TCREUR_Public/091124.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, November 24, 2009, Vol. 10, No. 232

                            Headlines

A U S T R I A

ARTIFICIUM GMBH: Claims Filing Deadline is December 1
BAUMEISTER ING: Claims Filing Deadline is December 1
MAIR REINHARD: Claims Filing Deadline is December 1
SMILJANIC GMBH: Claims Filing Deadline is December 1
VIENNA INTERNATIONAL: Claims Filing Deadline is December 1


B E L G I U M

KBC GROUP: S&P Raises Rating on Hybrid Instruments to 'B+'


F R A N C E

PEUGEOT CITROEN: Offers Bank 1.75 Percentage-Point Margin for Loan


G E R M A N Y

ARCANDOR AG: Franken Buys Kuechen-QUELLE; 15 Jobs Secured
LANDESBANK BERLIN: Moody's Assigns Long-Term Ratings on Bonds
WILHELM KARMANN: VW to Buy Assets to Launch New Vehicle Project

* GERMANY: Companies Seek Changes to Insolvency Law


G R E E C E

WIND HELLAS: Subordinated Note Holders Sweeten Takeover Bid


I C E L A N D

GLITNIR BANKI: Moody's Withdraws 'C' Long-Term Deposit Ratings
RMF EURO: Moody's Downgrades Rating on Class V Notes to 'B3'


I T A L Y

CIRENE FINANCE: S&P Affirms 'BB' Rating on Class E Notes
FIAT SPA: Unions Mull Protests Over Possible Plant Shutdown


K A Z A K H S T A N

ACB STROY: Creditors Must File Claims by December 2
BTA BANK: Demands Borrowers to Repay Loans Ahead of Schedule
EKIBASTUZSKAYA TEPLOTSENTRAL: Creditors Must File Claims by Dec. 2
KORGALJYN STROY: Creditors Must File Claims by December 2
KZ GAMES: Creditors Must File Claims by December 2

MEDEO CONSTRUCTION: Creditors Must File Claims by December 2
ORAZ 2000: Creditors Must File Claims by December 2
REM STROY-2006: Creditors Must File Claims by December 2
STAR STROY: Creditors Must File Claims by December 2
TECH PROM: Creditors Must File Claims by December 2

TRANS INFO: Creditors Must File Claims by December 2


K Y R G Y Z S T A N

SHAMSHAR: Creditors Must File Claims by December 16


L U X E M B O U R G

GELDILUX-TS-2009 SA: Moody's Withdraws Ba2 Rating on Class D Notes
KEYDATA INVESTMENT: Lifemark Calls In Provisional Administrator


N E T H E R L A N D S

ALCENTRA LIMITED: Fitch Takes Various Rating Actions on Four CLOs
BDR THERMEA: S&P Assigns 'BB-' Long-Term Corporate Credit Rating
HIGHLANDER EURO: Moody's Junks Ratings on Five Classes of Notes
LYONDELL CHEMICAL: Reliance Offers to Acquire Controlling Stake


R U S S I A

CFC BANK: Fitch Corrects Press Release; Withdraws All Ratings
RAIL LEASING: Fitch Affirms Issuer Default Rating at 'RD'


S P A I N

BBVA-HIPOTECARIO 3: Fitch Affirms 'BB' Rating on Class C Notes
FONDO DE TITULIZACION: Moody's Junks Rating on Class C Notes
PYME VALENCIA: Fitch Junks Ratings on Two Classes of Notes


S W I T Z E R L A N D

B.E.C.K. ERBEN: Claims Filing Deadline is November 30
CAPREA GMBH: Claims Filing Deadline is November 30
DELAGRO AG: Claims Filing Deadline is November 30
FRISCHMARKT ALTSTADT: Claims Filing Deadline is November 30
GLATREFI AG: Claims Filing Deadline is November 30

H.R. SCHAER: Claims Filing Deadline is November 27
STEINHALDEN AG: Claims Filing Deadline is November 30
STUDER FEUERUNGSTECHNIK: Claims Filing Deadline is November 30
TOMBAK GMBH: Claims Filing Deadline is November 30
TRAVELART AG: Claims Filing Deadline is November 30


U N I T E D   K I N G D O M

AVEBURY FINANCE: S&P Downgrades Ratings on Various Notes to 'D'
BORDERS UK: On the Verge of Administration
FIRST QUENCH: KPMG to Close 381 Stores; 1,908 Jobs Affected
TUBE LINES: S&P Gives Negative Outlook; Affirms 'BB' Rating


X X X X X X X X

* Large Companies with Insolvent Balance Sheet


                         *********



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


ARTIFICIUM GMBH: Claims Filing Deadline is December 1
-----------------------------------------------------
Creditors of Artificium GmbH have until December 1, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for December 15, 2009 at 10:00 a.m.

For further information, contact the company's administrator:

         Dr. Felix Stortecky
         Schulerstrasse 18/II/8
         1010 Vienna
         Austria
         Tel: 513 88 37
         Fax: 513 88 37-37
         E-mail: office@stortecky.at


BAUMEISTER ING: Claims Filing Deadline is December 1
----------------------------------------------------
Creditors of Baumeister Ing. Rudolf Glanzer GmbH have until
December 1, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for December 15, 2009 at 9:30 a.m.

For further information, contact the company's administrator:

         Mag. Norbert Abel
         Franz Josefs-Kai 49/19
         1010 Vienna
         Austria
         Tel: 533 52 72
         Fax: 533 52 72 15
         E-mail: office@abel-abel.at


MAIR REINHARD: Claims Filing Deadline is December 1
---------------------------------------------------
Creditors of Mair Reinhard Bau KG have until December 1, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for December 15, 2009 at 13:45 p.m.

For further information, contact the company's administrator:

         Dr. Hans Rant
         Seilerstaette 5
         1010 Vienna
         Austria
         Tel: 513 31 65
         Fax: 512 20 01
         E-mail: ra-kanzlei@rant-freyler.at


SMILJANIC GMBH: Claims Filing Deadline is December 1
----------------------------------------------------
Creditors of Smiljanic GmbH have until December 1, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for December 15, 2009 at 13:15 p.m.

For further information, contact the company's administrator:

         Dr. Stefan Langer
         Oelzeltgasse 4
         1030 Vienna
         Austria
         Tel: 713 61 92
         Fax: 713 61 92 22
         E-mail: kanzlei@kosesnik-langer.at


VIENNA INTERNATIONAL: Claims Filing Deadline is December 1
----------------------------------------------------------
Creditors of Vienna International Exchange GmbH have until
December 1, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for December 15, 2009 at 10:55 a.m.

For further information, contact the company's administrator:

         Dr. Johannes Jaksch
         Landstrasser Hauptstrasse 1/2
         1030 Vienna
         Tel: 713 44 33, 713 34 05
         Fax: 713 10 33
         E-mail: kanzlei@jsr.at


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


KBC GROUP: S&P Raises Rating on Hybrid Instruments to 'B+'
----------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'A-/A-2' counterparty credit ratings on KBC Group N.V., its 'A/A-
1' counterparty credit ratings on KBC Bank N.V. and its 'A'
insurer financial strength rating on KBC Insurance N.V. S&P also
raised its debt ratings on the group's hybrid capital instruments
to 'B+' from 'CCC', or from 'C' for the remaining securities that
were subject to a distressed debt exchange in October 2009.  The
outlook on all ratings remains stable.

"The rating affirmation follows the European Commission's approval
of the state aid packages and accompanying restructuring plan for
KBC and is based on S&P's view that the restructuring plan leaves
intact the core KBC Bank and KBC Insurance operations in Belgian
retail, Belgian corporate banking, Czech Republic, Slovakia,
Poland, Hungary, and Bulgaria, which contributed over 80% of group
underlying net profit in the first nine months of 2009," said
Standard & Poor's credit analyst Taos Fudji.

"The upgrade on the hybrid ratings reflects S&P's opinion of a
reduced risk of coupon deferral, based on exceptions to deferral
allowed by the EC and an improvement in earnings generation
capacity," said Mr. Fudji.

The stable outlook reflects S&P's belief that capital and
guarantee support measures from the Belgian authorities are likely
to mitigate further pressure on the KBC group's credit profile.

The current ratings factor in the potential for new loan loss
provisions to exceed 1% of average outstanding loans in 2009 and
for the KBC group to be marginally profitable, excluding the
losses related to CDOs.

Negative pressure on the ratings would arise in the unlikely case
that the KBC group's stand-alone financial profile were to
deteriorate to the point that support from Belgian authorities
would not be sufficient to maintain regulatory banking capital
ratios and an insurance solvency ratio in line with current pro
forma levels.

S&P currently considers an upgrade as remote in coming quarters,
due to the asset quality pressure from the negative economic
outlook in Central Europe and Russia and the challenges facing the
KBC group's profitability in this environment.


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F R A N C E
===========


PEUGEOT CITROEN: Offers Bank 1.75 Percentage-Point Margin for Loan
------------------------------------------------------------------
PSA Peugeot Citroen is offering banks interest of 1.75 percentage
points more than benchmark rates to contribute to its
EUR1.3-billion (US$1.9 billion) credit line, Abigail Moses and
Patricia Kuo at Bloomberg News report, citing two people familiar
with the deal.

According to Bloomberg, Peugeot is raising the money through
Banque PSA Finance, its sales-financing unit.

Bloomberg reltes the people said the company hired seven banks to
arrange the 3 1/2-year revolving-credit facility.

PSA Peugeot Citroen S.A. -- http://www.psa-peugeot-citroen.com/--
is a France-based manufacturer of passenger cars and light
commercial vehicles.  It produces vehicles under the Peugeot and
Citroen brands.  In addition to its automobile division, the
Company includes Banque PSA Finance, which supports the sale of
Peugeot and Citroen vehicles by financing new vehicle and
replacement parts inventory for dealers and offering financing and
related services to car buyers; Faurecia, an automotive equipment
manufacturer focused on four component families: seats, vehicle
interior, front end and exhaust systems; Gefco, which offers
logistics services covering the entire supply chain, including
overland, sea and air transport, industrial logistics, container
management, vehicle preparation and distribution, and customs and
value added tax (VAT) representation, and Peugeot Motocycles,
which manufactures scooters and motorcycles.  In 2008, PSA Peugeot
Citroen S.A. sold over 3.2 million vehicles in 150 countries
worldwide.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Aug. 10,
2009, Standard & Poor's Ratings Services lowered its long- and
short-term corporate credit ratings on Peugeot to 'BB+/B' from
'BBB-/A-3'.  S&P said the outlook is negative.  The ratings were
removed from CreditWatch, where they had been placed with negative
implications on June 25, 2009.  "The downgrade reflects S&P's
expectations that Peugeot's profitability and financial profile
will deteriorate significantly owing to the prolonged weakness in
European auto demand, which S&P now anticipate will persist in
2010 in contrast to S&P's previous assumption of a market recovery
that was a factor in S&P's previous ratings," said Standard &
Poor's credit analyst Barbara Castellano.


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


ARCANDOR AG: Franken Buys Kuechen-QUELLE; 15 Jobs Secured
---------------------------------------------------------
Mike Gavin at Bloomberg News reports that Arcandor AG's insolvency
administrator said the investor group "Franken," involving
businessmen Alexander Fackelmann and Hannes Streng, is acquiring
Kuechen-QUELLE.

According to Bloomberg, the administrator said in an e-mailed
statement Friday the deal will secure 15 jobs.

                        About Arcandor AG

Germany-based Arcandor AG (FRA:ARO) -- http://www.arcandor.com/--
formerly KarstadtQuelle AG, is a tourism and retail group.  Its
three core business areas are tourism, mail order services and
department store retail.  The Company's business areas are covered
by its three operating segments: Thomas Cook, Primondo and
Karstadt.  Thomas Cook Group plc is a tour operator with
operations in Europe and North America, set up as a result of a
merger between MyTravel and Thomas Cook AG.  It also operates the
e-commerce platform, Thomas Cook, supporting travel services.
Primondo has a portfolio of European universal and specialty mail
order companies, including the core brand Quelle.  Karstadt
operates a range of department stores, such as cosmopolitan
stores, including KaDeWe (Kaufhaus des Westens), Karstadt
Oberpollinger and Alsterhaus; Karstadt brand department stores;
Karstadt sports department stores, offering sports goods in a
variety of retail outlets, and a portal, karstadt.de that offers
online shopping, among others.

On Sept. 2, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that a local court in Essen formally
opened insolvency proceedings for the Arcandor on Sept. 1.
Bloomberg disclosed the proceedings started for the Arcandor
holding company and for 14 units, including the Karstadt
department-store chain and Primondo mail-order division.

As reported in the Troubled Company Reporter-Europe, on June 9,
2009, Arcandor filed for bankruptcy protection after the German
government turned down its request for loan guarantees.  On
June 8, 2009, the government rejected two applications for help by
the company, which employs 43,000 people.  The retailer sought
loan guarantees of EUR650 million (US$904 million) from Germany's
Economy Fund program.  It also sought a further EUR437 million
from a state-owned bank.


LANDESBANK BERLIN: Moody's Assigns Long-Term Ratings on Bonds
-------------------------------------------------------------
Moody's Investors Service has assigned this definitive long-term
rating to the third series of mortgage covered bonds issued by
Landesbank Berlin AG (A1/Prime-1/D+) under its Daheim Nr.  1
covered bond program:

  -- EUR40 million Series 3 due November 2016 assigned Aaa

This covered bond programme was established in Germany under
general German law, unlike other German covered bonds which rely
on specific legislation (the Pfandbrief Act).

Series 3 is backed by a secured loan granted to a German savings
bank (the borrower; undisclosed by the issuer) --following the
"Funding Alternative"under the programme.  This loan is in turn
backed by a residential mortgage loan portfolio that was
originated by the borrower.

The covered bond investors benefit from both the credit strength
of LBB and the rights of security in respect of the cover pool.
The cover pool is supported by:

    i) Direct recourse to the borrower through the pledge of a
       secured loan for the benefit of the noteholders; and

   ii) If the borrower fails to meet its obligations under the
       secured loan agreement, a pool of residential loans
       originated by the borrower.

The programme has been structured using techniques designed to
ensure that the cover pool is ring-fenced in the event of issuer
insolvency.  The programme has been established under general
German law.  However, the issuer has incorporated a number of
credit enhancement techniques in this programme, which has enabled
it to create a covered bond that has similar characteristics to
covered bonds backed by a specific legal framework.

The structural features included in Series 3, which mitigate
credit risks found in many covered bonds that rely on specific
covered bond legislation include a built-in extension to the
maturity of the notes (thus mitigating refinancing risk) and the
matched maturities of the pledged secured loan and the notes (thus
mitigating market and refinancing risks).

Moody's has assigned a Timely Payment Indicator of "Probable" to
the covered bonds.

As is the case with other covered bonds, Moody's considers the
transaction to be linked to the credit strength of the Issuer,
particularly from a default probability perspective.  If the
issuer's credit strength deteriorates, all other things being
equal the rating of the covered bonds could be expected to come
under pressure.

If the issuer's rating or the pool quality deteriorates, the
issuer has the ability, but not the obligation, to increase the
over-collateralization in the cover pool.  Failure to increase the
level of over-collateralization under these circumstances could
lead to negative rating actions.

The rating assigned by Moody's addresses the expected loss posed
to investors.  Moody's ratings address only the credit risks
associated with the transaction.  Other non-credit risks have not
been addressed, but may have a significant effect on yield to
investors.


WILHELM KARMANN: VW to Buy Assets to Launch New Vehicle Project
---------------------------------------------------------------
Daniel Schafer at The Financial Times reports that Volkswagen AG
on Friday said it would buy land, machinery and equipment from
Wilhelm Karmann GmbH.

According to the FT, VW plans to establish a new Volkswagen car
manufacturing subsidiary in Osnabrueck, Karmann's hometown, to
launch a new niche vehicle project there in 2011.

As reported by the Troubled Company Reporter-Europe on Nov. 3,
2009, Bloomberg News said VW was considering buying assets of
Karmann instead of a complete takeover.  Bloomberg disclosed
Karmann filed for bankruptcy protection in April as the worst
slump in automotive markets for decades left the manufacturer
unable to pay workers.

Headquartered in Osnabrueck, Wilhelm Karmann GmbH --
http://www.karmann.com/-- is the largest independent motor
vehicle manufacturing company in Germany.


* GERMANY: Companies Seek Changes to Insolvency Law
---------------------------------------------------
Andreas Cremer at Bloomberg News reports that Handelsblatt, citing
the DIHK chambers of industry and commerce, said German companies
are proposing changes to the country's insolvency law as current
rules provide insufficient aid to bankrupt businesses and
creditors.

According to Bloomberg, the newspaper said new bankruptcy laws
should give creditors more influence on choosing liquidators and
ensure that restructuring efforts help preserve insolvent
companies.


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


WIND HELLAS: Subordinated Note Holders Sweeten Takeover Bid
-----------------------------------------------------------
Martin Arnold at The Financial Times reports that holders of
EUR1.2 billion of Wind Hellas's subordinated notes have sweetened
their offer to write off much of their debt in exchange for taking
over the company, which has EUR3.2 billion of debt.

According to the FT, their revised offer would make EUR200 million
of fully committed equity funding available for the company via an
escrow account, with EUR100 million to be drawn immediately and
the rest available as needed by the company.

The subordinated note holders are also offering to acquire Wind
Hellas's EUR250 million fully drawn revolving credit facility
and to increase the fees and margins paid to senior lenders above
the level offered by Weather Investments, whose restructuring
offer, which secured the support of more than half of Wind
Hellas's senior lenders, would wipe out about EUR1.5 billion of
the company's subordinated debt.

"Our new and binding bid is worth EUR450 million for Hellas and
shows our strong commitment to the company," the FT quoted a
spokesman for the bondholders, as saying.  "This bid cannot be
dismissed; it is patently in the best interests of all creditors
and of the company."

The fate of Wind Hellas will be determined by the High Court on
Thursday, the FT notes.

Headquartered in Athens, WIND Hellas Telecommunications S.A. --
http://www.wind.com.gr/-- is part of Weather Investments, a
global telecommunication group controlled by the Sawiris family
and Naguib Sawiris.  Weather also owns Wind Telecommunicazioni
spa, the third largest mobile operator and second largest fixed
line operator in Italy as well as a 50% plus one share of Orascom
Telecom Holding S.A.E.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 19,
2009, Standard & Poor's Ratings Services said it lowered its long-
term corporate credit rating on Greek mobile telecommunications
operator WIND Hellas Telecommunications S.A. and related entities
to 'SD' from 'CC'.


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I C E L A N D
=============


GLITNIR BANKI: Moody's Withdraws 'C' Long-Term Deposit Ratings
--------------------------------------------------------------
Moody's Investors Service has withdrawn all the ratings of Glitnir
banki hf, for business reasons.  This rating action does not
reflect a change in the bank's creditworthiness.

These ratings of Glitnir have been withdrawn:

  -- Long-term deposit rating of C
  -- Senior unsecured debt rating of C
  -- Subordinated debt rating of C
  -- Hybrid debt rating of C
  -- Short-term deposit and debt ratings of Not Prime
  -- Bank financial strength rating of E

Further, Glitnir cancelled its Covered Bond Programme on 2
November 2009.

Moody's last rating action on Glitnir was on 11 February 2009 when
it downgraded the bank's long-term deposit rating to C from Caa1
and senior debt ratings to C from Caa2, while affirming its E BFSR
and Not Prime short-term local and foreign currency deposit
ratings.  All the ratings carried a stable outlook.

Headquartered in Reykjavik, Iceland, Glitnir banki hf had total
assets recorded on its balance sheet of EUR11.527 billion at the
end of June 2009 (according to the 5 November 2009 update of the
Statement of Assets and Liabilities, prepared by Glitnir's
Moratorium Appointee).


RMF EURO: Moody's Downgrades Rating on Class V Notes to 'B3'
------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by RMF Euro CDO III PLC.

  -- EUR252,000,000 Class I Senior Secured Floating Rate Notes
     due 2021 (current balance of EUR 244,119,229.82), Downgraded
     to Aa2; previously on August 11, 2005 Assigned Aaa;

  -- EUR20,100,000 Class II Senior Secured Deferrable Rate Notes
     due 2021, Downgraded to A3; previously on March 4, 2009 Aa3
     Placed Under Review for Possible Downgrade;

  -- EUR14,700,000 Class III Deferrable Mezzanine Floating Rate
     Notes due 2021, Confirmed at Baa3; previously on March 19,
     2009 Downgraded to Baa3 and Remained On Review for Possible
     Downgrade;

  -- EUR23,300,000 Class IV Deferrable Mezzanine Floating Rate
     Notes due 2021, Downgraded to B1; previously on March 19,
     2009 Downgraded to Ba3 and Remained On Review for Possible
     Downgrade;

  -- EUR10,500,000 Class V Deferrable Mezzanine Floating Rate
     Notes due 2021 (current balance of EUR 11,354,321.21),
     Downgraded to B3; previously on March 19, 2009 Downgraded to
     B2 and Remained On Review for Possible Downgrade.

This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to predominantly European senior
secured loans, as well as approximately 18.6% mezzanine loan
exposure.

The rating actions reflect Moody's revised assumptions with
respect to default probability and the calculation of the
diversity score as described in the press release dated
February 4, 2009, titled "Moody's updates key assumptions for
rating CLOs."  These revised assumptions have been applied to all
corporate credits in the underlying portfolio, the revised
assumptions for the treatment of ratings on "Review for Possible
Downgrade", "Review for Possible Upgrade", or with a "Negative
Outlook" being applied to those corporate credits that are
publicly rated.

Moody's also notes that a material proportion of the collateral
pool consists of debt obligations whose credit quality has been
assessed through Moody's credit estimates.  As credit estimates do
not carry credit indicators such as ratings reviews and outlooks,
a stress of a quarter notch-equivalent assumed downgrade was
applied to each of these estimates.

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF' (currently 2973), and an increase in the proportion of
securities from issuers rated Caa1/CCC+ and below (currently 18.4%
of the portfolio).  These measures were taken from the recent
trustee report dated 30, October 2009.  Moody's also performed a
number of sensitivity analyses, including consideration of a
further decline in portfolio WARF quality.  Due to the impact of
all the aforementioned stresses, key model inputs used by Moody's
in its analysis, such as par, weighted average rating factor, and
weighted average recovery rate, may be different from trustee's
reported numbers.

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


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I T A L Y
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CIRENE FINANCE: S&P Affirms 'BB' Rating on Class E Notes
--------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on the class
B notes that Cirene Finance S.r.l. issued.  At the same time, S&P
affirmed and removed from CreditWatch negative its ratings on the
class D and E notes.  The ratings on class A and C remain
unaffected.

The rating actions follow S&P's review of the nonperforming loan
portfolio's performance, the residual portfolio composition and
connected collection prospects, and the structural deleveraging
recorded since closing.

The structural deleveraging of the transaction was the main factor
in the upgrade of the class B notes.  S&P also concluded that S&P
can affirm and remove from CreditWatch negative the outstanding
ratings on the junior tranches.

The rating actions also take into account S&P's assessment of the
current economic environment and the lower available liquidity for
residential and commercial real estate acquisitions, which could
lengthen the timing of collections and reduce recovery rates.

Cirene features a pass-through structure where the issuer uses all
cash remaining in the waterfall after the payment of the interest
on the rated notes to redeem the most senior outstanding tranches.
As of the latest interest payment date, the issuer has redeemed
around 47% of the original rated debt.

The open gross book value -- the original gross value of the
claims -- as of the latest IPD was about EUR155 million.  Since
closing, the servicer has recovered EUR43 million on the fully
closed positions (representing 55% of the total collections from
the transfer date).  The remaining recoveries are related to
partial collections on previously open positions.  By using the
average recovery rate recorded on fully closed positions (74.83%)
to extrapolate the GBV connected to partial collections, S&P
estimate that the adjusted open GBV would be about EUR110 million.
Advance rates (defined as rated debt over adjusted open GBV) have
improved significantly for classes A, B, and C since closing.

Over the past two semiannual collection periods gross collections
have been around EUR15.8 million, down from EUR22.8 million
recorded in the previous two collection periods.  Although part of
this drop may be due to the ongoing reduction of the active GBV,
S&P believes that the current economic environment may also have
contributed.

The underlying portfolio's composition has not changed
significantly since closing.  As it matures, the portfolio
continues to be skewed toward relatively recent defaults.  The
distribution by borrower type and the geographical concentration
of the outstanding GBV compared with the open GBV do not differ
significantly from the closing portfolio.

The collateral backing the transaction comprises a portfolio of
secured and unsecured NPLs that Banca Monte dei Paschi di Siena
SpA originated.  The outstanding portfolio largely comprises
positions secured by first-ranking mortgages on residential and
commercial/industrial properties.  About 20% of the open GBV
represents unsecured claims connected to secured positions
included in the portfolio.  The servicer is MPS Gestione Crediti
Banca SpA.

                          Ratings List

                      Cirene Finance S.r.l.
EUR79.50 Million Mortgage-Backed Floating-Rate Notes and EUR21.93
                Million Deferrable-Interest Notes

                          Rating Raised

                            Rating
                            ------
              Class       To                  From
              -----       --                  ----
              B           AA+                 AA

      Ratings Affirmed and Removed From CreditWatch Negative

                        Rating
                        ------
          Class       To                  From
          -----       --                  ----
          D           BBB                 BBB/Watch Neg
          E           BB                  BB/Watch Neg


FIAT SPA: Unions Mull Protests Over Possible Plant Shutdown
-----------------------------------------------------------
Chiara Remondini at Bloomberg News, citing daily la Reppublica,
reports that Fiat SpA's labor unions plan to stage protests
against the possible shutdown of factories in Italy.

Bloomberg relates Enzo Masini, leader of the Fiom-Cgil union, as
cited by the newspaper, said "The closure of plants in Italy would
be a disaster."

Bloomberg, citing the daily, discloses Fiat Chief Executive
Officer Sergio Marchionne aid Nov. 20 that in Italy there are six
factories whose output is equivalent to that of a single plant in
Brazil.

                          About Fiat SpA

Headquartered in Turin, Italy, Fiat SpA (BIT:F) --
http://www.fiatgroup.com/-- is principally engaged in the design,
manufacture and sale of automobiles, trucks, wheel loaders,
excavators, telehandlers, tractors and combine harvesters.
Through its subsidiaries, Fiat operates mainly in five business
areas: Automobiles, including sectors led by Maserati SpA, Ferrari
SpA and Fiat Group Automobiles SpA, which design, produce and sell
cars under the Fiat, Alfa Romeo, Lancia, Fiat Professional,
Abarth, Ferrari and Maserati brands; Agricultural and Construction
Equipment, which is led by Case New Holland Global NV; Trucks and
Commercial Vehicles, which is led by Iveco SpA; Components and
Production Systems, which includes the sectors led by Magneti
Marelli Holding SpA, Teksid SpA, Comau SpA and Fiat Powertrain
Technologies SpA, and Other Businesses, which includes the sectors
led by Fiat Services SpA, a publishing house Editrice La Stampa
SpA and an advertising agency Publikompass SpA.  With operations
in over 190 countries, the Group has 203 plants, 118 research
centers, 633 companies and more than 198,000 employees.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on
June 16, 2009, Standard & Poor's Ratings Services said that its
'BB+' long-term corporate credit rating on Italian industrial
group Fiat SpA remains on CreditWatch with negative implications,
where it was placed on Jan. 22, 2009.  At the same time, the 'B'
short-term corporate credit rating was affirmed.


