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        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, February 18, 2014, Vol. 15, No. 34

                            Headlines

C Z E C H   R E P U B L I C

CENTRAL EUROPEAN MEDIA: S&P Puts 'B-' CCR on CreditWatch Negative


F I N L A N D

FIRST QUANTUM: Moody's Confirms Ba3 CFR; Outlook Negative


F R A N C E

SOLOCAL GROUP: Fitch Lowers Issuer Default Rating to 'C'


G E R M A N Y

DEPFA BANK: S&P Puts 'BB+' Sr. Debt Rating on CreditWatch Neg.
GRAND CITY: S&P Raises CCR to 'BB+' on Stronger Capital Structure


I R E L A N D

EIRCOM HOLDINGS: S&P Revises Outlook to Stable & Affirms 'B' CCR
NASH POINT: Moody's Upgrades Rating on EUR22.5MM Notes to Ba1


I T A L Y

BANCA CARIGE: Fitch Affirms 'BB' Long-Term Issuer Default Rating
BANCA POPULARE: Fitch Affirms 'BB+' LT Issuer Default Rating


K A Z A K H S T A N

KAZEXPORTASTYK: S&P Affirms Then Withdraws 'B' Corp Credit Rating


N E T H E R L A N D S

DALRADIAN EUROPEAN: Moody's Affirms B1 Rating on EUR16.9MM Notes
GOODYEAR DUNLOP: Fitch Affirms 'B+' Issuer Default Rating
PLAYA RESORTS: Moody's Rates US$50MM Proposed Add-On Notes Caa1


R U S S I A

ALROSA OJSC: S&P Puts 'BB-' Long-Term CCR on CreditWatch Negative


S P A I N

GAT ICO-FTVPO: Moody's Downgrades Rating on EUR2.3MM Notes to B1


U K R A I N E

* Fitch Lowers Long-Term IDRs on 13 Ukrainian Banks to 'CCC'
* Fitch Lowers Ratings on 3 Ukrainian Cities to 'CCC'


U N I T E D   K I N G D O M

ALL GINO: Closes Store, Cuts 150 Jobs
BAIRDS OF HAMILTON: In Liquidation, Cuts 35 Jobs
CABOT FINANCIAL: Moody's Downgrades Corporate Family Rating to B2
CO-OPERATIVE BANK: Parent Consults Public on Future
CORNERSTONE TITAN 2005-1: Fitch Cuts Class D Notes' Rating to Dsf

DRYDEN X - EURO: Moody's Affirms B1 Ratings on 2 Note Classes
EPIC PLC: Fitch Raises Rating on Class E Securities to 'BBsf'
KETLING LIMITED: Goes Into Liquidation
RSA INSURANCE: Hester Mulls GBP350 Million Share Placing
SHIMLA PINKS: In Administration, Has Been Sold in Pre-Pack Deal

SWINBURNE AND JACKSON: In Administration, Cuts 50 Jobs
TMO RENEWABLES: Administrators Hope to Strike Rescue Deal


X X X X X X X X

* EUROPE: OECD Fails to Account Weak Banking System in Forecasts

* Large Companies with Insolvent Balance Sheets


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C Z E C H   R E P U B L I C
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CENTRAL EUROPEAN MEDIA: S&P Puts 'B-' CCR on CreditWatch Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it had placed on
CreditWatch with negative implications its 'B-' long-term
corporate credit rating on Bermuda-registered TV broadcaster
Central European Media Enterprises Ltd. (CME).

S&P also placed on CreditWatch negative its 'B-' issue ratings on
the EUR240 million senior secured notes due 2017 issued by CME's
subsidiary CET 21 spol.s.r.o. (CET21) and the 'CCC+' issue rating
on the EUR273 million notes due 2016 issued by CME.

The CreditWatch placement reflects the high risk of a liquidity
shortfall over the coming months.  This is coupled with low
visibility on the outcome of different options the company is
exploring to find new capital required to restore its fragile
liquidity position.

Following disappointing results in the first nine months of 2013,
the company revised its expectations of cash burn for the year to
US$140 million.  As a result, cash on the balance sheet will
likely amount to only US$60 million for the end of 2013, compared
with S&P's previous expectation of US$110 million.  In S&P's view,
this level might not be sufficient to fund the company's ongoing
operating needs, such as working capital requirements and capital
expenditures over the next few months.

S&P is also aware that the company is currently looking at several
options to raise new capital, including private or public debt,
equity financing, and asset sales.  In this respect, the company
is in discussion with Time Warner regarding a possible capital
transaction to improve its liquidity position.  S&P expects CME to
discuss a more precise plan for potential inflows of capital after
the full-year results are announced.  However, any delay in
delivering a solution to address its weak liquidity position would
trigger a downgrade of CME to the 'CCC' category.

S&P views CME's liquidity as "weak," under its criteria.  Despite
CME not facing any debt maturities before November 2015, S&P
believes that the company's liquidity might be insufficient to
cope with ongoing operating needs over the next six months without
any injections of new capital.

S&P aims to resolve the CreditWatch on CME after the release of
its full-year 2013 results, which S&P expects will happen in a few
weeks' time.  S&P could lower the ratings on CME to the 'CCC'
category if the company failed to announce actions that would
allow it to quickly restore its liquidity position to what S&P
considers adequate.  A negative rating action is also likely if
such actions contemplate any debt restructuring measures that S&P
deems tantamount to a default under our criteria.



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F I N L A N D
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FIRST QUANTUM: Moody's Confirms Ba3 CFR; Outlook Negative
---------------------------------------------------------
Moody's Investors Service has confirmed the Ba3 corporate family
rating (CFR) and the Ba3-PD probability of default rating of First
Quantum Minerals Ltd (FQM). Concurrently, Moody's has upgraded the
rating on the existing FQM notes due in 2019 to B1 and has
assigned a B1 rating to the new notes which have been issued by
FQM in exchange of the former Inmet Mining Corporation (now FQM
Akubra Inc.) notes pursuant to the terms of the exchange offer and
consent solicitation commenced by the issuer on  January 27, 2014
(the Exchange Offer). Furthermore, Moody's has confirmed the B1
rating on the FQM Akubra notes, but intends to withdraw such
rating shortly after confirmation that the notes have been
exchanged and the terms of any residual FQM Akubra note have been
amended as proposed under the Exchange Offer. The outlook on all
ratings is negative.

These rating actions follow the recent announcements made by the
company with respect to the progress of the Exchange Offer and
concurrent consent solicitation on FQM notes, which on
February 7, 2014 reached the majority consents required to be
successfully completed. Moody's understands that the completion of
the Exchange Offer removes the uncertainty caused by the notice of
default issued on the indentures of the FQM Akubra notes.

These actions conclude the review of FQM's ratings initiated by
Moody's on December 3, 2013.

Ratings Rationale

The confirmation of the Ba3 CFR takes into account the successful
outcome of the Exchange Offer and of the parallel consent
solicitation on FQM notes, which are important milestones for the
company's plan to rationalize its capital structure. Moody's
understands that the majority bondholders' consent achieved on the
Exchange Offer will entirely remove past claims and the litigation
risk that arose with a number of former Inmet bondholders. The
rating agency considers such developments as sufficient to address
the main concerns which last December led Moody's to place all
ratings under review for downgrade. The main concern was the risk
of a legal dispute potentially affecting FQM's liquidity position
by reducing the company's ability to raise further funding to
pursue its substantial capital expenditure (capex) plan in Zambia
and Panama.

Despite recent credit positive developments, the Ba3 rating
remains constrained by the company's (1) significant concentration
risk in terms of geography (Zambia, B1 stable), commodity (copper,
although gold by-products and nickel provide modest
diversification) and a limited number of large operating mines;
and (2) Moody's view that the company remains highly exposed to
execution and country risk, as a result of its large capex plan
for strategic mining projects currently under development in
Zambia, and to the risk that any major possible delay at these
projects -- and particularly at the new smelter it is building --
could lead to material operational and financial underperformance,
as well as liquidity pressure.

However the rating recognizes as positive the (1) enlarged size of
the company, following the smooth integration during 2013 of
Inmet's three low cost copper mines in the more stable EMEA region
(Spain, Turkey, Finland) where FQM was only marginally present
before; and (2) progress being made in the development of the
Cobre Panama copper deposit, which has been transformed from a
completely externally outsourced project into an in-house project
which FQM's management can better control. Moody's believes that
the financial and business profile of FQM will improve
significantly once Cobre Panama is complete, by adding a large
low-cost copper mine in a more stable jurisdiction like Panama
(Baa2 stable), which would then start counterbalancing FQM's
historically high exposure to Zambia.

Rationale For The Negative Outlook

The negative outlook reflects Moody's concern that FQM's credit
metrics may deteriorate in the next 12 months towards levels not
commensurate with our guidance for the current rating, as the
rating agency anticipates that the company will need to draw more
debt under its available bank facilities in order to progress on
its ambitious capex plan. The negative outlook also takes into
account the possibility that the company's liquidity may weaken
not only due to increasing future capex commitments but also
increasing working capital requirements associated with the
commissioning phase of the main projects due to come on-stream in
the next 12 months.

What Could Drive The Rating Up/Down

Moody's currently considers positive rating actions to be unlikely
in the near future. However, a stabilization of the outlook could
result if FQM performs according to its plan and is able to
complete its key projects in Zambia in 2014 without delays or main
cost overruns, while preserving credit metrics commensurate with
the current rating, including a leverage ratio, on a Moody's-
adjusted basis, not exceeding 3x. Positive pressure could build
over time if the group were able to successfully execute its
ambitious growth strategy, which would result in a stronger
business profile supported by wider operational and geographic
diversification, stronger credit metrics, including a debt/EBITDA
ratio sustainably below 2.0x, as well as a strong liquidity
position.

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

Structural Considerations

The one notch increase on the existing FQM 2019 notes to B1
anticipates the better position achieved by these notes in the
capital structure following the finalization of the Exchange
Offer, which will lead to a simpler and more rational capital
structure where all the notes rank pari-passu on a senior
unsecured basis at the same holding entity level, FQM, and benefit
from a broader senior unsecured guarantor coverage compared with
the current status. In particular, FQM's notes, which used to be
guaranteed, on a senior subordinated basis, by the two
subsidiaries managing the Kevitsa and Ravensthorpe nickel mines
(which together account for less than 10% of FQM's consolidated
EBITDA), will start to be guaranteed on a senior basis by a number
of operating subsidiaries (excluding Kansanshi and Cobre Panama)
which account for 44% of FQM's consolidated EBITDA in aggregate.
The one notch differential to the CFR of the FQM 2019 notes and of
the new FQM notes resulting from the Exchange Offer reflects the
fact that priority debt obligations still exist at some levels
within the capital structure.

Principal Methodology

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

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



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F R A N C E
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SOLOCAL GROUP: Fitch Lowers Issuer Default Rating to 'C'
--------------------------------------------------------
Fitch Ratings has downgraded Solocal Group's Long-term Issuer
Default Rating (IDR) to 'C' from 'B-'. The Outlook was previously
Negative. Fitch has also downgraded PagesJaunes Finance & Co
S.C.A's senior secured notes rating to 'CCC-' from 'B+'.
The downgrades follow Solocal's announcement that if required, the
issuer intends to use a 'conciliation' and potentially a
'sauvegarde financiere acceleree' (SFA), both considered as French
court interventions, to implement its refinancing. The SFA would
only be used if Solocal were to get between two-thirds and an
insufficient 90% of the consent required from term loan lenders to
amend and extend the maturity of its EUR1.3 billion term loan
debt.

According to Fitch's 'Distressed Debt Exchange' criteria dated
August 2, 2013, a distressed debt exchange (DDE) includes a
material change in terms, conducted in order to avoid intervention
proceedings, which the SFA or conciliation would be.

Fitch considers Solocal's proposed EUR361 million rights issue and
the EUR79 million reserved capital increase, together with the
extension of the term loan maturities to 2018 as credit positive,
each being conditional upon the other. However, the intention to
use conciliation and/or the SFA route, which may lead to the cram-
down of non-voting debt holders, is considered by Fitch to be a
DDE. Furthermore, in the agency's view, failure to agree to the
proposed structure changes would also restrict the group's ability
to refinance its debt when maturities come due in September 2015.

Execution of a DDE typically results in the group's IDR being
downgraded to 'Restricted Default' ('RD'). Shortly after the DDE
is completed, the IDR will be re-rated and typically raised to a
performing level.

KEY RATING DRIVERS

Continued EBITDA Attrition
In February 2014, Solocal announced a reduction of its gross
operating margin (GOM, EBITDA before staff profit sharing, which
is Solocal's proxy for EBITDA) for 2013 by 8.7% to EUR424.3
million with an expected further reduction in 2014 to EUR355
million-EUR375 million. Consequently, Solocal is likely to
approach the time when it must refinance its large 2015 maturities
without demonstrating that it has successfully stabilized its core
business.

Slowing Internet Revenue Growth
Solocal's internet revenue growth was 1.6% in 2013, with more
aggressive competition from traditional media as well as other
digital media impacting the company's growth. While cyclical
factors are likely to be affecting the company's online revenue
growth, Fitch is concerned that part of this decline may be
structural, reflecting changes in the French advertising market.

Continued Digital Transition
Although Fitch recognizes management's ability to manage the
reduction in print revenues and the growth in internet revenues in
a more successful way than peers across Europe, with internet
revenues representing 63% of 2013 total revenues and expected to
grow to 75% of total revenues by 2015, the transition to a digital
business is still in progress.

Strong Brand Name
Fitch recognizes the strength of the PagesJaunes brand and the
company's presence in the online segment. This could allow Solocal
to stabilize cash flows. However, Fitch does not have visibility
on when this could occur.

Positive Cash Flow Generation
Fitch believes that despite the challenges that Solocal faces in
its continued transition towards a digital media company, it will
still generate positive cash flows and meet its debt service
requirements until the significant bullet debt repayments that are
due in 2015. However, failure to reach agreement on Solocal's
current proposals would mean it is unlikely that the company would
be able to successfully refinance its current debt in 2015.

RATING SENSITIVITIES

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

-- Execution of the DDE.

Positive: Future developments that could lead to positive rating
actions include (after DDE completed):

-- Progress in refinancing Solocal's 2015 maturities.
-- Stabilization of Solocal's GOM and cash flow generation.
-- Other factors include sustained internet revenue growth and
    no significant erosion in EBITDA margin.



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G E R M A N Y
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DEPFA BANK: S&P Puts 'BB+' Sr. Debt Rating on CreditWatch Neg.
--------------------------------------------------------------
Standard & Poor's Ratings Services said it had placed its 'BBB'
long-term and 'A-2' short-term counterparty credit ratings on
Ireland-based, Germany-owned Depfa Bank PLC on CreditWatch with
negative implications.

S&P also placed its 'BBB/A-2' long- and short-term counterparty
credit ratings on Depfa's core subsidiaries Depfa ACS Bank, Hypo
Pfandbrief Bank International S.A., and Hypo Public Finance Bank
on CreditWatch with negative implications.

At the same time, S&P placed its 'BB+' issue ratings on the bank's
non-deferrable senior subordinated debt on CreditWatch with
negative implications and affirmed the issue ratings on the bank's
preferred stock ratings at 'D'.

The CreditWatch placement follows the submission of bids from
interested parties to acquire Depfa. Bids were submitted by
Jan. 28, 2014.  S&P believes that the submission of the bids
increases the likelihood of a sale within the next three months.
Hypo Real Estate Holding AG started the sale process of Depfa, its
wholly owned subsidiary, on Aug. 26, 2013.

The CreditWatch negative reflects S&P's expectation that the new
owner's ability to provide support is unlikely to match that of
the current owner, the Republic of Germany.  This may lead to a
multiple-notch downgrade because S&P could remove the uplift for
its expectation of extraordinary government support and implicit
ongoing government support from the bank's stand-alone credit
profile.

Although Depfa is based in Ireland, it is supported by the German
government, which S&P believes is more relevant than the Irish
government for the bank's creditworthiness.  S&P expects the
German government to support an orderly rundown of Depfa's
operations as long as it remains the owner, but S&P will unlikely
expect as much support if the bank is sold.  As such, S&P might
remove one notch of uplift above the bank's stand-alone credit
profile for expected extraordinary government support.

After the sale, S&P might also review the benefits resulting from
the state ownership, which it incorporates in its assessment of
Depfa's business position, capital, risk, funding, and liquidity.
Thus, S&P could reduce the stand-alone credit profile by one or
more additional notches.

The CreditWatch negative reflects S&P's opinion that the
submission of the bids to acquire Depfa increases the likelihood
of a sale within the next three months.

S&P would likely downgrade the bank if the new owner demonstrates
a weaker credit profile and supportiveness than the current state
owner, leading to the removal of one notch of uplift for expected
extraordinary government support.  In addition, S&P would review
the extent of implicit benefits due to state ownership and
commitment within our stand-alone analysis of the bank.

S&P expects to resolve the CreditWatch over the next three months
or once there is clarity on the future ownership and on the new
owner's commitment and strategy concerning the Depfa group.

S&P could also expect to resolve the CreditWatch if the current
owner decides not to proceed with the sale and initiates an
orderly wind-down, which was S&P's base-case assumption until the
offers to acquire Depfa were received.


GRAND CITY: S&P Raises CCR to 'BB+' on Stronger Capital Structure
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised to 'BB+'
from 'BB' its long-term corporate credit rating on German
residential property company Grand City Properties S.A. (GCP).
The outlook is stable.

At the same time, S&P assigned a 'BB+' issue rating to GCP's
proposed convertible bonds of at least EUR100 million due 2019.
The recovery rating on these bonds is '3', indicating S&P's
expectation of "meaningful" (50%-70%) recovery in the event of a
payment default.

In addition, S&P is raising its issue rating on GCP's
EUR200 million bonds due 2020 to 'BB+' from 'BB'.  The recovery
rating on these bonds is unchanged at '3'.

The upgrade reflects S&P's view that GCP's EUR175 million capital
increase in December 2013 will improve the company's credit
metrics in 2014-2015.  In addition, S&P understands that
management is committed to maintaining debt leverage at current
levels.  S&P is therefore revising its assessment of GCP's
financial risk profile upward to "intermediate" from significant."

After the recent equity raise, the capital structure appears well-
capitalized, with an equity ratio of about 50% and a reported
loan-to-value (LTV) ratio of less than 50%.  S&P also notes that
the unencumbered asset base has increased to more than 30% of the
total portfolio, and S&P projects it will increase further in
2014.

S&P understands that management is committed to maintaining a
large, stable, recurring cash flow base from the rental income
stream and limited asset disposals.  S&P also understands that
management is committed to maintaining debt leverage at about 50%
LTV through the combined use of equity and debt to finance new
acquisitions.

Overall, S&P believes that GCP's credit metrics will become
commensurate with an "intermediate" financial risk profile in
2014, and stabilize at that level thereafter.  In view of the
currently favorable equity and debt capital markets, S&P believes
that management has the means to undertake acquisitions without
releveraging the capital structure.  Should market conditions
weaken, S&P also understands that the company will focus solely on
improving its internal cash flow.

In S&P's opinion, GCP's recurring cash flow and debt leverage
should remain steady in 2014.  Under S&P's base-case scenario for
2014, it forecasts positive like-for-like rental income growth of
about 6%, based on an increase in average rents and a stable
occupancy rate.  Higher rents should occur mainly thanks to solid
demand for GCP's apartments in most locations.  Rating stability
depends on the company maintaining a fixed-charge coverage ratio
of more than 2.1x and a debt-to-capital ratio of up to 50%.

Upside Scenario

S&P believes that an upgrade is contingent on GCP's property
portfolio maturing, with lower vacancy rates and more predictable
rent growth.  An upgrade is also contingent on S&P's upward
revision of GCP's management and governance score to
"satisfactory" from "fair," as the company increases the number of
managers and thereby reduces its dependence on key executives.

In terms of financial metrics, an upgrade depends on GCP's ability
to maintain a fixed-charge coverage ratio of more than 2.1x and
debt to debt plus equity of about 50% at all times.  S&P will
monitor the financing of future acquisitions and the company's
ability to access equity and debt capital markets.

Downside Scenario

S&P would lower the rating if GCP alters its current policy to
accommodate higher leverage through large debt-financed
acquisitions, or if it increases its asset rotation, which would
reduce the stability of cash flows.  S&P could also lower the
rating if GCP's fixed-charge coverage ratio decreases to less than
2x and its debt-to-capital ratio increases to more than 50% on a
sustained basis.  This would most likely occur if the company
started acquiring large portfolios of properties that required
more extensive renovation than the assets it has acquired in the
past.



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I R E L A N D
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EIRCOM HOLDINGS: S&P Revises Outlook to Stable & Affirms 'B' CCR
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on Ireland-based telecommunications group eircom Holdings
(Ireland) Ltd. to stable from negative.  At the same time, S&P
affirmed its 'B' long-term corporate credit rating on eircom, as
well as the 'B' issue rating and '3' recovery rating on the
company's senior secured debt (comprising the term loan B and
senior secured notes).

"The outlook revision reflects the improvements that we expect in
eircom's free operating cash flow (FOCF) and EBITDA margin.
Although we anticipate negative FOCF for the year ending
June 2014 (as we consider the cash impact of the "voluntary
leaving plan" [VLP] as operating cash costs in our cash flow
calculation), we expect it to become positive by June 2015, thanks
to the effects of eircom's recent investments (including a
countrywide fiber broadband roll-out and the launch of 4G and
Internet Protocol television [IPTV] services) and cost-cutting
program.  We think that the upgrade of the company's
infrastructure will help to stabilize its fixed-line market share,
as eircom is now able to compete directly on fixed triple-play
bundles (voice, broadband, and IPTV) and is the first player in
the Irish market to offer quadruple-play bundles (triple-play plus
mobile).  While quadruple play bundles have tended to erode mobile
pricing in many European markets, they have also helped stabilize
the market share and reduce the subscriber turnover (and therefore
subscriber acquisition costs) for the strongest fixed-line
operators, including eircom," S&P said.

"We anticipate that the cost-cutting plan, which is well on track,
will contribute to a significant improvement of eircom's adjusted
EBITDA margin (excluding the cash cost of the VLP).  We now expect
a margin of over 40% for June 2014 to June 2015, instead of 36%-
37% as we expected previously.  The stabilization of the revenue
base, combined with improved profitability and a decrease in
capital expenditure (capex) following two years of massive
investments, should lead to relatively good cash generation in
June 2015 and thereafter," S&P added.

S&P expects that eircom's revenue and cash position will be at
their lowest in June 2014.  At that time, S&P anticipates that the
company will have EUR200 million in cash, down a third from
EUR320 million a year before.  S&P forecasts eircom to return to
positive cash generation in June 2015, however, underpinned by the
stabilized revenues, a lower cost base, and a reduction of capex.
S&P thinks an improving economic backdrop in Ireland, including
somewhat lower unemployment and a return to positive nominal GDP
growth of about 2% in 2014, will combine with eircom's own
initiatives to materially slow the company's revenue decline.

Eircom recently announced that it is seeking to alter the terms of
its senior secured term loan in order to improve its debt maturity
profile and operating flexibility (which is relatively constrained
by the current legal documentation) through an "amend and extend"
(A&E) process.  This currently has no specific impact on the
rating or outlook.  S&P anticipates that the process will have a
relatively weak negative effect on cash flow generation and the
EBITDA-to-cash-interest ratio because of the increase in the cash
interest margin (which is likely to be 100 or 150 basis points).
However, the payment-in-kind (PIK) component will be withdrawn,
and we understand that the A&E will give eircom more flexibility
on its capex investments and overall operations.

"The "fair" business risk profile assessment reflects our view of
eircom's leading positions in the Irish fixed-line telephony and
broadband markets, which leads to solid fixed-line margins, and a
meaningful presence in the mobile telephony and broadband markets.
The group's business risk profile is also supported by its
demonstrated ability to steadily trim its cost base.  These
strengths are offset by the ongoing weak profitability of its
mobile division Meteor, which competes with the local divisions of
the much larger and financially stronger Vodafone, Telefonica
(O2), and Hutchison Whampoa (3); continued slight decline in
mobile and fixed-line broadband average revenue per user; fierce
and still-increasing competition; and the uncertain timing and
extent of commercial benefits from the recent investments.
Although we think the planned merger of O2 and 3, if approved,
could gradually shift competition away from price and more toward
network and service quality, we expect that Meteor will remain a
distant third in the small Irish wireless market for some time,
which will likely limit its scale benefits and keep its margins at
subpar levels," S&P said.

"We continue to assess eircom's financial risk profile as "highly
leveraged."  This primarily reflects the relatively high Standard
& Poor's-adjusted leverage of about 6x, with relatively slow
deleveraging, and continued negative generation of FOCF.  Eircom
will continue to benefit from a long-term debt maturity profile,
with limited debt repayment in the short term (no amortization
schedule exists under the term loan, which could even be extended
through the A&E process), and comfortable headroom under its
various covenants.  While the A&E will somewhat increase eircom's
cash interest costs, we still expect a pro forma EBITDA-to-cash-
interest ratio comfortably above 4.0x, higher than most similarly
rated peers," S&P noted.

S&P's base case assumes:

   -- A decrease of 6.5% in revenue in June 2014 compared with
      June 2013 (4.6% excluding the sale of Phonewatch) and flat
      revenue thereafter.

   -- Its forecasts are below its current expectation of about 2%
      nominal GDP growth in Ireland in 2014, underpinning the
      fierce competition in the country and eircom's continued
      fixed-line access losses.

   -- EBITDA margin improvement to over 40% by June 2014, before
      voluntary leave costs, thanks to the first impact of the
      cost-cutting plan, slightly offset by the increase in new
      customer acquisition costs realized in the second half of
      the year.

   -- Higher cash interest following the A&E, partly offset by a
      reduction in PIK interest, and therefore a modest reduction
      in adjusted debt.

   -- Further substantial investments up to June 2014, after
      which capex will reduce.

Based on these assumptions, S&P arrives at the following credit
measures:

   -- Adjusted debt to EBITDA of about 6.0x.  S&P adjusts
      reported debt figures for operating leases and
      post-retirement obligations.

   -- Negative adjusted FOCF to debt in June 2014, returning to
      positive in June 2015.

   -- Adjusted EBITDA to cash interest comfortably above 4x.

The stable outlook reflects S&P's view that eircom's revenues and
cash balances will be at their lowest in June 2014 and that
margins will improve over the next two years.  Thereafter, S&P
anticipates that the company will return to positive cash
generation leading to an increase in cash from a low of
EUR200 million.  The stable outlook also incorporates S&P's
expectation that the company will remain highly leveraged over the
next two years with a relatively slow deleveraging profile.

S&P considers that it is unlikely to raise the rating in the
medium term.  However, S&P could consider an upgrade if adjusted
leverage falls below 5x on a sustainable basis, combined with
FOCF-to-debt in the mid-single digits.  In addition, an upgrade
would likely require stability in the company's overall market
share (fixed-line and mobile) and an improvement of the mobile
division's EBITDA margin, from mid-single digits to closer to 15%.

S&P could consider lowering the rating if the group's "adequate"
liquidity profile was impaired by continued significantly negative
FOCF generation or if the company continued to burn cash, leading
to a cash position below EUR200 million.  Such a scenario would
likely follow weakening revenues and EBITDA as a result of
increasingly aggressive behavior by eircom's principal
competitors, particularly in the retail fixed-line broadband and
mobile businesses.


NASH POINT: Moody's Upgrades Rating on EUR22.5MM Notes to Ba1
-------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the
following notes issued by Nash Point CLO:

EUR35M Class C Senior Secured Deferrable Floating Rate Notes due
2022, Upgraded to Aa2 (sf); previously on Nov 14, 2013 Upgraded to
A1 (sf) and Placed Under Review for Possible Upgrade

EUR17.5M Class D Senior Secured Deferrable Floating Rate Notes
due 2022, Upgraded to A3 (sf); previously on Nov 14, 2013 Baa2
(sf) Placed Under Review for Possible Upgrade

EUR22.5M Class E Senior Secured Deferrable Floating Rate Notes
due 2022, Upgraded to Ba1 (sf); previously on Jan 25, 2013
Upgraded to Ba2 (sf)

Moody's has also affirmed the ratings on the following notes
issued by Nash Point CLO:

EUR428.5M (currently EUR 212,338,959.83 outstanding) Class A
Senior Secured Floating Rate Notes due 2022, Affirmed Aaa (sf);
previously on Jan 25, 2013 Affirmed Aaa (sf)

EUR35M Class B Senior Secured Floating Rate Notes due 2022,
Affirmed Aaa (sf); previously on Nov 14, 2013 Upgraded to Aaa (sf)

Nash Point CLO, issued in July 2006, is a collateralized loan
obligation (CLO) backed by a portfolio of mostly high-yield senior
secured European and US loans. The portfolio is managed by Sankaty
Advisors, LLC. The transaction's reinvestment period ended in July
2012.

Ratings Rationale

The rating actions on the notes are primarily a result of the
significant deleveraging of the Class A notes during 2013 and the
subsequent improvement in over-collateralization ratios. Moody's
had previously upgraded the ratings on November 14, 2013 of Class
B from Aa1 (sf) to Aaa (sf) and Class C from A2 (sf) to A1 (sf),
which was left on review for upgrade, and placed the Baa2 (sf)
rating of Class D on review for upgrade due to significant loan
prepayments. The actions conclude the rating review of the
transaction.

The Class A notes have paid down by approximately EUR72.1 million
(16.8% of the initial balance) on the last payment date in January
2014 and EUR216.2 million (50.5.%) since the rating action in
January 2013 where the notes were still fully outstanding. As a
result of the deleveraging, over-collateralization has increased.
As of the trustee's January 2014 report, the Class A/B, C, D and E
had over-collateralization ratios of 141.3%, 127.4%, 121.4% and
114.5% respectively, compared with 129.2%, 120.2%, 116.1% and
111.2%,respectively, in the January 2013 action (based on the
December 2012 report). The reported weighted average rating factor
("WARF") and weighted average spread ("WAS") have been stable
while diversity score has decreased from 55 to 41.

The key model inputs Moody's uses in its analysis, such as par,
WARF, diversity score and the weighted average recovery rate, are
based on its published methodology and could differ from the
trustee's reported numbers. In its base case, Moody's analyzed the
underlying collateral pool as having a performing par and
principal proceeds balance of EUR360.7 million, defaulted par of
EUR13.2 million, a weighted average default probability of 19.1%
(consistent with a WARF of 2839), a weighted average recovery rate
upon default of 48.0% for a Aaa liability target rating, a
diversity score of 41 and a WAS of 3.7%.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate 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 a recovery of 50% of the 94.6% of the portfolio
exposed to first-lien senior secured corporate assets upon default
and of 15% of the remaining non-first-lien loan corporate assets
upon default. In each case, historical and market performance and
a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analyzing.

Methodology Underlying the Rating Action:

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

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

In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it assumed lower credit quality in the portfolio to
address refinancing risk. Loans to European corporates rated B3 or
lower and maturing between 2014 and 2015 make up approximately
6.0% of the portfolio, which could make refinancing difficult.
Moody's ran a model in which it raised the base case WARF to 2938
by forcing ratings on 50% of the refinancing exposures to Ca; the
model generated outputs that were within one notch of the base-
case results.

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
note, in light of 1) uncertainty about credit conditions in the
general economy and 2) the concentration of lowly- rated debt
maturing between 2014 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 the legal
interpretation of CDO documentation by different transactional
parties due to because of embedded ambiguities.

Additional uncertainty about performance is due to the following:

1. Portfolio amortization: The main source of uncertainty in this
transaction is the pace of amortization of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortization could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortization would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

2. Around 22% of the collateral pool consists of debt obligations
whose credit quality Moody's has assessed by using credit
estimates.

3. Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's over-
collateralization levels. Further, the timing of recoveries and
the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analyzed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market
prices. Recoveries higher than Moody's expectations would have a
positive impact on the notes' ratings.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
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, can influence the final rating decision.



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


BANCA CARIGE: Fitch Affirms 'BB' Long-Term Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has affirmed Banca Carige's (Carige) and Banca
Popolare di Milano's Long-term Issuer Default Ratings (IDRs) at
'BB' and 'BB+', respectively, with Negative Outlooks. It has also
maintained Carige's and BPM's Viability Ratings (VR) on Rating
Watch Negative (RWN).

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

Both banks' Long-term IDRs are at their Support Rating Floors
(SRF) and both reflect potential support from the Italian
authorities.

Carige's Support Rating (SR) and SRF reflect Fitch's view that
there is a moderate probability that the authorities would provide
support to Carige if required because of its franchise in its home
region of Liguria and its relatively large customer funding base.

Similarly, BPM's SR and SRF reflect Fitch's view that there is a
moderate probability that the authorities would provide support to
BPM if required because of BPM's strong franchise in its home
region of Lombardy and its relatively large customer funding base.

The Negative Outlooks on BPM's and Carige's Long-term IDRs are in
line with the Outlook on Italy's 'BBB+' Long-term IDR.

RATING SENSITIVITIES - IDRs, SUPPORT RATING, SUPPORT RATING FLOOR
AND SENIOR DEBT

Carige's and BPM's Long-term IDR, SR, SRF and senior debt ratings
are sensitive to a change in Fitch's assumptions about the
propensity or ability of the Italian authorities to provide timely
support to the banks.

The Italian state's ability to provide such support is dependent
upon its creditworthiness, reflected in its Long-term IDR. A
downgrade of Italy's sovereign rating would reflect a weakened
ability of the state to provide support and therefore likely
result in the downward revision of Carige's and BPM's SRFs.

Carige's and BPM's SRs and SRFs are also sensitive to changes in
Fitch's assumptions around the propensity of support, in light of
the weakening of legal, regulatory, political and economic
dynamics about potential future sovereign support for senior
creditors of banks across jurisdictions, as indicated in "The
Evolving Dynamics of Support for Banks" and "Bank Support: Likely
Rating Paths", both dated September 11, 2013 at
www.fitchratings.com.

Any downward revision of Carige's and BPM's SRF would lead to a
downgrade of the banks' Long-term IDRs. In line with Fitch's
criteria, the banks' Long-term IDRs are the higher of their
respective VR or SRF.

KEY RATING DRIVERS - VRs

Carige's 'b-' VR reflects its weak capitalization combined with a
significant deterioration in asset quality and operating
performance. The VR has been maintained on RWN because the
EUR800 million capital strengthening plan announced in early 2013
and originally planned to be completed by end-2013, which included
significant asset disposals, has been only partially implemented
to date.

In January 2014 Carige sold its asset management subsidiary for
EUR101 million, with a gain of EUR93 million and a positive impact
of about 40 bp on the bank's core Tier 1 ratio, while the disposal
of the two insurance subsidiaries, which was key to the execution
of the capital strengthening plan, remains undefined. As a result,
the bank will issue new shares to improve its capitalisation. The
new share issue will likely be launched in 2Q14. Carige's Board of
Directors is authorized to issue new shares equivalent to a
maximum of EUR800 million. The bank's largest shareholder, a
banking foundation, has only limited financial strength and its
share will likely be diluted.

Carige's Fitch core capital (FCC) ratio was a low 6.2% at end-9M13
and likely fell below 6% at end-2013 as Fitch expects Carige to
report a significant operating loss for 4Q13. The regulatory core
Tier 1 ratio at end-9M13 stood at 5.8%, well below the 8% Basel
III CET1 ratio set by the European Central Bank as the minimum
ratio for its asset quality review. Some benefit to capital ratios
will come from the sale of its asset management subsidiary and
lower capital deductions from the conversion of deferred tax
assets into tax credits. Capitalisation is weak relative to the
bank's high level of unreserved impaired loans, which account for
more than 200% of FCC.

Carige's asset quality has deteriorated sharply and is weak. The
bank's gross impaired loans/total loans ratio reached 16.2% at
end- 9M13, up from 9.5% at end-3M13, and coverage of impaired
loans is low at 37%. Reported impaired loans and LICs likely rose
further in 4Q13 and Fitch expects end-2013 asset quality ratios to
have deteriorated further compared with 9M13.

Carige's profitability is structurally weak, burdened by loan
impairment charges, the performance of the insurance subsidiaries
and declining net interest income.

BPM's VR reflects Fitch's opinion of the bank's weak corporate
governance where a small group of active current and retired
employee shareholders with close links to the unions have at times
blocked strategic and restructuring proposals. The process of
strengthening the bank's corporate governance gained momentum with
the recent appointment of new supervisory and management boards.
Clarity over the bank's future corporate governance and its
effectiveness should allow it to raise the necessary capital,
estimated at EUR500 million. However, it is still too early to
assess if the proposed corporate governance reform will be in the
necessary direction.

Excluding higher risk weightings imposed by the regulator in 2011,
BPM's Basel 2.5 Core Tier 1 ratio at end-9M13 stood at 8.9%, which
compares adequately with its direct domestic peers. However, the
reported statutory ratio was lower at 7.25%, below the 8% Basel
III CET1 ratio set by the European Central Bank as the minimum
ratio for its asset quality review.

BPM's VR reflect its deteriorating asset quality, its above-
average exposure to the real estate and construction sectors and
increasing impaired loans. BPM's efficiency has improved and
funding and liquidity are acceptable. Its impaired loans ratios
reached 11% at end-9M13, which is still lower than most of its
peers and below the average for the sector. Coverage levels are
acceptable, but Fitch expects loan impairment charges to remain
high.

RATING SENSITVITIES - VRs

The RWN on Carige's VR reflects Fitch's opinion that the
likelihood of the bank failing to achieve the required capital
strengthening by end-1H14 remains high. Additionally, the number
of Italian banks going to the equity markets to raise fresh
capital is increasing.

Fitch expects to resolve the RWN after the completion of the
capital increase, which the bank expects to take place in June
2014. Should the bank be unable to raise the necessary capital in
full or in part, the VR would likely be downgraded to reflect the
risks to its standalone viability.

Any upgrade of Carige's VR would require evidence of the bank's
turnaround, stronger capitalisation, and improving profitability
and asset quality. The disposal of the bank's two insurance
subsidiaries would be an indicator of the bank's improved risk
appetite.

The RWN on BPM's VR continues to reflect Fitch's view that
uncertainty over the bank's future remains until shareholders
reach a clear agreement on how to strengthen the bank's corporate
governance effectively and permanently. Failure to reach a durable
solution for the bank's corporate governance and to increase
capital would result in a downgrade of its VR. The bank's VR could
be downgraded by more than one notch, to reflect the increased
risks to the bank's viability.

Fitch expects to resolve the RWN on BPM's VR once it can assess
the proposed changes to the bank's corporate governance. These
changes will likely be disclosed ahead of the annual general
meeting to approve BPM's 2013 results, which is scheduled for 19
April 2014.

BPM's VR would also come under pressure if asset quality
deterioration was materially worse than currently expected by
Fitch, or if liquidity and funding weakened.

Any upgrade of BPM's VR would require a credible strengthening of
its corporate governance, higher capital levels (through the
announced EUR500 million capital increase and the removal of the
higher risk-weightings imposed by the regulator) and stabilising
asset quality ratios. Should the changes in the bank's corporate
governance be merely cosmetic in Fitch's opinion, the sole
completion of the capital increase would not be sufficient for the
VR to be upgraded.

KEY RATING DRIVERS AND SENSITIVITIES - SUBORDINATED DEBT AND OTHER
HYBRID SECURITIES

The subordinated notes issued by Carige and BPM are notched down
from their respective VR in accordance with Fitch's assessment of
each instrument's respective non-performance and relative loss
severity risk profiles. Their rating is primarily sensitive to any
change in the banks' VR but also to any change in Fitch's view of
non-performance or loss severity risk relative to the banks'
viability.

The rating of BPM's preferred stock and hybrid capital instruments
reflects their non-performance in the form of non-payment of
interest. Their rating is sensitive to changes in Fitch's view of
their loss severity.

The rating actions are as follows:

Banca Carige

- Long-term IDR: affirmed at 'BB'; Negative Outlook
- Short-term IDR: affirmed at 'B'
- Viability Rating: 'b-'; maintained on RWN
- Support Rating: affirmed at '3'
- Support Rating Floor: affirmed at 'BB'
- Senior unsecured notes: affirmed at 'BB'/'B'
- Subordinated notes: 'CCC'; maintained on RWN

Banca Popolare di Milano

- Long-term IDR: affirmed at 'BB+'; Outlook Negative
- Short-term IDR: affirmed at 'B';
- Viability Rating: 'bb-'; maintained on RWN
- Support Rating: affirmed at '3'
- Support Rating Floor: affirmed at 'BB+'
- Senior unsecured notes and EMTN programme: affirmed at
   'BB+'/'B'
- Commercial Paper: affirmed at 'B'
- Subordinated Lower Tier 2 debt: 'B+'; maintained on RWN
- Preferred stock and hybrid capital instruments: affirmed at
   'CCC'


BANCA POPULARE: Fitch Affirms 'BB+' LT Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has affirmed Banca Carige's (Carige) and Banca
Popolare di Milano's Long-term Issuer Default Ratings (IDRs) at
'BB' and 'BB+', respectively, with Negative Outlooks. It has also
maintained Carige's and BPM's Viability Ratings (VR) on Rating
Watch Negative (RWN).

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

Both banks' Long-term IDRs are at their Support Rating Floors
(SRF) and both reflect potential support from the Italian
authorities.

Carige's Support Rating (SR) and SRF reflect Fitch's view that
there is a moderate probability that the authorities would provide
support to Carige if required because of its franchise in its home
region of Liguria and its relatively large customer funding base.

Similarly, BPM's SR and SRF reflect Fitch's view that there is a
moderate probability that the authorities would provide support to
BPM if required because of BPM's strong franchise in its home
region of Lombardy and its relatively large customer funding base.

The Negative Outlooks on BPM's and Carige's Long-term IDRs are in
line with the Outlook on Italy's 'BBB+' Long-term IDR.

RATING SENSITIVITIES - IDRs, SUPPORT RATING, SUPPORT RATING FLOOR
AND SENIOR DEBT

Carige's and BPM's Long-term IDR, SR, SRF and senior debt ratings
are sensitive to a change in Fitch's assumptions about the
propensity or ability of the Italian authorities to provide timely
support to the banks.

The Italian state's ability to provide such support is dependent
upon its creditworthiness, reflected in its Long-term IDR. A
downgrade of Italy's sovereign rating would reflect a weakened
ability of the state to provide support and therefore likely
result in the downward revision of Carige's and BPM's SRFs.

Carige's and BPM's SRs and SRFs are also sensitive to changes in
Fitch's assumptions around the propensity of support, in light of
the weakening of legal, regulatory, political and economic
dynamics about potential future sovereign support for senior
creditors of banks across jurisdictions, as indicated in "The
Evolving Dynamics of Support for Banks" and "Bank Support: Likely
Rating Paths", both dated September 11, 2013 at
www.fitchratings.com.

Any downward revision of Carige's and BPM's SRF would lead to a
downgrade of the banks' Long-term IDRs. In line with Fitch's
criteria, the banks' Long-term IDRs are the higher of their
respective VR or SRF.

KEY RATING DRIVERS - VRs

Carige's 'b-' VR reflects its weak capitalization combined with a
significant deterioration in asset quality and operating
performance. The VR has been maintained on RWN because the EUR800
million capital strengthening plan announced in early 2013 and
originally planned to be completed by end-2013, which included
significant asset disposals, has been only partially implemented
to date.

In January 2014 Carige sold its asset management subsidiary for
EUR101 million, with a gain of EUR93 million and a positive impact
of about 40 bp on the bank's core Tier 1 ratio, while the disposal
of the two insurance subsidiaries, which was key to the execution
of the capital strengthening plan, remains undefined. As a result,
the bank will issue new shares to improve its capitalization. The
new share issue will likely be launched in 2Q14. Carige's Board of
Directors is authorized to issue new shares equivalent to a
maximum of EUR800 million. The bank's largest shareholder, a
banking foundation, has only limited financial strength and its
share will likely be diluted.

Carige's Fitch core capital (FCC) ratio was a low 6.2% at end-9M13
and likely fell below 6% at end-2013 as Fitch expects Carige to
report a significant operating loss for 4Q13. The regulatory core
Tier 1 ratio at end-9M13 stood at 5.8%, well below the 8% Basel
III CET1 ratio set by the European Central Bank as the minimum
ratio for its asset quality review. Some benefit to capital ratios
will come from the sale of its asset management subsidiary and
lower capital deductions from the conversion of deferred tax
assets into tax credits. Capitalization is weak relative to the
bank's high level of unreserved impaired loans, which account for
more than 200% of FCC.

Carige's asset quality has deteriorated sharply and is weak. The
bank's gross impaired loans/total loans ratio reached 16.2% at
end- 9M13, up from 9.5% at end-3M13, and coverage of impaired
loans is low at 37%. Reported impaired loans and LICs likely rose
further in 4Q13 and Fitch expects end-2013 asset quality ratios to
have deteriorated further compared with 9M13.

Carige's profitability is structurally weak, burdened by loan
impairment charges, the performance of the insurance subsidiaries
and declining net interest income.

BPM's VR reflects Fitch's opinion of the bank's weak corporate
governance where a small group of active current and retired
employee shareholders with close links to the unions have at times
blocked strategic and restructuring proposals. The process of
strengthening the bank's corporate governance gained momentum with
the recent appointment of new supervisory and management boards.
Clarity over the bank's future corporate governance and its
effectiveness should allow it to raise the necessary capital,
estimated at EUR500 million. However, it is still too early to
assess if the proposed corporate governance reform will be in the
necessary direction.

Excluding higher risk weightings imposed by the regulator in 2011,
BPM's Basel 2.5 Core Tier 1 ratio at end-9M13 stood at 8.9%, which
compares adequately with its direct domestic peers. However, the
reported statutory ratio was lower at 7.25%, below the 8% Basel
III CET1 ratio set by the European Central Bank as the minimum
ratio for its asset quality review.

BPM's VR reflect its deteriorating asset quality, its above-
average exposure to the real estate and construction sectors and
increasing impaired loans. BPM's efficiency has improved and
funding and liquidity are acceptable. Its impaired loans ratios
reached 11% at end-9M13, which is still lower than most of its
peers and below the average for the sector. Coverage levels are
acceptable, but Fitch expects loan impairment charges to remain
high.

RATING SENSITVITIES - VRs

The RWN on Carige's VR reflects Fitch's opinion that the
likelihood of the bank failing to achieve the required capital
strengthening by end-1H14 remains high. Additionally, the number
of Italian banks going to the equity markets to raise fresh
capital is increasing.

Fitch expects to resolve the RWN after the completion of the
capital increase, which the bank expects to take place in June
2014. Should the bank be unable to raise the necessary capital in
full or in part, the VR would likely be downgraded to reflect the
risks to its standalone viability.

Any upgrade of Carige's VR would require evidence of the bank's
turnaround, stronger capitalization, and improving profitability
and asset quality. The disposal of the bank's two insurance
subsidiaries would be an indicator of the bank's improved risk
appetite.

The RWN on BPM's VR continues to reflect Fitch's view that
uncertainty over the bank's future remains until shareholders
reach a clear agreement on how to strengthen the bank's corporate
governance effectively and permanently. Failure to reach a durable
solution for the bank's corporate governance and to increase
capital would result in a downgrade of its VR. The bank's VR could
be downgraded by more than one notch, to reflect the increased
risks to the bank's viability.

Fitch expects to resolve the RWN on BPM's VR once it can assess
the proposed changes to the bank's corporate governance. These
changes will likely be disclosed ahead of the annual general
meeting to approve BPM's 2013 results, which is scheduled for 19
April 2014.

BPM's VR would also come under pressure if asset quality
deterioration was materially worse than currently expected by
Fitch, or if liquidity and funding weakened.

Any upgrade of BPM's VR would require a credible strengthening of
its corporate governance, higher capital levels (through the
announced EUR500 million capital increase and the removal of the
higher risk-weightings imposed by the regulator) and stabilizing
asset quality ratios. Should the changes in the bank's corporate
governance be merely cosmetic in Fitch's opinion, the sole
completion of the capital increase would not be sufficient for the
VR to be upgraded.

KEY RATING DRIVERS AND SENSITIVITIES - SUBORDINATED DEBT AND OTHER
HYBRID SECURITIES

The subordinated notes issued by Carige and BPM are notched down
from their respective VR in accordance with Fitch's assessment of
each instrument's respective non-performance and relative loss
severity risk profiles. Their rating is primarily sensitive to any
change in the banks' VR but also to any change in Fitch's view of
non-performance or loss severity risk relative to the banks'
viability.

The rating of BPM's preferred stock and hybrid capital instruments
reflects their non-performance in the form of non-payment of
interest. Their rating is sensitive to changes in Fitch's view of
their loss severity.

The rating actions are as follows:

Banca Carige

Long-term IDR: affirmed at 'BB'; Negative Outlook
Short-term IDR: affirmed at 'B'
Viability Rating: 'b-'; maintained on RWN
Support Rating: affirmed at '3'
Support Rating Floor: affirmed at 'BB'
Senior unsecured notes: affirmed at 'BB'/'B'
Subordinated notes: 'CCC'; maintained on RWN

Banca Popolare di Milano

Long-term IDR: affirmed at 'BB+'; Outlook Negative
Short-term IDR: affirmed at 'B';
Viability Rating: 'bb-'; maintained on RWN
Support Rating: affirmed at '3'
Support Rating Floor: affirmed at 'BB+'
Senior unsecured notes and EMTN programme: affirmed at 'BB+'/'B'
Commercial Paper: affirmed at 'B'
Subordinated Lower Tier 2 debt: 'B+'; maintained on RWN
Preferred stock and hybrid capital instruments: affirmed at 'CCC'



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


KAZEXPORTASTYK: S&P Affirms Then Withdraws 'B' Corp Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B' long-
term corporate credit rating on Kazakh agribusiness company
Holding KazExportAstyk JSC.  S&P subsequently withdrew the rating
at the issuer's request.  At the time of withdrawal, the outlook
was stable.

The affirmation reflects S&P's view that KazExportAstyk's adjusted
debt to EBITDA will not materially exceed 4x in the foreseeable
future.  S&P also considers that KazExportAstyk's refinancing
risks are mitigated by its well-established relationship with its
banking group.



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


DALRADIAN EUROPEAN: Moody's Affirms B1 Rating on EUR16.9MM Notes
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of the
following notes issued by Dalradian European CLO III B.V.:

EUR36M Class B Deferrable Secured Floating Rate Notes due 2023,
Upgraded to Aaa (sf); previously on Nov 14, 2013 Aa2 (sf) Placed
Under Review for Possible Upgrade

EUR27M Class C Deferrable Secured Floating Rate Notes due 2023,
Upgraded to A1 (sf); previously on Nov 14, 2013 Baa1 (sf) Placed
Under Review for Possible Upgrade

EUR28.125M Class D Deferrable Secured Floating Rate Notes due
2023, Upgraded to Ba1 (sf); previously on Jul 3, 2013 Affirmed Ba2
(sf)

EUR8M Class W Combination Notes due 2023, Upgraded to Baa3 (sf);
previously on Jul 3, 2013 Affirmed Ba1 (sf)

Moody's also affirmed the ratings of the following notes:

EUR112.5M (current outstanding balance of EUR27,878,548.34)
Senior Secured Floating Rate Variable Funding Notes due 2023,
Affirmed Aaa (sf); previously on Jul 3, 2013 Affirmed Aaa (sf)

EUR114.75M (current outstanding balance of EUR32,895,734.82)
Class A1 Senior Secured Floating Rate Notes due 2023, Affirmed Aaa
(sf); previously on Jul 3, 2013 Affirmed Aaa (sf)

EUR67.5M Class A2 Senior Secured Floating Rate Notes due 2023,
Affirmed Aaa (sf); previously on Jul 3, 2013 Affirmed Aaa (sf)

EUR16.875M (current outstanding balance of EUR12,065,795.40)
Class E Deferrable Secured Floating Rate Notes due 2023, Affirmed
B1 (sf); previously on Jul 3, 2013 Affirmed B1 (sf)

EUR6.5M Class X Combination Notes due 2023, Affirmed Ba3 (sf);
previously on Jul 3, 2013 Affirmed Ba3 (sf)

Dalradian European CLO III B.V., issued in March 2007, is a multi
currency Collateralised Loan Obligation ("CLO") backed by a
portfolio of mostly senior secured European loans. The portfolio
is managed by Rothschild (NM) & Sons Limited. This transaction has
ended the reinvestment period in April 2013.

Ratings Rationale

The actions on the notes Class B, C, D and W Combination Notes are
primarily a result of the improvement in overcollateralization
("OC") ratios since the rating action on July 2013. On November
14, 2013, Moody's put Class B and Class C on review for upgrade
due to significant loan prepayments. Today's actions conclude the
rating review of the transaction.

Moody's notes that the VFN, Class A and Class E notes have been
paid down by approximately EUR84.6 million (75.2%), EUR81.8
million (71.3%) and EUR4.8 million (28.4%), respectively, since
closing. As a result of the deleveraging the overcollateralization
ratios have increased. As of the latest trustee report dated
December 2013, the Class A, B, C, D and E overcollateralization
ratios are reported at 191.37%, 149.44%, 128.34%, 111.89% and
106.06%, respectively, as compared to 159.13%, 135.22%, 121.53%,
109.93% and 104.60%, respectively, on April 2013. All of the notes
have passed their over-collateralization tests.

The ratings on the combination notes address the repayment of the
rated balance on or before the legal final maturity. For the Class
W Combination Notes, the 'rated balance' at any time is equal to
the principal amount of the combination note on the issue date
times a rated coupon of 0.25% per annum accrued on the rated
balance on the preceding payment date, minus the sum of all
payments made from the issue date to such date, of either interest
or principal. For the Class X Combination notes, the rated balance
at any time is equal to the principal amount of the combination
note on the issue date minus the sum of all payments made from the
issue date to such date, of either interest or principal. The
rated balance will not necessarily correspond to the outstanding
notional amount reported by the trustee.

The key model inputs Moody's uses 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
performing par and principal proceeds balance of EUR153.9 million
and GBP30.7 million, defaulted par of EUR16.87 million, a weighted
average default probability of 19.50% (consistent with a WARF of
2811), a weighted average recovery rate upon default of 45.42% for
a Aaa liability target rating, a diversity score of 27 and a
weighted average spread of 4.09%. The GBP and USD denominated
liabilities are naturally hedged by the GBP and USD assets.

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 realised 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 86.9% of the portfolio exposed to first lien senior
secured corporate assets would recover 50% upon default, while the
remainder 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. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analyzing.

Methodology Underlying the Rating Action:

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

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

In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it assumed lower credit quality in the portfolio to
address refinancing risk. Loans to European corporates rated B3 or
lower and maturing between 2014 and 2015 make up approximately
1.77% of the portfolio, which could make refinancing difficult.
Moody's ran a model in which it raised the base case WARF to 2845
by forcing ratings on 25% of the refinancing exposures to Ca; the
model generated outputs that were within one notch of the base-
case results.

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
note, in light of the uncertainty about credit conditions in the
general economy. CLO notes' performance may also be impacted
either positively or negatively by 1) the manager's investment
strategy and behavior and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties due to embedded ambiguities.

Additional uncertainty about performance is due to the following:

* Portfolio amortization: The main source of uncertainty in this
transaction is the pace of amortization of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortization could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortization would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

* Around 31.5% of the collateral pool consists of debt
obligations whose credit quality Moody's has assessed by using
credit estimates.

* Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's over-
collateralization levels. Further, the timing of recoveries and
the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analyzed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market
prices. Recoveries higher than Moody's expectations would have a
positive impact on the notes' ratings.

* Foreign currency exposure: The deal has significant exposure to
non-EUR denominated assets. Volatility in foreign exchange rates
will have a direct impact on interest and principal proceeds
available to the transaction, which can affect the expected loss
of rated tranches.

In addition to the quantitative factors that Moody's explicitly
modeled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
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, can influence the final rating decision.


GOODYEAR DUNLOP: Fitch Affirms 'B+' Issuer Default Rating
---------------------------------------------------------
Fitch Ratings has affirmed the 'B+' Issuer Default Rating (IDR)
and various issue ratings of The Goodyear Tire & Rubber Company
(GT) and its subsidiary Goodyear Dunlop Tires Europe B.V. (GDTE).

GT's ratings apply to a US$2 billion secured revolving credit
facility, a US$1.2 billion second lien secured term loan and
US$3 billion in senior unsecured notes. GDTE's ratings apply to a
EUR400 million secured revolving credit facility and EUR250
million of senior unsecured notes.

The Rating Outlooks for GT and GDTE have been revised to Positive
from Stable.

Key Rating Drivers

GT's ratings reflect the company's strong market position as the
third-largest global manufacturer of replacement and original
equipment (OE) tires. Although GT's global unit tire sales have
declined annually over the past two years, the company's focus on
producing higher-margin high value added (HVA) tires and its cost
reduction initiatives have helped to grow margins and operating
income as revenue has fallen. However, the tire volume decline in
2013 was driven solely by lighter volumes in the first quarter, as
GT's global tire volumes rose in each of the last three quarters
of 2013. This suggests that GT's volume declines have bottomed and
will grow modestly going forward. Free cash flow improved markedly
in 2013, although discretionary pension contributions made early
in the year kept the overall free cash flow figure negative.

Liquidity remains strong, in part due to the company issuing debt
to fund its 2013 discretionary pension contribution. Fitch expects
GT's credit protection metrics will improve over the intermediate
term as overall tire demand grows, particularly in emerging
markets, and the company makes further progress on improving its
cost structure. Leverage is likely to trend down over the
intermediate term, as earnings rise and as the company was able to
fund its 2014 discretionary pension contribution without issuing
incremental debt. With the discretionary contributions to its U.S.
salaried and hourly pension plans in 2013 and 2014, the funded
status of the company's global pension plans has improved
dramatically, and it is no longer viewed as a key risk to GT's
credit profile.

Rating concerns include growing tire industry capacity,
particularly in North America, which could pressure industry
pricing over the longer term, and volatility in raw material
costs, especially for natural rubber. The tire market environment
in Europe remains a concern, although the brightening economic
situation in the region may help the market to at least stabilize
over the next year. Other concerns include seasonal swings in GT's
working capital, and margins that continue to lag several of its
key European and Asian competitors. GT's focus on lessening
working capital volatility has shown results over the past two
years, with the magnitude of the seasonal changes significantly
reduced, while cost savings initiatives and a continued focus on
pricing will help to narrow its competitive profitability gap.

GT's free cash flow generation has improved markedly over the past
two years. Free cash flow in 2013 was (US$271) million. However,
excluding US$834 million in discretionary pension contributions
made in early 2013, free cash flow would have been US$563 million.
This compares to free cash flow of (US$118) million in 2012 and
(US$285) million in 2011. The improvement has largely been driven
by GT's HVA tire focus, traction on cost reduction activities and
moderating raw material prices. Going forward, Fitch expects GT to
continue posting positive free cash flow, excluding pension pre-
funding, although volatile raw material prices remain a meaningful
risk. Capital spending in 2014 is expected to decline somewhat, to
a range of US$900 million to US$1 billion, while GT's common stock
dividend, which the company began paying in the fourth quarter of
2013, will reduce free cash flow by US$55 million annually (at the
current payout rate), although a partial offset will be the
savings of US$29 million in annual preferred stock dividends once
GT's Series B preferred stock converts to common stock on April 1,
2014.

The funded status of GT's pension plans has improved dramatically
following the company's discretionary contributions to its U.S.
salaried plan in early 2013 and its U.S. hourly plan in January
2014. GT now estimates that its plans are underfunded by only
US$700 million, down from US$3.5 billion at year end 2012. Based
on GT's labor agreement with the United Steelworkers entered into
in August 2013, the company can freeze its U.S. hourly pension
plan on April 30, 2014. The remaining underfunded pension plans
are primarily outside the U.S., with a sizeable portion of the
remaining underfunding tied to unfunded plans in certain countries
where plans are administered on a pay-as-you-go basis. GT
estimates that after contributing US$1.3 billion to its pension
plans in 2014, cash pension funding will only be US$75 million
annually in 2015 and 2016.

GT's liquidity position remains relatively strong. At year-end
2013, prior to the early 2014 discretionary pension contribution,
GT had US$3 billion in cash and cash equivalents and another
US$1.7 billion available on its primary U.S. and European
revolvers. Cash and cash equivalents was well above the US$1
billion level that management considers the minimum necessary to
meet GT's daily operational requirements through the cycle. Other
than US$207 million in accounts receivable facility borrowings due
in 2015, the company has no significant debt maturities until
2019, although its European and U.S. revolvers mature in 2016 and
2017, respectively. Fitch expects GT to retain a reasonably high
level of financial flexibility over the intermediate term, with
strong liquidity and positive free cash flow (excluding
discretionary pension contributions).

On an EBITDA basis, GT's gross leverage (debt/Fitch-calculated LTM
EBITDA) at year-end 2013 was 3.0x, up slightly from 2.8x at year
end 2012, as a result of a US$900 million senior unsecured note
issuance in February 2013 that was used to fund the contributions
to its U.S. salaried pension plan. EBITDA improved to US$2.1
billion in 2013 from US$1.8 billion in 2012 as the EBITDA margin
grew to 10.7% from 8.6%. The growth in the EBITDA margin was
notable, given that revenue of US$19.5 billion in 2013 was down
US$1.5 billion year-over-year. Over the intermediate term, Fitch
expects leverage to trend down on increased earnings and cash
flow.

The rating of 'BB+/RR1' on GT's and GDTE's secured credit
facilities reflects their substantial collateral coverage and
outstanding recovery prospects in the 90% to 100% range in a
distressed scenario. The rating of 'B/RR5' on GT's unsecured notes
reflects Fitch's expectation that recoveries would be below
average, in the 10% to 30% range, in a distressed scenario. The
relatively low level of expected recovery for the unsecured debt
is the result of the substantial amount of higher-priority secured
debt in the company's capital structure.

The rating of 'BB/RR2' on GDTE's senior unsecured notes is higher
than the rating on GT's unsecured notes due to structural
seniority. GDTE's notes are guaranteed on an unsecured basis by GT
and GT's subsidiaries that guarantee the parent company's secured
credit facility. However, GDTE does not guarantee GT's senior
unsecured notes. The recovery prospects of GDTE's senior unsecured
notes also benefit from the lower level of secured debt at GDTE.
GDTE's credit facility and senior unsecured notes are subject to
cross-default provisions relating to GT's material indebtedness.

RATING SENSITIVITIES

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

-- Demonstrating positive growth in tire unit volumes, market
    share and revenue;

-- Producing positive annual free cash flow on a sustained basis
    (adjusted for discretionary pension contributions);

-- Generating sustained gross EBITDA margins of 11% or higher;

-- Maintaining leverage below 3.5x for an extended period.

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

-- A significant step-down in demand for the company's tires;

-- An unexpected increase in costs, particularly related to raw
    materials, that cannot be offset with higher pricing;

-- A decline in the company's cash below US$1 billion for
    several quarters;

-- A sustained increase in gross EBITDA leverage above 4.0x,
    particularly to support any shareholder-friendly activities.

Fitch has affirmed the following ratings for GT and GDTE:

GT

-- IDR at 'B+'
-- Secured bank credit facility at 'BB+/RR1';
-- Secured second-lien term loan at 'BB+/RR1';
-- Senior unsecured notes at 'B/RR5'.

GDTE

-- IDR at 'B+';
-- Secured bank credit facility at 'BB+/RR1';
-- Senior unsecured notes at 'BB/RR2'.

The Rating Outlook for both companies is revised to Positive from
Stable.


PLAYA RESORTS: Moody's Rates US$50MM Proposed Add-On Notes Caa1
---------------------------------------------------------------
Moody's Investors Service assigned a Caa1 rating to Playa Resorts
Holding B.V. (Playa) up to US$50 million proposed add-on to its
senior unsecured notes due 2020. Moody's also affirmed a B2 rating
to Playa's US$350 million secured term loan. The company plans to
use the proceeds from the add-on in connection with the renovation
and re-positioning of its Jamaica Property whereas the term loan
will replace, at a lower price, the currently outstanding term
loan, maintaining all the conditions of the latter. As part of
this rating action Moody's also affirmed the company's B3
Corporate Family Rating. The rating outlook is stable.

Ratings Rationale

The incremental debt, in conjunction with Playa's estimates of a
lower 2014 EBITDA as a result of postponements in its construction
schedule, will result in higher leverage levels from what
originally expected. "The ratings were not affected at this point,
however, given our expectation of a rapid deleverage starting in
2015, once the company is fully operational" said Sandra Beltran,
an Analyst at Moody's.

It is also worth noting that the delays in Playa's construction
schedule are driven by further business opportunities at existing
assets, requiring hotels shut downs for the remainder of the year
and additional funding. The deviation from the original plan will
result in weaker credit metrics in the short run and increased
execution risk. Nevertheless, in the long run we expect the
modified strategy to result in additional EBITDA, which would
support the company's deleveraging process.

The stable rating outlook reflects our expectation that Playa will
be able to achieve its projected growth plan while improving its
operating and credit metrics. The outlook also reflects Moody's
expectation that the company will maintain adequate liquidity.

Higher ratings would require that the company successfully
executes its brand conversion and repositioning plan such that its
operating margin increases above 13% and its credit metrics
improve with adjusted debt/EBITDA approaching to 6 times and
EBIT/interest expense above 1.5 times on a sustainable basis.

The ratings could be downgraded if the company's projected growth
plan is hampered, for example, by a weak macroeconomic environment
or further delays in its conversion plan, such that its
profitability or credit metrics deteriorate with operating margin
declining below 10% or leverage (adj. debt/EBITDA) remaining above
6.5 times in 2015.

The rating of the secured term loan is one notch above the
Corporate Family Rating (CFR) reflecting its collateral coverage
and lower expected loss relative to the unsecured debt. The rating
of the senior unsecured notes is one notch below the CFR
reflecting its effective subordination to the USD350 million term
loan.

Based in Amsterdam, Playa Resorts Holding, B.V. is a wholly owned
subsidiary of Playa Hotels & Resorts, B.V. a hotel owner and
operator that through a leveraged finance transaction in 2013
acquired some hotels in Mexico and the Caribbean. Since then, the
company owns and operates 13 hotels and 5,805 rooms located in
Mexico, Dominican Republic and Jamaica. Playa main shareholders
include Farallon Capital Management ("Farallon"; unrated), an
investment management firm, and Hyatt Hotels Corporation (Baa2,
stable), which together own about 70% equity interest in the
company. Pro-forma for this transaction, Playa reported revenues
of about US$357 million and EBITDA of US$100.5 million for the
last twelve months ended September 30, 2013.

The principal methodology used in this rating was the Global
Lodging & Cruise Industry Rating Methodology published in December
2010.


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


ALROSA OJSC: S&P Puts 'BB-' Long-Term CCR on CreditWatch Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it had placed its 'BB-'
long-term corporate credit rating on Russian diamond miner Alrosa
OJSC on CreditWatch with negative implications.  The 'B' short-
term corporate credit rating was affirmed.

At the same time, S&P placed its 'BB-' ratings on Alrosa's
outstanding debt on CreditWatch negative.

The CreditWatch placement reflects S&P's renewed concerns about
Alrosa's ability to refinance its bank debt on time.  About
US$1.2 billion in short-term loans from Alfa-Bank, UniCredit Bank,
and VTB Bank are due by the end of March.  S&P previously expected
these loans to be repaid from US$1.38 billion in proceeds from
Alrosa's sale of oil and gas assets to Rosneft.  The sale
agreement was signed in September 2013.  However, S&P now
understands from press reports that the sale might be delayed
because Rosneft may want to renegotiate the price.  Alrosa does
not have any committed bank lines, except for a three-month
extension option for one of the maturing bank lines, and its cash
balances are limited.

In S&P's view, short-term refinancing risk appears low because
Alrosa has demonstrated access to financing from Russian banks,
notably government-owned VTB, and the government owns a majority
stake in the company.  Nevertheless, S&P considers that Alrosa's
history of late refinancing, lack of committed bank lines, and the
resulting degree of uncertainty are not commensurate with the
current rating level.

S&P assess Alrosa's stand-alone credit profile (SACP) at 'b+'.
S&P adds one notch of uplift to the SACP because of Alrosa's
status as a government-related entity with a "moderate" likelihood
of receiving extraordinary government support if needed, according
to S&P's criteria.

S&P expects to resolve the CreditWatch by mid-March, after it
reviews Alrosa's refinancing plan for its large maturities coming
due in March 2014 and its US$500 million Eurobond, which matures
in the fourth quarter of 2014.  More generally, S&P will also
reevaluate the company's liquidity management policies.

S&P will likely lower the rating by one notch if, without a near-
term payment from Rosneft, Alrosa does not manage to secure long-
term committed funding to refinance the maturing debt before mid-
March, or if S&P considers that its liquidity management policies
(notably the uncertainty related to late refinancing of short-term
debt) are unlikely to improve.



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


GAT ICO-FTVPO: Moody's Downgrades Rating on EUR2.3MM Notes to B1
----------------------------------------------------------------
Moody's Investors Service has confirmed the ratings of seven notes
in three Spanish residential mortgage-backed securities (RMBS)
transactions: GAT ICO-FTVPO 1, FTH (Gat ICO-FTVPO 1), GC SABADELL
1, FTH (GC Sabadell 1) and IM SABADELL RMBS 3, FTA (IM Sabadell
RMBS 3), as a result of the rating agency's detailed analysis of
swap counterparty exposure. Moody's has also affirmed the ratings
of two other notes in Gat ICO-FTVPO 1 and IM Sabadell RMBS 3,
which were not on review for possible downgrade. At the same time
Moody's has upgraded the rating of one tranche in GC Sabadell 1
after a detailed analysis of swap counterparty exposure in
combination with the increase in credit enhancement. Finally,
Moody's downgraded the ratings of five mezzanine and junior notes
in Gat ICO-FTVPO 1 as a result of an input correction to the swap
modeling undertaken during the review. Swap exposure was also a
driver of the downgrade of the rating of C(CA) tranche.

Ratings Rationale

The rating action reflects the impact on the three transactions of
their exposure to CECABANK S.A. (CECABANK, Ba3/NP) in the case of
Gat ICO-FTVPO 1 and Banco Sabadell, S.A. (Banco Sabadell, Ba2/NP)
in the case of GC Sabadell 1 and IM Sabadell RMBS 3 as swap
counterparty, following the introduction of the rating agency's
updated approach to assessing swap counterparty linkage in
structured finance cash flow transactions ("Approach to Assessing
Swap Counterparties in Structured Finance Cash Flow Transactions"
published on the November 12, 2013).

As part of its review, Moody's has incorporated the risk of
additional losses on the notes in the event of them becoming un-
hedged following a swap counterparty default.

--Gat ICO-FTVPO 1

Assets backing the notes in this deal are referenced to the VPO
reference rate set by the Spanish Cabinet, while notes are
referenced to three-month EURIBOR. The transaction includes four
swap agreements with CECABANK (one for each sub-portfolio) to
hedge this risk. The four swaps are basis risk swaps, under which
the swap counterparty pays the notes' reference rate + 100bps over
a notional equal to the daily average of the outstanding balance
of non defaulted loans, during the relevant computation period.
The inputs to the models used for the rating action on June 2013,
incorrectly considered that the swap counterparty also pays the
weighted average margin on the notes. This has been corrected for
this rating action, and is the main driver of the downgrades on
these five rated notes. Swap exposure was also a driver of the
downgrade of the rating of C(CA) tranche.

The swap agreements are consistent with Moody's swap framework and
have an original collateral provision. However, C(CA) tranche is
still slightly affected by swap exposure. Its size and credit
enhancement (relative to its corresponding sub-portfolio) is small
compared to the other tranches.

Moody's understands that no swap collateral account has been
opened for Gat ICO-FTVPO 1 given no collateral needs to be posted
for this deal, according to collateral posting computations made
by the valuation agent.

--GC Sabadell 1

Assets backing the notes in this deal are referenced to the 12-
month Euro Interbank Offered Rate (EURIBOR), 12-month Madrid
Inter-Bank Offered Rate (MIBOR) and I.R.P.H Cajas (Reference Rate
for Saving Banks loans) while notes are referenced to three-month
EURIBOR. The transaction includes a swap agreement with Banco
Sabadell to hedge this risk. The swap is a basis risk swap, which
provides 50bps of excess spread to the transaction. Swap notional
is equal to the outstanding balance of the notes.

The upgrade of tranche A2 rating to A3(sf) from Baa1(sf) has been
prompted by the increase in credit enhancement for the tranche and
the assessment of swap counterparty exposure. The reserve fund in
the transaction is slightly drawn (at 94.6% of target level),
resulting in sequential amortization of the notes and build-up in
credit enhancement for the senior tranche. In addition to
subordination and reserve fund (which stood at 7.17% as of the
same date, up from 6.72% at last rating review time), the swap is
providing significant enhancement for this deal. GC Sabadell 1 is
showing good performance - 90+ arrears as a percentage of current
balance stood at 0.69% and cumulative defaults as a percentage of
original balance at 0.65% as of last reporting date, when pool
balance represented 25% of its original balance. The detailed
assessment of swap counterparty exposure following the approach
outlined in the new methodology indicates that the revised rating
for tranche A2 and current ratings for tranches B and C are
consistent with this exposure. The swap agreement is consistent
with Moody's swap framework and has an original collateral
provision.

Moody's understands that a swap collateral account has been opened
with Banco Santander S.A. (Spain) (Baa2/P-2) but no collateral
needs to be posted for this deal, according to collateral posting
computations made by the valuation agent.

--IM Sabadell RMBS 3

The majority of the assets backing the notes in this deal are
referenced to the 12-month Euro Interbank Offered Rate (EURIBOR),
12-month Madrid Inter-Bank Offered Rate (MIBOR) and I.R.P.H Cajas
(Reference Rate for Saving Banks loans) while notes are referenced
to three-month EURIBOR, with 4.7% of the assets being fixed rate
loans. The transaction includes a swap agreement with Banco
Sabadell to hedge this risk. The swap is a basis risk swap, which
provides 25bps of excess spread to the transaction. Swap notional
is equal to the outstanding balance of the notes.

Moody's has confirmed the ratings of B and C notes in IM Sabadell
RMBS 3 after a detailed assessment of swap counterparty exposure
following the approach outlined in the new methodology. The swap
agreement is consistent with Moody's swap framework and has an
original collateral provision.

Moody's understands that no swap collateral account has been
opened for IM Sabadell RMBS 3 given no collateral needs to be
posted for this deal, according to collateral posting computations
made by the valuation agent.

-- Revision of Key Collateral Assumptions

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

Moody's has maintained the EL assumptions in GC Sabadell 1 and IM
Sabadell RMBS 3 at 0.58% and 2.50% respectively. Moody's has also
maintained the EL assumptions for the combined portfolio of GaT
ICO-FTVPO and its four sub-portfolios for Caixa Catalunya, Caixa
Manresa, Caixa Penedes and Caixa Terrassa at 1.48% and 1.25%,
1.75%, 1.23%, 1.50%, respectively.

During its review Moody's has maintained the MILAN CE assumption
for GC Sabadell 1, IM Sabadell RMBS 3 and for the combined
portfolio of GaT ICO-FTVPO and its four sub-portfolios for Caixa
Catalunya, Caixa Manresa, Caixa Penedes and Caixa Terrassa at 10%
for all of them.

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

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

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

Factors or circumstances that could lead to a downgrade of the
ratings affected by today's action would be the worse-than-
expected performance of the underlying collateral, deterioration
in the credit quality of the counterparties and an increase in
sovereign risk.

Factors or circumstances that could lead to an upgrade of the
ratings affected by the action would be the better-than-expected
performance of the underlying assets, and a decline in both
counterparty and sovereign risk.

List Of Affected Securities

Issuer: GAT ICO-FTVPO 1, FTH

EUR331.6M A(G) Notes, Affirmed A3 (sf); previously on
Jun 6, 2013 Confirmed at A3 (sf)

EUR9.8M B(CA) Notes, Downgraded to Ba1 (sf); previously on
Jun 6, 2013 Downgraded to Baa3 (sf)

EUR3.3M B (CM) Notes, Confirmed at Baa3 (sf); previously on
Nov 14, 2013 Baa3 (sf) Placed Under Review for Possible Downgrade

EUR2.7M B(CP) Notes, Confirmed at Baa1 (sf); previously on
Nov 14, 2013 Baa1 (sf) Placed Under Review for Possible Downgrade

EUR2M B(CT) Notes, Confirmed at Baa2 (sf); previously on
Nov 14, 2013 Baa2 (sf) Placed Under Review for Possible Downgrade

EUR3.2M C(CA) Notes, Downgraded to B3 (sf); previously on
Nov 14, 2013 Ba3 (sf) Placed Under Review for Possible Downgrade

EUR2.3M C(CM) Notes, Downgraded to B1 (sf); previously on
Nov 14, 2013 Ba2 (sf) Placed Under Review for Possible Downgrade

EUR1.5M C(CP) Notes, Downgraded to Ba3 (sf); previously on
Nov 14, 2013 Ba2 (sf) Placed Under Review for Possible Downgrade

EUR1.5M C(CT) Notes, Downgraded to Ba3 (sf); previously on
Nov 14, 2013 Ba2 (sf) Placed Under Review for Possible Downgrade

Issuer: GC SABADELL 1, FTH

EUR1020.6M A2 Notes, Upgraded to A3 (sf); previously on Jun 4,
2013 Confirmed at Baa1 (sf)

EUR19.2M B Notes, Confirmed at Ba2 (sf); previously on Nov 14,
2013 Ba2 (sf) Placed Under Review for Possible Downgrade

EUR10.2M C Notes, Confirmed at B1 (sf); previously on Nov 14,
2013 B1 (sf) Placed Under Review for Possible Downgrade

Issuer: IM SABADELL RMBS 3, FTA

EUR1411.2M A Notes, Affirmed A3 (sf); previously on Jul 17, 2013
Upgraded to A3 (sf)

EUR14.4M B Notes, Confirmed at Ba1 (sf); previously on Nov 14,
2013 Ba1 (sf) Placed Under Review for Possible Downgrade

EUR14.4M C Notes, Confirmed at Ba3 (sf); previously on Nov 14,
2013 Ba3 (sf) Placed Under Review for Possible Downgrade



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


* Fitch Lowers Long-Term IDRs on 13 Ukrainian Banks to 'CCC'
------------------------------------------------------------
Fitch Ratings has downgraded 13 Ukrainian banks' Long-term foreign
currency Issuer Default Ratings (IDRs) to 'CCC' from
'B-'.

The banks are JSC The State Export-Import Bank of Ukraine
(Ukreximbank), JSC State Savings Bank of Ukraine (Oschadbank),
PJSC CB PrivatBank (Privat), Joint Stock Commercial Industrial &
Investment Bank (Prominvestbank), Public Joint Stock Company
UkrSibbank, Ukrsotsbank (Ukrsots), PJSC VTB Bank (VTBU), ProCredit
Bank (Ukraine) (PCBU), PJSCCB Pravex-Bank (Pravex), PJSC Credit
Agricole Bank (CAB), PJSC Alfa-Bank (ABU), Pivdennyi Bank (PB) and
Industrialbank (INB).

KEY RATING DRIVERS - IDRS, SENIOR DEBT, SUPPORT RATINGS AND
SUPPORT RATING FLOORS

The rating actions follow Fitch's downgrade of Ukraine's Long-term
foreign currency IDR to 'CCC' from 'B-', and the affirmation of
the sovereign's Long-term local currency IDR at 'B-' with a
Negative Outlook. The Country Ceiling was also downgraded to 'CCC'
from 'B-'.

The downgrades of the foreign-currency Long-term IDRs and, where
assigned, foreign currency senior debt ratings of Privat and the
eight foreign-owned banks - Prominvestbank, UkrSibbank, Ukrsots,
VTBU, PCBU, Pravex, CAB and ABU - reflect the downgrade of
Ukraine's Country Ceiling. The 'CCC' Country Ceiling reflects the
heightened risk of capital and/or exchange controls being
tightened, to the extent that these would materially constrain or
impede the private sector's ability to repay foreign-currency
obligations. Effective February 7, 2014, Ukraine has introduced
limited capital controls, although these measures do not prevent
external debt service.

The downgrades of the Long-term local currency IDRs of
Prominvestbank, UkrSibbank, Ukrsots, VTBU, PCBU, Pravex and CAB to
'B-' from 'B' reflect Fitch's view of the high correlation between
intervention risk on foreign currency and local currency
obligations as sovereign stress increases. In Fitch's view, in
case of an acceleration of deposit outflows in Ukraine, there
would be a heightened of risk of restrictions being imposed on
banks' ability to service their local currency obligations. The
local currency Long-term IDR of ABU was already at 'B-' prior to
today's rating action and has been affirmed; a local currency
Long-term IDR has also been assigned to Privat at this level.

The IDRs, Support and senior debt ratings of the eight foreign-
owned banks factor in the likelihood of support the banks may
receive from their majority shareholders. PSC Prominvestbank is
98.6%-owned by Russian state-owned Vnesheconombank (VEB,
BBB/Stable); UkrSibbank is 85%-owned by BNP Paribas (A+/Stable);
Ukrsots is 98.64%-owned by UniCredit S.p.A. (BBB+/Negative)
through its Vienna subsidiary UniCredit Bank Austria AG
(A/Stable); VTBU is more than 99%-owned by Russia's JSC Bank VTB;
PCBU is controlled (60% of voting stock) by Germany's ProCredit
Holding AG & Co. KGaA. (BBB-/Stable); and CAB is fully owned by
Credit Agricole S.A. (A/Stable).

Pravex is currently fully owned by Intesa Sanpaolo S.p.A.
(BBB+/Negative), although its sale to CentraGas Holding, a company
controlled by Ukrainian shareholders, has been announced and is
expected to be completed in the next three to six months, subject
to receiving necessary regulatory approvals. Fitch believes that
Intesa will provide necessary support up until the completion of
the bank's sale. ABU's IDRs and senior debt ratings are driven by
Fitch's view on potential support the bank may receive from other
assets controlled by its main shareholders, including from its
sister bank, Russia-based OJSC Alfa-Bank (AB; BBB-/Stable), which
holds a minority 19.9% stake in ABU.

The downgrades of the Long-term foreign-currency IDRs and foreign
currency senior debt ratings of Ukreximbank and Oschadbank are
driven by (i) the downward revisions of their Support Rating
Floors, reflecting the reduced ability of the government to
provide support in foreign currency in case of need, and (ii) the
downgrades of the banks' respective Viability Ratings (VRs), which
are closely linked to the sovereign credit profile. However, Fitch
still believes the authorities' propensity to provide support to
Oschadbank and Ukreximbank would be quite high, based on their
100%-state ownership, policy roles, high systemic importance, and
the track record of capital support for the banks under different
governments. The banks' 'B-' Long-term local currency IDRs reflect
the authorities' moderate ability to provide support in local
currency.

The downgrades of the Long-term IDRs of PB and INB reflect the
downgrades of the banks' respective VRs.

KEY RATING DRIVERS - VIABILITY RATINGS

The downgrades of the VRs of Oschadbank and Ukreximbank to 'ccc'
from 'b-' reflect the significant correlation between the banks'
and the sovereign's credit profiles, due to (i) the banks' large
investments in sovereign debt (equivalent to or exceeding the
banks' equity at end-2013, with significant portion denominated in
foreign currency), and in the public sector more generally (more
notably at Oschadbank given its lending to NJSC Naftogaz of
Ukraine (CCC)), and some risk that these exposures could grow
further in case of increased stress; and (ii) the likelihood that
refinancing challenges relating to the banks' maturing external
debt would increase in case of a sovereign default (the banks'
repayment schedules includes sizeable repayments of external debt
through 2015-2016, equivalent to7%-8% of their current
liabilities). At the same time, the banks' stand-alone credit
profiles are supported by their sizable capital buffers, which are
sufficient to allow them to reserve the majority of reported
impaired and restructured loans.

The downgrades of the VRs of PB and INB to 'ccc' from 'b-' reflect
Fitch's expectation that continued deterioration in the operating
environment would likely have a significant negative impact on the
banks' standalone credit metrics given their high levels of
existing problem assets, large exposure to FX risks (mainly
through foreign currency lending), limited loss absorption
capacity (more evident at PB) and weak profitability, indicating
limited ability to create higher impairment provisions. The
downgrade of INB's VR also reflects the significant erosion of the
bank's franchise following the change in its ownership structure
in 2012.

The affirmation of the VRs of Privat, CAB and PCBU at 'b-' reflect
Fitch's view that these banks' stand-alone profiles would probably
be more resilient to a further moderate deterioration in the
operating environment given somewhat less asset quality
deterioration than at most banks in the sector. The banks also
have solid pre-impairment profitability, manageable exposure to FX
risks and reasonable liquidity positions.

RATING SENSITIVITIES

The IDRs, debt ratings and VRs of all 13 banks, and the Support
Rating Floors of Ukreximbank and Oschadbank are highly correlated
with the sovereign credit profile. The ratings could be downgraded
further in case of a further downgrade of the sovereign, or
stabilize at their current levels if downward pressure on the
sovereign ratings abates. The banks' IDRs and debt ratings could
also be downgraded in case of restrictions being imposed on their
ability to service their obligations.

Fitch expects to resolve the Rating Watch Negative (RWN) on
Pravex's local currency IDRs in the next three to six months,
after the completion of the bank's sale.

KEY RATING DRIVERS AND SENSITIVITIES - UKREXIMBANK'S SUBORDINATED
DEBT

The downgrade of Ukreximbank's subordinated debt rating to 'C',
the lowest possible issue rating, reflects the downgrade of the
bank's VR. The rating could be upgraded in case of an upgrade of
the bank's VR.

KEY RATING DRIVERS AND SENSITIVITIES - NATIONAL RATINGS

The affirmation of the banks' National Ratings with Stable
Outlooks reflects Fitch's view that the creditworthiness of the
banks relative to each other and to other Ukrainian issuers has
not changed significantly as a result of the sovereign downgrade.

The rating actions are as follows:

Ukreximbank:

Long-term foreign currency IDR: downgraded to 'CCC' from 'B-'
Long-term local currency IDR: assigned at 'B-', Outlook Negative
Senior unsecured debt of Biz Finance PLC: downgraded to 'CCC'
  from 'B-'; Recovery Rating 'RR4'
Subordinated debt: downgraded to 'C' from 'CC'; Recovery Rating
  'RR5'
Short-term foreign currency IDR: downgraded to 'C' from 'B'
Support Rating: affirmed at '5'
Support Rating Floor: revised to 'CCC' from 'B-'
Viability Rating: downgraded to 'ccc' from 'b-'
National Long-term rating: affirmed at 'AA-(ukr)'; Outlook Stable

Oschadbank:

Long-term foreign currency IDR: downgraded to 'CCC' from 'B-'
Long-term local currency IDR: affirmed at 'B-', Outlook Negative
Senior unsecured debt of SSB No.1 PLC: downgraded to 'CCC' from
  'B-'; Recovery Rating 'RR4'
Short-term foreign currency IDR: downgraded to 'C' from 'B'
Support Rating: affirmed at '5'
Support Rating Floor: revised to 'CCC' from 'B-'
Viability Rating : downgraded to 'ccc' from 'b-'
National Long-term rating: affirmed at 'AA-(ukr)'; Outlook Stable

PJSC CB PrivatBank:

Long-term foreign currency IDR: downgraded to 'CCC' from 'B-'
Long-term local currency IDR: assigned at 'B-', Outlook Negative
Senior unsecured debt of UK SPV Credit Finance plc: downgraded
  to 'CCC' from 'B-'; Recovery Rating 'RR4'
Short-term foreign currency IDR: downgraded to 'C' from 'B'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
Viability Rating : affirmed at 'b-'
National Long-term rating: affirmed at 'A-(ukr)'; Outlook Stable

PJSC UkrSibbank:

Long-Term foreign currency IDR: downgraded to 'CCC' from 'B-'
Long-term local currency IDR: downgraded to 'B-' from 'B',
  Outlook Negative
Senior unsecured local currency debt: downgraded to 'B-' from
  'B', Recovery Rating 'RR4'/ affirmed at 'AAA(ukr)'
Short-Term foreign currency IDR: downgraded to 'C' from 'B'
Support Rating: affirmed at '5'
Viability Rating: 'cc', not affected
National Long-Term rating: affirmed at 'AAA(ukr)', Outlook
  'Stable'

Ukrsotsbank:

Long-term foreign currency IDR: downgraded to 'CCC' from 'B-'
Long-term local currency IDR: downgraded to 'B-' from 'B',
  Outlook Negative
Senior unsecured local currency debt: downgraded to 'B-' from
  'B', Recovery Rating 'RR4'; affirmed at 'AAA(ukr)'
Upcoming senior unsecured local currency debt: downgraded to
  'B-(EXP)' from 'B(EXP)', Recovery Rating 'RR4'; affirmed at
  'AAA(EXP)(ukr)'
Short-term foreign currency IDR: downgraded to 'C' from 'B'
Support Rating: affirmed at '5'
Viability Rating : 'ccc', not affected
National Long-term rating: affirmed at 'AAA(ukr)'; Outlook
  Stable

PJSC VTB Bank:

Long-term foreign currency IDR: downgraded to 'CCC' from 'B-'
Long-term local currency IDR: downgraded to 'B-' from 'B',
  Outlook Negative
Senior unsecured local currency debt: downgraded to 'B-' from
  'B', Recovery Rating 'RR4'; affirmed at 'AAA(ukr)'
Short-term foreign currency IDR: downgraded to 'C' from 'B'
Support Rating: affirmed at '5'
Viability Rating : 'ccc', not affected
National Long-term rating: affirmed at 'AAA(ukr)'; Outlook
  Stable

ProCredit Bank (Ukraine):

Long-Term foreign currency IDR: downgraded to 'CCC' from 'B-'
Long-term local currency IDR: downgraded to 'B-' from 'B',
  Outlook Negative
Senior unsecured local currency debt: downgraded to 'B-' from
  'B', Recovery Rating 'RR4'; affirmed at 'AAA(ukr)'
Short-Term foreign currency IDR: downgraded to 'C' from 'B'
Short-Term local currency local currency IDR: affirmed at 'B'
Support Rating: affirmed at '5'
Viability Rating: affirmed at 'b-'
National Long-Term rating affirmed at 'AAA(ukr)', Outlook
  'Stable'

Pravex:

Long-term foreign currency IDR: downgraded to 'CCC' from 'B-';
  removed from RWN
Long-term local currency IDR: downgraded to 'B-' from 'B',
  maintained on RWN
Short-term foreign currency IDR: downgraded to 'C' from 'B';
  removed from RWN
Support Rating: affirmed at '5'
Viability Rating: affirmed at 'ccc'
National Long-term rating: affirmed at 'AAA(ukr)'; RWN

CAB:

Long-term foreign currency IDR: downgraded to 'CCC' from 'B-'
Long-term local currency IDR: downgraded to 'B-' from 'B',
   Outlook Negative
Short-Term foreign currency IDR: downgraded to 'C' from 'B'
Short-Term local currency IDR: affirmed at 'B'
Support Rating: affirmed at '5'
Viability Rating: affirmed at 'b-'
National Long-term Rating: affirmed at 'AAA(ukr)', Outlook
  Stable

PJSC Alfa-Bank:

Long-term foreign currency IDR: downgraded to 'CCC' from 'B-'
Long-term local currency IDR: affirmed at 'B-', Outlook Negative
Senior unsecured local currency debt: affirmed at 'B-'/'RR4' and
  'BBB-(ukr)'
Upcoming senior unsecured local currency debt: affirmed at 'B-
  (EXP)'/'RR4' and 'BBB-(EXP)(ukr)'
Senior unsecured debt of Alfa Ukrfinance LLC: downgraded to
  'CCC' from 'B-'; Recovery Rating 'RR4'
Short-term foreign currency IDR: downgraded to 'C' from 'B'
Support Rating: affirmed at '5'
Viability Rating : 'ccc', not affected
National Long-term rating: affirmed at 'BBB-(ukr)', Outlook
  Stable

PJSC Prominvestbank:

Long-term foreign currency IDR: downgraded to 'CCC' from 'B-'
Long-term Local Currency IDR: downgraded to 'B-' from 'B',
  Outlook Negative
Senior unsecured local currency debt rating: downgraded to 'B-'
  from 'B', Recovery Rating 'RR4'; affirmed at 'AAA(ukr)'
Short-term foreign currency IDR: downgraded to 'C' from 'B'
Support Rating: affirmed at '5'
Viability Rating: 'ccc', not affected
National Long-term Rating: affirmed at 'AAA(ukr)'; Outlook
  Stable

Pivdennyi Bank

Long-term foreign currency IDR: downgraded to 'CCC' from 'B-'
Short-term foreign currency IDR: downgraded to 'C' from 'B'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
Viability Rating: downgraded to 'ccc' from 'b-'

Industrialbank

Long-term foreign currency IDR: downgraded to 'CCC' from 'B-'
Short-term foreign currency IDR: downgraded to 'C' from 'B'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
Viability Rating: downgraded to 'ccc' from 'b-'


* Fitch Lowers Ratings on 3 Ukrainian Cities to 'CCC'
-----------------------------------------------------
Fitch Ratings has downgraded the City of Kyiv, the City of Kharkov
and Odessa Region's Long-term foreign currency Issuer Default
Ratings (IDRs) to 'CCC' from 'B-' and Short-term foreign currency
IDR to 'C' from 'B'. Fitch has affirmed the Long-term local
currency IDRs at 'B-'. The Outlooks on the Long-term local
currency IDRs are Negative.

Kyiv's outstanding senior unsecured eurobonds totaling USD550
million (US225407AA34, US50154TAA34, XS0644750027 and
XS0233620235) have been downgraded to 'CCC' from 'B-'. Its
domestic bonds totaling UAH5.4 billion (UA4000142707,
UA4000142715, UA4000142723, UA4000142731, UA4000142749 and
UA4000142884) have been affirmed at 'B-'. The Long-term local
currency rating of Kharkov's outstanding UAH99.5 million senior
unsecured domestic bonds (ISIN UA4000131346) has also been
affirmed at 'B-'.

Fitch expects to publish a further rating action commentary in the
near future summarizing public finance Ukrainian National Scale
ratings.

Under EU credit rating agency (CRA) regulation, the publication of
International Public Finance reviews is subject to restrictions
and must take place according to a published schedule, except
where it is necessary for CRAs to deviate from this in order to
comply with their legal obligations.

"Fitch interprets this provision as allowing us to publish a
rating review in situations where there is a material change in
the creditworthiness of the issuer that we believe makes it
inappropriate for us to wait until the next scheduled review date
to update the rating or Outlook/Watch status," Fitch said.

"The next scheduled review date for Fitch's rating on the City of
Kyiv was April 11, 2014 and for the City of Kharkov and Odessa
Region May 16, 2014. However, following the downgrade of Ukraine
on February 7, 2014 we have taken a similar rating action on these
issuers as they were rated at the same level as the sovereign,"
Fitch said.

KEY RATING DRIVERS

The downgrade of the City of Kyiv, the City of Kharkov and Odessa
Region's ratings reflects the application of Fitch's
'International Local and Regional Governments Rating Criteria
outside United States'. Under the criteria, a local or regional
government can only be rated above the sovereign in exceptional
circumstances.

RATING SENSITIVITIES

Any downgrade of Ukraine would lead to downgrade. Conversely, a
sovereign upgrade would lead to an upgrade of the issuers'
ratings.



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


ALL GINO: Closes Store, Cuts 150 Jobs
-------------------------------------
Clare Weir at Belfast Telegraph reports that All Gino Casuals and
NV stores went into liquidation with the loss of 150 jobs in
Northern Ireland.

It is understood that parent company Nath Bros Partnership went
into liquidation on January 30 and its outlets, which number
around 15, have been shutting all over Northern Ireland in recent
weeks, including in Belfast, Portadown, Cookstown and Ballymena,
with staff sent home after closing-down sales, according to
Belfast Telegraph.

Nath Brothers had been trading from Mahon Industrial Estate in
Portadown.


BAIRDS OF HAMILTON: In Liquidation, Cuts 35 Jobs
------------------------------------------------
Gordon Thomson at Evening Times reports that Bairds of Hamilton
accumulated debts of tens of thousands of pounds.  The report
relates that there wasn't even enough money to pay the workforce
of 35 while customers with gift vouchers have also lost out.

Every staff member has been made redundant after the directors
placed the stricken business into voluntary liquidation and
appointed insolvency experts at accountancy firm French Duncan,
according to Evening Times.

"Given Bairds' status as a Hamilton retail institution, it is
particularly regrettable that its liquidation has resulted in this
loss of jobs.  It seems likely that the very challenging trading
conditions that many retailers have experienced over recent
months, together with substantial trading overheads, have played a
significant contribution in Bairds' liquidation," the report
quoted Liquidator Linda Barr as saying.

Bairds of Hamilton sold a range of goods from shoes to silverware,
handbags to fashionwear and from millinery to linen.  It also had
a household department with a cookshop.


CABOT FINANCIAL: Moody's Downgrades Corporate Family Rating to B2
-----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family and
senior secured bond ratings of Cabot Financial Ltd (Cabot) and
Cabot Financial (Luxembourg) S.A, respectively, to B2 from B1 as a
result of Cabot's acquisition of Marlin Financial Group (Marlin)
as announced on February 10, 2014.

At the same time Moody's has affirmed the B2 corporate family and
senior secured bond rating of Marlin Financial Intermediate II Ltd
and Marlin Intermediate Holdings plc, respectively. The corporate
family rating of Marlin Financial Intermediate II Ltd will be
withdrawn.

The outlook is stable on all ratings.

Ratings Rationale

Cabot has financed the acquisition through drawing on its existing
GBP85 million revolving credit facility (RCF) and a GBP105 million
syndicated senior secured bridge facility. The rating action
reflects the resulting significant increase in the combined firm's
pro-forma leverage to 4.3x debt/Adjusted EBITDA from 3.2x as per
Moody's calculations. Additionally and on the same basis, the
interest coverage ratio, calculated as Adjusted EBITDA/Interest
expense decreases to 2.8x from 3.5x and capital, calculated as
Tangible Common Equity/Tangible Assets will be 10.1%. These
metrics are commensurate with a B2 rating level category.

Cabot expects that 1) the acquisition will allow it to leverage
off Marlin's expertise in litigation-enhanced collections while 2)
Marlin's back-book is expected to benefit from Cabot's collection
expertise on non-litigation quality debts. Cabot also anticipates
that the combined firm's market position will strengthen in terms
of coverage of the paying-non-paying spectrum and present a better
scale in portfolio purchasing while allowing for certain
operational efficiencies (e.g. Encore's India operations).


Furthermore the B2 rating reflects the combined firms strengthened
market positioning, stable operating cash flows as well as the
monoline business model, concentrated debt maturity profile,
supplier concentration and model risk in terms of valuation and
pricing of its purchased debt portfolio.

The B2 rating reflects the combined firm's pro-forma status and
metrics therefore Marlin's debt ratings have been affirmed at B2
level. We note that at the time of the rating action Marlin's bond
remains in place and that a consent solicitation process has been
launched in order to align the Marlin bond with the currently
outstanding Cabot bonds.

The outlook is stable on all ratings as Moody's expects the firm's
metrics to remain at levels corresponding to the B2 rating in the
next 12-18 months.

Moody's will withdraw the corporate family rating of Marlin
Financial Intermediate II Ltd as the entire Marlin group has now
become part of the Cabot restricted group.

What Could Change The Rating Up / Down

Upward rating pressure could arise from a significant improvement
in the combination of leverage metrics (debt-to-adjusted EBITDA)
to around 3.5x, interest coverage to around 4x and capital to over
10%, while maintaining other financial metrics and ratios at
current levels.

The rating could come under downward pressure due to (i)
significant deterioration in income from operations (after
interest expense) and cash flow from operations, stemming from
factors such as underperforming collections productivity,
underperforming portfolio acquisitions and lower than forecast
collections; or (ii) a further increase in leverage or sustained
decline in operating performance, leading to a debt ratio which is
higher than 5.5 times adjusted EBITDA or a tangible common equity-
to-tangible managed assets ratio which is below 4%; or (iii)
significant decline in interest coverage, with an adjusted EBITDA-
to-interest expense ratio around or below 1.0x.

The principal methodology used in these ratings was Finance
Company Global Rating Methodology published in March 2012.


CO-OPERATIVE BANK: Parent Consults Public on Future
---------------------------------------------------
Gareth Mackie at The Scotsman reports that Co-operative Group
yesterday asked the public to have their say on its future after
the embattled mutual admitted it had "lost touch" with customers
and communities.

According to The Scotsman, the 150-year-old organization, which
has interests spanning banking, retail and funeral services, has
launched an online consultation to ask for people's views on
topics such as how the Co-op should share its profits and whether
it should make political donations.

The Co-op's reputation has been hammered following a string of
recent setbacks, including the discovery of a GBP1.5 billion black
hole in its finances and a drugs scandal surrounding the former
chairman of its banking arm, The Scotsman relates.

The public consultation runs until March 24, The Scotsman
discloses.

                     About Co-operative Bank

Co-op Bank -- part of the mutually owned food-to-funerals
conglomerate Co-operative Group -- traces its history back to
1872.  The bank gained prominence for specializing in ethical
investment.  It refuses to lend to companies that test their
products on animals, and its headquarters in Manchester is
powered by rapeseed oil grown on Co-operative Group farms.

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

                           *     *     *

The Troubled Company Reporter-Europe on Nov. 14 and 18, 2013 has
reported that Moody's Investors Service has affirmed The
Co-operative Bank's Caa1 senior unsecured debt and deposit
ratings, and changed the outlook on the rating to negative from
developing, and Fitch Ratings has downgraded the company's Issuer
Default Rating to 'B' from 'BB-' and placed it on Rating Watch
Negative.


CORNERSTONE TITAN 2005-1: Fitch Cuts Class D Notes' Rating to Dsf
-----------------------------------------------------------------
Fitch Ratings has downgraded Cornerstone Titan 2005-1 plc's
class D CMBS notes, due July 2014, as follows:

  GBP937,000 class D (XS0227571725) downgraded to 'Dsf' from
  'Csf'; Recovery Estimate (RE) 70%

Key Rating Drivers

The downgrade reflects an interest shortfall on the class D notes.
As the most senior class of notes outstanding, this constitutes a
note event of default.

Following the non-payment of interest at the January interest
payment date (IPD), the issuer has formally given notice that a
note event of default has taken place. An interest amount of less
than GBP4,000 was due on the class D notes at the January IPD but
significant senior-ranking fees and third-party expenses prevented
any interest payments on the notes despite loan interest
collections of more than GBP33,000.

The notes are backed by one remaining loan (Jubilee Way), which is
in the process of being resolved. The retail property securing the
loan has been sold for an implied gross sales price of GBP910,000
and final proceeds are expected in time for the April IPD. After
fees and expenses however, losses are expected on the class D
notes.

Rating Sensitivities

The class D notes will be withdrawn once the Jubilee Way loan is
resolved. Fitch estimates note recoveries of some GBP650,000,
although this recovery estimate is sensitive to the quantum of
senior-ranking expenses.


DRYDEN X - EURO: Moody's Affirms B1 Ratings on 2 Note Classes
-------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the
following notes issued by Dryden X - Euro CLO 2005 plc:

EUR19,200,000 Class B-1 Senior Floating Rate Notes due 2022,
Upgraded to Aaa (sf); previously on Nov 14, 2013 Upgraded to Aa1
(sf) and Placed Under Review for Possible Upgrade

GBP3,262,000 Class B-2 Senior Floating Rate Notes due 2022,
Upgraded to Aaa (sf); previously on Nov 14, 2013 Upgraded to Aa1
(sf) and Placed Under Review for Possible Upgrade

EUR22,400,000 Class C-1 Mezzanine Deferrable Interest Floating
Rate Notes due 2022, Upgraded to A1 (sf); previously on Nov 14,
2013 Upgraded to A2 (sf) and Placed Under Review for Possible
Upgrade

GBP3,806,000 Class C-2 Mezzanine Deferrable Interest Floating
Rate Notes due 2022, Upgraded to A1 (sf); previously on Nov 14,
2013 Upgraded to A2 (sf) and Placed Under Review for Possible
Upgrade

EUR14,400,000 Class D-1 Mezzanine Deferrable Interest Floating
Rate Notes due 2022, Upgraded to Baa3 (sf); previously on Nov 14,
2011 Upgraded to Ba1 (sf)

GBP2,447,000 Class D-2 Mezzanine Deferrable Interest Floating
Rate Notes due 2022, Upgraded to Baa3 (sf); previously on Nov 14,
2011 Upgraded to Ba1 (sf)

EUR8,000,000 (current outstanding balance of EUR964,646.84) Class
S Combination Notes due 2022, Upgraded to Baa3 (sf); previously on
Nov 14, 2011 Upgraded to Ba2 (sf)

EUR4,000,000 (current outstanding balance of EUR 2,142,167.01)
Class Q Combination Notes due 2022, Upgraded to Aa3 (sf);
previously on Nov 14, 2011 Upgraded to A3 (sf)

Moody's also affirmed the ratings of the following notes issued by
Dryden X - Euro CLO 2005 plc

Euro 224,000,000 (current outstanding balance of
EUR 192,600,835.11) Class A-1 Senior Floating Rate Notes due 2022,
Affirmed Aaa (sf); previously on Jan 17, 2006 Assigned Aaa (sf)

GBP 38,052,000 (current outstanding balance of
EUR 15,730,566.87) Class A-2 Senior Floating Rate Notes due 2022,
Affirmed Aaa (sf); previously on Jan 17, 2006 Assigned Aaa (sf)

Euro 12,000,000 Class E-1 Mezzanine Deferrable Interest Floating
Rate Notes due 2022, Affirmed B1 (sf); previously on Nov 14, 2011
Upgraded to B1 (sf)

Euro 4,000,000 Class E-1B Mezzanine Deferrable Interest Fixed
Rate Notes due 2022, Affirmed B1 (sf); previously on Nov 14, 2011
Upgraded to B1 (sf)

Dryden X - Euro CLO 2005 plc, issued in January 2006, is a multi-
currency Collateralised Loan Obligation ("CLO") backed by a
portfolio of mostly high yield European loans. The portfolio is
managed by Pramerica Investment Management Inc. It is
predominantly composed of senior secured loans.

Ratings Rationale

The upgrade of the ratings of the Classes B, C and D notes is
primarily a result of the improvement in over-
collateralization(OC) ratios. Moody's had previously on
November 14, 2013 upgraded the ratings of Class B to Aa1(sf) from
Aa2(sf) and Class C to A2(sf) from A3(sf) and left them on review
for possible upgrade due to significant loan prepayments. The
action concludes the rating review of the transaction.

The Class A notes have been redeemed by approximately EUR35.5
million since July 2013, reducing the outstanding balance from
approximately EUR147.2 million to approximately EUR111.7 million.
As a result of the deleveraging, OC ratios of the remaining
Classes of notes have improved. According to the January 2014
trustee report, the Class A/B, C, D and E OC ratios are 146%,
126%, 116% and 108% compared to 136%, 122%, 114% and 108%
respectively, in July 2013. After the January 2014 payment date
the OC ratios improved further.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analyzed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR166.9 million
and GBP41 million, defaulted par of GBP0.6 million, a weighted
average default probability of 21.53% (consistent with a WARF of
3249), a weighted average recovery rate upon default of 46.8% for
a Aaa liability target rating, a diversity score of 27 and a
weighted average spread of 4.16%.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate 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 a recovery of 50% of the 90.56% of the portfolio
exposed to first-lien senior secured corporate assets upon default
and of 8.35% of the remaining non-first-lien loan corporate assets
upon default. In each case, historical and market performance and
a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analyzing.

Methodology Underlying the Rating Action

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

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 analysis on key parameters for the
rated notes, which includes deteriorating credit quality of
portfolio to address the refinancing risk. Approximately 4.65% of
the portfolio is European corporate rated B3 and below and
maturing between 2014 and 2015, which may create challenges for
issuers to refinance. Moody's considered a model run where the
base case WARF was increased to 3400 by forcing ratings on 50% of
refinancing exposures to Ca. The run generated model outputs that
were consistent with the base-case results.

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
note, in light of 1) uncertainty about credit conditions in the
general economy 2) the concentration of lowly- rated debt maturing
between 2014 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 the legal interpretation of CDO
documentation by different transactional parties due to because of
embedded ambiguities.

Additional uncertainty about performance is due to the following

* Portfolio amortization: The main source of uncertainty in this
transaction is the pace of amortization of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortization could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortization would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

* Around 36% of the collateral pool consists of debt obligations
whose credit quality Moody's has assessed by using credit
estimates.

* Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's over-
collateralization levels. Further, the timing of recoveries and
the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analyzed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market
prices. Recoveries higher than Moody's expectations would have a
positive impact on the notes' ratings.

* Foreign currency exposure: The deal has significant exposure to
GBP denominated assets. Volatility in foreign exchange rates will
have a direct impact on interest and principal proceeds available
to the transaction, which can affect the expected loss of rated
tranches.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
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, can influence the final rating decision.


EPIC PLC: Fitch Raises Rating on Class E Securities to 'BBsf'
-------------------------------------------------------------
Fitch Ratings has upgraded Epic (Culzean) plc's class C, D and E
notes due 2019 and affirms classes B and F as follows:

-- GBP11m Class B (XS0286456198) affirmed at 'AA-sf'; Outlook
    Stable

-- GBP25.8m Class C (XS0286456867) upgraded to 'AA-sf' from
    'Asf'; Outlook Stable

-- GBP21.8m Class D (XS0286457758) upgraded to 'Asf' from
    'BBsf+'; Outlook Stable

-- GBP9.4m Class E (XS0286458723) upgraded to 'BBsf' from 'Bsf';
    Outlook Stable

-- GBP12m Class F (XS0286459374) affirmed at 'CCCsf'; Recovery
    Estimate RE95%

The transaction is a fully funded synthetic securitization of four
commercial reference loans in the UK, of which two remain
outstanding.

KEY RATING DRIVERS

The upgrade reflects full repayment of the GBP35.2 million Friends
First loan and, as a result, pending redemption in full of the
class B notes and of GBP24.2 million of the Class C notes, plus
stable performance of the two remaining loans, Prime A and Prime
B.

Since closing in February 2007, four retail assets located in
London's New Bond Street and backing the Prime A loan have been
sold. A total of GBP41.8 million was prepaid (including cash
sweep) by October 2013, leaving a securitized loan balance of
GBP24 million. The remaining collateral comprises two assets, one
retail property located in Camberley/ Surrey and an office
property located in London's Tothill Street in Westminster. The
assets are fully let and the largest tenant, The Home Office
(rated AA+/Stable) accounts for 90.2% of the current rent, with
lease expiry in 2027.

No assets backing the Prime B loan have been sold to date. The
collateral comprises five single retail units located in London's
Kensington High Street, Westbourne Grove (Notting Hill) and Covent
Garden. 206 Westbourne Grove was vacated by its tenant in July
2013. The asset manager is in discussions with prospective
tenants. The loan balance was reduced to GBP20.8 million in
October 2013 from GBP22.9 million at closing via prepayment/cash
sweep.

Both loans are hedged until 2026, 10 years after loan maturity.
Swap termination may result in breakage costs in case of
borrower's bankruptcy or non-payment. However, at loan maturity
such costs will become subordinated to payments on the securitized
loans. The securitized loan-to-value ratio (LTV) was reported at
64.9% (Prime A) and 61.1% (Prime B) in October 2013 (not taking
into consideration current swap mark-to-market).

Fitch expects the Prime A loan to repay without losses (at
maturity or thereafter), given the strong income profile and the
ability to use proceeds from the Prime B collateral in the event
of default. In the case of the Prime B loan, the agency believes a
small ultimate loss is possible.

Rating Sensitivities

Prolonged vacancy at 206 Westbourne Grove would have a detrimental
effect on its collateral value and potentially affect the
borrower's ability to repay the loan. This may result in a
revision of the recovery estimate on the class F notes. An
unlikely default of the loans may affect the ratings if it results
in swap breakage and, consequently, senior liabilities.

'Bsf' recoveries for the Prime A and Prime B loans are GBP44.2
million, approximately GBP0.6 million short of the aggregate loan
balance.


KETLING LIMITED: Goes Into Liquidation
--------------------------------------
Business Insider reports that Ketling Limited, which acquired
Henderson The Jewellers in September, has gone into liquidation.

Ketling Limited had acquired the bulk of Henderson The Jewellers
assets in a low seven-figure deal before majority shareholder
Alastair Henderson called in administrators to the parent company,
MM Henderson, last November, according to Business Insider.

The report notes that the deal with Ketling -- a new company set
up in April 2013 by former Henderson The Jewellers director Stefan
Waclawski -- included five heritable properties and a distribution
centre in Port Dundas.  The report relates that all Henderson
staff had also transferred over to Ketling Limited prior to MM
Henderson appointing administrators, with Ketling then assuming
trading under the Henderson the Jewellers brand name.

Ketling Limited had also agreed to take on Henderson The Jewellers
historical lease agreements on eight outlets across Scotland,
though the company had refused to sign new lease terms at the Gyle
shopping center outlet in Edinburgh last December and the store
closed, the report notes.

Mr. Waclawski, the report discloses, emailed creditors on Jan. 30
informing them of his intention to place the company into
liquidation on January 31.

Brian Milne of French Duncan was appointed provisional liquidator
of Ketling Limited on Friday, January 31:

"Following my appointment, I have initiated a thorough assessment
of the circumstances leading up to the liquidation, though it
would seem that Henderson has fallen victim to the challenging
trading conditions that the economic downturn has imposed on many
retailers over recent years.  It is particularly regrettable,
given Henderson's long history, that it has fallen into
liquidation," the report quoted Mr. Waclawski as saying.

The report recalls that MLM Corporate Solutions were appointed
administrators of Henderson the Jewellers in November 2013, though
MLM noted all property and land holdings had been sold prior to
their appointment.  The report relates that MLM filed an
administrators proposal report on behalf of MM Henderson-
Henderson the Jewellers parent company -- with Companies House on
December 20.

The report relays that the administrators note the company had
borne the brunt of changing trends in the jewelry market which had
impacted on Henderson's collectables offering, which had accounted
for 40 per cent of turnover in peak trading for the company in
2001.

The Henderson's branches which have now been closed are located
in:

   -- Airdrie;
   -- Ayr;
   -- Bishopbriggs;
   -- Braehead;
   -- Clydebank;
   -- Cumbernauld;
   -- Dundee;
   -- Dunfermline;
   -- Edinburgh;
   -- Glasgow;
   -- Hamilton;
   -- Kilmarnock;
   -- Kirkcaldy;
   -- Motherwell; and
   -- Newton Mearns.


RSA INSURANCE: Hester Mulls GBP350 Million Share Placing
--------------------------------------------------------
Alistair Gray at The Financial Times reports that Stephen Hester
is sounding out investors to raise as much as GBP350 million for
the insurer RSA in an emergency cash call that would avoid the
need of a rights issue.

Mr. Hester, the former Royal Bank of Scotland chief, drafted in to
lead the FTSE 100 insurer, has approached top institutional
investors to win their support for a "quick and easy" route of a
share placing, the FT relates.

In spite of the risks of alienating some shareholders, who could
face being diluted without the compensation of a rights issue, Mr.
Hester is seriously considering the option of raising up to 10 per
cent of RSA's equity through a placing, the FT says.

According to the FT, no decision has yet been taken by the
company, which needs to raise hundreds of millions of pounds to
fill a black hole caused by accounting problems in Ireland.

The FT relates that people close to the situation cautioned RSA
could still conduct a full rights issue and was still examining
disposals.  It may yet avoid an equity raising altogether in favor
of asset sales, the FT states.

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.


SHIMLA PINKS: In Administration, Has Been Sold in Pre-Pack Deal
---------------------------------------------------------------
Insider Media Limited reports that upmarket Indian restaurant
Shimla Pinks, based in Birmingham's Broad Street Business
Improvement District (BID), has been sold in a pre-pack deal after
collapsing into administration on declining turnover and expansion
into a second out-of-town restaurant.

Lila Thomas -- lila.thomas@begbies-traynor.com --  and David
Acland -- david.acland@begbies-traynor.com -- of Begbies Traynor's
Preston office were appointed as joint administrators of Grillfair
Ltd, which traded as Shimla Pinks, on January 13, 2014.

The report notes that the business has been sold to Grillfair's
sole director Mohinder Kohli under the banner of newly
incorporated company Shimla Pinks (Birmingham) Ltd.  The sale was
negotiated prior to the administration and completed immediately
upon the appointment of Begbies Traynor, the report relates.

The report discloses that all employees have transferred to the
new company and there were no redundancies.

The report says that as well as falling sales, Shimla Pinks was
hit by the expansion into a second restaurant which exceeded its
budget and was initially significantly loss making.  This had a
damaging effect on the cashflow, the report adds.

The 350-seat Birmingham Shimla Pinks opened its doors in the early
1990s and soon became a popular hangout for celebrities in the
city.  It also played an important part in the rejuvenation of the
restaurant scene in the area.  The chain at one point had seven
restaurants across the UK with the Birmingham site operating as
the flagship venue.


SWINBURNE AND JACKSON: In Administration, Cuts 50 Jobs
------------------------------------------------------
Leo Robb at Bridging and Commercial Distributor News reports that
Swinburne and Jackson LLP, a prestigious conveyancing firm has
plunged into administration, triggering the redundancy of 50 staff
members.

Swinburne and Jackson LLP, which has been in business for around
200 years, collapsed into administration, after business accounts
showed debts of GBP800,000, according to Bridging and Commercial
Distributor News.

The law firm has appointed Gordon Goldie --
gordon.goldie@taitwalker.co.uk -- and Matthew Higgins --
matthew.higgins@taitwalker.co.uk -- of Tait Walker as its
administrators.

"The practice was looking for a buyer for several weeks prior to
our appointment, but as we speak that has not been possible," the
report quoted Mr. Goldie as saying.

A representative from the Solicitors Regulation Authority (SRA)
confirmed that it was working with the administrators to conduct
an orderly wind-down, the report notes.

The report relates that accounts filed with Companies House showed
that Swinburne and Jackson owed GBP125,365 in loans, while
creditors were owed GBp674,866.

All offices are now in the process of being closed.

Swinburne and Jackson LLP, which is headquartered in Gateshead,
has another four offices around the North East.


TMO RENEWABLES: Administrators Hope to Strike Rescue Deal
---------------------------------------------------------
David Casey at Insider Media reports that administrators of TMO
Renewables are hoping to strike a rescue deal in a bid to save the
stricken firm.

The company collapsed under the weight of creditor pressure after
a string of well-publicized multimillion-pound deals failed to
materialize, Insider Media recounts.

Philip Duffy and Benjamin Wiles from insolvency firm Duff & Phelps
were called into the Guildford-headquartered business amid threats
from creditors to start litigation proceedings, Insider Media
relates.

According to Insider Media, a buyer is now being sought but
administrators are also seeking to thrash out a company voluntary
arrangement (CVA) if a going concern sale fails to materialize.
The CVA would allow the business to repay creditors a reduced
amount over a fixed period, Insider Media says.

A report from the administrators at Duff & Phelps has revealed the
firm is continuing to trade TMO while in administration following
the support of creditors Andbell AS and Sinoside Investments,
Insider Media discloses.

A sale or CVA should allow unsecured creditors to recoup some of
the money they are owed, Insider Media states.  At the moment,
GBP5.6 million is owed to loan note holders, GBP100,000 to HM
Revenue & Customs and GBP729,000 to trade and expense creditors,
according to Insider Media .

In the year to December 31, 2012, TMO made a pre-tax loss of
GBP13.3 million on top of a loss of GBP5.5 million a year earlier,
Insider Media states.

TMO was founded in 2002 as a research-based entity.  Its
technology uses thermophilic microorganism, a bacteria that can
turn household rubbish such as tea bags and wood into biofuel.



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


* EUROPE: OECD Fails to Account Weak Banking System in Forecasts
----------------------------------------------------------------
Szu Ping Chan at The Telegraph reports that a study by the
Organisation for Economic Co-operation and Development (OECD) has
found Europe's austerity drive has caused less of a shock to
growth than the spillover effects from broken banks and
restrictive regulation.

According to The Telegraph, the Paris-based organization said
that, while fiscal consolidation clearly had a "contractionary
impact" on growth -- particularly in the eurozone -- the OECD's
failure to account for a weaker banking system and bigger cross-
border shocks between 2007 and 2012 also had a significant impact
on its forecasting errors.

It said these factors contributed more to its errors during the
financial crisis than miscalculations about the impact of
austerity, The Telegraph notes.

The OECD said the correlation between austerity and errors in its
forecasts was "not statistically significant" once outlier Greece,
which has endured repeated rounds of belt-tightening, was taken
out of the equation, The Telegraph relates.

However, the OECD said forecasting errors could also be linked to
mistakes about the amount of belt-tightening, and not just their
effects, The Telegraph relays.

Pier Carlo Padoan, the OECD's chief economist, as cited by The
Telegraph, said the impact of undercapitalized banks had caused a
big shock to the system.


* 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, and Peter A. Chapman, Editors.

Copyright 2014.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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202-241-8200.


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