extend its bank
guarantee into 2013, a move that could cost the bank hundreds of
millions of euros.

"Bank of Ireland is ready to come off the guarantee and we were
prepared for coming off on December 31," Richie Boucher, Bank of
Ireland chief executive, told the FT.  "The delay in timing is
frustrating for the bank and is something we are keeping a very
close eye on and we are having dialogue with the authorities on."

Dublin introduced the Eligible Liabilities Guarantee scheme in
December 2009 when Irish banks were shut out of international
debt markets, the FT recounts.  Last Thursday, the European
Commission approved Dublin's request for an extension until the
end of June 2013, the FT relates.

The scheme provides a state guarantee for deposits over
EUR100,000 in return for hefty fees paid by banks, the FT
discloses.  Bank of Ireland, Ireland's largest lender by assets,
paid EUR449 million in 2011 for the guarantee and is lobbying for
its withdrawal, the FT notes.

According to the FT, Dublin has said it may lift the guarantee in
early 2013 but is concerned this could make it more difficult for
other state-owned banks to raise funds.

Mr. Boucher, as cited by the FT, said the guarantee was brought
in on a "systemic basis" and the bank required permission from
Dublin to come off the scheme.

"It is expensive and we don't believe it adds a lot.  It is
depleting capital from the banks.  We are very conscious of the
government's desire to be a regular issuer in the markets and
having this contingent liability taken away from the state is
very important," the FT quotes Mr. Boucher as saying.

Headquartered in Dublin, Bank of Ireland --
http://www.bankofireland.com/-- provides a range of banking and
other financial services.  These include checking and deposit
services, overdrafts, term loans, mortgages, business and
corporate lending, international asset financing, leasing,
installment credit, debt factoring, foreign exchange facilities,
interest and exchange rate hedging instruments, executor,
trustee, life assurance and pension and investment fund
management, fund administration and custodial services and
financial advisory services, including mergers and acquisitions
and underwriting.  The Company organizes its businesses into
Retail Republic of Ireland, Bank of Ireland Life, Capital
Markets, UK Financial Services and Group Centre.  It has
operations throughout Ireland, the United Kingdom, Europe and the
United States.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on Nov. 08,
2012, Standard & Poor's Ratings Services raised its ratings on
five Bank of Ireland (BOI; BB+/Negative/B) dated subordinated
debt issues to 'CC' from 'D'. "In addition, we have raised the
rating on one BOI junior subordinated debt issue to 'CC' from
'C'," S&P said.


BANK OF IRELAND: S&P Expects to Rate Sub. Debt Issue at 'B'
-----------------------------------------------------------
Standard & Poor's Ratings Services expects to assign a 'B' rating
to Bank of Ireland's (BOI; BB+/Negative/B) proposed new dated
nondeferrable subordinated debt issue, subject to a review of the
final documentation. "At the same time, we have raised the
ratings on BOI's existing dated subordinated debt issues to 'B'
from 'CC'. In addition, we have raised the ratings on BOI's
existing junior subordinated debt and preference shares to 'B-'
from 'CC'," S&P said.

"BOI has stated that it intends to issue EUR250 million dated
subordinated debt due 2022, which we understand will be the first
issue of an unsecured or unguaranteed debt by an Irish bank since
2010. We would expect to assign 'minimal' equity content to this
issue, in accordance with our criteria for nondeferrable
instruments," S&P said.

"When assigning a rating to a dated nondeferrable subordinated
debt instrument issued by a bank whose stand-alone credit profile
(SACP) is in speculative grade, we typically assign an issue
rating two notches below the SACP. We notch dated subordinated
debt from the SACP in countries (like Ireland) where we think the
authorities can impose losses on these instruments without
putting the bank into liquidation. BOI's SACP is 'bb'. In this
instance, we would widen the notching to three notches. This is
because:" S&P said

    "We assess BOI's capital and earnings as 'weak', as defined
    in our criteria, which also incorporates our assumption that
    BOI's projected risk-adjusted capital (RAC) ratio will be in
    the 3.5%-4.0% range through end-2014," S&P said.

    "We consider that the coupon for this issue, at 10%, is
    high," S&P said.

    "We note that the Irish authorities remain ill disposed to
    subordinated bondholders, in light of the government bailout
    of the Irish banking system," S&P said.

    "We consider that BOI has a weak track record with respect to
    subordinated liabilities (it has carried out several
    liability management exercises in recent years)," S&P said.

"We have raised the ratings on BOI's existing dated subordinated
debt, junior subordinated debt, and preference shares (most of
which have been subject to past liability management exercises by
BOI) because we consider that the proposed new issuance shows
intent by BOI to rebuild its standing in the debt markets. We
therefore see no reason to differentiate between the new and
existing issues (we rate the junior subordinated debt and
preference shares one notch lower than the dated subordinated
debt to reflect their greater subordination). Moreover, we now
don't anticipate nonpayment on these instruments over the next 12
months, which would have been consistent with a 'CC' or 'CCC'
category rating," S&P said.

RATINGS LIST

Upgraded
                                        To                 From
Bank of Ireland
Subordinated                           B                  CC
Preference Stock                       B-                 CC

Bank of Ireland U.K. Holdings PLC
Junior Subordinated*                   B-                 CC
*Guaranteed by Bank of Ireland.


DECO SERIES 2005: Fitch Cuts Rating on Class H Notes to 'CCCsf'
---------------------------------------------------------------
Fitch Ratings has downgraded DECO Series 2005 - Pan Europe 1
plc's class H commercial mortgage-backed notes, as follows:

  -- EUR2.2m class G due July 2014 (XS0227116950) affirmed at
     'Asf'; Outlook Stable
  -- EUR4.9m class H due July 2014 (XS0227117503) downgraded to
    'CCCsf' from 'Bsf'; off Rating Watch Evolving; assigned
     Recovery Estimate (RE) 95%

The downgrade is driven by the uncertainty regarding issuer
expenses towards the end of the life of the CMBS, which will be
determined by the sale of the last property under the last
remaining loan, AWOBAG.  This sale is scheduled to be completed
by the January 2013 interest payment date, although it was
previously expected to complete by October 2012.

While the sales proceeds should be sufficient to repay the loan
(including accrued interest) in full, the issuer could be left
out of pocket if transaction costs spike -- an occurrence
affecting other CMBS nearing their end. While the class H notes
might therefore suffer a shortfall, Fitch does not expect there
would be an interruption of payments on the class G notes.


MAGNOLIA FINANCE: Moody's Affirms 'C' Rating on US$18MM Notes
-------------------------------------------------------------
Moody's Investors Service has affirmed one class of notes issued
by Magnolia Finance II Series 2007-5. The affirmation is due to
the key transaction parameters performing within levels
commensurate with the existing rating levels. The rating action
is the result of Moody's on-going surveillance of commercial real
estate collateralized debt obligation (CRE CDO Synthetic)
transactions.

Moody's rating action is as follows:

US$18,000,000 CMBS Portfolio Variable Rate Notes due October
2045, Affirmed at C (sf); previously on Mar 2, 2011 Downgraded
to C (sf)

Ratings Rationale

Magnolia Finance II plc Series 2007-5 is a static synthetic
transaction backed by a portfolio of commercial mortgage backed
securities (CMBS) reference obligations (100.0% of the pool
balance). All of the CMBS reference obligations were securitized
between 2005 and 2007.

Moody's has identified the following parameters as key indicators
of the expected loss within CRE CDO transactions: weighted
average rating factor (WARF), weighted average life (WAL),
weighted average recovery rate (WARR), and Moody's asset
correlation (MAC). These parameters are typically modeled as
actual parameters for static deals and as covenants for managed
deals.

WARF is a primary measure of the credit quality of a CRE CDO
pool. Moody's has completed updated assessments for the non-
Moody's rated reference obligations. Moody's modeled a bottom-
dollar WARF of 8,505, compared to 8,458 at last review. The
current distribution of Moody's rated reference obligations
collateral and assessments for non-Moody's rated reference
obligations is as follows: Baa1-Baa3 (2.7% compared to 2.2% at
last review), Ba1-Ba3 (2.7% compared to 2.2% at last review), B1-
B3 (5.4% compared to 6.7% at last review), and Caa1-C (89.2%
compared to 88.8% at last review).

Moody's modeled a WAL of 4.3 years, compared to 5.5 years at last
review. The current WAL is based on the assumption about
extensions of the underlying reference obligations and associated
loans.

Moody's modeled a fixed WARR of 1.1% compared to 0.0% at last
review.

Moody's modeled a MAC of 100%, compared to 0% at last review. The
change in the MAC is due to high credit risk of the reference
obligations concentrated in a small number of names.

Moody's review incorporated CDOROM(R)v2.8, one of Moody's CDO
rating models, which was released on March 22, 2012.

The performance expectations for a given variable indicate
Moody's forward-looking view of the likely range of performance
over the medium term. From time to time, Moody's may, if
warranted, change these expectations. Performance that falls
outside the given range may indicate that the collateral's credit
quality is stronger or weaker than Moody's had anticipated when
the related securities ratings were issued. Even so, a deviation
from the expected range will not necessarily result in a rating
action nor does performance within expectations preclude such
actions. The decision to take (or not take) a rating action is
dependent on an assessment of a range of factors including, but
not exclusively, the performance metrics.

Primary sources of assumption uncertainty are the extent of
growth in the current macroeconomic environment given the weak
pace of recovery and commercial real estate property markets.
Commercial real estate property values are continuing to move in
a modestly positive direction along with a rise in investment
activity and stabilization in core property type performance.
Limited new construction and moderate job growth have aided this
improvement. However, a consistent upward trend will not be
evident until the volume of investment activity steadily
increases for a significant period, non-performing properties are
cleared from the pipeline, and fears of a Euro area recession are
abated.

The hotel sector is performing strongly with nine straight
quarters of growth and the multifamily sector continues to show
increases in demand with a growing renter base and declining home
ownership. Recovery in the office sector continues at a measured
pace with minimal additions to supply. However, office demand is
closely tied to employment, where growth remains slow and
employers are considering decreases in the leased space per
employee. Also, primary urban markets are outperforming secondary
suburban markets. Performance in the retail sector continues to
be mixed with retail rents declining for the past four years,
weak demand for new space and lackluster sales driven by internet
sales growth. Across all property sectors, the availability of
debt capital continues to improve with robust securitization
activity of commercial real estate loans supported by a monetary
policy of low interest rates.

Moody's central global macroeconomic scenario is for continued
below-trend growth in US GDP over the near term, with consumer
spending remaining soft in the US. Hurricane Sandy may skew near-
term economic data but is unlikely to have any long-term
macroeconomic effects. Primary downside risks include: a deeper
than expected recession in the euro area accompanied by deeper
credit contraction; the potential for a hard landing in major
emerging markets, including China, India and Brazil; an oil
supply shock, albeit abated in recent months; and given recent
political gridlock, excessive fiscal tightening in the US in 2013
leading the US into recession. However, the Federal Reserve has
shown signs of support for activity by continuing with
quantitative easing.

The methodologies used in this rating were "Moody's Approach to
Rating SF CDOs" published in May 2012, and "Moody's Approach to
Rating Commercial Real Estate CDOs" published in July 2011.


OPERA FINANCE: S&P Lowers Rating on Class D Notes to 'CCC'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Opera Finance (CMH) PLC's class A, B, C, and D notes.

"The rating actions follow our review of the credit quality of
the CMH loan securing the notes," S&P said.

"Our analysis reflects our revised November 2012 European
commercial mortgage-backed securities (CMBS) criteria," S&P said.

Opera Finance (CMH) is an Irish secured-loan commercial mortgage-
backed securities (CMBS) transaction, which closed in February
2006.

                          THE CMH LOAN

The transaction is backed by the CMH loan, a single interest-only
(nonamortizing, with the full principal due in one payment at
maturity) loan, which matures in January 2013. It is split into a
senior and a junior loan. The senior loan is securitized and has
a current balance of EUR375 million. The junior loan sits outside
the transaction and has a current balance of approximately EUR85
million. The National Asset Management Agency (NAMA) purchased
the junior loan in May 2010.

The borrower is currently meeting the interest coverage ratio
(ICR) covenant of 110%; the senior ICR is currently 1.48x. There
is no senior loan-to-value (LTV) ratio covenant; the senior LTV
ratio is currently 138.7% and the whole-loan LTV ratio is
currently 170%.

There is a whole-loan LTV ratio covenant of 80%, which was
breached in March 2010. Since then, the servicer has been
trapping excess cash, which currently amounts to EUR5.4 million.
Under the transaction documents, the servicer can use excess cash
to make up any interest shortfalls on the junior loan and can
only use it to pay down the senior loan after a senior loan event
of default has
occurred. "In our opinion, the servicer will likely use part of
this cash to pay down notes at the next interest payment date, as
the loan is likely to default at maturity in January 2013," S&P
said.

                  PROPERTIES SECURING THE LOAN

The loan is secured by 16 retail and office properties in
Ireland, with a high concentration in Dublin (15 properties). The
other property is in Cork, with Marks & Spencer as the tenant.

The properties are let on 86 leases and have a weighted-average
occupancy of 98.5%. The weighted-average lease term is 12.1 years
until first break, and 14.0 years until lease expiry. Rental
income has decreased since closing, because a number of tenants
have gone into administration and new leases have been agreed at
lower rents. Although all of the leases in the portfolio have
upward-only rent reviews, existing tenants have also been able to
negotiate lower rents in exchange for not exercising their break
clause options. This is not unusual in the current economic
climate, and has had only a marginal effect on income.

Rental income from six of the 16 properties accounts for over 90%
of the total rental income for the property portfolio. The office
properties located in St. Stephen's Green are leased to KPMG.
This tenant is the largest contributor to the total rental income
of the portfolio.

The Stillorgan Shopping Center, the second largest property in
terms of rental income after St. Stephens Green, is let to over
50 tenants. This property  is located approximately four miles
southeast of Dublin's city center. Its tenants include a Tesco
supermarket, a McDonald's restaurant, and a Dunnes Stores
department store.

                         COUNTERPARTY RISK

The ratings on the notes are lower than the issuer credit rating
on any of the counterparties supporting the transaction.
Therefore, counterparty risk does not constrain our ratings on
the notes in this transaction.

                          RATING ACTIONS

"We have lowered our ratings on the class A, B, C, and D notes
because our expectation of principal losses in each of our
expected rating scenarios has increased," S&P said.

"At closing in February 2006, Opera Finance (CMH) was secured
against 16 retail and office properties in Ireland. The
outstanding securitized note balance is EUR375 million, which is
unchanged since closing. The loan matures in January 2013. The
legal final maturity of the notes is two years later in January
2015. Opera Finance (CMH) is a 2006-vintage Irish single-loan
CMBS transaction arranged by Hypothekenbank Frankfurt AG (A-
/Negative/A-2)," S&P said.

            STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Opera Finance (CMH) PLC
EUR375 Million Commercial Mortgage-Backed Floating-Rate Notes

Class                 Rating
           To                        From

Ratings Lowered

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



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


BANCA MONTE: Wins Temporary EU Approval for Recapitalization
------------------------------------------------------------
Aoife White at Bloomberg News reports that Banca Monte dei Paschi
di Siena SpA won temporary European Union approval for a
EUR3.9 billion (US$5.1 billion) recapitalization from the Italian
government to help it meet minimum capital requirements.

According to Bloomberg, the European Commission said in an
e-mailed statement yesterday that Monte Paschi must submit a
restructuring plan within six months before regulators can make a
final decision on the state aid.

The EU has to approve large state payments to banks and can
require lenders to shed businesses to compensate for the harm the
aid may cause rivals, Bloomberg states.

"The commission found that the recapitalization of Monte Paschi
through hybrid capital is necessary to preserve the stability of
the Italian financial system," Bloomberg quotes the Brussels-
based authority as saying in the statement.

Monte Paschi is the only Italian bank still lacking minimum
capital requirements set by the European Banking Authority,
Bloomberg notes.  The lender said Nov. 28 it will seek an
additional EUR500 million of state aid, raising the total to
EUR3.9 billion, to cover potential losses from "structured
transactions," which it wouldn't detail, Bloomberg recounts.

The bank is borrowing the funds by selling bonds to the state and
giving shares to the Treasury instead of interest on the debt if
it reports an annual loss, Bloomberg discloses.

Chief Executive Officer Fabrizio Viola is seeking state aid to
bolster the company's balance sheet after he was unable to find
private investors, Bloomberg says.

Banca Monte dei Paschi di Siena SpA -- http://www.mps.it/-- 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.


FONDIARIA-SAI: S&P Raises Counterparty Credit Rating From 'BB'
--------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'BBB' from 'BB' its
long-term counterparty credit and financial strength ratings on
Italy-based composite insurer Fondiaria-SAI SpA and its rated
subsidiary Milano Assicurazioni SpA.

At the same time, we have removed the ratings from CreditWatch
with positive implications, where we originally placed them on
Aug. 9, 2012.

The outlook on both entities is negative.

"The upgrade reflects our view that the alignment of the Premafin
Hp, Fondiaria-SAI, and most recently Milano Assicurazioni
management boards to that of the Unipol group indicates the
Unipol group's increased commitment to supporting Fondiaria-SAI
and Milano Assicurazioni until the merger, which is expected to
be successfully executed in July 2013. It follows the affirmation
of our 'BBB' ratings on Unipol," S&P said.

"Accordingly, we now regard Fondiaria-SAI and Milano
Assicurazioni as core operating entities of the Unipol group,"
S&P said.

"Our opinion is based on these factors," S&P said:

    Fondiaria-SAI and Milano Assicurazioni operate in lines of
    business and regions that are integral to the Unipol group's
    overall strategy.

    The group plans to fully integrate these companies within the
    Unipol group.

    Their senior group management mostly mirrors Unipol's group
    top management.

    Together, they constitute over 50% of Unipol's group business
    and capital.

    Unipol has demonstrated a strong commitment through its
    EUR1.1 billion capital increase and by facilitating the
    recapitalization of the Fondiaria-SAI group.

    "We consider that if the group were to dispose of these
    entities, it would seriously disrupt Unipol group's goals and
    strategy," S&P said.

"The negative outlook reflects that on Unipol and therefore our
view that the merger carries significant execution risk and the
Unipol group remains exposed to significant nonrecurring costs,"
S&P said.

"We could lower the ratings if nonrecurring costs and difficult
macroeconomic conditions were to weaken the Unipol group's
capitalization, underlying operating performance, and capacity to
service its financial obligations. We could lower the ratings if
we ceased to regard the companies as core," S&P said.

"We could consider revising the outlook to stable if the Unipol
group were to demonstrate sustainable improvements in underlying
operating performance, reduced potential for nonrecurring items,
and improving financial flexibility," S&P said.


SOCIETA ITALIANA: S&P Raises Counterparty Credit Rating From 'BB'
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its financial strength
and long-term counterparty credit ratings on Italy-based marine
insurer SIAT - Societa Italiana Assicurazioni e Riassicurazioni
SpA (SIAT) to 'BBB-' from 'BB' and assigned them a negative
outlook. "At the same time, we revised our assessment of SIAT's
stand-alone credit profile (SACP) to 'bbb-' from 'bb+'," S&P
said.

"The upgrade of SIAT follows that of its immediate parent,
Italian insurer Fondiaria-SAI SpA (Fondiaria-SAI). The ratings on
SIAT are no longer capped by those of Fondiaria-SAI, and reflect
SIAT's SACP. We view SIAT as a nonstrategically important
subsidiary of the enlarged Unipol group, under our criteria. As
such, the ratings on SIAT do not benefit from any uplift from the
group," S&P said.

"The upgrade also reflects our view of SIAT's improved financial
profile in recent months, to a level that supports a 'BBB-'
rating," S&P said.

"In particular, the increased commitment of the Unipol group to
SIAT's parent alleviates some pressure on the insurer's financial
flexibility. In addition, SIAT has not been asked to pay any
exceptional dividends in 2012, as we expected when we revised
down its SACP, despite the financial strain on Fondiaria-SAI over
the past year," S&P said.

"The ratings are based on our expectation that SIAT will maintain
good capitalization and operating performance at levels
supportive of the current ratings," S&P said.

"The negative outlook reflects our concerns regarding SIAT's
business risk profile, stemming from pressure on its competitive
position and difficult economic conditions in Italy," S&P said.

"We could downgrade SIAT if we see a material deterioration in
its market share in its core Italian hull and cargo markets, or
if gross premium written falls by significantly more than 5% in
2013," S&P said.

"In our view, there is limited potential for positive rating
action in the current business and financial environments," S&P
said.

"Any material change in SIAT's business or financial profile
stemming from its integration into the larger Unipol group would
also trigger a rating review," S&P said.


UNIPOL BANCA: S&P Affirms 'BB/B' Counterparty Credit Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB/B' long- and
short-term counterparty credit ratings on Unipol Banca SpA and
removed them from CreditWatch with negative implications, where
S&P originally placed them on Dec. 7, 2011. The outlook is
negative.

"The affirmation of the long-term rating on Unipol Banca reflects
our opinion that although banking is not core to the Unipol group
strategy, the reputational and financial links between the two
are so strong that the Unipol group will continue to provide
support. In addition, we consider that the future merger of
Unipol Assicurazioni SpA with the Premafin Italian insurance
group should not significantly impede the capacity of the Unipol
group to support Unipol Banca in case of need," S&P said.

"The affirmation also reflects our view that Unipol Banca's
stand-alone credit profile (SACP) remains unchanged at 'b'," S&P
said.

"We see the reputational links as very strong because 60% of
Unipol Banca's branches are integrated with insurance branches
and Unipol Assicurazioni's insurance clients represent about 21%
of the bank's funding base. The financial links reflect not only
the EUR1 billion in capital but also the EUR1.1 billion in
funding provided on Sept. 30, 2012 to Unipol Banca by Unipol
Assicurazioni, and a guarantee on EUR530 million of the bank's
nonperforming assets (NPAs) by Unipol Gruppo Finanziario SpA
(UGF). As a result, we consider Unipol Banca to be a
'strategically important' subsidiary of the Unipol group
according to our group methodology, and this gives the bank three
notches of uplift above its SACP," S&P said.

"The starting point for our ratings on Unipol Banca is its 'bbb'
anchor, which is based on our view of the banking system in
Italy. We consider Unipol Banca's business position to be 'weak,'
as defined in our criteria. This reflects our view of the bank's
limited national market share, a point on which it differs from
most of its Italian competitors. We assess Unipol Banca's capital
and earnings as 'moderate' because we believe that our risk-
adjusted capital (RAC) ratio will remain in the 5.5%-6% range in
the coming 18 months," S&P said.

"Our assessment of Unipol Banca's risk position as 'weak'
reflects its weak asset quality metrics and high concentration in
real estate. We estimated gross NPAs at about 23.5% of gross
loans on Sept. 30, 2012, up from 20.5% at the end of 2011, and
coverage of NPAs at about 41%, including UGF's NPA guarantee. We
consider the pace of deterioration in asset quality in the first
nine months to have been worse than the Italian banking system
average," S&P said.

"We view funding as 'below average' and liquidity as 'adequate,'
owing to Unipol Banca's continuing dependence on fairly volatile
funding sources, balanced by an unencumbered asset buffer that
amply covers its liquidity needs. Also weighing on our view of
Unipol Banca's funding position is the limitation on Unipol
Assicurazioni's capacity to substantially increase its funding
for the bank, given its own liquidity constraints," S&P said.

"The negative outlook on Unipol Banca reflects the possibility
that we could lower the ratings if we anticipated that further
deterioration in the bank's already-weak asset quality metrics or
the domestic economic and banking industry could weaken Unipol
Banca's capital and risk positions. Specifically, Unipol Banca's
risk position could weaken if we came to believe gross NPAs would
continue to significantly rise in the next two years. Our
forecast for the bank's capitalization could weaken if loan loss
provisions were to greatly exceed the 100 basis points per year
we factor into our current forecast. We could also lower the
ratings if Unipol's capacity and willingness to support Unipol
Banca weakened as the group transformation became complete," S&P
said.

"We could revise the outlook to stable if we anticipated an
improvement in economic and operating conditions for the Italian
banking system, and a stabilization of Unipol Banca's asset
quality," S&P said.


UNIPOL GRUPPO: S&P Affirms 'BB+' Counterparty Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services removed from CreditWatch with
negative implications and affirmed its 'BBB' long-term
counterparty credit and financial strength ratings on Italy-based
composite insurer Unipol Assicurazioni SpA.

"We also removed from CreditWatch negative and affirmed our 'BB+'
long-term counterparty credit rating on the Unipol group's
holding company, Unipol Gruppo Finanziario SpA (UGF)," S&P said.

The outlook on these entities is negative.

"Our 'BB+' long-term issue ratings on Unipol Assicurazioni's
subordinated debt and UGF's senior unsecured debt were also
removed from CreditWatch negative and affirmed," S&P said.

"We originally placed the ratings on CreditWatch negative on Dec.
9, 2011," S&P said.

"The affirmation reflects our view that the Unipol group has
strengthened its strong competitive position and maintained
merely good capitalization and adequate operating performance as
result of taking control of Premafin Hp and its major operating
entities, Fondiaria-SAI and Milano Assicurazioni. The affirmation
follows the publication of the first consolidated financial
statements of the enlarged group and the appointment of a new
board of directors to Milano Assicurazioni, which also signals an
increased probability that Unipol Assicurazioni, Milano, and
Premafin Hp will be successfully merged in Fondiaria-SAI in July
2013, as planned," S&P said.

"The ratings on Unipol's core operating entities (which now
include Fondiaria-SAI and Mailano) reflect the group's leading
position in the Italian P/C insurance business; the ongoing
recovery of P/C underwriting performance; and good investments.
These factors are partially offset by high exposure to execution
risk and nonrecurring costs; merely good capitalization and
marginal financial flexibility; and weak banking operations," S&P
said.

"The negative outlook reflects the fact that the integration of
the Premafin Hp group involves significant execution risk, and
Unipol's financial risk profile could be weakened by the
difficult macroeconomic and financial environment as well as
exposure to nonrecurring costs. These may include further
strengthening of loss reserves, further asset impairments, and
other nonrecurring costs related to the integration, and also to
legal, claw-back,
and compensatory actions from shareholders, listing authorities,
and creditors," S&P said.

"We could lower the ratings if nonrecurring costs and difficult
macroeconomic conditions were to weaken the group's
capitalization, capacity to service its financial obligations,
and underlying operating performance, prompting the group to
report negative net results in 2012 and 2013," S&P said.

"We could consider revising the outlook to stable if the group
were to demonstrate sustainable improvements in underlying
operating performance, reduced potential for nonrecurring items,
and improving financial flexibility," S&P said.


* ITALY: Fitch Says Outlook for Large Banks Remains Negative
------------------------------------------------------------
Fitch Ratings' outlook for the major Italian banks for 2013
remains negative according to a newly published report.  The
outlook reflects the difficult operating environment for the
Italian banks in the midst of the eurozone crisis.  The weak
domestic real economy has caused a sharp rise in impaired loans,
and Fitch expects asset quality to deteriorate further in 2013.
At the same time, earnings generation remains under pressure.

Mitigating these pressures are improvements in liquidity at the
big banks and Fitch's expectation that the Italian economy will
gradually come out of recession in H213.

The Long-term Issuer Default Ratings (IDR) of UniCredit S.p.A
('A-'/Negative/'a-'), Intesa Sanpaolo ('A-'/Negative/'a-'),
Unione di Banche Italiane - UBI Banca ('BBB+'/Negative/'bbb+')
and Banco Popolare ('BBB'/Stable/'bbb') are based on their
Viability Ratings (VRs). Banca Monte dei Paschi di Siena's
'BBB'/Stable Long-Term IDR is based on its Support Rating Floor
(SRF), which is above its 'bb+' VR, which is on Rating Watch
Negative (RWN).

Fitch considers the sharp rise in impaired loans the main risk
for the large Italian banks. Gross impaired loans accounted for
between 8.6% and 18% of the five big banks' gross loans at end-
September 2012, and Fitch expects a further deterioration in
2013.  This poses a risk as banks rely on the value of collateral
in the recovery process, which can be lengthy.

The banks' profitability remains weak mainly because of pressure
on net interest income arising from low deposit spreads and high
loan impairment charges.  Revenue from carry trades, a focus on
generating fees and commissions and improved cost efficiency
should at least mitigate earnings pressure in 2013.

With the exception of Banca Monte dei Paschi di Siena, which is
set to receive up to EUR2 billion in government capital, the five
big banks have managed to strengthen capital ratios internally,
which Fitch considers important given the expected asset quality
deterioration.  At end-September 2012 all five big banks reported
regulatory core Tier 1 ratios above 10%, and UniCredit and Intesa
Sanpaolo reported estimated fully-loaded Basel III common equity
Tier 1 ratios of 9.3% and 10.5% respectively, which compares well
with international peers.

All five big banks have also improved their liquidity, helped by
the use of funding from the European Central Bank (ECB), and a
number of Italian banks have managed to issue debt to
institutional investors in H212.  Three of the big five banks,
Intesa Sanpaolo, Banco Popolare and UBI Bancaoa, announced that
their Basel III Net Stable Funding Ratio and Liquidity Ratio were
above the 100% requirement at end-September 2012.  This reflects
their efforts in strengthening funding, but both ratios are also
helped by the use of longer-term central bank funding.

Fitch believes that the negative outlook on the banking sector is
unlikely to be changed to stable unless prospects for
profitability and asset quality improve.  A moderate increase in
interest rates would give a material boost to net interest
income, the main driver of banks' income.  Fitch believes that
impaired loans are likely to increase even after the domestic
recession is over due to the normal lag effect, but the first
signs of improvement will include a slowdown in the inflow of new
impaired loans.



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


CENTRAL ASIA: Fitch Affirms 'BB-' National Long Term Rating
-----------------------------------------------------------
Fitch Ratings has affirmed Joint-Stock Company Central Asia
Cement's (CAC) National Long-Term Rating at 'BB-(kaz)' and
revised the Outlook to Positive from Stable.  The agency has also
affirmed CAC's senior unsecured KZT1.5 billion bond rating at
'B(kaz)'.

The completion of Steppe Cement's capital increase reinforces
CAC's financial structure and should allow financing of the
investment in the Line 5 refurbishment, while reducing leverage.
The group is still exposed to high operational risk due to its
concentration on the volatile Kazakh cement market.

KEY DRIVERS
Investment Plan Financed
CAC's parent company has successfully completed a GBP10 million
(US$16 million) capital increase.  The proceeds will be
transferred to the operating companies via an intra-group loan
and used to finance the completion of the Line 5 refurbishment.
The capital increase proceeds and CAC's KZT1.5 billion (US$9.5
million) unsecured bond issue completed in November mean that the
group raised most of the US$30 million needed to complete its
investment in Line 5.  The residual US$5 million will be financed
from the internal cash generation.

Stronger Financial Structure
The capital increase significantly improves the group's financial
structure. Fitch expects FFO net leverage to decline to below
2.0x at end-2012 (from 2.6x at end-2011).  The revision of the
Outlook to Positive reflects the agency's expectation that gross
leverage will materially improve from 2013, when Steppe Cement
will repay part of its long-term bank facilities.  The agency's
forecasts FFO gross leverage will fall below 2.0x in 2013 and
2014.

High Operational Risk
CAC's ratings reflect the high operational risk, as the group is
present exclusively in the Kazakh cement market that has been
extremely volatile in terms of both volumes and prices in recent
years.  The potential realisation of additional capacity from a
number of competitors could cause a demand/supply imbalance in
the next few years, which could put pressure on cement prices and
on industry margins.  Moreover, Steppe Cement operates a single
cement production plant, thus increasing the operational risk.
Lastly, the completion of the Line 5 projects is still subject to
execution risk.

Solid Market Positioning
The ratings reflect Steppe Cement's leading position in the
Kazakh cement market, with a share of 20%, and its cost advantage
over its competitors, thanks to the favorable location of its
Karaganda plant, which has been partially renovated to use the
efficient dry technology.  The rating and Positive Outlook also
reflect the current positive market trend, with double-digit
growth in both cement volume and prices in 2012, and the healthy
long-term prospects for cement demand in Kazakhstan, backed by
solid GDP growth, strong potential for residential demand, and by
the upgrading of infrastructure.

High Secured Debt
The rating of CAC's unsecured bond reflects its subordination to
all the other bank facilities of Steppe Cement and the fact that
all the major group's assets are pledged.  Long-term facilities
from HSBC and EBRD are secured against the Karaganda cement plant
(the only group's plant) while RCF from local banks are secured
against commercial receivables and inventories, thus reducing the
recovery expectation for unsecured creditors in case of default.

Steppe Cement Consolidated
Fitch rates CAC on the basis of the credit profile and the
consolidated figures of Steppe Cement Limited.  Fitch considered
this to be the most meaningful economic entity in view of both
the strong operational ties between Steppe Cement, and its 100%
controlled subsidiaries CAC and Karcement, and the cross
guarantees on their respective debts.

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

  -- EBIT margin to remain above 10% on a sustained basis
  -- FFO gross leverage to improve to below 2.0x on a sustained
     basis

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

  -- FFO gross leverage to increase to above 3.5x on a sustained
     basis
  -- Delays in the Line 5 project completion, implying a material
     diversion from Fitch expectation in terms of revenue and
     margins
  -- Cost overruns on the new project, implying a material
     increase in leverage


KAZKOMMERTS-POLICY: S&P Cuts Counterparty Credit Rating to 'B'
--------------------------------------------------------------
Standard & Poor's Ratings Services downgraded the long-term
counterparty credit and insurer financial strength ratings and
Kazakhstan national scale rating on Insurance Co. Kazkommerts-
Policy JSC to 'B' from 'B+', and to 'kzBBB-' from 'kzBBB'. In
addition, the outlook on the ratings was revised to negative.

"The downgrade reflects our view that the stand-alone credit
profile (SACP) of Kazkommerts-Policy is weakening because of the
deteriorating SACP of its parent, Kazkommertsbank (JSC)
(B+/Negative/B) in accordance with our group methodology. The
insurer's new strategy of developing into the retail market is
negatively affecting operating performance, particularly through
growth in operating expenses. It also reflects our view that a
maximum one-notch differential between the insurer's rating and
the parent's SACP is appropriate, whereas previously we used the
parent's final rating as the starting point," S&P said.

"We assess Kazkommerts-Policy's SACP at 'b+', however, its
counterparty credit and insurer financial strength ratings are
limited by the 'b-' SACP of the parent plus one notch. We don't
anticipate that government support, which we include in the
ratings of Kazkommertsbank, would be downstreamed to the
insurance company in case of need. That's why the reference point
for the one notch is the parent's SACP. The company is considered
an insulated subsidiary as defined by our group rating criteria
for banks. In accordance with our criteria we took into
consideration these factors," S&P said:

    Kazkommerts-Policy is 100%-owned by Kazkommertsbank.

    Kazkommertsbank representatives dominate Kazkommerts-Policy's
    board with only one independent director.

    The regulatory framework in Kazakhstan provides some
    protection for the insurer in the event of adverse
    intervention from its parent or in case of the parent's
    financial difficulties.

    "We observed a track record in Kazakhstan of insurance
    subsidiaries continuing to serve their obligations after the
    default of their parent banks," S&P said.

"We consider the insurer as 'strategically important' to
Kazkommertsbank under our group methodology, but there is no
explicit support factored into our ratings, because the SACP of
the parent is lower than the SACP of the subsidiary," S&P said.

"Our ratings on Kazkommerts-Policy continue to reflect adequate
capitalization and the marginal quality of investments, which are
positive factors for the current rating of the company," S&P
said.

"At the same time, the ratings are constrained by the insurer's
weak business position in international terms," S&P said.

"We note that for the first nine months of 2012, Kazkommerts-
Policy hasn't been able to restore its competitive standing to
the top five of Kazakhstan's insurance companies, which was our
base case scenario. Kazkommerts-Policy, as of Oct. 1, 2012, is
among the top 10 non-life insurance companies in the country,
with gross premiums written of Kazakhstan tenge (KZT) 6.2 billion
(US$41 million) (KZT11.2 billion in 2011) and net premiums
written of KZT2.5 billion (US$16 million) (KZT5.8 billion in
2011)," S&P said.

"In our view, the financial profile of the company has weakened
mainly due to the transfer of the obligatory employers' liability
insurance line of business to life insurance companies, as well
as the development of retail lines of business to restore premium
volumes. However, according to our base-case scenario, rising
operating expenses from the building of a distribution network
and development of brand awareness are likely to constrain
operating results. In 2012-2013 investment income is likely to
support positive bottom-line results of the company," S&P said.

The negative outlook mirrors that on the parent.

"A negative rating action could follow if we revise
Kazkommertsbank's SACP downward," S&P said.

A positive rating action is dependent on such an action on the
SACP of the parent.



===========
L A T V I A
===========


LATVIJAS KRAJBANKA: Auction Set for Clients' Securities Today
-------------------------------------------------------------
Bryan Bradley at Bloomberg News reports that Latvia's stock
exchange will offer to sell shares, bonds and fund holdings from
client accounts at the bankrupt Latvijas Krajbanka AS in an
auction today, Dec. 18.

According to Bloomberg, the Nasdaq OMX Riga exchange said on its
Web site yesterday that proceeds from the sale of 39 different
securities with a total indicative value of LVL649,747 (US$1.2
million) will be held by notaries for the account owners, who
failed to claim them from the defunct lender before a Nov. 30
deadline.

Shares of natural-gas utility Latvijas Gaze, distillery AS
Latvijas Balzams and oil terminal operator AS Ventspils Nafta
make up about two-thirds of the value of today's offering,
Bloomberg says, citing a list on Krajbanka's Web site.

The exchange said that investors may submit bids for the
securities between 10:00 a.m. and 2:00 p.m. in Riga, Bloomberg
relates.  Order matching is planned at 4:00 p.m., Bloomberg
discloses.

                     About Latvijas Krajbanka

Headquartered in Riga, Latvia, AS Latvijas Krajbanka provides
commercial banking services to businesses and private individuals
in Latvia and the markets of the Commonwealth of Independent
States.  As of Dec. 31, 2009, AS Latvijas Krajbanka had 115
customer service centers and 190 automated teller machines.  AS
Latvijas Krajbanka is a subsidiary of AS banka Snoras.

As reported in the Troubled Company Reporter-Europe on May 10,
2012, Baltic Business News said the Riga District Court on
May 8 decided to start the bankruptcy procedure of Latvijas
Krajbanka.  The move was initiated by Krajbanka's insolvency
administrator SIA KPMG Baltics, BBN disclosed.  The company
believes that it is impossible to revive the bank without state
support, which is not coming, BBN noted.

Latvian regulators halted Krajbanka's operations on Nov. 21,
2011, after discovering LVL167 million (US$301 million) was
missing, Bloomberg News recounted.



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


CLONDALKIN INDUSTRIES: Moody's Cuts PDR to 'Caa1'; Outlook Neg.
---------------------------------------------------------------
Moody's Investors Service had affirmed Clondalkin Industries
B.V.'s B3 Corporate Family Rating (CFR), the B2 instrument rating
on the group's senior secured notes (issued by Clondalkin
Acquisition BV) and the Caa2 instrument rating on the group's
senior unsecured notes. Concurrently, Moody's has downgraded the
probability of default rating (PDR) to Caa1 from B3. The outlook
on all ratings remains negative.

Ratings Rationale

The downgrade of the probability of default rating to Caa1
reflects increasing pressure from refinancing requirements as the
company's liquidity sources forecasted for the next twelve months
will not be sufficient to cover projected liquidity uses,
pertaining in particular to EUR416 million senior secured notes
maturing in December 2013. The affirmation of the B3 CFR and
instrument ratings is based on Moody's view of above-average
recovery prospects. This assumption reflects the group's efforts
to support an orderly refinancing by various sources including
the disposal of certain parts of the business and introducing new
asset based borrowing arrangements, such as the securitization of
receivables. While these measures should in Moody's view support
the deleveraging of the group and reduce refinancing needs, they
inevitably have associated market execution risks as to value and
timing. Given these risk factors, the negative outlook reflects
potential for further negative rating actions should Clondalkin
fail to implement the refinancing within the next few months.

Clondalkin's operating profitability in 2012 continues to be
challenged by weak macroeconomic demand conditions in Europe and
supply chain challenges in North America. These have prompted a
slower than expected recovery in operating performance in 2012
despite incremental profitability from its recent printed
components acquisition and benefits from synergies and
restructuring measures. With high net leverage point in time of
6.1x on a reported basis (6.5x on a Moody's as adjusted basis and
7.5x on a gross debt basis), the rating agency cautions that
Clondalkin could be challenged to implement a successful
refinancing, despite currently benign high yield capital market
conditions.

Moody's continues to recognize Clondalkin's solid business
profile, benefitting from its good substrate diversity, its
strong market position in several niche markets with solid
geographical diversification, its continued high level of asset
efficiency, and its ability to generate meaningful positive free
cash flows on a sustainable basis, as evidenced by a FCF/debt
ratio of 6.9% per September 2012 on a rolling twelve months
basis. In addition, available cash sources remain ample with
EUR80 million of cash on hand as of September 2012, access to an
undrawn EUR19 million revolving facility and a history of
positive free cash flow generation, although cash generated has
in the past been spent on acquisitions. However, these cash
sources will not be sufficient to fully refinance upcoming debt
maturities by the end of 2013.

A stabilization of the outlook requires visibility on
Clondalkin's execution of an orderly refinancing, including the
application of some of its cash balance to reduce debt in case of
a refinancing exercise, which would lead to a reduction in gross
leverage, coupled with a recovery in operating profitability,
that would leave Clondalkin with a solid liquidity position and a
more sustainable financial profile, as evidenced by Debt/EBITDA
clearly below 7x. Given the pending refinancing requirements and
the high leverage, an upgrade is currently unlikely. However, if
the liability structure will have been successfully refinanced,
with, at the same time Moody's adjusted debt/EBITDA clearly below
6x, an upgrade might be possible.

The rating could be downgraded further should Clondalkin be
unable to implement a successful refinancing over the next
months.

The principal methodology used in rating Clondalkin Industries
B.V. and Clondalkin Acquisition BV was the Global Packaging
Manufacturers: Metal, Glass, and Plastic Containers Industry
Methodology published in June 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.

Clondalkin is among the leading converters for a number of niche
packaging products. In the last twelve months ending September
2012, the company recorded sales of EUR949 million, which were
generated in Europe (68%) and North America (32%). Clondalkin
Industries B.V., which is owned by Warburg Pincus Funds and
management, is domiciled in Amsterdam, Netherlands.


GLOBAL SENIOR I: Fitch Affirms 'BBsf' Rating on Fund Notes
----------------------------------------------------------
Fitch Ratings has affirmed Global Senior Loan Index Fund I B.V.'s
notes, as follows:

  -- Class A1 (ISIN XS0327321435): affirmed at 'AAAsf'; Outlook
     Stable
  -- Class A2 (ISIN XS0327323217): affirmed at 'AAsf'; Outlook
     Stable
  -- Fund Notes (ISIN XS0327323647): affirmed at 'BBsf'; Outlook
     Stable

The affirmation reflects the transaction's stable performance
since the last review.  The Fitch weighted average rating factor
(WARF) has improved to 26.62 as of October 31, 2012 from 28.4 as
of January 31, 2012, below its required threshold of 30.  Assets
rated 'CCC' or below represent 4.07% of the portfolio, down from
7.41% at the last review.  In addition, the transaction has a
sizable position in un-invested principal proceeds, equal to 16%
of the Total Investment Amount, as of the latest trustee report.

The overcollateralization (OC) test had been passing since close.
The OC test level is currently at 121.78%, above its threshold of
118.3%.  The interest coverage test has been in compliance since
close and its current level is 241.99%, above its threshold of
125%.  The reinvestment test has failed during the transaction's
life and on one payment date occurring in January 2012.  Fitch
also notes the OC test could be elevated by increasing 'CCC'
portfolio exposure.

Also, as part of Fitch's analysis, Fitch considered the
sensitivity of the notes' ratings to the transaction's exposure
to countries where Fitch has imposed a country rating cap lower
than the ratings on any notes in the transaction.  These
countries are currently Spain, Ireland, Portugal and Greece, but
may include additional countries if there is sovereign ratings
migration.  Fitch believes that an exposure of up to 10% of the
Total Investment Amount to these countries, assuming the UK's and
eurozone countries' current ratings are stable, would not have a
material negative impact on the notes' ratings.

Global Senior Loan Index Fund I B.V. is a managed cash arbitrage
securitization of secured leveraged loans, primarily domiciled in
Europe.  In addition, the transaction has 18% exposure to assets
denominated in US dollars, as of the latest trustee report.  The
portfolio is managed by Blackstone / GSO Debt Funds Europe
Limited and the reinvestment period will end in January 2014.

The class A1 and A2 notes' ratings address the timely payment of
interest and the ultimate repayment of principal by the stated
maturity date as per the governing documents.  The rating on the
Fund Note address the ultimate receipt of the Rated Balance from
all available funds and a stated coupon until the rated balance
is zero, by the legal final maturity date.



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


BANK MILLENNIUM: Moody's Cuts Long-Term Deposit Rating to 'Ba2'
---------------------------------------------------------------
Moody's Investors Service has downgraded Polish Bank Millennium's
(BM) long- term bank deposit rating by two notches to Ba2 from
Baa3 and the standalone bank financial strength rating (BFSR) to
E+ (mapping to b1 on the long-term scale) from D/(ba2). Short-
term bank deposit rating was also downgraded to non-Prime from
Prime-3.

Concurrently, Moody's maintains a negative outlook on BM's long-
term rating in line with the parent bank's standalone.

The rating action follows the downgrade of the ratings of BM's
parent Banco Comercial Portugues, S.A. (BCP) to B1/E (mapping to
caa2) from Ba3/E+ (mapping to b2).

Ratings Rationale

The downgrade of BM's stand-alone ratings to E+ (mapping to b1 on
the long-term scale) from D/ba2 is driven by potential indirect
reputational linkages with the parent and the potential
detrimental effect on the Polish subsidiary's franchise from the
parent's weak condition. In Moody's view the severe deterioration
of BCP's standalone creditworthiness could elevate the level of
stress within the group and ultimately present contagion risks
for its performing Polish subsidiary. This reflects Moody's
general opinion that the standalone creditworthiness of parent
banks and their subsidiaries cannot be fully delinked.

Moody's also recognizes, however, the independence of BM's Polish
operations, and as a result maintains its standalone credit
assessment (BCA) at b1, four notches above its parent's BCA of
caa2. This degree of notching differential between the BCAs of
the parent and its subsidiary is one of the highest among
European banks.

The rationale of such a differential is based on the following
considerations: a) the limited operational inter-linkages between
BM and BCP, given BM's purely domestic focus within Poland and no
common clientele with its parent; b) BM's full funding
independence from its parent and a strategy which involves
gradual de-risking of the balance sheet; c) BM did not distribute
any dividends to its parent in 2012 and any future capital
payment plans will be closely monitored in compliance with strict
guidelines set by the Polish regulatory authority (KNF). These
factors, together with BM's satisfactory earnings performance and
its solid capitalization, support Moody's decision to maintain
such a multi-notch stand-alone rating differential with its
parent.

BM's long-term rating at Ba2 continues to incorporate two notches
uplift from systemic support assumptions and reflects Moody's
expectations of a high probability of support from the Polish
authorities to the third largest mortgage lender in the country.

What can change rating up/down

Given the recent rating action and review for downgrade on the
stand-alone and supported ratings of BM an upgrade is unlikely in
the short-term. However, change of ownership and further
reduction of BM's association with the underperforming Portuguese
group could represent an important factor for such consideration.

A downgrade in BM's ratings could be triggered by a further
downgrade of the parent's stand-alone credit assessment, or a
deterioration of its own intrinsic credit characteristics.

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


CENTRAL EUROPEAN: Hires A&M as Restructuring Advisor
----------------------------------------------------
Marek Forysiak, a member of the board of directors of Central
European Distribution Corporation notified the Board of his
resignation effective Dec. 10, 2012.  Mr. Forysiak, who has
served as an independent director of the Company since April
2009, was a member of the Board's Audit Committee.  The Company
expects Markus Sieger to be appointed to the Audit Committee
following Mr. Forysiak's departure.

The Company engaged Alvarez & Marsal North America, LLC, Alvarez
& Marsal CIS LLP and Alvarez & Marsal Poland Sp. z o.o. as its
restructuring advisor.  Alvarez & Marsal was selected by the
Board with the unanimous approval of the special committee of
Company directors.  The Company also appointed Maxim Frangulov,
Managing Director of Alvarez & Marsal and co-head of Alvarez &
Marsal's restructuring practice in Russia, as the Company's Chief
Restructuring Officer.  Mr. Frangulov and his team will serve as
independent contractors to the Company and will report to the
Board.

Mr. Frangulov has more than 15 years of experience in corporate
restructuring advisory services.  As Chief Restructuring Officer,
he will advise the Company on improving its liquidity management
and operational efficiency.

                             About CEDC

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

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

The Company's balance sheet at 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.

                             Liquidity

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

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

                           *     *     *

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

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

In the Oct. 9, 2012, edition of the TCR, Moody's Investors
Service has downgraded the corporate family rating (CFR) and
probability of default rating (PDR) of Central European
Distribution Corporation (CEDC) to Caa2 from Caa1.

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


CENTRAL EUROPEAN: Rejects Shareholder Proposal to Provide Capital
-----------------------------------------------------------------
Central European Distribution Corporation has rejected a proposal
made by Roust Trading Ltd. and its principal equityholder,
Roustam Tariko, to provide the Company with access to interim and
permanent capital, to bolster the Company's leadership, and to
support its operational needs.

The Proposal was conditioned on the Company promptly holding its
long overdue 2012 annual stockholders' meeting, nominating a
slate for the Board of Directors of the Company which would
include a majority satisfactory to Roust Trading, and providing
responsibility for operational and financial management to Mr.
Tariko that would enable him to address the Company's well known
challenges.

Despite initial agreement on all material terms of the proposal,
the Company's entrenched directors who are unaffiliated with the
Roustan Trading ultimately rejected the Proposal, insisting that
they must retain control over the Company's financial
restructuring process and finances despite the Company's
financial failures and ongoing challenges.  Repeated attempts by
RTL to address non-RTL Directors' concerns were also rebuffed.
The Company inexplicably insists that the same directors who
presided over the Company's financial restatements and serious
performance deterioration remain in control of the Company's
finances and restructuring.

The Proposal included the following critical elements:

  * RTL providing the Company with US$50 million of RTL's
    previously invested capital for general corporate purposes by
    lifting contractual restrictions on the Company's use of
    those proceeds;

  * RTL providing an additional US$107 million of capital in
    connection with a mutually acceptable potential financial
    restructuring of the Company;

  * RTL and Mr. Tariko using their commercially reasonable
    efforts to engage with the Company's lenders and local
    guarantee providers, in particular in respect of the
    Company's working capital facilities and guarantees in
    Russia, seeking to ensure the Company's continued access to
    existing working capital lines and guarantees to meet its
    operations requirements;

  * Delegation of business, operational and financial oversight
    to directors designated by RTL;

  * Preparations for a financial restructuring led by a special
    committee of non-RTL directors until the Company's
    stockholders elect a new board of directors;

  * All related party transactions between the Company and RTL
    to be approved by non-RTL directors; and

  * Promptly holding the long-overdue annual meeting of
    stockholders to allow the Company's owners (rather than
    entrenched self-interested directors) to decide on the
    Company's corporate governance.

As previously disclosed, RTL believes that the Company has
materially breached its obligations under the Amended Securities
Purchase Agreement.  RTL is actively considering its options with
respect thereto.

In the meantime, RTL urges all stockholders of the Company and
holders of the Company's notes who agree that this rejected
proposal would provide much-needed leadership, resources and
commercial prowess to the Issuer, to strongly communicate those
views to the Company's Board of Directors.

                             About CEDC

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

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

The Company's balance sheet at 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.

                             Liquidity

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

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

                           *     *     *

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

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

In the Oct. 9, 2012, edition of the TCR, Moody's Investors
Service has downgraded the corporate family rating (CFR) and
probability of default rating (PDR) of Central European
Distribution Corporation (CEDC) to Caa2 from Caa1.

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



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


BANK PERESVET: Moody's Assigns 'E+' BFSR; Outlook Stable
--------------------------------------------------------
Moody's Investors Service has assigned the following first-time
ratings to Bank Peresvet: E+ standalone bank financial strength
rating (BFSR), equivalent to a standalone credit assessment of
b3; B3 long-term local and foreign-currency deposit ratings; and
'Not Prime' short-term local and foreign-currency deposit
ratings. The bank's long-term ratings and the standalone BFSR
carry a stable outlook.

Ratings Rationale

According to Moody's, Bank Peresvet's ratings are constrained by
(1) high single-name concentrations both in the loan book and in
customer funding, rendering the bank's capital and liquidity
potentially vulnerable to the performance and/or behavior of a
few clients; (2) substantial appetite for financing real estate
and construction projects, as reflected in the high share of
these projects in the loan portfolio; and (3) modest capital
adequacy. At the same time, the bank's ratings are underpinned by
its currently solid asset quality compared with its peers, and
its strong operating efficiency and recurring earnings generation
capacity.

Moody's notes that Bank Peresvet has high customer
concentrations, with the 20 largest credit exposures exceeding
300% of the bank's Tier 1 capital, while the 30 largest
depositors account for 64% of customer funding at end-June 2012.
Moody's cautions that these concentration risks render the bank's
capital, liquidity and business profile potentially vulnerable to
the performance and/or behavior of a few of the bank's largest
clients. These concentration risks are amplified by Bank
Peresvet's modest equity-to-assets ratio of 8.1% at end-June
2012, according to unaudited IFRS, and a moderate liquidity
cushion (liquid assets accounted for 13% of total assets at end-
June 2012).

Moody's also notes the high share of loans that have been granted
to finance both construction and real estate projects. Such loans
have proven to be highly vulnerable to impairment during the
recent economic downturn in Russia. According to the bank's IFRS
report, loans to construction, real estate and finance companies
accounted for 38% of the gross loan book, and more than half of
the bank's 20 largest loans were granted to clients from the real
estate and construction sectors. Although these assets are
currently performing, Moody's notes the risk of the bank's assets
becoming impaired rapidly if the operating environment
deteriorates and/or if real estate prices decline sharply.

Bank Peresvet's ratings are underpinned by its currently strong
profitability and operating efficiency metrics. The bank's
operating expenses-to-average assets ratio was 1.13% in H1 2012
which is below the Russian average of 9%. At the same time, the
low level of problem loans and relatively high average yield on
loans enable the bank to benefit from a healthy (for a corporate
bank) net interest margin of 4% as at H1 2012 (2011: 4.76%; 2010:
4.92%; 2009: 4.22%) that, together with a low level of credit
costs, enabled the bank to report pre-provision income to average
assets of a 3.04%, return on average assets of 2.3% and a very
strong return on average equity of 28.3% in H1 2012.

What Could Move The Ratings Up/Down

Bank Peresvet's long-term deposit ratings could be upgraded if
the bank is able to: (1) materially decrease lending and funding
concentrations; (2) reduce its credit risk appetite; and (3)
martially improve its capital adequacy level in order to mitigate
the abovementioned concerns, whilst maintaining its currently
strong profitability metrics.

The ratings could be downgraded (1) if the bank's asset quality
deteriorates, leading to a material reduction in capital
adequacy; or (2) if the bank's financials fundaments --
particularly its profitability -- were to weaken.

Principal Methodologies

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

Headquartered in, Moscow, Russia, Peresvet reported (unaudited
IFRS) total assets of RUB72.6 billion (US$2.2 billion) and
shareholder's equity of RUB5.9 billion (US$179 million) as at
end-June 2012. The bank's net income for the first half of 2012
totaled RUB778 million (US$24 million), an increase of 24%
compared to the first half of 2011.


NORILSK NICKEL: Fitch Says Shareholder Deal Impact Uncertain
------------------------------------------------------------
Fitch Ratings says it is too early to judge yet whether the
recently announced shareholder agreement will have a positive
impact on Norilsk Nickel's (NN) 'BB+'/Stable credit rating.
Fitch will be in a better position to judge once it receives
clarity on changes to dividend policy under the deal, the
implications for board structure and operation, and how the deal
will work in practice.

Fitch currently discounts Norilsk Nickel's rating by three
notches from its potential standalone level due to a combination
of issuer specific corporate governance issues and the weak
Russian business environment.  The key individual concern has
been the dispute between key NN shareholders, United Company
RUSAL Plc (Rusal), and Interros Group.  Fitch's key concern was
that an intensification of this dispute could result in actions
which are to the detriment of debt holders -- exemplified by
FY11's US$9 billion share buybacks.

The deal announced on December 4 should have seen Millhouse
Investments, an entity beneficially owned by Roman Abramovich,
acquire treasury shares equal to 7.3% of NN's share capital.  In
a recent update, it appears Millhouse will instead acquire some
of these shares from Interros and Rusal.  Fitch understands the
deal will also set minimum dividend levels and result in a new
board composition.  Importantly, it will see litigation between
the feuding parties dropped.

The situation is clearly a fluid one.  While evidence that some
sort of progress is being made to resolve this long-running
dispute is positive, it is not immediately clear what the new
setup -- which looks to be in place for at least three years --
will mean in practice for NN's corporate governance and future
operational and financial strategy.

The agency will provide further clarity to the markets when it
knows more about the nature of the deal, especially the agreed
level of dividends and its potential financial impact on NN.
Based on the known deal terms Fitch considers a reduction in the
three-notch corporate governance discount as unlikely in the near
term, but a possibility if the agreement is shown to mark a clear
end to the shareholder dispute.


TERRITORIAL GENERATION: Fitch Withdraws 'CC' Long-Term IDR
----------------------------------------------------------
Fitch Ratings has withdrawn OJSC Territorial Generation Company
No.2's (TGK-2) ratings, as listed below.

Fitch has withdrawn the ratings as TGK-2 has chosen to stop
participating in the rating process.  Therefore, Fitch will no
longer have sufficient information to maintain the ratings.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for TGK-2.

The rating actions are as follows:

  -- Long term foreign currency Issuer Default Rating (IDR):
     'CC', withdrawn
  -- Long term local currency IDR: 'CC', withdrawn
  -- National Long-term rating: 'CC(rus)', withdrawn
  -- RUB5bn notes due 17 September 2013 senior unsecured rating:
     'C'/'RR6', withdrawn
  -- RUB5bn notes due 17 September 2013 national senior unsecured
     rating: 'C(rus)', withdrawn


* IRKUTSK OBLAST: S&P Raises LT Issuer Credit Rating to 'BB+'
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term issuer
credit rating on Irkutsk Oblast, a Russian region in Eastern
Siberia, to 'BB+' from 'BB' and the national scale rating to
'ruAA+' from 'ruAA'. The outlook is Stable.

"The upgrade reflects our view that over the next three years
Irkutsk will maintain a moderate budgetary performance, low debt,
and a very positive liquidity position, which support its
creditworthiness," S&P said.

"The ratings on Irkutsk Oblast are based on our view of its
limited budgetary flexibility and predictability under Russia's
developing and unbalanced institutional framework, relatively low
wealth levels in an international context, and the high
infrastructure needs of a vast region that experiences severe
climate conditions," S&P said.

"In 2010-2012, rapid growth of the oblast's tax revenues together
with management's control over spending growth resulted in
exceptionally strong budgetary performance, allowing the oblast
to repay all its commercial debt without refinancing. In our
view, over the medium term the oblast's financial indicators
might gradually deteriorate. However, we believe they will likely
remain sound compared with peers', due the oblast's commitment to
conservative fiscal policies, which is reflected in the draft
budget for 2013-2015, approved by the new governor," S&P said.

"In line with our base-case scenario, we anticipate that the
oblast will report a very strong budgetary performance in 2012,
which will then gradually weaken in 2013-2015 because of revenue
volatility and the need to increase operating spending. For 2012,
we estimate the operating surplus at about 9% of operating
revenues and a positive balance after capital accounts for the
fourth year in a row. This will be backed by additional tax
revenues from the oblast's largest taxpayers, which created
consolidated taxpayer groups, and increasing oil production and
transportation," S&P said.

"We expect that in 2013-2015 the oblast's budgetary performance
might be volatile owing to limited financial flexibility and
predictability under Russia's developing and unbalanced
institutional framework and exposure to world commodity prices.
Tax revenue growth might slow down compared with the previous
three years, depending on the performance of the oblast's largest
taxpayers. In our base-case scenario, we forecast an average tax
revenue growth rate of about 8% in 2013-2015 compared with more
than 20% in 2010-2012. At the same time, the oblast will have to
continue raising public-sector salaries and other social
payments, and address its high infrastructure development needs,"
S&P said.

"Nevertheless, we believe the oblast's financial management will
be able to implement its currently conservative budget plan,
which projects low expenditure growth rates and modest deficits
after capital accounts. In our base-case scenario we forecast an
average operating margin of 4% of operating revenues and deficits
after capital accounts below 5% of total revenues in 2013-2015.
Consequently, we expect that the oblast will incur only modest
direct debt in 2014-2015 and that tax-supported debt will remain
low at about 6% of consolidated operating revenues over the next
three years," S&P said.

"In 2012, overdue municipal payables will likely significantly
decrease following their restructuring, which was supported by
additional subsidies from the oblast. Nevertheless, in our view
contingent liabilities stemming from the need to develop
transport, utility, and social infrastructure across the region's
vast territory, and provide capital support to municipalities,
will continue to pressure the oblast's credit profile," S&P said.

"Like other Russian regions, the oblast's revenue-raising
capacity is limited by the federal government's control over the
tax base and the main tax rates. Federal subsidies and
unmodifiable taxes are likely to continue to account for more
than 90% of the oblast's operating revenue over the next three
years. The oblast also has very limited spending flexibility
because of large infrastructure needs. In our view, under
financial stress, the oblast would be able to partly cut a
portion of its capital program, but by no more than 8% of total
revenues, in 2013-2015," S&P said.

"On the positive side, Irkutsk Oblast has an abundance of natural
resources and its proximity to East Asia and the Pacific Rim
could support long-term economic development in the region if
accompanied by massive infrastructure investment improvements.
Nevertheless, wealth levels in the oblast are currently lower
than that of international peers', with the gross regional
product per capita expected to stay below $12,000 until 2015,"
S&P said.

"The stable outlook reflects our view that Irkutsk Oblast's
financial management will stabilize its gradually weakening
budgetary performance at moderate levels, despite only modest tax
revenue growth and some tax revenue volatility that we forecast
over the medium term, and the need to increase public-sector
salaries. Our base-case scenario assumes average operating
margins of about 4% of operating revenues and deficits after
capital accounts below 5% of total revenues in 2013-2015. The
outlook also incorporates our expectation that the oblast will
rely on medium-term borrowings, which should keep its debt
service low and support its very positive liquidity position,"
S&P said.

"We could take a negative rating action within the next 12 months
if, in line with our downside scenario, the oblast's financial
policy were to substantially weaken, leading to a marginal
operating surplus of about 1%-2% of operating revenues and more
rapid cash depletion and debt accumulation in 2013-2014 than we
assume for our base-case scenario," S&P said.

"We could take a positive rating action over the next 12 months
if we considered the supportiveness and predictability of
Russia's system of intergovernmental relations to have improved.
Further formalization and consistent implementation of the
oblast's currently prudent debt and liquidity management
practices, and improved long-term planning, would also be
positive for the ratings," S&P said.



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


CAJA INGENIEROS: Fitch Affirms 'BB+sf' Rating on Class C Notes
--------------------------------------------------------------
Fitch Ratings has affirmed Caja Ingenieros TDA 1, FTA and removed
it from Rating Watch Negative (RWN), as follows:

  -- Class A2 (ISIN ES0364376014): affirmed at 'AA-sf'; Off RWN;
     Outlook Negative
  -- Class B (ISIN ES0364376022): affirmed at 'A+sf'; Off RWN;
     Outlook Stable
  -- Class C (ISIN ES0364376030): affirmed at 'BB+sf'; Outlook
     Stable

Fitch placed the class A2 and B notes on RWN on July 16, 2012
following the downgrade of Banco Bilbao Vizcaya Argentaria (BBVA;
'BBB+'/Negative/'F2'), which acted as the account bank in the
transaction.  Fitch has been informed that on October 11, 2012
the account bank was transferred to Barclays plc
('A'/Stable/'F1'), which under Fitch's criteria is deemed
eligible to perform such duties and for this reason the agency
removed the RWN.

The affirmation is a result of stable asset performance and
sufficient credit enhancement available to the rated notes.

To date, arrears levels have been low.  As of October 2012, loans
in arrears by more than three months stood at 0.34% of the
current pool balance.  The issuer has not reported any defaults
(defined as loans in arrears by more than 12 months) to date.

The deleveraging of the portfolio has led to an increase in the
credit enhancement levels for the rated notes, which is provided
by subordination and a fully funded reserve fund.  Given the low
pipeline of late stage arrears, Fitch expects gross excess spread
to be sufficient to provision for defaults in the upcoming
payment dates and therefore no reserve fund draws are expected.
Note amortization is sequential and is expected to remain so in
the near future.  As a result, the credit enhancement of the
notes is expected to continue to increase.


EMPRESAS HIPOTECARIO 5: Fitch Affirms 'C' Rating on Class D Notes
-----------------------------------------------------------------
Fitch Ratings has downgraded Empresas Hipotecario TDA CAM 3, FTA
(TDA CAM 3) and Empresas Hipotecario TDA CAM 5, FTA (TDA CAM 5),
as follows:

Empresas Hipotecario TDA CAM 3, FTA:

  -- Class A2 (ES0330876014): downgraded to 'BBsf' from 'BBBsf';
     Outlook Negative
  -- Class B (ES0330876022): downgraded to 'B-sf'; Outlook
     Negative
  -- Class C (ES0330876030): affirmed at 'CCsf'; assigned
     Recovery Estimate (RE) 0%

Empresas Hipotecario TDA CAM 5, FTA:

  -- Class A2 (ES0330877012): downgraded to 'BBB-sf' from
     'BBBsf'; Outlook Negative
  -- Class A3 (ES0330877020): downgraded to 'BBB-sf' from
     'BBBsf'; Outlook Negative
  -- Class B (ES0330877038): downgraded to 'Bsf' from 'BBsf';
     Outlook Negative
  -- Class C (ES0330877046): affirmed at 'CCsf'; assigned RE0%
  -- Class D (ES0330877053): affirmed at 'Csf'; assigned RE0%

The downgrades of TDA CAM 3 are driven by the weak performance of
the pool, which has experienced a significant increase in
delinquencies and defaults over 2012, and by the low expected
recoveries for defaults.  The 90d+ delinquency bucket represented
14.2% of the outstanding balance as of October 31, 2012 which is
slightly below the peak reached in June at 19.8%.  This decrease
in delinquencies was followed by an increase in the defaulted
assets, which account for 20.5% of the outstanding balance.

Due to the increase in defaults and the low recoveries, the
reserve fund was exhausted in July 2012 causing the principal
deficiency ledger (PDL) balance to increase to EUR18.9m over the
last two payment dates.  The weighted average recovery rate,
calculated as total recoveries divided by total defaults, is
23.4%, is not expected to significantly increase in the near
term.

The Negative Outlook on the class A2 and B notes reflects Fitch's
concerns about the poor and volatile performance and low recovery
prospects for the pool.  High obligor and industry concentration
are the primary drivers of the poor performance and its
volatility.  The top obligor represents 4.5% of the current
portfolio balance, while the top 10 obligors account for 30.3%.
50.3% is exposed to the real estate sector.  Additionally, the
six loans in the pool with bullet maturity profiles represent
7.4% of the current portfolio balance and four of these loans
have already defaulted.

The downgrades of TDA CAM 5 reflect the deterioration of the pool
and the inability of the notes to withstand higher rating
stresses.  The deterioration in the performance has also led to a
PDL balance of EUR22.5 million as of October 2012 after the
reserve fund was fully depleted in May 2012.  90d+ and 180d+
delinquencies rose to 7.4% and 3.9% of outstanding portfolio
balance respectively in October, while defaults have increased to
4.1%.  Defaults are expected to rise again due to the increase in
long dated delinquencies.

Obligor concentration is moderate with the largest obligor at
1.9% of the current portfolio balance and the top 10 obligors at
10.2%.  Similar to TDA CAM 3, the real estate sector is the
largest industry with 39.3% of the current balance exposed to
this sector.

The Negative Outlook on the class A2, A3 and B notes reflects the
agency's negative view on the future performance of the deal.

Both transactions are cash flow securitizations of static pools
of secured loans granted to Spanish small- and medium-sized
enterprises (SME) originated by Caja de Ahorros del Mediterraneo.


TDA CAJAMAR 2: Fitch Affirms 'BBsf' Rating on Class D Tranche
-------------------------------------------------------------
Fitch Ratings has affirmed all tranches of TDA Cajamar 2 and
removed the Rating Watch Negative (RWN), as follows:

  -- Class A2 (ISIN ES0377965019) affirmed at 'AA-sf'; Off RWN;
     Outlook Negative
  -- Class A3 (ISIN ES0377965027) affirmed at 'AA-sf'; Off RWN;
     Outlook Negative
  -- Class B (ISIN ES0377965035) affirmed at ''AA-sf'; Off RWN;
     Outlook Negative
  -- Class C (ISIN ES0377965043) affirmed at 'Asf'; Off RWN;
     Outlook Stable
  -- Class D (ISIN ES0377965050) affirmed at 'BB+sf'; Outlook
     Stable

Fitch placed classes A2, A3, B and C of TDA Cajamar 2 on RWN
on 16 July 2012 following the downgrade of Banco Santander to
'BBB+'/Negative/'F2', which had acted as the account bank in the
transaction.  The agency has been informed that on October 4,
2012, the account bank was transferred to BNP Paribas
('A+'/Stable/'F1+'), which under Fitch's criteria is deemed
eligible to perform such duties and for this reason the agency
removed the RWN.

The affirmation is a result of stable asset performance and
sufficient credit enhancement available to the rated tranches.

TDA Cajamar 2 has amortized to 38.5% of the initial pool and
continues to perform better than most other Spanish prime RMBS
transactions rated by Fitch.  As of September 2012, loans in
arrears by more than three months stood at 0.85% of current pool
balance, while gross cumulative defaults (defined as loans in
arrears by more than 12 months) reached 1.1% of the initial
collateral balance.  This good asset performance has led to a
switch in the note amortization to pro-rata back in June 2010 and
has continued since.

The deleveraging of the portfolio has led to an increase in the
credit enhancement levels for the rated notes, which is provided
by subordination and a fully funded reserve fund.  Gross excess
spread generated by the structure has been sufficient to cover
period defaults for the past 18 months and given the current low
pipeline of potential defaults, Fitch believes that the
transaction will continue to generate sufficient revenue to
provision for defaulted loans on the upcoming payment dates.  For
this reason, the agency assigned and maintained a Stable Outlook
on the class C and D notes.



===========
T U R K E Y
===========


TURKIYE SINAI: Fitch Hikes LT Issuer Default Rating From 'BB+'
--------------------------------------------------------------
Fitch Ratings has upgraded the Long-term Issuer Default Ratings
(IDRs) of Turkey's three largest privately-owned banks -- Turkiye
Is Bankasi A.S. (Isbank), Turkiye Garanti Bankasi A.S. (Garanti)
and Akbank T.A.S. (Akbank) -- to 'BBB' from 'BBB-'.  Yapi ve
Kredi Bankasi A.S.'s (Yapi Kredi) Long-term IDRs have been
affirmed at 'BBB', and the Outlook revised to Stable from
Negative.

The rating actions have been driven by the upgrades of the four
banks' Viability Ratings (VR) to 'bbb' from 'bbb-'.  Fitch has
also upgraded the IDRs of subsidiaries of Isbank, Garanti and
Akbank.

RATING ACTION RATIONALE AND DRIVERS: IDRS, VRS, DEBT RATINGS

The rating actions on the four banks' IDRs and debt ratings are
driven by the upgrades of their VRs.  This in turn reflected 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,
reflected in the recent upgrade of Turkey to 'BBB-'.

The VRs also consider the banks' strong franchises, sound
management and generally strong financial metrics in terms of
capitalization, asset quality, performance, liquidity and
funding.  The still moderate level of systemic risks and
imbalances in the broader Turkish banking system is also a
supporting factor for the ratings.

Following the upgrades, the banks' VRs and Long-term IDRs are one
notch higher than Turkey's foreign currency Long-term IDR,
restoring the rating relativity that existed before the sovereign
upgrade (although the banks' ratings are now in line with the
sovereign's local currency Long-term IDR of 'BBB').  The rating
of the banks above the sovereign reflects their very strong all-
round credit profiles, and in particular the depth and stability
of their deposit franchises.  In light of these strengths, Fitch
believes the banks would be likely to retain the capacity to
service their obligations even during a period of considerable
macroeconomic stress, including a potential sovereign default.

The banks' VRs and Long-term IDRs are constrained by risks
related to their own growth, future macroeconomic stability and
the sovereign credit profile.  The banks' recent rapid expansion
has resulted in some moderation of previously very strong capital
and funding ratios, and planned further growth may result in
continued (albeit slower) erosion of these metrics.  Loan books
are also largely unseasoned, although Fitch expects asset quality
to deteriorate only moderately in the near term given still
limited corporate and household leverage, continued economic
growth, the absence of foreign currency retail lending and
generally sound credit underwriting.

Although Fitch's base case is for GDP growth to rebound to3.8% in
2013 after a slowdown to 3% in 2012, the agency expects the
economy to remain more volatile than investment grade peers, and
believes that at some point an external financing shock and
recession are likely.  In Fitch's view, the banks' strong credit
fundamentals make them relatively well placed to withstand such
shocks.  However, some volatility in their performance is
probable.

Although the sovereign rating does not act as a cap for the
banks' ratings, it nevertheless constrains the potential level of
their VRs and IDRs because of the strong correlation between
sovereign and bank profiles.  The banks are inevitably highly
exposed to the domestic economy and also have considerable direct
exposure to the sovereign in the form or large holdings of
government debt.

