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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, December 10, 2013, Vol. 14, No. 244

                            Headlines

A L B A N I A

ALBANIA: S&P Cuts Foreign & Local Sovereign Credit Ratings to 'B'


B E L G I U M

FIELDLINK NV: S&P Assigns 'B-' CCR & Rates EUR285MM Notes 'CCC+'


D E N M A R K

ISS A/S: S&P Raises Rating on DKK17.3BB Secured Debt to 'BB'


F I N L A N D

METSA BOARD: S&P Hikes Corp. Credit Rating to B+; Outlook Stable


G E R M A N Y

AUTO-TEILE UNGER: S&P Lowers Corporate Credit Rating to 'SD'
CONTINENTAL AG: S&P Raises CCRs From 'BB+/B'; Outlook Stable


G R E E C E

DRYSHIPS INC: Suspends Evercore Market Equity Offering
FRIGOGLASS SAIC: S&P Revises Outlook & Affirms 'BB-' Rating
PIRAEUS BANK: Moody's Lifts Deposit & Sr. Debt Ratings to 'Caa1'


I R E L A N D

ARNOTTS: Fitzwilliam Finance Buys EUR140-Mil. Worth of Loans
BANK OF IRELAND: Sale Plan to Boost Government's Confidence
IRISH BANK: Liquidators Abandon Sale of Junior NAMA Bonds


I T A L Y

BANCA CARIGE: S&P Lowers Rating on EUR102MM Instrument to 'D'


L U X E M B O U R G

ARDAGH PACKAGING: Moody's Corrects December 3 Rating Release
ENDO LUXEMBOURG: Moody's Rates Sr. Sec. Credit Facilities 'Ba1'


M A C E D O N I A

SKOPJE MUNICIPALITY: S&P Affirms 'BB-' ICR; Outlook Stable


R U S S I A

SOVCOMBANK: S&P Affirms 'B/C' Credit Ratings; Outlook Stable


S P A I N

CATALONIA: S&P Affirms 'BB/B' Ratings; Outlook Remains Negative
CIUDAD REAL: Put Up for Sale to Meet Creditor Demands
VALENCIA: S&P Affirms 'BB-/B' Issuer Ratings; Outlook Negative


S W I T Z E R L A N D

AVG TECHNOLOGIES: S&P Raises Corp. Credit Rating to 'BB'


U N I T E D   K I N G D O M

ALTE LIEBE 1: S&P Lowers Rating on EUR102MM Sr. Notes to 'CCC+'
BLOCKBUSTER UK: To Close 62 More Stores, Cuts 427 Jobs
BLOCKBUSTER: Frank Taylor Mulls Bid on Sites for Expansion Plan
BRADFORD BULLS: Plunges Into Another Financial Crisis
DENT LTD: Goes Into Administration, Seeks Buyer

EUROSAIL-UK 2007-5NP: S&P Cuts Rating on 3 Note Classes to 'D'
NEW CAREER: In Administration, Cuts More Than 50 Jobs
PRECISE MORTGAGE: S&P Assigns 'BB+' Rating to Class E Notes
RIVERSFORD HOTEL: Enters Administration as Costs & Bills Rise


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            *********


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A L B A N I A
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ALBANIA: S&P Cuts Foreign & Local Sovereign Credit Ratings to 'B'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term foreign
and local currency sovereign credit ratings on the Republic of
Albania to 'B' from 'B+'.  At the same time, S&P affirmed its
short-term ratings at 'B'.  The outlook is negative.

Rationale

The rating action follows a significant unanticipated increase in
the general government debt burden.  S&P now expects this to
reach nearly 67% of GDP in 2013 (or 66% of GDP on a net basis),
where previously S&P projected general government debt at 58% of
GDP at year's end, a large and unexpected deviation.  Important
in this increase is the recent recognition of arrears worth an
estimated 4% of GDP.  The general government deficit has also
widened significantly in 2013.  The ratings remain constrained by
low GDP per capita estimated at US$4,000 and significant
structural difficulties related to weak institutions and
governance (in particular, weak rule of law and high levels of
corruption).  The ratings are supported by significant future
growth potential, underpinned by Albania's ongoing efforts toward
EU integration.

The negative outlook reflects the risk that Albania may struggle
to continue to roll over its expanded debt stock at sustainable
rates.

After winning the June 2013 parliamentary elections, the Alliance
for a European Albania, a coalition led by the Socialist Party,
took office in September.  S&P expects the new administration
will pursue electoral, judicial, parliamentary, and public
administration reforms.  These reforms would help Albania satisfy
the conditions of EU candidate status, possibly by the end of
this year or in early 2014.

However, Albania's public finances deteriorated markedly during
2013, partly linked to the expansionary fiscal policy ahead of
the elections.  S&P now expects the general government deficit to
rise to 6.5% of GDP in 2013 from 3.5% in 2012, based on poorer
growth performance than expected, a statistical revision to GDP
and, crucially, the recognition of a stock of arrears currently
estimated at 4% of GDP.  Of the arrears, 30% relate to unpaid
value-added tax (VAT) reimbursements and the rest to unpaid
infrastructure bills, likely relating to road construction.  It
is unclear how long these arrears took to build up but S&P has
added them into its debt estimates.  Clearing the arrears is a
priority for the new authorities and financing them could become
part of an official assistance program.

In S&P's view, the bulk of the increase in the 2013 deficit stems
from decisions related to the electoral cycle.  In the run up to
the June 2013 elections, the government increased current
expenditures (personnel-related expenditure increased by 3%) and
collected less tax (there was an 8% decline in VAT collection).
Data for January to October show that total year-on-year revenues
fell by 3% and total expenditures rose by about 7%.

During the election campaign, uncertainty regarding the security
of public sector employment and changes to the business
environment discouraged investment and consumption, which had a
knock-on effect on the related tax revenues.  S&P has assumed
that the underlying deficit will narrow to close to 3% of GDP in
2014 as tax collection resumes its normal, albeit low, pattern
and the government implements expenditure cuts, including likely
cuts to public sector pay and headcount.  However, S&P also
includes the clearance of arrears worth 2% of GDP per year in its
estimates for 2014 and 2015 and therefore expects the average
deficit to be closer to 4% of GDP over the next three years.

As a result, S&P predicts that general government debt will
increase to an estimated 67% of GDP in 2013; S&P's previous
estimate was 58% of GDP.  S&P expects the government's net debt
burden to total 66% of GDP, and anticipates that general
government interest payments will average over 14% of revenues
over the next three years.

Over 40% of the money the government owes is due to nonresidents.
Although its average debt maturity has increased, it remains
short at 510 days (up from 386 at the end of 2012).  In 2014,
debt redemptions total approximately 22% of GDP.  Approximately
20% of the government's debt stock is concessional debt from
multilateral creditors.  However, Albania's domestic debt
comprises about 60% of total debt, and its banking system holds
most of the domestic debt.  Over 30% of loans in the banking
system are to the government.  Domestic banks that have
traditionally lent to the government have been gradually reducing
their exposures since the 2008 crisis, despite having excess
liquidity.

S&P therefore views rollover risk as high and expect that further
appetite for government paper at sustainable prices would be
limited without official financial assistance from an
international organization.  A bespoke retail off-balance-sheet
fund has played an important role in absorbing government debt
through 2013, although S&P considers the fund unlikely to
increase its exposure to the government further.

Real GDP growth over 2012 and 2013 has slowed to the lowest rates
in over a decade, and is expected to be 1.2% in 2013.  Official
historical assumptions on energy subsidies have also lowered
previous GDP levels by approximately 16 billion lek or 1% from
2011.  Since 2008, remittances from Albanians living in Italy and
Greece have fallen to a still-significant 6%-7% of GDP from
12%-13%.  Although the country has become less dependent on
remittance-funded consumption, S&P expects lower remittances to
limit consumption growth and import demand.

Weak enforcement of contract rights and high levels of corruption
have long been a significant structural barrier to investment
that might lead to stronger domestic demand.  Growth is also
impaired by a lack of credit, as arrears have weakened banks'
asset quality.  Although S&P anticipates that net exports will
support growth, real GDP growth is likely to average around 2.5%
between 2013 and 2016, compared to estimated potential growth of
4%.

Up to a quarter of nonperforming loans (NPLs) in the banking
system are estimated to be related to the government's recently
recognized arrears.  Removing these NPLs could reduce the strain
on the businesses affected, particularly those in the
construction sector, and boost confidence.  In turn, this could
lead to the resumption of credit growth.

S&P forecasts that the financial sector will retain its small net
external creditor position over the medium term.  The banking
system is largely funded by domestic deposits; S&P estimates
loans to deposits at about 60%, and capital adequacy at about
17%.  Over 50% of loans and deposits are denominated in foreign
currency, a characteristic which we see as reducing monetary
flexibility.  The high level of NPLs (about 24% of total loans)
in the system could also constrain economic growth.  Although the
Albanian subsidiaries of Greek parent banks appear well-
capitalized, their external funding positions could weaken in
future.

Outlook

The negative outlook reflects the one-in-three chance that S&P
could lower the ratings on Albania over the next year due to the
high rollover risk on its increased debt stock.  S&P could lower
the ratings if the government recognized further arrears or
increased its debt stock, given the potential difficulty of
financing them.

S&P could revise the outlook to stable if pressures on government
finances abate, through higher-than-expected growth combined with
a reduction in the budget deficit. Progress on removing long-
standing structural impediments to sustained growth would also be
positive for the ratings.

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

RATINGS LIST

Downgraded; CreditWatch/Outlook Action; Ratings Affirmed
                                        To                 From
Albania (Republic of)
Sovereign Credit Rating                B/Negative/B
B+/Stable/B
Senior Unsecured                       B                  B+

Ratings Affirmed

Albania (Republic of)
Transfer & Convertibility Assessment   BB-



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B E L G I U M
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FIELDLINK NV: S&P Assigns 'B-' CCR & Rates EUR285MM Notes 'CCC+'
----------------------------------------------------------------
Standard & Poor's Ratings Services said it had assigned its 'B-'
long-term corporate credit rating to Belgium-based fresh produce
importer and distributor FieldLink N.V.  The outlook is stable.

S&P also assigned its 'CCC+' issue rating to the group's senior
secured notes of EUR285 million issued by its key operating
subsidiary Univeg Holding B.V.  The recovery rating on the senior
secured notes is '5', indicating S&P's expectation of modest
(10%-30%) recovery in the event of a payment default.

The ratings reflect S&P's assessment of the company's business
risk profile as "weak" and its financial risk profile as "highly
leveraged" as per S&P's criteria.  The rating also reflects S&P's
view that FieldLink will be able to maintain margins of more than
2% within the next several years, owing to improvements in
company's operating efficiency and its focus on more-closely
integrating with the supply chain of its customers, large food
retailers in Europe.  S&P also expects FieldLink's balance sheet
will remain highly leveraged after taking into consideration an
off-balance sheet factoring facility and operating leases.

S&P views FieldLink's business risk profile as "weak", reflecting
its participation in the competitive, seasonal, commodity-
oriented, and volatile fresh produce industry, which is exposed
to political and economic risks.  A recent example of such
exposures was the group's significant EBITDA decline in 2011 due
to the E. coli food contamination crisis in Europe.  S&P takes
into account the benefits of FieldLink's strong market position
in Europe, global sourcing capabilities, and quality of service.

FieldLink is the largest food distributor of fresh produce in
Europe, with strong relationships with a number of food retailers
in The Netherlands, Belgium, and Germany.  FieldLink sources
globally and locally through independent growers and provides
logistics and distribution services to its customers.  The
company's sales are highly focused on three large retailers in
Europe, which account for more than 50% of the company's sales,
while FieldLink's own production makes up less than 10%.
Furthermore, the company lacks strong consumer brands and focuses
on private labels and trade brands, which account for 85% of
sales.

At the same time, S&P views positively the recent takeover of
FieldLink by its founder Hein Deprez from CVC Capital in 2013,
and believe this should help to deliver sustainable growth and
generate increasing free operating cash flow.

FieldLink's "highly leveraged" financial risk profile reflects a
debt-to-EBITDA ratio of significantly more than 5.0x and EBITDA
interest coverage of more than 2.0x, as adjusted by Standard &
Poor's for material operating leases and a large factoring
facility of about EUR250 million.  S&P expects this ratio will
remain significantly above 5x in the medium term, owing to only
gradual growth in free operating cash flow and earnings according
to its base-case scenario.  S&P's assessment of FieldLink's
financial risk profile also reflects the company's "adequate"
liquidity position as a result of its refinancing.  S&P
understands FieldLink issued EUR285 million senior secured notes
and signed a EUR90 million revolving credit facility (RCF) to
refinance existing credit facilities with restrictive covenants.

The stable outlook reflects S&P's view that FieldLink will
demonstrate resilient operating performance and maintain an
adequate liquidity position.  S&P expects the company will
maintain adequate headroom under its leverage maintenance
covenant in its RCF facility.



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D E N M A R K
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ISS A/S: S&P Raises Rating on DKK17.3BB Secured Debt to 'BB'
------------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on Denmark-
based facility services provider ISS A/S to 'BB' from 'BB-'.  The
outlook is positive.

At the same time, S&P raised by one notch the issue rating on
ISS' DKK17.3 billion senior secured facilities due 2018 to 'BB'
from 'BB-'.  The recovery rating on the senior secured credit
facilities is unchanged at '3', indicating S&P's expectation of
meaningful (50%-70%) recovery for debt holders in the event of a
payment default.

S&P also raised by one notch the issue rating on the
EUR110.4 million 4.5% senior unsecured euro medium-term notes due
2014 and EUR349.5 million 8.875% subordinated notes due 2016, to
'B+' from 'B'.  The recovery rating on these senior unsecured and
subordinated notes remains unchanged at '6', indicating S&P's
expectation of negligible (0%-10%) recovery for debt holders in
the event of a payment default.

In addition, S&P removed all the aforementioned ratings from
CreditWatch, where it placed them with positive implications on
Nov. 26, 2013, in conjunction with its criteria redesign.

"We base our upgrade primarily on a reassessment of ISS' credit
metrics following the implementation of our new corporate
criteria.  We now assess ISS' financial risk profile as
"aggressive," instead of "highly leveraged" previously, given the
improvement in ISS' credit metrics.  Reported leverage is 4.5x as
of the third quarter of 2013.  This is a result of ISS'
concentration on profitable organic growth, in contrast to the
fairly acquisitive strategy it has deployed in the past.  ISS has
historically had weaker financial metrics and is now divesting
noncore operations, the proceeds of which it has used, and will
continue to use, to repay debt and improve its capital structure.
Our assessment of ISS' financial risk profile also incorporates
its ability to generate positive free cash flow and its
flexibility in terms of capital spending," S&P said.

The corporate credit rating reflects the application of a one-
notch negative adjustment for S&P's "comparable ratings
analysis," whereby S&P reviews an issuer's credit characteristics
in aggregate.  S&P's comparable ratings analysis is based on its
forecast that ISS' funds from operations (FFO) to debt will
remain at the weaker end of the 12%-20% range for the
"aggressive" financial risk profile category in the medium term.

S&P continues to assess ISS' low volatility of earnings as
positive for its business risk profile.  The company's operating
profitability (measured by the EBITDA margin) is less volatile
than that of most of its peers, contributing to what S&P sees as
its "strong" competitive position.  ISS has leading market
positions across its main countries of operation. It benefits
from operations in more than 50 countries, and a highly diverse
customer base comprising thousands of private and public
customers.  Historically, ISS has had a strong track record of
integrating its many acquisitions, which has produced a solid
global service delivery platform with critical mass to support
future organic growth opportunities.  S&P's business risk
assessment also incorporates its view of the global facilities
services industry's "intermediate" risk and ISS' "low" country
risk.

S&P assess ISS' management and governance practice as "strong"
under its criteria.  S&P's assessment takes into account its view
of management's expertise and ability to maintain stable
operations, even in difficult economic environments.  Management
has been consistently delivering its strategy, including a number
of successfully undertaken acquisitions in the past.  All of
these factors result in the 'BB' corporate credit rating.

S&P's base-case operating scenario for ISS assumes:

   -- GDP growth of 0.9% in the eurozone and 2.5% in the U.S. in
      2014.

   -- Constraints on growth from economic conditions in Europe,
      with stronger performance in the Asian market supporting
      the company's overall revenue growth at about 3.2% in 2014
      and 4.0% in 2015.

   -- Improving credit metrics on the gradual reduction of debt,
      as well as the lack of sizable acquisitions and shareholder
      distributions.

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

   -- An improvement in cash flow due to lower interest costs
      owing to the early repayment of expensive debt tranches.

   -- FFO to debt of 11%-15% in 2013 and 2014, remaining under
      20% in 2015, compared with 10.1% in 2012.

   -- Debt to EBITDA of 4.0x-4.5x this year, declining to 3.5x-
      4.0x in 2014 and 2015, compared with about 4.8x last year;
      and

   -- Free operating cash flow to debt in the 11%-13% range over
      the next two years.

The positive outlook reflects S&P's forecast that ISS' operating
performance will remain steady in the near term, thanks to the
flexibility of its cost base and as a result of management's
current deleveraging policy.  The outlook also reflects S&P's
view that ISS could reach levels of debt to EBITDA commensurate
with a "significant" financial risk profile -- which would
require debt to EBITDA to be between 3x and 4x -- by the end of
2014.

S&P could raise the rating if ISS' capital structure evolves to
be more consistent with that of a publicly listed company.  This
would mean metrics of debt to EBITDA of less than 4x and FFO to
debt of more than 20%, among others.

Although S&P don't consider it likely, ratings downside could
arise from a change in acquisition strategy toward debt-financed
acquisitions or a tightening in operating profit margins, leading
to weakened credit metrics, including debt to EBITDA of more than
5x.

The issue rating on ISS' DKK17.3 billion senior secured
facilities due 2018 is 'BB', in line with S&P's corporate credit
rating on the company.  The recovery rating on these senior
secured credit facilities is '3', indicating S&P's expectation of
meaningful (50%-70%) recovery for debtholders in the event of a
payment default.  The recovery rating is underpinned by the
company's good valuation, "strong" business risk profile,
comprehensive security package, and the favorable jurisdiction of
Denmark.  The recovery rating is constrained, however, by the
high levels of first-lien debt, which dilutes overall recovery
prospects.

The issue rating on ISS' EUR110.4 million 4.5% senior unsecured
euro medium-term notes due 2014 and EUR349.5 million 8.875%
subordinated notes due 2016, is 'B+', two notches below the
corporate credit rating.  The recovery rating on these senior
unsecured and subordinated notes remains unchanged at '6',
indicating S&P's expectation of negligible (0%-10%) recovery for
debt holders in the event of a payment default.  The recovery
rating reflects their structural and contractual subordination to
the senior facilities.

To calculate recoveries S&P simulates a hypothetical default
scenario.  Under this scenario, a default is triggered in 2017 by
high leverage and significant debt maturities, an inability to
manage the cost base, and reduced free cash flow as a result of
deteriorating operating performance.  In S&P's opinion, the time
lag between any decline in the company's revenues and an
appropriate reduction in its cost base would hamper its
profitability and ability to generate free cash flow.



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F I N L A N D
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METSA BOARD: S&P Hikes Corp. Credit Rating to B+; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term corporate credit rating on Finland-based forest
products company Metsa Board Corp. to 'B+' from 'B'.  At the same
time, S&P removed the rating from CreditWatch, where it placed it
with positive implications on Nov. 26, 2013.  The outlook is now
stable.

At the same time, S&P affirmed the 'B' short-term corporate
credit rating on Metsa Board.

"We base our upgrade primarily on our reassessment of our view of
the link between Metsa Board and its parent, the Metsaliitto
Cooperative, which owns about 62% of the votes in Metsa Board.
We now assess Metsa Board as "strategically important" to
Metsaliitto Cooperative, as defined in our criteria," S&P said.
This results in a one-notch uplift from S&P's assessment of its
stand-alone credit profile (SACP) at 'b'.

The Metsaliitto Cooperative consists of about 125,000 forestland
owners in Finland.  It reports its holdings, which besides Metsa
Board consist of four other majority-held forest products
companies, and consolidated financial figures under Metsa Group.
S&P assess Metsa Group's group credit profile (GCP), as defined
in its group rating methodology, as 'bb-' due to its large size
and scope, high degree of diversity in terms of end-products
exposure, and financial leverage on the borderline between S&P's
"significant" and "aggressive" financial risk profile categories.
S&P believes that Metsa Board is an important part of Metsa
Group's strategy because it makes up about 40% of the group's net
sales and provides the group with forward integration to end-user
markets.  S&P understands that the holding is of a long-term
nature and assess Metsa Board to be very closely linked to the
group's reputation, name, and brand, providing additional
incentives for long-term strategic and financial support.

S&P's assessment of Metsa Board's SACP at 'b' is based on the
company's "weak" business risk profile and its "aggressive"
financial risk profile.  The business risk profile reflects Metsa
Board's exposure to the inherently volatile forest products
industry, and its relatively small size, scope, and
diversification.  S&P's assessment of Metsa Board's financial
risk profile as "aggressive" takes into account a further
improvement of its credit metrics.

S&P's comparable rating analysis constrains the rating by one
notch.  This negative assessment reflects the fact that Metsa
Board's credit metrics are currently at the lower end of the
"aggressive" financial risk profile.  It further reflects that
Metsa Board has a relatively short track record of operating and
financial performance following years of significant
restructuring, which ended in 2012.

The stable outlook on Metsa Board reflects S&P's view that its
operating performance will remain resilient in the coming years,
with slightly increasing profitability.  S&P expects that this
will lead to improving credit metrics in the coming year, with
FFO to debt of about 15% and debt to EBITDA of below 4x.  S&P
also expects Metsa Group's profitability and leverage to remain
at the current levels over the next 12-18 months, with adjusted
debt to EBITDA of about 3.5x and FFO to debt of about 20%.

An upgrade of Metsa Board is unlikely, in our view, unless S&P
was to revise its assessment of Metsa Group's GCP to 'bb' from
'bb-'. A one-notch higher GCP is more likely to result from
stronger financial performance across the group's subsidiaries
rather than an improved business risk assessment for the group,
given the exposure to the forest and paper products industry,
which S&P categorizes as "moderately high risk."

A significant weakening of Metsa Board's credit metrics may put
pressure on the ratings.  However, S&P is unlikely to lower the
ratings on Metsa Board as a result of declining credit metrics,
as long as the declines are offset by resilient performance of
the remaining activities of Metsa Group.  That is because S&P
would factor into the ratings additional support from the parent.
Rating pressure may also arise if S&P was to reassess the link
between Metsa Board and Metsaliitto Cooperative, which could
occur for example as a result of a divestment of Metsa Board
shares to the extent that the cooperative no longer controlled
Metsa Board.



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

At the same time, S&P lowered its issue rating on ATU's
EUR450 million senior secured notes to 'D' (default) from 'CCC-'.
The recovery rating on these notes is unchanged at '4',
indicating S&P's expectation of average (30%-50%) recovery for
creditors in the event of a payment default.

The downgrade reflects the company's failure to pay the coupon
payment on its EUR450 million senior secured bond by the
scheduled due date of Dec. 1, 2013.  It also reflects S&P's
expectation that ATU will not pay the coupon within the 30-day
applicable grace period.  S&P views this as a selective default
under its timeliness of payments criteria.

On Nov. 14, 2013, ATU released its interim report for the first
quarter of the fiscal year ending June 30, 2014 (fiscal 2014), in
which the company announced that it is in advanced negotiations
with investors and lenders regarding a financial and balance-
sheet restructuring.  A preliminary agreement has already been
reached with one of its main lenders, private-equity investor
Centerbridge, concerning a bond restructuring plan that envisages
a partial debt-equity swap.

S&P will examine the progress of ATU's restructuring over the
coming weeks.  Should any restructuring occur, S&P will reassess
the ratings, taking into account any benefits realized and any
other interim developments.

S&P assess ATU's liquidity as "weak" under its criteria.  This
primarily reflects the short-term risk of a liquidity deficit in
light of the upcoming maturities of more than EUR600 million over
the coming 12 months, with the EUR25 million bridge loan provided
by Centerbridge representing the first maturity in mid-December.
The fully drawn EUR45 million revolving credit facility (RCF)
matures in March 2014 and is also subject to very tight covenant
headroom, with substantial risk that it may be breached at year-
end 2013.

Cash on hand at the end of the first quarter of fiscal 2014
(Sept. 30) was also very tight, with on-balance-sheet liquidity
of only EUR26 million, while ATU's EUR45 million RCF was fully
drawn.

A capital restructuring that addresses the above weaknesses could
be positive for liquidity and may lead S&P to reassess ATU's
creditworthiness.


CONTINENTAL AG: S&P Raises CCRs From 'BB+/B'; Outlook Stable
------------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised its
long- and short-term corporate credit ratings on Germany-based
automotive supplier and tire maker Continental AG to 'BBB/A-2'
from 'BB+/B'.  S&P removed all ratings from CreditWatch, where it
had placed them with positive implications on Nov. 26, 2013.  The
outlook is stable.

S&P's upgrade is based primarily on a reassessment of the parent-
subsidiary link between Continental and its major shareholder,
the Schaeffler Group.  According to S&P's revised group rating
methodology, it de-links the rating on Continental from the
credit quality of Schaeffler.  This is mainly because Continental
benefits from substantial creditor protection in its financing
agreements and because no cross-default clauses with the
financial indebtedness of Schaeffler exist.  Furthermore,
Continental's minority shareholders are actively involved in the
company's corporate governance, including influencing matters
such as dividend policy and material changes to the business.
Continental's supervisory board is sufficiently independent from
its major shareholder to satisfy the separateness requirements
laid out in our criteria for group ratings, in S&P's view.

The outlook is stable.  Continental's strong market position and
broad product range should result in revenue growth that is
higher than average for the global passenger vehicle market.  S&P
expects the company to continue to generate solid positive
discretionary cash flows.

                         Upside scenario

S&P could raise its corporate credit rating over the next two
years if Continental's financial risk profile improved to the
category "modest" and the company sustained credit ratios of FOCF
to debt above 25%.  This could occur after completion of the
current investment program, if Continental continued to generate
significant cash flow from operations.

                        Downside scenario

S&P could lower the rating if Continental's ratio of FOCF to debt
fell to less than 10%-15%, for example because of unexpected
developments in Continental's end markets, such as falling global
production rates for light vehicles and commercial vehicles.  S&P
could also lower the rating if Continental undertook significant
debt-financed acquisitions, something that we view unlikely at
this stage.



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


DRYSHIPS INC: Suspends Evercore Market Equity Offering
------------------------------------------------------
DryShips Inc., a global provider of marine transportation
services for drybulk and petroleum cargoes and through its
majority owned subsidiary, Ocean Rig UDW Inc., of offshore
deepwater drilling services, on Dec. 5 disclosed that it has
suspended purchases under its previously announced program of at
the market issuances of its common shares through Evercore Group
L.L.C. as its sales agent.  The Company reserves the right to
continue the suspension of the program, reactivate or terminate
the program at any time.

                       About DryShips Inc.

Headquartered in Athens, Greece, DryShips Inc. (NASDAQ: DRYS) is
an owner of drybulk carriers and tankers that operate worldwide.
Through its majority owned subsidiary, Ocean Rig UDW Inc.,
DryShips owns and operates 10 offshore ultra deepwater drilling
units, comprising of 2 ultra deepwater semisubmersible drilling
rigs and 8 ultra deepwater drillships, 3 of which remain to be
delivered to Ocean Rig during 2013 and 1 is scheduled for
delivery during 2015.  DryShips owns a fleet of 46 drybulk
carriers (including newbuildings), comprising of 12 Capesize, 28
Panamax, 2 Supramax and 4 Very Large Ore Carriers (VLOC) with a
combined deadweight tonnage of about 5.1 million tons, and 10
tankers, comprising 4 Suezmax and 6 Aframax, with a combined
deadweight tonnage of over 1.3 million tons.

The Company reported a net loss of US$288.6 million on
US$1.210 billion of revenues in 2012, compared with a net loss of
US$47.3 million on US$1.078 billion of revenues in 2011.

The Company's balance sheet at Dec. 31, 2012, showed
US$8.878 billion in total assets, US$5.010 billion in total
liabilities, and shareholders' equity of US$3.868 billion.

                       Going Concern Doubt

Ernst & Young (Hellas), in Athens, Greece, expressed substantial
doubt about DryShips Inc.'s ability to continue as a going
concern, citing the Company's working capital deficit of
US$670 million at Dec. 31, 2012, and in addition, the non-
compliance by the shipping segment with certain covenants of its
loan agreements with banks.

As of Dec. 31, 2012, the shipping segment was not in compliance
with certain loan-to-value ratios contained in certain of its
loan agreements.  In addition, as of Dec. 31, 2012, the shipping
segment was in breach of certain financial covenants, mainly the
interest coverage ratio, contained in the Company's loan
agreements relating to US$769,098,000 of the Company's debt.  As
a result of this non-compliance and of the cross default
provisions contained in all bank loan agreements of the shipping
segment and in accordance with guidance related to the
classification of obligations that are callable by the creditor,
the Company has classified all of its shipping segment's bank
loans in breach amounting to US$941,339,000 as current at
Dec. 31, 2012.


FRIGOGLASS SAIC: S&P Revises Outlook & Affirms 'BB-' Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services revised to negative from
stable its outlook on Greece-based ice-cold merchandiser
(beverage cooler) maker Frigoglass SAIC.

At the same time, S&P affirmed its long-term corporate credit
rating on Frigoglass.

In addition, S&P affirmed its 'BB-' issue rating on Frigoglass'
bond due 2018.

The outlook revision reflects S&P's view that Frigoglass' sales
growth and cash flow generation prospects for 2013 are likely to
be lower than its initial base-case scenario had assumed.
Frigoglass' operating results in the past six months have
suffered from smaller sales volumes driven by adverse foreign-
exchange currency movements and lower sales to key accounts.  S&P
has lowered its cash flow forecasts for 2013 and 2014 and will
continue to monitor these developments in the coming months.

"Our assessment of Frigoglass' business risk profile is "fair."
We think the weakening operating performance partially stems from
a lower level of orders from Coca-Cola bottling companies (these
accounted for 46% of ice-cold merchandiser [ICM] revenues in
2013).  We view more negatively this dependency on key accounts,
although we note that these bottling companies generally make
decentralized purchasing decisions, driven by their own local
market needs.  Frigoglass' operating performance is also likely
to be affected by the negative growth prospects in Europe
including Russia -- which accounted for 40% of total sales in
2013 -- due to weak consumer sentiment and spending," S&P noted.

S&P's assessment of Frigoglass' business risk profile also
reflects the company's well-established position in the branded
commercial refrigeration appliances industry and its ability to
benefit from growing chilled beverage consumption in emerging
markets like Eastern Europe and Africa.  Demand in these markets
supports growth in Frigoglass' glass operation segment
(accounting for approximately 24% of total turnover).  The
industry is nevertheless cyclical, with high sensitivity to
consumer demand and raw material prices.

Because Frigoglass' exposure to Greece is less than 25% of its
earnings, S&P do not cap the ratings on Frigoglass at the level
of the Greek sovereign rating, in line with its criteria.

S&P views Frigoglass' financial risk profile as "aggressive."
Following the EUR250 million bond issuance in May 2013, the debt
maturity profile of the company has improved.  However, working
capital movements will likely remain characterized by some
volatility and seasonality depending on the level of customer
orders.  S&P understands that working capital should continue to
be funded at the subsidiary level by an adequate level of short-
term loans from local financial institutions.  However, S&P takes
into account the 50% increase in Frigoglass' revolving credit
facility (RCF) utilization in the third quarter of 2013.

S&P notes that Frigoglass' capital expenditure (capex) spending
decreased in 2013 and is mainly for maintenance purposes.  While
S&P views positively the control on spending in the short term,
it believes that longer-term capex spending is a key determinant
to improve the company's competitive position and future
profitability.  Consequently, unless S&P was to revise the
overall demand growth prospects of the industry, it thinks this
can only be a temporary measure to improve Frigoglass' financial
position.

S&P's base case assumes:

   -- Revenues to decline by 3% for 2014, owing to negative sales
      growth in the ICM business, especially for Europe.

   -- A relatively stable EBITDA margin at about 11%, with lower
      sales offset by cost-cutting measures with regards to
      operating expenses.

   -- Free cash flow of around EUR20 million, with lower earnings
      offset by slightly positive working capital inflow and low
      and stable capex.

   -- A 50% haircut that S&P has applied to the cash balances to
      reflect its view that part of the cash is held in high risk
      countries at Frigoglass' local subsidiaries.

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

   -- EBITDA interest coverage of slightly more than 2x;

   -- Standard & Poor's-adjusted funds from operations (FFO) to
      debt of around 8% for 2013 and 2014; and

   -- Debt to EBITDA of around 5x.

The negative outlook reflects a one-in-three possibility of a
downgrade of Frigoglass if its credit metrics weaken materially.
S&P's view is that Frigoglass could face continued weak operating
performance in the next few quarters.  In S&P's base-case
scenario for 2014, it anticipates that sales volumes in the ICM
business are unlikely to pick up before mid-2014, but that this
will be partly mitigated by more stable earnings contribution
from the glass operations segment.  Overall, S&P sees further
revenue decline in 2014 but still positive free cash flow
generation.  S&P projects Standard & Poor's adjusted EBITDA
interest coverage of 2x, FFO to net debt of around 8%, and net
debt to EBITDA of close to 5x.

S&P may lower the rating if Frigoglass is not able to offset weak
demand in Europe by an uptick in earnings growth from emerging
markets and from its glass operations.  This could occur if ICM
volumes decline further in the Asian market or if sales to key
customers remain weak.  S&P would lower the rating if it sees
free cash flow turn negative, if adjusted EBITDA interest
coverage falls below 2x, or if net debt to EBITDA rises above 5x.

S&P could revise the outlook to stable if Frigoglass can
stabilize its sales volumes (especially from key customer
accounts), while managing working capital volatility and
generating more free cash flow.

Frigoglass' capital structure under S&P's recovery analysis
consists of EUR250 million senior unsecured notes due 2018 issued
by the holding company Frigoglass Finance B.V., a EUR50 million
unsecured RCF due 2016 issued by the holding company Frigoglass
Holdings B.V., and about EUR60 million in unsecured bank loans
held by operating subsidiaries.  The EUR50 million unsecured RCF
ranks pari passu with the unsecured notes.  S&P estimates that
less than 5% of total debt will remain in subsidiaries for which
do not provide an upstream guarantee.

The issue rating on the senior unsecured notes is 'BB-', in line
with the corporate credit rating on Frigoglass.  The notes are
unsecured and guaranteed by Frigoglass SAIC and several
subsidiaries.  The unsecured notes rank pari passu with the
unsecured RCF.

S&P estimates priority claims equal to 59% of unsecured assets,
which is 44% over the 15% threshold for rating the bond in line
with the corporate credit rating.  S&P believes that structural
subordination is mitigated by upstream guarantees from companies
that together contribute over 90% of consolidated EBITDA.

Although S&P has assigned an issue rating to the senior unsecured
bond, it has not assigned recovery ratings because its review of
the insolvency regimes in the countries where the majority of
Frigoglass' operating assets are located is either not complete
or is less favorable.

* All debt amounts include six months of prepetition interest.


PIRAEUS BANK: Moody's Lifts Deposit & Sr. Debt Ratings to 'Caa1'
----------------------------------------------------------------
Moody's Investors Service has upgraded the long-term deposit and
senior debt ratings of Piraeus Bank SA, National Bank of Greece
SA and Alpha Bank AE by one notch to Caa1 (stable outlook) from
Caa2 (negative outlook) and increased the banks' baseline credit
assessments (BCAs) to caa2 from caa3, within the bank financial
strength rating (BFSR) range of E.

At the same time, Moody's has affirmed and changed the outlook to
positive from negative on Eurobank Ergasias SA's Caa2 deposit and
senior debt ratings, and affirmed and changed the outlook to
stable from negative on Attica Bank SA's Caa2 deposit rating. The
BFSR of these banks was also affirmed at E (stable outlook),
equivalent to a BCA of caa3.

These rating actions follow the recent improvement in the
creditworthiness of the Government of Greece, reflected by
Moody's upgrade of Greece's sovereign bond rating to Caa3 (stable
outlook) from C (no outlook).

Ratings Rationale:

Upgrade of Piraeus Bank, National Bank of Greece and Alpha Bank:

The upgrade for three of the banks to Caa1 from Caa2, with stable
outlooks, reflects a combination of the following:

(1) Restored capital bases, following the official
recapitalizations by the Hellenic Financial Stability Fund (HFSF)
and private investors in June 2013.

(2) Reduction in the formation of new non-performing loans
(NPLs), and Moody's expectation that the volume of NPLs will peak
towards the end of 2014 or early 2015.

(3) An overall improvement in the banks' credit profiles, with
the sizeable holdings of European Financial Stability Facility
bonds (EFSF rated (P)Aa1, negative) that partly counterbalance
risk posed by sovereign-related exposures.

(4) Improved funding and liquidity profiles, although dependence
on central bank funding will remain in place for some time.

At the same time, Moody's notes that the ratings of these and
other Greek banks remain significantly constrained by the still
adverse operating environment, high -- although stabilizing --
levels of impaired loans, ongoing losses and sovereign risk
exposure.

  -- Piraeus Bank:

Piraeus Bank's rating upgrade captures its strengthened capital
base, sizeable holdings of EFSF bonds and improvements in its
funding and liquidity profile, balanced by the high NPL levels
driving the bank's current operational losses.

Following its recapitalization, the bank's core Tier 1 ratio
increased to 13.5% at the end of September 2013, well above the
9% minimum requirement set by Bank of Greece. This provides the
bank with a solid loss-absorption cushion in view of its elevated
NPLs, at 35.2% of gross loans. Piraeus Bank reported a net profit
of EUR3.2 billion in the first nine months of 2013, as a result
of a one-off negative goodwill gain of EUR3.8 billion from its
recent acquisitions at a deep discount. However, Moody's expects
the bank to remain loss making at an operating level in 2013-14,
primarily because of high loan loss provision requirements.

The bank holds a total of around EUR14.3 billion of EFSF bonds
(Aa1, negative), which mitigate the risks stemming from its
direct sovereign exposure of around EUR2.3 billion, and enhance
the bank's overall credit-risk profile. EFSF bonds represent
around 15.4% of its total assets, and were received mainly from
the HFSF as part of its recapitalization. The EFSF bonds have
also helped reduce the bank's funding and liquidity pressures,
with overall central bank funding down to around EUR15 billion in
September 2013, from EUR33 billion in September 2012. Following
the takeover of six different entities over the past 18 months,
significant progress has been made to integrate these entities
and Moody's expects Piraeus Bank to benefit from synergies as the
largest commercial bank in Greece.

  -- National Bank of Greece:

The rating upgrade of National Bank of Greece reflects its more
favorable asset-quality, funding profile and earnings than local
peers, as well as Moody's expectation of further capital
enhancement to address its weaker capital base.

Although National Bank of Greece has a weaker capital base (pro-
forma core Tier 1 ratio of 9.4% incorporating the recent sale of
its real-estate subsidiary 'National Pangaea') relative to its
similarly rated local peers, Moody's notes its stronger loan
quality, with NPLs at 21.9% of gross loans as of September 2013.
Moreover, Moody's expects National Bank of Greece to further
strengthen its capitalization in 2014, through the further sale
of non-core assets, as well as the possible sale of a minority
stake in its Turkish subsidiary Finansbank AS (Ba2, negative,
BFSR E+/BCA b2 negative). The sale could yield an approximate 300
basis point enhancement to its core Tier 1 ratio.

In addition, Moody's expects that the bank will be profit-making
in both 2013 and 2014, mainly as a result of the earnings
contribution by Finansbank, while National Bank of Greece
exhibits the best net loans-to-deposits ratio among its local
peers, at 97%, due to its strong market share in savings deposits
in Greece. The bank has also reduced central bank funding to
EUR22.2 billion in September 2013, with no emergency liquidity
assistance (ELA) from the Bank of Greece, down from EUR33 billion
in September 2012.

   -- Alpha Bank:

Alpha Bank's rating upgrade reflects its strong capital base,
declining trend in the formation of new NPLs and some
improvements in its funding and liquidity profile, balanced by
the high stock of NPLs and funding challenges, including a weaker
net loans-to-deposits ratio relative to local peers.

Alpha Bank's loss-absorption cushion has strengthened following
its recapitalization, with a core Tier 1 ratio of 13.5% as of
September 2013, up from 12.8% in September 2012. Moreover,
Moody's notes the bank's declining trend in the quarterly
formation of new NPLs, which resulted in a slowdown in the
increase in its NPL ratio to 32.9% in September 2013. This
favorable development has caused a decline in the loan loss
provisions as a percentage of gross loans to 308 basis points in
Q3 2013 from 391 basis points in Q3 2012.

The bank has also reduced central bank funding significantly to
EUR17.5 billion (of which EUR3.5 billion in the form of ELA) in
September 2013 from EUR23.7 billion in December 2012, although
its net loans-to-deposits ratio remained higher than its local
peers at 125% as of September 2013. Although Moody's expects the
bank to report operational losses in 2013-14, Alpha Bank reported
a profit of EUR2.5 billion after tax in the first nine months of
2013, driven by a one-off negative goodwill gain of EUR2.6
billion from its earlier acquisition of Emporiki Bank of Greece.

Positive Rating Outlook for Eurobank:

Moody's affirmed Eurobank's deposit rating at Caa2, and changed
its rating outlook to positive from negative to reflect its plan
to raise new capital and improvements in its funding profile.

The positive outlook takes into account the bank's recent
announcement of its plan to raise new capital of approximately
EUR2 billion in January 2014, as part of a re-privatization
initiative (following its full recapitalization with EUR5.8
billion by the HFSF in June 2013 without the involvement of any
private investors). The bank's funding profile has improved
following the takeover of New Hellenic Postbank in July 2013,
with central bank funding reduced to EUR17.9 billion (of which
EUR5.4 billion through the ELA) in September 2013 from EUR34
billion in June 2012, as the bank's customer deposit base has
strengthened.

Nonetheless, these positive developments are counterbalanced by
its weaker capital levels relative to its above-mentioned local
peers, leading to the positioning of the bank's rating one notch
lower. Eurobank's core Tier 1 ratio was 8.1% in September 2013,
lower than the 9% regulatory minimum required by Bank of Greece,
thus providing the bank with a weak loss-absorption cushion.

Stable Rating Outlook for Attica Bank:

Moody's affirmed Attica Bank's deposit rating at Caa2, and
changed its rating outlook to stable from negative, to reflect
its reduced dependence on central bank funding, a more stable
deposit base and its available capital cushion.

While the bank reported a core Tier 1 ratio of 9.4% in September
2013, Moody's recognizes the additional capital cushion of
approximately EUR100 million provided by its mandatory contingent
convertible bonds, which effectively raise its Tier 1 ratio to
12.4%. The stable outlook also takes into account the bank's low
central bank funding at around 5.3% of total assets, and its more
resilient deposit base from loyal customers with a net loans-to-
deposits ratio of 108% in September 2013.

However, the bank's rating, positioned one notch lower than its
larger peers, reflects its much smaller franchise with a market
share of around 1.6%, and also its weaker earnings power. The
bank has a narrow net interest margin, combined with a lower fee
income capacity and a high cost base, which resulted in negative
pre-provision income in 2013, unlike the other rated Greek banks.
The elevated loan losses compound the earnings constraints for
the bank, which posted a net loss of EUR69.2 million in the first
nine months of 2013, compared with EUR108.4 million loss in the
corresponding period in 2012.

External Support from the Troika and HFSF:

Moody's continues to incorporate one notch of rating uplift in
Greek banks' deposit and senior debt ratings from their BCAs, in
view of the likelihood of support being provided from the Troika
(the European Commission, the European Central Bank and the
International Monetary Fund) if necessary. Moody's recognizes the
continued supranational liquidity support to Greek banks from the
ECB and the Bank of Greece, as well as potential for additional
capital support through the HFSF, which has around EUR9 billion
(from the EUR50 billion in total) remaining for this purpose.

What Could Move the Ratings Up/Down:

Moody's could consider upgrading the banks' ratings in the event
of a combination of (1) further easing of funding and liquidity
challenges with the return of more customer deposits into the
banking system; (2) asset-quality improvements, with the decline
in NPLs and significantly lower provisioning levels that would
support the banks' earnings; and (3) sustained capital levels
above the regulatory requirement, providing a comfortable cushion
to absorb loan losses.

Conversely, the banks' ratings could be downgraded if domestic
operating/political conditions deteriorate leading to sizeable
deposit outflows that cause any increased reliance on central
bank funding, or if asset quality deteriorates more than
anticipated, consuming significantly more capital than expected.

The Specific Rating Changes Implemented are as Follows:

National Bank of Greece SA, NBG Finance plc, and National Bank of
Greece Funding Limited:

  -- Standalone BFSR affirmed at E, equivalent to a BCA of caa2
     from caa3

  -- Long-term deposit ratings and senior unsecured debt ratings
     upgraded to Caa1 from Caa2

  -- Backed (government-guaranteed) senior unsecured ratings
     upgraded to Caa1 from Caa2

  -- Subordinated debt ratings upgraded to Caa3 from Ca

  -- Preferred stock (Hybrid Tier 1) affirmed at Ca (hyb)

  -- Short-term ratings affirmed at Not-Prime

All the above-mentioned Long term ratings and BFSR have a stable
outlook

Piraeus Bank SA, Piraeus Group Finance plc, and Piraeus Group
Capital Limited:

   -- Standalone BFSR affirmed at E, equivalent to a BCA of caa2
      from caa3

   -- Long-term deposit and senior unsecured debt ratings
      upgraded to Caa1 from Caa2

   -- Backed (government-guaranteed) senior unsecured ratings
      upgraded to Caa1 from Caa2

   -- Subordinated debt ratings upgraded to Caa3 from Ca

   -- Preferred stock (Hybrid Tier 1) affirmed at Ca (hyb)

   -- Short-term ratings affirmed at Not-Prime

All the above-mentioned long term ratings and BFSR have a stable
outlook

Eurobank Ergasias SA, EFG Hellas plc, EFG Hellas (Cayman Islands)
Limited, and EFG Hellas Funding Limited:

   -- Standalone BFSR affirmed at E (stable outlook), equivalent
      to a BCA of caa3

   -- Long-term deposit ratings and senior unsecured debt ratings
      affirmed at Caa2

   -- Backed (government-guaranteed) senior unsecured MTN
      affirmed at Caa2

   -- Subordinated debt ratings affirmed at Ca

   -- Preferred stock (Hybrid Tier 1) affirmed at Ca (hyb) with
      stable outlook

   -- Short-term ratings affirmed at Not-Prime

All the above-mentioned long term ratings, except the BFSR and
the Hybrid Tier 1, have a positive outlook

Alpha Bank AE, Alpha Credit Group plc, Alpha Group Jersey Limited
and Emporiki Group Finance plc:

   -- Standalone BFSR affirmed at E, equivalent to a BCA of caa2
      from caa3

   -- Long-term deposit ratings and senior unsecured debt ratings
      upgraded to Caa1 from Caa2

   -- Backed (government-guaranteed) senior unsecured ratings
      upgraded to Caa1 from Caa2

   -- Subordinated debt ratings upgraded to Caa3 from Ca

   -- Preferred stock (Hybrid Tier 1) affirmed at Ca (hyb)

   -- Short-term ratings affirmed at Not-Prime

All the above-mentioned long term ratings and BFSR have a stable
outlook

Attica Bank SA and Attica Funds plc:

   -- Standalone BFSR affirmed at E, equivalent to a BCA of caa3

   -- Long-term deposit ratings affirmed at Caa2

   -- Subordinated debt ratings affirmed at Ca

   -- Short-term ratings affirmed at Not-Prime

All the above-mentioned long term ratings and BFSR have a stable
outlook

All banks affected by review are headquartered in Athens, Greece:

   -- National Bank of Greece SA reported total assets of EUR111
      billion as of September 2013

   -- Piraeus Bank SA reported total assets of EUR92.7 billion as
      of September 2013

   -- Eurobank Ergasias SA reported total assets of EUR80.1
      billion as of September 2013

   -- Alpha Bank SA reported total assets of EUR73.4 billion as
      of September 2013

   -- Attica Bank SA reported total assets of EUR3.9 billion as
      of September 2013



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


ARNOTTS: Fitzwilliam Finance Buys EUR140-Mil. Worth of Loans
------------------------------------------------------------
Tom Lyons at The Irish Times reports that Fitzwilliam Finance
Partners Ltd., an investment company led by solicitor Noel Smyth,
has bought EUR140 million worth of loans owed by Arnotts to
Ulster Bank.

It is understood that British retailer Selfridges, owned by
Canadian billionaire Galen Weston, is providing financial backing
to Fitzwilliam, The Irish Times notes.

According to The Irish Times, the Ulster Bank deal, which closed
only very recently, puts Fitzwilliam in a strong position to bid
for total control of the iconic Dublin city center department
store with the support of Selfridges.  Arnotts' other loans are
held by Irish Bank Resolution Corporation (IBRC) which are being
sold off by the State-owned bank's special liquidator KPMG, The
Irish Times discloses.

The deadline for bids for the IBRC loans of about EUR230 million
in two tranches was on Dec. 6, The Irish Times says.

Fitzwilliam has already been pre-cleared by KPMG to bid for these
loans by showing it has the financial firepower to do with
backing from Selfridges, The Irish Times states.

About seven serious bids were considered by Ulster Bank for its
loans including an approach from its existing management with the
support of an as yet unnamed London-based financial backer, The
Irish Times relays.

Fitzwilliam and Selfridges are understood to be committed to the
Arnotts brand and hope to increase its employee numbers by
investing in the existing 170-year old store and expanding into
the site around it, The Irish Times relates.

Arnotts is a Dublin-based retailer.


BANK OF IRELAND: Sale Plan to Boost Government's Confidence
-----------------------------------------------------------
Eamon Quinn at The Wall Street Journal reports that the Irish
government said Wednesday the sale at a profit of a huge
investment in Bank of Ireland that was made at the height of the
debt crisis will boost confidence in the country as it prepares
to exit its international bailout in the coming weeks.

Recouping the EUR1.84 billion (US$2.49 billion) in preference
stocks will demonstrate to international investors that the
country's banking system is on the mend following the huge
property collapse that brought the country close to bankruptcy
and "will strengthen Ireland's return to normal market funding,"
the Journal quotes Finance Minister Michael Noonan as saying.
"The Irish banking system is recovering, international investors
are returning and this has positive implications across the
banking system."

As part of their efforts to save the country's banking system,
the Irish authorities pumped the preference stocks into Bank of
Ireland in March 2009, the Journal relates.  However, the bank
has long been exploring ways with the government to buy out or
sell on the debt because the cost to the bank of buying back the
stocks climbs by 25% after March 2014, the fifth anniversary of
its taxpayers' bailout, the Journal notes.

According to the Journal, under the plan, Bank of Ireland raised
EUR580 million through a placing of ordinary shares, while the
government would have sold off the remaining debt to private
investors by Dec. 4.  The government's stake in the bank will
likely fall to about 14% from its current level of 15% under the
transaction, the Journal states.

The announcement comes as the government prepares to exit its
2010 bailout when it draws down the last of the emergency loans
from the European Union and International Monetary Fund this
month, the Journal relays.

It wants to demonstrate to investors that the country's battered
economy and banking system are on the mend, the Journal says.

Mr. Noonan also on Dec. 4 welcomed an announcement by the
National Asset Management Agency, the country's bad bank, that it
had so far redeemed EUR7.5 billion worth of special NAMA bonds
issued to banks during the crisis, the Journal discloses.  NAMA
was set up in 2010 and has since paid out over EUR30 billion in
senior bonds to Ireland's damaged lenders for large amounts of
their troubled commercial property books, the Journal recounts.

Headquartered in Dublin, Bank of Ireland --
http://www.bankofireland.com/-- provides a range of banking and
other financial services.  These include checking and deposit
services, overdrafts, term loans, mortgages, business and
corporate lending, international asset financing, leasing,
installment credit, debt factoring, foreign exchange facilities,
interest and exchange rate hedging instruments, executor,
trustee, life assurance and pension and investment fund
management, fund administration and custodial services and
financial advisory services, including mergers and acquisitions
and underwriting.  The Company organizes its businesses into
Retail Republic of Ireland, Bank of Ireland Life, Capital
Markets, UK Financial Services and Group Centre.  It has
operations throughout Ireland, the United Kingdom, Europe and the
United States.


IRISH BANK: Liquidators Abandon Sale of Junior NAMA Bonds
---------------------------------------------------------
Bloomberg News reports that the liquidators of Irish Bank
Resolution Corporation (IBRC), formerly Anglo, have abandoned the
sale of the failed lender's junior National Asset Management
Agency bonds.

According to Bloomberg, the liquidators, from KPMG in Dublin,
scrapped the sale after the bids for the EUR843 million notes
failed to meet a reserve price.  The liquidator has not disclosed
the reserve to bidders, Bloomberg notes.

IBRC was given the bonds in part payment for loans it sold in
2010 to NAMA, Bloomberg discloses.

Some 95% of the payment was in senior NAMA bonds, with the
remainder in subordinated bonds, Bloomberg relates.

The junior securities only pay out if the agency beats its target
of redeeming all its senior debt by 2020, Bloomberg states.

The Government-directed NAMA in February to take over any IBRC
assets, including junior NAMA bonds, not sold at a reserve price,
Bloomberg recounts.

Bloomberg relates that sources said Goodbody offered the bonds at
a discount to nominal value.  The bank valued them at 15 cents in
the euro in June 2012, Bloomberg discloses.

                   About Irish Bank Resolution

Irish Bank Resolution Corp., the liquidation vehicle for what was
once one of Ireland's largest banks, filed a Chapter 15 petition
(Bankr. D. Del. Case No. 13-12159) on Aug. 26, 2013, to protect
U.S. assets of the former Anglo Irish Bank Corp. from being
seized by creditors.  Irish Bank Resolution sought assistance
from the U.S. court in liquidating Anglo Irish Bank Corp. and
Irish Nationwide Building Society.  The two banks failed and were
merged into IBRC in July 2011.  IBRC is tasked with winding them
down and liquidating their assets.  In February, when Irish
lawmakers adopted the Irish Bank Resolution Corp., IBRC was
placed into a special liquidation in the Irish High Court to
complete liquidation and distribution of the two banks' assets.

IBRC's principal asset as of June 2012 was a loan portfolio
valued at some EUR25 billion (US$33.5 billion). About 70 percent
of the loans were to Irish borrowers. Some 5 percent of the
portfolio was under U.S. law, according to a court filing.  Total
liabilities in June 2012 were about EUR50 billion, according
to a court filing.

Most assets in the U.S. have been sold already.  IBRC is involved
in lawsuits in the U.S.

The IBRC liquidators want the U.S. bankruptcy judge to rule that
Ireland is home to the so-called foreign main bankruptcy
proceeding.  If the judge agrees and determines that IBRC
otherwise qualifies, creditor actions in the U.S. will halt
automatically.



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


BANCA CARIGE: S&P Lowers Rating on EUR102MM Instrument to 'D'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered to
'D' from 'CCC-' its issue rating on the EUR102 million 1.50%
subordinated convertible hybrid instrument issued by Banca Carige
SpA.  According to the bank, this issue has a total outstanding
principal amount of about EUR9.5 million.  The remaining amount
has been converted into equity at the conversion dates upon
exercise of bondholder options under the terms and conditions of
the instrument.  The ISIN number of the issue is IT0003563035.

On Dec. 2, 2013, Carige announced that, at the maturity date of
Dec. 5, 2013, it would not redeem the outstanding principal
amount of about EUR9.5 million of its EUR102 million 1.50%
subordinated hybrid issue.  This instrument is considered Upper
Tier Two capital by the Bank of Italy, the Italian banking
regulator.

S&P understands that Carige has not received the necessary
authorization from the Bank of Italy to redeem this hybrid
instrument.  Under S&P's criteria, it considers Carige's failure
to redeem this issue to be an event of default.  According to the
terms and conditions of the instrument, authorization from the
Bank of Italy is necessary to redeem the instrument and this
authorization is conditional on the bank's ability to maintain
the minimum regulatory total solvency level required.

Carige also communicated that it intends to re-apply for
authorization from the Bank of Italy to reimburse this instrument
on the next coupon payment date (as the instrument continues to
accrue cumulative coupon while principal has not been
reimbursed), which will be on Jan. 1, 2014.  S&P considers it
increasingly unlikely that Carige will be able to raise
sufficient capital to meet regulatory requirements by then.
Given that the regulator refused to grant authorization for
principal redemption on the original maturity date on grounds of
the bank's ability to maintain the minimum regulatory total
solvency level required, S&P believes it is unlikely that Carige
will obtain such authorization in January.  Based on the terms
and conditions of the instrument, S&P understands that future
interest payments on this instrument may be deferred.
Accordingly, the coupon due in January 2014 may be deferred given
that Carige did not distribute dividends in 2012 and posted
losses in the first three quarters of 2013.  Under the terms and
conditions of the instrument, this would enable the bank to defer
coupon to preserve capital.

S&P understands from Carige's communication that the bank paid
the coupon due on Dec. 4, 2013 on its EUR160 million Tier 1
hybrid instrument (not rated) because payment was mandatory under
the terms and conditions due to a dividend pusher clause.  The
latter requires the bank to make payments on this Tier 1 hybrid
instrument if it has repurchased any securities in the 12 months
prior to the coupon payment date on this instrument.  Carige
bought back EUR21.27 million of own shares as of July 17, 2013.

According to S&P's criteria, the lowering of a hybrid capital
instrument rating to 'D' does not result in a lowering of the
issuer credit rating on the bank to 'SD' (selective default) or
'D' if the payment default is in accordance with the terms and
conditions of the instrument, or if the instrument forms part of
regulatory capital for a prudentially regulated issuer.



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


ARDAGH PACKAGING: Moody's Corrects December 3 Rating Release
------------------------------------------------------------
Moody's Investors Service issued a correction to the Dec. 3
Ardagh Packaging Group Ltd.'s rating release.

Moody's downgraded Ardagh's corporate family rating (CFR) to B3
from B2, and probability of default rating (PDR) to B3-PD from
B2-PD.

Moody's also affirmed the Ba3 ratings on the company's senior
secured notes, and downgraded its senior unsecured notes to Caa1
from B3 and its senior subordinated notes to Caa1 from B3.
Moody's also downgraded the PIK notes issued by ARD Finance S.A.
to Caa2 from Caa1. The outlook on all ratings is stable.

Concurrently, Moody's has assigned a (P)Ba3 rating to the new
US$675 million senior secured term loan B (TLB) due 2020 issued
by Ardagh Holdings USA Inc., with proceeds to be used to
refinance Ardagh's US$300 million 9.25% senior secured notes due
2016, and general corporate purposes.

Moody's issues provisional ratings in advance of the final sale
of securities. Upon a conclusive review of the final
documentation, Moody's will endeavor to assign a definitive
rating to the new TLB. A definitive rating may differ from a
provisional rating.

Ratings Rationale:

The downgrade of the CFR to B3 from B2 reflects Moody's view that
Ardagh faces a number of key credit challenges and uncertainties
as it goes through a period of transition. These include: (1)
slower than anticipated completion of the Veralia North America
(VNA) acquisition; (2) underperformance of the European metals
business; (3) weak credit metrics, with high leverage and
negative free cash flow.

The company's acquisition of VNA is progressing at a slower pace
than originally envisaged, and the company now expects it to
close in early 2014. Following intervention by the US Federal
Trade Commission, Ardagh will have to dispose of 4 production
facilities in the US, which will result in a negative impact on
EBITDA and cash flow generation. The delayed completion has also
delayed synergies that the company originally expected to achieve
in 2013.

Concurrently, Ardagh's European metals business -- which
currently comprises about 32% of the group -- has materially
underperformed Moody's original expectations for 2013. The
company plans to undertake a significant transformation of this
business starting in 2014 to improve underlying performance.
Whilst the company believes that this will bring long term
benefits, Moody's recognizes in the short term that it will
involve significant upheaval of the existing business.

Following the downgrade, Ardagh's financial metrics remain weak
for the B3 rating category. Moody's expects that adjusted
debt/EBITDA will remain above 6.5x through 2014, even after
incorporating the assumption that Ardagh will be successful in
its plan to raise new equity in 2014, to repay debt.
Additionally, Moody's expects free cash flow to remain negative
until 2015, with cash absorbed in the restructuring of the
European metals business and strategic projects in Europe and the
US (although the increase in gross debt from the new TLB will not
materially increase the group's interest burden). Due to the lack
of free cash flow, expectations of debt prepayment are entirely
contingent upon external funding.

Moody's expects the company's liquidity to remain adequate for
its near-term requirements. Ardagh had EUR168 million cash
available on balance sheet as at September 30, 2013 and EUR233
million available under securitization and guarantee lines. The
group's liquidity profile is further supported by the fact that
it has no material debt maturities before 2017 (following the
repayment of the 2016 Notes). However, Moody's notes that the
company's PIK notes become mandatorily cash-pay in June 2016.

The affirmation of the Ba3 rating on the senior secured notes,
and the downgrade of the senior unsecured notes to Caa1 and the
PIK notes to Caa2, is in line with Moody's loss given default
methodology. The (P)Ba3 instrument rating assigned to the
proposed US$675 million TLB reflects the fact that it is pari
passu with the company's existing Ba3-rated senior secured notes.
The three notch uplift of the senior secured debt over the CFR
reflects the material debt cushion provided by the unsecured
notes and PIK notes, which in turn are rated one and two notches
respectively below the CFR.

The stable outlook reflects Moody's view that Ardagh will: (1)
stabilize its European metal business in 2014, improve its
operating profitability; (2) achieve the planned equity raise
with the proceeds being used to prepay debt; (3) enter into no
more debt-financed M&A activity until operational stability has
been achieved in its existing business, with VNA being
integrated.

The ratings could come under negative pressure in 2014 if Ardagh
is not able to demonstrate that it is on the path to: (1) improve
profitability in the European metals business; (2) generate
positive free cash flow or; (iii) reduce debt/EBITDA towards
6.5x, including through the use of fresh equity to prepay debt in
Q1 2014.

Given Ardagh's current weak positioning in the B3 category,
Moody's does not see any near-term upward pressure on Ardagh's
ratings. However, the ratings could come under positive pressure
should Ardagh be able to reduce debt/EBITDA below 6.0x and
maintain sustained positive free cash flow generation.

Ardagh Packaging Group, registered in Luxembourg, is a leading
supplier of glass and metal containers. Pro forma for the
acquisition of Verallia North America, the company generated
sales of about EUR5.4 billion in 2012.

Downgrades:

Issuer: Ardagh Packaging Group Ltd

  Probability of Default Rating, Downgraded to B3-PD from B2-PD

  Corporate Family Rating, Downgraded to B3 from B2

Downgrades:

Issuer: ARD Finance S.A.

  Senior Unsecured Regular Bond/Debenture Jun 1, 2018, Downgraded
  to Caa2 from Caa1

  Senior Unsecured Regular Bond/Debenture Jun 1, 2018, Downgraded
  to Caa2 from Caa1

Issuer: Ardagh Glass Finance plc

  Senior Subordinated Regular Bond/Debenture Jun 15, 2017,
  Downgraded to Caa1 from B3

  Senior Unsecured Regular Bond/Debenture Feb 1, 2020, Downgraded
  to Caa1 from B3

Issuer: Ardagh Packaging Finance plc

  Senior Unsecured Regular Bond/Debenture Oct 15, 2020,
  Downgraded to Caa1 from B3

  Senior Unsecured Regular Bond/Debenture Oct 15, 2020,
  Downgraded to Caa1 from B3

  Senior Unsecured Regular Bond/Debenture Nov 15, 2020,
  Downgraded to Caa1 from B3

  Senior Unsecured Regular Bond/Debenture Oct 15, 2020,
  Downgraded to Caa1 from B3

Upgrades:

Issuer: Ardagh Glass Finance plc

  Senior Subordinated Regular Bond/Debenture Jun 15, 2017,
  Upgraded to a range of LGD5, 72 % from a range of LGD5, 76 %

  Senior Secured Regular Bond/Debenture Jul 1, 2016, Upgraded to
  a range of LGD2, 22 % from a range of LGD2, 25 %

  Senior Unsecured Regular Bond/Debenture Feb 1, 2020, Upgraded
  to a range of LGD5, 72 % from a range of LGD5, 76 %

Issuer: Ardagh Packaging Finance plc

  Senior Secured Regular Bond/Debenture Oct 15, 2017, Upgraded to
  a range of LGD2, 22 % from a range of LGD2, 25 %

  Senior Secured Regular Bond/Debenture Oct 15, 2017, Upgraded to
  a range of LGD2, 22 % from a range of LGD2, 25 %

  Senior Secured Regular Bond/Debenture Oct 15, 2017, Upgraded to
  a range of LGD2, 22 % from a range of LGD2, 25 %

  Senior Secured Regular Bond/Debenture Nov 15, 2022, Upgraded to
  a range of LGD2, 22 % from a range of LGD2, 25 %

  Senior Secured Regular Bond/Debenture Oct 15, 2017, Upgraded to
  a range of LGD2, 22 % from a range of LGD2, 25 %

  Senior Secured Regular Bond/Debenture Oct 15, 2017, Upgraded to
  a range of LGD2, 22 % from a range of LGD2, 25 %

  Senior Secured Regular Bond/Debenture Nov 15, 2022, Upgraded to
  a range of LGD2, 22 % from a range of LGD2, 25 %

  Senior Unsecured Regular Bond/Debenture Oct 15, 2020, Upgraded
  to a range of LGD5, 72 % from a range of LGD5, 76 %

  Senior Unsecured Regular Bond/Debenture Oct 15, 2020, Upgraded
  to a range of LGD5, 72 % from a range of LGD5, 76 %

  Senior Unsecured Regular Bond/Debenture Nov 15, 2020, Upgraded
  to a range of LGD5, 72 % from a range of LGD5, 76 %

  Senior Unsecured Regular Bond/Debenture Oct 15, 2020, Upgraded
  to a range of LGD5, 72 % from a range of LGD5, 76 %

Assignments:

Issuer: Ardagh Holdings USA Inc.

  Senior Secured Bank Credit Facility, Assigned (P)Ba3

  Senior Secured Bank Credit Facility, Assigned a range of LGD2,
  22%

Outlook Actions:

Issuer: ARD Finance S.A.

Outlook, Changed to Stable from Negative

Issuer: Ardagh Glass Finance plc

Outlook, Changed to Stable from Negative

Issuer: Ardagh Packaging Finance plc

Outlook, Changed to Stable from Negative

Issuer: Ardagh Packaging Group Ltd

Outlook, Changed to Stable from Negative

Affirmations:

Issuer: Ardagh Glass Finance plc

  Senior Secured Regular Bond/Debenture Jul 1, 2016, Affirmed Ba3

Issuer: Ardagh Packaging Finance plc

Senior Secured Regular Bond/Debenture Oct 15, 2017, Affirmed Ba3
Senior Secured Regular Bond/Debenture Oct 15, 2017, Affirmed Ba3
Senior Secured Regular Bond/Debenture Oct 15, 2017, Affirmed Ba3
Senior Secured Regular Bond/Debenture Nov 15, 2022, Affirmed Ba3
Senior Secured Regular Bond/Debenture Oct 15, 2017, Affirmed Ba3
Senior Secured Regular Bond/Debenture Oct 15, 2017, Affirmed Ba3
Senior Secured Regular Bond/Debenture Nov 15, 2022, Affirmed Ba3


ENDO LUXEMBOURG: Moody's Rates Sr. Sec. Credit Facilities 'Ba1'
---------------------------------------------------------------
Moody's Investors Service assigned a rating of Ba1 to the new
senior secured credit facilities of Endo Luxembourg Finance I
Company S.a.r.l., guaranteed by Endo Health Solutions Inc. There
are no changes to Endo's existing ratings including the Ba3
Corporate Family Rating, the Ba3-PD Probability of Default
Rating, and the B1 senior unsecured rating. The rating outlook
remains negative.

Proceeds from the new term loans will be used to refinance
existing bank debt in conjunction with Endo's pending acquisition
of Paladin Labs Inc. The rating on the senior secured bank
facilities also reflects Moody's anticipation of an upcoming
senior unsecured note offering of approximately US$375 million,
which the rating agency anticipates rating B1, similar to Endo's
existing senior unsecured notes.

Ratings assigned to Endo Luxembourg Finance I Company S.a.r.l.:

Ba1 (LGD 2, 20%) senior secured Term Loan A of $1.1 billion

Ba1 (LGD 2, 20%) senior secured Term Loan B of $375 million

Ba1 (LGD 2, 20%) senior secured Revolving Credit Facility of $750
million

Ratings of Endo Health Solutions Inc. to be withdrawn at close:

Ba1 (LGD2, 21%) senior secured bank term loan and revolving
credit facilities

Upon close of the transaction Moody's anticipates withdrawing the
ratings on the existing revolver and term loans subject to review
of final documentation. In addition, Moody's anticipates moving
the Corporate Family Rating to Endo Luxembourg Finance I Company
S.a.r.l.

Ratings Rationale:

Endo's Ba3 Corporate Family Rating reflects its modest size and
scale relative to larger pharmaceutical peers, partially offset
by the company's solid market positioning as a niche player in
the pain and urology markets and by its revenue diversity across
branded drugs, generic drugs and medical devices. Endo's
expertise in pain drugs and its good compliance with US Drug
Enforcement Agency (DEA) regulations act as high barriers to
entry, also a credit strength. Moody's views the Paladin
acquisition as credit-positive because Endo will gain EBITDA and
cash flow as well as improved revenue diversity without any
substantial increase in debt. Further, Endo will re-incorporate
in Ireland, providing tax savings that will be reflected in
Endo's future cash flow. However, Endo faces a significant
challenge reviving top-line growth because of generic pressures
affecting two branded franchises (Lidoderm and Opana ER) and
softness in medical procedure volumes. Endo also faces rising
exposure to lawsuits related to the surgical mesh products of its
subsidiary, American Medical Systems. Amidst these pressures,
Endo is undergoing significant cost reduction initiatives
following recent changes in senior leadership. Business
development could result in higher debt levels, but the Ba3
rating incorporates Moody's expectation that debt/EBITDA will be
sustained within a range of 3.0 to 4.0 times.

The rating outlook is negative. Despite the credit-positive
nature of the Paladin transaction described above, Moody's does
not yet believe that Endo's credit profile has fully stabilized
because of downward EBITDA trends, exposure to surgical mesh
litigation, and the uncertainty created by a dynamic M&A
strategy. Although not expected in the near term, Moody's could
upgrade Endo's ratings if the company restores internal growth
rates and reduces litigation uncertainties while sustaining
conservative credit metrics including gross debt/EBITDA below 3.0
times. Conversely, Moody's could downgrade Endo's ratings if
gross debt/EBITDA is sustained above 4.0 times. This scenario
could occur if Endo performs debt-financed acquisitions, faces
substantial litigation cash outflows, or suffers worse-than-
expected operating setbacks on products like Lidoderm or Opana
ER.

Headquartered in Malvern, Pennsylvania, Endo Health Solutions is
a U.S.-focused specialty healthcare company offering branded and
generic pharmaceuticals, medical devices and services. Endo's key
areas of focus include pain management, urology, oncology and
endocrinology. For the 12 months ended September 30, 2013 Endo
reported net revenues of approximately US$3.0 billion.



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


SKOPJE MUNICIPALITY: S&P Affirms 'BB-' ICR; Outlook Stable
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' issuer
credit rating on the Macedonian capital, the Municipality of
Skopje.  The outlook is stable.

Rationale

The ratings on Skopje are constrained, in S&P's view, by the
developing and unbalanced institutional framework under which it
operates.  S&P considers financial management to be a weakness
because the municipality's long-term planning is still developing
and is as yet unproven.  The municipality also suffers from low
wealth levels and weak economy, and its fiscal flexibility is
limited by its pressing infrastructure needs, limited revenue-
raising capacity, and high exposure to the real estate market.
The combination of these factors limits the predictability of the
city's financial and debt indicators.

In addition, the rating is affected by what S&P sees as
relatively large contingent liabilities.  This is because
municipal companies in Skopje have been performing weakly and
their exposure to liabilities incurred within private-public
partnership projects is set to rise.

S&P currently views the city's liquidity position as neutral, but
it is gradually using its cash reserves to fund its capital
program.  As a result, its free cash available will likely fall
short of its rising annual debt service.  The rating is supported
by Skopje's strong operating performance.  Its tax-supported debt
remains low, but is gradually increasing.

Skopje's revenue and expenditure flexibility remains limited by
the central government's control over municipalities' finances
within the context of the developing and unbalanced institutional
framework under which Macedonian municipalities operate.  A high
proportion of revenues still depends on central government
decisions, such as setting the base or range for most local tax
rates.

The volatility of the real estate market further constrains the
predictability of the municipality's budgetary performance.
About one-third of Skopje's revenues come directly and indirectly
from the sale of real estate.  During the municipal elections in
spring 2013, asset sales ground to a halt, which will likely
result in a 10% drop in the city's revenues in 2013.

In S&P's view, financial management is negative for the rating
because the municipality lacks medium-term financial planning and
its annual budgeting is overoptimistic.  Nevertheless, the city
government has a tight grip on operating spending, and has
already arranged funding from multilateral financial institutions
directly and via the state treasury.

Skopje's wealth levels are well below the international average.
Based on S&P's calculations, its GDP per capita was about
Macedonian denar (MKD) 345,000 (about $7,570) in 2013.
Nevertheless, S&P expects the local economy to gradually expand,
achieving annual GDP growth of about 2.0% over the next three
years.

Steady economic development and the city's tight control over
operating spending will, in S&P's view, support Skopje's
operating budget performance.  As a percentage of operating
revenues, it is set to fall to about a still-strong 16% in 2013-
2016 from 22% in 2010-2012 due to a sharp drop in construction
land sale fees in 2013.  In S&P's base-case scenario, this drop
in fees is expected to reduce the city's operating revenue by 8%,
mostly because investors proved unwilling to acquire land ahead
of the 2013 municipal elections.  S&P expects the real estate
market to recover gradually in 2014-2015.

Skopje has delayed the implementation of infrastructure projects.
As a result, its debt has accumulated more gradually than S&P
previously expected.  Nevertheless, in S&P's base-case scenario
it assumes that the city's investment in transport infrastructure
will cause its deficit after capital accounts to rise to about
7.5% of revenues in 2013-2016, leading to steady debt growth.

The central government has only recently allowed Macedonian
municipalities to take on debt, and borrowing limits are
increasingly being relaxed.  S&P forecasts Skopje's tax-supported
debt will increase to a still-moderate 40% of consolidated
operating expenditures by year-end 2016 in S&P's base-case
scenario.

Skopje's municipal company sector constitutes a credit weakness,
in S&P's view.  Several municipal companies have investment needs
and large payables, although these are set to decrease.
Additional contingent liabilities may come from the
municipality's plans to foster infrastructure development through
private-public partnerships.

Liquidity

S&P regards Skopje's liquidity as a neutral factor for the
rating. Although S&P assumes the city will be able to cover its
annual debt service using cash and committed facilities, its
access to external liquidity will, in S&P's view, remain limited.

S&P expects the city's average cash holding, adjusted for deficit
after capital accounts, to cover about 85% of debt service
falling due over the next 12 months.  Skopje holds its cash in an
account at the state treasury.  The city also has access to
undrawn facilities from domestic banks and multilateral financial
organizations.  Combined with its cash, this will exceed the
city's annual debt service by a comfortable 2x.

Ample cash reserves are mitigated by the city's access to
external liquidity, which S&P views as uncertain owing to the
relatively immature local banking system and capital markets for
municipal debt.

Outlook

The stable outlook reflects S&P's expectations that the city will
retain control of operating expenditure and fund its investment
projects through borrowing, thereby preserving its sound
operating surplus and cash holding.

S&P could lower the rating on Skopje within the next 12 months if
it relaxed control of operating spending and increased
investments.  As S&P's downside scenario indicates, together this
would weaken its budgetary performance and cause the deficit
after capital accounts to exceed 10% of revenues.  In turn, this
would raise the city's debt burden.  Under this scenario, cash
reserves would deplete, leading to a structurally weaker
liquidity position.

If S&P was to raise the rating on the Republic of Macedonia, it
could raise the rating on Skopje within the next 12 months if it
met the assumptions embedded in S&P's upside scenario.  These
include higher revenues from property taxes and fees for
construction land paved the way for stronger budgetary
performance, deficits below 5% of revenues, and a build up of
cash reserves that exceeded annual debt service.

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 according to 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

Skopje (Municipality of)
Issuer Credit Rating                   BB-/Stable/--



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


SOVCOMBANK: S&P Affirms 'B/C' Credit Ratings; Outlook Stable
------------------------------------------------------------
Standard & Poor's Ratings Services said it had affirmed its 'B'
long-term and 'C' short-term counterparty credit ratings on
Russia-based Sovcombank ICB LLC.  The outlook is stable.

At the same time, S&P affirmed its 'ruBBB+' Russia national scale
rating on the bank.

The rating actions follow Sovcombank's announcement on Oct. 28,
2013, that it planned to acquire GE Money Bank Russia (GEMB) from
U.S.-based GE Capital, a subsidiary of General Electric.  The
rating affirmations reflect S&P's expectation that the
acquisition will have a neutral impact on Sovcombank's risk
profile and capital position.  Nevertheless, S&P believes the
merger of GEMB into Sovcombank could pose execution and
operational risks.  The bank expects the deal to be finalized in
the first quarter of 2014, subject to regulatory approval.  The
two banks will subsequently merge later that year.

GEMB is a relatively small consumer finance player in Russia,
with Russian ruble (RUB) 28 billion (about $1 billion) in assets
as of Nov. 1, 2013.  GEMB has a fairly well-diversified customer
base; it operates in 22 Russian regions (40% in Moscow) with
300,000 active customers and more than 1.5 million accounts.
According to Sovcombank, the two banks' networks are
complementary, owing to different regional and client
orientations, which will optimize the economic effects of the
transaction.  S&P thinks that Sovcombank can eventually benefit
from the GEMB acquisition through having a wider customer and
distribution base.  However, in S&P's opinion, management's
ability to manage the integration process, a larger client base,
and wider branch network, as well as optimize costs and
efficiency has not yet been tested, despite some previous
experience in integrating retail banks.

In S&P's opinion, following the acquisition of GEMB, Sovcombank's
capitalization will be slightly higher than the current level.
S&P understands that an additional equity injection to finance
the deal will stabilize the enlarged entity's capitalization.

S&P don't expect the bank's risk profile to change dramatically
after the acquisition because GEMB has strong credit quality, in
S&P's view.

The stable outlook reflects S&P's expectation that Sovcombank
will continue its expansion in the domestic consumer finance
segment, with its credit metrics and margins stabilizing at the
current levels, despite difficult economic conditions.  S&P
believes that the acquisition of GEMB will have a neutral impact
on Sovcombank's asset quality, risk profile, and capitalization.

S&P would consider a negative rating action if Sovcombank's
capital base weakened, with its risk-adjusted capital ratio,
before diversification, falling below 5% for a prolonged period.
This could occur if the acquisition went ahead without the
expected equity injection or if profitability declined sharply.
A downgrade could also occur if credit losses were to increase
rapidly over the next 12 months, exceeding S&P's estimates.

An upgrade is unlikely over the next 12 months, owing to the
acquisition and merger of GEMB.  However, S&P might consider a
positive rating action if it observed a sustained improvement in
the bank's asset quality, associated with much lower NPLs and
credit costs than in 2013, and less aggressive growth in Russia's
slowing domestic economy.



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


CATALONIA: S&P Affirms 'BB/B' Ratings; Outlook Remains Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB/B' long- and
short-term ratings on Spain's Autonomous Community of Catalonia.
The outlook remains negative.

Rationale

S&P's ratings on Catalonia mainly reflect its view of the
region's deteriorated budgetary and debt metrics, due to a long
history of large fiscal imbalances.  Catalonia has very high tax-
supported debt, large debt service obligations in 2014, and
virtually no access to external funding.  The region currently
has little financial autonomy.  Its ability to meet debt service
payments on time fundamentally relies on the smooth functioning
of liquidity support through the central government's legally-
established credit facility, Fondo de Liquidez Autonomico (FLA).

In addition, S&P regards Catalonia's financial management as
"very negative" for the ratings, as defined in its criteria.  In
S&P's assessment, it mainly factors in a track record of tardy
austerity measures in the face of plummeting revenues since
Spain's 2008-2009 economic crisis.  S&P consequently witnessed
steep deterioration in the region's budgetary and debt metrics.
That said, S&P also acknowledges that current management has
implemented significant belt-tightening measures during 2012, in
a context of gradually improving fiscal discipline across the
board.

The ratings on Catalonia are underpinned by S&P's opinion of the
institutional framework for Spanish normal-status regions as
"evolving but sound."  S&P regards the framework as supportive to
the regions, and the central government as strongly committed to
avoiding financial stress at the regional level.  Catalonia's
strong economy also underpins the ratings.

Catalonia's economy is wealthier than most other Spanish regions.
In 2012, it represented 18.9% of Spain's GDP and 26% of national
export in value terms.  Catalonia's GDP per capita is 119.7% of
the Spanish average (or 116% of the EU average), based on data
from INE, the national statistics office.  However, S&P considers
that the limited growth prospects for Catalonia and Spain curb
the region's growth potential.  What's more, Catalonia has a high
unemployment rate--at 22.8% as of September 2013.  Furthermore,
Catalonia cannot take full advantage of its relatively wealthy
economy and the ensuing large tax bases, because it is a net
contributor to the strong equalization transfers between regions
under Spain's public-finance system.

Catalonia has requested the central government to initiate a
sweeping revision of its regional financing regime, with the aim
of increasing its share of revenues.  The Catalonia government
has also subsequently started to explore avenues to acquire a
new, more autonomous political status vis-a-vis Spain.

Spanish law states that the regional financing system has to be
revisited as from 2014.  In theory, a potential reform of the
financing system could benefit Catalonia. Depending on its nature
and scope, such reform could meaningfully restore the region's
budgetary and debt metrics over time.  In practice, however, a
change that benefits some regions without assisting others is
difficult to implement in a low-growth environment.  Above all,
the parameters of a potential reform are still unknown and lay
beyond S&P's 2013-2014 forecast horizon for Catalonia.  Thus, S&P
don't factor in any potential benefits from future reform of the
financing system into its ratings on Catalonia.

"Conversely, we take into account the risk that Catalonia's
current aims to improve its financing regime or potentially
change its current political status in Spain might produce
political friction with the central government.  This, in turn,
could hinder smooth implementation of central government support,
which we regard as crucial for the region's timely debt service.
Our assessment of Catalonia's financial management incorporates
this additional risk.  At this stage, however, we believe the
likelihood that political friction would interfere with central
government support and jeopardize Catalonia's debt service is low
and in line with our 'BB' rating on the region.  We consider that
the central government has so far efficiently provided support to
Catalonia, and it has the ability to continue repaying the
region's debt.  More importantly, the central government has the
incentive to continue avoiding the impact of Catalonia's
financial stress on Spain's reputation and the asset quality of
the Spanish banking system.  If we anticipate that smooth
coordination between the central government and Catalonia
regarding FLA is at risk, we would reassess our view of the
central government's liquidity support to the region, which is a
key strength in our rating on Catalonia," S&P said.

Catalonia is gradually redressing its fiscal imbalances in line
with S&P's expectations.  In 2012, the central government passed
a new Budgetary Stability Law to spur fiscal discipline after the
2008 revenue squeeze that led regions to post substantial
deficits.  The law endows the central government with effective
monitoring and enforcement mechanisms, and is prompting overall
regional compliance with nationally-agreed fiscal targets.  This
further supports S&P's view of the institutional framework for
normal status regions as "evolving but sound."

Within this context of enhanced fiscal discipline, Catalonia
reined in total spending by 12.8% in 2012, and curtailed its 2012
deficit to some 2.2% of regional GDP, from 4.1% in 2011.  As of
September 2013, the region showed a budgetary deficit of 1.38%,
which is in line with S&P's base-case forecast for 2013.  S&P
expects Catalonia to continue on its current fiscal consolidation
path, posting only minor deviations from its fiscal targets of
1.58% and 1% of regional GDP in 2013 and 2014.  This is despite
Catalonia's 2014 budget proposal, which envisages what S&P sees
as an optimistic revenue inflow of some EUR2.7 billion from asset
sales and concessions.  In S&P's base case, it adjusts down
revenues related to these items to only EUR1.2 billion, and S&P
offsets the lower revenues with projected cuts in expenditures.
S&P considers that tighter monitoring would enable the central
government to detect budgetary deviations early, so that it could
then urge additional cost cutting if necessary.  S&P's assessment
also takes into account Catalonia's average budgetary
flexibility, in line with that of other Spanish normal-status
regions.

"In our base-case scenario, we anticipate a steady fiscal
consolidation process, with no substantial accumulation of
payables.  We expect operating deficits to continue improving,
down to 6.8% and 3.4% of operating revenues in 2013 and 2014,
respectively, from 12.3% in 2012.  Catalonia's fiscal deficit
should reach roughly 1.7% of regional GDP, or about 17% of the
region's deficit after capital expenditure versus total revenues
in 2013; and roughly 1% of regional GDP, or 10% of the deficit
after capital expenditures versus total revenues in 2014.  Tax-
supported debt should reach 315% of consolidated operating
revenues in 2014 under our base case.  Catalonia's tax-supported
debt surpasses our highest debt benchmark of 270% by 1.5x and
weighs negatively on the rating," S&P said.

S&P forecasts a moderate improvement in Catalonia's main
budgetary and debt metrics, including higher total consolidated
revenues, compared with S&P's last review in June 2013.  S&P has
raised its forecasts on satellite-company revenues and direct tax
revenues, partly owing to higher-than-expected revenues from some
wealth taxes during 2013.

Catalonia ha moderately high contingent liabilities under S&P's
criteria, related to its large and complex public-sector
partially and fully owned companies and to guarantees on
structured finance transactions.

Liquidity

S&P assess Catalonia's liquidity as "negative" for the rating
based on its views of the region's debt service coverage ratio as
"very negative" and its access to external liquidity as "strong,"
thanks to central government support through FLA.

Excluding support from the central government, Catalonia's
liquidity is extremely tight.  Cash and credit lines are
virtually exhausted, monthly internal cash generation is usually
negative because of fiscal deficits, and the region has very
large funding needs (including debt service of EUR6.8 billion in
2014, by S&P's estimate).  Furthermore, S&P believes Catalonia is
not able to meet a substantial part of its current funding needs
through foreign funding.

However, Catalonia's extremely tight stand-alone liquidity has
been partly offset by:

   -- The FLA credit facility, the purpose of which is to cover
      debt service and the authorized fiscal deficits of regions
      that adhere to it; and

   -- The periodic set up of central government-sponsored credit
      facilities designed to pay down regional arrears in debt to
      suppliers.

In S&P's view, FLA will be sufficiently endowed for 2014 and is
likely to continue facing Catalonia's debt service obligations in
a smooth manner.  S&P considers that the central government
strongly supports the regional governments.

Another positive is favorable lending terms through the two
government-sponsored liquidity facilities.  These include only
slightly higher interest rates than the sovereign cost of
funding, long-dated maturities (10 years), and grace periods of
up to two years.  Consequently, S&P expects the average life of
Catalonia's debt to gradually improve from 4.7 years at year-end
2012.

S&P understands that Catalonia's bankers have agreed to roll over
its domestic debt.  S&P believes Spanish banks will continue to
refinance the majority of their loans to the region.

Should an unexpected financial obligation materialize, S&P
assumes that the ties between Catalonia and the central
government will be strong enough to activate FLA, facilitating
the necessary funding and preventing default.

Outlook

The negative outlook on Catalonia reflects the risk that, over
the next 12 months, Catalonia's fiscal consolidation process
could lose momentum and the region could accumulate payables,
hampering its already weak credit profile.  If S&P took the view
that such deviation stemmed from the region's reluctance or
inability to make sufficient cost cuts, S&P could revise down its
view on the region's budgetary flexibility.  In this case, S&P's
assessment of the region's financial management, which it already
views as "very negative," could weigh more heavily on the rating.
This could result in a downgrade of Catalonia by one or more
notches.

S&P could affirm the ratings and assign a stable outlook if it
sees hat Catalonia's budgetary performance is in line with its
base case, reflecting S&P's expectation of continued budgetary
consolidation and a stable liquidity position.

S&P sees no rating upside potential at this stage.

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

Catalonia (Autonomous Community of)
Issuer Credit Rating                   BB/Negative/B
Senior Unsecured                       BB
Commercial Paper                       B


CIUDAD REAL: Put Up for Sale to Meet Creditor Demands
-----------------------------------------------------
Tobias Buck at The Financial Times reports that Ciudad Real was
set to be put up for sale yesterday in a process administrators
hope will secure a new future for the infamous ghost airport.

Opened with high hopes, the new airport never attracted more than
a handful of flights per week, a fraction of its capacity, the FT
relates.  No aircraft has landed at Ciudad Real since April last
year, when the airport was officially closed, the FT notes.

CR Aeropuertos, the operator of the Ciudad Real terminal, went
into bankruptcy three years ago, and the airport will now be sold
off to meet creditor demands, the FT relays.

The sale was scheduled to open at 9:00 a.m. yesterday, Dec. 9,
and close at 3:00 p.m. on Dec. 29, the FT says, citing a press
statement issued by the administrators.  Bidders will have to
submit offers in excess of EUR100 million and put up cash or a
bank guarantee equivalent to 5% of the bid, the FT discloses.

According to the FT, the bankruptcy administrators hope to make a
final decision on the bidder by February.

The contrast between the ambition and scale of the airport and
the apparent lack of demand for such a terminal in the
surrounding region made it an obvious symbol of the folly and
excess of Spain's boom years, the FT states.

Ciudad Real is an airport in provincial Spain, good as new, with
4km runway and passenger terminal built for 10m travelers a year;
includes visitor centre, vast industrial park and 50m control
tower.


VALENCIA: S&P Affirms 'BB-/B' Issuer Ratings; Outlook Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-/B' long and
short-term issuer credit ratings on Spain's Autonomous Community
of Valencia.  The outlook remains negative.

Rationale

The ratings mainly reflect S&P's assessment of Valencia's
financial management as "very negative" as defined in S&P's
criteria.  Additional rating constraints are Valencia's weak
economy, with high unemployment and low growth prospects; and
S&P's views of its "negative" liquidity position, negative
budgetary performance, high deficit, and the region's extremely
high tax-supported debt.

The ratings are supported by S&P's view of the institutional
framework for Spanish normal-status regions as "evolving but
sound."  S&P considers that the central government is strongly
committed to avoiding financial stress at the regional level.

S&P views Valencia's budgetary flexibility as in line with that
of other Spanish normal-status regions, with which it shares a
common framework.  Its contingent liabilities are moderately
high, as a result of its large and complex public sector of
partially or fully owned companies.

"The ratings on Valencia reflect our assessment of its financial
management as "very negative."  We take into account Valencia's
track record of high deficits and debt accumulation already
during years of economic growth, but especially following Spain's
2008-2009 economic crisis.  These deficits may be attributed in
part to below-average equalization transfers to Valencia, between
regions, under Spain's public finance system, but also to large
expenditures that the region didn't swiftly adjust in the face of
a steep decrease in its revenues.  Our assessment also factors in
the size, complexity, and poor performance of Valencia's public-
sector companies," S&P said.

Valencia's budgetary imbalances and debt accumulation, against
the backdrop of the wider eurozone 2008-2009 financial and
economic crisis, have dried up external funding sources for the
region.

In 2012, the central government passed a new Budgetary Stability
Law to induce fiscal discipline in Spanish regions, after the
revenue squeeze in 2008 that led regions to post substantial
deficits.  With this law, the central government enhanced the
enforcement mechanisms to induce regional compliance with fiscal
targets, and strengthened its monitoring of regional finances.
At the same time, the central government provides substantial
budgetary and financial support to all normal-status regions, for
which external financing had become increasingly expensive and
scarce.  This supports S&P's view of the institutional framework
for normal-status regions as "evolving but sound."

Although Valencia reduced its deficit to 3.7% of regional GDP in
2012 from 5.1% in 2011, its performance was the worst among all
Spanish regions.  This deficit was more than double the official
average target of 1.5% of regional GDP.

Following the EU's redefinition of deficit targets for Spain, the
Spanish government increased the 2013 average official deficit
target for the regional tier to 1.3% of GDP from 0.7%, and it set
individual deficit targets for all Spanish regions for the first
time. Valencia's target -- 1.6% of regional GDP -- is the highest
of all regions.  It acknowledges the region's weak financial
profile, but still requires a substantial budgetary consolidation
effort. Deficit targets for 2014, 2015, and 2016, respectively at
1.0%, 0.7%, and 0.2%, will again be common for all regions.
These new targets are higher than the previously approved ones
(0.1% in 2014 and a surplus of 0.2% in 2015), and consequently
regional fiscal consolidation will be more gradual.

In S&P's opinion, sluggish economic growth is unlikely to assist
Valencia in meeting its deficit targets, given its forecast for
slow real GDP growth of 0.8% in 2014 and 1.2% in 2015.  S&P views
Valencia's economy as a constraint on the rating.  The region is
among the less wealthy in Spain, with GDP per capita at 88% of
the national average, based on data from INE, the national
statistics office.  Its unemployment rate is high -- 28% in
third-quarter 2013 against a national average of 26% -- and we
see its growth prospects as limited.  S&P understands the central
government will reduce the resources that Valencia receives from
the public finance system in 2014.  Consequently, S&P expects
operating revenue to decline by about 1.5% in 2014, compared with
its base-case scenario for 2013.

In S&P's opinion, only a structural reform of Valencia's
financing system could change this revenue downtrend.  Given
Valencia's weak financing, S&P thinks any reform to Spain's
regional financing system would likely benefit its finances,
although the timing, nature, and scope of such reform is still
unknown.  As such, S&P excludes potential reform from our base-
case forecast.

S&P's affirmation reflects its view that despite the difficulties
it faces, Valencia is likely to continue reducing its deficits,
thereby improving its main budgetary metrics.  S&P bases its
opinion on the now stronger incentives for Spanish regions to
reduce spending on the back of tougher fiscal enforcement
mechanisms for the regions.  S&P also factors in its perception
that the central government is enhancing control mechanisms,
particularly for regions that make use of the government-
sponsored credit facility Fondo de Liquidez Autonomica (FLA).

"We expect Valencia to gradually adjust its deficit figures,
while posting moderate deviations from its official targets.  In
our base case, we think Valencia will post an operating deficit
of about 10% of operating revenues in 2013, slightly higher than
the 9.3% operating deficit (adjusted for one off items) it posted
in 2012.  This is above our previous base-case estimate of a 7.6%
deficit for 2013, reflecting the higher allowed deficit targets
for Valencia.  In 2014, we expect Valencia's operating deficit to
go down to 8.5%.  We anticipate that Valencia's budgetary deficit
after capital expenditure will decrease to about 19% of total
revenues in 2013 and 15% in 2014, slightly above our previous
estimates of 16% in 2013 and 12.4% in 2014.  Our current forecast
for a higher budgetary deficit after capital expenditure is
mainly owing to Valencia's deficit target, which is higher than
for other regions.  Still, a deficit at the levels we project
would represent a sizable reduction from 22.5% in 2012 (adjusted
for one-off accounting items)," S&P added.

Increases in deficit targets are fully funded by FLA, but S&P
incorporates its expectation that Valencia's moderate deviations
from its targets will require additional debt issuance in 2014 to
clear payables.  Larger deficits will push up Valencia's already
very high tax-supported debt.  Valencia's debt widely surpasses
S&P's highest debt benchmark by 1.5x, weighing negatively on the
rating.  S&P now expects Valencia's tax-supported debt to reach
322% of consolidated operating revenues by 2014, higher than its
previous estimate of 285.7%.  This increase incorporates the
following:

   -- The higher allowed deficit target versus the previous one;

   -- The new supplier debt refinancing plan approved by the
      central government, which S&P expects will add about
      EUR1.9 billion to Valencia's tax-supported debt between
      2013 and 2014; and

   -- The lower revenues coming from the public finance system in
      2014 compared with 2013.

S&P believes Valencia has moderately high contingent liabilities
related to the ongoing restructuring process of its large and
complex public-sector companies.  S&P already includes most of
the debt of its satellite companies in the region's tax-supported
debt, however.

Liquidity

S&P considers Valencia's liquidity as "negative" factor for the
rating, based on its view of the region's "very negative" debt
service coverage ratio, and "strong" access to external
liquidity.

In S&P's assessment of the region's debt service coverage ratio,
it factors in its estimate of Valencia's internal cash generation
capacity and available credit lines.  S&P's main liquidity ratio
(which reflects S&P's base-case scenario of average cash over the
next 12 months and available credit lines) covers about 18% of
Valencia's debt service for the next 12 months (December 2013 to
November 2014), which S&P estimates at EUR4.3 billion.

The region's "strong" access to external liquidity encompasses
S&P's view that the central government has demonstrated a clear
willingness to provide strong liquidity support to Valencia
through FLA.  The government has earmarked FLA funding for
regional debt repayment and financing of the authorized deficits.

Outlook

The negative outlook on Valencia reflects the risk that
Valencia's fiscal consolidation process could lose momentum,
hampering the region's already weak credit profile.

S&P could downgrade Valencia by one or more notches if the region
materially deviated from its fiscal deficit targets, which could
be tantamount to performing below our weakest benchmark on
budgetary performance.  The number of notches of the potential
downgrade would depend on the severity of the deviation.  As part
of a potential negative rating action, S&P could revise down its
view of the region's budgetary flexibility, if S&P believed that
such deviation stemmed from the region's reluctance or inability
to take sufficient cost-cutting measures.  S&P's assessment of
the region's financial management, which it already views as
"very negative," could also weigh more heavily on the rating.

S&P could affirm the ratings and assign a stable outlook within
the next six months if it sees Valencia's budgetary and economic
performance as in line with its base case, reflecting its
expectation of continued budgetary consolidation, and a stable
liquidity position.

S&P sees no rating upside potential at this stage.

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

Valencia (Autonomous Community of)
Issuer Credit Rating                   BB-/Negative/B
Senior Unsecured                       BB-
Commercial Paper                       B



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


AVG TECHNOLOGIES: S&P Raises Corp. Credit Rating to 'BB'
--------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Dutch software firm AVG Technologies N.V. (AVG)
to 'BB' from 'BB-'.

At the same time, S&P removed the rating from CreditWatch, where
it placed it with positive implications on Nov. 26, 2013.  The
outlook is stable.

The upgrade primarily reflects S&P's reassessment of AVG's cash
flow adequacy and leverage following the application of its new
corporate criteria.  S&P now assess AVG's financial risk profile
as "minimal," which, combined with its assessment of its business
risk profile as "weak" and its financial policy as "negative,"
supports an overall 'BB' rating.

The upgrade also reflects S&P's view that AVG is likely to
maintain Standard & Poor's-adjusted leverage of below 3x under
all realistic scenarios.  S&P considers that risks of the company
being releveraged, under the current ownership, are also low.
This is supported by the decline in AVG's financial sponsor
ownership to below 40% and is despite S&P's belief that AVG will
continue making bolt-on acquisitions to expand its technology
portfolio.

S&P's forecasts of moderate growth in EBITDA, ongoing limited
spending of available cash on share buybacks, and small
acquisitions lead S&P to assess AVG's financial risk profile as
"minimal."

S&P's "minimal" assessment also reflects its forecast of strong
free cash flow conversion thanks to upfront license payments and
limited capital investment needs.  S&P considers that AVG needs
about US$50 million in cash to fund share buybacks.  S&P
therefore deems any cash above US$50 million (US$54 million on
Sept. 30, 2013) as surplus, and consequently S&P nets it against
debt.

The company's financial policy has a negative effect (equal to
one notch under S&P's criteria) on S&P's rating outcome.  S&P
believes that AVG's appetite for acquisitions could result in
higher debt usage than it assumes in its base case, and
consequently in weaker credit measures.  S&P therefore rates AVG
'BB', one notch lower than the anchor.

"We assess AVG's business risk profile as "weak."  This reflects
AVG's narrow product offering as a developer of antivirus
software in the consumer PC and mobile markets.  In our view, the
software and services industry faces "intermediate" risk.  In
addition, we believe that AVG faces meaningful client
concentration risk in the platform segment, implying potential
revenue erosion risk.  We also consider that there are additional
potential risks to revenues because of the substitution of PCs
for wireless devices, and the need for AVG to adequately monetize
the wireless market," S&P said.

S&P thinks that AVG's competitive position could improve over
time, on account of monetization of antivirus applications for
mobile devices, or higher product diversification.  However, S&P
believes such improvement will take time and may dilute
profitability or increase volatility in the rapidly evolving and
fragmented markets where AVG's competitive position is currently
fragile.

S&P's base-case scenario for AVG assumes:

   -- Global GDP growth of 1.7% this year and 2.9% in 2014;

   -- A continued shift in demand away from PCs and toward
      smartphones and tablets over 2013-2015;

   -- About a 20% increase in software security license revenues,
      and a 5% decline in platform revenues.  This equates to
      10%-11% growth in revenues in 2013 at the group level;

   -- A 1%-2% decline in revenues for 2014 driven by declining
      platform revenues, but highly offset by continued growth in
      license revenues.

   -- Modest EBITDA growth of about 6% in 2013, as research and
      development costs are redeployed from PCs to wireless
      devices, and falling margins on third-party distribution-
      related platform revenues.  This results in slight margin
      erosion;

   -- An increase in the EBITDA margin of about 200 basis points
      in 2014, driven by the company's exit from third-party
      distribution agreements;

   -- Modest capital expenditures (capex) of 4%-5% of revenues;
      And

   -- Annual share buybacks of about $50 million.

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

   -- Funds from operations (FFO) to debt of 170%-180% at year-
      end 2013, compared with 70% in 2012, increasing further
      over the next couple of years;

   -- Debt to EBITDA of 0.5x at year-end 2013; and

   -- Free operating cash flow (FOCF) to debt of more than 180%
      over the next several years.

The stable outlook reflects S&P's view that growth in mobile
antivirus licenses and revenues from cross-selling products like
PC optimization product TuneUp should allow AVG to modestly
increase its EBITDA and preserve its leverage ratios.  In turn,
these metrics should allow for bolt-on acquisitions and share
buybacks of about US$50 million.

S&P considers an upgrade unlikely in the short term, but one
could occur in 2015-2016 if acquisitions and organic growth
provide AVG with a more diverse earnings stream.  Steady organic
growth would provide evidence of AVG's strengthening competitive
position.  An upgrade would also likely depend on AVG maintaining
debt to EBITDA at less than 2.5x and FOCF to debt above 15%,
despite potential growth in leverage following acquisitions.

A downgrade also appears unlikely in the near term, given the
material headroom under AVG's financial risk profile.  A
downgrade could occur, however, if S&P sees the company's core
subscription business meaningfully decline, which would, in turn,
test its assessment of its business risk profile.



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


ALTE LIEBE 1: S&P Lowers Rating on EUR102MM Sr. Notes to 'CCC+'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered to 'CCC+'
from 'B-' its long-term debt rating on the EUR102 million senior
secured amortizing notes, due 2025, issued by Jersey-based
special-purpose vehicle Alte Liebe 1 Ltd.  The outlook is stable.

The notes have an unconditional and irrevocable guarantee of
payment of scheduled interest and ultimate principal from
controlling creditor Ambac Assurance U.K. Ltd.  Under Standard &
Poor's criteria, a rating on monoline-insured debt reflects the
higher of the rating on the monoline or Standard & Poor's
underlying rating (SPUR).  Since S&P do not rate Ambac Assurance,
the long-term debt rating on the notes reflects the SPUR.

The downgrade follows S&P's receipt of liquidity information for
Gerdau Pulfringen, one of Alte Liebe 1's six Germany-based wind
farm companies, for the nine months ending Sept. 30, 2013.  The
downgrade also reflects S&P's opinion that Alte Liebe 1 is
reliant on favorable business and financial conditions to meet
its financial commitments.

S&P forecasts that Gerdau Pulfringen's liquidity will deteriorate
materially by the end of this year due to maintenance expenditure
in the fourth quarter of 2013.  Based on S&P's calculations, if
Gerdau Pulfringen makes these payments under current wind
conditions, it would need to fully draw the remaining balance of
its debt service reserve account (DSRA), which was funded at 28%
of its required level on Sept. 30, 2013.

As a consequence, Gerdau Pulfringen's operator has rescheduled
some of the maintenance expenditure until next year to ensure
that it can make the full scheduled debt payment on its loan from
Alte Liebe 1 in December 2013.  At the same time, the operator is
looking for long-term alternative solutions for its liquidity
needs.

Based on its current operating performance, S&P calculates that
the full depletion of Gerdau Pulfringen's DSRA could result in it
being unable to fully meet debt service on its loan from Alte
Liebe 1 on the next payment date in June 2014.  This is due to
limited cross-collateralization between the wind farm companies
in Alte Liebe 1's portfolio, whereby the excess cash after debt
service from the best-performing wind farm companies is not
retained for the benefit of bondholders to make up for the
underperforming wind farms.

S&P considers that a payment default on the EUR102 million senior
secured amortizing notes remains unlikely over the medium term,
because of Alte Liebe 1's current available liquidity and the
notes' flexible repayment profile -- with timely payment of
interest, but ultimate payment of principal in 2025.  However,
based on current wind farm performances, S&P believes that the
project may not be able to meet the outstanding liabilities in
full on the notes' final maturity date.

Alte Liebe 1 is a special-purpose vehicle that raised the senior
secured notes for six wind farms in Germany with a capacity of
142 megawatts.  Alte Liebe 1 on-lent the proceeds from the notes
under individual loan agreements with the wind farms, which used
the funds to refinance existing bank debt.  The wind farms also
used the notes' proceeds to fund various liquidity reserves,
including a 12-month DSRA at each wind farm.

S&P could lower the rating by one or more notches if Alte Liebe 1
started deferring principal on the notes and if S&P believed that
payments had been deferred on a permanent basis or for more than
12 months, according to terms of the notes, without causing a
contractual (legal) default.

Ratings upside is limited at this time, because it depends on a
significant and sustainable improvement of business and financial
conditions to enable Alte Liebe 1 to meet its financial
commitments.


BLOCKBUSTER UK: To Close 62 More Stores, Cuts 427 Jobs
------------------------------------------------------
Itv News reports that as it disclosed the closure of a further 62
stores and 427 job losses, Blockbuster's administrators called on
the Chancellor to take urgent action on business rates in his
Autumn Statement later.

The ailing DVD rental chain has been plunged into administration
twice this year and has failed to find a buyer, according to Itv
News.

According to itv, Admistrators Moorfields Corporate Recovery
said: "With the Chancellor's Autumn Statement due later
Moorfields are urging the Chancellor to take urgentaction on
business rates as retailers continue to struggle. . . . Whil[le]
the difficulties faced by ... Blockbuster are not solely due to
the burden of business rates the group was paying a sizeable
GBP3.8 million on a turnover of GBP40 million.

"Even if, as speculated, the rates increase were capped at 2%
Blockbuster would have faced an increase of GBP75,000 on an
already considerable GBP3.8 million", the administrator added,
the report notes.

Blockbuster UK is a DVD rental company.  It is part of
Blockbuster L.L.C.


BLOCKBUSTER: Frank Taylor Mulls Bid on Sites for Expansion Plan
---------------------------------------------------------------
The Scotsman reports that the demise of the Blockbuster film
rental chain is poised to accelerate a Scottish entrepreneur's
expansion drive south of the Border.

According to The Scotsman, Frank Taylor, who built a rival chain
of more than 30 Video Drive-In outlets in Scotland before
diversifying into the tanning salon market, was mulling a bid for
some Blockbuster sites that could trade for the final time on
Sunday.

Mr. Taylor's Indigo Sun chain now runs more than 40 salons --
thought to be the largest wholly owned UK chain -- and is eyeing
rapid expansion, The Scotsman notes.

"We're keen to grow in England in particular and we'll certainly
look at some of the Blockbuster sites when they become available
as it could be a quick way for us to accelerate our expansion
plans," The Scotsman quotes Mr. Taylor, whose Stirling-based firm
employs some 300 staff, as saying.

Administrators have confirmed the closure of 2 outlets, with 91
more also doomed if a buyer cannot be found, The Scotsman
discloses.

Blockbuster had 264 stores and a 2,000-strong workforce when it
went into administration last month, but these now look likely to
have disappeared by the end of the year, The Scotsman relates.

Administrators from Moorfields Corporate Recovery have already
overseen the closure of more than 100 stores as part of the
administration process, The Scotsman relays.

Mr. Taylor, as cited by The Scotsman, said he believed there was
considerable potential for Indigo Sun, which currently turns over
around GBP8 million a year, to grow significantly.

According to The Scotsman, Mr. Taylor said no-one in the video
rental industry will have been surprised by the demise of
Blockbuster.  The chain had been rescued in March from an earlier
administration by private equity group Gordon Brothers Europe,
The Scotsman recounts.

The business had been hit hard by competition from supermarkets,
as well as the rise of online rentals, The Scotsman discloses.

At the time of its initial collapse in January, it had 528 stores
in the UK employing 4,190 staff, The Scotsman notes.

Blockbuster UK is a DVD rental company.  It is part of
Blockbuster L.L.C.


BRADFORD BULLS: Plunges Into Another Financial Crisis
-----------------------------------------------------
The Bolton News Reports that Bradford Bulls have been plunged
into another financial crisis, although officials insist the club
is not on the brink of going back into administration.

The Bulls' new board of directors told a fans' forum that the
club's finances are worse than they were led to believe and that
they have "unearthed information which has proved detrimental to
the stability of the club," according to The Bolton News.

Chairman Mark Moore and fellow directors Andrew Calvert and Ian
Watt, who took control six weeks ago from previous owner Omar
Khan, warned that cutbacks will have to be made and that players
may need to be sold as they look to shed GBP400,000 from their
outgoings over the next 12 months, The Bolton News notes.

The report relates that Bradford went into administration in June
2012 with debts thought to be around GBP1.5 million but were
saved by local businessman Khan and MP Gerry Sutcliffe.

The new directors, recently ratified by the Rugby Football
League, told fans they recently discovered fresh loans that had
been taken out against the club and revealed that concerts staged
last year to raise funds are estimated to have lost GBP100,000,
the report relates.

A club official said: "The last administrative team struggled to
understand the full impact of running this club and stepped away
from the business with large outstanding debts, which the Bulls
are now recovering from," the report notes.

The directors said their predecessors gave head coach Francis
Cummins an unrealistic playing and backroom budget and, as a
result, they will now be forced to implement tough cost-cutting
measures, the report discloses.

"This is likely to mean staff redundancies, across a range of
departments, as well as budget reductions," the official added,
the report says.

"Areas of the business have been allowed to dangerously overspend
and this is now going to have an obvious impact on the club . . .
. Season ticket sales are vastly down on forecasted projections
and, like last season, the club will again receive half of its
allocated central funding due to the agreement made between the
Super League and the former board at the time of initial
purchase, the official said," the official continued, report
discloses.

"As a club we are left with no choice but to make difficult
decisions in a bid to streamline the business . . . . Our
incomings simply do not match our current outgoings, so over the
next few days we have to make tough decisions on every business
unit in the club, the official said, the report relays.

"The goal for next year is now to survive, compete and win back
the trust of supporters and previous sponsors, while looking
forward to receiving our full allocation of central funding ahead
of 2015," the report quoted on official as saying.


DENT LTD: Goes Into Administration, Seeks Buyer
-----------------------------------------------
Foodmanufacture.co.uk reports Dent Ltd has gone into
administration with joint administrators Deloitte searching for a
buyer for the previously family-owned business

No job losses have been announced at the Penrith-based business,
which supplies major retailers, such as Sainsbury, according to
Foodmanufacture.co.uk.

Deloitte partners Adrian Berry -- aberry@deloitte.co.uk -- and
Clare Boardman -- cboardman@deloitte.co.uk -- have been appointed
to manage the business affairs of Dent Ltd.

Adrian Berry, partner in restructuring services at Deloitte,
said: "We will liaise closely with the company's customers and
will work with management and the contract farmers to ensure the
highest standards of animal welfare are maintained . . . . The
business will continue to trade and a sale process will be
undertaken, and no redundancies are planned at this stage," the
report notes.

Deloitte stressed that its appointment applied only to the Dent
Ltd business and that North Lakes Foods Ltd and Dent Company -- a
haulage business -- continued trade as normal, the report
discloses.

Dent Ltd is a outdoor-reared pig producers in United Kingdom. It
rears about 20,000 pigs and employs 67 people.


EUROSAIL-UK 2007-5NP: S&P Cuts Rating on 3 Note Classes to 'D'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' its credit
ratings on Eurosail-UK 2007-5NP PLC's class B1c, C1c, and D1c
notes.  At the same time, S&P has placed on CreditWatch positive
its ratings on the class A1a and A1c notes.

The rating actions follow the Nov. 26, 2013 noteholders' approval
of Eurosail-UK 2007-5NP's restructuring proposal.  The proposal,
among other things, removes the foreign exchange rate risk by
converting the euro-denominated class A1a notes into British
pound sterling-denominated notes.  It also writes down the class
B1c, C1c, and D1c notes by 27.66% each, which equals a total
write-down of GBP16.9 million.

Following the bankruptcy of Lehman Brothers, the issuer entered
into a termination and settlement agreement with Lehman Brothers'
trustee, in March 2011.  Under this agreement, the parties agreed
to settle the issuer's claim against Lehman Brothers under the
terminated hedging agreement at a value of $170 million.

Following four distributions under the agreement, the noteholders
approved the sale of the remaining claim in October 2013.  In
total, the proceeds of the termination amounted to $102.8
million, or 60.43% of the agreed claim.

On Nov. 26, 2013, the noteholders approved the restructuring
proposal, which resulted in amendments to the existing debt
documentation, and included, among other things:

   -- The conversion into sterling of the termination payouts to
      GBP63.5 million from $102.8 million:

   -- A decrease of the reserve fund to œ4.0 million from
      GBP16.1 million; and

   -- The re-collateralization of the transaction through write-
      downs of the most junior classes of notes, effective on the
      September 2013 interest payment date.

Because the class B1c, C1c, and D1c notes suffered principal
losses due to the write-downs -- of GBP8.0 million, GBP5.2
million and GBP3.7 million, respectively -- S&P has lowered to 'D
(sf)' its ratings on these classes of notes.

The senior notes did not incur write-downs and the conversion of
the euro-denominated class A1a notes into sterling-denominated
notes occurred at a spot rate of GBP0.838 to EUR1.000.
Therefore, S&P do not view the amendment to the class A1a and A1c
notes as a distressed restructuring.

Following the conversion of the class A1a notes, the transaction
is no longer exposed to foreign exchange rate risk, which was the
main constraint on S&P's ratings.  S&P has therefore placed on
CreditWatch positive its ratings on the class A1a and A1c notes.

In order to resolve these CreditWatch placements, S&P will
conduct a credit and cash flow analysis of the revised structure.

Eurosail-UK 2007-5NP is a U.K. residential mortgage-backed
securities (RMBS) transaction backed by nonconforming 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 2007-5NP PLC
EUR626.3 Million, GBP135.95 Million Mortgage-Backed
Floating-Rate Notes

Ratings Placed On CreditWatch Positive

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

Ratings Lowered

B1c       D (sf)              B- (sf)
C1c       D (sf)              B- (sf)
D1c       D (sf)              CCC (sf)


NEW CAREER: In Administration, Cuts More Than 50 Jobs
-----------------------------------------------------
The Education Investor reports that the New Career Skills has
gone into administration, leaving more than 50 people out of
work.  The report relates that the firm is understood to have
fallen behind on debt payments.

The firm's directors worked with KPMG in an attempt to push
through an accelerated sale of the company, before appointing the
accountancy giant as administrators, according to The Education
Investor.

KPMG is now looking for a new owner for the business.  A
spokesperson said that "declining financial performance" had
prompted the decision, the report notes.

Upon appointment of the administrators, its Southampton center
was closed with immediate effect, and 54 of the firm's 83
employees made redundant, the report notes.  However, all
students will continue to receive training, with alternative
arrangements made for those at the Southampton center, the report
discloses.

Headquartered in Hastings, New Career Skills provides practical
and home based courses at three centres in Doncaster, Southampton
and Watford.  It caters to 1,500 students.


PRECISE MORTGAGE: S&P Assigns 'BB+' Rating to Class E Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its credit ratings to
Precise Mortgage Funding No. 1 PLC's class A to E notes.  At
closing, Precise Mortgage Funding No. 1 also issued unrated class
Z notes and subordinated notes.

At closing, the issuer purchased an initial portfolio of U.K.
residential mortgages from the seller (Buttermere PLC), using
part of the note issuance proceeds to purchase the rights to the
mortgage pool.

The class A to Z note issuance balance is higher than the balance
of the initial pool that the issuer purchased at closing, where
the difference is a prefunding amount.  This prefunding amount is
20.3% of the class A to Z notes.  Up until and including the
first interest payment date (March 12, 2014), the issuer can buy
a further portfolio, with a balance up to the prefunding amount.
This portfolio is subject to certain prefunding conditions, based
on which, S&P has made conservative assumptions relating to the
prefunding pool's credit and cash flow characteristics.

The transaction has a rated note reserve fund, a class A
liquidity reserve, and a fully funded prefunding yield
maintenance required amount.  The rated note reserve fund
initially provides liquidity support to the rated notes.  As the
rated notes redeem, this support switches to credit enhancement
for the rated notes.

This is the first transaction from Charter Court Financial
Services Ltd.  The GBP130.4 million initial pool (as of Nov. 30,
2013) comprises first-lien U.K. nonconforming residential
mortgages. Charter Court Financial Services has originated the
loans since March 2013, under its trading name, Precise
Mortgages. The initial pool's weighted-average seasoning is 3.57
months.

Of the pool, 13.61% of loans are to borrowers with previous
county court judgments.  Buy-to-let loans comprise 34.88% of the
pool. The portfolio's weighted-average current indexed loan-to-
value ratio is 70.15% (according to S&P's methodology), with
36.07% of the properties located in the South East, including
London.

The class A to E notes' interest rates are equal to three-month
British pound sterling LIBOR, plus a class-specific margin with a
step-up margin after the optional redemption date.

The initial pool contains loans that are currently fixed rate
(72.41%) and floating rate (27.59%), both linked to either the
Bank of England base rate (BBR) or LIBOR.  As the notes' interest
is based on an index of three-month sterling LIBOR, the
transaction is subject to basis risk and interest rate mismatch.
All loans have an interest rate reversionary date before December
2018, where the majority (82.56%) revert to a LIBOR-linked
interest rate and the remaining (17.44%) are linked to the BBR.
At closing, the issuer entered into an interest rate swap that
hedges the interest rate mismatch attached to the fixed-rate
loans.  For the loans linked to the BBR, we applied a basis
stress using historical differences between the index paid on the
BBR-linked assets and the liabilities' index.  The floating-rate
LIBOR-linked mortgages reset on the same day as the notes.
Therefore, these loans are not subject to basis risk.

S&P's ratings reflect its assessment of the transaction's payment
structure, cash flow mechanics, prefunding conditions, and the
results of its cash flow analysis to assess whether the notes
would be repaid under stress test scenarios.  Subordination and
the rated note reserve fund provide credit enhancement to the
notes that are senior to the unrated class Z notes.  Taking these
factors into account, S&P considers the available credit
enhancement for the rated notes to be commensurate with the
ratings that S&P has assigned.  S&P has also considered if a
further portfolio is not bought by the issuer where the
prefunding amount is used to redeem notes.

RATINGS LIST

Precise Mortgage Funding No. 1 PLC
GBP169.1 Residential Mortgage-Backed Floating-Rate Notes
and Unrated Notes

Class          Rating            Amount
                               (mil. GBP)

A              AAA (sf)           134.5
B              AA (sf)              6.5
C              AA- (sf)             6.5
D              BBB (sf)            10.4
E              BB+ (sf)             3.0
Z              NR                   2.9
Subordinated   NR                   5.3

NR-Not rated.


RIVERSFORD HOTEL: Enters Administration as Costs & Bills Rise
-------------------------------------------------------------
North Devon Journal reports that the Riversford Hotel and
Riversview Restaurant has officially closed after going into
administration.  The report relates that the Riversford Hotel and
Riversview Restaurant was forced to shut down on Dec. 2.

Manager Nigel Jarrad, who has run the hotel with his brother for
the last 20 years, confirmed the hotel was "officially closed for
good", the report discloses.

"I'm currently winding the business up and sorting out all the
reservations we had for Christmas and the New Year," Mr. Jarrad
said, the report relates.

The report notes that Mr. Jarrad blamed rising costs and bills as
the reason for the hotel's demise.

The Victorian hotel is expected to go on the market very soon,
the report adds.

The Riversford Hotel and Riversview Restaurant, situated in
Limers Lane, is a popular family-run hotel in Northam.



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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                            *********

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

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

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

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


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *