TCREUR_Public/130430.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 30, 2013, Vol. 14, No. 84



EUROCONNECT SME 2007: S&P Affirms 'BB+' Rating on Cl. B2 Notes


* MINSK: S&P Affirms 'B-' Issuer Credit Rating; Outlook Pos.


BANK OF CYPRUS: 37.5% of Uninsured Deposits Converted to Equity
GLOBALTRANS INVESTMENT: Moody's Affirms Ba3 CFR; Outlook Pos.


HOLDING MEDI-PARTENAIRES: Moody's Gives B2 CFR; Outlook Stable
HOLDING MEDI-PARTENAIRES: S&P Assigns Prelim. 'B' Corp. Rating


GEORGIAN OIL: Fitch Affirms 'BB-' LT Issuer Default Rating


FORCE TWO: Fitch Affirms 'C' Rating on EUR9.7-Mil. Cl. E Notes
METROPCS WIRELESS: Moody's Says Merger Pos. for Deutsche Telekom
UNITYMEDIA HESSEN: S&P Cuts Rating on Sr. Secured Notes to 'B+'


* GREECE: Approves Reform Law to Unlock EU, IMF Rescue Loans


E-STAR ALTERNATIV: Enters Into Agreement with Creditors
NITROGENMUVEK ZRT: S&P Gives 'BB-' Rating to $200MM Unsec. Notes


ANGLO IRISH: Bondholders May File Claims Over Restructuring


BANCA CARIGE: Poor Performance Cues Moody's to Cut Rating to Ba2


HYVA GLOBAL: Non-Compliance Prompts Moody's to Cut CFR to 'B3'
KPN NV: To Launch Rights Issue with Shares at Steep Discount
VIMPELCOM HOLDINGS: S&P Affirms 'BB' Rating on Sr. Unsec. Notes


CENTRAL EUROPEAN: ING Otwarty No Longer Owns Stock at Apr. 19


* PORTUGAL: Derivative Losses May Weaken EUR78BB Bailout Bid


BANK VTB: 2012 Accounts Highlight Weak Performance, Fitch Says
RUSSIAN HELICOPTERS: Moody's Rates Proposed Eurobond '(P)B1'
RUSSIAN HELICOPTERS: Fitch Assigns 'BB-' Sr. Unsecured Rating
RUSSIAN HELICOPTERS: Moody's Affirms National Scale Rating
* NOVOSIBIRSK: S&P Affirms 'BB' Long-Term Issuer Credit Rating


FTPYME BANCAJA 6: S&P Affirms 'D' Ratings on 3 Note Classes
IM PASTOR 2: Moody's Lowers Rating on Class D Notes to 'B3'
IM PASTOR 2: S&P Lowers Rating on Two Note Classes to 'BB+'
TDA CAM 4: S&P Lowers Rating on Class C Notes to 'D'
TDA CAM 9: S&P Lowers Rating on Class B Notes to 'D'

* SPAIN: Moody's Sees Increase in Bond Issuance for Midsize Firms


BOSPHORUS 1 RE: S&P Gives 'BB+' Rating to US$400MM Cl. A Notes


LEMTRANS LLC: S&P Assigns 'B' Corp. Credit Rating; Outlook Neg.

U N I T E D   K I N G D O M

DECO 11-UK: S&P Lowers Rating on Class E Notes to 'CCC-'
DONCASTERS GROUP: Moody's Assigns 'B3' CFR; Outlook Stable
FAIRHOLD SECURITISATION: Moody's Reviews B1 Rating for Downgrade
INEOS GROUP: S&P Raises Corporate Credit Rating to 'B+'
LLANELLI AFC: In Administration, Owes Thousands

ROWECORD ENGINEERING: In Administration, 400 Jobs at Risk
TAYLOR WIMPEY: S&P Raises Corporate Credit Rating to 'BB'
TRANSEUROPA FERRIES: In Administration, Jobs at Risk


* Fitch: CLO Loan Maturity Extensions Offset by Rising Spreads
* S&P Takes Various Rating Actions on European CDO Tranches
* Large Companies with Insolvent Balance Sheets



EUROCONNECT SME 2007: S&P Affirms 'BB+' Rating on Cl. B2 Notes
Standard & Poor's Ratings Services has raised and removed from
CreditWatch negative its credit ratings on EuroConnect Issuer SME
2007 Ltd.'s class B and C notes, and has affirmed and removed
from CreditWatch negative its rating on the class A notes.  At
the same time, S&P has raised and removed from CreditWatch
negative its rating on UniCredit Bank Austria AG BA-CA's class A2
credit-linked notes (CLNs), and has affirmed and removed from
CreditWatch negative its rating on the class B2 CLNs.  S&P has
also lowered and removed from CreditWatch negative its rating on
UniCredit Bank AG HVB's class A2 CLNs, and has affirmed and
removed from CreditWatch negative its rating on the class B2

The rating actions follow the application of S&P's updated
European criteria for collateralized loan obligations (CLOs)
backed by small and midsize enterprises (SMEs) and S&P's 2012
counterparty criteria, as well as its 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's updated European SME CLO criteria
became effective, it placed on CreditWatch negative its ratings
on EuroConnect's class A, B, and C notes, and UniCredit Bank
Austria BA-CA's and UniCredit Bank HVB's class A2 and B2 CLNs.


Since S&P's previous review of the transaction on March 28, 2012,
the portfolio has continued to amortize nearly linearly, leading
to a further deleveraging of the capital structure.  The pool
factor (the percentage of original principal left to be
distributed) equals 29.83%, and the weighted-average life is 3.26
years.  Following the February 2013 interest payment date (IPD),
the senior notional outstanding amount, which is repaid before
any payments to the CLNs, equals 22.13% of its original balance
(compared with 38.32% at S&P's March 2012 review).

Since closing, the transaction has experienced cumulative credit
events (defined in the transaction documents as bankruptcy or
failure to pay for 90 days or more) of 2.48% of the initial
portfolio amount and 1.52% of the combined initial and
replenished amount, respectively.  This indicates robust
performance against the recessions experienced in Germany and
Austria, and difficult economic environment immediately after
closing.  Cumulative realized losses increased to 0.59% of the
initial portfolio amount from 0.28% at S&P's March 2012 review.
To date, excess spread has absorbed most of these losses, thereby
entirely depleting the excess spread ledger balance, and leaving
about EUR2.7 million of losses allocated to the class D notes.

The transaction currently contains EUR16.76 million of defaulted
reference obligations.  S&P expects these loans to complete their
workout procedures throughout 2013 and 2014.  This will likely
cause the class D notes to suffer further losses in those
instances where the quarterly available excess spread is not
sufficient to cure the quarterly realized losses.

In addition to the loans currently undergoing workout, there are
EUR40.7 million of loans classified as defaulted on the
originator's internal rating scale -- representing 4.4% 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
leading to losses to the transaction.

Overall, the portfolio's ongoing amortization and the resulting
deleveraging of the liabilities have increased the available
credit enhancement for the class A, B, and C notes.

Available Credit Enhancement

Class       Credit enhancement (%)
  A               15.20
  B               10.27
  C               6.04


The current pool factor of the BA-CA subpool equals about 25.77%,
while for the HVB subpool it stands at 31.92%.  Of the total
amount of defaulted reference obligations, EUR6.65 million are
referenced in the BA-CA subpool (equivalent to 2.46% of its
outstanding portfolio amount), and EUR10.11 million are
referenced in the HVB subpool (equivalent to 1.55% of its
outstanding portfolio amount).  Of the total losses, EUR2.58
million are allocated to the HVB subpool, with the remaining
EUR0.12 million allocated to the BA-CA subpool.  S&P also notes
that an additional 9.53% of loans in the BA-CA subpool are
classified as defaulted on the originator's internal rating
scale, as are 2.30% in the HVB subpool.

Furthermore, the BA-CA subpool continues to exhibit relatively
high levels of obligor concentration, which has risen further as
a result of portfolio amortization.  According to S&P's
calculations, the largest 10 obligor groups now accounts for
about 37.9% of the BA-CA subpool.

Compared with the BA-CA subpool, the larger HVB subpool exhibits
lower concentration levels with the largest 10 obligor groups
accounting for about 12.97% of the HVB subpool.

At the subpool level, the available credit enhancement for the
class A2 and B2 CLNs referencing the distinct BA-CA and HVB
subpools has increased.

Available Credit Enhancement: BA-CA Subpool

Class        Credit enhancement (%)
  A2                 27.99
  B2                 19.40

Available Credit Enhancement: HVB Subpool

Class        Credit enhancement (%)
  A2                 25.60
  B2                 19.14

                          CREDIT ANALYSIS

S&P has applied its updated European SME CLO criteria using its
CDO Evaluator model to determine the 'AAA' scenario default rates
(SDRs) for the overall EuroConnect portfolio, and the BA-CA and
HVB subpools.

S&P based its SDR calculations on the weighted-average life of
each of the portfolios: About 3.26 years for the overall
EuroConnect pool, 3.41 years for the HVB subpool, and 2.86 years
for the BA-CA subpool.  S&P further assumed a target portfolio
rating of 'BB-' for each of the three portfolios, which S&P
derived from three factors:

   -- Germany's Banking Industry Country Risk Assessment (BICRA)
      of 2 for the HVB subpool;

   -- Austria's Banking Industry Country Risk Assessment (BICRA)
      of 2 for the BA-CA subpool;

   -- The five-year average observed default frequency of each of
      the originators' overall SME loan books; and

   -- The credit quality of the BA-CA and HVB subpools,
      considering the credit quality of UniCredit Bank Austria's
      and UniCredit Banks's overall SME loan books, respectively.

S&P has not been provided with sufficient information to enable
it to assess the rank ordering power of each of the originators'
internal scoring systems applicable to the SME segment.
Therefore, S&P assumed that each performing SME loan in the
portfolio had a credit quality equal to its average credit
quality assessment of the portfolio.

S&P further derived the rating inputs for the exposure to larger
corporates, which equals 10.6% of the portfolio amount, by
mapping the originators' internal rating scale applicable to
larger corporates to Standard & Poor's rating scale.  S&P then
used CDO Evaluator to determine the 'AAA' SDR for each portfolio:
36.96% for the EuroConnect portfolio, 40.17% for the HVB sub
pool, and 35.55% for the BA-CA subpool.

In order to determine S&P's 'B' SDR for the EuroConnect portfolio
and the HVB subpool, S&P has reviewed the historical performance
of the portfolios while considering recent trends.  As a result,
S&P's 'B' SDRs for the EuroConnect portfolio and the HVB subpool
are both 4.82%.  Furthermore, the SDRs for rating levels between
'B' and 'AAA' are interpolated for both portfolios in accordance
with S&P's European SME CLO criteria.

For the BA-CA subpool, as a result of the portfolio's high
obligor concentration, S&P has determined the subpool's SDRs at
all rating levels using its CDO Evaluator model.  The resulting
SDRs at the rating levels assigned to BA-CA's class A2 and B2
CLNs are 24.14% at a 'A' rating level and 17.31% at a 'BB+'
rating level.

                      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, and the country recovery grouping.

The portfolios include senior-secured and senior-unsecured loans.
Losses on defaulted loans include enforcement costs and foregone
interest.  S&P has taken these factors into account in its
analysis and has consequently determined its recovery assumptions
for the transactions at various rating scenarios.

WARR Assumptions

Rating level        EuroConnect (%)    HVB (%)    BA-CA (%)
AAA                         22.10      22.93        20.09
AA                          25.33      26.22        23.18
A                           28.97      29.88        26.75
BBB                         33.09      34.06        30.73
BB                          40.83      42.05        37.84
B/CCC                       43.92      45.20        40.80

S&P applied the recovery rates to the SDRs at each rating level
to calculate the scenario loss rates (SLRs) applicable to each of
the portfolios.

Rating-Specific Scenario Loss Rates (%)

Assigned rating   EuroConnect (%)    HVB (%)    BA-CA (%)
AAA                         28.79      30.96        28.41
AA+                         22.45      24.05        23.90
A+                          13.21      14.00        18.38
A                           11.58      12.23        17.68
A-                           9.95      10.46        16.53
BBB-                         5.53       5.68        12.91
BB+                          4.55       4.62        10.76

S&P notes that all of the rated classes of notes, except HVB's
class A2 CLNs, has available credit enhancement that exceeds the
SLRs at their current rating levels.  This is a result of the
level of portfolio amortization more than compensating for the
higher portfolio default rates applied under S&P's updated
European SME CLO criteria.

                        SUPPLEMENTAL TESTS

In line with S&P's European SME CLO criteria, it applied its
largest obligor default test to EuroConnect's class A, B, and C
notes, and to HVB's and BA-CA's class A2 and B2 CLNs.

The application of this test did not constrain S&P's ratings on
EuroConnect's class A, B, and C notes, or its ratings on HVB's
class A2 and B2 CLNs.  However, the application of this test did
constrain S&P's rating on BA-CA's class A2 and B2 CLNs at 'A+
(sf)' and 'BB+ (sf)' respectively.

EuroConnect's class A, B, and C notes have available credit
enhancement that exceeds the SLRs at their current rating levels,
with the class A notes' available enhancement exceeding the SLR
at a 'A+' rating level.  However, the application of S&P's 2012
counterparty criteria, to funded synthetic transactions, limits
the maximum achievable rating on the class A notes at 'A'--the
long-term issuer credit rating on both UniCredit Bank and
UniCredit Bank Austria, which are both deposit providers for the
issuance proceeds of the rated notes.  S&P has therefore affirmed
and removed from CreditWatch negative its 'A (sf)' rating on the
class A notes, and raised to 'A- (sf)' from 'BBB (sf)' and
removed from CreditWatch negative its rating on the class B notes
and raised to 'BBB- (sf)' from 'BB (sf)' and removed from
CreditWatch negative its rating on the class C notes.

BA-CA's class A2 and B2 CLNs currently have available credit
enhancement that exceeds the SLRs at 'AA+' and 'A+' rating
levels, respectively.  However, the application of S&P's 2012
counterparty criteria limits the maximum achievable rating on
both classes of CLNs to 'A (sf)'.  In addition, the application
of S&P's largest obligor default test limits the maximum
achievable rating on the class A2 CLNs at 'A+ (sf)', and on the
class B2 CLNs at 'BB+ (sf)'.  S&P has therefore raised to 'A
(sf)' from 'BBB+ (sf)' and removed from CreditWatch negative its
rating on the class A2 CLNs and has affirmed and removed from
CreditWatch negative its 'BB+ (sf)' rating on the class B2 CLNs.

HVB's class A2 and B2 CLNs have available credit enhancement that
exceeds the SLRs at 'AA+ (sf)' and 'A+ (sf)' rating levels,
respectively.  However, the application of S&P's 2012
counterparty criteria limit the maximum achievable rating on both
classes of CLNs at 'A (sf)'.  S&P has therefore lowered to 'A
(sf)' from 'AAA (sf)' and removed from CreditWatch negative its
rating on the class A2 CLNs and affirmed and removed from
CreditWatch negative its 'A (sf)' rating on the class B2 CLNs.

EuroConnect Issuer SME 2007 is a partially funded synthetic
balance sheet transaction, referencing a portfolio of bank loans
granted to mainly German and Austrian SMEs (90% of the portfolio
balance) and to larger corporates (10% of the portfolio balance),
originated by Unicredit Bank and UniCredit Bank Austria.  The
transaction closed in December 2007.  Subordination and excess
spread provide credit enhancement for the rated notes.  The
repayment of the liabilities follows a fully sequential order,
starting with the senior notional amount, followed by the class A
notes (comprising unrated class A1 notes and rated class A2 HVB
and BA-CA CLNs, both ranking pari passu with each other), the
class B notes (comprising unrated class B1 notes and rated class
B2 HVB and BA-CA CLNs, both ranking pari passu with each other),
and EuroConnect's class A, B, C, and D notes.


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:



Class       Rating            Rating
            To                From

EuroConnect Issuer SME 2007 Ltd.
EUR216.3 Million Credit-Linked Floating-Rate Notes

Ratings Raised and Removed From CreditWatch Negative

B           A- (sf)           BBB (sf)/Watch Neg
C           BBB- (sf)         BB (sf)/Watch Neg

Rating Affirmed and Removed From CreditWatch Negative

A           A (sf)            A (sf)/Watch Neg

UniCredit Bank AG
EUR0.2 Million HVB Floating Rate Credit-Linked Notes

Rating Lowered and Removed From CreditWatch Negative

A2          A (sf)            AAA (sf)/Watch Neg

Rating Affirmed and Removed From CreditWatch Negative

B2          A (sf)            A (sf)/Watch Neg

UniCredit Bank Austria AG
EUR0.2 Million BA-CA Floating Rate Credit-Linked Notes

Rating Raised and Removed From CreditWatch Negative

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

Rating Affirmed and Removed From CreditWatch Negative

B2          BB+ (sf)          BB+ (sf)/Watch Neg


* MINSK: S&P Affirms 'B-' Issuer Credit Rating; Outlook Pos.
Standard & Poor's Ratings Services said it revised its outlook on
the Belarusian City of Minsk to positive from stable.  At the
same time, S&P affirmed its 'B-' long-term issuer credit rating
on the city.

The outlook revision follows a similar action on the Republic of
Belarus.  S&P views the institutional framework for Belarusian
local and regional governments (LRGs) as centralized.  According
to S&P's criteria, a Belarusian LRG cannot be rated higher than
the sovereign, so S&P caps the long-term rating on Minsk at the
level of the long-term sovereign rating on Belarus.

The rating on Minsk reflects S&P's view of Belarus' volatile and
underfunded system of interbudgetary relations, leading to the
city's very limited budget predictability and flexibility.  The
rating is also constrained by Minsk's large infrastructure needs
and high contingent liabilities.  Factors supporting the rating
are the city's status as the country's largest administrative,
financial, and commercial center; its consistently very strong
operating surplus; moderate debt burden; and consistently high
cash reserves.

Under S&P's methodology, it assess the indicative credit level
(ICL) for Minsk at 'b+'.  The ICL is not a rating, however.  It
is a means of assessing an LRG's intrinsic creditworthiness under
the assumption that there is no sovereign rating cap.  The ICL
results from the combination of our assessment of an LRG's
individual credit profile and the effects S&P sees of the
institutional framework within which it operates.

S&P believes that the institutional framework within which
Belarusian regional governments operate is very centralized and
evolving, which limits the predictability and flexibility of
Minsk's financial policy.  The central government defines the
types, rates, and bases of most taxes, sets norms of regional
spending through established social standards, limits regions'
budget deficits, and authorizes all borrowings.

As Belarus' largest administrative, financial, and commercial
center, Minsk is wealthy and diversified relative to other
Belarusian regions, and S&P expects this will continue to support
its budgetary performance.  Although the city's wealth levels are
modest by international standards, the city's GDP per capita
exceeds the national average by 1.5x.

Post-crisis economic recovery and a significant depreciation of
the Belarusian ruble in 2011-2012 have triggered higher
inflation, supported Minsk's revenue growth, and resulted in
exceptionally solid operating margins of 35% of operating
revenues.  Given the concentration of the national economic
growth in Minsk and the fairly high inflation, the city's revenue
growth will likely continue to exceed operating spending growth
rates in the medium term.  This will result in strong operating
margins of over 30% on average in 2013-2015, according to S&P's
base-case expectations.

S&P notes that private investment in Minsk is limited, compelling
the city to maintain high capital spending itself, both directly
and via municipal companies, which exposes it to large contingent
liabilities.  Minsk has also committed to an ambitious housing
construction program and large-scale infrastructure upgrade ahead
of hosting the World Ice Hockey Championship in 2014.  This puts
pressure on the city's investment budget.  However, given that
the central government has required Belarusian LRGs to deliver
zero deficits in 2012-2013, the city will deliver budget
surpluses after capital accounts.  S&P do not exclude that this
legal constraint might be relaxed after 2013.  However, on
average, deficits after capital accounts will be limited in the
medium term, at about 2%-3% of total revenues.

Due to solid operating performance and legal limits on direct
borrowings, the city's tax-supported debt will likely stay below
30% of operating revenues in the medium term.  The larger share
of the debt burden (over 70%) will consist of guarantees against
municipal companies' borrowings, according to S&P's base case.
By year-end 2012, tax-supported debt, according to Standard &
Poor's criteria, was a low 14%-15% of adjusted operating

The positive outlook on Minsk reflects that on Belarus, because
the long-term rating on Minsk is capped by the long-term foreign
currency rating on the sovereign.

Because S&P's ICL on Minsk is 'b+' and the rating is capped at
'B-', it don't currently envisage a realistic scenario under
which the ICL would weaken by three levels to fall below the
sovereign rating.  Consequently, S&P would be more likely to
downgrade the city as a result of a downgrade of the sovereign
than as a result of a weakening of the ICL within the outlook

S&P could raise the rating on Minsk within the next 12 months,
however, if it was to raise the ratings on Belarus and if Minsk
maintained its strong budgetary performance and solid cash
position, in line with its base-case scenario.


BANK OF CYPRUS: 37.5% of Uninsured Deposits Converted to Equity
Denise Roland at The Telegraph reports that savers in the Bank of
Cyprus took a hit on Sunday as 37.5% of their uninsured deposits
were converted to equity as part of the island's EUR10 billion
(GBP8.4 billion) rescue deal.

According to the Telegraph, the so-called "bail-in" forces savers
to foot the bill for the recapitalization of Cyprus' biggest
bank, after it was hit by massive losses from its exposure to
debt-crippled Greece.

Bank of Cyprus said it had converted 37.5% of deposits exceeding
EUR100,000 into "class A" shares, with an additional 22.5pc held
as a buffer for possible conversion in the future, the Telegraph

The bank said that another 30% would be temporarily frozen and
held as deposits, the Telegraph notes.

The bail-in is part of attempts by Cyprus to find EUR13 billion
-- a figure nearly double the island's original bill -- to shore
up its economy, the Telegraph dislcoses.  Other measures include
a possible sell-off of the nation's gold reserves, the Telegraph

The European Union and the International Monetary Fund are
providing a further EUR10 billion to the island, one of the
eurozone's smallest economies, the Telegraph says.

However the disbursement of rescue funds -- expected to start in
May -- will hinge on the outcome of a vote in the Cypriot
parliament, due today, the Telegraph notes.

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 April 16,
2013, Moody's Investors Service downgraded Bank of Cyprus Public
Company Limited's deposit ratings to Ca, negative outlook, from
Caa3 and senior unsecured debt ratings to C, from Caa3.  The
subordinated and junior subordinated debt ratings of BoC were
affirmed at C.

GLOBALTRANS INVESTMENT: Moody's Affirms Ba3 CFR; Outlook Pos.
Moody's Investors Service affirmed the Ba3 corporate family
rating and Ba3-PD probability of default rating of Globaltrans
Investment PLC. The outlook on the ratings is positive.

Concurrently, Moody's has affirmed the B1 senior unsecured
ratings assigned to the domestic bond issues by New Forwarding
Company, a 100% subsidiary of Globaltrans, and guaranteed by
Globaltrans, with a loss given default (LGD) assessment of

Ratings Rationale:

Globaltrans's CFR of Ba3 continues to reflect (1) Moody's
expectation that the company's financial metrics will remain
strong on a sustainable basis, with debt/EBITDA declining below
2.0x (as adjusted by Moody's); (2) the company's growing size and
strong position in the Russian freight rail transportation
market, supported by a 30% expansion of its railcar fleet year-
on-year to 61,935 units as of year-end 2012, and established
customer base; (3) it's fairly modern own railcar fleet, the
average age of which is seven years, providing economies in terms
of repair costs; (4) its fleet diversification in terms of type
of railcars, with nearly two thirds represented by universal
gondola cars and the remainder mostly by tank cars; (5) its high
EBITA margin of above 25% (as adjusted by Moody's), resulting
from continuing cost control and sophisticated empty run
management; (6) its solid liquidity and balanced debt maturity
profile, with nearly 80% of debt maturing beyond the next 12
months as of year-end 2012; and (7) its moderate foreign currency
risk, with the company's foreign currency-denominated debt
representing less than 10% of its total debt as of year-end 2012.

The CFR also factors in (1) uncertainty surrounding Globaltrans's
long-term market position given the potential transformation of
the competitive landscape; (2) the potential deterioration in the
freight transportation market environment in Russia, reflected by
a continuing decline in freight volumes as reported by Russian
Railways JSC (Baa1 stable) (although Moody's expects Globaltrans
to remain resilient to a potential market downturn, as it has
been the case historically, owing to its position as a preferred
contractor for its key customers); (3) the possibility that
Globaltrans will continue to make sizeable debt-financed
acquisitions or investments in fleet expansion; (4) the company's
significant customer concentration, with 60% of its 2012 net
revenues from operating its rolling stock derived from its five
largest customers; and (5) the company's overall exposure to an
emerging market operating environment with a less developed
regulatory, political and legal framework.

The senior unsecured ratings assigned to the domestic bond issues
by New Forwarding Company, and guaranteed by Globaltrans, are one
notch below the CFR. This difference reflects the subordination
of the bonds (around US$400 million of which are outstanding) to
a significant proportion of secured debt in the Globaltrans
group's debt portfolio. Although this proportion has increased
over the past year, the rating on the bonds remains only one
notch below the CFR owing to Globaltrans's strong positioning in
its current CFR.

The positive outlook reflects the potential for an upgrade of
Globaltrans's ratings over the next 12-18 months given Moody's
expectation that the company's financial metrics will strengthen.

What Could Change The Rating Up/Down

Moody's could consider Globaltrans's ratings for an upgrade if
the company reduces its debt/EBITDA to below 2.0x (as adjusted by
Moody's) on a sustainable basis, while maintaining solid
liquidity and demonstrating a strong operating performance.

Conversely, negative pressure could be exerted on the ratings if
debt/EBITDA increases above 2.5x (as adjusted by Moody's) on a
sustained basis, or there is a material deterioration in
Globaltrans's liquidity, operating performance or market

Principal Methodology

Globaltrans Investment PLC's and New Forwarding Company's ratings
were assigned by evaluating factors that Moody's considers
relevant to the credit profile of the issuer, such as the
company's (i) business risk and competitive position compared
with others within the industry; (ii) capital structure and
financial risk; (iii) projected performance over the near to
intermediate term; and (iv) management's track record and
tolerance for risk. Moody's compared these attributes against
other issuers both within and outside Globaltrans Investment
PLC's and New Forwarding Company's core industry and believes
Globaltrans Investment PLC's and New Forwarding Company's ratings
are comparable to those of other issuers with similar credit
risk. Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

Cyprus-based Globaltrans Investment PLC is one of the largest
private railway transportation groups operating in Russia and the
Commonwealth of Independent States (CIS), with a fleet of 61,935
railcars as of year-end 2012. In 2012, the company transported 84
million tons of various cargos and generated US$2.1 billion of
revenue and US$734 million of EBITDA (as adjusted by Moody's).
Globaltrans is a public company that has been listed on the
London Stock Exchange since 2008.


HOLDING MEDI-PARTENAIRES: Moody's Gives B2 CFR; Outlook Stable
Moody's Investors Service assigned a B2 corporate family rating
and a B2-PD probability of default rating  to Holding Medi-
Partenaires S.A.S. Concurrently, Moody's has assigned a
provisional (P)B3 rating, with a loss given default assessment of
LGD4, 65%, to the company's proposed EUR385 million of aggregated
senior secured notes. The outlook on the ratings is stable. This
is the first time that Moody's has assigned a rating to Medi-

Moody's issues provisional ratings in advance of the final sale
of securities and these reflect Moody's credit opinion regarding
the transaction only. Upon closing of the refinancing and a
conclusive review of the final documentation, Moody's will
endeavor to assign definitive ratings to Medi-Partenaires. A
definitive rating may differ from a provisional rating. The
ratings assigned to Medi-Partenaires assume the successful
refinancing of the company's current financing package.

"The B2 CFR we have assigned reflects the company's high
leverage, ongoing tariff pressures and the potential for the
company's liquidity profile to deteriorate over time," says Knut
Slatten, the lead analyst for Medi-Partenaires. "However, these
factors are partially offset by long-term operating performance
visibility, favorable demographics, high barriers to entry and a
strong track record."

Ratings Rationale:

The B2 CFR primarily reflects (1) Medi-Partenaires' high leverage
estimated to be around 5.8x adjusted debt/ EBITDA pro-forma for
the debt-issuance; (2) Moody's expectations of continued pressure
on tariffs, which, in view of the company's largely fixed-cost
structure, may lead to the erosion of profitability; (3) a
liquidity profile that is likely to deteriorate over time, as the
company continues to play an active role in the consolidation of
the French private hospital market with anticipated acquisitions
expected to surpass the company's free cash flow generation.

These factors are balanced to an extent by (1) Medi-Partenaires'
overall high degree of visibility in terms of future operating
performance supported by the role of social security as the
payor; (2) favorable demographics, which should continue to drive
volume-growth and thereby mitigate some of the anticipated
pressure from tariff reductions allowing for continued solid
adjusted EBITDA-margins around 20%; (3) the overall high barriers
to entry resulting from the need to obtain necessary
authorizations and attract qualified personnel; and (4) the
company's strong track record in acquiring and integrating

Founded in 1991, Medi-Partenaires is a French private hospital
company operating 35 facilities throughout France. The facilities
are mainly concentrated in six core regions in France --
accounting for 80% of revenues -- and essentially focus on
medicine, surgery and obstetrics.

Whereas the company has established a track record of recurrent
organic growth of around 2-3% per year, Medi-Partenaires is a
consolidator and total sales-growth has over the past few years
mainly been driven by acquisitions allowing for the company to
become one of the largest private hospital companies in France.
Acquisitions tend to be more bolt-on acquisitions, which
complement the company's existing platform and thereby allow for
establishment of centers of excellence and extraction of
synergies. However, Medi-Partenaires may also consider
acquisitions in new regions should they facilitate in
establishing presence in attractive catchment areas or enable the
company to acquire new capabilities. Moody's notes, however, that
it is not a strategic goal of the company to cover the full

In addition to the proposed issuance of EUR385 million in senior
secured notes, Medi-Partenaires is putting in place a new super-
senior revolving credit facility of EUR60 million -- located at
Sante Partenaires SAS -- which will benefit from a contractual
priority positioning in the waterfall. Shareholder funding
includes around EUR285 million of convertible bonds which Moody's
has analyzed as being equivalent to equity.

Neither the notes nor the RCF will benefit from upstream
guarantees from the operating subsidiaries, although the notes
will be guaranteed by Sante Partenaires SAS. Moody's understands
that the notes and the RCF will be secured upon the same
collateral, which will notably include share pledges over the two
holding companies Medi-Partenaires and Sante Partenaires. The
(P)B3 rating on notes, one notch below the CFR, reflects
structural subordination to other liabilities in the capital

Following the refinancing, Moody's expects Medi-Partenaires'
liquidity profile to remain adequate. In addition to a cash
balance of around EUR40 million, the liquidity profile is further
supported by expectations of positive free cash flows as well as
access to the undrawn EUR60 million RCF. Moody's would expect
headroom to the company's financial maintenance covenant to
remain satisfactory. However, Moody's cautions that the quality
of the company's liquidity profile is likely to depend on the
company's pace of acquisitions, which may lead to reduced
availability under the RCF as well as tightened headroom to
covenants over time.

The company is controlled by LBO France, a principal shareholder.
However, Moody's notes that the proposed notes permit an
exception to the general change of control clause, whereby a
change of control would not trigger an investor put if the
company's consolidated leverage is below 4.75x in the first 18
months after issuance (and 4.25x thereafter).

The stable outlook on the rating reflects Moody's expectation
that, going forward, Medi-Partenaires will continue facing
moderate pressures on tariffs offset by increased growth in
volumes and continuous cost-optimization allowing for its
leverage -- defined as adjusted gross debt/EBITDA -- to be on a
downward trend. Whereas the current rating allows some
flexibility for the company to continue playing an active role in
the consolidation of the French private hospital market through
bolt-on acquisitions, no larger debt-financed acquisitions are
factored in. The stable outlook also reflects Moody's
anticipation that Medi-Partenaires will maintain a satisfactory
liquidity profile going forward.

What Could Change The Rating Up/Down

Positive pressure on the rating could develop if Medi-
Partenaires' operating performance continues to improve, allowing
for the company's leverage, measured by debt/EBITDA, to move
below 5.25x. Conversely, negative pressure could develop if Medi-
Partenaires' leverage moves above 6.25x or if Moody's becomes
concerned about the company's liquidity.

Principal Methodology

The principal methodology used in this rating was the Global
Healthcare Service Providers published in December 2011. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Medi-Partenaires is a France-based private hospital company. It
serves around 700,000 customers in its 35 facilities and worked
with approximately 2,000 physicians in 2012. For the financial
year ended December 31, 2012, it reported total revenues of
EUR525 million and EBITDAR of EUR109.8 million.

HOLDING MEDI-PARTENAIRES: S&P Assigns Prelim. 'B' Corp. Rating
Standard & Poor's Ratings Services said that it had assigned its
'B' preliminary long-term corporate credit rating to Holding
Medi-Partenaires SAS, a French hospital operator.  The outlook is

At the same time, S&P assigned its preliminary 'B' issue rating
to Medi-Partenaires' proposed EUR385 million senior secured notes
due 2020.  The preliminary recovery rating on these notes is '4',
indicating S&P's expectation of average (30%-50%) recovery in the
event of a payment default.

The final ratings will be subject to the successful issuance of
the proposed notes and will depend on S&P's receipt and
satisfactory review of all final transaction documentation.
Accordingly, the preliminary ratings should not be construed as
evidence of the final ratings.  If Medi-Partenaires does not
place the notes, if Standard & Poor's does not receive the final
documentation within a reasonable time frame, or if the final
documentation departs from the materials S&P has already
reviewed, S&P reserves the right to revise or withdraw its

S&P's 'B' preliminary corporate credit rating on Medi-Partenaires
reflects its view of the group's "fair" business risk profile and
"highly leveraged" financial risk profile, as its criteria define
the terms.  It is based on the expectation that the ongoing
refinancing operations will be completed as presented to S&P.

S&P's base-case assumes that Medi-Partenaires will successfully
issue notes totaling EUR385 million.  From the proceeds, S&P
assumes Medi-Partenaires will use up to EUR100 million to repay
the EUR385 million shareholder convertible bonds, EUR236 million
to fully repay the mezzanine bonds, and EUR71 million to repay
term loans in operating subsidiaries.  On top of bond proceeds,
S&P expects Medi-Partenaires to use EUR30 million of its cash on
its balance sheet to repay some debt.  S&P assumes about
EUR8 million of transaction cost.

The ratings are primarily constrained by the group's high
adjusted debt-to-EBITDA ratio of about 9.0x including a
shareholder convertible bond, and about 6.0x excluding the
shareholder convertible bond.  S&P's adjusted debt-to-EBITDA
ratio includes a EUR275 million debt adjustment relating to
operating leases, because the group sold a large majority of its
real estate under sale-and-leaseback transactions in 2011 and

The ratings also reflect Medi-Partenaires' high level of
capitalized interest, despite the repayment of the mezzanine debt
and expected reduction in shareholder convertible bonds.  The
remaining EUR285 million-EUR325 million outstanding from the
shareholder convertible bond will continue to bear 9.4% interest
per year, which is capitalized, and also continue to accumulate a
nonconversion premium of 5.6% per year, which limits the group's
deleveraging potential.

The stable outlook reflects S&P's view of Medi-Partenaires' solid
position in the French private hospital sector and S&P's
anticipation that there will be no regulatory changes in the near
term that would have a negative bearing on its profitability.  It
further reflects S&P's view that Medi-Partenaires should be able
to continue generating positive free operating cash flow and
maintaining an adjusted EBITDA-to-cash interest ratio of not less
than 2.0x.

S&P could take a negative rating action if Medi-Partenaires were
unable to generate positive free cash flow or if the EBITDA cash
interest coverage were to approach 1.5x.

S&P could take a positive rating action if the group were to
improve its adjusted net debt-to-EBITDA ratio to below 5.0x
including hybrid adjustments and to increase its EBITDA cash
interest coverage to above 3.0x.  S&P views this scenario as
remote because the noncash high interest rates applying to the
hybrid debt will considerably constrain the group's deleveraging


GEORGIAN OIL: Fitch Affirms 'BB-' LT Issuer Default Rating
Fitch Ratings has affirmed JSC Georgian Oil and Gas Corporation's
Long-term foreign currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook and senior unsecured rating on its US$250
million bond maturing in 2017 at 'BB-'. A complete list of rating
actions is below.

The ratings for wholly state-owned GOGC are aligned with the
sovereign's as the government of Georgia (BB-/Stable) considers
the company critical to national energy policy. In aligning the
ratings, Fitch considers the 100% indirect state ownership and
strong management and governance linkages between GOGC and the
state. Fitch views GOGC's standalone profile as commensurate with
a 'B+' rating due to the company's small size, limited operations
and funding issues related to new projects.


Ratings Aligned with Sovereign's

GOGC is one of several corporations in Georgia regarded by the
government as critical to national policy. The aligned ratings
are supported by the 100% indirect state ownership via JSC
Partnership Fund (PF, BB-/Stable) and strong management and
governance linkages between GOGC and the sovereign. Fitch views
GOGC's standalone profile as commensurate with a 'B+' rating,
constrained by its small size, limited operations and funding
issues related to new projects. Its principal business is
distribution of gas to domestic customers, transit of third-party
gas via Georgian territory and power generation projects.

Gardabani Replaces Namakhvani

In September 2012, PF commenced construction of US$205 million
230MW Gardabani Combined Cycle Power Plant. GOGC will use
proceeds from its US$250 million Eurobond for project funding and
will become the owner of the power plant, with the transfer of
assets to GOGC expected later in 2013. It already loaned US$50
million to PF for the advance payment to project contractor. The
power plant is expected to become operational in 2015 with annual
output of 1.34 billion kWh. GOGC will no longer finance the
Namakhvani Hydro Power Plant construction, even if the government
decides to restart it.

Gas Supply Under Stress

GOGC signed a new contract with the State Oil Company of the
Azerbaijan Republic (SOCAR, BBB-/Stable) in 2012 for higher gas
supplies to the social sector (ie, power generation and
households). The 34% average gas purchase price increase that
followed eroded GOGC's margin as a corresponding increase in
selling price to SOCAR Gas Export and Import did not cover the
difference. The GEL0.05 per cubic meter gas price reduction for
residential customers from March 2013 until the end of the year
will further decrease profits. Fitch notes that GOGC's purchase
contracts cover 1.2 billion cubic meters (bcm) of gas and should
the social sector consumption increase further, there is a risk
of further purchase price increases, which would be a drag on
GOGC's performance.

Higher Dividends Risk

In August 2012, PF became GOGC's sole shareholder. PF is a state
fund with stakes in key public companies, eg, Georgian Railway
JSC (GR, BB-/Stable). While Fitch views the ownership change as
neutral to GOGC's linkage with the state, it understands that PF
may demand higher dividend payments from GOGC as dividends are
the prime source of financing its operations. In 2012 GOGC and GR
generated 72% of PF's dividend income of GEL115 million, of which
GOGC paid GEL49.7 million. GOGC's existing policies cap dividend
payments at 35% of its net income.


Alignment With Sovereign

A downgrade of Georgia would be reflected by GOGC's ratings.
Upward changes within the 'BB' category would probably track
those of the sovereign, depending on the level of institutional
integration of GOGC.

High Headroom Standalone Rating

Leverage would need to exceed 4x debt/EBITDA before starting to
put pressure on the 'B+' standalone profile.

Contract Framework Key

Negative rating action is more likely to arise from any
unanticipated changes in the contractual frameworks supporting
GOGC's midstream position, or from any liquidity problems
associated with the concentrated destination of cash deposits.


Limited Covenant Risk

Fitch will continue to monitor GOGC's covenant position under its
US$250 million bond. Our forecasts suggest it is possible that
the 3.5x net debt/EBITDA covenant could be breached in 2013,
based on the assumption that long-term deposits are not included
as cash in the calculation, and that in need the company would
not be able to rapidly monetize these deposits. Including these
deposits in net debt makes a breach highly unlikely. Even if the
covenant was breached, it would not trigger an acceleration of
the bond -- the terms specify that GOGC will simply be prohibited
from taking on additional debt.

The agency expects that GOGC's net debt/EBITDA leverage will
improve to 3.1x in 2014 and to 1.9x in 2015.

Adequate Liquidity and Maturities

GOGC's short-term debt at end-2012 was GEL5 million and its cash
balance GEL143 million plus GEL53 million of short-term deposits.
Its borrowings mostly consist of the US$250 million bond due in
2017. At end-2012, bond proceeds were mainly deposited with local
banks, ie, US$151 million was held by, among others, the Bank of
Georgia ('BB-'/Stable), TBC Bank ('BB-'/Stable) and ProCredit
Bank (Georgia) ('BB'/Stable). US$78.5 million was on-lent to PF
and the State Service Bureau, the latter balance to be repaid in


-- Long-term foreign and local currency IDRs: affirmed at 'BB-';
    Outlooks Stable

-- Short-term foreign and local currency IDRs: affirmed at 'B'

-- Foreign currency senior unsecured rating: affirmed at 'BB-'


FORCE TWO: Fitch Affirms 'C' Rating on EUR9.7-Mil. Cl. E Notes
Fitch Ratings has affirmed FORCE TWO's notes as follows:

  EUR105.1m Class A notes (ISIN: XS0299041037): affirmed at
  Outlook Negative

  EUR12.3m Class B notes (ISIN: XS0299041896): affirmed at
  'CCCsf', assigned 'RE50%'

  EUR13m Class C notes (ISIN: XS0299042357): affirmed at 'CCCsf',
  assigned 'RE0%'

  EUR11.9m Class D notes (ISIN: XS0299044056): affirmed at
  assigned 'RE0%'

  EUR9.7m Class E notes (ISIN: XS0299045020): affirmed at 'Csf',
  assigned 'RE0%


Five additional principal deficiency ledger events have occurred
since the last review in May 2012. However, four of them are
early repayments in which case the repaid amounts are allocated
to redeem the notes in sequential order. Consequently, the class
A notes have been further redeemed and the credit enhancement to
all the rated notes has increased since the last review.

All of the loans in the portfolio are bullet loans with
maturities falling on two days with only a short period between
them. The transaction's scheduled maturity is in January 2014.
The bullet maturities expose the transaction to refinancing risk,
which may materialize if some of the companies are unable to
refinance their loan obligations. The agency regards the
refinancing risk as adequately addressed by the notes' available
credit enhancement compared with the largest obligors.

The refinancing risk analysis was supplemented by a credit
analysis of the current performing pool by the Portfolio Credit
Model (PCM). PCM was used to derive the portfolio rating-specific
loss rates. For this reason, the agency made use of the internal
ratings on the respective portfolio companies. In the agency's
view, the notes' ratings are consistent with their credit
enhancement levels, which led to their affirmation.


The transaction is sensitive to:

-- Defaults of single large obligors given the significant single
   obligor concentrations.

-- Defaults of obligors as a result of the refinancing risk. This
   is reflected by the Negative Outlook on the class A notes.

As all securitized debt instruments are subordinated, Fitch
assumes no recovery in its analysis. Fitch assigns Recovery
Estimates (REs) to all notes rated 'CCCsf' or below. REs are
forward-looking, taking into account Fitch's expectations for
principal repayments on a distressed structured finance security.
For the class B notes, the agency derived an RE of 50% based on
the assumption of further defaults due to the large obligor
concentrations and the refinancing risk.

The transaction is a cash securitization of subordinated debt and
loss participation agreements of German SMEs. The portfolio
companies were selected by equiNotes Management GmbH, a joint
venture of IKB Private Equity GmbH (a subsidiary of IKB Deutsche
Industriebank Aktiengesellschaft and Deutsche Bank
Aktiengesellschaft, acting as advisor for the issuer.

METROPCS WIRELESS: Moody's Says Merger Pos. for Deutsche Telekom
Moody's Investors Service said that it views as credit positive
for Deutsche Telekom AG (Baa1 stable) the recent approval by the
shareholders of MetroPCS Wireless Inc. (Ba3 stable) to merge with
T-Mobile USA (not rated), as it removes uncertainties related to
Deutsche Telekom's US operations and paves the way for a more
powerful mobile company in the US with greater scale and scope to
better compete in the market. The transaction is expected to
close by May 1, 2013.

As part of the transaction, MetroPCS shareholders will receive an
advanced cash payment of approximately US$1.5 billion from the
company. This will be followed by a reverse stock split of the
MetroPCS shares before the company is merged with T-Mobile USA.
Following the closing of the transaction, the shareholders of
MetroPCS will receive 26% of the shares in the new company, while
Deutsche Telekom will hold the remaining 74%, thereby retaining
control and fully consolidating the entity.

The transaction improves Deutsche Telekom's market position in
the US and clarifies a number of strategic questions in respect
of its future interest in the US market. After the transaction is
completed, Deutsche Telekom's US subsidiary (T-Mobile USA) will
have approximately US$25 billion in revenues and 42 million
customers, both of which represent about 12% of the US wireless

Moody's expects improved execution as a result of enhanced scale,
better device lineup (especially the iPhone), accelerated network
investment and a new pricing structure for smartphones. T-Mobile
USA will significantly broaden its spectrum portfolio in adjacent
geographical areas and its assets are divisible by markets, which
could potentially be sold if needed, without materially impacting
its overall business. In addition, a strong liquidity profile and
valuable spectrum assets also provide credit support.

These strengths are partially offset by the combined company's
fourth position in the highly competitive US wireless industry,
the capital intensity associated with building out its 4G LTE
network and in meeting rapidly rising bandwidth demand and a
moderately leveraged balance sheet.

The merger gives T-Mobile USA increased scale and an enhanced
competitive position against the 'big two' US wireless operators
(Verizon Wireless rated A2 with a stable outlook, and AT&T
Mobility, unrated) who dominate the market. However, Sprint
Nextel Corporation (Sprint) (B1 corporate family rating, on
review -- direction uncertain), the number three operator, would
likely emerge as a stronger force should SOFTBANK Corporation
(Baa3 issuer rating, ratings on review for downgrade) be
successful in its acquisition of 70% of Sprint's common stock and
planned US$8 billion equity infusion. Consequently, Moody's
believes that T-Mobile USA will still find it challenging to
improve subscriber trends, increase market share and accelerate
earnings growth.

Moody's expects the new entity's combination of cash and short-
term investments to grow modestly through 2013. Moody's-adjusted
cash from operations is expected to be about US$7 billion in 2013
and Moody's-adjusted capital spending is expected to be about
US$6.6 billion in 2013.

From a financial ratio analysis perspective, the transaction is
broadly neutral for Deutsche Telekom because the lease-adjusted
net debt assumption of about EUR4.6 billion from the merger and
the consolidation into Deutsche Telekom's accounts is offset by
the approximately EUR1 billion EBITDA assumption in the ratio

The capital structure of the combined company will include
MetroPCS's existing US$5.5 billion of senior unsecured notes and
financing provided by Deutsche Telekom. Deutsche Telekom will
receive $11.2 billion of new senior unsecured notes to refinance
T-Mobile USA's current intercompany debt. The Deutsche Telekom
notes consist of four US$2.5 billion senior unsecured notes, each
maturing annually from 2019 to 2022, and US$1.2 billion senior
unsecured notes maturing in 2023. The Deutsche Telekom notes rank
pari passu with MetroPCS's senior unsecured notes. MetroPCS's
former US$100 million senior secured revolving credit facility
will be replaced with a US$500 million senior unsecured revolving
credit facility provided by Deutsche Telekom. The new revolver
and Deutsche Telekom notes will be guaranteed by the combined
company and by all of T-Mobile USA's wholly-owned domestic
restricted subsidiaries.

Deutsche Telekom AG, domiciled in Bonn Germany is one of the
largest integrated telecommunications service providers companies
with some 132 million mobile customers, over 32 million fixed-
network lines and 17 million broadband lines (as of December 31,
2012). The Group provides fixed-network, mobile communications,
Internet and IPTV products and services for consumers, and ICT
solutions for business and corporate customers. The Group
generated revenue of EUR58.2 billion in the 2012 financial year
-- over half of it outside Germany (as of December 31, 2012).

UNITYMEDIA HESSEN: S&P Cuts Rating on Sr. Secured Notes to 'B+'
Standard & Poor's Ratings Services said that it lowered to 'B+'
from 'BB-' its issue ratings on the senior secured notes issued
by Unitymedia Hessen GmbH & Co. KG and Unitymedia NRW GmbH,
operating subsidiaries of Germany-based cable operator Unitymedia
KabelBW GmbH (Unitymedia; B+/Stable/--).

At the same time, S&P removed the issue ratings on the senior
secured notes from CreditWatch, where they were placed with
negative implications on April 11, 2013.  In addition, S&P
revised downward the recovery rating on these notes to '3' from
'2', indicating S&P's expectation of meaningful (50%-70%)
recovery in the event of a default.

The 'B+' issue rating and '3' recovery rating on Unitymedia's
recently issued EUR350 million senior secured notes are

The rating actions on Unitymedia's senior secured notes reflect
S&P's view that the recovery prospects for senior secured lenders
have weakened due to an increase in senior secured debt,
following the recent EUR350 million senior secured notes

                         RECOVERY ANALYSIS

To determine recoveries, S&P simulates a hypothetical default
scenario.  S&P's scenario assumes that a payment default would
most likely result from excessive leverage and Unitymedia's
inability to refinance its revolving credit facility (RCF) and
senior secured notes when they mature in 2017.  Under S&P's
scenario, this follows operating underperformance due to
increased competition and high capital expenditure.

At S&P's hypothetical point of default in 2017, it assumes that
EBITDA would have declined to approximately EUR635 million.  S&P
estimates Unitymedia's enterprise value at the simulated point of
default to be about EUR3.65 billion, which corresponds to an
enterprise-value-to-EBITDA multiple of about 5.75x.  After
deducting EUR250 million of enforcement costs and about
EUR100 million mainly comprising the fully drawn super senior RCF
and finance leases, S&P arrives at a net enterprise value of
about EUR3.3 billion.  S&P calculates that the overall senior
secured debt outstanding at default would amount to about EUR4.8
billion, including full drawings on the pari passu RCF and six
months of prepetition interest.  On this basis, recovery
prospects for the senior secured lenders would be in the 50%-70%
range, which translates into a recovery rating of '3'.


Downgraded; CreditWatch/Outlook Action
                                 To                 From
Unitymedia NRW GmbH
Senior Secured                  B+                 BB-/Watch Neg
Recovery Rating                 3                  2

Unitymedia Hessen GmbH & Co. KG
Senior Secured                  B+                 BB-/Watch Neg
Recovery Rating                 3                  2

Ratings Affirmed

Unitymedia NRW GmbH
Senior Secured                  B+                 B+
Recovery Rating                 3                  3
EUR350 Mil. Senior Secured Notes

Unitymedia Hessen GmbH & Co. KG
Senior Secured                  B+                 B+
Recovery Rating                 3                  3
EUR350 Mil. Senior Secured Notes

Unitymedia KabelBW GmbH
Subordinated                    B-                 B-
Recovery Rating                 6                  6


* GREECE: Approves Reform Law to Unlock EU, IMF Rescue Loans
Harry Papachristou at Reuters reports that Greek lawmakers on
Sunday approved a reform law to unlock about EUR8.8 billion
(US$8.9 billion) of rescue loans from the European Union and the
International Monetary Fund.

The law, which was a condition for further aid installments,
passed easily with the solid backing of the three parties
comprising Greece's ruling coalition, by 168 to 123 votes,
Reuters discloses.

According to Reuters, finance minister Yannis Stournaras said
that following parliament's approval, senior euro zone officials
was set to meet yesterday to approve overdue payment of EUR2.8
billion (US$3.65 billion) in rescue loans.

He said that euro zone finance ministers will then meet on May 13
to release a further EUR6 billion installment, Reuters relates.

Greece, Reuters says, needs that money to pay wages, pensions and
bonds held by the European Central Bank that mature on May 20.

The law implements an agreement Athens struck with EU/IMF
inspectors earlier this month, which allowed them to state that
the country was on track to meet its bailout targets, Reuters


E-STAR ALTERNATIV: Enters Into Agreement with Creditors
MTI-Econews reports that E-Star, which is under bankruptcy
protection, on Friday said it reached an agreement with its

According to MTI, E-Star said it had secured, undisputed
creditors' claims of almost HUF492 million, and unsecured,
undisputed creditors' claims of HUF17.9 billion.

As reported by the Troubled Company Reporter-Europe on March 26,
2013, MTI-Econews related that E-Star said on the Budapest Stock
Exchange Web site creditors of the company accepted a draft
bankruptcy agreement.

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

NITROGENMUVEK ZRT: S&P Gives 'BB-' Rating to $200MM Unsec. Notes
Standard & Poor's Ratings Services said that it has assigned its
'BB-' issue rating to the proposed $200 million unsecured notes
due 2020, to be issued by Hungarian fertilizer producer
Nitrogenmuvek Zrt. (BB-/Stable/--).  S&P has not assigned a
recovery rating to the notes because its analysis of the recovery
process in the jurisdiction of Hungary is not complete.

The issue rating is based on the draft documents S&P has
received, and is subject to its review of the final terms and
conditions. Any material changes to these terms and conditions
could affect the rating.

S&P understands that the proposed notes will constitute direct,
unsecured, and unsubordinated obligations of the parent company
Nitrogenmuvek, and will rank pari passu with Nitrogenmuvek's
existing bank debt and with all other present and future
unsecured and unsubordinated obligations.  As a result, and
because most of the company's trade payables are held at the
parent company level, like the proposed notes, S&P believes that
the liabilities ranking ahead of the notes are relatively

S&P understands that Nitrogenmuvek will use the net proceeds from
the issuance of the notes to fund capital expenditures, and
provide funding for general corporate purposes.

S&P notes that the proposed notes are denominated in U.S.
dollars, while the majority of the company's revenues are
generated in Hungarian forint (64% in 2012 and 56% in 2011, with
the remainder being generated in euros), and its costs are
largely euro-denominated.  S&P therefore factors into its
corporate and issue ratings on Nitrogenmuvek the inherent risks
of this currency mismatch.

New Rating

Nitrogenmuvek Zrt.
Senior Unsecured                       BB-


ANGLO IRISH: Bondholders May File Claims Over Restructuring
Jane Croft at The Financial Times reports that bondholders who
believe they have been treated unfairly in past restructurings
could start lodging legal claims, lawyers say, after a closely
watched appeal was withdrawn at the last minute.

The Court of Appeal had been due to rule on an earlier court
decision which had found that measures by Ireland forcing
bondholders to accept losses as part of Anglo Irish Bank's
restructuring were unfair to minority investors, "coercive" and
should not have been used, the FT notes.

The case was originally brought by Germany's Assenagon Asset
Management, a bondholder in Anglo Irish Bank, against the body
that took over the collapsed bank, the FT discloses.

It focused on the use of "exit consent" measures, in which a bank
or company invites its bondholders to sell or exchange their
bonds in return for voting in favor of a debt restructuring, the
FT says.

Dublin in 2010 announced it would impose losses on subordinated
bondholders, launching an exchange offer that was voted through
by 92% of subordinated noteholders by value, the FT recounts.

The government had asked bondholders to accept 20 cents in the
euro and asked those who voted in favor also to vote to leave
investors who rejected with 1 euro cent for each EUR1,000, the FT

According to the FT, lawyers say the fact that the earlier court
decision, which ruled that the restructuring was unfair, still
stands means that bondholders who believe they have been coerced
into previous bond restructurings could now try to bring

Anglo Irish Bank was an Irish bank headquartered in Dublin from
1964 to 2011.  It went into wind-down mode after nationalization
in 2009.  In July 2011, Anglo Irish merged with the Irish
Nationwide Building Society, with the new company being named the
Irish Bank Resolution Corporation.

Standard & Poor's Ratings Services said that it lowered its long-
and short-term counterparty credit ratings on Irish Bank
Resolution Corp. Ltd. (IBRC) to 'D/D' from 'B-/C'.   S&P also
lowered the senior unsecured ratings to 'D' from 'B-'.  S&P then
withdrew the counterparty credit ratings, the senior unsecured
ratings, and the preferred stock ratings on IBRC.  At the same
time, S&P affirmed its 'BBB+' issue rating on three government-
guaranteed debt issues.

The rating actions follow the Feb. 6, 2013, announcement that the
Irish government has liquidated IBRC.


BANCA CARIGE: Poor Performance Cues Moody's to Cut Rating to Ba2
Moody's Investors Service downgraded Banca Carige's standalone
bank financial strength rating (BFSR) to D, equivalent to a
baseline credit assessment of ba2, from D+/baa3, and its long and
short-term deposit ratings to Ba2/Not-Prime from Baa3/Prime-3.
The bank's issuer rating was also downgraded to Ba2 from Baa3.
The rating agency has also placed all these ratings on review for
downgrade, with the exception of the short-term deposit rating of
Not Prime.

The downgrade and review are driven by Moody's concerns about:
(1) the bank's weak loss-absorption capacity on the back of a low
Core Tier 1 ratio, indicating its need for additional capital
funds; (2) Banca Carige's asset-quality pressures and elevated
credit costs, which are likely to persist into 2013 amid a
recessionary operating environment; (3) the bank's relatively
weak earnings in 2012, as its insurance operations weigh on its
consolidated performance; and (4) funding challenges, with an
increased dependence on ECB funding, albeit with a relatively
strong retail deposit base.

Ratings Rationale:

The first driver of this rating action is Banca Carige's weak
loss-absorption capacity. The bank's European Banking Authority
(EBA)-compliant Core Tier 1 ratio (6.7% as at December 2012) is
significantly lower than its peers, which indicates its need for
additional capital funds in the near term. Banca Carige failed to
realize in full deferred tax benefit related to its restructuring
project in 2012, which was expected to boost its capital base.
During the review, Moody's will examine the feasibility of the
bank's plan to raise around EUR800 million of new capital, as
required by the local regulatory authorities, and the possible
strengthening of the bank's loss-absorption capacity.

The second driver of the rating action is the deterioration in
Banca Carige's asset quality in 2012, which is likely to continue
well into 2013 given that the Italian economy is likely to remain
in recession this year. As at December 2012, the bank reported
high gross impaired loans of 10.3% of total loans (2011: 9.2%)
and a relatively low reported cash coverage ratio of around
34.2%, albeit up from the 27.7% reported in 2011. These concerns
are exacerbated by significant loan growth of around 12% in 2012,
mainly to institutional clients. During the review, Moody's will
focus on the expected trends in asset quality as well as any
steps the bank is taking to address this negative development.

The third driver is Moody's concerns with regards to Banca
Carige's profitability and its ability to generate capital
internally. The bank's performance in 2012 was lackluster, with
its insurance operations responsible for a net loss of around
EUR63 million, compared to a net profit of EUR170 million in
2011. Moody's notes, however, that extraordinary items were
responsible for its poor consolidated performance in 2012, with
the ordinary banking group reporting a net profit of EUR195
million for the year. As part of its review, Moody's will also
focus on the bank's plans and ability to improve profitability,
as well as the bank's flexibility to improve its net interest
margins that have been under pressure from declining interest

Lastly, Moody's notes funding challenges associated with Banca
Carige's increased dependence on ECB funding and central bank
funding maturities concentrated in 2015, despite the bank's
favorable retail funding profile. Moody's recognizes the bank's
satisfactory liquidity position, but will closely examine during
its review the bank's funding flexibility and its capacity to
fund itself regularly on an economic basis.

Focus of the Review

The review will mainly focus on Banca Carige's ability to
maintain capital levels that exceed regulatory requirements in
the case of further earnings pressure, and to stabilize its asset

What Could Move The Rating -- Down/Up

The ratings could be downgraded if (1) the bank fails to
strengthen its capital adequacy and asset quality; or (2)
profitability remains under pressure for an extended period of

An upgrade is unlikely in the near term, in view of the current
rating review for downgrade; however, the ratings could be
upgraded over the longer term aided by strengthened
capitalization (i.e., Core Tier 1 above 9%) and asset quality,
thus reducing its sensitivity to Moody's stress scenarios.

Banca Carige is headquartered in Genoa, Italy, and had
consolidated total assets of EUR49.3 billion as at December 2012.

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


HYVA GLOBAL: Non-Compliance Prompts Moody's to Cut CFR to 'B3'
Moody's Investors Service downgraded to B3 from B2 the corporate
family rating and to B3-PD from B2-PD the probability of default
rating of Hyva Global B.V. Concurrently, the rating agency has
downgraded to B3 from B2 the rating on Hyva's $375 million of
senior secured notes due 2016. The outlook on the ratings has
been changed to stable from negative.


Issuer: Hyva Global B.V.

Probability of Default Rating, Downgraded to B3-PD from B2-PD

Corporate Family Rating, Downgraded to B3 from B2

Senior Secured Regular Bond/Debenture Mar 24, 2016, Downgraded to
B3 from B2

Outlook Actions:

Issuer: Hyva Global B.V.

Outlook, Changed To Stable From Negative

Ratings Rationale:

This rating action was prompted by Hyva's reduced financial
flexibility as a result of non-compliance with the leverage
maintenance covenant under its US$30 million revolving credit
facility due April 2015 as of December 31, 2012 combined with
limited prospects for a material recovery in Hyva's key markets
China, India and EMEA in the current year. As a consequence of
the non-compliance with the leverage maintenance covenant, Hyva
has no longer access to the facility until it again fulfills
maintenance covenant conditions (leverage < 5.5x, cash flow cover
> 1.1). However, Moody's still considers Hyva's short term
liquidity to be adequate predominantly driven by the relatively
high cash balance as reported per December 2012.

Hyva's liquidity includes a cash balance of US$89 million at
December 31, 2012. Moody's currently assumes that Hyva will at
least generate balanced free cash flow after interest payments in
2013. Seasonal working capital movements remain sufficiently
covered by cash on the balance sheet and funds from operations
that Hyva is expected to generate in the next 12 months. However,
Moody's estimates that a significant portion of the cash balance
is located in China, India and Brazil, which may be difficult to
transfer in a very short timeframe.

Moody's currently expects that the trough of the cyclical
downturn has been reached in Q4 2012, following a decline in
revenues in FY 2012 by 21%, and it anticipates a stabilization in
revenues from Q2 2013 after a seasonally weak start into the
year. However, visibility on a material recovery in Hyva's key
markets remains limited.

In 2012, Hyva's revenues experienced a pronounced decline with
group revenues declining by 21% year-on-year as a result of a
cyclical downturn in the majority of its markets (revenues
declined by 39% year-on-year in China, by 27% year-on-year in
India, by 15% year-on-year in the Americas and by 5% year-on-year
in EMEA). Notably, Hyva's revenues have also been adversely
affected by a depreciation of local currencies against the US
dollar, Hyva's reporting currency. As a consequence of the drop-
off in revenues and absolute earnings, leverage as adjusted by
Moody's of 6.6x debt/EBITDA in 2012 is high and not commensurate
any more with a B2 rating.

The stable rating outlook is based on Moody's expectation that
Hyva will be able to modestly improve current weak credit metrics
in 2013 if revenues stabilize. The stable outlook also
incorporates Moody's view that Hyva will maintain adequate
liquidity cushion on its balance sheet to fund interest payments,
working capital and capital expenditures over the next 12 to 18

Hyva's ratings continue to be supported by the company's (1)
international presence, with a strong footprint in emerging
markets in Asia and the Americas; (2) leadership in core markets
based on market share, brand, product, efficiency and
reliability, as well as by an established global service network;
(3) flexible cost base, with low operating leverage; and (4)
balanced debt maturity profile, with no material debt maturing
before 2016.

What Could Change The Ratings Up/Down

Moody's could consider upgrading Hyva's rating if the company
were to (1) generate positive free cash flow and reduce
debt/EBITDA toward 5.0x and (2) maintained a conservative
financial policy and adequate short term liquidity profile, which
is very much dependent on the ability to generate positive free
cash flow and to regain access to its revolving credit facility
by complying with financial covenants.

Downward pressure on the rating could arise if there were a
further deterioration in Hyva's operating performance resulting
in material negative free cash flow and depletion of liquidity

The principal methodology used in this rating was the Global
Heavy Manufacturing Rating Methodology published in November
2009. Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

Hyva is a leading global provider of hydraulic (tipping)
solutions for the commercial vehicle industry. Hyva is also an
important player in the manufacturing and supply of truck-mounted
cranes, hook and skip loaders, as well as compactors and waste-
collecting units for the environmental services industry. For the
financial year ended December 31, 2012, Hyva reported revenues of
US$602 million. Hyva is majority-owned by private equity funds
managed by Unitas Capital and NWS Holdings, a flagship
infrastructure arm of New World Group.

KPN NV: To Launch Rights Issue with Shares at Steep Discount
Matt Steinglass at The Financial Times reports that KPN has
announced that the shares in its forthcoming EUR3 billion rights
issue will be sold at a steep discount to the current share

The group, which is issuing equity to reduce its high debt
levels, said the rights issue would launch on Friday at a price
of EUR1.06 per share, the FT relates.

Current shareholders will be entitled to buy two of the new
shares for each share they currently own, the FT notes.

The FT relates that KPN said America Movil, the telecoms group
owned by Mexican billionaire Carlos Slim, which took a 28% stake
in KPN last May, has committed to taking up enough shares to
maintain its stake at the current proportion.

That will keep America Movil at just below the 30% threshold that
would necessitate a takeover bid under Dutch law, the FT states.

The former state-owned carrier's shares have lost 66% of their
value since America Movil took the stake in May, the FT notes.

KPN has been under pressure to reduce its debt after paying an
unexpectedly high EUR1.35 billion for bandwidth in a spectrum
auction last December, the FT discloses.

Koninklijke KPN N.V. provides telecommunication services in the
Netherlands.  KPN also provides mobile telephony services in
Germany and Belgium through its subsidiaries e-plus and BASE.  In
2012, the company generated revenues of EUR12.7 billion and
EBITDA of EUR4.5 billion.

VIMPELCOM HOLDINGS: S&P Affirms 'BB' Rating on Sr. Unsec. Notes
Standard & Poor's Ratings Services said that it revised upward
its recovery ratings on the senior unsecured notes issued by
VimpelCom Holdings B.V. to '3' from '4'.  The recovery rating of
'3' indicates S&P's expectation of meaningful (50%-70%) recovery
prospects in the event of a default.  The recovery ratings on the
senior unsecured notes are now equalized with the recovery
ratings on the debt issued by Vimpel-Communications OJSC
(VimpelCom OJSC). At the same time, S&P affirmed the issue
ratings on the senior unsecured notes at 'BB', in line with the
corporate credit rating on VimpelCom Holdings' parent, global
telecoms operator VimpelCom Ltd.

The upward revision of S&P's recovery ratings on the senior
unsecured notes reflects VimpelCom Holdings' repayment of a
sizable intercompany promissory note to Vimpelcom Amsterdam B.V.
(of which US$11.9 billion was outstanding on Sept. 30, 2012).
S&P understands that a capital injection from VimpelCom Amsterdam
to VimpelCom Holdings facilitated the repayment.  S&P had
previously assigned distinct recovery ratings to the debt issued
by VimpelCom Holdings because of its belief that the now-repaid
promissory note and its pari passu status with the senior
unsecured notes before insolvency could affect the noteholders'
recovery prospects.  S&P believes that the repayment of the
promissory note essentially eradicates that risk.

                         RECOVERY ANALYSIS

S&P's issue and recovery ratings on the debt issued by VimpelCom
Holdings reflect the guarantees provided by its operating
subsidiary VimpelCom OJSC.  S&P do not assume any additional
value from operating subsidiary PJSC Kyvistar, because its
guarantees do not benefit the noteholders.  However, the recovery
prospects for three sets of notes issued by VimpelCom Holdings--
US$600 million notes due 2019, US$1 billion notes due 2023, and
Russian ruble (RUB) 12 billion notes due 2018--could become
materially weaker than the company's other rated debt.

This is because the option in the notes' documentation for the
guarantees from VimpelCom OJSC would be removed in certain
conditions.  S&P believes that if the guarantees were removed, it
would likely lower the issue rating and revise downward the
recovery rating on the aforementioned three sets of notes by up
to two notches relative to the other notes.  This is because the
removal of the guarantee would make these notes structurally
subordinate to debt issued at VimpelCom OJSC and contractually
subordinate to the other existing notes issued by VimpelCom

S&P understands that the documentation for the three sets of
notes allows the noteholders to exercise a put in the event that
the issue rating on the notes is lowered as a direct result of
the withdrawal of the guarantees (this put option is guaranteed
by VimpelCom OJSC).  However, in the event that the guarantees on
the three sets of notes are removed, S&P would likely not factor
the exercise of this put into its recovery analysis.

In order to determine recoveries, S&P simulates a default
scenario.  S&P's scenario assumes a weakening operating
performance due to increased competition, a deterioration of
global economic conditions, and an aggressive expansion program,
including acquisitions in new markets.  Under this hypothetical
scenario, S&P believes that VimpelCom's business model would
still be viable after default and that the group would likely

At S&P's hypothetical point of default in 2016, it estimates
EBITDA at US$1.75 billion, with a stressed enterprise value of
US$8.7 billion.  After deducting enforcement costs and prior-
ranking claims totaling US$900 million, S&P assumes US$12.6
billion of senior unsecured debt outstanding at default, leaving
sufficient value for recovery in the 50%-70% range for all debt
instruments, assuming that all debt remains guaranteed on a pari
passu basis.


Ratings Affirmed; Revised Upward

                                        To                 From
VimpelCom Holdings B.V.
Senior Unsecured*                      BB                 BB
   Recovery Rating                      3                  4

Note: This list does not include all ratings affected.
* Guaranteed by Vimpel-Communications OJSC.


CENTRAL EUROPEAN: ING Otwarty No Longer Owns Stock at Apr. 19
In an amended Schedule 13G filing with the U.S. Securities and
Exchange Commission, ING Otwarty Fundusz EmeryTalny represented
by ING Powszechne Towarzystwo Emerytalne S.A. disclosed that, as
of April 19, 2013, it does not beneficially owned shares of
common stock of Central European Distribution Corporation.  ING
Otwarty previously reported beneficial ownership of 5,309,203
common shares or a 6.51% equity stake as of Dec. 31, 2012.  A
copy of the amended regulatory filing is available at

                            About CEDC

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

On April 7, 2013, CEDC and two subsidiaries sought bankruptcy
protection under Chapter 11 of the Bankruptcy Code (Bankr. D.
Del. Lead Case No. 13-10738) in the United States with a
prepackaged Chapter 11 plan that reduces debt by US$665.2

Attorneys at Skadden, Arps, Slate, Meagher & Flom LLP serve as
legal counsel to the Debtor.  Houlihan Lokey is the investment
banker.  Alvarez & Marsal will provide the chief restructuring
officer. GCG Inc. is the claims and notice agent.


* PORTUGAL: Derivative Losses May Weaken EUR78BB Bailout Bid
Peter Wise at The Financial Times reports that Lisbon is to take
court action against JP Morgan and Spain's Banco Santander over
what it says were "toxic" derivatives sold to public sector

The move is part of a government effort to stem potential losses
of up to EUR3 billion from complex hedging products, the FT

In Portugal, heavy losses by state-owned companies from
derivatives supposed to protect them from rising interest rates
would weaken government efforts to keep the country's EUR78
billion bailout program on track, the FT discloses.

According to the FT, a report, which identifies 57 of 140 hedging
products examined as "highly speculative", is to be sent to the
public persecutor, who will decide whether to begin criminal
proceedings against managers in the state-owned companies

Maria Luis Albuquerque, Treasury secretary, said the government
had decided to take legal action against JPMorgan and Banco
Santander Totta, a Portuguese subsidiary of the Spanish group,
after two months of negotiations failed to produce an agreement,
the FT relates.

The government, which had set a deadline of Friday for the banks
to renegotiate the contracts, would "proceed to defend its
interests by taking action in the competent courts," the FT
quotes Ms. Albuquerque as saying.

Santander Totta is understood to have sold derivatives that the
government believes could result in potential losses for the
state of about EUR1.3 billion, the FT says.  Contracts sold by
JPMorgan are estimated to involve potential liabilities of about
EUR300 million, according to the FT.

An agreement was reached with some lenders, which the government
said would enable it to save about EUR600 million in potential
liabilities and EUR170 million in interest rates over the next
few years, the FT relates.  The banks involved in this deal were
identified in the Portuguese media as Nomura, Credit Suisse and
Barclays, the FT says.

Three other banks, reported in Portugal to be Goldman Sachs, BNP
Paribas and Deutsche Bank, have asked for a few more days to
attempt to reach an agreement with the government, the FT notes.
The contracts sold by these three banks are understood to involve
potential liabilities of about EUR800 million, the FT says.

Lisbon estimates that the potential liabilities from what has
been identified as "toxic" hedging contracts sold to public
sector companies between 2003 and 2010 could reach a total of
EUR3 billion, according to the FT.


BANK VTB: 2012 Accounts Highlight Weak Performance, Fitch Says
Fitch Ratings says that Bank VTB's ('BBB'/Negative) 2012 IFRS
accounts highlight continued weaknesses in the bank's
performance, with a strong dependence on low quality revenues,
and only moderate core earnings. Weak and volatile profitability
was one factor leading to a downgrade of VTB's Viability Rating
(VR) to 'bb-' in July 2012. Further poor performance, if combined
with still tight capital and increases in high-risk asset
exposures, could result in renewed downward pressure on the VR.

VTB reported a significant increase in earnings in Q412, with net
income of RUB30.4bn comparable to that recorded in Q112 and Q212
combined. However, in Fitch's view, the bulk of these earnings
were derived from non-recurring, non-cash or non-core revenues,

-- About RUB12.5 billion of income from bad loan recoveries in
   subsidiary Bank of Moscow (BOM), of which RUB5.1 billion was
   reported as interest income, and about RUB7.5 billion received
   in non-cash form (possibly as a result of collateral
   foreclosures) and booked as recoveries of initially recognized
   losses on the exposures.

-- RUB13.5 billion gain on financial instruments, which
   represented a sharp reversal after a RUB3.4 billion loss in
   9M12.  It is represented a sharp reversal after a RUB3.4
   billion loss in 9M12. It is not clear how VTB managed to
   achieve this, given that the bank was reportedly unwinding its
   proprietary trading book at that time.

-- RUB8.3 billion earned on non-banking business (this may
   include revaluation of investment property).

For 2012 as a whole, VTB reported pre-impairment profit of RUB179
billion (a 20% increase over 2011), with impairment charges
almost doubling to RUB64 billion (RUB33 billion in 2011) and
absorbing 35% of this. The reported pre-tax profit of RUB115
billion was equal to a reasonable 1.6% of average assets, but
Fitch estimates that some RUB76bn, or almost 70% of this, came
from weaker quality revenues. The latter figure includes:

-- RUB22.2 billion of bad loan recoveries at BOM and reversals of
   initially recognized losses on other exposures.

-- RUB14.1 billion of accrued interest not received in cash.
   Fitch notes that VTB's management confirmed that the RUB5.1
   billion of BOM loan recoveries which were booked as interest
   income were received in cash, so there does not seem to be
   overlap between the BOM recoveries and the accrued interest.

-- An estimated RUB18 billion non-client related FX trading gain
   in Q112 (which in turn raised concerns about underlying risk

-- RUB11.4bn revaluation of investment property (part of non-
   banking income).

-- RUB10.1 billion net gain on financial instruments (no
   breakdown available).

In Fitch's view, given the relatively weak core earnings in 2012,
it will be challenging for VTB to significantly improve
profitability in 2013. This in turn may make it more imperative
that the bank is successful in raising new equity from its
planned secondary public offering of shares, in order to support
capitalization. Fitch believes that without raising new equity or
receiving significant dividend payments from its subsidiaries,
VTB will find it challenging at the parent bank level to achieve
the expected new regulatory Tier 1 (7.5%) and core Tier 1 (5.6%)

Profitability aside, the reported non-performing loans ratio was
flat at 5.4% of gross loans in 2012, although Fitch believes this
may understate the real level of problems due to non-inclusion of
90+ overdue loans, which VTB's management does not consider
impaired. Fitch is specifically concerned about large-ticket M&A
and project financing, and construction lending (12% of gross
loans), including a large and significantly increased exposure to
a bailed-out developer.

The loans to deposits ratio remains elevated at over 130%,
reflecting a high share of wholesale funding. The refinancing
requirement this year is moderate, at about USD7bn (3% of
liabilities), and this should not be onerous given the solid
stock of liquid assets and potential state support.

VTB's 'BBB' Long-term IDRs continue to be underpinned by Fitch's
view of the high probability of support for the bank from the
Russian authorities, in case of need, given the current majority
state ownership, VTB's systemic importance and the track record
of capital and funding support. The Negative Outlook on the IDRs
reflects Fitch's expectation of a moderate reduction in
government support as the bank's privatization progresses,
although any downgrade would likely be limited to one notch, to

RUSSIAN HELICOPTERS: Moody's Rates Proposed Eurobond '(P)B1'
Moody's Investors Service assigned a provisional rating of (P)B1,
with a loss given default assessment of LGD5/89%, and a negative
outlook to the proposed issuance of notes by Russian Helicopters
Finance Limited, the sole purpose of which is to finance a loan
to Russian Helicopters JSC (Ba2 negative). Russian Helicopters
will use the proceeds from the notes placement to refinance part
of its existing debt.

Ratings Rationale:

The (P)B1 rating assigned to the proposed notes is two notches
below Russian Helicopters' corporate family rating , reflecting
Moody's expectation that the notes (1) will be issued for the
sole purpose of financing a loan to Russian Helicopters (which is
a holding company of the group), and therefore the noteholders
will rely solely on the latter's creditworthiness to service and
repay the debt; and (2) will be structurally subordinated to debt
located at the level of operating companies of Russian
Helicopters group, which represents a dominant portion of the
group's total debt (including state-guaranteed loans).

As Russian Helicopters is fully owned by the state-controlled
Corporation Oboronprom, Moody's applies its rating methodology
for government-related issuers (GRIs) in determining the
company's CFR. According to this methodology, the rating is
driven by a combination of (1) Russian Helicopters' BCA of b2;
(2) the Baa1 local currency rating of the Russian government; (3)
the very high default dependence between the company and the
government; and (4) the strong probability of state support in
the event of financial distress.

The b2 BCA is weakly positioned and factors in (1) Russian
Helicopters' weak liquidity, with internal sources being
insufficient to cover the company's significant working capital
needs and debt repayments (as of year-end 2012), leading to
strong reliance on continuing external funding; (2) significant
customer concentration, with nearly a half of the company's 2012
revenues derived from state orders, which, however, provides for
some revenue stability; (3) a weaker global service network and
aftermarket business segment compared with that of competitors;
(4) uncertainty related to potential changes in the shareholder
structure, as the company may conduct an IPO over the next few
years; and (5) the company's overall exposure to an emerging
market operating environment with a less developed regulatory,
political and legal framework.

At the same time, the BCA reflects Russian Helicopters' (1)
leading competitive position in its core Russian market and
strong positions in India and China, based on the company's
offerings in the medium-lift segment (Mi-8/17) and attack segment
(Mi-24/35, Mi-28, Ka-52); (2) wide product range and solid order
book, based on long-term contracts with the Russian Ministry of
Defence along with commercial and military export orders; and (3)
potential for growth due to the development of new and upgraded
helicopter models on the back of increasing global demand.

The negative outlook on Russian Helicopters' CFR reflects the
company's weak credit metrics for its current CFR and baseline
credit assessment (BCA). The outlook also reflects the
uncertainty over the company's ability to demonstrate a clear and
sustainable improvement trend with regard to its financial
metrics over the next 12 months, and leverage in particular, with
debt/EBITDA trending below 8.0x (calculated including state-
guaranteed loans) and 4.0x (excluding state-guaranteed loans).

What Could Change The Rating Up/Down

Moody's does not envisage any positive pressure being exerted on
Russian Helicopters' ratings over the next 12-18 months. However,
the rating agency could raise Russian Helicopters' BCA by one
notch if the company's debt/EBITDA declines below 6.0x
(calculated including state-guaranteed loans) and 2.5x (excluding
state-guaranteed loans) on a sustainable basis, while at the same
time the company improves its liquidity profile.

Moody's could downgrade the ratings if Russian Helicopters fails
to demonstrate a clear improvement trend with regard to its
leverage over the next 12 months, with debt/EBITDA trending below
8.0x (calculated including state-guaranteed loans) and 4.0x
(excluding state-guaranteed loans). In addition, negative
pressure could be exerted on the ratings in the event of a
material deterioration in the company's liquidity. A one-notch
downgrade of the sovereign rating would not in itself trigger a
downgrade of Russian Helicopters' rating, provided that all the
other GRI inputs remain unchanged.

Principal Methodology

The principal methodology used in these ratings was the Global
Aerospace and Defense published in June 2010. Other methodologies
used include Loss Given Default for Speculative-Grade Non-
Financial Companies in the U.S., Canada and EMEA published in
June 2009, and the Government-Related Issuers: Methodology Update
published in July 2010.

Russian Helicopters JSC is the sole Russian designer and
manufacturer of helicopters and one of the few companies
worldwide with the capability to design, manufacture, service and
test modern civilian and military helicopters. Russian
Helicopters is a vertically integrated holding company comprising
five helicopter assembly plants, two design bureaus, two
components production plants, one overhaul plant and one
helicopter service company providing aftermarket services in
Russia and abroad. In 2012, Russian Helicopters generated
revenues of RUR126 billion (US$4 billion).

RUSSIAN HELICOPTERS: Fitch Assigns 'BB-' Sr. Unsecured Rating
Fitch Ratings has assigned Russian Helicopters JSC (RH) a senior
unsecured rating of 'BB-' and the company's proposed 2018 bond of
up to US$500 million an expected rating of 'BB-(EXP)'. The final
rating on the notes is contingent upon the receipt of final
documentation conforming to information already received.

The proceeds of the notes will be used for refinancing existing
debt and for general corporate purposes. The notes will
constitute direct, unsecured and unconditional obligations of the
issuer, Russian Helicopters Finance Limited, and its parent
company guarantor, RH.

Fitch has assigned the expected new bond rating one notch below
that of the Issuer Default Rating (IDR) as a result of structural
subordination. Given the significant level of secured debt on the
company's balance sheet (approximately 70% of total debt at end-
2012), and the high overall leverage position of the group, Fitch
believes that a one-notch differential between the IDR and the
unsecured debt is appropriate. Furthermore, as the new bonds will
not benefit from upstream guarantees of any of the groups
operating companies, the notes will rank behind other unsecured
debt issued by these entities.


Downgrade of IDR
On April 25, 2013 Fitch downgraded RH's Long-Term IDR to 'BB',
from 'BB+'. The downgrade reflected Fitch's view that contrary to
our prior expectations, the company failed to reduce leverage
below the downgrade guideline of 3.5x at end-2012. Furthermore,
Fitch believes the company's leverage is unlikely to improve
materially in the short term and is no longer consistent with the
expectations of a 'BB' standalone rating for this sector.

State Support
RH's IDR benefits from a one-notch uplift from the standalone
rating of 'BB-', based on the support given to the company by the
Russian state. Any change to the nature of that support, whether
real or perceived, may have a rating impact.

Mixed Financial Profile
RH's financial profile, on balance, is indicative of a mid-
strength non-investment grade company. Whilst earnings and FFO
margins are in line with industry peers, FCF generation, leverage
and liquidity are weak. These financial metrics will be key
drivers of future rating actions.

Average Business Profile
The company maintains a strong market position, with a globally
dominant role in some segments, such as attack or heavy-lift
helicopters. These are high-priced items on which RH is able to
generate good returns owing to its efficient production and low
labor costs. Nevertheless, the company is only strong in certain
types of helicopters, remains heavily reliant on the Russian
Ministry of Defence for a significant portion of its business,
and its service business is underdeveloped compared to its peers.


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

-- Evidence of a greater level of state support, for example
    with the provision of state guarantees for external debt
    issued by non-state controlled banks

-- FFO margin remaining above 10%

-- FCF margin over 1% on a sustained basis

-- FFO adjusted gross leverage improving to below 3.5x

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

-- A visible reduction in, or elimination of, state support to
    Russian Helicopters

-- FFO margin declining below 8% on a sustained basis

-- FFO adjusted leverage deteriorating above 4.5x

RUSSIAN HELICOPTERS: Moody's Affirms National Scale Rating
Moody's Interfax Rating Agency affirmed the long-term
national scale issuer rating (NSR) of Russian Helicopters JSC.

Ratings Rationale:

The affirmation of Russian Helicopters' NSR follows the
affirmation its global scale corporate family rating by MIS.

Principal Methodology

The principal methodology used in this rating was the Global
Aerospace and Defense published in June 2010. Other methodologies
used include the Government-Related Issuers: Methodology Update
published in July 2010.

Russian Helicopters JSC is the sole Russian designer and
manufacturer of helicopters and one of the few companies
worldwide with the capability to design, manufacture, service and
test modern civilian and military helicopters. Russian
Helicopters is a vertically integrated holding company comprising
five helicopter assembly plants, two design bureaus, two
components production plants, one overhaul plant and one
helicopter service company providing aftermarket services in
Russia and abroad. In 2012, Russian Helicopters generated
revenues of RUR126 billion ($4 billion).

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

* NOVOSIBIRSK: S&P Affirms 'BB' Long-Term Issuer Credit Rating
Standard & Poor's Rating Services affirmed its 'BB' long-term
issue credit rating on the Russian city of Novosibirsk.  The
outlook remains positive.  At the same time, S&P affirmed the
'ruAA' Russia national scale rating on the city.

S&P affirmed the rating because Novosibirsk has improved its
budgetary performance and maintained moderate debt and a
"neutral" liquidity position.  S&P kept the outlook positive
because it thinks Novosibirsk will continue its existing
financial policies over the next 18-24 months.  S&P also thinks
that improved budgetary performance could improve the city's
liquidity position.

The ratings on Novosibirsk are constrained by what S&P sees as
limited financial flexibility and predictability, mostly
resulting from Russia's developing and unbalanced public finance
system, and low economic productivity.  These constraints are
mitigated by Novosibirsk's moderate debt, moderate liquidity
supported by prudent debt management, and the city's improved
budgetary performance achieved through cost discipline.

The positive outlook reflects S&P's opinion of the increased
likelihood that Novosibirsk will continue its budgetary and
liquidity policies over the next 18-24 months, despite spending
pressure and upcoming elections cycle starting in 2014.  The
outlook also factors in the higher chances of improving liquidity
thanks to the city's stronger cash generation capacity.

S&P could consider an upgrade if it was to get more certainty
that the city is continuing its currently prudent debt and
expenditure policies over the next 18-24 months, in particular
after the upcoming mayoral elections.  In the shorter term,
stronger operating margins envisaged in S&P's upside-case
scenario could trigger positive actions.  Stronger margins would
likely mitigate low cash holdings and improve S&P's assessment of
Novosibirsk's liquidity position.

S&P would revise the outlook to stable if it saw that the city's
management might change its existing financial policies over the
next 18-24 months.  Weakening budgetary performance that
prevented improvements in the city's liquidity position could
also result in negative rating actions.


FTPYME BANCAJA 6: S&P Affirms 'D' Ratings on 3 Note Classes
Standard & Poor's Ratings Services took various credit rating
actions in FTPYME Bancaja 6, Fondo de Titulizacion de Activos.

Specifically, S&P has:

   -- Lowered to 'A (sf)' from 'AA- (sf)' and removed from
      CreditWatch negative its rating on the class A3(G) notes;

   -- Affirmed and removed from CreditWatch negative its 'AA-
     (sf)' rating on the class A2 notes; and

   -- Affirmed its 'D (sf)' ratings on the class B, C, and D

The rating actions follow the application of S&P's updated
criteria for European collateralized loan obligations (CLOs)
backed by small and midsize enterprises (SMEs), as well as its
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's updated European SME CLO criteria
became effective, it placed on CreditWatch negative its ratings
on the class A2 and A3(G) notes.

                          CREDIT ANALYSIS

S&P has applied its updated European SME CLO criteria to
determine the scenario default rates (SDRs) for this transaction.

Because of the lack of data provided, S&P's qualitative
originator assessment is moderate.  Taking into account Spain's
Banking Industry Country Risk Assessment (BICRA) of 6 and a
moderate qualitative assessment, S&P has applied a downward
adjustment of one notch to the archetypical European SME average
credit quality assessment.

S&P further applied a portfolio selection adjustment of minus
three notches due to the transaction's continued deteriorating
performance.  As a result, S&P's average credit quality
assessment of the portfolio is 'ccc'.

The cumulative defaults over the original balance (defined in the
transaction documents as loans that are in arrears for more than
18 months) is still increasing, up to 6.87% in January 2013 from
4.61% in March 2011.

The class B, C, and D notes have continued to experience interest
shortfalls since S&P's previous February 2013 review.  Therefore,
S&P has affirmed its 'D (sf)' ratings on the class B, C, and D

The originator did not provide S&P with internal credit scores,
therefore, it assumed that each loan in the portfolio had a
credit quality that is equal to its average credit quality
assessment of the portfolio.  S&P then used CDO Evaluator to
determine the portfolio's 'AAA' SDR, which is 86.95%.

S&P has reviewed historical originator default data, and assessed
market trends and developments, macroeconomic factors, changes in
country risk, and the way these factors are likely to affect the
loan portfolio's creditworthiness.

As a result of this analysis, S&P's 'B' SDR is 8%.

The SDRs for rating levels between 'B' and 'AAA' are interpolated
in accordance with S&P's European SME CLO criteria.

                            COUNTRY RISK

Given that S&P's long-term rating on the Kingdom of Spain is
'BBB-', according to S&P's non-sovereign ratings criteria, it has
affirmed and removed from CreditWatch negative its 'AA- (sf)'
rating on the class A2 notes.

The structure has significantly deleveraged, with only 5% of the
class A2 notes remaining outstanding.  This has increased
available credit enhancement for these notes to 83%.

                      RECOVERY RATE ANALYSIS

At each liability rating level, S&P assumed a weighted-average
recovery rate (WARR) by taking into consideration observed
historical recoveries.

As a result of this analysis, S&P's WARR assumptions in 'AA' and
'A' scenarios were 20% and 22%, respectively.

                         CASH FLOW ANALYSIS

S&P subjected the capital structure to various cash flow
scenarios, incorporating different default patterns and interest
rate curves, to determine each tranche's passing rating level
under its European SME CLO criteria.

S&P observed that the portfolio contains a wide range of spread
levels.  S&P considers that there is a risk that, should defaults
affect the highest-paying loans more than others, the pool's
yield would tend to decrease over time.  This could limit the
transaction's ability to service the rated notes.  Therefore, S&P
has applied a yield compression stress in its cash flow analysis.

S&P's cash flow analysis indicates that the level of credit
enhancement available to the class A3(G) notes is commensurate
with a 'A (sf)' rating.  Therefore, S&P has lowered to 'A (sf)'
from 'AA- (sf)' and removed from CreditWatch negative its rating
on the class A3(G) notes.

                        SUPPLEMENTAL TESTS

S&P's ratings on the class A2, A3(G), B, C, and D notes were not
constrained by the application of any of its supplemental tests.

FTPYME Bancaja 6 closed in September 2007 and is collateralized
by loans granted to Spanish SMEs.  The originator is Bankia S.A.


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

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



Class       Rating            Rating
            To                From

FTPYME Bancaja 6, Fondo de Titulizacion de Activos
EUR1.028 Billion Mortgage-Backed Floating-Rate Notes

Rating Affirmed and Removed From CreditWatch Negative

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

Rating Lowered and Removed From CreditWatch Negative

A3(G)       A (sf)            AA- (sf)/Watch Neg

Ratings Affirmed

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

IM PASTOR 2: Moody's Lowers Rating on Class D Notes to 'B3'
Moody's Investors Service downgraded by three to six notches the
ratings of 3 junior notes and by one notch the ratings of 2
senior notes in four Spanish residential mortgage-backed
securities (RMBS) transactions: IM PASTOR 2, FTH; IM PASTOR 3,
same time, Moody's confirmed the rating of two senior securities
in IM PASTOR 2, FTH and IM Banco Popular MBS 2, FTA.
Insufficiency of credit enhancement to address sovereign risk and
exposure to counterparty risk have prompted the downgrade action.

The rating action concludes the review of two Spanish RMBS
transactions placed on review on July 2, 2012, following Moody's
downgrade of Spanish government bond ratings to Baa3 from A3 on
June 13, 2012 This rating action also concludes the review of two
Spanish RMBS transactions placed on review on November 23, 2012,
following Moody's revision of key collateral assumptions for the
entire Spanish RMBS market.

Ratings Rationale:

This rating action primarily reflects the insufficiency of credit
enhancement to address sovereign risk. Moody's confirmed the
ratings of securities whose credit enhancement and structural
features provided enough protection against sovereign and
counterparty risk.

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

Additional Factors Better Reflect Increased Sovereign Risk:

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

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

In all four affected transactions, Moody's maintained the current
expected loss and MILAN CE assumptions. Expected loss assumptions
remain at 0.68% for IM PASTOR 2, FTH, 5.00% for IM PASTOR 3, FTH,
6.00% for IM PASTOR 4, FTA and 6.00% for IM Banco Popular MBS 2,
FTA. The MILAN CE assumptions remain at 10.00% for IM PASTOR 2,
FTH, 22.70% for IM PASTOR 3, FTH, 20.00% for IM PASTOR 3, FTH and

Exposure to Counterparty Risk:

The conclusion of Moody's rating review takes also into
consideration the exposure to Banco Popular Espanol, S.A (Ba1 on
review for possible downgrade/NP) acting as servicer, Cecabank
(Ba1 on review for possible downgrade/NP) acting as swap
counterparty and Banco de Espana acting as reinvestment account
Banco Santander S.A. (Baa2/P-2) acting as reinvestment account
bank in IM Banco Popular MBS 2, FTA. The exposure to these
counterparties does not drive the downgrade action. The senior
notes in IM PASTOR 2, FTH and IM Banco Popular MBS 2, FTA have
sufficient credit enhancement to mitigate this exposure.

Other Developments May Negatively Affect the Notes:

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

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

Moody's describes additional factors that may affect the ratings
in "Approach to Assessing Linkage to Swap Counterparties in
Structured Finance Cashflow Transactions: Request for Comment."

The methodologies used in these ratings were Moody's Approach to
Rating RMBS Using the MILAN Framework, published in March 2013
and The Temporary Use of Cash in Structured Finance Transactions:
Eligible Investment and Bank Guidelines, published in March 2013.

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

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

In the context of the rating review, the transactions have been
remodeled and some inputs have been adjusted to reflect the new
approach. In addition, the following model inputs have been
corrected during the review: for IM PASTOR 2, FTH, IM PASTOR 3,
FTH and IM PASTOR 4, FTA the swap modeling has been corrected;
for IM BANCO POPULAR MBS 2, FTA the cash reserve mechanism have
been corrected as well.

List of Affected Ratings:

Issuer: IM Banco Popular MBS 2, FTA

EUR596M A Notes, Confirmed at A3 (sf); previously on Jul 2, 2012
Downgraded to A3 (sf) and Placed Under Review for Possible

Issuer: IM PASTOR 2, Fondo de Titulizacion Hipotecaria

EUR962M A Notes, Confirmed at A3 (sf); previously on Jul 2, 2012
Downgraded to A3 (sf) and Placed Under Review for Possible

EUR17.3M B Notes, Downgraded to Baa3 (sf); previously on Jul 2,
2012 Downgraded to A3 (sf) and Placed Under Review for Possible

EUR14.2M C Notes, Downgraded to Ba3 (sf); previously on Jul 2,
2012 Baa1 (sf) Placed Under Review for Possible Downgrade

EUR6.5M D Notes, Downgraded to B3 (sf); previously on Jul 2, 2012
Baa3 (sf) Placed Under Review for Possible Downgrade

Issuer: IM PASTOR 3 Fondo de Titulizacion Hipotecaria

EUR961M A Notes, Downgraded to B2 (sf); previously on Nov 23,
2012 Downgraded to B1 (sf) and Remained On Review for Possible

Issuer: IM PASTOR 4 Fondo de Titulizacion de Activos

EUR886M A Notes, Downgraded to B2 (sf); previously on Nov 23,
2012 Downgraded to B1 (sf) and Remained On Review for Possible

IM PASTOR 2: S&P Lowers Rating on Two Note Classes to 'BB+'
Standard & Poor's Ratings Services lowered its credit ratings on
IM PASTOR 2, Fondo de Titulizacion Hipotecaria's class B, C, and
D notes.  At the same time, S&P has raised its rating on the
class A notes.

On Nov. 23, 2012, S&P lowered its long- and short-term ratings on
Cecabank S.A. (BB+/Negative/B), the swap counterparty for this
transaction.  The remedy period to replace itself, which under
the transaction documents is 30 days, began after this downgrade
as it became an ineligible counterparty.  The remedy period has
now expired, with Cecabank being unable to find an eligible
replacement.  As such, under S&P's 2012 counterparty criteria, it
has analyzed these transactions without giving benefit to the

Under S&P's 2012 counterparty criteria, the maximum potential
ratings in IM PASTOR 2 will be the higher of its credit and cash
flow ratings results without the support of the swap
counterparty, and the long-term issuer credit rating (ICR) on the
swap counterparty.  This is with the exception of those cases in
which, due to the transaction's performance, even with the swap
in place, the ratings from S&P's credit and cash flow analysis
are below the long-term ICR on the swap counterparty.  As a
result, using the latest available portfolio and structural
features information, S&P has conducted a credit, cash flow, and
structural analysis--with and without giving benefit to the swap

Delinquencies have slightly increased since 2012.  As of February
2013, arrears up to default (defined in this transaction as loans
in arrears for more than 18 months) represented 2.77% of the
outstanding balance of the pool, compared with 2.55% in February
2012.  Cumulative defaults now represent 0.62% of the pool's
initial balance.  Although the portfolio contains certain
characteristics that S&P considers trigger higher probabilities
of default (such as broker-originated loans or second homes), S&P
believes that the transaction's performance is good and the
reserve fund is at its required level.  The pool factor (the
percentage of the original principal that is left to be
distributed in the transaction) currently represents 25.45%.

The swap agreement in this transaction provides a significant
amount of support to the structure.  The swap counterparty pays
three-month EURIBOR (Euro Interbank Offered Rate), plus the
weighted-average margin of the notes, plus a margin of 40 basis
points (bps).  While in the scenarios where S&P assumes that
there is no swap agreement, interest income (in addition to
three-month EURIBOR) is limited to the margin on the pool, which
as of March 2013 was 65 bps--after assuming margin compression
and further stresses.

In S&P's cash flow analysis without giving benefit to the swap
agreement, only the class A and B notes experienced a sufficient
increase in credit enhancement to support ratings that are higher
than the long-term 'BB+' ICR on the swap counterparty.  Since S&P
first rated this transaction (June 2004), the credit enhancement
for the class A notes has increased to 16.09% from 4.90% and for
the class B notes to 10.10% from 3.17%.  The maximum ratings that
the class A and B notes can achieve in scenarios without giving
benefit to the swap agreement are 'AA- (sf)' and 'A- (sf)',
respectively.  S&P has therefore raised to 'AA- (sf)' from 'A
(sf)' its rating on the class A notes and has lowered to 'A-
(sf)' from 'A (sf)' its rating on the class B notes.

The maximum rating that the class C and D notes can achieve
without giving benefit to the swap agreement is 'BB+ (sf)', which
is the long-term ICR on the swap counterparty, Cecabank.  S&P has
therefore lowered to 'BB+ (sf)' from 'BBB+ (sf)' its rating on
the class C notes and to 'BB+ (sf)' from 'BBB- (sf)' its rating
on the class D notes.

Should the remedy actions under the transaction documents be
amended to comply with S&P's 2012 counterparty criteria and an
eligible counterparty be found, S&P would conduct further
analysis giving benefit to the swap and take rating actions
accordingly. Currently, only the class A and B notes can achieve
a rating that is higher than S&P's long-term ICR on the swap

IM PASTOR 2 is a Spanish residential mortgage-backed securities
(RMBS) transaction originated by Banco Pastor that closed in June


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

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



Class             Rating
            To               From

IM PASTOR 2, Fondo de Titulizacion Hipotecaria
EUR1 Billion Mortgage-Backed Floating-Rate Notes

Rating Raised

A           AA- (sf)         A (sf)

Ratings Lowered

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

TDA CAM 4: S&P Lowers Rating on Class C Notes to 'D'
Standard & Poor's Ratings Services lowered to 'D (sf)' from
'CCC- (sf)' its credit rating on FTPYME TDA CAM 4, Fondo de
Titulizacion de Activos' class C notes.

The level of cumulative defaults over the original portfolio
balance has increased to 5.59% in February 2013 from 3.63% a year
before.  Under the transaction documents, the interest deferral
trigger for the class C notes, which is based on the level of
cumulative defaults over the original balance of the assets
securitized at closing, is 4.85%.  Due to the considerable
increase in the level of cumulative defaults over the past year
and the full depletion of the reserve fund on the March 2013
payment date, the class C notes has breached its interest
deferral trigger on the March 2013 payment date.  Consequently,
interest on the class C notes has not been paid.  S&P's ratings
on FTPYME TDA CAM 4's notes addresses timely payment of interest
and payment of principal during the life of the transaction.  S&P
has therefore lowered to 'D (sf)' from 'CCC- (sf)' its rating on
FTPYME TDA CAM 4's class C notes.

FTPYME TDA CAM 4 closed in December 2006 and securitizes secured
and unsecured loans granted to small and midsized enterprises.
Banco CAM S.A.U., which has merged with Banco de Sabadell S.A.,
is the originator of the transaction.


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

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


TDA CAM 9: S&P Lowers Rating on Class B Notes to 'D'
Standard & Poor's Ratings Services lowered to 'D (sf)' from
'CCC- (sf)' its credit rating on TDA CAM 9, Fondo de Titulizacion
de Activos' class B notes.

The level of cumulative defaults over the original portfolio
balance has increased to 10.07% in January 2013 from 7.11% a year
before.  Under the transaction documents, the interest deferral
trigger for the class B notes, which is based on the level of
cumulative defaults over the original balance of the assets
securitized at closing, is 9.5%.  Due to the considerable
increase in the level of cumulative defaults over the past year,
the class B notes has breached its interest deferral trigger on
the January 2013 payment date.  Consequently, interest on the
class B notes has not been paid.  S&P's ratings on TDA CAM 9's
notes address timely payment of interest and payment of principal
during the life of the transaction.  S&P has therefore lowered to
'D (sf)' from 'CCC- (sf)' its rating on TDA CAM 9's class B

TDA CAM 9 closed in July 2007 and securitizes residential
mortgage loans granted to individuals to purchase a property.
Banco CAM, which has merged with Banco de Sabadell S.A., is the
originator of the transaction.


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

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


* SPAIN: Moody's Sees Increase in Bond Issuance for Midsize Firms
More medium-sized Spanish corporates are likely to issue high-
yield bonds in the coming months so they can diversify their
funding sources and reduce their refinancing risk, says Moody's
in its report on Spanish speculative-grade issuers entitled
"Surge in Spanish High-Yield Corporate Bond Issuance Diversifies
Funding, Reduces Refinancing Risks." Spanish corporates have
historically relied on bank lending more than their peers in
other countries.

"We see the shift to the bond markets as credit positive for
Spanish high-yield corporates because it enables them diversify
their sources of funding and reduce reliance on bank lending.
Companies can take advantage of the current low interest rates to
lock-in long-term financing at cheap rates, and extend debt
maturities to reduce their refinancing risks," says Ivan
Palacios, a Vice President - Senior Credit Officer in Moody's
Corporate Finance Group.

Gestamp Automocion S.A. ((P) Ba3 stable), ENCE Energia y Celulosa
S.A. (Ba3 stable) and Atento Inversiones y Teleservicios S.A.U.
(Ba3 stable), three high-yield issuers that Moody's has recently
rated for the first time, are good examples of the type of
Spanish corporates that are attracting global investor interest.
They are medium-sized companies, with leading regional market
positions, a good track record in terms of operating performance
in recent years, geographically diversified cash flows, with
moderate to low reliance on sales generated in Spain, and
moderate leverage. Moody's expects that other medium-sized
Spanish companies with this type of profile will try to access
the bond markets in the coming months.


BOSPHORUS 1 RE: S&P Gives 'BB+' Rating to US$400MM Cl. A Notes
Standard & Poor's Ratings Services said that it assigned its
'BB+ (sf)' issue credit ratings to the US$400 million variable-
rate principal-at-risk series 2013-1 class A notes issued by
Bosphorus 1 Re Ltd., sponsored by Turkish Catastrophe Insurance
Pool (TCIP), the ceding insurer.

The notes are exposed to earthquakes affecting the Istanbul
region within Turkey between April 26, 2013 and April 25, 2016,
as modeled by Risk Management Solutions Inc.  This is the first
time S&P has rated a transaction using RMS's Europe Earthquake
Model for Turkey.

The funds in the collateral account were initially invested in a
money market fund, MEAG Bosphorus 1/I, set up especially for this
transaction and managed by MEAG MUNICH ERGO
Kapitalanlagegesellschaft mbH.

The rating is based on the lower of the rating on the catastrophe
risk ('BB+'), the principal stability fund rating on the assets
in the collateral accounts ('AAAm'), and the risk of nonpayment
by the ceding insurer.  As the TCIP is unrated, it funds a
periodic payment deposit account--initially with 190 days' worth
of premium--to mitigate the risk of nonpayment of the quarterly
premium payment.  The deposit account ensures that scheduled
interest for two accrual periods can be paid, even if the
transaction terminates early because the ceding insurer has
failed to pay its reinsurance premium.


LEMTRANS LLC: S&P Assigns 'B' Corp. Credit Rating; Outlook Neg.
Standard & Poor's Ratings Services said that it has assigned its
'B' long-term corporate credit ratings to Ukrainian freight rail
operator Lemtrans LLC and its holding company Lemtrans Ltd.  The
outlook is negative.

S&P's rating on Lemtrans Ltd. is equalized with its rating on its
main Ukraine-based operating subsidiary, Lemtrans LLC, in
accordance with S&P's parent-subsidiary methodology.  This is
because, in S&P's view, Lemtrans LLC represents the holding
company's core asset and, as S&P understand it, Lemtrans Ltd. has
no outstanding financial obligations other than the debt held at
the operating company level.

The rating on Lemtrans LLC reflects S&P's assessment of its
business risk profile as "weak" and its financial risk profile as
"aggressive," under its criteria.

Lemtrans LLC generates most of its earnings in its domestic
market of Ukraine.  S&P therefore considers that the company's
country risk exposure to Ukraine's transitional economy
represents a substantial risk to its credit quality.  In
particular, Lemtrans LLC is vulnerable to Ukraine's complex and
still-developing regulatory framework, weak institutions, and
lack of administrative transparency and predictability.  The
possible restrictions on access to foreign exchange in Ukraine,
as well as the country's weak banking sector and relatively high
inflation pose further risks, in S&P's opinion.  The rating is
also constrained by the underlying revenue volatility inherent in
freight transportation, which is closely linked to the volatility
of the generally commodity-dependent Ukrainian economy and a high
customer base concentration.  The company's top three customers
accounted for more than 85% of its revenues in 2012.

S&P views Lemtrans' growth strategy as ambitious.  It plans to
renew and considerably expand its fleet of gondola rail cars by
about 10,000 in the next few years from about 13,500 currently.
This will likely result in significant negative free operating
cash flow and increase the group's reliance on external
financing, in light of the limited medium- and long-term
financing available in Ukraine's capital markets.

Lemtrans' business risk profile is supported, however, by its
solid market position in the gondola rail freight market; it
operates the largest fleet among private freight rail operators
in Ukraine.  The country's gradual economic recovery over the
past two years and a deficit of gondola rail cars in the market
have allowed Lemtrans to increase its prices, which resulted in a
strong EBITDA margin of more than 37% in 2011-2012.  This enabled
the company to prevent a rise in debt, despite taking on growth
investments over the period.  Lemtrans' reported year-end 2012
debt was about Ukrainian hryvnia (UAH) 3.1 billion (about
$390 million) and its debt-to-EBITDA ratio was about 1.3x, which
S&P views as moderate for the current rating level.

Under S&P's base-case operating scenario for 2013, it forecasts
that revenues will fall by about 20%, mainly because Lemtrans
plans to stop selling rail cars, which is one of its non-core
businesses and generated about 10% of revenues in 2012.  On the
other hand, S&P expects the price of transportation services to
normalize from very high levels in 2012; S&P assumes that
profitability per rail car per day in 2013 will decrease by about
30% as capacity in the market increases.  The negative outlook on
Lemtrans mirrors that on Ukraine.  Under S&P's criteria, the
long-term sovereign credit rating and transfer and convertibility
assessment on Ukraine constrain the rating on Lemtrans, based on
S&P's view that the group's cash flow generation is sensitive to
country risk.

A downgrade of Ukraine by one or more notches would likely
trigger a similar downgrade of Lemtrans.  Further downward
pressure on Lemtrans' ratings may result from:

   -- Deterioration in the company's profitability and credit
      metrics including leverage of debt to EBITDA of more than
      4x.  This could occur if the company is unable to sustain
      its assumed profitability of $40 per day per gondola rail
      car as a result of pricing pressure on the market, for
      example, implying that Lemtrans' 2013 EBITDA falls by over
      45% from its 2012 level; or if it loses one of its
      main customers.

   -- Higher debt-financed expansion investments than S&P
      currently assumes, alongside the company adopting a more
      shareholder-friendly approach, or if these investments are
      financed using short-term rather than medium- to long-term
      debt as S&P currently assumes, thus jeopardizing the
      company's liquidity position.

S&P could revise the outlook on Lemtrans to stable if it was to
revise the outlook on Ukraine to stable, all else being equal.

U N I T E D   K I N G D O M

DECO 11-UK: S&P Lowers Rating on Class E Notes to 'CCC-'
Standard & Poor's Ratings Services took various credit rating
actions on DECO 11 - UK Conduit 3 PLC's classes of notes.

Specifically, S&P has:

   -- Lowered and removed from CreditWatch negative its ratings
      on the class A-1B, A-2, B, and C notes;

   -- Lowered its ratings on the class D and E notes; and

   -- Affirmed its ratings on the class A-1A and F notes.

The rating actions follow S&P's review of the loan pools and the
application of its updated European commercial mortgage-backed
Securities (CMBS) criteria.

On Dec. 6, 2012, S&P placed on CreditWatch negative its ratings
on DECO 11 - UK Conduit 3's class A-1B, A-2, B, and C notes
following an update to its criteria for rating European CMBS


The Mapeley Gamma Loan is the largest loan outstanding within the
transaction.  The loan is secured against 24 office properties in
either prime or secondary locations in regional and U.K.
provincial towns.

The current loan balance is GBP217 million and the maturity date
is January 2017.

The loan was accelerated and transferred to special servicing on
Oct. 25, 2012 due to a loan-to-value (LTV) trigger breach
following a revaluation of the loan in August 2012.  The special
servicer reported a securitized LTV ratio of 188% (based on an
August 2012 valuation), up from 75% at closing.

Receivers were appointed on the asset portfolio in December 2012
after the sponsor indicated that it was not prepared to invest
any further equity in the borrowers.  The special servicer has
reported that it is in the process of appointing an asset manager
in order to maintain and increase the value of the portfolio.

In S&P's opinion, this loan is likely to experience significant


A suburban shopping center approximately 4.5 miles to the north
of Hull backs this loan.

The center is let mainly to discount retailers and has displayed
deteriorating performance since closing.

The loan has a current securitized loan balance of GBP38,857,992.
It was transferred to special servicing on March 25, 2010
following an LTV trigger breach.  An additional default occurred
in July 2010 when the loan failed to repay at maturity.

In December 2012, the special servicer reported a securitized LTV
ratio of 164%, based on a July 2012 valuation of GBP23.8 million.

S&P anticipates that a sale of the asset, given its secondary
retail nature, will be particularly difficult to facilitate given
difficult secondary property market conditions.  As a result, in
S&P's opinion, the securitized loan will likely suffer principal


The Ubrique Holdings loan has an outstanding loan balance of
GBP36.6 million.  The loan is collateralized by two student
accommodation buildings at the University of Huddersfield.

The loan is performing in accordance with the terms of the loan
agreement and financial covenants.  In January 2013, the servicer
reported an LTV ratio of 75.1% and a securitized interest
coverage ratio (ICR) of 1.58x.

The loan is due to mature in July 2013.  S&P understands that the
subservicer has started to discuss possible refinancing options
with the borrower.  However, given the current restricted lending
market, S&P considers that whole-loan refinancing may be
difficult to achieve.

S&P do not currently anticipates principal losses on this loan.


The Starcharm loan is due to mature in October 2013 and has an
outstanding loan balance of GBP35.3 million as reported in the
January 2013 servicer report.  The loan is performing in
accordance with the terms of the loan agreement and financial

The underlying asset comprises three warehouse units.  The
property is situated on the outskirts of Oxford and is currently
let in its entirety to Unipart Group Ltd., with an unexpired
lease term of 9.56 years.

In January 2013, the servicer reported an LTV ratio of 75.9% and
a securitized ICR of 1.63x.  The property has not been revalued
since an original valuation in July 2006.

Following considerable property market declines, particularly to
assets of a secondary nature such as the underlying asset, S&P
considers that the loan will likely suffer principal losses.


S&P understands that the underlying property secured against the
Mill loan has now been sold, but principal has yet to be
distributed to the noteholders.  Based upon the current
outstanding balance for this loan, S&P understands that this sale
will result in a shortfall in the loan repayment.

                            OTHER LOANS

The remaining six loans are backed by U.K. properties.  S&P has
reviewed each loan individually, based on reported data.  In
S&P's view, the majority of the loans are of below-average credit
quality as they have either matured or have a short period until
maturity.  They are also backed by a combination of dated
properties with average-quality tenants in secondary locations.
S&P expects losses on four of the six loans.

                         RATING RATIONALE

S&P's expectation of principal losses on the loans has increased,
mainly as a result of its view that the Mapeley Gamma loan is
likely to experience significant potential losses.

S&P's analysis indicates that the available credit enhancement
for the class A-1A notes is sufficient to maintain its current
rating on this class.  Therefore, S&P has affirmed its 'A (sf)'
rating on the class A-1A notes.  However, the amount of available
credit enhancement for the class A-1B notes is no longer
sufficient to cover its expectation of principal losses under
their current rating scenario.  S&P has therefore lowered to 'B+
(sf)' from 'A (sf)' and removed from CreditWatch negative its
rating on the class A-1B notes.

In S&P's opinion, the class A-2 to E notes are vulnerable to
principal losses.  S&P has therefore lowered its ratings on the
class A-2, B, C, D, and E notes and has removed from CreditWatch
negative its ratings on the class A-2, B, and C notes.

The class F notes are currently rated 'D (sf)' following interest
shortfalls and expected principal losses on this class of notes.
S&P has affirmed its 'D (sf)' rating on the class F notes.

DECO 11 - UK Conduit 3 is a U.K. multiloan CMBS transaction that
closed in December 2006.  It was originally backed by 17 loans,
of which six have now repaid.


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:



DECO 11 - UK Conduit 3 PLC
GBP444.387 Million Commercial Mortgage-Backed Floating Rate Notes

Class             Rating
            To               From

Ratings Lowered and Removed From CreditWatch Negative

A-1B        B+ (sf)          A (sf)/Watch Neg
A2          B- (sf)          BBB- (sf)/Watch Neg
B           B- (sf)          BB- (sf)/Watch Neg
C           CCC+ (sf)        B+ (sf)/Watch Neg

Ratings Lowered

D           CCC (sf)         B- (sf)
E           CCC- (sf)        B- (sf)

Ratings Affirmed

A-1A        A (sf)
F           D (sf)

DONCASTERS GROUP: Moody's Assigns 'B3' CFR; Outlook Stable
Moody's Investors Service assigned a definitive B3 corporate
family rating and, in addition, has assigned a B3-PD probability
of default rating to Doncasters Group Limited (Doncasters), a
manufacturer of superalloy and superalloy-based precision
components for aero engines, industrial gas turbines or

Concurrently, Moody's has also assigned a definitive B2 rating to
the US$876 million equivalent first-lien term loan and a
definitive Caa2 rating to the US$290 million second-lien term
loan, both co-borrowed at Doncasters Finance US LLC and
Doncasters Finance US Borrower LLC. The outlook on all ratings is

The definitive ratings are in line with the provisional ratings
assigned March 13, 2013 and reflect the successful execution of
the refinancing and Moody's view that the final terms and
conditions of the facilities are in line with expectations.

Ratings Rationale:

The rating primarily reflects Doncasters' high leverage following
the contemplated refinancing. It also reflects (1) the
competitive environment in which Doncasters operates, with the
company competing with much larger component manufacturers in
Europe and North America; (2) the company's small size, despite
its broad scope of activity, which may limit margin benefits from
synergies and scale while the company focuses on improving
operating efficiency; and (3) the need to differentiate itself
from competitors through quality and service. Moody's also notes
that there is a degree of concentration in Doncasters' customer
base on original equipment manufacturers (OEMs), particularly in
the industrial gas turbine (IGT) and aero engine markets, and
Doncasters' challenge to generate revenue growth despite solid
outlooks for its key end markets.

More positively, the rating also reflects that Doncasters
benefits from supplying diversified end markets including energy,
aerospace, on/off highway commercial vehicles, construction and
petrochemical industries, which also exhibit different levels of
exposure to macroeconomic cycles, particularly in the aftermarket
business. In addition, Doncasters benefits from its long-term
contracts in its key segments, aerospace and IGT. These contracts
typically allow for raw material price increases to be passed
through to end customers and provide some revenue visibility.
Moreover, Moody's expects Doncasters to reap benefits from price
increases negotiated in 2012 and its continued focus on improving
operating efficiency in 2013. Moody's would expect these factors
to support the company's profitability going forward.

The Caa2 rating assigned to the US$290 million second-lien term
loan reflects its priority within Doncasters' capital structure,
ranking behind the company's substantial first-lien debt,
including its US$876 million equivalent first-lien term loan --
rated B2 to reflect the cushion of the second-lien debt -- and
its GBP110 million asset-backed revolving credit facility.

What Could Change The Rating Up/Down

Positive pressure could be exerted on the ratings if Doncasters'
Moody's-adjusted debt/EBITDA falls sustainably below 6.0x and
EBITA/interest reaches around 1.75x, while at the same time
generating sustained free cash flow.

Conversely, negative rating pressure could develop if Doncasters'
Moody's-adjusted debt/EBITDA reaches 7.0x or Moody's becomes
increasingly concerned about the company's liquidity, as a result
of negative free cash flow, for example.

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

Doncasters Group Limited is a manufacturer of superalloy and
superalloy-based precision components for aero engines,
industrial gas turbines or turbochargers. As such, it serves as
tier 1/2 supplier to mainly the aerospace, energy and commercial
vehicle markets. Doncasters operates 33 principal facilities, of
which 12 are in the UK, 16 are in the US, three are in Europe,
and one each in China and Mexico. The company is owned by Dubai
International Capital.

FAIRHOLD SECURITISATION: Moody's Reviews B1 Rating for Downgrade
Moody's Investors Service placed on review for possible downgrade
the following classes of Notes issued by Fairhold Securitisation
Limited (the "Issuer") (amounts reflect initial outstanding):

GBP329M Class A Notes, Baa3 (sf) Placed Under Review for Possible
Downgrade; previously on May 23, 2012 Downgraded to Baa3 (sf)

GBP24M Class B Notes, B1 (sf) Placed Under Review for Possible
Downgrade; previously on May 23, 2012 Downgraded to B1 (sf)

GBP84.7M Class A(N) Notes, Baa3 (sf) Placed Under Review for
Possible Downgrade; previously on May 23, 2012 Downgraded to Baa3

GBP5.8M Class B(N) Notes, B1 (sf) Placed Under Review for
Possible Downgrade; previously on May 23, 2012 Downgraded to B1

Ratings Rationale:

The action reflects Moody's increased concerns regarding the
refinancing of the loan due in 2015. The Notes have already been
downgraded in May 2012 as a result of the increased leverage, due
in particular to a rising swap mark to market ("MtM") valuation.
Although no updated MtM has been received by Moody's since the
last rating action, concerns remain of a further increase in
refinancing risk due to a number of factors, including (i)
sustained low long term interest rates and increased risk of
higher inflation rates in the foreseeable future, (ii) loan
maturity date approaching, (iii) in another transaction rated by
Moody's, a similar loan with the same sponsor failed to repay at
its maturity date in January 2013.

Moody's will review the transaction based on both the updated
swap MtM valuation and asset valuation provided by the servicer
and its own assessment of the expected transaction cash flows
during the remaining term until the Notes final maturity date in

In general, Moody's analysis reflects a forward-looking view of
the likely range of commercial real estate collateral performance
over the medium term. From time to time, Moody's may, if
warranted, change these expectations. Performance that falls
outside an acceptable range of the key parameters such as
property value or loan refinancing probability for instance, may
indicate that the collateral's credit quality is stronger or
weaker than Moody's had anticipated when the related securities
ratings were issued. Even so, a deviation from the expected range
will not necessarily result in a rating action nor does
performance within expectations preclude such actions . There may
be mitigating or offsetting factors to an improvement or decline
in collateral performance, such as increased subordination levels
due to amortization and loan re- prepayments or a decline in
subordination due to realized losses.

Primary sources of assumption uncertainty are the current
stressed macro-economic environment and continued weakness in the
occupational and lending markets. Moody's anticipates (i) delayed
recovery in the lending market, while remaining subject to strict
underwriting criteria and heavily dependent on the underlying
property quality, (ii) strong differentiation between prime and
secondary properties, with further value declines expected for
non-prime properties, and (iii) occupational markets will remain
under pressure in the short term and will only slowly recover in
the medium term in line with anticipated economic recovery.
Overall, Moody's central global macroeconomic scenario for the
world's largest economies is for only a gradual strengthening in
growth over the coming two years. Fiscal consolidation and
volatility in financial markets will continue to weigh on
business and consumer confidence, while heightened uncertainty
hampers spending, hiring and investment decisions. In 2013,
Moody's expects no growth in the Euro area and only slow growth
in the UK.

Rating Methodology

The principal methodology used in this rating was Moody's
Approach to Real Estate Analysis for CMBS in EMEA: Portfolio
Analysis (MoRE Portfolio) published in April 2006.

Other factors used in this rating are described in European CMBS:
2013 Central Scenarios published in February 2013.

The updated assessment is a result of Moody's on-going
surveillance of commercial mortgage backed securities (CMBS)
transactions. The last Performance Overview for this transaction
was published on December 12, 2012.

In rating this transaction, Moody's used both MoRE Portfolio and
MoRE Cash Flow to model the cash-flows and determine the loss for
each tranche. MoRE Portfolio evaluates a loss distribution by
simulating the defaults and recoveries of the underlying
portfolio of loans using a Monte Carlo simulation. This portfolio
loss distribution, in conjunction with the loss timing calculated
in MoRE Portfolio is then used in MoRE Cash Flow, where for each
loss scenario on the assets, the corresponding loss for each
class of notes is calculated taking into account the structural
features of the notes. As such, Moody's analysis encompasses the
assessment of stressed scenarios.

Moody's ratings are determined by a committee process that
considers both quantitative and qualitative factors. Therefore,
the rating outcome may differ from the model output.

INEOS GROUP: S&P Raises Corporate Credit Rating to 'B+'
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Swiss chemicals producer Ineos Group Holdings
S.A. (Ineos) and its U.K. subsidiary Ineos Holdings Ltd. to 'B+'
from 'B'.

At the same time, S&P raised its issue ratings on Ineos' existing
senior secured debt to 'BB-' from 'B+' and S&P's ratings on the
existing unsecured debt to 'B-' from 'CCC+'.  The recovery
ratings remain at '2' and '6', respectively, indicating S&P's
expectation of substantial (70%-90%) and negligible (0%-10%)
recovery to creditors in the event of a payment default.

S&P has also assigned its 'BB-' issue ratings to Ineos' proposed
US$570 million and EUR300 million term loan B add-on.  The
recovery rating on these debt issues is '2', indicating S&P's
expectation of substantial (70%-90%) recovery for creditors in
the event of payment default.

The coverage for the secured facilities is at the lower end of
the range.  S&P could revise the recovery ratings if Ineos
decided to upsize the transaction.

The rating action reflects S&P's view that Ineos' performance was
resilient in 2012, when it reported EBITDA of EUR1.5 billion,
slightly above its expectations of EUR1.45 billion for the year.
The rating action also follows Ineos' proposed refinancing. Ineos
plans to reprice its existing US$2 billion and EUR500 million
term loan B facility due 2018, as well as its US$375 million term
loan B facility due 2015, and to issue an add-on tranche to the
term loan B to fully refinance its existing US$570 million and
EUR300 million senior secured notes due 2015.  S&P believes that,
if this refinancing is executed as planned, it could lower the
company's debt servicing costs by about EUR90 million from 2014,
and extend its maturity profile, thus providing further support
to the company's already "strong" liquidity.

In S&P's view, the strong performance of Ineos' O&P (olefins and
polyolefins) North America division provided significant support
to Ineos' 2012 results.  The division benefited from healthy
demand for its products, access to low-cost ethane feedstock, and
favorable exchange rates--U.S. dollars appreciated against the
euro by more than 8% during the year.  These results largely
offset the notable weakening of performance at the O&P Europe
division, which was affected by weak demand for Ineos' key
products and multiple one-off events.

S&P anticipates that Ineos' operating performance will remain
resilient, underpinned by S&P's forecast of stable year-on-year
EBITDA of about EUR1.4 billion-EUR1.5 billion in 2013.  In S&P's
view, the company should continue to benefit from its
diversification into the U.S. and access to low-priced U.S.-
ethane.  S&P assumes this will largely offset the expected lack
of material recovery in demand for olefins and polyolefins in
Europe, and the ongoing, less-favorable, global environment for
its chemical intermediates.

S&P also considers that management's focus on performance
improvement and cost reduction initiatives in the near term
partially addresses the risk of a protracted and more severe
recession in Europe.  From 2015, S&P anticipates that Ineos' cost
position will benefit further from its project to import U.S.
ethane to its north European gas-based crackers.

These positives are partly tempered by S&P's forecast that much
of Ineos' FFO in 2013, estimated at EUR0.7 billion-EUR0.8
billion, could be consumed by capital expenditure of about EUR0.5
billion and working capital outflows of about EUR0.1 billion.
This will lead to only modest positive free operating cash flow
(FOCF), in S&P's view, and thus no deleveraging.  S&P estimates
that Ineos' adjusted debt-to-EBITDA ratio will be about 4.5x in
2013, almost unchanged from 4.4x in 2012.  However, with lower
interest costs, S&P anticipates that adjusted EBITDA interest
coverage could improve to about 3.0x, which S&P considers strong
for the rating.

"We view Ineos business risk profile as "fair," taking into
account the group's cost-competitive large-scale integrated
petrochemical sites in the U.S. and Europe, access to low-priced
ethane for its U.S. cracker and polyolefin plants, and its
sizable and diversified chemical intermediate segment (phenols,
nitriles, oxides, and oligomers).  Key business weaknesses
include the cyclicality of petrochemical profits, the exposure to
difficult macroeconomic conditions in Europe, and the unfavorable
cost position of its European petrochemical assets, which it aims
to improve in the medium term by importing U.S. ethane," S&P

"We revised upward Ineos' financial risk profile to "aggressive"
from "highly leveraged," reflecting the company's "strong"
liquidity and our expectation of a healthy EBITDA cover ratio of
3.0x in 2013.  Key negatives for Ineos' financial risk profile
include its sizable gross debt of EUR7.3 billion and a weak
FFO/debt ratio of 7% at year-end 2012.  Other risk factors are
concentrated ownership, group complexity, and limited disclosure
on the ultimate parent company," S&P added.

"The stable outlook reflects our view of Ineos' strong liquidity,
and the benefit of its longer-term debt maturity profile
following the refinancing, as well as our forecast that Ineos'
operating performance in the U.S. will remain strong over the
near-to-medium term, largely offsetting weaker performance in
Europe. Furthermore, it assumes modest FOCF and no deleveraging
in 2013, followed by reasonable deleveraging from 2014 onward as
FOCF becomes stronger.  In our base-case scenario, we assume this
could occur because we expect to see stable EBTIDA and lower
interest and capital spending.  At the current rating level, we
see a ratio of adjusted debt to EBITDA of 4.0x-4.5x as adequate,"
S&P noted.

S&P could raise the ratings if Ineos were to generate sustainably
strong positive FOCF over the medium term, such that its adjusted
debt-to-EBITDA ratio was to approach 3.0x-3.5x range.
Management's financial policies, notably on future spending on
investments, acquisitions, and dividends, would be important in
any rating upgrade considerations.

S&P could lower the ratings if Ineos' EBITDA in 2013 declined to
about EUR1.3 billion without realistic prospects of recovery in
2014, while capital expenditure continued as planned, leading to
substantial negative FOCF and increase in adjusted debt to EBITDA
to 4.5x-5.0x.

LLANELLI AFC: In Administration, Owes Thousands
Wales Online reports that players for Welsh Premier League outfit
Llanelli AFC have lost substantial amounts following the club's
collapse into administration in the High Court

Llanelli AFC was put into administration in a High Court hearing
in London, according to Wales Online.  The report relates that
players at a collapsed Welsh Premier League football club are
owed more than GBP30,000.

Wales Online says that the owner is appealing the court's
decision over GBP21,000 unpaid tax Her Majesty's Revenue and
Customs is demanding.

But the players claim they have been "left in limbo" and fobbed
them off with excuses about payments for months prior to the
latest court hearing, the report notes.

The report discloses that former team captain Lloyd Grist said
they had been massively let down.

Lawyers for the club said the debt's size had been disputed since
last August, the report relays.

However, the report adds that Her Majesty's Revenue and Customs
(HMRC) said no attempt was made to pay GBP3,000, which was

ROWECORD ENGINEERING: In Administration, 400 Jobs at Risk
WalesOnline reports that Rowecord Engineering is to go into
administration, putting 400 jobs at risk.  The company announced
that administrators will be appointed.

Other companies within the Rowecord Group remain unaffected by
this development, according to WalesOnline.

"It is with great regret we have had to come to the decision to
place the business in the hands of administrators.  Working with
key business partners and the Welsh Government, we have exhausted
every option to sustain the business for the future. . . . We
will be looking to mitigate how this development may impact on
the workforce.  We are proud of all we have achieved over 40
years' of trading and I'd like to take this opportunity to thank
our customers, suppliers and other business partners," the report
quoted Andrew Hoppe, managing director, as saying.

Rowecord Engineering is a Newport-based engineering company which
built the roof or the Olympics Aquatics Centre as well as a host
of Welsh landmarks.

TAYLOR WIMPEY: S&P Raises Corporate Credit Rating to 'BB'
Standard & Poor's Ratings Services raised to 'BB' from 'BB-' its
long-term corporate credit rating on U.K. housebuilder Taylor
Wimpey PLC.  The outlook is stable.

At the same time, S&P is raising its issue rating on Taylor
Wimpey's bonds due 2015 to 'BB'.  The recovery ratings on these
bonds remain unchanged at '3', indicating S&P's expectation of
"meaningful" (50%-70%) recovery in the event of a payment

The rating action reflects Taylor Wimpey's credit metrics, which
were significantly better than those forecast in S&P's base-case
scenario for 2012 and are likely to be maintained at these levels
over the medium term.  S&P believes that Taylor Wimpey is well
positioned to generate sufficient cash flows from home sales to
keep cash flow leverage metrics in line with a "significant"
financial risk profile.  S&P forecasts lower, but positive, free
cash flow generation and stable debt levels in 2013.

Higher operating profit and lower interest expenses should help
offset rising working capital needs caused by increased work-in-
progress and land acquisitions, in S&P's view.  S&P understands
that Taylor Wimpey will also continue to use deferrable payments
to landowners (land creditors) as a means of controlling working
capital.  In S&P's base-case scenario for 2013, it expects free
operating cash flow (FOCF) to be slightly positive at around
GBP20 million.  This will enable the company to limit large
drawings under the revolving credit facility (RCF) through the
year to fund the working capital.  Hence, Standard & Poor's-
adjusted debt levels should remain stable at around
GBP500 million (excluding land creditors).  Leverage should thus
remain at current levels, that is, debt-to-capital of around 20%
and debt to EBITDA of 2.0x-2.5x.

S&P's base-case scenario for 2013 involves revenue growing by
6.5%, based on a rise of around 5% in completions and a stable
average selling price.  S&P considers that the recent increase in
mortgage accessibility via government-sponsored schemes should
help volumes rise in 2013.  S&P also factors in the stable
GBP1.2 billion order book as at April 2013 (worth six months of
2012 sales).  S&P thinks the EBITDA margin should increase by 100
basis points (bps) in 2013, to 12.7%.  This margin improvement
reflects stable build costs as the company has good bargaining
power on labor and materials due to its size.  It also reflects
the rising share of new developments being built on land acquired
at low prices in recent years.

Taylor Wimpey's "fair" business risk profile is underpinned by
its position as the second-largest U.K. housebuilder by volume.
It built and sold around 11,000 homes in 2012, its sales coverage
is well-spread geographically, and it has a large land bank (six
years of supply) and a solid order book worth GBP1.2 billion (at
April 2013).  Its size of operations enables it to generate
economies of scale in labor and materials sourcing.  The product
mix is focused on midpriced one- to three-bedroom houses, rather
than flats, and it has stable reservation (0.67 homes per outlet
per week in 2013) and cancellation rates (13.6%).  S&P is
nevertheless cautious about the company's push to increase the
number of developments and land purchases it pursues, at a time
when medium-term growth prospects are unpredictable and, in S&P's
view, likely to remain so this year.

The stable outlook reflects S&P's view that Taylor Wimpey's
operating margins should continue to slightly improve in 2013
thanks to stable sales and build costs and declining land
expenses.  S&P thinks the company should be able to limit
releveraging its capital structure to fund rising working

S&P's base-case scenario for 2013 assumes a stable level of
demand for new homes constrained by low consumer confidence.  S&P
anticipates a moderate increase in mortgage availability.  S&P
forecasts revenue growth of around 6.5% for 2013, based on the
solid order book.  The EBITDA margin should improve by around 100
bps, mainly due to more homes being sold that are on land bought
at lower prices during the recent downturn.  Providing that
Taylor Wimpey continues to manage its work-in-progress and land
acquisitions prudently, S&P expects the company to maintain an
interest coverage ratio of more than 3x and a debt-to-capital
ratio of around 30%.

S&P could raise the ratings if it sees a substantial improvement
in market demand for new homes, with a clear recovery in mortgage
accessibility.  S&P would view positively high and stable
positive FOCF and most land expansion being funded by cash from
home sales, rather than debt.  This could occur if the company
maintains volume growth and sustains slightly higher operating

Conversely, S&P would lower the rating if Taylor Wimpey
aggressively expanded its working capital, leading to large
negative free cash flow combined with high utilization of the
revolving credit facilities.  S&P would also view negatively
delays in refinancing the RCF that expires in November 2014.

TRANSEUROPA FERRIES: In Administration, Jobs at Risk
BBC News reports that TransEuropa Ferries has gone into
administration, putting 25 jobs at risk in Kent.

TransEuropa suspended all sailings between Ramsgate and Ostend
amid fears over its future, according to BBC News.

The report notes that Thanet District Council, which owns the
Kent port, said it had confirmation.  It is understood the
company owes the council money, the report relates.

"The council . . . will continue to be actively seeking to re-
establish the route across to Ostend because that is workable,
despite the problems encountered by TransEuropa Ferries," the
report quoted Mark Seed, who is director of operations at Thanet
District Council, as saying.

TransEuropa had run passenger and freight services between
Ramsgate and Ostend for the last 15 years.


* Fitch: CLO Loan Maturity Extensions Offset by Rising Spreads
Fitch Ratings expects European leveraged loan collateralized loan
obligations (CLOs) to maintain rating stability throughout the
rest of 2013.

Fitch's April 2013 European Leveraged Loan CLO Tracker Excel file
(CLO Tracker) reveals that the 'CCC' and below bucket has
remained stable at 9.2% since October 2012. There have been 13
reported defaults since March 2012. Defaults have tended to come
from cyclical industries with Broadcasting and Media, Building
and Materials and Retail among the sectors experiencing defaults.
The current average defaulted balance has increased to 2.6% from
2.2% this time last year.

Average over-collateralization (OC) test cushions for both senior
and junior OC tests improved over the last year. These
improvements were driven by; excess spread diversion to cure
failing tests; manager action in building par and improving
pricing on CCC assets (where market price is a driver in the OC
test calculation). These trends indicate that the senior notes
are well protected against a foreseeable level of defaults while
the mezzanine and junior notes remain exposed to a clustering of
defaults and negative rating migration.

The agency recently completed its review of its 27 rated European
leverage loan CLOs with all but two transactions being affirmed.
The affirmations were predominantly driven by increased credit
protection for the notes coupled with stable asset performance
over the past year. The Outlooks on some of the mezzanine and
junior notes were revised to Stable from Negative to reflect
their reduced vulnerability to refinancing risk over the next 18
months as the average maturity profiles have been pushed out
largely because of amending and extending of underlying loans,
companies tapping the bond market and, to a certain extent,
manager trading activity.

The mezzanine and junior notes of Harbourmaster CLO 4 B.V. were
downgraded due to the excess spread compression in the
transaction magnified by the expiration of the interest rate
hedge between fixed-rate liabilities and floating-rate assets.
The junior notes of Cheyne Credit Opportunity CDO I were upgraded
due to increased credit enhancement levels resulting from
structural deleveraging.

The reviews further revealed continued amend and extend activity
on the underlying collateral across the Fitch-rated European CLO
universe driven primarily by lack of refinancing options for
certain companies and reluctance on part of the lenders to incur
impairments. These extensions have resulted in a stable weighted
average life across transactions and a corresponding steady
increase in the weighted average spread (WAS) across
transactions. The higher WAS is a critical driver for the ratings
of mezzanine and junior tranches because they rely on the
diversion of excess spread to build up credit enhancement through

Fitch observes that structural features have helped the average
CLO perform largely as expected with excess spread providing
support to the senior rated notes. For instance, an increase in
the 'CCC' bucket or defaulted assets could be mitigated by the
breaching of OC tests, which diverts excess spread for
reinvestment or to redeem the senior rated notes. This is
evidenced in the average net portfolio loss percentage of 1.6%
across the transactions. The net portfolio loss looks to the
change in CLO assets versus CLO liabilities in order to ascertain
the loss net of; excess spread diversion and par building on
behalf of the manager.

Fitch considered the sensitivity of the notes' ratings to the
transaction's exposure to countries where Fitch has imposed a
country rating cap less than the ratings on any notes in the
transaction. These countries are currently Spain, Ireland,
Portugal and Greece, but may include additional countries if
there is sovereign rating migration. Fitch believes that an
average exposure of up to 15% of the total investment amount to
these countries, under the same average portfolio profile and
assuming the current ratings on the UK and eurozone countries are
stable, would not have a material negative impact on the notes'

* S&P Takes Various Rating Actions on European CDO Tranches
After running its month-end SROC (synthetic rated
overcollateralization) figures, Standard & Poor's Ratings
Services took various rating actions on 32 European synthetic
collateralized debt obligation (CDO) tranches.

Specifically, S&P:

   -- Placed on CreditWatch negative its ratings on two tranches;

   -- Lowered and removed from CreditWatch negative its ratings
      on two tranches;

   -- Placed on CreditWatch positive its ratings on three

   -- Raised and removed from CreditWatch positive its ratings on
      six tranches;

   -- Affirmed its ratings on 11 tranches; and

   -- Lowered its ratings to 'D' on eight tranches.

For the full list of rating actions see "European Synthetic CDO
Rating Actions At April 2013."

The rating actions are part of S&P's regular monthly review of
European synthetic CDOs.  The actions incorporate, among other
things, the effect of recent rating migration within reference
portfolios and recent credit events on corporate entities.


The SROC (synthetic rated overcollateralization; see "What Is
SROC?" below) has fallen below 100% during the March 2013 month-
end run.  This indicates to S&P that the current credit
enhancement may not be sufficient to maintain the current tranche


The SROC has risen above 100% during the March 2013 month-end
run. This indicates to S&P that the current credit enhancement is
sufficient to maintain the current tranche rating.


The tranche's current SROC exceeds 100%, which indicates to S&P
that the tranche's credit enhancement is greater than that
required to maintain the current rating.  Additionally, S&P's
analysis indicates that the current SROC would be greater than
100% at a higher rating level than currently assigned.


S&P has run SROC for the current portfolio and has projected SROC
90 days into the future, while assuming no asset rating

S&P has lowered its ratings to the level at which SROC is above
or equal to 100%.  However, if the SROC is below 100% at a
certain rating level but greater than 100% in the projected 90-
day run, S&P may leave the rating on CreditWatch negative at the
revised rating level.


S&P has raised its ratings to the level at which SROC exceeds
100% and meets S&P's minimum cushion requirement.  For further
details of S&P's upgrade guidelines, see "Revised Methodologies
And Assumptions For Global Synthetic CDO Surveillance," published
on Sept. 30, 2010.


S&P has affirmed its ratings on those tranches for which credit
enhancement is, in S&P's opinion, still at a level commensurate
with their current ratings.


Where losses in a portfolio have already exceeded the available
credit enhancement or where, in S&P's opinion, it is highly
likely that this will occur once final valuations are known, S&P
has lowered its ratings to 'CC'.  S&P has done so as it considers
the likelihood that the noteholders will not receive their full
principal to be high.


S&P has lowered its ratings to 'D' where it has received
confirmation that losses from credit events in the underlying
portfolio have exceeded the available credit enhancement and
partially reduced the notes principal amount.  This means the
noteholders did not receive interest based on the full notional
of the notes.


For those transactions where S&P's September 2009 CDO criteria
are not applicable, it has run its analysis on CDO Evaluator
models 2.7 and 4.1.  For the transactions where S&P's September
2009 criteria are applicable, it has run its analysis on CDO
Evaluator model 6.0.1, which includes the top obligor and
industry test SROCs.

In addition to the obligor and industry tests, and the Monte
Carlo default simulation results, S&P may consider certain
factors such as credit stability and rating sensitivity to
modeling parameters when assigning ratings to CDO tranches.  S&P
assess these factors case-by-case and may adjust the ratings to a
rating level that is different to that indicated by the
quantitative results alone.

                           WHAT IS SROC?

One of the main steps in S&P's rating analysis is the review of
the credit quality of the portfolio referenced assets.  SROC is
one of the tools S&P uses when surveilling its ratings on
synthetic CDO tranches with reference portfolios.

SROC is a measure of the degree by which the credit enhancement
(or attachment point) of a tranche exceeds the stressed loss rate
assumed for a given rating scenario.  SROC helps capture what S&P
considers to be the major influences on portfolio performance:
Credit events, asset rating migration, asset amortization, and
time to maturity.  It is a comparable measure across different
tranches of the same rating.


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:


* Large Companies with Insolvent Balance Sheets

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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


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

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., 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

                 * * * End of Transmission * * *