/raid1/www/Hosts/bankrupt/TCREUR_Public/140422.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Tuesday, April 22, 2014, Vol. 15, No. 78

                            Headlines

A U S T R I A

HYPO ALPE-ADRIA: Net Loss Widens to EUR1.86 Billion in 2013


B E L A R U S

BELGOSSTRAKH: Fitch Affirms 'B-' Insurer Finc'l. Strength Rating
EXIMGARANT: Fitch Affirms 'B-' Insurer Financial Strength Rating


B E L G I U M

KPN NV: Fitch Affirms 'BB' Subordinated Capital Security Rating


F R A N C E

CFHL-1 2014: Moody's Assigns (P)Ba1 Rating on Class E Notes


G E R M A N Y

DECO 2005-PAN: S&P Lowers Rating on Class G Notes to 'CCC+'
FORCE TWO: Fitch Affirms 'Csf' Rating on Class E Notes
FRANZ HANIEL: S&P Revises Outlook to Pos. & Affirms BB+ Rating
HEAT MEZZANINE: Moody's Lowers Rating on EUR233MM Notes to Ca
* GERMANY: Egg Producers Face Insolvency


G R E E C E

EUROBANK ERGASIAS: S&P Affirms 'CCC' Rating; Outlook Negative


I R E L A N D

ANGLO IRISH: Two Former Executives Get Guilty Verdict
AWAS AVIATION: Moody's Affirms 'Ba3' CFR; Outlook Positive
DRYDEN XIV: S&P Lowers Rating on Class E Notes to CCC+


I T A L Y

BANCA POPOLARE: S&P Cuts Counterparty Credit Ratings to 'B+'
F-E GOLD: Fitch Affirms 'BB' Rating on EUR4.9MM Class C Notes
MONTE DEI PASCHI: Increases Size of Planned Share Sale
NAPLES CITY: S&P Revises Outlook to Neg. & Withdraws 'BB-' ICR
TEAMSYSTEM HOLDING: S&P Lowers CCR to 'B-'; Outlook Stable


K A Z A K H S T A N

ASIACREDIT BANK: Fitch Raises Issuer Default Rating to 'B'
KAZTRANSGAS JSC: Fitch Raises LT Issuer Default Rating From 'BB+'
NOSTRUM OIL: S&P Affirms 'B+' Corporate Credit Rating


N E T H E R L A N D S

JUBILEE CLO: Fitch Assigns 'B-(EXP)sf' Rating to Class F Notes


R O M A N I A

ROMANIAN AUTHORITY: Minister Sacks Special Administrator


R U S S I A

SEVERSTAL COLUMBUS: S&P Affirms Then Withdraws 'B' CCR


T U R K E Y

BOSPHORUS 1 RE: S&P Affirms BB+ Rating on US$400MM Class A Notes
DOGAN YAYIN: Fitch Puts 'BB-' LT IDR on Rating Watch Negative


U K R A I N E

UKRAINE: Fitch Says Tariff Cuts LT Positive for Agribusiness


U N I T E D   K I N G D O M

ASKAM CONSTRUCTION: In Administration, Cuts 40++ Jobs
ASTEC PROJECTS: In Administration, Cuts 60 Jobs
CO-OPERATIVE GROUP: Lenders Bring in Hedger to Help Turnaround
CROYDON VILLAGE: Outlet Goes Into Administration
EUROSAIL-UK 2007-5NP: S&P Raises Ratings on 2 Note Classes to BB+

HURSTWOOD INTERNATIONAL: In Administration, Closes Operations
PUNCH TAVERNS A: Moody's Cuts Ratings on 2 Note Classes to Ba1
PUNCH TAVERNS B: Moody's Cuts Ratings on 4 Note Classes to B1
THOMAS COOK: S&P Revises Outlook to Positive & Affirms 'B' CCR
VOYAGE HOLDING: Fitch Affirms 'B' IDR; Outlook Stable


X X X X X X X X

* Number of Insolvent Travel Firms Up 45% in 2013
* Large Companies with Insolvent Balance Sheets


                            *********


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A U S T R I A
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HYPO ALPE-ADRIA: Net Loss Widens to EUR1.86 Billion in 2013
-----------------------------------------------------------
Boris Groendahl at Bloomberg News reports that Hypo Alpe-Adria
Bank International AG, Austria's most costly bank failure, pushed
up bad debt charges and writedowns as it found "skeletons in the
closet" while speeding up its dismantling under European Union
orders.

According to Bloomberg, the Klagenfurt, Austria-based
nationalized bank said in a statement on Thursday that loan-loss
provisions and asset writedowns rose to EUR1.7 billion (US$2.4
billion), more than four times what it booked in 2012, widening
the bank's net loss to EUR1.86 billion from a restated EUR23
million.

Hypo Alpe, as cited by Bloomberg, said the charges were necessary
to bring forward the sale of assets as requested by the European
Commission and because asset quality worsened more than expected
last year.

"The key issue was the European Commission decision to order the
bank to curb our new business and sell assets quicker," Bloomberg
quotes new Chief Executive Officer Alexander Picker as saying.
"We also had to revise some of our own estimates and book bigger
losses than expected because there were indeed more skeletons in
the closet than we thought."

Hypo Alpe has already cost euros since its nationalization in
2009, when the bank's ill-fated transformation from a provincial
lender into a financier for former Yugoslavia unraveled,
Bloomberg notes.

                      About Hypo Alpe-Adria

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

Hypo Alpe has received EUR1.75 billion in aid in emergency
capital from the Austrian government.  European Union Competition
Commissioner Joaquin Almunia said in March 2013 that Hypo faced
possible closure for failing to adequately restructure.
The European Commission approved Hypo's recapitalization in
December 2013, but made it conditional on the management
presenting a thorough plan to overhaul the group.  The Austrian
finance ministry, which effectively runs Hypo Alpe, submitted a
restructuring plan to the Commission on Feb. 5.



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B E L A R U S
=============


BELGOSSTRAKH: Fitch Affirms 'B-' Insurer Finc'l. Strength Rating
----------------------------------------------------------------
Fitch Ratings has affirmed Belarusian Republican Unitary
Insurance Company's (Belgosstrakh) Insurer Financial Strength
(IFS) rating at 'B-'. The Outlook is Stable.

Key Rating Drivers

The rating continues to reflect Belgosstrakh's 100% state
ownership.  Belgosstrakh is the exclusive provider of a number of
compulsory lines, including state-guaranteed employers'
liability, homeowners' property, agricultural insurance and a
number of other minor lines.  The Belarusian state has
established strong support for Belgosstrakh in the legal
framework, including direct guarantees on policyholder
obligations and significant capital injections in previous years.

Belgosstrakh is currently the market leader in all compulsory
lines and a number of voluntary lines, including commercial
property and casualty, and travel insurance.  Together with its
life subsidiary Stravita, Belgosstrakh wrote 51% of sector
premiums in 2013 (2012: 52%).  The insurer's strong market
positions are to some extent underpinned by the preferential
treatment provided in the legislation governing state-owned
insurers.

Fitch's assessment of Belgosstrakh's risk-adjusted capital
adequacy concludes that the company is adequately capitalized for
its rating.  The insurer nominally maintains a very strong level
of capital relative to its current business volumes with a
Solvency I-like statutory ratio of 14x at end-2013.  Fitch does
not consider that Belgosstrakh's economic capital adequacy is as
strong as the statutory solvency ratio implies since the
regulator's formula does not take asset risk into account.  Risks
on the asset side of Belgosstrakh's balance sheet are highly
concentrated and directly linked to the sovereign's credit
profile.

Belgosstrakh has demonstrated profitable operating performance in
the past five years with net profit of BYR198 billion in 2013
(2012: BYR130 billion) with the investment return being the key
contributor.  To assess Belgosstrakh's underwriting profitability
Fitch breaks the insurer's portfolio into two parts: regular non-
life business and two government-guaranteed lines with a specific
reserving methodology.

The regular non-life business accounted for 54% of gross premiums
written in 2013 and included both compulsory and voluntary lines
of business.  This part of Belgosstrakh's portfolio has had
moderately negative underwriting results in recent years.  The
regular non-life business demonstrated a notable improvement of
the loss ratio to 58% in 2013 from 65% in 2012, while expenses
were stable.  Fitch believes that some part of this improvement
can be attributed the Belarusian accounting reform in 2013 and
the shift to the accrual method from the cash method.  This
effect will not be present in 2014so it should then be possible
to assess the sustainability of improvement in the underwriting
profitability.

The second part of the portfolio includes employers' liability
and agricultural insurance (38% and 8% of gross written premiums,
respectively, in 2013), where Belgosstrakh's functions are more
of an administrative nature, although legally the insurer carries
the policyholder obligations.  The underwriting result of these
two lines is always equal to zero as the technical result of the
year is fully transferred to the special reserve.

Fitch believes the employers' liability line may be exposed to
reserving risk due a non-standard reserving methodology and the
line's long tail.  To a significant extent these concerns are
offset by the availability of a direct government guarantee on
these policies.  Belgosstrakh expects that this guarantee could
be removed only upon the transfer of these obligations to a
governmental social security agency.  This option is currently
not under consideration.

Insurance tariffs for compulsory lines are set by the state.
Belgosstrakh has limited control over the underlying
profitability of related insurance lines, which together
accounted for 69% of gross written premiums in 2013, including
46% represented by employers' liability and agricultural
insurance.  However, Fitch understands that Belgosstrakh plays a
key role in advising the government on the determination of
insurance tariffs and in the development of insurance
legislation, particularly in the field of compulsory insurance.

In Fitch's view, Belgosstrakh's investment portfolio is of
relatively low quality.  This reflects the credit quality of
local investment instruments, constrained by sovereign risks, and
the presence of significant concentrations by issuer.
Belgosstrakh's ability to achieve better diversification is
limited by the narrowness of the local investment market and
strict regulation of the insurer's investment policy.

Rating Sensitivities

Any change in Fitch's view of the financial condition of the
Republic of Belarus or any significant change in the
Belgosstrakh's relationship with the government would be likely
to have a direct impact on the insurer's ratings.


EXIMGARANT: Fitch Affirms 'B-' Insurer Financial Strength Rating
----------------------------------------------------------------
Fitch Ratings has affirmed Export-Import Insurance Company of the
Republic of Belarus's (Eximgarant) Insurer Financial Strength
(IFS) rating at 'B-'.  The Outlook is Stable.

Key Rating Drivers

The rating continues to reflect the 100% state-ownership of
Eximgarant.  The Belarusian state has established strong support
for Eximgarant in a legal framework with the aim of developing a
well-functioning export insurance system.  The state's propensity
to support the company has been demonstrated by the availability
of the government guarantee on export insurance risks,
significant capital injections in previous years and the explicit
inclusion of Eximgarant's potential capital needs in Belarus's
budgetary system.

Eximgarant was founded as a public Export Credit Agency (ECA),
but combines two profiles: the exclusive national provider of
state-guaranteed export insurance and a traditional non-life
insurer. Eximgarant was ranked third-largest by premiums written
in Belarus in 2013.  The insurer's strong market position is to
some extent underpinned by the preferential treatment provided in
the legislation governing state-owned insurers.

Fitch's assessment of Eximgarant's risk-adjusted capital adequacy
concludes that the company is adequately capitalized for its
rating.  The insurer nominally maintains an exceptionally strong
level of capital relative to the insurer's current business
volumes with the Solvency I-like statutory ratio standing at 102x
at end-2013.  Fitch does not consider that Eximgarant's economic
capital adequacy is as strong as the statutory solvency ratio
implies since the regulator's formula does not take asset risk
into account.  Risks on the asset side of Eximgarant's balance
sheet are highly concentrated and directly linked to the
sovereign credit profile.

Eximgarant has been demonstrating profitable operating
performance in the past five years with net profit of BYR84bn in
2013 (2012: BYR61 billion).  The insurer significantly improved
its underwriting result in 2012-2013 with the combined ratio
standing at a low 54% in 2012 and 64% in 2013.  The loss ratio
was the key factor behind this improvement, while expenses were
prudently kept stable.  The improvement of the loss ratio
partially benefited from the end of hyperinflation in 2012 and
the Belarusian accounting reform in 2013 with a shift to the
accrual method from the cash method.  In 2012 the underwriting
result also benefited from a significant release of claims case
reserves for export credit insurance.

Eximgarant's export risk portfolio has been steadily maturing
with the coverage of Belarusian exports by insurance reaching
2.5% in 2013, although it remains relatively undiversified in
terms of geographies and industries.  The insurer has taken a
relatively cautious approach to underwriting in terms of
concentration by credit counterparty, which Fitch views
positively. The export risk line is not compulsory in Belarus,
which means that the company is not forced to accept all
applications and can focus on portfolio quality.  Eximgarant also
manages a portfolio with a somewhat shorter term structure than
other public ECAs, generally focusing on medium- and long-term
risks. 67% of Eximgarant's exposure had a maturity of 12 months
or less at end-2013.

The structure of Eximgarant's traditional non-life portfolio has
been evolving in the past few years.  The weight of property and
casualty lines in the insurer's non-life portfolio increased to
30% in 2013 from 18% in 2012 due to a single large contract.  At
the same time, the share of motor business, which did not
experience growth, reduced to 32% in 2013 from 48% in 2012.

Insurance of domestic financial risks remains one of the key
lines in Eximgarant's non-life portfolio with a weight of 26% in
2013. Fitch has some concerns related to the non-core nature of
these risks for insurance sectors worldwide, absence of local
government guarantees for these risks, the significant use of the
insurer's capacity, and concentrated reinsurance protection.
Positively, Eximgarant's top exposures by counterparty under this
line are state-owned enterprises.

In Fitch's view, Eximgarant's investment portfolio is of
relatively low quality.  This reflects the credit quality of
local investment instruments, constrained by sovereign risks, and
the presence of significant concentrations by issuer.
Eximgarant's ability to achieve better diversification is limited
by the narrowness of the local investment market and strict
regulation of the insurer's investment policy.

Rating Sensitivities

Any change in Fitch's view of the financial condition of the
Republic of Belarus or any significant change in Eximgarant's
relationship with the government would be likely to have a direct
impact on the insurer ratings.



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B E L G I U M
=============


KPN NV: Fitch Affirms 'BB' Subordinated Capital Security Rating
---------------------------------------------------------------
Fitch Ratings has affirmed Royal KPN N.V.'s Long-term Issuer
Default Rating (IDR) at 'BBB-'.  The Outlook is Stable.

KPN continued to take steps to strengthen its domestic
competitive position in 2013.  However, the domestic market
remains challenging, and KPN is yet to demonstrate a sustained
and improved financial performance.  The sale of E-plus to
Telefonica Deutschland, subject to regulatory clearance, will be
credit positive as the EUR5 billion of cash proceeds will
strengthen KPN's balance sheet.  The 20.5% stake in the combined
entity will give KPN exposure to an operator with a stronger
competitive position in the German market.

KEY RATING DRIVERS

Fixed Line Improvements

KPN continued to increase its broadband subscriber base in 2013
and gained substantial TV market share.  KPN has responded to the
competitive threat posed by cable by investing heavily in fibre
and IPTV and seeking to grow its multi-play customer base, with
quad-play launched in 2013.  However, if the likely merger of
Ziggo and UPC goes ahead, fixed line competition may intensify as
the combined entity gains greater scale.  While KPN's operating
developments are positive, converting these trends into improved
and sustained profitability will be a key driver of any positive
rating action.

Intensifying Mobile Competition

KPN's domestic mobile business was adversely impacted in 2013 by
growing competition, with new 'no frills' players and an increase
in the share of SIM-only subscriptions.  KPN has now achieved LTE
nationwide coverage and the risk profile is improving as the
share of committed revenues from bundles grows.  However, Tele2
intends to launch a fourth mobile network and is likely to
attempt to gain market share by employing a price challenger
strategy.  Fitch would consider a positive rating action if KPN
can demonstrate that it can effectively manage any challenges
posed by Tele2's entry into the market.

E-plus Disposal Positive

The expected EUR5 billion cash consideration from the sale of E-
plus to Telefonica Deutschland reduces KPN's leverage and
exposure to a market that could have proved challenging over the
next few years. E-plus is the number 4 operator in Germany and a
mobile-only player in a market that is increasingly moving
towards integrated fixed-mobile offerings.  In Fitch's view, the
disposal of the asset makes strategic sense for both parties as
the combined entity of E-Plus and Telefonica Deutschland will
generate synergies and create a stronger player in the market.
The regulatory conditions for the agreed merger are at present
unclear and the merger is subject to approval from the antitrust
authorities.

Balance Sheet Strengthening

KPN's EUR3 billion rights issue and EUR2 billion hybrid bonds
issue in 2013 strengthened the company's balance sheet and
demonstrate the company's commitment to an investment grade
profile.  However, KPN continues to operate in a challenging
environment and operating free cash flow is likely to be put
under pressure in 2014.

Simplification Programme to Deliver Efficiencies

In 2013 KPN completed its program to reduce full-time employees
by 4,650, and is now focused on implementing a Simplification
Programme to deliver a more simplified product portfolio and
operating model, and reduce employees by a further 1,500-2,000.
The company expects this to deliver savings of at least EUR300
million per annum by 2016.

Competitive Belgian Market

KPN's Belgian subsidiary, BASE Company, has been impacted by
aggressive price competition in the Belgian mobile market, most
notably from Telenet, and following new legislation passed in
2012 allowing customers to switch operators free of charge after
six months.  In Fitch's view, future growth is likely to be
derived from the fixed line business subsequent to the launch of
a new triple-play package, "Snow", in February 2013, providing
fixed telephony, broadband, and TV to the market.

RATING SENSITIVITIES

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

-- Sustained improvement in KPN's domestic fixed and mobile
    operations, as well as maintenance of net debt/EBITDA (as
    defined by Fitch, including Reggefiber-related liabilities)
    at lower than 3x.

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

-- A further deterioration in KPN's domestic fixed and mobile
    Operations

-- Net debt/EBITDA (as defined by Fitch, including Reggefiber-
   related liabilities) exceeding 3.5x on a sustained basis

Full List of Rating Actions

  Long-term IDR: affirmed at 'BBB-', Outlook Stable
  Senior unsecured debt: affirmed at 'BBB-'
  Subordinated capital security: affirmed at 'BB'



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F R A N C E
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CFHL-1 2014: Moody's Assigns (P)Ba1 Rating on Class E Notes
-----------------------------------------------------------
Moody's Investors Service has assigned provisional long-term
credit ratings to notes to be issued by CFHL-1 2014:

EUR [.] Class A1 Asset-Backed Floating Rate Notes due
April 28, 2054, Assigned (P)Aaa (sf)

EUR [.] Class A2-A Asset-Backed Floating Rate Notes due
April 28, 2054, Assigned (P)Aaa (sf)

EUR [.] Class B Asset-Backed Floating Rate Notes due
April 28, 2054, Assigned (P)Aa1 (sf)

EUR [.] Class C Asset-Backed Floating Rate Notes due
April 28, 2054, Assigned (P)A1 (sf)

EUR [.] Class D Asset-Backed Floating Rate Notes due
April 28, 2054, Assigned (P)Baa1 (sf)

EUR [.] Class E Asset-Backed Floating Rate Notes due
April 28, 2054, Assigned (P)Ba1 (sf)

Moody's has not assigned any rating to the EUR [.] Subordinated
Units or the EUR [.] Residual Units.

This transaction is the first public securitization by Credit
Foncier de France (A2/P-1), hereafter called "CFF" since 2008,
with the portfolio consisting of French prime residential home
loans backed by first economic lien mortgages or equivalent
third-party eligible guarantees "pret cautionne", which are well-
known products by Moody's.

Ratings Rationale

The rating of the notes is based on an analysis of the
characteristics of the underlying pool of home loans, sector wide
and originator specific performance data, protection provided by
credit enhancement, the roles of external counterparties and the
structural integrity of the transaction.

The expected portfolio loss of [1.8]% of original balance of the
portfolio at closing and the MILAN required Credit Enhancement
"MILAN CE" of [6.7]% served as input parameters for Moody's cash
flow model, which is based on a probabilistic lognormal
distribution as described in the report "The Lognormal Method
Applied to ABS Analysis", published in July 2000.

The key drivers for the portfolio expected loss, which is in line
with the average prime French RMBS transaction are: (i) 13 years
of vintage data from the originator's book, only considering the
loans with similar eligibility criteria as for the pool, which
shows that the defaults for mortgage loans are significantly
higher than for "caution"-loans ("prets cautionnes") loans and
that the overall default rates historically have been between
4 -- 5%; (ii) 13 years of dynamic delinquency from the
originator's book (again only considering loans with similar
eligibility criteria) which again shows that the delinquencies
are significantly higher for mortgage loans compared to caution-
loans; (iii) 10 years of vintage data for mortgage loans and 8
years of vintage data for caution-loans showing significantly
higher recovery rates for caution-loans and that the overall
recovery rate two year after the default is around 60%; (iv) the
performance of the previous transactions; (v) the current
macroeconomic and Moody's view of the future macroeconomic
environment in France; (vi) benchmarking with other French RMBS
transactions.

The key drivers for the MILAN CE, which is lower than the average
prime French RMBS transaction, are: (i) Significantly lower LTVs
with the WA Current LTV in this transaction around 68%; (ii)
around 18% of the loans in the pool are "pret cautionne" loans
guaranteed by Credit Logement (Aa3) for which Moody's have given
benefit to the guarantee in the scenarios where Credit Logement
is expected to be able to perform on the guarantee, which
consequently reduce the MILAN number; and in the remaining
scenarios Moody's have made a haircut on the property values and
increased the foreclosure lag and foreclosure costs, which
consequently increase the MILAN number in those scenarios; (iii)
Months Current data which shows that around 83% of the loans in
the pool have never been in arrears which together with a WA
seasoning of 4 years are positive features; (iv) the pool does
not contain interest only loans, buy-to-let loans, floating rate
loans or loans extended to non-residents which are also positive
features; (v) while the fact that almost 70% of the loans have
been originated through brokers and intermediaries is seen as a
negative feature.

Interest Rate Risk Analysis: The transaction benefits from an
interest rate swap with CFF (A2/P-1) as Swap Counterparty. Under
the interest rate swap the Issuer pays the scheduled interest
less senior fees and expenses less a guaranteed excess spread of
[1.0%] per annum over the ingoing balance of the portfolio each
payment period while the Swap Counterparty pays the interest
payable on the Notes over a notional equal to the Notes less any
unpaid PDL. The interest rate swap documentation is not compliant
with Moody's standard swap de-linkage criteria, with the main
difference being that the collateral trigger has been set at loss
of A3 (instead of A2/P-1) and the transfer trigger at loss of
Baa1 (instead of A3/P-2) and Moody's has therefore considered the
increased linkage in the provisional credit ratings on the Notes.

Transaction structure: The transaction benefits form a non-
amortizing reserve fund equal to [0.5%] of the original balance
of the Class A to Class E Notes. The reserve fund is fully funded
at closing through the proceeds from the issuance of the notes
and units and it is replenished before the OC PDL (the PDL on the
Subordinated Units) which means that the reserve fund is acting
both as credit enhancement and source of liquidity for the Class
A to Class E Notes. The transaction also benefits for an
amortizing liquidity reserve equal to 3.0% of the Class A to
Class E Notes outstanding balance. The liquidity reserve is
funded through principal collections and it can be used to cover
senior fees and expenses and interest payments on the Class A to
Class E Notes.

Operational Risk Analysis: The home loans will be serviced by CFF
(A2/P-1). There is no back-up servicer appointed at closing and
no rating trigger for appointing a back-up servicer. The
management company, Eurotitrisation, will facilitate the search
for a substitute servicer if needed. To help ensure continuity of
payments both the terms and conditions of the notes and the swap
documents contain estimation language whereby Eurotitrisation
will estimate the cashflows based on the most recent servicer
reports in case no updated servicer report is available. The
transaction also benefits from the equivalent of two quarters of
liquidity through the liquidity reserve and the reserve fund.

The provisional ratings address the expected loss posed to
investors by the legal final maturity of the notes. In Moody's
opinion, the structure allows for timely payment of interest and
ultimate payment of principal with respect to the Class A to
Class E Notes by legal final maturity. Moody's issues provisional
ratings in advance of the final sale of securities, but these
ratings represent only Moody's preliminary credit opinions. Upon
a conclusive review of the transaction and associated
documentation, Moody's will endeavor to assign definitive ratings
to the Notes. A definitive rating may differ from a provisional
rating. Moody's provisional ratings address only the credit risk
associated with the transaction. Other non-credit risks have not
been addressed, but may have significant effect on yield to
investors.

Moody's Parameter Sensitivities: If the portfolio expected loss
was increased to [5.0]% from [1.8]% and the MILAN CE was
increased to [10.72]% from [6.7]% the model output indicates that
the Class A1 and Class A2-A notes would still achieve Aaa
assuming that all other factors remained unchanged. Moody's
Parameter Sensitivities provide a quantitative/model-indicated
calculation of the number of rating notches that a Moody's
structured finance security may vary if certain input parameters
used in the initial rating process differed. The analysis assumes
that the deal has not aged and is not intended to measure how the
rating of the security might migrate over time, but rather how
the initial rating of the security might have differed if key
rating input parameters were varied. Parameter Sensitivities for
the typical EMEA RMBS transaction are calculated by stressing key
variable inputs in Moody's primary rating model.

The principal methodology used in this rating was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
March 2014.

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

Significantly different loss assumptions compared with Moody's
expectations at close due to either a change in economic
conditions from Moody's central scenario forecast or
idiosyncratic performance factors would lead to rating actions.
For instance, should economic conditions be worse than forecast,
the higher defaults and loss severities resulting from a greater
unemployment, worsening household affordability and a weaker
housing market could result in downgrade of the ratings or an
upgrade in case the economic conditions were significantly better
than forecasted. Deleveraging of the capital structure or
conversely a deterioration in the notes available credit
enhancement could result in an upgrade or a downgrade of the
ratings, respectively. Additionally counterparty risk could cause
a downgrade of the rating due a weakening of the credit profile
of a transaction counterparty. Finally, unforeseen regulatory
changes or significant changes in the legal environment may also
result in changes of the ratings.



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G E R M A N Y
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DECO 2005-PAN: S&P Lowers Rating on Class G Notes to 'CCC+'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CCC+(sf)' from
'B-(sf)' its credit rating on DECO Series 2005-Pan Europe 1 PLC's
class G notes.  At the same time, S&P has affirmed its
'CCC-(sf)' rating on the class H notes.

The rating actions reflect the repayment risk associated with
principal payment by the notes' July 27, 2014 legal final
maturity date.  The special servicer, administrator, and one
selected investor are currently negotiating regarding the
portfolio's sale. However, given the limited time until legal
maturity, there is substantial risk that this sale may not be
completed before the final maturity date.

The transaction is currently secured by a single EUR7.184 million
securitized loan (the AWOBAG loan), which forms part of a larger
loan.  A multifamily housing portfolio in Kiel, Germany backs the
whole loan.  The loan matured in July 2012, and entered special
servicing due to a payment default at maturity.

It is S&P's understanding that as a result of the buyer's
inability to secure debt financing, a previous sales agreement
failed to complete, and the special servicer and administrator
remarketed the subject portfolio for sale from Q2 2013.  In
February 2014, the special servicer reported that it was
assessing final bids, and that negotiations had advanced with a
preferred investor.  It aims to complete a sale of the property
assets by the July 2014 payment date.

The current market value of the property portfolio is
EUR19,930,000.  This March 1, 2013 valuation would indicate a
securitized loan-to-value ratio of 36%.

RATING ACTIONS

S&P's ratings address the timely payment of interest, payable
quarterly in arrears, and principal payment no later than the
legal final maturity date in July 2014.

S&P understands that negotiations are progressing with an
interested purchaser of the portfolio.  However, there is limited
time for a sale to complete and the loan to repay.  S&P therefore
considers that the transaction is subject to significant timing
risk, related to the repayment of principal no later than the
legal final maturity date, particularly if the current
negotiations were to fail.

Although the available credit enhancement for the class G notes
remains adequate to absorb the amount of losses that the
underlying assets would suffer in higher stress scenarios, S&P
has considered the potential risk of a payment default at legal
final maturity.  Therefore, S&P has lowered to 'CCC+ (sf)' from
'B- (sf)' its rating on the class G notes.

In S&P's opinion, the class H notes remain vulnerable to
principal losses.  S&P has therefore affirmed its 'CCC- (sf)'
rating on the class H notes.  The available funds cap (AFC)
mechanism covers current interest shortfalls.

DECO Series 2005-Pan Europe 1 is a European commercial mortgage-
backed securities (CMBS) transaction that closed in August 2005.
It was originally secured against seven loans, of which six have
now repaid.  The remaining AWOBAG loan is secured against a
multifamily housing portfolio in Kiel, Germany.  The loan failed
to repay at loan maturity and is currently in special servicing.

RATINGS LIST

DECO Series 2005-Pan Europe 1 PLC
EUR897.066 Million Commercial Mortgage-Backed Variable-
and Floating-Rate Notes

Class             Rating
            To               From

Rating Lowered

G           CCC+ (sf)        B- (sf)

Rating Affirmed

H           CCC- (sf)


FORCE TWO: Fitch Affirms 'Csf' Rating on Class E Notes
------------------------------------------------------
Fitch Ratings has affirmed FORCE TWO's notes as follows:

Class A notes (ISIN: XS0299041037): paid in full
Class B notes (ISIN: XS0299041896): paid in full
Class C notes (ISIN: XS0299042357): paid in full
EUR9.6 million Class D notes (ISIN: XS0299044056): affirmed
  at 'CCsf'; RE: 50% revised from RE: 0%
EUR9.7 million Class E notes (ISIN: XS0299045020): affirmed
  at 'Csf'; RE: 0%

The transaction is a cash securitization of profit participation
agreements to German SMEs.  The portfolio companies were selected
by equiNotes Management GmbH, a joint venture of IKB Private
Equity GmbH (a subsidiary of IKB Deutsche Industriebank AG) and
Deutsche Bank AG, acting as advisor for the issuer.

Key Rating Drivers
The affirmation of the class D notes at 'CCsf' reflects Fitch's
view that default is probable.  The affirmation of the class E
notes at 'Csf' reflects Fitch's view that default is inevitable.

FORCE TWO reached scheduled maturity in January 2014. The
companies' subordinated debt instruments securitized in the pool
are bullet loans.  They all became due on two dates, shortly
before scheduled maturity.  The junior class D and class E notes
were not repaid in full.

Beyond the scheduled maturity date, four companies are still
listed as constituents of the portfolio. As of the last investor
report dated January 24, 2014, they had an aggregate outstanding
portfolio amount of EUR11.75 million.  Further, the manager has
recovery expectations for two additional obligors.  Taking into
account negotiated amendment agreements as well as on-going
partial repayments by some obligors, Fitch expects belated
payments on the outstanding notes from these recoveries still to
be effected until legal maturity in January 2018.  Fitch has thus
revised its Recovery Estimate (RE) for the class D notes to 50%
while leaving the RE for the class E unchanged at 0%. REs are
forward-looking recovery estimates, taking into account Fitch's
expectations for principal repayments on a distressed structured
finance security.

Rating Sensitivities

After scheduled maturity, the transaction is primarily sensitive
to the recoveries from agreements already in place or still to be
negotiated that supervise belated payments (e.g. via standstill
agreements, prolongations or enforcement of claims by the
insolvency administrator).  The transaction is also sensitive to
whether or not 2012 and 2013 withholding tax on interest payments
under the profit participation agreements will be refunded by the
tax authorities as it has been done in the past.  The risks are
reflected in the current ratings of the notes.


FRANZ HANIEL: S&P Revises Outlook to Pos. & Affirms BB+ Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Germany-based holding company Franz Haniel & Cie GmbH
(Haniel) to positive from stable.

At the same time, S&P affirmed its 'BB+/B' long- and short-term
corporate credit ratings on the company.

In addition, S&P affirmed its 'BB+' senior unsecured debt ratings
on the company.  The recovery ratings on this debt are unchanged
at '3', indicating S&P's expectation of meaningful (50%-70%)
recovery in the event of a payment default.

The outlook revision to positive primarily reflects the company's
minimal net debt after the disposal of pharmacies manager and
healthcare service provider Celesio AG, the latest of
management's decisive steps to reduce net indebtedness.

On Jan. 23, 2014, Haniel sold its entire stake in Celesio to
U.S.-based healthcare services company McKesson Corporation for
EUR3 billion.  On March 31, 2014, Haniel's net debt was EUR300
million, excluding about EUR500 million in financial assets that
we account for on the portfolio side, compared with EUR1.6
billion at year-end 2013.  S&P thinks Haniel's negligible net
debt position may be short lived, as it understands that
management will redeploy the capital in new ventures.  That said,
S&P has revised its assessment of Haniel's financial risk profile
to "intermediate" from "significant," given S&P's perception that
the more demanding requirements of a stronger financial risk
profile assessment are in line with the company's long-term
capital structure objectives.  On March 31, 2014, it would have
taken investments totaling about EUR2 billion for Haniel's loan-
to-value (LTV) ratio to approach our revised, lower objective of
30% for the company.

The positive outlook reflects the group's very substantial
financial flexibility and improved financial risk profile,
following the divestment of its entire stake in Celesio.

For a positive rating action, assuming broadly unchanged
portfolio characteristics, S&P would look for proven evidence
that the group is applying a conservative cash management policy
in line with its expectations.  Increased diversification in the
portfolio brought by new investments with no material deviation
of the LTV from levels S&P considers commensurate with an
"intermediate" financial risk profile would also create positive
rating momentum.

Failure to cautiously manage its sound cash position could lead
initially to a revision of the outlook to stable.  Although
unlikely at this stage, S&P considers the rating could come under
pressure if the group showed an appetite for aggressive
acquisitions that resulted in LTV above S&P's 30% expectations.


HEAT MEZZANINE: Moody's Lowers Rating on EUR233MM Notes to Ca
-------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
rating of one class of notes issued by H.E.A.T Mezzanine S.A.
(Compartment 3):

  EUR233.0M (current balance EUR 113.9m) Class A Notes,
  Downgraded to Ca (sf); previously on April 7, 2011, Downgraded
  to Caa3 (sf)

H.E.A.T Mezzanine S.A. (Compartment 3) is a static CDO of a
portfolio of German SME mezzanine loans with bullet maturities
that reached its scheduled redemption date on 22 February 2014.

Ratings Rationale

The rating action is driven by the expected final recoveries on
the Class A notes. As per the 06 March 2014 investor report, the
Class A Notes have been paid down by EUR119.1 million i.e. 51.1%
of their closing balance of EUR233.0 million. The current pool
consists entirely of defaulted and restructured assets totaling
EUR63.2 million. Aggregate recoveries to date on principal
deficiency events excluding early terminations amount to
EUR11.0 million on total defaults and insolvencies of EUR119.5
million yielding an overall historical recovery rate of 9.2%.
Based on this modest recovery rate track record, Moody's
considers it unlikely that Class A note-holders will receive in
aggregate an amount materially exceeding 60% of their original
invested principal.

Accordingly, the Class A notes have been downgraded to reflect
this expected recovery rate, as outlined in the paper titled
"Moody's Approach to Rating Structured Finance Securities in
Default" published in November 2009.

Methodology Underlying the Rating Action:

The principal methodology used in this rating was "Moody's Global
Approach to Rating SME Balance Sheet Securitizations" published
in January 2014.

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

Uncertainty about performance in this transaction is driven by
the recoveries realised on defaulted assets, which historically
have been less than 10%. Recoveries of 50% or more on the current
pool of assets may have a positive impact on the rating of the
Class A notes. Moody's considers the likelihood of such a
scenario to be remote.

No sensitivity analysis has been conducted as the rating was
derived based on expected recoveries as detailed above.


* GERMANY: Egg Producers Face Insolvency
----------------------------------------
Farminguk reports that more than a third of German egg producers
could be insolvent by October because of supermarket discounting,
according to a leading figure in the International Egg Commission
(IEC).

Farminguk relates that IEC statistician Hans Wilhelm-Windhorst
said that the price at which eggs are being sold in Germany is
unsustainable. It is the same in the Netherlands, he says, and
during the IEC's latest conference in Vienna in April he raised
the issue with a former executive of the German discount chain,
Aldi, the report relays. "When 10 eggs are being sold in Germany
for 90 cents or less, do you think that is responsible," he said,
during a question and answer session with Johann Morwald, a
former board member with Aldi. Johann Morwald was at the
conference to speak to egg industry delegates from around the
world about his thoughts on the current state of the retail
market, according to Farminguk.

Farminguk relates that in response to Prof. Windhorst's
challenge, he said that some retailers -- although not Aldi or
Lidl, he stressed -- were prepared to sell products at a loss.
And he said that selling a product at a very low price only
served to damage that product. Once it was sold at such a low
price, it was very hard to raise the price later. "It is a
difficult situation," Mr. Morwald, as cited by Farminguk, said.



===========
G R E E C E
===========


EUROBANK ERGASIAS: S&P Affirms 'CCC' Rating; Outlook Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its
'CCC/C' long- and short-term counterparty credit ratings on
Greece-based Eurobank Ergasias S.A. (Eurobank).  The outlook
remains negative.

The rating action follows Eurobank's announcement that it intends
to raise EUR2.9 billion in new capital, mainly to address the
capital needs identified by the Bank of Greece.  The transaction
will be directed to private investors but the Hellenic Financial
Stability Fund (HFSF) will act as a backstop.

The affirmation reflects S&P's opinion that Eurobank will
continue to benefit from capital support from the HFSF, as well
as liquidity support from the European Central Bank (ECB).

"In our opinion, the EUR2.9 billion capital increase would not
provide a sufficient cushion against the impact on the bank's
solvency of the large credit losses we expect the bank to
experience over the next two years.  As a result, we anticipate
that Eurobank will need additional capital to meet the minimum
regulatory ratio that is required for the bank to operate, which
we define as Basel III fully loaded core Tier 1, of 8% as of
year-end 2015.  In our view, the HFSF will remain willing and
able to provide enough capital support to Eurobank to restore the
bank's minimum regulatory capital ratio, and we therefore expect
Eurobank's projected risk-adjusted capital ratio to remain
sustainably above 3% in 2015.  We therefore continue to
incorporate one notch of uplift for short-term support into our
long-term rating on Eurobank to reflect the potential for this
capital support," S&P said.



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


ANGLO IRISH: Two Former Executives Get Guilty Verdict
-----------------------------------------------------
Eamon Quinn at The Wall Street Journal reports that the jury in
the trial of former officers at Anglo Irish Bank Corp., the now
defunct Irish lender that played a leading role in Ireland's
banking crisis, on Thursday found two of them guilty on 10 counts
that they illegally helped prop up the lender's share price in
2008.

These are the first convictions of executives who were involved
in lenders that were bailed out following Ireland's property and
banking crash six years ago, the Journal notes.  The trial lasted
almost 11 weeks, one of the longest in any Irish criminal court,
the Journal relates.

The jury, on Wednesday, had already acquitted Anglo Irish former
chairman Sean FitzPatrick of all allegations that he was involved
in lending in order to stave off the bank's shares collapse, the
Journal relays.

On Thursday, by an unanimous verdict, the jury, found co-accused
Patrick Whelan, a former managing director of Anglo Irish in
Ireland, and William McAteer, the bank's one-time finance
director, guilty of 10 charges that the executives unlawfully
provided loans to ten long-standing customers of the bank, known
as the Maple 10, to prop up Anglo Irish shares in 2008, the
Journal discloses.  But they were acquitted on six further counts
that alleged they illegally provided loans to the wife and five
adult children of a leading businessman to buy the bank's shares,
the Journal states.

Trial Judge Martin Nolan said he will start his sentencing
hearing on April 28, the Journal discloses.  The criminal charges
carry a maximum prison sentence of five years, the Journal says.

Anglo Irish, which has been liquidated, was the bank most closely
linked to the Ireland's property crash six years ago, the Journal
recounts.

The Irish government has said it plans to launch the country's
first full inquiry by parliament into the causes of the banking
bust, the Journal relays.  But some legal experts predict further
long delays to any inquiry as defense teams consider possible
appeals to Thursday's convictions, the Journal notes.

Anglo Irish Bank Corp PLC -- http://www.angloirishbank.com/--
operates in three core areas: business lending, treasury and
private banking.  The Bank's non-retail business is made up of
more than 11,000 commercial depositors spanning commercial
entities, charities, public sector bodies, pension funds, credit
unions and other non-bank financial institutions.  The Company's
retail deposits comprise demand, notice and fixed term deposit
accounts from personal savers with maturities of up to two years.
Non-retail deposits are sourced from commercial entities,
charities, public sector bodies, pension funds, credit unions and
other non-bank financial institutions.  In addition, at Sept. 30,
2008, its non-retail deposits included deposits from Irish
Life Assurance plc.  The Private Bank offers tailored products
and solutions for high net worth clients and operates the Bank's
lending business in Ireland and the United Kingdom.


AWAS AVIATION: Moody's Affirms 'Ba3' CFR; Outlook Positive
----------------------------------------------------------
Moody's Investors Service affirmed the Ba3 corporate family and
Ba2 senior secured ratings of AWAS Aviation Capital Limited and
revised the firm's rating outlook to positive from stable.

Ratings Rationale

Moody's affirmation of AWAS' ratings is based on the firm's
capably managed fleet growth during a period of economic
uncertainty, stable and predictable operating cash flows, lower
leverage relative to many peers operating in the aircraft leasing
sector, and balanced portfolio risk exposures (geographic,
aircraft type and model, and customer). Constraints on AWAS'
rating include the company's high reliance on secured funding
that limits its operational and financial flexibility and
uncertainty regarding its ultimate ownership. The positive rating
outlook reflects Moody's expectation that AWAS will maintain
operating performance and capital measures that compare favorably
with peers.

AWAS has managed well the execution risks associated with its
ambitious growth plans during a period of slow global economic
recovery. As of February 2014, AWAS had 36 aircraft remaining to
be delivered from orders placed several years ago for over 120
aircraft. AWAS has lease commitments for almost all remaining
aircraft on order and has sufficient liquidity to fund deliveries
scheduled to occur in 2014. New aircraft deliveries in recent
years have shifted AWAS fleet composition toward more modern and
desirable aircraft, reducing the average age of its fleet to 5.2
years at February 28, 2014, among the lowest in the business.
AWAS' portfolio growth going forward will be sustained by more
opportunistic aircraft acquisition strategies, including trading
and purchase-leaseback, which can be reduced with little
consequence to franchise positioning should market and/or funding
conditions worsen.

AWAS' fleet rejuvenation efforts and operating strengths have
contributed to solid earnings and cash flow growth and improved
profit margins. AWAS reported February fiscal first quarter 2014
earnings of US$77.4 million, an increase of 32% from the prior
year reflecting growth in leased aircraft. Profitability,
measured by pre-tax income to average managed assets, improved to
3.37% from the prior year's 2.85%, comparing favorably with
industry competitors and reflecting good average lease yields,
actions to reduce cost of funds, and cost management discipline.
Moody's forward view is that AWAS' operating performance will
continue to rank well with other established aircraft leasing
companies.

In fiscal year ended November 2013, AWAS' earnings were set back
by a $191 million impairment charge on certain older passenger
and cargo aircraft. Though having no immediate cash flow
implications, the charge signals weaker future returns on the
affected aircraft. Other aircraft lessors have also impaired
older aircraft whose return prospects have dimmed as airline
acquisition strategies shift to newer, more efficient models.
Moody's would view additional large impairment charges as
undermining the strength and predictability of AWAS' operating
performance.

AWAS has a strong capital position, aided by earnings retention
and injections of low-cost capital from sponsors Terra Firma and
Canada Pension Plan Investment Board (CPPIB). AWAS' leverage
(Debt/Equity) ratio stood at 2.2x at February 28, 2014, up
slightly from earlier periods, but one of the lowest measures
among peers. Steady growth in cash flow combined with
management's capital discipline results in AWAS having a somewhat
stronger-than-peer-average ratio of cash from operations to
outstanding debt. Moody's expects that AWAS will maintain
Debt/Equity leverage below 2.5x as the firm completes its
committed aircraft purchases through 2015.

A key credit constraint is AWAS' dependence upon secured debt to
fund its acquisition of aircraft, which results in a high level
of encumbered assets. AWAS has access to multiple secured funding
sources that effectively match the firm's liability structure to
its lease maturity profile. In Moody's view, however, AWAS'
concentration of secured funding limits the firm's financial and
operational flexibility.

AWAS' concentrated ownership is a source of uncertainty regarding
the stability of the firm's franchise-building efforts and
capital and liquidity management over the longer term. Moody's
expects that Terra Firma and CPPIB will continue to support AWAS
as it executes its operating strategy and fleet acquisition
plans. However, Terra Firma will eventually seek to exit its
ownership of AWAS, which could impact AWAS' credit profile in
terms of its operating stability and access to capital.

AWAS's ratings could be upgraded if during the outlook horizon of
12-18 months the company maintains recent strength in operating
results absent large additional impairment charges, leverage
remains below 2.5x (D/E), its aircraft investments continue to
support an overall low average fleet age, and the company
maintains adequate liquidity considering its financing
requirements and purchase commitments. Further funding
diversification that materially reduces the reliance on secured
debt would strengthen AWAS' prospects for a rating upgrade.

Downward rating pressure would result from a material decline in
profitability from historic levels, an increase in leverage to
more than 2.5x in connection with an acceleration of growth, or a
meaningful deterioration in the company's liquidity profile.

The principal methodology used in this rating was Finance Company
Global Rating Methodology published in March 2012.

AWAS Aviation Capital Limited, headquartered in Dublin, Ireland,
is a commercial aircraft leasing company.


DRYDEN XIV: S&P Lowers Rating on Class E Notes to CCC+
------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in DRYDEN XIV - EURO CLO 2006 PLC.

Specifically, S&P:

   -- Raised its ratings on the class A and C notes;

   -- Lowered its ratings on the class B and E notes; and

   -- Affirmed its rating on the class D notes.

The rating actions follow S&P's credit and cash flow analysis of
the transaction using data from the trustee report dated March 5,
2014 and the application of its relevant criteria.

S&P conducted its cash flow analysis to determine the break-even
default rate (BDR) for each rated class of notes at each rating
level.  The BDR represents S&P's estimate of the maximum level of
gross defaults, based on its stress assumptions, that a tranche
can withstand and still pay interest and fully repay principal to
the noteholders.  S&P used the portfolio balance that it
considers to be performing, the reported weighted-average spread,
and the weighted-average recovery rates that S&P considered to be
appropriate.  S&P applied various cash flow stress scenarios
using its standard default patterns and timings for each rating
category assumed for each class of notes, combined with different
interest stress scenarios as outlined in S&P's criteria.

A portfolio currency swap and a euro-denominated option hedge the
portfolio's non-euro-denominated assets.  In S&P's opinion, the
related documentation does not fully reflect its current
counterparty criteria.

Therefore, in S&P's cash flow analysis, for ratings above its
long-term 'A' issuer credit rating (ICR) plus one notch on the
portfolio's currency swap and option counterparty (Barclays Bank
PLC), S&P has assumed that the counterparty does not perform and
the transaction is consequently exposed to greater currency risk.

The class A notes have amortized by nearly 40% of their
outstanding balance since S&P's previous review on June 22, 2012.
This has increased the available credit enhancement for the class
A notes.  The class A notes are now able to sustain defaults at a
higher rating level despite the application of the stresses to
the portfolio currency swap and options counterparty.  S&P has
therefore raised its rating on the class A notes, as the
available credit enhancement is commensurate with a higher
rating.

S&P's credit and cash flow analysis, without giving credit to the
portfolio currency swap and options counterparty, indicates that
the available credit enhancement for the class B notes is no
longer commensurate with a 'AA- (sf)' rating.  S&P's analysis
further indicates that the class B notes can only support a
rating that is one notch above its long-term 'A' ICR on the
portfolio currency swap and option counterparty.  S&P has
therefore lowered its rating on the class B notes.

S&P's credit and cash flow analysis shows that the available
credit enhancement for the class C notes is consistent with
higher ratings.  S&P has therefore raised its rating on the class
C notes.  S&P has affirmed its rating on the class D notes
because its cash flow analysis shows that the available credit
enhancement is commensurate with its currently assigned rating.
S&P's long-term ICR on the portfolio currency swap and options
counterparty does not constrain its ratings on the class C and D
notes because they are lower than its long-term ICR on the
counterparty.

"Under our cash flow analysis, the class E notes' BDRs exceed
their scenario default rates (SDRs) at their current rating
levels.  The SDR is the minimum level of portfolio defaults that
we expect each CDO tranche to be able to support the specific
rating level using CDO Evaluator.  However, the application of
the largest obligor default test constrains our rating on the
class E notes.  We have therefore lowered our rating on the class
E notes. This test measures the risk of several of the largest
obligors within the portfolio defaulting simultaneously.  We
introduced this supplemental stress test in our 2009 criteria
update for corporate collateralized debt obligations (CDOs)," S&P
said.

DRYDEN XIV - EURO CLO 2006 is a cash flow collateralized loan
obligation (CLO) transaction that securitizes loans granted to
primarily speculative-grade corporate firms.  The transaction
closed in August 2006 and is managed by Pramerica Investment
Management Inc.  The transaction's reinvestment period ended in
qSeptember 2012.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

If applicable, the Standard & Poor's 17-g7 Disclosure Report
included in this credit rating report is available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class                Rating
             To                From

DRYDEN XIV - EURO CLO 2006 PLC
EUR479.0 Million Senior and Mezzanine Deferrable Floating-Rate
Notes

Ratings Raised

A            AA+ (sf)           AA- (sf)
C            A (sf)             A- (sf)

Ratings Lowered

B            A+ (sf)            AA- (sf)
E            CCC+ (sf)          B+ (sf)

Rating Affirmed

D            BBB- (sf)



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


BANCA POPOLARE: S&P Cuts Counterparty Credit Ratings to 'B+'
------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered to
'B+' from 'BB-' its long-term counterparty credit ratings on
Italy-based Banca Popolare di Milano (BPM) and core subsidiary
Banca Akros.  The long-term ratings and the 'B' short-term
ratings remain on CreditWatch with negative implications, where
S&P placed them on Nov. 6, 2013.

S&P also lowered its long-term issue ratings on BPM's senior
unsecured debt to 'B+' from 'BB-' and its long-term issue ratings
on its nondeferrable subordinated debt to 'CCC+' from 'B-'.  All
of these debt ratings also remain on CreditWatch with negative
implications.

At the same time, S&P raised its issue rating on the EUR160
million 8.393% noncumulative perpetual preferred securities
issued by BPM Capital Trust I and guaranteed by BPM to 'CCC' from
'D' (ISIN number: XS0131749623).  S&P also affirmed the 'D'
rating on BPM's EUR300 million 9% Tier 1 hybrid debt issue (ISIN:
XS0372300227).

The downgrade follows the failure of BPM's recently appointed CEO
and management team to obtain the required two-thirds approval
for their proposed corporate governance reform at the
shareholders' ordinary assembly on April 12, 2014.  In S&P's
view, the lack of majority shareholder support emphasizes the
significant and increasing challenges BPM's management faces to
implement its business and financial plans, which include
reforming its corporate governance as requested by the Italian
regulator, and a US$500 million rights issue.

In S&P's view, the failure to pass governance reform affects
BPM's business position, as S&P believes it could decrease
management stability and subsequently weaken the financial
profile.  S&P has revised its assessment of BPM's "weak" business
position under its criteria, and now applies a downward
adjustment of three notches, instead of two as S&P did
previously, in determining BPM's stand-alone credit profile
(SACP).

Because governance reform has stalled, S&P sees a risk that the
Bank of Italy (BoI) may decide not to remove the "add-ons" to
BPM's regulatory capital ratios that it imposed after the
inspection in 2011.  S&P understands that the add-ons currently
penalize BPM's Core Tier 1 ratio by 169 basis points.  BPM's Core
Tier 1 ratio was 7.2% on Dec. 31, 2013.  As such, S&P now
considers that the EUR500 million rights issue is a key measure
to reach the 8% minimum Common Equity Tier 1 ratio set in the
European Central Bank's asset quality review (AQR).

According to BPM's public statement, the pre-underwriting
agreement for the rights issue, expiring on April 30, 2014, is no
longer conditional on improvement of BPM's corporate governance.
However, S&P believes that the lack of reform poses additional
challenges to BPM's management to implement its financial plan,
including the capital increase.

The upgrade of BPM's EUR160 million 8.393% noncumulative
perpetual preferred securities follows BPM's resumption of coupon
payment on the due date of April 2, 2014.

According to BPM, the bank could not exercise the option to miss
a coupon payment on its EUR160 million 8.393% noncumulative
perpetual preferred securities as it reported net profits in
2013.

"We currently have a 'D' rating on another Tier 1 hybrid
instrument issued by BPM: the EUR300 million 9% perpetual
subordinated fixed/floating rate notes (ISIN: XS0372300227), on
which BPM missed annual coupon payment on June 25, 2013 and has
not resumed payments since.  The next coupon payment for this
issue is due on June 25, 2014. According to its terms and
conditions, if BPM intended not to pay the coupon on this
instrument on the next annual coupon payment date and was allowed
not to pay the coupon in accordance with the terms and conditions
of the notes, BPM would have to give noteholders between 15 and
25 days' notice.  If it does not provide this notice, and if we
receive confirmation that the regulator has not opposed BPM's
intention to pay on the next annual coupon date, we could raise
our ratings on these instruments to reflect the likelihood they
would resume payment," S&P said.

The CreditWatch reflects the possibility that S&P could lower the
rating on BPM and its core subsidiary Banca Akros if:

   -- S&P anticipates a further decline of BPM's financial
      profile owing to the challenges management faces.
      Specifically, this could be the case if S&P believes that
      BPM is unlikely to complete its capital-strengthening plan
      to restore its solvency at the level required by European
      Central Bank for the AQR; or

   -- BPM's asset quality deteriorates in 2014 by far more than
      S&P's current forecast, negatively affecting its view of
      its risk position.

S&P could affirm its ratings on BPM and Banca Akros if, all else
being equal, it considered that pressure was easing on BPM's
financial profile.  This would likely involve the successful
execution of the capital increase, and a reduction in the
challenges S&P sees for BPM's management in carrying out their
business and financial plans.


F-E GOLD: Fitch Affirms 'BB' Rating on EUR4.9MM Class C Notes
-------------------------------------------------------------
Fitch Ratings has affirmed F-E Gold S.r.l.'s notes, as follows:

  EUR134.3m class A2 notes affirmed at 'A+sf'; Outlook Negative
  EUR26.9m class B notes affirmed at 'BBBsf'; Outlook Negative
  EUR4.9m class C notes affirmed at 'BBsf'; Outlook revised to
   Stable from Negative

F-E Gold is a securitization of performing leases on real estate,
auto and equipment assets originated in 2006.  To date, the real
estate pool accounts for 99.6% of the collateral.  The leases pay
mainly floating rate with monthly or quarterly installments.  The
notes pay quarterly at a floating rate based on Euribor.

Key Rating Drivers

Since Fitch's last review in May 2013, the transaction has begun
to show signs of stabilization.  Annual defaults are 2% of the
outstanding pool (compared with 4.8% in 2012) and losses realised
are 0.15% due to the continuing inflow of recoveries.  In
addition, the transaction cleared its outstanding principal
deficiency ledger in April 2013 and has not had a shortfall
since. The transaction has continued to build up credit
enhancement (CE) from the static EUR15 million reserve fund,
albeit at a much slower pace due to the pro rata pay down of the
notes.  Fitch believes the current stabilization in the pool
performance supports the affirmation of the notes.