Operating (pre-tax) return on assets for the four banks were
between 2.1% and 2.7% in Q312 (slightly higher at Garanti than at
peers).  Impaired loans have remained moderate at all banks, but
were slightly higher at Yapi Kredi (3.4% at end-Q312), reflecting
the bank's strong position in higher-yielding unsecured consumer
and SME loans, and lowest at Akbank (1.5%).  Funding structures
are solid, with customer deposits representing around two-thirds
of non-equity liabilities, and liquidity is well managed,
although loans/deposits ratios have increased, most notably at
Akbank and Yapi Kredi (both 1.2x at end-Q312).  Capital ratios
are sound at each of the banks, but particularly strong at Akbank
(Fitch core capital/weighted risks ratio of 16.1% at end-Q312)
and Garanti (15.4%).  Yapi Kredi's ratio was a more moderate
9.6%, although the bank plans to support this through retained
earnings and the sale of its insurance subsidiary.

RATING SENSITIVITIES: IDRS, VRS, DEBT RATINGS

The VRs and local currency Long-term IDRs of Isbank, Garanti and
Akbank could be upgraded by one more notch, to 'bbb+'/'BBB+', if
the banks are able to broadly maintain their current sound
financial metrics as they continue to grow, and asset quality
remains good as loan books season.  Macroeconomic stability and
less volatile economic growth would also be favorable for the
banks' credit profiles.  However, the banks' foreign currency
Long-term IDRs and debt ratings are capped at the 'BBB' Country
Ceiling, and would not be upgraded even if the VRs were upgraded.

The VRs and Long-term IDRs of Isbank, Garanti and Akbank could be
downgraded if they mismanage future growth, resulting in
significantly higher balance sheet leverage, weaker credit
underwriting and a major deterioration in asset quality. However,
Fitch currently views such a scenario as unlikely.

Upside potential for Yapi Kredi's VR is more limited than for its
three peers because of moderately weaker capital, asset quality
and funding ratios.  At the same time, downside risk for Yapi
Kredi's IDRs is also limited, as these are underpinned at the
'BBB' level by potential support from Unicredit (UC; 'A-
'/Negative), which holds a 50% stake in Yapi Kredi's holding
company.  Yapi Kredi's IDRs would only be downgraded in case of
both a downgrade of the bank's VR and a weakening of potential
support from UC.

The VRs and IDRs of all four banks would also be sensitive to
changes in Turkey's sovereign ratings.  A sovereign downgrade
would be likely to result in a lowering of the bank's ratings,
while a sovereign upgrade could create scope for a further
upgrade of the banks.  However, no changes in the sovereign
ratings are currently anticipated, reflected in the Stable
Outlook.

RATING DRIVERS AND SENSITIVITIES: SUPPORT RATING AND SUPPORT
RATING FLOOR

The Support Ratings of Isbank, Garanti and Akbank have been
affirmed at '3', and the Support Rating Floors (SRFs) of these
banks have been revised to 'BB+' from 'BB'.  This reflects
Turkey's improved ability to provide support to the country's
systemically important private sector banks, should it be
required.

In assessing potential sovereign support for Isbank, Garanti, and
Akbank, Fitch considers the still relatively small size of
Turkey's banking sector (loans/GDP of 53%), the banks' systemic
importance (combined, they account for loan and deposit market
shares of 39% and 37%, respectively) and the Turkish authorities'
still strongly supportive stance in respect to the country's
banks.  At the same time, the probability of support is somewhat
reduced by the banks' private ownership and ongoing global
changes in governments' approach towards supporting failed banks.

The SRFs could be lowered in case of a sovereign downgrade or a
marked change in the authorities' support stance.  Further
upgrades of the SRFs are unlikely unless the sovereign's Long-
term foreign currency IDR is upgraded.

Yapi Kredi's Support Rating of '2' is based on potential support
from UC and is sensitive to a multinotch downgrade of UC's Long-
term IDR and/or a change of its international policy, whereby
Yapi Kredi's strategic importance within the group would be
reduced.

RATING ACTION RATIONALE, DRIVERS AND SENSITIVITIES: SUBSIDIARIES

The IDRs of Is Finansal Kiralama A.S., Garanti Finansal Kiralama
A.S., Ak Finansal Kiralama A.S. and Is Yatirim Menkul Degerler
A.S. are support-driven and equalised with those assigned to the
parents.  Fitch views these companies as core subsidiaries given
their close integration, common management and integral strategic
importance.  The ratings of the subsidiaries are sensitive to
changes in the parents' ratings.

Fitch has also upgraded Turkiye Sinai Kalkinma Bankasi A.S.'s
(TSKB) Long-term IDR to 'BBB-' from 'BB+'. TSKB's IDRs are driven
by potential support from its 50.1% shareholder, Isbank.  The
rating is one notch lower than that of Isbank due to the high
level of minority ownership, the moderate degree of integration
with the parent, TSKB's niche franchise in development lending
and the lack of common branding.  Fitch also views sovereign
support for TSKB as probable given the bank's policy role and the
fact that the bulk (in excess of 90%) of its non-equity funding
is already guaranteed by the Turkish sovereign.

The ratings actions are as follows:

Isbank, Garanti, Akbank

  -- Long-term foreign and local currency IDR: upgraded to 'BBB'
     from 'BBB-'; Outlook Stable
  -- Short-term foreign and local currency IDR: affirmed at 'F3'
  -- Short-term local currency IDR: affirmed at 'F3'
  -- National Long-term rating: affirmed at 'AAA(tur)'; Stable
     Outlook
  -- Viability Rating: upgraded to 'bbb' from 'bbb-'
  -- Support Rating: affirmed at '3'
  -- Support Rating Floor: revised to 'BB+' from 'BB'
  -- Senior unsecured debt: upgraded to 'BBB' from 'BBB-'
  -- Subordinated debt (Isbank only): upgraded to 'BBB-' from
     'BB+'

Yapi Kredi

  -- Long-term foreign and local currency IDR: affirmed at 'BBB';
  -- Outlook revised to Stable from Negative
  -- Short-term foreign and local currency IDR: affirmed at 'F3'
  -- National Long-term rating: affirmed at 'AAA(tur)'; Outlook
     changed to Stable from Negative
  -- Viability Rating: upgraded to 'bbb' from 'bbb-'
  -- Support Rating: affirmed at '2'
  -- Senior unsecured debt: affirmed at 'BBB'
  -- Subordinated debt: affirmed at 'BBB-'

TSKB

  -- Long-term foreign and local currency IDR: upgraded to 'BBB-'
     from 'BB+'; Outlook Stable
  -- Short-term foreign and local currency IDR: upgraded to 'F3'
     from 'B'
  -- National Long-term rating: upgraded to 'AAA(tur)' from 'AA+
     (tur)' Outlook Stable
  -- Support Rating: upgraded to '2' from '3'

Is Yatirim Menkul Degerler A.S.

  -- National Long-term rating: affirmed at 'AAA(tur)' Outlook
     Stable

Is Finansal Kiralama A.S.

  -- Long-term foreign and local currency IDR: upgraded to 'BBB'
     from 'BBB-'; Outlook Stable
  -- Short-term foreign currency and local currency IDR: affirmed
     at 'F3'
  -- National Long-term rating: affirmed at 'AAA(tur)'; Outlook
     Stable
  -- Support Rating: affirmed at '2'

Garanti Finansal Kiralama A.S.

  -- Long-term foreign and local currency IDR: upgraded to 'BBB'
     from 'BBB-'; Outlook Stable
  -- Short-term foreign currency and local currency IDR: affirmed
     at 'F3'
  -- National Long-term rating: affirmed at 'AAA(tur)'; Outlook
     Stable
  -- Support Rating: affirmed at '2'

Ak Finansal Kiralama A.S.

  -- Long-term foreign and local currency IDR: upgraded to 'BBB'
     from 'BBB-'; Outlook Stable
  -- Short-term foreign currency and local currency IDR: affirmed
     at 'F3'
  -- National Long-term rating: affirmed at 'AAA(tur)'; Outlook
     Stable
  -- Support Rating: affirmed at '2'



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


FERREXPO PLC: S&P Cuts Long-Term Corporate Credit Rating to 'B'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Ukraine-based iron ore pellets
producer Ferrexpo PLC to 'B' from 'B+'. The outlook is negative.

"We also lowered our ratings on Ferrexpo's senior unsecured notes
to 'B'. The recovery rating on the notes remains unchanged at
'3', indicating our expectation of meaningful (50%-70%) recovery
in the event of a payment default," S&P said.

"At the same time, we affirmed our 'B' short-term corporate
credit rating on Ferrexpo," S&P said.

"The downgrade on Ferrexpo follows the lowering of our transfer
and convertibility (T&C) assessment and long-term sovereign
rating on Ukraine to 'B' from 'B+' on Dec. 7, 2012, with a
negative outlook," S&P said.

"Ferrexpo's mines and processing plants are located in Ukraine
and therefore we consider that it is exposed to deteriorating
sovereign creditworthiness and heightened country risks in
Ukraine. We think that Ferrexpo's credit quality will continue to
be affected by double-digit inflation rates in Ukraine and
continuing VAT receivables refund delays. VAT receivables due to
Ferrexpo increased to US$281 million at the end of September from
US$172 million at the end of 2011, constraining the company's
free operating cash flow (FOCF). We also believe that weakening
sovereign credit quality could in the future constrain access to
credit markets for corporates with assets located in Ukraine,
including Ferrexpo," S&P said.

"The National Bank of Ukraine has recently introduced a
requirement of mandatory conversion of 50% of export proceeds
into Ukrainian hryvnia, which we also view as a negative
development. We understand though that it has no immediate impact
on Ferrexpo as its existing trading and foreign exchange
practices are in line with the new requirements and in any case
it has to convert part of its revenues into local currency in
order to finance its operating and capital expenditures (capex).
However, if the foreign exchange controls were tightened further,
this could undermine the group's credit quality, in our view,"
S&P said.

"The negative outlook on Ferrexpo reflects that we may lower the
rating in case of a further downgrade of our sovereign ratings
and T&C assessment on Ukraine. We might also lower the rating if
the company's liquidity weakened due to high negative FOCF
followed by a reduction in cash balances," S&P said.

"We could revise the outlook to stable if the outlook on the
sovereign stabilized and the company adjusted its investment
program to avoid material negative FOCF. For the rating to
stabilize, we would expect liquidity to remain 'adequate' under
our criteria," S&P said.

"As the rating is currently largely constrained by the Ukraine's
high country risks and T&C assessment, we would likely raise the
rating if the sovereign rating and T&C assessment were raised,"
S&P said.


UKRAINIAN RAILWAYS: S&P Affirms Corp. Rating; Outlook Stable
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook to stable
from positive on Ukrainian railway operator The State
Administration of Railways Transport of Ukraine (Ukrainian
Railways). "At the same time, we affirmed our 'B-' long-term
corporate credit rating on the company," S&P said.

"The outlook revision follows the lowering of both our long-term
sovereign credit rating and transfer and convertibility
assessment on Ukraine to 'B' from 'B+' on Dec. 7, 2012. The
outlook revision reflects deteriorating economic fundamentals in
Ukraine, uncertain economic growth prospects, and our view that
the Ukrainian government's high refinancing needs may either
restrict Ukrainian Railways' access to foreign currency financing
in the international capital markets, or may increase the cost at
which financing is available," S&P said.

"In addition, Ukrainian Railways is exposed to a risk of
depreciation of the Ukraine hryvna (UAH) and a subsequent rise in
its foreign currency denominated debt. We understand that about
38% of the company's total loan portfolio (UAH16 billion as of
end-June 2012) is denominated in U.S. dollars, whereas only about
7% of its revenues is generated in hard currency. In our view,
this could lead to a deterioration in credit metrics and,
potentially, to liquidity pressure over the medium term," S&P
said.

"The rating on Ukrainian Railways reflects our opinion that there
is a 'very high' likelihood that the government of the Ukraine
would provide timely and sufficient extraordinary support to
Ukrainian Railways in the event of financial distress," S&P said.

"In accordance with our criteria for government-related entities
(GREs), we continue to base our view of a 'very high' likelihood
of extraordinary government support on our assessment of
Ukrainian Railways," S&P said:

    "Very important" role for Ukraine, in view of its monopoly
    position as the manager of the national rail infrastructure,
    passenger transport provider, and dominant freight provider.

    "Although Ukrainian Railways plays a very important role in
    fulfilling the government's economic and social objectives,
    we do not view its role as critical. In our opinion, a
    hypothetical default of Ukrainian Railways would not
    immediately stop Ukrainian Railways' operations, which are
    crucial for Ukraine's economy. This is supported by past
    events. In 2010, for example, the government allowed
    Ukrainian Railways to restructure its debt while maintaining
    operations.

    During this period, the government continued to service its
    own obligations," S&P said.

    "Very strong link" with the Ukrainian government. This takes
    account of Ukrainian Railways' current status as a state
    administration, its anticipated transition into a 100%
    government-owned joint-stock company (JSC) under the planned
    reform, and our view that the new JSC will not be privatized
    over the medium term. Ukrainian Railways also benefits from
    government guarantees on about 9% of its debt," S&P said.

"However, we could reassess the likelihood of extraordinary
government support if we believe either that the sovereign would,
faced with increasing fiscal pressures, prioritize its own
financing needs, or that its capacity to support GREs had
diminished," S&P said.

"In our view, Ukrainian Railways' liquidity coverage will remain
at about 1x and the company will be able to refinance or roll
over its short-term debt maturities in the local markets.
Furthermore, we believe that Ukrainian Railways should be able to
maintain a 20% EBITDA margin, despite a more challenging
operating environment. In addition, we believe that the company
will manage its future investments carefully and prevent sharp
increases in its consolidated financial leverage while its access
to long-term financing remains constrained," S&P said.

"We could lower the rating if we forecast a reduction in readily
available liquidity sources, which could occur if, for example,
we foresee that Ukrainian Railways is unable to renew its short-
term credit lines with current lenders, including local banks. We
may also take a negative rating action if we lower our rating on
Ukraine further, as this could imply additional challenges in
Ukrainian Railways' operating environment and restrict its access
to liquidity further. We are unlikely to rate Ukrainian Railways
above the sovereign due to its high country risk exposure and its
GRE status," S&P said.

"We could consider taking a positive rating action if Ukrainian
Railways improves its liquidity position such that we reassess
its liquidity as 'adequate.' This could result from either
Ukrainian Railways' establishment of medium-term bank loans, or
through the issuance of a bond in the international markets,
which could lessen the refinancing risk that weighs on the
rating," S&P said.



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


ASTON MARTIN: S&P Affirms 'B+' Long-Term Corp. Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+ long-term
corporate credit rating on U.K.-based automotive manufacturer
Aston Martin Holdings (UK) Ltd. (AM) and revised the outlook to
stable from negative.

"We also affirmed our 'B+' issue rating on the GBP304 million
9.25% senior secured notes due 2018, issued by 100%-owned special
purpose vehicle Aston Martin Capital Limited 'B+', in line with
the corporate credit rating on AM. The recovery rating on these
notes is unchanged at '4', indicating our expectation of recovery
in the average (30%-50%) range in the event of a payment
default," S&P said.

"The affirmation reflects the announced equity capital increase
of up to GBP160 million announced on Dec. 7, 2012, which will
likely restore AM's financial flexibility and improve its
Standard & Poor's adjusted debt protection metrics. AM has
received GBP25 million already and expects to receive the
remainder of up to GBP135 million in first-quarter 2013," S&P
said.

"The stable outlook reflects our expectation that AM will be able
to improve its operating profitability in 2013. We also factor in
that the announced equity capital increase will be completed in
the first quarter of 2013," S&P said.

"Based on our assumption of a mid-single-digit volume increase
year-on-year in 2013, we estimate an EBITDA margin of 18%-19% for
AM, which would translate into a fully-adjusted FFO-to-debt ratio
of about 12%-15% and debt to EBITDA of 3.5x, which would support
our financial risk profile assessment of 'aggressive,'" S&P said.

"Any indication that AM's FFO to debt could fall below 12% or
that its debt to EBITDA could be more than 5.0x could lead us to
revise our financial risk profile assessment to 'highly
leveraged.' We could in turn consider taking a negative rating
action on AM. In addition, we could revise the business risk
profile down to our category of 'weak' if the company was unable
to deliver its new models according to plan or showed other
ongoing operational problems," S&P said.

"We could consider a downgrade of two notches or more if the
announced equity capital increase were not completed as planned
in the first quarter 2013," S&P said.

"While we view the likelihood as low at this juncture, we could
raise the ratings if operating results and cash generation were
considerably ahead of our base-case forecast, leading to
pronounced deleveraging and sustained improvement of credit
protection metrics," S&P said.


HEATHROW FINANCE: Fitch Assigns 'BB+' Rating to GBP275MM Bond
-------------------------------------------------------------
Fitch Ratings has assigned Heathrow Finance plc's GBP275 million
5.375% high yield bond due 2019 a final 'BB+' rating with a
Stable Outlook.

Fitch may have provided another permissible service to the rated
entity or its related third parties.  Details of this service can
be found on Fitch's website in the EU regulatory affairs page.


HMV GROUP: Apollo Eyes Takeover After Covenant Breach Warning
-------------------------------------------------------------
Graeme Evans at Irish Examiner reports that an American vulture
fund is reportedly circling stricken HMV Group in a move that
could see it become one of the retailer's biggest creditors.

According to Irish Examiner, the Sunday Times said that Wall
Street investment business Apollo Global Management has bought
over GBP20 million (EUR24.5 million) of the company's debt,
equivalent to more than 10% of HMV's outstanding loans.

The report added the move puts Apollo in a strong position to
take over the business if it runs into trouble with its debt next
year, Irish Examiner notes.

HMV warned last week it was likely to breach loan agreements in
January and April, placing the future of the chain under threat,
Irish Examiner relates.

Having bought GBP20 million of senior debt from AIB, Apollo is
reported to be considering further loan purchases that would
eventually see it become one of the company's biggest creditors,
Irish Examiner says.

The report said it would then be able to team up with other
investors or flip its position to another would-be predator,
Irish Examiner recounts.

United Kingdom-based HMV Group plc is engaged in retailing of
pre-recorded music, video, electronic games and related
entertainment products under the HMV and Fopp brands, and the
retailing of books principally under the Waterstone's brand.  The
Company operates in four segments: HMV UK & Ireland, HMV
International, HMV Live, and Waterstone's.



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


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

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

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

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

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

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

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

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

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

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

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

GERMANY
-------
AGOR AG              DOO S1        -482449.8788  144432986.2
AGOR AG              NDAGF US      -482449.8788  144432986.2
AGOR AG              DOO EU        -482449.8788  144432986.2
AGOR AG              DOOG IX       -482449.8788  144432986.2
AGOR AG              DOO GR        -482449.8788  144432986.2
AGOR AG              DOO EO        -482449.8788  144432986.2
AGOR AG              DOOD PZ       -482449.8788  144432986.2
AGOR AG-RTS          2301918Z GR   -482449.8788  144432986.2
ALNO AG              ANO EO        -73704044.41  211434051.7
ALNO AG              ANO S1        -73704044.41  211434051.7
ALNO AG              ANO PZ        -73704044.41  211434051.7
ALNO AG              ANO EU        -73704044.41  211434051.7
ALNO AG              ANO TH        -73704044.41  211434051.7
ALNO AG              ALNO IX       -73704044.41  211434051.7
ALNO AG              ANO GR        -73704044.41  211434051.7
ALNO AG - RTS        ANO2 GR       -73704044.41  211434051.7
ALNO AG-NEW          ANO1 GR       -73704044.41  211434051.7
ALNO AG-RTS          4123912Z GR   -73704044.41  211434051.7
ALNO AG-RTS          8174351Z GR   -73704044.41  211434051.7
ALNO AG-RTS          2259765Z GR   -73704044.41  211434051.7
BOSCH SOLAR THIN     2734946Z GR   -5092819.401  206942365.9
BROKAT AG            BRKAF US      -27134800.92  143511443.1
BROKAT AG            BROFQ US      -27134800.92  143511443.1
BROKAT AG            BKISF US      -27134800.92  143511443.1
BROKAT AG            BROAF US      -27134800.92  143511443.1
BROKAT AG -NEW       BRJ1 NM       -27134800.92  143511443.1
BROKAT AG -NEW       BRJ1 GR       -27134800.92  143511443.1
BROKAT AG-ADR        BROA US       -27134800.92  143511443.1
BROKAT TECH -ADR     BROAQ US      -27134800.92  143511443.1
BROKAT TECH AG       BRJ GR        -27134800.92  143511443.1
BROKAT TECH AG       BSA LN        -27134800.92  143511443.1
BROKAT TECH AG       BRJ NM        -27134800.92  143511443.1
BROKAT TECH-ADR      BRJA GR       -27134800.92  143511443.1
COGNIS GMBH          575202Z GR    -745013993.7   3306935972
COMMERZ REAL MOB     3988716Z GR   -4537893.206   2292335153
COMPASS GROUP DE     3896530Z GR   -45713969.85  408640427.9
CONERGY AG           CGYKUSD EO    -506044.0063  390918994.9
CONERGY AG           CGY EU        -506044.0063  390918994.9
CONERGY AG           CGY GR        -506044.0063  390918994.9
CONERGY AG           CGYKGBX EO    -506044.0063  390918994.9
CONERGY AG           CGY TQ        -506044.0063  390918994.9
CONERGY AG           CGYUSD EU     -506044.0063  390918994.9
CONERGY AG           CGYK S1       -506044.0063  390918994.9
CONERGY AG           CGYK IX       -506044.0063  390918994.9
CONERGY AG           CEYHF US      -506044.0063  390918994.9
CONERGY AG           CGYUSD EO     -506044.0063  390918994.9
CONERGY AG           CGYK EB       -506044.0063  390918994.9
CONERGY AG           CGYGBX EO     -506044.0063  390918994.9
CONERGY AG           CGYK BQ       -506044.0063  390918994.9
CONERGY AG           CGY BQ        -506044.0063  390918994.9
CONERGY AG           CGYK GR       -506044.0063  390918994.9
CONERGY AG           CGYK TQ       -506044.0063  390918994.9
CONERGY AG           CGYKUSD EU    -506044.0063  390918994.9
CONERGY AG           CGY PZ        -506044.0063  390918994.9
CONERGY AG           CGY EO        -506044.0063  390918994.9
CONERGY AG           CGY IX        -506044.0063  390918994.9
CONERGY AG           CGY NQ        -506044.0063  390918994.9
CONERGY AG           CGYK EU       -506044.0063  390918994.9
CONERGY AG           CGY EB        -506044.0063  390918994.9
CONERGY AG           CGY QM        -506044.0063  390918994.9
CONERGY AG           CGY TH        -506044.0063  390918994.9
CONERGY AG           CGYK EO       -506044.0063  390918994.9
CONERGY AG           CGYKGBP EO    -506044.0063  390918994.9
CONERGY AG           CGYK PZ       -506044.0063  390918994.9
CONERGY AG           CGYK TH       -506044.0063  390918994.9
CONERGY AG           CGYGBP EO     -506044.0063  390918994.9
CONERGY AG           CGYK QM       -506044.0063  390918994.9
CONERGY AG           CGY S1        -506044.0063  390918994.9
CONERGY AG -RTS      CGYB GR       -506044.0063  390918994.9
CONERGY AG-ALTAK     CGY2 GR       -506044.0063  390918994.9
CONERGY AG-RTS       9274362Z GR   -506044.0063  390918994.9
EDOB ABWICKLUNGS     ESC TH        -22323468.51  425598807.8
EDOB ABWICKLUNGS     ESC EO        -22323468.51  425598807.8
EDOB ABWICKLUNGS     ESCDF US      -22323468.51  425598807.8
EDOB ABWICKLUNGS     ESC GR        -22323468.51  425598807.8
EDOB ABWICKLUNGS     ESC EU        -22323468.51  425598807.8
EDOB ABWICKLUNGS     ESC BQ        -22323468.51  425598807.8
EDOB ABWICKLUNGS     ESC TQ        -22323468.51  425598807.8
EDOB ABWICKLUNGS     ESC PZ        -22323468.51  425598807.8
EM.TV & MERCHAND     ETV NM        -22067243.56  849175624.7
EM.TV & MERCHAND     ETV VX        -22067243.56  849175624.7
EM.TV & MERCHAND     ETVMF US      -22067243.56  849175624.7
EM.TV & MERCHAND     EMTVF US      -22067243.56  849175624.7
EM.TV & MERCHAND     ETV LN        -22067243.56  849175624.7
EM.TV & MERCHAND     985403Q GR    -22067243.56  849175624.7
EM.TV & MERC-NEW     ETV1 GR       -22067243.56  849175624.7
EM.TV & MERC-NEW     ETV1 NM       -22067243.56  849175624.7
EM.TV & MERC-RTS     ETV8 GR       -22067243.56  849175624.7
EM.TV & MERC-RTS     ETV8 NM       -22067243.56  849175624.7
ESCADA AG            ESCG IX       -22323468.51  425598807.8
ESCADA AG -PFD       ESC3 GR       -22323468.51  425598807.8
ESCADA AG-NEW        3069367Q GR   -22323468.51  425598807.8
ESCADA AG-NEW        835345Q GR    -22323468.51  425598807.8
ESCADA AG-NEW        ESCN GR       -22323468.51  425598807.8
ESCADA AG-NEW        ESCN EO       -22323468.51  425598807.8
ESCADA AG-NEW        ESCD GR       -22323468.51  425598807.8
ESCADA AG-NEW        ESCC GR       -22323468.51  425598807.8
ESCADA AG-NEW        ESCN EU       -22323468.51  425598807.8
ESCADA AG-RTS        ESCE GR       -22323468.51  425598807.8
ESCADA AG-SP ADR     ESCDY US      -22323468.51  425598807.8
GENERAL ELECTRIC     4501923Z GR   -547318343.8   8720530002
GUENTHER & SOHN      GUS PZ        -9612095.264    130075209
GUENTHER & SOHN      GUS EO        -9612095.264    130075209
GUENTHER & SOHN      GUS GR        -9612095.264    130075209
GUENTHER & SOHN      GUS EU        -9612095.264    130075209
KABEL DEUTSC-ADR     KBDHY US       -1921707863   3240567525
KABEL DEUTSCHLAN     KD8 TH         -1921707863   3240567525
KABEL DEUTSCHLAN     KD8 S1         -1921707863   3240567525
KABEL DEUTSCHLAN     KD8 EB         -1921707863   3240567525
KABEL DEUTSCHLAN     KD8 TQ         -1921707863   3240567525
KABEL DEUTSCHLAN     KD8 EU         -1921707863   3240567525
KABEL DEUTSCHLAN     KD8GBP EO      -1921707863   3240567525
KABEL DEUTSCHLAN     KD8 NR         -1921707863   3240567525
KABEL DEUTSCHLAN     KD8 GR         -1921707863   3240567525
KABEL DEUTSCHLAN     KD8 EO         -1921707863   3240567525
KABEL DEUTSCHLAN     KD8USD EU      -1921707863   3240567525
KABEL DEUTSCHLAN     KD8 PZ         -1921707863   3240567525
KABEL DEUTSCHLAN     KBDHF US       -1921707863   3240567525
KABEL DEUTSCHLAN     KD8 QM         -1921707863   3240567525
KABEL DEUTSCHLAN     KD8 IX         -1921707863   3240567525
KABEL DEUTSCHLAN     KD8 BQ         -1921707863   3240567525
KABEL DEUTSCHLAN     KD8USD EO      -1921707863   3240567525
KABEL DEUTS-CW10     DB7KWG GR      -1921707863   3240567525
KAUFRING AG          KFR GR        -19296489.56  150995473.8
KAUFRING AG          KAUG IX       -19296489.56  150995473.8
KAUFRING AG          KFR EU        -19296489.56  150995473.8
KAUFRING AG          KFR EO        -19296489.56  150995473.8
KAUFRING AG          KFR PZ        -19296489.56  150995473.8
MANIA TECHNOLOGI     MNI S1        -35060809.35  107465713.6
MANIA TECHNOLOGI     MIAVF US      -35060809.35  107465713.6
MANIA TECHNOLOGI     MNI1 EO       -35060809.35  107465713.6
MANIA TECHNOLOGI     MNI NM        -35060809.35  107465713.6
MANIA TECHNOLOGI     MNI1 EU       -35060809.35  107465713.6
MANIA TECHNOLOGI     MNI PZ        -35060809.35  107465713.6
MANIA TECHNOLOGI     MNI GR        -35060809.35  107465713.6
MANIA TECHNOLOGI     2260970Z GR   -35060809.35  107465713.6
MANIA TECHNOLOGI     MNIG IX       -35060809.35  107465713.6
MANIA TECHNOLOGI     MNI TH        -35060809.35  107465713.6
MATERNUS KLINI-N     MAK1 GR       -17249775.07    161290141
MATERNUS-KLINIKE     MAK GR        -17249775.07    161290141
MATERNUS-KLINIKE     MNUKF US      -17249775.07    161290141
MATERNUS-KLINIKE     MAK EO        -17249775.07    161290141
MATERNUS-KLINIKE     MAK S1        -17249775.07    161290141
MATERNUS-KLINIKE     MAK PZ        -17249775.07    161290141
MATERNUS-KLINIKE     MAK TH        -17249775.07    161290141
MATERNUS-KLINIKE     MAK EU        -17249775.07    161290141
MATERNUS-KLINIKE     MAKG IX       -17249775.07    161290141
NORDAG AG            DOO1 GR       -482449.8788  144432986.2
NORDAG AG-PFD        DOO3 GR       -482449.8788  144432986.2
NORDAG AG-RTS        DOO8 GR       -482449.8788  144432986.2
NORDENIA INTL AG     NOD GR        -74471727.44  729626481.3
NORDENIA INTL AG     NOD8 GR       -74471727.44  729626481.3
NORDSEE AG           533061Q GR    -8200551.142  194616922.6
NUERNB HYPO-RTS      NUE8 GR        -2104037124     5.86E+11
NUERNB HYPOTHEK      0478131D GR    -2104037124     5.86E+11
PFLEIDERER AG        PBVDF US      -97572495.87   1832488196
PFLEIDERER AG-BE     PFD GR        -97572495.87   1832488196
PFLEIDERER A-RTS     PFDB GR       -97572495.87   1832488196
PFLEIDERER-NEW       PFD1 GR       -97572495.87   1832488196
PFLEIDERER-REG       PFD4 EB       -97572495.87   1832488196
PFLEIDERER-REG       PFD4 EU       -97572495.87   1832488196
PFLEIDERER-REG       PFD4GBP EO    -97572495.87   1832488196
PFLEIDERER-REG       PFD4 TH       -97572495.87   1832488196
PFLEIDERER-REG       PFD4 NR       -97572495.87   1832488196
PFLEIDERER-REG       PFD4 TQ       -97572495.87   1832488196
PFLEIDERER-REG       PFD4GBX EO    -97572495.87   1832488196
PFLEIDERER-REG       PFDG IX       -97572495.87   1832488196
PFLEIDERER-REG       PFD4 S1       -97572495.87   1832488196
PFLEIDERER-REG       PFD4 EO       -97572495.87   1832488196
PFLEIDERER-REG       PFD4 PZ       -97572495.87   1832488196
PFLEIDERER-REG       PFD4 GR       -97572495.87   1832488196
PFLEIDERER-REG       PFD4 QM       -97572495.87   1832488196
PFLEIDERER-REG       PFD4GBX EU    -97572495.87   1832488196
PFLEIDERER-REG       PFD4 NQ       -97572495.87   1832488196
PFLEIDERER-REG       PFD4 BQ       -97572495.87   1832488196
PFLEIDERER-REG       PFEIF US      -97572495.87   1832488196
PRIMACOM AG          PRCG IX       -18656751.16  610380925.7
PRIMACOM AG          PRC2 GR       -18656751.16  610380925.7
PRIMACOM AG          PRC S1        -18656751.16  610380925.7
PRIMACOM AG          PRC NM        -18656751.16  610380925.7
PRIMACOM AG          PCAGF US      -18656751.16  610380925.7
PRIMACOM AG          PRC EU        -18656751.16  610380925.7
PRIMACOM AG          PRC GR        -18656751.16  610380925.7
PRIMACOM AG          PRC TH        -18656751.16  610380925.7
PRIMACOM AG          PRCG PZ       -18656751.16  610380925.7
PRIMACOM AG          PRC EO        -18656751.16  610380925.7
PRIMACOM AG-ADR      PCAGY US      -18656751.16  610380925.7
PRIMACOM AG-ADR      PCAG US       -18656751.16  610380925.7
PRIMACOM AG-ADR+     PCAG ES       -18656751.16  610380925.7
RAG ABWICKL-REG      ROSG PZ         -1744124.2  217776125.8
RAG ABWICKL-REG      ROS GR          -1744124.2  217776125.8
RAG ABWICKL-REG      ROS S1          -1744124.2  217776125.8
RAG ABWICKL-REG      ROS1 EO         -1744124.2  217776125.8
RAG ABWICKL-REG      ROS1 EU         -1744124.2  217776125.8
RAG ABWICKL-REG      RSTHF US        -1744124.2  217776125.8
RINOL AG             RILB S1          -1.171602  168095049.1
RINOL AG             RILB GR          -1.171602  168095049.1
RINOL AG             RIL GR           -1.171602  168095049.1
RINOL AG             RILB IX          -1.171602  168095049.1
RINOL AG             RNLAF US         -1.171602  168095049.1
RINOL AG             RILB EU          -1.171602  168095049.1
RINOL AG             RILB PZ          -1.171602  168095049.1
RINOL AG             RILB EO          -1.171602  168095049.1
ROSENTHAL AG         2644179Q GR     -1744124.2  217776125.8
ROSENTHAL AG-ACC     ROS4 GR         -1744124.2  217776125.8
ROSENTHAL AG-ADR     RSTHY US        -1744124.2  217776125.8
ROSENTHAL AG-REG     ROSG IX         -1744124.2  217776125.8
SINNLEFFERS AG       WHG GR        -4491635.615  453887060.1
SOLON AG FUE-NEW     SOO4 GR       -138663225.9  627116116.4
SOLON AG FUE-NEW     SOOJ GR       -138663225.9  627116116.4
SOLON AG FUE-NEW     SOO3 GR       -138663225.9  627116116.4
SOLON AG FUER SO     SOO GR        -138663225.9  627116116.4
SOLON AG FUER SO     SOOG IX       -138663225.9  627116116.4
SOLON AG FUE-RTS     2292896Z GR   -138663225.9  627116116.4
SOLON AG FU-MEW      532564Q GR    -138663225.9  627116116.4
SOLON SE             SOO1 PZ       -138663225.9  627116116.4
SOLON SE             SOON EU       -138663225.9  627116116.4
SOLON SE             SOO1 GR       -138663225.9  627116116.4
SOLON SE             SOO1USD EO    -138663225.9  627116116.4
SOLON SE             SOO1 TH       -138663225.9  627116116.4
SOLON SE             SGFRF US      -138663225.9  627116116.4
SOLON SE             SOO1 TQ       -138663225.9  627116116.4
SOLON SE             SOO1 S1       -138663225.9  627116116.4
SOLON SE             SNBZF US      -138663225.9  627116116.4
SOLON SE             SOO1 EO       -138663225.9  627116116.4
SOLON SE             SOON EO       -138663225.9  627116116.4
SOLON SE             SOO1 EU       -138663225.9  627116116.4
SOLON SE             SOO1 BQ       -138663225.9  627116116.4
SOLON SE             SOON GR       -138663225.9  627116116.4
SOLON SE             SOO1USD EU    -138663225.9  627116116.4
SOLON SE-RTS         3664247Z GR   -138663225.9  627116116.4
SPAR HANDELS-AG      773844Q GR    -442426239.7   1433020961
SPAR HANDELS-AG      SPHFF US      -442426239.7   1433020961
SPAR HAND-PFD NV     SPA3 GR       -442426239.7   1433020961
TA TRIUMPH-ACQ       TWNA GR       -124667889.5  375247226.8
TA TRIUMPH-ACQ       TWNA EU       -124667889.5  375247226.8
TA TRIUMPH-ADLER     TTZAF US      -124667889.5  375247226.8
TA TRIUMPH-ADLER     TWNG IX       -124667889.5  375247226.8
TA TRIUMPH-ADLER     TWN PZ        -124667889.5  375247226.8
TA TRIUMPH-ADLER     0292922D GR   -124667889.5  375247226.8
TA TRIUMPH-ADLER     TWN EU        -124667889.5  375247226.8
TA TRIUMPH-ADLER     TWN EO        -124667889.5  375247226.8
TA TRIUMPH-A-RTS     1018916Z GR   -124667889.5  375247226.8
TA TRIUMPH-NEW       TWN1 GR       -124667889.5  375247226.8
TA TRIUMPH-RT        TWN8 GR       -124667889.5  375247226.8
TA TRIUMPH-RTS       3158577Q GR   -124667889.5  375247226.8

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

TURKEY
------
EGS EGE GIYIM VE     EGDIS TI      -7732135.103  147075077.7
EGS EGE GIYIM-RT     EGDISR TI     -7732135.103  147075077.7
GALATASARAY SPOR     GSRAY TI      -134837791.7  312345232.8
GALATASARAY SPOR     GALA IX       -134837791.7  312345232.8
GALATASARAY SPOR     GSRAYR TI     -134837791.7  312345232.8
GALATASARAY SPOR     GSY GR        -134837791.7  312345232.8
GALATASARAY SPOR     GATSF US      -134837791.7  312345232.8
GALATASARAY-NEW      GSRAYY TI     -134837791.7  312345232.8
IKTISAT FINAN-RT     IKTFNR TI     -46900666.64  108228233.6
IKTISAT FINANSAL     IKTFN TI      -46900666.64  108228233.6
KEREVITAS GIDA       KVTGF US      -17661319.95  159849621.7
KEREVITAS GIDA       KERVT TI      -17661319.95  159849621.7
MUDURNU TAVUKC-N     MDRNUN TI      -64935052.1  160420187.4
MUDURNU TAVUKCUL     MDRNU TI       -64935052.1  160420187.4
SIFAS                SIFAS TI       -15439194.7    130608104
TUTUNBANK            TUT TI         -4024959602   2643810457
YASARBANK            YABNK TI       -4024959602   2643810457
ZORLU ENERJI ELE     ZORENM TI     -2128989.458   1841396734
ZORLU ENERJI ELE     ZORENR TI     -2128989.458   1841396734
ZORLU ENERJI ELE     ZRLUF US      -2128989.458   1841396734
ZORLU ENERJI ELE     ZOREN TI      -2128989.458   1841396734
ZORLU ENERJI ELE     ZORENY TI     -2128989.458   1841396734
ZORLU ENERJI-ADR     ZRLUY US      -2128989.458   1841396734
ZORLU ENERJI-RTS     0405413D TI   -2128989.458   1841396734

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

UNITED KINGDOM
--------------
600 UK LTD           1282018Z LN   -731250.5356  123671540.8
ABBOTT MEAD VICK     648824Q LN    -1685854.552  168258996.3
ABF GRAIN PRODUC     1276922Z LN   -80622502.15  405377719.8
ACE INA SERVICES     1442282Z LN   -32838796.68  148703014.2
ACIS GROUP LTD       4159557Z LN   -29529317.19  122639068.7
ACORN CARE AND E     1238567Z LN    -70886168.8  120665053.6
ADVANCE DISPLAY      ADTP PZ        -2983757364   2562677211
AEA TECHNOLO-FPR     AATF PZ       -251542348.1  142002291.9
AEA TECHNOLO-FPR     AATF LN       -251542348.1  142002291.9
AEA TECHNOLOGY       EAETF US      -251542348.1  142002291.9
AEA TECHNOLOGY       AAT VX        -251542348.1  142002291.9
AEA TECHNOLOGY       AAT IX        -251542348.1  142002291.9
AEA TECHNOLOGY       AAT PO        -251542348.1  142002291.9
AEA TECHNOLOGY G     AATGBP EO     -251542348.1  142002291.9
AEA TECHNOLOGY G     AAT LN        -251542348.1  142002291.9
AEA TECHNOLOGY G     89A GR        -251542348.1  142002291.9
AEA TECHNOLOGY G     AEATF US      -251542348.1  142002291.9
AEA TECHNOLOGY G     AAT EU        -251542348.1  142002291.9
AEA TECHNOLOGY G     AAT PZ        -251542348.1  142002291.9
AEA TECHNOLOGY G     AAT EO        -251542348.1  142002291.9
AEA TECHNOLO-NPR     AATN LN       -251542348.1  142002291.9
AEA TECHNOLO-NPR     AATN PZ       -251542348.1  142002291.9
AFFINITI INTEGRA     1651064Z LN   -743208854.7    241654750
AGORA SHOPPING C     214766Z LN    -50700881.16  252334953.9
AIRBUS OPERATION     4435153Z LN   -718055101.2   3718998325
AIRTOURS PLC         AIR VX        -379721780.5   1817512774
AIRTOURS PLC         AIR LN        -379721780.5   1817512774
AIRTOURS PLC         ATORF US      -379721780.5   1817512774
ALIXPARTNERS LTD     2578482Z LN   -20704239.37  115351021.9
ALL3MEDIA HOLDIN     4500027Z LN   -349193464.9  845096523.8
ALLDAYS PLC          ALDYF US        -120493900  252232072.9
ALLDAYS PLC          317056Q LN      -120493900  252232072.9
ALLIANCE & LEICE     1603082Z LN   -362196734.3   3707298376
ALLIANCE ATLANTI     1774537Z LN   -15720815.81  102607041.1
ALPHA CREDIT GRP     2398Z LN      -128159653.1   6765166452
AMER BUS SYS         ARB LN          -497126976    121439000
AMEY PLC             AMY LN        -48862569.33  931527720.5
AMEY PLC             AMY VX        -48862569.33  931527720.5
AMEY PLC             AMEYF US      -48862569.33  931527720.5
AMEY PLC-ASSENT      AMYA LN       -48862569.33  931527720.5
AMEY PLC-NEW         AMYN LN       -48862569.33  931527720.5
ANGLESEY ALUMINI     3899138Z LN   -31293037.69  162854170.3
ANKER PLC            ANK LN        -21861359.81    115463159
ANKER PLC            ANK PO        -21861359.81    115463159
ANKER PLC            DW14 GR       -21861359.81    115463159
ANKER PLC - ASSD     ANKB LN       -21861359.81    115463159
ANKER PLC - ASSD     ANKC LN       -21861359.81    115463159
ANKER PLC-ASSD       ANKA LN       -21861359.81    115463159
ARCADIA PETROLEU     645232Z LN    -5023968.659  568408481.5
ARGENTA UNDERWRI     2619614Z LN   -2675706.338  115312566.9
ARRIVA NORTH WES     1320162Z LN   -1976907.097  100984405.8
ASCOT RACECOURSE     1965934Z LN   -15176036.03  272434311.7
ASHWELL PROPERTY     4165857Z LN   -192048023.3  200163088.3
ASPIRE HOUSING L     1820890Z LN   -76622621.06  145635258.6
ASTON VILLA FOOT     1768569Z LN   -147588325.5  132513030.7
ASTRIUM LTD          2568578Z LN   -147720838.8  465118265.6
AT KEARNEY HOLDI     4168565Z LN   -712649.2612  420870276.2
AUTOBAR GROUP LT     346661Z LN    -4152320.078  257142544.7
AUTOMATIC DATA P     2807722Z LN   -2691222.405  196460842.3
AUTOMOBILE ASSOC     1479490Z LN   -33757452.81   1402428072
AVAYA UK             1700688Z LN   -53845662.33    392389930
BAA PLC              BAAPF US      -305487309.1  20626980048
BAA PLC              BAAG IX       -305487309.1  20626980048
BAA PLC              549340Q CN    -305487309.1  20626980048
BAA PLC              BAA IX        -305487309.1  20626980048
BAA PLC              3682837Q AU   -305487309.1  20626980048
BAA PLC              BAA PO        -305487309.1  20626980048
BAA PLC              BAA GR        -305487309.1  20626980048
BAA PLC              BAA VX        -305487309.1  20626980048
BAA PLC - ASSD       BAAB LN       -305487309.1  20626980048
BAA PLC-ADR          BAAPY US      -305487309.1  20626980048
BAA PLC-ADR          BAAPY LI      -305487309.1  20626980048
BAA PLC-ASSD         BAAC LN       -305487309.1  20626980048
BAA PLC-ASSD         BAAD LN       -305487309.1  20626980048
BAA PLC-ASSD         BAAA LN       -305487309.1  20626980048
BAE SYSTEMS GLOB     1111359Z LN   -198002524.7  433422849.4
BAE SYSTEMS INTE     2344987Z LN    -76887342.6    435816042
BAE SYSTEMS PROP     1151751Z LN   -87647151.12  896957185.8
BANK OF SCOTLAND     1419810Z LN   -9546216.212  527915266.9
BARCHESTER HOLDC     4391889Z LN   -29571912.71   1847591976
BARRACUDA GROUP      3636Z LN      -395586366.9    328358578
BASINGHALL FINAN     1127799Z LN   -9318896.893   1118303697
BAT UK & EXPORT      4509491Z LN   -190548587.2  881692782.5
BCH GROUP PLC        BCH LN        -5728273.973  187993198.2
BDP HOLDINGS LTD     3796920Z LN   -5521777.438    114452852
BENTLEY MOTORS L     1376666Z LN   -511844321.8  792321913.9
BETFAIR LTD          83844Z LN     -26079415.01  461076110.5
BGE UK LTD           1653368Z LN   -31309521.84  451744849.3
BIRMINGHAM MAILB     1781057Z LN   -6608952.843  116466648.8
BIRSE CIVILS LTD     1333506Z LN   -3991231.995  184394918.2
BLACKWELL PUBLIS     80044Z LN     -1289834.531  223671685.3
BNB RECRUITMENT      BNB IX        -10242625.55    103637705
BNB RECRUITMENT      BNB PO        -10242625.55    103637705
BNB RECRUITMENT      BNB LN        -10242625.55    103637705
BNB RECRUITMENT      BNBRF US      -10242625.55    103637705
BNB RECRUITMENT      BQX GR        -10242625.55    103637705
BOLTON WANDERERS     1274042Z LN     -109297588  124148929.4
BOOKER PLC           1330Q GR      -59832893.13   1298182549
BOOKER PLC           BKERF US      -59832893.13   1298182549
BOOKER PLC           987188Q LN    -59832893.13   1298182549
BOOKER PLC-ADR       BKRUY US      -59832893.13   1298182549
BOOKER PLC-ADR       BOK$ LN       -59832893.13   1298182549
BOSTON MAYFLOWER     1845650Z LN   -38702577.78  104489726.5
BRADSTOCK GROUP      BSKGF US      -1855444.639  268563822.5
BRADSTOCK GROUP      BDK LN        -1855444.639  268563822.5
BRB RESIDUARY LT     2872503Z LN   -271034725.2  371470513.4
BRENT WALKER GRP     754087Q LN     -1774306283  867084131.8
BRENT WALKER GRP     BWKGF US       -1774306283  867084131.8
BRIT ENERGY LTD      523362Q LN     -5822867501   4921095750
BRIT ENERGY PLC      BHEGF US       -5822867501   4921095750
BRIT ENERGY PLC      555140Q VX     -5822867501   4921095750
BRIT ENERGY PLC      BGYEF US       -5822867501   4921095750
BRIT ENERGY PLC      BEN1 GR        -5822867501   4921095750
BRIT ENERGY-A        BENA GR        -5822867501   4921095750
BRIT ENERGY-ADR      BHEFF US       -5822867501   4921095750
BRITISH ENER-$US     BGYD AR        -5822867501   4921095750
BRITISH ENER-$US     BGYNYD AR      -5822867501   4921095750
BRITISH ENER-ADR     BGYNY US       -5822867501   4921095750
BRITISH ENER-BLK     BGYB AR        -5822867501   4921095750
BRITISH ENER-BLK     BGYNYB AR      -5822867501   4921095750
BRITISH ENER-C/E     BGYC AR        -5822867501   4921095750
BRITISH ENER-C/E     BGYNYC AR      -5822867501   4921095750
BRITISH ENER-CED     BGYNY AR       -5822867501   4921095750
BRITISH ENER-CED     BGY AR         -5822867501   4921095750
BRITISH ENERGY-A     BGYA VX        -5822867501   4921095750
BRITISH ENERGY-A     3012442Q LN    -5822867501   4921095750
BRITISH ENERGY-A     BHEAF US       -5822867501   4921095750
BRITISH ENERGY-A     BGYA PO        -5822867501   4921095750
BRITISH ENERGY-A     BGYGF US       -5822867501   4921095750
BRITVIC PLC          BVIC LN        -1427723.98   1647117616
BRITVIC PLC          BVI2 EO        -1427723.98   1647117616
BRITVIC PLC          BVIC EU        -1427723.98   1647117616
BRITVIC PLC          B6S GR         -1427723.98   1647117616
BRITVIC PLC          BVICGBP EO     -1427723.98   1647117616
BRITVIC PLC          BVIC BQ        -1427723.98   1647117616
BRITVIC PLC          BVIC5 EO       -1427723.98   1647117616
BRITVIC PLC          BVIC EO        -1427723.98   1647117616
BRITVIC PLC          BVICUSD EO     -1427723.98   1647117616
BRITVIC PLC          BVIC TQ        -1427723.98   1647117616
BRITVIC PLC          BVICPEN EU     -1427723.98   1647117616
BRITVIC PLC          BVIC S1        -1427723.98   1647117616
BRITVIC PLC          BVIC4 EO       -1427723.98   1647117616
BRITVIC PLC          BVICEUR EO     -1427723.98   1647117616
BRITVIC PLC          BTVCF US       -1427723.98   1647117616
BRITVIC PLC          BVICEUR EU     -1427723.98   1647117616
BRITVIC PLC          BVIC9 EO       -1427723.98   1647117616
BRITVIC PLC          BVIC8 EO       -1427723.98   1647117616
BRITVIC PLC          BVICPEN EO     -1427723.98   1647117616
BRITVIC PLC          B6S GK         -1427723.98   1647117616
BRITVIC PLC          BVIC EB        -1427723.98   1647117616
BRITVIC PLC          BVIC2 EO       -1427723.98   1647117616
BRITVIC PLC          BVIC NQ        -1427723.98   1647117616
BRITVIC PLC          BVIC6 EO       -1427723.98   1647117616
BRITVIC PLC          BVIC QM        -1427723.98   1647117616
BRITVIC PLC          BVIC3 EO       -1427723.98   1647117616
BRITVIC PLC          BVIC1 EO       -1427723.98   1647117616
BRITVIC PLC          BVIC PZ        -1427723.98   1647117616
BRITVIC PLC          BVICUSD EU     -1427723.98   1647117616
BRITVIC PLC          BVIC IX        -1427723.98   1647117616
BRITVIC PLC          BVIC VX        -1427723.98   1647117616
BRITVIC PLC          BVIC NR        -1427723.98   1647117616
BRITVIC PLC          BVIC7 EO       -1427723.98   1647117616
BRITVIC PLC-ADR      BTVCY US       -1427723.98   1647117616
BRIXTON GREAT WE     1242343Z LN   -24193317.48  164120047.9
BUNZL VENDING SE     1626514Z LN   -3627717.453    117295226
BURNDEN LEISURE      BDL LN        -92092299.62  136726201.7
CALSONIC KANSEI      2730264Z LN   -112686897.5    233439821
CALSONIC KANSEI      1541442Z LN   -38998494.18  298627314.6
CAPITAL HOME LOA     3809804Z LN   -15503258.05  16833730499
CARISBROOKE ANGL     3815488Z LN   -67887962.81  125396545.6
CARLISLE GROUP       506819Q LN    -11904428.42    203548565
CATTLES PLC          CTT EB        -599615492.2   3880885246
CATTLES PLC          CTT IX        -599615492.2   3880885246
CATTLES PLC          CTT LN        -599615492.2   3880885246
CATTLES PLC          CTTEUR EU     -599615492.2   3880885246
CATTLES PLC          CTTUSD EU     -599615492.2   3880885246
CATTLES PLC          CTT TQ        -599615492.2   3880885246
CATTLES PLC          CTT EU        -599615492.2   3880885246
CATTLES PLC          CZS GR        -599615492.2   3880885246
CATTLES PLC          CTTSEK EU     -599615492.2   3880885246
CATTLES PLC          CTTEUR EO     -599615492.2   3880885246
CATTLES PLC          CTT NQ        -599615492.2   3880885246
CATTLES PLC          CTTUSD EO     -599615492.2   3880885246
CATTLES PLC          CTTGBP EO     -599615492.2   3880885246
CATTLES PLC          CTTSEK EO     -599615492.2   3880885246
CATTLES PLC          CTT NR        -599615492.2   3880885246
CATTLES PLC          CTT PZ        -599615492.2   3880885246
CATTLES PLC          CHOXF US      -599615492.2   3880885246
CATTLES PLC          CTT EO        -599615492.2   3880885246
CATTLES PLC          CTT QM        -599615492.2   3880885246
CATTLES PLC          CTT PO        -599615492.2   3880885246
CATTLES PLC          CTT VX        -599615492.2   3880885246
CATTLES PLC          CTT BQ        -599615492.2   3880885246
CATTLES PLC-ADR      CHOXY US      -599615492.2   3880885246
CATTLES PLC-FPR      CTTF LN       -599615492.2   3880885246
CATTLES PLC-FPR      CTTF PZ       -599615492.2   3880885246
CATTLES PLC-NPR      CTTN LN       -599615492.2   3880885246
CATTLES PLC-NPR      CTTN IX       -599615492.2   3880885246
CATTLES PLC-NPR      CTTN PZ       -599615492.2   3880885246
CATTLES PLC-NPR      2843730Q EU   -599615492.2   3880885246
CATTLES PLC-NPR      2843726Q EO   -599615492.2   3880885246
CATTLES PLC-NPR      2843734Q EO   -599615492.2   3880885246
CATTLES PLC-NPR      CCTN PZ       -599615492.2   3880885246
CATTLES PLC-RFD      CTTR LN       -599615492.2   3880885246
CATTLES PLC-RFD      CTTR PZ       -599615492.2   3880885246
CATTLES PLC-RFD      CTTR IX       -599615492.2   3880885246
CEVA GROUP PLC       976811Z LN    -404835205.1   5085742264
CHANNEL 5 TELEVI     93306Z LN      -3955940.23  440416449.8
CHELSEA FOOTBALL     1508858Z LN   -645325606.2  325028457.3
CHILTERN RAILWAY     1691664Z LN   -18440739.08  143929126.6
CHRYSALIS GROUP      CHS EU        -16399845.81  124838262.3
CHRYSALIS GROUP      CHS PZ        -16399845.81  124838262.3
CHRYSALIS GROUP      CYGUF US      -16399845.81  124838262.3
CHRYSALIS GROUP      CHSEUR EU     -16399845.81  124838262.3
CHRYSALIS GROUP      CHS PO        -16399845.81  124838262.3
CHRYSALIS GROUP      CHSEUR EO     -16399845.81  124838262.3
CHRYSALIS GROUP      CHS EO        -16399845.81  124838262.3
CHRYSALIS GROUP      HR4 GR        -16399845.81  124838262.3
CHRYSALIS GROUP      5CY GR        -16399845.81  124838262.3
CHRYSALIS GROUP      CHSUSD EU     -16399845.81  124838262.3
CHRYSALIS GROUP      CHS VX        -16399845.81  124838262.3
CHRYSALIS GROUP      CLYSF US      -16399845.81  124838262.3
CHRYSALIS GROUP      CHSGBP EO     -16399845.81  124838262.3
CHRYSALIS GROUP      CHS LN        -16399845.81  124838262.3
CHRYSALIS GROUP      CHS IX        -16399845.81  124838262.3
CHRYSALIS GROUP      CHSUSD EO     -16399845.81  124838262.3
CLASSIC HOSPITAL     802723Z LN    -6453011.416  212249352.1
CLIPPER WINDPOWE     CWP EO          -168322000    436419008
CLIPPER WINDPOWE     CWP IX          -168322000    436419008
CLIPPER WINDPOWE     C2W GR          -168322000    436419008
CLIPPER WINDPOWE     CWP LN          -168322000    436419008
CLIPPER WINDPOWE     CWP PG          -168322000    436419008
CLIPPER WINDPOWE     CWPA LN         -168322000    436419008
CLIPPER WINDPOWE     CWP PZ          -168322000    436419008
CLIPPER WINDPOWE     CWP EU          -168322000    436419008
CLIPPER WINDPOWE     3470635Q LN     -168322000    436419008
CLIPPER WINDPOWE     CRPWF US        -168322000    436419008
COMMUNITY HOUSIN     4448257Z LN    -3215992.54  202983429.4
COMO HOLDINGS UK     3818576Z LN   -23709992.86  122013803.9
COMPASS GROU-OLD     1259Q LN      -668101173.9   2972459078
COMPASS GROUP        QOP GR        -668101173.9   2972459078
COMPASS GRP-ADR      CMSGY US      -668101173.9   2972459078
COMPASS GRP-ADR      CMSJY US      -668101173.9   2972459078
CONNECT UTILITIE     2112683Z LN   -6756036.693  135500422.8
CONVENIENCE FOOD     1555794Z LN   -76242510.77    781213617
COOLKEERAGH ESB      4471679Z LN    -21270460.2  308163645.9
CPI MORTARS LTD      1751696Z LN   -22518097.49  110009816.1
CROSBY GROUP PLC     237335Z LN    -122188674.2  211009635.6
CROWN BLUE LINE      1369234Z LN   -5491244.659  143228058.8
CSC METROCENTRE      1203663Z LN   -177523497.7    231888247
CUCINA LUX INVES     4503083Z LN   -332083965.3   3040705457
DANKA BUS SYSTEM     DNK LN          -497126976    121439000
DANKA BUS SYSTEM     3205291Q EO     -497126976    121439000
DANKA BUS SYSTEM     DNK VX          -497126976    121439000
DANKA BUS SYSTEM     DNK IX          -497126976    121439000
DANKA BUS SYSTEM     DNK PO          -497126976    121439000
DANKA BUS SYSTEM     DNK PZ          -497126976    121439000
DANKA BUS SYSTEM     3205283Q EO     -497126976    121439000
DANKA BUS SYSTEM     DANKF US        -497126976    121439000
DANKA BUS SYSTEM     3205287Q EU     -497126976    121439000
DANKA BUS-$US CE     DANKD AR        -497126976    121439000
DANKA BUS-ADR        DANKY US        -497126976    121439000
DANKA BUS-ADR        AP39 LI         -497126976    121439000
DANKA BUS-ADR        DB6 GR          -497126976    121439000
DANKA BUS-ADR        DANKE US        -497126976    121439000
DANKA BUS-BLK CE     DANKB AR        -497126976    121439000
DANKA BUS-C/E CE     DANKC AR        -497126976    121439000
DANKA BUS-CEDEAR     DANK AR         -497126976    121439000
DARTY PLC            KESA QM       -154779892.4   1917418684
DARTY PLC            DRTYUSD EU    -154779892.4   1917418684
DARTY PLC            KESA5 EO      -154779892.4   1917418684
DARTY PLC            KESA IX       -154779892.4   1917418684
DARTY PLC            KESA2 EO      -154779892.4   1917418684
DARTY PLC            KESA EO       -154779892.4   1917418684
DARTY PLC            DRTY EO       -154779892.4   1917418684
DARTY PLC            KESA3 EO      -154779892.4   1917418684
DARTY PLC            KESA6 EO      -154779892.4   1917418684
DARTY PLC            DRTY QM       -154779892.4   1917418684
DARTY PLC            DRTY LN       -154779892.4   1917418684
DARTY PLC            KESA9 EO      -154779892.4   1917418684
DARTY PLC            DRTY EU       -154779892.4   1917418684
DARTY PLC            DRTYGBP EO    -154779892.4   1917418684
DARTY PLC            KE4 GR        -154779892.4   1917418684
DARTY PLC            DRTY IX       -154779892.4   1917418684
DARTY PLC            KESA TQ       -154779892.4   1917418684
DARTY PLC            KESAF US      -154779892.4   1917418684
DARTY PLC            KESA8 EO      -154779892.4   1917418684
DARTY PLC            KESA4 EO      -154779892.4   1917418684
DARTY PLC            DRTY TQ       -154779892.4   1917418684
DARTY PLC            DRTYEUR EO    -154779892.4   1917418684
DARTY PLC            KESA BQ       -154779892.4   1917418684
DARTY PLC            DRTYEUR EU    -154779892.4   1917418684
DARTY PLC            KESA NR       -154779892.4   1917418684
DARTY PLC            DRTYI GR      -154779892.4   1917418684
DARTY PLC            KESA NQ       -154779892.4   1917418684
DARTY PLC            DRTY EB       -154779892.4   1917418684
DARTY PLC            KE4 GK        -154779892.4   1917418684
DARTY PLC            DRTYUSD EO    -154779892.4   1917418684
DARTY PLC            DRTY FP       -154779892.4   1917418684
DARTY PLC            KES1 EO       -154779892.4   1917418684
DARTY PLC            KSA FP        -154779892.4   1917418684
DARTY PLC            KESA7 EO      -154779892.4   1917418684
DARTY PLC            KESA S1       -154779892.4   1917418684
DARTY PLC            KESA EB       -154779892.4   1917418684
DAVENHAM GROUP P     DAV EO        -57317833.22  114701147.6
DAVENHAM GROUP P     DAV EU        -57317833.22  114701147.6
DAVENHAM GROUP P     DAV PZ        -57317833.22  114701147.6
DAVENHAM GROUP P     DAH GR        -57317833.22  114701147.6
DAVENHAM GROUP P     DAV PG        -57317833.22  114701147.6
DAVENHAM GROUP P     DAH TH        -57317833.22  114701147.6
DAVENHAM GROUP P     DAV LN        -57317833.22  114701147.6
DAVENHAM GROUP P     DAVEUR EO     -57317833.22  114701147.6
DCK GROUP LTD        4006628Z LN   -23972516.74  108515833.6
DE LA RUE PLC        DLAR TQ       -72920095.83  652922700.1
DE LA RUE PLC        DLAREUR EU    -72920095.83  652922700.1
DE LA RUE PLC        DL1C GK       -72920095.83  652922700.1
DE LA RUE PLC        DLARUSD EO    -72920095.83  652922700.1
DE LA RUE PLC        DLAR LN       -72920095.83  652922700.1
DE LA RUE PLC        DL1 GR        -72920095.83  652922700.1
DE LA RUE PLC        DELRF US      -72920095.83  652922700.1
DE LA RUE PLC        DLAR EB       -72920095.83  652922700.1
DE LA RUE PLC        DLAR8 EO      -72920095.83  652922700.1
DE LA RUE PLC        DLAR BQ       -72920095.83  652922700.1
DE LA RUE PLC        DLAR NR       -72920095.83  652922700.1
DE LA RUE PLC        DLAR PZ       -72920095.83  652922700.1
DE LA RUE PLC        DLRUF US      -72920095.83  652922700.1
DE LA RUE PLC        DLAR1 EO      -72920095.83  652922700.1
DE LA RUE PLC        DLAR NQ       -72920095.83  652922700.1
DE LA RUE PLC        DLARCHF EU    -72920095.83  652922700.1
DE LA RUE PLC        DLAR4 EO      -72920095.83  652922700.1
DE LA RUE PLC        DLAR S1       -72920095.83  652922700.1
DE LA RUE PLC        DLARUSD EU    -72920095.83  652922700.1
DE LA RUE PLC        DLARF US      -72920095.83  652922700.1
DE LA RUE PLC        DL1A GR       -72920095.83  652922700.1
DE LA RUE PLC        DL1C GR       -72920095.83  652922700.1
DE LA RUE PLC        DLA EO        -72920095.83  652922700.1
DE LA RUE PLC        DLAR IX       -72920095.83  652922700.1
DE LA RUE PLC        DLAR7 EO      -72920095.83  652922700.1
DE LA RUE PLC        DL1B GR       -72920095.83  652922700.1
DE LA RUE PLC        DLAR QM       -72920095.83  652922700.1
DE LA RUE PLC        DLAREUR EO    -72920095.83  652922700.1
DE LA RUE PLC        DLAR EO       -72920095.83  652922700.1
DE LA RUE PLC        DLARCHF EO    -72920095.83  652922700.1
DE LA RUE PLC        DLAR VX       -72920095.83  652922700.1
DE LA RUE PLC        DLARGBP EO    -72920095.83  652922700.1
DE LA RUE PLC        DLAR9 EO      -72920095.83  652922700.1
DE LA RUE PLC        DLAR EU       -72920095.83  652922700.1
DE LA RUE PLC        DLAR5 EO      -72920095.83  652922700.1
DE LA RUE PLC        DLAR3 EO      -72920095.83  652922700.1
DE LA RUE PLC        DLAR PO       -72920095.83  652922700.1
DE LA RUE PLC        DLAR6 EO      -72920095.83  652922700.1
DE LA RUE PLC        DLAR2 EO      -72920095.83  652922700.1
DE LA RUE-ADR        DERUY US      -72920095.83  652922700.1
DE LA RUE-ADR        DLUEY US      -72920095.83  652922700.1
DE LA RUE-PREF       3115438Q EU   -72920095.83  652922700.1
DE LA RUE-PREF       DLAP PZ       -72920095.83  652922700.1
DE LA RUE-PREF       DLAP LN       -72920095.83  652922700.1
DE STEFANO INVES     3814768Z LN   -10968616.22    208612111
DIAMOND RESORT H     1710824Z LN   -36346087.76    199633867
DIAMOND RESORTS      1578906Z LN   -55241260.22  185000514.5
DISPOSABLE SOFT      1124335Z LN   -25554763.54  154077028.1
DONVAND LTD          2564906Z LN   -8746031.883  235830922.7
DRIVE ASSIST HOL     3641135Z LN   -129629293.2  804046536.3
DTZ DEBENHAM TIE     1637608Z LN   -65367918.17    431959182
E ON RUHRGAS UK      1671208Z LN   -203389128.9  397727814.9
E ON UK CHP LTD      2642428Z LN   -441420879.2  292251726.5
EASYNET GROUP        EZNGF US      -60380605.51  334049332.2
EASYNET GROUP        ESY PO        -60380605.51  334049332.2
EASYNET GROUP        ESY LN        -60380605.51  334049332.2
EASYNET GROUP        ESY VX        -60380605.51  334049332.2
EASYNET GROUP        EAY GR        -60380605.51  334049332.2
EASYNET GROUP-CV     91009Z LN     -60380605.51  334049332.2
EC HARRIS LLP        4448521Z LN   -16034293.72  122879662.7
EDF ENERGY 1 LTD     1201287Z LN   -173168019.1  373323626.4
EDF ENERGY CUSTO     LON LN        -998743443.7   5451617395
ELE INVTS LTD        ELCT US       -50659516.57  281969290.1
EMI GROUP -ASSD      EMIA LN        -2265916257   2950021937
EMI GROUP LTD        EMI LN         -2265916257   2950021937
EMI GROUP PLC        EMI VX         -2265916257   2950021937
EMI GROUP PLC        3020138Q GR    -2265916257   2950021937
EMI GROUP PLC        EMI IX         -2265916257   2950021937
EMI GROUP PLC        EMIPF US       -2265916257   2950021937
EMI GROUP PLC        EMI PO         -2265916257   2950021937
EMI GROUP PLC-B      1019425Q LN    -2265916257   2950021937
EMI GROUP-ADR        EMI$ LN        -2265916257   2950021937
EMI GROUP-ADR        EMIPY US       -2265916257   2950021937
EMI GROUP-ADR        38IS LN        -2265916257   2950021937
EQUINITI LTD         977621Z LN    -91870053.33  903061439.5
EQUITY INSURANCE     1284698Z LN    -29894777.4    147890791
ERM GROUP HOLDIN     3125976Z LN     -175924992    616248000
ERM-EUROPE LTD       1539482Z LN   -5766265.722  206231135.2
ESPORTA HEALTH &     1689624Z LN   -34019016.45  143720210.5
EUROPEAN HOME        EHR EU        -14328735.16  110864081.4
EUROPEAN HOME        EHR3 EO       -14328735.16  110864081.4
EUROPEAN HOME        FPAKF US      -14328735.16  110864081.4
EUROPEAN HOME        EHR5 EO       -14328735.16  110864081.4
EUROPEAN HOME        EHR6 EO       -14328735.16  110864081.4
EUROPEAN HOME        EHREUR EO     -14328735.16  110864081.4
EUROPEAN HOME        EHR LN        -14328735.16  110864081.4
EUROPEAN HOME        KLZ PO        -14328735.16  110864081.4
EUROPEAN HOME        EHR2 EO       -14328735.16  110864081.4
EUROPEAN HOME        KLZ VX        -14328735.16  110864081.4
EUROPEAN HOME        EHR PZ        -14328735.16  110864081.4
EUROPEAN HOME        EHR PO        -14328735.16  110864081.4
EUROPEAN HOME        EHR9 EO       -14328735.16  110864081.4
EUROPEAN HOME        EHR EO        -14328735.16  110864081.4
EUROPEAN HOME        EHR10 EO      -14328735.16  110864081.4
EUROPEAN HOME        EHREUR EU     -14328735.16  110864081.4
EUROPEAN HOME        EHR4 EO       -14328735.16  110864081.4
EUROPEAN HOME        EHR8 EO       -14328735.16  110864081.4
EUROPEAN HOME        EHR1 EO       -14328735.16  110864081.4
EUROPEAN HOME        EHR VX        -14328735.16  110864081.4
EUROPEAN HOME        EHR7 EO       -14328735.16  110864081.4
EUROPEAN HOME        EHRGBP EO     -14328735.16  110864081.4
EUROSTAR INTERNA     4379945Z LN    -2296294817  600452807.4
EXOVA PLC            4507835Z LN   -23478618.65  727804846.1
EXXONMOBIL MARIN     1196527Z LN   -10207264.01    337580273
FAIRLINE BOATS H     4498779Z LN   -13944238.58  114504852.8
FAREPAK PLC          FPK LN        -14328735.16  110864081.4
FINANCIAL SERVIC     2630281Z LN   -150518742.9  432118909.8
FIRST CHOICE HOL     1098394Z LN   -599861682.6  608849393.2
FITNESS FIRST GR     4501843Z LN   -959590355.8   1731530545
FLECTAT LTD          1160967Z LN   -53267356.38  102516976.5
FOOTBALL FOUNDAT     3958180Z LN   -1856870.101    108334858
FORD MOTOR CO LT     1291306Z LN   -198002524.7   4858077693
FORENSIC SCIENCE     2616518Z LN   -114373361.6  144478716.5
FOUR SEASONS HEA     1865450Z LN   -126472163.8  267951983.6
FRENCH CONNECTIO     1092170Z LN   -21270716.65  169362489.9
FUNDING CORP LTD     4157637Z LN   -28925795.68  201083535.3
FW FARNSWORTH LT     1293386Z LN   -44420065.35  102695080.1
GALA ELECTRIC CA     1228295Z LN    -1443271177   5858442731
GALIFORM CORPORA     1478794Z LN   -49876078.98  987241731.3
GALLAGHER UK LTD     4422897Z LN    -14056336.1  197494963.7
GAMESTEC LEISURE     1432626Z LN   -22918299.36  107315419.3
GARTLAND WHALLEY     GWB LN         -10986768.6  145352034.5
GE CALEDONIAN LT     2178340Z LN     -152040000    333438016
GENERAL MOTORS       1062338Z LN    -1258953111   1981116650
GGT GROUP PLC        500970Q LN      -156372272  408211200.9
GGT GROUP-ADR        GGTRY US        -156372272  408211200.9
GLADEDALE VENTUR     2209596Z LN   -40300529.62  104554687.5
GLAXOSMITHKLINE      1426Z LN      -9429285.587  13095256920
GLOBAL CROSSING      3629883Z LN   -353965082.8  492328850.3
GLOBAL RADIO SER     4171741Z LN   -62302229.74  181387133.2
GONDOLA GROUP LT     4499995Z LN   -284524422.8   1496226646
GONDOLA HOLD         913024Q GR    -368104339.6   1568916934
GONDOLA HOLD         GND VX        -368104339.6   1568916934
GONDOLA HOLDINGS     GND LN        -368104339.6   1568916934
GONDOLA HOLDINGS     GND IX        -368104339.6   1568916934
GONDOLA HOLD-NEW     GNDA LN       -368104339.6   1568916934
GONDOLA HOLD-NEW     GNDB LN       -368104339.6   1568916934
GOODRICH CONTROL     3631571Z LN     -203464797  600544111.2
GOODYEAR DUNLOP      3894550Z LN   -191322012.8    287023355
GRANT THORNTON U     961842Z LN    -87634636.95  389831122.7
HARMSWORTH PRINT     1552314Z LN   -17382531.76  325365175.8
HARMSWORTH PRINT     1719464Z LN   -46809590.17  171744856.2
HARMSWORTH QUAYS     1552378Z LN   -109747106.9  292508124.8
HAS ACCIDENT MAN     3815368Z LN   -71038252.12  266645094.8
HAYMARKET GROUP      4158941Z LN     -100498143  307693877.6
HENDERSON ADMINI     1296626Z LN   -14041029.43   1007142193
HESS INDONESIA P     1705776Z LN   -90105554.61  634894802.5
HMV GROUP -GDR       276960Q GR    -218490042.1  415846374.8
HMV GROUP -GDR       29362Z US     -218490042.1  415846374.8
HMV GROUP PLC        HMV1 EO       -218490042.1  415846374.8
HMV GROUP PLC        HMVMF US      -218490042.1  415846374.8
HMV GROUP PLC        HMV NQ        -218490042.1  415846374.8
HMV GROUP PLC        HMV4 EO       -218490042.1  415846374.8
HMV GROUP PLC        HMVUSD EU     -218490042.1  415846374.8
HMV GROUP PLC        HMV2 EO       -218490042.1  415846374.8
HMV GROUP PLC        HMVEUR EO     -218490042.1  415846374.8
HMV GROUP PLC        HMVUSD EO     -218490042.1  415846374.8
HMV GROUP PLC        HMVGBP EO     -218490042.1  415846374.8
HMV GROUP PLC        HMV IX        -218490042.1  415846374.8
HMV GROUP PLC        HMV10 EO      -218490042.1  415846374.8
HMV GROUP PLC        HMV3 EO       -218490042.1  415846374.8
HMV GROUP PLC        HMV BQ        -218490042.1  415846374.8
HMV GROUP PLC        HM4 GK        -218490042.1  415846374.8
HMV GROUP PLC        HM4 GR        -218490042.1  415846374.8
HMV GROUP PLC        HMV EB        -218490042.1  415846374.8
HMV GROUP PLC        HMV PZ        -218490042.1  415846374.8
HMV GROUP PLC        HMVEUR EU     -218490042.1  415846374.8
HMV GROUP PLC        HMV VX        -218490042.1  415846374.8
HMV GROUP PLC        HMV9 EO       -218490042.1  415846374.8
HMV GROUP PLC        HMV TQ        -218490042.1  415846374.8
HMV GROUP PLC        HMV S1        -218490042.1  415846374.8
HMV GROUP PLC        HMV8 EO       -218490042.1  415846374.8
HMV GROUP PLC        HMV EO        -218490042.1  415846374.8
HMV GROUP PLC        HMV7 EO       -218490042.1  415846374.8
HMV GROUP PLC        HMV5 EO       -218490042.1  415846374.8
HMV GROUP PLC        HMV QM        -218490042.1  415846374.8
HMV GROUP PLC        HMV PO        -218490042.1  415846374.8
HMV GROUP PLC        HMV EU        -218490042.1  415846374.8
HMV GROUP PLC        HMV LN        -218490042.1  415846374.8
HMV GROUP PLC        HMV NR        -218490042.1  415846374.8
HMV GROUP PLC        HMV6 EO       -218490042.1  415846374.8
HOLIDAY AUTOS IN     1155863Z LN   -47020142.86  391438531.3
HOMEFIELD PVT UK     4501835Z LN   -13668996.51  455224068.7
HOTEL CORP PLC       HHA TH        -234303120.5  370820493.6
HOTEL CORP PLC       HCP EU        -234303120.5  370820493.6
HOTEL CORP PLC       HCP LN        -234303120.5  370820493.6
HOTEL CORP PLC       HHA GR        -234303120.5  370820493.6
HOTEL CORP PLC       HCP PO        -234303120.5  370820493.6
HOTEL CORP PLC       HCPEUR EO     -234303120.5  370820493.6
HOTEL CORP PLC       HCP PZ        -234303120.5  370820493.6
HOTEL CORP PLC       HCP PG        -234303120.5  370820493.6
HOTEL CORP PLC       HCP EO        -234303120.5  370820493.6
HOTEL CORP-RFD       HCPA LN       -234303120.5  370820493.6
HOUSE FRASER-ADR     HOFSY US      -14410799.86  200149998.1
HOUSE FRASER-ADR     HSFRY US      -14410799.86  200149998.1
HOUSE OF FRASER      HSFRF US      -14410799.86  200149998.1
HOUSE OF FRASER      HOF VX        -14410799.86  200149998.1
HOUSE OF FRASER      HOF PO        -14410799.86  200149998.1
HOUSE OF FRASER      HOF PZ        -14410799.86  200149998.1
HOUSE OF FRASER      HOF LN        -14410799.86  200149998.1
HOUSE OF FRASER      HOF IX        -14410799.86  200149998.1
HUTCHISON 3G UK      265923Z LN     -2558478023  10215382954
HYDREX HOLDINGS      4156949Z LN   -150849963.2  145584295.2
IGLO FOODS GROUP     2332487Z LN   -536668915.5   4700658208
IKANO FINANCIAL      2599182Z LN   -11016514.34  150562302.2
INCISIVE MED-ASD     INMA LN       -35359948.83   1084526802
INCISIVE MEDIA       2290661Q PZ   -35359948.83   1084526802
INCISIVE MEDIA       997071Q GR    -35359948.83   1084526802
INCISIVE MEDIA       INM IX        -35359948.83   1084526802
INCISIVE MEDIA       INM PO        -35359948.83   1084526802
INCISIVE MEDIA       2292912Q VX   -35359948.83   1084526802
INCISIVE MEDIA       4030Z LN      -35359948.83   1084526802
INCISIVE MEDIA       2290657Q LN   -35359948.83   1084526802
INCOMMUNITIES GR     4508531Z LN   -76955719.31  411468753.5
INEOS GROUP HLDG     6623Z LN      -417958386.5  12037072140
INEOS MANUFACTUR     2170452Z LN   -6726362.412   1831309315
INEOS VINYLS UK      1072618Z LN   -15123027.48  219361852.2
INFORMA UK LTD       699186Z LN    -267015729.6   1019729118
INSPIRED GAMING      1181783Z LN   -87284373.38  396170831.1
INTELLIGENT FINA     1645352Z LN   -18029143.28  152828326.7
INTERFLOOR GROUP     317371Z LN    -6491968.079  102342688.7
INTERNATIONAL MA     2842386Z LN    -3474420.46  109056784.7
INTERNATIONAL RE     1074242Z LN   -43752001.08  114451373.2
IRANIAN OIL CO U     1380570Z LN   -137208702.6  280446335.8
JARVIS PLC           JRVSEUR EU    -64739862.73    130951086
JARVIS PLC           JRVS LN       -64739862.73    130951086
JARVIS PLC           JRVS4 EO      -64739862.73    130951086
JARVIS PLC           JRVS3 EO      -64739862.73    130951086
JARVIS PLC           JRVS EO       -64739862.73    130951086
JARVIS PLC           JVR GR        -64739862.73    130951086
JARVIS PLC           JRVS2 EO      -64739862.73    130951086
JARVIS PLC           JRVS1 EO      -64739862.73    130951086
JARVIS PLC           JVSPF US      -64739862.73    130951086
JARVIS PLC           JRVS IX       -64739862.73    130951086
JARVIS PLC           JRVS PZ       -64739862.73    130951086
JARVIS PLC           JRVS VX       -64739862.73    130951086
JARVIS PLC           JRVSEUR EO    -64739862.73    130951086
JARVIS PLC           JRVS9 EO      -64739862.73    130951086
JARVIS PLC           JRVS6 EO      -64739862.73    130951086
JARVIS PLC           JRV EO        -64739862.73    130951086
JARVIS PLC           JRVS5 EO      -64739862.73    130951086
JARVIS PLC           JRVS PO       -64739862.73    130951086
JARVIS PLC           JRVSGBP EO    -64739862.73    130951086
JARVIS PLC           JRVS EU       -64739862.73    130951086
JARVIS PLC           JRVS8 EO      -64739862.73    130951086
JARVIS PLC           JRVS7 EO      -64739862.73    130951086
JDR ENTERPRISES      3947788Z LN   -18283944.55  190661628.9
JESSOPS PLC          JSP LN        -42702018.35  112964060.4
JESSOPS PLC          JSP EO        -42702018.35  112964060.4
JESSOPS PLC          JSPEUR EO     -42702018.35  112964060.4
JESSOPS PLC          JSP IX        -42702018.35  112964060.4
JESSOPS PLC          JSP PZ        -42702018.35  112964060.4
JESSOPS PLC          JSP EU        -42702018.35  112964060.4
JESSOPS PLC          JSP PO        -42702018.35  112964060.4
JESSOPS PLC          JSPGBP EO     -42702018.35  112964060.4
JESSOPS PLC          JS4 GR        -42702018.35  112964060.4
JESSOPS PLC          JSPEUR EU     -42702018.35  112964060.4
JESSOPS PLC          JSP VX        -42702018.35  112964060.4
JP MCDOUGALL & C     1293298Z LN   -38788226.87  105778561.4
JVC EUROPE LTD       2667041Z LN   -2824766.239  131996942.9
KBC LEASE UK LTD     2682395Z LN   -182770025.2  231589490.3
KCA DEUTAG DRILL     2173132Z LN   -44273052.72  185361544.7
KERLING PLC          3537299Z LN   -6358587.289   2646257974
KESA ELECTRI-ADR     KESAY US      -154779892.4   1917418684
KESA ELECTRICALS     KESAEUR EO    -154779892.4   1917418684
KESA ELECTRICALS     KESAGBP EO    -154779892.4   1917418684
KESA ELECTRICALS     KESA VX       -154779892.4   1917418684
KESA ELECTRICALS     KESA PO       -154779892.4   1917418684
KESA ELECTRICALS     KESAI IX      -154779892.4   1917418684
KESA ELECTRICALS     KESA PZ       -154779892.4   1917418684
KESA ELECTRICALS     KESAUSD EU    -154779892.4   1917418684
KESA ELECTRICALS     KESAUSD EO    -154779892.4   1917418684
KESA ELECTRICALS     KES EO        -154779892.4   1917418684
KESA ELECTRICALS     KESAEUR EU    -154779892.4   1917418684
KESA ELECTRICALS     KESA LN       -154779892.4   1917418684
KESA ELECTRICALS     KESA EU       -154779892.4   1917418684
KESTREL HOLDINGS     4499515Z LN   -3577225.606  950172823.8
KILMARTIN HOLDIN     3589161Z LN   -32467784.16  576731039.1
KILMARTIN PROPER     534862Z LN     -37743228.9  444220212.7
KLEENEZE PLC         KLZ LN        -14328735.16  110864081.4
KODAK LTD            1275242Z LN   -180673404.9  661044368.6
LANCASTER INVEST     1575538Z LN   -54823340.19  121302849.6
LAND SECURITIES      1371626Z LN   -103330200.3   4796043425
LAPSENT LTD          203678Z LN    -26875940.03  200397842.7
LAST MINUTE NETW     1180895Z LN   -624958331.1    357173156
LEEDS SPORTING       LEDPF US       -73166148.8  143762193.7
LEEDS SPORTING       LES LN         -73166148.8  143762193.7
LEEDS UNITED PLC     889687Q GR     -73166148.8  143762193.7
LEEDS UNITED PLC     LDSUF US       -73166148.8  143762193.7
LEEDS UNITED PLC     LUFC LN        -73166148.8  143762193.7
LGC LTD              161695Z LN    -44759203.51  163172696.4
LHR AIRPORTS LTD     BAA LN        -305487309.1  20626980048
LINK FINANCIAL       3041Z LN      -77907330.21  237500167.3
LIONCOVER INSURA     1120431Z LN   -221632.1611  741441082.5
LLOYDS TSB EQUIP     1238423Z LN   -1919544.165  270438080.8
LLOYDS TSB EQUIP     1214495Z LN   -661481.4498  334557469.7
LOMBARD CORPORAT     1162975Z LN   -7309362.404  198951662.4
LONDON ELEC-ADR      3165952Q US   -998743443.7   5451617395
LONDON TOWN PLC      LTW PZ        -21897636.36  175672299.2
LONDON TOWN PLC      LTW EO        -21897636.36  175672299.2
LONDON TOWN PLC      LTW EU        -21897636.36  175672299.2
LONDON TOWN PLC      LOU GR        -21897636.36  175672299.2
LONDON TOWN PLC      LTW IX        -21897636.36  175672299.2
LONDON TOWN PLC      LTW LN        -21897636.36  175672299.2
LONDON TOWN PLC      LTWR LN       -21897636.36  175672299.2
LONDON TOWN PLC      LTW PG        -21897636.36  175672299.2
LONDON TOWN PLC      LTWX LN       -21897636.36  175672299.2
LONDON TOWN PLC      LTW PO        -21897636.36  175672299.2
LOTUS CARS LTD       1361858Z LN   -35114342.56  198253618.4
LOTUS GROUP INTE     144299Z LN    -36824866.02  207696437.1
M 2003 PLC           MTWOF US       -2203513803   7204891602
M 2003 PLC           203055Q LN     -2203513803   7204891602
M 2003 PLC-ADR       MTWOY US       -2203513803   7204891602
M 2003 PLC-ADR       MTWOE US       -2203513803   7204891602
MANCHESTER CITY      2348397Z LN   -585663648.2  853089281.3
MANSFORD HOLDING     253659Z LN    -4565898.062  650742111.3
MARCONI PLC          MNI LN         -2203513803   7204891602
MARCONI PLC          MY2 GR         -2203513803   7204891602
MARCONI PLC          MNI BB         -2203513803   7204891602
MARCONI PLC          203083Q VX     -2203513803   7204891602
MARCONI PLC          MONI BB        -2203513803   7204891602
MARCONI PLC          MRCQF US       -2203513803   7204891602
MARCONI PLC-ADR      MY2A GR        -2203513803   7204891602
MARCONI PLC-ADR      MONIE US       -2203513803   7204891602
MARCONI PLC-ADR      MRCQY US       -2203513803   7204891602
MARCONI PLC-ADR      QUQMON AU      -2203513803   7204891602
MARCONI PLC-ADR      MCONY US       -2203513803   7204891602
MARCONI PLC-ADR      MONI US        -2203513803   7204891602
MARCONI PLC-ADR      MONIY US       -2203513803   7204891602
MARCONI PLC-ADR      MCBA GR        -2203513803   7204891602
MAYBOURNE HOTELS     1824362Z LN   -7394692.715  356529270.5
MCINERNEY GROUP      1967014Z LN   -174737505.4  140489212.7
MEADOWHALL FINAN     3560793Z LN   -6035547.782   1318968635
MEDIAEDGE CIA UK     1912470Z LN   -30968632.67    193466296
MEDIMMUNE LTD        1596402Z LN     -246912279  292289144.3
MENZIES HOTELS H     4496419Z LN   -100398281.3  322775887.8
MENZIES HOTELS L     1136583Z LN   -13067356.23  180728283.4
MENZIES HOTELS O     2527986Z LN   -154664298.1  147542502.3
MERLIN ENTERTAIN     305364Z LN     -223818.382  152824734.8
MIDLAND EXPRESSW     583730Z LN    -96899629.27   1076416510
MILLENNIUM STADI     1727672Z LN   -19667498.58  154757357.6
MILLER HOMES LTD     2220892Z LN   -221920899.9  657431424.2
MONARCH HOLDINGS     4502027Z LN   -69668058.94  698208587.3
MOTO HOSPITALITY     1344378Z LN   -271958905.3  941107670.9
MOUCHEL GROUP PL     MCHL BQ       -62837312.61    491359437
MOUCHEL GROUP PL     MCHLEUR EU    -62837312.61    491359437
MOUCHEL GROUP PL     MCHLEUR EO    -62837312.61    491359437
MOUCHEL GROUP PL     MCHL PZ       -62837312.61    491359437
MOUCHEL GROUP PL     MCHL NQ       -62837312.61    491359437
MOUCHEL GROUP PL     MOUCF US      -62837312.61    491359437
MOUCHEL GROUP PL     MCHL EU       -62837312.61    491359437
MOUCHEL GROUP PL     MCHL TQ       -62837312.61    491359437
MOUCHEL GROUP PL     MCHL LN       -62837312.61    491359437
MOUCHEL GROUP PL     MCHL S1       -62837312.61    491359437
MOUCHEL GROUP PL     MCHL EB       -62837312.61    491359437
MOUCHEL GROUP PL     MCHLGBP EO    -62837312.61    491359437
MOUCHEL GROUP PL     MCHL IX       -62837312.61    491359437
MOUCHEL GROUP PL     MCHL QM       -62837312.61    491359437
MOUCHEL GROUP PL     MCHL NR       -62837312.61    491359437
MOUCHEL GROUP PL     MCHL VX       -62837312.61    491359437
MOUCHEL GROUP PL     MO6 GR        -62837312.61    491359437
MOUCHEL GROUP PL     MCHL EO       -62837312.61    491359437
MOUCHEL PARKMAN      MCHL PO       -62837312.61    491359437
MYTRAVEL GROUP       MT/S VX       -379721780.5   1817512774
MYTRAVEL GROUP       ARO2 GR       -379721780.5   1817512774
MYTRAVEL GROUP       MYTPF US      -379721780.5   1817512774
MYTRAVEL GROUP       MT/S LN       -379721780.5   1817512774
MYTRAVEL GROUP       3544280Q IX   -379721780.5   1817512774
MYTRAVEL GROUP       MT/S PO       -379721780.5   1817512774
MYTRAVEL GROUP P     1018144Q GR   -379721780.5   1817512774
MYTRAVEL GROUP P     MYTGF US      -379721780.5   1817512774
MYTRAVEL GROUP P     MT/ LN        -379721780.5   1817512774
MYTRAVEL GROUP P     MT/ VX        -379721780.5   1817512774
MYTRAVEL GROUP-A     MYTVF US      -379721780.5   1817512774
MYTRAVEL GROUP-A     2281919Q GR   -379721780.5   1817512774
MYTRAVEL TOUR OP     1190295Z LN    -1444587831   1560632416
NATIONS HEALTHCA     623142Z LN     -73694956.7  114365932.5
NCR LTD              3083521Z LN   -312454220.3  410209794.2
NDS GROUP HOLDIN     0112196D US     -720982016    649305984
NDS GROUP HOLDIN     NDSG US         -720982016    649305984
NESTLE UK LTD        1274562Z LN   -431385112.4   1655061910
NEW LOOK RETAIL      2711544Z LN   -463020028.6   2346673230
NEW STAR ASSET       3226447Q EO     -397718038  292972732.1
NEW STAR ASSET       3226431Q EU     -397718038  292972732.1
NEW STAR ASSET       3226435Q EO     -397718038  292972732.1
NEW STAR ASSET       3226443Q EO     -397718038  292972732.1
NEW STAR ASSET       NSAM IX         -397718038  292972732.1
NEW STAR ASSET       NSAM PZ         -397718038  292972732.1
NEW STAR ASSET       NSAM TQ         -397718038  292972732.1
NEW STAR ASSET       3226439Q EU     -397718038  292972732.1
NEW STAR ASSET       NSAA LN         -397718038  292972732.1
NEW STAR ASSET       NSAM LN         -397718038  292972732.1
NEW STAR ASSET       N6S GR          -397718038  292972732.1
NEW STAR ASSET       NSAM PO         -397718038  292972732.1
NEW STAR ASSET       NWSAF US        -397718038  292972732.1
NEWCASTLE UNITED     4380361Z LN   -102558583.4  184539911.8
NEWCASTLE UNITED     1060322Z LN   -112290583.6  186651205.2
NORBAIN GROUP LT     4007676Z LN   -15436972.45  108956420.2
NORTHERN FO-ASSD     NFDA LN       -70166103.48  924672036.4
NORTHERN FOODS       NFDS BQ       -70166103.48  924672036.4
NORTHERN FOODS       NFO GK        -70166103.48  924672036.4
NORTHERN FOODS       NFO GR        -70166103.48  924672036.4
NORTHERN FOODS       NFDS IX       -70166103.48  924672036.4
NORTHERN FOODS       NFDS EB       -70166103.48  924672036.4
NORTHERN FOODS       NFDS NR       -70166103.48  924672036.4
NORTHERN FOODS       NFDS EU       -70166103.48  924672036.4
NORTHERN FOODS       NTFOF US      -70166103.48  924672036.4
NORTHERN FOODS       NFDS PO       -70166103.48  924672036.4
NORTHERN FOODS       NFDSUSD EU    -70166103.48  924672036.4
NORTHERN FOODS       NFDSEUR EO    -70166103.48  924672036.4
NORTHERN FOODS       NFDSUSD EO    -70166103.48  924672036.4
NORTHERN FOODS       NFDS VX       -70166103.48  924672036.4
NORTHERN FOODS       NFDSGBP EO    -70166103.48  924672036.4
NORTHERN FOODS       NFDS TQ       -70166103.48  924672036.4
NORTHERN FOODS       NFDSEUR EU    -70166103.48  924672036.4
NORTHERN FOODS       NFDS LN       -70166103.48  924672036.4
NORTHERN FOODS       NFDS NQ       -70166103.48  924672036.4
NORTHERN FOODS       NFDS EO       -70166103.48  924672036.4
NORTHERN FOODS       NFDS PZ       -70166103.48  924672036.4
NORTHERN FOODS       NFDS QM       -70166103.48  924672036.4
NORTHERN FOODS       NFDS S1       -70166103.48  924672036.4
NORTHERN FOODS P     NFDR LN       -70166103.48  924672036.4
NORTHERN FOO-NEW     NFDN LN       -70166103.48  924672036.4
NORTHERN FOO-RFD     650060Q LN    -70166103.48  924672036.4
NOVAR ED&S LTD       1286578Z LN   -12362003.04    176723922
NOVELIS UK LTD       1295610Z LN   -29354907.35  167393334.2
NPIL HOLDCO LTD      3641071Z LN   -174437379.8  865144704.3
NPOWER GAS LTD       1689816Z LN   -381274433.9  500408294.4
NPOWER LTD           1185599Z LN   -399535772.9   3443512739
ODEON AND UCI CI     3489372Z LN   -9566081.035   1177725714
O-I MANUFACTURIN     1320610Z LN   -7063615.875  126090273.5
OPTIMUM CARE LTD     3951796Z LN    -23827846.5  131314548.6
ORANGE LTD           951641Q LN    -593935104.1   2902299502
ORANGE PLC           1460Q GR      -593935104.1   2902299502
ORANGE PLC           ORNGF US      -593935104.1   2902299502
ORANGE PLC-ADR       ORNGY US      -593935104.1   2902299502
ORANGE PLC-ADR       0212530D GR   -593935104.1   2902299502
ORANGE PLC-ADR       ORA$ LN       -593935104.1   2902299502
ORBIS PLC            RLP GR          -4168493.8  127701679.5
ORBIS PLC            OBS PZ          -4168493.8  127701679.5
ORBIS PLC            OBS PO          -4168493.8  127701679.5
ORBIS PLC            OBG PO          -4168493.8  127701679.5
ORBIS PLC            OBS LN          -4168493.8  127701679.5
ORBIS PLC            OBS IX          -4168493.8  127701679.5
ORBIS PLC            ORBSF US        -4168493.8  127701679.5
OUTDOOR GROUP LT     1318338Z LN    -31903137.7    118192441
PARK FOOD GROUP      PKFD LN       -25106261.06  129310037.5
PARK GROUP PLC       PKG VX        -25106261.06  129310037.5
PARK GROUP PLC       PKG LN        -25106261.06  129310037.5
PARK GROUP PLC       PKGGBP EO     -25106261.06  129310037.5
PARK GROUP PLC       PKG PO        -25106261.06  129310037.5
PARK GROUP PLC       PKG EO        -25106261.06  129310037.5
PARK GROUP PLC       PKG EU        -25106261.06  129310037.5
PARK GROUP PLC       PRKG IX       -25106261.06  129310037.5
PARK GROUP PLC       PRKGF US      -25106261.06  129310037.5
PARK GROUP PLC       PKG PZ        -25106261.06  129310037.5
PARTNERSHIPS IN      551109Z LN    -14369275.52  130118066.9
PATIENTLINE PLC      PTL PZ        -54677284.64  124948245.8
PATIENTLINE PLC      PTL PO        -54677284.64  124948245.8
PATIENTLINE PLC      PTL IX        -54677284.64  124948245.8
PATIENTLINE PLC      2928903Q EU   -54677284.64  124948245.8
PATIENTLINE PLC      2928907Q EO   -54677284.64  124948245.8
PATIENTLINE PLC      PTL LN        -54677284.64  124948245.8
PATIENTLINE PLC      PTL VX        -54677284.64  124948245.8
PATIENTLINE PLC      2928899Q EO   -54677284.64  124948245.8
PD PORT SERVICES     1407442Z LN   -25765273.42  161208354.8
PD PORTCO LTD        3233785Z LN   -119608128.7   1023253296
PENDRAGON PREMIE     1858506Z LN   -9649115.162    154892542
PEUGEOT CITROEN      1974702Z LN   -72708407.45    266912249
PHS GROUP HOLDIN     3173182Z LN     -211011146   1915467185
PHS GROUP PLC        592449Z LN      -211011146   1915467185
PIPEX UK LTD         3956092Z LN    -94417178.6  115954049.3
PLACES FOR PEOPL     1914158Z LN   -73518044.71  609139900.7
PLANNED MAINTENA     1344714Z LN   -57648953.97  148147314.6
PLUS HOUSING GRO     4015788Z LN   -10023120.58  371941616.5
PORTSMOUTH FOOTB     2253627Z LN   -93977761.27  177073811.1
POST OFFICE LTD      1542650Z LN   -810274769.8   1745713935
POWERCORP INTERN     4449033Z LN   -9367176.049  129787793.6
PREMIER PROPERTY     4006740Z LN   -154087010.7  766206481.6
PRESTBURY WENTWO     3814856Z LN   -84753043.56    659529899
PRINOVIS LIVERPO     2074147Z LN    -2988243.19  248605708.8
PRODUCTION SERVI     2278723Z LN   -2446188.672  198707226.6
PROSTRAKAN GROUP     PSK VX        -9666264.987  134080449.8
PROSTRAKAN GROUP     PSK IX        -9666264.987  134080449.8
PROSTRAKAN GROUP     PSK PO        -9666264.987  134080449.8
PROSTRAKAN GROUP     PSK LN        -9666264.987  134080449.8
PROSTRAKAN GROUP     PSKEUR EO     -9666264.987  134080449.8
PROSTRAKAN GROUP     PSKGBP EO     -9666264.987  134080449.8
PROSTRAKAN GROUP     PSK EU        -9666264.987  134080449.8
PROSTRAKAN GROUP     PSK PZ        -9666264.987  134080449.8
PROSTRAKAN GROUP     PSK S1        -9666264.987  134080449.8
PROSTRAKAN GROUP     PSKEUR EU     -9666264.987  134080449.8
PROSTRAKAN GROUP     PKNGF US      -9666264.987  134080449.8
PROSTRAKAN GROUP     PSK EO        -9666264.987  134080449.8
QHOTELS GROUP LT     759287Z LN      -184737716  699448824.7
QUINN BUILDING P     3949900Z LN   -103500752.8   1203590333
QUINN RADIATORS      1405898Z LN   -237606147.8  154925282.5
R&R ICE CREAM LT     3624280Z LN   -111988803.7  916794825.4
RANDSTAD EMPLOYM     1585810Z LN   -26968879.31    105042678
RAYTHEON SYSTEMS     1068610Z LN   -32601425.32    346298511
RBS MEZZANINE LT     2198564Z LN   -96650177.27  156895953.3
REGARD HOLDINGS      4157517Z LN   -2678709.275  159772566.2
REGUS LTD            273187Q LN    -46111832.15    367181111
REGUS PLC            2296Z LN      -46111832.15    367181111
REGUS PLC            REGSF US      -46111832.15    367181111
REGUS PLC            273195Q VX    -46111832.15    367181111
REGUS PLC            RGU GR        -46111832.15    367181111
REGUS PLC-ADS        REGSY US      -46111832.15    367181111
REGUS PLC-ADS        REGSV US      -46111832.15    367181111
REGUS PLC-ADS        REGS US       -46111832.15    367181111
REGUS PLC-ADS        RGUA GR       -46111832.15    367181111
RENTOKIL INITIAL     RTO EB          -265497954   2695753100
RENTOKIL INITIAL     RTOEUR EO       -265497954   2695753100
RENTOKIL INITIAL     RTO IX          -265497954   2695753100
RENTOKIL INITIAL     RTO NR          -265497954   2695753100
RENTOKIL INITIAL     RTO S1          -265497954   2695753100
RENTOKIL INITIAL     RTO1 GR         -265497954   2695753100
RENTOKIL INITIAL     RTO QM          -265497954   2695753100
RENTOKIL INITIAL     RKLIF US        -265497954   2695753100
RENTOKIL INITIAL     RTO BQ          -265497954   2695753100
RENTOKIL INITIAL     RTOUSD EO       -265497954   2695753100
RENTOKIL INITIAL     RTO LN          -265497954   2695753100
RENTOKIL INITIAL     RTO EU          -265497954   2695753100
RENTOKIL INITIAL     RTO TQ          -265497954   2695753100
RENTOKIL INITIAL     RTOGBP EO       -265497954   2695753100
RENTOKIL INITIAL     RTOPEN EU       -265497954   2695753100
RENTOKIL INITIAL     RTO PO          -265497954   2695753100
RENTOKIL INITIAL     RTO1 GK         -265497954   2695753100
RENTOKIL INITIAL     RTO NQ          -265497954   2695753100
RENTOKIL INITIAL     RTOPEN EO       -265497954   2695753100
RENTOKIL INITIAL     RTO GR          -265497954   2695753100
RENTOKIL INITIAL     RTO PZ          -265497954   2695753100
RENTOKIL INITIAL     RTO VX          -265497954   2695753100
RENTOKIL INITIAL     RTOUSD EU       -265497954   2695753100
RENTOKIL INITIAL     RTO1 EO         -265497954   2695753100
RENTOKIL INITIAL     RTO EO          -265497954   2695753100
RENTOKIL INITIAL     RTOG IX         -265497954   2695753100
RENTOKIL INITIAL     RTOKF US        -265497954   2695753100
RENTOKIL INITIAL     RTOEUR EU       -265497954   2695753100
RENTOKIL-SP ADR      RTOKY US        -265497954   2695753100
RENTOKIL-SP ADR      AP76 LI         -265497954   2695753100
REXAM BEVERAGE C     1120903Z LN   -15123027.48  118921563.6
ROAD MGMT CONS       1239Z LN      -24813.99918    315561166
ROSEMONT HOLDING     4391905Z LN   -34807182.85  158222622.5
ROSYTH ROYAL DOC     2184524Z LN   -38831265.46  176808921.7
ROYAL BANK LEASI     2177244Z LN   -96708288.01  12689075410
ROYAL MAIL HOLDI     3900202Z LN    -4979588987   9290852179
SAFFRON HOUSING      4448377Z LN     -3777866.1  124457507.9
SCOTTISH MEDIA       SSMR LN       -44693985.16  126240905.5
SCOTTISH MEDIA       SSM LN        -44693985.16  126240905.5
SCOTTISH MEDIA       1442Q GR      -44693985.16  126240905.5
SCOTTISH TELEV       SCTVF US      -44693985.16  126240905.5
SCOTTISHPOWER EN     2211292Z LN   -85593217.38   2705930566
SCOTTS CO UK LTD     1154459Z LN   -42301127.16  119882290.9
SETON HEALTHCARE     2290Z LN      -10585183.94  156822902.8
SEVERN VALE HOUS     4287717Z LN   -43910018.24  115584900.8
SFI GROUP PLC        SUF LN        -108067115.8  177647536.1
SFI GROUP PLC        SUYFF US      -108067115.8  177647536.1
SHEFFIELD UNITED     1275418Z LN   -17712590.52  101590746.2
SIMON CARVES LTD     1209367Z LN   -309426997.2  105356699.7
SKANDIA LIFE BUS     1451642Z LN   -16563612.78  132120692.5
SLP ENGINEERING      1855186Z LN    -32035150.2  111509874.7
SMG PLC              SMG LN        -44693985.16  126240905.5
SMG PLC              SMG PO        -44693985.16  126240905.5
SMG PLC-FUL PAID     SMGF LN       -44693985.16  126240905.5
SMG PLC-NIL PAID     SMGN LN       -44693985.16  126240905.5
SMITHS NEWS PLC      NWS6 EO       -82175781.01  424997909.9
SMITHS NEWS PLC      NWS S1        -82175781.01  424997909.9
SMITHS NEWS PLC      NWS2GBP EO    -82175781.01  424997909.9
SMITHS NEWS PLC      NWS9 EO       -82175781.01  424997909.9
SMITHS NEWS PLC      NWS PO        -82175781.01  424997909.9
SMITHS NEWS PLC      NWS2 TQ       -82175781.01  424997909.9
SMITHS NEWS PLC      NWS PZ        -82175781.01  424997909.9
SMITHS NEWS PLC      NWS10 EO      -82175781.01  424997909.9
SMITHS NEWS PLC      SMWPF US      -82175781.01  424997909.9
SMITHS NEWS PLC      NWS IX        -82175781.01  424997909.9
SMITHS NEWS PLC      NWS11 EO      -82175781.01  424997909.9
SMITHS NEWS PLC      NWS12 EO      -82175781.01  424997909.9
SMITHS NEWS PLC      NWS2 EO       -82175781.01  424997909.9
SMITHS NEWS PLC      NWS2EUR EO    -82175781.01  424997909.9
SMITHS NEWS PLC      NWS LN        -82175781.01  424997909.9
SMITHS NEWS PLC      NWS2EUR EU    -82175781.01  424997909.9
SMITHS NEWS PLC      NWS8 EO       -82175781.01  424997909.9
SMITHS NEWS PLC      SMWPY US      -82175781.01  424997909.9
SMITHS NEWS PLC      NWS1 BQ       -82175781.01  424997909.9
SMITHS NEWS PLC      NWS1GBP EO    -82175781.01  424997909.9
SMITHS NEWS PLC      NWS7 EO       -82175781.01  424997909.9
SMITHS NEWS PLC      NWS1 EU       -82175781.01  424997909.9
SMITHS NEWS PLC      NWS1 EO       -82175781.01  424997909.9
SMITHS NEWS PLC      NWS5 EO       -82175781.01  424997909.9
SMITHS NEWS PLC      NWS4 EO       -82175781.01  424997909.9
SMITHS NEWS PLC      NWS13 EO      -82175781.01  424997909.9
SMITHS NEWS PLC      NWS VX        -82175781.01  424997909.9
SONY COMPUTER EN     3893902Z LN     -533552800   1312733888
SONY UNITED KING     1591658Z LN    -1219147829   2550391748
SOUTH STAFFORDSH     4049781Z LN   -12127094.81  148602864.7
SOUTHERN CROSS       SCHEEUR EO    -456945463.9    226544692
SOUTHERN CROSS       SCHE EO       -456945463.9    226544692
SOUTHERN CROSS       SCHEUSD EU    -456945463.9    226544692
SOUTHERN CROSS       SCHE8 EO      -456945463.9    226544692
SOUTHERN CROSS       SCHE EU       -456945463.9    226544692
SOUTHERN CROSS       SCHE NQ       -456945463.9    226544692
SOUTHERN CROSS       SCHE PZ       -456945463.9    226544692
SOUTHERN CROSS       SOCHF US      -456945463.9    226544692
SOUTHERN CROSS       SCHE QM       -456945463.9    226544692
SOUTHERN CROSS       SCHE2 EO      -456945463.9    226544692
SOUTHERN CROSS       SCH3 EO       -456945463.9    226544692
SOUTHERN CROSS       SCHE7 EO      -456945463.9    226544692
SOUTHERN CROSS       SCHE VX       -456945463.9    226544692
SOUTHERN CROSS       SCH4 EO       -456945463.9    226544692
SOUTHERN CROSS       SCHE TQ       -456945463.9    226544692
SOUTHERN CROSS       SCHE3 EO      -456945463.9    226544692
SOUTHERN CROSS       SCHE S1       -456945463.9    226544692
SOUTHERN CROSS       SCHE LN       -456945463.9    226544692
SOUTHERN CROSS       SCHE NR       -456945463.9    226544692
SOUTHERN CROSS       SCHE5 EO      -456945463.9    226544692
SOUTHERN CROSS       SCHE6 EO      -456945463.9    226544692
SOUTHERN CROSS       F2Z TH        -456945463.9    226544692
SOUTHERN CROSS       SCHE BQ       -456945463.9    226544692
SOUTHERN CROSS       SCHE4 EO      -456945463.9    226544692
SOUTHERN CROSS       SCHEEUR EU    -456945463.9    226544692
SOUTHERN CROSS       SCHE EB       -456945463.9    226544692
SOUTHERN CROSS       SCH5 EO       -456945463.9    226544692
SOUTHERN CROSS       F2Z GR        -456945463.9    226544692
SOUTHERN CROSS       SCHE PO       -456945463.9    226544692
SOUTHERN CROSS       SCHE IX       -456945463.9    226544692
SOUTHERN CROSS       SCHEUSD EO    -456945463.9    226544692
SOUTHERN CROSS       SCHEGBP EO    -456945463.9    226544692
SOUTHERN ELECTRI     2635379Z LN     -102487682   1339407981
SPEAR GROUP HOLD     4470999Z LN   -91133585.59  140447896.6
SPEEDY SUPPORT S     1601730Z LN   -34304692.53  146096457.3
SQUARE ENIX LTD      1826770Z LN   -223995033.8  278955082.2
SR TECHNICS UK L     2900250Z LN   -143296142.1  116171355.3
STAGECOACH GROUP     SGC1PEN EU    -93023113.56   2711144845
STAGECOACH GROUP     SGC IX        -93023113.56   2711144845
STAGECOACH GROUP     SAGKF US      -93023113.56   2711144845
STAGECOACH GROUP     SGC1USD EU    -93023113.56   2711144845
STAGECOACH GROUP     SGCG PZ       -93023113.56   2711144845
STAGECOACH GROUP     SGC1EUR EO    -93023113.56   2711144845
STAGECOACH GROUP     SGC1EUR EU    -93023113.56   2711144845
STAGECOACH GROUP     SGC2 VX       -93023113.56   2711144845
STAGECOACH GROUP     SGC1USD EO    -93023113.56   2711144845
STAGECOACH GROUP     SGC1AUD EU    -93023113.56   2711144845
STAGECOACH GROUP     SGC S1        -93023113.56   2711144845
STAGECOACH GROUP     SGC1 EB       -93023113.56   2711144845
STAGECOACH GROUP     SGC1AUD EO    -93023113.56   2711144845
STAGECOACH GROUP     SGC1 TQ       -93023113.56   2711144845
STAGECOACH GROUP     SGC1GBP EO    -93023113.56   2711144845
STAGECOACH GROUP     SGC1 EU       -93023113.56   2711144845
STAGECOACH GROUP     SGC PO        -93023113.56   2711144845
STAGECOACH GROUP     SGC1 QM       -93023113.56   2711144845
STAGECOACH GROUP     SGC LN        -93023113.56   2711144845
STAGECOACH GROUP     SGC1 NQ       -93023113.56   2711144845
STAGECOACH GROUP     SGC1 NR       -93023113.56   2711144845
STAGECOACH GROUP     SGC1 BQ       -93023113.56   2711144845
STAGECOACH GROUP     SHP GR        -93023113.56   2711144845
STAGECOACH GROUP     SGC1PEN EO    -93023113.56   2711144845
STAGECOACH GROUP     SHP4 GR       -93023113.56   2711144845
STAGECOACH GROUP     SHP5 GR       -93023113.56   2711144845
STAGECOACH GROUP     SGC1 EO       -93023113.56   2711144845
STAGECOACH GROUP     SHP4 GK       -93023113.56   2711144845
STAGECOACH GRP-B     SGCB LN       -93023113.56   2711144845
STAGECOACH-NEW       SGCN LN       -93023113.56   2711144845
STAGECOA-SPN ADR     SAGKY US      -93023113.56   2711144845
STJAMES'S PLACE      4451825Z LN   -40027613.56  444219054.8
STV GROUP PLC        SMG VX        -44693985.16  126240905.5
STV GROUP PLC        STVG EO       -44693985.16  126240905.5
STV GROUP PLC        STVGEUR EU    -44693985.16  126240905.5
STV GROUP PLC        STVG VX       -44693985.16  126240905.5
STV GROUP PLC        STVGGBP EO    -44693985.16  126240905.5
STV GROUP PLC        STVG S1       -44693985.16  126240905.5
STV GROUP PLC        SMGPF US      -44693985.16  126240905.5
STV GROUP PLC        STVGEUR EO    -44693985.16  126240905.5
STV GROUP PLC        STVG EU       -44693985.16  126240905.5
STV GROUP PLC        STVG LN       -44693985.16  126240905.5
STV GROUP PLC        SMG PZ        -44693985.16  126240905.5
STV GROUP PLC        SMG IX        -44693985.16  126240905.5
SUN CHEMICAL LTD     2569274Z LN   -21504458.55  276424178.5
SUNDERLAND ASSOC     1274418Z LN   -30559441.44  144949782.5
SUNSAIL LTD          1092666Z LN   -37047891.81  193976501.7
SUNSEEKER INTERN     820741Z LN    -7756394.619  227371284.6
SWIFT TECHNICAL      4287133Z LN   -34723772.77  138665319.9
TATA CMMNCTNS UK     2534722Z LN   -43763935.47  114567535.7
TDL INFOMEDIA        3362Z LN      -25723860.05  136762955.6
TELEWEST COM-ADR     TWSTY US       -3702234581   7581020925
TELEWEST COM-ADR     TWSTD US       -3702234581   7581020925
TELEWEST COM-ADR     940767Q GR     -3702234581   7581020925
TELEWEST COM-ADR     TWT$ LN        -3702234581   7581020925
TELEWEST COMM        TWSTF US       -3702234581   7581020925
TELEWEST COMM        715382Q LN     -3702234581   7581020925
TELEWEST COMM        604296Q GR     -3702234581   7581020925
TELEWEST COMM        TWT VX         -3702234581   7581020925
TELEWEST COMMUNI     1646328Z LN   -287113015.3    868389208
TELEWEST COMMUNI     1608194Z LN   -113079709.6   9113744374
THALES CORPORATE     1083706Z LN   -65658884.46  829798983.7
THALES RAIL SIGN     2812334Z LN   -29298137.36    106623580
THALES TELECOMMU     1163839Z LN   -5826263.267  245379695.8
THORN EMI PLC        THNE FP        -2265916257   2950021937
THORN EMI-ADR        THN$ LN        -2265916257   2950021937
THORN EMI-ADR        TORNY US       -2265916257   2950021937
THORN EMI-CDR        THN NA         -2265916257   2950021937
THORN EMI-REGD       1772Q GR       -2265916257   2950021937
TIMES NEWSPAPERS     2343939Z LN   -719564696.3  649314828.6
TOPPS TILES PLC      TPT8 EO       -36503224.29  140534295.2
TOPPS TILES PLC      TPTJY US      -36503224.29  140534295.2
TOPPS TILES PLC      TPT EU        -36503224.29  140534295.2
TOPPS TILES PLC      TPT BQ        -36503224.29  140534295.2
TOPPS TILES PLC      TPT10 EO      -36503224.29  140534295.2
TOPPS TILES PLC      TPT2 EO       -36503224.29  140534295.2
TOPPS TILES PLC      TPT1 EO       -36503224.29  140534295.2
TOPPS TILES PLC      TPTEUR EU     -36503224.29  140534295.2
TOPPS TILES PLC      TPTGBP EO     -36503224.29  140534295.2
TOPPS TILES PLC      TPT PO        -36503224.29  140534295.2
TOPPS TILES PLC      TPT VX        -36503224.29  140534295.2
TOPPS TILES PLC      TPT7 EO       -36503224.29  140534295.2
TOPPS TILES PLC      TPTEUR EO     -36503224.29  140534295.2
TOPPS TILES PLC      TPT5 EO       -36503224.29  140534295.2
TOPPS TILES PLC      TPT3 EO       -36503224.29  140534295.2
TOPPS TILES PLC      TPT IX        -36503224.29  140534295.2
TOPPS TILES PLC      TPT EO        -36503224.29  140534295.2
TOPPS TILES PLC      TPT6 EO       -36503224.29  140534295.2
TOPPS TILES PLC      TPT LN        -36503224.29  140534295.2
TOPPS TILES PLC      TPT PZ        -36503224.29  140534295.2
TOPPS TILES PLC      TPT9 EO       -36503224.29  140534295.2
TOPPS TILES PLC      TPT S1        -36503224.29  140534295.2
TOPPS TILES PLC      TPT TQ        -36503224.29  140534295.2
TOPPS TILES PLC      TPT4 EO       -36503224.29  140534295.2
TOPPS TILES PLC      TPTJF US      -36503224.29  140534295.2
TOPPS TILES-NEW      TPTN LN       -36503224.29  140534295.2
TOTAL UK LTD         3897130Z LN   -61225906.13   2907445594
TRAVELEX HOLDING     2917958Z LN    -1345481723   2560468919
TRAVELODGE LTD       3471462Z LN   -515411329.9   1254613472
TRINITY MIRROR P     1511258Z LN   -138612680.8   1045091625
TUBE LINES FINAN     1241207Z LN   -2914999.962   2408518672
TUI UK LTD           1653824Z LN   -913811298.8   5088088830
TYCO HEALTHCARE      1066794Z LN    -13601743.4    333686519
UNILEVER UK CENT     1273034Z LN    -1509554086   6927634057
UNIQ PREPARED FO     1077122Z LN   -96788934.94  206496365.3
UNITED BISCUITS      3193858Z LN   -273729428.4   3257147468
UNIVERSAL LEASIN     2581586Z LN   -28690420.23  155128729.2
UNIVERSAL PICTUR     1083202Z LN   -42445816.82  120867289.2
UTC GROUP            UGR LN        -11904428.42    203548565
VINK HOLDINGS LT     4380233Z LN   -13477348.26  132005020.2
VIRGIN HOTELS GR     4288389Z LN   -30191249.31  109995632.6
VIRGIN MOB-ASSD      VMOC LN       -392165409.3  166070003.7
VIRGIN MOB-ASSD      VMOA LN       -392165409.3  166070003.7
VIRGIN MOBILE        VMOB LN       -392165409.3  166070003.7
VIRGIN MOBILE        VGMHF US      -392165409.3  166070003.7
VIRGIN MOBILE        VMOB PO       -392165409.3  166070003.7
VIRGIN MOBILE        VMOB VX       -392165409.3  166070003.7
VIRGIN MOBILE        UEM GR        -392165409.3  166070003.7
VIRGIN WINGS LTD     4500155Z LN   -410616776.7   5155268566
VOLUTION GROUP L     4453393Z LN   -44375617.45  212542790.8
VOYAGE GROUP LTD     4168725Z LN   -89543682.76    572205624
WARNER ESTATE        WRL GR         -80276070.4  344291592.8
WARNER ESTATE        WNER PZ        -80276070.4  344291592.8
WARNER ESTATE        WNEHF US       -80276070.4  344291592.8
WARNER ESTATE        WNER VX        -80276070.4  344291592.8
WARNER ESTATE        WNER EO        -80276070.4  344291592.8
WARNER ESTATE        WNER LN        -80276070.4  344291592.8
WARNER ESTATE        WNERGBP EO     -80276070.4  344291592.8
WARNER ESTATE        WNER PO        -80276070.4  344291592.8
WARNER ESTATE        WNER IX        -80276070.4  344291592.8
WARNER ESTATE        WNER EU        -80276070.4  344291592.8
WATSON & PHILIP      WTSN LN         -120493900  252232072.9
WEAVER VALE HOUS     3953220Z LN   -60271595.72  104022836.2
WESCOT TOPCO LTD     4007020Z LN   -28467510.91    115035189
WEST HAM UNITED      1275834Z LN   -60233495.23  174701255.1
WHELCO HOLDINGS      2741744Z LN   -1295249.714    100781831
WHITE HART LANE      2004631Z LN   -2707112.668  144247464.4
WIGHTLINK LTD        1385642Z LN   -15131435.92  231775265.6
WILLIAM HILL-W/I     605547Q US    -59180694.37   1343662688
WILLIAM HILL-W/I     101001Q LN    -59180694.37   1343662688
WINCANTON PL-ADR     WNCNY US      -429205125.4  907823159.4
WINCANTON PLC        WIN1 S1       -429205125.4  907823159.4
WINCANTON PLC        WIN IX        -429205125.4  907823159.4
WINCANTON PLC        WIN12 EO      -429205125.4  907823159.4
WINCANTON PLC        WIN LN        -429205125.4  907823159.4
WINCANTON PLC        WIN10 EO      -429205125.4  907823159.4
WINCANTON PLC        WIN1EUR EO    -429205125.4  907823159.4
WINCANTON PLC        WIN1 TQ       -429205125.4  907823159.4
WINCANTON PLC        WIN1EUR EU    -429205125.4  907823159.4
WINCANTON PLC        WIN1 EU       -429205125.4  907823159.4
WINCANTON PLC        WIN1 EO       -429205125.4  907823159.4
WINCANTON PLC        WIN1USD EU    -429205125.4  907823159.4
WINCANTON PLC        WIN PO        -429205125.4  907823159.4
WINCANTON PLC        WIN9 EO       -429205125.4  907823159.4
WINCANTON PLC        WIN6 EO       -429205125.4  907823159.4
WINCANTON PLC        WIN13 EO      -429205125.4  907823159.4
WINCANTON PLC        WIN1GBP EO    -429205125.4  907823159.4
WINCANTON PLC        WIN1 QM       -429205125.4  907823159.4
WINCANTON PLC        WIN4 EO       -429205125.4  907823159.4
WINCANTON PLC        WIN5 EO       -429205125.4  907823159.4
WINCANTON PLC        WIN11 EO      -429205125.4  907823159.4
WINCANTON PLC        WIN7 EO       -429205125.4  907823159.4
WINCANTON PLC        WNCNF US      -429205125.4  907823159.4
WINCANTON PLC        WIN1 BQ       -429205125.4  907823159.4
WINCANTON PLC        WIN1 EB       -429205125.4  907823159.4
WINCANTON PLC        WIN VX        -429205125.4  907823159.4
WINCANTON PLC        WIN1 NQ       -429205125.4  907823159.4
WINCANTON PLC        WIN PZ        -429205125.4  907823159.4
WINCANTON PLC        WIN1USD EO    -429205125.4  907823159.4
WINCANTON PLC        WIN8 EO       -429205125.4  907823159.4
WINDSOR TELEVISI     1475394Z LN   -249144874.4  319668047.9
WINTERTHUR FINAN     1353474Z LN    -5097471.01    146472274
XCHANGING UK LTD     1814130Z LN   -33399235.51  334395990.3
XSTRATA SERVICES     1975918Z LN   -96321998.22  192299104.1
YANG MING UK LTD     1756777Z LN   -38774828.18  293310550.5
YARLINGTON HOUSI     4435313Z LN   -18443811.91  276648958.8
YOUNG'S BLUECRES     1841386Z LN   -45872663.66  308087238.8
ZURICH EMPLOYMEN     1292298Z LN   -122911831.6  159138559.6


                            *********

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

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

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

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


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *