TCREUR_Public/130716.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, July 16, 2013, Vol. 14, No. 139

                            Headlines



A U S T R I A

UNICREDIT BANK: S&P Affirms 'BB+' Rating on Class B2 Notes


B E L A R U S

* BELARUS: Moody's Says External Debt Reliance Constrains Ratings


C Y P R U S

ABH FINANCIAL: Fitch Affirms 'BB+' LT Issuer Default Rating
* CYPRUS: Moody's Says Default Risk Remains Elevated


F R A N C E

LAFARGE SA: Fitch Affirms 'BB+' Long-Term Issuer Default Rating


G E R M A N Y

PRAKTIKER AG: Christopher Seagon to Oversee Insolvency of Units
REFLEX PREMIUM: Files for Self-Administered Insolvency in Aachen


G R E E C E

EMPORIKI BANK: Moody's Withdraws 'Caa2' Ratings, 'E' BFSR
FREESEAS INC: Agrees to Sell US$10.5 Million Debt to Hanover


H U N G A R Y

E-STAR ALTERNATIVE: Budapest Court Ends Bankruptcy Protection


I R E L A N D

EUROMAX V ABS: S&P Lowers Rating on Class A3 Notes to 'CCC-'
MAEXIM SECURED: Fitch to Rate EUR20MM Class A2 Notes 'BB+(EXP)'


I T A L Y

ATLANTE FINANCE: S&P Puts 'BB' Rating on CreditWatch Negative
BANCA CARIGE: S&P Cuts ST Counterparty Credit Rating to 'B'
UNIPOL GRUPPO: S&P Cuts Counterparty Credit Rating to 'BB+'
* Moody's Lowers Ratings on Three Italian ABS Transactions


L I T H U A N I A

* CITY OF VILNIUS: May Declare Bankruptcy Absent Government Aid


L U X E M B O U R G

EUROPEAN ENHANCED: Moody's Cuts Ratings on Two Tranches to 'Ba3'


N E T H E R L A N D S

NEW WORLD: S&P Lowers CCR to 'B-' & Revises Outlook to Negative
* NETHERLANDS: Company Bankruptcies Hit Record High in First Half


P O R T U G A L

HIPOTOTTA 5: Moody's Lowers Rating on EUR24MM C Notes to 'B2'


R U S S I A

RUSSIAN MAGNESIUM: Court Installs External Administration


S P A I N

FONCAIXA FTGENCAT: Fitch Affirms Rating on Series E Notes at 'CC'
FTPYME BANCAJA: Fitch Affirms 'Csf' Rating on Class D Notes


S W E D E N

NORTHLAND RESOURCES: Creditors Approve Reorganization Plan


S W I T Z E R L A N D

* Swiss Private Banks Continue to Face Headwinds, Fitch Says


T U R K E Y

ANADOLUBANK AS: Fitch Raises LT Issuer Default Ratings to 'BB+'


U K R A I N E

* Fitch Revises Rating Outlooks on 7 Ukrainian Banks to Negative


U N I T E D   K I N G D O M

CODAEX UK: Goes Into Administration
MODELZONE: Concerns For Jobs After Firm Goes Into Administration
* UK Floats New Client Money Rules For Collapsed Firms


U Z B E K I S T A N

KAPITALBANK: S&P Lowers LT Counterparty Credit Rating to 'B-'
* Fitch-Rated Uzbek Banks Foreign-Currency IDRs Remain at 'B-'


X X X X X X X X

* Fitch: EMEA Unsecured Real Estate Debt Risks Low Recoveries
* Single Bank Resolution Fund Positive for Sovereign Credit
* Large Companies with Insolvent Balance Sheets


                            *********


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A U S T R I A
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UNICREDIT BANK: S&P Affirms 'BB+' Rating on Class B2 Notes
----------------------------------------------------------
Standard & Poor's Ratings Services has lowered its credit ratings
on EuroConnect Issuer SME 2007 Ltd.'s class A notes, UniCredit
Bank Austria AG's BA-CA class A2 credit-linked notes (CLNs), and
UniCredit Bank AG's HVB class A2 and B2 CLNs.  At the same time,
S&P has affirmed its ratings on EuroConnect Issuer SME 2007's
class B and C notes and UniCredit Bank Austria's BA-CA class B2
CLNs.

The downgrades follows S&P's May 28, 2013 downgrade of UniCredit
Bank to 'A-/A-2' from 'A/A-1' and its counterparty risk analysis
of EuroConnect Issuer SME 2007--and the related Unicredit Bank's
HVB CLNs and UniCredit Bank Austria's BA-CA CLNs--under S&P's
current counterparty criteria.

UniCredit Bank Austria is the cash deposit provider for
EuroConnect Issuer SME 2007 and UniCredit Bank's HVB floating-
rate CLNs.  It provides direct substantial support for UniCredit
Bank Austria's BA-CA CLNs.

   EuroConnect Issuer SME 2007 and UniCredit Bank's HVB CLNs

In both transactions, the issuers have invested proceeds from the
issuance of the CLNs in a cash deposit with UniCredit Bank
Austria.  Thus, the principal of the rated notes is cash-
collateralized. According to our current counterparty criteria,
applicable to bank account providers in funded synthetic
transactions, the maximum rating on the notes is equivalent to
S&P's long-term issuer credit rating (ICR) on the bank account
provider, if it is rated 'A-'.  Consequently, S&P has lowered to
'A- (sf)' from 'A (sf)' its rating on EuroConnect Issuer SME
2007's class A notes.  At the same time, S&P has lowered to
'A- (sf) from 'A (sf)' its ratings on UniCredit Bank's HVB class
A2 and B2 CLNs.

S&P has affirmed its ratings on EuroConnect Issuer SME 2007's
class B and C notes as it considers their ratings to be
commensurate with the available credit enhancement for these
notes, and the rating levels are in line with the application of
S&P's current counterparty criteria.

               UniCredit Bank Austria's BA-CA CLNs

While the issuer has deposited the proceeds of the class A2 and
B2 CLNs with UniCredit Bank, UniCredit Bank Austria pays the
interest due on the CLNs, which S&P considers to be providing
direct substantial support to the CLNs.  Under S&P's current
counterparty criteria, the maximum rating on the notes is
therefore equivalent to S&P's long-term ICR on the substantial
support provider, if it is rated 'A-'.  Therefore, S&P has
lowered to 'A- (sf)' from 'A (sf)' its rating on the class A2
CLNs to equalize its rating with its long-term ICR on UniCredit
Bank Austria.

S&P has affirmed its 'BB+ (sf)' rating on the class B2 CLNs as
its rating is commensurate with the available credit enhancement,
and the rating level is in line with the application of its
current counterparty criteria.

EuroConnect Issuer SME 2007 is a partially funded synthetic
balance sheet transaction, referencing a portfolio of bank loans
granted to mainly German and Austrian small and midsize
enterprises (SMEs) (90% of the portfolio balance) and to larger
corporates (10% of the portfolio balance), originated by
Unicredit Bank and UniCredit Bank Austria.  The transaction
closed in December 2007.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class       Rating            Rating
            To                From

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

Rating Lowered

A           A- (sf)           A (sf)

Ratings Affirmed

B           A- (sf)
C           BBB- (sf

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

Ratings Lowered

A2          A- (sf)           A (sf)
B2          A- (sf)           A (sf)

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

Rating Lowered

A2          A- (sf)           A (sf)

Rating Affirmed

B2          BB+ (sf)



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B E L A R U S
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* BELARUS: Moody's Says External Debt Reliance Constrains Ratings
-----------------------------------------------------------------
Moody's Investors Service says that Belarus's B3 rating is
constrained by the economy's reliance on external debt to fuel
domestic credit and investment.

The rating agency's report is an annual update to the markets and
does not constitute a rating action.

Moody's determines a country's sovereign rating by assessing it
on the basis of four key factors -- economic strength,
institutional strength, government financial strength and
susceptibility to event risk -- as well as the interplay between
them.

Over the last two years, financial assistance from the EurAsian
Economic Community's (EEC) Anti-Crisis Fund, along with petroleum
imports from Russia at prices below international market rates
have been crucial in supporting both growth and foreign-currency
debt repayments.

However, current foreign-currency reserves of about US$5.5
billion are low relative to its debt-repayment obligations of
around US$2 billion annually until 2015. Moreover, Moody's notes
that growth has slowed over the last few months, spurring policy
loosening that could potentially reignite inflation and balance
of payments pressures, just as the period covered by the EEC loan
agreement comes to an end in 2013. A subsequent funding
arrangement is not yet in place.

These factors are partially offset by the fact that the economy
is well-diversified compared to its regional and rating peers,
and has strong average growth rates, a fairly skilled workforce,
relatively developed infrastructure, low inequality and high per
capita incomes.

Moody's says that the negative outlook on the rating reflects the
risk that policy easing to combat the current growth downturn
will renew balance of payments pressures. It also incorporates
the likelihood that the government's ability to meet its
relatively large debt repayments in 2013-15 could be severely
constrained by any decline in export earnings or foreign capital
inflows over the next two years.



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C Y P R U S
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ABH FINANCIAL: Fitch Affirms 'BB+' LT Issuer Default Rating
-----------------------------------------------------------
Fitch Ratings has affirmed Russia-based OJSC Alfa-Bank's (Alfa)
Long-term Issuer Default Rating (IDR) at 'BBB-'. Fitch has also
affirmed Alfa's Cyprus-based parent entity, ABH Financial
Limited's (ABHFL) Long-term IDR at 'BB+'. Both ratings have
Stable Outlooks.

KEY RATING DRIVERS - ALFA'S RATINGS

The affirmation of Alfa's ratings reflects little change in the
credit profile since the last review. At the same time the
completion of the sale by Alfa's shareholders of their stake in
TNK-BP to Rosneft for US$14 billion in Q113 has considerably
strengthened the financial position of the shareholders,
improving their ability to support the bank, in case of need, and
reducing contingent risks for the bank from other group assets.

More broadly, the ratings reflect the bank's solid franchise, its
good management and track record of navigating through successive
crises in the Russian market and its currently strong balance
sheet and performance metrics. At the same time, Alfa's ratings
also consider its still moderate market shares in a sector
dominated by state-owned banks, and the likelihood of continued
significant cyclicality in the performance of the Russian economy
and the bank.

Performance is sound, and earnings have been boosted in recent
years by cyclically low impairment charges or reversals. Alfa's
return on equity (ROE) was a high 22% in 2012, but given the
decelerating economy and margin compression Fitch expects this to
moderate slightly in 2013. Profitability is supported by the
considerable share of low cost or interest-free current accounts
(25% of end-2012 liabilities), which gives Alfa a significant
cost advantage and the ability to lend to better quality credits.

Alfa's corporate loan book is relatively concentrated compared to
most international investment grade peers, with the largest 25
exposures comprising 30% of gross loans. Importantly, Alfa's
primary focus in underwriting is on companies' cash flows and or
some form of state support/backing, although for some riskier
exposures (eg construction) collateral is also strong. However,
among the largest exposures there is a significant share of
unseasoned loans with bullet repayments, so asset quality may be
volatile, especially in times of stress, although robust problem
loan workouts in the last crisis give some comfort.

Non-performing loans (NPLs; more than 90 days overdue) were a low
1.1% of gross loans at end-2012. A further 2.7% of loans were
restructured but performing, according to management. The overall
impairment reserve level of 4.0% provides a significant buffer,
comparable to cumulative loan write-offs for 2009-2012.

In retail lending (15% of the total portfolio) Alfa is mostly
expanding in cash loans, credit cards and consumer finance. There
was a moderate uplift in retail NPL origination (the ratio of net
increase in NPLs plus write-offs divided by average performing
loans) to 3.8% in 2012 from 3.1% in 2011, which is moderate
relative to other large players, although for consumer loans (30%
of retail loans) this ratio was a higher 7.1% in 2012, which is
more in line with the market. The bank plans to continue with
retail expansion, which may translate into higher impairment
charges, although there is a considerable safety margin due to
high lending rates of up to 35%.

Investment banking is opportunistic and therefore potentially
volatile. On the positive side, Alfa has a good track record of
being able to find deals and earn money even in the down cycle.

Liquidity is adequate, with liquid assets net of potential near-
term wholesale funding repayments sufficient to repay about one-
third of customer accounts. TNK-BP's were insignificant at end-
2012 (1% of liabilities) and on market terms, so the risk of them
being withdrawn is negligible. Medium-term refinancing
requirements are low, in total comprising about US$400 million in
H213-2014, equal to only 1% of end-2012 liabilities.

Basel capitalization reduced slightly with Tier 1 and total
capital ratios (CAR) of 10.2% and 15.6%, respectively, at end-
2012 (11.9% and 16.7% at end-2011) due to 37% loan growth and
US$182 million of dividends paid by ABHFL in 2012. As dividends
were declared by the holdco and not Alfa, the latter's regulatory
capitalization actually slightly improved (N1 ratio of 12.4% at
end-5M13; 11.5% at end-2011).

Fitch also estimates that Alfa would not need new equity to
comply with Basel III regulations, which will be introduced by 1
January 2014, as today confirmed by the new Head of the Central
Bank Elvira Nabiullina, because the requirements were
significantly relaxed compared to those initially indicated by
the regulator. The agency had previously estimated that due to
the significant (45%) Tier 2 component of regulatory capital,
Alfa would need about USD0.5bn of new equity to comply, although
even this was not a significant concern given the bank's capacity
to release reserves in statutory accounts and the owners'
apparent ability to provide new capital.

Fitch considers Alfa's management to be strong, and in general
views positively the close shareholder oversight of management,
which helps to keep the latter focused and reduces the risk of
unexpected losses. The risk of Alfa becoming highly exposed to
non-banking assets within the broader Alfa Group is moderate, in
Fitch's view, due to the policy of managing these companies
independently and their generally quite strong credit profiles
and cash generation. Related party lending has been at a
reasonable level (about 30% of equity at end-2012; reportedly
materially reduced in Q113) and usually of solid quality.

Fitch also believes there is some degree of political risk
related to Alfa Group's investments and operations, as is true
for other large financial industrial conglomerates in Russia.
However, the agency notes Alfa Group's long track record of
maintaining acceptable relationships with the authorities, and
therefore the base case expectation is for the status quo to
remain. Also, given Alfa's franchise and importance to the
Russian banking system, there is some probability of support from
the Russian authorities. For instance, Alfa was one of the few
private banks to receive subordinated debt from state
Vnesheconombank, as a part of the government's program to support
larger banks' capitalization in the last crisis.

RATING SENSITIVITIES - ALFA'S RATINGS

A further upgrade of Alfa is unlikely in the near term given the
current level of Russia's sovereign ratings (BBB/Stable); the
expected cyclicality in the performance of the Russian economy,
and hence also of the bank; and Alfa's still moderate market
shares.

A deep and prolonged recession in Russia could put downward
pressure on Alfa's ratings. However, in light of the bank's track
record of managing through previous crises, Fitch would probably
only downgrade the bank to sub-investment grade level in case of
considerable impairment to the bank's financial position. Alfa
could also be downgraded if the broader Alfa Group increases
leverage to the extent that this represents, in the agency's
view, a major contingent risk for the bank (unlikely given the
current strong cash position), or in case of a marked
deterioration in relations of the bank or its shareholders with
the Russian authorities.

KEY RATING DRIVERS - ABHFL's RATINGS

The affirmation of ABHFL's ratings above the Cyprus Country
Ceiling of 'B' reflects Fitch's view that the capital controls do
not hamper ABHFL's ability to service its obligations.

More generally, the 'BB+' Long-term IDR assigned to ABHFL
reflects Fitch's view that default risk at the bank and the
holding company are likely to be highly correlated in view of the
high degree of fungibility of capital and liquidity within the
group, which is managed as a single entity. The currently limited
volume of holding company debt to non-related parties also
supports the close alignment of its ratings with Alfa.

The one-notch difference between the bank and holding company
ratings reflects the absence of any regulation of the
consolidated group, the fact that the holding company is
incorporated in a different jurisdiction and the high level of
double leverage at the holding company. The latter, defined by
Fitch as equity investments in subsidiaries divided by holdco
equity, stood at a reported 192% at end-2012, although this
primarily reflects related party liabilities at the ABHFL level.

RATING SENSITIVITIES - ABHFL'S RATINGS

An upgrade or downgrade of Alfa would be likely to result in a
similar rating action on ABHFL. In addition, ABHFL could be
downgraded if its planned future debt issuance results in a
further marked increase in double leverage or gives rise to
significantly increased liquidity risks at the holdco level.

The rating actions are:

Alfa

Long-term IDR: affirmed at 'BBB-'; Stable Outlook
Short-term IDR: affirmed at 'F3'
Viability Rating: affirmed at 'bbb-'
Support Rating: affirmed at '4'
Support Rating Floor: affirmed at 'B'
National Long-term rating: affirmed at 'AA+(rus)'; Stable
  Outlook
Senior unsecured debt: affirmed at 'BBB-'
Senior unsecured debt (on the National scale): affirmed at
  'AA+(rus)'
Subordinated debt: affirmed at 'BB+'

ABHFL

Long-term IDR: affirmed at 'BB+'; Stable Outlook
Short-term IDR: affirmed at 'B'


* CYPRUS: Moody's Says Default Risk Remains Elevated
----------------------------------------------------
In its annual credit report on Cyprus, Moody's Investors Service
says that the country's risk of another default over the coming
years remains elevated due to very substantial risks to the
country's economic performance and, as a result, the government's
finances. This is reflected in the negative outlook on the Caa3
rating of the government. Although it is not the rating agency's
central scenario, Moody's sees a material risk of a Cypriot exit
from the euro area, which is captured in the Caa2 country
ceiling.

The rating agency's report is an annual update to the markets and
does not constitute a rating action.

Moody's determines a country's sovereign rating by assessing it
on the basis of four key factors -- economic strength,
institutional strength, government financial strength and
susceptibility to event risk -- as well as the interplay between
them.

Moody's says that its low assessment of Cyprus's economic
strength reflects the country's narrow economic base and weak
growth prospects. The rating agency anticipates the resolution
mechanism for the Cypriot banking sector will result in a
significant downsizing of the activities of domestic banks, which
will severely affect the economic performance of the island from
2013 onwards. Moreover, the recession and the extended economic
restructuring will have a lasting and profound impact on investor
sentiment and on Cyprus's attractiveness as a financial and
business center, which will overshadow its traditional
competitive advantages over the coming years. In the absence of
identified strong sources of growth, Moody's central scenario
anticipates that the Cypriot economy will not return to positive
growth before 2016. The rating agency also attach significant
downside risks to this scenario. The possible exploitation of gas
fields as well as a restoration of price and non-price
competiveness in key export sectors carry some upside potential,
but only over the long term.

Institutional strength is considered by Moody's to be low,
reflecting significant deficiencies in the decision-making
process, substantial shortcomings in the regulation and
supervision of financial institutions, and passive fiscal-policy
management. The significant delays observed in securing the
Troika's financial assistance have, in Moody's view, exacerbated
the precarious position of the country's financial sector,
thereby increasing Cyprus's need for financial assistance. The
rating agency's assessment is also supported by (1) the
significant weaknesses identified by the European Commission with
respect to the regulation of cooperative credit institutions and
the supervision of credit risks in the banking sector; as well as
(2) the poor track record of fiscal policy management, as
highlighted by tax compliance concerns as well as forecasts that
have proven to be overly optimistic.

Moody's assesses Cyprus's government financial strength as very
low, given its already high debt burden and the substantial size
of its projected fiscal needs. Immediate sovereign liquidity
risks have been alleviated by the EUR10 billion funding program
that was agreed in April between the Cypriot government and the
Troika, and the exchange of domestic sovereign debt (which
Moody's considered to be a default). Nevertheless, the rating
agency continues to believe that the sustainability of Cyprus's
public finances is far from assured despite the measures taken in
the fiscal, financial and economic domains (as required by the
program). In particular, the country's sharp economic recession,
which is likely to be lengthy, underpins Moody's view that the
government is highly likely to miss the program's fiscal targets.
This is likely to also perpetuate a negative feedback loop for
the economy. Given the importance of public services, this may
also challenge future consensus on fiscal strategy.

Moody's says that Cyprus's susceptibility to event risk is very
high and mainly stems from the crystallization of contingent
liabilities as well as the country's capital control policy.
Moody's still considers that there remain uncertainties regarding
the magnitude of further recapitalization needs for the financial
sector given (1) the expected sharp deterioration in the
operating environment which will erode asset quality; and (2) the
behavioral responses of all economic actors to the shocks
experienced by the financial sector, including the risk of
financial disruption surrounding the timing and approach for
lifting capital controls.



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F R A N C E
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LAFARGE SA: Fitch Affirms 'BB+' Long-Term Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has affirmed Lafarge SA's Long-term Issuer Default
Rating (IDR) at 'BB+' and senior unsecured rating at 'BB+'. The
Outlook on the Long-term IDR is Stable.

The affirmation reflects Fitch's expectation that Lafarge will be
able to deleverage quickly in 2013 reaching credit metrics in
line with the current rating, despite debt in 2012 being higher
than Fitch's expectations and leverage being stretched for the
current rating level. Recovery in the US, positive trends in
emerging markets and ramp-up of cost-cutting measures should
sustain margins, despite the western European market remaining
very difficult. The revamping of the disposal process should
support debt reduction.

KEY RATING DRIVERS

Accelerating Cost Cutting
The measures adopted by Lafarge to gain efficiency are gaining
traction and should deliver EUR600 million additional EBITDA in
2013, including the expected contribution of innovation
initiatives. Eased cost inflation and a positive trend on pricing
in most markets should also support margins. Fitch expects part
of these benefits to be offset by lower volumes in western Europe
but operating performance to improve, with EBITDA growth at mid-
single digit rates in both 2013 and 2014.

Capex Strictly Managed
As part of its cash preservation strategy, Lafarge has reduced
its capex in the past few years to less than EUR800m in 2012
through a combination of reduced maintenance capex and an
extremely prudent expansion policy. The capex target for 2013 is
EUR800 million, although this level could be exceeded if
divestments support it. Fitch expects capex to remain tight in
2014 at EUR1.0 billion-EUR1.1 billion, while growth in cement
markets in emerging countries could drive an acceleration in
expansion capex from 2015.

Disposals Back On Track
Following a slowdown in 2012, when proceeds from non-core assets
sales were only EUR400 million compared with a EUR1.0 billion
target, the disposal process has been revamped in 2013. Circa
EUR1.0 billion disposals have been already secured in 2013,
including the US gypsum division. Disposals remain a key driver
in the deleveraging process.

Stretched Credit Metrics
FFO gross leverage at 5.7x in 2012 (4.8x on a net basis) is high
for the current rating, but Fitch expects deleveraging to
accelerate, driven by both operating performance improvement and
the acceleration in the non-core assets disposal process. In
particular, Fitch forecasts FFO gross leverage to return to 4.0x
in the next 18 months, a level in line with the current rating.

Solid Business Profile
Fitch views Lafarge's business profile as strong, and compatible
with an investment grade rating. Major positive traits are
Lafarge's solid global market position in the cement industry,
its above-average profitability and its wide geographical
diversification, with a presence in more than 60 countries.

Rating Sensitivities

Fitch expects Lafarge's management to remain focused on
deleveraging and to maintain a strong commitment to restoring
credit metrics. Any evidence of a relaxation on this policy, such
as further delays in the disposal process, sustained
deterioration in working capital or increase of capex above the
expected levels could lead to a negative rating action.

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

-- Faster/stronger deleveraging, achieved via both operating
    cash-flow, extraordinary measures or disposals, with FFO
    gross leverage ratio improving to around or below 3.5x.

-- Positive FCF on a sustained basis.

-- FFO fixed charge cover above 3.5x on a sustained basis.

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

-- A deterioration of the trading activity affecting operating
    cash flow generation and resulting in FFO gross leverage in
    excess of 4.5.x on a sustained basis.

-- Consistently negative FCF.

-- FFO fixed charge cover below 3.0x on a sustained basis.



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PRAKTIKER AG: Christopher Seagon to Oversee Insolvency of Units
---------------------------------------------------------------
Angela Maier at Bloomberg News reports that Christopher Seagon of
Wellensiek Rechtsanwaelte law partnership will oversee the
insolvency dealings of the eight Praktiker divisions that filed
for insolvency on Thursday.

According to Bloomberg, Praktiker spokesman Harald Guenter said
the court may assign another administrator for the parent
company.

Separately, Bloomberg News' Cornelius Rahn, citing Handelsblatt,
reports that home-improvement retailer Hagebau is interested in
acquiring some stores from Praktiker.  The news source said
Hagebau wouldn't buy the store outlets as a package but also
declined to say how many of the stores it would buy.

According to Handelsblatt, rival chain Obi is also interested in
some Praktiker stores.

Praktiker AG is a German home-improvement retailer.



REFLEX PREMIUM: Files for Self-Administered Insolvency in Aachen
----------------------------------------------------------------
EUWID reports that Reflex Premium Papier has filed for self-
administered insolvency at the district court of Aachen.

According to EUWID, a company announcement said the filing
affects around 102 employees.  The formal procedure gives the
management three months to draw up a feasible and sustainable
business continuation scenario, EUWID discloses.  Operations at
the company's site in Dueren will therefore continue
uninterrupted, EUWID notes.

Based in Dueren, Germany, Reflex Premium Papier produces graphic
papers for end-uses such as letterhead, brochures, books,
calendars and envelopes.



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G R E E C E
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EMPORIKI BANK: Moody's Withdraws 'Caa2' Ratings, 'E' BFSR
---------------------------------------------------------
Moody's Investors Service has withdrawn all ratings assigned to
Emporiki Bank of Greece, and affirmed the Caa2 debt rating
assigned to Emporiki Group Finance plc.

Rating Rationale:

The rating withdrawal for Emporiki Bank of Greece follows the
completion of the takeover by Alpha Bank (deposits Caa2 negative,
Bank Financial Strength Rating E/Baseline Credit Assessment caa3
stable), which was first announced in October 2012. As a result,
the legal entity of Emporiki Bank of Greece has been dissolved
and no longer exists.

Moody's also said that it has concurrently affirmed the Caa2
rating (negative outlook) assigned to outstanding senior debt
issued by the funding subsidiary Emporiki Group Finance plc,
which will now form a fully owned subsidiary of Alpha Bank with
the debt of the subsidiary unconditionally guaranteed by Alpha
Bank. Emporiki Group Finance plc's debt rating of Caa2 (negative
outlook) is in line with Alpha Bank's senior debt rating of Caa2
(negative outlook).

The withdrawn ratings of Emporiki Bank of Greece are as follows:

- Standalone Bank Financial Strength Rating (BFSR): E (stable
   outlook), equivalent to a Baseline Credit Assessment (BCA) of
   caa3

- Local and Foreign Currency Deposit Ratings: Caa2/Not Prime
   (negative outlook)

The principal methodology used in these ratings was Global Banks
published in May 2013.

Headquartered in Athens, Emporiki Bank of Greece had total assets
of EUR19.5 billion as of December 2012, in accordance with
audited IFSR financial statements.


FREESEAS INC: Agrees to Sell US$10.5 Million Debt to Hanover
------------------------------------------------------------
FreeSeas Inc. on July 12 said it has entered into a Debt Purchase
and Settlement Agreement with Deutsche Bank Nederland N.V.,
Hanover Holdings I., LLC, and the Company's wholly-owned
subsidiaries: Adventure Two S.A., Adventure Three S.A., Adventure
Seven S.A. and Adventure Eleven S.A.

Pursuant to the terms of the Agreement, Hanover has agreed to
purchase US$10,500,000 of outstanding indebtedness owed by the
Company to Deutsche Bank, out of a total outstanding amount owed
of US$29,958,205, subject to the satisfaction of a number of
conditions.  Upon payment in full of the purchase amount of
US$10,500,000 by Hanover to Deutsche Bank in accordance with the
terms and conditions of the Agreement, the remaining outstanding
indebtedness of the Company and its subsidiaries to Deutsche Bank
will be forgiven, and the mortgages of both of its two security
vessels will be discharged.

The Agreement does not become effective until Hanover deposits in
escrow an amount of US$2,500,000 plus all reasonably incurred
legal fees and expenses and the parties enter into an escrow
agreement.  In the event that the funds are not deposited or the
escrow agreement is not entered into within 20 trading days, the
Agreement dissolves immediately.  In addition, the Agreement will
automatically terminate upon the occurrence of certain events set
forth in the Agreement.

Mr. Ion G. Varouxakis, chairman, president and chief executive
officer of the Company made the following comments: "After a
prolonged period of tortured uncertainty, we are particularly
pleased to enter into this Agreement, which will remove
approximately USD 30 million of secured debt from our books.  In
conjunction with action taken since the beginning of the year,
the majority of our trade debt and a third of our bank debt will
have been exchanged for equity upon completion of this Agreement.
This development shall, we hope, accelerate our discussions with
our other Lenders for a similar realistic relief and a continued
support of our efforts.  Most importantly, under the extremely
adverse circumstances we have been facing, we firmly believe this
development is optimal for our shareholders for whom we are
striving to extract maximum value; it also is the least onerous
for our lending partners."  Mr. Varouxakis added: "We would like
to thank Deutsche Bank for their frank cooperation and realistic
vision, our remaining banking partners, as well as our numerous
trade and business partners who have provided us with their
invaluable support and their dedicated patience throughout this
long period."

Mr. Alexandros Mylonas, chief financial officer of the Company,
added: "Since the beginning of the year we have already swapped
US$4.8 million of trade debt into equity.  This time, the
significance of this transaction on our balance sheet is
substantial.  Upon completion of this Agreement, our total bank
debt is expected to be reduced from approximately US$89.2 million
on December 31, 2012 to US$59.7 million, two of our vessels will
be debt free, and US$1 million in interest charges are expected
to be reduced per year.  We also expect to post significant one-
off gains from the US$419.5 million debt forgiveness.  Based upon
our improved balance sheet after this transaction, we intend to
seek funding for additional working capital in order to weather
the adverse conditions still present in our industry."

Mr. Joshua Sason, founder and chief executive officer of Magna
Group, noted: "We approach this transaction and the work we've
done with the management of FreeSeas with great pride, and view
the agreement with Deutsche Bank as a significant milestone in
the restructuring and advancement of the company.  The expected
material reduction in debt, release of two vessels from mortgage
encumbrance upon full payment of the settlement amount and annual
interest expense savings should enable FreeSeas to be in a
substantially stronger business position."

A copy of the Debt Purchase and Settlement Agreement is available
for free at http://is.gd/pnr1hF

                       About FreeSeas Inc.

Headquartered in Athens, Greece, FreeSeas Inc., formerly known as
Adventure Holdings S.A., was incorporated in the Marshall Islands
on April 23, 2004, for the purpose of being the ultimate holding
company of ship-owning companies.  The management of FreeSeas'
vessels is performed by Free Bulkers S.A., a Marshall Islands
company that is controlled by Ion G. Varouxakis, the Company's
Chairman, President and CEO, and one of the Company's principal
shareholders.

The Company's fleet consists of six Handysize vessels and one
Handymax vessel that carry a variety of drybulk commodities,
including iron ore, grain and coal, which are referred to as
"major bulks," as well as bauxite, phosphate, fertilizers, steel
products, cement, sugar and rice, or "minor bulks."  As of
Oct. 12, 2012, the aggregate dwt of the Company's operational
fleet is approximately 197,200 dwt and the average age of its
fleet is 15 years.

