TCREUR_Public/130521.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, May 21, 2013, Vol. 14, No. 99

                            Headlines



A Z E R B A I J A N

BANK TECHNIQUE: Fitch Affirms 'CC' LT Issuer Default Rating


G E R M A N Y

DECO 15: S&P Lowers Rating on Class F Notes to 'CCC-'
OPERA GERMANY: S&P Lowers Rating on Class B Notes to 'BB'
TALISMAN-6 FINANCE: S&P Cuts Ratings on 2 Note Classes to 'CCC-'


I R E L A N D

IRISH BANK: Special Liquidator Has Four Months to Sell Loan Book
QUINN INSURANCE: PwC Disputes Quinn Administration Decision


I T A L Y

ICCREA BANCAIMPRESA: Moody's Lowers Deposit Ratings to 'Ba3'
IVS GROUP: S&P Assigns 'BB-' Corp. Credit Rating; Outlook Stable


L U X E M B O U R G

GRAND CITY: S&P Assigns 'BB-' Rating to EUR100MM Sr. Sec. Bonds
OXEA SARL: S&P Puts 'B+' Corp. Rating on CreditWatch Negative


P O R T U G A L

SAGRES CHAVES: S&P Lowers Rating on Two Note Classes to 'CC'
* PORTUGAL: Top Bankers Say Customers Jittery Over Cyprus Crisis


R O M A N I A

ROMPETROL GROUP: Fitch Affirms 'B+' LT Issuer Default Rating


S P A I N

CAMPOFRIO FOOD: S&P Lowers Corp. Rating to 'B+'; Outlook Stable
TDA 25: Fitch Affirms 'CC' Ratings on 8 Certificate Classes
* Fitch Keeps 7 Spanish RMBS Tranches on Rating Watch Negative


T U R K E Y

* ISTANBUL MUNICIPALITY: Moody's Hikes Issuer Rating From 'Ba1'
* IZMIR MUNICIPALITY: Moody's Hikes Issuer Rating From 'Ba1'


U N I T E D   K I N G D O M

AFREN PLC: S&P Raises Corp. Credit Rating to 'B+'; Outlook Stable
CO-OPERATIVE GROUP: Seeks Alternative to Traditional Capitalism
CORAL INNS: Put Up for Sale for GBP300,000
EXILLON ENERGY: Fitch Withdraws 'B-(EXP)' Sr. Unsecured Rating
FIRSTGROUP: To Launch Discounted Rights Issue; Chair to Step Down

MTS INT'L: Fitch Assigns 'BB+' Rating to Loan Participation Notes
THEATRE PLC: Fitch Lowers Ratings on Class D Notes to 'B'
THPA FINANCE: Fitch Affirms 'BB-' Rating on GBP30MM Notes
TITAN EUROPE 2007-3: S&P Affirms 'BB' Rating on Class A1 Notes
TULLETT PREBON: Moody's Reviews Ba2 Debt Ratings for Downgrade


X X X X X X X X

* EUROPE: European Central Bank Delays Stress Tests Until 2014
* Large Companies with Insolvent Balance Sheets


                            *********


===================
A Z E R B A I J A N
===================


BANK TECHNIQUE: Fitch Affirms 'CC' LT Issuer Default Rating
-----------------------------------------------------------
Fitch Ratings has affirmed Azerbaijan-based Bank Technique's (BT,
formerly Technikabank) Long-term Issuer Default Rating (IDR) at
'CC'. At the same time the agency has upgraded BT's Viability
Rating (VR) to 'cc' from 'f'.

KEY RATING DRIVERS: IDRS AND VR

The affirmation of BT's IDR reflects the significant amount of
unreserved impaired assets on BT's balance sheet and its weak,
albeit slightly improved, capital position. Fitch believes that
the bank has achieved only limited progress with its financial
recovery following the recognition of significant asset quality
problems and sharp deposit outflow in Q212.

The upgrade of BT's VR reflects some limited improvements in its
credit profile during the year, including the bank's somewhat
more comfortable liquidity position and the expected compliance
with regulatory capital requirements following the recent equity
injection. At the same time, the low VR continues to reflect the
bank's weak asset quality and solvency, weak pre-impairment
profitability and low shareholder transparency.

The bank's private shareholders recently provided AZN9 million of
fresh equity and plan to inject a further AZN5 million by end-May
2013. Fitch estimates that if the provisioning level remains
unchanged these capital injections will allow BT to become
compliant with regulatory capital adequacy ratio (CAR) at end-May
2013 (BT's statutory total CAR was 8.7% at end-Q113, compared to
a regulatory minimum of 12%). However, BT's capital will still be
insufficient to absorb all loan impairment problems, and internal
capital generation capacity is limited, since the bank's reported
pre-impairment profit was only marginally above zero in 2012.

At end-2012 BT reported non-performing loans (NPLs; loans 90 days
overdue) at 69% of the portfolio in its IFRS accounts (45% of the
book was classified as NPLs and impaired, while a further 24%
were identified as NPLs but not recognized as impaired). Net of
reserves, these NPLs were equal to AZN140 million (up from AZN80
million at end-2011), or 6.3x IFRS equity. Although BT's
management reports that it has managed to recover approximately
AZN57 million of NPLs in Q113, and expects a further AZN25
million of recoveries by end-2013, net NPLs are likely to remain
substantial, relative to the bank's equity, in the near term.

At the same time, Fitch acknowledges that BT's liquidity position
has improved compared to 2012. BT maintained a cash cushion of
AZN79m (equal to 19% liabilities) at end-2012. This compares to
potential wholesale repayments in 2013 of AZN5 million due to
foreign institutions and AZN30 million of funding from local
banks and government-related institutions. The latter are likely
to extend their facilities, in Fitch's view, reducing potential
liquidity/refinancing pressure.

RATING SENSITIVITIES - IDRs and VR

BT's IDRs and VR could be upgraded if the bank makes considerable
further progress with work outs of impaired loans or if
significant additional capital injections are forthcoming from
BT's private shareholders. BT's ratings could be downgraded if a
renewed deposit run renders the bank unable to service its
obligations or if the regulator takes actions to place the bank
into administration; however, neither scenario appears likely in
the short term.

KEY RATING DRIVERS AND RATING SENSITIVITIES - SUPPORT RATINGS
(SRs) and SUPPORT RATING FLOORS (SRFs)

BT's SRFs of 'No Floor' and '5' Support Rating reflects its
relatively limited scale of operations, as a result of which
extraordinary support from the Azerbaijan authorities cannot be
relied upon, in Fitch's view. The potential for support from
private shareholders cannot be reliably assessed. Fitch does not
expect any revision of the bank's SRF or Support Rating in the
foreseeable future.

The rating actions are:

-- Long-term IDR: affirmed at 'CC'
-- Short-term IDR: affirmed at 'C'
-- Viability Rating: upgraded to 'cc' from 'f'
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'



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


DECO 15: S&P Lowers Rating on Class F Notes to 'CCC-'
-----------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions on all classes of notes in DECO 15 - Pan Europe 6 Ltd.

Specifically, S&P has:

   -- Withdrawn its rating on the class A1 notes;

   -- Placed on CreditWatch negative its rating on the class A2
      notes for counterparty reasons;

   -- Kept on CreditWatch negative its rating on the class A3
      notes for counterparty reasons;

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

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

   -- Affirmed its ratings on the class E and G notes.

The rating actions follow S&P's review of the underlying loans
under its November 2012 European commercial mortgage-backed
securities (CMBS) criteria

On Dec. 6, 2012, S&P placed on CreditWatch negative its ratings
on the class A3, B, and C notes following the update to its
European CMBS criteria.

At the April 2013 interest payment date, the Fishman Coop III
loan was repaid.  The issuer applied the proceeds to the notes
pro rata and redeemed the class A1 notes.  S&P has therefore
withdrawn its rating on the class A1 notes.

                    MANSFORD (29% OF THE POOL)

The loan is currently secured by 10 retail properties located in
Germany (down from 12 at closing).  Of the portfolio rental
income, 98% comes from the major tenant, OBI, a DIY retailer.
The loan benefits from a long-term lease to OBI with a weighted-
average lease term of 9.34 years.

The outstanding securitized balance is EUR144.1 million and there
is a subordinated B-note with a balance of EUR6.9 million.

In 2006, the portfolio was valued at EUR171.7 million, which
reflects a securitized loan-to-value (LTV) ratio of 84%.  As of
the January 2013 servicer report, the interest coverage ratio
(ICR) of the senior loan was 1.29x.

The loan matures in July 2014.  S&P assumed losses on this loan
in its base case scenario.

                  OWG MF LOAN (18% OF THE POOL)

The loan is secured on 584 multifamily properties, most of them
in Osnabruck, in Western Germany.  The portfolio is currently 96%
occupied.

The securitized loan balance was EUR86.4 million as of the
January 2013 servicer report.  Approximately EUR14.9 million of
debt ranked senior to the securitized loan as of the October 2012
servicer report.

The loan matures in April 2014 and S&P did not assume losses in
its base case scenario.

                    FREIBURG (15% OF THE POOL)

The Freiburg loan is secured by two mixed-use shopping centers in
Freiburg, Germany.  The properties are situated in Freiburg's
city center.

As of the January 2013 servicer report, the securitized LTV ratio
was 78%, based on a 2007 valuation, and the ICR was 1.21x.

S&P assumed losses on this loan in its base case scenario.

                      MAIN (15% OF THE POOL)

The loan is secured by 32 predominantly retail properties in
Germany, anchored by retail tenants such as REWE, Netto, and
EDEKA.  Approximately 55% of the assets are in Western Germany
and 45% in Eastern Germany.

The loan failed to repay at loan maturity in 2011 and was
transferred into special servicing.  An October 2011 valuation of
the portfolio reflected an LTV ratio of 147%, which triggered the
appraisal reduction mechanism.  As a result, the amount that can
be drawn under the liquidity facility on any loan interest
payment date has been reduced.  S&P notes, however, that the loan
has a 5.58x ICR and does not currently rely on the liquidity
facility.

Nonetheless, special servicing fees on this loan, which are
covered by neither the liquidity facility nor absorbed by the
class X notes, continued to cause interest shortfalls on the
class G notes.  S&P expects losses on this loan in its base case
scenario.

                       PLUS (2% OF THE POOL)

The loan is secured by five retail properties in Brandenburg and
Mecklenburg-Western Pomerania.  The major tenant, Plus, a
discount supermarket chain, contributes 60% of rental income.

The loan failed to repay at maturity in January 2012 and entered
special servicing.  In January 2012, a market valuation of the
property indicated that the value of the portfolio has declined
to EUR7.9 million from EUR14.2 million in 2007, which denotes an
LTV ratio of 149%.

Although the loan has a 3.99x ICR and the property benefits from
a
weighted-average lease term of 5.35 years, S&P do not expect the
loan to repay in full.

                         RATING RATIONALE

S&P's ratings address timely payment of interest, payable
quarterly in arrears, and payment of principal not later than the
legal final maturity date in April 2018.

Following S&P's review, it anticipates that the available credit
enhancement for the class A2 and A3 notes is sufficient to
maintain higher ratings.  However, S&P's ratings on these classes
are constrained by its long-term issuer credit rating (ICR) on
the account bank provider, Deutsche Bank AG (A+/Watch Neg/A-1).
Because S&P's long-term ICR on Deutsche Bank is on CreditWatch
negative, it has placed on CreditWatch negative its 'A+ (sf)'
rating on the class A2 notes, and its 'A+ (sf)' rating on the
class A3 notes remains on CreditWatch negative.

Following S&P's review, it considers that the available credit
enhancement for the class B, C, and D notes is insufficient to
mitigate the risk of losses from the underlying loans at the
current assigned rating levels.  S&P has therefore lowered and
removed from CreditWatch negative its ratings on the class B and
C notes.  S&P has also lowered its rating on the class D notes.

S&P has affirmed its 'B- (sf)' rating on the class E notes as
this class, in its opinion, remains vulnerable to principal
losses.

S&P anticipates that the class F notes are likely to incur
principal losses in the near term.  S&P has therefore lowered to
'CCC- (sf)' from 'CCC (sf)' its rating on this class of notes.

S&P has affirmed its 'D (sf)' rating on the class G notes.  These
notes have experienced interest shortfalls and are highly
vulnerable to principal losses, in S&P's view.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class            Rating                    Rating
                 To                        From

DECO 15 - Pan Europe 6 Ltd.
EUR1.445 Billion Commercial Mortgage-Backed Floating-Rate Notes

Rating Withdrawn

A1               NR                         A+ (sf)

Rating Placed On CreditWatch Negative

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

Rating Remaining On CreditWatch Negative

A3               A+ (sf)/Watch Neg

Ratings Lowered and Removed From CreditWatch Negative

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

Ratings Lowered

D                B- (sf)                    B (sf)
F                CCC- (sf)                  CCC (sf)

Ratings Affirmed

E                B- (sf)
G                D (sf)


OPERA GERMANY: S&P Lowers Rating on Class B Notes to 'BB'
---------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in Opera Germany (No. 2) PLC.

Specifically, S&P has:

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

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

   -- Affirmed its 'B- (sf)' ratings on the class D and E notes.

The rating actions follow S&P's review of the underlying loans'
credit quality by applying its updated criteria for rating
European commercial mortgage-backed securities (CMBS)
transactions.

On Dec. 6, 2012, S&P placed its ratings on the class A, B, and C
notes on CreditWatch negative following the update to its
European CMBS criteria.

The loan was originally secured on four shopping centers, one of
which has been sold.  The loan is due to mature in October 2013
and the note maturity date is in October 2014.  S&P considers the
three properties currently backing the loan to be of good
quality. However, in S&P's view, the following factors outweigh
the transaction's positive credit indicators:

   -- The short tail period (one-year), and

   -- The amount of debt that will need to be refinanced amid
      constrained lending conditions within an uncertain
      commercial real estate market.

In light of these risks, the junior classes of notes could
experience principal losses under certain scenarios, in S&P's
view.

                             THE LOAN

The note balance reduced to EUR500.4 million from EUR560.0
million following the sale of one of properties securing the
loan.  The loan has additional subordinated debt outside the
securitization.

The loan was restructured in December 2009, following a breach of
the whole loan LTV covenant.  In S&P's view, if the loan defaults
at maturity, the remaining one-year tail period may not be
sufficient to complete the loan workout before the legal maturity
date of the notes.

                          THE COLLATERAL

The property portfolio comprises three cross-collateralized
German properties in the Rhein Ruhr region.  Most of the lettable
space comprises local shopping centers.  Office spaces, parking
spaces, and residential units comprise the remaining space.

In S&P's opinion, all of the centers are well-established within
their respective markets.  The portfolio tenancy mix is
diversified, including national and international retailers.  The
top 10 portfolio tenants by rent account for 28.3% of the overall
portfolio's rental income as of the April 2013 interest payment
date.

The increase in the Ko-Galerie property's vacancy rate to 36%
from 12% since closing is partly due to one significant tenant's
departure.  S&P understands that some space was kept vacant so
that the borrower could refurbish the center.  The servicer has
reported that the refurbishment works are progressing.  In S&P's
opinion, it considers that the vacancy rate will likely decrease
once the refurbishment works are complete due to the property's
good location in Dusseldorf.

S&P's data on lease renewals for the two other properties suggest
the borrower's capacity to attract and keep tenants is still
high. Both properties have more than 90% occupancy and the
weighted-average lease term to first break has increased at both
shopping centers.

                           SCHWANENMARKT

   -- Closing weighted-average lease term to first break: 3.7
      Years April 2013 weighted-average lease term to first
      break: 5.6 years

   -- Closing occupancy: 100%

   -- April 2013 occupancy: 96.9%

                        RHEIN-RUHR-ZENTRUM

  -- Closing weighted-average lease term to first break: 5.3
     years.

   -- April 2013 weighted-average lease term to first break: 6.5
      Years

   -- Closing occupancy: 99.4%

   -- April 2013 occupancy: 91.9%

In 2012, the borrowers began the marketing process to sell all of
the properties apart from the K-Galerie property.  In December
2012, the borrowers sold the Opernpassege property and used the
funds to partially pay down the loan, which in turn partially
redeem the class A notes.  The borrowers are marketing the
Schwanenmarkt and Rhein-Ruhr-Zentrum properties, but no further
information is available on the progress of the marketing of the
properties.

S&P understands that the cash manager would apply sales proceeds
sequentially to the notes, which would benefit the senior
noteholders.  However, until further sales occur, this
transaction is exposed to risks associated with the short tail
period.

                         RATING ACTIONS

The servicer would only have one year to work out the loan to
meet the note obligations at loan maturity.  S&P considers that
this short period would narrow the servicer's options to work out
the loan.

In S&P's analysis, it considered scenarios where the servicer
would have to sell the properties at a discount to meet payment
by the note maturity date.  In S&P's opinion, the servicer would
have to sell two properties in order for the class A notes to be
fully redeemed.  The risk of not being able to sell the
properties and repay the notes by their legal final maturity, in
S&P's view, outweighs the positive credit indicators.
Furthermore, this risk is increasing as the legal final maturity
approaches.  Therefore, S&P has lowered and removed from
CreditWatch negative its ratings on the class A and B notes.

S&P's 'BB- (sf)' rating on the C notes and 'B- (sf)' ratings on
the class D and E notes reflect the current refinance risk
associated with this transaction.  S&P has therefore affirmed its
ratings on these classes of notes.  S&P has also removed from
CreditWatch negative its rating on the class C notes.

While S&P considers that the senior classes of notes are likely
to fully repay by note maturity, it may further lower its ratings
if the likelihood of default increases as the note maturity date
approaches.

Opera Germany (No. 2) is a 2006-vintage single-loan CMBS
transaction originally backed by four German shopping centers.
It is now backed by three German shopping centers.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class       Rating           Rating
            To               From

Opera Germany (No. 2) PLC
EUR560 Million Commercial Mortgage-Backed Floating-Rate Notes

Ratings Lowered and Removed From CreditWatch Negative

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

Rating Affirmed and Removed From CreditWatch Negative

C           BB- (sf)         BB- (sf)/Watch Neg

Ratings Affirmed

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


TALISMAN-6 FINANCE: S&P Cuts Ratings on 2 Note Classes to 'CCC-'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on Talisman-6 Finance
PLC's class A, B, and C notes.  At the same time, S&P has lowered
its ratings on the class D and E notes and has affirmed its
rating on the class F notes.

The rating actions follow S&P's review of the underlying loans'
credit quality by applying its updated European commercial
mortgage-backed securities (CMBS) criteria.

On Dec. 6, 2012, S&P placed its ratings on the class A, B, and C
notes on CreditWatch negative following the update to its
European CMBS criteria.

All seven remaining loans are in special servicing.  In S&P's
base case scenario, full recovery appears likely on only one of
these loans.

             THE ORANGE LOAN (42% OF THE POOL BALANCE)

The whole loan balance is EUR391.4 million, with the securitized
loan being EUR360.4 million.  The loan failed to repay at
maturity in July 2012 and is now in special servicing.

The loan is secured on 150 primarily retail properties in
Germany. The current reported occupancy for the portfolio is
75.8%, down from 93.0% at closing.

In the May 2013 quarterly investor report, the servicer reported
a 2.63x whole loan interest coverage ratio (ICR) and a 96.21%
whole loan loan-to-value (LTV) ratio, based on a May 2012
valuation of EUR406.9 million.

In S&P's opinion, losses are likely to occur on this loan in its
base case scenario.

            THE COCONUT LOAN (16% OF THE POOL BALANCE)

The whole loan and securitized balance is EUR140.0 million.  The
loan failed to repay at maturity in January 2012.  The special
servicer has granted the borrower several standstill periods,
including the current one, which has been extended until October
2013.

The loan is secured on 21 retail, office, and mixed use
properties in Germany, which are being sold.

The current reported ICR is 2.70x and the LTV ratio is 103.15%,
based on a February 2013 valuation of EUR135.7 million.

In S&P's opinion, losses are likely to occur on this loan in its
base case scenario.

             THE PEACH LOAN (16% OF THE POOL BALANCE)

The whole loan balance is EUR156.8 million, with the securitized
loan being EUR136.2 million.  The loan is in special servicing
after defaulting at maturity in July 2012.  The borrower filed
for insolvency in January 2013.

The loan is secured on 21 retail and warehouse properties in
Germany.  The special servicer and insolvency administrator have
selected an asset manager to improve the properties and maximize
recoveries.

The current reported ICR is 3.22x and the LTV ratio is 134.4%,
based on a February 2013 valuation of EUR116.8 million.

In S&P's opinion, losses are likely to occur on this loan in its
base case scenario.

             THE MANGO LOAN (10% OF THE POOL BALANCE)

The whole loan and securitized balance is EUR87.2 million.  The
loan has been in special servicing since April 2011 after an LTV
breach.

The loan is secured by 11 retail and office properties in
Germany. According to the September 2011 valuation, the portfolio
is 30% overrented.

The current reported ICR is 1.06x and the LTV ratio is 146.5%,
based on a September 2011 valuation of EUR59.6 million.

In S&P's opinion, losses are likely to occur on this loan in its
base case scenario.

              THE APPLE LOAN (6% OF THE POOL BALANCE)

The whole loan balance is EUR69.6 million, with the securitized
loan being EUR53.6 million.  The loan was transferred to special
servicing in January 2013 after failing to repay at maturity.

The loan is secured by 26 retail properties in Germany, with the
top tenants all being Germany's largest supermarket companies.

The current reported ICR is 5.50x and the LTV ratio is 97.9%,
based on a March 2010 valuation of EUR71.1 million.

In S&P's opinion, full recovery of this loan appears likely in
its base case scenario.

           THE PINEAPPLE LOAN (6% OF THE POOL BALANCE)

The whole loan balance is EUR58.6 million, with the securitized
loan being EUR48.7 million.  The loan was transferred into
special servicing in March 2012 due to a breach of the LTV
covenant.

The loan is secured by seven multifamily properties in North
Rhine-Westphalia and Essen, Germany.  The servicer is considering
enforcement measures to take control over the portfolio.

The LTV ratio is 118.9%, based on a February 2013 valuation of
EUR49.3 million.  There is no current reported ICR as the
servicer has not received borrower reports.

In S&P's opinion, full recovery of this loan appears unlikely in
its base case scenario.

             THE CHERRY LOAN (5% OF THE POOL BALANCE)

The whole loan and securitized balance is EUR40.5 million.  All
properties securing the loan have now been sold.  Principal
losses will be applied to the notes once the insolvency
administrator has determined the additional costs that need to be
paid.  Given that only EUR2.0 million remains in the servicer
controlled account, there will be a minimum EUR38.5 million loss
to the notes.

                          RATING ACTIONS

Following S&P's review and the application of its updated
European CMBS criteria, its analysis indicates that the available
credit enhancement for the class A, B, and C notes is
insufficient to absorb the underlying properties' potential
losses at the currently assigned rating levels.  Therefore, S&P
has lowered and removed from CreditWatch negative its ratings on
the class A, B,
and C notes.

In S&P's opinion, the class D, E, and F notes could experience
principal losses in the near term, as the special servicer has
now sold all of the assets securing the Cherry loan.  S&P has
therefore lowered to 'CCC- (sf)' its ratings on the class D and E
notes.  S&P has affirmed its 'D (sf)' rating on the class F
notes. On Feb, 16, 2009, S&P lowered to 'D (sf)' its rating on
these notes due to an interest shortfall and because S&P
anticipated principal losses following the Cherry loan's
underperformance.

Talisman-6 Finance closed in April 2007 with notes totaling
EUR1.076 billion.  The notes have a legal final maturity date of
October 2016 and a current balance of EUR866.5 million.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class        Rating         Rating
             To             From

Talisman-6 Finance PLC
EUR1.076 Billion Commercial Mortgage-Backed Floating-Rate Notes

Ratings Lowered and Removed From CreditWatch Negative

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

Ratings Lowered

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

Rating Affirmed

F            D (sf)



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


IRISH BANK: Special Liquidator Has Four Months to Sell Loan Book
----------------------------------------------------------------
Ciaran Hancock at The Irish Times reports that the special
liquidators of Irish Bank Resolution Corporation have been given
an extra four months by the Irish Government to try and sell its
EUR27 billion loan book.

When the State-owned bank was liquidated on February 7, the
Government said the sale of these loans would be completed by
August, with any assets not offloaded then being transferred to
the National Asset Management Agency, which would seek to sell
them on over time, the Irish Times relates.

However, Minister for Finance Michael Noonan has now given the
liquidators -- KPMG's Kieran Wallace and Eamonn Richardson --
until midnight on November 30 to conclude the valuation process
on the loans, and until December 31 to have agreed or completed
the sale of assets in the bank, the Irish Times discloses.

This extended time frame reflects the scale of the task involved
in selling about 6,000 commercial loans in the space of a number
of months, the Irish Times notes.

According to the Irish Times, the Minister has also directed that
two forms of discount be applied to the loans as part of the
valuation process.

A discount rate of 4.5% will be used to determine the value of
future cash flows of the various loans while a discount of 2.3%
will be applied across all loans to reflect security and title
issues associated with the assets, the Irish Times says.

The liquidators have appointed UBS and PricewaterhouseCoopers to
carry out the loan valuations, the Irish Times relates.  It is
understood that the valuation process has been under way for
three weeks, the Irish Times notes.

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.


QUINN INSURANCE: PwC Disputes Quinn Administration Decision
-----------------------------------------------------------
The Impartial Reporter reports that Sean Quinn has always argued
against the decision to put Quinn Insurance into administration.
Reports by the former auditor of the business,
PricewaterhouseCoopers, state that the accountants believed Quinn
Insurance Accounts were "appropriate".

The former auditor of Quinn Insurance Limited has questioned
whether or not it was right to put Sean Quinn's company into
administration, according to The Impartial Reporter.

In a series of reports sent to the Financial Regulator, PwC has
disputed the decision, which was based on the Regulator's belief
that the insurance company was insolvent, The Impartial Reporter
discloses.

According to the Sunday Independent, the report notes that this
was because of the existence of inter-company guarantees relating
to assets included in the insurance group's reserves, worth
EUR448 million for the financial years 2005-2008.

A PwC report shows that the disputed assets were only removed
from Quinn Insurance Limited's reserves "on the instruction of
the Financial Regulator," The Impartial Reporter discloses.

Other reports by PwC, submitted to the Financial Regulator in
2010, state that the accountants believe its audit opinions on
Quinn Insurance's accounts were "appropriate," The Impartial
Reporter relays.

The Impartial Reporter says the newspaper reports that PwC claims
it had "no reason to believe that the existence of cross-company
guarantees of any type would have any financial impact" and
states that it "does not agree" with the Financial Regulator's
assessment that the guaranteed assets should have been excluded
from the company's reserves.

According to the Quinn family's advisers, reports the newspaper,
removing the cross-guaranteed assets from the insurance company's
reserves overnight made the company insolvent, The Impartial
Reporter notes.

And a report produced for the family backs PwC and concludes that
the Financial Regulator was wrong to declare the company
insolvent, The Impartial Reporter discloses.

The Impartial Reporter notes that the Quinn family disagrees with
the Regulator's decision and believe it made it impossible for
them to ever repay their huge debts to the former Anglo Irish
Bank.

However, the Financial Regulator maintains that it was correct to
place Quinn Insurance into administration having previously
described the emergence of the cross-guarantees as a "matter of
gravest concern," The Impartial Reporter adds.



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


ICCREA BANCAIMPRESA: Moody's Lowers Deposit Ratings to 'Ba3'
------------------------------------------------------------
Moody's Investors Service downgraded the long-term senior debt
and deposit ratings of Iccrea BancaImpresa S.p.a. to Ba3 from
Ba1, following the lowering of the bank's baseline credit
assessment to caa1 from ba2. Concurrently, Moody's lowered the
standalone bank financial strength rating (BFSR) to E from D. The
debt and deposit ratings remain on review for downgrade.

Moody's says these rating actions are based on (1) the continued
deterioration of Iccrea BI's already weak asset quality, in the
context of the current recession in Italy; (2) the expectation
that the bank's weak internal capital-generation capacity will
not be able to offset this asset-quality pressure; and (3) the
likelihood that Iccrea BI might therefore require further support
from the wider cooperative banking (BCC) group via its direct
parent, Iccrea group. The expected support available from the
group underpins the four-notch uplift for Iccrea BI's long-term
senior debt and deposit ratings from the caa1 BCA.

Ratings Rationale:

The lower caa1 BCA reflects Moody's forward-looking view of
Iccrea BI's (1) expected ongoing asset-quality deterioration in
the current recessionary environment in Italy; and (2) low and
weakening profitability and internal capital generation.
Excluding the temporary positive effect of the carry trade on
Italian government securities, largely used by the bank to
improve the coverage of its problem loans, Iccrea BI's franchise
itself may not be sufficient to generate a profit in 2013 or
2014. In addition, the lower BCA reflects the constrained and
costly access to the wholesale markets that required Iccrea BI to
increase its reliance on the Iccrea Banca's funding in 2012.

Moody's recently lowered its forecast for Italy's 2013 GDP growth
to -1.8% from its previous forecast of -1.0%, and the rating
agency predicts weak growth of only 0.2% for 2014. Combined with
the current decrease in industrial production and new industrial
orders, Italy's declining GDP supports the rating agency's view
of a highly challenging medium-term operating environment for the
bank, whose business mainly focuses on the fragile small and
medium-sized enterprises sector.

Iccrea BI's asset quality is weak and, according to Moody's,
likely to continue to deteriorate in 2013-14. The ratio of
problem loans to gross loans -- as adjusted by Moody's (1) --
deteriorated to 10.6% at year-end 2012 from 8.6% at year-end
2011. Additionally, in December 2012 the bank reported gross
problem loans -- as adjusted by Moody's -- at 93% of equity and
loan-loss reserves, compared with 88% at year-end 2011 (unless
otherwise noted, data in this press release are from company data
or Moody's Financial Metrics). This ratio increased even at a
time when the bank increased the level of its loan-loss reserves
by 22% and strengthened its equity through an additional capital
injection from Iccrea Holding in 2012.

Moody's notes the bank's weak EUR1.6 million profit in 2012,
following loan-loss provisions that more than doubled in the
year. In addition, profitability was largely underpinned by the
carry trade on the short-term held-to-maturity EUR3 billion
Italian government bond portfolio, acquired in 2012 largely with
the liquidity provided by Iccrea Banca. Furthermore, the
reduction of the bank's balance sheet negatively impacts its
revenue generation. The bank's loan book decreased by 4% in 2012,
driven mainly by a reduction in SME leasing and, in particular,
real estate and equipment.

Iccrea BI's capitalization is weak, albeit slightly improved
compared with 2011, and as of December 2012, it reported a Tier 1
ratio of 7.9%. Against a number of Moody's stress scenarios,
which assess Iccrea BI's resilience against further asset-quality
deterioration, the rating agency notes that Iccrea BI's existing
capital cushion and its internal capital generation capacity may
not be sufficient.

In Moody's opinion, these challenges result in an elevated
likelihood that Iccrea BI will need to rely on additional support
from the Iccrea group, beyond that already provided in terms of
capital and liquidity. In this context, Moody's notes that Iccrea
BI had already received a capital injection from Iccrea Holding
of EUR100 million between year-end 2011 and 2012.

Iccrea BI's Ba3 long-term senior debt and deposit ratings
continue to reflect Moody's view of a high likelihood of support
from the wider BCC group via its direct parent, Iccrea group,
mainly based on the bank's important role as the main leasing and
corporate products provider for the clients of individual
entities within the BCC group, thereby complementing the co-
operative banks' product suite. This results in four notches of
uplift for Iccrea BI's long-term senior debt and deposit ratings
to Ba3 from the caa1 BCA.

Rationale for the Review for Downgrade

Iccrea BI's long-term debt and deposit ratings are on review for
further downgrade with the review focusing on (1) the evolution
of the financial strength of the BCC group and within that, of
the Iccrea group, in the currently challenging operating
environment in Italy; (2) the subsequent implications for the
group's capacity to provide support to Iccrea BI; and (3) the
strength of the framework under which the Iccrea group and the
wider BCC group are expected to provide support to Iccrea BI.

What Could Move The Ratings Up/Down

At present, there is no upwards pressure on Iccrea BI's debt and
deposit ratings, because the ratings, except the BFSR, are on
review for downgrade. However, positive pressure could develop on
the BCA if the bank (1) substantially improves its problem loans
relative to its equity and loan-loss reserves; and (2)
demonstrates an ability to return to sustainable profitability,
beyond the benefit of the carry trade.

Conversely, Iccrea BI's ratings could be downgraded if the bank's
asset quality deteriorates further and its operating
profitability continues to weaken; both would negatively affect
the bank's capitalization levels. Material deterioration in the
financial positions of the Iccrea group and the BCC group, which
are the support providers of Iccrea BI, could also exert downward
pressure on the bank's supported ratings.

List of Affected Ratings:

Senior unsecured debt and EMTN, and bank deposits: to Ba3 from
Ba1; to (P)Ba3 from (P)Ba1; all on review for downgrade

Subordinate debt and EMTN: to B1 from Ba2; to (P)B1 from (P)Ba2;
all on review for downgrade

Tier III debt EMTN: to (P)B1 from (P)Ba2; all on review for
downgrade

Junior subordinate debt and EMTN: to B2(hyb) from Ba3(hyb); to
(P)B2 from (P)Ba3; all on review for downgrade

BFSR: to E (caa1) from D (ba2).

(1) Problem loans include: non-performing loans (sofferenze), 30%
of the watchlist (incagli), restructured (ristrutturati) and past
due loans (scaduti).

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


IVS GROUP: S&P Assigns 'BB-' Corp. Credit Rating; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'BB-'
long-term corporate credit rating to Italy-based vending machine
company IVS Group SA.  The outlook is stable.

At the same time, S&P assigned its 'BB-' issue rating to IVS'
EUR200 million senior secured notes due 2020.  The recovery
rating on these notes is '4', indicating S&P's expectation of
average (30%-50%) recovery for creditors in the event of a
payment default.

The rating on IVS reflects Standard & Poor's assessment of the
company's financial risk profile as "aggressive" and business
risk profile as "fair," as S&P's criteria define these terms.

IVS has smaller operations and weaker geographic diversity when
compared with larger international vending machine companies.
Its business is sensitive to Italy's unemployment level and
therefore the country's continued depressed economic environment.
S&P deems IVS' capital expenditure needs of about 8%-9% of
revenues as moderately high within the business service industry.

Nonetheless, IVS has a leading position in Italy and a
historically stable EBITDA margin of about 20%, which it
maintained even during the 2008-2009 crisis.  Furthermore, the
cyclicality of the business service industry has been low over
the past five years.

The stable outlook reflects S&P's expectation that IVS'
operational performance will be resilient to the difficult
economic environment in Italy, and that its credit metrics will
moderately improve in 2013 and 2014, owing to slightly better
profitability.  S&P expects IVS' EBITDA margin will improve to
21%-22% in 2013 and 2014, mainly owing to improvements in
operational efficiency due to the company's acquisitions in 2012.
S&P anticipates revenue growth to be 3%-4% in 2013, and below the
Italian inflation rate thereafter.

S&P may consider a negative rating action if it revised downward
its assessment of IVS' business risk profile.  This could happen
if the company's profitability were significantly weaker than S&P
currently anticipates, mainly owing to a worsening economic and
operating environment in Italy.  Downside rating risk may also
arise if the company took a more aggressive stance on financial
leverage than S&P currently anticipates, as has been the case
before its listing.  This could, for example, stem from
significant debt-funded acquisitions.

S&P could take a positive rating action if IVS' credit metrics
improved to levels S&P views as commensurate with a "significant"
financial risk profile over a sustained period.  This could occur
if IVS' 2014 profitability were better than S&P currently
anticipates, and if IVS repaid some debt and minority capital,
for which it has a put and call agreement.  An upgrade would also
depend on IVS maintaining its adequate liquidity and moderate
financial policy.



===================
L U X E M B O U R G
===================


GRAND CITY: S&P Assigns 'BB-' Rating to EUR100MM Sr. Sec. Bonds
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB-
' issue rating to the proposed EUR100 million senior secured
bonds due 2020 to be issued by Grand City Property S.A. (BB-
/Stable/--). The recovery rating on the proposed bonds is '3',
indicating S&P's expectation of meaningful (50%-70%) recovery in
the event of a payment default.

                         RECOVERY ANALYSIS

The recovery rating reflects S&P's understanding that Grand City
Properties will use the proceeds of the proposed bonds to fund
the acquisition of additional properties.  For the purposes of
S&P's analysis, it considers that the properties to be acquired
will be similar to the existing real estate asset base.  S&P
therefore applies the same discrete asset valuation approach and
similar haircuts to the asset base to estimate its gross stressed
enterprise value.

S&P understands that the proposed bonds will benefit from the
same security package and similar documentation to the existing
senior secured convertible bonds due 2017, albeit without the
convertibility features.  S&P therefore considers that the
proposed bonds rank pari passu with the existing senior secured
convertible bonds.


OXEA SARL: S&P Puts 'B+' Corp. Rating on CreditWatch Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating on Luxembourg-headquartered chemicals
intermediates and derivatives company Oxea S.a.r.l. on
CreditWatch with negative implications, reflecting the fact that
S&P will lower the rating to 'B' when the dividend recap has been
completed.

S&P also assigned its preliminary 'B' issue rating to the
proposed senior secured EUR120 million revolving credit facility
(RCF) and first-lien term loans B-1 (EUR200 million) and B-2
(US$720 million).  The recovery rating on these facilities is
'3', indicating S&P's expectation of meaningful (50%-70%)
recovery prospects in the event of a payment default.  The
preliminary issue rating is in line with the expected corporate
credit rating of 'B' upon completion of the refinancing.

The preliminary issue rating on the proposed US$327.5
million/EUR250 million second-lien term loan is 'CCC+', with a
recovery rating of '6', which indicates S&P's expectation of
negligible (0%-10%) recovery prospects in the event of a payment
default.

At the same time, S&P affirmed the existing 'BB' issue ratings on
the RCF and trade guarantee facility and the existing 'B+' issue
ratings on the senior secured notes due 2017.  The recovery
ratings are '1' and '4', respectively.  S&P expects to withdraw
these issue ratings upon the completion of the transaction and
repayment of the outstanding senior secured notes.

The CreditWatch placement reflects the doubling of Oxea's debt,
pro forma refinancing, to about EUR1 billion on reported basis
and S&P's projection of adjusted debt to EBITDA of 5.3x at year-
end 2013.  S&P also views the owner's financial policy as more
aggressive than it previously assumed, with part of the proceeds
from refinancing used to pay a EUR0.5 billion dividend to Advent,
exceeding significantly its initial investment.

At the same time, S&P recognizes Oxea's highly successful
operational track record since it was acquired by Advent in 2007.
S&P also views positively Oxea's strategy of capacity additions
and the gradual shift of its product mix toward higher-margin
derivative products.  S&P believes that the recent completion of
the Carboxylic Acid plant and 50% capacity increase at the
Specialty Esters plant should increasingly contribute to the
company's EBITDA, starting from 2013.  However, in S&P's view,
Oxea's EBITDA growth in 2014-2015 depends on the successful
execution of further multiple projects underway.

Under S&P's base-case scenario, it believes Oxea could report
EBITDA of about EUR210 million in 2013, up from EUR177 million in
2012.  S&P's expectation for rising EBITDA primarily reflects the
positive impact of a renegotiated, improved raw materials
agreement and contribution from its growth projects.  It also
assumes continued high capacity utilization at its existing
business, as was the case in 2012.  S&P also forecasts Oxea's
EBITDA margins will improve to about 13.5%-14.0% from about 12%
in 2012.

S&P anticipates Oxea's capital expenditures (capex) will increase
in the coming years to about EUR80 million-EUR100 million per
annum.  S&P understands the majority of this amount is
discretionary, with about EUR25 million required as maintenance
capex.  In addition, Oxea's capex will be supported by
reimbursement from insurance.  In S&P's base case, assuming the
higher capex is invested, Oxea could generate negative free
operating cash flow (FOCF) in 2013 and limited positive FOCF in
2014.

Given the high initial leverage, with adjusted debt to EBITDA
forecast at 5.3x, S&P believes the pace of future deleveraging
will initially depend on continued EBITDA growth in 2014-2015
from the above-mentioned projects.  That said, visibility on this
is lower and therefore not fully factored into the ratings.  If
S&P sees EBITDA rising to EUR240 million and Oxea's leverage came
down to 4.5-4.0x in 2014-2015, S&P could raise the 'B' corporate
credit rating, which it intends to assign post the refinancing.

Pro forma refinancing, S&P estimates Oxea's Standard & Poor's-
adjusted debt to almost double to about EUR1.1 billion (including
EUR72 million of operating lease liabilities, EUR27 million of
pension liabilities, and S&P's assumption of about EUR55 million
utilization under Oxea's receivables program).

Oxea's "fair" business risk profile reflects S&P's view of its
leading position as the European and U.S. merchant producer of
Oxo base and intermediate chemicals, its stable profitability in
recent years, and diverse end markets.  Oxea also enjoys a fairly
balanced geographic revenue split, with 48% of 2012 sales
stemming from Europe, 32% from North America, and 14% from Asia.
These strengths are partly offset by Oxea's exposure to the
cyclicality of its end markets, volatility and reliance on third-
party suppliers for its key propylene feedstocks, and the overall
niche scope of the company.

The CreditWatch with negative implications follows the announced
dividend recapitalization, which--when completed--will result in
S&P lowering the rating on Oxea to 'B' from 'B+'.  S&P currently
understands that the transaction could close in mid-July.  S&P
therefore anticipates resolving the CreditWatch within a similar
timeframe.



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


SAGRES CHAVES: S&P Lowers Rating on Two Note Classes to 'CC'
------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in SAGRES Sociedade de Titularizacao de Creditos, S.A.'s
series Chaves SME CLO No. 1 (SAGRES' Chaves SME CLO No. 1).

Specifically, S&P has:

   -- Lowered and removed from CreditWatch negative its ratings
      on the class C, D, and E notes;

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

   -- Affirmed its 'A- (sf)' rating on the class A notes.

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

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

S&P notes that the Portuguese government sold Banco Portugues de
Negocios (nationalized in 2008) to Banco BIC Portugues in March
2012.

                          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 updated information regarding the
originator pursuant to the nationalization and the subsequent
sale to Banco BIC Portugues, S&P's qualitative originator
assessment is moderate.  Taking into account Portugal's Banking
Industry Country Risk Assessment (BICRA) of 7 and in the absence
of an average annual observed default frequency, S&P has applied
a downward adjustment of two notches to the archetypical European
SME average credit quality assessment.  S&P further applied a
portfolio selection adjustment of minus three notches.  As a
result, S&P's average credit quality assessment of the portfolio
is 'ccc-'.

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 S&P's average credit quality assessment
of the portfolio.  S&P then used CDO Evaluator to determine the
portfolio's 'AAA' SDR, which is 86%.

S&P has reviewed 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.

Defaults in the transaction have steadily increased since 2009.
Cumulative defaulted loans now account for 13.5% of the original
portfolio, increasing to EUR81 million from EUR52 million over
the past two years despite significant amortization.  The
transaction's amortization has led to a current 12% pool factor
(the percentage of the pool's outstanding aggregate principal
balance).  The amortization accelerated in May 2012, when
cumulative defaults breached the 11.05% cumulative default
trigger.  As a result, under the transaction documents, the
issuer must now use the class F notes' interest and excess spread
to repay principal on the notes.  However, this is not currently
the case because interest proceeds are insufficient to pay
interest on the notes and cure outstanding amounts in the
principal deficiency ledgers (PDLs).

Since S&P's previous full review of the transaction on Oct. 8,
2010, the issuer has allocated further defaults to the PDLs.  The
class D and E notes' PDLs are still fully loaded, while the class
C notes are loaded to 37.86% of their closing balance.  On the
January 2013 interest payment date, the issuer deferred interest
payments to the class D and E notes.  The class C, D, and E
notes' interest is deferrable.  S&P's ratings on these notes
address the ultimate payment of interest and principal.

Taking into account the significant level of defaults as well as
the high risk of current delinquent loans defaulting, S&P's 'B'
SDR is 15.6%.

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 Portugal is 'BB', according
to S&P's nonsovereign ratings criteria, the maximum achievable
rating in this transaction is 'A- (sf)'.

                      RECOVERY RATE ANALYSIS

At each liability rating level, S&P assumed a weighted-average
recovery rate (WARR) by considering the asset type, its
seniority, and the country recovery grouping.

As a result of this analysis, S&P's WARR assumptions in 'A' and
'BBB' scenarios were 23.8% and 26.2%, 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.

                        SUPPLEMENTAL TESTS

S&P's ratings on the class C, D, and E notes are constrained at
'CCC- (sf)' due to the application of the largest obligor default
test.  At the same time, S&P's cash flow results show that 'CCC-
(sf)' is nonetheless the maximum achievable rating for these
notes.

The obligor concentration risk increases as the portfolio
amortizes.  The top 10 obligors now account for 26% of the pool,
from 11% at closing.  S&P notes that the largest industry default
test and largest region default test do not apply to this
transaction, as they are only relevant for 'AA' and 'AAA' rated
liabilities, whereas the highest achievable rating in this
transaction is 'A- (sf)'.

Real estate and construction still accounts for the pool's
highest concentration by industry, with a 30% concentration.
Finally, the portfolio remains relatively well-diversified
geographically, and is mainly exposed to Lisbon, Porto, and
Leiria.

                         COUNTERPARTY RISK

As swap counterparty, The Royal Bank of Scotland PLC (A/Stable/A-
1), mitigates the interest rate risk arising from the mismatch
between fixed-rate (4.35% of total assets) and floating-rate
paying assets (95.65% of total assets with four different
indices), and floating-rate liabilities.  S&P has reviewed the
swap counterparty's downgrade provisions, and, in its opinion,
they do not fully comply with S&P's 2012 counterparty criteria.
Therefore, S&P considers that the swap counterparty can only
support ratings up to 'A+'.  In practice, since the transaction's
maximum achievable rating is 'A- (sf)', S&P gave credit to the
swap counterparty and did not apply any specific haircuts.

Citibank N.A. is the transaction's bank account provider.  S&P
has reviewed the downgrade provisions and, according to its 2012
counterparty criteria, they can support liability ratings up to a
'AAA' rating level.

S&P's credit and cash flow analysis shows that the credit
enhancement available to the the class A and B notes is
commensurate with the currently assigned ratings.  S&P notes
that, although these notes could achieve higher ratings, the
transaction's exposure to country risk caps the maximum
achievable ratings in this transaction at 'A- (sf)'.  Therefore,
S&P has affirmed its 'A- (sf)' rating on the class A notes, and
has affirmed and removed from CreditWatch negative its 'A- (sf)'
rating on the class B notes.

The class C, D, and E notes' PDLS show that these notes are
undercollateralized, which is reflected in S&P's cash flow
analysis.  S&P has therefore lowered to 'CCC- (sf)'and removed
from CreditWatch negative its rating on the class C notes, as S&P
considers them to be vulnerable to non-payment.  At the same
time, S&P has lowered to 'CC (sf)' and removed from CreditWatch
negative its ratings on the class D and E notes as S&P considers
them to be highly vulnerable to non-payment, exhibiting full PDLs
and being subordinated to the class C notes.

SAGRES' Chaves SME CLO No. 1 is a cash flow CLO securitization of
loans that Banco Portugues de Negocios granted to its SME
clients. The transaction closed in December 2006.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class       Rating           Rating
            To               From

SAGRES Sociedade de Titularizacao de Creditos, S.A.
EUR616.57 Million Asset-Backed Floating-Rate Securitisation Notes
(Chaves SME
CLO No. 1)

Ratings Lowered and Removed From CreditWatch Negative

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

Rating Affirmed

A          A- (sf)

Rating Affirmed and Removed From CreditWatch Negative

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


* PORTUGAL: Top Bankers Say Customers Jittery Over Cyprus Crisis
----------------------------------------------------------------
Patrick Jenkins and Peter Wise at The Financial Times report that
Portugal's top bankers have called on Europe's leaders to stop
"playing with fire" and moderate their stance towards the
eurozone periphery, or risk instilling alarm among bank
depositors in future.

In separate interviews, the heads of the country's two biggest
banks -- Millennium BCP and Banco Espirito Santo -- said they
were concerned that the precedent set by Europe's treatment of
Cyprus's recent troubles had increased nervousness across the
eurozone to dangerous levels, the FT relates.

According to the FT, Nuno Amado, his opposite number at BCP,
talked of a "Cyprus virus", saying: "If someone had designed a
plan to hurt the European market, it would be difficult to think
of something better . . . You can't keep playing with fire."

The comments come in the wake of the EU's messy deal to bail out
Cyprus, which initially envisaged a so-called haircut even on
deposits below the pan-Europe EUR100,000 deposit guarantee, the
FT notes.  Although the threshold for haircuts was later lifted
above the guarantee level, bankers across the eurozone complained
that the damage had been done, the FT discloses.

Portuguese bankers said that for several days in the wake of the
Cyprus affair customers were jittery.  "There was huge
nervousness," the FT quotes Mr. Amado as saying.  BES and
Portugal's number three bank, BPI, experienced a rush of clients
wanting to move cash from deposit accounts into vaults within the
banks, the FT discloses.

"Most clients in Portugal don't trust deposit guarantees and they
have no means to open accounts abroad," the FT quotes one person
close to BPI as saying.  "They choose vaults instead."

Both BCP and BPI received government bailout money in the form of
convertible bonds following Portugal's 2011 bailout by the troika
of the European Commission, European Central Bank and
International Monetary Fund, the FT recounts.

The whole banking sector is under pressure as a result of the
shrinking economy, rising unemployment and worsening bad debts,
with some analysts predicting banks may need further government
assistance, the FT relates.

The problems of the sector are not helped by the fact the leading
shareholders in two of the banks are under pressure themselves,
the FT states.



=============
R O M A N I A
=============


ROMPETROL GROUP: Fitch Affirms 'B+' LT Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has affirmed The Rompetrol Group NV's (TRG) Long-
term Issuer Default Rating (IDR) at 'B+'. The Outlook is Stable.

TRG remains heavily reliant on its parent company JSC National
Company KazMunaiGas (NC KMG; Long-term foreign currency IDR:
'BBB'/Stable) for financial support. Fitch views TRG's stand-
alone rating as commensurate with a 'CCC' rating given the
company's weak financial profile (2012 funds from operations
(FFO) net adjusted leverage of 12x). TRG is planning to
repurchase 27% of Rompetrol Rafinare S.A.'s (RRC) shares from the
government in 2013 for US$200 million. The Romanian government
will retain an 18% minority stake in RRC. NC KMG will finance the
transaction through a shareholder loan to TRG. NC KMG views the
transaction as important to solving a long-standing dispute with
the government, a move that will also give NC KMG confidence to
make further investments into TRG.

KEY RATING DRIVERS

Expansion of Retail Development Strategy
Having completed the upgrade of its Petromidia refinery in 2012,
TRG is eager to improve its integrated distribution (retail and
wholesale) network domestically. TRG feels they are in a position
to increase market share in Romania from their approximate 25%
share (16% retail). Fitch notes that TRG would benefit from a
greater share of the domestic market at the expense of imports,
but improving margins are important to realizing project value.

Share Buy Back Support
TRG is spending US$200 million to repurchase 27% of RRC shares
from the government. It hopes to complete the purchase in 2013.
The parent company, NC KMG, will finance the transaction through
an intercompany loan. The resolution of this issue closes several
possible scenarios, the most serious being Fitch's previous
concern that TRG could have been obligated to repurchase the
government's stake with additional external debt. Fitch said
previously that in light of the historical support provided by NC
KMG to TRG, it is likely that TRG would receive further financial
support from its parent to finance such a transaction, which
would have a neutral impact on TRG's rating at its current level.

Acquisition Growth Strategy
This strategy could be potentially favorable for the company in
terms of gaining access to markets that are importing diesel and
gasoline (Turkey and Ukraine). Fitch anticipates that TRG is
eager to be involved in these markets, and will likely look to
make an acquisition as a quick way to gain a foothold. This means
the company could experience a short-term deterioration to its
financial profile. Given the company's already stressed financial
position, this could potentially lead to downward pressure on
TRG's 'CCC' stand-alone rating. Fitch understands however that
the acquisition strategy would likely involve further financial
support from NC KMG, which could alleviate the risks.

RATING SENSITIVITIES

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

-- Improvement in TRG's stand-alone financial profile away from
   the 'CCC' rating category.

-- Increased cash flow generation from an improving business
   profile.

-- Higher market share in Romania or neighbouring markets such as
   Turkey or Ukraine.

-- A longer debt maturity profile.

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

-- Significant cash outflows related to operational difficulties

-- Large debt financed acquisitions

-- Large debt financed capital expenditure

-- Lower support from NC KMG


LIQUIDITY AND DEBT STRUCTURE
At end-2012 TRG's short-term debt amounted to US$671 million,
against a cash balance of US$308 million and undrawn, committed
credit lines of US$12 million expiring after 2013. Fitch assumes
TRG will be able to extend a significant portion of short-term
credit lines in 2013.



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


CAMPOFRIO FOOD: S&P Lowers Corp. Rating to 'B+'; Outlook Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Spanish meat processor Campofrio Food
Group S.A. (CFG) to 'B+' from 'BB-'.  The outlook is stable.

At the same time, S&P lowered to 'B+' from 'BB-' the issue rating
on CFG's EUR500 million unsecured bond due in 2016.  The recovery
rating on this bond is unchanged at '4'.

The downgrade reflects S&P's view that CFG is unlikely to post
positive revenue growth or improve its operating margins in 2013
and 2014.  S&P therefore now forecasts that CFG's adjusted debt-
to-EBITDA ratio will remain in the 4.5x-5.0x range.  This is
below the levels S&P previously viewed as commensurate with the
'BB-' rating, which included a recovery in adjusted EBITDA
margins back to 2011 levels of about 9% and a sustainable debt-
to-EBITDA ratio of below 4.5x.

"We believe that consumer spending in CFG's main markets --
including France, Italy, Spain, Portugal, and other West European
countries -- will remain constrained by the weak economic
environment, high unemployment, and austerity measures in 2013,
and we forecast that this will persist in 2014.  This is causing
the European processed meat market to shrink, thereby impairing
CFG's volumes and making it very difficult for the group to pass
on price increases to budget-stretched European consumers.  On
this basis, we believe that CFG's organic revenue is unlikely to
grow in the next two years," S&P said.

"We also believe commodity prices will remain high in the medium
to long term, although they might be volatile in the short term.
We understand from CFG that European meat prices have shown signs
of falling since the beginning of the second quarter of 2013, but
we believe that this drop can only be temporary.  As emerging
markets are increasingly adopting a more Western-style diet
including higher meat consumption, we believe that meat prices
are unlikely to stabilize at a moderate level.  Therefore, and
despite CFG's efforts to restructure its operations and bring
down costs, we do not believe its EBITDA margin can recover to 9%
or more in 2013," S&P added.

"Our revised forecast of CFG's operating performance and the
volatility of its EBITDA in recent quarters led us to revise the
group's business risk profile from "fair" to "weak," as our
criteria define the terms.  We now project that the group's
credit metrics will remain at the weaker end of what we view as
an "aggressive" financial risk profile, typically including debt
to EBITDA of 4.0x-5.0x and funds from operations (FFO) to debt of
12%-20%.  Assuming limited acquisition and shareholder friendly
activity, we project that CFG's adjusted debt-to-EBITDA ratio
will remain in the 4.5x-5.0x range for the next two years.  We
view this level as commensurate with our 'B+' rating," S&P noted.

The stable outlook reflects S&P's view that CFG should be able to
maintain a fairly stable EBITDA margin of around 8% and adjusted
debt-to-EBITDA in the 4.5x-5.0x range in 2013 and 2014.

S&P could lower the rating if CFG's performance and EBITDA
margins continued to deteriorate further despite the group's
significant restructuring investments.  S&P might also lower the
rating if CFG's debt-to-EBITDA ratio exceeded 5x on a sustainable
basis, causing us to revise the group's financial risk profile to
"highly leveraged."

S&P could take a positive rating action if Campofrio's operating
performance recovered and showed better stability in the business
model.  This would most likely lead to improved credit metrics,
including a sustainable ratio of debt to EBITDA of close to 4.0x,
which could lead to an upgrade.  S&P sees this scenario as
unlikely at this stage.


TDA 25: Fitch Affirms 'CC' Ratings on 8 Certificate Classes
-----------------------------------------------------------
Fitch Ratings has affirmed 10 tranches of TDA 25 and 28, two
Spanish RMBS transactions. The recovery estimates were also
revised downwards on the senior notes.

KEY RATING DRIVERS

- Large Principal Deficiency Ledgers
The performance in both transactions continues to be poor in
comparison to other Fitch-rated Spanish RMBS with the level of
cumulative defaults as a percentage of the initial collateral
balance at 20.2% and 21.4% for TDA 25 and 28 respectively. The
weak performance is predominantly driven by Credifimo loans,
which make up 99% and 79% of the outstanding portfolio balances
and have been the prime source of defaults incurred to date.

In combination with excess spread, which remains insufficient to
fully cover for period provisions and poor recovery income has
meant that both deals have depleted their respective reserve
funds more than four years ago and continue to build up principal
deficiency ledgers (PDLs). As of April 2013, the balance of the
PDLs were reported at EUR48.2 million (TDA 25) and EUR87.2
million (TDA 28), compared to EUR39.5 million and EUR72.8 million
12 months ago. The affirmation of the 'CCCsf' reflects Fitch's
view that the redemption of the class A note principal remains
highly speculative.

Given the current pipeline of late stage arrears and expected
defaults, the agency believes that a further build-up in the PDLs
is to be expected in the upcoming payment dates.

- Limited Recovery Income
Despite the large volume of defaulted loans assigned to the funds
(117 in TDA 25 and 129 in TDA 28 as of March 2013), the track
record of recoveries remains weak in both transactions with only
seven completed sales from TDA 25 and 11 from TDA 28 in the past
12 months. In Fitch's view, the limited recovery cash flows
increase the uncertainty about the level and timing of eventual
recoveries associated with defaulted loans. This view is also
reflected in the current ratings of the notes.

- High Observed MVDs
The Market Value Declines (MVDs) observed on completed
foreclosures in the TDA 25 and 28 are higher than the average
market value decline observed in Spain and higher than Fitch's
base case assumption at 65%. In its analysis, Fitch applied this
higher MVD in its base case when calculating the recovery rates
for both transactions. The reduction of the recovery estimate by
5pp for the senior tranches in both transactions is a result of
this analysis.

RATING SENSITIVITIES

A change in the observed MVDs from these transactions may change
Fitch's view of recovery income in both transactions.
Additionally, Fitch has considered a recovery lag of four years
in its base case scenario; if recovery cash flows are delayed
beyond such horizon then lower recovery estimates would be
estimated

Fitch has taken the following rating actions:

TDA 25:
Class A (ISIN ES0377929007) affirmed at 'CCCsf'; Recovery
Estimate 75%
Class B (ISIN ES0377929015) affirmed at 'CCsf'; Recovery Estimate
0%
Class C (ISIN ES0377929023) affirmed at 'CCsf'; Recovery Estimate
0%
Class D (ISIN ES0377929031) affirmed at 'CCsf'; Recovery Estimate
0%
TDA 28:
Class A (ISIN ES0377930005) affirmed at 'CCCsf'; Recovery
Estimate 85%
Class B (ISIN ES0377930013) affirmed at 'CCsf'; Recovery Estimate
0%
Class C (ISIN ES0377930021) affirmed at 'CCsf'; Recovery Estimate
0%
Class D (ISIN ES0377930039) affirmed at 'CCsf'; Recovery Estimate
0%
Class E (ISIN ES0377930047) affirmed at 'CCsf'; Recovery Estimate
0%
Class F (ISIN ES0377930054) affirmed at 'CCsf'; Recovery Estimate
0%


* Fitch Keeps 7 Spanish RMBS Tranches on Rating Watch Negative
--------------------------------------------------------------
Fitch Ratings has downgraded 97, affirmed 194 and upgraded three
tranches of 80 Spanish RMBS transactions. The agency has also
maintained Rating Watch Negative on seven tranches.

The transactions affected by these rating actions were placed on
Rating Watch Negative on March 20, 2013, following the
publication of the revised criteria assumptions for Spanish RMBS.
In the course of the review Fitch categorized the transactions
into six groups according to the characteristics of their
performance, asset portfolio and structures. The categorization
of these transactions is set out in the rating action report at
the link above. The treatment of the ratings of the transactions
in each of the groups is described further in the Key Rating
Drivers section of this commentary.

KEY RATING DRIVERS

Group 1 - Low risk portfolios mostly with a weighted average (WA)
loan origination date before 2006 (26 transactions)
The affirmation of the full capital structure of 26 Spanish RMBS
transactions was primarily driven by their stable performances,
as well as adequate levels of credit enhancement available to the
tranches to withstand the increased stress assumptions associated
with Fitch's latest criteria.

Most of the loans in the underlying portfolios have low loan-to-
value ratios (LTVs) and were originated before the peak of the
market. The assets in these transactions have performed well in
times of economic stress and are expected to continue to be
resilient in the upcoming periods. Loans in arrears by more than
90 days (excluding defaults) range between 0.3% and 3.8% of the
current portfolio balances. In addition, cumulative defaults have
remained limited reaching up to 2.4% of the original portfolio
balance.

Despite the recent revision in Fitch's market value decline
assumptions, the low weighted average current loan-to-value
ratios (WACLTV) of the underlying assets in these pools, in
combination with positive house price growth estimated by the
agency using market indices (of which only 50% is considered in
the analysis), are expected to result in limited losses on any
loans for which properties are sold.

Group 2 - Adverse portfolio characteristics; strong credit
enhancement (8 transactions)
All of these transactions' tranches have been affirmed despite
the mortgage origination being concentrated around the peak of
the market. Five transactions have higher than average LTVs and
almost all have seen substantial house price depreciation based
on market indices. Although the level of potential losses from
the sale of underlying properties is expected to be high, the
tranches in these transactions have adequate levels of credit
enhancement to withstand their respective stresses. For this
reason the notes' ratings in these transactions have been
affirmed.

The origination vintage of these portfolios is associated with
not only higher LTVs, but also other adverse characteristics such
as larger proportions of second homes, loans with payment holiday
features and/or non-Spanish borrowers. Consequently these
transactions have higher current arrears levels and are expected
to suffer more defaults.

Four of the transactions are drawing on their reserve funds to
make provisions for defaulted loans. Apart from TDA 29, the draws
are currently limited in amount and are not in themselves driving
the notes' ratings. The reserve fund in TDA 29, presently at 7.2%
of target amount, is expected to be fully utilized at the next
payment date in May 2013. The analysis of the transaction
incorporated this expectation and showed that the current ratings
remain appropriate.

Group 3 - Solid performance; insufficient credit enhancement to
withstand stresses (13 transactions)
These transactions continue to outperform most Spanish RMBS
transactions with loans in arrears by three months or more
ranging between 0.7% and 3.2% of the current portfolio balance
and limited proportions of defaulted loans to date (up to 4.4% of
the original portfolio balance).

The loans in the underlying portfolios are generally well-
seasoned with WA origination vintages ranging from 1999 to 2005.
The WACLTVs are typically below the average for the sector,
mostly between 37.5% and 63.2%, with the exception of TDA 26
Mixto Series 2, which was a securitization of loans with LTVs
above 80% and currently reports a WACLTV of 69.2%.

Despite the solid performance of the underlying portfolios and
lower WACLTVs of the underlying assets, the updated market value
decline assumptions have led to an increase in expected losses
for these transactions. Fitch's analysis showed that the credit
enhancement levels available to particular tranches across the
structures are insufficient to withstand their respective rating
stresses and therefore the agency has downgraded 21 tranches of
the transactions belonging to this group.

Group 4 - Adverse portfolio characteristics; insufficient credit
enhancement to withstand stresses (24 transactions)
Most of the underlying assets in these transactions were
originated close to or at the peak of the market and therefore
comprise high LTV loans with additional adverse characteristics,
such as broker origination, borrowers who are either self-
employed or on temporary contracts and/or loans to non-Spanish
borrowers. The adverse quality of the assets in these pools has
meant that the levels of arrears and defaults have been towards
the higher end of the sector's range (with the exception of the
BBVA RMBS 1 and 2).

Arrears and defaults in BBVA RMBS 1 and 2 remain low in
comparison to the rest of the Group 4 transactions, however
despite the relatively solid performance, the level of excess
spread generated by the two structures is not sufficient to fully
cover for period defaults. In addition the recoveries on
defaulted loans remain low, with average loss severities on sold
assets of 50.8%.

The reserve funds of most of the transactions in this group,
except three (AyT CGH Caja Circulo 1, AyT CGH Galicia I and AyT
CGH Galicia II), have been at least partially drawn to provision
for defaulted loans. Nine of the transactions' reserve funds are
fully depleted and have principal deficiency ledgers spanning
from 0.2% to 7.6% of the current note balance, in some instances
reaching as far as the class B (BBVA RMBS 3).

The combination of poor performance and weak credit enhancement
levels were the key rating drivers for the downgrade of 66
tranches across the structures.

Group 5 - Payment interruption poses a risk (six transactions)
Fitch has taken various rating actions across this group, but
maintains Rating Watch Negative on seven tranches due to concerns
over payment interruption in case of servicer default.

Five of the six transactions that fall into this group have
utilised their reserve funds to make provisions for defaulted
loans and have no alternative form of liquidity (apart from AyT
Caja Granada Hipotecario) that could be used to meet issuer
obligations including note payments in the event of a servicer
disruption. The issuer of AyT Caja Granada Hipotecario has put in
place a commingling reserve (approximately EUR280,000), which in
Fitch's view is not deemed sufficient to withstand the possible
default of the servicer.

Although AyT CGH Caja Granada's reserve fund has not yet been
utilised, the agency believes that the transaction is still
subject to payment interruption risk. Defaults to date, although
limited in number, have resulted in high levels of recoveries in
short time frames, raising the possibility that some form of
originator support may have been involved. Any such support may
not be sustainable indefinitely given the current macroeconomic
environment and lender regulatory changes. In Fitch's view, the
recent trend in arrears also indicates that defaults are likely
to occur in upcoming payment periods, making the utilization of
the reserve fund imminent, without originator intervention.
Drawings from the reserve fund would reduce the likelihood that
adequate liquidity is available in case of servicer disruption.

The agency also notes that downgrades of 10 tranches of
transactions in this group result from a combination of increased
market value decline assumptions, in particular for Bancaja 9,
AyT CGH Caja Granada, AyT Caja Granada Hipotecario I, AyT CGH
Caja Vital 1, and/or recent deterioration in performance (Hipocat
7).

Group 6 - Counterparties
The three transactions in this group were subject to previous
downgrades in January 2013 due to the failure to implement
remedial actions following the downgrade of their respective
account banks. Fitch has subsequently been informed that the bank
account roles have now been transferred to Bank of Spain (for
Hipocat 16 and 20) and BNP Paribas Securities Services, Spanish
Branch (for IM Caja Laboral 2). These transactions are therefore
compliant with Fitch's counterparty criteria and so their ratings
are no longer capped to reflect counterparty risks.

The loans in the underlying pools have performed relatively well
throughout the crisis and continue to do so despite the
deteriorating market trends. Loans in arrears by more than three
months (excluding defaults) range between 0.4% (Hipocat 16) and
3.6% (Hipocat 20) of the current pool, while cumulative gross
defaults stand at below 0.5% for Hipocat 16 and 20 and at 2.7% of
IM Caja Laboral 2's initial portfolio balance. Despite the
revised assumptions, the levels of credit enhancement available
to the class A notes of the three transactions are sufficient to
withstand higher rating stresses and have therefore been upgraded
to 'AA-sf' (Hipocat 20 and IM Caja Laboral 2) and 'A+sf' (Hipocat
16).

RATING SENSITIVITIES

The ratings in these transactions remain susceptible to:

- Asset performance

A deterioration in asset performance may result from either
economic factors, in particular the increasing effect of
unemployment or the implementation of more stringent criteria for
recognition of delinquent and defaulted borrowers, as is the case
for some of the banks that have recently been subject to state
intervention. A corresponding increase in new defaults and
associated pressure on excess spread levels and reserve funds
could result in negative rating action particularly at the lower
end of the capital structures.

- Payment interruption

Reserve fund draws in combination with no additional sources of
liquidity would put pressure on the ability of transactions to
withstand servicer disruptions. This could result in negative
rating actions, particularly at the top of the structures.

- Decline in creditworthiness of counterparties

Further decline in creditworthiness of counterparties, in
particular those performing account bank roles could put pressure
on ratings across transactions that are subject to ratings caps.

- Sovereign downgrades

A decline in the creditworthiness of the sovereign would have an
effect on the ratings of the notes subject to the sovereign cap.



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


* ISTANBUL MUNICIPALITY: Moody's Hikes Issuer Rating From 'Ba1'
---------------------------------------------------------------
Moody's Investors Service upgraded the issuer ratings of the
Metropolitan Municipalities of Istanbul and Izmir to Baa3 from
Ba1. Izmir's national scale issuer rating was also upgraded to
Aa3.tr from A1.tr.

At the same time, Moody's upgraded the issuer ratings (global and
national scale) of Turkey's Housing Development Administration
(Toplu Konut Idaresi Baskanligi, TOKI) to Baa3/Aa3.tr from
Ba1/A1.tr.

These actions were prompted by the upgrade of Turkey's government
bond rating to Baa3 from Ba1.

These actions position Turkish sub-sovereign ratings at
investment-grade level, in line with Turkey's sovereign rating.
Further to this action, Turkish sub-sovereign ratings carry
stable outlooks.

Ratings Rationale:

These upgrades follow (1) the upgrade in Turkey's government bond
rating to Baa3 from Ba1, reflecting Turkish sub-sovereigns' close
operating and financial linkages with the central government; and
(2) the consistent financial performances displayed by the
affected sub-sovereign issuers.

Istanbul and Izmir:

Istanbul and Izmir receive the bulk of their operating revenue
from the central government in the form of national taxes
collected and redistributed to metropolitan municipalities on a
monthly basis. An increase in these allocations alongside
Turkey's robust economic growth and tight expenditure controls
have supported an improvement in their budgetary results. These
rising surpluses, coupled with the cities' disciplined financial
management and close oversight of municipal-related service
companies have enabled both Istanbul and Izmir to reduce their
debt levels to 88% and 67% of operating revenue at fiscal year-
end 2012, respectively (2010: 128% and 97%).

Istanbul's Baa3 rating is also underpinned by the city's large
and dynamic economy, which over time has translated into adequate
budgetary resources to finance public service operations and
capital investments -- a lingering source of pressure for the
municipal budget. Istanbul's large and valuable asset base also
represents a significant source of fiscal flexibility.

Izmir's Baa3/Aa3.tr ratings also reflect the city's dynamic
economy, albeit smaller than that of Istanbul, as well as its
solid budgetary performances, and prudent financial management
practices.

Toplu Konut Idaresi Baskanligi

TOKI is a not-for-profit public sector entity that operates under
a mandate from the central government and direction of the prime
minister's office. These close institutional linkages with the
Turkish sovereign are reflected in TOKI's public status and
strategic role in executing the government's housing and
urbanization policies. Beyond institutional linkages, which
support its ratings at the same level as that of the central
government, the company's Baa3/Aa3.tr ratings reflect its solid
sales performance, positive financial results, which have
benefited from substantial asset expansion, and its limited
financial debt. Going forward, Moody's expects that TOKI will
effectively manage the execution of its large investment program
without significantly stressing its finances, given a stable
legal framework and continued support and oversight from the
central government.

The stable outlooks on Turkish sub-sovereign ratings mirror the
outlook on Turkey's sovereign rating.

What Could Change The Ratings Up/Down

Although unlikely given the stable outlook, upward pressure on
Turkey's sovereign rating and/or outlook will likely have
positive implications for Turkish Metropolitan Municipalities and
for TOKI, given their close operational and financial linkages.

Conversely, downward movements of Turkey's sovereign rating
and/or outlook will lead to similar actions on sub-sovereigns'
ratings and/or outlook. In addition, evidence of a given entity's
inability to face upcoming fiscal challenges may exert downward
pressure on its rating and/or outlook.

The principal methodology used in rating Istanbul and Izmir was
Regional and Local Governments published in January 2013. The
principal methodology used in rating TOKI was Government-Related
Issuers: Methodology Update published in July 2010.


* IZMIR MUNICIPALITY: Moody's Hikes Issuer Rating From 'Ba1'
------------------------------------------------------------
Moody's Investors Service upgraded the issuer ratings of the
Metropolitan Municipalities of Istanbul and Izmir to Baa3 from
Ba1. Izmir's national scale issuer rating was also upgraded to
Aa3.tr from A1.tr.

At the same time, Moody's upgraded the issuer ratings (global and
national scale) of Turkey's Housing Development Administration
(Toplu Konut Idaresi Baskanligi, TOKI) to Baa3/Aa3.tr from
Ba1/A1.tr.

These actions were prompted by the upgrade of Turkey's government
bond rating to Baa3 from Ba1.

These actions position Turkish sub-sovereign ratings at
investment-grade level, in line with Turkey's sovereign rating.
Further to this action, Turkish sub-sovereign ratings carry
stable outlooks.

Ratings Rationale:

These upgrades follow (1) the upgrade in Turkey's government bond
rating to Baa3 from Ba1, reflecting Turkish sub-sovereigns' close
operating and financial linkages with the central government; and
(2) the consistent financial performances displayed by the
affected sub-sovereign issuers.

Istanbul and Izmir:

Istanbul and Izmir receive the bulk of their operating revenue
from the central government in the form of national taxes
collected and redistributed to metropolitan municipalities on a
monthly basis. An increase in these allocations alongside
Turkey's robust economic growth and tight expenditure controls
have supported an improvement in their budgetary results. These
rising surpluses, coupled with the cities' disciplined financial
management and close oversight of municipal-related service
companies have enabled both Istanbul and Izmir to reduce their
debt levels to 88% and 67% of operating revenue at fiscal year-
end 2012, respectively (2010: 128% and 97%).

Istanbul's Baa3 rating is also underpinned by the city's large
and dynamic economy, which over time has translated into adequate
budgetary resources to finance public service operations and
capital investments -- a lingering source of pressure for the
municipal budget. Istanbul's large and valuable asset base also
represents a significant source of fiscal flexibility.

Izmir's Baa3/Aa3.tr ratings also reflect the city's dynamic
economy, albeit smaller than that of Istanbul, as well as its
solid budgetary performances, and prudent financial management
practices.

Toplu Konut Idaresi Baskanligi

TOKI is a not-for-profit public sector entity that operates under
a mandate from the central government and direction of the prime
minister's office. These close institutional linkages with the
Turkish sovereign are reflected in TOKI's public status and
strategic role in executing the government's housing and
urbanization policies. Beyond institutional linkages, which
support its ratings at the same level as that of the central
government, the company's Baa3/Aa3.tr ratings reflect its solid
sales performance, positive financial results, which have
benefited from substantial asset expansion, and its limited
financial debt. Going forward, Moody's expects that TOKI will
effectively manage the execution of its large investment program
without significantly stressing its finances, given a stable
legal framework and continued support and oversight from the
central government.

The stable outlooks on Turkish sub-sovereign ratings mirror the
outlook on Turkey's sovereign rating.

What Could Change The Ratings Up/Down

Although unlikely given the stable outlook, upward pressure on
Turkey's sovereign rating and/or outlook will likely have
positive implications for Turkish Metropolitan Municipalities and
for TOKI, given their close operational and financial linkages.

Conversely, downward movements of Turkey's sovereign rating
and/or outlook will lead to similar actions on sub-sovereigns'
ratings and/or outlook. In addition, evidence of a given entity's
inability to face upcoming fiscal challenges may exert downward
pressure on its rating and/or outlook.

The principal methodology used in rating Istanbul and Izmir was
Regional and Local Governments published in January 2013. The
principal methodology used in rating TOKI was Government-Related
Issuers: Methodology Update published in July 2010.



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


AFREN PLC: S&P Raises Corp. Credit Rating to 'B+'; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its long-
term corporate credit rating on U.K.-headquartered Afren PLC to
'B+' from 'B'.  The outlook is stable.

S&P also raised the issue ratings on Afren's senior secured notes
to 'B+' from 'B'.

At the same time, S&P removed the ratings from CreditWatch, where
they were placed with positive implications on March 11, 2013.

The upgrade reflects S&P's assumption that Afren will continue to
achieve strong credit metrics in 2013-2014, including funds from
operations (FFO) to debt of 50% or higher (2012: 102%) and debt
to EBITDA below 2x in 2013-2014 (2012: 0.9x).  In particular, S&P
foresees debt to EBITDA remaining close to 1x in 2013.  This is
based on S&P's base-case scenario that the company will produce
between 40,000 and 47,000 boepd (barrels of oil equivalent per
day), which is in line with management's guidance, and a realized
price of no less than US$95 per barrel (/bbl) in 2013 and
US$90/bbl in 2014.  S&P believes that revenue will be above
US$1.5 billion in 2013, but that it will be below US$1.2 billion
in 2014 as the company recovers the development costs of the
Nigerian oil field Ebok.  However, Afren's revenues could be
higher if current demand and prices remain supportive.

S&P's base-case scenario assumes that Afren's adjusted EBITDA
margin will continue to be above 70% over the next few years
(73.5% in 2012), leading to EBITDA of between US$1.1 and
US$1.2 billion in 2013 and between US$700 million and US$900
million in 2014.

S&P is therefore revising upward its assessment of Afren's
financial risk profile to "significant" from "aggressive," as
S&P's criteria define these terms, mainly reflecting its base
case of very strong credit metrics for the rating and the
company's track record of moderate financial policies.  However,
S&P factors in its view of the company's willingness to consider
acquisitions and disposals, the potential volatility of its cash
flows--we forecast up to US$100 million negative free operating
cash flow (FOCF) per year in 2013 and 2014--and its reliance on
the Ebok field.  Therefore, S&P caps its financial risk profile
assessment at "significant."

S&P anticipates that Afren will manage to fund most of its large
capital expenditure (capex) and other investing and financing
needs using its existing cash flows.  In S&P's base case, it
assumes that capex will be at least $700 million in 2013 and at
least US$500 million in 2014 (US$526 million in 2012).

The stable outlook reflects S&P's view that Afren's credit
metrics will remain robust for the rating, despite S&P's
assumption of negative free operating cash flows.  S&P also
anticipates that no major operational disruptions will occur,
especially in relation to fields located in Nigeria, which
account for more than 90% of Afren's revenue.  S&P do not foresee
that Afren will make large debt-funded acquisitions or any
unexpected, aggressive financial decisions in 2013-2014.  S&P
also believes that the company will continue to manage its
liquidity adequately.

S&P could lower the rating if credit metrics deteriorate to the
point where FFO to debt falls below 30% or debt to EBITDA
increases to more than 3x.  S&P could also consider lowering the
rating if it believes that operational, country, or acquisition
risks have heightened.  Any deterioration of liquidity to "less
than adequate" could also potentially lead to a downgrade.

An upgrade would require an upward revision of Afren's business
risk profile assessment to at least "weak" from "vulnerable."
This could result from an increase in production or greater
geographic diversification of producing assets.  However, S&P
considers this unlikely in the foreseeable future.


CO-OPERATIVE GROUP: Seeks Alternative to Traditional Capitalism
---------------------------------------------------------------
Andrew Bounds at The Financial Times reports that The Co-
operative Group sought to draw a line under its recent troubles
as Peter Marks, retiring chief executive, opted not to attend its
annual meeting.

According to the FT, the Group said it did not want members
"looking at the past" but rather the future of what Euan
Sutherland, the former Kingfisher executive who took over this
month, said was the alternative to traditional capitalism.

Under Mr. Marks's tenure, Britain's largest mutual doubled in
size through acquisitions but its banking arm is short of capital
and suffered a ratings downgrade after losses associated with bad
loans from the Britannia building society it merged with in 2009,
the FT recounts.

The group spans banking, food stores, care homes and finance but
is now selling its general insurance, life insurance and asset
management businesses to help fill a capital hole estimated to be
at least GBP1 billion after a GBP599 million annual loss in 2012,
the FT discloses.

A Co-op spokeswoman, as cited by the FT, said Mr. Marks had
decided "in the last few days" not to attend.  "He thought it
should be Euan's day.  He didn't want anyone looking at the
past."

He told the meeting: "Traditional capitalist markets are not
providing the answer for the concerns of people today.  People
are looking to us at the Co-operative Group to find an
alternative."

The meeting was attended by delegates appointed by regional
committees representing the 7.6m members of the Co-op, the FT
discloses.

The board agreed to review remuneration after a motion from
Northwest and North Midlands attacked the difference between the
highest and lowest paid workers in the group and "exorbitant
compromise agreements to outgoing executives paid in 2011", which
totaled GBP2.55 million, the FT relates.

Neville Richardson, the former Britannia boss left that year with
GBP4.6 million in total, the FT says.  The Co-op is examining
whether it can claw some back under the terms of its contract,
the FT notes.

According to BreakingNews.ie, one of Mr. Sutherland's first tasks
will be to inject confidence into the banking arm after the
collapse of a deal to buy more than 600 Lloyds banking branches
and a recent downgrade to junk status by ratings agency Moody's.

BreakingNews.ie relates that the downgrade forced the Co-op to
reassure customers on its finances, with the bank saying: "We
haven't sought, nor do we need, Government support."

Moody's said the Co-op under-estimated the risks of the Britannia
acquisition, especially against the backdrop of weak economic
conditions, BreakingNews.ie notes.

As a member-owned institution, the Co-op is hamstrung in its
ability to raise fresh capital, unlike plc banks which can issue
shares to boost funds, BreakingNews.ie states.

There has been speculation that the Co-op faces a GBP1 billion
shortfall in its capital position, which it is tackling by
disposing of assets, such as its life and general insurance
businesses, according to BreakingNews.ie.

At the start of the year the Co-op had a core tier one capital
ratio of 9.2% -- a key measure of financial strength -- but
regulators are forcing UK banks to hold more cash as a buffer
against future crises, BreakingNews.ie discloses.

The Co-op had claimed the Lloyds deal would be the "biggest
shake-up in high street banking in a generation", creating a bank
with almost 1,000 branches and 11 million customers,
BreakingNews.ie notes.

Founded in 1863, the Co-op has more than six million members,
employs more than 100,000 people and has turnover of more than
GBP13 billion.


CORAL INNS: Put Up for Sale for GBP300,000
------------------------------------------
Margaret Canning at Belfast Telegraph reports that Coral Inns has
gone on the market with a price tag of GBP300,000.

Coral Inns, the former owner of Rain nightclub in Tomb Street
close to the Cathedral Quarter, went into administration in
August last year, Belfast Telegraph recounts.

The business comes with a leasehold interest in the building,
described by agents Osborne King as a "converted former bond
warehouse" which can hold 520 revellers, Belfast Telegraph
discloses.

Coral Inns signed up to a company voluntary arrangement at the
end of 2011 after running up debts with HM Revenue and a drinks
supplier, Belfast Telegraph relates.

Earlier that year the firm was fined a total of GBP5,000 for
breaches of its entertainments license when it admitted three
counts of overcrowding, Belfast Telegraph notes.

Belfast City Council's licensing committee suspended Rain's
entertainments license for seven weeks following the breaches,
Belfast Telegraph recounts.

During one inspection, council staff found the club had exceeded
its capacity by more than 300, Belfast Telegraph relates.

However, Desmond Lynchehaun and Orla Wallace were appointed
administrators by the company's directors in August last year and
the club has remained open for business, Belfast Telegraph
dislcoses.

Coral Inns is a Belfast nightclub.


EXILLON ENERGY: Fitch Withdraws 'B-(EXP)' Sr. Unsecured Rating
--------------------------------------------------------------
Fitch Ratings has withdrawn Exillon Energy's expected senior
unsecured rating of 'B-(EXP)/RR4' for the proposed eurobond issue
following the company's decision that it will not proceed with
the proposed bond offering.

Fitch assigned Exillon a Long-term Issuer Default Rating (IDR) of
'B-' with a Positive Outlook on 02 April, 2013.


FIRSTGROUP: To Launch Discounted Rights Issue; Chair to Step Down
-----------------------------------------------------------------
Nathalie Thomas at The Telegraph reports that FirstGroup has
confirmed it is raising GBP615 million through a deeply
discounted rights issue and has scrapped its final dividend to
ease pressure on its balance sheet and avoid a downgrade in its
credit rating.

FirstGroup, which has almost GBP2 billion of net debt -- a legacy
of its US$3.5 billion acquisition of US school bus company
Laidlaw in 2007 -- has faced a significant turnaround job in both
its UK bus and American First Student divisions, the Telegraph
discloses.

It was also denied a major new source of rail income in October
when the Government scrapped a lucrative contract to run West
Coast train services between London and Scotland, the Telegraph
notes.

The transport company confirmed on Monday that its long-standing
chairman, Martin Gilbert, is to step down once the fundraising is
complete, the Telegraph relates.

According to the Telegraph, following press speculation at the
weekend, the company brought forward its full year results
statement on Monday to announce the heavily discounted three for
two rights issue at 85p of 722,859,586 new ordinary shares, which
is already fully underwritten.

Analysts have raised concerns for some time that FirstGroup was
at threat of a credit rating downgrade by Standard & Poor's while
management has had to repeatedly allay fears that it was about to
breach its banking covenants, the Telegraph says.

FirstGroup is a train and bus operator.


MTS INT'L: Fitch Assigns 'BB+' Rating to Loan Participation Notes
-----------------------------------------------------------------
Fitch Ratings has assigned MTS International Funding Limited's
proposed loan participation notes' (LPNs) USD and RUB tranches an
expected 'BB+(EXP)' rating . The proceeds will be on-lent to OJSC
Mobile Telesystems (MTS) ('BB+'/Stable). LPNs are effectively
structured as senior unsecured obligations of MTS.

LPNs will be issued by MTS International Funding Limited, an SPV
domiciled in Ireland. The SPV will be restricted in its ability
to do business other than issue notes and provide loans
(effectively, on-lend the proceeds) to MTS. LPNs will be secured
by a loan to MTS which will rank equally with other senior
unsecured obligations of MTS. The loan will contain a number of
restrictive covenants including, inter alia, negative pledge,
change of control clause, cross-default to other debt with a
total limit of US$15 million, limitation on assets sales, but no
financial covenants.

On a stand-alone basis MTS's credit profile conforms to low
investment grade. It is an established mobile operator with
strong margins and free cash flow (FCF) generation and modest
leverage. However, MTS has limited geographic diversification
within CIS with high reliance on the Russian market. MTS's
ratings are notched down for the negative influence of Joint
Stock Financial Corp. Sistema ('BB-'/Stable), MTS's majority
shareholder.

KEY RATING DRIVERS

- Stable Market Shares:
MTS holds strong and reasonably stable market shares in all its
key mobile markets -- including, and most importantly, Russia.
Fitch believes MTS will continue to successfully defend its
positions and maintain broad parity with peers in terms of
network coverage and technology solutions.

- Mature Markets, Rising Competition:
However, key Russian and Ukrainian mobile markets are mature and
competitive pressures may intensify further in light of the
market-share ambitions of Tele2 and Rostelecom in the medium
term.

- Robust Free Cash Flow Generation: MTS sustainably generates
positive free cash flow (FCF) and overall financial performance
is robust. Capex as a percentage of revenue has been high -- well
above 20% -- inflated by 3G spend in Russia. Fitch expects this
ratio to drop in the medium-to-long term but stabilize at a
higher level than at European peers, due to lower average revenue
per user (ARPU).

- Margin Resilience Likely:
Reduced dealer commission fees and no handset subsidization in
Russia should support margins. MTS managed to successfully change
its relationships with dealers whereby the operator switched from
paying a fixed fee to a revenue sharing model. The latter
incentivizes dealers to sign up quality subscribers with positive
implications for churn but also protects MTS from paying
excessive dealer commissions.

-Sufficient LTE spectrum:
MTS has sufficient LTE spectrum to successfully compete in
Russia. The company was one of the four winners in the all-Russia
LTE spectrum auction in July 2012. In addition, MTS has ready-
for-use 2.6GHz spectrum in the most lucrative Moscow market.

- Modest Leverage:
MTS's leverage has been modest at below 1.5x net debt/EBITDA and
organic development, including LTE roll-out in Russia, can be
financed with internally generated cash flows. Fitch estimates
that a recent decision to increase dividend payments will not
jeopardize leverage. However, the company is not committed to a
public leverage target.

- Negative Sistema Influence:
Fitch regards MTS's exposure to the group-wide risks of Sistema,
and the holding company's flexibility to significantly increase
MTS's leverage, if need be, as significant credit constraints.
Under Fitch's parent-subsidiary methodology, the subsidiary's
rating may be a maximum of two notches higher than that of the
parent.

- Sufficient Liquidity:
MTS's debt maturity profile is well spread, with single-year
refinancing exposure below USD800m a year until 2015 (as of end-
2012). Currency risks are moderate, with the FX share of the
total debt portfolio reported at 24% including hedging at end-
2012.

RATING SENSITIVITIES

Shareholder Influence: Positive rating changes at Sistema, or
higher ring-fence around MTS limiting Sistema's influence such as
corporate governance mechanisms or legal provisions will likely
lead to a positive rating action.

Leverage, FCF: A downgrade may arise from increased shareholder
remuneration, MTS's acquisition of Sistema group assets, or a
build-up in pressure to upstream cash due to funding needs at the
wider Sistema group - and a consequent rise in funds from
operations adjusted net leverage to above 3x. Competitive
weaknesses and market-share erosion, leading to significant
deterioration in pre-dividend FCF generation, may also become a
negative rating factor.


THEATRE PLC: Fitch Lowers Ratings on Class D Notes to 'B'
---------------------------------------------------------
Fitch Ratings has downgraded Theatre (Hospitals) No. 1 Plc's and
Theatre (Hospitals) No. 2 Plc's class C and class D floating-rate
notes. The Outlooks are Negative.

Key Rating Drivers

The downgrades predominantly reflect (i) the worsening of the
notes' loan-to-value ratios (driven by a decline in the tenant's
financial performance and ballooning mark-to-market (MtM) of the
interest rate swaps to over GBP575 million) and (ii) the
increased uncertainty with regard to the refinancing of the
underlying propco loans maturing in less than six months in
October 2013. This refinancing risk is further exacerbated by the
complexity of the transaction structure (with multiple issuers
and layers of creditors, large scale of operations and high
levels of debt), mitigated to some extent by the prolonged tail
period of 18 years left until legal maturity of the notes which
should theoretically leave some time for a refinancing solution
to be found for the benefit of the noteholders.

Since the last review, BMI Healthcare's (BMI; the opco)
performance has continued to worsen with TTM December 2012
EBITDAHR declining by 2.0% to GBP196.7 million and EBITDAHR
margin sliding below 32% (from 35.5% just three years ago). This
results from the on-going rising operating costs (notably in
medical fees) which are not compensated by revenues' increases
with notably struggling Private Medical Insurance (PMI) revenues.
In early 2012, Bupa, UK's largest PMI provider successfully
managed to negotiate down its fees despite BMI's market leading
position in the UK with c. 21% market share. This could set a
precedent for contracts with other PMI providers (typically with
a duration of five years) as the industry has been struggling
with a 7% real terms drop in overall spending observed between
2008 and 2011 (as reported by Laing and Buisson).

Fitch's revised base case assumes a continued decline in
performance with EBITDAHR fluctuating around GBP186 million by
2013. Fitch's implied market value of the properties at loan
maturity in October 2013 has remained broadly stable at around
GBP1.23 billion (based on EBITDAHR rent cover of 1.8x and blended
net interest yield of 8.0%). However, due to the ballooning mark-
to-market on the swaps to over GBP575 million (up by over 30%
year-on-year) and increased uncertainty with regard to
refinancing of the propco loans, the resulting Fitch base case
LTVs have reached levels which no longer warrant investment grade
status, at 109% and 119% for the class C and D notes,
respectively. Despite these high LTVs, some margin of safety
remains as the swaps should not crystallize at loan maturity even
if the propco loans are not refinanced.

Without the MtM, Fitch's LTVs are at more more comfortable levels
of 63% and 73% respectively, nevertheless Fitch remains concerned
about the continued deterioration of opco's performance which,
together with increases in rent, is expected to push down the
EBITDHAR rent cover to around 1.4x in 2013 (from 1.8x in 2009).
Fitch estimates that the propco should be able to generate
sufficient cash flow to repay all the bonds by their legal final
maturity in October 2031, but the risk is now viewed as
speculative for both class C and D notes with estimated annuity-
based rent cover of 1.4x and 1.2x respectively. Given the lack of
clear potential buyers (both due to funding pressures on PMIs and
the large size of the portfolio) and the gradually declining
financial performance of the opco, visibility over potential
outcomes is reducing.

The Negative Outlook reflects the on-going impact on
profitability of struggling self-pay patients and (more recently)
fee constraints by PMIs. In addition, the looming refinancing
risk of the propco loans combined with the complexity and lack of
visibility with regard to any restructuring contributes to this
Negative Outlook. Fitch may take further ratings actions in the
next few months, notably following further announcements with
regards to any potential debt restructuring.

To date, Fitch understands that the servicer Capita has still not
received any restructuring or refinancing proposals from the
propco. Following some agreed amendments to the propco facility
agreement sufficient funds were reserved to reimburse advisers
acting on behalf of the lenders. Paul Hasting was initially
engaged, in addition to Lazard for financial advisory and PWC for
a full review of the operations. Capita has in May 2013 consulted
with bondholders with the aim of forming an investor committee in
order to agree to a consensual restructuring. Fitch's
understanding of the documentation suggests that the class A
noteholders (with over 50.1% of votes) could instruct the
servicer with regard to certain amendments such as loan maturity
extension and reduction of rent, which may not necessarily be in
the best interest of more junior bondholders.

Rating Sensitivities

Fitch's current expectation is that the loan maturity will be
extended, possibly including an increase in the interest rate
thus allowing more time to facilitate an orderly refinancing. In
the event that the transaction is restructured in a way that
crystallizes the MtM of the swaps, then the ratings of the class
C and D notes are likely to be downgraded further. The ratings
could also be downgraded if opco's performance deteriorates more
than expected, for example if the PMIs revenues are further
curtailed.

The transactions are securitizations of loans to property-owning
entities (the propco) secured on 35 private hospitals operated by
BMI Healthcare (BMI; the opco), the acute private hospital
division of General Healthcare Group (GHG). The propco's
principal source of repayment under the term loan is the net rent
received under leases payable by tenants operating within BMI.
BMI is the largest independent provider of private patient care
in the UK, operating a total of 72 hospitals with over 3,000
beds. Both issuers are identical in structure and their notes
rank equally within one another.

The ratings actions are:

Theatre (Hospitals) No.1 plc:

GBP50.1m class C notes: downgraded to 'BB' from 'BBB'; Outlook
  Negative

GBP50.1m class D notes: downgraded to 'B' from 'BB'; Outlook
  Negative

Theatre (Hospitals) No.2 plc:

GBP33.9m class C notes: downgraded to 'BB' from 'BBB'; Outlook
  Negative

GBP33.9m class D notes: downgraded to 'B' from 'BB'; Outlook
  Negative


THPA FINANCE: Fitch Affirms 'BB-' Rating on GBP30MM Notes
---------------------------------------------------------
Fitch Ratings has affirmed THPA Finance Limited's notes. The
Rating Outlook on the notes remains Stable.

The affirmation reflects Fitch's expectations that the return of
steel-making to Teesside and a stabilization of handled volumes
at current levels coupled with tariff increases will provide
support to the ratings and navigate the borrower further away
from its default covenant.

THPA is a securitization of the assets held, and earnings
generated, by the PD Ports group, which owns the port of Tees &
Hartlepool on the northeast coast of England. Teesport is the
fifth-largest port in the UK per annual tonnage handled.

KEY RATING DRIVERS

The majority of Teesport's traffic is associated with production
facilities from the steel, chemical and oil industries located in
the vicinity of the port, although, management continues to
diversify revenue sources by attracting new projects and
customers to Teesside. Overall, traffic volumes have been falling
in the past, mainly due to diminishing oil exports from the North
Sea oil fields. Fitch expects the decline to moderate in the
short term as oil throughput recovers following field outages and
more raw materials are needed for the resumed steel production at
Redcar steel plant.

Fitch continuously monitors the willingness of the owner of the
steel plant, Sahaviriya Steel Industries UK Limited (SSI), to
operate the plant in the longer term given its relatively higher
associated operating costs and general dependence on importing
raw materials. Currently, the agency takes comfort from SSI's
significant financial commitment made when it acquired the plant,
investments undertaken to lower production costs and the demand
from automotive and white goods industries in Southeast Asia,
where majority of the slab production is exported for further
processing.

The PD Ports group employs a combination of a 'landlord' and
'operating' business model, thus maintaining some volatility
related to operating risk from its business. Tariffs are
unregulated and to a varying extent linked to inflation.
Contracts with guaranteed revenue are mostly short-term and
together with rental agreements represent approximately 20% of
revenue.

The trailing 12 months (TTM) EBITDA as of end December 2012 was
GBP36.1 million and is slightly below Fitch's forecast of GBP38.3
million due to a slower ramp-up in production and export of steel
slab than originally anticipated, cessation of car imports and
lower Lo/Lo and Ro/Ro volumes due to general weak economic
environment. Also lower extraction rates and outages in North Sea
oil fields have negatively impacted the results. Nevertheless,
the agency expects the transaction's TTM EBITDA to return to its
run-rate range of GBP37-39 million in the short to medium term.

All classes of notes are fully amortizing and benefit from a
strong security package typical for UK whole business
securitizations. There is no interest rate risk present. The
transaction allows for more control by the senior noteholders if
performance deteriorates and covenants are breached as a borrower
event of default could lead Class A noteholders to enforce at the
expense of junior notes. The liquidity facility is available only
to Class A notes.

The transaction's reported EBITDA debt service coverage ratio
(DSCR) stood at 1.31x as of end December 2012, ahead of its 1.25x
default covenant at the borrower level. As anticipated by Fitch
at last year's review, a reduction of the interest rate on the
Class C notes to 10% p.a. from 18% p.a. in 2012 helped to avoid
technical default under the transaction's documentation and
created some headroom within the issuer-borrower structure. Given
that all the Class C notes are owned by the securitization
sponsor, Fitch perceives that such reduction represents 'soft
equity support' rather than distressed debt exchange.

Fitch's Base Case forecasts into the medium term are broadly in
line with last year. The agency expects the EBITDA DSCR metrics
to gradually return to above 1.30x for the Class C, 1.60x for the
Class B and 2.10x for the Class A notes.

RATING SENSITIVITIES

Fitch ran several sensitivities, including reduction in oil
revenue by 30%, repeated mothballing of TCP or loss of another
major customer. The most severe outcome would be if the Redcar
steel plant is mothballed again. Under such a stress scenario
which would likely result in downgrades across all classes of
notes, the transaction would be technically in covenant default
and debt service on the most junior class of the notes deferred.

Furthermore, the ratings will come under pressure if in the face
of a continued challenging economic environment transaction's
cash flow proves less resilient than Fitch would expect and
EBITDA DSCR forecasts are consistently below 2.10x at Class A,
1.60x at Class B and 1.30x at Class C level over the medium term.

The rating actions are:

GBP145m class A2 secured 7.127% fixed-rate notes due 2024:
affirmed at 'A-'; Outlook Stable

GBP70m class B secured 8.241% fixed-rate notes due 2028: affirmed
at 'BB+'; Outlook Stable

GBP30m class C secured 10.000% fixed-rate notes due 2031:
affirmed at 'BB-'; Outlook Stable

Fitch's key rating factor attribute assessments for THPA are as
follows:

Revenue - Volume: Mid-Range
Revenue - Price: Mid-Range
Infrastructure & Renewal: Stronger
Debt Structure: Class A: Stronger, Class B: Mid-Range Class C:
Weaker
Debt Service & Counterparty: Class A: Stronger, Class B: Mid-
Range, Class C: Mid-Range


TITAN EUROPE 2007-3: S&P Affirms 'BB' Rating on Class A1 Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
Titan Europe 2007-3 Ltd.'s class A2, B, C, D, E, F, and G notes.
At the same time, S&P has affirmed and removed from CreditWatch
negative its rating on the class A1 notes.

The rating actions follows S&P's review of the portfolio by
applying its updated criteria for rating European commercial
mortgage-backed securities (CMBS) transactions.

On Aug. 29, 2012 S&P placed the rating on the class A1 notes on
CreditWatch negative due to uncertainty regarding the potential
of continued interest shortfalls.

                    REGULATOR (42% OF THE POOL)

The securitized loan (GBP176.0 million) represents the senior
portion of a whole loan.

The whole loan is backed by an office property in Canary Wharf,
London.  The property is fully let to the Financial Conduct
Authority until November 2018.

In April 2013, the servicer reported a 72.06% securitized loan-
to-value (LTV) ratio based on an April 2007 valuation and a 1.17x
securitized interest coverage ratio (ICR).  The whole loan is on
the servicer's watch list, pending loan maturity on Oct. 18,
2013.

S&P has not assumed any losses in its base case scenario on the
portion of the whole loan securitized in this transaction.

                 QUADRANT HOUSE (14% OF THE POOL)

The loan (GBP59.4 million) was fully securitized at closing.  It
is backed by an office property in Sutton, a secondary market
near London.  The property is of average quality, in S&P's
opinion.  It is fully let to a single tenant, with a reported
remaining lease term of 12 years and two months.

In April 2013, the servicer reported a 1.08x ICR and a 81.87% LTV
ratio based on a November 2006 valuation.  The loan is on the
servicer's watch list pending loan maturity on Oct. 18, 2013.

S&P has assumed losses on the loan in its base case scenario.

                  NORWICH UNION (10% OF THE POOL)

The loan (GBP41.2 million) was fully securitized at closing.  It
is backed by an office property in Sheffield, South Yorkshire.
The property is fully let to an Aviva PLC affiliate, with a
reported remaining lease term of 16 years and one month.

In April 2013, the servicer reported a a 1.07x ICR and a 83.63%
LTV ratio based on a July 2006 valuation.  The loan is on the
servicer's watch list, pending loan maturity on Oct. 18, 2013.

S&P has assumed losses on the loan in its base case scenario.

                ST. MARK'S COURT (10% OF THE POOL)

The loan (GBP41.2 million) was fully securitized at closing.

The loan is backed by an office property in Horsham, about 37
miles south of London.  The property is fully let to a Royal &
Sun Alliance Insurance PLC affiliate, with a reported remaining
lease term of five years and eight months.

The loan was transferred into special servicing in April 2012,
after the borrower failed to repay the loan balance at loan
maturity.  In April 2013, the servicer reported a 174.55% LTV
ratio based on a November 2011 valuation.

S&P has assumed losses on the loan in its base case scenario.

                 REMAINING LOANS (24% OF THE POOL)

The five remaining loans are secured on U.K. assets.  S&P has
assumed losses on all of these loans in its base case scenario.

                        CASH FLOW ANALYSIS

The April 2013 cash manager report shows that the class C, D, E,
F, and G notes are experiencing interest shortfalls.  The class
A2 and B notes also experienced interest shortfalls on previous
payment dates, but these interest shortfalls were repaid at the
expense of the subordinated classes of notes.

The transaction has been progressively deferring unpaid interest
since October 2008.  This is because the excess spread, which is
distributed to the class X notes, is not available to mitigate
interest shortfalls on the class A1, A2, B, C, D, E, F and G
notes, which arise from partial interest collections on the
underlying pool of loans, or from certain prior-ranking expenses.
The issuer relies on servicer advances to address timely payment
of interest on the notes.  However, the transaction documents
indicate that the back-up advancer is not allowed to make
servicing advances to cover interest shortfalls under the notes,
if such shortfalls have resulted from:

   -- Extraordinary expenses payable to the transaction parties
      (e.g., special servicing fees or special servicing
      expenses); or

   -- The reduction of servicing advances, if required to meet
      interest shortfalls under any of the loans, following the
      determination of an appraisal-reduction amount (the
      appraisal-reduction mechanism was structured to prevent
      drawings on the portion of the securitized loans that
      represents more than 90% of the securitized loan).

In S&P's opinion, the issuer's ability to service the notes will
likely deteriorate, given the underlying pool's reported
performance, the remaining performing loans' upcoming loan
maturity dates, and the transaction's cash flow mechanisms.  In
light of these factors, S&P considers that the class A1, A2, and
B notes continue to be somewhat vulnerable to cash flow
disruptions to varying degrees.

                           RATING ACTIONS

Standard & Poor's ratings address timely payment of interest and
payment of principal no later than legal final maturity in
October 2016.

"Although we consider the credit enhancement available to the
class A1 and A2 notes to be sufficient to mitigate the risk of
losses from the underlying loans in higher rating stress
scenarios than the currently assigned ratings, we consider that
they are vulnerable to cash flow disruptions to varying degrees.
We have therefore affirmed and removed from CreditWatch negative
our 'BB (sf)' rating on the class A1 notes.  At the same time, we
have affirmed our 'CCC- (sf)' rating on the class A2 notes
because they will likely experience cash flow disruptions within
the next 12 months, in our opinion," S&P said.

S&P has affirmed its 'D (sf)' ratings on the class B to G notes
because they have experienced interest shortfalls on previous
payment dates.

Titan Europe 2007-3 is a U.K. CMBS transaction that closed in
August 2007.  It is currently secured on nine U.K. commercial
real estate loans.  The notes' legal maturity date is in October
2016.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class       Rating
       To             From

Titan Europe 2007-3 Ltd.
GBP778.822 Million Commercial Mortgage-Backed Floating-Rate Notes

Rating Affirmed and Removed From CreditWatch Negative

A1     BB (sf)        BB (sf)/Watch Neg

Ratings Affirmed

A2     CCC- (sf)
B      D (sf)
C      D (sf)
D      D (sf)
E      D (sf)
F      D (sf)
G      D (sf)


TULLETT PREBON: Moody's Reviews Ba2 Debt Ratings for Downgrade
--------------------------------------------------------------
Moody's Investors Service placed the Baa3 senior debt and
corporate family ratings of Tullett Prebon plc and Tullett Prebon
Group Holdings plc on review for possible downgrade. Moody's also
placed on review for downgrade the Ba2 subordinated debt ratings.

Ratings Rationale:

Moody's said the review is triggered by a challenging operating
environment affecting the interdealer broker sector. This is
underpinned by the uncertain outcome of regulatory changes
affecting the cost of trading for its customers and lower market
transaction volumes overall.

During the review, Moody's will focus on (1) the potential
effects that regulatory changes and an EU transaction tax could
have on Tullett Prebon's operations, (2) the firm's future levels
of profitability and operating margins in light of the ongoing
adverse economic environment and (3) Tullett Prebon's
diversification strategy which has moderately offset the decline
in revenues from its core voice broking businesses.

Tullett Prebon reported a decline in revenues by 7% to GBP850.8
million in 2012. Moody's believes that revenues across the
interdealer broker sector are unlikely to recover in the short to
medium term and therefore, improvements in profitability will
rely on management actions to both cut costs and diversify its
revenue sources, including risk management and post-trade
services. Although the firm proactively started a restructuring
cost program in 2011, underlying operating profit declined by 15%
to GBP126 million (as reported by the firm). As a result,
according to Moody's calculations, the firm's pre-tax profit
margins continued to decline. Tullett Prebon reported a loss
before tax of GBP34.7 million in 2012 (down from GBP119.2 million
profit in 2011) which included GBP14.8 million related
restructuring costs, GBP11.6 million charges related to legal
actions and a non-cash charge of GBP123 million due to the
impairment of the carrying value of goodwill from its North
American business.

In Moody's view, the company's ability to generate cash remains
adequate and it maintains a relatively low level of financial
leverage. However, it also maintained its dividend payout policy
despite the decline in profitability and the more difficult
operating environment.

What Could Change The Rating - Up

Given the current review for downgrade, an upgrade of the ratings
is unlikely in the short to medium-term. Over the longer term,
upward pressure on the firm's rating could result from a
sustained improvement its pre-tax margins, a significant increase
in the diversification of its earnings , and a sustained
reduction in leverage and improvement in coverage ratios

What Could Change The Rating - Down

The ratings could go down if there is a deterioration in the
firm's financial fundamentals or coverage ratios, if its market
position weakens, or if the firm is unable to considerably
diversify its business profile so as to mitigate the current
environmental and regulatory pressures without significantly
increasing its leverage or impairing its debt service coverage.

Tullett Prebon plc is an inter-dealer broker headquartered in
London.

The principal methodology used in this rating was Global
Securities Industry Methodology published in December 2006.

Non-Participating Rated Entity

This issuer did not participate in the credit rating process. The
Rating Committee was not provided, for purposes of the rating,
with access to the books, records and other relevant internal
documents of the related entity or related third party.



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


* EUROPE: European Central Bank Delays Stress Tests Until 2014
--------------------------------------------------------------
Ben Moshinsky at Bloomberg News reports that the European Union's
top banking regulator delayed stress tests until 2014, allowing
time for a European Central Bank-led probe into the quality of
assets held by some lenders in the debt-laden bloc.

The European Banking Authority said the ECB asset check will
"help dispel concerns over the deterioration of asset quality due
to macroeconomic conditions in Europe," Bloomberg quotes the
London-based agency as saying in an e-mailed statement on
Thursday.  The EBA, set up in 2011 to harmonize rules across EU,
will still publish details of bank holdings in the second half of
this year, Bloomberg notes.

The EBA carried out the last formal EU stress tests in 2011,
which were criticized for failing to catch problems at the
lenders, Bloomberg recounts.  Eight banks failed the exams with a
combined shortfall of EUR2.5 billion (US$3.2 billion), Bloomberg
discloses.  Investors expected as many as 15 banks to fail and
raise EUR29 billion after assessments, according to a survey by
Goldman Sachs Group Inc., Bloomberg notes.

"Concerns remain on asset quality and forbearance, which need to
be addressed," Andrea Enria, chairman of the EBA, as cited by
Bloomberg, said in the statement.  "This is also a necessary
precondition for the credibility of the next EU-wide stress
test."

The ECB is set to take on supervisory powers next year over all
euro-area banks after legislation underpinning the system was
endorsed by member states, Bloomberg discloses.  The EBA said it
is seeking "alignment in methodologies and timeline" with the
ECB's assessment, Bloomberg notes.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                            *********

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

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

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

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


                            *********


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

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

Copyright 2013.  All rights reserved.  ISSN 1529-2754.

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

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

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000 or Nina Novak at
202-241-8200.


                 * * * End of Transmission * * *