However, should the stable performance continue, the transaction
will continue to amortize pro rata.  This leaves the senior and
mezzanine notes more vulnerable to potential tail risk compared
with the junior notes, hence the Outlook on the class A and B
notes remains Negative.  As it is less of an issue for the class
C notes, their Outlook has been revised to Stable.

Rating Sensitivities

In Fitch's rating sensitivity analysis, expected remaining
defaults were assumed at 4% per annum with a weighted average
life of three years, in line with Fitch's negative view on the
Italian SME sector.  Based on the original principal balance plus
new purchases, this would result in an updated lifetime
expectation of 10%.

Expected impact upon the note ratings of increased defaults
(class A2/B/C):

Current rating: 'A+sf'/'BBBsf'/'BBsf'
Increase base case defaults by 10%: 'A+sf'/'BB+sf'/'BB-sf'
Increase base case defaults by 25%: 'A-sf'/'BBsf'/'B+sf'
Expected impact upon the note ratings of reduced recoveries
  (class A/B/C):
Current rating: 'A+sf'/'BBBsf'/'BBsf'
Reduce base case recovery by 10%: 'A+sf'/'BB+sf'/'BBsf'
Reduce base case recovery by 25%: 'A+sf'/'BB+sf'/'BB-sf'
Expected impact upon the note ratings of increased defaults and
  reduced recoveries (class A/ B/C):
Current rating: 'A+sf'/'BBBsf'/'BBsf'
Increase default base case by 10%; reduce recovery base case by
  10%: 'Asf'/'BB+sf'/'BB-sf'
Increase default base case by 25%; reduce recovery base case by
  25%: 'A-sf'/'BB-sf'/'CCCsf'


MONTE DEI PASCHI: Increases Size of Planned Share Sale
------------------------------------------------------
Daniel Schafer at The Financial Times reports that Italy's Banca
Monte dei Paschi di Siena has increased the size of its planned
share sale from EUR3 billion to EUR5 billion as the troubled
lender aims to repay state aid and create a buffer to pass a
European-wide bank health check.

According to the FT, Italy's third largest lender said in a
statement that the bank's board agreed to boost the rights
offering to absorb "potential negative impacts" from the European
stress test and asset quality review.

It added that the increased share sale would also allow it to
accelerate its restructuring, the FT notes.

Monte dei Paschi has called an extraordinary shareholder meeting
for May 20, 21 and 22 to approve the capital increase, which
exceeds the size of its current EUR2.8 billion market value, the
FT discloses.

It said that a consortium of banks including UBS, Citigroup,
Goldman Sachs and Mediobanca had renewed a pre-underwriting
agreement for the share sale, the FT relates.

It said the equity hike would boost its capital ratio under
incoming Basel III rules to 11.3% after the planned repayment of
EUR3 billion in state aid this year, the FT relays.

Banca Monte dei Paschi di Siena SpA -- http://www.mps.it/-- is
an Italy-based company engaged in the banking sector.  It
provides traditional banking services, asset management and
private banking, including life insurance, pension funds and
investment trusts.  In addition, it offers investment banking,
including project finance, merchant banking and financial
advisory services.  The Company comprises more than 3,000
branches, and a structure of channels of distribution.  Banca
Monte dei Paschi di Siena Group has subsidiaries located
throughout Italy, Europe, America, Asia and North Africa.  It has
numerous subsidiaries, including Mps Sim SpA, MPS Capital
Services Banca per le Imprese SpA, MPS Banca Personale SpA, Banca
Toscana SpA, Monte Paschi Ireland Ltd. and Banca MP Belgio SpA.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on Sept. 18,
2013, Fitch downgraded MPS's Viability Rating (VR) to 'ccc' from
'b' and removed it from Rating Watch Negative (RWN).

TCR-Europe also reported on June 19, 2013, that Standard & Poor's
Ratings Services lowered its long-term counterparty credit rating
on Italy-based Banca Monte dei Paschi di Siena SpA (MPS) to 'B'
from 'BB', and affirmed the 'B' short-term rating.  S&P also
lowered its rating on MPS' Lower Tier 2 subordinated notes to
'CCC-' from 'CCC+'.  S&P affirmed the ratings on MPS' junior
subordinated debt at 'CCC-' and on its preferred stock at 'C'. At
the same time, S&P removed the ratings from CreditWatch, where it
placed them with negative implications on Dec. 5, 2012.



NAPLES CITY: S&P Revises Outlook to Neg. & Withdraws 'BB-' ICR
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
Italian City of Naples to negative from stable.  At the same
time, S&P affirmed its 'BB-' long-term issuer credit rating on
Naples. S&P subsequently withdrew the rating at the issuer's
request.

RATIONALE

The outlook revision reflects S&P's view that, at the time of the
withdrawal, the ongoing reform of the municipal taxation system
could whittle down Naples' collection rates and hinder the
current trend in payable reduction.

S&P still considers arrears to be very high in Naples, which
weighs negatively on its assessment of the city's budgetary
performance and liquidity.  Naples' liquidity position still has
a "very negative" impact on the rating on the city, as S&P's
criteria describe the terms.

The rating continues to be constrained by S&P's view of Naples'
"negative" financial management.  Although management is
improving, it is still burdened by past lax managerial practices.
In addition, financial flexibility is limited, particularly on
the operating side, with taxes and tariffs at the maximum legal
threshold and still-low collection rates.  Other negative rating
factors are a very weak budgetary performance linked to the
city's nonpayment of arrears, and a high debt burden.

Naples' relatively high contingent liabilities also constrain the
rating.  These are essentially linked to possible unfavorable
court judgments.  The frail economic context is also a negative
rating factor, with Naples' GDP per capita among the lowest in
Italy (37% below the national average).

S&P's view of the evolving but sound institutional framework for
Italian cities is the main supporting factor for the rating on
Naples.  In Italy, S&P considers that debt service is relatively
protected because it is subject to the debt prioritization
mechanism ("delegazione di pagamento").  This mechanism ensures
that Naples' debt repayments will be scheduled based on a
legally-established payment priority.  In addition, the central
government imposes prudent fiscal rules, closely monitors
troubled local governments, and provides extraordinary support to
troubled municipalities through legally established liquidity
facilities (such as the "Fondo Rotativo" and the "Law Decree
35").

Naples' historically weak accounting practices have gradually
eroded its liquidity position.  The city has systematically
accrued excess expenditures, while its revenue collection rates
and payment rates are low.

However, central government support -- in the form of law decrees
35 and 102 passed in the spring and summer of 2013) -- has
accelerated the reduction of payables.  Naples has accessed
government-sponsored loans for more than EUR600 million that,
according to our estimate, have helped to reduce operating
payables to 120% of operating expenditure at year-end 2013 (from
155% at year-end 2012).

Naples' budgetary performance in cash terms sharply deteriorated
in 2013 (the operating deficit rose to 43% of operating revenues
and the after-capital-expenditure deficit represented 51% of
total revenues in cash terms).  However, this reflects that
Naples paid off more of its arrears than in previous years, which
S&P sees as a positive rating factor.

S&P expects budgetary performance to remain balanced in cash
terms, with operating surpluses close to 2% of operating revenues
on average in the period 2014-2015 and surpluses after capital
expenditure at less than 1% of total revenues on average for the
same period.

S&P factors in a slight deterioration of collection rates
compared with the recent track record, based on uncertainties
derived from the new taxation system, whereby property tax on the
principal residence has been replaced by a municipal service tax.
In this context, S&P's base-case scenario envisages payables
growing again, very slightly, to 125% of operating expenditure by
year-end 2015.  The debt burden should reach 183% of consolidated
operating revenues by 2015, which is high by international
standards.

Naples' contingent liabilities are essentially linked to pending
court judgments.  In its 10-year restructuring plan, the city
estimates off-balance-sheet liabilities of EUR650 million-EUR900
million.  This would translate into annual expenditure of
approximately 6%-9% of operating revenues.

Naples' economy is rather weak by national and international
standards.  Provincial GDP per capita was EUR16,690 in 2012
($21,444), only 65% of the national average.  Naples'
unemployment rate stood at 22.6% in 2012, more than 2x the
national average of 10.7%.  Mitigating the frail economic figures
is the region's shadow economy, which is estimated to absorb a
substantial portion of regional unemployment.

According to available information, the city's restructuring plan
implemented under Italian regulation DL 174 and aiming to redress
the city's imbalances was rejected at the beginning of 2014 by
the regional section of the national audit body.  S&P understands
that the city will be allowed to present another restructuring
plan and assume it will be approved, thereby avoiding a
"dissesto" (financial stress) situation.  In Italy, cities that
declare dissesto fall under tutorship of the central government,
which normally applies haircuts to supplier debt.  S&P assumes
that, even in the case that Naples had to declare dissesto, debt
service and swaps would not be subject to haircut by the central
government tutor.

Liquidity

S&P qualifies Naples' liquidity position as "very negative" under
its criteria.

According to the latest available figures, cash holdings and the
projected cash deficit after capital accounts over the next 12
months net of interest paid, cover 80% of Naples' debt service
requirements over the coming 12 months.

S&P understands that the central government has allowed Italian
municipalities, including Naples, to increase credit lines up to
some 42% of 2011 operating revenues.  However, S&P believes that
the impact of enlarged credit lines is offset by uncertainties on
lower collection rates and large overdue payables.  Also, in
S&P's view, the main problem that undermines Naples' liquidity is
large funding needs related to arrears.  Funding needs from
unpaid commercial debt still equate to more than 26 months of
operating expenditure.  This exerts considerable pressure on
Naples' daily operations and burdens the city's liquidity
position.  Finally, in accordance with S&P's criteria, Naples'
liquidity is affected by our banking industry country risk
assessment (BICRA) for Italy, which S&P places in group '5'.

Italian regulation prioritizes local governments' debt repayments
over other nonfinancial payments under the debt-prioritization
mechanism.  S&P considers that this factor alleviates the squeeze
on Naples' liquidity relative to its debt service, although not
sufficiently to raise S&P's liquidity assessment.

The city's debt service remains moderate in S&P's base-case
scenario, at 13.4% in 2014, versus 12% previously forecast.

OUTLOOK

At the time of the withdrawal, the outlook on the city of Naples
was negative.

The negative outlook reflected uncertainties regarding the extent
to which the tax reform would whittle down collection rates
beyond S&P's current expectation, increase payables, and create
additional liquidity pressure.

At the time of the withdrawal there was no upward potential for
the rating.

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

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

RATINGS LIST

Ratings Affirmed; Outlook Action
                               To               From
Naples (City of)
Issuer Credit Rating          BB-/Negative/--  BB-/Stable/--

Ratings Withdrawn

Naples (City of)
Issuer Credit Rating          NR               BB-/Negative/--

NR--Not rated.


TEAMSYSTEM HOLDING: S&P Lowers CCR to 'B-'; Outlook Stable
----------------------------------------------------------
Standard & Poor's Rating's Services lowered its long-term
corporate credit rating on Italy-based software provider
TeamSystem Holding SpA to 'B-' from 'B'.  The outlook is stable.

At the same time, S&P lowered to 'B-' from 'B' its issue rating
on the company's EUR300 million senior secured notes due 2020.
S&P also assigned its 'B-' issue rating to the company's
additional EUR130 million senior secured notes due 2020.  The
recovery rating on the EUR430 million senior secured notes is
'4', indicating S&P's expectation of average (30%-50%) recovery
prospects for lenders in the event of a payment default.

The downgrade reflects S&P's view that Teamsystem's profitability
and financial metrics will worsen as the result of the debt-
funded acquisition of software business Sole 24 Ore.

The transaction will be finalized in May 2014 for a total
consideration of about EUR117.5 million, or 12x the company's
2013 reported EBITDA, of which EUR22.5 million will be financed
through a vendor loan.  Teamsystem is financing the acquisition
largely by increasing the size of its senior secured notes due
2020 by EUR130 million to a total of EUR430 million.

As result of the acquisition, S&P's adjusted EBITDA margin for
Teamsystem will drop to about 27% in 2014.  This is because Sole
24 Ore's business performance on a stand-alone basis is weaker
than that of Teamsystem.  Teamsystem's profitability will likely
progressively recover, mainly owing to the emergence of cost
synergies resulting from the acquisition.  However, EBITDA will
likely remain below 30% over 2014 and 2015.  S&P's adjusted
ratios for funds from operations (FFO) to debt and debt to EBITDA
will be at -3% to -4% and 16x to 17x, respectively, over 2014-
2015.  S&P notes that, even excluding the sizable shareholder
loans in the company's capital structure, these ratios would
still be high, at 4% to 5% and about 8x.  S&P's forecast ratios
are weak compared with peers' in the same rating category.
Additionally, S&P expects its ratio of FFO cash interest coverage
to stand at about 1.7x-1.8x in 2014-2015.

S&P notes, however, that Teamsystem will significantly strengthen
its leading position in the domestic niche market of software
providers to both professionals and small and midsize
enterprises.

"We assess Teamsystem's business risk profile as "fair," as our
criteria define the term.  The group operates in the fragmented
Italian small and midsize enterprise market and has limited scope
and weaker geographic diversity than larger business services
providers.  These weaknesses are partially offset by the fact
that Teamsystem is the market leader in Italy, with a broad,
diverse client base.  The group benefits from profitable and
cash-generative operations, with rather low capital expenditure
and working capital requirements.  Teamsystem also benefits from
high barriers to entry due to its unique value-added reseller
distribution model, which helps to protect its strong market
position," S&P said.

"We assess Teamsystem's financial risk profile as "highly
leveraged," as our criteria define the term.  This reflects the
group's private equity ownership, which has led it to adopt
aggressive financial policies, including on acquisitions.  The
group's capital structure includes sizable shareholder loans that
generate payment-in-kind (PIK) interest at an aggressive rate of
12%," S&P added.

S&P is revising its financial policy modifier to FS-6 (minus)
from FS-6, reflecting Teamsystem's very aggressive capital
structure and track record of debt-funded acquisitions resulting
from its financial sponsor ownership.

The stable outlook reflects S&P's view that Teamsystem's credit
metrics will not weaken beyond the effects of the acquisition
over the next 12-18 months, and that the company will preserve
its adequate liquidity.  It also reflects S&P's view that demand
for Teamsystem's services will likely remain steady over the next
two years.



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


ASIACREDIT BANK: Fitch Raises Issuer Default Rating to 'B'
----------------------------------------------------------
Fitch Ratings has upgraded AsiaCredit Bank JSC's (ACB) Long-term
Issuer Default Ratings (IDRs) to 'B' from 'B-' with a Stable
Outlook and affirmed JSC SB Alfa Bank Kazakhstan's (ABK) Long-
term IDRs at 'B+' with a Stable Outlook.

KEY RATING DRIVERS - ACB

The upgrade of ACB reflects considerable equity contributions by
the bank's major shareholder in 2013 preserving ACB's solid
capitalization, as well as an expectation of further capital
injections in line with the bank's rapid growth strategy.  The
upgrade also reflects management's ability to find new borrowers,
while maintaining reasonable asset quality.  At the same time
ACB's ratings also factor in its currently small franchise, high
concentrations on both sides of the balance sheet with
significant reliance on deposits of state-owned entities, and
only moderate profitability.

ACB's shareholder contributed KZT8 billion of new equity during
2013, which allowed the bank to sustain a sound 23% Fitch Core
Capital (FCC) ratio at end-2013 (29% at end-2012) despite a rapid
91% loan growth.  Due to ACB's moderate internal capital
generation (return on average equity of only 8% in 2013) further
equity contributions will be required to achieve a planned annual
loan growth of 30%-80% in the medium term.  According to
management, the shareholder is ready to provide KZT17 billion of
equity in 2014-2017, of which KZT8 billion are expected in 2014.

ACB's reported assets quality is reasonable with non-performing
loans (NPLs, over 90 days overdue) at 4.1% of gross loans at end-
2013 and a further 1.3% of restructured exposures.  The latter
number may be somewhat understated, as among the top 25 loans
(comprised 51% of the loan book at end-2013) there is one
exposure equal to 2.7% of loans, which in Fitch's view could be
restructured.  The bank has also reported a consistently elevated
share of one-day overdue loans (18.7% at end-2M14) in its
regulatory accounts, which is explained by management as being
due to technical delays, but in Fitch's view this shows that
asset quality is potentially vulnerable.  ACB is also over
reliant on collateral reflected in a low coverage of NPLs by
reserves of only 37%.  Positively, ACB's current capital buffer
could allow it to fully reserve up to 18.8% of its loans and
still comply with regulatory capital requirements.

ACB mainly relies on corporate customer funding (57% of end-2013
liabilities), but has gradually been diversifying its liability
structure through attracting retail deposits (15%) and issuance
of local bonds (21%).  At least 49% of total customer funding
(35% of total liabilities) was sourced from state bodies, which,
although representing considerable concentration risk, tends to
be stable.

ACB maintains reasonable liquidity cushion sufficient to cover
about 20% of customer accounts at end-2M14.  Wholesale debt
repayments are limited in the medium term (KZT4.4bn in 2014,
KZT2.5bn in 2015).  The biggest risk to liquidity is the sudden
outflows of largest depositors, which is not Fitch's central
scenario.

The Support Rating '5' reflects Fitch's view that support from
the bank's private shareholder, although possible, cannot be
relied upon.  Support Rating Floor of 'No Floor' is based on
ACB's low systemic importance.

ACB's senior unsecured local debt ratings are aligned with the
bank's Long-term Local Currency IDR and National Long-term
rating.

RATING SENSITIVITIES - ACB

Upside potential for ACB's ratings is currently limited. However,
further growth of the franchise supported by capital injections,
while maintaining reasonable asset quality and performance would
be positive for the credit profile.  Lack of or delays in
provision of fresh capital that would result in material
weakening of ACB's loss-absorption capacity, significant
deterioration of asset quality and/or sharp funding outflows
putting pressure on liquidity would result in a downgrade.

KEY RATING DRIVERS - ABK

ABK's Long-term IDRs and National Rating are based on the bank's
individual strength, which in turn is reflected in its Viability
Rating (VR) of 'b+'.  The VR reflects the bank's small franchise,
continuing rapid growth and high single-name concentrations on
both sides of the balance sheet.  At the same time, the VR
positively considers its strong reported asset quality and solid
capital adequacy, reasonable liquidity and sound operating
performance helped by low average funding costs.

Asset quality is strong. NPLs and restructured loans were,
respectively, modest at 1.2 and 2% of gross loans at end-2013 and
were adequately covered by reserves of 3.6%.  Although rapid 42%
loan growth in 2013 means loans are unseasoned, a detailed review
of the top 20 borrowers (52% of gross loans) confirmed that most
exposures are of reasonable quality.  However, some of the bigger
exposures (12% of gross loans) are less sound either financially
or in terms of collateral quality, while retail loans (7%) are
also potentially vulnerable.

Credit risks are mitigated by robust pre-impairment
profitability, which equals about 5% of average loans, and solid
capitalization with FCC and regulatory total capital ratio of
18.5% and 21%, respectively, at end-2013.  Regulatory capital
would allow ABK to increase its loan impairment reserves to 12%
of gross loans from 4%, before reaching minimum regulatory
capital ratios.

Capitalization is likely to remain comfortable in 2014; however,
if growth outpaces earnings generation (return on equity of 20%
in FY13) the bank is likely to receive its pre-approved USD40
million equity injection from Alfa Group.

Liquidity is adequate. ABK relies on short-term funding from
local corporates (69% of total funding at end-2013),
approximately half of which was accounted for 20 borrowers.
Withdrawal risk is mitigated by a KZT46bn liquidity buffer
consisting of cash and unencumbered securities, which equaled 28%
of customer funding. Scheduled debt repayments are a moderate
KZT7 billion in 2014.  As a further mitigant ABK has an
unutilised KZT9 billion limit (6% of liabilities) from its 100%
shareholder OJSC Alfa Bank (ABR; BBB-/Negative/bbb-).

The Support Rating of '4' reflects Fitch's view of the limited
probability of support that might be forthcoming from ABR, if
needed.  In Fitch's view, support may be forthcoming in light of
the common branding of ABK and other group entities, potential
reputational risk of any default at ABK and the small cost of any
support that may be required.

At the same time, Fitch views ABR's propensity to provide support
as limited because (i) it holds shares in ABK on behalf of ABH
Holdings S.A.(ABHH) to which it has ceded control and voting
rights through a call option under which ABHH may acquire the
shares in ABK until end-June 2014 (this agreement likely to be
extended); (ii) limited operational integration between ABK and
ABR; and (iii) ABR's tight regulatory capital preventing it from
providing capital to the subsidiary.

Support from other Alfa Group entities, in Fitch's view, also
cannot always be relied on due to ABK's small size and as a
result that support could be withheld under certain
circumstances, especially in a systemic financial crisis in
Kazakhstan.  Fitch notes ABHH's failure to provide full support
to its Ukraine-based subsidiary PJSC Alfa-Bank (ABU; CCC) in
2008.  The agency, however believes there is a lower probability
of Alfa Group not supporting ABK, relative to ABU.  This is
reflected in ABK's higher Support Rating '4' than ABU's '5'.

ABK's senior unsecured local debt ratings are aligned with the
bank's Long-term Local Currency IDR and National Long-term
rating.

RATING SENSITIVITIES - ABK

An upgrade of Long-term IDRs, VR, National Rating and debt
ratings would result from a strengthening of the franchise and an
extended track record of good performance and asset quality.  The
ratings could be downgraded following a material deterioration in
capitalization or asset quality.

The Support Rating could be downgraded if ABK does not receive
timely support when needed. Potential for an upgrade of the
Support Rating is limited.

The rating actions are as follows:

ACB

  Long-term foreign currency IDR: upgraded to 'B' from 'B-';
   Outlook Stable
  Short-term foreign currency IDR: affirmed at 'B'
  Long-term local currency IDR: upgraded to 'B' from 'B-';
   Outlook Stable
  National long-term rating: assigned at 'BB(kaz)'; Outlook
   Stable
  Viability Rating: upgraded to 'b' from 'b-'
  Support Rating: affirmed at '5'
  Support Rating Floor: affirmed at 'No Floor'
  Senior unsecured debt: assigned at 'B', Recovery Rating 'RR4'
  National senior unsecured debt rating: assigned at 'BB(kaz)'

ABK

  Long-term foreign-currency Issuer Default Rating (IDR) affirmed
   at 'B+'; Outlook Stable
  Short-term foreign-currency IDR affirmed at 'B'
  Long-term local-currency IDR affirmed at 'B+'; Outlook Stable
  National long-term rating affirmed at 'BBB(kaz)'; Outlook
   Stable
  Viability Rating affirmed at 'b+'
  Support Rating affirmed at '4'
  Senior unsecured debt: affirmed at 'B+', Recovery Rating 'RR4'
  National senior unsecured debt rating: affirmed at 'BBB(kaz)'


KAZTRANSGAS JSC: Fitch Raises LT Issuer Default Rating From 'BB+'
-----------------------------------------------------------------
Fitch Ratings has upgraded KazTransGas JSC's (KTG) and its fully-
owned subsidiaries, Intergas Central Asia JSC's (ICA) and
KazTransGas Aimak JSC's (KTGA), Long-term Issuer Default Ratings
(IDRs) to 'BBB-' from 'BB+'.  The Outlook is Stable.

The upgrade of KTG and its subsidiaries (KTG or the group)
reflects Fitch's reassessment of the group's linkage with its
state-owned parent JSC National Company KazMunayGas (NC KMG,
BBB/Stable).  "We believe that the 'national operator' status
granted to KTG in 2012, the ongoing transfer of trunk gas
pipelines from the state to ICA, as well as NC KMG's flexible
approach to KTG's dividend payouts underline stronger parent-
subsidiary links between KTG and NC KMG than what was reflected
in the previous ratings," Fitch said.

The group's ratings are now notched down by one level from that
of its parent, reflecting their close linkage, but also limited
legal ties between the two.  KTG qualifies as a material
subsidiary in NC KMG's eurobond documentation and is subject to
cross-default provisions, but NC KMG does not guarantee KTG's
debt.

KTG is the state-owned monopoly engaged in natural gas transit,
transportation and distribution in Kazakhstan (BBB+/Stable).  It
continues to derive most profits from the transit of central
Asian gas to Russia.

Key Rating Drivers

Midstream and Downstream Gas Monopoly
KTG's ratings reflect its position as the operator of the Kazakh
gas pipeline network, the only transit route for central Asian
gas to Russia and Europe.  As the national gas company, it has a
pre-emptive right to purchase natural gas from local oil & gas
companies and resell it domestically and for export.  ICA, the
operator of trunk gas pipelines, generated 60% of the group's
consolidated EBITDA in 2013.

High Customer Concentration
OAO Gazprom (BBB/Negative) remains the group's principal
customer, accounting for 71% of ICA's 2013 revenues, down from
76% in 2012. In January 2011, Gazprom and ICA signed a five-year
contract for transit of 28 billion cubic meters (bcm) of central
Asian gas, of which 80% are covered by 'ship-or-pay' clauses.  In
2012 and 2013 despite significantly lower transportation volumes
ICA's profits did not suffer, due to Gazprom honoring its 'ship-
or-pay' obligation.

"In our rating case, we forecast stable gas revenues until
January 2016 when the contract with Gazprom expires, as we
believe that Gazprom's purchases of central Asian gas and hence
ICA's transit revenues may decline to reflect current purchase
volumes," Fitch said.

Fully Regulated Tariffs
The group's profitability is driven by cost-plus domestic tariffs
and regulated gas prices set by Kazakhstan's Agency for
Regulation of Natural Monopolies (AREM).  "We view Kazakhstan's
tariff environment as developing.  Historically, gas prices and
transit tariffs have been sufficient for KTG to maintain adequate
profits and finance its capex, which we expect to continue under
our rating case.  However, in an event of a prolonged economic
recession AREM may face pressure to limit further tariff
increases, which could force KTG to raise its leverage beyond our
expectations," Fitch said.

Manageable Capex

We view as manageable the group's KZT140 billion investment
program in 2014-2016, which will be partially debt-funded, and
expect its credit metrics to remain commensurate with the current
ratings.  After KTG completes most of its development projects in
2014, annual capex should fall to under KZT40 billion per year in
2015 and 2016, from about KZT70bn per year in 2013 and 2014.

"We do not foresee any significant impact on KTG's
creditworthiness from the construction of the Beineu-Bozoy-
Shymkent pipeline and Line C of the Asian Gas Pipeline from
Central Asia to China, which are financed by KTG's JVs with China
National Petroleum Corporation (CNPC, A+/Stable) and are
guaranteed by CNPC and NC KMG with no recourse to KTG," Fitch
said.

Moderately Rising Leverage
At end-2013, KTG's funds from operations (FFO) adjusted gross
leverage was 1.8x, and we expect it to reach 2.3x in 2016.  "We
forecast that the group's FFO interest coverage will deteriorate
to 7.7x in 2017, from 10.5x at end-2013, which remains adequate
for the current ratings," Fitch said.

Rating Sensitivities

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

-- a positive rating action on NC KMG
-- evidence of stronger ties between NC KMG and KTG

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

-- a negative rating action on NC KMG
-- evidence of weaker ties between NC KMG and KTG, e.g.
    sustained deterioration of credit profile with FFO adjusted
    gross leverage rising above 3.0x, or cancellation of the
    cross default provision

Liquidity and Debt Structure

At end-2013, KTG's short-term debt of KZT33.7 billion was fully
covered by cash and short-term bank deposits of KZT22 billion and
undrawn credit lines of KZT38.3 billion. There are no major debt
repayments in 2014-2016, and nearly 90% of KTG's maturities fall
on 2017 when ICA's USD540 million eurobond is due. KTG intends to
borrow up to KZT50 billion in 2014 to finance capex.

In February 2014, Kazakhstan devalued the tenge to USD/KZT185 or
by 17% from the end-2013 level, which followed the depreciation
of the Russian rouble by 13%.  "We expect this to have no
material impact on the group's leverage, as losses on its USD-
denominated debt will largely be offset by gains from ICA's USD-
denominated revenues," Fitch said.

List of Rating Actions

KazTransGas JSC

  Long-Term foreign currency IDR: upgraded to 'BBB-' from 'BB+',
   Outlook Stable
  Long-Term local currency IDR: upgraded to 'BBB-' from 'BB+',
   Outlook Stable
  Short-Term IDR: upgraded to 'F3' from 'B'
National Long-Term rating: upgraded to 'AA(kaz)' from
  'AA-(kaz)', Outlook Stable
Senior unsecured long-term rating: upgraded to 'BBB-' from 'BB+'
Senior unsecured National long-term rating: upgraded to
  'AA(kaz)' from 'AA-(kaz)'

Intergas Central Asia JSC

Long-Term foreign currency IDR: upgraded to 'BBB-' from 'BB+',
  Outlook Stable
Long-Term local currency IDR: upgraded to 'BBB-' from 'BB+',
  Outlook Stable
Short-Term IDR: upgraded to 'F3' from 'B'
National Long-Term rating: upgraded to 'AA(kaz)' from
  'AA-(kaz)', Outlook Stable
Senior unsecured long-term rating: upgraded to 'BBB-' from 'BB+'
Senior unsecured National long-term rating: upgraded to
  'AA(kaz)' from 'AA-(kaz)'

KazTransGas Aimak JSC

Long-Term foreign currency IDR: upgraded to 'BBB-' from 'BB+',
  Outlook Stable
Long-Term local currency IDR: upgraded to 'BBB-' from 'BB+',
  Outlook Stable
Short-Term IDR: upgraded to 'F3' from 'B'
National Long-Term rating: upgraded to 'AA(kaz)' from
  'AA-(kaz)', Outlook Stable
Senior unsecured long-term rating: upgraded to 'BBB-' from 'BB+'
Senior unsecured National long-term rating: upgraded to
  'AA(kaz)' from 'AA-(kaz)'


NOSTRUM OIL: S&P Affirms 'B+' Corporate Credit Rating
-----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit rating on Kazhakstan-based hydrocarbons
exploration and production company Nostrum Oil & Gas L.P.  The
outlook is stable.

S&P also affirmed its 'B+' long-term issue rating on the
company's senior notes.

S&P affirmed its ratings on Nostrum because it continues to think
that the company will maintain its operational performance on the
back of near full capacity production of about 45,000 barrels of
oil equivalent per day (boepd), and strong credit metrics for the
rating over our 2014-2016 forecast horizon.

"We revised our assessment of Nostrum's financial policies to
"neutral" from "negative."  We continue to consider Nostrum's
financial policies to be potentially aggressive, which is
illustrated by a track record of higher-than-expected dividend
payouts and share buybacks.  However, we no longer see a high
risk of these policies affecting the predictability of the
company's credit metrics or depressing key credit ratios over the
forecast period, partly because of material cash on hand that we
do not net against debt.  We recognize that those activities were
financed by operating cash flows and available cash in 2013, and
we think the company will continue this trend to a large extent
over the next few years.  We also anticipate that Nostrum will
adhere to its financial policies of maintaining reported net debt
to EBITDA at or below 1.5x and paying dividends of about 20%-25%
of net income," S&P said.

S&P's assessment of Nostrum's "significant" financial risk
profile reflects its robust Standard & Poor's-adjusted credit
metrics, coupled with its perception of potentially volatile cash
flows and negative free operating cash flow (FOCF).

"In 2014, we anticipate adjusted funds from operations (FFO) to
debt of 30%-45% and adjusted debt to EBITDA of about 2x.  In
2015, we believe that FFO to debt is unlikely to drop
significantly below 30%, and adjusted debt to EBITDA is unlikely
to rise substantially above 2.5x.  We forecast at least $400
million of planned capital expenditures in both 2014 and 2015.
This includes some ongoing extensive drilling activities and
spending on phase two of investment in a new gas treatment
facility (GTF), which should account for almost half of total
capital expenditures for 2014-2015.  We think this will result in
material negative FOCF of between US$100 million and US$200
million," S&P added.

S&P notes that Nostrum has reduced its interest burden, extended
its debt maturities, and diversified its funding sources over the
past few years by successfully issuing notes in 2012 and 2014.

S&P's "weak" business risk profile assessment for Nostrum
reflects its view of the company's concentrated asset base; its
dependence on one pipeline for dry gas (the company uses another
pipeline for crude oil and stabilized condensate, but it could
also use trucks as an alternative); its relatively small
operations by international standards; and inherent risks
relating to the oil industry and operating in Kazakhstan.

These factors are somewhat mitigated by good profitability
(including S&P's assumption of a continued adjusted EBITDA margin
of above 55% in 2014-2016) on the back of supportive oil prices,
a favorable cost structure based on a modern asset base, low
cash-lifting costs, and a supportive tax regime.

S&P also views the part-ownership of Nostrum's local partner,
Kazakhstan-based engineering company KazStroyService, as a
supporting factor.

S&P's "negative" comparable ratings analysis score is based on
its view of the company's material negative FOCF and high asset
concentration relative to that of its peers.

The stable outlook on Nostrum reflects S&P's expectation of FFO
to debt sustainably between 30% and 45%, on the back of near full
capacity production of about 45,000 boepd, coupled with its
assumption of negative FOCF not surpassing negative US$200
million per year.  S&P anticipates that the company will adhere
to its financial targets and we expect continued "adequate"
liquidity.

S&P would consider raising the ratings if Nostrum's production
increases materially and if the company ramps up phase two of its
GTF on time and without major cost overruns.  Furthermore, S&P
would consider a positive rating action if the company could
sustain FFO to debt above 45%, with positive FOCF.  Additional
support for an upgrade would come from enhanced diversification
of the producing asset base.

S&P could consider lowering the ratings if Nostrum's production
levels became considerably lower than it currently envisage,
either because of depletion of fields or operational disruption,
leading to FFO to debt of consistently less than 30%; or if S&P
considers that the company's liquidity were becoming "less than
adequate," which is not included in our base case.  Any political
or regulatory changes in Kazakhstan that impaired the company's
taxes or constrained its operations could also lead to negative
pressure on the ratings.



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


JUBILEE CLO: Fitch Assigns 'B-(EXP)sf' Rating to Class F Notes
--------------------------------------------------------------
Fitch Ratings has assigned Jubilee CLO 2014-XII B.V. notes
expected ratings, as follows:

EUR302.00 million Class A: 'AAA(EXP)sf'; Outlook Stable
EUR51.00 million Class B1: 'AA+(EXP)sf'; Outlook Stable
EUR5.00 million Class B2: 'AA+(EXP)sf'; Outlook Stable
EUR26.50 million Class C: 'A+(EXP)sf'; Outlook Stable
EUR24.90 million Class D: 'BBB+(EXP)sf'; Outlook Stable
EUR36.90 million Class E: 'BB+(EXP)sf'; Outlook Stable
EUR19.0 million Class F: 'B-(EXP)sf'; Outlook Stable
EUR47.80 million Subordinated Notes: not rated

Final ratings are contingent on the receipt of final documents
conforming to information already reviewed.

Jubilee CLO 2014-XII B.V. is an arbitrage cash flow CLO.

Key Rating Drivers

'B' Portfolio Credit Quality
Fitch expects the average credit quality of obligors to be in the
'B' range.  Fitch has credit opinions on 90% of the indicative
portfolio and has a public rating on the remaining entities.  The
covenanted maximum Fitch weighted average rating factor (WARF)
for assigning the expected ratings is 33.0.  The WARF of the
initial portfolio is 32.2.

Above-Average Recoveries
At least 90% of the portfolio will comprise senior secured loans
and senior secured bonds. Recovery prospects for these assets are
typically more favorable than for second-lien, unsecured, and
mezzanine assets.  Fitch has assigned recovery ratings to 100% of
the indicative portfolio.  The covenanted minimum Fitch weighted
average recovery rate (WARR) for assigning the expected ratings
is 70%.  The WARR of the initial portfolio is 71.7%.

Above-Average WAS and WAC
The covenanted minimum weighted average spread (WAS) and weighted
average coupon (WAC) for assigning the expected rating are 4.2%
and 6.2%, respectively, above the typical values for CLOs rated
recently by Fitch. T his is particularly beneficial to junior
notes with low credit enhancement.

Limited FX Risk
All non-euro-denominated assets have to be hedged using suitable
asset swaps and are limited to 30% of the portfolio.

Limited Interest Rate Risk
Fixed rate assets can account for no more than 10% of the
portfolio, while fixed rate liabilities account for 1% of the
target par amount.

Transaction Summary

Net proceeds from the issuance of the notes will be used to
purchase a EUR498.75 million portfolio of European leveraged
loans and bonds. The portfolio will be managed by Alcentra
Limited.  The reinvestment period is scheduled to end in 2018.

The transaction documents may be amended subject to rating agency
confirmation or note holder approval.  Where rating agency
confirmation relates to risk factors, Fitch will analyses the
proposed change and may provide a comment if the change would not
have a negative impact on the then current ratings.  Such
amendments may delay the repayment of the notes as long as
Fitch's analysis confirms the expected repayment of principal at
the legal final maturity.

If in the agency's opinion the amendment is risk-neutral from the
perspective of the rating Fitch may decline to comment.
Noteholders should be aware that the structure considers the
confirmation to be given in the case where Fitch declines to
comment.

Rating Sensitivities

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

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



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


ROMANIAN AUTHORITY: Minister Sacks Special Administrator
--------------------------------------------------------
Romania-Insider.com reports that the Minister Delegate for Energy
recently fired the special administrator at the insolvent
Romanian Authority for Nuclear Activity and proposed several
measures to bring the company back on track.

According to the report, Razvan Nicolescu, the Minister Delegate
for Energy, said he sacked Danut Andrusca, the company's special
administrator, who was making some EUR4.400 a month, an amount
which the minister deemed 'immoral', given the company's
situation.

He also appointed a new special administrator, Viorel Marian, and
made state sub-secretary Daniel Andronache responsible of the
company's activity within the Energy Department, relates
Romania-Insider.com.

The department's control task force started a new investigation
into the authority's activity, the report says.  A previous
control found that the special administrator had allowed for a
RON800 million debt to be included in the statement of affairs,
allowing voting rights to the Confort group of companies. The
decision to do so, according to Mr. Nicolescu, was illegal, the
report relays.

The Romanian Authority for Nuclear Activity, which has 2,460
employees, became insolvent in 2013, with a debt of some EUR 151
million, Romania-Insider.com discloses. One of the companies most
affected by the nuclear activity authority's situation is Complex
Energetic Oltenia, which needs to recover a debt of some
EUR60 million, most of which stemming from before the insolvency,
the report notes.



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


SEVERSTAL COLUMBUS: S&P Affirms Then Withdraws 'B' CCR
------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B' long-term corporate credit rating on U.S.-based steelmaker
Severstal Columbus LLC, which is 100% owned by Russian steelmaker
OAO Severstal, then subsequently withdrew its rating at the
issuer's request.  At the time of the withdrawal, the outlook was
stable.

At the same time, S&P withdrew its 'B' issue credit rating and
'3' recovery rating on Severstal Columbus' $525 million senior
secured notes, following their redemption.

The affirmation reflected S&P's expectation that Severstal
Columbus' performance would stay broadly stable over the next two
years, with neutral to positive free operating cash flow
generation, supported by higher production volumes and fairly low
capital expenditure, following the completion of a mini-mill
project.  The company has quite a favorable maturity profile with
low external debt maturities in 2014-2015.  S&P assessed
Severstal Columbus' liquidity as "adequate," as our criteria
define the term.



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


BOSPHORUS 1 RE: S&P Affirms BB+ Rating on US$400MM Class A Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+ (sf)' rating
on the US$400 million principal-at-risk variable-rate class A
notes issued by Bosphorus 1 Re Ltd. Turkish Catastrophe Insurance
Pool, the sponsor, did not elect to reset the bonds' probability
of attachment.  In addition, S&P reviewed the creditworthiness of
the rating on the collateral that will be used to redeem the
principal on the redemption date and it remains unchanged.

Ratings Affirmed

Bosphorus 1 Re Ltd.
Class A                  BB+(sf)


DOGAN YAYIN: Fitch Puts 'BB-' LT IDR on Rating Watch Negative
-------------------------------------------------------------
Fitch Ratings has placed Dogan Yayin Holding's (DYH) and Hurriyet
Gazetecilik ve Matbaacilik AS's (Hurriyet) 'BB-' Long-term Issuer
Default Rating (IDR) on Rating Watch Negative (RWN).  This
follows Dogan Holding's proposed takeover of its 80%-owned media
subsidiary DYH.

Under the proposed takeover, DYH will merge all of its assets and
liabilities into Dogan Holding.  The valuation of both entities
will be carried out by an independent advisor and will form the
basis for the determination of the shares exchange ratio.
Although the transaction is envisaged to take place on a cash-
free basis, according to capital market regulation, the two
entities will be required to buy out the minorities not voting in
favor of the transaction at the shareholder meeting.

The transaction is subject to the necessary approvals from the
relevant authorities as well as to Dogan Holding's right to
withdraw from the merger should the amount required to buy out
non-consenting minorities exceed the maximum limit that is yet to
be determined by the board of directors.

The RWN reflects Fitch's view that the credit profile of the
merged entity could be lower or in line with the current IDR of
DYH.  Upon completion of the merger, the rating of DYH will be
withdrawn as this legal entity will cease to exist.  The Rating
Watch is likely to be resolved upon completion of the transaction
when Fitch will have full visibility over the final terms and
conditions of the merger, enabling it to better assess the
group's legal, operational and strategic ties within the group,
in accordance with Fitch's Parent and Subsidiary Linkage.  In
particular, Fitch will focus on legal ties between the merged
entity and the group's media assets currently owned by DYH (e.g.
Dogan TV, Hurriyet), namely in the form of guarantees and cross
default provisions.

The transaction is viewed positively to the extent that it
rationalizes the group structure by reducing the intermediate
holding (DYH) between the ultimate parent company Dogan Holding
and the media assets currently owned by DYH which represent
approximately 75% and 80% of Dogan Holding's consolidated
revenues and EBITDA, respectively.  The credit profile of the
media group could thus benefit from Dogan Holding's significant
net cash position (USD0.9 billion as of end-December 2013) as the
merger would simplify parental support for the media group
entities in the form of equity injections and/or guarantees given
these entities face significant debt obligations in USD.
However, Dogan Holding is also invested in other sectors, mainly
in energy, and potential M&A cannot be ruled out in the
foreseeable future.  This event risk, combined with the increased
leverage profile of the media group due to recent Turkish lira
depreciation and limited dividend payments from its key
subsidiaries over the medium-term, is likely to constrain the
credit profile of the merged entity.

Key Rating Drivers

Media Group Rating
DYH's 'BB-' IDR reflects the group's market-leading position in
the Turkish media sector, which is currently experiencing healthy
growth trends in advertising as well as increasing penetration
rates of pay-TV services.  Nonetheless, the ratings remain
constrained by DYH's limited cash flow generation, its weak
liquidity profile and significant foreign currency exposure with
regard to its USD and EUR-denominated debt and operating
expenses.

Parent Subsidiary Linkage for Hurriyet
Hurriyet's 'BB-' IDR reflects the strong legal ties between
Hurriyet and its parent DYH.  DYH guarantees Hurriyet's debt,
which Fitch views as sufficient to justify the equalization of
the ratings of the two entities in accordance with its "Parent
and Subsidiary Rating Linkage" criteria.  Fitch believes the two
entities also exhibit strong operational and strategic ties, as
Hurriyet carries out printing and distribution operations for
other entities of the DYH group.  This, combined with Hurriyet's
high visibility in the Turkish news media sector, makes it likely
that DYH would support one of its major assets.

FX Impact on Leverage
The sharp depreciation of the Turkish lira against the USD in
4Q13, combined with weak EBITDA performance in 2013, has resulted
in a higher-than-expected leverage profile for DYH.  Fitch views
DYH's currency exposure as a key risk to its credit profile as
approximately 85% of its financial debt is denominated in hard
currencies (USD and EUR), while EBITDA and cash flows are mainly
denominated in Turkish lira.  About 30% of DYH's operating
expenses (operating costs, cost of sales, and general
administrative expenses) are also denominated in hard currencies.
This has led in part to cost increases in 2H13 which are likely
to continue in 2014, thus placing pressure on operating
profitability.  "Therefore, we do not expect any material
deleveraging over the next 12 months.  Although the company holds
some of its cash balances in hard currencies and has entered into
forward transactions with respect to a small amount of USD-
denominated debt, in our view DYH's financial profile remains
vulnerable to significant currency depreciation," Fitch said.

Low Liquidity
Fitch views DYH's liquidity profile on a standalone basis as
fairly weak due to the lack of committed credit facilities,
combined with a fairly short-term debt structure.  However, the
company's TRL531 million of cash on balance sheet as of end-
December 2013 and expected proceeds from asset sales should
enable it to cover its short-term debt repayments obligations and
ease the refinancing of its maturing debt in 2014.

Rating Sensitivities (DYH standalone - ie should the merger not
be completed):

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

-- Improvements and further maturity of DYH's pay-TV business
     D-Smart
-- Evidence of positive pre-dividend free cash flow generation
-- FFO net leverage of the combined media assets falling below
    2.0x
-- Improved financial strategy in terms of liquidity, FX risk
    and debt maturity structure

Negative: Future developments that could lead to negative rating
action include:
-- Underperformance of Fitch's expectations leading to FFO net
    leverage rising above 3.5x over 12-18 months
-- Negative FCF generation continuing beyond 2014
-- Significant debt-funded M&A

Rating Sensitivities (Hurriyet standalone - ie should the merger
not be completed):

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

-- Any positive rating action related to its parent DYH provided
    the legal ties between the two entities remain in place

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

-- As Hurriyet benefits from having the same rating DYH, any
    negative rating action would be dependent on a downgrade of
    the parent or on Fitch's assessment of the potential for
    reduced support from DYH in the absence of guarantees from
    the parent.

Full List of Rating Actions:

-- DYH's Long-term foreign currency IDR: 'BB-' on RWN
-- DYH's Long-term local currency IDR: 'BB-' on RWN
-- Hurriyet's Long-term foreign currency IDR: 'BB-' on RWN
-- Hurriyet's Long-term local currency IDR: 'BB-' on RWN
-- Hurriyet's National Long-term rating: 'A+(tur)' on RWN



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


UKRAINE: Fitch Says Tariff Cuts LT Positive for Agribusiness
------------------------------------------------------------
The European Union's decision to cut tariffs on Ukrainian goods
could, in the long-term, help Ukraine's agricultural exporters
reduce their reliance on Middle Eastern and Asian markets and
ease the currency mismatch between their debt and revenue, Fitch
Ratings says.  In the near term, however, any benefit will be
limited and is overshadowed by the risk and uncertainty created
by the political and economic situation in Ukraine, which caps
corporate foreign-currency ratings at the country ceiling of
'CCC'.

The approval this week of favorable tariffs and quotas is a step
towards the signing of the Deep and Comprehensive Free Trade
Area, which would support long-term growth of Ukrainian exports
to EU. Almost all Fitch-rated Ukrainian agricultural companies
(MHP, Ukrlandfarming, Mriya, Avangard, Kernel, Creative) have
substantial export sales. But most of them are focused on exports
to Middle East, Asia and CIS countries.

"We believe these companies see the European Union as an
attractive market for further export growth and diversification,
but we do not expect a significant immediate impact on volumes,
especially as the EU is largely self-sufficient in wheat. Greater
opportunities may arise in corn, or barley, or in
southern/eastern European countries that are easier to service
from Ukraine.  Some companies that export products on which
tariffs will be cut to zero (for example sunflower oil exporters
Kernel and Creative) are likely to see their revenues and
operating margin benefit if they maintain their prices.  This
could materialize in 2014," Fitch said.

Increasing export revenues should reduce the existing foreign-
currency mismatch as long as companies are able to direct an
increased portion of grain to the export markets once domestic
needs have been satisfied.  Most Ukrainian agricultural companies
have a substantial part of their debt denominated in hard
currency, while a large portion of sales are conducted through
wholesalers and traders at "dollarized" but distorted domestic
prices.  This mismatch is one of the major risks for the sector.

Significantly lower cost of production along with high soil
productivity could make Ukrainian cereals more competitive than
produce from other regions.  Therefore longer term Ukrainian
agriculture firms could see further opportunities for exports
growth.

Temporary tariff cuts are expected to take effect before the end
of April following their adoption by the EU's Foreign Affairs
Council this week. They will apply until November, by which time
the EU hopes free trade elements of the Association Agreement
with Ukraine will have been signed and come into force.



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


ASKAM CONSTRUCTION: In Administration, Cuts 40++ Jobs
-----------------------------------------------------
Lancaster Guardian reports that Askam Corporation, the Lancaster
firm which built the new Coronation Street set, has gone into
administration with the loss of more than 40 jobs.

Askam Construction, based on Hampson Lane, suffered heavy losses
on contracts over the last two years, according to Lancaster
Guardian.

Administrators Ernst and Young were appointed and told The
Guardian they had sold off a number of contracts in a deal which
saves 45 jobs.

Askam's construction division however has ceased trading,
resulting in 43 redundancies, according to Lancaster Guardian.

The report relates that a spokesman for EY said: "Shortly
following their appointment, the joint administrators completed a
sale of certain contracts relating to the company's civil
engineering division and its plant and machinery to Askam Civil
Engineering Limited, in a deal which saw 45 jobs transfer to the
purchaser.  The company's construction division has ceased to
trade, resulting in the redundancies of 43 employees.

"The joint administrators will now work to realise the company's
remaining assets, which include a residential property
development near Lancaster, various construction and civil
engineering contracts and associated work in progress and several
investments," the spokesman said, the report discloses.

Joint administrator Sam Woodward, appointed along with Tom Jack,
said: "Askam Construction Limited suffered material losses on a
number of contracts during the past 24 months, and these placed
significant pressure on the business and its cash flow," the
report relays.

"This pressure ultimately became too great for the business to
continue viably and the directors concluded that the company was
insolvent.  We are pleased to have completed a sale which has
secured the ongoing employment of 45 people, and we will now
focus on realising the company's remaining assets to secure the
best possible return for creditors," Mr. Woodward said, the
report relays.

In summer 2012, the report recalls that Askam achieved a major
coup when it secured the contract to build the new Coronation
Street set at Salford's Media City.

More recently, workers had been converting a disused mill in
Burscough, west Lancashire, into a 56-apartment complex but the
site was ravaged by a major fire last month, the report notes.

In September, Askam was awarded a GBP3m-plus contract by
Lancaster University to refurbish 14-storey Bowland Tower, which
it completed in December. Other clients include Lancaster City
Council and United Utilities.

Askam Construction was founded in 1986 by managing director John
Lowery.

It employed people in more than 80 trades, including groundworks,
joinery, plant operations, steel fixing and bricklaying.

In 2011, it was named by the Daily Telegraph as among Britain's
1,000 brightest businesses collectively generating more than
GBP50bn in sales.


ASTEC PROJECTS: In Administration, Cuts 60 Jobs
-----------------------------------------------
Construction Inquirer reports that cladding specialist Astec
Projects has been placed in administration with the loss of 65
jobs.

It is understood that Astec's bankers at Barclays called in
administrators Deloitte following cash-flow problems at the GBP45
million turnover firm which is based in Reading, according to
Construction Inquirer.

The report notes that Deloitte is now working with 20 retained
senior staff in a bid to find a buyer for the business or novate
some of its current contracts.

"The business is a leading provider of cladding solutions,
trading with a turnover of GBP45 million.  It employed 85 people
from its freehold head office in Reading and satellite offices in
Newport, South Wales and Burntwood, Staffs.  Out of the 85
employees, 20 will be retained, while 65 were made redundant,"
the report quoted Deloitte as saying.

"The administrators plan to cease trading, and retain a small
team whilst investigating the possibility of a sale of the
business or takeover of its approximately GBP30 million order
book.  Following a period of exceptional growth, the business was
unable to fund its working capital requirements going forward,"
Deloitte said, the report relates.

Astec is known to be working on jobs for Mace and Morgan Sindall
and was due to start its largest ever contract for Ballymore this
month.

The report relays that Managing Director Rik Lenney said at the
time: "The last few years have not been the best within the
Construction Industry and Astec Projects like other companies in
our field have experienced difficult times.  But during the
recession we have managed to build upon our success, opening two
new offices; holding and increasing staffing levels; and
recapturing and building turnover."

"Moving into 2014 on the back of winning our largest contract to
date -- the GBP10 million Embassy Gardens project for Ballymore
-- with the hard work and dedication of our staff we have secured
a strong order book and pipeline and look towards a brighter 2014
and beyond," Mr. Lenny said, the report notes.


CO-OPERATIVE GROUP: Lenders Bring in Hedger to Help Turnaround
--------------------------------------------------------------
Kate Allen and Martin Arnold at The Financial Times report that
six major UK banks that lent to the Co-operative Group have sent
a troubleshooter into the lossmaking mutual, in an attempt to
turn round its businesses.

According to the FT, Bob Hedger, a corporate restructuring expert
at the Royal Bank of Scotland and one of the banking sector's
most experienced turnround advisers, is to step in on behalf of a
consortium of Co-op Group's lenders.  The consortium also
includes Barclays and Lloyds Banking Group, the FT discloses.

The Co-op Group announced record losses of GBP2.5 billion,
forcing it to renegotiate its lending terms, the FT relays.  At
the same time, Ursula Lidbetter, its chairman, vowed to push
forward radical governance changes to the group's structure, the
FT notes.  These changes had been proposed by Lord Myners, but
were fiercely opposed by many others on the Co-op's board, the FT
says.  Lord Myners subsequently resigned from the board, the FT
recounts.

Mr. Hedger, a director of RBS's Global Restructuring Group, will
join Ms. Lidbetter in pushing the Co-op's board to implement
Lord Myners' recommendations, the FT relates.

Co-operative Group is a mutually owned food-to-funerals
conglomerate.  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.


CROYDON VILLAGE: Outlet Goes Into Administration
-----------------------------------------------
Your Local Guardian reports that Croydon Village Outlet has gone
into administration.

Administrators were called into the troubled department store
after Metro Outlet Limited, the company that runs it, received a
winding-up petition from creditors earlier this month, according
to Your Local Guardian.  But it claimed a new owner is already
preparing to take over North End store, the report notes.

The report relates that staff told the Croydon Guardian managers
had informed them the store "had two weeks left".

The employees said they had been told to reclaim unpaid wages
from the Government's National Insurance Fund, the report says.

The report discloses that a senior figure at the store, who
declined to reveal his name or position, confirmed it had gone
into administration but added a buyer was already lined up and
that the store would not close.

The development comes after it emerged that debt collectors are
chasing more than GBP1 million that Croydon Village Outlet owes
to dozens of creditors, the report relays.

It is understood one of the creditors has served Metro Outlet Ltd
with a winding-up petition after it failed to pay debts, the
report notes.

If the petition is successful, the company would be put into
liquidation by a court, the report adds.


EUROSAIL-UK 2007-5NP: S&P Raises Ratings on 2 Note Classes to BB+
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'BB+ (sf)' from
'B (sf)' and removed from CreditWatch positive its credit ratings
on Eurosail-UK 2007-5NP PLC's class A1a and A1c notes.  At the
same time, S&P has affirmed its 'D (sf)' ratings on the class
B1c, C1c, and D1c notes.

The upgrades follow the transaction's restructuring.  S&P has
conducted its credit and cash flow analysis of the transaction
using the most recent information that S&P has received (dated
March 2014) under its applicable criteria.

In November 2013, the class A1a and A1c notes were converted to
British pound sterling from euros following the transaction's
proposed restructuring.  S&P therefore placed on CreditWatch
positive its ratings on the class A1a and A1c notes on Dec. 5,
2013.

Following the restructuring, S&P considers that the class A1a and
A1c notes are no longer exposed to foreign exchange rate risk.
S&P has therefore raised to 'BB+ (sf)' from 'B (sf)' and removed
from CreditWatch positive its ratings on the class A1a and A1c
notes.

S&P has affirmed its 'D (sf)' ratings on the class B1c, C1c, and
D1c notes because of principal write-downs, which were realized
as a result of the restructuring.

The servicer, Acenden Ltd., has updated how it reports arrears to
include amounts outstanding, delinquencies, and other amounts
owed.  The servicer's definition of other amounts owed includes
(among other items), arrears of fees, charges, costs, ground
rent, and insurance.  Delinquencies include principal and
interest arrears on the mortgages, based on the borrowers'
monthly installments.  Amounts outstanding are principal and
interest arrears, after the servicer first allocates borrower
payments to other amounts owed.

In this transaction, the servicer first allocates any arrears
payments to other amounts owed, then to interest amounts, and
subsequently to principal.  From a borrower's perspective, the
servicer first allocates any arrears payments to interest and
principal amounts, and then to other amounts owed.  This
difference in the servicer's allocation of payments for the
transaction and the borrower results in amounts outstanding being
greater than delinquencies.

The proportion of amounts outstanding in the transaction's 90+
day amount outstanding bucket have increased to 21.47% in March
2014 from 12.14% in March 2012.  During this period, 90+ day
delinquencies, which exclude other amounts owed, increased to
10.57% from 7.10%.  The increase in 90+ day delinquencies is in
contrast to S&P's index for U.K. nonconforming residential
mortgage-backed securities (RMBS), in which 90+ day delinquencies
decreased to 14.60% in Q4 2013 from 16.54% in March 2012.  In
light of the transaction's performance, S&P has projected
additional arrears of 3.00% in our analysis over the next year.

S&P's weighted-average foreclosure frequency (WAFF) assumptions
have decreased.  This is primarily due to an increase in
seasoning and the fact that S&P considers delinquencies (rather
than amounts outstanding) when applying its arrears adjustment.
S&P's weighted-average loss severity (WALS) assumptions have
increased because it expects potential losses to be higher, given
that the servicer first allocates any arrears payments to other
amounts owed.

Rating level       WAFF        WALS
                    (%)         (%)

BBB               20.59       32.91
BB                15.85       28.60
B                 13.97       22.15

Based on the most recent investor report, the available credit
enhancement for the class A1a and A1c notes has decreased to
10.30% from 16.71% as a result of the restructuring.  However,
the 16.71% did not account for the transaction's exposure to
undercollateralization due to foreign exchange rate losses.
Taking this into account, on the September 2013 interest payment
date, at a spot rate of EUR1.1855 to GBP1.0000 , the class A1a
and A1c notes had an effective credit enhancement of -2.62%.

S&P's credit stability analysis indicates that the maximum
projected deterioration that it would expect at each rating level
over one and three-year periods, under moderate stress
conditions, is in line with its credit stability criteria.

Eurosail-UK 2007-5NP securitizes U.K. nonconforming residential
mortgages originated by Southern Pacific Mortgages Ltd.,
Preferred Mortgages Ltd., London Mortgage Company, and Alliance &
Leicester PLC.

RATINGS LIST

Class     Rating              Rating
          To                  From

Eurosail-UK 2007-5NP PLC
GBP575 Million Mortgage-Backed Floating-Rate Notes

Ratings Raised And Removed From CreditWatch Positive

A1a       BB+ (sf)            B (sf)/Watch Pos
A1c       BB+ (sf)            B (sf)/Watch Pos

Ratings Affirmed

B1c       D (sf)
C1c       D (sf)
D1c       D (sf)


HURSTWOOD INTERNATIONAL: In Administration, Closes Operations
-------------------------------------------------------------
Wirral Globe reports that Wirral meat-processing company
Hurstwood International has gone into administration with the
loss of 50 jobs.

According to the report, rising costs of running the business and
cooked meats becoming harder to obtain were behind the Wallasey-
based company's decision to close its factory.

The firm, in Alexandra Road, has been in business since 1978.

Colin Burke -- colinb@milnerboardman.co.uk -- and Darren Brookes
-- darrenb@milnerboardman.co.uk -- partners in Milner Boardman &
Partners, have been appointed joint administrators.

They are working with the Job Centre to help Hurstwood's former
employees find work, the report notes.

Mr. Burke said: "It is with sadness that we have to advise that
Hurstwoods International after 36 years in business is to close.
The business which was first set up by Gerry White and
subsequently run by his son Gary White has provided high quality
produce for its customers during this time.  However, with ever
increasing costs of running a business and the supply of cooked
meats becoming harder to obtain, it has come to a critical point
where they cannot continue to trade in the current climate."

"I know that the directors wanted to thank all their present and
past customers, suppliers and staff for all the support that has
been given to them over the years," the report quoted Mr. Burke
as saying.

Founder Gerry White was a well-known local businessman and self-
made multi-millionaire.  He was a long-standing chairman of
Wirral Chamber of Commerce and co-owner of Reddington Finance
Group.


PUNCH TAVERNS A: Moody's Cuts Ratings on 2 Note Classes to Ba1
--------------------------------------------------------------
Moody's Investors Service has taken the following action on notes
issued by Punch Taverns Finance plc (Punch A):

GBP270M A1(R) Notes, Downgraded to Ba1 (sf); previously on Feb
25, 2013 Baa3 (sf) Placed Under Review for Possible Downgrade

GBP300M A2(R) Notes, Downgraded to Ba1 (sf); previously on Feb
25, 2013 Baa3 (sf) Placed Under Review for Possible Downgrade

GBP200M M1 Notes, Confirmed at Caa1 (sf); previously on Dec 20,
2013 Downgraded to Caa1 (sf) and Remained On Review for Possible
Downgrade

GBP400M M2(N) Notes, Confirmed at Caa2 (sf); previously on Dec
20, 2013 Downgraded to Caa2 (sf) and Remained On Review for
Possible Downgrade

GBP140M B1 Notes, Affirmed Ca (sf); previously on Dec 20, 2013
Downgraded to Ca (sf)

GBP150M B2 Notes, Affirmed Ca (sf); previously on Dec 20, 2013
Downgraded to Ca (sf)

GBP175M B3 Notes, Affirmed Ca (sf); previously on Dec 20, 2013
Downgraded to Ca (sf)

GBP215M C(R) Notes, Affirmed C (sf); previously on Dec 20, 2013
Downgraded to C (sf)

Liquidity Facility Agreement, Downgraded to Baa1 (sf); previously
on May 14, 2012 Assigned A3 (sf)

Moody's does not rate the Class D1 Notes issued by Punch A.
Moody's had previously on 25 February 2013 placed on review for
possible downgrade Class A1(R) Notes, Class A2(R) Notes, Class M1
and Class M2 Notes. The action concludes the review of these
classes of notes.

The ratings of the Class A2(R) Notes, Class M2(N) Notes and Class
B3 Notes are based on the underlying rating of the notes and are
no longer based on the financial guarantee policy provided by
AMBAC Assurance UK Limited (rating withdrawn).

Ratings Rationale

Notes

The action has been prompted by the delay and increased
uncertainty around the restructuring of the securitization.
According to the most recent announcement of the issuer, the
noteholders and creditors are being asked to agree on a temporary
waiver of the Debt Service Cover Ratio (DSCR) covenant and
certain other provisions of the securitization documents in a
noteholder meeting to be held on 29 April 2014. The rolling two-
quarter DSCR ratio as of Q2 2014 is 1.15x, below the required
1.25x as the parent company, Punch Taverns plc did not provide
any financial support to the securitization in the last quarter.
If not remedied or waived, Moody's expects the covenant breach to
result in an event of default under the issuer/borrower facility
agreement.

The covenant waiver would afford the issuer and transaction
parties more time to agree on a consensual restructuring.
However, it is increasingly uncertain to Moody's that a
restructuring can be agreed in the new timeline; a revised
proposal is to be launched on or before 30 June 2014.

The downgrade of the senior Class A Notes reflects the
uncertainty around the operations of the borrower and its ability
to meet its debt service payments in the near-to-medium term
amidst a potential borrower default. Moody's latest analysis
incorporates the potential decline to cash flows from the
underlying pub portfolio in case of a borrower default and its
expectation that an administrative receiver would be appointed
following a borrower default. Such deterioration in the cash
flows generated from the pub portfolio would have a negative
impact on the value of the pub assets, directly impacting Moody's
assessment of the recoveries available to the noteholders upon a
borrower default.

The liquidity facility:

The counterparty instrument rating (CIR) in relation to the
Liquidity Facility measures the risk posed to the Liquidity
Facility provider on an expected loss basis. Compared with its
prior assessment, the expected loss posed to the Liquidity
Facility provider has increased. First, the likelihood of
Liquidity Facility draws has increased compared with Moody's
prior assessment due to the increased uncertainty around the
execution of a consensual restructuring. In the absence of a
restructuring, Moody's expects that the issuer will utilize the
Liquidity Facility to meet its debt service payments on the
notes. Secondly, the severity posed to the Liquidity Facility
provider has increased due to the revised recovery expectations
for the properties as mentioned above.

Methodology Underlying the Rating Action:

The methodologies used in this rating were Moody's Approach to UK
Whole Business Securitisations published in October 2000 and
Global Rating Methodology for REITs and Other Commercial Property
Firms published July 2010.

The methodology used in rating the Liquidity Facility CIR was
Moody's Approach to Rating EMEA CMBS Transactions published in
December 2013.

Loss and Cash Flow Analysis

In this approach, a sustainable annual free cash flow is derived
over the medium to long term horizon of the transaction, and then
multipliers are applied to such cash flows in order to reach the
debt which could be issued at the targeted long-term rating level
for the Notes.

Stress Scenarios

Moody's look at various haircuts on the pub values and consider
different levels of potential swap breakage costs together with
drawings from the liquidity facility.

The updated assessment is a result of Moody's on-going
surveillance of whole business securitization (WBS) transactions.
Moody's prior assessment is summarized in a press release dated
December 20, 2013. The last Performance Overview for the
transaction was published on November 19, 2013.

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

Main factors or circumstances that could lead to a change of the
current ratings are primarily a change in (a) the restructuring
terms proposed by the parent company along with the final outcome
as per noteholder votes and (b) a change to the performance of
the underlying pub portfolios outside of Moody's latest
expectations, including the cash flow generation and the
valuation of the underlying pub estate.

For the liquidity facility CIR, a reduction in the facility
amount combined with the introduction of a reducing commitment
size as proposed in the restructuring terms of the issuer in
January 2014 may lead to an upgrade of the CIR. A further reduced
recovery expectation for the properties could lead to a downgrade
of the CIR.

Moody's Analysis

Punch Taverns Plc

Punch Taverns plc is a leased and tenanted pub group whose
business comprised approximately 4,100 pubs in FY 2013. Retailers
lease their pub(s) from the Punch Group on the basis of a single
agreement, pursuant to which the three principal sources of the
Punch Group income are generated: (1) sales of beer and other
drink products to the partner; (2) rent, which is fixed at the
outset of each lease or tenancy; and (3) income from leisure
machines, which, to the extent partners choose to take leisure
machines from the Punch Group, is derived from a profit-sharing
arrangement.

Punch Taverns Finance plc and Punch Taverns Finance B Limited
represent substantially all the assets and financing of the
group. The restructuring of the two securitizations, Punch A and
Punch B, is the result of the group's strategic review in early
2011.

The overall credit quality of the parent company, Punch Taverns
plc, is weak primarily as a result of the weak performance of
leased pubs in the UK over the past five years, as well as
material leverage and low fixed charge coverage. Since the
implementation of the smoking ban in public places in 2007 and
through the financial crisis and recession, the performance of
the pub industry in the UK has suffered with on-trade sales
declining by approximately 5.4% per annum since 2007 (according
to the British Beer & Pub Association). Punch Taverns has
experienced declines in like-for-like net income by 2.4% in
fiscal 2013 and 3.7% in FY 2012, which is similar to its peers'
experience. Most recently, the deterioration in the pub industry
appears to have slowed down in tandem with broader economic
stabilization. Moody's Global Macro Outlook forecasts a 2% -3% UK
GDP growth rate in 2014 and an unemployment rate of 6.5%-7.5%. In
line with the overall economic improvement and strengthening
consumer sentiment, Punch Taverns reported a 1.4% increase in the
like-for-like net income for the 28 weeks ending 1 March 2014 for
its core pubs. However, longer-term trends remain uncertain.

Punch Taverns controlled approximately 4,100 pubs in FY 2013, of
which close to 70% were considered core properties with the
remainder viewed as non-core (typically smaller, with weaker
performance) and slated primarily for sale. The core portfolio
generated 82% of Punch's EBITDA in FY 2013, and its net income
per pub exceeded that of the non-core portfolio by more than two
times.

Positively, Punch has demonstrated a consistent track record of
monetizing its assets and generating proceeds of GBP149 million
in 2013 and GBP130 million in 2012; both in excess of aggregate
book value (as previously written-down). According to the interim
results of the company for FY2014, following disposals, 75% of
the portfolio are identified as core pubs, generating 88% of
Punch's EBITDA.

Punch Taverns' leverage for FY 2013 measured as net debt to
EBITDA was 10.8x, and its fixed charge coverage was 1.3x,
suggesting a very challenged credit profile by the standards of
corporate issuers; consistent with its ongoing attempt to
restructure the securitizations.

Notes

Moody's analysis centered around the increasingly likely scenario
of a failed restructuring and subsequent default of the
underlying borrower. It is unknown to Moody's whether or not the
noteholders and various key transaction parties will agree on the
proposed waivers by the issuer on April 29, 2014. Even if the
covenant waivers can be agreed, consensus needs to be achieved on
the restructuring terms, which has proven very difficult since
the initial launch of the restructuring in February 2013.

In its rating assessment of a failed restructuring, Moody's
focused on the cash flows generated from the portfolio and
adjusted its prior projection downward due to (i) increased costs
related to the appointment of an administrative receiver, (ii)
likely disruption to the portfolio operations following the
default of the current operator, and (iii) potential loss in
synergies gained by the operation of the Punch A and Punch B
portfolios as a whole. In the event of a failed restructuring and
an ensuing borrower default, Moody's estimates the portfolio
EBITDA to be approximately GBP110 million, 16% lower than the
Trailing-Twelve-Month (TTM) EBITDA as per Q2 2014. Moody's
estimates the value of the portfolio of 2,272 pubs to be GBP962
million.

In its recovery estimate for the notes, Moody's took into account
the potential liquidity drawings as a result of the expected
shortfalls in meeting the scheduled debt service based on the
lower portfolio cash flow stated above. In more extreme cases,
Moody's assumed the crystallization of swap breakage costs, which
rank ahead of payments to the noteholders. Having given benefit
the GBP109 million of cash from disposal proceeds that would be
available to repay the Class A Notes post a borrower default, the
note-to-value levels (NTV) for the Class A Notes range from 42%
to 72% in the various scenarios analyzed by Moody's. With such
NTV levels, Moody's does not expect the Class A Notes to suffer
any principal loss; however, the uncertainty around this
expectation has increased which is no longer commensurate with an
investment grade rating.

The Moody's NTV levels for the mezzanine and junior notes are
very high (>95%), implying very high likelihood of losses being
realised.

As Moody's highlighted in its previous press releases, the
ratings on the notes incorporate Moody's assumption that the
structural and legal integrity of the transactions will be
preserved; in particular its assumption that the borrower could
be replaced by an alternative operator in case of insolvency or
default under their obligations. A deviation from this scenario
whereby the assets and businesses of the borrower would be
liquidated over a shorter term or any other amendments to the
current structure, which result in a change of the economic
benefit to the noteholders would require Moody's to review its
rating of the notes. In this regard, Moody's will closely follow
the developments around the restructuring proposal by the issuer.
The ratings of the mezzanine and junior notes are particularly
sensitive to the terms of a restructuring including the potential
debt exchange involving cash payments and the issuance of new
notes.


PUNCH TAVERNS B: Moody's Cuts Ratings on 4 Note Classes to B1
-------------------------------------------------------------
Moody's Investors Service has taken the following action on notes
issued by Punch Taverns Finance B Limited (Punch B):

GBP201M A3 Notes, Downgraded to B1 (sf); previously on Feb 25,
2013 Ba2 (sf) Placed Under Review for Possible Downgrade

GBP220M A6 Notes, Downgraded to B1 (sf); previously on Feb 25,
2013 Ba2 (sf) Placed Under Review for Possible Downgrade

GBP250M A7 Notes, Downgraded to B1 (sf) and Placed Under Review
for Possible Upgrade; previously on Feb 25, 2013 Ba2 (sf) Placed
Under Review for Possible Downgrade

GBP250M A8 Notes, Downgraded to B1 (sf) and Placed Under Review
for Possible Upgrade; previously on Feb 25, 2013 Ba2 (sf) Placed
Under Review for Possible Downgrade

GBP77.5M B1 Notes, Confirmed at Caa2 (sf); previously on Dec 20,
2013 Downgraded to Caa2 (sf) and Remained On Review for Possible
Downgrade

GBP125M B2 Notes, Confirmed at Caa2 (sf); previously on Dec 20,
2013 Downgraded to Caa2 (sf) and Remained On Review for Possible
Downgrade

GBP125M C Notes, Affirmed C (sf); previously on Dec 20, 2013
Downgraded to C (sf)

Liquidity Facility Agreement, Downgraded to Baa1 (sf); previously
on May 14, 2012 Assigned A3 (sf)

Moody's had previously on 25 February 2013 placed on review for
possible downgrade the Class A3 Notes, Class A6 Notes, Class B1
and Class B2. The action concludes the review of these classes of
notes.

The ratings of the Class A7 and Class A8 Notes of Punch B are
based on the financial guarantee insurance policy issued by MBIA
UK Insurance Limited (B1 on review for possible upgrade).

Ratings Rationale

The Notes

The action has been prompted by the delay and increased
uncertainty around the restructuring of the securitization.
According to the most recent announcement of the issuer, the
noteholders and creditors are being asked to agree on a temporary
waiver of the Debt Service Cover Ratio (DSCR) covenant and
certain other provisions of the securitization documents in a
noteholder meeting to be held on April 29, 2014. The rolling two-
quarter DSCR ratio as of Q2 2014 is 1.25x and the rolling four-
quarter ratio is 1.37x, above the required 1.25x. Nevertheless,
in the absence of financial support from the parent company,
Punch Taverns plc as was the case in the last quarter, Moody's
expects the borrower to breach its 1.25x default covenant in the
near future.

The covenant waiver would afford the issuer and transaction
parties more time to agree on a consensual restructuring.
However, it is increasingly uncertain to Moody's that a
restructuring can be agreed in the new timeline; a revised
proposal is to be launched on or before June 30, 2014.

The downgrade of the senior Class A Notes reflects the
uncertainty around the operations of the borrower and its ability
to meet its debt service payments in the near-to-medium term
amidst a potential borrower default. Moody's latest analysis
incorporates the potential decline to cash flows from the
underlying pub portfolio in case of a borrower default and its
expectation that an administrative receiver would be appointed
following borrower default. Such deterioration in the cash flows
generated from the pub portfolio would have a negative impact on
the value of the pub assets, directly impacting Moody's
assessment of the recoveries available to the noteholders upon a
borrower default. Despite their senior position in the issuer's
waterfall, the Class A Notes are sensitive to the potential
decline in the cash flows from the portfolio with an increased
likelihood of a payment default occurring on the notes.

The Liquidity Facility

The counterparty instrument rating (CIR) in relation to the
Liquidity Facility measures the risk posed to the Liquidity
Facility provider on an expected loss basis. Compared with its
prior assessment, the expected loss posed to the Liquidity
Facility provider has increased. First, the likelihood of
Liquidity Facility draws has increased compared with Moody's
prior assessment due to the increased uncertainty around the
execution of a consensual restructuring. In the absence of a
restructuring, Moody's expects that the issuer will utilize the
Liquidity Facility to meet its debt service payments on the
notes. Secondly, the severity posed to the Liquidity Facility
provider has increased due to the revised recovery expectations
for the properties as mentioned above.

Methodology Underlying the Rating Action:

The methodologies used in this rating were Moody's Approach to UK
Whole Business Securitisations published in October 2000 and
Global Rating Methodology for REITs and Other Commercial Property
Firms published July 2010.

The methodology used in rating the Liquidity Facility CIR was
Moody's Approach to Rating EMEA CMBS Transactions published in
December 2013.

Loss and Cash Flow Analysis:

In this approach, a sustainable annual free cash flow is derived
over the medium to long term horizon of the transaction, and then
multipliers are applied to such cash flows in order to reach the
debt which could be issued at the targeted long-term rating level
for the Notes.

Stress Scenarios:

Moody's look at various haircuts on the pub values and consider
different levels of potential swap breakage costs together with
drawings from the Liquidity Facility.

The updated assessment is a result of Moody's on-going
surveillance of whole business securitization (WBS) transactions.
Moody's prior assessment is summarized in a press release dated
December 20, 2013. The last Performance Overview for the
transaction was published on November 19, 2013.

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

Main factors or circumstances that could lead to a change of the
current ratings are primarily a change in (a) the restructuring
terms proposed by the parent company along with the final outcome
as per noteholder votes and (b) a change to the performance of
the underlying pub portfolio outside of Moody's latest
expectations, including the cash flow generation and the
valuation of the underlying pub estate.

For the liquidity facility CIR, a reduction in the facility
amount combined with the introduction of a reducing commitment
size as proposed in the restructuring terms of the issuer in
January 2014 may lead to an upgrade of the CIR. A further reduced
recovery expectation for the properties could lead to a downgrade
of the CIR.

In respect of the Class A7 and Class A8 Notes, a change in the
rating of MBIA UK Insurance Limited may have an impact on the
ratings of the notes as the current ratings are based on the
financial guarantee insurance policy issued by MBIA UK Insurance
Limited (B1 on review for possible upgrade).

Moody's Analysis

Punch Taverns Plc

Punch Taverns plc is a leased and tenanted pub group whose
business comprised approximately 4,100 pubs in FY 2013. Retailers
lease their pub(s) from the Punch Group on the basis of a single
agreement, pursuant to which the three principal sources of the
Punch Group income are generated: (1) sales of beer and other
drink products to the partner; (2) rent, which is fixed at the
outset of each lease or tenancy; and (3) income from leisure
machines, which, to the extent partners choose to take leisure
machines from the Punch Group, is derived from a profit-sharing
arrangement.

Punch Taverns Finance plc and Punch Taverns Finance B Limited
represent substantially all the assets and financing of the
group. The restructuring of the two securitizations, Punch A and
Punch B, is the result of the group's strategic review in early
2011.

The overall credit quality of the parent company, Punch Taverns
plc, is weak primarily as a result of the weak performance of
leased pubs in the UK over the past five years, as well as
material leverage and low fixed charge coverage. Since the
implementation of the smoking ban in public places in 2007 and
through the financial crisis and recession, the performance of
the pub industry in the UK has suffered with on-trade sales
declining by approximately 5.4% per annum since 2007 (according
to the British Beer & Pub Association). Punch Taverns has
experienced declines in like-for-like net income by 2.4% in
fiscal 2013 and 3.7% in FY 2012, which is similar to its peers'
experience. Most recently, the deterioration in the pub industry
appears to have slowed down in tandem with broader economic
stabilization. Moody's Global Macro Outlook forecasts a 2% -3% UK
GDP growth rate in 2014 and an unemployment rate of 6.5%-7.5%. In
line with the overall economic improvement and strengthening
consumer sentiment, Punch Taverns reported a 1.4% increase in the
like-for-like net income for the 28 weeks ending 1 March 2014 for
its core pubs. However, longer-term trends remain uncertain.

Punch Taverns controlled approximately 4,100 pubs in FY 2013, of
which close to 70% were considered core properties with the
remainder viewed as non-core (typically smaller, with weaker
performance) and slated primarily for sale. The core portfolio
generated 82% of Punch's EBITDA in FY 2013, and its net income
per pub exceeded that of the non-core portfolio by more than two
times.

Positively, Punch has demonstrated a consistent track record of
monetizing its assets and generating proceeds of GBP149 million
in 2013 and GBP130 million in 2012; both in excess of aggregate
book value (as previously written-down). According to the interim
results of the company for FY2014, following disposals, 75% of
the portfolio are identified as core pubs, generating 88% of
Punch's EBITDA.

Punch Taverns' leverage for FY 2013 measured as net debt to
EBITDA was 10.8x, and its fixed charge coverage was 1.3x,
suggesting a very challenged credit profile by the standards of
corporate issuers; consistent with its ongoing attempt to
restructure the securitizations.

Notes

Moody's analysis centered around the increasingly likely scenario
of a failed restructuring and subsequent default of the
underlying borrower. It is unknown to Moody's whether or not the
noteholders and various key transaction parties will agree on the
proposed waivers by the issuer on April 29, 2014. Even if the
covenant waivers can be agreed, consensus needs to be achieved on
the restructuring terms, which has proven very difficult since
the initial launch of the restructuring in February 2013.

In its rating assessment of a failed restructuring, Moody's
focused on the cash flows generated from the portfolio and
adjusted its prior projection downward due to (i) increased costs
related to the appointment of an administrative receiver, (ii)
likely disruption to the portfolio operations following the
default of the current operator, and (iii) potential loss in
synergies gained by the operation of the Punch A and Punch B
portfolios as a whole. In the event of a failed restructuring and
an ensuing borrower default, Moody's estimates the portfolio
EBITDA to be approximately GBP73 million, 17% lower than the
Trailing-Twelve-Month (TTM) EBITDA as per Q2 2014. Moody's
estimates the value of the portfolio of 1,619 pubs to be GBP 634
million.

In its recovery estimate for the notes, Moody's took into account
the potential liquidity drawings as a result of the expected
shortfalls in meeting the scheduled debt service based on the
lower portfolio cash flow stated above. In more extreme cases,
Moody's assumed the crystallization of swap breakage costs, which
rank ahead of payments to the noteholders. Having given benefit
the GBP61 million of cash from disposal proceeds that would be
available to repay the Class A Notes post a borrower default, the
note-to-value levels (NTV) for the Class A Notes range from 82%
to 102% in the various scenarios analyzed by Moody's. As
indicated by the high NTV levels, the Class A Notes are
susceptible to a payment default and ultimate principal losses.

The Moody's NTV levels for the junior notes are very high
(>100%), implying very high likelihood of losses being realised.

As Moody's highlighted in its previous press releases, the
ratings on the notes incorporate Moody's assumption that the
structural and legal integrity of the transactions will be
preserved; in particular its assumption that the borrower could
be replaced by an alternative operator in case of insolvency or
default under their obligations. A deviation from this scenario
whereby the assets and businesses of the borrower would be
liquidated over a shorter term or any other amendments to the
current structure, which result in a change of the economic
benefit to the noteholders would require Moody's to review its
rating of the notes. In this regard, Moody's will closely follow
the developments around the restructuring proposal by the issuer.
The ratings of the junior notes are particularly sensitive to the
terms of a restructuring including the potential debt exchange
involving cash payments and the issuance of new notes.


THOMAS COOK: S&P Revises Outlook to Positive & Affirms 'B' CCR
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on U.K.-based tour operator Thomas Cook Group PLC (TCG)
to positive from stable.  At the same time, S&P affirmed its 'B'
long-term corporate credit rating on the company.

At the same time, S&P affirmed its 'B' issue rating on TCG's
GBP1,075 million senior unsecured notes.  The recovery rating on
these notes remains unchanged at '4', indicating S&P's
expectation of average (30%-50%) recovery prospects in the event
of a payment default.

The rating actions follow the ongoing implementation of TCG's
turnaround strategy and its improved operating performance as a
result.  The turnaround strategy aims at reducing fixed costs;
optimizing cash flow and working capital management; disposing of
non-core businesses; rebranding; rationalizing distribution
channels; and adapting the business by increasing the focus on
online supply and premium products such as differentiated
packages.

The rating actions reflect S&P's view that TCG's improved
profitability, coupled with an increase in disposable consumer
income in the company's core markets of the U.K. and Germany,
will result in higher cash generation and deleveraging.  S&P
believes that this in turn will lead to an improvement in credit
measures and the maintenance of "adequate" liquidity.

S&P estimates that TCG's Standard & Poor's-adjusted debt to
EBITDA will fall to about 4.4x in the year ending Sept. 30, 2014
(financial 2014).  In financial 2014, S&P projects that TCG's
adjusted EBITDA interest coverage should reach about 2.7x,
compared with 2.0x at the end of financial 2013.  This projection
mainly reflects S&P's assumptions of a material reduction in
restructuring costs; some margin improvement as a result of a
cost-cutting exercise; and better yield management.  S&P also
estimates that funds from operations (FFO) to total debt will
improve to about 12% by financial 2014, from 6% in 2013.

These ratios are consistent with an "aggressive" financial risk
profile, as S&P's criteria define the term.  However, S&P revises
TCG's financial risk profile downward by one category to "highly
leveraged" to account for volatility of TCG's cash flow, which
S&P assess as high.  Under S&P's "Corporate Methodology," it
classifies companies as volatile if S&P thinks their cash flow-
to-leverage ratios are likely to cause S&P to revise downward its
assessment of the company's business risk profile by one or two
categories in periods of stress.  Typically, this is equivalent
to EBITDA declining by about 30%.

"We assess TCG's business risk profile as "weak."  Our assessment
mainly reflects our view of the cyclicality and seasonality of
the tourism industry, which creates ongoing margin pressure, and
a high level of event risk.  These weaknesses are in our view
partly offset by TCG's well-established market position in
various European markets (the group is one of the top three
players in its key markets), and geographically diverse sales.

S&P's base-case scenario for TCG in financial 2014 assumes:

   -- A moderate increase in consumer confidence and
      discretionary spending in TCG's key markets, as well as a
      focus on premium products, leading to revenue growth of 5%;

   -- A rise in the EBITDA margin to 6%, with exceptional items
      of about GBP130 million; and

   -- Capital expenditure (capex) of about GBP180 million.

Based on these assumptions, S&P arrives at the following credit
measures for 2014:

   -- Adjusted debt to EBITDA of about 4.4x;

   -- FFO to debt of about 12%; and

   -- Positive free operating cash flow of about GBP75 million.

The positive outlook reflects the potential for an upgrade in the
next 12 months if TCG's profitability continues to improve,
resulting in higher cash generation and improved credit measures.

Upside scenario

S&P could raise the rating if adjusted debt leverage and FFO to
debt approach 4x and 20%, respectively, coupled with a prudent
financial policy and positive free cash flow generation.  S&P
believes that the successful implementation of the turnaround
strategy could lead to an upgrade.

Downside scenario

S&P could revise the outlook to stable if TCG experiences adverse
operating developments leading to significantly weaker EBITDA and
credit ratios than S&P anticipates, and a tightening of covenant
headroom to persistently less than 15%.  Furthermore, if S&P was
to reassess downward the company's liquidity to "less than
adequate," it might consider revising the outlook to stable.


VOYAGE HOLDING: Fitch Affirms 'B' IDR; Outlook Stable
-----------------------------------------------------
Fitch Ratings has affirmed Voyage Holding Limited's Long-term
Issuer Default Rating (IDR) at 'B' with a Stable Outlook.

The ratings are supported by Voyage's leading market positions as
an independent provider of care to people with learning
disabilities (PLD) in the UK as well as its focus on the high
acuity segments of the market.  The ratings also incorporate the
current pressure on EBITDA margins derived from limited fee
inflation and increased costs, which are likely to weigh on the
company's FY14 leverage.  While Fitch expects FY15 (ending March
2015) profitability to recover thanks to recent bolt-on
acquisitions, normalization of staffing costs and general cost
control initiatives, signs of further pressure on profitability
would lead to negative rating action.

KEY RATING DRIVERS

Solid Market Positioning In Small Market

Voyage's IDR is supported by its positioning as the largest
independent provider of support to PLD in the UK with FY13 sales
of GBP181 million and EBITDA of GBP43.7 million.  This is a
fragmented market, which is growing due to the ageing population
and the improvement in diagnostics.  Through its focus on the
most severe end of the acuity spectrum, Fitch believes that
Voyage is somewhat insulated from substitution and from the
substantial ongoing efforts of local authorities to cut funding
cuts.

Geographical and Business Diversification

Voyage has a wide geographic presence across the UK with no
single local authority purchaser accounting for more than 4% of
revenues. In addition to its core registered care homes division
(approximately 80% of FY13 sales), Voyage covers the full
spectrum of social care services for PLD, including supported
living settings as well as "outreach" and day care activities.
This business diversification provides a hedge against government
policy changes.

High Dependence on Local Authority Funding

The ratings are constrained by Voyage's high dependence on local
authorities' funding (approximately 83% total revenues).  In the
context of the current reduction in UK local authorities'
budgets, the average level of fees funded by local authorities is
expected to remain under pressure for FY14-15, although Fitch
factors some modest fee inflation thereafter.

Weak Credit Metrics

The rating is also constrained by Voyage's relatively weak credit
metrics for its rating and by their likely deterioration in FY14.
Fitch projects lease-adjusted funds from operations (FFO) net
leverage to reach 7.0x in FY14 (FY13: 6.6x).  Thanks to
management's actions to reduce staff, agency and other costs
towards 75% of sales from FY14's peak of 77%, Fitch considers
that net leverage has scope to gradually reduce below 6.0x by
FY16. Similarly, Fitch expects a recovery in FFO fixed charge
cover towards 2.0x by FY16, more in line with the current rating
(FY14: approximately 1.7x).  The inability to improve
profitability as expected by Fitch would result in a revision of
the Outlook to Negative in the absence of fee increases or other
mitigating factors.

Modest FCF Generation

Fitch expects Voyage's free cash flow (FCF) to remain positive,
albeit relatively low compared with higher-rated healthcare
peers, at an expected GBP11 million-GBP15 million p.a. from FY14,
significantly affected by the high interest payments.  FCF for
FY14 was depressed by increased operating costs, assumed to be
one-offs associated with acquisitions and increased inspection in
the sector.  Fitch assumes capex in maintenance and general
refurbishments of homes will remain moderate at around 4% of
sales from FY15 onwards.

Solid Recovery Prospects for Senior Secured Creditors

The 'BB'/'RR1' rating for the senior secured notes reflects the
significant asset base through Voyage's ownership (freehold and
long leasehold) of 76% of properties by number of beds following
the liquidation approach which results in a distressed enterprise
value which is higher than the going concern method.  Fitch
believes that a 30% discount on the latest available market value
of the assets is deemed fair in a distress case.  However there
is limited recovery expectation for the second lien notes hence
its affirmation at 'CCC+'/'RR6'.

RATING SENSITIVITIES

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

-- FFO adjusted net leverage of 5.0x or below
-- FFO adjusted leverage below 6.0x with FFO fixed charge
    coverage above 2.5x
-- Sustained annual FCF generation of GBP20 million or more
    translating into an FCF margin in the high single digits as
    percentage of sales

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

-- FFO adjusted net leverage remaining above 6.5x after FY14
-- FFO adjusted leverage remaining above 7.0x, with FFO fixed
    charge coverage below 1.5x on a permanent basis
-- FCF margin below 3% for more than one year
-- Signs that profitability for Voyage and the UK care services
    industry is deteriorating

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity

Fitch anticipates that Voyage's liquidity will remain adequate
with cash on balance sheet of GBP17 million in December 2013
driven by positive free cash flows, and a fully undrawn GBP30
million RCF.

Leveraged Capital Structure; No Debt Maturities before 2018
Voyage's current debt includes GBP222 million of senior secured
notes maturing in August 2018, GBP50 million of second lien notes
maturing in February 2019 and a revolving credit facility of
GBP30 million maturing in February 2018.  While there is no debt
amortization pressure in the foreseeable future, Fitch considers
that the refinancing risk by FY17 will be moderate and consistent
with a 'B' IDR.

Full List of Rating Actions

Voyage Holding Limited

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

Voyage Care BondCo PLC

-- Senior Secured Notes: affirmed at 'BB'/'RR1'
-- Second Lien Notes: affirmed at 'CCC+'/'RR6'



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


* Number of Insolvent Travel Firms Up 45% in 2013
-------------------------------------------------
expressandstar.com reports that the number of travel companies
and tour operators that have closed down has risen by 45% over
the last year.

As many as 77 travel agencies and tour operators went insolvent
in the 12 months to March 2014 compared with 53 in the preceding
12 months, and 39 in 2011/12, the report relates.

According to the report, accountancy firm Wilkins Kennedy LLP,
which conducted the research, said that the high street travel
industry has been damaged by the growth of "DIY" holidays.

"Travel agents on the high street were once the first and only
port of call for booking holidays, but the tide has turned and we
are now seeing online booking services and price comparison sites
taking over," the report quotes Anthony Cork, a partner at
Wilkins Kennedy, as saying.  "Technology has helped. Superfast
broadband makes the process of cutting out the middleman easier
by going direct to hotel websites to shave off another hundred
pounds. The need to consult with a travel agent is rapidly
disappearing."

A spokeswoman for travel organisation Abta said: "The total
number of both Abta and Atol (the Air Travel Organisers'
Licensing consumer protection scheme) failures over this period
was 17, which is low compared with previous years,
expressandstar.com reports.


* 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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

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

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


                 * * * End of Transmission * * *