Freeseas disclosed a net loss of US$30.88 million in 2012, a net
loss of US$88.19 million in 2011, and a net loss of US$21.82
million in 2010.  The Company's balance sheet at Dec. 31, 2012,
showed US$114.35 million in total assets, $106.55 million in
total liabilities and US$7.80 million in total shareholders'
equity.

RBSM LLP, in New York, issued a "going concern" qualification on
the consolidated financial statements for the year ended Dec. 31,
2012.  The independent auditors noted that the Company has
incurred recurring operating losses and has a working capital
deficiency.  In addition, the Company has failed to meet
scheduled payment obligations under its loan facilities and has
not complied with certain covenants included in its loan
agreements.  It has also failed to make required payments to
Deutsche Bank Nederland as agreed to in its Sept. 7, 2012,
amended and restated facility agreement and received notices of
default from First Business Bank.  Furthermore, the vast majority
of the Company's assets are considered to be highly illiquid and
if the Company were forced to liquidate, the amount realized by
the Company could be substantially lower that the carrying value
of these assets.  These conditions, among others, raise
substantial doubt about the Company's ability to continue as a
going concern.



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


E-STAR ALTERNATIVE: Budapest Court Ends Bankruptcy Protection
-------------------------------------------------------------
MTI-Econews reports that E-Star Alternative on Friday said the
Budapest Municipal Court had rejected a request to approve an
agreement the company reached with its creditors and ended its
bankruptcy protection.

According to MTI-Econews, the company's latest report shows
E-Star had total assets of EUR57.5 million on March 31.

Liabilities came to EUR57.8 million, MTI-Econews discloses.

E-Start filed for bankruptcy protection in December 2012, MTI-
Econews recounts.

E-Star Alternative is a Hungarian energy services company.



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


EUROMAX V ABS: S&P Lowers Rating on Class A3 Notes to 'CCC-'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
EUROMAX V ABS PLC's class A1, A2, and A3 notes.  At the same
time, S&P has affirmed its rating on the class A4 notes.

The rating actions follow S&P's assessment of the transaction's
performance since its 2012 review.

"We have considered recent transaction developments, using data
from the June 2013 trustee report, from our ratings database, and
from our cash flow analysis.  We have applied our current
counterparty criteria and our 2009 corporate cash flow
collateralized debt obligation (CDO) criteria," S&P said.

                          CREDIT ANALYSIS

Since S&P's 2012 review, it has observed a negative rating
migration of the performing portfolio.  The assets rated in the
'CCC' category (assets rated 'CCC+', 'CCC', or 'CCC-') have
increased to 23% from 18%.

This has led to a higher scenario default rate for all classes of
notes compared with S&P's 2012 review, as shown by its CDO
Evaluator (Version 6.0.1) model.

The transaction started its post-reinvestment period in February
2013.  However, due to the failure of the overcollateralization
tests, the structure already started to deleverage.  The class A1
notes have amortized by about EUR26 million over the last 12
months, and by about EUR84 million since closing.  Nevertheless,
the positive effect of the structure's deleveraging has largely
been mitigated by the increase of defaulted assets ('CC', 'C',
'SD' [selective default], or 'D') to EUR39 million from
EUR12 million, and therefore a lower aggregate collateral
balance.

This has led to a significant decrease of the available credit
enhancement for all classes of notes.

                         CASH FLOW ANALYSIS

Following S&P's credit analysis, it subjected the transaction's
capital structure to a cash flow analysis, to determine the
break-even default rate for each rated class of notes at each
rating level.

In S&P's analysis, it used the portfolio balance that it
considered to be performing, the reported weighted-average spread
(which has not changed at 1.55%), and the weighted-average
recovery rates, in accordance with S&P's 2009 corporate cash flow
CDO criteria.  S&P incorporated various cash flow stress
scenarios using our standard default patterns in conjunction with
different interest rate and currency stress scenarios.

Following S&P's credit and cash flow analysis, it considers the
available credit enhancement for the class A1, A2, and A3 notes
to be commensurate with lower ratings.  S&P has therefore lowered
its ratings on these classes of notes.

S&P considers the available credit enhancement for the class A-4
notes to be commensurate with the currently assigned rating.  S&P
has therefore affirmed its 'CCC- (sf)' rating on this class of
notes.

                     SUPPLEMENTAL STRESS TESTS

None of S&P's ratings in this transaction is constrained by the
application of the largest obligor default test, a supplemental
stress test that S&P introduced in its 2009 corporate cash flow
CDO criteria.

EUROMAX V ABS is a cash flow mezzanine structured finance CDO of
a portfolio that comprises predominantly residential mortgage-
backed securities (RMBS) and commercial mortgage-backed
securities (CMBS), and, to a lesser extent, CDOs of corporates
and CDOs of asset-backed securities.  The transaction closed in
November 2006 and is managed by Collineo Asset Management GmbH.

          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

EUROMAX V ABS PLC
EUR320 Million Floating-Rate Notes

Ratings Lowered

A1         B+ (sf)           BB- (sf)
A2         CCC+ (sf)         B+ (sf)
A3         CCC- (sf)         B- (sf)

Rating Affirmed

A4         CCC- (sf)


MAEXIM SECURED: Fitch to Rate EUR20MM Class A2 Notes 'BB+(EXP)'
---------------------------------------------------------------
Fitch Ratings expects to rate the proposed series 1-2013 notes
issuance by MAEXIM Secured Funding Limited (MAEXIM) as follows:

-- EUR380 million class A1 notes 'AAA(EXP)';
-- EUR20 million class A2 notes 'BB+(EXP)'.

The Rating Outlook on the expected ratings is Stable.

The proposed transaction is backed by 400 million euro-
denominated notes (collateral securities) to be issued by the
Hungarian Export-Import Bank (Eximbank) under its EUR2 billion
Global Medium Term Note Programme (MTN Programme). The
Multilateral Investment Guarantee Agency (MIGA) has provided a
guarantee to MAEXIM in respect of 95% of the scheduled payments
due under collateral securities. The expected ratings address the
timely payment of interest on a semi-annual basis and payment of
principal at legal maturity.

Key Rating Drivers

The collateral securities are unconditionally and irrevocably
guaranteed by the government of Hungary ('BB+'). In addition,
MIGA will guarantee 95% of the scheduled amounts due in respect
of the underlying collateral securities following Hungary's
failure to honor the sovereign guarantee. Amounts received by
MAEXIM under the MIGA guarantee will only be available to make
payments to the class A1 noteholders. The MIGA contract of
guarantee only relates to the collateral securities, but as the
scheduled coupon and principal payments on the class A1 notes
represent 95% of the scheduled payments of the collateral
securities, the class A1 notes will be fully covered by the
payments received under the MIGA contract of guarantee.

The 'AAA(EXP)' rating assigned to the class A1 notes reflects the
characteristics of the contract of guarantee, the credit quality
of MIGA, and the structural features of the transaction.

Fitch reviewed the contract of guarantee and determined the class
A1 notes can be viewed equivalent to the credit quality of MIGA.
A member of the World Bank Group (WBG), MIGA has access to
private and public sector players and has considerable experience
and expertise in situations involving political risk. MIGA's
strength stems from: (a) its standing as a member of the WBG, its
governance structure, and close relationship with other WBG
institutions, (b) an organizational structure with shareholders
that include 179 countries in the world -- MIGA's key
shareholders are mostly investment grade sovereigns, the majority
of them rated in the 'AA' category and higher, (c) strong
capitalization, and (d) its de-facto preferred creditor status.

The expected rating assigned to the class A2 notes is linked to
the 'BB+' rating assigned to the collateral securities, which
benefit from the unconditional and irrevocable guarantee by
Hungary.

At closing, an expense reserve account will be funded in an
amount equal to EUR1.9 million to cover any costs expected to be
incurred during the life of the transaction. Fitch considers the
reserve size sufficient to cover future expenses, including
potential liquidation costs.

Eximbank ('BB+') plays a strategic role within the government's
economic growth plan. The rating of Eximbank reflects the strong
support from the Hungarian state. A full report on Eximbank is
available at 'www.fitchratings.com'.

Rating Sensitivities

The expected rating of the class A1 notes is directly linked to
the credit quality of MIGA, the guarantee provider. A change in
Fitch's assessment of the credit quality of MIGA would
automatically result in a change in the rating on the class A1
notes.

The expected rating of the class A2 notes reflects the credit
quality of the collateral securities. Any change to the Issuer
Default Rating (IDR) of Hungary and as a consequence to
Eximbank's IDR or the notes issued under Eximbank's MTN program
would cause a change to the rating of the class A2 notes.



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


ATLANTE FINANCE: S&P Puts 'BB' Rating on CreditWatch Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
its 'BB (sf)' credit rating on Atlante Finance S.r.l.'s class C
notes.

The rating action follows S&P's performance review of the
transaction, as of the April 2013 payment date.

According to the last investor and servicer report as of
April 2013, the class C notes' credit enhancement has decreased
to 4.1% from 6.6% in April 2012.  At the same time, the principal
delinquency ledger has increased to EUR80.3 million from
EUR68.1 million due to the default of large loans in the
securitized pool.

Although the concentration in the whole pool remained stable, the
concentration in the small and midsize enterprise sub-pool has
increased substantially: The top four borrowers now represent
56.5% of the sub-pool's balance, from 35.3% one year ago.

S&P aims to resolve this CreditWatch placement within six months.
If the class C notes' credit enhancement erodes further, S&P may
lower its rating.

Atlante Finance is an Italian asset-backed securities (ABS)
transaction.  Unipol Banca SpA originated the mixed portfolio of
small and midsize enterprise and residential loans, which backs
the transaction.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com


BANCA CARIGE: S&P Cuts ST Counterparty Credit Rating to 'B'
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it has taken various
rating actions on Italian banks.  The rating actions follow the
lowering of the unsolicited long-term sovereign credit rating on
the Republic of Italy to 'BBB' from 'BBB+' on July 9, 2013.

In S&P's opinion, the rating action on Italy has direct negative
rating implications for the banks that S&P currently rates above
its 'BBB' long-term rating on Italy.  These are: UniCredit SpA
and its core subsidiary UniCredit Leasing SpA, Intesa Sanpaolo
SpA and its core subsidiary Banca IMI SpA, Banca Fideuram,
Mediobanca SpA, Cassa di Risparmio di Parma e Piacenza SpA
(Cariparma), Banca Nazionale del Lavoro SpA (BNL), and Istituto
del Credito Sportivo (ICS).

S&P has also lowered its issue ratings on the nondeferrable
subordinated and hybrid instruments on UniCredit, Intesa, and
Mediobanca.  According to S&P's criteria, it derives the ratings
on a bank's subordinated debt and hybrid instruments by notching
down from either the bank's issuer credit rating (ICR) or the
stand-alone credit profile (SACP), whichever is lower.
UniCredit, Intesa, and Mediobanca now have lower ICRs than SACPs.
S&P therefore bases its issue ratings on those banks'
nondeferrable subordinated and hybrid securities on their 'BBB'
ICR rather than the SACP.

As a result of the rating action on Italy, S&P has lowered the
long-term rating on UniCredit and its core subsidiary, UniCredit
Leasing, to 'BBB' from 'BBB+'.  Despite UniCredit's
diversification outside Italy, under S&P's criteria it rarely
rates financial institutions above the foreign currency rating on
the sovereign when, as in the case of UniCredit, they have more
than 40% of their assets in that country.  This reflects S&P's
view of the interconnection between a banking system and its
related sovereign.

"We have also placed our 'A/A-1' long- and short-term
counterparty credit ratings on UniCredit Bank AG and our 'A-'
long-term counterparty credit rating on UniCredit Bank Austria
AG, as well as all our ratings on both banks' subordinated debt
and hybrid instruments, on CreditWatch with negative
implications.  These actions reflect our view that the ongoing
deteriorating creditworthiness of their parent, UniCredit, could
weaken its subsidiaries' credit profiles.  In our opinion, any
weakening of the UniCredit group's creditworthiness could
constrain our view of the two subsidiaries' business positions,
capital, and funding and liquidity positions, as well as their
systemic importance and the regulatory environment in their
respective countries.  We expect to resolve the CreditWatch on
these entities in the next three months. We are also placing on
CreditWatch with negative implications our 'BBB/A-2' long- and
short-term counterparty credit ratings on Bank Austria's
subsidiaries, Zao UniCredit Bank and UniCredit Bulbank AD.  The
CreditWatch mirrors that on the parent," S&P said.

"We have also lowered the long-term rating on Intesa, and its
core subsidiary, Banca IMI, to 'BBB' from 'BBB+', in line with
the rating action on Italy.  In our view, Intesa is also highly
exposed to developments in Italy because more than 80% of its
assets are based there and it has a large exposure to Italian
government bonds.  We also lowered the long-term counterparty
credit ratings on Mediobanca and Banca Fideuram to 'BBB' from
'BBB+', as most of their operations are in Italy.  We also
lowered the rating on government-related entity ICS, as it mainly
operates in Italy and has a "very strong" link, according to our
criteria, with the Italian government," S&P added.

"We have also lowered the long-term counterparty credit rating on
the Italian subsidiaries of BNP Paribas and Credit Agricole--BNL
and Cariparma, respectively.  We consider these two entities to
be "core" to their parents and therefore, as per our criteria, we
could rate them at the same level.  However, according to our
criteria, the long-term rating on a subsidiary is capped by the
foreign currency rating on the sovereign where the subsidiary is
domiciled, if, in our view, the parent has not demonstrated its
capacity and willingness to provide it with sufficient support to
withstand the stress associated with a sovereign default.  We
therefore cap the ratings on both Cariparma and BNL at the level
of the Italian long-term rating," S&P noted.

The lowering of the long-term sovereign credit rating on Italy
has not affected the amount of extraordinary government support
that S&P currently incorporates into its ratings on Italian
banks.  As the current Italian sovereign credit rating is 'BBB',
S&P continues to incorporate one notch of uplift for
extraordinary government support in the ratings on Banco Popolare
Societa Cooperativa, reflecting S&P's view of its high systemic
importance, and on Banca Carige, based on S&P's view of its
moderate systemic importance.

"In our opinion, the factors that led to the one-notch lowering
of the Italian long-term sovereign credit rating to 'BBB' could
potentially affect our view of economic and industry risks
affecting the Italian banking industry.  As a result, we could
also revise our view of some of the specific factors that we take
into consideration when assessing Italian banks'
creditworthiness--namely business position, capital and earnings,
risk position, and funding and liquidity.  The action on the
Italian sovereign rating reflects our view of a further worsening
of Italian economic prospects coming on top of a decade of real
growth averaging minus 0.04%.  We expect that 2013 per capita GDP
will be an estimated EUR25,000 or US$33,000, which is somewhat
below 2007 levels," S&P noted.

While S&P continues assessing the potential implications of the
factors behind the Italian sovereign rating action on S&P's bank
ratings, S&P has placed on CreditWatch with negative implications
its long-term ratings on 23 banks in Italy, and on the issue
ratings on those banks' nondeferrable subordinated debt and
hybrids.  In addition, S&P has placed on CreditWatch with
negative implications the short-term ratings on 15 Italian banks,
taking into account the typical correlation with the banks' long-
term rating.  The long-term ratings on Banca Carige and Agos-
Ducato remain on CreditWatch with negative implications where
they were placed on March 22, 2013 and March 12, 2013,
respectively.  S&P expects to resolve the CreditWatch placements
over the coming weeks once it has concluded its review of the
wider impact of the factors behind the sovereign rating action on
economic and industry risk in Italy, and how this affects the
specific factors that S&P takes into consideration when assessing
Italian banks' creditworthiness.

S&P has also affirmed the short-term ratings on 16 banks.  This
is because S&P do not expect its upcoming review of the Italian
banking sector to affect the long-term ratings to such an extent
that its criteria would indicate a different correlation with the
short-term ratings on those banks.

The outlooks on the long-term ratings on UniCredit and its
subsidiary UniCredit Leasing and Intesa and its subsidiary Banca
IMI remain negative.  S&P has not placed the long-term ratings on
these entities on CreditWatch negative as it considers it
unlikely that it would revise downward their SACPs--currently
'bbb+'--by more than one notch as a result of S&P's upcoming
review of the Italian banking sector.  The negative outlooks on
these entities
mirror that on the long-term rating on Italy.

RATINGS LIST

Downgraded

                                    To             From

UniCredit SpA
UniCredit Leasing SpA
Intesa Sanpaolo SpA
Banca IMI SpA
Cassa di Risparmio di Parma e Piacenza SpA
Banca Nazionale del Lavoro SpA

Counterparty Credit Rating         BBB/Neg/A-2     BBB+/Neg/A-2

CreditWatch Action

                                   To              From
UniCredit Bank Austria AG
Long-Term Counterparty
Credit Rating
                                   A-/Watch Neg    A-/Negative

UniCredit Bank AG
Unicredit Luxembourg S.A.
Counterparty Credit Rating         A/Watch Neg/A-1   A/Neg/A-1


UniCredit Bulbank AD
ZAO UniCredit Bank
Counterparty Credit Rating       BBB/Watch Neg/A-2  BBB/Stable/A-
2

Credito Emiliano SpA
Unione di Banche Italiane Scpa
Counterparty Credit Rating      BBB/Watch Neg/A-2 BBB/Negative/A-
2


MedioCredito Centrale SpA
Iccrea Holding SpA
Iccrea Banca SpA
Iccrea BancaImpresa SpA
Banca Popolare dell'Alto Adige
Istituto Centrale delle Banche Popolari Italiane SpA
CartaSi SpA
FGA Capital SpA
Counterparty Credit Rating     BBB-/Watch Neg/A-3   BBB-/Neg/A-3

Banca Popolare di Milano SCRL
Banca Akros SpA
Veneto Banca SCPA
Banca Popolare di Vicenza ScpA
Banca Popolare dell'Emilia Romagna S.C.
Banco Popolare Societa Cooperativa SCRL
Banca Aletti & C. SpA
Credito Bergamasco
Long-Term Counterparty Credit Rating
                                 BB+/Watch Neg
BB+/Negative

Unipol Banca SpA
Counterparty Credit Rating       BB/Watch Neg/B
BB/Negative/B

Dexia Crediop SpA
Counterparty Credit Rating       B+/Watch Neg/B
B+/Negative/B

Downgraded; CreditWatch Action
                                   To                   From
Banca Fideuram
Mediobanca SpA
Istituto per il Credito Sportivo
Counterparty Credit Rating       BBB/Watch Neg/A-2   BBB+/Neg/A-2

Ratings Affirmed

UniCredit Bank Austria AG
Short-Term Counterparty Credit Rating           A-2

Banca Popolare di Milano SCRL
Banca Akros SpA
Veneto Banca SCPA
Banca Popolare di Vicenza ScpA
Banca Popolare dell'Emilia Romagna S.C
Banco Popolare Societa Cooperativa SCRLBanca Aletti & C. SpA
Credito Bergamasco
Agos-Ducato Spa
Banca Carige Spa
Short-Term Counterparty Credit Rating           B


Ratings Remain On CreditWatch

Banca Carige SpA
Long-Term Counterparty Credit Rating            BB/Watch Neg

Agos-Ducato SpA
Long-Term Counterparty Credit Rating            BB+/Watch Neg

N.B. - This list does not include all ratings affected.


UNIPOL GRUPPO: S&P Cuts Counterparty Credit Rating to 'BB+'
-----------------------------------------------------------
Standard & Poor's Ratings Services said it has taken the
following rating actions on Italian insurers:

   -- S&P lowered its long-term counterparty credit and insurer
      financial strength ratings on Assicurazioni Generali SpA
      and its core subsidiaries (Generali) to 'A-' from 'A', and
      on Allianz SpA to 'A' from 'A+'.  The outlooks are
      negative.

   -- S&P affirmed its long-term counterparty credit and insurer
      financial strength ratings on the core operating entities
      of Unipol group (Unipol) and on Societa Cattolica di
      Assicurazione SpA (Cattolica) at 'BBB', on marine insurer
      SIAT - Societa Italiana Assicurazione e Riassicurazione
      SpA (SIAT) at 'BBB-'.  The outlooks on Unipol and Cattolica
      are negative.

   -- The outlook on SIAT is stable.

The ratings actions comprise a one-notch downgrade of the Italy-
based insurers that S&P rates higher than the Republic of Italy,
and affirmations of the ratings on domestic insurers that are
rated at the same level or below the rating on the Republic of
Italy.  The rating actions on Generali and Allianz SpA reflect
S&P's view that these companies' high exposure to Italy limits
their potential insulation from domestic sovereign risk.

The long-term rating on Generali is two notches above the rating
on the Italian sovereign, compared with a possible maximum cap of
three notches according S&P's criteria.  S&P limited the notching
because, in its view, although Generali has a very strong
business risk profile with wide international diversification, it
considers Generali's capitalization to be a relative weakness.
Potential volatility in capitalization exposes Generali to
deterioration in operating and financial conditions in Italy.

The negative outlook on Generali primarily reflects that on
Italy. In addition, the negative trend of the operating and
financial conditions in Generali's key Italian market could delay
capital rebuilding and reduce Generali's ability to successfully
execute its strategy.  S&P could revise the outlook to stable if
it revised the outlook on Italy to stable or if it anticipated
that Generali would sustainably meet or exceed its base-case
assumptions.

The downgrade of Allianz SpA reflects S&P's view of its domestic
focus and high exposure to Italian assets, mitigated by Allianz
SpA's core status to Germany-based insurer Allianz SE.  Under
S&P's group rating methodology, it caps its rating on a core
insurance subsidiary with 10% exposure or higher to the
jurisdiction of domicile at three notches above S&P's rating on
the related sovereign.  S&P also factors in Allianz SE's
willingness and ability to support Allianz SpA, including in
cases of sovereign stress.  The outlook on Allianz SpA mirrors
that on the Republic of Italy.  Any movement in S&P's ratings on
Italy would likely trigger an equal change to the ratings on
Allianz SpA.

The rating affirmations on Unipol and Cattolica reflect S&P's
view that the downgrade of the Republic of Italy has a limited
immediate effect on these entities' business risk and financial
risk profiles.  S&P's assessment of Italy's property/casualty and
life insurance industry and country risk as moderate is not
affected by the sovereign downgrade or any potential increase in
banking industry risks in Italy.

Furthermore, S&P believes that any potential deterioration in the
creditworthiness of the Italian banking system following the
sovereign downgrade would have only a limited immediate effect on
the financial risk profiles of Unipol and Cattolica, given the
relatively modest share of Italian bank bonds in their respective
investment portfolios.

The outlooks on Unipol and Cattolica primarily reflect the
negative outlook on Italy.  A negative rating action on Italy
would likely prompt the same rating actions on Unipol and
Cattolica.

The sovereign downgrade has no direct impact on our 'BBB-'
ratings on SIAT.  The rating on Italy, at its current level, does
not constrain the ratings on SIAT.  S&P continues to factor in
its view of SIAT's "upper adequate" financial risk profile, built
on a moderately strong capital and earnings.

The stable outlook on SIAT incorporates S&P's expectations that
it will preserve its market share and grow at least in line with
the Italian marine market, while maintaining a stable financial
risk profile over 2013-2015.

RATINGS LIST

Downgraded
                                     To            From
Allianz SpA
Counterparty Credit Rating
  Local Currency                     A/Negative/-- A+/Negative/--
Financial Strength Rating
  Local Currency                     A/Negative/-- A+/Negative/--

Assicurazioni Generali SpA
Generali Vie
Generali Versicherung AG
Generali Versicherung AG
Generali Lebensversicherung AG
Generali Italia SpA
Generali IARD
Generali Deutschland Pensionskasse AG
Envivas Krankenversicherung AG
Cosmos Versicherung AG
Cosmos Lebensversicherungs AG
Central Krankenversicherung AG
Alleanza Toro S.p.A
Advocard Rechtsschutzversicherung AG
AachenMuenchener Versicherung AG
AachenMuenchener Lebensversicherung AG
Counterparty Credit Rating
  Local Currency                    A-/Negative/-- A/Negative/--

Assicurazioni Generali SpA
Generali Vie
Generali Versicherung AG
Generali Versicherung AG
Generali Lebensversicherung AG
Generali Italia SpA
Generali IARD
Generali Deutschland Pensionskasse AG
Generali (U.S. branch)
Envivas Krankenversicherung AG
Cosmos Versicherung AG
Cosmos Lebensversicherungs AG
Central Krankenversicherung AG
Alleanza Toro S.p.A
Advocard Rechtsschutzversicherung AG
AachenMuenchener Versicherung AG
AachenMuenchener Lebensversicherung AG
Financial Strength Rating
  Local Currency                    A-/Negative/-- A/Negative/--

Generali Holding Vienna AG
Generali Rueckversicherung AG
Counterparty Credit Rating
  Local Currency                    BBB/Neg/--     BBB+/Neg/--
Financial Strength Rating
  Local Currency                    BBB/Neg/--     BBB+/Neg/--

Ratings Affirmed; CreditWatch/Outlook Action
                                     To                 From
Ceska pojistovna a.s.
Counterparty Credit Rating
  Local Currency                   A-/Negative/--     A-/Stable/-
-
Financial Strength Rating
  Local Currency                   A-/Negative/--     A-/Stable/-
-

Generali PanEurope Ltd.
Counterparty Credit Rating
  Local Currency                 BBB+/Negative/--   BBB+/Stable/-
-
Financial Strength Rating
  Local Currency                 BBB+/Negative/--   BBB+/Stable/-
-

Deutsche Bausparkasse Badenia AG
Counterparty Credit Rating     BBB+/Negative/A-2  BBB+/Stable/A-
2

Ratings Affirmed

SIAT - Societa Italiana Assicurazioni
e Riassicurazioni SpA
Counterparty Credit Rating
  Local Currency                        BBB-/Stable/--
Financial Strength Rating
  Local Currency                        BBB-/Stable/--

Societa Cattolica di Assicurazione
Counterparty Credit Rating
  Local Currency                        BBB/Negative/--
Financial Strength Rating
  Local Currency                        BBB/Negative/--

Unipol Assicurazioni SpA
Milano Assicurazioni SpA
Fondiaria-SAI SpA
Counterparty Credit Rating
  Local Currency                        BBB/Negative/--
Financial Strength Rating
  Local Currency                        BBB/Negative/--

Unipol Gruppo Finanziario SpA
Counterparty Credit Rating
  Local Currency                        BB+/Negative/--

Unipol Assicurazioni SpA
Subordinated*                          BB+

Unipol Gruppo Finanziario SpA
Senior Unsecured                       BB+

* Guaranteed by Unipol Gruppo Finanziario SpA.
N.B. - This does not include all ratings affected.


* Moody's Lowers Ratings on Three Italian ABS Transactions
----------------------------------------------------------
Moody's Investors Service has downgraded by one to four notches
the ratings of the senior and mezzanine tranches issued by
Italfinance Securitization Vehicle (ITA 8), Italfinance
Securitization Vehicle 2 (ITA 9) and Leasimpresa Finance (LF 2).
The rating agency has also downgraded the junior rated tranches
in ITA 9 and LF 2 by one notch while confirming those in ITA 8.
At the same time, Moody's affirmed the ratings of the notes
issued by Italease Finance Series 2005-1 (ITA 7). Insufficient
credit enhancement, which protects against sovereign and
counterparty risk, primarily drove the rating downgrade.

The rating action concludes the review for downgrade initiated by
Moody's on 1) August 2, 2012, following Italy's downgrade, and 2)
December 11, 2012, following the placement of Banca Italease on
review for downgrade. These transactions are asset-backed
securities transactions backed by financial leases originated by
Banca Italease S.p.a (B2/NP) for equipment, auto and real-estate
leases.

Ratings Rationale:

The rating downgrade primarily reflects the insufficient credit
enhancement to address sovereign and increased counterparty risk
following the downgrade of Banca Italease. Moody's downgraded
Banca Italease from Ba1/NP to B2/NP on July 8, 2013.

The introduction of new adjustments to Moody's modeling
assumptions to account for the effect of deterioration in
sovereign creditworthiness and the exposure to lowly rated
counterparties has had a negative effect on the ratings of some
notes in ITA 8, ITA 9 and LF 2.

ITA 8, ITA 9 and LF 2 have a strong linkage with the originator,
Banca Italease. The observed performance of these transactions,
which is so far in line with Moody's assumptions, is conditioned
by the ability of the originator to repurchase delinquent loans
and by its obligation to repurchase defaulted loans (for a
minimum price of 75% of their outstanding amount). Following the
four notch downgrade of Banca Italease on July 8, 2013, the
likelihood of the repurchase performance diminished, resulting in
a rating impact on all tranches but the junior tranche of ITA 8.

When modeling cash flows, Moody's maintained the recovery rate
assumptions of ITA 8, ITA 9 and LF 2 at 75% based on Banca
Italease repurchase obligation. However, Moody's assumed the
recovery rate to go down to 15% upon Banca Italease's default.
Legal uncertainty on the rights of the special purpose vehicles
(SPVs) to recover amounts on the lease contracts upon
originator's default drive this assumption. This feature creates
additional linkage between the rating of the notes and the rating
of Banca Italease.

The rating of the Class D note of ITA 8 is confirmed at B3 (sf),
as the credit enhancement available under the tranche (12%) is
sufficient to balance the increase counterparty and sovereign
risks at this rating level.

In ITA 7, the credit enhancement available in the form of
subordination and reserve fund under tranche A2 (55%), tranche B
(49%) and tranche C (46%) is sufficient to address the sovereign
and counterparty risks. In addition, in ITA 7, the rating of the
notes is less linked to the rating of the originator, as there is
no such repurchase obligation of defaulted loans.

Borrower concentration was also taken into account in Moody's
analysis given that the 10 biggest debtors represent between 10%
and approximately 20% of the pool balance in the 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 Italian country ceiling is A2, which is the maximum rating
that Moody's will assign to a domestic Italian issuer including
structured finance transactions backed by Italian 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 and the applicable credit enhancement for this rating
uniquely determines 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
these transactions, which it updated on December 18, 2012.

According to the updated methodology, Moody's increased the CoV,
which is a measure of volatility.

In ITA 7, the current default assumption is 7.0% of the current
portfolio and the assumption for the fixed recovery rate is
50.0%. Moody's has increased the CoV to 93.2% from 49.0%, which,
combined with the key collateral assumptions, resulted in a
portfolio credit enhancement of 20.0%.

In ITA 8, the current default assumption is 13.0% of the current
portfolio and the assumption for the fixed recovery rate is 75.0%
based on the originator repurchase obligation. Moody's has
increased the CoV to 63.7% from 45.0%, which, combined with the
key collateral assumptions, resulted in a portfolio credit
enhancement of 21.0%.

In ITA 9, the current default assumption is 14.0% of the current
portfolio and the assumption for the fixed recovery rate is 75.0%
based on the originator repurchase obligation. Moody's has
increased the CoV to 74.0% from 59.7%, which, combined with the
key collateral assumptions, resulted in a portfolio credit
enhancement of 22.5%.

In LF 2, the current default assumption is 10.0% of the current
portfolio and the assumption for the fixed recovery rate is 75.0%
based on the originator repurchase obligation. Moody's has
increased the CoV to 83.3% from 79.9%, which, combined with the
key collateral assumptions, resulted in a portfolio credit
enhancement of 20.0%.

Moody's Has Considered Exposure to Counterparty Risk

During its review, Moody's also considered potential risk arising
from counterparties to the transaction in the role of issuer
account bank (BNP Paribas (A2/P-1)) and swap provider (BNP
Paribas). None of the reviewed transactions is currently exposed
to further risk arising from the counterparties acting in these
roles.

