TCREUR_Public/130326.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, March 26, 2013, Vol. 14, No. 60

                            Headlines



B U L G A R I A

BDZ: Privatization May Face Delay; Bid Deadline Extended


C Y P R U S

BANK OF CYPRUS: Moody's Downgrades Deposit Ratings to 'Caa3'
SL CAPITAL: S&P Affirms 'B/B' Credit Ratings; Outlook Negative
DLR KREDIT: Moody's Withdraws 'Ba1' Long-Term Issuer Rating

* CYPRUS: Reaches Rescue Deal with International Lenders
* CYPRUS: Imposes EUR100 a Day Withdrawal Limit to Avert Bank Run


F R A N C E

BIOCORAL INC: Delays Financials for Year Ended Dec. 31, 2012
TRANSCOM WORLDWIDE: French Subsidiary Enters Liquidation


H U N G A R Y

E-STAR ALTERNATIV: Creditors Okay Draft Bankruptcy Agreement
MAGYAR EXPORT-IMPORT: S&P Affirms 'BB' Issuer Credit Ratings
OTP BANK: S&P Affirms 'BB/B' Credit Ratings; Outlook Negative


I R E L A N D

EIRCOM HOLDING: Fitch Affirms 'B-' LT Issuer Default Rating
INDEPENDENT NEWS: Faces "Most Critical Phase"; Eyes Debt Deal


I T A L Y

BANCA CARIGE: S&P Lowers Counterparty Credit Rating to 'BB'
BANCO POPOLARE: S&P Cuts Ratings to 'BB+; Outlook Negative
SESTANTE FINANCE 3: S&P Lowers Rating on Class C2 Notes to 'B-'
SESTANTE FINANCE 4: S&P Cuts Ratings on Two Note Classes to CCC
* ITALY: Moody's Says New Recovery Framework Won't Ease Pressures


P O L A N D

CENTRAL EUROPEAN: A-1 Presents Restructuring Plan
CENTRAL EUROPEAN: Cancels Exchange Offer Amid Roust Deal


P O R T U G A L

ATLANTES MORTGAGE 1: S&P Raises Rating on Class B Notes to 'BB'
ENERGIAS DE PORTUGAL: S&P Affirms 'BB+/B' Ratings; Outlook Stable


R U S S I A

RENAISSANCE FINANCIAL: Fitch Affirms 'B' Issuer Default Rating
RUSSIAN COMMERCIAL: Moody's Lowers Deposit Ratings to 'Caa2'
SOLIDARNOST: Moody's Withdraws 'Caa1' Deposit Ratings & 'E' BFSR
SOLIDARNOST: Moody's Interfax Withdraws Ba2.ru Rating


S L O V E N I A

* SLOVENIA: Fitch Says Bank Challenges Remain


S P A I N

BANCAJA 9: Moody's Lowers Rating on Class C Notes to 'Caa2'
BANKIA SA: Shares Face Reverse Split; Gets Capital Injection
CABLEUROPA SA: Fitch Affirms 'B' Long-Term IDR; Outlook Stable
IM PASTOR 3: S&P Cuts Rating on Class D Notes to 'CCC (sf)'


U N I T E D   K I N G D O M

ANTIC LIMITED: In Administration, Owes GBP2.6MM to Creditors
COVENTRY CITY: Puts Non-Operating Unit Into Administration
CPP GROUP: Refinancing Talks with Lenders Ongoing
FYSHE HORTON: Enters Special Administration
KLEINWORT BENSON: Moody's Lowers Deposit Ratings to Ba1/Not Prime

MELVILLE BAR: Goes Out of Receivership, Has New Owners
MORTGAGE FUNDING 2008-1: S&P Affirms 'B-' Rating on Class A Notes
SHIP LUXCO 3: S&P Puts 'B+' Corp. Rating on CreditWatch Negative
TALISMAN-3 FINANCE: S&P Withdraws 'D' Ratings on 3 Note Classes


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            *********


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


BDZ: Privatization May Face Delay; Bid Deadline Extended
--------------------------------------------------------
Novinite.com reports that Bulgarian State Railways Bulgarian
caretaker Transport Minister Kristian Krastev was set to organize
a meeting with the largest creditors of the Bulgarian State
Railways (BDZ) yesterday to discuss the future of the heavily
indebted company.

The much-anticipated privatization of the freight unit of BDZ,
BDZ Freight Services, may be delayed because the potential buyers
are considering withdrawal due to the huge debts of the company,
Novinite.com says, citing reports of the Bulgarian National
Television.

On March 11, Bulgarian Privatization Agency head Emil Karanikolov
argued that no bidders had withdrawn from the privatization
procedure for BDZ Freight Services, countering the claims of
former Transport Minister Ivaylo Moskovski that the candidates
had been put off by the protests against the sale of the cargo
unit of BDZ, Novinite.com discloses.

Novinite.com relates that Kristian Krastev explained Monday BDZ
had been effectively insolvent since 2008, adding that "this will
hardly be sensational news to anybody."

Regarding senior-level reshuffles at BDZ, he said he would make
up his mind about potential changes only after he was acquainted
with the current situation of the company in detail, Novinite.com
notes.

Meanwhile, BNT reported that Bulgaria's Privatization and Post-
Privatization Control Agency (PPCA) had received a request for an
extension of the bid submission deadline by March 28 by two
potential buyers of BDZ Freight Services, according to
Novinite.com.

BNT also informed that by Romanian TD Grup Feroviar Roman and
Austrian Donau-Finanz Transport had requested additional
information on the condition of the state-owned railway carrier,
Novinite.com discloses.

As reported by the Troubled Company Reporter-Europe on March 25,
2013, FOCUS News Agency related that the losses of the state-run
company run to about BGN716 million, which is a huge amount.  The
minister said that the debts to the biggest creditors, i.e. KfW
and bondholders in the second bond loan, run to about EUR35
million/creditor, FOCUS News disclosed.

Established in 1885, The Bulgarian State Railways, commonly known
as BDZ, is Bulgaria's state railway company and the largest
railway carrier in the country.  The company's headquarters are
located in the capital Sofia.



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


BANK OF CYPRUS: Moody's Downgrades Deposit Ratings to 'Caa3'
------------------------------------------------------------
Moody's Investors Service downgraded to Caa3, from Caa2, the
deposit and senior unsecured debt ratings of Bank of Cyprus
Public Company Limited, Cyprus Popular Bank Public Co Ltd and
Hellenic Bank Public Company Ltd. These ratings have also been
placed on review for downgrade.

At the same time, Moody's affirmed the Bank Financial Strength
Ratings (BFSRs) at E, but added that the standalone credit
assessments for Bank of Cyprus and Hellenic Bank, have been
lowered to ca from caa3. Cyprus Popular Bank's standalone credit
assessment continues to map to ca.

The actions on the deposit and senior unsecured debt ratings
reflect (1) Moody's expectation of material losses for bank
depositors; (2) the risk of further deposit controls once the
banks reopen; and (3) the heightened uncertainty regarding the
banks' recapitalization plans.

The alignment of the banks' standalone credit assessments at ca
reflects underlying risks related to (1) the increased likelihood
of material deposit outflows; and (2) the long-term impairment to
the banks' business models resulting from the recent turmoil.

Ratings Rationale:

Recent Events

On March 19, the Cypriot parliament rejected a draft law to
impose a tax levy that would result in a 6.75% loss on deposits
between EUR20,000 and EUR100,000 and 9.9% on larger amounts. The
imposition of losses is an integral condition of the support
program for bank recapitalizations proposed by the European
Central Bank, the European Commission and the International
Monetary Fund (commonly referred to as the Troika).

On March 21 the European Central Bank stated that Emergency
Liquidity Assistance (ELA) would only remain available to Cypriot
banks if an acceptable support program is in place by March 25.
The stalemate between the Cypriot government and the Troika has
heightened uncertainty over the bank recapitalization plan.

Losses, Liquidity Stress and Uncertainty Drive Downgrades and
Review

These actions on the banks' deposit and senior unsecured debt
ratings reflect the rating agency's expectation of material
losses for bank depositors, the risk of further controls to
contain deposit outflows once the banks reopen, and the
heightened uncertainty regarding the banks' recapitalization or
resolution plans.

The situation in Cyprus remains very fluid and the risk of
significant losses has increased, as has the risk of a bank
liquidation scenario.

Accordingly, Moody's review will assess the impact of the
measures ultimately adopted to address the banking crisis. To
this end, the review will focus on (1) the magnitude of losses
imposed on depositors and/or senior unsecured bondholders; (2)
the risk of continued deposit controls once the banks reopen; and
(3) implementation risks associated with any agreed measures and
the potential need for additional capital support resulting from
further asset quality deterioration.

Erosion of Depositor Confidence Weakens Banks' Standalone
Profiles

The lowering of Bank of Cyprus' and Hellenic's standalone credit
assessments to ca, and the affirmation of Cyprus Popular Bank's
standalone credit assessment at ca, captures Moody's view of (1)
the increased likelihood of accelerated deposit outflows,
weakening the banks' already stressed deposit-funding bases; and
(2) the long-term impairment to the banks' business models
resulting from the recent turmoil.

Firstly, despite expectations that central bank funding will
remain available if a recapitalization plan is reached, Moody's
considers that the risk of accelerated deposit outflows once the
banks reopen has risen significantly. An acceleration of outflows
would further destabilize the domestic banking system.

Secondly, Moody's believes that the banks' franchises and
business models will remain impaired over the long term. The
rating agency bases its view on (1) the weakening of market
confidence, owing to the recent announcement regarding depositor
losses; and (2) the signal that the European authorities aim to
reduce the size of the Cypriot banking sector to the EU average
over time (Cyprus' total banking sector assets totaled 697% of
GDP at the end of 2011, compared with 354% for the EU).

What Could Move the Ratings Up/Down

Downwards pressure on the banks' ratings would develop following
(1) a failure to secure a program for bank recapitalizations or
to maintain external liquidity support; and/or (2) higher loss
rates for bank depositors or creditors (compared to the amounts
rejected by the Cypriot Parliament on 19 March -- 6.75% loss on
deposits between EUR20,000 and EUR100,000 and 9.9% on larger
amounts); and/or (3) sustained deposit controls; and/or (4)
uncertainty regarding the Cypriot authorities' and the banks'
capacity to implement an agreed recapitalization program and/or
(5) a lowering of the country risk ceiling for Cyprus.

As indicated by the review for downgrade, upwards rating pressure
is currently limited. Moody's may confirm the ratings at their
current levels if an agreement to recapitalize the banks is
reached, provided that the agreement (1) does not necessitate
increased burden-sharing of losses; and (2) restricts
implementation risks.

List of Affected Ratings:

Bank of Cyprus Public Company Limited:

- Deposit and senior unsecured debt ratings: Downgraded to Caa3,
   on review for downgrade, from Caa2, negative outlook

- Short term deposit and commercial paper ratings: Affirmed at
   Not Prime

- Subordinated debt rating: Affirmed at (P)C

- Junior subordinated notes rating: Affirmed at (P)C

- Standalone Bank Financial Strength Rating: Affirmed at E, now
   mapping to a standalone credit assessment of ca, from caa3

The senior unsecured and deposit ratings are on review for
downgrade. No outlook is currently assigned to the E BFSR, short
term deposit and commercial paper ratings, subordinated and
junior subordinated ratings.

Cyprus Popular Bank Public Co Ltd:

- Deposit and senior unsecured debt ratings: Downgraded to Caa3
   on review for downgrade, from Caa2 negative outlook

- Short term deposit ratings: Affirmed at Not Prime

- Subordinated debt rating: Affirmed at C

- Standalone Bank Financial Strength Rating: Affirmed at E,
   mapping to a standalone credit assessment of ca

The senior unsecured and deposit ratings are on review for
downgrade. No outlook is currently assigned to the E BFSR, short
term deposit ratings and subordinated ratings.

Egnatia Finance plc (the funding subsidiary of Cyprus Popular
Bank):

- Senior unsecured debt rating: Downgraded to (P)Caa3, on review
   for downgrade, from (P) Caa2, negative outlook

- Subordinated debt rating: Affirmed at (P)C

The senior unsecured debt ratings are on review for downgrade. No
outlook is currently assigned to the subordinated debt ratings.

Hellenic Bank Public Company Ltd:

- Deposit ratings: Downgraded to Caa3 on review for downgrade,
   from Caa2 negative outlook

- Short-term deposit and commercial paper ratings: Affirmed at
Not Prime

- Standalone Bank Financial Strength Rating: Affirmed at E, now
mapping to a standalone credit assessment of ca from caa3

The deposit ratings are on review for downgrade. No outlook is
currently assigned to the E BFSR, short term deposit and
commercial paper ratings.

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


SL CAPITAL: S&P Affirms 'B/B' Credit Ratings; Outlook Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Cyprus-
based subsidiaries S.L. Capital Services Ltd. (SLCS) and Ronin
Europe Ltd. to negative from stable.  At the same time, S&P
affirmed the 'B/B' long- and short-term counterparty credit
ratings on both entities.

The ratings and outlook on SLCS's Russian parent Aljba Alliance
are unchanged.

                             RATIONALE

The outlook revision reflects S&P's view that the importance of
Cyprus-based subsidiaries SLCS and Ronin Europe to their Russian
parents Aljba Alliance (B/Stable/B) and Ronin Partners Group
(Ronin; not rated)--and the expected parental support--could
decrease given increasing problems in Cyprus' financial system.
This, together with the uncertainty about the conditions of
Cyprus' assistance program, might undermine investor confidence
in its financial system, in S&P's view.  Also at risk is Cyprus'
role, importance, and reputation as an offshore financial center.

Ronin Europe and SLCS are located in Cyprus essentially for tax
reasons.  However, they do business virtually exclusively with
Russian and other overseas clients.  S&P understands that Ronin
Europe and SLCS hold their proprietary assets and assets of
customers at non-Cyprus-based global banking and financial
institutions.  S&P do not rule out that some of SLCS' and Ronin
Europe's clients could contemplate channeling their transactions
through other, more stable, jurisdictions than Cyprus in the
future.  This might ultimately decrease the strategic importance
of Cyprus' subsidiaries to their parents.  S&P also cannot
discount the possibility that Aljba Alliance and Ronin Partners
Group could scale back or close down their operations in Cyprus
depending on the outcome of the bailout program that Cyprus is
currently negotiating with the Troika (the IMF, EU, and European
Central Bank).

The outlook revision does not immediately affect the ratings on
Aljba Alliance and S&P's view of the group credit profile (GCP)
of Ronin Partners Group.

                         RONIN EUROPE LTD.

The ratings on Ronin Europe reflect its "core" status for Russia-
based Ronin Partners Group, whose GCP S&P assess at 'b'.  As a
result, S&P equalizes the ratings on Ronin Europe with the
parent's GCP.

Ronin owns 100% of Ronin Europe, the group's booking center for
client-driven brokerage and the settlement center for the group's
underwriting operations and proprietary securities investments.

S&P calculates that Ronin Europe has exposure to Cyprus of well
below 10% of its total assets.

                S.L. CAPITAL SERVICES LTD. (SLCS)

The ratings on SLCS reflect its "core" status for Aljba Alliance.
As a result, S&P equalizes the ratings on SLCS with those on the
parent.

Russia-based Aljba Alliance owns 100% of Cypriot subsidiary SLCS,
which is the group's booking center for proprietary securities
investments and client-driven brokerage and underwriting
operations.  SLCS' business, operations, and strategy are highly
integrated with those of the group.

S&P calculates that SLCS has domestic exposure of well below 10%
of its total assets.

                              OUTLOOK

The negative outlooks on both entities reflect S&P's view that it
could lower the ratings if reputational risks for Cyprus as a
financial center materially worsen and if S&P believes that risk
of closing or scaling-down offshore operations has increased.  If
problems in Cyprus persist, parent companies such as Aljba
Alliance and Ronin may decide to close operations in Cyprus and
move them to other jurisdictions.  This would lead S&P to
reconsider SLCS' and Ronin Europe's status for their groups.

S&P could consider revising the outlooks to stable if the
situation in Cyprus' financial services sector stabilizes, and if
the parent companies continued to support their Cypriot
subsidiaries while the subsidiaries' operations remained
integral to their groups.

RATINGS LIST

Ratings Affirmed; CreditWatch/Outlook Action
                                        To            From
S.L. Capital Services Ltd.
Counterparty Credit Rating             B/Negative/B  B/Stable/B
Certificate Of Deposit                 B/B

Ratings Affirmed; CreditWatch/Outlook Action
                                        To            From
Ronin Europe Ltd.
Counterparty Credit Rating             B/Negative/B  B/Stable/B


DLR KREDIT: Moody's Withdraws 'Ba1' Long-Term Issuer Rating
-----------------------------------------------------------
Moody's Investors Service has withdrawn DLR Kredit A/S' long-term
issuer rating of Ba1 and the Preferred Stock rating of B1 (hyb).

Moody's has withdrawn the rating for its own business reasons.

Based in Copenhagen, Denmark, DLR Kredit A/S reported
consolidated assets of DKK149 billion (US$26 billion) as of end-
December 2012.


* CYPRUS: Reaches Rescue Deal with International Lenders
--------------------------------------------------------
Rebecca Christie, James G. Neuger and Svenja O'Donnell at
Bloomberg News report that Cyprus agreed to the outlines of an
international bailout, paving the way for EUR10 billion
(US$13 billion) of emergency loans and eliminating the threat of
default.

The accord between Cyprus and the "troika" representing
international lenders was reached in overnight talks in Brussels
and ratified by finance ministers from the 17-nation euro area,
Bloomberg relates.

The agreement calls for Cyprus Popular Bank Pcl (CPB) to be shut
down and split, Bloomberg discloses.  According to Bloomberg,
three EU officials said the Bank of Cyprus Plc would take over
the viable assets of the failed bank along with EUR9 billion in
central bank-provided emergency liquidity aid.

Bloomberg notes that two EU officials said deposits below the EU
deposit-guarantee ceiling of 100,000 euros will be protected, and
a loss of no more than 40% will be imposed on uninsured
depositors at the Bank of Cyprus.  According to Bloomberg, two
other officials said that uninsured depositors at Cyprus Popular
would largely be wiped out.

With the ECB threatening to cut off emergency financing for
tottering banks, Cyprus's leaders bowed to creditors' demands to
find another way of shrinking the Mediterranean island's
financial system, Bloomberg notes.

                     Better Than Bankruptcy

Jim Brunsden at Bloomberg News reports that European Union
finance chief Michel Barnier said on Monday in Brussels
the EUR10-billion (US$13 billion) rescue deal provided to Cyprus
by the European Union is "better than bankruptcy".

Mr. Barnier, as cited by Bloomberg, said the rescue, which allows
the island nation to escape a disorderly default and
unprecedented exit from the common currency by shrinking its
banking system, saves people from losing everything.  He conceded
the EU probably should have been more vigilant earlier on
regarding the outsized Cypriot banking system, Bloomberg relates.

The situation in Cyprus is "exceptional" and "something that
exists nowhere else," Mr. Barnier, as cited by Bloomberg, said,
when discussing the capital controls keeping savers from
withdrawing their deposits and putting a tax on accounts with
more than 100,000 euros.  He said the capital controls can only
last a few days, Bloomberg notes.

Mr. Barnier blamed the banking crisis on "arbitrage" and said the
country must move away from a "short-term" financial culture,
Bloomberg relates.  Had the European Central Bank already taken
on its role as banking supervisor in the EU, it wouldn't have
allowed Cypriot banks to "do what they have been doing for some
time now," Bloomberg quotes Mr. Barnier as saying.


* CYPRUS: Imposes EUR100 a Day Withdrawal Limit to Avert Bank Run
-----------------------------------------------------------------
Rebecca Clancy at The Telegraph reports that the central bank in
Cyprus imposed a EUR100 a day withdrawal limit at cash machines
for all local banks on Sunday to avert a run on lenders, as the
island's leaders meet its international lenders for last-ditch
talks to avert a financial meltdown.

According to the Telegraph, a spokesman for second largest lender
Cyprus Popular Bank, which had previously limited withdrawals to
EUR260, said the new measure began at 1pm local time and would
remain in place until the bank reopens, which is scheduled for
Tuesday, or until confirmation of continued emergency funding
from the European Central Bank.

A government official, who declined to be named, told Reuters
that the measure applied to all local banks on the island, the
Telegraph notes.

There were dramatic scenes on Thursday night as Cypriots queued
to withdraw cash from the Laiki bank, the country's second
largest, after the European Central Bank warned it would cut off
funds unless there was agreement on an international bailout, the
Telegraph relates.

To prevent the bank's collapse a cash limit of EUR260 a day was
imposed as panic was fuelled by angry demonstrations by Laiki
staff -- the restructuring means 10,000 jobs are at risk --
outside the Cypriot parliament, the Telegraph discloses.

This limit has now been cut further to EUR100 withdrawal a day
across all local banks on the island, the Telegraph says.



===========
F R A N C E
===========


BIOCORAL INC: Delays Financials for Year Ended Dec. 31, 2012
------------------------------------------------------------
Biocoral, Inc., was unable to file its annual report on Form 10-K
for the period ended Dec. 31, 2012, in a timely manner because
the Company was not able to complete timely its financial
statements without unreasonable effort or expense.

                        About Biocoral, Inc.

Headquartered in La Garenne Colombes, France, Biocoral, Inc.
-- http://www.biocoral.com/-- was incorporated under the laws of
the State of Delaware on May 4, 1992.  Biocoral is a holding
company that conducts its operations primarily through its
wholly-owned European subsidiaries.  The Company's operations
consist primarily of research and development and manufacturing
and marketing of patented high technology biomaterials, bone
substitute materials made from coral, and other orthopedic, oral
and maxillo-facial products, including products marketed under
the trade name of Biocoral.  Most of the Company's operations are
conducted from Europe.  The Company has obtained regulatory
approvals to market its products throughout Europe, Canada and
certain other countries.  The Company owns various patents for
its products which have been registered and issued in the United
States, Canada, Japan, Australia and various countries throughout
Europe.  However, the Company has not applied for the regulatory
approvals needed to market its products in the United States.

Michael T. Studer CPA P.C., in Freeport, New York, noted that the
Company's present financial condition raises substantial doubt
about its ability to continue as a going concern.  The
independent auditors added that the Company had net losses for
the years ended Dec. 31, 2011, and 2010, respectively.
Management believes that it is likely that the Company will
continue to incur net losses through at least 2012.  The Company
had a working capital deficiency of approximately US$1,570,000
and US$2,125,000, at Dec. 31, 2011 and 2010, respectively.  The
Company also had a stockholders' deficit at Dec. 31, 2011, and
2010, respectively.

Biocoral reported a net loss of US$920,103 in 2011, compared with
a net loss of US$703,272 in 2010.  The Company's balance sheet at
Sept. 30, 2012, showed US$1.24 million in total assets, US$5.37
million in total liabilities and a US$4.12 million total
stockholders' deficit.


TRANSCOM WORLDWIDE: French Subsidiary Enters Liquidation
--------------------------------------------------------
Transcom WorldWide S.A. on March 22 disclosed that its French
subsidiary, Transcom WorldWide (France) S.A.S., has been placed
in liquidation proceedings by the Commercial Court of Versailles.
A liquidator appointed by the Court will take over management of
the subsidiary, Transcom WorldWide (France) S.A.S., as of
March 22.

As a consequence, Transcom WorldWide (France) S.A.S. will be
excluded from consolidation in Transcom WorldWide S.A.'s Group
accounts as of March 1, 2013.  In 2012, Transcom WorldWide
(France) S.A.S. reported revenues amounting to EUR6.4 million, an
operating loss of EUR5.4 million, and a negative cash flow of
EUR12.5 million.  Shareholders' equity booked in the balance
sheet of Transcom WorldWide (France) S.A.S. amounted to negative
EUR9.2 million as at December 31, 2012.



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


E-STAR ALTERNATIV: Creditors Okay Draft Bankruptcy Agreement
------------------------------------------------------------
According to MTI-Econews, E-Star said on the Budapest Stock
Exchange Web site that creditors of the company accepted on
Friday a draft bankruptcy agreement.

E-Star has been under bankruptcy protection since October,
MTI-Econews notes.

The BSE suspended trading in E-Star shares on Friday due to the
talks with creditors, MTI-Econews relates.

E-Star Alternativ Nyrt. is a Hungarian energy company.


MAGYAR EXPORT-IMPORT: S&P Affirms 'BB' Issuer Credit Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on Magyar
Export-Import Bank (Hungary Eximbank) to negative from stable.
At the same time, S&P affirmed its 'BB/B' long- and short-term
issuer credit ratings.

S&P's ratings on Hungary Eximbank are equalized with the
sovereign ratings on Hungary (BB/Negative/B).  This reflects
S&P's opinion of the "almost certain" likelihood that the
Hungarian government will provide timely and sufficient
extraordinary support to Hungary Eximbank to allow it to meet its
liabilities in the case of financial distress.  In accordance
with S&P's criteria for government-related entities (GREs), its
rating approach for Hungary Eximbank is based on S&P's view of
the bank's:

   -- "Critical" role in supporting Hungarian exports, which is
      key to national economic development, given the country's
      openness and trade dependence; and

   -- "Integral" link with the Hungarian government, given the
      sole sovereign ownership of the bank, the sovereign's
      statutory guarantee of Hungary Eximbank's liabilities, and
      the inclusion of losses on the bank's interest rate
      mismatches and supported loans in the government's budget.

The bank benefits from state guarantees for both its on-balance-
and off-balance-sheet liabilities.

The statutory guarantee for on-balance-sheet liabilities is
explicit and unconditional, with a current upper limit defined in
the budget of Hungarian forint (HUF) 1.2 trillion.  Although the
guarantee does not address S&P's criteria for timeliness, it
equalizes the ratings because of its assessment of the "almost
certain" likelihood of timely and wide-ranging support from the
Ministry of National Economy, in conjunction with the critical
economic role played by Hungary Eximbank.  S&P also take into
consideration the government's sustained track record of ensuring
an appropriate level of capitalization through repeated capital
injections.  At end-2011, shareholder equity amounted to
HUF17.7 billion, out of a total balance sheet of HUF196 billion.

Hungary Eximbank also provides off-balance-sheet guarantees (the
majority of which are guaranteed by the state), of up to
HUF350 billion.

Established in 1994, Hungary Eximbank is a 100% state-supported
government export credit agency. OECD regulations and Hungary
Eximbank's general business guidelines establish the criteria for
its export operations to be eligible for state-supported
financing.  The bank supports the state's export strategy.  This
is achieved by lending directly to exporters (through direct pre-
export loans, buyers' credits, and discounting facilities) and
providing funding indirectly through refinancing credits to
domestic commercial banks and interbank buyers' credits provided
by the buyers' foreign bank.  The bank's funding base comprises
loans, interbank loans, notes issued under the bank's global
medium-term note program (which was launched in December 2012),
and shareholder equity, the latter including both share capital
and reserves.

The negative outlook on Hungary Eximbank mirrors that on the
Hungarian sovereign.  S&P expects Hungary Eximbank to maintain
its integral link with and critical role in the Hungarian
government's economic development plans and policies, regardless
of the government's composition.  This should enable the bank to
maintain its public law status and, therefore, its credit support
from the sovereign's guarantee.  Any change in S&P's assessment
of the bank's relationship with the government could lead it to
consider lowering the ratings.  In addition, while the state
continues to provide Hungary Eximbank support, any change in the
ratings on Hungary will result in a similar rating action on
Hungary Eximbank.


OTP BANK: S&P Affirms 'BB/B' Credit Ratings; Outlook Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on Hungary-based OTP Bank PLC and its core subsidiary,
OTP Mortgage Bank, to negative from stable.  At the same time,
S&P affirmed its 'BB/B' long- and short-term counterparty credit
ratings on the banks.

The outlook revision on the banks reflects the same action on the
Republic of Hungary (BB/Negative/B) on March 21, 2013.  The
outlook revision on the sovereign reflects S&P's opinion that the
predictability and credibility of Hungary's policy framework has
continued to weaken.  This is partly due to policy decisions
that, in S&P's view, raise questions about the independence of
oversight institutions, and hence their credibility.  These
measures could erode Hungary's medium-term growth potential by
reducing banks' willingness to lend and companies' propensity to
invest.  Moreover, S&P considers that downside risks to Hungary's
creditworthiness may also increase as the domestic environment
weakens.

Negative rating factors include the ongoing deterioration of OTP
Bank's asset quality and earnings pressure in its domestic
operations.  The bank is exposed to heightened credit risk from
its pre-crisis, rapidly expanded loan portfolios, particularly
its foreign currency-denominated domestic mortgages and those in
some of its Eastern European subsidiaries.  On a positive note,
asset quality deterioration decelerated to its slowest pace by
the end of 2012, with good coverage by reserves.

As the majority of OTP Bank's assets are in Hungary, S&P do not
rate the bank above the sovereign.  This reflects the bank's
exposure to deteriorating sovereign creditworthiness via its
holdings of Hungarian bonds in its securities portfolio; exposure
to public sector entities, notably municipalities; and weak
macroeconomic prospects.

The ratings on OTP Bank are supported by its strong domestic
retail franchise, particularly its solid granular retail deposit
base and leading position in residential mortgage loans.  The
bank has good earnings capacity and benefits from geographic
diversification through its operations in Central and Eastern
Europe (CEE), Russia, and the Ukraine.

S&P has equalized the ratings on OTP Mortgage Bank with those on
OTP Bank because of its "core" status.  S&P base its view of its
status on its full ownership by, and very close organizational
and operational integration with, its parent.

The outlook on both banks reflects that on the sovereign and
S&P's expectation that the banks' business and financial profiles
will remain under pressure over the next 12 months.  S&P rates
both banks at the same level as the sovereign.  Accordingly, any
negative rating action on the ratings on the sovereign would have
negative implications for the ratings on the banks.

If OTP Bank's funding and liquidity were to weaken, or its
capitalization were to deteriorate substantially, as reflected in
a risk-adjusted capital (RAC) ratio before diversification below
5%, S&P could revise the bank's stand-alone credit profile
downward.  This could prompt S&P to consider a negative rating
action on OTP Bank, and subsequently on OTP Mortgage Bank.

S&P could also lower the ratings on the banks if new
nonperforming loan (NPL) formation accelerates again in 2013,
having decelerated in 2012, as this would indicate that the stock
of NPLs is continuing to rise materially above the already
elevated 19.1% at year-end 2012.

S&P would revise the outlook on both banks to stable if it was to
revise the outlook on the sovereign to stable.



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


EIRCOM HOLDING: Fitch Affirms 'B-' LT Issuer Default Rating
-----------------------------------------------------------
Fitch Ratings has affirmed Eircom Holding Ireland Limited's Long-
term Issuer Default Rating (IDR) at 'B-' and the instrument and
Recovery Ratings on the company's senior secured bank debt at
'B'/'RR3'.  The Outlook on the IDR is Negative.

The IDR takes into account the reduced debt that eircom exited
Examinership with, in early June 2012, the company's position as
the country's incumbent telecom operator, sizeable but declining
fixed line market share and negative free cash flow generation.

The Negative Outlook reflects the operating challenges the
company faces in turning around the fixed-line business. Its
weaker competitive position relative to the cable operator - in
the context of its ability to offer triple-play - may lead to
ongoing line losses beyond management's expectations, adding
further top-line, margin and cash flow pressure. A sub-scale
position in a small but competitive four player mobile market
adds a further constraint to the operating profile, albeit one
that new management appear from initial signs to be focused on
addressing.

Key Rating Drivers

Legacy of Underinvestment
Despite its integrated incumbent status, eircom has underinvested
in infrastructure in recent years, which in Fitch's view is a
function of an inappropriately leveraged capital structure. The
company's capex to sales ratio trended down to below 10% in 2011
(13.6% in 2012), at a time when the sector average was closer to
16% -17%. While reducing capex is an effective lever to preserve
near-term free cash flows, protracted underinvestment when
competitive pressures are high has had a significant and
detrimental effect on eircom's business position.

Fibre Execution
While eircom's mobile business has achieved a good, albeit
unprofitable challenger position, its fixed access losses and
broadband position have suffered materially at the hands of an
effective cable operator. Having upgraded its network to DOCSIS
3.0, UPC has been growing subscribers and taking market share
based on superior broadband speeds and 3-play bundle.

Eircom's response, including a fibre build which will concentrate
on a broader geographic coverage than UPC, over 2012-2015, is
rational, but comes with execution risk. Commercial traction
remains with UPC. While eircom's triple-play offer of mobile,
fixed voice and broadband was launched in October 2012 - UPC's
advantage lies in its ability to offer a traditional fixed triple
play bundle built around its position in pay TV, a product that
eircom is yet to launch. The ability to compete on broadband
speed is, in the agency's view, the minimum an incumbent should
set out to achieve, with management's fibre investment important
if it is to stabilise market share and absolute fixed access
losses.

The strategy to take fibre to the cabinet with an original target
to pass 1.0m homes has been upgraded to 1.2m or 60% of the
republic's households. The build-out will allow the company to
increase speeds from what at the moment range from 3MB to 24MB to
closer to 70 MB. Eircom's homes passed target compares with UPC's
current position of 737,200 two-way homes passed and 538,000
customer relationships.

Economic Headwinds
Fitch estimates that Ireland delivered 0.0% growth in 2012 with a
1.0% recovery forecast for 2013, with domestic demand/consumption
likely to remain anaemic. Residential telecom spending, in
particular, is more correlated to private consumption. Mobile
revenues across European markets generally have proven more
sensitive to the economy, particularly in austerity affected
economies. In eircom's case, weakness has been most pronounced in
its fixed line business, with mobile performance providing a
further layer of pressure.

Recovery Ratings
The 'B'/'RR3' ratings assigned to secured debt (the term loan B)
reflect the above average recoveries envisaged in the event of a
default. However, Fitch notes the absence of other creditor
classes, who might otherwise absorb losses, while the loan
agreement provides for the existence of additional liabilities
(an RCF and hedging liabilities) on a super senior basis. In the
meantime, the company has put an interest rate hedge in place
fixing 50% of the bank facility.

RATING SENSITIVITIES

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

Given the challenges the company faces - execution risk inherent
in the fibre build and accompanying likelihood of negative free
cash flow through 2014, the agency sees limited near term
potential for positive ratings action. Evidence that management
is slowing the pace of fixed customer losses and meeting other
key operational targets could support a stabilization of ratings.
This is likely to be in 2014 at the earliest.

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

With management expecting to stabilize EBITDA in fiscal 2014 (YE
June 2014) a significant decline in this cash flow measure in
2014 would increase pressure on the ratings. Fitch's rating case
envisages FFO net adjusted leverage below 6.0x by 2015. A 2015
metric that was trending towards 6.5x is likely lead to a
downgrade.


INDEPENDENT NEWS: Faces "Most Critical Phase"; Eyes Debt Deal
-------------------------------------------------------------
Jamie Smyth at The Financial Times reports that Denis O'Brien,
Ireland's richest man, has warned that Independent News & Media
faces "the most critical phase in its history" but says he is
hopeful it can agree a deal with banks to restructure its debts.

Mr. O'Brien, who wrested control of Ireland's biggest media group
from Sir Anthony O'Reilly last year, told the FT that staff
pensions would have to be hit in a restructuring deal.

According to the FT, he also blamed INM's previous management for
the "vulnerable state of the company", which he said had seen
more than EUR2 billion in shareholder value wiped out since 2007.

INM is in high stakes talks with its banks aimed at restructuring
its EUR400 million-plus net debt, which is about four times its
earnings before interest, tax, depreciation and amortization, the
FT says.

Negotiations are focusing on a potential deal whereby INM's banks
would agree to write down a portion of the company's debt --
possibly up to EUR100 million -- in return for an equity stake in
the business, the FT discloses.  INM would then use the proceeds
of the imminent sale of its South African unit worth EUR170
million to pay down debt and restructure its remaining
operations, the FT relates.

Shareholders, including Mr. O'Brien, may be asked to contribute
through a rights issue, according to a plan being considered by
INM's banks, the FT says.

According to the FT, INM management is pressing for "burden
sharing" with lenders in the negotiations, saying equity holders
are already nursing losses of up to 90% on their investment in
the company.

INM's lenders are Allied Irish Banks, ANZ Banking Group, Bank of
Ireland, Barclays Bank Ireland, BNP Paribas, KBC Bank, Lloyds
Banking Group and Ulster Bank, the FT discloses.

INM faces a challenging economic climate in Ireland, despite
recent signs of recovery, the FT notes.  Advertising has fallen
by 51% since 2007, the height of the Celtic Tiger boom, the FT
recounts.  The company has a EUR155m deficit in its Irish defined
benefit pension scheme, which management says must either be
closed or restructured for a deal with its banks to be agreed,
the FT states.

                 About Independent News & Media

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



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


BANCA CARIGE: S&P Lowers Counterparty Credit Rating to 'BB'
-----------------------------------------------------------
Standard & Poor's Rating Services said that it had lowered its
long-term counterparty credit rating on Italy-based Banca Carige
SpA to 'BB' from 'BB+' and placed it on CreditWatch with negative
implications.  S&P affirmed its 'B' short-term counterparty
credit rating on Carige.

S&P also lowered its ratings on Carige's non deferrable
subordinated debt to 'B-' from 'B+' and its Upper Tier 2 debt to
'CCC+' from 'B' and placed those ratings on CreditWatch negative.

The downgrade reflects S&P's view that Carige is exposed to
higher-than-anticipated losses as result of mounting
nonperforming assets (NPAs) and increased market risk in its
securities portfolio.

Carige's cost of credit risk rose to EUR477 million in 2012, or a
high 170 basis points (bps), well above S&P's expectation.
According to Carige, the 2012 figure includes about EUR282
million in provisions related to higher loss-given-defaults on
tangible collateral following the Bank of Italy's systemwide
review.

S&P continues to view Carige's coverage of NPAs as moderate
although it has increased to about 38.4% from the 2008 pre-crisis
level of 36.5%.  In S&P's assessment it takes into account that
the stock of net NPAs represented a high 131% of S&P's measure of
Carige's total adjusted capital (TAC) at end-2012, by S&P's
estimates, and that it expects Carige's NPAs will continue
accumulating quickly in 2013 and 2014 given the tough economic
conditions in Italy.

In addition, S&P thinks Carige's securities portfolio bears
heightened market risk owing to the high proportion of long-term
Italian government bonds it holds.  These bonds represent about
12% of Carige's total assets, and two-thirds of them have
maturities well beyond 2015.  In S&P's view, this degree of
exposure makes Carige vulnerable to potential losses if it were
to sell its Italian government bonds before their maturities.

In S&P's opinion, neither Carige's vulnerability to higher credit
losses nor the increased market risk on its Italian government
bonds are fully captured in our industry-wide calibrated risk-
adjusted capital (RAC) ratio for Carige.  S&P is therefore
revising its view of Carige's risk position to "weak" from
"moderate."

Carige's funding position has weakened during the past year, in
S&P's opinion.  Although Carige is mainly retail funded (retail
funds accounted for about 64% of total funding in September
2012), it has higher exposure to European Central Bank (ECB)
funding than the average S&P calculates for Italy's banking
system.  ECB funding -- chiefly its long-term financing
operations (LTROs) -- represents about 20% of Carige's total
funding, compared with S&P's estimate of an 8% average for
Italy's banking system.  S&P believes this makes Carige more
dependent on deleveraging trends and funding conditions in both
domestic and international markets as it redress funding
imbalances ahead of the LTROs' expiration. S&P has, therefore,
revised its assessment of Carige's funding position to "below
average" from "average."

The weakening in S&P's views of Carige's risk position and
funding profile have prompted S&P to lower its assessment of its
stand-alone credit profile (SACP) to 'b+' from 'bb'.

The impact of S&P's now weaker assessment of Carige's funding
position is offset by the one-notch uplift S&P now factors into
the long-term rating from the SACP.  This uplift for short-term
support reflects S&P's view that Carige's ongoing access to ECB
funding facilities, particularly the LTROs, should give it time
to implement plans to rebalance its funding profile to a more
sustainable position by the time the LTROs expire.

The ratings on Carige continue to benefit from an additional
notch of extraordinary government support to reflect S&P's view
of the likelihood that Carige would receive extraordinary
financial support from the Italian government if needed.  This is
because of S&P's view of Carige's "moderate" systemic importance
in Italy, which S&P classifies as "supportive" toward its banking
sector.

The CreditWatch placement reflects the possibility that S&P could
lower the long-term rating on Carige if S&P anticipated it would
not be able to strengthen its capitalization and/or implement a
credible plan to reduce its ECB funding.

S&P intends to resolve the CreditWatch as soon as S&P assess the
details of Carige's capital strengthening actions and their
likely timing, and S&P has more information about its funding
plans.

Owing to Carige's weaker-than-expected 2012 results, S&P now
estimates its RAC ratio at end-2012 at close to 4%, its minimum
to maintain unchanged its assessment on Carige's capital and
earnings.

Carige has announced it intends to raise up to EUR800 million
additional capital through sales of noncore assets and a new
rights issue.  The CreditWatch resolution will hinge on S&P's
assessment of the likelihood of these actions materializing
within the next 12-18 months and of the extent to which they will
translate into a strengthening of S&P's measure of Carige's
capitalization.  Specifically, S&P would expect its RAC ratio to
remain sustainably in the 4%-5% range.

In S&P's view, Carige has low financial flexibility to raise new
capital from existing shareholders.  S&P thinks the foundation,
Carige's main shareholder, could be stretched to support Carige's
recapitalization without decreasing its stake in Carige, given
the foundation's reported high indebtedness.

Additionally, S&P typically do not factor into the ratings plans
for realizing capital gains on asset sales until S&P has
certainty about their realization and magnitude, especially when
economic conditions are tough, which is currently the case in
Italy.  In S&P's view, clarification of these plans will be a key
determinant of Carige's capital position given the potential
pressures S&P sees on Carige's future profitability, and
therefore earnings retention capacity, in the continued
challenging economic environment S&P anticipates in Italy over
the next few years.

S&P could also lower the ratings if it anticipated that Carige
was unable to implement a credible plan to reduce its exposure to
ECB funding and correct imbalances to achieve a more sustainable
funding position by the time the LTROs expire.

S&P will also continue to monitor how the development and
execution of the above-mentioned plans affects its views of
Carige's business position.


BANCO POPOLARE: S&P Cuts Ratings to 'BB+; Outlook Negative
----------------------------------------------------------
Standard & Poor's Ratings Services said it had lowered its long-
and short-term counterparty credit ratings on Italy-based Banco
Popolare Societa Cooperativa SCRL (Banco Popolare) and its core
subsidiaries Banca Aletti & C. SpA and Credito Bergamasco
(Creberg) to 'BB+/B' from 'BBB-/A-3'.  The outlooks are negative.

At the same time, S&P lowered its ratings on Banco Popolare's
Tier 1 preferred securities to 'CCC+' from 'B-' and those on its
nondeferrable subordinated debt securities to 'B+' from 'BB-'.

The rating actions reflect S&P's opinion that Banco Popolare
appears increasingly vulnerable to higher-than-anticipated credit
losses stemming from its mounting nonperforming assets (NPAs),
for which it has a moderate level of reserve coverage, and the
challenging economic environment in Italy.

Banco Popolare's asset quality reportedly deteriorated in 2012,
with the stock of gross NPAs increasing to EUR16.22 billion.  S&P
estimates this figure exceeded a high 18% of Banco Populare's
adjusted customer loans as of December 2012, compared with 14.9%
as of year-end 2011, levels well above the sector average.

S&P expects Banco Popolare's NPAs to continue accumulating
relatively quickly in 2013 and 2014.  S&P anticipates a
deterioration of Banco Popolare's portfolio of loans to small and
midsize enterprises, which are particularly affected by the
prolonged downturn in Italy.  S&P also expects further weakening
of the legacy exposure to former Banca Italease's risky leasing
loan portfolio (Banca Italease was acquired by Banco Popolare in
2009).

Banco Popolare's cost of risk rose significantly in 2012.  This
includes EUR684 million in loan loss provisions in the last
quarter, largely to reflect higher loss-given defaults on
tangible collateral following the Bank of Italy's systemwide
review.  As a result, Banco Popolare's loan loss reserve coverage
of NPAs stood broadly in line with that in 2011 at about 30%,
which S&P views as
modest by domestic and international standards.

S&P believes Banco Popolare's high stock of problem assets and
comparatively modest reserve coverage make it more vulnerable
than its domestic peers to Italy's challenging economic
environment, which S&P anticipates will continue for the next two
years. According to S&P's estimates, Banco Popolare's net NPAs
represented about 171% of its measure of its total adjusted
capital as of December 2012, compared with 140% in 2011.  S&P
believes this risk is not fully captured in its industrywide
calibrated risk-adjusted capital (RAC) ratio for Banco Popolare.
S&P is therefore revising its view of Banco Popolare's risk
position to "weak" from "moderate."

Consequently, S&P has also revised its assessment of Banco
Popolare's stand-alone credit profile (SACP) downward to 'bb'
from 'bb+', which in turn led to the lowering of S&P's ratings on
Banco Popolare to 'BB+/B' from 'BBB-/A-3'.

"We forecast that Banco Popolare's RAC ratio will range between
5.3% and 5.6% by year-end 2014, after incorporating the weaker-
than-expected results in 2012.  Our projection remains consistent
with our assessment of Banco Popolare's capital and earnings as
"moderate."  We note that last year's earnings were affected not
only by large loan loss provisions, but also by losses and
impairment charges related to Banco Popolare's 39% equity stake
in the consumer finance company Agos Ducato SpA (Agos).  However,
because we deduct the full value of the participation in Agos
from our RAC calculation, the impairment on this position does
not negatively affect our forecast," S&P said.

"We expect Banco Popolare's operating performance to improve in
2013 compared with 2012, but to remain modest.  We continue to
see Banco Popolare's quality of capital as moderate after it
weakened in recent years, mainly as a result of the increased
amount of deferred tax assets related to goodwill and provisions.
This is partly offset by what we view as a good track record of
shareholder support.  In our view, Banco Popolare has a degree of
financial flexibility in its EUR1 billion of convertible debt
securities, which it can convert into equity by March 2014," S&P
added.

S&P considers Banco Popolare to have "high" systemic importance
and the Italian government to be "supportive" of its banking
sector.  S&P views the likelihood of government support for Banco
Popolare as "moderately high" and therefore incorporate a one-
notch uplift into the long-term rating, given the 'BBB+' long-
term rating on Italy.

According to S&P's methodology, it rates Banco Popolare's non-
deferrable subordinated debt two notches below the SACP.  As
such, S&P lowered its rating on Banco Popolare's subordinated
debt to 'B+' from 'BB-'.

S&P lowered its ratings on Banco Popolare's hybrid preference
securities to 'CCC+' from 'B-', five notches below the SACP, to
reflect its view of the risk that it could defer the coupon
payment on these instruments.

The negative outlooks on Banco Popolare, Creberg, and Banca
Aletti reflect the possibility that S&P could lower the ratings
if it believed Banco Popolare's financial profile would weaken
further. Specifically, a weakening of Banco Popolare's capital
position, amid asset quality deterioration beyond S&P's baseline
expectations, could trigger downgrades.

"We could lower the ratings if we anticipated higher credit
losses and weaker operating performance than our current
forecasts.  This would particularly be the case if we anticipated
our RAC ratio for Banco Popolare unlikely to remain comfortably
above 5%.  We forecast a net inflow of NPAs of about 2% in 2013,
somewhat lower than in 2012, and loan loss provisions of about
110 basis points annually in 2013 and 2014.  In both years we
expect Banco Popolare's operating performance will be able to
fully absorb those credit losses.  Although we believe the
potential conversion of Banco Popolare's EUR1 billion of
convertible debt securities provide some financial flexibility,
we don't include this issue as capital in our forecast because
conversion is not mandatory, and we would only include it upon
conversion," S&P noted.

S&P could revise the outlook to stable if it anticipated an
improvement in economic and operating conditions for the Italian
banking system, and saw no significant risks to Banco Popolare's
financial profile and, in particular, asset quality.  Other
things being equal, S&P could also take such an action if the
bank were able to substantially strengthen its capital position.


SESTANTE FINANCE 3: S&P Lowers Rating on Class C2 Notes to 'B-'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on Sestante Finance
S.r.l. series 3's class B, C1, and C2 notes.  At the same time,
S&P has kept on CreditWatch negative its rating on the class A
notes.

The rating actions follow S&P's review of the transaction's
performance, its credit and cash flow analysis of the residual
collateral portfolio, and its assessment of counterparty risk
under its 2012 counterparty criteria.

"On Feb. 21, 2013, we placed on CreditWatch negative our ratings
on Sestante Finance series 3's class A for counterparty reasons
and on the class B notes both for counterparty reasons and for
performance reasons.  We did so following our Feb. 7, 2013
CreditWatch negative placements of our 'A/A-1' long- and short-
term counterparty ratings on Commerzbank AG--the swap
counterparty.  On Feb. 21, we also placed on CreditWatch negative
our ratings on the class C1 and C2 notes for performance
reasons," S&P said.

The transaction has been experiencing a very weak performance
with severe delinquencies at 5.64% on the January 2013 interest
payment date (IPD), which is substantially higher than S&P's
Italian index of 1.80%.

Furthermore, the amount of new defaults increased to EUR2,759,918
(equal to 0.79% of the current performing portfolio) on the
January 2013 IPD, from EUR1,568,374 on the October 2012 IPD.
Consequently, there was an increase in the unpaid principal
deficiency ledger (PDL) balance to EUR12,177,130 from
EUR10,910,493 over the same period, as the transaction has not
been able to generate enough excess spread to cover the unpaid
PDL balances.  This has resulted in increased
undercollateralization for the class C1 notes to EUR12.1 million
and a reduction in the credit enhancement for the class B notes

The increasing unpaid PDL balance affects the repayment speed of
the class C2 excess spread-backed notes, given that the issuer
repays principal on these notes after it covers the amount
recorded in the PDL.

"Our cash flow analysis for class A notes indicates that without
giving benefit to the swap agreement, the rating would be lower
than 'A+ (sf)'.  In accordance with our 2012 counterparty
criteria, we have therefore kept on CreditWatch negative our
ratings on this class of notes due to the link between our rating
on this class of notes and our long-term issuer credit rating
(ICR) plus one notch on the swap counterparty.  Consequently, the
resolution of the CreditWatch placement on this class of notes
depends on the resolution of our CreditWatch placement on our
long- and short-term ratings on Commerzbank," S&P added.

"In our cash flow analysis, we have incorporated a commingling
stress equal to one month's collection of interest and principal
(including a certain amount of assumed prepayments).  We have
applied this stress as the Italian collection account bank, Banca
Popolare dell'Emilia Romagna S.C., has not taken remedy actions
within the documented period following our downgrade.  Therefore,
it is no longer eligible to support the ratings on the class A
and B notes," S&P noted.

As a consequence of the deterioration on the transaction's
performance and the decreasing available credit enhancement, and
based on the results of S&P's cash flow analysis, it has lowered
to 'BBB- (sf)' from 'A+ (sf)' and removed from CreditWatch
negative its rating on the class B notes.

Following the increasing undercollateralization for the class C1
notes, the lack of any excess spread for the repayment of the
class C2 notes, S&P's cash flow analysis indicates that the class
C1 and C2 notes cannot withstand its stresses at their current
rating levels.  S&P has therefore lowered and removed from
CreditWatch negative its ratings class C1 and C2 notes from 'BB
(sf)' to 'B (sf)' and from 'B (sf)' to 'B- (sf)', respectively.

As S&P's ratings on the class C1 and C2 notes are below the long-
term ICR on Banca Popolare dell'Emilia Romagna, it do not stress
the commingling risk for this class of notes as it gives credit
to the support the collection account bank provides.  At the same
time, S&P has weak-linked its rating on these classes of notes at
its long-term ICR on the Italian collection account bank.

Interest payments on the class B, C1, and C2 notes can be
deferred if the cumulative gross default ratio rises above
certain documented levels.  As the interest deferral triggers are
set at 16% for the class B notes and at 12% for the class C1 and
C2 notes.  These triggers are, in S&P's view, unlikely to be
breached in the near future since the cumulative gross default
ratio was 7.53% on the January 2013 IPD.

Sestante Finance's series 3 is an Italian residential mortgage-
backed securities (RMBS) transactions backed by a pool of
residential mortgage loans that Meliorbanca S.p.A. originated in
Italy.

          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

Sestante Finance S.r.l.
EUR899.51 Million Asset-Backed Floating-Rate Notes Series 3

Rating Remaining On CreditWatch Negative

A             A+ (sf)/Watch Neg

Ratings Lowered and Removed From CreditWatch Negative


B             BBB- (sf)             A+ (sf)/Watch Neg
C1            B (sf)                BB (sf))/Watch Neg
C2            B- (sf)               B (sf)/Watch Neg


SESTANTE FINANCE 4: S&P Cuts Ratings on Two Note Classes to CCC
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on Sestante Finance
S.r.l. series 4's class B, C1, and C2 notes.  At the same time,
S&P has kept on CreditWatch negative its ratings on the class A1
and A2
notes.

The rating actions follow S&P's review of the transaction's
performance, its credit and cash flow analysis of the residual
collateral portfolio, and its assessment of counterparty risk
under its 2012 counterparty criteria.

On Feb. 21, 2013, S&P placed on CreditWatch negative its ratings
on Sestante Finance series 4's class A1 and A2 notes for
counterparty reasons.  S&P did so following its Feb. 7, 2013
CreditWatch negative placements of its 'A/A-1' long- and short-
term counterparty ratings on Commerzbank AG--the swap
counterparty.  On Feb. 21, S&P also placed on CreditWatch
negative its ratings on the class B, C1, and C2 notes for
performance reasons.

The transaction has been experiencing a very weak performance
with severe delinquencies (defined in these transactions as being
in arrears for 90+ days) at 7.81% on the January 2013 interest
payment date (IPD), which is substantially higher than S&P's
Italian index of 1.80%.

Furthermore, the amount of new defaults increased to EUR3,163,198
(equal to 1.02% of the current performing portfolio) on the
January 2013 IPD, from EUR1,157,491 on the October 2012 IPD.
Consequently, there was an increase in the unpaid principal
deficiency ledger (PDL) balance to EUR29,809,660 from
EUR27,809,509 over the same period, as the transaction has not
been able to generate enough excess spread to cover the unpaid
PDL balances.  This has resulted in increased
undercollateralization for the class B notes to EUR13.64 million
and to the entire balance of the class C1 notes.

The increasing unpaid PDL balance affects the repayment speed of
the class C2 excess spread-backed notes, given that the issuer
repays principal on these notes after it covers the amount
recorded in the PDL.

S&P's cash flow analysis for class A1 and A2 notes indicates that
without giving benefit to the swap agreement, the ratings would
be lower than 'A+ (sf)'.  In accordance with S&P's 2012
counterparty criteria, it has therefore kept on CreditWatch
negative its ratings on these classes of notes due to the link
between its ratings on these notes and its long-term issuer
credit rating
(ICR) plus one notch on the swap counterparty.  Consequently, the
resolution of the CreditWatch placement on these classes of notes
depends on the resolution of S&P's CreditWatch placement on its
long- and short-term ratings on Commerzbank.

In S&P's cash flow analysis, it has incorporated a commingling
stress equal to one month's collection of interest and principal
(including a certain amount of assumed prepayments).  S&P has
applied this stress as the Italian collection account bank, Banca
Popolare dell'Emilia Romagna S.C., has not taken remedy actions
within the documented period following S&P's downgrade.
Therefore, it is no longer eligible to support the ratings on the
class A1 and A2 notes.

As a consequence of the deterioration in the transaction's
performance and the increasing undercollateralization, and based
on the results of our cash flow analysis, S&P has lowered to 'B+
(sf)' from 'BBB- (sf)' and removed from CreditWatch negative its
rating on the class B notes.

Interest payments on the class B notes can be deferred if the
cumulative gross default ratio rises above 17%.  However, as the
current cumulative gross default ratio is 11.66%, it is unlikely
this trigger will be breached in the near future, in S&P's view.

As S&P's rating on the class B notes is below the long-term ICR
on Banca Popolare dell'Emilia Romagna, S&P do not stress the
commingling risk for this class of notes as it gives credit to
the support the collection account bank provides.  At the same
time, S&P has weak-linked its rating on this class of notes at
its long-term ICR on the Italian collection account bank.

"Our cash flow analysis indicates that the class C1 and C2 notes
are unable to withstand our stresses at their current rating
levels, due to the increased undercollateralization and the lack
of any excess spread.  The interest deferral trigger for these
classes is set at 13%, which is very close to the current
cumulative gross default ratio of 11.66%.  Considering the
increasing defaults, we expect that the trigger for the class C1
and C2 notes will be breached in the next 12 months.  We have
therefore lowered to 'CCC (sf)' and removed from CreditWatch
negative our ratings on the class C1 and C2 notes from 'BB (sf)'
and 'B (sf)', respectively," S&P said.

Sestante Finance's series 4 is an Italian residential mortgage-
backed securities (RMBS) transaction backed by a pool of
residential mortgage loans that Meliorbanca S.p.A. originated in
Italy.

          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

Sestante Finance S.r.l.
EUR647.9 Million Asset-Backed Floating-Rate Notes Series 4

Ratings Remaining On CreditWatch Negative

A1            A+ (sf)/Watch Neg
A2            A+ (sf)/Watch Neg

Ratings Lowered and Removed From CreditWatch Negative

B             B+ (sf)               BBB- (sf)/Watch Neg
C1            CCC (sf)              BB (sf)/Watch Neg
C2            CCC (sf)              B (sf)/Watch Neg


* ITALY: Moody's Says New Recovery Framework Won't Ease Pressures
----------------------------------------------------------------
While the Italian government's new recovery framework to provide
cities and provinces under stress with liquidity support
alleviates fiscal pressure on these entities, it will not offset
it, says Moody's in a Special Comment report entitled "Italian
Cities and Provinces: New Recovery Framework Alleviates, But Will
Not Offset, Fiscal Pressures."

The Italian government recently introduced the new recovery
framework in response to growing fiscal difficulties faced by
Italian cities and provinces. Under this framework, cities and
provinces under stress are entitled to receive liquidity support
in exchange for their commitment to a multi-year recovery plan.
The government's framework aims to ease recovery fatigue and
strengthen oversight of weaker cities and provinces.

"Whilst this new scheme supplements an already supportive
framework, which includes strong credit-protection measures for
lenders, it has limitations and will not necessarily prevent a
deterioration in the credit profiles of these entities," says
Francesco Soldi, a Vice President - Senior Analyst in Moody's
Sub-sovereign group and lead author of the report.

The key features of this framework are (1) non-interest-bearing
liquidity support, which is, however, conditional and limited;
(2) strict recovery targets spread over the long term, including
asset sales, tax hikes and expenditure rationalization; and (3)
close oversight and conditions that limit moral hazard, but do
not per se guarantee the success of fiscal recovery.

As such, the credibility of the recovery plans presented by
applicant cities and provinces and their execution capacity will
be crucial.



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


CENTRAL EUROPEAN: A-1 Presents Restructuring Plan
-------------------------------------------------
Reuters reports that Central European Distribution Corp., which
recently missed a debt payment, received a restructuring plan
offering US$280 million in cash, which would turn the equity over
to a group led by a Russian investor.

According to Reuters, a letter that was sent to the board of CEDC
on Thursday said A1, a unit of Russia's Alfa Group, was also
offering investors that hold notes issued by CEDC US$650 million
in new debt.

CEDC is trying to reduce its debt with an exchange offer aimed at
holders of 2016 notes, which have a face value of more than
US$500 million, Reuters discloses.

A company owned by CEDC's chairman is simultaneously offering to
buy CEDC notes that recently matured, Reuters says.  CEDC did not
make the scheduled payment on those maturing notes, which total
about US$258 million, Reuters relates.

A1's plan was jointly proposed with SPI Group, which owns
Stolichnaya Vodka, and Mark Kaufman of Monaco, who is a large
investor in CEDC, Reuters says.

                             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

The Company's Convertible Senior Notes are due on March 15, 2013.
The Company has said its 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 coming due in 2012 would 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, the Company said, raise substantial doubt about
its ability to continue as a going concern.

                            *     *     *

As reported by the Troubled Company Reporter-Europe on March 25,
2013, Moody's Investors Service downgraded the probability of
default rating of Central European Distribution Corporation
(CEDC) to Ca-PD/LD (limited default).  The company's corporate
family rating and the rating on the senior secured notes due in
2016 issued by CEDC Finance Corporation International remain
unchanged at Ca. The outlook on the ratings is negative.


CENTRAL EUROPEAN: Cancels Exchange Offer Amid Roust Deal
--------------------------------------------------------
Central European Distribution Corporation on March 20 said it has
terminated its offer to exchange new common stock in CEDC for its
outstanding 3.00% Senior Notes due 2013, launched on Feb. 25,
2013, and amended on March 8, 2013, in light of the agreement
reached between Roust Trading and other noteholders.  CEDC will
continue to solicit votes from the holders of the 2013 Notes on
an amended pre-packaged chapter 11 plan of reorganization that is
included in a supplement to the offering memorandum distributed
by CEDC in respect of the exchange offers.

CEDC has received a proposal for a financial restructuring of its
3% Convertible Notes due March 15, 2013.  The proposal was
jointly made to CEDC by Roust Trading Ltd., who holds
approximately US$102.6 million principal amount of the 2013
Notes, and other beneficial owners holding an aggregate of
approximately US$85.7 million in outstanding principal amount of
the 2013 Notes.  Roust Trading and the 2013 Steering Committee
collectively hold approximately 73% of the outstanding principal
amount of the 2013 Notes.

After extensive discussion with representatives of Roust Trading
and the 2013 Steering Committee and deliberation regarding CEDC's
alternatives, the CEDC Board of Directors resolved unanimously to
terminate the 2013 Notes Exchange Offer and proceed with a vote
on the Amended Plan in support of the 2013 Notes Proposal.

Under the terms of the Roust Trading agreement with the 2013
Steering Committee, Roust Trading will make an offer to exchange,
subject to certain conditions, 2013 Notes not held by it --
approximately US$155.3 million principal amount of the 2013 Notes
-- for a pro rata share of an aggregate of US$25 million in cash
and an aggregate principal amount of US$30 million secured notes
to be issued by Roust Trading.  Based on this proposal, holders
of 2013 Notes participating in the RTL Exchange Offer would
receive an estimated recovery of 35.4% of principal amount on the
2013 Notes.

Alternatively, under the Amended Plan, holders of 2013 Notes and
Roust Trading's US$20 million aggregate principal amount of
unsecured notes will receive a pro rata share of US$16.9 million
in cash.  Roust Trading and the 2013 Steering Committee have
announced that they collectively hold approximately 73% of the
outstanding principal amount of the 2013 Notes.  Based on this
proposal, if the Amended Plan is approved by the requisite amount
of holders of Unsecured Notes, holders of 2013 Notes that do not
participate in the RTL Exchange Offer would receive an estimated
recovery of 6% of principal amount on the 2013 Notes.

The Supplement and Amended Plan also reflect the proposed
restructuring of the 2016 Notes.  The economic terms remain
unchanged from those described in the Offering Memorandum.

CEDC has determined to make certain amendments to key dates
relating to the CEDC FinCo Exchange Offer, the Consent
Solicitation, and the solicitation of acceptances to the Plan of
Reorganization in light of the agreement reached between Roust
Trading and the 2013 Steering Committee, and following further
consultation with a Steering Committee of holders of
approximately 30% of the outstanding principal amount of CEDC
Finance Corporation International, Inc.'s Senior Secured Notes
due 2016 as follows:

   * the record date for the Consent Solicitation and the
     solicitation of acceptances of the Plan of Reorganization
     will be March 21, 2013;

   * the Consent Fee Deadline and Early Voting Deadline will be
     5:00 p.m. on April 3, 2013; and

   * the Voting Deadline and Expiration Time will be 5:00 p.m. on
     April 4, 2013.

CEDC is making these amendments to these key dates to allow
fulsome consideration of the Exchange Offers, the Consent
Solicitation and the Plan.  In order to receive the Existing 2016
Notes Consideration, holders of 2016 Notes must validly tender
and not withdraw their 2016 Notes, at or prior to the Expiration
Time. To receive payment of cash pursuant to the Cash Option, the
holder of record of the applicable 2016 Notes on the Distribution
Date must have been the holder of record of the applicable 2016
Notes electing the Cash Option as of March 21, 2013.

CEDC continues to believe that a successful restructuring will
improve its financial strength and flexibility and enable it to
focus on maximizing the value of its strong brands and market
position.  The restructuring is expected to have no effect on
CEDC's operations in Poland, Russia, Hungary or Ukraine, all of
which will continue doing business as usual.  Obligations to all
employees, vendors, and providers of credit support lines in
Poland, Russia, Hungary and Ukraine will be honored in the
ordinary course of business without interruption.  CEDC believes
that its subsidiaries in Poland, Russia, Hungary and Ukraine have
sufficient cash and resources on hand to meet all those
obligations.

                 Maturity of 3% Convertible Notes

On March 15, 2013, CEDC failed to pay US$257,858,000 principal
due on the 2013 Notes.  Under the terms of the 2013 Notes
Indenture, the failure to pay principal when due constitutes an
Event of Default.  In addition, under Section 6.2 of the
Indenture governing the 2016 Notes, the failure to pay principal
when due on the 2013 Notes constitutes an Event of Default under
the 2016 Notes Indenture and, if continuing, holders of not less
than 25% of the aggregate principal amount of the outstanding
2016 Notes may declare the principal plus any accrued and unpaid
interest on the 2016 Notes to be immediately due and payable.
CEDC currently has US$380 million and EUR430 million (or
approximately US$559.4 million) of 2016 Notes outstanding.

CEDC intends to address the maturity of the 2013 Notes, as well
as the Event of Default under the 2016 Notes Indenture, through
the Exchange Offers.  Alternatively, CEDC may choose to implement
the restructuring pursuant to a pre-packaged chapter 11 plan of
reorganization that is included with the offering materials
related to the Exchange Offers.  As noted above, Roust Trading
and the 2013 Steering Committee, who collectively hold
approximately 73% of the 2013 Notes, support a restructuring of
the 2013 Notes in accordance with the terms of their
restructuring proposal. Separately, the 2016 Steering Committee
has stated that it supports the terms of the restructuring of the
2016 Notes as described in the Offering Memorandum.

Any chapter 11 filing would be limited solely to CEDC and CEDC
Finance Corporation International, Inc.  None of CEDC's Polish,
Russian, Ukrainian or Hungarian operations would become the
subject of any insolvency proceedings.  In this scenario, CEDC
anticipates that all its operations would continue without
interruption in the ordinary course, including the payment of all
employee, vendor, and other obligations.

                  Annual Meeting of Shareholders

In light of CEDC's current financial condition as well as the on-
going nature of CEDC's restructuring, the board of directors of
CEDC has determined to delay the annual meeting of CEDC's
shareholders currently scheduled for March 26, 2013, until
Tuesday, May 14, 2013.

                       CEDC Annual Report

CEDC said that its Annual Report on Form 10-K for the year ended
Dec. 31, 2012, could not be filed with the United States
Securities and Exchange Commission within the prescribed time
period as the process of preparing CEDC's financial statements
for the year ended Dec. 31, 2012, has been delayed due to the
focus of CEDC's resources on restructuring its financial
obligations, including preparation and commencement of the
Exchange Offers, negotiating with creditors and addressing open
accounting issues related to CEDCs financial restructuring.  CEDC
expects to file its Annual Report on Form 10-K as soon as
practicable.

A copy of the Amended Offering Memorandum is available at:

                        http://is.gd/0sbkfN

                            Term Sheet

According to a March 16 regulatory filing by CEDC, Roust Trading
Ltd., holder of 19.5% of outstanding common shares of CEDC, and
an ad hoc committee comprised of certain other beneficial owners
holding an aggregate of approximately US$85.7 million in
outstanding principal amount of CEDC's 3% convertible notes due
March 15, 2013, reached agreement on the material terms relating
to a proposed financial restructuring of CEDC.  Together with the
approximately US$102.6 million of Existing 2013 Notes owned by
Roust Trading, the agreement between Roust Trading and the Ad Hoc
2013 Notes Committee represents support for the Proposed 2013
Notes Restructuring by approximately 73% of the outstanding
principal amount of Existing 2013 Notes.

Implementation of the Proposed 2013 Notes Restructuring would
require only minor amendments to CEDC's existing proposed
financial restructuring as reflected in the Company's offering
memorandum, consent solicitation and disclosure statement, dated
March 8, 2013, and the related plan of reorganization with
respect to which CEDC is currently soliciting votes.  The
Proposed 2013 Notes Restructuring, however, would not require any
changes to the proposed treatment with respect to the 2016 Notes.
Roust Trading is engaged in discussions with CEDC with respect to
implementing the Proposed 2013 Notes Restructuring through
amendments to the Offering Memorandum and related plan of
reorganization although CEDC has not yet made a determination to
do so.

Pursuant to the Term Sheet, Roust Trading would make an offer to
purchase Existing 2013 Notes not held by Roust Trading as
follows:

Upon completion of the Proposed Restructuring, for each $1,000
outstanding principal amount of Existing 2013 Notes not owned by
Roust Trading who accept the offer and vote in favor of the
Amended Plan, Roust Trading would deliver a pro rata share of an
aggregate of US$25 million in cash and an aggregate principal
amount of US$30 million of secured notes issued by Roust Trading
on the terms described in the Term Sheet.  Each accepting holder
would assign to Roust Trading all of its rights under such
Existing 2013 Notes, including the right to its Pro Rata Stock
Share.

If the Proposed 2013 Notes Restructuring is implemented through
the Amended Plan:

   * If the class of claims consisting of Existing 2013 Notes and
     RTL Notes votes to accept the Amended Plan, (i) each holder
     of Existing 2013 Notes who does not agree to the RTL Notes
     Purchase, (ii) the Existing 2013 Notes held by Roust Trading
     and (iii) RTL Notes would receive, at the election of Roust
     Trading in its sole discretion, either (x) its pro rata
     share of 10% of the New Common Stock that is currently being
     offered to the Existing 2013 Notes through the Offering
     Memorandum; or (y) cash in an equivalent value to such
     equity.

   * If the class of claims consisting of Existing 2013 Notes and
     RTL Notes does not vote to accept the Amended Plan, but the
     Amended Plan becomes effective nonetheless, such class would
     receive no recovery under the Amended Plan but Roust Trading
     would remain obligated to complete the RTL Notes Purchase
     Offer with respect to the Existing 2013 Notes validly
     tendered to RTL in the RTL Notes Purchase Offer.

   * Existing Common Stock would be cancelled and receive no
     recovery.

The Replacement Notes would be issued by Roust Trading and
guaranteed by its affiliate Russian Standard Corporation, would
have a maturity date of May 31, 2016, and bear interest payable
in additional Replacement Notes or in cash at Roust Trading's
sole discretion, initially at 10% per annum, with a 1% step-up
per annum to a maximum of 12%.  Interest would accrue from the
earlier of (i) the date of issuance of the Replacement Notes or
(ii) June 1, 2013.  Roust Trading would pledge a portion of the
New Common Stock distributed to Roust Trading under the Amended
Plan representing 15% of the New Common Stock in the Issuer to
secure the Replacement Notes.  RTL would be permitted to redeem a
portion or all of the Replacement Notes at any time without
penalty at 100% of the principal amount plus accrued and unpaid
interest.

On March 14, 2013, Roust Trading and the members of the Ad Hoc
2013 Notes Committee entered into a Plan Support Agreement
pursuant to which those parties agreed to support the Proposed
2013 Notes Restructuring subject to and in accordance with the
terms set forth therein.  A copy of the Plan Support Agreement is
available at http://is.gd/hLfN2p

A copy of the 2013 Notes Term Sheet is available at:

                        http://is.gd/VVi5rz

                             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

The Company's Convertible Senior Notes are due on March 15, 2013.
The Company has said its 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 coming due in 2012 would 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, the Company said, raise substantial doubt about
its 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.

As reported by the TCR on Jan. 16, 2013, Moody's Investors
Service has downgraded the corporate family rating (CFR) and
probability of default rating (PDR) of Central European
Distribution Corporation (CEDC) to Caa3 from Caa2.

"The downgrade follows CEDC announcement on the 28 of December
that it had agreed with Russian Standard a revised transaction to
repay its US$310 million of convertible notes due March 2013
which, in Moody's view, has increased the risk of potential loss
for existing bondholders", says Paolo Leschiutta, a Moody's Vice
President - Senior Credit Officer and lead analyst for CEDC.



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


ATLANTES MORTGAGE 1: S&P Raises Rating on Class B Notes to 'BB'
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Atlantes Mortgage No.1 PLC's class A and B notes.  At the same
time, S&P has affirmed its ratings on the class C and D notes.

The rating actions follow its credit and cash flow analysis of
the most recent information that S&P has received, and the
application of its relevant criteria.

S&P's non-sovereign ratings criteria cap the maximum potential
ratings in structured finance transactions at five notches above
the speculative-grade rating (lower than 'BBB-') on the eurozone
(European Economic and Monetary Union) sovereign in which the
securitized assets are based.  Therefore, S&P's nonsovereign
ratings criteria cap at 'A- (sf)' its ratings in Portuguese
residential mortgage-backed securities (RMBS) transactions,
including Atlantes Mortgage No.1, which is five notches above the
rating on Portugal (BB/Stable/B).  Atlantes Mortgage No.1 is
exposed to country risk because 100% of its securitized assets
are in Portugal.

In S&P's opinion, the recession and rising unemployment
associated with increased country risk may affect the obligors'
ability to pay the originator and servicer the amounts owed under
the mortgages.  To account for this increased country risk, S&P
has incorporated a 30% adjustment to the portfolio's weighted-
average foreclosure frequency (WAFF) in its analysis, following
its revised assessment of Portuguese country risk on March 7,
2012.

On Oct. 4, 2012, S&P lowered its ratings on all classes of
Atlantes Mortgage No.1's notes after revising its principal
deficiency ledger (PDL) mechanism assumption.  As a consequence
of S&P's revised PDL mechanism assumption, it considered that
credit enhancement had decreased for all classes of notes because
the transaction was undercollateralized if the PDL were to
include all of the losses incurred in the collateral portfolio,
in accordance with the transaction documents.

On the Jan. 17, 2013 interest payment date (IPD), the PDL
discrepancy (regarding the transaction parties' PDL calculation)
in this transaction was resolved.  Consequently, EUR13,616,027.47
that the class E noteholders have received since closing, due to
the transaction parties' inaccurate PDL calculation, was returned
to the issuer.  This amount was then paid to the class A
noteholders, as principal, on the Jan. 17, 2013 IPD.  Following
these actions, the transaction is no longer undercollateralized,
in S&P's view.

Following the PDL resolution, and as the transaction is no longer
undercollateralized, S&P performed its credit and cash flow
analysis.  Based on the results of S&P's analysis, it has raised
its ratings on the class A and B notes due to the increased
credit enhancement for these notes.  S&P has affirmed its ratings
on the class C and D notes as they are not passing its stress
tests at rating levels above their current levels.

Atlantes Mortgage No.1 is a Portuguese RMBS transaction, which
closed in February 2003.  It is backed by Portuguese first-
ranking residential mortgage loans originated by BANIF Banco
Internacional do Funchal.

            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

Atlantes Mortgage No.1 PLC
EUR500 Million Mortgage-Backed Floating-Rate Notes

Ratings Raised

A           A- (sf)          BBB- (sf)
B           BB (sf)          B (sf)

Ratings Affirmed

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


ENERGIAS DE PORTUGAL: S&P Affirms 'BB+/B' Ratings; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Portuguese utility EDP - Energias de Portugal S.A.
(EDP) and it's finance vehicle EDP Finance B.V. to stable from
negative.  At the same time, S&P affirmed its 'BB+/B' long- and
short-term corporate credit ratings on EDP and EDP Finance, as
well as its 'BB+' and 'B' issue ratings on EDP's outstanding
rated issues.  The '3' recovery ratings on the rated issues is
unchanged.

The outlook revision reflects S&P's forecast that EDP's credit
metrics should gradually improve in the next 12-18 months,
despite persistent weak market and economic conditions in its
core Iberian markets.  S&P believes EDP's strong domestic
competitive position, diversified earnings base, and supportive
Portuguese regulatory framework provide resilience to EDP's
business risk profile, while financial shareholder support, as
committed by China Three Gorges Corp. (A/Stable/--; CTG), could
provide some resilience to EDP's financial risk profile under
potentially more severe market and sovereign conditions in
Portugal.

S&P has reassessed its view of EDP's exposure to Portuguese
country risk to "moderate" from "high", despite its expectations
that the portion of EBITDA EDP derives from Portugal will
continue to modestly exceed 40% over the near to medium term.
This is because of:

   --  Ongoing financial support from CTG, EDP's largest
       shareholder.

   -- EDP's high geographic diversification that S&P expects to
      gradually increase thanks to ongoing capacity additions
      (mostly wind generation) abroad.

   -- A supportive domestic regulatory framework.

   -- EDP's strategic emphasis on free cash flow generation and
      debt reduction.

S&P's outlook revision on EDP is further supported by its
revision of its outlook on Portugal to stable from negative,
which should support ongoing debt market access for Portugal-
based issuers. Moreover, stabilization in the sovereign's
creditworthiness will likely ease future securitization of some
Portuguese tariff deficits, which would support EDP's debt-
reduction efforts.

The stable outlook reflects S&P's view that EDP's debt levels
should decrease and credit metrics should gradually strengthen in
the next 12-18 months, driven by asset disposals, reduction in
Spanish tariff receivables, and improving discretionary cash-
flow, despite persistent challenging market, economic, and
regulatory conditions in its core markets.  A downgrade of
Portugal by one notch would leave the rating on EDP unchanged,
all else being equal, given S&P's assessment of EDP's "moderate"
country risk exposure.

"We would likely upgrade EDP should its financial risk profile
strengthen more rapidly or more significantly than we currently
assume.  This may result from the securitizations of some
Portuguese tariff deficits, which we think would alleviate the
burden of regulatory receivables.  We see sustainable adjusted
FFO to debt of 16%-18% as potentially commensurate with a higher
rating, assuming no unexpected weakening of the regulatory,
market, or economic environments in EDF's core Iberian markets.
Ratings upside is limited to one notch as long as the rating on
Portugal remains unchanged, because we assess EDP's exposure to
Portuguese country risk as moderate," S&P said.

"We would likely lower the rating if we considered that EDP could
struggle to achieve and maintain adjusted FFO to debt of 12%-14%.
This could occur if we saw that weaker regulatory or market
conditions than we anticipated in the group's key markets
(Portugal, Spain, and Brazil) were weighing on its profitability
or on its regulatory receivables.  This could also occur if CTG's
commitments did not materialize.  We could also lower the rating
should unexpected and far-reaching events in Portugal lead us to
reassess EDP's country risk exposure to Portugal," S&P added.



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


RENAISSANCE FINANCIAL: Fitch Affirms 'B' Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has affirmed Renaissance Financial Holdings
Limited's (the holding company of the Russia-headquartered
investment banking group known as Rencap) Long-term Issuer
Default Rating (IDR) at 'B'. The Outlook is Negative.

KEY RATING DRIVERS - IDRs, SENIOR DEBT RATING

The affirmation of Rencap's IDRs and senior debt rating reflects
the benefits of support already provided to the company, and
potentially available in the future, from the new majority owner
Onexim Group (Onexim), and the elimination of the previous
conflict of interest between Onexim and former majority owner
Stephen Jennings, thereby allowing the sale of non-core assets to
be non-expedited. Fitch also views positively the company's
efforts to clean up the balance sheet and optimise costs.

However, the Outlook on the Long-term IDR remains Negative due to
the company's still poor performance and uncertainty about the
new management's ability to achieve a sustainable and sufficient
improvement in profitability. The Outlook also reflects
uncertainty about Onexim's propensity to support over the long
term should the company continue to generate losses.

Onexim acquired full control of Rencap in Q412 (some regulatory
approvals are still to be obtained), increasing its stake from
50% minus one share, as a result of its rescue of the company
after it experienced a liquidity squeeze driven by unfavourable
market conditions and overly aggressive liquidity management. To
save Rencap from default, Onexim provided several hundred million
dollars in emergency support, comprising of long-term loans and
repoable assets. Onexim also helped to restore client and
counterparty confidence by supportive public statements.

Rencap's liquidity is currently adequate, although the company's
sizable, highly concentrated and short-tenor repo business is
very sensitive to customer confidence. More than a half of
Rencap's trading volumes (including repo business) is booked with
the group's Cyprus-based subsidiary. Some counterparties have
reduced counterparty risk limits on the Cyprus entity, but not on
UK-based group entities, Fitch was informed. Rencap has also
indicated that trading operations could be moved to a London- and
Russia-based group entities should Cyprus-related risks further
jeopardise counterparties' confidence, and that at present no
group entities have any placements with Cypriot banks.

The fact that the company is repoing securities of its broker
customers is also of concern, especially given the significant
concentration of brokerage clients (the largest five account for
nearly 80% of total brokerage accounts). However, the withdrawal
risk is mitigated by the fact that most of these clients also
have margin loans from Rencap, which would need to be repaid
first.

There is also some refinancing risk relating to a put option on a
USD325m Eurobond in April 2014. However, the company already has
moderate liquidity reserves and may generate extra cash from
selling of non-core assets. Fitch has been informed that some
deals are already at an advanced stage. Potential support from
Onexim is another mitigating factor.

Risk from the restructuring of RCHL (Rencap's majority
shareholder prior to the takeover), is limited as Fitch has been
informed that there is no recourse to RFHL in any of RCHL's
funding agreements. Nevertheless, Fitch estimates that some
contingent risk remains relating to approximately USD300m of
external debt of Rencap's immediate and now sole parent holding
company RCIL, which is due in 2014-2015. RCIL has no operating
activities, and owns an 89.52% stake in CB Renaissance Credit
('B'/Stable) in addition to Rencap.

Market risk relating to potential proprietary trading losses is
moderate after the ownership change, as the company has scaled
down these operations, also reflected by low VaR (USD2.6m) and
portfolio delta (USD28m). However, some concerns remain due to
still significant notional size of the trading book and
potentially imperfect correlations between certain trading
positions and hedges on these positions.

The H112 net result was a small loss of US$14 million. However,
Fitch estimates that reported profitability was supported by
US$104 million of paper trading gains from transactions with
RCIL. Fitch understands that Rencap will likely report
significant losses in H212 due to the planned write-down of
certain non-core assets, weak core operating performance and
additional redundancy costs. Management expects Rencap to become
at least break even in 2013 due to recent and ongoing cost-
cutting measures and business growth, although Fitch believes
some assumptions may be too optimistic, both on the revenue and
expense side.

Capitalisation is weak, considering significant effectively
unsecured exposure to RCIL, estimated by Fitch at over US$730
million, and US$521 million of non-core assets inherited as a
result of the previous investment activities of the broader
Renaissance group. This compares with equity of USD901m at end-
H112. Fitch believes operating losses and redundancy costs in
H212 could have been at least comparable with Q412 equity
injection, meaning that capital is unlikely to have strengthened
since then.

RATING SENSITIVITIES - IDRs, SENIOR DEBT RATING

If Rencap continues to make sizable operating losses which erode
capital and could potentially weaken the propensity of Onexim to
stand behind the company, then the ratings could be downgraded. A
significant liquidity squeeze, if not remedied in a timely
manner, could also result in a downgrade.

If the company demonstrates the ability to generate sustainable
positive results prior to non-core items and bonuses, then the
Outlook would be revised to Stable. Progress with the sale of the
non-core assets would be also rating positive, as would support
for the company's capitalization, either through further equity
injections or cancellation by RCIL of RenCap's debt to its
holding company.

The rating actions are:

-- Long-term foreign currency IDR: affirmed at 'B'; Outlook
    Negative

-- Short-term IDR: affirmed at 'B'

-- Senior unsecured debt Long-term rating: affirmed at 'B';
    Recovery Rating affirmed at 'RR4',


RUSSIAN COMMERCIAL: Moody's Lowers Deposit Ratings to 'Caa2'
------------------------------------------------------------
Moody's Investors Service downgraded Russian Commercial Bank
(Cyprus) Ltd. deposit ratings to Caa2, from Caa1, and placed them
on review for further downgrade. Moody's has also affirmed RCB's
Bank Financial Strength Rating (BFSR) at E, but added that its
standalone credit assessment has been lowered to caa2 from caa1.

The downgrade reflects Moody's expectation of material losses for
bank depositors and the impact this will have on RCB's franchise
value. The review for downgrade is driven by the uncertainty
regarding the measures that the Cypriot authorities will
ultimately adopt to address the banking crisis.

List of Ratings

- Long-term local and foreign-currency deposit ratings downgraded
to Caa2, on review for downgrade, from Caa1, negative outlook.

- BFSR: Affirmed at E, now mapping to a standalone credit
assessment of caa2, from caa1

- Not-Prime short-term ratings affirmed.

Ratings Rationale:

The actions reflect, first, the likely damage suffered to RCB's
franchise as a result of the recent developments in Cyprus,
including the imposition of limits on deposit withdrawals.
Moody's acknowledges that RCB has very limited exposure to the
same risks as the domestically owned Cypriot banks, as RCB
maintains a business focus on entities that operate in the
Russian Federation, and that RCB does not face capital and
liquidity stresses affecting other Cypriot banks. These factors
support RCB's standalone credit assessment at caa2, two notches
higher than the standalone credit assessment of the other three
rated Cypriot banks. Nevertheless, Moody's notes that the bank's
franchise value remains highly exposed to the economic,
financial, political and legal risks in Cyprus and it is subject
to the regulations of the Cypriot central bank.

The actions also reflect Moody's expectation of the imposition of
depositor losses, which is an integral condition of the support
program for bank recapitalizations proposed by the European
Central Bank, the European Commission and the International
Monetary Fund (commonly referred to as the Troika).

Focus of The Review for Downgrade

Moody's review will assess the impact of the measures ultimately
adopted to address the banking crisis and will focus on (1) the
magnitude of losses imposed; (2) the risk of continued deposit
controls once the banks reopen; and (3) the implementation risks
associated with any agreed measures.

What Could Move the Ratings Up/Down

RCB's ratings could be downgraded following (1) higher loss rates
for bank depositors (compared to the amounts rejected by the
Cypriot Parliament on 19 March -- 6.75% loss on deposits between
EUR20,000 and EUR100,000 and 9.9% on larger amounts); (2)
evidence of reduced willingness from Bank VTB to support RCB; or
(3) a lowering of the country risk ceiling for Cyprus.

As indicated by the review for downgrade, upwards pressure on the
ratings is unlikely in the near term. Over the long term, upwards
pressure could develop following improvements in the operating
environment that would strengthen the bank's franchise.

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


SOLIDARNOST: Moody's Withdraws 'Caa1' Deposit Ratings & 'E' BFSR
----------------------------------------------------------------
Moody's Investors Service has withdrawn the following ratings of
Solidarnost: the E standalone bank financial strength rating
(BFSR), which is equivalent to a caa1 baseline credit assessment,
and the Caa1/Non-Prime long- and short-term local- and foreign-
currency deposit ratings. At the time of the withdrawal, all the
ratings carried a stable outlook.

Ratings Rationale:

Moody's has withdrawn the ratings for its own business reasons.

- Standalone Bank Financial Strength Rating of E

- The long-term and short-term foreign- and local-currency
deposit ratings of Caa1/Not Prime

Headquartered in Samara, Russia, Solidarnost reported -- as of
December 31, 2011 -- total audited IFRS assets of $589 million.
At year-end 2012, the bank reported total assets of $732 million
and shareholders' equity of $83 million, according to its non-
audited statutory reports under Russian Accounting Standards.


SOLIDARNOST: Moody's Interfax Withdraws Ba2.ru Rating
-----------------------------------------------------
Moody's Interfax Rating Agency has withdrawn Solidarnost's Ba2.ru
long-term national scale rating (NSR).

Ratings Rationale:

Moody's has withdrawn the ratings for its own business reasons.

Headquartered in Samara, Russia, Solidarnost reported -- as at
December 31, 2011 -- total audited IFRS assets of US$589 million.
At year-end 2012, the bank reported total assets of US$732
million and shareholders' equity of $83 million, according to the
bank's non-audited statutory reports under Russian Accounting
Standards.

Moody's Interfax Rating Agency's National Scale Ratings (NSRs)
are intended as relative measures of creditworthiness among debt
issues and issuers within a country, enabling market participants
to better differentiate relative risks. NSRs differ from Moody's
global scale ratings in that they are not globally comparable
with the full universe of Moody's rated entities, but only with
NSRs for other rated debt issues and issuers within the same
country. NSRs are designated by a ".nn" country modifier
signifying the relevant country, as in ".ru" for Russia.

About Moody's And Moody's Interfax

Moody's Interfax Rating Agency (MIRA) specializes in credit risk
analysis in Russia. MIRA is a joint-venture between Moody's
Investors Service, a leading provider of credit ratings, research
and analysis covering debt instruments and securities in the
global capital markets, and the Interfax Information Services
Group. Moody's Investors Service is a subsidiary of Moody's
Corporation (NYSE: MCO).



===============
S L O V E N I A
===============


* SLOVENIA: Fitch Says Bank Challenges Remain
---------------------------------------------
The formation of a new Slovenian government reduces short-term
political uncertainty, Fitch Ratings says. But the new
administration faces challenges in implementing plans to deal
with the county's troubled banks, and in securing economic reform
and growth.

"Our assumption remains that Slovenia will be able to avoid
requesting international financial assistance. Maintaining
investor confidence and therefore the ability to borrow in the
market on reasonable terms will require the incoming government
to finalise and implement legislation on a bad bank solution and
state asset management company. Failure to tackle these issues in
a timely manner would increase pressure on the 'A-' sovereign
rating." Fitch says.

Prime Minister Alenka Bratusek said on Wednesday that the new
coalition government would continue the previous administration's
EUR4bn bank recapitalization and asset transfer scheme "with some
changes". Furthermore, one of the parties in the coalition, the
Civic List, has made its participation conditional on the
adoption of bad bank and asset management company measures.

But it remains unclear what shape these measures will finally
take, while bank asset quality continues to deteriorate, banks'
capital buffers are thinning and implementation risks remain.
Banking sector reforms have been prone to setbacks in the past
(our downgrade last August was partly prompted by a delay in
implementing recapitalization).

"Our assessment of Slovenia's sovereign rating will take into
consideration the progress in implementing the relevant
legislation, and other factors including fiscal and economic
performance and market access," Fitch says.

"A combination of weak demand domestically and in Slovenia's main
trading partners, contracting credit, and highly indebted
corporates continues to weigh on the economy. We forecast a
second consecutive year of economic contraction in Slovenia in
2013, with real GDP set to fall by 1.6% following a 2.3% fall
last year. Rising NPLs and a weak economic outlook make bank
recapitalization all the more urgent."

The new government has indicated that may balance existing
austerity policies with some economic stimulus, although the
margin for the latter will be constrained by Slovenia's
requirement to exit the Excessive Deficit Procedure in 2013.
Recent progress on labor market reform suggests a partial
softening of the traditional social and political resistance to
structural reform.

Slovenia issued a US$2.25 billion 10-year bond in October,
demonstrating that it had access to funding in the international
bond market. The country needs to demonstrate it can borrow in
the bond market on reasonable terms and regularly to fund the
public borrowing requirement and bank recapitalization, and
reduce refinancing risk.

The risks to bank restructuring and recapitalization, structural
reform, economic growth, and market access, are reflected in the
Negative Outlook on Slovenia's rating.

Bratusek's four-party coalition formally took power on Thursday
after a vote in the Slovenian parliament. The previous coalition
government fell earlier this year after members withdrew
following corruption allegations.



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


BANCAJA 9: Moody's Lowers Rating on Class C Notes to 'Caa2'
-----------------------------------------------------------
Moody's Investors Service downgraded the ratings of 9 junior and
2 senior notes in four Spanish residential mortgage-backed
securities transactions: Bancaja 3, FTA; Bancaja 6, FTA; Bancaja
8, FTA; and Bancaja 9, FTA. Insufficiency of credit enhancement
to address sovereign risk has prompted the action.

The rating action concludes the review of seven notes placed on
review on July 2, 2012, following Moody's downgrade of Spanish
government bond ratings to Baa3 from A3 on June 13, 2012.

This rating action also concludes the review of 4 notes placed on
review on November 23, 2012, following Moody's revision of key
collateral assumptions for the entire Spanish RMBS market.

List of Affected Ratings:

Issuer: Bancaja 3 Fondo de Titulizacion de Activos

EUR500.1M A Notes, Downgraded to Baa1 (sf); previously on Jul 2,
2012 Downgraded to A3 (sf) and Placed Under Review for Possible
Downgrade

EUR10.4M B Notes, Downgraded to Baa3 (sf); previously on Nov 23,
2012 Downgraded to Baa1 (sf) and Remained On Review for Possible
Downgrade

EUR10.4M C Notes, Downgraded to B1 (sf); previously on Jul 2,
2012 Baa2 (sf) Placed Under Review for Possible Downgrade

Issuer: Bancaja 6 Fondo De Titulizacion De Activos

EUR119.6M B Notes, Downgraded to Baa3 (sf); previously on Jul 2,
2012 Downgraded to A3 (sf) and Placed Under Review for Possible
Downgrade

EUR46.8M C Notes, Downgraded to Ba3 (sf); previously on Jul 2,
2012 Baa2 (sf) Placed Under Review for Possible Downgrade

Issuer: BANCAJA 8 Fondo de Titulizacion de Activos

EUR60.2M B Notes, Downgraded to Baa3 (sf); previously on Nov 23,
2012 Downgraded to Baa1 (sf) and Remained On Review for Possible
Downgrade

EUR14.9M C Notes, Downgraded to Ba3 (sf); previously on Jul 2,
2012 Baa2 (sf) Placed Under Review for Possible Downgrade

EUR13.2M D Notes, Downgraded to B3 (sf); previously on Jul 2,
2012 Ba2 (sf) Placed Under Review for Possible Downgrade

Issuer: BANCAJA 9 Fondo de Titulizacion de Activos

EUR1700M A2 Notes, Downgraded to Baa2 (sf); previously on Nov 23,
2012 Downgraded to Baa1 (sf) and Remained On Review for Possible
Downgrade

EUR52M B Notes, Downgraded to B2 (sf); previously on Nov 23, 2012
Downgraded to Baa2 (sf) and Remained On Review for Possible
Downgrade

EUR25M C Notes, Downgraded to Caa2 (sf); previously on Jul 2,
2012 B2 (sf) Placed Under Review for Possible Downgrade

Ratings Rationale:

The rating action primarily reflects the insufficiency of credit
enhancement to address sovereign risk.

The determination of the applicable credit enhancement driving
the rating actions reflects the introduction of additional
factors in Moody's analysis to better measure the impact of
sovereign risk on structured finance transactions.

- Additional Factors Better Reflect Increased Sovereign Risk

Moody's has supplemented its analysis to determine the loss
distribution of securitized portfolios with two additional
factors, the maximum achievable rating in a given country (the
local currency country risk ceiling) and the applicable portfolio
credit enhancement for this rating. With the introduction of
these additional factors, Moody's intends to better reflect
increased sovereign risk in its quantitative analysis, in
particular for mezzanine and junior tranches.

The Spanish country ceiling, and therefore the maximum rating
that Moody's will assign to a domestic Spanish issuer including
structured finance transactions backed by Spanish receivables, is
A3. Moody's Individual Loan Analysis Credit Enhancement (MILAN
CE) represents the required credit enhancement under the senior
tranche for it to achieve the country ceiling. By lowering the
maximum achievable rating for a given MILAN, the revised
methodology alters the loss distribution curve and implies an
increased probability of high loss scenarios.

In all four affected transactions, Moody's maintained the current
expected loss and MILAN CE assumptions. Expected loss assumptions
remain at 0.52% for Bancaja 3, 0.66% for Bancaja 6, 2.26% for
Bancaja 8 and 4.78% for Bancaja 9. The MILAN CE assumptions
remain at 10.0% for Bancaja 3, 10.0% for Bancaja 6, 12.5% for
Bancaja 8 and 20.0% for Bancaja 9.

- Exposure to Counterparty Risk

The conclusion of Moody's rating review also takes into
consideration the exposure to Bankia (Ba2/NP), which still acts
as swap counterparty for the Bancaja 3 transaction. Moody's notes
that, following the breach of the second rating trigger, the swap
in Bancaja 3 does not reflect Moody's de-linkage criteria. The
rating agency has assessed the probability and effect of a
default of the swap counterparty on the ability of the issuer to
meet its obligations under the transaction. Additionally, Moody's
has examined the effect of the loss of any benefit from the swap
and any obligation the issuer may have to make a termination
payment. In conclusion, these factors will not negatively affect
the rating on the notes.

- Other Developments May Negatively Affect the Notes

In consideration of Moody's new adjustments, any further
sovereign downgrade would negatively affect structured finance
ratings through the application of the country ceiling or maximum
achievable rating, as well as potentially increased portfolio
credit enhancement requirements for a given rating.

As the euro area crisis continues, the ratings of structured
finance notes remain exposed to the uncertainties of credit
conditions in the general economy. The deteriorating
creditworthiness of euro area sovereigns as well as the weakening
credit profile of the global banking sector could further
negatively affect the ratings of the notes.

Principal Methodology

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework", published in
March 2013.

Other factors used in these ratings are described in "The
Temporary Use of Cash in Structured Finance Transactions:
Eligible Investment and Bank Guidelines", published in March
2013.

In reviewing these transactions, Moody's used its cash flow
model, ABSROM, to determine the loss for each tranche. The cash
flow model evaluates all default scenarios that are then weighted
considering the probabilities of the lognormal distribution
assumed for the portfolio default rate. In each default scenario,
Moody's calculates the corresponding loss for each class of notes
given the incoming cash flows from the assets and the outgoing
payments to third parties and noteholders. Therefore, the
expected loss for each tranche is the sum product of (1) the
probability of occurrence of each default scenario and (2) the
loss derived from the cash flow model in each default scenario
for each tranche.

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

In the context of the rating review, the transactions have been
remodeled and some inputs have been adjusted to reflect the new
approach.


BANKIA SA: Shares Face Reverse Split; Gets Capital Injection
------------------------------------------------------------
Tobias Buck at The Financial Times reports that shares in Bankia
SA, the lender at the heart of Spain's financial crisis, will
have their nominal value slashed to EUR0.01 -- the lowest
possible under market regulations -- as part of a final EUR15.5
billion capital injection that will effectively wipe out hundreds
of thousands of retail investors.

Bankia was floated less than two years ago at a price of EUR3.75
per share, the FT relates.

Spain's Fund for Orderly Bank Restructuring (Frob) officials said
on Friday that Bankia shares would ultimately have to undergo a
"reverse split", most likely by bundling 100 shares into one new
share valued at about EUR1, the FT discloses.  This was
necessary, they said, because shares cannot be priced below
EUR0.01, meaning they could not fall any further, the FT notes.

While shareholders will be left with nothing but a tiny sliver of
Bankia, preferential shareholders and holders of other hybrid
instruments will take a smaller hit -- and are expected to end up
controlling some 30% of the group, the FT discloses.  According
to the FT, the Frob said on Friday that Bankia preferential
shares will receive a haircut of 38% before being converted into
ordinary stock.

                           Special Fund

In a separate measure aimed at sweeping up the debris left behind
by Spain's banking crisis, the government on Friday revealed a
special fund to help some of the 600,000 investors who bought
preference shares in troubled lenders, the FT recounts.  Their
fate has sparked widespread protests amid allegations that many
banks mis-sold preferential shares to retail investors -- for
example by suggesting that their investment was just as safe as a
savings account, the FT says.  The government said it would
create a new EUR2 billion fund to cover claims from arbitration
panels that are looking into the sale of preference shares, the
FT relates.  It will be funded through a levy on Spanish lenders
of EUR3 for every EUR1,000 they hold in deposits, the FT
discloses.

Bankia is a Spanish banking conglomerate that was formed in
December 2010, consolidating the operations of seven regional
savings banks.  As of 2012, Bankia is the fourth largest bank of
Spain with 12 million customers.


CABLEUROPA SA: Fitch Affirms 'B' Long-Term IDR; Outlook Stable
--------------------------------------------------------------
Fitch Ratings has revised the Outlook on Cableuropa S.A.'s Long-
term Issuer Default Rating (IDR) to Stable from Positive and
affirmed the Long-term IDR and Short-term IDR at 'B'. All
instrument ratings are also affirmed.

The revision of the Outlook reflects Fitch's view of the
difficult market conditions that Cableuropa faces in 2013. These
include an intensifying competitive environment, austerity
measures that directly affect the company's cash flow in terms of
tax and negative working capital flows, and the obvious impact
the economy and high unemployment rates are having on
communications spending.

The changing revenue mix, where a decline in high margin
residential revenues has been replaced by strong growth in
wholesale revenues, is expected to stabilize in 2013. However,
this will continue to have a detrimental effect on margins, which
together with higher interest costs following the 2012 debt
refinancing and austerity driven tax impositions, will pressure
funds from operations (FFO) and in Fitch's forecast is likely to
result in FFO net adjusted leverage trending moderately higher in
2013

KEY RATING DRIVERS

Increased Competition
Telefonica launched an aggressively priced quad-play product in
October 2012. This has gained traction and prompted Vodafone and
Orange to agree to co-invest in the rollout of their own fibre.
The reduced prices and the increased availability of quad-play
and fibre all point to the potential for a fundamental shift in
the Spanish competitive landscape. Given the limited visibility
over the effects or degree of such a shift, a positive rating
action seems unlikely over the next 12 months.

Difficult Economic Conditions
Consumers' disposable income in Spain remains under severe
pressure. This is affecting their spend on telecoms services.
While Cableuropa's cash flow profile has so far held up
relatively well, Fitch is concerned that economic weakness will
continue and put downward pressure on the company's cash flow
profile. Given its performance over the past few years, economic
conditions on their own are unlikely to dramatically change the
company's credit profile. However, when viewed in tandem with
increased competition, and ongoing austerity, there is potential
for a more meaningful impact on Cableuropa's credit profile.

Increased Taxes
In the past six months, the Spanish government has increased VAT
and made material changes to interest deductibility and the
treatment of losses carried forward resulting in the imposition
of significant and previously unforeseen corporate taxes. These
changes are expected to pressure cash flow performance in 2013.

Strong Financial Metrics for the Rating
Cableropa's financial metrics are currently in line with a number
of higher rated cable peers. The 'B' rating takes into account
the economic environment, including very high rates of
unemployment, austerity-driven tax measures and the unfolding
competitive environment. Concern remains that the combination of
these effects will pressure cash flows and lead to negative
trends in financial metrics through 2013.

RATING SENSITIVITIES

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

- FFO net leverage below 5.0x (correlating to around 4.5x net
debt EBITDA) and the generation of a high-single digit FCF margin
could lead to an upgrade. Fitch will also monitor Cableuropa's
ability to manage any increase in competitive dynamics over the
coming years.

Negative: Future developments that could lead to negative rating
action include:
- An increase in FFO adjusted net leverage above 5.5x, together
with a substantial weakening of the company's cash flow
generation ability, could lead to a downgrade.

The following instruments have had their ratings affirmed:

-- Cableuropa senior secured bank: 'BB-'/'RR2'

-- Nara Cable Funding senior secured bonds: 'BB-'/'RR2'

-- Nara Cable Funding II senior secured bonds: 'BB-'/'RR2'

-- ONO Finance II plc unsecured notes: 'CCC+'/'RR6'


IM PASTOR 3: S&P Cuts Rating on Class D Notes to 'CCC (sf)'
-----------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in IM PASTOR 3, Fondo de Titulizacion Hipotecaria and IM
PASTOR 4, Fondo de Titulización de Activos.

Specifically, S&P has:

   -- Lowered its ratings on IM PASTOR 3's class A, B, C, and D
      notes; and

   -- Lowered its rating on IM PASTOR 4's class A notes and
      affirmed its ratings on the class B, C, and D notes

S&P has reviewed IM PASTOR 3 and IM PASTOR 4's performance,
including the, the transactions' structural features, credit
quality, and counterparty risk, and S&P has conducted its credit
and cash flow analysis.  These residential mortgage-backed
securities (RMBS) transactions closed in 2005 and 2006, and are
collateralized by residential mortgage loans granted to
individuals to purchase a property in Spain.  The loans were
originated by Banco PASTOR, which has now merged with Banco
Popular.

                            IM PASTOR 3

"Since our December 2011 review, the transaction's performance
has deteriorated further and it has experienced a considerable
increase in long-term delinquencies, which have risen at a higher
pace than our overall expectations.  In our opinion, these long-
term delinquencies are likely to roll over into defaults, as we
believe that the servicer of the underlying collateral pools is
facing increasing challenges in curing delinquencies.  We have
therefore increased our default expectations for the underlying
pool.  The current level of gross cumulative defaults over the
portfolio's closing balance is 5.70% (as of December 2012) and
90+ days delinquencies over the outstanding balance of
nondefaulted assets in December 2012 were 4.19%, compared with
2.66% in December 2011.  In terms of the borrowers' distribution,
almost one third of the current pool is located in Catalonia,
with most of the mortgages in this area being broker originated.
In our view, it is noteworthy that more than half of the defaults
have come from this region," S&P said.

As the reserve fund has been fully depleted since September 2009,
due to credit quality deterioration, the rolling over of long-
term delinquencies into defaults has increased principal
deficiency and the undercollateralization of the junior classes
of notes (classes C and D are already 100% undercollateralized).
Consequently, available credit enhancement available for the
class A notes has significantly decreased.  In S&P's view, the
observed collateral deterioration will further reduce credit
enhancement for the class A notes and the support the swap
provides will not be sufficient to offset the increasing
principal deficiency in this transaction.

S&P has therefore lowered its ratings on the class A notes to 'B+
(sf)' from 'A (sf)', class B notes to 'B- (sf)' from 'BB- (sf)',
class C notes to 'B- (sf)' from 'B (sf)', and class D notes to
'CCC (sf)' from 'B- (sf)'.

                           IM PASTOR 4

Since S&P's October 2011 review, the transaction's performance
has deteriorated further.  S&P has observed a moderate increase
in long-term delinquencies since October 2011, with a relatively
high proportion of them rolling into defaults.  S&P has already
incorporated in its previous analysis its expectation of the
pool's significant credit deterioration.  The cumulative level of
gross defaults is 6.52% (as of December 2012) and 90+ days
delinquencies over the outstanding balance of nondefaulted assets
in December 2012 were 2.78%, compared with 2.16% in December
2011. In terms of the borrowers' distribution, almost one fourth
of the current balance is located in Catalonia.  In S&P's view,
it is noteworthy that approximately 30% of defaults have come
from this region.

As the reserve fund has been fully depleted since December 2009,
the rolling over of long-term delinquencies into defaults has
increased principal deficiency and the undercollateralization of
the junior classes of notes (classes C and D are already 100%
undercollateralized).  Consequently, available credit enhancement
available for the class A notes has significantly decreased.  In
S&P's view, the observed collateral deterioration will further
reduce credit enhancement for the class A notes and the support
the swap provides will not be sufficient to offset the increasing
principal deficiency in this transaction.

S&P has therefore lowered its rating on the class A notes to 'B+
(sf)' from 'BB- (sf)' and has affirmed its ratings on the class
B, C, and D notes at 'B- (sf)', 'B- (sf)', and 'CCC- (sf)',
respectively.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an residential mortgage-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 Reports
included in this credit rating report are available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class             Rating
            To               From

Ratings Lowered

IM PASTOR 3, Fondo de Titulizacion Hipotecaria
EUR1 Billion Mortgage-Backed Floating-Rate Notes

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

IM PASTOR 4, Fondo de Titulización de Activos
EUR920 Million Mortgage-Backed Floating-Rate Notes

A           B+ (sf)          BB- (sf)

Ratings Affirmed

IM PASTOR 4, Fondo de Titulización de Activos
EUR920 Million Mortgage-Backed Floating-Rate Notes

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



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


ANTIC LIMITED: In Administration, Owes GBP2.6MM to Creditors
------------------------------------------------------------
Neil Gerrard at finchannel.com reports that Antic Limited, which
operated 14 pubs including the Balham Bowling Club and the King's
Head in Clapham, collapsed into administration owing nearly
GBP2.6 million to creditors.

The businesses at 12 of the pubs have subsequently been sold to
Gregarious Ltd for GBP1.2 million, following Antic's
administration in January this year, and are now trading under
the name Antic London, according to finchannel.com.

finchannel.com notes that Caterer and Hotelkeeper reported that
administrator Chantrey Vellacott DFK said Antic owed GBP2.59
million to unsecured creditors.  The report relates that included
GBP76,190 owed to Albion Wine Shippers, GBP13,632 to Euroboozer,
GBP20,295 to Greene King Brewery and Retailing and GBP202,616 to
Thames Water.

However the biggest creditor by far was Her Majesty's Revenue and
Customs, which was owed more than GBP1.7 million, the report
notes.

finchannel.com says that administrator David Oprey --
doprey@cvdfk.com --  of Chantrey Vellacott DFK explained that the
company had started to suffer financial difficulties in 2008, as
a result of the economic downturn.  It tried to become less
reliant on bank debt by increasing the size of its portfolio and
strengthening its position, the report relays.

The report discloses that at the time it had overdraft and loan
facilities with Barclays Bank of GBP100,000 and GBP80,000
respectively.  The report notes that Antic had anticipated that
Barclays would fund its acquisition of additional sites with
another GBP300,000-400,000 in secured loans but the funding was
withdrawn as banks stopped lending to businesses.  Instead, Antic
tried to use working capital to fund its expansion which damaged
its cash flow, the report says.

Oprey explained that as a result of this, Antic had struggled to
pay HMRC since 2008 and had faced a number of winding up
petitions, the report discloses.

In September 2012, the report recalls that after the company had
been hit with a winding-up petition from HMRC for debts of nearly
GBP940,000, director Anthony Thomas tried to agree a repayment
plan but was unable to do so.

Chantrey Vellacott DFK decided against a CVA and the business was
put into administration, the report adds.

Antic Limited is London pub.


COVENTRY CITY: Puts Non-Operating Unit Into Administration
----------------------------------------------------------
Steve Carpenter at Coventry Observer reports that Coventry City
Football Club have confirmed they have put their non-operating
subsidiary of the club into administration.

The announcement comes on the eve of a High Court hearing in
London as the company that runs the club's stadium, ACL, attempts
to force the League One club into administration over the GBP1
million they are owed, according to Coventry Observer.  The
report relates that the Sky Blues could still face a ten-point
deduction which would all but end any hopes of making the play-
offs.

"It is important to stress that the Football Club itself is not
under threat. . . . This is merely a property subsidiary which
owns no material assets and has no employees, on or off the
pitch. . . The Club can confirm that all staff wages, PAYE and
all other creditor commitments will continue to be met as before
by Coventry City Football Club Holdings. . . . Unlike other
instances of clubs being taken either wholly or partially into
administration, there are no HMRC or VAT implications and the
Football Club will continue to trade as normal without
interruption. . . . Our main objective now is to remain
competitive on the pitch and give Steven Pressley and the playing
staff our full backing and commitment," the report quoted a
spokesman for the Club as saying.


CPP GROUP: Refinancing Talks with Lenders Ongoing
-------------------------------------------------
Josephine Cumbo at The Financial Times reports that CPP is facing
a battle for survival this week as it seeks to raise more than
GBP40 million to avoid falling into administration.

The crisis facing the York-based firm is due to come to a head on
March 31, when its current lending facility expires, with nearly
2,000 jobs at risk, the FT notes.

CPP has been searching for refinancing options after being hit
with a record GBP10.5 million fine by the Financial Services
Authority last year for mis-selling policies in the UK, the FT
discloses.

However, CPP faces a total bill of GBP33.4 million, when GBP14.5
million in customer compensation and its legal and investigation
costs are included, the FT notes.

Over the weekend it was reported that the firm was looking for
new backers after failing to reach a refinancing deal with its
existing lenders, Royal Bank of Scotland, Barclays and Santander,
the FT recounts.

CPP has drawn down about GBP43 million from an GBP80 million
credit line, the FT discloses.

According to the FT, with just days to resolve the situation, it
is understood to still be holding out for a lifeline from its
existing lenders with a source close to the company saying
discussions were "constructive and ongoing".

The firm, which is based in the UK but operates in 15 countries,
is also considering strategic options to stay afloat, including
asset sales, the FT states.  Another survival option said to be
open to the company is to raise funds from City institutions, the
FT discloses. Another possibility is for Hamish Ogston, who
launched CPP in 1980 with GBP1,000, to take the company private,
the FT says.

The company issued a statement saying it was considering
alternative financing options, such as an equity issue, and
warned of "significant uncertainty" over what would be left for
shareholders, the FT relates.

The company was pushed to the brink of insolvency after the
record ť10.4m mis-selling fine for activities in the UK, the FT
recounts.

CPP Group plc is a British-based company selling life assistance
products.


FYSHE HORTON: Enters Special Administration
-------------------------------------------
IFAonline reports that the Financial Services Authority (FSA) has
confirmed that Fyshe Horton Finney Stockbrokers has entered the
special administration regime (SAR)

The firm placed itself into special administration, primarily on
the ground that it is, or is likely to become, unable to pay its
debts, according to IFAonline.

Paul Boyle and David Clements at Harrisons Business Recovery &
Insolvency (London) have been appointed joint special
administrators.

The report relates that the FSA said if clients have any concerns
they should contact the special administrators in the first
instance.

Fyshe Horton Finney is a small investment firm offering
discretionary, advisory and execution only business.  It has 15
regional offices.


KLEINWORT BENSON: Moody's Lowers Deposit Ratings to Ba1/Not Prime
-----------------------------------------------------------------
Moody's Investors Service downgraded the long- and short-term
bank deposit ratings of Kleinwort Benson Bank Ltd (KBB) and
Kleinwort Benson (Channel Islands) Ltd (KBCI) to Ba1/Not Prime
from Baa2/ Prime-2.

Both banks' standalone Bank Financial Strength Rating was
downgraded to D+ (mapping to a baseline credit assessment of ba1)
from C-/ baa2. The outlook on all ratings is negative.

Ratings Rationale:

Moody's decision to downgrade the ratings reflects 1) the delay
in the banks' performance relative to initial expectations; 2)
broader concerns about the sustainability of the banks' franchise
in light of the continued negative pressure on profitability,
partly stemming from the uncertain economic environment and
partly due to insufficient revenue generation relative to the
cost structure; and 3) the difficulty the banks could face in
achieving sustainable growth in assets under management (AuM) in
the current, highly competitive operating environment of private
banking. Moody's is concerned that profitability is likely to
remain under pressure beyond the short to medium-term horizon.

KBB and KBCI (together 'Kleinwort Benson') have faced multiple
challenges to grow net AuM since 2010 mainly as a result of the
low interest rate environment resulting in clients withdrawing
from investments with low returns and some managed outflows of
less profitable businesses. Although Moody's notes that AuM
levels appear to have stabilized over the last few quarters the
weak performance in increasing net AuM has in turn impacted the
bank's ability to generate sufficient revenues. As a result
profitability has been weak even at an underlying level further
impacted by the conservative management of liquidity. The Ba1
rating level reflects the stabilization of AuM levels - albeit at
lower than historical levels - but also the challenge that the
bank faces to mitigate further outflows that are likely to be
driven by 1) clients looking for yield and 2) competitive
pressures from within the private wealth management industry.
Moody's acknowledges the efforts Kleinwort Benson has made to
increase its AuM through the hiring of key bankers in addition to
the acquisition of a private investment office with a focus on
ultra high net worth individuals. Nevertheless, these investments
have not yet had a material impact on Kleinwort Benson's
profitability.

Moody's said that the Ba1 rating remains underpinned by Kleinwort
Benson's low risk profile (given its private banking focus and
the secured or Lombard nature of the majority of its loans),
highly liquid balance sheet, strong, deposit driven funding
profile and ample level of capitalization relative to its on-
balance sheet risk.

Moody's also recognizes the initiatives that Kleinwort Benson is
undertaking to strengthen profitability, notably the focus on key
cost-cutting initiatives. However, this is hampered by the low
interest rate environment and the banks' policy to maintain
significant liquidity at the expense of higher asset returns. The
cost-income ratio is still one of the highest amongst peers and
Moody's believes that ongoing investments into the infrastructure
and key staff will continue to burden the group's cost base,
threatening to offset other cost savings and revenue increases.

The Negative outlook reflects the downward pressure on the
ratings from the identified factors which in Moody's view will
prevail in the foreseeable future raising concerns about the
sustainability of the banks' franchise.

What Could Change the Ratings Up/Down

Given the current downgrade, an upgrade of the ratings is
unlikely in the short- to medium-term. In addition to the
discussed factors, further weakening of profitability or a
trending downwards in AuM could put further downward pressure on
the ratings.

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


MELVILLE BAR: Goes Out of Receivership, Has New Owners
--------------------------------------------------------
local.stv.tv News reports that Malcolm Gray and Jon Eastwood has
acquired Melville Bar out of receivership and is now reopened.

The Melville Bar fell into receivership last year.

Pouring a substantial GBP250,000 into a redesign of the
establishment, the pair set about putting The Melville back on
the map, with a redesigned layout and interior makeover,
according to local.stv.tv News reports.

The report notes that speaking about the ambitious project,
Malcolm said: "Jon and I have invested a significant sum in
transforming the Melville through a comprehensive redesign and
refurbishment with the aim of renewing its appeal to the
professional, local and female clientele."


MORTGAGE FUNDING 2008-1: S&P Affirms 'B-' Rating on Class A Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-(sf)' credit
rating on Mortgage Funding 2008-1 PLC's class A notes.

The collateral pool comprises first- and second-ranking U.K.-
originated mortgages.  Since S&P's previous review (based on June
2011 data), 90+ days arrears have increased, while repossessions
have decreased to 0.83% from 1.16%.

The transaction has paid down to a pool factor of 62.4%.  Credit
enhancement for the class A notes, in the form of the unrated
class B notes, has increased to 25.24% from 15.82% in June 2011,
using a foreign exchange rate of GBP1/EUR1.1580.  The improved
exchange rate and reduced realized losses have cleared the
balance of the unrated class B notes' principal deficiency
ledger, from approximately GBP5 million in June 2011.

As there is no currency swap to hedge foreign exchange rate risk,
the class A notes are still exposed to this risk.  Since
September 2008 and Lehman Brothers' insolvency, the issuer has
exchanged the British pound sterling generated by the collateral
at the spot rate, which has been significantly lower than the
rate initially agreed under the previous failed swap agreement.

S&P's cash flow analysis incorporates a stress to the spot rate,
due to the potential of a further weakening of sterling.  With
these assumptions, the class A notes can only support a 'B- (sf)'
rating.  S&P has therefore affirmed its 'B- (sf)' rating on the
class A notes.

Mortgage Funding 2008-1 is a U.K. nonconforming residential
mortgage-backed securities (RMBS) transaction arranged by Lehman
Brothers that closed in March 2008.  The transaction securitizes
loans originated by Alliance & Leicester PLC, Southern Pacific
Personal Loans Ltd., Southern Pacific Mortgages Ltd., Preferred
Mortgages Ltd., Matlock London Ltd., and Langersal No. 2 Ltd.

          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.


SHIP LUXCO 3: S&P Puts 'B+' Corp. Rating on CreditWatch Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it placed its 'B+'
long-term and 'B' short-term corporate credit rating on U.K.-
based payment processing company Ship Luxco 3 S.a.r.l. (Worldpay)
on CreditWatch with negative implications.

At the same time, S&P placed its 'BB' issue ratings on Worldpay's
senior secured term loans on CreditWatch negative.

The CreditWatch placement follows Worldpay's announcement that it
intends to issue a new term loan and sell its U.S. business.  In
S&P's view, these actions will weaken Worldpay's credit metrics
such that they are no longer commensurate with the 'B+' rating.

S&P understands that the company is planning to undertake the
following transactions:

   -- The issuance of a new term loan C of about GBP700 million.
      Worldpay would use the proceeds of the loan to pay a
      dividend of GBP340 million to shareholders and repay
      approximately GBP343 million of mezzanine debt.  At the
      same time, management intends to extend a portion of the
      company's debt by another two years.

   -- The sale of the U.S. business.  The company is asking its
      lenders to consent to the sale.  If they agree, the sale
      would be completed by mid-2013.  S&P understands that
      management would use the disposal proceeds from the sale to
      repay about GBP322 million of existing term debt, and
      distribute the excess to shareholders as a dividend.

The CreditWatch reflects S&P's view that part of the new term
loan C will increase Worldpay's leverage.  Furthermore, S&P also
envisage that Worldpay's free operating cash flow (FOCF)
generation in 2013 will be lower than its previous base-case
forecasts, due to ongoing costs involved in separating the
business from the Royal Bank of Scotland (RBS).  In addition, the
disposal of Worldpay's U.S. business will reduce overall EBITDA.
The U.S. business generated roughly 31% of group revenues and
about 21% of EBITDA in 2012.  S&P foresees that a smaller
business and reduced EBITDA, along with the presence of
additional debt in the capital structure, will weaken Worldpay's
credit metrics to lower levels than those S&P considers
commensurate with the 'B+' rating.  This would also place
pressure on Worldpay's business risk profile, which S&P currently
assess as "satisfactory."

S&P aims to resolve the CreditWatch placement once it has
sufficient clarity and certainty on the terms and timing of the
aforementioned transactions, and once it has assessed their
effect on WorldPay's credit metrics.

A downgrade of one notch is highly likely if the increase in debt
and the disposal of the U.S. business weaken Worldpay's credit
metrics such that adjusted leverage is at or more than 6x, funds
from operations to debt is less than 10%, and cash EBITDA
interest coverage is in the 2.0x-2.5x range.

A combination of a material weakening of Worldpay's business risk
profile following the disposal, weak deleveraging prospects, and
a potential weakening in liquidity could result in a downgrade of
more than one notch.

At the same time, S&P could lower the issue ratings on the
existing senior secured debt by up to two notches to reflect the
significant increase in senior secured debt and planned repayment
of the mezzanine loan.  S&P anticipates that it could revise the
existing recovery rating downward to '3' from '1' to reflect the
increase in senior secured debt and the lack of a subordinated
capital cushion.

An affirmation of S&P's 'B+' corporate credit rating and 'BB'
issue rating on the bank debt looks remote to them at this stage,
due to the company's increased appetite for leverage.


TALISMAN-3 FINANCE: S&P Withdraws 'D' Ratings on 3 Note Classes
---------------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn all of its
credit ratings in Talisman-3 Finance PLC.

The withdrawals follow S&P's previous rating actions on Feb. 13,
2013, when it lowered to 'D (sf)' from 'CC (sf)' its ratings in
Talisman-3, following the application of principal losses to the
note balances.

S&P's ratings in this transaction were to remain at 'D (sf)' for
a minimum period of 30 days.  This period has now elapsed, and
S&P has therefore withdrawn all of its ratings in Talisman-3
Finance.

Talisman-3 Finance was a U.K. commercial mortgage-backed
securities (CMBS) transaction that closed in 2006, with notes
totaling EUR689.9 million.  It was initially secured against 13
loans, all of which have now repaid.

           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

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

Ratings Withdrawn

D           NR              D (sf)
E           NR              D (sf)
F           NR              D (sf)

NR-Not rated.



===============
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., Washington, D.C., 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 2013.  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$775 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 215-945-7000 or Nina Novak at
202-241-8200.


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