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


ACB STROY: Creditors Must File Claims by December 2
---------------------------------------------------
Creditors of LLP Acb Stroy Energo Montage have until December 2,
2009, to submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Aktobe
         Satpaev Str. 16
         Aktobe
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
July 31, 2009.


BTA BANK: Demands Borrowers to Repay Loans Ahead of Schedule
------------------------------------------------------------
Nariman Gizitdinov at Bloomberg News reports that BTA Bank has
asked borrowers to repay billions of dollars ahead of schedule as
it struggles to collect on loans made by previous management.

According to Bloomberg, First Deputy Chief Executive Officer
Nikolai Varenko said BTA called in more than US$4 billion of
loans, including the requests for early payment, as of Oct. 1.

"We demanded borrowers pay multibillions of loans ahead of
schedule," Bloomberg quoted Mr. Varenko as saying in an interview
in Almaty, Kazakhstan.  "We demand early repayment in cases where
the bank management views on-time repayment as problematic."

Bloomberg recalls Kazakh prosecutors issued arrest warrants for
former BTA Chairman Mukhtar Ablyazov and former CEO Roman
Solodchenko in March on suspicion that they embezzled money and
laundered it through loans to fictitious companies.

As reported by the Troubled Company Reporter-Europe on Oct. 27,
2009, Bloomberg News said a court in Kazakhstan accepted a BTA's
"lenders debt-restructuring application."  Bloomberg disclosed
Kazakhstan's financial regulator set a Dec. 7 deadline for the
bank to reach an agreement with creditors.

BTA Bank AO (BTA Bank JSC), formerly Bank TuranAlem AO --
http://bta.kz/-- is a Kazakhstan-based financial institution,
which is involved in the provision of banking and financial
products for private and corporate clients.  The Bank has in its
offer personal banking services, comprised of current accounts,
savings accounts, term deposits, safety deposit boxes, money
transfer services, credit facilities, and corporate banking
services, including business accounts, credit facilities, treasury
services, letters of guarantee, letters of credit, foreign
exchange services, remittances and other solutions, as well as
debt and credit cards, card services and electronic banking
services.  The Bank has 14 subsidiaries and six affiliated
companies.  It offers its services through a network of numerous
regional branches, cash settlement centers throughout Kazakhstan
and international representative offices located in Ukraine,
Russia, China and the United Arab Emirates.


EKIBASTUZSKAYA TEPLOTSENTRAL: Creditors Must File Claims by Dec. 2
------------------------------------------------------------------
Creditors of LLP Ekibastuzskaya Teplotsentral have until December
2, 2009, to submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Djambulskaya Str. 6
         Pavlodar
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
September 11, 2009.


KORGALJYN STROY: Creditors Must File Claims by December 2
---------------------------------------------------------
Creditors of LLP Korgaljyn Stroy Service have until December 2,
2009, to submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Tynybaev Str. 42
         Shymkent
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
September 18, 2009.


KZ GAMES: Creditors Must File Claims by December 2
--------------------------------------------------
Creditors of Kz Games have until December 2, 2009, to submit
proofs of claim to:

         Kurmanagazy Str. 67-16
         Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on June 10, 2009, after
finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Baizakov Str. 273b
         Almaty
         Kazakhstan


MEDEO CONSTRUCTION: Creditors Must File Claims by December 2
------------------------------------------------------------
LLP Medeo Construction Ltd. is currently undergoing liquidation.
Creditors have until December 2, 2009, to submit proofs of claim
to:

         Dostyk Ave. 87v
         Almaty
         Kazakhstan


ORAZ 2000: Creditors Must File Claims by December 2
---------------------------------------------------
Creditors of Oraz 2000 have until December 2, 2009, to submit
proofs of claim to:

         Kurmanagazy Str. 67-16
         Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on June 10, 2009, after
finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Baizakov Str. 273b
         Almaty
         Kazakhstan


REM STROY-2006: Creditors Must File Claims by December 2
--------------------------------------------------------
Representation of LLP Rem Stroy-2006 is currently undergoing
liquidation.  Creditors have until December 2, 2009, to submit
proofs of claim to:

         Tokaev Str. 7/A
         Talgarsky District
         Talgar
         Kazakhstan


STAR STROY: Creditors Must File Claims by December 2
----------------------------------------------------
Creditors of LLP Star Stroy Kz have until December 2, 2009, to
submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Tynybaev Str. 42
         Shymkent
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
September 18, 2009.


TECH PROM: Creditors Must File Claims by December 2
---------------------------------------------------
Representation of LLP Tech Prom Impex is currently undergoing
liquidation.  Creditors have until December 2, 2009, to submit
proofs of claim to:

         Satpaev Str. 90
         Bostandyksky District
         050046 Almaty
         Kazakhstan


TRANS INFO: Creditors Must File Claims by December 2
----------------------------------------------------
Representation of LLP Trans Info Service is currently undergoing
liquidation.  Creditors have until December 2, 2009, to submit
proofs of claim to:

         Jeltoksan Str. 36-62
         Almaty
         Kazakhstan


===================
K Y R G Y Z S T A N
===================


SHAMSHAR: Creditors Must File Claims by December 16
---------------------------------------------------
Manufacturing-Commercial Firm Shamshar is currently undergoing
liquidation.  Creditors have until December 16, 2009, to submit
proofs of claim:

Inquires can be addressed to (+996 312) 63-22-51


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


GELDILUX-TS-2009 SA: Moody's Withdraws Ba2 Rating on Class D Notes
------------------------------------------------------------------
Moody's Investors Service has withdrawn these ratings of the notes
issued by Geldilux-TS-2009 S.A.:

  -- EUR12,000,000 (initial balance) Secured Floating Rate
     Liquidity Notes due 2012, previously on 23 April 2009,
     assigned Aaa

  -- EUR952,000,000 (initial balance) Class A Secured Floating
     Rate Notes due 2014, previously on 23 April 2009, assigned
     Aaa

  -- EUR10,000,000 (initial balance) Class B Secured Floating Rate
     Notes due 2014, previously on 23 April 2009, assigned A2

  -- EUR10,000,000 (initial balance) Class C Secured Floating Rate
     Notes due 2014, previously on 23 April 2009, assigned Baa2

  -- EUR10,000,000 (initial balance) Class D Secured Floating Rate
     Notes due 2014, previously on 23 April 2009, assigned Ba2

The Class E secured floating rate notes, which are not rated by
Moody's, remain partially outstanding.

The withdrawal of the ratings follows the full redemption at par
at the payment date on 9 November 2009.  This early redemption
followed an amortization notice sent to noteholders on 2 November
2009.


KEYDATA INVESTMENT: Lifemark Calls In Provisional Administrator
---------------------------------------------------------------
Caroline Binham and Stephanie Bodoni at Bloomberg News report that
Lifemark SA, a Luxembourg-based investment vehicle that issued
bonds sold by insolvent Keydata Investment Services Ltd., named
KPMG Advisory Sarl as a provisional administrator.

According to Bloomberg, the Commission de Surveillance du Secteur
Financier said in a statement the decision isn't part of a
bankruptcy procedure.  Bloomberg relates Luxembourg's CSSF said
KPMG's Eric Collard will work with Lifemark's board to resolve the
company's "current problems."

Under Luxembourg law, a provisional administrator is an interim
measure the CSSF can take while investigating a company for
regulatory irregularities, Bloomberg discloses.

As reported by the Troubled Company Reporter-Europe, Dan
Schwarzmann and Mark Batten of PricewaterhouseCoopers LLP were
appointed joint administrators of Keydata on June 8, 2009.  The
appointment was made based on an application to court by the
Financial Services Authority on insolvency grounds.

Keydata Investment Services Ltd. designs, distributes and
administers structured investment products.  Keydata operates from
three locations, being London, Glasgow and Reading and administers
its own products as well as portfolios for third parties.


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


ALCENTRA LIMITED: Fitch Takes Various Rating Actions on Four CLOs
-----------------------------------------------------------------
Fitch Ratings has taken various rating actions on four
collateralized loan obligations of leveraged loans managed by
Alcentra Limited.

The rating actions resolve the Rating Watch Negative status
assigned in August 2009 following a recent clustering of defaults
which have been compounded by continued negative rating migration
in the European leveraged loan market.  The rating actions are:

Jubilee CDO II

  -- EUR296.5m Class A-1 (XS0150181278) affirmed at 'AAA'; Outlook
     Stable; assigned Loss Severity Rating 'LS-1'

  -- EUR2.96m Class A-2 (XS0150183647) affirmed at 'AAA'; Outlook
     Stable; assigned 'LS-1'

  -- EUR36m Class AX (XS0150194768) affirmed at 'AAA'; Outlook
     Stable; assigned 'LS-3'

  -- EUR45.8m Class B-1 (XS0150204740) affirmed at 'A'; removed
     from RWN; assigned Outlook Negative; assigned 'LS-3'

  -- EUR7.5m Class B-2 (XS0150210127) affirmed at 'A'; removed
     from RWN; assigned Outlook Negative; assigned 'LS-3'

  -- EUR15m Class C-1 (XS0150212503) downgraded to 'BB' from
     'BBB'; removed from RWN; assigned Outlook Negative; assigned
     'LS-4'

  -- EUR5m Class C-2 (XS0150215860) downgraded to 'BB' from 'BBB';
     removed from RWN; assigned Outlook Negative; assigned 'LS-4'

  -- EUR11.25m Class C-3 (XS0150224003) downgraded to 'BB' from
     'BBB'; removed from RWN; assigned Outlook Negative; assigned
     'LS-4'

  -- EUR6.55m Class D (XS0150227790) downgraded to 'B' from 'BB';
     removed from RWN; assigned Outlook Negative; assigned 'LS-5'

  -- EUR2.96m Class P combination notes (XS0150236437) affirmed at
     'AAA'; Outlook Stable

  -- EUR5m Class Q combination notes (XS0150237328) downgraded to
     'BB' from 'BBB'; removed from RWN; assigned Outlook Negative

  -- EUR6.8m Class R combination notes (XS0150238219) affirmed at
     'A'; removed from RWN; assigned Outlook Negative

  -- EUR11.25m Class S combination notes (XS0150238649) downgraded
     to 'BB' from 'BBB'; removed from RWN; assigned Outlook
     Negative

Jubilee CDO VIII(Jubilee VIII)

  -- EUR238.7m Class A-1 (XS0331559640) affirmed at 'AAA'; Outlook
     Stable; assigned 'LS-2'

  -- EUR24m Class A-2 (XS0331560572) affirmed at 'AAA'; Outlook
     Stable; assigned 'LS-4'

  -- EUR42 Class B (XS0331560655) downgraded to 'A' from 'AA';
     Outlook Negative; assigned 'LS-4'

  -- EUR20m Class C (XS0331560903) downgraded to 'BBB' from 'A';
     removed from RWN; assigned Outlook Negative; assigned 'LS-5'

  -- EUR18m Class D (XS0331561208) downgraded to 'BB' from 'BBB';
     removed from RWN; assigned Outlook Negative; assigned 'LS-5'

  -- EUR16m Class E (XS0331561463) downgraded to 'B' from 'BB';
     removed from RWN; assigned Outlook Negative; assigned 'LS-5'

Wood Street CLO V(Wood Street V)

  -- EUR29.8m Class A-T (US978639AM42) affirmed at 'AAA'; Outlook
     Stable; assigned 'LS-2'

  -- EUR166.9m Class A-D (XS0305963588) affirmed at 'AAA'; Outlook
     Stable; assigned 'LS-2'

  -- EUR99.4m Class A-R affirmed at 'AAA'; Outlook Stable;
     assigned 'LS-2'

  -- EUR40m Class A-2 (XS0305963745) affirmed at 'AAA'; Outlook
     Stable; assigned 'LS-4'

  -- EUR40m Class B (XS0305963828) downgraded to 'A' from 'AA';
     Outlook Negative; assigned 'LS-4'

  -- EUR20m Class C-1 (XS0305964123) downgraded to 'BBB' from 'A';
     removed from RWN; assigned Outlook Negative; assigned 'LS-4'

  -- EUR10m Class C-2 (XS0305964396) downgraded to 'BBB' from 'A';
     ; removed from RWN; assigned Outlook Negative; assigned 'LS-
     4'

  -- EUR26m Class D (XS0305964800) downgraded to 'BB' from 'BBB';
     removed from RWN; assigned Outlook Negative; assigned 'LS-4'

  -- EUR15m Class E-1 (XS0305965286) downgraded to 'B' from 'BB';
     removed from RWN; assigned Outlook Negative; assigned 'LS-5'

  -- EUR5m Class E-2 (XS0305965799) downgraded to 'B' from 'BB';
     removed from RWN; assigned Outlook Negative; assigned 'LS-5'

Wood Street CLO VI(Wood Street VI)

  -- EUR 207.1m Class A-1 (XS0315358084) affirmed at 'AAA';
     Outlook Stable; assigned 'LS-2'

  -- EUR15m Class A-2 (XS0315362433) affirmed at 'AAA'; Outlook
     Stable; assigned 'LS-4'

  -- EUR23.7m Class B (XS0315364991) affirmed at 'AA'; Outlook
     Stable; assigned 'LS-4'

  -- EUR18.4m Class C (XS0315365451) affirmed at 'A'; removed from
     RWN assigned Outlook Stable; assigned 'LS-4'

  -- EUR15.5m Class D (XS0315365618) affirmed at 'BBB'; removed
     from RWN assigned Outlook Negative; assigned 'LS-4'

  -- EUR13.2m Class E (XS0315366186) downgraded to 'B' from 'BB';
     removed from RWN assigned Outlook Negative; assigned 'LS-5'

The rating actions reflect the recent leveraged loan defaults and
increasing 'CCC'-rated asset exposure in the portfolios.  Fitch
employed its global rating criteria for corporate CDOs to analyze
the quality of the underlying assets.  In accordance with the
agency's cash flow analysis criteria, Fitch also modelled the
transactions' priority of payments including relevant structural
features such as the excess spread-trapping mechanism and coverage
tests.  Although some credit protection remains for the downgraded
notes, Fitch's long term outlook remains negative.  The
performance of the downgraded tranches is highly dependent on
portfolio recovery prospects.  The Negative Outlooks reflect
Fitch's long-term view of the increased likelihood of downgrades
driven by lower-than-expected recoveries.

Jubilee II is the only one of these four Alcentra-managed CLOs
whose reinvestment period has ended.  After the reinvestment
period, only proceeds from the sale of credit-improved obligations
and unscheduled principal proceeds may be reinvested.  Class A-1
has started to delever, and the transaction is currently passing
all its overcollateralisation tests.  Fitch notes that the manager
has purchased assets at a deep discount below 50 cents to the
euro.  However, as per the deal documentation, these assets are
valued at par for the purpose of calculating the OC tests.  In
Fitch's view, the combination of valuing discounted asset at par
and the lack of any 'CCC' haircut weakens the effectiveness of OC
tests in the transaction.  The transaction has suffered four
defaults to date.  The cumulative default rate is 3.5% of the
target par amount.  Furthermore, 14% of the portfolio consists of
'CCC' or lower rated obligors.  The affirmation of the class A and
B notes reflect their robust credit enhancement driven by OC
tests, excess spread and continued deleveraging.  The downgrades
of the class C and D notes reflect their reduced protection
following the defaults and negative portfolio migration.

Jubilee VIII has suffered four defaults to date.  The cumulative
default rate represents 6.2% of the target par amount of the
transaction.  In addition, 17.1% of the portfolio now consists of
'CCC' or lower rated obligors.  As a result of negative portfolio
migration, the CE of all tranches has been reduced and the class
C, class D and class E OC tests are now breached.  The affirmation
of the class A-1 and class A-2 notes reflects the robust CE driven
by OC and excess spread.  At the last payment date in July 2009,
EUR1.3m of interest proceeds were diverted to repay the class A-1
notes.  The downgrades of the class B, class C, class D and class
E notes reflect their reduced protection following the defaults
and negative portfolio migration.

Wood Street V has suffered six defaults to date.  The cumulative
default rate represents 5.9% of the target par amount of the
transaction.  In addition, 8.3% of the portfolio now consists of
'CCC' or lower rated obligors.  As a result of negative portfolio
migration, the CE of all tranches has been reduced and the class E
OC test is now breached.  The affirmation of the class A-T, class
A-D, class A-R and class A-2 notes reflects the robust CE driven
by OC and excess spread.  At the last payment date in September
2009, EUR1.9m of interest proceeds were diverted to repay the
class A-T, class A-D and Class A-R notes.  The downgrades of the
class B, class C-1, class C-2, class D, class E-1 and class E-2
notes reflect their reduced protection following the defaults and
negative portfolio migration.

Wood Street VI has suffered four defaults to date.  The cumulative
default rate represents 7.2% of the target par amount.  In
addition, 19.2% of the portfolio consists of 'CCC' or lower rated
obligors.  As a result of negative portfolio migration, the class
D and class E OC tests are now breached.  Fitch notes that the
manager has purchased several assets at 85 cents to the euro, 85
cents being the price below which assets would be classified as
discounted assets and would be valued at the purchase price rather
than par for the purpose of calculating OC tests.  At the last
payment date in October 2009, EUR2.8m of interest proceeds were
diverted to repay the class A-1 notes.  The affirmations of the
class A, B, C, and D notes reflect sufficient CE levels and robust
performance in the scenario analysis of the level of defaults that
the rated notes can sustain.  The downgrade of the class E notes
reflects the reduced credit protection for these notes due to the
defaults and negative portfolio migration.


BDR THERMEA: S&P Assigns 'BB-' Long-Term Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB-'
long-term corporate credit rating to Netherlands-based heating
products manufacturer BDR Thermea Group B.V.  The outlook is
stable.

At the same time, the 'CC' long-term corporate credit rating on
Baxi Holdings Ltd. was withdrawn.

In addition, the subordinated debt rating on the GBP100 million
second-lien mezzanine notes issued by Baxi's finance subsidiary
Heating Finance PLC, and guaranteed by BDR and its other
subsidiaries, was raised to 'B' from 'C'.  The recovery rating on
the notes remains unchanged at '6', indicating S&P's expectation
of negligible recovery (0%-10%) in the event of a payment default.

BDR, the third-largest European heating product manufacturer, was
created from the merger of De Dietrich Remeha Group and Baxi
Group.  "The rating on BDR reflects S&P's view of the group's weak
business risk profile, characterized by good profitability, and a
strong, well-diversified position in the European heating products
market, which S&P view as mature, seasonal, moderately cyclical,
and highly competitive," said Standard & Poor's credit analyst
Andres Albricci.  "It also reflects BDR's significant financial
risk profile, with high absolute debt levels.  This is balanced by
strong cash generating ability, adequate liquidity, and a credit
supportive financial policy."

In S&P's view, BDR will be able to generate positive free
operating cash flow and reduce its debt levels gradually.  At the
current rating level, S&P anticipates that BDR will achieve FFO to
debt of about 20% in 2009.

S&P could revise the outlook to negative if S&P considered that
BDR would not be able to achieve and maintain an FFO-to-debt ratio
of about 20% beyond 2009, if discretionary cash generation were
weaker than S&P anticipated, or if there were a shift to a more
aggressive financial policy.  Other factors that could contribute
to a downward revision of the outlook include a sustained negative
trend in sales, an EBITDA margin lower than the 12% level, and
insufficient discretionary cash to cover debt maturities in 2009
and 2010.

S&P could revise the outlook to positive if the company were to
improve its key credit metrics more than S&P anticipates.  S&P
would also need to be more certain that the integration and
corporate governance of the combined BDR group had been executed
effectively.


HIGHLANDER EURO: Moody's Junks Ratings on Five Classes of Notes
---------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by Highlander Euro CDO III B.V.

  -- EUR536M Class A Senior Secured Floating Rate Notes due 2023
     (currently EUR523,637,892 outstanding), Downgraded to Aa3;
     previously on May 21, 2007 Assigned Aaa

  -- EUR76M Class B Senior Secured Floating Rate Notes due 2023,
     Downgraded to Baa3; previously on Mar 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade

  -- EUR34M Class D Senior Secured Deferrable Floating Rate Notes
     due 2023, Downgraded to Caa2; previously on Mar 18, 2009
     Downgraded to B3 and Remained On Review for Possible
     Downgrade

  -- EUR26M Class E Senior Secured Deferrable Floating Rate Notes
     due 2023, Downgraded to Ca; previously on Mar 18, 2009
     Downgraded to Caa3 and Remained On Review for Possible
     Downgrade

  -- EUR5M Class R Combination Notes due 2023, Downgraded to Caa2;
     previously on Mar 4, 2009 A3 Placed Under Review for Possible
     Downgrade

  -- EUR15M Class S Combination Notes due 2023, Downgraded to Ca;
     previously on Mar 4, 2009 Baa3 Placed Under Review for
     Possible Downgrade

  -- EUR6M Class T Combination Notes due 2023, Downgraded to Ca;
     previously on Mar 4, 2009 Baa3 Placed Under Review for
     Possible Downgrade

In addition, Moody's has confirmed the ratings of these notes:

  -- EUR48M Class C Senior Secured Deferrable Floating Rate Notes
     due 2023, Confirmed at Ba3; previously on Mar 18, 2009
     Downgraded to Ba3 and Remained On Review for Possible
     Downgrade

This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to predominantly European senior
secured loans, as well as some mezzanine loan exposure.

The rating actions reflect Moody's revised assumptions with
respect to default probability and the calculation of the
diversity score as described in the press release dated
February 4, 2009, titled "Moody's updates key assumptions for
rating CLOs."  These revised assumptions have been applied to all
corporate credits in the underlying portfolio, the revised
assumptions for the treatment of ratings on "Review for Possible
Downgrade", "Review for Possible Upgrade", or with a "Negative
Outlook" being applied to those corporate credits that are
publicly rated.

Moody's also notes that a material proportion of the collateral
pool consists of debt obligations whose credit quality has been
assessed through Moody's credit estimates.  As credit estimates do
not carry credit indicators such as ratings reviews and outlooks,
a stress of a quarter notch-equivalent assumed downgrade was
applied to each of these estimates.

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF', an increase in the amount of defaulted securities, an
increase in the proportion of securities from issuers rated Caa1
and below, and a failure of most of the par value tests.  These
measures were taken from the recent trustee report dated 15
September, 2009.  Moody's also performed a number of sensitivity
analyses, including consideration of a further decline in
portfolio WARF quality.  Due to the impact of all the
aforementioned stresses, key model inputs used by Moody's in its
analysis, such as par, weighted average rating factor, and
weighted average recovery rate, may be different from trustee's
reported numbers.

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


LYONDELL CHEMICAL: Reliance Offers to Acquire Controlling Stake
---------------------------------------------------------------
Reliance Industries Ltd., India's biggest company by market value,
has submitted a bid for LyondellBasell Industries AF.

LyondellBasell has confirmed the bid.  "LyondellBasell has
received a preliminary non-binding offer from Reliance Industries
Limited to acquire for cash a controlling interest in the company
contemporaneously with the company's emergence from Chapter 11
reorganization," Lyondel said in a statement.  "This offer is in
addition to the previous non-binding equity financing proposals
received by the company and represents a potential alternative to
the initial plan of reorganization previously filed by the
company."

Lyondell added that consistent with its fiduciary duties,
management will continue to work with all parties to design an
approach that maximizes value for the company's creditors through
the pursuit of a confirmable plan of reorganization and enhances
the financial strength of the reorganized company."

                        US$12 Billion Offer

The Wall Street Journal's Mike Spector and Eric Yep said Reliance
Industries Ltd. made an offer of around US$12 billion to take a
controlling interest in LyondellBasell Industries when it exits
bankruptcy, people familiar with the situation said.  The Journal
notes that neither company disclosed the amount of the bid in
statements Saturday, but US$12 billion in cash was in the
neighborhood of what Reliance offered, the people said.

The Journal says the Reliance deal could upend a restructuring
plan that would hand LyondellBasell to senior lenders in exchange
for canceling much of their debt.  That plan includes a
US$2.5 billion rights offering to take the company out of
bankruptcy, led by private-investment firms that include Apollo
Management, Ares Management and Kohlberg Kravis Roberts & Co., the
Journal relates.

                       Buying Assets at Cheap

Natalie Obiko Pearson at Bloomberg reports that Reliance seeks to
take advantage of the global financial crisis to expand overseas.
"It's not really the best time to be taking on refining assets,"
said Tony Regan, a consultant at Tri-Zen International Ltd. in
Singapore.  "It's an opportunistic purchase if the company is
bankrupt, but there's a reason why those assets are cheap."

According to Bloomberg, Reliance joins India's Essar Group in
bidding for plants overseas as declining fuel demand and
processing margins prompt global rivals Royal Dutch Shell Plc and
Exxon Mobil Corp. to sell assets including refineries.  Ambani,
armed with US$4.2 billion in cash, told shareholders last week
that "global growth by acquisitions" is the key to boosting
revenue.

If the Lyondell transaction were completed, it would be the
biggest by an Indian company since Tata Steel Ltd. bought Corus
Group Plc for $12 billion in 2007, Bloomberg said.

                      About Lyondell Chemical

LyondellBasell Industries is one of the world's largest polymers,
petrochemicals and fuels companies.  It is the global leader in
polyolefins technology, production and marketing; a pioneer in
propylene oxide and derivatives; and a significant producer of
fuels and refined products, including biofuels.  Through research
and development, LyondellBasell develops innovative materials and
technologies that deliver exceptional customer value and products
that improve quality of life for people around the world.
Headquartered in The Netherlands, LyondellBasell --
http://www.lyondellbasell.com/-- is privately owned by Access
Industries.

Basell AF and Lyondell Chemical Company merged operations in 2007
to form LyondellBasell Industries, the world's third largest
independent chemical company.  LyondellBasell became saddled with
debt as part of the US$12.7 billion merger.  On January 6, 2009,
LyondellBasell Industries' U.S. operations and one of its European
holding companies -- Basell Germany Holdings GmbH -- filed
voluntary petitions to reorganize under Chapter 11 of the U.S.
Bankruptcy Code to facilitate a restructuring of the company's
debts.  The case is In re Lyondell Chemical Company, et al.,
Bankr. S.D.N.Y. Lead Case No. 09-10023).  Seventy-nine Lyondell
entities, including Equistar Chemicals, LP, Lyondell Chemical
Company, Millennium Chemicals Inc., and Wyatt Industries, Inc.
filed for Chapter 11.  In May 2009, one of the cases was dismissed
-- Case No. 09-10068 -- because it is duplicative of Case No. 09-
10040 relating to Debtor Glidden Latin America Holdings.

The Hon. Robert E. Gerber presides over the case.  Deryck A.
Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York,
serves as the Debtors' bankruptcy counsel.  Evercore Partners
serves as financial advisors, and Alix Partners and its subsidiary
AP Services LLC, serves as restructuring advisors.  AlixPartners'
Kevin M. McShea acts as the Debtors' Chief Restructuring Officer.
Clifford Chance LLP serves as restructuring advisors to the
European entities.  Lyondell Chemical estimated that consolidated
assets total US$27.12 billion and debts total US$19.34 billion as
of the bankruptcy filing date.

Lyondell has obtained approximately US$8 billion in DIP financing
to fund continuing operations.  The DIP financing includes two
credit agreements: a US$6.5 billion term loan, which comprises a
US$3.25 billion in new loans and a US$3.25 billion roll-up of
existing loans; and a US$1.57 billion asset-backed lending
facility.

Luxembourg-based LyondellBasell Industries AF S.C.A. and another
affiliate were voluntarily added to Lyondell Chemical's
reorganization filing under Chapter 11 on April 24, 2009, in order
to seek protection against claims by certain financial and U.S.
trade creditors.  On May 8, 2009, LyondellBasell Industries added
13 non-operating entities to Lyondell Chemical Company's
reorganization filing under Chapter 11 of the U.S. Bankruptcy
Code.  All of the entities are U.S. companies and were added to
the original Chapter 11 filing for administrative purposes.  The
filings will have no impact on current business or operations as
none of the entities manufactures or sells products.

Bankruptcy Creditors' Service, Inc., publishes Lyondell Bankruptcy
News.  The newsletter tracks the Chapter 11 proceeding undertaken
by Lyondell Chemical Company and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


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


CFC BANK: Fitch Corrects Press Release; Withdraws All Ratings
-------------------------------------------------------------
This announcement amends the version issued earlier to clarify
that all ratings of CFC Bank have been withdrawn.

Fitch Ratings has taken a number of rating actions on eight
Russian banks.

As part of this action, Fitch has downgraded CFC Bank's Long-term
foreign currency Issuer Default Rating to 'CCC' from 'B-' and
affirmed five other Moscow-based banks' Long-term foreign currency
IDRs at 'B-' The five banks are B&N Bank, Central Commercial Bank
Limited, CentroCredit Bank, Russian Universal Bank and SDM Bank.

The agency has simultaneously maintained Probusinessbank's Long-
term foreign and local currency IDRs of 'B-' on Rating Watch
Negative, whilst affirming Housing Finance Bank's Long-term
foreign currency IDR at 'CCC'.

Fitch has also withdrawn the ratings of CFC and B&N and will no
longer provide rating or analytical coverage on these issuers.  A
full rating breakdown is provided at the end of this comment.

CFC's downgrade reflects the challenges facing the wider MC
Consumer Finance Company, of which CFC Bank is an integral part.
These include a low capital adequacy level, very high levels of
arrears in the loan portfolio and signs of permanent franchise
erosion.

The affirmation of CCB's ratings and revision of its Outlook to
Stable from Negative reflect the bank's considerable loan loss
absorption capacity, reflected in a regulatory capital adequacy
ratio of 37% and reserves/loans ratio of 32% at end-Q309, and
lower market risk due to a reduction in proprietary equity
trading.  The rating action also captures the more manageable
quality of the bank's credit exposures amid some signs of
stabilization in the Russian operating environment.  At the same
time, Fitch notes a significant deterioration in CCB's asset
quality, with reported NPLs (loans overdue by more than 90 days)
and loans restructured because of impairment rising to around 15%
of the portfolio, whilst exposures to higher-risk sectors such as
construction/real estate, automobiles and transport leasing are
significant.

The affirmation of SDM's ratings and the revision of its Outlook
to Stable from Negative reflect the bank's satisfactory asset
quality at end-Q309, with reported NPLs and rolled-over loans
accounting for 3.6% and 4.7% of gross loans, respectively.  Loss
absorption capacity was reasonable relative to the level of loan
impairment and is further supported by still strong income
generation at the pre-provision level.  Fitch estimates that at
end-October 2009, SDM could have increased its regulatory reserves
to 18% of gross loans from the current level of 6% without
breaching regulatory capital requirements.  SDM's liquidity
position is comfortable with liquid assets up to 30 days covering
40% of customer funding at end-Q309 and insignificant wholesale
refinancing needs in the next 12 months.  However, the bank's
ratings continue to be constrained by its small size, significant
concentrations on both sides of the balance sheet and its sizable
exposure to the real estate sector.

The change of CCBL's Outlook to Negative from Stable reflects
concerns about the bank's asset quality and liquidity position, as
well as potential contagion risks resulting from the default and
ongoing restructuring of the Estar Group, in which the bank's
owner, Sergei Veremeenko, has a 25% stake.  Although CCBL's
reported NPLs were a low 2.6% at end-Q309, restructured loans with
extended maturities were a high 37.5% and related party lending
could be substantial, in Fitch's view.  However, the high
regulatory capital ratio (38% at end-Q309) indicates significant
loss absorption capacity.  The bank's balance sheet liquidity is
limited, and current dependence on Central Bank of Russia funding
high, although Fitch notes that part of the CBR limit remains
unutilized and the bank is making attempts to refinance existing
CBR borrowings with funding from another Russian bank.

PBB's NPLs rose to a reported 13.3% on a consolidated basis at
end-Q309 (end-2008: 6.6%), with restructured (corporate) loans
also significant.  Impairment reserve coverage of reported NPLs
was around 100% in both end-Q309 regulatory accounts and end-H109
IFRS statements.  However, loss absorption capacity is limited
given that PBB's stand-alone regulatory capital adequacy ratio was
10.7% at end-Q309, only marginally above the minimum 10% level.
Consolidated capital ratios of 15.6% (end-Q309 regulatory) and
14.1% (end-H109 Basel total ratio) suggest slightly more
flexibility on a group basis, as stand-alone ratios of group banks
are burdened by high regulatory risk weightings on intra-group
exposures.  Nevertheless, given asset quality weakness and the
tight stand alone ratio, Fitch considers that PBB is likely to
require new capital injections, and expects to resolve the Rating
Watch Negative within the next few months depending on the results
of current capital raising efforts and developments in asset
quality metrics.

B&N's Negative Outlook reflects the potential for further asset
quality deterioration, given the increase in loan impairment to
date and high exposure to the real estate and construction
sectors.

Russian Universal Bank's Stable Outlook reflects the bank's
considerable loss absorption capacity, with the regulatory capital
ratio reaching 60% at end-Q309, good reported asset quality, which
is supported by management's expertise in the defence sector in
which the bank specializes, and manageable liquidity.
Nevertheless, its ratings remain constrained by the bank's limited
franchise, high concentrations on both sides of the balance sheet
and significant related party business.

The affirmation of HFB's ratings, and removal of the Rating Watch
Negative, reflects Fitch's view that the bank now faces limited
direct, near-term risks from the ongoing restructuring of the
affiliated PIK group.  HFB's funding from PIK is now low, and loan
collateral in the form of properties being developed by PIK but
still at an early stage of development is moderate.  The bank's
Long-term foreign currency IDR of 'CCC' reflects HFB's limited
franchise outside of lending related to PIK group projects,
considerable uncertainty in respect to the bank's future business
model and weak recent performance, with losses reported in 2008
and H109.  However, recent reported asset quality is reasonable
(NPLs of 3% and loans overdue by one day of 11% at end-H109) and
the regulatory capital ratio rose to a high 41.5% at end-October
2009 following conversion of shareholder deposits into
subordinated debt.

The rating actions are:

B&N Bank

  -- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
     Negative; withdrawn

  -- Senior unsecured debt: affirmed at 'B-'; Recovery Rating at
     'RR4'; withdrawn

  -- Short-term foreign currency IDR: affirmed at 'B' and
     withdrawn

  -- Individual Rating: affirmed at 'D/E' and withdrawn

  -- Support Rating: affirmed at '5' and withdrawn

  -- Support Rating Floor: affirmed at 'No Floor' and withdrawn

  -- National Long-term Rating: affirmed at 'BB-(rus)'; Outlook
     Negative; withdrawn

Central Commercial Bank Limited

  -- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
     revised to Negative from Stable

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D/E'

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No Floor'

  -- National Long-term Rating: affirmed at 'BB-(rus)'; Outlook
     revised to Negative from Stable

CentroCredit Bank

  -- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
     revised to Stable from Negative

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D/E'

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No Floor'

  -- National Long-term Rating: affirmed at 'BB-(rus)'', Outlook
     revised to Stable from Negative

Commercial Bank Consumer Finance Company

  -- Long-term foreign currency IDR: downgraded to 'CCC' from 'B-
     '; withdrawn

  -- Short-term foreign currency IDR: downgraded to 'C' from 'B';
     withdrawn

  -- Individual Rating: downgraded to 'E' from 'D/E'; withdrawn

  -- Support Rating: affirmed at '5'; withdrawn

  -- Support Rating Floor: affirmed at 'No Floor'; withdrawn

Housing Finance Bank

  -- Long-term foreign currency IDR: affirmed at 'CCC'; Rating
     Watch Negative removed

  -- Short-term foreign currency IDR: affirmed at 'C', Rating
     Watch Negative removed

  -- Individual Rating: affirmed at 'E'

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No Floor'

  -- National Long-term rating: affirmed at 'B-(rus)'; Rating
     Watch Negative removed; assigned Stable Outlook

JSC SDM-Bank

  -- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
     revised to Stable from Negative

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D/E'

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No Floor'

  -- National Long-term Rating: affirmed at 'BB-(rus) '; Outlook
     revised to Stable from Negative

Probusinessbank

  -- Long-term foreign and local currency IDRs: 'B-'; remains on
     Rating Watch Negative

  -- Senior unsecured debt: 'B-'; remains on Rating Watch
     Negative; Recovery Rating at 'RR4'

  -- Short-term foreign currency IDR: 'B'; remains on Rating Watch
     Negative

  -- Individual Rating: 'D/E'; remains on Rating Watch Negative

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No Floor'

  -- National Long-term Rating 'BB-(rus)'; remains on Rating Watch
     Negative

Russian Universal Bank

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

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D/E'

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No Floor'

  -- National Long-term Rating: affirmed at 'BB(rus)'; Outlook
     Stable

The assessment of the banks referenced in this comment forms the
latest part of a broader review of all Fitch-rated banks in
Russia, with the main focus on asset quality, loss absorption
capacity and contingency recapitalization plans.


RAIL LEASING: Fitch Affirms Issuer Default Rating at 'RD'
---------------------------------------------------------
Fitch Ratings has affirmed Russia-based Rail Leasing's Long-term
Issuer Default Rating at 'RD' and simultaneously withdrawn the
company's ratings.

The rating actions are:

  -- Long-term foreign currency IDR: affirmed at 'RD' and
     withdrawn

  -- Short-term foreign currency IDR: affirmed at 'D' and
     withdrawn


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


BBVA-HIPOTECARIO 3: Fitch Affirms 'BB' Rating on Class C Notes
--------------------------------------------------------------
Fitch Ratings has taken rating action on BBVA-Hipotecario 3, Fondo
de Titulizacion de Activos, a Spanish small- and medium-sized
enterprise collateralized debt obligation and removed them from
the Rating Watch Negative.

The notes were placed on RWN in August 2009 pending full analysis
after the revision of Fitch rating criteria for European granular
corporate balance-sheet securitizations.

  -- Class A2 (ISIN ES0314227010) affirmed at 'AAA'; off RWN;
     assigned Stable Outlook and Loss Severity Rating of 'LS-1'

  -- Class B (ISIN ES0314227028) affirmed at 'A'; off RWN;
     assigned Negative Outlook and 'LS-1'

  -- Class C (ISIN ES0314227036) affirmed at 'BB'; off RWN;
     assigned Negative Outlook and 'LS-3'

Using its updated Rating Criteria for European SME CLOS, Fitch
deems the available credit enhancement to be commensurate with the
existing ratings for each respective class of notes.  The Negative
Outlooks on the class B and class C reflect the increasing amount
of loan arrears and defaults, the shortfall of the subordinated
credit below its required amount, the high concentration in the
real estate sector and dependence on future recoveries.

The transaction has experienced a high degree of de-leveraging to
date.  The current outstanding portfolio balance represents 33.8%
of the initial portfolio balance.  This lead to a doubling in the
level of credit enhancement for classes A2, B and C compared to
closing in June 2005.  Following a period of pro-rata
amortization, the transaction is paying its notes down
sequentially again, thereby further increasing credit enhancement
for all notes.

As of 31 October 2009, 90+ day delinquencies including defaults
stood at 3.3% of the outstanding balance compared to 1.3% in
October 2008.  Additionally in September 2009, defaulted loans
(loans in arrears for 12 months) peaked at 1.9% of the outstanding
balance.  As a result of the increasing amount of defaults, the
subordinated credit, which provides the first loss threshold fell
below its minimum required amount at the last payment date in
August 2009, although the shortfall is limited at EUR1.1m and the
available subordinated credit of approximately EUR20.6m continues
to provide an appropriate level of credit enhancement to the class
C notes.

Furthermore, all remaining portfolio loans are secured by first-
lien real estate collateral with a weighted average loan-to-value
ratio of 35.7%, which is expected to support material recoveries
over time.  Given the high percentage of mortgage collateral in
this transaction, recoveries on defaulted loans is a key factor
that will drive performance over time.  While acknowledging the
mortgage collateral in place, Fitch also considered several
recovery rate sensitivity analysis as well as recoveries reported
to date on existing funds.  Due to the ongoing correction in the
Spanish real estate market and growing illiquidity in the market,
Fitch expects that recoveries on defaulted loans will remain under
pressure and take longer to realize in the current environment.

In the analysis undertaken, assumptions on probability of default
and loss severity were made with regards to current delinquencies
as well as the performing portfolio.  Fitch has assumed the
probability of default of the unrated SME loans to be commensurate
with the 'B' rating category.  Delinquent loans are notched down
depending on the length of time the loans have been in arrears.
Recoveries for loans secured by first lien real estate were
adjusted for property indexation and market value stress based on
the updated SME CLO criteria.


FONDO DE TITULIZACION: Moody's Junks Rating on Class C Notes
------------------------------------------------------------
Moody's Investors Service has downgraded these classes of notes
issued by Fondo de Titulizacion de Activos, Financiacion Banesto
1:

  -- EUR306.3 million Class A notes: Downgraded to Aa1 from Aaa;
     previously on 2 July 2009 placed on review for possible
     downgrade

  -- EUR24.0 million Class B notes Downgraded to Baa3 from A3;
     previously on 2 July, 2009 placed on review for possible
     downgrade

  -- EUR16.0 million Class C notes Downgraded to Caa3 from Ba3;
     previously on 2 July 2009 placed on review for possible
     downgrade

Moody's says that the downgrades were prompted by the rapidly
deteriorated collateral performance and the stronger than expected
weakening of macro-economic conditions in Spain since the last
downgrade in October 2008.  The rating action takes into account
revised assumptions for the mean default rate, standard deviation
and recovery rate to reflect the worse than expected performance
as well as current credit enhancement levels, which, combined with
the revised assumptions, lead to a higher expected loss on the
rated notes.

The deterioration in performance is evidenced by the swift
reduction of the reserve fund from the required level of
EUR9.60 million to EUR0.96 million between January 2009 and
October 2009.  Cumulative artificial write-offs increased to 2.3%
from 1.2% of total securitized pool balance during the same period
while outstanding 90+ delinquencies (excluding cumulative write-
offs) remained slightly over 4% of outstanding pool balance.  A
loan is included in the write-off category once it has been more
than 12 months in arrears while contentious loans are defined by
the servicer as loans in which the originator will take legal
actions.  The amount of contentious loans is included in the 180+
delinquencies category.

During its analysis, Moody's has assessed macro-economic
indicators as well as information made available from the
management company Santander de Titulizacion.  Given the limited
transparency on contentious loans and recovery data, Moody's has
reviewed its assumptions with a conservative bias.  As part of its
collateral analysis, Moody's performed a three-step approach.
Firstly, forecasts for the main macro-economic drivers behind a
collateral deterioration, namely, unemployment and GDP
contraction, were analyzed.  For instance, the unemployment rate
in Spain, which could potentially surpass 20% in 2010, was
assessed.  Precisely, contrary to the unemployment forecast for
2009 of 13.3% at the time of the last rating action in October
2008, unemployment is now expected to reach 18.4% in 2009 and
20.7% in 2010.  As of Q3 2009, the unemployment rate in Spain
reached 17.9%.  Secondly, Moody's compared and benchmarked the
current performance of the transaction to its peers in Moody's
rated Spanish auto and consumer loan universe.  Thirdly, the
current amount of cumulative 90 days plus delinquencies was taken
into account and a roll rate analysis was conducted for the non-
delinquent pool portion.  As a result of this analysis, Moody's
adjusted its previously revised cumulative mean default rate of
5.0% to 7.2% of the total securitized pool balance.  This compares
to a cumulative mean default rate of 2.5% for the initial pool and
a 3.2% mean default rate on the additional pool assumed at
closing.  The previously revised volatility of 30% (ratio between
the standard deviation and the cumulative mean default rate)
remained unchanged from October 2008 when it was adjusted to 30%
from 25% for the lifetime of the remaining pool.

Moody's assumption for the expected recovery rate on defaulted
loans was adjusted to 30% from a range of 30% to 40% as of October
2008.  Moody's believes that there is uncertainty around the
recovery rate assumption due to various factors, such as the time
lag and consequently the mismatch between actually observed and
historical recovery information, the servicing strategy and the
future evolution of the economic situation in Spain.  Moody's ran
several recovery rate scenarios in its cash flow model, ranging
from 25% to 40%, to test sensitivities and rating stability on the
outstanding classes of notes.  The final conclusion showed limited
sensitivity in the tested range.  The constant prepayment rate
assumed in the cash flow model remained unchanged at 15%.

The rating action concludes Moody's review process on this
specific transaction that was initiated in July 2009 when Moody's
placed several Spanish auto and consumer loan transactions on
review for possible downgrade.

Financiacion Banesto 1 closed in June 2007.  As of October 2009,
the pool factor was 43%.  The pool comprises unsecured consumer
loans that were originated by Banesto and granted to residents in
Spain for the purpose of, among others, vehicle acquisition, home
refurbishment and home equipment.  In July 2008, the revolving
period was terminated due to the breach of the 90+ delinquency
trigger.  The regular amortization period was expected to commence
in October 2009.

The ratings address the expected loss posed to investors by the
legal final maturity date in October 2019.  In Moody's opinion,
the structure allows for timely payment of interest and ultimate
payment of principal at par on or before the final maturity date.

Moody's sector outlook for Spanish consumer ABS is negative.


PYME VALENCIA: Fitch Junks Ratings on Two Classes of Notes
----------------------------------------------------------
Fitch Ratings has downgraded PYME Valencia 1, FTA and removed them
from Rating Watch Negative.

  -- EUR299,488,274 class A2 notes due March 2040 (ISIN
     ES0372241010): downgraded to 'A' from 'AAA', removed from
     RWN; assigned Negative Outlook and 'LS-1'

  -- EUR47,600,000 class B notes due March 2040 (ISIN
     ES0372241028): downgraded to 'BB' from 'A', removed from RWN;
     assigned Negative Outlook and 'LS-3'

  -- EUR34,000,000 class C notes due March 2040 (ISIN
     ES0372241036): downgraded to 'CCC' from 'BB', removed from
     RWN

  -- EUR13,600,000 class D notes due March 2040 (ISIN
     ES0372241044): downgraded to 'CC' from 'B', removed from RWN

  -- EUR15,300,000 class E notes due March 2040 (ISIN
     ES0372241051): downgraded to 'C' from 'CC', removed from RWN

Fitch has completed its review of PYME Valencia 1 FTA and has
downgraded all outstanding notes as indicated above.  The
transaction was placed on RWN in August 2009, subsequent to the
release of the agency's 'Rating Criteria for European Granular
Corporate Balance-Sheet Securitizations'.  The material rating
actions applied to this transaction reflect the application of the
updated SME CLO criteria as well as the ongoing deterioration in
credit performance in recent quarters, including the full
depletion of the reserve fund and weak prospects for any
replenishment over the near/medium term.

Although the transaction has benefited from portfolio seasoning
and structural de leveraging, the application of Fitch's updates
SME CLO criteria resulted in significantly higher PD assumptions
and expected losses on the remaining portfolio - which are not
supported by existing credit enhancement in the transaction.  In
addition, the steady deterioration in credit metrics and full
depletion of the reserve fund over the past 12-months has clearly
elevated the default risk in the transaction - particularly for
subordinate notes.  These factors resulted in the downgrade noted
above as well as the application of Negative Outlooks to the class
A2 and B notes despite an increase in their credit enhancement
(CE) levels to 24.1% and 12.1% from 13.0% and 7.4%, respectively,
at closing.  The increase in class B CE is clearly a positive
development and although current CE level could withstand the loss
rates produced in the lowest investment grade stresses with
extremely thin margins, the uncertainty regarding future reserve
fund levels and future portfolio performance resulted in a
downgrade to 'BB'.

Unlike the class A2 and B notes, the class C note CE has not
changed materially from 3.4% at closing while the portfolio has
deteriorated as evidenced by the increase in the 3-month
delinquency rate to 11.24% as of 31 October 2009 and the increase
in defaulted assets (which are greater than 12 months delinquent)
to 5.1% of the total outstanding portfolio balance as of 30
September 2009.  The class D and E notes, being the most junior
notes in the structure, are the most susceptible to a loss
especially as the reserve fund balance is now depleted.  The class
D and E notes currently have no CE available, leaving them
particularly vulnerable to any further portfolio defaults and
highly exposed to recovery rates on defaulted loans.

As of 31 October 2009, the portfolio benefits from 80.20% of the
assets being secured by mortgages.  The portfolio exhibits single
obligor concentrations with the top 20 obligors accounting for
24.8% of the portfolio and the top five obligors at 10.6%.  The
portfolio as of 31 October 2009 exhibited high exposure to the
real estate (39.6%) and construction (16%) industries and the
Valencia region (60.3%).


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


B.E.C.K. ERBEN: Claims Filing Deadline is November 30
-----------------------------------------------------
Creditors of B.E.C.K. Erben AG are requested to file their proofs
of claim by November 30, 2009, to:

         Dr. Karljoerg Landolt
         Oberdorf 39
         8752 Naefels
         Switzerland

The company is currently undergoing liquidation in Glarus.  The
decision about liquidation was accepted at an extraordinary
general meeting held on October 9, 2009.


CAPREA GMBH: Claims Filing Deadline is November 30
--------------------------------------------------
Creditors of caprea GmbH are requested to file their proofs of
claim by November 30, 2009, to:

         caprea GmbH
         Minderweg 18
         3400 Burgdorf
         Switzerland

The company is currently undergoing liquidation in Burgdorf.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 23, 2009.


DELAGRO AG: Claims Filing Deadline is November 30
-------------------------------------------------
Creditors of Delagro AG are requested to file their proofs of
claim by November 30, 2009, to:

         Peter Ritter
         Grabenstr. 15
         Mail box: 132
         7002 Chur
         Switzerland

The company is currently undergoing liquidation in Chur.  The
decision about liquidation was accepted at a general meeting held
on September 28, 2009.


FRISCHMARKT ALTSTADT: Claims Filing Deadline is November 30
-----------------------------------------------------------
Creditors of Frischmarkt Altstadt GmbH are requested to file their
proofs of claim by November 30, 2009, to:

         Zanoni + Aegerter AG
         Zurcherstrasse 82
         8640 Rapperswil
         Switzerland

The company is currently undergoing liquidation in Arbon.  The
decision about liquidation was accepted at a shareholders' meeting
held on September 24, 2009.


GLATREFI AG: Claims Filing Deadline is November 30
--------------------------------------------------
Creditors of Glatrefi AG are requested to file their proofs of
claim by November 30, 2009, to:

         Dr. Karljoerg Landolt
         Oberdorf 39
         8752 Naefels
         Switzerland

The company is currently undergoing liquidation in Glarus.  The
decision about liquidation was accepted at an extraordinary
general meeting held on October 9, 2009.


H.R. SCHAER: Claims Filing Deadline is November 27
--------------------------------------------------
Creditors of H.R. Schaer GmbH are requested to file their proofs
of claim by November 27, 2009, to:

         Heidi Schaer-Hunziker
         Tafelenfeldweg 18a
         3312 Fraubrunnen
         Switzerland

The company is currently undergoing liquidation in Fraubrunnen.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 20, 2009.


STEINHALDEN AG: Claims Filing Deadline is November 30
-----------------------------------------------------
Creditors of Steinhalden AG are requested to file their proofs of
claim by November 30, 2009, to:

         Urs Buergi
         Grossmuensterplatz 9
         8001 Zurich
         Switzerland

The company is currently undergoing liquidation in Geroldswil.
The decision about liquidation was accepted according to the
regulation of the Federal Banking Commission on September 22,
2009.


STUDER FEUERUNGSTECHNIK: Claims Filing Deadline is November 30
--------------------------------------------------------------
Creditors of Studer Feuerungstechnik AG are requested to file
their proofs of claim by November 30, 2009, to:

         Studer Kurt
         Lehenstrasse 11
         4622 Egerkingen
         Switzerland

The company is currently undergoing liquidation in Egerkingen.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on September 18, 2009.


TOMBAK GMBH: Claims Filing Deadline is November 30
--------------------------------------------------
Creditors of Tombak GmbH are requested to file their proofs of
claim by November 30, 2009, to:

         Sonja Tombak
         Rosenfeldweg 6
         6048 Horw
         Switzerland

The company is currently undergoing liquidation in Horw.  The
decision about liquidation was accepted at Trade Register office
of canton Luzern on September 23, 2009.


TRAVELART AG: Claims Filing Deadline is November 30
---------------------------------------------------
Creditors of TravelArt AG are requested to file their proofs of
claim by November 30, 2009, to:

         TravelArt AG
         Im Junker 5
         8143 Stallikon
         Switzerland

The company is currently undergoing liquidation in Stallikon.  The
decision about liquidation was accepted at a general meeting held
on June 30, 2009.


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


AVEBURY FINANCE: S&P Downgrades Ratings on Various Notes to 'D'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' its credit
ratings on Avebury Finance CDO PLC's class X, A-1A, A-2, and B
notes.  At the same time, S&P affirmed its 'CC' ratings on the
class C, D, and E notes.

On the Oct. 8 payment date, after the issuer made protection
payments to the synthetic counterparties on defaulted assets, the
remaining distribution proceeds were insufficient to meet interest
payments on any of the rated notes.  The terms of the notes state
that the issuer's failure to pay interest on the class X, A, or B
notes when it becomes due and payable constitutes an event of
default.  For this reason, S&P lowered to 'D' its ratings on
classes X, A-1A, A-2, and B.

Under the terms and conditions of the class C, D, and E notes,
payments of interest to noteholders can be deferred until final
maturity.  For this reason, S&P affirmed the 'CC' credit ratings
on the class C, D, and E notes.

Avebury is a cash flow collateralized debt obligation that
securitizes a portfolio of primarily U.S. residential mortgage-
backed securities and CDO assets.  KBC Financial Products UK Ltd.
manages the transaction, which closed in June 2006.

                           Ratings List

                     Avebury Finance CDO PLC
           US$1.01 Billion Secured Floating-Rate Notes

                         Ratings Lowered

                                  Rating
                                  -------
                 Class       To            From
                 -----       --            ----
                 X           D             AAA
                 A-1A        D             CC
                 A-2         D             CC
                 B           D             CC

                        Ratings Affirmed

                         Class       Rating
                         -----       ------
                         C           CC
                         D           CC
                         E           CC


BORDERS UK: On the Verge of Administration
------------------------------------------
Ben Marlow at The Sunday Times reports that Borders UK could be
put into administration this week after WHSmith walked away from a
rescue deal on Friday.

According to the report, in an attempt to stave off
administration, the high street retailer is holding talks with
groups including HMV, which owns rival Waterstone's and Edinburgh
Woollen Mill.

As reported by the Troubled Company Reporter-Europe on Aug. 10,
2009, the Financial Times said Ernst & Young, auditors of Borders
UK, raised doubts about the ability of the book retailer to
continue as a going concern.  The FT disclosed Ernst & Young said
the company faced a number of uncertainties, including that it
operated in a highly competitive sector, and the sales performance
was difficult to forecast.  Borders UK's pre-tax loss rose from
GBP10.3 million in 2007 to GBP13.6 million in 2008, while turnover
rose slightly from GBP215 million to GBP218.2 million, the FT
said.

Borders UK Ltd. -- http://www.borders.co.uk/-- offers books,
magazines, music, and DVDs through some 40 Borders stores
throughout the UK.


FIRST QUENCH: KPMG to Close 381 Stores; 1,908 Jobs Affected
-----------------------------------------------------------
Louisa Fahy at Bloomberg News report that KPMG, administrators to
First Quench Retailing Ltd. will cut almost 2,000 jobs after
failing to find buyers to take on 381 outlets as going concerns.

According to Bloomberg, the stores scheduled for closure will hold
stock liquidation sales starting on Nov. 24, and will shut by
Dec. 16.  The closures will lead to 1,908 redundancies, Bloomberg
says.

First Quench Retailing operates around 1,200 Threshers, The Local,
Wine Rack, Bottoms Up, Victoria Wine and Haddows branded stores
across Scotland, England and Wales and employs approximately 6,300
people.  Richard Fleming, Mick McLoughlin and Ian Corfield of KPMG
were appointed joint administrators to First Quench on Thursday,
October 29, 2009.  A total of 81 staff at head office were made
redundant on Friday, October 30, 2009.  A further 1,738
redundancies are being made as part of the closure of 373 stores,
announced on Thursday, November 5, 2009.  There were originally
208 employees at head office, which has now reduced to 92 as part
of the administration.


TUBE LINES: S&P Gives Negative Outlook; Affirms 'BB' Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it revised the
outlook on the issue ratings of the B, C, and D debt tranches
issued by the U.K.-based underground rail infrastructure funding
company Tube Lines (Finance) PLC to negative from stable.  At the
same time, S&P affirmed the ratings on these debt tranches at
'BBB' on the B senior secured notes, 'BBB-' on the C subordinated
notes, and 'BB' on the D subordinated notes.

In addition, the 'AA-' rating on TLF's A-1 notes remains on
CreditWatch, where it was placed with negative implications on
Nov. 21, 2008.

The B, C, and D debt tranches were issued by TLF to finance the
responsibilities of the operating project company Tube Lines Ltd.
under a 30-year service contract with London Underground Ltd.
(LUL; not rated), entered into on Dec. 31, 2002.

"The outlook revision on the B, C, and D notes reflects S&P's view
of the weakening financial performance of Tube Lines Ltd (TLL), in
the reminder of 2009 and the first half of 2010," said Standard &
Poor's credit analyst Beata Sperling-Tyler.

This stems from cost overruns and potential abetments resulting
from a likely delay in completion of the upgrade of the Jubilee
Line beyond the latest implementation date of Dec. 31, 2009.  A
delay of up to six months would lower TLL's revenues and increase
its costs, leading to a weaker free cash position than originally
envisaged by the end of the first review period (RP1) on June 30,
2010.

The outlook revision reflects uncertainty in relation to the scope
of work, and the timing and funding of obligations during the
second Review Period (RP2), starting on July 1, 2010.

The placement of the A-1 notes on CreditWatch reflects uncertainty
over the provision of liquidity to support the timeliness of
interest payments on the notes in the event of a Mandatory Sales
Process.  At financial close, liquidity support for this period
was provided by Ambac Assurance U.K. Ltd. (CC/Negative) for a
period of 36 months.  Following the downgrade of Ambac, TLL has
not replaced Ambac as the liquidity support provider or provided
any alternative source of liquidity.

The negative outlook on the $76.75 million B notes, the
$134.2 million subordinated C notes, and the $21.59 million D
notes reflects S&P's view of the weakening of the project's
financial performance in the reminder of RP1 and uncertainties in
relation to the operating project company's obligations for RP2.
The ratings could be lowered if the likely delay in executing the
JUP, and/or the unfavorable outcome of the first periodic review
and the settlement for RP2, were to result in a weakening of the
protection offered to debtholders.  In particular, the ratings
could come under pressure if there were a weakening of the DSCRs
for the various debt tranches below the levels commensurate with
the current ratings.

S&P aims to review the CreditWatch placement on the A-1 notes by
June 30, 2010, the date of the end of RP1.  S&P's review will
assess management's plans for the potential replacement of Ambac
as the debt guarantor or the provision of alternative liquidity to
support the timeliness of interest payments.  The rating on the A-
1 notes could be subject to a multinotch downgrade if there
remains insufficient liquidity to support the interest service on
the notes.


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


* Large Companies with Insolvent Balance Sheet
----------------------------------------------

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

AUSTRIA
-------
KOMMUNALKREDIT        3730Z AV      -1645807339.25 53076075461.92
LIBRO AG              LB6 GR         -109013328.02   171684389.13
LIBRO AG              LIB AV         -109013328.02   171684389.13
LIBRO AG              LIBR AV        -109013328.02   171684389.13
LIBRO AG              LBROF US       -109013328.02   171684389.13
SKYEUROPE             SKY PW          -89480486.93    159076577.5
SKYEUROPE             SKYP PW         -89480486.93    159076577.5
SKYEUROPE HLDG        SKY EO          -89480486.93    159076577.5
SKYEUROPE HLDG        SKYV IX         -89480486.93    159076577.5
SKYEUROPE HLDG        SKYA PZ         -89480486.93    159076577.5
SKYEUROPE HLDG        SKY EU          -89480486.93    159076577.5
SKYEUROPE HLDG        SKYPLN EO       -89480486.93    159076577.5
SKYEUROPE HLDG        SKYPLN EU       -89480486.93    159076577.5
SKYEUROPE HLDG        SKURF US        -89480486.93    159076577.5
SKYEUROPE HLDG        SKY LI          -89480486.93    159076577.5
SKYEUROPE HLDG        S8E GR          -89480486.93    159076577.5
SKYEUROPE HLDG        SKY AV          -89480486.93    159076577.5
SKYEUROPE HOL-RT      SK1 AV          -89480486.93    159076577.5

BELGIUM
-------
SABENA SA             SABA BB         -84766501.61  2196477160.83

BULGARIA
--------
IMK 14 OKTOBAR A      IMKO SG          -5175836.42   110102264.18
PINKI AD              PNKI SG         -36537862.34   120707517.98
ZASTAVA AUTOMOBI      ZAKG SG        -396504649.08   174692011.08

CROATIA
-------
HUNGARIAN TELEPH      HUC GR             -75973000      835658048
HUNGARIAN TELEPH      HUGC IX            -75973000      835658048
HUNGARIAN TELEPH      HUC EX             -75973000      835658048
INVITEL HOLD-ADR      IHO US             -75973000      835658048
INVITEL HOLD-ADR      0IN GR             -75973000      835658048
INVITEL HOLDINGS      3212873Z HB        -75973000      835658048
OT OPTIMA TELEKO      2299892Z CZ        -48565065   119632635.47
OT-OPTIMA TELEKO      OPTERA CZ          -48565065   119632635.47

CYPRUS
------
LIBRA HOLIDA-RTS      LGWR CY          -27821889.5   240947718.02
LIBRA HOLIDA-RTS      LBR CY           -27821889.5   240947718.02
LIBRA HOLIDAY-RT      3167808Z CY      -27821889.5   240947718.02
LIBRA HOLIDAYS        LHGCYP EO        -27821889.5   240947718.02
LIBRA HOLIDAYS        LHGR CY          -27821889.5   240947718.02
LIBRA HOLIDAYS        LHGCYP EU        -27821889.5   240947718.02
LIBRA HOLIDAYS G      LHG EU           -27821889.5   240947718.02
LIBRA HOLIDAYS G      LHG PZ           -27821889.5   240947718.02
LIBRA HOLIDAYS G      LHG CY           -27821889.5   240947718.02
LIBRA HOLIDAYS G      LHG EO           -27821889.5   240947718.02
LIBRA HOLIDAYS-P      LBHG CY          -27821889.5   240947718.02
LIBRA HOLIDAYS-P      LBHG PZ          -27821889.5   240947718.02

CZECH REPUBLIC
--------------
CKD PRAHA HLDG        CKDH CP         -89435858.16   192305153.03
CKD PRAHA HLDG        CDP EX          -89435858.16   192305153.03
CKD PRAHA HLDG        297687Q GR      -89435858.16   192305153.03
CKD PRAHA HLDG        CKDH US         -89435858.16   192305153.03
CKD PRAHA HLDG        CKDPF US        -89435858.16   192305153.03
SETUZA AS             2994755Q EU     -61453764.17   138582273.56
SETUZA AS             SETU IX         -61453764.17   138582273.56
SETUZA AS             2994767Q EO     -61453764.17   138582273.56
SETUZA AS             SZA GR          -61453764.17   138582273.56
SETUZA AS             SZA EX          -61453764.17   138582273.56
SETUZA AS             2994759Q EO     -61453764.17   138582273.56
SETUZA AS             SETUZA CP       -61453764.17   138582273.56
SETUZA AS             SETUZA PZ       -61453764.17   138582273.56
SETUZA AS             2994763Q EU     -61453764.17   138582273.56

DENMARK
-------
ELITE SHIPPING        ELSP DC         -27715991.74   100892900.29
ROSKILDE BAN-NEW      ROSKN DC        -532868894.9  7876687324.02
ROSKILDE BAN-RTS      ROSKT DC        -532868894.9  7876687324.02
ROSKILDE BANK         ROSK PZ         -532868894.9  7876687324.02
ROSKILDE BANK         ROSK DC         -532868894.9  7876687324.02
ROSKILDE BANK         RSKC IX         -532868894.9  7876687324.02
ROSKILDE BANK         RKI GR          -532868894.9  7876687324.02
ROSKILDE BANK         ROSKF US        -532868894.9  7876687324.02
ROSKILDE BANK         ROSK EO         -532868894.9  7876687324.02
ROSKILDE BANK         ROSBF US        -532868894.9  7876687324.02
ROSKILDE BANK         ROSK EU         -532868894.9  7876687324.02
ROSKILDE BANK-RT      916603Q DC      -532868894.9  7876687324.02

FRANCE
------
ALMA-ATERM-AUCT       ATERME GA        -4110971.32    105276552.2
ALMA-ATERMON SA       ATERM PZ         -4110971.32    105276552.2
ALMA-ATERMON SA       ATERM EO         -4110971.32    105276552.2
ALMA-ATERMON SA       ATERM EU         -4110971.32    105276552.2
ALMA-ATERMON SA       ATERM GA         -4110971.32    105276552.2
CARRERE GROUP         CARG FP          -9829536.83   279906699.95
CARRERE GROUP         CARF PZ          -9829536.83   279906699.95
CARRERE GROUP         CAR2 EU          -9829536.83   279906699.95
CARRERE GROUP         CAR2 EO          -9829536.83   279906699.95
CARRERE GROUP         CRGP IX          -9829536.83   279906699.95
CARRERE GROUP         XRR GR           -9829536.83   279906699.95
CARRERE GROUP         CRRHF US         -9829536.83   279906699.95
CARRERE GROUP         CAR FP           -9829536.83   279906699.95
CESAR SA              CESS FP          -3730170.42   192686088.09
CESAR SA -RTS         CSADS FP         -3730170.42   192686088.09
CESAR SA-NON REG      CEZPI IX         -3730170.42   192686088.09
CESAR SA-NON REG      CESXF US         -3730170.42   192686088.09
CESAR SA-NON REG      CSAR PZ          -3730170.42   192686088.09
CESAR SA-NON REG      CSANR FP         -3730170.42   192686088.09
CESAR SA-NON REG      2827628Q EO      -3730170.42   192686088.09
CESAR SA-NON REG      2827624Q EU      -3730170.42   192686088.09
CESAR SA-REGR         CSAR EO          -3730170.42   192686088.09
CESAR SA-REGR         CSAR FP          -3730170.42   192686088.09
CESAR SA-REGR         CEZP IX          -3730170.42   192686088.09
CESAR SA-REGR         CSAR EU          -3730170.42   192686088.09
CESAR SA-REGR         CSRAF US         -3730170.42   192686088.09
CESAR SA-REGR         CEZR PZ          -3730170.42   192686088.09
CESAR SA-RIGHTS       CSSR FP          -3730170.42   192686088.09
CESAR SA-RIGHTS       CESR FP          -3730170.42   192686088.09
CHAINE ET TRAME       CHTR FP          -46169771.5   134467847.56
CHAINE ET TRAME       CTRM FP          -46169771.5   134467847.56
GRANDE PAROISSE       GDPA FP         -927267926.9      629287290
GRANDE PAROISSE       GAPA FP         -927267926.9      629287290
GRANDE PAROISSE       GDPXF US        -927267926.9      629287290
IMMOB HOTEL BALN      IMHB FP         -66874823.95   301323804.92
IMMOB HOTELIERE       IMHO EU         -66874823.95   301323804.92
IMMOB HOTELIERE       IMHO EO         -66874823.95   301323804.92
IMMOB HOTELIERE       SIH FP          -66874823.95   301323804.92
IMMOB HOTELIERE       IMMH IX         -66874823.95   301323804.92
IMMOB HOTELIERE       IMBHF US        -66874823.95   301323804.92
IMMOB HOTELIERE       IMHO FP         -66874823.95   301323804.92
IMMOB HOTELIERE       IMH GR          -66874823.95   301323804.92
IMMOB HOTELIERE       IMHO PZ         -66874823.95   301323804.92
LAB DOLISOS           DOLI FP         -27752176.19   110485462.44
LAB DOLISOS           LADL FP         -27752176.19   110485462.44
MATUSSIERE & FOR      1007765Q FP     -77896683.67   293868350.79
MATUSSIERE & FOR      MTUSF US        -77896683.67   293868350.79
MB RETAIL EUROPE      MBRE EO          -46169771.5   134467847.56
MB RETAIL EUROPE      MBRE FP          -46169771.5   134467847.56
MB RETAIL EUROPE      MBRE PZ          -46169771.5   134467847.56
MB RETAIL EUROPE      MBRE EU          -46169771.5   134467847.56
MB RETAIL EUROPE      CTRF IX          -46169771.5   134467847.56
NORTENE               NORT FP         -35623999.56   117566786.87
NORTENE               NRTP IX         -35623999.56   117566786.87
NORTENE               NRTN FP         -35623999.56   117566786.87
OROSDI                OROS FP             -7291.55   131233317.62
OROSDI-BACK           OROS EU             -7291.55   131233317.62
OROSDI-BACK           OROS EO             -7291.55   131233317.62
OROSDI-BACK           ORBA FP             -7291.55   131233317.62
OROSDI-BACK           BACK IX             -7291.55   131233317.62
OROSDI-BACK           OROS PZ             -7291.55   131233317.62
OUTSIDE LIVING I      NORT EO         -35623999.56   117566786.87
OUTSIDE LIVING I      OLIN FP         -35623999.56   117566786.87
OUTSIDE LIVING I      NORT EU         -35623999.56   117566786.87
OUTSIDE LIVING I      OLIN PZ         -35623999.56   117566786.87
OUTSIDE LIVING I      NORT PZ         -35623999.56   117566786.87
PAGESJAUNES           PGJUF US      -3303869370.49   970555919.29
PAGESJAUNES GRP       QS3 GR        -3303869370.49   970555919.29
PAGESJAUNES GRP       PAJ FP        -3303869370.49   970555919.29
PAGESJAUNES GRP       PAJUSD EU     -3303869370.49   970555919.29
PAGESJAUNES GRP       PAJ QM        -3303869370.49   970555919.29
PAGESJAUNES GRP       PAJP IX       -3303869370.49   970555919.29
PAGESJAUNES GRP       PAJ VX        -3303869370.49   970555919.29
PAGESJAUNES GRP       PAJ IX        -3303869370.49   970555919.29
PAGESJAUNES GRP       PAJ EU        -3303869370.49   970555919.29
PAGESJAUNES GRP       PAJGBP EO     -3303869370.49   970555919.29
PAGESJAUNES GRP       PAJGBX EO     -3303869370.49   970555919.29
PAGESJAUNES GRP       PAJ PZ        -3303869370.49   970555919.29
PAGESJAUNES GRP       PAJGBX EU     -3303869370.49   970555919.29
PAGESJAUNES GRP       PAJ EO        -3303869370.49   970555919.29
PAGESJAUNES GRP       PAJ TQ        -3303869370.49   970555919.29
PAGESJAUNES GRP       PAJUSD EO     -3303869370.49   970555919.29
PAGESJAUNES GRP       PAJ EB        -3303869370.49   970555919.29
PAGESJAUNES GRP       PAJ NQ        -3303869370.49   970555919.29
PAGESJAUNES GRP       PAJ BQ        -3303869370.49   970555919.29
PAGESJAUNES GRP       PAJ LI        -3303869370.49   970555919.29
RHODIA SA             RHANR FP       -913748142.24  6150227880.48
RHODIA SA             RHA EB         -913748142.24  6150227880.48
RHODIA SA             RHDI GR        -913748142.24  6150227880.48
RHODIA SA             RHA EU         -913748142.24  6150227880.48
RHODIA SA             RHA BQ         -913748142.24  6150227880.48
RHODIA SA             RHA NQ         -913748142.24  6150227880.48
RHODIA SA             RHA VX         -913748142.24  6150227880.48
RHODIA SA             RHA TQ         -913748142.24  6150227880.48
RHODIA SA             RHAUSD EO      -913748142.24  6150227880.48
RHODIA SA             3218857Q IX    -913748142.24  6150227880.48
RHODIA SA             RHD GR         -913748142.24  6150227880.48
RHODIA SA             RHADF US       -913748142.24  6150227880.48
RHODIA SA             RHAGBP EO      -913748142.24  6150227880.48
RHODIA SA             2324011Q EU    -913748142.24  6150227880.48
RHODIA SA             RHANR PZ       -913748142.24  6150227880.48
RHODIA SA             RHA IX         -913748142.24  6150227880.48
RHODIA SA             2324015Q EO    -913748142.24  6150227880.48
RHODIA SA             RHA FP         -913748142.24  6150227880.48
RHODIA SA             RHAY IX        -913748142.24  6150227880.48
RHODIA SA             RHAUSD EU      -913748142.24  6150227880.48
RHODIA SA             RHDAF US       -913748142.24  6150227880.48
RHODIA SA             RHAGBX EO      -913748142.24  6150227880.48
RHODIA SA             RHA QM         -913748142.24  6150227880.48
RHODIA SA             RHA PZ         -913748142.24  6150227880.48
RHODIA SA             RHAGBX EU      -913748142.24  6150227880.48
RHODIA SA             RHA EO         -913748142.24  6150227880.48
RHODIA SA - NEW       2335921Q FP    -913748142.24  6150227880.48
RHODIA SA - NEW       RHANV FP       -913748142.24  6150227880.48
RHODIA SA - NEW       3156011Q FP    -913748142.24  6150227880.48
RHODIA SA-ADR         RHAYY US       -913748142.24  6150227880.48
RHODIA SA-RIGHTS      RHADS FP       -913748142.24  6150227880.48
RHODIA SA-RIGHTS      653447Q FP     -913748142.24  6150227880.48
SDR CENTREST          117241Q FP     -132420119.65   252176017.15
SELCODIS              SLCO EU         -21481214.33   175720770.81
SELCODIS              SLCO FP         -21481214.33   175720770.81
SELCODIS              SPVX IX         -21481214.33   175720770.81
Selcodis              SPVX FP         -21481214.33   175720770.81
SELCODIS              SLCO EO         -21481214.33   175720770.81
SELCODIS              SLCO PZ         -21481214.33   175720770.81
THOMSON (EX-TMM)      TMS EO         -587281616.69  6690514314.58
THOMSON (EX-TMM)      TMS GK         -587281616.69  6690514314.58
THOMSON (EX-TMM)      TMM VX         -587281616.69  6690514314.58
THOMSON (EX-TMM)      TMS BQ         -587281616.69  6690514314.58
THOMSON (EX-TMM)      TMSGBX EU      -587281616.69  6690514314.58
THOMSON (EX-TMM)      TMM ES         -587281616.69  6690514314.58
THOMSON (EX-TMM)      TMS US         -587281616.69  6690514314.58
THOMSON (EX-TMM)      TMSGBP EO      -587281616.69  6690514314.58
THOMSON (EX-TMM)      TMS PZ         -587281616.69  6690514314.58
THOMSON (EX-TMM)      TNM GR         -587281616.69  6690514314.58
THOMSON (EX-TMM)      TMSGBX EO      -587281616.69  6690514314.58
THOMSON (EX-TMM)      TMS FP         -587281616.69  6690514314.58
THOMSON (EX-TMM)      TMSUSD EO      -587281616.69  6690514314.58
THOMSON (EX-TMM)      TMSUSD EU      -587281616.69  6690514314.58
THOMSON (EX-TMM)      TMS EB         -587281616.69  6690514314.58
THOMSON (EX-TMM)      TMMLF US       -587281616.69  6690514314.58
THOMSON (EX-TMM)      TMS QM         -587281616.69  6690514314.58
THOMSON (EX-TMM)      TMS EU         -587281616.69  6690514314.58
THOMSON (EX-TMM)      TMMN FP        -587281616.69  6690514314.58
THOMSON (EX-TMM)      TMS VX         -587281616.69  6690514314.58
THOMSON (EX-TMM)      TMS TQ         -587281616.69  6690514314.58
THOMSON (EX-TMM)      TMS NQ         -587281616.69  6690514314.58
THOMSON (EX-TMM)      TNMA GR        -587281616.69  6690514314.58
THOMSON (EX-TMM)      TMM LN         -587281616.69  6690514314.58
THOMSON (EX-TMM)      TMM IX         -587281616.69  6690514314.58
THOMSON - NEW         TMSNV FP       -587281616.69  6690514314.58
THOMSON - NEW         2336061Q FP    -587281616.69  6690514314.58
THOMSON MULT-ADR      TMS-P US       -587281616.69  6690514314.58
THOMSON MULTI-NE      ZTM FP         -587281616.69  6690514314.58
THOMSON MULTIMED      TMM FP         -587281616.69  6690514314.58
TROUVAY CAUVIN        TVYCF US             -396978   133986439.74
TROUVAY CAUVIN        ETEC FP              -396978   133986439.74

GERMANY
-------
AGOR AG               DOO EU            -482446.63   144432986.17
AGOR AG               DOO EO            -482446.63   144432986.17
AGOR AG               DOOG IX           -482446.63   144432986.17
AGOR AG               DOOD PZ           -482446.63   144432986.17
AGOR AG               DOO GR            -482446.63   144432986.17
AGOR AG               NDAGF US          -482446.63   144432986.17
AGOR AG-RTS           2301918Z GR       -482446.63   144432986.17
ALNO AG               ANO PZ          -68516656.94   290459933.75
ALNO AG               ANO GR          -68516656.94   290459933.75
ALNO AG               ANO EO          -68516656.94   290459933.75
ALNO AG               ALNO IX         -68516656.94   290459933.75
ALNO AG               ANO EU          -68516656.94   290459933.75
ALNO AG-NEW           ANO1 GR         -68516656.94   290459933.75
ALNO AG-RTS           2259765Z GR     -68516656.94   290459933.75
BROKAT AG             BRKAF US        -27139391.98   143536859.72
BROKAT AG             BKISF US        -27139391.98   143536859.72
BROKAT AG             BROAF US        -27139391.98   143536859.72
BROKAT AG             BROFQ US        -27139391.98   143536859.72
BROKAT AG -NEW        BRJ1 GR         -27139391.98   143536859.72
BROKAT AG -NEW        BRJ1 NM         -27139391.98   143536859.72
BROKAT AG-ADR         BROA US         -27139391.98   143536859.72
BROKAT TECH -ADR      BROAQ US        -27139391.98   143536859.72
BROKAT TECH AG        BRJ GR          -27139391.98   143536859.72
BROKAT TECH AG        BSA LN          -27139391.98   143536859.72
BROKAT TECH AG        BRJ NM          -27139391.98   143536859.72
BROKAT TECH-ADR       BRJA GR         -27139391.98   143536859.72
CBB HOLD-NEW 97       COB2 GR         -42994732.85   904723627.84
CBB HOLDING AG        COBG IX         -42994732.85   904723627.84
CBB HOLDING AG        CUBDF US        -42994732.85   904723627.84
CBB HOLDING AG        COB2 EU         -42994732.85   904723627.84
CBB HOLDING AG        COB GR          -42994732.85   904723627.84
CBB HOLDING AG        COBG PZ         -42994732.85   904723627.84
CBB HOLDING AG        COB2 EO         -42994732.85   904723627.84
CBB HOLDING-NEW       COB1 GR         -42994732.85   904723627.84
CBB HOLDING-NEW       COB3 GR         -42994732.85   904723627.84
CINEMAXX AG           MXC GR          -42008900.33   144431938.27
CINEMAXX AG           MXC EO          -42008900.33   144431938.27
CINEMAXX AG           CNEMF US        -42008900.33   144431938.27
CINEMAXX AG           MXCG IX         -42008900.33   144431938.27
CINEMAXX AG           MXCUSD EO       -42008900.33   144431938.27
CINEMAXX AG           MXCUSD EU       -42008900.33   144431938.27
CINEMAXX AG           MXC PZ          -42008900.33   144431938.27
CINEMAXX AG           MXC EU          -42008900.33   144431938.27
CINEMAXX AG-RTS       MXC8 GR         -42008900.33   144431938.27
DORT ACTIEN-BRAU      944167Q GR      -12689156.29   117537053.71
DORT ACTIEN-RTS       DAB8 GR         -12689156.29   117537053.71
EM.TV & MERC-NEW      ETV1 NM         -22067409.41   849175624.65
EM.TV & MERC-NEW      ETV1 GR         -22067409.41   849175624.65
EM.TV & MERC-RTS      ETV8 NM         -22067409.41   849175624.65
EM.TV & MERC-RTS      ETV8 GR         -22067409.41   849175624.65
EM.TV & MERCHAND      ETV LN          -22067409.41   849175624.65
EM.TV & MERCHAND      985403Q GR      -22067409.41   849175624.65
EM.TV & MERCHAND      ETV NM          -22067409.41   849175624.65
EM.TV & MERCHAND      ETV VX          -22067409.41   849175624.65
EM.TV & MERCHAND      EMTVF US        -22067409.41   849175624.65
EM.TV & MERCHAND      ETVMF US        -22067409.41   849175624.65
ESCADA AG             ESC EU          -22323463.23   425598807.76
ESCADA AG             ESCG IX         -22323463.23   425598807.76
ESCADA AG             ESC EO          -22323463.23   425598807.76
ESCADA AG             ESC PZ          -22323463.23   425598807.76
ESCADA AG             ESC BQ          -22323463.23   425598807.76
ESCADA AG             ESC GR          -22323463.23   425598807.76
ESCADA AG             ESCDF US        -22323463.23   425598807.76
ESCADA AG             ESC TQ          -22323463.23   425598807.76
ESCADA AG -PFD        ESC3 GR         -22323463.23   425598807.76
ESCADA AG-NEW         ESCC GR         -22323463.23   425598807.76
ESCADA AG-NEW         3069367Q GR     -22323463.23   425598807.76
ESCADA AG-NEW         835345Q GR      -22323463.23   425598807.76
ESCADA AG-NEW         ESCD GR         -22323463.23   425598807.76
ESCADA AG-NEW         ESCN EU         -22323463.23   425598807.76
ESCADA AG-NEW         ESCN EO         -22323463.23   425598807.76
ESCADA AG-NEW         ESCN GR         -22323463.23   425598807.76
ESCADA AG-RTS         ESCE GR         -22323463.23   425598807.76
ESCADA AG-SP ADR      ESCDY US        -22323463.23   425598807.76
KAUFRING AG           KFR PZ          -19296489.56   150995473.81
KAUFRING AG           KFR GR          -19296489.56   150995473.81
KAUFRING AG           KFR EU          -19296489.56   150995473.81
KAUFRING AG           KAUG IX         -19296489.56   150995473.81
KAUFRING AG           KFR EO          -19296489.56   150995473.81
MANIA TECHNOLOGI      MNI PZ           -35060806.5   107465713.61
MANIA TECHNOLOGI      2260970Z GR      -35060806.5   107465713.61
MANIA TECHNOLOGI      MNIG IX          -35060806.5   107465713.61
MANIA TECHNOLOGI      MIAVF US         -35060806.5   107465713.61
MANIA TECHNOLOGI      MNI GR           -35060806.5   107465713.61
MANIA TECHNOLOGI      MNI1 EU          -35060806.5   107465713.61
MANIA TECHNOLOGI      MNI NM           -35060806.5   107465713.61
MANIA TECHNOLOGI      MNI1 EO          -35060806.5   107465713.61
MATERNUS KLINI-N      MAK1 GR         -18996733.83   183928734.46
MATERNUS-KLINIKE      MAK EO          -18996733.83   183928734.46
MATERNUS-KLINIKE      MAKG IX         -18996733.83   183928734.46
MATERNUS-KLINIKE      MAK PZ          -18996733.83   183928734.46
MATERNUS-KLINIKE      MAK GR          -18996733.83   183928734.46
MATERNUS-KLINIKE      MNUKF US        -18996733.83   183928734.46
MATERNUS-KLINIKE      MAK EU          -18996733.83   183928734.46
NORDAG AG             DOO1 GR           -482446.63   144432986.17
NORDAG AG-PFD         DOO3 GR           -482446.63   144432986.17
NORDAG AG-RTS         DOO8 GR           -482446.63   144432986.17
NORDSEE AG            533061Q GR       -8200552.05   194616922.62
PRIMACOM AG           PRC EO          -18656728.68   610380925.67
PRIMACOM AG           PRCG PZ         -18656728.68   610380925.67
PRIMACOM AG           PCAGF US        -18656728.68   610380925.67
PRIMACOM AG           PRC EU          -18656728.68   610380925.67
PRIMACOM AG           PRC GR          -18656728.68   610380925.67
PRIMACOM AG           PRCG IX         -18656728.68   610380925.67
PRIMACOM AG           PRC2 GR         -18656728.68   610380925.67
PRIMACOM AG           PRC NM          -18656728.68   610380925.67
PRIMACOM AG-ADR       PCAG US         -18656728.68   610380925.67
PRIMACOM AG-ADR       PCAGY US        -18656728.68   610380925.67
PRIMACOM AG-ADR+      PCAG ES         -18656728.68   610380925.67
RAG ABWICKL-REG       RSTHF US         -1744121.91   217776125.75
RAG ABWICKL-REG       ROSG PZ          -1744121.91   217776125.75
RAG ABWICKL-REG       ROS1 EU          -1744121.91   217776125.75
RAG ABWICKL-REG       ROS1 EO          -1744121.91   217776125.75
RAG ABWICKL-REG       ROS GR           -1744121.91   217776125.75
RINOL AG              RILB IX                -2.71   168095049.11
RINOL AG              RIL GR                 -2.71   168095049.11
RINOL AG              RNLAF US               -2.71   168095049.11
RINOL AG              RILB PZ                -2.71   168095049.11
RINOL AG              RILB EU                -2.71   168095049.11
RINOL AG              RILB EO                -2.71   168095049.11
RINOL AG              RILB GR                -2.71   168095049.11
ROSENTHAL AG          2644179Q GR      -1744121.91   217776125.75
ROSENTHAL AG-ACC      ROS4 GR          -1744121.91   217776125.75
ROSENTHAL AG-ADR      RSTHY US         -1744121.91   217776125.75
ROSENTHAL AG-REG      ROSG IX          -1744121.91   217776125.75
SANDER (JIL) AG       SAD GR           -6153256.92   127548039.68
SANDER (JIL) AG       JLSDF US         -6153256.92   127548039.68
SANDER (JIL)-PRF      SAD3 GR          -6153256.92   127548039.68
SANDER (JIL)-PRF      2916157Q EU      -6153256.92   127548039.68
SANDER (JIL)-PRF      2916161Q EO      -6153256.92   127548039.68
SANDER (JIL)-PRF      SAD3 PZ          -6153256.92   127548039.68
SINNLEFFERS AG        WHG GR           -4491629.96   453887060.07
SPAR HAND-PFD NV      SPA3 GR        -442426199.47  1433020960.55
SPAR HANDELS-AG       SPHFF US       -442426199.47  1433020960.55
SPAR HANDELS-AG       773844Q GR     -442426199.47  1433020960.55
TA TRIUMPH-A-RTS      1018916Z GR    -120075877.67   410015192.03
TA TRIUMPH-ACQ        TWNA GR        -120075877.67   410015192.03
TA TRIUMPH-ACQ        TWNA EU        -120075877.67   410015192.03
TA TRIUMPH-ADLER      TWN EU         -120075877.67   410015192.03
TA TRIUMPH-ADLER      TTZAF US       -120075877.67   410015192.03
TA TRIUMPH-ADLER      TWN GR         -120075877.67   410015192.03
TA TRIUMPH-ADLER      TWNG IX        -120075877.67   410015192.03
TA TRIUMPH-ADLER      TWN PZ         -120075877.67   410015192.03
TA TRIUMPH-ADLER      TWN EO         -120075877.67   410015192.03
TA TRIUMPH-NEW        TWN1 GR        -120075877.67   410015192.03
TA TRIUMPH-RT         TWN8 GR        -120075877.67   410015192.03
TA TRIUMPH-RTS        3158577Q GR    -120075877.67   410015192.03
VIVANCO GRUPPE        VVA1 EO         -22198683.12   111990951.35
VIVANCO GRUPPE        VVA1 PZ         -22198683.12   111990951.35
VIVANCO GRUPPE        VVAG IX         -22198683.12   111990951.35
VIVANCO GRUPPE        VVA GR          -22198683.12   111990951.35
VIVANCO GRUPPE        VVA1 GR         -22198683.12   111990951.35
VIVANCO GRUPPE        VIVGF US        -22198683.12   111990951.35
VIVANCO GRUPPE        VVA1 EU         -22198683.12   111990951.35

GREECE
------
AG PETZETAKIS SA      PETZK EU        -30790135.48   234437763.45
AG PETZETAKIS SA      PZETF US        -30790135.48   234437763.45
AG PETZETAKIS SA      PTZ GR          -30790135.48   234437763.45
AG PETZETAKIS SA      PTZ1 GR         -30790135.48   234437763.45
AG PETZETAKIS SA      PETZK EO        -30790135.48   234437763.45
AG PETZETAKIS SA      PETZK GA        -30790135.48   234437763.45
AG PETZETAKIS SA      PETZK PZ        -30790135.48   234437763.45
ALTEC SA -AUCT        ALTECE GA      -103590250.31   177563163.73
ALTEC SA INFO         ALTEC EU       -103590250.31   177563163.73
ALTEC SA INFO         ALTEC GA       -103590250.31   177563163.73
ALTEC SA INFO         ALTEC PZ       -103590250.31   177563163.73
ALTEC SA INFO         ATCQF US       -103590250.31   177563163.73
ALTEC SA INFO         ALTEC EO       -103590250.31   177563163.73
ALTEC SA INFO         AXY GR         -103590250.31   177563163.73
ALTEC SA INFO-RT      ALTED GA       -103590250.31   177563163.73
ALTEC SA INFO-RT      ALTECR GA      -103590250.31   177563163.73
ARIES MARITIME T      A1M GR             -57875000      197992000
ARIES MARITIME T      RAMS US            -57875000      197992000
EMPEDOS SA            EMPED GA        -33637669.62    174742646.9
EMPEDOS SA-RTS        EMPEDR GA       -33637669.62    174742646.9
KOUMBAS INSUR-RT      KOUMD GA        -39842421.26   236519943.73
KOUMBAS RTS           KOUMR GA        -39842421.26   236519943.73
KOUMBAS SYNERGY       KOUM GA         -39842421.26   236519943.73
KOUMBAS SYNERGY       KOUMF US        -39842421.26   236519943.73
KOUMBAS SYNERGY       KOUM EO         -39842421.26   236519943.73
KOUMBAS SYNERGY       KOUM EU         -39842421.26   236519943.73
KOUMBAS SYNERGY       KOUM PZ         -39842421.26   236519943.73
NAFTOKHIMIK-GDR       N3ZA GR         -18319042.42   308665797.86
NAOUSSA SPIN -RT      NAOYD GA        -44175513.67   341686153.14
NAOUSSA SPIN-AUC      NAOYKE GA       -44175513.67   341686153.14
NAOUSSA SPIN-RTS      NAOYKR GA       -44175513.67   341686153.14
NAOUSSA SPINNING      NML1 GR         -44175513.67   341686153.14
NAOUSSA SPINNING      NML GR          -44175513.67   341686153.14
PETZET - PFD-RTS      PETZPD GA       -30790135.48   234437763.45
PETZETAKIS - RTS      PETZKD GA       -30790135.48   234437763.45
PETZETAKIS-AUC        PETZKE GA       -30790135.48   234437763.45
PETZETAKIS-PFD        PTZ3 GR         -30790135.48   234437763.45
PETZETAKIS-PFD        PETZP GA        -30790135.48   234437763.45
RADIO KORASS-RTS      KORAR GA       -100972173.86   180679253.63
RADIO KORASSI-RT      KORAD GA       -100972173.86   180679253.63
RADIO KORASSIDIS      RAKOF US       -100972173.86   180679253.63
RADIO KORASSIDIS      KORA GA        -100972173.86   180679253.63
RADIO KORASSIDIS      RKC GR         -100972173.86   180679253.63
THEMELIODOMI          THEME GA        -55751178.85   232036822.56
THEMELIODOMI-AUC      THEMEE GA       -55751178.85   232036822.56
THEMELIODOMI-RTS      THEMER GA       -55751178.85   232036822.56
THEMELIODOMI-RTS      THEMED GA       -55751178.85   232036822.56
UNITED TEXTILES       UTEX PZ         -44175513.67   341686153.14
UNITED TEXTILES       NAOYK GA        -44175513.67   341686153.14
UNITED TEXTILES       UTEX EU         -44175513.67   341686153.14
UNITED TEXTILES       UTEX GA         -44175513.67   341686153.14
UNITED TEXTILES       NAOSF US        -44175513.67   341686153.14
UNITED TEXTILES       UTEX EO         -44175513.67   341686153.14

ICELAND
-------
AVION GROUP           B1Q GR            -223771648     2277793536
EIMSKIPAFELAG HF      HFEIMEUR EU       -223771648     2277793536
EIMSKIPAFELAG HF      HFEIMEUR EO       -223771648     2277793536
EIMSKIPAFELAG HF      HFEIM IR          -223771648     2277793536
EIMSKIPAFELAG HF      HFEIM PZ          -223771648     2277793536
EIMSKIPAFELAG HF      HFEIM EU          -223771648     2277793536
EIMSKIPAFELAG HF      AVION IR          -223771648     2277793536
EIMSKIPAFELAG HF      HFEIM EO          -223771648     2277793536

IRELAND
-------
BOUNDARY CAPITAL      BCP1 EU         -10192301.85   119787800.54
BOUNDARY CAPITAL      BCM GR          -10192301.85   119787800.54
BOUNDARY CAPITAL      BCP ID          -10192301.85   119787800.54
BOUNDARY CAPITAL      BCP1 PG         -10192301.85   119787800.54
BOUNDARY CAPITAL      BCP LN          -10192301.85   119787800.54
BOUNDARY CAPITAL      BCP1 PZ         -10192301.85   119787800.54
BOUNDARY CAPITAL      BCP1 EO         -10192301.85   119787800.54
BOUNDARY CAPITAL      BCPI IX         -10192301.85   119787800.54
BOUNDARY CAPITAL      BCP IX          -10192301.85   119787800.54
ELAN CORP PLC         ELA LN            -370500000     1669500032
ELAN CORP PLC         ELA IX            -370500000     1669500032
ELAN CORP PLC         DRXG IX           -370500000     1669500032
ELAN CORP PLC         ELN LN            -370500000     1669500032
ELAN CORP PLC         DRX GR            -370500000     1669500032
ELAN CORP PLC         ELN EU            -370500000     1669500032
ELAN CORP PLC         ELN ID            -370500000     1669500032
ELAN CORP PLC         DRX1 PZ           -370500000     1669500032
ELAN CORP PLC         ELNCF US          -370500000     1669500032
ELAN CORP PLC         ECN VX            -370500000     1669500032
ELAN CORP PLC         ELNGBX EO         -370500000     1669500032
ELAN CORP PLC         ELN TQ            -370500000     1669500032
ELAN CORP PLC         ELN NR            -370500000     1669500032
ELAN CORP PLC         ELNUSD EO         -370500000     1669500032
ELAN CORP PLC         ELN EO            -370500000     1669500032
ELAN CORP PLC         ELNGBP EO         -370500000     1669500032
ELAN CORP PLC         ELN IX            -370500000     1669500032
ELAN CORP PLC         ELA PO            -370500000     1669500032
ELAN CORP PLC         ELNUSD EU         -370500000     1669500032
ELAN CORP-ADR         EAN GR            -370500000     1669500032
ELAN CORP-ADR         EANG IX           -370500000     1669500032
ELAN CORP-ADR         QUNELN AU         -370500000     1669500032
ELAN CORP-ADR         ELN US            -370500000     1669500032
ELAN CORP-ADR         ELAD LN           -370500000     1669500032
ELAN CORP-ADR UT      ELN/E US          -370500000     1669500032
ELAN CORP-CVR         LCVRZ US          -370500000     1669500032
ELAN CORP-CVR         ELNZV US          -370500000     1669500032
MCINERNEY -RT FP      MCIF ID        -113397336.28   441922391.66
MCINERNEY -RT FP      MCIF LN        -113397336.28   441922391.66
MCINERNEY -RT NP      MCIN ID        -113397336.28   441922391.66
MCINERNEY -RT NP      MCIN LN        -113397336.28   441922391.66
MCINERNEY HLDGS       MK9 PO         -113397336.28   441922391.66
MCINERNEY HLDGS       MNEYF US       -113397336.28   441922391.66
MCINERNEY HLDGS       MCIGBP EO      -113397336.28   441922391.66
MCINERNEY HLDGS       MCI EU         -113397336.28   441922391.66
MCINERNEY HLDGS       MCIGBX EU      -113397336.28   441922391.66
MCINERNEY HLDGS       MCI VX         -113397336.28   441922391.66
MCINERNEY HLDGS       MK9C PZ        -113397336.28   441922391.66
MCINERNEY HLDGS       MCI IX         -113397336.28   441922391.66
MCINERNEY HLDGS       MCI LN         -113397336.28   441922391.66
MCINERNEY HLDGS       MCII IX        -113397336.28   441922391.66
MCINERNEY HLDGS       MCIGBX EO      -113397336.28   441922391.66
MCINERNEY HLDGS       MCI EO         -113397336.28   441922391.66
MCINERNEY HLDGS       MK9 GR         -113397336.28   441922391.66
MCINERNEY HLDGS       MCI PO         -113397336.28   441922391.66
MCINERNEY HLDGS       MCI ID         -113397336.28   441922391.66
MCINERNEY PROP-A      MCIYF US       -113397336.28   441922391.66
MCINERNEY PROP-A      MYP ID         -113397336.28   441922391.66
MCINERNEY PROP-A      MYP LN         -113397336.28   441922391.66
MCINERNEY-ADR         MNEYY US       -113397336.28   441922391.66
PAYZONE PLC           PAYZ IX        -138030903.22   510010035.33
PAYZONE PLC           4P6 GR         -138030903.22   510010035.33
PAYZONE PLC           PAYZ PZ        -138030903.22   510010035.33
PAYZONE PLC           PAYZ EO        -138030903.22   510010035.33
PAYZONE PLC           PAYZ PG        -138030903.22   510010035.33
PAYZONE PLC           PAYZ EU        -138030903.22   510010035.33
PAYZONE PLC           PAYZ LN        -138030903.22   510010035.33
WATERFORD - RTS       508519Q LN     -505729895.23   820803256.03
WATERFORD - RTS       WWWA ID        -505729895.23   820803256.03
WATERFORD - RTS       WWWB ID        -505729895.23   820803256.03
WATERFORD - RTS       WWWA GR        -505729895.23   820803256.03
WATERFORD - RTS       508523Q LN     -505729895.23   820803256.03
WATERFORD - RTS       WWWB GR        -505729895.23   820803256.03
WATERFORD W-ADR       WATWY US       -505729895.23   820803256.03
WATERFORD WDGEWD      WATWF US       -505729895.23   820803256.03
WATERFORD WDGEWD      WATFF US       -505729895.23   820803256.03
WATERFORD WE-RTS      WTFN ID        -505729895.23   820803256.03
WATERFORD WE-RTS      WTFF ID        -505729895.23   820803256.03
WATERFORD WE-RTS      WTFN LN        -505729895.23   820803256.03
WATERFORD WE-RTS      WTFN VX        -505729895.23   820803256.03
WATERFORD WE-RTS      WTFF LN        -505729895.23   820803256.03
WATERFORD WED-RT      WWWD GR        -505729895.23   820803256.03
WATERFORD WED-RT      WWWC ID        -505729895.23   820803256.03
WATERFORD WED-RT      586552Q LN     -505729895.23   820803256.03
WATERFORD WED-RT      WTFR LN        -505729895.23   820803256.03
WATERFORD WED-RT      586556Q LN     -505729895.23   820803256.03
WATERFORD WED-RT      WWWC GR        -505729895.23   820803256.03
WATERFORD WED-RT      WWWD ID        -505729895.23   820803256.03
WATERFORD WED-UT      WTFU IX        -505729895.23   820803256.03
WATERFORD WED-UT      WWW GR         -505729895.23   820803256.03
WATERFORD WED-UT      WWWD PZ        -505729895.23   820803256.03
WATERFORD WED-UT      WTFU LN        -505729895.23   820803256.03
WATERFORD WED-UT      WTFU ID        -505729895.23   820803256.03
WATERFORD WED-UT      WWW PO         -505729895.23   820803256.03
WATERFORD WED-UT      WTFU PO        -505729895.23   820803256.03
WATERFORD WED-UT      WTFUGBX EU     -505729895.23   820803256.03
WATERFORD WED-UT      WTFUGBX EO     -505729895.23   820803256.03
WATERFORD WED-UT      WTFU VX        -505729895.23   820803256.03
WATERFORD WED-UT      WTFU EO        -505729895.23   820803256.03
WATERFORD WED-UT      WTFU EU        -505729895.23   820803256.03
WATERFORD-ADR UT      WATFZ US       -505729895.23   820803256.03
WATERFORD-ADR UT      WFWA GR        -505729895.23   820803256.03
WATERFORD-SUB         3001875Z ID    -505729895.23   820803256.03

ITALY
-----
AEDES AXA+W           AEAXAW IM       -24405906.61  1350851664.42
AEDES SPA             AE IM           -24405906.61  1350851664.42
AEDES SPA             AE EU           -24405906.61  1350851664.42
AEDES SPA             AEDI IX         -24405906.61  1350851664.42
AEDES SPA             AE EO           -24405906.61  1350851664.42
AEDES SPA             AEDSF US        -24405906.61  1350851664.42
AEDES SPA             AE TQ           -24405906.61  1350851664.42
AEDES SPA             AE PZ           -24405906.61  1350851664.42
AEDES SPA             LLB GR          -24405906.61  1350851664.42
AEDES SPA RNC         AEDE IM         -24405906.61  1350851664.42
AEDES SPA-OPA         AEDROP IM       -24405906.61  1350851664.42
AEDES SPA-OPA         AEOPA IM        -24405906.61  1350851664.42
AEDES SPA-RTS         AESA IM         -24405906.61  1350851664.42
AEDES SPA-RTS         AEAA IM         -24405906.61  1350851664.42
AEDES SPA-SVGS R      AEDRAA IM       -24405906.61  1350851664.42
BINDA SPA             BNDAF US        -11146475.29   128859802.94
BINDA SPA             BND IM          -11146475.29   128859802.94
BRODOGRADE INDUS      3MAJRA CZ      -388927692.38   624796011.81
BROGGI IZAR FABB      BIF IM            -178432.46   134255668.53
CART SOTTRI-BIND      DEM IM          -11146475.29   128859802.94
CIRIO FINANZIARI      FIY GR          -422095869.5  1583083044.16
CIRIO FINANZIARI      CRO IM          -422095869.5  1583083044.16
COIN SPA              GC IX          -151690764.75   791310848.67
COIN SPA              965089Q GR     -151690764.75   791310848.67
COIN SPA              GUCIF US       -151690764.75   791310848.67
COIN SPA-RTS          GCAA IM        -151690764.75   791310848.67
COIN SPA/OLD          GC IM          -151690764.75   791310848.67
COMPAGNIA ITALIA      ICT IM         -137726596.25   527372691.43
COMPAGNIA ITALIA      CGLUF US       -137726596.25   527372691.43
COMPAGNIA ITALIA      CITU IX        -137726596.25   527372691.43
CORNELL BHN           INN IM            -178432.46   134255668.53
CORNELL BHN           BY EU             -178432.46   134255668.53
CORNELL BHN           CBX IM            -178432.46   134255668.53
CORNELL BHN           BY EO             -178432.46   134255668.53
CORNELL BHN           INO1 IX           -178432.46   134255668.53
CREDITO FOND-RTS      CRFSA IM       -200209050.26  4213063202.32
CREDITO FONDIARI      CRF IM         -200209050.26  4213063202.32
ELIOS HOLDING         EH IM             -178432.46   134255668.53
ELIOS HOLDING-NE      EH00 IM           -178432.46   134255668.53
ELIOS HOLDING-RT      EHAA IM           -178432.46   134255668.53
ELIOS SPA             EHM IM            -178432.46   134255668.53
I VIAGGI DEL VEN      IVGIF US        -92020221.43   318192568.61
I VIAGGI DEL VEN      VVE EU          -92020221.43   318192568.61
I VIAGGI DEL VEN      VVE TQ          -92020221.43   318192568.61
I VIAGGI DEL VEN      VVE EO          -92020221.43   318192568.61
I VIAGGI DEL VEN      VVE PZ          -92020221.43   318192568.61
I VIAGGI DEL VEN      IV7 GR          -92020221.43   318192568.61
I VIAGGI DEL VEN      VVE IX          -92020221.43   318192568.61
I VIAGGI DEL VEN      VVE IM          -92020221.43   318192568.61
I VIAGGI-RTS          VVEAA IM        -92020221.43   318192568.61
INNOTECH SPA          ELIOF US          -178432.46   134255668.53
OLCESE SPA            O IM            -12846689.89   179691572.79
OLCESE SPA-RTS        OAA IM          -12846689.89   179691572.79
OLCESE VENEZIANO      OLVE IM         -12846689.89   179691572.79
OMNIA NETWORK SP      ONT EU           -47468652.4    322390901.7
OMNIA NETWORK SP      ONT TQ           -47468652.4    322390901.7
OMNIA NETWORK SP      ONT IM           -47468652.4    322390901.7
OMNIA NETWORK SP      ONT PZ           -47468652.4    322390901.7
OMNIA NETWORK SP      ONT EO           -47468652.4    322390901.7
OMNIA NETWORK SP      ONTI IX          -47468652.4    322390901.7
PARMALAT FINA-RT      PRFR AV                  ###  4120687886.18
PARMALAT FINANZI      PMT LI                   ###  4120687886.18
PARMALAT FINANZI      FICN AV                  ###  4120687886.18
PARMALAT FINANZI      PMLFF US                 ###  4120687886.18
PARMALAT FINANZI      PRFI VX                  ###  4120687886.18
PARMALAT FINANZI      PARAF US                 ###  4120687886.18
PARMALAT FINANZI      PAF GR                   ###  4120687886.18
PARMALAT FINANZI      PRF IM                   ###  4120687886.18
REAL ESTATE OP-O      REO LN         -145048365.85  2933767506.67
REAL ESTATE OP-O      REO EO         -145048365.85  2933767506.67
REAL ESTATE OP-O      REO PZ         -145048365.85  2933767506.67
REAL ESTATE OP-O      REO EU         -145048365.85  2933767506.67
REAL ESTATE OP-O      REO VX         -145048365.85  2933767506.67
REAL ESTATE OP-O      REO IX         -145048365.85  2933767506.67
REAL ESTATE OP-O      REA GR         -145048365.85  2933767506.67
REAL ESTATE OP-O      REO ID         -145048365.85  2933767506.67
REAL ESTATE OP-O      REOGBP EO      -145048365.85  2933767506.67
RISANAMEN-RNC OP      RNROPA IM        -84106314.4  4618461222.59
RISANAMENTO -OPA      RNOPA IM         -84106314.4  4618461222.59
RISANAMENTO -RNC      RNR IM           -84106314.4  4618461222.59
RISANAMENTO NAPO      RN5 GR           -84106314.4  4618461222.59
RISANAMENTO SPA       RNGBP EO         -84106314.4  4618461222.59
RISANAMENTO SPA       RN EU            -84106314.4  4618461222.59
RISANAMENTO SPA       RSMNF US         -84106314.4  4618461222.59
RISANAMENTO SPA       RNGBX EO         -84106314.4  4618461222.59
RISANAMENTO SPA       RN PZ            -84106314.4  4618461222.59
RISANAMENTO SPA       RNGBX EU         -84106314.4  4618461222.59
RISANAMENTO SPA       RN EO            -84106314.4  4618461222.59
RISANAMENTO SPA       RN IM            -84106314.4  4618461222.59
RISANAMENTO SPA       RN TQ            -84106314.4  4618461222.59
RISANAMENTO SPA       RN IX            -84106314.4  4618461222.59
RISANAMENTO-RTS       RNAA IM          -84106314.4  4618461222.59
SNIA BPD              SN GR          -141933883.93   150445252.43
SNIA BPD-ADR          SBPDY US       -141933883.93   150445252.43
SNIA SPA              SN IM          -141933883.93   150445252.43
SNIA SPA              SN EO          -141933883.93   150445252.43
SNIA SPA              SNIXF US       -141933883.93   150445252.43
SNIA SPA              SBPDF US       -141933883.93   150445252.43
SNIA SPA              SSMLF US       -141933883.93   150445252.43
SNIA SPA              SIAI IX        -141933883.93   150445252.43
SNIA SPA              SN EU          -141933883.93   150445252.43
SNIA SPA              SNIA GR        -141933883.93   150445252.43
SNIA SPA              SNIB GR        -141933883.93   150445252.43
SNIA SPA              SIAI PZ        -141933883.93   150445252.43
SNIA SPA              SN TQ          -141933883.93   150445252.43
SNIA SPA - RTS        SNAAW IM       -141933883.93   150445252.43
SNIA SPA- RTS         SNAXW IM       -141933883.93   150445252.43
SNIA SPA-2003 SH      SN03 IM        -141933883.93   150445252.43
SNIA SPA-CONV SA      SPBDF US       -141933883.93   150445252.43
SNIA SPA-DRC          SNR00 IM       -141933883.93   150445252.43
SNIA SPA-NEW          SN00 IM        -141933883.93   150445252.43
SNIA SPA-NON CON      SPBNF US       -141933883.93   150445252.43
SNIA SPA-RCV          SNIVF US       -141933883.93   150445252.43
SNIA SPA-RCV          SNR IM         -141933883.93   150445252.43
SNIA SPA-RIGHTS       SNAW IM        -141933883.93   150445252.43
SNIA SPA-RNC          SNIWF US       -141933883.93   150445252.43
SNIA SPA-RNC          SNRNC IM       -141933883.93   150445252.43
SNIA SPA-RTS          SNSO IM        -141933883.93   150445252.43
SNIA SPA-RTS          SNAA IM        -141933883.93   150445252.43
SOCOTHERM SPA         SCT EO         -120739761.47   431104046.09
SOCOTHERM SPA         SOCEF US       -120739761.47   431104046.09
SOCOTHERM SPA         SCT IM         -120739761.47   431104046.09
SOCOTHERM SPA         SCT EU         -120739761.47   431104046.09
SOCOTHERM SPA         SCTM IX        -120739761.47   431104046.09
SOCOTHERM SPA         SCTI PZ        -120739761.47   431104046.09
SOCOTHERM SPA         SCT TQ         -120739761.47   431104046.09
TECNODIFF ITALIA      TDIFF US        -89894162.82   152045757.48
TECNODIFF ITALIA      TEF GR          -89894162.82   152045757.48
TECNODIFF ITALIA      TDI IM          -89894162.82   152045757.48
TECNODIFF ITALIA      TDI NM          -89894162.82   152045757.48
TECNODIFF-RTS         TDIAOW NM       -89894162.82   152045757.48
TECNODIFFUSIONE       TDIAAW IM       -89894162.82   152045757.48
TISCALI - RTS         TIQA GR        -382501586.12  1284058962.83
TISCALI - RTS         TISAAW IM      -382501586.12  1284058962.83
TISCALI SPA           TISN IX        -382501586.12  1284058962.83
TISCALI SPA           TIS EO         -382501586.12  1284058962.83
TISCALI SPA           TISGBX EO      -382501586.12  1284058962.83
TISCALI SPA           TISGBP EO      -382501586.12  1284058962.83
TISCALI SPA           TIS NR         -382501586.12  1284058962.83
TISCALI SPA           TIS IM         -382501586.12  1284058962.83
TISCALI SPA           TIS FP         -382501586.12  1284058962.83
TISCALI SPA           TIQ GR         -382501586.12  1284058962.83
TISCALI SPA           TISN VX        -382501586.12  1284058962.83
TISCALI SPA           TISN NA        -382501586.12  1284058962.83
TISCALI SPA           TISN FP        -382501586.12  1284058962.83
TISCALI SPA           TIS PZ         -382501586.12  1284058962.83
TISCALI SPA           TIQ1 GR        -382501586.12  1284058962.83
TISCALI SPA           TIS VX         -382501586.12  1284058962.83
TISCALI SPA           TIQG IX        -382501586.12  1284058962.83
TISCALI SPA           TISN IM        -382501586.12  1284058962.83
TISCALI SPA           TIS EU         -382501586.12  1284058962.83
TISCALI SPA           TIS NA         -382501586.12  1284058962.83
TISCALI SPA           TISGBX EU      -382501586.12  1284058962.83
TISCALI SPA           TIS TQ         -382501586.12  1284058962.83
TISCALI SPA           TSCXF US       -382501586.12  1284058962.83
TISCALI SPA           TIS IX         -382501586.12  1284058962.83
TISCALI SPA- RTS      TISAXA IM      -382501586.12  1284058962.83
TISCALI SPA- RTS      3391621Q GR    -382501586.12  1284058962.83
YORKVILLE BHN         BY TQ             -178432.46   134255668.53
YORKVILLE BHN         BY IM             -178432.46   134255668.53
YORKVILLE BHN         CBXI PZ           -178432.46   134255668.53

KAZAKHSTAN
----------
KAZAKHSTAN MNRLS      KMCOF US          -123563000      104843000
KAZAKHSTAN MNRLS      KMCO/U CN         -123563000      104843000
KAZAKHSTAN MNRLS      KMC/U CN          -123563000      104843000
KAZAKHSTAN MNRLS      KMCO CN           -123563000      104843000

LUXEMBOURG
----------
CARRIER1 INT-AD+      CONE ES            -94729000      472360992
CARRIER1 INT-ADR      CONEQ US           -94729000      472360992
CARRIER1 INT-ADR      CONE US            -94729000      472360992
CARRIER1 INT-ADR      CONEE US           -94729000      472360992
CARRIER1 INTL         CJN GR             -94729000      472360992
CARRIER1 INTL         CJN NM             -94729000      472360992
CARRIER1 INTL         CJNA GR            -94729000      472360992
CARRIER1 INTL SA      CONEF US           -94729000      472360992
CARRIER1 INTL SA      1253Z SW           -94729000      472360992

NETHERLANDS
-----------
BAAN CO NV-ASSEN      BAANA NA         -7854741.41   609871188.88
BAAN COMPANY NV       BAAN GR          -7854741.41   609871188.88
BAAN COMPANY NV       BAAN NA          -7854741.41   609871188.88
BAAN COMPANY NV       BAAVF US         -7854741.41   609871188.88
BAAN COMPANY NV       BAAN IX          -7854741.41   609871188.88
BAAN COMPANY NV       BAAN PZ          -7854741.41   609871188.88
BAAN COMPANY NV       BAAN EO          -7854741.41   609871188.88
BAAN COMPANY NV       BAAN EU          -7854741.41   609871188.88
BAAN COMPANY NV       BNCG IX          -7854741.41   609871188.88
BAAN COMPANY-NY       BAANF US         -7854741.41   609871188.88
BUSINESSWAY INTL      BITLE US            -1244740      136149008
BUSINESSWAY INTL      BITL US             -1244740      136149008
CNW ORLANDO INC       CNWD US             -1244740      136149008
GLOBALNETCARE         GBCR US             -1244740      136149008
GLOBALNETCARE         GBCRE US            -1244740      136149008
ICBS INTERNATION      ICBOE US            -1244740      136149008
ICBS INTERNATION      ICBO US             -1244740      136149008
LIBERTY GL EU-A       UPC NA        -5505478849.55  5112616630.06
ROYAL INVEST INT      RIIC US             -1244740      136149008
UNITED PAN -ADR       UPEA GR       -5505478849.55  5112616630.06
UNITED PAN-A ADR      UPCOY US      -5505478849.55  5112616630.06
UNITED PAN-EUR-A      UPC LI        -5505478849.55  5112616630.06
UNITED PAN-EUR-A      UPC LN        -5505478849.55  5112616630.06
UNITED PAN-EUROP      UPE1 GR       -5505478849.55  5112616630.06
UNITED PAN-EUROP      UPC VX        -5505478849.55  5112616630.06
UNITED PAN-EUROP      UPCOF US      -5505478849.55  5112616630.06
UNITED PAN-EUROP      UPE GR        -5505478849.55  5112616630.06
UNITED PAN-EUROP      UPCEF US      -5505478849.55  5112616630.06
WAH KING INVEST       WAHKE US            -1244740      136149008
WAH KING INVEST       WAHK US             -1244740      136149008

POLAND
------
KROSNO                KROS IX          -2241614.77   111838141.19
KROSNO                KRS1EUR EU       -2241614.77   111838141.19
KROSNO                KRS PW           -2241614.77   111838141.19
KROSNO                KRS1EUR EO       -2241614.77   111838141.19
KROSNO                KRS LI           -2241614.77   111838141.19
KROSNO SA             KRS PZ           -2241614.77   111838141.19
KROSNO SA             KRNFF US         -2241614.77   111838141.19
KROSNO SA             KRS1 EU          -2241614.77   111838141.19
KROSNO SA             KROSNO PW        -2241614.77   111838141.19
KROSNO SA             KRS1 EO          -2241614.77   111838141.19
KROSNO SA-RTS         KRSP PW          -2241614.77   111838141.19
KROSNO-PDA-ALLT       KRSA PW          -2241614.77   111838141.19
TOORA                 2916661Q EO       -288818.39   147004954.18
TOORA                 TOR PW            -288818.39   147004954.18
TOORA                 TOR PZ            -288818.39   147004954.18
TOORA                 2916665Q EU       -288818.39   147004954.18
TOORA-ALLOT CERT      TORA PW           -288818.39   147004954.18

PORTUGAL
--------
BENFICA               SLBE IX         -16614056.44   234366255.59
BENFICA               SLBEN EO        -16614056.44   234366255.59
BENFICA               SLBEN EU        -16614056.44   234366255.59
BENFICA               SLBEN PL        -16614056.44   234366255.59
BENFICA               SLBEN PZ        -16614056.44   234366255.59
BENFICA               SLBENX PX       -16614056.44   234366255.59
COFINA                CFN1 PZ          -9882836.46   319233214.35
COFINA                COFI TQ          -9882836.46   319233214.35
COFINA                COFI EO          -9882836.46   319233214.35
COFINA                CFN PL           -9882836.46   319233214.35
COFINA                CFNX PX          -9882836.46   319233214.35
COFINA                CFASF US         -9882836.46   319233214.35
COFINA                COFI EU          -9882836.46   319233214.35
COFINA                COFI PL          -9882836.46   319233214.35
COFINA                COFSI IX         -9882836.46   319233214.35
LISGRAFICA IMPRE      LIG PL           -8723139.72   107312975.09
LISGRAFICA IMPRE      LIAG EO          -8723139.72   107312975.09
LISGRAFICA IMPRE      LIAG EU          -8723139.72   107312975.09
LISGRAFICA IMPRE      LIG EU           -8723139.72   107312975.09
LISGRAFICA IMPRE      LIG EO           -8723139.72   107312975.09
LISGRAFICA IMPRE      LIAG PL          -8723139.72   107312975.09
LISGRAFICA IMPRE      LIG PZ           -8723139.72   107312975.09
LISGRAFICA-RTS        LIGDS PL         -8723139.72   107312975.09
PORCELANA VISTA       PVAL PL         -68504012.12   145654270.82
SPORT LISBOA E B      1249Z PL        -16614056.44   234366255.59
SPORTING-SOC DES      SCDF EU          -4083492.14    225687305.9
SPORTING-SOC DES      SCP PL           -4083492.14    225687305.9
SPORTING-SOC DES      SCPX PX          -4083492.14    225687305.9
SPORTING-SOC DES      SCDF EO          -4083492.14    225687305.9
SPORTING-SOC DES      SCG GR           -4083492.14    225687305.9
SPORTING-SOC DES      SCPL IX          -4083492.14    225687305.9
SPORTING-SOC DES      SCP1 PZ          -4083492.14    225687305.9
SPORTING-SOC DES      SCDF PL          -4083492.14    225687305.9
VAA VISTA ALEGRE      VAF PZ          -68504012.12   145654270.82
VAA VISTA ALEGRE      VAF EO          -68504012.12   145654270.82
VAA VISTA ALEGRE      VAF PL          -68504012.12   145654270.82
VAA VISTA ALEGRE      VAF EU          -68504012.12   145654270.82
VAA VISTA ALEGRE      VAFX PX         -68504012.12   145654270.82
VAA VISTA ALTAN       VAFKX PX        -68504012.12   145654270.82
VAA VISTA ALTAN       VAFK EO         -68504012.12   145654270.82
VAA VISTA ALTAN       VAFK EU         -68504012.12   145654270.82
VAA VISTA ALTAN       VAFK PZ         -68504012.12   145654270.82
VAA VISTA ALTAN       VAFK PL         -68504012.12   145654270.82

NORWAY
------
PETRO GEO-SERV        265143Q NO      -18066142.21   399710323.59
PETRO GEO-SERV        PGS VX          -18066142.21   399710323.59
PETRO GEO-SERV        PGS GR          -18066142.21   399710323.59
PETRO GEO-SERV-N      PGSN NO         -18066142.21   399710323.59
PETRO GEO-SV-ADR      PGSA GR         -18066142.21   399710323.59
PETRO GEO-SV-ADR      PGOGY US        -18066142.21   399710323.59

ROMANIA
-------
ARDAF                 ARDF RO         -57541345.69   142988411.25
OLTCHIM RM VALCE      OLTCF US        -89344235.29   511515508.85
OLTCHIM RM VALCE      OLT RO          -89344235.29   511515508.85
OLTCHIM RM VALCE      OLTEUR EO       -89344235.29   511515508.85
OLTCHIM RM VALCE      OLT EU          -89344235.29   511515508.85
OLTCHIM RM VALCE      OLT EO          -89344235.29   511515508.85
OLTCHIM RM VALCE      OLT PZ          -89344235.29   511515508.85
OLTCHIM RM VALCE      OLTEUR EU       -89344235.29   511515508.85
RAFO SA               RAF RO         -457922636.25   356796459.26
UZINELE SODICE G      UZIM RO         -35878364.71   104942905.83

RUSSIA
------
ALFA CEMENT-BRD       ALCE RU           -672832.37   105454563.92
ALFA CEMENT-BRD       AFMTF US          -672832.37   105454563.92
ALFA CEMENT-BRD       ALCE* RU          -672832.37   105454563.92
AMO ZIL               ZILL RM        -171193521.47   350870451.06
AMO ZIL-CLS           ZILL RU        -171193521.47   350870451.06
AMO ZIL-CLS           ZILL* RU       -171193521.47   350870451.06
AMUR SHIP-BRD         AMZS* RU         -99051792.6   1089408984.8
AMUR SHIP-BRD         AMZS RU          -99051792.6   1089408984.8
BANK FORUM -GDR       B5F GR            -5331676.8  2243068981.53
BANK FORUM -GDR       639540Z LX        -5331676.8  2243068981.53
BANK FORUM -GDR       FRMB038 RU        -5331676.8  2243068981.53
BANK FORUM -GDR       BFJG IX           -5331676.8  2243068981.53
BANK FORUM JSC        FORM UZ           -5331676.8  2243068981.53
DAGESTAN ENERGY       DASB RU         -33465586.31   128437866.54
DAGESTAN ENERGY       DASB* RU        -33465586.31   128437866.54
DAGESTAN ENERGY       DASB RM         -33465586.31   128437866.54
DUVANSKA              DIVR SG          -7729350.78   109207260.53
EAST-SIBERIA-BRD      VSNK* RU       -116177580.51   140342466.16
EAST-SIBERIA-BRD      VSNK RU        -116177580.51   140342466.16
EAST-SIBERIAN-BD      VSNK$ RU       -116177580.51   140342466.16
GUKOVUGOL             GUUG RU         -57835245.31   143665227.24
GUKOVUGOL             GUUG* RU        -57835245.31   143665227.24
GUKOVUGOL-PFD         GUUGP RU        -57835245.31   143665227.24
GUKOVUGOL-PFD         GUUGP* RU       -57835245.31   143665227.24
KOMPANIYA GL-BRD      GMST* RU        -75483851.36  1248071411.99
KOMPANIYA GL-BRD      GMST RU         -75483851.36  1248071411.99
SAMARANEFTEGA-P$      SMNGP RU       -331600428.45   891998590.74
SAMARANEFTEGAS        SVYOF US       -331600428.45   891998590.74
SAMARANEFTEGAS        SMNG RM        -331600428.45   891998590.74
SAMARANEFTEGAS        SMNG$ RU       -331600428.45   891998590.74
SAMARANEFTEGAS        SMNG* RU       -331600428.45   891998590.74
SAMARANEFTEGAS-$      SMNG RU        -331600428.45   891998590.74
SAMARANEFTEGAS-P      SMNGP RM       -331600428.45   891998590.74
SAMARANEFTEGAS-P      SMNGP$ RU      -331600428.45   891998590.74
SAMARANEFTEGAS-P      SMNGP* RU      -331600428.45   891998590.74
TERNEYLES-BRD         TERL RU          -15178937.2   182115156.77
TERNEYLES-BRD         TERL* RU         -15178937.2   182115156.77
TRANSAERO AIRLIN      TRNS RU          -32834680.5    456883935.5
TRANSAERO AIRLIN      TRNS* RU         -32834680.5    456883935.5
URGALUGOL-BRD         YRGL* RU        -15706613.04   105440541.07
URGALUGOL-BRD         YRGL RU         -15706613.04   105440541.07
URGALUGOL-BRD-PF      YRGLP RU        -15706613.04   105440541.07
VOLGOGRAD KHIM        VHIM RU          -6661016.16   113935933.35
VOLGOGRAD KHIM        VHIM* RU         -6661016.16   113935933.35
ZIL AUTO PLANT        ZILL$ RU       -171193521.47   350870451.06
ZIL AUTO PLANT-P      ZILLP RM       -171193521.47   350870451.06
ZIL AUTO PLANT-P      ZILLP* RU      -171193521.47   350870451.06
ZIL AUTO PLANT-P      ZILLP RU       -171193521.47   350870451.06

SPAIN
-----
ACTUACIONES ACTI      AGR SM         -148097530.94   674738808.26
ACTUACIONES ACTI      AISA SM        -148097530.94   674738808.26
ACTUACIONES ACTI      AISA PZ        -148097530.94   674738808.26
ACTUACIONES ACTI      AISA EO        -148097530.94   674738808.26
ACTUACIONES ACTI      AISA EU        -148097530.94   674738808.26
AGRUPACIO - RT        AGR/D SM       -148097530.94   674738808.26
MARTINSA FADESA       MFAD PZ       -1847997044.09  8832898708.34
MARTINSA FADESA       MTF EO        -1847997044.09  8832898708.34
MARTINSA FADESA       4PU GR        -1847997044.09  8832898708.34
MARTINSA FADESA       MTF1 LI       -1847997044.09  8832898708.34
MARTINSA FADESA       MTF EU        -1847997044.09  8832898708.34
MARTINSA FADESA       MTF SM        -1847997044.09  8832898708.34
MARTINSA-FADESA       MTF NR        -1847997044.09  8832898708.34

TURKEY
------
BESIKTAS FUTBOL       BKTFF US        -10396040.97   175760356.28
BESIKTAS FUTBOL       BWX GR          -10396040.97   175760356.28
BESIKTAS FUTBOL       BJKAS TI        -10396040.97   175760356.28
BESIKTAS FUTBOL       BJKASM TI       -10396040.97   175760356.28
BESIKTAS FUTBOL       BJKASY TI       -10396040.97   175760356.28
EGS EGE GIYIM VE      EGDIS TI         -7732138.55   147075066.65
EGS EGE GIYIM-RT      EGDISR TI        -7732138.55   147075066.65
IKTISAT FINAN-RT      IKTFNR TI       -46900661.12   108228233.63
IKTISAT FINANSAL      IKTFN TI        -46900661.12   108228233.63
MUDURNU TAVUKC-N      MDRNUN TI       -64930189.62    160408172.1
MUDURNU TAVUKCUL      MDRNU TI        -64930189.62    160408172.1
SIFAS                 SIFAS TI         -15439198.6   130608103.96
TUTUNBANK             TUT TI        -4024959601.58  2643810456.86
YASARBANK             YABNK TI      -4024959601.58  2643810456.86

UKRAINE
-------
AZOVZAGALMASH MA      AZGM UZ         -16212049.02   277693905.54
DNEPROPETROVSK        DMZP UZ         -15926384.43   424303604.81
DNIPROOBLENERGO       DNON UZ          -8466062.15   297261661.11
DONETSKOBLENERGO      DOON UZ        -222373172.26   391097664.92
LUGANSKOBLENERGO      LOEN UZ         -27999610.26   206103874.91
NAFTOKHIMIK PRIC      NAFP UZ         -18319042.42   308665797.86
ODESSA OIL REFIN      ONPZ UZ         -70727947.39   325964086.89
ZAPORIZHOBLENERG      ZAON UZ          -5929792.72   132397404.71

UNITED KINGDOM
--------------
ABBOTT MEAD VICK      648824Q LN        -1685852.9   168258996.33
ADVANCE DISPLAY       ADTP PZ       -3015578834.69  2590007903.69
AEA TECHNOLO-FPR      AATF PZ        -149279984.66   121254240.42
AEA TECHNOLO-FPR      AATF LN        -149279984.66   121254240.42
AEA TECHNOLO-NPR      AATN LN        -149279984.66   121254240.42
AEA TECHNOLO-NPR      AATN PZ        -149279984.66   121254240.42
AEA TECHNOLOGY        AATGBP EO      -149279984.66   121254240.42
AEA TECHNOLOGY        AAT PZ         -149279984.66   121254240.42
AEA TECHNOLOGY        AAT EO         -149279984.66   121254240.42
AEA TECHNOLOGY        AAT LN         -149279984.66   121254240.42
AEA TECHNOLOGY        AAT PO         -149279984.66   121254240.42
AEA TECHNOLOGY        AEY GR         -149279984.66   121254240.42
AEA TECHNOLOGY        AAT VX         -149279984.66   121254240.42
AEA TECHNOLOGY        AAT IX         -149279984.66   121254240.42
AEA TECHNOLOGY        EAETF US       -149279984.66   121254240.42
AEA TECHNOLOGY        AAT EU         -149279984.66   121254240.42
AIRTOURS PLC          ATORF US       -379721841.57  1817512773.61
AIRTOURS PLC          AIR VX         -379721841.57  1817512773.61
AIRTOURS PLC          AIR LN         -379721841.57  1817512773.61
ALLDAYS PLC           317056Q LN     -120493900.04   252232072.87
ALLDAYS PLC           ALDYF US       -120493900.04   252232072.87
AMER BUS SYS          ARB LN            -497127008      121439000
AMEY PLC              AMY VX          -48862569.33   931527720.46
AMEY PLC              AMEYF US        -48862569.33   931527720.46
AMEY PLC              AMY LN          -48862569.33   931527720.46
AMEY PLC-ASSENT       AMYA LN         -48862569.33   931527720.46
AMEY PLC-NEW          AMYN LN         -48862569.33   931527720.46
ANKER PLC             ANK PO          -21861359.81      115463159
ANKER PLC             ANK LN          -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
ATKINS (WS) PLC       ATK NQ          -62199993.61  1184945671.16
ATKINS (WS) PLC       ATK EU          -62199993.61  1184945671.16
ATKINS (WS) PLC       ATKEUR EU       -62199993.61  1184945671.16
ATKINS (WS) PLC       ATK PO          -62199993.61  1184945671.16
ATKINS (WS) PLC       WATKF US        -62199993.61  1184945671.16
ATKINS (WS) PLC       ATK LN          -62199993.61  1184945671.16
ATKINS (WS) PLC       ATK IX          -62199993.61  1184945671.16
ATKINS (WS) PLC       ATK EO          -62199993.61  1184945671.16
ATKINS (WS) PLC       ATKGBP EO       -62199993.61  1184945671.16
ATKINS (WS) PLC       ATK EB          -62199993.61  1184945671.16
ATKINS (WS) PLC       ATK BQ          -62199993.61  1184945671.16
ATKINS (WS) PLC       6W2 GR          -62199993.61  1184945671.16
ATKINS (WS) PLC       ATK NR          -62199993.61  1184945671.16
ATKINS (WS) PLC       ATK TQ          -62199993.61  1184945671.16
ATKINS (WS) PLC       ATK QM          -62199993.61  1184945671.16
ATKINS (WS) PLC       ATK PZ          -62199993.61  1184945671.16
ATKINS (WS) PLC       ATKEUR EO       -62199993.61  1184945671.16
ATKINS (WS) PLC       ATK VX          -62199993.61  1184945671.16
BCH GROUP PLC         BCH LN           -5728274.38   187993198.22
BLACK & EDGINGTO      BLE LN         -134177517.41   149159301.57
BNB RECRUITMENT       BQX GR          -10242627.53   103637704.96
BNB RECRUITMENT       BNBRF US        -10242627.53   103637704.96
BNB RECRUITMENT       BNB LN          -10242627.53   103637704.96
BNB RECRUITMENT       BNB PO          -10242627.53   103637704.96
BNB RECRUITMENT       BNB IX          -10242627.53   103637704.96
BOOKER PLC            987188Q LN       -59832880.4  1298182548.71
BOOKER PLC            1330Q GR         -59832880.4  1298182548.71
BOOKER PLC            BKERF US         -59832880.4  1298182548.71
BOOKER PLC-ADR        BOK$ LN          -59832880.4  1298182548.71
BOOKER PLC-ADR        BKRUY US         -59832880.4  1298182548.71
BRADSTOCK GROUP       BDK LN           -1855444.44   268563822.49
BRADSTOCK GROUP       BSKGF US         -1855444.44   268563822.49
BRIT ENERGY LTD       523362Q LN    -5822867500.78  4921095749.61
BRIT ENERGY PLC       555140Q VX    -5822867500.78  4921095749.61
BRIT ENERGY PLC       BGYEF US      -5822867500.78  4921095749.61
BRIT ENERGY PLC       BEN1 GR       -5822867500.78  4921095749.61
BRIT ENERGY PLC       BHEGF US      -5822867500.78  4921095749.61
BRIT ENERGY-A         BENA GR       -5822867500.78  4921095749.61
BRIT ENERGY-ADR       BHEFF US      -5822867500.78  4921095749.61
BRIT NUCLEAR          1046Z LN       -4247644149.6 40325778907.11
BRIT TELECOM          BTE GR        -5730703493.62 46660870566.45
BRIT TELECOM          9484 JP       -5730703493.62 46660870566.45
BRIT TELECOM PLC      BT/A VX       -5730703493.62 46660870566.45
BRIT TELECOM PLC      BTPLF US      -5730703493.62 46660870566.45
BRIT TELECOM PLC      BTPWF US      -5730703493.62 46660870566.45
BRIT TELECOM-ADR      1481Q CN      -5730703493.62 46660870566.45
BRIT TELECOM-ADR      BTEA GR       -5730703493.62 46660870566.45
BRIT TELECOM-RTS      BTY-R US      -5730703493.62 46660870566.45
BRITISH ENER-$US      BGYNYD AR     -5822867500.78  4921095749.61
BRITISH ENER-$US      BGYD AR       -5822867500.78  4921095749.61
BRITISH ENER-ADR      BGYNY US      -5822867500.78  4921095749.61
BRITISH ENER-BLK      BGYB AR       -5822867500.78  4921095749.61
BRITISH ENER-BLK      BGYNYB AR     -5822867500.78  4921095749.61
BRITISH ENER-C/E      BGYNYC AR     -5822867500.78  4921095749.61
BRITISH ENER-C/E      BGYC AR       -5822867500.78  4921095749.61
BRITISH ENER-CED      BGYNY AR      -5822867500.78  4921095749.61
BRITISH ENER-CED      BGY AR        -5822867500.78  4921095749.61
BRITISH ENERGY-A      BGYA PO       -5822867500.78  4921095749.61
BRITISH ENERGY-A      BGYGF US      -5822867500.78  4921095749.61
BRITISH ENERGY-A      3012442Q LN   -5822867500.78  4921095749.61
BRITISH ENERGY-A      BGYA VX       -5822867500.78  4921095749.61
BRITISH ENERGY-A      BHEAF US      -5822867500.78  4921095749.61
BRITISH TELE-FP       BT/F LN       -5730703493.62 46660870566.45
BRITISH TELE-NP       BTPXF US      -5730703493.62 46660870566.45
BRITISH TELE-NP       BT/N LN       -5730703493.62 46660870566.45
BRITVIC               B6S GR            -731325.03  1222775450.71
BRITVIC PLC           BVIC EB           -731325.03  1222775450.71
BRITVIC PLC           BVIC EO           -731325.03  1222775450.71
BRITVIC PLC           BVICUSD EO        -731325.03  1222775450.71
BRITVIC PLC           BVICGBP EO        -731325.03  1222775450.71
BRITVIC PLC           BVIC NR           -731325.03  1222775450.71
BRITVIC PLC           BVIC NQ           -731325.03  1222775450.71
BRITVIC PLC           BVICEUR EU        -731325.03  1222775450.71
BRITVIC PLC           BVIC QM           -731325.03  1222775450.71
BRITVIC PLC           BVICEUR EO        -731325.03  1222775450.71
BRITVIC PLC           BVIC PZ           -731325.03  1222775450.71
BRITVIC PLC           BVIC EU           -731325.03  1222775450.71
BRITVIC PLC           BVICUSD EU        -731325.03  1222775450.71
BRITVIC PLC           BVIC VX           -731325.03  1222775450.71
BRITVIC PLC           BVIC BQ           -731325.03  1222775450.71
BRITVIC PLC           BVIC IX           -731325.03  1222775450.71
BRITVIC PLC           BTVCF US          -731325.03  1222775450.71
BRITVIC PLC           BVIC LN           -731325.03  1222775450.71
BRITVIC PLC           BVIC TQ           -731325.03  1222775450.71
BT GROUP PLC          BTGOF US      -5730703493.62 46660870566.45
BT GROUP PLC          BT PZ         -5730703493.62 46660870566.45
BT GROUP PLC          BT/A EU       -5730703493.62 46660870566.45
BT GROUP PLC          BT/A LN       -5730703493.62 46660870566.45
BT GROUP PLC          BT/APEN EU    -5730703493.62 46660870566.45
BT GROUP PLC          BTQ GR        -5730703493.62 46660870566.45
BT GROUP PLC          BT/AEUR EU    -5730703493.62 46660870566.45
BT GROUP PLC          BT/ VX        -5730703493.62 46660870566.45
BT GROUP PLC          BT/AGBP EO    -5730703493.62 46660870566.45
BT GROUP PLC          BT/A EO       -5730703493.62 46660870566.45
BT GROUP PLC          BT/A NQ       -5730703493.62 46660870566.45
BT GROUP PLC          BT/A BQ       -5730703493.62 46660870566.45
BT GROUP PLC          BT IX         -5730703493.62 46660870566.45
BT GROUP PLC          BT/A EB       -5730703493.62 46660870566.45
BT GROUP PLC          BTEG IX       -5730703493.62 46660870566.45
BT GROUP PLC          BT/A NR       -5730703493.62 46660870566.45
BT GROUP PLC          BT/APEN EO    -5730703493.62 46660870566.45
BT GROUP PLC          BT/AUSD EO    -5730703493.62 46660870566.45
BT GROUP PLC          BT/A QM       -5730703493.62 46660870566.45
BT GROUP PLC          BT/AUSD EU    -5730703493.62 46660870566.45
BT GROUP PLC          BT/AEUR EO    -5730703493.62 46660870566.45
BT GROUP PLC          BT/A TQ       -5730703493.62 46660870566.45
BT GROUP PLC          BT/A PO       -5730703493.62 46660870566.45
BT GROUP PLC-ADR      BT/$ LN       -5730703493.62 46660870566.45
BT GROUP PLC-W/I      BTWI LN       -5730703493.62 46660870566.45
BT GROUP-ADR          BTQA GR       -5730703493.62 46660870566.45
BT GROUP-ADR WI       BTY-W US      -5730703493.62 46660870566.45
BT GROUP-CED $US      BTD AR        -5730703493.62 46660870566.45
BT GROUP-CED $US      BTYD AR       -5730703493.62 46660870566.45
BT GROUP-CED BLK      BTYB AR       -5730703493.62 46660870566.45
BT GROUP-CED BLK      BTB AR        -5730703493.62 46660870566.45
BT GROUP-CED C/E      BTC AR        -5730703493.62 46660870566.45
BT GROUP-CED C/E      BTYC AR       -5730703493.62 46660870566.45
BT GROUP-CEDEAR       BTY AR        -5730703493.62 46660870566.45
BT GROUP-CEDEAR       BT AR         -5730703493.62 46660870566.45
BT GROUP-SPON AD      BTY US        -5730703493.62 46660870566.45
BT GROUP-SPON AD      BTYN MM       -5730703493.62 46660870566.45
BT GROUP-SPON AD      BT MM         -5730703493.62 46660870566.45
BT GROUP-SPON AD      BT US         -5730703493.62 46660870566.45
CARLISLE GROUP        506819Q LN      -11904426.45   203548565.03
CHRYSALIS GROUP       CHSGBP EO        -5851089.05   101497520.61
CHRYSALIS GROUP       CLYSF US         -5851089.05   101497520.61
CHRYSALIS GROUP       5CY GR           -5851089.05   101497520.61
CHRYSALIS GROUP       CHS EO           -5851089.05   101497520.61
CHRYSALIS GROUP       CHS PO           -5851089.05   101497520.61
CHRYSALIS GROUP       CHSUSD EO        -5851089.05   101497520.61
CHRYSALIS GROUP       CHSEUR EO        -5851089.05   101497520.61
CHRYSALIS GROUP       CHS EU           -5851089.05   101497520.61
CHRYSALIS GROUP       CHS VX           -5851089.05   101497520.61
CHRYSALIS GROUP       CHS PZ           -5851089.05   101497520.61
CHRYSALIS GROUP       CYGUF US         -5851089.05   101497520.61
CHRYSALIS GROUP       CHS LN           -5851089.05   101497520.61
CHRYSALIS GROUP       CHSUSD EU        -5851089.05   101497520.61
CHRYSALIS GROUP       CHS IX           -5851089.05   101497520.61
CHRYSALIS GROUP       CHSEUR EU        -5851089.05   101497520.61
CHRYSALIS GROUP       HR4 GR           -5851089.05   101497520.61
CLIPPER WINDPOWE      CWPA LN           -218336000      776211968
CLIPPER WINDPOWE      CWP EU            -218336000      776211968
CLIPPER WINDPOWE      CWP PG            -218336000      776211968
CLIPPER WINDPOWE      CWP PZ            -218336000      776211968
CLIPPER WINDPOWE      CRPWF US          -218336000      776211968
CLIPPER WINDPOWE      CWP IX            -218336000      776211968
CLIPPER WINDPOWE      CWP EO            -218336000      776211968
CLIPPER WINDPOWE      C2W GR            -218336000      776211968
CLIPPER WINDPOWE      CWP LN            -218336000      776211968
COMPASS GROU-OLD      1259Q LN       -668101173.88  2972459078.38
COMPASS GROUP         QOP GR         -668101173.88  2972459078.38
COMPASS GRP-ADR       CMSGY US       -668101173.88  2972459078.38
COMPASS GRP-ADR       CMSJY US       -668101173.88  2972459078.38
COSTAIN GROU-RTS      COSF LN         -19097658.92   649978943.25
COSTAIN GROU-RTS      COSN LN         -19097658.92   649978943.25
COSTAIN GROUP         COSTUSD EU      -19097658.92   649978943.25
COSTAIN GROUP         COST IX         -19097658.92   649978943.25
COSTAIN GROUP         COSTUSD EO      -19097658.92   649978943.25
COSTAIN GROUP         COST EU         -19097658.92   649978943.25
COSTAIN GROUP         COSTEUR EO      -19097658.92   649978943.25
COSTAIN GROUP         COST PZ         -19097658.92   649978943.25
COSTAIN GROUP         CSGFF US        -19097658.92   649978943.25
COSTAIN GROUP         COST PO         -19097658.92   649978943.25
COSTAIN GROUP         COSTGBP EO      -19097658.92   649978943.25
COSTAIN GROUP         COST EO         -19097658.92   649978943.25
COSTAIN GROUP         COST LN         -19097658.92   649978943.25
COSTAIN GROUP         COST VX         -19097658.92   649978943.25
COSTAIN GROUP         COSTEUR EU      -19097658.92   649978943.25
DANKA BUS SYSTEM      DNK LN            -497127008      121439000
DANKA BUS SYSTEM      3205291Q EO       -497127008      121439000
DANKA BUS SYSTEM      3205283Q EO       -497127008      121439000
DANKA BUS SYSTEM      DNK PZ            -497127008      121439000
DANKA BUS SYSTEM      DNK IX            -497127008      121439000
DANKA BUS SYSTEM      DNK PO            -497127008      121439000
DANKA BUS SYSTEM      DNK VX            -497127008      121439000
DANKA BUS SYSTEM      3205287Q EU       -497127008      121439000
DANKA BUS SYSTEM      DANKF US          -497127008      121439000
DANKA BUS-$US CE      DANKD AR          -497127008      121439000
DANKA BUS-ADR         AP39 LI           -497127008      121439000
DANKA BUS-ADR         DANKE US          -497127008      121439000
DANKA BUS-ADR         DANKY US          -497127008      121439000
DANKA BUS-ADR         DB6 GR            -497127008      121439000
DANKA BUS-BLK CE      DANKB AR          -497127008      121439000
DANKA BUS-C/E CE      DANKC AR          -497127008      121439000
DANKA BUS-CEDEAR      DANK AR           -497127008      121439000
DAWSON HOLDINGS       DWN1 EU         -54451186.72   128196101.01
DAWSON HOLDINGS       DWN1EUR EO      -54451186.72   128196101.01
DAWSON HOLDINGS       DWN IX          -54451186.72   128196101.01
DAWSON HOLDINGS       DWN PZ          -54451186.72   128196101.01
DAWSON HOLDINGS       DWN LN          -54451186.72   128196101.01
DAWSON HOLDINGS       DWHGF US        -54451186.72   128196101.01
DAWSON HOLDINGS       DWN1GBP EO      -54451186.72   128196101.01
DAWSON HOLDINGS       DWN1EUR EU      -54451186.72   128196101.01
DAWSON HOLDINGS       DWN1 EO         -54451186.72   128196101.01
DAWSON HOLDINGS       DWN VX          -54451186.72   128196101.01
DAWSON HOLDINGS       DWN PO          -54451186.72   128196101.01
DEVELICA DEUTSCH      DDE PG          -41866600.36  1178479579.31
DEVELICA DEUTSCH      DDE LN          -41866600.36  1178479579.31
DEVELICA DEUTSCH      D4B GR          -41866600.36  1178479579.31
DEVELICA DEUTSCH      DDE IX          -41866600.36  1178479579.31
DEVELICA DEUTSCH      DDE PZ          -41866600.36  1178479579.31
EASYNET GROUP         ESY VX          -45232889.17   322770283.93
EASYNET GROUP         ESY PO          -45232889.17   322770283.93
EASYNET GROUP         EZNGF US        -45232889.17   322770283.93
EASYNET GROUP         EAY GR          -45232889.17   322770283.93
EASYNET GROUP         ESY LN          -45232889.17   322770283.93
EASYNET GROUP-CV      91009Z LN       -45232889.17   322770283.93
EMI GROUP LTD         EMI LN        -2265916256.89  2950021937.14
EMI GROUP PLC         EMIPF US      -2265916256.89  2950021937.14
EMI GROUP PLC         3020138Q GR   -2265916256.89  2950021937.14
EMI GROUP PLC         EMI VX        -2265916256.89  2950021937.14
EMI GROUP PLC         EMI IX        -2265916256.89  2950021937.14
EMI GROUP PLC         EMI PO        -2265916256.89  2950021937.14
EMI GROUP PLC-B       1019425Q LN   -2265916256.89  2950021937.14
EMI GROUP-ADR         38IS LN       -2265916256.89  2950021937.14
EMI GROUP-ADR         EMI$ LN       -2265916256.89  2950021937.14
EMI GROUP-ADR         EMIPY US      -2265916256.89  2950021937.14
EMI GROUP -ASSD       EMIA LN       -2265916256.89  2950021937.14
EUROPEAN HOME         EHR EU          -14328735.16   110864081.39
EUROPEAN HOME         FPAKF US        -14328735.16   110864081.39
EUROPEAN HOME         EHR EO          -14328735.16   110864081.39
EUROPEAN HOME         KLZ VX          -14328735.16   110864081.39
EUROPEAN HOME         EHREUR EU       -14328735.16   110864081.39
EUROPEAN HOME         KLZ PO          -14328735.16   110864081.39
EUROPEAN HOME         EHREUR EO       -14328735.16   110864081.39
EUROPEAN HOME         EHR PO          -14328735.16   110864081.39
EUROPEAN HOME         EHRGBP EO       -14328735.16   110864081.39
EUROPEAN HOME         EHR VX          -14328735.16   110864081.39
EUROPEAN HOME         EHR PZ          -14328735.16   110864081.39
EUROPEAN HOME         EHR LN          -14328735.16   110864081.39
EUROPEAN MINERAL      EPM/U CN          -123563000      104843000
EUROPEAN MINERAL      EUM PO            -123563000      104843000
EUROPEAN MINERAL      EPMLF US          -123563000      104843000
EUROPEAN MINERAL      EPM CN            -123563000      104843000
EUROPEAN MINERAL      EUM LN            -123563000      104843000
FAREPAK PLC           FPK LN          -14328735.16   110864081.39
FARNELL ELEC-ADR      FRN$ LN         -45246567.32   692389353.06
FARNELL ELEC-ADR      FRNZ LN         -45246567.32   692389353.06
FARNELL ELEC-RFD      FRNR LN         -45246567.32   692389353.06
FARNELL ELECTRON      FRNL LN         -45246567.32   692389353.06
GALIFORM PLC          MFI IX         -116415877.06   612420067.12
GALIFORM PLC          GLFMF US       -116415877.06   612420067.12
GALIFORM PLC          GFRM EO        -116415877.06   612420067.12
GALIFORM PLC          GFRM NQ        -116415877.06   612420067.12
GALIFORM PLC          GFRM EU        -116415877.06   612420067.12
GALIFORM PLC          GFRMGBP EO     -116415877.06   612420067.12
GALIFORM PLC          MFI PO         -116415877.06   612420067.12
GALIFORM PLC          GFRM VX        -116415877.06   612420067.12
GALIFORM PLC          GFRMEUR EO     -116415877.06   612420067.12
GALIFORM PLC          GFRM TQ        -116415877.06   612420067.12
GALIFORM PLC          GFRMNOK EO     -116415877.06   612420067.12
GALIFORM PLC          GFRM BQ        -116415877.06   612420067.12
GALIFORM PLC          GFRM NR        -116415877.06   612420067.12
GALIFORM PLC          GFRM PO        -116415877.06   612420067.12
GALIFORM PLC          GFRMNOK EU     -116415877.06   612420067.12
GALIFORM PLC          MFI VX         -116415877.06   612420067.12
GALIFORM PLC          MFIFF US       -116415877.06   612420067.12
GALIFORM PLC          GFRM IX        -116415877.06   612420067.12
GALIFORM PLC          GFRM LN        -116415877.06   612420067.12
GALIFORM PLC          GFRM PZ        -116415877.06   612420067.12
GALIFORM PLC          GFRM EB        -116415877.06   612420067.12
GALIFORM PLC          GFRM QM        -116415877.06   612420067.12
GALIFORM PLC          GFRMEUR EU     -116415877.06   612420067.12
GARTLAND WHALLEY      GWB LN          -10986769.42   145352034.49
GO-AHEAD GROUP        GOG QM          -15712050.26  1619995129.64
GO-AHEAD GROUP        GOGEUR EU       -15712050.26  1619995129.64
GO-AHEAD GROUP        GOG VX          -15712050.26  1619995129.64
GO-AHEAD GROUP        GOG NR          -15712050.26  1619995129.64
GO-AHEAD GROUP        GOG EO          -15712050.26  1619995129.64
GO-AHEAD GROUP        GHGUF US        -15712050.26  1619995129.64
GO-AHEAD GROUP        GOG IX          -15712050.26  1619995129.64
GO-AHEAD GROUP        GOGGBP EO       -15712050.26  1619995129.64
GO-AHEAD GROUP        GOG PO          -15712050.26  1619995129.64
GO-AHEAD GROUP        G9X GR          -15712050.26  1619995129.64
GO-AHEAD GROUP        GOG EB          -15712050.26  1619995129.64
GO-AHEAD GROUP        GOG EU          -15712050.26  1619995129.64
GO-AHEAD GROUP        GOG NQ          -15712050.26  1619995129.64
GO-AHEAD GROUP        GOG BQ          -15712050.26  1619995129.64
GO-AHEAD GROUP        GOG PZ          -15712050.26  1619995129.64
GO-AHEAD GROUP        GOG LN          -15712050.26  1619995129.64
GO-AHEAD GROUP        GOG TQ          -15712050.26  1619995129.64
GO-AHEAD GROUP        GOGEUR EO       -15712050.26  1619995129.64
GREEN (E) & PART      GEP LN          -27530263.14      313453511
HAWTIN PLC            HTI PZ           -3873861.33   110875080.83
HAWTIN PLC            HTI PO           -3873861.33   110875080.83
HAWTIN PLC            HWN GR           -3873861.33   110875080.83
HAWTIN PLC            HTI IX           -3873861.33   110875080.83
HAWTIN PLC            HTI VX           -3873861.33   110875080.83
HAWTIN PLC            HTI EO           -3873861.33   110875080.83
HAWTIN PLC            HTI LN           -3873861.33   110875080.83
HAWTIN PLC            HTI PG           -3873861.33   110875080.83
HAWTIN PLC            HTI EU           -3873861.33   110875080.83
HILTON G-CRT OLD      HIGT BB        -547740614.03  1922113569.01
HILTON GROUP PLC      HLTGF US       -547740614.03  1922113569.01
HILTON GROUP PLC      HG PO          -547740614.03  1922113569.01
HILTON GROUP PLC      HG/ LN         -547740614.03  1922113569.01
HILTON GROUP-ADR      HLTGY US       -547740614.03  1922113569.01
HILTON GROUP-CER      HG BB          -547740614.03  1922113569.01
HILTON GROUP-CRT      HIG BB         -547740614.03  1922113569.01
INTERCONTIN-ADR       IHG US             -39000000     2911000064
INTERCONTIN-ADR       IHGA LN            -39000000     2911000064
INTERCONTIN-ADR       IHG-W US           -39000000     2911000064
INTERCONTINENTAL      IHG PZ             -39000000     2911000064
INTERCONTINENTAL      IHGOF US           -39000000     2911000064
INTERCONTINENTAL      IHG EB             -39000000     2911000064
INTERCONTINENTAL      IHGEUR EU          -39000000     2911000064
INTERCONTINENTAL      ICHGF US           -39000000     2911000064
INTERCONTINENTAL      IHGCHF EO          -39000000     2911000064
INTERCONTINENTAL      IHG BQ             -39000000     2911000064
INTERCONTINENTAL      IHG PO             -39000000     2911000064
INTERCONTINENTAL      IC1B GR            -39000000     2911000064
INTERCONTINENTAL      IHGCHF EU          -39000000     2911000064
INTERCONTINENTAL      IHGGBP EO          -39000000     2911000064
INTERCONTINENTAL      988082Q GR         -39000000     2911000064
INTERCONTINENTAL      IHG NR             -39000000     2911000064
INTERCONTINENTAL      IC1C GR            -39000000     2911000064
INTERCONTINENTAL      IHG EU             -39000000     2911000064
INTERCONTINENTAL      INCNF US           -39000000     2911000064
INTERCONTINENTAL      IHGUSD EO          -39000000     2911000064
INTERCONTINENTAL      IHGEUR EO          -39000000     2911000064
INTERCONTINENTAL      IHG NQ             -39000000     2911000064
INTERCONTINENTAL      IHGUSD EU          -39000000     2911000064
INTERCONTINENTAL      IHG VX             -39000000     2911000064
INTERCONTINENTAL      IHG EO             -39000000     2911000064
INTERCONTINENTAL      IHG QM             -39000000     2911000064
INTERCONTINENTAL      IHG IX             -39000000     2911000064
INTERCONTINENTAL      IC1A GR            -39000000     2911000064
INTERCONTINENTAL      IC1 GR             -39000000     2911000064
INTERCONTINENTAL      IHG LN             -39000000     2911000064
INTERCONTINENTAL      IHG TQ             -39000000     2911000064
JARVIS PLC            JRVS EU         -48330109.98   155571478.27
JARVIS PLC            JRVSEUR EU      -48330109.98   155571478.27
JARVIS PLC            JRVSGBP EO      -48330109.98   155571478.27
JARVIS PLC            JRVS PZ         -48330109.98   155571478.27
JARVIS PLC            JRVS PO         -48330109.98   155571478.27
JARVIS PLC            JRVS EO         -48330109.98   155571478.27
JARVIS PLC            JRVSEUR EO      -48330109.98   155571478.27
JARVIS PLC            JVSPF US        -48330109.98   155571478.27
JARVIS PLC            JRVS LN         -48330109.98   155571478.27
JARVIS PLC            JVR GR          -48330109.98   155571478.27
JARVIS PLC            JRVS VX         -48330109.98   155571478.27
JARVIS PLC            JRVS IX         -48330109.98   155571478.27
JESSOPS PLC           JS4 GR           -42702021.2   112964060.38
JESSOPS PLC           JSP EU           -42702021.2   112964060.38
JESSOPS PLC           JSP PZ           -42702021.2   112964060.38
JESSOPS PLC           JSP EO           -42702021.2   112964060.38
JESSOPS PLC           JSPGBP EO        -42702021.2   112964060.38
JESSOPS PLC           JSP IX           -42702021.2   112964060.38
JESSOPS PLC           JSPEUR EO        -42702021.2   112964060.38
JESSOPS PLC           JSP PO           -42702021.2   112964060.38
JESSOPS PLC           JSP VX           -42702021.2   112964060.38
JESSOPS PLC           JSPEUR EU        -42702021.2   112964060.38
JESSOPS PLC           JSP LN           -42702021.2   112964060.38
KLEENEZE PLC          KLZ LN          -14328735.16   110864081.39
LADBROKE GROUP        LADB LN        -547740614.03  1922113569.01
LADBROKE GRP-IDR      695767Q BB     -547740614.03  1922113569.01
LADBROKE GRP-OLD      LADB BB        -547740614.03  1922113569.01
LADBROKES - FPR       LADF PZ        -547740614.03  1922113569.01
LADBROKES - FPR       LADF LN        -547740614.03  1922113569.01
LADBROKES PLC         LAD BQ         -547740614.03  1922113569.01
LADBROKES PLC         LADNZD EU      -547740614.03  1922113569.01
LADBROKES PLC         LAD PZ         -547740614.03  1922113569.01
LADBROKES PLC         LAD GR         -547740614.03  1922113569.01
LADBROKES PLC         LAD TQ         -547740614.03  1922113569.01
LADBROKES PLC         LADGBP EO      -547740614.03  1922113569.01
LADBROKES PLC         LADUSD EO      -547740614.03  1922113569.01
LADBROKES PLC         LADNZD EO      -547740614.03  1922113569.01
LADBROKES PLC         LAD NQ         -547740614.03  1922113569.01
LADBROKES PLC         LAD EU         -547740614.03  1922113569.01
LADBROKES PLC         HG/ VX         -547740614.03  1922113569.01
LADBROKES PLC         LAD PO         -547740614.03  1922113569.01
LADBROKES PLC         LAD EB         -547740614.03  1922113569.01
LADBROKES PLC         LAD NR         -547740614.03  1922113569.01
LADBROKES PLC         LAD EO         -547740614.03  1922113569.01
LADBROKES PLC         LADEUR EO      -547740614.03  1922113569.01
LADBROKES PLC         LAD IX         -547740614.03  1922113569.01
LADBROKES PLC         LAD LN         -547740614.03  1922113569.01
LADBROKES PLC         LAD VX         -547740614.03  1922113569.01
LADBROKES PLC         LAD QM         -547740614.03  1922113569.01
LADBROKES PLC         LDBKF US       -547740614.03  1922113569.01
LADBROKES PLC         LADEUR EU      -547740614.03  1922113569.01
LADBROKES PLC-AD      LDBKY US       -547740614.03  1922113569.01
LADBROKES PLC-AD      LDBKY LN       -547740614.03  1922113569.01
LADBROKES PLC-CE      LAD BB         -547740614.03  1922113569.01
LADBROKES PLC-NP      LADN LN        -547740614.03  1922113569.01
LADBROKES PLC-NP      LADN PZ        -547740614.03  1922113569.01
LAMBERT FENCHURC      LMF LN           -1453050.04  1826806853.46
LEEDS SPORTING        LES LN           -73166148.8   143762193.66
LEEDS SPORTING        LEDPF US         -73166148.8   143762193.66
LEEDS UNITED PLC      LDSUF US         -73166148.8   143762193.66
LEEDS UNITED PLC      LUFC LN          -73166148.8   143762193.66
LEEDS UNITED PLC      889687Q GR       -73166148.8   143762193.66
LONDON TOWN PLC       LTW LN          -21897636.36    175672299.2
LONDON TOWN PLC       LTW PO          -21897636.36    175672299.2
LONDON TOWN PLC       LTW EU          -21897636.36    175672299.2
LONDON TOWN PLC       LTW IX          -21897636.36    175672299.2
LONDON TOWN PLC       LTW PZ          -21897636.36    175672299.2
LONDON TOWN PLC       LTWX LN         -21897636.36    175672299.2
LONDON TOWN PLC       LTWR LN         -21897636.36    175672299.2
LONDON TOWN PLC       LOU GR          -21897636.36    175672299.2
LONDON TOWN PLC       LTW EO          -21897636.36    175672299.2
LONDON TOWN PLC       LTW PG          -21897636.36    175672299.2
M 2003 PLC            MTWOF US      -2203513803.24  7204891601.83
M 2003 PLC            203055Q LN    -2203513803.24  7204891601.83
M 2003 PLC-ADR        MTWOE US      -2203513803.24  7204891601.83
M 2003 PLC-ADR        MTWOY US      -2203513803.24  7204891601.83
MARCONI PLC           MRCQF US      -2203513803.24  7204891601.83
MARCONI PLC           203083Q VX    -2203513803.24  7204891601.83
MARCONI PLC           MY2 GR        -2203513803.24  7204891601.83
MARCONI PLC           MNI LN        -2203513803.24  7204891601.83
MARCONI PLC           MONI BB       -2203513803.24  7204891601.83
MARCONI PLC           MNI BB        -2203513803.24  7204891601.83
MARCONI PLC-ADR       QUQMON AU     -2203513803.24  7204891601.83
MARCONI PLC-ADR       MONI US       -2203513803.24  7204891601.83
MARCONI PLC-ADR       MCONY US      -2203513803.24  7204891601.83
MARCONI PLC-ADR       MRCQY US      -2203513803.24  7204891601.83
MARCONI PLC-ADR       MCBA GR       -2203513803.24  7204891601.83
MARCONI PLC-ADR       MONIE US      -2203513803.24  7204891601.83
MARCONI PLC-ADR       MONIY US      -2203513803.24  7204891601.83
MARCONI PLC-ADR       MY2A GR       -2203513803.24  7204891601.83
MFI FURNITURE GR      MFI LN         -116415877.06   612420067.12
MINERVA PLC           MNR EO          -76016914.25  1319730522.55
MINERVA PLC           MNR LN          -76016914.25  1319730522.55
MINERVA PLC           MNR TQ          -76016914.25  1319730522.55
MINERVA PLC           MNREUR EO       -76016914.25  1319730522.55
MINERVA PLC           MNR PZ          -76016914.25  1319730522.55
MINERVA PLC           MNR EU          -76016914.25  1319730522.55
MINERVA PLC           MNR VX          -76016914.25  1319730522.55
MINERVA PLC           MNR NR          -76016914.25  1319730522.55
MINERVA PLC           MNVAF US        -76016914.25  1319730522.55
MINERVA PLC           MNRGBP EO       -76016914.25  1319730522.55
MINERVA PLC           MNR IX          -76016914.25  1319730522.55
MINERVA PLC           MNREUR EU       -76016914.25  1319730522.55
MINERVA PLC           MNR PO          -76016914.25  1319730522.55
MINERVA PLC           M7E GR          -76016914.25  1319730522.55
MINERVA PLC-NP        MNRN LN         -76016914.25  1319730522.55
MYTRAVEL GROUP        MT/S PO        -379721841.57  1817512773.61
MYTRAVEL GROUP        MT/S LN        -379721841.57  1817512773.61
MYTRAVEL GROUP        MT IX          -379721841.57  1817512773.61
MYTRAVEL GROUP        ARO2 GR        -379721841.57  1817512773.61
MYTRAVEL GROUP        MT/S VX        -379721841.57  1817512773.61
MYTRAVEL GROUP        MYTPF US       -379721841.57  1817512773.61
MYTRAVEL GROUP P      1018144Q GR    -379721841.57  1817512773.61
MYTRAVEL GROUP P      MYTGF US       -379721841.57  1817512773.61
MYTRAVEL GROUP P      MT/ VX         -379721841.57  1817512773.61
MYTRAVEL GROUP-A      2281919Q GR    -379721841.57  1817512773.61
MYTRAVEL GROUP-A      MYTVF US       -379721841.57  1817512773.61
NEW STAR ASSET        NSAM PO        -397718038.04   292972732.12
NEW STAR ASSET        3226447Q EO    -397718038.04   292972732.12
NEW STAR ASSET        3226431Q EU    -397718038.04   292972732.12
NEW STAR ASSET        3226435Q EO    -397718038.04   292972732.12
NEW STAR ASSET        NWSAF US       -397718038.04   292972732.12
NEW STAR ASSET        NSAM TQ        -397718038.04   292972732.12
NEW STAR ASSET        NSAM PZ        -397718038.04   292972732.12
NEW STAR ASSET        N6S GR         -397718038.04   292972732.12
NEW STAR ASSET        NSAM IX        -397718038.04   292972732.12
NEW STAR ASSET        3226443Q EO    -397718038.04   292972732.12
NEW STAR ASSET        NSAA LN        -397718038.04   292972732.12
NEW STAR ASSET        3226439Q EU    -397718038.04   292972732.12
NEW STAR ASSET        NSAM LN        -397718038.04   292972732.12
NORTHERN ROCK         2733265Q EO    -586206492.33152084295061.92
NORTHERN ROCK         NRK PO         -586206492.33152084295061.92
NORTHERN ROCK         NR3 GR         -586206492.33152084295061.92
NORTHERN ROCK         2733281Q EO    -586206492.33152084295061.92
NORTHERN ROCK         2733277Q EU    -586206492.33152084295061.92
NORTHERN ROCK         NRKI IX        -586206492.33152084295061.92
NORTHERN ROCK         2733269Q EU    -586206492.33152084295061.92
NORTHERN ROCK         NRK PZ         -586206492.33152084295061.92
NORTHERN ROCK         2733273Q EO    -586206492.33152084295061.92
NORTHERN ROCK         NRK IX         -586206492.33152084295061.92
NORTHERN ROCK         NHRKF US       -586206492.33152084295061.92
NORTHERN ROCK         NRK LN         -586206492.33152084295061.92
NORTHERN ROCK         NRK VX         -586206492.33152084295061.92
NORTHERN ROCK         2733289Q EO    -586206492.33152084295061.92
NORTHERN ROCK         2733285Q EU    -586206492.33152084295061.92
O TWELVE ESTATES      OTE EO          -10555410.41   267391338.05
O TWELVE ESTATES      O2T GR          -10555410.41   267391338.05
O TWELVE ESTATES      OTE PG          -10555410.41   267391338.05
O TWELVE ESTATES      OTE LN          -10555410.41   267391338.05
O TWELVE ESTATES      OTE IX          -10555410.41   267391338.05
O TWELVE ESTATES      OTE EU          -10555410.41   267391338.05
O TWELVE ESTATES      OTE PZ          -10555410.41   267391338.05
O TWELVE ESTATES      OTEEUR EO       -10555410.41   267391338.05
ORANGE PLC            ORNGF US       -593935051.02   2902299501.9
ORANGE PLC            951641Q LN     -593935051.02   2902299501.9
ORANGE PLC            1460Q GR       -593935051.02   2902299501.9
ORANGE PLC-ADR        ORNGY US       -593935051.02   2902299501.9
ORANGE PLC-ADR        ORA$ LN        -593935051.02   2902299501.9
ORANGE PLC-ADR        ONG GR         -593935051.02   2902299501.9
ORBIS PLC             RLP GR           -4168498.48    127701679.5
ORBIS PLC             OBG PO           -4168498.48    127701679.5
ORBIS PLC             OBS PZ           -4168498.48    127701679.5
ORBIS PLC             OBS PO           -4168498.48    127701679.5
ORBIS PLC             OBS LN           -4168498.48    127701679.5
ORBIS PLC             ORBSF US         -4168498.48    127701679.5
ORBIS PLC             OBS IX           -4168498.48    127701679.5
ORSU METALS CORP      OSU CN            -123563000      104843000
ORSU METALS CORP      ORSM007 RU        -123563000      104843000
ORSU METALS CORP      OSU PZ            -123563000      104843000
ORSU METALS CORP      E4M GR            -123563000      104843000
ORSU METALS CORP      OSU PG            -123563000      104843000
ORSU METALS CORP      OSU LN            -123563000      104843000
ORSU METALS CORP      EUM IX            -123563000      104843000
ORSU METALS CORP      EPMCF US          -123563000      104843000
ORSU METALS CORP      ORSM007* RU       -123563000      104843000
ORSU METALS CORP      OSUMF US          -123563000      104843000
PATIENTLINE PLC       PTL IX          -54677284.64    124948245.8
PATIENTLINE PLC       2928899Q EO     -54677284.64    124948245.8
PATIENTLINE PLC       PTL PO          -54677284.64    124948245.8
PATIENTLINE PLC       PTL LN          -54677284.64    124948245.8
PATIENTLINE PLC       PTL VX          -54677284.64    124948245.8
PATIENTLINE PLC       2928907Q EO     -54677284.64    124948245.8
PATIENTLINE PLC       2928903Q EU     -54677284.64    124948245.8
PATIENTLINE PLC       PTL PZ          -54677284.64    124948245.8
PREMIER FARN-ADR      PIFLY US        -45246567.32   692389353.06
PREMIER FARN-ADR      PFLZ LN         -45246567.32   692389353.06
PREMIER FARN-ADR      2246804Q US     -45246567.32   692389353.06
PREMIER FARNELL       PML GR          -45246567.32   692389353.06
PREMIER FARNELL       PFL IX          -45246567.32   692389353.06
PREMIER FARNELL       PFL EO          -45246567.32   692389353.06
PREMIER FARNELL       PFLUSD EO       -45246567.32   692389353.06
PREMIER FARNELL       PFL TQ          -45246567.32   692389353.06
PREMIER FARNELL       PFL BQ          -45246567.32   692389353.06
PREMIER FARNELL       PIFLF US        -45246567.32   692389353.06
PREMIER FARNELL       PFL QM          -45246567.32   692389353.06
PREMIER FARNELL       PFL PZ          -45246567.32   692389353.06
PREMIER FARNELL       PFL NQ          -45246567.32   692389353.06
PREMIER FARNELL       PFLEUR EU       -45246567.32   692389353.06
PREMIER FARNELL       PFLSEK EU       -45246567.32   692389353.06
PREMIER FARNELL       PFLUSD EU       -45246567.32   692389353.06
PREMIER FARNELL       PFLSEK EO       -45246567.32   692389353.06
PREMIER FARNELL       PFL NR          -45246567.32   692389353.06
PREMIER FARNELL       PFL VX          -45246567.32   692389353.06
PREMIER FARNELL       PFL LN          -45246567.32   692389353.06
PREMIER FARNELL       PFLEUR EO       -45246567.32   692389353.06
PREMIER FARNELL       PFL EB          -45246567.32   692389353.06
PREMIER FARNELL       PFL EU          -45246567.32   692389353.06
PREMIER FARNELL       PFLGBP EO       -45246567.32   692389353.06
PREMIER FARNELL       PFL PO          -45246567.32   692389353.06
PROSTRAKAN GROUP      PSKGBP EO        -1646349.91   143067806.91
PROSTRAKAN GROUP      PSKEUR EO        -1646349.91   143067806.91
PROSTRAKAN GROUP      PSKEUR EU        -1646349.91   143067806.91
PROSTRAKAN GROUP      PSK VX           -1646349.91   143067806.91
PROSTRAKAN GROUP      PSK PO           -1646349.91   143067806.91
PROSTRAKAN GROUP      PSK LN           -1646349.91   143067806.91
PROSTRAKAN GROUP      PSK EU           -1646349.91   143067806.91
PROSTRAKAN GROUP      PSK EO           -1646349.91   143067806.91
PROSTRAKAN GROUP      PSK IX           -1646349.91   143067806.91
PROSTRAKAN GROUP      PKNGF US         -1646349.91   143067806.91
PROSTRAKAN GROUP      PSK PZ           -1646349.91   143067806.91
REGUS LTD             273187Q LN      -46111835.37      367181111
REGUS PLC             273195Q VX      -46111835.37      367181111
REGUS PLC             RGU GR          -46111835.37      367181111
REGUS PLC             REGSF US        -46111835.37      367181111
REGUS PLC             2296Z LN        -46111835.37      367181111
REGUS PLC-ADS         REGS US         -46111835.37      367181111
REGUS PLC-ADS         REGSY US        -46111835.37      367181111
REGUS PLC-ADS         RGUA GR         -46111835.37      367181111
REGUS PLC-ADS         REGSV US        -46111835.37      367181111
RENTOKIL INITIAL      RTO EB         -351331070.14  3368925867.22
RENTOKIL INITIAL      RTO GR         -351331070.14  3368925867.22
RENTOKIL INITIAL      RTO VX         -351331070.14  3368925867.22
RENTOKIL INITIAL      RTO EO         -351331070.14  3368925867.22
RENTOKIL INITIAL      RTOEUR EO      -351331070.14  3368925867.22
RENTOKIL INITIAL      RTOGBP EO      -351331070.14  3368925867.22
RENTOKIL INITIAL      RTOEUR EU      -351331070.14  3368925867.22
RENTOKIL INITIAL      RTO PZ         -351331070.14  3368925867.22
RENTOKIL INITIAL      RTO IX         -351331070.14  3368925867.22
RENTOKIL INITIAL      RTO TQ         -351331070.14  3368925867.22
RENTOKIL INITIAL      RTO LN         -351331070.14  3368925867.22
RENTOKIL INITIAL      RTO EU         -351331070.14  3368925867.22
RENTOKIL INITIAL      RTO PO         -351331070.14  3368925867.22
RENTOKIL INITIAL      RTOG IX        -351331070.14  3368925867.22
RENTOKIL INITIAL      RTOKF US       -351331070.14  3368925867.22
RENTOKIL INITIAL      RTO NQ         -351331070.14  3368925867.22
RENTOKIL INITIAL      RTOUSD EU      -351331070.14  3368925867.22
RENTOKIL INITIAL      RTO1 GR        -351331070.14  3368925867.22
RENTOKIL INITIAL      RTO QM         -351331070.14  3368925867.22
RENTOKIL INITIAL      RKLIF US       -351331070.14  3368925867.22
RENTOKIL INITIAL      RTO BQ         -351331070.14  3368925867.22
RENTOKIL INITIAL      RTO NR         -351331070.14  3368925867.22
RENTOKIL INITIAL      RTOUSD EO      -351331070.14  3368925867.22
RENTOKIL-SP ADR       RTOKY US       -351331070.14  3368925867.22
RENTOKIL-SP ADR       AP76 LI        -351331070.14  3368925867.22
SAATCHI & SA-ADR      SSA US         -119260804.15   705060824.55
SAATCHI & SA-ADR      SSI$ LN        -119260804.15   705060824.55
SAATCHI & SAATCH      SSATF US       -119260804.15   705060824.55
SAATCHI & SAATCH      SSI LN         -119260804.15   705060824.55
SAATCHI & SAATCH      188190Q GR     -119260804.15   705060824.55
SCOTTISH MEDIA        SSM LN          -49061227.23   212049868.01
SCOTTISH MEDIA        1442Q GR        -49061227.23   212049868.01
SCOTTISH MEDIA        SSMR LN         -49061227.23   212049868.01
SCOTTISH TELEV        SCTVF US        -49061227.23   212049868.01
SETON HEALTHCARE      2290Z LN        -10585179.82   156822902.77
SFI GROUP PLC         SUF LN         -108067115.81   177647536.08
SFI GROUP PLC         SUYFF US       -108067115.81   177647536.08
SKYEPHAR-RTS F/P      SKPF LN        -134177517.41   149159301.57
SKYEPHAR-RTS F/P      SKPF VX        -134177517.41   149159301.57
SKYEPHAR-RTS N/P      SKPN LN        -134177517.41   149159301.57
SKYEPHAR-RTS N/P      SKPN VX        -134177517.41   149159301.57
SKYEPHARMA -SUB       2976665Z LN    -134177517.41   149159301.57
SKYEPHARMA PLC        SKPEUR EO      -134177517.41   149159301.57
SKYEPHARMA PLC        SKP PO         -134177517.41   149159301.57
SKYEPHARMA PLC        SKP IX         -134177517.41   149159301.57
SKYEPHARMA PLC        SKP PZ         -134177517.41   149159301.57
SKYEPHARMA PLC        SKPEUR EU      -134177517.41   149159301.57
SKYEPHARMA PLC        SKPGBP EO      -134177517.41   149159301.57
SKYEPHARMA PLC        SKP TQ         -134177517.41   149159301.57
SKYEPHARMA PLC        SK8A GR        -134177517.41   149159301.57
SKYEPHARMA PLC        SKYEF US       -134177517.41   149159301.57
SKYEPHARMA PLC        SKP EO         -134177517.41   149159301.57
SKYEPHARMA PLC        SK8C GR        -134177517.41   149159301.57
SKYEPHARMA PLC        SKP1 VX        -134177517.41   149159301.57
SKYEPHARMA PLC        SKP LN         -134177517.41   149159301.57
SKYEPHARMA PLC        SKP VX         -134177517.41   149159301.57
SKYEPHARMA PLC        SKP EU         -134177517.41   149159301.57
SKYEPHARMA-ADR        AP80 LI        -134177517.41   149159301.57
SKYEPHARMA-ADR        SKYPY US       -134177517.41   149159301.57
SKYEPHARMA-ADR        SK8 GR         -134177517.41   149159301.57
SKYEPHARMA-ADR        SK8N GR        -134177517.41   149159301.57
SKYEPHARMA-ADR        SKYE US        -134177517.41   149159301.57
SKYEPHARMA-ADR        SKYEY US       -134177517.41   149159301.57
SMG PLC               SMG PO          -49061227.23   212049868.01
SMG PLC               SMG LN          -49061227.23   212049868.01
SMG PLC-FUL PAID      SMGF LN         -49061227.23   212049868.01
SMG PLC-NIL PAID      SMGN LN         -49061227.23   212049868.01
SMITHS NEWS PLC       NWS PZ         -111380853.65   310693960.19
SMITHS NEWS PLC       NWS LN         -111380853.65   310693960.19
SMITHS NEWS PLC       NWS2EUR EU     -111380853.65   310693960.19
SMITHS NEWS PLC       NWS1 BQ        -111380853.65   310693960.19
SMITHS NEWS PLC       NWS1GBP EO     -111380853.65   310693960.19
SMITHS NEWS PLC       NWS IX         -111380853.65   310693960.19
SMITHS NEWS PLC       NWS VX         -111380853.65   310693960.19
SMITHS NEWS PLC       NWS2GBP EO     -111380853.65   310693960.19
SMITHS NEWS PLC       NWS PO         -111380853.65   310693960.19
SMITHS NEWS PLC       SMWPF US       -111380853.65   310693960.19
SMITHS NEWS PLC       NWS2EUR EO     -111380853.65   310693960.19
SMITHS NEWS PLC       NWS1 EU        -111380853.65   310693960.19
SMITHS NEWS PLC       NWS1 EO        -111380853.65   310693960.19
SMITHS NEWS PLC       SMWPY US       -111380853.65   310693960.19
SMITHS NEWS PLC       NWS2 EU        -111380853.65   310693960.19
SMITHS NEWS PLC       NWS2 TQ        -111380853.65   310693960.19
SMITHS NEWS PLC       NWS2 EO        -111380853.65   310693960.19
STAGECOACH GROUP      SGC1 NQ         -14183327.87  2231066974.58
STAGECOACH GROUP      SGC1 QM         -14183327.87  2231066974.58
STAGECOACH GROUP      SGCG PZ         -14183327.87  2231066974.58
STAGECOACH GROUP      SGC LN          -14183327.87  2231066974.58
STAGECOACH GROUP      SGC1 NR         -14183327.87  2231066974.58
STAGECOACH GROUP      SGC1AUD EO      -14183327.87  2231066974.58
STAGECOACH GROUP      SGC1AUD EU      -14183327.87  2231066974.58
STAGECOACH GROUP      SGC1GBP EO      -14183327.87  2231066974.58
STAGECOACH GROUP      SAGKF US        -14183327.87  2231066974.58
STAGECOACH GROUP      SGC1 TQ         -14183327.87  2231066974.58
STAGECOACH GROUP      SGC1 EU         -14183327.87  2231066974.58
STAGECOACH GROUP      SGC1 EO         -14183327.87  2231066974.58
STAGECOACH GROUP      SGC1USD EU      -14183327.87  2231066974.58
STAGECOACH GROUP      SGC1 BQ         -14183327.87  2231066974.58
STAGECOACH GROUP      SHP GR          -14183327.87  2231066974.58
STAGECOACH GROUP      SGC1 EB         -14183327.87  2231066974.58
STAGECOACH GROUP      SHP4 GR         -14183327.87  2231066974.58
STAGECOACH GROUP      SGC IX          -14183327.87  2231066974.58
STAGECOACH GROUP      SGC PO          -14183327.87  2231066974.58
STAGECOACH GROUP      SGC1EUR EU      -14183327.87  2231066974.58
STAGECOACH GROUP      SGC1EUR EO      -14183327.87  2231066974.58
STAGECOACH GROUP      SGC2 VX         -14183327.87  2231066974.58
STAGECOACH GROUP      SGC1USD EO      -14183327.87  2231066974.58
STAGECOACH GRP-B      SGCB LN         -14183327.87  2231066974.58
STAGECOACH-NEW        SGCN LN         -14183327.87  2231066974.58
STV GROUP PLC         STVGEUR EO      -49061227.23   212049868.01
STV GROUP PLC         SMG VX          -49061227.23   212049868.01
STV GROUP PLC         STVGGBP EO      -49061227.23   212049868.01
STV GROUP PLC         STVG EO         -49061227.23   212049868.01
STV GROUP PLC         SMG IX          -49061227.23   212049868.01
STV GROUP PLC         STVGEUR EU      -49061227.23   212049868.01
STV GROUP PLC         STVG LN         -49061227.23   212049868.01
STV GROUP PLC         SMG PZ          -49061227.23   212049868.01
STV GROUP PLC         STVG VX         -49061227.23   212049868.01
STV GROUP PLC         STVG EU         -49061227.23   212049868.01
STV GROUP PLC         SMGPF US        -49061227.23   212049868.01
TELASI JSC            AEST GG Equity   -38496626.3   121421179.22
TELEWEST COM-ADR      TWSTD US      -3702234580.99  7581020925.22
TELEWEST COM-ADR      TWT$ LN       -3702234580.99  7581020925.22
TELEWEST COM-ADR      TWSTY US      -3702234580.99  7581020925.22
TELEWEST COM-ADR      940767Q GR    -3702234580.99  7581020925.22
TELEWEST COMM         TWT VX        -3702234580.99  7581020925.22
TELEWEST COMM         604296Q GR    -3702234580.99  7581020925.22
TELEWEST COMM         715382Q LN    -3702234580.99  7581020925.22
TELEWEST COMM         TWSTF US      -3702234580.99  7581020925.22
THORN EMI PLC         THNE FP       -2265916256.89  2950021937.14
THORN EMI-ADR         TORNY US      -2265916256.89  2950021937.14
THORN EMI-ADR         THN$ LN       -2265916256.89  2950021937.14
THORN EMI-CDR         THN NA        -2265916256.89  2950021937.14
THORN EMI-REGD        1772Q GR      -2265916256.89  2950021937.14
TOPPS TILES-NEW       TPTN LN         -78172467.48    131014414.4
TOPPS TILES PLC       TPT PZ          -78172467.48    131014414.4
TOPPS TILES PLC       TPTJF US        -78172467.48    131014414.4
TOPPS TILES PLC       TPT PO          -78172467.48    131014414.4
TOPPS TILES PLC       TPTJY US        -78172467.48    131014414.4
TOPPS TILES PLC       TPTEUR EO       -78172467.48    131014414.4
TOPPS TILES PLC       TPT TQ          -78172467.48    131014414.4
TOPPS TILES PLC       TPT LN          -78172467.48    131014414.4
TOPPS TILES PLC       TPT VX          -78172467.48    131014414.4
TOPPS TILES PLC       TPT EO          -78172467.48    131014414.4
TOPPS TILES PLC       TPTEUR EU       -78172467.48    131014414.4
TOPPS TILES PLC       TPTGBP EO       -78172467.48    131014414.4
TOPPS TILES PLC       TPT BQ          -78172467.48    131014414.4
TOPPS TILES PLC       TPT IX          -78172467.48    131014414.4
TOPPS TILES PLC       TPT EU          -78172467.48    131014414.4
UTC GROUP             UGR LN          -11904426.45   203548565.03
VIRGIN MOB-ASSD       VMOA LN        -392165437.58   166070003.71
VIRGIN MOB-ASSD       VMOC LN        -392165437.58   166070003.71
VIRGIN MOBILE         VMOB PO        -392165437.58   166070003.71
VIRGIN MOBILE         VMOB LN        -392165437.58   166070003.71
VIRGIN MOBILE         VMOB VX        -392165437.58   166070003.71
VIRGIN MOBILE         UEM GR         -392165437.58   166070003.71
VIRGIN MOBILE         VGMHF US       -392165437.58   166070003.71
WATSON & PHILIP       WTSN LN        -120493900.04   252232072.87
WHITE YOUNG GREE      WHYGBP EO       -27530263.14      313453511
WHITE YOUNG GREE      WHY EU          -27530263.14      313453511
WHITE YOUNG GREE      WHY EO          -27530263.14      313453511
WHITE YOUNG GREE      WHY LN          -27530263.14      313453511
WHITE YOUNG GREE      WHYEUR EU       -27530263.14      313453511
WHITE YOUNG GREE      WHY PZ          -27530263.14      313453511
WHITE YOUNG GREE      WHY VX          -27530263.14      313453511
WHITE YOUNG GREE      WHY IX          -27530263.14      313453511
WHITE YOUNG GREE      WHY PO          -27530263.14      313453511
WHITE YOUNG GREE      WHYEUR EO       -27530263.14      313453511
WHITE YOUNG-NEW       WHYN LN         -27530263.14      313453511
WINCANTON PL-ADR      WNCNY US        -63105009.98  1416979805.92
WINCANTON PLC         WNCNF US        -63105009.98  1416979805.92
WINCANTON PLC         WIN1EUR EU      -63105009.98  1416979805.92
WINCANTON PLC         WIN1 QM         -63105009.98  1416979805.92
WINCANTON PLC         WIN IX          -63105009.98  1416979805.92
WINCANTON PLC         WIN1EUR EO      -63105009.98  1416979805.92
WINCANTON PLC         WIN1 NQ         -63105009.98  1416979805.92
WINCANTON PLC         WIN1USD EU      -63105009.98  1416979805.92
WINCANTON PLC         WIN1 EB         -63105009.98  1416979805.92
WINCANTON PLC         WIN1GBP EO      -63105009.98  1416979805.92
WINCANTON PLC         WIN VX          -63105009.98  1416979805.92
WINCANTON PLC         WIN1 EU         -63105009.98  1416979805.92
WINCANTON PLC         WIN LN          -63105009.98  1416979805.92
WINCANTON PLC         WIN1 BQ         -63105009.98  1416979805.92
WINCANTON PLC         WIN1 EO         -63105009.98  1416979805.92
WINCANTON PLC         WIN PO          -63105009.98  1416979805.92
WINCANTON PLC         WIN1 TQ         -63105009.98  1416979805.92
WINCANTON PLC         WIN PZ          -63105009.98  1416979805.92
WINCANTON PLC         WIN1USD EO      -63105009.98  1416979805.92
XXPERT RENTAL         XPRT CN           -123563000      104843000

                            *********

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., Frederick,
Maryland USA.  Valerie C. Udtuhan, Marites O. Claro, Rousel Elaine
C. Tumanda, Joy A. Agravante and Peter A. Chapman, Editors.

Copyright 2009.  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$625 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 Christopher Beard at 240/629-3300.


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