The risk of servicing disruption increased following the
downgrade of Banca Italease from Ba1/NP to B2/NP. However, the
appointment of Selmabipiemme as back-up servicer and the
significant liquidity available in the form of cash reserve or
liquidity facility in each transaction mitigate this risk.

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 Request for Comment, "Approach to Assessing Linkage to
Swap Counterparties in Structured Finance Cashflow Transactions:
Request for Comment", July 2, 2012.

The methodologies used in these ratings were "Moody's Approach to
Rating Multi-Pool Financial Lease-Backed Transactions in Italy",
published in June 2006, "Moody's Approach to Rating EMEA SME
Balance Sheet Securitizations", 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, which Moody's updated and republished or
supplemented on March 11, 2013 ("Incorporating Sovereign Risk
into Multi-Pool Financial Lease-Backed Transactions in Italy"),
along with the publication of its Special Comment "Structured
Finance Transactions: Assessing the Impact of Sovereign Risk".

In reviewing this transaction, 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.

When remodeling the transactions affected by these rating
actions, some inputs have been adjusted to reflect the new
approach.

List of Affected Ratings:

Issuer: Italease Finance S.p.A. Series 2005-1 (ITA 7)

EUR447.9M A2 Notes, Affirmed A2 (sf); previously on Aug 2, 2012
Downgraded to A2 (sf)

EUR45.4M B Notes, Affirmed A2 (sf); previously on Aug 2, 2012
Downgraded to A2 (sf)

EUR18.7M C Notes, Affirmed A3 (sf); previously on Sep 7, 2010
Confirmed at A3 (sf)

Issuer: Italfinance Securitization Vehicle S.r.l. (ITA 8)

EUR959M A Notes, Downgraded to Baa2 (sf); previously on Aug 2,
2012 Downgraded to A2 (sf)

EUR83M B Notes, Downgraded to Ba3 (sf); previously on Dec 11,
2012 Downgraded to Baa2 (sf) and Remained On Review for Possible
Downgrade

EUR56M C Notes, Downgraded to B2 (sf); previously on Aug 2, 2012
Ba3 (sf) Placed Under Review for Possible Downgrade

EUR18.5M D Notes, Confirmed at B3 (sf); previously on Aug 2, 2012
B3 (sf) Placed Under Review for Possible Downgrade

Issuer: Italfinance Securitization Vehicle 2 S.r.l. (ITA 9)

EUR1442.4M A Notes, Downgraded to Baa3 (sf); previously on Dec
11, 2012 Downgraded to A3 (sf) and Placed Under Review for
Possible Downgrade

EUR125M B Notes, Downgraded to Ba3 (sf); previously on Dec 11,
2012 Downgraded to Baa3 (sf) and Remained On Review for Possible
Downgrade

EUR84.3M C Notes, Downgraded to B2 (sf); previously on Dec 11,
2012 Downgraded to Ba2 (sf) and Remained On Review for Possible
Downgrade

EUR27.9M D Notes, Downgraded to B3 (sf); previously on Dec 11,
2012 Downgraded to B2 (sf) and Remained On Review for Possible
Downgrade

Issuer: Leasimpresa Finance S.r.l. (LF 2)

EUR931.5M A Notes, Downgraded to Baa2 (sf); previously on Dec 11,
2012 Downgraded to Baa1 (sf) and Remained On Review for Possible
Downgrade

EUR57.2M B Notes, Downgraded to Ba1 (sf); previously on Dec 11,
2012 Downgraded to Baa3 (sf) and Remained On Review for Possible
Downgrade

EUR10.3M C Notes, Downgraded to Ba2 (sf); previously on Dec 11,
2012 Downgraded to Ba1 (sf) and Remained On Review for Possible
Downgrade



=================
L I T H U A N I A
=================


* CITY OF VILNIUS: May Declare Bankruptcy Absent Government Aid
---------------------------------------------------------------
According to Baltic Business News's Toomas Hobemagi, Lithuanian
Prime Minister Algirdas Butkevicius said last week that without
the financial assistance of the central government, the City of
Vilnius would have to declare bankruptcy by autumn.

"The government had to take specific steps to avoid the city
going bankrupt.  Staff of the local government has not received
wages for four months," BBN quotes Hobemagi as saying.

Last week, Mr. Butkevicius promised to extend the capital of
Lithuania EUR3.5 million in loan, BBN relates.  In addition, the
central government will increase the percentage of personal
income tax paid to Vilnius from 40 to 50%, BBN discloses.

The debts of Vilnius amount to LTL1.1 billion (EUR310 million),
BBN notes.



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


EUROPEAN ENHANCED: Moody's Cuts Ratings on Two Tranches to 'Ba3'
----------------------------------------------------------------
Moody's Investors Service has taken the following rating actions
on the notes issued by European Enhanced Loan Fund S.A.:

EUR27M Class B-1 Secured Floating Rate Notes, due 2022, Upgraded
to Aa1 (sf); previously on May 18, 2012 Upgraded to Aa2 (sf)

EUR5M Class B-2 Secured Fixed Rate Notes, due 2022, Upgraded to
Aa1 (sf); previously on May 18, 2012 Upgraded to Aa2 (sf)

EUR12.98M Class D-1 Deferrable Mezzanine Secured Floating Rate
Notes, due 2022, Downgraded to Ba1 (sf); previously on Sep 6,
2011 Upgraded to Baa3 (sf)

EUR3.25M Class D-2 Deferrable Mezzanine Secured Floating Rate
Notes, due 2022, Downgraded to Ba1 (sf); previously on Sep 6,
2011 Upgraded to Baa3 (sf)

EUR1.15M Class D-3 Deferrable Mezzanine Secured Floating Rate
Notes, due 2022, Downgraded to Ba1 (sf); previously on Sep 6,
2011 Upgraded to Baa3 (sf)

EUR1.62M Class D-4 Deferrable Mezzanine Secured Floating Rate
Notes, due 2022, Downgraded to Ba1 (sf); previously on Sep 6,
2011 Upgraded to Baa3 (sf)

EUR13.5M Class E-1 Deferrable Mezzanine Secured Floating Rate
Notes, due 2022, Downgraded to Ba3 (sf); previously on Sep 6,
2011 Upgraded to Ba2 (sf)

EUR0.9M Class E-2 Deferrable Mezzanine Secured Floating Rate
Notes, due 2022, Downgraded to Ba3 (sf); previously on Sep 6,
2011 Upgraded to Ba2 (sf)

EUR0.6M Class E-3 Deferrable Mezzanine Secured Floating Rate
Notes, due 2022, Downgraded to Ba3 (sf); previously on Sep 6,
2011 Upgraded to Ba2 (sf)

Moody's also affirmed the ratings of the following notes issued
by European Enhanced Loan Fund S.A.:

EUR149M Class A-1 Secured Floating Rate Notes, due 2022, Affirmed
Aaa (sf); previously on May 18, 2006 Assigned Aaa (sf)

EUR7M Class A-2 Secured Fixed Rate Notes, due 2022, Affirmed Aaa
(sf); previously on May 18, 2006 Assigned Aaa (sf)

EUR94.5M Class A-3A Secured Floating Rate Notes, due 2022,
Affirmed Aaa (sf); previously on May 18, 2006 Assigned Aaa (sf)

EUR10.5M Class A-3B Secured Floating Rate Notes, due 2022,
Affirmed Aaa (sf); previously on Sep 6, 2011 Upgraded to Aaa (sf)

EUR25M Class C Deferrable Secured Floating Rate Notes, due 2022,
Affirmed Baa1 (sf); previously on Sep 6, 2011 Upgraded to Baa1
(sf)

EUR5M (with current rated balance outstanding EUR2.4M) Class M
Combination Notes, due 2022, Affirmed Baa3 (sf); previously on
Sep 6, 2011 Upgraded to Baa3 (sf)

EUR3M (with current rated balance outstanding EUR1.3M) Class O
Combination Notes, due 2022 Notes, Affirmed Baa3 (sf); previously
on Sep 6, 2011 Upgraded to Baa3 (sf)

European Enhanced Loan Fund S.A., issued in May 2006, is a multi-
currency Collateralized Loan Obligation ("CLO") backed by a
portfolio of mostly high yield European and US loans. The
portfolio is managed by PIMCO Europe Ltd. This transaction
entered the amortization period in May 2012. It is predominantly
composed of senior secured loans.

Ratings Rationale:

According to Moody's, the upgrade of Class B notes is primarily a
result of continued deleveraging of the Class A notes and
subsequent increase in the Class A/B overcollateralization (the
"OC") ratio since the last rating action in May 2012. The
downgrades of the Class D and Class E notes are driven by credit
deterioration of the underlying pool together with the reduction
in the diversity score and portfolio weighted average spread.

Moody's notes that the Class A notes have paid down by
approximately EUR 123 million (or 47% of the original rated
balance) since the last rating action in May 2012. As a result of
the deleveraging, the OC ratio for the senior notes (namely,
Class A and Class B) have increased. However, the Class A
amortization didn't significantly increase the OC of the junior
tranches which signifies increased defaults without significant
recoveries. As of the latest trustee report dated June 2013, the
Class A/B, Class C, Class D and Class E OC ratios are 140.6%,
122%, 112.6% and 107.8% respectively versus April 2012 levels of
127.3%, 117.1%, 111.5% and 108.4%, respectively. At the same
time, the trustee reported Weighted Average Rating Factor (the
"WARF") has slightly deteriorated to 2,872 from 2,734 between
April 2012 and June 2013, together with reduction in the
diversity score as the portfolio amortizes.

The ratings of the Combination Notes address the repayment of the
Rated Balance on or before the legal final maturity. For Classes
M and O, the 'Rated Balance' is equal at any time to the
principal amount of the Combination Note on the Issue Date minus
the aggregate of all payments made from the Issue Date to such
date, either through interest or principal payments. The Rated
Balance may not necessarily correspond to the outstanding
notional amount reported by the trustee.

In its base case, Moody's analyzed the underlying collateral pool
to have a performing par and principal proceeds balance of EUR
225.1 million, defaulted par of EUR 3.1 million, a weighted
average default probability of 19.34% over 3.2 years (consistent
with a WARF of 3,175.4), a weighted average recovery rate upon
default of 47.41% for a Aaa liability target rating, a diversity
score of 27 and a weighted average spread of 3.15%. The default
probability is derived from the credit quality of the collateral
pool and Moody's expectation of the remaining life of the
collateral pool. The average recovery rate to be realized on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed that 92.61% of the portfolio exposed to senior
secured corporate assets would recover 50% upon default and 7.39%
non first-lien loan corporate assets would recover 15%. In each
case, historical and market performance trends and collateral
manager latitude for trading the collateral are also relevant
factors. These default and recovery properties of the collateral
pool are incorporated in cash flow model analysis where they are
subject to stresses as a function of the target rating of each
CLO liability being reviewed.

In addition to the base case analysis, Moody's also performed
sensitivity analyses on key parameters for the rated notes:
Deterioration of credit quality to address the refinancing and
sovereign risks -- Approximately 16.39% of the portfolio is rated
B3 and below with maturities between 2014 and 2016, which may
create challenges for issuers to refinance. The portfolio is also
exposed 11.2% to obligors located in Spain, Ireland and Italy.
Moody's considered the scenario where the WARF of the portfolio
was increased to 3,737by forcing to Ca the credit quality of 25%
of such exposures subject to refinancing or sovereign risks. This
scenario generated model outputs that were up to two notches
lower than the base case results.

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, which could negatively impact the
ratings of the notes, as evidenced by 1) uncertainties of credit
conditions in the general economy and 2) the large concentration
of speculative-grade debt maturing between 2014 and 2016 which
may create challenges for issuers to refinance. CLO notes'
performance may also be impacted either positively or negatively
by 1) the manager's behavior and 2) divergence in legal
interpretation of CDO documentation by different transactional
parties due to embedded ambiguities.

Sources of additional performance uncertainties:

1) Deleveraging: The main source of uncertainty in this
transaction is the pace of amortization of the underlying
portfolio. Pace of amortization could vary significantly subject
to market conditions and this may have a significant impact on
the notes' ratings. In particular, amortization could accelerate
as a consequence of high levels of prepayments in the loan market
or collateral sales by the Collateral Manager or be delayed by
rising loan amend-and-extent restructurings. Fast amortization
would usually benefit the ratings of the notes.

2) Large Exposure to Credit Estimates: Moody's also notes that
around 31.5% of the collateral pool consists of debt obligations
whose credit quality has been assessed through Moody's credit
estimates. Large single exposures to obligors bearing a credit
estimate have been subject to a stress applicable to concentrated
pools as per the report titled "Updated Approach to the Usage of
Credit Estimates in Rated Transactions" published in October
2009.

3) Recovery of defaulted assets: Market value fluctuations in
defaulted assets reported by the trustee and those assumed to be
defaulted by Moody's may create volatility in the deal's
overcollateralization levels. Further, the timing of recoveries
and the manager's decision to work out versus sell defaulted
assets create additional uncertainties. Moody's analyzed
defaulted recoveries assuming the lower of the market price and
the recovery rate in order to account for potential volatility in
market prices. Realization of higher than expected recoveries
would positively impact the ratings of the notes.

The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
May 2013.

Moody's modeled the transaction using the Binomial Expansion
Technique, as described in Section 2.3.2.1 of the "Moody's Global
Approach to Rating Collateralized Loan Obligations" rating
methodology published in May 2013.

Under this methodology, Moody's used its Binomial Expansion
Technique, whereby the pool is represented by independent
identical assets, the number of which is being determined by the
diversity score of the portfolio. The default and recovery
properties of the collateral pool are incorporated in a cash flow
model where the default probabilities are subject to stresses as
a function of the target rating of each CLO liability being
reviewed. The default probability range is derived from the
credit quality of the collateral pool, and Moody's expectation of
the remaining life of the collateral pool. The average recovery
rate to be realized on future defaults is based primarily on the
seniority of the assets in the collateral pool.

The cash flow model used for this transaction is Moody's EMEA
Cash Flow Model. This model was used to represent 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 binomial distribution
assumed for the portfolio default rate. In each default scenario,
the corresponding loss for each class of notes is calculated
given the incoming cash flows from the assets and the outgoing
payments to third parties and noteholders. Therefore, the
expected loss or EL for each tranche is the sum product of (i)
the probability of occurrence of each default scenario; and (ii)
the loss derived from the cash flow model in each default
scenario for each tranche. Therefore, Moody's analysis
encompasses the assessment of stressed scenarios.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations. These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record,
and the potential for selection bias in the portfolio. All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.

On March 12, 2013, Moody's released a report, which describes how
sovereign credit deterioration impacts structured finance
transactions and the rationale for introducing two new parameters
into its general analysis of such transactions. In the coming
months, Moody's will update its methodologies relating to multi-
country portfolios including the one for collateralized loan
obligations (CLOs) as well as for other types of collateralized
debt obligations (CDO), asset-backed commercial paper (ABCP) and
commercial mortgage-backed securities (CMBS). Once those
methodologies are updated and implemented, the rating of the
notes affected by these rating actions may be negatively
affected.



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


NEW WORLD: S&P Lowers CCR to 'B-' & Revises Outlook to Negative
---------------------------------------------------------------
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'.  At
the same time, S&P revised the outlook on NWR to negative from
stable.

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

"The downgrades follow our downward revision of coal prices to
$140-150 per ton in 2013-2014 from our previous assumption of
$150-160 per ton to reflect currently low prices.  This results
in NWR generating more negative free cash flow in the second half
of 2013 and 2014 than we previously assumed, even if management
targets neutral free cash flow.  The currently low coal prices
also underscore NWR's high cost profile and are forcing the
company to take aggressive measures to preserve its cash flow,
including divesting and closing some of its assets.
Consequently, we have revised our assessment of NWR's business
risk profile to "vulnerable" from "weak"," S&P said

In S&P's view, NWR's liquidity position over the next 6-12 months
will depend on its ability to divest its coke facility and obtain
a covenant waiver in relation to its outstanding EUR78 million
export credit agency (ECA) facility.  Absent this disposal and
waiver, S&P estimates that NWR's significant cash balances of
EUR193 million at end-March 2013 could erode to or below
EUR50 million by early 2014.  Moreover, S&P projects further
negative cash flow in 2014.  S&P is therefore revising its
assessment of the company's liquidity downward to "less than
adequate" from "adequate."

There is a possibility of a downgrade in the coming quarters if
NWR fails to sell its coke facility and secure a covenant waiver
from its banks by early 2014.  A downgrade could also occur if
NWR's cash burn continues in the second half of 2013 because of
weaker prices, its inability to fully meet its cost-cutting
targets, and high restructuring costs.

S&P could revise the outlook to stable if NWR is able to limit
negative free cash flow in the second half of 2013 and in 2014.
Ultimately, S&P sees that NWR's maintenance of an adequate cash
cushion depends on continued support from the ECA lenders.
Stabilization of the outlook would require a substantial recovery
in coking coal prices, leading to a sustainable improvement in
NWR's profitability and liquidity.


* NETHERLANDS: Company Bankruptcies Hit Record High in First Half
-----------------------------------------------------------------
Xinhua reports that the Dutch Central Bureau of Statistics said
on Thursday in the first half year of 2013, a record number of
companies and institutions went bankrupt in the Netherlands, with
especially construction and trade affected.

According to Xinhua, in the first half of 2013, a total of 4,983
Dutch companies and institutions were declared bankrupt, which is
14% more than in the same period of 2012.  The amount is the
highest since the beginning of measuring bankruptcies by the CBS
in 1981, Xinhua notes.

For sole proprietorships the increase in the number of
bankruptcies was limited to 1%, but for other companies and
institutions the increase was 16%, Xinhua discloses.

The number of bankruptcies of companies in trade (1,040) and
construction (985) was the highest, Xinhua states.  In trade,
mainly the trade in clothing, construction materials and home
furnishings stores were affected, Xinhua says.

Compared to the first half of 2012 the number of bankruptcies
rose in all provinces, according to Xinhua.  The increase was the
highest in the northern province of Groningen, with a growth of
69%, Xinhua notes.



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


HIPOTOTTA 5: Moody's Lowers Rating on EUR24MM C Notes to 'B2'
-------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of three
mezzanine notes in Hipototta No.1 Plc (Hipototta 1) and Hipototta
No.5 Plc (Hipototta 5). At the same time, Moody's confirmed the
ratings of the senior notes in all three transactions and three
mezzanine notes in Hipototta 1 and 5. Insufficiency of credit
enhancement to address sovereign risk and counterparty exposure
has prompted the downgrade.

The rating action concludes the review of seven notes placed on
review on September 11, 2012, following Moody's decision to
adjust the Portuguese country ceiling to Baa3 on September 5,
2012 and of two notes placed on review on November 28, 2012,
following Moody's revision of key collateral assumptions for the
entire Portuguese RMBS market.

Ratings Rationale:

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

Moody's has not revised the key collateral assumptions for any of
the deals. Expected loss assumptions as a percentage of original
pool balance remain at 0.7% for Hipototta 1; 2.7% for Hipototta 4
and 1.8% for Hipototta 5. The MILAN CE assumptions remain at 10%
for Hipototta 1, and at 12.5% for Hipototta 4 and 5.

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 Portuguese country ceiling, and therefore the maximum rating
that Moody's will assign to a domestic Portuguese issuer
including structured finance transactions backed by Portuguese
receivables, is Baa3. 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.

Exposure to Counterparty Risk

The downgrades of the mezzanine notes take into account the set-
off risk due to the exposure to Banco Santander Totta S.A. (Ba1)
acting as originator in all three deals.

Set-off exposure has been taken into account in the downgrade of
the notes by reducing the amount of available credit support with
the expected loss due to set-off.

The downgrades also take into account commingling risk due to the
exposure to Banco Santander Totta acting as servicer in all three
deals. Mortgages receipts in all three deals are received into a
collection account in the servicer's name with Deutsche Bank AG,
London branch and are transferred daily to the issuer account at
the same entity. Moody's' assumed that one month of collections
will be lost upon Banco Santander Totta's default.

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.

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

In reviewing these transactions, Moody's used ABSROM to model the
cash flows and determine the loss for each tranche. The cash flow
model evaluates all default scenarios that are then weighted
considering the probabilities of the lognormal distribution
assumed for the portfolio default rate. In each default scenario,
the corresponding loss for each class of notes is calculated
given the incoming cash flows from the assets and the outgoing
payments to third parties and noteholders. Therefore, the
expected loss or EL for each tranche is the sum product of (i)
the probability of occurrence of each default scenario; and (ii)
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: HIPOTOTTA NO. 1 PLC

EUR1053.2M A Notes, Confirmed at Baa3 (sf); previously on Sep 11,
2012 Downgraded to Baa3 (sf) and Placed Under Review for Possible
Downgrade

EUR32.5M B Notes, Confirmed at Ba1 (sf); previously on Nov 28,
2012 Downgraded to Ba1 (sf) and Remained On Review for Possible
Downgrade

EUR14.3M C Notes, Downgraded to Ba2 (sf); previously on Sep 11,
2012 Ba1 (sf) Placed Under Review for Possible Downgrade

Issuer: HIPOTOTTA NO. 4 PLC

EUR2349.6M A Notes, Confirmed at Baa3 (sf); previously on Sep 11,
2012 Downgraded to Baa3 (sf) and Placed Under Review for Possible
Downgrade

Issuer: HIPOTOTTA NO. 5 PLC

EUR1693M A2 Notes, Confirmed at Baa3 (sf); previously on Sep 11,
2012 Downgraded to Baa3 (sf) and Remained On Review for Possible
Downgrade

EUR26M B Notes, Downgraded to Ba3 (sf); previously on Nov 28,
2012 Downgraded to Ba1 (sf) and Remained On Review for Possible
Downgrade

EUR24M C Notes, Downgraded to B2 (sf); previously on Sep 11, 2012
Ba2 (sf) Placed Under Review for Possible Downgrade

EUR26M D Notes, Confirmed at B3 (sf); previously on Sep 11, 2012
B3 (sf) Placed Under Review for Possible Downgrade

EUR31M E Notes, Confirmed at Caa2 (sf); previously on Sep 11,
2012 Caa2 (sf) Placed Under Review for Possible Downgrade



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


RUSSIAN MAGNESIUM: Court Installs External Administration
---------------------------------------------------------
Interfax reports that court materials show the Sverdlovsk Region
Arbitration Court has installed external administration at OJSC
Russian Magnesium for a period of 18 months as part of the
company's bankruptcy proceedings.

Dmitry Seleznev, a member of the Euro-Siberian Self-regulating
Organization of Arbitration Managers, has been appointed as
external administrator, Interfax relates.  According to Interfax,
the court has asked him to draft an external management plan by
Aug. 3 and present it to a meeting of creditors for approval.

Interfax notes that the register of claims state the company does
not have any first- or second-priority creditors.  The claims of
third-priority creditors totaled RUR2.261 billion as of June 25,
while the book value of the company's assets stood at RUR3.29
billion as of June 30, Interfax discloses.

Russian Magnesium filed for bankruptcy on Sept. 5, 2012, due to a
shareholder dispute and heavy debt burden, Interfax recounts.
According to Interfax, CEO and co-owner Alexei Ginzburg said the
company's debt totaled about 2.3 billion rubles.

The Sverdlovsk Region Arbitration Court began monitoring
procedures at Russian Magnesium in January 2013, Interfax
relates.  The regional government, which owns a 25% stake in the
company, objected to the controlling shareholder's decision to
file for bankruptcy, Interfax discloses.



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


FONCAIXA FTGENCAT: Fitch Affirms Rating on Series E Notes at 'CC'
-----------------------------------------------------------------
Fitch Ratings has downgraded Foncaixa FTGENCAT 4 F.T.A as
follows:

  Series A(G) notes (ISIN ES0338013016): downgraded to 'BBBsf'
  from 'A-sf', Stable Outlook

  Series B notes (ISIN ES0338013024): downgraded to 'BBsf' from
  'BB+sf', Stable Outlook

  Series C notes (ISIN ES0338013032): downgraded to 'Bsf' from
  'B+sf', Negative Outlook

  Series D notes (ISIN ES0338013040): affirmed at 'CCCsf', RE0%

  Series E notes (ISIN ES0338013057): affirmed at 'CCsf', RE0%

KEY RATING DRIVERS:

The downgrades were driven by an upward revision of Fitch's
commercial and residential market value decline (MVD) assumptions
for Spain. The higher MVD assumptions led to lower expected
recoveries and the notes were not able to withstand the
applicable rating stresses with the current credit enhancement
levels.

In terms of performance, 90+ delinquency rate has risen to 2.2%
as of the May 2013 investor report compared with 1.9% at the
previous review in July 2012. Current defaults increased by
EUR1.1m since the previous review to EUR4.8m or 2.67% of the
outstanding portfolio balance. The reserve fund is at the
required level of EUR5.04 million.

The portfolio as of April 30, 2013, is granular in terms of
borrower concentration with the top 20 borrowers accounting for
7.94% of the outstanding portfolio balance. Exposure to real
estate and construction sectors stands at 24.5% of the
outstanding portfolio balance and 100% of the assets were
originated in Catalonia which increases the portfolio's credit
risk. Fitch addressed the industry and regional concentrations
through its correlation assumptions within the Fitch Portfolio
Credit Model.

The portfolio has high security coverage with 84% of the assets
backed by first-lien residential and commercial mortgages. The
weighted average recovery rate on worked out defaults in the
transaction is relatively high at 56% when compared with the
Fitch rated Spanish SME CLO universe but certainly not
commensurate with 84% security coverage the portfolio benefits
from.

63% of the outstanding portfolio balance comprises flexible loans
that offer the borrower the option of further advances up to a
maximum limit. The additional draws will not be securitized and
will remain on the originator's balance sheet but will rank pari
passu with the securitized portion of the total exposure in the
event of the borrower defaulting. Fitch assumed in its recovery
analysis that all flexible loans are drawn to the maximum limit
on the existing security coverage. The impact of this adjustment
on loans in the portfolio is collateral dilution -- the pari
passu share of the related mortgage collateral is reduced.

The Negative Outlook on series C notes and the affirmation of
series D notes reflects their subordinated position in the
capital structure and their vulnerability to a sudden spike in
defaults.

Series E notes are not asset backed and were issued to fund the
reserve fund at transaction closing and their repayment is
entirely dependent on the recovery proceeds from defaulted
assets.

Rating Sensitivities

Applying a 1.25x default rate multiplier to all assets in the
portfolio would result in a downgrade of one rating category for
all the notes.

Applying a 0.70x recovery rate multiplier to all assets in the
portfolio would result in a downgrade of one rating category for
all the notes.


FTPYME BANCAJA: Fitch Affirms 'Csf' Rating on Class D Notes
-----------------------------------------------------------
Fitch Ratings has affirmed FTPYME Bancaja 6 FTA's notes as
follows:

Class A2 notes (ES0339735013): affirmed at 'Asf ', Outlook
Negative

Class A3 notes (ES0339735021): affirmed at 'Asf', Outlook
Negative

Class B notes (ES0339735039): affirmed at 'B-sf', Outlook revised
to Negative from Stable

Class C notes (ES0339735047): affirmed at 'CCsf', Recovery
Estimate 20%

Class D notes (ES0339735054): affirmed at 'Csf', Recovery
Estimate 0%

Key Rating Drivers

The affirmation of the notes' ratings reflects the sufficiency of
available credit enhancement (CE) to allow the notes withstanding
current rating stresses. The class B notes' Outlook has been
revised to Negative from Stable due to the volatile performance
of the transaction and expected further deterioration.

The transaction has faced deterioration in performance over the
past year that Fitch believes this is likely to continue. The
longer dated buckets of delinquencies have increased as have
defaults. The increase in defaults led to the depletion of the
reserve fund in December 2012 and the appearance of principal
deficiency ledger (PDL) balance, increased since then,
accumulating EUR2.2m as of May 2013's investor report.
Delinquencies over 90 days and 180 days have increased to 13.9%
and 12.7% respectively since the previous annual review in July
2012, while defaults also increased to 21%.

The transaction's portfolio has deleveraged since the previous
review to 16.4% of the balance at closing offsetting the
deterioration in performance, and allowing class A to amortize to
3.6% of its initial balance being likely to pay in full in the
next three payment dates. The largest borrower now represents
2.4% and 32 borrowers accounted for more than 0.5% as of May
2013. Real estate sector exposure is moderate at 33.5% of the
current portfolio balance.

The class A notes' rating is constrained by the exposure to the
transaction's payment interruption risk as no source of liquidity
is available for the notes while the reserve fund is depleted and
no other dedicated liquidity is in place. Therefore in case of a
default of the servicer Bankia (BBB/Rating Watch Negative/F2) the
notes would be exposed to a potential disruption in the
collection of cash flows from the pool that could affect the
timely payments on the notes.

FTPYME Bancaja 6 is a cash flow securitization of loans to small-
and medium-sized Spanish enterprises (SMEs) granted by former
Caja de Ahorros de Valencia, Castellon y Alicante, now Bankia
S.A.

Rating Sensitivities

As part of its analysis, Fitch considered the sensitivity of the
notes' ratings to the stresses on defaults and recovery rates.
These stresses had no material negative impact on the ratings.

An increase in defaults of 25% or a haircut in recovery rates of
25% would have negative impact on the rating of the notes of at
most one notch for the senior notes.



===========
S W E D E N
===========


NORTHLAND RESOURCES: Creditors Approve Reorganization Plan
----------------------------------------------------------
Peter Pernlof, Acting CEO and COO of Northland Resources S.A.,
disclosed that the Lulea District Court approved on July 12 the
reorganization plan for the Company's Swedish subsidiaries.

As previously disclosed, the Lulea District Court held
composition proceedings on July 12 in connection with the
reorganization of companies Northland Resources AB (publ),
Northland Sweden AB and Northland Logistics AB.

During the proceedings the companies' creditors approved the
terms of the proposed composition.  The District Court held in
accordance with this and approved the reorganization plan and
composition.  Norwegian subsidiary Northland Logistics AS is not
going through formal reorganization, but has previously agreed
with all of its creditors on a payment plan identical to that of
the other subsidiaries.

[Fri]day's decision by the Lulea District Court becomes legally
binding in three weeks.  The next step will then be the court's
decision on terminating the reorganization.

"[Fri]day's decision is another important step on the path to
normalcy for Northland.  This is good news for all of our
employees, and also good news for the region," Mr. Pernlof said.

                         About Northland

Headquartered in Luxembourg, Northland Resources S.A. is a
producer of iron ore concentrate, with a portfolio of production,
development and exploration mines and projects in northern Sweden
and Finland.  The first construction phase of the Kaunisvaara
project is complete and production ramp-up started in November
2012.  The Company expects to produce high-grade, high-quality
magnetite iron concentrate in Kaunisvaara, Sweden, where the
Company expects to exploit two magnetite iron ore deposits,
Tapuli and Sahavaara.  Northland has entered into off-take
contracts with three partners for the entire production from the
Kaunisvaara project over the next seven to ten years.  The
Company is also preparing a Definitive Feasibility Study for its
Hannukainen Iron Oxide Copper Gold project in Kolari, northern
Finland and for the Pellivuoma deposit, which is located 15 km
from the Kaunisvaara processing plant.

                         *     *     *

As reported by the Troubled Company Reporter-Europe on April 1,
2013, Moody's Investors Service affirmed the Caa3 corporate
family rating and bond rating of Northland Resources AB.
Concurrently, Moody's has applied the 'limited default' ('/LD')
indicator to the company's Ca-PD probability of default rating
(PDR), to reflect the recently missed interest payment on its
outstanding notes, which the rating agency considers a default
according to its definition of default.  As a result, Moody's PDR
for Northland has been affirmed at Ca-PD/LD.  In addition, the
outlook on all ratings remains negative.



=====================
S W I T Z E R L A N D
=====================


* Swiss Private Banks Continue to Face Headwinds, Fitch Says
------------------------------------------------------------
Fitch Ratings says in a new report that Swiss private banks will
continue to face headwinds from challenging markets, increasing
regulatory costs and elevated litigation risk. However, the rated
Swiss private banks are well-placed to withstand this pressure
and their ratings remain underpinned by their low overall risk
appetite, sound funding and capital position and stable and high-
quality earnings base.

On July 5, 2013, Fitch affirmed three Swiss private banks, Pictet
& Cie (AA-/Stable/aa-), Lombard Odier & Cie (AA-/Stable/aa-) and
EFG International AG (A/Stable/a) as part of a peer review.

Private banks continue to operate in a challenging environment,
with low transaction-based revenues and a significant cash bias
in client portfolios putting pressure on gross asset under
management margins. Given the three rated Swiss banks' solid
franchises and the scalability of their business models, any
improvement in their operating environment should translate into
a gross margin recovery and better profitability.

Changing regulatory requirements, notably regarding European and
US cross-border private banking, remain among the banks' main
challenges. All three banks are trying to mitigate the pressure
on Western European offshore private banking by improving their
non-European private banking, European onshore and to some extent
asset management franchises. While pressure on Western European
offshore private banking is likely to continue in the medium
term, the three Swiss banks' size and diversification make them
better placed than many peers to withstand this pressure.

Given tighter regulation and the banks' increasingly global
footprint, Fitch believes litigation risk will remain high.
However, sound risk management and compliance practices at all
banks support Fitch's assumption that litigation costs will
remain of a manageable size and absorbable by the banks' still
adequate operating profitability.



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


ANADOLUBANK AS: Fitch Raises LT Issuer Default Ratings to 'BB+'
---------------------------------------------------------------
Fitch Ratings has upgraded Anadolubank A.S.'s Long-Term IDRs to
'BB+' from 'BB', with a Stable Outlook, and Viability Rating (VR)
to 'bb+' from 'bb'.

KEY RATING DRIVERS - VR AND IDRS

The upgrade reflects the bank's extended track record of
consistently good performance with sound asset quality and
comfortable capital levels. The ratings are also supported by the
bank's comfortable liquidity and conservative management.
However, the ratings also reflect the bank's limited franchise,
some uncertainty regarding the long-term sustainability of its
business model, and the potential for some moderate near-term
deterioration in performance and asset quality.

Anadolubank's performance improved in 2012, as margins increased
in a falling rate environment, and in Q113, operating return on
average assets reached a high 3.3% (well above the peer average
of 2%). However, Fitch expects margins to contract in 2013 as
repricing continues and competition increases, which will put
pressure on banks' profitability.

To date, Anadolubank has consistently reported sound asset
quality metrics that outperform its immediate peers: impaired
loans at end-Q113 were a low 3.5% of gross loans (peer average:
4.4%) and were fully covered by reserves. In Fitch's view, asset
quality is likely to deteriorate moderately as loan portfolios
season following recent growth. Capitalization is also a rating
positive for the bank, with a robust Fitch core capital/weighted
risks ratio of 18%.

Anadolubank is primarily funded by customer deposits, which
account for over two-thirds of its liabilities. The bank's
comfortable liquidity is underpinned by the historical stability
of the deposit base, the relatively short-term nature of the loan
book and a reasonable stock of liquid assets held on its balance
sheet.

In Fitch's view, contagion risks from the bank's majority owner,
Habas Sinai ve Tibbi Gazlar Istihsal Endustri A.S. (Habas;
B+/Stable), a corporate with its main operations in the steel
industry, are moderate, permitting a three-notch difference
between the subsidiary and parent ratings. This view is based on
(i) the fact that the two companies have operated independently
of each other to date; and (ii) Habas's moderate debt levels and
limited investment plans, in light of which any potential
refinancing needs are also likely to be contained. At end-2012,
Habas had total debt of approximately TRY300 million (comprising
loans from local banks), which was equal to just 25% of
Anadolubank's Fitch core capital.

RATING SENSITIVITIES - VR AND IDRS

The bank's modest franchise and the current level of Turkey's
sovereign ratings (BBB-/Stable) mean that any further upward
movement of the ratings is unlikely.

A marked deterioration in Anadolubank's financial metrics --
including a greater than anticipated deterioration in asset
quality as loans season -- could put downward pressure on the VR.
A substantial increase in Habas's leverage, or greater
involvement of Anadolubank in funding its parent, could also
result in a downgrade.

KEY RATING DRIVERS - SUPPORT RATING AND SUPPORT RATING FLOOR

The downgrade of Anadaolubank's Support Rating to '5' from '4'
reflects a reassessment by Fitch of Habas's ability to support
the bank given the relative size of the two entities. The Support
Rating Floor of 'No Floor' reflects Fitch's view that sovereign
support for the bank, although possible, cannot be relied on.

RATING SENSITIVITIES - SUPPORT RATING

The Support Rating could be upgraded if Anadolubank was acquired
by a higher rated entity.

The rating actions are:

  Long-term foreign and local currency IDRs: upgraded to 'BB+'
  from 'BB'; Outlook Stable

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


  Viability Rating: upgraded to 'bb+' from 'bb'

  Support Rating: downgraded to '5' from '4'

  Support Rating Floor: assigned at 'NF'

  National Long-term Rating: affirmed at 'AA(tur)'; Outlook
Stable



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


* Fitch Revises Rating Outlooks on 7 Ukrainian Banks to Negative
----------------------------------------------------------------
Fitch Ratings has affirmed the Long-term foreign currency Issuer
Default Ratings (IDRs) of Ukraine-based Public Joint Stock
Company UkrSibbank, Ukrsotsbank (Ukrsots), PJSC VTB Bank
(Ukraine) (VTBU), ProCredit Bank (Ukraine), PJSCCB Pravex-Bank
(Pravex) and PJSC Credit Agricole Bank's (CAB) at 'B', and
revised their Outlooks to Negative from Stable. At the same time,
the agency has affirmed the Long-term IDRs of PJSC Alfa-Bank
(ABU) at 'B-' with a Stable Outlook.

KEY RATING DRIVERS - IDRS, NATIONAL RATINGS, SENIOR DEBT, SUPPORT
RATINGS

The rating actions follow the agency's revision of the Outlooks
on Ukraine's Long-term foreign and local currency IDRs to
Negative from Stable.

The revision of the Outlooks on the Long-term IDRs of UkrSibbank,
Ukrsots, VTBU, ProCredit Bank (Ukraine), Pravex and CAB reflects
the increased likelihood of a downgrade of Ukraine's Country
Ceiling ('B') following the revision of the sovereign Outlook.

The six banks' IDRs, Support, Senior Debt and National Ratings
are driven by the likelihood of support the banks may receive
from their majority shareholders. UkrSibbank is 85%-owned by BNP
Paribas (A+/Stable); Ukrsotsbank is 98.4%-owned by UniCredit
S.p.A. (BBB+/Negative) through its Vienna subsidiary UniCredit
Bank Austria AG (A/Stable); VTB Ukraine is more than 99%-owned by
Russia's JSC Bank VTB (BBB/Negative); ProCredit Ukraine is
controlled (60% of voting stock) by Germany's ProCredit Holding
AG & Co. KGaA. (BBB-/Stable); Pravex is 100%-owned by Intesa
Sanpaolo S.p.A. (BBB+/Negative); and CAB is fully owned by Credit
Agricole S.A. (A+/Negative). Ukraine's 'B' Country Ceiling, which
reflects transfer and convertibility risks, constrains the banks'
Long-term foreign currency IDRs as it limits the extent to which
support from the majority foreign shareholders of these banks can
be factored into the ratings. Their 'B+' Long-term local currency
IDRs also take into account Ukrainian country risks.

ABU's IDRs, senior debt and National Ratings are driven by
Fitch's view on potential support the bank may receive from other
assets controlled by its main shareholders, including from its
sister bank, Russia-based OJSC Alfa-Bank (AB; BBB-/Stable), which
also holds a minority 19.9% stake in ABU. AB provided US$248
million subordinated loans to ABU in 2010 (partially repaid since
then) and recently in Q113 certain companies controlled by the
ultimate shareholders placed US$210 million (nearly equal to
ABU's end-2012 equity) with AB as a guarantee deposit, which may
be used to cover potential losses from a pool of identified
problematic assets and potential hryvna devaluation. At the same
time, the extent to which support is factored into the ratings is
limited because (i) AB holds shares in ABU on behalf of ABH
Ukraine Limited, the Alfa Group's holdco for Ukrainian banking
subholding, to which it has ceded control and voting rights
through a call option; (ii) the indirect nature of support
provided from other sources and the uncertainty over its
sufficiency (iii) the fact that shareholder support was
insufficient to prevent a restructuring of the bank's debt in
2009.

RATING SENSITIVITIES - IDRS, NATIONAL RATINGS, SENIOR DEBT,
SUPPORT RATING

The Long-term IDRs, senior debt and Support Ratings of each of
the banks, except ABU, could be downgraded if Ukraine's sovereign
ratings and Country Ceiling were downgraded. A revision of the
sovereign Outlook to Stable would help the banks' ratings to
stabilize at their current levels Any clear indication from any
of the banks' shareholders that they plan to exit the Ukrainian
market could result in negative rating action.

A downgrade of ABU's ratings is currently not expected, as
reflected by the Stable Outlook, but may be triggered if the bank
suffers large losses as a result of deterioration in the quality
of restructured loans or a potential UAH devaluation, and this
was not offset by proper equity injections. An upgrade of ABU's
IDRs and Support Rating would require both (i) more clarity and
strengthening of support framework for the bank; and; and (ii)
the Country Ceiling to stabilize at its current level.

KEY RATING DRIVERS - VIABILITY RATINGS (VRS)

The downgrade of UkrSibbank's VR to 'cc' from 'ccc' reflects
further weakening of the bank's financial performance and its
still very weak capital position. The bank was loss-making on a
pre-impairment basis in 2012 due to lower revenue generation as a
result of continued deleveraging, which has not been fully
matched by cost base adjustments. The Fitch core capital/weighted
risks ratio remained very low, at 1.5% at end-2012, while
regulatory capital ratio of 20% is supported by significant
deferred-tax assets (48% of regulatory Tier 1 capital at end-
Q113), which could be partially or fully derecognized in case of
adverse changes in profitability forecasts or regulatory
treatment. NPLs (loans overdue by more than 90 days) of 30% at
end-2012 were almost fully covered by reserves, but restructured
loans equal to 33% of the portfolio represent a source of
potential further losses.

The 'ccc' VRs of Ukrsots, VTBU, Pravex and ABU reflect still
significant volumes of loan impairment with progress in loan
work-outs proving to be slow. Each of the reviewed banks has
reported high levels of NPLs and/or prolonged/restructured loans.
While each of the banks has significant loss absorption capacity
to sufficiently reserve for currently recognized NPLs, impairment
in restructured portfolios could result in them needing further
capital support. ProCredit Ukraine's higher VR of 'b-' reflects
the bank's materially lower level of NPLs (4%) and smaller
volumes of restructured loans compared with peers, and better
financial performance. CAB's 'b' VR was not reviewed as part of
the current review, but continues to be driven by the bank's
solid financial metrics (in particular its moderate NPLs and
reasonable capital position) and the low-risk nature of the
bank's business with group clients.

Pre-impairment profitability has remained under pressure at most
of the banks due to a combination of weak loan book performance,
scale reduction and higher funding costs driven by volatility in
sector UAH-liquidity in H212. Bottom line results have also been
hit by high provisioning costs.

UAH-devaluation risks remain considerable given the still high,
albeit decreased, share of FX-lending (in the range of 37%-59%
for each of the seven banks at end-Q113). Direct FX-risk has now
abated with most of these banks reducing open economic currency
positions to relatively low levels. Strong deposit inflow from
Q309 has strengthened liquidity positions and reduced dependence
on parent funding (the latter was to a lesser extent for Ukrsots
and VTBU).

RATING SENSITIVITIES - VRS

Upside potential for VRs is limited but could arise from a
strengthening of banks' capital positions and significant
progress with workouts of problem loan exposures. Stabilization
of the sovereign's credit profile and the country's economic
prospects would reduce downward pressure on the VRs. The VRs
could be downgraded if additional loan impairment recognition
further undermines capital positions.

The rating actions are:

PJSC UkrSibbank:

  Long-Term Foreign Currency IDR affirmed at 'B', Outlook revised
   to Negative from Stable
  Short-Term Foreign Currency IDR affirmed at 'B'
  Local Currency Long-Term IDR affirmed at 'B+', Outlook revised
   to Negative from Stable
  National Long-Term rating affirmed at 'AAA(ukr)', Outlook
   'Stable'
  Viability Rating downgraded to 'cc' from 'ccc'
  Support Rating affirmed at '4'
  Senior unsecured notes affirmed at 'AAA(ukr)'/'B+'/'RR4'

Ukrsotsbank:

  Long-term foreign currency IDR: affirmed at 'B'; Outlook
revised
   to Negative from Stable
  Long-term local currency IDR: affirmed at 'B+'; Outlook revised
   to Negative from Stable
  Short-term foreign currency IDR: affirmed at 'B'
  Support Rating: affirmed at '4'
  Viability Rating: affirmed at 'ccc'
  National Long-term rating: affirmed at 'AAA(ukr)'; Outlook
   Stable
  Senior unsecured debt affirmed at 'B+'/RR4/'AAA(ukr)'
  Senior unsecured debt affirmed at 'B+' (EXP)'/'RR4'/'AAA(ukr)
   (EXP)'

PJSC VTB Bank (Ukraine):

  Long-term foreign currency IDR: affirmed at 'B'; Outlook
revised
   to Negative from Stable
  Long-term local currency IDR: affirmed at 'B+'; Outlook revised
   to Negative from Stable
  Short-term foreign currency IDR: affirmed at 'B'
  Support Rating: affirmed at '4'
  Viability Rating: affirmed at 'ccc'
  National Long-term rating: affirmed at 'AAA(ukr)'; Outlook
   Stable
  Senior unsecured local currency debt: affirmed at
   'B+'/'AAA(ukr)'; Recovery Rating 'RR4'

ProCredit Bank (Ukraine):

  Long-Term foreign currency IDR affirmed at 'B', Outlook revised
   to 'Negative' from 'Stable'
  Short-Term foreign currency IDR affirmed at 'B'
  Long-term local currency IDR affirmed at 'B+', Outlook revised
   to 'Negative' from 'Stable'
  Short-term local currency IDR affirmed at 'B',
  National Long-Term rating affirmed at 'AAA(ukr)', Outlook
   'Stable'
  Viability Rating affirmed at 'b-'
  Support Rating affirmed at '4'
  Senior unsecured notes affirmed at 'AAA(ukr)'/'B+'/'RR4'

Pravex:

  Long-term foreign currency IDR: affirmed at 'B'; Outlook
revised
   to 'Negative' from 'Stable'
  Long-term local currency IDR: affirmed at 'B+'; Outlook revised
   to 'Negative' from 'Stable'
  Short-term foreign currency IDR: affirmed at 'B'
  Support Rating: affirmed at '4'
  Viability Rating: affirmed at 'ccc',
  National Long-term rating: affirmed at 'AAA(ukr)'; Outlook
   Stable

CAB:

  Longterm foreign currency IDR: affirmed at 'B', Outlook revised
   to 'Negative' from 'Stable'
  Long -term local currency IDR: affirmed at 'B+', Outlook
revised
   to 'Negative' from 'Stable'
  Short-term foreign and local currency IDRs: affirmed at 'B'
  Support Rating: affirmed at '4'
  National Long-term Rating: affirmed at 'AAA(ukr)', Outlook
   Stable
  Viability Rating 'b': unaffected

PJSC Alfa-Bank:

Long-term foreign currency IDR: affirmed at 'B-', Outlook Stable
Short-term IDR: affirmed at 'B'
Long-term local currency IDR: affirmed at 'B-', Outlook Stable
Viability Rating: affirmed at 'ccc'
Support Rating: affirmed at '5'
National Long-term rating: affirmed at 'BBB-(ukr)', Outlook
  Stable
Senior unsecured debt of Alfa Ukrfinance: affirmed at 'B-';
  Recovery Rating 'RR4'



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


CODAEX UK: Goes Into Administration
-----------------------------------
Eleanor Ward at Business Sales Report relates that Codaex UK, a
classical music recording distributor in the UK, has entered
administration following the collapse of its international parent
company.

Codaex UK entered administration after several of its clients
lost faith in its future following the collapse of its Benelux-
based parent, Codaex, according to Business Sales Report.

The report notes that Ginny Cooper, managing director of the UK
company, explained in a letter to clients that the company's
decision to put itself into administration came about after
several of its labels decided to switch to other distributors.
At its peak, the firm distributed about 100 labels but, while it
remained profitable, concerned suppliers began to desert the
business upon learning of Codaex' fate, the report relates.

The report says that the industry is keen not to lose a British
distributor, however, and there is some talk of a new company
being formed if Codaex is bought out of administration.

The report discloses that Challenge Classics, a producer and
distributor, is thought to be among the potential suitors for the
distressed business or at least some of its assets.

The report notes that Challenge has now announced that it is in
negotiations to buy out Codaex's share of NAI.  A statement from
the firm explained that the group is likely to work with Proper
Note, while the business' operations in Benelux will see the firm
sell directly to consumers, the report relays.

Business Sales Report adds that Codaex UK noted their frustration
at the situation, which they have said was exacerbated by the
rumours that spread through the close-knit recording industry.


MODELZONE: Concerns For Jobs After Firm Goes Into Administration
----------------------------------------------------------------
Kate O'Neill at Evening Express reports that Modelzone could
close if nobody steps in.

Staff at an Aberdeen model shop could lose their jobs if a buyer
for the business is not found, according to Evening Express.

The report notes that six workers at Modelzone in the Bon Accord
Centre could be axed after the toy firm went into administration.

Evening Express relates that a spokeswoman for administrators
Deloitte said the Bon Accord Centre branch will begin to wind
down by late August if nobody steps in.


* UK Floats New Client Money Rules For Collapsed Firms
------------------------------------------------------
Stewart Bishop of BankruptcyLaw360 reported that the U.K.'s
financial services regulator proposed new rules aimed at
protecting client accounts after the collapse of such investment
firms as Lehman Brothers International Europe and MF Global
Holdings Ltd. revealed shortcomings in the current regulatory
regime.

According to the report, the Financial Conduct Authority said it
was seeking feedback from the industry on whether to permit
speedier recovery of money by clients in the event of an
investment firm's bankruptcy by allowing distribution of client
money based on the firm's records.



===================
U Z B E K I S T A N
===================


KAPITALBANK: S&P Lowers LT Counterparty Credit Rating to 'B-'
-------------------------------------------------------------
Standard & Poor's Ratings Services said it had lowered its long-
term counterparty credit rating on Uzbekistan-based Kapitalbank
to 'B-' from 'B'.  The outlook is stable.

At the same time, S&P affirmed its 'C' short-term counterparty
credit rating on the bank.

The rating actions reflect S&P's view that Kapitalbank's capital
position is unlikely to improve as S&P previously expected.
Earnings generation is likely to continue lagging asset growth,
gradually eroding the capital base.  In S&P's opinion, the bank's
current capital buffer may be insufficient to absorb potential
risks associated with anticipated annual lending growth of 30%-
35%, especially if the share of riskier retail loans increases.

On Dec. 31, 2012, our risk-adjusted capital (RAC) ratio for
Kapitalbank decreased to a low 2.1% (before adjustments), and S&P
do not expect any improvement in 2013.  S&P has therefore revised
its assessment of Kapitalbank's capital to "very weak" from
"weak", as its criteria define these terms.  S&P's assessment
reflects the bank's very low capitalization and constrained loss
absorption capacity.  In S&P's opinion it's very unlikely that
the RAC ratio will exceed 3% over the next 12-18 months, which is
the minimum to support a rating-neutral assessment of "weak"
capital.

Although Kapitalbank demonstrates adequate core business
performance, S&P believes capitalization will remain a key rating
constraint that will likely suppress business growth over the
next two years.  S&P projects that the bank's RAC ratio, before
adjustments for diversification, will remain within the 2%-2.5%
range over the next 12-18 months.  This calculation factors in a
planned Tier 1 capital increase of Uzbek sum 4 billion (about
$2 million) in 2013 and a partial disposal of equity investments,
which currently weighs on S&P's assessment of the bank's capital.
Nevertheless, Kapitalbank's anticipated level of capitalization
is subject to adequate performance of its loan portfolio, as any
increase in risk could put additional pressure on capital.

S&P believes that in the medium term Kapitalbank's sound and
still expanding franchise and client base may improve its
business position.  Kapitalbank is one of the leading agencies
offering money transfers in Uzbekistan, with a market share of
about 25%. S&P notes that in Uzbekistan's still-developing
financial and banking market, money transfer services play an
essential role in the monetary system, representing 5%-7% of the
country's GDP. Kapitalbank is also the leader in retail foreign
currency deposits, serving about 1.7 million depositors.  S&P
views these factors as key strengths that contribute to revenues
and the stability of the client base.

The ratings on Kapitalbank reflect the 'b+' anchor S&P uses for
financial institutions operating in Uzbekistan.  The anchor is
S&P's starting point in assigning an issuer credit rating.  The
ratings also reflect the bank's "moderate" business position,
"very weak" capital and earnings, "adequate" risk position,
"average" funding, and "adequate" liquidity.  The bank's stand-
alone credit profile is 'b-'.

The stable outlook reflects S&P's view that over the next two
years Kapitalbank's core business performance and sound market
positions in Uzbekistan should balance its persistently weak
capital, which makes it vulnerable to credit shocks and threatens
its ability to sustain its business model.

S&P could lower the ratings if the bank's already very weak RAC
ratio (before adjustments) were to decrease below 2% as a result
of insufficient self-sustained capital generation to match asset
growth, or higher-than-expected losses that hampered profit
generation.  In such a scenario, S&P would regard Kapitalbank as
being at high risk of solvency issues.  Despite Kapitalbank's
short-term deposit base, S&P expects it to maintain good
liquidity cushions.  Inability to do so could also put pressure
on the ratings.

S&P could raise the ratings if Kapitalbank were to demonstrate
material and sustainable improvements in its capitalization, such
that its RAC ratio (before adjustments) rose well above 3%.  In
S&P's view, this would require a change in the bank's currently
very aggressive capital management.  If the bank were able to
gain momentum and successfully strengthen its business position
it may also lead to positive rating action.


* Fitch-Rated Uzbek Banks Foreign-Currency IDRs Remain at 'B-'
--------------------------------------------------------------
Fitch Ratings says in a newly-published sector report that
Uzbekistan's banks have demonstrated stable growth rates (albeit
from a quite low base), relying mostly on domestic savings.
Sector performance is supported by consistently strong economic
growth resulting from favorable export markets and the
sovereign's currently strong fiscal position that underpins the
largely centralized economy. At the same time, the banks' credit
profiles remain undermined by significant directed lending and
investments, constraints on currency conversion and cash
operations, weak corporate governance and heightened credit risks
from the poor transparency of SME borrowers.

Uzbekistan's GDP continued to register strong growth, close to 8%
in 2012, supported by commodity export revenues, foreign
remittances (largely from Russia) and the government's large
investments program. At end-2012, the sovereign balance sheet
remained strong, with government debt an estimated 8.6% of GDP, a
fiscal surplus of 4.7% of GDP and a positive current account
balance of 2.7% of GDP. Accumulated foreign currency reserves
estimated by the IMF were close to US$18 billion (40% of GDP).
However, the economy is vulnerable to external commodity shocks
as well as to potential deterioration in its major trading
partners (Russia, China and Kazakhstan). Moreover, institutional
reforms remain dormant, and there is no visible progress in
improvement of the currently difficult business climate.

Growth rates in the banking sector have moderated to 16%-20%
(inflation-adjusted) in 2011-2012 and are likely to remain in
this range during 2013. This, together with still low credit
penetration (the loans/GDP ratio was 23% at end-2012), partly
alleviates pressure on asset quality. The proportion of impaired
loans in the sector portfolio has been diluted by new lending to
an estimated 8.3% at end-2012 from 11.9% at end-2011. That said,
asset quality metrics remain highly cyclical, and there could be
notable downside risks in case of an economic slowdown.

Liquidity risks in the system are mitigated by its conservative
asset structure and predominately domestic funding base. Almost
three quarters of non-equity funding comprised customer accounts
(mostly corporate) and facilities provided by the Uzbekistan Fund
for Reconstruction and Development (UFRD). The ratio of loans to
these two stable funding sources was comfortably below 90% at
end-2012. The role of UFRD in banking sector funding may rise as
its charter capital is set to reach US$15 billion by 2015, a
volume comparable with the current size of the banking sector.

External borrowings remain below 10% of the sector liabilities,
and they are largely provided by international development
institutions for government-assisted project finance
transactions, which typically benefit from faster foreign
currency conversion. Off-balance sheet foreign currency
liabilities (letters of credit), which may experience longer
conversion time, were estimated at US$2 billion at end-2012.

Capitalization has been declining from the previous conservative
levels, but remained adequate at end-2012 with equity/assets at
an estimated 11% and equity/loans at 19%. The quality of capital
is somewhat undermined by investments in non-core/non-financial
assets, although overall these remained manageable. According to
Fitch estimates, the available capital and impairment reserves
combined provided maximum loss absorption capacity at 12% of the
sector loan book at end-2012, indicating only low resilience of
the system to stress scenarios. Internal capital generation
remained low, at about 10% of average equity, which is
incommensurate with the asset growth rates and signals sector
dependence on regular equity injections.

The foreign-currency IDRs of Fitch-rated banks in Uzbekistan
remained constrained at the 'B-' level, which captures
restrictions in foreign exchange regulation. State-owned banks'
local currency Long-term IDRs are a notch higher, at 'B',
reflecting the greater probability of state support in UZS, and
these ratings are likely to move in tandem with Fitch's
assessment of the sovereign credit profile. The potential for
upgrades of banks' Viability Ratings (which are also mostly at
'b-') is currently limited, while downward pressure could arise
from a deterioration in banks' asset quality (particularly in
case of economic slowdown), losses from operational risks or
increases in non-core assets, if not offset by fresh equity
injections.



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


* Fitch: EMEA Unsecured Real Estate Debt Risks Low Recoveries
-------------------------------------------------------------
Unsecured debt raised by some EMEA real estate companies,
attracted by low funding costs and migration from bank funding,
could be vulnerable to low recovery rates because of
subordination to legacy secured debt, Fitch Ratings says. "If we
were to rate these transactions, this risk could lead us to notch
the rating of unsecured debt down from the issuer's IDR," Fitch
says.

"Unrated or recent debut EMEA real estate issuers have
traditionally been dependent on secured funding from either the
banking sector or structured products such as CMBS. The move
towards unsecured debt is typically a funding cost arbitrage
strategy to the benefit of equity investors. But recoveries may
be low if there is not a suitable level of unencumbered assets
and income cover to support unsecured bondholders. We look for
unencumbered assets to be at least double an issuer's unsecured
debt before assigning an investment-grade rating. The possibility
that unsecured bondholder proceeds could be used to fund equity
injections into poorly funded secured structures is also a risk.

"In the recent debut unsecured bond issuance by Atrium (BBB-
/Stable), which previously used secured funding, subordination
risk was mitigated by the size of the unencumbered asset pool and
by low financial gearing (loan-to-value of around 20%). The
switch to unsecured funding also increased operational and
financial flexibility through a release of encumbered assets,
which freely allows for development and asset recycling of the
property portfolio.

"We expect the focus on subordination and recovery to increase as
new, weaker unrated entities look to switch to unsecured funding.
They typically have higher leverage, complex structures and
weaker pools of unencumbered assets. In addition, it is difficult
for issuers to convince existing secured lenders to unwind their
funding structures. There may be prepayment penalties as interest
rate derivatives were attached to the bespoke funding and secured
lenders will not want to relinquish overcollateralization.

"Once companies have made the switch to unsecured funding, they
may be averse to taking secured funding again, even if it were to
become cheaper and more widely available. Companies in Fitch's UK
rated property portfolio, where unsecured funding predominates,
did not take the easy option of accessing secured debt when
values plummeted in 2009 and they were in danger of breaching
valuation covenants. They knew that they had built up trust with
unsecured debt holders and 1992's equivalent textbook response of
procuring a lifeboat of secured funding would have been
unnecessarily costly and hard to unwind later."


* Single Bank Resolution Fund Positive for Sovereign Credit
-----------------------------------------------------------
The European Commission's proposal for a single resolution
mechanism (SRM) to increase objectivity and effectiveness in
resolving weak banks, and pool some of the costs would be credit
positive for sovereigns, Fitch Ratings says. It will reduce the
potential costs to a single sovereign of a bank failure -- but
will not have as great an impact on sovereigns' contingent
liabilities as the proposed minimum bail-in requirement under the
Bank Recovery and Resolution Directive (BRRD).

A single resolution board making objective and balanced decisions
could reduce hesitation in the intervention and resolution of a
bank. A more efficient process may reduce total costs so the
burden can be borne by shareholders and bondholders, followed by
the resolution fund if necessary, limiting costs for the
sovereign.

However, the complexity of European banks means that resolution
is unlikely to be clear cut in practice. For example, where group
resolution involves banking subsidiaries or parents not in the
banking union, the process could be complicated by the
involvement of more national authorities.

A single resolution fund would benefit from pooled resources, so
shortfall risks are lowered compared to smaller national funds
that would have to negotiate borrowing from others if necessary.
This would likely be most beneficial to smaller countries. A
common funding arrangement, pre-financed by the banks, would
lessen the burden on individual sovereigns if a single bank
fails, but funds are unlikely to be sufficient to make much of a
dent in capital or liquidity needs in the case of another
systemic crisis in European banks.

Under the proposals, it would still be possible for an individual
state to decide to support a bank directly, in agreement with the
resolution board, if losses are exceptionally large or resolution
funds insufficient. The resolution fund would then raise
additional contributions to repay public funding where this
cannot be recouped from the failed bank. This would also apply to
the European Stability Mechanism's (ESM) EUR60 billion funds set
aside for bank recapitalization. The SRM is designed to ensure
that the ESM backstop is fiscally neutral in the medium term,
which could be of some benefit to sovereign ratings.

This mutualization of the cost of the bank-financed resolution
fund is likely to be subject to active political debate when the
proposal is discussed by the European Council and Parliament
later this year. Banks in the banking union would need to
contribute over EUR55 billion over time to the fund under this
proposal. Those with riskier profiles and more wholesale funding
would pay more. But there could be substantial changes to the SRM
before it is finalized.

"We view progress towards banking union as positive for investor
confidence in eurozone sovereigns, Europe's banking sector and
the vast majority of banks. The SRM is the second and probably
final pillar of the union now that some form of depositor
preference will be built into the final BRRD. The first pillar,
the single supervisory mechanism (SSM) centred on the ECB, should
enhance consistency and comparability of risk measurement and
reporting," Fitch says.

Final decisions on SSM, SRM and BRRD are scheduled to be reached
by year-end. Increased regulatory certainty could then help
restore investor confidence in banks, although investors are
likely to differentiate more between weak and strong banks, if
proposals mean sovereign support is weakening.

The Commission proposes that the SRM would be directly
responsible for the resolution of all banks in countries
participating in the banking union. This would include the
eurozone and other countries in the EU electing to join the SSM.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                            *********

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

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

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

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


                            *********


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

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

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

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

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

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


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