TCREUR_Public/130402.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, April 2, 2013, Vol. 14, No. 64

                            Headlines



B O S N I A   &   H E R Z E G O V I N A

* BOSNIA & HERZEGOVINA: S&P Affirms 'B/B' Ratings; Outlook Stable


C Y P R U S

BANK OF CYPRUS: Church of Cyprus Wins Bid Against Expropriation
BANK OF CYPRUS: Fitch Cuts Rating on Mortgage Covered Bonds to B
* CYPRUS: Capital Controls May Remain in Place for a Month


G E O R G I A

PARTNERSHIP JSC: Fitch Affirms 'BB-' Long-Term Currency Ratings


G E R M A N Y

KLOECKNER & CO: S&P Cuts Corporate Credit Rating to 'B+'
PROMISE-I MOBILITY: S&P Cuts Rating on Class E Notes to 'CCC-'
WINDERMERE VII: S&P Lowers Rating on Class F Notes to 'CCC-'


G R E E C E

PISTI 2010-1: S&P Puts 'B-' Rating on CreditWatch Negative


H U N G A R Y

MOL HUNGARIAN: S&P Affirms 'BB+' Long-Term Corp. Credit Ratings


I C E L A N D

OSWESTRY ACQUICO: S&P Affirms 'B+' Long-Term Corp. Credit Rating


I R E L A N D

ALLIED IRISH: Posts Pre-Tax Loss of EUR3.8 Billion in 2012
PERMANENT TSB: Pre-Tax Losses Widen to EUR922 Million in 2012
PREPS 2005-2: Fitch Affirms 'C' Ratings on Five Note Classes
VERSAILLES CLO: S&P Lowers Rating on Class E Notes to 'CCC+'
* IRELAND: Number of Business Failures Down 20% in First Quarter


I T A L Y

BANCA MONTE: Posts EUR1.59-Bil. Loss as Bad Loan Provisions Rise
PRELIOS: Approves EUR561-Mil. Debt Restructuring Plan
* ITALY: Fitch Says Insurers Face Contrasting Fortunes


K A Z A K H S T A N

IC ALLIANCE-LIFE: Fitch Assigns 'B' IFS Rating; Outlook Stable


N E T H E R L A N D S

AEG POWER: S&P Cuts Corp. Credit Rating to 'CCC+'; Outlook Neg.


P O L A N D

TVN SA: S&P Affirms 'B+' Corporate Credit Rating; Outlook Stable


P O R T U G A L

HIPOTOTTA NO. 7: S&P Lowers Rating on Class D Notes to 'B+'
LUSITANO MORTGAGES 6: S&P Cuts Rating on Class E Notes to 'CCC'


R U S S I A

EVRAZ GROUP: Highveld Stake Disposal No Impact on Ba3 CFR
GAZPROM-MEDIA: Fitch Publishes 'BB' Issuer Default Rating


S P A I N

ABS TDA: S&P Lowers Rating on Class C Notes to 'CCC-'
NCG BANCO: S&P Assigns 'BB-' Credit Ratings; Outlook Negative


T U R K E Y

YUKSEL INSAAT: Fitch Downgrades Issuer Default Rating to 'CCC'
* TURKEY: S&P Raises Long-Term Sovereign Credit Rating to 'BB+'


U K R A I N E

MRIYA AGRO: S&P Assigns 'B' Rating to $350MM Sr. Unsecured Notes
NAFTOGAZ: Fitch Says Gazprom Unlikely to Offer Price Cuts


U N I T E D   K I N G D O M

AQUILA PLC: Fitch Downgrades Rating on Class D Notes to 'D'
JESSOPS PLC: To Reopen Some Stores Three Months After Collapse
TRAVELPORT LLC: S&P Cuts Long-Term Corp. Credit Rating to 'CCC+'

* UK: More Hospitals May Face Financial Woes, NHS Chief Says
* Loss Severities on UK Repossessed Properties Rise, Fitch Says


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            *********


=======================================
B O S N I A   &   H E R Z E G O V I N A
=======================================


* BOSNIA & HERZEGOVINA: S&P Affirms 'B/B' Ratings; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B/B' long- and
short-term foreign and local currency sovereign credit ratings on
Bosnia and Herzegovina.  The outlook is stable.

The affirmation reflects S&P's view that the IMF Stand-By
Arrangement (the program) secured by Bosnia and Herzegovina in
September 2012 will be an important policy anchor.  S&P believes
that disbursement conditionality will continue to help stabilize
what S&P views as fragile public finances at the entity level
(the Federation of Bosnia and Herzegovina and Republika Sprska),
while also boosting the government's ability to meet its
increasing external debt repayments.

Under the program, the entity governments have also implemented
reforms to improve the business environment (for instance, easing
the process of starting a new business), while reforms in the
pension and healthcare sectors are ongoing.  Alongside the
program, Bosnia and Herzegovina is receiving funds from the EU's
Macro-Financial Assistance program.  The first tranche was
disbursed in February 2013, amounting to 0.4% of GDP.  S&P notes
that the strained finances of both the entities, coinciding with
economic stagnation since the global financial crisis, have
increased the government's reliance on the IMF for budgetary
financing.

The ratings continue to be constrained by the domestic political
environment, which S&P believes will likely remain divided along
ethnic lines and entity boundaries.  Tensions exist between the
entities and the state-level institutions and, increasingly,
between the combined authorities of Bosnia and Herzegovina and
the international community.  In S&P's view, periodic events --
as recent changes to the Federation and Republika Sprska
governments illustrate -- undermine confidence that political
cohesion is developing.

Such events also detract from important issues.  For instance,
progress on a key constitutional amendment to allow minorities to
be elected to higher government positions, a prerequisite for EU
candidacy, has been pending since a 2009 ruling by the European
Court for Human Rights.  Similarly, a census (the first since the
1992-1995 war) has also been delayed following disagreements
between the entity governments.  While S&P understands these
issues have moved further up the political agenda, their
implementation remains uncertain.

Broadly speaking, S&P believes risks to IMF program
implementation and delays to reforms may persist given the
complex institutional set-up and general elections next year.

S&P expects economic growth to remain low, which will further
challenge reform implementation.  S&P anticipates that, after
contracting by 0.7% in 2012, real GDP will increase by 0.5% this
year.  S&P do not expect nominal investment to return to its 2008
peak until 2015.

Though the banking system -- with reported Tier 1 capital equal
to 14.1% of risk-weighted assets at end-2012 -- appears well-
capitalized, nonperforming loans have reached 13.5% of total
loans and may rise further.  As a result, S&P expects banks
(mostly owned by Austrian and Italian parents) will continue to
be cautious in extending credit.

The ratings on Bosnia and Herzegovina are also constrained by
external vulnerabilities arising from persistent current account
deficits, though financing from the IMF and other multilaterals
has reduced external funding challenges.  The currency board
provides stability, but limits monetary flexibility.  Roughly
half of deposits are denominated in euros.

The stable outlook balances S&P's view of the IMF program's role
as a policy anchor against implementation risks posed by the
complex institutional set-up, the general elections in 2014, and
the weak external environment.

S&P could lower the ratings if political uncertainties weaken
external performance, further dampen economic growth, or cause
deterioration in government finances, or if the government fails
to meet IMF conditions thereby jeopardizing disbursements.  If
S&P sees delays in payments to official creditors--as happened in
January 2012 amid ambiguity over the extension of temporary
financing-- S&P could lower the ratings by more than one notch.

In S&P's opinion, if tensions between the two entities abate, and
if their relations with state institutions improve, this would
gradually enable reform implementation independent of
international conditions.  S&P believes this would strengthen the
business environment and pave the way for more sustainable growth
and better external performance.  This could lead S&P to consider
raising the ratings.



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


BANK OF CYPRUS: Church of Cyprus Wins Bid Against Expropriation
---------------------------------------------------------------
Michael Stothard and Roman Olearchyk at The Financial Times
report that the ink was barely dry on the bailout of the Cypriot
banking system last week when the legal challenges began rushing
in, with local lawyers backed by influential business figures
already winning some small victories.

The first serious challenge was launched by the Church of Cyprus,
which has big business interests on the island, questioning the
legality of shareholders in the Bank of Cyprus having their
equity stakes taken as part of the bailout mechanism, the FT
discloses.

"The expropriation of property is contrary to the constitution of
Cyprus and the European Declaration of Human Rights," the FT
quotes Kypros Chrysostomides, partner at local tax firm Dr K
Chrysostomides, as saying.

The Church, which owns equity in the Bank of Cyprus, successfully
petitioned the government through the courts to reverse the
decision last Thursday, the FT relates.  The government said on
Sunday that as a result, all shareholders in the Bank of Cyprus
would be issued new Class D shares that had few voting rights,
the FT notes.

Late on Friday, a group of local lawyers from Stelios Americanos
said they had won an interim injunction to block the haircut on
the deposits of its plaintiffs in the Bank of Cyprus, which is
the very heart of the bailout mechanism, the FT recounts.

According to the FT, officials said that this would probably be
resolved without it going to court, as the finance ministry and
the central bank have the right to appear before the Supreme
Court to try to lift the injunctions.

But if not, it could take months or even years to resolve,
further complicating the bailout process, the FT states.

Bank of Cyprus is a major Cypriot financial institution.  In
terms of market capitalization of 350 million in March 2013, it
is the country's biggest bank.  As of September 2012, the bank
held a 26.7% share of the Cypriot deposit market and a 22.5%
share of the Cypriot loan market, making it the largest bank in
Cyprus.  The Bank of Cyprus Group employs 11,326 staff worldwide.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on March 26,
2013, Moody's Investors Service downgraded to Caa3, from Caa2,
the deposit and senior unsecured debt ratings of Bank of Cyprus
Public Company Limited.  These ratings have also been placed on
review for downgrade.  At the same time, Moody's affirmed the
Bank Financial Strength Rating (BFSRs) of Bank of Cyprus at E.
It lowered the standalone credit assessment for Bank of Cyprus to
ca from caa3.


BANK OF CYPRUS: Fitch Cuts Rating on Mortgage Covered Bonds to B
----------------------------------------------------------------
Fitch Ratings has downgraded Bank of Cyprus (BOC) and Cyprus
Popular Bank's (CPB) mortgage covered bonds as follows:

  BOC's covered bonds (Cypriot cover pool), EUR1 billion:
  downgraded to 'B' from 'B+'; maintained on Rating Watch
  Negative (RWN)

  CPB's covered bonds (Programme II), EUR1.15 billion: downgraded
  to 'B' from 'B+'; maintained on RWN

The bonds are secured by Cypriot residential mortgage assets (the
Cypriot covered bond programs).

Key Rating Drivers

The rating actions follow the downgrade of CPB and BOC's Long
Term Issuer Default Rating (IDR) to 'D' (Default) and 'RD'
(Restricted Default) respectively and the revision of the Country
Ceiling for Cyprus to 'B' from 'AAA' on March 26, 2013. The lower
Country Ceiling imposes a cap on the ratings of all issuers and
transactions domiciled in the country, including covered bond
ratings.

The ratings on the Cypriot covered bond programs are based on
Fitch's view that material credit risk is present; however in the
agency's opinion it's unlikely that the obligations would suffer
a default in the short-term. If needed, Fitch assumes that there
is sufficient capacity in the liquidity reserves accounts, held
by Bank of New York Mellon (BNY, 'AA-'/Stable/'F1+'), to make
timely interest payments under both programs at the bonds' next
interest payment date falling in April 2013 for CPB and June 2013
for BOC, as provided by the documentation already in place.

Although CPB will cease to exist as an institution, Fitch does
not expect the Cypriot cover pool to be split from the bank
estate and be used directly to repay the corresponding covered
bonds. Instead, the agency understands that CPB's Programme II's
cover assets and covered bonds will be transferred to BOC,
following the agreement between the Eurogroup and the Cypriot
authorities to fold CPB's "good" bank into BOC, while the "bad"
bank will be wound down. However, details and timing are not
currently available.

While there is still uncertainty regarding the terms of the
recapitalization of BOC, Fitch does not expect the outstanding
covered bonds to participate in the bail-in measures affecting
other classes of creditors.

Given that BOC's ('RD') and CPB's ('D') IDRs reflect an uncured
payment default on other obligations than the covered bonds,
Fitch no longer uses them as a starting point for its covered
bonds credit risk assessment. As a result, by way of exception to
the agency's covered bond rating criteria, Fitch has removed the
programs Discontinuity Caps (D-Caps) of 0 (full discontinuity),
which generally determine the maximum rating notch uplift from
the IDR of the issuing entities to the covered bond rating on a
probability of default (PD) basis.

Rating Sensitivities

The covered bonds remain on RWN as a result of the current
banking sector instability, the uncertainty surrounding the
recapitalization terms of BOC and the transfer of CPB's cover
assets and liabilities to BOC. The RWN also reflects the negative
implications of a potential recession on the domestic economy and
on the quality the banks' the residential mortgage portfolios,
which would lower the recovery prospects in the event of a
covered bonds default.

Fitch will closely monitor the developments in the
recapitalization and restructuring of the banking sector, and
reassess the likely performance of the Cypriot assets securing
the covered bonds.

In the event of an extended or permanent interest payment
shortfall or, after expiry of the applicable extension, a
material principal shortfall, Fitch would likely lower the rating
of the covered bonds to 'RD' until recovery prospects are
reviewed before reverting to the rating scale for defaulted
obligations, ranging from 'C' to 'B'.

The ratings of BOC's and CPB's covered bonds secured by Greek
residential mortgage assets no longer appear on the Fitch website
following their cancellation by the respective issuers, as
communicated by them. Piraeus Bank S.A. (rated 'CCC'/'C') has
acquired the Greek banking operations of BOC and CPB.


* CYPRUS: Capital Controls May Remain in Place for a Month
----------------------------------------------------------
BBC News reports that Cyprus foreign minister Ioannis Kasoulides
said restrictions on cash withdrawals, money transfers and the
movement of cash in and out of Cyprus could remain in place for a
month.

According to BBC, Mr. Kasoulides said capital controls would be
lifted gradually, appearing to contradict earlier estimates that
curbs would end in days.

The government has appointed three former Supreme Court judges to
investigate possible criminal activity in the crisis, BBC
discloses.

The tight capital controls were put in place after a EUR10
billion bailout deal was agreed with the European Union and the
International Monetary Fund, BBC relates.

Withdrawals over EUR300 are banned, and there are limits on
moving money, BBC notes.  Branches were replenished with cash
overnight and police were deployed amid fears of a run on the
banks, BBC recounts.

Cyprus is the first eurozone member country to bring in capital
controls, BBC says.

Cyprus needs to raise EUR5.8 billion (US$7.4 billion; GBP4.9
billion) to qualify for a EUR10 billion bailout from the European
Commission, European Central Bank and the International Monetary
Fund, the so-called troika, BBC discloses.

According to BBC, in a statement issued on March 27, the ministry
of finance insisted the capital control measures were temporary
and were needed to "safeguard the stability of the system".  The
ministry, as cited by BBC, said that they would be reviewed each
day.

But Mr. Kasoulides, the foreign minister, appeared to contradict
this in remarks to reporters on Thursday, BBC notes.



=============
G E O R G I A
=============


PARTNERSHIP JSC: Fitch Affirms 'BB-' Long-Term Currency Ratings
---------------------------------------------------------------
Fitch Ratings has affirmed Georgia's JSC Partnership Fund's Long-
term foreign and local currency rating at 'BB-' and Short-term
foreign currency rating at 'B'. The Outlooks on the Long-term
ratings are Stable.

Key Rating Drivers

The affirmation reflects the equalization of PF's ratings with
those of Georgia ('BB-'/Stable/'B'). Fitch used its public sector
entities methodology and applied a top-down approach in its
analysis of PF. Georgia's government ability and intent to
support the fund's potential issued or guaranteed debt remains
key factor determining rating equalization with the sovereign.

PF is 100% owned by the Georgian state. The fund manages key
infrastructure corporations on behalf of the government. The
state increased the fund's stakes in strategic assets in 2012 and
PF currently has 100% of Georgian Railway ('BB-'/Stable), 100% of
JSC Georgian Oil and Gas Corporation (GOGC, 'BB-'/Stable), 100%
of JSC Georgian State Electrosystem, and 100% of JSC Electricity
System Commercial Operator among other assets.

PF's mandate is to shape and develop private equity investments
in viable economic projects. The private equity market is
currently undeveloped in Georgia, limiting country's growth
potential. PF targets profitable projects in several key areas -
agriculture, manufacturing, real estate and energy. PF's
operational track record is relatively short. The fund launched
several investment projects in 2012. As of March 2013, none have
been completed in the current year.

Following the 2012 parliamentary elections in Georgia, the new
government decided to review its strategy for the future
development of the fund. Once materialized, any changes in PF's
structure or status strengthening its links with the state will
support Fitch's view in equalizing the ratings with that of
Georgia. On the contrary, any decision to dispose material stakes
in state-owned infrastructure companies, or changes in the goals
of the fund is viewed rating negative by Fitch.

The fund's supervisory board is chaired by the Georgian prime
minister and composed of five leading cabinet members and four
independent directors. Blending corporate structure with strong
state control should, in Fitch's view, ensure the fund's
accountability to Georgia's government, and hence its adherence
to mandated policy objectives, as well as adding investment
expertise.

The debt of PF is low and limited to an open credit line (US$5
million) and a loan from its subsidiary (US$50 million) - GOGC.
PF had taken the loan to make an advance payment for Gardabani
Power Plant project in 2012. PF considers an exchange of debt to
equity with GOGC in 2013, which will effectively reduce the
fund's debt liability. PF has no plans to issue own debt.

Rating Sensitivities

A sovereign upgrade would be positive. An upgrade of Georgia,
coupled with continued support from the state, would be rating
positive, as PF is credit linked to the sovereign.

Weaker links with the state or its downgrade would be negative. A
downgrade of the sovereign or changes that would lead to dilution
or reassessment of state support could exert downward pressure on
the rating.



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


KLOECKNER & CO: S&P Cuts Corporate Credit Rating to 'B+'
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Germany-based steel
distributor Kloeckner & Co. S.E. to 'B+' from 'BB-'.  The outlook
is stable.  At the same time S&P lowered the ratings on the debt
instruments guaranteed by Kloeckner to 'B' from 'B+'.  The
recovery rating on these instruments is unchanged at '5',
reflecting S&P's expectation of modest (10%-30%) recovery in the
event of a payment default.

The downgrade reflects S&P's view of continued very weak
macroeconomic and steel distribution industry environments in
Europe, only partly mitigated by somewhat more supportive
operating conditions for Kloeckner's U.S. operations.  This led
S&P to revise downward its previous forecast for Kloeckner's
profits for 2013-2014, following a very weak 2012 and
notwithstanding the positive effects S&P anticipates from the
ongoing restructuring program.  Moreover, Kloeckner's weakened
credit metrics, with adjusted funds from operations (FFO) after
restructuring cash costs) to debt forecast to recover to a mere
10% in 2013 (or about 15% when excluding restructuring cash
costs), fall short of the 15%-20% commensurate with the previous
'BB-' rating.

"We have revised our assessment of Kloeckner's business risk
profile to "weak" from "fair", given the company's weak
profitability over the last year and our expectation that
Kloeckner's reported EBITDA will improve only moderately in 2013
to about EUR170 million under our base-case scenario, thanks to
important cost savings and possible stronger results from
operations in the U.S., where we expect GDP growth to remain at
about 3% for 2013.  However we believe any improvement in the
European operations remains highly uncertain, given our recently
revised forecasts of GDP falling by 0.5% in the eurozone
(European Economic and Monetary Union) under our base-case
scenario's GDP forecast and our view of further real steel demand
declining by 2%-3% in 2013.  We see a 33% possibility of a deep
recession in Europe, which would likely trigger further weakening
of steel demand and hence of the company's profits," S&P said.

S&P now estimates some improvements in the company's adjusted
EBITDA margin before restructuring costs to about 2.5% compared
with a low 1.9% in 2012.  S&P expects some profitability
improvement over the next quarters thanks to both the
profitability action plan in the company's European operations
and some growth in the U.S. operations.

"The stable outlook reflects our view that Kloeckner's liquidity
will remain strong, which should allow it to focus on
implementing the restructuring measures and gradually improve its
operating performance.  As a result, we expect that credit
metrics will gradually recover in 2013-2014.  We consider credit-
protection measures, such as adjusted FFO to debt of about 15%,
as commensurate with the 'B+' rating.  That said, for 2013, we
anticipate that Kloeckner will be slightly below this target
ratio due to a still difficult market environment and cash
restructuring outlays, although we assume that the company will
achieve the target ratio in 2014.  We factor into our forecasts
and assumptions that Kloeckner will act cautiously when engaging
in further large-scale acquisitions, as it did in the last
downturn," S&P added.

Near-term ratings downside appears remote, given the company's
comfortable liquidity position.  Downward rating pressure would
materialize, however, if Kloeckner were unable to improve its
profitability, if adjusted FFO to debt remained below 10% on a
prolonged basis, or in case of a large debt-financed acquisition
in the current challenging market environment.

Ratings upside could build over the next two years if Kloeckner's
operating performance and credit protection measures improved
significantly and if FFO to debt consistently remained at about
20%-25%.  However, these upside factors would require successful
restructuring efforts, and a substantial improvement in the
industry environment, in S&P's view.


PROMISE-I MOBILITY: S&P Cuts Rating on Class E Notes to 'CCC-'
--------------------------------------------------------------
Standard & Poor's Ratings Services has lowered and removed from
CreditWatch negative its credit ratings on PROMISE-I Mobility
2008-1 GmbH's class B, C, D, and E notes.  At the same time, S&P
has raised and removed from CreditWatch negative its rating on
the class A2+ notes and affirmed and removed from CreditWatch
negative its rating on the class A1+ notes.

The rating actions follow the application of S&P's updated
criteria for collateralized loan obligations (CLOs) backed by
small and midsize enterprises (SMEs), as well as S&P's assessment
of the transaction's performance using the latest available
investor report and portfolio data from the servicer

On Jan. 17, 2013, when S&P updated SME CLO criteria became
effective, it placed on CreditWatch negative its ratings on the
class A1+, A2+, B, C, D, and E notes

                       PERFORMANCE OVERVIEW

Since S&P's previous review of the transaction on April 27, 2012,
the portfolio has continued to amortize in a linear fashion,
leading to a further deleveraging of the capital structure.  The
pool factor (the percentage of original principal left to be
distributed) equals 23.75%, and the weighted-average life
remaining is two years.  Following the February 2013 interest
payment date, the class A1+ notes' notional outstanding amount
equals 17.12% of the notes' original balance (compared with 29.4%
as of S&P's April 2012 review).

The amount of cumulative defaulted loans (defined in the
transaction documents as bankruptcy or failure to pay for 90 days
or more) increased to EUR43.8 million (2.92% of the pool volume
at closing) from EUR26.6 million, as of S&P's April 2012 review.
Of the total cumulative defaults, 36.8% have completed their
workout procedures, with a 59% overall achieved recovery rate
(including losses stemming from accrued interest and foreclosure
costs).

Consequently, as of February 2013, the issuer allocated a
EUR6.9 million cumulative net loss to the unrated class F notes.
The class F notes' balance has now decreased to 73.2% of its
original balance from 74.4%, as of S&P's April 2012 review.  The
principal balance of the loans currently undergoing workout
procedures is about EUR27.7 million.  To date, these loans have
generated EUR5.6 million, or 19.4% in recoveries.  As these loans
complete their respective workout processes, S&P anticipates that
the issuer will allocate further residual losses to the class F
notes over the coming interest payment dates.

In addition to the loans currently undergoing workout, the
originator classifies EUR5.17 million of loans as defaulted,
which represents 1.45% of the current portfolio balance.  To
date, these loans have not triggered a credit event under the
transaction documents.  However, S&P believes they risk
triggering further credit events and incurring losses to the
transaction.

Overall, the portfolio's ongoing amortization has increased the
credit enhancement available to the class A1+, A2+, B, C, and D
notes.  This increase was more pronounced for the senior class
A1+ and A2+ notes.  However, the credit enhancement available to
the class E notes has decreased because the ongoing deleveraging
of the capital structure has not fully mitigated the negative
effect of additional defaults, in S&P's view.

Available Credit Enhancement*

Class                   Credit enhancement (%)
  A1+                            30.94
  A2+                            17.58
  B                              12.61
  C                               9.18
  D                               4.74
  E                               0.77

* In S&P's calculations, it has treated as defaulted
   EUR5.17 million of loans classified in the originator's
   default rating categories, which have not triggered a credit
   event to date under the transaction.

At the same time, the portfolio's amortization has contributed to
an increase in obligor concentration levels.  The top obligor
group now comprises 2.8% of the portfolio's balance, and the
largest 20 obligor groups account for about 36%.  This compares
with 28.3% at S&P's previous review.  S&P's rating actions are
primarily due to its assessment of the increased obligor
concentration risks inherent in the portfolio.

                          CREDIT ANALYSIS

As a result of the portfolio's increased obligor concentration,
S&P has determined the portfolio's scenario default rates (SDRs)
at all rating levels using its CDO evaluator model.  S&P based
its SDR calculation on a weighted-average life of two years, and
a target portfolio rating of 'BB-', which S&P derived from three
factors:

   -- Germany's Banking Industry Country Risk Assessment (BICRA);

   -- The five-year average observed default frequency of the
      originator's overall SME loan book; and

   -- The credit quality of the transaction's portfolio,
      considering the credit quality of the originator's overall
      SME loan book.

To derive S&P's loan-level rating inputs for its CDO Evaluator
model, it mapped--to a Standard & Poor's rating--the originator's
internal performing credit scores assigned to the various
obligors in the transaction's portfolio such that the portfolio's
weighted-average rating equals the portfolio's target 'BB-'
rating.

The resulting SDRs at the rating levels assigned to the notes are
as follows:

  Rating level          SDR(%)
   AAA                  27.35
   AA                   21.59
   BBB+                 14.96
   BB+                  11.96
   CCC+                  7.00
   CCC-                  5.95

                     RECOVERY RATE ANALYSIS

At each liability rating level, S&P assumed a weighted-average
recovery rate (WARR) by taking into consideration the asset type,
its seniority, the country recovery grouping, and the
transaction's historically achieved recovery rate.

The portfolio includes both senior secured and senior unsecured
loans, secured by mainly real estate (65%).  To date, the
transaction has generated a 59% in recoveries upon completion of
the workout process.  Losses on defaulted loans include
enforcement costs and foregone interest.  S&P has taken these
factors into account in its analysis and have consequently
determined its recovery assumptions for the transaction at
various rating scenarios to be:

Rating level       Recovery assumptions (%)
  AAA                     27.4
  AA                      30.7
  A                       34.4
  BBB                     38.7
  BB                      47.5
  B/CCC                   51.0

S&P applied the recovery rates to the SDRs at each rating level
to calculate the scenario loss rates.

Rating-Specific Scenario Loss Rates

Assigned rating    Scenario loss rates (%)
  AAA                     19.86
  AA                      14.96
  BBB+                     9.18
  BB+                      6.28
  CCC+                     3.44
  CCC-                     2.93

S&P then determined, for each class of notes, the rating level at
which the available credit enhancement is at least equal to the
scenario loss rate.  The class A1+, A2+, B, C, and D notes
currently have a credit enhancement level in excess of the
scenario loss rates at their current rating levels.

                         SUPPLEMENTAL TESTS

In line with S&P's SME criteria, it applied:

   -- The largest obligor default test to the class A1+, A2+, B,
      C, D, and E notes; and

   -- The largest industry default test and the largest region
      default test to the class A1+ and A2+ notes.

The application of these tests did not constrain S&P's ratings on
the class A1+ and A2+ notes.  The class A1+ notes have sufficient
available credit enhancement to support the currently assigned
rating, while the class A2+ notes available credit enhancement is
sufficient to support a higher rating. S&P has therefore affirmed
and removed from CreditWatch negative its rating on the class A1+
and raised and removed from CreditWatch negative its rating on
the class A2+ notes.

The application of the largest obligor default test constrains
S&P's rating on the class B, C, and D notes at 'BBB+', 'BB+', and
'CCC+', respectively.  S&P has therefore lowered and removed from
CreditWatch negative its ratings on the class B, C, and D notes.

According to S&P's analysis, the credit enhancement available to
the class E notes is below the scenario loss rate at the
currently assigned rating on these notes.  Additionally, this
class is currently failing the largest obligor default test.  S&P
has therefore lowered and removed from CreditWatch negative its
ratings on the class E notes.

PROMISE-I is a balance-sheet synthetic SME transaction that
closed in March 2008.  The reference portfolio includes Bank
loans that IKB Deutsche Industriebank AG originated and granted
to German SMEs.  Subordination provides credit enhancement to the
rated notes.  The notes redeem in fully sequential order,
starting with the class A1+ notes, while realized losses are
allocated in reverse order of seniority, starting with the
unrated class F notes.

          STANDARD & PORR'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         Rating
            To             From

PROMISE-I Mobility 2008-1 GmbH
EUR83.9 Million Floating-Rate Credit-Linked Notes

Rating Affirmed and Removed From CreditWatch Negative

A1+         AAA (sf)       AAA (sf)/Watch Neg

Rating Raised and Removed From CreditWatch Negative

A2+         AA (sf)        AA- (sf)/Watch Neg

Ratings Lowered and Removed From CreditWatch Negative

B           BBB+ (sf)      A- (sf)/Watch Neg
C           BB+ (sf)       BBB- (sf)/Watch Neg
D           CCC+ (sf)      B (sf)/Watch Neg
E           CCC- (sf)      CCC+ (sf)/Watch Neg


WINDERMERE VII: S&P Lowers Rating on Class F Notes to 'CCC-'
------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Windermere VII CMBS PLC's class A2, B, and C notes.  At the same
time, S&P has lowered its ratings on the class D, E, and F notes.

The rating actions follow S&P's review of the credit quality of
the seven remaining loans in the pool under S&P's updated
criteria for rating European commercial mortgage-backed
securities (CMBS) transactions.

S&P has generally revised downward its view on the properties
backing the loans.  Factors affecting S&P's opinion of the loans
and underlying assets include property market conditions, short
unexpired lease lengths on single let assets, and five of the
remaining seven loans being in default.  Consequently, S&P
anticipates that a number of the loans in the pool will incur
losses.

Following the sequential pay down of both the Corpus and Nitsba
loans within this transaction, the class A2, B, and C notes now
benefits from greater credit enhancement.  Consequently, S&P has
raised its ratings on these classes of notes.

                           CREDIT QUALITY

The seven remaining loans in this transaction are secured against
32 properties, of which 11 are multifamily properties, 15 are
office properties, and six are retail properties.  The assets are
located in Germany, France, and Spain.  Five of the loans left in
the transaction are specially serviced.  These loans represent
87.31% of the aggregate remaining securitized loan amount.  Three
of the seven loans were nonperforming on the January 2013 payment
date.

NORDOSTPARK LOAN (24.50% OF THE POOL BY SECURITIZED LOAN BALANCE)

The Nordostpark loan has a securitized loan balance of
EUR43.15 million.  It is secured against a single modern 42,762
sq. m office property located on the outskirts of Nuremberg,
Germany.  Lucent Technologies Network Systems (Alcatel-Lucent)
occupies the entire property on a lease expiring in December
2014.

The loan was transferred to special servicing in November 2011
due to a loan-to-value (LTV) ratio covenant breach.  An
additional default occurred in October 2012 when the loan failed
to repay at maturity.  Forced administration and forced sale
proceedings are ongoing.

The property has a current unexpired lease term of 1.80 years.
S&P understands the property is substantially over-rented, and,
given current market conditions, S&P believes this is likely to
impact the achievable sales value.  S&P considers it likely that
the securitized loan will suffer principal losses.

    REDLEAF I (13.89% OF THE POOL BY SECURITIZED LOAN BALANCE)

The RedLeaf I loan has a whole-loan balance of EUR24.46 million,
which is fully securitized.  It was transferred to special
servicing in September 2009 due to a continuing LTV ratio
covenant breach.  However, it is also now in maturity default.
The loan was restructured in October 2012 when a standstill
agreement became effective, which stated that the special
servicer had agreed not to enforce or accelerate the loan until
the rolling standstill period expires in December 2013.

The loan is secured against five shopping centers/retail
warehouse estates in Spain.  At the January 2013 reporting date
the servicer reported a current LTV ratio of 219% for this loan.
Following S&P's analysis, it considers that this loan will likely
suffer principal losses.

The underlying properties are located in Spain (BBB-/Negative/A-
3) and, in accordance with S&P's criteria for rating transactions
that exceed EMU sovereign ratings, S&P has capped the rating
achievable for this loan at six notches above its current long-
term rating on Spain.  Therefore, the maximum rating achievable
for this loan is 'AA- (sf)'.

   MULHEIM LOAN (11.52% OF THE POOL BY SECURITIZED LOAN BALANCE)

The Mulheim loan matured in January 2011 and has a securitized
loan balance of EUR20.29 million.  The loan defaulted following a
failure to repay at maturity and is currently specially serviced.

The underlying asset comprises a 12,780 sq. m modern out-of-town
office located in Mulheim, Germany.  The property is currently
let in its entirety to GMC, wholly-owned by Deutsche Telekom AG.
The remaining unexpired lease term is 2.53 years and S&P believes
that the property is currently over-rented.

In S&P's opinion, the property value is vulnerable to potential
high market value declines.  Given the declining occupational
lease length, over-rented tenancy, and substantial asset size,
S&P believes that this may limit the purchase price achievable.
As such, S&P considers it likely that the securitized loan will
suffer principal losses.

  REDLEAF II LOAN (9.71% OF THE POOL BY SECURITIZED LOAN BALANCE)

The RedLeaf II loan is secured against a single retail shopping
center in Ceuta, Spain.  The loan was transferred to special
servicing in February 2013 following a failure to repay at loan
maturity.

In January 2013, the servicer reported a securitized LTV ratio of
68% for this loan.  S&P considers that this does not reflect
current property market conditions and is unlikely to adequately
address the risk of principal losses to the securitized loan
balance in difficult market conditions.  S&P considers the
ability of a purchaser of the property to be able to raise
finance in the current market to be limited.  This is likely to
restrict the potential purchaser market for the property, which
may lower the possible property value, in S&P's view.  S&P
therefore considers that the securitized loan will likely suffer
principal losses.

As with the RedLeaf I loan, the subject property is located in
Spain.  In accordance with S&P's nonsovereign ratings criteria,
it has capped the rating achievable for this loan at six notches
above its current long-term rating on Spain.  Therefore, the
maximum rating achievable for this loan is 'AA- (sf)'.

The remaining loans in the pool include the Adductor loan
(27.68%), Phoenix loan (7.66%), and the Firefly loan (5.03%).
The Adductor loan, currently in default, is the largest remaining
loan in the securitized pool and is secured against 13 office
properties in France.  The remaining Phoenix and Firefly loans
are secured against separate German multifamily portfolios in
greater Berlin.  S&P do not expect these three loans to
experience principal losses.

Taking into account S&P's review of the remaining seven loans'
deteriorating performance, S&P considers that in particular, the
risk of principal losses for the Spanish retail and single-let
German office assets has significantly increased.  S&P believes
that the available credit enhancement for the class D notes is no
longer sufficient to support the current rating level.  S&P has
therefore lowered to 'B (sf)' from 'BB- (sf)' its rating on the
class D notes.

S&P's analysis indicates that the class E and F notes are
becoming more vulnerable to principal losses.  S&P has therefore
lowered its ratings on these classes of notes.  S&P believes that
the class F notes are likely to experience losses in the near
future, following the potential workout and sale of the defaulted
loans.

The recent repayment in full of the Nitsba loan has led to a
significant increase in credit enhancement for the class A2, B,
and C notes.  S&P has therefore raised its ratings on these
classes of notes.

In applying S&P's 2012 counterparty criteria, it considers that
its ratings in this transaction are constrained to its long-term
issuer credit rating on the account bank provider, Elavon
Financial Services Ltd. (AA-/Stable/A-1+).  Therefore, S&P's
rating on the class A2 notes has been constrained to 'AA- (sf)' .

Windermere VII CMBS is a pan-European multi loan CMBS transaction
that closed in May 2006 with a note balance of EUR782.25 million.
The underlying pool initially comprised 12 loans secured on real
estate assets in Germany, France, Spain, and Sweden.  On the
January 2013 interest payment date, seven loans remained
outstanding against a note balance of EUR174.09 million.  Five
loans, accounting for 57.55% of the original balance, have repaid
since closing.  The most recent loans to be repaid were the
Corpus and Nitsba loans, which repaid in October 2012 and January
2013, respectively.  The remaining seven loans are secured
against 15 office properties, six retail properties, and two
multifamily housing portfolios located in Germany, France, and
Spain.

          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

Windermere VII CMBS PLC
EUR782.25 Million Commercial Mortgage-Backed Floating-Rate Notes

Ratings Raised

A2           AA- (sf)         A+ (sf)
B            A+ (sf)          A (sf)
C            BBB+ (sf)        BBB (sf)

Ratings Lowered

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



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


PISTI 2010-1: S&P Puts 'B-' Rating on CreditWatch Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
its 'B- (sf)' credit rating on Pisti 2010-1 PLC's class A notes.

The CreditWatch placement is due to irregularities in the
investor reports.  The investor reports have understated the note
expense rate.  As a result, the transaction's implied excess
spread is much higher than it would otherwise be.

In addition, the available finance charge amount has not been
allocated in line with the finance charge priority of payments,
as outlined in the cash management agreement.

S&P will resolve its CreditWatch placement in due course if it
receives correctly updated reports.  If S&P do not receive this
information within a reasonable timeframe, it may withdraw its
rating on the class A notes.

Pisti 2010-1 is a securitization of credit card and revolving
loan receivables that Alpha Bank A.E. originated.

          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



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


MOL HUNGARIAN: S&P Affirms 'BB+' Long-Term Corp. Credit Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services said it had revised its
outlook on MOL Hungarian Oil and Gas PLC to negative from stable.
At the same time, the 'BB+' long-term corporate credit ratings
were affirmed.

The rating actions follow the revision of S&P's outlook on
Hungary.

S&P revised its outlook on MOL to reflect S&P's view of increased
risks that a tightening fiscal environment, deteriorating
operating conditions, and other regulatory changes could
constrain MOL's cash-generating capacity.  A downgrade of Hungary
would therefore likely result in a downgrade of MOL.

Nevertheless, S&P continues to rate MOL one notch higher than
Hungary.  This one-notch rating differential between MOL and the
sovereign reflects MOL's diversification into the profitable
exploration and production segment (70% of EBITDA in 2012) and
its healthy liquidity.  In addition, four of MOL's five
refineries are located outside Hungary, providing important
diversification into the economies of Slovakia and Croatia.  S&P
believes MOL derives more than 50% of its EBITDA outside Hungary,
and about 70% of the group's assets are located abroad.  This
geographic diversity should enable MOL to keep generating healthy
results.  It also allows for cash flow from outside Hungary that
can go toward repaying MOL's foreign currency debt, which is
another supporting factor.

Worsening operating conditions in Hungary could hurt MOL's profit
and cash flow generation ability, but S&P believes even in a
stressed scenario MOL should still be able to meet its financial
obligations.  S&P's stress tests assume, among other things, a
collapse in demand that affects demand for refined products and
gas, and further adverse tax measures.

Another mitigating factor is Hungary's membership of the EU.  EU-
wide regulations would make it difficult for Hungary to introduce
export or import barriers that would hamper MOL's operations.
This differentiates MOL from peers operating in non-EU countries.

In S&P's view, MOL's overall risk from operating in Hungary has
increased, given the lower-rated sovereign.  S&P expects the
tough operating conditions, uncertainty about the government's
future actions, and weakening demand for refined oil products to
continue.

The Hungarian government owns 24% of MOL, which in S&P's view is
run independently from the state.  S&P assess MOL's link with the
Hungarian government as limited and therefore have not included a
rating uplift.  MOL's oil and gas operations support its view of
its important role for the Hungarian government.  S&P factors in,
among other things, that the government spent nearly
EUR1.9 billion to buy 21.2% of MOL in 2011 and is unlikely to
dispose of this stake; it recently even raised it to 24.6%.

MOL's credit ratios are strong for the rating, which S&P
considers positive.  S&P forecasts the ratio of funds from
operations (FFO) to debt to remain in the 30%-35% range in 2013,
and free operating cash flow to be $400 million-$600 million,
under S&P's long-term oil price assumption of $80 per barrel of
oil equivalent.

The negative outlook on MOL reflects that a further downgrade of
Hungary would likely result in a downgrade of MOL, given S&P's
view of a maximum one-notch rating differential between MOL and
the sovereign.  It also reflects the risks that a tightening
fiscal environment, deteriorating operating conditions, and other
regulatory changes could constrain MOL's cash-generating
capacity.

Rating pressure could also arise if MOL were unable to maintain
"adequate" liquidity or S&P considered it unlikely to be able to
repay its financial obligations under a stress scenario.  In
addition, a downgrade could result if discretionary cash flow
(FOCF minus dividends) turned sharply negative and S&P estimates
FFO to debt of less than 25% for a sustained period.

S&P would also consider a rating action if MOL's access to banks
or capital markets were to decline.  Major acquisitions or
significant dividends would also put pressure on the ratings.
S&P views these as unlikely, however, given MOL's financial
policies and the uncertain macroeconomic environment.

The main condition for a revision of S&P's outlook on MOL to
stable would be a similar outlook revision for the sovereign
rating, supported by FFO to debt comfortably above 25% and at
least breakeven discretionary cash flow.  An upgrade is currently
unlikely.



=============
I C E L A N D
=============


OSWESTRY ACQUICO: S&P Affirms 'B+' Long-Term Corp. Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'B+'
long-term corporate credit rating on Oswestry Acquico Ltd.
(Iceland Foods), the parent company of U.K.-based frozen food
retailer Iceland Foods Group Ltd. (not rated).  The outlook is
stable.

At the same time, S&P raised its issue rating on Iceland Foods'
senior secured credit facilities to 'BB-' from 'B+'.  S&P also
revised upward its recovery rating on the senior secured credit
facilities, to '2' from '3'.  The recovery rating of '2'
indicates S&P's expectation of substantial (70%-90%) recovery
prospects in the event of a payment default.

The affirmation reflects S&P's view that Iceland Foods has
maintained resilient operating performance in challenging market
conditions.  In addition, the group has made loan repayments of
82.5 million, despite increased capital spending, and has secured
consent from its lenders to reduce the margin payable on all
tranches of its senior secured facilities by 50 basis points.

S&P continues to assess Iceland Foods' business risk profile as
"fair" and its financial risk profile as "highly leveraged," as
S&P's criteria define these terms.

Iceland Foods' "fair" business risk profile reflects S&P's view
of its position as a midsize player in the U.K. food retail
market, with a strong focus on the frozen food subsegment, which
is largely value-focused.  The group's "highly leveraged"
financial risk profile reflects S&P's view of its high Standard &
Poor's-adjusted debt after a management buyout in 2012.  The
group's "adequate" liquidity and positive free cash flow somewhat
mitigate its high leverage.

S&P expects that challenging macroeconomic conditions in the
U.K., coupled with high household indebtedness, will continue to
adversely affect retail spending in 2013.  That said, in S&P's
opinion, Iceland Foods' market position as a retailer of value
and frozen foods makes it resilient to the difficult
macroeconomic conditions in the U.K.  S&P has not seen the recent
contamination of beef products with horsemeat have a materially
adverse effect on Iceland Foods' operating performance.  In S&P's
base-case scenario, it forecasts flat to slightly positive (up to
1%) like-for-like sales growth over 2013 and 2014.  In S&P's
view, this should translate into reported top-line growth of more
than 5% for the financial year ended March 31, 2014, as a result
of an increase in new stores.  Due to ongoing highly competitive
market conditions and cost pressures, S&P anticipates that the
group's gross margin will remain largely stable at just over 13%
in financial 2014.

In S&P's view, notwithstanding the highly competitive U.K. market
and difficult macroeconomic conditions, Iceland Foods should be
able to maintain its market position in the value foods and
frozen food segment.  S&P also anticipates that the group should
be able to sustain the necessary financial flexibility to service
its highly leveraged debt structure and undertake modest
deleveraging through internal cash generation.

The rating could come under downward pressure if Iceland Foods'
EBITDA cash interest coverage slips to less than 2x as a result
of operating pressures or higher levels of discretionary spending
than S&P anticipates.  Further ratings downside could occur if
unexpected operating setbacks from a decline in sales, a
weakening market share, or brand damage were to cause the group's
gross margin to decline by more than 200 basis points, rendering
liquidity "less than adequate" under S&P's criteria.

Although S&P anticipates a reduction in senior debt, it forecasts
that adjusted debt to EBITDA (including the vendor loan notes)
will remain about 6x as a result of high capex and interest
accrual on the vendor loan notes.  S&P believes that an upgrade
is unlikely until the ratio of adjusted debt to EBITDA (including
the vendor loan notes) falls to less than 5x.



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


ALLIED IRISH: Posts Pre-Tax Loss of EUR3.8 Billion in 2012
----------------------------------------------------------
Colm Kelpie at Independent.ie reports that state-owned AIB
suffered a pre-tax loss of EUR3.8 billion last year but its chief
executive David Duffy remains confident that it can return to
profitability next year.

According to Independent.ie, the bailed-out lender, which
received more than EUR20 billion from taxpayers, had an operating
loss before exceptionals of EUR2.8 billion -- down 65% from
EUR8.1 billion the previous year.

Mr. Duffy -- who was paid EUR546,000 before he took a pay cut
last year -- described 2012 as a challenging year, Independent.ie
relates.

"Our ambition is to return to sustainable profitability in 2014
and, based on the results, we still maintain that as a viable
target," Independent.ie quotes Mr. Duffy as saying.

"While 2012 was another very challenging year for the group, a
number of important steps were taken to position the bank for
recovery over the longer term.

"We continued to make progress on restructuring our balance sheet
and undertook a number of strategic initiatives which will reduce
the bank's cost base over time."

                     About Allied Irish Banks

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


PERMANENT TSB: Pre-Tax Losses Widen to EUR922 Million in 2012
-------------------------------------------------------------
Jamie Smyth at The Financial Times reports that losses at
Permanent TSB widened last year amid an escalating mortgage
crisis in Ireland that has seen one in five of the lender's home
loans fall into arrears.

The bank, which was nationalized during Ireland's banking crisis,
reported on Tuesday a pre-tax loss of EUR922 million in the 12
months to end December 2012, up from EUR505 million in 2011, the
FT relates.

Impairment charges on bad loans fell to EUR891 million last year,
down from EUR1.47 billion a year earlier, the FT discloses.
However, the bank's pre-tax losses increased as Permanent TSB had
benefited from a one-off gain of EUR963 million in 2011 when it
bought back its own debt in a liability exercise, the FT notes.

Dublin plans to transform Permanent TSB into a "third national
bank" that can provide competition to Bank of Ireland and Allied
Irish Banks in a rapidly shrinking Irish banking market, the FT
discloses.  According to the FT, under a restructuring plan,
which still needs to be signed off by the European Commission,
the bank is being split into a "good" and "bad" bank in an
attempt to deal with non-performing loans.

Permanent TSB is formerly Irish Permanent and TSB bank.


PREPS 2005-2: Fitch Affirms 'C' Ratings on Five Note Classes
------------------------------------------------------------
Fitch Ratings has affirmed eight classes of notes from the
transactions Preps 2005-2, Preps 2006-1 and Preps 2007-1.

Key Rating Drivers

The affirmation reflects the agency's view that the current
ratings are in line with the transactions' overall performance.

Preps 2005-2 reached scheduled maturity in December 2012. Since
the companies' profit participation agreements securitized in the
pool are bullet loans with the same tenor, they all became due on
the same scheduled maturity date. The senior class A1 and A2
notes have been repaid in full, however the junior class B1 and
class B2 notes are still outstanding which is because the
underlying asset portfolio did not yield sufficient cash.

Thirteen companies with a total notional of EUR12 million in the
Preps 2005-2 pool are in the process of work-out upon not
repaying their debt on the scheduled maturity date. Their total
notional of EUR12 million is significantly lower than the class
B1 and B2 current total outstanding balance of EUR52.26 million.
According to the portfolio manager, the sale of two profit
participation agreements is not yet reflected in the outstanding
class B1 and B2 note balances. The received cash in the amount of
EUR3.9 million will be allocated according to the waterfall on
the June 2013 payment date. Part of this cash will be allocated
to the class B1 and B2 notes which will reduce their current
outstanding balances.

Even if all of the 13 companies in Preps 2005-2 managed to fully
repay their outstanding loan amounts of EUR12 million (which is a
highly unlikely scenario), the cash received would not be
sufficient to fully redeem the outstanding class B1 and B2 notes
until their legal final maturity date in December 2014.

Therefore, the agency affirmed Preps 2005-2's class B1 and B2
notes at 'Csf' which indicates that a default appears inevitable.

Preps 2006-1 has shown two additional principal deficiency ledger
(PDL) events since the last rating action in April 2012.
Accordingly, the outstanding PDL balance slightly increased to
EUR51.47 million from EUR48.15 million, thus resulting in a lower
outstanding performing pool balance. The available credit
enhancement of 19.87% (calculated based on the
overcollateralization provided by the outstanding performing pool
balance of EUR215.5 million over the class A1 and A2 outstanding
notes of EUR172.68 million) is sufficient to provide for the
default of the three largest obligors, before the senior class A1
and A2 notes are under-collateralized.

The Preps 2006-1's senior class A1 and A2 notes have more credit
enhancement which can provide for the potential default of more
large obligors compared to the other Preps transactions. Hence,
the agency affirmed the Preps 2006-1's senior class A1 and A2
notes' ratings at 'Bsf' which implies a material default risk,
although a limited margin of safety remains.

Preps 2007-1 has shown two additional PDL events since the last
rating action in April 2012. Accordingly, the outstanding PDL
balance rose to EUR58.62 million from EUR49.8 million. This
resulted in a lower outstanding performing pool balance of EUR162
million which only marginally exceeds the senior class A1 note of
EUR149.6 million. This overcollateralization is sufficient to
provide for a potential default of the largest obligor only.

Given the small overcollateralization left in Preps 2007-1, the
agency regards the senior class A1 notes to be exposed to
substantial credit risk which is reflected in the current 'CCCsf'
rating.

Similar to the Preps 2005-2 transaction, the subordinated class B
notes in Preps 2006-1 and Preps 2007-1 already have negative
credit enhancement when the outstanding PDL balances are taken
into account. In the event that the PDL balance is not fully
cleared by the transactions' legal maturity (July 2015 for Preps
2006-1 and March 2016 for Preps 2007-1), which is likely given
the current performance, losses will be allocated to these notes.
This is reflected in the current 'Csf'-rating of the class B
notes.

A key risk in these transactions is the upcoming refinancing risk
that amplifies the existent credit risk associated with each one
of the portfolio companies. All the loans are bullet loans
maturing on the same day. Fitch is not aware of the refinancing
routes that the particular companies usually go. This risk is
reflected in the credit rating and the Negative Outlook of all
notes rated above 'CCCsf'. Fitch is in contact with the asset
managers and will review any available information on the
repayment and refinancing plans of the borrowers.

Fitch assigned Recovery Estimates (REs) to all notes rated
'CCCsf' or below. REs are forward-looking recovery estimates,
taking into account Fitch's expectations for principal repayments
on a distressed structured finance security.

The PREPS series are cash securitizations of subordinated loans
to medium-sized enterprises located in up to eight jurisdictions,
including Germany, Austria, Switzerland, Italy, Belgium,
Luxembourg, the Netherlands and the United Kingdom.

RATING SENSITIVITES

The transactions are primarily sensitive to the performance of
single obligors during their lifetime given the significant
obligor concentrations. Further, the transactions are also
exposed to the refinancing risk since all the loans become due on
the scheduled maturity date. These risks are reflected in the
current ratings of the notes.

The rating actions are:

PREPS 2005-2 plc (PREPS 2005-2):

  -- EUR40,161,652 class B1 notes (ISIN: XS0236849930): affirmed
     at 'Csf; assigned 'RE0%'

  -- EUR12,096,883 class B2 notes (ISIN: XS0236850862): affirmed
     at 'Csf; assigned 'RE0%'

PREPS 2006-1 plc (PREPS 2006-1):

  -- EUR172,037,188 class A1 notes (ISIN: XS0261122732): affirmed
     at 'Bsf'; Outlook Negative

  -- EUR650,288 class A2 notes (ISIN: XS0261125081): affirmed at
     'Bsf'; Outlook Negative

  -- EUR40,000,000 class B1 notes (ISIN: XS0261125677): affirmed
     at 'Csf'; assigned 'RE0%'

  -- EUR9,000,000 class B2 notes (ISIN: XS0261127376): affirmed
     at 'Csf'; assigned 'RE0%'

PREPS 2007-1 plc (PREPS 2007-1):

  -- EUR149,615,696 class A1 notes (ISIN: XS0289620709): affirmed
     at 'CCCsf'; assigned 'RE70%'

  -- EUR35,000,000 class B1 notes (ISIN: XS0289620881): affirmed
     at 'Csf'; assigned 'RE0%'


VERSAILLES CLO: S&P Lowers Rating on Class E Notes to 'CCC+'
------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its credit ratings
on Versailles CLO M.E. I PLC's class D and E notes.  At the same
time, S&P has affirmed its ratings on the class S, A-1-D, A-1-T,
A-2, B, and C notes.

S&P used data from the trustee report dated Jan. 2, 2013, and its
cash flow analysis to review the transaction's performance.

Since S&P's previous review of the transaction on May 15, 2012,
the aggregate collateral balance has significantly deteriorated
to EUR308 million from EUR333 million due to defaults in the
underlying portfolio.  As a result, the credit enhancement
available has decreased for all classes of notes, except the
class S notes, which have been amortizing.

Since S&P's May 2012 review, the class E notes have failed their
par value test (this test measures the overcollateralization
ratio).  This caused the class A-1-D, A-1-T, and A-2 notes to
partially amortize with available interest proceeds on the
January 2013 interest payment date, which coincided with the end
of the reinvestment period.

The transaction benefits from the underlying portfolio's improved
diversification, and a decrease to 5.8% from 7.2% in the
proportion of assets that S&P considers to be rated in the 'CCC'
category ('CCC+', 'CCC', and 'CCC-').  In addition, since S&P's
previous review, the transaction's weighted-average life has
decreased to 4.3 years from 4.6 years, the weighted-average
spread has increased to 3.41% from 3.94%, and the weighted-
average recovery rates have slightly improved.

S&P subjected the transaction's capital structure to a cash flow
analysis to determine the break-even default rate for each rated
class, at each rating level.  S&P used the portfolio balance that
it considers to be performing (EUR308 million), the reported
weighted-average spread (3.94%), and the weighted-average
recovery rates that S&P considers to be appropriate.  S&P
incorporated various cash flow stress scenarios using its
standard default patterns, levels, and timings for each rating
category assumed for each class of notes, in conjunction with
different interest rate stress scenarios.

Following S&P's cash flow analysis, it considers the level of
credit enhancement available to the class D and E notes to be
commensurate with lower ratings than those currently assigned.
In addition, the application of the largest obligor default test
caps S&P's ratings on the class D and E notes at 'BB+ (sf)' and
'CCC+ (sf)', respectively.  S&P has therefore lowered its ratings
on the class D and E notes.

The largest obligor default test is a supplemental stress test
that S&P introduced in its 2009 criteria update for corporate
collateral debt obligations (CDOs).

S&P has affirmed its ratings on the class S, A-1-D, A-1-T, A-2,
B, and C notes because it considers the credit enhancement
available to be commensurate with the currently assigned ratings.

Versailles CLO M.E. I is a 2006-vintage cash flow collateralized
loan obligation (CLO) transaction backed primarily by leveraged
loans to speculative-grade corporate firms.  BNP Paribas manages
the transaction.

          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

Versailles CLO M.E. I PLC
EUR337.5 Million Floating-Rate Notes And Subordinated Notes

Ratings Lowered

D               BB+ (sf)           BBB- (sf)
E               CCC+ (sf)          BB- (sf)

Ratings Affirmed

S               AAA (sf)
A-1-D           AA+ (sf)
A-1-T           AA+ (sf)
A-2             AA+ (sf)
B               A+ (sf)
C               BBB+ (sf)


* IRELAND: Number of Business Failures Down 20% in First Quarter
----------------------------------------------------------------
Sarah McCabe at Independent.ie reports that the number of Irish
companies going out of business fell by 20% in the first three
months of this year.

According to the latest research, there were 347 business
failures in the first three months of the year, compared to 433
over the same period in 2012, according to the latest research,
Independent.ie notes.

The services sector saw the most significant reduction, while
construction company insolvencies also fell, indicating that some
level of stability may be returning to that industry,
Independent.ie discloses.

However, the retail and hospitality sectors are still seeing high
levels of business failure, Independent.ie notes.

The number of retailers going out of business increased by nearly
two-fifths over the period, Independent.ie says, citing the
Insolvency Journal, which is linked to accountancy firm Kavanagh
Fennell.

It was the worst trading performance for the retail industry
since the financial crisis began five years ago, according to the
bankruptcy data specialist, Independent.ie states.

According to company statistics provider Vision-net, five
companies a day were declared insolvent in March alone,
Independent.ie notes.  However, the 120 insolvencies recorded was
still 9% less than in March of last year, Independent.ie says.

Vision-net says 62 of these were liquidated, 54 entered
receivership, and an examiner was appointed to four companies,
according to Independent.ie.

The tally includes seven examinerships so far this year,
Independent.ie discloses.

Another sign of economic stress is evident court orders relating
to unpaid debt, Independent.ie states.  According to
Independent.ie, more than EUR81 million has been awarded by the
courts to creditors over unpaid debts since the start of the
year.



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


BANCA MONTE: Posts EUR1.59-Bil. Loss as Bad Loan Provisions Rise
----------------------------------------------------------------
Sonia Sirletti at Bloomberg News reports that Banca Monte dei
Paschi di Siena SpA, Italy's third biggest bank, reported a third
straight quarterly loss, missing analysts estimates, on soaring
bad-loan provisions and lower income from lending.

According to Bloomberg, the Siena-based lender said in a
statement on Thursday that the net loss of EUR1.59 billion (US$2
billion) in the fourth quarter compared with a loss of EUR5
billion a year earlier, when the bank wrote down goodwill related
to acquisitions.  That missed the EUR686.3 million loss estimated
by 11 analysts surveyed by Bloomberg.

Monte Paschi, engulfed by investigations of its former managers,
is selling assets, cutting costs and reducing risks to return to
profit, Bloomberg discloses.

Chief Executive Officer Fabrizio Viola and Chairman Alessandro
Profumo, appointed last year to turn around the 541-year-old
bank, are trying to regain confidence of investors after the
lender was forced to seek a second state rescue in four years and
to take a EUR730 million hit linked to derivative contracts,
Bloomberg notes.

"The bank will likely need more help going forward, as its bad
loans continue to rise, and its operating profits struggle,"
Bloomberg quotes Alberto Gallo, head of European credit research
at Royal Bank of Scotland Group Plc, as saying.

Loan-loss provisions increased to EUR1.37 billion in the quarter
from EUR464 million a year earlier, Bloomberg discloses.  Revenue
declined 37% to EUR778.3 million, hurt by a net interest income
drop of 52% to EUR434.5 million, Bloomberg says.

Bloomberg relates that the new management said in June it would
strengthen finances by selling its leasing and consumer credit
units, closing 400 branches and eliminating 4,600 jobs by 2015.
The revised plan has to be submitted to the European Banking
Authority (BMPS) by June, Bloomberg states.

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

                          *     *     *

As reported by the Troubled Company Reporter-Europe on Feb. 4,
2013, Standard & Poor's Ratings Services said that it lowered its
long-term counterparty credit rating on Italy-based Banca Monte
dei Paschi di Siena SpA (MPS) to 'BB' from 'BB+'. S&P also
lowered its rating on MPS' Lower Tier 2 subordinated notes to
'CCC+' from 'B-'.  These ratings remain on CreditWatch, where S&P
originally placed them with negative implications on Dec. 5,
2012.  S&P lowered the ratings on MPS' junior subordinated debt
to 'CCC' from 'CCC+' and on its preferred stock to 'CCC-' from
'CCC'.  S&P also placed these ratings on CreditWatch with
negative implications.  S&P affirmed its 'B' short-term
counterparty credit rating on the bank.  The downgrade follows
MPS' recent announcement related to the investigation of
potential losses on three structured transactions.


PRELIOS: Approves EUR561-Mil. Debt Restructuring Plan
-----------------------------------------------------
Jennifer Clark at Reuters reports that Prelios said on Wednesday
it approved a EUR561 million (US$717 million) debt restructuring
plan, as well as a EUR185 million capital increase.

According to Reuters, the heavily indebted company manages
properties in Italy and Germany and has been hit hard by
writedowns on real estate investments in its recession-hit home
market.

Reuters relates that Prelios said its net loss for 2012 was
EUR241.7 million, compared to a loss of EUR289.6 million in 2011,
as a result of real estate writedowns and restructuring costs.

Prelios also approved a new 2012-2016 business plan, Reuters
discloses.

Prelios is an Italian real estate management company.


* ITALY: Fitch Says Insurers Face Contrasting Fortunes
------------------------------------------------------
Fitch Ratings says in a newly-published comment that Italian
insurers have experienced contrasting fortunes since 2009, with
winners and losers emerging through a process of natural
selection in a period of financial stress.

Fitch expects pressure on premium income to continue throughout
2013 as the deep recession and austerity measures in Italy
squeeze households' disposable income. In the life market, low
bond yields are reducing the investment guarantees that insurers
can offer, making their savings products less attractive to
customers. In the non-life market, Fitch expects motor premium
rates to flatten in 2013.

The greatest risk to Italian insurers' credit quality is the
eurozone debt crisis. As long as spreads on Italian sovereign
debt remain volatile, the profitability of life insurers in
particular will also be volatile.

The comment "Italian Insurance: Headwinds Continue Contrasting
Fortunes in a Stagnant Market" is available at
www.fitchratings.com or by clicking on the link above.



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


IC ALLIANCE-LIFE: Fitch Assigns 'B' IFS Rating; Outlook Stable
--------------------------------------------------------------
Fitch Ratings has assigned Kazakhstan-based IC Alliance-Life
Insurance JSC (Alliance-Life) an Insurer Financial Strength (IFS)
rating of 'B' and a National IFS rating of 'BB(kaz)'. The
Outlooks are Stable.

Key Rating Drivers

The ratings reflect a high concentration of Alliance-Life's
insurance portfolio in annuity business, negative net income in
2012 and the company's short track record of operations, as well
as the low credit quality of its investment portfolio. More
positively, the ratings also take into account the shareholder
support of KZT1 billion provided in 2012 and the resulting
satisfactory level of capitalization.

Alliance-Life's insurance portfolio is significantly
concentrated, with 78% of total gross written premiums (GWP) in
annuity business in 2012. Fitch believes that this concentration
makes Alliance-Life's capital particularly vulnerable to
longevity and interest rate risks inherent in annuity-type
products and limits the company's risk diversification. Fitch's
concerns are exacerbated by the short track record of the
company's operations, limited availability of mortality
statistics and scarce investment opportunities in Kazakhstan. In
particular, there is a significant duration mismatch between the
assets and liabilities, due to the lack of suitable long-duration
bonds.

Alliance-Life reported a net loss of KZT1 billion in 2012, for
the most part caused by a one-off technical reserve adjustment
and increase in the administrative expenses, as the company
invested in the development of new insurance products. The
company does not expect net income to be positive in 2013.

In 2012 the company received capital injections totaling around
KZT1 billion from its shareholders, which helped to maintain its
equity at KZT1.4 billion at end-2012 (end-2011: KZT1.4 billion).
The main reason for the re-capitalization was to cover the
reserving deficiencies, as revealed by internal actuarial
calculations. Fitch understands the insurance reserve increase
was necessary because of the change in statutory requirements for
the discount rate to be used. Fitch views the capital injections
positively and considers them to be evidence of the shareholder's
willingness to support the company.

The reserving deficiency was reflected in the fall in Alliance-
Life's statutory solvency margin cover to 49% at end-5M12. The
solvency margin remained under 100% until Q412, when a tranche of
KZT0.7 billion of capital was injected. After the capital
injection, the statutory solvency margin recovered and stood at
110% at end-2012. Following the capital injections, based on
Fitch's own internal assessment, Alliance-Life's risk-adjusted
capital position at end-2012 is in line with its ratings.

The quality of Alliance-Life's invested assets is relatively low,
with significant holdings of below-investment-grade debt, in
common with Kazakhstani insurers generally. The level of
diversification is also low, with the majority of assets
concentrated in the Kazakhstani banking sector. However, the
liquidity profile of these investments is satisfactory.

Rating Sensitivities

Fitch would view a material decline in Alliance-Life's risk-
adjusted capitalization or a sustained fall in its statutory
solvency margin below 100% as triggers for a downgrade. Any
indication that the shareholder would not be willing to support
Alliance-Life would also be viewed negatively for the ratings.

Alliance-Life's ratings could be upgraded if the company's
insurance portfolio becomes materially less concentrated, or if
it proves its ability to generate sustainable profit. However,
Fitch does not expect to see such developments in the near term.



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


AEG POWER: S&P Cuts Corp. Credit Rating to 'CCC+'; Outlook Neg.
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term corporate credit rating on Netherlands-based power solutions
provider AEG Power Solutions B.V. to 'CCC+' from 'B-'.  The
outlook is negative.

The downgrade follows a combination of unfavorable factors that
have negatively affected AEG Power Solutions' operating
performance.  Preliminary results for 2012 are weaker than S&P
forecasts in its base case, with EUR18 million of reported EBITDA
being materially lower than S&P's projection of more than
EUR30 million.  In addition, cash outflow for the year was about
EUR40 million, more than double S&P's forecast of negative free
operating cash flow of EUR16 million.  This level of earnings and
cash generation resulted in weaker credit ratios than S&P
anticipated.  S&P is therefore revising its assessment of AEG
Power Solutions' financial risk profile to "highly leveraged"
from "aggressive."  The company has also delayed the release of
its detailed year-end financial statements.

In addition, AEG Power Solutions has reported that as of Dec. 31,
2012, it has not received a due payment from a major customer
that has centralized its procurement through a Cypriot
subsidiary.  As of Dec. 31, 2012, this customer represented 37.5%
of AEG Power Solutions' EUR124.5 million of receivables (the
related past due amount has been fully reserved for in the
accounts and totaled EUR8.5 million).  In S&P's opinion, and as
management has acknowledged, a failure to collect a material
payment could pose a significant financial difficulty for AEG
Power Solutions.  If such a situation were to occur, AEG Power
Solutions' credit quality could deteriorate further, in S&P's
opinion, and this could result in S&P taking a negative rating
action.

Having said that, management expects to collect the outstanding
amount in full from the aforementioned major customer and to
maintain its strong business relationship with this customer.
However, in S&P's opinion, even if AEG Power Solutions resolves
this issue in accordance with the agreed timetable, S&P
anticipates that the company's earnings in 2013 will be largely
in line with 2012 and as such, will not be sufficient to restore
its credit metrics to a level that S&P sees as commensurate with
its previous 'B-' rating.

There is a one-in-three chance that S&P could take a negative
rating action over the next 12 months if AEG Power Solutions
fails to collect material payments from its major customer or if
its earnings and cash position continue to deteriorate.

Downside risks to AEG Power Solutions' performance in 2013 could
result in the company's credit quality deteriorating further and
liquidity ceasing to qualify as "adequate" under S&P's criteria.
S&P could, for instance, take a negative rating action if it
foresees that cash flow generation will fail to materially
improve from the negative EUR40 million in 2012.

S&P could revise the outlook to stable if AEG Power Solutions'
business position strengthens over the near term.  A stable order
intake, a strong contract base, steady revenues, and operating
profitability at least in line with the level in 2012 would be
important factors for an outlook revision.  An outlook revision
would also likely depend on funds from operations to debt being
about 10%, alongside neutral to moderately positive free
operating cash flow.



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


TVN SA: S&P Affirms 'B+' Corporate Credit Rating; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'B+' long-term corporate credit rating on Poland-based private TV
broadcaster TVN S.A.  The outlook is stable.

At the same time, S&P withdrew its 'B+' issue rating on the
proposed EUR485 million senior unsecured notes that were to be
issued by TVN Finance Corporation III AB.

S&P also affirmed its 'B+' issue rating on the existing
EUR593 million senior unsecured notes due 2017 issued by TVN
Finance Corporation II AB and EUR175 million senior unsecured
notes due 2018 issued by TVN Finance Corporation III.

S&P believes TVN's decision to postpone the refinancing of its
2017 notes should result, all else equal, in lower leverage, as
adjusted by Standard & Poor's, over the next 12 months compared
with the proposed refinancing structure.  S&P now believes TVN's
gross adjusted leverage could reach about 5.0x at year-end 2013,
versus S&P's previous forecast of more than 5.5x under the
proposed refinancing.  In addition, S&P continues to think that
TVN will generate positive free operating cash flow from 2013,
following the deconsolidation of its pay-TV platform "n".

S&P's forecast of lower leverage reflects its belief that TVN
will pay substantially lower premiums and accrued interest to
repurchase part of the 2017 notes than it would have under its
previously proposed refinancing.  Under the company's current
bond indentures, TVN must prepay its existing notes using the net
proceeds of the sale of the Internet portal Onet in 2012.

S&P's base-case scenario continues to reflect its assumption that
Poland's advertising market will contract by a mid-single-digit
percentage in 2013, and that TVN will use about Polish zloty
(PLN) 758 million (about EUR183 million) of the Onet disposal
proceeds to lower debt.

TVN's leading position in TV in Poland, solid profitability in
free-to-air TV, and adequate programming cost control through
own-content production support S&P's assessment of TVN's business
risk profile as "fair."  TVN also operates in one of the European
economies least-affected by the recent recession.

The stable outlook reflects S&P's view that TVN's adjusted gross
leverage, under S&P's base-case scenario, will improve to about
5x by year-end 2013 as the company uses the proceeds of its Onet
disposal to reduce debt.  S&P views this ratio as commensurate
with the 'B+' rating.

S&P could consider a negative rating action if TVN's operating
performance declined significantly below its current forecast of
approximately PLN500 million EBITDA in 2013.  S&P could consider
an upgrade if TVN reported sustainable and positive cash flow,
resulting in adjusted FFO to debt of more than 15% and adjusted
gross debt to EBITDA of less than 4.5x on a sustainable basis.



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


HIPOTOTTA NO. 7: S&P Lowers Rating on Class D Notes to 'B+'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on HipoTotta No. 7 Ltd.'s
class A2 and B notes.  At the same time, S&P has lowered its
ratings on the class C and D notes, and has affirmed its ratings
on the class E and F notes.

The rating actions reflect S&P's credit and cash flow analysis,
and the application of its Portuguese residential mortgage-backed
securities (RMBS) criteria, 2012 counterparty criteria, and
nonsovereign ratings criteria.

In accordance with S&P's nonsovereign ratings criteria, the
maximum rating differential between Portuguese issuers or
transactions and the related sovereign rating on the Republic of
Portugal is five notches.  Given that S&P's long-term sovereign
credit rating on the Republic of Portugal is 'BB', under S&P's
criteria, the ratings on the notes in structured finance
transactions backed by Portuguese assets should be no higher than
'A-'.

In S&P's opinion, the increased country risk in Portugal, which
has resulted from the economic recession and rising unemployment,
has reduced both the ability and willingness of obligors to repay
their debts.  To absorb this increased credit risk, S&P believes
that structured finance notes should be able to withstand losses
that would be at least 1.3 times the initial loss expectations
for each rating level.  S&P has adjusted its weighted-average
foreclosure frequency (WAFF) and weighted-average loss severity
(WALS) calculations accordingly, to reflect this risk.

In HipoTotta No. 7, all borrowers pay into a proceeds account
held with Banco Santander Totta S.A. (BB/Stable/B).  Although
losses on this account should not occur and are protected by
Portuguese securitization law, S&P has applied a liquidity stress
of one month's principal and interest collections.

"On Oct. 19, 2012, we placed our ratings on HipoTotta No. 7's
class A2 and B notes on CreditWatch negative following our Oct.
15 downgrade of the swap provider, Banco Santander S.A.
(BBB/Negative/A-2).  As the swap documentation does not comply
with our 2012 counterparty criteria and the swap provider did not
take remedy actions following the breach of the rating
replacement trigger, we have conducted our analysis both with and
without giving benefit to the swap.  This analysis determines if
the notes can achieve a rating higher than our long-term issuer
credit rating (ICR) on the swap provider if we do not give
benefit to the swap, therefore delinking our ratings on the notes
from our long-term ICR on the swap provider," S&P said.

Although arrears remain relatively low, given the process of
writing off loans more than 18 months in arrears, S&P's WAFF and
WALS have increased since its previous review.  This increase is
largely due to house price declines, which is demonstrated by
HipoTotta No. 7's higher stressed weighted-average loan-to-value
ratio (96%) than those observed in earlier HipoTotta deals.  S&P
has applied haircuts to the valuations based on observed declines
in the Portuguese house price index since the weighted-average
origination date.  This has contributed to an increased WAFF and
WALS in the transaction, although it has seen a larger relative
increase (than in earlier HipoTotta transactions) given the
decline in property prices observed since the weighted-average
origination date.

The increase in WAFF and WALS levels has not been met by a
corresponding increase in credit enhancement.  The build-up of
credit enhancement has been curtailed by successive drawings on
the reserve fund on each of the last three interest payment
dates. Therefore, when S&P considers HipoTotta No. 7 without the
benefit of the interest rate swap, the current ratings on the
notes cannot be maintained.  Given that the swap agreement does
not comply with S&P's 2012 counterparty criteria and as the swap
provider has not complied with its obligation to post collateral
upon loss of the required rating, S&P has capped its ratings on
the notes in this transaction at 'BBB' (the long-term issuer
credit rating on Banco Santander).  As such, and based on the
outcome of S&P's cash flow analysis, it has lowered to 'BBB (sf)'
from 'A- (sf)' and removed from CreditWatch negative its rating
on HipoTotta No. 7's class A2 notes, and lowered to 'BBB- (sf)'
from 'A- (sf)' and removed from CreditWatch negative its rating
on the class B notes.

The class C and D notes cannot maintain their current ratings as
the transaction's structural features do not sufficiently
mitigate the increased WAFF and WALS.  S&P has therefore lowered
its ratings on the class C notes to 'BB (sf)' from 'BBB- (sf)'
and on the class D notes to 'B+ (sf)' from 'BB- (sf)'.  In line
with S&P's rating definitions, it has also affirmed its 'B (sf)'
ratings on the class E notes as it do not expect any interest
shortfalls on this class of notes in the immediate future.

The class F notes, which were used at closing to fund the cash
reserve, are paid through excess spread at the bottom of the
priority of payments.  As S&P still anticipates that the class F
notes will default at some point in the future, given the
prevailing economic conditions in the Portuguese market, S&P
has affirmed its 'CCC- (sf)' rating on the class F notes.

HipoTotta No. 7 is an RMBS transaction backed by Portuguese
residential mortgages originated by Banco Santander Totta.

          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           Rating
            To               From

HipoTotta No. 7 Ltd.
EUR2.02 Billion Mortgage-Backed Floating-Rate Notes and Variable-
Rate Notes

Ratings Lowered and Removed From CreditWatch Negative

A2          BBB (sf)         A- (sf)/Watch Neg
B           BBB- (sf)        A- (sf)/Watch Neg

Ratings Lowered

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

Ratings Affirmed

E           B (sf)
F           CCC- (sf)


LUSITANO MORTGAGES 6: S&P Cuts Rating on Class E Notes to 'CCC'
---------------------------------------------------------------
Standard & Poor's Ratings Services has taken various credit
rating actions in Lusitano Mortgages No. 5 PLC, Lusitano
Mortgages No. 6 Ltd., and Lusitano Mortgages No. 7 Ltd.

Specifically, S&P has affirmed its rating on:

   -- Lusitano Mortgages No. 5's class A notes and lowered its
      ratings on the class B, C, and D notes;

   -- Lusitano Mortgages No. 6's class A notes and lowered its
      ratings on the class B, C, D, and E notes; and

   -- Lusitano Mortgages No. 7's class A and B notes.

The rating actions follow S&P's credit and cash flow analysis of
the most recent information that it has received for the
transactions and the application of its relevant criteria.  S&P
also consider that the application of its 2012 counterparty
criteria did not constrain its ratings in these Lusitano
Mortgages transactions.

S&P's non-sovereign ratings criteria cap the maximum potential
ratings in structured finance transactions at five notches above
the rating on the sovereign in which the securitized assets are
based.  Therefore, S&P's non-sovereign ratings criteria cap at
'A- (sf)' its ratings in Portuguese RMBS transactions, including
the Lusitano Mortgages transactions -- five notches above the
rating on Portugal (BB/Stable/B).  The Lusitano Mortgages
transactions are exposed to country risk because of the 100%
concentration of the securitized assets in Portugal.

In S&P's opinion, the recession and rising unemployment
associated with increased country risk may affect obligors'
ability to pay the amounts due under the mortgages, contracted
with the originator and servicer of these loans.  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 S&P's revised
assessment of Portuguese country risk on March 7, 2012.

Following the incorporation of increased country risk in S&P's
credit analysis and following the application of its Portuguese
residential mortgage-backed securities (RMBS) criteria, S&P has
observed an increase in the WAFF at all rating levels in all
three transactions due to increasing arrears and its forecast for
credit performance.  The WALS (weighted-average loss severity)
has increased at all rating levels in all three transactions due
to the ongoing decline in Portuguese house prices.

                      LUSITANO MORTGAGES NO. 5

This transaction is currently undercollateralized by
EUR4,039,706.80, as its credit quality has deteriorated over the
past year.  The reserve fund has been depleted since October
2012. Interest has not been paid to the class E noteholders since
April 2010 due to credit quality deterioration and outstanding
amounts in the principal deficiency ledger (PDL).  Accordingly,
the credit enhancement for all of the notes in this transaction
has decreased since S&P's previous review, as the level of
available proceeds in the transaction has decreased further.

Taking into the account S&P's revised credit assumptions and its
opinion of the transaction's structural features, it has affirmed
its 'A- (sf)' rating on the class A notes because the level of
credit enhancement available to these notes mitigates the effect
of asset undercollateralization in the transaction.  At the same
time, S&P has lowered its ratings on the class B, C, and D notes
due to the decrease in the level of credit enhancement available
to these classes of notes.

                      LUSITANO MORTGAGES NO. 6

This transaction is currently undercollateralized by
EUR4,967,673.29, as its credit quality has deteriorated over the
past year.  The reserve fund has been depleted in September 2012,
and this transaction has not been able to generate enough excess
spread to pay the class F notes' interest since December 2008.

S&P has affirmed its 'A- (sf)' rating on the class A notes
because the level of credit enhancement available to these notes
mitigates the effect of asset undercollateralization.

At the same time, S&P has lowered its ratings on the class B, C,
and D notes due to the decrease in credit enhancement since its
previous review, as the transaction is currently
undercollateralized.

S&P has lowered to 'CCC (sf)' from 'B- (sf)' its rating on the
class E notes because the gross default cumulative ratio has
increased by 1.31 percentage points to 6.47% since November 2011.
In light of this increase, S&P expects this ratio to reach the 8%
trigger for the class E notes within 12 to 18 months.  If this
occurs, the interest due on these notes will be subordinate to
the PDL under the transaction documents.  The issuer did not cure
the PDL on the past two interest payment dates and the reserve
fund has been fully drawn.  Therefore, if these conditions do not
change, the class E notes will default if the gross default
cumulative ratio trigger reaches 8% in 12 to 18 months.

                     LUSITANO MORTGAGES NO. 7

In this transaction, the level of 90+ days arrears increased over
the past year and it is not able to generate sufficient excess
spread to clear the PDL balance.

Under the transaction documents, the reserve fund is at its
target level.  The reserve fund can be used to pay items senior
to -- and including --the class A and B notes' interest.

Despite the increase in the level of credit coverage required
under the transaction documents, the actual current level of
credit enhancement in this transaction is still sufficient to
support the currently assigned ratings on the class A and B
notes. S&P has therefore affirmed its ratings on the class A and
B notes.

Lusitano Mortgages No. 5, 6, and 7 are Portuguese RMBS
transactions that closed between 2006 and 2008.  The transactions
securitize first-ranking mortgages originated by Banco Espirito
Santo S.A.).

          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 Reports
included in this credit rating report are available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class       Rating               Rating
            To                   From

Lusitano Mortgages No. 5 PLC
EUR1.412 Billion Mortgage-Backed Floating-Rate Notes

Rating Affirmed

A       A- (sf)

Ratings Lowered

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

Lusitano Mortgages No. 6 Ltd.
EUR1.122 Billion Mortgage-Backed Floating-Rate notes

Rating Affirmed

A       A- (sf)

Ratings Lowered

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

Lusitano Mortgages No. 7 Ltd.
EUR1.957 Billion Mortgage-Backed Floating-Rate notes

Ratings Affirmed

A       A- (sf)
B       BB- (sf)



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


EVRAZ GROUP: Highveld Stake Disposal No Impact on Ba3 CFR
---------------------------------------------------------
Moody's Investors Service said that it views as credit positive
for Evraz Group S.A. ('Evraz'; Ba3 stable) the announcement by
EVRAZ plc that it has signed a non-binding term sheet in respect
of the proposed sale of its 85% stake in EVRAZ Highveld Steel and
Vanadium Limited.

The transaction does not have immediate credit implications for
the rating or outlook of Evraz, given the uncertainty surrounding
current industry conditions, including weak steel demand. The
transaction is expected to close by the end of June 2013 and is
subject to standard due diligence procedures, the conclusion of a
formal agreement and the receipt of regulatory approvals.

On March 27, 2013, EVRAZ plc. announced that it had signed the
non-binding term sheet in respect of the proposed sale of its 85%
stake in EVRAZ Highveld to Nemascore (Pty) Ltd (unrated), a black
economic empowerment consortium, for an indicative cash
consideration of approximately US$320 million.

The disposal is credit positive for Evraz for the following
reasons:

1. Operations at EVRAZ Highveld were disrupted for several weeks
in July and August 2012, when 2,300 workers went on strike in a
dispute over scheduling changes. The strike contributed to
decreased output at EVRAZ Highveld in 2012 (the output of steel
products decreased by 18% year-on-year; production of vanadium
slag fell by 21%).

2. EVRAZ Highveld had indirect and rather limited impact on
ferrovanadium operations of the company as it produced only
vanadium slag, which was further processed, mostly by third
parties, into ferrovanadium products. Vanadium product revenues
in Africa stood at just US$4 million in H1 2012. Despite upward
adjustment in prices for ferrovanadium in December 2012 to almost
US$27/kilogram (price per kilogram of vanadium contained in
ferrovanadium), prices are likely to remain under pressure in
2013 due to weakness in end user steel market, which is in
structural overcapacity globally. Average prices for
ferrovanadium in 2012 were about US$24/kilogram (2011:
US$27.7/kilogram).

3. The company remains exposed to ferrovanadium via its
subsidiaries in Russia, South Africa and the Czech Republic,
where production of ferrovanadium increased by 15% in 2012
compared with 2011 and where plants are working at maximum
capacity.

4. Evraz will continue its operations in South Africa through its
Vametco plant which processes vanadium slag and vanadium-rich ore
into final products. The Evraz's operations in South Africa took
EBITDA losses of US$6 million in the first six months of 2012
(first six months of 2011: US$29 million positive EBITDA). In
2012 EVRAZ Highveld generated about US$97 million losses before
tax and therefore had a dilutive effect on profitability of the
company in general and its Russian and US operations in
particular.

5. There is a limited level of synergy between EVRAZ Highveld and
Evraz's other steel operations, mainly located in Russia, the US
and Europe. EVRAZ Highveld generated steel product sales in
Africa in H1 2012 of only around 275 thousand tons. Sales in
Africa generated only around 3% of Evraz's total revenue in H1
2012.

6. The transaction would indicatively add around US$320 million
to Evraz plc's cash balances, which stood at around US$1.8
billion as of June 30, 2012, improving the company's solid cash
cushion. The company's leverage, as measured by Moody's-adjusted
gross debt/EBITDA, stood at 3.47x as of June 30, 2012.

Evraz is one of the largest vertically integrated steel, mining
and vanadium companies. The company has a number of investment
projects under way to raise its iron ore and coal output and
increase efficiency of steel-making.


GAZPROM-MEDIA: Fitch Publishes 'BB' Issuer Default Rating
---------------------------------------------------------
Fitch Ratings has published Gazprom-Media Holding's Long-term
Issuer Default Rating (IDR) of 'BB' with a Stable Outlook.

GMPH is a diversified media company, with most revenues and
EBITDA generated by its two free-to-air channels, NTV and TNT.
The company's operating profile is strong for the rating level
and its current net cash position is a positive factor for its
creditworthiness. However, this is overlaid by management's
relatively high potential leverage tolerance of up to 2.0x-2.5x
net debt/EBITDA and no clarity over the company's longer-term
capital structure and dividend policy.

KEY RATING DRIVERS

- Strong Competitive Positions

GPMH holds a solid position in the Russian TV landscape and in
terms of audience share its TV channels typically perform better
than their direct competitors. In the mid to long term the TV
advertising market is likely to slow down but Fitch expects at
least mid-single digit growth.

- High Dependence on Ad Revenues

GPMH is highly dependent on ad revenues, which accounted for 80%
of the total in 2012. This reliance will continue, in line with
its Western European peers. The NTV+ subsidiary provides some
revenue diversification for GPMH, but it is considered subscale
and its low profitability has a an overall dilutive effect on
group margins.

- Proven Resilience in a Downturn

GPMH's business proved to be reasonably resilient in a downturn
which is a positive. As demonstrated in 2008-09, in the case of a
macroeconomic contraction, GPMH's ability to overcome market
conditions and preserve EBITDA margins and free cash flow
generation was at a good level both in absolute terms and
compared with European peers. The solid net cash position allowed
it to survive the crisis better than competitors, which Fitch
considers positive.

The Russian TV market shrank by 18% yoy in 2009 but the company
was able to mitigate the negative impact through a number of
cost-cutting initiatives. Fitch expects that the company would be
able to promptly respond to any revenue problems by downsizing
its cost base. This flexibility is provided, among other things,
by a relatively low reliance on foreign content, which Fitch
estimates at below 15% of the total.

- Volatile Russian Ad Market

Overall, the Russian ad and, specifically, TV ad market
demonstrated higher volatility than key European markets in the
downturn following the 2009 financial crisis. Relatively higher
Russian market volatility is likely to be a persistent factor. A
significant amount of ad revenues comes from large international
groups that tend to quickly de-emphasize emerging market exposure
at distressed times.

-Internet and Structural Market Shifts

Fitch notes that the continuing rise of the Internet as a media
platform in Russia has not been disruptive so far. TV advertising
market share experienced a fairly modest decline to 48.4% in 2012
from 52% in 2009 mitigated by ad inflation. However, continuing
Internet expansion and structural changes in the TV market such
as wider proliferation of niche channels and fragmented
viewership are considered a longer-term threat. If these led to a
significant decline in viewership and/or ad market shares, it
could lead to negative rating action.

- Reasonable Control Over Content

Fitch views GMPH's content strategy as reasonably balanced with
an appropriate mixture of internally-produced and outsourced
content. Growing dependence on any single external content
producer may become an issue and would be viewed as credit
negative although not necessarily leading to negative rating
action. A good degree of content flexibility is provided by the
company's long pipeline of contracted content production
sufficient to cover over three years of operations.

- Parential Support Not Factored Into Ratings

GPMH group is 100% owned by Gazprombank ('BBB-'/Stable). Fitch
believes that a media group cannot be viewed as a strategic asset
for a bank, and therefore does not factor any up-notching for
parental support. A sale of GPMH would be viewed as event risk,
but the impact of a new shareholder may be limited if GPMH's
leverage does not exceed 1.2x net debt/EBITDA.

- Healthy EBITDA Margins, Strong Liquidity

GPMH has been strongly FCF generative on the back of healthy
EBITDA margins -- at above 20% on average in 2010-2012. Fitch
expects strong FCF generation to continue. FCF will be
temporarily pressured by investments into a new TV studio center,
but we estimate that FCF is unlikely to drop to below RUB4.5
billion over this period. Pre-dividend FCF margin was 18% in
2012, which is strong for the rating category. The company
benefits from a large cash position of RUB16.8 billion on its
balance sheet at end-2012. This is held as cash and deposits with
the company's shareholder, Gaprombank.

Rating Sensitivities

Although not considered an imminent risk, structural changes in
the TV market such as fragmenting TV audience or a growing share
of ad revenues diverting to Internet could weaken GPMH's
leadership and pricing power.

- A significant decline in viewership share/TV ad market share
  would be rating negative.

- A leverage increase to above 1.2x net debt/EBITDA on a
  sustained basis might be negative.

- A stronger commitment to maintain net leverage at or below 1x
  net debt/EBITDA and more clarity on the targeted capital
  structure/dividend policy would be credit positive.

Full List of Rating Actions

  Long-Term IDR: published at 'BB', Outlook Stable

  National Long-Term Rating: assigned at 'AA-(rus)', Outlook
  Stable



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


ABS TDA: S&P Lowers Rating on Class C Notes to 'CCC-'
-----------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
TDA Pastor Consumo 1, FTA's class B and C notes for credit
reasons.  At the same time, S&P has raised its rating on the
class A notes.

The transaction has paid down significantly, and the outstanding
portfolio balance at the end of February 2013 was 8.16% of the
original balance.

The collateral in this transaction comprises unsecured loans
Banco Pastor S.A. granted to Spanish residents to buy consumer
goods and services between 1999 and 2007.  The revolving period
was initially scheduled to last for two years from the closing
date, but, as required by the transaction documents, it was
terminated early in October 2008 when the level of assets in
arrears for more than 90 days reached the documented 2.25%
trigger level.

Based on the latest available investor report from the trustee
(dated February 2013), long-term delinquent loans (defined in
this transaction as loans in arrears for between three and 18
months) accounted for 7.98% of the outstanding portfolio
Balance -- compared with 5.49% of the outstanding portfolio
balance according to the July 2011 investor report

As of February 2013, cumulative defaults had increased to 6.02%
of the original balance, compared with 4.86% in July 2011.
Although this increase has not reached the most junior class of
notes' interest deferral trigger (set at 7.5% in the transaction
documents), it shows that the pool's performance has
deteriorated.

Long-term delinquencies have continued to roll into defaults,
since S&P's last review.  S&P has increased its baseline default
rate for the outstanding securitized portfolio.  This reflects
the deteriorating performance observed so far and S&P's opinion
of increasing uncertainty around future macroeconomic
performance.  S&P analyzed the credit risk by applying its
"European Consumer Finance Criteria," published on March 10,
2000.

Due to this increase in defaults, associated with a lack of
recoveries, the level of performing collateral available to the
transaction to service the amounts due under the notes is
reduced.

As of the last interest payment date (January 2013), the
transaction had accumulated EUR7.8 million of principal
deficiency, which is the difference between the available
remaining principal receipts and the balance of the notes still
to be amortized, compared with EUR7.2 million in July 2011.

The paydown of the assets has led to a high level of note
amortization, which has in turn resulted in the level of credit
enhancement increasing for the class A notes.  However, the full
depletion of the transaction's reserve fund since January 2010
has somewhat reduced the benefit of this increased support.
Since then, the reserve fund has not been replenished because the
performing collateral balance has decreased.

S&P's cash flow analysis indicates that the available credit
enhancement for the class A notes has built up to the extent that
they can now support higher ratings.  S&P has therefore raised to
'BB (sf)' from 'BB- (sf)' its rating on the class A notes.

Although the level of credit enhancement that the performing
balance provides is positive for the class A and B notes, it is
negative for the class C notes.  As a result, there is
insufficient performing collateral available to fully repay the
class C notes' principal amount outstanding, which is
undercollateralized by 74% of the outstanding balance.  S&P has
therefore lowered its rating on the class C notes to 'CCC- (sf)'
from 'CCC (sf)', to reflect its opinion that the issuer is
unlikely to pay principal due at maturity on this class of notes.
S&P's ratings on the notes in this transaction address the timely
payment of interest due under the rated notes, and ultimate
payment of principal at maturity of the rated notes.

Based on S&P's review of its revised default and recovery
assumptions and taking into account the reduced credit support
available to the rated notes in the capital structure, S&P's cash
flow analysis indicates that the available credit enhancement for
the class B notes is commensurate with a 'B- (sf)' rating.  S&P
has therefore lowered to 'B- (sf)' from 'B (sf)' its rating on
the class B notes.  However, S&P believes that this class of
notes is not vulnerable to nonpayment of interest in the short
term.

S&P has also applied its credit stability criteria to its
analysis in order to factor in the likelihood of the underlying
portfolio experiencing unusually large adverse movements in its
credit quality under conditions of moderate stress

This transaction features Cecabank S.A. (BB+/Negative/B) as swap
provider.  Cecabank is a newly created commercial bank, which has
replaced Confederacion Espanola de Cajas de Ahorros (CECA) as the
swap provider.  Under S&P's 2012 counterparty criteria, as the
swap counterparty has not taken remedy actions since its March
2012 downgrade of Cecabank (at the time, CECA) to below the level
required under the transaction documents, S&P's ratings on the
notes in this transaction are capped at its 'BB+' long-term
issuer credit rating (ICR) on Cecabank.  However, as all of S&P's
ratings on the notes in this transaction are currently below its
'BB+' long-term ICR on the swap provider, for performance
reasons, this cap does not currently constrain S&P's ratings in
this transaction.

S&P's ratings on the notes in this transaction are not
constrained by its ratings on the treasury account provider and
paying agent. The Spanish branch of Barclays Bank PLC has
replaced Banco Santander as treasury account provider and paying
agent.  Under S&P's 2012 counterparty criteria, it considers
Barclays Bank (A/Negative/A-1) to be an eligible counterparty at
the current rating levels on the notes.

          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

TDA Pastor Consumo 1, FTA
EUR300 Million Asset-Backed Floating-Rate Notes

Class      Rating            Rating
           To                From

Rating Raised

A          BB (sf)           BB- (sf)

Ratings Lowered

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


NCG BANCO: S&P Assigns 'BB-' Credit Ratings; Outlook Negative
-------------------------------------------------------------
Standard & Poor's Rating Services said that it had assigned its
'BB-' long-term and 'B' short-term counterparty credit ratings to
Spanish bank NCG Banco S.A.  The outlook is negative.

The ratings on NCG take into account S&P's assessment of the
bank's weaker business position than more diversified domestic
peers.  S&P's assessment also takes into account NCG's
substantial restructuring challenges, which, in S&P's view, will
not be easy to overcome in Spain's tough economic and operating
environment. Under Spanish government control, the restructuring
of the bank includes a strategic reorientation, a reduction of
its operating capacity, and an aggressive downsizing of its
operations outside its core region of Galicia.

Upon completion of the plan, the bank will operate almost
exclusively in Galicia, with a significant regional concentration
of revenues compared with other domestic financial institutions
operating in Spain.  However, NCG has a sound market position in
the region, with market shares of 44% in deposits and 34% in
loans.  Its retail-oriented business model benefits from a well-
recognized brand and a stable customer deposit base in its home
region.  S&P sees the bank's business position as "moderate."

S&P's capital assessment reflects the bank's stretched capital
position at year-end 2012, as reflected by an estimated risk-
adjusted capital (RAC) ratio of 1.9%.  The bank is also
noncompliant with minimum regulatory capital ratios: Its core
capital ratio was 4.1% as of Dec. 31, 2012.  Still, S&P expects
the ratio to move above the regulatory minimum in 2013.
Following a substantial capital inflow injected by the state in
2012, as the final step of its recapitalization process, NCG will
complete a burden-sharing exercise on its outstanding
subordinated debt and preference shares in the next few weeks.
S&P estimates that this should raise NCG's regulatory capital
ratios by about 645 basis points, pushing up its pro forma Dec.
31, 2012, core capital ratio to 10.5%.  This is based on the
completion of the burden-sharing transactions in line with the
stated terms and conditions.

The recapitalization described above, combined with NCG's ongoing
deleveraging and required sale of equity stakes as part of its
restructuring plan, is also likely to benefit S&P's capital
assessment.  S&P therefore estimates that its RAC ratio before
diversification and concentration effects for NCG will stand
between 5% and 6% by year-end 2014.  S&P is consequently likely
to improve its view of the bank's capital position to "moderate"
from "very weak" once the burden sharing is completed.

"In our opinion, the former savings banks that merged to create
NCG historically had a higher-than-average risk appetite.  This
has resulted in accumulation of problem assets and large related
credit losses that materially exceed our estimated average for
the Spanish banking system.  Moreover, we believe that the bank's
asset quality will continue deteriorating at a higher pace than
the system average throughout the downturn.  We expect the
corporate loan portfolio, which already has weaker asset quality
metrics than the system average, to be most sensitive to the
persistently sluggish economic conditions in Spain.  We recognize
that the bank is intensifying its deleveraging efforts as part of
its new business plan, with a special emphasis on real estate
development and corporate loan books.  This, however, might
further weaken its borrowers' creditworthiness in the context of
scarceness of alternative funding sources. Given NCG's continued
worse asset quality performance than peers, we assess NCG's risk
position as "weak", S&P said.

NCG's reliance on European Central Bank (ECB) funding has
significantly increased over the past few years, representing
about 20% of total funding on Dec. 31, 2012.  The transfer of
assets to SAREB (Spain's "bad bank") resulted in a significant
rebalancing of the bank's financing structure and reduced its
loan-to-deposit ratio to about 110%.  Nevertheless, S&P believes
that its dependence on ECB funding remains higher than the
average in Spain and represents a comparative weakness in its
funding structure.  S&P thus views NCG funding as "below
average."  In S&P's view, the bank maintains adequate liquidity
cushions on its balance sheet, sufficient to cover its short-term
financing needs.

The long-term rating on NCG includes four notches of uplift over
the bank's SACP, which S&P assess as 'ccc+':

   -- S&P incorporates two notches to reflect its view that the
      extent of short-term capital support the government is
      likely to provide to NCG could lead S&P to improve its
      assessment on its capital and earnings to "moderate" and
      thus to improve the SACP to 'b' from 'ccc+' once the burden
      sharing is completed.

   -- S&P also adds one notch of short-term support into the
      ratings to reflect NCG's ongoing access to ECB funding,
      particularly the long-term refinancing operations (LTROs).
      In S&P's view, this funding access gives NCG time to
      implement plans to rebalance its funding profile to a more
      sustainable position by the time the LTROs expire.
      Additionally, the ratings benefit from one notch of support
      owing to the likelihood of NCG receiving further
      extraordinary government support if needed, given its
      "moderate" systemic importance within the Spanish financial
      system and S&P's view on Spain's "supportive" stance toward
      its banking system.

The negative outlook reflects risks resulting from Spain's tough
operating and financial environment, as well as the various
challenges the bank faces, including a potential deterioration of
its business position if the restructuring proves more difficult
than expected or impairs its stability and franchise.

Additionally a downgrade would also be possible if:

   -- The bank failed to rebalance its funding profile in line
      with S&P's expectations and continued increasing its
      reliance on systemic funding.

   -- S&P's current ratings on NCG incorporate its belief that
      the bank will be able to progressively reduce its reliance
      on ECB funding thanks to accelerated asset deleveraging, as
      a significant part of its bond portfolio matures before the
      LTROs expire.

   -- S&P anticipated that additional credit losses in 2013 and
      2014 could substantially impair NCG's enhanced capital
      position or if lower-than-expected deleveraging did not
      support further strengthening of NCG's solvency.  A
      downgrade would be possible if S&P estimated that the
      bank's RAC ratio could decline below 5% by year-end 2014.

   -- S&P lowered the sovereign rating on Spain, because it would
      no longer incorporate one notch of uplift above the bank's
      SACP for extraordinary government support.

S&P currently sees a revision of the outlook to stable as
unlikely.  It could be possible if Spain's economy improves, if
the bank is able to restructure its business while preserving its
recently improved financial profile, and if S&P revises its
outlook on its sovereign rating to stable.



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


YUKSEL INSAAT: Fitch Downgrades Issuer Default Rating to 'CCC'
--------------------------------------------------------------
Fitch Ratings has downgraded Ankara-based construction company
Yuksel Insaat A.S.'s Long-term foreign currency Issuer Default
Rating (IDR) and senior unsecured rating to 'CCC', from 'B-' and
removed them from Rating Watch Negative (RWN). Fitch has also
downgraded YI's USD200m outstanding notes, maturing in 2015 to
'CCC' from 'B-'RWN with a Recovery Rating of 'RR4'.

The downgrade reflects Fitch's continued concern about the
company's tight liquidity and inability to access additional
financing for its on-going projects as well as uncertainties on
the company's investments and potential cash injections into
projects.

Key Rating Drivers

Limited Liquidity, Inability To Access Additional Financing:
At end-H112 YI still exceeded the 4:1 bond covenant, which
restricts the company's ability to incur additional debt. Fitch
believes that this limits YI's financial flexibility and has led
to short-term liquidity pressure. Leverage, which is still more
than 4.0x Fitch adjusted gross debt/EBITDAR (5.3x as at end-
2011), caused YI to exceed a 4:1 leverage bond covenant at the
end of 2011.

Fitch believes the company's current cash balances (USD37m) may
not be enough to cover its working capital and financing needs in
2013. However, an improvement in liquidity through asset
disposals or additional cash injections in the short term could
support the ratings.

Izmir Otoyol Refinancing:

Fitch believes an imminent equity cash injection needed for the
Gebze-Izmir highway projects puts pressure on YI's liquidity.
However, YI has stated to Fitch it has no intention of fulfilling
this through its current cash balances, which are needed to cover
working capital needs. YI's ability to make the cash injections
will depend on asset disposal plans and capital injections from
shareholders.

Leading Turkish Construction Company:

The ratings continue to reflect YI's position as one of the main
construction companies in Turkey, focusing on infrastructure
construction contracts, mostly for government entities across
Turkey, and the Middle East and North African region. YI is
therefore well positioned to benefit from the expected growth in
energy demand, as well as the need for improved infrastructure
across many of its end-markets (notably in the Gulf region),
where YI has a well-established presence.

Strong Revenue:

YI's revenue grew strongly between 2008 and 2010. Although awards
for new projects have declined significantly in Turkey since
peaking in 2008, the impact is being partially offset by activity
in YI's other markets. Fitch expects revenue remained broadly
flat in 2012 but will show some improvement in the following
years, whereas EBITDAR margins are expected to decrease towards
9%.

Libya Exposure:

Whilst not a definitive resolution, ongoing concerns with regard
to YI's exposure in Libya may to some extent be mitigated by a
recent agreement between Turkish contractors, including YI and
the Libyan government that YI would receive 50% of the
receivables due to it from 2011in exchange for the recommencement
of works. YI expects to receive USD7m cash from Libya in the
coming weeks.

RATING SENSITIVITIES

Asset Disposal Plans:

Asset disposals and/or an additional capital injection leading to
significant deleveraging and an improved liquidity position could
lead to positive rating action.

Execution of Deleveraging Plans:

Any failure in the deleveraging plan or in providing additional
capital injection from shareholders could put further pressure on
YI's credit profile and result in negative rating action.

LIQUIDITY & DEBT STRUCTURE

Tight Liquidity:

Fitch believes that the USD37m cash balance as of March (USD108m
end-2011) does not provide a comfortable liquidity cushion
against possible economic downturns, delays in advance payments,
increasing working-capital needs or for additional capex.

No Access To Additional Financing:

At end-H112, YI still exceeded the 4:1 bond incurrence leverage
covenant, which restricts the company ability to incur additional
debt. Fitch believes that this limits YI's financial flexibility
and has led to short-term liquidity pressure.


* TURKEY: S&P Raises Long-Term Sovereign Credit Rating to 'BB+'
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its unsolicited long-
term foreign currency sovereign credit rating on the Republic of
Turkey to 'BB+' from 'BB'.  At the same time, S&P affirmed its
'B' short-term foreign currency rating.  S&P raised the local
currency sovereign credit ratings to 'BBB/A-2' from 'BBB-/A-3'.
S&P also raised the long-term Turkey national scale rating to
'trAAA' and affirmed the short-term 'trA-1' rating.  The outlook
is stable.

S&P has revised the transfer and convertibility (T&C) assessment
to 'BBB' from 'BBB-'.

"The upgrade reflects our view of a steady and sustained decline
in Turkey's still-sizable net external financing requirements as
export performance has improved amid some deceleration in
domestic demand.  During 2012, Turkey's current account deficit
narrowed by 4 percentage points to around 6% of GDP.  Economic
growth eased to what we view as a more sustainable level, without
undermining Turkey's relatively strong fiscal performance.  In
our opinion, policies limiting foreign currency lending, measures
to cap nominal credit growth, and the benefits of a floating
foreign-exchange regime all facilitate Turkey's external
adjustment.  These factors will help the Turkish economy to
adapt, should the external liquidity environment worsen in 2013-
2014," S&P said.

The upgrade also reflects progress made on resolving Kurdish
issues.  S&P expects this to be more lasting than previous
efforts: if so, security-related costs would decline and the
regional economy, as well as cross-border trade flows, would be
boosted.

During the second half of 2012, capital inflows recovered while
the Central Bank of the Republic of Turkey adopted a more
accommodative policy stance, which saw annual credit growth
rebound to nearly 20%.  S&P expects medium-term policies will
gradually address Turkey's low structural savings rate, and will
limit risks in the financial sector.  The latter appears to S&P
to be currently well capitalized, increasingly benefitting from
access to longer dated funding.

However, S&P sees potential risks related to the macroeconomic
policy mix given the upcoming elections: municipal and
presidential in 2014 and parliamentary in 2015.  Savings in the
general government deficit in 2012 were mainly due to lower
borrowing costs, rather than any improvement in the primary
position.  S&P estimates that the general government primary
position actually weakened from a surplus of 1.4% in 2011 to near
balance in 2012.  Although S&P expects the fiscal deficits during
2014-2015 to remain around 2.5% of GDP, the underlying fiscal
stance could weaken further.  Historically, economic policies
have tended to prioritize growth, with less focus on its
composition.

S&P expects Turkish GDP to pick up over the coming years,
reflecting a steady expansion of domestic demand and strong
exports.  S&P anticipates current account deficits will return to
around 7% of GDP in the next two years, partly reflecting
diminishing gold exports.

S&P believes Turkey's external debt, net of liquid assets, will
remain high at above 100% of current account receipts (CARs).
Although banks and corporations recently issued debt at longer
maturities, external funding remains mostly short term.  Should
longer dated debt replace part of the existing short-term
borrowing, Turkey's external liquidity could improve.  However,
without a significant increase in foreign reserves or further
narrowing of current account deficits, Turkey's gross external
financing needs (current account payments plus short-term
external debt by residual maturity) are likely to remain high as
a percentage of CARs plus usable reserves in the next few years.
The banking sector's growing dependence on external financing is
partly offset by the high capitalization of the system.

The stable outlook balances the risks related to the country's
large net external liability position against improving economic
and fiscal fundamentals.  If fiscal and monetary policies
continue to be implemented independently from electoral
considerations, S&P could raise the ratings further.  The
peaceful resolution of the Kurdish issue could also be a credit
positive over the longer term to the extent that it benefits
fiscal and trade performance.

Conversely, should rapid credit growth re-emerge, current account
deficits widen substantially, or external leverage of the Turkish
economy increase, S&P could lower the ratings.  S&P could also
consider a downgrade if Turkey faces a more abrupt adjustment
when debt and equity inflows either reverse or become more
costly. Additionally, S&P would consider a downgrade if fiscal
policy were loosened significantly in the context of the upcoming
electoral cycle.

This unsolicited rating(s) was initiated by Standard & Poor's.
It may be based solely on publicly available information and may
or may not involve the participation of the issuer.  Standard &
Poor's has used information from sources believed to be reliable
based on standards established in S&P's Credit Ratings
Information and Data Policy but does not guarantee the accuracy,
adequacy, or completeness of any information used.



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


MRIYA AGRO: S&P Assigns 'B' Rating to $350MM Sr. Unsecured Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its
issue rating of 'B' and recovery rating of '4' to the proposed
US$350 million senior unsecured notes to be issued by Ukrainian
farming company Mriya Agro Holding PLC (Mriya).  The recovery
rating of '4' indicates S&P's expectation of average (30%-50%)
recovery prospects for the proposed noteholders in the event of a
payment default.

The 'B' issue and '4' recovery ratings on Mriya's existing senior
unsecured notes remain unchanged.

Mriya will use the proceeds from the proposed issuance to make a
tender offer for part of the existing unsecured notes, repay
other debt obligations, and for additional capital expenditure.
S&P envisage that Mriya would use the proceeds from issuance
above the proposed level primarily to repay existing pari passu
debt.

                         RECOVERY ANALYSIS

Recovery prospects on the proposed notes are supported by S&P's
view that Mriya would reorganize in the event of a default.
Constraining factors include the significant level of debt claims
that rank contractually or structurally senior to the notes.

S&P's simulated default scenario projects a default in 2015,
owing to a combination of deterioration in operating performance
and an aggressive expansion strategy.  This would lead to
negative cash flows and a default in 2015, with EBITDA declining
to about US$95 million.

S&P believes that Mriya would be reorganized in the event of
default, reflecting its position as a large player in the
Ukrainian farming industry, its track record of profitable
growth, and its high-quality farmland and equipment.

S&P values the company at a multiple of 4x EBITDA, leading to a
stressed enterprise value of about US$380 million.  From this,
S&P deducts prior-ranking claims comprising enforcement costs and
senior-ranking debt totaling about US$155 million.  This leaves a
net enterprise value of US$223 million to meet US$490 million of
senior unsecured debt claims, including outstanding amounts under
the proposed and existing notes.  Recovery prospects on both sets
of notes are therefore in the 30%-50% range.

RATINGS LIST

New Rating

Mriya Agro Holding PLC
Senior Unsecured                       B
   Recovery Rating                      4


NAFTOGAZ: Fitch Says Gazprom Unlikely to Offer Price Cuts
---------------------------------------------------------
Russia's Gazprom is unlikely to offer significant price
concessions to Naftogaz of Ukraine in the short term, Fitch
Ratings says. This is because of high spot prices for natural gas
in Europe, which are being driven by the continued cold weather.

Gazprom CEO Alexey Miller's recent comments that its prices to
Ukraine are rather moderate compared to current spot prices in
Europe support this view. "We therefore believe that the
prospects for a new gas price agreement between Gazprom and
Naftogaz are limited now unless accompanied by major concessions
from Ukraine," Fitch says.

Russia has been advocating for Ukraine to join the Customs Union,
which currently includes Russia, Kazakhstan and Belarus, and
allow Gazprom to operate or partially own the Ukrainian gas
transit system. In exchange, Russian officials were willing to
reduce the gas price for Ukraine and forgo the US$7 billion bill
for unmet 2012 gas volumes issued under the contractual 'take-or-
pay' provisions.

Ukraine has been pushing hard for gas contract re-negotiations
with Gazprom on volumes and prices since 2009. Current Gazprom
prices for Ukraine are around US$406 per thousand cubic meters
(mcm) of natural gas, and Ukraine estimates that prices will
increase further to US$426 per mcm in Q213. This is below the
spot gas prices in the UK that exceed USD500 per mcm now.

Ukraine has said it wants to reduce the price it pays to Gazprom
to around US$250-US$280 per mcm in H213, which implies a roughly
35% price drop from the current levels. Naftogaz remains a top
customer for Russian gas. In 2012, it bought some 25 billion
cubic meters (bcm) of gas from Gazprom and it plans to reduce the
purchase volumes of Russian gas in 2013 further to some 20bcm.

Fitch states, "We continue to view Naftogaz' financial profile
and liquidity as very weak. In particular, Naftogaz would need to
rely on the government of Ukraine for financial support if it had
to pay the US$7 billion bill from Gazprom. Ukrainian officials
say that the contract provisions limit Ukraine's ability to
terminate agreements early; moreover, Ukraine currently has no
real alternatives to Russian gas.

"Naftogaz recently announced deals to explore shale gas with
Royal Dutch Shell and to build a LNG plant with a western partner
are potentially beneficial to its business profile, as Ukraine
tries to diversify its gas sources away from Russia. However
these projects will take several years to complete. We therefore
do not incorporate any upside from these projects into our
forecast for Naftogaz."



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


AQUILA PLC: Fitch Downgrades Rating on Class D Notes to 'D'
-----------------------------------------------------------
Fitch Ratings has downgraded Aquila (Eclipse 2005-1) plc's class
D notes, as follows:

  GBP0.0m class D (XS0213760274): downgraded to 'Dsf' from
  'CCCsf'; Recovery Estimate RE0%; rating withdrawn

Key Rating Drivers

All classes of notes received principal back in full at the July
2012 interest payment date (IPD). This derived from the
redemption of the sole loan remaining, in light of which this was
also the last IPD in the life of the issuer.

However, revenues in the period to the final IPD proved
insufficient to meet interest on the notes in full for that
period.

Class C noteholders received a partial payment of interest on the
final IPD (July). The small unpaid shortfall for class C notes
was viewed as non-material to the agency's rating opinion and the
class C notes were marked as paid in full (PIF).

In contrast, investors in the class D notes received no interest
on the final IPD, further increasing a partial interest deficit
that had been carried forward from the previous period.
Notwithstanding the full repayment of note principal, Fitch
viewed this as a final payment default on the class D notes. As a
result, the rating has been downgraded to 'Dsf'. This action was
on the basis of the permanent loss of more than one period's
interest payment and the relatively larger size of the interest
shortfall at almost 0.5% of the original note balance. Given the
class D note balance has now been extinguished, the rating has
been withdrawn at the same time.

The interest shortfalls were caused by sharp increases in
absolute issuer costs as the pool paid down. The transaction had
already seen revenue fall below funding costs after successive
sequential principal payments.

The Class E notes were not owed any interest on recent IPDs, as
they were subject to an 'available funds cap', and the notes were
therefore marked as PIF.


JESSOPS PLC: To Reopen Some Stores Three Months After Collapse
--------------------------------------------------------------
RTE News reports that Jessops is to reopen some of its stores,
less than three months after its collapse.

According to RTE, entrepreneur Peter Jones, whose investments
span the food, entertainment and media sectors, will reopen six
Jessops stores this week, with up to 30 more opening next month.

The new operation is a far cry from its previous life -- a
business of 187 stores and more than 1,400 staff, which shut in
January after succumbing to declining markets and online
competition that has forced fellow British retailers such as
Comet and HMV onto the rocks, RTE notes.

Mr. Jones, who becomes chief executive and chairman of Jessops,
paid GBP5 million in January to buy the brand, Web site and
assets from administrators, RTE recounts.

Headquartered in Leicester, United Kingdom, Jessops plc --
http://www.jessops.com/-- is a holding company of a group of
companies whose principal activity is the retail of photographic
products and services.  It operates via the Internet and through
mail order and telesales.  Jessops plc sells a range of digital
and analogue cameras, digital and analogue camcorders,
binoculars, digital home print solutions, memory cards, film and
photographic materials, as well as a range of accessories for the
photographic market, including its own brand products.  The
Company also provides developing and printing, and digital
imaging services.  The Company is engaged in the business of
selling branded photographic equipment.  Its subsidiaries include
Camera Bond Limited, Camera Mezz Limited, Camera Equity Limited,
The Jessop Group Limited, Well Hall (Jersey) Limited, Expert
Imaging Limited, MacKinnons of Dyce Limited and Jessops
Photographic (Ireland) Limited.


TRAVELPORT LLC: S&P Cuts Long-Term Corp. Credit Rating to 'CCC+'
----------------------------------------------------------------
Standard & Poor's Rating Services said that it lowered to 'CCC+'
from 'B-' its long-term corporate credit ratings on U.S.-based
travel services provider Travelport Holdings Ltd. and its primary
operating subsidiary Travelport LLC (together, Travelport).  At
the same time, S&P placed the ratings on CreditWatch with
negative implications.

In addition, S&P lowered by one notch all its issue ratings on
the debt facilities borrowed by Travelport and placed them on
CreditWatch negative, in line with S&P's actions on the corporate
credit rating.  In particular:

   -- S&P lowered its issue rating on the first-lien senior
      secured debt facilities to 'B' from 'B+'.  The recovery
      rating on the first-lien facilities is unchanged at '1',
      indicating S&P's expectation of very high (90%-100%)
      recovery prospects in the event of a payment default.

   -- S&P lowered its issue rating on the senior unsecured notes
      to 'CCC' from 'CCC+'.  The recovery rating on these notes
      is unchanged at '5', indicating S&P's expectation of modest
      (10%-30%) recovery prospects in the event of a payment
      default.

   -- S&P lowered its issue rating on the 1.5-lien and second-
      lien facilities, the subordinated notes, and the payment-
      in-kind (PIK) notes to 'CCC-' from 'CCC'.  The recovery
      ratings on these debt instruments are unchanged at '6',
      indicating S&P's expectation of negligible (0%-10%)
      recovery prospects in the event of a payment default.

The CreditWatch placement follows Travelport's announcement that
it is negotiating a comprehensive refinancing plan to simplify
its capital structure.  The plan includes exchanging its holdco
PIK notes into senior subordinated notes and equity; extending
its senior unsecured notes due 2014 to 2016; issuing new secured
loans of about US$860 million; and exchanging its second-lien
notes for new second-lien loans.

The CreditWatch placement reflects the likelihood of S&P
downgrading Travelport to 'SD' (selective default) if it
completes the exchange of the PIK notes.

All the lenders of Travelport's PIK notes have agreed to support
the restructuring plan, including exchanging some of the holdco
PIK notes into equity.  S&P understands that Travelport will
exchange US$25 million of the principal of the tranche A PIK
notes for senior subordinated notes for a consent fee of 50 basis
points.  It will exchange the remaining tranche A and tranche B
PIK notes of about US$478 million for equity.  According to S&P's
criteria, it views this exchange as distressed and as tantamount
to a default.  In S&P's view, the offer implies that investors
will receive less value than the promise of the original
securities.

However, S&P views the proposed refinancing plan as a positive
step toward the simplification of Travelport's capital structure.
If Travelport completes the exchange of the PIK notes and S&P
lowers its corporate credit rating on the group to 'SD', S&P will
review its ratings on Travelport again once it has more certainty
on the new capital structure and have reviewed the final
documentation.

S&P understands that to execute the plan, management would like
to obtain agreement from all classes of debtholders, including
consent from 95% of the 2014 noteholders.  However, S&P believes
that should the discussions be unsuccessful or protracted, the
group would face a significant increase in near-term liquidity
risk.  This risk would be especially acute if Travelport is
unable to repay or refinance the 2014 notes before May 29, 2014,
when a payment of about US$1.5 billion on the August 2015 bank
term loans and revolving credit facility will be accelerated.

If S&P believes that Travelport is unlikely to restructure in a
timely manner, S&P is likely to remove the rating from
CreditWatch and maintain it in the 'CCC' category to reflect its
view of liquidity risk.


* UK: More Hospitals May Face Financial Woes, NHS Chief Says
------------------------------------------------------------
According to BBC News, NHS London chief executive Dame Ruth
Carnall has warned that more hospitals in future could face
"financial trouble".

Ms. Carnall, who leaves on Friday after six years in her job,
said intervention as was seen in the case of South London
Healthcare NHS Trust, which went into administration in 2012 with
GBP150 million in debt, may be needed, BBC relates.

She claimed that the government's reforms also delayed healthcare
improvements in London, BBC notes.

The Department of Health said the changes would lead to better
care, according to BBC.

"I think sadly some (hospitals) will go; bust is perhaps the
wrong word because intervention would need to be in place before
something actually went bust in the traditional sense," BBC
quotes Ms. Carnall as saying.  "I don't think that would be
allowed to happen.  But I think the sort of intervention that you
have seen in south-east London I think will happen again sadly in
some other places."

From April 1, the 31 Primary Care Trusts will be replaced by GP-
led new bodies called Clinical Commissioning Groups, BBC
discloses.  NHS London will also be scrapped, BBC states.

According to BBC, the new organizations will have the power to
decide on local services and where the money is spent.  London
councils will also take on a new role with responsibility for
public health, BBC says.


* Loss Severities on UK Repossessed Properties Rise, Fitch Says
---------------------------------------------------------------
Loan loss severities on UK repossessed properties have increased
substantially alongside the proportion of loans suffering a loss,
data from Fitch Ratings show.

Over 87% of properties taken into possession since 2008 have been
sold at a loss to the lender, far higher than the 34% of
repossessions prior to the financial crisis (see "UK Residential
Property Value Analysis" published on 28 February). "Our data
show that the average size of the loss has also increased, to
28.6% in 2008-2012 from 5.8% in 2004-2007," Fitch says.

"Loss severity jumped at the onset of the financial crisis, to
22.7% in 2008 from 6.2% in 2007. It has continued to climb as
sold repossessions have contained gradually higher proportions of
"peak-of-market origination vintages". We define loss severity as
the sale price achieved versus the current balance of the loan at
the time of sale.

"Peak vintage loans had higher loan-to-values (LTVs), meaning
that the house price falls from 2007 pushed a large proportion of
these loans into negative equity. As a result these loans
suffered larger losses when repossessed.

The proportion of repossessions originated at the peak (2006-
2008) reached 70% of all sales of properties in possession in
2012 after hitting 60% in 2010. Loss severities have also
increased, reaching 31.4% last year after climbing to 27.6% in
2010.

The combination of falling house prices and high LTVs has been a
key factor in loss severities. Indeed, indexed current loan-to-
value (CLTV) ratios for peak vintage loans have frequently
exceeded 100% from 2008 onwards. This means even open market
sales will result in a loan loss. Lenders often sell repossessed
properties at a discount to open market values in order to
achieve a successful sale in a relatively short timeframe.
Repossessed properties tend to be in a poor state of repair,
which will further increase loss severities.

If the proportion of peak vintage loans in possession starts to
fall back, this may also cause loss severities to fall. This
would reflect the fact that originators tightened lending
criteria in the aftermath of the 2008 financial crisis,
particularly with regard to high LTV lending, and that the
attendant fall and stabilization in UK house prices (albeit with
significant regional variation) means loans originated after the
financial crisis struck are less likely to have a high CLTV.

"Our cautious base case scenario foresees UK house prices
dropping by 10% over the medium term. Even if this transpires, we
would expect more moderate loss severities as the proportion of
2006-2008 loans falls," Fitch says.

The full UK repossession report and a replay of the accompanying
conference call are available at www.fitchratings.com.



===============
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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