TCREUR_Public/130528.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 28, 2013, Vol. 14, No. 104

                            Headlines



A U S T R I A

EUROCONNECT SME 2008: S&P Cuts Rating on Class B2 Notes to CCC+


C Y P R U S

SOLWAY INVESTMENT: S&P Assigns 'B+' Rating; Outlook Negative
SONGA OFFSHORE: S&P Affirms B- Corp. Credit Rating; Outlook Neg.


G E R M A N Y

ATU AUTO-TEILE: S&P Lowers Corporate Credit Rating to 'CCC-'
CONTINENTAL AG: S&P Raises Corp. Credit Rating to 'BB'
QUOKKA FINANCE: S&P Affirms 'B-' Rating on Class E Notes
SAPPI PAPIER: Moody's Affirms 'Ba2' Rating on Sr. Secured Notes
SEMPER FINANCE 2007-1: Fitch Affirms 'B' Rating on Class E Notes

TALISMAN-4 FINANCE: S&P Cuts Ratings on Three Note Classes to D
TALISMAN-7 FINANCE: S&P Lowers Rating on Class H Notes to CCC-
TAURUS CMBS 2007-1: S&P Lowers Rating on Class F Notes to D
WEPA HYGIENEPRODUKTE: Moody's Assigns B1 CFR After Refinancing
WGF: Private Investors Fail to Unseat CEO Pino Sergio


I R E L A N D

CAVENDISH SQUARE: S&P Lowers Rating on Class C Notes to BB
STAGE MEZZANINE 2006: Trust Pact Amendment No Impact on Ratings
VERTICAL ABS 2006-2: Cessation of Posting No Impact on Ratings


I T A L Y

GRUPPO RIVA: Italian Prosecutors Order Seizure of EUR8.1BB Assets
LOCAT SV: S&P Lowers Rating on Class C Notes to CCC
SAFILO SPA: Moody's Lifts CFR to B2; Outlook Remains Positive


K A Z A K H S T A N

ALLIANCE BANK: Fitch Cuts LT Issuer Default Ratings to 'CCC'
TSESNA BANK: S&P Affirms 'B' Counterparty Ratings; Outlook Pos.


L U X E M B O U R G

STAGE MEZZANINE: Fitch Lowers Rating on Class B Notes to 'CC'


M A C E D O N I A

* MACEDONIA: S&P Lowers Sovereign Credit Ratings to 'BB-'


N E T H E R L A N D S

CEVA GROUP: S&P Raises LongTerm Corporate Credit Rating to CCC+
E-MAC NL 2007-IV: S&P Lowers Rating on Class D Notes to BB
NEW WORLD: S&P Lowers Corp. Credit Rating to 'B'; Outlook Stable
OAK LEAF: Moody's Assigns 'Ba3' Rating Following DEMB Offer


R U S S I A

EURASIA DRILLING: Fitch Affirms 'BB' LT Issuer Default Ratings
KHABAROVSKY AIRPORT: S&P Assigns 'B+' CCR; Outlook Stable
MOSENERGO OJSC: Fitch Assigns 'BB+' LT Issuer Default Ratings


S P A I N

BANKINTER 2: Moody's Lowers Rating on EUR27.5M C Notes to 'B1'
BCL MUNICIPIOS 1: Moody's Cuts Rating on EUR60MM B Notes to Ba1
GAT FTGENCAT 2006: Moody's Cuts Rating on EUR13.2MM D Notes to Ca
GC FTPYME 4: S&P Lowers Rating on Class C Notes to 'B+'
INMOBILIARIA COLONIAL: Grupo Villar Mir Mulls Stake Acquisition

OBRASCON HUARTE: Fitch Affirms 'BB-' Senior Unsecured Ratings
RIVOLI PAN: S&P Lowers Rating on Class C Notes to 'B-'
TDA 22: Moody's Lowers Rating on Class C1 Notes to 'Caa2'


T U R K E Y

ING BANK: Fitch Upgrades Viability Rating to 'bb+'


U N I T E D   K I N G D O M

AMERICAS DIAMOND: Incurs US$99.6K Net Loss in Year Ended Jan. 31
CO-OPERATIVE BANK: Launches Wide-Ranging Review Into Business
FIRST QUANTUM: Moody's Cuts Senior Notes Rating to 'B2'
HIBU PLC: Creditors Set to Take Control in Debt-for-Equity Plan
LITTLE CHEF: Brand May Disappear, Owners Warn

RMAC 2004-NSP2: Moody's Upgrades Two RMBS Note Classes From Ba1


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            *********

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A U S T R I A
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EUROCONNECT SME 2008: S&P Cuts Rating on Class B2 Notes to CCC+
---------------------------------------------------------------
Standard & Poor's Ratings Services has lowered and removed from
CreditWatch negative its credit ratings on EuroConnect SME 2008
Ltd.'s class A, B, and C notes.  At the same time, S&P has
lowered and removed from CreditWatch negative its rating on
UniCredit Bank Austria AG BA-CA's class A2 and B2 credit-linked
notes (CLNs), and UniCredit Bank AG HVB's class A2 and B2 CLNs.

The rating actions follows the application of S&P's updated
European criteria for collateralized loan obligations (CLOs)
backed by small and midsize enterprises (SMEs) and its 2012
counterparty criteria, 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 EuroConnect's class A, B, and C notes, and UniCredit Bank
Austria BA-CA's and UniCredit Bank HVB's class A2 and B2 CLNs.

                EUROCONNECT SME 2008'S PERFORMANCE

Since S&P's previous review of the transaction on Feb. 23, 2012,
the portfolio has continued to amortize nearly linearly, leading
to a further deleveraging of the capital structure.  The pool
factor (the percentage of original principal left to be
distributed) equals 41.87%, and the weighted-average life is 3.96
years.  Following the April 2013 interest payment date (IPD), the
senior notional outstanding amount, which is repaid before any
payments to the CLNs, equals 35.08% of its original balance.
Cumulative credit events (defined in the transaction documents as
bankruptcy or failure to pay for 90 days or more) amount to 1.33%
of the combined initial and replenished amount, respectively.
This indicates robust performance against the recessions
experienced in Germany and Austria, and a difficult economic
environment immediately after closing.  Cumulative realized
losses increased marginally to 0.18% of the initial portfolio
amount.  To date, the periodic available excess spread has
absorbed these losses, leaving the excess spread ledger balance
at its maximum level of EUR4.48 million.

The transaction currently contains EUR42.12 million of defaulted
reference obligations (compared with EUR33.69 million at S&P's
last review).  The completion of the workout procedures related
to these loans will likely deplete the excess spread ledger
balance when the quarterly available excess spread is
insufficient to cure the quarterly realized losses.

In addition to the current amount of defaulted reference
obligations, there are EUR39.4 million of loans--representing
3.8% of the current portfolio balance, which S&P has considered
as defaulted in its analysis.  These loans are classified as
defaulted on the originator's internal rating scale.  To date,
they have not triggered a credit event under the transaction
documents.  However, S&P believes they risk triggering further
credit events.

CREDIT ENHANCEMENT[1]

Class          Credit enhancement (%)
A                                9.97
B                                6.42
C                                3.89

[1] A total of EUR81.5 million of loans are considered as
    defaulted.

UNICREDIT BANK'S HVB SUBPOOL AND UNICREDIT BANK AUSTRIA'S
                      BA-CA SUBPOOL

The current pool factor of the BA-CA subpool equals about 35.67%,
while for the HVB subpool it stands at 44.78%.  Of the total
amount of defaulted reference obligations, EUR14.01 million are
referenced in the BA-CA subpool (equivalent to 4.95% of its
outstanding portfolio amount), and EUR28.12 million are
referenced in the HVB subpool (equivalent to 3.70% of its
outstanding portfolio amount).  S&P also notes that an additional
11.23% of loans in the BA-CA subpool are classified as defaulted
on the originator's internal rating scale, as are 1.01% in the
HVB subpool.  S&P has therefore considered them as defaulted in
its analysis.  Furthermore, the BA-CA subpool continues to
exhibit relatively high levels of obligor concentration, which
has risen further as a result of portfolio amortization.  The
largest 10 obligor groups now account for about 34.5% of the BA-
CA subpool. Compared with the BA-CA subpool, the larger HVB
subpool exhibits much lower concentration levels with the largest
10 obligor groups accounting for about 8.4% of the HVB subpool.

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

CREDIT ENHANCEMENT: BA-CA SUBPOOL

Class          Credit enhancement (%)[2]

A2                              12.02
B2                              8.80

[2] A total of EUR45.8 million are considered as defaulted.

CREDIT ENHANCEMENT: HVB SUBPOOL

Class          Credit enhancement (%)[3]
A2                              19.79
B2                              13.56

[3] A total of EUR35.7 million of loans are considered as
    defaulted.

                           CREDIT ANALYSIS

S&P has applied its updated European SME CLO criteria using its
CDO Evaluator model to determine the 'AAA' scenario default rates
(SDRs) for the overall EuroConnect portfolio, and the BA-CA and
HVB subpools.  S&P based its SDR calculations on the weighted-
average life of each of the portfolios.  S&P further assumed a
target portfolio rating of 'BB-' for each of the three
portfolios, which S&P derived from three factors:

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

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

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

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

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

S&P further derived the rating inputs for the exposure to larger
corporates, which equals 4.7% of the portfolio amount, by mapping
the originators' internal rating scale applicable to larger
corporates to Standard & Poor's rating scale.  S&P then used CDO
Evaluator to determine the 'AAA' SDR for each portfolio: 42.60%
for the EuroConnect portfolio, 45.59% for the HVB subpool, and
41.67% for the BA-CA subpool.

In order to determine S&P's 'B' SDR for the EuroConnect portfolio
and the HVB subpool, it has reviewed the historical performance
of the portfolios while considering recent trends.  As a result,
S&P's 'B' SDRs for the EuroConnect portfolio and the HVB subpool
are both 5.4%.  Furthermore, the SDRs for rating levels between
'B' and 'AAA' are interpolated for both portfolios in accordance
with S&P's European SME CLO criteria.

For the BA-CA subpool, as a result of the portfolio's high
obligor
concentration, S&P has determined the subpool's SDRs at all
rating levels using its CDO Evaluator model.  The resulting SDRs
at the rating levels assigned to BA-CA's class A2 and B2 CLNs are
16.20% at a 'B+' rating level and 11.79% at a 'CCC+' rating
level.

                      RECOVERY RATE ANALYSIS

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

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

                         WARR ASSUMPTIONS

Rating level      EuroConnect (%)   HVB (%)   BA-CA (%)
AAA               22.31             24.08         17.59
AA                25.56             27.44         20.51
A                 29.21             31.15         23.99
BBB               33.34             35.41         27.80
BB                41.08             43.70         34.08
B                 44.18             46.91         36.85
CCC               44.24             46.97         36.91

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

              RATING-SPECIFIC SCENARIO LOSS RATES (%)

Rating level      EuroConnect (%)   HVB (%)   BA-CA (%)
AAA               33.09             34.61         34.34
AA                21.83             22.67         27.63
A+                15.12             15.58         22.86
A                 13.24             13.61         22.02
A-                11.36             11.63         20.54
BBB+              8.04              8.13          18.55
BBB-              6.27              6.28          16.14
BB-               4.37              4.26          11.64
B+                3.40              3.26          10.23
B                 3.03              2.88          9.46

                        SUPPLEMENTAL TESTS

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

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

The credit enhancement as calculated for EuroConnect's class A,
B, and C notes exceeds the SLRs at 'BBB+', 'BBB-', and 'B+'
rating levels, respectively.  S&P has therefore lowered to 'BBB+
(sf)' from 'A (sf)' and removed from CreditWatch negative its
rating on the class A notes, lowered to 'BBB- (sf)' from 'BBB
(sf)' and removed from CreditWatch negative its rating on the
class B notes, and lowered to 'B+ (sf)'from 'BB (sf)' and removed
from CreditWatch negative its rating on the class C notes.

The credit enhancement as calculated for BA-CA's class A2 and B2
CLNs exceeds the SLRs at 'BB-' and 'B-' rating levels,
respectively.  However, the application of S&P's largest obligor
default test limits the maximum achievable rating on the class A2
CLNs at 'B+ (sf)', and on the class B2 CLNs at 'CCC+ (sf)'.  S&P
has therefore lowered to 'B+ (sf)' from 'BBB+ (sf)' and removed
from CreditWatch its rating on the class A2 CLNs, and lowered to
'CCC+ (sf)' from 'BB+ (sf)', and removed from CreditWatch
negative its rating on the class B2 CLNs.

The credit enhancement as calculated for HVB's class A2 and B2
CLNs exceeds the SLRs at 'A+ (sf)' and 'A- (sf)' rating levels,
respectively.  However, the application of S&P's 2012
counterparty criteria limits the maximum achievable rating on the
class A notes at 'A'--the long-term issuer credit rating on both
UniCredit Bank and UniCredit Bank Austria, which are both deposit
providers for the issuance proceeds of the rated notes.  S&P has
therefore lowered to 'A (sf)' from 'AA (sf)' and removed from
CreditWatch negative its rating on the class A2 CLNs.  At the
same time, S&P has lowered to 'A- (sf)' from 'A (sf)' and removed
from CreditWatch negative its rating on the class B2 CLNs.

EuroConnect SME 2007 is a partially funded synthetic balance
sheet transaction, referencing a portfolio of bank loans granted
to mainly German and Austrian SMEs (90% of the portfolio balance)
and to larger corporates (4.7% of the portfolio balance),
originated by Unicredit Bank and UniCredit Bank Austria.  The
transaction closed in September 2008.  Subordination and excess
spread provide credit enhancement for the rated notes.  The
repayment of the liabilities follows a fully sequential order,
starting with the senior notional amount, followed by the class A
notes (comprising unrated class A1 notes and rated class A2 HVB
and BA-CA CLNs, both ranking pari passu with each other), the
class B notes (comprising unrated class B1 notes and rated class
B2 HVB and BA-CA CLNs, both ranking pari passu with each other),
and EuroConnect's class A, B, C, and D notes.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class            Rating
          To                 From

EuroConnect SME 2008 Ltd.
EUIR181.75 Million Credit-Linked Floating-Rate Notes

Ratings Lowered and Removed From CreditWatch Negative

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

UniCredit Bank AG
EUR0.2 Million HVB Floating-Rate Credit-Linked Notes
(EuroConnect SME 2008 Ltd.)

Rating Lowered And Removed From CreditWatch Negative

A2        A (sf)             AA (sf)/Watch Neg
B2        A- (sf)            A (sf)/Watch Neg

UniCredit Bank Austria AG
EUR0.2 Million BA-CA Floating Rate Credit-Linked Notes
(EuroConnect SME 2008 Ltd.)

Ratings Lowered And Removed From CreditWatch Negative

A2        B+ (sf)            BBB+ (sf)/Watch Neg
B2        CCC+ (sf)          BB+ (sf)/Watch Neg



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C Y P R U S
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SOLWAY INVESTMENT: S&P Assigns 'B+' Rating; Outlook Negative
------------------------------------------------------------
Standard & Poor's Ratings Services assigned a 'B+' rating to the
Cyprus-registered metals and mining company Solway Investment
Group Ltd.  S&P also assigned a 'B+' rating to Solway Capital
Markets Ltd.'s proposed medium-term note program and a 'B+'
rating to the proposed notes to be issued under the program,
which is guaranteed by Solway.

Solway is a metals and mining company with 2012 EBITDA (as
adjusted by Standard & Poor's) of US$112 million.  Its largest
assets include a ferronickel plant in the Ukraine; lead, copper,
zinc, and gold mines in Macedonia; mining assets in Indonesia;
and Fenix, a large brownfield ferronickel project in Guatemala.
Solway also has a large portfolio of real estate and financial
investments in various businesses, mostly in Russia.

The rating reflects S&P's view of Solway's business risk profile
as weak, financial risk profile as aggressive, and liquidity as
less than adequate.  The rating on the notes is at the same level
as the issuer credit rating.  Although Solway has secured debt
that will rank ahead of the proposed medium-term notes, the share
of priority liabilities in total assets will be below 15% because
the priority debt is amortizing and because Solway is an asset-
rich company with manageable leverage at this stage.

The key constraint on the rating is the company's large
investment in Fenix, which is scheduled to start later in 2013
and which will put pressure on free operating cash flow (FOCF)
and liquidity next year.  The total project cost is above $500
million, of which over US$300 million has been already spent.
Solway has no sizable committed lines and a significant part of
its noncore assets held for sale is not very liquid, S&P
understands.  S&P views the company's financial policy to be
quite opportunistic, as illustrated by a high US$92 million
dividend paid in 2012 and a further US$102.5 million dividend
accrued on the balance sheet as of year-end 2012.  In addition,
Solway is a relatively small player in the highly volatile and
competitive mining and metals industry, with only fair quality of
key assets and exposure to relatively high country risks in the
Ukraine, Indonesia, and Guatemala.

However, the rating is supported by the company's relatively
manageable level of adjusted debt (US$278 million at year-end
2012, adjusted for asset-retirement obligations, off-balance
sheet guarantees, and derivatives), the presence of noncore
assets that can be sold to support liquidity, and a fair degree
of diversification by product and by country, which is quite
unusual for a company of Solway's size.

In 2013, S&P expects Solway's FOCF to be negative, at about
US$200 million, before the second phase of Fenix is commissioned
in early 2014.  However, S&P understands that Solway managed to
sell about US$90 million of noncore assets in early 2013 and
expects to sell more, including about US$30 million already
contracted.  S&P expects Solway to pay dividends of about $10
million only. Although US$102.5 million is accrued on the balance
sheet, S&P understands from the management and from the
shareholders that no large dividend is likely to be paid before
Fenix is commissioned. S&P expects 2013 EBITDA to be about US$150
million-US$170 million under its standard metal price
assumptions.  As a result, S&P expects adjusted debt to EBITDA to
remain at a still comfortable level of below 2x in 2013-2014.
S&P understands that once Fenix is completed, maintenance capital
expenditure will be low.  In S&P's view, future deleveraging
prospects will depend on the company's policy regarding any new
large investments and shareholder distributions once FOCF
rebounds to a positive level.

The negative outlook reflects the possibility of a downgrade in
case of liquidity pressures.  Such pressures may emerge if Solway
faces difficulties in arranging financing or selling its noncore
assets.  Other reasons could include substantial delays, cost
overruns, or working capital pressures at Solway's key investment
project, Fenix, or in case of a large extraordinary dividend.
Risk of a downgrade could also emerge in case of a material
deterioration in the metal industry (for example, very low nickel
prices) or in the business environment in countries where Solway
operates.

S&P could revise the outlook to stable if Solway improves
liquidity by selling assets and/or raising new financing while
avoiding any extraordinary shareholder distributions.  The stable
outlook would also require the Fenix project to proceed without
any material delays or cost overruns.


SONGA OFFSHORE: S&P Affirms B- Corp. Credit Rating; Outlook Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'B-'
long-term corporate credit rating on Cyprus-domiciled drilling
company Songa Offshore S.E.  The outlook is negative.

At the same time, S&P removed the rating from CreditWatch, where
it was placed with negative implications on March 5, 2013.

The affirmation reflects S&P's understanding that Songa is highly
likely to receive a temporary waiver at the bondholder meeting on
June 3, 2013, for breaching its leverage ratio covenant specified
under the bond documentation.  The waiver will be effective from
March 31, 2013, when Songa committed the breach, to Sept. 30,
2013, assuming the financing of the first two Cat D rigs is close
to being completed and approved by the bondholders' advisors.
The company has already received firm commitments from the
majority of its bondholders, indicating that the waiver will most
likely be granted.

However, S&P still considers that there is a high risk that Songa
will have another covenant breach, once the waiver has expired.
S&P also perceives Songa's liquidity position to be "weak" under
S&P's criteria, in light of what S&P sees as management's
retroactive rather than proactive response to liquidity risks.
These include waivers obtained after covenant breaches and the
dependency on obtaining external funding for its committed capex
needs.

The rating on Songa continues to reflect S&P's assessment of the
company's "highly leveraged" financial risk profile and "weak"
business risk profile.  It is constrained by S&P's assessment of
Songa's "weak" liquidity, highly leveraged balance sheet, and
aggressive growth and funding strategies.

Further risks are the company's presence in the highly cyclical
and competitive offshore drilling industry and S&P's view that
its management and corporate governance is "weak" under its
criteria.

"More positively, we forecast that Songa's operating performance
will improve in the medium term.  This is largely because all
five of the company's rigs have been fully operational at full-
day and high utilization rates in the past few weeks, and it has
four Cat D rigs scheduled to be delivered between June 2014 and
May 2015. That said, we estimate that 2013 EBITDA will be
slightly higher than that in 2012--about US$200 million--US$220
million--mainly because the anticipated stronger performance of
the current fleet should offset Songa's sale of the Eclipse rig
in January 2013, assuming that there are no major yard stays or
rig upgrades for the rest of the year," S&P said.

"We estimate that Songa's capital spending will be about
US$170 million in the full-year 2013 (ending Dec. 31, 2013),
before increasing significantly to slightly less than $1 billion
in 2014 and 2015, following delivery of the Cat D rigs.  We
understand that Songa is actively discussing funding options for
at least the first two Cat D rigs it has on order.  However, we
see a risk that liquidity will become heavily constrained if
Songa is not able to secure committed funding by the end of the
third quarter of 2013," S&P noted.

"We forecast that Songa's Standard & Poor's-adjusted funds from
operations (FFO) to debt will be 10%-15% in full year 2013--
higher than in 2012 (7.2%)--and that adjusted debt to EBITDA will
be about 5.0x for full-year 2013 (7x in 2012).  In view of
meaningful contracted capital expenditure (capex) requirements
over the next two years, we do not net any surplus cash from the
company's debt. This is because we believe that capex spending
will use up most of the company's available cash balance.  We do,
however, anticipate that Songa's credit ratios will improve
gradually from late 2014, after the first two Cat D rigs have
been delivered.  Songa has signed an eight-year contract (plus
options to extend) for the four Cat D rigs with Norway-based oil
and gas producer Statoil ASA," S&P added.

S&P notes that Songa has had substantial management turnover in
the past months.  For instance, Songa appointed a new CEO in May
2013, following the unexpected resignation of the previous one in
October 2012.  The board composition has also changed since the
beginning of the year, with the appointment of a new chairman and
directors.  S&P views this high turnover as a credit risk for the
company's corporate governance.  This, together with management's
demonstrated inability to realize its own strategy and
operational plans, is the main contributor to S&P's assessment of
"weak" management and governance at Songa.

The negative outlook reflects S&P's view that there is a risk
that Songa may again breach its financial covenants on or after
Sept. 30, 2013, which, if not properly addressed, could trigger
early repayment on both the bond and the loan.  The outlook also
reflects the still-uncertain improvement in operating and
financial performance.

S&P could lower the rating if it believes that the company will
not have in place financing to fund committed capex for the
delivery of the first two Cat D rigs by the end of the third
quarter of 2013.  This, however, is not S&P's base case.  S&P
could also lower the rating if Songa's operating performance
weakens further; its financial flexibility is constrained; or if
S&P perceives further signs of deterioration in Songa's liquidity
or corporate governance.

S&P could revise the outlook to stable if Songa receives firm
financing for the rigs in a timely manner and regains an adequate
cushion under all of its financial covenants.  A revision of the
outlook to stable would also likely depend on S&P's view of
Songa's consistent operating performance prospects being
commensurate with the rating.



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G E R M A N Y
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ATU AUTO-TEILE: S&P Lowers Corporate Credit Rating to 'CCC-'
------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit rating on Germany-based auto parts retailer and
integrated workshop operator A.T.U Auto-Teile Unger Handels GmbH
& Co. KG (ATU) to 'CCC-' from 'CCC+' and placed it on CreditWatch
with negative implications.

At the same time, S&P lowered its issue rating on ATU's
EUR450 million senior secured notes due May 2014 to 'CCC-' from
'CCC+'.  The recovery rating on these notes is unchanged at '4',
indicating S&P's expectation of average recovery in the 30%-50%
range in the event of a payment default.  S&P also placed the
issue rating on CreditWatch with negative implications.

The downgrade follows continued weakening of ATU's liquidity
position.  The company reported a low cash balance of
EUR14.6 million on March 31, 2013, down from EUR22.8 million on
Dec. 31, 2012, and had already drawn down EUR30 million of its
EUR45 million revolving credit facility (RCF), which matures in
March 2014 and was previously undrawn.  In addition, S&P
understands that the company has since drawn the full
EUR45 million.  S&P believes that this diminished liquidity makes
the company vulnerable to non-payment of near-term obligations,
including a coupon payment on its senior secured notes of
EUR25 million due in early June 2013.

The depleted cash position essentially follows ATU's continued
weak performance in its third quarter (ended March 31, 2013) in a
difficult market environment.  Some weather effects aggravated
the company's performance, such as winter road conditions that
stretched into late March, pushing back the summer tire switching
season into the current fourth quarter.  More specifically, sales
deteriorated by an unprecedented 23% year on year in the third
quarter.  Lower volumes and a change in product mix caused the
company's Standard & Poor's adjusted EBITDA to decline
significantly to about EUR93 million (or 8% of revenues) for the
12 months ended March 31, 2013, from EUR127 million (or 10% of
revenues) for the 12 months ended Dec. 31, 2012.

S&P believes that some company sales are likely to shift over
onto the current quarter, enabling ATU to catch up to a degree
after the poor third quarter.  Over time, ATU should also see
some benefit from its headcount reductions.  Still, the company
will likely have a hard time restoring profitability in the near
term to levels in line with historical performances (such as a
Standard & Poor's-adjusted EBITDA margin of between 11.0% and
12.0%), given the difficult market environment in which ATU
operates.

The CreditWatch placement reflects an at least one-in-two
likelihood that S&P could downgrade ATU to 'CC' or below at the
time of its next review.

S&P aims to resolve the CreditWatch listing within the next 90
days, once it has greater visibility on the company's near-term
liquidity planning and following the next main coupon payment.

S&P could lower the issue and issuer ratings to 'D' if ATU failed
to pay its coupon in June 2013.  S&P could lower the rating to
'CC' if the company announced a financial restructuring.

S&P could affirm the ratings and assign a stable outlook if ATU
was able to undertake a timely and sustainable refinancing of its
upcoming debt maturities and improve its debt maturity profile.
Until then, an affirmation or a stable outlook is highly
unlikely.


CONTINENTAL AG: S&P Raises Corp. Credit Rating to 'BB'
------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised its
corporate credit rating on German automotive supplier Continental
AG to 'BB' from 'BB-'.  The outlook is stable.

The upgrade reflects Continental's improved credit metrics and
financial risk profile, particularly as a result of solid free
operating cash flow (FOCF) generation and only modest dividend
payments.  As of Dec. 31, 2012, Continental reported debt
coverage ratios in line with S&P's base case, such as funds from
operations (FFO) to debt of 35% and debt to EBITDA of 1.9x.

S&P's base case that further deleveraging will continue from 2013
is unchanged, and was confirmed by Continental's first-quarter
2013 results.  For 2013, S&P believes FFO to debt will further
improve to 35%-40% and debt to EBITDA to about 1.8x.  S&P' also
envisage further improvements in 2014.

For 2013, S&P expects moderate sales growth of 2%-3% and an
adjusted EBIT margin of about 10%.  S&P's forecast is slightly
more cautious than Continental's guidance for 2013 and reflects
S&P's more prudent view of the developments of the global
replacement tire markets, particularly those in Europe.  S&P's
base case also foresees FOCF of about EUR800 million in 2013
including the reversal of a positive working capital swing of
EUR0.6 billion from 2012.  In view of Continental's recent
dividend payment, S&P expects discretionary cash flow to be
positive in 2013.

S&P has raised its assessment of Continental's stand-alone credit
profile (SACP) to 'bbb' to reflect the improved financial risk
profile.  On a stand-alone basis, S&P views Continental's
financial risk profile as "intermediate."  The SACP is not a
rating but a rating component that reflects S&P's opinion of a
company's creditworthiness absent any extraordinary intervention
from its parent.

S&P's 'BB' corporate credit rating on Continental remains
dependent on the application of S&P's parent-subsidiary criteria.
Although Continental's bank facility agreements include covenants
protecting creditors and bond indentures that include incurrence
covenants protecting Continental, S&P incorporates the parent
company Schaeffler's influence over Continental's strategic
actions into S&P's rating assessment on Continental.

Schaeffler holds a 49.9% stake in Continental and has four
representatives on its supervisory board.  S&P continues to
ncorporate its weaker credit rating on Schaeffler into
Continental's financial risk profile.  S&P assess Continental's
financial risk profile as "aggressive" when including
Schaeffler's influence, under S&P's parent-subsidiary criteria.

S&P continues to view Continental's business risk profile as
"satisfactory," underpinned by solid market shares; sustainable
market positions, size, diversity, and technological
capabilities; and an ability to generate above-industry-average
profitability. S&P's management and governance assessment for
Continental is "strong" under its criteria, supported by the
company's comprehensive risk management and strategic planning
processes.

The stable outlook reflects S&P's belief that Continental will
slightly improve its credit profile from 2013, notably its FFO to
debt to 35%-40% and debt to EBITDA to about 1.8x.

However, improved stand-alone credit metrics will not
automatically lead to an upgrade because the rating primarily
reflects Continental's relationship with Schaeffler.  S&P could
upgrade Continental if S&P raised its rating on Schaeffler,
although S&P currently do not envisage this.  S&P could also
consider raising the rating on Continental if Schaeffler's
influence were to diminish.  S&P might consider a negative rating
action if Continental's operating performance were to weaken.


QUOKKA FINANCE: S&P Affirms 'B-' Rating on Class E Notes
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed and removed from
CreditWatch negative its credit ratings on Quokka Finance PLC's
class A, B, C, and D notes.  At the same time, S&P has affirmed
its rating on the class E notes.

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

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

Quokka Finance is a secured-loan CMBS transaction backed by 11
loans.  The loans are all secured by German multifamily housing
properties.  The loans are scheduled to mature in August 2013 and
the notes' final legal maturity is in September 2016.

Note repayments have predominantly benefited the class A
noteholders, with less than 10% applied pro rata to all of the
notes.  The servicer reported, in the March 2013 investor report,
that the borrower received EUR89,050 of principal payments as a
mandatory loan repayment following the sale of three properties.
The loan administrator has indicated that the payments were
erroneously allocated entirely to the Class A notes; the
principal payment allocation should have been allocated pro rata
across the five note classes.  The cash manager will correct the
payment allocation in the next quarter's distribution.

The original combined loan pool balance was EUR617.5 million and
has paid down to EUR555.5 million.

In March 2013, the servicer reported a weighted-average debt
service coverage ratio of 11.18x, which had increased from 3.6x
in the previous quarter.  The calculation includes non-recurring
amounts such as disposal proceeds and cash in the rental income
account.  The weighted-average reported loan-to-value (LTV) ratio
for the property portfolio is currently 69.2% (based on an
initial valuation of portfolio).  The borrower most recently
valued the property in December 2012 at a total value of EUR1.02
billion (EUR804 per square meter).  The servicer has not used
this valuation to calculate the LTV ratio as they did not
instruct it. Therefore, it is not a formal valuation as defined
under the terms of the documents.

                        PROPERTY PORTFOLIO

The loans are secured by a portfolio of 25,408 residential,
commercial, parking, and other units.  Of the property portfolio,
34% (by reported market value) are in Salzgitter, Lower Saxony.

The portfolio's performance has remained stable over the past
year, although maintenance and capital expenditure costs have
remained high.  As a result, the overall net rental income for
the property portfolio has decreased.  The servicer currently
reports a weighted-average vacancy rate of 13.44%.

                         RATING RATIONALE

S&P's analysis indicates that the available credit enhancement
for the class A, B, C, and D notes is sufficient to maintain its
current ratings on these classes of notes.  S&P has therefore
affirmed and removed from CreditWatch negative its ratings on
these classes of notes.

S&P's analysis, in which it applied its updated European CMBS
Criteria, indicates that under its stress scenarios, the credit
characteristics for the class E notes is commensurate with S&P's
current rating on the notes.  S&P has therefore affirmed its 'B-
(sf)' rating on this class of notes.

Quokka Finance is a secured-loan CMBS transaction backed by 11
multifamily housing loans in Germany.  The transaction closed in
August 2006 and legal final maturity of the notes is September
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 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
           To                         From

Quokka Finance PLC
EUR617.5 Million Secured Floating-Rate Notes

Ratings Affirmed And Removed From CreditWatch Negative

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

Rating Affirmed

E          B- (sf)


SAPPI PAPIER: Moody's Affirms 'Ba2' Rating on Sr. Secured Notes
---------------------------------------------------------------
Moody's Investors Service changed to stable from positive the
outlook on the Ba3 corporate family rating and Ba3-PD probability
of default rating of Sappi Limited. Concurrently, Moody's has
affirmed these ratings. In addition, Moody's has affirmed the Ba2
rating on the senior secured notes and the B2 rating on the
senior unsecured notes issued by Sappi Papier Holding GmbH.

The key drivers behind the outlook change are (i) the material
decline in Sappi's operating profit during H1 2013 (ending
March), and (2) the ongoing difficult trading conditions in the
European and South African paper markets.

The affirmation of Sappi's ratings reflect (1) Moody's
expectation that the company will be able to maintain financial
ratios in line with a Ba3 CFR as Moody's expects profitability to
recover from Q4 2013 onwards as the group's two chemical
cellulose projects come on stream and (2) Sappi's good liquidity
profile.

Ratings Rationale:

Change of Outlook To Stable From Positive

"Given the decline in its operating profit in the first half of
2013 on the back of challenging trading conditions for paper
products in Europe and South Africa, we have changed the outlook
on Sappi's Ba3 CFR to stable from positive because we do not
expect the company to meet the requirements for a rating upgrade
in the short term," says Anke Rindermann, a Moody's Assistant
Vice President and lead analyst for Sappi. "Even when considering
incremental profitability from Sappi's two chemical cellulose
expansion projects, in our view it will take several quarters for
the company to rebuild headroom in the Ba3 rating category," adds
Ms. Rindermann.

Sappi's results for H1 2013 (ending March) have been materially
weaker than Moody's expectations. This is a result of declining
demand for paper, looming overcapacity and negligible pricing
power in Europe and South Africa, taking a toll on the company's
profitability and cash flow generation. These factors have led to
credit metrics, such as retained cash flow (RCF)/debt at around
12%-13%, that are in line with, but not particularly strong for,
the current rating category. In addition, higher production costs
related to pulp and energy have further contributed to Sappi's
declining profitability in Europe. As a result, the company's
reported EBITDA excluding special items dropped by around 30% to
$290 million and its EBITDA margin to around 10% (from 12.8% in
H1 2012).

The short-term outlook for Sappi's third quarter is bleak, given
that market conditions remain challenging and that the company
will come under further pressure as a result of ramp-up costs
related to its two strategic expansion projects. Therefore,
Moody's expects the company's credit metrics to deteriorate
further in Q3 2013. However, incremental profitability from its
two strategic projects as well as non-recurrence of ramp-up costs
should allow Sappi to post sequentially improving results from Q4
2013 onwards. In addition, significantly lower capex once the two
expansion projects are finalized should lead to positive free
cash flow generation and lower nominal debt levels in 2014.

The stable rating outlook is therefore based on Moody's
expectation that Sappi will retain credit metrics in line with
the requirements for the Ba3 rating, as indicated by EBITDA
margins above 10% and RCF/debt in the low teens in percentage
terms. The inability to turnaround Sappi's performance, and hence
leverage ratios, could lead to increasingly negative pressure on
the company's ratings.

Rating Affirmation

The affirmation of Sappi's ratings reflects Moody's expectation
that the company will be able to maintain financial ratios in
line with a Ba3 CFR, despite difficult trading conditions in the
European and South African paper markets. The rating affirmation
also considers Sappi's good liquidity profile, with the company
holding around EUR400 million of cash on the balance sheet at
March 2013 and benefiting from full availability under its EUR350
million long-term committed revolving credit facility as well as
a ZAR1 billion revolving line. Alongside operating cash flow
generation of approximately EUR350 million for the next 12
months, this should be more than sufficient to cover Sappi's main
liquidity needs, which comprise working cash, capital
expenditure, working capital requirements and limited scheduled
debt maturities.

What Could Change The Rating Up/Down

Upward rating pressure could occur if Sappi improves in its
credit metrics again, as reflected in RCF/debt above 15% and
EBITDA margins above 12%, as well as positive free cash flow
generation. In addition, following recent refinancing activities
over 2012, Moody's would expect to see an improvement in Sappi's
interest coverage, reflected by an EBIT/interest expense ratio
approaching 2.0x, before considering a rating upgrade to Ba2.

The ratings could experience downward pressure over the coming
quarters in case of a further material weakening of profitability
or the inability to sustain current credit metrics, reflected in
EBITDA margins dropping to the single digits in percentage terms,
RCF/debt falling towards the single digits, or EBITDA-
capex/interest expense deteriorating below 1.0x. Also, the rating
could come under pressure in case Sappi makes sizable debt-funded
acquisitions or pays out material amounts of cash to
shareholders.

Principal Methodology

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

Domiciled in Johannesburg, South Africa, and with group sales of
$6.1 billion in the last 12 months ending March 2013, Sappi
Limited is among the leading global producers of coated fine
paper and chemical cellulose. The company has operations across
Europe, southern Africa and North America.


SEMPER FINANCE 2007-1: Fitch Affirms 'B' Rating on Class E Notes
----------------------------------------------------------------
Fitch Ratings has affirmed Semper Finance 2006-1 Ltd.'s senior
swap and class A to E notes and Semper Finance 2007-1 GmbH's
class A1+ to E notes.

Rating Drivers

The affirmation is driven by strong collateral performance,
scheduled amortization and loan repayments. As a result, the
Semper Finance 2006-1 reference pool has reduced in balance to
EUR538.5 million from EUR604.3 million (EUR1.85 billion at
closing) and the Semper Finance 2007-1 pool to EUR294.0 million
from EUR351.4 million (EUR1.00 billion at closing) since July
2012. Credit enhancement available to each class has increased
through sequential repayment. Fitch believes that the risk
profile of both remaining reference pools has stayed largely
stable.

SEMPER FINANCE 2006-1

While the WA (weighted average) vacancy across the reference pool
has remained broadly unchanged since July 2012 at around 7.6% (up
slightly since closing), the WA loan-to-value ratio (LTV) has
fallen to 45.3% from 46.9% (64.7% at closing); and over the same
period, interest coverage has improved to 4.0x from 3.7x (2.7x at
closing). Furthermore, there have been no credit events (defined
as bankruptcy of the relevant borrower or failure to pay) since
the transaction closed in 2006.

SEMPER FINANCE 2007-1

The reported WA LTV has declined slightly to 66% from 67% since
July 2012. The portfolio has also seen an improvement in its WA
vacancy rate to 3.7% from 4.1% (6.9% at closing). At the same
time the, the portfolio's WA debt service coverage ratio (DSCR)
has been stable at around 1.4x.

Despite these improvements, defaulted reference claims on the
reference portfolio have risen slightly to 7.8% from 7.7% of the
pool by loan balance, and are now attributable to 21 loans, down
from 24 a year ago. Fitch believes that the potential losses from
defaulted reference claims are largely offset by the protection
offered by unrated junior classes (EUR27.7 million) and by the
significant portfolio amortization, which increases credit
enhancement and mitigates the risk of collateral
underperformance.

Rating Sensitivities

Should the number of credit events in either reference pool
increase unexpectedly the Outlook on the Semper Finance 2006-1
class E and D notes may be revised or the class E rating of
Semper Finance 2007-1 be downgraded.

The rating actions are:

Semper Finance 2006-1 Ltd.:
EUR48.3m Senior Swap affirmed at 'Asf'; Outlook Stable
EUR0.02m Class A+ (XS0274873941) affirmed at 'Asf'; Outlook
Stable
EUR138.0m Class A (XS0274874246) affirmed at 'Asf'; Outlook
Stable
EUR111.5m Class B (XS0274874592) affirmed at 'Asf'; Outlook
Stable
EUR92.5m Class C (XS0274874832) affirmed at 'Asf'; Outlook Stable
EUR83.0m Class D (ISIN: XS0274875052) affirmed at 'BBB+sf';
Outlook Positive
EUR32.7m Class E (ISIN: XS0274875565) affirmed at 'BB+sf';
Outlook Positive
EUR7.4m Class F (XS0276247748): not rated
EUR25.1m Threshold Amount: not rated

Semper Finance 2007-1 GmbH:
EUR0.05m A1+ (XS0305670647) affirmed at 'Asf'; Outlook Stable
EUR10.0m Class A2 (XS0305670993) affirmed at 'Asf'; Outlook
Stable
EUR51.8m Class B (XS0305671298) affirmed at 'Asf'; Outlook Stable
EUR51.7m Class C (XS0305671454) affirmed at 'BBBsf'; Outlook
Stable
EUR49.1m Class D (XS0305672262) affirmed at 'BBsf'; Outlook
Stable from Negative
EUR20.3m Class E (XS0305672692) affirmed at 'Bsf'; Outlook
Negative
EUR8.7m Class F (XS0305672858): not rated
EUR11.4m Class G (XS0305673070): not rated
EUR7.6m Threshold Amount: not rated


TALISMAN-4 FINANCE: S&P Cuts Ratings on Three Note Classes to D
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on Talisman-4 Finance
PLC's class A, B, C, and D notes.  At the same time, S&P has
lowered its ratings on the class E, F, and G notes.

The rating actions follow S&P's review of the performance of the
three remaining loans in Talisman-4 Finance.  S&P has applied its
updated European commercial mortgage-backed securities (CMBS)
criteria.

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

There are three loans remaining in the transaction.  All three
loans, which mature in July 2013, are currently in default and
recent market valuations indicate that losses are likely to be
realized on each of the loans.  S&P notes that at the time of
loan maturity, there will be two years until legal final maturity
of the notes.  S&P's analysis considers that this amount of time
could limit the special servicer's ability to maximize
recoveries.

On the January 2013 interest payment date (IPD), the DIV
Dandelion loan was repaid and losses resulted in Principal Amount
Outstanding reduction amounts for the class E, F, and G notes.
On the April 2013 IPD, the DC Properties loan was repaid in full
and funds were applied to reduce the balance on the class A
notes.

                       DT-12 (49% OF THE POOL)

The DT-12 loan is the largest loan in the transaction.  It is
secured by 12 office properties located in Germany.  All
properties are fully let to GMG Generalmietgesellschaft mbH (a
Deutsche Telekom subsidiary).

The portfolio has a weighted-average unexpired lease term of 4
years and a 1.67x interest coverage ratio (ICR).

The seven-year loan matures in July 2013 and is cross defaulted
with the Valentine loan.  In December 2012, the loan entered
special servicing following a loan-to-value (LTV) ratio breach.
A November 2012 market valuation of EUR132,820,000 reflected an
LTV ratio of 127%.

As a result of the LTV breach, excess cash is being trapped.
According to the April 2013 servicer report, trapped funds
currently total EUR1 million.

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

                    BARTHONIA (29% OF THE POOL)

The Barthonia loan is secured by a single property, the Barthonia
Forum, which is located in the Ehrenfeld district of Cologne.
The loan matures in July 2013.

The current securitized loan balance is EUR113.39 million and the
loan features a EUR14.75 million junior ranking B-note.

The servicer has reported a 1.30x ICR and a 111% LTV ratio based
on a March 2013 value of EUR102 million.  The estimated
realization price within 12 months is EUR89 million.

The loan was transferred to Special Servicing on 1 February 2011
due to a breach of the LTV Covenant.  The income is sufficient to
pay debt service and the special servicer retains all excess
cash, given the LTV covenant breach.  The loan has a EUR4.6
million cash balance.  The servicer indicates that these funds
will be applied toward capex required at the property.

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

                 VALENTINE LOAN (22% OF THE POOL)

This loan is secured by 11 office and retail properties in
Germany.  It matures in July 2013 and is cross collateralized
with the DT-12 loan.

The servicer has reported a 126% LTV ratio and a 1.47x ICR, just
below the default covenant of 1.50x.  The loan triggered an LTV
breach following the November 2012 valuation of EUR59.3 million.
The loan then entered special servicing and remains in default.

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

                         RATING RATIONALE

S&P's ratings in Talisman-4 Finance address timely payment of
interest, payable quarterly in arrears, and payment of principal
not later than the July 2015 legal final maturity date.

"Following our review, we believe that the available credit
enhancement for the class A and B notes is insufficient to
mitigate the risk of losses from the underlying loans at the
current assigned rating levels.  We believe that the class C and
D notes are likely to incur principal losses.  Taking these
factors into account, we have lowered and removed from
CreditWatch negative our ratings on the class A, B, C, and D
notes.  We have lowered to 'D (sf)' our ratings on the class E,
F, and G notes as these notes have incurred principal losses,"
S&P said.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an 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
                To             From

Talisman-4 Finance PLC
EUR739 Million Commercial Mortgage-Backed Floating-Rate Notes

Ratings Lowered And Removed From CreditWatch Negative

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

Ratings Lowered

E               D (sf)         CCC- (sf)
F               D (sf)         CCC- (sf)
G               D (sf)         CCC- (sf)


TALISMAN-7 FINANCE: S&P Lowers Rating on Class H Notes to CCC-
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on Talisman-7 Finance
Ltd.'s class A, B, and C notes.  At the same time, S&P has
lowered its ratings on the class E, F, G, and H notes and has
affirmed its ratings on the class D, I, and J notes.

The rating actions follows 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.

Eight of the nine remaining loans are in special servicing.  In
S&P's base case scenario, all of the loans are likely to suffer
losses, except for the Bach loan.

             THE MOZART LOAN (55% OF THE POOL BALANCE)

The whole loan balance is EUR670.1 million, with the senior loan
being EUR557.6 million and the portion of the senior loan
securitized in this transaction being EUR418.2 million.  The loan
was restructured in 2011 and the special servicer extended the
maturity date to April 2015.

The loan is currently secured on 61 German properties (mainly
office).  At closing, there were 107 properties.  The special
servicer has sold 46 properties since 2010.  The portfolio's
reported occupancy is 66.1%, down from 71.3% at closing in June
2007.

Based on an October 2012 EUR460.4 million valuation, the whole
loan loan-to-value (LTV) ratio is 146%.

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

              THE HAYDN LOAN (9% OF THE POOL BALANCE)

The whole loan and securitized balance is EUR69.7 million.  The
loan failed to repay at maturity in January 2012 and the borrower
filed for insolvency in May 2012.

Two offices and one hotel in Germany secure the loan.  The
portfolio's current reported occupancy is 53.0%, down from 93.7%
at closing.  The EUR3.7 million sale of the hotel, which was
signed in April 2013, is expected to complete in Q2 2013, and the
sale of one of the office properties is ongoing.

Based on a EUR36.1 million December 2012 valuation, the whole
loan LTV ratio is 193%.

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

             THE WAGNER LOAN (9% OF THE POOL BALANCE)

The whole loan balance is EUR89.7 million, with the securitized
loan being EUR66.8 million.  The loan has been in special
servicing since August 2010 and matured in January 2012.  The
property is under forced administration and the special servicer
plans to sell the asset in early 2014.

The loan is secured on a 36-building technology park located in
Bergisch-Gladbach, Germany, with a currency occupancy of 73.5%,
down from 100.0% at closing.

Based on a EUR36.3 million December 2012 valuation, the whole
loan LTV ratio is 247%.

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

            THE BRUCKNER LOAN (7% OF THE POOL BALANCE)

The whole loan and securitized balance is EUR52.7 million.  The
loan has been in special servicing since January 2013 after an
LTV ratio breach.

The loan is secured by 36 multifamily properties, mainly located
in eastern Germany.  The portfolio's occupancy is 86.9%, which is
in line with 88.5% occupancy at closing.

Based on an August 2012 valuation of EUR44.4 million, the whole
loan LTV ratio is 119%.

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

             THE HANDEL LOAN (7% OF THE POOL BALANCE)

The whole loan and securitized balance is EUR52.3 million.  The
loan failed to repay at its extended maturity date in 2012.  A
restructuring agreement was agreed between the borrower and the
special servicer in January 2013 with the aim of selling all of
the properties by January 2015.

Seven properties originally secured the loan, but due to property
sales, the loan is now secured by two office properties and two
residential portfolios in Germany.  Occupancy for the remaining
properties is 84.9%, which is in line with the 85.9% occupancy
rate at closing.

The current whole loan LTV ratio is 100%, based on a
EUR52.2 million June 2012 valuation.

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

             THE BRAHMS LOAN (6% OF THE POOL BALANCE)

The whole loan balance is EUR56.4 million, with the securitized
loan being EUR46.9 million.  The loan entered special servicing
in November 2011 following a breach of the LTV ratio covenant and
failed to repay at maturity in January 2012.

One office property in Eschborn, Germany, secures the loan.  This
is let predominantly to Ernst & Young with a short remaining 2.5-
year lease term.

The whole loan LTV ratio is 191%, based on a December 2012
EUR29.6 million valuation.

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

              THE BACH LOAN (6% OF THE POOL BALANCE)

The whole loan balance is EUR65.4 million, with the securitized
loan being EUR44.2 million.  The loan entered special servicing
after failing to repay at maturity in January 2012.

The loan is secured by 13 office properties located in mostly
secondary locations in Germany.  The portfolio's occupancy has
been at 83.0% since closing.  There have been 24 property sales
since closing.

The whole loan LTV ratio is 99%, based on a EUR65.9 million
December 2012 valuation.

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

             REMAINING LOANS (2% OF THE POOL BALANCE)

The Schubert loan (1% of the pool balance) entered special
servicing in April 2013 after breaching its LTV ratio covenant.
The loan is secured by a single-let office property located in
Chemnitz, Germany.

The Hof loan (1% of the pool balance) breached its LTV ratio
covenant in January 2013 due to an updated valuation.  However,
the loan did not enter special servicing because the servicer
considered this event of default to not be material.  A car
dealership in central Neuss secures the loan.

In S&P's opinion, full recovery of these loans appear unlikely in
its base case scenario.

                           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 and B 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 and
B notes.

S&P believes that it is highly likely that the class C to J notes
will suffer principal losses under its base case scenario.

For the class C and D notes, principal losses will likely occur
in the medium term.  Therefore, S&P has lowered to 'B- (sf)' from
'B+ (sf)' and removed from CreditWatch negative its rating on the
class C notes.  S&P has affirmed its 'B- (sf)' rating on the
class D notes as its rating already reflects this risk.

S&P has also lowered its ratings on the class E, F, G, and H
notes by one notch to reflect its view that these classes are
likely to suffer principal losses in the near term.  S&P has
affirmed its 'CCC- (sf)' ratings on the class I and J notes
because it considers its ratings on these notes to already
reflect the potential near-term principal losses.

Talisman-7 Finance closed in June 2007 with notes totaling
EUR1.826 billion.  The notes have an April 2017 legal final
maturity date and a current balance of EUR766.6 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-7 Finance Ltd.
EUR1.826 Billion Commercial Mortgage-Backed Floating-Rate Notes

Ratings Lowered and Removed from CreditWatch Negative

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

Ratings Affirmed

D                B- (sf)
I                CCC- (sf)
J                CCC- (sf)

Ratings Lowered

E                CCC+ (sf)     B- (sf)
F                CCC+ (sf)     B- (sf)
G                CCC (sf)      CCC+ (sf)
H                CCC- (sf)     CCC (sf)


TAURUS CMBS 2007-1: S&P Lowers Rating on Class F Notes to D
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on Taurus CMBS (Pan-
Europe) 2007-1 Ltd.'s class A1, A2, B, and C notes.  At the same
time, S&P has lowered its ratings on the class D, E, and F notes.

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

On Dec. 6, 2012, S&P placed its ratings on the class A1, A2, B,
and C notes on CreditWatch negative, following the update to its
European CMBS criteria.

Taurus CMBS (Pan-Europe) 2007-1 is a pan-European conduit
transaction that closed in August 2007.  The transaction is
currently backed by six loans, down from 13 at closing.

               FISHMAN JEC LOAN (57.3% OF THE POOL)

The Fishman loan, which matures in July 2014, is the largest loan
in the pool.  The securitized loan has an outstanding balance of
EUR134 million.  There is no additional debt for this loan.

The property portfolio consisted of 20 properties at closing, and
18 assets now remain.  The assets are a mixture of secondary
office, industrial, and retail units.  The portfolio is currently
86% let, with about 85% of income coming from investment-grade
tenants, including the French government.

The top five tenants account for 79% of the income, with the
largest tenant accounting for 38% of the income.  The weighted-
average unexpired lease term-to-break option is three years and
seven months.

In May 2013, the servicer reported a securitized loan-to-value
(LTV) ratio of 84.9%, based on a December 2012 valuation, and a
securitized interest coverage ratio (ICR) of 1.29x.

                  HUTLEY LOAN (16.8% OF THE POOL)

Hutley is the second-largest loan in the pool.  It has a
securitized balance of EUR39.2 million and matures in July 2014.

The portfolio consists of 11 commercial mixed use properties in
Germany, including offices, retail, industrial, workshops, and
leisure.

The top five tenants account for 64% of the income, with the
largest tenant accounting for 26% of the income.  The properties
are currently 81% occupied, with a weighted-average lease term of
five years and 10 months until lease break.

In May 2013, the servicer reported a securitized LTV ratio of
85.8%, based on a December 2010 valuation, and a securitized ICR
of 7.41x.

                  SATURN LOAN (10.4% OF THE POOL)

Saturn is the third-largest loan in the pool and has a
securitized balance of EUR24.4 million and matures in April 2014.
The loan has an A/B note structure, with the securitized portion
representing approximately 90% of the whole loan.

The loan is secured on a single asset located around a kilometer
from central Frankfurt.  It comprises three basement and five
upper floors.  It is predominantly used for retail purposes, with
the remaining space consisting of apartments and a small leisure
center.

The largest tenant accounts for 97% of the income.  The portfolio
is currently 89% occupied, with a weighted-average lease term of
eight months until lease break.

In May 2013, the servicer reported a securitized LTV ratio of
64.6%, based on a January 2011 valuation, and a securitized ICR
of 7.67x.

               REMAINING LOANS (15.6% OF THE POOL)

The three remaining loans account for about 15.6% of the
remaining pool.  Four office and industrial properties secure the
loans, situated in Germany and France.

                           RATING ACTIONS

S&P's ratings on Taurus CMBS (Pan-Europe) 2007-1's notes address
timely interest payments and principal repayments not later than
the February 2020 legal final maturity date.

In S&P's opinion, the available credit enhancement for the class
A1, A2, B, C, and D notes is insufficient to absorb the
calculated losses at their currently assigned rating levels.  S&P
has therefore lowered its ratings on these classes of notes.  At
the same time S&P has removed from CreditWatch negative its
ratings on the class A1, A2, B, and C notes.

The class E and F notes have experienced losses from previous
interest shortfalls.  Subsequently, the interest shortfall on the
class E notes was repaid.  S&P has lowered its rating on this
class of notes to 'CCC- (sf)' as it believes this class of notes
remains susceptible to interest shortfalls in the future.

The interest shortfall on the class F notes remains outstanding,
and S&P expects principal losses on this class of notes.  S&P has
therefore lowered to 'D (sf)' from 'B- (sf)' its rating on the
class F notes.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an 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
            To                From

Taurus CMBS (Pan-Europe) 2007-1 Ltd.
CHF.1 Million, EUR549.95 Million Commercial Mortgage-Backed
Floating-Rate Notes

Ratings Lowered And Removed From CreditWatch Negative

A1          BB+ (sf)          A+ (sf)/Watch Neg
A2          BB- (sf)          A (sf)/Watch Neg
B           B (sf)            BBB (sf)/Watch Neg
C           B- (sf)           BB- (sf)/Watch Neg

Ratings Lowered

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


WEPA HYGIENEPRODUKTE: Moody's Assigns B1 CFR After Refinancing
--------------------------------------------------------------
Moody's assigned a definitive B1 corporate family rating and B1-
PD probability of default rating to WEPA Hygieneprodukte GmbH
following the successful execution of the group's refinancing
exercise and review of final credit documentation. Concurrently,
Moody's has assigned a definitive B2 (LGD 4, 66%) rating to the
EUR275 million senior secured notes issued by WEPA. The stable
outlook remains unchanged.

Ratings Rationale:

Moody's definitive ratings are in line with the provisional
ratings assigned on April 29, 2013.

WEPA's B1 CFR is supported by the group's solid market positions
in the production of private label consumer tissue products,
which benefit from stable demand due to the largely non-
discretionary nature of the products. Strong ties with leading
European retailers including joint product development support
WEPA's market position. The group's focus on private label
products is seen as a strength in the currently challenging
macroeconomic environment as it could allow WEPA to gain market
share at the expense of branded products. The rating also
considers the earnings recovery since 2012 and Moody's assumes
that these improvements can largely be sustained on the back of
portfolio optimization measures and improved internal
efficiencies.

On a more negative note, the rating is constrained by the fairly
small scale of WEPA as indicated by sales of about EUR850 million
in 2012 as well as limited geographic diversification. In
addition, the relatively narrow product portfolio and dependency
on a couple of large retailers makes WEPA vulnerable to changes
in these markets. Moody's also cautions that the price
competitive nature of the industry with strong bargaining power
of retailers and susceptibility of profitability to volatile
input costs leave the company exposed to potential margin
volatility. Given these factors, WEPA's leverage is considered
relatively high at this point in time, as evidenced by
Debt/EBITDA as adjusted by Moody's (incl. Off-Balance-Financing)
of 4.7x as of yearend 2012.

Following the refinancing, WEPA's liquidity profile is adequate.
Internal sources include cash on hand of EUR6 million as pro
forma for the refinancing. In addition, Moody's notes that WEPA
has access to a new revolving credit facility amounting to EUR 90
million as well as to a about EUR90 million of
factoring/securitization agreement. These sources should be
sufficient to fund working cash requirements as well as capex
forecasted at around EUR 30 million per year, with the RCF in
place to support seasonal working capital swings. Moody's expects
WEPA to continue to generate positive free cash flows.

Moody's would consider a positive rating action if Moody's
adjusted Debt/EBITDA (incl. Off-balance-financing) were to
decline to materially below 4 times with EBITDA margins around
12% (9.9% per 2012) on a sustained basis and consistently
positive free cash flow generation.

Negative pressure would build should WEPA not be able to achieve
further improvements in profitability, as exemplified by
Debt/EBITDA staying materially above 4.5x on a Moody's adjusted
basis (incl. Off-balance-financing). A negative rating action
could also be triggered by a weakening liquidity profile due to
WEPA incurring material amounts of negative free cash flow and/or
tightening covenant headroom.

The B2 rating assigned to the EUR275 million senior secured notes
is one notch below the group's corporate family rating. The
rating on this instrument reflects its junior ranking behind the
EUR 90 million super senior revolving credit facility (RCF) and
Moody's assumption of preferred treatment of trade payables in a
going concern scenario. The RCF and the senior secured notes
share the same collateral package, consisting of a pledge over
materially all of the group's assets as well as upstream
guarantees from most of the group's operating subsidiaries,
representing more than 85% of aggregate assets and EBITDA.
However, RCF lenders benefit from priority treatment in a default
scenario as their claims will be discharged before any remaining
proceeds will be distributed to the holders of the proposed
senior secured notes.

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

WEPA Hygieneprodukte GmbH, based in Arnsberg (Germany), is a
leading producer and supplier of tissue paper products in Europe.
The company employs approximately 2,600 staff, which generated
about EUR850 million of sales in 2012.


WGF: Private Investors Fail to Unseat CEO Pino Sergio
----------------------------------------------------
Property Investor Europe reports that private investors in high-
yielding corporate bonds of German privately-held WGF, which
entered voluntary bankruptcy last year, failed to push through
motions at a creditor meeting to unseat CEO and Founder Pino
Sergio.

According to PEI, administrators said Mr. Sergio is needed to
salvage current developments and investments.

WGF is a Dusseldorf private real estate group.

In December 2012, WGF filed for insolvency in the form of debtor-
in-possession -- management remains but under court-appointed
supervision -- after reporting a EUR71 million loss for 2011.



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


CAVENDISH SQUARE: S&P Lowers Rating on Class C Notes to BB
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Cavendish Square Funding PLC's class A2 and C notes.  At the same
time, S&P has affirmed its ratings on the class A1-N and B notes.

The rating actions follows S&P's assessment of the transaction's
performance using data from the latest April 30, 2013 monthly
trustee report and the May 13, 2013 payment date report.

From S&P's analysis, it observed that the aggregate performing
collateral balance has decreased to EUR257.6 million from
EUR290.5 million since its April 19, 2012 review.  In S&P's view,
this was mainly due to the assets' deleveraging during the
amortization period and, to some extent, due to higher defaults.

Since S&P's April 2012 review, the pool's credit quality has
deteriorated due to negative rating migration.  The proportion of
'CCC' rated assets has increased to EUR34.5 million (13.42% of
the pool) from EUR16.2 million (5.62%) as of S&P's previous
review. The portfolio's deterioration has increased the scenario
default rate (SDR) at each rating level.  Defaults have also
increased to 5.65% from 4.35%.

Less than 5% of the loans in the pool pay interest less
frequently (biannually) than the notes, which pay quarterly.
Under 4% of the British pound sterling denominated assets are
hedged with an asset swap counterparty.  The weighted-average
spread has increased to 144 basis points (bps) from 126 bps since
April 2012.  The class C notes' par value is currently 102.63%.
They are therefore now failing the transaction documents' 102.8%
trigger level.  In 2012, the class C notes were passing the par
value test, at 103.14%.

"We subjected the capital structure to our cash flow analysis to
determine the break-even default rate (BDR) at each rating level.
In our analysis, we used the reported portfolio balance that we
consider to be performing, the current weighted-average spread,
and the weighted-average recovery rates that we calculated in
accordance with our criteria for rating collateralized debt
obligations (CDOs) of structured finance assets.  We applied
various cash flow stress scenarios, using different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category," S&P said.

Overall, although the transaction is overcollateralized compared
with other CDO transactions that S&P rates and the senior notes
are amortizing, the pool's negative rating migration has resulted
in higher SDRs.  The class A2 and C notes pass their SDRs at
lower ratings than currently assigned.  The class A1-N and B
notes pass their SDRs at the currently assigned rating levels.

S&P has affirmed its ratings on the class A1-N and B notes
because, in its opinion, the results of its credit and cash flow
analysis show that the credit enhancement available to these
notes is commensurate with the currently assigned ratings.

S&P's credit and cash flow analysis of the class A2 and C notes
indicates that the available credit enhancement is commensurate
with lower ratings than previously assigned.  This is mainly due
to higher scenario default rates (SDRs) due to the higher
proportion of 'CCC' rated assets and overall negative rating
migration in the pool.  S&P has therefore lowered its ratings on
the class A2 and C notes.

Cavendish Square Funding is a cash flow mezzanine structured
finance CDO of pooled structured finance assets.  The transaction
closed in February 2006 and is currently amortizing period.

          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

Cavendish Square Funding PLC
EUR297.45 Million Secured Floating-Rate Notes Revolving Credit
Facility Secured
Fixed-Rate Notes And Subordinated Notes

Ratings Lowered

A2              BB+ (sf)     BBB- (sf)
C               BB (sf)      BB+ (sf)

Ratings Affirmed

A1-N            BBB+ (sf)
B               BB+ (sf)


STAGE MEZZANINE 2006: Trust Pact Amendment No Impact on Ratings
---------------------------------------------------------------
Moody's announced that an amendment to the Trust Agreement would
not, in and of itself and as of this time, result in the
downgrade or withdrawal of the rating of notes issued by StaGe
Mezzanine 2006. The amendment would extend the period available
for initiating the disposal of profit participation agreements
which have not been redeemed on the scheduled maturity date from
three months to six months.

Moody's has determined that the amendment, in and of itself and
at this time, will not result in the downgrade or withdrawal of
the notes rating currently assigned to StaGe Mezzanine 2006.
However, Moody's opinion addresses only the credit impact
associated with the proposed amendment, and Moody's is not
expressing any opinion as to whether the amendment has, or could
have, other non-credit related effects that may have a
detrimental impact on the interests of note holders and/or
counterparties.

The last rating action for Stage Mezzanine was taken on
November 1, 2012:

[EUR20M B Notes, Downgraded to Caa3 (sf); previously on Aug 26,
2011 Downgraded to Caa1 (sf)]

The methodologies used in this rating were "Moody's Approach to
Rating CDOs of SMEs in Europe" published in February 2007, and
"Moody's Approach to Rating Collateralized Loan Obligations"
published in June 2011.

Moody's will continue monitoring the ratings. Any change in the
ratings will be publicly disseminated by Moody's through
appropriate media.


VERTICAL ABS 2006-2: Cessation of Posting No Impact on Ratings
--------------------------------------------------------------
Moody's Investors Service determined that cessation of collateral
posting by UBS AG, London Branch as Credit Default Swap
Counterparty under the terms of the credit default swap ISDA
Master Agreement and Schedule entered into between UBS AG, London
Branch and Vertical ABS CDO 2006-2, Ltd. (the "Issuer"), an SF
CDO, dated as of June 30, 2006 will not in and of itself and at
this time result in the withdrawal, reduction or other adverse
action with respect to any current rating by Moody's of any Class
of Notes issued by the Issuer. Moody's does not express an
opinion as to whether the cessation of collateral posting by UBS
AG, London Branch as Credit Default Swap Counterparty could have
non-credit-related effects.

The Agreement governs the entering into Synthetic Securities in
the form of credit default swap transactions under which the
Issuer is a seller of credit protection and acquires a "long"
synthetic exposure to a related Reference Obligation or hedges
such exposure by purchasing credit protection. The Agreement
provides that, following a downgrade whereby the Credit Default
Swap Counterparty no longer has the required ratings set forth in
the Agreement, the Credit Default Swap Counterparty must
implement one of several permitted courses of action. Following a
rating downgrade in late 2008, the Credit Default Swap
Counterparty posted collateral to a dedicated account held with
the Trustee under the terms of the Agreement. Now, the
Counterparty proposes that Moody's determine whether cessation of
collateral posting satisfies the Rating Condition.

In reaching its determination, Moody's considered, among other
factors, the current Moody's ratings of the Notes issued by the
Issuer and the Moody's rating of the Credit Default Swap
Counterparty. The principal methodology used in reaching its
conclusion and in monitoring the ratings of the Notes issued by
the Issuer is "Moody's Approach to Rating SF CDOs", published in
May 2012.

Other methodologies and factors that may have been considered in
the process of rating the Certificates issued by the Issuer can
also be found in the Rating Methodologies sub-directory on
Moody's website. Moody's Investors Service did not receive or
take into account a third-party due diligence report on the
underlying asset or financial instruments related to the
monitoring of the transaction in the past six months.

Moody's will continue monitoring the ratings of the Notes issued
by the Issuer. Any change in the ratings will be publicly
disseminated by Moody's through appropriate media.

On April 24, 2009, Moody's took these rating actions on Notes
issued by Vertical ABS CDO 2006-2, Ltd.:

Class A1, Downgraded to C; previously on 12/16/2008 Downgraded to
Ca

Class A2, Downgraded to C; previously on 12/16/2008 Downgraded to
Ca

Class A3, Downgraded to C; previously on 5/9/2008 Downgraded to
Ca

Class A-S1VF, Downgraded to C; previously on 12/16/2008
Downgraded to Caa3 and remains on Review for Possible Downgrade



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


GRUPPO RIVA: Italian Prosecutors Order Seizure of EUR8.1BB Assets
-----------------------------------------------------------------
Alessandra Migliaccio at Bloomberg News reports that Italian
prosecutors ordered the seizure of EUR8.1 billion (US$10.5
billion) of assets belonging to the Riva family, one of Europe's
wealthiest industrial families and owners of Ilva, Europe's
largest steel plant.

According to Bloomberg, spokesmen for Ilva in Taranto, Italy, and
Italian financial police in Rome said a seizure order was issued,
though they declined to give additional details.

Emilio Riva, the chairman of closely held Gruppo Riva SpA, which
controls Ilva, is facing accusations of causing an "environmental
disaster" at the Ilva plant in Taranto, Bloomberg says, citing
court documents.  The company has said it's fighting the charges,
Bloomberg relates.

Separately, Italian financial police on May 22 ordered the
seizure of eight trust funds for a total of EUR1.2 billion linked
to a "famous Italian family" operating in the steelmaking
industry, Bloomberg discloses.

As reported by the Troubled Company Reporter-Europe on Jan. 22,
2013, Bloomberg News related that Prime Minister Mario Monti's
government issued a decree in December reopening the Ilva
steelworks plant.  The prosecutors have appealed to the country's
Constitutional Court, Bloomberg disclosed.  A Riva official, who
declined to be identified because the company's finances are
private, said the company, which has been paying its 12,000
workers since production ceased, is now running out of cash.  It
may be forced to close the plant if it can't reach an agreement
with its labor unions, Bloomberg noted.  The Riva fortune first
came under threat in July, when Patrizia Todisco, a judge in
Taranto, accused the family of not installing filters and other
safety measures that would have prevented the release of toxins
that induced some kinds of cancer into the air, Bloomberg
recounted.  In court documents, Judge Todisco, as cited by
Bloomberg, said the company had not lived up to earlier promises
to clean up its operations.  She shut down the plant, Bloomberg
related.  Judge Todisco has asked the company to pay EUR3 billion
to clean up the Taranto air, Bloomberg disclosed.  A Riva
official said that the company, which is fighting the charges,
has made a counter offer to the court for the environmental clean
up, Bloomberg noted.  The closing of the plant, which supplies a
third of the country's steel, has set off a conflict in the city
of 190,000 between the unions, who are worried about job losses,
and the community groups, who are concerned about public health,
Bloomberg noted.  It also ignited a fight between Mr. Monti and
Italian prosecutors, who want to keep the plant closed, Bloomberg
said.

Gruppo Riva SpA is Italy's largest steel producer.


LOCAT SV: S&P Lowers Rating on Class C Notes to CCC
---------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Locat SV S.r.l. series 2006's class B and C notes, and affirmed
those on the class A2 notes.

The rating actions follows S&P's credit and cash flow analysis of
the transaction's outstanding collateral.

Locat SV series 2006 is an Italian asset-backed securities (ABS)
transaction that closed in December 2006.  Its portfolio
comprises mainly real estate receivables, which account for 94.5%
of the outstanding collateral balance and have a weighted-average
term of 86 months.  It is less granular than similar Italian ABS
transactions that S&P rates.  Its top lessee represents 1.8% of
the outstanding collateral balance and its top 10 lessees
represent 12.8%.

According to the March 2013 investor report, at the end of the
latest collection period in March 2013, 3.9% of the pool of real
estate leasing receivables had been in arrears for more than 30
days.  Considering the high seasoning of the securitized
portfolio (84 months), periodic gross defaults have been
relatively high.  On the past four interest payment dates,
approximately 6.9% of the performing portfolio had defaulted.  In
2012, the funds available in the priority of payments were not
sufficient to cure defaults, and the principal deficiency ledger
is now EUR37 million.  As a result, the transaction is
undercollateralized, as EUR398.7 million of performing principal
backs EUR424.0 million of rated notes.

In S&P's view, the weakening Italian economy is causing the
performance of Italian leasing transactions such as Locat SV's
series 2006 to deteriorate.  In light of the transaction's
deteriorating performance, S&P has revised its credit
assumptions--increasing its base-case default assumption to 14.8%
of the outstanding collateral.  Under S&P's multiples-based
rating methodology, it assumes that 55.4% and 18.1% of gross
defaults are adequate stresses for 'AA+' and 'BBB-' rating
scenarios.

                    INTEREST DEFERRAL TRIGGERS

The transaction features an interest-deferral trigger for the
class B and C notes, based on the cumulative net defaults ratio.
S&P defines this ratio as cumulative defaulted receivables, minus
cumulative recoveries on the initial portfolio, plus subsequent
purchases in the revolving period.  In March 2013, the cumulative
net defaults ratio reached 5.9%, up from 5.6% in December 2012.

According to the transaction documents, when the net defaults
ratio exceeds 6.5%, the issuer does not pay interest on the class
C notes.  It defers interest on the class B notes only if net
defaults ratio exceeds 11.5%.  Having the trigger based on the
net cumulative defaults means that an improvement in performance
could reduce the trigger level as cumulative defaults are offset
by recoveries.

                        CLASS A2 AND B NOTES

Taking into account the available credit enhancement for the
class A2 and B notes, S&P's analysis indicates that these classes
of notes can achieve 'AA+ (sf)' and 'BBB- (sf)' ratings,
respectively.  Accordingly, S&P has affirmed its 'AA+ (sf)'
rating on the class A2 notes and downgraded the class B notes to
'BBB- (sf)'.  In S&P's 'BBB-' scenario, the risk of the class B
interest trigger being hit is remote.

                           CLASS C NOTES

S&P considers it more likely that the cumulative net defaults
ratio will reach the 6.5% trigger level in the next 12 months.
Consequently, the issuer is more likely to defer paying interest
on the class C notes.  Moreover, the transaction is currently
undercollateralized by EUR25.3 million.  In every rating scenario
this represents a threat to the ultimate repayment of principal
on the class C notes.  S&P has therefore lowered its rating on
the class C notes to 'CCC (sf)' from 'B+ (sf)'.

          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

Locat SV S.r.l.
EUR1.973 Billion Asset-Backed Floating-Rate Notes Series 2006

Ratings Lowered

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

Ratings Affirmed

A             AA+ (sf)


SAFILO SPA: Moody's Lifts CFR to B2; Outlook Remains Positive
-------------------------------------------------------------
Moody's Investors Service upgraded Safilo S.p.A.'s corporate
family rating to B2 from B3 and probability of default rating to
B2-PD from B3-PD. The outlook on the ratings remains positive.

Ratings Rationale:

"We have upgraded Safilo's ratings to reflect its success in
weathering the impact of the loss of its license agreement with
Armani and in improving its liquidity profile in recent weeks,"
says Paolo Leschiutta, a Moody's Vice President - Senior Credit
Officer and lead analyst for Safilo. "We recognize that Safilo
has been able to maintain its profitability at satisfactory
levels during 2012 and the first three months of 2013,
notwithstanding the negative impact of the expiry of the license
agreement with Armani and the difficult macroeconomic environment
across key markets," adds Mr. Leschiutta.

In Moody's view, Safilo's fairly stable top line and its current
adjusted EBITA margin of 7.4% as of March 2013 (calculated on a
last-12-months basis) reflect the group's success in compensating
for the loss of the Armani contract with the acquisition of
Polaroid (consolidated into Safilo's accounts since April 2012)
and growth of house brands. These also indicate the group success
in reducing its fixed costs improving its operating leverage.
While Moody's notes that Safilo's 2012 results were helped by the
presence of Armani products within its top line, the
profitability of these products was below their historical level.

Safilo's current credit metrics position strongly the company in
the current rating category. These metrics include debt/EBITDA of
3.5x and retained cash flow (RCF)/net debt of 16.6% as at March
2013 on a last-12-months basis.

This upgrade also reflects Moody's view that Safilo has
strengthened its liquidity profile over recent weeks. In
particular, on May 6, 2013 the group announced the closing of two
new revolving credit facilities for an aggregate amount of EUR100
million. Both facilities are due in June 2015, in line with the
group's pre-existing EUR200 million main revolving credit
facility. Availability under these lines sufficiently covered the
maturity of the group's EUR127 million worth of notes that was
due on May 15, 2013. Although Moody's understands that Safilo has
fully drawn on the EUR200 million revolving facility to repay the
notes, the recently signed EUR100 million of credit lines remain
available to the group.

The rating agency considers these lines to be sufficient to cover
the group's expected working capital needs and its modest amount
of amortizing debt. At the same time, however, Moody's notes that
these facilities are covenanted with an expected step down in
financial covenant requirements at June 2013 which is expected to
reduce headroom though remaining adequate under Moody's base
performance scenario. Furthermore most of the group capital
structure is now due in June 2015, posing some refinancing risk.

The positive outlook on the ratings reflects Moody's view that
Safilo is likely to exhibit a fairly stable operating performance
over the coming months, marking the group's complete exit from
the Armani contract. Success in stabilizing its operating
performance and addressing its refinancing needs comfortably
ahead of scheduled maturity could lead to a further rating
upgrade.

What Could Change The Rating Up/Down

Evidence of sustainability of the current profitability, together
with a proactive management of the company's refinancing needs,
could result in a rating upgrade. Upward rating pressure could
result if the group were able to maintain over time (1) an EBITA
margin above 7%; and (2) a debt/EBITDA ratio below 4.0x on a
sustainable basis.

The ratings could come under negative pressure if Safilo's EBITA
margin were to fall to the mid-single-digit range in percentage
terms, or if its debt/EBITDA ratio were to increase above 5.0x.
Moody's would also consider downgrading the ratings if there were
a deterioration in Safilo's liquidity profile or a negative
development in the group's competitive position.

Principal Methodology

The principal methodology used in rating Safilo was the "Global
Consumer Durables" rating methodology, updated and published in
October 2010.

Headquartered in Padua, Italy, Safilo is a global leading
manufacturer and seller in the premium eyewear sector, offering a
strong portfolio of both owned and licensed brands. The group
sells sunglasses, prescription glasses and sport-specific eyewear
in more than 130 countries. During 2012, Safilo had revenues of
EUR1.174 billion and EBITDA of EUR115.1 million.



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


ALLIANCE BANK: Fitch Cuts LT Issuer Default Ratings to 'CCC'
------------------------------------------------------------
Fitch Ratings has downgraded Kazakhstan-based JSC Alliance Bank's
Long-Term Issuer Default Ratings (IDRs) to 'CCC' from 'B-'.

KEY RATING DRIVERS - IDRS, SUPPORT RATING, SUPPORT RATING FLOOR
AND SENIOR DEBT

The downgrade of the IDRs, Support Rating Floor and senior debt
rating reflects Fitch's view that a new restructuring of the
bank's debt now appears a real possibility. This view is based on
(i) the plan of the major shareholder, National Wealth Fund
Samruk Kazyna (SK), to sell the bank, (ii) Fitch's understanding
that SK is unlikely to inject capital into Alliance prior to any
sale in order to support the bank's viability; and (iii) the
agency's understanding that regulatory forbearance in respect to
the bank's capitalization is unlikely to be extended beyond the
near term, meaning that a restructuring of the bank is likely if
a buyer is not found in reasonably short order.

The 'CCC' Long-Term IDRs and senior debt rating are based on the
'CCC' Support Rating Floor and remain one notch above the bank's
'cc' Viability Rating. This reflects the limited support benefits
still available to Alliance as a result of its government
ownership, in particular (i) considerable funding made available
to the bank from SK and the National Bank of Kazakhstan (NBK),
(ii) the readiness of SK to support the sale and viability of
Alliance by promoting a merger with the better capitalized
Temirbank (unrated), which is also majority owned by SK, and
(iii) likely continued regulatory forbearance in the near term,
while sale negotiations are ongoing.

The plan to sell Alliance follows an instruction given by
President Nazarbayev at the start of this year that SK should
exit the capital of all three Kazakh restructured banks -
Alliance, Temirbank and BTA Bank ('CCC'/ Rating Watch Positive) -
by end-2013. In Fitch's view, it will likely be challenging to
find a buyer for Alliance due to its weak solvency.

SK has indicated that it may seek to sell Alliance and Temir
together to a single buyer. However, Fitch understands that SK is
unlikely to merge the banks prior to disposal (in order not to
potentially delay the sale process long after the end-2013
deadline), and instead may try to make a subsequent merger a
condition of any sale. Fitch calculates that a merged bank would
be likely to meet minimum regulatory capital requirements (even
after bringing statutory reserves into line with those under
IFRS), making a combined sale of the two banks potentially more
attractive than that of Alliance alone. However, considerable
uncertainty remains as to whether any such sale will go ahead,
given the still weak financial position of any merged bank,
limited overall demand for Kazakh banking assets and considerable
operational hurdles related to necessary approvals from creditors
and minority shareholders of both banks.

In Fitch's view, if SK has not made significant progress towards
a sale by the end-2013 deadline, then it will likely seek to
restore Alliance's solvency through a restructuring of the bank's
liabilities.

KEY RATING DRIVERS - VR
Alliance's 'cc' VR reflects the bank's weak stand-alone financial
strength, including (i) still negative Fitch Core Capital (FCC)
at end-2012, (ii) the high level of impaired non-earning assets
and significant restructured loans, the latter potentially
resulting in further pressure on capital, (iii) weak pre-
impairment profitability, and (iv) increasing refinancing risk.

Alliance's reported Basel I Tier I and total capital adequacy
ratios (CARs) were a low 2.7% and 4.1%, respectively, at end-
Q113, while FCC remained negative due to deduction of deferred
tax assets. At the same time, the bank's regulatory CARs were,
respectively, 13.2% and 18.6%. The difference is primarily
explained by an additional KZT31 billion of loan impairment
reserves in the IFRS accounts, and the KZT22 billion liability
recorded in the IFRS statements on the recovery notes. During
2013, the NBK plans to bring into force a new regulation
requiring banks to align their statutory provisions with those
under IFRS; this will result in Alliance breaching minimum
regulatory capital ratios, which will likely further increase the
urgency of a resolution of the bank.

The persistently high non-performing loans (NPLs; loans more than
90 days overdue; 49% of the portfolio at end-2012 and end-Q113)
reflect minimal recoveries since Alliance's default in 2009.
Reserve coverage of NPLs was a reasonable 85% at end-2012 (84% at
end-Q113). Restructured loans were a significant 24% of gross
loans at end-2012, but Fitch is informed that some of these are
already classified as NPLs, making it difficult to assess the
extent of any potential further pressure on capital from these
exposures. Moreover, the quality of the bank's unsecured consumer
loans (the main source of recent growth) has weakened, with
consumer NPL origination equal to 9% of the average performing
portfolio in 2012 and 11% (annualized) in Q113.

Core profitability was weak in 2012, in particular due to strong
inflow of quite expensive retail deposits, which were the main
driver of a 38% reduction in net interest income. As a result,
Alliance reported a KZT4.3 billion net pre-impairment loss for
2012, although the bank achieved marginally positive pre-
impairment profit (KZT0.2 billion) in Q113 due to earning assets
growth and the higher coupon yield on SK bonds.

Alliance's liquidity position remains fragile in view of upcoming
external debt principal repayments of USD74 million in 2014,
USD148 million in 2015, USD148 million in 2016 and USD103 million
in 2017 (all figures net of bonds repurchased by the bank).
USD419 million of liquid assets at end-Q113, including USD112
million of cash and deposits and USD307 million of repoable SK
and sovereign bonds, covered these repayments by 88%. Alliance
also had USD1 billion of loans maturing in less than 12 months at
end-2012, suggesting that additional liquidity could be generated
through a slowdown in issuance of new consumer loans, although
this would further undermine profitability.

RATING SENSITIVITIES

The IDRs could ultimately be downgraded to 'RD' and the VR to 'f'
if SK fails to find a buyer for Alliance and announces that it
will seek to resolve the bank through a restructuring of its
liabilities. The IDRs could also be downgraded if the bank is
sold to a weak new shareholder without measures being taken to
strengthen the bank's capitalization by either SK or the new
owner.

The ratings could stabilize at their current levels, or be
moderately upgraded, if the bank's capitalization is strengthened
as a result of the sale and/or merger process.

KEY RATING DRIVERS AND SENSITIVITIES - SUBORDINATED DEBT
The 'C' subordinated debt rating is notched down from the bank's
VR. The 'RR6' Recovery Rating reflects weak recovery prospects in
case of default.

The rating actions are:

Long-Term foreign currency IDR downgraded to 'CCC' from 'B-'

Short-Term foreign currency IDR downgraded to 'C' from 'B'

Long-Term local currency IDR downgraded to 'CCC' from 'B-'

Viability Rating affirmed at 'cc'

Support Rating affirmed at 5

Support Rating Floor revised to 'CCC' from 'B-'

Senior debt rating downgraded to 'CCC' from 'B-'; Recovery Rating
at RR4

Subordinated debt rating downgraded to 'C' from 'CC'; Recovery
Rating at RR6


TSESNA BANK: S&P Affirms 'B' Counterparty Ratings; Outlook Pos.
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Kazakhstan-based Tsesna Bank to positive from stable
and affirmed its 'B' long- and short-term counterparty credit
ratings.  At the same time, S&P raised its Kazakhstan national
scale rating on the bank to 'kzBBB-' from 'kzBB+'.

The rating actions reflect S&P's view that Tsesna Bank's systemic
importance in the Kazakhstan banking system has been increasing.
Over the past three years, Tsesna Bank has improved its overall
market position to No. 7 among Kazakhstan's 38 commercial banks
by assets, with a market share of 4.5% as of April 1, 2013.  It
is currently the seventh largest domestic bank by retail
deposits, and the sixth largest by net loans and corporate
deposits, including those of many flagship state-owned companies.
In both net loans and corporate deposits, Tsesna Bank holds a 6%
market share.

In S&P's view, Tsesna Bank's increasing leadership role in the
Kazakh banking sector is reflected in its active participation in
Business Road Map 2020, the government's development program for
the Kazakh economy.  As of April 1, 2013, Tsesna Bank was fourth
among domestic banks in terms of total volume of approved loan
applications under the program.

Although the bank has a notable position in a national context,
S&P views it as having a particularly strong position in Central
and Northern Kazakhstan, a region that includes the capital city,
Astana.  As the only bank in the top 10 headquartered in Astana,
Tsesna Bank benefits from a 19% market share in retail deposits
in the capital and a 12% market share in retail term deposits in
north and central Kazakhstan.  Astana's growth rates have been
the highest in the country, and an increasing number of large
Kazakh companies are moving there from Almaty.

These factors, in S&P's view, are signs that Tsesna Bank is
becoming increasingly important to the Kazakh banking system.
S&P also considers that the bank has solid prospects to further
improve its market position.  As a result, over the next 12
months Tsesna Bank's systemic importance, under S&P's criteria,
could improve to moderate from low currently.  In S&P's view, it
would then have a moderate likelihood of receiving extraordinary
support from the government if needed.  S&P considers that the
likelihood of government support may increase if the bank were to
achieve a demonstrably solid franchise that is positioned for
long-term success.

The ratings reflect S&P's view of Tsesna Bank's better asset
quality and profitability than its domestic peers, and its stable
deposit-based funding profile.  Less supportive features include
its weak capitalization, as measured by S&P's risk-adjusted-
capital (RAC) ratio, our expectation of rising credit costs in
the rapidly growing loan portfolio, and high lending and deposit
concentrations.

The positive outlook reflects S&P's view that Tsesna Bank's
franchise has grown in importance in the Kazakh banking sector
over the past three years, as shown by an increased market share
and maintenance of a strong position in northern and central
Kazakhstan, including the capital Astana.  It also reflects S&P's
expectations that Tsesna Bank's asset quality will not worsen
materially and its liquidity will likely stay at current levels.

S&P could raise the ratings if the bank demonstrated evidence of
genuine franchise strength arising from its rapidly expanding
asset base and it also maintains capitalization with a sufficient
margin above the minimum regulatory levels.  The increase and
maintenance of S&P's projected RAC ratio (before adjustments for
diversification) to well over 5%, supported by higher shareholder
capital injections, higher retained earnings, or lower growth
targets than currently planned would also be positive for the
rating.  However, such an increase in our RAC ratio is not S&P's
base-case scenario.

S&P could take a negative rating action if aggressive loan growth
resumed or if it saw a material deterioration of asset quality.
These factors could materially weaken capitalization or lead S&P
to adjust its assessment of the bank's exposure to unexpected
losses.



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


STAGE MEZZANINE: Fitch Lowers Rating on Class B Notes to 'CC'
-------------------------------------------------------------
Fitch Ratings has downgraded StaGe Mezzanine Societe en
Commandite Simple's class B notes, due December 2013, as follows:

-- EUR2.69m class B notes (ISIN: XS0258004190): downgraded to
   'CCsf' from 'CCCsf'; assigned a Recovery Estimate (RE) of 50%

KEY RATING DRIVERS

The downgrade reflects Fitch's view of a high level of default
risk on the note.

The transaction's scheduled maturity was reached in December
2012. Although the available funds were sufficient to redeem the
senior class A notes, they were not sufficient to fully redeem
the class B notes. If the class B notes are not fully repaid
until the legal final maturity in December 2013, they will
default.

According to the investor report as of March 2013, there are five
companies which could make some payments on their loan agreements
to the SPV. Fitch regards these companies as defaulted on their
loan agreements as they were not able to repay the outstanding
debt on the scheduled maturity date.

Given the junior and unsecured debt associated with these loan
agreements, the agency expects no recoveries until the legal
final maturity. However, the agency received an indication from
the portfolio manager that some of these companies may make
payments on their loan agreements as a result of bilateral
negotiations. Additionally, a bidding process for the outstanding
loan agreements will commence by beginning of July 2013. This may
also result in additional cash to the SPV. If this happens, the
current class B note balance may be further reduced. However,
there is no certainty that class B notes will be fully repaid by
the legal final maturity.

RATING SENSITIVITIES

The transaction is sensitive to recoveries from the outstanding
loans that did not repay on the scheduled maturity date. Fitch
regards these loans as non-performing. As they are subordinated,
the agency assumes no recovery in its analysis.

Fitch assigned a Recovery Estimate (RE) to the class B note. REs
are forward-looking, taking into account Fitch's expectations for
principal repayments on a distressed structured finance security.

The transaction is a cash securitization of subordinated loans to
German medium-sized enterprises arranged and monitored by
Portigon AG (formerly WestLB AG) ('A+'/'F1+'/Stable). The
portfolio companies were selected by the issuer based on
recommendations of Deloitte & Touche Corporate Finance GmbH
acting as financial advisor to the issuer.



=================
M A C E D O N I A
=================


* MACEDONIA: S&P Lowers Sovereign Credit Ratings to 'BB-'
---------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
foreign and local currency sovereign credit ratings on the
Republic of Macedonia to 'BB-' from 'BB'.  S&P also affirmed its
'B' short-term ratings on Macedonia.  The outlook is stable.

At the same time, S&P revised down its transfer and
convertibility assessment to 'BB' from 'BB+'.

The downgrade reflects S&P's view of Macedonia's less predictable
growth and fiscal policy outcomes owing to:

   -- Regional economic pressures;

   -- Constrained foreign parents of domestic banks;

   -- Difficulties in managing government arrears; and

   -- Recent increases in public capital expenditure on non-
      productive assets.

Consequently, S&P has revised down its expectation of annual
average Macedonian GDP growth over 2013-2015 to 2%, or less than
half of average growth before the 2008-2009 financial crisis.
This growth rate is unlikely to generate the job creation
required to markedly reduce Macedonia's reported 31% unemployment
rate, and raises questions about the viability of the current
policy mix.

"We anticipate that the Macedonian economy will expand at close
to 1% in 2013, with public spending providing most of the
impetus, following a 0.3% contraction in 2012.  In our opinion,
poor external demand will dampen Macedonia's net exports, taking
into account that about 60% of Macedonia's exports are directed
to the EU.  At the same time, we believe that constrained
domestic credit conditions will limit private investment.  We
anticipate the current account deficit will widen to over 6% of
GDP in 2014 from an estimated 5% in 2013 and will be financed by
external debt accumulation, foreign direct investment inflows,
and some moderate drawdowns in foreign currency reserves," S&P
said.

In S&P's view, political institutions are increasingly weakened
by inadequate checks and balances.  This appears to be raising
the hidden costs of public investment.  S&P anticipates that
investment in non-productive assets will weigh on Macedonia's
potential growth prospects.  S&P sees the business environment as
friendly to large foreign investors, but less encouraging to
domestic small and midsize enterprises.

"Between September 2012 and February 2013, the government
contracted external debt in part to pay down accumulated arrears
and refund value added taxes to corporate entities.  In our
opinion, there is a risk of budgetary revenue shortfalls during
the remainder of 2013, and consequently further accumulation of
government arrears later in the year, especially if there are
expenditure overruns (Macedonia reports government finances on a
cash basis whereas Standard & Poor's assessment is on an accrual
basis).  We expect general government debt to rise to 37% of GDP
by the end of 2016 from about 34% currently.  We further expect
general government guarantees to increase from the current 4.7%
of GDP in the same period," S&P added.

Macedonia has been an EU candidate since 2005.  A dispute with
Greece over its constitutional name has hampered progress on EU
entry talks.  In December 2012, members of opposition parties
were ousted from parliament following a debate over increased
government borrowing.  The European Commission has requested a
Committee of Inquiry to be formed to report on this
confrontation. S&P believes this further complicates Macedonia's
prospects of eventual EU accession.

The Macedonian banking system is largely funded by domestic
deposits and appears well capitalized (the reported capital
adequacy ratio averaged 17.1% in December 2012).  Two of the
three banks that S&P views as systemically important in the
domestic banking sector have weak foreign parents, however,
exposing these subsidiaries to parent-level disruptions.
Stopanska Banka AD's parent is Greece-based National Bank of
Greece S.A. and NLB Tutunska Banka AD's parent is Slovenia-based
Nova Ljubljanska banka.  Loan growth in Macedonia decelerated to
5% in 2012, versus 31% on average between 2005 and 2008,
contributing to weakening GDP growth.  In S&P's opinion, the
Macedonian regulatory and supervisory framework has appropriate
policies in place to address liquidity risks associated with
potential withdrawals by parent banks.

The stable outlook balances S&P's view of Macedonia's structural
and monetary rigidities and vulnerabilities to external shocks
against its relatively low external and fiscal indebtedness.  S&P
could raise the ratings if reforms directed toward higher growth,
were matched with increasing effectiveness and accountability of
public institutions.  On the other hand, S&P could lower the
ratings if a weakening of growth, compounded by continuing
government capital expenditure on non-productive assets, led to
rising public and private debt.



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


CEVA GROUP: S&P Raises LongTerm Corporate Credit Rating to CCC+
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its long-
term corporate credit rating on Netherlands-based integrated
logistics services provider CEVA Group PLC (CEVA) to 'CCC+' from
'SD' (selective default).

At the same time, S&P assigned its issue rating of 'CCC+' to
CEVA's new first-lien secured notes due 2018.  The recovery
rating on these notes is '4', indicating S&P's expectation of
average (30%-50%) recovery prospects in the event of a payment
default.

In addition, S&P raised its issue rating on CEVA's existing
first-lien senior secured debt to 'CCC+' from 'CC'.  S&P revised
its recovery rating on this debt downward to '4' from '3',
indicating its expectation of average (30%-50%) recovery
prospects in the event of a payment default.

S&P also raised its issue ratings on CEVA's 1.5-lien secured
notes due 2016 and senior unsecured notes due 2014 to 'CCC-' from
'C'. S&P revised its recovery rating on these notes downward to
'6' from '5', indicating its expectation of negligible (0%-10%)
recovery prospects in the event of a payment default.

Finally, S&P raised its issue rating on CEVA's junior-priority
senior secured notes due 2018 and senior unsecured notes due 2020
to 'CCC-' from 'D' (default).  S&P revised its recovery rating on
these notes downward to '6' from '5', indicating its expectation
of negligible (0%-10%) recovery prospects in the event of a
payment default.

The rating actions follow S&P's review of CEVA's business and
financial risk profiles following the company's financial
restructuring.  S&P had previously downgraded the group to 'SD'
on April 5, 2013.  At that time, S&P lowered the ratings to 'SD'
because CEVA had missed its scheduled interest payment due on
April 1, 2013, on its EUR532 million of then-outstanding 11.5%
junior-priority senior secured notes due 2018 and EUR470 million
of then-outstanding 12.75% senior unsecured notes due 2020.

On May 2, 2013, CEVA completed a recapitalization, which included
debt-for-equity swaps, EUR165 million of equity from new
shareholders, and access to additional liquidity of up to
EUR65 million.

S&P understands that the holders of CEVA's former junior-priority
and unsecured debt exchanged about EUR1,050 million of the debt
for equity-like instruments of CEVA Holdings, CEVA's new parent
company.  S&P further understands that CEVA Holdings released
junior-priority debt and received a like amount of payment-in-
kind (PIK) notes, and also released all the unsecured debt.  This
has supported CEVA's balance sheet by reducing gross debt by
about EUR525 million and converting a further EUR538 million of
debt into an intercompany PIK loan to CEVA Holdings.  S&P treats
this intercompany PIK loan as debt.

In S&P's opinion, CEVA's capital structure remains highly
leveraged and it sees risks associated with the company's
liquidity position.  S&P believes that CEVA will find it
challenging to materially improve its free cash flow generation
in the current difficult market conditions, despite the recent
recapitalization reducing the company's cash interest costs by
approximately EUR130 million in 2013.

In S&P's view, following the capital restructuring, CEVA's
liquidity is sufficient for it to meet its financing needs over
the next 12 months.

S&P could raise the rating on CEVA if we believe that its ongoing
restructuring programs will lead to a sustainable improvement in
absolute profitability; and that it could achieve break-even free
cash flow, while maintaining sufficient liquidity for its
financing needs.

S&P believes that rating downside is most likely to arise if
liquidity weakens materially, for example, because of greater
negative free operating cash flow than it currently forecasts.
This could stem from further deterioration in the global supply
chain industry or excessive capex.  S&P could also lower the
rating if CEVA announces another distressed debt exchange as part
of another refinancing and recapitalization.


E-MAC NL 2007-IV: S&P Lowers Rating on Class D Notes to BB
----------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in E-MAC NL 2006-II B.V. (E-MAC 2006-II), E-MAC Program
B.V. Compartment NL 2006-III (E-MAC 2006-III), and E-MAC Program
II B.V. Compartment NL 2007-IV (E-MAC 2007-IV).

Specifically, S&P has:

   -- Affirmed its ratings on E-MAC 2006-II's class A, B, C, D,
      and E notes;

   -- Affirmed its ratings on E-MAC 2006-III's class A2, B, C, D,
      and E notes;

   -- Lowered its ratings on E-MAC 2007-IV's class A, B, and D
      notes; and

   -- Affirmed its rating on E-MAC 2007-IV's class C notes.

The rating actions follows S&P's performance review, its credit
and cash flow analysis using information from the servicer (as of
January 2013), and the application of its Dutch residential
mortgage-backed securities (RMBS) criteria.

With the exception of E-MAC 2006-III, arrears in these
transactions increased in 2012.  This reflects the overall
deteriorating performance of E-MAC transactions, in which 90+
days delinquencies are higher than those in S&P's Dutch RMBS
index.

E-MAC 2006-II and E-MAC 2006-III's reserve funds are amortizing.
E-MAC 2007-IV's reserve fund has amortized to the required level
under the transaction documents.

A key factor in S&P's analysis is the decline in Dutch house
prices, which S&P believes has been most significant over the
past nine months.  S&P's calculations show that the weighted-
average indexed loan-to-value (LTV) ratio has increased for all
three transactions since its previous full credit and cash flow
review in October 2011.

S&P has incorporated the Dutch house price decline into its
analysis, which has consequently increased its weighted-average
foreclosure frequency (WAFF) and weighted-average loss severity
(WALS) assumptions for all three transactions.

E-MAC NL 2006-II, 2006-III, and 2007-IV are backed by Dutch
residential mortgages originated by GMAC RFC Nederland B.V.,
which stopped originating Dutch mortgage loans in 2008.  CMIS
Nederland B.V. is the current servicer of all E-MAC NL
transactions.

                           E-MAC 2006-II

Since S&P's October 2011 review, the available credit enhancement
has increased for the class A, B, and C notes.  However, the
available credit enhancement for the class D notes has remained
the same at 0.40% due to the amortizing reserve fund.

"Since our previous review, 90+ days arrears have decreased to
0.59% from 0.80%.  However, total arrears have increased by 11
basis points (bps) to 1.13%.  The slight decrease in severe
arrears has not been sufficient to reduce the required credit
coverage at each rating level in our analysis.  This is due to
the Dutch house price declines observed in 2012.  Nevertheless,
the available credit enhancement for the class A, B, C, D, and E
notes is commensurate with the assigned rating levels.  We have
therefore affirmed our ratings on E-MAC 2006-II's class A, B, C,
D, and E notes," S&P said.

S&P's ratings on the notes in this transaction are constrained by
its long-term issuer credit rating (ICR) on The Royal Bank of
Scotland (RBS; A/Stable/A-1) as the liquidity facility and
guaranteed investment contract (GIC) provider.  This is because
the documentation does not comply with S&P's 2012 counterparty
criteria.  Therefore, S&P's 2012 counterparty criteria cap at 'A
(sf)' the maximum potential ratings in this transaction to
reflect its 'A' long-term ICR on RBS.

Rating    WAFF (%)      WALS (%)

AAA         12.67          24.34
AA          10.11          21.13
A            7.40          16.84
BBB          4.64          14.29
BB           3.33          10.56

                            E-MAC 2006-III

Since S&P's previous review, the available credit enhancement for
the class A2, B, and C notes has increased slightly, but has
remained at 0.40% for the class D notes due to the amortizing
reserve fund.

Since S&P's previous review, total arrears have increased by
0.28% to 1.5%, of which 0.96% are 90+ days delinquent.  This
increase in arrears, combined with the observed Dutch house price
declines, has resulted in an increase in the required credit
coverage at each rating level.  However, the available credit
enhancement at each rating level is sufficient to mitigate S&P's
increased WAFF and WALS assumptions.  S&P has therefore affirmed
its ratings on E-MAC 2006-III's A2, B, C, D, and E notes.

S&P's ratings on the class A2 and B notes are constrained by its
long-term ICRs on Credit Suisse AG (A+/Negative/A-1) as swap
provider, and Cooperatieve Centrale Raiffeisen-Boerenleenbank
B.A. (Rabobank Nederland; AA-/Stable/A-1+) as the transaction
account and liquidity facility provider.

Rating    WAFF (%)   WALS (%)

AAA          16.68      34.88
AA           13.07      31.43
A             9.22      26.59
BBB           6.08      23.52
BB            4.28      18.66

                           E-MAC 2007-IV

Since S&P's previous review, the available credit enhancement for
all classes of notes has increased.  The reserve fund is
currently at its required level of 0.4% of the closing balance.
Delinquencies of more than 90 days have increased by 0.40% to
1.16% and total arrears are just below 2.00%, representing the
largest deterioration that S&P has seen in all three
transactions.

E-MAC 2007-IV's class A and B notes have sufficient credit
enhancement to pass S&P's cash flow stress tests above their
current rating levels.  However, S&P's ratings on these classes
of notes are constrained by its long-term ICR on Rabobank
Nederland as the GIC and liquidity facility provider.  On Nov.
16, 2012, S&P lowered its long-term ICR on Rabobank Nederland.

Following this rating action, S&P should have lowered its ratings
on E-MAC 2007-IV's class A and B notes within three months.
However, S&P did not lower its ratings at that time.  S&P has
corrected the error arising from this delay by lowering to 'AA-
(sf)' from 'AA (sf)' its ratings on the class A and B notes,
which is in line with S&P's long-term ICR on Rabobank Nederland.
This correction does not affect S&P's ratings in any of the other
transactions that it has reviewed.

In addition, S&P has affirmed its 'A (sf)' rating on the class C
notes and has lowered to 'BB (sf)' from 'BB+ (sf)' its rating on
the class D notes based on the results of S&P's cash flow
analysis.  The lowering of S&P's rating on the class D notes
reflects the transaction's deteriorating performance and the
effect of falling Dutch house prices, together with the
relatively small increase in credit enhancement.

Rating    WAFF (%)      WALS (%)

AAA          17.82         43.20
AA           14.40         39.64
A            10.66         34.53
BBB           6.83         31.24
BB            5.06         25.80

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class             Rating
            To                 From

E-MAC NL 2006-II N.V.
EUR456.131 Million Residential Mortgage-Backed Floating-Rate
Notes

Ratings Affirmed

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

E-MAC Program B.V. Compartment NL 2006-III
EUR803.2 Million Residential Mortgage-Backed Floating-Rate Notes

Ratings Affirmed

A2          AA- (sf)
B           AA- (sf)
C           BBB (sf)
D           BB- (sf)
E           CCC (sf)

E-MAC Program II B.V. Compartment NL 2007-IV
EUR702.8 Million Residential Mortgage-Backed Notes

Ratings Lowered

A           AA- (sf)          AA (sf)
B           AA- (sf)          AA (sf)
D           BB (sf)           BB+ (sf)

Rating Affirmed

C           A (sf)


NEW WORLD: S&P Lowers Corp. Credit Rating to 'B'; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term corporate credit rating on The Netherlands-headquartered
coal miner New World Resources N.V. (NWR) to 'B' from 'B+'.  The
outlook is stable.

In addition, S&P lowered its issue rating on NWR's senior secured
notes to 'B' from 'B+' and its issue rating on NWR's senior
unsecured notes to 'CCC+' from 'B-'.

The downgrade reflects S&P's downward revision of the company's
financial risk profile to "highly leveraged" from "aggressive."
The revision reflects S&P's forecast that NWR will report weak
results in the rest of 2013 and 2014, due to weak coal prices in
the second half of 2013 and a drop in coal production.  Under
S&P's revised base-case scenario, it forecasts that NWR's
Standard & Poor's-adjusted debt to EBITDA may increase to more
than 10x in 2013 and improve only to about 5x in 2014, compared
with 4.0x-4.5x that S&P sees as commensurate with the previous
rating of 'B+'.  In addition, S&P foresees that negative free
operating cash flow (FOCF) in the coming quarters could increase
if some of NWR's EUR100 million of short-term cash-optimization
measures take more time to achieve than it plans.

The ratings continue to be supported by S&P's assessment of NWR's
"adequate" liquidity under S&P's criteria, thanks to its
EUR193 million cash balance as of March 31, 2013, and minimal
debt maturities in the next couple of years.  However, NWR's
liquidity may weaken if cash burn continues in 2013 and 2014; if
there are delays in NWR's execution of its short-term cash-
optimization measures; or if NWR is unable to roll over its $100
million revolving credit facility (RCF) that matures in early
2014. Liquidity could also weaken if the company fails to receive
a covenant waiver for its export credit agency (ECA) facility.
Moreover, NWR could use the cash on its balance sheet to finance
its long-term sales target of 10 million tons (Mt) of coking coal
by 2017.

In response to an EBITDA loss of EUR22 million in the first
quarter of 2013, and with no sign of a recovery in coking coal
prices, management plans to undertake short-term cash-
optimization measures.  These measures include:

   -- A wage reduction of 10% across the whole company. NWR is
     yet to sign an agreement for this with the union.

   -- A limit on capital expenditure (capex) to the maintenance
      level of EUR100 million a year, of which NWR spent
      EUR60 million in the first quarter of 2013.

   -- The release of about EUR55 million of working capital.

   -- A plan to sell its coke operations, which contributed
      EUR12 million to EBITDA in 2012.

In S&P's view, NWR should be able to complete its short-term
cash-optimization measures and achieve breakeven FOCF in 2014,
while maintaining "adequate" liquidity.  S&P also factors in a
slight recovery in coal prices in 2014 that should allow the
company to achieve adjusted debt to EBITDA of 4.5x-5.0x, which
S&P sees as commensurate with the rating.

The ratings could come under pressure if NWR's cash burn
continues in the rest of 2013 because of weaker results, a capex
overrun, and high restructuring costs.  Further pressure on the
rating could occur if NWR cannot extend its RCF and obtain an
additional waiver for its ECA facility.

S&P could take a positive rating action if a substantial recovery
in coking coal prices leads to a sustainable improvement in NWR's
profitability and credit metrics, including debt to EBITDA of
4.0x-4.5x.


OAK LEAF: Moody's Assigns 'Ba3' Rating Following DEMB Offer
-----------------------------------------------------------
Moody's Investors Service assigned a Ba3 corporate family rating
and a B1-PD probability of default rating (PDR) to OAK Leaf B.V.,
an acquisition vehicle set up by a Joh. A. Benckiser-led
investment group to acquire D.E MASTER BLENDERS 1753 N.V. ("DEMB"
or "the company"), and which will merge into DEMB within a
reasonable timeframe following completion, leaving DEMB as the
surviving entity.

In addition, Moody's has assigned a provisional (P)Ba3 rating and
loss given default assessment of LGD3 to the EUR3.3 billion of
senior secured debt issued by Oak. Oak's debt is guaranteed by
DEMB. The outlook on the ratings is stable. The Baa2 rating on
the EUR750 million of senior unsecured guaranteed bank debt of
D.E MASTER BLENDERS 1753 N.V. remains unchanged at this point
until successful conclusion of the acquisition transaction, at
which time Oak's new debt package will refinance and replace this
bank facility and Moody's will likely withdraw its rating.

This action follows the announcement by JAB on April 12, 2013
that it has made a EUR7.5 billion cash offer to acquire DEMB.
DEMB's board fully supports and unanimously recommends the offer.
To finance the acquisition, JAB has raised EUR3.0 billion of
committed acquisition term debt facilities (subject to customary
closing conditions) and EUR4.9 billion of committed equity
financing from its equity partners. In addition to the
acquisition debt, JAB has secured a EUR300 million committed
revolving credit facility. JAB's Offering Memorandum is expected
to be published in June and the transaction remains subject to
relevant competition clearances, amongst other things. Moody's
expects the transaction to complete during the second half of
calendar 2013.

Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect Moody's preliminary
credit opinion regarding the transaction only. Upon a conclusive
review of the final documentation, Moody's will endeavor to
assign a definitive rating to the senior secured acquisition debt
facilities. A definitive rating may differ from a provisional
rating.

Ratings Rationale:

Assignment of Ba3 ratings to DEMB's acquisition vehicle, Oak Leaf
B.V.

"We have assigned a Ba3 Corporate Family Rating to OAK LEAF B.V.,
the entity set up by JAB to acquire DEMB, largely because of the
negative impact that the leveraged acquisition has on the
company's key credit metrics and financial flexibility, given
that the acquisition is being financed with a significant amount
of debt relative to earnings," says Andreas Rands, a Moody's Vice
President - Senior Analyst and lead analyst for DEMB and Oak. "It
also reflects our expectation that, going forward, DEMB will be
used as a vehicle to consolidate the fragmented tea and coffee
categories over time," explains Mr. Rands. "This view is based on
JAB's press release in relation to its offer, although there are
contractual restrictions to additional debt incurrence in this
regard."

Whilst the acquisition is not expected to close for some time,
Moody's expects it to result in DEMB's financial leverage (gross
debt/EBITDA, as adjusted by Moody's) increasing significantly
above 7.0x, assuming closing is near to the financial year (FY)
2012/13 (ending 30 June), from 1.7x in FY2011/12. The increase in
leverage is a result of the EUR3.0 billion of term debt JAB has
raised to finance the transaction, with the balance to be funded
with EUR4.9 billion of common equity and preference shares. The
company generates around EUR300 million in free cash flow per
annum (on a Moody's adjusted basis) enabling rapid deleveraging.
Nevertheless, Moody's expects DEMB's financial leverage to remain
at or above 6.0x for the next 12-18 months (which remains high
for a Ba3 rating), given the very high opening financial leverage
position (assuming the transaction progresses and the company
performs as planned). Moody's anticipates that management will be
focused on delivering a fast de-leveraging path post-acquisition.
At the same time, Moody's notes JAB's comments that it will use
DEMB as a vehicle to consolidate the tea and coffee categories
over time. The rating agency assumes that any acquisitions will
be bolt-on in nature given the controls in the acquisition debt
documentation and that JAB's primary focus is on deleveraging
DEMB after the transaction has completed.

Nevertheless, Moody's understands that over the near-term JAB is
targeting a major reduction in working capital (as a % of sales),
as well as cost savings, to drive improved cash generation and
therefore de-leveraging prospects of the company. Moody's notes
that the senior partners of JAB bring significant experience of
executing successful cost and working capital improvement
programs in prior roles and whilst at JAB. Moody's will monitor
progress on the strategic and operating initiatives that underpin
deleveraging prospects for the company over the next 12-36
months.

Moody's considers that further changes to DEMB's operational
structure could lead to 'change-fatigue' within the company, and
result in elevated execution risk which could further challenge
cost savings and process improvement initiatives. This is because
the transaction comes soon after DEMB's spin-off from Sara Lee,
from which the former reports that there was a greater-than-
anticipated distraction. As a result, the speed of organizational
change at DEMB has been slow, with a lack of clarity on the
operational structure leading to a delay in executing key
projects. Moody's notes that around 60% of the company's 150
senior-most employees have been changed in the past 24 months,
with 72% of those appointments being external recruits. The CFO,
Michel Cup, has been affiliated with the company for less than 18
months and a new CEO is being recruited by JAB. Bart Becht
(senior partner at JAB) will become chairman post-acquisition by
JAB. Notwithstanding the depth of relevant experience in the
fast-moving consumer goods sector that the new executives bring
to DEMB.

Moody's further notes that DEMB recently downgraded its guidance
for FY2012/13 sales growth and underlying EBIT margin
improvement, driven by performance trends in H1 FY2012/13 and
continued pricing pressure in western Europe. DEMB reports that
raw material pricing is creating strong competitive pressure,
particularly from Mondelez International (ex Kraft Foods) and
private-label products.

Offsetting some of these concerns is (1) the trend of
premiumisation (single-serve products) within the coffee sector,
which should help improve DEMB's margins over time; (2) declining
green bean coffee prices; and (3) the company's focus on cost
savings. To date, the company has announced EUR75 million of cost
savings, mainly from IT optimization, procurement and blend
optimization and organizational efficiency improvements. DEMB
expects to save EUR25-30 million in FY2012/13 and reports that it
achieved EUR13 million of savings in H1 2012/13.

DEMB has a solid business profile, a result of (1) the company's
established leading position in some large coffee markets; (2)
the traction it has gained in emerging markets, particularly
Brazil; and (3) it being able to pass on the majority of recent
increases in green bean coffee prices (which have subsequently
fallen). An additional positive consideration is DEMB's good
liquidity profile pro-forma for the JAB transaction, with debt
maturities for financial liabilities well spread and no
refinancing needs over the next 12-18 months.

The Ba3 CFR, assigned to Oak, reflects the fact that JAB's
proposed leveraged acquisition of DEMB will weaken its credit
metrics, which Moody's expects to remain in deep high-yield
territory for at least the next 12-18 months. Further, the
transaction comes soon after DEMB's separation from Sara Lee,
which resulted in significant senior management changes and the
exposure of accounting irregularities in Brazil (now resolved).
DEMB also recently downgraded its guidance for FY2012/13 sales
growth and underlying EBIT margin. This was driven by performance
trends in H1 FY2012/13 and continued pricing pressure in western
Europe. The company's small scale relative to some packaged goods
competitors, exposure to commodity price and currency volatility
also weigh on the rating.

However, more positively, the rating also reflects (1) DEMB's
high operating margins; (2) its strong brand equities; (3) the
company's good geographic diversity; (4) the attractiveness of
the global coffee category in terms of its trend towards higher
margin single-serve products; and (5) the company's high
innovation capacity. In addition, the rating factors in JAB's
strong operational experience in consumer-related businesses
(Anheuser-Busch InBev (A3 positive), Coty, SAB Miller (Baa1
stable), Reckitt Benckiser (A1 stable), Labelux and Peets Coffee
and Tea) and its rapid-deleveraging plan after the transaction
has completed.

(P)Ba3 Senior Secured Instrument Ratings And B1-PD PDR

Oak's (P)Ba3 senior secured instrument ratings for JAB's
acquisition debt are in line with the CFR. This reflects the fact
that the secured instruments principally rely on share pledges
and intellectual property rights for recovery purposes.
Nevertheless, all proposed facilities are senior secured and
share the same security and guarantee package. The guarantors
account for at least 85% of DEMB group turnover and EBITDA. The
facilities benefit from (1) a leverage covenant of 7.0x, stepping
down to 3.5x by September 2016; and (2) an interest coverage
covenant of 2.85x, stepping up to 3.5x by December 2014. The
first covenant test date is in December 2013 and covenants are
tested quarterly thereafter. Moody's expects that Oak will
maintain ample covenant headroom on an ongoing basis. The
company's probability of default (PDR) rating of B1-PD reflects
the use of a 65% family recovery rate, consistent with an all-
bank-debt capital structure.

Moody's structural analysis assumes that DEMB's current debt will
be repaid on completion of the JAB acquisition. This debt
comprises the $650 million of senior unsecured privately placed
notes (not rated) issued last May through a wholly owned
intermediate holding company, DE US, Inc. ("DE US"), and the
undrawn EUR750 million senior unsecured revolving credit facility
at DEMB (the only previously rated debt instrument, rated Baa2).
The debt instruments at DEMB and DE US, which are supported by
cross guarantees from both issuers, are ranked pari passu.

Rationale For Stable Outlook

The stable outlook on the rating reflects DEMB's solid business
profile and operating performance. It also reflects Moody's
expectation that the company's key credit metrics will weaken
considerably over the next 12-18 months pro-forma for the JAB
acquisition, but that management will be focused on delivering a
fast de-leveraging path post-the transaction.

What Could Change The Rating Up/Down

Positive rating pressure could develop if (1) adjusted
debt/EBITDA reduces sustainably below 5.0x; and (2) adjusted
retained cash flow (RCF)/net debt increases above high single-
digits in percentage terms, on the back of supportive industry
conditions.

Conversely, negative pressure could be exerted on the ratings if
DEMB's credit metrics remained weak and post-acquisition
deleveraging is delayed, resulting in (1) adjusted debt/EBITDA
remaining above 6.0x; and (2) its adjusted RCF/net debt ratio
remaining in the mid single digits in percentage terms. Although
not currently expected at this time, Moody's could also downgrade
the ratings if liquidity concerns emerged or if operational
challenges, a large debt-financed acquisition or a more
aggressive financial policy indicate that the company is willing
to tolerate higher leverage levels.

Principal Methodology

The principal methodology used in this rating was the Global
Packaged Goods published in December 2012. Other methodologies
used include Loss Given Default for Speculative-Grade Non-
Financial Companies in the U.S., Canada and EMEA published in
June 2009.

Headquartered in Amsterdam, the Netherlands, D. E MASTER BLENDERS
1753 N.V. ("DEMB") manufactures and sells coffee and tea products
in retail and out-of-home markets across Europe, Brazil,
Australia and Thailand. DEMB's key brands include Douwe Egberts,
Senseo, Pilao, L'Or, Moccona, and Merrild coffees, and Pickwick
and Hornimans teas. DEMB reported annual sales of EUR2.8 billion
for the financial year (FY) 2011/12 (ended 30 June 2012). As of
May 2013, the company operated 11 production facilities, employed
around 7,500 people and sold its products in more than 45
countries. OAK Leaf B.V. is an acquisition vehicle set up by a
Joh. A. Benckiser-led investment group to acquire D.E MASTER
BLENDERS 1753 N.V., and which will merge into DEMB within a
reasonable timeframe following completion, leaving DEMB as the
surviving entity.



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


EURASIA DRILLING: Fitch Affirms 'BB' LT Issuer Default Ratings
--------------------------------------------------------------
Fitch Ratings has affirmed Eurasia Drilling Company Limited's
(EDC) Long-term foreign currency Issuer Default Ratings (IDR) at
'BB' with a Stable Outlook. Fitch also affirmed the 'BB' senior
unsecured ratings of the RUB5 billion domestic bonds due in 2018
issued by EDC's fully owned subsidiary OOO Burovaya Kompaniya
Eurasia and USD600 million Eurobond due in 2020 issued by its
fully owned subsidiary EDC Finance Limited.

EDC is the largest oilfield drilling company in Russia with a
strong operational and financial profile. Fitch believes that EDC
will continue to benefit from a favorable business environment as
high oil prices enable Russian oil companies to finance their
upstream capex including exploration and production drilling. We
expect that EDC will maintain strong credit metrics in 2013-2016,
i.e., funds from operations (FFO) gross leverage of below 1.75x
and FFO interest coverage of above 10x. The company's ratings are
currently constrained by high customer concentration and limited
geographical diversification beyond Russia.

Key Rating Drivers

Russia's Largest Drilling Company:
EDC is the largest oilfield drilling company in Russia with a
market share of 29% in 2012 (by meters drilled, excluding
offshore drilling). It operates mostly in Russia's Western
Siberia, Volga-Urals, Timan Pechora and Eastern Siberia regions
and is predominantly involved in onshore drilling, although it
has begun to diversify geographically and stepped up offshore
drilling operations. Nonetheless, the company's operational scale
remains limited compared to that of larger, global oilfield
services companies, such as Halliburton Company ('A-'/Stable) and
Nabors Industries Inc. (Nabors, 'BBB'/Stable).

Positive Output Dynamics:
In 2012 EDC's drilling volumes increased to 6.1 million meters,
up 27% year-on-year, following consolidation in 2011 of Russia-
based assets of Schlumberger Ltd. and due to continued organic
growth. In 2012, EDC's consolidated revenue increased to USD3,237
million, up 17% yoy. A positive trend continued in Q113, as EDC's
both total drilling volume and revenue increased by 6% compared
to those in Q112. We expect that the company will report single-
digit growth rates in the medium term as the industry outlook
remains favorable.

Solid Asset Base:
The company's average fleet age of 12 years compares well with
the Russian industry average of 16 years (as estimated by
Douglas-Westwood). At end-2012, EDC operated 257 land drilling
and sidetracking rigs, 413 workover rigs, and two jack-up rigs
intended for offshore drilling. The company's relatively modern
asset base allows it to provide complex services, including
horizontal drilling. This has a positive impact on EDC's margins.

Caspian Offshore Drilling Intensifies:
EDC's aims to diversify its operations through developing
offshore drilling on the Caspian Sea shelf. At end-2012, EDC
operated two jack-up rigs there for offshore drilling, and two
more rigs are under construction. We expect that their
commissioning in 2013 and 2014 will strengthen EDC's position in
this region, the importance of which in terms of oil and gas
exploration is growing. In 2012, offshore drilling accounted for
5% and 15% of the company's consolidated revenue and net income,
respectively.

Stable Industry Outlook:
Fitch believes that the business environment will remain
favorable for EDC, as Russian oil majors will maintain high
upstream capex aimed at arresting production decline at Western
Siberian brownfields and developing greenfield sites. Based on
Fitch's price deck for Brent of USD100/bbl in 2013, USD92/bbl in
2014 and USD85/bbl in 2015, we forecast that Russian oil
companies will carry on with their ambitious upstream capex
budgets. Conversely, prolonged period of low oil prices may have
a lasting negative impact on the EDC's drilling volumes and
profit margins.

High Dependence on LUKOIL:
OAO LUKOIL ('BBB-'/Stable), Russia's largest private oil company,
remains EDC's top customer accounting for 57% of onshore drilling
volumes and 63% of total revenues in 2012. Fitch acknowledges the
long-term relations between EDC and LUKOIL as beneficial but
notes that the high customer concentration remains a key rating
constraint. Fitch expects that EDC's dependence on LUKOIL may
decrease over time as EDC attempts to diversify its customer
base, but this is unlikely to happen in the short to medium term.


Leverage to Remain Moderate:
In 2012 EDC's funds from operations (FFO) lease-adjusted gross
leverage was 1.2x and coverage was 14x. The company has some
additional leverage headroom at the current rating level before
its credit metrics go beyond Fitch's negative rating action
guidance of above 2x for leverage and below 8x for coverage. In
our base case we expect EDC to maintain a conservative financial
policy and forecast its FFO leverage at below 1.75x in 2013-2016
and coverage above 10x.

RATING SENSITIVITIES

Positive: Stable revenue growth, improved geographical
diversification, and lower share of revenues coming from LUKOIL
would be positive for EDC's ratings. An upgrade of LUKOIL's
ratings could also be positive for EDC.

Negative: Fitch would consider a negative rating action if the
company's FFO adjusted gross leverage rises above 2x and FFO
interest coverage falls below 8x on a sustained basis, due to
lower operating profits, higher dividends or capex.

DEBT AND LIQUIDITY

Comfortable Debt; Sufficient Liquidity:
At end-2012 EDC had total balance-sheet debt of USD700 million.
Its short-term debt of USD258 million was well covered by cash
and cash equivalents of USD305 million. We believe that EDC will
be able to refinance or repay its obligations from its cash flows
from operations when they are due.

Manageable FX Risks: Following the April 2013 Eurobond issue,
around half of EDC's debt portfolio is USD-denominated. The
company expects that its USD-denominated operating cash inflows
from offshore drilling are sufficient to cover its USD-
denominated debt servicing, including interest and principal.
Hence, Fitch assesses the company's currency risk as manageable.

Limited Exposure to Cyprus: EDC has intermediate holding
companies domiciled in Cyprus but no significant operations
there. The company has informed Fitch that these entities
typically do not have significant cash balances in Cyprus, and
that the company has no unavailable amounts held with Cypriot
banks. The company's oil drilling in Russia is unaffected by
events in Cyprus.

The rating actions are:

Eurasia Drilling Company Limited
Long-Term IDR: affirmed at 'BB', Outlook Stable
Short-Term IDR: affirmed at 'B'
Long-Term local currency IDR: affirmed at 'BB', Outlook Stable
Short-Term local currency IDR: affirmed at 'B'
National Long-Term Rating: affirmed at 'AA-(rus)', Outlook Stable

OOO Burovaya Kompaniya Eurasia
Senior unsecured rating: affirmed at 'BB'
National senior unsecured rating: affirmed at 'AA-(rus)'

EDC Finance Limited
Senior unsecured rating: affirmed at 'BB'


KHABAROVSKY AIRPORT: S&P Assigns 'B+' CCR; Outlook Stable
---------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B+'
long-term corporate credit rating to Russian airport operator OAO
Khabarovsky Airport.  The outlook is stable.

The rating on Khabarovsky Airport reflects S&P's assessment of
the company's "fair" business risk profile and "aggressive"
financial risk profile.

Khabarovsky Airport's "fair" business risk profile reflects the
company's exposure to domestic traffic, which accounts for more
than 80% of total passenger volumes.  Khabarovsky Airport is
located in Khabarovsk Krai, in the Far East Federal District in
Russia.  The company has a small catchment area in S&P's view,
with only 6.3 million inhabitants in the whole of the Far East
Federal District, and a population of only about 1.3 million in
Khabarovsk Krai.  Khabarovsky Airport is also almost wholly
exposed to Russian airlines, which in S&P's view has relatively
weak credit quality.

These weaknesses are partially offset by Khabarovsky Airport's
strong position in its market as the hub airport for the region.
In S&P's view, Khabarovsky Airport has a good geographic location
in one of the largest cities in the Far East Federal District,
and underlying demand that makes it a good transfer point for
passengers and freight.  In addition, air travel is crucial in
the
Far East Federal District, because in S&P's opinion, there are
limited alternative transport options.  This is due to the
distance of commercial hubs in western Russia, a lack of high-
speed rail, and the harsh winter weather that can disrupt other
forms of transport.

Khabarovsky Airport's "aggressive" financial risk profile
reflects the company's expansion plans over the next two years,
which in S&P's view will weaken its financial ratios.  S&P's
assessment of financial risk also reflects its view of the risk
associated with Khabarovsky Airport's potential extension of
further loans to its shareholders, which in S&P's opinion would
demonstrate "weak" corporate governance.

"In our view, in 2013, Khabarovsky Airport should be able to fund
its planned capex while maintaining Standard & Poor's-adjusted
debt to EBITDA at less than 3.5x.  We base our view on our base
case, which sees passenger volumes growing and tariffs increasing
in 2013, in line with our macroeconomic forecast for Russia.  We
also anticipate that the company will maintain "adequate"
Liquidity," S&P said.

"We could take a negative rating action if Khabarovsky Airport's
adjusted debt to EBITDA increases to more than 3.5x, or if we
assess its liquidity as "less than adequate."  In 2013, we
believe that operational underperformance is unlikely to cause
debt to EBITDA to increase to more than 3.5x, since this would
require a combination of a 20% drop in passenger volumes and
higher capex than we anticipate.  "Less than adequate" liquidity
could trigger a downgrade if the company is unable to offset
higher working capital outflows with new bank facilities or a
reduction in capex. A negative rating action could also result if
the company extends further material loans to its shareholders,
or if its corporate governance weakens," S&P noted.

S&P could take a positive rating action if it believes that
Khabarovsky Airport would maintain adjusted debt to EBITDA of
less than 3x in a period of high capex linked to the improvement
of the airport facilities, and maintain a commitment to clear
financial policies.  This in S&P's view would require either an
increase in passenger volumes or an injection of equity.
Spreading capex over a longer timeframe could also make
Khabarovsky Airport's financial ratios stronger than in S&P's
current base case, because this would allow the company to use
more internally generated funds to finance its spending.


MOSENERGO OJSC: Fitch Assigns 'BB+' LT Issuer Default Ratings
-------------------------------------------------------------
Fitch Ratings has assigned Russia-based OJSC Mosenergo Long-term
foreign and local currency Issuer Default Ratings (IDR) of 'BB+'
and a Short-term foreign currency IDR of 'B'. Fitch has
simultaneously assigned it a National Long-term rating of
'AA(rus)'. The Outlooks on the Long-term ratings are Stable.

Mosenergo's rating of 'BB+' benefits from a one notch uplift for
the parental support from its majority shareholder Gazprom
Energoholding, a 100% subsidiary of OAO Gazprom (BBB/Stable).
Mosenergo's standalone rating of 'BB' reflects its strong market
position in electricity and heat sales in Moscow and the Moscow
region, the most dynamically growing and lucrative region in
Russia, its solid financial profile, and conversely its exposure
to the wholesale electricity prices and heat tariffs, rising fuel
costs and uncertainty inherent in its operating environment in
the medium-term.

Key Rating Drivers

- Parental Support
Fitch considers the strategic, operational and, to a lesser
extent, legal ties between Mosenergo and its majority shareholder

- Gazprom Energoholding to be moderately strong and, as a result,
incorporates a one notch uplift for parental support into the
company's rating of 'BB+'. The strategic importance of Mosenergo
is underpinned by its integral role in Gazprom's strategy of
vertical integration and creation of the full value chain and
their operational interdependence in regard to gas
supplies/purchases. The strength of the operational links is
reflected in the fact that Mosenergo accounts for almost a half
of Gazprom Energoholding's EBITDA, about a third of its
electricity output and about two thirds of its heat production
and around 10% of Gazprom's domestic gas sales. We expect
Mosenergo's dividend payments to remain moderate.

Given Mosenergo's strong credit metrics, the financial support
from its majority shareholder was not needed in the past,
however, Fitch would expect the financial support to be available
if the need arises, which was evidenced in the example of another
Gazprom Energoholding's subsidiary -- OGK-2 having received a
capital injection for about RUB23 billion through additional
share issue, and partly by the payment terms extension for
Mosenergo's gas purchases from Gazprom during the economic
downturn.

- Strong Market Position
Mosenergo's standalone rating is supported by the company's
strong market position in Moscow and Moscow region and its
position as the largest regional power generating company in
Russia by volume, as well as its relatively modern and efficient
generation fleet compared to the Russian average. The company
represents 61% of total electricity generation market (including
capacity) and 43% of heat power market in Moscow and Moscow
region (70% of the heat market in Moscow), which reports the
strongest demand dynamics and is arguably the most lucrative in
respect of the customers' purchasing power reflected in higher
income per capita compared with the Russian average.

- Exposure to Wholesale Prices Volatility Partly Mitigated by CSA
Agreements
Fitch believes that the company's exposure to the volatility of
wholesale prices is only partly offset by its participation in
the long-term capacity supply agreements (CSA) for capacity
sales, which provide for a solid return on investments and are
estimated by Fitch to contribute about 15% to the group's EBITDA.
About half of the company's total 2012 revenue was generated on
the regulated markets for electricity and heat sales. However,
Fitch believes that the sales on the regulated markets are likely
to remain marginal in regard to their contribution to the group's
EBITDA (if not loss making). Therefore, we expect the CSA sales
along with the company's strong market position to remain the
main mitigant to its exposure to the fluctuations of the
wholesale power prices.

- Uncertainty in the Medium-term Regulatory Framework
Despite the recent steps towards liberalization of the
electricity market, the Russian regulatory framework for
electricity and heat power markets remains exposed to the
external, non-market influence, including political risk. In
addition, support of construction of new capacity through the CSA
framework is expected to cease in 2015 (albeit the 10-year
agreements for plants approved by that date are expected to run
until their expiration) and the new regulatory regime for
modernization and/or replacement of old facilities with new
assets is yet to be determined. The discussion of the cost
reflective regulation of the heat market is also underway. While
Fitch believes that achieved market-based and new capacity
support principles are unlikely to be completely abandoned post-
2015, the expected introduction of new rules for both electricity
and heat markets adds medium- and long-term uncertainty to the
regulatory framework.

- Rising Fuel Prices
Mosenergo's fuel mix is dominated by natural gas, which comprises
98% of total fuel consumption whereas coal and oil make up the
remaining 2%. The company is exposed to the supplier
concentration risk, even despite the new contract with OAO
Novatek ('BBB-'/Stable) expected to secure around 40% of
Mosenergo's gas consumption volumes. Gazprom (through its
subsidiary) is set to remain the largest gas supplier to
Mosenergo, but Fitch does not consider this risk to be
constraining Mosenergo's rating because the company is an
integral part of Gazprom Group, which underpins stability of gas
supplies and provides elements of vertical integration, including
support through extended payment terms. We also note that the
domestic gas prices are regulated and set by the Federal Tariff
Service (FTS).

In its forecasts Fitch assumes the domestic gas prices to rise at
15% per annum over 2013-2015 whereas electricity prices and heat
tariffs are expected to grow in line with Russia's inflation,
which is likely to put pressure on the company's margins. While
we believe that Mosenergo is better placed than its Russian peers
to withstand the downward pressure on its margins due to its
higher fuel efficiency, stable contribution from the CSA capacity
sales to the profitability and currently strong financial
profile, this is expected to affect the company's credit metrics
and thus represents one of the rating concerns.

- Relatively Diversified Customer Base
While Mosenergo's electricity operations are characterized by a
diversified customer base, its heat sales segment is exposed to
the customer concentration risk. We believe that this risk is
partly offset by the fact that the heat sales are carried out at
the regulated tariffs and OJSC Moscow Integrated Power Company
(MIPC; 'BB+'/Rating Watch Negative) and Mosenergo are
operationally interdependent, given that MIPC distributes and
purchases a large share of heat produced by Mosenergo. In
addition, Gazprom Energoholding is currently considering the
acquisition of the City of Moscow's majority stake in MIPC,
which, if exercised, could contribute to their operational
synergy effects. We do not expect that Mosenergo would contribute
to funding of the contemplated acquisition.

- Strong Financial Profile
Mosenergo's standalone rating is underpinned by its solid credit
metrics. Fitch expects some deterioration of the company's
financial profile over the next three years due to the forecast
margin erosion driven by expected growth of the domestic gas
tariffs not fully reflected in the electricity and heat prices
rise and ambitious capex program. The agency forecasts funds from
operations (FFO) net adjusted leverage to slightly exceed 2x by
2015 (0.4x in 2012) and FFO interest coverage to fluctuate
between 5x and 9x (18x in 2012) and FFO fixed charge cover to
remain within the range of 4x-7x (11x in 2012) over 2013-2015.
With that, the company will likely remain well placed compared
with its similarly rated Russian counterparts as well as some
international peers.

While we acknowledge that Mosenergo's forecast credit metrics are
strong for its rating, this, in our opinion, offsets the risks
inherent in the company's business profile, including exposure to
the wholesale electricity prices volatility and regulated heat
tariffs, which may not be fully economic, rise of the fuel prices
as well as uncertainty of the regulatory framework in the medium-
term and corporate governance limitations pertaining to the
operating environment in Russia.

Liquidity & Debt Structure

- Adequate Liquidity
Fitch views Mosenergo's liquidity position as adequate -- its
cash position of RUB17.1 billion at end-2012 was sufficient to
cover its short-term debt of RUB1.9 billion. Most of the
company's debt (57.5%) at end-2012 was long-term and its debt
maturity profile was not onerous. The only bulk repayment is
coming up in 2014 for RUB5 billion of domestic bonds and RUB500
million bank loan. Fitch expects the company to remain largely
free cash flow (FCF) negative over the next three years. In
addition, Fitch notes that the company is exposed to the currency
risk as 61% of its 2012 borrowings were in EUR whereas all of its
revenues were in RUB. The company is considering the possibility
of implementing a foreign exchange hedging policy and about a
quarter of its cash position is EUR-denominated.

The company's cash position at end-2012 was approximately evenly
split between three banks - Sberbank of Russia ('BBB'/Stable),
Gazprombank ('BBB-'/Stable) and OJSC Alfa-Bank ('BBB-'/Stable).
The company also had an available credit line from Credit
Agricole ('A+'/Negative) for EUR138.6 million at end-2012 due
2026, out of which EUR37.1 million can be used for refinancing.

Rating Sensitivities

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

-- Stronger financial profile than forecast by Fitch due to,
    among other things, higher than expected growth rate for
    electricity and heat tariffs in comparison to the domestic
gas
    prices increase (e.g. FFO net adjusted leverage below 1.5x
and
    FFO interest coverage above 8x on a sustained basis) would be
    positive for the ratings.

-- Stronger parental support may be positive for the ratings.

-- Increased predictability of the regulatory and operational
    framework in Russia could also be supportive for the ratings.

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

-- Margin squeeze due to the rise of domestic gas pieces not
    fully compensated by the electric and heat prices growth,
    working capital drain, significant debt-funded acquisitions
    and/or intensive capex program that would lead to a material
    deterioration of the company's credit metrics (e.g. FFO net
    adjusted leverage above 3x and FFO interest coverage below 5x
    on a sustained basis) would be negative for the ratings.

-- Weakening of the parental support may result in a removal of
    one notch uplift to Mosenergo's standalone rating.

-- Deterioration of the regulatory and operational environment
in
    Russia could also be negative for the ratings.



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


BANKINTER 2: Moody's Lowers Rating on EUR27.5M C Notes to 'B1'
--------------------------------------------------------------
Moody's Investors Service confirmed the ratings of three senior
and one junior note, and upgraded the rating of one mezzanine
note issued by BANKINTER 4 FTPYME, FTA (Bankinter 4). At the same
time, the rating agency downgraded the ratings of two mezzanine
notes and affirmed the respective A3 (sf) and Caa2 (sf) ratings
of the senior and junior notes issued by BANKINTER 2 PYME, FTA
(Bankinter 2). While insufficient credit enhancement to address
sovereign and counterparty risk triggered the downgrade of some
tranches, the adequacy of credit enhancement levels primarily
drove the upgrade and confirmations.

This rating action concludes the review for downgrade initiated
by Moody's on July 2, 2012 for Bankinter 4 and the review on 13
March 2013 for Bankinter 2. Both affected transactions are
Spanish asset-backed securities (ABS) transactions backed by
loans to small and medium-sized enterprises (SME) originated by
Bankinter S.A. (Ba1/NP, not on watch).

Ratings Rationale:

These confirmations primarily reflect the availability of
sufficient credit enhancement to address sovereign and increased
counterparty risk. The introduction of new adjustments to Moody's
modeling assumptions to account for the effect of deterioration
in sovereign creditworthiness and the revision of key collateral
assumptions and increased exposure to lowly rated counterparties
has had no negative effect on the ratings of the senior notes and
the junior notes in these two transactions.

Furthermore, the current level of available credit enhancement
under the Series B notes of Bankinter 4 (26.0% as of April 2013)
is sufficient to support an upgrade to Ba1 (sf) from B1 (sf).

Conversely, the lack of credit enhancement affecting the two
mezzanine notes in Bankinter 2 (23.9% for the Series B notes and
9.9% for the Series C notes as of February 2013) has driven the
downgrade of Series B notes to Baa3 (sf) from Baa1 (sf) and
Series C notes to B1 (sf) from Ba3 (sf).

Additional Factors Better Reflect Increased Sovereign Risk

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

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

Under the updated methodology incorporating sovereign risk on ABS
transactions, loss distribution volatility increases to capture
increased sovereign-related risks. Given the expected loss of a
portfolio and the shape of the loss distribution, the combination
of the highest achievable rating in a country for structured
finance transactions and the applicable credit enhancement for
this rating uniquely determine the volatility of the portfolio
distribution, which the coefficient of variation (CoV) typically
measures for ABS transactions. A higher applicable credit
enhancement for a given rating ceiling or a lower rating ceiling
with the same applicable credit enhancement both translate into a
higher CoV.

Moody's Revises Key Collateral Assumptions

Moody's maintained its default and recovery rate assumptions for
both transactions, which it updated on 18 December 2012.
According to the updated methodology, Moody's increased the CoV,
which is a measure of volatility.

For Bankinter 2, the current default assumption is 10.0% of the
current portfolio and the assumption for the fixed recovery rate
is 55.0%. Moody's has increased the CoV to 140.0% from 115.0%,
which, combined with the mean default probability (DP) and
recovery assumptions, corresponds to a portfolio credit
enhancement of 24.0%.

For Bankinter 4, the current default assumption is 18.0% of the
current portfolio and the assumption for the fixed recovery rate
is 52.5%. Moody's has increased the CoV to 78.0% from 38.2%,
which, combined with the mean DP and recovery assumptions,
corresponds to a portfolio credit enhancement of 23.0%.

Moody's Has Considered Exposure to Counterparty Risk

The conclusion of Moody's rating review also takes into
consideration the increased exposure to commingling due to
weakened counterparty creditworthiness.

In both transactions, Bankinter S.A. acts as servicer and
collections account bank, and transfers collections daily to the
treasury accounts in the name of the funds at Barclays Bank plc
(A2/P-1). The reserve funds also reside at Barclays Bank plc.
Moody's has incorporated into its analysis the potential default
of Bankinter S.A., which could expose both transactions to a
commingling loss on approximately one month of collections.

Banco Bilbao Vizcaya Argentaria, S.A. (BBVA, Baa3/P-3, not on
watch) acts as swap counterparty in both transactions. As part of
its analysis, Moody's also assessed the exposure of the
transactions to the swap counterparty. This exposure has not had
a negative effect on the rating levels at this time.

Other Developments May Negatively Affect the Notes

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

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

Moody's describes additional factors that may affect the ratings
in the Request for Comment, "Approach to Assessing Linkage to
Swap Counterparties in Structured Finance Cashflow Transactions:
Request for Comment", 02 July 2012.

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

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

In the context of the rating review, Moody's has remodeled the
transactions and adjusted a number of inputs to reflect the new
approach.

Methodologies

The methodologies used in these ratings were "Moody's Approach to
Rating EMEA SME Balance Sheet Securitisations", published in May
2013 and "The Temporary Use of Cash in Structured Finance
Transactions: Eligible Investment and Bank Guidelines", published
in March 2013.

List of Affected Ratings:

Issuer: Bankinter 2 PYME, FTA

EUR682M A2 Notes, Affirmed A3 (sf); previously on Nov 26, 2012
Confirmed at A3 (sf)

EUR16.2M B Notes, Downgraded to Baa3 (sf); previously on Mar 13,
2013 Baa1 (sf) Placed Under Review for Possible Downgrade

EUR27.5M C Notes, Downgraded to B1 (sf); previously on Mar 13,
2013 Ba3 (sf) Placed Under Review for Possible Downgrade

EUR10.7M D Notes, Affirmed Caa2 (sf); previously on Nov 26, 2012
Confirmed at Caa2 (sf)

Issuer: Bankinter 4 FTPYME, FTA

EUR160M Series A1 Notes, Confirmed at A3 (sf); previously on Jul
2, 2012 Downgraded to A3 (sf) and Remained On Review for Possible
Downgrade

EUR174.4M Series A2(G) Notes, Confirmed at A3 (sf); previously on
Jul 2, 2012 Downgraded to A3 (sf) and Remained On Review for
Possible Downgrade

EUR19.6M Series A3 Notes, Confirmed at A3 (sf); previously on Jul
2, 2012 Downgraded to A3 (sf) and Remained On Review for Possible
Downgrade

EUR30M Series B Notes, Upgraded to Ba1 (sf); previously on Jul 2,
2012 B1 (sf) Placed Under Review for Possible Downgrade

EUR16M Series C Notes, Confirmed at B3 (sf); previously on Jul 2,
2012 B3 (sf) Placed Under Review for Possible Downgrade


BCL MUNICIPIOS 1: Moody's Cuts Rating on EUR60MM B Notes to Ba1
---------------------------------------------------------------
Moody's Investors Service downgraded by four notches, to Ba1 (sf)
from A3 (sf), the ratings of the Class B notes issued by BCL
Municipios 1, FTA, a Spanish asset-backed securities transaction
backed by the loans to Spanish public entities. At the same time,
the rating agency confirmed the ratings of Class A2 notes at A3
(sf). The rating action reflects deterioration in the credit
quality of the portfolio backing the notes, following the
downgrade of the Government of Spain (Baa3/(P)P-3, Not on Watch)
on June 13, 2012. This rating action concludes the review for
downgrade initiated by Moody's on July 2, 2012.

Issuer: BCL MUNICIPIOS I, FONDO DE TITULIZACION DE ACTIVOS

EUR900M A2 Notes, Confirmed at A3 (sf); previously on Jul 2, 2012
Downgraded to A3 (sf) and Placed Under Review for Possible
Downgrade

EUR60M B Notes, Downgraded to Ba1 (sf); previously on Jul 2, 2012
A3 (sf) Placed Under Review for Possible Downgrade

Ratings Rationale:

The rating action reflects deterioration in the quality of the
portfolio backing the Class A2 and B notes, as a result of the
Spanish sovereign downgrade in June 2012. This downgrade, in
turn, led to a worsening of the credit quality of Spanish sub-
sovereign entities including the city councils, which are
borrowers in this securitized portfolio and directly affected the
credit quality of the BCL Municipios 1 transaction. While the
insufficient credit enhancement of the Class B notes (33.6% as of
April 2013) to offset this deterioration in portfolio quality
triggered the downgrade, the adequacy of credit enhancement for
the Class A2 notes (100.6% as of April 2013) primarily drove the
rating confirmation.

Deterioration of Portfolio Credit Quality

Moody's has assessed the current credit quality of the portfolio
as being equivalent to a B1 rating, which corresponds to a
default probability of 12.4% assuming a 3.2 year weighted average
life. The rating agency derives this average credit quality from
recently updated credit estimates and Q scores, as none of these
borrowers are publicly rated by Moody's.

For the credit quality of the top six exposures, which
individually represent more than 3% of the portfolio and together
account for 24% of the current pool balance, the rating agency
downgraded by two notches the credit estimates in the central
scenario and performed several stress tests because credit
estimates do not carry credit indicators, such as rating reviews
and outlooks. For the top obligor (5.5% of the pool), its credit
estimate was not available. Moody's assume a Caa2 credit quality
and tested the sensitivity of ratings with various scenarios from
B1 to Caa1.

For the remaining borrowers representing less than 3% of the pool
(together making up 76% of the pool), the creditworthiness was
assessed with Q scores. Overall, 66.8% of the pool has a Q score
between Ba1 and Ba3. For the 4.5% of the pool where Q scores were
not available, Moody's assumed a credit quality of Caa1 for those
loans not in arrears (4.2% of the pool). For a loan already in
arrears by more than 90 days (0.3% of the pool), Moody's assumed
a Ca quality.

Moreover, the sub-sovereign profile for the bulk of debtors, who
are all domiciled in Spain, leads to a 100% correlation
assumption in Moody's model. The rating agency assumed a 45%
fixed recovery rate on defaulted assets, in order to model the
possible restructuring of defaulted loans. Moody's also took into
consideration the fact that the borrower concentration in the
portfolio has increased significantly with an effective number of
61 now, from 80 in January 2012. The top 10 borrowers account for
34% and the top 22 exposures now account for 50% of the pool in
March 2013.

Uncertainty of Performance

The performance of BCL Municipios 1 has been very good in terms
of 90+ day delinquencies and defaults. Since the second half of
2011, Moody's has noted a deterioration in the performance and a
quick increase of 90+ day delinquencies. However, the delinquency
level went down at the end of 2012. Only one of 442 loans in the
portfolio was 90+ days delinquent (0.3%) and the 3-month
cumulative delinquency rate remained stable at 0.23% in April
2013. Moody's also took into consideration the potential impact
of weakening performance due to high borrower concentration in
the portfolio.

Increased Counterparty Risk

The conclusion of Moody's rating review also takes into
consideration the increased exposure to commingling due to
weakened counterparty creditworthiness.

This transaction was originated by Banco de Credito Local de
Espana, S.A., which is now Banco Bilbao Vizcaya Argentaria, S.A.
(BBVA, Baa3/P-3). BBVA acts as servicer and collections account
bank, and transfers collections daily to the treasury accounts in
the name of the funds at BBVA. The reserve funds also reside at
BBVA. Moody's incorporated into its analysis the potential
default of BBVA as servicer and treasury account and considered
the strong linkage between the rating of the notes and the rating
of BBVA, which could expose the transaction to a commingling loss
on the quarterly collections and a loss on the reserve fund.

BBVA acts as swap counterparty in this transaction. As part of
its analysis, Moody's assessed the exposure to the swap
counterparty, which does not have a negative effect on the rating
levels at this time.

Methodologies

The methodologies used in this rating were "Moody's Global
Approach to Rating Collateralized Loan Obligations", published in
May 2013 and "The Temporary Use of Cash in Structured Finance
Transactions: Eligible Investment and Bank Guidelines", published
in March 2013.

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

Moody's describes additional factors that may affect the ratings
in the Request for Comment, "Approach to Assessing Linkage to
Swap Counterparties in Structured Finance Cashflow Transactions:
Request for Comment", published on July 2, 2012.

Moody's used its excel-based cash flow model, Moody's ABSROM(TM),
as part of its quantitative analysis of the transaction. Moody's
ABSROM(TM) model enables users to model various features of a
standard European ABS transaction including 1) the specifics of
the default distribution of the assets, their portfolio
amortization profile, yield or recoveries; and 2) the specific
priority of payments, triggers, swaps and reserve funds on the
liability side of the ABS structure. Moody's ABSROM(TM) User
Guide is available on Moody's website and covers the model's
functionality as well as providing a comprehensive index of the
user inputs and outputs. MOODY'S CDOROMv2.8(TM) was used to
estimate the default distribution.


GAT FTGENCAT 2006: Moody's Cuts Rating on EUR13.2MM D Notes to Ca
-----------------------------------------------------------------
Moody's Investors Service downgraded Class D of GAT FTGENCAT
2006, FTA (GAT FTGENCAT 2006), confirmed the Class A A3 ratings
in GAT FTGENCAT 2006 and GAT FTGENCAT 2009, FTA (GAT FTGENCAT
2009) and upgraded Class B to A3 and Class C to Ba2 in GAT
FTGENCAT 2006. The downgrade of Class D in GAT FTGENCAT 2006
reflects the high expected loss on this tranche, as well as the
high likelihood of a trigger breach that would result in interest
deferral of Class D over the coming year.

These upgrades and confirmations reflect sufficient credit
enhancement on the back of deleveraging, which enables the notes
to address sovereign risk and exposure to counterparty risk.

The rating action concludes the review for downgrade initiated by
Moody's on July 2, 2012, following Moody's downgrade of Spanish
government bond ratings to Baa3 from A3 on June 13, 2012. Both
affected transactions are Spanish asset-backed securities (ABS)
transactions primarily backed by loans to small and medium-sized
enterprises (SMEs), and benefitting from a guarantee from the
Generalitat de Catalunya (Ba3/NP). Caixa Catalunya (now Catalunya
Banc SA, B1 on watch for possible downgrade/NP) originated the
two transactions.

Ratings Rationale:

The downgrade of Class D to Ca from Caa3 in GAT FTGENCAT 2006
reflects the insufficiency of credit enhancement to address
sovereign risk, the high expected loss for the tranche and the
high likelihood of breach of the interest deferral trigger in the
short term.

These upgrades and confirmations reflect the presence of adequate
credit enhancement to address sovereign risk and performance
concerns. The introduction of new adjustments to Moody's modeling
assumptions to account for the effect of deterioration in
sovereign creditworthiness has, to varying degrees, affected all
of the Spanish SME ABS included in this rating action. This
action also reflects the revision of key collateral assumptions
and increased exposure to low rated counterparties. Moody's
upgraded or confirmed the ratings of securities whose credit
enhancement and structural features provided enough protection
against sovereign and counterparty risk.

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

Additional Factors Better Reflect Increased Sovereign Risk

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

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

Under the updated methodology incorporating sovereign risk on ABS
transactions, loss distribution volatility increases to capture
increased sovereign-related risks. Given the expected loss of a
portfolio and the shape of the loss distribution, the combination
of the highest achievable rating in a country for structured
finance transactions and the applicable credit enhancement for
this rating uniquely determine portfolio distribution volatility,
which the coefficient of variation (CoV) typically measures for
ABS transactions. A higher applicable credit enhancement for a
given rating ceiling or a lower rating ceiling with the same
applicable credit enhancement both translate into a higher CoV.

Moody's Revises Key Collateral Assumptions

Moody's maintained the default rate assumption for GAT FTGENCAT
2009 and its recovery rate assumptions for both transactions,
which it updated on 18 December 2012. However, Moody's further
increased the default probability assumption in GAT FTGENCAT 2006
to reflect the deteriorating performance of the pool. According
to the updated methodology, Moody's increased the CoV, which is a
measure of volatility, in both transactions.

For GAT FTGENCAT 2006, the current default assumption is 20.0% of
the current portfolio and the assumption for the fixed recovery
rate is 50.0%. Moody's has increased the CoV to 62.15% from
42.5%, which, combined with the revised key collateral
assumptions, resulted in a portfolio credit enhancement of 25.8%.

For GAT FTGENCAT 2009, the current default assumption is 21.5% of
the current portfolio and the assumption for the fixed recovery
rate is 42.5%. Moody's has increased the CoV to 59.35% from
40.0%, which, combined with the revised key collateral
assumptions, resulted in a portfolio credit enhancement of 29.4%.

Moody's Has Considered Exposure to Counterparty Risk

The conclusion of Moody's rating review also takes into
consideration exposure to Catalunya Banc, which acts as the
servicer, swap counterparty (in GAT FTGENCAT 2006) and collection
account bank in all both transactions.

This rating action incorporates exposure to commingling risk with
Catalunya Banc. The collections of the portfolios are transferred
daily from Catalunya Banc to the transactions' accounts at
Barclays Bank PLC (A2/P-1), where the reserve funds are also
held. This mitigates the exposure to Catalunya Banc.

As part of its analysis, Moody's also assessed the exposure to
Catalunya Banc as swap counterparty in GAT FTGENCAT 2006. The
revised/confirmed ratings of the notes are consistent with this
exposure.

Other Developments May Negatively Affect the Notes

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

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

Moody's describes additional factors that may affect the ratings
in its Rating Methodology, "The Temporary Use of Cash in
Structured Finance Transactions: Eligible Investment and Bank
Guidelines", March 18, 2013; and the Request for Comment,
"Approach to Assessing Linkage to Swap Counterparties in
Structured Finance Cashflow Transactions: Request for Comment",
July 2, 2012.

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

As such, Moody's analysis encompasses the assessment of stressed
scenarios. In the context of the rating review, Moody's has
remodeled the transactions and adjusted a number of inputs to
reflect the new approach. In addition, during its review the
rating agency corrected the spread inputs for the affected notes
in these two transactions.

Methodologies

The methodologies used in these ratings were "Moody's Approach to
Rating EMEA SME Balance Sheet Securitisations", published in May
2013 and "The Temporary Use of Cash in Structured Finance
Transactions: Eligible Investment and Bank Guidelines", published
in March 2013.

The revised approach to incorporating country risk changes into
structured finance ratings forms part of the relevant asset class
methodologies along with the publication of its Special Comment
"Structured Finance Transactions: Assessing the Impact of
Sovereign Risk" published in March 2013.

List of Affected Ratings:

Issuer: GAT FTGENCAT 2006, FONDO DE TITULIZACION DE ACTIVOS

EUR239.1M A2(G) Notes, Confirmed at A3 (sf); previously on Jul 2,
2012 Downgraded to A3 (sf) and Placed Under Review for Possible
Downgrade

EUR5.1M B Notes, Upgraded to A3 (sf); previously on Jul 2, 2012
Ba1 (sf) Placed Under Review for Possible Downgrade

EUR12.3M C Notes, Upgraded to Ba2 (sf); previously on Jul 2, 2012
B3 (sf) Placed Under Review for Possible Downgrade

EUR13.2M D Notes, Downgraded to Ca (sf); previously on Jul 2,
2012 Caa3 (sf) Placed Under Review for Possible Downgrade

Issuer: GAT FTGENCAT 2009, FONDO DE TITULIZACION DE ACTIVOS

EUR284.8M Serie A1 (G) Notes, Confirmed at A3 (sf); previously on
Jul 2, 2012 Downgraded to A3 (sf) and Placed Under Review for
Possible Downgrade

EUR71.2M Serie A2 Notes, Confirmed at A3 (sf); previously on Jul
2, 2012 Downgraded to A3 (sf) and Placed Under Review for
Possible Downgrade


GC FTPYME 4: S&P Lowers Rating on Class C Notes to 'B+'
-------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions on GC FTPYME PASTOR 4 Fondo de Titulizacion de Activos'
asset-backed floating-rate notes.

Specifically, S&P has:

   -- Lowered to 'B+ (sf)' from 'BB (sf)' its rating on the class
      C notes and lowered to 'CCC- (sf)' from 'CCC (sf)' its
      rating on the class D notes;

   -- Raised to 'A- (sf)' from 'BBB (sf)' its rating on the class
      B notes; and

   -- Affirmed its 'AA- (sf)' rating on the class A3(G) notes,
      and its 'D (sf)' rating on the class E notes.

The rating actions follows S&P's assessment of the transaction's
performance using the latest available trustee reports (dated
March and April 2013) and portfolio data from the servicer, as
well as the application of S&P's updated criteria for European
collateralized loan obligations (CLOs) backed by small and
midsize enterprises (SMEs) and other relevant criteria.

                          CREDIT ANALYSIS

Based on S&P's review of the current pool and since its previous
review of the capital structure in July 2011, the pool has
experienced further defaults and the obligor concentration risk
has increased due to the continued deleveraging of loans.  The
interest on the class E notes continues to be deferred as of the
April 2013 interest payment date report.

The underlying pool is highly seasoned with a pool factor (the
percentage of the pool's outstanding aggregate principal balance
compared with the closing date) of 12.03%.  Loans originated in
2005 now represent the highest proportion of the current
outstanding pool.  According to the March 2013 trustee report,
12+ months cumulative defaults account for 5.89% of the closing
pool balance (compared with 4.48% at S&P's July 2011 review).
The recovery rates reported on these defaults are in the range of
24% to 25%.

Even though the minimum required level of the reserve fund is
expected to be EUR12.6 million, it has not been replenished since
our July 2011 review and is still zero.

However, the full amortization of the class A2 notes and partial
amortization of class A3G notes since S&P's July 2011 review has
had a positive impact in credit enhancements in the transaction.

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

S&P categorizes the originator as moderate (based on tables 1, 2,
and 3 in S&P's criteria), which factored in Spain's Banking
Industry Country Risk Assessment (BICRA) of 6 (as the country of
origin for these SME loans is Spain).  This resulted in a
downward adjustment of one notch to the 'b+' archetypical
European SME average credit quality assessment to determine loan-
level rating inputs and applying the 'AAA' targeted corporate
portfolio default rates.  As a result, S&P's average credit
quality assessment of the pool is 'b'.

S&P further applied a portfolio selection adjustment of minus
three notches to the 'b' credit quality assessment, which S&P
based on its review of the current pool characteristics, compared
with the originator's other transactions.  As a result, S&P's
average credit quality assessment of the pool to derive the
portfolio's 'AAA' SDR was 'ccc'.

S&P has applied this approach as the issuer did not provide the
internal credit scores upon request, 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 has assessed Spain's current market trends and developments,
macroeconomic factors, and the way these factors are likely to
affect the loan portfolio's creditworthiness.

As a result of this analysis, S&P's 'B' SDR is 15% of the current
pool.

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

                           COUNTRY RISK

In S&P's cash flow analysis, the class A3(G) notes pass at a
higher rating level than the currently assigned rating.  However,
given that S&P's long-term rating on the Kingdom of Spain is
'BBB-', according to S&P's nonsovereign ratings criteria, it has
affirmed its 'AA- (sf)' rating on the class A3(G) notes.

The class A3(G) notes benefit from a guarantee provided by the
Kingdom of Spain.  The guarantee from the Kingdom of Spain can be
drawn either for interest or principal payments on the class
A3(G) notes under the priority of payments, when available funds
are insufficient.  S&P's rating on the class A3(G) notes is on a
standalone basis (i.e., S&P gives no credit to this guarantee).
However, as of the April 2013 trustee report, the cumulative
amount drawn under the guarantee for the class A3(G) notes is
EUR12.25 million.  Therefore, as the fund will need to repay the
amounts drawn under the guarantee to the guarantor (the Kingdom
of Spain), S&P has factored this into its cash flow analysis.

                      RECOVERY RATE ANALYSIS

At each liability rating level, S&P assumed a weighted-average
recovery rate (WARR) by considering the asset type
(secured/unsecured), its seniority (first lien/second lien), and
the country recovery grouping.  S&P also factored in the actual
recoveries from the historical defaulted assets, to derive its
recovery rate assumptions to be applied in its cash flow
analysis.

As a result of this analysis, S&P's WARR assumption in a 'AA'
scenario was 19.92%.  The recovery rates at more junior rating
levels were higher (in line with S&P's criteria).

                         CASH FLOW ANALYSIS

S&P subjected the capital structure to various cash flow
scenarios, incorporating different default patterns, recovery
timings, and interest rate curves to generate the minimum break-
even default rate (BDR) for each rated tranche in the capital
structure.  The BDR is the maximum level of gross defaults that a
tranche can withstand and still fully repay the noteholders,
given the assets and structure's characteristics.  S&P then
compared these BDRs with the SDRs outlined above.

                        SUPPLEMENTAL TESTS

S&P's rating on the class D notes was constrained by the
application of the largest obligor default test.  Accordingly S&P
has lowered to 'CCC- (sf)' from 'CCC (sf)' its rating on the
class D notes.

                        COUNTERPARTY RISK

The transaction features an interest rate swap. CaixaBank S.A.
(BBB-/Negative/A-3) is the swap counterparty.  Under S&P's 2012
counterparty criteria, it has defined it as a "derivative"
counterparty.  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.

Since the Swap counterparty do not fully comply with S&P's
criteria, it has tested a scenarios where S&P gives no benefit to
the counterparty.  For this S&P has applied a yield compression
stress in its cash flow analysis.  S&P has observed that the
portfolio contains a wide range of spreads.  S&P considers that
there is a risk that, should defaults affect the highest-paying
loans , the pool's yield would tend to decrease over time.  This
could limit the transaction's ability to service the rated notes.

Following S&P's assessment of the transaction's performance and
the application of its relevant criteria, S&P's cash flow results
indicates that the available credit enhancement for the class C
notes supports a lower rating than currently assigned.  S&P has
therefore lowered to 'B+ (sf)' from 'BB (sf)' its rating on the
class C notes.

The results of S&P's credit and cash flow analysis shows that the
credit enhancement available to the B notes is commensurate with
a higher rating.  S&P has therefore raised to 'A- (sf)' from 'BBB
(sf)' its rating on the class B notes.

S&P's rating on the class E notes reflects the timely payment of
interest and ultimate payment of principal.  S&P lowered its
rating on this class of notes to 'D (sf)' on March 7, 2013
following an interest shortfall.  The class E notes are still
deferring interest.  Consequently, S&P has affirmed its 'D (sf)'
rating on the class E notes.

GC FTPYME PASTOR 4 is a cash flow CLO transaction that
securitizes loans to SMEs.  The collateral pool comprises both
secured and unsecured loans.  The transaction closed in November
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

GC FTPYME PASTOR 4, Fondo de Titulizacion de Activos
EUR630 Million Asset-Backed Floating-Rate Notes

Ratings Lowered

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

Rating Raised

B           A- (sf)           BBB (sf)

Ratings Affirmed

A3(G)       AA- (sf)
E           D (sf)


INMOBILIARIA COLONIAL: Grupo Villar Mir Mulls Stake Acquisition
---------------------------------------------------------------
Manuel Baigorri and Todd White at Bloomberg News report that
Grupo Villar Mir, a company with interests ranging from
fertilizers to construction, is considering buying a stake in
debt-laden Inmobiliaria Colonial SA.

According to Bloomberg, a person familiar with the matter said
Villar Mir, the closely held owner of a shareholding in builder
Obrascon Huarte Lain SA, is weighing a purchase of as much as
29.99% of Barcelona-based Colonial via a capital increase.

Colonial has a market value of EUR209 million (US$270 million)
and its shareholders include Commerzbank AG, Credit Agricole SA
and Goldman Sachs Group Inc., Bloomberg discloses.

Colonial, whose assets include office properties in prime
locations of Madrid, Barcelona and Paris, has struggled with
mounting losses and debt from its expansion during the real-
estate boom in Spain, Bloomberg relates.  Juan-Miguel Villar Mir,
chairman and owner of the Madrid-based holding company that bears
his name, said this month he's considering investing in Colonial,
Bloomberg recounts.

"It will all come down to price and I suspect he'll ask for a big
discount," Bloomberg quotes Francisco Salvador, a Madrid-based
strategist at FGA/MG Valores, as saying by telephone.
Mr. Salvador, as cited by Bloomberg, said Mr. Villar Mir is known
as a contrarian investor and has successfully restructured
businesses in the past.

In Spain, shareholders that acquire 30% or more of a company are
required by law to make a full takeover bid, Bloomberg states.
The person said that Mr. Villar Mir isn't interested in buying
individual assets owned by Colonial, Bloomberg notes.

Inmobiliaria Colonial SA is a Spanish property company.


OBRASCON HUARTE: Fitch Affirms 'BB-' Senior Unsecured Ratings
-------------------------------------------------------------
Fitch Ratings has affirmed Obrascon Huarte Lain's (OHL) Long-term
Issuer Default (IDR) and senior unsecured ratings at 'BB-'. The
Short-term IDR is affirmed at 'B' and Outlook Stable.

OHL's business is split between construction activities financed
with unsecured facilities (recourse), its ring-fenced concession
activities (non-recourse) funded with senior project finance
loans and junior concession holding company debt collateralized
on the underlying equity value of its Abertis and OHL Mexico
stakes. Since exchanging part of its concession portfolio into an
Abertis stake, re-leveraging of this stake and subsequent up-
streaming of cash proceeds allowed for de-leveraging at the
recourse level at FY12. However Fitch expects net recourse
leverage to remain around 3.0x. With recourse cash flow stemming
from the relatively higher risk construction industry and
susceptible to operational risks such as cyclical demand and
project delays, 3.0x leverage is deemed comparatively high. OHL
has considerable equity value on its balance sheet from
concession assets, although senior unsecured bondholders remain
subordinated to non-recourse debt and potentially exposed to
inherent equity value cyclicality.

Abertis Stake Increases:
OHL reached a 19% stake in Abertis Infraestructuras, S.A.
('BBB+'/Negative) one of the world's largest toll road operators.
OHL exchanged its Brazilian and Chilean toll road concession
portfolio -- now owned by Abertis -- for this stake and further
used collateralized loans to fund a more sizeable stake than
originally obtained through the transaction.

Re-leveraging Concession Assets:
The 19% Abertis and 74% OHL Mexico stakes have been re-leveraged
and refinanced during 2012 and Q1 2013, now totaling around
EUR1.4 billion of collateralized funding and with more robust 3 -
5 year maturities. These stakes are held in the non-recourse
group and are leveraged to around 30% LTV with stable dividend
flow from Abertis comfortably covering associated debt funding
costs.

Lacklustre Recourse Performance:
Construction activities forming the large part of recourse cash
flow experienced a 12% EBITDA decline during 2012 with a number
of large international projects signed in 2011 and 2012 still in
ramp-up stage. Overall international activities continue to
offset the dismal Spanish market, accounting for 27% revenue of
this segment for FY12. Fitch expects single-digit growth from
construction going forward driven by a strong internationally
focused order book covering around 3.0x revenue. Strong growth in
EBITDA from other recourse activities helped offset an overall
decline y-o-y.

Strong International Order-Book:
OHL has outperformed other EMEA contractors with regards to
diversifying away from weak developed markets. Proactively,
management started this process well before the crisis. Continued
order-book growth provides potential upside for better-than-
expected working capital. However, downside risks would arise
from poor execution of the international order book that has an
element of concentration risk when compared to Fitch's investment
grade Engineering and Construction peers.

Recent De-leverage to Unwind:
Management prior year commitment to target less than 2.0x
recourse leverage for FY12 was successful in large part due to a
re-leveraging of the Abertis stake at the non-recourse level and
subsequent up-streaming of cash to the recourse group. During Q1
2013 this temporary up-streaming was reversed with a EUR436
million repayment back to the non-recourse group. Adjusting for
this, FY12 recourse leverage would have been closer to 2.5x -
3.0x.

Upward Revised Recourse-Leverage Target:
Fitch expects recourse leverage to remain around 3.0x, higher
than previously expected primarily due to management revising up
their target recourse leverage back to less than 3.0x for 2013
onwards. Furthermore, off balance sheet receivable factoring of
around 1.0x of recourse leverage used to fund working capital
requirements that would otherwise be financed by recourse cash
flow add to the group's overall debt quantum.

Solid Liquidity for Rating:
Recourse liquidity has a good track record of being maintained
through the crisis with around EUR2.0 billion of undrawn
committed facilities and cash available at FY12, comfortably
covering debt maturities until 2016. OHL have demonstrated solid
support from their banking group through-the-cycle maintaining
their credit lines roughly at similar levels.

Largely Bond Market Financed:
With EUR1.3 billion of recourse gross debt funded with medium-
term bonds, all other bank debt is primarily used for liquidity
needs arising from working capital fluctuation inherent in this
seasonally business. OHL has demonstrated good access to bond
markets in recent years including an 8-year EUR300 million 7.625%
bond due 2020 and increase in its RCF to EUR300 million pushing
our maturity to 2016.

RATING SENSITIVITY GUIDANCE:

Fitch adjusts leverage calculations to reflect the ring-fenced
nature of the concession business by excluding related EBITDA and
non-recourse debt but including sustainable dividends. Off
balance sheet drawn factoring lines are brought on balance and
included in Fitch's adjusted net debt.

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

-- Recourse net leverage around 2.0x and EBITDA interest cover
   above 3.0x on a sustainable basis.

-- A material increase in steady, reliable up-streamed dividends
   from the concession operations without a re-leveraging of
   assets.

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

-- Recourse net leverage above 4.0x and EBITDA interest cover
   below 2.0x on a sustainable basis.

-- Increased stakes in Abertis that are detrimental to recourse
   leverage metrics.

-- A LTV higher than 50% at the OHL Concession HoldCo level
   (collateralized debt / stakes in OHL Mexico and Abertis) to
   the extent that this may destabilize the standalone financial
   strength and lead to material margin calls.


RIVOLI PAN: S&P Lowers Rating on Class C Notes to 'B-'
------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on RIVOLI Pan Europe 1
PLC's class A, B, and C notes.

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

On Dec. 6, 2012, S&P placed its ratings on RIVOLI Pan Europe 1's
class A, B, and C notes on CreditWatch negative, following the
update to its European CMBS criteria.

              PARQUE PRINCIPADO (32% OF THE LOAN POOL)

A shopping center in Oviedo, Northern Spain secures the
EUR113 million loan.  The loan matures in July 2013.  The loan
was granted to the borrower for a maximum amount of EUR114.7
million and is divided into two tranches: A EUR113.4 million
tranche and a pari passu tranche of EUR1.3 million.

The center is multitenanted and comprises approximately 56,000
square meters of space.  The current occupancy rate is 88%, with
a weighted-average unexpired lease term (WAULT) of three years
and six months until the first lease break.  In February 2013,
the servicer reported a 68% securitized loan-to-value (LTV) ratio
(based on a January 2012 valuation) and a 7.04x securitized
interest coverage ratio (ICR).

               SANTA HORTENSIA (29% OF THE LOAN POOL)

A single-tenanted office property of approximately 47,000 square
meters in Madrid secures the second-largest loan in the pool.
The loan has a senior balance of EUR104 million.  The loan
matured in January 2013 and is currently in standstill as the
loan is being restructured.  The borrower has decided to seek a
two-year extension to the loan maturity date, with an additional
potential extension of one-year, and another of 15 months.  The
servicer has informed S&P that the noteholders have approved
these proposals, which are now in the process of being finalized.

The property's current occupancy is 100%, with a WAULT of
approximately two years and five months until the first lease
break.  In February 2013, the servicer reported a 65% securitized
LTV ratio (based on a January 2013 valuation) and a 2.70x
securitized ICR.

                BLUE YONDER (18% OF THE LOAN POOL)

The Blue Yonder loan (18% of the loan pool) has a senior balance
of EUR67 million and matures in August 2015.  Five office
properties, an industrial property, and a mixed-use property
secure the loan.  Office accommodation represents 44.2% of the
rental income, with warehouses representing 55.8%.  The seven
properties are let entirely to KLM Royal Dutch Airlines under one
lease that matures in August 2018 (three years after loan
maturity).  The portfolio is about 137,000 square meters, with a
WAULT of approximately five years and two months until the first
lease break.  In February 2013, the servicer reported a 42%
securitized LTV ratio (based on a January 2013 valuation) and a
6.77x securitized ICR.

                 RIVE DEFENSE (21% OF THE LOAN POOL)

An office property outside Paris secures the Rive Defense loan
(21% of the loan pool).  The loan has a senior balance of
EUR74 million and matured in January 2013.  The property is about
43,500 square meters, with a WAULT of approximately four years
and five months until the first lease break.  The current
occupancy rate is 100%.  In February 2013, the servicer reported
an 82% securitized LTV ratio (based on a January 2013 valuation)
and a 3.08x securitized ICR.

                           RATING ACTIONS

S&P's analysis indicates that the credit enhancement available to
the class A and B notes is insufficient to maintain their current
ratings.  S&P has therefore lowered and removed from CreditWatch
negative its ratings on the class A and B notes.

In addition, S&P's analysis indicates that the expected
recoveries under its 'B+' rating scenario is no longer sufficient
to cover principal payments due on the class C notes.  Therefore,
S&P has lowered to 'B- (sf)' from 'B+ (sf)' and removed from
CreditWatch negative its rating on the class C notes.

RIVOLI Pan Europe 1 is a 2006-vintage CMBS transaction backed by
four loans secured on 10 European commercial properties.  At
closing, it was backed by a pool of five loans secured on
24 mixed-use European commercial properties.  The assets were
located in Spain, France, and the Netherlands.

          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

RIVOLI Pan Europe 1 PLC

EUR479.8 Million Commercial Mortgage-Backed Floating-Rate Notes

Ratings Lowered And Removed From CreditWatch Negative

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


TDA 22: Moody's Lowers Rating on Class C1 Notes to 'Caa2'
---------------------------------------------------------
Moody's Investors Service downgraded the ratings of thirteen
notes in four Spanish residential mortgage-backed securities
(RMBS) transactions: TDA 15 MIXTO, FTA; TDA 18 MIXTO, FTA; TDA 20
MIXTO, FTA and TDA 22 MIXTO, FTA. At the same time, Moody's
confirmed the rating of one junior note in TDA 22 MIXTO, FTA.

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

Ratings Rationale:

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

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

Additional Factors Better Reflect Increased Sovereign Risk

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

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

Revision of Key Collateral Assumptions

Moody's has maintained its lifetime loss expectation (EL) as well
as its MILAN CE assumption in all four transactions.

Exposure to Counterparty Risk

The conclusion of Moody's rating review takes into consideration
the exposure to the relevant servicers acting as collection
account bank for the four transactions. Treasury Accounts are
held by Barclays Bank PLC for TDA 15 MIXTO, FTA, TDA 18 MIXTO,
FTA and TDA 20 MIXTO, FTA and BNP Paribas for TDA 22 MIXTO, FTA.
The sweeping frequency to the treasury account is monthly in TDA
15 MIXTO, FTA and TDA 20 MIXTO, FTA for both subpools, daily,
weekly or monthly depending on the entity in TDA 18 MIXTO, FTA
and TDA 22 MIXTO, FTA. Exposure to servicers acting as collection
account banks only has a negative impact on the final ratings for
TDA 15 MIXTO, FTA and TDA 20 MIXTO, FTA.

Moody's also notes that, there is no swap in place to protect the
transactions against interest rate risk for TDA 15 MIXTO, FTA and
TDA 18 MIXTO, FTA. TDA 18 MIXTO, FTA. benefits from a interest
rate cap. The revised rating of the notes are not negatively
impacted by this exposure given the high excess spread on the
pool.

Other Developments May Negatively Affect the Notes

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

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

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

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

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

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

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

List Of Affected Ratings:

Issuer: TDA 15 MIXTO FONDO DE TITULIZACION DE ACTIVOS

EUR9.5M B1 Notes, Downgraded to Ba1 (sf); previously on Nov 23,
2012 Downgraded to Baa2 (sf) and Remained On Review for Possible
Downgrade

EUR11.7M B2 Notes, Downgraded to Ba1 (sf); previously on Nov 23,
2012 Downgraded to Baa2 (sf) and Remained On Review for Possible
Downgrade

Issuer: TDA 18 MIXTO FONDO DE TITULIZACION DE ACTIVOS

EUR11.3M B1 Notes, Downgraded to Ba1 (sf); previously on Nov 23,
2012 Downgraded to Baa1 (sf) and Remained On Review for Possible
Downgrade

EUR12.4M B2 Notes, Downgraded to Ba1 (sf); previously on Nov 23,
2012 Downgraded to Baa1 (sf) and Remained On Review for Possible
Downgrade

Issuer: TDA 20-MIXTO, FONDO DE TITULIZACION DE ACTIVOS

EUR297.1M A1 Notes, Downgraded to Baa1 (sf); previously on Nov
23, 2012 Confirmed at A3 (sf)

EUR7.9M B1 Notes, Downgraded to Ba1 (sf); previously on Nov 23,
2012 Downgraded to Baa1 (sf) and Remained On Review for Possible
Downgrade

EUR10.4M B2 Notes, Downgraded to Ba1 (sf); previously on Nov 23,
2012 Downgraded to Baa1 (sf) and Remained On Review for Possible
Downgrade

Issuer: TDA 22 - MIXTO, FONDO DE TITULIZACION DE ACTIVOS

EUR57.2M A1b Notes, Downgraded to Baa2 (sf); previously on Nov
23, 2012 Confirmed at A3 (sf)

EUR4.6M B1 Notes, Downgraded to B1 (sf); previously on Jul 2,
2012 Baa2 (sf) Placed Under Review for Possible Downgrade

EUR14.6M B2 Notes, Downgraded to Ba1 (sf); previously on Jul 2,
2012 Downgraded to A3 (sf) and Placed Under Review for Possible
Downgrade

EUR3.7M C1 Notes, Downgraded to Caa2 (sf); previously on Jul 2,
2012 Ba3 (sf) Placed Under Review for Possible Downgrade

EUR6M C2 Notes, Downgraded to B2 (sf); previously on Jul 2, 2012
Baa3 (sf) Placed Under Review for Possible Downgrade

EUR2.7M D1 Notes, Downgraded to Caa3 (sf); previously on Jul 2,
2012 Caa1 (sf) Placed Under Review for Possible Downgrade

EUR5.7M D2 Notes, Confirmed at Caa1 (sf); previously on Nov 23,
2012 Downgraded to Caa1 (sf) and Remained On Review for Possible
Downgrade



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


ING BANK: Fitch Upgrades Viability Rating to 'bb+'
--------------------------------------------------
Fitch Ratings has affirmed ING Bank A.S.'s (INGBT) Long-term
foreign currency Issuer Default Rating (IDR) at 'BBB' with a
Stable Outlook. At the same time, the agency has upgraded INGBT's
Viability Rating to 'bb+' from 'bb', reflecting improved
performance and continued sound asset quality despite a fast
growing loan book.

KEY RATING DRIVERS: IDRS, SUPPORT RATING AND NATIONAL RATING

INGBT's IDRs and Support Rating are driven by potential support
from its sole owner ING Bank NV (ING; 'A+'/Stable). The 'BBB'
Long-term foreign currency IDR is capped at the Country Ceiling,
and the 'BBB+' Long-term local currency IDR also takes into
account country risks. Fitch believes the Turkish subsidiary is
strategically important to ING, and the agency therefore factors
into its ratings a high probability of parent support.

INGBT's 'AAA(tur)' National Rating reflects the agency's opinion
that, on a relative scale, the issuer has one of the best credit
profiles in Turkey.

RATING SENSITIVITIES - IDRS, SUPPOT RATING AND NATIONAL RATINGS

INGBT's IDRs could be upgraded or downgraded if there were
changes to Turkey's Country Ceiling. The ratings could also be
downgraded if there was a multi-notch downgrade of ING, or a
sharp reduction in the parent's commitment to the subsidiary,
neither of which is currently anticipated by Fitch.

KEY RATING DRIVERS - VR

The upgrade of INGBT's VR reflects (i) improvements in the bank's
performance ratios, which are now closer to those of peers, (ii)
a somewhat more balanced funding profile, as a result of
expanding retail customer deposits, and (iii) a slowing of the
bank's growth to rates broadly in line with the sector as a
whole. The VR is also supported by sound asset quality,
reasonable capitalization and comfortable liquidity. However, the
bank's moderate franchise and still heavy reliance on parent
funding continue to weigh on the VR.

Key credit metrics for INGBT have improved in 2012; operating
performance is similar to peers, as the bank started benefiting
from the fast growing higher margin SME and retail portfolios.
Cost efficiency is still somewhat weaker than peers with a
cost/income ratio of 62% in 2012. Fitch believes as the bank
continues to strengthen its franchise, efficiency ratios will
also catch up with peers.

INGBT's impaired loan ratio has always been one of the lowest in
the sector, even before the acquisition by ING, and it stood at
2.2% at end-2012. Low formation of new non-performing loans
(NPLs), continued recoveries and loan growth contribute to the
impaired loan ratio remaining low, without major write-offs.
Amounts of restructured loans, foreclosed assets and watch-list
loans are negligible. Fitch expects growth in impaired loans in
2013 as the loan book seasons, however the agency does not expect
the impact to be material.

INGBT is becoming more deposit-funded (end-2012: 59% of
liabilities); however, funding from its parent, including long-
term facilities, was still significant at 28% of non-equity
funding. INGBT has taken strides to increase its retail customer
deposits and plans to gradually reduce its reliance on parental
funding, which will be positive for the VR. Fitch expects this
process to be gradual and challenging in light of strong
competition for deposits, and INGBT's significant funding
requirements given its loan growth plans.

Capitalization is adequate, with the Fitch Core Capital (FCC)
ratio standing at 11.8% at end-2012. In Fitch's opinion, pressure
on capitalization from planned growth of risk-weighted assets is
mitigated to some extent by the parent's willingness and
capability to support the bank's future growth plans.

RATING SENSITIVITIES - VR

The VR could be upgraded if performance improves further and
reliance on parent funding is significantly reduced, while other
credit metrics remain sound. The VR could be downgraded if there
is a marked slowdown in the economy, signs of significant
deterioration in the bank's asset quality or underwriting, or a
clear deterioration in leverage and/or performance as the bank
continues to grow.

The rating actions are:

Long-term foreign currency IDR: affirmed at 'BBB'; Outlook Stable
Long-term local currency IDR: affirmed at 'BBB+'; Outlook Stable
Short-term foreign currency IDR: affirmed at 'F3'
Short-term local currency IDR: affirmed at 'F2'
National Long-term rating: affirmed at 'AAA(tur)'; Outlook Stable
Viability Rating: upgraded to 'bb+' from 'bb'
Support Rating: affirmed at '2'



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


AMERICAS DIAMOND: Incurs US$99.6K Net Loss in Year Ended Jan. 31
----------------------------------------------------------------
Americas Diamond Corp. filed on May 16, 2013, its annual report
on Form 10-K for the year ended Jan. 31, 2013.

George Stewart, in Seattle, Washington, expressed substantial
doubt about Americas Diamond's ability to continue as a going
concern, noting that the Company has had no operations and has no
established source of revenue.

The Company reported a net loss of US$99,642 for the year ended
Jan. 31, 2013, compared with a net loss of US$22,662 for the year
ended Jan. 31, 2012.

The Company's balance sheet at Jan. 31, 2013, showed US$2.7
million in total assets, US$2.8 million in total liabilities, and
a stockholders' deficit of US$81,621.

A copy of the Form 10-K is available at http://is.gd/UBDsy4

London, United Kingdom-based Americas Diamond Corp. is an
exploration stage company.  On April 12, 2011, the Company
received a geologists report on its Met 1 property.  After
reviewing the report management decided to abandon the claim and
is currently pursuing additional exploration assets and were as
successful in acquiring SUDAM Diamonds Ltd. which holds rights to
Natal I and Natal II and a diamond processing plant.


CO-OPERATIVE BANK: Launches Wide-Ranging Review Into Business
-------------------------------------------------------------
Harry Wilson at The Telegraph reports that the Co-operative Bank
plc has launched a wide-ranging review into its banking business,
which will address all options, including a possible sale or wind
down, as it looks for ways to fill a capital black hole.

The mutual needs to raise as much as GBP1.8 billion to repair its
bank's balance sheet and said on Friday that it was "undertaking
an extensive review" of the business, the Telegraph relates.

Swiss investment bank UBS has been hired to advise the Co-op on
its options, which could range from the sale of more assets to
the winding down or sale of the entire bank, the Telegraph
discloses.

Euan Sutherland, the new chief executive of the Co-op, confirmed
that Co-op Bank had stopped making loans to new customers as it
looked for ways to raise new capital, the Telegraph notes.

"This decision is part of our commercial strategy to play to the
traditional strengths of the bank," the Telegraph quotes
Mr. Sutherland as saying.

The Co-op has already sold off large parts of its insurance
business, the Telegraph recounts.

However, depending on the eventual size of the capital hole, the
mutual could be forced to consider the sell-off of more
businesses as it attempts to raise new money, the Telegraph
notes.

The review of the bank follows a six-notch downgrade earlier this
month by Moody's, which cut the division's credit rating to junk
status, the Telegraph discloses.

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.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on May 13,
2013, Moody's Investors Service downgraded the deposit and senior
debt ratings of Co-operative Bank plc to Ba3/Not Prime from
A3/Prime 2, following its lowering of the bank's baseline credit
assessment (BCA) to b1 from baa1. The equivalent standalone bank
financial strength rating (BFSR) is now E+ from C- previously.


FIRST QUANTUM: Moody's Cuts Senior Notes Rating to 'B2'
-------------------------------------------------------
Moody's Investors Service confirmed the Ba3 corporate family
rating and the Ba3-PD probability of default rating of First
Quantum Minerals Ltd., but has downgraded the rating on its
senior unsecured notes due 2019 to B2 from B1. The outlook was
changed to negative for all ratings. Concurrently, Moody's has
withdrawn the B1 CFR and B1-PD of Inmet Mining Corporation after
its recent amalgamation with FQM's sub-holding company FQM
(Akubra) Ltd ('FQM Akubra'), which has become the successor of
Inmet, and reaffirmed the B1 rating on its senior unsecured
notes, which also has a negative outlook.

These rating actions follow the completed acquisition of Inmet,
and take also into account the announcement made by FQM on 21 May
2013 indicating that only $10 million of Inmet's notes have been
tendered to the mandatory change of control offer.

These rating actions conclude the review of FQM initiated by
Moody's on December 19, 2012.

Ratings Rationale:

Moody's is confirming FQM's CFR and affirming Inmet's senior
unsecured note rating, an acknowledgment that many of the main
drivers of the former stand-alone ratings have not changed and
some, such as operating diversity, have improved as a result of
the transformational Inmet acquisition. However, the negative
rating outlook and the downgrade of FQM's senior unsecured notes
reflect some combination of higher leverage and weaker liquidity
for the combined company than was the case for the previous
stand-alone ratings. Notably, Inmet had pre-funded a substantial
portion of the development costs of the Cobre Panama project and
the resulting $3.6 billion of cash significantly mitigated the
execution and capex risk associated with that project. Now, that
cash may be used by FQM to repay the $2.5 billion bridge loan
used to finance approximately one-half of the Inmet acquisition.

FQM is reappraising the development of the Cobre Panama project,
which it believes can be developed more economically than
envisioned by Inmet. The company expects to complete this review
within the next three to six months. It is also working on more
permanent funding to replace the bridge loan, or a portion
thereof. While the details of both these important matters may
affect Moody's rating for FQM, Moody's does not expect the
underlying key drivers of the Ba3 rating to change, and
specifically that high capital expenditures for new projects will
lead to an increase in debt over at least the next two to three
years, which will in turn keep pressure on the company's funding
and liquidity position, while it remains exposed to volatile
commodity prices and uncertainties in the global economy.

Moody's also recognizes that the acquisition of Inmet will
contribute to counterbalance FQM's high operational concentration
risk in Zambia (B1 stable), given the sound strategic rationale
of acquiring (i) Inmet's three low cost copper mines in the more
stable EMEA region (Spain, Turkey, Finland) where FQM is
marginally present, and (ii) the large Cobre Panama copper
project in Panama, which will materially contribute to total
copper output of FQM once commercial production starts. However,
FQM's concentration risk in Zambia will remain high and most of
the improvements, in terms of size, operational and geographic
diversification, will be effective only after 2016 with Cobre
Panama's contribution, because the producing mining assets of
Inmet are relatively small. Moody's calculates that the
proportion of revenues and EBITDA of FQM combined with Inmet
which is derived from Zambia (Kansanshi mine) still represents
around 50% and 54% of total revenues and EBITDA respectively, on
a 2012 pro-forma basis (from 70% and 79% respectively on FQM's
stand-alone basis).

FQM's liquidity profile following the acquisition is adequate to
cover the large cash outflows expected over the next 18 to 24
months, including the full repayment of the bridge facility
within the next 12 months and the large capex outflows for FQM's
projects alone, while the substantial capex plan for Cobre Panama
remains under FQM's management review, and it will be mostly
rescheduled for 2014 and beyond according to management's
preliminary guidance. The liquidity is mainly supported by
Inmet's large cash balance (nearly $3.5 billion as of March
2013), which remains intact following the mandatory change of
control offer on Inmet's notes, and which will be accessible by
FQM for general corporate purposes, including the repayment of
the bridge facility, according to management guidance. FQM's
committed revolving and term loan facilities totaling c. $1.6
billion, entirely undrawn as of March 2013, provide further
liquidity to cover the funding gaps for the combined capex plan
over the next 12 to 18 months, which will drive substantial
negative free cash flows over the same timeframe. The adequate
liquidity assessment also assumes that FQM is able to normalize
its working capital requirements for its Zambian mining
operations during 2013, after they absorbed cash for c. $800
million in 2012, which resulted in a cash balance for FQM as of
December 2012 of $309 million, down from a peak cash position of
c. $1 billion in March 2012 after FQM received $740 million in
cash from ENRC (B1 UR for downgrade) as part of a settlement of
claims and sale of assets in the Democratic Republic of Congo.

Given this rating action, Moody's currently considers positive
rating actions to be unlikely in the near future. However, a
stabilization of the outlook could result from proactive
management of short term debt maturities and a preservation of a
solid liquidity position to comfortably execute the several large
projects in FQM's pipeline, as well as a smooth integration of
Inmet's operations within FQM. Positive pressure could build over
time if the group were able to successfully execute its ambitious
growth strategy, which would result in a stronger business
profile supported by wider operational and geographic
diversification, as well as in stronger credit metrics, including
a debt/EBITDA ratio, on a Moody's adjusted basis, sustainably
below 2.0x and free cash flow turning positive.

Conversely, Moody's would consider downgrading the rating if
there were a material deterioration in FQM's liquidity profile,
decline in the group's operating cash flow generation and/or
higher than anticipated capex due to overruns or delays at major
projects. Such a deterioration would be reflected by less robust
credit metrics, including debt/EBITDA in excess of 3x on a
sustained basis.

Structural Considerations

The one-notch downgrade of FQM's notes to B2 reflects the weaker
position of the instrument in the enlarged capital structure
following the acquisition of Inmet, given its structural
subordination at the FQM Limited holding level, and the limited
value of the guarantees provided on a subordinated basis by FQM's
Australian and Finnish subsidiaries, as opposed to the stronger
guarantees of the new acquisition bridge facility (provided by
FQM and by FQM Finance Ltd) and of the Inmet notes, which have
upstream guarantees from Inmet's operating subsidiaries.

As FQM offers no guarantee for Inmet's notes, the rating on these
notes, affirmed at B1, reflects a degree of structural
subordination compared to other liabilities of the enlarged
group, namely the senior secured debt available to the main
operating subsidiaries of FQM, which Moody's assumes will be
partially drawn in 2013 and beyond to support the increased
funding requirements of the enlarged group. However, the Inmet
notes remain supported by the assets and cash flows of its
operating subsidiaries providing upstream guarantees in the first
instance.

Moody's will be able to maintain the ratings on Inmet's notes as
long as the company continues to provide audited financial and
operating reports, sufficient to monitor the assets and operating
performance of the issuer and its operating subsidiaries. Inmet's
indentures include the requirement for the provision of such
information. Should the company stop providing audited
information, Moody's would have to withdraw the ratings on
Inmet's notes.

The principal methodology used in these ratings was the Global
Mining Industry published in May 2009. Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.

First Quantum Minerals Ltd (FQM), headquartered in Canada and
listed on the Toronto Stock Exchange and the London Stock
Exchange, is a medium size mining company with a large operation
in Zambia, where it manages Kansanshi, a large and low-cost
copper and gold deposit. FQM also operates a small copper and
gold mine in Mauritania, a junior nickel mine in Australia and a
junior nickel-copper mine in Finland. Following the acquisition
of Inmet, FQM has gained access to one of the world's largest
copper deposits, Cobre Panama, as well as to small copper and
zinc mining operations in the EMEA region. The pro-forma combined
revenues of FQM and Inmet in 2012 were just above $4.0 billion.


HIBU PLC: Creditors Set to Take Control in Debt-for-Equity Plan
---------------------------------------------------------------
Express & Star, citing The Sunday Times, reports that creditors
are poised to seize control of Hibu plc in a deal which would
wipe out shareholders and more than halve its GBP2 billion debt
pile.

According to Express & Star, the debt-for-equity plan would see
more than 300 creditors become new owners of the former FTSE 100
Index group, which last year changed its name from Yell.

The group has been hampered by slumping revenues amid intense
competition from internet search engines, while it staggers under
a heavy debt pile built up by an overseas acquisition spree,
Express & Star discloses.

Hibu had debts of more than GBP2 billion at the end of 2012, and
the deal with lenders is expected to see them write off as much
as GBP1.5 billion in return for ownership of the business,
Express & Star says.  That would see the group, which has about
13,000 employees, quit the stock market, Express & Star notes.

According to Express & Star, much of its debt matures next April,
and Hibu has said its shares are likely to have "little or no
value".  Its creditors reportedly include Soros Fund Management
and Deutsche Bank, Express & Star notes.

Hibu expects to announce the debt deal on the same day as it
announces results for the year to the end of March, Express &
Star discloses.

According to Express & Star, the group, which earned revenues of
GBP1.6 billion in the year to the end of March 2012, has a stock
market value of just GBP9.5 million.

Hibu Plc is a British Yellow Pages publisher.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on March 5,
2013, Standard & Poor's Ratings Services said that it lowered to
'D' (default) from 'CC' its long-term corporate credit rating on
U.K.-based international publisher of classified directories hibu
PLC.  The downgrade follows hibu's nonpayment of interest on its
2009 credit facility on the due date of Feb. 28, 2013.


LITTLE CHEF: Brand May Disappear, Owners Warn
---------------------------------------------
BBC News reports that the Little Chef restaurant chain's owners
have warned the brand may be about to disappear from the UK's
roadsides.

Turnaround specialists RCapital put the company up for sale in
April, BBC recounts.  But the firm said the majority of bids have
since come from large fast-food chains intent on scrapping the
brand, BBC notes.  Bidders are believed to include McDonald's,
KFC and Costa Coffee, BBC says.

Little Chef went into administration in 2007, and underwent
significant restructuring, BBC relates.  That included cutting
the number of outlets from 234 to 83 and reducing staff number
from 4,000 to 1,100, BBC discloses.

According to BBC, RCapital says the business is now profitable,
but it suggested that bidders are uninterested in retaining the
brand.

Analysts suggest the locations of outlets and large car-parks are
the most attractive aspects of the real estate for potential
buyers, BBC states.

If the company name was to disappear, it would mark the end of
more than 50 years of trading in the UK, which began with an 11-
seat restaurant in Reading in 1958, according to BBC.


RMAC 2004-NSP2: Moody's Upgrades Two RMBS Note Classes From Ba1
---------------------------------------------------------------
Moody's Investors Service has upgraded Class A3 notes issued by
RMAC 2004-NSP2 PLC:

GBP150M A3 Notes, Upgraded to A1 (sf); previously on Jun 14, 2010
Downgraded to Ba1 (sf)

Underlying Rating: Upgraded to A1 (sf); previously on Jun 14,
2010 Downgraded to Ba1 (sf)

Ratings Rationale:

This rating action primarily reflects the elimination of
potential cross-currency exposure risk after the non-GBP
denominated notes in the transaction were fully repaid. It also
reflects performance of the collateral to date and the current
level of credit enhancement.

Repayment of Class A2 Eliminated Cross-Currency Exposure

The Ba1 rating of Class A3 was primarily driven by the linkage to
the credit quality of Ambac Financial Services LLC (NR) as the
cross-currency swap provider and Ambac Financial Services LLC
(rating withdrawn) as swap guarantor. On the interest payment
date falling in September 2012 Class A2, which was the only
remaining outstanding class comprising non-GBP denominated notes,
was fully repaid, eliminating the cross-currency exposure and the
associated linkage.

Collateral Performance

RMAC 2004 NSP2 has been performing largely in line with Moody's
expectations. Loans over 90 days in arrears amount to 8.8% of the
outstanding pool balance, while cumulative realized losses amount
to 0.37% of the pool balance at issuance. After considering the
current amounts of realized losses and completing a delinquency
roll rate analysis for the portfolio, Moody's increased its
lifetime expected loss assumption for RMAC 2004 NSP2 to 0.6% of
the original pool balance, equivalent to 2.1% of the current pool
balance, from the previous 0.51%, which was equivalent to 1.4% of
the current pool balance.

Moody's has assessed updated loan-by-loan information of the
outstanding portfolio and as a result has maintained the Milan
Aaa CE assumption of 17.19%.

Credit Enhancement

Credit enhancement to Class A3 is provided by
overcollateralization of GBP 7.5 million, or 5.25% of the note
balance. In addition to the overcollateralization, excess spread
provides considerable support to the transaction. The level of
excess spread available to cover losses has been stable over the
life of the transaction and is currently at around 2.3% per
annum. This level of support is consistent with the upgraded
rating, notwithstanding the increase in the expected loss
assumption.

Sensitivity Analysis

Moody's tested the sensitivity of the ratings to various stress
scenarios. The results show that the ratings would be able
withstand a simultaneous doubling of the expected loss assumption
and increase in the MILAN Aaa CE assumption of 70%, all other
parameters remaining constant.

Expected loss assumptions remain subject to uncertainties such as
the future general economic activity, interest rates and house
prices. If realized recovery rates were to be lower or default
rates were to be higher than assumed, the rating would be
negatively affected.

The methodology used in this rating was Moody's Approach to
Rating RMBS Using the MILAN Framework, published in March 2013.

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

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



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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                            *********

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

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

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

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


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *