TCREUR_Public/131217.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, December 17, 2013, Vol. 14, No. 249

                            Headlines

A U S T R I A

HYPO ALPE-ADRIA-BANK: Debt-Write Off May Bring Collateral Damage


A Z E R B A I J A N

BANK OF BAKU: Moody's Raises Long-Term Deposit Ratings to 'B1'
BANK RESPUBLIKA: Moody's Alters Outlook on B2 Ratings to Positive
BANK TECHNIQUE: Moody's Changes Outlook on Caa2 Ratings to Stable


F R A N C E

CROWN EUROPEAN: Moody's Lowers EUR500MM Notes Rating to 'Ba1'
ODO & CIE: Moody's Affirms 'Ba1' Debt & Deposit Ratings
PEUGEOT SA: Capital Hike Unlikely to Lift Rating in Near Term


G E R M A N Y

SAG SOLARSTROM: To Hammer Out Deal with Trustee After Insolvency
TITAN EUROPE 2006-2: Fitch Cuts Rating on Class J Notes to 'Dsf'


G R E E C E

FREESEAS INC: Insurers to Pay US$1.1-Mil. for Hijacked Vessel


H U N G A R Y

NITROGENMUVEK: S&P Puts 'BB-' Corp. Credit Rating on Watch Neg


I R E L A N D

EUROCREDIT CDO: Moody's Affirms 'Ba2' Rating on Class D Notes
OAKHAM RATED: Moody's Cuts Ratings on Three Note Classes to Caa3


I T A L Y

BANCA CARIGE: Moody's Lowers Bonds Rating to 'Ba1'
BANCA SELLA: Moody's Cuts Deposit Ratings to Ba1; Outlook Neg.
UNIPOL GRUPPO: Moody's Affirms Ba2 Sr. Notes Rating; Outlook Neg.


L A T V I A

MORTGAGE & LAND BANK: Moody's Affirms 'E+' BFSR; Outlook Stable


L U X E M B O U R G

ARCELORMITTAL SA: Fitch Affirms BB+ IDR & Unsecured Notes Rating
ORCO PROPERTY: Kingstown Slams CEO Ott, 31% Shareholder Vitek


N E T H E R L A N D S

INVISTA BV: S&P Lowers Corporate Credit Rating to 'BB+'
JUBILEE CDO VIII: Fitch Affirms B- Rating on EUR16MM Cl. E Notes
LEOPARD CLO IV: S&P Lowers Rating on Class E Notes to 'CCC+'
MAGYAR TELECOM: Moody's Upgrades CFR to Caa1; Outlook Negative


P O L A N D

POLIMEX-MOSTOSTAL: Creditors Agree to Delay Interest Payment


P O R T U G A L

CAPE VERDE: S&P Lowers Sovereign Credit Ratings to 'B'


R O M A N I A

OLTCHIM: Romania Government to Again Sell Firm in February 2014


R U S S I A

ASTRAKHAN REGION: Fitch Affirms 'B+' Long-term Currency Ratings
BANK OF MOSCOW: Moody's Raises Deposit & Debt Ratings to 'Ba1'
BPF BANK: Financial Regulator Revokes Banking License
IMONEYBANK: Moody's Affirms 'B3' Long-Term Deposit Ratings
INVESTBANK: Financial Regulator Revokes Banking License

KRASNOYARSK KRAI: S&P Lowers Issuer Credit Rating to 'BB'
LENINGRAD REGION: Fitch Affirms 'BB+' Long-Term Currency Ratings
MDM BANK: Moody's Affirms 'Ba3' Deposit & Unsecured Debt Ratings
RUSSNEFT OJSC: S&P Lowers Corporate Credit Rating to 'B'
SMOLENSK BANK: Financial Regulator Revokes Banking License

STAVROPOL REGION: Fitch Affirms 'BB' Long-Term Currency Ratings


S P A I N

AUTOVIA DE LA MANCHA: Moody's Affirms Caa1 Secured Loan Rating
AUTOVIA DE LOS VINEDOS: Moody's Affirms 'Caa1' Loan Rating
AUTOVIA DEL CAMINO: Moody's Cuts EUR175MM Loan Rating to Ba2
BANCO FINANCIERO: Moody's Withdraws Caa1 Long-Term Issuer Rating
CAJA INGENIEROS: Fitch Hikes Class C Notes Rating From 'BB+sf'

PESCANOVA SA: Board Selects Damm's Non-Binding Restructuring Bid


S W E D E N

OCTAPHARMA NORDIC: Moody's Withdraws 'Ba1' CFR; Outlook Stable


T U R K E Y

YUKSEL INSAAT: Moody's Lowers CFR to 'Caa2'; Outlook Negative


U N I T E D   K I N G D O M

ALBERMARLE & BOND: In Takeover Talks with Better Capital
EDRESSESGLOBAL UK: High Court Winds Up Wedding Dress Company
GALA CORAL: Fitch Revises Outlook to Neg. & Affirms 'B' IDR
GEMINI ECLIPSE 2006-3: Fitch Affirms C Rating on GBP101.8MM Notes
GERALD DAVID: Administrator Sells Some Butchers' Shops

IGLO: Asks Lenders to Relax Covenant Terms
MAGYAR TELECOM: U.S. Judge Recognizes UK Proceedings
PENDRAGON PLC: Moody's Rates GBP175MM Sr. Secured Notes 'B2'
RSA INSURANCE: Faces Questions Over Future & Credit Rating


X X X X X X X X

EUROPE: Agreement Reached on EU Bank Bailouts, Commissioner Says

* Large Companies with Insolvent Balance Sheets


                            *********


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A U S T R I A
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HYPO ALPE-ADRIA-BANK: Debt-Write Off May Bring Collateral Damage
----------------------------------------------------------------
Boris Groendahl at Bloomberg News reports that Austria is keeping
alive Hypo Alpe-Adria-Bank International AG, a bailed-out bank,
with EUR19 billion (US$26 billion) of unsellable assets to avoid
the wrath of bondholders and the risk of an increase in the cost
of borrowing nationwide.

According to Bloomberg, as the European Union drafts rules
demanding creditors share the cost of bank failures, Austria is
resisting any plan to involve holders of some EUR14 billion of
bonds owed by the nationalized bank.

Bloomberg relates that Austrian politicians and central bankers
said insolvency or a voluntary write-off of some of the debt
would risk collateral damage on Austria's sovereign bonds, its
provinces and banks.

"It's tempting to try and make this failure cheaper, but it would
be a shock for the markets," Bloomberg quotes Bernhard Felderer,
president of Austria's Fiscal Council, a body advising the
government on budget policies, as saying.  "You could take
courage and say let's get on with it, but the Austrian government
has never been particularly willing to take risks."

Four years after its rescue of Hypo Alpe, Austria is consumed by
the debate over who should carry the cost of the fallout from the
bank's ill-fated transformation from a provincial lender into a
financier for former Yugoslavia, Bloomberg discloses.  The
bailout so far cost taxpayers EUR4 billion, Bloomberg notes.

The bill, Bloomberg says, is rising by another EUR800 million
after Hypo Alpe got approval for another cash injection on
Friday.  As well as the aid from the government, it has the
unsellable assets that include delinquent Croatian property
loans, and seized loan collateral such as Adriatic hotels,
shopping malls, yachts, cars and industrial equipment, Bloomberg
states.

Hypo Alpe-Adria International AG is a subsidiary of BayernLB.  It
is active in banking and leasing.  In banking, HGAA serves both
corporate and retail customers and offers services ranging from
traditional lending through savings and deposits to complex
investment products and asset management services.



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


BANK OF BAKU: Moody's Raises Long-Term Deposit Ratings to 'B1'
--------------------------------------------------------------
Moody's Investors Service has upgraded OJSC Bank of Baku's long-
term local and foreign-currency deposit ratings to B1 from B2.
Concurrently, Moody's has affirmed the bank's standalone E+ bank
financial strength rating (BFSR), and raised the equivalent
baseline credit assessment (BCA) to b1 from b2. Moody's also
affirmed the bank's Not Prime short-term local and foreign-
currency deposit ratings. All the aforementioned long-term
ratings carry a stable outlook.

The rating upgrade reflects Bank of Baku's track record of strong
financial performance and Moody's expectation that the bank's
standalone credit worthiness will remain robust for the
foreseeable future.

Moody's rating action is primarily based on Bank of Baku's
audited financial statements for 2012 prepared under consolidated
IFRS, as well as the bank's unaudited financial statements for
November 30, 2013, prepared in accordance with the non-
consolidated local GAAP

Ratings Rationale:

According to Moody's, the rating action reflects the bank's (1)
good asset quality, leading to lower credit costs compared with
those of similarly rated peers; and (2) healthy capital buffer,
which, together with a robust pre-provision profitability,
provide the bank with good loss-absorption capacity. However, at
the same time, Moody's says that Bank of Baku's relatively high
appetite for credit risk -- demonstrated by the rapidly growing
retail loan book in recent years -- will be a key constraining
factor for the ratings.

Solid Asset Quality:

Despite rapid lending growth in recent years, Bank of Baku's
asset quality has remained solid and Moody's expects the bank's
asset quality to remain stable over the next 12-18 months given
that the favorable operating environment in Azerbaijan (Baa3
stable) supports credit quality.

Moody's notes that Bank of Baku's overall asset quality remains
superior to that of similarly rated peers, with the level of
loans overdue for more than 90 days at around 3.2% of the gross
loan portfolio, as of June 30, 2013. In addition, the bank
provides sufficient coverage of problem loans, by maintaining
loss loan reserves at around 4.0% of gross loans and its cost of
risk is expected to remain below 2% in 2013 (year-end 2012: 1.5%
and year-end 2011: 0.6%)

Strong Profitability Leads to Ample Internal Capital Generation
Capacity:

The rating action also considers that the bank's focus on high-
margin consumer-lending business has provided it with robust core
profitability.

For end-November 2013, the bank reported net income of AZN48
million (AZN32.3 million for the whole year of 2012), in
accordance with local GAAP, translating into annualized return on
average assets of 9.2% and return on equity of 41.6% .

Moody's expects that Bank of Baku's core profitability will
remain robust over the next 12-18 months, supported by (1) the
recent growth of the loan portfolio (35% expected in 2013) ; (2)
strong margins (around 16% in 2012) and good cost efficiency (the
cost-to-income ratio was around 37% in 2012).

Bank of Baku's capital position benefits from its strong internal
capital generation and Moody's expects that the bank's capital
buffer will be sufficient to absorb expected credit losses under
Moody's central and averse scenario, with a Tier 1 ratio of
12.63% and a Total Capital Adequacy ratio of 19 % reported by the
bank at H1 2013. (11.77% and 21.3 % respectively in 2012)

What Could Move the Rating Up/Down:

Considering that rating action reflects Moody's forward-looking
view of Bank of Baku's performance over the next several years,
any positive rating actions are unlikely over the next 12-18
months. In the longer term, material improvements in the bank's
market franchise as well as maintenance of sound asset quality,
profitability and capitalization may have positive rating
implications for the bank's ratings.

Downward pressure could be exerted on Bank of Baku's ratings as a
result of any material adverse changes in the bank's risk
profile, particularly any significant impairment in the bank's
asset-quality.

Headquartered in Baku, Azerbaijan , Bank of Baku reported total
assets (under non-audited Local GAAP) of AZN649.4 million, total
equity of AZN125.6 million, and net income of AZN48 million as of
November 30, 2013.


BANK RESPUBLIKA: Moody's Alters Outlook on B2 Ratings to Positive
-----------------------------------------------------------------
Moody's Investors Service has changed the outlook on the
Azerbaijan-based Joint Stock Commercal Bank Respublika's B2 long-
term deposit ratings to positive from stable. Moody's has
affirmed the bank's B2 long-term local and foreign currency
deposit ratings, standalone E+ bank financial strength rating
(BFSR), mapping to baseline credit assessment of b2, and Not
Prime short-term bank deposit ratings.

The change of rating outlook to positive reflects the bank's
positive track record of sound financial performance, namely good
asset quality, robust profitability and capitalization.

Moody's rating action is primarily based on Bank Respublika's
audited financial statements for 2012, prepared under
consolidated IFRS, as well as the bank's unaudited financial
statements for October 1, 2013, prepared in accordance with the
local GAAP.

Ratings Rationale:

According to Moody's, the positive outlook reflects (1) the
bank's lower risk appetite compared with peers; and (2) its track
record of sound financial performance, particularly its adequate
asset quality, robust profitability and capitalization.

Bank Respublika focuses on small and medium-sized enterprise
(SME) and retail lending in Azerbaijan, which results in moderate
single-name concentrations. The bank's retail loan book (56% of
total loans) is primarily focused on less risky secured lending,
including car loans, and mortgages, whereas unsecured consumer
loans amount to just 8% of loans as of 1 October 2013, according
to Bank Respublika's management data. Moreover, the bank targets
growth in line with the market average, i.e., not higher than
20%. Moody's considers such a business strategy to be less risky
compared with those of peer retail lenders.

The bank reported a low level of non-performing loans (NPLs;
loans overdue for more than 90 days) at Q3 2013 -- 2.2% of gross
loans (2% under IFRS at year-end 2012), which is lower than
system average of 9%. NPLs are fully covered by loan loss
reserves. Credit costs amounted to low 0.65% of total loans as of
Q3 2013. Although there might be a marginal increase in NPLs,
driven by growth in higher-yielding retail loans, Moody's does
not expect a material deterioration in Bank Respublika's asset
quality, considering the stable operating environment and the
bank's relatively stringent underwriting policy compared with
those of peers.

Bank Respublika's profitability has been on an improving trend
since 2011, supported by higher core revenues related to the
growth of its loan book and low credit costs. The bank's net
interest margin increased to 7.4% at year-end 2012 (6.9% in 2011)
from 4.1% in 2010 on the back of the expansion of higher-yielding
retail loans. Moody's expects Bank Respublika's profitability to
remain adequate within the next 12-18 months, underpinned by a
healthy net interest margin and relatively stable fee and
commission income.

Bank Respublika's capitalization is adequate and sufficient to
absorb the bank's expected credit losses according to Moody's
scenario analysis. Moody's expects the bank to maintain Tier 1
capitalization at 11% and total CAR at 19% as of year-end 2013,
despite a planned dividend payout of 100% of net income. Total
CAR is supported by the bank's issuance of $10 million of
subordinated debt at the end of November 2013, which is, however,
of a lower quality than the Tier 1 capital issuance. Moody's
notes that the bank's further capital position will depend on its
future dividend payouts and asset growth.

What Could Move the Ratings Up/Down:

A possible upgrade of Bank Respublika's ratings would be
contingent on the bank's ability to maintain good capitalization,
healthy asset quality and robust profitability.

Downward pressure could be exerted on Bank Respublika's ratings
by (1) any material adverse changes in the bank's risk profile,
in particular significant deterioration of the bank's asset
quality; (2) a material drop in capitalization as a result of an
aggressive dividend policy and/or rapid loans growth; or (3) a
shortfall in liquidity.

Headquartered in Baku, Azerbaijan, Bank Respublika reported total
assets of AZN437 million (US$557 million), total shareholder's
equity of AZN56 million (US$71 million), and net income of
AZN10.5 million (US$13.4 million) as of October 1, 2013.


BANK TECHNIQUE: Moody's Changes Outlook on Caa2 Ratings to Stable
-----------------------------------------------------------------
Moody's Investors Service has changed the outlook to stable from
developing on Bank Technique OJSC's Caa2 long-term local and
foreign-currency deposit ratings. Concurrently, Moody's affirmed
Bank Technique's standalone E bank financial strength rating
(BFSR) , which is equivalent to a baseline credit assessment
(BCA) of caa3, and the bank's Caa2 long-term and Not Prime short-
term local and foreign-currency deposit ratings.

The outlook change reflects the recent stabilization of Bank
Technique's financial profile. The bank has made progress in
recovering problem loans and restoring its capital base, enabling
it to comply with regulatory capital requirements by year-end
2013.

Moody's rating action is primarily based on Bank Technique's
audited financial statements for H1 2013 prepared under
consolidated IFRS, as well as the bank's unaudited financial
statements for 1 November 2013, prepared in accordance with the
non-consolidated local GAAP

Ratings Rationale:

According to Moody's, the rating action reflects the bank's (1)
still-weak, albeit improved asset quality; (2) restored capital
levels but still-weak loss-absorption capacity because of low
provisioning levels and weak pre-provision profitability; and (3)
stabilized liquidity and funding profile.

Considering the ongoing problem loan workouts, Moody's expects a
gradual improvement in the bank's asset quality, profitability
and capital levels over the next 12-18 months, which is in line
with a stable outlook.

Asset Quality Improved, but the Level of Non-Performing Loans
Remains High:

The rating agency notes that despite the progress the bank has
achieved in recovering problem loans in H2 2012- H1 2013, its
asset-quality remains weak as reflected by a high level of non-
performing loans (NPL's). According to the audited IFRS report,
the absolute amount of NPLs (defined as loans 90+ days overdue)
decreased by almost 50% to around 36% of gross loans in H1 2013
down from 65% in 2012.

Capital Position Improved But Loss Absorption Remains Weak:

Moody's notes an increase in Bank Technique's capital levels over
the past 18 months and expects the bank's Total regulatory
capital level to increase above the regulatory minimum 12% by
year-end 2013 as a result of the recent Tier 2 capital injection.

According to Moody's, the bank's Tier 1capital ratio (Basel 1)
materially improved to 9% in H1 2013 from 1.7% at year-end 2011
as a result of (1) the capital increase; (2) the recovery of loan
loss provisions following the sale of foreclosed collateral; and
(3) a material decrease in risk-weighted assets.

At the same time, the rating agency says that Bank Technique's
loss absorption still remains very weak due to a low level of
loan loss reserves, which account for around 14% of gross loans
providing insufficient coverage of problem loans of around 40% at
H1 2013.

In addition, Bank Technique's pre-provision profitability also
remains weak because a large portion of loan book remains non-
performing and the bank's improvement in bottom line
profitability was largely driven by the reversal of loan loss
provisions in H1 2013.

Liquidity Profile Has Stabilized:

Bank Technique's liquidity profile has stabilized over the past
18 months and the bank has maintained a sufficient level of
liquid assets of around 20% of total assets in January - November
2013. In addition, during H1 2013, Bank Technique managed to
restore its core funding base and reduced its reliance on
interbank funding as customer deposits grew by 19% (after
dropping by 16% in 2012), accounting for 58% of total
liabilities.

Support Considerations:

Bank Technique's Caa2 ratings incorporate a one notch uplift from
its standalone BCA of caa3, reflecting a low probability of
systemic support.

What Could Move the Ratings Up/Down:

Moody's says that any positive upward pressure on Bank
Technique's ratings over the next 12-18 months will be contingent
on its ability to materially improve its loss-absorption capacity
and demonstrate further material reductions of problem loans.

Downward pressure could be exerted on Bank Technique's ratings as
a result of any material adverse changes in the bank's credit-
risk profile, particularly any significant impairment of the
bank's capital position or/and liquidity profile.

Headquartered in Baku, Azerbaijan, Bank Technique reported total
assets (under IFRS) of AZN435 million, total equity of AZN47.6
million, and net income of AZN14.8 million as of June 30, 2013.



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F R A N C E
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CROWN EUROPEAN: Moody's Lowers EUR500MM Notes Rating to 'Ba1'
-------------------------------------------------------------
Moody's Investor Service downgraded to Baa2 from Baa1 the
proposed senior secured credit facilities and senior secured term
loans of Crown Americas LLC, Crown European Holdings S.A., and
Crown Metal Packaging Canada L.P. Additionally, Moody's also
downgraded the EUR500 million 7.125% senior unsecured notes due
8/15/2018 Crown European Holdings S.A. to Ba1 from Baa3 and
affirmed Crown Holdings, Inc.'s Ba1 Corporate Family and Ba1-PD
Probability of Default ratings. The ratings outlook is stable.
The proceeds will be used to refinance the current senior secured
credit facilities due in June 2015 and term loans due in June
2016.

The downgrade of the secured instrument ratings to Baa2 from Baa1
reflects the upsizing of the proposed term loans and consequent
change in the contemplated capital structure.

Moody's took the following rating actions:

Crown Holdings Inc.

   -- Affirmed corporate family rating, Ba1

   -- Affirmed probability of default rating, Ba1-PD

   -- Affirmed speculative grade liquidity rating,
   SGL-2

Crown Americas, LLC

   -- Affirmed $450 million US Revolving Credit Facility due
   June 2015, Baa1 (LGD1, 6%) (to be withdrawn at the close of
   the transaction)

   -- Downgraded $450 million US Revolving Credit Facility
   due December 2018, to Baa2 (LGD 2, 14%) from Baa1 (LGD1, 9%)

   -- Affirmed $550 million senior secured Term Loans due June
   2016 (221 outstanding), Baa1 (LGD1, 6%) (to be withdrawn at
   the close of the transaction)

   -- Downgraded $800 million senior secured Term Loans due
   December 2018, to Baa2 (LGD 2, 14%) from Baa1 (LGD1, 9%)

   -- Downgraded the upsized $362 million senior secured Farm
   Credit Term Loans due December 2019, Baa2 (LGD 2, 14%)

   -- Affirmed $700 million senior unsecured notes due February
   2021, Ba2 (LGD5, 71% from LGD4, 66%)

   -- Affirmed $1,000 million senior unsecured notes due
   January 2023, Ba2 (LGD5, 71% from LGD4, 66%)

Crown Cork & Seal Company, Inc.

   -- Affirmed $63.5 million senior unsecured notes due
   December 2096, Ba3 (LGD 6, 97%)

   -- Affirmed $350 million senior unsecured notes due December
   2026, Ba3 (LGD 6, 97%)

Crown European Holdings S.A.

   -- Affirmed $700 million European revolving credit facility
   due June 2015, Baa1 (LGD1, 6%) (to be withdrawn at the close
   of the transaction)

   -- Downgraded $700 million European revolving credit facility
   due December 2018, Baa2 (LGD 2, 14%) from Baa1 (LGD1, 9%)

   -- Affirmed EUR274 million senior secured Term Loan A due June
   2016 (110 outstanding), Baa1 (LGD1, 6%) (to be withdrawn at
   the close of the transaction)

   -- Downgraded the upsized EUR700 million senior secured Term
   Loan A due December 2018, Baa2 (LGD 2, 14%)from Baa1
   (LGD1, 9%)

   -- Downgraded EUR500 million 7.125% senior unsecured notes
   due August 2018 to Ba1 (LGD 3, 38%) from Baa3 (LGD 2, 28%)

Crown Metal Packaging Canada L.P.

   -- Affirmed $50 million Canadian revolving credit facility
   due June 2015, Baa1 (LGD1, 6%) (to be withdrawn at the close
   of the transaction)

   -- Downgraded $50 million Canadian revolving credit facility
   due December 2018, to Baa2 (LGD 2, 14%) from Baa1 (LGD1, 9%)

The ratings are predicated upon the transaction closing as
projected and the achievement of the forecasted level of debt
reduction over the rating horizon. Additionally, the ratings are
sensitive to any changes in the amount of outstanding unsecured
debt.

The ratings are subject to the receipt and review of the final
documentation.

Ratings Rationale:

The affirmation of the Ba1 corporate family rating reflects
Crown's strong pro forma free cash generation and commitment to
dedicate a sufficient portion of it to debt reduction over the
intermediate term to improve pro forma credit metrics to a level
commensurate with the rating category. The affirmation also
reflects the benefits of the Mivisa acquisition including
projected synergies of US$34 million by 2016, the benefits of
Mivisa's newer facilities and operating model and Crown's strong
liquidity. Pro forma leverage rises to 5.3 times as of
September 30, 2013, but declines to approximately 4.8 times by
year-end as Crown's peak working capital season winds down and
the company pays down debt with its strong free cash flow.

The stable outlook reflects an expectation that Crown will
dedicate sufficient free cash flow to debt reduction to improve
credit metrics to a level commensurate with the rating category
over the intermediate term.

The ratings could be downgraded if Crown fails to improve credit
metrics over the intermediate term, there is a deterioration in
the cushion under existing financial covenants, and/or a
deterioration in the competitive or operating environment.
Additionally, a significant acquisition or change in the asbestos
liability could also trigger a downgrade. Specifically, the
rating could be downgraded if the EBIT interest coverage remained
below 3.7 times, leverage remained above 3.8 times and free cash
flow to debt remained below 8.5%.

The ratings could be upgraded if Crown commits to maintaining
financial policies and a capital structure that are consistent
with an investment grade rating and achieves a sustainable
improvement in credit metrics within the context of a stable
operating and competitive environment. Specifically, the ratings
could be upgraded if leverage declined to below 3.0 times, EBIT
interest coverage improves to over 4.0 times, the EBIT margin
remains in the double digits, and free cash flow to total debt
improves to over 10%.


ODO & CIE: Moody's Affirms 'Ba1' Debt & Deposit Ratings
-------------------------------------------------------
Moody's Investors Service has affirmed Oddo & Cie's long-term
debt and deposit ratings at Ba1 and standalone bank financial
strength rating (BFSR) of D+, equivalent to a baseline credit
assessment of ba1. Moody's has also affirmed the subordinated
debt rating at Ba2. The outlook is stable and the short-term
rating was also affirmed at Not-prime.

The affirmations reflect Moody's assessment of (1) the bank's
established but niche franchises that have high sensitivity to
both customer confidence, and market activities and volatility;
(2) its volatile income base and relatively low efficiency; and
(3) "key man risk" arising from the structural concentration of
decision power to a single managing partner. Strong liquidity and
high capital levels are the main factors that support the bank's
ratings.

Following this rating action, Moody's will withdraw the ratings
of Oddo & Cie for its own business reasons.

Ratings Rationale:

Oddo's BFSR of D+/ba1 reflects its established and diversified
niche franchises, notably: asset management, private banking,
securities services, fixed-income and metals trading, corporate
finance, and equity research and trading. However, Moody's
considers that Oddo's franchises are, to varying degrees,
sensitive to the confidence of their customers, mainly comprising
corporates, institutions and high-net-worth individuals.
Moreover, Oddo's income is subject to some volatility in the
asset-management business and investment bank activities.

Despite improved net profit in 2012 and H1 2013, the market-
sensitive nature of both the investment banking and asset
management and services activities makes Oddo & Cie's recurring
profitability subject to significant volatility. Furthermore
Oddo's profitability has often been boosted by one-off profits as
recently evidenced with the capital gain generated by the sale in
2013 of its stake in the joint venture with La Banque Postale.
Lastly, the bank's rather rigid cost structure makes its
efficiency relatively low, despite recent improvements.

Despite measures aimed at strengthening Oddo's corporate
governance mechanisms, Moody's takes into account the "key man
risk" arising from the critical role that the sole managing
partner plays in the bank's decision making process. At the same
time, Moody's believes that the bank's ownership structure
results in a degree of discipline on the group's natural risk-
taking activities. The management and employees hold significant
equity, whilst the managing partner has unlimited liability.

Mitigating factors include (1) strong liquidity, based on very
limited maturity transformation and substantial reserves of
liquid assets to cover the bank's wholesale liabilities; and (2)
high capital resources resulting in a comfortable Tier 1 ratio
and adequate leverage, commensurate with the bank's overall risk
profile.

The stable outlooks on all the ratings reflect Moody's
incorporation into the bank's current ratings of the expected
pressures from the difficult business environment and the effects
these pressures will have on the bank's standalone credit
profile.

Ratings Withdrawal:

Subsequent to this rating action, Moody's will withdraw the
ratings of Oddo & Cie for its own business reasons.


PEUGEOT SA: Capital Hike Unlikely to Lift Rating in Near Term
-------------------------------------------------------------
Peugeot SA's widely reported plan to raise more fresh capital
would be unlikely to result in an upgrade of the company's credit
rating, or a revision of the rating's Negative Outlook, in the
short term, Fitch Ratings says. Issuing new shares and changing
the shareholder structure would reduce net debt and leverage, but
would not address the key challenges of weak profitability and
negative free cash flow from industrial operations.

PSA's 'B+'/Negative IDR reflects its high debt, which weighs on
key credit metrics. It is also driven by poor underlying
profitability and weak funds from operations (FFO), which led to
FFO-adjusted leverage of 6.7x and FFO-adjusted net leverage of
3.6x at end-2012. Fitch expects these ratios to rise to more than
7x (gross) and 4x (net) at end-2013.

The plan to raise EUR3 billion-EUR4 billion, reported by the
press to be from China's Dongfeng Motors and the French state,
would have an immediate positive impact on net debt and liquidity
and would reduce leverage metrics by between 1.4x and 1.8x pro
forma. It would also enable the group to maintain investment
without impairing its net indebtedness. But it will do little to
solve fundamental challenges on revenue growth and cost
structure, including capacity utilization, raw materials and
currency movements. The capital increase of more than EUR1bn
undertaken in 2012 has been absorbed rapidly and did little to
curb cash burn and the deterioration in key credit metrics.

Separately, this morning the group announced impairment charges
on assets from its automotive division in Russia and Latin
America from weak sales in the region and unfavorable currency
movements. These charges will be booked in 2013 and will have no
cash impact, but further underline the challenges and adverse
conditions the group faces.

PSA also revised down the benefit it expects to generate from its
alliance with General Motors, to US$600 million from US$1
billion. However, the group confirmed that it was studying
further industrial and commercial projects with various partners.
Fitch believes this is likely to include projects with Dongfeng,
as reported in the press for some time.



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


SAG SOLARSTROM: To Hammer Out Deal with Trustee After Insolvency
----------------------------------------------------------------
Shane Strowmatt at The Wall Street Journal reports that S.A.G.
Solarstrom AG has filed for insolvency, making it the latest in a
string of photovoltaic companies to buckle under intense
international competition.

Delayed cash inflows left the company in a liquidity squeeze,
S.A.G. Solarstrom said Friday, and talks with banks, financial
services providers and other creditors have been unable to secure
the liquidity needed to guarantee the timely payment of
liabilities, the Journal relates.

"Altogether, a sum of over EUR20 million (US$27.5 million) is
lacking.  It has not been possible for us to cover this
significant liquidity shortfall, despite all our efforts," the
Journal quotes Chief Executive Karl Kuhlmann as saying.

During the next three months, S.A.G. Solarstrom plans to hammer
out a deal with a provisional trustee and the provisional
creditors' committee on a restructuring, the Journal discloses.
SolarWorld warded off a threat of insolvency in August by
striking a debt write-off deal with creditors and shareholders,
the Journal recounts.  In that deal, shareholders' stake in the
company was reduced to 5%, while creditors were appeased with new
shares totaling a 95% stake, the Journal notes.

S.A.G. Solarstrom's liquidity shortfall came after several
payments to the company were delayed for various reasons, the
Journal relays.  In Germany, payments to S.A.G. Solarstrom were
affected by the insolvencies of a module supplier and several
service providers, the Journal states.  The cash inflow expected
from the sale of an Italian system portfolio has been delayed due
to a legal dispute with a network operator, the Journal says.
The repayment of a loan to an Italian project company will likely
be delayed until the end of the first quarter of 2014 at the
earliest, also for legal reasons, according to the Journal.

The company stressed that although it is insolvent, it isn't
over-indebted in accounting terms and operations are intact, the
Journal states.

In 2012, S.A.G. Solarstrom reported sales of EUR188.6 million and
the company swung to an after-tax profit of EUR1.11 billion from
a loss the year before, the Journal relates.

The insolvency will affect the interest payment on a corporate
bond due Dec. 16, which won't be made, the Journal says.

Founded in 1998, SAG Solarstrom is a German company that builds
and operates solar power plants.


TITAN EUROPE 2006-2: Fitch Cuts Rating on Class J Notes to 'Dsf'
----------------------------------------------------------------
Fitch Ratings has upgraded Titan Europe 2006-2 plc's class A, B,
C, D, E and F CMBS notes due 2016. It has also downgraded two
other tranches and affirmed another tranche as follows:

  EUR30.9m Class A (XS0254356990) upgraded to'BBBsf' from
  'BBB-sf'; Outlook Negative

  EUR61.7m Class B (XS0254357378) upgraded to'BBBsf' from 'Bsf';
  Outlook Negative

  EUR44.1m Class C (XS0254357881) upgraded to'BBsf' from 'CCCsf';
  Outlook Stable

  EUR23.1m Class D (XS0254357964) upgraded to'Bsf' from 'CCCsf';
  Outlook Stable

  EUR57.5m Class E (XS0254358004) upgraded to'Bsf' from 'CCsf';
  Outlook Stable

  EUR37.4m Class F (XS0254358699) upgraded to 'CCCsf' from
  'CCsf'; Recovery Estimate RE80%

  EUR29.3m Class G (XS0254648263) affirmed at 'CCsf'; RE0%

  EUR24.3m Class H (XS0254647612) downgraded to 'Dsf' from
  'CCsf'; RE0%

  EUR0m Class J (XS0254653180) downgraded to 'Dsf' from 'CCsf';
  RE0%

Key Rating Drivers:

Workouts Completed

The upgrades are driven by higher-than-expected recoveries from
the sales of the Petrus and Velvet portfolios and by an upward
revision of recovery prospects on the defaulted Margaux loan. The
downgrades of the junior class notes are the result of losses
being realised from the Velvet loan workout.

Over the last 12 months, EUR342.7 million of class A has been
repaid, with proceeds from the full repayment of the EUR208
million Petrus loan, a EUR9 million repayment of the EUR271.3
million Margaux loan and recoveries of EUR127.2 million on the
EUR142.6 million Velvet loan. This significant sequential
principal repayment has increased credit enhancement for all
tranches except for class H and J which have been hit by realised
losses.

Workouts before Bond Maturity

The senior ratings are constrained by the upcoming bond maturity
in January 2016. Should the sales process for the Margaux
portfolio not be completed before six months to bond maturity,
the senior notes would lose their investment-grade ratings due to
the application of rating caps. This risk is reflected in the
Negative Outlook on class A and B notes despite Fitch's
expectations that the notes will be redeemed in a 'BBBsf' stress.

Despite a vacancy rate of approximately 20% and a concentration
in East German federal states, the multifamily housing portfolio
underlying the Margaux loan has already attracted a number of
non-binding bids. Fitch expects the sale to be completed within
the remaining two years of the transaction, given the successful
sale of the cross-defaulted Petrus loan and strong overall
investor interest in the multifamily housing sub-sector.

In addition to receiving EUR9 million of paydown from the sale of
assets underlying the Petrus loan, the Margaux loan may also
benefit from a further paydown of EUR5 million retained for
potential claims from the Petrus buyer. This, along with a EUR0.6
million liquidity reserve, could be allocated to partially pay
down the Margaux loan, if not needed in connection with the
Petrus loan. Default interest on the loan is being deferred until
redemption, making surplus funds available for collateral
improvements to assist the sale. Unpaid default interest ranks
senior to principal repayment.

In contrast, the EUR46.5 million Labrador loan has a history of
limited borrower reporting. A recently appointed asset manager is
working with the special servicer to rectify this and to
formulate an exit strategy for the loan. With the looming bond
maturity and no sales process commenced yet, Fitch has given more
limited credit to recoveries from the Labrador loan by January
2016.

Interest on the Labrador loan is not being received, which has
triggered liquidity facility drawings totalling EUR3.2 million to
date.

Rating Sensitivities:

Updated information on the progress of the sale of the properties
backing the Margaux loan, and depending on timing and target
price, may result in negative or positive rating action. Any
significant delays would likely result in a downgrade of the
senior notes while binding bids received in excess of Fitch's
expectations would likely result in upgrades of the mezzanine
notes.



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G R E E C E
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FREESEAS INC: Insurers to Pay US$1.1-Mil. for Hijacked Vessel
-------------------------------------------------------------
FreeSeas Inc. has entered into terms with the insurers of M/V
Free Goddess pursuant to which the sum of US$1,100,000 will be
paid by the insurers to the Company.  The amount of US$700,000
has already been disbursed in favor of the Company pursuant to
the terms agreed.

The M/V Free Goddess had been hijacked by pirates in February
2012 and under repairs at her port of refuge since her release in
October 2012.

As a result of the repairs, progress, and the funding received,
the vessel is now expected to shortly return to service.

                         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.  As of Sept. 30, 2013, the Company had $107.35
million in total assets, US$106.63 million in total liabilities,
all current, and US$711,000 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
=============


NITROGENMUVEK: S&P Puts 'BB-' Corp. Credit Rating on Watch Neg
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it placed its 'BB-'
long-term corporate credit rating on Hungarian fertilizer
producer Nitrogenmuvek Zrt. on CreditWatch with negative
implications.

The CreditWatch placement reflects S&P's view that
Nitrogenmuvek's fertilizer production and margins could be much
weaker in 2013 than S&P previously forecast.  This is due to the
combined effect of a production decline, delayed deliveries,
lower fertilizer selling prices than S&P forecasts, and increased
operational costs.

S&P understands that the production decline was caused by a
production shutdown at Nitrogenmuvek's main plant, and that some
maintenance works took longer than S&P previously assumed.
However, S&P needs to establish the magnitude of the production
decline and whether it is temporary or could persist, especially
because the company's assets are concentrated in one plant.
Additionally, fertilizer prices are not as strong as S&P
previously anticipated, despite no significant capacity additions
and Nitrogenmuvek's dominance in its domestic market.  In S&P's
view, this could indicate a shift in market conditions.

"We are therefore revising downward our base-case forecasts for
Nitrogenmuvek for 2013, as well as for 2014-2015, in light of the
company's significant operational underperformance and its
reduced ability to maintain high margins.  Before lowering our
forecasts, we aim to obtain more information from management on
the reasons for the company's sustained costs despite a
production decline, and on whether production can return to near-
full capacity in a sustainable manner.  We also intend to
ascertain whether the company is committed to maintain credit
metrics commensurate with the current rating and at least
positive free operating cash flow," S&P said.

"The CreditWatch placement reflects the possibility of a
downgrade of one notch if Nitrogenmuvek's credit metrics weaken
materially, or a downgrade of multiple notches if liquidity
weakens substantially.  We will establish the magnitude of the
effect of declining production and margins on our base case by
reviewing the company's orders and management's budget and plans
in early 2014. Important considerations in the revision of our
forecasts are the company's plans and flexibility for capex and
dividend payments. We aim to resolve the CreditWatch placement in
no more than 90 days," S&P added.

S&P could downgrade Nitrogenmuvek by one or more notches
depending on its assessment of liquidity, support from lenders,
and the severity and significance of the company's
underperformance.

S&P could remove the existing 'BB-' rating from CreditWatch and
affirm it if it thinks that Nitrogenmuvek is able and committed
to maintain credit metrics in line with the existing rating, if
S&P foresees that the company's operational performance will be
resilient in the next couple of years, and if the company can
maintain at least "adequate" liquidity.



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


EUROCREDIT CDO: Moody's Affirms 'Ba2' Rating on Class D Notes
-------------------------------------------------------------
Moody's Investors Service has taken rating actions on the
following notes issued by Eurocredit CDO VIII Limited:

  EUR47,700,000 Class B Senior Secured Deferrable Floating Rate
  Notes due 2020, Upgraded to Aa1 (sf); previously on Nov 14,
  2013 Aa2 (sf) Placed Under Review for Possible Upgrade

  EUR432,300,000 (current balance EUR190,867,648.22) Class A
  Senior Secured Floating Rate Notes due 2020, Affirmed Aaa (sf);
  previously on Sep 29, 2011 Upgraded to Aaa (sf)

  EUR42,000,000 Class C Senior Secured Deferrable Floating Rate
  Notes due 2020, Affirmed Baa1 (sf); previously on Sep 29, 2011
  Upgraded to Baa1 (sf)

  EUR29,000,000 Class D Senior Secured Deferrable Floating Rate
  Notes due 2020, Affirmed Ba2 (sf); previously on Sep 29, 2011
  Upgraded to Ba2 (sf)

  EUR24,500,000 (current balance EUR15,606,792.67) Class E Senior
  Secured Deferrable Floating Rate Notes due 2020, Affirmed B1
  (sf); previously on Sep 29, 2011 Upgraded to B1 (sf)

Eurocredit CDO VIII Limited, issued in December 2007, is a multi
currency Collateralised Loan Obligation ("CLO") backed by a
portfolio of mostly high yield senior secured European loans
managed by Intermediate Capital Managers Limited. This
transaction ended its reinvestment period in January 2011.

Ratings Rationale:

According to Moody's, the upgrade of the Class B notes is
primarily a result of the continued amortization of the portfolio
and subsequent increase in the collateralization ratios. Moody's
notes that as of October 2013, the Class A notes have paid down
by approximately EUR93.4 million (33%) in the past twelve months.
As a result of this deleveraging, the overcollateralization
ratios (or "OC ratios") of the senior notes have increased
significantly since October 2012. As per the trustee report dated
October 31, 2013, the Class A, Class B, Class C, Class D, and
Class E OC ratios are reported at 179.81%, 143.86%, 122.33%,
110.87%, and 105.55% respectively, versus October 2012 levels of
153.26%, 131.24%, 116.50%, 108.12% and 102.89%. Reported WARF has
marginally increased from 3010 to 3178 between these dates, while
the diversity score has reduced from 36 to 29, and exposure to
Caa assets has reduced from EUR67.9 million (15.21%) to
EUR42.11 million (12.06%) during the same period.

Moody's also notes that the portfolio includes a small number of
investments in securities that mature after the maturity date of
the notes. Based on the October 2013 trustee report, such
securities currently total EUR 10.8 million (3.4%) of reported
performing par.

Moody's notes that the key model inputs used in its analysis,
such as par, weighted average rating factor, diversity score, and
weighted average recovery rate, are based on its published
methodology and may be different from the trustee's reported
numbers. In its base case, Moody's analyzed the underlying
collateral pool to have a (a) an EUR pool with performing par and
principal proceeds balance of EUR161.1 million, and defaulted par
of EUR23.3 million and (b) a GBP pool with performing par and
principal proceeds balance of GBP59.1 million, and defaulted par
of GBP0.02 million , a weighted average rating factor of 3781
(corresponding to a default probability of 23.85% over 3.34
years), a weighted average recovery rate upon default of 46.46%
for a Aaa liability target rating, a diversity score of 26 and a
weighted average spread of 3.82%. The GBP assets are fully hedged
with a macro swap which was also modelled.

As part of the base case, Moody's has addressed the exposure to
obligors domiciled in countries with local currency country risk
bond ceilings (LCCs) of A1 and below. Given the portfolio is
exposed to 8.15% obligors located in Spain, whose LCC is A3,
4.80% in Italy, whose LCC is A2, and 1.74% in Ireland, whose LCC
is A3, the model was run with different par amounts depending on
the target rating of each class of notes as further described in
the Section 4.2.11 and Appendix 14 of the methodology. The
portfolio haircuts are a function of the exposure size to
peripheral countries and the target ratings of the rated notes
and amount to 2.00% for the Class A notes, 1.25% for the Class B
notes, and 0% for the Classes C, D and E notes.

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 89.89%% of the portfolio exposed to senior
secured corporate assets would recover 50% upon default, and
10.11% of 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.

Factors that would lead to an upgrade or downgrade of the rating:

In addition to the base case analysis described above, Moody's
also performed sensitivity analyses on key parameters for the
rated notes, which includes deteriorating credit quality of
portfolio to address the refinancing risk Approximately 11.7% of
the portfolio consists of European corporate rated B3 and below
and maturing between 2013 and 2015, which may create challenges
for issuers to refinance. Moody's considered a model run where
the base case WARF was increased to 3908 by forcing ratings on
25% of such exposure to Ca. This run generated model outputs that
were within one notch of 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, especially as 14.7% of the
portfolio is exposed to obligors located in Ireland, Italy and
Spain, and 2) the large concentration of lowly rated debt
maturing between 2013 and 2015 which may create challenges for
issuers to refinance. CLO notes' performance may also be impacted
either positively or negatively by 1) the manager's investment
strategy and behavior and 2) divergence in legal interpretation
of CDO documentation by different transactional parties due to
embedded ambiguities, and (3) additional expected loss associated
with hedging arrangements in this transaction which may also
impact the ratings negatively.

Sources of additional performance uncertainties are described
below:

1) Portfolio amortization: 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-extend restructurings. Fast amortization
would usually benefit the ratings of the senior notes but may
negatively impact the mezzanine and junior notes.

2) Moody's also notes that around 49% 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) Recoveries on 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.

4) Long-dated assets: The presence of assets that mature beyond
the CLO's legal maturity date exposes the deal to liquidation
risk on those assets. Moody's assumes that at transaction
maturity such an asset has a liquidation value dependent on the
nature of the asset as well as the extent to which the asset's
maturity lags that of the liabilities. Realisation of higher than
expected liquidation values would positively impact the ratings
of the notes.

In addition to the quantitative factors that are explicitly
modelled, 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.


OAKHAM RATED: Moody's Cuts Ratings on Three Note Classes to Caa3
----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of the
following notes issued by Oakham Rated S.A.:

Issuer: Oakham Rated S.A. Series 3

  Series 3 NOK451,000,000 Secured Limited Recourse Fixed Rate
  Credit-Linked Notes due 2016 (Series 3), Downgraded to Caa3
  (sf); previously on Nov 21, 2013 Caa1 (sf) Placed Under Review
  for Possible Downgrade

  Series V EUR33,791,000 Secured Limited Recourse Floating Rate
  Credit-Linked Notes, Downgraded to Caa3 (sf); previously on
  Nov 21, 2013 Caa2 (sf) Placed Under Review for Possible
  Downgrade

  Series VI EUR16,045,000 Secured Limited Recourse Floating Rate
  Credit-Linked Notes, Downgraded to Caa3 (sf); previously on
  Nov 21, 2013 Caa2 (sf) Placed Under Review for Possible
  Downgrade

  Series VII EUR5,824,000 Secured Limited Recourse Floating Rate
  Credit-Linked Notes, Downgraded to Caa1 (sf); previously on
  Nov 21, 2013 B2 (sf) Placed Under Review for Possible Downgrade

  Series VIII TWD1610M Series 8 Notes, Downgraded to Caa1 (sf);
  previously on Nov 21, 2013 B3 (sf) Placed Under Review for
  Possible Downgrade

These transactions are collateralized debt obligations (the
"Collateralized Synthetic Obligation" or "CSO") initially
referencing an identical corporate portfolio managed by M&G
Investment Management Limited ("M&G"). Series V, VI , VII and
VIII are still actively managed byM&G Investment Management
Limited ("M&G") and they are referencing the same portfolio of
153 synthetic credit corporate exposures. Series 3 is referencing
a portfolio managed by JPMorgan Chase Bank, NA, the CDS
counterparty, which includes 142 synthetic credit corporate
exposures.

Ratings Rationale:

Actions reflect key changes to the modelling assumptions, which
incorporate (1) removal of the 30% macro default probability
stress for corporate credits (2) lowering the average recovery
rate assumptions for most types of debt (3) modifying the
modelling framework for corporate asset correlations (4)
introducing an adverse selection adjustment on default
probabilities where relevant, and (5) simplifying the cheapest-
to-deliver haircut that applies to recoveries.

Moody's notes that the ratings of these transactions are
extremely sensitive to the updated modelling assumptions which
penalise highly concentrated portfolios and take into account
Market Implied Ratings (MIRs). Both portfolios have significant
concentrations in the Banking and FIRE Sector (Finance, Insurance
and Real Estate) that exceed 45% of the total exposure. On
average, the MIRs for entities belonging to these two sectors are
one notch lower than Moody's public ratings.

Series 3 has 2.9% credit enhancement and is referencing a
portfolio with a 1.3% aggregate exposure to four corporates which
are rated Caa3 and Ca. Series V, VI, VII and VIII have credit
enhancement of 2.5%, 2.5%, 3.9% and 3.6% respectively and are
referencing a portfolio with a 5.6% aggregate exposure to
corporate entities rated B1 and below. All the series have a
remaining life of three years.

Factors that would lead to an upgrade or downgrade of the rating:

Moody's notes that these transaction are subject to a high level
of uncertainties, the primary sources of which are (1) unexpected
volatility in the credit environment and the macroeconomy, (2)
divergence in legal interpretation of documentation by different
transactional parties due to embedded ambiguities, and (3)
unexpected changes in portfolio composition as a result of
certain transaction parties actions.

For CSOs, the credit default swaps' performance may be affected
either positively or negatively by (1) variations over time in
default rates for instruments with a given rating, (2) variations
in recovery rates for instruments with particular
seniority/security characteristics, and (3) uncertainty about the
default and recovery correlations characteristics of the
reference pool. Given the tranched nature of CSO liabilities,
rating transitions in the reference pool may have leveraged
rating implications for the ratings of the CSO liabilities, thus
leading to a high degree of rating volatility. All else being
equal, the volatility is likely to be higher for more junior or
thinner liabilities.

In addition to the base case analysis described above, Moody's
also performed sensitivity analyses, discussed in the scenario
below. Results are given in terms of the number of notches'
difference versus the base case, where higher notches correspond
to lower expected losses, and vice-versa:

Reference entities with insufficient credit information are
generally modeled with a rating in the Caa range. Moody' s
performs a sensitivity analysis by replacing the rating of these
entities with the average portfolio rating, resulting in model
outputs which are consistent with rating actions.

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, and the portfolio manager's track record.
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.



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


BANCA CARIGE: Moody's Lowers Bonds Rating to 'Ba1'
--------------------------------------------------
Moody's Investors Service has downgraded to Ba1 (on review for
downgrade) from Baa1 (on review for downgrade) the ratings of the
residential mortgage covered bonds issued by Banca Carige S.p.A.
(deposits B3 negative, standalone bank financial strength rating
E/baseline credit assessment caa2 negative). At the same time,
Moody's has kept on review for downgrade the Baa2 ratings of
Banca Carige's commercial mortgage covered bonds.

These rating actions follow Moody's decision to downgrade the
issuer rating of Banca Carige S.p.A. to B3 from B2.

Ratings Rationale:

Rating action on the residential mortgage covered bonds was
prompted by the downgrade of the issuer's rating on
December 11, 2013.

For Banca Carige's residential mortgage covered bond program,
Moody's has downgraded the covered bond ratings to Ba1 and kept
those ratings on review for downgrade.

For the commercial mortgage covered bond program, Moody's has
decided to continue the review of the ratings pending additional
information from the issuer. Banca Carige is currently
considering making various structural changes to the commercial
mortgage program with the aim of mitigating refinancing risk. In
the course of Moody's review, the rating agency will consider any
proposed changes to the program and assess the resulting impact
on the rating and TPI.

The TPIs assigned to Banca Carige's residential and commercial
mortgage programs remain "Improbable". Moody's TPI framework may
constrain the final rating of both of Banca Carige's covered bond
programs following the review of the covered bond ratings.

The ratings that Moody's has assigned addresses the expected loss
posed to investors. Moody's ratings address only the credit risks
associated with the transaction. Moody's did not address other
non-credit risks, but these may have a significant effect on
yield to investors.

Key Rating Assumptions/Factors:

Moody's determines covered bond ratings using a two-step process:
an expected loss analysis and a TPI framework analysis.

EXPECTED LOSS: Moody's uses its Covered Bond Model (COBOL) to
determine a rating based on the expected loss on the bond. COBOL
determines expected loss as (1) a function of the issuer's
probability of default (measured by the issuer's rating); and (2)
the stressed losses on the cover pool assets following issuer
default.

The cover pool losses are an estimate of the losses Moody's
currently models if the relevant issuer defaults. Moody's splits
cover pool losses between market risk and collateral risk. Market
risk measures losses stemming from refinancing risk and risks
related to interest-rate and currency mismatches (these losses
may also include certain legal risks). Collateral risk measures
losses resulting directly from the cover pool assets' credit
quality. Moody's derives collateral risk from the collateral
score.

   --- Residential Mortgage Covered Bonds

The cover pool losses are 28.1%, with market risk of 22.7% and
collateral risk of 5.4%. The collateral score for this program is
currently 8.1%. The over-collateralization (OC) in this cover
pool is 149.2%, of which Banca Carige provides 22% on a
"committed" basis. Once the rating review concludes, Moody's will
reassess the level of OC that is consistent with the maximum
rating achievable.

  --- Commercial Mortgage Covered Bonds

The cover pool losses are 46.0%, with market risk of 22.6% and
collateral risk of 23.4%. The collateral score for this program
is currently 34.9%. The OC in this cover pool is 54.3%, of which
Banca Carige provides 10.5% on a "committed" basis. Once the
rating review concludes, Moody's will reassess the level of OC
that is consistent with the maximum rating achievable.

For further details on cover pool losses, collateral risk, market
risk, collateral score and TPI Leeway across covered bond
programs rated by Moody's please refer to "Moody's EMEA Covered
Bonds Monitoring Overview", published quarterly. All numbers in
this section are based on the most recent Performance Overview.

TPI FRAMEWORK: Moody's assigns a "timely payment indicator"
(TPI), which indicates the likelihood that the issuer will make
timely payments to covered bondholders if the issuer defaults.
The TPI framework limits the covered bond rating to a certain
number of notches above the issuer's rating.

Factors that Would Lead to an Upgrade or Downgrade of the Rating:

The issuer's credit strength is the main determinant of a covered
bond rating's robustness. The TPI Leeway measures the number of
notches by which Moody's might downgrade the issuer's rating
before the rating agency downgrades the covered bonds because of
TPI framework constraints.

The TPI assigned to Banca Carige's residential and commercial
covered bonds remains Improbable. The TPI Leeway for both
programs is limited, and thus any downgrade of the issuer ratings
may lead to a downgrade of the covered bonds.

A multiple-notch downgrade of the covered bonds might occur in
certain limited circumstances, such as (1) a sovereign downgrade
negatively affecting both the issuer's senior unsecured rating
and the TPI; (2) a multiple-notch downgrade of the issuer; or (3)
a material reduction of the value of the cover pool.


BANCA SELLA: Moody's Cuts Deposit Ratings to Ba1; Outlook Neg.
--------------------------------------------------------------
Moody's has downgraded Banca Sella Holding deposit ratings to
Ba1/Not-Prime from Baa3/Prime-3, and lowered the bank's
standalone baseline credit assessment (BCA) to ba2 from ba1.

Moody's says that rating action reflects Banca Sella's weakening
financial fundamentals; despite a relative stronger performance
than many of its Italian peers, the persistence of a weak
operating environment in Italy continues to put pressure on the
bank's asset quality, profitability and in turn its
capitalization levels.

The outlook on all ratings is negative, reflecting the ongoing
pressure on asset quality and profitability, stemming from the
still weak economic environment.

Action concludes the review initiated on September 24, 2013.

Ratings Rationale:

Moody's says the main driver of the one-notch lowering of Banca
Sella's standalone BCA is the bank's deteriorating asset quality,
in a context of weak profitability and low capital levels
providing only a limited cushion against the risks of a further
loan portfolio deterioration.

In June 2013 Banca Sella's problem loans accounted for 10.5% of
gross loans, up 100 basis points from December 2012 (9.5%) and
280 basis points since December 2011 (7.7%).

Despite this increase, Moody's positively notes that since 2009
Banca Sella's problem loans have been lower than the system
average, which was 11.3% as of June 2013.

The deterioration in asset quality has impacted the bank's
profitability; cost of risk increased from 54 basis points in
2008 to 150 basis points in June 2013 (annualized). Moody's noted
however that Banca Sella's results on financial instruments,
coupled with some reduction in operating costs, mostly
compensated the increased loan loss charges. Overall, Moody's
notes that Banca Sella's profitability remains low, with net
profit below 0.3% of the bank's risk-weighted assets (RWA) in the
last five years.

In the context of the ongoing recessionary environment and weak
recurring profitability, Moody's said that it considers Banca
Sella's capital to be modest. After selling some branches and the
first tranche of a small capital increase, Banca Sella's core
tier 1 reached 8.2% in June 2013, up 40 basis points from the
7.8% reported at December 2012. This compares with a system
average of 10.7% at 2012 year-end, which however includes banks
that benefit from internal advanced models for RWA calculation.
At the same time, Moody's notes that Banca Sella is also more
leveraged than the system, with total assets representing almost
21 times the bank's tier 1 capital; this compares with a 18 times
aggregate for the system in December 2012 (see note 4 at the end
of this report).

Moody's said the lower BCA prompted the one-notch downgrade of
the long-term deposit rating to Ba1 from Baa3. Banca Sella's
deposit rating benefits from a one-notch uplift from the
standalone BCA, reflecting a moderate probability of
extraordinary systemic (government) support; this assessment
mostly derives from the high market share Banca Sella has in the
national payment systems.

All ratings have a negative outlook, in line with most Italian
banks and with the Italian sovereign. This reflects the
possibility that downward pressure from the continuing weak
operating environment could result in a lowering of the
standalone BCA, which would in turn affect the bank's deposit
ratings.

What Could Move the Ratings Up/Down:

As indicated by the negative outlook on all ratings, an upgrade
is unlikely in the short- to medium-term. Upward pressure on the
standalone BCA could derive from a sustainable increase in the
Tier 1 ratio above 10%, together with stronger recurring
profitability in 2013 and 2014 that would absorb the cost of risk
and be a significant contribution to capital generation, together
with a stabilization of asset quality. A raising of the
standalone BCA could result in an upgrade of Banca Sella's long-
term deposit rating.

A lowering of the standalone BCA could be triggered by unexpected
losses in 2013, or by a material deterioration of asset quality.
A lowering of the standalone BCA would result in a downgrade of
Banca Sella's long-term deposit rating.

List of Affected Ratings:

   -- Deposit ratings, downgraded to Ba1 with negative outlook /
   NP from Baa3/P-3 on review for downgrade

   -- Senior unsecured MTN, downgraded to (P)Ba1 with
   negative outlook from (P)Baa3 on review for downgrade

   -- Subordinate, downgraded to Ba3 with negative outlook from
   Ba2 on review for downgrade

   -- Subordinate MTN, downgraded to (P)Ba3 with negative
   outlook from (P)Ba2 on review for downgrade

   -- Tier III debt MTN, downgraded to (P)Ba3 with negative
   outlook from Ba2 on review for downgrade

   -- Standalone Bank Financial Strength Rating, downgraded to D
   with negative outlook from D+ on review for downgrade

   -- Standalone baseline credit assessment, lowered to ba2
   with negative outlook from ba1 on review for downgrade

(note 1) Unless noted otherwise, data in this report are sourced
         from company's reports or Moody's Financial Metrics.

(note 2) Problem loans include: non-performing loans
         (sofferenze), watchlist (incagli), restructured
         (ristrutturati) and past due loans (scaduti). Moody's
         adjusts these numbers and only incorporates 30% of
         watchlist category as an estimate of those over 90 days
         overdue.

(note 3) Source of aggregate problem loans for the system: Bank
         of Italy annual reports and financial stability reports.

(note 4) Source of aggregate capital ratios for the system: Bank
         of Italy annual report 2012, published in May 2013.


UNIPOL GRUPPO: Moody's Affirms Ba2 Sr. Notes Rating; Outlook Neg.
-----------------------------------------------------------------
Moody's Investors Service affirmed the Ba2 senior rating of
Unipol Gruppo Finanziario S.p.A., the holding company of the
group, and the Baa2 insurance financial strength rating (IFSR) of
Unipol Assicurazioni SpA, one of the main insurance operating
companies in the group. At the same time Moody's maintained the
negative outlook on these ratings.

Ratings Rationale:

The affirmation of the ratings reflects Unipol Group's very
strong business profile and strong insurance profitability which
is partly offset by the group's investment risk and execution
risk related to the merger with Fondiaria Sai SpA (unrated).

Unipol Group is the clear market leader in the Italian P&C market
(27% market share in 2012), well ahead of the second (19%) and
third (11%) market players; furthermore the insurer has a low
operating risk profile due to its mainly retail focus. Moody's
expects this strong P&C market position to translate into
substantial pricing power with its customers in the medium term.
The profitability of the insurance business is strong as the
group reported insurance profit of over EUR700 million in the
first nine months of 2013 and a P&C combined ratio of 92% (gross
of reinsurance). The overall group result for the period (EUR363
million) was however affected by the weak performance of the
banking operation, following EUR245 million of impairments before
tax and additional loan provisions in Unipol Gruppo Finanziario
of EUR100 million before tax in the first nine months of 2013. In
the near-term Moody's expect the group's overall profitability to
continue to be affected by extraordinary charges mostly related
to (i) the review of the banking loan portfolio to be completed
by YE2013 and (ii) the integration costs of the insurance
operations.

These strengths are partly offset by the asset risks arising from
the group's concentration in Italian sovereign bonds and elevated
exposure to real estate sector. Moody's estimates that Italian
government bonds, which back Italian liabilities, represented
around 60% of the group's total investment portfolio (around 4.2x
group's capital) as at 3Q13, and almost all of the group's
premiums are sourced in Italy. In addition, other investment risk
includes the elevated exposure to property (estimated at 10% of
total investments as at 3Q13), although the company is
streamlining this portfolio with the view of reducing its
exposure in the next few years. The group also holds a EUR6.6
billion portfolio of structured products, which is in the process
of being reduced through sales.

Moody's views the execution and legal risk of the merger with
Fondiaria Sai as medium, following the approval of the merger by
the Italian insurance regulator in July 2013, given the complex
operational nature of the merger. The transaction involves the
integration of three large insurers with their respective
distribution channels and will demand considerable management
time and effort in securing operational efficiency.

Moody's views the group's consolidated capitalization as adequate
and in line with Moody's expectations for a Baa-rated company. At
the end of 3Q13, the capital coverage of Unipol Group was 1.7x.
The available capital improved to EUR3.1 billion compared to
EUR2.6 billion at year-end 2012 thanks to an increase in
unrealised gains on investments and the positive retained
earnings in the first nine months of 2013. With respect to
financial flexibility, Moody's views the group's financial
leverage as good at 31% at year-end 2012. However, Moody's
expects earnings coverage to remain somewhat subdued in the short
term as a result of the weak bank profitability and extraordinary
integration costs.

Outlook:

The negative outlook mirrors the negative outlook on Italy's Baa2
government bond rating and reflects the uncertainties around the
economic and financial environment in Italy. The outlook also
reflects the challenges arising from the execution risk of
integrating multiple large insurance operations, as well as the
risk of further impairments related to the review of the bank's
loan portfolio.

What Could Move the Rating of Unipol Assicurazioni and UGF
Up/Down:

At present, there is limited upwards pressure on the ratings
given the negative outlook.

Downwards rating pressure could develop following any further
significant asset impairments and costs associated to the
integration, including legal and compensatory expenses. Any
significant loss of market share would also exacerbate negative
rating pressures, whilst any further downgrade of Italy's
government bond rating would also likely lead to a downgrade of
Unipol's ratings, due to various credit linkages between the two.

The following ratings were affirmed with a negative outlook:

  Unipol Assicurazioni S.p.A. -- insurance financial strength
  rating: Baa2

  Unipol Assicurazioni S.p.A. -- subordinated debt rating:
  Ba1(hyb)

  Unipol Gruppo Finanziario SpA -- senior rating: Ba2

  Unipol Gruppo Finanziario SpA -- senior MTN rating: (P) Ba2

  Unipol Gruppo Finanziario SpA -- long term issuer rating: Ba2



===========
L A T V I A
===========


MORTGAGE & LAND BANK: Moody's Affirms 'E+' BFSR; Outlook Stable
---------------------------------------------------------------
Moody's Investors Service has affirmed the Baa3 and Prime-3
long- and short-term local and foreign currency deposit ratings
of Mortgage and Land Bank of Latvia. The E+ bank financial
strength rating (BFSR) was also affirmed, which translates to a
baseline credit assessment (BCA) of b2. The outlook on all
ratings is stable.

Moody's Investors Service will withdraw all ratings of Mortgage
and Land Bank of Latvia for business reasons.

At the time of withdrawal, Mortgage and Land Bank of Latvia's
ratings are as follows:

-- Bank financial strength rating of E+ with a stable outlook

-- Long-term local and foreign currency deposit ratings of Baa3
    with a stable outlook

-- Short-term local and foreign currency deposit ratings of
    Prime-3

Mortgage and Land Bank of Latvia had no outstanding debt rated by
Moody's at the time of the withdrawal.

Ratings Rationale:

Moody's will withdraw the ratings for its own business reasons.

Rating action reflects the change in Mortgage and Land Bank of
Latvia's business over the past two years including the sale of
the bank's commercial business. The sale was a condition imposed
by the EC of the State capital support provided to the bank in
2009.

Following the sale, Mortgage and Land Bank is now exclusively a
development bank. Moody's believes this will have a negative
impact on factors such as asset quality, profitability and market
funding reliance (the bank's deposits were included in the sale
process). However, the ratings agency says that the b2 current
standalone rating already reflects these risks and is supported
by the current high capital level (Tier 1 ratio at end-September
2013 was 24.9%).

The change to a pure development bank also supports the 5 current
notches of systemic support as the bank now has a more explicit
policy role.

Headquartered in Riga, Latvia, Mortgage and Land Bank of Latvia
reported total consolidated assets of around LVL227 million
(EUR323 million) at the end of September 2013.



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


ARCELORMITTAL SA: Fitch Affirms BB+ IDR & Unsecured Notes Rating
----------------------------------------------------------------
Fitch Ratings has affirmed Luxembourg-based ArcelorMittal S.A's
(AM) Long-term Issuer Default Rating (IDR) and senior unsecured
rating at 'BB+', and Short-term IDR at 'B'. The Outlook on the
Long-term IDR is Stable. AM's US$2.25 billion mandatorily
convertible notes (MCN) and US$650 million subordinated perpetual
capital securities have been affirmed at 'BB-'.

The affirmations and Stable Outlook reflect Fitch view that steel
market conditions have bottomed this year and should show a
modest improvement in 2014 and beyond. Nevertheless AM's current
credit metrics are weak for a 'BB+' rating, with Fitch expecting
a 2013 EBIT margin of around 2% and funds from operations (FFO)
gross leverage in excess of 4.0x. Profitability and leverage
metrics remaining at these levels throughout 2014 would likely
result in negative rating action.

Fitch believes that AM will continue to focus on rationalizing
costs in order to reduce absolute debt levels and gradually
improve both leverage and profit metrics. While this process
carries a certain degree of execution risk, Fitch considers that
AM has a track record of delivering on promises in this regard.

Key Rating Drivers:

Deleveraging Targets
AM is expected to achieve net debt in the region of its US$17
billion deleveraging target in FYE13. This equates to around
US$20 billion on a Fitch-adjusted basis, including Fitch
treatment of AM's MCN and subordinated perpetual capital
securities as 100% debt and 50% equity, respectively.

Debt reduction to date has come from a variety of non-operational
means including equity and MCN issue (US$4.0 billion), the US$1.1
billion sale of a 15% stake in ArcelorMittal Mines Canada, and
the sale of stakes in Erdemir in 3Q13 and Enovos International SA
in 2012 for a total US$0.5 billion cash proceeds. AM is targeting
a further net debt reduction down to US$15 billion in the medium
term, which will be funded primarily from incremental operating
cash generated by the cost-rationalization program and improving
steel market conditions.

Western European Steel Market
For 2014, Fitch expects steel markets generally to show a modest
improvement with steel consumption rising by 2%-3%. This reflects
improving confidence but also a modest pick-up in demand from key
steel consuming sectors, such as automotive and construction.
This should allow a limited increase in steel prices in the
coming year given that inventory levels at service centers and
with end-users remain low.

Increasing Mining Output
Fitch expects AM to continue to expand its high margin mining
operations, notably through investments in iron ore in Liberia
and Canada. Despite the high margin nature of the company's
mining business, Fitch expects the effect on group profitability
that could be derived from expansion to be offset by the forecast
gradual decline in market prices for iron ore. However, Fitch
recognizes that the effort to increase vertical integration will
improve the company's operating stability by improving its self-
sufficiency and diversifying its cash generation.

Significant Scale and Diversification
The ratings reflect AM's position as the world's largest steel
producer. AM is also the world's most diversified steel producer
in terms of product mix and geography, and benefits from a solid
and increasing level of vertical integration into iron ore.

Mid-Point Cost Position
Fitch estimates that AM has an average cost position (higher
second quartile) overall, varying across the key regions in which
it operates. The cost positions of individual plants
significantly differ, with those in Europe generally operating at
higher costs. The company has embarked on a management gain
initiative targeting on cutting US$3 billion of costs by the end
of 2015, US$800 million of which has been achieved to date.

Rating Sensitivities:

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

   -- FFO gross leverage below 2.25x
   -- Recovery in EBIT margins to above 6%

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

   -- FFO gross leverage sustained above 3.0x by the end of 2015
   -- Persistently negative free cash flow


ORCO PROPERTY: Kingstown Slams CEO Ott, 31% Shareholder Vitek
-------------------------------------------------------------
Kingstown Capital Management, owner of 14 million shares or 12.5%
of the ordinary share capital of Orco Property Group, sent an
open letter to Orco's shareholders, saying, "We at Kingstown
believe that Jean-Francois Ott, Orco's CEO and Chairman, and
Radovan Vitek, who controls Czech Property Investments and 31% of
Orco's shares through various legal entities, are working
together to their mutual benefit but to the disadvantage of other
shareholders."

"We believe that OPG is the victim of their campaign to: (1)
allow Mr. Vitek to exercise control over OPG with only a minority
share position, (2) enable Mr. Vitek to strip assets out of OPG,
and (3) drive down the price of OPG to allow Mr. Vitek to
purchase the remainder of OPG at a bargain price at a later
date."

Kingstown's letter points of examples of activity supporting
those suspicions.  A full-text copy of the open letter is
available at http://is.gd/R3gpTX

                     About Orco Property Group

Orco Property Group SA -- http://www.orcogroup.com/-- is a
Luxembourg-based real estate company, specializing in the
development, rental and management of properties in Central and
Eastern Europe.  Through its fully consolidated subsidiaries,
Orco Property Group SA operates in several countries, including
the Czech Republic, Slovakia, Germany, Hungary, Poland, Croatia
and Russia.  The Company rents and manages real estate and hotels
properties composed of office buildings, apartments with
services, luxury hotels and hotel residences; it also develops
real estate projects as promoter.

                        Going Concern Doubt

As reported by the Troubled Company Reporter-Europe on April 15,
2013, Bloomberg News related that Deloitte commented on its audit
of Orco Property Group's 2012 financial statements.  According to
Bloomberg, Deloitte cited "existence of material uncertainties
that may cast significant doubt on the Group's ability to
continue as a going concern."



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


INVISTA BV: S&P Lowers Corporate Credit Rating to 'BB+'
-------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on INVISTA B.V. to 'BB+' from 'BBB-'.  At the same time,
S&P affirmed its 'BBB' rating (two notches above the corporate
credit rating) on subsidiary INVISTA S.a.r.l.'s senior secured
debt.  S&P assigned a '1' recovery rating to this debt,
indicating its expectation for very high (90% to 100%) recovery
in the event of a payment default.  S&P removed all ratings from
CreditWatch, where they were placed with negative implications on
Nov. 26, 2013.  The outlook is stable.

"Our corporate credit rating on INVISTA incorporates a one-notch
uplift from its 'bb' stand-alone credit profile [SACP], resulting
in a one-notch downgrade," said Standard & Poor's credit analyst
Cynthia Werneth.  Previously, S&P had enhanced INVISTA's SACP by
two notches in determining the corporate credit rating.  S&P's
assessment is that INVISTA is "moderately strategic" to the
corporate group to which it belongs.  This group consists of its
parent, Koch Industries Inc., and various Koch Industries
affiliates ("Koch").

S&P's view of INVISTA as "moderately strategic" to Koch is based
on its view that INVISTA is:

   -- Unlikely to be sold in the near term.

   -- Reasonably successful at what it does, but is significantly

      less profitable and cash-generative than most of Koch's
      other businesses.

   -- Likely to receive support from Koch should it fall into
      financial difficulty.

Koch has provided substantial support to INVISTA in the past,
including about $2.6 billion of equity and other payments between
2008 and 2011.  In addition, an affiliate currently provides an
INVISTA entity with a subordinated revolving credit facility
under terms similar to those included in the entity's senior
secured bank group revolving credit facility.  However, Koch
makes no explicit promise of future support.

Koch is among the world's largest privately held corporate
groups. S&P's 'aa-' group credit profile on Koch reflects its
high degree of diversity, with well-performing businesses across
a number of industries, principally oil refining, forest
products, chemicals, fertilizers, pipelines, glass, and
electronic connectors.  It also reflects Koch's very conservative
financial policies, with the group overall having minimal
financial leverage and exceptional liquidity.

S&P's 'bb' stand-alone credit profile on INVISTA reflects what it
considers to be its "weak" business risk profile and
"intermediate" financial risk profile as defined in its criteria.

Positive factors in S&P's business risk assessment include
INVISTA's leading market positions in key product categories,
rising emerging market demand for its products, increasing nylon
content in autos (both under the hood and in airbags), the
company's growing presence in engineering polymers markets,
greater demand for high-performance branded apparel fibers, and
its recent sharper focus on new product development.  In
addition, the company benefits from global manufacturing and
marketing.

S&P's key expectations regarding INVISTA's financial risk profile
are:

   -- Operations are capital intensive, and working capital is
      frequently a meaningful use of cash.

   -- Capital spending will ramp up during the next few years,
      likely causing free operating cash flow to be negative,
      particularly if INVISTA builds a large-scale nylon plant in
      China.

   -- Most cash flow/leverage measures are currently modest as
      defined in S&P's criteria, but will deteriorate in coming
      years if INVISTA's ambitious capital expansion program is
      debt-financed.

   -- S&P adjusts debt to include sizable postretirement and
      other obligations.

Given industry cyclicality and raw material cost volatility, S&P
expects earnings and cash flow to continue to fluctuate.  But
because of extensive restructuring and the disposal of the less-
profitable PET business since the last industry downturn, S&P do
not expect the company's results to return to past cyclical lows.
S&P considers an average FFO to debt ratio of 30% to 45%
appropriate for the ratings.  This compares with actual FFO to
debt of 58% as of Sept. 30, 2013.

In view of industry cyclicality, expected earnings and cash flow
generation, and a potential increase in debt to fund capital
expenditures, S&P regards an upgrade as unlikely during the next
year.  However, if the company's capital spending, or debt-
financing associated with it, is significantly lower than S&P
expects, it could assess the financial risk profile more
favorably, resulting in a modest upgrade.  S&P could also raise
the ratings if INVISTA receives material equity from Koch to
finance these expenditures, causing S&P to reassess the financial
risk profile and INVISTA's strategic importance to Koch.  Longer
term, successful capital expansion or new product introductions
could enhance the business or financial risk profile, prompting
S&P to raise the ratings.

S&P could lower the ratings if a severe economic downturn or very
poor industry conditions cause free operating cash flow to be
significantly negative for an extended period, without any
offsetting cash inflows, stressing cash flow/leverage measures
more than S&P expects or significantly eroding liquidity.  While
there is some capacity at the existing ratings for an increase in
debt, S&P could lower the ratings if additions to debt for
capital expansion, for example, are so significant that FFO to
debt appears likely to drop and remain below 20%.  Although
unlikely given S&P's current assessment of INVISTA's relationship
to its corporate group, a downgrade could also occur if S&P no
longer viewed INVISTA as having any strategic importance to Koch.


JUBILEE CDO VIII: Fitch Affirms B- Rating on EUR16MM Cl. E Notes
----------------------------------------------------------------
Fitch Ratings has affirmed Jubilee CDO VIII B.V.'s notes, as
follows:

  EUR234.2m Class A-1 (ISIN XS0331559640): affirmed at 'AAAsf';
  Outlook Stable

  EUR24m Class A-2 (ISIN XS0331560572): affirmed at 'AAAsf';
  Outlook Stable

  EUR42m Class B (ISIN XS0331560655): affirmed at 'Asf'; Outlook
  Negative

  EUR20m Class C (ISIN XS0331560903): affirmed at 'BBBsf';
  Outlook Negative

  EUR18m Class D (ISIN XS0331561208): affirmed at 'BBsf'; Outlook
  Negative

  EUR16m Class E (ISIN XS0331561463): affirmed at 'B-sf'; Outlook
  Negative

Jubilee CDO VIII B.V. is a securitization of mainly European
senior secured loans, senior unsecured loans, second-lien loans,
mezzanine obligations and high-yield bonds. At closing a total
note issuance of EUR400m was used to invest in a target portfolio
of EUR388m. The portfolio is actively managed by Alcentra Ltd.

Key Rating Drivers:

The affirmations reflect the transaction's stable performance
since the last surveillance review in January 2013. The reported
Fitch weighted-average rating factor (WARF) is stable at 30.51,
compared with 30.11 at the last review. This is higher than the
maximum WARF test threshold of 28. Assets rated 'CCC' or below
have increased to 12.8% of the portfolio, from 10.5% in January
2013. The transaction experienced one default since the last
review. The defaulted asset was subsequently sold by the asset
manager at a price of 79.1% of par.

The weighted average life (WAL) of the portfolio has increased to
4.6 years from 4.0 years at the last review as a result of both
maturity extensions on existing collateral and acquisitions of
new assets. The weighted average spread (WAS) continues to rise,
driven by amend and extend activity. The WAS has increased to
4.43% currently from 3.83% January 2013. Fitch considers this
neutral to the ratings as the extension of the risk horizon is
compensated by increased portfolio yield.

The overcollateralization (OC) tests have continued to be met
since the last review. However, OC test cushions have been
falling due to the rising share of assets rated 'CCC' or below in
the portfolio. All interest coverage (IC) tests have been passed
with significant cushions. The IC tests have never been breached.

Fitch expects that the transaction will begin to deleverage in
2014 as the reinvestment period is scheduled to end in January
2014. After this date, reinvestment of unscheduled principal
proceeds and sale proceeds from credit-improved or credit-
impaired assets is only permitted if (among other conditions) the
WARF test is being met.

The Negative Outlook on the mezzanine and junior notes reflects
their vulnerability to a clustering of defaults and negative
rating migration in the European leveraged loan market as
leveraged loans approach a refinancing wall.

The transaction uses a macro currency swap to hedge sterling
exposure. The hedge is not perfect and residual currency risk is
borne by the structure. When a sterling asset defaults, the
sterling recovery proceeds might be insufficient to reduce the
swap balance to the performing sterling collateral balance and
the manager will have to obtain sterling in the spot market.
Also, while awaiting recovery proceeds, the structure continues
to make payments on the sterling leg of the macro currency swap,
even though the defaulted asset no longer generates sterling
interest. This currency mismatch is partially mitigated through
the use of currency options. The remaining exchange rate exposure
is absorbed by the structure.

The macro currency swap is scheduled to expire in January 2019.
As of November 2013 the portfolio contained sterling assets
totalling GBP14.5 million which mature after the expiration of
the macro currency swap. This increases the sensitivity of the
transaction to currency risk in the tail end of its life.

Rating Sensitivities:

A 25% increase in the expected obligor default probability would
lead to a downgrade of zero to five notches for the rated notes.

A 25% reduction in the expected recovery rates would lead to a
downgrade of zero to four notches for the rated notes.


LEOPARD CLO IV: S&P Lowers Rating on Class E Notes to 'CCC+'
------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in Leopard CLO IV B.V.

Specifically, S&P has:

   -- Raised its ratings on the class A, B, C1, C2, and R-Combo
      notes;

   -- Lowered its ratings on the class E and Z-Combo notes; and

   -- Affirmed its rating on the class D notes.

The rating actions follow S&P's assessment of the transaction's
performance using data from the Oct. 31, 2013 trustee report and
the application of its relevant criteria.

S&P conducted its cash flow analysis to determine the break-even
default rate (BDR) for each class of notes at each rating level.
In S&P's analysis, it used the reported portfolio balance that
S&P considers to be performing (EUR233,217,285), the current
weighted-average spread (3.75%), and the weighted-average
recovery rates that S&P considered to be appropriate.  S&P
incorporated various cash flow stress scenarios using alternative
default patterns and levels, in conjunction with different
interest stress scenarios.

The class A notes have deleveraged further since S&P's previous
review on Jan. 13, 2012.  The notional balance now stands at
about 53% of their initial amounts.  The amortization of this
senior class of notes has increased the available credit
enhancement for all of the rated classes of notes.  The weighted-
average spread and weighted-average recovery rates have
increased.  These factors have in turn increased the BDRs at each
rating level.

Since S&P's previous review, the portfolio's overall credit
quality has remained stable and the transaction's weighted-
average life has decreased.  As a result, the scenario default
rates have decreased at each rating level.

Of the portfolio's assets, 14.5% are non-euro-denominated.  To
mitigate the risk of foreign exchange-related losses, the issuer
has entered into cross-currency swap agreements with Credit
Suisse International and JPMorgan Chase Bank, N.A.  In applying
S&P's current counterparty criteria, it has assumed that the
transaction does not benefit from these cross-currency swaps by
stressing the cash flows received at rating levels higher than
'A+'.

S&P concluded that in these stressed scenarios, the class A and B
notes can achieve higher ratings.  S&P has therefore raised its
ratings on these classes of notes.

The results of S&P's credit and cash flow analysis indicate that
the class C1 and C2 notes' available credit enhancement is now
commensurate with higher ratings.  S&P has therefore raised its
ratings on the class C1 and C2 notes.

The reduced aggregate collateral balance has increased obligor
concentration, and the application of the largest obligor test
now constrains S&P's ratings on the class D and E notes.  This is
a supplemental stress test that S&P introduced in its 2009
corporate collateralized debt obligations (CDOs) criteria.  S&P
has affirmed its 'BB+ (sf)' rating on the class D notes because
the largest obligor test constrains its rating on this class at
the currently assigned rating level.  The largest obligor test
constrains S&P's rating on the class E notes at three notches
below the currently assigned rating.  S&P has therefore lowered
to 'CCC+ (sf)' from 'B+ (sf)' its rating on the class E notes.

S&P's rating on the class R-Combo notes addresses ultimate
payment of interest and principal.  The current outstanding
balance for this class is 71% of the original balance, which is a
result of the timely payment of interest on its components.  S&P
has subsequently raised its rating on the class R-combo notes
because the results of its credit and cash flow analysis indicate
that the notes now pass at a higher rating.

"Our rating on the class Z-Combo notes addresses the cash flows
from the notes' component parts that are equivalent to the
initial principal amount.  The class Z-Combo notes comprise a
subordinated component and a zero-coupon bond issued by The Royal
Bank of Scotland PLC.  The rating assigned to this class of
combination notes does not address any residual interest.  We
assume that all of the cash flows toward the class Z-Combo notes,
on each payment date, reduce the balance of these notes, rather
than a portion reported to pay interest.  In our opinion, the
likelihood of this class being repaid at its initial principal
amount is therefore linked to the rating on the zero-coupon bond
issued by The Royal Bank of Scotland PLC--which is currently
rated 'A-'.  We have therefore lowered to 'A-p (sf)' from 'Ap
(sf)' our rating on the class Z-Combo notes," S&P said.

Leopard IV is a cash flow collateralized loan obligation (CLO)
transaction, backed primarily by leveraged loans granted to
speculative-grade corporate firms.  The transaction closed in May
2006 and it reached the end of its reinvestment period in
February 2012.  M&G Investment Management Ltd. is the
transaction's manager.

RATINGS LIST

Class       Rating            Rating
            To                From

Leopard CLO IV B.V.
EUR419.475 Million Floating- And Fixed-Rate Notes

Ratings Raised

A           AAA (sf)         AA- (sf)
B           AA+ (sf)         A+ (sf)
C1          A+ (sf)          BBB+ (sf)
C2          A+ (sf)          BBB+ (sf)
R-Combo     A+ (sf)          BBB (sf)

Rating Affirmed

D           BB+ (sf)

Rating Lowered

E           CCC+ (sf)        B+ (sf)
Z-Combo     A-p (sf)         Ap (sf)


MAGYAR TELECOM: Moody's Upgrades CFR to Caa1; Outlook Negative
--------------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating
("CFR") and probability of default rating ("PDR") of Magyar
Telecom B.V. to Caa1 and Caa1-PD from Ca and Ca-PD respectively.
Concurrently, Moody's assigned a provisional (P)Caa1 rating to
Invitel's EUR150 million new senior secured notes due 2018. The
outlook on the ratings is negative.

The upgrade reflects Invitel's improved leverage and liquidity
profile following the expected completion of the company's debt
restructuring. Following this transaction, the company's
outstanding debt will reduce to around EUR150 million from
EUR350 million leading to Moody's adjusted leverage expectations
of around 3.3x by year end 2013 compared to 4.9x at year end
2012.

Ratings Rationale:

The Caa1 CFR reflects (1) Invitel's continued negative operating
performance, with revenues and reported EBITDA declining in the
first nine months of 2013 by 7% and 29%, respectively, year-on-
year; (2) the weak macroeconomic environment in Hungary, where
uncertain GDP growth and volatile unemployment rate continue to
pressure consumer spending;(3) the historically interventionist
and unpredictable policy-making environment, as demonstrated by
the various taxes imposed by the government at short notice in
the past few years.

Invitel's Caa1 CFR is supported by the company's (1) position as
the second-largest fixed-line telecommunications service provider
in Hungary; (2) the company's improved adjusted leverage of 3.3x
post transaction; and (3) the improved liquidity profile of
Invitel which is adequate over the coming months as the
restructuring greatly reduces cash interest requirements --
Moody's however notes that cash burn in the longer term could
erode the company's liquidity.

As part of the restructuring, the company's EUR350 million senior
secured notes due 2016 will be exchanged for new 2018 senior
secured notes totalling EUR150 million and 49% of the post
restructuring equity in the group. The new notes will bear a
total interest of 9%, at least 2% of which will be paid in kind
("PIK") with the option of a larger proportion paid in kind
should the company's cash balance (post interest payment) drop to
below EUR10 million.

In the first nine months of 2013, Invitel's total revenue
declined by 7% year-on-year to ERU119 million and the company
adjusted EBITDA declined by 29% year-on-year to EUR36.9 million.
This is mainly due to the decreasing customer base and ARPU in
residential Voice and the wholesale voice and data service. In
Moody's view, there is still limited visibility with regards to
the evolution of the markets in which Invitel operates. The
stabilization of Invitel's top line is largely depending on the
company's ability to generate sufficient growth in internet and
TV service in a highly competitive market to compensate the
structural decline of fixed-voice revenue. This is also relying
on economic recovery in Hungary, the timing of which remains
highly uncertain.

Invitel's liquidity profile remains weak as the company does not
benefit from a revolving credit facility and is expected to
generate negative free cash flow (FCF) on the back of ongoing
structural decline in fixed voice and pricing competition from
cable operators on broadband and TV products. However, Moody's
notes that, post restructuring, the company's annual cash
interest requirements will decrease to EUR11 million from EUR33
and that Invitel's capex plans are prudent as the company focuses
on local upgrades to its existing network rather than more costly
network roll-outs. While the interest and capex savings alleviate
imminent liquidity concerns, in the long term, Invitel's
liquidity profile will continue to weaken until the company
returns to EBITDA growth and positive free cash flow.

The negative outlook reflects the ongoing negative FCF generated
by the company along with the ongoing macro economic pressures
compounding Invitel's declining performance. Downward pressure on
the ratings could result from continued pressure on operating
performance, leading to (i) Moody's adjusted Gross Debt/EBITDA
rising sustainably above 4.0x; (ii) deteriorating free cash flow
generation leading to heightened liquidity concerns; (iii)
material underperformance compared to the newly published
business plan of the company.

Upward rating pressure is unlikely until there is a visible and
sustained recovery in Invitel's revenue and EBITDA growth. In
addition, Moody's would also expect Invitel's liquidity position
to materially improve before considering a ratings upgrade.



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


POLIMEX-MOSTOSTAL: Creditors Agree to Delay Interest Payment
------------------------------------------------------------
Pawel Kozlowski at Bloomberg News reports that Polimex said in a
regulatory statement, creditors agreed to delay payment of
interest on Polimex loans and bonds until Jan. 31.

As reported by the Troubled Company Reporter-Europe on July 2,
2013, Bloomberg News related that Polimex failed to pay interest
on its debt by the June 28 deadline.  The company signed in
December 2012 a deal with creditors allowing it to restructure
outstanding debt and raise new capital, Bloomberg disclosed.

Polimex-Mostostal is a Polish engineering and construction
company that has been on the market since 1945.  The Company is
distinguished by a wide range of services provided on general
contractorship basis for the chemical as well as refinery and
petrochemical industries, power engineering, environmental
protection, industrial and general construction.  The Company
also operates in the field of road and railway construction as
well as municipal infrastructure.  Polimex-Mostostal is a large
manufacturer and exporter of steel products, including platform
gratings, in Poland.



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


CAPE VERDE: S&P Lowers Sovereign Credit Ratings to 'B'
------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term foreign
and local currency sovereign credit ratings on Cape Verde to 'B'
from 'B+'.  At the same time, S&P affirmed its short-term ratings
at 'B'.  The outlook is stable.

Rationale

Cape Verde's fiscal and external deficits are now worse than S&P
had previously anticipated.  These slippages -- against a
backdrop of high levels of external and government debt -- have
led S&P to lower the long-term ratings.

The general government deficit was 7.3% of GDP in 2013 and S&P
expects it to remain at about that level in 2014.  This follows
fiscal deficits that averaged 8.6% over 2009-2012.  The proposed
2014 budget includes a package of measures directed at poverty
reduction and continued heavy public investment.

An ambitious capital spending program on transport infrastructure
and the energy and water sectors is underway, and aims to improve
infrastructure and to develop fisheries and transhipment
services. This is to diversify the economy away from its
dependence on tourism.

The capital program is also directed at taking advantage of a
closing window for concessional donor funding associated with
Cape Verde's transition to middle-income status.  S&P calculates
that Cape Verde's government debt (net of liquid assets and the
borrowings of the Titulos Consolidados de Mobilizacao Financeira
[TCMF or trust fund]) will continue to rise sharply to peak at
94% of GDP in 2015 (when its capital improvements program is
scheduled to be completed) from 46% in 2008.  S&P estimates that
the borrowings of the TCMF may add a further 7% to the debt
burden.  S&P considers this level of indebtedness to be high for
a middle-income country, although S&P projects that its average
maturity in 2015 will be 24 years and its average interest rate
will be 1%.

S&P projects that Cape Verde's government debt burden will
decrease only gradually over the medium term as the benefits from
economic diversification bear fruit in terms of less variation in
output and better fiscal results.  S&P expects the government to
continue its efforts to improve tax collection and to tighten its
budget when economic conditions improve.

Cape Verde's external position is vulnerable, with a current
account deficit of 10% expected in 2014 (after averaging 14% over
2009-2012).  The country relies on imported goods (foodstuffs,
industrial products, transport equipment, and fuels).  This
reliance, combined with investment-related capital goods, has
contributed to its high current account deficits.  S&P expects
the deficits to decline only modestly to under 6% by 2016,
assuming the infrastructure projects are completed on time.  S&P
anticipates that Cape Verde's net external borrowing requirement
will be met by FDI and official funding.

S&P views continued political stability and financial and
technical assistance from donors as a ratings strength.  Sound
growth prospects, based on tourism and improving domestic demand,
also aid Cape Verde's credit quality.  Cape Verde has released
rebased national income accounts to 2011, which enables S&P to
make a clearer assessment of its economic prospects.

S&P estimates annual real GDP per capita growth to have been 1.7%
in 2012, with no growth in 2013 (2.5% and 1.5% in real GDP terms,
respectively).  S&P forecasts average annual real GDP per capita
growth of 3.2% over 2014-2016 (4.7% in real GDP terms).  This
follows an estimated 10-year average of 2.4% to 2013.

S&P expects tourism will continue to benefit from Cape Verde's
relative beauty and tranquility compared with competing
destinations.  Rising exports of shoes, garments, fish, and hides
will also likely support Cape Verde's modest recovery,
particularly as transport, water, and energy infrastructure gaps
are closed.  However, there are considerable downside risks to
this outlook given the shallow recovery path of Cape Verde's
major trading partners in Europe.

The performance of several government-related entities --
particularly the national airline TACV and the energy and water
company, Electra -- remains weak.  They represent moderate
contingent liabilities for the government.  S&P notes, however,
that Cape Verde's financial sector appears sound, supported by
adequate capitalization and liquidity, and with limited reliance
on external funding.

The long-standing peg of the Cape Verde escudo to the euro is
supported by a bilateral agreement for convertibility (but not a
particular parity) with the Portuguese government.  S&P expects
the Portuguese government will maintain the existing
arrangements, which constitute only a small contingent liability
for Portugal. This helps anchor investor expectations, in S&P's
view.  S&P expects Cape Verde to retain the support of donors,
although its imminent transition to middle-income status will
likely reduce its access to the most concessional funding.

S&P has revised its transfer and convertibility assessment to
'BB-' from 'BB', following the sovereign downgrade.  This
indicates that S&P sees a reduced probability of Cape Verde
imposing exchange controls on private sector borrowers that
prevented external debt service than on Cape Verde itself not
honoring its commercial debt.

Outlook

The stable outlook reflects S&P's view that the risks posed by
the wide fiscal and external deficits, as well as the high debt
stock, are balanced by Cape Verde's continued political stability
and sound economic growth outlook.

S&P expects that improving conditions in key trade and investment
partners in Europe, combined with a slowdown in capital
expenditure, will support fiscal consolidation and an improvement
in external liquidity.  S&P could consider lowering the ratings
if fiscal and current account deficits, and the accumulation of
borrowings, exceed its current expectations.

Conversely, upward pressure on the ratings could build if
economic growth exceeds S&P's current forecasts, diminishing Cape
Verde's imbalances, or if the fiscal outturn materially surpasses
S&P's expectations, leading to a declining debt burden.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.  The chair
ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.

RATINGS LIST

Downgraded; CreditWatch/Outlook Action; Ratings Affirmed

                                       To           From
Cape Verde (Republic of)
Sovereign Credit Rating               B/Stable/B   B+/Negative/B
Transfer & Convertibility Assessment  BB-          BB



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


OLTCHIM: Romania Government to Again Sell Firm in February 2014
---------------------------------------------------------------
Romania-Insider.com reports that another privatization attempt
will be launched for Romania's largest chemical producer Oltchim,
after the failed bid to sell the company in 2012.

Romania-Insider.com relates that the state will try again to sell
the company in February 2014. The state is awaiting engaging
offers for the company via the judiciary administrators Rominsolv
and BDO Business Restructuring.

The selection process is scheduled for Feb. 3, 2014.  Romania-
Insider.com says the deadline for submitting offers is Jan. 31,
and the task book costs EUR20,000.

Oltchim, which has been under insolvency since January 2013, has
been valued at some EUR305 million in case it continues its
activity, based on data from its creditors, Romania-Insider.com
notes. The value is also linked to the creation of a special
vehicle - SPV - to take over the company's viable assets.

According to the report, Russian company Oil Gas Trade previously
said it was ready to take over Romania's Oltchim chemical plant
when Oltchim II is put up for privatization.

In September this year, Romania-Insider.com discloses, Oltchim
recorded a turnover of EUR11.4 million, double the EUR5.6 million
registered in the same month of 2012. The company has been under
insolvency procedures since January 2013. This came soon after
the state failed to privatize Oltchim in its first privatization
stage, which was won by media mogul Dan Diaconescu, who then
failed to pay the pledged amount, the report adds.

Oltchim is a Romanian chemical producer.



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


ASTRAKHAN REGION: Fitch Affirms 'B+' Long-term Currency Ratings
---------------------------------------------------------------
Fitch Ratings has affirmed Astrakhan Region's Long-term foreign
and local currency ratings at 'B+', its National Long-term rating
at 'A(rus)' and its Short-term foreign currency rating at 'B'.
The Outlooks on the Long-term ratings are Stable.

Key Rating Drivers:

The ratings reflect a high level of debt dominated by short-term
bank loans, which impose significant refinancing pressure, and a
high concentration of the region's tax base. However, the ratings
also factor in the region's stabilizing direct risk and its sound
budgetary performance supported by a robust local economy.

Fitch forecasts that the region's direct risk will remain at
below 60% of current revenue in 2013-2015. Direct risk declined
to 58% of current revenue in 2012 from a high 68% in 2010.
However in absolute terms direct risk increased to RUB15.7
billion at end-2012 from RUB12.6 billion at end-2010. The debt
coverage ratio (direct risk/current balance) remains weak at
eight years, significantly above the maturity profile of less
than two years, and this is reflected in the ratings of the
region.

Fitch considers the region's refinancing needs to be significant
as its debt structure is dominated by short-term bank loans.
Under Fitch's base case the region will not face difficulties in
refinancing its loans in 2014. However, it faces the risk of
higher debt servicing cost if the financial markets worsen, which
would put pressure on the budget.

The region has low exposure to contingent risk. Guarantees issued
by the region and the debt of public sector enterprises totalled
RUB0.3 billion at end-2012. This amount represented less than 2%
of the region's current revenue. The region has not issued new
guarantees since 2010.

Fitch forecasts continued economic growth for the region at about
8-10% annually in real terms for 2013-2016. Development of vast
offshore Caspian Sea oil resources of about 500 million barrels
has boosted the local economy. In 2012 12.7bcm of natural gas and
4.9 million tons of oil were extracted from the region.
Extraction of natural resources increased 40.5% in 2012 (2011:
37.5%). Regional GDP increased 9.7% in real terms in 2012.

However, the region's per capita GDP in 2011 remained about 20%
lower than the national average, although Fitch expects this to
improve over the medium term. Fiscal concentration is high as top
10 taxpayers accounted for about 50% of Astrakhan region's total
tax revenues.

A growing economy helped to lift the region's operating surplus
above 10% in 2011-2012 from a low 3% in 2010. Overall deficit
(deficit before debt variation/total revenue) shrank to 2% in
2012 from a high 20% in 2009. This was achieved despite the
federal government's move to raise public sector salaries, which
fuelled growth of operating expenditure. Fitch expects a stable
operating surplus at about 10% in 2013-2015.

Astrakhan region is located in the south-east part of European
Russia on the Caspian shore. The region accounted for 0.4% of
national GDP in 2011 and for 0.7% of the population.

Rating Sensitivities:

Sound budgetary performance in line with Fitch expectations and
reduction of refinancing risk from a lengthening of the debt
maturity profile would lead to an upgrade.

Weak operating performance with close to zero operating surpluses
coupled with further growth of short-term debt would lead to a
downgrade.


BANK OF MOSCOW: Moody's Raises Deposit & Debt Ratings to 'Ba1'
--------------------------------------------------------------
Moody's Investors Service has upgraded JSCB Bank of Moscow's
deposit ratings and senior unsecured debt ratings to Ba1 from Ba2
and its subordinated debt rating to Ba3 from B1. The outlook is
stable.

Moody's Investors Service has also upgraded the long-term
subordinated debt rating of Kuznetski Capital S.A. (special-
purpose vehicle of Bank of Moscow) to Ba3 from B1; the outlook is
stable.

The rating upgrade reflects a higher probability of support to
Bank of Moscow from its parent, Bank VTB, JSC.

At the same time, Moody's affirmed Bank of Moscow's standalone E+
bank financial strength rating (BFSR), which maps to a baseline
credit assessment (BCA) of b2, and the bank's Not Prime short-
term deposit ratings.

Ratings Rationale:

Upgrade of Supported Ratings:

According to Moody's, the upgrade of Bank of Moscow's deposit
ratings is driven by the increased likelihood of support to Bank
of Moscow from its parent, Bank VTB. The rating agency considers
that Bank of Moscow made good progress in its integration into
VTB since its acquisition in 2011. Moreover, Bank of Moscow's
contribution to VTB's profitability is significant and growing:
the former generated around 30% of consolidated VTB IFRS net
income in 2011-2012, and 63% in H1 2013. As a result, Bank of
Moscow's Ba1 deposit ratings now incorporate four notches of
uplift above the bank's b2 BCA, compared to three notches
previously.

Affirmation of Standalone Ratings:

The affirmation reflects the fact that Bank of Moscow remains
under the financial rehabilitation program launched in 2011. The
status, which will last until June 30, 2015, implies that the
bank would not be in full compliance with the statutory
requirements of the Central Bank of Russia if the necessary loan
loss provisions were applied. In addition, the standalone rating
is constrained by the bank's significantly impaired asset
quality, which suppresses profitability because a significant
part of the loan book is not accruing interest.

However, Moody's notes some improvements in Bank of Moscow's
asset quality, as non-performing loans are declining both in
absolute terms (due to recoveries) and in relative terms (due to
loan book growth). On 30 June 2013, problem loans amounted to 25%
of the loan book (provisioned at 92%), down from 55% at year-end
2010. Improving asset quality has prompted a recovery of the net
interest margin (3.8% in H1 2013) and pre-provisioning
profitability (3.2% of average total assets in H1 2013), while
net profits are further supported by reserve write-backs.

Bank of Moscow's capitalization is robust, with a Tier 1 of 14.7%
and Total Capital ratio of 17.4% under the Basel framework as at
30 June 2013. However, Moody's expects this capital cushion to
decline and Tier 1 capital to be increasingly replaced with Tier
2 in the next 12-18 months, as the bank pays large dividends to
VTB and in return receives subordinated debt from its parent.

What Could Move the Ratings Up/Down:

According to Moody's, upward pressure would depend on (1) Bank of
Moscow's exit from the rehabilitation program, or at least
compliance with the statutory ratios after all the necessary loan
loss provisions are created; and (2) further improvements in
asset quality and profitability, aided by the dilution of legacy
problem loans in new lending.

At the same time, Bank of Moscow's ratings could be negatively
affected in the event of further asset-quality erosion and/or
significant capital depletion. Any significant negative changes
to the terms of the bank's rehabilitation plan could trigger a
rating downgrade.

Headquartered in Moscow, Russia, Bank of Moscow reported total
(unaudited IFRS) assets of RUB1,405 billion and shareholder
equity of RUB200 billion at June 30, 2013.


BPF BANK: Financial Regulator Revokes Banking License
-----------------------------------------------------
Cihan News Agency reports that Russia's financial regulator
revoked the banking license of BPF Bank on Friday.

The operations of BPF Bank were suspended, CNA says, citing
statements by Bank Rossii, Russia's central bank.

According to CNA, the central bank said that BPF was a threat to
creditors because of its high risk borrowing.

BPF has had problems honoring obligations since November, CNA
discloses.

BPF Bank is Russia's 142nd biggest bank.


IMONEYBANK: Moody's Affirms 'B3' Long-Term Deposit Ratings
----------------------------------------------------------
Moody's Investors Service has affirmed the following ratings of
iMoneyBank: the B3 long-term local- and foreign-currency deposit
ratings; the Not Prime short-term local- and foreign-currency
deposit ratings; and the standalone bank financial strength
rating (BFSR) of E+, equivalent to a baseline credit assessment
(BCA) of b3. The outlook on all of the bank's long-term ratings
remains stable.

Moody's assessment of the issuer's ratings is largely based on
iMoneyBank's audited financial statements for 2012, its unaudited
financial statements for H1 2013, prepared under IFRS, regulatory
filings as well as information received from the bank.

Ratings Rationale:

iMoneyBank is a Russian consumer lender with a particular focus
on car loan brokerage and car lending. The bank targets rapid
expansion against the background of increasing indebtedness and
growing defaults in the sector. Moody's believes that such
business profile poses high business and asset quality risks.
Moody's believes that the above-mentioned risks constrain the
bank's ratings, particularly in the context of its low capital
adequacy with a reported equity-to-assets ratio of 5.5%
(H1 2013 -- unaudited IFRS).

At the same time, Moody's notes the following mitigating factors:
(1) as at end-June 2013, about 60% of iMoneyBank's loan book
comprised lower-risk car loans that are sold to other banks; (2)
the upcoming RUB0.8 billion capital injection; and (3) recent
improvement in profitability and operating efficiency.

iMoneyBank's reported equity-to-assets ratio was at 5.5% as at
June 2013, but excluding the above-mentioned loans sold to other
banks, which continue to be recorded on the bank's balance sheet
until the risk of recourse has expired, the ratio would have been
10.6%. Although the bank remains exposed to credit risk on these
sold loans, this credit risk is modest given the usually short
duration of the right of recourse of only 3-6 months (following
the sale of the loan to a third-party).

In November 2013, iMoneyBank attracted RUB500 million of new
capital from the new strategic shareholder, Expo Capital, and the
rating agency expects that an additional RUB300 million will be
injected by the bank's shareholders in early 2014. According to
Moody's, this RUB0.8 billion capital injection will materially
reinforce the bank's capital position: iMoneyBank's regulatory
capital totalled RUB1.8 billion as at end-October 2013.

Moody's also notes iMoneyBank's recently improved profitability
and operating efficiency. In Q3 2013, iMoneyBank materially
increased the volume of its non-interest income (in accordance
with local GAAP) that predominantly include: insurance fees
associated with the bank's origination business and agent fees
received from loan origination by other banks through the bank's
car loan origination platform. In addition, the increase in the
volume of car loans sold to other banks enabled iMoneyBank to
increase its profits on car loan sales and supported the bank's
overall profitability (under local GAAP iMoneyBank reported net
income of RUB367 million for the first nine months of 2013) and
its regulatory capital (the regulatory capital adequacy ratio
improved to 11.71% as at end-October 2013 from 10.87% as at year-
end 2012).

What Could Move the Ratings Up/Down:

The upgrade potential of iMoneyBank's ratings is limited in the
next 12 to 18 months given the bank's strategy of rapid expansion
amid the deteriorating operating environment. The bank's ratings
might be adversely affected if its strategy of rapid loan growth
causes a deterioration of its financial fundamentals or a
reduction in its car loan origination business, leading, in turn,
to a material decline in revenue.

Headquartered in Moscow, Russia, iMoneyBank reported total
(unaudited IFRS) assets of RUB27.2 billion and shareholder equity
of RUB1.5 billion at June 30, 2013.


INVESTBANK: Financial Regulator Revokes Banking License
-------------------------------------------------------
Cihan News Agency reports that Russia's financial regulator
revoked the banking license of Investbank on Friday.

The operations of Investbank were suspended, CNA says, citing
statements by Bank Rossii, Russia's central bank.

The central bank said that Investbank was guilty of false
financial reporting and inadequate capital levels, CNA relates.

According to CNA, Investbank's offices temporarily suspended
operations in Russia's westernmost region of Kaliningrad on
Thursday after what the bank described in a statement as the
"unfounded panic of depositors."

Investbank is Russia's 84th largest bank by assets, according to
banking website allbanks.ru.


KRASNOYARSK KRAI: S&P Lowers Issuer Credit Rating to 'BB'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'BB' from 'BB+' its
long-term issuer credit on Krasnoyarsk Krai, a region in Eastern
Siberia in Russia.  The outlook is stable.

At the same time, S&P lowered the Russia national scale rating on
Krasnoyarsk Krai to 'ruAA' from 'ruAA+'.

Rationale

S&P lowered its ratings on Krasnoyarsk Krai because it thinks the
region will suffer weaker budgetary performance and more rapid
debt accumulation and cash depletion in 2013 than S&P previously
expected in its base case.  The volatility of world commodity
markets led to stagnating budget revenues and a drop in corporate
profit tax payments.  Together with continued expenditure
pressure and the krai's constrained capacity to curb spending
growth, the result will be weakening budgetary performance and
liquidity for the region.

The ratings on Krasnoyarsk Krai reflect S&P's view of Russia's
"developing and unbalanced" institutional framework, its
assessment of financial management as "negative" in an
international context, the region's limited budgetary
flexibility, and its concentrated economy.  S&P now views the
krai's liquidity as "neutral," because it forecasts average cash
levels to be lower than annual debt service.

The ratings are supported by S&P's view of the krai's low
contingent liabilities and modest, albeit increasing, debt
burden.

Under Russia's developing and unbalanced institutional framework,
the federal government limits the krai's budgetary flexibility.
It regulates the national tax regime, including tax rates and
distribution shares, and allocates transfers, leaving little
leeway for the krai's management to offset the volatility of the
tax base.  Since 2012, the federal government has also imposed a
significant increase in social spending on regional budgets, for
which it provides only partial cofinancing with transfers.  S&P
expects these decisions to fuel expenditure growth and pressure
Krasnoyarsk Krai's budgetary performance over the next five
years.

The krai enjoys economic wealth levels above the average for
Russian regions, with gross regional product (GRP) per capita
estimated to reach $14,840 in 2013.  However, significant
concentration on metals and mining group Norilsk Nickel and oil
company Rosneft exposes the krai's budget revenues to the
volatility of commodity prices.  The companies are the two
largest taxpayers in the krai, and both operate in cyclical
industries.  S&P estimates that, in 2012, these two taxpayers
provided more than 30% of the krai's tax revenues.  However, in
2013, the krai will likely lose up to 7% of operating revenues
due to lower corporate profit tax payments from these companies
because of new tax legislation and a contraction of world metals
prices.

S&P expects the krai's economy to continue growing gradually in
2014-2016, in line with the national trend, but a rapid rebound
in tax revenues is unlikely, given that S&P currently forecasts
an only gradual appreciation of metals prices.

Budgetary performance remains volatile and S&P expects it to be
weak on average over the next three years because of stagnating
revenues, and the need to continue raising public sector salaries
and complete capital investment projects.  In S&P's base-case
scenario, it expects the operating balance to be marginally
positive at about 1% of operating revenues on average in 2013-
2016, down from about 13% in 2010-2012.  The operating balance
will likely turn negative in 2013 and might improve modestly to
about 2% of operating revenues in 2014-2016, given a modest
recovery of tax revenues.  The deficit after capital accounts
will likely widen to a large 20% of total revenues in 2013,
because the krai plans to spend a portion of the federal
earmarked funds that it has accumulated in the previous several
years.  S&P expects that, in 2014-2016, the capital program will
gradually decrease, and deficits will narrow to about 9% of
revenues.

Consequently, debt accumulation will continue and tax-supported
debt will likely reach about 55% of consolidated operating
revenues in 2016.  Although the debt burden will remain moderate
compared with that of international peers, it will likely result
in growing debt service, given that the average maturity of the
krai's debt is about two to three years.

S&P believes that contingent liabilities that stem from the
government-related entities owned by the krai and from its
municipal sector will remain modest over the next three years.

S&P views Krasnoyarsk Krai's financial management as a "negative"
factor for its creditworthiness in an international context, as
S&P do for most Russian local and regional governments.  In S&P's
view, the krai lacks reliable long-term financial planning and
doesn't have sufficient mechanisms to counterbalance the
volatility that stems from the concentrated nature of its economy
and tax base.

                             Liquidity

S&P considers Krasnoyarsk Krai's liquidity to be "neutral," as
defined in its criteria.  S&P expects that, following a gradual
depletion of cash reserves, Krasnoyarsk Krai will increasingly
rely on committed credit facilities for servicing its maturing
debt.  S&P's base-case scenario for 2014 assumes that the krai
will organize and maintain sufficient undrawn amounts in
committed bank lines so that, together with average cash reserves
net of deficit after capital accounts, it will be able to cover
more than 120% of debt service falling due in the next 12 months.
At the same time, S&P views the krai's access to external
liquidity as "limited" due to the weaknesses of the domestic
capital market.

S&P expects debt service to increase to more than 13% of
operating revenues in 2015-2016 from 5% in 2013, owing to the
growing debt burden and shorter-term borrowing.  This will be
higher than S&P previously forecast and will require more active
cash and credit facility management from the krai than in the
previous several years, when the krai's ample cash reserves
exceeded its very low debt service severalfold.

S&P expects that, in 2014, the krai's average cash net of deficit
after capital accounts will cover about 75% of its annual debt
service, while the coverage of debt service with cash and
committed credit facilities will exceed 120%.  By the beginning
of 2014, S&P forecasts the krai to have about Russian ruble
(RUB) 10 billion (about US$295 million) and to have contracted up
to RUB9.5 billion in committed five-year bank lines.

S&P's base-case scenario assumes that, in 2014-2016, Krasnoyarsk
Krai will rely primarily on medium-term bond issuance to finance
its deficits after capital accounts, and will attract only a
limited amount of bank lines with shorter maturities for
refinancing and liquidity purposes.

Outlook

The stable outlook reflects S&P's view that Krasnoyarsk Krai's
currently weak budgetary performance will improve gradually in
2014-2016, thanks to a modest recovery in tax revenues, tighter
control over operating spending growth, and lower self-financed
capital expenditures.  It also assumes that the krai will
preserve "neutral" liquidity by maintaining a sufficient amount
in undrawn committed bank lines for refinancing.

S&P could take a negative rating action within the next 12 months
if, in line with its downside scenario, the recovery of tax
revenues is slower than it currently anticipates, and the krai's
management proves unable to adjust budget expenditures
accordingly, so that budgetary performance remains persistently
weak with a negative operating balance in 2014-2015 and deficits
after capital accounts larger than 10% of total revenues.

S&P could take a positive rating action within the next 12 months
if a combination of higher tax revenues, federal support, or
cost-containment measures implemented by the krai's management
improves the krai's budgetary performance and supports higher
average cash levels, in line with its upside scenario.  If
average cash net of deficits after capital accounts exceeded the
annual debt service, S&P would revise up its view of the krai's
liquidity to "positive."

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.  The chair
ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.

RATINGS LIST

Downgraded
                                    To            From
Krasnoyarsk Krai
Issuer Credit Rating               BB/Stable/--  BB+/Negative/--
Russia National Scale              ruAA/--/--    ruAA+/--/--


LENINGRAD REGION: Fitch Affirms 'BB+' Long-Term Currency Ratings
----------------------------------------------------------------
Fitch Ratings has affirmed Leningrad Region's Long-term foreign
and local currency ratings at 'BB+', its National Long-term
rating at 'AA(rus)' and its Short-term foreign currency rating at
'B'. The Outlooks on the Long-term ratings are Positive.

The agency also affirmed Leningrad Region's RUB1.3 billion
outstanding senior unsecured domestic bond's (ISIN RU000A0DH708)
Long-term local currency ratings at 'BB+' and National Long-term
rating at 'AA(rus)'.

Key Rating Drivers:

The Positive Outlook reflects Fitch's forecast that Leningrad
region will continue to see firm economic growth and maintain low
levels of debt, strong liquidity and a sound operating
performance. The ratings also reflect the evolving nature of the
institutional framework for local and regional governments in
Russia. The predictability of budgetary policy is constrained by
continuous reallocation of revenue and expenditure
responsibilities between the various tiers of government.

The region has a well-diversified economy underpinned by the
processing industries and transport sector. Its wealth indicators
are above the national average. The region's proximity to St
Petersburg (BBB/Stable/F3) and location on the Baltic coastline
makes it a strategic export and import hub for Russia. Gross
regional product expanded 4.7% in 2012, above the national
average of 3.4%. Fitch expects continuing economic growth at
about 4% annually in real terms in 2014-2016.

As of November 1, 2013 Leningrad region's direct risk amounted to
a modest RUB3 billion or about 4% of projected 2013 current
revenue. Outstanding guarantees totalled RUB2.4 billion or less
than 3% of projected 2013 current revenue. Debt of public sector
companies (excluding guaranteed amounts) was immaterial at RUB15
million at end-2012.

As of November 1, 2013 the region had a sound liquidity balance
at RUB3.6 billion. This amount exceeded its direct risk,
resulting in low net overall risk.

Fitch expects the region will maintain a low level of debt in
2013-2015. The agency does not expect the region's direct risk to
exceed 15% of current revenue. Debt coverage ratios are likely to
remain strong and are not expected to exceed one year in 2013-
2015.

Fitch expects the region's operating margin to remain sound in
2013-2015, averaging at 14%-15%. Operating revenue will increase,
driven by growth of industrial output and a broadening of the tax
base. In 2012 the margin was slightly below 16% despite high
pressure on operating expenditure caused by the federal
government's pre-election promises. The region has low reliance
on transfers from the federal budget. Tax revenue represents
about 90% of the region's total operating revenue.

Rating Sensitivities:

Continued sound budgetary performance coupled with low
indebtedness being maintained at below 15% of current revenue
would lead to an upgrade.


MDM BANK: Moody's Affirms 'Ba3' Deposit & Unsecured Debt Ratings
----------------------------------------------------------------
Moody's Investors Service has affirmed MDM Bank's Ba3 long-term
deposit ratings, Ba3 local-currency senior unsecured debt rating
and standalone D- bank financial strength rating (BFSR), which is
equivalent to a baseline credit assessment (BCA) of ba3. Moody's
has also affirmed the provisional (P)Ba3 local-currency debt
rating assigned to the bank's domestic bond program, and the
Not-Prime short-term deposit ratings. The outlook on all of the
bank's long-term ratings remains negative.

Ratings Rationale:

The affirmation of MDM Bank's long-term ratings reflects the
bank's high level of reported capital adequacy and recently
improved pre-provision income and operating efficiency. These
strengths offset negative pressure stemming from the bank's
high -- albeit recently declining -- level of problem loans.

MDM Bank reports a healthy capital cushion: at end-September
2013, the Tier 1 and total capital adequacy ratios (under Basel
I) stood at 17.7% and 19.2% respectively. This high reported
capital adequacy positions the bank favorably to absorb elevated
credit loss levels, given the bank's high level of problem loans.

MDM Bank has recently improved its pre-provision income and
operating efficiency that further enhances MDM Bank's ability to
absorb negative pressure stemming from elevated credit losses
(because of a high volume of legacy loans mentioned below). In
the first nine months of 2013, MDM Bank's pre-provision income
rose to 2.1% of the bank's average risk-weighted assets, an
improvement compared with 1.0% in H1 2012.

At the same time, Moody's notes the bank's high level of problem
loans and loan loss reserves that might be insufficient. As at
end-September 2013, non-performing loans (NPLs, overdue loans in
the corporate segment and loans overdue by more than 90 days in
the retail segment) stood at 11.6% of gross loans. In addition to
overdue loans, there are impaired but not past due loans of
RUB20 billion (10.2% of gross loans). Moody's considers that the
abovementioned impaired loans (legacy loans) could require
additional provisioning and therefore, the current 11.2% level of
loan loss reserves might be insufficient. Therefore, MDM might be
required to build up additional loan loss reserves in the coming
years on these legacy loans, i.e., exerting downward pressure on
the bank's bottom-line profitability.

Moody's also notes that MDM Bank's volume of problem loans
(defined as the overdue and impaired loans discussed above)
declined to RUB42.7 billion as at end-September 2013 (year-end
2012: RUB55.7 billion; year-end 2011: RUB92.0 billion) and now
poses lower risks of capital erosion. As at end-September 2013,
the difference between problem loans and loan loss reserves
accounted for 46% of the bank's Tier 1 capital, a significant
decline compared with the previous years (year-end 2012: 60%;
year-end 2011: 118%).

Moody's notes the progress achieved by the bank since mid-2012 in
decreasing the level of its problem loans and improving operating
efficiency and pre-provision earnings. However, the ongoing
deterioration in operating environment might lead to higher
capital erosion as the recovery value of the bank's problem loans
might decline while net interest margin and core earnings
deteriorate, warranting a negative outlook on the bank's long-
term ratings.

What Could Move the Ratings Up/Down:

MDM Bank's ratings have limited upside potential, as captured in
the negative outlook. The rating outlook can be changed to stable
if the bank stabilizes its interest-earning assets and pre-
provision earnings and reduces the risk of capital erosion
through a decrease in problem loans or via increasing coverage of
problem loans with loan loss reserves while maintaining healthy
capital adequacy.

The ratings could be downgraded if MDM Bank's problem loans
require higher loan loss provisioning than currently anticipated
by Moody's, or if the deterioration in the operating environment
negatively affects the bank's financial fundamentals.

Headquartered in Moscow, Russia, MDM Bank reported total
(unaudited IFRS) assets of RUB290 billion and shareholder equity
of RUB48.8 billion at September 30, 2013. For the first nine
months of 2013, the bank earned a net income of RUB43 million.


RUSSNEFT OJSC: S&P Lowers Corporate Credit Rating to 'B'
--------------------------------------------------------
Standard & Poor's Ratings Services said it had lowered its long-
term corporate credit rating on Russia-based Oil and Gas Company
Russneft OJSC to 'B' from 'B+'.  At the same time, S&P lowered
the Russia national scale rating on Russneft to 'ruBBB+' from
'ruA+'.

The ratings remain on CreditWatch, where S&P originally placed
them with negative implications on June 21, 2013.

The downgrade reflects S&P's expectation of weaker profits and
financial metrics at Russneft, stemming mainly from the company's
lower asset size and diversity after the recent sale of its
Urals-based assets.  S&P has therefore revised its assessment of
Russneft's business risk profile to "weak" from "fair."

The recently sold assets generated about 30% of Russneft's
production volumes and almost half of its EBITDA.  S&P
understands that these assets were transferred to a party that is
reportedly related to Russneft's shareholder, along with about
US$2 billion of debt to Sberbank that Russneft has so far
continued to guarantee. This debt is a large part of the US$5
billion debt that Russneft reported as of June 30, 2013, and S&P
understands the company's management is negotiating the
withdrawal of the guarantee.  Even if the guarantee is lifted,
however, S&P continues to see uncertainties regarding Russneft's
policies for financial risk management, leverage, dividend
requirements, and related-party transactions.

The CreditWatch reflects S&P's view of potential risks to
Russneft's leverage and liquidity.  If the guarantee remains in
place, Russneft's ratio of adjusted debt to EBITDA could exceed
6x, and the company will likely breach maintenance covenants
under its bank debt in 2014.

S&P understands from management that the acquisition of a
controlling stake in Russneft for US$1.2 billion in 2013 was
financed with medium-term debt that is nonrecourse to Russneft.
S&P believes that the new owner, Mikhail Gutseriev, has other
cash-generating assets to service this debt.  In addition, S&P
understands Mr. Gutseriev is considering transferring his
Azerbaijan-based oil assets to Russneft.  However, it is as yet
unclear whether the financing of this transaction would affect
Russneft's debt and equity, and whether there is any debt
attached to the assets.

In S&P's base case scenario, it assumes that:

   -- Russneft's production volumes will be relatively stable in
      the current scope of consolidation;

   -- Russneft will manage to withdraw the guarantees on the debt
      of its former subsidiary and avoid a covenant breach;

   -- Capital expenditure will amount to about US$400 million-
      US$500 million annually; and

   -- There will be no sizable acquisitions.

Based on those assumptions, S&P arrives at the following credit
metrics:

   -- Annual EBITDA of about US$700 million-US$800 million in the
      current consolidation scope;

   -- Adjusted debt to EBITDA of about 3.5x-4x; and

   -- Slightly positive free operating cash flow.

The ratings remain constrained by Russneft's relatively weak
competitive position, in S&P's view.  Russneft is smaller and
less diversified than most rated local peers, and it has higher-
than-average costs and mature fields.  Like other Russian oil
companies, Russneft faces a heavy tax burden and is exposed to
potential changes in the industry's tax and regulatory framework.
Russneft has a narrow funding base.  It relies on Glencore and
Russian state-owned banks for financing.  On the positive side,
Russneft's operations benefit from a natural hedge, via taxes and
foreign exchange rates, like other Russian oil companies.

S&P plans to resolve the CreditWatch depending on Russneft's
progress in renegotiating its debt covenants and having the
guarantee on its former subsidiary's debt lifted.  S&P will also
need clarification of Russneft's financial policy, notably with
regard to dividends and related-party transactions.

If there is no change to the debt covenants, or the guarantee is
not withdrawn by the end of the first quarter of 2014, S&P is
likely to lower the ratings.

Conversely, S&P will likely affirm the ratings if Russneft is
able to withdraw the guarantee and doesn't face any covenant
issues.


SMOLENSK BANK: Financial Regulator Revokes Banking License
----------------------------------------------------------
Cihan News Agency reports that Russia's financial regulator
revoked the banking license of Smolensk Bank on Friday.

The operations of Smolensk Bank were suspended, CNA says, citing
statements by Bank Rossii, Russia's central bank.

According to CNA, the central bank said that Smolensk Bank had
not observed its obligations to creditors and depositors while
simultaneously "engaging in deals aimed at asset stripping".

Smolensk Bank has also had liquidity problems, and earlier this
month requested financial assistance from the central bank, CNA
relates.

Smolensk Bank is Russia's 109th largest bank.


STAVROPOL REGION: Fitch Affirms 'BB' Long-Term Currency Ratings
---------------------------------------------------------------
Fitch Ratings has affirmed Stavropol Region's Long-term foreign
and local currency ratings at 'BB' and its National Long-term
rating at 'AA-(rus)' with Stable Outlooks. The Short-term foreign
currency rating is affirmed at 'B'.

The region's outstanding senior unsecured domestic bonds (ISINs
RU000A0JTFZ1, RU000A0JU9G2) of RUB10 billion have also been
affirmed at 'BB' and 'AA-(rus)'.

Key Rating Drivers:

The rating affirmation reflects Fitch's expectations that the
region will maintain moderate direct risk with an improving
maturity profile and a positive operating balance at 3% of
operating revenue per annum in 2013-2015. The ratings also factor
in a persistent budget deficit due to increasing pressure from
operating and capital expenditure and the region's below-national
average wealth and economic indicators.

Fitch expects the region's direct risk will remain below 35% of
current revenue during 2014-2015 despite a notable increase
during the last two years. The agency expects the region will use
part of its RUB3.7 billion (as of October 1, 2013) cash to cover
its budget deficit, therefore limiting debt growth. For 2013 the
agency expects direct risk will increase by 37% in 2013 to
RUB19.7 billion, equivalent to 29.6% of operating revenue.

Stavropol faces refinancing pressure from RUB5.7 billion of bank
loans maturing within the next 12 months. Due to a low current
balance the region is dependent on access to financial markets
for debt refinancing; however, Fitch expects the region to be
able to refinance the loans as it has in the past.
Stavropol Region issued RUB5 billion of bonds on November 6, 2013
to replace some of its short-term bank loans and to cover the
budget deficit. The bond has an amortizing structure and a seven-
year maturity. This bond issue reduces the predominance of bank
loans within the region's debt structure and extends its maturity
profile, in turn lowering interest costs.

In 2012 the region recorded a moderate deterioration in its
budgetary performance when the operating balance fell to 2.3% of
operating revenue from 5.7% a year earlier. This was due to
pressure on operating expenditure stemming from national
government decisions to increase public sector salaries and lower
current transfers from the federal budget.

Budget deficit is likely to persist at 9% of total revenue in
2013 before slightly narrowing to 6%-7% in 2014-2015. In 2012 the
region's deficit widened to 8.6% from 2.2% in 2011. The deficit
is driven by increased capital expenditure which peaked at 21.4%
of total expenditure in 2012. Fitch expects the figure to decline
to 18% in 2013 and to 15%-16% in 2014-2015. Capex is mostly
financed by new debt due to a limited self-financing capacity.

Stavropol's socio-economic profile is historically weaker than
that of the average Russian region and is dominated by
agriculture and food processing. Its per capita gross regional
product (GRP) was about 35% lower than the national median in
2011. However, the region's economy is less dependent on the
external environment, which can prove volatile. The
administration expects sound regional GDP growth of 4%-5% per
year to end-2016.

Rating Sensitivities:

Restoration of a sound operating balance to about 10% of
operating revenue and improvement of debt coverage (direct
risk/current balance) below eight years (16 years in 2012) would
lead to an upgrade.

Close to zero operating margin for two consecutive years, coupled
with an increase in direct risk above 50% of current revenue,
would lead to a downgrade.

Key Assumptions:

   -- Russia has an evolving institutional framework with inter-
      governmental relations between federal, regional and local
      governments still under development. However, Fitch expects
      Stavropol will continue to receive steady flow of transfers
      from the federation

   -- Stavropol region will continue to have fair access to
      domestic financial markets to enable it to refinance
      maturing debt



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


AUTOVIA DE LA MANCHA: Moody's Affirms Caa1 Secured Loan Rating
--------------------------------------------------------------
Moody's Investors Service has affirmed the Caa1 rating on the
EUR110 million guaranteed senior secured loan due 2031 (the
"Underlying Loan") originally raised by Autovia de la Mancha S.A.
("Aumancha") in 2008. The outlook remains positive. The rating on
the loan taking into account the benefit of a guarantee of
scheduled payments of principal and interest provided by Assured
Guaranty (Europe) Ltd. (the "Insured Loan") is unchanged at A3.

Aumancha is a special purpose company that in June 2003 entered
into a 30-year concession agreement with Junta de Comunidades,
Castilla-La Mancha to build, operate and maintain a 52.3 km
shadow toll road, namely the Toledo to Consuegra section of the
Autovia de los Vinedos motorway linking the cities of Toledo and
Tomelloso in central Spain.

Ratings Rationale:

"Aumancha's ratings are not directly constrained by Castila-La
Mancha's Ba3 ratings, and so are unaffected by Moody's rating
action of 12 December 2013, where the rating agency changed the
outlook on Castilla La-Mancha's Ba3 ratings to stable from
negative", says Declan O'Brien, an Analyst in Moody's
Infrastructure Finance Group.

The Caa1 rating on the Underlying Loan is constrained by (1)
Aumancha's exposure to declining traffic volumes; (2) the credit
quality of Castilla-La Mancha as payer under the concession
agreement; (3) the history of late payments by Castilla-La
Mancha, to the detriment of Aumancha's capacity to meet debt
service payments, although the recent payment history has been in
line with contractual terms; and (4) high leverage. These risks
are to some extent mitigated by Aumancha's satisfactory debt
service coverage ratios (DSCRs), even under downside traffic
cases, and its strong liquidity. Moody's also notes the
protection afforded to Aumancha by the compensation on
termination regime in the event of a default under the concession
agreement.

Observed traffic on the road has been volatile over the past
three years. Traffic volumes for light vehicles fell in 2011 and
2012 by 4% and 10%, respectively, whereas the fall in heavy
vehicles has been more pronounced, with a fall of 7%, and 12%,
respectively. In the nine months to September 2013, light vehicle
and heavy vehicle traffic also declined, by 1.2% and 7%
respectively, albeit the rate of decline in traffic volumes on
the project road is showing signs of easing. Moody's has run a
conservative scenario ("Moody's Case") whereby it assumes a fall
in light vehicle and heavy vehicle traffic volumes in 2014 and
2015 of 3% and 8%, respectively (in line with traffic for the
seven months to July 2013), flat growth in 2016 and 1.2% growth
thereafter. Under this scenario, Moody's forecasts that
Aumancha's minimum and average DSCR will be 1.12x and 1.49x,
respectively.

The A3 rating of the Insured Loan is positioned at the same level
as the Local Currency Country Risk Ceiling for credits in Spain.
This reflects the risk, most specifically in the event of a
currency redenomination, that the guarantee will not reliably and
effectively mitigate the risks embedded in the A3 ceiling.

What Could Change the Rating Up/Down:

Moody's could consider upgrading the rating on the Underlying
Loan if (1) Aumancha's traffic and DSCR profiles improve and
there are no ongoing payment delays; or (2) the rating of
Castilla-La Mancha is upgraded. Conversely, Moody's could
consider downgrading the ratings if (1) traffic continues to
decline such that the DSCRs deteriorate and/or the project
experiences further payment delays; (2) operating, maintenance
and lifecycle cost assumptions prove inadequate; or (3) the
rating of Castilla-La Mancha is downgraded.


AUTOVIA DE LOS VINEDOS: Moody's Affirms 'Caa1' Loan Rating
----------------------------------------------------------
Moody's Investors Service has affirmed the Caa1 rating on the
EUR103 million loan facility provided by the European Investment
Bank (the "EIB Loan") to Autovia de Los Vinedos, S.A. ("Auvisa")
and the EUR64.1 million of bonds raised by Auvisa. The outlook
remains negative.

Auvisa is a special purpose company which in December 2003,
entered into a 30-year concession agreement with Junta de
Comunidades Castilla-La Mancha to build, operate and maintain a
74.5km shadow toll road being the Consuegra to Tomelloso section
of the Autovia de los Vinedos motorway linking the cities of
Toledo and Tomelloso in central Spain.

Ratings Rationale:

"The affirmation of Auvisa's Caa1 ratings reflects the company's
weak financial metrics and exposure to downside traffic
scenarios" says Declan O'Brien, an Analyst in Moody's
Infrastructure Finance Group. "Auvisa's ratings are not directly
constrained by Castila La-Mancha's Ba3 ratings, and so are
unaffected by Moody's rating action of 12 December 2013, where
the rating agency changed the outlook on Castilla La-Mancha's
ratings to stable from negative", adds Mr. O' Brien.

The Caa1 ratings are constrained by (1) Auvisa's weak debt
service coverage ratios (DSCRs); (2) Auvisa's exposure to
declining traffic volumes; (3) the credit quality of Castilla-La
Mancha as payer under the concession agreement; (4) the history
of late payments by Castilla-La Mancha, to the detriment of
Auvisa's capacity to meet debt service payments, although the
recent payment history has been in line with contractual terms;
(5) the ineffectiveness of the lock-up mechanism in protecting
debtholders under downside scenarios; and (6) high leverage.
These risks are to some extent mitigated by Auvisa's good
liquidity and Moody's also notes the protection afforded by the
compensation on termination regime in the event of a default
under the concession agreement.

Observed traffic on the project road has been volatile over the
past three years. Traffic volumes for light vehicles fell in 2011
and 2012 by 2% and 7%, respectively, and those for heavy vehicles
fell by 1% and 11%, respectively. In the nine months to September
2013, light and heavy vehicle traffic also declined by 0.4% and
6.5% respectively, albeit the rate of traffic decline on the
project road is showing signs of easing. Moody's has run a
conservative scenario ("Moody's Case") whereby it assumes a fall
in light vehicle and heavy vehicle volumes in 2014 and 2015 of 2%
and 8%, respectively (in line with traffic for the seven months
to July 2013), flat growth in 2016 and 1.2% growth thereafter.
Under this scenario, Moody's forecasts that Auvisa's minimum and
average DSCR, which are different from Auvisa's DSCRs in that
they include transfers to the maintenance reserve account (MRA),
are 0.69x and 0.98x, respectively. Under this scenario, Auvisa
would be able to continue to pay principal and interest using its
debt service reserve account. Moody's Case assumes that Auvisa
does not pay any dividends during the concession period, even
though Auvisa may be entitled to under the documentation.

As per the financing documents, Auvisa's DSCR calculation
includes transfers from, but not to, the MRA. This means that
there is a material difference between Moody's DSCR and Auvisa's
DSCR -- under Moody's Case, above, Auvisa's forecast minimum and
average DSCR are 1.01x and 1.22x, respectively, significantly
higher than Moody's forecast minimum and average DSCRs of 0.69x
and 0.98x, respectively. The distribution lock-up criteria allows
for dividends to be paid if the projected DSCR and historical
DSCR are greater than 1.2x. Under Moody's Case, Auvisa satisfies
this criteria from 2020 onwards. While the controlling creditors
(EIB and Syncora Guarantee (U.K.) Ltd., jointly) can block a
dividend payment, this covenant is weakly drafted, and Moody's
views this as a material weakness in the structure.

What Could Change the Rating Up/Down:

Moody's could consider upgrading the ratings if (1) Auvisa's
traffic and DSCR profiles improve and there are no ongoing
payment delays; or (2) the rating of Castilla-La Mancha is
upgraded. Conversely, Moody's could consider downgrading the
ratings if (1) traffic continues to decline such that DSCRs
deteriorate and/or the project experiences further payment
delays; (2) operating, maintenance and lifecycle cost assumptions
were to prove inadequate; or (3) the rating of Castilla-La Mancha
is downgraded.


AUTOVIA DEL CAMINO: Moody's Cuts EUR175MM Loan Rating to Ba2
------------------------------------------------------------
Moody's Investors Service has downgraded to Ba2 from Ba1 the
ratings of the following loan facilities raised by Autovia del
Camino S.A. (ProjectCo):

   -- EUR175 million senior secured loan provided by the
      European Investment Bank, maturing in 2029

   -- EUR145 million senior secured commercial bank loan maturing
      in 2030

The downgrades reflect deterioration in the company's financial
metrics and are not linked to the recent change to stable from
negative of the outlook on Spain's government bond rating. The
outlook on the ratings of the loans remains negative.

ProjectCo is a special purpose company that entered into a 30-
year concession agreement in September 2002 with the Spanish
Regional Government of Navarra (the Offtaker) to build, operate
and maintain a 70 km shadow toll road linking the cities of
Pamplona and Logrono in northern Spain. As part of the agreement,
ProjectCo also constructed a number of interchanges and
refurbished some 68 km of local roads.

Ratings Rationale:

"Downgrade of Autovia del Camino's ratings reflects the
deterioration in the company's metrics following decreasing
traffic volumes since 2011," says Declan O'Brien, an Analyst in
Moody's Infrastructure Finance Group. "It also takes into account
the potential for Debt Service Cover Ratios to fall close to 1.0x
if there are further, modest, declines in traffic volumes," adds
Mr. O'Brien.

ProjectCo receives revenues from the Offtaker according to usage
and is therefore exposed to volume risk. Light vehicle (LV)
traffic on the project road fell in 2011 and 2012 by 0.6% and
4.9%, respectively, and heavy vehicles (HVs) dropped 2.7% and
5.8%. The revenue impact of this sharp drop in traffic in 2012
was reduced by higher tariffs due to the contractual indexation
to Spanish consumer price index (CPI), which was 2.7% in 2012.

Whilst there was an increase in reported LV and HV traffic in
September and October 2013, the project is exposed to the risk of
further declines. Moody's also notes that, following delays in
the completion of feeder roads, future growth may fall below the
levels previously projected. ProjectCo forecasts minimum and
average Debt Service Cover Ratios (DSCRs) of 1.22x and 1.48x,
respectively. However, under a downside scenario with a modest
further decline in volumes in 2014, the minimum DSCR could fall
close to 1.0x.

The Ba2 ratings on the loans are constrained by declines in
traffic on the project road and weak financial metrics, together
with the potential for further deterioration. The rating is,
however, supported by 1) the straightforward nature of the
project road's operation, maintenance and capital maintenance
works, as well as the expectation of continuing low deductions
for performance failures under the long-term concession
agreement; 2) strong liquidity reserves and a range of creditor
protections included within ProjectCo's financing structure, such
as a six-month debt service reserve and a three-year forward-
looking maintenance reserve; and 3) the protection afforded to
senior creditors by virtue of the compensation on termination
provisions under the concession agreement, which in the event of
its early termination would underpin a high level of debt
recovery but would be subject to payment risk from the Offtaker.

While Moody's does not rate the Offtaker, most regional
governments in Spain are now rated at or below Spain's Baa3
rating, with only the very strongest credits being rated one
notch above. The Offtaker has an exemplary payment history and
the credit quality of the Offtaker is not a direct constraint on
the ratings.

The loans benefit from an unconditional and irrevocable guarantee
of scheduled principal and interest provided by Syncora Guarantee
(U.K.) Ltd. (SGUK). As SGUK's insurance financial strength and
senior debt ratings were withdrawn by Moody's on 8 November 2012,
the rating of the loans is Ba2, in line with the underlying
rating.

What Could Change the Rating Up/Down:

Given the negative outlook, Moody's does not anticipate upward
pressure on the ratings in the short term. However, the rating
agency could consider upgrading the ratings if ProjectCo's
traffic and DSCR profiles improve. Conversely, Moody's could
consider downgrading the ratings if 1) traffic continues to
decline such that DSCRs deteriorate; 2) operating, maintenance
and lifecycle cost assumptions were to prove inadequate; or 3)
the rating of Spain is downgraded.

ProjectCo's shareholders are 1) RREEF (80%), the infrastructure
investment management business of Deutsche Bank's Asset
Management division; 2) Grupo Corporativo Empresarial de la Caja
de Ahorros y Monte de Piedad de Navarra, S.A. (10.9%), the
industrial arm of the largest regional savings bank in Navarra;
and 3) Global Via Infraestructuras, S.A. (9.1%), an
infrastructure company jointly owned by Fomento de Construcciones
y Contratas, S.A. and Caja Madrid.


BANCO FINANCIERO: Moody's Withdraws Caa1 Long-Term Issuer Rating
----------------------------------------------------------------
Moody's Investors Service has withdrawn the Caa1 long term issuer
rating of Banco Financiero y de Ahorros, S.A. At the time of the
withdrawal, the issuer rating carried a negative outlook.


CAJA INGENIEROS: Fitch Hikes Class C Notes Rating From 'BB+sf'
--------------------------------------------------------------
Fitch Ratings has upgraded the class C notes and revised the
outlook on Class B notes to stable CAJA INGENIEROS TDA 1, a
Spanish RMBS consisting of loans originated by Caja De
Ingenieros. The other two tranches of class A2 and B notes have
been affirmed. The ratings actions are as follows:

  Class A2 (ISIN ES0364376014): affirmed at 'AA-sf'; Outlook
  Stable

  Class B (ISIN ES0364376022): affirmed at 'A+sf'; Outlook
  revised to Stable from Negative

  Class C (ISIN ES0364376030): upgraded to 'BBB-sf' from 'BB+sf';
  Outlook Stable

Key Rating Drivers:

Strong Performance
High quality underwriting has translated into continued strong
performance of the underlying pool, despite difficulties in the
Spanish housing market. Loans in arrears by more than three
months (0.12% of the current portfolio) and gross cumulative
defaults (0.2% of the initial pool) are notably low for a Spanish
RMBS transaction. The pipeline of new arrears also remains
limited and performance is expected by Fitch to remain far
stronger than the market average for the foreseeable future.
However, up to 10% of the original balance of the loans can be
restructured. Fitch has taken this into account in its analysis
and found the credit enhancement levels available to the rated
tranches to be sufficient to withstand resulting stresses.

Excess spread is expected to be sufficient to provision for
defaulted loans without drawing on the reserve fund. Therefore,
credit enhancement is expected to increase as the transaction
seasons.

Strong Quality Collateral
The transaction benefits from a high quality collateral pool. The
portfolio has a comparatively low current weighted average loan
to value ratio of 51.2% and the loans were all originated via
traditional methods, with low exposure to self-employed and non-
Spanish borrowers. Around 80% of borrowers are located in the
Cataluna region, an area that has been less exposed to house
price declines than other areas of Spain.

Rating Sensitivities:

A worsening of the Spanish economic environment, especially
employment conditions, or an abrupt shift of interest rates may
jeopardize the underlying borrowers' affordability.
Due to this transaction being unhedged, an unexpected sharp rise
in interest rates beyond Fitch's stresses could affect cashflows
which may cause the agency to take negative rating action.


PESCANOVA SA: Board Selects Damm's Non-Binding Restructuring Bid
----------------------------------------------------------------
Undercurrent News reports that the board of Pescanova has
unanimously decided to side with the non-binding bid led by Damm
and backed by Luxempart, Kohlberg Kravis Roberts and Ergon
Capital, for the restructuring of Pescanova.

According to Undercurrent News, Pescanova's bankruptcy
administrator Deloitte said in a notice to the Spanish stock
exchange regulator on Dec. 13 that the decision was taken at an
extraordinary board meeting, convened to examine the five
proposals submitted for the company's restructuring.

The Damm-led bid would give the creditor banks 51% stake in
company, in exchange for writing off around 80% of the debt,
Undercurrent News notes.  Damm and the partners would take the
remaining shares, in exchange for a capital injection, pinned at
around EUR250 million, Undercurrent News discloses.

"After analyzing the five bids received, the board decided, with
no votes against, to take the non-binding offer of the consortium
formed by Damm, KKR, and Ergon Luxempart as the most suitable to
lead the restructuring process and ensure Pescanova's future
viability," Undercurrent News quotes Deloitte as saying in a
statement.

Pescanova's board will immediately begin discussions with the
relevant financial creditors in order to reach an agreement to
allow the survival continuity of the company, Undercurrent News
states.

The rival bids were said to include a proposal by the US and UK
funds York Capital, Blue Crest and Centerbridge, which according
to Spanish media, submitted a higher financial bid than Damm's,
Undercurrent News relays.

However, all bids proposed that at least EUR2.9 billion are
written off the debt, which is now said to exceed EUR4.3 billion,
Undercurrent News notes.

This higher debt figure was reported by Deloitte, which also
found that Pescanova trebled its losses in 2012, to EUR791.4
million, Undercurrent News relates.

                       About Pescanova SA

Pescanova SA is a Galicia-based fishing company.  The company
catches, processes, and packages fish on factory ships.  It is
one of the world's largest fishing groups.

Pescanova filed for insolvency on April 15, 2013, on at least
EUR1.5 billion (US$2 billion) of debt run up to fuel expansion
before economic crisis hit its earnings.  The Pontevedra
mercantile court in northwestern Galicia accepted Pescanova's
insolvency petition on April 25.  The court ordered the board of
directors to step down and proposed Deloitte as the firm's
administrator.



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


OCTAPHARMA NORDIC: Moody's Withdraws 'Ba1' CFR; Outlook Stable
--------------------------------------------------------------
Moody's Investors Service, has withdrawn the Ba1 corporate family
rating (CFR) and Ba1-PD probability of default rating (PDR) of
Octapharma Nordic AB. The ratings had a stable outlook.

Ratings Rationale:

Moody's has withdrawn the rating for its own business reasons.

This action does not reflect a change in the company's
creditworthiness.

Octapharma Nordic AB, is the fourth-largest commercial provider
of plasma derivatives worldwide. Its business model consists of
the collection, extraction, purification and subsequent marketing
of blood plasma-derived products. In 2012, Octapharma generated
revenues of EUR916 million. Established in 1983, Octapharma is
privately owned by the Marguerre family.



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


YUKSEL INSAAT: Moody's Lowers CFR to 'Caa2'; Outlook Negative
-------------------------------------------------------------
Moody's Investors Service has downgraded to Caa2 from Caa1 the
corporate family rating (CFR) for Yuksel Insaat A.S. and the
rating for the US$200 million notes due 2015 issued by the
company and the probability of default rating (PDR) to Caa2-PD
from Caa1-PD. The outlook is negative. This concludes the ratings
review initiated on October 18, 2013 and maintained on
January 17, 2013 and May 30, 2013.

Ratings Rationale:

The downgrade of the PDR to Caa2-PD reflects the higher default
risk and associated uncertainty given the (1) ongoing and
protracted negotiations with the noteholders' committee (NC) and
(2) the increase in debt. The uncertainty over the future capital
structure of the group and the position of noteholders in the
capital structure has prompted Moody's to downgrade the CFR to
Caa2.

Firstly, Yuksel has yet to reach an agreement with the NC and
reach out to other noteholders not part of the NC following the
formation of the NC, that make up about 46% of noteholders. A
quorum of 50% is required in order to reach a majority amongst
noteholders for changes, such as the relaxation of certain
conditions of the US$200 million notes due in 2015. Whether
Yuksel can reach a consensual agreement with noteholders is not
certain.

Secondly, the company reported US$454.4 million of financial debt
related to the notes and bank debt per October 31, 2013. The
company has in the interim (in November and December) made bank
debt repayments of US$59 million. Moody's debt calculation
includes US$79.6 million of debt guaranteed by Yuksel. The
increase of group debt diminishes the position of noteholders in
the capital structure despite the receipt of US$155 million of
disposal proceeds, which may not be fully available to
noteholders.

Yuksel has used short-term financing lines from banks in order to
fund operational uses such as working capital. Should these lines
no longer be available and if there are delays in receiving
disposal proceeds expected in the first quarter of 2014, this
could exert further pressure on the company's liquidity and
ability to service its debt. As of October 31, 2013, the company
had US$16.6 million of unrestricted cash from which it made an
interest payment on its notes on November 12, 2013 of US$9.5
million, but has increased its cash holding to US$110 million
following the receipt from executed asset disposals.

The negative outlook reflects the uncertainty over the future
capital structure.

What Could Change the Rating Up/Down:

Given the downgrade and the negative outlook, an upgrade is
unlikely. For the outlook to be stabilized or ratings to be
upgraded Moody's expects a conclusion of the strategic review as
well as visibility, stability and viability of the company's
future capital structure.

Ratings could be further downgraded if it if becomes clear that
(1) bonds become subordinated to other debt instruments, (2)
recovery prospects weaken or (3) default risk further increases.

Yuksel Insaat A.S., which has corporate headquarters in Ankara,
Turkey, is among the largest construction companies in the
country. The company was established in 1963 by the Sazak and
Sert families and maintains a visible footprint in Turkey, where
more than half of its revenues are generated, but has expanded
into the Middle East and North Africa (MENA) region as well as
Central Asia over recent years to diversify its revenue streams.
The company generated revenues of TL1.4 billion (around US$802
million) in its financial year 2012.



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


ALBERMARLE & BOND: In Takeover Talks with Better Capital
--------------------------------------------------------
The Scotsman reports that Albemarle & Bond on Thursday said it
was in takeover talks with a number of parties including
Jon Moulton's corporate turnaround firm Better Capital.

The company put itself up for sale as it continues to struggle
with a drop in gold prices, The Scotsman relates.

According to The Scotsman, in a statement on Thursday it stressed
there can be no certainty that an offer will be made as a result
of the formal sale process or that any sale will be concluded.

Earlier last week, the firm revealed it had suffered a 77% slump
in annual profits, The Scotsman discloses.

Albemarle remains in talks with its lenders after it was given a
three-month reprieve at the end of October to patch up its
finances, The Scotsman relays.  Its net debt has risen from
GBP46.2 million to GBP50.6 million since the end of its financial
year, The Scotsman notes.

For the year to the end of June, the pawnbroker posted a pre-tax
profit of GBP4.9 million, down from GBP21.4 million a year
earlier, as it was hit by a drop in sales, The Scotsman says.

The company's woes have been compounded by a bill for its failed
attempt to secure a GBP35 million cash injection from its biggest
shareholder, Ezcorp., The Scotsman states.

Albemarle & Bond Holdings PLC provides pawnbrokering services.
The Company, through its subsidiaries, provide pawnbroking, check
cashing services, retail jewelry sales and unsecured lending.
Albemarle operates in the United Kingdom.


EDRESSESGLOBAL UK: High Court Winds Up Wedding Dress Company
------------------------------------------------------------
A wedding dress company, Edressesglobal UK Co Ltd, registered in
the UK but operating from China and the United States, was wound
up in the public interest on Nov. 6, 2013, at the High Court for
filing misleading accounts and giving false trading addresses to
customers.

The winding up follows an investigation by the Insolvency Service
and a petition by the Secretary of State for Business, Innovation
& Skills.

Edresses made wedding, party and prom dresses in China and
marketed them on a large number of websites targeted at customers
in the UK, France, Germany, Italy and Australia.

The court heard that the company:

   * lacked any presence in its purported addresses in
     the UK,

   * failed to respond to any correspondence during the
     investigation, and

   * had filed misleading accounts and its business was
     conducted with a lack of commercial probity.

The court also heard that:

   * Many of Edresses' websites indicated that it traded from
     either Portsmouth or Park Royal in North London, and
     returns for refunds for faulty goods could be made there.
     However, the company was not known at either of these
     addresses.

   * Customers were often waiting excessively long times for
     delivery.

   * Despite apparent substantial trading throughout 2012 as
     indicated by a Facebook campaign set up to complain about
     its activities, Edresses filed dormant accounts as a non-
     trading company for the period ending Nov. 30, 2012.
     Edresses failed to produce any accounting records during
     the investigation.

   * A Facebook campaign was set up with 546 members who had
     been affected by Edresses' activities. These members had
     traded with the company through its websites and were able
     to communicate with company employees through a 'live chat'
     who confirmed that customers were dealing with Edresses and
     that the return address for faulty garments was in Park
     Royal.

   * The company also failed to co-operate with the
     investigation.  Letters to the directors in China and the
     United States, e-mails and 'live chat' messages all went
     unanswered.

Commenting on the winding up, David Hill, an Investigations
Supervisor, with the Insolvency Service, Said:

"Edresses took advantage of people looking for dresses for
important and significant occasions in their lives but rarely
delivered the goods, and winding it up protects the public from
losing more money in this way.

"The winding up should serve as a warning that the Insolvency
Service will take action to remove rogue companies from the
business environment."


GALA CORAL: Fitch Revises Outlook to Neg. & Affirms 'B' IDR
-----------------------------------------------------------
Fitch Ratings has revised Gala Coral Group Limited's (GCG)
Outlook to Negative from Stable and affirmed its Long-term Issuer
Default Rating (IDR) at 'B'. Fitch has also downgraded GCG's
subsidiary Gala Group Finance plc's senior secured notes to 'BB-'
from 'BB' and their Recovery Rating to 'RR2' from 'RR1'. Gala
Electric Casinos plc's senior notes have been affirmed at 'CCC+'
with a Recovery Rating of 'RR6'.

The revision of GCG's Outlook to Negative reflects the
contraction of EBITDA in FY13 (by 11% on a like-for like basis)
resulting from several one-off factors, industry-wide challenges
and specific issues at its online and bingo operations, all of
which demonstrate that management's strategic relaunch plan
initiated in 2010 is far from complete. While the latest weak
financial performance raises questions about GCG's de-leveraging
ability over FY14 to FY15, a number of strategic initiatives
currently underway and improving cash flow generation provide
some mitigating comfort.

Key Rating Drivers:

Tight Rating Headroom
The Negative Outlook reflects the tighter rating headroom
following a weak performance in FY13, albeit partly offset by
on-going turnaround efforts, the growing Italian business and the
fundamental strength of the the Coral UK retail betting business.
Although the GBP172 million disposal of Gala Casinos was
insufficient to improve GCG's credit quality in FY13, Fitch
expects some future positive free cash flow (FCF) to provide
additional comfort.

Competitive Market for Coral
Coral's FY13 performance suffered from lower betting spending in
the UK and higher operating costs (divisional EBITDA down by 6.6%
on a like-for-like basis). Additionally, revenues of gaming
machines in betting shops have stagnated across the UK in 2Q-
3Q13, raising doubts about their ability to offset further
declines of horse betting income. However, Coral's over-the-
counter gross win margin remains strong compared with peers and
further improved to 17.9% in FY13.

Difficult Bingo Business
Following some encouraging results during FY11-FY12 in turning
around a declining trend of admissions and spending per head,
bingo resumed a trend of revenue and profit contraction in the
latter part of FY13. EBITDA was down by GBP13.2 million, i.e. by
34.4% against FY12. The chances of a sustainable stabilization
for this business remain uncertain despite some recent
improvements stemming from the implementation of a new price
strategy.

Costly Online Replatforming
Gala relaunched galacasino.com and galabingo.com in 2012, and
both have shown improvements in key performance indicators,
albeit from a low base. Conversely, the online sports offer
relaunch suffered some setbacks in 2013. Total EBITDA at FYE13
for online reduced to GBP25.3 million (-9% against FY12),
reversing the encouraging trend of FY12. Fitch expects some
improvements in profitability for FY14, as recent IT and
marketing investments pay off, but further upside in divisional
profits is constrained by the fact that in this business top-line
growth tends to require large marketing investments.

Leverage Improvements
Fitch estimates that due to lower capex and restructuring costs,
FY13 FCF of continuing operations turned positive (GBP13 million
to GBP15 million). The GBP172 million divestment of Gala Casinos
offset a poor trading performance, allowing stable net lease-
adjusted funds from operations- (FFO) based leverage (calculated
including property company debt) at 6.9x (7.0x). Fitch expects
FY14 FCF generation should lead to a moderate further net
leverage reduction.

PropCo Debt Maturity
GCG faces GBP338 million PropCo debt due in April 2014. While the
repayment or refinancing of this debt remains uncertain, a
potential default would not trigger a default of GCG's other debt
(OpCo level) and would not prejudice OpCo's ability to continue
to occupy those properties. Fitch therefore believes GCG OpCo has
little motivation to make up any shortfall on this instrument
when it matures and should PropCo not repay it.

Comfortable Liquidity
At FYE13 Gala had GBP216.3 million of unrestricted cash on its
balance sheet and GBP53.7 million available under the revolving
credit facility due October 2017 as GBP46.3 million is being used
for letters of credit. Excluding the PropCo loan, the next debt
maturity is the May 2018 senior secured facility.

Senior Secured Notes Downgrade
The downgrade of Gala Group Finance plc's senior secured notes to
'BB-' from 'BB' and their Recovery Rating to 'RR2' from 'RR1'
results from a deterioration of expected recoveries for these
notes in the event of default driven by the recent weaker
operational performance and Fitch's view of lower sustainable
profits in Fitch projections compared with previous expectations.

An improvement in the recovery prospects of these notes and a
consequent upgrade would be contingent on a reduction of GCG's
total senior debt rather than on improvements in EBITDA.

Rating Sensitivities:

Negative: Future developments that could lead to a downgrade
include:

   -- EBITDA failing to maintain a trajectory of moderate growth.
   -- FCF close to zero.
   -- Net lease adjusted FFO based leverage higher than 6.5x on a
      sustained basis.
   -- Gross lease adjusted FFO-based leverage remaining higher
      than 7.0x on a sustained basis.

Positive: Future developments that could lead to a revision of
the Outlook to Stable include:

   -- The expectation that the above leverage ratios improve to
      at least 0.5x lower than the threshold for a downgrade,
      i.e. gross lease adjusted FFO-based leverage at or below
      6.5x on a sustained basis


GEMINI ECLIPSE 2006-3: Fitch Affirms C Rating on GBP101.8MM Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed all classes of Gemini (Eclipse 2006-3)
plc's CMBS notes, due July 2019, as follows:

  GBP569.2m class A (XS0273575107): affirmed at 'CCsf'; Recovery
   Estimate (RE) RE25%

  GBP27.8m class B (XS0273576289): affirmed at '; RE0%

  GBP101.8m class C (XS0273576446): affirmed at'Csf''; RE0%

  GBP81.4m class D (XS0273576792) affirmed at 'Csf'; RE0%

  GBP70.2m class E (XS0273576958): affirmed at 'Csf'; RE0%

Key Rating Drivers:

The affirmation reflects the fairly stable performance of the
transaction over the past 12 months. While vacancy has increased
marginally to 18.7% from 17.9%, the portfolio's rental income has
been sufficient to cover debt service for two of the last three
interest payment dates (IPDs), since scheduled interest has
decreased after partial termination of its loan hedging. Despite
this, significant senior-ranking payment obligations remain
outstanding, with no recoveries expected for note classes below
the class A notes.

Over the last six months, five assets securing the loan have been
sold, for a combined price of GBP105.6 million. An average 6%
premium was achieved over a March 2013 valuation. While a portion
of sale proceeds (GBP10.2 million) was retained for capital
expenditure purposes, the remainder (after deductions for
expenses) was paid to the swap counterparty (as per a
restructuring agreement reached between the special servicer and
the swap provider in 2012) as partial termination of the senior
and junior loan hedging, both ranking senior to notes interest
and principal payments.

As a result, the onerous swap obligations have been reduced, with
the senior swap's notional amount cut to GBP477.7 million from
GBP850.4 million, and the junior swap amount to GBP53.8 million
from GBP97.4 million. This in turn has reduced the outstanding
swaps' mark-to-market, which at the October 2013 IPD was
estimated at a still significant GBP105.5 million and GBP5.6
million respectively. The senior swap obligations expire in 2026,
10 years after loan maturity. Any upward interest rate movement
will reduce, but is unlikely to wholly eliminate, the substantial
senior-ranking swap obligations.

While increasing only by GBP0.6 million over the last three IPDs
total liquidity drawdowns amounted to GBP30.9 million, and are
forecasted by the special servicer to rise to GBP59.7 million at
the loan's maturity in 2016 as leases expire and financing costs
potentially rise (the three month LIBOR forward rate is on a
rising trend) on the unhedged portion of the loan. While there is
some uncertainty within the transaction's documentation with
respect to how drawn liquidity will ultimately be repaid (either
through the issuer's revenue or principal waterfall), Fitch
believes that it will continue to be made available to make up
interest shortfalls.

On a like-for-like basis, the portfolio's value has fallen by 5%
over the last 12 months (the September 2013 valuation was
GBP298.2 million, implying a loan-to-value of 285%). While Fitch
believes this assessment to be conservative, for at least some of
the largest assets, the significant senior-ranking obligations
detailed above, which include GBP3.9 million class C, D and E
unpaid interest, will all contribute to the full write-down of
principal for all notes with the exception of the class A, which
itself will receive only limited recoveries.

Rating Sensitivities:

Fitch estimates notes recoveries of approximately GBP150 million.
Given the depressed collateral value and significant senior-
ranking obligations, the transaction's ratings are unlikely to
change materially.

Fitch will continue to monitor the workout process.


GERALD DAVID: Administrator Sells Some Butchers' Shops
------------------------------------------------------
Western Morning News reports that Gerald David and Family Ltd, a
family chain of butchers that went into administration, has had
some of their retail sites saved by insolvency firm Kirks.

Western Morning News quotes administrator David Kirk, of Kirk's
Insolvency in Exeter, as saying that: "Unfortunately, we had to
lay off 43 of the 58 staff and close five shops. The five shops
closed were Ivybridge, Taunton, Puxton, Dulverton and Minehead.
We also closed the abattoir."

According to the report, the shops that have now been sold to a
new owner are at Dart's Farm Shop at Topsham, Newton Abbot, in
Fermoys Garden Centre, and Cheddar. Fifteen jobs have been saved.

"We traded the business for a month and sought a buyer for those
three shops. We had a number of offers but eventually agreed a
sale that completed last month preserving the remaining jobs and
shops. We are pleased that out of a very negative situation at
least part of the business will carry on in the future," Mr.
Kirk, as cited by Western Morning News, said.

Gerald David and Family Ltd was founded in West Somerset in 1969
and had eight branches across Devon and Somerset, including one
in Dulverton and another in Taunton, which have also shut.

The company went into administration in October due to pressure
from creditors and suppliers who were owed money and had refused
to supply any more stock, according to Western Morning News.


IGLO: Asks Lenders to Relax Covenant Terms
------------------------------------------
Nathalie Thomas at The Telegraph reports that Iglo, the debt-
laden company behind Birds Eye frozen food, has asked its lenders
for extra breathing space as its new chief executive, Elio Leoni
Sceti, seeks to double sales by 2020.

According to The Telegraph, the group, which private equity owner
Permira failed to sell last year after offers fell short of the
EUR2.8 billion asking price, has asked its lenders to relax the
terms of one covenant to allow Mr. Sceti, the former boss of EMI
Music, to push through his revised strategy.

Mr. Sceti took the helm at Iglo in May, six months after the
frozen foods group underwent a controversial dividend
recapitalization, which saw Permira add an additional EUR250
million of debt to the company's balance sheet and take out more
than EUR300 million as a one-off payment, The Telegraph recounts.

The Telegraph relates that Birds Eye said on Sunday that it was
"considered sensible to seek an amendment to one covenant" to
give Mr. Sceti the "flexibility" to invest in the company's new
strategy.  Sources stressed the firm was not in any danger of a
covenant breach but sought to change the terms of a covenant
test, which was hinged on a certain debt to Ebitda ratio, The
Telegraph notes.

Following the refinancing in November 2012, Iglo's bank debt
stood at EUR1.84 billion compared to EUR1.6 billion at the end of
December 2011, The Telegraph relays.


MAGYAR TELECOM: U.S. Judge Recognizes UK Proceedings
----------------------------------------------------
Magyar Telecom B.V. disclosed that a second hearing took place
before Judge Lane of the US Bankruptcy Court at 11:00 a.m. (New
York time) on December 11, 2013 in respect of the petition under
Chapter 15 of the US Bankruptcy Code for recognition of the
Scheme as a foreign main proceeding and for related relief giving
full force and effect to the Scheme and related documents.

The Company disclosed that Judge Lane granted the Chapter 15
Order in the terms sought.

The grant of the Chapter 15 Order is a condition to the Scheme
becoming effective as set out in the explanatory statement dated
October 28, 2013 in relation to the Scheme.

                 Completion of the Restructuring

Following the grant of the Chapter 15 Order and the satisfaction
of all other Scheme Conditions, the Company intends the Effective
Date of the Restructuring to occur (December 12, 2013).  Note
Creditors who have submitted a valid Account Holder Letter to the
Information Agent should expect to receive their Restructuring
Consideration Entitlements and/or Cash Option Entitlement (as
applicable) on December 12, 2013.

Any questions relating to any Note Creditor's Scheme
Consideration Entitlement should be directed to the Information
Agent, whose details are set out below.

                         Coupon Payment

The coupon payment on the New Notes is due on December 15, 2013.
The Company intends to make the Coupon Payment on the first
following business day (December 16, 2013) assuming that the
listing of the New Notes on the Luxembourg Stock Exchange is
completed by that date.  The Company intends to complete the
Listing (December 12, 2013).  If, however, the Listing is not
completed by December 16, 2013 then the Company will make the
Coupon Payment as soon as the Listing is completed thereafter.

Contact Details

In case of any enquiries, please contact one of the advisers
below:

* Company Advisers:

         HOULIHAN LOKEY (EUROPE) LIMITED
         Chris Foley
         Tel: +44 20 7747 2717
         E-mail: cfoley@hl.com

         WHITE & CASE LLP
         Stephen Phillips
         Tel: +44 20 7532 1221
         E-mail: sphillips@whitecase.com

    * Information Agent

         Lucid Issuer Services Limited
         Sunjeeve Patel / Thomas Choquet
         Tel: +44 20 7704 0880
         E-mail: invitel@lucid-is.com

    * Noteholder Group Advisers

         MOELIS & COMPANY
         Charles Noel-Johnson
         Tel: +44 20 7634 3500
         E-mail: charles.noel-johnson@moelis.com

         ROHAN CHOUDHARY
         Tel: +44 20 7634 3660
         E-mail: rohan.choudhary@moelis.com

         BINGHAM MCCUTCHEN (LONDON) LLP
         Neil Devaney
         Tel: +44 20 7661 5430
         E-mail: neil.devaney@bingham.com

         James Terry
         Tel: +44 20 7661 5310
         E-mail: james.terry@bingham.com

                    About Magyar Telecom B.V.

Magyar Telecom B.V. is a private company with limited liability
incorporated in the Netherlands and registered at the Chamber of
Commerce (Kamer van Koophandel) for Amsterdam with number
33286951 and registered as an overseas company at Companies House
in the UK with UK establishment number BR016577 and its address
at 6 St Andrew Street, London EC4A 3AE, United Kingdom
(telephone: +44(0)207-832-8936, Fax: +44(0)207-832-8950).

Magyar Telecom BV, owner of Hungarian telecommunications provider
Invitel, commenced proceedings in the United Kingdom on Oct. 21,
2013, to carry out a scheme of arrangement to reduce debt.  Under
the scheme to be implemented through the High Court of Justice of
England and Wales,, EUR350 million (US$481 million) in 9.5%
secured notes will be reduced to EUR155 million.  The company has
the support of holders of 70% of the notes.

On Oct. 28, the U.K. judge authorized holding a creditors'
meeting on Nov. 27 to approve the scheme, Bloomberg News relates.

Magyar filed a petition in New York under Chapter 15 (Bankr.
S.D.N.Y. Case No. 13-bk-13508) on Oct. 29, 2013, to assist a
court in the U.K. in carrying out the scheme.


PENDRAGON PLC: Moody's Rates GBP175MM Sr. Secured Notes 'B2'
------------------------------------------------------------
Moody's Investors Service has assigned a definitive B2 rating
(with a loss given default (LGD) assessment of LGD3, 47.6%) to
the GBP175 million senior secured notes, issued by Pendragon PLC.
Pendragon's B2 corporate family rating (CFR), B2-PD probability
of default rating (PDR) and the stable outlook on all ratings
remain unchanged.

Moody's definitive rating assignment is in line with the
provisional ratings assigned on 24 April 2013, following review
of the final key terms of the GBP175 million notes, and the
GBP145 million revolving credit facility (unrated), which are
also in line with the drafts reviewed for the provisional ratings
assigned.

Ratings Rationale:

Pendragon's B2 senior secured instrument rating is in line with
the CFR, reflecting the lack of structural subordination and that
the notes are guaranteed by substantially all of Pendragon's
subsidiaries. Both the notes and the revolving credit facility
are pari passu in ranking and share the same security and
guarantee package. The guarantors initially accounted for at
least 80% of group gross assets and 90% of turnover and pre-tax
profits; gross asset coverage will increase to 90% by 31 December
2013 at the latest. The PDR of B2-PD reflects a group family
recovery rate assumption of 50%.

Pendragon's B2 CFR is constrained by (1) the cyclical nature of
new and used car sales (representing 56% of the company's gross
profit in fiscal 2012); (2) the linkage between new car sales and
the aftersales segment, the key profit generator for the company;
and (3) the company's principal focus on the UK market, which
leaves it exposed to economic conditions in the country, albeit
Moody's notes the modest recovery in the macroeconomic
environment during calendar 2013. In addition, Moody's estimates
that Pendragon's adjusted leverage will remain high at around
6.0x as at fiscal 2013 (to 31 December). However, these factors
are partially offset by the company's improved credit metrics
over the past three financial years, especially debt/EBITDA, as
well as its leading market position in the very fragmented UK
auto retailing market. In addition, the rating incorporates the
company's favorable brand mix, with its key premium and volume-
led brands (Stratstone and Evans Halshaw, respectively)
generating similar reported underlying operating profit in fiscal
2012. The rating is further supported by Pendragon's parts and
service offering (accounting for around 40% of group gross
profit), which is driven by the stability of the overall UK car
parc and the apparent stabilization in the 'less than three years
old' car segment, which is the company's core focus.

A significant portion of the company's reported financial
liabilities, as per its 2012 Annual Report, are to finance new
and used car stock (GBP409.2 million OEM finance (mainly new
cars) and GBP122.3 million third-party stock finance (mainly used
cars)). This was relative to core operational funding of GBP214.9
million of bank debt and GBP1.5 million of finance leases. The
stock finance is with a variety of third-party finance companies
and the OEM finance is with OEM's finance arms.

Rating Outlook:

The stable outlook on the ratings reflects Moody's belief that
Pendragon's favorable brand mix will continue to resonate with
consumers, and that the company will continue to prudently manage
its expenses, resulting in credit metrics that Moody's expects
will continue to improve over the next 12 months. This
expectation of improved credit metrics is driven by the current
attractive fundamentals of the new car sales market in the UK,
which is likely to support growth in the core aftersales segment
in the near term.

What Could Change the Rating Up/Down:

Although not expected in the short term, positive rating pressure
could result if Pendragon continues to improve its operating
performance and credit metrics, as well as maintain a balanced
financial policy. Quantitatively, Moody's could upgrade the
rating if adjusted debt/EBITDA was sustained below 5.5x and
adjusted EBIT/interest was sustained above 1.75x.

Conversely, negative rating pressure could arise if Pendragon's
liquidity or operating performance were to weaken, or if the
company were to undertake an aggressive financial policy such
that adjusted debt/EBITDA remained above 6.5x or if adjusted
EBIT/interest was maintained below 1.5x.

Pendragon PLC, headquartered in Nottingham, England, is the UK's
leading automotive retailer by revenues, according to the
company, with around 240 franchises, and posted revenues of
GBP3.6 billion in fiscal 2012.


RSA INSURANCE: Faces Questions Over Future & Credit Rating
----------------------------------------------------------
Harry Wilson at The Telegraph reports that RSA is facing mounting
questions over its future, including its credit rating, as
speculation grows about a sale or break up of the insurer.

According to The Telegraph, the struggling insurer will hold
talks this week with shareholders in the wake of the shock
discovery of a more than GBP200 million capital shortfall in its
Irish subsidiary, although a source close to the company denied
it had yet received any formal letters from investors calling for
its sale.  Analysts speculate that the insurer's capital
shortfall could reach GBP500 million, The Telegraph notes.

Simon Lee, RSA's chief executive, left with immediate effect on
Thursday after the insurer was forced to issue a third profit-
warning in less than two months, The Telegraph relays.

Pressure is growing on RSA to consider a break up of its business
as its shares ended at a 12-month low having lost nearly a
quarter of their value since the problems in its Irish unit were
discovered on Nov. 8, The Telegraph discloses.

PwC has been hired to investigate the shock losses in RSA's Irish
subsidiary that have so far led the company to transfer a total
of GBP205 million, including GBP135 million, to shore up the
unit's capital, The Telegraph relates.

Meanwhile, the company is scrambling to preserve its credit
rating, amid fears that a significant cut to ratings could lead
to brokers no longer recommending the company's financial
products, The Telegraph states.

According to The Telegraph, The Financial Times reported on
Thursday that Martin Scicluna, RSA's chairman, is holding urgent
talks with the rating agencies this week.  Standard & Poor's cut
RSA's rating to A from A+ last month, while Moody's has also
warned that it could face downgrades, The Telegraph relays.

The scandal has already resulted in the departure of Philip
Smith, the chief executive of RSA Insurance Ireland, and the
suspensions of Rory O'Connor, the business's chief financial
officer, and Peter Burke, the head of claims, The Telegraph
notes.

Under scrutiny will be how auditors failed to spot a black hole
in the Irish subsidiary's accounts, The Telegraph says.  Until
May, Deloitte was RSA's auditor before being replaced by KPMG,
The Telegraph states.

PwC, The Telegraph says, is due to publish its report early next
year, after which RSA and its regulators will have to decide on
what further action should be taken.

The insurer is also under pressure to come up with a new strategy
following the revelations, The Telegraph notes.  An update is
expected by its annual financial results in February, The
Telegraph states.

In the meantime, speculation is growing about a potential break
up or even a sale of the entire business, according to The
Telegraph.

RSA Insurance Group plc is a multinational general insurance
company headquartered in London, United Kingdom.  It has over 17
million customers in 140 countries across the World.



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


EUROPE: Agreement Reached on EU Bank Bailouts, Commissioner Says
----------------------------------------------------------------
BBC News reports that an agreement reached on dealing with bank
bailouts in the EU has been labelled a "big step" by a senior
official in Brussels.

According to BBC, EU Commissioner Michel Barnier said the deal
meant taxpayers were no longer on the "front line".

Under the new arrangements, each EU member state will build up a
fund to help banks in trouble, BBC discloses.

The fund will be built up from bank contributions, with banks
that take more risks paying more, BBC says.

It would move the risk away from small depositors and towards
shareholders and bond holders of the bank experiencing
difficulties, BBC notes.

Bank failures sparked crises in the Republic of Ireland, Spain
and Cyprus, BBC recounts.

Talks included all 28 EU member states, the European Parliament
and the European Council, BBC states.

The new approach will apply from 2016, BBC says.

In an official statement, Mr. Barnier, as cited by BBC, said:
"With these new rules in place, massive public bail-outs of banks
and their consequences for taxpayers will finally be a practice
of the past."

He said the talks would allow banks to "lend to the real
economy", by aiming to make them stronger.

Mr. Barnier said that the amount banks would have to contribute
depends on their attitude to risk, BBC notes.

The deal must still go through a final technical stage and it
needs official approval by the EU member states and parliament,
BBC states.

Ministerial talks will start again this week, and a final
agreement is hoped to be reached by the end of the month, BBC
relays.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                            *********

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

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

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

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


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *